XML 38 R7.htm IDEA: XBRL DOCUMENT v3.3.0.814
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash flows from operating activities:    
Net income $ 30,923 $ 81,970
Adjustments to reconcile net income to cash provided by operating activities:    
Gain on sale of discontinued operations 0 (64,619)
Deferred income tax provision, net 874 1,428
Provision for bad debts on accounts receivable 1,861 1,080
Depreciation and amortization 7,411 7,541
Stock-based compensation expense 4,261 2,084
Pension and post-retirement benefit plans expense 1,395 990
Amortization of deferred financing costs 90 79
Excess tax benefit attributable to stock-based compensation (408) (128)
Loss on deferred compensation plan investments, net 192 195
Gain from Company-owned life insurance proceeds 0 (849)
Contingent consideration liability remeasurement 524 0
Other 172 (186)
(Increase) decrease in operating assets    
Trade receivables, net (13,229) (38,303)
Income tax refund receivable 1,097 7,681
Prepaid expenses and other current assets 496 66
Other assets, net (322) (42)
Increase (decrease) in operating liabilities    
Accounts payable and other current liabilities 1,872 4,854
Accrued payroll costs 12,067 6,674
Income taxes payable 3,129 (4,671)
Other long-term liabilities 2,751 (2,135)
Cash provided by operating activities 55,156 3,709
Cash flows from investing activities:    
Proceeds from disposition of business 0 117,887
Capital expenditures (7,731) (4,787)
Proceeds from the disposition of assets held within the Rabbi Trust 445 2,330
Purchase of assets held within the Rabbi Trust (481) (2,156)
Proceeds from Company-owned life insurance 0 1,037
Other 0 1
Cash (used in) provided by investing activities (7,767) 114,312
Cash flows from financing activities:    
Proceeds from bank line of credit 443,195 444,846
Payments on bank line of credit (455,635) (494,778)
Payments of capital expenditure financing (956) (878)
Short-term vendor financing (630) 146
Proceeds from exercise of stock options, net of shares tendered in payment of exercise 381 949
Excess tax benefit attributable to stock-based compensation 408 128
Payment of loan financing fees 0 (35)
Repurchases of common stock (24,883) (58,550)
Cash dividend (9,261) (9,607)
Cash used in financing activities (47,381) (117,779)
Change in cash and cash equivalents 8 242
Cash and cash equivalents at beginning of period 1,238 875
Cash and cash equivalents at end of period $ 1,246 $ 1,117