XML 55 R7.htm IDEA: XBRL DOCUMENT v3.22.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating activities      
Net income $ 338 $ 272 $ 212
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 82 67 57
Stock based compensation 50 43 41
Amortization of ROU asset, lease modification and impairment 12 15 16
Accretion of discount rate on lease liabilities 2 2 0
Amortization of (premium) discount on investments 3 1 (1)
Deferred income taxes (9) (42) (7)
Changes in operating assets and liabilities:      
Accounts receivable, net 3 (7) 5
Unbilled revenue, net (78) 39 19
Prepaid expenses, net (5) (12) (5)
Accounts payable and other current liabilities 33 19 (15)
Client deposits and other client liabilities (37) 87 (12)
Accrued wages 60 (82) 40
Accrued health insurance costs, net 2 5 32
Accrued workers' compensation costs, net (7) (9) (20)
Payroll taxes payable and other payroll withholdings (166) 194 172
Operating lease liabilities (13) (19) (17)
Other assets (50) (38) (34)
Other liabilities (2) 11 (12)
Net cash provided by operating activities 218 546 471
Investing activities      
Purchases of marketable securities (444) (327) (302)
Proceeds from sale and maturity of marketable securities 349 224 159
Acquisitions of property and equipment (40) (36) (45)
Other 0 (12) 0
Net cash used in investing activities (135) (151) (188)
Financing activities      
Repurchase of common stock (94) (178) (140)
Proceeds from issuance of common stock 11 10 11
Awards effectively repurchased for required employee withholding taxes (26) (18) (25)
Proceeds from issuance of 2029 Notes 500 0 0
Repayment of borrowings (370) (22) (22)
Payment of debt issuance costs (7) 0 0
Payment of long-term financing costs (2) 0 0
Draw down from revolving credit facility 0 234 0
Repayment of borrowings under revolving credit facility 0 (234) 0
Net cash provided by (used in) financing activities 12 (208) (176)
Net increase in cash and cash equivalents, unrestricted and restricted 95 187 107
Beginning of period 1,643 1,456 1,349
End of period 1,738 1,643 1,456
Supplemental disclosures of cash flow information      
Interest paid 12 16 19
Income taxes paid, net $ 129 $ 123 $ 62