XML 18 R6.htm IDEA: XBRL DOCUMENT v3.22.4
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 [1] $ 34,630 $ 45,863 $ 98,682
Adjustments to reconcile net income to net cash (used in) provided by operating activities:      
Depreciation and amortization 15,316 14,667 14,268
Bad debt provision 31,969 10,483 9,636
Deferred income tax expense (benefit) 5,049 3,074 (5,893)
Share-based compensation expense 9,214 8,827 7,872
Amortization of premium on marketable securities 2,219 2,275 1,822
Unrealized loss (gain) on deferred compensation fund investments 9,422 (6,397) (9,390)
Changes in fair value of other long-term liabilities (2,353) 0 0
Loss on sale of assets 1,138 1,469 1,335
Changes in operating assets and liabilities:      
Accounts and notes receivable (78,707) (37,185) 46,158
Inventories and supplies 4,851 5,599 4,931
Prepaid expenses and other assets 9,935 (12,250) (756)
Deferred compensation funding 3,913 6,661 (52)
Accounts payable and other accrued expenses (13,748) 10,244 (7,250)
Accrued payroll, accrued and withheld payroll taxes (24,388) (22,189) 59,527
Income taxes receivable / payable 2,184 (8,420) (8,075)
Accrued insurance claims (687) 6,966 (5,194)
Deferred compensation liability (18,124) 7,421 9,592
Net cash (used in) provided by operating activities (8,167) 37,108 217,213
Cash flows from investing activities:      
Disposals of fixed assets 393 211 274
Additions to property and equipment (5,210) (5,687) (4,341)
Purchases of marketable securities (2,875) (20,335) (39,047)
Sales of marketable securities 10,386 26,697 6,269
Cash paid for acquisitions (114) (23,876) 0
Net cash provided by (used in) investing activities 2,580 (22,990) (36,845)
Cash flows from financing activities:      
Dividends paid (63,373) (62,226) (60,705)
Reissuance of treasury stock pursuant to Dividend Reinvestment Plan 106 92 93
Proceeds from the exercise of stock options 410 2,425 2,920
Purchases of treasury stock 0 (21,535) 0
Short-term borrowings, net of repayments 25,000 0 (10,000)
Payments of statutory withholding on net issuance of restricted stock units (1,071) (1,410) (675)
Net cash used in financing activities (38,928) (82,654) (68,367)
Net change in cash and cash equivalents (44,515) (68,536) 112,001
Cash and cash equivalents at beginning of the period 70,794 139,330 27,329
Cash and cash equivalents at end of the period 26,279 70,794 139,330
Supplementary cash flow information:      
Cash paid for interest 2,822 1,385 1,374
Cash paid for income taxes 3,309 21,233 44,865
Accrued variable consideration for acquisition of businesses $ 0 $ 10,456 $ 0
[1] See Note 8 — Allowance for Doubtful Accounts herein regarding the adopted credit-loss guidance.