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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
OPERATING ACTIVITIES    
Net income $ 358,614 $ 477,862
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 77,067 75,122
Provision for credit losses 12,701 642
Stock-based compensation 33,127 40,657
Deferred income taxes (9,468) (3,360)
Excess tax benefit on stock-based compensation (17,127) (6,908)
Other operating activities 13,104 (4,471)
Changes in operating elements, net of acquisitions:    
Receivables (367,538) 104,108
Contract assets (56,131) 9,067
Prepaid expenses and other 12,331 (18,940)
Accounts payable and outstanding checks 186,755 3,871
Accrued compensation 16,458 (45,319)
Accrued transportation expense 46,396 (5,323)
Accrued income taxes 17,125 (7,042)
Other accrued liabilities 8,907 5,210
Other assets and liabilities 4,728 (1,318)
Net cash provided by operating activities 337,049 623,858
INVESTING ACTIVITIES    
Purchases of property and equipment (17,446) (26,661)
Purchases and development of software (22,815) (24,282)
Acquisitions, net of cash acquired (223,230) (59,188)
Other investing activities 5,525 16,625
Net cash used for investing activities (257,966) (93,506)
FINANCING ACTIVITIES    
Proceeds from stock issued for employee benefit plans 100,542 40,442
Stock tendered for payment of withholding taxes (16,535) (14,352)
Repurchase of common stock (68,563) (241,303)
Cash dividends (207,428) (207,865)
Proceeds from long-term borrowings 0 929,000
Payments on long-term borrowings 0 (1,018,000)
Proceeds from short-term borrowings 1,043,600 14,000
Payments on short-term borrowings (1,126,600) (19,000)
Net cash used for financing activities (274,984) (517,078)
Effect of exchange rates on cash and cash equivalents 612 (7,465)
Net change in cash and cash equivalents (195,289) 5,809
Cash and cash equivalents, beginning of period 447,858 378,615
Cash and cash equivalents, end of period $ 252,569 $ 384,424