RYDER SYSTEM INC, 10-Q filed on 10/23/2025
Quarterly Report
v3.25.3
Cover
 9 Months Ended
Sep. 30, 2025
shares
Cover [Abstract]  
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Sep. 30, 2025
Document Transition Report false
Entity File Number 1-4364
Entity Registrant Name RYDER SYSTEM, INC.
Entity Incorporation, State or Country Code FL
Entity Tax Identification Number 59-0739250
Entity Address, Address Line One 2333 Ponce de Leon Blvd.
Entity Address, Address Line Two Suite 700
Entity Address, City or Town Coral Gables
Entity Address, State or Province FL
Entity Address, Postal Zip Code 33134
City Area Code 305
Local Phone Number 500-3726
Title of 12(b) Security Ryder System, Inc. Common Stock ($0.50 par value)
Trading Symbol R
Security Exchange Name NYSE
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Large Accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Shell Company false
Entity Common Stock, Shares Outstanding 40,376,534
Document Fiscal Year Focus 2025
Document Fiscal Period Focus Q3
Amendment Flag false
Current Fiscal Year End Date --12-31
Entity Central Index Key 0000085961
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Lease & related maintenance and rental revenue $ 976 $ 960 $ 2,887 $ 2,844
Total revenue 3,171 3,168 9,490 9,447
Selling, general and administrative expenses 380 368 1,123 1,113
Non-operating pension costs, net 10 10 27 31
Used vehicle sales, net (3) (15) (10) (54)
Interest expense 102 98 304 286
Miscellaneous income, net (14) (10) (21) (29)
Restructuring and other items, net 0 1 0 5
Total expenses 2,981 2,980 8,982 8,967
Earnings from continuing operations before income taxes 190 188 508 480
Provision for income taxes 51 45 140 126
Earnings from continuing operations 139 143 368 354
Loss from discontinued operations, net of tax (1) (1) (1) 0
Net earnings $ 138 $ 142 $ 367 $ 354
Earnings per common share — Basic        
Continuing operations (in dollars per share) $ 3.39 $ 3.32 $ 8.90 $ 8.11
Discontinued operations (in dollars per share) (0.01) (0.01) (0.04) 0
Net earnings (in dollars per share) 3.38 3.30 8.86 8.11
Earnings per common share — Diluted        
Continuing operations (in dollars per share) 3.33 3.25 8.75 7.96
Discontinued operations (in dollars per share) (0.01) (0.01) (0.04) 0
Net earnings (in dollars per share) $ 3.32 $ 3.24 $ 8.70 $ 7.95
Services revenue        
Revenue $ 2,088 $ 2,097 $ 6,290 $ 6,248
Cost of services sold 1,779 1,774 5,344 5,311
Cost of lease & related maintenance and rental        
Cost of services sold 626 646 1,916 1,960
Fuel services revenue        
Revenue 107 111 313 355
Cost of services sold $ 101 $ 108 $ 299 $ 344
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net earnings $ 138 $ 142 $ 367 $ 354
Other comprehensive income:        
Changes in cumulative translation adjustment gain (loss) and unrealized gain (loss) from cash flow hedges (7) (12) 36 (40)
Amortization of pension and postretirement items 8 8 23 23
Income tax expense related to amortization of pension and postretirement items (2) (3) (4) (6)
Amortization of pension and postretirement items, net of taxes 6 5 19 17
Other comprehensive income (loss), net of taxes (1) (7) 55 (23)
Comprehensive income $ 137 $ 135 $ 422 $ 331
v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 189 $ 154
Receivables, net 2,125 1,861
Prepaid expenses and other current assets 294 448
Total current assets 2,608 2,463
Revenue earning equipment, net 9,003 9,206
Operating property and equipment, net of accumulated depreciation of $1,662 and $1,656 1,241 1,184
Goodwill 1,152 1,158
Intangible assets, net 425 457
Operating lease right-of-use assets 944 1,055
Sales-type leases and other assets 1,175 1,149
Total assets 16,548 16,672
Current liabilities:    
Short-term debt and current portion of long-term debt 577 1,120
Accounts payable 676 828
Accrued expenses and other current liabilities 1,307 1,323
Total current liabilities 2,560 3,271
Long-term debt 7,280 6,659
Other non-current liabilities 1,842 1,954
Deferred income taxes 1,772 1,671
Total liabilities 13,454 13,555
Contingencies and Other Matters (Note 14)
Shareholders' equity:    
Preferred stock, no par value per share — authorized, 3,800,917; none outstanding, September 30, 2025 and December 31, 2024 0 0
Common stock, $0.50 par value per share — authorized, 400,000,000; outstanding, September 30, 2025 — 40,376,534 and December 31, 2024 — 42,080,039 20 21
Additional paid-in capital 1,096 1,144
Retained earnings 2,615 2,644
Accumulated other comprehensive loss (637) (692)
Total shareholders' equity 3,094 3,117
Total liabilities and shareholders' equity $ 16,548 $ 16,672
v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Accumulated depreciation $ 1,662 $ 1,656
Preferred stock, par value (in dollars per share) $ 0 $ 0
Preferred stock, shares authorized (in shares) 3,800,917 3,800,917
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.50 $ 0.50
Common stock, shares authorized (in shares) 400,000,000 400,000,000
Common stock, shares outstanding (in shares) 40,376,534 42,080,039
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities from continuing operations:    
Net earnings $ 367 $ 354
Less: Loss from discontinued operations, net of tax (1) 0
Earnings from continuing operations 368 354
Depreciation expense 1,274 1,275
Used vehicle sales, net (10) (54)
Amortization expense and other non-cash charges, net 115 110
Operating right-of-use asset amortization expense 281 267
Non-operating pension costs, net and share-based compensation expense 56 63
Deferred income taxes 98 (29)
Collections on sales-type leases 123 111
Changes in operating assets and liabilities:    
Receivables (234) (63)
Prepaid expenses and other assets 157 15
Accounts payable (34) (27)
Accrued expenses and other liabilities (349) (315)
Net cash provided by operating activities from continuing operations 1,845 1,707
Cash flows from investing activities from continuing operations:    
Purchases of property and revenue earning equipment (1,730) (1,922)
Sales of revenue earning equipment 369 414
Sales of operating property and equipment 11 19
Acquisitions, net of cash acquired (1) (313)
Other investing activities 1 0
Net cash used in investing activities from continuing operations (1,350) (1,802)
Cash flows from financing activities from continuing operations:    
Net borrowings of commercial paper and other 356 405
Debt proceeds 594 1,490
Debt repayments (939) (1,448)
Dividends on common stock (108) (101)
Common stock issued, net of tax withholdings on vested stock awards (17) 6
Common stock repurchased (350) (282)
Other financing activities (5) (5)
Net cash (used in) provided by financing activities from continuing operations (469) 65
Effect of exchange rate changes on Cash and cash equivalents 10 (12)
Increase (decrease) in Cash and cash equivalents from continuing operations 36 (42)
Net cash used in operating activities from discontinued operations (1) 0
Increase (Decrease) in Cash and cash equivalents 35 (42)
Cash and cash equivalents at beginning of period 154 204
Cash and cash equivalents at end of period $ 189 $ 162
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)
$ in Millions
Total
Preferred Stock
Common Stock
Additional Paid-In Capital
Retained Earnings
Accumulated Other Comprehensive Loss
Beginning balance at Dec. 31, 2023 $ 3,069 $ 0 $ 22 $ 1,148 $ 2,554 $ (655)
Beginning balance (in shares) at Dec. 31, 2023     43,902,000      
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Comprehensive income 331       354 (23)
Common stock dividends declared (100)       (100)  
Common stock issued under employee stock award and stock purchase plans and other (in shares) [1]     611,000      
Common stock issued under employee stock award and stock purchase plans and other [1] $ 6     6    
Common stock repurchases (in shares) (2,200,000)   (2,223,000)      
Common stock repurchases $ (282)   $ (1) (50) (231)  
Share-based compensation 32     32    
Ending balance at Sep. 30, 2024 3,056 0 $ 21 1,136 2,577 (678)
Ending balance (in shares) at Sep. 30, 2024     42,290,000      
Beginning balance at Jun. 30, 2024 3,081 0 $ 22 1,141 2,589 (671)
Beginning balance (in shares) at Jun. 30, 2024     43,283,000      
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Comprehensive income 135       142 (7)
Common stock dividends declared (36)       (36)  
Common stock issued under employee stock award and stock purchase plans and other (in shares) [2]     50,000      
Common stock issued under employee stock award and stock purchase plans and other [2] $ 6   $ (1) 7    
Common stock repurchases (in shares) (1,100,000)   (1,043,000)      
Common stock repurchases $ (141)     (23) (118)  
Share-based compensation 11     11    
Ending balance at Sep. 30, 2024 3,056 0 $ 21 1,136 2,577 (678)
Ending balance (in shares) at Sep. 30, 2024     42,290,000      
Beginning balance at Dec. 31, 2024 $ 3,117 0 $ 21 1,144 2,644 (692)
Beginning balance (in shares) at Dec. 31, 2024 42,080,039   42,080,000      
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Comprehensive income $ 422       367 55
Common stock dividends declared (107)       (107)  
Common stock issued under employee stock award and stock purchase plans and other (in shares) [1]     486,000      
Common stock issued under employee stock award and stock purchase plans and other [1] $ (17)     (17)    
Common stock repurchases (in shares) (2,200,000)   (2,189,000)      
Common stock repurchases $ (350)   $ (1) (60) (289)  
Share-based compensation 29     29    
Ending balance at Sep. 30, 2025 $ 3,094 0 $ 20 1,096 2,615 (637)
Ending balance (in shares) at Sep. 30, 2025 40,376,534   40,377,000      
Beginning balance at Jun. 30, 2025 $ 3,074 0 $ 20 1,100 2,590 (636)
Beginning balance (in shares) at Jun. 30, 2025     40,791,000      
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Comprehensive income 137       138 (1)
Common stock dividends declared (38)       (38)  
Common stock issued under employee stock award and stock purchase plans and other (in shares) [2]     74,000      
Common stock issued under employee stock award and stock purchase plans and other [2] $ 1       1  
Common stock repurchases (in shares) (500,000)   (488,000)      
Common stock repurchases $ (90)     (14) (76)  
Share-based compensation 10     10    
Ending balance at Sep. 30, 2025 $ 3,094 $ 0 $ 20 $ 1,096 $ 2,615 $ (637)
Ending balance (in shares) at Sep. 30, 2025 40,376,534   40,377,000      
[1] Net of common shares delivered as payment for the exercise price or to satisfy the holders' withholding tax liability upon exercise of options.
[2] Net of common shares delivered as payment for the exercise price or to satisfy the holders' withholding tax liability upon exercise of options.
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Statement of Stockholders' Equity [Abstract]        
Cash dividends declared per common share (in dollars per share) $ 0.91 $ 0.81 $ 2.53 $ 2.23
v3.25.3
GENERAL
 9 Months Ended
Sep. 30, 2025
Accounting Changes and Error Corrections [Abstract]  
GENERAL GENERAL
Interim Financial Statements

The accompanying unaudited condensed consolidated financial statements include the accounts of Ryder System, Inc. (Ryder), all entities in which Ryder has a controlling voting interest (subsidiaries), and variable interest entities (VIE) where Ryder is determined to be the primary beneficiary in accordance with generally accepted accounting principles in the United States (GAAP). Ryder is deemed to be the primary beneficiary if we have the power to direct the activities that most significantly impact the entity's economic performance and we share in the significant risks and rewards of the entity. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the accounting policies described in our 2024 Annual Report on Form 10-K and should be read in conjunction with the consolidated financial statements and notes thereto. The year-end Condensed Consolidated Balance Sheet data was derived from our audited financial statements, but does not include all disclosures required by GAAP. In the opinion of management, all adjustments, including normal recurring accruals, considered necessary for a fair statement have been included and the disclosures herein are adequate. The operating results for interim periods are not necessarily indicative of the results that can be expected for a full year.
We report our financial performance based on three business segments: (1) Fleet Management Solutions (FMS), which provides full service leasing, commercial rental and vehicle maintenance services; (2) Supply Chain Solutions (SCS), which provides fully integrated port-to-door logistics solutions; and (3) Dedicated Transportation Solutions (DTS), which provides turnkey transportation solutions, including dedicated vehicles, professional drivers, management and administrative support. Dedicated transportation services provided as part of an operationally integrated, multi-service supply chain solution to SCS customers are primarily reported in the SCS business segment.
v3.25.3
RECENT ACCOUNTING PRONOUNCEMENTS
 9 Months Ended
Sep. 30, 2025
Accounting Standards Update and Change in Accounting Principle [Abstract]  
RECENT ACCOUNTING PRONOUNCEMENTS RECENT ACCOUNTING PRONOUNCEMENTS
In December 2023, the FASB issued Accounting Standard Update (ASU) No. 2023-09, Income Taxes (Topic 740). The amendments require disclosure of specific categories in the income tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold and further disaggregation of income taxes paid for individually significant jurisdictions. The standard is effective beginning with the December 2025 annual financial statements. This ASU does not impact our consolidated financial position, results of operations or cash flows.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). The amendments provide for more detailed disaggregation of expenses. The standard is effective beginning with the December 2027 annual financial statements and interim periods thereafter, with early adoption permitted. We are currently evaluating the disclosure impact of the adoption of this update. This ASU does not impact our consolidated financial position, results of operations or cash flows.
v3.25.3
SEGMENT REPORTING
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
Our primary measurement of segment financial performance, defined as segment "Earnings from continuing operations before income taxes" (EBT), includes an allocation of costs from Central Support Services (CSS) and excludes Non-operating pension costs, net, Intangible amortization expense, and certain other items. The objective of the EBT measurement is to provide clarity on the profitability of each business segment and, ultimately, to hold leadership of each business segment accountable for their allocated share of CSS costs. Certain costs are not attributable to any segment and remain unallocated in CSS, including costs for investor relations, public affairs and certain executive compensation. Segment results are not necessarily indicative of the results of operations that would have occurred had each segment been an independent, stand-alone entity during the periods presented.
The following tables sets forth financial information for each of our segments and provides a reconciliation between segment EBT and Earnings from continuing operations before income taxes (in millions):
Three months ended September 30, 2025
FMSSCSDTS
Elimination (1)
Total
Revenue $1,465 $1,380 $570 $(244)$3,171 
Direct operating costs1,118 1,227 527 
Used vehicle sales, net(3)— — 
Other segment items (2)
204 67 7 
Segment EBT$146 $86 $36 (33)235 
Unallocated Central Support Services(21)
Intangible amortization expense (3)
(14)
Non-operating pension costs, net (4)
(10)
Earnings from continuing operations before income taxes$190 
Three months ended September 30, 2024
Revenue$1,470 $1,317 $633 $(252)$3,168 
Direct operating costs1,154 1,166 580 
Used vehicle sales, net(15)— — 
Other segment items (2)
199 58 17 
Segment EBT$132 $93 $36 (34)227 
Unallocated Central Support Services(17)
Intangible amortization expense (3)
(11)
Non-operating pension costs, net (4)
(10)
Other items impacting comparability, net
(1)
Earnings from continuing operations before income taxes$188 
_______________ 
(1)Represents the intercompany revenues in our FMS business segment and inter-segment EBT.
(2)Other segment items for each reportable segment include indirect costs and also include Equipment Contribution for SCS and DTS. 
(3)Included within "Selling, general and administrative expenses" in our Condensed Consolidated Statements of Earnings.
(4)Refer to Note 13, Employee Benefit Plans," for further discussion.
Nine months ended September 30, 2025
FMSSCSDTS
Elimination (1)
Total
Revenue $4,379 $4,077 $1,778 $(744)$9,490 
Direct operating costs3,402 3,612 1,653 
Used vehicle sales, net(10)— — 
Other segment items (2)
621 194 25 
Segment EBT$366 $271 $100 (100)637 
Unallocated Central Support Services(63)
Intangible amortization expense (3)
(39)
Non-operating pension costs, net (4)
(27)
Earnings from continuing operations before income taxes$508 
Nine months ended September 30, 2024
Revenue$4,403 $3,960 $1,831 $(747)$9,447 
Direct operating costs3,489 3,538 1,689 
Used vehicle sales, net(54)— — 
Other segment items (2)
603 180 51 
Segment EBT$365 $242 $91 (97)601 
Unallocated Central Support Services(52)
Intangible amortization expense (3)
(33)
Non-operating pension costs, net (4)
(31)
Other items impacting comparability, net
(5)
Earnings from continuing operations before income taxes$480 
_______________ 
(1)Represents the intercompany revenues in our FMS business segment and inter-segment EBT.
(2)Other segment items for each reportable segment include indirect costs and also include Equipment Contribution for SCS and DTS. 
(3)Included within "Selling, general and administrative expenses" in our Condensed Consolidated Statements of Earnings.
(4)Refer to Note 13, Employee Benefit Plans," for further discussion.
The following table sets forth depreciation expense and other non-cash charges, net, interest expense and purchase of property and revenue earning equipment for the three and nine months ended September 30, 2025 and 2024, as provided to the chief operating decision maker (CODM) for each of our business segments. Total assets of our business segments are not provided to the CODM.

(In millions)
Depreciation expense and other non-cash charges, net (1)
Interest expense
Purchases of property and revenue earning equipment
Three months ended September 30,202520242025202420252024
FMS$435 $426 $95 $92 $464 $576 
SCS101 94 5 4 58 15 
DTS3 6 2 2 1 — 
CSS16 10 — — 4 8 
Total$555 $536 $102 $98 $527 $599 


(In millions)
Depreciation expense and other non-cash charges, net (1)
Interest expense
Purchases of property and revenue earning equipment
Nine months ended September 30,202520242025202420252024
FMS$1,316 $1,306 $284 $268 $1,601 $1,866 
SCS295 281 14 12 115 45 
DTS14 28 6 6 2 1 
CSS45 37 — — 12 10 
Total$1,670 $1,652 $304 $286 $1,730 $1,922 
_______________ 
(1)Other non-cash charges, net primarily includes operating lease right-of-use (ROU) assets amortization.
v3.25.3
REVENUE
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
Disaggregation of Revenue
The following tables disaggregate our revenue recognized by primary geographical market by our reportable business segments, by FMS product line and by SCS industry.

Primary Geographical Markets
Three months ended September 30, 2025
(In millions)FMSSCSDTSEliminationsTotal
United States$1,390 $1,219 $570 $(234)$2,945 
Canada75 73 — (10)138 
Mexico— 88 — — 88 
Total revenue$1,465 $1,380 $570 $(244)$3,171 


Three months ended September 30, 2024
(In millions)FMSSCSDTSEliminationsTotal
United States$1,393 $1,170 $633 $(242)$2,954 
Canada77 66 — (10)133 
Mexico— 81 — — 81 
Total revenue$1,470 $1,317 $633 $(252)$3,168 
Nine months ended September 30, 2025
(In millions)FMSSCSDTSEliminationsTotal
United States$4,156 $3,608 $1,778 $(712)$8,830 
Canada223 220 — (32)411 
Mexico— 249 — — 249 
Total revenue$4,379 $4,077 $1,778 $(744)$9,490 
Nine months ended September 30, 2024
(In millions)FMSSCSDTSEliminationsTotal
United States$4,174 $3,506 $1,831 $(714)$8,797 
Canada229 207 — (33)403 
Mexico— 247 — — 247 
Total revenue$4,403 $3,960 $1,831 $(747)$9,447 

Product Line

Our FMS revenue disaggregated by product line is as follows:

 Three months ended September 30,Nine months ended September 30,
(In millions)2025202420252024
ChoiceLease$875 $857 $2,613 $2,556 
Commercial rental242 251 700 726 
SelectCare and other165 173 517 526 
Fuel services revenue183 189 549 595 
Total FMS revenue$1,465 $1,470 $4,379 $4,403 

Industry

Our SCS business segment included revenue from the following industries:

Three months ended September 30,Nine months ended September 30,
(In millions)2025202420252024
Omnichannel retail$467 $421 $1,340 $1,254 
Automotive390 384 1,191 1,207 
Consumer packaged goods311 302 921 886 
Industrial and other212 210 625 613 
Total SCS revenue$1,380 $1,317 $4,077 $3,960 
Lease & Related Maintenance and Rental Revenue
The non-lease revenue from maintenance services related to our ChoiceLease product is recognized in "Lease & related maintenance and rental revenue" in the Condensed Consolidated Statements of Earnings. For the three months ended September 30, 2025 and 2024, we recognized $250 million and $242 million, respectively. For the nine months ended September 30, 2025 and 2024, we recognized $749 million and $726 million, respectively.
Deferred Revenue
The following table includes the changes in deferred revenue due to the collection and deferral of cash or the satisfaction of our performance obligation under the contract:
Nine months ended September 30,
(In millions)20252024
Balance as of beginning of period$600 $545 
Recognized as revenue during period from beginning balance(128)(146)
Consideration deferred during period, net185 185 
Foreign currency translation adjustment and other4 2 
Balance as of end of period$661 $586 
Contracted Not Recognized Revenue

Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized (contracted not recognized revenue). Contracted not recognized revenue was $3.3 billion and $3.1 billion as of September 30, 2025, and December 31, 2024, respectively, and primarily includes deferred revenue and amounts for ChoiceLease maintenance revenue that will be recognized as revenue in future periods as we provide maintenance services to our customers.
v3.25.3
RECEIVABLES, NET
 9 Months Ended
Sep. 30, 2025
Receivables [Abstract]  
RECEIVABLES, NET RECEIVABLES, NET
(In millions)September 30, 2025December 31, 2024
Trade$1,880 $1,634 
Sales-type lease183 161 
Other, primarily warranty and insurance96 104 
2,159 1,899 
Allowance for credit losses and other(34)(38)
Receivables, net$2,125 $1,861 


The following table provides a reconciliation of our allowance for credit losses and other:
Nine months ended September 30,
(In millions)20252024
Balance as of January 1
$38 $42 
Changes to provisions for credit losses20 20 
Write-offs and other(24)(21)
Balance as of end of period$34 $41 
v3.25.3
REVENUE EARNING EQUIPMENT, NET
 9 Months Ended
Sep. 30, 2025
Revenue Earning Equipment [Abstract]  
REVENUE EARNING EQUIPMENT, NET REVENUE EARNING EQUIPMENT, NET
 
Estimated Useful Lives (In Years)
September 30, 2025December 31, 2024
(Dollars in millions)CostAccumulated
Depreciation
Net
CostAccumulated
Depreciation
Net
Held for use:
Trucks
3 — 7
$6,217 $(2,196)$4,021 $6,252 $(2,210)$4,042 
Tractors
   4 — 7.5
6,670 (2,841)3,829 6,721 (2,739)3,982 
Trailers and other
9.5 — 12
1,687 (692)995 1,695 (671)1,024 
Held for sale
741 (583)158 781 (623)158 
Total$15,315 $(6,312)$9,003 $15,449 $(6,243)$9,206 
Residual Value Estimate Changes

We periodically review and adjust, as appropriate, the estimated residual values of existing revenue earning equipment for the purposes of recording depreciation expense. Reductions in estimated residual values will increase depreciation expense over the remaining useful life of the vehicle. Conversely, an increase in estimated residual values will decrease depreciation expense over the remaining useful life of the vehicle. Our review of the estimated residual values of revenue earning equipment is based on vehicle class (i.e., generally subcategories of trucks, tractors and trailers by weight and usage), historical and current market prices, third-party expected future market prices, expected lives of vehicles, and expected sales in the wholesale or retail markets, among other factors. A variety of factors, many of which are outside of our control, could cause residual value estimates to differ from actual used vehicle sales pricing, such as changes in supply and demand of used vehicles; volatility in market conditions; changes in vehicle technology; competitor pricing; regulatory requirements; wholesale market prices; customer requirements and preferences; and changes in underlying assumption factors. We have disciplines related to the management and maintenance of our vehicles designed to manage the risk associated with the residual values of our revenue earning equipment. Effective January 1, 2025, we made an immaterial adjustment to certain vehicles' estimated residual values based on this review.
Used Vehicle Sales and Valuation Adjustments

Revenue earning equipment held for sale is stated at the lower of carrying amount or fair value less costs to sell. Losses on vehicles held for sale for which carrying values exceeded fair value, which we refer to as "valuation adjustments," are recognized at the time they are deemed to meet the held-for-sale criteria and are presented within "Used vehicle sales, net" in the Condensed Consolidated Statements of Earnings. For revenue earning equipment held for sale, we stratify our fleet by vehicle type (trucks, tractors and trailers), weight class, age and other relevant characteristics and create classes of similar assets for analysis purposes. For revenue earning equipment held for sale, fair value was determined based upon recent market prices obtained from our own sales experience for each class of similar assets and vehicle condition, if available, or third-party market pricing. In addition, we also consider expected declines in market prices, as well as forecasted sales channel mix (retail/wholesale) when valuing the vehicles held for sale.
The following table presents our assets held for sale that are measured at fair value on a nonrecurring basis and considered a Level 3 fair value measurement:
Losses from Valuation Adjustments
 September 30, 2025December 31, 2024Three months ended September 30,Nine months ended September 30,
(In millions)2025202420252024
Revenue earning equipment held for sale:
Trucks$24 $10 $5 $3 $18 $9 
Tractors26 27 5 4 17 13 
Trailers and other5 3 1 1 6 3 
Total assets at fair value$55 $40 $11 $8 $41 $25 
The table above reflects only the portion where net book values of revenue earnings equipment held for sale exceeded fair values and valuation adjustments were recorded. The net book value of assets held for sale that were less than fair value was $103 million and $118 million as of September 30, 2025 and December 31, 2024, respectively.

The components of "Used vehicle sales, net" were as follows:
 Three months ended September 30,Nine months ended September 30,
(In millions)2025202420252024
Gains on used vehicle sales, net
$(14)$(23)$(51)$(79)
Losses from valuation adjustments11 8 41 25 
Used vehicle sales, net$(3)$(15)$(10)$(54)
v3.25.3
ACCRUED EXPENSES AND OTHER LIABILITIES
 9 Months Ended
Sep. 30, 2025
Accrued Liabilities and Other Liabilities [Abstract]  
ACCRUED EXPENSES AND OTHER LIABILITIES ACCRUED EXPENSES AND OTHER LIABILITIES
 September 30, 2025December 31, 2024
(In millions)Accrued expenses and other current liabilitiesOther non-current liabilitiesTotalAccrued expenses and other current liabilitiesOther non-current liabilitiesTotal
Operating lease liabilities$295 $689 $984 $302 $804 $1,106 
Deferred revenue
161 500 661 160 440 600 
Self-insurance
208 354 562 193 349 542 
Salaries and wages208 — 208 197 — 197 
Deferred compensation
10 139 149 7 127 134 
Operating taxes
140 — 140 134 — 134 
Pension and other employee benefits20 98 118 26 156 182 
Deposits, mainly from customers70 — 70 67 — 67 
Interest71 — 71 65 — 65 
Other
124 62 186 172 78 250 
Total$1,307 $1,842 $3,149 $1,323 $1,954 $3,277 
v3.25.3
LEASES
 9 Months Ended
Sep. 30, 2025
Leases [Abstract]  
LEASES LEASES
Leases as Lessor
The components of lease income were as follows:
Three months ended September 30,Nine months ended September 30,
(In millions)2025
2024 (1)
2025
2024 (1)
Operating leases
Lease income related to ChoiceLease$403 $377 $1,201 $1,155 
Lease income related to commercial rental (2)
$229 $240 $659 $691 
Sales-type leases
Interest income related to net investment in leases$22 $18 $67 $54 
Variable lease income excluding commercial rental (2)
$68 $81 $207 $214 
————————————
(1)Certain prior period amounts were reclassified to conform to current year presentation.
(2)Lease income related to commercial rental includes both fixed and variable lease income. Variable lease income is approximately 15% of total commercial rental income based on management's internal estimates.

The components of net investment in sales-type leases, which are included in "Receivables, net" and "Sales-type leases and other assets" in the Condensed Consolidated Balance Sheets, were as follows:
(In millions)September 30, 2025December 31, 2024
Net investment in the lease — lease payment receivable$868 $818 
Net investment in the lease — unguaranteed residual value in assets54 49 
922 867 
Estimated loss allowance(5)(5)
Total$917 $862 
LEASES LEASES
Leases as Lessor
The components of lease income were as follows:
Three months ended September 30,Nine months ended September 30,
(In millions)2025
2024 (1)
2025
2024 (1)
Operating leases
Lease income related to ChoiceLease$403 $377 $1,201 $1,155 
Lease income related to commercial rental (2)
$229 $240 $659 $691 
Sales-type leases
Interest income related to net investment in leases$22 $18 $67 $54 
Variable lease income excluding commercial rental (2)
$68 $81 $207 $214 
————————————
(1)Certain prior period amounts were reclassified to conform to current year presentation.
(2)Lease income related to commercial rental includes both fixed and variable lease income. Variable lease income is approximately 15% of total commercial rental income based on management's internal estimates.

The components of net investment in sales-type leases, which are included in "Receivables, net" and "Sales-type leases and other assets" in the Condensed Consolidated Balance Sheets, were as follows:
(In millions)September 30, 2025December 31, 2024
Net investment in the lease — lease payment receivable$868 $818 
Net investment in the lease — unguaranteed residual value in assets54 49 
922 867 
Estimated loss allowance(5)(5)
Total$917 $862 
v3.25.3
DEBT
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
DEBT DEBT
 Weighted Average Interest Rate  
(Dollars in millions)September 30, 2025MaturitiesSeptember 30, 2025December 31, 2024
Debt:
Trade receivables financing program4.84%2026$20 $20 
U.S. commercial paper
4.51%20301,225 868 
Unsecured medium-term note issued April 20204.63%2025— 400 
Unsecured medium-term note issued May 20203.35%2025— 400 
Unsecured medium-term note issued December 19956.95%2025150 150 
Unsecured medium-term note issued November 20215.11%2026300 300 
Unsecured medium-term note issued November 20192.90%2026400 400 
Unsecured medium-term note issued February 20224.04%2027450 450 
Unsecured medium-term note issued May 20224.30%2027300 300 
Unsecured medium-term note issued February 2024
5.30%2027350 350 
Unsecured medium-term note issued February 20235.65%2028500 500 
Unsecured medium-term note issued May 20235.25%2028650 650 
Unsecured medium-term note issued November 20236.30%2028400 400 
Unsecured medium-term note issued February 2024
5.38%2029550 550 
Unsecured medium-term note issued May 2024
5.50%2029300 300 
Unsecured medium-term note issued August 2024
4.95%2029300 300 
Unsecured medium-term note issued November 2024
4.90%2029300 300 
Unsecured medium-term note issued February 2025
5.00%2030300 — 
Unsecured medium-term note issued May 2025
4.85%2030300 — 
Unsecured medium-term note issued November 20236.60%2033600 600 
Unsecured U.S. obligations5.14%2027275 275 
Asset-backed U.S. obligations (1)
3.69%2025-2030138 252 
Finance lease obligations and other2025-203298 76 
7,906 7,841 
Fair market value adjustments on medium-term notes (2)
(13)(25)
Debt issuance costs and original issue discounts(36)(37)
Total debt (3)
7,857 7,779 
Short-term debt and current portion of long-term debt(577)(1,120)
Long-term debt$7,280 $6,659 
 ————————————
(1)Asset-backed U.S. obligations are financing transactions backed by a portion of our revenue earning equipment.
(2)Interest rate swaps included in "Other non-current liabilities" within the Condensed Consolidated Balance Sheets. The notional amount of interest rate swaps designated as fair value hedges was $500 million as of both September 30, 2025 and December 31, 2024.
(3)The unsecured medium-term notes bear semi-annual interest.

The fair value of total debt (excluding finance lease and asset-backed U.S. obligations) was approximately $7.8 billion and $7.6 billion as of September 30, 2025 and December 31, 2024, respectively. For publicly traded debt, estimates of fair value were based on market prices. For other debt, fair value was estimated based on a model-driven approach using rates currently available to us for debt with similar terms and remaining maturities. The fair value measurements of our publicly traded debt and our other debt were classified within Level 2 of the fair value hierarchy.
Debt Proceeds and Repayments

The following table summarizes our debt proceeds and repayments in 2025:

Nine months ended September 30, 2025
(In millions)Debt ProceedsDebt Repayments
Medium-term notes (1)
$594 Medium-term notes$800 
U.S. and foreign term loans, finance lease obligations and other— U.S. and foreign term loans, finance lease obligations and other139 
Total debt proceeds
$594 Total debt repaid$939 
 ————————————
(1)Proceeds from medium-term notes presented net of discount and issuance costs.

Debt proceeds were used to repay maturing debt and for general corporate purposes. If the unsecured medium-term notes are downgraded below investment grade following, or as a result of, a change in control, the note holders can require us to repurchase all or a portion of the notes at a purchase price equal to 101% of principal value plus accrued and unpaid interest.

Credit Arrangements

Our borrowing capacity under the revolving credit facility and trade receivables financing program was as follows:

September 30, 2025
(In millions)Borrowing CapacityOutstandingAvailable
Revolving credit facility$1,600 $1,225 $375 
Trade receivables financing facility (1)
500 99 401 
Total $2,100 $1,324 $776 
______________________
(1)As of September 30, 2025, includes borrowings of $20 million and letters of credit outstanding of $79 million.

In April 2025, we amended and restated our corporate revolving credit facility, which supports U.S. and Canadian commercial paper programs, with a syndicate of eleven incumbent lending institutions. The facility's committed borrowing capacity was increased to $1.6 billion and it now expires in April 2030. The credit facility is primarily used for general corporate purposes and can also be used to issue up to $150 million in letters of credit. As of September 30, 2025, there were no letters of credit outstanding against the facility.
In April 2025, we extended the trade receivables financing facility for an additional year to April 2026. In September 2025, we amended our trade receivables financing facility to increase our borrowing capacity to $500 million as of September 30, 2025.
v3.25.3
SHARE REPURCHASE PROGRAMS
 9 Months Ended
Sep. 30, 2025
Share Repurchase Programs [Abstract]  
SHARE REPURCHASE PROGRAMS SHARE REPURCHASE PROGRAMS
During the nine months ended September 30, 2025, we maintained two share repurchase programs approved by our board of directors. The first program authorized management to repurchase up to 2 million shares of common stock issued to employees under our employee stock plans since August 31, 2023, under an anti-dilutive program (the "2023 Anti-Dilutive Program"). The second program granted management discretion to repurchase up to 2 million shares of common stock over a period of two years under a discretionary share repurchase program (the "October 2024 Discretionary Program"). Share repurchases under both programs could have been be made from time to time using our working capital and other borrowing sources. Shares are repurchased under open-market transactions and trading plans established pursuant to Rule 10b5-1 of the Securities Exchange Act of 1934. The timing and actual number of shares repurchased are subject to market conditions, legal requirements and other factors, including balance sheet leverage, availability of acquisitions and stock price.

In October 2025, our board of directors approved two new share repurchase programs. The first program authorizes management to repurchase up to 1.5 million shares of common stock issued to employees under our employee stock plans since
August 31, 2025, under an anti-dilutive program (the "2025 Anti-Dilutive Program"). The second program grants management discretion to repurchase up to 2 million shares of common stock over a period of two years under a new discretionary share repurchase program (the "October 2025 Discretionary Program"). Both the 2025 Anti-Dilutive Program and the October 2025 Discretionary Program commenced October 9, 2025 and expire October 9, 2027.

The anti-dilutive share repurchase programs are designed to mitigate the dilutive impact of shares issued under our employee stock plans. The discretionary share repurchase programs are designed to provide management with capital structure flexibility while concurrently managing objectives related to balance sheet leverage, acquisition opportunities, and shareholder returns. Shares of common stock are retired upon repurchase.

The following table provides the activity for shares repurchased and retired:
Three months ended September 30,Nine months ended September 30,
2025202420252024
(In millions)Shares AmountSharesAmountSharesAmountSharesAmount
2023 Anti-Dilutive Program (1)
0.1 $14 0.1 $7 0.5 $82 0.6 $77 
October 2024 Discretionary Program (2)
0.4 76 — — 1.7 268 — — 
October 2023 Discretionary Program (3)
— — 1.0 134 — — 1.6 205 
Discretionary Programs0.4 76 1.0 134 1.7 268 1.6 205 
Total0.5$90 1.1$141 2.2$350 2.2$282 
_____________________ 
(1)Program commenced October 2023 and expired in October 2025.
(2)Program commenced October 2024 and terminated in October 2025.
(3)Completed in September 2024.

Amounts in the table may not be additive due to rounding.
v3.25.3
ACCUMULATED OTHER COMPREHENSIVE LOSS
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE LOSS ACCUMULATED OTHER COMPREHENSIVE LOSS
Comprehensive income presents a measure of all changes in shareholders' equity except for changes resulting from transactions with shareholders in their capacity as shareholders. The following summary sets forth the change in each component of Accumulated other comprehensive loss, net of tax (AOCI):

(In millions)Currency
Translation
Adjustments
Net Actuarial
(Loss) Gain
and Prior Service Costs
Unrealized (Loss) Gain from Cash Flow Hedges
Accumulated
Other
Comprehensive
(Loss) Gain
January 1, 2025
$(96)$(597)$1 $(692)
Other comprehensive gain (loss), net of tax, before reclassifications
39 — (2)37 
Amounts reclassified from AOCI, net of tax— 19 (1)18 
Net current-period other comprehensive gain (loss), net of tax39 19 (3)55 
September 30, 2025$(57)$(578)$(2)$(637)


(In millions)Currency
Translation
Adjustments		Net Actuarial
(Loss) Gain
and Prior Service Costs
Unrealized Loss from Cash Flow Hedges
Accumulated
Other
Comprehensive
(Loss) Gain
January 1, 2024
$(18)$(637)$— $(655)
Other comprehensive loss, net of tax, before reclassifications
(36)— — (36)
Amounts reclassified from AOCI, net of tax— 17 (4)13 
Net current-period other comprehensive (loss) gain, net of tax
(36)17 (4)(23)
September 30, 2024$(54)$(620)$(4)$(678)
v3.25.3
EARNINGS PER SHARE
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
The following table presents the calculation of basic and diluted earnings per common share from continuing operations:
 Three months ended September 30,Nine months ended September 30,
(Dollars in millions and shares in thousands)
2025202420252024
Earnings per common share — Basic:
Earnings from continuing operations$139 $143 $368 $354 
Less: Distributed and undistributed earnings allocated to unvested stock(1)(1)(2)(2)
Earnings from continuing operations available to common shareholders
$138 $142 $366 352 
Weighted average common shares outstanding 40,628 42,731 41,137 43,399 
Earnings from continuing operations per common share — Basic
$3.39 $3.32 $8.90 $8.11 
Earnings per common share — Diluted:
Earnings from continuing operations available to common shareholders — Diluted
$139 $143 $368 $354 
Weighted average common shares outstanding — Basic40,628 42,731 41,137 43,399 
Effect of dilutive equity awards1,005 1,154 998 1,107 
Weighted average common shares outstanding — Diluted41,633 43,885 42,135 44,506 
Earnings from continuing operations per common share — Diluted
$3.33 $3.25 $8.75 $7.96 
Anti-dilutive equity awards not included in Diluted EPS
43 61 66 78 
————————————
Note: Amounts may not be additive due to rounding.
v3.25.3
EMPLOYEE BENEFIT PLANS
 9 Months Ended
Sep. 30, 2025
Retirement Benefits [Abstract]  
EMPLOYEE BENEFIT PLANS EMPLOYEE BENEFIT PLANS
Components of net pension expense for defined benefit pension plans were as follows:
Three months ended September 30,Nine months ended September 30,
(In millions)2025202420252024
Company-administered plans:
Service cost$— $— $1 $1 
Interest cost22 22 66 65 
Expected return on plan assets(21)(19)(62)(57)
Amortization of net actuarial loss and prior service cost9 7 23 22 
Net pension expense$10 $10 $28 $31 
Company-administered plans:
U.S.$6 $7 $17 $22 
Non-U.S.4 3 11 9 
Net pension expense$10 $10 $28 $31 

Non-operating pension costs, net include the amortization of net actuarial loss and prior service cost, interest cost and expected return on plan assets components of pension and postretirement benefit costs, as well as any significant charges for settlements or curtailments if recognized. During the nine months ended September 30, 2025, we prefunded future required contributions of $60 million to our U.S. pension plan. We also maintain other postretirement benefit plans that are not reflected in the table above as the amount of postretirement benefit expense for such plans was not material for any period presented.

In April 2025, we executed a bulk annuity contract with a Canadian insurance company that enables us to settle $42 million of our $59 million Canadian pension benefit obligations. This annuity transaction secured future pension benefits to certain pension plan members. We currently maintain all administrative responsibilities for the annuity payments to these pension plan members. The remaining $17 million of Canadian pension benefit obligations will be settled by issuing lump sum payments to pension plan members. Both the bulk annuity contract and the lump sum payments will be funded using Canadian pension plan assets. The bulk annuity transaction will have no impact on our financial position or statement of earnings until administrative responsibilities related to the annuity payments are transferred to the Canadian insurance company. The bulk annuity contract administrative transfer and lump sum payments to pension plan members are both targeted to occur in 2026.
v3.25.3
CONTINGENCIES AND OTHER MATTERS
 9 Months Ended
Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
CONTINGENCIES AND OTHER MATTERS CONTINGENCIES AND OTHER MATTERS
We are a party to various claims, complaints and proceedings arising in the ordinary course of our continuing business operations, including those relating to commercial and employment claims, environmental matters, risk management matters (e.g., vehicle liability, workers' compensation, etc.) and administrative assessments primarily associated with operating taxes. We have established loss provisions for matters in which losses are probable and can be reasonably estimated. We believe that the resolution of these claims, complaints and legal proceedings will not have a material effect on our condensed consolidated financial statements.
Our estimates regarding potential losses and materiality are based on our judgment and assessment of the claims utilizing currently available information. Although we will continue to reassess our estimated liability based on future developments, our objective assessment of the legal merits of such claims may not always be predictive of the outcome and actual results may vary from our current estimates.
v3.25.3
SUPPLEMENTAL CASH FLOW INFORMATION
 9 Months Ended
Sep. 30, 2025
Supplemental Cash Flow Elements [Abstract]  
SUPPLEMENTAL CASH FLOW INFORMATION SUPPLEMENTAL CASH FLOW INFORMATION

Nine months ended September 30,
(In millions)20252024
Interest paid$290 $268 
Income taxes paid, net of refunds
$46 $203 
Cash paid for operating lease liabilities$279 $253 
Right-of-use assets obtained in exchange for lease obligations:
Finance leases$50 $25 
Operating leases$120 $102 
Capital expenditures acquired but not yet paid$129 $308 
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.3
RECENT ACCOUNTING PRONOUNCEMENTS (Policies)
 9 Months Ended
Sep. 30, 2025
Accounting Standards Update and Change in Accounting Principle [Abstract]  
Segment Reporting We report our financial performance based on three business segments: (1) Fleet Management Solutions (FMS), which provides full service leasing, commercial rental and vehicle maintenance services; (2) Supply Chain Solutions (SCS), which provides fully integrated port-to-door logistics solutions; and (3) Dedicated Transportation Solutions (DTS), which provides turnkey transportation solutions, including dedicated vehicles, professional drivers, management and administrative support. Dedicated transportation services provided as part of an operationally integrated, multi-service supply chain solution to SCS customers are primarily reported in the SCS business segment.
Recent Accounting Pronouncements RECENT ACCOUNTING PRONOUNCEMENTS
In December 2023, the FASB issued Accounting Standard Update (ASU) No. 2023-09, Income Taxes (Topic 740). The amendments require disclosure of specific categories in the income tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold and further disaggregation of income taxes paid for individually significant jurisdictions. The standard is effective beginning with the December 2025 annual financial statements. This ASU does not impact our consolidated financial position, results of operations or cash flows.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). The amendments provide for more detailed disaggregation of expenses. The standard is effective beginning with the December 2027 annual financial statements and interim periods thereafter, with early adoption permitted. We are currently evaluating the disclosure impact of the adoption of this update. This ASU does not impact our consolidated financial position, results of operations or cash flows.
v3.25.3
SEGMENT REPORTING (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Revenue and Net Before Tax Information by Segment
The following tables sets forth financial information for each of our segments and provides a reconciliation between segment EBT and Earnings from continuing operations before income taxes (in millions):
Three months ended September 30, 2025
FMSSCSDTS
Elimination (1)
Total
Revenue $1,465 $1,380 $570 $(244)$3,171 
Direct operating costs1,118 1,227 527 
Used vehicle sales, net(3)— — 
Other segment items (2)
204 67 7 
Segment EBT$146 $86 $36 (33)235 
Unallocated Central Support Services(21)
Intangible amortization expense (3)
(14)
Non-operating pension costs, net (4)
(10)
Earnings from continuing operations before income taxes$190 
Three months ended September 30, 2024
Revenue$1,470 $1,317 $633 $(252)$3,168 
Direct operating costs1,154 1,166 580 
Used vehicle sales, net(15)— — 
Other segment items (2)
199 58 17 
Segment EBT$132 $93 $36 (34)227 
Unallocated Central Support Services(17)
Intangible amortization expense (3)
(11)
Non-operating pension costs, net (4)
(10)
Other items impacting comparability, net
(1)
Earnings from continuing operations before income taxes$188 
_______________ 
(1)Represents the intercompany revenues in our FMS business segment and inter-segment EBT.
(2)Other segment items for each reportable segment include indirect costs and also include Equipment Contribution for SCS and DTS. 
(3)Included within "Selling, general and administrative expenses" in our Condensed Consolidated Statements of Earnings.
(4)Refer to Note 13, Employee Benefit Plans," for further discussion.
Nine months ended September 30, 2025
FMSSCSDTS
Elimination (1)
Total
Revenue $4,379 $4,077 $1,778 $(744)$9,490 
Direct operating costs3,402 3,612 1,653 
Used vehicle sales, net(10)— — 
Other segment items (2)
621 194 25 
Segment EBT$366 $271 $100 (100)637 
Unallocated Central Support Services(63)
Intangible amortization expense (3)
(39)
Non-operating pension costs, net (4)
(27)
Earnings from continuing operations before income taxes$508 
Nine months ended September 30, 2024
Revenue$4,403 $3,960 $1,831 $(747)$9,447 
Direct operating costs3,489 3,538 1,689 
Used vehicle sales, net(54)— — 
Other segment items (2)
603 180 51 
Segment EBT$365 $242 $91 (97)601 
Unallocated Central Support Services(52)
Intangible amortization expense (3)
(33)
Non-operating pension costs, net (4)
(31)
Other items impacting comparability, net
(5)
Earnings from continuing operations before income taxes$480 
_______________ 
(1)Represents the intercompany revenues in our FMS business segment and inter-segment EBT.
(2)Other segment items for each reportable segment include indirect costs and also include Equipment Contribution for SCS and DTS. 
(3)Included within "Selling, general and administrative expenses" in our Condensed Consolidated Statements of Earnings.
(4)Refer to Note 13, Employee Benefit Plans," for further discussion.
Schedule of Segment Information by Segment
The following table sets forth depreciation expense and other non-cash charges, net, interest expense and purchase of property and revenue earning equipment for the three and nine months ended September 30, 2025 and 2024, as provided to the chief operating decision maker (CODM) for each of our business segments. Total assets of our business segments are not provided to the CODM.

(In millions)
Depreciation expense and other non-cash charges, net (1)
Interest expense
Purchases of property and revenue earning equipment
Three months ended September 30,202520242025202420252024
FMS$435 $426 $95 $92 $464 $576 
SCS101 94 5 4 58 15 
DTS3 6 2 2 1 — 
CSS16 10 — — 4 8 
Total$555 $536 $102 $98 $527 $599 


(In millions)
Depreciation expense and other non-cash charges, net (1)
Interest expense
Purchases of property and revenue earning equipment
Nine months ended September 30,202520242025202420252024
FMS$1,316 $1,306 $284 $268 $1,601 $1,866 
SCS295 281 14 12 115 45 
DTS14 28 6 6 2 1 
CSS45 37 — — 12 10 
Total$1,670 $1,652 $304 $286 $1,730 $1,922 
_______________ 
(1)Other non-cash charges, net primarily includes operating lease right-of-use (ROU) assets amortization.
v3.25.3
REVENUE (Tables)
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Revenue from External Customers by Geographic Areas
The following tables disaggregate our revenue recognized by primary geographical market by our reportable business segments, by FMS product line and by SCS industry.

Primary Geographical Markets
Three months ended September 30, 2025
(In millions)FMSSCSDTSEliminationsTotal
United States$1,390 $1,219 $570 $(234)$2,945 
Canada75 73 — (10)138 
Mexico— 88 — — 88 
Total revenue$1,465 $1,380 $570 $(244)$3,171 


Three months ended September 30, 2024
(In millions)FMSSCSDTSEliminationsTotal
United States$1,393 $1,170 $633 $(242)$2,954 
Canada77 66 — (10)133 
Mexico— 81 — — 81 
Total revenue$1,470 $1,317 $633 $(252)$3,168 
Nine months ended September 30, 2025
(In millions)FMSSCSDTSEliminationsTotal
United States$4,156 $3,608 $1,778 $(712)$8,830 
Canada223 220 — (32)411 
Mexico— 249 — — 249 
Total revenue$4,379 $4,077 $1,778 $(744)$9,490 
Nine months ended September 30, 2024
(In millions)FMSSCSDTSEliminationsTotal
United States$4,174 $3,506 $1,831 $(714)$8,797 
Canada229 207 — (33)403 
Mexico— 247 — — 247 
Total revenue$4,403 $3,960 $1,831 $(747)$9,447 
Schedule of Disaggregation of Revenue
Our FMS revenue disaggregated by product line is as follows:

 Three months ended September 30,Nine months ended September 30,
(In millions)2025202420252024
ChoiceLease$875 $857 $2,613 $2,556 
Commercial rental242 251 700 726 
SelectCare and other165 173 517 526 
Fuel services revenue183 189 549 595 
Total FMS revenue$1,465 $1,470 $4,379 $4,403 
Our SCS business segment included revenue from the following industries:

Three months ended September 30,Nine months ended September 30,
(In millions)2025202420252024
Omnichannel retail$467 $421 $1,340 $1,254 
Automotive390 384 1,191 1,207 
Consumer packaged goods311 302 921 886 
Industrial and other212 210 625 613 
Total SCS revenue$1,380 $1,317 $4,077 $3,960 
Schedule of Deferred Revenue
The following table includes the changes in deferred revenue due to the collection and deferral of cash or the satisfaction of our performance obligation under the contract:
Nine months ended September 30,
(In millions)20252024
Balance as of beginning of period$600 $545 
Recognized as revenue during period from beginning balance(128)(146)
Consideration deferred during period, net185 185 
Foreign currency translation adjustment and other4 2 
Balance as of end of period$661 $586 
v3.25.3
RECEIVABLES, NET (Tables)
 9 Months Ended
Sep. 30, 2025
Receivables [Abstract]  
Schedule of Receivables, Net
(In millions)September 30, 2025December 31, 2024
Trade$1,880 $1,634 
Sales-type lease183 161 
Other, primarily warranty and insurance96 104 
2,159 1,899 
Allowance for credit losses and other(34)(38)
Receivables, net$2,125 $1,861 
Schedule of Allowance for Credit Loss
The following table provides a reconciliation of our allowance for credit losses and other:
Nine months ended September 30,
(In millions)20252024
Balance as of January 1
$38 $42 
Changes to provisions for credit losses20 20 
Write-offs and other(24)(21)
Balance as of end of period$34 $41 
v3.25.3
REVENUE EARNING EQUIPMENT, NET (Tables)
 9 Months Ended
Sep. 30, 2025
Revenue Earning Equipment [Abstract]  
Schedule of Revenue Earning Equipment
 
Estimated Useful Lives (In Years)
September 30, 2025December 31, 2024
(Dollars in millions)CostAccumulated
Depreciation
Net
CostAccumulated
Depreciation
Net
Held for use:
Trucks
3 — 7
$6,217 $(2,196)$4,021 $6,252 $(2,210)$4,042 
Tractors
   4 — 7.5
6,670 (2,841)3,829 6,721 (2,739)3,982 
Trailers and other
9.5 — 12
1,687 (692)995 1,695 (671)1,024 
Held for sale
741 (583)158 781 (623)158 
Total$15,315 $(6,312)$9,003 $15,449 $(6,243)$9,206 
Schedule of Fair Value, Assets
The following table presents our assets held for sale that are measured at fair value on a nonrecurring basis and considered a Level 3 fair value measurement:
Losses from Valuation Adjustments
 September 30, 2025December 31, 2024Three months ended September 30,Nine months ended September 30,
(In millions)2025202420252024
Revenue earning equipment held for sale:
Trucks$24 $10 $5 $3 $18 $9 
Tractors26 27 5 4 17 13 
Trailers and other5 3 1 1 6 3 
Total assets at fair value$55 $40 $11 $8 $41 $25 
Schedule of Gain and Losses Revenue Earning Equipment
The components of "Used vehicle sales, net" were as follows:
 Three months ended September 30,Nine months ended September 30,
(In millions)2025202420252024
Gains on used vehicle sales, net
$(14)$(23)$(51)$(79)
Losses from valuation adjustments11 8 41 25 
Used vehicle sales, net$(3)$(15)$(10)$(54)
v3.25.3
ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)
 9 Months Ended
Sep. 30, 2025
Accrued Liabilities and Other Liabilities [Abstract]  
Schedule of Accrued Expenses and Other Liabilities
 September 30, 2025December 31, 2024
(In millions)Accrued expenses and other current liabilitiesOther non-current liabilitiesTotalAccrued expenses and other current liabilitiesOther non-current liabilitiesTotal
Operating lease liabilities$295 $689 $984 $302 $804 $1,106 
Deferred revenue
161 500 661 160 440 600 
Self-insurance
208 354 562 193 349 542 
Salaries and wages208 — 208 197 — 197 
Deferred compensation
10 139 149 7 127 134 
Operating taxes
140 — 140 134 — 134 
Pension and other employee benefits20 98 118 26 156 182 
Deposits, mainly from customers70 — 70 67 — 67 
Interest71 — 71 65 — 65 
Other
124 62 186 172 78 250 
Total$1,307 $1,842 $3,149 $1,323 $1,954 $3,277 
v3.25.3
LEASES (Tables)
 9 Months Ended
Sep. 30, 2025
Leases [Abstract]  
Schedule of Components of Revenue from Leases
The components of lease income were as follows:
Three months ended September 30,Nine months ended September 30,
(In millions)2025
2024 (1)
2025
2024 (1)
Operating leases
Lease income related to ChoiceLease$403 $377 $1,201 $1,155 
Lease income related to commercial rental (2)
$229 $240 $659 $691 
Sales-type leases
Interest income related to net investment in leases$22 $18 $67 $54 
Variable lease income excluding commercial rental (2)
$68 $81 $207 $214 
————————————
(1)Certain prior period amounts were reclassified to conform to current year presentation.
(2)Lease income related to commercial rental includes both fixed and variable lease income. Variable lease income is approximately 15% of total commercial rental income based on management's internal estimates.
Schedule of Components of Net Investment in Leases
The components of net investment in sales-type leases, which are included in "Receivables, net" and "Sales-type leases and other assets" in the Condensed Consolidated Balance Sheets, were as follows:
(In millions)September 30, 2025December 31, 2024
Net investment in the lease — lease payment receivable$868 $818 
Net investment in the lease — unguaranteed residual value in assets54 49 
922 867 
Estimated loss allowance(5)(5)
Total$917 $862 
v3.25.3
DEBT (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
 Weighted Average Interest Rate  
(Dollars in millions)September 30, 2025MaturitiesSeptember 30, 2025December 31, 2024
Debt:
Trade receivables financing program4.84%2026$20 $20 
U.S. commercial paper
4.51%20301,225 868 
Unsecured medium-term note issued April 20204.63%2025— 400 
Unsecured medium-term note issued May 20203.35%2025— 400 
Unsecured medium-term note issued December 19956.95%2025150 150 
Unsecured medium-term note issued November 20215.11%2026300 300 
Unsecured medium-term note issued November 20192.90%2026400 400 
Unsecured medium-term note issued February 20224.04%2027450 450 
Unsecured medium-term note issued May 20224.30%2027300 300 
Unsecured medium-term note issued February 2024
5.30%2027350 350 
Unsecured medium-term note issued February 20235.65%2028500 500 
Unsecured medium-term note issued May 20235.25%2028650 650 
Unsecured medium-term note issued November 20236.30%2028400 400 
Unsecured medium-term note issued February 2024
5.38%2029550 550 
Unsecured medium-term note issued May 2024
5.50%2029300 300 
Unsecured medium-term note issued August 2024
4.95%2029300 300 
Unsecured medium-term note issued November 2024
4.90%2029300 300 
Unsecured medium-term note issued February 2025
5.00%2030300 — 
Unsecured medium-term note issued May 2025
4.85%2030300 — 
Unsecured medium-term note issued November 20236.60%2033600 600 
Unsecured U.S. obligations5.14%2027275 275 
Asset-backed U.S. obligations (1)
3.69%2025-2030138 252 
Finance lease obligations and other2025-203298 76 
7,906 7,841 
Fair market value adjustments on medium-term notes (2)
(13)(25)
Debt issuance costs and original issue discounts(36)(37)
Total debt (3)
7,857 7,779 
Short-term debt and current portion of long-term debt(577)(1,120)
Long-term debt$7,280 $6,659 
 ————————————
(1)Asset-backed U.S. obligations are financing transactions backed by a portion of our revenue earning equipment.
(2)Interest rate swaps included in "Other non-current liabilities" within the Condensed Consolidated Balance Sheets. The notional amount of interest rate swaps designated as fair value hedges was $500 million as of both September 30, 2025 and December 31, 2024.
(3)The unsecured medium-term notes bear semi-annual interest.
The following table summarizes our debt proceeds and repayments in 2025:

Nine months ended September 30, 2025
(In millions)Debt ProceedsDebt Repayments
Medium-term notes (1)
$594 Medium-term notes$800 
U.S. and foreign term loans, finance lease obligations and other— U.S. and foreign term loans, finance lease obligations and other139 
Total debt proceeds
$594 Total debt repaid$939 
 ————————————
(1)Proceeds from medium-term notes presented net of discount and issuance costs.
Schedule of Revolving Credit Facility and Trade Receivables Financing Program
Our borrowing capacity under the revolving credit facility and trade receivables financing program was as follows:

September 30, 2025
(In millions)Borrowing CapacityOutstandingAvailable
Revolving credit facility$1,600 $1,225 $375 
Trade receivables financing facility (1)
500 99 401 
Total $2,100 $1,324 $776 
______________________
(1)As of September 30, 2025, includes borrowings of $20 million and letters of credit outstanding of $79 million.
v3.25.3
SHARE REPURCHASE PROGRAMS (Tables)
 9 Months Ended
Sep. 30, 2025
Share Repurchase Programs [Abstract]  
Schedule of Activity for Shares Repurchased and Retired
The following table provides the activity for shares repurchased and retired:
Three months ended September 30,Nine months ended September 30,
2025202420252024
(In millions)Shares AmountSharesAmountSharesAmountSharesAmount
2023 Anti-Dilutive Program (1)
0.1 $14 0.1 $7 0.5 $82 0.6 $77 
October 2024 Discretionary Program (2)
0.4 76 — — 1.7 268 — — 
October 2023 Discretionary Program (3)
— — 1.0 134 — — 1.6 205 
Discretionary Programs0.4 76 1.0 134 1.7 268 1.6 205 
Total0.5$90 1.1$141 2.2$350 2.2$282 
_____________________ 
(1)Program commenced October 2023 and expired in October 2025.
(2)Program commenced October 2024 and terminated in October 2025.
(3)Completed in September 2024.

Amounts in the table may not be additive due to rounding.
v3.25.3
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Loss, Net of Tax The following summary sets forth the change in each component of Accumulated other comprehensive loss, net of tax (AOCI):
(In millions)Currency
Translation
Adjustments
Net Actuarial
(Loss) Gain
and Prior Service Costs
Unrealized (Loss) Gain from Cash Flow Hedges
Accumulated
Other
Comprehensive
(Loss) Gain
January 1, 2025
$(96)$(597)$1 $(692)
Other comprehensive gain (loss), net of tax, before reclassifications
39 — (2)37 
Amounts reclassified from AOCI, net of tax— 19 (1)18 
Net current-period other comprehensive gain (loss), net of tax39 19 (3)55 
September 30, 2025$(57)$(578)$(2)$(637)


(In millions)Currency
Translation
Adjustments		Net Actuarial
(Loss) Gain
and Prior Service Costs
Unrealized Loss from Cash Flow Hedges
Accumulated
Other
Comprehensive
(Loss) Gain
January 1, 2024
$(18)$(637)$— $(655)
Other comprehensive loss, net of tax, before reclassifications
(36)— — (36)
Amounts reclassified from AOCI, net of tax— 17 (4)13 
Net current-period other comprehensive (loss) gain, net of tax
(36)17 (4)(23)
September 30, 2024$(54)$(620)$(4)$(678)
v3.25.3
EARNINGS PER SHARE (Tables)
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Earnings Per Common Share From Continuing Operations
The following table presents the calculation of basic and diluted earnings per common share from continuing operations:
 Three months ended September 30,Nine months ended September 30,
(Dollars in millions and shares in thousands)
2025202420252024
Earnings per common share — Basic:
Earnings from continuing operations$139 $143 $368 $354 
Less: Distributed and undistributed earnings allocated to unvested stock(1)(1)(2)(2)
Earnings from continuing operations available to common shareholders
$138 $142 $366 352 
Weighted average common shares outstanding 40,628 42,731 41,137 43,399 
Earnings from continuing operations per common share — Basic
$3.39 $3.32 $8.90 $8.11 
Earnings per common share — Diluted:
Earnings from continuing operations available to common shareholders — Diluted
$139 $143 $368 $354 
Weighted average common shares outstanding — Basic40,628 42,731 41,137 43,399 
Effect of dilutive equity awards1,005 1,154 998 1,107 
Weighted average common shares outstanding — Diluted41,633 43,885 42,135 44,506 
Earnings from continuing operations per common share — Diluted
$3.33 $3.25 $8.75 $7.96 
Anti-dilutive equity awards not included in Diluted EPS
43 61 66 78 
————————————
Note: Amounts may not be additive due to rounding.
v3.25.3
EMPLOYEE BENEFIT PLANS (Tables)
 9 Months Ended
Sep. 30, 2025
Retirement Benefits [Abstract]  
Schedule of Components of Net Periodic Benefit Cost
Components of net pension expense for defined benefit pension plans were as follows:
Three months ended September 30,Nine months ended September 30,
(In millions)2025202420252024
Company-administered plans:
Service cost$— $— $1 $1 
Interest cost22 22 66 65 
Expected return on plan assets(21)(19)(62)(57)
Amortization of net actuarial loss and prior service cost9 7 23 22 
Net pension expense$10 $10 $28 $31 
Company-administered plans:
U.S.$6 $7 $17 $22 
Non-U.S.4 3 11 9 
Net pension expense$10 $10 $28 $31 
v3.25.3
SUPPLEMENTAL CASH FLOW INFORMATION (Tables)
 9 Months Ended
Sep. 30, 2025
Supplemental Cash Flow Elements [Abstract]  
Schedule of Supplemental Cash Flow Information

Nine months ended September 30,
(In millions)20252024
Interest paid$290 $268 
Income taxes paid, net of refunds
$46 $203 
Cash paid for operating lease liabilities$279 $253 
Right-of-use assets obtained in exchange for lease obligations:
Finance leases$50 $25 
Operating leases$120 $102 
Capital expenditures acquired but not yet paid$129 $308 
v3.25.3
GENERAL (Details)
 9 Months Ended
Sep. 30, 2025
segment
Accounting Changes and Error Corrections [Abstract]  
Number of segments 3
v3.25.3
SEGMENT REPORTING - Schedule of Segment Revenue and Net Before Tax Information by Segment (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Segment Reporting Information [Line Items]        
Revenue $ 3,171 $ 3,168 $ 9,490 $ 9,447
Used vehicle sales, net (3) (15) (10) (54)
Segment EBT 235 227 637 601
Non-operating pension costs, net (10) (10) (27) (31)
Other items impacting comparability, net 0 (1) 0 (5)
Earnings from continuing operations before income taxes 190 188 508 480
Fleet Management Solutions        
Segment Reporting Information [Line Items]        
Revenue 1,465 1,470 4,379 4,403
Supply Chain Solutions        
Segment Reporting Information [Line Items]        
Revenue 1,380 1,317 4,077 3,960
Operating Segments | Fleet Management Solutions        
Segment Reporting Information [Line Items]        
Revenue 1,465 1,470 4,379 4,403
Direct operating costs 1,118 1,154 3,402 3,489
Used vehicle sales, net (3) (15) (10) (54)
Other segment items 204 199 621 603
Segment EBT 146 132 366 365
Operating Segments | Supply Chain Solutions        
Segment Reporting Information [Line Items]        
Revenue 1,380 1,317 4,077 3,960
Direct operating costs 1,227 1,166 3,612 3,538
Used vehicle sales, net 0 0 0 0
Other segment items 67 58 194 180
Segment EBT 86 93 271 242
Operating Segments | Dedicated Transportation Solutions        
Segment Reporting Information [Line Items]        
Revenue 570 633 1,778 1,831
Direct operating costs 527 580 1,653 1,689
Used vehicle sales, net 0 0 0 0
Other segment items 7 17 25 51
Segment EBT 36 36 100 91
Eliminations        
Segment Reporting Information [Line Items]        
Revenue (244) (252) (744) (747)
Segment EBT (33) (34) (100) (97)
Segment Reconciling Items        
Segment Reporting Information [Line Items]        
Unallocated Central Support Services (21) (17) (63) (52)
Intangible amortization expense (14) (11) (39) (33)
Non-operating pension costs, net $ (10) (10) $ (27) (31)
Other items impacting comparability, net   $ (1)   $ (5)
v3.25.3
SEGMENT REPORTING - Other Segment Information (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Segment Reporting Information [Line Items]        
Depreciation expense and other non-cash charges, net $ 555 $ 536 $ 1,670 $ 1,652
Interest expense 102 98 304 286
Purchases of property and revenue earning equipment 527 599 1,730 1,922
Operating Segments | FMS        
Segment Reporting Information [Line Items]        
Depreciation expense and other non-cash charges, net 435 426 1,316 1,306
Interest expense 95 92 284 268
Purchases of property and revenue earning equipment 464 576 1,601 1,866
Operating Segments | SCS        
Segment Reporting Information [Line Items]        
Depreciation expense and other non-cash charges, net 101 94 295 281
Interest expense 5 4 14 12
Purchases of property and revenue earning equipment 58 15 115 45
Operating Segments | DTS        
Segment Reporting Information [Line Items]        
Depreciation expense and other non-cash charges, net 3 6 14 28
Interest expense 2 2 6 6
Purchases of property and revenue earning equipment 1 0 2 1
Segment Reconciling Items        
Segment Reporting Information [Line Items]        
Depreciation expense and other non-cash charges, net 16 10 45 37
Interest expense 0 0 0 0
Purchases of property and revenue earning equipment $ 4 $ 8 $ 12 $ 10
v3.25.3
REVENUE - Disaggregation of Revenue - Schedule of Revenue from External Customers by Geographic Areas (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Disaggregation of Revenue [Line Items]        
Total revenue $ 3,171 $ 3,168 $ 9,490 $ 9,447
United States        
Disaggregation of Revenue [Line Items]        
Total revenue 2,945 2,954 8,830 8,797
Canada        
Disaggregation of Revenue [Line Items]        
Total revenue 138 133 411 403
Mexico        
Disaggregation of Revenue [Line Items]        
Total revenue 88 81 249 247
FMS        
Disaggregation of Revenue [Line Items]        
Total revenue 1,465 1,470 4,379 4,403
SCS        
Disaggregation of Revenue [Line Items]        
Total revenue 1,380 1,317 4,077 3,960
Operating Segments | FMS        
Disaggregation of Revenue [Line Items]        
Total revenue 1,465 1,470 4,379 4,403
Operating Segments | FMS | United States        
Disaggregation of Revenue [Line Items]        
Total revenue 1,390 1,393 4,156 4,174
Operating Segments | FMS | Canada        
Disaggregation of Revenue [Line Items]        
Total revenue 75 77 223 229
Operating Segments | FMS | Mexico        
Disaggregation of Revenue [Line Items]        
Total revenue 0 0 0 0
Operating Segments | SCS        
Disaggregation of Revenue [Line Items]        
Total revenue 1,380 1,317 4,077 3,960
Operating Segments | SCS | United States        
Disaggregation of Revenue [Line Items]        
Total revenue 1,219 1,170 3,608 3,506
Operating Segments | SCS | Canada        
Disaggregation of Revenue [Line Items]        
Total revenue 73 66 220 207
Operating Segments | SCS | Mexico        
Disaggregation of Revenue [Line Items]        
Total revenue 88 81 249 247
Operating Segments | DTS        
Disaggregation of Revenue [Line Items]        
Total revenue 570 633 1,778 1,831
Operating Segments | DTS | United States        
Disaggregation of Revenue [Line Items]        
Total revenue 570 633 1,778 1,831
Operating Segments | DTS | Canada        
Disaggregation of Revenue [Line Items]        
Total revenue 0 0 0 0
Operating Segments | DTS | Mexico        
Disaggregation of Revenue [Line Items]        
Total revenue 0 0 0 0
Eliminations        
Disaggregation of Revenue [Line Items]        
Total revenue (244) (252) (744) (747)
Eliminations | United States        
Disaggregation of Revenue [Line Items]        
Total revenue (234) (242) (712) (714)
Eliminations | Canada        
Disaggregation of Revenue [Line Items]        
Total revenue (10) (10) (32) (33)
Eliminations | Mexico        
Disaggregation of Revenue [Line Items]        
Total revenue $ 0 $ 0 $ 0 $ 0
v3.25.3
REVENUE - Schedule of Disaggregation of Revenue by Product Line (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Disaggregation of Revenue [Line Items]        
Revenue $ 3,171 $ 3,168 $ 9,490 $ 9,447
FMS        
Disaggregation of Revenue [Line Items]        
Revenue 1,465 1,470 4,379 4,403
ChoiceLease | FMS        
Disaggregation of Revenue [Line Items]        
Revenue 875 857 2,613 2,556
Commercial rental | FMS        
Disaggregation of Revenue [Line Items]        
Revenue 242 251 700 726
SelectCare and other | FMS        
Disaggregation of Revenue [Line Items]        
Revenue 165 173 517 526
Fuel services revenue | FMS        
Disaggregation of Revenue [Line Items]        
Revenue $ 183 $ 189 $ 549 $ 595
v3.25.3
REVENUE - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Disaggregation of Revenue [Line Items]        
Revenue $ 3,171 $ 3,168 $ 9,490 $ 9,447
SCS        
Disaggregation of Revenue [Line Items]        
Revenue 1,380 1,317 4,077 3,960
Omnichannel retail | SCS        
Disaggregation of Revenue [Line Items]        
Revenue 467 421 1,340 1,254
Automotive | SCS        
Disaggregation of Revenue [Line Items]        
Revenue 390 384 1,191 1,207
Consumer packaged goods | SCS        
Disaggregation of Revenue [Line Items]        
Revenue 311 302 921 886
Industrial and other | SCS        
Disaggregation of Revenue [Line Items]        
Revenue $ 212 $ 210 $ 625 $ 613
v3.25.3
REVENUE - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Disaggregation of Revenue [Line Items]          
Maintenance revenue $ 976 $ 960 $ 2,887 $ 2,844  
Contract with customer, revenue, remaining performance obligation 3,300   3,300   $ 3,100
Maintenance Services          
Disaggregation of Revenue [Line Items]          
Maintenance revenue $ 250 $ 242 $ 749 $ 726  
v3.25.3
REVENUE - Schedule of Deferred Revenue (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Contract With Customer Liability [Roll Forward]    
Balance as of beginning of period $ 600 $ 545
Recognized as revenue during period from beginning balance (128) (146)
Consideration deferred during period, net 185 185
Foreign currency translation adjustment and other 4 2
Balance as of end of period $ 661 $ 586
v3.25.3
RECEIVABLES, NET - Schedule of Receivables, Net (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Receivables [Abstract]    
Trade $ 1,880 $ 1,634
Sales-type lease 183 161
Other, primarily warranty and insurance 96 104
Receivables, gross 2,159 1,899
Allowance for credit losses and other (34) (38)
Receivables, net $ 2,125 $ 1,861
v3.25.3
RECEIVABLES, NET - Schedule of Allowance for Credit Loss (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Accounts Receivable, Allowance for Credit Loss [Roll Forward]    
Balance as of January 1 $ 38 $ 42
Changes to provisions for credit losses 20 20
Write-offs and other (24) (21)
Balance as of end of period $ 34 $ 41
v3.25.3
REVENUE EARNING EQUIPMENT, NET - Schedule of Revenue Earning Equipment (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Revenue Earning Equipment [Line Items]    
Cost $ 15,315 $ 15,449
Accumulated Depreciation (6,312) (6,243)
Net $ 9,003 9,206
Trucks    
Revenue Earning Equipment [Line Items]    
Estimated useful lives (in years) , minimum 3 years  
Estimated useful lives (in years) , maximum 7 years  
Cost $ 6,217 6,252
Accumulated Depreciation (2,196) (2,210)
Net $ 4,021 4,042
Tractors    
Revenue Earning Equipment [Line Items]    
Estimated useful lives (in years) , minimum 4 years  
Estimated useful lives (in years) , maximum 7 years 6 months  
Cost $ 6,670 6,721
Accumulated Depreciation (2,841) (2,739)
Net $ 3,829 3,982
Trailers and other    
Revenue Earning Equipment [Line Items]    
Estimated useful lives (in years) , minimum 9 years 6 months  
Estimated useful lives (in years) , maximum 12 years  
Cost $ 1,687 1,695
Accumulated Depreciation (692) (671)
Net 995 1,024
Held for sale    
Revenue Earning Equipment [Line Items]    
Cost 741 781
Accumulated Depreciation (583) (623)
Net $ 158 $ 158
v3.25.3
REVENUE EARNING EQUIPMENT, NET - Schedule of Fair Value, Assets (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Revenue Earning Equipment [Line Items]          
Losses from Valuation Adjustments $ 11 $ 8 $ 41 $ 25  
Net book value of assets held for sale 103   103   $ 118
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring          
Revenue Earning Equipment [Line Items]          
Total assets at fair value 55   55   40
Losses from Valuation Adjustments 11 8 41 25  
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | Trucks          
Revenue Earning Equipment [Line Items]          
Total assets at fair value 24   24   10
Losses from Valuation Adjustments 5 3 18 9  
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | Tractors          
Revenue Earning Equipment [Line Items]          
Total assets at fair value 26   26   27
Losses from Valuation Adjustments 5 4 17 13  
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | Trailers and other          
Revenue Earning Equipment [Line Items]          
Total assets at fair value 5   5   $ 3
Losses from Valuation Adjustments $ 1 $ 1 $ 6 $ 3  
v3.25.3
REVENUE EARNING EQUIPMENT, NET - Schedule of Gain and Losses Revenue Earning Equipment (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenue Earning Equipment [Abstract]        
Gains on used vehicle sales, net $ (14) $ (23) $ (51) $ (79)
Losses from valuation adjustments 11 8 41 25
Used vehicle sales, net $ (3) $ (15) $ (10) $ (54)
v3.25.3
ACCRUED EXPENSES AND OTHER LIABILITIES (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Dec. 31, 2023
Accrued expenses and other current liabilities        
Operating lease liabilities $ 295 $ 302    
Deferred revenue 161 160    
Self-insurance 208 193    
Salaries and wages 208 197    
Deferred compensation 10 7    
Operating taxes 140 134    
Pension and other employee benefits 20 26    
Deposits, mainly from customers 70 67    
Interest 71 65    
Other 124 172    
Total 1,307 1,323    
Other non-current liabilities        
Operating lease liabilities 689 804    
Deferred revenue 500 440    
Self-insurance 354 349    
Salaries and wages 0 0    
Deferred compensation 139 127    
Operating taxes 0 0    
Pension and other employee benefits 98 156    
Deposits, mainly from customers 0 0    
Interest 0 0    
Other 62 78    
Other non-current liabilities 1,842 1,954    
Total        
Operating lease liabilities 984 1,106    
Deferred revenue 661 600 $ 586 $ 545
Self-insurance 562 542    
Salaries and wages 208 197    
Deferred compensation 149 134    
Operating taxes 140 134    
Pension and other employee benefits 118 182    
Deposits, mainly from customers 70 67    
Interest 71 65    
Other 186 250    
Total $ 3,149 $ 3,277    
v3.25.3
LEASES - Schedule of Components of Revenue from Leases (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Operating leases        
Lease income related to ChoiceLease $ 403 $ 377 $ 1,201 $ 1,155
Lease income related to commercial rental 229 240 659 691
Sales-type leases        
Interest income related to net investment in leases 22 18 67 54
Variable lease income excluding commercial rental $ 68 $ 81 $ 207 $ 214
Variable lease income as a percent of commercial rental income (as percent)     15.00%  
v3.25.3
LEASES - Schedule of Components of Net Investment in Leases (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Leases [Abstract]    
Net investment in the lease — lease payment receivable $ 868 $ 818
Net investment in the lease — unguaranteed residual value in assets 54 49
Sales-type lease, net investment in lease, before allowance for credit loss, total 922 867
Estimated loss allowance (5) (5)
Total $ 917 $ 862
v3.25.3
DEBT - Schedule of Debt (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Debt:    
Debt, gross $ 7,906 $ 7,841
Fair market value adjustments on medium-term notes (13) (25)
Debt issuance costs and original issue discounts (36) (37)
Total debt 7,857 7,779
Short-term debt and current portion of long-term debt (577) (1,120)
Long-term debt 7,280 6,659
Interest Rate Swap | Fair Value Hedging | Designated as Hedging Instrument    
Debt:    
Aggregate notional amount of interest rate swaps $ 500 500
Trade receivables financing program    
Debt:    
Weighted Average Interest Rate 4.84%  
Debt, gross $ 20 20
U.S. commercial paper    
Debt:    
Weighted Average Interest Rate 4.51%  
Debt, gross $ 1,225 868
Unsecured medium-term note issued April 2020    
Debt:    
Weighted Average Interest Rate 4.63%  
Debt, gross $ 0 400
Unsecured medium-term note issued May 2020    
Debt:    
Weighted Average Interest Rate 3.35%  
Debt, gross $ 0 400
Unsecured medium-term note issued December 1995    
Debt:    
Weighted Average Interest Rate 6.95%  
Debt, gross $ 150 150
Unsecured medium-term note issued November 2021    
Debt:    
Weighted Average Interest Rate 5.11%  
Debt, gross $ 300 300
Unsecured medium-term note issued November 2019    
Debt:    
Weighted Average Interest Rate 2.90%  
Debt, gross $ 400 400
Unsecured medium-term note issued February 2022    
Debt:    
Weighted Average Interest Rate 4.04%  
Debt, gross $ 450 450
Unsecured medium-term note issued May 2022    
Debt:    
Weighted Average Interest Rate 4.30%  
Debt, gross $ 300 300
Unsecured medium-term note issued February 2024    
Debt:    
Weighted Average Interest Rate 5.30%  
Debt, gross $ 350 350
Unsecured medium-term note issued February 2023    
Debt:    
Weighted Average Interest Rate 5.65%  
Debt, gross $ 500 500
Unsecured medium-term note issued May 2023    
Debt:    
Weighted Average Interest Rate 5.25%  
Debt, gross $ 650 650
Unsecured medium-term note issued November 2023    
Debt:    
Weighted Average Interest Rate 6.30%  
Debt, gross $ 400 400
Unsecured medium-term note issued February 2024    
Debt:    
Weighted Average Interest Rate 5.38%  
Debt, gross $ 550 550
Unsecured medium-term note issued May 2024    
Debt:    
Weighted Average Interest Rate 5.50%  
Debt, gross $ 300 300
Unsecured medium-term note issued August 2024    
Debt:    
Weighted Average Interest Rate 4.95%  
Debt, gross $ 300 300
Unsecured medium-term note issued November 2024    
Debt:    
Weighted Average Interest Rate 4.90%  
Debt, gross $ 300 300
Unsecured medium-term note issued February 2025    
Debt:    
Weighted Average Interest Rate 5.00%  
Debt, gross $ 300 0
Unsecured medium-term note issued May 2025    
Debt:    
Weighted Average Interest Rate 4.85%  
Debt, gross $ 300 0
Unsecured medium-term note issued November 2023    
Debt:    
Weighted Average Interest Rate 6.60%  
Debt, gross $ 600 600
Unsecured U.S. obligations    
Debt:    
Weighted Average Interest Rate 5.14%  
Debt, gross $ 275 275
Asset-backed U.S. obligations    
Debt:    
Weighted Average Interest Rate 3.69%  
Debt, gross $ 138 252
Finance lease obligations and other    
Debt:    
Debt, gross $ 98 $ 76
v3.25.3
DEBT - Narrative (Details)
 9 Months Ended
Sep. 30, 2025
USD ($)
Apr. 30, 2025
USD ($)
institution
Dec. 31, 2024
USD ($)
Debt Instrument [Line Items]      
Redemption price, percentage 101.00%    
Maximum borrowing capacity $ 2,100,000,000    
Letters of credit outstanding 0    
Revolving credit facility      
Debt Instrument [Line Items]      
Number of lending institutions | institution   11  
Maximum borrowing capacity 1,600,000,000 $ 1,600,000,000  
Letter of Credit      
Debt Instrument [Line Items]      
Maximum borrowing capacity   $ 150,000,000  
Trade receivables financing program      
Debt Instrument [Line Items]      
Maximum borrowing capacity 500,000,000    
Asset-backed U.S. obligations      
Debt Instrument [Line Items]      
Fair value of total debt $ 7,800,000,000   $ 7,600,000,000
v3.25.3
DEBT - Schedule of Debt Proceeds and Repayments (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2025
USD ($)
Debt Instrument [Line Items]  
Debt Proceeds $ 594
Debt Repayments 939
Medium-term Notes  
Debt Instrument [Line Items]  
Debt Proceeds 594
Debt Repayments 800
U.S. and foreign term loans, finance lease obligations and other  
Debt Instrument [Line Items]  
Debt Proceeds 0
Debt Repayments $ 139
v3.25.3
DEBT - Schedule of Revolving Credit Facility and Trade Receivables Financing Program (Details) - USD ($)
Sep. 30, 2025
Apr. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]      
Borrowing Capacity $ 2,100,000,000    
Outstanding 1,324,000,000    
Available 776,000,000    
Debt, gross 7,906,000,000   $ 7,841,000,000
Trade receivables financing program      
Debt Instrument [Line Items]      
Debt, gross 20,000,000   $ 20,000,000
Revolving credit facility      
Debt Instrument [Line Items]      
Borrowing Capacity 1,600,000,000 $ 1,600,000,000  
Outstanding 1,225,000,000    
Available 375,000,000    
Trade receivables financing program      
Debt Instrument [Line Items]      
Borrowing Capacity 500,000,000    
Outstanding 99,000,000    
Available 401,000,000    
Letter of Credit      
Debt Instrument [Line Items]      
Borrowing Capacity   $ 150,000,000  
Letter of Credit | Trade Receivables Program      
Debt Instrument [Line Items]      
Debt, gross $ 79,000,000    
v3.25.3
SHARE REPURCHASE PROGRAMS - Narrative (Details) - Common Stock
shares in Millions
 1 Months Ended 9 Months Ended
Oct. 23, 2025
program
shares
Sep. 30, 2025
program
shares
Accelerated Share Repurchases [Line Items]    
Number of repurchase programs | program   2
Subsequent Event    
Accelerated Share Repurchases [Line Items]    
Number of repurchase programs | program 2  
2023 Anti-Dilutive Program    
Accelerated Share Repurchases [Line Items]    
Maximum number of share repurchases authorization (in shares)   2.0
October 2023 Discretionary Program    
Accelerated Share Repurchases [Line Items]    
Maximum number of share repurchases authorization (in shares)   2.0
Maximum period granted for shares repurchased   2 years
2025 Anti-Dilutive Program | Subsequent Event    
Accelerated Share Repurchases [Line Items]    
Maximum number of share repurchases authorization (in shares) 1.5  
October 2025 Discretionary Program | Subsequent Event    
Accelerated Share Repurchases [Line Items]    
Maximum number of share repurchases authorization (in shares) 2.0  
Maximum period granted for shares repurchased 2 years  
v3.25.3
SHARE REPURCHASE PROGRAMS- Schedule of Activity for Shares Repurchased and Retired (Details) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Accelerated Share Repurchases [Line Items]        
Stock repurchased and retired during period, shares (in shares) 0.5 1.1 2.2 2.2
Amount $ 90 $ 141 $ 350 $ 282
2023 Anti-Dilutive Program        
Accelerated Share Repurchases [Line Items]        
Stock repurchased and retired during period, shares (in shares) 0.1 0.1 0.5 0.6
Amount $ 14 $ 7 $ 82 $ 77
October 2024 Discretionary Program        
Accelerated Share Repurchases [Line Items]        
Stock repurchased and retired during period, shares (in shares) 0.4 0.0 1.7 0.0
Amount $ 76 $ 0 $ 268 $ 0
October 2023 Discretionary Program        
Accelerated Share Repurchases [Line Items]        
Stock repurchased and retired during period, shares (in shares) 0.0 1.0 0.0 1.6
Amount $ 0 $ 134 $ 0 $ 205
Discretionary Programs        
Accelerated Share Repurchases [Line Items]        
Stock repurchased and retired during period, shares (in shares) 0.4 1.0 1.7 1.6
Amount $ 76 $ 134 $ 268 $ 205
v3.25.3
ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Beginning balance $ 3,074 $ 3,081 $ 3,117 $ 3,069
Other comprehensive gain (loss), net of tax, before reclassifications     37 (36)
Amounts reclassified from AOCI, net of tax     18 13
Other comprehensive income (loss), net of taxes (1) (7) 55 (23)
Ending balance 3,094 3,056 3,094 3,056
Accumulated Other Comprehensive (Loss) Gain        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Beginning balance (636) (671) (692) (655)
Ending balance (637) (678) (637) (678)
Currency Translation Adjustments        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Beginning balance     (96) (18)
Other comprehensive gain (loss), net of tax, before reclassifications     39 (36)
Amounts reclassified from AOCI, net of tax     0 0
Other comprehensive income (loss), net of taxes     39 (36)
Ending balance (57) (54) (57) (54)
Net Actuarial (Loss) Gain and Prior Service Costs        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Beginning balance     (597) (637)
Other comprehensive gain (loss), net of tax, before reclassifications     0 0
Amounts reclassified from AOCI, net of tax     19 17
Other comprehensive income (loss), net of taxes     19 17
Ending balance (578) (620) (578) (620)
Unrealized (Loss) Gain from Cash Flow Hedges        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Beginning balance     1 0
Other comprehensive gain (loss), net of tax, before reclassifications     (2) 0
Amounts reclassified from AOCI, net of tax     (1) (4)
Other comprehensive income (loss), net of taxes     (3) (4)
Ending balance $ (2) $ (4) $ (2) $ (4)
v3.25.3
EARNINGS PER SHARE (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Earnings per common share — Basic:        
Earnings from continuing operations $ 139 $ 143 $ 368 $ 354
Less: Distributed and undistributed earnings allocated to unvested stock (1) (1) (2) (2)
Earnings from continuing operations available to common shareholders $ 138 $ 142 $ 366 $ 352
Weighted average common shares outstanding (in shares) 40,628 42,731 41,137 43,399
Earnings from continuing operations per common share — Basic (in dollars per share) $ 3.39 $ 3.32 $ 8.90 $ 8.11
Earnings per common share — Diluted:        
Earnings from continuing operations available to common shareholders — Diluted $ 139 $ 143 $ 368 $ 354
Weighted average common shares outstanding - Basic (in shares) 40,628 42,731 41,137 43,399
Effect of dilutive equity awards (in shares) 1,005 1,154 998 1,107
Weighted average common shares outstanding — Diluted (in shares) 41,633 43,885 42,135 44,506
Earnings from continuing operations per common share — Diluted (in dollars per share) $ 3.33 $ 3.25 $ 8.75 $ 7.96
Anti-dilutive equity awards not included in Diluted EPS (in shares) 43 61 66 78
v3.25.3
EMPLOYEE BENEFIT PLANS - Schedule of Components of Net Periodic Benefit Cost (Details) - Pension Plan - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]        
Net pension expense $ 10 $ 10 $ 28 $ 31
Company-Administered Plans        
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]        
Service cost 0 0 1 1
Interest cost 22 22 66 65
Expected return on plan assets (21) (19) (62) (57)
Amortization of net actuarial loss and prior service cost 9 7 23 22
Company-Administered Plans | U.S.        
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]        
Net pension expense 6 7 17 22
Company-Administered Plans | Non-U.S.        
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]        
Net pension expense $ 4 $ 3 $ 11 $ 9
v3.25.3
EMPLOYEE BENEFIT PLANS - Narrative (Details) - Pension Plan - USD ($)
$ in Millions
 1 Months Ended 9 Months Ended
Apr. 30, 2025
Sep. 30, 2025
U.S.    
Defined Benefit Plan Disclosure [Line Items]    
Contributions by employer   $ 60
Non-U.S.    
Defined Benefit Plan Disclosure [Line Items]    
Settlement of canadian pension benefit obligations $ 42  
Benefit obligation $ 59 $ 17
v3.25.3
SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Supplemental Cash Flow Elements [Abstract]    
Interest paid $ 290 $ 268
Income taxes paid, net of refunds 46 203
Cash paid for operating lease liabilities 279 253
Right-of-use assets obtained in exchange for lease obligations:    
Finance leases 50 25
Operating leases 120 102
Capital expenditures acquired but not yet paid $ 129 $ 308