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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 228,297 $ 344,060
Adjustments to reconcile net income to net cash provided by operating activities:    
Allowance for credit losses 3,529 4,316
Depreciation 25,229 22,907
Amortization of cloud computing implementation costs 16,351 13,804
Amortization of intangible assets 1,442 833
Realized and unrealized (gains) losses from investments held in employee deferred compensation trusts (51,843) 98,233
Stock-based compensation 30,887 29,593
Deferred income taxes (3,583) 6,421
Changes in operating assets and liabilities, net of effects of acquisitions:    
Accounts receivable 45,943 (129,983)
Capitalized cloud computing implementation costs (20,184) (19,540)
Accounts payable and accrued expenses (21,882) (8,374)
Accrued payroll and benefit costs (26,539) 15,848
Employee deferred compensation plan obligations 56,418 (94,957)
Income taxes payable 67,672 21,516
Other assets and liabilities, net (5,134) (2,599)
Net cash flows provided by operating activities 346,603 302,078
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures (19,093) (35,275)
Investments in employee deferred compensation trusts (81,714) (45,061)
Proceeds from employee deferred compensation trust redemptions 24,053 25,140
Payments for acquisition (1,035) 0
Net cash flows used in investing activities (77,789) (55,196)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repurchases of common stock (104,664) (160,610)
Dividends paid (104,680) (96,229)
Net cash flows used in financing activities (209,344) (256,839)
Effect of exchange rate fluctuations 4,667 (18,135)
Change in cash and cash equivalents 64,137 (28,092)
Cash and cash equivalents at beginning of period 658,626 619,001
Cash and cash equivalents at end of period 722,763 590,909
Non-cash items:    
Repurchases of common stock awaiting settlement 3,684 11,296
Fund exchanges within employee deferred compensation trusts 70,608 66,645
Contingent consideration related to acquisition $ 350 $ 0