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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 - operating activities:      
Net income including noncontrolling interests $ 1,007,145 $ 633,329 $ 406,122
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 56,678 51,822 47,296
Amortization of identifiable intangible assets 77,002 67,143 61,315
Provision for credit losses 17,303 7,859 5,166
Deferred income taxes (29,115) (16,651) 10,483
Gain on sale or disposal of property, plant, and equipment (1,012) (2,057) (6,393)
Excess tax benefits from share-based compensation (3,978) (1,719) (1,654)
Equity income from unconsolidated entities (98) (1,660) (391)
Non-cash expense for amortization of debt issuance costs 822 960 960
Non-cash expense from contingent consideration arrangements 8,892 2,287 1,610
Non-cash expense for impairment of long-lived assets 0 2,350 0
Non-cash share-based compensation expense 19,978 13,739 12,125
Distributions from unconsolidated entities 1,554 400 400
Changes in operating assets and liabilities, excluding the effect of businesses acquired:      
Increase in accounts receivable (311,504) (626,494) (340,091)
Decrease (increase) in inventories 17,982 (23,442) (31,541)
(Increase) decrease in contract assets (13,318) 5,733 (44,725)
(Decrease) increase in accounts payable (15,362) 82,192 111,488
Increase in contract liabilities 426,628 489,728 299,897
Increase (decrease) in accrued payroll and benefits and other accrued expenses and liabilities 148,490 189,268 (30,025)
Changes in other assets and liabilities, net (193) 24,868 (4,109)
Net cash provided by operating activities 1,407,894 899,655 497,933
Cash flows - investing activities:      
Payments for acquisitions of businesses, net of cash acquired (228,173) (96,491) (98,656)
Proceeds from sale or disposal of property, plant, and equipment 3,839 13,604 7,145
Purchases of property, plant, and equipment (74,950) (78,404) (49,289)
Net cash used in investing activities (299,284) (161,291) (140,800)
Cash flows - financing activities:      
Proceeds from revolving credit facility 0 200,000 270,000
Repayments of revolving credit facility 0 (200,000) (270,000)
Repayments of long-term debt and debt issuance costs 0 (246,171) (13,875)
Repayments of finance lease liabilities (2,855) (2,776) (3,551)
Dividends paid to stockholders (43,384) (32,684) (27,187)
Repurchases of common stock (489,820) (127,713) (660,609)
Taxes paid related to net share settlements of equity awards (15,397) (6,060) (7,539)
Issuances of common stock under employee stock purchase plan 943 9,189 8,177
Payments for contingent consideration arrangements (4,852) (5,839) (5,534)
Net cash used in financing activities (555,365) (412,054) (710,118)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (2,600) 6,372 (12,515)
Increase (decrease) in cash, cash equivalents, and restricted cash 550,645 332,682 (365,500)
Cash, cash equivalents, and restricted cash at beginning of year (1) [1] 789,750 457,068 822,568
Cash, cash equivalents, and restricted cash at end of period (1) [1] $ 1,340,395 $ 789,750 $ 457,068
[1] Includes $0.8 million, $0.6 million, and $1.2 million of restricted cash classified as “Prepaid expenses and other” in the Consolidated Balance Sheets as of December 31, 2024, 2022, and 2021, respectively.