CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities from continuing operations:
Net earnings	$ 499	$ 489	$ 406
Less: Loss from discontinued operations, net of tax	(2)	0	0
Earnings from continuing operations	501	489	406
Depreciation expense	1,703	1,694	1,712
Used vehicle sales, net	(22)	(72)	(196)
Currency translation adjustment loss	0	0	188
Amortization expense and other non-cash charges, net	156	160	102
Operating lease right-of-use asset amortization expense	381	374	271
Non-operating pension costs, net and share-based compensation expense	75	83	84
Deferred income taxes	130	21	115
Collections on sales-type leases	166	148	126
Changes in operating assets and liabilities:
Receivables	(33)	(61)	(26)
Prepaid expenses and other assets	53	(108)	(85)
Accounts payable	(63)	(32)	(7)
Accrued expenses and other liabilities	(453)	(431)	(337)
Net cash provided by operating activities from continuing operations	2,594	2,265	2,353
Cash flows from investing activities from continuing operations:
Purchases of property and revenue earning equipment	(2,135)	(2,683)	(3,234)
Sales of revenue earning equipment	468	532	764
Sales of operating property and equipment	18	19	63
Acquisitions, net of cash acquired	(1)	(314)	(250)
Other investing activities, net	0	0	(6)
Net cash used in investing activities from continuing operations	(1,650)	(2,446)	(2,663)
Cash flows from financing activities from continuing operations:
Net (repayments) borrowings of commercial paper and other	(3)	296	(100)
Debt proceeds	892	1,789	2,307
Debt repayments	(1,119)	(1,479)	(1,481)
Dividends on common stock	(145)	(135)	(128)
Common stock issued, net of tax withholdings on vested stock awards	(12)	10	2
Common stock repurchased	(519)	(321)	(337)
Other financing activities	(6)	(7)	(7)
Net cash (used in) provided by financing activities from continuing operations	(912)	153	256
Effect of exchange rate changes on Cash and cash equivalents	13	(21)	(9)
Increase (Decrease) in Cash and cash equivalents from continuing operations	45	(49)	(63)
Net cash used by operating activities from discontinued operations	(1)	(1)	0
Increase (Decrease) in Cash and cash equivalents	44	(50)	(63)
Cash and cash equivalents at beginning of period	154	204	267
Cash and cash equivalents at end of period	$ 198	$ 154	$ 204

The aggregate amount of recurring noncash expense charged against earnings in the period including the amortization of pension and postretirement items, debt issuance costs and intangible assets; and other transactions that do not result in cash inflows or outflows in the period in which they occur, but affect net income and thus are removed when calculating net cash flow from operating activities using the indirect cash flow method.

No definition available.