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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 136,111 $ 224,410
Adjustments to reconcile net income to net cash provided by operating activities:    
Allowance for credit losses 6,713 3,535
Depreciation 31,509 31,740
Amortization of cloud computing implementation costs 7,569 372
Amortization of intangible assets 668 683
Stock-based compensation 26,560 22,914
Deferred income taxes (4,289) (2,015)
Changes in assets and liabilities:    
Accounts receivable 153,913 (50,943)
Capitalized cloud computing implementation costs (18,846) (11,914)
Accounts payable and accrued expenses 23,095 (15,047)
Accrued payroll and benefit cost 12,461 32,144
Income taxes payable 43,723 4,702
Other assets and liabilities, net 6,755 7,246
Net cash flows provided by operating activities 425,942 247,827
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures (22,264) (28,625)
Payments for employee deferred compensation plans (49,098) (40,336)
Redemptions from employee deferred compensation plans 28,347 21,232
Net cash flows used in investing activities (43,015) (47,729)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of notes payable (107) (98)
Repurchases of common stock (69,977) (133,617)
Dividends paid (78,916) (73,960)
Net cash flows used in financing activities (149,000) (207,675)
Effect of exchange rate fluctuations (2,920) 438
Change in cash and cash equivalents 231,007 (7,139)
Cash and cash equivalents at beginning of period 270,478 276,579
Cash and cash equivalents at end of period 501,485 269,440
Non-cash items:    
Stock repurchases awaiting settlement $ 0 $ 5,691