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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2022
Accounting Policies [Abstract] |
Schedule of Fiduciary Assets and Liabilities and Statement of Cash Flows | The net change in fiduciary cash is represented by the net change in fiduciary liabilities and fiduciary receivables and is presented as cash flows from financing activities in the statement of cash flows. Previously the net change in cash balances held to remit to insurance carriers or to return to customers was presented as cash flows from operating activities. All prior periods included in these financial statements have been recast to conform to this basis of presentation. The relevant balance sheet captions and how the December 31, 2021 balances as presented under the prior method relate to the current presentation are reflected in the tables below. Certain liabilities reported as premiums payable to insurance companies or within premiums deposits and credits due customers were deemed not to be fiduciary in nature and have been included within accounts payable in the current presentation. Likewise, a small component of accounts payable was deemed to be fiduciary in nature and is now included within fiduciary liabilities.
December 31, 2021 |
(in millions) | As reported |  |  | Change in presentation |  |  | As revised |
Cash and cash equivalents | $ | 887.0 |  |  | $ | (193.8 | ) |  | $ | 693.2 |
Restricted cash and investments |  | 583.2 |  |  |  | (583.2 | ) |  |  | — |
Fiduciary cash |  | — |  |  |  | 777.0 |  |  |  | 777.0 |
Total |  | 1,470.2 |  |  |  | — |  |  |  | 1,470.2 |
Premiums, commissions and fees receivables |  | 1,216.3 |  |  |  | (1,216.3 | ) |  |  | — |
Commissions, fees and other receivables |  | — |  |  |  | 522.6 |  |  |  | 522.6 |
Fiduciary receivables |  | — |  |  |  | 693.7 |  |  |  | 693.7 |
Total |  | 1,216.3 |  |  |  | — |  |  |  | 1,216.3 |
Premium payable to insurance companies |  | 1,384.6 |  |  |  | (1,384.6 | ) |  |  | — |
Premium deposits and credits due customers |  | 122.4 |  |  |  | (122.4 | ) |  |  | — |
Accounts payable |  | 206.4 |  |  |  | 36.3 |  |  |  | 242.7 |
Fiduciary liabilities |  | — |  |  |  | 1,470.7 |  |  |  | 1,470.7 |
Total | $ | 1,713.4 |  |  | $ | — |  |  | $ | 1,713.4 |
For the year ended December 31, 2021 |
(in millions) | As reported |  |  | Change in presentation |  |  | As revised |
Cash flows from operating activities: |  |  |  |  |  |  |  |
Premiums, commissions and fees receivable (1) | $ | (72.8 | ) |  | $ | 10.9 |  |  | $ | (61.9 | )
Premiums payable to insurance companies |  | 128.0 |  |  |  | (128.0 | ) |  |  | — |
Premium deposits and credits due customers |  | 19.6 |  |  |  | (19.6 | ) |  |  | — |
Accounts payable |  | 51.4 |  |  |  | 3.0 |  |  |  | 54.4 |
Cash flows from financing activities: |  |  |  |  |  |  |  |
Fiduciary receivables and liabilities, net |  | — |  |  |  | 133.7 |  |  |  | 133.7 |
Total represented changes in cash flows | $ | 126.2 |  |  | $ | — |  |  | $ | 126.2 |
(1) The caption of "Premiums, commissions and fees receivable" is now shown as "Commissions, fees and other receivables" in the Consolidated Statements of Cash Flows.
For the year ended December 31, 2020 |
(in millions) | As reported |  |  | Change in presentation |  |  | As revised |
Cash flows from operating activities: |  |  |  |  |  |  |  |
Premiums, commissions and fees receivable (1) | $ | (135.4 | ) |  | $ | 133.4 |  |  | $ | (2.0 | )
Premiums payable to insurance companies |  | 158.8 |  |  |  | (158.8 | ) |  |  | — |
Premium deposits and credits due customers |  | (12.9 | ) |  |  | 12.9 |  |  |  | — |
Accounts payable |  | 107.8 |  |  |  | 3.8 |  |  |  | 111.6 |
Cash flows from financing activities: |  |  |  |  |  |  |  |
Fiduciary receivables and liabilities, net |  | — |  |  |  | 8.7 |  |  |  | 8.7 |
Total represented changes in cash flows | $ | 118.3 |  |  | $ | — |  |  | $ | 118.3 |
(1) The caption of "Premiums, commissions and fees receivable" is now shown as "Commissions, fees and other receivables" in the Consolidated Statements of Cash Flows.
Reconciliation between Basic and Diluted Weighted Average Shares Outstanding | The following is a reconciliation between basic and diluted weighted average shares outstanding for the years ended December 31:
(in millions, except per share data) |  | 2022 |  |  | 2021 |  |  | 2020 |
Net income |  | $ | 671.8 |  |  | $ | 587.1 |  |  | $ | 480.5 |
Net income attributable to unvested awarded performance stock |  |  | (12.7 | ) |  |  | (12.9 | ) |  |  | (15.2 | )
Net income attributable to common shares |  | $ | 659.1 |  |  | $ | 574.2 |  |  | $ | 465.3 |
Weighted average number of common shares outstanding – basic |  |  | 282.9 |  |  |  | 282.2 |  |  |  | 283.3 |
Less unvested awarded performance stock included in weighted average number of common shares outstanding – basic |  |  | (5.4 | ) |  |  | (6.2 | ) |  |  | (9.0 | )
Weighted average number of common shares outstanding for basic earnings per common share |  |  | 277.5 |  |  |  | 276.0 |  |  |  | 274.3 |
Dilutive effect of stock options |  |  | 1.1 |  |  |  | 1.4 |  |  |  | 1.5 |
Weighted average number of shares outstanding – diluted |  |  | 278.6 |  |  |  | 277.4 |  |  |  | 275.8 |
Net income per share: |  |  |  |  |  |  |  |  |
Basic |  | $ | 2.38 |  |  | $ | 2.08 |  |  | $ | 1.70 |
Diluted |  | $ | 2.37 |  |  | $ | 2.07 |  |  | $ | 1.69 |

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