v3.26.1
Condensed Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows - operating activities:    
Net income $ 709,178 $ 542,837
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 37,753 32,139
Amortization of identifiable intangible assets 69,083 56,452
Provision for credit losses 4,602 9,029
Deferred income taxes (11,129) 677
Excess tax benefits from share-based compensation (7,809) (3,950)
Non-cash share-based compensation expense 15,007 13,092
Other reconciling items (834) (1,169)
Changes in operating assets and liabilities, excluding the effect of businesses acquired (525,938) (346,949)
Net cash provided by operating activities 289,913 302,158
Cash flows - investing activities:    
Payments for acquisitions of businesses, net of cash acquired (94,953) (887,237)
Proceeds from sale or disposal of property, plant, and equipment 2,056 2,586
Purchases of property, plant, and equipment (59,860) (54,174)
Net cash used in investing activities (152,757) (938,825)
Cash flows - financing activities:    
Proceeds from revolving credit facility 0 525,000
Repayments of revolving credit facility 0 (275,000)
Repayments of finance lease liabilities (1,327) (1,433)
Dividends paid to stockholders (35,586) (22,640)
Repurchases of common stock (268,519) (432,165)
Taxes paid related to net share settlements of equity awards (18,285) (13,541)
Payments for contingent consideration arrangements (996) (11,346)
Net cash used in financing activities (324,713) (231,125)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash 0 14,558
Decrease in cash, cash equivalents, and restricted cash (187,557) (853,234)
Cash, cash equivalents, and restricted cash at beginning of year (1) [1] 1,111,968 1,340,395
Cash, cash equivalents, and restricted cash at end of period (2) [2] $ 924,411 $ 487,161
[1] Includes $0.8 million of restricted cash classified as “Prepaid expenses and other” in the Consolidated Balance Sheet as of December 31, 2024.
[2] Includes $1.2 million of restricted cash classified as “Prepaid expenses and other” in the Consolidated Balance Sheet as of June 30, 2025.