XML 21 R8.htm IDEA: XBRL DOCUMENT v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income $ 409,135 $ 639,716 $ 782,217
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 620,633 658,895 687,270
Deferred income taxes 97,282 (6,838) (502,784)
Stock-based compensation expense 91,927 59,029 64,515
Amortization of debt issuance costs 39,957 39,428 39,532
Loss on debt financing transactions 1,701 2,913 12,683
Provision for credit losses 12,824 4,986 (3,964)
Change in derivatives fair value 43,289 (42,478) (45,098)
Impairment of goodwill and intangible assets 0 0 94,490
Property charges and other 74,683 106,332 117,176
Increase (decrease) in cash from changes in:      
Receivables, net (89,980) 13,478 (123,747)
Inventories, prepaid expenses and other (10,724) 26,632 (6,025)
Customer deposits 58,644 (36,967) 37,951
Accounts payable and accrued expenses 3,282 (38,923) 93,663
Net cash provided by operating activities 1,352,653 1,426,203 1,247,879
Cash flows from investing activities:      
Capital expenditures, net of construction payables and retention (660,433) (419,929) (442,793)
Investments in unconsolidated affiliates (328,928) (563,418) (53,631)
Purchase of investments (668,890) 0 (836,519)
Proceeds from maturity of investments 0 850,000 0
Purchase of intangible and other assets (457) (2,615) (10,752)
Proceeds from sale of assets and other 1,547 52,404 1,162
Net cash used in investing activities (1,657,161) (83,558) (1,342,533)
Cash flows from financing activities:      
Proceeds from issuance of long-term debt 1,752,812 1,883,794 1,200,000
Repayments of long-term debt (1,763,125) (3,059,832) (1,533,124)
Repurchase of common stock (380,109) (401,802) (212,455)
Proceeds from exercise of stock options 457 1,017 1,965
Distribution to noncontrolling interest (25,672) (16,988) (22,579)
Dividends paid (174,662) (139,564) (84,733)
Finance lease payments (25,804) (19,219) (19,267)
Payments for financing costs (28,055) (36,714) (41,240)
Other (9,142) (4,486) (7,773)
Net cash used in financing activities (653,300) (1,793,794) (719,206)
Effect of exchange rate on cash, cash equivalents and restricted cash (3,890) 3,530 282
Cash, cash equivalents and restricted cash:      
Decrease in cash, cash equivalents and restricted cash (961,698) (447,619) (813,578)
Balance, beginning of period 2,521,793 2,969,412 3,782,990
Balance, end of period $ 1,560,095 $ 2,521,793 $ 2,969,412