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Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities | 12 Months Ended
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Dec. 31, 2024
Supplemental Cash Flow Elements [Abstract] |
Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities | NOTE 12 Supplemental Disclosures of Cash Flow Inform ation and Non-Cash Financing and Investing Activities During 2024, the Company had an impact of $13 million of foreign exchange rate changes on cash and cash equivalents inclusive of fiduciary cash reported on its Consolidated Statements of Cash Flows which is primarily due to the change currency exchange rates primarily for British pounds. Pursuant to the sale of certain third-party claims administration and adjusting services businesses in the fourth quarter of 2023, the Company is entitled to future consideration payments upon achievement of certain conditions in accordance with the terms of the sale agreement. During the second quarter of 2024, the Company received cash of $57 million from the settlement of two of the contingent payments. During 2024, the C ompany accrued for and deferred approximately $90 million related to certain federal income tax payments due to Hurricane Debby and Milton tax relief, which were announced by the Internal Revenue Service in August and October 2024, respectively. The deadline to pay these deferred tax payments is May 1, 2025. During 2023, the Company accrued for and deferred $121 million related to certain federal income tax payments due to Hurricane Idalia tax relief, which was announced by the Internal Revenue Service on August 30, 2023. Included in the 2023 deferred payments was $30 million associated with the gain on disposal associated with certain third-party claims administration and adjusting services businesses sold in the fourth quarter of 2023. These deferred income tax payments were paid by the deadline of February 15, 2024. On March 15, 2023, the Company paid $31 million of accrued federal income tax payments deferred from the fourth quarter of 2022 related to similar tax relief announced by the Internal Revenue Service on September 29, 2022 and associated with Hurricane Ian. The Company’s cash paid during the period for interest and income taxes are summarized as follows:
|  | Year Ended December 31, |
(in millions) |  | 2024 |  |  | 2023 |  |  | 2022 |
Cash paid during the period for: |  |  |  |  |  |  |  |  |
Interest |  | $ | 195 |  |  | $ | 186 |  |  | $ | 120 |
Income taxes, net of refunds |  |  | 302 |  |  |  | 218 |  |  |  | 122 |
The Company’s significant non-cash investing and financing activities are summarized as follows:
|  | Year Ended December 31, |
(in millions) |  | 2024 |  |  | 2023 |  |  | 2022 |
Other payables issued for agency acquisitions and purchased customer accounts |  | $ | 27 |  |  | $ | 12 |  |  | $ | 6 |
Estimated acquisition earn-out payables and related charges |  |  | 73 |  |  |  | 67 |  |  |  | 73 |
Assumed acquisition earn-out payables |  |  | 3 |  |  |  | 21 |  |  |  | 35 |
Common stock issued for agency acquisition |  |  | — |  |  |  | 18 |  |  |  | 15 |
Our fiduciary 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 fiduciary cash as of December 31, 2024, 2023 and 2022.
|  | Balance as of December 31, |
(in millions) |  | 2024 |  |  | 2023 |  |  | 2022 |
Table to reconcile restricted and non-restricted fiduciary cash |  |  |  |  |  |  |  |  |
Restricted fiduciary cash |  | $ | 1,570 |  |  | $ | 1,412 |  |  | $ | 1,232 |
Non-restricted fiduciary cash |  |  | 257 |  |  |  | 191 |  |  |  | 151 |
Total restricted and non-restricted fiduciary cash at the end of the period |  | $ | 1,827 |  |  | $ | 1,603 |  |  | $ | 1,383 |
The following is a reconciliation of cash and cash equivalents inclusive of restricted cash as of December 31, 2024, 2023 and 2022.
|  | Balance as of December 31, |
(in millions) |  | 2024 |  |  | 2023 |  |  | 2022 |
Table to reconcile cash and cash equivalents inclusive of fiduciary cash |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 675 |  |  | $ | 700 |  |  | $ | 650 |
Fiduciary cash |  |  | 1,827 |  |  |  | 1,603 |  |  |  | 1,383 |
Total cash and cash equivalents inclusive of fiduciary cash at the end of the period |  | $ | 2,502 |  |  | $ | 2,303 |  |  | $ | 2,033 |

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- Definition The entire disclosure for supplemental cash flow activities, including cash, noncash, and part noncash transactions, for the period. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/230/tableOfContent + Details
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- References No definition available. + Details
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