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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
OPERATING ACTIVITIES    
Net income $ 71,283 $ 69,569
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 32,187 31,591
Amortization of intangibles 3,203 3,232
Share-based compensation expense 2,235 2,763
Provision for losses on accounts receivable 1,427 1,628
Change in deferred income taxes (9,814) (1,417)
Gain on sale of property and equipment (9) (3,002)
Pre-tax gain on sale of discontinued operations (69,083)  
Changes in operating assets and liabilities:    
Receivables 43,977 (103,677)
Prepaid expenses (1,464) (2,858)
Other assets 3,874 (2,781)
Income taxes 6,221 (3,017)
Operating right-of-use assets and lease liabilities, net 1,570 14
Accounts payable, accrued expenses, and other liabilities (64,944) (3,298)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 20,663 (11,253)
INVESTING ACTIVITIES    
Purchases of property, plant and equipment, net of financings (34,657) (19,471)
Proceeds from sale of property and equipment 1,833 5,334
Proceeds from sale of discontinued operations 101,138  
Purchases of short-term investments (35,588) (12,339)
Proceeds from sale of short-term investments 41,865 23,590
Capitalization of internally developed software (3,631) (4,510)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 70,960 (7,396)
FINANCING ACTIVITIES    
Borrowings under credit facilities   58,000
Payments on long-term debt (17,649) (32,967)
Net change in book overdrafts (10,493) 955
Deferred financing costs 63  
Payment of common stock dividends (2,915) (1,978)
Purchases of treasury stock (14,092) (16,506)
Payments for tax withheld on share-based compensation (1,590) (1,367)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (46,676) 6,137
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 44,947 (12,512)
CASH AND CASH EQUIVALENTS AT END OF PERIOD 203,319 64,108
NONCASH INVESTING ACTIVITIES    
Equipment financed 3,478 8,113
Accruals for equipment received 1,453 712
Lease liabilities arising from obtaining right-of-use assets $ 30,581 $ 25,473