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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
OPERATING ACTIVITIES    
Net income $ 173,305 $ 78,146
Adjustments to reconcile net income to net cash (used for) provided by operating activities:    
Depreciation and amortization 23,278 24,393
Provision for credit losses (1,250) 5,675
Stock-based compensation 23,989 11,397
Deferred income taxes 3,869 1,622
Excess tax benefit on stock-based compensation (7,853) (3,737)
Other operating activities 488 788
Changes in operating elements, net of acquisitions:    
Receivables (437,862) (133,142)
Contract assets (43,495) 8,713
Prepaid expenses and other (26,692) (11,038)
Accounts payable and outstanding checks 206,237 98,946
Accrued compensation (27,977) (23,879)
Accrued transportation expense 24,044 (7,294)
Accrued income taxes 34,087 5,196
Other accrued liabilities (1,959) 1,829
Other assets and liabilities 1,099 884
Net cash (used for) provided by operating activities (56,692) 58,499
INVESTING ACTIVITIES    
Purchases of property and equipment (5,435) (7,841)
Purchases and development of software (8,071) (6,862)
Acquisitions, net of cash acquired 0 (223,617)
Net cash used for investing activities (13,506) (238,320)
FINANCING ACTIVITIES    
Proceeds from stock issued for employee benefit plans 17,709 11,269
Stock tendered for payment of withholding taxes (20,712) (13,795)
Repurchase of common stock (130,204) (68,563)
Cash dividends (70,030) (69,871)
Proceeds from short-term borrowings 816,000 765,600
Payments on short-term borrowings (566,000) (587,600)
Net cash provided by financing activities 46,763 37,040
Effect of exchange rates on cash and cash equivalents (2,750) (10,505)
Net change in cash and cash equivalents (26,185) (153,286)
Cash and cash equivalents, beginning of period 243,796 447,858
Cash and cash equivalents, end of period $ 217,611 $ 294,572