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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income $ 504,528 $ 407,006
Adjustments to reconcile net income to net cash provided by operating activities:    
Loss (gain) from disposal of assets, impairments and other (1,603) 12,558
Depreciation 463,920 417,380
Amortization of intangibles 84,414 78,335
Deferred income taxes, net of acquisitions 47,592 31,427
Current period provision for expected credit losses 8,756 7,035
Amortization of debt issuance costs 5,960 3,241
Share-based compensation 40,813 41,469
Interest accretion 19,227 9,835
Adjustments to contingent consideration (500) (910)
Other 1,694 (2,828)
Changes in operating assets and liabilities, net of effects from acquisitions:    
Net change in operating assets and liabilities, net of acquisitions (73,114) 12,164
Net cash provided by operating activities 1,101,687 1,016,712
Cash flows from investing activities:    
Payments for acquisitions, net of cash acquired (1,435,704) (213,152)
Capital expenditures for property and equipment (387,170) (394,143)
Proceeds from disposal of assets 2,997 3,819
Proceeds from sale of investment in noncontrolling interests 37,000 0
Other (11,227) (1,145)
Net cash used in investing activities (1,794,104) (604,621)
Cash flows from financing activities:    
Proceeds from long-term debt 3,140,648 538,421
Principal payments on notes payable and long-term debt (2,234,998) (768,059)
Payment of contingent consideration recorded at acquisition date (12,496) (2,193)
Change in book overdraft 1,350 (234)
Payments for cash dividends (147,271) (131,140)
Tax withholdings related to net share settlements of equity-based compensation (31,264) (28,675)
Debt issuance costs (12,557) 0
Proceeds from issuance of shares under employee share purchase plan 2,183 1,841
Proceeds from sale of common shares held in trust 286 765
Other (4,000) 0
Net cash provided by (used in) financing activities 701,881 (389,274)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (1,096) 154
Net increase in cash, cash equivalents and restricted cash 8,368 22,971
Cash, cash equivalents and restricted cash at beginning of period 184,038 181,364
Cash, cash equivalents and restricted cash at end of period 192,406 204,335
In connection with its acquisitions, the Company assumed liabilities as follows:    
Payments for acquisitions, net of cash acquired (1,435,704) (213,152)
Liabilities assumed and notes payable issued to sellers of businesses acquired $ 157,293 $ 45,669