CONSOLIDATED STATEMENTS OF CASH FLOWS
| (In thousands) For the years ended December 31, | 2008 | 2007 | 2006 | ||||||
|---|---|---|---|---|---|---|---|---|---|
| OPERATING ACTIVITIES Net income |
$ | 359,177 | $ | 324,261 | $ | 266,925 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization |
31,164 | 27,366 | 23,932 | ||||||
| Provision for doubtful accounts | 14,329 | 6,745 | 7,084 | ||||||
| Stock-based compensation | 20,804 | 38,002 | 47,292 | ||||||
| Deferred income taxes | 2,951 | (8,915 | ) | (8,882 | ) | ||||
| Loss on sale/disposal of assets | 255 | 309 | 80 | ||||||
| Changes in operating elements, net of effects of acquisitions: Receivables |
100,171 | (153,232 | ) | (55,489 | ) | ||||
| Prepaid expenses and other | 203 | (5,206 | ) | (1,303 | ) | ||||
| Accounts payable and outstanding checks | (70,903 | ) | 70,456 | 57,590 | |||||
| Accrued compensation and profit-sharing contribution | (6,794 | ) | 5,506 | 5,044 | |||||
| Accrued income taxes and other | (3,778 | ) | 3,138 | 1,104 | |||||
| Net cash provided by operating activities | 447,579 | 308,430 | 343,377 | ||||||
| INVESTING ACTIVITIES Purchases of property and equipment |
(23,748 | ) | (43,713 | ) | (43,243 | ) | |||
| Sales of property and equipment | — | — | 1,700 | ||||||
| Cash paid for acquisitions, net of cash acquired | (59,661 | ) | (22,220 | ) | (39,724 | ) | |||
| Purchases of available-for-sale securities | (136,954 | ) | (204,020 | ) | (119,864 | ) | |||
| Sales/maturities of available-for-sale securities | 251,074 | 214,299 | 118,838 | ||||||
| Other | 769 | (68 | ) | 1,056 | |||||
| Net cash provided by (used for) investing activities | 31,480 | (55,722 | ) | (81,237 | ) | ||||
| FINANCING ACTIVITIES Proceeds from stock issued for employee benefit plans |
23,327 | 13,740 | 18,184 | ||||||
| Repayments of acquired line of credit | (9,383 | ) | — | — | |||||
| Repurchase of common stock | (200,846 | ) | (167,323 | ) | (85,270 | ) | |||
| Cash dividends | (151,195 | ) | (125,183 | ) | (90,837 | ) | |||
| Excess tax benefit on stock-based compensation | 12,057 | 16,668 | 12,078 | ||||||
| Proceeds from short-term borrowings | 8,888 | 23,559 | 25,984 | ||||||
| Payments on short-term borrowings | (8,888 | ) | (23,559 | ) | (25,984 | ) | |||
| Net cash used for financing activities | (326,040 | ) | (262,098 | ) | (145,845 | ) | |||
| Effect of exchange rates on cash | 2,839 | (317 | ) | 1,669 | |||||
Net increase (decrease) in cash and cash equivalents |
155,858 | (9,707 | ) | 117,964 | |||||
| Cash and cash equivalents, beginning of year | 338,885 | 348,592 | 230,628 | ||||||
| Cash and cash equivalents, end of year | $ | 494,743 | $ | 338,885 | $ | 348,592 | |||
Cash paid for income taxes |
$ | 202,246 | $ | 190,517 | $ | 163,103 | |||
| Cash paid for interest | $ | 426 | $ | 172 | $ | 180 | |||
See accompanying notes to the consolidated financial statements.
