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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating Activities      
Net income $ 333,300 $ 284,200 $ 259,200
Adjustments to reconcile income to net cash provided by operating activities:      
Depreciation and amortization 452,300 421,400 392,100
Gains on sales of assets (140,000) (137,800) (130,900)
Asset Impairment Charges 3,600 0 1,500
Employee benefit plans (200) (800) (4,300)
Share-based compensation expense 25,000 23,000 18,300
Deferred income taxes 53,200 45,800 38,300
Share of affiliates’ earnings, net of dividends (67,300) (32,800) (47,400)
Other (11,800) (900) (6,400)
Investing Activities      
Portfolio investments and capital additions (1,316,700) (1,674,400) (1,665,000)
Portfolio proceeds 275,000 230,600 272,800
Proceeds from sales of other assets 36,800 24,900 20,200
Short-term investments 0 0 150,000
Payment for (Proceeds from) Other Investing Activity 3,100 2,200 2,700
Net cash used in investing activities (1,016,800) (1,416,700) (1,219,300)
Financing Activities      
Net proceeds from issuances of debt (original maturities longer than 90 days) 4,841,500 1,295,600 1,420,000
Repayments of debt (original maturities longer than 90 days) (733,400) (413,500) (500,000)
Net increase (decrease) in debt with original maturities of 90 days or less 70,400 0 (7,100)
Payments on capital lease obligations 0 (30,400) 0
Stock repurchases (65,000) (21,900) (2,600)
Dividends (89,800) (84,800) (80,600)
GABX equity contribution from non-controlling interest 899,000 0 0
Other (add shares used to pay taxes) 22,100 25,500 14,400
Net cash (used in) provided by financing activities 4,944,800 770,500 844,100
Effect of Exchange Rate on Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Including Discontinued Operation 7,000 (4,900) 1,600
Net increase (decrease) in Cash, Cash Equivalents, and Restricted Cash during the year 4,583,100 (49,000) 146,800
Cash, Cash Equivalents, and Restricted Cash at beginning of period 401,800 450,800 304,000
Cash, Cash Equivalents, and Restricted Cash at end of period 4,984,900 401,800 450,800
Interest Paid, Excluding Capitalized Interest, Operating Activity [1] 413,200 350,100 260,100
Net cash provided by operating activities 648,100 602,100 520,400
Payments to Acquire Assets Previously Leased, Investing Activities (15,000) 0 0
Non-cash financing lease transactions $ 0 $ 30,100 $ 0
[1] Interest paid consisted of interest on debt obligations and interest rate swaps (net of interest received)