v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income $ 400.4 $ 152.7
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 152.3 138.9
Deferred taxes (16.0) (22.5)
Stock-based compensation 37.5 30.3
Gain on acquisition of affiliate (225.5) 0.0
Other (17.3) 15.2
Changes in assets and liabilities:    
Trade accounts receivable (139.5) (88.9)
Other current and long-term assets 21.1 3.8
Trade accounts payable 26.7 29.7
Other current and long-term liabilities (155.5) (206.7)
Cash provided by operating activities 84.2 52.5
Cash flows from investing activities:    
Capital expenditures (65.2) (68.4)
Proceeds from sale/maturity of other investments 0.0 0.2
Investments in consolidated affiliates, net of cash acquired (578.6) 0.0
Investments in nonconsolidated affiliates and notes receivable (1.0) (20.0)
Proceeds from the sale of investments in nonconsolidated affiliates 47.3 0.0
Other 10.8 1.6
Cash used in investing activities (586.7) (86.6)
Cash flows from financing activities:    
Proceeds from revolving credit facility 520.0 0.0
Repayments of debt (17.7) (17.7)
Debt financing fees (0.7) 0.0
Dividends to shareholders (25.0) (22.6)
Proceeds from issuance of common stock and exercise of stock options 9.8 10.6
Employee taxes paid on restricted stock units recorded as treasury stock (20.7) (5.5)
Repurchases of common stock (12.1) (5.4)
Dividends paid to shareholders of acquired affiliate (52.6) 0.0
Cash provided by (used in) financing activities 400.9 (40.6)
Effect of exchange rate changes on cash and cash equivalents (19.5) 5.1
Net change in cash and cash equivalents (121.1) (69.6)
Cash and cash equivalents, beginning of period 853.6 679.5
Cash and cash equivalents, end of period $ 732.5 $ 609.9