XML 21 R7.htm IDEA: XBRL DOCUMENT v3.22.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities from continuing operations:      
Net earnings (loss) $ 519,041 $ (122,250) $ (24,410)
Less: Loss from discontinued operations, net of tax (2,557) (10,254) (1,138)
Earnings (loss) from continuing operations 521,598 (111,996) (23,272)
Depreciation expense 1,786,218 2,027,413 1,878,929
Used vehicle sales, net (257,402) (414) 58,706
Amortization expense and other non-cash charges, net 25,137 115,519 101,289
Non-cash lease expense 98,363 92,227 94,039
Non-operating pension costs, net and share-based compensation expense 46,423 41,160 86,234
Deferred income tax expense (benefit) 126,153 (32,865) (32,331)
Collections on sales-type leases 138,698 114,462 121,201
Changes in operating assets and liabilities:      
Receivables (240,330) (5,356) 27,149
Inventories (7,486) 20,094 (1,334)
Prepaid expenses and other assets (124,804) (91,969) (65,185)
Accounts payable 125,800 28,863 (26,596)
Accrued expenses and other non-current liabilities (63,061) (15,835) (78,290)
Net cash provided by operating activities from continuing operations 2,175,307 2,181,303 2,140,539
Cash flows from investing activities from continuing operations:      
Purchases of property and revenue earning equipment (1,941,409) (1,146,521) (3,735,174)
Sales of revenue earning equipment 748,099 538,894 465,705
Sales of operating property and equipment 73,659 13,334 52,276
Acquisitions, net of cash acquired (325,116) 0 0
Other (4,977) (6,704) 0
Net cash used in investing activities from continuing operations (1,449,744) (600,997) (3,217,193)
Cash flows from financing activities from continuing operations:      
Net borrowings (repayments) of commercial paper and other 259,507 (377,273) (15,492)
Debt proceeds 299,616 2,084,343 3,016,348
Debt repayments (607,636) (3,055,380) (1,775,685)
Dividends on common stock (121,813) (119,036) (116,469)
Common stock issued 29,966 7,806 8,216
Common stock repurchased (56,217) (29,219) (27,686)
Other (7,131) (18,419) (5,093)
Net cash provided by (used in) financing activities from continuing operations (203,708) (1,507,178) 1,084,139
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (617) 5,132 (4,272)
Increase in cash, cash equivalents, and restricted cash from continuing operations 521,238 78,260 3,213
Increase (decrease) in cash, cash equivalents, and restricted cash from discontinued operations 793 (550) 2,260
Increase in cash, cash equivalents, and restricted cash 522,031 77,710 5,473
Cash, cash equivalents, and restricted cash at beginning of period 151,294 73,584 68,111
Cash, cash equivalents, and restricted cash at end of period $ 673,325 $ 151,294 $ 73,584