XML 43 R6.htm IDEA: XBRL DOCUMENT v3.3.0.814
Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash flows from operating activities from continuing operations:    
Net earnings $ 228,567 $ 207,262
Less: Loss from discontinued operations, net of tax (1,487) (1,480)
Earnings from continuing operations 230,054 208,742
Depreciation expense 838,100 781,367
Gains on vehicle sales, net (92,110) (96,874)
Share-based compensation expense 16,112 15,446
Amortization expense and other non-cash charges, net 46,272 35,850
Deferred income tax expense 111,609 99,418
Changes in operating assets and liabilities:    
Receivables (23,751) (37,408)
Inventories 1,275 (731)
Prepaid expenses and other assets (33,334) (23,385)
Accounts payable (19,506) 44,976
Accrued expenses and other non-current liabilities (3,385) (46,357)
Net cash provided by operating activities from continuing operations 1,071,336 981,044
Cash flows from financing activities from continuing operations:    
Net change in commercial paper borrowings 184,750 (164,944)
Debt proceeds 1,329,810 895,733
Debt repaid (795,837) (284,811)
Dividends on common stock (61,436) (55,408)
Common stock issued 20,397 38,990
Common stock repurchased (6,141) (92,343)
Excess tax benefits from share-based compensation 723 514
Debt issuance costs (7,483) (5,230)
Net cash provided by financing activities from continuing operations 664,783 332,501
Cash flows from investing activities from continuing operations:    
Purchases of property and revenue earning equipment (2,087,294) (1,741,173)
Sales of revenue earning equipment 319,766 392,572
Sales of operating property and equipment 1,203 3,091
Acquisitions 0 (9,785)
Collections on direct finance leases 51,166 48,920
Changes in restricted cash 7,781 10,344
Other 0 (1,250)
Net cash used in investing activities from continuing operations (1,707,378) (1,297,281)
Effect of exchange rate changes on cash (2,006) (1,210)
Increase in cash and cash equivalents from continuing operations 26,735 15,054
Decrease in cash and cash equivalents from discontinued operations (1,440) (1,614)
Increase in cash and cash equivalents 25,295 13,440
Cash and cash equivalents at beginning of period 50,092 61,562
Cash and cash equivalents at end of period $ 75,387 $ 75,002