| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|---|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | |||||||||||
Net earnings | |||||||||||
715,800 | 675,900 | 516,900 | 430,300 | 389,100 | 327,500 | 268,600 | -195,000 | -144,100 | 163,300 | 133,100 | 111,400 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||||||
Net loss (gain) on investments and other | |||||||||||
72,000 | 8,400 | 100 | 6,500 | 6,600 | 23,000 | 17,100 | 3,900 | 5,500 | 5,900 | -900 | -8,500 |
Net earnings attributable to noncontrolling interests | |||||||||||
- | - | - | - | - | - | 16,000 | - | - | - | - | - |
Depreciation and amortization | |||||||||||
474,400 | 419,000 | 385,800 | 350,800 | 334,200 | 258,900 | 178,600 | 140,400 | 115,200 | 93,100 | 85,600 | 73,700 |
Change in estimated acquisition earnout payables | |||||||||||
15,300 | 9,600 | 30,900 | 32,100 | 40,600 | 17,500 | 1,700 | 3,400 | -6,200 | -2,600 | 4,100 | - |
Amortization of deferred compensation and restricted stock | |||||||||||
47,200 | 41,600 | 33,500 | 28,500 | 22,700 | 22,900 | 19,000 | 8,300 | 6,800 | 6,600 | 6,200 | 6,900 |
Stock-based and other noncash compensation expense | |||||||||||
14,000 | 13,700 | 17,300 | 14,700 | 11,200 | 10,600 | 7,700 | 7,500 | 14,300 | 9,000 | 9,900 | 11,400 |
Payments on acquisition earnouts in excess of original estimates | |||||||||||
-16,600 | -64,600 | -57,900 | 22,800 | 12,100 | - | - | - | - | - | - | - |
Effect of changes in foreign exchange rates | |||||||||||
-6,700 | 2,900 | -3,900 | 5,300 | 200 | 500 | 200 | -1,900 | -300 | -800 | - | - |
Net change in premiums and fees receivable | |||||||||||
434,700 | 783,100 | 47,700 | 777,200 | 209,300 | -95,300 | 85,400 | -11,500 | -52,100 | 2,700 | -39,000 | 58,900 |
Net change in deferred revenue | |||||||||||
12,800 | 18,400 | 900 | 15,100 | - | - | - | - | - | - | - | - |
Net change in restricted cash | |||||||||||
- | - | - | - | - | 62,100 | 58,600 | 90,200 | -31,900 | 16,900 | -14,600 | -48,900 |
Net change in premiums payable to underwriting enterprises | |||||||||||
461,600 | 819,700 | 166,900 | 770,000 | 252,200 | 60,000 | 114,300 | 33,300 | -55,800 | -11,500 | -83,900 | -102,300 |
Net change in other current assets | |||||||||||
60,500 | 134,700 | 35,300 | 45,500 | 34,700 | 150,500 | 57,400 | -52,400 | 8,100 | 11,700 | 1,200 | 9,500 |
Net change in accrued compensation and other current liabilities | |||||||||||
-77,000 | -44,900 | -69,600 | -69,800 | -217,800 | -191,600 | -42,700 | -19,200 | -12,800 | -5,900 | 46,500 | -31,000 |
Net change in fees receivable/unearned fees | |||||||||||
- | - | - | - | 49,600 | 26,000 | 5,900 | -4,300 | 4,100 | 11,800 | 17,400 | 13,600 |
Net change in income taxes payable | |||||||||||
35,500 | -46,000 | 2,000 | -10,800 | -18,500 | 4,900 | 4,300 | 14,000 | -10,400 | -23,100 | 700 | -10,200 |
Net change in deferred income taxes | |||||||||||
150,700 | 216,000 | 219,300 | 166,100 | 161,200 | 126,100 | 53,800 | 20,400 | -21,500 | -31,000 | -45,000 | -18,400 |
Net change in other noncurrent assets and liabilities | |||||||||||
6,600 | 22,000 | 13,200 | 27,500 | 89,500 | 22,900 | 11,500 | 33,700 | 24,900 | -7,700 | -18,700 | -10,100 |
Unrealized foreign currency remeasurement gain (loss) | |||||||||||
- | - | - | - | - | 141,500 | -9,500 | - | - | - | - | - |
Net cash (used) provided by operating activities | |||||||||||
- | - | - | - | 686,100 | 436,600 | 372,500 | 343,000 | - | 231,200 | 208,800 | 188,600 |
Earnings from discontinued operations | |||||||||||
- | - | - | - | - | - | - | - | - | 10,800 | -4,500 | -34,100 |
Other non-cash items from discontinued operations | |||||||||||
- | - | - | - | - | - | - | - | - | 12,500 | -3,500 | 4,600 |
Depreciation and amortization from discontinued operations | |||||||||||
- | - | - | - | - | - | - | - | - | - | - | 13,700 |
Net loss on disposal of discontinued operations | |||||||||||
- | - | - | - | - | - | - | - | - | - | -3,700 | 12,200 |
Net cash provided (used) by operating activities | |||||||||||
1,119,200 | 765,100 | 854,200 | 649,600 | - | - | - | - | 284,000 | 229,500 | 211,500 | 160,600 |
Cash flows from investing activities: | |||||||||||
Capital expenditures | |||||||||||
138,800 | 124,400 | 129,200 | 217,800 | 99,000 | - | - | - | - | - | - | - |
Cash paid for acquisitions, net of cash and restricted cash acquired | |||||||||||
1,266,800 | 784,800 | 376,100 | 243,400 | 249,600 | 1,918,300 | 727,700 | 344,100 | 264,800 | 80,100 | 44,600 | 274,200 |
Net additions to fixed assets | |||||||||||
- | - | - | - | - | 81,500 | 93,600 | 51,000 | 45,900 | 25,100 | 23,500 | 32,000 |
Net proceeds from sales of operations/books of business | |||||||||||
81,000 | 14,500 | 3,200 | 7,800 | 9,200 | 8,200 | 5,500 | 11,400 | 14,000 | 3,200 | 900 | - |
Net funding of investment transactions | |||||||||||
52,000 | 15,600 | 8,900 | 31,900 | 29,500 | 20,100 | 35,900 | -1,500 | 14,500 | 9,400 | -27,400 | 11,000 |
Proceeds from sales of discontinued operations | |||||||||||
- | - | - | - | - | - | - | - | - | - | - | 33,100 |
Net cash used by investing activities | |||||||||||
-1,376,600 | -910,300 | -511,000 | -485,300 | -368,900 | -2,011,700 | -851,700 | -382,200 | -311,200 | -92,600 | -94,600 | -262,100 |
Cash flows from financing activities: | |||||||||||
Payments on acquisition earnouts | |||||||||||
46,300 | 62,100 | 41,700 | 45,500 | 21,800 | - | - | - | - | - | - | - |
Proceeds from issuance of common stock | |||||||||||
101,200 | 81,900 | 60,400 | 45,600 | 203,300 | 997,000 | 76,200 | 82,300 | 73,900 | 36,700 | 8,300 | 22,600 |
Tax impact from issuance of common stock | |||||||||||
- | - | - | 6,500 | 5,300 | 6,900 | 7,500 | 500 | 3,700 | 1,400 | -2,800 | 5,200 |
Repurchases of common stock | |||||||||||
- | 11,300 | 17,700 | 101,000 | - | - | - | 1,500 | 1,200 | 800 | 1,000 | 1,300 |
Payments to noncontrolling interests | |||||||||||
75,400 | 54,200 | 35,000 | 41,800 | 39,900 | 34,300 | 22,600 | - | - | - | - | - |
Dividends paid | |||||||||||
321,100 | 301,800 | 282,700 | 272,200 | 257,500 | 223,100 | 182,600 | 204,400 | 145,800 | 133,500 | 127,900 | 118,500 |
Net borrowings on premium financing debt facility | |||||||||||
19,200 | 32,900 | 600 | -12,200 | 23,900 | 7,500 | - | - | - | - | - | - |
Borrowings on line of credit facility | |||||||||||
4,315,000 | 3,075,000 | 3,643,000 | 2,740,000 | 849,000 | 1,109,900 | 890,500 | 303,000 | 151,000 | 48,000 | 154,000 | 232,000 |
Repayments on line of credit facility | |||||||||||
4,060,000 | 3,000,000 | 3,731,000 | 2,657,000 | 794,000 | 1,500,400 | 489,000 | 184,000 | 141,000 | 48,000 | 286,000 | 100,000 |
Net borrowings of corporate related long-term debt | |||||||||||
725,000 | 400,000 | 348,000 | 326,000 | - | 1,300,000 | 200,000 | 50,000 | 125,000 | - | 150,000 | - |
Debt acquisition costs | |||||||||||
3,900 | 1,300 | - | - | - | - | - | - | - | - | - | - |
Settlements on terminated interest rate swaps | |||||||||||
-15,300 | 2,900 | 8,300 | - | - | - | - | - | - | - | - | - |
Repayments of corporate related long-term debt | |||||||||||
- | - | - | - | - | 100,000 | - | - | - | - | - | - |
Net cash provided by financing activities | |||||||||||
638,400 | 162,000 | -47,800 | -11,600 | -31,700 | 1,563,500 | 480,000 | 45,900 | 65,600 | -96,200 | -105,400 | 40,000 |
Effect of changes in foreign exchange rates on cash and cash equivalents and restricted cash | |||||||||||
6,100 | -85,000 | 72,000 | -107,600 | -75,000 | 27,900 | -4,800 | 4,200 | 3,000 | 3,200 | - | - |
Net increase in cash, cash equivalents and restricted cash | |||||||||||
387,100 | -68,200 | 367,400 | 45,100 | 210,500 | 16,300 | -4,000 | 10,900 | 41,400 | 43,900 | 11,500 | -61,500 |
Supplemental disclosures of cash flow information: | |||||||||||
Interest paid | |||||||||||
- | - | - | 112,800 | 103,900 | 82,500 | 49,200 | 42,200 | 38,400 | 34,700 | 27,900 | 28,600 |
Income taxes paid | |||||||||||
- | - | - | 66,100 | 78,300 | 72,900 | 49,200 | 47,500 | 32,000 | 37,600 | 27,700 | 40,100 |