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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities from continuing operations:    
Net earnings (loss) $ 337,984 $ (147,878)
Less: Loss from discontinued operations, net of tax (1,827) (10,129)
Earnings (loss) from continuing operations 339,811 (137,749)
Depreciation expense 1,349,239 1,552,318
Used vehicle sales, net (149,788) 17,253
Amortization expense and other non-cash charges, net 12,787 93,513
Non-cash lease expense 70,477 67,949
Non-operating pension costs, net and share-based compensation expense 35,469 28,376
Deferred income tax expense (benefit) 86,199 (29,875)
Collections on sales-type leases 99,305 85,662
Changes in operating assets and liabilities:    
Receivables (160,454) 6,646
Inventories (5,650) 20,499
Prepaid expenses and other assets (91,147) (11,822)
Accounts payable 119,144 (14,733)
Accrued expenses and other non-current liabilities (20,501) 18,552
Net cash provided by operating activities from continuing operations 1,684,891 1,696,589
Cash flows from investing activities from continuing operations:    
Purchases of property and revenue earning equipment (1,427,684) (879,400)
Sales of revenue earning equipment 516,466 390,767
Sales of operating property and equipment 54,606 9,918
Other (4,298) (5,704)
Net cash used in investing activities from continuing operations (860,910) (484,419)
Cash flows from financing activities from continuing operations:    
Net repayments of commercial paper and other (97,048) (499,642)
Debt proceeds 0 2,084,343
Debt repayments (543,345) (2,081,434)
Dividends on common stock (91,296) (89,672)
Common stock issued 23,650 3,962
Common stock repurchased (56,652) (11,924)
Other (3,363) (9,348)
Net cash provided by (used in) financing activities from continuing operations (768,054) (603,715)
Effect of exchange rate changes on cash and cash equivalents (4,590) 2,866
Increase (decrease) in cash and cash equivalents from continuing operations 51,337 611,321
Increase (decrease) in cash and cash equivalents from discontinued operations 105 (657)
Increase (decrease) in cash and cash equivalents 51,442 610,664
Cash and cash equivalents at beginning of year 151,294 73,584
Cash and cash equivalents at end of period $ 202,736 $ 684,248