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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net income $ 70,935 $ 45,686
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 10,752 10,397
Bad debt provision 6,756 22,980
Deferred income tax (benefit) expense (8,247) 119
Share-based compensation expense 5,917 5,468
Amortization of premium on marketable securities 1,409 1,019
Unrealized gain on deferred compensation fund investments (4,210) (5,048)
Changes in operating assets and liabilities:    
Accounts and notes receivable 22,440 (24,636)
Inventories and supplies 3,825 2,394
Prepaid expenses and other assets (3,588) 641
Deferred compensation funding 488 (223)
Accounts payable and other accrued expenses (9,104) (9,420)
Accrued payroll, accrued and withheld payroll taxes 14,356 21,197
Income taxes payable 17,420 (4,074)
Accrued insurance claims 8,450 8,001
Deferred compensation liability 3,950 5,721
Net cash provided by operating activities 141,549 80,222
Cash flows from investing activities:    
Disposals of fixed assets 475 127
Additions to property and equipment (3,074) (3,384)
Purchases of marketable securities (8,242) (18,627)
Sales of marketable securities 5,979 17,628
Net cash used in investing activities (4,862) (4,256)
Cash flows from financing activities:    
Dividends paid (45,383) (44,065)
Reissuance of treasury stock pursuant to Dividend Reinvestment Plan 69 67
Proceeds from the exercise of stock options 1,893 3,166
Repayments of short-term borrowings (10,000) (20,000)
Payments of statutory withholding on net issuance of restricted stock units (675) (587)
Net cash used in financing activities (54,096) (61,419)
Net change in cash and cash equivalents 82,591 14,547
Cash and cash equivalents at beginning of the period 27,329 26,025
Cash and cash equivalents at end of the period $ 109,920 $ 40,572