v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 1,766.0 $ 879.1
Adjustments to reconcile net income to cash provided by operating activities    
Depreciation, amortization and accretion 1,032.6 1,002.8
Stock-based compensation expense 92.6 100.7
Loss on retirement of long-term obligations 3.2 0.0
Other non-cash items reflected in statements of operations 50.0 826.6
Increase in net deferred rent balances (0.0) (45.3)
Right-of-use asset and Operating lease liability, net 35.9 29.3
Changes in unearned revenue 166.8 46.8
Increase in assets (160.4) (219.8)
Decrease in liabilities (99.3) (43.7)
Cash provided by operating activities 2,887.4 2,576.5
CASH FLOWS FROM INVESTING ACTIVITIES    
Payments for purchase of property and equipment and construction activities (770.4) (635.7)
Payments for acquisitions, net of cash acquired (133.2) (332.3)
Proceeds from sale of short-term investments and other non-current assets 76.5 137.7
Deposits and other (6.6) (10.9)
Cash used for investing activities (833.7) (841.2)
CASH FLOWS FROM FINANCING ACTIVITIES    
Borrowings under credit facilities 3,601.1 3,632.3
Proceeds from issuance of senior notes, net 872.2 1,560.0
Proceeds from other borrowings 0.0 1.2
Repayments of notes payable, credit facilities, senior notes, secured debt and finance leases (4,274.1) (5,318.2)
Distributions to noncontrolling interest holders (94.0) (111.9)
Contributions from noncontrolling interest holders 4.3 111.3
Purchases of common stock (202.9) 0.0
Proceeds from stock options and employee stock purchase plan 21.0 30.1
Distributions paid on common stock (1,641.3) (1,564.7)
Payment for early retirement of long-term obligations (2.8) 0.0
Deferred financing costs and other financing activities (86.2) (90.6)
Cash used for financing activities (1,802.7) (1,750.5)
Net effect of changes in foreign currency exchange rates on cash and cash equivalents, and restricted cash 36.4 116.6
NET INCREASE IN CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH 287.4 101.4
CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD 1,605.2 2,108.2
CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD 1,892.6 2,209.6
CASH PAID FOR INCOME TAXES (NET OF REFUNDS OF $9.2 AND $6.6, RESPECTIVELY) 163.2 131.4
CASH PAID FOR INTEREST 789.4 684.2
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Purchases of property and equipment under finance leases and perpetual easements 12.4 6.7
Decrease in accounts payable and accrued expenses for purchases of property and equipment and construction activities (0.2) (11.4)
Seller financed acquisition $ 0.0 $ 5.0