Ryder System (R) 10-Q25 Jul 242024 Q2 Quarterly reportFinancial data

Company Profile

Cover

Cover	6 Months Ended
Cover	Jun. 30, 2024 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	1-4364
Entity Registrant Name	RYDER SYSTEM, INC.
Entity Incorporation, State or Country Code	FL
Entity Tax Identification Number	59-0739250
Entity Address, Address Line One	2333 Ponce de Leon Blvd.
Entity Address, Address Line Two	Suite 700
Entity Address, City or Town	Coral Gables
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33134
City Area Code	305
Local Phone Number	500-3726
Title of 12(b) Security	Ryder System, Inc. Common Stock ($0.50 par value)
Trading Symbol	R
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	43,283,183
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0000085961

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Lease & related maintenance and rental revenue	$ 948	$ 976	$ 1,884	$ 1,955
Total revenue	3,182	2,884	6,279	5,836
Selling, general and administrative expenses	368	343	746	706
Non-operating pension costs, net	10	10	21	20
Used vehicle sales, net	(19)	(55)	(39)	(127)
Interest expense	96	72	188	137
Miscellaneous income, net	(4)	(11)	(19)	(31)
Currency translation adjustment loss	0	188	0	188
Restructuring and other items, net	0	(1)	4	(26)
Total expenses	3,004	2,840	5,987	5,591
Earnings from continuing operations before income taxes	178	44	292	245
Provision for income taxes	52	62	80	123
Earnings (loss) from continuing operations	126	(18)	212	122
Earnings (loss) from discontinued operations, net of taxes	1	0	0	(1)
Net earnings (loss)	$ 127	$ (18)	$ 212	$ 121
Earnings (loss) per common share — Basic
Continuing operations (in dollars per share)	$ 2.88	$ (0.39)	$ 4.81	$ 2.64
Discontinued operations (in dollars per share)	0.01	(0.01)	0.01	(0.02)
Net earnings (loss) (in dollars per share)	2.89	(0.40)	4.82	2.61
Earnings (loss) per common share — Diluted
Continuing operations (in dollars per share)	2.83	(0.39)	4.72	2.60
Discontinued operations (in dollars per share)	0.01	(0.01)	0.01	(0.02)
Net earnings (loss) (in dollars per share)	$ 2.84	$ (0.40)	$ 4.73	$ 2.57
Services revenue
Revenue	$ 2,114	$ 1,778	$ 4,151	$ 3,599
Cost of services sold	1,793	1,507	3,536	3,114
Fuel services revenue
Revenue	120	130	244	282
Cost of services sold	116	126	237	275
Cost of lease & related maintenance and rental
Cost of services sold	$ 644	$ 661	$ 1,313	$ 1,335

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net earnings (loss)	$ 127	$ (18)	$ 212	$ 121
Other comprehensive income (loss):
Changes in cumulative translation adjustment and unrealized gains from cash flow hedges	(23)	207	(28)	216
Amortization of pension and postretirement items	7	6	15	13
Income tax expense related to amortization of pension and postretirement items	(1)	(1)	(3)	(3)
Amortization of pension and postretirement items, net of taxes	6	5	12	10
Other comprehensive (loss) income, net of taxes	(17)	212	(16)	226
Comprehensive income	$ 110	$ 194	$ 196	$ 347

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 164	$ 204
Receivables, net	1,861	1,714
Prepaid expenses and other current assets	346	347
Total current assets	2,371	2,265
Revenue earning equipment, net	8,968	8,892
Operating property and equipment, net of accumulated depreciation of $1,586 and $1,511	1,208	1,217
Goodwill	1,115	940
Intangible assets, net	490	396
Operating lease right-of-use assets	1,144	1,016
Sales-type leases and other assets	1,112	1,052
Total assets	16,408	15,778
Current liabilities:
Short-term debt and current portion of long-term debt	1,086	1,583
Accounts payable	797	833
Accrued expenses and other current liabilities	1,301	1,233
Total current liabilities	3,184	3,649
Long-term debt	6,450	5,531
Other non-current liabilities	2,053	1,871
Deferred income taxes	1,640	1,658
Total liabilities	13,327	12,709
Commitments and contingencies (Note 14)
Shareholders' equity:
Preferred stock, no par value per share — authorized, 3,800,917; none outstanding, June 30, 2024 and December 31, 2023	0	0
Common stock, $0.50 par value per share — authorized, 400,000,000; outstanding, June 30, 2024 — 43,283,183 and December 31, 2023 — 43,902,065	22	22
Additional paid-in capital	1,141	1,148
Retained earnings	2,589	2,554
Accumulated other comprehensive loss	(671)	(655)
Total shareholders' equity	3,081	3,069
Total liabilities and shareholders' equity	$ 16,408	$ 15,778

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accumulated depreciation	$ 1,586	$ 1,511
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)	43,283,183	43,902,065

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities from continuing operations:
Net earnings (loss)	$ 212	$ 121
Less: Loss from discontinued operations, net of tax	0	(1)
Earnings (loss) from continuing operations	212	122
Depreciation expense	852	857
Used vehicle sales, net	(39)	(127)
Currency translation adjustment loss	0	188
Amortization expense and other non-cash charges, net	73	44
Non-cash lease expense	191	124
Non-operating pension costs, net and share-based compensation expense	41	41
Deferred income tax expense	(20)	94
Collections on sales-type leases	76	63
Changes in operating assets and liabilities:
Receivables	(46)	92
Prepaid expenses and other assets	20	0
Accounts payable	(35)	(2)
Accrued expenses and other liabilities	(247)	(275)
Net cash provided by operating activities from continuing operations	1,078	1,221
Cash flows from investing activities from continuing operations:
Purchases of property and revenue earning equipment	(1,324)	(1,652)
Sales of revenue earning equipment	305	394
Sales of operating property and equipment	12	53
Acquisitions, net of cash acquired	(297)	0
Other investing activities	(1)	(2)
Net cash used in investing activities from continuing operations	(1,305)	(1,207)
Cash flows from financing activities from continuing operations:
Net borrowings (repayments) of commercial paper and other	81	(27)
Debt proceeds	1,193	1,314
Debt repayments	(870)	(1,124)
Dividends on common stock	(66)	(63)
Common stock issued	0	(18)
Common stock repurchased	(141)	(133)
Other financing activities	(3)	(6)
Net cash provided by (used in) financing activities from continuing operations	194	(57)
Effect of exchange rate changes on Cash and cash equivalents	(7)	(6)
Decrease in Cash and cash equivalents	(40)	(49)
Cash and cash equivalents at beginning of period	204	267
Cash and cash equivalents at end of period	$ 164	$ 218

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Millions		Total		Preferred Stock	Common Stock		Additional Paid-In Capital		Retained Earnings	Accumulated Other Comprehensive Loss
Beginning balance at Dec. 31, 2022		$ 2,937		$ 0	$ 23		$ 1,192		$ 2,518	$ (796)
Beginning balance (in shares) at Dec. 31, 2022					46,287,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income		347							121	226
Common stock dividends declared		(59)							(59)
Common stock issued under employee stock award and stock purchase plans and other (in shares)	[1]				785,000
Common stock issued under employee stock award and stock purchase plans and other		$ (18)	[1]		$ 1	[1]	(21)	[1]	2
Common stock repurchases (in shares)		(1,500,000)			(1,545,000)
Common stock repurchases		$ (133)			$ (1)		(39)		(93)
Share-based compensation		22					22
Ending balance at Jun. 30, 2023		3,096		0	$ 23		1,154		2,489	(570)
Ending balance (in shares) at Jun. 30, 2023					45,527,000
Beginning balance at Mar. 31, 2023		3,005		0	$ 23		1,168		2,596	(782)
Beginning balance (in shares) at Mar. 31, 2023					46,492,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income		194							(18)	212
Common stock dividends declared		(29)							(29)
Common stock issued under employee stock award and stock purchase plans and other (in shares)	[2]				115,000
Common stock issued under employee stock award and stock purchase plans and other	[2]	$ 3			$ 1		2
Common stock repurchases (in shares)		(1,100,000)			(1,080,000)
Common stock repurchases		$ (88)			$ (1)		(27)		(60)
Share-based compensation		11					11
Ending balance at Jun. 30, 2023		3,096		0	$ 23		1,154		2,489	(570)
Ending balance (in shares) at Jun. 30, 2023					45,527,000
Beginning balance at Dec. 31, 2023		$ 3,069		0	$ 22		1,148		2,554	(655)
Beginning balance (in shares) at Dec. 31, 2023		43,902,065			43,902,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income		$ 196							212	(16)
Common stock dividends declared		(64)							(64)
Common stock issued under employee stock award and stock purchase plans and other (in shares)	[1]				561,000
Common stock issued under employee stock award and stock purchase plans and other	[1]	$ 0			$ 1		(1)
Common stock repurchases (in shares)		(1,200,000)			(1,180,000)
Common stock repurchases		$ (141)			$ (1)		(27)		(113)
Share-based compensation		21					21
Ending balance at Jun. 30, 2024		$ 3,081		0	$ 22		1,141		2,589	(671)
Ending balance (in shares) at Jun. 30, 2024		43,283,183			43,283,000
Beginning balance at Mar. 31, 2024		$ 3,065		0	$ 22		1,129		2,568	(654)
Beginning balance (in shares) at Mar. 31, 2024					43,829,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income		110							127	(17)
Common stock dividends declared		(32)							(32)
Common stock issued under employee stock award and stock purchase plans and other (in shares)	[2]				183,000
Common stock issued under employee stock award and stock purchase plans and other	[2]	$ 17			$ 1		16
Common stock repurchases (in shares)		(700,000)			(729,000)
Common stock repurchases		$ (90)			$ (1)		(15)		(74)
Share-based compensation		11					11
Ending balance at Jun. 30, 2024		$ 3,081		$ 0	$ 22		$ 1,141		$ 2,589	$ (671)
Ending balance (in shares) at Jun. 30, 2024		43,283,183			43,283,000

[1] Net of common shares delivered as payment for the exercise price or to satisfy the holders' withholding tax liability upon exercise of options. Net of common shares delivered as payment for the exercise price or to satisfy the holders' withholding tax liability upon exercise of options.

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per common share (in dollars per share)	$ 0.71	$ 0.62	$ 1.42	$ 1.24

GENERAL

GENERAL	6 Months Ended
GENERAL	Jun. 30, 2024
Accounting Changes and Error Corrections [Abstract]
GENERAL	GENERAL Interim Financial Statements The accompanying unaudited condensed consolidated financial statements include the accounts of Ryder System, Inc. (Ryder) and all entities in which Ryder has a controlling voting interest (subsidiaries) and variable interest entities (VIE) where Ryder is determined to be the primary beneficiary in accordance with generally accepted accounting principles in the United States (GAAP). Ryder is deemed to be the primary beneficiary if we have the power to direct the activities that most significantly impact the entity's economic performance and we share in the significant risks and rewards of the entity. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the accounting policies described in our 2023 Annual Report on Form 10-K and should be read in conjunction with the consolidated financial statements and notes thereto. The year-end Condensed Consolidated Balance Sheet data was derived from our audited financial statements, but does not include all disclosures required by GAAP. In the opinion of management, all adjustments, including normal recurring accruals, considered necessary for a fair statement have been included and the disclosures herein are adequate. The operating results for interim periods are not necessarily indicative of the results that can be expected for a full year. Certain prior period amounts disclosed within the Notes to Condensed Consolidated Financial Statements have been reclassified to conform with the current period presentation.

SEGMENT REPORTING

SEGMENT REPORTING	6 Months Ended
SEGMENT REPORTING	Jun. 30, 2024
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING Our primary measurement of segment financial performance, defined as segment "Earnings from continuing operations before income taxes" (EBT), includes an allocation of costs from Central Support Services (CSS) and excludes Non-operating pension costs, net, intangible amortization expense, and certain other items as discussed in Note 13, "Other Items Impacting Comparability." The objective of the EBT measurement is to provide clarity on the profitability of each business segment and, ultimately, to hold leadership of each business segment accountable for their allocated share of CSS costs. Certain costs are not attributable to any segment and remain unallocated in CSS, including costs for investor relations, public affairs and certain executive compensation. Segment results are not necessarily indicative of the results of operations that would have occurred had each segment been an independent, stand-alone entity during the periods presented. The following table sets forth financial information for each of our segments and provides a reconciliation between segment EBT and Earnings from continuing operations before income taxes: Three months ended June 30, Six months ended June 30, (In millions) 2024 2023 2024 2023 Revenue: Fleet Management Solutions: ChoiceLease $ 856 $ 781 $ 1,698 $ 1,557 Commercial rental 244 301 475 605 SelectCare and other 176 172 354 354 Fuel services revenue 202 205 406 446 Fleet Management Solutions 1,478 1,459 2,933 2,962 Supply Chain Solutions 1,341 1,179 2,643 2,380 Dedicated Transportation Solutions 635 440 1,198 894 Eliminations (1) (272) (194) (495) (400) Total revenue $ 3,182 $ 2,884 $ 6,279 $ 5,836 Earnings from continuing operations before income taxes: Fleet Management Solutions $ 133 $ 180 $ 233 $ 362 Supply Chain Solutions 85 76 149 93 Dedicated Transportation Solutions 37 33 55 62 Eliminations (34) (24) (63) (49) 221 265 374 468 Unallocated Central Support Services (22) (20) (35) (35) Intangible amortization expense (2) (11) (8) (22) (17) Non-operating pension costs, net (3) (10) (10) (21) (20) Other items impacting comparability, net (4) — (183) (4) (151) Earnings from continuing operations before income taxes $ 178 $ 44 $ 292 $ 245 ———————————— (1) Represents the elimination of intercompany revenue in our FMS business segment. (2) Included within "Selling, general and administrative expenses" in our Condensed Consolidated Statements of Earnings. (3) Refer to Note 12, "Employee Benefit Plans," for a discussion on this item. (4) Refer to Note 13, "Other Items Impacting Comparability," for a discussion of items excluded from our primary measure of segment performance. The following table sets forth the capital expenditures paid for each of our segments: Three months ended June 30, Six months ended June 30, (In millions) 2024 2023 2024 2023 Fleet Management Solutions $ 636 $ 971 $ 1,290 $ 1,592 Supply Chain Solutions 3 32 30 44 Dedicated Transportation Solutions — 1 1 1 Central Support Services — 7 3 15 Purchases of property and revenue earning equipment $ 639 $ 1,011 $ 1,324 $ 1,652

REVENUE

REVENUE	6 Months Ended
REVENUE	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE Disaggregation of Revenue The following tables disaggregate our revenue recognized by primary geographical market in our reportable business segments and by industry for SCS. Refer to Note 2, "Segment Reporting," for the disaggregation of our revenue by major products/service lines. Primary Geographical Markets Three months ended June 30, 2024 (In millions) FMS SCS DTS Eliminations Total United States $ 1,400 $ 1,185 $ 635 $ (261) $ 2,959 Canada 78 70 — (11) 137 Mexico — 86 — — 86 Total revenue $ 1,478 $ 1,341 $ 635 $ (272) $ 3,182 Three months ended June 30, 2023 (In millions) FMS SCS DTS Eliminations Total United States $ 1,381 $ 1,035 $ 440 $ (185) $ 2,671 Canada 78 65 — (9) 134 Mexico — 79 — — 79 Total revenue $ 1,459 $ 1,179 $ 440 $ (194) $ 2,884 Six months ended June 30, 2024 (In millions) FMS SCS DTS Eliminations Total United States $ 2,780 $ 2,335 $ 1,198 $ (473) $ 5,840 Canada 153 141 — (22) 272 Mexico — 167 — — 167 Total revenue $ 2,933 $ 2,643 $ 1,198 $ (495) $ 6,279 Six months ended June 30, 2023 (In millions) FMS SCS DTS Eliminations Total United States $ 2,807 $ 2,103 $ 894 $ (381) $ 5,423 Canada 155 127 — (19) 263 Mexico — 150 — — 150 Total revenue $ 2,962 $ 2,380 $ 894 $ (400) $ 5,836 Industry Our SCS business segment included revenue from the following industries: Three months ended June 30, Six months ended June 30, (In millions) 2024 2023 2024 2023 Omnichannel retail $ 417 $ 405 $ 833 $ 858 Automotive 417 410 823 803 Consumer packaged goods 294 231 584 458 Industrial and other 213 133 403 261 Total SCS revenue $ 1,341 $ 1,179 $ 2,643 $ 2,380 Lease & Related Maintenance and Rental Revenue The non-lease revenue from maintenance services related to our ChoiceLease product is recognized in "Lease & related maintenance and rental revenue" in the Condensed Consolidated Statements of Earnings. For the three months ended June 30, 2024 and 2023, we recognized $241 million and $239 million, respectively. For the six months ended June 30, 2024 and 2023, we recognized $484 million and $483 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: Six months ended June 30, (In millions) 2024 2023 Balance as of beginning of period $ 545 $ 544 Recognized as revenue during period from beginning balance (105) (93) Consideration deferred during period, net 131 96 Foreign currency translation adjustment and other 1 2 Balance as of end of period $ 572 $ 549 Contracted Not Recognized Revenue Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized (contracted not recognized revenue). Contracted not recognized revenue was $3.0 billion as of June 30, 2024, and primarily includes deferred revenue and amounts for ChoiceLease maintenance revenue that will be recognized as revenue in future periods as we provide maintenance services to our customers.

RECEIVABLES, NET

RECEIVABLES, NET	6 Months Ended
RECEIVABLES, NET	Jun. 30, 2024
Receivables [Abstract]
RECEIVABLES, NET	RECEIVABLES, NET (In millions) June 30, 2024 December 31, 2023 Trade $ 1,633 $ 1,505 Sales-type lease 146 140 Other, primarily warranty and insurance 116 111 1,895 1,756 Allowance for credit losses and other (34) (42) Receivables, net $ 1,861 $ 1,714 The following table provides a reconciliation of our allowance for credit losses and other: Six months ended June 30, (In millions) 2024 2023 Balance as of beginning of period $ 42 $ 41 Changes to provisions for credit losses 11 9 Write-offs and other (19) (16) Balance as of end of period $ 34 $ 34

REVENUE EARNING EQUIPMENT, NET

REVENUE EARNING EQUIPMENT, NET	6 Months Ended
REVENUE EARNING EQUIPMENT, NET	Jun. 30, 2024
Revenue Earning Equipment [Abstract]
REVENUE EARNING EQUIPMENT, NET	REVENUE EARNING EQUIPMENT, NET Estimated Useful Lives (In Years) June 30, 2024 December 31, 2023 (Dollars in millions) Cost Accumulated Net Cost Accumulated Net Held for use: Trucks 3 — 7 $ 5,821 $ (2,182) $ 3,639 $ 5,630 $ (2,192) $ 3,438 Tractors 4 — 7.5 6,737 (2,641) 4,096 6,995 (2,712) 4,283 Trailers and other 9.5 — 12 1,709 (665) 1,044 1,686 (683) 1,003 Held for sale 840 (651) 189 732 (564) 168 Total $ 15,107 $ (6,139) $ 8,968 $ 15,043 $ (6,151) $ 8,892 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. Based on the results of our analysis, we may adjust the estimated residual values and useful lives of certain classes of our revenue earning equipment each year. 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. At the end of the vehicle's useful life or end of the lease term, the vehicle is either sold to a third party or purchased by the lessee, in which case we may record a gain or loss for the difference between the estimated residual value and the sales price. 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; wholesale market prices; customer requirements and preferences; and changes in underlying assumption factors. As a result, future residual value estimates and resulting depreciation expense are subject to change based upon these 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. For the six months ended June 30, 2024 and 2023, we did not adjust the estimated residual values and useful lives of existing revenue earning equipment. Used Vehicle S ales and Valuation Adjustments Revenue earning equipment held for sale is stated at the lower of carrying amount or fair value less costs to sell. Losses on vehicles held for sale for which carrying values exceeded fair value, which we refer to as "valuation adjustments," are recognized at the time they are deemed to meet the held-for-sale criteria and are presented within "Used vehicle sales, net" in the Condensed Consolidated Statements of Earnings. For revenue earning equipment held for sale, we stratify our fleet by vehicle type (trucks, tractors and trailers), weight class, age and other relevant characteristics and create classes of similar assets for analysis purposes. For revenue earning equipment held for sale, fair value was determined based upon recent market prices obtained from our own sales experience for each class of similar assets and vehicle condition, if available, or third-party market pricing. In addition, we also consider expected declines in market prices, as well as forecasted sales channel mix (retail/wholesale) when valuing the vehicles held for sale. The following table presents our assets held for sale that are measured at fair value on a nonrecurring basis and considered a Level 3 fair value measurement: Losses from Valuation Adjustments June 30, 2024 December 31, 2023 Three months ended June 30, Six months ended June 30, (In millions) 2024 2023 2024 2023 Revenue earning equipment held for sale: Trucks $ 9 $ 5 $ 3 $ 1 $ 6 $ 3 Tractors 32 38 3 — 9 — Trailers and other 3 4 1 1 2 1 Total assets at fair value $ 44 $ 47 $ 7 $ 2 $ 17 $ 4 The table above reflects only the portion where net book values of revenue earnings equipment held for sale exceeded fair values and valuation adjustments were recorded. The net book value of assets held for sale that were less than fair value was $145 million and $121 million as of June 30, 2024 and December 31, 2023, respectively. The components of "Used vehicle sales, net" were as follows: Three months ended June 30, Six months ended June 30, (In millions) 2024 2023 2024 2023 Gains on used vehicle sales, net $ (26) $ (57) $ (56) $ (131) Losses from valuation adjustments 7 2 17 4 Used vehicle sales, net $ (19) $ (55) $ (39) $ (127)

ACCRUED EXPENSES AND OTHER LIAB

ACCRUED EXPENSES AND OTHER LIABILITIES	6 Months Ended
ACCRUED EXPENSES AND OTHER LIABILITIES	Jun. 30, 2024
Accrued Liabilities and Other Liabilities [Abstract]
ACCRUED EXPENSES AND OTHER LIABILITIES	ACCRUED EXPENSES AND OTHER LIABILITIES June 30, 2024 December 31, 2023 (In millions) Accrued expenses and other current liabilities Other non-current liabilities Total Accrued expenses and other current liabilities Other non-current liabilities Total Salaries and wages $ 162 $ — $ 162 $ 200 $ — $ 200 Income taxes 6 — 6 14 — 14 Pension and other employee benefits 18 233 251 27 231 258 Self-insurance 201 314 515 175 284 459 Operating taxes 133 — 133 129 — 129 Interest 66 — 66 59 — 59 Deposits, mainly from customers 65 — 65 68 — 68 Operating lease liabilities 303 895 1,198 234 800 1,034 Deferred revenue 168 404 572 177 368 545 Other 179 207 386 150 188 338 Total $ 1,301 $ 2,053 $ 3,354 $ 1,233 $ 1,871 $ 3,104

LEASES

LEASES	6 Months Ended
LEASES	Jun. 30, 2024
Leases [Abstract]
LEASES	LEASES Leases as Lessor The components of lease income were as follows: Three months ended June 30, Six months ended June 30, (In millions) 2024 2023 2024 2023 Operating leases Lease income related to ChoiceLease $ 359 $ 368 $ 740 $ 728 Lease income related to commercial rental (1) $ 233 $ 287 $ 452 $ 575 Sales-type leases Interest income related to net investment in leases $ 19 $ 11 $ 36 $ 26 Variable lease income excluding commercial rental (1) $ 99 $ 70 $ 171 $ 142 ———————————— (1) Lease income related to commercial rental includes both fixed and variable lease income. Variable lease income is approximately 15% of total commercial rental income based on management's internal estimates. The components of net investment in sales-type leases, which are included in "Receivables, net" and "Sales-type leases and other assets" in the Condensed Consolidated Balance Sheets, were as follows: (In millions) June 30, 2024 December 31, 2023 Net investment in the lease — lease payment receivable $ 768 $ 723 Net investment in the lease — unguaranteed residual value in assets 47 43 815 766 Estimated loss allowance (3) (4) Total $ 812 $ 762
LEASES	LEASES Leases as Lessor The components of lease income were as follows: Three months ended June 30, Six months ended June 30, (In millions) 2024 2023 2024 2023 Operating leases Lease income related to ChoiceLease $ 359 $ 368 $ 740 $ 728 Lease income related to commercial rental (1) $ 233 $ 287 $ 452 $ 575 Sales-type leases Interest income related to net investment in leases $ 19 $ 11 $ 36 $ 26 Variable lease income excluding commercial rental (1) $ 99 $ 70 $ 171 $ 142 ———————————— (1) Lease income related to commercial rental includes both fixed and variable lease income. Variable lease income is approximately 15% of total commercial rental income based on management's internal estimates. The components of net investment in sales-type leases, which are included in "Receivables, net" and "Sales-type leases and other assets" in the Condensed Consolidated Balance Sheets, were as follows: (In millions) June 30, 2024 December 31, 2023 Net investment in the lease — lease payment receivable $ 768 $ 723 Net investment in the lease — unguaranteed residual value in assets 47 43 815 766 Estimated loss allowance (3) (4) Total $ 812 $ 762

DEBT

DEBT	6 Months Ended
DEBT	Jun. 30, 2024
Debt Disclosure [Abstract]
DEBT	DEBT Weighted Average Interest Rate (Dollars in millions) June 30, 2024 Maturities June 30, 2024 December 31, 2023 Debt: Trade receivables financing program 5.77% 2025 $ 20 $ 50 U.S. commercial paper 5.60% 2026 654 572 Unsecured medium-term note issued February 2019 —% 2024 — 600 Unsecured medium-term note issued August 2019 2.50% 2024 550 550 Unsecured medium-term note issued April 2020 4.63% 2025 400 400 Unsecured medium-term note issued May 2020 3.35% 2025 400 400 Unsecured medium-term note issued December 1995 6.95% 2025 150 150 Unsecured medium-term note issued November 2021 6.12% 2026 300 300 Unsecured medium-term note issued November 2019 2.90% 2026 400 400 Unsecured medium-term note issued February 2022 4.48% 2027 450 450 Unsecured medium-term note issued May 2022 4.30% 2027 300 300 Unsecured medium-term note issued February 2024 5.30% 2027 350 — Unsecured medium-term note issued February 2023 5.65% 2028 500 500 Unsecured medium-term note issued May 2023 5.25% 2028 650 650 Unsecured medium-term note issued November 2023 6.30% 2028 400 400 Unsecured medium-term note issued February 2024 5.38% 2029 550 — Unsecured medium-term note issued May 2024 5.50% 2029 300 — Unsecured medium-term note issued November 2023 6.60% 2033 600 600 Unsecured foreign obligations —% 2024 — 50 Unsecured U.S. obligations 5.14% 2027 275 375 Asset-backed U.S. obligations (1) 3.49% 2024-2030 301 382 Finance lease obligations and other 2024-2031 58 49 7,608 7,178 Fair market value adjustments on medium-term notes (2) (36) (34) Debt issuance costs and original issue discounts (36) (30) Total debt (3) 7,536 7,114 Short-term debt and current portion of long-term debt (1,086) (1,583) Long-term debt $ 6,450 $ 5,531 ———————————— (1) Asset-backed U.S. obligations are related to financing transactions backed by a portion of our revenue earning equipment. (2) Interest rate swaps included in "Other non-current liabilities" within the Condensed Consolidated Balance Sheets. The notional amount of interest rate swaps designated as fair value hedges was $500 million as of both June 30, 2024 and December 31, 2023. (3) The unsecured medium-term notes bear semi-annual interest. The fair value of total debt (excluding finance lease and asset-backed U.S. obligations) was approximately $7.3 billion and $6.8 billion as of June 30, 2024 and December 31, 2023, respectively. For publicly traded debt, estimates of fair value were based on market prices. For other debt, fair value was estimated based on a model-driven approach using rates currently available to us for debt with similar terms and remaining maturities. The fair value measurements of our publicly traded debt and our other debt were classified within Level 2 of the fair value hierarchy. The following table summarizes our debt proceeds and repayments in 2024: Six months ended June 30, 2024 (In millions) Debt Proceeds Debt Repayments Medium-term notes (1) $ 1,193 Medium-term notes $ 600 U.S. and foreign term loans, finance lease obligations and other — U.S. and foreign term loans, finance lease obligations and other 270 Total debt proceeds $ 1,193 Total debt repaid $ 870 ———————————— (1) Proceeds from medium-term notes presented net of discount and issuance costs. Debt proceeds were used to repay maturing debt and for general corporate purposes. If the unsecured medium-term notes are downgraded below investment grade following, or as a result of, a change in control, the note holders can require us to repurchase all or a portion of the notes at a purchase price equal to 101% of principal value plus accrued and unpaid interest. On June 28, 2024, certain terms of our global revolving credit facility were amended. Pursuant to the amendment, the Canadian Dollar Offered Rate (CDOR) was replaced as an available benchmark interest rate with the Canadian Overnight Repo Rate Average (CORRA). As of June 30, 2024, there was $746 million available under the $1.4 billion global revolving 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%, as defined in the credit facility agreement. As of June 30, 2024, the ratio was 188%. We had letters of credit and surety bonds outstanding of $453 million and $466 million as of June 30, 2024 and December 31, 2023, respectively, which primarily guarantee the payment of insurance claims. As of June 30, 2024, the available proceeds under the $300 million trade receivables financing program were $224 million. Utilization of this program included borrowing of $20 million and letters of credit outstanding of $56 million.

SHARE REPURCHASE PROGRAMS

SHARE REPURCHASE PROGRAMS	6 Months Ended
SHARE REPURCHASE PROGRAMS	Jun. 30, 2024
Share Repurchase Programs [Abstract]
SHARE REPURCHASE PROGRAMS	SHARE REPURCHASE PROGRAMS We currently maintain two share repurchase programs approved by our board of directors in October 2023. The first program authorized management to repurchase up to 2 million shares issued to employees under our employee stock plans since August 31, 2023, under an anti-dilutive program (the "2023 Anti-Dilutive Program"). The second program grants management discretion to repurchase up to 2 million shares of common stock over a period of two years under a discretionary share repurchase program (the "October 2023 Discretionary Program"). Both the 2023 Anti-Dilutive Program and the October 2023 Discretionary Program commenced October 12, 2023, and expire October 12, 2025. Share repurchases under both programs can be made from time to time using our working capital and other borrowing sources. Shares are repurchased under open-market transactions and trading plans established pursuant to Rule 10b5-1 of the Securities Exchange Act of 1934. The timing and actual number of shares repurchased are subject to market conditions, legal requirements and other factors, including balance sheet leverage, availability of acquisitions and stock price. The discretionary share repurchase programs are designed to provide management with capital structure flexibility while concurrently managing objectives related to balance sheet leverage, acquisition opportunities, and shareholder returns. The anti-dilutive share repurchase programs are designed to mitigate the dilutive impact of shares issued under our employee stock plans. The following table provides the activity for shares repurchased and retired: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 (In millions) Shares Amount Shares Amount Shares Amount Shares Amount 2023 Anti-Dilutive Program 0.3 $ 32 — $ — 0.6 $ 70 — $ — 2021 Anti-Dilutive Program — — 0.3 25 — — 0.8 70 Anti-Dilutive Programs 0.3 32 0.3 25 0.6 70 0.8 70 October 2023 Discretionary Program 0.5 57 — — 0.6 71 — — February 2023 Discretionary Program — — 0.8 63 — — 0.8 63 Discretionary Programs 0.5 57 0.8 63 0.6 71 0.8 63 Total 0.7 $ 90 1.1 $ 88 1.2 $ 141 1.5 $ 133 _____________________ Amounts in the table may not be additive due to rounding.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	6 Months Ended
ACCUMULATED OTHER COMPREHENSIVE LOSS	Jun. 30, 2024
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	ACCUMULATED OTHER COMPREHENSIVE LOSS Comprehensive income presents a measure of all changes in shareholders' equity except for changes resulting from transactions with shareholders in their capacity as shareholders. The following summary sets forth the change in each component of Accumulated other comprehensive loss, net of tax (AOCI): (In millions) Currency Net Actuarial (Loss) Gain and Prior Service Costs Unrealized Gain (Loss) from Cash Flow Hedges Accumulated January 1, 2024 $ (18) $ (637) $ — $ (655) Other comprehensive (loss) gain, net of tax, before reclassifications (30) — 5 (25) Amounts reclassified from AOCI, net of tax — 12 (3) 9 Net current-period other comprehensive gain (loss), net of tax (30) 12 2 (16) June 30, 2024 $ (48) $ (625) $ 2 $ (671) (In millions) Currency Net Actuarial Unrealized (Loss) Gain from Cash Flow Hedges Accumulated January 1, 2023 $ (238) $ (566) $ 8 $ (796) Other comprehensive gain, net of tax, before reclassifications 35 — 1 36 Amounts reclassified from AOCI, net of tax 183 10 (3) 190 Net current-period other comprehensive gain (loss), net of tax 218 10 (2) 226 June 30, 2023 $ (20) $ (556) $ 6 $ (570) In the second quarter of 2023, we recognized a non-cash, cumulative currency translation adjustment loss of $183 million as a result of the FMS United Kingdom (U.K.) business exit, which is included in "Currency translation adjustment loss" in our Condensed Consolidated Statements of Earnings. The cumulative currency translation adjustment loss had no impact on our consolidated financial position or cash flows.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
EARNINGS PER SHARE	Jun. 30, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The following table presents the calculation of basic and diluted earnings per common share from continuing operations: Three months ended June 30, Six months ended June 30, (Dollars in millions and shares in thousands) 2024 2023 2024 2023 Earnings per common share — Basic: Earnings (loss) from continuing operations $ 126 $ (18) $ 212 $ 122 Less: Distributed and undistributed earnings allocated to unvested stock (1) — (1) (1) Earnings (loss) from continuing operations available to common shareholders $ 125 $ (18) $ 211 121 Weighted average common shares outstanding 43,609 45,975 43,734 46,176 Earnings (loss) from continuing operations per common share — Basic $ 2.88 $ (0.39) $ 4.81 $ 2.64 Earnings per common share — Diluted: Earnings (loss) from continuing operations $ 126 $ (18) $ 212 $ 122 Less: Distributed and undistributed earnings allocated to unvested stock — — — — Earnings (loss) from continuing operations available to common shareholders — Diluted $ 126 $ (18) $ 212 $ 122 Weighted average common shares outstanding — Basic 43,609 45,975 43,734 46,176 Effect of dilutive equity awards 1,024 — 1,083 980 Weighted average common shares outstanding — Diluted 44,633 45,975 44,817 47,156 Earnings (loss) from continuing operations per common share — Diluted $ 2.83 $ (0.39) $ 4.72 $ 2.60 Anti-dilutive equity awards not included in Diluted EPS 92 2,531 86 1,579 ———————————— Note: Amounts may not be additive due to rounding.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	6 Months Ended
EMPLOYEE BENEFIT PLANS	Jun. 30, 2024
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS Components of net pension expense for defined benefit pension plans were as follows: Three months ended June 30, Six months ended June 30, (In millions) 2024 2023 2024 2023 Company-administered plans: Service cost $ 1 $ — $ 1 $ — Interest cost 21 23 43 45 Expected return on plan assets (19) (19) (38) (38) Amortization of net actuarial loss and prior service cost 7 6 15 13 Net pension expense $ 10 $ 10 $ 21 $ 20 Company-administered plans: U.S. $ 7 $ 7 $ 15 $ 15 Non-U.S. 3 3 6 5 Net pension expense $ 10 $ 10 $ 21 $ 20 Non-operating pension costs, net include the amortization of net actuarial loss and prior service cost, interest cost and expected return on plan assets components of pension and postretirement benefit costs, as well as any significant charges for settlements or curtailments if recognized. During the six months ended June 30, 2024, we did not contribute to our pension plans. We also maintain other postretirement benefit plans that are not reflected in the table above as the amount of postretirement benefit expense for such plans was not material for any period presented.

OTHER ITEMS IMPACTING COMPARABI

OTHER ITEMS IMPACTING COMPARABILITY	6 Months Ended
OTHER ITEMS IMPACTING COMPARABILITY	Jun. 30, 2024
Other Income and Expenses [Abstract]
OTHER ITEMS IMPACTING COMPARABILITY	OTHER ITEMS IMPACTING COMPARABILITY Our primary measure of segment performance as shown in Note 2, "Segment Reporting," excludes certain items we do not believe are representative of the ongoing operations of our business segments. Excluding these items from our segment measure of performance allows for better year-over-year comparison: Three months ended June 30, Six months ended June 30, (In millions) 2024 2023 2024 2023 Acquisition costs (1) $ 1 $ — 6 — FMS U.K. exit, primarily net commercial claim proceeds (2) — (5) — (36) Currency translation adjustment loss — 188 — 188 Other, net (1) (1) — (2) (1) Other items impacting comparability $ — $ 183 $ 4 $ 151 ________________________ (1) Included within "Restructuring and other items, net" in our Condensed Consolidated Statements of Earnings. (2) Primarily included within "Restructuring and other items, net" in our Condensed Consolidated Statements of Earnings.

CONTINGENCIES AND OTHER MATTERS

CONTINGENCIES AND OTHER MATTERS	6 Months Ended
CONTINGENCIES AND OTHER MATTERS	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES AND OTHER MATTERS	CONTINGENCIES AND OTHER MATTERS We are a party to various claims, complaints and proceedings arising in the ordinary course of our continuing business operations, including those relating to commercial and employment claims, environmental matters, risk management matters (e.g., vehicle liability, workers' compensation, etc.) and administrative assessments primarily associated with operating taxes. We have established loss provisions for matters in which losses are probable and can be reasonably estimated. We believe that the resolution of these claims, complaints and legal proceedings will not have a material effect on our condensed consolidated financial statements. Our estimates regarding potential losses and materiality are based on our judgment and assessment of the claims utilizing currently available information. Although we will continue to reassess our estimated liability based on future developments, our objective assessment of the legal merits of such claims may not always be predictive of the outcome and actual results may vary from our current estimates. Securities Litigation Relating to Residual Value Estimates As previously disclosed, in May 2020, a putative class action on behalf of purchasers of our securities who purchased or otherwise acquired their securities between 2015 and 2020, was commenced against Ryder and certain of our current and former officers (the "Securities Class Action"). The complaint alleges, among other things, that the defendants misrepresented Ryder's depreciation policy and residual value estimates for its vehicles. In April 2023, the parties reached an agreement in principle to resolve the Securities Class Action. In February 2024, the court entered an order preliminarily approving a settlement and authorizing dissemination of the notice of settlement. We expect that the settlement amount will be covered by insurance, and accordingly is not material to our financial position or results of operations. Between June 2020 and February 2021, five shareholder derivative complaints were filed against certain of our current and former officers and directors (the "Derivative Cases"). The Derivative Cases are generally based on the allegations set forth in the Securities Class Action and allege breach of fiduciary duties, unjust enrichment and waste of corporate assets. In September 2023, the parties reached an agreement in principle to resolve the Derivative Cases in exchange for certain specified corporate reforms, subject to the execution of definitive settlement documentation and court approval. We expect that any settlement amount of plaintiffs' attorneys' fees and expenses in connection with the settlement of the Derivative Cases also will be covered by insurance, and accordingly is not material to our financial position or results of operations. Income Taxes The Organisation for Economic Co-operation and Development (OECD) set forth a framework to implement a global minimum corporate tax of 15% for companies with global revenues and profits above certain thresholds (referred to as Pillar Two), with certain aspects of Pillar Two effective January 1, 2024, and other aspects effective January 1, 2025. While the U.S. has not enacted legislation to adopt Pillar Two as of June 30, 2024, certain countries in which we operate have adopted legislation, and other countries are in the process of introducing legislation to implement Pillar Two. We do not expect Pillar Two to have a material impact on our effective tax rate or our consolidated results of operation, financial position, and cash flows.

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	6 Months Ended
SUPPLEMENTAL CASH FLOW INFORMATION	Jun. 30, 2024
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	SUPPLEMENTAL CASH FLOW INFORMATION Six months ended June 30, (In millions) 2024 2023 Interest paid $ 179 $ 123 Income taxes paid $ 142 $ 67 Cash paid for operating lease liabilities $ 179 $ 115 Right-of-use assets obtained in exchange for lease obligations: Finance leases $ 19 $ 11 Operating leases $ 85 $ 154 Capital expenditures acquired but not yet paid $ 221 $ 361

ACQUISITIONS

ACQUISITIONS	6 Months Ended
ACQUISITIONS	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
ACQUISITIONS	ACQUISITIONS On February 1, 2024, we acquired all the outstanding equity of CLH Parent Corporation (Cardinal Logistics) for a purchase price of $299 million. Cardinal Logistics is a leading customized dedicated contract carrier in North America, providing dedicated fleets and professional drivers, as well as complementary freight brokerage services, last-mile delivery and contract logistics services. We expect that the acquisition will increase our scale and network density and further advance our strategy to accelerate growth in DTS. 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 allocation 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 have preliminarily estimated goodwill of $172 million and intangible assets, net of $116 million for the Cardinal Logistics acquisition. None of the goodwill is expected to be deductible for income tax purposes. We expect to finalize the valuation and complete the purchase consideration allocation no later than one year from the acquisition date.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net earnings (loss)	$ 127	$ (18)	$ 212	$ 121

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	6 Months Ended
SEGMENT REPORTING (Tables)	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Segment Revenue and Net Before Tax Information by Segment	The following table sets forth financial information for each of our segments and provides a reconciliation between segment EBT and Earnings from continuing operations before income taxes: Three months ended June 30, Six months ended June 30, (In millions) 2024 2023 2024 2023 Revenue: Fleet Management Solutions: ChoiceLease $ 856 $ 781 $ 1,698 $ 1,557 Commercial rental 244 301 475 605 SelectCare and other 176 172 354 354 Fuel services revenue 202 205 406 446 Fleet Management Solutions 1,478 1,459 2,933 2,962 Supply Chain Solutions 1,341 1,179 2,643 2,380 Dedicated Transportation Solutions 635 440 1,198 894 Eliminations (1) (272) (194) (495) (400) Total revenue $ 3,182 $ 2,884 $ 6,279 $ 5,836 Earnings from continuing operations before income taxes: Fleet Management Solutions $ 133 $ 180 $ 233 $ 362 Supply Chain Solutions 85 76 149 93 Dedicated Transportation Solutions 37 33 55 62 Eliminations (34) (24) (63) (49) 221 265 374 468 Unallocated Central Support Services (22) (20) (35) (35) Intangible amortization expense (2) (11) (8) (22) (17) Non-operating pension costs, net (3) (10) (10) (21) (20) Other items impacting comparability, net (4) — (183) (4) (151) Earnings from continuing operations before income taxes $ 178 $ 44 $ 292 $ 245 ———————————— (1) Represents the elimination of intercompany revenue in our FMS business segment. (2) Included within "Selling, general and administrative expenses" in our Condensed Consolidated Statements of Earnings. (3) Refer to Note 12, "Employee Benefit Plans," for a discussion on this item. (4) Refer to Note 13, "Other Items Impacting Comparability," for a discussion of items excluded from our primary measure of segment performance.
Schedule of Financial Information of Business Segments	The following table sets forth the capital expenditures paid for each of our segments: Three months ended June 30, Six months ended June 30, (In millions) 2024 2023 2024 2023 Fleet Management Solutions $ 636 $ 971 $ 1,290 $ 1,592 Supply Chain Solutions 3 32 30 44 Dedicated Transportation Solutions — 1 1 1 Central Support Services — 7 3 15 Purchases of property and revenue earning equipment $ 639 $ 1,011 $ 1,324 $ 1,652

REVENUE (Tables)

REVENUE (Tables)	6 Months Ended
REVENUE (Tables)	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Revenue from External Customers by Geographic Areas	The following tables disaggregate our revenue recognized by primary geographical market in our reportable business segments and by industry for SCS. Refer to Note 2, "Segment Reporting," for the disaggregation of our revenue by major products/service lines. Primary Geographical Markets Three months ended June 30, 2024 (In millions) FMS SCS DTS Eliminations Total United States $ 1,400 $ 1,185 $ 635 $ (261) $ 2,959 Canada 78 70 — (11) 137 Mexico — 86 — — 86 Total revenue $ 1,478 $ 1,341 $ 635 $ (272) $ 3,182 Three months ended June 30, 2023 (In millions) FMS SCS DTS Eliminations Total United States $ 1,381 $ 1,035 $ 440 $ (185) $ 2,671 Canada 78 65 — (9) 134 Mexico — 79 — — 79 Total revenue $ 1,459 $ 1,179 $ 440 $ (194) $ 2,884 Six months ended June 30, 2024 (In millions) FMS SCS DTS Eliminations Total United States $ 2,780 $ 2,335 $ 1,198 $ (473) $ 5,840 Canada 153 141 — (22) 272 Mexico — 167 — — 167 Total revenue $ 2,933 $ 2,643 $ 1,198 $ (495) $ 6,279 Six months ended June 30, 2023 (In millions) FMS SCS DTS Eliminations Total United States $ 2,807 $ 2,103 $ 894 $ (381) $ 5,423 Canada 155 127 — (19) 263 Mexico — 150 — — 150 Total revenue $ 2,962 $ 2,380 $ 894 $ (400) $ 5,836
Schedule of Disaggregation of Revenue	Our SCS business segment included revenue from the following industries: Three months ended June 30, Six months ended June 30, (In millions) 2024 2023 2024 2023 Omnichannel retail $ 417 $ 405 $ 833 $ 858 Automotive 417 410 823 803 Consumer packaged goods 294 231 584 458 Industrial and other 213 133 403 261 Total SCS revenue $ 1,341 $ 1,179 $ 2,643 $ 2,380
Schedule of Deferred Revenue	The following table includes the changes in deferred revenue due to the collection and deferral of cash or the satisfaction of our performance obligation under the contract: Six months ended June 30, (In millions) 2024 2023 Balance as of beginning of period $ 545 $ 544 Recognized as revenue during period from beginning balance (105) (93) Consideration deferred during period, net 131 96 Foreign currency translation adjustment and other 1 2 Balance as of end of period $ 572 $ 549

RECEIVABLES, NET (Tables)

RECEIVABLES, NET (Tables)	6 Months Ended
RECEIVABLES, NET (Tables)	Jun. 30, 2024
Receivables [Abstract]
Schedule of Receivables, Net	(In millions) June 30, 2024 December 31, 2023 Trade $ 1,633 $ 1,505 Sales-type lease 146 140 Other, primarily warranty and insurance 116 111 1,895 1,756 Allowance for credit losses and other (34) (42) Receivables, net $ 1,861 $ 1,714
Schedule of Allowance for Credit Loss	The following table provides a reconciliation of our allowance for credit losses and other: Six months ended June 30, (In millions) 2024 2023 Balance as of beginning of period $ 42 $ 41 Changes to provisions for credit losses 11 9 Write-offs and other (19) (16) Balance as of end of period $ 34 $ 34

REVENUE EARNING EQUIPMENT, NET

REVENUE EARNING EQUIPMENT, NET (Tables)	6 Months Ended
REVENUE EARNING EQUIPMENT, NET (Tables)	Jun. 30, 2024
Revenue Earning Equipment [Abstract]
Schedule of Revenue Earning Equipment	Estimated Useful Lives (In Years) June 30, 2024 December 31, 2023 (Dollars in millions) Cost Accumulated Net Cost Accumulated Net Held for use: Trucks 3 — 7 $ 5,821 $ (2,182) $ 3,639 $ 5,630 $ (2,192) $ 3,438 Tractors 4 — 7.5 6,737 (2,641) 4,096 6,995 (2,712) 4,283 Trailers and other 9.5 — 12 1,709 (665) 1,044 1,686 (683) 1,003 Held for sale 840 (651) 189 732 (564) 168 Total $ 15,107 $ (6,139) $ 8,968 $ 15,043 $ (6,151) $ 8,892
Schedule of Fair Value, Assets	The following table presents our assets held for sale that are measured at fair value on a nonrecurring basis and considered a Level 3 fair value measurement: Losses from Valuation Adjustments June 30, 2024 December 31, 2023 Three months ended June 30, Six months ended June 30, (In millions) 2024 2023 2024 2023 Revenue earning equipment held for sale: Trucks $ 9 $ 5 $ 3 $ 1 $ 6 $ 3 Tractors 32 38 3 — 9 — Trailers and other 3 4 1 1 2 1 Total assets at fair value $ 44 $ 47 $ 7 $ 2 $ 17 $ 4
Schedule of Gain and Losses Revenue Earning Equipment	The components of "Used vehicle sales, net" were as follows: Three months ended June 30, Six months ended June 30, (In millions) 2024 2023 2024 2023 Gains on used vehicle sales, net $ (26) $ (57) $ (56) $ (131) Losses from valuation adjustments 7 2 17 4 Used vehicle sales, net $ (19) $ (55) $ (39) $ (127)

ACCRUED EXPENSES AND OTHER LI_2

ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	6 Months Ended
ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	Jun. 30, 2024
Accrued Liabilities and Other Liabilities [Abstract]
Schedule of Accrued Expenses and Other Liabilities	June 30, 2024 December 31, 2023 (In millions) Accrued expenses and other current liabilities Other non-current liabilities Total Accrued expenses and other current liabilities Other non-current liabilities Total Salaries and wages $ 162 $ — $ 162 $ 200 $ — $ 200 Income taxes 6 — 6 14 — 14 Pension and other employee benefits 18 233 251 27 231 258 Self-insurance 201 314 515 175 284 459 Operating taxes 133 — 133 129 — 129 Interest 66 — 66 59 — 59 Deposits, mainly from customers 65 — 65 68 — 68 Operating lease liabilities 303 895 1,198 234 800 1,034 Deferred revenue 168 404 572 177 368 545 Other 179 207 386 150 188 338 Total $ 1,301 $ 2,053 $ 3,354 $ 1,233 $ 1,871 $ 3,104

LEASES (Tables)

LEASES (Tables)	6 Months Ended
LEASES (Tables)	Jun. 30, 2024
Leases [Abstract]
Schedule of Components of Revenue from Leases	The components of lease income were as follows: Three months ended June 30, Six months ended June 30, (In millions) 2024 2023 2024 2023 Operating leases Lease income related to ChoiceLease $ 359 $ 368 $ 740 $ 728 Lease income related to commercial rental (1) $ 233 $ 287 $ 452 $ 575 Sales-type leases Interest income related to net investment in leases $ 19 $ 11 $ 36 $ 26 Variable lease income excluding commercial rental (1) $ 99 $ 70 $ 171 $ 142 ———————————— (1) Lease income related to commercial rental includes both fixed and variable lease income. Variable lease income is approximately 15% of total commercial rental income based on management's internal estimates.
Schedule of Components of Net Investment in Leases	The components of net investment in sales-type leases, which are included in "Receivables, net" and "Sales-type leases and other assets" in the Condensed Consolidated Balance Sheets, were as follows: (In millions) June 30, 2024 December 31, 2023 Net investment in the lease — lease payment receivable $ 768 $ 723 Net investment in the lease — unguaranteed residual value in assets 47 43 815 766 Estimated loss allowance (3) (4) Total $ 812 $ 762

DEBT (Tables)

DEBT (Tables)	6 Months Ended
DEBT (Tables)	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt	Weighted Average Interest Rate (Dollars in millions) June 30, 2024 Maturities June 30, 2024 December 31, 2023 Debt: Trade receivables financing program 5.77% 2025 $ 20 $ 50 U.S. commercial paper 5.60% 2026 654 572 Unsecured medium-term note issued February 2019 —% 2024 — 600 Unsecured medium-term note issued August 2019 2.50% 2024 550 550 Unsecured medium-term note issued April 2020 4.63% 2025 400 400 Unsecured medium-term note issued May 2020 3.35% 2025 400 400 Unsecured medium-term note issued December 1995 6.95% 2025 150 150 Unsecured medium-term note issued November 2021 6.12% 2026 300 300 Unsecured medium-term note issued November 2019 2.90% 2026 400 400 Unsecured medium-term note issued February 2022 4.48% 2027 450 450 Unsecured medium-term note issued May 2022 4.30% 2027 300 300 Unsecured medium-term note issued February 2024 5.30% 2027 350 — Unsecured medium-term note issued February 2023 5.65% 2028 500 500 Unsecured medium-term note issued May 2023 5.25% 2028 650 650 Unsecured medium-term note issued November 2023 6.30% 2028 400 400 Unsecured medium-term note issued February 2024 5.38% 2029 550 — Unsecured medium-term note issued May 2024 5.50% 2029 300 — Unsecured medium-term note issued November 2023 6.60% 2033 600 600 Unsecured foreign obligations —% 2024 — 50 Unsecured U.S. obligations 5.14% 2027 275 375 Asset-backed U.S. obligations (1) 3.49% 2024-2030 301 382 Finance lease obligations and other 2024-2031 58 49 7,608 7,178 Fair market value adjustments on medium-term notes (2) (36) (34) Debt issuance costs and original issue discounts (36) (30) Total debt (3) 7,536 7,114 Short-term debt and current portion of long-term debt (1,086) (1,583) Long-term debt $ 6,450 $ 5,531 ———————————— (1) Asset-backed U.S. obligations are related to financing transactions backed by a portion of our revenue earning equipment. (2) Interest rate swaps included in "Other non-current liabilities" within the Condensed Consolidated Balance Sheets. The notional amount of interest rate swaps designated as fair value hedges was $500 million as of both June 30, 2024 and December 31, 2023. (3) The unsecured medium-term notes bear semi-annual interest. The following table summarizes our debt proceeds and repayments in 2024: Six months ended June 30, 2024 (In millions) Debt Proceeds Debt Repayments Medium-term notes (1) $ 1,193 Medium-term notes $ 600 U.S. and foreign term loans, finance lease obligations and other — U.S. and foreign term loans, finance lease obligations and other 270 Total debt proceeds $ 1,193 Total debt repaid $ 870 ———————————— (1) Proceeds from medium-term notes presented net of discount and issuance costs.

SHARE REPURCHASE PROGRAMS (Tabl

SHARE REPURCHASE PROGRAMS (Tables)	6 Months Ended
SHARE REPURCHASE PROGRAMS (Tables)	Jun. 30, 2024
Share Repurchase Programs [Abstract]
Schedule of Activity for Shares Repurchased and Retired	The following table provides the activity for shares repurchased and retired: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 (In millions) Shares Amount Shares Amount Shares Amount Shares Amount 2023 Anti-Dilutive Program 0.3 $ 32 — $ — 0.6 $ 70 — $ — 2021 Anti-Dilutive Program — — 0.3 25 — — 0.8 70 Anti-Dilutive Programs 0.3 32 0.3 25 0.6 70 0.8 70 October 2023 Discretionary Program 0.5 57 — — 0.6 71 — — February 2023 Discretionary Program — — 0.8 63 — — 0.8 63 Discretionary Programs 0.5 57 0.8 63 0.6 71 0.8 63 Total 0.7 $ 90 1.1 $ 88 1.2 $ 141 1.5 $ 133 _____________________ Amounts in the table may not be additive due to rounding.

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	6 Months Ended
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	Jun. 30, 2024
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Loss, Net of Tax	The following summary sets forth the change in each component of Accumulated other comprehensive loss, net of tax (AOCI): (In millions) Currency Net Actuarial (Loss) Gain and Prior Service Costs Unrealized Gain (Loss) from Cash Flow Hedges Accumulated January 1, 2024 $ (18) $ (637) $ — $ (655) Other comprehensive (loss) gain, net of tax, before reclassifications (30) — 5 (25) Amounts reclassified from AOCI, net of tax — 12 (3) 9 Net current-period other comprehensive gain (loss), net of tax (30) 12 2 (16) June 30, 2024 $ (48) $ (625) $ 2 $ (671) (In millions) Currency Net Actuarial Unrealized (Loss) Gain from Cash Flow Hedges Accumulated January 1, 2023 $ (238) $ (566) $ 8 $ (796) Other comprehensive gain, net of tax, before reclassifications 35 — 1 36 Amounts reclassified from AOCI, net of tax 183 10 (3) 190 Net current-period other comprehensive gain (loss), net of tax 218 10 (2) 226 June 30, 2023 $ (20) $ (556) $ 6 $ (570)

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
EARNINGS PER SHARE (Tables)	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Common Share From Continuing Operations	The following table presents the calculation of basic and diluted earnings per common share from continuing operations: Three months ended June 30, Six months ended June 30, (Dollars in millions and shares in thousands) 2024 2023 2024 2023 Earnings per common share — Basic: Earnings (loss) from continuing operations $ 126 $ (18) $ 212 $ 122 Less: Distributed and undistributed earnings allocated to unvested stock (1) — (1) (1) Earnings (loss) from continuing operations available to common shareholders $ 125 $ (18) $ 211 121 Weighted average common shares outstanding 43,609 45,975 43,734 46,176 Earnings (loss) from continuing operations per common share — Basic $ 2.88 $ (0.39) $ 4.81 $ 2.64 Earnings per common share — Diluted: Earnings (loss) from continuing operations $ 126 $ (18) $ 212 $ 122 Less: Distributed and undistributed earnings allocated to unvested stock — — — — Earnings (loss) from continuing operations available to common shareholders — Diluted $ 126 $ (18) $ 212 $ 122 Weighted average common shares outstanding — Basic 43,609 45,975 43,734 46,176 Effect of dilutive equity awards 1,024 — 1,083 980 Weighted average common shares outstanding — Diluted 44,633 45,975 44,817 47,156 Earnings (loss) from continuing operations per common share — Diluted $ 2.83 $ (0.39) $ 4.72 $ 2.60 Anti-dilutive equity awards not included in Diluted EPS 92 2,531 86 1,579 ———————————— Note: Amounts may not be additive due to rounding.

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	6 Months Ended
EMPLOYEE BENEFIT PLANS (Tables)	Jun. 30, 2024
Retirement Benefits [Abstract]
Schedule of Components of Net Periodic Benefit Cost	Components of net pension expense for defined benefit pension plans were as follows: Three months ended June 30, Six months ended June 30, (In millions) 2024 2023 2024 2023 Company-administered plans: Service cost $ 1 $ — $ 1 $ — Interest cost 21 23 43 45 Expected return on plan assets (19) (19) (38) (38) Amortization of net actuarial loss and prior service cost 7 6 15 13 Net pension expense $ 10 $ 10 $ 21 $ 20 Company-administered plans: U.S. $ 7 $ 7 $ 15 $ 15 Non-U.S. 3 3 6 5 Net pension expense $ 10 $ 10 $ 21 $ 20

OTHER ITEMS IMPACTING COMPARA_2

OTHER ITEMS IMPACTING COMPARABILITY (Tables)	6 Months Ended
OTHER ITEMS IMPACTING COMPARABILITY (Tables)	Jun. 30, 2024
Other Income and Expenses [Abstract]
Schedule of Other Items Impacting Comparability	Excluding these items from our segment measure of performance allows for better year-over-year comparison: Three months ended June 30, Six months ended June 30, (In millions) 2024 2023 2024 2023 Acquisition costs (1) $ 1 $ — 6 — FMS U.K. exit, primarily net commercial claim proceeds (2) — (5) — (36) Currency translation adjustment loss — 188 — 188 Other, net (1) (1) — (2) (1) Other items impacting comparability $ — $ 183 $ 4 $ 151 ________________________ (1) Included within "Restructuring and other items, net" in our Condensed Consolidated Statements of Earnings. (2) Primarily included within "Restructuring and other items, net" in our Condensed Consolidated Statements of Earnings.

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	6 Months Ended
SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	Jun. 30, 2024
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Information	Six months ended June 30, (In millions) 2024 2023 Interest paid $ 179 $ 123 Income taxes paid $ 142 $ 67 Cash paid for operating lease liabilities $ 179 $ 115 Right-of-use assets obtained in exchange for lease obligations: Finance leases $ 19 $ 11 Operating leases $ 85 $ 154 Capital expenditures acquired but not yet paid $ 221 $ 361

GENERAL - Narrative (Details)

GENERAL - Narrative (Details)	6 Months Ended
GENERAL - Narrative (Details)	Jun. 30, 2024 segment
Accounting Changes and Error Corrections [Abstract]
Number of segments	3

SEGMENT REPORTING - Schedule of

SEGMENT REPORTING - Schedule of Segment Revenue and Net Before Tax Information by Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Lease & related maintenance and rental revenue	$ 948	$ 976	$ 1,884	$ 1,955
Total SCS revenue	3,182	2,884	6,279	5,836
Earnings from continuing operations before taxes	221	265	374	468
Non-operating pension costs, net	(10)	(10)	(21)	(20)
Other items impacting comparability, net	0	1	(4)	26
Earnings from continuing operations before income taxes	178	44	292	245
Supply Chain Solutions
Segment Reporting Information [Line Items]
Total SCS revenue	1,341	1,179	2,643	2,380
Operating Segments \| Fleet Management Solutions
Segment Reporting Information [Line Items]
Total SCS revenue	1,478	1,459	2,933	2,962
Earnings from continuing operations before taxes	133	180	233	362
Operating Segments \| Fleet Management Solutions \| ChoiceLease
Segment Reporting Information [Line Items]
Lease & related maintenance and rental revenue	856	781	1,698	1,557
Operating Segments \| Fleet Management Solutions \| Commercial rental
Segment Reporting Information [Line Items]
Lease & related maintenance and rental revenue	244	301	475	605
Operating Segments \| Fleet Management Solutions \| SelectCare and other
Segment Reporting Information [Line Items]
Lease & related maintenance and rental revenue	176	172	354	354
Operating Segments \| Fleet Management Solutions \| Fuel services revenue
Segment Reporting Information [Line Items]
Total SCS revenue	202	205	406	446
Operating Segments \| Supply Chain Solutions
Segment Reporting Information [Line Items]
Total SCS revenue	1,341	1,179	2,643	2,380
Earnings from continuing operations before taxes	85	76	149	93
Operating Segments \| Dedicated Transportation Solutions
Segment Reporting Information [Line Items]
Total SCS revenue	635	440	1,198	894
Earnings from continuing operations before taxes	37	33	55	62
Eliminations
Segment Reporting Information [Line Items]
Total SCS revenue	(272)	(194)	(495)	(400)
Earnings from continuing operations before taxes	(34)	(24)	(63)	(49)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Unallocated Central Support Services	(22)	(20)	(35)	(35)
Intangible amortization expense	(11)	(8)	(22)	(17)
Non-operating pension costs, net	(10)	(10)	(21)	(20)
Other items impacting comparability, net	$ 0	$ (183)	$ (4)	$ (151)

SEGMENT REPORTING - Schedule _2

SEGMENT REPORTING - Schedule of Financial Information of Business Segments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Capital expenditures paid	$ 639	$ 1,011	$ 1,324	$ 1,652
Operating Segments \| Fleet Management Solutions
Segment Reporting Information [Line Items]
Capital expenditures paid	636	971	1,290	1,592
Operating Segments \| Supply Chain Solutions
Segment Reporting Information [Line Items]
Capital expenditures paid	3	32	30	44
Operating Segments \| Dedicated Transportation Solutions
Segment Reporting Information [Line Items]
Capital expenditures paid	0	1	1	1
Segment Reconciling Items
Segment Reporting Information [Line Items]
Capital expenditures paid	$ 0	$ 7	$ 3	$ 15

REVENUE - Disaggregation of Rev

REVENUE - Disaggregation of Revenue - Schedule of Revenue from External Customers by Geographic Areas (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 3,182	$ 2,884	$ 6,279	$ 5,836
United States
Disaggregation of Revenue [Line Items]
Total revenue	2,959	2,671	5,840	5,423
Canada
Disaggregation of Revenue [Line Items]
Total revenue	137	134	272	263
Mexico
Disaggregation of Revenue [Line Items]
Total revenue	86	79	167	150
SCS
Disaggregation of Revenue [Line Items]
Total revenue	1,341	1,179	2,643	2,380
Operating Segments \| FMS
Disaggregation of Revenue [Line Items]
Total revenue	1,478	1,459	2,933	2,962
Operating Segments \| FMS \| United States
Disaggregation of Revenue [Line Items]
Total revenue	1,400	1,381	2,780	2,807
Operating Segments \| FMS \| Canada
Disaggregation of Revenue [Line Items]
Total revenue	78	78	153	155
Operating Segments \| FMS \| Mexico
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Operating Segments \| SCS
Disaggregation of Revenue [Line Items]
Total revenue	1,341	1,179	2,643	2,380
Operating Segments \| SCS \| United States
Disaggregation of Revenue [Line Items]
Total revenue	1,185	1,035	2,335	2,103
Operating Segments \| SCS \| Canada
Disaggregation of Revenue [Line Items]
Total revenue	70	65	141	127
Operating Segments \| SCS \| Mexico
Disaggregation of Revenue [Line Items]
Total revenue	86	79	167	150
Operating Segments \| DTS
Disaggregation of Revenue [Line Items]
Total revenue	635	440	1,198	894
Operating Segments \| DTS \| United States
Disaggregation of Revenue [Line Items]
Total revenue	635	440	1,198	894
Operating Segments \| DTS \| Canada
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Operating Segments \| DTS \| Mexico
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Eliminations
Disaggregation of Revenue [Line Items]
Total revenue	(272)	(194)	(495)	(400)
Eliminations \| United States
Disaggregation of Revenue [Line Items]
Total revenue	(261)	(185)	(473)	(381)
Eliminations \| Canada
Disaggregation of Revenue [Line Items]
Total revenue	(11)	(9)	(22)	(19)
Eliminations \| Mexico
Disaggregation of Revenue [Line Items]
Total revenue	$ 0	$ 0	$ 0	$ 0

REVENUE - Schedule of Disaggreg

REVENUE - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total SCS revenue	$ 3,182	$ 2,884	$ 6,279	$ 5,836
SCS
Disaggregation of Revenue [Line Items]
Total SCS revenue	1,341	1,179	2,643	2,380
Omnichannel retail \| SCS
Disaggregation of Revenue [Line Items]
Total SCS revenue	417	405	833	858
Automotive \| SCS
Disaggregation of Revenue [Line Items]
Total SCS revenue	417	410	823	803
Consumer packaged goods \| SCS
Disaggregation of Revenue [Line Items]
Total SCS revenue	294	231	584	458
Industrial and other \| SCS
Disaggregation of Revenue [Line Items]
Total SCS revenue	$ 213	$ 133	$ 403	$ 261

REVENUE - Narrative (Details)

REVENUE - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
REVENUE - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Lease & related maintenance and rental revenue	$ 948	$ 976	$ 1,884	$ 1,955
Contract with customer, revenue, remaining performance obligation	3,000		3,000
Maintenance Services
Disaggregation of Revenue [Line Items]
Lease & related maintenance and rental revenue	$ 241	$ 239	$ 484	$ 483

REVENUE - Schedule of Deferred

REVENUE - Schedule of Deferred Revenue (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Contract With Customer Liability [Roll Forward]
Balance as of beginning of period	$ 545	$ 544
Recognized as revenue during period from beginning balance	(105)	(93)
Consideration deferred during period, net	131	96
Foreign currency translation adjustment and other	1	2
Balance as of end of period	$ 572	$ 549

RECEIVABLES, NET - Schedule of

RECEIVABLES, NET - Schedule of Receivables, Net (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Receivables [Abstract]
Trade	$ 1,633	$ 1,505
Sales-type lease	146	140
Other, primarily warranty and insurance	116	111
Receivables, gross	1,895	1,756
Allowance for credit losses and other	(34)	(42)
Receivables, net	$ 1,861	$ 1,714

RECEIVABLES, NET - Schedule o_2

RECEIVABLES, NET - Schedule of Allowance for Credit Loss (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance as of beginning of period	$ 42	$ 41
Changes to provisions for credit losses	11	9
Write-offs and other	(19)	(16)
Balance as of end of period	$ 34	$ 34

REVENUE EARNING EQUIPMENT, NE_2

REVENUE EARNING EQUIPMENT, NET - Schedule of Revenue Earning Equipment (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Revenue Earning Equipment [Line Items]
Cost	$ 15,107	$ 15,043
Accumulated Depreciation	(6,139)	(6,151)
Net	$ 8,968	8,892
Trucks
Revenue Earning Equipment [Line Items]
Estimated Useful Lives (In Years) , Minimum	3 years
Estimated Useful Lives (In Years) , Maximum	7 years
Cost	$ 5,821	5,630
Accumulated Depreciation	(2,182)	(2,192)
Net	$ 3,639	3,438
Tractors
Revenue Earning Equipment [Line Items]
Estimated Useful Lives (In Years) , Minimum	4 years
Estimated Useful Lives (In Years) , Maximum	7 years 6 months
Cost	$ 6,737	6,995
Accumulated Depreciation	(2,641)	(2,712)
Net	$ 4,096	4,283
Trailers and other
Revenue Earning Equipment [Line Items]
Estimated Useful Lives (In Years) , Minimum	9 years 6 months
Estimated Useful Lives (In Years) , Maximum	12 years
Cost	$ 1,709	1,686
Accumulated Depreciation	(665)	(683)
Net	1,044	1,003
Held for sale
Revenue Earning Equipment [Line Items]
Cost	840	732
Accumulated Depreciation	(651)	(564)
Net	$ 189	$ 168

REVENUE EARNING EQUIPMENT, NE_3

REVENUE EARNING EQUIPMENT, NET - Schedule of Fair Value, Assets (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Revenue Earning Equipment [Line Items]
Losses from Valuation Adjustments	$ 7	$ 2	$ 17	$ 4
Net book value of assets held for sale	145		145		$ 121
Fair Value, Inputs, Level 3 \| Fair Value, Measurements, Nonrecurring
Revenue Earning Equipment [Line Items]
Total assets at fair value	44		44		47
Losses from Valuation Adjustments	7	2	17	4
Fair Value, Inputs, Level 3 \| Fair Value, Measurements, Nonrecurring \| Trucks
Revenue Earning Equipment [Line Items]
Total assets at fair value	9		9		5
Losses from Valuation Adjustments	3	1	6	3
Fair Value, Inputs, Level 3 \| Fair Value, Measurements, Nonrecurring \| Tractors
Revenue Earning Equipment [Line Items]
Total assets at fair value	32		32		38
Losses from Valuation Adjustments	3	0	9	0
Fair Value, Inputs, Level 3 \| Fair Value, Measurements, Nonrecurring \| Trailers and other
Revenue Earning Equipment [Line Items]
Total assets at fair value	3		3		$ 4
Losses from Valuation Adjustments	$ 1	$ 1	$ 2	$ 1

REVENUE EARNING EQUIPMENT, NE_4

REVENUE EARNING EQUIPMENT, NET - Schedule of Gain and Losses Revenue Earning Equipment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue Earning Equipment [Abstract]
Gains on used vehicle sales, net	$ (26)	$ (57)	$ (56)	$ (131)
Losses from valuation adjustments	7	2	17	4
Used vehicle sales, net	$ (19)	$ (55)	$ (39)	$ (127)

ACCRUED EXPENSES AND OTHER LI_3

ACCRUED EXPENSES AND OTHER LIABILITIES (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Accrued expenses and other current liabilities
Salaries and wages	$ 162	$ 200
Income taxes	6	14
Pension and other employee benefits	18	27
Self-insurance	201	175
Operating taxes	133	129
Interest	66	59
Deposits, mainly from customers	65	68
Operating lease liabilities	303	234
Deferred revenue	168	177
Other	179	150
Total	1,301	1,233
Other non-current liabilities
Salaries and wages	0	0
Income taxes	0	0
Pension and other employee benefits	233	231
Self-insurance	314	284
Operating taxes	0	0
Interest	0	0
Deposits, mainly from customers	0	0
Operating lease liabilities	895	800
Deferred revenue	404	368
Other	207	188
Total	2,053	1,871
Total
Salaries and wages	162	200
Income taxes	6	14
Pension and other employee benefits	251	258
Self-insurance	515	459
Operating taxes	133	129
Interest	66	59
Deposits, mainly from customers	65	68
Operating lease liabilities	1,198	1,034
Deferred revenue	572	545	$ 549	$ 544
Other	386	338
Total	$ 3,354	$ 3,104

LEASES - Schedule of Components

LEASES - Schedule of Components of Revenue from Leases (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating leases
Lease income related to ChoiceLease	$ 359	$ 368	$ 740	$ 728
Lease income related to commercial rental	233	287	452	575
Sales-type leases
Interest income related to net investment in leases	19	11	36	26
Variable lease income excluding commercial rental	$ 99	$ 70	$ 171	$ 142
Variable lease income as a percent of commercial rental income (as percent)			15%

LEASES - Schedule of Componen_2

LEASES - Schedule of Components of Net Investment in Leases (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Net investment in the lease — lease payment receivable	$ 768	$ 723
Net investment in the lease — unguaranteed residual value in assets	47	43
Total	815	766
Estimated loss allowance	(3)	(4)
Total	$ 812	$ 762

DEBT - Schedule of Debt (Detail

DEBT - Schedule of Debt (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Debt:
Debt, gross	$ 7,608	$ 7,178
Fair market value adjustments on medium-term notes	(36)	(34)
Debt issuance costs and original issue discounts	(36)	(30)
Total debt	7,536	7,114
Short-term debt and current portion of long-term debt	(1,086)	(1,583)
Long-term debt	6,450	5,531
Interest Rate Swap \| Fair Value Hedging \| Designated as Hedging Instrument
Debt:
Aggregate notional amount of interest rate swaps	$ 500	500
Trade receivables financing program
Debt:
Weighted Average Interest Rate	5.77%
Debt, gross	$ 20	50
U.S. commercial paper
Debt:
Weighted Average Interest Rate	5.60%
Debt, gross	$ 654	572
Unsecured medium-term note issued February 2019
Debt:
Weighted Average Interest Rate	0%
Debt, gross	$ 0	600
Unsecured medium-term note issued August 2019
Debt:
Weighted Average Interest Rate	2.50%
Debt, gross	$ 550	550
Unsecured medium-term note issued April 2020
Debt:
Weighted Average Interest Rate	4.63%
Debt, gross	$ 400	400
Unsecured medium-term note issued May 2020
Debt:
Weighted Average Interest Rate	3.35%
Debt, gross	$ 400	400
Unsecured medium-term note issued December 1995
Debt:
Weighted Average Interest Rate	6.95%
Debt, gross	$ 150	150
Unsecured medium-term note issued November 2021
Debt:
Weighted Average Interest Rate	6.12%
Debt, gross	$ 300	300
Unsecured medium-term note issued November 2019
Debt:
Weighted Average Interest Rate	2.90%
Debt, gross	$ 400	400
Unsecured medium-term note issued February 2022
Debt:
Weighted Average Interest Rate	4.48%
Debt, gross	$ 450	450
Unsecured medium-term note issued May 2022
Debt:
Weighted Average Interest Rate	4.30%
Debt, gross	$ 300	300
Unsecured medium-term note issued February 2024
Debt:
Weighted Average Interest Rate	5.30%
Debt, gross	$ 350	0
Unsecured medium-term note issued February 2023
Debt:
Weighted Average Interest Rate	5.65%
Debt, gross	$ 500	500
Unsecured medium-term note issued May 2023
Debt:
Weighted Average Interest Rate	5.25%
Debt, gross	$ 650	650
Unsecured medium-term note issued November 2023
Debt:
Weighted Average Interest Rate	6.30%
Debt, gross	$ 400	400
Unsecured medium-term note issued February 2024
Debt:
Weighted Average Interest Rate	5.38%
Debt, gross	$ 550	0
Unsecured medium-term note issued May 2024
Debt:
Weighted Average Interest Rate	5.50%
Debt, gross	$ 300	0
Unsecured medium-term note issued November 2023
Debt:
Weighted Average Interest Rate	6.60%
Debt, gross	$ 600	600
Unsecured foreign obligations
Debt:
Weighted Average Interest Rate	0%
Debt, gross	$ 0	50
Unsecured U.S. obligations
Debt:
Weighted Average Interest Rate	5.14%
Debt, gross	$ 275	375
Asset-backed U.S. obligations
Debt:
Weighted Average Interest Rate	3.49%
Debt, gross	$ 301	382
Finance lease obligations and other
Debt:
Debt, gross	$ 58	$ 49

DEBT - Narrative (Details)

DEBT - Narrative (Details) $ in Millions	6 Months Ended
DEBT - Narrative (Details) $ in Millions	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Redemption price, percentage	101%
Debt, gross	$ 7,608	$ 7,178
Asset-backed U.S. obligations
Debt Instrument [Line Items]
Fair value of total debt	7,300	6,800
Debt, gross	301	382
Global revolving credit facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit remaining capacity	746
Line of credit facility, maximum borrowing capacity	$ 1,400
Debt to consolidated tangible net worth ratio	1.88
Global revolving credit facility \| Maximum \| Revolving Credit Facility
Debt Instrument [Line Items]
Ratio of debt to consolidated net worth	3
Trade Receivables Program \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit and surety bonds outstanding	$ 453	466
Debt, gross	56
Trade receivables financing program
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	300
Available proceeds under program	224
Debt, gross	$ 20	$ 50

DEBT - Schedule of Debt Proceed

DEBT - Schedule of Debt Proceeds and Repayments (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Debt Instrument [Line Items]
Debt Proceeds	$ 1,193
Debt Repayments	870
Medium-term Notes
Debt Instrument [Line Items]
Debt Proceeds	1,193
Debt Repayments	600
U.S. and foreign term loans, finance lease obligations and other
Debt Instrument [Line Items]
Debt Proceeds	0
Debt Repayments	$ 270

SHARE REPURCHASE PROGRAMS - Nar

SHARE REPURCHASE PROGRAMS - Narrative (Details) - Common Stock shares in Millions	1 Months Ended
	Oct. 31, 2023 program shares
Accelerated Share Repurchases [Line Items]
Number of repurchase programs \| program	2
2023 Anti-Dilutive Program
Accelerated Share Repurchases [Line Items]
Maximum number of share repurchases authorization (in shares)	2
October 2023 Discretionary Program
Accelerated Share Repurchases [Line Items]
Maximum number of share repurchases authorization (in shares)	2
Maximum period granted for shares repurchased	2 years

SHARE REPURCHASE PROGRAMS- Sche

SHARE REPURCHASE PROGRAMS- Schedule of Activity for Shares Repurchased and Retired (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accelerated Share Repurchases [Line Items]
Shares	0.7	1.1	1.2	1.5
Amount	$ 90	$ 88	$ 141	$ 133
2023 Anti-Dilutive Program
Accelerated Share Repurchases [Line Items]
Shares	0.3	0	0.6	0
Amount	$ 32	$ 0	$ 70	$ 0
2021 Anti-Dilutive Program
Accelerated Share Repurchases [Line Items]
Shares	0	0.3	0	0.8
Amount	$ 0	$ 25	$ 0	$ 70
Anti-Dilutive Programs
Accelerated Share Repurchases [Line Items]
Shares	0.3	0.3	0.6	0.8
Amount	$ 32	$ 25	$ 70	$ 70
October 2023 Discretionary Program
Accelerated Share Repurchases [Line Items]
Shares	0.5	0	0.6	0
Amount	$ 57	$ 0	$ 71	$ 0
February 2023 Discretionary Program
Accelerated Share Repurchases [Line Items]
Shares	0	0.8	0	0.8
Amount	$ 0	$ 63	$ 0	$ 63
Discretionary Programs
Accelerated Share Repurchases [Line Items]
Shares	0.5	0.8	0.6	0.8
Amount	$ 57	$ 63	$ 71	$ 63

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ 3,065	$ 3,005	$ 3,069	$ 2,937
Other comprehensive (loss) gain, net of tax, before reclassifications			(25)	36
Amounts reclassified from AOCI, net of tax			9	190
Other comprehensive (loss) income, net of taxes	(17)	212	(16)	226
Ending balance	3,081	3,096	3,081	3,096
Non-cash cumulative currency translation adjustment loss			9	190
Accumulated Other Comprehensive (Loss) Gain
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(654)	(782)	(655)	(796)
Ending balance	(671)	(570)	(671)	(570)
Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance			(18)	(238)
Other comprehensive (loss) gain, net of tax, before reclassifications			(30)	35
Amounts reclassified from AOCI, net of tax		183	0	183
Other comprehensive (loss) income, net of taxes			(30)	218
Ending balance	(48)	(20)	(48)	(20)
Non-cash cumulative currency translation adjustment loss		183	0	183
Net Actuarial (Loss) Gain and Prior Service Costs
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance			(637)	(566)
Other comprehensive (loss) gain, net of tax, before reclassifications			0	0
Amounts reclassified from AOCI, net of tax			12	10
Other comprehensive (loss) income, net of taxes			12	10
Ending balance	(625)	(556)	(625)	(556)
Non-cash cumulative currency translation adjustment loss			12	10
Unrealized Gain (Loss) from Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance			0	8
Other comprehensive (loss) gain, net of tax, before reclassifications			5	1
Amounts reclassified from AOCI, net of tax			(3)	(3)
Other comprehensive (loss) income, net of taxes			2	(2)
Ending balance	$ 2	$ 6	2	6
Non-cash cumulative currency translation adjustment loss			$ (3)	$ (3)

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings per common share — Basic:
Earnings (loss) from continuing operations	$ 126	$ (18)	$ 212	$ 122
Less: Distributed and undistributed earnings allocated to unvested stock	(1)	0	(1)	(1)
Earnings (loss) from continuing operations available to common shareholders	$ 125	$ (18)	$ 211	$ 121
Weighted average common shares outstanding (in shares)	43,609	45,975	43,734	46,176
Earnings (loss) from continuing operations per common share — Basic (in dollars per share)	$ 2.88	$ (0.39)	$ 4.81	$ 2.64
Earnings per common share — Diluted:
Earnings (loss) from continuing operations	$ 126	$ (18)	$ 212	$ 122
Less: Distributed and undistributed earnings allocated to unvested stock	0	0	0	0
Earnings (loss) from continuing operations available to common shareholders — Diluted	$ 126	$ (18)	$ 212	$ 122
Weighted average common shares outstanding - Basic (in shares)	43,609	45,975	43,734	46,176
Effect of dilutive equity awards (in shares)	1,024	0	1,083	980
Weighted average common shares outstanding — Diluted (in shares)	44,633	45,975	44,817	47,156
Earnings (loss) from continuing operations per common share - Diluted (in dollars per share)	$ 2.83	$ (0.39)	$ 4.72	$ 2.60
Anti-dilutive equity awards not included in Diluted EPS (in shares)	92	2,531	86	1,579

EMPLOYEE BENEFIT PLANS - Schedu

EMPLOYEE BENEFIT PLANS - Schedule of Components of Net Periodic Benefit Cost (Details) - Pension Plan - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Net pension expense	$ 10	$ 10	$ 21	$ 20
Company-Administered Plans
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	1	0	1	0
Interest cost	21	23	43	45
Expected return on plan assets	(19)	(19)	(38)	(38)
Amortization of net actuarial loss and prior service cost	7	6	15	13
Company-Administered Plans \| U.S.
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Net pension expense	7	7	15	15
Company-Administered Plans \| Non-U.S.
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Net pension expense	$ 3	$ 3	$ 6	$ 5

OTHER ITEMS IMPACTING COMPARA_3

OTHER ITEMS IMPACTING COMPARABILITY - Schedule of Other Items Impacting Comparability (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Other Income and Expenses [Abstract]
Acquisition costs	$ 1	$ 0	$ 6	$ 0
FMS U.K. exit, primarily net commercial claim proceeds	0	(5)	0	(36)
Currency translation adjustment loss	0	188	0	188
Other, net	(1)	0	(2)	(1)
Other items impacting comparability	$ 0	$ 183	$ 4	$ 151

CONTINGENCIES AND OTHER MATTE_2

CONTINGENCIES AND OTHER MATTERS (Details)	Feb. 02, 2021 complaint
Commitments and Contingencies Disclosure [Abstract]
Number of shareholder derivative complaints	5

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Interest paid	$ 179	$ 123
Income taxes paid	142	67
Cash paid for operating lease liabilities	179	115
Right-of-use assets obtained in exchange for lease obligations:
Finance leases	19	11
Operating leases	85	154
Capital expenditures acquired but not yet paid	$ 221	$ 361

ACQUISITIONS - Narrative (Detai

ACQUISITIONS - Narrative (Details) - USD ($)	Feb. 01, 2024	Jun. 30, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill		$ 1,115,000,000	$ 940,000,000
Cardinal Logistics
Business Acquisition [Line Items]
Consideration transferred	$ 299,000,000
Goodwill	172,000,000
Goodwill expected tax deductible amount	0
Cardinal Logistics \| Finite lived intangible assets, primarily customer relationships
Business Acquisition [Line Items]
Intangible assets acquired	$ 116,000,000