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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities from continuing operations:    
Net earnings $ 367 $ 354
Less: Loss from discontinued operations, net of tax (1) 0
Earnings from continuing operations 368 354
Depreciation expense 1,274 1,275
Used vehicle sales, net (10) (54)
Amortization expense and other non-cash charges, net 115 110
Operating right-of-use asset amortization expense 281 267
Non-operating pension costs, net and share-based compensation expense 56 63
Deferred income taxes 98 (29)
Collections on sales-type leases 123 111
Changes in operating assets and liabilities:    
Receivables (234) (63)
Prepaid expenses and other assets 157 15
Accounts payable (34) (27)
Accrued expenses and other liabilities (349) (315)
Net cash provided by operating activities from continuing operations 1,845 1,707
Cash flows from investing activities from continuing operations:    
Purchases of property and revenue earning equipment (1,730) (1,922)
Sales of revenue earning equipment 369 414
Sales of operating property and equipment 11 19
Acquisitions, net of cash acquired (1) (313)
Other investing activities 1 0
Net cash used in investing activities from continuing operations (1,350) (1,802)
Cash flows from financing activities from continuing operations:    
Net borrowings of commercial paper and other 356 405
Debt proceeds 594 1,490
Debt repayments (939) (1,448)
Dividends on common stock (108) (101)
Common stock issued, net of tax withholdings on vested stock awards (17) 6
Common stock repurchased (350) (282)
Other financing activities (5) (5)
Net cash (used in) provided by financing activities from continuing operations (469) 65
Effect of exchange rate changes on Cash and cash equivalents 10 (12)
Increase (decrease) in Cash and cash equivalents from continuing operations 36 (42)
Net cash used in operating activities from discontinued operations (1) 0
Increase (Decrease) in Cash and cash equivalents 35 (42)
Cash and cash equivalents at beginning of period 154 204
Cash and cash equivalents at end of period $ 189 $ 162