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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 253 $ 267
Receivables, net 1,682 1,610
Inventories 74 78
Prepaid expenses and other current assets 251 245
Total current assets 2,260 2,200
Revenue earning equipment, net 8,253 8,190
Operating property and equipment, net of accumulated depreciation of $1,393 and $1,377 1,093 1,148
Goodwill 861 861
Intangible assets, net 288 295
Operating lease right-of-use assets 673 715
Sales-type leases and other assets 1,115 986
Total assets 14,543 14,395
Current liabilities:    
Short-term debt and current portion of long-term debt 1,674 1,349
Accounts payable 980 767
Accrued expenses and other current liabilities 1,101 1,200
Total current liabilities 3,755 3,316
Long-term debt 4,666 5,003
Other non-current liabilities 1,507 1,568
Deferred income taxes 1,610 1,571
Total liabilities 11,538 11,458
Commitments and contingencies (Note 15)
Shareholders’ equity:    
Preferred stock, no par value per share — authorized, 3,800,917; none outstanding, March 31, 2023 and December 31, 2022 0 0
Common stock, $0.50 par value per share — authorized, 400,000,000; outstanding, March 31, 2023 — 46,492,233 and December 31, 2022 — 46,286,664 23 23
Additional paid-in capital 1,168 1,192
Retained earnings 2,596 2,518
Accumulated other comprehensive loss (782) (796)
Total shareholders’ equity 3,005 2,937
Total liabilities and shareholders’ equity $ 14,543 $ 14,395