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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
OPERATING ACTIVITIES    
Net income $ 294,156 $ 844,331
Adjustments to reconcile net income to net cash used for operating activities:    
Depreciation and amortization 75,899 68,723
Provision for credit losses (4,032) (2,407)
Stock-based compensation 37,309 78,346
Deferred income taxes (35,269) (76,362)
Excess tax benefit on stock-based compensation (9,899) (12,440)
Restructuring charges 21,113 0
Other operating activities 3,740 (24,011)
Changes in operating elements:    
Receivables 525,761 66,536
Contract assets 52,810 90,481
Prepaid expenses and other (7,632) 13,437
Accounts payable and outstanding checks (122,312) (109,493)
Accrued compensation (106,943) 6,701
Accrued transportation expense (42,481) (62,278)
Accrued income taxes 3,131 (24,202)
Other accrued liabilities (2,636) 22,209
Other assets and liabilities 1,900 (2,782)
Net cash provided by operating activities 684,615 876,789
INVESTING ACTIVITIES    
Purchases of property and equipment (25,889) (50,719)
Purchases and development of software (42,086) (49,935)
Proceeds from sale of property and equipment 1,324 63,208
Net cash used for investing activities (66,651) (37,446)
FINANCING ACTIVITIES    
Proceeds from stock issued for employee benefit plans 46,061 93,415
Stock tendered for payment of withholding taxes (23,754) (26,597)
Repurchase of common stock (63,884) (1,023,578)
Cash dividends (218,942) (216,258)
Proceeds from long-term borrowings 0 200,000
Proceeds from short-term borrowings 2,778,750 3,674,000
Payments on short-term borrowings (3,169,750) (3,595,000)
Net cash used for financing activities (651,519) (894,018)
Effect of exchange rates on cash and cash equivalents (6,708) (15,206)
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Disposal Group, Including Discontinued Operations (40,263) (69,881)
Less: net increase in cash and cash equivalents within assets held for sale (2,486) 0
Cash and cash equivalents, beginning of period 217,482 257,413
Cash and cash equivalents, end of period $ 174,733 $ 187,532