| Schedule of impact of revision on the Company's previously reported consolidated financial statements |
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At December 31, 2021 |
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As reported |
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Adjustment |
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As revised |
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CONSOLIDATED STATEMENTS OF FINANCIAL POSITION |
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Goodwill |
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$ |
721,819 |
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$ |
64,685 |
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$ |
786,504 |
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Customer contracts, net |
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325,929 |
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(24,015) |
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301,914 |
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Total assets |
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1,980,870 |
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40,670 |
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2,021,540 |
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Other long-term accrued liabilities |
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67,345 |
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11,501 |
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78,846 |
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Total liabilities |
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898,822 |
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11,501 |
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910,323 |
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Retained earnings |
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500,919 |
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29,169 |
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530,088 |
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Total stockholders' equity |
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1,082,048 |
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29,169 |
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1,111,217 |
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Total liabilities and stockholders' equity |
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1,980,870 |
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40,670 |
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2,021,540 |
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For the year ended December 31, 2021 |
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For the year ended December 31, 2020 |
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As reported |
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Adjustment |
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As revised |
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As reported |
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Adjustment |
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As revised |
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CONSOLIDATED STATEMENTS OF INCOME |
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COSTS AND EXPENSES |
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Sales, general and administrative |
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$ |
727,489 |
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$ |
— |
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$ |
727,489 |
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$ |
656,207 |
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$ |
1,002 |
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$ |
657,209 |
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Depreciation and amortization |
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94,205 |
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(7,647) |
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86,558 |
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88,329 |
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(8,998) |
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79,331 |
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Total operating expenses |
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1,984,311 |
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(7,647) |
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1,976,664 |
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1,793,128 |
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(7,996) |
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1,785,132 |
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Operating income |
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439,989 |
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7,647 |
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447,636 |
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368,092 |
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7,996 |
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376,088 |
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Consolidated income before income taxes |
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474,838 |
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7,647 |
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482,485 |
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354,720 |
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7,996 |
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362,716 |
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Provision for income taxes |
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124,151 |
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1,769 |
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125,920 |
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93,896 |
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2,064 |
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95,960 |
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Net income |
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350,687 |
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5,878 |
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356,565 |
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260,824 |
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5,932 |
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266,756 |
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Net income per share - basic and diluted |
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0.71 |
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0.01 |
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0.72 |
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0.53 |
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0.01 |
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0.54 |
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |
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Net income |
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$ |
350,687 |
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$ |
5,878 |
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$ |
356,565 |
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$ |
260,824 |
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$ |
5,932 |
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$ |
266,756 |
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Comprehensive income |
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345,173 |
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5,878 |
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351,051 |
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271,036 |
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5,932 |
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276,968 |
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Retained Earnings |
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Total |
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As reported |
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Adjustment |
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As revised |
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As reported |
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Adjustment |
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As revised |
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CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY |
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Balance at December 31, 2019 |
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$ |
256,300 |
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$ |
17,359 |
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$ |
273,659 |
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$ |
815,750 |
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$ |
17,359 |
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$ |
833,109 |
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Net income |
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260,824 |
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5,932 |
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266,756 |
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260,824 |
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5,932 |
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266,756 |
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Balance at December 31, 2020 |
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358,888 |
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23,291 |
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382,179 |
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941,360 |
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23,291 |
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964,651 |
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Net income |
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350,687 |
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5,878 |
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356,565 |
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350,687 |
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5,878 |
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356,565 |
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Balance at December 31, 2021 |
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500,919 |
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29,169 |
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530,088 |
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1,082,048 |
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29,169 |
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1,111,217 |
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For the year ended December 31, 2021 |
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For the year ended December 31, 2020 |
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As reported |
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Adjustment |
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As revised |
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As reported |
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Adjustment |
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As revised |
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CONSOLIDATED STATEMENTS OF CASH FLOWS |
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OPERATING ACTIVITIES |
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Net income |
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$ |
350,687 |
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$ |
5,878 |
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$ |
356,565 |
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$ |
260,824 |
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$ |
5,932 |
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$ |
266,756 |
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Adjustments to reconcile net income to net cash provided by operating activities: |
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Depreciation and amortization |
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94,205 |
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(7,647) |
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86,558 |
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88,329 |
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(8,998) |
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79,331 |
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Provision for deferred income taxes |
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1,652 |
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1,769 |
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3,421 |
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(1,215) |
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2,064 |
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|
849 |
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Changes in operating assets and liabilities |
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Other long-term assets and liabilities |
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(7,138) |
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— |
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(7,138) |
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18,217 |
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1,002 |
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19,219 |
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Net cash provided by operating activities |
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401,805 |
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— |
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401,805 |
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435,785 |
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— |
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435,785 |
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| Basic and diluted earnings per share |
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Year Ended December 31, |
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2022 |
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2021 |
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2020 |
Net income available to stockholders |
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$ |
368,599 |
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$ |
356,565 |
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$ |
266,756 |
Less dividends paid: |
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Common stock |
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(210,509) |
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(207,482) |
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(159,524) |
Time-lapse restricted awards |
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(1,109) |
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(1,174) |
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(963) |
Undistributed earnings for the period |
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$ |
156,981 |
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$ |
147,909 |
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$ |
106,269 |
Allocation of undistributed earnings: |
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Common stock |
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156,123 |
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147,069 |
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99,676 |
Time-lapse restricted awards |
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823 |
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840 |
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661 |
Restricted stock units |
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36 |
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— |
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— |
Weighted-average shares outstanding: |
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Weighted-average outstanding common shares |
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489,719 |
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489,259 |
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488,364 |
Add participating securities: |
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Weighted-average time-lapse restricted awards |
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2,581 |
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2,795 |
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3,240 |
Total weighted-average shares outstanding - basic |
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492,300 |
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492,054 |
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491,604 |
Dilutive effect of restricted stock units |
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113 |
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— |
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— |
Total weighted-average shares outstanding - diluted |
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492,413 |
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492,054 |
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491,604 |
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Basic earnings per share: |
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Common stock: |
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Distributed earnings |
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$ |
0.43 |
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$ |
0.42 |
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$ |
0.33 |
Undistributed earnings |
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0.32 |
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0.30 |
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0.21 |
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$ |
0.75 |
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$ |
0.72 |
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$ |
0.54 |
Time-lapse restricted awards: |
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Distributed earnings |
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$ |
0.43 |
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$ |
0.42 |
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$ |
0.30 |
Undistributed earnings |
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0.32 |
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0.30 |
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0.20 |
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$ |
0.75 |
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$ |
0.72 |
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$ |
0.50 |
Diluted earnings per share: |
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Common stock: |
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Distributed earnings |
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$ |
0.43 |
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$ |
0.42 |
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$ |
0.33 |
Undistributed earnings |
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0.32 |
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|
0.30 |
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|
0.21 |
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$ |
0.75 |
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$ |
0.72 |
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$ |
0.54 |
Time-lapse restricted awards: |
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Distributed earnings |
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$ |
0.43 |
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$ |
0.42 |
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$ |
0.30 |
Undistributed earnings |
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0.32 |
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0.30 |
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0.20 |
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$ |
0.75 |
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$ |
0.72 |
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$ |
0.50 |
Restricted stock units: |
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Distributed earnings |
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$ |
— |
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$ |
— |
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$ |
— |
Undistributed earnings |
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0.32 |
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— |
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— |
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$ |
0.32 |
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$ |
— |
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$ |
— |
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