XML 82 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Condensed Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Cash flows from operating activities from continuing operations:    
Net earnings $ 156,135 $ 121,682
Less: Earnings (loss) from discontinued operations, net of tax 10,181 (2,022)
Earnings from continuing operations 145,954 123,704
Depreciation expense 698,516 645,261
Gains on vehicle sales, net (67,684) (46,277)
Share-based compensation expense 14,186 12,637
Amortization expense and other non-cash charges, net 37,025 27,971
Deferred income tax expense 67,191 68,154
Changes in operating assets and liabilities, net of acquisitions:    
Receivables (12,311) (104,520)
Inventories (836) (4,869)
Prepaid expenses and other assets 2,457 (18,725)
Accounts payable (1,827) 20,287
Accrued expenses and other non-current liabilities (115,146) 58,680
Net cash provided by operating activities from continuing operations 767,525 782,303
Cash flows from financing activities from continuing operations:    
Net change in commercial paper borrowings (46,485) (101,964)
Debt proceeds 745,755 966,399
Debt repaid, including capital lease obligations (229,042) (417,955)
Dividends on common stock (45,458) (42,689)
Common stock issued 18,503 26,213
Common stock repurchased (26,920) (51,425)
Excess tax benefits from share-based compensation 986 1,575
Debt issuance costs (4,513) (8,016)
Net cash provided by financing activities from continuing operations 412,826 372,138
Cash flows from investing activities from continuing operations:    
Purchases of property and revenue earning equipment (1,694,822) (1,165,135)
Sales of revenue earning equipment 304,857 216,055
Sale and leaseback of revenue earning equipment 130,184 0
Sales of operating property and equipment 5,088 7,869
Acquisitions (3,780) (362,184)
Collections on direct finance leases 51,091 46,136
Changes in restricted cash 19,306 2,821
Net cash used in investing activities from continuing operations (1,188,076) (1,254,438)
Effect of exchange rate changes on cash 1,508 3,848
Decrease in cash and cash equivalents from continuing operations (6,217) (96,149)
Cash flows from discontinued operations:    
Operating cash flows (2,692) (910)
Financing cash flows 0 (143)
Investing cash flows 0 0
Effect of exchange rate changes on cash 24 (65)
Decrease in cash and cash equivalents from discontinued operations (2,668) (1,118)
Decrease in cash and cash equivalents (8,885) (97,267)
Cash and cash equivalents at January 1 104,572 213,053
Cash and cash equivalents at September 30 $ 95,687 $ 115,786