XML 24 R6.htm IDEA: XBRL DOCUMENT v3.6.0.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities of continuing operations:      
Net earnings $ 262,477 $ 304,768 $ 218,341
Less: Loss from discontinued operations, net of tax (2,163) (1,221) (1,884)
Earnings from continuing operations 264,640 305,989 220,225
Depreciation expense 1,187,050 1,121,966 1,047,049
Used vehicle sales, net (972) (99,853) (116,060)
Share-based compensation expense 18,664 21,181 20,905
Pension lump sum settlement expense 0 0 97,231
Amortization expense and other non-cash charges, net 68,260 70,762 47,263
Deferred income tax expense 124,886 154,042 104,713
Changes in operating assets and liabilities, net of acquisitions:      
Receivables (51,754) (40,323) (20,687)
Inventories (5,906) 1,448 (2,153)
Prepaid expenses and other assets (14,211) (292) (16,040)
Accounts payable 94,320 (74,381) 53,481
Accrued expenses and other non-current liabilities (83,955) (18,751) (53,109)
Net cash provided by operating activities from continuing operations 1,601,022 1,441,788 1,382,818
Cash flows from financing activities from continuing operations:      
Net change in commercial paper borrowings and revolving credit facilities (77,798) 323,359 (221,082)
Debt proceeds 674,928 1,283,223 965,533
Debt repaid, including capital lease obligations (669,047) (798,311) (293,488)
Dividends on common stock (91,043) (83,201) (74,871)
Common stock issued 18,087 23,635 46,568
Common stock repurchased (37,274) (6,141) (106,286)
Debt issuance costs and other items (3,775) (11,079) (4,724)
Net cash (used in) provided by financing activities from continuing operations (185,922) 731,485 311,650
Cash flows from investing activities from continuing operations:      
Purchases of property and revenue earning equipment (1,905,157) (2,667,978) (2,259,164)
Sales of revenue earning equipment 414,249 423,605 493,477
Sales of operating property and equipment 7,051 3,891 3,486
Acquisitions 0 0 (9,972)
Collections on direct finance leases and other 76,510 70,980 64,267
Changes in restricted cash 1,514 8,147 3,396
Net cash used in investing activities from continuing operations (1,405,833) (2,161,355) (1,704,510)
Effect of exchange rates on cash (9,482) 37 297
(Decrease) increase in cash and cash equivalents from continuing operations (215) 11,955 (9,745)
Decrease in cash and cash equivalents from discontinued operations (1,929) (1,102) (1,725)
(Decrease) increase in cash and cash equivalents (2,144) 10,853 (11,470)
Cash and cash equivalents at January 1 60,945 50,092 61,562
Cash and cash equivalents at December 31 $ 58,801 $ 60,945 $ 50,092