v3.22.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
OPERATING ACTIVITIES      
Net income $ 940,524 $ 844,245 $ 506,421
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 92,776 91,259 101,727
Provision for credit losses (4,476) 10,649 17,281
Stock-based compensation 90,677 129,977 43,995
Deferred income taxes (58,566) (110,188) (32,984)
Excess tax benefit on stock-based compensation (13,662) (13,101) (17,581)
Other operating activities (6,627) 1,915 15,096
Changes in operating elements, net of effects of acquisitions:      
Receivables 923,524 (1,547,545) (452,145)
Contract assets 197,097 (257,728) (65,454)
Prepaid expenses and other (28,495) (43,819) 27,237
Accounts payable and outstanding checks (307,266) 660,028 180,272
Accrued compensation 42,266 63,912 22,547
Accrued transportation expense (143,686) 189,204 52,380
Accrued income taxes (69,817) 72,665 51,916
Other accrued liabilities 2,371 1,607 26,503
Other assets and liabilities (6,469) 1,875 21,980
Net cash provided by operating activities 1,650,171 94,955 499,191
INVESTING ACTIVITIES      
Purchases of property and equipment (61,915) (34,197) (23,133)
Purchases and development of software (66,582) (36,725) (30,876)
Acquisitions, net of cash acquired 0 (14,750) (223,230)
Proceeds from sale of property and equipment 63,579 0 5,525
Net cash used for investing activities (64,918) (85,672) (271,714)
FINANCING ACTIVITIES      
Proceeds from stock issued for employee benefit plans 100,059 70,669 107,657
Stock tendered for payment of withholding taxes (28,388) (26,720) (17,854)
Repurchase of common stock (1,459,900) (581,756) (177,514)
Cash dividends (285,317) (277,321) (209,956)
Proceeds from long-term borrowings 200,000 300,000 0
Payments on long-term borrowings 0 (2,048) 0
Proceeds from short-term borrowings 4,500,000 3,728,000 1,436,600
Payments on short-term borrowings (4,646,000) (3,203,251) (1,579,600)
Net cash (used for) provided by financing activities (1,619,546) 7,573 (440,667)
Effect of exchange rates on cash and cash equivalents (5,638) (3,239) 9,128
Net change in cash and cash equivalents (39,931) 13,617 (204,062)
Cash and cash equivalents, beginning of year 257,413 243,796 447,858
Cash and cash equivalents, end of year 217,482 257,413 243,796
Supplemental cash flow disclosures      
Cash paid for income taxes 429,096 227,427 93,070
Cash paid for interest 71,563 51,367 47,518
Accrued share repurchases held in other accrued liabilities $ 1,106 $ 4,293 $ 5,231