XML 26 R7.htm IDEA: XBRL DOCUMENT v3.25.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities from continuing operations:      
Net earnings $ 489 $ 406 $ 867
Less: Earnings from discontinued operations, net of taxes 0 0 4
Earnings from continuing operations 489 406 863
Depreciation expense 1,694 1,712 1,713
Used vehicle sales, net (72) (196) (450)
Currency translation adjustment loss 0 188 0
Amortization expense and other non-cash charges, net 160 102 118
Non-cash lease expense 374 271 199
Non-operating pension costs, net and share-based compensation expense 83 84 57
Deferred income tax expense 21 115 266
Collections on sales-type leases 148 126 135
Changes in operating assets and liabilities:      
Receivables (61) (26) (134)
Prepaid expenses and other assets (108) (85) (130)
Accounts payable (32) (7) (29)
Accrued expenses and other liabilities (431) (337) (298)
Net cash provided by operating activities from continuing operations 2,265 2,353 2,310
Cash flows from investing activities from continuing operations:      
Purchases of property and revenue earning equipment (2,683) (3,234) (2,631)
Sales of revenue earning equipment 532 764 1,182
Sales of operating property and equipment 19 63 53
Acquisitions, net of cash acquired (314) (250) (458)
Other investing activities 0 (6) 4
Net cash used in investing activities from continuing operations (2,446) (2,663) (1,850)
Cash flows from financing activities from continuing operations:      
Net borrowings (repayments) of commercial paper and other 296 (100) 134
Debt proceeds 1,789 2,307 1,229
Debt repayments (1,479) (1,481) (1,552)
Dividends on common stock (135) (128) (123)
Common stock issued 10 2 14
Common stock repurchased (321) (337) (557)
Other financing activities (7) (7) (6)
Net cash provided by (used in) financing activities from continuing operations 153 256 (861)
Effect of exchange rate changes on Cash and cash equivalents (21) (9) (4)
Decrease in Cash and cash equivalents from continuing operations (49) (63) (405)
Net cash used by operating activities from discontinued operations (1) 0 0
Decrease in Cash and cash equivalents (50) (63) (405)
Cash and cash equivalents at beginning of period 204 267 672
Cash and cash equivalents at end of period $ 154 $ 204 $ 267