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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities from continuing operations:    
Net earnings (loss) $ 199,930 $ (183,712)
Less: Loss from discontinued operations, net of tax (1,222) (878)
Earnings (loss) from continuing operations 201,152 (182,834)
Depreciation expense 905,420 1,056,171
Used vehicle sales, net (80,485) 30,172
Amortization expense and other non-cash charges, net 26 74,854
Non-cash lease expense 46,599 45,055
Non-operating pension costs, net and share-based compensation expense 22,912 12,787
Deferred income tax expense (benefit) 56,397 (36,148)
Collections on sales-type leases 62,778 54,724
Changes in operating assets and liabilities:    
Receivables (105,319) 69,212
Inventories (1,422) 18,680
Prepaid expenses and other assets 945 (7,338)
Accounts payable 65,771 (54,434)
Accrued expenses and other non-current liabilities (43,541) 17,884
Net cash provided by operating activities from continuing operations 1,131,233 1,098,785
Cash flows from investing activities from continuing operations:    
Purchases of property and revenue earning equipment (904,399) (704,930)
Sales of revenue earning equipment 330,277 214,189
Sales of operating property and equipment 44,409 4,231
Other (3,695) (5,756)
Net cash used in investing activities from continuing operations (533,408) (492,266)
Cash flows from financing activities from continuing operations:    
Net repayments of commercial paper and other (198,560) (603,086)
Debt proceeds 0 2,074,189
Debt repayments (189,699) (1,236,255)
Dividends on common stock (60,826) (60,155)
Common stock issued 20,552 1,240
Common stock repurchased (48,978) (11,924)
Other (1,460) (9,277)
Net cash provided by (used in) financing activities from continuing operations (478,971) 154,732
Effect of exchange rate changes on cash and cash equivalents (2,369) (3,022)
Increase (decrease) in cash and cash equivalents from continuing operations 116,485 758,229
Increase (decrease) in cash and cash equivalents from discontinued operations 213 (344)
Increase (decrease) in cash and cash equivalents 116,698 757,885
Cash and cash equivalents at beginning of year 151,294 73,584
Cash and cash equivalents at end of period $ 267,992 $ 831,469