v3.26.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 198 $ 198
Receivables, net 2,097 1,897
Prepaid expenses and other current assets 305 378
Total current assets 2,600 2,473
Revenue earning equipment, net 8,565 8,898
Operating property and equipment, net of accumulated depreciation of $1,718 and $1,705 1,305 1,268
Goodwill 1,158 1,152
Intangible assets, net 368 412
Operating lease right-of-use assets 943 1,000
Sales-type leases and other assets 1,231 1,184
Total assets 16,170 16,387
Current liabilities:    
Short-term debt and current portion of long-term debt 1,668 819
Accounts payable 835 689
Accrued expenses and other current liabilities 1,379 1,270
Total current liabilities 3,882 2,778
Long-term debt 5,537 6,826
Other non-current liabilities 1,945 1,923
Deferred income taxes 1,829 1,808
Total liabilities 13,193 13,335
Contingencies and Other Matters (Note 14)
Shareholders' equity:    
Preferred stock, no par value per share — authorized, 3,800,917; none outstanding, September 30, 2026 and December 31, 2025 0 0
Common stock, $0.50 par value per share — authorized, 400,000,000; outstanding, September 30, 2026 — 38,218,715 and December 31, 2025 — 39,417,224 19 20
Additional paid-in capital 1,052 1,083
Retained earnings 2,520 2,569
Accumulated other comprehensive loss (614) (620)
Total shareholders' equity 2,977 3,052
Total liabilities and shareholders' equity $ 16,170 $ 16,387