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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 251,598 $ 411,146 $ 657,919
Adjustments to reconcile net income to net cash provided by operating activities:      
Allowance for credit losses 5,286 8,752 8,771
Depreciation 52,053 51,364 47,398
Amortization of cloud computing implementation costs 36,045 44,720 28,925
Amortization of intangible assets 1,217 2,883 1,667
Realized and unrealized (gains) losses from investments held in employee deferred compensation trusts (71,656) (72,971) 98,776
Stock-based compensation 63,448 61,139 57,663
Deferred income taxes (17,936) (16,568) 10,810
Changes in operating assets and liabilities, net of effects of acquisitions:      
Accounts receivable 66,954 156,269 (65,626)
Capitalized cloud computing implementation costs (29,210) (34,895) (40,357)
Accounts payable and accrued expenses 16,047 (14,698) 3,735
Accrued payroll and benefit cost (32,963) (61,725) (58,067)
Employee deferred compensation plan obligations 105,490 98,802 (61,165)
Income taxes payable (20,960) 10,721 2,596
Other assets and liabilities, net (14,944) (8,058) (9,295)
Net cash flows provided by operating activities 410,469 636,881 683,750
CASH FLOWS FROM INVESTING ACTIVITIES:      
Capital expenditures (56,318) (45,874) (61,120)
Investments in employee deferred compensation trusts (69,237) (102,969) (67,388)
Proceeds from employee deferred compensation trust redemptions 38,700 37,628 30,869
Payments for acquisitions, net of cash acquired (264) (1,035) (18,984)
Net cash flows used in investing activities (87,119) (112,250) (116,623)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Repurchases of common stock (276,032) (254,625) (319,897)
Dividends paid (220,409) (205,910) (189,286)
Net cash flows used in financing activities (496,441) (460,535) (509,183)
Effect of exchange rate fluctuations (21,066) 9,018 (18,319)
Change in cash and cash equivalents (194,157) 73,114 39,625
Cash and cash equivalents at beginning of period 731,740 658,626 619,001
Cash and cash equivalents at end of period 537,583 731,740 658,626
Cash paid during the year for:      
Interest 272 315 368
Income taxes, net of refunds 143,615 168,488 217,927
Non-cash items:      
Repurchases of common stock awaiting settlement 0 4,394 3,504
Fund exchanges within employee deferred compensation trusts 130,997 114,821 103,003
Contingent consideration related to acquisition $ 0 $ 350 $ 1,300