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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities of continuing operations:      
Net earnings (loss) $ (24,410) $ 284,613 $ 719,644
Less: Loss from discontinued operations, net of tax (1,138) (2,309) (457)
Earnings (loss) from continuing operations (23,272) 286,922 720,101
Depreciation expense 1,878,929 1,388,570 1,257,681
Goodwill impairment charge 0 15,513 0
Used vehicle sales, net 58,706 22,325 16,989
Amortization expense and other non-cash charges, net 101,289 67,936 41,039
Non-cash lease expense 85,835 81,070 67,783
Non-operating pension costs and share-based compensation expense 86,234 32,493 46,708
Deferred income tax expense (benefit) (32,331) 108,895 (446,219)
Collections on sales-type leases 121,201 82,803 81,015
Changes in operating assets and liabilities, net of acquisitions:      
Receivables 27,149 (193,144) (178,861)
Inventories (1,334) (5,782) (3,296)
Prepaid expenses and other assets (65,185) (84,727) (95,809)
Accounts payable (26,596) 16,869 66,149
Accrued expenses and other non-current liabilities (70,086) (101,750) 54,818
Net cash provided by operating activities from continuing operations 2,140,539 1,717,993 1,628,098
Cash flows from investing activities from continuing operations:      
Purchases of property and revenue earning equipment (3,735,174) (3,050,409) (1,860,436)
Sales of revenue earning equipment 465,705 379,716 376,743
Sales of operating property and equipment 52,276 16,606 52,257
Acquisitions, net of cash acquired 0 (167,372) (7,240)
Net cash used in investing activities from continuing operations (3,217,193) (2,821,459) (1,438,676)
Cash flows from financing activities from continuing operations:      
Net borrowings (repayments) of commercial paper and revolving credit facilities (18,033) 51,888 89,519
Debt proceeds 2,636,095 1,970,620 873,302
Debt repaid (1,392,891) (805,739) (969,517)
Dividends on common stock (116,469) (111,864) (95,813)
Common stock issued 8,216 17,020 20,508
Common stock repurchased (27,686) (30,810) (78,316)
Debt issuance costs and other items (5,093) (5,600) (1,738)
Net cash provided by (used in) financing activities from continuing operations 1,084,139 1,085,515 (162,055)
Effect of exchange rates on cash, cash equivalents, and restricted cash (4,272) 4,694 (5,539)
Increase (decrease) increase in cash, cash equivalents, and restricted cash from continuing operations 3,213 (13,257) 21,828
Increase (decrease) in cash, cash equivalents, and restricted cash from discontinued operations 2,260 (1,654) (1,445)
Increase (decrease) in cash, cash equivalents, and restricted cash 5,473 (14,911) 20,383
Cash, cash equivalents, and restricted cash at January 1 68,111 83,022 62,639
Cash, cash equivalents, and restricted cash at December 31 $ 73,584 $ 68,111 $ 83,022