CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
Jun. 30, 2025	Jun. 30, 2024
Cash flows from operating activities from continuing operations:
Net earnings	$ 228	$ 212
Less: Loss from discontinued operations, net of tax	(2)	0
Earnings from continuing operations	230	212
Depreciation expense	845	852
Used vehicle sales, net	(7)	(39)
Amortization expense and other non-cash charges, net	82	73
Operating right-of-use asset amortization expense	188	191
Non-operating pension costs, net and share-based compensation expense	36	41
Deferred income taxes	(42)	(20)
Collections on sales-type leases	80	76
Changes in operating assets and liabilities:
Receivables	14	(46)
Prepaid expenses and other assets	106	20
Accounts payable	13	(35)
Accrued expenses and other liabilities	(142)	(247)
Net cash provided by operating activities from continuing operations	1,403	1,078
Cash flows from investing activities from continuing operations:
Purchases of property and revenue earning equipment	(1,203)	(1,324)
Sales of revenue earning equipment	254	305
Sales of operating property and equipment	6	12
Acquisitions, net of cash acquired	(1)	(297)
Other investing activities	1	(1)
Net cash used in investing activities from continuing operations	(943)	(1,305)
Cash flows from financing activities from continuing operations:
Net (repayments) borrowings of commercial paper and other	(215)	81
Debt proceeds	594	1,193
Debt repayments	(471)	(870)
Dividends on common stock	(71)	(66)
Common stock issued, net of tax withholdings on vested stock awards	(16)	0
Common stock repurchased	(261)	(141)
Other financing activities	(4)	(3)
Net cash (used in) provided by financing activities from continuing operations	(444)	194
Effect of exchange rate changes on Cash and cash equivalents	10	(7)
Increase (decrease) in Cash and cash equivalents from continuing operations	26	(40)
Cash and cash equivalents at beginning of period	154	204
Cash and cash equivalents at end of period	$ 180	$ 164

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.