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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 344,060 $ 259,811
Adjustments to reconcile net income to net cash provided by operating activities:    
Allowance for credit losses 4,316 4,733
Depreciation 22,907 27,715
Amortization of cloud computing implementation costs 13,804 13,353
Amortization of intangible assets 833 1,152
Realized and unrealized (gains) losses from investments held in employee deferred compensation trusts 98,233 (36,949)
Stock-based compensation 29,593 28,085
Deferred income taxes 6,421 (5,524)
Changes in operating assets and liabilities:    
Accounts receivable (129,983) (201,602)
Capitalized cloud computing implementation costs (19,540) (16,236)
Accounts payable and accrued expenses (8,374) 17,138
Accrued payroll and benefit costs 15,848 68,340
Employee deferred compensation plan obligations (94,957) 46,236
Income taxes payable 21,516 22,110
Other assets and liabilities, net (2,599) 5,110
Net cash flows provided by operating activities 302,078 233,472
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures (35,275) (16,114)
Investments in employee deferred compensation trusts (45,061) (42,423)
Proceeds from employee deferred compensation trust redemptions 25,140 27,424
Net cash flows used in investing activities (55,196) (31,113)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of notes payable 0 (117)
Repurchases of common stock (160,610) (145,314)
Dividends paid (96,229) (86,479)
Net cash flows used in financing activities (256,839) (231,910)
Effect of exchange rate fluctuations (18,135) (2,070)
Change in cash and cash equivalents (28,092) (31,621)
Cash and cash equivalents at beginning of period 619,001 574,426
Cash and cash equivalents at end of period 590,909 542,805
Non-cash items:    
Repurchases of common stock awaiting settlement 11,296 1,345
Fund exchanges within employee deferred compensation trusts $ 66,645 $ 63,154