v3.26.1
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income (loss) $ 333,110 $ 158,366
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 325,948 308,328
Deferred income taxes 20,595 17,684
Stock-based compensation expense 42,640 48,237
Amortization of debt issuance costs 21,542 18,916
Loss on debt financing transactions 0 1,083
Provision for credit losses 10,987 4,749
Change in derivatives fair value (77,579) 30,651
Property charges and other 65,575 66,963
Increase (decrease) in cash from changes in:    
Receivables, net 52,669 (4,641)
Inventories, prepaid expenses and other 8,798 (11,246)
Customer deposits (54,448) 2,665
Accounts payable and accrued expenses (104,457) (102,919)
Net cash provided by operating activities 645,380 538,836
Cash flows from investing activities:    
Capital expenditures, net of construction payables and retention (332,087) (325,197)
Investments in unconsolidated affiliates (178,569) (130,642)
Purchase of investments (57,065) 0
Proceeds from maturity of investments 140,453 0
Purchase of intangible and other assets 0 (450)
Proceeds from sale of assets and other 8,380 253
Net cash used in investing activities (418,888) (456,036)
Cash flows from financing activities:    
Proceeds from issuance of long-term debt 200,000 752,812
Repayments of long-term debt 0 (763,125)
Repurchase of common stock (165,539) (377,645)
Proceeds from exercise of stock options 883 154
Distribution to noncontrolling interests (15,918) (12,324)
Dividends paid (95,016) (88,290)
Finance lease payments (13,727) (12,694)
Payments for financing costs 0 (5,732)
Other (25,809) (9,142)
Net cash used in financing activities (115,126) (515,986)
Effect of exchange rate on cash, cash equivalents and restricted cash (4,067) (8,579)
Cash, cash equivalents and restricted cash:    
Increase (decrease) in cash, cash equivalents and restricted cash 107,299 (441,765)
Balance, beginning of period 1,560,095 2,521,793
Balance, end of period $ 1,667,394 $ 2,080,028