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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 259,811 $ 136,111
Adjustments to reconcile net income to net cash provided by operating activities:    
Allowance for credit losses 4,733 6,713
Depreciation 27,715 31,509
Amortization of cloud computing implementation costs 13,353 7,569
Amortization of intangible assets 1,152 668
Realized and unrealized (gains) losses from investments held in employee deferred compensation trusts (36,949) (7,091)
Stock-based compensation 28,085 26,560
Deferred income taxes (5,524) (4,289)
Changes in operating assets and liabilities:    
Accounts receivable (201,602) 153,913
Capitalized cloud computing implementation costs (16,236) (18,846)
Accounts payable and accrued expenses 17,138 23,095
Accrued payroll and benefit cost 68,340 12,067
Employee deferred compensation plan obligations 46,236 7,485
Income taxes payable 22,110 43,723
Other assets and liabilities, net 5,110 6,755
Net cash flows provided by operating activities 233,472 425,942
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures (16,114) (22,264)
Investments in employee deferred compensation trusts (42,423) (49,098)
Proceeds from employee deferred compensation trust redemptions 27,424 28,347
Net cash flows used in investing activities (31,113) (43,015)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of notes payable (117) (107)
Repurchases of common stock (145,314) (69,977)
Dividends paid (86,479) (78,916)
Net cash flows used in financing activities (231,910) (149,000)
Effect of exchange rate fluctuations (2,070) (2,920)
Change in cash and cash equivalents (31,621) 231,007
Cash and cash equivalents at beginning of period 574,426 270,478
Cash and cash equivalents at end of period 542,805 501,485
Non-cash items:    
Stock repurchases awaiting settlement 1,345 0
Fund exchanges within employee deferred compensation trusts $ 63,154 $ 160,028