CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
Sep. 30, 2026	Sep. 30, 2025
Cash flows from operating activities from continuing operations:
Net earnings	$ 388	$ 367
Less: Loss from discontinued operations, net of tax	(1)	(1)
Earnings from continuing operations	389	368
Depreciation expense	1,280	1,274
Used vehicle sales, net	(36)	(10)
Amortization expense and other non-cash charges, net	110	115
Operating lease right-of-use asset amortization expense	284	281
Non-operating pension costs, net and share-based compensation expense	64	56
Deferred income taxes	16	98
Collections on sales-type leases	134	123
Changes in operating assets and liabilities:
Receivables	(183)	(234)
Prepaid expenses and other assets	(15)	157
Accounts payable	74	(34)
Accrued expenses and other liabilities	(132)	(349)
Net cash provided by operating activities from continuing operations	1,985	1,845
Cash flows from investing activities from continuing operations:
Purchases of property and revenue earning equipment	(1,375)	(1,730)
Sales of revenue earning equipment	371	369
Sales of operating property and equipment	11	11
Acquisitions, net of cash acquired	(12)	(1)
Other investing activities, net	0	1
Net cash used in investing activities from continuing operations	(1,005)	(1,350)
Cash flows from financing activities from continuing operations:
Net (repayments) borrowings of commercial paper and other	(576)	356
Debt proceeds	496	594
Debt repayments	(398)	(939)
Dividends on common stock	(113)	(108)
Common stock issued, net of tax withholdings on vested stock awards	(15)	(17)
Common stock repurchased	(372)	(350)
Other financing activities	1	(5)
Net cash used in financing activities from continuing operations	(977)	(469)
Effect of exchange rate changes on Cash and cash equivalents	(3)	10
Increase in Cash and cash equivalents from continuing operations	0	36
Net cash used in operating activities from discontinued operations	0	(1)
Increase in Cash and cash equivalents	0	35
Cash and cash equivalents at beginning of period	198	154
Cash and cash equivalents at end of period	$ 198	$ 189

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.