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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash Flows from Operating Activities:    
Net income $ 241,510 $ 229,127
Adjustments to reconcile net income to net cash provided by operating activities:    
Loss from disposal of assets, impairments and other 7,778 1,649
Depreciation 242,307 222,691
Amortization of intangibles 47,642 40,290
Deferred income taxes, net of acquisitions 36,165 30,395
Current period provision for expected credit losses 2,470 3,730
Amortization of debt issuance costs 2,034 4,055
Share-based compensation 23,438 21,952
Interest accretion 12,737 11,279
Adjustments to contingent consideration (1,500) 0
Other (1,013) 902
Changes in operating assets and liabilities, net of effects from acquisitions:    
Net change in operating assets and liabilities, net of acquisitions (72,029) (75,761)
Net cash provided by operating activities 541,539 490,309
Cash Flows from Investing Activities:    
Payments for acquisitions, net of cash acquired (380,417) (1,156,422)
Capital expenditures for property and equipment (212,455) (169,951)
Proceeds from disposal of assets 969 1,085
Other (11,308) (9,291)
Net cash used in investing activities (603,211) (1,334,579)
Cash Flows from Financing Activities:    
Proceeds from long-term debt 782,904 2,353,022
Principal payments on notes payable and long-term debt (541,737) (1,350,932)
Payment of contingent consideration recorded at acquisition date (20,137) (11,295)
Change in book overdraft (110) (271)
Payments for cash dividends (81,477) (73,573)
Tax withholdings related to net share settlements of equity-based compensation (28,981) (30,850)
Debt issuance costs 0 (10,093)
Proceeds from issuance of shares under employee share purchase plan 2,593 2,183
Proceeds from sale of common shares held in trust 324 286
Net cash provided by (used in) financing activities 113,379 878,477
Effect of exchange rate changes on cash, cash equivalents and restricted cash (434) (577)
Net increase in cash, cash equivalents and restricted cash 51,273 33,630
Cash, cash equivalents and restricted cash at beginning of year 198,173 184,038
Cash, cash equivalents and restricted cash at end of year 249,446 217,668
In connection with its acquisitions, the Company assumed liabilities as follows:    
Payments for acquisitions, net of cash acquired (380,417) (1,156,422)
Liabilities assumed and notes payable issued to sellers of businesses acquired $ 109,394 $ 149,634