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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 430,682 $ 211,860
Adjustments to reconcile net income to net cash provided by operating activities:    
Allowance for credit losses 7,262 4,579
Depreciation 40,536 47,097
Amortization of cloud computing implementation costs 20,776 12,631
Amortization of intangible assets 1,724 1,002
Realized and unrealized gains from investments held in employee deferred compensation trusts (30,625) (32,743)
Stock-based compensation 42,146 39,623
Deferred income taxes (32,777) (20,021)
Changes in operating assets and liabilities:    
Accounts receivable (308,823) 138,350
Capitalized cloud computing implementation costs (23,735) (26,121)
Accounts payable and accrued expenses 32,140 9,030
Accrued payroll and benefit cost 166,239 107,906
Employee deferred compensation plan obligations 56,929 44,101
Income taxes payable 41,435 15,284
Other assets and liabilities, net 14,356 12,063
Net cash flows provided by operating activities 458,265 564,641
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures (24,797) (28,878)
Investments in employee deferred compensation trusts (55,940) (48,205)
Proceeds from employee deferred compensation trust redemptions 30,939 33,651
Net cash flows used in investing activities (49,798) (43,432)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of notes payable (177) (162)
Repurchases of common stock (212,088) (91,013)
Dividends paid (128,337) (117,301)
Net cash flows used in financing activities (340,602) (208,476)
Effect of exchange rate fluctuations (8,572) 3,789
Change in cash and cash equivalents 59,293 316,522
Cash and cash equivalents at beginning of period 574,426 270,478
Cash and cash equivalents at end of period 633,719 587,000
Non-cash items:    
Stock repurchases awaiting settlement 10,239 2,640
Fund exchanges within employee deferred compensation trusts $ 81,955 $ 182,616