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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash Flows from Operating Activities:      
Net income $ 927,283 $ 750,689 $ 511,643
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 359,363 324,786 290,647
Amortization of intangible assets 382,959 289,014 353,973
Distributions, net of equity in earnings of unconsolidated affiliates 2,247 24,209 (19,238)
Loss from mark-to-market adjustment on investment 0 0 91,500
Deferred income tax (benefit) expense (8,325) 3,816 42,053
Non-cash stock-based compensation 150,526 126,762 105,600
Other non-cash adjustments, net 20,977 (5,941) (16,151)
Changes in assets and liabilities, net of non-cash transactions:      
Accounts and notes receivable (428,127) (615,668) (349,485)
Contract assets 255,744 (303,064) (311,175)
Prepaid expenses and other current assets 40,356 (90,329) (15,615)
Inventories (39,517) 2,818 (19,333)
Accounts payable and accrued expenses and other non-current liabilities 52,421 771,854 144,219
Contract liabilities 373,622 293,106 336,113
Other assets and liabilities, net (8,333) 3,900 (14,439)
Net cash provided by operating activities 2,081,196 1,575,952 1,130,312
Cash Flows from Investing Activities:      
Capital expenditures (604,078) (434,803) (427,630)
Proceeds from sale of and insurance settlements related to property and equipment 77,643 69,347 64,123
Cash paid for acquisitions, net of cash, cash equivalents and restricted cash acquired (1,745,735) (651,623) (195,087)
Investments in unconsolidated affiliates and other (81,871) (7,537) (78,084)
Proceeds from the sale or settlement of certain investments 29,239 42,277 20,639
Other, net 30,483 (7,311) (1,152)
Net cash used in investing activities (2,294,319) (989,650) (617,191)
Cash Flows from Financing Activities:      
Borrowings under credit facility and commercial paper program 19,884,184 18,178,910 9,300,142
Payments under credit facility and commercial paper program (20,714,993) (17,770,246) (9,323,507)
Net proceeds from notes offering 1,238,741 0 0
Payments related to senior notes (500,000) 0 0
Payments related to tax withholding for stock-based compensation (155,550) (119,793) (82,590)
Payments of dividends (54,196) (47,752) (41,058)
Repurchase of common stock 0 (350) (127,762)
Other, net (3,822) 27,731 (36,296)
Net cash (used in) provided by financing activities (305,636) 268,500 (311,071)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash (30,272) 7,025 (723)
Net (decrease) increase in cash, cash equivalents and restricted cash (549,031) 861,827 201,327
Cash, cash equivalents and restricted cash, beginning of year 1,295,041 433,214 231,887
Cash, cash equivalents and restricted cash, end of year $ 746,010 $ 1,295,041 $ 433,214