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Consolidated Statement of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net earnings $ 898.1 $ 722.4
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Net gain on investments and other (1.8) (4.1)
Depreciation and amortization 419.3 335.1
Change in estimated acquisition earnout payables 2.7 51.2
Amortization of deferred compensation and restricted stock 58.1 48.5
Stock-based and other noncash compensation expense 21.1 11.9
Payments on acquisition earnouts in excess of original estimates (23.3) (57.5)
Provision for deferred income taxes 5.6 (0.9)
Effect of changes in foreign exchange rates 0.6 11.0
Net change in accounts receivable, net (469.2) (732.3)
Net change in deferred revenue 55.3 78.8
Net change in other current assets 2.7 (29.9)
Net change in accrued compensation and other accrued liabilities (94.5) 15.0
Net change in income taxes payable 0.6 14.9
Net change in other noncurrent assets and liabilities 33.5 (23.2)
Net cash provided by operating activities 908.8 440.9 CloseClose
Cash flows from investing activities:    
Capital expenditures (61.5) (88.8)
Cash paid for acquisitions, net of cash and restricted cash acquired (518.6) (1,049.5)
Net proceeds from sales of operations/books of business 1.7 4.8
Net funding of investment transactions 0.8 4.5
Net funding of premium finance loans 78.0 63.9
Net cash used by investing activities (499.6) (1,065.1) CloseClose
Cash flows from financing activities:    
Payments on acquisition earnouts (104.4) (72.5)
Proceeds from issuance of common stock 93.5 66.0
Payments to noncontrolling interests (4.1) (1.2)
Dividends paid (262.0) (235.9)
Net change in fiduciary assets and liabilities (103.1) 1,727.0
Net borrowings on premium financing debt facility (73.1) (53.2)
Borrowings on line of credit facility 1,663.2 2,125.0
Repayments on line of credit facility (1,826.9) (1,690.0)
Net borrowings of corporate related long-term debt 567.5 643.7
Debt acquisition costs (8.4) (8.6)
Settlements on terminated interest rate swaps (1.4) 60.0
Net cash (used) provided by financing activities (59.2) 2,560.3
Effect of changes in foreign exchange rates on cash, cash equivalents, restricted cash and fiduciary cash (55.5) 41.9 CloseClose
Net increase in cash, cash equivalents, restricted cash and fiduciary cash 294.5 1,978.0 CloseClose
Cash, cash equivalents, restricted cash and fiduciary cash at beginning of period 6,543.3 4,964.2
Cash, cash equivalents, restricted cash and fiduciary cash at end of period $ 6,837.8 $ 6,942.2