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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 306,276 $ 454,433 $ 434,288
Adjustments to reconcile net income to net cash provided by operating activities:      
Allowance for credit losses 4,200 9,868 11,914
Depreciation 62,281 64,264 64,244
Amortization of cloud computing implementation costs 18,399 3,624 0
Amortization of intangible assets 1,219 1,361 1,705
Realized and unrealized (gains) losses from investments held in employee deferred compensation trusts (66,866) (44,492) 22,343
Stock-based compensation 52,486 48,300 44,953
Deferred income taxes (13,146) (9,473) (15,885)
Changes in operating assets and liabilities, net of effects of acquisitions:      
Accounts receivable 127,740 (48,461) (86,217)
Capitalized cloud computing implementation costs (33,178) (30,338) 0
Accounts payable and accrued expenses 1,098 (9,204) 32,428
Accrued payroll and benefit costs 119,231 17,705 13,845
Employee deferred compensation plan obligations 13,923 87,670 21,099
Income taxes payable 182 (18,798) 28,900
Other assets and liabilities, net 2,683 (6,830) (1,295)
Net cash flows provided by operating activities 596,528 519,629 572,322
CASH FLOWS FROM INVESTING ACTIVITIES:      
Capital expenditures (33,377) (59,464) (42,484)
Investments in employee deferred compensation trusts (64,351) (71,432) (69,716)
Proceeds from employee deferred compensation trust redemptions 123,025 28,758 23,691
Payments for acquisitions, net of cash acquired (15,836) 0 0
Net cash flows provided by (used in) investing activities 9,461 (102,138) (88,509)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Repayment of notes payable (218) (200) (183)
Repurchases of common stock (159,172) (277,535) (353,509)
Dividends paid (155,935) (145,631) (136,423)
Net cash flows used in financing activities (315,325) (423,366) (490,115)
Effect of exchange rate fluctuations 13,284 (226) (11,872)
Change in cash and cash equivalents 303,948 (6,101) (18,174)
Cash and cash equivalents at beginning of period 270,478 276,579 294,753
Cash and cash equivalents at end of period 574,426 270,478 276,579
Cash paid during the year for:      
Interest 577 232 233
Income taxes, net of refunds 128,321 191,522 137,147
Non-cash items:      
Stock repurchases awaiting settlement 3,104 6,469 11,359
Fund exchanges within employee deferred compensation trusts $ 208,055 $ 41,648 $ 79,300