v3.26.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
OPERATING ACTIVITIES    
Net income $ 532,488 $ 450,760
Adjustments to reconcile net income to net cash provided by (used for) operating activities:    
Depreciation and amortization 71,194 76,337
Provision for credit losses 5,425 6,571
Stock-based compensation 80,787 62,774
Deferred income taxes 28,196 30,564
Excess tax benefit on stock-based compensation (31,644) (15,621)
Change in loss on disposal group 0 (569)
Other operating activities 12,451 7,172
Changes in operating elements:    
Receivables (1,221,470) (89,325)
Contract assets (134,894) 23,035
Prepaid expenses and other 21,864 (26,521)
Right-of-use asset 18,659 42,475
Accounts payable and outstanding checks 723,448 79,171
Accrued compensation 180 (9,903)
Accrued transportation expense 115,614 (14,094)
Accrued income taxes 16,758 49,418
Other accrued liabilities 13,450 (16,168)
Lease liability (22,399) (49,701)
Other assets and liabilities (1,513) 2,730
Net cash provided by operating activities 228,594 609,105
INVESTING ACTIVITIES    
Purchases of property and equipment (11,212) (16,615)
Purchases and development of software (39,557) (38,246)
Cash used for acquisitions, net of cash acquired (78,949) 0
Proceeds from divestiture 35,310 27,737
Other investing activities 3,289 0
Net cash used for investing activities (91,119) (27,124)
FINANCING ACTIVITIES    
Proceeds from stock issued for employee benefit plans 64,789 112,076
Stock tendered for payment of withholding taxes (81,106) (57,982)
Repurchase of common stock (639,922) (240,257)
Cash dividends (229,132) (227,053)
Proceeds from long-term borrowings 2,957,000 344,000
Payments on long-term borrowings (2,104,000) (512,000)
Proceeds from short-term borrowings 318,000 1,548,800
Payments on short-term borrowings (392,000) (1,575,800)
Net cash used for financing activities (106,371) (608,216)
Effect of exchange rates on cash and cash equivalents 1,157 6,534
Net change in cash and cash equivalents, including cash and cash equivalents classified within assets held for sale 32,261 (19,701)
Cash and cash equivalents, beginning of period 160,871 145,762
Cash and cash equivalents, end of period $ 193,132 $ 136,837