Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities

12 Months Ended

Dec. 31, 2021

Supplemental Cash Flow Elements [Abstract]

Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities

NOTE 13 Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities

Throughout 2020, the Company deferred $31.1 million in employer-only payroll tax payments as allowed under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES” Act), which was signed into law on March 27, 2020. During 2021, there were no additional deferrals under the CARES Act. The Company paid the first installment of $15.6 million in December 2021. The remaining balance of approximately $15.6 million of deferred employer payroll tax payments related to the CARES Act is expected to be paid in December 2022.

During the second quarter of 2021, the Company received an $8.1 million reimbursement for capitalizable costs of public infrastructure improvements related to the construction of the Company's headquarters in accordance with an economic development grant agreement between the Company and the City of Daytona Beach and Volusia County. The reimbursement has been reflected as a reduction to the additions to fixed asset line item on the Consolidated Statements of Cash Flows for the year ended December 31, 2021.

The Company’s cash paid during the period for interest and income taxes are summarized as follows:


	Year Ended December 31,
(in thousands)	2021		2020		2019
Cash paid during the period for:
Interest	$	61,531	$	52,378	$	58,290
Income taxes, net of refunds	$	146,932	$	131,596	$	109,766

The Company’s significant non-cash investing and financing activities are summarized as follows:


	Year Ended December 31,
(in thousands)	2021		2020		2019
Other payables issued for agency acquisitions and purchased customer accounts	$	15,072	$	9,130	$	12,135
Estimated acquisition earn-out payables and related charges	$	75,761	$	131,397	$	82,872
Contingent payable issued for agency acquisition	$	24,114	$	—	$	—
Common stock issued for agency acquisition	$	9,892	$	—	$	—
Notes payable assumed for agency acquisition	$	1,355	$	—	$	—
Notes received on the sale of fixed assets and customer accounts	$	—	$	—	$	9,903

Our Restricted Cash balance is composed of funds held in separate premium trust accounts as required by state law or, in some cases, per agreement with our carrier partners. The following is a reconciliation of cash and cash equivalents inclusive of restricted cash as of December 31, 2021, 2020 and 2019.


	Balance as of December 31,
(in thousands)	2021		2020		2019
Table to reconcile cash and cash equivalents inclusive of restricted cash
Cash and cash equivalents	$	887,009	$	817,398	$	542,174
Restricted cash		583,247		454,517		420,801
Total cash and cash equivalents inclusive of restricted cash at the end of the period	$	1,470,256	$	1,271,915	$	962,975