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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 122,005 $ 168,239
Adjustments to reconcile net income to net cash provided by operating activities:    
Allowance for credit losses 2,934 2,065
Depreciation 12,738 11,080
Amortization of cloud computing implementation costs 8,188 7,113
Amortization of intangible assets 721 417
Realized and unrealized (gains) losses from investments held in employee deferred compensation trusts (25,728) 30,296
Stock-based compensation 15,434 15,184
Deferred income taxes 3,102 5,493
Changes in operating assets and liabilities, net of effects of acquisitions:    
Accounts receivable 9,772 (89,597)
Capitalized cloud computing implementation costs (10,457) (9,464)
Accounts payable and accrued expenses (10,216) (14,072)
Accrued payroll and benefit costs (91,740) (39,435)
Employee deferred compensation plan obligations 21,970 (39,976)
Income taxes payable 29,909 35,310
Other assets and liabilities, net (23,109) (13,491)
Net cash flows provided by operating activities 65,523 69,162
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures (9,369) (14,987)
Investments in employee deferred compensation trusts (71,302) (33,913)
Proceeds from employee deferred compensation trust redemptions 18,600 21,782
Payments for acquisition (700) 0
Net cash flows used in investing activities (62,771) (27,118)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repurchases of common stock (63,244) (62,062)
Dividends paid (53,717) (47,498)
Net cash flows used in financing activities (116,961) (109,560)
Effect of exchange rate fluctuations 3,312 (1,155)
Change in cash and cash equivalents (110,897) (68,671)
Cash and cash equivalents at beginning of period 658,626 619,001
Cash and cash equivalents at end of period 547,729 550,330
Non-cash items:    
Repurchases of common stock awaiting settlement 0 5,872
Fund exchanges within employee deferred compensation trusts 50,213 40,509
Contingent consideration related to acquisition $ 600 $ 0