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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities from continuing operations:    
Net earnings (loss) $ 50,825 $ (109,613)
Less: Loss from discontinued operations, net of tax (759) (484)
Earnings (loss) from continuing operations 51,584 (109,129)
Depreciation expense 461,162 523,223
Used vehicle sales, net (28,851) 20,684
Amortization expense and other non-cash charges, net 15,133 42,698
Non-cash lease expense 23,250 22,460
Non-operating pension costs, net and share-based compensation expense 10,668 4,312
Deferred income tax expense (benefit) 15,477 (13,598)
Collections on sales-type leases 30,374 26,597
Changes in operating assets and liabilities:    
Receivables (4,597) (14,634)
Inventories 1,070 15,409
Prepaid expenses and other assets 892 (36,482)
Accounts payable (25,642) (25,707)
Accrued expenses and other non-current liabilities (84,809) (17,247)
Net cash provided by operating activities from continuing operations 465,711 438,586
Cash flows from investing activities from continuing operations:    
Purchases of property and revenue earning equipment (381,051) (430,960)
Sales of revenue earning equipment 154,144 101,099
Sales of operating property and equipment 2,357 1,883
Other (1,412) (5,000)
Net cash used in investing activities from continuing operations (225,962) (332,978)
Cash flows from financing activities from continuing operations:    
Net borrowings (repayments) of commercial paper and other (130,763) 104,027
Debt proceeds 0 855,353
Debt repayments (114,317) (697,550)
Dividends on common stock (31,257) (30,594)
Common stock repurchased (19,444) (11,924)
Other (2,316) (1,692)
Net cash provided by (used in) financing activities from continuing operations (298,097) 217,620
Effect of exchange rate changes on cash and cash equivalents (1,202) 725
Increase (decrease) in cash and cash equivalents from continuing operations (59,550) 323,953
Increase (decrease) in cash and cash equivalents from discontinued operations (6) (302)
Increase (decrease) in cash and cash equivalents (59,556) 323,651
Cash and cash equivalents at beginning of year 151,294 73,584
Cash and cash equivalents at end of period $ 91,738 $ 397,235