RYDER SYSTEM INC, 10-K filed on 2/12/2025
Annual Report
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Cover - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2024
Jan. 31, 2025
Jun. 30, 2024
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
Current Fiscal Year End Date --12-31    
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 Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
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    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Entity Public Float     $ 5.2
Entity Common Stock, Shares Outstanding   42,084,928  
Documents Incorporated by Reference
Documents Incorporated by Reference into this Report    Part of Form 10-K into which Document is Incorporated
Ryder System, Inc. 2024 Proxy Statement
    Part III
    
Entity Central Index Key 0000085961    
Amendment Flag false    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Document Financial Statement Error Correction [Flag] false    
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Audit Information
 12 Months Ended
Dec. 31, 2024
Audit Information [Abstract]  
Auditor Firm ID 238
Auditor Name PricewaterhouseCoopers LLP
Auditor Location Miami, Florida
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CONSOLIDATED STATEMENTS OF EARNINGS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Lease & related maintenance and rental revenue $ 3,835 $ 3,937 $ 4,174
Total revenue 12,636 11,783 12,011
Selling, general and administrative expenses 1,478 1,421 1,415
Non-operating pension costs, net 41 40 11
Used vehicle sales, net (72) (196) (450)
Interest expense 386 296 228
Miscellaneous income, net (34) (47) (32)
Currency translation adjustment loss 0 188 0
Restructuring and other items, net 13 (21) 2
Total expenses 11,975 11,165 10,795
Earnings from continuing operations before income taxes 661 618 1,216
Provision for income taxes 172 212 353
Earnings from continuing operations 489 406 863
Earnings from discontinued operations, net of taxes 0 0 4
Net earnings $ 489 $ 406 $ 867
Earnings per common share — Basic      
Continuing operations (in dollars per share) $ 11.29 $ 8.89 $ 17.32
Discontinued operations (in dollars per share) 0 (0.01) 0.09
Net earnings (in dollars per share) 11.29 8.89 17.41
Earnings per common share — Diluted      
Continuing operations (in dollars per share) 11.06 8.73 16.96
Discontinued operations (in dollars per share) 0 (0.01) 0.08
Net earnings (in dollars per share) $ 11.06 $ 8.73 $ 17.04
Services revenue      
Revenue $ 8,345 $ 7,297 $ 7,118
Cost of services sold 7,099 6,266 6,153
Fuel services revenue      
Revenue 456 549 719
Cost of services sold 441 534 694
Cost of lease & related maintenance and rental      
Cost of services sold $ 2,623 $ 2,684 $ 2,774
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net earnings $ 489 $ 406 $ 867
Other comprehensive (loss) income:      
Change in cumulative translation adjustment and unrealized (loss) gain from cash flow hedges, net of taxes (77) 212 (69)
Amortization of pension and postretirement items 31 26 21
Income tax expense related to amortization of pension and postretirement items (8) (6) (5)
Amortization of pension and postretirement items, net of taxes 23 20 16
Change in net actuarial gain (loss) and prior service cost 23 (121) (72)
Income tax (expense) benefit related to change in net actuarial loss and prior service cost (6) 30 18
Change in net actuarial gain (loss) and prior service cost, net of taxes 17 (91) (54)
Other comprehensive (loss) income, net of taxes (37) 141 (107)
Comprehensive income $ 452 $ 547 $ 760
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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 154 $ 204
Receivables, net 1,861 1,714
Prepaid expenses and other current assets 448 347
Total current assets 2,463 2,265
Revenue earning equipment, net 9,206 8,892
Operating property and equipment, net 1,184 1,217
Goodwill 1,158 940
Intangible assets, net 457 396
Operating lease right-of-use assets 1,055 1,016
Sales-type leases and other assets 1,149 1,052
Total assets 16,672 15,778
Current liabilities:    
Short-term debt and current portion of long-term debt 1,120 1,583
Accounts payable 828 833
Accrued expenses and other current liabilities 1,323 1,233
Total current liabilities 3,271 3,649
Long-term debt 6,659 5,531
Other non-current liabilities 1,954 1,871
Deferred income taxes 1,671 1,658
Total liabilities 13,555 12,709
Commitments and contingencies (Note 21)
Shareholders’ equity:    
Preferred stock, no par value per share — authorized, 3,800,917; none outstanding, December 31, 2024 and 2023 0 0
Common stock, $0.50 par value per share — authorized, 400,000,000; outstanding, December 31, 2024 — 42,080,039 and December 31, 2023 — 43,902,065 21 22
Additional paid-in capital 1,144 1,148
Retained earnings 2,644 2,554
Accumulated other comprehensive loss (692) (655)
Total shareholders’ equity 3,117 3,069
Total liabilities and shareholders’ equity $ 16,672 $ 15,778
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CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Dec. 31, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
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) 42,080,039 43,902,065
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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities from continuing operations:      
Net earnings $ 489 $ 406 $ 867
Less: Earnings from discontinued operations, net of taxes 0 0 4
Earnings from continuing operations 489 406 863
Depreciation expense 1,694 1,712 1,713
Used vehicle sales, net (72) (196) (450)
Currency translation adjustment loss 0 188 0
Amortization expense and other non-cash charges, net 160 102 118
Non-cash lease expense 374 271 199
Non-operating pension costs, net and share-based compensation expense 83 84 57
Deferred income tax expense 21 115 266
Collections on sales-type leases 148 126 135
Changes in operating assets and liabilities:      
Receivables (61) (26) (134)
Prepaid expenses and other assets (108) (85) (130)
Accounts payable (32) (7) (29)
Accrued expenses and other liabilities (431) (337) (298)
Net cash provided by operating activities from continuing operations 2,265 2,353 2,310
Cash flows from investing activities from continuing operations:      
Purchases of property and revenue earning equipment (2,683) (3,234) (2,631)
Sales of revenue earning equipment 532 764 1,182
Sales of operating property and equipment 19 63 53
Acquisitions, net of cash acquired (314) (250) (458)
Other investing activities 0 (6) 4
Net cash used in investing activities from continuing operations (2,446) (2,663) (1,850)
Cash flows from financing activities from continuing operations:      
Net borrowings (repayments) of commercial paper and other 296 (100) 134
Debt proceeds 1,789 2,307 1,229
Debt repayments (1,479) (1,481) (1,552)
Dividends on common stock (135) (128) (123)
Common stock issued 10 2 14
Common stock repurchased (321) (337) (557)
Other financing activities (7) (7) (6)
Net cash provided by (used in) financing activities from continuing operations 153 256 (861)
Effect of exchange rate changes on Cash and cash equivalents (21) (9) (4)
Decrease in Cash and cash equivalents from continuing operations (49) (63) (405)
Net cash used by operating activities from discontinued operations (1) 0 0
Decrease in Cash and cash equivalents (50) (63) (405)
Cash and cash equivalents at beginning of period 204 267 672
Cash and cash equivalents at end of period $ 154 $ 204 $ 267
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CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)
$ in Millions
Total
Preferred Stock
Common Stock
Additional Paid-In Capital
Retained Earnings
Accumulated Other Comprehensive (Loss) Gain
Beginning balance at Dec. 31, 2021 $ 2,798 $ 0 $ 27 $ 1,194 $ 2,266 $ (689)
Beginning balance (in shares) at Dec. 31, 2021     53,789,000      
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Comprehensive income 760       867 (107)
Common stock dividends declared (124)       (124)  
Common stock issued under employee stock award and stock purchase plans and other (in shares) [1]     (549,000)      
Common stock issued under employee stock award and stock purchase plans and other [1] $ 14     14    
Common stock repurchased( in shares) (7,000,000.0)   (6,953,000)      
Common stock repurchased $ (557)   $ (4) (62) (491)  
Share-based compensation expense 46     46    
Ending balance at Dec. 31, 2022 2,937 0 $ 23 1,192 2,518 (796)
Ending balance (in shares) at Dec. 31, 2022     46,287,000      
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Comprehensive income 547       406 141
Common stock dividends declared (125)       (125)  
Common stock issued under employee stock award and stock purchase plans and other (in shares)     1,176,000      
Common stock issued under employee stock award and stock purchase plans and other $ 3   $ 1 1 1  
Common stock repurchased( in shares) (3,600,000)   (3,561,000)      
Common stock repurchased $ (337)   $ (2) (89) (246)  
Share-based compensation expense 44     44    
Ending balance at Dec. 31, 2023 $ 3,069 0 $ 22 1,148 2,554 (655)
Ending balance (in shares) at Dec. 31, 2023 43,902,065   43,902,000      
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Comprehensive income $ 452       489 (37)
Common stock dividends declared (135)       (135)  
Common stock issued under employee stock award and stock purchase plans and other (in shares)     663,000      
Common stock issued under employee stock award and stock purchase plans and other $ 10     9 1  
Common stock repurchased( in shares) (2,500,000)   (2,485,000)      
Common stock repurchased $ (321)   $ (1) (55) (265)  
Share-based compensation expense 42     42    
Ending balance at Dec. 31, 2024 $ 3,117 $ 0 $ 21 $ 1,144 $ 2,644 $ (692)
Ending balance (in shares) at Dec. 31, 2024 42,080,039   42,080,000      
[1] We reversed the issuance of approximately 1.3 million unvested restricted shares. These shares will be issued and released upon satisfaction of the applicable vesting conditions. The reversal of the shares did not impact earnings per share.
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CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares
shares in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]      
Cash dividends declared per common share (in dollars per share) $ 3.04 $ 2.66 $ 2.40
Unvested restricted shares (in shares)     1.3
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Consolidation and Presentation

The 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 (VIEs) where Ryder is determined to be the primary beneficiary in accordance with generally accepted accounting principles in the United States (U.S. GAAP). All significant intercompany accounts and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform with the current period presentation.

We report our financial performance based on three business segments: (1) Fleet Management Solutions (FMS), which provides full service leasing and leasing with flexible maintenance options, commercial rental and maintenance services of trucks, tractors and trailers to customers principally in the United States (U.S.) and Canada; (2) Supply Chain Solutions (SCS), which provides integrated logistics solutions, including distribution management, dedicated transportation, transportation management, brokerage, e-commerce, last mile, and professional services in North America; and (3) Dedicated Transportation Solutions (DTS), which provides turnkey transportation solutions in the U.S., 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.

Use of Estimates

The preparation of our consolidated financial statements requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates are based on management’s best knowledge of historical trends, actions that we may take in the future, and other information available when the consolidated financial statements are prepared. Changes in estimates are typically recognized in the period when new information becomes available. Areas where the nature of the estimate make it reasonably possible that actual results could materially differ from the amounts estimated include: vehicle residual values, pension assumptions, self-insurance obligations, revenue recognition, goodwill, and income taxes.

Cash, Cash Equivalents

Cash and cash equivalents represent cash on hand, and highly liquid investments in short-term, interest-bearing instruments with maturities of three months or less at the date of purchase and are stated at cost.

Revenue Recognition

We generate revenue primarily through contracts with customers to lease, rent and maintain revenue earning equipment and to provide logistics management and dedicated transportation services. We enter into contracts that can include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are determined, the contract has commercial substance, and collectibility of consideration is probable.
We generally recognize revenue over time as we provide the promised products or services to our customers in an amount we expect to receive in exchange for those products or services. Revenue is recognized net of amounts collected from customers for taxes, such as sales tax, that are remitted to the applicable taxing authorities.

Lease & related maintenance and rental

Lease & related maintenance and rental revenue include ChoiceLease and commercial rental revenues from our FMS business segment. We offer a full service lease as well as a lease with more flexible maintenance options under our ChoiceLease product line. Our ChoiceLease product is marketed, priced and managed as a bundled service. We do not offer a stand-alone lease of a vehicle. We also offer rental of vehicles under our commercial rental product line, which allows customers to supplement their fleet of vehicles on a short-term basis.

Our ChoiceLease product line includes the lease of a vehicle (lease component) and maintenance and other services (non-lease component). We generally lease new vehicles to our customers. Consideration is allocated between the lease and non-lease components based on management's best estimate of the relative stand-alone selling price of each component. For further
information regarding our stand-alone selling price estimation process, refer to the "Significant Judgments and Estimates" section below.

Our ChoiceLease product provides for a fixed charge and a variable charge based on mileage or time usage. Fixed charges are typically billed at the beginning of the month and variable charges are typically billed a month in arrears. Revenue from the lease component of ChoiceLease agreements is recognized based on the classification of the arrangement, typically as either an operating or a sales-type lease. The majority of our leases are classified as operating leases and we recognize revenue for the lease component of these agreements on a straight-line basis. The non-lease component for maintenance services are not typically performed evenly over the life of a ChoiceLease contract as the level of maintenance provided generally increases as vehicles age. Therefore, we recognize maintenance revenue consistent with the estimated pattern of the costs to maintain the underlying vehicles. This generally results in the recognition of deferred revenue for the portion of the customer's billings allocated to the maintenance service component of the agreement.

Our commercial rental product includes the short-term rental of a vehicle (one day up to one year in length). All of our rental arrangements are classified as operating leases and revenue is recognized on a straight-line basis.

Lease and rental agreements do not usually provide for scheduled rent increases or escalations. However, most lease agreements allow for rate changes based upon changes in the Consumer Price Index (CPI). Lease and rental agreements also provide for variable usage charges based on a time charge and/or a fixed per-mile charge. The time charge, the per-mile charge and the changes in rates attributed to changes in the CPI are considered contingent revenue. These charges are not considered fixed or determinable until the equipment usage or CPI change occurs and are excluded from the allocation of consideration at the inception of the contract. Revenues associated with licensing and operating taxes that are billed as incurred are also excluded from the allocation of consideration at contract inception and allocated as earned. Variable consideration is allocated to the lease and maintenance components when earned based on the same allocation percentages at contract inception (or the most recent contract modification). Amounts allocated to the lease component are recognized in revenue as earned and amounts allocated to the non-lease component are recognized in revenue using an input method, consistent with the estimated pattern of maintenance costs for the remainder of the contract term.

Leases not classified as operating leases are considered sales-type leases. We recognize revenue for sales-type leases using the effective interest method, which provides a constant periodic rate of return on the outstanding investment in the lease. We recognize the difference between the net investment in the lease and the carrying value in selling profit or loss on used vehicles in our results of operations at lease commencement.

Services

Services revenue includes all SCS and DTS revenues, as well as SelectCare and other revenues from our FMS business segment. In our SCS business segment, we offer a broad range of logistics management services designed to optimize the supply chain and address the key business requirements of our customers supported by a variety of technology and engineering solutions. In our DTS business segment, we combine equipment, maintenance, professional drivers, administrative services and additional services to provide customers with a single integrated dedicated transportation solution. DTS services are customized for our customers based on a transportation analysis to optimize vehicle capacity and overall asset utilization.

Revenues from SCS and DTS service contracts are recognized as services are rendered in accordance with contract terms. SCS and DTS contracts typically include (1) fixed and variable billing rates, (2) cost-plus billing rates (input method based on actual costs incurred to perform services and a contracted mark-up), or (3) variable only or fixed only billing rates for the services. Our billing structure aligns with the value transferred to our customers. We generally have a right to consideration in an amount that corresponds directly with the value we have delivered to the customer.

Our customers contract us to provide an integrated service of transportation or supply chain logistical services into a single transportation or supply chain solution. Therefore, we typically recognize SCS and DTS service contracts as one performance obligation satisfied over time.

Under our SelectCare arrangements, we provide maintenance and repairs required to keep a vehicle in good operating condition, perform preventive maintenance inspections, provide access to emergency road service, and substitute vehicles. We provide these maintenance services to customers who choose not to lease our vehicles. The vast majority of our services are routine and performed on a recurring basis throughout the term of the arrangement. From time to time, we provide non-routine major repair services in order to place a vehicle back in service.
Our maintenance service arrangement generally provides for a monthly fixed charge and a monthly variable charge based on mileage or time usage. Fixed charges are typically billed at the beginning of the month for the services to be provided that month, while variable charges are typically billed a month in arrears. Most maintenance agreements allow for rate changes based upon changes in the CPI. The fixed per-mile charge and the changes in rates attributed to changes in the CPI are recognized as earned.

The maintenance service is the only performance obligation in SelectCare contracts. For contract maintenance agreements, revenue is recognized as maintenance services are rendered over the terms of the related arrangements. We generally account for long-term maintenance contracts as one-year contracts since our maintenance arrangements are typically cancellable, without penalty, after the first year. For on-demand maintenance services, revenue is recognized at the point in time when the service is provided.

Costs associated with the activities performed under our maintenance arrangements are primarily comprised of labor, parts and outside repair work and are expensed as incurred. Non-chargeable maintenance costs have been allocated and reflected within “Cost of services” based on the proportionate maintenance-related labor costs relative to all product lines.

Fuel Services

Fuel services revenue is reported in our FMS business segment. We provide our FMS customers with access to fuel at our maintenance facilities across the U.S. and Canada. Fuel services revenue is invoiced to customers at contracted rates separate from other contracted services, or at retail prices. Revenue from fuel services is recognized when fuel is delivered to customers.

Significant Judgments and Estimates

We allocate the contract consideration from our ChoiceLease arrangements between the lease and maintenance components based on the relative stand-alone selling prices of each of those services. We do not sell the lease component of our ChoiceLease product offering on a stand-alone basis, therefore significant judgment is required to determine the stand-alone selling price of the lease component. We sell maintenance services separately through our SelectCare arrangements.

For the lease component, we estimate the stand-alone selling price using the projected cash outflows related to the underlying leased vehicle, net of the estimated disposal proceeds, and a certain targeted return considering our weighted average cost of capital. For the non-lease component of the contract, we estimate the stand-alone selling price of the maintenance component using an expected cost-plus margin approach. The expected costs are based on our history of providing maintenance services in our ChoiceLease arrangements. The margin is based on the historical margin percentages for our full service maintenance contracts in the SelectCare product line, as the maintenance performance obligation in those contracts is similar to our ChoiceLease arrangements.

Our SCS and DTS contracts often include promises to transfer multiple services to a customer. Judgment is required to determine whether each service is considered distinct and accounted for as a separate performance obligation, or accounted for together as a significant integrated service and recognized over time. Our SCS and DTS services provided within a contract depend on a significant level of integration and interdependency between the services and are generally considered integrated arrangements with revenue recognized as the interdependent services are delivered.

Contract Balances

We record a receivable related to revenue recognized when we have an unconditional right to invoice. We do not have material contract assets as we generally invoice customers as we perform services. We have determined our contracts do not include a significant financing component as the period between the receipt of customer payment and the transfer of service to the customer is less than a year.

Our contract liabilities consist of deferred revenue, which primarily relates to payments received or due in advance of performance for the maintenance services component of our ChoiceLease product. Changes in contract liabilities are due to the collection of cash or the satisfaction of our performance obligation under the contract. Refer to Note 4, "Revenue," for further information.
Costs to Obtain and Fulfill a Contract

Our incremental direct costs of obtaining and fulfilling a contract primarily consist of sales commissions and contract origination costs. For SCS and DTS contracts, these costs are capitalized and amortized on a straight-line basis over the period of contract performance or the expected duration of the customer relationship, if renewals are expected. For Choicelease contracts, capitalized sales commission are allocated and amortized based on the same pattern as the revenue is recognized for the underlying lease or non-lease components of the contract; generally on a straight-line basis for the lease component and consistent with the estimated pattern of maintenance costs for the non-lease component.

The incremental costs to obtain and fulfill a contract are included in “Sales-type leases and other assets” in the Consolidated Balance Sheets. Costs are primarily amortized in “Selling, general and administrative expenses” in the Consolidated Statements of Earnings over the expected period of benefit. Refer to Note 4, "Revenue," for further discussion.

Allowance for Credit Losses and Other

We maintain an allowance for credit losses and billing adjustments related to certain discounts and other customer concessions. Amounts are charged against the allowance when the receivable is determined to be uncollectible. Increases and decreases to the allowance are recorded to earnings in the period determined.

When a business relationship with a customer is initiated, we evaluate collectability from the customer and it is continuously monitored as services are provided. We have a credit rating system based on a combination of internally developed standards and ratings provided by third parties. Our credit rating system, along with monitoring for delinquent payments, allows us to make decisions as to whether collectability is probable at the onset of the relationship and subsequently as we offer services. Factors considered during this process include historical payment trends, industry risks, liquidity of the customer, years in business, judgments, liens, and bankruptcies. Payment terms vary by contract type, although terms generally include a requirement of payment within 10 to 90 days.

Leases

Leases as Lessor

We lease revenue earning equipment to customers for periods generally ranging from three to seven years for trucks and tractors and up to ten years for trailers. We determine if an arrangement is or contains a lease at inception. The standard lease agreement for revenue earning equipment provides both parties the right to terminate; therefore, we evaluate whether the lessee is reasonably certain to exercise the termination option in order to determine the appropriate lease term. If we terminate, the customer has the right (but not obligation) to purchase the vehicle. If the customer terminates, we have the option to require the customer to purchase the vehicle or pay a termination penalty. We also rent revenue earning equipment to customers on a short-term basis, from one day up to one year in length. From time to time, we may also lease facilities to third parties. The majority of our leases are classified as operating leases. However, some of our revenue earning equipment leases are classified as sales-type leases. Refer to Note 6, "Revenue Earning Equipment, Net" for further information on our estimates of residual values and useful lives of revenue earning equipment which impact our sales-type leases.

Leases as Lessee

We lease facilities, revenue earning equipment, material handling equipment, automated vehicle washing machines, vehicles and office equipment from third parties. We determine if an arrangement is or contains a lease at inception. Operating lease right-of-use (ROU) assets, which represent our right to use an underlying asset for the lease term, and operating lease liabilities are recognized based on the present value of lease payments over the lease term at commencement date. As most of our leases do not provide an implicit rate of return, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We use the implicit rate when readily determinable. Operating lease ROU assets also exclude lease incentives received. We pay variable lease charges related to property taxes, insurance and maintenance as well as changes in CPI for leased facilities; usage of revenue earning equipment, automated washing machines, vehicles and office equipment; and hours of operation for material handling equipment. For leases with a term of 12 months or less, with the exception of our real estate leases, we do not recognize a ROU asset or liability and recognize lease payments in our income statement on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred.
Lease terms for facilities are generally three to five years with one or more five-year renewal options and the lease terms for revenue earning equipment, material handling equipment, automated washing machines, vehicles and office equipment typically range from three to seven years with no extension options. Certain of our material handling equipment and revenue earning equipment leases have residual value guarantees. For purposes of calculating operating lease ROU assets and operating lease liabilities, lease terms may be deemed to include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. None of our leasing arrangements contain restrictive financial covenants. Lease expense is primarily included in "Selling, general and administrative expenses" in the Consolidated Statements of Earnings. For amounts capitalized in the Consolidated Balance Sheets, noncurrent finance lease ROU assets are included in "Operating property and equipment, net" and "Revenue earning equipment, net" Current operating and finance lease liabilities are included in "Accrued expenses and other current liabilities" and "Short-term debt and current portion of long-term debt," respectively. Noncurrent operating and finance lease liabilities are included in "Other non-current liabilities" and "Long-term debt," respectively. Refer to Note 12, "Leases," for additional information.

Revenue Earning Equipment, Operating Property and Equipment, and Depreciation

Revenue earning equipment, comprised of vehicles, and operating property and equipment are initially recorded at cost inclusive of vendor rebates. Revenue earning equipment and operating property and equipment recognized as finance leases are initially recorded at the lower of the present value of the lease payments to be made over the lease term or fair value. Vehicle repairs and maintenance that extend the life or increase the value of a vehicle are capitalized, whereas ordinary repairs and maintenance (including tire replacement or repair) are expensed as incurred. Direct costs incurred in connection with developing or obtaining internal-use software are capitalized. Costs incurred during the preliminary stage of a software development project, as well as maintenance and training costs, are expensed as incurred.

Leasehold improvements are depreciated over the shorter of their estimated useful lives or the term of the related lease. If a substantial additional investment is made in a leased property during the term of the lease, we re-evaluate the lease term to determine whether the investment, together with any penalties related to non-renewal, would constitute an economic penalty such that the renewal appears to be reasonably assured.

Depreciation is computed using the straight-line method on all depreciable assets. Depreciation expense has been recognized depending on the nature of the related asset. We periodically review and adjust depreciation expense prospectively reflecting changes in the estimated residual values and useful lives of revenue earning equipment. We routinely dispose of used revenue earning equipment as part of our FMS business. Refer to Note 6, “Revenue Earning Equipment, Net” for more information. Gains and losses on sales of operating property and equipment are reflected in “Miscellaneous income, net” in the Consolidated Statements of Earnings.

Goodwill and Other Intangible Assets

Goodwill and other intangible assets with indefinite useful lives are not amortized, but rather, are tested for impairment at least annually as of October 1 of each year, or more frequently if events or circumstances indicate the carrying value of goodwill may be impaired. In evaluating goodwill for impairment, we have the option to first assess qualitative factors to determine whether further impairment testing is necessary, such as macroeconomic conditions, changes in our industry and the markets in which we operate, and our market capitalization as well as our reporting units' historical and expected future financial performance.

If we conclude that it is more likely than not that a reporting unit's fair value is less than its carrying value or we bypass the optional qualitative assessment, recoverability is assessed by comparing the fair value of the reporting unit with its carrying amount. If a reporting unit's carrying value exceeds its fair value, we would recognize a goodwill impairment loss for the amount by which the carrying amount of a reporting unit exceeds its fair value, not to exceed the total amount of goodwill allocated to that reporting unit.

Our estimate of fair value for reporting units is determined based on a combination of a market and an income approach. Under the market approach, we use a selection of comparable publicly-traded companies that correspond to the reporting unit to derive a market-based multiple. Under the income approach, the fair value of the reporting unit is estimated based on the discounted present value of the projected future cash flows. Rates used to discount cash flows are dependent upon interest rates and the cost of capital based on our industry and capital structure, adjusted for equity and size risk premiums based on market capitalization. Estimates of future cash flows are dependent on our knowledge and experience about past and current events and significant judgments and assumptions about conditions we expect to exist, including revenue growth rates, margins, long-term
growth rates, capital requirements, proceeds from the sale of used vehicles, the ability to utilize our tax net operating losses, and the discount rate. Our estimates of cash flows are also based on historical and future operating performance, economic conditions and actions we expect to take.

There are inherent uncertainties related to these factors and management’s judgment in applying them to the analysis of goodwill impairment. It is possible that assumptions underlying the impairment analysis will change in such a manner that impairment in value may occur in the future.

Indefinite-lived intangible assets, consisting of our trade name, are assessed for impairment when circumstances indicate that the carrying amount may not be recoverable. The assessment is consistent with the process used to evaluate goodwill impairment. Intangible assets with finite lives are amortized over their respective estimated useful lives. Identifiable intangible assets that are subject to amortization are evaluated for impairment as described below.

Impairment of Long-Lived Assets Other than Goodwill and Indefinite-Lived Intangible Assets

Long-lived assets held and used, including revenue earning equipment, operating property and equipment, and intangible assets with finite lives, are tested for recoverability when circumstances indicate that the carrying amount of assets may not be recoverable. Recoverability of long-lived assets is evaluated by comparing the carrying value of an asset or asset group to the undiscounted future operating cash flows (excluding interest charges) expected to be generated by the asset or asset group. If these comparisons indicate that the carrying value of the asset or asset group is not recoverable, an impairment loss is recognized for the amount by which the carrying value of the asset or asset group exceeds its estimated fair value.

Self-Insurance Accruals

We retain a portion of the accident risk under auto liability, workers’ compensation and other insurance programs. Under our insurance programs, we retain the risk of loss in various amounts, generally up to $3 million on a per occurrence basis. Self-insurance accruals are based primarily on an actuarial estimated, undiscounted cost of claims, which includes claims incurred but not reported. Historical loss development factors are utilized to project the future development of incurred losses, and these amounts are adjusted based upon actual claim experience and settlements. Changes in the actuarial estimates of these liabilities are charged or credited to earnings in the period determined. Amounts estimated to be paid within the next year have been classified as “Accrued expenses and other current liabilities” with the remainder included in “Other non-current liabilities” in the Consolidated Balance Sheets.

We also maintain additional insurance at certain amounts in excess of our respective underlying retention. Amounts recoverable from insurance companies are not offset against the related liability as our insurance policies do not extinguish or provide legal release from the obligation to make payments related to such risk-related losses. Amounts expected to be received within the next year from insurance companies have been included within “Receivables, net” with the remainder included in “Sales-type leases and other assets” and are recognized only when realization of the claim for recovery is considered probable.

Income Taxes

Provision for income taxes is based on reported earnings before income taxes. Deferred income taxes are recognized for the future tax effects of temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, using tax rates in effect for the years in which the differences are expected to reverse. We have elected to account for the tax effects of the global intangible low-taxed income provision as a current period cost.

Valuation allowances are recognized to reduce deferred income tax assets to the amount that is more likely than not to be realized. In assessing the likelihood of realization, we consider estimates of future sources of taxable income. We calculate our current and deferred income tax position based on estimates and assumptions that could differ from the actual results reflected in income tax returns filed in subsequent years. Adjustments based on filed returns are recorded when identified.

We believe our measurement of liabilities for uncertain tax positions is reasonable, however, assurances cannot be given that the final outcome of these matters will be consistent with the historical income tax provisions and accruals. If a liability is ultimately deemed unnecessary, the liability will be reversed, and a tax benefit will be recognized in that period. Conversely, if additional liability is necessary, a tax provision will be recorded when that determination is made. If additional taxes are assessed as a result of an audit or litigation, there could be a material effect on our income tax provision and net income in the period or periods for which that determination is made.
Interest and penalties related to income tax exposures are recognized as incurred and included in "Provision for income taxes” in the Consolidated Statements of Earnings. Accruals for income tax exposures, including penalties and interest, expected to be settled within the next year are included in “Accrued expenses and other current liabilities”.

Foreign Currency Translation

Our foreign operations generally use local currency as their functional currency. Assets and liabilities of these operations are translated at the exchange rates in effect on the balance sheet date. Items in the Consolidated Statements of Earnings are translated at the average exchange rates. The related translation adjustments are recorded in “Accumulated other comprehensive loss” in the Consolidated Balance Sheets. Gains and losses resulting from foreign currency transactions are recognized in “Miscellaneous income, net” in the Consolidated Statements of Earnings.

Share-Based Compensation

The fair value of stock option awards and unvested restricted stock unit (RSU or RSUs) awards to employees are expensed on a straight-line basis over the vesting period of the awards. RSUs granted to the board of directors are expensed over a one year period when they are granted. Windfall tax benefits and tax shortfalls are charged directly to income tax expense.

Defined Benefit Pension and Postretirement Benefit Plans

The funded status of our defined benefit pension plans and postretirement benefit plans are recognized in the Consolidated Balance Sheets. The funded status is measured as the difference between the fair value of plan assets and the benefit obligation. Overfunded plans, with the fair value of plan assets exceeding the benefit obligation, are aggregated and reported as a pension asset in Sales-type leases and other assets. Underfunded plans, with the benefit obligation exceeding the fair value of plan assets, are aggregated and reported as a pension and postretirement benefit liability in Other non-current liabilities.

The current portion of pension and postretirement benefit liabilities represents the actuarial present value of benefits payable within the next year exceeding the fair value of plan assets (if funded), measured on a plan-by-plan basis. These liabilities are recognized in “Accrued expenses and other current liabilities” in the Consolidated Balance Sheets.

Prior service costs and actuarial gains and losses are recognized in “Accumulated other comprehensive loss” in the Consolidated Balance Sheets and are subsequently amortized as a component of pension and postretirement benefit expense generally over the remaining life expectancy.

The measurement of benefit obligations and pension and postretirement benefit expense is based on estimates and assumptions. These valuations reflect the terms of the plans and use participant-specific information such as compensation, age and years of service, as well as certain assumptions, including estimates of discount rates, expected return on plan assets, rate of compensation increases, interest rates and mortality rates.

Fair Value Measurements

We carry various assets and liabilities at fair value in the Consolidated Balance Sheets, including vehicles held for sale, investments held in Rabbi Trusts and pension assets.

Fair value measurements are classified based on the following fair value hierarchy:
Level 1Quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access at the measurement date. An active market for the asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.
Level 2Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or model-derived valuations or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3Unobservable inputs for the asset or liability. These inputs reflect our own assumptions about the assumptions a market participant would use in pricing the asset or liability.
When available, we use unadjusted quoted market prices to measure fair value and classify such measurements within Level 1. If quoted prices are not available, fair value is based upon model-driven valuations that use current market-based or
independently sourced market parameters such as interest rates and currency rates. Items valued using these models are classified according to the lowest level input or value driver that is significant to the valuation.
The carrying amounts reported in the Consolidated Balance Sheets for Cash and cash equivalents, Receivables, net and Accounts payable approximate fair value due to the immediate or short-term maturities of these financial instruments. Revenue earning equipment held for sale is measured at fair value on a nonrecurring basis and is stated at the lower of carrying amount or fair value less costs to sell. Investments held in Rabbi Trusts and derivatives are carried at fair value on a recurring basis. Investments held in Rabbi Trusts include exchange-traded equity securities and mutual funds. Fair values for these investments are based on quoted prices in active markets. Refer to Note 19, "Employee Benefit Plans," for further information regarding pension assets.
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RECENT ACCOUNTING PRONOUNCEMENTS
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
RECENT ACCOUNTING PRONOUNCEMENTS RECENT ACCOUNTING PRONOUNCEMENTS
In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-07, Segment Reporting (Topic 280). The amendments are intended to increase reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. We adopted the new standard retrospectively on December 31, 2024 and this ASU did not impact our consolidated financial position, results of operations, or cash flows.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740). The amendments require disclosure of specific categories in the 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 for fiscal years beginning in 2025, 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.

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 for fiscal years beginning in 2027, 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.
v3.25.0.1
SEGMENT REPORTING
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
Our operating segments are aggregated into reportable business segments based upon similar economic characteristics, products, services, customers and delivery methods.

Our primary measurement of segment financial performance, defined as “Earnings from continuing operations before income taxes” (Segment 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 as discussed in Note 20, "Other Items Impacting Comparability." The objective of the Segment 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. CSS represents those costs incurred to support all business segments, including information technology, finance, marketing, human resources, legal, and safety. These costs are allocated based on various methods, including resource utilization, personnel supported and utilization-related metrics. Certain costs are not attributable to any segment and remain unallocated in CSS, including costs for investor relations, public affairs and certain executive compensation. CSS costs attributable to the business segments are predominantly allocated to FMS, SCS and DTS.

Our FMS segment leases revenue earning equipment and provides fuel, maintenance and other ancillary services to the SCS and DTS segments. Inter-Segment EBT allocated to SCS and DTS includes earnings related to equipment used to provide services to SCS and DTS customers. Segment EBT related to inter-segment equipment and services billed to SCS and DTS customers (Equipment Contribution) are included in both FMS and the segment that served the customer and then eliminated upon consolidation (presented as “Eliminations”). 
The following table set forth financial information regularly provided and reviewed by our Chair and Chief Executive Officer (our Chief Operating Decision Maker), to analyze financial performance, make strategic decisions and allocate resources. The table also provides a reconciliation between Segment EBT and Earnings from continuing operations before income taxes (in millions):

2024FMSSCSDTS
Elimination(1)
Total
Revenue $5,888 $5,300 $2,446 $(998)$12,636 
Direct operating costs4,638 4,735 2,270 
Used vehicle sales, net(72)— — 
Other segment items (3)
806 233 51 
Segment EBT
$516 $332 $125 $(134)839 
Unallocated Central Support Services(71)
Intangible amortization expense (4)
(53)
Non-operating pension costs, net (5)
(41)
Other items impacting comparability, net (6)
(13)
Earnings from continuing operations before income taxes$661 
2023
Revenue$5,930 $4,875 $1,785 $(807)$11,783 
Direct operating costs4,651 4,420 1,634 
Used vehicle sales, net (2)
(194)— — 
Other segment items (3)
808 224 30 
Segment EBT
$665 $231 $121 $(95)922 
Unallocated Central Support Services(72)
Intangible amortization expense (4)
(35)
Non-operating pension costs, net (5)
(40)
Other items impacting comparability, net (6)
(157)
Earnings from continuing operations before income taxes$618 
2022
Revenue$6,327 $4,720 $1,786 $(822)$12,011 
Direct operating costs4,845 4,253 1,670 
Used vehicle sales, net (2)
(401)— — 
Other segment items (3)
826 249 13 
Segment EBT
$1,057 $218 $103 $(114)1,264 
Unallocated Central Support Services(83)
Intangible amortization expense (4)
(37)
Non-operating pension costs, net (5)
(11)
Other items impacting comparability, net (6)
83 
Earnings from continuing operations before income taxes$1,216 
_______________ 
(1)Represents the intercompany revenues in our FMS business segment and Inter-Segment EBT.
(2)In 2023, and 2022, Used vehicle sales, net gain of $2 million and $49 million, respectively, related to the FMS U.K.business exit is included in Other Items Impacting Comparability, net.
(3)Other segment items for each reportable segment include indirect costs and also include Equipment Contribution for SCS and DTS. 
(4)Refer to Note 9, "Intangible Assets, Net," for a discussion on this item.
(5)Refer to Note 19, "Employee Benefit Plans," for a discussion on this items.
(6)Refer to Note 20, “Other Items Impacting Comparability,” for a discussion of items excluded from our primary measure of segment performance.
The following table sets forth additional segment items as of and for the years ended presented:
(In millions)FMSSCSDTSCSSEliminationsTotal
December 31, 2024
Depreciation expense (1)
$1,583 104 5 2 $— $1,694 
Other non-cash charges, net (2)
$192 267 14 61 — $534 
Interest expense (income) (3)
$362 17 8 (1)— $386 
Capital expenditures paid$2,616 50 1 16 — $2,683 
Total assets$12,073 3,673 765 1,333 (1,172)$16,672 
December 31, 2023
Depreciation expense (1)
$1,571 136 3 2 — $1,712 
Other non-cash charges, net (2)
$106 230 8 29 — $373 
Interest expense (income) (3)
$292 8 (3)(1)— $296 
Capital expenditures paid$3,085 117 1 31 — $3,234 
Total assets$11,588 3,717 384 1,026 (937)$15,778 
December 31, 2022
Depreciation expense (1)
$1,618 91 3 1 — $1,713 
Other non-cash charges, net (2)
$90 173 4 50 — $317 
Interest expense (income) (3)
$219 10 (2)1 — $228 
Capital expenditures paid$2,442 155 2 32 — $2,631 
Total assets$10,811 3,043 380 904 (743)$14,395 
_______________ 
(1)Depreciation expense totaling $29 million in 2024, $28 million in 2023, and $27 million in 2022 associated with CSS assets was allocated to business segments based upon estimated and planned asset utilization.
(2)Primarily includes operating lease ROU assets amortization.
(3)Interest expense was primarily allocated to the FMS segment since borrowings were used principally to fund the purchase of FMS revenue earning equipment; however, interest was also reflected in SCS and DTS based on targeted segment leverage ratios.

Geographic Information
 December 31,
(In millions)20242023
Long-lived assets:
United States$9,758 $9,473 
Foreign:
Canada563 552 
Mexico69 84 
632 636 
Total$10,390 $10,109 
v3.25.0.1
REVENUE
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
Disaggregation of Revenue

The following tables disaggregate our revenue recognized by primary geographical market by our business segments and by industry for SCS. Refer to Note 3, “Segment Reporting”, for the disaggregation of our revenue by major product/service lines.
Primary Geographical Markets
2024
(In millions)FMSSCSDTSEliminationsTotal
United States$5,585 $4,697 $2,446 $(955)$11,773 
Canada303 278 — (43)538 
Mexico— 325 — — 325 
Total revenue$5,888 $5,300 $2,446 $(998)$12,636 

2023
(In millions)FMSSCSDTSEliminationsTotal
United States$5,616 $4,295 $1,785 $(764)$10,932 
Canada314 267 — (43)538 
Mexico— 313 — — 313 
Total revenue$5,930 $4,875 $1,785 $(807)$11,783 

2022
(In millions)FMSSCSDTSEliminationsTotal
United States$5,858 $4,209 $1,786 $(780)$11,073 
Canada319 251 — (42)528 
Europe (1)
150 — — — 150 
Mexico— 260 — — 260 
Total revenue$6,327 $4,720 $1,786 $(822)$12,011 
————————————
(1)Refer to Note 20, "Other Items Impacting Comparability", for further information on the exit of the FMS U.K. business.

Product Line

Our FMS revenue disaggregated by product line is as follows:

(In millions)202420232022
ChoiceLease$3,446 $3,181 $3,101 
Commercial rental976 1,178 1,338 
SelectCare and other694 694 624 
FMS Europe (1)
— — 150 
Fuel services revenue772 877 1,114 
Fleet Management Solutions$5,888 $5,930 $6,327 
_______________ 
(1)Refer to Note 20, “Other Items Impacting Comparability,” for further information on the FMS U.K. business exit

Industry

We have a diversified portfolio of customers across a full array of transportation and logistics solutions and across many industries. We believe this will help to mitigate the impact of adverse downturns in specific sectors of the economy. Our portfolio of ChoiceLease and commercial rental customers, as well as our DTS business, is not concentrated in any one particular industry or geographic region.
Our SCS business segment included revenue from the following industries:
(In millions)202420232022
Omnichannel retail$1,726 $1,757 $1,861 
Automotive1,580 1,600 1,523 
Consumer packaged goods1,182 965 845 
Industrial and other812 553 491 
Total SCS revenue$5,300 $4,875 $4,720 

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 Consolidated Statements of Earnings. We recognized $972 million in 2024, $963 million in 2023 and $1.0 billion in 2022.

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:
(In millions)202420232022
Balance as of beginning of period$545 $544 $594 
Recognized as revenue during period from beginning balance(174)(166)(181)
Consideration deferred during period, net231 168 140 
Foreign currency translation adjustment and other(2)(1)(9)
Balance as of end of period$600 $545 $544 

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 $3.1 billion and $2.8 billion as of December 31, 2024 and 2023, respectively, and primarily includes deferred revenue and amounts for full service ChoiceLease maintenance revenue that will be recognized as revenue in future periods as we provide maintenance services to our customers. Contracted not recognized revenue excludes (1) variable consideration as it is not included in the transaction price consideration allocated at contract inception, (2) revenues from the lease component of our ChoiceLease product and all the revenue from the commercial rental product, (3) revenues from contracts with an original duration of one year or less, including SelectCare contracts, and (4) revenue from SCS, DTS and other contracts where there are remaining performance obligations when we have the right to invoice but the revenue to be recognized in the future corresponds directly with the value to be delivered to the customer.

Sales Commissions and Contract Origination Costs

The sales commission and setup costs capitalized as of the period ended and the amortization expense for the years ended were as follows:
December 31,
(In millions)
20242023
Sales commissions
$109 $117 
Contract origination costs
$75 $84 
(In millions)
202420232022
Sales commissions amortization expense
$46 $47 $44 
Contract origination amortization expense
$34 $30 $28 
v3.25.0.1
RECEIVABLES, NET
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
RECEIVABLES, NET RECEIVABLES, NET
 December 31,
 (In millions)20242023
Trade$1,634 $1,505 
Sales-type leases161 140 
Other, primarily warranty and insurance104 111 
1,899 1,756 
Allowance for credit losses and other(38)(42)
Receivables, net$1,861 $1,714 
 

The following table provides a reconciliation of our allowance for credit losses and other:
(In millions)20242023
Balance as of beginning of period$42 $41 
Changes to provisions for credit losses26 22 
Write-offs and other(30)(21)
Balance as of end of period$38 $42 
v3.25.0.1
REVENUE EARNING EQUIPMENT, NET
 12 Months Ended
Dec. 31, 2024
Revenue Earning Equipment [Abstract]  
REVENUE EARNING EQUIPMENT, NET REVENUE EARNING EQUIPMENT, NET
(In millions)Estimated
Useful
Lives		December 31, 2024December 31, 2023
CostAccumulated
Depreciation		NetCostAccumulated
Depreciation		Net
Held for use:(In years)
Trucks
3 — 7
$6,252 $(2,210)$4,042 $5,630 $(2,192)$3,438 
Tractors
   4 — 7.5
6,721 (2,739)3,982 6,995 (2,712)4,283 
Trailers and other
9.5 — 12
1,695 (671)1,024 1,686 (683)1,003 
Held for sale
781 (623)158 732 (564)168 
Total$15,449 $(6,243)$9,206 $15,043 $(6,151)$8,892 
Total depreciation expense related to revenue earning equipment primarily used in our FMS segment was $1.5 billion in 2024, 2023, and 2022.

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.

In 2024, 2023, and 2022, we did not adjust the estimated residual values of existing revenue earning equipment.
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 exceed 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 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:
 December 31,
Losses from Valuation Adjustments
(In millions)20242023202420232022
Revenue earning equipment held for sale:
Trucks$10 $5 $14 $6 $3 
Tractors27 38 12 9 5 
Trailers and other3 4 5 5 1 
Total assets at fair value$40 $47 $31 $20 $9 
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 $118 million and $121 million as of December 31, 2024 and 2023, respectively.
The components of Used vehicle sales, net were as follows:
(In millions)202420232022
Gains on vehicle sales, net (1)
$(103)$(216)$(459)
Losses from valuation adjustments31 20 9 
Used vehicle sales, net$(72)$(196)$(450)
_______________
(1)2023 and 2022 includes gains on used vehicles sold as part of the exit of the FMS U.K business of $2 million and $49 million, respectively.
v3.25.0.1
OPERATING PROPERTY AND EQUIPMENT, NET
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
OPERATING PROPERTY AND EQUIPMENT, NET OPERATING PROPERTY AND EQUIPMENT, NET
 
Estimated Useful Lives (In years)
December 31,
(Dollars in millions)
20242023
Land—$230 $227 
Buildings and improvements
1 — 40
1,124 1,082 
Machinery and equipment
2 — 10
1,322 1,219 
Other
1 — 30
164 200 
2,840 2,728 
Accumulated depreciation(1,656)(1,511)
Operating property and equipment, net$1,184 $1,217 
(In millions)
202420232022
Operating property and equipment depreciation expense (1)
$203 $228 $182 
————————————
(1)During 2023 and 2022, we recorded asset impairments of $35 million and $20 million, respectively, related to a SCS customer bankruptcy.
v3.25.0.1
GOODWILL
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL GOODWILL
The carrying amount of goodwill attributable to each business segment with changes therein was as follows:
(In millions)FMSSCSDTSTotal
Balance as of January 1, 2023$245 $575 $41 $861 
Acquisitions (1)
— 79 — 79 
Balance as of December 31, 2023
245 654 41 940 
Acquisition (1)
15 18 186 219 
Foreign currency translation adjustment — (1)— (1)
Balance as of December 31, 2024
$260 $671 $227 $1,158 
_______________
(1)Refer to Note 23, "Acquisitions," for additional information.
v3.25.0.1
INTANGIBLE ASSETS, NET
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS, NET INTANGIBLE ASSETS, NET
 December 31, 2024
(In millions)FMSSCSDTSCSSTotal
Indefinite lived intangible assets — Trade name$— $— $— $9 $9 
Finite lived intangible assets, primarily customer relationships (1)
49 495 92 — 636 
Accumulated amortization(47)(123)(18)— (188)
Total$2 $372 $74 $9 $457 
December 31, 2023
(In millions)FMSSCSDTSCSSTotal
Indefinite lived intangible assets — Trade name$— $— $— $9 $9 
Finite lived intangible assets, primarily customer relationships (1)
49 4698 — 526 
Accumulated amortization(46)(87)(6)— (139)
Total$3 $382 $2 $9 $396 
 ___________________
(1)Includes $116 million of customer relationships related to the acquisition of CLH Parent Corporation (Cardinal Logistics) in 2024. Includes $127 million of customer relationships related to the acquisition of IFS Holdings, LLC, a holding company for Impact Fulfillment Services, LLC (IFS) in 2023. Refer to Note 23, "Acquisitions," for additional information.
The Ryder trade name has been identified as having an indefinite useful life. We recognized intangible asset amortization expense of $53 million in 2024, of which $51 million is associated with finite lived intangible assets and $2 million relates to the amortization of favorable lease assets recorded in Operating lease right-of-use assets in the Consolidated Balance Sheets. In 2023, we recognized intangible assets amortization expense of $35 million, of which $28 million is associated with finite lived intangible assets and $7 million relates to favorable lease asset amortization. We also wrote-off $10 million of FMS U.K. finite lived intangible assets and the related accumulated amortization as part of the shutdown of those operations in 2023. In 2022, we recognized intangible assets amortization expense of $37 million, of which $32 million is associated with finite lived intangible assets and $5 million relates to favorable lease asset amortization. The future amortization expense for each of the five succeeding years related to all intangible assets that are currently reported in the Consolidated Balance Sheets is estimated to range from $44 - $53 million per year for 2025 - 2029.
v3.25.0.1
ACCRUED EXPENSES AND OTHER LIABILITIES
 12 Months Ended
Dec. 31, 2024
Accrued Liabilities and Other Liabilities [Abstract]  
ACCRUED EXPENSES AND OTHER LIABILITIES ACCRUED EXPENSES AND OTHER LIABILITIES
 December 31, 2024December 31, 2023
(In millions)Accrued expenses and other current liabilitiesOther non-current liabilitiesTotalAccrued expenses and other current liabilitiesOther non-current liabilitiesTotal
Operating lease liabilities (1)
$302 $804 $1,106 $234 $800 $1,034 
Deferred revenue
160 440 600 177 368 545 
Self-insurance
193 349 542 175 284 459 
Salaries and wages197 — 197 200 — 200 
Pension and other employee benefits26 156 182 27 231 258 
Operating taxes
134 — 134 129 — 129 
Deferred compensation7 127 134 6 102 108 
Deposits, mainly from customers67 — 67 68 — 68 
Interest65 — 65 59 — 59 
Income taxes
7 — 7 14 — 14 
Other
165 78 243 144 86 230 
Total$1,323 $1,954 $3,277 $1,233 $1,871 $3,104 
_____________________
(1) Refer to Note 12, "Leases," for further information.

Self-insurance accruals include vehicle liability, workers’ compensation, property damage, cargo, medical and dental, which comprise our self-insurance programs.
Changes to self-insurance accruals consisted of the following:
(In millions)202420232022
Balance as of beginning of period$459 $463 $466 
Additions charged to earnings628 520 497 
Employee contributions to medical and dental self-insurance plans117 103 95 
Claim payments and write-offs(662)(627)(595)
Balance as of end of period$542 $459 $463 
v3.25.0.1
INCOME TAXES
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The components of "Earnings from continuing operations before income taxes" and the "Provision for income taxes" from continuing operations in the Consolidated Statements of Earnings were as follows:
(In millions)202420232022
Earnings from continuing operations before income taxes
United States$555 $479 $1,021 
Foreign106 139 195 
Total$661 $618 $1,216 
Provision for income taxes
Current tax expense from continuing operations:
Federal$112 $35 $30 
State15 45 43 
Foreign24 17 14 
151 97 87 
Deferred tax expense (income) from continuing operations:
Federal(13)88 214 
State28 (8)23 
Foreign6 35 29 
21 115 266 
Total$172 $212 $353 

Federal, state, and foreign net operating losses were utilized to offset current income taxes payable resulting in tax benefits of $10 million, $56 million, and $103 million in 2024, 2023 and 2022, respectively.

A reconciliation of the federal statutory tax rate with the effective tax rate from continuing operations follows:

(Percentage of pre-tax earnings)
202420232022
 Federal statutory tax rate 21.0 %21.0 %21.0 %
 Impact on deferred taxes for changes in tax rates 0.6 %(0.8)%(0.4)%
 State income taxes, net of federal income tax benefit 5.0 %5.8 %5.1 %
 Foreign rates varying from federal statutory tax rate 1.2 %2.2 %(5.3)%
 FMS U.K. business exit— %1.9 %3.2 %
 Tax contingencies (0.8)%(0.2)%(0.3)%
 Tax credits (1.2)%(1.8)%(0.2)%
 Other permanent book-tax differences 0.2 %0.9 %0.6 %
 Change in foreign valuation allowance (1)
(11.9)%(0.3)%5.4 %
 Foreign net operating loss write-off (1)
11.9 %— %— %
 Currency translation adjustment— %5.5 %— %
 Other— %0.1 %— %
 Effective tax rate26.0 %34.3 %29.1 %
_______________
(1)The cessation of business activities in a foreign subsidiary during 2024 led to the write-off of the subsidiary's net operating losses and the associated valuation allowance.
Deferred Income Taxes
The components of the net deferred income tax liability were as follows:
 December 31,
(In millions)
20242023
Deferred income tax assets:
Self-insurance accruals$131 $110 
Net operating loss carryforwards33 94 
Accrued compensation and benefits102 87 
Pension benefits35 50 
Deferred revenue23 133 
Interest expense limitation
75 28 
Other
47 39 
446 541 
Valuation allowance(12)(87)
434 454 
Deferred income tax liabilities:
Property and equipment basis differences(1,979)(2,012)
Intangible assets bases difference
(92)(65)
Other(20)(22)
(2,091)(2,099)
Net deferred income tax liability (1)
$(1,657)$(1,645)
_______________
(1)Deferred tax assets of $14 million and $13 million have been included in "Sales-type leases and other assets" as of December 31, 2024 and 2023.
Changes to the valuation allowance on deferred tax assets consisted of the following:
(In millions)202420232022
Balance at January 1$87 $88 $24 
Additions charged to income tax expense
— — 64 
Deductions credited to income tax expense
(75)(1)— 
Balance as of December 31
$12 $87 $88 
As of December 31, 2024, we have a cumulative valuation allowance of $12 million against our deferred tax assets, a net decrease of $75 million from the prior year. The decrease is primarily due to the cessation of all business activities by a foreign subsidiary on December 27, 2024, leading to the write-off of the subsidiary's net operating losses and the associated valuation allowance. The valuation allowance is subject to change in future years based on the availability of future sources of taxable income.
In 2024, we repatriated $14 million of current year earnings from our Mexico subsidiary with minimal tax cost. In 2023, we repatriated $78 million of undistributed earnings from our U.K. subsidiaries. As of December 31, 2024, we continue to consider our U.K. earnings to no longer be indefinitely reinvested and determined that there was no impact to deferred taxes. We consider the historical earnings of Mexico, along with our remaining foreign jurisdictions to be permanently reinvested, which collectively had $653 million of undistributed foreign earnings as of December 31, 2024. Any future repatriations of unremitted earnings could be subject to additional federal, state and foreign income taxes, withholding taxes, and/or the tax impact of foreign currency exchange gains or losses. The determination of the amount of unrecognized deferred tax liability associated with the $653 million of undistributed foreign earnings is not practicable because of the complexities associated with the hypothetical calculations used in evaluating whether we will maintain the indefinite reinvestment assertion on the remaining foreign subsidiaries.
Our carryforwards for net operating losses and tax benefits with the related valuation allowances were as follows:
December 31, 2024December 31, 2023
(Dollars in millions)
Carryforwards (1)
Valuation AllowanceNet Carryforwards
Carryforwards (1)
Valuation AllowanceNet Carryforwards
Net operating losses and
tax benefits
U.S. Federal jurisdictions (2)
$6 $(3)$3 $6 $(1)$5 
U.S. Federal jurisdictions (with no expiration)
11 — 11 3 — 3 
U.S. State jurisdictions (3)
27 — 27 26 (1)25 
U.S. State jurisdictions
(with no expiration)
3 — 3 4 — 4 
Foreign jurisdictions (4)
7 (7)— 82 (82)— 
Foreign jurisdictions
(with no expiration)
4 (2)2 4 (3)1 
Total carryforwards$58 $(12)$46 $125 $(87)$38 
_______________
(1)Net operating losses are shown before unrecognized tax benefits.
(2)Expires between the years 2034 to 2037.
(3)Expires between the years 2026 to 2044.
(4)Expires between the years 2031 to 2043.
Amounts in the table may not be additive due to rounding.
U.S. federal net operating loss deductions are limited to 80% of taxable income for losses generated in taxable years beginning after December 31, 2017. As of December 31, 2024, all remaining U.S. federal net operating losses are subject to IRC Section 382 limitations, further reducing the amount available for offset in any given future year.
Uncertain Tax Positions
In many cases, our uncertain tax positions are related to tax years that remain subject to examination by the relevant taxing authorities. The following table summarizes these open tax years by jurisdiction:
JurisdictionOpen Tax Year
United States (Federal)2018 - 2024
Canada2013 - 2015, 2017 - 2024
Mexico2019 - 2024
United Kingdom (discontinued operations)
2023 - 2024
Brazil (discontinued operations)2020- 2024
The following table summarizes the activity related to unrecognized tax benefits (excluding the federal benefit received from state positions):
(In millions)
202420232022
Balance at January 1$32 $34 $38 
Additions based on tax positions related to the current year2 2 2 
Reductions due to lapse of applicable statutes of limitation(8)(4)(6)
Total before interest and penalties at December 3126 32 34 
Interest and penalties3 3 3 
Balance at December 31$29 $35 $37 
Of the total unrecognized tax benefits as of December 31, 2024, $24 million (net of the federal benefit on state issues) represents the amount of unrecognized tax benefits that, if recognized, would favorably affect the effective tax rate in future periods. Unrecognized tax benefits related to federal, state and foreign tax positions may decrease $8 million by December 31, 2025, if audits are completed or tax years close during 2025.
v3.25.0.1
LEASES
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
LEASES LEASES
Leases as Lessor

The components of revenue from leases were as follows:
(In millions)
202420232022
Operating leases
Lease income related to ChoiceLease$1,482 $1,483 $1,490 
Lease income related to commercial rental (1)
$928 $1,123 $1,286 
 
Sales-type leases
Interest income related to net investment in leases$75 $56 $45 
 
Variable lease income excluding commercial rental (1)
$373 $308 $323 
________________________ 
(1)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 the net investment in sales-type leases, which are included in "Receivables, net" and "Sales-type leases and other assets" in the Consolidated Balance Sheets, were as follows:
 December 31,
(In millions)
20242023
Net investment in the lease - lease payment receivable$818 $723 
Net investment in the lease - unguaranteed residual value in assets49 43 
867 766 
Estimated loss allowance(5)(4)
Total$862 $762 

Maturities of sales-type lease receivables as of December 31, 2024, were as follows:
Years ending December 31,
(In millions)
2025$235 
2026221 
2027181 
2028162 
2029114 
Thereafter141 
Total undiscounted cash flows1,054 
Present value of lease payments (recognized as lease receivables)(818)
Difference between undiscounted cash flows and discounted cash flows$236 
Operating lease payments expected to be received as of December 31, 2024, were as follows:
Years ending December 31,
(In millions)
2025$1,289 
20261,019 
2027775 
2028581 
2029408 
Thereafter323 
Total undiscounted cash flows$4,395 
Leases as Lessee

The components of lease expense were as follows:
(In millions)202420232022
Finance lease cost
Amortization of right-of-use-assets$20 $15 $13 
Interest on lease liabilities3 2 2 
Operating lease cost374 271 199 
Short-term lease and other8 10 10 
Variable lease cost54 50 26 
Sublease income(29)(41)(39)
Total lease cost$430 $307 $211 
Operating and finance lease ROU assets and lease liabilities included in the Consolidated Balance Sheets were as follows:
 December 31,
2024
2023
(In millions)
OperatingFinanceOperatingFinance
Noncurrent assets
$1,055 $75 $1,016 $48 
Current liabilities
$302 $22 $234 $16 
Noncurrent liabilities
$804 $54 $800 $33 


 December 31,
 20242023
Weighted-average remaining lease term
Operating5 years5 years
Finance4 years4 years
Weighted-average discount rate
Operating5.4 %5.1 %
Finance5.1 %5.0 %
Maturities of operating and finance lease liabilities were as follows (in millions):
Operating Leases
Finance Leases
 
Years ending December 31,
Total
2025$352 $25 $376 
2026289 21 310 
2027226 16 242 
2028154 12 166 
202985 7 91 
Thereafter149 3 152 
Total lease payments1,255 84 1,339 
Less: Imputed Interest(149)(8)(157)
Present value of lease liabilities$1,106 $76 $1,182 
________________________ 
Note: Amounts may not be additive due to rounding.
As of December 31, 2024, we have entered into $22 million of additional facility operating leases that have not yet commenced. The operating leases will commence in 2025 with lease terms of generally 4 to 10 years.
LEASES LEASES
Leases as Lessor

The components of revenue from leases were as follows:
(In millions)
202420232022
Operating leases
Lease income related to ChoiceLease$1,482 $1,483 $1,490 
Lease income related to commercial rental (1)
$928 $1,123 $1,286 
 
Sales-type leases
Interest income related to net investment in leases$75 $56 $45 
 
Variable lease income excluding commercial rental (1)
$373 $308 $323 
________________________ 
(1)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 the net investment in sales-type leases, which are included in "Receivables, net" and "Sales-type leases and other assets" in the Consolidated Balance Sheets, were as follows:
 December 31,
(In millions)
20242023
Net investment in the lease - lease payment receivable$818 $723 
Net investment in the lease - unguaranteed residual value in assets49 43 
867 766 
Estimated loss allowance(5)(4)
Total$862 $762 

Maturities of sales-type lease receivables as of December 31, 2024, were as follows:
Years ending December 31,
(In millions)
2025$235 
2026221 
2027181 
2028162 
2029114 
Thereafter141 
Total undiscounted cash flows1,054 
Present value of lease payments (recognized as lease receivables)(818)
Difference between undiscounted cash flows and discounted cash flows$236 
Operating lease payments expected to be received as of December 31, 2024, were as follows:
Years ending December 31,
(In millions)
2025$1,289 
20261,019 
2027775 
2028581 
2029408 
Thereafter323 
Total undiscounted cash flows$4,395 
Leases as Lessee

The components of lease expense were as follows:
(In millions)202420232022
Finance lease cost
Amortization of right-of-use-assets$20 $15 $13 
Interest on lease liabilities3 2 2 
Operating lease cost374 271 199 
Short-term lease and other8 10 10 
Variable lease cost54 50 26 
Sublease income(29)(41)(39)
Total lease cost$430 $307 $211 
Operating and finance lease ROU assets and lease liabilities included in the Consolidated Balance Sheets were as follows:
 December 31,
2024
2023
(In millions)
OperatingFinanceOperatingFinance
Noncurrent assets
$1,055 $75 $1,016 $48 
Current liabilities
$302 $22 $234 $16 
Noncurrent liabilities
$804 $54 $800 $33 


 December 31,
 20242023
Weighted-average remaining lease term
Operating5 years5 years
Finance4 years4 years
Weighted-average discount rate
Operating5.4 %5.1 %
Finance5.1 %5.0 %
Maturities of operating and finance lease liabilities were as follows (in millions):
Operating Leases
Finance Leases
 
Years ending December 31,
Total
2025$352 $25 $376 
2026289 21 310 
2027226 16 242 
2028154 12 166 
202985 7 91 
Thereafter149 3 152 
Total lease payments1,255 84 1,339 
Less: Imputed Interest(149)(8)(157)
Present value of lease liabilities$1,106 $76 $1,182 
________________________ 
Note: Amounts may not be additive due to rounding.
As of December 31, 2024, we have entered into $22 million of additional facility operating leases that have not yet commenced. The operating leases will commence in 2025 with lease terms of generally 4 to 10 years.
LEASES LEASES
Leases as Lessor

The components of revenue from leases were as follows:
(In millions)
202420232022
Operating leases
Lease income related to ChoiceLease$1,482 $1,483 $1,490 
Lease income related to commercial rental (1)
$928 $1,123 $1,286 
 
Sales-type leases
Interest income related to net investment in leases$75 $56 $45 
 
Variable lease income excluding commercial rental (1)
$373 $308 $323 
________________________ 
(1)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 the net investment in sales-type leases, which are included in "Receivables, net" and "Sales-type leases and other assets" in the Consolidated Balance Sheets, were as follows:
 December 31,
(In millions)
20242023
Net investment in the lease - lease payment receivable$818 $723 
Net investment in the lease - unguaranteed residual value in assets49 43 
867 766 
Estimated loss allowance(5)(4)
Total$862 $762 

Maturities of sales-type lease receivables as of December 31, 2024, were as follows:
Years ending December 31,
(In millions)
2025$235 
2026221 
2027181 
2028162 
2029114 
Thereafter141 
Total undiscounted cash flows1,054 
Present value of lease payments (recognized as lease receivables)(818)
Difference between undiscounted cash flows and discounted cash flows$236 
Operating lease payments expected to be received as of December 31, 2024, were as follows:
Years ending December 31,
(In millions)
2025$1,289 
20261,019 
2027775 
2028581 
2029408 
Thereafter323 
Total undiscounted cash flows$4,395 
Leases as Lessee

The components of lease expense were as follows:
(In millions)202420232022
Finance lease cost
Amortization of right-of-use-assets$20 $15 $13 
Interest on lease liabilities3 2 2 
Operating lease cost374 271 199 
Short-term lease and other8 10 10 
Variable lease cost54 50 26 
Sublease income(29)(41)(39)
Total lease cost$430 $307 $211 
Operating and finance lease ROU assets and lease liabilities included in the Consolidated Balance Sheets were as follows:
 December 31,
2024
2023
(In millions)
OperatingFinanceOperatingFinance
Noncurrent assets
$1,055 $75 $1,016 $48 
Current liabilities
$302 $22 $234 $16 
Noncurrent liabilities
$804 $54 $800 $33 


 December 31,
 20242023
Weighted-average remaining lease term
Operating5 years5 years
Finance4 years4 years
Weighted-average discount rate
Operating5.4 %5.1 %
Finance5.1 %5.0 %
Maturities of operating and finance lease liabilities were as follows (in millions):
Operating Leases
Finance Leases
 
Years ending December 31,
Total
2025$352 $25 $376 
2026289 21 310 
2027226 16 242 
2028154 12 166 
202985 7 91 
Thereafter149 3 152 
Total lease payments1,255 84 1,339 
Less: Imputed Interest(149)(8)(157)
Present value of lease liabilities$1,106 $76 $1,182 
________________________ 
Note: Amounts may not be additive due to rounding.
As of December 31, 2024, we have entered into $22 million of additional facility operating leases that have not yet commenced. The operating leases will commence in 2025 with lease terms of generally 4 to 10 years.
LEASES LEASES
Leases as Lessor

The components of revenue from leases were as follows:
(In millions)
202420232022
Operating leases
Lease income related to ChoiceLease$1,482 $1,483 $1,490 
Lease income related to commercial rental (1)
$928 $1,123 $1,286 
 
Sales-type leases
Interest income related to net investment in leases$75 $56 $45 
 
Variable lease income excluding commercial rental (1)
$373 $308 $323 
________________________ 
(1)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 the net investment in sales-type leases, which are included in "Receivables, net" and "Sales-type leases and other assets" in the Consolidated Balance Sheets, were as follows:
 December 31,
(In millions)
20242023
Net investment in the lease - lease payment receivable$818 $723 
Net investment in the lease - unguaranteed residual value in assets49 43 
867 766 
Estimated loss allowance(5)(4)
Total$862 $762 

Maturities of sales-type lease receivables as of December 31, 2024, were as follows:
Years ending December 31,
(In millions)
2025$235 
2026221 
2027181 
2028162 
2029114 
Thereafter141 
Total undiscounted cash flows1,054 
Present value of lease payments (recognized as lease receivables)(818)
Difference between undiscounted cash flows and discounted cash flows$236 
Operating lease payments expected to be received as of December 31, 2024, were as follows:
Years ending December 31,
(In millions)
2025$1,289 
20261,019 
2027775 
2028581 
2029408 
Thereafter323 
Total undiscounted cash flows$4,395 
Leases as Lessee

The components of lease expense were as follows:
(In millions)202420232022
Finance lease cost
Amortization of right-of-use-assets$20 $15 $13 
Interest on lease liabilities3 2 2 
Operating lease cost374 271 199 
Short-term lease and other8 10 10 
Variable lease cost54 50 26 
Sublease income(29)(41)(39)
Total lease cost$430 $307 $211 
Operating and finance lease ROU assets and lease liabilities included in the Consolidated Balance Sheets were as follows:
 December 31,
2024
2023
(In millions)
OperatingFinanceOperatingFinance
Noncurrent assets
$1,055 $75 $1,016 $48 
Current liabilities
$302 $22 $234 $16 
Noncurrent liabilities
$804 $54 $800 $33 


 December 31,
 20242023
Weighted-average remaining lease term
Operating5 years5 years
Finance4 years4 years
Weighted-average discount rate
Operating5.4 %5.1 %
Finance5.1 %5.0 %
Maturities of operating and finance lease liabilities were as follows (in millions):
Operating Leases
Finance Leases
 
Years ending December 31,
Total
2025$352 $25 $376 
2026289 21 310 
2027226 16 242 
2028154 12 166 
202985 7 91 
Thereafter149 3 152 
Total lease payments1,255 84 1,339 
Less: Imputed Interest(149)(8)(157)
Present value of lease liabilities$1,106 $76 $1,182 
________________________ 
Note: Amounts may not be additive due to rounding.
As of December 31, 2024, we have entered into $22 million of additional facility operating leases that have not yet commenced. The operating leases will commence in 2025 with lease terms of generally 4 to 10 years.
v3.25.0.1
DEBT
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
DEBT DEBT
 Weighted Average
Interest Rate		  
(Dollars in millions)
December 31, 2024December 31, 2023MaturitiesDecember 31,
2024		December 31,
2023
Debt:
Trade receivables financing program5.06%5.87%2025$20 $50 
U.S. commercial paper
4.78%5.68%2026868 572 
Unsecured medium-term note issued February 2019—%3.65%2026— 600 
Unsecured medium-term note issued August 2019—%2.50%2026— 550 
Unsecured medium-term note issued April 20204.63%4.63%2025400 400 
Unsecured medium-term note issued May 20203.35%3.35%2025400 400 
Unsecured medium-term note issued December 19956.95%6.95%2025150 150 
Unsecured medium-term note issued November 2021
5.53%6.15%2026300 300 
Unsecured medium-term note issued November 20192.90%2.90%2026400 400 
Unsecured medium-term note issued February 2022 4.27%4.50%2027450 450 
Unsecured medium-term note issued May 20224.30%4.30%2027300 300 
Unsecured medium-term note issued February 20245.30%—%2027350 — 
Unsecured medium-term note issued February 20235.65%5.65%2028500 500 
Unsecured medium-term note issued May 20235.25%5.25%2028650 650 
Unsecured medium-term note issued November 20236.30%6.30%2028400 400 
Unsecured medium-term note issued February 20245.38%—%2029550 — 
Unsecured medium-term note issued May 20245.50%—%2029300 — 
Unsecured medium-term note issued August 20244.95%—%2029300 — 
Unsecured medium-term note issued November 2024
4.90%—%2029300 — 
Unsecured medium-term note issued November 20236.60%6.60%2033600 600 
Unsecured foreign obligations—%2.88%2024— 50 
Unsecured U.S. obligations5.14%4.13%2027275 375 
Asset-backed U.S. obligations (1)
3.59%3.40%2025-2030252 382 
Finance lease obligations and other
2025-203176 49 
7,841 7,178 
Fair market value adjustment on medium-term notes (2)
(25)(34)
Debt issuance costs and original issue discounts(37)(30)
Total debt (3)
7,779 7,114 
Short-term debt and current portion of long-term debt(1,120)(1,583)
Long-term debt$6,659 $5,531 
_______________
(1)Asset-backed U.S. obligations are financing transactions backed by a portion of our revenue earning equipment.
(2)Included in "Other non-current liabilities" within the Consolidated Balance Sheets. The notional amount of the executed interest rate swaps designated as fair value hedges was $500 million as of both December 31, 2024 and 2023.
(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 $7.6 billion and $6.8 billion as of December 31, 2024 and 2023, 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 includes our debt proceeds and repayments in 2024:
(In millions)Debt ProceedsDebt Repayments
Medium-term notes (1)
$1,789 Medium-term notes$1,150 
U.S. and foreign term loans, finance lease obligations and other— U.S. and foreign term loans, finance lease obligations and other329 
Total debt proceeds
$1,789 Total debt repaid$1,479 
_______________
(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.
Contractual maturities of total debt, excluding finance lease obligations, are as follows:
Years ending December 31,
(In millions)
2025$1,099 
20261,641 
20271,388 
20281,565 
20291,472 
Thereafter600 
Total7,765 
Finance lease obligations (Refer to Note 12, "Leases")
76 
Total long-term debt$7,841 

Credit Arrangements

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

December 31, 2024
(In millions)
Borrowing CapacityOutstandingAvailable
Revolving credit facility
$1,400 $868 $532 
Trade receivables financing facility (1)
300119181
Total
$1,700 $987 $713 
_______________
(1)Includes borrowings of $20 million and letters of credit outstanding of $99 million.

Revolving Credit Facility

We maintain a $1.4 billion committed revolving credit facility, which supports U.S. and Canadian commercial paper programs, with a syndicate of eleven lending institutions that expires in December 2026. The agreement provides for annual facility fees which range from 7.0 to 17.5 basis points based on our long-term credit ratings. The annual facility fee is 10.0 basis points as of December 31, 2024. The credit facility is primarily used to finance working capital and vehicle purchases, but can also be used to issue up to $75 million in letters of credit (there were no letters of credit outstanding against the facility as of December 31, 2024). At our option, the interest rate on borrowings under the credit facility is based on specific risk-free rates. The credit facility contains no provisions limiting its availability in the event of a material adverse change to our business operations; however, the credit facility does contain standard representations and warranties, events of default, cross-default provisions, and certain affirmative and negative covenants.
Our revolving credit facility enables us to refinance short-term obligations on a long-term basis. Short-term commercial paper obligations are classified as long-term as we have both the intent and ability to refinance on a long-term basis.
Trade Receivables Financing Program

We maintain a $300 million trade receivables purchase and sale program, pursuant to which we sell certain of our domestic trade accounts receivable to a bankruptcy remote, consolidated subsidiary of Ryder, that in turn sells, on a revolving basis, an ownership interest in certain of these accounts receivable to a committed purchaser. The subsidiary is considered a VIE and is consolidated based on our control of the entity’s activities. We use this program to provide additional liquidity to fund our operations, particularly when it is cost effective to do so. The costs under the program may vary based on changes in interest rates. The credit facility has a commitment fee of 35 to 45 basis points dependent on the utilization of the credit facility, which includes both borrowings and letters of credit that are supported by the credit facility. Borrowings bear interest at a variable interest rate based on the 30-day term SOFR rate plus 90 basis points or the A1/P1 commercial paper yield rate plus 80 basis points. In April 2024, we extended the trade receivables financing program until April 2025.
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GUARANTEES
 12 Months Ended
Dec. 31, 2024
Guarantees [Abstract]  
GUARANTEES GUARANTEES
We have executed various agreements with third parties that contain standard indemnifications that may require us to indemnify a third party against losses arising from a variety of matters, such as lease obligations, financing agreements, environmental matters, and agreements to sell business assets, if they bring a claim against us. Additionally, we have entered into individual indemnification agreements with each of our independent directors, through which we will indemnify such director acting in good faith against any and all losses, expenses and liabilities arising out of such director’s service as a director. The maximum amount of potential future payments under these agreements is generally unlimited.

We cannot predict the maximum potential amount of future payments under certain of these agreements, including the indemnification agreements, due to the contingent nature of the potential obligations and the distinctive provisions that are involved in each individual agreement. We believe that if a loss were incurred in any of these matters, the loss would not have a material adverse impact on our consolidated results of operations or financial position.

As of December 31, 2024 and 2023, we had letters of credit and surety bonds outstanding, which primarily guarantee various insurance activities as noted in the following table:
 December 31,
(In millions)
20242023
Letters of credit$292 $301 
Surety bonds$191 $165 
v3.25.0.1
SHARE REPURCHASE PROGRAMS
 12 Months Ended
Dec. 31, 2024
Share Repurchase Programs [Abstract]  
SHARE REPURCHASE PROGRAMS SHARE REPURCHASE PROGRAMS
We currently maintain two share repurchase programs approved by our board of directors. The first program authorized management to repurchase up to 2 million shares 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 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 2024 Discretionary Program"). Share repurchases under both programs can 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.

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. The anti-dilutive share repurchase programs are designed to mitigate the dilutive impact of shares issued under our employee stock plans. Shares are retired upon repurchase.
The following table provides the activity for shares repurchased and retired:
202420232022
(In millions)Shares AmountSharesAmountSharesAmount
2023 Anti-Dilutive Program (1)
0.7 $83 0.1 $11 — $— 
2021 Anti-Dilutive Program (expired in October 2023)
— — 1.0 96 0.9 78 
Anti-Dilutive Programs0.7 83 1.1 107 0.9 78 
October 2024 Discretionary Program (2)
0.2 33 — — — — 
October 2023 Discretionary Program (expired in September 2024)
1.6 205 0.4 44 — — 
February 2023 Discretionary Program (expired in September 2023)
— — 2.0 186 — — 
2021 Discretionary Program (expired in November 2022)
— — — — 2.0 179 
Discretionary Programs1.8 238 2.4 230 2.0 179 
2022 Accelerated share repurchase program (expired in September 2022)
— — — — 4.0 300 
Total2.5$321 3.6$337 7.0$557 
_____________________
(1)Program commenced October 2023 and expires October 2025.
(2)Program commenced October 2024 and expires October 2026.

Amounts in the table may not be additive due to rounding.
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ACCUMULATED OTHER COMPREHENSIVE LOSS
 12 Months Ended
Dec. 31, 2024
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 components of Accumulated other comprehensive loss, net of taxes:

(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
December 31, 2022$(238)$(566)$8 $(796)
Other comprehensive (loss) income, net of taxes, before reclassifications
37 (91)(1)(55)
Amounts reclassified from AOCI, net of taxes
183 20 (7)196 
Net current-period Other comprehensive (loss) income, net of taxes
220 (71)(8)141 
December 31, 2023(18)(637)— (655)
Other comprehensive (loss) income, net of taxes, before reclassifications
(76)17 5 (54)
Amounts reclassified from AOCI, net of taxes
(2)23 (4)17 
Net current-period Other comprehensive (loss) income, net of taxes
(78)40 1 (37)
December 31, 2024$(96)$(597)$1 $(692)

In 2023, we recognized a non-cash, cumulative currency translation adjustment loss of $183 million, net of tax, as a result of the FMS U.K. business exit, which is included in "Currency translation adjustment loss" in our Consolidated Statements of Earnings. The cumulative currency translation adjustment loss had no impact on our consolidated financial position or cash flows.
v3.25.0.1
EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2024
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:
(Dollars in millions, except per share amounts; share amounts in thousands)
202420232022
Earnings per common share — Basic
Earnings from continuing operations$489 $406 $863 
Less: Distributed and undistributed earnings allocated to unvested stock(3)(2)(5)
Earnings from continuing operations available to common shareholders
$486 $404 $858 
Weighted average common shares outstanding 43,079 45,383 49,549 
Earnings from continuing operations per common share — Basic
$11.29 $8.89 $17.32 
Earnings per common share — Diluted
Earnings from continuing operations$489 $406 $863 
Less: Distributed and undistributed earnings allocated to unvested stock— — — 
Earnings from continuing operations available to common shareholders — Diluted
$489 $406 $863 
Weighted average common shares outstanding — Basic43,079 45,383 49,549 
Effect of dilutive equity awards1,155 1,104 1,337 
Weighted average common shares outstanding — Diluted44,234 46,486 50,887 
Earnings from continuing operations per common share — Diluted
$11.06 $8.73 $16.96 
Anti-dilutive equity awards not included in diluted EPS66 825 662 
____________________ 
Amounts in the table may not recalculate due to rounding of earnings and shares.
v3.25.0.1
SHARE-BASED COMPENSATION PLANS
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
SHARE-BASED COMPENSATION PLANS SHARE-BASED COMPENSATION PLANS
The following table provides information on Share-based compensation expense and related income tax benefits recognized:
(In millions)
202420232022
Unvested stock awards$40 $42 $44 
Stock option and employee stock purchase plans2 2 2 
Share-based compensation expense42 44 46 
Income tax benefit(5)(6)(6)
Share-based compensation expense, net of tax
$37 $38 $40 

Total unrecognized pre-tax compensation expense related to share-based compensation arrangements as of December 31, 2024 was $38 million and is expected to be recognized over a weighted-average period of approximately 1.7 years. The total fair value of equity awards vested was $33 million, $41 million, and $31 million, during 2024, 2023, and 2022, respectively. The total cash received from employees under all share-based employee compensation arrangements, net of shares withheld for taxes, was $10 million, $2 million, and $14 million during 2024, 2023, and 2022, respectively.

Share-Based Incentive Awards

Share-based incentive awards are provided to employees under the terms of various share-based compensation plans (collectively, the Plans). The Plans are administered by the compensation committee of the board of directors and principally include grants of RSUs.
Restricted Stock Units

RSUs entitle the holder to receive one share of Ryder common stock for each RSU granted. Under the terms of our Plans, dividends on RSUs are paid only upon vesting of the award, and the amount of dividends paid is equal to the aggregate dividends declared on common shares during the period from the date of grant of the award until the date the shares underlying the award are delivered. The common stock underlying RSUs is not deemed issued or outstanding upon grant, and does not carry any voting rights. As of December 31, 2024, there are 7.8 million shares authorized for issuance under the Plans and 2.8 million shares remaining available for future grants.

RSUs granted to employees typically contain time-based vesting conditions, and in the case of certain senior executives also performance-based vesting conditions. Time-vested restricted stock rights (TVRSRs) typically vest ratably over three years for employees. The fair value of TVRSRs is determined and fixed based on Ryder’s stock price on the date of grant. Performance-based restricted stock rights (PBRSRs) are generally granted to executive management and include company specific performance-based vesting conditions. PBRSRs are awarded based on various revenue, return-based and cash flow performance targets and may include a total shareholder return (TSR) modifier. The fair values of the PBRSRs that include a TSR modifier are estimated using a lattice-based option-pricing valuation model that incorporates a Monte-Carlo simulation. Share-based compensation expense for PBRSRs is recognized on a straight-line basis over the vesting period, based upon the probability that the performance target will be met.
In 2024, 2023, and 2022, PBRSRs were awarded based on adjusted return on equity (ROE), strategic revenue growth (SRG), and free cash flow (FCF). Our TSR will be compared against the TSR of each of the companies in a custom peer group to determine our TSR percentile rank versus this custom peer group. The number of PBRSRs will then be adjusted based on this rank.

We also grant stock awards and RSUs to non-executive members of the board of directors. RSUs to new board members do not vest until the director has served a minimum of one year. After one year of service on the board of directors, each director may elect to receive his or her stock award in the form of either (1) shares that are distributed at the time of grant or (2) RSUs that are delivered upon or after separation from the board. The fair value of the awards is determined and fixed based on Ryder’s stock price on the date of grant. Share-based compensation expense is recognized for RSUs in the year the RSUs are granted to board members. Shares of Ryder common stock delivered upon grant have standard voting rights and rights to dividend payments.

The following is a summary of activity for RSUs as of and for the year ended December 31, 2024:

 
Time-Vested (1)
Performance-Based (2)
(Shares in millions)
SharesWeighted-
Average
Grant Date
Fair Value		SharesWeighted-
Average
Grant Date
Fair Value
Unvested stock awards at January 1, 2024
0.7$75.55 0.4$82.11 
Granted0.2119.22 0.1121.10 
Vested (0.3)76.41 (0.1)69.73 
Unvested stock awards at December 31, 2024
0.6$86.37 0.4$97.81 
_____________ 
(1)    Includes RSUs granted to non-executive members of the board of directors.
(2)    Performance-based awards are initially granted at target, assuming 100% payout.


Option Awards

Stock options are awards that allow employees to purchase shares of our stock at a fixed price in the future. Stock option awards are granted at an exercise price equal to the market price of our stock at the time of grant. These awards, which generally vest one-third each year, are fully vested three years from the grant date. Stock options have contractual terms of ten years.
We have not granted stock option awards since 2019. The fair value of each option award is estimated on the date of grant using a Black-Scholes-Merton option-pricing valuation model. We use historical data to estimate stock option forfeitures. The following table summarizes the activity related to our stock option awards:
(Option awards and aggregate intrinsic value in millions)
Number of Option Awards
Weighted-
Average
Exercise Price
Weighted-
Average
Remaining Contractual Term (Years)
Aggregate Intrinsic Value (1)
Outstanding and exercisable as of December 31, 2023
0.9$72.37 3.1$37 
Exercised(0.2)87.64 
Outstanding and exercisable as of December 31, 2024
0.7$67.33 2.5$58 
_____________ 
(1)    The intrinsic value represents the amount by which the fair value of our stock price exceeds the option exercise price, multiplied by the number of in-the-money options.

Employee Stock Purchase Plan

We maintain an Employee Stock Purchase Plan (ESPP) that enables eligible employees in the U.S. and Canada to purchase full or fractional shares of Ryder common stock through payroll deductions of a specific dollar amount or up to 15% of eligible compensation during quarterly offering periods. The price is based on the fair market value of the stock on the last trading day of the quarter. Stock purchased under the ESPP must be held for 90 days or one year for officers.

The following table presents the shares purchased and the related weighted-average purchase price under the ESPP:
2024 (1)
20232022
Shares purchased120,000 152,000 171,000 
Weighted average purchase price$114.84 $82.81 $65.50 
_____________ 
(1)    As of December 31, 2024, there were 7.5 million shares authorized for issuance and 1.4 million shares remaining available to be purchased in the future.
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EMPLOYEE BENEFIT PLANS
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
EMPLOYEE BENEFIT PLANS EMPLOYEE BENEFIT PLANS
Pension Plans

We historically sponsored several defined benefit pension plans covering most employees not covered by union-administered plans, including certain employees in foreign countries. These plans generally provided participants with benefits based on years of service and career-average compensation levels.

In past years, we made amendments to defined benefit retirement plans that froze the retirement benefits for non-grandfathered and certain non-union employees in the U.S., Canada and the U.K. As of December 31, 2024, our U.S., Canadian and U.K. pension plans are frozen for all remaining active employees. These employees have ceased accruing further benefits under the defined benefit pension plans and began receiving benefits under enhanced defined contribution plans. All pension benefits earned were fully preserved and will be paid in accordance with plan and legal requirements. We maintain an active $11 million statutory unfunded pension plan in Mexico.

In September 2023, we executed a bulk annuity contract with a U.K. insurance company to fully settle our $250 million U.K. pension benefit obligation. We are targeting a pension plan termination in April 2026. The bulk annuity transaction will not impact to our financial position or statement of earnings until we terminate the pension plan.

We also have a non-qualified supplemental pension plan covering certain U.S. employees, which provides for incremental pension payments so that the participants' payments equal the amounts that could have been received under our qualified pension plan if it were not for limitations imposed by income tax regulations. The accrued pension liability related to this plan was $43 million and $45 million as of December 31, 2024 and 2023, respectively.
Net Pension Expense

Components of net pension expense for defined benefit pension plans were as follows:
(In millions)
202420232022
Company-administered plans:
Service cost$1 $1 $1 
Interest cost86 90 63 
Expected return on plan assets(76)(77)(74)
Amortization of net actuarial loss and prior service cost31 27 21 
Net pension expense$42 $41 $11 
Company-administered plans:
U.S.$29 $31 $13 
Non-U.S.13 10 (2)
Net pension expense$42 $41 $11 
 
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.

The following table sets forth the weighted-average actuarial assumptions used in determining our annual net pension expense:
 
U.S. Plans
Non-U.S. Plans
 202420232022202420232022
Discount rate5.15%5.50%2.95%4.25%5.05%2.14%
Expected long-term rate of return on plan assets5.40%5.40%3.60%3.97%3.80%2.79%
Gain and loss amortization period (years)202021242425

The return on plan assets assumption reflects the weighted-average of the expected long-term rates of return for the broad categories of investments held in the plans net of fees. The expected long-term rate of return is adjusted when there are fundamental changes in expected returns or in asset allocation strategies of the plan assets.
Obligations and Funded Status

The following table sets forth the benefit obligations, assets and funded status associated with our pension plans:
(In millions)
20242023
Change in benefit obligations:
Benefit obligations at January 1$1,858 $1,705
Service cost1 1
Interest cost86 90
Actuarial loss (gain)
(127)155
Pension curtailment and settlement— —
Benefits paid(180)(111)
Foreign currency exchange rate changes(10)18
Benefit obligations at December 311,628 1,858
Change in plan assets:
Fair value of plan assets at January 11,642 1,600
Actual return on plan assets(28)114
Employer contribution56 21
Benefits paid(180)(111)
Foreign currency exchange rate changes(9)18
Fair value of plan assets at December 311,481 1,642
Funded status$(147)$(216)
Funded percent91%88%


The funded status of our pension plans was presented in the Consolidated Balance Sheets as follows:
 December 31,
(In millions)
20242023
Noncurrent asset$2 $7 
Current liability(4)(4)
Noncurrent liability(145)(219)
Net amount recognized$(147)$(216)
Amounts recognized in Accumulated other comprehensive loss (pre-tax) consisted of:
 December 31,
 (In millions)20242023
Prior service cost$26 $26 
Net actuarial loss777 830 
Net amount recognized$803 $856 

In 2025, we expect to amortize $30 million of net actuarial loss and prior service cost as a component of pension expense.
    
The following table sets forth the weighted-average actuarial assumptions used in determining funded status:
 U.S. Plans
December 31,		Non-U.S. Plans
December 31,
 2024202320242023
Discount rate5.65%5.15%5.22%4.25%
As of December 31, 2024 and 2023, our total accumulated benefit obligations, as well as our pension plan obligations (projected benefit obligations (PBO) and accumulated benefit obligations (ABO)) in excess of the fair value of the related plan assets, for our U.S. and foreign plans were as follows:
 U.S. Plans
December 31,		Non-U.S. Plans
December 31,		Total
December 31,
 (In millions)202420232024202320242023
Total accumulated benefit obligations$1,284 $1,444 $341 $411 $1,625 $1,855 
Plans with pension obligations in excess of plan assets:
PBO1,284 1,444 285 352 1,569 1,796 
ABO1,284 1,444 283 349 1,567 1,793 
Fair value of plan assets1,154 1,241 — — 1,154 1,241 
Investment Policy and Fair Value of Plan Assets 
We have a liability hedging investment strategy for our qualified pension plans that reduces the volatility of our pension assets relative to our pension liabilities. The overall objective is to achieve attractive risk-adjusted returns that will balance the liquidity requirements related to the plans’ liabilities while striving to minimize the risk of significant funded status deterioration. As the funded status of each plan improves, we (1) gradually increase the liability hedging portfolio, which consists of high quality, longer-term fixed income securities and (2) reduce our allocation of equity investments. The plans utilize several investment strategies, including actively and passively managed fixed income strategies and passively managed equity strategies. The investment policy establishes targeted allocations for each asset class that incorporate measures of asset and liability risks. Deviations between actual pension plan asset allocations and targeted asset allocations may occur as a result of investment performance and changes in the funded status from time to time. Rebalancing of our pension plan asset portfolios is evaluated periodically and rebalanced if actual allocations exceed an acceptable range. U.S. plans account for approximately 78% of our total pension plan assets. Fixed income and equity securities in our international plans include actively and passively managed funds.

The following table presents the fair value of each major category of pension plan assets and the level of inputs used to measure fair value:

 (In millions)December 31, 2024
Asset CategoryTotalLevel 1Level 2Level 3
Commingled funds:
Equity funds
$166 $— $166 $— 
Fixed income funds
57 — 57 — 
Fixed income securities
879 — 879 — 
Alternative investments:
Private equity fund
34 — — 34 
Hedge fund
58 — — 58 
Bulk annuity contract
263 — — 263 
Cash and cash equivalents
24 — 24 — 
Total$1,481 $— $1,126 $355 
 
 (In millions)December 31, 2023
Asset CategoryTotalLevel 1Level 2Level 3
Commingled funds:
Equity funds
$155 $— $155 $— 
Fixed income funds
70 — 65 5 
Fixed income securities
969 — 969 — 
Alternative investments:
Private equity fund
38 — — 38 
Hedge fund
67 — — 67 
Bulk annuity contract
327 — — 327 
Cash and cash equivalents
16 — 16 — 
Total$1,642 $— $1,205 $437 

The following is a description of the valuation methodologies used for our pension assets as well as the level of input used to measure fair value:

Commingled funds — These investments include index common collective trusts that track U.S.equity indices and U.S. income indices. The collective investment trusts were valued at the unit prices established by the funds’ sponsors based on the fair value of the assets underlying the funds. Since the units of the funds are not actively traded, the fair value measurements have been classified within Level 2 of the fair value hierarchy.

Fixed income securities — These investments include investment grade bonds of U.S. issuers from diverse industries, government issuers, index common collective trusts that track the Barclays Aggregate Index and other fixed income investments. Fair values for the corporate bonds were valued using third-party pricing services. These sources determine prices utilizing market income models which factor in, where applicable, transactions of similar assets in active markets, transactions of identical assets in infrequent markets, interest rates, bond or credit default swap spreads and volatility. Since the corporate bonds are not actively traded, the fair value measurements have been classified within Level 2 of the fair value hierarchy. The common collective trusts were valued at the unit prices established by the funds’ sponsors based on the fair value of the assets underlying the funds. Since the units of the funds are not actively traded, the fair value measurements have been classified within Level 2 of the fair value hierarchy. The other investments are not actively traded and fair values are estimated using bids provided by brokers, dealers or quoted prices of similar securities with similar characteristics or pricing models. Therefore, the other investments have been classified within Level 2 of the fair value hierarchy.

Private equity and hedge funds — These investments represent limited partnership interests in private equity and hedge funds. The partnership interests are valued by the general partners based on the underlying assets in each fund. The limited partnership interests are valued using unobservable inputs and have been classified within Level 3 of the fair value hierarchy.

Bulk annuity contract — The bulk annuity contract is a U.K insurance policy issued by an authorized U.K. life insurer. This contract is valued by the insurer using unobservable inputs not traded on an open market. Accordingly, this contract was categorized as Level 3.

Cash and Cash Equivalent - These investments include short-term investments, such as obligations of the U.S. Government and its agencies, and related money market instruments held in a collective investment trust structure. The collective investment trusts were valued at the unit prices established by the funds’ sponsors based on the fair value of the assets underlying the funds. Since the units of the funds are not actively traded, the fair value measurements have been classified within Level 2 of the fair value hierarchy.
The following table presents a summary of changes in the fair value of the pension plans’ Level 3 assets: 
(In millions)20242023
Beginning balance at January 1$437 $115 
Return on plan assets:
Relating to assets still held at the reporting date(47)(3)
Purchases, sales, settlements and expenses(35)325 
Ending balance at December 31$355 $437 
Funding Policy and Contributions

The funding policy for these plans is to make contributions when required by statute. We may, from time to time, make voluntary contributions to our pension plans, which exceed the amount required by statute. The majority of the plans’ assets are invested in a master trust that, in turn, is invested primarily in commingled funds and fixed income securities. During 2024, total global pension contributions were $56 million, which includes the prefunding of $50 million in future required contributions to our U.S. pension plan, compared with $21 million in 2023. We estimate total 2025 required contributions to our pension plans to be approximately $13 million, and we do not expect to make voluntary contributions.

Estimated Future Benefits Payments

The following table details pension benefits expected to be paid in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter:
 (In millions)
2025$139 
2026137 
2027134 
2028129 
2029127 
2030-2034598 

Savings Plans
Employees who are not covered by union-administered plans are generally eligible to participate in enhanced savings plans. These plans provide for (1) a company contribution even if employees do not make contributions for employees hired before January 1, 2016, (2) a company match of employee contributions of eligible pay, subject to tax limits and (3) a discretionary company match. Savings plan costs totaled $49 million, $48 million and $49 million in 2024, 2023 and 2022, respectively.

Deferred Compensation and Long-Term Compensation Plans
We have deferred compensation plans that permit eligible U.S. employees, officers and directors to defer a portion of their compensation. The deferred compensation liability, including Ryder matching amounts and accumulated earnings, was $133 million and $108 million as of December 31, 2024 and 2023, respectively.
We have established grantor trusts (Rabbi Trusts) to provide funding for benefits payable under the supplemental pension plan, deferred compensation plans and long-term incentive compensation plans. The assets held in the trusts were $134 million and $109 million as of December 31, 2024 and 2023, respectively. The Rabbi Trusts’ assets consist of short-term cash investments and mutual funds that invest in debt and equity securities, including our common stock. These assets, except for the investment in our common stock, are included in “Sales-type leases and other assets” because they are available to our general creditors in the event of insolvency. The equity securities are classified as trading securities and stated at fair value. The realized and unrealized investment income (loss) recognized in "Miscellaneous income, net" was $20 million income for 2024, $17 million income for 2023 and $15 million loss for 2022. The Rabbi Trusts’ investments in our common stock as of both December 31, 2024 and 2023 were not material. Investments held in Rabbi Trusts are assets measured at fair value on a recurring basis. All investments are considered Level 1 of the fair value hierarchy.
v3.25.0.1
OTHER ITEMS IMPACTING COMPARABILITY
 12 Months Ended
Dec. 31, 2024
Other Income and Expenses [Abstract]  
OTHER ITEMS IMPACTING COMPARABILITY OTHER ITEMS IMPACTING COMPARABILITY
Our primary measure of segment performance as shown in Note 3, "Segment Reporting," excludes certain items we do not believe are representative of the ongoing operations of the segment. Excluding these items from our segment measure of performance allows for better year over year comparison:
 Years ended December 31,
 (In millions)202420232022
Acquisition costs (1)
7 2 6 
FMS U.K. business exit (2)
— (32)(82)
Currency translation adjustment loss— 188 — 
Other, net (1) (3)
6 (1)(7)
Other items impacting comparability, net$13 $157 $(83)
________________________
(1)Included within "Restructuring and other items, net" in our Consolidated Statements of Earnings.
(2)Primarily included within "Restructuring and other items, net" in our Consolidated Statements of Earnings. In 2023, primarily reflects commercial claims proceeds, net of fees. In 2022, primarily reflects gains on sale of U.K. revenue earnings equipment and properties, and commercial claims proceeds, net of fees, offset by severance and other costs.
(3)In 2024, primarily reflects severance costs associated with cost savings initiatives in all three segments. In 2022, primarily includes expenses associated with the ChoiceLease liability insurance program which we exited in 2020.
v3.25.0.1
CONTINGENCIES AND OTHER MATTERS
 12 Months Ended
Dec. 31, 2024
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 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.

Securities Litigation Relating to Residual Value Estimates

As previously disclosed, on May 20, 2020, a putative class action on behalf of purchasers of our securities who purchased or otherwise acquired their securities between 2015 and 2020 was commenced against Ryder and certain of our current and former officers (the "Securities Class Action"). The complaint alleged, among other things, that the defendants misrepresented Ryder's depreciation policy and residual value estimates for its vehicles. In May 2023, the parties reached an agreement in principle to settle the Securities Class Action, and in November 2024 the court approved the settlement and dismissed the case with prejudice. Those orders are now final. We expect that the settlement amount will be covered by insurance, and accordingly is not material to our financial position or results of operations.

Between June 2020 and February 2021, five shareholder derivative complaints were filed against certain of our current and former officers and directors (the "Derivative Cases"). The Derivative Cases are generally based on the allegations set forth in the Securities Class Action and allege breach of fiduciary duties, unjust enrichment and waste of corporate assets. In September 2023, the parties reached an agreement in principle to resolve the Derivative Cases in exchange for certain specified corporate reforms. On January 21, 2025, the court entered an order preliminarily approving the settlement and authorizing the notice of settlement. A hearing to determine whether the court should issue a final order approving the proposed settlement has been scheduled for April 1, 2025. We expect that any settlement amount of plaintiffs' attorneys' fees and expenses in connection with the settlement of the Derivative Cases will be covered by insurance, and accordingly is not material to our financial position or results of operations.
Environmental Matters

Our operations involve storing and dispensing petroleum products, primarily diesel fuel, regulated under environmental protection laws. These laws require us to eliminate or mitigate the effect of such substances on the environment. In response to these requirements, we continually upgrade our operating facilities and implement various programs to detect and minimize contamination. In addition, we have received notices from the EPA and others that we have been identified as a potentially responsible party under the Comprehensive Environmental Response, Compensation, and Liability Act; the Superfund Amendments and Reauthorization Act; and similar state statutes. We may be required to share in the cost of cleanup of 22 identified disposal sites and have established loss provisions for matters in which losses are probable and can be reasonably estimated. We believe that the resolution of these matters will not have a material effect on our consolidated financial statements.

The ultimate cost of our environmental liabilities cannot presently be projected with certainty due to the presence of several unknown factors, primarily the level of contamination, the effectiveness of selected remediation methods, the stage of investigation at individual sites, the determination of our liability in proportion to other responsible parties and the recoverability of such costs from third parties. Based on information presently available, we believe that the ultimate disposition of these matters, although potentially material to the results of operations in any one year, will not have a material adverse effect on our financial condition or liquidity.
v3.25.0.1
SUPPLEMENTAL CASH FLOW INFORMATION
 12 Months Ended
Dec. 31, 2024
Supplemental Cash Flow Elements [Abstract]  
SUPPLEMENTAL CASH FLOW INFORMATION SUPPLEMENTAL CASH FLOW INFORMATION
Supplemental cash flow information was as follows:
 
As of and for the Years Ended December 31,
(In millions)
202420232022
Interest paid
$372 $269 $214 
Income taxes paid$207 $96 $115 
Cash paid for operating lease liabilities$359 $249 $184 
Right-of-use assets obtained in exchange for lease obligations:
Finance leases$46 $26 $12 
Operating leases$148 $477 $340 
Capital expenditures acquired but not yet paid$263 $244 $199 
v3.25.0.1
ACQUISITIONS
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
ACQUISITIONS ACQUISITIONS
On February 1, 2024, we acquired all the outstanding equity of Cardinal Logistics for a purchase price of $302 million. Cardinal Logistics is a leading customized dedicated contract carrier in North America, providing dedicated fleets and professional drivers, as well as complementary freight brokerage services, last-mile delivery and contract logistics services. We expect that the acquisition will increase our scale and network density and further advance our strategy to accelerate growth in DTS.
The purchase price allocation of estimated fair values reflected were finalized, resulting in additions of goodwill and intangible assets of $200 million and $116 million, respectfully, for the Cardinal Logistics acquisition. None of the goodwill is expected to be deductible for income tax purposes.
During 2024, we also acquired a business in our FMS segment for a purchase price of $15 million.
On November 1, 2023, we acquired all the outstanding equity of IFS, which specializes in contract packaging, contract manufacturing and warehousing, primarily in the consumer packaged goods, retail, and healthcare industries, for an approximate purchase price of $254 million. The purchase price allocation of estimated fair values reflected were finalized, resulting in additions to goodwill and intangible assets of $83 million and $127 million, respectively. The acquisition was included within the consumer packaged goods industry vertical in our SCS business segment and expands the product offerings that we can offer to our customers. All of the goodwill is expected to be deductible for income tax purposes. All of the intangible assets acquired relates to customer relationship and is expected to be amortized over 11 to 15 years.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net Income (Loss) $ 489 $ 406 $ 867
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
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
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Our cybersecurity program is designed to protect the integrity of our information and the proper functioning and availability of the information systems that help operate our business. We utilize the National Institute of Standards and Technology's Cybersecurity Framework (NIST CSF) to inform our cybersecurity program and maintain International Organization for Standardization 27001 (ISO 27001) certification. We have created and implemented processes that assess, identify, respond to and manage cybersecurity threats and incidents, and we oversee these processes to minimize the occurrence and impact of any unauthorized access, disruption or use of our information or that of our customers. We have a robust set of information security policies related to encryption of data, anti-virus, firewalls, multi-factor authentication, training of employees, as well as incident response capabilities designed to proactively identify risks and mitigate attacks and unauthorized access attempts to our systems, amongst other measures.
Our cybersecurity program is also evaluated at least annually by external experts, and the results of those reviews are reported to our leadership team and the board of directors. Cybersecurity risk is also evaluated as an enterprise-wide risk via our enterprise risk management program, which is reviewed by our leadership team and the board of directors. All employees are required to complete semiannual cybersecurity trainings and have access to more frequent cybersecurity trainings through online simulations. We also require employees in certain roles to complete additional role-based, specialized cybersecurity trainings.While we have experienced cybersecurity threats and breaches targeting our information technology systems, networks and information, and those of our third-party providers and customers, to date, these incidents have not had a material impact on our financial condition or results of operations. In the event of a cybersecurity incident, we assess whether such incident had a material impact, and in certain cases, such assessment is reviewed by our leadership team, including the Chief Executive Officer, outside legal advisors and other third-party advisors.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
Our cybersecurity program is designed to protect the integrity of our information and the proper functioning and availability of the information systems that help operate our business. We utilize the National Institute of Standards and Technology's Cybersecurity Framework (NIST CSF) to inform our cybersecurity program and maintain International Organization for Standardization 27001 (ISO 27001) certification. We have created and implemented processes that assess, identify, respond to and manage cybersecurity threats and incidents, and we oversee these processes to minimize the occurrence and impact of any unauthorized access, disruption or use of our information or that of our customers. We have a robust set of information security policies related to encryption of data, anti-virus, firewalls, multi-factor authentication, training of employees, as well as incident response capabilities designed to proactively identify risks and mitigate attacks and unauthorized access attempts to our systems, amongst other measures.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block] Our cybersecurity program is evaluated by both our management and board of directors. Our Chief Information Officer supervises our cybersecurity program, and our Chief Information Security Officer (CISO) manages its daily operation.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The CISO provides quarterly reports to the audit committee of our board of directors, which is responsible for overseeing cybersecurity and information technology and notifying the board of directors of any significant risks or updates.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The CISO provides quarterly reports to the audit committee of our board of directors, which is responsible for overseeing cybersecurity and information technology and notifying the board of directors of any significant risks or updates. These reports may include updates on our enterprise-wide cybersecurity strategy, policies, processes and standards, as well as potential cybersecurity or information technology risks and threats.
Cybersecurity Risk Role of Management [Text Block]
Our cybersecurity program is evaluated by both our management and board of directors. Our Chief Information Officer supervises our cybersecurity program, and our Chief Information Security Officer (CISO) manages its daily operation. Our CISO has over two decades of experience in the cybersecurity and risk management fields, including over 15 years of experience leading cybersecurity oversight, as well as various industry-recognized certifications, such as the Certified Information Systems Security Professional and Auditors certifications. The CISO provides quarterly reports to the audit committee of our board of directors, which is responsible for overseeing cybersecurity and information technology and notifying the board of directors of any significant risks or updates. These reports may include updates on our enterprise-wide cybersecurity strategy, policies, processes and standards, as well as potential cybersecurity or information technology risks and threats. Our cybersecurity program is also evaluated at least annually by external experts, and the results of those reviews are reported to our leadership team and the board of directors. Cybersecurity risk is also evaluated as an enterprise-wide risk via our enterprise risk management program, which is reviewed by our leadership team and the board of directors. All employees are required to complete semiannual cybersecurity trainings and have access to more frequent cybersecurity trainings through online simulations. We also require employees in certain roles to complete additional role-based, specialized cybersecurity trainings.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Our Chief Information Officer supervises our cybersecurity program, and our Chief Information Security Officer (CISO) manages its daily operation.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our CISO has over two decades of experience in the cybersecurity and risk management fields, including over 15 years of experience leading cybersecurity oversight, as well as various industry-recognized certifications, such as the Certified Information Systems Security Professional and Auditors certifications.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
Our cybersecurity program is evaluated by both our management and board of directors. Our Chief Information Officer supervises our cybersecurity program, and our Chief Information Security Officer (CISO) manages its daily operation. Our CISO has over two decades of experience in the cybersecurity and risk management fields, including over 15 years of experience leading cybersecurity oversight, as well as various industry-recognized certifications, such as the Certified Information Systems Security Professional and Auditors certifications. The CISO provides quarterly reports to the audit committee of our board of directors, which is responsible for overseeing cybersecurity and information technology and notifying the board of directors of any significant risks or updates. These reports may include updates on our enterprise-wide cybersecurity strategy, policies, processes and standards, as well as potential cybersecurity or information technology risks and threats. Our cybersecurity program is also evaluated at least annually by external experts, and the results of those reviews are reported to our leadership team and the board of directors. Cybersecurity risk is also evaluated as an enterprise-wide risk via our enterprise risk management program, which is reviewed by our leadership team and the board of directors. All employees are required to complete semiannual cybersecurity trainings and have access to more frequent cybersecurity trainings through online simulations. We also require employees in certain roles to complete additional role-based, specialized cybersecurity trainings.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Basis of Consolidation and Presentation
Basis of Consolidation and Presentation

The 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 (VIEs) where Ryder is determined to be the primary beneficiary in accordance with generally accepted accounting principles in the United States (U.S. GAAP). All significant intercompany accounts and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform with the current period presentation.

We report our financial performance based on three business segments: (1) Fleet Management Solutions (FMS), which provides full service leasing and leasing with flexible maintenance options, commercial rental and maintenance services of trucks, tractors and trailers to customers principally in the United States (U.S.) and Canada; (2) Supply Chain Solutions (SCS), which provides integrated logistics solutions, including distribution management, dedicated transportation, transportation management, brokerage, e-commerce, last mile, and professional services in North America; and (3) Dedicated Transportation Solutions (DTS), which provides turnkey transportation solutions in the U.S., 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.
Use of Estimates
Use of Estimates
The preparation of our consolidated financial statements requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates are based on management’s best knowledge of historical trends, actions that we may take in the future, and other information available when the consolidated financial statements are prepared. Changes in estimates are typically recognized in the period when new information becomes available. Areas where the nature of the estimate make it reasonably possible that actual results could materially differ from the amounts estimated include: vehicle residual values, pension assumptions, self-insurance obligations, revenue recognition, goodwill, and income taxes.
Cash, Cash Equivalents
Cash, Cash Equivalents
Cash and cash equivalents represent cash on hand, and highly liquid investments in short-term, interest-bearing instruments with maturities of three months or less at the date of purchase and are stated at cost.
Revenue Recognition
Revenue Recognition

We generate revenue primarily through contracts with customers to lease, rent and maintain revenue earning equipment and to provide logistics management and dedicated transportation services. We enter into contracts that can include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are determined, the contract has commercial substance, and collectibility of consideration is probable.
We generally recognize revenue over time as we provide the promised products or services to our customers in an amount we expect to receive in exchange for those products or services. Revenue is recognized net of amounts collected from customers for taxes, such as sales tax, that are remitted to the applicable taxing authorities.

Lease & related maintenance and rental

Lease & related maintenance and rental revenue include ChoiceLease and commercial rental revenues from our FMS business segment. We offer a full service lease as well as a lease with more flexible maintenance options under our ChoiceLease product line. Our ChoiceLease product is marketed, priced and managed as a bundled service. We do not offer a stand-alone lease of a vehicle. We also offer rental of vehicles under our commercial rental product line, which allows customers to supplement their fleet of vehicles on a short-term basis.

Our ChoiceLease product line includes the lease of a vehicle (lease component) and maintenance and other services (non-lease component). We generally lease new vehicles to our customers. Consideration is allocated between the lease and non-lease components based on management's best estimate of the relative stand-alone selling price of each component. For further
information regarding our stand-alone selling price estimation process, refer to the "Significant Judgments and Estimates" section below.

Our ChoiceLease product provides for a fixed charge and a variable charge based on mileage or time usage. Fixed charges are typically billed at the beginning of the month and variable charges are typically billed a month in arrears. Revenue from the lease component of ChoiceLease agreements is recognized based on the classification of the arrangement, typically as either an operating or a sales-type lease. The majority of our leases are classified as operating leases and we recognize revenue for the lease component of these agreements on a straight-line basis. The non-lease component for maintenance services are not typically performed evenly over the life of a ChoiceLease contract as the level of maintenance provided generally increases as vehicles age. Therefore, we recognize maintenance revenue consistent with the estimated pattern of the costs to maintain the underlying vehicles. This generally results in the recognition of deferred revenue for the portion of the customer's billings allocated to the maintenance service component of the agreement.

Our commercial rental product includes the short-term rental of a vehicle (one day up to one year in length). All of our rental arrangements are classified as operating leases and revenue is recognized on a straight-line basis.

Lease and rental agreements do not usually provide for scheduled rent increases or escalations. However, most lease agreements allow for rate changes based upon changes in the Consumer Price Index (CPI). Lease and rental agreements also provide for variable usage charges based on a time charge and/or a fixed per-mile charge. The time charge, the per-mile charge and the changes in rates attributed to changes in the CPI are considered contingent revenue. These charges are not considered fixed or determinable until the equipment usage or CPI change occurs and are excluded from the allocation of consideration at the inception of the contract. Revenues associated with licensing and operating taxes that are billed as incurred are also excluded from the allocation of consideration at contract inception and allocated as earned. Variable consideration is allocated to the lease and maintenance components when earned based on the same allocation percentages at contract inception (or the most recent contract modification). Amounts allocated to the lease component are recognized in revenue as earned and amounts allocated to the non-lease component are recognized in revenue using an input method, consistent with the estimated pattern of maintenance costs for the remainder of the contract term.

Leases not classified as operating leases are considered sales-type leases. We recognize revenue for sales-type leases using the effective interest method, which provides a constant periodic rate of return on the outstanding investment in the lease. We recognize the difference between the net investment in the lease and the carrying value in selling profit or loss on used vehicles in our results of operations at lease commencement.

Services

Services revenue includes all SCS and DTS revenues, as well as SelectCare and other revenues from our FMS business segment. In our SCS business segment, we offer a broad range of logistics management services designed to optimize the supply chain and address the key business requirements of our customers supported by a variety of technology and engineering solutions. In our DTS business segment, we combine equipment, maintenance, professional drivers, administrative services and additional services to provide customers with a single integrated dedicated transportation solution. DTS services are customized for our customers based on a transportation analysis to optimize vehicle capacity and overall asset utilization.

Revenues from SCS and DTS service contracts are recognized as services are rendered in accordance with contract terms. SCS and DTS contracts typically include (1) fixed and variable billing rates, (2) cost-plus billing rates (input method based on actual costs incurred to perform services and a contracted mark-up), or (3) variable only or fixed only billing rates for the services. Our billing structure aligns with the value transferred to our customers. We generally have a right to consideration in an amount that corresponds directly with the value we have delivered to the customer.

Our customers contract us to provide an integrated service of transportation or supply chain logistical services into a single transportation or supply chain solution. Therefore, we typically recognize SCS and DTS service contracts as one performance obligation satisfied over time.

Under our SelectCare arrangements, we provide maintenance and repairs required to keep a vehicle in good operating condition, perform preventive maintenance inspections, provide access to emergency road service, and substitute vehicles. We provide these maintenance services to customers who choose not to lease our vehicles. The vast majority of our services are routine and performed on a recurring basis throughout the term of the arrangement. From time to time, we provide non-routine major repair services in order to place a vehicle back in service.
Our maintenance service arrangement generally provides for a monthly fixed charge and a monthly variable charge based on mileage or time usage. Fixed charges are typically billed at the beginning of the month for the services to be provided that month, while variable charges are typically billed a month in arrears. Most maintenance agreements allow for rate changes based upon changes in the CPI. The fixed per-mile charge and the changes in rates attributed to changes in the CPI are recognized as earned.

The maintenance service is the only performance obligation in SelectCare contracts. For contract maintenance agreements, revenue is recognized as maintenance services are rendered over the terms of the related arrangements. We generally account for long-term maintenance contracts as one-year contracts since our maintenance arrangements are typically cancellable, without penalty, after the first year. For on-demand maintenance services, revenue is recognized at the point in time when the service is provided.

Costs associated with the activities performed under our maintenance arrangements are primarily comprised of labor, parts and outside repair work and are expensed as incurred. Non-chargeable maintenance costs have been allocated and reflected within “Cost of services” based on the proportionate maintenance-related labor costs relative to all product lines.

Fuel Services

Fuel services revenue is reported in our FMS business segment. We provide our FMS customers with access to fuel at our maintenance facilities across the U.S. and Canada. Fuel services revenue is invoiced to customers at contracted rates separate from other contracted services, or at retail prices. Revenue from fuel services is recognized when fuel is delivered to customers.

Significant Judgments and Estimates

We allocate the contract consideration from our ChoiceLease arrangements between the lease and maintenance components based on the relative stand-alone selling prices of each of those services. We do not sell the lease component of our ChoiceLease product offering on a stand-alone basis, therefore significant judgment is required to determine the stand-alone selling price of the lease component. We sell maintenance services separately through our SelectCare arrangements.

For the lease component, we estimate the stand-alone selling price using the projected cash outflows related to the underlying leased vehicle, net of the estimated disposal proceeds, and a certain targeted return considering our weighted average cost of capital. For the non-lease component of the contract, we estimate the stand-alone selling price of the maintenance component using an expected cost-plus margin approach. The expected costs are based on our history of providing maintenance services in our ChoiceLease arrangements. The margin is based on the historical margin percentages for our full service maintenance contracts in the SelectCare product line, as the maintenance performance obligation in those contracts is similar to our ChoiceLease arrangements.

Our SCS and DTS contracts often include promises to transfer multiple services to a customer. Judgment is required to determine whether each service is considered distinct and accounted for as a separate performance obligation, or accounted for together as a significant integrated service and recognized over time. Our SCS and DTS services provided within a contract depend on a significant level of integration and interdependency between the services and are generally considered integrated arrangements with revenue recognized as the interdependent services are delivered.

Contract Balances

We record a receivable related to revenue recognized when we have an unconditional right to invoice. We do not have material contract assets as we generally invoice customers as we perform services. We have determined our contracts do not include a significant financing component as the period between the receipt of customer payment and the transfer of service to the customer is less than a year.

Our contract liabilities consist of deferred revenue, which primarily relates to payments received or due in advance of performance for the maintenance services component of our ChoiceLease product. Changes in contract liabilities are due to the collection of cash or the satisfaction of our performance obligation under the contract. Refer to Note 4, "Revenue," for further information.
Costs to Obtain and Fulfill a Contract

Our incremental direct costs of obtaining and fulfilling a contract primarily consist of sales commissions and contract origination costs. For SCS and DTS contracts, these costs are capitalized and amortized on a straight-line basis over the period of contract performance or the expected duration of the customer relationship, if renewals are expected. For Choicelease contracts, capitalized sales commission are allocated and amortized based on the same pattern as the revenue is recognized for the underlying lease or non-lease components of the contract; generally on a straight-line basis for the lease component and consistent with the estimated pattern of maintenance costs for the non-lease component.
The incremental costs to obtain and fulfill a contract are included in “Sales-type leases and other assets” in the Consolidated Balance Sheets. Costs are primarily amortized in “Selling, general and administrative expenses” in the Consolidated Statements of Earnings over the expected period of benefit.
Allowance for Credit Losses and Other
Allowance for Credit Losses and Other

We maintain an allowance for credit losses and billing adjustments related to certain discounts and other customer concessions. Amounts are charged against the allowance when the receivable is determined to be uncollectible. Increases and decreases to the allowance are recorded to earnings in the period determined.

When a business relationship with a customer is initiated, we evaluate collectability from the customer and it is continuously monitored as services are provided. We have a credit rating system based on a combination of internally developed standards and ratings provided by third parties. Our credit rating system, along with monitoring for delinquent payments, allows us to make decisions as to whether collectability is probable at the onset of the relationship and subsequently as we offer services. Factors considered during this process include historical payment trends, industry risks, liquidity of the customer, years in business, judgments, liens, and bankruptcies. Payment terms vary by contract type, although terms generally include a requirement of payment within 10 to 90 days.
Leases as Lessor
Leases as Lessor

We lease revenue earning equipment to customers for periods generally ranging from three to seven years for trucks and tractors and up to ten years for trailers. We determine if an arrangement is or contains a lease at inception. The standard lease agreement for revenue earning equipment provides both parties the right to terminate; therefore, we evaluate whether the lessee is reasonably certain to exercise the termination option in order to determine the appropriate lease term. If we terminate, the customer has the right (but not obligation) to purchase the vehicle. If the customer terminates, we have the option to require the customer to purchase the vehicle or pay a termination penalty. We also rent revenue earning equipment to customers on a short-term basis, from one day up to one year in length. From time to time, we may also lease facilities to third parties. The majority of our leases are classified as operating leases. However, some of our revenue earning equipment leases are classified as sales-type leases. Refer to Note 6, "Revenue Earning Equipment, Net" for further information on our estimates of residual values and useful lives of revenue earning equipment which impact our sales-type leases.
Leases as Lessee
Leases as Lessee

We lease facilities, revenue earning equipment, material handling equipment, automated vehicle washing machines, vehicles and office equipment from third parties. We determine if an arrangement is or contains a lease at inception. Operating lease right-of-use (ROU) assets, which represent our right to use an underlying asset for the lease term, and operating lease liabilities are recognized based on the present value of lease payments over the lease term at commencement date. As most of our leases do not provide an implicit rate of return, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We use the implicit rate when readily determinable. Operating lease ROU assets also exclude lease incentives received. We pay variable lease charges related to property taxes, insurance and maintenance as well as changes in CPI for leased facilities; usage of revenue earning equipment, automated washing machines, vehicles and office equipment; and hours of operation for material handling equipment. For leases with a term of 12 months or less, with the exception of our real estate leases, we do not recognize a ROU asset or liability and recognize lease payments in our income statement on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred.
Lease terms for facilities are generally three to five years with one or more five-year renewal options and the lease terms for revenue earning equipment, material handling equipment, automated washing machines, vehicles and office equipment typically range from three to seven years with no extension options. Certain of our material handling equipment and revenue earning equipment leases have residual value guarantees. For purposes of calculating operating lease ROU assets and operating lease liabilities, lease terms may be deemed to include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. None of our leasing arrangements contain restrictive financial covenants. Lease expense is primarily included in "Selling, general and administrative expenses" in the Consolidated Statements of Earnings. For amounts capitalized in the Consolidated Balance Sheets, noncurrent finance lease ROU assets are included in "Operating property and equipment, net" and "Revenue earning equipment, net" Current operating and finance lease liabilities are included in "Accrued expenses and other current liabilities" and "Short-term debt and current portion of long-term debt," respectively. Noncurrent operating and finance lease liabilities are included in "Other non-current liabilities" and "Long-term debt," respectively.
Revenue Earning Equipment, Operating Property and Equipment, and Depreciation
Revenue Earning Equipment, Operating Property and Equipment, and Depreciation

Revenue earning equipment, comprised of vehicles, and operating property and equipment are initially recorded at cost inclusive of vendor rebates. Revenue earning equipment and operating property and equipment recognized as finance leases are initially recorded at the lower of the present value of the lease payments to be made over the lease term or fair value. Vehicle repairs and maintenance that extend the life or increase the value of a vehicle are capitalized, whereas ordinary repairs and maintenance (including tire replacement or repair) are expensed as incurred. Direct costs incurred in connection with developing or obtaining internal-use software are capitalized. Costs incurred during the preliminary stage of a software development project, as well as maintenance and training costs, are expensed as incurred.

Leasehold improvements are depreciated over the shorter of their estimated useful lives or the term of the related lease. If a substantial additional investment is made in a leased property during the term of the lease, we re-evaluate the lease term to determine whether the investment, together with any penalties related to non-renewal, would constitute an economic penalty such that the renewal appears to be reasonably assured.
Depreciation is computed using the straight-line method on all depreciable assets. Depreciation expense has been recognized depending on the nature of the related asset. We periodically review and adjust depreciation expense prospectively reflecting changes in the estimated residual values and useful lives of revenue earning equipment. We routinely dispose of used revenue earning equipment as part of our FMS business.
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets

Goodwill and other intangible assets with indefinite useful lives are not amortized, but rather, are tested for impairment at least annually as of October 1 of each year, or more frequently if events or circumstances indicate the carrying value of goodwill may be impaired. In evaluating goodwill for impairment, we have the option to first assess qualitative factors to determine whether further impairment testing is necessary, such as macroeconomic conditions, changes in our industry and the markets in which we operate, and our market capitalization as well as our reporting units' historical and expected future financial performance.

If we conclude that it is more likely than not that a reporting unit's fair value is less than its carrying value or we bypass the optional qualitative assessment, recoverability is assessed by comparing the fair value of the reporting unit with its carrying amount. If a reporting unit's carrying value exceeds its fair value, we would recognize a goodwill impairment loss for the amount by which the carrying amount of a reporting unit exceeds its fair value, not to exceed the total amount of goodwill allocated to that reporting unit.

Our estimate of fair value for reporting units is determined based on a combination of a market and an income approach. Under the market approach, we use a selection of comparable publicly-traded companies that correspond to the reporting unit to derive a market-based multiple. Under the income approach, the fair value of the reporting unit is estimated based on the discounted present value of the projected future cash flows. Rates used to discount cash flows are dependent upon interest rates and the cost of capital based on our industry and capital structure, adjusted for equity and size risk premiums based on market capitalization. Estimates of future cash flows are dependent on our knowledge and experience about past and current events and significant judgments and assumptions about conditions we expect to exist, including revenue growth rates, margins, long-term
growth rates, capital requirements, proceeds from the sale of used vehicles, the ability to utilize our tax net operating losses, and the discount rate. Our estimates of cash flows are also based on historical and future operating performance, economic conditions and actions we expect to take.

There are inherent uncertainties related to these factors and management’s judgment in applying them to the analysis of goodwill impairment. It is possible that assumptions underlying the impairment analysis will change in such a manner that impairment in value may occur in the future.

Indefinite-lived intangible assets, consisting of our trade name, are assessed for impairment when circumstances indicate that the carrying amount may not be recoverable. The assessment is consistent with the process used to evaluate goodwill impairment. Intangible assets with finite lives are amortized over their respective estimated useful lives. Identifiable intangible assets that are subject to amortization are evaluated for impairment as described below.
Impairment of Long-Lived Assets Other than Goodwill and Indefinite-Lived Intangible Assets
Impairment of Long-Lived Assets Other than Goodwill and Indefinite-Lived Intangible Assets

Long-lived assets held and used, including revenue earning equipment, operating property and equipment, and intangible assets with finite lives, are tested for recoverability when circumstances indicate that the carrying amount of assets may not be recoverable. Recoverability of long-lived assets is evaluated by comparing the carrying value of an asset or asset group to the undiscounted future operating cash flows (excluding interest charges) expected to be generated by the asset or asset group. If these comparisons indicate that the carrying value of the asset or asset group is not recoverable, an impairment loss is recognized for the amount by which the carrying value of the asset or asset group exceeds its estimated fair value.
Self-Insurance Accruals
Self-Insurance Accruals

We retain a portion of the accident risk under auto liability, workers’ compensation and other insurance programs. Under our insurance programs, we retain the risk of loss in various amounts, generally up to $3 million on a per occurrence basis. Self-insurance accruals are based primarily on an actuarial estimated, undiscounted cost of claims, which includes claims incurred but not reported. Historical loss development factors are utilized to project the future development of incurred losses, and these amounts are adjusted based upon actual claim experience and settlements. Changes in the actuarial estimates of these liabilities are charged or credited to earnings in the period determined. Amounts estimated to be paid within the next year have been classified as “Accrued expenses and other current liabilities” with the remainder included in “Other non-current liabilities” in the Consolidated Balance Sheets.
We also maintain additional insurance at certain amounts in excess of our respective underlying retention. Amounts recoverable from insurance companies are not offset against the related liability as our insurance policies do not extinguish or provide legal release from the obligation to make payments related to such risk-related losses. Amounts expected to be received within the next year from insurance companies have been included within “Receivables, net” with the remainder included in “Sales-type leases and other assets” and are recognized only when realization of the claim for recovery is considered probable.
Income Taxes
Income Taxes

Provision for income taxes is based on reported earnings before income taxes. Deferred income taxes are recognized for the future tax effects of temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, using tax rates in effect for the years in which the differences are expected to reverse. We have elected to account for the tax effects of the global intangible low-taxed income provision as a current period cost.

Valuation allowances are recognized to reduce deferred income tax assets to the amount that is more likely than not to be realized. In assessing the likelihood of realization, we consider estimates of future sources of taxable income. We calculate our current and deferred income tax position based on estimates and assumptions that could differ from the actual results reflected in income tax returns filed in subsequent years. Adjustments based on filed returns are recorded when identified.

We believe our measurement of liabilities for uncertain tax positions is reasonable, however, assurances cannot be given that the final outcome of these matters will be consistent with the historical income tax provisions and accruals. If a liability is ultimately deemed unnecessary, the liability will be reversed, and a tax benefit will be recognized in that period. Conversely, if additional liability is necessary, a tax provision will be recorded when that determination is made. If additional taxes are assessed as a result of an audit or litigation, there could be a material effect on our income tax provision and net income in the period or periods for which that determination is made.
Interest and penalties related to income tax exposures are recognized as incurred and included in "Provision for income taxes” in the Consolidated Statements of Earnings. Accruals for income tax exposures, including penalties and interest, expected to be settled within the next year are included in “Accrued expenses and other current liabilities”.
Foreign Currency Translation
Foreign Currency Translation

Our foreign operations generally use local currency as their functional currency. Assets and liabilities of these operations are translated at the exchange rates in effect on the balance sheet date. Items in the Consolidated Statements of Earnings are translated at the average exchange rates. The related translation adjustments are recorded in “Accumulated other comprehensive loss” in the Consolidated Balance Sheets. Gains and losses resulting from foreign currency transactions are recognized in “Miscellaneous income, net” in the Consolidated Statements of Earnings.
Share-Based Compensation
Share-Based Compensation

The fair value of stock option awards and unvested restricted stock unit (RSU or RSUs) awards to employees are expensed on a straight-line basis over the vesting period of the awards. RSUs granted to the board of directors are expensed over a one year period when they are granted. Windfall tax benefits and tax shortfalls are charged directly to income tax expense.
Defined Benefit Pension and Postretirement Benefit Plans
Defined Benefit Pension and Postretirement Benefit Plans

The funded status of our defined benefit pension plans and postretirement benefit plans are recognized in the Consolidated Balance Sheets. The funded status is measured as the difference between the fair value of plan assets and the benefit obligation. Overfunded plans, with the fair value of plan assets exceeding the benefit obligation, are aggregated and reported as a pension asset in Sales-type leases and other assets. Underfunded plans, with the benefit obligation exceeding the fair value of plan assets, are aggregated and reported as a pension and postretirement benefit liability in Other non-current liabilities.

The current portion of pension and postretirement benefit liabilities represents the actuarial present value of benefits payable within the next year exceeding the fair value of plan assets (if funded), measured on a plan-by-plan basis. These liabilities are recognized in “Accrued expenses and other current liabilities” in the Consolidated Balance Sheets.

Prior service costs and actuarial gains and losses are recognized in “Accumulated other comprehensive loss” in the Consolidated Balance Sheets and are subsequently amortized as a component of pension and postretirement benefit expense generally over the remaining life expectancy.

The measurement of benefit obligations and pension and postretirement benefit expense is based on estimates and assumptions. These valuations reflect the terms of the plans and use participant-specific information such as compensation, age and years of service, as well as certain assumptions, including estimates of discount rates, expected return on plan assets, rate of compensation increases, interest rates and mortality rates.
Fair Value Measurements
Fair Value Measurements

We carry various assets and liabilities at fair value in the Consolidated Balance Sheets, including vehicles held for sale, investments held in Rabbi Trusts and pension assets.

Fair value measurements are classified based on the following fair value hierarchy:
Level 1Quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access at the measurement date. An active market for the asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.
Level 2Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or model-derived valuations or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3Unobservable inputs for the asset or liability. These inputs reflect our own assumptions about the assumptions a market participant would use in pricing the asset or liability.
When available, we use unadjusted quoted market prices to measure fair value and classify such measurements within Level 1. If quoted prices are not available, fair value is based upon model-driven valuations that use current market-based or
independently sourced market parameters such as interest rates and currency rates. Items valued using these models are classified according to the lowest level input or value driver that is significant to the valuation.
The carrying amounts reported in the Consolidated Balance Sheets for Cash and cash equivalents, Receivables, net and Accounts payable approximate fair value due to the immediate or short-term maturities of these financial instruments. Revenue earning equipment held for sale is measured at fair value on a nonrecurring basis and is stated at the lower of carrying amount or fair value less costs to sell. Investments held in Rabbi Trusts and derivatives are carried at fair value on a recurring basis. Investments held in Rabbi Trusts include exchange-traded equity securities and mutual funds. Fair values for these investments are based on quoted prices in active markets.
Recent Accounting Pronouncements RECENT ACCOUNTING PRONOUNCEMENTS
In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-07, Segment Reporting (Topic 280). The amendments are intended to increase reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. We adopted the new standard retrospectively on December 31, 2024 and this ASU did not impact our consolidated financial position, results of operations, or cash flows.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740). The amendments require disclosure of specific categories in the 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 for fiscal years beginning in 2025, 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.

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 for fiscal years beginning in 2027, 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.
v3.25.0.1
SEGMENT REPORTING (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule Of Segment Revenue and Net Before Tax Information by Segment
The following table set forth financial information regularly provided and reviewed by our Chair and Chief Executive Officer (our Chief Operating Decision Maker), to analyze financial performance, make strategic decisions and allocate resources. The table also provides a reconciliation between Segment EBT and Earnings from continuing operations before income taxes (in millions):

2024FMSSCSDTS
Elimination(1)
Total
Revenue $5,888 $5,300 $2,446 $(998)$12,636 
Direct operating costs4,638 4,735 2,270 
Used vehicle sales, net(72)— — 
Other segment items (3)
806 233 51 
Segment EBT
$516 $332 $125 $(134)839 
Unallocated Central Support Services(71)
Intangible amortization expense (4)
(53)
Non-operating pension costs, net (5)
(41)
Other items impacting comparability, net (6)
(13)
Earnings from continuing operations before income taxes$661 
2023
Revenue$5,930 $4,875 $1,785 $(807)$11,783 
Direct operating costs4,651 4,420 1,634 
Used vehicle sales, net (2)
(194)— — 
Other segment items (3)
808 224 30 
Segment EBT
$665 $231 $121 $(95)922 
Unallocated Central Support Services(72)
Intangible amortization expense (4)
(35)
Non-operating pension costs, net (5)
(40)
Other items impacting comparability, net (6)
(157)
Earnings from continuing operations before income taxes$618 
2022
Revenue$6,327 $4,720 $1,786 $(822)$12,011 
Direct operating costs4,845 4,253 1,670 
Used vehicle sales, net (2)
(401)— — 
Other segment items (3)
826 249 13 
Segment EBT
$1,057 $218 $103 $(114)1,264 
Unallocated Central Support Services(83)
Intangible amortization expense (4)
(37)
Non-operating pension costs, net (5)
(11)
Other items impacting comparability, net (6)
83 
Earnings from continuing operations before income taxes$1,216 
_______________ 
(1)Represents the intercompany revenues in our FMS business segment and Inter-Segment EBT.
(2)In 2023, and 2022, Used vehicle sales, net gain of $2 million and $49 million, respectively, related to the FMS U.K.business exit is included in Other Items Impacting Comparability, net.
(3)Other segment items for each reportable segment include indirect costs and also include Equipment Contribution for SCS and DTS. 
(4)Refer to Note 9, "Intangible Assets, Net," for a discussion on this item.
(5)Refer to Note 19, "Employee Benefit Plans," for a discussion on this items.
(6)Refer to Note 20, “Other Items Impacting Comparability,” for a discussion of items excluded from our primary measure of segment performance.
Schedule of Segment Information by Segment
The following table sets forth additional segment items as of and for the years ended presented:
(In millions)FMSSCSDTSCSSEliminationsTotal
December 31, 2024
Depreciation expense (1)
$1,583 104 5 2 $— $1,694 
Other non-cash charges, net (2)
$192 267 14 61 — $534 
Interest expense (income) (3)
$362 17 8 (1)— $386 
Capital expenditures paid$2,616 50 1 16 — $2,683 
Total assets$12,073 3,673 765 1,333 (1,172)$16,672 
December 31, 2023
Depreciation expense (1)
$1,571 136 3 2 — $1,712 
Other non-cash charges, net (2)
$106 230 8 29 — $373 
Interest expense (income) (3)
$292 8 (3)(1)— $296 
Capital expenditures paid$3,085 117 1 31 — $3,234 
Total assets$11,588 3,717 384 1,026 (937)$15,778 
December 31, 2022
Depreciation expense (1)
$1,618 91 3 1 — $1,713 
Other non-cash charges, net (2)
$90 173 4 50 — $317 
Interest expense (income) (3)
$219 10 (2)1 — $228 
Capital expenditures paid$2,442 155 2 32 — $2,631 
Total assets$10,811 3,043 380 904 (743)$14,395 
_______________ 
(1)Depreciation expense totaling $29 million in 2024, $28 million in 2023, and $27 million in 2022 associated with CSS assets was allocated to business segments based upon estimated and planned asset utilization.
(2)Primarily includes operating lease ROU assets amortization.
(3)Interest expense was primarily allocated to the FMS segment since borrowings were used principally to fund the purchase of FMS revenue earning equipment; however, interest was also reflected in SCS and DTS based on targeted segment leverage ratios.
Schedule of Geographic Information
Geographic Information
 December 31,
(In millions)20242023
Long-lived assets:
United States$9,758 $9,473 
Foreign:
Canada563 552 
Mexico69 84 
632 636 
Total$10,390 $10,109 
v3.25.0.1
REVENUE (Tables)
 12 Months Ended
Dec. 31, 2024
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 business segments and by industry for SCS. Refer to Note 3, “Segment Reporting”, for the disaggregation of our revenue by major product/service lines.
Primary Geographical Markets
2024
(In millions)FMSSCSDTSEliminationsTotal
United States$5,585 $4,697 $2,446 $(955)$11,773 
Canada303 278 — (43)538 
Mexico— 325 — — 325 
Total revenue$5,888 $5,300 $2,446 $(998)$12,636 

2023
(In millions)FMSSCSDTSEliminationsTotal
United States$5,616 $4,295 $1,785 $(764)$10,932 
Canada314 267 — (43)538 
Mexico— 313 — — 313 
Total revenue$5,930 $4,875 $1,785 $(807)$11,783 

2022
(In millions)FMSSCSDTSEliminationsTotal
United States$5,858 $4,209 $1,786 $(780)$11,073 
Canada319 251 — (42)528 
Europe (1)
150 — — — 150 
Mexico— 260 — — 260 
Total revenue$6,327 $4,720 $1,786 $(822)$12,011 
————————————
(1)Refer to Note 20, "Other Items Impacting Comparability", for further information on the exit of the FMS U.K. business.
Schedule of Disaggregation of Revenue
Our FMS revenue disaggregated by product line is as follows:

(In millions)202420232022
ChoiceLease$3,446 $3,181 $3,101 
Commercial rental976 1,178 1,338 
SelectCare and other694 694 624 
FMS Europe (1)
— — 150 
Fuel services revenue772 877 1,114 
Fleet Management Solutions$5,888 $5,930 $6,327 
_______________ 
(1)Refer to Note 20, “Other Items Impacting Comparability,” for further information on the FMS U.K. business exit
Our SCS business segment included revenue from the following industries:
(In millions)202420232022
Omnichannel retail$1,726 $1,757 $1,861 
Automotive1,580 1,600 1,523 
Consumer packaged goods1,182 965 845 
Industrial and other812 553 491 
Total SCS revenue$5,300 $4,875 $4,720 
Schedule of Changes in Contract Liability
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:
(In millions)202420232022
Balance as of beginning of period$545 $544 $594 
Recognized as revenue during period from beginning balance(174)(166)(181)
Consideration deferred during period, net231 168 140 
Foreign currency translation adjustment and other(2)(1)(9)
Balance as of end of period$600 $545 $544 
Schedule of Amortization Expense
The sales commission and setup costs capitalized as of the period ended and the amortization expense for the years ended were as follows:
December 31,
(In millions)
20242023
Sales commissions
$109 $117 
Contract origination costs
$75 $84 
(In millions)
202420232022
Sales commissions amortization expense
$46 $47 $44 
Contract origination amortization expense
$34 $30 $28 
v3.25.0.1
RECEIVABLES, NET (Tables)
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
Schedule of Receivables, Net
 December 31,
 (In millions)20242023
Trade$1,634 $1,505 
Sales-type leases161 140 
Other, primarily warranty and insurance104 111 
1,899 1,756 
Allowance for credit losses and other(38)(42)
Receivables, net$1,861 $1,714 
Schedule of Allowance for Credit Loss
The following table provides a reconciliation of our allowance for credit losses and other:
(In millions)20242023
Balance as of beginning of period$42 $41 
Changes to provisions for credit losses26 22 
Write-offs and other(30)(21)
Balance as of end of period$38 $42 
v3.25.0.1
REVENUE EARNING EQUIPMENT, NET (Tables)
 12 Months Ended
Dec. 31, 2024
Revenue Earning Equipment [Abstract]  
Schedule of Revenue Earning Equipment
(In millions)Estimated
Useful
Lives		December 31, 2024December 31, 2023
CostAccumulated
Depreciation		NetCostAccumulated
Depreciation		Net
Held for use:(In years)
Trucks
3 — 7
$6,252 $(2,210)$4,042 $5,630 $(2,192)$3,438 
Tractors
   4 — 7.5
6,721 (2,739)3,982 6,995 (2,712)4,283 
Trailers and other
9.5 — 12
1,695 (671)1,024 1,686 (683)1,003 
Held for sale
781 (623)158 732 (564)168 
Total$15,449 $(6,243)$9,206 $15,043 $(6,151)$8,892 
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:
 December 31,
Losses from Valuation Adjustments
(In millions)20242023202420232022
Revenue earning equipment held for sale:
Trucks$10 $5 $14 $6 $3 
Tractors27 38 12 9 5 
Trailers and other3 4 5 5 1 
Total assets at fair value$40 $47 $31 $20 $9 
Schedule of Components of Used Vehicle Sales
The components of Used vehicle sales, net were as follows:
(In millions)202420232022
Gains on vehicle sales, net (1)
$(103)$(216)$(459)
Losses from valuation adjustments31 20 9 
Used vehicle sales, net$(72)$(196)$(450)
_______________
(1)2023 and 2022 includes gains on used vehicles sold as part of the exit of the FMS U.K business of $2 million and $49 million, respectively.
v3.25.0.1
OPERATING PROPERTY AND EQUIPMENT, NET (Tables)
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Schedule of Operating Property and Equipment, Net
 
Estimated Useful Lives (In years)
December 31,
(Dollars in millions)
20242023
Land—$230 $227 
Buildings and improvements
1 — 40
1,124 1,082 
Machinery and equipment
2 — 10
1,322 1,219 
Other
1 — 30
164 200 
2,840 2,728 
Accumulated depreciation(1,656)(1,511)
Operating property and equipment, net$1,184 $1,217 
(In millions)
202420232022
Operating property and equipment depreciation expense (1)
$203 $228 $182 
————————————
(1)During 2023 and 2022, we recorded asset impairments of $35 million and $20 million, respectively, related to a SCS customer bankruptcy.
v3.25.0.1
GOODWILL (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill by Business Segment
The carrying amount of goodwill attributable to each business segment with changes therein was as follows:
(In millions)FMSSCSDTSTotal
Balance as of January 1, 2023$245 $575 $41 $861 
Acquisitions (1)
— 79 — 79 
Balance as of December 31, 2023
245 654 41 940 
Acquisition (1)
15 18 186 219 
Foreign currency translation adjustment — (1)— (1)
Balance as of December 31, 2024
$260 $671 $227 $1,158 
_______________
(1)Refer to Note 23, "Acquisitions," for additional information.
v3.25.0.1
INTANGIBLE ASSETS, NET (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets
 December 31, 2024
(In millions)FMSSCSDTSCSSTotal
Indefinite lived intangible assets — Trade name$— $— $— $9 $9 
Finite lived intangible assets, primarily customer relationships (1)
49 495 92 — 636 
Accumulated amortization(47)(123)(18)— (188)
Total$2 $372 $74 $9 $457 
December 31, 2023
(In millions)FMSSCSDTSCSSTotal
Indefinite lived intangible assets — Trade name$— $— $— $9 $9 
Finite lived intangible assets, primarily customer relationships (1)
49 4698 — 526 
Accumulated amortization(46)(87)(6)— (139)
Total$3 $382 $2 $9 $396 
 ___________________
(1)Includes $116 million of customer relationships related to the acquisition of CLH Parent Corporation (Cardinal Logistics) in 2024. Includes $127 million of customer relationships related to the acquisition of IFS Holdings, LLC, a holding company for Impact Fulfillment Services, LLC (IFS) in 2023. Refer to Note 23, "Acquisitions," for additional information.
v3.25.0.1
ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)
 12 Months Ended
Dec. 31, 2024
Accrued Liabilities and Other Liabilities [Abstract]  
Schedule of Accrued Expenses and Other Liabilities
 December 31, 2024December 31, 2023
(In millions)Accrued expenses and other current liabilitiesOther non-current liabilitiesTotalAccrued expenses and other current liabilitiesOther non-current liabilitiesTotal
Operating lease liabilities (1)
$302 $804 $1,106 $234 $800 $1,034 
Deferred revenue
160 440 600 177 368 545 
Self-insurance
193 349 542 175 284 459 
Salaries and wages197 — 197 200 — 200 
Pension and other employee benefits26 156 182 27 231 258 
Operating taxes
134 — 134 129 — 129 
Deferred compensation7 127 134 6 102 108 
Deposits, mainly from customers67 — 67 68 — 68 
Interest65 — 65 59 — 59 
Income taxes
7 — 7 14 — 14 
Other
165 78 243 144 86 230 
Total$1,323 $1,954 $3,277 $1,233 $1,871 $3,104 
_____________________
(1) Refer to Note 12, "Leases," for further information.
Schedule of Changes to Self - Insurance Accruals
Changes to self-insurance accruals consisted of the following:
(In millions)202420232022
Balance as of beginning of period$459 $463 $466 
Additions charged to earnings628 520 497 
Employee contributions to medical and dental self-insurance plans117 103 95 
Claim payments and write-offs(662)(627)(595)
Balance as of end of period$542 $459 $463 
v3.25.0.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Components of Earnings from Continuing Operations before Income Taxes
The components of "Earnings from continuing operations before income taxes" and the "Provision for income taxes" from continuing operations in the Consolidated Statements of Earnings were as follows:
(In millions)202420232022
Earnings from continuing operations before income taxes
United States$555 $479 $1,021 
Foreign106 139 195 
Total$661 $618 $1,216 
Provision for income taxes
Current tax expense from continuing operations:
Federal$112 $35 $30 
State15 45 43 
Foreign24 17 14 
151 97 87 
Deferred tax expense (income) from continuing operations:
Federal(13)88 214 
State28 (8)23 
Foreign6 35 29 
21 115 266 
Total$172 $212 $353 
Schedule of Reconciliation of Federal Statutory Tax Rate with Effective Tax Rate from Continuing Operations
A reconciliation of the federal statutory tax rate with the effective tax rate from continuing operations follows:

(Percentage of pre-tax earnings)
202420232022
 Federal statutory tax rate 21.0 %21.0 %21.0 %
 Impact on deferred taxes for changes in tax rates 0.6 %(0.8)%(0.4)%
 State income taxes, net of federal income tax benefit 5.0 %5.8 %5.1 %
 Foreign rates varying from federal statutory tax rate 1.2 %2.2 %(5.3)%
 FMS U.K. business exit— %1.9 %3.2 %
 Tax contingencies (0.8)%(0.2)%(0.3)%
 Tax credits (1.2)%(1.8)%(0.2)%
 Other permanent book-tax differences 0.2 %0.9 %0.6 %
 Change in foreign valuation allowance (1)
(11.9)%(0.3)%5.4 %
 Foreign net operating loss write-off (1)
11.9 %— %— %
 Currency translation adjustment— %5.5 %— %
 Other— %0.1 %— %
 Effective tax rate26.0 %34.3 %29.1 %
_______________
(1)The cessation of business activities in a foreign subsidiary during 2024 led to the write-off of the subsidiary's net operating losses and the associated valuation allowance.
Schedule of Components of Net Deferred Income Tax Liability
The components of the net deferred income tax liability were as follows:
 December 31,
(In millions)
20242023
Deferred income tax assets:
Self-insurance accruals$131 $110 
Net operating loss carryforwards33 94 
Accrued compensation and benefits102 87 
Pension benefits35 50 
Deferred revenue23 133 
Interest expense limitation
75 28 
Other
47 39 
446 541 
Valuation allowance(12)(87)
434 454 
Deferred income tax liabilities:
Property and equipment basis differences(1,979)(2,012)
Intangible assets bases difference
(92)(65)
Other(20)(22)
(2,091)(2,099)
Net deferred income tax liability (1)
$(1,657)$(1,645)
_______________
(1)Deferred tax assets of $14 million and $13 million have been included in "Sales-type leases and other assets" as of December 31, 2024 and 2023.
Schedule Of Valuation Allowance On Deferred Tax Assets
Changes to the valuation allowance on deferred tax assets consisted of the following:
(In millions)202420232022
Balance at January 1$87 $88 $24 
Additions charged to income tax expense
— — 64 
Deductions credited to income tax expense
(75)(1)— 
Balance as of December 31
$12 $87 $88 
Schedule of Net Operating Losses and Tax Benefits with Related Valuation Allowances
Our carryforwards for net operating losses and tax benefits with the related valuation allowances were as follows:
December 31, 2024December 31, 2023
(Dollars in millions)
Carryforwards (1)
Valuation AllowanceNet Carryforwards
Carryforwards (1)
Valuation AllowanceNet Carryforwards
Net operating losses and
tax benefits
U.S. Federal jurisdictions (2)
$6 $(3)$3 $6 $(1)$5 
U.S. Federal jurisdictions (with no expiration)
11 — 11 3 — 3 
U.S. State jurisdictions (3)
27 — 27 26 (1)25 
U.S. State jurisdictions
(with no expiration)
3 — 3 4 — 4 
Foreign jurisdictions (4)
7 (7)— 82 (82)— 
Foreign jurisdictions
(with no expiration)
4 (2)2 4 (3)1 
Total carryforwards$58 $(12)$46 $125 $(87)$38 
_______________
(1)Net operating losses are shown before unrecognized tax benefits.
(2)Expires between the years 2034 to 2037.
(3)Expires between the years 2026 to 2044.
(4)Expires between the years 2031 to 2043.
Amounts in the table may not be additive due to rounding.
Schedule of Uncertain Tax Positions
In many cases, our uncertain tax positions are related to tax years that remain subject to examination by the relevant taxing authorities. The following table summarizes these open tax years by jurisdiction:
JurisdictionOpen Tax Year
United States (Federal)2018 - 2024
Canada2013 - 2015, 2017 - 2024
Mexico2019 - 2024
United Kingdom (discontinued operations)
2023 - 2024
Brazil (discontinued operations)2020- 2024
Schedule of Activity Related to Unrecognized Tax Benefits
The following table summarizes the activity related to unrecognized tax benefits (excluding the federal benefit received from state positions):
(In millions)
202420232022
Balance at January 1$32 $34 $38 
Additions based on tax positions related to the current year2 2 2 
Reductions due to lapse of applicable statutes of limitation(8)(4)(6)
Total before interest and penalties at December 3126 32 34 
Interest and penalties3 3 3 
Balance at December 31$29 $35 $37 
v3.25.0.1
LEASES (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Schedule of Lease Income - Operating
The components of revenue from leases were as follows:
(In millions)
202420232022
Operating leases
Lease income related to ChoiceLease$1,482 $1,483 $1,490 
Lease income related to commercial rental (1)
$928 $1,123 $1,286 
 
Sales-type leases
Interest income related to net investment in leases$75 $56 $45 
 
Variable lease income excluding commercial rental (1)
$373 $308 $323 
________________________ 
(1)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 Lease Income - Sales Type
The components of the net investment in sales-type leases, which are included in "Receivables, net" and "Sales-type leases and other assets" in the Consolidated Balance Sheets, were as follows:
 December 31,
(In millions)
20242023
Net investment in the lease - lease payment receivable$818 $723 
Net investment in the lease - unguaranteed residual value in assets49 43 
867 766 
Estimated loss allowance(5)(4)
Total$862 $762 
Schedule of Maturity of Sales-Type Lease Receivable
Maturities of sales-type lease receivables as of December 31, 2024, were as follows:
Years ending December 31,
(In millions)
2025$235 
2026221 
2027181 
2028162 
2029114 
Thereafter141 
Total undiscounted cash flows1,054 
Present value of lease payments (recognized as lease receivables)(818)
Difference between undiscounted cash flows and discounted cash flows$236 
Schedule of Maturity of Operating Lease Payments
Operating lease payments expected to be received as of December 31, 2024, were as follows:
Years ending December 31,
(In millions)
2025$1,289 
20261,019 
2027775 
2028581 
2029408 
Thereafter323 
Total undiscounted cash flows$4,395 
Schedule of Lease Cost, Lease Term, and Discount Rate
The components of lease expense were as follows:
(In millions)202420232022
Finance lease cost
Amortization of right-of-use-assets$20 $15 $13 
Interest on lease liabilities3 2 2 
Operating lease cost374 271 199 
Short-term lease and other8 10 10 
Variable lease cost54 50 26 
Sublease income(29)(41)(39)
Total lease cost$430 $307 $211 
 December 31,
 20242023
Weighted-average remaining lease term
Operating5 years5 years
Finance4 years4 years
Weighted-average discount rate
Operating5.4 %5.1 %
Finance5.1 %5.0 %
Schedule of Leases, Assets and Liabilities
Operating and finance lease ROU assets and lease liabilities included in the Consolidated Balance Sheets were as follows:
 December 31,
2024
2023
(In millions)
OperatingFinanceOperatingFinance
Noncurrent assets
$1,055 $75 $1,016 $48 
Current liabilities
$302 $22 $234 $16 
Noncurrent liabilities
$804 $54 $800 $33 
Schedule of Operating Lease Maturities
Maturities of operating and finance lease liabilities were as follows (in millions):
Operating Leases
Finance Leases
 
Years ending December 31,
Total
2025$352 $25 $376 
2026289 21 310 
2027226 16 242 
2028154 12 166 
202985 7 91 
Thereafter149 3 152 
Total lease payments1,255 84 1,339 
Less: Imputed Interest(149)(8)(157)
Present value of lease liabilities$1,106 $76 $1,182 
________________________ 
Note: Amounts may not be additive due to rounding.
Schedule of Finance Lease Maturities
Maturities of operating and finance lease liabilities were as follows (in millions):
Operating Leases
Finance Leases
 
Years ending December 31,
Total
2025$352 $25 $376 
2026289 21 310 
2027226 16 242 
2028154 12 166 
202985 7 91 
Thereafter149 3 152 
Total lease payments1,255 84 1,339 
Less: Imputed Interest(149)(8)(157)
Present value of lease liabilities$1,106 $76 $1,182 
________________________ 
Note: Amounts may not be additive due to rounding.
v3.25.0.1
DEBT (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Debt
 Weighted Average
Interest Rate		  
(Dollars in millions)
December 31, 2024December 31, 2023MaturitiesDecember 31,
2024		December 31,
2023
Debt:
Trade receivables financing program5.06%5.87%2025$20 $50 
U.S. commercial paper
4.78%5.68%2026868 572 
Unsecured medium-term note issued February 2019—%3.65%2026— 600 
Unsecured medium-term note issued August 2019—%2.50%2026— 550 
Unsecured medium-term note issued April 20204.63%4.63%2025400 400 
Unsecured medium-term note issued May 20203.35%3.35%2025400 400 
Unsecured medium-term note issued December 19956.95%6.95%2025150 150 
Unsecured medium-term note issued November 2021
5.53%6.15%2026300 300 
Unsecured medium-term note issued November 20192.90%2.90%2026400 400 
Unsecured medium-term note issued February 2022 4.27%4.50%2027450 450 
Unsecured medium-term note issued May 20224.30%4.30%2027300 300 
Unsecured medium-term note issued February 20245.30%—%2027350 — 
Unsecured medium-term note issued February 20235.65%5.65%2028500 500 
Unsecured medium-term note issued May 20235.25%5.25%2028650 650 
Unsecured medium-term note issued November 20236.30%6.30%2028400 400 
Unsecured medium-term note issued February 20245.38%—%2029550 — 
Unsecured medium-term note issued May 20245.50%—%2029300 — 
Unsecured medium-term note issued August 20244.95%—%2029300 — 
Unsecured medium-term note issued November 2024
4.90%—%2029300 — 
Unsecured medium-term note issued November 20236.60%6.60%2033600 600 
Unsecured foreign obligations—%2.88%2024— 50 
Unsecured U.S. obligations5.14%4.13%2027275 375 
Asset-backed U.S. obligations (1)
3.59%3.40%2025-2030252 382 
Finance lease obligations and other
2025-203176 49 
7,841 7,178 
Fair market value adjustment on medium-term notes (2)
(25)(34)
Debt issuance costs and original issue discounts(37)(30)
Total debt (3)
7,779 7,114 
Short-term debt and current portion of long-term debt(1,120)(1,583)
Long-term debt$6,659 $5,531 
_______________
(1)Asset-backed U.S. obligations are financing transactions backed by a portion of our revenue earning equipment.
(2)Included in "Other non-current liabilities" within the Consolidated Balance Sheets. The notional amount of the executed interest rate swaps designated as fair value hedges was $500 million as of both December 31, 2024 and 2023.
(3)The unsecured medium-term notes bear semi-annual interest.
The following table includes our debt proceeds and repayments in 2024:
(In millions)Debt ProceedsDebt Repayments
Medium-term notes (1)
$1,789 Medium-term notes$1,150 
U.S. and foreign term loans, finance lease obligations and other— U.S. and foreign term loans, finance lease obligations and other329 
Total debt proceeds
$1,789 Total debt repaid$1,479 
_______________
(1)Proceeds from medium-term notes presented net of discount and issuance costs.
Schedule of Maturities of Debt
Contractual maturities of total debt, excluding finance lease obligations, are as follows:
Years ending December 31,
(In millions)
2025$1,099 
20261,641 
20271,388 
20281,565 
20291,472 
Thereafter600 
Total7,765 
Finance lease obligations (Refer to Note 12, "Leases")
76 
Total long-term debt$7,841 
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:

December 31, 2024
(In millions)
Borrowing CapacityOutstandingAvailable
Revolving credit facility
$1,400 $868 $532 
Trade receivables financing facility (1)
300119181
Total
$1,700 $987 $713 
_______________
(1)Includes borrowings of $20 million and letters of credit outstanding of $99 million.
v3.25.0.1
GUARANTEES (Tables)
 12 Months Ended
Dec. 31, 2024
Guarantees [Abstract]  
Schedule of Letters of Credit and Surety Bonds Outstanding
As of December 31, 2024 and 2023, we had letters of credit and surety bonds outstanding, which primarily guarantee various insurance activities as noted in the following table:
 December 31,
(In millions)
20242023
Letters of credit$292 $301 
Surety bonds$191 $165 
v3.25.0.1
SHARE REPURCHASE PROGRAMS (Tables)
 12 Months Ended
Dec. 31, 2024
Share Repurchase Programs [Abstract]  
Schedule of Activity for Shares Repurchased and Retired
The following table provides the activity for shares repurchased and retired:
202420232022
(In millions)Shares AmountSharesAmountSharesAmount
2023 Anti-Dilutive Program (1)
0.7 $83 0.1 $11 — $— 
2021 Anti-Dilutive Program (expired in October 2023)
— — 1.0 96 0.9 78 
Anti-Dilutive Programs0.7 83 1.1 107 0.9 78 
October 2024 Discretionary Program (2)
0.2 33 — — — — 
October 2023 Discretionary Program (expired in September 2024)
1.6 205 0.4 44 — — 
February 2023 Discretionary Program (expired in September 2023)
— — 2.0 186 — — 
2021 Discretionary Program (expired in November 2022)
— — — — 2.0 179 
Discretionary Programs1.8 238 2.4 230 2.0 179 
2022 Accelerated share repurchase program (expired in September 2022)
— — — — 4.0 300 
Total2.5$321 3.6$337 7.0$557 
_____________________
(1)Program commenced October 2023 and expires October 2025.
(2)Program commenced October 2024 and expires October 2026.

Amounts in the table may not be additive due to rounding.
v3.25.0.1
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Schedule of Components of Accumulated Other Comprehensive Loss The following summary sets forth the components of Accumulated other comprehensive loss, net of taxes:
(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
December 31, 2022$(238)$(566)$8 $(796)
Other comprehensive (loss) income, net of taxes, before reclassifications
37 (91)(1)(55)
Amounts reclassified from AOCI, net of taxes
183 20 (7)196 
Net current-period Other comprehensive (loss) income, net of taxes
220 (71)(8)141 
December 31, 2023(18)(637)— (655)
Other comprehensive (loss) income, net of taxes, before reclassifications
(76)17 5 (54)
Amounts reclassified from AOCI, net of taxes
(2)23 (4)17 
Net current-period Other comprehensive (loss) income, net of taxes
(78)40 1 (37)
December 31, 2024$(96)$(597)$1 $(692)
v3.25.0.1
EARNINGS PER SHARE (Tables)
 12 Months Ended
Dec. 31, 2024
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:
(Dollars in millions, except per share amounts; share amounts in thousands)
202420232022
Earnings per common share — Basic
Earnings from continuing operations$489 $406 $863 
Less: Distributed and undistributed earnings allocated to unvested stock(3)(2)(5)
Earnings from continuing operations available to common shareholders
$486 $404 $858 
Weighted average common shares outstanding 43,079 45,383 49,549 
Earnings from continuing operations per common share — Basic
$11.29 $8.89 $17.32 
Earnings per common share — Diluted
Earnings from continuing operations$489 $406 $863 
Less: Distributed and undistributed earnings allocated to unvested stock— — — 
Earnings from continuing operations available to common shareholders — Diluted
$489 $406 $863 
Weighted average common shares outstanding — Basic43,079 45,383 49,549 
Effect of dilutive equity awards1,155 1,104 1,337 
Weighted average common shares outstanding — Diluted44,234 46,486 50,887 
Earnings from continuing operations per common share — Diluted
$11.06 $8.73 $16.96 
Anti-dilutive equity awards not included in diluted EPS66 825 662 
____________________ 
Amounts in the table may not recalculate due to rounding of earnings and shares.
v3.25.0.1
SHARE-BASED COMPENSATION PLANS (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-based Compensation Expense and Income Tax Benefits Recognized
The following table provides information on Share-based compensation expense and related income tax benefits recognized:
(In millions)
202420232022
Unvested stock awards$40 $42 $44 
Stock option and employee stock purchase plans2 2 2 
Share-based compensation expense42 44 46 
Income tax benefit(5)(6)(6)
Share-based compensation expense, net of tax
$37 $38 $40 
Schedule of Nonvested Stock Awards
The following is a summary of activity for RSUs as of and for the year ended December 31, 2024:

 
Time-Vested (1)
Performance-Based (2)
(Shares in millions)
SharesWeighted-
Average
Grant Date
Fair Value		SharesWeighted-
Average
Grant Date
Fair Value
Unvested stock awards at January 1, 2024
0.7$75.55 0.4$82.11 
Granted0.2119.22 0.1121.10 
Vested (0.3)76.41 (0.1)69.73 
Unvested stock awards at December 31, 2024
0.6$86.37 0.4$97.81 
_____________ 
(1)    Includes RSUs granted to non-executive members of the board of directors.
(2)    Performance-based awards are initially granted at target, assuming 100% payout.
Schedule of Stock Option Awards The following table summarizes the activity related to our stock option awards:
(Option awards and aggregate intrinsic value in millions)
Number of Option Awards
Weighted-
Average
Exercise Price
Weighted-
Average
Remaining Contractual Term (Years)
Aggregate Intrinsic Value (1)
Outstanding and exercisable as of December 31, 2023
0.9$72.37 3.1$37 
Exercised(0.2)87.64 
Outstanding and exercisable as of December 31, 2024
0.7$67.33 2.5$58 
_____________ 
(1)    The intrinsic value represents the amount by which the fair value of our stock price exceeds the option exercise price, multiplied by the number of in-the-money options.
Schedule of Share Purchase and Related Weighted-Average Exercise Price
The following table presents the shares purchased and the related weighted-average purchase price under the ESPP:
2024 (1)
20232022
Shares purchased120,000 152,000 171,000 
Weighted average purchase price$114.84 $82.81 $65.50 
_____________ 
(1)    As of December 31, 2024, there were 7.5 million shares authorized for issuance and 1.4 million shares remaining available to be purchased in the future.
v3.25.0.1
EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Components of Net Periodic Benefit Cost
Components of net pension expense for defined benefit pension plans were as follows:
(In millions)
202420232022
Company-administered plans:
Service cost$1 $1 $1 
Interest cost86 90 63 
Expected return on plan assets(76)(77)(74)
Amortization of net actuarial loss and prior service cost31 27 21 
Net pension expense$42 $41 $11 
Company-administered plans:
U.S.$29 $31 $13 
Non-U.S.13 10 (2)
Net pension expense$42 $41 $11 
Schedule of Weighted-Average Actuarial Assumptions
The following table sets forth the weighted-average actuarial assumptions used in determining our annual net pension expense:
 
U.S. Plans
Non-U.S. Plans
 202420232022202420232022
Discount rate5.15%5.50%2.95%4.25%5.05%2.14%
Expected long-term rate of return on plan assets5.40%5.40%3.60%3.97%3.80%2.79%
Gain and loss amortization period (years)202021242425
The following table sets forth the weighted-average actuarial assumptions used in determining funded status:
 U.S. Plans
December 31,		Non-U.S. Plans
December 31,
 2024202320242023
Discount rate5.65%5.15%5.22%4.25%
Schedule of Benefit Obligations, Assets and Funded Status
The following table sets forth the benefit obligations, assets and funded status associated with our pension plans:
(In millions)
20242023
Change in benefit obligations:
Benefit obligations at January 1$1,858 $1,705
Service cost1 1
Interest cost86 90
Actuarial loss (gain)
(127)155
Pension curtailment and settlement— —
Benefits paid(180)(111)
Foreign currency exchange rate changes(10)18
Benefit obligations at December 311,628 1,858
Change in plan assets:
Fair value of plan assets at January 11,642 1,600
Actual return on plan assets(28)114
Employer contribution56 21
Benefits paid(180)(111)
Foreign currency exchange rate changes(9)18
Fair value of plan assets at December 311,481 1,642
Funded status$(147)$(216)
Funded percent91%88%
Schedule of Amounts Recognized in the Consolidated Balance Sheets
The funded status of our pension plans was presented in the Consolidated Balance Sheets as follows:
 December 31,
(In millions)
20242023
Noncurrent asset$2 $7 
Current liability(4)(4)
Noncurrent liability(145)(219)
Net amount recognized$(147)$(216)
Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss
Amounts recognized in Accumulated other comprehensive loss (pre-tax) consisted of:
 December 31,
 (In millions)20242023
Prior service cost$26 $26 
Net actuarial loss777 830 
Net amount recognized$803 $856 
Schedule of Pension Obligations Greater than Fair Value of Related Plan Assets
As of December 31, 2024 and 2023, our total accumulated benefit obligations, as well as our pension plan obligations (projected benefit obligations (PBO) and accumulated benefit obligations (ABO)) in excess of the fair value of the related plan assets, for our U.S. and foreign plans were as follows:
 U.S. Plans
December 31,		Non-U.S. Plans
December 31,		Total
December 31,
 (In millions)202420232024202320242023
Total accumulated benefit obligations$1,284 $1,444 $341 $411 $1,625 $1,855 
Plans with pension obligations in excess of plan assets:
PBO1,284 1,444 285 352 1,569 1,796 
ABO1,284 1,444 283 349 1,567 1,793 
Fair value of plan assets1,154 1,241 — — 1,154 1,241 
Schedule of Fair Value of Each Major Category of Pension Plan Assets and the Level of Inputs used to Measure Fair Value
The following table presents the fair value of each major category of pension plan assets and the level of inputs used to measure fair value:

 (In millions)December 31, 2024
Asset CategoryTotalLevel 1Level 2Level 3
Commingled funds:
Equity funds
$166 $— $166 $— 
Fixed income funds
57 — 57 — 
Fixed income securities
879 — 879 — 
Alternative investments:
Private equity fund
34 — — 34 
Hedge fund
58 — — 58 
Bulk annuity contract
263 — — 263 
Cash and cash equivalents
24 — 24 — 
Total$1,481 $— $1,126 $355 
 
 (In millions)December 31, 2023
Asset CategoryTotalLevel 1Level 2Level 3
Commingled funds:
Equity funds
$155 $— $155 $— 
Fixed income funds
70 — 65 5 
Fixed income securities
969 — 969 — 
Alternative investments:
Private equity fund
38 — — 38 
Hedge fund
67 — — 67 
Bulk annuity contract
327 — — 327 
Cash and cash equivalents
16 — 16 — 
Total$1,642 $— $1,205 $437 
Schedule of Changes in Fair Value of the Pension Plans Level 3 Assets
The following table presents a summary of changes in the fair value of the pension plans’ Level 3 assets: 
(In millions)20242023
Beginning balance at January 1$437 $115 
Return on plan assets:
Relating to assets still held at the reporting date(47)(3)
Purchases, sales, settlements and expenses(35)325 
Ending balance at December 31$355 $437 
Schedule of Pension Benefits Expected to be Paid
The following table details pension benefits expected to be paid in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter:
 (In millions)
2025$139 
2026137 
2027134 
2028129 
2029127 
2030-2034598 
v3.25.0.1
OTHER ITEMS IMPACTING COMPARABILITY (Tables)
 12 Months Ended
Dec. 31, 2024
Other Income and Expenses [Abstract]  
Schedule of Other Items Impacting Comparability Excluding these items from our segment measure of performance allows for better year over year comparison:
 Years ended December 31,
 (In millions)202420232022
Acquisition costs (1)
7 2 6 
FMS U.K. business exit (2)
— (32)(82)
Currency translation adjustment loss— 188 — 
Other, net (1) (3)
6 (1)(7)
Other items impacting comparability, net$13 $157 $(83)
________________________
(1)Included within "Restructuring and other items, net" in our Consolidated Statements of Earnings.
(2)Primarily included within "Restructuring and other items, net" in our Consolidated Statements of Earnings. In 2023, primarily reflects commercial claims proceeds, net of fees. In 2022, primarily reflects gains on sale of U.K. revenue earnings equipment and properties, and commercial claims proceeds, net of fees, offset by severance and other costs.
(3)In 2024, primarily reflects severance costs associated with cost savings initiatives in all three segments. In 2022, primarily includes expenses associated with the ChoiceLease liability insurance program which we exited in 2020.
v3.25.0.1
SUPPLEMENTAL CASH FLOW INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2024
Supplemental Cash Flow Elements [Abstract]  
Schedule of Supplemental Cash Flow Information
Supplemental cash flow information was as follows:
 
As of and for the Years Ended December 31,
(In millions)
202420232022
Interest paid
$372 $269 $214 
Income taxes paid$207 $96 $115 
Cash paid for operating lease liabilities$359 $249 $184 
Right-of-use assets obtained in exchange for lease obligations:
Finance leases$46 $26 $12 
Operating leases$148 $477 $340 
Capital expenditures acquired but not yet paid$263 $244 $199 
v3.25.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)
 12 Months Ended
Dec. 31, 2024
USD ($)
option
segment
Dec. 31, 2023
Disaggregation of Revenue [Line Items]    
Number of segments | segment 3  
Maintenance term contract 1 year  
Maximum amount of insurance risk of loss retained per occurrence | $ $ 3,000,000  
Operating lease, liability, current, statement of financial position Accounts Payable and Other Accrued Liabilities, Current Accounts Payable and Other Accrued Liabilities, Current
Finance lease, liability, current, statement of financial position Debt, Current Debt, Current
Operating lease, liability, noncurrent, statement of financial position Other Liabilities, Noncurrent Other Liabilities, Noncurrent
Finance lease, liability, noncurrent, statement of financial position Long-term debt Long-term debt
Trailers    
Disaggregation of Revenue [Line Items]    
Term of operating lease as lessor 10 years  
Facilities    
Disaggregation of Revenue [Line Items]    
Lease renewal term 5 years  
Revenue Earning Equipment, Material Handling Equipment, Automated Washing Machines and Vehicles    
Disaggregation of Revenue [Line Items]    
Number of renewal options 0  
Minimum    
Disaggregation of Revenue [Line Items]    
Short-term rental term 1 day  
Payment term on trade receivables 10 days  
Minimum | Trucks and Tractors    
Disaggregation of Revenue [Line Items]    
Term of operating lease as lessor 3 years  
Minimum | Revenue Earning Equipment    
Disaggregation of Revenue [Line Items]    
Term of operating lease as lessor 1 day  
Minimum | Facilities    
Disaggregation of Revenue [Line Items]    
Term of operating lease as lessee 3 years  
Number of renewal options 1  
Minimum | Revenue Earning Equipment, Material Handling Equipment, Automated Washing Machines and Vehicles    
Disaggregation of Revenue [Line Items]    
Term of operating lease as lessee 3 years  
Maximum    
Disaggregation of Revenue [Line Items]    
Short-term rental term 1 year  
Payment term on trade receivables 90 days  
Maximum | Trucks and Tractors    
Disaggregation of Revenue [Line Items]    
Term of operating lease as lessor 7 years  
Maximum | Revenue Earning Equipment    
Disaggregation of Revenue [Line Items]    
Term of operating lease as lessor 1 year  
Maximum | Facilities    
Disaggregation of Revenue [Line Items]    
Term of operating lease as lessee 5 years  
Maximum | Revenue Earning Equipment, Material Handling Equipment, Automated Washing Machines and Vehicles    
Disaggregation of Revenue [Line Items]    
Term of operating lease as lessee 7 years  
v3.25.0.1
SEGMENT REPORTING - Summary of Segment Revenue and Net Before Tax Information by Segment (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information, Revenue for Reportable Segment [Abstract]      
Revenue $ 12,636 $ 11,783 $ 12,011
Used vehicle sales, net (72) (196) (450)
Segment EBT 839 922 1,264
Intangible amortization expense (53) (35) (37)
Other items impacting comparability, net (13) (157) 83
Earnings from continuing operations before income taxes 661 618 1,216
UNITED KINGDOM      
Segment Reporting Information, Revenue for Reportable Segment [Abstract]      
Business exit costs   2 49
SCS      
Segment Reporting Information, Revenue for Reportable Segment [Abstract]      
Revenue 5,300 4,875 4,720
Operating Segments | FMS      
Segment Reporting Information, Revenue for Reportable Segment [Abstract]      
Revenue 5,888 5,930 6,327
Direct operating costs 4,638 4,651 4,845
Used vehicle sales, net (72) (194) (401)
Other segment items 806 808 826
Segment EBT 516 665 1,057
Operating Segments | SCS      
Segment Reporting Information, Revenue for Reportable Segment [Abstract]      
Revenue 5,300 4,875 4,720
Direct operating costs 4,735 4,420 4,253
Used vehicle sales, net 0 0 0
Other segment items 233 224 249
Segment EBT 332 231 218
Operating Segments | DTS      
Segment Reporting Information, Revenue for Reportable Segment [Abstract]      
Revenue 2,446 1,785 1,786
Direct operating costs 2,270 1,634 1,670
Used vehicle sales, net 0 0 0
Other segment items 51 30 13
Segment EBT 125 121 103
Eliminations      
Segment Reporting Information, Revenue for Reportable Segment [Abstract]      
Revenue (998) (807) (822)
Segment EBT (134) (95) (114)
Segment Reconciling Items      
Segment Reporting Information, Revenue for Reportable Segment [Abstract]      
Unallocated Central Support Services (71) (72) (83)
Intangible amortization expense (53) (35) (37)
Non-operating pension costs, net (41) (40) (11)
Other items impacting comparability, net $ (13) $ (157) $ 83
v3.25.0.1
SEGMENT REPORTING - Other Segment Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Depreciation expense $ 1,694 $ 1,712 $ 1,713
Other non-cash charges, net 534 373 317
Interest expense (income) 386 296 228
Capital expenditures paid 2,683 3,234 2,631
Total assets 16,672 15,778 14,395
Operating Segments | FMS      
Segment Reporting Information [Line Items]      
Depreciation expense 1,583 1,571 1,618
Other non-cash charges, net 192 106 90
Interest expense (income) 362 292 219
Capital expenditures paid 2,616 3,085 2,442
Total assets 12,073 11,588 10,811
Operating Segments | SCS      
Segment Reporting Information [Line Items]      
Depreciation expense 104 136 91
Other non-cash charges, net 267 230 173
Interest expense (income) 17 8 10
Capital expenditures paid 50 117 155
Total assets 3,673 3,717 3,043
Operating Segments | DTS      
Segment Reporting Information [Line Items]      
Depreciation expense 5 3 3
Other non-cash charges, net 14 8 4
Interest expense (income) 8 (3) (2)
Capital expenditures paid 1 1 2
Total assets 765 384 380
Segment Reconciling Items      
Segment Reporting Information [Line Items]      
Depreciation expense 2 2 1
Other non-cash charges, net 61 29 50
Interest expense (income) (1) (1) 1
Capital expenditures paid 16 31 32
Total assets 1,333 1,026 904
Depreciation expense reallocated to segments 29 28 27
Eliminations      
Segment Reporting Information [Line Items]      
Depreciation expense 0 0 0
Other non-cash charges, net 0 0 0
Interest expense (income) 0 0 0
Capital expenditures paid 0 0 0
Total assets $ (1,172) $ (937) $ (743)
v3.25.0.1
SEGMENT REPORTING - Geographic Information (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets $ 10,390 $ 10,109
United States    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets 9,758 9,473
Canada    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets 563 552
Mexico    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets 69 84
Other    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets $ 632 $ 636
v3.25.0.1
REVENUE - Disaggregation of Revenue by Geographical Market and Industry (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disaggregation of Revenue [Line Items]      
Revenues $ 12,636 $ 11,783 $ 12,011
United States      
Disaggregation of Revenue [Line Items]      
Revenues 11,773 10,932 11,073
Canada      
Disaggregation of Revenue [Line Items]      
Revenues 538 538 528
Europe      
Disaggregation of Revenue [Line Items]      
Revenues     150
Mexico      
Disaggregation of Revenue [Line Items]      
Revenues 325 313 260
SCS      
Disaggregation of Revenue [Line Items]      
Revenues 5,300 4,875 4,720
Operating Segments | FMS      
Disaggregation of Revenue [Line Items]      
Revenues 5,888 5,930 6,327
Operating Segments | FMS | United States      
Disaggregation of Revenue [Line Items]      
Revenues 5,585 5,616 5,858
Operating Segments | FMS | Canada      
Disaggregation of Revenue [Line Items]      
Revenues 303 314 319
Operating Segments | FMS | Europe      
Disaggregation of Revenue [Line Items]      
Revenues     150
Operating Segments | FMS | Mexico      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Operating Segments | SCS      
Disaggregation of Revenue [Line Items]      
Revenues 5,300 4,875 4,720
Operating Segments | SCS | United States      
Disaggregation of Revenue [Line Items]      
Revenues 4,697 4,295 4,209
Operating Segments | SCS | Canada      
Disaggregation of Revenue [Line Items]      
Revenues 278 267 251
Operating Segments | SCS | Europe      
Disaggregation of Revenue [Line Items]      
Revenues     0
Operating Segments | SCS | Mexico      
Disaggregation of Revenue [Line Items]      
Revenues 325 313 260
Operating Segments | DTS      
Disaggregation of Revenue [Line Items]      
Revenues 2,446 1,785 1,786
Operating Segments | DTS | United States      
Disaggregation of Revenue [Line Items]      
Revenues 2,446 1,785 1,786
Operating Segments | DTS | Canada      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Operating Segments | DTS | Europe      
Disaggregation of Revenue [Line Items]      
Revenues     0
Operating Segments | DTS | Mexico      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Eliminations      
Disaggregation of Revenue [Line Items]      
Revenues (998) (807) (822)
Eliminations | United States      
Disaggregation of Revenue [Line Items]      
Revenues (955) (764) (780)
Eliminations | Canada      
Disaggregation of Revenue [Line Items]      
Revenues (43) (43) (42)
Eliminations | Europe      
Disaggregation of Revenue [Line Items]      
Revenues     0
Eliminations | Mexico      
Disaggregation of Revenue [Line Items]      
Revenues $ 0 $ 0 $ 0
v3.25.0.1
REVENUE - Disaggregation of Revenue by Product Line & Industry (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disaggregation of Revenue [Line Items]      
Lease & related maintenance and rental revenue $ 3,835 $ 3,937 $ 4,174
Revenues 12,636 11,783 12,011
FMS | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenues 5,888 5,930 6,327
FMS | Operating Segments | ChoiceLease      
Disaggregation of Revenue [Line Items]      
Lease & related maintenance and rental revenue 3,446 3,181 3,101
FMS | Operating Segments | Commercial rental      
Disaggregation of Revenue [Line Items]      
Lease & related maintenance and rental revenue 976 1,178 1,338
FMS | Operating Segments | SelectCare and other      
Disaggregation of Revenue [Line Items]      
Lease & related maintenance and rental revenue 694 694 624
FMS | Operating Segments | FMS Europe      
Disaggregation of Revenue [Line Items]      
Lease & related maintenance and rental revenue 0 0 150
FMS | Operating Segments | Fuel services revenue      
Disaggregation of Revenue [Line Items]      
Revenues 772 877 1,114
SCS      
Disaggregation of Revenue [Line Items]      
Revenues 5,300 4,875 4,720
SCS | Omnichannel retail      
Disaggregation of Revenue [Line Items]      
Revenues 1,726 1,757 1,861
SCS | Automotive      
Disaggregation of Revenue [Line Items]      
Revenues 1,580 1,600 1,523
SCS | Consumer packaged goods      
Disaggregation of Revenue [Line Items]      
Revenues 1,182 965 845
SCS | Industrial and other      
Disaggregation of Revenue [Line Items]      
Revenues 812 553 491
SCS | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenues $ 5,300 $ 4,875 $ 4,720
v3.25.0.1
REVENUE - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disaggregation of Revenue [Line Items]      
Lease & related maintenance and rental revenue $ 3,835 $ 3,937 $ 4,174
Contracted not recognized revenue 3,100 2,800  
Maintenance Services      
Disaggregation of Revenue [Line Items]      
Lease & related maintenance and rental revenue $ 972 $ 963 $ 1,000
v3.25.0.1
REVENUE - Changes in Contract Liability (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Contract With Customer, Liability [Roll Forward]      
Balance as of beginning of period $ 545 $ 544 $ 594
Recognized as revenue during period from beginning balance (174) (166) (181)
Consideration deferred during period, net 231 168 140
Foreign currency translation adjustment and other (2) (1) (9)
Balance as of end of period $ 600 $ 545 $ 544
v3.25.0.1
REVENUE - Schedule of Amortization Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]      
Sales commissions $ 109 $ 117  
Contract origination costs 75 84  
Sales commissions amortization expense 46 47 $ 44
Contract origination amortization expense $ 34 $ 30 $ 28
v3.25.0.1
RECEIVABLES, NET - Summary (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Receivables [Abstract]    
Trade $ 1,634 $ 1,505
Sales-type leases 161 140
Other, primarily warranty and insurance 104 111
Receivables, gross 1,899 1,756
Allowance for credit losses and other (38) (42)
Receivables, net $ 1,861 $ 1,714
v3.25.0.1
RECEIVABLES, NET - Allowance for Credit Loss (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]    
Balance as of beginning of period $ 42 $ 41
Changes to provisions for credit losses 26 22
Write-offs and other (30) (21)
Balance as of end of period $ 38 $ 42
v3.25.0.1
REVENUE EARNING EQUIPMENT, NET - Revenue Earning Equipment (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Revenue Earning Equipment [Line Items]    
Cost $ 15,449 $ 15,043
Accumulated Depreciation (6,243) (6,151)
Net $ 9,206 8,892
Trucks    
Revenue Earning Equipment [Line Items]    
Estimated useful life, minimum 3 years  
Estimated useful life, maximum 7 years  
Cost $ 6,252 5,630
Accumulated Depreciation (2,210) (2,192)
Net $ 4,042 3,438
Tractors    
Revenue Earning Equipment [Line Items]    
Estimated useful life, minimum 4 years  
Estimated useful life, maximum 7 years 6 months  
Cost $ 6,721 6,995
Accumulated Depreciation (2,739) (2,712)
Net $ 3,982 4,283
Trailers and other    
Revenue Earning Equipment [Line Items]    
Estimated useful life, minimum 9 years 6 months  
Estimated useful life, maximum 12 years  
Cost $ 1,695 1,686
Accumulated Depreciation (671) (683)
Net 1,024 1,003
Held for sale    
Revenue Earning Equipment [Line Items]    
Cost 781 732
Accumulated Depreciation (623) (564)
Net $ 158 $ 168
v3.25.0.1
REVENUE EARNING EQUIPMENT, NET - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue Earning Equipment [Abstract]      
Revenue earning equipment depreciation expense $ 1,500 $ 1,500 $ 1,500
Net book value of assets held for sale $ 118 $ 121  
v3.25.0.1
REVENUE EARNING EQUIPMENT, NET - Schedule of Fair Value, Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue Earning Equipment [Line Items]      
Losses from valuation adjustments $ 31 $ 20 $ 9
Level 3 | Nonrecurring      
Revenue Earning Equipment [Line Items]      
Total assets at fair value 40 47  
Losses from valuation adjustments 31 20 9
Level 3 | Nonrecurring | Trucks      
Revenue Earning Equipment [Line Items]      
Total assets at fair value 10 5  
Losses from valuation adjustments 14 6 3
Level 3 | Nonrecurring | Tractors      
Revenue Earning Equipment [Line Items]      
Total assets at fair value 27 38  
Losses from valuation adjustments 12 9 5
Level 3 | Nonrecurring | Trailers and other      
Revenue Earning Equipment [Line Items]      
Total assets at fair value 3 4  
Losses from valuation adjustments $ 5 $ 5 $ 1
v3.25.0.1
REVENUE EARNING EQUIPMENT, NET - Components of Used Vehicle Sales (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue Earning Equipment [Line Items]      
Gains on vehicle sales, net $ (103) $ (216) $ (459)
Losses from valuation adjustments 31 20 9
Used vehicle sales, net $ (72) (196) (450)
UNITED KINGDOM      
Revenue Earning Equipment [Line Items]      
Business exit costs   $ 2 $ 49
v3.25.0.1
OPERATING PROPERTY AND EQUIPMENT, NET - Summary (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]    
Gross $ 2,840 $ 2,728
Accumulated depreciation (1,656) (1,511)
Operating property and equipment, net 1,184 1,217
Land    
Property, Plant and Equipment [Line Items]    
Gross 230 227
Buildings and improvements    
Property, Plant and Equipment [Line Items]    
Gross 1,124 1,082
Machinery and equipment    
Property, Plant and Equipment [Line Items]    
Gross 1,322 1,219
Other    
Property, Plant and Equipment [Line Items]    
Gross $ 164 $ 200
Minimum | Buildings and improvements    
Property, Plant and Equipment [Line Items]    
Estimated Useful Lives (In years) 1 year  
Minimum | Machinery and equipment    
Property, Plant and Equipment [Line Items]    
Estimated Useful Lives (In years) 2 years  
Minimum | Other    
Property, Plant and Equipment [Line Items]    
Estimated Useful Lives (In years) 1 year  
Maximum | Buildings and improvements    
Property, Plant and Equipment [Line Items]    
Estimated Useful Lives (In years) 40 years  
Maximum | Machinery and equipment    
Property, Plant and Equipment [Line Items]    
Estimated Useful Lives (In years) 10 years  
Maximum | Other    
Property, Plant and Equipment [Line Items]    
Estimated Useful Lives (In years) 30 years  
v3.25.0.1
OPERATING PROPERTY AND EQUIPMENT, NET - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Abstract]      
Operating equipment depreciation expense $ 203 $ 228 $ 182
Asset impairment charges   $ 35 $ 20
v3.25.0.1
GOODWILL - Summary (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Goodwill [Roll Forward]    
Balance at beginning of period $ 940 $ 861
Acquisitions 219 79
Foreign currency translation adjustment (1)  
Balance at end of period 1,158 940
FMS    
Goodwill [Roll Forward]    
Balance at beginning of period 245 245
Acquisitions 15 0
Foreign currency translation adjustment 0  
Balance at end of period 260 245
SCS    
Goodwill [Roll Forward]    
Balance at beginning of period 654 575
Acquisitions 18 79
Foreign currency translation adjustment (1)  
Balance at end of period 671 654
DTS    
Goodwill [Roll Forward]    
Balance at beginning of period 41 41
Acquisitions 186 0
Foreign currency translation adjustment 0  
Balance at end of period $ 227 $ 41
v3.25.0.1
INTANGIBLE ASSETS, NET - Summary (Details) - USD ($)
$ in Millions
Feb. 01, 2024
Nov. 01, 2023
Dec. 31, 2024
Dec. 31, 2023
Intangible Assets        
Accumulated amortization     $ (188) $ (139)
Total     457 396
Cardinal Logistics        
Intangible Assets        
Intangible assets $ 116      
IFS Investments I, LLC        
Intangible Assets        
Intangible assets   $ 127    
Finite lived intangible assets, primarily customer relationships        
Intangible Assets        
Finite lived intangible assets, primarily customer relationships     636 526
Finite lived intangible assets, primarily customer relationships | IFS Investments I, LLC        
Intangible Assets        
Business combination, recognized identifiable assets acquired and liabilities assumed, finite-lived intangibles     127  
Indefinite lived intangible assets — Trade name        
Intangible Assets        
Indefinite lived intangible assets — Trade name     9 9
FMS        
Intangible Assets        
Accumulated amortization     (47) (46)
Total     2 3
FMS | Finite lived intangible assets, primarily customer relationships        
Intangible Assets        
Finite lived intangible assets, primarily customer relationships     49 49
FMS | Indefinite lived intangible assets — Trade name        
Intangible Assets        
Indefinite lived intangible assets — Trade name     0 0
SCS        
Intangible Assets        
Accumulated amortization     (123) (87)
Total     372 382
SCS | Finite lived intangible assets, primarily customer relationships        
Intangible Assets        
Finite lived intangible assets, primarily customer relationships     495 469
SCS | Indefinite lived intangible assets — Trade name        
Intangible Assets        
Indefinite lived intangible assets — Trade name     0 0
DTS        
Intangible Assets        
Accumulated amortization     (18) (6)
Total     74 2
DTS | Finite lived intangible assets, primarily customer relationships        
Intangible Assets        
Finite lived intangible assets, primarily customer relationships     92 8
DTS | Indefinite lived intangible assets — Trade name        
Intangible Assets        
Indefinite lived intangible assets — Trade name     0 0
CSS        
Intangible Assets        
Accumulated amortization     0 0
Total     9 9
CSS | Finite lived intangible assets, primarily customer relationships        
Intangible Assets        
Finite lived intangible assets, primarily customer relationships     0 0
CSS | Indefinite lived intangible assets — Trade name        
Intangible Assets        
Indefinite lived intangible assets — Trade name     $ 9 $ 9
v3.25.0.1
INTANGIBLE ASSETS, NET - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]      
Amortization expense associated with finite lived intangible assets $ 53 $ 35 $ 37
FMS      
Finite-Lived Intangible Assets [Line Items]      
Finite-lived intangible assets written off 10    
Minimum      
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]      
2025 44    
2026 44    
2027 44    
2028 44    
2029 44    
Maximum      
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]      
2025 53    
2026 53    
2027 53    
2028 53    
2029 53    
Finite-Lived Intangible Assets      
Finite-Lived Intangible Assets [Line Items]      
Amortization expense associated with finite lived intangible assets 51 28 32
Favorable Lease Assets      
Finite-Lived Intangible Assets [Line Items]      
Amortization expense associated with finite lived intangible assets $ 2 $ 7 $ 5
v3.25.0.1
ACCRUED EXPENSES AND OTHER LIABILITIES - Summary of Accrued Expenses and Other Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Accrued expenses and other current liabilities        
Operating lease liabilities $ 302 $ 234    
Deferred revenue 160 177    
Self-insurance 193 175    
Salaries and wages 197 200    
Pension and other employee benefits 26 27    
Operating taxes 134 129    
Deferred compensation 7 6    
Deposits, mainly from customers 67 68    
Interest 65 59    
Income taxes 7 14    
Other 165 144    
Total 1,323 1,233    
Other non-current liabilities        
Operating lease liabilities 804 800    
Deferred revenue 440 368    
Self-insurance 349 284    
Salaries and wages 0 0    
Pension and other employee benefits 156 231    
Operating taxes 0 0    
Deferred compensation 127 102    
Deposits, mainly from customers 0 0    
Interest 0 0    
Income taxes 0 0    
Other 78 86    
Total 1,954 1,871    
Total        
Operating lease liabilities 1,106 1,034    
Deferred revenue 600 545 $ 544 $ 594
Self-insurance 542 459    
Liability, Defined Benefit Pension Plan 182 258    
Salaries and wages 197 200    
Operating taxes 134 129    
Deferred compensation 134 108    
Deposits, mainly from customers 67 68    
Interest 65 59    
Income taxes 7 14    
Other 243 230    
Total $ 3,277 $ 3,104    
v3.25.0.1
ACCRUED EXPENSES AND OTHER LIABILITIES - Summary of Changes to Self - Insurance Accruals (Details) - Reserve For Self Insurance Accruals - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Beginning Balance $ 459 $ 463 $ 466
Charged to income tax expense 628 520 497
Employee contributions to medical and dental self-insurance plans 117 103 95
Credited to income tax expense (662) (627) (595)
Ending Balance $ 542 $ 459 $ 463
v3.25.0.1
INCOME TAXES - Income Taxes from Continuing Operations (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Earnings from continuing operations before income taxes      
United States $ 555 $ 479 $ 1,021
Foreign 106 139 195
Earnings from continuing operations before income taxes 661 618 1,216
Current tax expense from continuing operations:      
Federal 112 35 30
State 15 45 43
Foreign 24 17 14
Total 151 97 87
Deferred tax expense (income) from continuing operations:      
Federal (13) 88 214
State 28 (8) 23
Foreign 6 35 29
Total 21 115 266
Total $ 172 $ 212 $ 353
v3.25.0.1
INCOME TAXES - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]        
Tax benefit $ 10 $ 56 $ 103  
Foreign earnings repatriated 14 78    
Undistributed foreign earnings 653      
Unrecognized tax benefits that would affect the effective tax rate in future periods 24      
Decrease in unrecognized tax benefits related to federal, state and foreign tax positions 8      
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset        
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]        
Valuation allowances 12 87 88 $ 24
Credited to income tax expense $ (75) $ (1) $ 0  
v3.25.0.1
INCOME TAXES - Income Tax Rate Reconciliation (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Reconciliation of federal statutory tax rate with effective tax rate      
Federal statutory tax rate 21.00% 21.00% 21.00%
Impact on deferred taxes for changes in tax rates 0.60% (0.80%) (0.40%)
State income taxes, net of federal income tax benefit 5.00% 5.80% 5.10%
Foreign rates varying from federal statutory tax rate 1.20% 2.20% (5.30%)
FMS U.K. business exit 0.00% 1.90% 3.20%
Tax contingencies (0.80%) (0.20%) (0.30%)
Tax credits (1.20%) (1.80%) (0.20%)
Other permanent book-tax differences 0.20% 0.90% 0.60%
Change in foreign valuation allowance (11.90%) (0.30%) 5.40%
Foreign net operating loss write-off 11.90% 0.00% 0.00%
Currency translation adjustment 0.00% 5.50% 0.00%
Other 0.00% 0.10% 0.00%
Effective tax rate 26.00% 34.30% 29.10%
v3.25.0.1
INCOME TAXES - Net Deferred Income Tax Assets And Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Deferred income tax assets:    
Self-insurance accruals $ 131 $ 110
Net operating loss carryforwards 33 94
Accrued compensation and benefits 102 87
Pension benefits 35 50
Deferred revenue 23 133
Interest expense limitation 75 28
Other 47 39
Deferred tax assets gross 446 541
Valuation allowance (12) (87)
Deferred tax assets net 434 454
Deferred income tax liabilities:    
Property and equipment basis differences (1,979) (2,012)
Intangible assets bases difference (92) (65)
Other (20) (22)
Deferred tax liabilities, gross (2,091) (2,099)
Net deferred income tax liability (1,657) (1,645)
Deferred tax assets included in Sales-type lease and other assets $ 14 $ 13
v3.25.0.1
INCOME TAXES - Schedule Of Valuation Allowance On Deferred Tax Assets (Details) - SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Beginning Balance $ 87 $ 88 $ 24
Charged to income tax expense 0 0 64
Deductions (75) (1) 0
Ending Balance $ 12 $ 87 $ 88
v3.25.0.1
INCOME TAXES - Schedule of Net Operating Losses and Tax Benefits with Related Valuation Allowances (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Income Tax Examination [Line Items]    
Total carryforwards $ 33 $ 94
Valuation allowance (12) (87)
U.S. Federal jurisdiction    
Income Tax Examination [Line Items]    
Net operating loss carryforwards, expected to expire 6 6
Operating loss carryforward not subject to expiration rules 11 3
Valuation allowance (3) (1)
Net Carryforwards 3 5
U.S. Federal jurisdiction | No Expiration    
Income Tax Examination [Line Items]    
Valuation allowance 0 0
Net Carryforwards 11 3
U.S. State jurisdiction    
Income Tax Examination [Line Items]    
Net operating loss carryforwards, expected to expire 27 26
Operating loss carryforward not subject to expiration rules 3 4
Valuation allowance 0 (1)
Net Carryforwards 27 25
U.S. State jurisdiction | No Expiration    
Income Tax Examination [Line Items]    
Valuation allowance 0 0
Net Carryforwards 3 4
Foreign jurisdiction    
Income Tax Examination [Line Items]    
Net operating loss carryforwards, expected to expire 7 82
Operating loss carryforward not subject to expiration rules 4 4
Valuation allowance (7) (82)
Net Carryforwards 0 0
Foreign jurisdiction | No Expiration    
Income Tax Examination [Line Items]    
Valuation allowance (2) (3)
Net Carryforwards 2 1
U.S. and Foreign jurisdictions    
Income Tax Examination [Line Items]    
Total carryforwards 58 125
Valuation allowance (12) (87)
Net Carryforwards $ 46 $ 38
v3.25.0.1
INCOME TAXES - Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Unrecognized Tax Benefits [Roll Forward]      
Balance at January 1 $ 32 $ 34 $ 38
Additions based on tax positions related to the current year 2 2 2
Reductions due to lapse of applicable statutes of limitation (8) (4) (6)
Total before interest and penalties at December 31 26 32 34
Interest and penalties 3 3 3
Balance at December 31 $ 29 $ 35 $ 37
v3.25.0.1
LEASES - Lease Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating leases      
Lease income related to ChoiceLease $ 1,482 $ 1,483 $ 1,490
Lease income related to commercial rental 928 1,123 1,286
Sales-type leases      
Interest income related to net investment in leases 75 56 45
Variable lease income excluding commercial rental $ 373 $ 308 $ 323
Minimum      
Sales-type leases      
Variable lease income as a percent of commercial rental income 15.00%    
v3.25.0.1
LEASES - Components of Net Investment in Leases (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]    
Net investment in the lease - lease payment receivable $ 818 $ 723
Net investment in the lease - unguaranteed residual value in assets 49 43
Net investment in sales-type leases 867 766
Estimated loss allowance (5) (4)
Total $ 862 $ 762
v3.25.0.1
LEASES - Maturity of Sales-Type Lease Receivables, Lessor (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Leases [Abstract]  
2025 $ 235
2026 221
2027 181
2028 162
2029 114
Thereafter 141
Total undiscounted cash flows 1,054
Present value of lease payments (recognized as lease receivables) (818)
Difference between undiscounted cash flows and discounted cash flows $ 236
v3.25.0.1
LEASES - Maturity of Operating Lease Payments, Lessor (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Leases [Abstract]  
2025 $ 1,289
2026 1,019
2027 775
2028 581
2029 408
Thereafter 323
Total undiscounted cash flows $ 4,395
v3.25.0.1
LEASES - Lease Cost (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Finance lease cost      
Amortization of right-of-use-assets $ 20 $ 15 $ 13
Interest on lease liabilities 3 2 2
Operating lease cost 374 271 199
Short-term lease and other 8 10 10
Variable lease cost 54 50 26
Sublease income (29) (41) (39)
Total lease cost $ 430 $ 307 $ 211
v3.25.0.1
LEASES - Operating and Finance Lease ROU Balance Sheet Information (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Lease Assets [Abstract]    
Operating lease right-of-use assets $ 1,055 $ 1,016
Finance lease, noncurrent assets 75 48
Liabilities, Current [Abstract]    
Operating lease, current liabilities 302 234
Finance lease, current liabilities 22 16
Liabilities, Noncurrent [Abstract]    
Operating lease, noncurrent liabilities 804 800
Finance lease, noncurrent liabilities $ 54 $ 33
v3.25.0.1
LEASES - Lease Term and Discount Rate (Details)
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]    
Weighted-average remaining lease term, operating 5 years 5 years
Weighted-average remaining lease term, finance 4 years 4 years
Weighted-average discount rate, operating 5.40% 5.10%
Weighted-average discount rate, finance 5.10% 5.00%
v3.25.0.1
LEASES - Maturity of Lease Liabilities, Lessee (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Operating Leases    
2025 $ 352  
2026 289  
2027 226  
2028 154  
2029 85  
Thereafter 149  
Total lease payments 1,255  
Less: Imputed Interest (149)  
Present value of lease liabilities 1,106 $ 1,034
Finance Leases    
2025 25  
2026 21  
2027 16  
2028 12  
2029 7  
Thereafter 3  
Total lease payments 84  
Less: Imputed Interest (8)  
Present value of lease liabilities 76  
Total    
2025 376  
2026 310  
2027 242  
2028 166  
2029 91  
Thereafter 152  
Total lease payments 1,339  
Less: Imputed Interest (157)  
Present value of lease liabilities $ 1,182  
v3.25.0.1
LEASES - Narrative (Details) - Facility Leases
$ in Millions
Dec. 31, 2024
USD ($)
Lessee, Lease, Description [Line Items]  
Operating leases, not yet commenced $ 22
Minimum  
Lessee, Lease, Description [Line Items]  
Operating leases, not yet commenced, term (in years) 4 years
Maximum  
Lessee, Lease, Description [Line Items]  
Operating leases, not yet commenced, term (in years) 10 years
v3.25.0.1
DEBT - Schedule of Debt (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Debt:    
Debt, gross $ 7,841 $ 7,178
Fair market value of adjustment on medium term notes (25) (34)
Debt issuance costs and original issue discounts (37) (30)
Total debt 7,779 7,114
Short-term debt and current portion of long-term debt (1,120) (1,583)
Long-term debt 6,659 5,531
Fair Value Hedging | Designated as Hedging Instrument | Interest Rate Swap    
Debt:    
Aggregate notional amount of interest rate swaps $ 500 $ 500
Trade receivables financing program    
Debt:    
Weighted Average Interest Rate 5.06% 5.87%
Debt, gross $ 20 $ 50
U.S. commercial paper    
Debt:    
Weighted Average Interest Rate 4.78% 5.68%
Debt, gross   $ 572
Unsecured medium-term note issued February 2019    
Debt:    
Weighted Average Interest Rate 0.00% 3.65%
Debt, gross $ 0 $ 600
Unsecured medium-term note issued August 2019    
Debt:    
Weighted Average Interest Rate 0.00% 2.50%
Debt, gross $ 0 $ 550
Unsecured medium-term note issued April 2020    
Debt:    
Weighted Average Interest Rate 4.63% 4.63%
Debt, gross $ 400 $ 400
Unsecured medium-term note issued May 2020    
Debt:    
Weighted Average Interest Rate 3.35% 3.35%
Debt, gross $ 400 $ 400
Unsecured medium-term note issued December 1995    
Debt:    
Weighted Average Interest Rate 6.95% 6.95%
Debt, gross $ 150 $ 150
Unsecured medium-term note issued November 2021    
Debt:    
Weighted Average Interest Rate 5.53% 6.15%
Debt, gross $ 300 $ 300
Unsecured medium-term note issued November 2019    
Debt:    
Weighted Average Interest Rate 2.90% 2.90%
Debt, gross $ 400 $ 400
Unsecured medium-term note issued February 2022    
Debt:    
Weighted Average Interest Rate 4.27% 4.50%
Debt, gross $ 450 $ 450
Unsecured medium-term note issued May 2022    
Debt:    
Weighted Average Interest Rate 4.30% 4.30%
Debt, gross $ 300 $ 300
Unsecured medium-term note issued February 2024    
Debt:    
Weighted Average Interest Rate 5.30% 0.00%
Debt, gross $ 350 $ 0
Unsecured medium-term note issued February 2023    
Debt:    
Weighted Average Interest Rate 5.65% 5.65%
Debt, gross $ 500 $ 500
Unsecured medium-term note issued May 2023    
Debt:    
Weighted Average Interest Rate 5.25% 5.25%
Debt, gross $ 650 $ 650
Unsecured medium-term note issued November 2023    
Debt:    
Weighted Average Interest Rate 6.30% 6.30%
Debt, gross $ 400 $ 400
Unsecured medium-term note issued February 2024    
Debt:    
Weighted Average Interest Rate 5.38% 0.00%
Debt, gross $ 550 $ 0
Unsecured medium-term note issued May 2024    
Debt:    
Weighted Average Interest Rate 5.50% 0.00%
Debt, gross $ 300 $ 0
Unsecured medium-term note issued August 2024    
Debt:    
Weighted Average Interest Rate 4.95% 0.00%
Debt, gross $ 300 $ 0
Unsecured medium-term note issued November 2024    
Debt:    
Weighted Average Interest Rate 4.90% 0.00%
Debt, gross $ 300 $ 0
Unsecured medium-term note issued November 2023    
Debt:    
Weighted Average Interest Rate 6.60% 6.60%
Debt, gross $ 600 $ 600
Unsecured foreign obligations    
Debt:    
Weighted Average Interest Rate 0.00% 2.88%
Debt, gross $ 0 $ 50
Unsecured U.S. obligations    
Debt:    
Weighted Average Interest Rate 5.14% 4.13%
Debt, gross $ 275 $ 375
Asset-backed US obligations    
Debt:    
Weighted Average Interest Rate 3.59% 3.40%
Debt, gross $ 252 $ 382
Finance lease obligations and other    
Debt:    
Debt, gross $ 76 $ 49
v3.25.0.1
DEBT - Narrative (Details)
 1 Months Ended 12 Months Ended
Aug. 31, 2021
Dec. 31, 2024
USD ($)
institution
Dec. 31, 2023
USD ($)
Debt Instrument [Line Items]      
Debt repurchase, percentage 101.00%    
Maximum borrowing capacity   $ 1,700,000,000  
Letters of credit outstanding   292,000,000 $ 301,000,000
Revolving Credit Facility      
Debt Instrument [Line Items]      
Maximum borrowing capacity   $ 1,400,000,000  
Number of lending institutions | institution   11  
Basis points   0.10%  
Letter of Credit      
Debt Instrument [Line Items]      
Maximum borrowing capacity   $ 75,000,000  
Letters of credit outstanding   0  
Trade receivables financing program      
Debt Instrument [Line Items]      
Maximum borrowing capacity   $ 300,000,000  
Trade receivables financing program | SOFR      
Debt Instrument [Line Items]      
Variable rate   0.90%  
Trade receivables financing program | Commercial Paper Yield Rate      
Debt Instrument [Line Items]      
Variable rate   0.80%  
Minimum | Revolving Credit Facility      
Debt Instrument [Line Items]      
Basis points   0.07%  
Minimum | Trade receivables financing program      
Debt Instrument [Line Items]      
Basis points   0.35%  
Maximum | Revolving Credit Facility      
Debt Instrument [Line Items]      
Basis points   0.175%  
Maximum | Trade receivables financing program      
Debt Instrument [Line Items]      
Basis points   0.45%  
Asset-backed US obligations      
Debt Instrument [Line Items]      
Total fair value of debt   $ 7,600,000,000 $ 6,800,000,000
v3.25.0.1
DEBT - Debt Proceeds and Repayments (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Debt Instrument [Line Items]  
Debt Proceeds $ 1,789
Debt Repayments 1,479
Medium-term notes  
Debt Instrument [Line Items]  
Debt Proceeds 1,789
Debt Repayments 1,150
U.S. and foreign term loans, finance lease obligations and other  
Debt Instrument [Line Items]  
Debt Proceeds 0
Debt Repayments $ 329
v3.25.0.1
DEBT - Maturity of Debt (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]  
2025 $ 1,099
2026 1,641
2027 1,388
2028 1,565
2029 1,472
Thereafter 600
Total 7,765
Finance lease obligations (Refer to Note 12, "Leases") 76
Total long-term debt $ 7,841
v3.25.0.1
DEBT - Schedule of Revolving Credit Facility and Trade Receivables Financing Program (Details) - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Borrowing Capacity $ 1,700,000,000  
Outstanding 987,000,000  
Available 713,000,000  
Debt, gross 7,841,000,000 $ 7,178,000,000
Trade receivables financing program    
Debt Instrument [Line Items]    
Debt, gross 20,000,000 $ 50,000,000
Revolving Credit Facility    
Debt Instrument [Line Items]    
Borrowing Capacity 1,400,000,000  
Outstanding 868,000,000  
Available 532,000,000  
Trade receivables financing program    
Debt Instrument [Line Items]    
Borrowing Capacity 300,000,000  
Outstanding 119,000,000  
Available 181,000,000  
Letter of Credit    
Debt Instrument [Line Items]    
Borrowing Capacity 75,000,000  
Letter of Credit | Trade Receivables Program    
Debt Instrument [Line Items]    
Debt, gross $ 99,000,000  
v3.25.0.1
GUARANTEES (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Guarantees [Abstract]    
Letters of credit $ 292 $ 301
Surety bonds $ 191 $ 165
v3.25.0.1
SHARE REPURCHASE PROGRAMS - Narrative (Details) - Common Stock
shares in Millions
 12 Months Ended
Dec. 31, 2024
program
shares
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
October 2024 Discretionary Program  
Accelerated Share Repurchases [Line Items]  
Maximum number of share repurchases authorization (in shares) 2
Maximum period granted for shares repurchased 2 years
v3.25.0.1
SHARE REPURCHASE PROGRAMS- Summary of Activity for Shares Repurchased and Retired (Details) - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accelerated Share Repurchases [Line Items]      
Shares 2.5 3.6 7.0
Amount $ 321 $ 337 $ 557
2023 Anti-Dilutive Program      
Accelerated Share Repurchases [Line Items]      
Shares 0.7 0.1 0.0
Amount $ 83 $ 11 $ 0
2021 Anti-Dilutive Program (expired in October 2023)      
Accelerated Share Repurchases [Line Items]      
Shares 0.0 1.0 0.9
Amount $ 0 $ 96 $ 78
Anti-Dilutive Programs      
Accelerated Share Repurchases [Line Items]      
Shares 0.7 1.1 0.9
Amount $ 83 $ 107 $ 78
October 2024 Discretionary Program      
Accelerated Share Repurchases [Line Items]      
Shares 0.2 0.0 0.0
Amount $ 33 $ 0 $ 0
October 2023 Discretionary Program (expired in September 2024)      
Accelerated Share Repurchases [Line Items]      
Shares 1.6 0.4 0.0
Amount $ 205 $ 44 $ 0
February 2023 Discretionary Program (expired in September 2023)      
Accelerated Share Repurchases [Line Items]      
Shares 0.0 2.0 0.0
Amount $ 0 $ 186 $ 0
2021 Discretionary Program (expired in November 2022)      
Accelerated Share Repurchases [Line Items]      
Shares 0.0 0.0 2.0
Amount $ 0 $ 0 $ 179
Discretionary Programs      
Accelerated Share Repurchases [Line Items]      
Shares 1.8 2.4 2.0
Amount $ 238 $ 230 $ 179
2022 Accelerated share repurchase program (expired in September 2022)      
Accelerated Share Repurchases [Line Items]      
Shares 0.0 0.0 4.0
Amount $ 0 $ 0 $ 300
v3.25.0.1
ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance $ 3,069 $ 2,937 $ 2,798
Other comprehensive (loss) income, net of taxes, before reclassifications (54) (55)  
Amounts reclassified from AOCI, net of taxes 17 196  
Other comprehensive (loss) income, net of taxes (37) 141 (107)
Ending balance 3,117 3,069 2,937
Accumulated Other Comprehensive (Loss) Gain      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (655) (796) (689)
Ending balance (692) (655) (796)
Currency Translation Adjustments      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (18) (238)  
Other comprehensive (loss) income, net of taxes, before reclassifications (76) 37  
Amounts reclassified from AOCI, net of taxes (2) 183  
Other comprehensive (loss) income, net of taxes (78) 220  
Ending balance (96) (18) (238)
Net Actuarial (Loss) Gain and Prior Service Costs      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (637) (566)  
Other comprehensive (loss) income, net of taxes, before reclassifications 17 (91)  
Amounts reclassified from AOCI, net of taxes 23 20  
Other comprehensive (loss) income, net of taxes 40 (71)  
Ending balance (597) (637) (566)
Unrealized (Loss) Gain from Cash Flow Hedges      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance 0 8  
Other comprehensive (loss) income, net of taxes, before reclassifications 5 (1)  
Amounts reclassified from AOCI, net of taxes (4) (7)  
Other comprehensive (loss) income, net of taxes 1 (8)  
Ending balance $ 1 $ 0 $ 8
v3.25.0.1
ACCUMULATED OTHER COMPREHENSIVE LOSS - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Amounts reclassified from AOCI, net of taxes $ 17 $ 196
Currency Translation Adjustments    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Amounts reclassified from AOCI, net of taxes $ (2) $ 183
v3.25.0.1
EARNINGS PER SHARE (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Earnings per common share — Basic      
Earnings from continuing operations $ 489 $ 406 $ 863
Less: Distributed and undistributed earnings allocated to unvested stock (3) (2) (5)
Earnings from continuing operations available to common shareholders $ 486 $ 404 $ 858
Weighted average common shares outstanding— Basic (in shares) 43,079 45,383 49,549
Earnings from continuing operations per common share — Basic (in dollars per share) $ 11.29 $ 8.89 $ 17.32
Earnings per common share — Diluted      
Earnings from continuing operations $ 489 $ 406 $ 863
Less: Distributed and undistributed earnings allocated to unvested stock 0 0 0
Earnings from continuing operations available to common shareholders — Diluted $ 489 $ 406 $ 863
Weighted average common shares outstanding— Basic (in shares) 43,079 45,383 49,549
Effect of dilutive equity awards (in shares) 1,155 1,104 1,337
Weighted average common shares outstanding— Diluted (in shares) 44,234 46,486 50,887
Earnings from continuing operations per common share - Diluted (in dollars per share) $ 11.06 $ 8.73 $ 16.96
Anti-dilutive equity awards not included in diluted EPS (in shares) 66 825 662
v3.25.0.1
SHARE-BASED COMPENSATION PLANS - Summary (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based compensation expense and income tax benefits recognized during the periods      
Share-based compensation expense $ 42 $ 44 $ 46
Income tax benefit (5) (6) (6)
Share-based compensation expense, net of tax 37 38 40
Unvested stock awards      
Share-based compensation expense and income tax benefits recognized during the periods      
Share-based compensation expense 40 42 44
Stock option and employee stock purchase plans      
Share-based compensation expense and income tax benefits recognized during the periods      
Share-based compensation expense $ 2 $ 2 $ 2
v3.25.0.1
SHARE-BASED COMPENSATION PLANS - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total unrecognized pre-tax compensation expense $ 38    
Unrecognized compensation costs weighted-average period 1 year 8 months 12 days    
Total fair value of equity awards $ 33 $ 41 $ 31
Total cash received from employees under compensation arrangements $ 10 $ 2 $ 14
Time vested restricted stock on performance period 3 years    
Options, vesting ratio 33.00% 33.00% 33.00%
Directors      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Requisite service period 1 year    
Restricted Stock Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Right to receive (in shares) 1    
Shares authorized (in shares) 7,800,000    
Unused shares (in shares) 2,800,000    
Employee Stock Option      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting period 3 years    
Contractual term 10 years    
Employee Stock Purchase Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Shares authorized (in shares) 7,500,000    
Unused shares (in shares) 1,400,000    
Percentage of payroll deductions of eligible compensation 15.00%    
Minimum | Employee Stock Purchase Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Employee stock purchase plan holding period 90 days    
Maximum | Employee Stock Purchase Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Employee stock purchase plan holding period 1 year    
v3.25.0.1
SHARE-BASED COMPENSATION PLANS - Restricted Stock Awards, Activity (Details)
shares in Millions
 12 Months Ended
Dec. 31, 2024
$ / shares
shares
Weighted- Average Grant Date Fair Value  
Assuming payout percentage 100.00%
Restricted Stock | Time-Vested  
Shares  
Unvested stock awards at January 1 (in shares) | shares 0.7
Granted (in shares) | shares 0.2
Vested (in shares) | shares (0.3)
Unvested stock awards at December 31 (in shares) | shares 0.6
Weighted- Average Grant Date Fair Value  
Unvested stock awards at January 1 (in dollars per share) | $ / shares $ 75.55
Granted (in dollars per share) | $ / shares 119.22
Vested (in dollars per share) | $ / shares 76.41
Unvested stock awards at December 31 (in dollars per share) | $ / shares $ 86.37
Restricted Stock | Performance-Based  
Shares  
Unvested stock awards at January 1 (in shares) | shares 0.4
Granted (in shares) | shares 0.1
Vested (in shares) | shares (0.1)
Unvested stock awards at December 31 (in shares) | shares 0.4
Weighted- Average Grant Date Fair Value  
Unvested stock awards at January 1 (in dollars per share) | $ / shares $ 82.11
Granted (in dollars per share) | $ / shares 121.10
Vested (in dollars per share) | $ / shares 69.73
Unvested stock awards at December 31 (in dollars per share) | $ / shares $ 97.81
v3.25.0.1
SHARE-BASED COMPENSATION PLANS - Schedule of Stock Option Awards (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Number of Option Awards    
Number of Option Awards, outstanding at December 31, beginning (in shares) 0.9  
Number of Option Awards, exercisable at December 31, beginning (in shares) 0.9  
Exercised (in shares) (0.2)  
Number of Option Awards, outstanding at December 31, ending (in shares) 0.7 0.9
Number of Option Awards, exercisable at December 31, ending (in shares) 0.7 0.9
Weighted- Average Exercise Price    
Options outstanding at December 31, Weighted-Average Exercise Price, beginning (in dollars per share) $ 72.37  
Exercisable at December 31, Weighted-Average Exercise Price, beginning (in dollars per share) 72.37  
Exercised (in dollars per share) 87.64  
Options outstanding at December 31, Weighted-Average Exercise Price, ending (in dollars per share) 67.33 $ 72.37
Exercisable at December 31, Weighted-Average Exercise Price, ending (in dollars per share) $ 67.33 $ 72.37
Weighted- Average Remaining Contractual Term (Years)    
Weighted-Average Remaining Contractual Term (Years), outstanding 2 years 6 months 3 years 1 month 6 days
Weighted-Average Remaining Contractual Term (Years), exercisable 2 years 6 months 3 years 1 month 6 days
Aggregate Intrinsic Value, outstanding $ 58 $ 37
Aggregate Intrinsic Value, exercisable $ 58 $ 37
v3.25.0.1
SHARE-BASED COMPENSATION PLANS - Share Purchase and Related Weighted Average, ESPP (Details) - Employee Stock Purchase Plan - $ / shares
shares in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Shares purchased (in shares) 120 152 171
Weighted average purchased price (in dollars per share) $ 114.84 $ 82.81 $ 65.50
Shares authorized 7,500    
Remaining shares 1,400    
v3.25.0.1
EMPLOYEE BENEFIT PLANS - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Sep. 30, 2023
Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]          
Liability, Defined Benefit Pension Plan $ 182 $ 258      
Expense related to defined contribution savings plans 49 48 $ 49    
Realized investment income (loss) 20 17 (15)    
Unrealized investment income (loss) $ 20 17 (15)    
United States          
Defined Benefit Plan Disclosure [Line Items]          
U.S. pension plan assets percentage of total pension plan assets 78.00%        
Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits          
Defined Benefit Plan Disclosure [Line Items]          
Deferred compensation liability $ 133 108      
Deferred compensation assets 134 109      
Pension Plans          
Defined Benefit Plan Disclosure [Line Items]          
Funded status 147 216      
Benefit obligation 1,628 1,858 $ 1,705 $ 250  
Net actuarial loss and prior service cost as a component of pension expense 30        
Employer contribution 56 21      
Employer contribution in next fiscal year 13        
Pension Plans | United States          
Defined Benefit Plan Disclosure [Line Items]          
Employer contribution 50 21      
Pension Plans | Company-administered plans:          
Defined Benefit Plan Disclosure [Line Items]          
Funded status         $ 11
Non-qualified supplemental pension plan          
Defined Benefit Plan Disclosure [Line Items]          
Liability, Defined Benefit Pension Plan $ 43 $ 45      
v3.25.0.1
EMPLOYEE BENEFIT PLANS - Schedule of Components of Net Periodic Benefit Cost (Details) - Pension Plans - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Company-administered plans:      
Service cost $ 1 $ 1  
Interest cost 86 90  
Company-administered plans:      
Company-administered plans:      
Service cost 1 1 $ 1
Interest cost 86 90 63
Expected return on plan assets (76) (77) (74)
Amortization of net actuarial loss and prior service cost 31 27 21
Net pension expense 42 41 11
Company-administered plans: | United States      
Company-administered plans:      
Net pension expense 29 31 13
Company-administered plans: | Non-U.S.      
Company-administered plans:      
Net pension expense $ 13 $ 10 $ (2)
v3.25.0.1
EMPLOYEE BENEFIT PLANS - Weighted-Average Assumptions, Pension Plans (Details) - Pension Plans
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
United States      
Summary of weighted-average actuarial assumptions used in determining annual pension expense      
Discount rate (as a percent) 5.15% 5.50% 2.95%
Expected long-term rate of return on plan assets (as a percent) 5.40% 5.40% 3.60%
Gain and loss amortization period (years) 20 years 20 years 21 years
Non-U.S.      
Summary of weighted-average actuarial assumptions used in determining annual pension expense      
Discount rate (as a percent) 4.25% 5.05% 2.14%
Expected long-term rate of return on plan assets (as a percent) 3.97% 3.80% 2.79%
Gain and loss amortization period (years) 24 years 24 years 25 years
v3.25.0.1
EMPLOYEE BENEFIT PLANS - Obligations and Funded Status (Details) - Pension Plans - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Change in benefit obligations:    
Benefit obligations at January 1 $ 1,858 $ 1,705
Service cost 1 1
Interest cost 86 90
Actuarial loss (gain) (127) 155
Pension curtailment and settlement 0 0
Benefits paid (180) (111)
Foreign currency exchange rate changes (10) 18
Benefit obligations at December 31 1,628 1,858
Change in plan assets:    
Fair value of plan assets at January 1 1,642 1,600
Actual return on plan assets (28) 114
Employer contribution 56 21
Benefits paid (180) (111)
Foreign currency exchange rate changes (9) 18
Fair value of plan assets at December 31 1,481 1,642
Funded status $ (147) $ (216)
Funded percent 91.00% 88.00%
v3.25.0.1
EMPLOYEE BENEFIT PLANS - Funded Status of Pension Plan (Details) - Pension Plans - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Amounts recognized in the Consolidated Balance Sheets    
Noncurrent asset $ 2 $ 7
Current liability (4) (4)
Noncurrent liability (145) (219)
Net amount recognized (147) (216)
Amounts recognized in accumulated other comprehensive loss (pre-tax)    
Prior service cost 26 26
Net actuarial loss 777 830
Net amount recognized $ 803 $ 856
v3.25.0.1
EMPLOYEE BENEFIT PLANS - Actuarial Assumptions to Determined Funded Status (Details)
Dec. 31, 2024
Dec. 31, 2023
United States    
Summary of weighted-average actuarial assumptions used in determining funded status    
Discount rate (as a percent) 5.65% 5.15%
Non-U.S.    
Summary of weighted-average actuarial assumptions used in determining funded status    
Discount rate (as a percent) 5.22% 4.25%
v3.25.0.1
EMPLOYEE BENEFIT PLANS - ABO and PBO (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Summary of pension obligations greater than fair value of related plan assets    
Total accumulated benefit obligations $ 1,625 $ 1,855
Plans with pension obligations in excess of plan assets:    
PBO 1,569 1,796
ABO 1,567 1,793
Fair value of plan assets 1,154 1,241
United States    
Summary of pension obligations greater than fair value of related plan assets    
Total accumulated benefit obligations 1,284 1,444
Plans with pension obligations in excess of plan assets:    
PBO 1,284 1,444
ABO 1,284 1,444
Fair value of plan assets 1,154 1,241
Non-U.S.    
Summary of pension obligations greater than fair value of related plan assets    
Total accumulated benefit obligations 341 411
Plans with pension obligations in excess of plan assets:    
PBO 285 352
ABO 283 349
Fair value of plan assets $ 0 $ 0
v3.25.0.1
EMPLOYEE BENEFIT PLANS - Fair Value of Pension Plan Assets (Details) - Pension Plans - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets $ 1,481 $ 1,642 $ 1,600
Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 1,126 1,205  
Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 355 437 $ 115
Equity funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 166 155  
Equity funds | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Equity funds | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 166 155  
Equity funds | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Fixed income funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 57 70  
Fixed income funds | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Fixed income funds | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 57 65  
Fixed income funds | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 5  
Fixed income securities      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 879 969  
Fixed income securities | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Fixed income securities | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 879 969  
Fixed income securities | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Private equity fund      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 34 38  
Private equity fund | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Private equity fund | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Private equity fund | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 34 38  
Hedge fund      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 58 67  
Hedge fund | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Hedge fund | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Hedge fund | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 58 67  
Bulk annuity contract      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 263 327  
Bulk annuity contract | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Bulk annuity contract | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Bulk annuity contract | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 263 327  
Cash and cash equivalents      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 24 16  
Cash and cash equivalents | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Cash and cash equivalents | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 24 16  
Cash and cash equivalents | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets $ 0 $ 0  
v3.25.0.1
EMPLOYEE BENEFIT PLANS - Changes in Pension Plan Level 3 Assets (Details) - Pension Plans - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Summary of changes in fair value of the pension plans' level 3 assets    
Fair value of plan assets at January 1 $ 1,642 $ 1,600
Return on plan assets:    
Fair value of plan assets at December 31 1,481 1,642
Level 3    
Summary of changes in fair value of the pension plans' level 3 assets    
Fair value of plan assets at January 1 437 115
Return on plan assets:    
Relating to assets still held at the reporting date (47) (3)
Purchases, sales, settlements and expenses (35) 325
Fair value of plan assets at December 31 $ 355 $ 437
v3.25.0.1
EMPLOYEE BENEFIT PLANS - Expected Benefit Payments (Details) - Pension Plans
$ in Millions
Dec. 31, 2024
USD ($)
Pension benefits expected to be paid  
2025 $ 139
2026 137
2027 134
2028 129
2029 127
2030-2034 $ 598
v3.25.0.1
OTHER ITEMS IMPACTING COMPARABILITY - Schedule of Other Items Impacting Comparability (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
segment
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Other Income and Expenses [Abstract]      
Acquisition costs $ 7 $ 2 $ 6
FMS U.K. business exit 0 (32) (82)
Currency translation adjustment loss 0 188 0
Other, net 6 (1) (7)
Other items impacting comparability, net $ 13 $ 157 $ (83)
Number of segments | segment 3    
v3.25.0.1
CONTINGENCIES AND OTHER MATTERS (Details)
Dec. 31, 2024
site
Feb. 02, 2021
complaint
Commitments and Contingencies Disclosure [Abstract]    
Number of shareholder derivative complaints | complaint   5
Number of disposal sites | site 22  
v3.25.0.1
SUPPLEMENTAL CASH FLOW INFORMATION - Schedule of Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]      
Interest paid $ 372 $ 269 $ 214
Income taxes paid 207 96 115
Cash paid for amounts included in measurement of liabilities:      
Cash paid for operating lease liabilities 359 249 184
Right-of-use assets obtained in exchange for lease obligations:      
Finance leases 46 26 12
Operating leases 148 477 340
Capital expenditures acquired but not yet paid $ 263 $ 244 $ 199
v3.25.0.1
ACQUISITIONS - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Feb. 01, 2024
Nov. 01, 2023
Dec. 31, 2024
Dec. 31, 2023
Business Acquisition [Line Items]        
Goodwill     $ 1,158 $ 940
Cardinal Logistics        
Business Acquisition [Line Items]        
Purchase price of acquisition $ 302      
Goodwill 200      
Intangible assets $ 116      
Retail Mobile Commercial Fleet Maintenance Business | FMS        
Business Acquisition [Line Items]        
Purchase price of acquisition     $ 15  
IFS Investments I, LLC        
Business Acquisition [Line Items]        
Purchase price of acquisition   $ 254    
Goodwill   83    
Intangible assets   $ 127    
IFS Investments I, LLC | Customer Relationships | Minimum        
Business Acquisition [Line Items]        
Finite-lived intangible assets, amortization period   11 years    
IFS Investments I, LLC | Customer Relationships | Maximum        
Business Acquisition [Line Items]        
Finite-lived intangible assets, amortization period   15 years