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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 598,626 $ 306,276 $ 454,433
Adjustments to reconcile net income to net cash provided by operating activities:      
Allowance for credit losses 9,464 4,200 9,868
Depreciation 52,210 62,281 64,264
Amortization of cloud computing implementation costs 28,023 18,399 3,624
Amortization of intangible assets 2,241 1,219 1,361
Realized and unrealized gains (37,359) (66,866) (44,492)
Stock-based compensation 55,932 52,486 48,300
Deferred income taxes (21,133) (13,146) (9,473)
Changes in operating assets and liabilities, net of effects of acquisitions:      
Accounts receivable (292,628) 127,740 (48,461)
Capitalized cloud computing implementation costs (31,240) (33,178) (30,338)
Accounts payable and accrued expenses 52,610 1,098 (9,204)
Accrued payroll and benefit cost 99,005 119,231 17,705
Employee deferred compensation plan obligations 100,058 13,923 87,670
Income taxes payable 3,587 182 (18,798)
Other assets and liabilities, net (16,260) 2,683 (6,830)
Net cash flows provided by operating activities 603,136 596,528 519,629
CASH FLOWS FROM INVESTING ACTIVITIES:      
Capital expenditures (36,611) (33,377) (59,464)
Investments in employee deferred compensation trusts (85,432) (64,351) (71,432)
Proceeds from employee deferred compensation trust redemptions 34,434 123,025 28,758
Payments for acquisitions, net of cash acquired 0 (15,836) 0
Net cash flows (used in) provided by investing activities (87,609) 9,461 (102,138)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from (Repayments of) Debt (239) (218) (200)
Repurchases of common stock (287,738) (159,172) (277,535)
Dividends paid (170,612) (155,935) (145,631)
Net cash flows used in financing activities (458,589) (315,325) (423,366)
Effect of exchange rate fluctuations (12,363) 13,284 (226)
Change in cash and cash equivalents 44,575 303,948 (6,101)
Cash and cash equivalents at beginning of period 574,426 270,478 276,579
Cash and cash equivalents at end of period 619,001 574,426 270,478
Cash paid during the year for:      
Interest 548 577 232
Income taxes, net of refunds 219,726 128,321 191,522
Non-cash items:      
Stock repurchases awaiting settlement 5,593 3,104 6,469
Fund exchanges within employee deferred compensation trusts $ 116,815 $ 208,055 $ 41,648