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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Cash Flows from Operating Activities:        
Net income $ 156,316 $ 175,398 $ 337,504 $ 385,688
Adjustments to reconcile net income to net cash provided by operating activities—        
Depreciation 73,507 61,616 218,420 186,480
Amortization of intangible assets 67,147 22,772 290,843 65,418
Asset impairment charges 0 0 2,800 2,319
Change in fair value of contingent consideration liabilities (1,924) (787) 4,054 (1,360)
Equity in (earnings) losses of unconsolidated affiliates, net of distributions (12,949) (10,758) (28,732) (24,734)
Amortization of discounts and deferred financing costs 2,026 3,919 4,944 5,609
Gain on sale of property and equipment (4,862) (1,077) (8,318) (10,931)
Gain on sale of investments 0 0 (6,696) 0
Unrealized loss from mark-to-market adjustment on investment 26,462 0 76,509 0
Increase in provision for credit losses 2,343 249 2,048 24,169
Deferred income tax expense (benefit) 39,215 (2,502) 39,610 14,245
Non-cash stock-based compensation 26,648 21,642 77,730 64,252
Foreign currency (gain) loss (1,872) (4,901) 888 (6,531)
Payments for contingent consideration liabilities 0 0 (63) 0
Changes in operating assets and liabilities, net of non-cash transactions (28,695) (247,695) (464,358) (372,187)
Net cash provided by operating activities 343,362 17,876 547,183 332,437
Cash Flows from Investing Activities:        
Capital expenditures (105,958) (74,612) (337,469) (232,996)
Proceeds from sale of property and equipment 18,217 16,431 42,621 35,101
Proceeds from insurance settlements related to property and equipment 0 255 982 535
Cash paid for acquisitions, net of cash, cash equivalents and restricted cash acquired (172,957) (33,261) (177,766) (101,373)
Investments in unconsolidated affiliates and other (3,969) (5,154) (20,622) (119,478)
Cash received from investments 0 5 16,905 3,022
Cash paid for intangible assets (61) (200) (397) (524)
Net cash used in investing activities (264,728) (96,536) (475,746) (415,713)
Cash Flows from Financing Activities:        
Borrowings under credit facility and commercial paper program 2,522,735 1,240,766 5,412,107 3,124,845
Payments under credit facility and commercial paper program (2,492,081) (1,142,350) (5,239,330) (2,857,190)
Proceeds from notes offerings 0 1,487,450 0 1,487,450
Payments on other long-term debt (2,402) (916) (6,383) (2,530)
Net borrowings (repayments) of short-term debt 0 13,619 (15,596) 9,372
Payments of financing costs (214) (5,056) (262) (5,056)
Payments for contingent consideration liabilities 0 0 (1,514) (263)
Distributions to non-controlling interests, net of contributions received (7,601) (1,107) (7,992) (6,357)
Payments related to tax withholding for share-based compensation (2,424) (2,638) (78,639) (63,131)
Payments of dividends (10,068) (8,414) (30,998) (25,627)
Repurchase of common stock (20,751) (17,764) (115,115) (66,687)
Net cash provided by (used in) financing activities (12,806) 1,563,590 (83,722) 1,594,826
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash (856) (549) (1,264) 738
Net increase (decrease) in cash, cash equivalents and restricted cash 64,972 1,484,381 (13,549) 1,512,288
Cash, cash equivalents and restricted cash, beginning of period 153,366 214,715 231,887 186,808
Cash, cash equivalents and restricted cash, end of period $ 218,338 $ 1,699,096 $ 218,338 $ 1,699,096