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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net income $ 812,574 $ 636,197
Adjustments to reconcile net income to net cash provided by operating activities:    
Loss (gain) from disposal of assets, impairments and other 934 37,470
Depreciation 712,392 632,347
Amortization of intangibles 129,584 117,740
Deferred income taxes, net of acquisitions 81,270 29,060
Current period provision for expected credit losses 12,681 13,363
Amortization of debt issuance costs 7,974 4,862
Share-based compensation 61,229 56,110
Interest accretion 27,733 14,827
Payment of contingent consideration recorded in earnings (35,035) 0
Adjustments to contingent consideration 0 30,367
Other (1,505) (3,535)
Changes in operating assets and liabilities, net of effects from acquisitions:    
Net change in operating assets and liabilities, net of acquisitions (149,833) 2,068
Net cash provided by operating activities 1,659,998 1,570,876
Cash flows from investing activities:    
Payments for acquisitions, net of cash acquired (2,010,274) (573,185)
Capital expenditures for property and equipment (659,302) (615,554)
Proceeds from disposal of assets 5,633 8,678
Proceeds from sale of investment in noncontrolling interests 37,000 0
Other (18,867) (5,552)
Net cash used in investing activities (2,645,810) (1,185,613)
Cash flows from financing activities:    
Proceeds from long-term debt 4,092,166 1,242,554
Principal payments on notes payable and long-term debt (2,759,676) (1,383,415)
Payment of contingent consideration recorded at acquisition date (26,625) (4,255)
Change in book overdraft (287) 137
Payments for cash dividends (221,253) (196,815)
Tax withholdings related to net share settlements of equity-based compensation (32,203) (29,415)
Debt issuance costs (13,449) 0
Proceeds from issuance of shares under employee share purchase plan 4,486 3,908
Proceeds from sale of common shares held in trust 1,198 765
Other (4,000) 0
Net cash provided by (used in) financing activities 1,040,357 (366,536)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (75) (1,060)
Net increase in cash, cash equivalents and restricted cash 54,470 17,667
Cash, cash equivalents and restricted cash at beginning of period 184,038 181,364
Cash, cash equivalents and restricted cash at end of period 238,508 199,031
In connection with its acquisitions, the Company assumed liabilities as follows:    
Payments for acquisitions, net of cash acquired (2,010,274) (573,185)
Liabilities assumed and notes payable issued to sellers of businesses acquired $ 222,682 $ 127,073