v3.25.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities    
Net income $ 344,825 $ 582,528
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 478,419 388,538
Amortization of debt discounts and issuance costs 13,862 13,708
Loss on retirement of long-term debt 0 2,013
Provision for credit losses 29,757 29,838
Stock-based compensation 45,109 39,325
Foreign currency transaction loss (gain) 308,454 (37,166)
Property transactions, net 15,593 33,631
Noncash lease expense 257,052 257,430
Other investment (gains) losses (38,226) 43,760
(Income) loss from unconsolidated affiliates (9,171) 57,682
Distributions from unconsolidated affiliates 6,825 11,088
Deferred income taxes (27,997) (59,747)
Change in operating assets and liabilities:    
Accounts receivable 24,733 (74,066)
Inventories 13,557 (6,178)
Income taxes receivable and payable, net 29,074 (70,944)
Prepaid expenses and other (11,392) (3,996)
Accounts payable and accrued liabilities (194,910) (286,246)
Other (92,615) 102,311
Net cash provided by operating activities 1,192,949 1,023,509
Cash flows from investing activities    
Capital expenditures (496,483) (410,322)
Dispositions of property and equipment 91 1,681
Investments in unconsolidated affiliates (85,487) (41,198)
Acquisitions, net of cash acquired 0 (491)
Distributions from unconsolidated affiliates 1,089 1,202
Investments and other (24,540) 63,719
Net cash used in investing activities (605,330) (385,409)
Cash flows from financing activities    
Net borrowings under bank credit facilities - maturities of 90 days or less 339,382 207,749
Issuance of long-term debt 0 1,250,000
Repayment of long-term debt (500,000) (1,500,000)
Debt issuance costs (40,839) (25,323)
Distributions to noncontrolling interest owners (80,037) (94,936)
Repurchases of common stock (717,163) (915,337)
Other (61,248) (45,605)
Net cash used in financing activities (1,059,905) (1,123,452)
Effect of exchange rate on cash, cash equivalents, and restricted cash 13,867 (28,269)
Cash, cash equivalents, and restricted cash    
Net change for the period (458,419) (513,621)
Balance, beginning of period 2,503,064 3,014,896
Balance, end of period 2,044,645 2,501,275
Supplemental cash flow disclosures    
Interest paid, net of amounts capitalized 197,440 211,735
Federal, state, and foreign income taxes paid, net $ 63,243 $ 165,936