Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

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Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:      
Net income $ 672,682 $ 615,518 $ 605,668
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 261,267 253,681 230,357
Noncash lease expense 11,963 11,066  
Loss on disposal of property and equipment 736 6,066 477
Deferred income taxes (41,011) 13,157 57,709
Share-based compensation 11,337 16,717 4,894
Changes in assets and liabilities:      
Customer and other receivables, net (49,045) 30,330 (34,666)
Prepaid expenses and other assets (1,722) (16,807) (12,003)
Accounts payable (1,743) (8,264) 4,789
Compensation, benefits and other accrued liabilities 72,928 3,263 47,552
Claims and insurance accruals (1,459) 5,297 8,142
Income taxes, net 8,750 32,612 (17,813)
Other liabilities (11,659) 21,252 5,010
Net cash provided by operating activities 933,024 983,888 900,116
Cash flows from investing activities:      
Purchase of property and equipment (225,081) (479,325) (588,292)
Proceeds from sale of property and equipment 3,690 5,686 6,983
Purchase of short-term investments (360,160)    
Proceeds from maturities of short-term investments 29,988    
Other investing activities, net (100)   918
Net cash used in investing activities (551,663) (473,639) (580,391)
Cash flows from financing activities:      
Proceeds from issuance of long-term debt 99,923    
Principal payments under debt agreements (45,000)   (50,000)
Dividends paid (71,023) (54,552) (42,566)
Payments for share repurchases (364,057) (240,960) (163,265)
Other financing activities, net (3,345) (1,448) (1,074)
Net cash used in financing activities (383,502) (296,960) (256,905)
(Decrease) increase in cash and cash equivalents (2,141) 213,289 62,820
Cash and cash equivalents at beginning of year 403,571 190,282 127,462
Cash and cash equivalents at end of year 401,430 403,571 190,282
Income taxes paid 266,506 157,290 170,035
Interest paid 5,686 3,857 4,525
Capitalized interest $ 2,473 $ 3,128 $ 3,237