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Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities (Tables) | 3 Months Ended
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Mar. 31, 2024
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:
|  | Three months ended March 31, |
(in millions) |  | 2024 |  |  | 2023 |
Cash paid during the period for: |  |  |  |  |  |
Interest |  | $ | 74 |  |  | $ | 73 |
Income taxes, net of refunds |  | $ | 134 |  |  | $ | 44 |
Summary of Significant Non-Cash Investing and Financing Activities | Significant non-cash investing and financing activities are summarized as follows:
|  | Three months ended March 31, |
(in millions) |  | 2024 |  |  | 2023 |
Other payables issued for agency acquisitions and purchased customer accounts |  | $ | 2 |  |  | $ | — |
Estimated acquisition earn-out payables issued for agency acquisitions |  | $ | 9 |  |  | $ | 20 |
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 March 31, 2024 and 2023.
(in millions) |  | March 31, 2024 |  |  | December 31, 2023 |
Table to reconcile restricted and non-restricted fiduciary cash |  |  |  |  |  |
Restricted fiduciary cash |  | $ | 1,365 |  |  | $ | 1,412 |
Non-restricted fiduciary cash |  |  | 204 |  |  |  | 191 |
Total restricted and non-restricted fiduciary cash at the end of the period |  | $ | 1,569 |  |  | $ | 1,603 |
The Company's fiduciary cash increased as of March 31, 2024 compared to December 31, 2023 primarily due to businesses acquired during 2024 and 2023.
|  | Balance as of March 31, |
(in millions) |  | 2024 |  |  | 2023 |
Table to reconcile cash and cash equivalents inclusive of fiduciary cash |  |  |  |  |  |
Cash and cash equivalents |  | $ | 581 |  |  | $ | 563 |
Fiduciary cash |  |  | 1,569 |  |  |  | 1,380 |
Total cash and cash equivalents inclusive of restricted cash at the end of the period |  | $ | 2,150 |  |  | $ | 1,943 |

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- Definition Tabular disclosure of noncash investing and financing activities, classified as other. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482913/230-10-50-4 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482913/230-10-50-3 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482913/230-10-50-5 + Details
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