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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities from continuing operations:    
Net earnings $ 85 $ 139
Less: Loss from discontinued operations, net of tax 0 (1)
Earnings from continuing operations 85 140
Depreciation expense 424 445
Used vehicle sales, net (20) (72)
Amortization expense and other non-cash charges, net 39 28
Non-cash lease expense 92 59
Non-operating pension costs, net and share-based compensation expense 20 20
Deferred income tax expense (10) 42
Collections on sales-type leases 38 30
Changes in operating assets and liabilities:    
Receivables 8 (7)
Prepaid expenses and other assets 3 (22)
Accounts payable (33) 45
Accrued expenses and other liabilities (120) (230)
Net cash provided by operating activities from continuing operations 526 478
Cash flows from investing activities from continuing operations:    
Purchases of property and revenue earning equipment (686) (641)
Sales of revenue earning equipment 162 216
Sales of operating property and equipment 11 48
Acquisitions, net of cash acquired (297) 0
Net cash used in investing activities from continuing operations (810) (377)
Cash flows from financing activities from continuing operations:    
Net borrowings (repayments) of commercial paper and other 288 (216)
Debt proceeds 896 664
Debt repayments (763) (471)
Dividends on common stock (35) (35)
Common stock issued (17) (23)
Common stock repurchased (51) (45)
Other financing activities (2) 0
Net cash provided by (used in) financing activities from continuing operations 316 (126)
Effect of exchange rate changes on Cash and cash equivalents (2) 11
Increase (decrease) in Cash and cash equivalents 30 (14)
Cash and cash equivalents at beginning of period 204 267
Cash and cash equivalents at end of period $ 234 $ 253