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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Operating activities:        
Net income $ 320,894 $ 579,782 $ 1,340,084 $ 2,040,292
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation and amortization 121,052 107,418 353,357 326,082
Equity-based compensation 12,828 12,044 41,453 39,800
Deferred income taxes 14,832 19,625 (1,615) 72,013
Other adjustments (10,523) (12,163) 1,779 (20,628)
Changes in certain assets and liabilities:        
Accounts receivable 210,435 260,915 43,350 173,022
Inventories 28,169 102,376 (151,501) 188,330
Other assets (11,851) (13,423) (22,054) (10,504)
Accounts payable (13,852) (57,532) (11,604) (54,233)
Income taxes receivable/payable (12,971) (7,105) 7,017 96,656
Accrued expenses 100,840 121,762 (102,635) (195,542)
Net cash provided by operating activities 759,853 1,113,699 1,497,631 2,655,288
Investing activities:        
Purchases of property, plant and equipment (621,355) (558,361) (1,414,831) (1,142,960)
Purchases of short-term investments (430,826) (170,887) (699,879) (692,716)
Proceeds from maturities of short-term investments 204,543 282,592 775,851 821,668
Other investing activities (4,357) (5,891) (15,656) (221,453)
Net cash used in investing activities (851,995) (452,547) (1,354,515) (1,235,461)
Financing activities:        
Issuance of current and long-term debt 1,185,657 345,563 2,145,538 1,066,605
Repayment of current and long-term debt (527,977) (316,511) (1,531,969) (1,042,933)
Dividends paid (71,584) (70,713) (212,216) (201,834)
Purchases of treasury stock (309,901) (331,318) (917,024) (1,065,521)
Other financing activities 1,177 1,953 (13,153) (39,075)
Net cash provided by (used in) financing activities 277,372 (371,026) (528,824) (1,282,758)
Increase (decrease) in cash, cash equivalents, and restricted cash 185,230 290,126 (385,708) 137,069
Cash, cash equivalents, and restricted cash at beginning of period 835,526 1,480,862 1,406,464 1,633,919
Cash, cash equivalents, and restricted cash at end of period 1,020,756 1,770,988 1,020,756 1,770,988
Supplemental disclosure information:        
Cash paid for interest 9,102 9,848 59,466 61,225
Cash paid for income taxes, net $ 81,742 $ 160,178 $ 383,455 $ 472,936