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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities    
Net income $ 138,096 $ 826,692
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 739,136 621,868
Amortization of debt discounts and issuance costs 20,250 20,396
Loss on retirement of long-term debt 0 2,013
Provision for credit losses 39,364 49,693
Stock-based compensation 59,384 51,720
Foreign currency transaction loss 285,452 28,303
Property transactions, net 117,368 59,124
Goodwill impairment 256,133 0
Noncash lease expense 382,965 386,412
Other investment gains (35,275) (11,134)
(Income) loss from unconsolidated affiliates (40,755) 49,276
Distributions from unconsolidated affiliates 8,245 12,390
Deferred income taxes (2,850) (68,942)
Change in operating assets and liabilities:    
Accounts receivable 127,552 (40,244)
Inventories 13,410 (3,029)
Income taxes receivable and payable, net 87,491 (69,203)
Prepaid expenses and other (82,177) (33,577)
Accounts payable and accrued liabilities (204,858) (232,629)
Other (34,548) 41,811
Net cash provided by operating activities 1,874,383 1,690,940
Cash flows from investing activities    
Capital expenditures (772,472) (746,572)
Dispositions of property and equipment 613 3,472
Investments in unconsolidated affiliates (208,343) (182,078)
Acquisitions, net of cash acquired 0 (113,882)
Distributions from unconsolidated affiliates 70,756 1,762
Investments and other (30,763) 158,060
Net cash used in investing activities (940,209) (879,238)
Cash flows from financing activities    
Net borrowings (repayments) under bank credit facilities - maturities of 90 days or less 289,543 (19,061)
Issuance of long-term debt 0 2,100,000
Repayment of long-term debt (500,000) (1,500,000)
Debt issuance costs (40,839) (38,268)
Distributions to noncontrolling interest owners (158,747) (103,569)
Repurchases of common stock (717,175) (1,238,064)
Other (105,182) 25,163
Net cash used in financing activities (1,232,400) (773,799)
Effect of exchange rate on cash, cash equivalents, and restricted cash 16,088 (14,736)
Cash, cash equivalents, and restricted cash    
Net change for the period (282,138) 23,167
Balance, beginning of period 2,503,064 3,014,896
Balance, end of period 2,220,926 3,038,063
Supplemental cash flow disclosures    
Interest paid, net of amounts capitalized 269,489 262,023
Federal, state, and foreign income taxes paid (refunds received), net $ (34,389) $ 225,280