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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities from continuing operations:      
Net earnings $ 406 $ 867 $ 519
Less: Earnings (loss) from discontinued operations, net of taxes 0 4 (3)
Earnings from continuing operations 406 863 522
Depreciation expense 1,712 1,713 1,786
Used vehicle sales, net (196) (450) (257)
Currency translation adjustment loss 188 0 0
Amortization expense and other non-cash charges, net 102 118 25
Non-cash lease expense 271 199 98
Non-operating pension costs, net and share-based compensation expense 84 57 46
Deferred income tax expense 115 266 126
Collections on sales-type leases 126 135 139
Changes in operating assets and liabilities:      
Receivables (26) (134) (240)
Prepaid expenses and other assets (85) (130) (133)
Accounts payable (7) (29) 126
Accrued expenses and other liabilities (337) (298) (63)
Net cash provided by operating activities from continuing operations 2,353 2,310 2,175
Cash flows from investing activities from continuing operations:      
Purchases of property and revenue earning equipment (3,234) (2,631) (1,941)
Sales of revenue earning equipment 764 1,182 748
Sales of operating property and equipment 63 53 74
Acquisitions, net of cash acquired (250) (458) (325)
Other investing activities (6) 4 (6)
Net cash used in investing activities from continuing operations (2,663) (1,850) (1,450)
Cash flows from financing activities from continuing operations:      
Net borrowings of commercial paper and other (100) 134 260
Debt proceeds 2,307 1,229 300
Debt repayments (1,481) (1,552) (608)
Dividends on common stock (128) (123) (122)
Common stock issued 2 14 30
Common stock repurchased (337) (557) (57)
Other financing activities (7) (6) (7)
Net cash provided by (used in) financing activities from continuing operations 256 (861) (204)
Effect of exchange rate changes on Cash and cash equivalents and restricted cash (9) (4) (1)
(Decrease) increase in Cash and cash equivalents and restricted cash from continuing operations (63) (405) 520
Net cash (used) provided by operating activities from discontinued operations 0 0 1
(Decrease) increase in Cash and cash equivalents and restricted cash (63) (405) 521
Cash and cash equivalents and restricted cash at beginning of period 267 672 151
Cash and cash equivalents and restricted cash at end of period $ 204 $ 267 $ 672