XML 21 R6.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities of continuing operations:      
Net earnings $ 273,298 $ 791,832 $ 263,069
Less: Loss from discontinued operations, net of tax (2,309) (457) (2,163)
Earnings from Continuing Operations 275,607 792,289 265,232
Depreciation expense 1,394,964 1,255,175 1,187,050
Goodwill impairment charge 15,513 0 0
Used vehicle sales, net 21,739 17,241 (972)
Amortization expense and other non-cash charges, net 31,153 8,335 38,857
Non-operating pension costs and share-based compensation expense 32,493 46,708 56,257
Deferred income tax expense (benefit) 104,602 (500,298) 125,169
Changes in operating assets and liabilities, net of acquisitions:      
Receivables (189,331) (173,840) (51,754)
Inventories (5,782) (3,296) (5,906)
Prepaid expenses and other assets (65,797) (38,878) (14,211)
Accounts payable 16,869 66,149 94,320
Accrued expenses and other non-current liabilities 3,065 78,401 (93,020)
Net cash provided by operating activities from continuing operations 1,635,095 1,547,986 1,601,022
Cash flows from financing activities from continuing operations:      
Net change in commercial paper borrowings and revolving credit facilities 51,888 89,519 (77,798)
Debt proceeds 1,970,620 873,302 674,928
Debt repaid (797,808) (962,577) (669,047)
Dividends on common stock (111,864) (95,813) (91,043)
Common stock issued 17,020 20,508 18,087
Common stock repurchased (30,810) (78,316) (37,274)
Debt issuance costs and other items (5,600) (1,738) (3,775)
Net cash provided by (used in) financing activities from continuing operations 1,093,446 (155,115) (185,922)
Cash flows from investing activities from continuing operations:      
Purchases of property and revenue earning equipment (3,050,409) (1,860,436) (1,905,157)
Sales of revenue earning equipment 379,716 376,743 414,249
Sales of operating property and equipment 16,606 52,257 7,051
Acquisitions, net of cash acquired (167,372) (7,240) 0
Collections on direct finance leases and other items 74,967 73,172 76,510
Net cash used in investing activities from continuing operations (2,746,492) (1,365,504) (1,407,347)
Effect of exchange rates on cash, cash equivalents, and restricted cash 4,694 (5,539) (9,482)
(Decrease) increase in cash, cash equivalents, and restricted cash from continuing operations (13,257) 21,828 (1,729)
Decrease in cash, cash equivalents, and restricted cash from discontinued operations (1,654) (1,445) (1,929)
(Decrease) increase in cash, cash equivalents, and restricted cash (14,911) 20,383 (3,658)
Cash, cash equivalents, and restricted cash at January 1 83,022 62,639 66,297
Cash, cash equivalents, and restricted cash at December 31 $ 68,111 $ 83,022 $ 62,639