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Consolidated Statements of Cash Flows
$ in Thousands, $ in Millions
9 Months Ended
Sep. 30, 2018
USD ($)
Sep. 30, 2017
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 196,946 $ 128,802
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 197,127 186,509
Stock-based compensation 13,029 13,354
Deferred income taxes 7,978 51,231
Net gain on sale and impairment of assets (2,501) (1,096)
Changes in assets and liabilities which provided/(used) cash, net of effect of acquisitions:    
Accounts receivable, net (50,143) (18,020)
Materials and supplies 3,133 8,998
Prepaid expenses and other (11,663) 14,257
Accounts payable and accrued expenses 33,818 (41,529)
Other assets and liabilities, net 9,750 7,883
Net cash provided by operating activities 397,474 350,389
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (194,132) (149,105)
Grant proceeds from outside parties 16,696 15,998
Net cash paid for acquisitions, net of cash acquired 0 (107,586)
Proceeds from sale of business 7,927 0
Proceeds from sale of investment 0 2,100
Insurance proceeds for replacement of assets 2,780 1,406
Proceeds from disposition of property and equipment 3,710 4,238
Other investing activities (2,921) 0
Net cash used in investing activities (165,940) (232,949)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Principal payments on revolving line-of-credit, long-term debt and capital lease obligations (766,713) (498,925)
Proceeds from revolving line-of-credit and long-term borrowings 821,666 418,735
Debt amendment/issuance costs (5,318) 0
Common share repurchases (270,488) 0
Distribution to noncontrolling interest (14,898) 0
Installment payments on Freightliner deferred consideration (6,255) 0
Other financing related activities, net 5,006 4,728
Net cash used in financing activities (237,000) (75,462)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS (939) 5,980
(DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (6,405) 47,958
CASH AND CASH EQUIVALENTS, beginning of period 80,472 32,319
CASH AND CASH EQUIVALENTS, end of period $ 74,067 $ 80,277