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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 180 $ 154
Receivables, net 1,853 1,861
Prepaid expenses and other current assets 307 448
Total current assets 2,340 2,463
Revenue earning equipment, net 9,219 9,206
Operating property and equipment, net of accumulated depreciation of $1,620 and $1,656 1,196 1,184
Goodwill 1,152 1,158
Intangible assets, net 439 457
Operating lease right-of-use assets 954 1,055
Sales-type leases and other assets 1,170 1,149
Total assets 16,470 16,672
Current liabilities:    
Short-term debt and current portion of long-term debt 734 1,120
Accounts payable 838 828
Accrued expenses and other current liabilities 1,297 1,323
Total current liabilities 2,869 3,271
Long-term debt 6,993 6,659
Other non-current liabilities 1,902 1,954
Deferred income taxes 1,632 1,671
Total liabilities 13,396 13,555
Contingencies and Other Matters (Note 14)
Shareholders' equity:    
Preferred stock, no par value per share — authorized, 3,800,917; none outstanding, June 30, 2025 and December 31, 2024 0 0
Common stock, $0.50 par value per share — authorized, 400,000,000; outstanding, June 30, 2025 — 40,790,636 and December 31, 2024 — 42,080,039 20 21
Additional paid-in capital 1,100 1,144
Retained earnings 2,590 2,644
Accumulated other comprehensive loss (636) (692)
Total shareholders' equity 3,074 3,117
Total liabilities and shareholders' equity $ 16,470 $ 16,672