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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Net income $ 157.1 $ 126.6 $ 72.9
Loss from discontinued operations, net of benefit for income taxes of $4.1, $3.6, and $1.1 (14.3) (13.4) (20.3)
Loss on sale of discontinued operations, net of benefit for income taxes of $—, $—, and $1.4 0.0 0.0 5.7
Depreciation and amortization 293.8 293.2 276.4
Stock-based compensation expense 23.6 22.7 22.5
Provision (benefit) for deferred income taxes (22.1) (41.5) 14.7
Net gains on lease portfolio sales, excluding sales-type leases (57.3) (82.8) (126.2)
Gains on dispositions of property and other assets 3.3 0.5 18.0
Gains on insurance recoveries from property damage 2.7 6.3 7.5
Non-cash impact of restructuring activities 4.3 (2.2) 0.0
Non-cash interest expense 13.4 12.7 13.2
Loss on extinguishment of debt 1.5 0.0 1.5
Other (2.6) (5.7) (5.3)
(Increase) decrease in receivables (14.3) (22.0) (94.4)
(Increase) decrease in inventories 208.1 (54.9) (193.4)
(Increase) decrease in other assets 0.9 (0.6) (11.5)
Increase (decrease) in accounts payable (53.6) 2.2 78.4
Increase (decrease) in accrued liabilities 22.2 53.2 (37.2)
Increase (decrease) in other liabilities 4.8 1.5 (2.9)
Net cash provided by operating activities – continuing operations 588.1 309.0 9.2
Net cash used in operating activities – discontinued operations (14.3) (13.4) (22.0)
Net cash provided by (used in) operating activities 573.8 295.6 (12.8)
Capital expenditures – lease fleet (541.9) (668.8) (928.8)
Proceeds from lease portfolio sales 360.7 381.8 750.7
Capital expenditures – operating and administrative (53.8) (41.3) (38.0)
Acquisitions, net of cash acquired 0.0 (62.2) (80.4)
Proceeds from dispositions of property and other assets 20.6 19.9 44.0
Proceeds from insurance recoveries 3.7 5.1 10.0
Payments to Acquire Equity Method Investments (3.9) (1.1) (15.5)
Payments for (Proceeds from) Other Investing Activities 0.0 3.6 0.0
Net cash used in investing activities – continuing operations (214.6) (363.0) (258.0)
Cash Provided by (Used in) Investing Activities, Discontinued Operations 0.0 0.0 (2.7)
Net Cash Provided by (Used in) Investing Activities, Total (214.6) (363.0) (260.7)
Payments to retire debt (2,050.5) (1,518.9) (1,578.5)
Proceeds from issuance of debt 1,970.4 1,652.7 2,000.6
Payments to settle contingent consideration liability (8.0) 0.0 0.0
Dividends paid to common shareholders (93.2) (86.0) (76.9)
Shares repurchased (20.7) 0.0 (51.8)
Purchase of shares to satisfy employee tax on vested stock (9.0) (7.2) (5.7)
Distributions to noncontrolling interest 8.9 32.4 22.3
Net cash provided by (used in) financing activities (219.9) 8.2 265.4
Net increase (decrease) in cash, cash equivalents, and restricted cash 139.3 (59.2) (8.1)
Cash, cash equivalents, and restricted cash at beginning of period 235.1 294.3 302.4
Cash, cash equivalents, and restricted cash at end of period 374.4 235.1 294.3
Interest paid 271.4 246.2 190.5
Income tax payments, net of refunds $ 54.6 $ 42.4 $ 19.3