XML 44 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Cash flows from operating activities:    
Net income (loss) $ 17,963 $ (56,333)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation of revenue earning equipment 571,751 492,053
Depreciation of property and equipment 51,324 44,049
Amortization of other intangible assets 30,499 19,166
Amortization and write-off of deferred financing costs 11,925 17,135
Amortization and write-off of debt discount 5,352 7,742
Stock-based compensation charges 7,984 7,515
Gain on derivatives (1,456) (2,956)
Loss on revaluation of foreign denominated debt 0 2,498
Provision for losses on doubtful accounts 12,657 6,917
Deferred taxes on income 35,992 2,370
Gain on sale of property and equipment (1,017) (197)
Changes in assets and liabilities, net of effects of acquisition:    
Receivables (33,211) (57,554)
Inventories, prepaid expenses and other assets (42,109) (5,471)
Accounts payable 38,289 53,589
Accrued liabilities 22,760 (38,712)
Accrued taxes 24,660 5,334
Public liability and property damage (9,809) (5,144)
Net cash provided by operating activities 743,554 492,001
Cash flows from investing activities:    
Net change in restricted cash and cash equivalents 142,642 97,639
Revenue earning equipment expenditures (3,252,980) (2,648,695)
Proceeds from disposal of revenue earning equipment 2,237,878 2,009,336
Property and equipment expenditures (80,060) (74,222)
Proceeds from disposal of property and equipment 23,456 47,631
Acquisitions, net of cash acquired (2,784) (147,314)
Other investing activities (469) (140)
Net cash used in investing activities (932,317) (715,765)
Cash flows from financing activities:    
Proceeds from issuance of long-term debt 1,201,582 264,599
Payment of long-term debt (298,631) (453,279)
Short-term borrowings:    
Proceeds 128,785 40,650
Payments (195,326) (243,276)
Proceeds (payments) under the revolving lines of credit, net (31,986) 325,247
Purchase of noncontrolling interest 0 (38,000)
Proceeds from employee stock purchase plan 1,202 985
Proceeds from exercise of stock options 4,215 4,514
Proceeds from disgorgement of stockholder short-swing profits 0 4
Purchase of treasury shares (467,248) 0
Net settlement on vesting of restricted stock (10,342) (18,494)
Payment of financing costs (15,402) (4,217)
Net cash provided by (used in) financing activities 316,849 (121,267)
Effect of foreign exchange rate changes on cash and cash equivalents (7,558) 7,953
Net decrease in cash and cash equivalents during the period 120,528 (337,078)
Cash and cash equivalents at beginning of period 533,255 931,779
Cash and cash equivalents at end of period 653,783 594,701
Cash paid during the period for:    
Interest (net of amounts capitalized) 119,097 126,945
Income taxes 5,703 22,433
Supplemental discolusres of non-cash flow information:    
Purchases of revenue earning equipment included in accounts payable and accrued liabilities 443,120 518,231
Sales of revenue earning equipment included in receivables 230,715 299,577
Purchases of property and equipment included in accounts payable 58,701 41,917
Sales of property and equipment included in receivables $ 13,698 $ 9,299