RYDER SYSTEM INC, 10-K filed on 2/17/2022
Annual Report
v3.22.0.1
Cover - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Jan. 31, 2022
Jun. 30, 2021
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2021    
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 11690 N.W. 105th Street    
Entity Address, City or Town Miami,    
Entity Address, State or Province FL    
Entity Address, Postal Zip Code 33178    
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     $ 3,897
Entity Common Stock, Shares Outstanding   53,799,759  
Entity Central Index Key 0000085961    
Amendment Flag false    
Document Fiscal Year Focus 2021    
Document Fiscal Period Focus FY    
Documents Incorporated by Reference
Documents Incorporated by Reference into this Report    Part of Form 10-K into which Document is Incorporated
Ryder System, Inc. 2022 Proxy Statement    Part III
    
v3.22.0.1
Audit Information
 12 Months Ended
Dec. 31, 2021
Audit Information [Abstract]  
Auditor Firm ID 238
Auditor Name PricewaterhouseCoopers LLP
Auditor Location Hallandale Beach, Florida
v3.22.0.1
Consolidated Statements of Earnings - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Leases and related maintenance and rental revenues $ 3,994,481 $ 3,704,045 $ 3,784,744
Total revenues 9,662,953 8,420,091 8,925,801
Other operating expenses 132,066 123,420 121,980
Selling, general and administrative expenses 1,054,537 921,573 907,449
Non-operating pension costs, net (577) 11,167 60,406
Used vehicle sales, net (257,402) (414) 58,706
Interest expense 213,892 261,342 241,381
Miscellaneous (income) loss, net (65,970) (21,855) (33,642)
Restructuring and other items, net 32,371 110,615 56,568
Total expenses 8,970,313 8,550,451 8,968,072
Earnings (loss) from continuing operations before income taxes 692,640 (130,360) (42,271)
Provision for (benefit from) income taxes 171,042 (18,364) (18,999)
Earnings (loss) from continuing operations 521,598 (111,996) (23,272)
Loss from discontinued operations, net of tax (2,557) (10,254) (1,138)
Net earnings (loss) $ 519,041 $ (122,250) $ (24,410)
Earnings (loss) per common share — Basic      
Continuing operations (in dollars per share) $ 9.92 $ (2.15) $ (0.45)
Discontinued operations (in dollars per share) (0.05) (0.21) (0.03)
Net earnings (in dollars per share) 9.87 (2.34) (0.47)
Earnings (loss) per common share — Diluted      
Continuing operations (in dollars per share) 9.70 (2.15) (0.45)
Discontinued operations (in dollars per share) (0.05) (0.21) (0.03)
Net earnings (in dollars per share) $ 9.66 $ (2.34) $ (0.47)
Services      
Revenue $ 5,181,370 $ 4,317,992 $ 4,555,692
Cost of services sold 4,497,504 3,653,088 3,879,863
Fuel Services      
Revenue 487,102 398,054 585,365
Cost of services sold 467,459 382,749 571,658
Cost of lease & related maintenance and rental      
Cost of services sold $ 2,896,433 $ 3,108,766 $ 3,103,703
v3.22.0.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Statement of Comprehensive Income [Abstract]      
Net earnings (loss) $ 519,041 $ (122,250) $ (24,410)
Other comprehensive income (loss):      
Changes in cumulative translation adjustment and unrealized loss from cash flow hedges 1,606 6,867 30,681
Amortization of pension and postretirement items 27,741 40,362 30,305
Income tax expense related to amortization of pension and postretirement items (5,781) (9,090) (7,059)
Amortization of pension and postretirement items, net of tax 21,960 31,272 23,246
Reclassification of net actuarial loss due to pension settlement 0 0 34,974
Change in net actuarial loss and prior service cost 122,707 (16,894) (7,609)
Income tax (expense) benefit related to change in net actuarial loss and prior service cost (18,309) (1,959) (6,149)
Change in net actuarial loss and prior service cost, net of taxes 104,398 (18,853) 21,216
Other comprehensive income, net of taxes 127,964 19,286 75,143
Comprehensive income (loss) $ 647,005 $ (102,964) $ 50,733
v3.22.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 233,961 $ 151,294
Receivables, net 1,464,737 1,182,350
Inventories 68,677 61,191
Prepaid expenses and other current assets 693,239 200,694
Total current assets 2,460,614 1,595,529
Revenue earning equipment, net 8,323,039 8,777,015
Operating property and equipment, net 984,978 927,058
Goodwill 570,905 475,245
Intangible assets, net 170,205 43,216
Sales-type leases and other assets 1,324,582 1,113,891
Total assets 13,834,323 12,931,954
Current liabilities:    
Short-term debt and current portion of long-term debt 1,333,363 516,581
Accounts payable 747,898 547,389
Accrued expenses and other current liabilities 1,119,602 989,178
Total current liabilities 3,200,863 2,053,148
Long-term debt 5,246,306 6,093,655
Other non-current liabilities 1,314,404 1,403,861
Deferred income taxes 1,274,804 1,125,733
Total liabilities 11,036,377 10,676,397
Commitments and contingencies
Shareholders’ equity:    
Preferred stock, no par value per share — authorized, 3,800,917; none outstanding, December 31, 2021 and 2020 0 0
Common stock, $0.50 par value per share — authorized, 400,000,000; outstanding, December 31, 2021 — 53,789,036 and December 31, 2020 — 53,732,033 26,896 26,866
Additional paid-in capital 1,194,334 1,132,954
Retained earnings 2,265,957 1,912,942
Accumulated other comprehensive loss (689,241) (817,205)
Total shareholders’ equity 2,797,946 2,255,557
Total liabilities and shareholders’ equity $ 13,834,323 $ 12,931,954
v3.22.0.1
Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2021
Dec. 31, 2020
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) 53,789,036 53,732,033
v3.22.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities from continuing operations:      
Net earnings (loss) $ 519,041 $ (122,250) $ (24,410)
Less: Loss from discontinued operations, net of tax (2,557) (10,254) (1,138)
Earnings (loss) from continuing operations 521,598 (111,996) (23,272)
Depreciation expense 1,786,218 2,027,413 1,878,929
Used vehicle sales, net (257,402) (414) 58,706
Amortization expense and other non-cash charges, net 25,137 115,519 101,289
Non-cash lease expense 98,363 92,227 94,039
Non-operating pension costs, net and share-based compensation expense 46,423 41,160 86,234
Deferred income tax expense (benefit) 126,153 (32,865) (32,331)
Collections on sales-type leases 138,698 114,462 121,201
Changes in operating assets and liabilities:      
Receivables (240,330) (5,356) 27,149
Inventories (7,486) 20,094 (1,334)
Prepaid expenses and other assets (124,804) (91,969) (65,185)
Accounts payable 125,800 28,863 (26,596)
Accrued expenses and other non-current liabilities (63,061) (15,835) (78,290)
Net cash provided by operating activities from continuing operations 2,175,307 2,181,303 2,140,539
Cash flows from investing activities from continuing operations:      
Purchases of property and revenue earning equipment (1,941,409) (1,146,521) (3,735,174)
Sales of revenue earning equipment 748,099 538,894 465,705
Sales of operating property and equipment 73,659 13,334 52,276
Acquisitions, net of cash acquired (325,116) 0 0
Other (4,977) (6,704) 0
Net cash used in investing activities from continuing operations (1,449,744) (600,997) (3,217,193)
Cash flows from financing activities from continuing operations:      
Net borrowings (repayments) of commercial paper and other 259,507 (377,273) (15,492)
Debt proceeds 299,616 2,084,343 3,016,348
Debt repayments (607,636) (3,055,380) (1,775,685)
Dividends on common stock (121,813) (119,036) (116,469)
Common stock issued 29,966 7,806 8,216
Common stock repurchased (56,217) (29,219) (27,686)
Other (7,131) (18,419) (5,093)
Net cash provided by (used in) financing activities from continuing operations (203,708) (1,507,178) 1,084,139
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (617) 5,132 (4,272)
Increase in cash, cash equivalents, and restricted cash from continuing operations 521,238 78,260 3,213
Increase (decrease) in cash, cash equivalents, and restricted cash from discontinued operations 793 (550) 2,260
Increase in cash, cash equivalents, and restricted cash 522,031 77,710 5,473
Cash, cash equivalents, and restricted cash at beginning of period 151,294 73,584 68,111
Cash, cash equivalents, and restricted cash at end of period $ 673,325 $ 151,294 $ 73,584
v3.22.0.1
Consolidated Statements of Shareholders' Equity - USD ($)
$ in Thousands
Total
Cumulative Effect, Period of Adoption, Adjustment
Common Stock
Additional Paid-In Capital
Retained Earnings
Retained Earnings
Cumulative Effect, Period of Adoption, Adjustment
Accumulated Other Comprehensive Loss
Accounting Standards Update [Extensible List] Accounting Standards Update 2016-13 [Member]            
Beginning balance (in shares) at Dec. 31, 2018     53,116,485        
Beginning balance at Dec. 31, 2018 $ 2,536,568   $ 26,559 $ 1,084,391 $ 2,337,252   $ (911,634)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Comprehensive income (loss) 50,733       (24,410)   75,143
Common stock dividends declared and paid (117,349)       (117,349)    
Common stock issued under employee stock option and stock purchase plans and other (in shares)     633,261        
Common stock issued under employee stock option and stock purchase plans and other $ 8,216   $ 316 7,900      
Common stock repurchases ( in shares) (471,430)   (471,430)        
Common stock repurchases $ (27,686)   $ (236) (9,470) (17,980)    
Share-based compensation 25,828     25,828      
Ending balance (in shares) at Dec. 31, 2019     53,278,316        
Ending balance at Dec. 31, 2019 2,476,310 $ (5,077) $ 26,639 1,108,649 2,177,513 $ (5,077) (836,491)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Comprehensive income (loss) (102,964)       (122,250)   19,286
Common stock dividends declared and paid (121,292)       (121,292)    
Common stock issued under employee stock option and stock purchase plans and other (in shares)     1,090,715        
Common stock issued under employee stock option and stock purchase plans and other $ 7,806   $ 545 7,261      
Common stock repurchases ( in shares) (636,998)   (636,998)        
Common stock repurchases $ (29,219)   $ (318) (12,949) (15,952)    
Share-based compensation $ 29,993     29,993      
Ending balance (in shares) at Dec. 31, 2020 53,732,033   53,732,033        
Ending balance at Dec. 31, 2020 $ 2,255,557   $ 26,866 1,132,954 1,912,942   (817,205)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Comprehensive income (loss) 647,005       519,041   127,964
Common stock dividends declared and paid (125,365)       (125,365)    
Common stock issued under employee stock option and stock purchase plans and other (in shares)     792,297        
Common stock issued under employee stock option and stock purchase plans and other $ 29,966   $ 398 29,568      
Common stock repurchases ( in shares) (735,294)   (735,294)        
Common stock repurchases $ (56,217)   $ (368) (15,188) (40,661)    
Share-based compensation $ 47,000     47,000      
Ending balance (in shares) at Dec. 31, 2021 53,789,036   53,789,036        
Ending balance at Dec. 31, 2021 $ 2,797,946   $ 26,896 $ 1,194,334 $ 2,265,957   $ (689,241)
v3.22.0.1
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]      
Common Stock, Dividends, Per Share, Declared $ 2.28 $ 2.24 $ 2.20
v3.22.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2021
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). Ryder is deemed to be the primary beneficiary if we have the power to direct the activities that most significantly impact the entity’s economic performance and we share in the significant risks and rewards of the entity. All significant intercompany accounts and transactions have been eliminated in consolidation. 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.), Canada and the United Kingdom (U.K.); (2) Supply Chain Solutions (SCS), which provides integrated logistics solutions, including distribution management, dedicated transportation, transportation management, e-commerce and last mile and professional services in North America; and (3) Dedicated Transportation Solutions (DTS), which provides turnkey transportation solutions in the U.S. that includes dedicated vehicles, 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: depreciation and residual values, employee benefit plan obligations, self-insurance accruals, impairment assessments on long-lived assets (including goodwill and indefinite-lived intangible assets), revenue recognition, allowance for credit losses, income tax and deferred tax liabilities, and contingent liabilities.

The effects of COVID-19 negatively impacted several areas of our businesses, particularly in the first half of 2020. While we are experiencing positive momentum in our businesses, other unknown effects of the pandemic may have further impact on our business, financial results, and areas of significant judgments and estimates.

Cash Equivalents

Cash equivalents represent 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 revenues 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 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. Therefore, 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 based on the contract arrangement are also excluded from the allocation of consideration at contract inception and allocated as earned.

Variable consideration, such as billing for mileage and changes in CPI as well as licensing and operating tax revenues, is allocated to the lease and maintenance components based on the same allocation percentages at contract inception (or the most recent contract modification) when earned. Variable consideration allocated to the lease component is recognized in revenue as earned and variable consideration allocated to the non-lease component is 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 lease new or used vehicles under our sales-type lease arrangements. 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, 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. We generally sell a customized customer-specific solution and use the expected cost plus a margin approach to estimate the stand-alone selling price of each performance obligation.

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 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 transactional 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 services being provided in other contracts, or at retail prices. Revenue from fuel services is recognized when fuel is delivered to customers. Fuel is largely a pass-through to our customers, for which we realize minimal changes in profitability during periods of steady market fuel prices. However, profitability may be positively or negatively impacted by sudden increases or decreases in market fuel prices during a short period of time as customer pricing for fuel services is established based on current market fuel costs.

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. Our SCS and DTS services provided within a contract depend on a significant level of integration and interdependency between the services. 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. In making this judgment, we consider whether the services provided, within the context of the contract, represent the transfer of individual services or a combined bundle of services to the customer. This involves evaluating the promises to a customer within a contract to identify the services that need to be performed in order for the promise to be satisfied. Since multiple services that occur at different
points in time during a contract may be accounted for as an integrated service, judgment is required to assess the pattern of delivery to our customers.

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 elected to not assess whether a contract has 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. Refer to Note 5, "Receivables, Net" for the amount of our trade receivables.

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, which primarily consist of sales commissions and setup costs, are capitalized and amortized over the period of contract performance or a longer period, generally, the estimated life of the customer relationship if renewals are expected and the renewal commission is not commensurate with the initial commission. We capitalize incremental direct costs of obtaining a contract that (1) relate directly to the contract and (2) are expected to be recovered through revenue generated under the contract. This requires an evaluation of whether the costs are incremental and would not have occurred absent the customer contract.

Capitalized sales commissions related to our ChoiceLease product are 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. We allocate the ChoiceLease commissions to the lease and non-lease components based on the same allocation of the contract consideration. The amortization period aligns with the term of our contract, which typically ranges from three to seven years.

Capitalized sales commissions related to our SCS and DTS service contracts are generally amortized on a straight-line basis consistent with the pattern that revenue is recognized for the underlying contracts. The amortization period aligns with the expected term of the contract, which typically ranges from three to five years. Capitalized setup costs related to our SCS and DTS service contracts are generally amortized on a straight-line basis based on the average life of customer relationships.

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 billing adjustments related to certain discounts and other customer concessions. The estimates to determine the allowance for our trade receivables and net investments in sales-type leases are updated regularly based on our review of historical loss rates, as well as current and expected events impacting our business segments, current collection trends and historical billing adjustments. Amounts are charged against the allowance when the receivable is determined to be uncollectible.

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 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 15 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. Our leases generally do not provide either party an option to renew the lease. 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 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. Macroeconomic conditions are the primary factor used to estimate whether an option to extend a lease term will be exercised or not. None of our leasing arrangements contain restrictive financial covenants. Lease expense is primarily included in "Other operating expenses" and "Selling, general and administrative expenses" in the Consolidated Statements of Earnings. Refer to Note 12, "Leases," for additional information.

Inventories

Inventories, which consist primarily of fuel, tires and vehicle parts, are valued at the lower of cost using the weighted-average cost basis, or net realizable value.

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 throughout the Consolidated Statements of Earnings depending on the nature of the related asset. We periodically review and adjust, as appropriate, the estimated residual values and useful lives of existing revenue earning equipment for purposes of recording depreciation expense. 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) loss, net” in the Consolidated Statements of Earnings.

Goodwill and Other Intangible Assets

Goodwill represents the excess of the purchase price over the fair value of the underlying acquired net tangible and 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. In addition to these factors, our SCS and DTS reporting units are dependent on several key customers or industry sectors. The loss of a key customer may have a significant impact to our SCS or DTS reporting units, causing us to assess whether or not the event resulted in a goodwill impairment loss.

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 management’s best estimate of 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. Long-lived assets to be disposed of, including revenue earning equipment and operating property and equipment, are reported at the lower of carrying amount or fair value less costs to sell.

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 actuarially 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. While we believe that the amounts are adequate, there can be no assurance that changes to our actuarial estimates may not occur due to limitations inherent in the estimation process. 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

Our provision for income taxes is based on reported earnings before income taxes. Deferred 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.

Valuation allowances are recognized to reduce deferred 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 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 are subject to tax audits in numerous jurisdictions in the U.S. and around the world. Tax audits by their very nature are often complex and can require several years to complete. In the normal course of business, we are subject to challenges from the Internal Revenue Service and other tax authorities regarding amounts of taxes due. These challenges may alter the timing or amount of taxable income or deductions, or the allocation of income among tax jurisdictions. As part of our calculation of the provision for income taxes on earnings, we determine whether the benefits of our tax positions are at least more likely than not of being sustained upon audit based on the technical merits of the tax position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Such accruals require management to make estimates and judgments with respect to the ultimate outcome of a tax audit. Actual results could vary materially from these estimates. We adjust these reserves as well as the impact of any related interest and penalties in light of changing facts and circumstances, such as the progress of a tax audit.

Interest and penalties related to income tax exposures are recognized as incurred and included in "Provision for (benefit from) 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” with the remainder included in “Other non-current liabilities” in the Consolidated Balance Sheets. The federal benefit from state income tax exposures is included in “Deferred income taxes” in the Consolidated Balance Sheets.
Severance and Contract Termination Costs

We recognize liabilities for severance and contract termination costs based upon the nature of the cost to be incurred. For involuntary separation plans that are completed within the guidelines of our written involuntary separation plan, we recognize the liability when it is probable and reasonably estimable. For one-time termination benefits, such as additional severance pay or benefit payouts, and other exit costs, such as contract termination costs, the liability is measured and recognized initially at fair value in the period in which the liability is incurred, with subsequent changes to the liability recognized as adjustments in the period of change. Severance related to position eliminations that are part of a restructuring plan is included in "Restructuring and other, net" in the Consolidated Statements of Earnings. Severance costs that are not part of a restructuring plan are recognized in the period incurred as a direct cost of revenue or within “Selling, general and administrative expenses” in the Consolidated Statements of Earnings depending upon the nature of the eliminated position.

Environmental Expenditures

We recognize liabilities for environmental matters when it is probable a loss has been incurred and the costs can be reasonably estimated. Environmental liability estimates may include costs such as anticipated site testing, consulting, remediation, disposal, post-remediation monitoring and legal fees, as appropriate. The liability does not reflect possible recoveries from insurance companies or reimbursement of remediation costs by state agencies, but does include estimates of cost sharing with other potentially responsible parties. Estimates are not discounted, as the timing of the anticipated cash payments is not fixed or readily determinable. Subsequent adjustments to initial estimates are recognized as necessary based upon additional information developed in subsequent periods. In future periods, new laws or regulations, advances in remediation technology, or additional information about the ultimate remediation methodology to be used could significantly change our estimates. Claims for reimbursement of remediation costs are recognized when recovery is deemed probable.

Derivative Instruments and Hedging Activities

We use financial instruments, including forward exchange contracts and swaps, to manage our exposures to movements in interest rates and foreign currency exchange rates. The use of these financial instruments modifies our exposure of these rate movement risks with the intent to reduce the risk or cost to us. We do not expect to incur any losses as a result of counterparty default as we only enter into contracts with counterparties comprised of large banks and financial institutions that meet established credit criteria.

On the date a derivative contract is executed, we formally document, among other items, the intended hedging designation and relationship, along with the risk management objectives and strategies for entering into the derivative contract. We also formally assess, both at inception and on an ongoing basis, whether the derivatives we used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. Cash flows from derivatives that are accounted for as hedges are classified in the Consolidated Statements of Cash Flows in the same category as the items being hedged. When it is determined that a derivative is not highly effective as a hedge or that it has ceased to be a highly effective hedge, we discontinue hedge accounting prospectively. The fair value of our derivatives was not material as of December 31, 2021 and 2020.

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) loss, net” in the Consolidated Statements of Earnings.

Share-Based Compensation

The fair value of stock option awards and unvested restricted stock awards are expensed on a straight-line basis over the vesting period of the awards. Restricted stock units (RSUs) are expensed in the year they are granted. Windfall tax benefits and tax shortfalls are charged directly to income tax expense.
Earnings Per Share

Earnings per share is computed using the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for common stock and any participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. RSUs are considered participating securities since the share-based awards contain a non-forfeitable right to dividend equivalents irrespective of whether the awards ultimately vest. Under the two-class method, earnings per common share are computed by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, undistributed earnings are allocated to both common shares and participating securities based on the weighted average shares outstanding during the period.

Diluted earnings per common share reflect the dilutive effect of potential common shares from stock options and other nonparticipating unvested stock. The dilutive effect of stock options is computed using the treasury stock method, which assumes any proceeds that could be obtained upon the exercise of stock options or vesting of stock awards would be used to purchase common shares at the average market price for the period. The assumed proceeds include the purchase price the grantee pays and the unrecognized compensation expense at the end of each period. For periods where we recognize a net loss, any unvested award would have an anti-dilutive impact to our earnings per share calculation.

Share Repurchases

Repurchases of shares of common stock are made periodically in open-market transactions and are subject to market conditions, legal requirements and other factors. The cost of share repurchases is allocated between additional paid-in capital and retained earnings based on the amount of additional paid-in capital at the time of the share repurchase.

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. The fair value of plan assets represents the current market value of contributions made to irrevocable trusts, held for the sole benefit of participants, which are invested by the trusts. For defined benefit pension plans, the benefit obligation represents the actuarial present value of benefits expected to be paid upon retirement. For postretirement benefit plans, the benefit obligation represents the actuarial present value of postretirement benefits attributed to employee services already rendered. Overfunded plans, with the fair value of plan assets exceeding the benefit obligation, are aggregated and reported as a pension asset. Underfunded plans, with the benefit obligation exceeding the fair value of plan assets, are aggregated and reported as a pension and postretirement benefit liability.

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.

Pension and postretirement benefit expense includes service cost, interest cost, expected return on plan assets, amortization of net prior service costs loss/credit and net actuarial loss/gain as well as the impact of any settlement or curtailment. Service cost represents the actuarial present value of participant benefits earned in the current year. The expected return on plan assets represents the average rate of earnings expected on the funds invested or to be invested to provide for the benefits included in the obligation. Prior service cost represents the impact of plan amendments. Net actuarial losses arise as a result of differences between actual experience and assumptions or as a result of changes in actuarial assumptions. Both are initially 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 approved by management. 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 is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. 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, accounts receivable 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 17, "Employee Benefit Plans," for further information regarding pension assets.
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RECENT ACCOUNTING PRONOUNCEMENTS
 12 Months Ended
Dec. 31, 2021
Accounting Standards Update and Change in Accounting Principle [Abstract]  
RECENT ACCOUNTING PRONOUNCEMENTS RECENT ACCOUNTING PRONOUNCEMENTS
Reference Rate Reform

In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2020-04, Reference Rate Reform (Topic 848). This update provides optional expedients for applying GAAP to contracts, hedging relationships, and other transactions that reference LIBOR or another rate expected to be discontinued at the end of 2021 because of rate reform. The update is effective for all transactions from March 12, 2020 through December 31, 2022. We will continue to adopt this update as alternative reference rates in relevant contracts are modified through December 31, 2022. We continuously evaluate the impact on our consolidated financial position, results of operations, and cash flows.

Leases

In July 2021, the FASB issued ASU No. 2021-05, Lessor - Certain Leases with Variable Lease Payments (Topic 842). This update requires lessors to classify leases as operating leases if they have variable lease payments that do not depend on an index or rate and would have selling losses if they were classified as sales-type or direct financing leases. The update is effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. Entities are permitted to apply this amendment using the retrospective or prospective approach. We plan to adopt the amendment on a prospective basis and do not expect the adoption of this guidance to have a material impact on our consolidated financial position, results of operations, and cash flows.
Business Combinations

In October 2021, the FASB issued ASU No. 2021-08, Accounting for Contract Assets and Contract Liabilities - Business Combinations (Topic 805). This update requires companies to apply Revenue from Contracts with Customers (Topic 606) to recognize and measure contract assets and contract liabilities from contracts with customers acquired in a business combination. Additionally, the update clarifies that companies should apply the definition of a performance obligation in Topic 606 when recognizing contract liabilities assumed in a business combination. The standard is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years, with early adoption permitted. We are currently evaluating the impact on our consolidated financial position, results of operations, and cash flows.
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SEGMENT REPORTING
 12 Months Ended
Dec. 31, 2021
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 (loss) from continuing operations before income taxes” (EBT), includes an allocation of costs from Central Support Services (CSS) and excludes non-operating pension costs, net and certain other items as described in Note 21, "Other Items Impacting Comparability." CSS represents those costs incurred to support all business segments, including finance and procurement, corporate services, human resources, information technology, public affairs, legal, marketing and corporate communications. The objective of the EBT measurement is to provide clarity on the profitability of each business segment and, ultimately, to hold leadership of each business segment accountable for their allocated share of CSS costs. Certain costs are not attributable to any segment and remain unallocated in CSS, including costs for investor relations, public affairs and certain executive compensation. CSS costs attributable to the business segments are predominantly allocated to FMS, SCS and DTS as follows:

•Finance, corporate services, and health and safety — allocated based upon estimated and planned resource utilization;

•Human resources — individual costs within this category are allocated under various methods, including allocation based on estimated utilization and number of personnel supported;

•Information technology — principally allocated based upon utilization-related metrics such as number of users or minutes of central processing unit time. Customer-related project costs and expenses are allocated to the business segment responsible for the project; and

•Other — represents legal and other centralized costs and expenses including certain share-based incentive compensation costs. Expenses, where allocated, are based primarily on the number of personnel supported.

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. 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”). 

Segment results are not necessarily indicative of the results of operations that would have occurred had each segment been an independent, stand-alone entity during the periods presented. Each business segment follows the same accounting policies as described in Note 1, “Summary of Significant Accounting Policies.” However, we do not record right-of-use assets or liabilities for our intercompany operating leases between FMS and SCS and DTS business segments. The following tables set forth financial information for each of our segments and provide a reconciliation between segment EBT and earnings from continuing operations before income taxes.
 Years ended December 31,
 202120202019
 (In thousands)
Revenue:
Fleet Management Solutions:
ChoiceLease$3,219,914 $3,159,909 $3,077,051 
Commercial rental1,113,740 834,232 1,009,086 
SelectCare and other606,877 583,435 633,644 
Fuel services737,640 569,074 816,362 
    ChoiceLease liability insurance revenue (1)
777 23,817 35,260 
Fleet Management Solutions5,678,948 5,170,467 5,571,403 
Supply Chain Solutions3,154,798 2,544,420 2,551,271 
Dedicated Transportation Solutions1,457,188 1,229,374 1,417,483 
Eliminations (2)
(627,981)(524,170)(614,356)
Total revenues$9,662,953 $8,420,091 $8,925,801 
Earnings (Loss) From Continuing Operations Before Income Taxes:
Fleet Management Solutions$663,090 $(141,957)$(70,274)
Supply Chain Solutions117,351 159,940 145,060 
Dedicated Transportation Solutions49,058 73,442 81,149 
Eliminations(79,265)(42,801)(50,732)
750,234 48,624 105,203 
Unallocated Central Support Services(68,608)(77,438)(49,114)
Non-operating pension costs, net (3)
577 (11,167)(60,406)
Other items impacting comparability, net (4)
10,437 (90,379)(37,954)
Earnings (loss) from continuing operations before income taxes$692,640 $(130,360)$(42,271)
_______________ 
(1)In the first quarter of 2021, we completed the previously announced exit of the extension of our liability insurance coverage for ChoiceLease customers.
(2)Represents the elimination of intercompany revenues in our FMS business segment.
(3)Refer to Note 19, "Employee Benefit Plans," for a discussion on these items.
(4)Refer to Note 21, “Other Items Impacting Comparability,” for a discussion of items excluded from our primary measure of segment performance.
The following table sets forth depreciation expense, amortization expense and other non-cash charges, net, interest expense (income), capital expenditures paid and total assets for the years ended December 31, 2021, 2020 and 2019, as provided to the chief operating decision-maker for each of our reportable business segments:
FMSSCSDTSCSSEliminationsTotal
(In thousands)
2021
Depreciation expense (1)
$1,735,729 $46,704 $3,230 $555 $— $1,786,218 
Amortization expense and other non-cash charges, net
40,771 84,163 3,108 (4,542)— 123,500 
Interest expense (income) (2)
214,034 2,720 (2,820)(42)— 213,892 
Capital expenditures paid1,853,419 67,319 1,240 19,431 — 1,941,409 
Total assets10,999,687 2,320,154 318,095 554,436 (358,049)13,834,323 
2020
Depreciation expense (1)
$1,981,426 $38,652 $2,955 $4,380 $— $2,027,413 
Amortization expense and other non-cash charges, net
135,499 68,878 1,025 2,344 — 207,746 
Interest expense (income) (2)
255,264 602 (3,176)8,652 — 261,342 
Capital expenditures paid1,089,773 37,742 1,459 17,547 — 1,146,521 
Total assets11,274,450 1,313,312 295,738 328,329 (279,875)12,931,954 
2019
Depreciation expense (1)
$1,825,816 $42,428 $3,795 $6,890 $— $1,878,929 
Amortization expense and other non-cash charges, net
128,322 61,419 1,510 4,077 — 195,328 
Interest expense (income) (2)
243,406 1,038 (3,224)161 — 241,381 
Capital expenditures paid3,643,573 49,421 2,182 39,998 — 3,735,174 
Total assets12,991,716 1,236,589 327,384 305,631 (385,986)14,475,334 
_______________ 
(1)Depreciation expense totaling $26 million in 2021 and $27 million in 2020 and 2019 associated with CSS assets was allocated to business segments based upon estimated and planned asset utilization.
(2)Interest expense was primarily allocated to the FMS segment since such borrowings were used principally to fund the purchase of revenue earning equipment used in FMS; however, interest was also reflected in SCS and DTS based on targeted segment leverage ratios.


Geographic Information
 December 31,
 20212020
 (In thousands)
Long-lived assets:
United States$8,477,721 $8,682,657 
Foreign:
Canada531,580 622,111 
Europe241,652 337,310 
Mexico57,064 61,995 
830,296 1,021,416 
Total$9,308,017 $9,704,073 
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REVENUE
 12 Months Ended
Dec. 31, 2021
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
Disaggregation of Revenue

The following tables disaggregate our revenue recognized by primary geographical market by our reportable business segments 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
Year ended December 31, 2021
FMSSCSDTSEliminationsTotal
(In thousands)
United States$5,115,356 $2,705,569 $1,457,188 $(599,088)$8,679,025 
Canada301,519 229,750 — (28,893)502,376 
Europe (1)
262,073 — — — 262,073 
Mexico— 219,479 — — 219,479 
Total revenues$5,678,948 $3,154,798 $1,457,188 $(627,981)$9,662,953 
 ————————————
(1)Refer to Note 21, "Other Items Impacting Comparability", for further information on the exit of the FMS U.K. business.

Year ended December 31, 2020
FMSSCSDTSEliminationsTotal
(In thousands)
United States$4,646,290 $2,146,936 $1,229,374 $(506,884)$7,515,716 
Canada269,198 207,911 — (17,286)459,823 
Europe254,979 — — — 254,979 
Mexico— 189,573 — — 189,573 
Total revenues$5,170,467 $2,544,420 $1,229,374 $(524,170)$8,420,091 
Year ended December 31, 2019
FMSSCSDTSEliminationsTotal
(In thousands)
United States$4,965,461 $2,110,240 $1,417,483 $(593,170)$7,900,014 
Canada302,956 215,380 — (21,186)497,150 
Europe302,986 — — — 302,986 
Mexico— 222,358 — — 222,358 
Singapore— 3,293 — — 3,293 
Total revenues$5,571,403 $2,551,271 $1,417,483 $(614,356)$8,925,801 

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 includes revenue from the following industries:
Years ended December 31,
202120202019
(In thousands)
Automotive$1,185,372 $940,314 $1,003,508 
Technology and healthcare427,510 386,610 432,107 
Consumer packaged goods and retail1,220,534 993,403 901,344 
Industrial and other321,382 224,093 214,312 
Total revenues$3,154,798 $2,544,420 $2,551,271 

Lease & Related Maintenance and Rental Revenues

The non-lease revenue from maintenance services related to our ChoiceLease product is recognized in "Lease & related maintenance and rental revenues" in the Consolidated Statements of Earnings. In 2021, 2020 and 2019, we recognized $1.0 billion, $965 million and $950 million, respectively.

Deferred Revenue

The following table includes the changes in deferred revenue due to the collection and deferral of cash or the satisfaction of our performance obligation under the contract:
Years ended December 31,
202120202019
(In thousands)
Balance as of beginning of period$629,739 $603,687 $582,078 
Recognized as revenue during period from beginning balance(183,460)(179,623)(180,939)
Consideration deferred during period, net145,498 203,308 203,136 
Foreign currency translation adjustment and other1,665 2,367 (588)
Balance as of end of period$593,442 $629,739 $603,687 

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 $2.4 billion as of December 31, 2021, 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 delivered to the customer.

Sales Commissions and Setup Costs

We capitalize incremental sales commissions paid as a result of obtaining ChoiceLease, SCS and DTS contracts as contract costs. Capitalized sales commissions, including initial direct costs of our leases, was $106 million and $89 million as of December 31, 2021 and 2020, respectively. Sales commission expense in 2021, 2020 and 2019 was $44 million, $44 million and $43 million, respectively. We also capitalize setup costs as a result of obtaining SCS and DTS contracts as contract costs. Capitalized setup costs were $54 million and $28 million as of December 31, 2021 and 2020, respectively. Setup contract amortization expense in 2021, 2020 and 2019 was $23 million, $11 million and $11 million, respectively.
v3.22.0.1
RECEIVABLES, NET
 12 Months Ended
Dec. 31, 2021
Receivables [Abstract]  
RECEIVABLES, NET RECEIVABLES, NET
 December 31,
 20212020
 (In thousands)
Trade$1,280,766 $1,051,618 
Sales-type leases148,134 132,003 
Other, primarily warranty and insurance67,141 41,753 
1,496,041 1,225,374 
Allowance for credit losses and other(31,304)(43,024)
Total$1,464,737 $1,182,350 
 

The following table provides a reconciliation of our allowance for credit losses and other:
Years ended December 31,
20212020
(in thousands)
Balance as of beginning of period$43,024 $22,761 
Changes to provisions for credit losses1,632 34,191 
Impact of adoption of new accounting standard, write-offs, and other (1)
(13,352)(13,928)
Balance as of end of period$31,304 $43,024 
 ————————————
(1)Includes the cumulative-effect adjustment for the adoption of ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) in 2020.
v3.22.0.1
REVENUE EARNING EQUIPMENT, NET
 12 Months Ended
Dec. 31, 2021
Revenue Earning Equipment [Abstract]  
REVENUE EARNING EQUIPMENT, NET REVENUE EARNING EQUIPMENT, NET
 Estimated
Useful
Lives		December 31, 2021December 31, 2020
CostAccumulated
Depreciation		NetCostAccumulated
Depreciation		Net
(In years)(In thousands)
Held for use:
Trucks
3 — 7
$5,223,127 $(2,055,135)$3,167,992 $5,061,266 $(1,818,594)$3,242,672 
Tractors
   4 — 7.5
7,256,002 (3,059,206)4,196,796 7,013,595 (2,853,591)4,160,004 
Trailers and other
9.5 — 12
1,780,487 (868,820)911,667 2,046,768 (804,006)1,242,762 
Held for sale209,506 (162,922)46,584 644,132 (512,555)131,577 
Total$14,469,122 $(6,146,083)$8,323,039 $14,765,761 $(5,988,746)$8,777,015 
Total depreciation expense related to revenue earning equipment primarily used in our FMS segment was $1.7 billion, $1.9 billion and $1.8 billion in 2021, 2020 and 2019, respectively.

Residual Value Estimate Changes
We periodically review and adjust, as appropriate, the estimated residual values and useful lives of existing revenue earning equipment for the purposes of recording depreciation expense. Reductions in estimated residual values or useful lives will increase depreciation expense over the remaining useful life of the vehicle. Conversely, an increase in estimated residual values or useful lives will decrease depreciation expense over the remaining useful life of the vehicle. Our review of the estimated residual values and useful lives 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; driver shortages; 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.
The following table provides a summary of incremental depreciation expense that has been recorded related to our residual value estimate changes since 2019, as well as used vehicle sales results (rounded to the closest million):
Years ended December31,
202120202019
(in thousands)
Depreciation expense related to estimate changes$309,000 $491,000 $357,000 
Used vehicle sales, net(257,000)— 59,000 

2021
During the second quarter of 2021, we completed a review of the residual values and useful lives of revenue earning equipment. Based on the results of our analysis, we primarily adjusted our residual value estimates for certain tractors and useful lives of certain classes of our revenue earning equipment, which impacted approximately 15% of our total fleet. The increase in depreciation expense in 2021 as a result of residual value estimate changes was not material to our results of operations.
2020
In 2020, we performed a review of the estimated residual values of our revenue earning equipment primarily due to the COVID-19 pandemic and its impact on current and expected used vehicle market conditions. In evaluating our residual value estimates, we reviewed recent multi-year trends; management and third-party outlook for the used vehicle market, including impacts of COVID-19 and the demand and pricing of our used vehicles; expected sales volumes through our retail and wholesale channels; inventory levels; and other factors that management deemed necessary to appropriately reflect our expected sales proceeds. Based on our review, we reduced our estimated residual values primarily for our truck fleet, and to a lesser extent, our tractor fleet, which resulted in additional depreciation expense of $197 million. This resulted in a decrease to our net earnings of $146 million and diluted earnings per share of $2.78 in 2020. In 2020, the depreciation expense also included $294 million related to the residual value changes that occurred in the second half of 2019.
2019
In the second half of 2019, we began to experience softening in used vehicle market conditions, which was expected to continue throughout 2020. At that time, our inventory of used vehicles to be made available for sale was also higher than expected, which increased the volume of used vehicle sales expected to be sold through our wholesale channels. Due to these dynamics and our updated outlook at that time, we concluded, in the third quarter of 2019, that our residual value estimates likely exceeded the expected future values that would be realized upon the sale of power vehicles in our fleet. As a result, in the third quarter of 2019, we lowered the estimated residual values for our revenue earning equipment, primarily our power vehicles, to reflect more recent multi-year trends and our outlook for the expected used vehicle market.

The changes in our residual value estimates, in the third quarter of 2019, resulted in additional depreciation expense of $297 million. As a result in 2019, our net earnings and diluted earnings per share decreased by $219 million and $4.19, respectively. The impact of the change in estimated vehicle residual values that occurred in the third quarter of 2019 was in addition to the depreciation expense of $60 million related to the estimate change effective January 1, 2019.
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 when valuing the vehicles held for sale, as well as forecasted sales channel mix (retail/wholesale).
The following table presents revenue earning equipment held for sale that are measured at fair value on a nonrecurring basis and considered a Level 3 fair value measurement:
 Losses from Valuation Adjustments
December 31,Years ended December 31,
 2021
2020 (2)
202120202019
(In thousands)(In thousands)
Revenue earning equipment held for sale (1):
Trucks$931 $3,848 $3,390 $18,022 $38,701 
Tractors1,485 2,211 4,179 12,139 40,213 
Trailers and other1,309 4,092 6,005 6,909 4,224 
Total assets at fair value$3,725 $10,151 $13,574 $37,070 $83,138 
_______________
(1)Reflects only the portion where net book values exceeded fair values and valuation adjustments were recorded. The net book value of assets held for sale that were less than fair value was $43 million and $121 million as of December 31, 2021 and 2020, respectively.
(2)Adjusted the presentation of the vehicles held for sale that were recorded to fair value to now exclude vehicles that previously recognized accumulated depreciation.
The components of used vehicle sales, net were as follows:
 Years ended December 31,
202120202019
 (In thousands)
Gains on vehicle sales, net$(270,976)$(37,484)$(24,432)
Losses from valuation adjustments13,574 37,070 83,138 
Used vehicle sales, net$(257,402)$(414)$58,706 
v3.22.0.1
OPERATING PROPERTY AND EQUIPMENT, NET
 12 Months Ended
Dec. 31, 2021
Property, Plant and Equipment [Abstract]  
OPERATING PROPERTY AND EQUIPMENT, NET OPERATING PROPERTY AND EQUIPMENT, NET
 Estimated
Useful Lives		December 31,
 20212020
 (In years)(In thousands)
Land—$239,355 $243,368 
Buildings and improvements
10 — 40
946,176 926,230 
Machinery and equipment
3 — 10
927,132 864,941 
Other
3 — 10
145,952 104,683 
2,258,615 2,139,222 
Accumulated depreciation(1,273,637)(1,212,164)
Total$984,978 $927,058 
 
Depreciation expense related to operating property and equipment was $128 million, $123 million and $118 million in 2021, 2020 and 2019, respectively.
v3.22.0.1
GOODWILL
 12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL GOODWILL
The carrying amount of goodwill attributable to each reportable business segment with changes therein was as follows:
FMSSCSDTSTotal
 (In thousands)
Balance as of January 1, 2020$243,702 $190,515 $40,808 $475,025 
Foreign currency translation adjustment103 117 — 220 
Balance as of December 31, 2020$243,805 $190,632 $40,808 $475,245 
Acquisition (1)
— 95,627 — 95,627 
Foreign currency translation adjustment 15 18 — 33 
Balance as of December 31, 2021 (2)
$243,820 $286,277 $40,808 $570,905 
_______________
(1)See Note 24, "Acquisitions," for additional information.
(2)Accumulated impairment losses were $26 million and $19 million for FMS and SCS, respectively, as of both December 31, 2021 and 2020.
We assess goodwill for impairment on October 1st of each year or more often if deemed necessary. On October 1, 2021, we completed our annual goodwill impairment test and determined there was no impairment.
v3.22.0.1
INTANGIBLE ASSETS, NET
 12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS, NET INTANGIBLE ASSETS, NET
 December 31, 2021
 FMSSCSDTSCSSTotal
 (In thousands)
Indefinite lived intangible assets — Trade name$— $— $— $8,731 $8,731 
Finite lived intangible assets, primarily customer relationships (1)
57,686 185,399 7,582 — 250,667 
Accumulated amortization(53,293)(30,687)(5,213)— (89,193)
Total$4,393 $154,712 $2,369 $8,731 $170,205 
December 31, 2020
FMSSCSDTSCSSTotal
(In thousands)
Indefinite lived intangible assets — Trade name$— $— $— $8,731 $8,731 
Finite lived intangible assets, primarily customer relationships57,686 50,2497,582 — 115,517 
Accumulated amortization(51,545)(24,748)(4,739)— (81,032)
Total$6,141 $25,501 $2,843 $8,731 $43,216 
 _______________
(1)Includes $135 million of customer relationships related to the acquisition of Midwest. Refer to Note 24, "Acquisitions," for additional information.

The Ryder trade name has been identified as having an indefinite useful life. Customer relationship intangibles are being amortized on a straight-line basis over their estimated useful lives, generally 6-19 years. We recognized amortization expense associated with finite lived intangible assets of $8 million in 2021 and $8 million in 2020 and 2019. 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 $12 - $16 million per year for 2022 - 2026.
v3.22.0.1
ACCRUED EXPENSES AND OTHER LIABILITIES
 12 Months Ended
Dec. 31, 2021
Accrued Liabilities and Other Liabilities [Abstract]  
ACCRUED EXPENSES AND OTHER LIABILITIES ACCRUED EXPENSES AND OTHER LIABILITIES
 December 31, 2021December 31, 2020
 Accrued
Expenses		Non-Current
Liabilities		TotalAccrued
Expenses		Non-Current
Liabilities		Total
 (In thousands)
Salaries and wages$210,350 $— $210,350 $158,122 $— $158,122 
Deferred compensation6,016 91,083 97,099 5,117 77,823 82,940 
Pension benefits3,848 171,259 175,107 3,776 265,178 268,954 
Other postretirement benefits1,389 17,083 18,472 1,381 20,245 21,626 
Other employee benefits23,978 — 23,978 20,599 — 20,599 
Insurance obligations (1)
186,449 311,209 497,658 169,936 292,298 462,234 
Operating taxes (2)
165,680 — 165,680 164,293 41,687 205,980 
Income taxes9,469 12,972 22,441 4,588 15,598 20,186 
Interest37,116 — 37,116 38,887 — 38,887 
Deposits, mainly from customers94,547 — 94,547 79,840 3,014 82,854 
Operating lease liabilities100,232 255,573 355,805 78,785 186,429 265,214 
Deferred revenue (3)
182,785 410,657 593,442 183,474 446,265 629,739 
Restructuring liabilities (4)
10,484 — 10,484 7,683 — 7,683 
Other87,259 44,568 131,827 72,697 55,324 128,021 
Total$1,119,602 $1,314,404 $2,434,006 $989,178 $1,403,861 $2,393,039 
_______________
(1) Insurance obligations are primarily comprised of self-insured claim liabilities.
(2) Includes the deferral of certain payroll taxes allowed under the CARES Act.
(3) Refer to Note 4, "Revenue", for further information.
(4)    Includes $8 million related to the exit of the FMS U.K. business. Refer to Note 21, "Other Items Impacting Comparability" for further information.

We recognized a benefit of $6 million in 2021 within earnings from continuing operations from the favorable development of estimated prior years claims where costs were lower than self-insured loss reserves. We recognized charges of $18 million in 2020 and 2019 within earnings from continuing operations from the unfavorable development of estimated prior years claims where costs exceeded self-insured loss reserves.
v3.22.0.1
INCOME TAXES
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The components of earnings (loss) from continuing operations before income taxes and the provision for (benefit from) income taxes from continuing operations were as follows:
 Years ended December 31,
 202120202019
 (In thousands)
Earnings (loss) from continuing operations before income taxes:
United States$559,621 $(126,537)$(44,668)
Foreign133,019 (3,823)2,397 
Total$692,640 $(130,360)$(42,271)
Provision for (benefit from) income taxes from continuing operations:
Current tax expense (benefit) from continuing operations:
Federal$8,673 $(642)$(1,065)
State24,011 9,523 9,187 
Foreign12,205 5,620 5,210 
44,889 14,501 13,332 
Deferred tax expense (benefit) from continuing operations:
Federal111,893 (27,534)(8,228)
State8,212 (10,263)(18,790)
Foreign6,048 4,932 (5,313)
126,153 (32,865)(32,331)
Total$171,042 $(18,364)$(18,999)

In 2021 and 2020, federal, state, and foreign net operating losses were utilized to offset current income taxes payable resulting in a tax benefit of $124 million and $278 million, respectively. In 2019, a taxable loss generated a net operating loss carryforward benefit of $282 million.

A reconciliation of the federal statutory tax rate with the effective tax rate from continuing operations follows:
 Years ended December 31,
 202120202019
 (Percentage of pre-tax earnings)
 Federal statutory tax rate 21.0 %21.0 %21.0 %
 Impact on deferred taxes for changes in tax rates (0.3)%0.9 %20.5 %
 Additional deferred tax adjustments (0.1)%0.8 %— %
 State income taxes, net of federal income tax benefit 4.4 %(3.4)%(19.2)%
 Foreign rates varying from federal statutory tax rate 0.1 %1.3 %3.1 %
 Tax contingencies (0.7)%5.5 %15.7 %
 Tax credits (0.3)%1.7 %11.3 %
 Other permanent book-tax differences 1.8 %(3.3)%(8.6)%
 Change in foreign valuation allowance(1.1)%(11.9)%— %
 Other(0.1)%1.5 %1.1 %
 Effective tax rate24.7 %14.1 %44.9 %
Deferred Income Taxes
The components of the net deferred income tax liability were as follows:
 December 31,
 20212020
 (In thousands)
Deferred income tax assets:
Self-insurance accruals$111,058 $104,346 
Net operating loss carryforwards271,203 381,585 
Accrued compensation and benefits68,968 46,321 
Pension benefits16,862 75,466 
Deferred revenue152,435 170,958 
Other, including federal benefit on state tax positions30,613 35,104 
651,139 813,780 
Valuation allowance(23,456)(41,153)
627,683 772,627 
Deferred income tax liabilities:
Property and equipment basis differences(1,873,598)(1,888,112)
Other(23,818)(5,379)
(1,897,416)(1,893,491)
Net deferred income tax liability (1)
$(1,269,733)$(1,120,864)
_______________
(1)Deferred tax assets of $5 million have been included in "Sales-type leases and other assets" as of both December 31, 2021 and 2020.

In October 2021 we repatriated $72 million of undistributed earnings from two of our foreign subsidiaries with minimal tax cost to partially fund the Midwest acquisition in the U.S. As of December 31, 2021, we have reevaluated our historic assertion with respect to our U.K. and Germany operations and no longer consider these earnings to be indefinitely reinvested. The deferred tax liability recorded on the U.K. and Germany undistributed earnings was not material. We intend to continue to permanently reinvest the earnings from our remaining foreign jurisdictions which, as of December 31, 2021, had $436 million of undistributed foreign earnings. The determination of the amount of unrecognized deferred tax liability associated with the $436 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.
As of December 31, 2021, we had U.S. federal tax effected net operating loss carryforwards, before unrecognized tax benefits, of $222 million, of which $7 million is expected to expire beginning 2034 and the remaining portion has an indefinite carryforward period. Various U.S. subsidiaries had state tax effected net operating loss carryforwards, before unrecognized tax benefits and valuation allowances, of $52 million that will begin to expire as follows: $0.5 million in 2022 through 2024, $45.5 million in years 2026 and thereafter, with the remaining $6 million having an indefinite carryforward period. To the extent that we do not generate sufficient state taxable income through viable planning strategies within the statutory carryforward periods to utilize the loss carryforwards in these states, the loss carryforwards will expire unused. We also had foreign tax effected net operating loss carryforwards of $27 million that are available to reduce future income tax payments in several countries, subject to varying expiration rules. We assess the realizability of our deferred tax assets and record a valuation allowance to the extent it is determined that they are not more-likely-than-not to be realized. Due to our assessment of future sources of taxable income in various states and foreign jurisdictions, we have a cumulative valuation allowance of $23 million against our deferred tax assets as of December 31, 2021, a net decrease of $18 million from the prior year. The valuation allowance is subject to change in future years based on the availability of future sources of taxable income.
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)2013 - 2015, 2018 - 2021
Canada2013 - 2021
Mexico2016 - 2021
United Kingdom2020 - 2021
Brazil (in discontinued operations)2016 - 2021

The following table summarizes the activity related to unrecognized tax benefits (excluding the federal benefit received from state positions):
 December 31,
 202120202019
 (In thousands)
Balance at January 1$42,787 $48,918 $58,819 
Additions based on tax positions related to the current year1,316 2,225 1,422 
Reductions due to lapse of applicable statutes of limitation(5,696)(8,356)(11,323)
Gross balance at December 3138,407 42,787 48,918 
Interest and penalties3,585 4,491 4,772 
Balance at December 31$41,992 $47,278 $53,690 
Of the total unrecognized tax benefits as of December 31, 2021, $34 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 by $8 million by December 31, 2022, if audits are completed or tax years close during 2022.
v3.22.0.1
LEASES
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
LEASES LEASES
Leases as Lessor

The components of revenue from leases were as follows:
 Years ended December 31,
 202120202019
 (In thousands)
Operating leases
Lease income related to ChoiceLease$1,537,901 $1,565,579 $1,505,913 
Lease income related to commercial rental (1)
1,061,821 791,631 952,560 
 
Sales-type leases
Interest income related to net investment in leases$47,613 $49,244 $46,801 
 
Variable lease income excluding commercial rental (1)
$311,857 $289,165 $272,065 
_______________ 
(1)Lease income related to commercial rental includes both fixed and variable lease income. Variable lease income is approximately 15% to 25% of total commercial rental income.

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,
 20212020
 (In thousands)
Net investment in the lease - lease payment receivable$583,008 $589,120 
Net investment in the lease - unguaranteed residual value in assets46,740 44,704 
629,748 633,824 
Estimated loss allowance(3,705)(4,025)
Total$626,043 $629,799 

Maturities of sales-type lease receivables as of December 31, 2021 were as follows:
Years ending December 31 (In thousands)
2022$188,506 
2023153,803 
2024126,930 
202595,783 
202668,369 
Thereafter75,772 
Total undiscounted cash flows709,163 
Present value of lease payments (recognized as lease receivables)(583,008)
Difference between undiscounted cash flows and discounted cash flows$126,155 
Operating lease payments expected to be received as of December 31, 2021 were as follows:
Years ending December 31(In thousands)
2022$1,206,632 
2023869,800 
2024623,388 
2025401,577 
2026217,887 
Thereafter135,171 
Total undiscounted cash flows$3,454,455 

Leases as Lessee

The components of lease expense were as follows:
 Years ended December 31,
 202120202019
 (In thousands)
Finance lease cost
Amortization of right-of-use-assets$14,085 $13,295 $13,671 
Interest on lease liabilities1,926 2,344 2,565 
Operating lease cost98,363 92,227 94,039 
Short-term lease and other9,077 8,432 10,963 
Variable lease cost16,299 13,325 12,459 
Sublease income(27,081)(27,223)(22,385)
Total lease cost$112,669 $102,400 $111,312 

Supplemental balance sheet information related to leases was as follows:
 December 31,
 2021
2020
 Operating LeaseFinance LeaseOperating LeaseFinance Lease
(In thousands)
Noncurrent assets (1)
$341,125 $40,388 $255,964 $39,571 
Current liabilities (2)
100,232 13,163 78,785 13,282 
Noncurrent liabilities (3)
255,573 31,432 186,429 35,136 
_______________
(1)Operating lease right-of-use assets are included in "Sales-type leases and other assets" and finance lease assets are included in "Other property and equipment, net" and "Revenue earning equipment, net".
(2)Current operating lease liabilities are included in "Accrued expenses and other current liabilities" and current finance leases liabilities are included in "Short-term debt and current portion of long-term debt".
(3)Noncurrent operating lease liabilities are included in "Other non-current liabilities" and noncurrent finance lease liabilities are included in "Long-term debt".
 December 31,
 20212020
Weighted-average remaining lease term
Operating5 years4 years
Finance4 years6 years
Weighted-average discount rate
Operating2.7 %3.3 %
Finance4.4 %5.6 %

Maturities of operating and finance lease liabilities were as follows:
 OperatingFinance 
 LeasesLeasesTotal
Years ending December 31(In thousands)
2022$108,380 $14,921 $123,301 
202388,760 12,039 100,799 
202463,455 9,072 72,527 
202545,004 5,773 50,777 
202625,746 3,040 28,786 
Thereafter46,360 4,817 51,177 
Total lease payments377,705 49,661 427,367 
Less: Imputed Interest(21,900)(5,066)(26,966)
Present value of lease liabilities$355,805 $44,595 $400,401 
Note: Amounts may not be additive due to rounding.
As of December 31, 2021, we have entered into $36 million of additional facility operating leases that have not yet commenced. The operating leases will commence in 2022 with lease terms of generally 5 to 10 years.
LEASES LEASES
Leases as Lessor

The components of revenue from leases were as follows:
 Years ended December 31,
 202120202019
 (In thousands)
Operating leases
Lease income related to ChoiceLease$1,537,901 $1,565,579 $1,505,913 
Lease income related to commercial rental (1)
1,061,821 791,631 952,560 
 
Sales-type leases
Interest income related to net investment in leases$47,613 $49,244 $46,801 
 
Variable lease income excluding commercial rental (1)
$311,857 $289,165 $272,065 
_______________ 
(1)Lease income related to commercial rental includes both fixed and variable lease income. Variable lease income is approximately 15% to 25% of total commercial rental income.

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,
 20212020
 (In thousands)
Net investment in the lease - lease payment receivable$583,008 $589,120 
Net investment in the lease - unguaranteed residual value in assets46,740 44,704 
629,748 633,824 
Estimated loss allowance(3,705)(4,025)
Total$626,043 $629,799 

Maturities of sales-type lease receivables as of December 31, 2021 were as follows:
Years ending December 31 (In thousands)
2022$188,506 
2023153,803 
2024126,930 
202595,783 
202668,369 
Thereafter75,772 
Total undiscounted cash flows709,163 
Present value of lease payments (recognized as lease receivables)(583,008)
Difference between undiscounted cash flows and discounted cash flows$126,155 
Operating lease payments expected to be received as of December 31, 2021 were as follows:
Years ending December 31(In thousands)
2022$1,206,632 
2023869,800 
2024623,388 
2025401,577 
2026217,887 
Thereafter135,171 
Total undiscounted cash flows$3,454,455 

Leases as Lessee

The components of lease expense were as follows:
 Years ended December 31,
 202120202019
 (In thousands)
Finance lease cost
Amortization of right-of-use-assets$14,085 $13,295 $13,671 
Interest on lease liabilities1,926 2,344 2,565 
Operating lease cost98,363 92,227 94,039 
Short-term lease and other9,077 8,432 10,963 
Variable lease cost16,299 13,325 12,459 
Sublease income(27,081)(27,223)(22,385)
Total lease cost$112,669 $102,400 $111,312 

Supplemental balance sheet information related to leases was as follows:
 December 31,
 2021
2020
 Operating LeaseFinance LeaseOperating LeaseFinance Lease
(In thousands)
Noncurrent assets (1)
$341,125 $40,388 $255,964 $39,571 
Current liabilities (2)
100,232 13,163 78,785 13,282 
Noncurrent liabilities (3)
255,573 31,432 186,429 35,136 
_______________
(1)Operating lease right-of-use assets are included in "Sales-type leases and other assets" and finance lease assets are included in "Other property and equipment, net" and "Revenue earning equipment, net".
(2)Current operating lease liabilities are included in "Accrued expenses and other current liabilities" and current finance leases liabilities are included in "Short-term debt and current portion of long-term debt".
(3)Noncurrent operating lease liabilities are included in "Other non-current liabilities" and noncurrent finance lease liabilities are included in "Long-term debt".
 December 31,
 20212020
Weighted-average remaining lease term
Operating5 years4 years
Finance4 years6 years
Weighted-average discount rate
Operating2.7 %3.3 %
Finance4.4 %5.6 %

Maturities of operating and finance lease liabilities were as follows:
 OperatingFinance 
 LeasesLeasesTotal
Years ending December 31(In thousands)
2022$108,380 $14,921 $123,301 
202388,760 12,039 100,799 
202463,455 9,072 72,527 
202545,004 5,773 50,777 
202625,746 3,040 28,786 
Thereafter46,360 4,817 51,177 
Total lease payments377,705 49,661 427,367 
Less: Imputed Interest(21,900)(5,066)(26,966)
Present value of lease liabilities$355,805 $44,595 $400,401 
Note: Amounts may not be additive due to rounding.
As of December 31, 2021, we have entered into $36 million of additional facility operating leases that have not yet commenced. The operating leases will commence in 2022 with lease terms of generally 5 to 10 years.
LEASES LEASES
Leases as Lessor

The components of revenue from leases were as follows:
 Years ended December 31,
 202120202019
 (In thousands)
Operating leases
Lease income related to ChoiceLease$1,537,901 $1,565,579 $1,505,913 
Lease income related to commercial rental (1)
1,061,821 791,631 952,560 
 
Sales-type leases
Interest income related to net investment in leases$47,613 $49,244 $46,801 
 
Variable lease income excluding commercial rental (1)
$311,857 $289,165 $272,065 
_______________ 
(1)Lease income related to commercial rental includes both fixed and variable lease income. Variable lease income is approximately 15% to 25% of total commercial rental income.

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,
 20212020
 (In thousands)
Net investment in the lease - lease payment receivable$583,008 $589,120 
Net investment in the lease - unguaranteed residual value in assets46,740 44,704 
629,748 633,824 
Estimated loss allowance(3,705)(4,025)
Total$626,043 $629,799 

Maturities of sales-type lease receivables as of December 31, 2021 were as follows:
Years ending December 31 (In thousands)
2022$188,506 
2023153,803 
2024126,930 
202595,783 
202668,369 
Thereafter75,772 
Total undiscounted cash flows709,163 
Present value of lease payments (recognized as lease receivables)(583,008)
Difference between undiscounted cash flows and discounted cash flows$126,155 
Operating lease payments expected to be received as of December 31, 2021 were as follows:
Years ending December 31(In thousands)
2022$1,206,632 
2023869,800 
2024623,388 
2025401,577 
2026217,887 
Thereafter135,171 
Total undiscounted cash flows$3,454,455 

Leases as Lessee

The components of lease expense were as follows:
 Years ended December 31,
 202120202019
 (In thousands)
Finance lease cost
Amortization of right-of-use-assets$14,085 $13,295 $13,671 
Interest on lease liabilities1,926 2,344 2,565 
Operating lease cost98,363 92,227 94,039 
Short-term lease and other9,077 8,432 10,963 
Variable lease cost16,299 13,325 12,459 
Sublease income(27,081)(27,223)(22,385)
Total lease cost$112,669 $102,400 $111,312 

Supplemental balance sheet information related to leases was as follows:
 December 31,
 2021
2020
 Operating LeaseFinance LeaseOperating LeaseFinance Lease
(In thousands)
Noncurrent assets (1)
$341,125 $40,388 $255,964 $39,571 
Current liabilities (2)
100,232 13,163 78,785 13,282 
Noncurrent liabilities (3)
255,573 31,432 186,429 35,136 
_______________
(1)Operating lease right-of-use assets are included in "Sales-type leases and other assets" and finance lease assets are included in "Other property and equipment, net" and "Revenue earning equipment, net".
(2)Current operating lease liabilities are included in "Accrued expenses and other current liabilities" and current finance leases liabilities are included in "Short-term debt and current portion of long-term debt".
(3)Noncurrent operating lease liabilities are included in "Other non-current liabilities" and noncurrent finance lease liabilities are included in "Long-term debt".
 December 31,
 20212020
Weighted-average remaining lease term
Operating5 years4 years
Finance4 years6 years
Weighted-average discount rate
Operating2.7 %3.3 %
Finance4.4 %5.6 %

Maturities of operating and finance lease liabilities were as follows:
 OperatingFinance 
 LeasesLeasesTotal
Years ending December 31(In thousands)
2022$108,380 $14,921 $123,301 
202388,760 12,039 100,799 
202463,455 9,072 72,527 
202545,004 5,773 50,777 
202625,746 3,040 28,786 
Thereafter46,360 4,817 51,177 
Total lease payments377,705 49,661 427,367 
Less: Imputed Interest(21,900)(5,066)(26,966)
Present value of lease liabilities$355,805 $44,595 $400,401 
Note: Amounts may not be additive due to rounding.
As of December 31, 2021, we have entered into $36 million of additional facility operating leases that have not yet commenced. The operating leases will commence in 2022 with lease terms of generally 5 to 10 years.
LEASES LEASES
Leases as Lessor

The components of revenue from leases were as follows:
 Years ended December 31,
 202120202019
 (In thousands)
Operating leases
Lease income related to ChoiceLease$1,537,901 $1,565,579 $1,505,913 
Lease income related to commercial rental (1)
1,061,821 791,631 952,560 
 
Sales-type leases
Interest income related to net investment in leases$47,613 $49,244 $46,801 
 
Variable lease income excluding commercial rental (1)
$311,857 $289,165 $272,065 
_______________ 
(1)Lease income related to commercial rental includes both fixed and variable lease income. Variable lease income is approximately 15% to 25% of total commercial rental income.

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,
 20212020
 (In thousands)
Net investment in the lease - lease payment receivable$583,008 $589,120 
Net investment in the lease - unguaranteed residual value in assets46,740 44,704 
629,748 633,824 
Estimated loss allowance(3,705)(4,025)
Total$626,043 $629,799 

Maturities of sales-type lease receivables as of December 31, 2021 were as follows:
Years ending December 31 (In thousands)
2022$188,506 
2023153,803 
2024126,930 
202595,783 
202668,369 
Thereafter75,772 
Total undiscounted cash flows709,163 
Present value of lease payments (recognized as lease receivables)(583,008)
Difference between undiscounted cash flows and discounted cash flows$126,155 
Operating lease payments expected to be received as of December 31, 2021 were as follows:
Years ending December 31(In thousands)
2022$1,206,632 
2023869,800 
2024623,388 
2025401,577 
2026217,887 
Thereafter135,171 
Total undiscounted cash flows$3,454,455 

Leases as Lessee

The components of lease expense were as follows:
 Years ended December 31,
 202120202019
 (In thousands)
Finance lease cost
Amortization of right-of-use-assets$14,085 $13,295 $13,671 
Interest on lease liabilities1,926 2,344 2,565 
Operating lease cost98,363 92,227 94,039 
Short-term lease and other9,077 8,432 10,963 
Variable lease cost16,299 13,325 12,459 
Sublease income(27,081)(27,223)(22,385)
Total lease cost$112,669 $102,400 $111,312 

Supplemental balance sheet information related to leases was as follows:
 December 31,
 2021
2020
 Operating LeaseFinance LeaseOperating LeaseFinance Lease
(In thousands)
Noncurrent assets (1)
$341,125 $40,388 $255,964 $39,571 
Current liabilities (2)
100,232 13,163 78,785 13,282 
Noncurrent liabilities (3)
255,573 31,432 186,429 35,136 
_______________
(1)Operating lease right-of-use assets are included in "Sales-type leases and other assets" and finance lease assets are included in "Other property and equipment, net" and "Revenue earning equipment, net".
(2)Current operating lease liabilities are included in "Accrued expenses and other current liabilities" and current finance leases liabilities are included in "Short-term debt and current portion of long-term debt".
(3)Noncurrent operating lease liabilities are included in "Other non-current liabilities" and noncurrent finance lease liabilities are included in "Long-term debt".
 December 31,
 20212020
Weighted-average remaining lease term
Operating5 years4 years
Finance4 years6 years
Weighted-average discount rate
Operating2.7 %3.3 %
Finance4.4 %5.6 %

Maturities of operating and finance lease liabilities were as follows:
 OperatingFinance 
 LeasesLeasesTotal
Years ending December 31(In thousands)
2022$108,380 $14,921 $123,301 
202388,760 12,039 100,799 
202463,455 9,072 72,527 
202545,004 5,773 50,777 
202625,746 3,040 28,786 
Thereafter46,360 4,817 51,177 
Total lease payments377,705 49,661 427,367 
Less: Imputed Interest(21,900)(5,066)(26,966)
Present value of lease liabilities$355,805 $44,595 $400,401 
Note: Amounts may not be additive due to rounding.
As of December 31, 2021, we have entered into $36 million of additional facility operating leases that have not yet commenced. The operating leases will commence in 2022 with lease terms of generally 5 to 10 years.
v3.22.0.1
DEBT
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
DEBT DEBT
 Weighted Average Interest Rate  
 December 31, 2021December 31, 2020MaturitiesDecember 31,
2021		December 31,
2020
   (In thousands)
Debt:
U.S. commercial paper
0.32%0.29%2026$531,157 $214,375 
Canadian commercial paper
0.34%0.62%20267,087 62,800 
Trade receivables financing program—%—%2022— — 
Global revolving credit facility—%1.25%2026— 200 
Unsecured U.S. obligations3.41%3.47%2024200,000 200,000 
Unsecured U.S. notes — Medium-term notes (1)
3.24%3.41%2022-20265,149,893 5,174,180 
Unsecured foreign obligations2.00%1.82%2022-2024140,265 254,259 
Asset-backed U.S. obligations (2)
2.62%2.53%2022-2026526,712 682,383 
Finance lease obligations and other2022-203044,595 48,418 
6,599,709 6,636,615 
Debt issuance costs and original issue discounts(20,040)(26,379)
Total debt6,579,669 6,610,236 
Short-term debt and current portion of long-term debt(1,333,363)(516,581)
Long-term debt$5,246,306 $6,093,655 
_______________
(1)Includes the impact from the fair market values of hedging instruments on our notes, which were not material as of both December 31, 2021 and December 31, 2020. The notional amount of the executed interest rate swaps designated as fair value hedges was $450 million and $150 million as of December 31, 2021 and December 31, 2020, respectively.
(2)Asset-backed U.S. obligations are related to financing transactions backed by a portion of our revenue earning equipment.

The fair value of total debt (excluding finance lease and asset-backed U.S. obligations) was approximately $6.2 billion and $6.3 billion as of December 31, 2021 and 2020, 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 2021:
Debt ProceedsDebt Repayments
(In thousands)
Medium-term notes$299,616 Medium-term notes$320,000 
U.S. and foreign term loans, finance lease obligations and other— U.S. and foreign term loans, finance lease obligations and other287,636 
Total debt proceeds
$299,616 Total debt repaid$607,636 

Debt repayments included $300 million of medium-term notes redeemed in August 2021 that were previously set to mature in November 2021. This redemption did not have a material impact on our results of operations. 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 thousands)
2022$1,321,221 
20231,341,525 
20241,509,973 
20251,084,564 
20261,297,831 
Thereafter— 
Total6,555,114 
Finance lease obligations (Refer to Note 12)
44,595 
Total long-term debt$6,599,709 


Global Revolving Credit Facility

We maintain a $1.4 billion global revolving credit facility, which includes U.S. and Canadian commercial paper programs, with a syndicate of eleven lending institutions and matures 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 12.5 basis points as of December 31, 2021. 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, 2021). 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. In December 2021, we extended the expiration date of our revolving credit facility to December 2026. As of December 31, 2021, there was $862 million available under the credit facility.

In order to maintain availability of funding, we must maintain a ratio of debt to Consolidated Net Worth of less than or equal to 300%. Consolidated Net Worth, as defined in the credit facility, represents shareholders' equity excluding any accumulated other comprehensive income or loss associated with our pension and other postretirement plans as well as currency translation adjustment as reported in our consolidated balance sheet. Consolidated Net Worth also adds back the after-tax charge to shareholders' equity which resulted from our adoption of the new lease accounting standard as of December 31, 2018 (amortized quarterly to 50% of the charge over a 7 year period) and any potential non-cash FMS North America goodwill impairment charges, should they occur, up to a maximum amount. As of December 31, 2021, the ratio was 175%.

Our global 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 have a 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. In April 2021, we extended the expiration date of the trade receivables financing program to April 2022. As of December 31, 2021, the available proceeds under the program were $284 million. The program contains provisions restricting its availability in the event of a material adverse change to our business operations or the collectability of the collateralized receivables. Sales of receivables under this program are accounted for as secured borrowings based on our continuing involvement in the transferred assets.
v3.22.0.1
GUARANTEES
 12 Months Ended
Dec. 31, 2021
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. Normally, we are allowed to dispute the other party’s claim and our obligations under these agreements may be limited in terms of the amount and/or timing of any claim. 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 of Ryder. 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. Historically, such payments have not had a material adverse effect on our business. 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, 2021 and 2020, we had letters of credit and surety bonds outstanding, which primarily guarantee various insurance activities as noted in the following table:
 December 31,
 20212020
 (In thousands)
Letters of credit$273,621 $371,840 
Surety bonds182,356 147,091 
v3.22.0.1
SHARE REPURCHASE PROGRAMS
 12 Months Ended
Dec. 31, 2021
Share Repurchase Programs [Abstract]  
SHARE REPURCHASE PROGRAMS SHARE REPURCHASE PROGRAMS
In October 2021, our Board of Directors authorized two new share repurchase programs. The first program grants management discretion to repurchase up to 2.0 million shares of common stock over a period of two years, commencing on October 14, 2021 and expiring on October 14, 2023 (the "2021 Discretionary Program"). The 2021 Discretionary Program is designed to provide management with capital structure flexibility while concurrently managing objectives related to balance sheet leverage, acquisition opportunities, and shareholder returns. The second program authorizes management to repurchase up to 2.5 million shares of common stock, issued to employees under the company's employee stock plans since September 1, 2021 (the "2021 Anti-Dilutive Program"). The 2021 Anti-Dilutive Program is designed to mitigate the dilutive impact of shares issued under the company's employee stock plans. The 2021 Anti-Dilutive Program commenced on October 14, 2021 and expires on October 14, 2023. Share repurchases under both programs can be made from time to time using the company's working capital and a variety of methods, including 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 quality acquisitions and stock price.
The 2021 Anti-Dilutive Program replaced the 2019 anti-dilutive program, which expired in December 2021. Under the 2019 anti-dilutive program, in 2021, 2020 and 2019, we repurchased 735,294, 636,998, and 471,430 shares for $56 million, $29 million, and $28 million, respectively.
In February 2022, our Board of Directors authorized a new accelerated share repurchase program to repurchase up to $300 million of common stock, with final settlement scheduled to occur no later than the end of October 2022. The number of shares to be repurchased will be based on the average of Ryder's daily volume-weighted average price per share of common stock during a repurchase period, less a discount and subject to adjustments pursuant to the terms and conditions of the program agreement.
v3.22.0.1
ACCUMULATED OTHER COMPREHENSIVE LOSS
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE LOSS ACCUMULATED OTHER COMPREHENSIVE LOSS
Comprehensive income presents a measure of all changes in shareholders’ equity except for changes resulting from transactions with shareholders in their capacity as shareholders. The following summary sets forth the components of accumulated other comprehensive loss, net of tax:
December 31,
20212020
 (In thousands)
Cumulative translation adjustments$(153,770)$(146,529)
Net actuarial loss and prior service cost (1)
(528,682)(655,040)
Unrealized gain (loss) from cash flow hedges(6,789)(15,636)
Accumulated other comprehensive loss$(689,241)$(817,205)
_______________ 
(1) Refer to Note 19, "Employee Benefit Plans," for further information.
v3.22.0.1
EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2021
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:
 Years ended December 31,
 202120202019
 (In thousands, except per share amounts)
Earnings (loss) from continuing operations$521,598 $(111,996)$(23,272)
Less: Distributed and undistributed earnings allocated to unvested stock(2,468)(517)(453)
Earnings (loss) from continuing operations available to common shareholders $519,130 $(112,513)$(23,725)
Weighted average common shares outstanding — Basic52,338 52,362 52,348 
Effect of dilutive equity awards1,170 — — 
Weighted average common shares outstanding — Diluted53,508 52,362 52,348 
Earnings (loss) from continuing operations per common share — Basic$9.92 $(2.15)$(0.45)
Earnings (loss) from continuing operations per common share — Diluted$9.70 $(2.15)$(0.45)
Anti-dilutive equity awards not included in diluted EPS682 3,504 2,458 
v3.22.0.1
SHARE-BASED COMPENSATION PLANS
 12 Months Ended
Dec. 31, 2021
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:
 Years ended December 31,
 202120202019
 (In thousands)
Unvested stock awards$44,163 $25,509 $19,253 
Stock option and employee stock purchase plans2,837 4,484 6,575 
Share-based compensation expense47,000 29,993 25,828 
Income tax benefit(6,641)(4,728)(4,667)
Share-based compensation expense, net of tax$40,359 $25,265 $21,161 

Total unrecognized pre-tax compensation expense related to share-based compensation arrangements as of December 31, 2021 was $45 million and is expected to be recognized over a weighted-average period of approximately 1.8 years. The total fair value of equity awards vested was $27 million during both 2021 and 2020, and $20 million during 2019. The total cash received from employees under all share-based employee compensation arrangements was $30 million in 2021 and $8 million in 2020 and 2019.

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. Awards under the Plans principally include unvested stock. Unvested stock awards include grants primarily of performance-based and time-vested restricted stock rights. Under the terms of our Plans, dividends on unvested stock are not paid unless the award vests. Upon vesting, the amount of the 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. As of December 31, 2021, there are 4.3 million shares authorized for issuance under the Plans and 4.0 million shares remaining available for future issuance.

We also grant stock awards to non-executive members of the Board of Directors. Stock awards to new Board members do not vest until the director has served a minimum of one year. Prior to 2018, stock awards to Board members were delivered upon separation from the Board. Beginning in 2018, 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) restricted stock units (RSUs) which will entitle the director to receive one share of Ryder stock for each RSU granted and are distributed 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. Ryder shares delivered upon grant have standard voting rights and rights to dividend payments. RSUs that are distributed upon or after separation from service on the Board are eligible for non-forfeitable dividend equivalents until distribution but such RSUs have no voting rights until they are distributed.

Restricted Stock Awards

Restricted stock awards are unvested stock rights that are granted to employees and entitle the holder to shares of common stock as the award vests. Time-vested restricted stock rights typically vest ratably over three years regardless of company performance. The fair value of the time-vested awards 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 a performance-based vesting condition. PBRSRs are awarded based on various revenue, return-based and cash flow performance targets and may include a total shareholder return (TSR) modifier for certain members of management. 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. The fair value of PBRSRs that do not include a TSR modifier is determined and fixed on the grant date based on our stock price on the date of grant. 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 2021, PBRSRs were awarded based on return on equity (ROE), strategic revenue growth (SRG), and free cash flow (FCF). In 2020, PBRSRs were awarded based on ROE, SRG and earnings before interest, taxes, depreciation and amortization (EBITDA) margin percent. In 2019, PBRSRs were awarded based on the spread between return on capital (ROC) and the cost of capital (COC) (ROC/COC) and SRG. These awards vest after the three-year performance period. For these awards, up to 200% of the awards based on ROE, SRG, FCF, ROC/COC, and up to 300% of the awards based on EBITDA margin percent may be earned based on three-year targets. 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.

The following is a summary of activity for time-vested and performance-based unvested restricted stock awards and units as of and for the year ended December 31, 2021:
 
Time-Vested (1)
Performance-Based
 SharesWeighted-
Average
Grant Date
Fair Value		SharesWeighted-
Average
Grant Date
Fair Value
 (In thousands) (In thousands) 
Unvested stock outstanding at January 11,195$48.53 528$32.03 
Granted43266.68 13169.34 
Vested (2)
(348)52.20 (78)63.47 
Forfeited (3)
(102)54.17 (125)56.92 
Unvested stock outstanding at December 31 1,177$53.59 456$51.79 
 _____________ 
(1) Includes RSUs granted to non-executive members of the Board of Directors
(2) Includes awards attained above target.
(3) Includes awards canceled due to employee terminations or performance conditions not being achieved.

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.

During 2021 and 2020, we did not grant any stock option awards. As of December 31, 2021, we had options outstanding of 1.5 million with a weighted-average exercise price of $72.82 and a weighted average-remaining contractual term of 4.3 years. The number of options exercisable as of December 31, 2021 was 1.4 million. As of December 31, 2020, we had options outstanding of 1.9 million and a weighted-average exercise price of $71.09.

The aggregate intrinsic values (the difference between the close price of our stock on the last trading day of the year and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders if all options were exercised at year-end was not material as of December 31, 2021. This amount fluctuates based on the fair market value of our stock.
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 presents the weighted-average assumptions used for the valuation, which are primarily based on our historical data and trends, and the grant-date fair value of options granted:
 Year ended December 31,
  
2019
 
Expected dividends3.7%
Expected volatility31.4%
Risk-free rate2.4%
Expected term in years4.4 years
Grant-date fair value$11.74 


Employee Stock Purchase Plan

We maintain an Employee Stock Purchase Plan (ESPP) that enables eligible participants 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. There were 7.5 million shares authorized for issuance under the existing ESPP as of December 31, 2021. There were 1.9 million shares remaining available to be purchased in the future under the ESPP as of December 31, 2021.

The following table presents the shares purchased and the related weighted-average purchase price under the ESPP:
 Years ended December 31,
 202120202019
Shares purchased160,000 320,000 228,000 
Weighted average purchase price$66.75 $32.39 $47.97 
v3.22.0.1
EMPLOYEE BENEFIT PLANS
 12 Months Ended
Dec. 31, 2021
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. In 2020, we froze our U.S. and Canadian pension plans for substantially all of the remaining active employees. As of December 31, 2020, these employees ceased accruing further benefits and began receiving an enhanced defined contribution plan where all benefits earned were fully preserved and paid in accordance with plan and legal requirements. We recognized curtailment losses of $9 million in non-operating pension costs, net with an offset to accumulated other comprehensive loss as a result of the freeze of the pension plans.

During 2019, we offered approximately 4,500 vested former employees in our U.S. defined benefit plan a one-time option to receive a lump sum distribution of their benefits. Approximately 1,700 former employees, or 38% of those that were offered the distribution, accepted the offer. In December 2019, we made payments of approximately $80 million from the U.S. defined benefit plan assets, which resulted in a settlement of $90 million, representing approximately 4% of our U.S. pension plan obligations. In 2019, we recognized a settlement loss of $35 million.
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 $57 million and $61 million as of December 31, 2021 and 2020, respectively.

Net Pension Expense

Components of net pension expense for defined benefit pension plans were as follows:
  
Years ended December 31,
  
202120202019
 (In thousands)
Company-administered plans:
Service cost$1,093 $11,915 $11,007 
Interest cost57,973 67,781 84,960 
Expected return on plan assets(86,775)(97,526)(91,034)
Pension settlement expense— — 34,974 
Curtailment loss— 9,329 — 
Amortization of net actuarial loss and prior service cost28,221 31,787 31,419 
Net pension expense$512 $23,286 $71,326 
Company-administered plans:
U.S.$8,906 $32,503 $75,936 
Non-U.S.(8,394)(9,217)(4,610)
Net pension expense$512 $23,286 $71,326 
 

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
Years ended December 31,		Non-U.S. Plans
Years ended December 31,
 202120202019202120202019
Discount rate2.60%3.18%4.35%1.53%2.28%3.04%
Rate of increase in compensation levels3.00%3.00%3.00%3.11%3.11%3.08%
Expected long-term rate of return on plan assets
3.90%5.05%5.40%3.89%4.99%5.36%
Gain and loss amortization period (years)212122242424

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. 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:
 
 20212020
 (In thousands)
Change in benefit obligations:
Benefit obligations at January 1$2,509,093 $2,324,080
Service cost1,093 11,915
Interest cost57,973 67,781
Actuarial (gain) loss(113,663)212,099
Pension curtailment and settlement— (19,052)
Benefits paid(105,887)(104,977)
Foreign currency exchange rate changes(4,384)17,247
Benefit obligations at December 312,344,225 2,509,093
Change in plan assets:
Fair value of plan assets at January 12,303,996 1,978,708
Actual return on plan assets94,931 275,372
Employer contribution6,992 136,029
Benefits paid(105,887)(104,977)
Foreign currency exchange rate changes(5,930)18,864
Fair value of plan assets at December 312,294,102 2,303,996
Funded status$(50,123)$(205,097)
Funded percent98%92%


The funded status of our pension plans was presented in the Consolidated Balance Sheets as follows:
 December 31,
 20212020
 (In thousands)
Noncurrent asset$124,984 $63,857 
Current liability(3,848)(3,776)
Noncurrent liability(171,259)(265,178)
Net amount recognized$(50,123)$(205,097)

Amounts recognized in accumulated other comprehensive loss (pre-tax) consisted of:
 December 31,
 20212020
 (In thousands)
Prior service cost$3,622 $3,816 
Net actuarial loss706,375 855,300 
Net amount recognized$709,997 $859,116 

In 2022, we expect to amortize $22 million of net actuarial loss 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,
 2021202020212020
Discount rate2.95%2.60%2.14%1.53%
Rate of increase in compensation levels—%3.00%3.14%3.11%

As of December 31, 2021 and 2020, 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,
 202120202021202020212020
 (In thousands)
Total accumulated benefit obligations$1,825,811 $1,940,549 $515,974 $566,177 $2,341,785 $2,506,726 
Plans with pension obligations in excess of plan assets:
PBO1,825,811 1,940,704 10,420 9,848 1,836,231 1,950,552 
ABO1,825,811 1,940,549 8,193 7,995 1,834,004 1,948,544 
Fair value of plan assets1,661,122 1,681,598 — — 1,661,122 1,681,598 

Investment Policy and Fair Value of Plan Assets 

Our pension investment strategy is to reduce the effects of future volatility on the fair value of our pension assets relative to our pension obligations. We increase our allocation of high quality, longer-term fixed income securities and reduce our allocation of equity investments as the funded status of the plans improve. The plans utilize several investment strategies, including passively managed equity and actively and passively managed fixed income 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 72% of our total pension plan assets. Equity and fixed income securities in our international plans include actively and passively managed mutual 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 as of December 31, 2021 and 2020:
 Fair Value Measurements at December 31, 2021
Asset CategoryTotalLevel 1Level 2Level 3
 (In thousands)
Equity securities:
U.S. common collective trusts$191,323 $— $191,323 $— 
Non-U.S. common collective trusts154,625 — 154,625 — 
Fixed income securities:
Corporate bonds72,106 — 72,106 — 
Common collective trusts1,754,158 — 1,754,158 — 
Private equity and hedge funds121,890 — — 121,890 
Total$2,294,102 $— $2,172,212 $121,890 
 
 Fair Value Measurements at December 31, 2020
Asset CategoryTotalLevel 1Level 2Level 3
 (In thousands)
Equity securities:
U.S. common collective trusts$371,893 $— $371,893 $— 
Non-U.S. common collective trusts263,023 — 263,023 — 
Fixed income securities:
Corporate bonds98,715 — 98,715 — 
Common collective trusts1,447,225 — 1,447,225 — 
Private equity and hedge funds123,140 — — 123,140 
Total$2,303,996 $— $2,180,856 $123,140 

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:

Equity securities — These investments include common and preferred stocks and index common collective trusts that track U.S. and foreign indices. 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.

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 (primarily mortgage-backed securities). 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.

The following table presents a summary of changes in the fair value of the pension plans’ Level 3 assets for 2021 and 2020: 
20212020
 (In thousands)
Beginning balance at January 1$123,140 $118,218 
Return on plan assets:
Relating to assets still held at the reporting date24,842 8,969 
Relating to assets sold during the period— — 
Purchases, sales, settlements and expenses(26,092)(4,047)
Ending balance at December 31$121,890 $123,140 
Funding Policy and Contributions

The funding policy for these plans is to make contributions based on annual service costs plus amortization of unfunded past service liability, but not greater than the maximum allowable contribution deductible for federal income tax purposes. 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 whose investments are listed stocks and bonds. During 2021, total global pension contributions were $7 million compared with $136 million in 2020. We estimate total 2022 required contributions to our pension plans to be approximately $6 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 thousands)
2022$114,235 
2023115,699 
2024118,280 
2025121,222 
2026123,523 
2027-2031630,876 

Savings Plans
Employees who do not actively participate in pension plans and 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 $45 million, $40 million and $39 million in 2021, 2020 and 2019, 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 $97 million and $83 million as of December 31, 2021 and 2020, 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 $98 million and $84 million as of December 31, 2021 and 2020, respectively. The Rabbi Trusts’ assets consist of short-term cash investments and a managed portfolio of 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) loss, net" were not material for 2021, 2020 and 2019. The Rabbi Trusts’ investments in our common stock as of both December 31, 2021 and 2020 were not material.

Investments held in Rabbi Trusts are assets measured at fair value on a recurring basis, all of which are considered Level 1 of the fair value hierarchy. The following table presents the asset classes as of December 31, 2021 and 2020:
 December 31,
 20212020
 (In thousands)
Cash and cash equivalents$21,457 $24,573 
U.S. equity mutual funds53,449 39,066 
Foreign equity mutual funds11,452 8,389 
Fixed income mutual funds9,648 10,269 
Total investments held in Rabbi Trusts$96,006 $82,297 
v3.22.0.1
ENVIRONMENTAL MATTERS
 12 Months Ended
Dec. 31, 2021
Environmental Remediation Obligations [Abstract]  
ENVIRONMENTAL MATTERS 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 Environmental Protection Agency (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.

Our environmental expenses consist of remediation costs as well as normal recurring expenses such as licensing, testing and waste disposal fees and were not material for 2021, 2020 and 2019. Our asset retirement obligations of $27 million as of both December 31, 2021 and 2020, primarily relate to fuel tanks to be removed.

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.
v3.22.0.1
OTHER ITEMS IMPACTING COMPARABILITY
 12 Months Ended
Dec. 31, 2021
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,
 202120202019
 (In thousands)
Restructuring and other, net$19,656 $76,364 $35,308 
ERP implementation costs12,715 34,251 21,260 
Restructuring and other items, net32,371 110,615 56,568 
Gains on sale of properties(42,031)(5,418)(18,614)
Early redemption of medium-term notes— 8,999 — 
ChoiceLease liability insurance revenue (1)
(777)(23,817)— 
Other items impacting comparability, net$(10,437)$90,379 $37,954 
_______________
(1) Refer to Note 3, "Segment Reporting," for additional information.

Note: Amounts may not be additive due to rounding.


In 2021, 2020 and 2019, other items impacting comparability included:

•Restructuring and other, net — In 2021, this item primarily included transaction costs related to the acquisitions of Midwest Warehouse and Distribution (Midwest) and PLG Investments I, LLC (Whiplash) and severance costs. We intend to exit the FMS U.K. business over the next 12 to 18 months, subject to consultation obligations under U.K. law. If, following consultation, we proceed with the exit, we expect to incur between $20 million to $32 million in costs primarily related to severance, of which $8 million were recorded in 2021 and are reflected in "Accrued expenses and other current liabilities" in the Consolidated Balance Sheets. Restructuring and other, net in 2021 also includes professional fees related to the pursuit of a discrete commercial claim and the offsetting related recovery of the claim during 2021.

In 2020, this item primarily included expenses of $44 million associated with our discontinued ChoiceLease liability insurance program, professional fees related to the pursuit of a commercial claim and expenses related to the shutdown of several leased locations in the North America and U.K. FMS operations. We completed the exit of the ChoiceLease liability insurance program in the first quarter of 2021. In addition, we recorded severance costs of $13 million in 2020 related to actions to reduce headcount, primarily in our North American and U.K. FMS operations.

In 2019, this item primarily included expenses related to employee termination costs due to the closure of several FMS maintenance locations in the U.S. and Canada. We also incurred charges related to cost savings initiatives and the pursuit of a commercial claim and we recognized income from our Singapore operations that were shut down during the second quarter of 2019.

•ERP implementation costs — This item relates to charges in connection with the implementation of an Enterprise Resource Planning (ERP) system. In July 2020, we went live with the first module of our ERP system for human resources. In April 2021, we went live with the financial module to replace the existing core financial system.

•Gains on sale of properties — In 2021 and 2020, we recorded gains on the sale of certain FMS maintenance properties in the U.K. and U.S. that were restructured as part of cost reduction activities in prior period. In 2019, we recorded gains on the sale of certain SCS properties. These gains are reflected within "Miscellaneous (income) loss, net" in our Consolidated Statements of Earnings.

•Early redemption of medium-term notes — We recognized a charge related to the early redemption of two medium term-notes in the fourth quarter of 2020. This charge is reflected within "Interest expense" in the Consolidated Statements of Earnings.
v3.22.0.1
CONTINGENCIES AND OTHER MATTERS
 12 Months Ended
Dec. 31, 2021
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. In 2020, we recorded expense within discontinued operations of $8 million related primarily to adverse developments in several cases related to payments for transportation services in Brazil.

Securities Litigation Relating to Residual Value Estimates

On May 20, 2020, a putative class action on behalf of purchasers of our securities who purchased or otherwise acquired their securities between July 23, 2015 and February 13, 2020, inclusive (Class Period), was commenced against Ryder and certain of our current and former officers in the U.S. District Court for the Southern District of Florida, captioned Key West Policy & Fire Pension Fund v. Ryder System, Inc., et al. The complaint alleges, among other things, that the defendants misrepresented Ryder’s depreciation policy and residual value estimates for its vehicles during the Class Period in violation of Section 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, and seeks to recover, among other things, unspecified compensatory damages and attorneys' fees and costs. On August 3, 2020, the State of Alaska, Alaska Permanent Fund, the City of Fort Lauderdale General Employees’ Retirement System, and the City of Plantation Police Officers Pension Fund were appointed lead plaintiffs. On October 5, 2020, the lead plaintiffs filed an amended complaint. On December 4, 2020, Ryder and the other named defendants in the case filed a Motion to Dismiss the amended complaint. On April 7, 2021, the court held a hearing on defendants’ Motion to Dismiss, and reserved decision.

On June 26, 2020, August 6, 2020, and February 2, 2021, three shareholder derivative complaints purportedly on behalf of Ryder were filed in the Circuit Court of the 11th Judicial Circuit in and for Miami-Dade County, Florida, against us as nominal defendant and certain of our current and former officers and our current directors. The complaints allege breach of fiduciary duties, unjust enrichment, and waste of corporate assets. The complaints are based on the allegation set forth in the securities class action complaint. The plaintiffs, on our behalf, are seeking an award of monetary damages and restitution to us, improvements in our corporate governance and internal procedures, and legal fees. These derivative cases have all been consolidated and stayed (stopped) until the Motion to Dismiss in the securities class action described above is resolved.

Also, on January 19, 2021 (as amended on March 26, 2021), and February 8, 2021, two shareholder derivative complaints purportedly on behalf of Ryder were filed in U.S. District Court for the Southern District of Florida against us as nominal defendant and certain of our current and former officers and directors. The complaints allege breach of fiduciary duties, unjust enrichment, and waste of corporate assets. Both complaints are based on the allegation set forth in the securities class action complaint, seek similar relief on our behalf to that sought in the derivative complaints that were filed in Florida state court, and have been stayed (stopped) until the Motion to Dismiss in the securities class action is resolved.

We believe the claims asserted in the complaints are without merit and intend to defend against them vigorously.
v3.22.0.1
SUPPLEMENTAL CASH FLOW INFORMATION
 12 Months Ended
Dec. 31, 2021
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,
 202120202019
 (In thousands)
Interest paid (1)
$208,064 $245,804 $225,842 
Income taxes paid45,192 14,259 6,325 
Cash paid for amounts included in measurement of liabilities:
Operating cash flows from operating leases97,673 90,301 93,383 
Right-of-use assets obtained in exchange for lease obligations:
Finance leases14,800 14,298 21,749 
Operating leases107,585 124,872 96,810 
Capital expenditures acquired but not yet paid178,913 108,675 185,264 
________________
(1) Excludes cash paid for prepayment penalty related to the early redemption of two medium-term notes in 2020.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Balance Sheets to the amounts shown in the Consolidated Statements of Cash Flows:

 December 31,
 20212020
 (In thousands)
Cash and cash equivalents$233,961 $151,294 
Restricted cash included in prepaid expenses and other current assets439,364 — 
Total cash, cash equivalents, and restricted cash $673,325 $151,294 
v3.22.0.1
ACQUISITIONS
 12 Months Ended
Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]  
ACQUISITIONS ACQUISITIONS
On November 1, 2021, we acquired all the outstanding equity of Midwest, a warehousing, distribution, and transportation company based in Woodbridge, IL for a purchase price of $284 million, of which $283 million was paid in 2021. The acquisition is included in our SCS business segment. The acquisition will expand our supply chain services, including multi-customer warehousing and distribution.

The following table provides the preliminary purchase price allocation of the fair value of the assets and liabilities for Midwest as of the acquisition date:

 (In thousands)
Assets:
Goodwill$95,627 
Intangible assets, net135,150 
Other assets131,600 
Total assets362,377 
Liabilities:
Accounts payable and other liabilities78,813 
Net assets acquired$283,564 

The excess of the purchase consideration over the aggregate estimated fair values of identifiable assets acquired and liabilities assumed was recorded as goodwill. The goodwill recognized reflects supply chain services growth opportunities and expected cost synergies of combining Midwest with our business. All of the goodwill is expected to be deductible for income tax purposes.

The estimated fair values of assets acquired and liabilities assumed in the acquisition of Midwest are provisional and are based on the information that was available as of the acquisition date. We believe that we have sufficient information to provide a reasonable basis for estimating the fair values of assets acquired and liabilities assumed. The purchase price excludes certain items to be resolved post-closing with the seller, which may result in additional adjustments to the final purchase price. Therefore, the provisional measurements of estimated fair values reflected are subject to change. We expect to finalize the valuation and complete the purchase consideration allocation no later than one year from the respective acquisition date.

On January 1, 2022, we acquired all the outstanding equity of Whiplash, a leading national provider of omnichannel fulfillment and logistics services for an approximate purchase price of $481 million. The purchase price includes $439 million of cash placed in escrow and classified as restricted cash with the remaining classified as a deposit. As of December 31, 2021, the restricted cash and deposit were reflected in "Prepaid expenses and other current assets" on the Consolidated Balance Sheets. The acquisition will be included in our SCS business segment. The acquisition is expected to expand our e-commerce and omnichannel fulfillment network. None of the goodwill is deductible for income tax purposes.
v3.22.0.1
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
 12 Months Ended
Dec. 31, 2021
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
  Additions  
DescriptionBalance at
Beginning
of Period		Charged to
Earnings
Transferred
from Other
Accounts (1)
Deductions (2)
Balance
at End
of Period
 (In thousands)
2021
Accounts receivable allowance$43,024 1,632 — 13,352 $31,304 
Self-insurance accruals (3)
$443,615 478,209 89,078 545,411 $465,491 
Valuation allowance on deferred tax assets$41,153 (17,697)— — $23,456 
2020
Accounts receivable allowance $22,761 34,191 — 13,928 $43,024 
Self-insurance accruals (3)
$410,985 426,065 88,928 482,363 $443,615 
Valuation allowance on deferred tax assets$17,577 25,510 — 1,934 $41,153 
2019
Accounts receivable allowance$17,182 23,003 — 17,424 $22,761 
Self-insurance accruals (3)
$357,526 436,148 86,832 469,521 $410,985 
Valuation allowance on deferred tax assets$16,186 1,906 — 515 $17,577 
_______________ 
(1)Transferred from other accounts includes employee contributions made to the medical and dental self-insurance plans.
(2)Deductions represent write-offs and insurance claim payments during the period.
(3)Self-insurance accruals include vehicle liability, workers’ compensation, property damage, cargo and medical and dental, which comprise our self-insurance programs. Amounts charged to earnings included developments in prior years' selected loss development factors, which benefited earnings by $6 million in 2021 and charged earnings by $18 million in 2020 and 2019.
v3.22.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2021
Accounting Policies [Abstract]  
Basis of Consolidation and Presentation Basis of Consolidation and PresentationThe 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). Ryder is deemed to be the primary beneficiary if we have the power to direct the activities that most significantly impact the entity’s economic performance and we share in the significant risks and rewards of the entity. All significant intercompany accounts and transactions have been eliminated in consolidation. 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.), Canada and the United Kingdom (U.K.); (2) Supply Chain Solutions (SCS), which provides integrated logistics solutions, including distribution management, dedicated transportation, transportation management, e-commerce and last mile and professional services in North America; and (3) Dedicated Transportation Solutions (DTS), which provides turnkey transportation solutions in the U.S. that includes dedicated vehicles, 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 EstimatesThe 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: depreciation and residual values, employee benefit plan obligations, self-insurance accruals, impairment assessments on long-lived assets (including goodwill and indefinite-lived intangible assets), revenue recognition, allowance for credit losses, income tax and deferred tax liabilities, and contingent liabilities.
Cash Equivalents
Cash Equivalents

Cash equivalents represent 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 revenues 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 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. Therefore, 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 based on the contract arrangement are also excluded from the allocation of consideration at contract inception and allocated as earned.

Variable consideration, such as billing for mileage and changes in CPI as well as licensing and operating tax revenues, is allocated to the lease and maintenance components based on the same allocation percentages at contract inception (or the most recent contract modification) when earned. Variable consideration allocated to the lease component is recognized in revenue as earned and variable consideration allocated to the non-lease component is 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 lease new or used vehicles under our sales-type lease arrangements. 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, 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. We generally sell a customized customer-specific solution and use the expected cost plus a margin approach to estimate the stand-alone selling price of each performance obligation.

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 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 transactional 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 services being provided in other contracts, or at retail prices. Revenue from fuel services is recognized when fuel is delivered to customers. Fuel is largely a pass-through to our customers, for which we realize minimal changes in profitability during periods of steady market fuel prices. However, profitability may be positively or negatively impacted by sudden increases or decreases in market fuel prices during a short period of time as customer pricing for fuel services is established based on current market fuel costs.

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. Our SCS and DTS services provided within a contract depend on a significant level of integration and interdependency between the services. 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. In making this judgment, we consider whether the services provided, within the context of the contract, represent the transfer of individual services or a combined bundle of services to the customer. This involves evaluating the promises to a customer within a contract to identify the services that need to be performed in order for the promise to be satisfied. Since multiple services that occur at different
points in time during a contract may be accounted for as an integrated service, judgment is required to assess the pattern of delivery to our customers.

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 elected to not assess whether a contract has 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. Refer to Note 5, "Receivables, Net" for the amount of our trade receivables.

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, which primarily consist of sales commissions and setup costs, are capitalized and amortized over the period of contract performance or a longer period, generally, the estimated life of the customer relationship if renewals are expected and the renewal commission is not commensurate with the initial commission. We capitalize incremental direct costs of obtaining a contract that (1) relate directly to the contract and (2) are expected to be recovered through revenue generated under the contract. This requires an evaluation of whether the costs are incremental and would not have occurred absent the customer contract.

Capitalized sales commissions related to our ChoiceLease product are 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. We allocate the ChoiceLease commissions to the lease and non-lease components based on the same allocation of the contract consideration. The amortization period aligns with the term of our contract, which typically ranges from three to seven years.

Capitalized sales commissions related to our SCS and DTS service contracts are generally amortized on a straight-line basis consistent with the pattern that revenue is recognized for the underlying contracts. The amortization period aligns with the expected term of the contract, which typically ranges from three to five years. Capitalized setup costs related to our SCS and DTS service contracts are generally amortized on a straight-line basis based on the average life of customer relationships.
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 billing adjustments related to certain discounts and other customer concessions. The estimates to determine the allowance for our trade receivables and net investments in sales-type leases are updated regularly based on our review of historical loss rates, as well as current and expected events impacting our business segments, current collection trends and historical billing adjustments. Amounts are charged against the allowance when the receivable is determined to be uncollectible.

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 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 15 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. Our leases generally do not provide either party an option to renew the lease. 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 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. Macroeconomic conditions are the primary factor used to estimate whether an option to extend a lease term will be exercised or not. None of our leasing arrangements contain restrictive financial covenants. Lease expense is primarily included in "Other operating expenses" and "Selling, general and administrative expenses" in the Consolidated Statements of Earnings.
Inventories
Inventories

Inventories, which consist primarily of fuel, tires and vehicle parts, are valued at the lower of cost using the weighted-average cost basis, or net realizable value.
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 throughout the Consolidated Statements of Earnings depending on the nature of the related asset. We periodically review and adjust, as appropriate, the estimated residual values and useful lives of existing revenue earning equipment for purposes of recording depreciation expense. 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 represents the excess of the purchase price over the fair value of the underlying acquired net tangible and 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. In addition to these factors, our SCS and DTS reporting units are dependent on several key customers or industry sectors. The loss of a key customer may have a significant impact to our SCS or DTS reporting units, causing us to assess whether or not the event resulted in a goodwill impairment loss.

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 management’s best estimate of 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. Long-lived assets to be disposed of, including revenue earning equipment and operating property and equipment, are reported at the lower of carrying amount or fair value less costs to sell.
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 actuarially 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. While we believe that the amounts are adequate, there can be no assurance that changes to our actuarial estimates may not occur due to limitations inherent in the estimation process. 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

Our provision for income taxes is based on reported earnings before income taxes. Deferred 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.

Valuation allowances are recognized to reduce deferred 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 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 are subject to tax audits in numerous jurisdictions in the U.S. and around the world. Tax audits by their very nature are often complex and can require several years to complete. In the normal course of business, we are subject to challenges from the Internal Revenue Service and other tax authorities regarding amounts of taxes due. These challenges may alter the timing or amount of taxable income or deductions, or the allocation of income among tax jurisdictions. As part of our calculation of the provision for income taxes on earnings, we determine whether the benefits of our tax positions are at least more likely than not of being sustained upon audit based on the technical merits of the tax position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Such accruals require management to make estimates and judgments with respect to the ultimate outcome of a tax audit. Actual results could vary materially from these estimates. We adjust these reserves as well as the impact of any related interest and penalties in light of changing facts and circumstances, such as the progress of a tax audit.

Interest and penalties related to income tax exposures are recognized as incurred and included in "Provision for (benefit from) 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” with the remainder included in “Other non-current liabilities” in the Consolidated Balance Sheets. The federal benefit from state income tax exposures is included in “Deferred income taxes” in the Consolidated Balance Sheets.
Severance and Contract Termination Costs Severance and Contract Termination CostsWe recognize liabilities for severance and contract termination costs based upon the nature of the cost to be incurred. For involuntary separation plans that are completed within the guidelines of our written involuntary separation plan, we recognize the liability when it is probable and reasonably estimable. For one-time termination benefits, such as additional severance pay or benefit payouts, and other exit costs, such as contract termination costs, the liability is measured and recognized initially at fair value in the period in which the liability is incurred, with subsequent changes to the liability recognized as adjustments in the period of change. Severance related to position eliminations that are part of a restructuring plan is included in "Restructuring and other, net" in the Consolidated Statements of Earnings. Severance costs that are not part of a restructuring plan are recognized in the period incurred as a direct cost of revenue or within “Selling, general and administrative expenses” in the Consolidated Statements of Earnings depending upon the nature of the eliminated position.
Environmental Expenditures
Environmental Expenditures

We recognize liabilities for environmental matters when it is probable a loss has been incurred and the costs can be reasonably estimated. Environmental liability estimates may include costs such as anticipated site testing, consulting, remediation, disposal, post-remediation monitoring and legal fees, as appropriate. The liability does not reflect possible recoveries from insurance companies or reimbursement of remediation costs by state agencies, but does include estimates of cost sharing with other potentially responsible parties. Estimates are not discounted, as the timing of the anticipated cash payments is not fixed or readily determinable. Subsequent adjustments to initial estimates are recognized as necessary based upon additional information developed in subsequent periods. In future periods, new laws or regulations, advances in remediation technology, or additional information about the ultimate remediation methodology to be used could significantly change our estimates. Claims for reimbursement of remediation costs are recognized when recovery is deemed probable.
Derivative Instruments and Hedging Activities
Derivative Instruments and Hedging Activities

We use financial instruments, including forward exchange contracts and swaps, to manage our exposures to movements in interest rates and foreign currency exchange rates. The use of these financial instruments modifies our exposure of these rate movement risks with the intent to reduce the risk or cost to us. We do not expect to incur any losses as a result of counterparty default as we only enter into contracts with counterparties comprised of large banks and financial institutions that meet established credit criteria.

On the date a derivative contract is executed, we formally document, among other items, the intended hedging designation and relationship, along with the risk management objectives and strategies for entering into the derivative contract. We also formally assess, both at inception and on an ongoing basis, whether the derivatives we used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. Cash flows from derivatives that are accounted for as hedges are classified in the Consolidated Statements of Cash Flows in the same category as the items being hedged. When it is determined that a derivative is not highly effective as a hedge or that it has ceased to be a highly effective hedge, we discontinue hedge accounting prospectively. The fair value of our derivatives was not material as of December 31, 2021 and 2020.
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) loss, net” in the Consolidated Statements of Earnings.
Share-Based Compensation
Share-Based Compensation

The fair value of stock option awards and unvested restricted stock awards are expensed on a straight-line basis over the vesting period of the awards. Restricted stock units (RSUs) are expensed in the year they are granted. Windfall tax benefits and tax shortfalls are charged directly to income tax expense.
Earnings Per Share
Earnings Per Share

Earnings per share is computed using the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for common stock and any participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. RSUs are considered participating securities since the share-based awards contain a non-forfeitable right to dividend equivalents irrespective of whether the awards ultimately vest. Under the two-class method, earnings per common share are computed by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, undistributed earnings are allocated to both common shares and participating securities based on the weighted average shares outstanding during the period.
Diluted earnings per common share reflect the dilutive effect of potential common shares from stock options and other nonparticipating unvested stock. The dilutive effect of stock options is computed using the treasury stock method, which assumes any proceeds that could be obtained upon the exercise of stock options or vesting of stock awards would be used to purchase common shares at the average market price for the period. The assumed proceeds include the purchase price the grantee pays and the unrecognized compensation expense at the end of each period. For periods where we recognize a net loss, any unvested award would have an anti-dilutive impact to our earnings per share calculation.
Share Repurchases
Share Repurchases

Repurchases of shares of common stock are made periodically in open-market transactions and are subject to market conditions, legal requirements and other factors. The cost of share repurchases is allocated between additional paid-in capital and retained earnings based on the amount of additional paid-in capital at the time of the share repurchase.
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. The fair value of plan assets represents the current market value of contributions made to irrevocable trusts, held for the sole benefit of participants, which are invested by the trusts. For defined benefit pension plans, the benefit obligation represents the actuarial present value of benefits expected to be paid upon retirement. For postretirement benefit plans, the benefit obligation represents the actuarial present value of postretirement benefits attributed to employee services already rendered. Overfunded plans, with the fair value of plan assets exceeding the benefit obligation, are aggregated and reported as a pension asset. Underfunded plans, with the benefit obligation exceeding the fair value of plan assets, are aggregated and reported as a pension and postretirement benefit liability.

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.

Pension and postretirement benefit expense includes service cost, interest cost, expected return on plan assets, amortization of net prior service costs loss/credit and net actuarial loss/gain as well as the impact of any settlement or curtailment. Service cost represents the actuarial present value of participant benefits earned in the current year. The expected return on plan assets represents the average rate of earnings expected on the funds invested or to be invested to provide for the benefits included in the obligation. Prior service cost represents the impact of plan amendments. Net actuarial losses arise as a result of differences between actual experience and assumptions or as a result of changes in actuarial assumptions. Both are initially 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 approved by management. 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 is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. 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, accounts receivable 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
Reference Rate Reform

In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2020-04, Reference Rate Reform (Topic 848). This update provides optional expedients for applying GAAP to contracts, hedging relationships, and other transactions that reference LIBOR or another rate expected to be discontinued at the end of 2021 because of rate reform. The update is effective for all transactions from March 12, 2020 through December 31, 2022. We will continue to adopt this update as alternative reference rates in relevant contracts are modified through December 31, 2022. We continuously evaluate the impact on our consolidated financial position, results of operations, and cash flows.

Leases

In July 2021, the FASB issued ASU No. 2021-05, Lessor - Certain Leases with Variable Lease Payments (Topic 842). This update requires lessors to classify leases as operating leases if they have variable lease payments that do not depend on an index or rate and would have selling losses if they were classified as sales-type or direct financing leases. The update is effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. Entities are permitted to apply this amendment using the retrospective or prospective approach. We plan to adopt the amendment on a prospective basis and do not expect the adoption of this guidance to have a material impact on our consolidated financial position, results of operations, and cash flows.
Business Combinations

In October 2021, the FASB issued ASU No. 2021-08, Accounting for Contract Assets and Contract Liabilities - Business Combinations (Topic 805). This update requires companies to apply Revenue from Contracts with Customers (Topic 606) to recognize and measure contract assets and contract liabilities from contracts with customers acquired in a business combination. Additionally, the update clarifies that companies should apply the definition of a performance obligation in Topic 606 when recognizing contract liabilities assumed in a business combination. The standard is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years, with early adoption permitted. We are currently evaluating the impact on our consolidated financial position, results of operations, and cash flows.
v3.22.0.1
SEGMENT REPORTING (Tables)
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
Schedule of Business Segment Revenue and EBT from Continuing Operations The following tables set forth financial information for each of our segments and provide a reconciliation between segment EBT and earnings from continuing operations before income taxes.
 Years ended December 31,
 202120202019
 (In thousands)
Revenue:
Fleet Management Solutions:
ChoiceLease$3,219,914 $3,159,909 $3,077,051 
Commercial rental1,113,740 834,232 1,009,086 
SelectCare and other606,877 583,435 633,644 
Fuel services737,640 569,074 816,362 
    ChoiceLease liability insurance revenue (1)
777 23,817 35,260 
Fleet Management Solutions5,678,948 5,170,467 5,571,403 
Supply Chain Solutions3,154,798 2,544,420 2,551,271 
Dedicated Transportation Solutions1,457,188 1,229,374 1,417,483 
Eliminations (2)
(627,981)(524,170)(614,356)
Total revenues$9,662,953 $8,420,091 $8,925,801 
Earnings (Loss) From Continuing Operations Before Income Taxes:
Fleet Management Solutions$663,090 $(141,957)$(70,274)
Supply Chain Solutions117,351 159,940 145,060 
Dedicated Transportation Solutions49,058 73,442 81,149 
Eliminations(79,265)(42,801)(50,732)
750,234 48,624 105,203 
Unallocated Central Support Services(68,608)(77,438)(49,114)
Non-operating pension costs, net (3)
577 (11,167)(60,406)
Other items impacting comparability, net (4)
10,437 (90,379)(37,954)
Earnings (loss) from continuing operations before income taxes$692,640 $(130,360)$(42,271)
_______________ 
(1)In the first quarter of 2021, we completed the previously announced exit of the extension of our liability insurance coverage for ChoiceLease customers.
(2)Represents the elimination of intercompany revenues in our FMS business segment.
(3)Refer to Note 19, "Employee Benefit Plans," for a discussion on these items.
(4)Refer to Note 21, “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 depreciation expense, amortization expense and other non-cash charges, net, interest expense (income), capital expenditures paid and total assets for the years ended December 31, 2021, 2020 and 2019, as provided to the chief operating decision-maker for each of our reportable business segments:
FMSSCSDTSCSSEliminationsTotal
(In thousands)
2021
Depreciation expense (1)
$1,735,729 $46,704 $3,230 $555 $— $1,786,218 
Amortization expense and other non-cash charges, net
40,771 84,163 3,108 (4,542)— 123,500 
Interest expense (income) (2)
214,034 2,720 (2,820)(42)— 213,892 
Capital expenditures paid1,853,419 67,319 1,240 19,431 — 1,941,409 
Total assets10,999,687 2,320,154 318,095 554,436 (358,049)13,834,323 
2020
Depreciation expense (1)
$1,981,426 $38,652 $2,955 $4,380 $— $2,027,413 
Amortization expense and other non-cash charges, net
135,499 68,878 1,025 2,344 — 207,746 
Interest expense (income) (2)
255,264 602 (3,176)8,652 — 261,342 
Capital expenditures paid1,089,773 37,742 1,459 17,547 — 1,146,521 
Total assets11,274,450 1,313,312 295,738 328,329 (279,875)12,931,954 
2019
Depreciation expense (1)
$1,825,816 $42,428 $3,795 $6,890 $— $1,878,929 
Amortization expense and other non-cash charges, net
128,322 61,419 1,510 4,077 — 195,328 
Interest expense (income) (2)
243,406 1,038 (3,224)161 — 241,381 
Capital expenditures paid3,643,573 49,421 2,182 39,998 — 3,735,174 
Total assets12,991,716 1,236,589 327,384 305,631 (385,986)14,475,334 
_______________ 
(1)Depreciation expense totaling $26 million in 2021 and $27 million in 2020 and 2019 associated with CSS assets was allocated to business segments based upon estimated and planned asset utilization.
(2)Interest expense was primarily allocated to the FMS segment since such borrowings were used principally to fund the purchase of revenue earning equipment used in FMS; however, interest was also reflected in SCS and DTS based on targeted segment leverage ratios.
Schedule of Geographic Information Geographic Information
 December 31,
 20212020
 (In thousands)
Long-lived assets:
United States$8,477,721 $8,682,657 
Foreign:
Canada531,580 622,111 
Europe241,652 337,310 
Mexico57,064 61,995 
830,296 1,021,416 
Total$9,308,017 $9,704,073 
v3.22.0.1
REVENUE (Tables)
 12 Months Ended
Dec. 31, 2021
Revenue from Contract with Customer [Abstract]  
Schedule of Revenue from External Customers by Geographic Areas
The following tables disaggregate our revenue recognized by primary geographical market by our reportable business segments 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
Year ended December 31, 2021
FMSSCSDTSEliminationsTotal
(In thousands)
United States$5,115,356 $2,705,569 $1,457,188 $(599,088)$8,679,025 
Canada301,519 229,750 — (28,893)502,376 
Europe (1)
262,073 — — — 262,073 
Mexico— 219,479 — — 219,479 
Total revenues$5,678,948 $3,154,798 $1,457,188 $(627,981)$9,662,953 
 ————————————
(1)Refer to Note 21, "Other Items Impacting Comparability", for further information on the exit of the FMS U.K. business.

Year ended December 31, 2020
FMSSCSDTSEliminationsTotal
(In thousands)
United States$4,646,290 $2,146,936 $1,229,374 $(506,884)$7,515,716 
Canada269,198 207,911 — (17,286)459,823 
Europe254,979 — — — 254,979 
Mexico— 189,573 — — 189,573 
Total revenues$5,170,467 $2,544,420 $1,229,374 $(524,170)$8,420,091 
Year ended December 31, 2019
FMSSCSDTSEliminationsTotal
(In thousands)
United States$4,965,461 $2,110,240 $1,417,483 $(593,170)$7,900,014 
Canada302,956 215,380 — (21,186)497,150 
Europe302,986 — — — 302,986 
Mexico— 222,358 — — 222,358 
Singapore— 3,293 — — 3,293 
Total revenues$5,571,403 $2,551,271 $1,417,483 $(614,356)$8,925,801 
Schedule of Disaggregation of Revenue Our SCS business segment includes revenue from the following industries:
Years ended December 31,
202120202019
(In thousands)
Automotive$1,185,372 $940,314 $1,003,508 
Technology and healthcare427,510 386,610 432,107 
Consumer packaged goods and retail1,220,534 993,403 901,344 
Industrial and other321,382 224,093 214,312 
Total revenues$3,154,798 $2,544,420 $2,551,271 
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:
Years ended December 31,
202120202019
(In thousands)
Balance as of beginning of period$629,739 $603,687 $582,078 
Recognized as revenue during period from beginning balance(183,460)(179,623)(180,939)
Consideration deferred during period, net145,498 203,308 203,136 
Foreign currency translation adjustment and other1,665 2,367 (588)
Balance as of end of period$593,442 $629,739 $603,687 
v3.22.0.1
RECEIVABLES, NET (Tables)
 12 Months Ended
Dec. 31, 2021
Receivables [Abstract]  
Schedule of Receivables, Net
 December 31,
 20212020
 (In thousands)
Trade$1,280,766 $1,051,618 
Sales-type leases148,134 132,003 
Other, primarily warranty and insurance67,141 41,753 
1,496,041 1,225,374 
Allowance for credit losses and other(31,304)(43,024)
Total$1,464,737 $1,182,350 
Schedule of Allowance for Credit Loss
The following table provides a reconciliation of our allowance for credit losses and other:
Years ended December 31,
20212020
(in thousands)
Balance as of beginning of period$43,024 $22,761 
Changes to provisions for credit losses1,632 34,191 
Impact of adoption of new accounting standard, write-offs, and other (1)
(13,352)(13,928)
Balance as of end of period$31,304 $43,024 
 ————————————
(1)Includes the cumulative-effect adjustment for the adoption of ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) in 2020.
v3.22.0.1
REVENUE EARNING EQUIPMENT, NET (Tables)
 12 Months Ended
Dec. 31, 2021
Revenue Earning Equipment [Abstract]  
Schedule of Revenue Earning Equipment
 Estimated
Useful
Lives		December 31, 2021December 31, 2020
CostAccumulated
Depreciation		NetCostAccumulated
Depreciation		Net
(In years)(In thousands)
Held for use:
Trucks
3 — 7
$5,223,127 $(2,055,135)$3,167,992 $5,061,266 $(1,818,594)$3,242,672 
Tractors
   4 — 7.5
7,256,002 (3,059,206)4,196,796 7,013,595 (2,853,591)4,160,004 
Trailers and other
9.5 — 12
1,780,487 (868,820)911,667 2,046,768 (804,006)1,242,762 
Held for sale209,506 (162,922)46,584 644,132 (512,555)131,577 
Total$14,469,122 $(6,146,083)$8,323,039 $14,765,761 $(5,988,746)$8,777,015 
Summary of Amounts that have been Recorded for Accelerated and policy Depreciation related to our Residual Value Estimate Changes
The following table provides a summary of incremental depreciation expense that has been recorded related to our residual value estimate changes since 2019, as well as used vehicle sales results (rounded to the closest million):
Years ended December31,
202120202019
(in thousands)
Depreciation expense related to estimate changes$309,000 $491,000 $357,000 
Used vehicle sales, net(257,000)— 59,000 

2021
During the second quarter of 2021, we completed a review of the residual values and useful lives of revenue earning equipment. Based on the results of our analysis, we primarily adjusted our residual value estimates for certain tractors and useful lives of certain classes of our revenue earning equipment, which impacted approximately 15% of our total fleet. The increase in depreciation expense in 2021 as a result of residual value estimate changes was not material to our results of operations.
Schedule of Fair Value of Assets
The following table presents revenue earning equipment held for sale that are measured at fair value on a nonrecurring basis and considered a Level 3 fair value measurement:
 Losses from Valuation Adjustments
December 31,Years ended December 31,
 2021
2020 (2)
202120202019
(In thousands)(In thousands)
Revenue earning equipment held for sale (1):
Trucks$931 $3,848 $3,390 $18,022 $38,701 
Tractors1,485 2,211 4,179 12,139 40,213 
Trailers and other1,309 4,092 6,005 6,909 4,224 
Total assets at fair value$3,725 $10,151 $13,574 $37,070 $83,138 
_______________
(1)Reflects only the portion where net book values exceeded fair values and valuation adjustments were recorded. The net book value of assets held for sale that were less than fair value was $43 million and $121 million as of December 31, 2021 and 2020, respectively.
(2)Adjusted the presentation of the vehicles held for sale that were recorded to fair value to now exclude vehicles that previously recognized accumulated depreciation.
Schedule of Components of Used Vehicle Sales The components of used vehicle sales, net were as follows:
 Years ended December 31,
202120202019
 (In thousands)
Gains on vehicle sales, net$(270,976)$(37,484)$(24,432)
Losses from valuation adjustments13,574 37,070 83,138 
Used vehicle sales, net$(257,402)$(414)$58,706 
v3.22.0.1
OPERATING PROPERTY AND EQUIPMENT, NET (Tables)
 12 Months Ended
Dec. 31, 2021
Property, Plant and Equipment [Abstract]  
Schedule of Operating Property and Equipment, Net
 Estimated
Useful Lives		December 31,
 20212020
 (In years)(In thousands)
Land—$239,355 $243,368 
Buildings and improvements
10 — 40
946,176 926,230 
Machinery and equipment
3 — 10
927,132 864,941 
Other
3 — 10
145,952 104,683 
2,258,615 2,139,222 
Accumulated depreciation(1,273,637)(1,212,164)
Total$984,978 $927,058 
v3.22.0.1
GOODWILL (Tables)
 12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill by Business Segment
The carrying amount of goodwill attributable to each reportable business segment with changes therein was as follows:
FMSSCSDTSTotal
 (In thousands)
Balance as of January 1, 2020$243,702 $190,515 $40,808 $475,025 
Foreign currency translation adjustment103 117 — 220 
Balance as of December 31, 2020$243,805 $190,632 $40,808 $475,245 
Acquisition (1)
— 95,627 — 95,627 
Foreign currency translation adjustment 15 18 — 33 
Balance as of December 31, 2021 (2)
$243,820 $286,277 $40,808 $570,905 
_______________
(1)See Note 24, "Acquisitions," for additional information.
(2)Accumulated impairment losses were $26 million and $19 million for FMS and SCS, respectively, as of both December 31, 2021 and 2020.
v3.22.0.1
INTANGIBLE ASSETS, NET (Tables)
 12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets
 December 31, 2021
 FMSSCSDTSCSSTotal
 (In thousands)
Indefinite lived intangible assets — Trade name$— $— $— $8,731 $8,731 
Finite lived intangible assets, primarily customer relationships (1)
57,686 185,399 7,582 — 250,667 
Accumulated amortization(53,293)(30,687)(5,213)— (89,193)
Total$4,393 $154,712 $2,369 $8,731 $170,205 
December 31, 2020
FMSSCSDTSCSSTotal
(In thousands)
Indefinite lived intangible assets — Trade name$— $— $— $8,731 $8,731 
Finite lived intangible assets, primarily customer relationships57,686 50,2497,582 — 115,517 
Accumulated amortization(51,545)(24,748)(4,739)— (81,032)
Total$6,141 $25,501 $2,843 $8,731 $43,216 
 _______________
(1)Includes $135 million of customer relationships related to the acquisition of Midwest. Refer to Note 24, "Acquisitions," for additional information.
v3.22.0.1
ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)
 12 Months Ended
Dec. 31, 2021
Accrued Liabilities and Other Liabilities [Abstract]  
Schedule of Accrued Expenses and Other Liabilities
 December 31, 2021December 31, 2020
 Accrued
Expenses		Non-Current
Liabilities		TotalAccrued
Expenses		Non-Current
Liabilities		Total
 (In thousands)
Salaries and wages$210,350 $— $210,350 $158,122 $— $158,122 
Deferred compensation6,016 91,083 97,099 5,117 77,823 82,940 
Pension benefits3,848 171,259 175,107 3,776 265,178 268,954 
Other postretirement benefits1,389 17,083 18,472 1,381 20,245 21,626 
Other employee benefits23,978 — 23,978 20,599 — 20,599 
Insurance obligations (1)
186,449 311,209 497,658 169,936 292,298 462,234 
Operating taxes (2)
165,680 — 165,680 164,293 41,687 205,980 
Income taxes9,469 12,972 22,441 4,588 15,598 20,186 
Interest37,116 — 37,116 38,887 — 38,887 
Deposits, mainly from customers94,547 — 94,547 79,840 3,014 82,854 
Operating lease liabilities100,232 255,573 355,805 78,785 186,429 265,214 
Deferred revenue (3)
182,785 410,657 593,442 183,474 446,265 629,739 
Restructuring liabilities (4)
10,484 — 10,484 7,683 — 7,683 
Other87,259 44,568 131,827 72,697 55,324 128,021 
Total$1,119,602 $1,314,404 $2,434,006 $989,178 $1,403,861 $2,393,039 
_______________
(1) Insurance obligations are primarily comprised of self-insured claim liabilities.
(2) Includes the deferral of certain payroll taxes allowed under the CARES Act.
(3) Refer to Note 4, "Revenue", for further information.
(4)    Includes $8 million related to the exit of the FMS U.K. business. Refer to Note 21, "Other Items Impacting Comparability" for further information.
v3.22.0.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Components of Earnings from Continuing Operations before Income Taxes The components of earnings (loss) from continuing operations before income taxes and the provision for (benefit from) income taxes from continuing operations were as follows:
 Years ended December 31,
 202120202019
 (In thousands)
Earnings (loss) from continuing operations before income taxes:
United States$559,621 $(126,537)$(44,668)
Foreign133,019 (3,823)2,397 
Total$692,640 $(130,360)$(42,271)
Provision for (benefit from) income taxes from continuing operations:
Current tax expense (benefit) from continuing operations:
Federal$8,673 $(642)$(1,065)
State24,011 9,523 9,187 
Foreign12,205 5,620 5,210 
44,889 14,501 13,332 
Deferred tax expense (benefit) from continuing operations:
Federal111,893 (27,534)(8,228)
State8,212 (10,263)(18,790)
Foreign6,048 4,932 (5,313)
126,153 (32,865)(32,331)
Total$171,042 $(18,364)$(18,999)
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:
 Years ended December 31,
 202120202019
 (Percentage of pre-tax earnings)
 Federal statutory tax rate 21.0 %21.0 %21.0 %
 Impact on deferred taxes for changes in tax rates (0.3)%0.9 %20.5 %
 Additional deferred tax adjustments (0.1)%0.8 %— %
 State income taxes, net of federal income tax benefit 4.4 %(3.4)%(19.2)%
 Foreign rates varying from federal statutory tax rate 0.1 %1.3 %3.1 %
 Tax contingencies (0.7)%5.5 %15.7 %
 Tax credits (0.3)%1.7 %11.3 %
 Other permanent book-tax differences 1.8 %(3.3)%(8.6)%
 Change in foreign valuation allowance(1.1)%(11.9)%— %
 Other(0.1)%1.5 %1.1 %
 Effective tax rate24.7 %14.1 %44.9 %
Schedule of Components of Net Deferred Income Tax Liability
The components of the net deferred income tax liability were as follows:
 December 31,
 20212020
 (In thousands)
Deferred income tax assets:
Self-insurance accruals$111,058 $104,346 
Net operating loss carryforwards271,203 381,585 
Accrued compensation and benefits68,968 46,321 
Pension benefits16,862 75,466 
Deferred revenue152,435 170,958 
Other, including federal benefit on state tax positions30,613 35,104 
651,139 813,780 
Valuation allowance(23,456)(41,153)
627,683 772,627 
Deferred income tax liabilities:
Property and equipment basis differences(1,873,598)(1,888,112)
Other(23,818)(5,379)
(1,897,416)(1,893,491)
Net deferred income tax liability (1)
$(1,269,733)$(1,120,864)
_______________
(1)Deferred tax assets of $5 million have been included in "Sales-type leases and other assets" as of both December 31, 2021 and 2020.
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)2013 - 2015, 2018 - 2021
Canada2013 - 2021
Mexico2016 - 2021
United Kingdom2020 - 2021
Brazil (in discontinued operations)2016 - 2021
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):
 December 31,
 202120202019
 (In thousands)
Balance at January 1$42,787 $48,918 $58,819 
Additions based on tax positions related to the current year1,316 2,225 1,422 
Reductions due to lapse of applicable statutes of limitation(5,696)(8,356)(11,323)
Gross balance at December 3138,407 42,787 48,918 
Interest and penalties3,585 4,491 4,772 
Balance at December 31$41,992 $47,278 $53,690 
v3.22.0.1
LEASES (Tables)
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Schedule of Lease Income - Operating
The components of revenue from leases were as follows:
 Years ended December 31,
 202120202019
 (In thousands)
Operating leases
Lease income related to ChoiceLease$1,537,901 $1,565,579 $1,505,913 
Lease income related to commercial rental (1)
1,061,821 791,631 952,560 
 
Sales-type leases
Interest income related to net investment in leases$47,613 $49,244 $46,801 
 
Variable lease income excluding commercial rental (1)
$311,857 $289,165 $272,065 
_______________ 
(1)Lease income related to commercial rental includes both fixed and variable lease income. Variable lease income is approximately 15% to 25% of total commercial rental income.
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,
 20212020
 (In thousands)
Net investment in the lease - lease payment receivable$583,008 $589,120 
Net investment in the lease - unguaranteed residual value in assets46,740 44,704 
629,748 633,824 
Estimated loss allowance(3,705)(4,025)
Total$626,043 $629,799 
Schedule of Maturity of Sales-Type Lease Receivable
Maturities of sales-type lease receivables as of December 31, 2021 were as follows:
Years ending December 31 (In thousands)
2022$188,506 
2023153,803 
2024126,930 
202595,783 
202668,369 
Thereafter75,772 
Total undiscounted cash flows709,163 
Present value of lease payments (recognized as lease receivables)(583,008)
Difference between undiscounted cash flows and discounted cash flows$126,155 
Schedule of Maturity of Operating Lease Payments
Operating lease payments expected to be received as of December 31, 2021 were as follows:
Years ending December 31(In thousands)
2022$1,206,632 
2023869,800 
2024623,388 
2025401,577 
2026217,887 
Thereafter135,171 
Total undiscounted cash flows$3,454,455 
Schedule of Lease Cost, Lease Term, and Discount Rate The components of lease expense were as follows:
 Years ended December 31,
 202120202019
 (In thousands)
Finance lease cost
Amortization of right-of-use-assets$14,085 $13,295 $13,671 
Interest on lease liabilities1,926 2,344 2,565 
Operating lease cost98,363 92,227 94,039 
Short-term lease and other9,077 8,432 10,963 
Variable lease cost16,299 13,325 12,459 
Sublease income(27,081)(27,223)(22,385)
Total lease cost$112,669 $102,400 $111,312 
 December 31,
 20212020
Weighted-average remaining lease term
Operating5 years4 years
Finance4 years6 years
Weighted-average discount rate
Operating2.7 %3.3 %
Finance4.4 %5.6 %
Schedule of Leases, Assets and Liabilities
Supplemental balance sheet information related to leases was as follows:
 December 31,
 2021
2020
 Operating LeaseFinance LeaseOperating LeaseFinance Lease
(In thousands)
Noncurrent assets (1)
$341,125 $40,388 $255,964 $39,571 
Current liabilities (2)
100,232 13,163 78,785 13,282 
Noncurrent liabilities (3)
255,573 31,432 186,429 35,136 
_______________
(1)Operating lease right-of-use assets are included in "Sales-type leases and other assets" and finance lease assets are included in "Other property and equipment, net" and "Revenue earning equipment, net".
(2)Current operating lease liabilities are included in "Accrued expenses and other current liabilities" and current finance leases liabilities are included in "Short-term debt and current portion of long-term debt".
(3)Noncurrent operating lease liabilities are included in "Other non-current liabilities" and noncurrent finance lease liabilities are included in "Long-term debt".
Schedule of Operating Lease Maturities Maturities of operating and finance lease liabilities were as follows:
 OperatingFinance 
 LeasesLeasesTotal
Years ending December 31(In thousands)
2022$108,380 $14,921 $123,301 
202388,760 12,039 100,799 
202463,455 9,072 72,527 
202545,004 5,773 50,777 
202625,746 3,040 28,786 
Thereafter46,360 4,817 51,177 
Total lease payments377,705 49,661 427,367 
Less: Imputed Interest(21,900)(5,066)(26,966)
Present value of lease liabilities$355,805 $44,595 $400,401 
Schedule of Finance Lease Maturities Maturities of operating and finance lease liabilities were as follows:
 OperatingFinance 
 LeasesLeasesTotal
Years ending December 31(In thousands)
2022$108,380 $14,921 $123,301 
202388,760 12,039 100,799 
202463,455 9,072 72,527 
202545,004 5,773 50,777 
202625,746 3,040 28,786 
Thereafter46,360 4,817 51,177 
Total lease payments377,705 49,661 427,367 
Less: Imputed Interest(21,900)(5,066)(26,966)
Present value of lease liabilities$355,805 $44,595 $400,401 
v3.22.0.1
DEBT (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Debt
 Weighted Average Interest Rate  
 December 31, 2021December 31, 2020MaturitiesDecember 31,
2021		December 31,
2020
   (In thousands)
Debt:
U.S. commercial paper
0.32%0.29%2026$531,157 $214,375 
Canadian commercial paper
0.34%0.62%20267,087 62,800 
Trade receivables financing program—%—%2022— — 
Global revolving credit facility—%1.25%2026— 200 
Unsecured U.S. obligations3.41%3.47%2024200,000 200,000 
Unsecured U.S. notes — Medium-term notes (1)
3.24%3.41%2022-20265,149,893 5,174,180 
Unsecured foreign obligations2.00%1.82%2022-2024140,265 254,259 
Asset-backed U.S. obligations (2)
2.62%2.53%2022-2026526,712 682,383 
Finance lease obligations and other2022-203044,595 48,418 
6,599,709 6,636,615 
Debt issuance costs and original issue discounts(20,040)(26,379)
Total debt6,579,669 6,610,236 
Short-term debt and current portion of long-term debt(1,333,363)(516,581)
Long-term debt$5,246,306 $6,093,655 
_______________
(1)Includes the impact from the fair market values of hedging instruments on our notes, which were not material as of both December 31, 2021 and December 31, 2020. The notional amount of the executed interest rate swaps designated as fair value hedges was $450 million and $150 million as of December 31, 2021 and December 31, 2020, respectively.
(2)Asset-backed U.S. obligations are related to financing transactions backed by a portion of our revenue earning equipment.
The following table includes our debt proceeds and repayments in 2021:
Debt ProceedsDebt Repayments
(In thousands)
Medium-term notes$299,616 Medium-term notes$320,000 
U.S. and foreign term loans, finance lease obligations and other— U.S. and foreign term loans, finance lease obligations and other287,636 
Total debt proceeds
$299,616 Total debt repaid$607,636 
Schedule of Maturities of Debt Contractual maturities of total debt, excluding finance lease obligations, are as follows:
Years ending December 31(In thousands)
2022$1,321,221 
20231,341,525 
20241,509,973 
20251,084,564 
20261,297,831 
Thereafter— 
Total6,555,114 
Finance lease obligations (Refer to Note 12)
44,595 
Total long-term debt$6,599,709 
v3.22.0.1
GUARANTEES (Tables)
 12 Months Ended
Dec. 31, 2021
Guarantees [Abstract]  
Schedule of Letters of Credit and Surety Bonds Outstanding As of December 31, 2021 and 2020, we had letters of credit and surety bonds outstanding, which primarily guarantee various insurance activities as noted in the following table:
 December 31,
 20212020
 (In thousands)
Letters of credit$273,621 $371,840 
Surety bonds182,356 147,091 
v3.22.0.1
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Schedule of Components of Accumulated Other Comprehensive Loss The following summary sets forth the components of accumulated other comprehensive loss, net of tax:
December 31,
20212020
 (In thousands)
Cumulative translation adjustments$(153,770)$(146,529)
Net actuarial loss and prior service cost (1)
(528,682)(655,040)
Unrealized gain (loss) from cash flow hedges(6,789)(15,636)
Accumulated other comprehensive loss$(689,241)$(817,205)
_______________ 
(1) Refer to Note 19, "Employee Benefit Plans," for further information.
v3.22.0.1
EARNINGS PER SHARE (Tables)
 12 Months Ended
Dec. 31, 2021
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:
 Years ended December 31,
 202120202019
 (In thousands, except per share amounts)
Earnings (loss) from continuing operations$521,598 $(111,996)$(23,272)
Less: Distributed and undistributed earnings allocated to unvested stock(2,468)(517)(453)
Earnings (loss) from continuing operations available to common shareholders $519,130 $(112,513)$(23,725)
Weighted average common shares outstanding — Basic52,338 52,362 52,348 
Effect of dilutive equity awards1,170 — — 
Weighted average common shares outstanding — Diluted53,508 52,362 52,348 
Earnings (loss) from continuing operations per common share — Basic$9.92 $(2.15)$(0.45)
Earnings (loss) from continuing operations per common share — Diluted$9.70 $(2.15)$(0.45)
Anti-dilutive equity awards not included in diluted EPS682 3,504 2,458 
v3.22.0.1
SHARE-BASED COMPENSATION PLANS (Tables)
 12 Months Ended
Dec. 31, 2021
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:
 Years ended December 31,
 202120202019
 (In thousands)
Unvested stock awards$44,163 $25,509 $19,253 
Stock option and employee stock purchase plans2,837 4,484 6,575 
Share-based compensation expense47,000 29,993 25,828 
Income tax benefit(6,641)(4,728)(4,667)
Share-based compensation expense, net of tax$40,359 $25,265 $21,161 
Schedule of Nonvested Stock Awards
The following is a summary of activity for time-vested and performance-based unvested restricted stock awards and units as of and for the year ended December 31, 2021:
 
Time-Vested (1)
Performance-Based
 SharesWeighted-
Average
Grant Date
Fair Value		SharesWeighted-
Average
Grant Date
Fair Value
 (In thousands) (In thousands) 
Unvested stock outstanding at January 11,195$48.53 528$32.03 
Granted43266.68 13169.34 
Vested (2)
(348)52.20 (78)63.47 
Forfeited (3)
(102)54.17 (125)56.92 
Unvested stock outstanding at December 31 1,177$53.59 456$51.79 
 _____________ 
(1) Includes RSUs granted to non-executive members of the Board of Directors
(2) Includes awards attained above target.
(3) Includes awards canceled due to employee terminations or performance conditions not being achieved.
Schedule of Weighted-Average Assumptions used for Options Granted
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 presents the weighted-average assumptions used for the valuation, which are primarily based on our historical data and trends, and the grant-date fair value of options granted:
 Year ended December 31,
  
2019
 
Expected dividends3.7%
Expected volatility31.4%
Risk-free rate2.4%
Expected term in years4.4 years
Grant-date fair value$11.74 
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:
 Years ended December 31,
 202120202019
Shares purchased160,000 320,000 228,000 
Weighted average purchase price$66.75 $32.39 $47.97 
v3.22.0.1
EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Schedule of Pension Expense from Continuing Operations Components of net pension expense for defined benefit pension plans were as follows:
  
Years ended December 31,
  
202120202019
 (In thousands)
Company-administered plans:
Service cost$1,093 $11,915 $11,007 
Interest cost57,973 67,781 84,960 
Expected return on plan assets(86,775)(97,526)(91,034)
Pension settlement expense— — 34,974 
Curtailment loss— 9,329 — 
Amortization of net actuarial loss and prior service cost28,221 31,787 31,419 
Net pension expense$512 $23,286 $71,326 
Company-administered plans:
U.S.$8,906 $32,503 $75,936 
Non-U.S.(8,394)(9,217)(4,610)
Net pension expense$512 $23,286 $71,326 
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
Years ended December 31,		Non-U.S. Plans
Years ended December 31,
 202120202019202120202019
Discount rate2.60%3.18%4.35%1.53%2.28%3.04%
Rate of increase in compensation levels3.00%3.00%3.00%3.11%3.11%3.08%
Expected long-term rate of return on plan assets
3.90%5.05%5.40%3.89%4.99%5.36%
Gain and loss amortization period (years)212122242424
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,
 2021202020212020
Discount rate2.95%2.60%2.14%1.53%
Rate of increase in compensation levels—%3.00%3.14%3.11%
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:
 
 20212020
 (In thousands)
Change in benefit obligations:
Benefit obligations at January 1$2,509,093 $2,324,080
Service cost1,093 11,915
Interest cost57,973 67,781
Actuarial (gain) loss(113,663)212,099
Pension curtailment and settlement— (19,052)
Benefits paid(105,887)(104,977)
Foreign currency exchange rate changes(4,384)17,247
Benefit obligations at December 312,344,225 2,509,093
Change in plan assets:
Fair value of plan assets at January 12,303,996 1,978,708
Actual return on plan assets94,931 275,372
Employer contribution6,992 136,029
Benefits paid(105,887)(104,977)
Foreign currency exchange rate changes(5,930)18,864
Fair value of plan assets at December 312,294,102 2,303,996
Funded status$(50,123)$(205,097)
Funded percent98%92%
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,
 20212020
 (In thousands)
Noncurrent asset$124,984 $63,857 
Current liability(3,848)(3,776)
Noncurrent liability(171,259)(265,178)
Net amount recognized$(50,123)$(205,097)
Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss Amounts recognized in accumulated other comprehensive loss (pre-tax) consisted of:
 December 31,
 20212020
 (In thousands)
Prior service cost$3,622 $3,816 
Net actuarial loss706,375 855,300 
Net amount recognized$709,997 $859,116 
Schedule of Pension Obligations Greater than Fair Value of Related Plan Assets As of December 31, 2021 and 2020, 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,
 202120202021202020212020
 (In thousands)
Total accumulated benefit obligations$1,825,811 $1,940,549 $515,974 $566,177 $2,341,785 $2,506,726 
Plans with pension obligations in excess of plan assets:
PBO1,825,811 1,940,704 10,420 9,848 1,836,231 1,950,552 
ABO1,825,811 1,940,549 8,193 7,995 1,834,004 1,948,544 
Fair value of plan assets1,661,122 1,681,598 — — 1,661,122 1,681,598 
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 as of December 31, 2021 and 2020:
 Fair Value Measurements at December 31, 2021
Asset CategoryTotalLevel 1Level 2Level 3
 (In thousands)
Equity securities:
U.S. common collective trusts$191,323 $— $191,323 $— 
Non-U.S. common collective trusts154,625 — 154,625 — 
Fixed income securities:
Corporate bonds72,106 — 72,106 — 
Common collective trusts1,754,158 — 1,754,158 — 
Private equity and hedge funds121,890 — — 121,890 
Total$2,294,102 $— $2,172,212 $121,890 
 
 Fair Value Measurements at December 31, 2020
Asset CategoryTotalLevel 1Level 2Level 3
 (In thousands)
Equity securities:
U.S. common collective trusts$371,893 $— $371,893 $— 
Non-U.S. common collective trusts263,023 — 263,023 — 
Fixed income securities:
Corporate bonds98,715 — 98,715 — 
Common collective trusts1,447,225 — 1,447,225 — 
Private equity and hedge funds123,140 — — 123,140 
Total$2,303,996 $— $2,180,856 $123,140 
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 for 2021 and 2020: 
20212020
 (In thousands)
Beginning balance at January 1$123,140 $118,218 
Return on plan assets:
Relating to assets still held at the reporting date24,842 8,969 
Relating to assets sold during the period— — 
Purchases, sales, settlements and expenses(26,092)(4,047)
Ending balance at December 31$121,890 $123,140 
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 thousands)
2022$114,235 
2023115,699 
2024118,280 
2025121,222 
2026123,523 
2027-2031630,876 
Schedule of Asset Classes The following table presents the asset classes as of December 31, 2021 and 2020:
 December 31,
 20212020
 (In thousands)
Cash and cash equivalents$21,457 $24,573 
U.S. equity mutual funds53,449 39,066 
Foreign equity mutual funds11,452 8,389 
Fixed income mutual funds9,648 10,269 
Total investments held in Rabbi Trusts$96,006 $82,297 
v3.22.0.1
OTHER ITEMS IMPACTING COMPARABILITY (Tables)
 12 Months Ended
Dec. 31, 2021
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,
 202120202019
 (In thousands)
Restructuring and other, net$19,656 $76,364 $35,308 
ERP implementation costs12,715 34,251 21,260 
Restructuring and other items, net32,371 110,615 56,568 
Gains on sale of properties(42,031)(5,418)(18,614)
Early redemption of medium-term notes— 8,999 — 
ChoiceLease liability insurance revenue (1)
(777)(23,817)— 
Other items impacting comparability, net$(10,437)$90,379 $37,954 
_______________
(1) Refer to Note 3, "Segment Reporting," for additional information.

Note: Amounts may not be additive due to rounding.
v3.22.0.1
SUPPLEMENTAL CASH FLOW INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2021
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,
 202120202019
 (In thousands)
Interest paid (1)
$208,064 $245,804 $225,842 
Income taxes paid45,192 14,259 6,325 
Cash paid for amounts included in measurement of liabilities:
Operating cash flows from operating leases97,673 90,301 93,383 
Right-of-use assets obtained in exchange for lease obligations:
Finance leases14,800 14,298 21,749 
Operating leases107,585 124,872 96,810 
Capital expenditures acquired but not yet paid178,913 108,675 185,264 
________________
(1) Excludes cash paid for prepayment penalty related to the early redemption of two medium-term notes in 2020.
Schedule of Cash and Cash Equivalents
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Balance Sheets to the amounts shown in the Consolidated Statements of Cash Flows:

 December 31,
 20212020
 (In thousands)
Cash and cash equivalents$233,961 $151,294 
Restricted cash included in prepaid expenses and other current assets439,364 — 
Total cash, cash equivalents, and restricted cash $673,325 $151,294 
Schedule of Restrictions on Cash Equivalents
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Balance Sheets to the amounts shown in the Consolidated Statements of Cash Flows:

 December 31,
 20212020
 (In thousands)
Cash and cash equivalents$233,961 $151,294 
Restricted cash included in prepaid expenses and other current assets439,364 — 
Total cash, cash equivalents, and restricted cash $673,325 $151,294 
v3.22.0.1
ACQUISITIONS (Tables)
 12 Months Ended
Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The following table provides the preliminary purchase price allocation of the fair value of the assets and liabilities for Midwest as of the acquisition date:

 (In thousands)
Assets:
Goodwill$95,627 
Intangible assets, net135,150 
Other assets131,600 
Total assets362,377 
Liabilities:
Accounts payable and other liabilities78,813 
Net assets acquired$283,564 
v3.22.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)
 12 Months Ended
Dec. 31, 2021
USD ($)
segment
renewal_option
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
Trailers and other  
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]  
Payment term on trade receivables 15 days
Minimum | ChoiceLease Service Contracts  
Disaggregation of Revenue [Line Items]  
Contract term 3 years
Minimum | SCS And DTS Service Contracts  
Disaggregation of Revenue [Line Items]  
Contract term 3 years
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]  
Payment term on trade receivables 90 days
Maximum | ChoiceLease Service Contracts  
Disaggregation of Revenue [Line Items]  
Contract term 7 years
Maximum | SCS And DTS Service Contracts  
Disaggregation of Revenue [Line Items]  
Contract term 5 years
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
v3.22.0.1
SEGMENT REPORTING - Summary (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Revenue:      
Leases and related maintenance and rental revenues $ 3,994,481 $ 3,704,045 $ 3,784,744
Revenues 9,662,953 8,420,091 8,925,801
Earnings before tax, before reconciling items 750,234 48,624 105,203
Non-operating pension costs, net 577 (11,167) (60,406)
Other items impacting comparability, net (32,371) (110,615) (56,568)
Earnings (loss) from continuing operations before income taxes 692,640 (130,360) (42,271)
Eliminations      
Revenue:      
Revenues (627,981) (524,170) (614,356)
Earnings before tax, before reconciling items (79,265) (42,801) (50,732)
Segment Reconciling Items      
Revenue:      
Unallocated Central Support Services (68,608) (77,438) (49,114)
Non-operating pension costs, net 577 (11,167) (60,406)
Other items impacting comparability, net 10,437 (90,379) (37,954)
FMS | Operating Segments      
Revenue:      
Revenues 5,678,948 5,170,467 5,571,403
Earnings before tax, before reconciling items 663,090 (141,957) (70,274)
FMS | Operating Segments | ChoiceLease      
Revenue:      
Leases and related maintenance and rental revenues 3,219,914 3,159,909 3,077,051
FMS | Operating Segments | Commercial rental      
Revenue:      
Leases and related maintenance and rental revenues 1,113,740 834,232 1,009,086
FMS | Operating Segments | SelectCare and other      
Revenue:      
Leases and related maintenance and rental revenues 606,877 583,435 633,644
FMS | Operating Segments | Fuel services      
Revenue:      
Revenue from contract with customer 737,640 569,074 816,362
FMS | Operating Segments | ChoiceLease liability insurance revenue      
Revenue:      
Revenues 777 23,817 35,260
SCS      
Revenue:      
Revenues 3,154,798 2,544,420 2,551,271
SCS | Operating Segments      
Revenue:      
Revenues 3,154,798 2,544,420 2,551,271
Earnings before tax, before reconciling items 117,351 159,940 145,060
DTS | Operating Segments      
Revenue:      
Revenues 1,457,188 1,229,374 1,417,483
Earnings before tax, before reconciling items $ 49,058 $ 73,442 $ 81,149
v3.22.0.1
SEGMENT REPORTING - Other Segment Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Segment Reporting Information [Line Items]      
Depreciation expense $ 1,786,218 $ 2,027,413 $ 1,878,929
Amortization expense and other non-cash charges, net 123,500 207,746 195,328
Interest expense (income) 213,892 261,342 241,381
Capital expenditures paid 1,941,409 1,146,521 3,735,174
Total assets 13,834,323 12,931,954 14,475,334
Operating Segments | FMS      
Segment Reporting Information [Line Items]      
Depreciation expense 1,735,729 1,981,426 1,825,816
Amortization expense and other non-cash charges, net 40,771 135,499 128,322
Interest expense (income) 214,034 255,264 243,406
Capital expenditures paid 1,853,419 1,089,773 3,643,573
Total assets 10,999,687 11,274,450 12,991,716
Operating Segments | SCS      
Segment Reporting Information [Line Items]      
Depreciation expense 46,704 38,652 42,428
Amortization expense and other non-cash charges, net 84,163 68,878 61,419
Interest expense (income) 2,720 602 1,038
Capital expenditures paid 67,319 37,742 49,421
Total assets 2,320,154 1,313,312 1,236,589
Operating Segments | DTS      
Segment Reporting Information [Line Items]      
Depreciation expense 3,230 2,955 3,795
Amortization expense and other non-cash charges, net 3,108 1,025 1,510
Interest expense (income) (2,820) (3,176) (3,224)
Capital expenditures paid 1,240 1,459 2,182
Total assets 318,095 295,738 327,384
CSS      
Segment Reporting Information [Line Items]      
Depreciation expense 555 4,380 6,890
Amortization expense and other non-cash charges, net (4,542) 2,344 4,077
Interest expense (income) (42) 8,652 161
Capital expenditures paid 19,431 17,547 39,998
Total assets 554,436 328,329 305,631
Depreciation expense reallocated to segments 26,000 27,000 27,000
Eliminations      
Segment Reporting Information [Line Items]      
Depreciation expense 0 0 0
Amortization expense and other non-cash charges, net 0 0 0
Interest expense (income) 0 0 0
Capital expenditures paid 0 0 0
Total assets $ (358,049) $ (279,875) $ (385,986)
v3.22.0.1
SEGMENT REPORTING - Geographic Information (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets $ 9,308,017 $ 9,704,073
United States    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets 8,477,721 8,682,657
Canada    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets 531,580 622,111
Europe    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets 241,652 337,310
Mexico    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets 57,064 61,995
Other    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets $ 830,296 $ 1,021,416
v3.22.0.1
REVENUE - Disaggregation of Revenue by Geographical Market and Industry (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Disaggregation of Revenue [Line Items]      
Revenues $ 9,662,953 $ 8,420,091 $ 8,925,801
United States      
Disaggregation of Revenue [Line Items]      
Revenues 8,679,025 7,515,716 7,900,014
Canada      
Disaggregation of Revenue [Line Items]      
Revenues 502,376 459,823 497,150
Europe      
Disaggregation of Revenue [Line Items]      
Revenues 262,073 254,979 302,986
Mexico      
Disaggregation of Revenue [Line Items]      
Revenues 219,479 189,573 222,358
Singapore      
Disaggregation of Revenue [Line Items]      
Revenues     3,293
SCS      
Disaggregation of Revenue [Line Items]      
Revenues 3,154,798 2,544,420 2,551,271
Operating Segments | FMS      
Disaggregation of Revenue [Line Items]      
Revenues 5,678,948 5,170,467 5,571,403
Operating Segments | FMS | United States      
Disaggregation of Revenue [Line Items]      
Revenues 5,115,356 4,646,290 4,965,461
Operating Segments | FMS | Canada      
Disaggregation of Revenue [Line Items]      
Revenues 301,519 269,198 302,956
Operating Segments | FMS | Europe      
Disaggregation of Revenue [Line Items]      
Revenues 262,073 254,979 302,986
Operating Segments | FMS | Mexico      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Operating Segments | FMS | Singapore      
Disaggregation of Revenue [Line Items]      
Revenues     0
Operating Segments | SCS      
Disaggregation of Revenue [Line Items]      
Revenues 3,154,798 2,544,420 2,551,271
Operating Segments | SCS | United States      
Disaggregation of Revenue [Line Items]      
Revenues 2,705,569 2,146,936 2,110,240
Operating Segments | SCS | Canada      
Disaggregation of Revenue [Line Items]      
Revenues 229,750 207,911 215,380
Operating Segments | SCS | Europe      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Operating Segments | SCS | Mexico      
Disaggregation of Revenue [Line Items]      
Revenues 219,479 189,573 222,358
Operating Segments | SCS | Singapore      
Disaggregation of Revenue [Line Items]      
Revenues     3,293
Operating Segments | DTS      
Disaggregation of Revenue [Line Items]      
Revenues 1,457,188 1,229,374 1,417,483
Operating Segments | DTS | United States      
Disaggregation of Revenue [Line Items]      
Revenues 1,457,188 1,229,374 1,417,483
Operating Segments | DTS | Canada      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Operating Segments | DTS | Europe      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Operating Segments | DTS | Mexico      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Operating Segments | DTS | Singapore      
Disaggregation of Revenue [Line Items]      
Revenues     0
Eliminations      
Disaggregation of Revenue [Line Items]      
Revenues (627,981) (524,170) (614,356)
Eliminations | United States      
Disaggregation of Revenue [Line Items]      
Revenues (599,088) (506,884) (593,170)
Eliminations | Canada      
Disaggregation of Revenue [Line Items]      
Revenues (28,893) (17,286) (21,186)
Eliminations | Europe      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Eliminations | Mexico      
Disaggregation of Revenue [Line Items]      
Revenues $ 0 $ 0 0
Eliminations | Singapore      
Disaggregation of Revenue [Line Items]      
Revenues     $ 0
v3.22.0.1
REVENUE - Disaggregation of Revenue by Industry (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Disaggregation of Revenue [Line Items]      
Revenues $ 9,662,953 $ 8,420,091 $ 8,925,801
SCS      
Disaggregation of Revenue [Line Items]      
Revenues 3,154,798 2,544,420 2,551,271
SCS | Automotive      
Disaggregation of Revenue [Line Items]      
Revenues 1,185,372 940,314 1,003,508
SCS | Technology and healthcare      
Disaggregation of Revenue [Line Items]      
Revenues 427,510 386,610 432,107
SCS | Consumer packaged goods and retail      
Disaggregation of Revenue [Line Items]      
Revenues 1,220,534 993,403 901,344
SCS | Industrial and other      
Disaggregation of Revenue [Line Items]      
Revenues $ 321,382 $ 224,093 $ 214,312
v3.22.0.1
REVENUE - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Disaggregation of Revenue [Line Items]      
Leases and related maintenance and rental revenues $ 3,994,481 $ 3,704,045 $ 3,784,744
Contracted not recognized revenue 2,400,000    
Initial direct costs of leases 106,000 89,000  
Sales commissions expense 44,000 44,000 43,000
Start-up Costs      
Disaggregation of Revenue [Line Items]      
Capitalized start-up costs 54,000 28,000  
Start-up contract amortization expense 23,000 11,000 11,000
Maintenance Services      
Disaggregation of Revenue [Line Items]      
Leases and related maintenance and rental revenues $ 1,000,000 $ 965,000 $ 950,000
v3.22.0.1
REVENUE - Changes in Contract Liability (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Contract With Customer, Liability [Roll Forward]      
Balance as of beginning of period $ 629,739 $ 603,687 $ 582,078
Recognized as revenue during period from beginning balance (183,460) (179,623) (180,939)
Consideration deferred during period, net 145,498 203,308 203,136
Foreign currency translation adjustment and other 1,665 2,367 (588)
Balance as of end of period $ 593,442 $ 629,739 $ 603,687
v3.22.0.1
RECEIVABLES, NET - Summary (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Receivables [Abstract]    
Trade $ 1,280,766 $ 1,051,618
Sales-type leases 148,134 132,003
Other, primarily warranty and insurance 67,141 41,753
Receivables, gross 1,496,041 1,225,374
Allowance for credit losses and other (31,304) (43,024)
Total $ 1,464,737 $ 1,182,350
v3.22.0.1
RECEIVABLES, NET - Allowance for Credit Loss (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]    
Balance as of beginning of period $ 43,024 $ 22,761
Changes to provisions for credit losses 1,632 34,191
Impact of adoption of new accounting standard, write-offs, and other (13,352) (13,928)
Balance as of December 31, 2021 $ 31,304 $ 43,024
v3.22.0.1
REVENUE EARNING EQUIPMENT, NET - Revenue Earning Equipment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Revenue Earning Equipment [Line Items]    
Cost $ 14,469,122 $ 14,765,761
Accumulated Depreciation (6,146,083) (5,988,746)
Net Book Value $ 8,323,039 8,777,015
Trucks    
Revenue Earning Equipment [Line Items]    
Estimated useful life, minimum 3 years  
Estimated useful life, maximum 7 years  
Cost $ 5,223,127 5,061,266
Accumulated Depreciation (2,055,135) (1,818,594)
Net Book Value $ 3,167,992 3,242,672
Tractors    
Revenue Earning Equipment [Line Items]    
Estimated useful life, minimum 4 years  
Estimated useful life, maximum 7 years 6 months  
Cost $ 7,256,002 7,013,595
Accumulated Depreciation (3,059,206) (2,853,591)
Net Book Value $ 4,196,796 4,160,004
Trailers and other    
Revenue Earning Equipment [Line Items]    
Estimated useful life, minimum 9 years 6 months  
Estimated useful life, maximum 12 years  
Cost $ 1,780,487 2,046,768
Accumulated Depreciation (868,820) (804,006)
Net Book Value 911,667 1,242,762
Held for sale    
Revenue Earning Equipment [Line Items]    
Cost 209,506 644,132
Accumulated Depreciation (162,922) (512,555)
Net Book Value $ 46,584 $ 131,577
v3.22.0.1
REVENUE EARNING EQUIPMENT, NET - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2021
Sep. 30, 2019
Dec. 31, 2019
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Revenue Earning Equipment [Line Items]            
Revenue earning equipment depreciation expense       $ 1,700,000 $ 1,900,000 $ 1,800,000
Net earnings (loss)       $ 519,041 $ (122,250) $ (24,410)
Earnings (loss) from continuing operations per common share - Diluted (in dollars per share)       $ 9.70 $ (2.15) $ (0.45)
Percentage of impacted on fleet by adjusted of residual values and useful lives, revenue earning equipment 15.00%          
Losses from valuation adjustments       $ 13,574 $ 37,070 $ 83,138
Assets held for sale where fair value was higher       43,000 121,000  
Level 3 | Nonrecurring            
Revenue Earning Equipment [Line Items]            
Assets held for sale       3,725 10,151  
Losses from valuation adjustments       $ 13,574 37,070 83,138
Salvage Value            
Revenue Earning Equipment [Line Items]            
Revenue earning equipment depreciation expense   $ 60,000 $ 294,000      
Impact from review of policy depreciation            
Revenue Earning Equipment [Line Items]            
Revenue earning equipment depreciation expense   $ 297,000     197,000  
Impact from review of policy depreciation            
Revenue Earning Equipment [Line Items]            
Net earnings (loss)         $ 146,000 $ 219,000
Earnings (loss) from continuing operations per common share - Diluted (in dollars per share)         $ 2.78 $ 4.19
v3.22.0.1
REVENUE EARNING EQUIPMENT, NET - Summary of Accelerated and Policy Depreciation, Residual Value Estimate Changes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Revenue from Contract with Customer [Abstract]      
Depreciation expense $ 309,000 $ 491,000 $ 357,000
Used vehicle sales, net $ (257,402) $ (414) $ 58,706
v3.22.0.1
REVENUE EARNING EQUIPMENT, NET - Fair Value of Revenue Earning Equipment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Revenue Earning Equipment [Line Items]      
Total losses $ 13,574 $ 37,070 $ 83,138
Assets held for sale where fair value was higher 43,000 121,000  
Nonrecurring | Level 3      
Revenue Earning Equipment [Line Items]      
Assets held for sale 3,725 10,151  
Total losses 13,574 37,070 83,138
Nonrecurring | Trucks | Level 3      
Revenue Earning Equipment [Line Items]      
Assets held for sale 1,309 3,848  
Total losses 3,390 18,022 38,701
Nonrecurring | Tractors | Level 3      
Revenue Earning Equipment [Line Items]      
Assets held for sale 931 2,211  
Total losses 4,179 12,139 40,213
Nonrecurring | Trailers and other | Level 3      
Revenue Earning Equipment [Line Items]      
Assets held for sale 1,485 4,092  
Total losses $ 6,005 $ 6,909 $ 4,224
v3.22.0.1
REVENUE EARNING EQUIPMENT, NET - Components of Used Vehicle Sales (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Revenue Earning Equipment [Abstract]      
Gains on vehicle sales, net $ (270,976) $ (37,484) $ (24,432)
Losses from valuation adjustments 13,574 37,070 83,138
Used vehicle sales, net $ (257,402) $ (414) $ 58,706
v3.22.0.1
OPERATING PROPERTY AND EQUIPMENT, NET - Summary (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Property, Plant and Equipment [Line Items]    
Gross $ 2,258,615 $ 2,139,222
Accumulated depreciation (1,273,637) (1,212,164)
Total 984,978 927,058
Land    
Property, Plant and Equipment [Line Items]    
Gross 239,355 243,368
Buildings and improvements    
Property, Plant and Equipment [Line Items]    
Gross 946,176 926,230
Machinery and equipment    
Property, Plant and Equipment [Line Items]    
Gross 927,132 864,941
Other    
Property, Plant and Equipment [Line Items]    
Gross $ 145,952 $ 104,683
Minimum | Buildings and improvements    
Property, Plant and Equipment [Line Items]    
Estimated Useful Lives 10 years  
Minimum | Machinery and equipment    
Property, Plant and Equipment [Line Items]    
Estimated Useful Lives 3 years  
Minimum | Other    
Property, Plant and Equipment [Line Items]    
Estimated Useful Lives 3 years  
Maximum | Buildings and improvements    
Property, Plant and Equipment [Line Items]    
Estimated Useful Lives 40 years  
Maximum | Machinery and equipment    
Property, Plant and Equipment [Line Items]    
Estimated Useful Lives 10 years  
Maximum | Other    
Property, Plant and Equipment [Line Items]    
Estimated Useful Lives 10 years  
v3.22.0.1
OPERATING PROPERTY AND EQUIPMENT, NET - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Property, Plant and Equipment [Abstract]      
Operating equipment depreciation expense $ 128 $ 123 $ 118
v3.22.0.1
GOODWILL - Summary (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Goodwill [Roll Forward]    
Balance at beginning of period $ 475,245 $ 475,025
Acquisitions 95,627  
Foreign currency translation adjustment 33 220
Balance at end of period 570,905 475,245
Accumulated impairment losses (26,000) (19,000)
FMS    
Goodwill [Roll Forward]    
Balance at beginning of period 243,805 243,702
Acquisitions 0  
Foreign currency translation adjustment 15 103
Balance at end of period 243,820 243,805
SCS    
Goodwill [Roll Forward]    
Balance at beginning of period 190,632 190,515
Acquisitions 95,627  
Foreign currency translation adjustment 18 117
Balance at end of period 286,277 190,632
DTS    
Goodwill [Roll Forward]    
Balance at beginning of period 40,808 40,808
Acquisitions 0  
Foreign currency translation adjustment 0 0
Balance at end of period $ 40,808 $ 40,808
v3.22.0.1
INTANGIBLE ASSETS, NET - Summary (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Nov. 01, 2021
Dec. 31, 2020
Intangible Assets      
Accumulated amortization $ (89,193)   $ (81,032)
Total 170,205   43,216
Midwest      
Intangible Assets      
Intangible assets, net   $ 135,150,000  
Finite lived intangible assets, primarily customer relationships      
Intangible Assets      
Finite lived intangible assets, primarily customer relationships 250,667   115,517
Finite lived intangible assets, primarily customer relationships | Midwest      
Intangible Assets      
Intangible assets, net 135,000    
Indefinite lived intangible assets — Trade name      
Intangible Assets      
Indefinite lived intangible assets — Trade name 8,731   8,731
FMS      
Intangible Assets      
Accumulated amortization (53,293)   (51,545)
Total 4,393   6,141
FMS | Finite lived intangible assets, primarily customer relationships      
Intangible Assets      
Finite lived intangible assets, primarily customer relationships 57,686   57,686
FMS | Indefinite lived intangible assets — Trade name      
Intangible Assets      
Indefinite lived intangible assets — Trade name 0   0
SCS      
Intangible Assets      
Accumulated amortization (30,687)   (24,748)
Total 154,712   25,501
SCS | Finite lived intangible assets, primarily customer relationships      
Intangible Assets      
Finite lived intangible assets, primarily customer relationships 185,399   50,249
SCS | Indefinite lived intangible assets — Trade name      
Intangible Assets      
Indefinite lived intangible assets — Trade name 0   0
DTS      
Intangible Assets      
Accumulated amortization (5,213)   (4,739)
Total 2,369   2,843
DTS | Finite lived intangible assets, primarily customer relationships      
Intangible Assets      
Finite lived intangible assets, primarily customer relationships 7,582   7,582
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 8,731   8,731
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 $ 8,731   $ 8,731
v3.22.0.1
INTANGIBLE ASSETS, NET - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]      
Amortization expense associated with finite lived intangible assets $ 8 $ 8 $ 8
Minimum      
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]      
2022 12    
2023 12    
2024 12    
2025 12    
2026 12    
Maximum      
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]      
2022 16    
2023 16    
2024 16    
2025 16    
2026 $ 16    
Finite lived intangible assets, primarily customer relationships | Minimum      
Finite-Lived Intangible Assets [Line Items]      
Estimated useful lives 6 years    
Finite lived intangible assets, primarily customer relationships | Maximum      
Finite-Lived Intangible Assets [Line Items]      
Estimated useful lives 19 years    
v3.22.0.1
ACCRUED EXPENSES AND OTHER LIABILITIES - Summary (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Accrued Expenses        
Salaries and wages $ 210,350 $ 158,122    
Deferred compensation 6,016 5,117    
Pension benefits 3,848 3,776    
Other postretirement benefits 1,389 1,381    
Other employee benefits 23,978 20,599    
Insurance obligations 186,449 169,936    
Operating taxes 165,680 164,293    
Income taxes 9,469 4,588    
Interest 37,116 38,887    
Deposits, mainly from customers 94,547 79,840    
Operating lease liabilities 100,232 78,785    
Deferred revenue 182,785 183,474    
Restructuring liabilities 10,484 7,683    
Other 87,259 72,697    
Total 1,119,602 989,178    
Non-Current Liabilities        
Salaries and wages 0 0    
Deferred compensation 91,083 77,823    
Pension benefits 171,259 265,178    
Other postretirement benefits 17,083 20,245    
Other employee benefits 0 0    
Insurance obligations 311,209 292,298    
Operating taxes 0 41,687    
Income taxes 12,972 15,598    
Interest 0 0    
Deposits, mainly from customers 0 3,014    
Operating lease liabilities 255,573 186,429    
Deferred revenue 410,657 446,265    
Restructuring liabilities 0 0    
Other 44,568 55,324    
Total 1,314,404 1,403,861    
Total        
Salaries and wages 210,350 158,122    
Deferred compensation 97,099 82,940    
Pension benefits 175,107 268,954    
Other postretirement benefits 18,472 21,626    
Other employee benefits 23,978 20,599    
Insurance obligations 497,658 462,234    
Operating taxes 165,680 205,980    
Income taxes 22,441 20,186    
Interest 37,116 38,887    
Deposits, mainly from customers 94,547 82,854    
Operating lease liabilities 355,805 265,214    
Deferred revenue 593,442 629,739 $ 603,687 $ 582,078
Restructuring liabilities 10,484 7,683    
Other 131,827 128,021    
Total 2,434,006 2,393,039    
Restructuring and other, net 19,656 76,364 $ 35,308  
Severance        
Total        
Restructuring and other, net $ 8,000 $ 13,000    
v3.22.0.1
ACCRUED EXPENSES AND OTHER LIABILITIES - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Accrued Liabilities and Other Liabilities [Abstract]      
Benefit (charge) within operating expense $ 6 $ (18) $ (18)
v3.22.0.1
INCOME TAXES - Income Taxes from Continuing Operations (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Earnings (loss) from continuing operations before income taxes:      
United States $ 559,621 $ (126,537) $ (44,668)
Foreign 133,019 (3,823) 2,397
Earnings (loss) from continuing operations before income taxes 692,640 (130,360) (42,271)
Current tax expense (benefit) from continuing operations:      
Federal 8,673 (642) (1,065)
State 24,011 9,523 9,187
Foreign 12,205 5,620 5,210
Total 44,889 14,501 13,332
Deferred tax expense (benefit) from continuing operations:      
Federal 111,893 (27,534) (8,228)
State 8,212 (10,263) (18,790)
Foreign 6,048 4,932 (5,313)
Total 126,153 (32,865) (32,331)
Total 171,042 (18,364) (18,999)
Tax benefit $ 124,000 $ 278,000 $ 282,000
v3.22.0.1
INCOME TAXES - Income Tax Rate Reconciliation (Details)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
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 (0.30%) 0.90% 20.50%
Additional deferred tax adjustments (0.10%) 0.80% 0.00%
State income taxes, net of federal income tax benefit 4.40% (3.40%) (19.20%)
Foreign rates varying from federal statutory tax rate 0.10% 1.30% 3.10%
Tax contingencies (0.70%) 5.50% 15.70%
Tax credits (0.30%) 1.70% 11.30%
Other permanent book-tax differences 1.80% (3.30%) (8.60%)
Change in foreign valuation allowance (1.10%) (11.90%) 0.00%
Other (0.10%) 1.50% 1.10%
Effective tax rate 24.70% 14.10% 44.90%
v3.22.0.1
INCOME TAXES - Net Deferred Income Tax Assets And Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Deferred income tax assets:    
Self-insurance accruals $ 111,058 $ 104,346
Net operating loss carryforwards 271,203 381,585
Accrued compensation and benefits 68,968 46,321
Pension benefits 16,862 75,466
Deferred revenue 152,435 170,958
Other, including federal benefit on state tax positions 30,613 35,104
Deferred tax assets gross 651,139 813,780
Valuation allowance (23,456) (41,153)
Deferred tax assets net 627,683 772,627
Deferred income tax liabilities:    
Property and equipment basis differences (1,873,598) (1,888,112)
Other (23,818) (5,379)
Deferred tax liabilities, gross (1,897,416) (1,893,491)
Net deferred income tax liability (1,269,733) (1,120,864)
Deferred tax assets included in Sales-type lease and other assets $ 5,000 $ 5,000
v3.22.0.1
INCOME TAXES - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Oct. 31, 2021
Dec. 31, 2020
Income Tax Examination [Line Items]      
Undistributed foreign earnings $ 436,000 $ 72,000  
Net operating loss carryforwards 271,203   $ 381,585
Operating loss carryforward not subject to expiration rules 27,000    
Valuation allowance 23,456   $ 41,153
Net decrease in valuation allowance 18,000    
Unrecognized tax benefits that would affect the effective tax rate in future periods 34,000    
Decrease in unrecognized tax benefits related to federal, state and foreign tax positions 8,000    
Domestic      
Income Tax Examination [Line Items]      
Net operating loss carryforwards 222,000    
Net operating loss carryforwards, expected to expire 7,000    
State and Local      
Income Tax Examination [Line Items]      
Net operating loss carryforwards, expected to expire 52,000    
Net operating loss carryforwards, expiring in 2022 through 2024 500    
Net operating loss carryforwards, expiring in 2026 and thereafter 45,500    
Net operating loss carryforwards, indefinite carryforward period $ 6,000    
v3.22.0.1
INCOME TAXES - Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Balance at January 1 $ 42,787 $ 48,918 $ 58,819
Additions based on tax positions related to the current year 1,316 2,225 1,422
Reductions due to lapse of applicable statutes of limitation (5,696) (8,356) (11,323)
Gross balance at December 31 38,407 42,787 48,918
Interest and penalties 3,585 4,491 4,772
Balance at December 31 $ 41,992 $ 47,278 $ 53,690
v3.22.0.1
LEASES - Lease Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating leases      
Lease income related to ChoiceLease $ 1,537,901 $ 1,565,579 $ 1,505,913
Lease income related to commercial rental 1,061,821 791,631 952,560
Sales-type leases      
Interest income related to net investment in leases 47,613 49,244 46,801
Variable lease income excluding commercial rental $ 311,857 $ 289,165 $ 272,065
Minimum      
Sales-type leases      
Variable lease income as a percent of commercial rental income 15.00%    
Maximum      
Sales-type leases      
Variable lease income as a percent of commercial rental income 25.00%    
v3.22.0.1
LEASES - Components of Net Investment in Leases (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Leases [Abstract]    
Net investment in the lease - lease payment receivable $ 583,008 $ 589,120
Net investment in the lease - unguaranteed residual value in assets 46,740 44,704
Net investment in sales-type leases 629,748 633,824
Estimated loss allowance (3,705) (4,025)
Total $ 626,043 $ 629,799
v3.22.0.1
LEASES - Maturity of Sales-Type Lease Receivables, Lessor (Details)
$ in Thousands
Dec. 31, 2021
USD ($)
Leases [Abstract]  
2022 $ 188,506
2023 153,803
2024 126,930
2025 95,783
2026 68,369
Thereafter 75,772
Total undiscounted cash flows 709,163
Present value of lease payments (recognized as lease receivables) (583,008)
Difference between undiscounted cash flows and discounted cash flows $ 126,155
v3.22.0.1
LEASES - Maturity of Operating Lease Payments, Lessor (Details)
$ in Thousands
Dec. 31, 2021
USD ($)
Leases [Abstract]  
2022 $ 1,206,632
2023 869,800
2024 623,388
2025 401,577
2026 217,887
Thereafter 135,171
Total undiscounted cash flows $ 3,454,455
v3.22.0.1
LEASES - Lease Cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Finance lease cost      
Amortization of right-of-use-assets $ 14,085 $ 13,295 $ 13,671
Interest on lease liabilities 1,926 2,344 2,565
Operating lease cost 98,363 92,227 94,039
Short-term lease and other 9,077 8,432 10,963
Variable lease cost 16,299 13,325 12,459
Sublease income (27,081) (27,223) (22,385)
Total lease cost $ 112,669 $ 102,400 $ 111,312
v3.22.0.1
LEASES - Supplemental Balance Sheet Information (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Lease Assets [Abstract]    
Operating lease, noncurrent assets $ 341,125 $ 255,964
Finance lease, noncurrent assets $ 40,388 $ 39,571
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] Sales-Type Leases And Other Assets Sales-Type Leases And Other Assets
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Liabilities, Current [Abstract]    
Operating lease, current liabilities $ 100,232 $ 78,785
Finance lease, current liabilities $ 13,163 $ 13,282
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Accounts Payable and Other Accrued Liabilities, Current Accounts Payable and Other Accrued Liabilities, Current
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] Debt, Current Debt, Current
Liabilities, Noncurrent [Abstract]    
Operating lease, noncurrent liabilities $ 255,573 $ 186,429
Finance lease, noncurrent liabilities $ 31,432 $ 35,136
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Other Liabilities, Noncurrent Other Liabilities, Noncurrent
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Long-term debt Long-term debt
v3.22.0.1
LEASES - Lease Term and Discount Rate (Details)
Dec. 31, 2021
Dec. 31, 2020
Leases [Abstract]    
Weighted-average remaining lease term, operating 5 years 4 years
Weighted-average remaining lease term, finance 4 years 6 years
Weighted-average discount rate, operating 2.70% 3.30%
Weighted-average discount rate, finance 4.40% 5.60%
v3.22.0.1
LEASES - Maturity of Lease Liabilities, Lessee (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Operating Leases    
2022 $ 108,380  
2023 88,760  
2024 63,455  
2025 45,004  
2026 25,746  
Thereafter 46,360  
Total lease payments 377,705  
Less: Imputed Interest (21,900)  
Present value of lease liabilities 355,805 $ 265,214
Finance Leases    
2022 14,921  
2023 12,039  
2024 9,072  
2025 5,773  
2026 3,040  
Thereafter 4,817  
Total lease payments 49,661  
Less: Imputed Interest (5,066)  
Present value of lease liabilities 44,595  
Total    
2022 123,301  
2023 100,799  
2024 72,527  
2025 50,777  
2026 28,786  
Thereafter 51,177  
Total lease payments 427,367  
Less: Imputed Interest (26,966)  
Present value of lease liabilities $ 400,401  
v3.22.0.1
LEASES - Narrative (Details)
$ in Millions
Dec. 31, 2021
USD ($)
Minimum  
Lessee, Lease, Description [Line Items]  
Operating leases, not yet commenced, term (in years) 5 years
Maximum  
Lessee, Lease, Description [Line Items]  
Operating leases, not yet commenced, term (in years) 10 years
Facility Leases  
Lessee, Lease, Description [Line Items]  
Operating leases, not yet commenced $ 36
v3.22.0.1
DEBT - Summary (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Debt:    
Debt, gross $ 6,599,709 $ 6,636,615
Debt issuance costs and original issue discounts (20,040) (26,379)
Total debt 6,579,669 6,610,236
Short-term debt and current portion of long-term debt (1,333,363) (516,581)
Long-term debt 5,246,306 6,093,655
Fair Value Hedging | Designated as Hedging Instrument | Interest Rate Swap    
Debt:    
Aggregate notional amount of interest rate swaps $ 450,000 $ 150,000
U.S. commercial paper    
Debt:    
Weighted Average Interest Rate 0.32% 0.29%
Debt, gross $ 531,157 $ 214,375
Canadian commercial paper    
Debt:    
Weighted Average Interest Rate 0.34% 0.62%
Debt, gross $ 7,087 $ 62,800
Trade receivables financing program    
Debt:    
Weighted Average Interest Rate 0.00% 0.00%
Debt, gross $ 0 $ 0
Global revolving credit facility    
Debt:    
Weighted Average Interest Rate 0.00% 1.25%
Debt, gross $ 0 $ 200
Unsecured U.S. obligations    
Debt:    
Weighted Average Interest Rate 3.41% 3.47%
Debt, gross $ 200,000 $ 200,000
Unsecured U.S. notes – Medium-term notes    
Debt:    
Weighted Average Interest Rate 3.24% 3.41%
Debt, gross $ 5,149,893 $ 5,174,180
Unsecured foreign obligations    
Debt:    
Weighted Average Interest Rate 2.00% 1.82%
Debt, gross $ 140,265 $ 254,259
Asset-backed US obligations    
Debt:    
Weighted Average Interest Rate 2.62% 2.53%
Debt, gross $ 526,712 $ 682,383
Finance lease obligations and other    
Debt:    
Debt, gross $ 44,595 $ 48,418
v3.22.0.1
DEBT - Narrative (Details)
 1 Months Ended 12 Months Ended
Aug. 31, 2021
USD ($)
Dec. 31, 2021
USD ($)
institution
Dec. 31, 2020
USD ($)
Debt Instrument [Line Items]      
Repayments of debt   $ 607,636,000  
Debt repurchase, percentage 101.00%    
Amortization percent of charge   50.00%  
Available Proceeds under program   $ 284,000,000  
Asset-backed US obligations      
Debt Instrument [Line Items]      
Total fair value of debt   6,200,000,000 $ 6,300,000,000
Medium-term notes      
Debt Instrument [Line Items]      
Repayments of debt $ 300,000,000 320,000,000  
Global revolving credit facility      
Debt Instrument [Line Items]      
Maximum borrowing capacity under global revolving credit facility   $ 1,400,000,000  
Number of lending institutions | institution   11  
Basis points   0.125%  
Amortization period   7 years  
Debt to consolidated net worth ratio   175.00%  
Minimum | Global revolving credit facility      
Debt Instrument [Line Items]      
Basis points   0.07%  
Maximum      
Debt Instrument [Line Items]      
Ratio of indebtedness to net capital   3  
Maximum | Global revolving credit facility      
Debt Instrument [Line Items]      
Basis points   0.175%  
Letter of Credit | Global revolving credit facility      
Debt Instrument [Line Items]      
Maximum borrowing capacity under global revolving credit facility   $ 75,000,000  
Letter of credit outstanding amount   0  
Amount available under the credit facility, net of outstanding commercial paper borrowings   $ 862,000,000  
v3.22.0.1
DEBT - Debt Proceeds and Repayments (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Aug. 31, 2021
Dec. 31, 2021
Debt Instrument [Line Items]    
Debt Proceeds   $ 299,616
Debt Repayments   607,636
Medium-term notes    
Debt Instrument [Line Items]    
Debt Proceeds   299,616
Debt Repayments $ 300,000 320,000
U.S. and foreign term loans, finance lease obligations and other    
Debt Instrument [Line Items]    
Debt Proceeds   0
Debt Repayments   $ 287,636
v3.22.0.1
DEBT - Maturity of Debt (Details)
$ in Thousands
Dec. 31, 2021
USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]  
2022 $ 1,321,221
2023 1,341,525
2024 1,509,973
2025 1,084,564
2026 1,297,831
Thereafter 0
Total 6,555,114
Finance lease obligations 44,595
Total long-term debt $ 6,599,709
v3.22.0.1
GUARANTEES - Summary (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Guarantees [Abstract]    
Letters of credit $ 273,621 $ 371,840
Surety bonds $ 182,356 $ 147,091
v3.22.0.1
SHARE REPURCHASE PROGRAMS (Details)
 1 Months Ended 12 Months Ended
Oct. 31, 2021
program
shares
Dec. 31, 2021
USD ($)
shares
Dec. 31, 2020
USD ($)
shares
Dec. 31, 2019
USD ($)
shares
Feb. 28, 2022
USD ($)
Feb. 17, 2022
USD ($)
shares
Accelerated Share Repurchases [Line Items]            
Repurchased and retired shares (in shares)   735,294 636,998 471,430    
Common stock repurchases | $   $ 56,217,000 $ 29,219,000 $ 27,686,000    
Subsequent Event            
Accelerated Share Repurchases [Line Items]            
Share repurchase program, authorized amount | $         $ 300,000,000  
Common Stock            
Accelerated Share Repurchases [Line Items]            
Repurchased and retired shares (in shares)   735,294 636,998 471,430    
Common stock repurchases | $   $ 368,000 $ 318,000 $ 236,000    
2021 Discretionary Program | Common Stock            
Accelerated Share Repurchases [Line Items]            
Number of repurchase programs | program 2          
Maximum number of share repurchases authorization (in shares) 2,000,000          
Stock repurchase program, terms 2 years          
2021 Anti Dilutive Program | Common Stock            
Accelerated Share Repurchases [Line Items]            
Maximum number of share repurchases authorization (in shares) 2,500,000          
ASR Agreement | Subsequent Event            
Accelerated Share Repurchases [Line Items]            
Maximum number of share repurchases authorization (in shares)           3,200,000
Share repurchase program, authorized amount | $           $ 300,000,000
v3.22.0.1
ACCUMULATED OTHER COMPREHENSIVE LOSS - Summary (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Shareholders' equity $ 2,797,946 $ 2,255,557 $ 2,476,310 $ 2,536,568
Cumulative translation adjustments        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Shareholders' equity (153,770) (146,529)    
Net actuarial loss and prior service cost        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Shareholders' equity (528,682) (655,040)    
Unrealized gain (loss) from cash flow hedges        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Shareholders' equity (6,789) (15,636)    
Accumulated other comprehensive loss        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Shareholders' equity $ (689,241) $ (817,205) $ (836,491) $ (911,634)
v3.22.0.1
EARNINGS PER SHARE - Summary (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Calculation of basic and diluted earnings per common share from continuing operations      
Earnings (loss) from continuing operations $ 521,598 $ (111,996) $ (23,272)
Less: Distributed and undistributed earnings allocated to unvested stock (2,468) (517) (453)
Earnings (loss) from continuing operations available to common shareholders $ 519,130 $ (112,513) $ (23,725)
Weighted average common shares outstanding— Basic (in shares) 52,338 52,362 52,348
Effect of dilutive equity awards (in shares) 1,170 0 0
Weighted average common shares outstanding— Diluted (in shares) 53,508 52,362 52,348
Earnings (loss) from continuing operations per common share — Basic (in dollars per share) $ 9.92 $ (2.15) $ (0.45)
Earnings (loss) from continuing operations per common share - Diluted (in dollars per share) $ 9.70 $ (2.15) $ (0.45)
Anti-dilutive equity awards not included in diluted EPS (in shares) 682 3,504 2,458
v3.22.0.1
SHARE-BASED COMPENSATION PLANS - Summary (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Share-based compensation expense and income tax benefits recognized during the periods      
Share-based compensation expense $ 47,000 $ 29,993 $ 25,828
Income tax benefit (6,641) (4,728) (4,667)
Share-based compensation expense, net of tax 40,359 25,265 21,161
Unvested stock awards      
Share-based compensation expense and income tax benefits recognized during the periods      
Share-based compensation expense 44,163 25,509 19,253
Stock option and employee stock purchase plans      
Share-based compensation expense and income tax benefits recognized during the periods      
Share-based compensation expense $ 2,837 $ 4,484 $ 6,575
v3.22.0.1
SHARE-BASED COMPENSATION PLANS - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total unrecognized pre-tax compensation expense $ 45    
Unrecognized compensation costs weighted-average period 1 year 9 months 18 days    
Total fair value of equity awards $ 27 $ 27 $ 20
Total cash received from employees under compensation arrangements $ 30 $ 8 $ 8
Unused shares (in shares) 4,000,000    
Time vested restricted stock on performance period 3 years    
Award vesting period 3 years    
Award vesting period once earned 3 years    
Options, vesting ratio 33.00%    
Granted (in shares) 0 0  
Options outstanding (in shares) 1,500,000    
Weighted average exercise price (in dollars per share) $ 72.82 $ 71.09  
Outstanding, weighted average remaining contractual term 4 years 3 months 18 days    
Remaining shares 4,000,000    
Directors      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Requisite service period 1 year    
Stock Option And Nonvested Stock Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Shares authorized (in shares) 4,300,000    
Shares authorized 4,300,000    
Restricted Stock Units | Directors      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of shares received (in shares) 1    
Employee Stock Option      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting period 3 years    
Contractual term 10 years    
Options Exercised (in shares) 1,400,000 1,900,000  
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) 1,900,000    
Percentage of payroll deductions of eligible compensation 15.00%    
Shares authorized 7,500,000    
Remaining shares 1,900,000    
Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Potential performance award percentage 300.00%    
Maximum | ROC Performance Based Restricted Stock Rights      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Potential performance award percentage 200.00%    
Maximum | ROC/COC Performance Based Restricted Stock Rights      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Potential performance award percentage 200.00%    
Maximum | SRG, Performance Based Restricted Stock Rights      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Potential performance award percentage 200.00%    
Maximum | Employee Stock Purchase Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Employee stock purchase plan holding period 1 year    
Minimum | Employee Stock Purchase Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Employee stock purchase plan holding period 90 days    
v3.22.0.1
SHARE-BASED COMPENSATION PLANS - Restricted Stock Awards, Activity (Details) - Restricted Stock
shares in Thousands
 12 Months Ended
Dec. 31, 2021
$ / shares
shares
Time-Vested (1)  
Shares  
Unvested stock outstanding at January 1 (in shares) | shares 1,195
Granted (in shares) | shares 432
Vested (in shares) | shares (348)
Forfeited (in shares) | shares (102)
Unvested stock outstanding at December 31 (in shares) | shares 1,177
Weighted- Average Grant Date Fair Value  
Nonvested stock outstanding at January 1 (in dollars per share) | $ / shares $ 48.53
Granted (in dollars per share) | $ / shares 66.68
Vested (in dollars per share) | $ / shares 52.20
Forfeited (in dollars per share) | $ / shares 54.17
Nonvested stock outstanding at December 31 (in dollars per share) | $ / shares $ 53.59
Performance-Based  
Shares  
Unvested stock outstanding at January 1 (in shares) | shares 528
Granted (in shares) | shares 131
Vested (in shares) | shares (78)
Forfeited (in shares) | shares (125)
Unvested stock outstanding at December 31 (in shares) | shares 456
Weighted- Average Grant Date Fair Value  
Nonvested stock outstanding at January 1 (in dollars per share) | $ / shares $ 32.03
Granted (in dollars per share) | $ / shares 69.34
Vested (in dollars per share) | $ / shares 63.47
Forfeited (in dollars per share) | $ / shares 56.92
Nonvested stock outstanding at December 31 (in dollars per share) | $ / shares $ 51.79
v3.22.0.1
SHARE-BASED COMPENSATION PLANS - Weighted Average Assumptions, Options Granted (Details) - Equity Options
 12 Months Ended
Dec. 31, 2019
$ / shares
Weighted-average assumptions used for options granted  
Expected dividends 3.70%
Expected volatility 31.40%
Risk-free rate 2.40%
Expected term in years 4 years 4 months 24 days
Grant-date fair value (in dollars per share) $ 11.74
v3.22.0.1
SHARE-BASED COMPENSATION PLANS - Share Purchase and Related Weighted Average, ESPP (Details) - Employee Stock Purchase Plan - $ / shares
shares in Thousands
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Shares purchased (in shares) 160 320 228
Weighted average purchased price (in dollars per share) $ 66.75 $ 32.39 $ 47.97
v3.22.0.1
EMPLOYEE BENEFIT PLANS - Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
employee
Defined Benefit Plan Disclosure [Line Items]      
Number of employees offered one-time distribution | employee     4,500
Number of employees who accepted one-time distribution | employee     1,700
Proportion of employees who accepted one-time distribution (as a percent)     38.00%
One-time distribution expense     $ 80,000
One-time distribution settlement     $ 90,000
Proportion of pension plan obligations settled (as a percent)     4.00%
Pension lump sum settlement expense related to unrecognized actuarial losses     $ 35,000
Accrued pension liability $ 175,107 $ 268,954  
Expense related to defined contribution savings plans 45,000 40,000 39,000
Deferred compensation liability $ 97,099 82,940  
United States      
Defined Benefit Plan Disclosure [Line Items]      
U.S. pension plan assets percentage of total pension plan assets 72.00%    
Non-qualified supplemental pension plan      
Defined Benefit Plan Disclosure [Line Items]      
Accrued pension liability $ 57,000 61,000  
Pension Plans      
Defined Benefit Plan Disclosure [Line Items]      
Employer contribution 6,992 136,029  
Employer contribution in 2022 6,000    
Reduction to projected benefit obligation 0 19,052  
Net actuarial loss to be recognized 22,000    
Benefit obligation 2,344,225 2,509,093 $ 2,324,080
Rabbi Trusts | Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Deferred compensation liability 97,000 83,000  
Deferred compensation assets $ 98,000 $ 84,000  
v3.22.0.1
EMPLOYEE BENEFIT PLANS - Pension Expense From Continuing Operations (Details) - Pension Plans - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Company-administered plans:      
Service cost $ 1,093 $ 11,915  
Interest cost 57,973 67,781  
Company-administered plans:      
Company-administered plans:      
Service cost 1,093 11,915 $ 11,007
Interest cost 57,973 67,781 84,960
Expected return on plan assets (86,775) (97,526) (91,034)
Pension settlement expense 0 0 34,974
Curtailment loss 0 9,329 0
Amortization of net actuarial loss and prior service cost 28,221 31,787 31,419
Postretirement benefit income 512 23,286 71,326
Company-administered plans: | United States      
Company-administered plans:      
Postretirement benefit income 8,906 32,503 75,936
Company-administered plans: | Non-U.S.      
Company-administered plans:      
Postretirement benefit income $ (8,394) $ (9,217) $ (4,610)
v3.22.0.1
EMPLOYEE BENEFIT PLANS - Weighted-Average Assumptions, Pension Plans (Details) - Pension Plans
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
United States      
Summary of weighted-average actuarial assumptions used in determining annual pension expense      
Discount rate (as a percent) 2.60% 3.18% 4.35%
Rate of increase in compensation levels (as a percent) 3.00% 3.00% 3.00%
Expected long-term rate of return on plan assets (as a percent) 3.90% 5.05% 5.40%
Gain and loss amortization period (years) 21 years 21 years 22 years
Foreign Plans      
Summary of weighted-average actuarial assumptions used in determining annual pension expense      
Discount rate (as a percent) 1.53% 2.28% 3.04%
Rate of increase in compensation levels (as a percent) 3.11% 3.11% 3.08%
Expected long-term rate of return on plan assets (as a percent) 3.89% 4.99% 5.36%
Gain and loss amortization period (years) 24 years 24 years 24 years
v3.22.0.1
EMPLOYEE BENEFIT PLANS - Obligations and Funded Status (Details) - Pension Plans - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Change in benefit obligations:    
Benefit obligations at January 1 $ 2,509,093 $ 2,324,080
Service cost 1,093 11,915
Interest cost 57,973 67,781
Actuarial (gain) loss (113,663) 212,099
Pension curtailment and settlement 0 (19,052)
Benefits paid (105,887) (104,977)
Foreign currency exchange rate changes (4,384) 17,247
Benefit obligations at December 31 2,344,225 2,509,093
Change in plan assets:    
Fair value of plan assets at January 1 2,303,996 1,978,708
Actual return on plan assets 94,931 275,372
Employer contribution 6,992 136,029
Benefits paid (105,887) (104,977)
Foreign currency exchange rate changes (5,930) 18,864
Fair value of plan assets at December 31 2,294,102 2,303,996
Funded status $ (50,123) $ (205,097)
Funded percent 98.00% 92.00%
v3.22.0.1
EMPLOYEE BENEFIT PLANS - Funded Status of Pension Plan (Details) - Pension Plans - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Amounts recognized in the Consolidated Balance Sheets    
Noncurrent asset $ 124,984 $ 63,857
Current liability (3,848) (3,776)
Noncurrent liability (171,259) (265,178)
Net amount recognized (50,123) (205,097)
Amounts recognized in accumulated other comprehensive loss (pre-tax)    
Prior service cost 3,622 3,816
Net actuarial loss 706,375 855,300
Net amount recognized $ 709,997 $ 859,116
v3.22.0.1
EMPLOYEE BENEFIT PLANS - Actuarial Assumptions to Determined Funded Status (Details)
Dec. 31, 2021
Dec. 31, 2020
United States    
Summary of weighted-average actuarial assumptions used in determining funded status    
Discount rate (as a percent) 2.95% 2.60%
Rate of increase in compensation levels (as a percent) 0.00% 3.00%
Non-U.S.    
Summary of weighted-average actuarial assumptions used in determining funded status    
Discount rate (as a percent) 2.14% 1.53%
Rate of increase in compensation levels (as a percent) 3.14% 3.11%
v3.22.0.1
EMPLOYEE BENEFIT PLANS - ABO and PBO (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Summary of pension obligations greater than fair value of related plan assets    
Total accumulated benefit obligations $ 2,341,785 $ 2,506,726
Plans with pension obligations in excess of plan assets:    
PBO 1,836,231 1,950,552
ABO 1,834,004 1,948,544
Fair value of plan assets 1,661,122 1,681,598
United States    
Summary of pension obligations greater than fair value of related plan assets    
Total accumulated benefit obligations 1,825,811 1,940,549
Plans with pension obligations in excess of plan assets:    
PBO 1,825,811 1,940,704
ABO 1,825,811 1,940,549
Fair value of plan assets 1,661,122 1,681,598
Non-U.S.    
Summary of pension obligations greater than fair value of related plan assets    
Total accumulated benefit obligations 515,974 566,177
Plans with pension obligations in excess of plan assets:    
PBO 10,420 9,848
ABO 8,193 7,995
Fair value of plan assets $ 0 $ 0
v3.22.0.1
EMPLOYEE BENEFIT PLANS - Fair Value of Pension Plan Assets (Details) - Pension Plans - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets $ 2,294,102 $ 2,303,996 $ 1,978,708
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 2,172,212 2,180,856  
Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 121,890 123,140 $ 118,218
U.S. common collective trusts      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 191,323 371,893  
U.S. common collective trusts | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
U.S. common collective trusts | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 191,323 371,893  
U.S. common collective trusts | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Non-U.S. common collective trusts      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 154,625 263,023  
Non-U.S. common collective trusts | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Non-U.S. common collective trusts | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 154,625 263,023  
Non-U.S. common collective trusts | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Corporate bonds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 72,106 98,715  
Corporate bonds | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Corporate bonds | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 72,106 98,715  
Corporate bonds | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Common collective trusts      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 1,754,158 1,447,225  
Common collective trusts | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Common collective trusts | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 1,754,158 1,447,225  
Common collective trusts | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Private equity and hedge funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 121,890 123,140  
Private equity and hedge funds | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Private equity and hedge funds | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Private equity and hedge funds | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets $ 121,890 $ 123,140  
v3.22.0.1
EMPLOYEE BENEFIT PLANS - Changes in Pension Plan Level 3 Assets (Details) - Pension Plans - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Summary of changes in fair value of the pension plans' level 3 assets    
Fair value of plan assets at January 1 $ 2,303,996 $ 1,978,708
Return on plan assets:    
Fair value of plan assets at December 31 2,294,102 2,303,996
Level 3    
Summary of changes in fair value of the pension plans' level 3 assets    
Fair value of plan assets at January 1 123,140 118,218
Return on plan assets:    
Relating to assets still held at the reporting date 24,842 8,969
Relating to assets sold during the period 0 0
Purchases, sales, settlements and expenses (26,092) (4,047)
Fair value of plan assets at December 31 $ 121,890 $ 123,140
v3.22.0.1
EMPLOYEE BENEFIT PLANS - Expected Benefit Payments (Details) - Pension Plans
$ in Thousands
Dec. 31, 2021
USD ($)
Pension benefits expected to be paid  
2022 $ 114,235
2023 115,699
2024 118,280
2025 121,222
2026 123,523
2027-2031 $ 630,876
v3.22.0.1
EMPLOYEE BENEFIT PLANS - Investments Held in Rabbi Trusts (Details) - Rabbi Trusts - Level 1 - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]    
Total investments held in Rabbi Trusts $ 96,006 $ 82,297
Cash and Cash Equivalents    
Defined Benefit Plan Disclosure [Line Items]    
Total investments held in Rabbi Trusts 21,457 24,573
Fixed income mutual funds    
Defined Benefit Plan Disclosure [Line Items]    
Total investments held in Rabbi Trusts 9,648 10,269
United States | Equity mutual funds    
Defined Benefit Plan Disclosure [Line Items]    
Total investments held in Rabbi Trusts 53,449 39,066
Non-U.S. | Equity mutual funds    
Defined Benefit Plan Disclosure [Line Items]    
Total investments held in Rabbi Trusts $ 11,452 $ 8,389
v3.22.0.1
ENVIRONMENTAL MATTERS - Narrative (Details)
$ in Millions
Dec. 31, 2021
USD ($)
site
Dec. 31, 2020
USD ($)
Environmental Remediation Obligations [Abstract]    
Number of disposal sites | site 22  
Asset retirement obligations | $ $ 27 $ 27
v3.22.0.1
OTHER ITEMS IMPACTING COMPARABILITY - Summary (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Other Income and Expenses [Abstract]      
Restructuring and other, net $ 19,656 $ 76,364 $ 35,308
ERP implementation costs 12,715 34,251 21,260
Restructuring and other items, net 32,371 110,615 56,568
Gains on sale of properties (42,031) (5,418) (18,614)
Early redemption of medium-term notes 0 8,999 0
ChoiceLease liability insurance revenue (777) (23,817) 0
Other items impacting comparability, net $ (10,437) $ 90,379 $ 37,954
v3.22.0.1
OTHER ITEMS IMPACTING COMPARABILITY - Narrative (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2020
instrument
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Restructuring Cost and Reserve [Line Items]        
Severance costs   $ 8,000    
Restructuring and other, net   19,656 $ 76,364 $ 35,308
Number of instruments with early redemption | instrument 2      
Minimum        
Restructuring Cost and Reserve [Line Items]        
Restructuring cost expect to incur   20,000    
Maximum        
Restructuring Cost and Reserve [Line Items]        
Restructuring cost expect to incur   32,000    
Severance        
Restructuring Cost and Reserve [Line Items]        
Restructuring and other, net   $ 8,000 13,000  
Discontinued Insurance Liability Program and Shutdown of Leased Locations        
Restructuring Cost and Reserve [Line Items]        
Restructuring and other, net     $ 44,000  
v3.22.0.1
CONTINGENCIES AND OTHER MATTERS (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2020
USD ($)
Feb. 08, 2021
complaint
Feb. 02, 2021
complaint
Jan. 19, 2021
complaint
Aug. 06, 2020
complaint
Jun. 26, 2020
complaint
Commitments and Contingencies Disclosure [Abstract]            
Reserves related to adverse developments | $ $ 8          
Number of shareholder derivative complaints | complaint   2 3 2 3 3
v3.22.0.1
SUPPLEMENTAL CASH FLOW INFORMATION - Schedule of Supplemental Cash Flow Information (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
USD ($)
complaint
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Supplemental Cash Flow Elements [Abstract]      
Interest paid $ 208,064 $ 245,804 $ 225,842
Income taxes paid 45,192 14,259 6,325
Cash paid for amounts included in measurement of liabilities:      
Operating cash flows from operating leases 97,673 90,301 93,383
Right-of-use assets obtained in exchange for lease obligations:      
Finance leases 14,800 14,298 21,749
Operating leases 107,585 124,872 96,810
Capital expenditures acquired but not yet paid $ 178,913 $ 108,675 $ 185,264
Number of notes redeemed | complaint 2    
v3.22.0.1
SUPPLEMENTAL CASH FLOW INFORMATION - Schedule of Cash and Restrictions on Cash Equivalents (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Supplemental Cash Flow Elements [Abstract]        
Cash and cash equivalents $ 233,961 $ 151,294    
Restricted cash included in prepaid expenses and other current assets 439,364 0    
Total cash, cash equivalents, and restricted cash $ 673,325 $ 151,294 $ 73,584 $ 68,111
v3.22.0.1
ACQUISITIONS - Narrative (Details) - USD ($)
 2 Months Ended 12 Months Ended
Jan. 01, 2022
Nov. 01, 2021
Dec. 31, 2021
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Business Acquisition [Line Items]            
Cash paid to acquire business       $ 325,116,000 $ 0 $ 0
Midwest            
Business Acquisition [Line Items]            
Purchase price of acquisition   $ 284,000,000        
Cash paid to acquire business     $ 283,000,000      
Whiplash | Subsequent Event            
Business Acquisition [Line Items]            
Purchase price of acquisition $ 481,000,000          
Cash placed in escrow classified as restricted cash 439,000,000          
Goodwill deductible for tax purposes $ 0          
v3.22.0.1
ACQUISITIONS - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Nov. 01, 2021
Dec. 31, 2020
Assets:      
Goodwill $ 570,905   $ 475,245
Midwest      
Assets:      
Goodwill   $ 95,627,000  
Intangible assets, net   135,150,000  
Other assets   131,600,000  
Total assets   362,377,000  
Liabilities:      
Accounts payable and other liabilities   78,813,000  
Net assets acquired   $ 283,564,000  
v3.22.0.1
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Benefit (charge) within operating expense $ 6,000 $ (18,000) $ (18,000)
Accounts receivable allowance      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Period 43,024 22,761 17,182
Charged to Earnings 1,632 34,191 23,003
Transferred from Other Accounts 0 0 0
Deductions 13,352 13,928 17,424
Balance at End of Period 31,304 43,024 22,761
Self-insurance accruals      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Period 443,615 410,985 357,526
Charged to Earnings 478,209 426,065 436,148
Transferred from Other Accounts 89,078 88,928 86,832
Deductions 545,411 482,363 469,521
Balance at End of Period 465,491 443,615 410,985
Valuation allowance on deferred tax assets      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Period 41,153 17,577 16,186
Charged to Earnings (17,697) 25,510 1,906
Transferred from Other Accounts 0 0 0
Deductions 0 1,934 515
Balance at End of Period $ 23,456 $ 41,153 $ 17,577