v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Operating activities:    
Net income $ 640,540 $ 675,443
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 403,234 365,928
Share-based compensation 45,095 37,183
Other operating activities, including changes in operating assets and liabilities (272,222) (567,865)
Net cash provided by operating activities 816,647 510,689
Investing activities:    
Purchases of property, plant and equipment (314,476) (350,443)
Proceeds from sale of property, plant and equipment 28,070 21,085
Acquisitions of businesses (69,450) (181,987)
Proceeds from divestitures of businesses 6,885 59
Other investing activities (12,105) 23,335
Net cash used in investing activities (361,076) (487,951)
Financing activities:    
Proceeds from debt 1,291,217 44,600
Payments on debt (997,776) (567,368)
Net proceeds of commercial paper 44,968 886,175
Shares issued from employee incentive plans (13,713) (16,316)
Dividends paid (434,446) (420,571)
Other financing activities (29,283) (20,237)
Net cash used in financing activities (139,033) (93,717)
Effect of exchange rate changes on cash and cash equivalents (30,566) 22,347
Net increase (decrease) in cash and cash equivalents 285,972 (48,632)
Cash and cash equivalents at beginning of period 477,179 479,991
Cash and cash equivalents at end of period $ 763,151 $ 431,359