XML 19 R6.htm IDEA: XBRL DOCUMENT v3.25.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash Flows from Operating Activities:    
Net income $ 725,331 $ 616,996
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 300,714 262,525
Amortization of intangible assets 355,935 267,147
Equity in earnings of unconsolidated affiliates, net of distributions (6,673) 6,002
Deferred income tax expense (benefit) 73,433 (1,847)
Non-cash stock-based compensation 129,121 110,815
Other non-cash adjustments, net 24,822 (2,430)
Changes in assets and liabilities, net of non-cash transactions:    
Accounts, notes and retainage receivable (780,448) (399,501)
Contract assets (321,659) 154,425
Inventories (70,821) (50,732)
Prepaid expenses and other current assets (135,670) 3,091
Accounts payable and accrued expenses, insurance and other non-current liabilities 701,740 331,260
Contract liabilities 124,823 77,205
Other assets and liabilities, net (18,243) (5,775)
Net cash provided by operating activities 1,102,405 1,369,181
Cash Flows from Investing Activities:    
Capital expenditures (415,560) (457,093)
Proceeds from sale of and insurance settlements related to property and equipment 39,439 67,230
Cash paid for acquisitions, net of cash, cash equivalents and restricted cash acquired (1,783,250) (1,724,440)
Investments in unconsolidated affiliates and other (149,201) (72,609)
Proceeds from the sale or settlement of certain investments 17,012 29,239
Other, net 5,874 30,525
Net cash used in investing activities (2,285,686) (2,127,148)
Cash Flows from Financing Activities:    
Borrowings under credit facility and commercial paper program 36,838,696 11,905,853
Payments under credit facility and commercial paper program (36,889,918) (12,696,895)
Net proceeds from notes offering 1,488,995 1,238,741
Payments of contingent consideration liabilities recorded at acquisition date (102,558) 0
Payments related to tax withholding for stock-based compensation (97,610) (140,625)
Payments of dividends (45,387) (40,769)
Repurchase of common stock (134,555) 0
Other, net (26,254) (38,878)
Net cash provided by (used in) financing activities 1,031,409 227,427
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash 19,538 4,267
Net decrease in cash, cash equivalents and restricted cash (132,334) (526,273)
Cash, cash equivalents and restricted cash, beginning of period 746,010 1,295,041
Cash, cash equivalents and restricted cash, end of period $ 613,676 $ 768,768