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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
OPERATING ACTIVITIES    
Net income $ 222,085 $ 330,968
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 50,151 49,642
Provision for credit losses 9,374 3,224
Stock-based compensation 22,351 31,807
Deferred income taxes (729) (5,322)
Excess tax benefit on stock-based compensation (11,999) (5,353)
Other operating activities 12,341 961
Changes in operating elements, net of acquisitions:    
Receivables (48,937) 89,175
Contract assets (22,451) (19,380)
Prepaid expenses and other 8,744 (16,404)
Accounts payable and outstanding checks 220,276 37,378
Accrued compensation 12,312 (60,976)
Accrued transportation expense 20,284 19,149
Accrued income taxes 14,423 (3,051)
Other accrued liabilities (6,345) 4,166
Other assets and liabilities 3,763 542
Net cash provided by operating activities 505,643 456,526
INVESTING ACTIVITIES    
Purchases of property and equipment (11,621) (16,774)
Purchases and development of software (13,418) (14,790)
Acquisitions, net of cash acquired (223,230) (58,379)
Other investing activities 5,525 8
Net cash used for investing activities (242,744) (89,935)
FINANCING ACTIVITIES    
Proceeds from stock issued for employee benefit plans 20,295 27,952
Stock tendered for payment of withholding taxes (14,966) (12,680)
Repurchase of common stock (68,563) (173,622)
Cash dividends (137,104) (139,010)
Proceeds from long-term borrowings 0 473,000
Payments on long-term borrowings 0 (561,000)
Proceeds from short-term borrowings 979,600 14,000
Payments on short-term borrowings (1,122,600) (19,000)
Net cash used for financing activities (343,338) (390,360)
Effect of exchange rates on cash (5,183) 461
Net change in cash and cash equivalents (85,622) (23,308)
Cash and cash equivalents, beginning of period 447,858 378,615
Cash and cash equivalents, end of period $ 362,236 $ 355,307