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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 (Loss) $ 59,134 $ 77,981
Adjustments to reconcile net income (loss) to cash flows from operating activities:    
Depreciation 532,468 466,905
Amortization (includes amortization of deferred financing costs and discounts of $24,419 and $18,909 for the nine months ended September 30, 2025 and 2024, respectively) 238,874 218,300
Revenue reduction associated with amortization of customer inducements and above- and below-market leases 4,468 4,117
Stock-based compensation expense 118,595 73,491
(Benefit) provision for deferred income taxes (9,767) (9,012)
Loss on early extinguishment of debt 0 5,417
Loss (gain) on disposal/write-down of property, plant and equipment, net 7,975 8,270
Foreign currency transactions and other, net 47,117 100,436
(Increase) decrease in assets (155,859) (45,677)
(Decrease) increase in liabilities (3,004) (135,100)
Cash Flows from Operating Activities 840,001 765,128
Cash Flows from Investing Activities:    
Capital expenditures (1,755,383) (1,173,968)
Cash paid for acquisitions, net of cash acquired (101,625) (174,445)
Acquisition of customer intangibles (21,204) (5,820)
Contract costs (59,607) (84,112)
Investments in joint ventures and other investments, net (43,309) (9,834)
Proceeds from sales of property and equipment and other, net 12,869 6,350
Cash Flows from Investing Activities (1,968,259) (1,441,829)
Cash Flows from Financing Activities:    
Repayment of revolving credit facility, term loan facilities and other debt (12,747,897) (8,974,574)
Proceeds from revolving credit facility, term loan facilities and other debt 13,546,589 10,247,884
Net proceeds from sale of senior note 1,390,651 0
Equity contributions from noncontrolling interests 0 178,616
Equity distributions to noncontrolling interests (6,481) (1,945)
Repurchase of noncontrolling interest 0 (35,203)
Parent cash dividends (687,204) (579,494)
Payment of deferred purchase obligations and other deferred payments (240,217) (158,677)
Net (payments) proceeds associated with employee stock-based awards (46,415) (18,781)
Other, net (7,831) (18,625)
Cash Flows from Financing Activities 1,201,195 639,201
Effect of Exchange Rates on Cash and Cash Equivalents (33,443) (16,774)
Increase (Decrease) in Cash and Cash Equivalents 39,494 (54,274)
Cash and Cash Equivalents, Beginning of Period 155,716 222,789
Cash and Cash Equivalents, End of Period 195,210 168,515
Supplemental Information:    
Cash Paid for Interest 711,517 644,301
Cash Paid for Income Taxes, Net 89,828 68,135
Non-Cash Investing and Financing Activities:    
Financing Leases and Other 193,047 129,109
Accrued Capital Expenditures 247,224 241,240
Deferred Purchase Obligations and Other Deferred Payments 28,137 260,813
Dividends Payable $ 244,198 $ 220,996