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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 $ 219,472 $ 599,043 $ 476,347
Adjustments to reconcile net income to net cash flow from operating activities:      
Depreciation 61,646 59,935 59,769
Amortization of intangible assets 35,347 53,600 53,467
Employee stock-based compensation awards 26,178 38,532 24,497
Company stock 401(k) match contributions 16,416 18,702 18,629
Amortization of deferred financing costs, debt discounts and premiums 5,644 6,193 7,058
Gain on investment sales 0 (153,626) (25,809)
Provision for deferred income taxes 14,626 (3,807) 19,737
Merger termination fee 0 0 (136,000)
Pension expense, net of employer contributions 1,789 9,514 5,559
Change in operating assets and liabilities, net of acquisitions:      
Decrease in trade receivables 99 22,071 34,726
Increase (decrease) in accounts payable 5,938 (27,613) 38,739
(Decrease) increase in interest and taxes payable (66,220) 43,550 (14,977)
Increase (decrease) in deferred revenue 4,573 (2,973) 2,810
Changes in other assets and liabilities, net 487 21,846 22,697
Net cash flow from operating activities 325,995 684,967 587,249
Cash flows from investing activities:      
Purchase of property and equipment (43,430) (52,440) (54,694)
Payments for acquisitions of businesses and assets, net of cash acquired (1,745) (54,249) (1,150)
Payments for investments (3,690) (20,776) (370)
Proceeds from investments 3,201 158,976 28,105
Proceeds from sale of assets 690 258 120
Net cash flow (used for) provided by investing activities (44,974) 31,769 (27,989)
Cash flows from financing activities:      
Debt repayment (550,000) 0 0
Repurchase of Common Stock 0 (274,827) (652,914)
Dividends paid (80,459) (81,364) (83,534)
Payments for debt issuance costs 0 (6,448) 0
Payments for acquisition-related earnout consideration (6,364) (4,667) 0
Repurchase of noncontrolling interest in Premion (20,845) 0 0
Payments for tax withholding related to vested stock-based compensation awards and share repurchase excise tax (25,327) (17,252) (13,457)
Net cash flow used for financing activities (682,995) (384,558) (749,905)
(Decrease) increase in cash and cash equivalents (401,974) 332,178 (190,645)
Balance of cash and cash equivalents at beginning of year 693,214 361,036 551,681
Balance of cash and cash equivalents at end of year 291,240 693,214 361,036
Supplemental cash flow information:      
Cash paid for income taxes, net of refunds [1] 113,142 134,123 126,138
Cash paid for interest $ 161,244 $ 164,406 $ 166,132
[1] Includes $71,474 of payments for clean energy tax credits in 2025.