v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Cash Flows [Abstract]    
Cash and cash equivalents at beginning of year $ 1,618,001 $ 1,192,230
Cash flows from operating activities:    
Net income 328,977 49,298
Adjustments to reconcile net income to cash flows from operating activities:    
Depreciation and amortization 157,805 161,754
Loss on sale of business 95,018 0
Gain on sale of equity investment (42,300) 0
Stock-based compensation and other 7,883 6,966
Equity in net income of unconsolidated investments (net of tax) (96,293) (64,286)
Dividends received from unconsolidated investments and nonmarketable securities 0 60,335
Pension and postretirement expense 2,921 1,696
Pension and postretirement contributions (3,204) (5,196)
Unrealized loss on investments in marketable securities 5,137 5,331
Gain on early extinguishment of debt (12,591) 0
Deferred income taxes (1,005) (5,669)
Working capital changes (144,430) (21,992)
Noncurrent liability changes and other, net 48,326 358,970
Net cash provided by operating activities 346,244 547,207
Cash flows from investing activities:    
Capital expenditures (98,676) (182,624)
Proceeds from sale of businesses, net of cash sold 525,156 0
Proceeds from sale of investments 123,270 0
(Payments) proceeds from settlement of foreign currency forward contracts, net (10,514) 50,245
Sales of marketable securities, net 1,785 3,381
Investments in equity investments and nonmarketable securities (59) (60)
Net cash provided by (used in) investing activities 540,962 (129,058)
Cash flows from financing activities:    
Repayments of long-term debt and credit agreements (1,296,595) (9,615)
Proceeds from borrowings of long-term debt and credit agreements 18,396 0
Other debt repayments, net (11,237) (1,195)
Fees related to early extinguishment of debt (1,639) 0
Dividends paid to common shareholders (47,667) (47,607)
Dividends paid to mandatory convertible preferred shareholders (41,688) (41,688)
Dividends paid to noncontrolling interests (37,462) (18,169)
Proceeds from exercise of stock options 8,917 1,186
Withholding taxes paid on stock-based compensation award distributions (3,939) (2,904)
Other (438) (14)
Net cash used in financing activities (1,413,352) (120,006)
Net effect of foreign exchange on cash and cash equivalents (2,046) 28,138
(Decrease) increase in cash and cash equivalents (528,192) 326,281
Cash and cash equivalents at end of period $ 1,089,809 $ 1,518,511