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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 657,919 $ 598,626 $ 306,276
Adjustments to reconcile net income to net cash provided by operating activities:      
Allowance for credit losses 8,771 9,464 4,200
Depreciation 47,398 52,210 62,281
Amortization of cloud computing implementation costs 28,925 28,023 18,399
Amortization of intangible assets 1,667 2,241 1,219
Realized and unrealized (gains) losses from investments held in employee deferred compensation trusts 98,776 (37,359) (66,866)
Stock-based compensation 57,663 55,932 52,486
Deferred income taxes 10,810 (21,133) (13,146)
Changes in operating assets and liabilities, net of effects of acquisitions:      
Accounts receivable (65,626) (292,628) 127,740
Capitalized cloud computing implementation costs (40,357) (31,240) (33,178)
Accounts payable and accrued expenses 3,735 52,610 1,098
Accrued payroll and benefit cost (58,067) 99,005 119,231
Employee deferred compensation plan obligations (61,165) 100,058 13,923
Income taxes payable 2,596 3,587 182
Other assets and liabilities, net (9,295) (16,260) 2,683
Net cash flows provided by operating activities 683,750 603,136 596,528
CASH FLOWS FROM INVESTING ACTIVITIES:      
Capital expenditures (61,120) (36,611) (33,377)
Investments in employee deferred compensation trusts (67,388) (85,432) (64,351)
Proceeds from employee deferred compensation trust redemptions 30,869 34,434 123,025
Payments for acquisitions, net of cash acquired (18,984) 0 (15,836)
Net cash flows (used in) provided by investing activities (116,623) (87,609) 9,461
CASH FLOWS FROM FINANCING ACTIVITIES:      
Repayment of notes payable 0 (239) (218)
Repurchases of common stock (319,897) (287,738) (159,172)
Dividends paid (189,286) (170,612) (155,935)
Net cash flows used in financing activities (509,183) (458,589) (315,325)
Effect of exchange rate fluctuations (18,319) (12,363) 13,284
Change in cash and cash equivalents 39,625 44,575 303,948
Cash and cash equivalents at beginning of period 619,001 574,426 270,478
Cash and cash equivalents at end of period 658,626 619,001 574,426
Cash paid during the year for:      
Interest 368 548 577
Income taxes, net of refunds 217,927 219,726 128,321
Non-cash items:      
Stock repurchases awaiting settlement 3,504 5,593 3,104
Fund exchanges within employee deferred compensation trusts 103,003 116,815 208,055
Contingent consideration related to acquisition $ 1,300 $ 0 $ 0