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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash Flows from Operating Activities:      
Net income (loss) $ 152,254 $ 183,666 $ 187,263
Adjustments to reconcile net income (loss) to cash flows from operating activities:      
Depreciation 730,885 629,296 525,850
Amortization (includes amortization of deferred financing costs and discounts of $32,769, $25,580 and $16,859 in 2025, 2024 and 2023, respectively) 326,319 297,189 267,168
Revenue reduction associated with amortization of customer inducements and data center above- and below-market leases 6,151 5,347 7,036
Stock-based compensation expense 140,280 118,138 73,799
(Benefit) provision for deferred income taxes (47,682) (41,415) (35,264)
Loss (gain) on disposal/write-down of property, plant and equipment, net 24,641 6,196 (12,825)
Loss (gain) associated with the remeasurement of deferred purchase obligations 19,680 29,498 0
Loss (gain) associated with the remeasurement to fair value of our previously held equity interest 0 0 38,000
Foreign currency transactions and other, net 48,018 41,191 103,134
(Increase) decrease in assets (262,668) (78,282) (70,287)
Increase (decrease) in liabilities 202,121 5,884 29,693
Cash Flows from Operating Activities 1,339,999 1,196,708 1,113,567
Cash Flows from Investing Activities:      
Capital expenditures (2,271,628) (1,791,564) (1,339,223)
Cash paid for acquisitions, net of cash acquired (101,625) (178,414) (41,849)
Acquisition of customer intangibles (75,487) (62,386) (5,874)
Contract costs (95,924) (112,542) (95,124)
Investments in joint ventures and other investments, net (43,177) (9,834) (15,830)
Proceeds from sales of property and equipment and other, net 13,635 17,979 53,544
Cash Flows from Investing Activities (2,574,206) (2,136,761) (1,444,356)
Cash Flows from Financing Activities:      
Repayment of revolving credit facility, term loan facilities and other debt (16,003,355) (14,473,019) (18,191,921)
Proceeds from revolving credit facility, term loan facilities and other debt 17,009,781 14,965,010 18,386,168
Net proceeds from sales of senior notes 1,390,651 1,188,000 990,000
Equity contributions from noncontrolling interests 93,347 230,814 24,684
Equity distribution to noncontrolling interests (12,924) (2,684) (3,855)
Repurchase of noncontrolling interest 0 (35,203) (400)
Parent cash dividends (919,388) (789,527) (737,650)
Payment of deferred purchase obligations and other deferred payments (240,680) (158,775) 0
Net (payments) proceeds associated with employee stock-based awards (36,806) (12,197) (8,754)
Other, net (12,712) (35,674) (32,606)
Cash Flows from Financing Activities 1,267,914 876,745 425,666
Effect of Exchange Rates on Cash and Cash Equivalents (30,888) (3,765) (13,885)
Increase (decrease) in Cash and Cash Equivalents 2,819 (67,073) 80,992
Cash and Cash Equivalents, Beginning of Year 155,716 222,789 141,797
Cash and Cash Equivalents, End of Year 158,535 155,716 222,789
Supplemental Information:      
Cash Paid for Interest 824,591 770,688 512,446
Cash Paid for Income Taxes, Net 121,606 90,742 89,599
Non-Cash Investing and Financing Activities:      
Financing Leases and Other 228,391 144,498 135,492
Accrued Capital Expenditures 281,175 341,752 234,315
Deferred Purchase Obligations and Other Deferred Payments 39,930 268,861 18,575
Dividends Payable $ 269,563 $ 222,649 $ 202,392