| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|---|---|---|---|---|---|---|---|---|---|---|
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income | |||||||||||
454,433 | 434,288 | 290,584 | 343,389 | 357,796 | 305,928 | 252,195 | 209,942 | 149,922 | 66,069 | 37,263 | 250,181 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Allowance for credit losses | |||||||||||
9,868 | 11,914 | 8,022 | 9,192 | 12,005 | 9,825 | 7,467 | 7,133 | 6,673 | 6,795 | -839 | 18,137 |
Depreciation | |||||||||||
64,264 | 64,244 | 63,930 | 63,078 | 53,273 | 49,124 | 47,072 | 48,326 | 51,262 | 55,547 | 63,806 | 70,593 |
Amortization of cloud computing implementation costs | |||||||||||
3,624 | 0 | 0 | - | - | - | - | - | - | - | - | - |
Amortization of intangible assets | |||||||||||
1,361 | 1,705 | 1,563 | 1,237 | 192 | 557 | 1,700 | 398 | 153 | 411 | 1,460 | 2,617 |
Stock-based compensation | |||||||||||
48,300 | 44,953 | 42,191 | 42,699 | 41,292 | 40,821 | 38,867 | 41,464 | 50,906 | 56,949 | 60,320 | 63,571 |
Stock-based compensation expense-stock options | |||||||||||
- | - | - | - | - | - | - | - | - | 170 | 828 | 5,109 |
Excess tax benefits from stock-based compensation | |||||||||||
- | - | - | 1,822 | 8,762 | 7,174 | 8,103 | 8,475 | 4,211 | 5,814 | 4,751 | 3,688 |
Deferred income taxes | |||||||||||
-9,473 | -15,885 | 44,091 | -1,868 | -8,579 | -3,643 | -13,259 | -14,993 | 17,156 | 7,370 | 5,752 | -6,043 |
Changes in assets and liabilities: | |||||||||||
Accounts receivable | |||||||||||
48,461 | 86,217 | 17,039 | 15,888 | 75,745 | 134,917 | 47,699 | 21,354 | 81,314 | 68,008 | -133,541 | -67,283 |
Capitalized cloud computing implementation costs | |||||||||||
30,338 | 0 | 0 | - | - | - | - | - | - | - | - | - |
Accounts payable and accrued expenses | |||||||||||
-9,204 | 32,428 | 1,328 | 19,726 | 60,232 | 71,740 | 38,356 | 16,672 | 64,932 | 41,626 | -52,210 | -5,238 |
Accrued payroll and benefit cost | |||||||||||
60,883 | 57,287 | 46,504 | - | - | - | - | - | - | - | - | - |
Income taxes payable | |||||||||||
-18,798 | 28,900 | -9,655 | -8,246 | 19,948 | 16,359 | -11,927 | 15,160 | 6,368 | 1,490 | -3,830 | -12,941 |
Other assets and liabilities, net | |||||||||||
6,830 | 1,295 | 18,528 | 9,416 | 13,416 | 7,922 | -4,548 | 5,096 | 5,531 | -13,278 | 1,187 | 2,456 |
Net cash flows provided by operating activities | |||||||||||
519,629 | 572,322 | 452,991 | 442,081 | 438,236 | 340,698 | 309,217 | 289,177 | 256,316 | 175,883 | 240,153 | 447,125 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Capital expenditures | |||||||||||
59,464 | 42,484 | 40,753 | 82,956 | 75,057 | 62,830 | 53,725 | 50,056 | 56,535 | 35,088 | 41,248 | 73,413 |
Payments for employee deferred compensation plans | |||||||||||
71,432 | 69,716 | 56,924 | 27,079 | 28,225 | 25,811 | 44,052 | 8,577 | 6,867 | 3,424 | 4,719 | 21,116 |
Redemptions from employee deferred compensation plans | |||||||||||
28,758 | 23,691 | 20,340 | - | - | - | - | - | - | - | - | - |
Payments for acquisitions, net of cash acquired | |||||||||||
0 | 0 | 1,160 | 2,200 | 14,668 | 0 | 0 | 14,393 | - | 585 | - | 272 |
Net cash flows used in investing activities | |||||||||||
-102,138 | -88,509 | -78,497 | -112,235 | -117,950 | -88,641 | -97,777 | -73,026 | -63,402 | -39,097 | -45,967 | -94,801 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Proceeds from (Repayments of) Debt | |||||||||||
-200 | -183 | -167 | -154 | -140 | -128 | -4,496 | -107 | -91 | -113 | -105 | -1,980 |
Repurchases of common stock | |||||||||||
277,535 | 353,509 | 231,724 | 176,031 | 271,138 | 153,821 | 167,975 | 176,794 | 168,103 | 155,460 | 149,818 | 245,497 |
Dividends paid | |||||||||||
145,631 | 136,423 | 121,000 | 114,164 | 107,561 | 97,604 | 89,187 | 84,129 | 80,303 | 76,591 | 72,149 | 68,608 |
Excess tax benefits from stock-based compensation | |||||||||||
- | - | - | 1,822 | 8,762 | 7,174 | 8,103 | 8,475 | 4,211 | 5,814 | 4,751 | 3,688 |
Proceeds from exercises of stock options | |||||||||||
- | - | - | 223 | 1,529 | 14,324 | 33,285 | 42,939 | 18,309 | 38,355 | 24,951 | 27,480 |
Effect of exchange rate fluctuations | |||||||||||
-226 | -11,872 | 12,949 | -5,918 | -14,280 | -10,647 | -3,041 | 1,764 | -2,738 | 552 | 9,222 | -22,651 |
Change in cash and cash equivalents | |||||||||||
-6,101 | -18,174 | 34,552 | 35,624 | -62,542 | 11,355 | -11,871 | 8,299 | -35,801 | -50,657 | 11,038 | 44,756 |
Net cash flows used in financing activities | |||||||||||
-423,366 | -490,115 | -352,891 | -288,304 | -368,548 | -230,055 | -220,270 | -209,616 | -225,977 | -187,995 | -192,370 | -284,917 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||||||||||
Cash paid during the year for: | |||||||||||
Interest | |||||||||||
232 | 233 | 278 | 266 | 285 | 330 | 315 | 405 | 536 | 599 | 441 | 485 |
Income taxes, net of refunds | |||||||||||
191,522 | 137,147 | 190,954 | 219,415 | 212,668 | 178,375 | 168,407 | 136,023 | 76,422 | 38,249 | 21,759 | 192,205 |
Non-cash items: | |||||||||||
Non-cash items: | |||||||||||
Stock repurchases awaiting settlement | |||||||||||
6,469 | 11,359 | 0 | 14,688 | 11,935 | 30,152 | 0 | 5,942 | 2,466 | - | - | - |