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Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities (Tables) | 9 Months Ended
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Sep. 30, 2023
Supplemental Cash Flow Elements [Abstract] |
Summary of Cash Paid for Interest and Income Taxes | Cash paid during the period for interest and income taxes are summarized as follows:
|  | Nine months ended September 30, |
(in millions) |  | 2023 |  |  | 2022 |
Cash paid during the period for: |  |  |  |  |  |
Interest |  | $ | 166.6 |  |  | $ | 103.3 |
Income taxes, net of refunds |  | $ | 183.3 |  |  | $ | 118.2 |
Summary of Significant Non-Cash Investing and Financing Activities | Significant non-cash investing and financing activities are summarized as follows:
|  | Nine months ended September 30, |
(in millions) |  | 2023 |  |  | 2022 |
Other payables issued for agency acquisitions and purchased customer accounts |  | $ | 4.9 |  |  | $ | 4.6 |
Estimated acquisition earn-out payables issued for agency acquisitions |  | $ | 51.3 |  |  | $ | 42.1 |
Assumed acquisition earn-out payables |  | $ | — |  |  | $ | 34.8 |
Common stock issued for agency acquisition |  | $ | — |  |  | $ | 14.7 |
Notes payable assumed for agency acquisition |  | $ | — |  |  | $ | 1.8 |
Schedule of Reconciliation of Cash and Cash Equivalents Inclusive of Restricted Cash | The Company's restricted cash balance is composed of funds held in separate premium trust accounts as required by state law or, in some cases, by agreement with carrier partners. The following is a reconciliation of cash and cash equivalents inclusive of restricted cash as of September 30, 2023 and 2022.
(in millions) |  | September 30, 2023 |  |  | December 31, 2022 |
Table to reconcile restricted and non-restricted fiduciary cash |  |  |  |  |  |
Restricted fiduciary cash |  | $ | 1,325.9 |  |  | $ | 1,231.9 |
Non-restricted fiduciary cash |  |  | 189.3 |  |  |  | 151.3 |
Total restricted and non-restricted fiduciary cash at the end of the period |  | $ | 1,515.2 |  |  | $ | 1,383.2 |
The Company's fiduciary cash increased as of September 30, 2023 compared to December 31, 2022 primarily due to businesses acquired during 2023 and 2022.
|  | Balance as of September 30, |
(in millions) |  | 2023 |  |  | 2022 |
Table to reconcile cash, cash equivalents and fiduciary cash |  |  |  |  |  |
Cash and cash equivalents |  | $ | 755.7 |  |  | $ | 579.5 |
Fiduciary cash |  |  | 1,515.2 |  |  |  | 1,271.3 |
Total cash, cash equivalents and fiduciary cash at the end of the period |  | $ | 2,270.9 |  |  | $ | 1,850.8 |

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