XML 21 R7.htm IDEA: XBRL DOCUMENT v3.22.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash Flows from Operating Activities:      
Net income $ 511,643 $ 491,983 $ 451,959
Adjustments to reconcile net income to net cash provided by operating activities —      
Depreciation 290,647 255,529 225,256
Amortization of intangible assets 353,973 165,366 76,704
Asset impairment charges 14,457 5,743 8,282
Equity in (earnings) losses of unconsolidated affiliates, net of distributions (19,238) (28,682) (1,309)
Unrealized loss from mark-to-market adjustment on investment 91,500 0 0
Gains on sales of investments (32,572) 0 0
Impairment of non-marketable equity security 0 0 9,311
Amortization of discounts and deferred financing costs 12,712 8,405 5,126
Gain on sale of property and equipment (14,803) (9,116) (3,056)
Increase in provision for credit losses 350 34,890 3,656
Deferred income tax expense (benefit) 42,053 26,071 (60,016)
Non-cash stock-based compensation 105,600 88,259 91,641
Foreign currency gain (654) (5,110) (5,159)
Change in fair value of contingent consideration liabilities 4,422 6,734 719
Payments for contingent consideration liabilities recorded in earnings (63) 0 (14,506)
Changes in assets and liabilities, net of non-cash transactions (229,715) (457,682) 327,369
Net cash provided by operating activities 1,130,312 582,390 1,115,977
Cash Flows from Investing Activities:      
Capital expenditures (427,630) (385,852) (260,052)
Proceeds from sale of property and equipment 62,058 49,186 35,390
Proceeds from insurance settlements related to property and equipment 2,065 535 542
Cash paid for acquisitions, net of cash, cash equivalents and restricted cash acquired (195,087) (2,451,703) (292,573)
Proceeds from disposition of businesses 0 0 18,785
Investments in unconsolidated affiliates and other (78,084) (139,021) (14,856)
Proceeds from the sale or settlement of certain investments 20,639 29,109 13,963
Cash paid for intangible assets (1,152) (867) (522)
Net cash used in investing activities (617,191) (2,898,613) (499,323)
Cash Flows from Financing Activities:      
Borrowings under credit facility and commercial paper program 9,300,142 5,316,002 2,983,529
Payments under credit facility and commercial paper program (9,323,507) (4,265,478) (4,187,645)
Proceeds from notes offerings 0 1,487,450 990,130
Payments on other long-term debt (8,954) (3,635) (2,970)
Net (repayments) borrowings of short-term debt (15,657) 11,391 (4,846)
Payments of financing costs (452) (12,568) (11,089)
Payments for contingent consideration liabilities recorded at acquisition date (1,514) (263) (61,483)
Distributions to non-controlling interests, net of contributions received (9,719) (6,357) (5,404)
Payments related to tax withholding for stock-based compensation (82,590) (64,956) (25,447)
Payments of dividends (41,058) (34,022) (28,891)
Repurchase of common stock (127,762) (66,687) (247,249)
Net cash (used in) provided by financing activities (311,071) 2,360,877 (601,365)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash (723) 425 1,774
Net increase in cash, cash equivalents and restricted cash 201,327 45,079 17,063
Cash, cash equivalents and restricted cash, beginning of year 231,887 186,808 169,745
Cash, cash equivalents and restricted cash, end of year $ 433,214 $ 231,887 $ 186,808