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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
OPERATING ACTIVITIES      
Net income $ 434,957 $ 368,599 $ 356,565
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 99,752 91,326 86,558
Stock-based compensation expense 24,605 21,215 14,865
Provision for expected credit losses 26,860 19,441 15,285
Gain on sale of assets, net (6,635) (8,167) (35,679)
Gain on sale of businesses, net (15,450) 0 0
Provision for deferred income taxes (7,644) 1,595 3,421
Changes in operating assets and liabilities:      
Trade accounts receivable and other accounts receivable (45,874) (34,003) (22,439)
Financed receivables (15,794) (23,891) (14,473)
Materials and supplies (4,279) (540) 2,644
Other current assets (16,126) 5,836 (11,159)
Accounts payable and accrued expenses 43,407 304 1,421
Unearned revenue 6,777 10,400 11,934
Other long-term assets and liabilities 3,810 13,815 (7,138)
Net cash provided by operating activities 528,366 465,930 401,805
INVESTING ACTIVITIES      
Acquisitions, net of cash acquired (366,854) (119,188) (146,098)
Capital expenditures (32,465) (30,628) (27,194)
Proceeds from sale of assets 12,489 14,597 74,438
Proceeds from sale of businesses 15,903 0 0
Other investing activities, net (1,968) 1,078 (111)
Net cash (used in) investing activities (372,895) (134,141) (98,965)
FINANCING ACTIVITIES      
Payment of contingent consideration (12,489) (17,334) (22,809)
Borrowings under term loan 0 252,000 0
Borrowings under revolving commitment 1,070,000 43,000 206,500
Repayments of term loan (55,000) (245,000) (88,000)
Repayments of revolving commitment (577,000) (150,000) (166,500)
Payment of dividends (264,348) (211,618) (208,656)
Cash paid for common stock purchased (315,013) (7,065) (10,694)
Other financing activities, net 4,430 0 0
Net cash (used in) financing activities (149,420) (336,017) (290,159)
Effect of exchange rate changes on cash 2,428 (5,727) (5,857)
Net (decrease) increase in cash and cash equivalents 8,479 (9,955) 6,824
Cash and cash equivalents at beginning of period 95,346 105,301 98,477
Cash and cash equivalents at end of period 103,825 95,346 105,301
Supplemental disclosure of cash flow information:      
Cash paid for interest 19,239 4,162 1,313
Cash paid for income taxes, net 159,154 119,573 119,762
Non-cash additions to operating lease right-of-use assets $ 146,558 $ 122,149 $ 116,594

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