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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 110,598 $ 89,915
Adjustments to reconcile net income to net cash provided by operating activities:    
Allowance for credit losses 3,157 4,690
Depreciation 13,962 15,913
Amortization of cloud computing implementation costs 9,957 3,288
Amortization of intangible assets 576 338
Realized and unrealized (gains) losses from investments held in employee deferred compensation trusts (11,694) 40,781
Stock-based compensation 14,182 13,525
Deferred income taxes 2,584 12,022
Changes in operating assets and liabilities:    
Accounts receivable (95,024) (36,700)
Capitalized cloud computing implementation costs (8,488) (10,379)
Accounts payable and accrued expenses (6,603) 18,193
Accrued payroll and benefit cost 13,009 2,978
Employee deferred compensation plan obligations 2,586 (48,155)
Income taxes payable 25,409 20,124
Other assets and liabilities, net (6,155) (1,607)
Net cash flows provided by operating activities 68,056 124,926
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures (9,739) (14,276)
Investments in employee deferred compensation trusts (28,509) (37,061)
Proceeds from employee deferred compensation trust redemptions 22,799 22,987
Net cash flows used in investing activities (15,449) (28,350)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of notes payable (58) (53)
Repurchases of common stock (79,465) (69,968)
Dividends paid (44,277) (40,476)
Net cash flows used in financing activities (123,800) (110,497)
Effect of exchange rate fluctuations (5,303) (6,643)
Change in cash and cash equivalents (76,496) (20,564)
Cash and cash equivalents at beginning of period 574,426 270,478
Cash and cash equivalents at end of period 497,930 249,914
Non-cash items:    
Stock repurchases awaiting settlement 3,912 0
Fund exchanges within employee deferred compensation trusts $ 37,661 $ 138,633