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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Operating activities:        
Net income $ 579,782 $ 918,475 $ 2,040,292 $ 3,240,481
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation and amortization 107,418 98,714 326,082 281,961
Equity-based compensation 12,044 12,093 39,800 39,681
Deferred income taxes 19,625 3,990 72,013 3,986
Other adjustments (12,163) (12,409) (20,628) (1,892)
Changes in certain assets and liabilities:        
Accounts receivable 260,915 326,731 173,022 (417,550)
Inventories 102,376 270,628 188,330 154,391
Other assets (13,423) (15,789) (10,504) (9,274)
Accounts payable (57,532) (264,313) (54,233) (152,763)
Income taxes receivable/payable (7,105) 8,269 96,656 146,822
Accrued expenses 121,762 149,766 (195,542) 31,132
Net cash provided by operating activities 1,113,699 1,496,155 2,655,288 3,316,975
Investing activities:        
Purchases of property, plant and equipment (558,361) (241,229) (1,142,960) (564,701)
Purchases of short-term investments (170,887) (283,188) (692,716) (634,698)
Proceeds from maturities of short-term investments 282,592 49,794 821,668 49,794
Business combinations, net of cash acquired   (47,638)   (47,638)
Investments in unconsolidated affiliates       (222,480)
Other investing activities (5,891) 4,113 (221,453) 9,340
Net cash used in investing activities (452,547) (518,148) (1,235,461) (1,410,383)
Financing activities:        
Issuance of current and long-term debt 345,563 348,286 1,066,605 1,050,933
Repayment of current and long-term debt (316,511) (363,060) (1,042,933) (1,127,051)
Dividends paid (70,713) (62,088) (201,834) (177,131)
Purchases of treasury stock (331,318) (481,676) (1,065,521) (1,387,890)
Other financing activities 1,953 (6,057) (39,075) (88,825)
Net cash used in financing activities (371,026) (564,595) (1,282,758) (1,729,964)
Increase in cash, cash equivalents, and restricted cash 290,126 413,412 137,069 176,628
Cash, cash equivalents, and restricted cash at beginning of period 1,480,862 1,012,585 1,633,919 1,249,369
Cash, cash equivalents, and restricted cash at end of period 1,770,988 1,425,997 1,770,988 1,425,997
Supplemental disclosure information:        
Cash paid for interest 9,848 9,214 61,225 59,496
Cash paid for income taxes, net $ 160,178 $ 276,948 $ 472,936 $ 867,350