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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
OPERATING ACTIVITIES    
Net income $ 92,904 $ 114,891
Adjustments to reconcile net income to net cash (used for) provided by operating activities:    
Depreciation and amortization 23,878 24,380
Provision for credit losses 2,813 (6,637)
Stock-based compensation 22,673 15,607
Deferred income taxes (6,805) (10,272)
Excess tax benefit on stock-based compensation (1,570) (7,011)
Other operating activities 5,596 942
Changes in operating elements:    
Receivables (225,402) 326,244
Contract assets (45,574) 66,124
Prepaid expenses and other (11,409) 433
Increase (Decrease) in Right of Use Asset (13,933) 13,841
Accounts payable and outstanding checks 84,966 (90,724)
Accrued compensation (23,407) (134,795)
Accrued transportation expense 38,106 (53,882)
Accrued income taxes 3,619 (40)
Other accrued liabilities 5,446 8,169
Increase (Decrease) in Operating Lease Liability 14,347 (14,003)
Other assets and liabilities 429 1,277
Net cash (used for) provided by operating activities (33,323) 254,544
INVESTING ACTIVITIES    
Purchases of property and equipment (8,620) (11,371)
Purchases and development of software (13,854) (15,579)
Net cash used for investing activities (22,474) (26,950)
FINANCING ACTIVITIES    
Proceeds from stock issued for employee benefit plans 5,405 19,673
Stock tendered for payment of withholding taxes (16,130) (20,048)
Repurchase of common stock 0 (31,182)
Cash dividends (74,580) (73,435)
Proceeds from short-term borrowings 912,000 739,000
Payments on short-term borrowings (792,000) (840,000)
Net cash provided by (used for) financing activities 34,695 (205,992)
Effect of exchange rates on cash and cash equivalents (2,584) 76
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Disposal Group, Including Discontinued Operations (23,686) 21,678
Cash and cash equivalents, beginning of period 145,524 217,482
Cash and cash equivalents, end of period $ 121,838 $ 239,160