v3.22.2.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 510,266 $ 430,682
Adjustments to reconcile net income to net cash provided by operating activities:    
Allowance for credit losses 5,883 7,262
Depreciation 34,769 40,536
Amortization of cloud computing implementation costs 21,203 20,776
Amortization of intangible assets 1,250 1,724
Realized and unrealized (gains) losses from investments held in employee deferred compensation trusts 114,534 (30,625)
Stock-based compensation 43,674 42,146
Deferred income taxes 2,954 (32,777)
Changes in operating assets and liabilities:    
Accounts receivable (158,254) (308,823)
Capitalized cloud computing implementation costs (29,697) (23,735)
Accounts payable and accrued expenses (18,081) 32,140
Accrued payroll and benefit costs 33,486 166,239
Employee deferred compensation plan obligations (100,255) 56,929
Income taxes payable 8,950 41,435
Other assets and liabilities, net 10,794 14,356
Net cash flows provided by operating activities 481,476 458,265
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures (48,637) (24,797)
Investments in employee deferred compensation trusts (52,203) (55,940)
Proceeds from employee deferred compensation trust redemptions 28,640 30,939
Net cash flows used in investing activities (72,200) (49,798)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of notes payable 0 (177)
Repurchases of common stock (257,848) (212,088)
Dividends paid (142,596) (128,337)
Net cash flows used in financing activities (400,444) (340,602)
Effect of exchange rate fluctuations (34,485) (8,572)
Change in cash and cash equivalents (25,653) 59,293
Cash and cash equivalents at beginning of period 619,001 574,426
Cash and cash equivalents at end of period 593,348 633,719
Non-cash items:    
Repurchases of common stock awaiting settlement 0 10,239
Fund exchanges within employee deferred compensation trusts $ 82,410 $ 81,955