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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
OPERATING ACTIVITIES    
Net income $ 270,348 $ 173,305
Adjustments to reconcile net income to net cash used for operating activities:    
Depreciation and amortization 22,486 23,278
Provision for credit losses 1,672 (1,250)
Stock-based compensation 24,606 23,989
Deferred income taxes (2,916) 3,869
Excess tax benefit on stock-based compensation (4,965) (7,853)
Other operating activities 42 488
Changes in operating elements, net of acquisitions:    
Receivables (424,025) (437,862)
Contract assets (51,439) (43,495)
Prepaid expenses and other (11,924) (26,692)
Accounts payable and outstanding checks 143,980 206,237
Accrued compensation (79,885) (27,977)
Accrued transportation expense 42,825 24,044
Accrued income taxes 48,502 34,087
Other accrued liabilities 8,099 (1,959)
Other assets and liabilities (1,334) 1,099
Net cash used for operating activities (13,928) (56,692)
INVESTING ACTIVITIES    
Purchases of property and equipment (10,046) (5,435)
Purchases and development of software (16,183) (8,071)
Other investing activities 2,250 0
Net cash used for investing activities (23,979) (13,506)
FINANCING ACTIVITIES    
Proceeds from stock issued for employee benefit plans 25,366 17,709
Stock tendered for payment of withholding taxes (16,462) (20,712)
Repurchase of common stock (161,279) (130,204)
Cash dividends (72,855) (70,030)
Proceeds from long-term borrowings 200,000 0
Proceeds from short-term borrowings 1,062,000 816,000
Payments on short-term borrowings (1,015,000) (566,000)
Net cash provided by financing activities 21,770 46,763
Effect of exchange rates on cash and cash equivalents 1,533 (2,750)
Net change in cash and cash equivalents (14,604) (26,185)
Cash and cash equivalents, beginning of period 257,413 243,796
Cash and cash equivalents, end of period $ 242,809 $ 217,611