QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Florida | 59-0739250 | |||||||||||||||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||||||||||||||
11690 N.W. 105th Street | ||||||||||||||||||||||||||
Miami, | Florida | 33178 | (305) 500-3726 | |||||||||||||||||||||||
(Address of principal executive offices, including zip code) | (Registrant’s telephone number, including area code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Ryder System, Inc. Common Stock ($0.50 par value) | R | New York Stock Exchange |
Large accelerated filer | ☑ | Accelerated filer | ||||||||||||||||||||||||||
☐ | Non-accelerated filer | ☐ | Smaller reporting company | |||||||||||||||||||||||||
☐ | Emerging growth company | ☐ |
Page No. | |||||||||
Three months ended March 31, | |||||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||||||
Lease and rental revenues | $ | 823,197 | 803,006 | $ | 2,387,801 | 2,369,147 | |||||||||||||||||||||
(In millions, except per share amounts) | (In millions, except per share amounts) | 2023 | 2022 | ||||||||||||||||||||||||
Lease & related maintenance and rental revenue | Lease & related maintenance and rental revenue | $ | 979 | $ | 1,025 | ||||||||||||||||||||||
Services revenue | 896,245 | 801,004 | 2,619,139 | 2,345,922 | Services revenue | 1,821 | 1,670 | ||||||||||||||||||||
Fuel services revenue | 129,087 | 120,408 | 382,966 | 342,765 | Fuel services revenue | 152 | 159 | ||||||||||||||||||||
Total revenues | 1,848,529 | 1,724,418 | 5,389,906 | 5,057,834 | |||||||||||||||||||||||
Total revenue | Total revenue | 2,952 | 2,854 | ||||||||||||||||||||||||
Cost of lease and rental | 588,626 | 557,901 | 1,745,777 | 1,665,693 | |||||||||||||||||||||||
Cost of lease & related maintenance and rental | Cost of lease & related maintenance and rental | 674 | 699 | ||||||||||||||||||||||||
Cost of services | 761,470 | 658,793 | 2,210,314 | 1,936,636 | Cost of services | 1,607 | 1,450 | ||||||||||||||||||||
Cost of fuel services | 124,562 | 116,904 | 372,016 | 331,283 | Cost of fuel services | 149 | 155 | ||||||||||||||||||||
Other operating expenses | 28,445 | 27,997 | 87,122 | 85,944 | |||||||||||||||||||||||
Selling, general and administrative expenses | 216,653 | 191,337 | 620,041 | 602,768 | Selling, general and administrative expenses | 363 | 342 | ||||||||||||||||||||
Non-operating pension costs | 6,958 | 7,468 | 20,875 | 29,698 | |||||||||||||||||||||||
Non-operating pension costs, net | Non-operating pension costs, net | 10 | 3 | ||||||||||||||||||||||||
Used vehicle sales, net | (2,727 | ) | (1,873 | ) | 11,815 | (33,002 | ) | Used vehicle sales, net | (72) | (113) | |||||||||||||||||
Interest expense | 34,854 | 37,440 | 104,591 | 112,597 | Interest expense | 65 | 52 | ||||||||||||||||||||
Miscellaneous income, net | (4,655 | ) | (3,247 | ) | (17,636 | ) | (10,968 | ) | Miscellaneous income, net | (20) | — | ||||||||||||||||
Restructuring and other items, net | Restructuring and other items, net | (25) | 14 | ||||||||||||||||||||||||
2,751 | 2,602 | ||||||||||||||||||||||||||
1,754,186 | 1,592,720 | 5,154,915 | 4,720,649 | ||||||||||||||||||||||||
Earnings from continuing operations before income taxes | 94,343 | 131,698 | 234,991 | 337,185 | Earnings from continuing operations before income taxes | 201 | 252 | ||||||||||||||||||||
Provision for income taxes | 35,430 | 46,560 | 86,456 | 121,820 | Provision for income taxes | 61 | 76 | ||||||||||||||||||||
Earnings from continuing operations | 58,913 | 85,138 | 148,535 | 215,365 | Earnings from continuing operations | 140 | 176 | ||||||||||||||||||||
Loss from discontinued operations, net of tax | (290 | ) | (386 | ) | (947 | ) | (1,069 | ) | Loss from discontinued operations, net of tax | (1) | — | ||||||||||||||||
Net earnings | $ | 58,623 | 84,752 | $ | 147,588 | 214,296 | Net earnings | $ | 139 | $ | 176 | ||||||||||||||||
Earnings (loss) per common share — Basic | Earnings (loss) per common share — Basic | ||||||||||||||||||||||||||
Continuing operations | $ | 1.12 | 1.60 | $ | 2.81 | 4.05 | Continuing operations | $ | 3.00 | $ | 3.42 | ||||||||||||||||
Discontinued operations | (0.01 | ) | (0.01 | ) | (0.02 | ) | (0.02 | ) | Discontinued operations | (0.01) | — | ||||||||||||||||
Net earnings | $ | 1.11 | 1.60 | $ | 2.79 | 4.03 | Net earnings | $ | 2.99 | $ | 3.42 | ||||||||||||||||
Earnings (loss) per common share — Diluted | Earnings (loss) per common share — Diluted | ||||||||||||||||||||||||||
Continuing operations | $ | 1.11 | 1.59 | $ | 2.79 | 4.02 | Continuing operations | $ | 2.95 | $ | 3.35 | ||||||||||||||||
Discontinued operations | (0.01 | ) | (0.01 | ) | (0.02 | ) | (0.02 | ) | Discontinued operations | (0.01) | — | ||||||||||||||||
Net earnings | $ | 1.11 | 1.59 | $ | 2.77 | 4.00 | Net earnings | $ | 2.94 | $ | 3.35 | ||||||||||||||||
Cash dividends declared per common share | $ | 0.46 | 0.44 | $ | 1.34 | 1.26 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||
(In thousands) | |||||||||||||
Net earnings | $ | 58,623 | 84,752 | $ | 147,588 | 214,296 | |||||||
Other comprehensive income (loss): | |||||||||||||
Changes in currency translation adjustment and other | 27,648 | (19,296 | ) | 70,991 | (37,874 | ) | |||||||
Amortization of pension and postretirement items | 7,960 | 7,171 | 23,741 | 22,040 | |||||||||
Income tax expense related to amortization of pension and postretirement items | (2,812 | ) | (2,667 | ) | (8,324 | ) | (7,854 | ) | |||||
Amortization of pension and postretirement items, net of taxes | 5,148 | 4,504 | 15,417 | 14,186 | |||||||||
Change in net actuarial loss and prior service cost | 870 | — | 890 | (17,367 | ) | ||||||||
Income tax benefit related to change in net actuarial loss and prior service cost | (260 | ) | — | (80 | ) | 6,345 | |||||||
Change in net actuarial loss and prior service cost, net of taxes | 610 | — | 810 | (11,022 | ) | ||||||||
Other comprehensive income (loss), net of taxes | 33,406 | (14,792 | ) | 87,218 | (34,710 | ) | |||||||
Comprehensive income | $ | 92,029 | 69,960 | $ | 234,806 | 179,586 |
Three months ended March 31, | ||||||||||||||
(In millions) | 2023 | 2022 | ||||||||||||
Net earnings | $ | 139 | $ | 176 | ||||||||||
Other comprehensive income: | ||||||||||||||
Changes in cumulative translation adjustment and unrealized gains from cash flow hedges | 9 | 2 | ||||||||||||
Amortization of pension and postretirement items | 7 | 6 | ||||||||||||
Income tax expense related to amortization of pension and postretirement items | (2) | (1) | ||||||||||||
Amortization of pension and postretirement items, net of taxes | 5 | 5 | ||||||||||||
Other comprehensive income, net of taxes | 14 | 7 | ||||||||||||
Comprehensive income | $ | 153 | $ | 183 |
September 30, 2017 | December 31, 2016 | |||||||||||||||||||
(In millions, except share amounts) | (In millions, except share amounts) | March 31, 2023 | December 31, 2022 | |||||||||||||||||
(Dollars in thousands, except per share amount) | ||||||||||||||||||||
Assets: | Assets: | |||||||||||||||||||
Current assets: | Current assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 65,256 | 58,801 | Cash and cash equivalents | $ | 253 | $ | 267 | ||||||||||||
Receivables, net of allowance of $13,192 and $14,915, respectively | 981,702 | 831,947 | ||||||||||||||||||
Receivables, net | Receivables, net | 1,682 | 1,610 | |||||||||||||||||
Inventories | 71,328 | 69,529 | Inventories | 74 | 78 | |||||||||||||||
Prepaid expenses and other current assets | 134,294 | 141,280 | Prepaid expenses and other current assets | 251 | 245 | |||||||||||||||
Total current assets | 1,252,580 | 1,101,557 | Total current assets | 2,260 | 2,200 | |||||||||||||||
Revenue earning equipment, net | 8,249,317 | 8,147,722 | Revenue earning equipment, net | 8,253 | 8,190 | |||||||||||||||
Operating property and equipment, net of accumulated depreciation of $1,187,188 and $1,128,040, respectively | 778,879 | 745,870 | ||||||||||||||||||
Operating property and equipment, net of accumulated depreciation of $1,393 and $1,377 | Operating property and equipment, net of accumulated depreciation of $1,393 and $1,377 | 1,093 | 1,148 | |||||||||||||||||
Goodwill | 395,120 | 386,772 | Goodwill | 861 | 861 | |||||||||||||||
Intangible assets, net of accumulated amortization of $55,934 and $51,578, respectively | 44,381 | 48,249 | ||||||||||||||||||
Direct financing leases and other assets | 538,697 | 472,284 | ||||||||||||||||||
Intangible assets, net | Intangible assets, net | 288 | 295 | |||||||||||||||||
Operating lease right-of-use assets | Operating lease right-of-use assets | 673 | 715 | |||||||||||||||||
Sales-type leases and other assets | Sales-type leases and other assets | 1,115 | 986 | |||||||||||||||||
Total assets | $ | 11,258,974 | 10,902,454 | Total assets | $ | 14,543 | $ | 14,395 | ||||||||||||
Liabilities and shareholders’ equity: | Liabilities and shareholders’ equity: | |||||||||||||||||||
Current liabilities: | Current liabilities: | |||||||||||||||||||
Short-term debt and current portion of long-term debt | $ | 143,942 | 791,410 | Short-term debt and current portion of long-term debt | $ | 1,674 | $ | 1,349 | ||||||||||||
Accounts payable | 557,216 | 445,470 | Accounts payable | 980 | 767 | |||||||||||||||
Accrued expenses and other current liabilities | 529,171 | 507,189 | Accrued expenses and other current liabilities | 1,101 | 1,200 | |||||||||||||||
Total current liabilities | 1,230,329 | 1,744,069 | Total current liabilities | 3,755 | 3,316 | |||||||||||||||
Long-term debt | 5,205,284 | 4,599,864 | Long-term debt | 4,666 | 5,003 | |||||||||||||||
Other non-current liabilities | 872,071 | 817,565 | Other non-current liabilities | 1,507 | 1,568 | |||||||||||||||
Deferred income taxes | 1,776,226 | 1,688,681 | Deferred income taxes | 1,610 | 1,571 | |||||||||||||||
Total liabilities | 9,083,910 | 8,850,179 | Total liabilities | 11,538 | 11,458 | |||||||||||||||
Commitments and contingencies (Note 15) | Commitments and contingencies (Note 15) | |||||||||||||||||||
Shareholders’ equity: | Shareholders’ equity: | |||||||||||||||||||
Preferred stock, no par value per share — authorized, 3,800,917; none outstanding, September 30, 2017 or December 31, 2016 | — | — | ||||||||||||||||||
Common stock, $0.50 par value per share — authorized, 400,000,000; outstanding, September 30, 2017 — 52,947,715; December 31, 2016 — 53,463,118 | 26,474 | 26,732 | ||||||||||||||||||
Preferred stock, no par value per share — authorized, 3,800,917; none outstanding, March 31, 2023 and December 31, 2022 | Preferred stock, no par value per share — authorized, 3,800,917; none outstanding, March 31, 2023 and December 31, 2022 | — | — | |||||||||||||||||
Common stock, $0.50 par value per share — authorized, 400,000,000; outstanding, March 31, 2023 — 46,492,233 and December 31, 2022 — 46,286,664 | Common stock, $0.50 par value per share — authorized, 400,000,000; outstanding, March 31, 2023 — 46,492,233 and December 31, 2022 — 46,286,664 | 23 | 23 | |||||||||||||||||
Additional paid-in capital | 1,039,598 | 1,032,549 | Additional paid-in capital | 1,168 | 1,192 | |||||||||||||||
Retained earnings | 1,855,806 | 1,827,026 | Retained earnings | 2,596 | 2,518 | |||||||||||||||
Accumulated other comprehensive loss | (746,814 | ) | (834,032 | ) | Accumulated other comprehensive loss | (782) | (796) | |||||||||||||
Total shareholders’ equity | 2,175,064 | 2,052,275 | Total shareholders’ equity | 3,005 | 2,937 | |||||||||||||||
Total liabilities and shareholders’ equity | $ | 11,258,974 | 10,902,454 | Total liabilities and shareholders’ equity | $ | 14,543 | $ | 14,395 |
Nine months ended September 30, | ||||||
2017 | 2016 | |||||
(In thousands) | ||||||
Cash flows from operating activities from continuing operations: | ||||||
Net earnings | $ | 147,588 | 214,296 | |||
Less: Loss from discontinued operations, net of tax | (947 | ) | (1,069 | ) | ||
Earnings from continuing operations | 148,535 | 215,365 | ||||
Depreciation expense | 932,772 | 878,173 | ||||
Used vehicle sales, net | 11,815 | (33,002 | ) | |||
Amortization expense and other non-cash charges, net | 27,933 | 20,196 | ||||
Non-operating pension costs and share-based compensation expense | 35,509 | 43,568 | ||||
Deferred income tax expense | 75,279 | 109,191 | ||||
Changes in operating assets and liabilities: | ||||||
Receivables | (145,090 | ) | (69,169 | ) | ||
Inventories | (985 | ) | (3,524 | ) | ||
Prepaid expenses and other assets | 255 | (24,241 | ) | |||
Accounts payable | 40,734 | 68,599 | ||||
Accrued expenses and other non-current liabilities | 39,434 | (20,094 | ) | |||
Net cash provided by operating activities from continuing operations | 1,166,191 | 1,185,062 | ||||
Cash flows from financing activities: | ||||||
Net change in commercial paper borrowings and revolving credit facilities | 2,153 | 73,597 | ||||
Debt proceeds | 873,302 | 298,254 | ||||
Debt repaid | (938,160 | ) | (340,707 | ) | ||
Dividends on common stock | (71,564 | ) | (67,651 | ) | ||
Common stock issued | 10,387 | 9,626 | ||||
Common stock repurchased | (65,856 | ) | (25,658 | ) | ||
Debt issuance costs | (1,517 | ) | (3,015 | ) | ||
Net cash used in financing activities | (191,255 | ) | (55,554 | ) | ||
Cash flows from investing activities: | ||||||
Purchases of property and revenue earning equipment | (1,312,845 | ) | (1,511,359 | ) | ||
Sales of revenue earning equipment | 289,432 | 331,720 | ||||
Sales of operating property and equipment | 12,541 | 6,623 | ||||
Acquisitions | (7,240 | ) | — | |||
Collections on direct finance leases and other items | 54,227 | 60,229 | ||||
Changes in restricted cash | 1,694 | 4,203 | ||||
Net cash used in investing activities | (962,191 | ) | (1,108,584 | ) | ||
Effect of exchange rate changes on cash | (5,226 | ) | (5,567 | ) | ||
Increase in cash and cash equivalents from continuing operations | 7,519 | 15,357 | ||||
Decrease in cash and cash equivalents from discontinued operations | (1,064 | ) | (1,308 | ) | ||
Increase in cash and cash equivalents | 6,455 | 14,049 | ||||
Cash and cash equivalents at January 1 | 58,801 | 60,945 | ||||
Cash and cash equivalents at September 30 | $ | 65,256 | 74,994 |
Three months ended March 31, | ||||||||||||||||||||
(In millions) | 2023 | 2022 | ||||||||||||||||||
Cash flows from operating activities from continuing operations: | ||||||||||||||||||||
Net earnings | $ | 139 | $ | 176 | ||||||||||||||||
Less: Loss from discontinued operations, net of tax | (1) | — | ||||||||||||||||||
Earnings from continuing operations | 140 | 176 | ||||||||||||||||||
Depreciation expense | 445 | 430 | ||||||||||||||||||
Used vehicle sales, net | (72) | (113) | ||||||||||||||||||
Amortization expense and other non-cash charges, net | 28 | 31 | ||||||||||||||||||
Non-cash lease expense | 59 | 45 | ||||||||||||||||||
Non-operating pension costs, net and share-based compensation expense | 20 | 14 | ||||||||||||||||||
Deferred income tax expense | 42 | 58 | ||||||||||||||||||
Collections on sales-type leases | 30 | 34 | ||||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||
Receivables | (7) | (64) | ||||||||||||||||||
Inventories | 4 | (6) | ||||||||||||||||||
Prepaid expenses and other assets | (26) | (15) | ||||||||||||||||||
Accounts payable | 45 | 13 | ||||||||||||||||||
Accrued expenses and other liabilities | (230) | (137) | ||||||||||||||||||
Net cash provided by operating activities from continuing operations | 478 | 466 | ||||||||||||||||||
Cash flows from investing activities from continuing operations: | ||||||||||||||||||||
Purchases of property and revenue earning equipment | (641) | (584) | ||||||||||||||||||
Sales of revenue earning equipment | 216 | 223 | ||||||||||||||||||
Sales of operating property and equipment | 48 | 3 | ||||||||||||||||||
Acquisitions, net of cash acquired | — | (425) | ||||||||||||||||||
Net cash used in investing activities from continuing operations | (377) | (783) | ||||||||||||||||||
Cash flows from financing activities from continuing operations: | ||||||||||||||||||||
Net borrowings (repayments) of commercial paper and other | (216) | 63 | ||||||||||||||||||
Debt proceeds | 664 | 650 | ||||||||||||||||||
Debt repayments | (471) | (493) | ||||||||||||||||||
Dividends on common stock | (35) | (34) | ||||||||||||||||||
Common stock issued | (23) | (12) | ||||||||||||||||||
Common stock repurchased | (45) | (300) | ||||||||||||||||||
Other financing activities | — | (4) | ||||||||||||||||||
Net cash used in financing activities from continuing operations | (126) | (130) | ||||||||||||||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 11 | (4) | ||||||||||||||||||
Decrease in cash, cash equivalents, and restricted cash | (14) | (451) | ||||||||||||||||||
Cash, cash equivalents, and restricted cash at beginning of period | 267 | 673 | ||||||||||||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 253 | $ | 222 | ||||||||||||||||
Three months ended March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | ||||||||||||||||||||||||||||||||||||||||
(In millions, except share amounts in thousands) | Amount | Shares | Par | Total | ||||||||||||||||||||||||||||||||||||||||
Balance as of January 1, 2023 | $ | — | 46,287 | $ | 23 | $ | 1,192 | $ | 2,518 | $ | (796) | $ | 2,937 | |||||||||||||||||||||||||||||||
Comprehensive income | — | — | — | — | 139 | 14 | 153 | |||||||||||||||||||||||||||||||||||||
Common stock dividends declared —$0.62 per share | — | — | — | — | (30) | — | (30) | |||||||||||||||||||||||||||||||||||||
Common stock issued under employee stock award and stock purchase plans and other (1) | — | 670 | — | (23) | 2 | — | (21) | |||||||||||||||||||||||||||||||||||||
Common stock repurchases | — | (465) | — | (12) | (33) | — | (45) | |||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | 11 | — | — | 11 | |||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2023 | $ | — | 46,492 | $ | 23 | $ | 1,168 | $ | 2,596 | $ | (782) | $ | 3,005 |
Three months ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | ||||||||||||||||||||||||||||||||||||||||
(In millions, except share amounts in thousands) | Amount | Shares | Par | Total | ||||||||||||||||||||||||||||||||||||||||
Balance as of January 1, 2022 | $ | — | 53,789 | $ | 27 | $ | 1,194 | $ | 2,266 | $ | (689) | $ | 2,798 | |||||||||||||||||||||||||||||||
Comprehensive income | — | — | — | — | 176 | 7 | 183 | |||||||||||||||||||||||||||||||||||||
Common stock dividends declared —$0.58 per share | — | — | — | — | (31) | — | (31) | |||||||||||||||||||||||||||||||||||||
Common stock issued under employee stock award and stock purchase plans and other (1) | — | 400 | — | (12) | — | — | (12) | |||||||||||||||||||||||||||||||||||||
Common stock repurchases | — | (3,052) | (1) | (59) | (240) | — | (300) | |||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | 11 | — | — | 11 | |||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2022 | $ | — | 51,137 | $ | 26 | $ | 1,134 | $ | 2,171 | $ | (682) | $ | 2,649 |
Three months ended March 31, | ||||||||||||||
(In millions) | 2023 | 2022 | ||||||||||||
Revenue: | ||||||||||||||
Fleet Management Solutions: | ||||||||||||||
ChoiceLease | $ | 776 | $ | 764 | ||||||||||
Commercial rental | 304 | 306 | ||||||||||||
SelectCare and other | 182 | 148 | ||||||||||||
FMS Europe | — | 64 | ||||||||||||
Fuel services revenue | 241 | 247 | ||||||||||||
Fleet Management Solutions | 1,503 | 1,529 | ||||||||||||
Supply Chain Solutions | 1,201 | 1,089 | ||||||||||||
Dedicated Transportation Solutions | 454 | 425 | ||||||||||||
Eliminations (1) | (206) | (189) | ||||||||||||
Total revenue | $ | 2,952 | $ | 2,854 | ||||||||||
Earnings from continuing operations before income taxes: | ||||||||||||||
Fleet Management Solutions | $ | 182 | $ | 249 | ||||||||||
Supply Chain Solutions | 17 | 43 | ||||||||||||
Dedicated Transportation Solutions | 29 | 20 | ||||||||||||
Eliminations | (25) | (26) | ||||||||||||
203 | 286 | |||||||||||||
Unallocated Central Support Services | (15) | (16) | ||||||||||||
Intangible amortization expense (2) | (9) | (10) | ||||||||||||
Non-operating pension costs, net (3) | (10) | (3) | ||||||||||||
Other items impacting comparability, net (4) | 32 | (5) | ||||||||||||
Earnings from continuing operations before income taxes | $ | 201 | $ | 252 |
Three months ended March 31, | ||||||||||||||
(In millions) | 2023 | 2022 | ||||||||||||
Fleet Management Solutions | $ | 621 | $ | 551 | ||||||||||
Supply Chain Solutions | 12 | 26 | ||||||||||||
Dedicated Transportation Solutions | — | — | ||||||||||||
Central Support Services | 8 | 7 | ||||||||||||
Purchases of property and revenue earning equipment | $ | 641 | $ | 584 |
September 30, 2017 | December 31, 2016 | ||||||||||||||||||
Cost | Accumulated Depreciation | Net Book Value(1) | Cost | Accumulated Depreciation | Net Book Value(1) | ||||||||||||||
(In thousands) | |||||||||||||||||||
Held for use: | |||||||||||||||||||
ChoiceLease | $ | 9,799,028 | (3,284,267 | ) | 6,514,761 | $ | 9,486,977 | (3,031,937 | ) | 6,455,040 | |||||||||
Commercial rental | 2,599,043 | (973,126 | ) | 1,625,917 | 2,499,010 | (935,346 | ) | 1,563,664 | |||||||||||
Held for sale | 417,771 | (309,132 | ) | 108,639 | 494,355 | (365,337 | ) | 129,018 | |||||||||||
Total | $ | 12,815,842 | (4,566,525 | ) | 8,249,317 | $ | 12,480,342 | (4,332,620 | ) | 8,147,722 |
Three months ended March 31, 2023 | ||||||||||||||||||||||||||||||||
(In millions) | FMS | SCS | DTS | Eliminations | Total | |||||||||||||||||||||||||||
United States | $ | 1,426 | $ | 1,069 | $ | 454 | $ | (196) | $ | 2,753 | ||||||||||||||||||||||
Canada | 77 | 62 | — | (10) | 129 | |||||||||||||||||||||||||||
Mexico | — | 70 | — | — | 70 | |||||||||||||||||||||||||||
Total revenue | $ | 1,503 | $ | 1,201 | $ | 454 | $ | (206) | $ | 2,952 | ||||||||||||||||||||||
Three months ended March 31, 2022 | ||||||||||||||||||||||||||||||||
(In millions) | FMS | SCS | DTS | Eliminations | Total | |||||||||||||||||||||||||||
United States | $ | 1,388 | $ | 971 | $ | 425 | $ | (179) | $ | 2,605 | ||||||||||||||||||||||
Canada | 77 | 60 | — | (10) | 127 | |||||||||||||||||||||||||||
Europe | 64 | — | — | — | 64 | |||||||||||||||||||||||||||
Mexico | — | 58 | — | — | 58 | |||||||||||||||||||||||||||
Total revenue | $ | 1,529 | $ | 1,089 | $ | 425 | $ | (189) | $ | 2,854 | ||||||||||||||||||||||
Three months ended March 31, | ||||||||||||||
(In millions) | 2023 | 2022 | ||||||||||||
Omnichannel retail | $ | 453 | $ | 418 | ||||||||||
Automotive | 393 | 354 | ||||||||||||
Consumer packaged goods | 227 | 196 | ||||||||||||
Industrial and other | 128 | 121 | ||||||||||||
Total SCS revenue | $ | 1,201 | $ | 1,089 |
Three months ended March 31, | ||||||||||||||
(In millions) | 2023 | 2022 | ||||||||||||
Balance as of beginning of period | $ | 544 | $ | 593 | ||||||||||
Recognized as revenue during period from beginning balance | (56) | (60) | ||||||||||||
Consideration deferred during period, net | 43 | 48 | ||||||||||||
Foreign currency translation adjustment and other | 2 | — | ||||||||||||
Balance as of end of period | $ | 533 | $ | 581 |
(In millions) | March 31, 2023 | December 31, 2022 | ||||||||||||
Trade | $ | 1,468 | $ | 1,476 | ||||||||||
Sales-type lease | 137 | 120 | ||||||||||||
Other, primarily warranty and insurance | 114 | 55 | ||||||||||||
1,719 | 1,651 | |||||||||||||
Allowance for credit losses and other | (37) | (41) | ||||||||||||
Receivables, net | $ | 1,682 | $ | 1,610 |
Three months ended March 31, | ||||||||||||||
(In millions) | 2023 | 2022 | ||||||||||||
Balance as of beginning of period | $ | 41 | $ | 31 | ||||||||||
Changes to provisions for credit losses | 8 | 4 | ||||||||||||
Write-offs and other | (12) | (7) | ||||||||||||
Balance as of end of period | $ | 37 | $ | 28 | ||||||||||
Estimated Useful Lives (In Years) | March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | Cost | Accumulated Depreciation | Net | Cost | Accumulated Depreciation | Net | ||||||||||||||||||||||||||||||||||||||
Held for use: | ||||||||||||||||||||||||||||||||||||||||||||
Trucks | 3 — 7 | $ | 5,303 | $ | (2,133) | $ | 3,170 | $ | 5,282 | $ | (2,114) | $ | 3,168 | |||||||||||||||||||||||||||||||
Tractors | 4 — 7.5 | 7,142 | (3,096) | 4,046 | 7,153 | (3,153) | 4,000 | |||||||||||||||||||||||||||||||||||||
Trailers and other | 9.5 — 12 | 1,615 | (693) | 922 | 1,610 | (690) | 920 | |||||||||||||||||||||||||||||||||||||
Held for sale (1) | 463 | (348) | 115 | 388 | (286) | 102 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 14,523 | $ | (6,270) | $ | 8,253 | $ | 14,433 | $ | (6,243) | $ | 8,190 |
Total Losses (2) | ||||||||||||||||||||
September 30, | Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||
(In thousands) | ||||||||||||||||||||
Assets held for sale: | ||||||||||||||||||||
Revenue earning equipment (1): | ||||||||||||||||||||
Trucks | $ | 14,081 | 17,091 | $ | 6,215 | 2,528 | $ | 22,942 | 6,842 | |||||||||||
Tractors | 15,448 | 61,480 | 1,127 | 7,985 | 18,444 | 22,073 | ||||||||||||||
Trailers | 2,279 | 2,563 | 1,871 | 1,152 | 5,044 | 2,589 | ||||||||||||||
Total assets at fair value | $ | 31,808 | 81,134 | $ | 9,213 | 11,665 | $ | 46,430 | 31,504 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||
(In thousands) | |||||||||||||
Gains on vehicle sales, net | $ | (11,940 | ) | (13,538 | ) | $ | (34,615 | ) | (64,506 | ) | |||
Losses from fair value adjustments | 9,213 | 11,665 | 46,430 | 31,504 | |||||||||
Used vehicle sales, net | $ | (2,727 | ) | (1,873 | ) | $ | 11,815 | (33,002 | ) |
Three months ended March 31, | ||||||||||||||||||||||||||
(In millions) | 2023 | 2022 | ||||||||||||||||||||||||
Gains on vehicle sales, net (1) | $ | (75) | $ | (115) | ||||||||||||||||||||||
Losses from valuation adjustments | 3 | 2 | ||||||||||||||||||||||||
Used vehicle sales, net | $ | (72) | $ | (113) |
September 30, 2017 | December 31, 2016 | ||||||||||||||||||
Accrued Expenses | Non-Current Liabilities | Total | Accrued Expenses | Non-Current Liabilities | Total | ||||||||||||||
(In thousands) | |||||||||||||||||||
Salaries and wages | $ | 100,273 | — | 100,273 | $ | 90,913 | — | 90,913 | |||||||||||
Deferred compensation | 3,990 | 54,595 | 58,585 | 2,992 | 46,541 | 49,533 | |||||||||||||
Pension benefits | 3,842 | 462,935 | 466,777 | 3,796 | 451,940 | 455,736 | |||||||||||||
Other postretirement benefits | 1,520 | 19,163 | 20,683 | 1,506 | 19,459 | 20,965 | |||||||||||||
Other employee benefits | 22,678 | 2,958 | 25,636 | 29,358 | 5,854 | 35,212 | |||||||||||||
Insurance obligations (1) | 133,855 | 261,244 | 395,099 | 127,470 | 234,336 | 361,806 | |||||||||||||
Asset retirement obligations | 6,595 | 19,810 | 26,405 | 5,828 | 20,143 | 25,971 | |||||||||||||
Operating taxes | 99,086 | — | 99,086 | 92,150 | — | 92,150 | |||||||||||||
Income taxes | 2,570 | 24,623 | 27,193 | 4,197 | 23,174 | 27,371 | |||||||||||||
Interest | 26,066 | — | 26,066 | 27,277 | — | 27,277 | |||||||||||||
Customer deposits | 66,302 | 4,089 | 70,391 | 61,225 | 4,569 | 65,794 | |||||||||||||
Deferred revenue | 14,997 | — | 14,997 | 14,064 | — | 14,064 | |||||||||||||
Other | 47,397 | 22,654 | 70,051 | 46,413 | 11,549 | 57,962 | |||||||||||||
Total | $ | 529,171 | 872,071 | 1,401,242 | $ | 507,189 | 817,565 | 1,324,754 |
March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||
(In millions) | Accrued Expenses | Non-Current Liabilities | Total | Accrued Expenses | Non-Current Liabilities | Total | ||||||||||||||||||||||||||||||||
Salaries and wages | $ | 131 | $ | — | $ | 131 | $ | 259 | $ | — | $ | 259 | ||||||||||||||||||||||||||
Deferred compensation | 5 | 86 | 91 | 5 | 80 | 85 | ||||||||||||||||||||||||||||||||
Pension and other employee benefits | 14 | 181 | 195 | 29 | 179 | 208 | ||||||||||||||||||||||||||||||||
Insurance obligations, primarily self-insured | 179 | 296 | 475 | 179 | 309 | 488 | ||||||||||||||||||||||||||||||||
Operating taxes | 137 | — | 137 | 132 | — | 132 | ||||||||||||||||||||||||||||||||
Interest | 41 | — | 41 | 41 | — | 41 | ||||||||||||||||||||||||||||||||
Deposits, mainly from customers | 81 | — | 81 | 84 | — | 84 | ||||||||||||||||||||||||||||||||
Operating lease liabilities | 187 | 506 | 693 | 191 | 541 | 732 | ||||||||||||||||||||||||||||||||
Deferred revenue (1) | 184 | 349 | 533 | 178 | 366 | 544 | ||||||||||||||||||||||||||||||||
Other | 142 | 89 | 231 | 102 | 93 | 195 | ||||||||||||||||||||||||||||||||
Total | $ | 1,101 | $ | 1,507 | $ | 2,608 | $ | 1,200 | $ | 1,568 | $ | 2,768 |
Weighted-Average Interest Rate | ||||||||||||
September 30, 2017 | December 31, 2016 | Maturities | September 30, 2017 | December 31, 2016 | ||||||||
(In thousands) | ||||||||||||
Short-term debt and current portion of long-term debt: | ||||||||||||
Short-term debt | 1.57% | 1.07% | $ | 59,410 | 177,629 | |||||||
Current portion of long-term debt | 84,532 | 613,781 | ||||||||||
Total short-term debt and current portion of long-term debt | 143,942 | 791,410 | ||||||||||
Long-term debt: | ||||||||||||
U.S. commercial paper (1) | 1.44% | 0.87% | 2020 | 468,540 | 342,480 | |||||||
Global revolving credit facility | 3.20% | 2.06% | 2020 | 7,596 | 4,703 | |||||||
Unsecured U.S. notes — Medium-term notes (1) | 2.69% | 2.67% | 2017-2025 | 4,013,602 | 4,113,421 | |||||||
Unsecured U.S. obligations | 2.52% | 2.19% | 2018 | 50,000 | 50,000 | |||||||
Unsecured foreign obligations | 1.50% | 1.55% | 2017-2020 | 229,030 | 232,092 | |||||||
Asset-backed U.S. obligations (2) | 1.85% | 1.80% | 2017-2024 | 516,009 | 459,876 | |||||||
Capital lease obligations | 3.45% | 3.17% | 2017-2023 | 21,859 | 24,184 | |||||||
Total before fair market value adjustment | 5,306,636 | 5,226,756 | ||||||||||
Fair market value adjustment on notes subject to hedging (3) | (2,058 | ) | 1,110 | |||||||||
Debt issuance costs | (14,762 | ) | (14,221 | ) | ||||||||
5,289,816 | 5,213,645 | |||||||||||
Current portion of long-term debt | (84,532 | ) | (613,781 | ) | ||||||||
Long-term debt | 5,205,284 | 4,599,864 | ||||||||||
Total debt | $ | 5,349,226 | 5,391,274 |
Three months ended March 31, | |||||||||||||||||
(In millions) | 2023 | 2022 | |||||||||||||||
Operating leases | |||||||||||||||||
Lease income related to ChoiceLease | $ | 360 | $ | 382 | |||||||||||||
Lease income related to commercial rental (1) | $ | 288 | $ | 298 | |||||||||||||
Sales-type leases | |||||||||||||||||
Interest income related to net investment in leases | $ | 15 | $ | 11 | |||||||||||||
Variable lease income excluding commercial rental (1) | $ | 72 | $ | 74 | |||||||||||||
(In millions) | March 31, 2023 | December 31, 2022 | ||||||||||||||||||
Net investment in the lease — lease payment receivable | $ | 738 | $ | 598 | ||||||||||||||||
Net investment in the lease — unguaranteed residual value in assets | 55 | 43 | ||||||||||||||||||
793 | 641 | |||||||||||||||||||
Estimated loss allowance | (5) | (6) | ||||||||||||||||||
Total | $ | 788 | $ | 635 |
Weighted Average Interest Rate | ||||||||||||||||||||||||||
(Dollars in millions) | March 31, 2023 | Maturities | March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||
Debt: | ||||||||||||||||||||||||||
U.S. commercial paper | 5.02% | 2026 | $ | 457 | $ | 672 | ||||||||||||||||||||
Canadian commercial paper | — | 2026 | — | — | ||||||||||||||||||||||
Trade receivables financing program | 5.60% | 2023 | 215 | 50 | ||||||||||||||||||||||
Global revolving credit facility | — | 2026 | — | — | ||||||||||||||||||||||
Unsecured U.S. obligations | 4.16% | 2027 | 375 | 375 | ||||||||||||||||||||||
Unsecured medium-term note issued February 2018 | — | 2023 | — | 450 | ||||||||||||||||||||||
Unsecured medium-term note issued June 2018 | 3.75% | 2023 | 450 | 450 | ||||||||||||||||||||||
Unsecured medium-term note issued October 2018 | 3.88% | 2023 | 300 | 300 | ||||||||||||||||||||||
Unsecured medium-term note issued February 2019 | 3.65% | 2024 | 600 | 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 (1) | 5.50% | 2026 | 274 | 270 | ||||||||||||||||||||||
Unsecured medium-term note issued November 2019 | 2.90% | 2026 | 400 | 400 | ||||||||||||||||||||||
Unsecured medium-term note issued February 2022 (1) | 4.16% | 2027 | 436 | 434 | ||||||||||||||||||||||
Unsecured medium-term note issued May 2022 | 4.30% | 2027 | 300 | 300 | ||||||||||||||||||||||
Unsecured medium-term note issued February 2023 | 5.65% | 2028 | 500 | — | ||||||||||||||||||||||
Unsecured foreign obligations | 2.88% | 2024 | 50 | 50 | ||||||||||||||||||||||
Asset-backed U.S. obligations (2) | 3.06% | 2023-2029 | 460 | 477 | ||||||||||||||||||||||
Finance lease obligations and other | 2023-2041 | 43 | 42 | |||||||||||||||||||||||
6,361 | 6,370 | |||||||||||||||||||||||||
Debt issuance costs and original issue discounts | (21) | (18) | ||||||||||||||||||||||||
Total debt (3) | 6,340 | 6,352 | ||||||||||||||||||||||||
Short-term debt and current portion of long-term debt | (1,674) | (1,349) | ||||||||||||||||||||||||
Long-term debt | $ | 4,666 | $ | 5,003 | ||||||||||||||||||||||
Three months ended March 31, 2023 | ||||||||||||||||||||
(In millions) | Debt Proceeds | Debt Repayments | ||||||||||||||||||
Medium-term notes (1) | $ | 499 | Medium-term notes | $ | 450 | |||||||||||||||
U.S. and foreign term loans, finance lease obligations and other | 165 | U.S. and foreign term loans, finance lease obligations and other | 21 | |||||||||||||||||
Total debt proceeds | $ | 664 | Total debt repaid | $ | 471 | |||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||
(In millions) | 2023 | 2022 | |||||||||||||||||||||
Cumulative translation adjustments | $ | (224) | $ | (159) | |||||||||||||||||||
Net actuarial loss and prior service cost | (561) | (524) | |||||||||||||||||||||
Unrealized gain from cash flow hedges | 3 | 1 | |||||||||||||||||||||
Accumulated other comprehensive loss | $ | (782) | $ | (682) | |||||||||||||||||||
Currency Translation Adjustments and Other | Net Actuarial Loss (1) | Prior Service (Cost)/ Credit (1) | Accumulated Other Comprehensive Loss | ||||||||||
(In thousands) | |||||||||||||
December 31, 2016 | $ | (206,610 | ) | (620,292 | ) | (7,130 | ) | (834,032 | ) | ||||
Amortization | — | 15,252 | 165 | 15,417 | |||||||||
Other current period change | 70,991 | 810 | — | 71,801 | |||||||||
September 30, 2017 | $ | (135,619 | ) | (604,230 | ) | (6,965 | ) | (746,814 | ) |
Currency Translation Adjustments and Other | Net Actuarial Loss (1) | Prior Service Credit (1) | Accumulated Other Comprehensive Loss | ||||||||||
(In thousands) | |||||||||||||
December 31, 2015 | $ | (136,020 | ) | (576,993 | ) | 278 | (712,735 | ) | |||||
Amortization | — | 14,052 | 134 | 14,186 | |||||||||
Other current period change | (37,874 | ) | (5,495 | ) | (5,527 | ) | (48,896 | ) | |||||
September 30, 2016 | $ | (173,894 | ) | (568,436 | ) | (5,115 | ) | (747,445 | ) |
Three months ended March 31, | ||||||||||||||
(Dollars in millions, except per share amounts; share amounts in thousands) | 2023 | 2022 | ||||||||||||
Earnings per share — Basic: (1) | ||||||||||||||
Earnings from continuing operations | $ | 140 | $ | 176 | ||||||||||
Less: Distributed and undistributed earnings allocated to unvested stock | (1) | (1) | ||||||||||||
Earnings from continuing operations available to common shareholders | $ | 139 | $ | 175 | ||||||||||
Weighted average common shares outstanding | 46,377 | 51,097 | ||||||||||||
Earnings from continuing operations per common share — Basic | $ | 3.00 | $ | 3.42 | ||||||||||
Earnings per share — Diluted: (1) | ||||||||||||||
Earnings from continuing operations | $ | 140 | $ | 176 | ||||||||||
Less: Distributed and undistributed earnings allocated to unvested stock | — | — | ||||||||||||
Earnings from continuing operations available to common shareholders — Diluted | $ | 140 | $ | 176 | ||||||||||
Weighted average common shares outstanding — Basic | 46,377 | 51,097 | ||||||||||||
Effect of dilutive equity awards | 1,097 | 1,379 | ||||||||||||
Weighted average common shares outstanding — Diluted | 47,474 | 52,476 | ||||||||||||
Earnings from continuing operations per common share — Diluted | $ | 2.95 | $ | 3.35 | ||||||||||
Anti-dilutive equity awards not included in diluted EPS | 627 | 461 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||
(In thousands, except per share amounts) | |||||||||||||
Earnings per share — Basic: | |||||||||||||
Earnings from continuing operations | $ | 58,913 | 85,138 | $ | 148,535 | 215,365 | |||||||
Less: Earnings allocated to unvested stock | (222 | ) | (261 | ) | (536 | ) | (674 | ) | |||||
Earnings from continuing operations available to common shareholders — Basic | $ | 58,691 | 84,877 | $ | 147,999 | 214,691 | |||||||
Weighted average common shares outstanding — Basic | 52,405 | 52,953 | 52,671 | 53,029 | |||||||||
Earnings from continuing operations per common share — Basic | $ | 1.12 | 1.60 | $ | 2.81 | 4.05 | |||||||
Earnings per share — Diluted: | |||||||||||||
Earnings from continuing operations | $ | 58,913 | 85,138 | $ | 148,535 | 215,365 | |||||||
Less: Earnings allocated to unvested stock | (222 | ) | (260 | ) | (536 | ) | (672 | ) | |||||
Earnings from continuing operations available to common shareholders — Diluted | $ | 58,691 | 84,878 | $ | 147,999 | 214,693 | |||||||
Weighted average common shares outstanding — Basic | 52,405 | 52,953 | 52,671 | 53,029 | |||||||||
Effect of dilutive equity awards | 371 | 338 | 356 | 315 | |||||||||
Weighted average common shares outstanding — Diluted | 52,776 | 53,291 | 53,027 | 53,344 | |||||||||
Earnings from continuing operations per common share — Diluted | $ | 1.11 | 1.59 | $ | 2.79 | 4.02 | |||||||
Anti-dilutive equity awards not included above | 843 | 653 | 889 | 836 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||
(In thousands) | |||||||||||||
Stock option and stock purchase plans | $ | 1,953 | 1,633 | $ | 5,811 | 5,410 | |||||||
Unvested stock | 2,618 | 2,237 | 8,823 | 8,460 | |||||||||
Share-based compensation expense | 4,571 | 3,870 | 14,634 | 13,870 | |||||||||
Income tax benefit | (1,608 | ) | (1,321 | ) | (5,090 | ) | (4,691 | ) | |||||
Share-based compensation expense, net of tax | $ | 2,963 | 2,549 | $ | 9,544 | 9,179 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||
(In thousands) | |||||||||||||
Cash awards | $ | 124 | 119 | $ | 245 | 447 |
(Shares in millions) | Shares Granted | Weighted-Average Fair Market Value Per Share | ||||||||||||||||||||||||
Time-vested restricted stock rights | 0.2 | $ | 96.38 | |||||||||||||||||||||||
Performance-based restricted stock rights | 0.1 | 101.25 | ||||||||||||||||||||||||
Total | 0.3 | $ | 98.16 |
Nine months ended September 30, | |||||
2017 | 2016 | ||||
(Shares in thousands) | |||||
Stock options | 465 | 513 | |||
Market-based restricted stock rights | 46 | 34 | |||
Performance-based restricted stock rights | 79 | 45 | |||
Time-vested restricted stock rights | 110 | 129 | |||
Total | 700 | 721 |
Three months ended March 31, | ||||||||||||||
(In millions) | 2023 | 2022 | ||||||||||||
Company-administered plans: | ||||||||||||||
Interest cost | $ | 22 | $ | 16 | ||||||||||
Expected return on plan assets | (19) | (19) | ||||||||||||
Amortization of net actuarial loss and prior service cost | 7 | 6 | ||||||||||||
Net pension expense | $ | 10 | $ | 3 | ||||||||||
Company-administered plans: | ||||||||||||||
U.S. | $ | 8 | $ | 3 | ||||||||||
Non-U.S. | 2 | — | ||||||||||||
Net pension expense | $ | 10 | $ | 3 | ||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||
(In thousands) | |||||||||||||
Pension Benefits | |||||||||||||
Company-administered plans: | |||||||||||||
Service cost | $ | 3,165 | 2,660 | $ | 9,431 | 9,065 | |||||||
Interest cost | 21,609 | 22,754 | 64,524 | 72,086 | |||||||||
Expected return on plan assets | (22,822 | ) | (22,601 | ) | (68,012 | ) | (68,353 | ) | |||||
Amortization of: | |||||||||||||
Net actuarial loss | 8,336 | 7,324 | 24,863 | 23,889 | |||||||||
Prior service cost | 133 | 320 | 399 | 3,060 | |||||||||
10,421 | 10,457 | 31,205 | 39,747 | ||||||||||
Union-administered plans | 7,873 | 2,493 | 12,996 | 7,221 | |||||||||
Net pension expense | $ | 18,294 | 12,950 | $ | 44,201 | 46,968 | |||||||
Company-administered plans: | |||||||||||||
U.S. | $ | 10,929 | 10,952 | $ | 32,787 | 41,389 | |||||||
Non-U.S. | (508 | ) | (495 | ) | (1,582 | ) | (1,642 | ) | |||||
10,421 | 10,457 | 31,205 | 39,747 | ||||||||||
Union-administered plans | 7,873 | 2,493 | 12,996 | 7,221 | |||||||||
Net pension expense | $ | 18,294 | 12,950 | $ | 44,201 | 46,968 | |||||||
Three months ended March 31, | ||||||||||||||
(In millions) | 2023 | 2022 | ||||||||||||
FMS Europe results (1) | $ | 4 | $ | — | ||||||||||
Gains on sale of U.K. revenue earning equipment (2) | (2) | (8) | ||||||||||||
Gains on sale of U.K. properties (3) | (5) | (1) | ||||||||||||
Commercial claims proceeds, net of fees (1) | (31) | 7 | ||||||||||||
Severance and other, net (1) | 3 | 3 | ||||||||||||
FMS U.K. exit | (31) | 1 | ||||||||||||
Other, net (1) | (1) | 4 | ||||||||||||
Other items impacting comparability | $ | (32) | $ | 5 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||
(In thousands) | |||||||||||||
Pension settlement charge (1) | $ | 5,454 | — | $ | 5,454 | — | |||||||
Fees related to cost-savings program | 4,255 | — | 4,255 | — | |||||||||
Operating tax adjustment | — | — | 2,205 | — | |||||||||
Restructuring | — | — | (2,574 | ) | — | ||||||||
Pension-related adjustments (1) | — | — | — | 7,650 | |||||||||
Restructuring and other items, net | $ | 9,709 | — | $ | 9,340 | 7,650 |
Three months ended March 31, | ||||||||||||||||||||
(In millions) | 2023 | 2022 | ||||||||||||||||||
Interest paid | $ | 63 | $ | 48 | ||||||||||||||||
Income taxes paid | $ | 17 | $ | 9 | ||||||||||||||||
Cash paid for operating lease liabilities | $ | 55 | $ | 42 | ||||||||||||||||
Right-of-use assets obtained in exchange for lease obligations: | ||||||||||||||||||||
Finance leases | $ | 5 | $ | 4 | ||||||||||||||||
Operating leases | $ | 14 | $ | 49 | ||||||||||||||||
Capital expenditures acquired but not yet paid | $ | 361 | $ | 257 | ||||||||||||||||
Nine months ended September 30, | ||||||
2017 | 2016 | |||||
(In thousands) | ||||||
Interest paid | $ | 99,889 | 100,903 | |||
Income taxes paid | 10,596 | 12,250 | ||||
Changes in accounts payable related to purchases of revenue earning equipment | (63,184 | ) | (107,177 | ) | ||
Operating and revenue earning equipment acquired under capital leases | 6,209 | 947 |
FMS | DTS | SCS | Eliminations | Total | ||||||||||||
(In thousands) | ||||||||||||||||
For the three months ended September 30, 2017 | ||||||||||||||||
Revenue from external customers | $ | 1,080,191 | 272,334 | 496,004 | — | 1,848,529 | ||||||||||
Inter-segment revenue | 115,607 | — | — | (115,607 | ) | — | ||||||||||
Total revenue | $ | 1,195,798 | 272,334 | 496,004 | (115,607 | ) | 1,848,529 | |||||||||
Segment EBT | $ | 100,693 | 13,770 | 22,052 | (14,464 | ) | 122,051 | |||||||||
Unallocated CSS | (11,041 | ) | ||||||||||||||
Non-operating pension costs | (6,958 | ) | ||||||||||||||
Restructuring and other items, net (1) | (9,709 | ) | ||||||||||||||
Earnings from continuing operations before income taxes | $ | 94,343 | ||||||||||||||
Segment capital expenditures paid | $ | 431,093 | 1,878 | 16,705 | — | 449,676 | ||||||||||
Unallocated CSS capital expenditures paid | 7,917 | |||||||||||||||
Capital expenditures paid | $ | 457,593 | ||||||||||||||
For the three months ended September 30, 2016 | ||||||||||||||||
Revenue from external customers | $ | 1,046,599 | 260,921 | 416,898 | — | 1,724,418 | ||||||||||
Inter-segment revenue | 108,412 | — | — | (108,412 | ) | — | ||||||||||
Total revenue | $ | 1,155,011 | 260,921 | 416,898 | (108,412 | ) | 1,724,418 | |||||||||
Segment EBT | $ | 112,507 | 17,584 | 30,956 | (12,606 | ) | 148,441 | |||||||||
Unallocated CSS | (9,275 | ) | ||||||||||||||
Non-operating pension costs | (7,468 | ) | ||||||||||||||
Earnings from continuing operations before income taxes | $ | 131,698 | ||||||||||||||
Segment capital expenditures paid | $ | 375,779 | 1,060 | 8,181 | — | 385,020 | ||||||||||
Unallocated CSS capital expenditures paid | 6,157 | |||||||||||||||
Capital expenditures paid | $ | 391,177 |
FMS | DTS | SCS | Eliminations | Total | ||||||||||||
(In thousands) | ||||||||||||||||
For the nine months ended September 30, 2017 | ||||||||||||||||
Revenue from external customers | $ | 3,148,809 | 811,620 | 1,429,477 | — | 5,389,906 | ||||||||||
Inter-segment revenue | 343,038 | — | — | (343,038 | ) | — | ||||||||||
Total revenue | $ | 3,491,847 | 811,620 | 1,429,477 | (343,038 | ) | 5,389,906 | |||||||||
Segment EBT | $ | 220,973 | 39,892 | 75,359 | (38,053 | ) | 298,171 | |||||||||
Unallocated CSS | (32,965 | ) | ||||||||||||||
Non-operating pension costs | (20,875 | ) | ||||||||||||||
Restructuring and other items, net (1) | (9,340 | ) | ||||||||||||||
Earnings from continuing operations before income taxes | $ | 234,991 | ||||||||||||||
Segment capital expenditures paid | $ | 1,255,789 | 2,989 | 34,839 | — | 1,293,617 | ||||||||||
Unallocated CSS capital expenditures paid | 19,228 | |||||||||||||||
Capital expenditures paid | $ | 1,312,845 | ||||||||||||||
For the nine months ended September 30, 2016 | ||||||||||||||||
Revenue from external customers | $ | 3,086,144 | 764,025 | 1,207,665 | — | 5,057,834 | ||||||||||
Inter-segment revenue | 318,308 | — | — | (318,308 | ) | — | ||||||||||
Total revenue | $ | 3,404,452 | 764,025 | 1,207,665 | (318,308 | ) | 5,057,834 | |||||||||
Segment EBT | $ | 306,554 | 48,300 | 79,105 | (37,116 | ) | 396,843 | |||||||||
Unallocated CSS | (29,960 | ) | ||||||||||||||
Non-operating pension costs | (22,048 | ) | ||||||||||||||
Pension-related charge (2) | (7,650 | ) | ||||||||||||||
Earnings from continuing operations before income taxes | $ | 337,185 | ||||||||||||||
Segment capital expenditures paid | $ | 1,438,104 | 1,940 | 52,643 | — | 1,492,687 | ||||||||||
Unallocated CSS capital expenditures paid | 18,672 | |||||||||||||||
Capital expenditures paid | $ | 1,511,359 |
Three months ended September 30, | Nine months ended September 30, | Change 2017/2016 | ||||||||||||||||
2017 | 2016 | 2017 | 2016 | Three Months | Nine Months | |||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||||
Total revenue | $ | 1,848,529 | 1,724,418 | $ | 5,389,906 | 5,057,834 | 7 | % | 7 | % | ||||||||
Operating revenue (1) | 1,525,453 | 1,468,293 | 4,453,768 | 4,324,019 | 4 | % | 3 | % | ||||||||||
EBT | $ | 94,343 | 131,698 | $ | 234,991 | 337,185 | (28 | )% | (30 | )% | ||||||||
Comparable EBT (2) | 111,010 | 139,141 | 265,206 | 366,858 | (20 | )% | (28 | )% | ||||||||||
Earnings from continuing operations | 58,913 | 85,138 | 148,535 | 215,365 | (31 | )% | (31 | )% | ||||||||||
Comparable earnings from continuing operations (2) | 70,820 | 89,558 | 168,079 | 233,039 | (21 | )% | (28 | )% | ||||||||||
Net earnings | 58,623 | 84,752 | 147,588 | 214,296 | (31 | )% | (31 | )% | ||||||||||
Earnings per common share (EPS) — Diluted | ||||||||||||||||||
Continuing operations | $ | 1.11 | 1.59 | $ | 2.79 | 4.02 | (30 | )% | (31 | )% | ||||||||
Comparable (2) | 1.33 | 1.67 | 3.16 | 4.35 | (20 | )% | (27 | )% | ||||||||||
Net earnings | 1.11 | 1.59 | 2.77 | 4.00 | (30 | )% | (31 | )% |
Three months ended March 31, | Change 2023/2022 | |||||||||||||||||||
(Dollars in millions, except per share) | 2023 | 2022 | Three Months | |||||||||||||||||
Total revenue | $ | 2,952 | $ | 2,854 | 3% | |||||||||||||||
Operating revenue (1) | 2,346 | 2,216 | 6% | |||||||||||||||||
Earnings from continuing operations before income taxes (EBT) | $ | 201 | $ | 252 | (20)% | |||||||||||||||
Comparable EBT (1) | 179 | 260 | (31)% | |||||||||||||||||
Earnings from continuing operations | 140 | 176 | (20)% | |||||||||||||||||
Comparable earnings from continuing operations (1) | 133 | 188 | (29)% | |||||||||||||||||
Net earnings | 139 | 176 | (21)% | |||||||||||||||||
Comparable EBITDA (1) | 628 | 647 | (3)% | |||||||||||||||||
Earnings per common share (EPS) — Diluted | ||||||||||||||||||||
Continuing operations | $ | 2.95 | $ | 3.35 | (12)% | |||||||||||||||
Comparable (1) | 2.81 | 3.59 | (22)% | |||||||||||||||||
Net earnings | 2.94 | 3.35 | (12)% | |||||||||||||||||
Three months ended March 31, | Change 2023/2022 | |||||||||||||||||||||||||||||||||||||
(Dollars in millions) | 2023 | 2022 | Three Months | |||||||||||||||||||||||||||||||||||
Lease & related maintenance and rental revenue | $ | 979 | $ | 1,025 | (4)% | |||||||||||||||||||||||||||||||||
Cost of lease & related maintenance and rental | 674 | 699 | (4)% | |||||||||||||||||||||||||||||||||||
Gross margin | $ | 305 | $ | 326 | (6)% | |||||||||||||||||||||||||||||||||
Gross margin % | 31% | 32% |
Three months ended September 30, | Nine months ended September 30, | Change 2017/2016 | |||||||||||||||||
2017 | 2016 | 2017 | 2016 | Three Months | Nine Months | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Lease and rental revenues | $ | 823,197 | 803,006 | $ | 2,387,801 | 2,369,147 | 3 | % | 1 | % | |||||||||
Cost of lease and rental | 588,626 | 557,901 | 1,745,777 | 1,665,693 | 6 | % | 5 | % | |||||||||||
Gross margin | 234,571 | 245,105 | 642,024 | 703,454 | (4 | )% | (9 | )% | |||||||||||
Gross margin % | 28 | % | 31 | % | 27 | % | 30 | % |
Three months ended September 30, | Nine months ended September 30, | Change 2017/2016 | |||||||||||||||||
2017 | 2016 | 2017 | 2016 | Three Months | Nine Months | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Services revenue | $ | 896,245 | 801,004 | $ | 2,619,139 | 2,345,922 | 12 | % | 12 | % | |||||||||
Cost of services | 761,470 | 658,793 | 2,210,314 | 1,936,636 | 16 | % | 14 | % | |||||||||||
Gross margin | 134,775 | 142,211 | 408,825 | 409,286 | (5 | )% | — | % | |||||||||||
Gross margin % | 15 | % | 18 | % | 16 | % | 17 | % |
Three months ended March 31, | Change 2023/2022 | ||||||||||||||||||||||||||||||||||
(Dollars in millions) | 2023 | 2022 | Three Months | ||||||||||||||||||||||||||||||||
Services revenue | $ | 1,821 | $ | 1,670 | 9% | ||||||||||||||||||||||||||||||
Cost of services | 1,607 | 1,450 | 11% | ||||||||||||||||||||||||||||||||
Gross margin | $ | 214 | $ | 220 | (3)% | ||||||||||||||||||||||||||||||
Gross margin % | 12% | 13% |
Three months ended March 31, | Change 2023/2022 | |||||||||||||||||||||||||||||||||||||
(Dollars in millions) | 2023 | 2022 | Three Months | |||||||||||||||||||||||||||||||||||
Fuel services revenue | $ | 152 | $ | 159 | (4)% | |||||||||||||||||||||||||||||||||
Cost of fuel services | 149 | 155 | (4)% | |||||||||||||||||||||||||||||||||||
Gross margin | $ | 3 | $ | 4 | (25)% | |||||||||||||||||||||||||||||||||
Gross margin % | 2% | 3% |
Three months ended September 30, | Nine months ended September 30, | Change 2017/2016 | |||||||||||||||||
2017 | 2016 | 2017 | 2016 | Three Months | Nine Months | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Fuel services revenue | $ | 129,087 | 120,408 | $ | 382,966 | 342,765 | 7 | % | 12 | % | |||||||||
Cost of fuel services | 124,562 | 116,904 | 372,016 | 331,283 | 7 | % | 12 | % | |||||||||||
Gross margin | 4,525 | 3,504 | 10,950 | 11,482 | 29 | % | (5 | )% | |||||||||||
Gross margin % | 4 | % | 3 | % | 3 | % | 3 | % |
Three months ended September 30, | Nine months ended September 30, | Change 2017/2016 | |||||||||||||||||
2017 | 2016 | 2017 | 2016 | Three Months | Nine Months | ||||||||||||||
(In thousands) | |||||||||||||||||||
Other operating expenses | $ | 28,445 | 27,997 | $ | 87,122 | 85,944 | 2 | % | 1 | % |
Three months ended March 31, | Change 2023/2022 | |||||||||||||||||||||||||||||||||||||
(Dollars in millions) | 2023 | 2022 | Three Months | |||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses (SG&A) | $ | 363 | $ | 342 | 6% | |||||||||||||||||||||||||||||||||
Percentage of total revenue | 12 | % | 12 | % | ||||||||||||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | Change 2017/2016 | |||||||||||||||||
2017 | 2016 | 2017 | 2016 | Three Months | Nine Months | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Selling, general and administrative expenses (SG&A) | $ | 216,653 | 191,337 | $ | 620,041 | 602,768 | 13 | % | 3 | % | |||||||||
Percentage of total revenue | 12 | % | 11 | % | 12 | % | 12 | % |
Three months ended March 31, | Change 2023/2022 | |||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | 2023 | 2022 | Three Months | |||||||||||||||||||||||||||||||||||||||||
Non-operating pension costs, net | $ | 10 | $ | 3 | 233% |
Three months ended September 30, | Nine months ended September 30, | Change 2017/2016 | ||||||||||||||||
2017 | 2016 | 2017 | 2016 | Three Months | Nine Months | |||||||||||||
(Dollars in thousands) | ||||||||||||||||||
Non-operating pension costs | $ | 6,958 | 7,468 | 20,875 | 29,698 | (7 | )% | (30 | )% |
Three months ended March 31, | Change 2023/2022 | |||||||||||||||||||||||||||||||||||||
(In millions) | 2023 | 2022 | Three Months | |||||||||||||||||||||||||||||||||||
Gains on used vehicle sales, net | $ | (72) | $ | (113) | (36)% |
Three months ended September 30, | Nine months ended September 30, | Change 2017/2016 | |||||||||||||||||
2017 | 2016 | 2017 | 2016 | Three Months | Nine Months | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Used vehicle sales, net | $ | 2,727 | 1,873 | $ | (11,815 | ) | 33,002 | 46 | % | (136 | )% |
2023/2022 | |||||||||||
Three Months | |||||||||||
Tractors | (35)% | ||||||||||
Trucks | (16)% |
Three months ended March 31, | Change 2023/2022 | |||||||||||||||||||||||||||||||||||||
(In millions) | 2023 | 2022 | Three Months | |||||||||||||||||||||||||||||||||||
Interest expense | $ | 65 | $ | 52 | 25% | |||||||||||||||||||||||||||||||||
Effective interest rate | 4.1 | % | 3.1 | % |
Proceeds per unit change 2017/2016 | |||||
Three Months | Nine Months | ||||
Tractors | (19 | )% | (17 | )% | |
Trucks | (15 | )% | (16 | )% |
Three months ended March 31, | Change 2023/2022 | |||||||||||||||||||||||||||||||||||||
(In millions) | 2023 | 2022 | Three Months | |||||||||||||||||||||||||||||||||||
Miscellaneous income, net | $ | (20) | $ | — | NM |
Three months ended September 30, | Nine months ended September 30, | Change 2017/2016 | |||||||||||||||||
2017 | 2016 | 2017 | 2016 | Three Months | Nine Months | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Interest expense | $ | 34,854 | 37,440 | $ | 104,591 | 112,597 | (7 | )% | (7 | )% | |||||||||
Effective interest rate | 2.6 | % | 2.7 | % | 2.6 | % | 2.7 | % |
Three months ended September 30, | Nine months ended September 30, | Change 2017/2016 | |||||||||||||||||
2017 | 2016 | 2017 | 2016 | Three Months | Nine Months | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Miscellaneous income, net | $ | 4,655 | 3,247 | $ | 17,636 | 10,968 | 43 | % | 61 | % |
Three months ended March 31, | Change 2023/2022 | |||||||||||||||||||||||||||||||||||||
(In millions) | 2023 | 2022 | Three Months | |||||||||||||||||||||||||||||||||||
Restructuring and other items, net | $ | (25) | $ | 14 | NM |
Three months ended March 31, | Change 2023/2022 | |||||||||||||||||||||||||||||||||||||
(In millions) | 2023 | 2022 | Three Months | |||||||||||||||||||||||||||||||||||
Provision for income taxes | $ | 61 | $ | 76 | (20)% | |||||||||||||||||||||||||||||||||
Effective tax rate from continuing operations | 30.5 | % | 30.2 | % | ||||||||||||||||||||||||||||||||||
Comparable effective tax rate on continuing operations (1) | 25.5 | % | 27.6 | % |
Three months ended September 30, | Nine months ended September 30, | Change 2017/2016 | |||||||||||||||||
2017 | 2016 | 2017 | 2016 | Three Months | Nine Months | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Provision for income taxes | $ | 35,430 | 46,560 | $ | 86,456 | 121,820 | (24 | )% | (29 | )% | |||||||||
Effective tax rate from continuing operations | 37.6 | % | 35.4 | % | 36.8 | % | 36.1 | % |
Three months ended March 31, | Change 2023/2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | Change 2017/2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | Three Months | Nine Months | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Revenue: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | (In millions) | 2023 | 2022 | Three Months | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue: | Revenue: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fleet Management Solutions | $ | 1,195,798 | 1,155,011 | $ | 3,491,847 | 3,404,452 | 4 | % | 3 | % | Fleet Management Solutions | $ | 1,503 | $ | 1,529 | (2)% | |||||||||||||||||||||||||||||||||||||||||
Supply Chain Solutions | Supply Chain Solutions | 1,201 | 1,089 | 10% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Dedicated Transportation Solutions | 272,334 | 260,921 | 811,620 | 764,025 | 4 | 6 | Dedicated Transportation Solutions | 454 | 425 | 7% | |||||||||||||||||||||||||||||||||||||||||||||||
Supply Chain Solutions | 496,004 | 416,898 | 1,429,477 | 1,207,665 | 19 | 18 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Eliminations | (115,607 | ) | (108,412 | ) | (343,038 | ) | (318,308 | ) | 7 | 8 | Eliminations | (206) | (189) | (9)% | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,848,529 | 1,724,418 | $ | 5,389,906 | 5,057,834 | 7 | % | 7 | % | Total | $ | 2,952 | $ | 2,854 | 3% | |||||||||||||||||||||||||||||||||||||||||
Operating Revenue: (1) | Operating Revenue: (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fleet Management Solutions | $ | 1,026,011 | 997,903 | $ | 2,986,792 | 2,955,465 | 3 | % | 1 | % | Fleet Management Solutions | $ | 1,262 | $ | 1,282 | (2)% | |||||||||||||||||||||||||||||||||||||||||
Supply Chain Solutions | Supply Chain Solutions | 879 | 738 | 19% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Dedicated Transportation Solutions | 197,917 | 196,648 | 591,045 | 581,213 | 1 | 2 | Dedicated Transportation Solutions | 322 | 296 | 9% | |||||||||||||||||||||||||||||||||||||||||||||||
Supply Chain Solutions | 376,429 | 345,453 | 1,096,899 | 999,427 | 9 | 10 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Eliminations | (74,904 | ) | (71,711 | ) | (220,968 | ) | (212,086 | ) | 4 | 4 | Eliminations | (117) | (100) | (17)% | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,525,453 | 1,468,293 | $ | 4,453,768 | 4,324,019 | 4 | % | 3 | % | Total | $ | 2,346 | $ | 2,216 | 6% | |||||||||||||||||||||||||||||||||||||||||
EBT: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings from continuing operations before income taxes: | Earnings from continuing operations before income taxes: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fleet Management Solutions | $ | 100,693 | 112,507 | $ | 220,973 | 306,554 | (11 | )% | (28 | )% | Fleet Management Solutions | $ | 182 | $ | 249 | (27)% | |||||||||||||||||||||||||||||||||||||||||
Supply Chain Solutions | Supply Chain Solutions | 17 | 43 | (60)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Dedicated Transportation Solutions | 13,770 | 17,584 | 39,892 | 48,300 | (22 | ) | (17 | ) | Dedicated Transportation Solutions | 29 | 20 | 45% | |||||||||||||||||||||||||||||||||||||||||||||
Supply Chain Solutions | 22,052 | 30,956 | 75,359 | 79,105 | (29 | ) | (5 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Eliminations | (14,464 | ) | (12,606 | ) | (38,053 | ) | (37,116 | ) | 15 | 3 | Eliminations | (25) | (26) | 4% | |||||||||||||||||||||||||||||||||||||||||||
122,051 | 148,441 | 298,171 | 396,843 | (18 | ) | (25 | ) | 203 | 286 | (29)% | |||||||||||||||||||||||||||||||||||||||||||||||
Unallocated Central Support Services | (11,041 | ) | (9,275 | ) | (32,965 | ) | (29,960 | ) | 19 | 10 | Unallocated Central Support Services | (15) | (16) | (6)% | |||||||||||||||||||||||||||||||||||||||||||
Non-operating pension costs | (6,958 | ) | (7,468 | ) | (20,875 | ) | (22,048 | ) | (7 | ) | (5 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Restructuring and other items, net | (9,709 | ) | — | (9,340 | ) | (7,650 | ) | NM | NM | ||||||||||||||||||||||||||||||||||||||||||||||||
Intangible amortization expense | Intangible amortization expense | (9) | (10) | (10)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-operating pension costs (2) | Non-operating pension costs (2) | (10) | (3) | 233% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other items impacting comparability, net (3) | Other items impacting comparability, net (3) | 32 | (5) | NM | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings from continuing operations before income taxes | $ | 94,343 | 131,698 | $ | 234,991 | 337,185 | (28 | )% | (30 | )% | Earnings from continuing operations before income taxes | $ | 201 | $ | 252 | (20)% |
Three months ended March 31, | Change 2023/2022 | |||||||||||||||||||||||||||||||||||||
(In millions) | 2023 | 2022 | Three Months | |||||||||||||||||||||||||||||||||||
Equipment Contribution: | ||||||||||||||||||||||||||||||||||||||
Supply Chain Solutions | $ | 10 | $ | 10 | —% | |||||||||||||||||||||||||||||||||
Dedicated Transportation Solutions | 14 | 16 | (13)% | |||||||||||||||||||||||||||||||||||
Total | $ | 24 | $ | 26 | (8)% |
Three months ended March 31, | ||||||||||||||||||||||||||||||||
Description | Classification | 2023 | 2022 | |||||||||||||||||||||||||||||
FMS Europe results (1) | Restructuring and other items, net | $ | (4) | $ | — | |||||||||||||||||||||||||||
Gains on sale of U.K. revenue earning equipment (1) | Used vehicles sales, net | 2 | 8 | |||||||||||||||||||||||||||||
Gains on sale of U.K. properties (1) | Miscellaneous income, net | 5 | 1 | |||||||||||||||||||||||||||||
Commercial claims proceeds, net of fees (1) | Restructuring and other items, net | 31 | (7) | |||||||||||||||||||||||||||||
Severance and other, net (1) | Restructuring and other items, net | (3) | (3) | |||||||||||||||||||||||||||||
FMS U.K. exit (1) | 31 | (1) | ||||||||||||||||||||||||||||||
Other, net (1) | Restructuring and other items, net | 1 | (4) | |||||||||||||||||||||||||||||
Other items impacting comparability, net | 32 | (5) | ||||||||||||||||||||||||||||||
Non-operating pension costs (2) | Non-operating pension costs | (10) | (3) | |||||||||||||||||||||||||||||
$ | 22 | $ | (8) | |||||||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | Change 2017/2016 | |||||||||||||||||
2017 | 2016 | 2017 | 2016 | Three Months | Nine Months | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Equipment Contribution: | |||||||||||||||||||
Dedicated Transportation Solutions | $ | 8,320 | 8,047 | $ | 22,532 | 24,214 | 3 | % | (7 | )% | |||||||||
Supply Chain Solutions | 6,144 | 4,559 | 15,521 | 12,902 | 35 | 20 | |||||||||||||
Total (1) | $ | 14,464 | 12,606 | $ | 38,053 | 37,116 | 15 | % | 3 | % |
Three months ended March 31, | Change 2023/2022 | |||||||||||||||||||
(Dollars in millions) | 2023 | 2022 | Three Months | |||||||||||||||||
ChoiceLease | $ | 776 | $ | 764 | 2% | |||||||||||||||
Commercial rental (1) | 304 | 306 | (1)% | |||||||||||||||||
SelectCare and other | 182 | 148 | 23% | |||||||||||||||||
FMS Europe | — | 64 | NM | |||||||||||||||||
Fuel services revenue | 241 | 247 | (2)% | |||||||||||||||||
FMS total revenue | $ | 1,503 | $ | 1,529 | (2)% | |||||||||||||||
FMS operating revenue (2) | $ | 1,262 | $ | 1,282 | (2)% | |||||||||||||||
FMS EBT | $ | 182 | $ | 249 | (27)% | |||||||||||||||
FMS EBT as a % of FMS total revenue | 12.1% | 16.3% | (420) bps | |||||||||||||||||
FMS EBT as a % of FMS operating revenue (2) | 14.4% | 19.4% | (500) bps | |||||||||||||||||
Twelve months ended March 31, | Change 2023/2022 | |||||||||||||||||||
2023 | 2022 | |||||||||||||||||||
FMS EBT as a % of FMS total revenue | 15.7% | 14.5% | 120 bps | |||||||||||||||||
FMS EBT as a % of FMS operating revenue (2) | 19.1% | 16.8% | 230 bps |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
Description | Classification | 2017 | 2016 | 2017 | 2016 | |||||||||||
(In thousands) | ||||||||||||||||
Non-operating pension costs (1) | Non-operating pension costs | $ | (6,958 | ) | (7,468 | ) | $ | (20,875 | ) | (22,048 | ) | |||||
Pension settlement charge (2) | SG&A | (5,454 | ) | — | (5,454 | ) | — | |||||||||
Fees related to cost-savings program (3) | SG&A | (4,255 | ) | — | (4,255 | ) | — | |||||||||
Operating tax adjustment (3) | SG&A | — | — | (2,205 | ) | — | ||||||||||
Restructuring (3) | Miscellaneous income, net | — | — | 2,574 | — | |||||||||||
Pension-related adjustments (2) | Non-operating pension costs | — | — | — | (7,650 | ) | ||||||||||
$ | (16,667 | ) | (7,468 | ) | $ | (30,215 | ) | (29,698 | ) |
Three months ended September 30, | Nine months ended September 30, | Change 2017/2016 | |||||||||||||||||
2017 | 2016 | 2017 | 2016 | Three Months | Nine Months | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
ChoiceLease | $ | 673,882 | 649,208 | $ | 1,992,656 | 1,918,418 | 4 | % | 4 | % | |||||||||
SelectCare | 116,986 | 113,093 | 347,979 | 341,350 | 3 | 2 | |||||||||||||
Commercial Rental | 216,015 | 216,592 | 589,353 | 636,028 | — | (7 | ) | ||||||||||||
Other | 19,128 | 19,010 | 56,804 | 59,669 | 1 | (5 | ) | ||||||||||||
Fuel services revenue | 169,787 | 157,108 | 505,055 | 448,987 | 8 | 12 | |||||||||||||
FMS total revenue (1) | $ | 1,195,798 | 1,155,011 | $ | 3,491,847 | 3,404,452 | 4 | % | 3 | % | |||||||||
FMS operating revenue (2) | $ | 1,026,011 | 997,903 | $ | 2,986,792 | 2,955,465 | 3 | 1 | |||||||||||
FMS EBT | $ | 100,693 | 112,507 | $ | 220,973 | 306,554 | (11 | )% | (28 | )% | |||||||||
FMS EBT as a % of FMS total revenue | 8.4 | % | 9.7 | % | 6.3 | % | 9.0 | % | (130) bps | (270) bps | |||||||||
FMS EBT as a % of FMS operating revenue (2) | 9.8 | % | 11.3 | % | 7.4 | % | 10.4 | % | (150) bps | (300) bps |
Three months ended September 30, 2017 | Nine months ended September 30, 2017 | ||||||||||
Total | Operating (1) | Total | Operating (1) | ||||||||
Organic, including price and volume | 3 | % | 3 | % | 2 | % | 2 | % | |||
Fuel | 1 | — | 2 | — | |||||||
Foreign exchange | — | — | (1 | ) | (1 | ) | |||||
Net increase | 4 | % | 3 | % | 3 | % | 1 | % |
Three months ended September 30, | Nine months ended September 30, | Change 2017/2016 | |||||||||||||||||
2017 | 2016 | 2017 | 2016 | Three Months | Nine Months | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Rental revenue from non-lease customers | $ | 138,887 | 141,836 | $ | 372,853 | 397,305 | (2 | )% | (6 | )% | |||||||||
Rental revenue from lease customers (1) | $ | 77,128 | 74,756 | $ | 216,500 | 238,723 | 3 | % | (9 | )% | |||||||||
Average commercial rental power fleet size — in service (2), (3) | 30,100 | 30,900 | 29,600 | 31,700 | (3 | )% | (7 | )% | |||||||||||
Commercial rental utilization — power fleet (2) | 78.0 | % | 76.7 | % | 73.7 | % | 73.9 | % | 130 bps | (20) bps |
Change | ||||||||||||||
September 30, 2017 | December 31, 2016 | September 30, 2016 | Sept. 2017/Dec. 2016 | Sept. 2017/Sept. 2016 | ||||||||||
End of period vehicle count | ||||||||||||||
By type: | ||||||||||||||
Trucks (1) | 75,700 | 73,300 | 73,500 | 3 | % | 3 | % | |||||||
Tractors (2) | 65,600 | 67,900 | 68,600 | (3 | ) | (4 | ) | |||||||
Trailers (3), (4) | 42,200 | 42,800 | 42,300 | (1 | ) | — | ||||||||
Other | 1,200 | 1,100 | 1,200 | 9 | — | |||||||||
Total | 184,700 | 185,100 | 185,600 | — | % | — | % | |||||||
By ownership: | ||||||||||||||
Owned | 183,400 | 183,700 | 184,100 | — | % | — | % | |||||||
Leased | 1,300 | 1,400 | 1,500 | (7 | ) | (13 | ) | |||||||
Total | 184,700 | 185,100 | 185,600 | — | % | — | % | |||||||
By product line: (4) | ||||||||||||||
ChoiceLease | 137,300 | 136,500 | 136,600 | 1 | % | 1 | % | |||||||
Commercial rental | 37,800 | 37,800 | 38,000 | — | (1 | ) | ||||||||
Service vehicles and other | 3,300 | 3,300 | 3,500 | — | (6 | ) | ||||||||
Active units | 178,400 | 177,600 | 178,100 | — | — | |||||||||
Held for sale | 6,300 | 7,500 | 7,500 | (16 | ) | (16 | ) | |||||||
Total | 184,700 | 185,100 | 185,600 | — | % | — | % | |||||||
Customer vehicles under SelectCare contracts | 54,400 | 49,000 | 49,300 | 11 | % | 10 | % | |||||||
Quarterly average vehicle count | ||||||||||||||
By product line: | ||||||||||||||
ChoiceLease | 137,200 | 136,500 | 135,100 | 1 | % | 2 | % | |||||||
Commercial rental | 37,600 | 37,800 | 38,300 | (1 | ) | (2 | ) | |||||||
Service vehicles and other | 3,300 | 3,400 | 3,300 | (3 | ) | — | ||||||||
Active units | 178,100 | 177,700 | 176,700 | — | 1 | |||||||||
Held for sale | 6,900 | 7,500 | 8,700 | (8 | ) | (21 | ) | |||||||
Total | 185,000 | 185,200 | 185,400 | — | % | — | % | |||||||
Customer vehicles under SelectCare contracts | 52,800 | 49,200 | 49,600 | 7 | % | 6 | % | |||||||
Customer vehicles under SelectCare on-demand (5) | 8,700 | 7,800 | 8,000 | 12 | % | 9 | % | |||||||
Total vehicles serviced | 246,500 | 242,200 | 243,000 | 2 | % | 1 | % | |||||||
Year-to-date average vehicle count | ||||||||||||||
By product line: | ||||||||||||||
ChoiceLease | 137,400 | 134,400 | 133,800 | 2 | % | 3 | % | |||||||
Commercial rental | 37,500 | 39,200 | 39,600 | (4 | ) | (5 | ) | |||||||
Service vehicles and other | 3,400 | 3,400 | 3,400 | — | — | |||||||||
Active units | 178,300 | 177,000 | 176,800 | 1 | 1 | |||||||||
Held for sale | 6,900 | 8,400 | 8,600 | (18 | ) | (20 | ) | |||||||
Total | 185,200 | 185,400 | 185,400 | — | % | — | % | |||||||
Customer vehicles under SelectCare contracts (5) | 51,300 | 49,200 | 49,000 | 4 | % | 5 | % | |||||||
Customer vehicles under SelectCare on-demand (6) | 20,600 | 21,000 | 22,700 | (2 | )% | (9 | )% | |||||||
Total vehicles serviced | 257,100 | 255,600 | 257,100 | 1 | % | — | % |
Change | ||||||||||||||||||||||||||||||||
March 31, 2023 | December 31, 2022 | March 31, 2022 | Mar 2023/ Dec 2022 | Mar 2023/ Mar 2022 | ||||||||||||||||||||||||||||
End of period vehicle count | ||||||||||||||||||||||||||||||||
By type: | ||||||||||||||||||||||||||||||||
Trucks (1) | 72,900 | 72,100 | 70,300 | 1% | 4% | |||||||||||||||||||||||||||
Tractors (2) | 70,100 | 69,300 | 69,100 | 1% | 1% | |||||||||||||||||||||||||||
Trailers and other (3) | 41,800 | 41,200 | 39,300 | 1% | 6% | |||||||||||||||||||||||||||
Total | 184,800 | 182,600 | 178,700 | 1% | 3% | |||||||||||||||||||||||||||
By product line: | ||||||||||||||||||||||||||||||||
ChoiceLease | 136,600 | 134,600 | 133,900 | 1% | 2% | |||||||||||||||||||||||||||
Commercial rental | 41,100 | 41,800 | 39,800 | (2)% | 3% | |||||||||||||||||||||||||||
Service vehicles and other | 2,000 | 2,100 | 2,000 | (5)% | —% | |||||||||||||||||||||||||||
179,700 | 178,500 | 175,700 | 1% | 2% | ||||||||||||||||||||||||||||
Held for sale | 5,100 | 4,100 | 3,000 | 24% | 70% | |||||||||||||||||||||||||||
Total | 184,800 | 182,600 | 178,700 | 1% | 3% | |||||||||||||||||||||||||||
Memo: U.K. Vehicle Count (excluded from above) | 400 | 1,000 | 12,300 | (60)% | (97)% | |||||||||||||||||||||||||||
Customer vehicles under SelectCare contracts (4) | 52,600 | 54,600 | 54,500 | (4)% | (3)% | |||||||||||||||||||||||||||
Quarterly average vehicle count | ||||||||||||||||||||||||||||||||
By product line: | ||||||||||||||||||||||||||||||||
ChoiceLease | 135,300 | 134,500 | 133,800 | 1% | 1% | |||||||||||||||||||||||||||
Commercial rental | 41,200 | 41,800 | 39,300 | (1)% | 5% | |||||||||||||||||||||||||||
Service vehicles and other | 2,000 | 2,000 | 2,000 | —% | —% | |||||||||||||||||||||||||||
178,500 | 178,300 | 175,100 | —% | 2% | ||||||||||||||||||||||||||||
Held for sale | 4,600 | 3,700 | 2,700 | 24% | 70% | |||||||||||||||||||||||||||
Total | 183,100 | 182,000 | 177,800 | 1% | 3% | |||||||||||||||||||||||||||
Customer vehicles under SelectCare contracts (4) | 54,100 | 55,300 | 53,700 | (2)% | 1% | |||||||||||||||||||||||||||
Customer vehicles under SelectCare on-demand (5) | 5,200 | 5,800 | 6,300 | (10)% | (17)% | |||||||||||||||||||||||||||
Total vehicles serviced | 242,400 | 243,200 | 237,800 | —% | 2% | |||||||||||||||||||||||||||
Change | |||||||||||
September 30, 2017 | December 31, 2016 | September 30, 2016 | Sept. 2017/Dec. 2016 | Sept. 2017/Sept. 2016 | |||||||
Not yet earning revenue (NYE) | 2,100 | 1,700 | 1,900 | 24 | % | 11 | % | ||||
No longer earning revenue (NLE): | |||||||||||
Units held for sale | 6,300 | 7,500 | 7,500 | (16 | ) | (16 | ) | ||||
Other NLE units | 3,900 | 4,400 | 5,000 | (11 | ) | (22 | ) | ||||
Total | 12,300 | 13,600 | 14,400 | (10 | )% | (15 | )% |
Three months ended September 30, | Nine months ended September 30, | Change 2017/2016 | |||||||||||||||||
2017 | 2016 | 2017 | 2016 | Three Months | Nine Months | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
DTS total revenue | $ | 272,334 | 260,921 | $ | 811,620 | 764,025 | 4 | % | 6 | % | |||||||||
DTS operating revenue (1) | $ | 197,917 | 196,648 | $ | 591,045 | 581,213 | 1 | % | 2 | % | |||||||||
DTS EBT | $ | 13,770 | 17,584 | $ | 39,892 | 48,300 | (22 | )% | (17 | )% | |||||||||
DTS EBT as a % of DTS total revenue | 5.1 | % | 6.7 | % | 4.9 | % | 6.3 | % | (160) bps | (140) bps | |||||||||
DTS EBT as a % of DTS operating revenue (1) | 7.0 | % | 8.9 | % | 6.7 | % | 8.3 | % | (190) bps | (160) bps | |||||||||
Memo: | |||||||||||||||||||
Average fleet | 8,200 | 8,300 | 8,200 | 8,200 | (1 | )% | — | % |
Change | ||||||||||||||||||||||||||||||||
March 31, 2023 | December 31, 2022 | March 31, 2022 | Mar 2023/ Dec 2022 | Mar 2023/ Mar 2022 | ||||||||||||||||||||||||||||
Active ChoiceLease fleet | ||||||||||||||||||||||||||||||||
End of period vehicle count (1) | 129,100 | 128,400 | 128,700 | 1% | —% | |||||||||||||||||||||||||||
Quarterly average vehicle count (1) | 128,700 | 128,800 | 128,900 | —% | —% | |||||||||||||||||||||||||||
Commercial rental statistics | ||||||||||||||||||||||||||||||||
Quarterly commercial rental utilization - power fleet (2) | 75 | % | 82 | % | 82 | % | (800) bps | (700) bps | ||||||||||||||||||||||||
Three months ended March 31, | Change 2023/2022 | ||||||||||||||||||||||||||||||||||
(Dollars in millions) | 2023 | 2022 | Three Months | ||||||||||||||||||||||||||||||||
Omnichannel retail | $ | 311 | $ | 270 | 15% | ||||||||||||||||||||||||||||||
Automotive | 254 | 195 | 30% | ||||||||||||||||||||||||||||||||
Consumer packaged goods | 218 | 187 | 17% | ||||||||||||||||||||||||||||||||
Industrial and other | 96 | 86 | 12% | ||||||||||||||||||||||||||||||||
Subcontracted transportation and fuel | 322 | 351 | (8)% | ||||||||||||||||||||||||||||||||
SCS total revenue | $ | 1,201 | $ | 1,089 | 10% | ||||||||||||||||||||||||||||||
SCS operating revenue (1) | $ | 879 | $ | 738 | 19% | ||||||||||||||||||||||||||||||
SCS EBT | $ | 17 | $ | 43 | (60)% | ||||||||||||||||||||||||||||||
SCS EBT as a % of SCS total revenue | 1.4% | 3.9% | (250) bps | ||||||||||||||||||||||||||||||||
SCS EBT as a % of SCS operating revenue (1) | 1.9% | 5.8% | (390) bps | ||||||||||||||||||||||||||||||||
Memo: | |||||||||||||||||||||||||||||||||||
End of period fleet count (2) | 13,500 | 11,600 | 16% | ||||||||||||||||||||||||||||||||
Twelve months ended March 31, | Change 2023/2022 | ||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||
SCS EBT as a % of SCS total revenue | 4.0% | 3.7% | 30 bps | ||||||||||||||||||||||||||||||||
SCS EBT as a % of SCS operating revenue (1) | 5.7% | 5.4% | 30 bps | ||||||||||||||||||||||||||||||||
Three months ended September 30, 2017 | Nine months ended September 30, 2017 | ||||||||||
Total | Operating (1) | Total | Operating (1) | ||||||||
Organic, including price and volume | 3 | % | 1 | % | 5 | % | 2 | % | |||
Fuel | 1 | — | 1 | — | |||||||
Net increase | 4 | % | 1 | % | 6 | % | 2 | % |
Three months ended September 30, | Nine months ended September 30, | Change 2017/2016 | |||||||||||||||||
2017 | 2016 | 2017 | 2016 | Three Months | Nine Months | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Automotive | $ | 135,853 | 140,785 | $ | 420,113 | 407,083 | (4 | )% | 3 | % | |||||||||
Technology and healthcare | 68,008 | 61,425 | 194,561 | 177,138 | 11 | 10 | |||||||||||||
CPG and Retail | 130,528 | 110,840 | 365,185 | 324,814 | 18 | 12 | |||||||||||||
Industrial and other | 42,040 | 32,403 | 117,040 | 90,392 | 30 | 29 | |||||||||||||
Subcontracted transportation | 101,740 | 56,089 | 279,326 | 162,743 | 81 | 72 | |||||||||||||
Fuel | 17,835 | 15,356 | 53,252 | 45,495 | 16 | 17 | |||||||||||||
SCS total revenue | $ | 496,004 | 416,898 | $ | 1,429,477 | 1,207,665 | 19 | % | 18 | % | |||||||||
SCS operating revenue (1) | $ | 376,429 | 345,453 | $ | 1,096,899 | 999,427 | 9 | % | 10 | % | |||||||||
SCS EBT | $ | 22,052 | 30,956 | $ | 75,359 | 79,105 | (29 | )% | (5 | )% | |||||||||
SCS EBT as a % of SCS total revenue | 4.4 | % | 7.4 | % | 5.3 | % | 6.6 | % | (300) bps | (130) bps | |||||||||
SCS EBT as a % of SCS operating revenue (1) | 5.9 | % | 9.0 | % | 6.9 | % | 7.9 | % | (310) bps | (100) bps | |||||||||
Memo: | |||||||||||||||||||
Average fleet | 7,900 | 7,400 | 7,800 | 7,100 | 7 | % | 10 | % |
Three months ended March 31, | Change 2023/2022 | |||||||||||||||||||||||||||||||||||||
(Dollars in millions) | 2023 | 2022 | Three Months | |||||||||||||||||||||||||||||||||||
DTS total revenue | $ | 454 | $ | 425 | 7% | |||||||||||||||||||||||||||||||||
DTS operating revenue (1) | $ | 322 | $ | 296 | 9% | |||||||||||||||||||||||||||||||||
DTS EBT | $ | 29 | $ | 20 | 45% | |||||||||||||||||||||||||||||||||
DTS EBT as a % of DTS total revenue | 6.4% | 4.7% | 170 bps | |||||||||||||||||||||||||||||||||||
DTS EBT as a % of DTS operating revenue (1) | 9.0% | 6.8% | 220 bps | |||||||||||||||||||||||||||||||||||
Memo: | ||||||||||||||||||||||||||||||||||||||
End of period fleet count (2) | 11,400 | 11,700 | (3)% | |||||||||||||||||||||||||||||||||||
Twelve months ended March 31, | Change 2023/2022 | |||||||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||||||||
DTS EBT as a % of DTS total revenue | 6.1% | 3.6% | 250 bps | |||||||||||||||||||||||||||||||||||
DTS EBT as a % of DTS operating revenue (1) | 8.8% | 5.0% | 380 bps | |||||||||||||||||||||||||||||||||||
Three months ended March 31, | Change 2023/2022 | |||||||||||||||||||||||||||||||||||||
(Dollars in millions) | 2023 | 2022 | Three Months | |||||||||||||||||||||||||||||||||||
Total CSS | $ | 103 | $ | 97 | 6% | |||||||||||||||||||||||||||||||||
Allocation of CSS to business segments | (88) | (81) | 9% | |||||||||||||||||||||||||||||||||||
Unallocated CSS | $ | 15 | $ | 16 | (6)% |
Three months ended March 31, | ||||||||||||||
(In millions) | 2023 | 2022 | ||||||||||||
Net cash provided by (used in): | ||||||||||||||
Operating activities | $ | 478 | $ | 466 | ||||||||||
Investing activities | (377) | (783) | ||||||||||||
Financing activities | (126) | (130) | ||||||||||||
Effect of exchange rate changes on cash | 11 | (4) | ||||||||||||
Net change in cash, cash equivalents, and restricted cash | $ | (14) | $ | (451) | ||||||||||
Three months ended March 31, | ||||||||||||||
(In millions) | 2023 | 2022 | ||||||||||||
Net cash provided by operating activities | ||||||||||||||
Earnings from continuing operations | $ | 140 | $ | 176 | ||||||||||
Non-cash and other, net | 522 | 465 | ||||||||||||
Collections on sales-type leases | 30 | 34 | ||||||||||||
Changes in operating assets and liabilities | (214) | (209) | ||||||||||||
Cash flows from operating activities from continuing operations | $ | 478 | $ | 466 | ||||||||||
Three months ended September 30, 2017 | Nine months ended September 30, 2017 | ||||||||||
Total | Operating (1) | Total | Operating (1) | ||||||||
Organic, including price and volume | 18 | % | 8 | % | 18 | % | 10 | % | |||
Fuel | — | — | — | — | |||||||
Foreign exchange | 1 | 1 | — | — | |||||||
Net increase | 19 | % | 9 | % | 18 | % | 10 | % |
Three months ended March 31, | ||||||||||||||
(In millions) | 2023 | 2022 | ||||||||||||
Net cash provided by operating activities | $ | 478 | $ | 466 | ||||||||||
Sales of revenue earning equipment (1) | 216 | 223 | ||||||||||||
Sales of operating property and equipment (1) | 48 | 3 | ||||||||||||
Total cash generated (2) | 742 | 692 | ||||||||||||
Purchases of property and revenue earning equipment (1) | (641) | (584) | ||||||||||||
Free cash flow (2) | $ | 101 | $ | 108 | ||||||||||
Three months ended September 30, | Nine months ended September 30, | Change 2017/2016 | |||||||||||||||||
2017 | 2016 | 2017 | 2016 | Three Months | Nine Months | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Human resources | $ | 3,778 | 4,184 | $ | 12,186 | 12,968 | (10 | )% | (6 | )% | |||||||||
Finance | 14,426 | 15,143 | 43,604 | 44,267 | (5 | ) | (1 | ) | |||||||||||
Corporate services and public affairs | 2,618 | 2,471 | 7,612 | 7,463 | 6 | 2 | |||||||||||||
Information technology | 22,265 | 20,466 | 64,744 | 60,369 | 9 | 7 | |||||||||||||
Legal and safety | 6,246 | 5,711 | 19,109 | 17,798 | 9 | 7 | |||||||||||||
Marketing | 4,556 | 4,336 | 13,290 | 14,220 | 5 | (7 | ) | ||||||||||||
Other | 8,318 | 4,911 | 23,597 | 19,317 | 69 | 22 | |||||||||||||
Total CSS | 62,207 | 57,222 | 184,142 | 176,402 | 9 | 4 | |||||||||||||
Allocation of CSS to business segments | (51,166 | ) | (47,947 | ) | (151,177 | ) | (146,442 | ) | 7 | 3 | |||||||||
Unallocated CSS | $ | 11,041 | 9,275 | $ | 32,965 | 29,960 | 19 | % | 10 | % |
Nine months ended September 30, | ||||||
2017 | 2016 | |||||
(In thousands) | ||||||
Net cash (used in) provided by: | ||||||
Operating activities | $ | 1,166,191 | 1,185,062 | |||
Financing activities | (191,255 | ) | (55,554 | ) | ||
Investing activities | (962,191 | ) | (1,108,584 | ) | ||
Effect of exchange rates on cash | (5,226 | ) | (5,567 | ) | ||
Net change in cash and cash equivalents | $ | 7,519 | 15,357 |
Nine months ended September 30, | ||||||
2017 | 2016 | |||||
(In thousands) | ||||||
Net cash provided by operating activities from continuing operations | $ | 1,166,191 | 1,185,062 | |||
Sales of revenue earning equipment (1) | 289,432 | 331,720 | ||||
Sales of operating property and equipment (1) | 12,541 | 6,623 | ||||
Collections on direct finance leases and other items (1) | 54,227 | 60,229 | ||||
Total cash generated (2) | 1,522,391 | 1,583,634 | ||||
Purchases of property and revenue earning equipment (1) | (1,312,845 | ) | (1,511,359 | ) | ||
Free cash flow (2) | $ | 209,546 | 72,275 | |||
Memo: | ||||||
Net cash used in financing activities | $ | (191,255 | ) | (55,554 | ) | |
Net cash used in investing activities | $ | (962,191 | ) | (1,108,584 | ) |
Three months ended March 31, | ||||||||||||||
(In millions) | 2023 | 2022 | ||||||||||||
Revenue earning equipment: | ||||||||||||||
ChoiceLease | $ | 579 | $ | 422 | ||||||||||
Commercial rental | 177 | 180 | ||||||||||||
756 | 602 | |||||||||||||
Operating property and equipment | 46 | 60 | ||||||||||||
Gross capital expenditures | 802 | 662 | ||||||||||||
Changes to liabilities related to purchases of property and revenue earning equipment | (161) | (78) | ||||||||||||
Cash paid for purchases of property and revenue earning equipment | $ | 641 | $ | 584 |
Nine months ended September 30, | ||||||
2017 | 2016 | |||||
(In thousands) | ||||||
Revenue earning equipment: | ||||||
ChoiceLease | $ | 985,541 | 1,223,141 | |||
Commercial rental | 295,638 | 79,204 | ||||
1,281,179 | 1,302,345 | |||||
Operating property and equipment | 94,850 | 101,837 | ||||
Total capital expenditures | 1,376,029 | 1,404,182 | ||||
Changes in accounts payable related to purchases of revenue earning equipment | (63,184 | ) | 107,177 | |||
Cash paid for purchases of property and revenue earning equipment | $ | 1,312,845 | 1,511,359 |
Rating Summary | ||||||||||||||||||||||||||
Short-term | Short-term Outlook | Long-term | Long-term Outlook | |||||||||||||||||||||||
Standard & Poor’s Ratings Services (1) | A2 | — | BBB | Stable | ||||||||||||||||||||||
Moody’s Investors Service | P2 | Stable | Baa2 | Stable | ||||||||||||||||||||||
Fitch Ratings | F2 | — | BBB+ | Stable | ||||||||||||||||||||||
DBRS | R-1 (Low) | Stable | A (Low) | Stable |
(In millions) | |||||
Global revolving credit facility | $ | 943 | |||
Trade receivables financing program | $ | 1 |
Nine months ended September 30, | ||||||
2017 | 2016 | |||||
(In thousands) | ||||||
Debt balance at January 1 | $ | 5,391,274 | 5,502,627 | |||
Cash-related changes in debt: | ||||||
Net change in commercial paper borrowings | 2,153 | 73,597 | ||||
Proceeds from issuance of medium-term notes | 595,785 | 298,254 | ||||
Proceeds from issuance of other debt instruments | 277,517 | — | ||||
Retirement of medium term notes | (700,000 | ) | (300,000 | ) | ||
Other debt repaid | (238,160 | ) | (40,707 | ) | ||
Debt issuance costs paid | (1,379 | ) | (622 | ) | ||
(64,084 | ) | 30,522 | ||||
Non-cash changes in debt: | ||||||
Fair value adjustment on notes subject to hedging | (3,168 | ) | 8,960 | |||
Addition of capital lease obligations | 6,209 | 948 | ||||
Changes in foreign currency exchange rates and other non-cash items | 18,995 | (23,416 | ) | |||
Total changes in debt | (42,048 | ) | 17,014 | |||
Debt balance at September 30 | $ | 5,349,226 | 5,519,641 |
Non-GAAP Financial Measure | Comparable | |||||
Operating Revenue Measures: | ||||||
Operating Revenue | Total Revenue | |||||
FMS Operating Revenue | FMS Total Revenue | |||||
SCS Operating Revenue | SCS Total Revenue | |||||
DTS Operating Revenue | DTS Total Revenue | |||||
FMS EBT as a % of FMS Operating Revenue | FMS EBT as a % of FMS Total Revenue | |||||
SCS EBT as a % of SCS Operating Revenue | SCS EBT as a % of SCS Total Revenue | |||||
DTS EBT as a % of DTS Operating Revenue | DTS EBT as a % of DTS Total Revenue | |||||
Comparable Earnings Measures: | ||||||
Comparable Earnings Before Income Tax | Earnings Before Income Tax | |||||
Comparable Earnings | Earnings from Continuing Operations | |||||
Comparable Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) | Net Earnings | |||||
Comparable EPS | EPS from Continuing Operations | |||||
Comparable Tax Rate | Effective Tax Rate from Continuing Operations | |||||
Adjusted Return on Equity (ROE) | Not Applicable. However, non-GAAP elements of the calculation have been reconciled to the corresponding GAAP measures. A numerical reconciliation of net earnings to adjusted net earnings and average shareholders' equity to adjusted average equity is provided in the following reconciliations. | |||||
Cash Flow Measures: | ||||||
Total Cash Generated and Free Cash Flow | Cash Provided by Operating Activities from Continuing Operations |
Operating Revenue | Measures: | ||||||||||||||
Operating Revenue FMS Operating Revenue SCS Operating Revenue DTS Operating Revenue FMS EBT as a % of FMS Operating Revenue SCS EBT as a % of SCS Operating Revenue DTS EBT as a % of DTS Operating Revenue | Operating revenue is defined as total revenue for Ryder Fuel: We exclude FMS, Subcontracted |
Comparable Earnings | Measures: | ||||||||||||||
Comparable Earnings before Income Taxes (EBT) Comparable Earnings Comparable Earnings per Diluted Common Share (EPS) Comparable Tax Rate Adjusted Return on Equity (ROE) | Comparable EBT, Non-operating pension costs, net: Our comparable earnings measures exclude non-operating pension costs, net, which 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 Other | ||||||||||||||
Adjusted ROE is defined as adjusted net earnings divided by adjusted average shareholders' equity and represents the rate of return on shareholders' investment. Other items impacting comparability described above are excluded, as applicable, from the calculation of adjusted net earnings and adjusted average shareholders' equity. We use adjusted ROE as an internal measure of how effectively we use the owned capital invested in our operations. |
Comparable Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) | Comparable EBITDA is defined as net earnings, first adjusted to exclude discontinued operations and the following items, all from continuing operations: (1) non-operating pension costs, net and (2) any other items that are not representative of our business operations (these items are the same items that are excluded from comparable earnings measures for the relevant periods as described immediately above) and then adjusted further for (1) interest expense, (2) income taxes, (3) depreciation, (4) used vehicle sales results and (5) amortization. We believe comparable EBITDA provides investors with useful information, as it is a standard measure commonly reported and widely used by analysts, investors and other interested parties to measure financial performance and our ability to service debt and meet our payment obligations. In addition, we believe that the inclusion of comparable EBITDA provides consistency in financial reporting and enables analysts and investors to perform meaningful comparisons of past, present and future operating results. Other companies may calculate comparable EBITDA differently; therefore, our presentation of comparable EBITDA may not be comparable to similarly-titled measures used by other companies. Comparable EBITDA should not be considered as an alternative to net earnings, earnings from continuing operations before income taxes or earnings from continuing operations determined in accordance with GAAP, as an indicator of our operating performance, as an alternative to cash flows from operating activities (determined in accordance with GAAP), as an indicator of cash flows, or as a measure of liquidity. | |||||||||||||
Cash Flow | Measures: | |||||||||||||
Total Cash Generated Free Cash Flow | We consider total cash generated and free cash flow to be important measures of comparative operating performance, as our principal sources of operating liquidity are cash from operations and proceeds from the sale of revenue earning equipment. Total Cash Generated Free Cash Flow * See Total Cash Generated and Free Cash Flow reconciliations in the Financial Resources and Liquidity section of Management's Discussion and Analysis. |
EBT | Earnings | Diluted EPS | ||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||
Three months ended September 30, | (In thousands, except per share amounts) | |||||||||||||||||||
EBT/Earnings/EPS | $ | 94,343 | 131,698 | $ | 58,913 | 85,138 | $ | 1.11 | 1.59 | |||||||||||
Non-operating pension costs | 6,958 | 7,443 | 4,019 | 4,420 | 0.08 | 0.08 | ||||||||||||||
Pension settlement charge | 5,454 | — | 3,304 | — | 0.06 | — | ||||||||||||||
Fees related to cost-savings program | 4,255 | — | 2,740 | — | 0.05 | — | ||||||||||||||
Tax law change - rate increase | — | — | 1,844 | — | 0.03 | — | ||||||||||||||
Comparable EBT/ Earnings/ EPS | $ | 111,010 | 139,141 | $ | 70,820 | 89,558 | $ | 1.33 | 1.67 | |||||||||||
Nine months ended September 30, | ||||||||||||||||||||
EBT/Earnings/EPS | $ | 234,991 | 337,185 | $ | 148,535 | 215,365 | $ | 2.79 | 4.02 | |||||||||||
Non-operating pension costs | 20,875 | 22,023 | 12,065 | 12,857 | 0.24 | 0.24 | ||||||||||||||
Pension settlement charge | 5,454 | — | 3,303 | — | 0.06 | — | ||||||||||||||
Fees related to cost-savings program | 4,255 | — | 2,740 | — | 0.05 | — | ||||||||||||||
Operating tax adjustment | 2,205 | — | 1,677 | — | 0.03 | — | ||||||||||||||
Restructuring | (2,574 | ) | — | (2,085 | ) | — | (0.04 | ) | — | |||||||||||
Tax law change - rate increase | — | — | 1,844 | — | 0.03 | — | ||||||||||||||
Pension-related adjustment | — | 7,650 | — | 4,817 | — | 0.09 | ||||||||||||||
Comparable EBT/ Earnings/ EPS | $ | 265,206 | 366,858 | $ | 168,079 | 233,039 | $ | 3.16 | 4.35 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||
(Dollars in thousands) | |||||||||||||
Provision for income taxes (1) | $ | (35,430 | ) | (46,560 | ) | $ | (86,456 | ) | (121,820 | ) | |||
Income tax effects of non-GAAP adjustments (1) | (4,760 | ) | (3,023 | ) | (10,671 | ) | (11,999 | ) | |||||
Comparable provision for income taxes (1) | $ | (40,190 | ) | (49,583 | ) | $ | (97,127 | ) | (133,819 | ) |
Continuing Operations | ||||||||||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||||||||
(In millions, except per share amount) | 2023 | 2022 | ||||||||||||||||||||||||
EBT | $ | 201 | $ | 252 | ||||||||||||||||||||||
Non-operating pension costs, net | 10 | 3 | ||||||||||||||||||||||||
FMS U.K. exit (1) | (31) | 1 | ||||||||||||||||||||||||
Other, net (1) | (1) | 4 | ||||||||||||||||||||||||
Comparable EBT | $ | 179 | $ | 260 | ||||||||||||||||||||||
Earnings | $ | 140 | $ | 176 | ||||||||||||||||||||||
Non-operating pension costs, net | 8 | 2 | ||||||||||||||||||||||||
FMS U.K. exit (1) | (31) | 1 | ||||||||||||||||||||||||
Other, net (1) | (1) | 4 | ||||||||||||||||||||||||
Tax adjustments, net (2) | 17 | 5 | ||||||||||||||||||||||||
Comparable Earnings | $ | 133 | $ | 188 | ||||||||||||||||||||||
Diluted EPS | $ | 2.95 | $ | 3.35 | ||||||||||||||||||||||
Non-operating pension costs, net | 0.17 | 0.04 | ||||||||||||||||||||||||
FMS U.K. exit (1) | (0.66) | 0.02 | ||||||||||||||||||||||||
Other, net (1) | (0.01) | 0.08 | ||||||||||||||||||||||||
Tax adjustments, net (2) | 0.36 | 0.10 | ||||||||||||||||||||||||
Comparable EPS | $ | 2.81 | $ | 3.59 |
Nine months ended September 30, | ||||||
2017 | 2016 | |||||
(In thousands) | ||||||
Net cash provided by operating activities from continuing operations | $ | 1,166,191 | 1,185,062 | |||
Sales of revenue earning equipment (1) | 289,432 | 331,720 | ||||
Sales of operating property and equipment (1) | 12,541 | 6,623 | ||||
Collections on direct finance leases and other items (1) | 54,227 | 60,229 | ||||
Total cash generated | 1,522,391 | 1,583,634 | ||||
Purchases of property and revenue earning equipment (1) | (1,312,845 | ) | (1,511,359 | ) | ||
Free cash flow | $ | 209,546 | 72,275 | |||
Memo: | ||||||
Net cash (used in) provided by financing activities | $ | (191,255 | ) | (55,554 | ) | |
Net cash used in investing activities | $ | (962,191 | ) | (1,108,584 | ) |
Three months ended March 31, | ||||||||||||||||||||||||||
(In millions) | 2023 | 2022 | ||||||||||||||||||||||||
Effective tax rate on continuing operations (1) | 30.5% | 30.2% | ||||||||||||||||||||||||
Tax adjustments and income tax effects of non-GAAP adjustments (2) | (5.0)% | (2.6)% | ||||||||||||||||||||||||
Comparable effective tax rate on continuing operations (1) | 25.5% | 27.6% |
Three months ended March 31, | ||||||||||||||
(In millions) | 2023 | 2022 | ||||||||||||
Net earnings | $ | 139 | $ | 176 | ||||||||||
Loss from discontinued operations, net of tax | 1 | — | ||||||||||||
Provision for income taxes | 61 | 76 | ||||||||||||
EBT | 201 | 252 | ||||||||||||
Non-operating pension costs, net | 10 | 3 | ||||||||||||
Other items impacting comparability, net (1) | (32) | 5 | ||||||||||||
Comparable EBT | 179 | 260 | ||||||||||||
Interest expense | 65 | 52 | ||||||||||||
Depreciation | 445 | 430 | ||||||||||||
Used vehicle sales, net (2) | (70) | (105) | ||||||||||||
Amortization | 9 | 10 | ||||||||||||
Comparable EBITDA | $ | 628 | $ | 647 | ||||||||||
Three months ended March 31, | ||||||||||||||||||||||||||
(In millions) | 2023 | 2022 | ||||||||||||||||||||||||
Total revenue | $ | 2,952 | $ | 2,854 | ||||||||||||||||||||||
Subcontracted transportation and fuel | (606) | (638) | ||||||||||||||||||||||||
Operating revenue | $ | 2,346 | $ | 2,216 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||
(In thousands) | |||||||||||||
Total revenue | $ | 1,848,529 | 1,724,418 | $ | 5,389,906 | 5,057,834 | |||||||
Fuel | (175,106 | ) | (162,293 | ) | (519,979 | ) | (464,176 | ) | |||||
Subcontracted transportation | (147,970 | ) | (93,832 | ) | (416,159 | ) | (269,639 | ) | |||||
Operating revenue | $ | 1,525,453 | 1,468,293 | $ | 4,453,768 | 4,324,019 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||
(In thousands) | |||||||||||||
FMS total revenue | $ | 1,195,798 | 1,155,011 | $ | 3,491,847 | 3,404,452 | |||||||
Fuel (1) | (169,787 | ) | (157,108 | ) | (505,055 | ) | (448,987 | ) | |||||
FMS operating revenue | $ | 1,026,011 | 997,903 | $ | 2,986,792 | 2,955,465 | |||||||
FMS EBT | $ | 100,693 | 112,507 | $ | 220,973 | 306,554 | |||||||
FMS EBT as a % of FMS total revenue | 8.4 | % | 9.7 | % | 6.3 | % | 9.0 | % | |||||
FMS EBT as a % of FMS operating revenue | 9.8 | % | 11.3 | % | 7.4 | % | 10.4 | % |
Three months ended March 31, | Twelve months ended March 31, | |||||||||||||||||||||||||||||||||||||
(Dollars in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||
FMS total revenue | $ | 1,503 | $ | 1,529 | $ | 6,301 | $ | 5,873 | ||||||||||||||||||||||||||||||
Fuel services revenue | (241) | (247) | (1,108) | (818) | ||||||||||||||||||||||||||||||||||
FMS operating revenue | $ | 1,262 | $ | 1,282 | $ | 5,193 | $ | 5,055 | ||||||||||||||||||||||||||||||
FMS EBT | $ | 182 | $ | 249 | $ | 990 | $ | 850 | ||||||||||||||||||||||||||||||
FMS EBT as a % of FMS total revenue | 12.1% | 16.3% | 15.7% | 14.5% | ||||||||||||||||||||||||||||||||||
FMS EBT as a % of FMS operating revenue | 14.4% | 19.4% | 19.1% | 16.8% |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||
(In thousands) | |||||||||||||
DTS total revenue | $ | 272,334 | 260,921 | $ | 811,620 | 764,025 | |||||||
Subcontracted transportation | (46,230 | ) | (37,743 | ) | (136,833 | ) | (106,896 | ) | |||||
Fuel | (28,187 | ) | (26,530 | ) | (83,742 | ) | (75,916 | ) | |||||
DTS operating revenue | $ | 197,917 | 196,648 | $ | 591,045 | 581,213 | |||||||
DTS EBT | $ | 13,770 | 17,584 | $ | 39,892 | 48,300 | |||||||
DTS EBT as a % of DTS total revenue | 5.1 | % | 6.7 | % | 4.9 | % | 6.3 | % | |||||
DTS EBT as a % of DTS operating revenue | 7.0 | % | 8.9 | % | 6.7 | % | 8.3 | % |
Three months ended March 31, | Twelve months ended March 31, | |||||||||||||||||||||||||||||||||||||
(Dollars in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||
SCS total revenue | $ | 1,201 | $ | 1,089 | $ | 4,832 | $ | 3,537 | ||||||||||||||||||||||||||||||
Subcontracted transportation and fuel | (322) | (351) | (1,437) | (1,091) | ||||||||||||||||||||||||||||||||||
SCS operating revenue | $ | 879 | $ | 738 | $ | 3,395 | $ | 2,446 | ||||||||||||||||||||||||||||||
SCS EBT | $ | 17 | $ | 43 | $ | 194 | $ | 132 | ||||||||||||||||||||||||||||||
SCS EBT as a % of SCS total revenue | 1.4% | 3.9% | 4.0% | 3.7% | ||||||||||||||||||||||||||||||||||
SCS EBT as a % of SCS operating revenue | 1.9% | 5.8% | 5.7% | 5.4% |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||
(In thousands) | |||||||||||||
SCS total revenue | $ | 496,004 | 416,898 | $ | 1,429,477 | 1,207,665 | |||||||
Subcontracted transportation | (101,740 | ) | (56,089 | ) | (279,326 | ) | (162,743 | ) | |||||
Fuel | (17,835 | ) | (15,356 | ) | (53,252 | ) | (45,495 | ) | |||||
SCS operating revenue | $ | 376,429 | 345,453 | $ | 1,096,899 | 999,427 | |||||||
SCS EBT | $ | 22,052 | 30,956 | $ | 75,359 | 79,105 | |||||||
SCS EBT as a % of SCS total revenue | 4.4 | % | 7.4 | % | 5.3 | % | 6.6 | % | |||||
SCS EBT as a % of SCS operating revenue | 5.9 | % | 9.0 | % | 6.9 | % | 7.9 | % |
Three months ended March 31, | Twelve months ended March 31, | |||||||||||||||||||||||||||||||||||||
(Dollars in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||
DTS total revenue | $ | 454 | $ | 425 | $ | 1,815 | $ | 1,562 | ||||||||||||||||||||||||||||||
Subcontracted transportation and fuel | (132) | (129) | (550) | (447) | ||||||||||||||||||||||||||||||||||
DTS operating revenue | $ | 322 | $ | 296 | $ | 1,265 | $ | 1,115 | ||||||||||||||||||||||||||||||
DTS EBT | $ | 29 | $ | 20 | $ | 111 | $ | 56 | ||||||||||||||||||||||||||||||
DTS EBT as a % of DTS total revenue | 6.4% | 4.7% | 6.1% | 3.6% | ||||||||||||||||||||||||||||||||||
DTS EBT as a % of DTS operating revenue | 9.0% | 6.8% | 8.8% | 5.0% |
Twelve months ended March 31, | ||||||||||||||||||||||||||
(Dollars in millions) | 2023 | 2022 | ||||||||||||||||||||||||
Net earnings | $ | 832 | $ | 644 | ||||||||||||||||||||||
Other items impacting comparability, net (1) | (121) | (13) | ||||||||||||||||||||||||
Income taxes (2) | 339 | 228 | ||||||||||||||||||||||||
Adjusted earnings before income taxes | 1,050 | 859 | ||||||||||||||||||||||||
Adjusted income taxes (3) | (280) | (215) | ||||||||||||||||||||||||
Adjusted net earnings [A] | $ | 770 | $ | 644 | ||||||||||||||||||||||
Average shareholders’ equity | $ | 2,887 | $ | 2,532 | ||||||||||||||||||||||
Average adjustments to shareholders’ equity (4) | (15) | (2) | ||||||||||||||||||||||||
Adjusted average shareholders’ equity [B] | $ | 2,872 | $ | 2,530 | ||||||||||||||||||||||
Adjusted return on equity [A/B] | 27% | 25% |
Twelve months ended March 31, | ||||||||||||||||||||||||||
(In millions) | 2023 | 2022 | ||||||||||||||||||||||||
FMS U.K. exit | $ | (114) | $ | (28) | ||||||||||||||||||||||
Other, net | (7) | 10 | ||||||||||||||||||||||||
ERP implementation costs | — | 5 | ||||||||||||||||||||||||
Other items impacting comparability, net | $ | (121) | $ | (13) |
(Dollars in millions, except per share) | Total Number of Shares Purchased (1) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Programs | Maximum Number of Shares That May Yet Be Purchased Under the Discretionary and Anti-Dilutive Programs (2) | ||||||||||||||||||||||||||||
January 1 through January 31, 2023 | 60 | $ | 83.40 | — | 1,574,607 | |||||||||||||||||||||||||||
February 1 through February 28, 2023 | 788,489 | 97.18 | 465,110 | 1,109,497 | ||||||||||||||||||||||||||||
March 1 through March 31, 2023 | 195 | 86.08 | — | 1,109,497 | ||||||||||||||||||||||||||||
Total | 788,744 | $ | 97.18 | 465,110 |
Total Number of Shares Purchased(1) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Programs | Maximum Number of Shares That May Yet Be Purchased Under the Anti-Dilutive Program (2) | |||||||||
July 1 through July 30, 2017 | 8,758 | $ | 72.82 | — | 636,128 | |||||||
August 1 through August 31, 2017 | 105,394 | 72.36 | 105,394 | 530,734 | ||||||||
September 1 through September 30, 2017 | 34 | 78.92 | — | 530,734 | ||||||||
Total | 114,186 | $ | 72.40 | 105,394 |
Exhibit Number | Description | |||||||
10* | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32 | ||||||||
101.INS | XBRL Instance Document - the instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document | |||||||
101.SCH | XBRL Taxonomy Extension Schema Document | |||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104 | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) | |||||||
RYDER SYSTEM, INC. | |||||||||||
(Registrant) | |||||||||||
Date: | By: | /s/ | |||||||||
John J. Diez | |||||||||||
Executive Vice President and Chief Financial Officer | |||||||||||
(Principal Financial Officer) | |||||||||||
Date: | April 26, 2023 | By: | /s/ | ||||||||
Cristina Gallo-Aquino | |||||||||||
Senior Vice President and Controller | |||||||||||
(Principal Accounting Officer) | |||||||||||