| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|---|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities from continuing operations: | |||||||||||
Net earnings (loss) | |||||||||||
-24,410 | 284,613 | 719,600 | 263,069 | 304,768 | 218,341 | 237,871 | 209,979 | 169,777 | 118,170 | 61,945 | 199,881 |
Less: Loss from discontinued operations, net of tax | |||||||||||
-1,138 | -2,309 | -457 | -2,163 | 1,221 | -1,884 | -5,404 | 9,080 | -1,591 | -6,438 | -28,172 | -57,698 |
Earnings (loss) from continuing operations | |||||||||||
-23,272 | 286,922 | 720,101 | 265,232 | 305,989 | 220,225 | 243,275 | 200,899 | 171,368 | 124,608 | 90,117 | 257,579 |
Depreciation expense | |||||||||||
1,878,929 | 1,388,570 | 1,257,681 | 1,187,050 | 1,121,966 | 1,047,049 | 983,610 | 939,677 | 872,262 | 833,841 | 881,216 | 836,149 |
Used vehicle sales, net | |||||||||||
-58,706 | -22,325 | -16,989 | 972 | 99,853 | 116,060 | 96,175 | 89,108 | 62,879 | 28,727 | 12,292 | 39,020 |
Goodwill, Impairment Loss | |||||||||||
0 | 15,513 | 0 | 0 | - | - | - | - | - | - | - | 10,322 |
Share-based compensation expense | |||||||||||
- | - | - | - | - | 20,905 | 19,310 | 18,864 | 17,423 | 16,543 | 16,404 | 17,076 |
Pension lump sum settlement expense | |||||||||||
- | - | - | - | - | 97,231 | 0 | 0 | - | - | - | - |
Amortization expense and other non-cash charges, net | |||||||||||
101,289 | 67,900 | 41,000 | 38,857 | 52,965 | 47,263 | 56,389 | 49,209 | 39,928 | 40,900 | 41,301 | 14,941 |
Non-cash lease expense | |||||||||||
85,835 | 81,100 | 67,800 | - | - | - | - | - | - | - | - | - |
Non-operating pension costs and share-based compensation expense | |||||||||||
86,234 | 32,493 | 46,708 | 56,257 | 38,978 | - | - | - | - | - | - | - |
Deferred income tax expense (benefit) | |||||||||||
-32,331 | 108,895 | -446,219 | 125,169 | 154,042 | 104,713 | 113,621 | 87,102 | 90,016 | 41,097 | 92,683 | 128,800 |
Collections on sales-type leases | |||||||||||
-121,201 | -82,803 | -81,015 | - | - | - | - | - | - | - | - | - |
Changes in operating assets and liabilities, net of acquisitions: | |||||||||||
Receivables | |||||||||||
-27,149 | 193,100 | 178,900 | 51,754 | 40,323 | 20,687 | 14,272 | -7,107 | 92,020 | 18,020 | -19,478 | -173,872 |
Inventories | |||||||||||
1,334 | 5,782 | 3,296 | 5,906 | -1,448 | 2,153 | 841 | -729 | 6,154 | 7,508 | 1,087 | -10,497 |
Prepaid expenses and other assets | |||||||||||
65,185 | 84,700 | 95,800 | 14,211 | 292 | 16,040 | 23,114 | -10,715 | 25,040 | 4,896 | 11,583 | 33,360 |
Accounts payable | |||||||||||
-26,596 | 16,869 | 66,149 | 94,320 | -74,381 | 53,481 | 34,431 | -22,803 | 24,657 | 6,906 | 15,570 | -109,143 |
Accrued expenses and other non-current liabilities | |||||||||||
-70,086 | -101,800 | 54,800 | -93,020 | -18,751 | -53,109 | -64,423 | -68,267 | 12,395 | 23,290 | -146,851 | -19,544 |
Net cash provided by operating activities from continuing operations | |||||||||||
2,140,539 | 1,718,000 | 1,628,100 | - | - | - | - | - | - | - | - | - |
Net cash provided by operating activities from continuing operations | |||||||||||
- | - | - | 1,601,022 | 1,441,788 | 1,382,818 | 1,251,811 | 1,134,124 | 1,041,956 | 1,028,034 | 984,956 | 1,248,169 |
Cash flows from investing activities from continuing operations: | |||||||||||
Purchases of property and revenue earning equipment | |||||||||||
3,735,174 | 3,050,409 | 1,860,436 | 1,905,157 | 2,667,978 | 2,259,164 | 2,122,628 | 2,133,235 | 1,698,589 | 1,070,092 | 651,953 | 1,230,401 |
Sales of revenue earning equipment | |||||||||||
465,705 | 379,716 | 376,743 | 414,249 | 423,605 | 493,477 | 445,589 | 405,440 | 290,336 | 220,843 | 211,002 | 257,679 |
Sale and leaseback of revenue earning equipment | |||||||||||
- | - | - | - | - | - | - | 130,184 | 37,395 | 0 | 0 | - |
Sales of operating property and equipment | |||||||||||
52,276 | 16,606 | 52,257 | 7,051 | 3,891 | 3,486 | 6,782 | 7,350 | 9,905 | 13,844 | 4,634 | 3,727 |
Collections on direct finance leases and other items | |||||||||||
- | - | - | 76,510 | 70,980 | 64,267 | 70,677 | 71,897 | 62,224 | 61,767 | 65,242 | 61,096 |
Changes in restricted cash | |||||||||||
- | - | - | - | -8,147 | -3,396 | 10,553 | -19,204 | -3,478 | 107 | -11,129 | -51,029 |
Other | |||||||||||
- | - | - | - | - | - | -8,173 | 0 | 0 | -3,178 | -209 | -395 |
Acquisitions, net of cash acquired | |||||||||||
0 | 167,372 | 7,240 | 0 | 0 | 9,972 | 1,858 | 5,113 | 361,921 | 211,897 | 88,873 | 246,993 |
Net cash used in investing activities from continuing operations | |||||||||||
-3,217,193 | -2,821,500 | -1,438,700 | - | - | - | - | - | - | - | - | - |
Net cash used in investing activities from continuing operations | |||||||||||
- | - | - | -1,407,347 | -2,161,355 | -1,704,510 | -1,603,818 | -1,504,273 | -1,657,172 | -982,464 | -448,610 | -1,103,468 |
Cash flows from financing activities from continuing operations: | |||||||||||
Net borrowings (repayments) of commercial paper and revolving credit facilities | |||||||||||
-18,033 | 51,888 | 89,519 | -77,798 | 323,359 | -221,082 | 146,382 | -64,751 | 46,749 | 174,939 | 148,256 | -522,312 |
Debt proceeds | |||||||||||
2,636,095 | 1,970,620 | 873,302 | 674,928 | 1,283,223 | 965,533 | 556,989 | 745,777 | 966,402 | 314,169 | 2,014 | 744,004 |
Debt repaid | |||||||||||
1,392,891 | 805,700 | 969,500 | 669,047 | 798,311 | 293,488 | 379,189 | 283,937 | 419,287 | 248,668 | 519,710 | 118,641 |
Dividends on common stock | |||||||||||
116,469 | 111,864 | 95,813 | 91,043 | 83,201 | 74,871 | 67,720 | 61,266 | 57,504 | 54,474 | 53,334 | 52,238 |
Common stock issued | |||||||||||
8,216 | 17,020 | 20,508 | 18,087 | 23,635 | 46,568 | 90,646 | 28,386 | 33,000 | 17,028 | 7,442 | 54,713 |
Common stock repurchased | |||||||||||
27,686 | 30,810 | 78,316 | 37,274 | 6,141 | 106,286 | 0 | 26,878 | 59,689 | 123,300 | 116,281 | 256,132 |
Excess tax benefits from share-based compensation and other items | |||||||||||
- | - | - | - | - | - | 5,151 | 1,341 | 1,710 | 754 | 775 | 6,471 |
Debt issuance costs and other items | |||||||||||
5,093 | 5,600 | 1,738 | 3,775 | 11,079 | 4,724 | 5,189 | 4,867 | 7,538 | 2,282 | 11,178 | 4,017 |
Net cash provided by financing activities from continuing operations | |||||||||||
1,084,139 | 1,085,500 | -162,100 | - | - | - | - | - | - | - | - | - |
Net cash provided by financing activities from continuing operations | |||||||||||
- | - | - | -185,922 | 731,485 | 311,650 | 347,070 | 333,805 | 504,202 | 78,166 | -542,016 | -148,152 |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | |||||||||||
-4,272 | 4,694 | -5,539 | -9,482 | 37 | 297 | 5,558 | 1,344 | 3,219 | 1,723 | 1,794 | 1,408 |
Increase (decrease) in cash, cash equivalents, and restricted cash from continuing operations | |||||||||||
3,213 | -13,257 | 21,828 | -1,729 | 11,955 | -9,745 | 621 | -35,000 | -107,795 | 125,459 | -3,876 | -2,043 |
Increase (decrease) in cash, cash equivalents, and restricted cash from discontinued operations | |||||||||||
2,260 | -1,654 | -1,445 | -1,929 | -1,102 | -1,725 | -5,451 | -3,180 | -686 | -10,931 | -17,904 | 5,889 |
Increase (decrease) in cash, cash equivalents, and restricted cash | |||||||||||
5,473 | -14,911 | 20,383 | -3,658 | 10,853 | -11,470 | -4,830 | -38,180 | -108,481 | 114,528 | -21,780 | 3,846 |
Cash flows from discontinued operations: | |||||||||||
Operating cash flows | |||||||||||
- | - | - | - | - | - | - | - | -500 | -9,276 | -25,737 | 7,362 |
Financing cash flows | |||||||||||
- | - | - | - | - | - | - | - | -140 | -2,955 | -9,427 | -2,478 |
Investing cash flows | |||||||||||
- | - | - | - | - | - | - | - | - | 1,677 | 16,669 | 678 |
Effect of exchange rate changes on cash | |||||||||||
- | - | - | - | - | - | - | - | -46 | -377 | 591 | 327 |