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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities from continuing operations:      
Net earnings (loss) $ 867 $ 519 $ (122)
Less: Gain (Loss) from discontinued operations, net of tax 4 (3) (10)
Earnings (loss) from continuing operations 863 522 (112)
Depreciation expense 1,713 1,786 2,027
Used vehicle sales, net (450) (257) 0
Amortization expense and other non-cash charges, net 118 25 116
Non-cash lease expense 199 98 92
Non-operating pension costs, net and share-based compensation expense 57 46 41
Deferred income tax expense (benefit) 266 126 (33)
Proceeds from Collection of Sales-Type Leases 135 139 114
Changes in operating assets and liabilities:      
Receivables (134) (240) (5)
Inventories (9) (8) 20
Prepaid expenses and other assets (121) (125) (92)
Accounts payable (29) 126 29
Accrued expenses and other liabilities (298) (63) (16)
Net cash provided by operating activities from continuing operations 2,310 2,175 2,181
Cash flows from investing activities from continuing operations:      
Purchases of property and revenue earning equipment (2,631) (1,941) (1,146)
Sales of revenue earning equipment 1,182 748 539
Sales of operating property and equipment 53 74 13
Acquisitions, net of cash acquired (458) (325) 0
Other 4 (6) (7)
Net cash used in investing activities from continuing operations (1,850) (1,450) (601)
Cash flows from financing activities from continuing operations:      
Net borrowings (repayments) of commercial paper and other 134 260 (377)
Debt proceeds 1,229 300 2,084
Debt repayments (1,552) (608) (3,055)
Dividends on common stock (123) (122) (119)
Common stock issued 14 30 8
Common stock repurchased (557) (57) (29)
Other (6) (7) (19)
Net cash used in financing activities from continuing operations (861) (204) (1,507)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (4) (1) 5
Net (decrease) increase in cash, cash equivalents, and restricted cash from continuing operations (405) 520 78
Net increase (decrease) in cash, cash equivalents, and restricted cash from discontinued operations 0 1 (1)
(Decrease) increase in cash, cash equivalents, and restricted cash (405) 521 77
Cash, cash equivalents, and restricted cash at beginning of period 672 151 74
Cash, cash equivalents, and restricted cash at end of period $ 267 $ 672 $ 151