v3.26.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities    
Net income $ 536,788 $ 138,096
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 822,439 739,136
Amortization of debt discounts and issuance costs 18,896 20,250
Provision for credit losses 73,622 39,364
Stock-based compensation 65,829 59,384
Foreign currency transaction (gain) loss (67,460) 285,452
Property transactions, net (264,897) 117,368
Goodwill impairment 111,019 256,133
Noncash lease expense 326,594 382,965
Other investment losses (gains) 63,806 (35,275)
Income from unconsolidated affiliates (65,466) (40,755)
Distributions from unconsolidated affiliates 10,305 8,245
Deferred income taxes (64,388) (2,850)
Change in operating assets and liabilities:    
Accounts receivable (20,716) 127,552
Inventories 787 13,410
Income taxes receivable and payable, net 172,560 87,491
Prepaid expenses and other (70,803) (82,177)
Accounts payable and accrued liabilities (36,130) (204,858)
Other 46,281 (34,548)
Net cash provided by operating activities 1,659,066 1,874,383
Cash flows from investing activities    
Capital expenditures (617,706) (772,472)
Dispositions of property and equipment 6,630 613
Investments in unconsolidated affiliates (154,917) (208,343)
Proceeds from sale of operating resorts 513,462 0
Distributions from unconsolidated affiliates 30,118 70,756
Investments and other (98,137) (30,763)
Net cash used in investing activities (320,550) (940,209)
Cash flows from financing activities    
Net borrowings (repayments) of debt - maturities of 90 days or less (153,555) 289,543
Issuance of long-term debt 750,000 0
Repayment of long-term debt (1,150,000) (500,000)
Debt issuance costs (9,620) (40,839)
Distributions to noncontrolling interest owners (138,866) (158,747)
Repurchases of common stock (262,499) (717,175)
Other (64,655) (105,182)
Net cash used in financing activities (1,029,195) (1,232,400)
Effect of exchange rate on cash, cash equivalents, and restricted cash (8,864) 16,088
Change in cash and cash equivalents classified as assets held for sale 31,802 0
Cash, cash equivalents, and restricted cash    
Net change for the period 332,259 (282,138)
Balance, beginning of period 2,150,364 2,503,064
Balance, end of period 2,482,623 2,220,926
Supplemental cash flow disclosures    
Interest paid, net of amounts capitalized 263,159 269,489
Income tax refunds received, net $ (9,413) $ (34,389)