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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 211,860 $ 341,591
Adjustments to reconcile net income to net cash provided by operating activities:    
Allowance for credit losses 4,579 6,501
Depreciation 47,097 48,485
Amortization of cloud computing implementation costs 12,631 1,660
Amortization of intangible assets 1,002 1,022
Realized and unrealized gain from investments held in employee deferred compensation trusts (32,743) (31,034)
Stock-based compensation 39,623 34,803
Deferred income taxes (20,021) (9,685)
Changes in operating assets and liabilities:    
Accounts receivable 138,350 (72,288)
Capitalized cloud computing implementation costs (26,121) (20,872)
Accounts payable and accrued expenses 9,030 (7,537)
Accrued payroll and benefit cost 152,007 138,200
Income taxes payable 15,284 (6,734)
Other assets and liabilities, net 12,063 14,894
Net cash flows provided by operating activities 564,641 439,006
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures (28,878) (45,138)
Investments in employee deferred compensation trusts (48,205) (52,367)
Proceeds from employee deferred compensation trust redemptions 33,651 23,976
Net cash flows used in investing activities (43,432) (73,529)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of notes payable (162) (148)
Repurchases of common stock (91,013) (214,047)
Dividends paid (117,301) (109,702)
Net cash flows used in financing activities (208,476) (323,897)
Effect of exchange rate fluctuations 3,789 (5,418)
Change in cash and cash equivalents 316,522 36,162
Cash and cash equivalents at beginning of period 270,478 276,579
Cash and cash equivalents at end of period 587,000 312,741
Non-cash items:    
Stock repurchases awaiting settlement 2,640 5,482
Fund exchanges within employee deferred compensation trusts $ 182,616 $ 30,054