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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities from continuing operations:    
Net earnings $ 98 $ 85
Less: Loss from discontinued operations, net of tax 0 0
Earnings (loss) from continuing operations 98 85
Depreciation expense 425 424
Used vehicle sales, net (9) (20)
Amortization expense and other non-cash charges, net 40 39
Operating right-of-use asset amortization expense 96 92
Non-operating pension costs, net and share-based compensation expense 15 20
Deferred income taxes (13) (10)
Collections on sales-type leases 39 38
Changes in operating assets and liabilities:    
Receivables 36 8
Prepaid expenses and other assets 59 3
Accounts payable 11 (33)
Accrued expenses and other liabilities (146) (120)
Net cash provided by operating activities from continuing operations 651 526
Cash flows from investing activities from continuing operations:    
Purchases of property and revenue earning equipment (514) (686)
Sales of revenue earning equipment 120 162
Sales of operating property and equipment 2 11
Acquisitions, net of cash acquired (1) (297)
Net cash used in investing activities from continuing operations (393) (810)
Cash flows from financing activities from continuing operations:    
Net (repayments) borrowings of commercial paper and other (311) 288
Debt proceeds 297 896
Debt repayments (18) (763)
Dividends on common stock (38) (35)
Common stock issued (23) (17)
Common stock repurchased (167) (51)
Other financing activities (1) (2)
Net cash (used in) provided by financing activities from continuing operations (261) 316
Effect of exchange rate changes on Cash and cash equivalents 0 (2)
(Decrease) Increase in Cash and cash equivalents (3) 30
Cash and cash equivalents at beginning of period 154 204
Cash and cash equivalents at end of period $ 151 $ 234