Ryder System (R) 10-Q 26 Oct 22 2022 Q3 Quarterly report Financial data

Cover

Cover	9 Months Ended
	Sep. 30, 2022 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	1-4364
Entity Registrant Name	RYDER SYSTEM, INC.
Entity Incorporation, State or Country Code	FL
Entity Tax Identification Number	59-0739250
Entity Address, Address Line One	11690 N.W. 105th Street
Entity Address, City or Town	Miami,
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33178
City Area Code	305
Local Phone Number	500-3726
Title of 12(b) Security	Ryder System, Inc. Common Stock ($0.50 par value)
Trading Symbol	R
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	50,251,092
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0000085961

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Lease & related maintenance and rental revenue	$ 1,044,547	$ 1,013,968	$ 3,119,136	$ 2,941,084
Total revenue	3,035,464	2,459,049	8,922,988	7,062,908
Selling, general and administrative expenses	349,611	287,971	1,052,307	866,362
Non-operating pension costs, net	2,647	(148)	8,015	(530)
Used vehicle sales, net	(113,485)	(69,303)	(356,045)	(149,788)
Interest expense	57,802	53,752	165,490	162,613
Miscellaneous income, net	(8,494)	(5,952)	(22,696)	(55,198)
Restructuring and other items, net	(3,331)	4,137	21,225	22,463
Total expenses	2,701,260	2,275,843	7,998,542	6,605,862
Earnings from continuing operations before income taxes	334,204	183,206	924,446	457,046
Provision for income taxes	87,784	44,547	261,862	117,235
Earnings from continuing operations	246,420	138,659	662,584	339,811
Loss from discontinued operations, net of tax	(425)	(605)	(1,602)	(1,827)
Net earnings	$ 245,995	$ 138,054	$ 660,982	$ 337,984
Earnings (loss) per common share — Basic
Continuing operations (in dollars per share)	$ 4.92	$ 2.64	$ 13.12	$ 6.46
Discontinued operations (in dollars per share)	(0.01)	(0.01)	(0.03)	(0.03)
Net earnings (in dollars per share)	4.91	2.63	13.09	6.43
Earnings (loss) per common share — Diluted
Continuing operations (in dollars per share)	4.82	2.58	12.86	6.33
Discontinued operations (in dollars per share)	(0.01)	(0.01)	(0.03)	(0.03)
Net earnings (in dollars per share)	$ 4.82	$ 2.57	$ 12.82	$ 6.30
Services revenue
Revenue	$ 1,811,134	$ 1,320,761	$ 5,258,258	$ 3,762,389
Cost of services sold	1,545,764	1,161,889	4,512,594	3,251,696
Fuel services revenue
Revenue	179,783	124,320	545,594	359,435
Cost of services sold	179,716	124,347	539,887	356,506
Cost of lease & related maintenance and rental
Cost of services sold	$ 691,030	$ 719,150	$ 2,077,765	$ 2,151,738

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net earnings	$ 245,995	$ 138,054	$ 660,982	$ 337,984
Other comprehensive (loss) income:
Changes in cumulative translation adjustment and unrealized gains from cash flow hedges	(54,307)	(24,232)	(96,377)	(5,741)
Amortization of pension and postretirement items	5,141	6,974	15,849	20,941
Income tax expense related to amortization of pension and postretirement items	(1,155)	(1,541)	(3,556)	(4,512)
Amortization of pension and postretirement items, net of taxes	3,986	5,433	12,293	16,429
Change in net actuarial loss and prior service cost	0	0	1,805	116
Income tax expense related to change in net actuarial loss and prior service cost	0	0	(473)	(80)
Change in net actuarial loss and prior service cost, net of taxes	0	0	1,332	36
Other comprehensive (loss) income, net of taxes	(50,321)	(18,799)	(82,752)	10,724
Comprehensive income	$ 195,674	$ 119,255	$ 578,230	$ 348,708

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 456,291	$ 233,961
Receivables, net	1,620,837	1,464,737
Inventories	78,515	68,677
Prepaid expenses and other current assets	183,048	693,239
Total current assets	2,338,691	2,460,614
Revenue earning equipment, net	8,273,608	8,323,039
Operating property and equipment, net of accumulated depreciation of $1,342,564 and $1,273,637	1,117,568	984,978
Goodwill	867,756	570,905
Intangible assets, net	298,495	170,205
Sales-type leases and other assets	1,602,911	1,324,582
Total assets	14,499,029	13,834,323
Current liabilities:
Short-term debt and current portion of long-term debt	1,049,109	1,333,363
Accounts payable	876,083	747,898
Accrued expenses and other current liabilities	1,276,495	1,119,602
Total current liabilities	3,201,687	3,200,863
Long-term debt	5,285,033	5,246,306
Other non-current liabilities	1,509,329	1,314,404
Deferred income taxes	1,492,219	1,274,804
Total liabilities	11,488,268	11,036,377
Commitments and contingencies (Note 16)
Shareholders’ equity:
Preferred stock, no par value per share — authorized, 3,800,917; none outstanding, September 30, 2022 and December 31, 2021	0	0
Common stock, $0.50 par value per share — authorized, 400,000,000; outstanding, September 30, 2022 — 50,251,092 and December 31, 2021 — 53,789,036	25,126	26,896
Additional paid-in capital	1,227,019	1,194,334
Retained earnings	2,530,609	2,265,957
Accumulated other comprehensive loss	(771,993)	(689,241)
Total shareholders’ equity	3,010,761	2,797,946
Total liabilities and shareholders’ equity	$ 14,499,029	$ 13,834,323

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Accumulated depreciation	$ 1,342,564	$ 1,273,637
Preferred stock, par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authorized (in shares)	3,800,917	3,800,917
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.50	$ 0.50
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares outstanding (in shares)	50,251,092	53,789,036

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities from continuing operations:
Net earnings	$ 660,982	$ 337,984
Less: Loss from discontinued operations, net of tax	(1,602)	(1,827)
Earnings from continuing operations	662,584	339,811
Depreciation expense	1,275,309	1,349,239
Used vehicle sales, net	(356,045)	(149,788)
Amortization expense and other non-cash charges, net	78,055	12,787
Non-cash lease expense	143,170	70,477
Non-operating pension costs, net and share-based compensation expense	41,985	35,469
Deferred income tax expense	186,295	86,199
Collections on sales-type leases	99,038	99,305
Changes in operating assets and liabilities:
Receivables	(142,082)	(160,454)
Inventories	(10,148)	(5,650)
Prepaid expenses and other assets	(34,082)	(91,147)
Accounts payable	(8,366)	119,144
Accrued expenses and other non-current liabilities	(149,299)	(20,501)
Net cash provided by operating activities from continuing operations	1,786,414	1,684,891
Cash flows from investing activities from continuing operations:
Purchases of property and revenue earning equipment	(1,916,704)	(1,427,684)
Sales of revenue earning equipment	922,489	516,466
Sales of operating property and equipment	53,838	54,606
Acquisitions, net of cash acquired	(448,078)	0
Other investing activities	37,226	(4,298)
Net cash used in investing activities from continuing operations	(1,351,229)	(860,910)
Cash flows from financing activities from continuing operations:
Net borrowings (repayments) of commercial paper and other	311,040	(97,048)
Debt proceeds	1,005,696	0
Debt repayments	(1,511,375)	(543,345)
Dividends on common stock	(93,880)	(91,296)
Common stock issued	(6,029)	23,650
Common stock repurchased	(300,280)	(56,652)
Other financing activities	(5,560)	(3,363)
Net cash used in financing activities from continuing operations	(600,388)	(768,054)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(51,574)	(4,590)
(Decrease) increase in cash, cash equivalents and restricted cash from continuing operations	(216,777)	51,337
Net cash (used) provided by operating activities from discontinued operations	(257)	105
(Decrease) increase in cash, cash equivalents, and restricted cash	(217,034)	51,442
Cash, cash equivalents, and restricted cash at beginning of period	673,325	151,294
Cash, cash equivalents, and restricted cash at end of period	$ 456,291	$ 202,736

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands		Total	Preferred Stock	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning balance at Dec. 31, 2020		$ 2,255,557	$ 0	$ 26,866	$ 1,132,954	$ 1,912,942	$ (817,205)
Beginning balance (in shares) at Dec. 31, 2020				53,732,033
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income		348,708				337,984	10,724
Common stock dividends declared		(93,611)				(93,611)
Common stock issued under employee stock option and stock purchase plans and other (in shares)	[1],[2]			696,524
Common stock issued under employee stock award/option and stock purchase plans and other	[1],[2]	23,650		$ 348	23,302
Common stock repurchases (in shares)				(735,294)
Common stock repurchases		(56,652)		$ (368)	(15,188)	(41,096)
Share-based compensation		35,999			35,999
Ending balance at Sep. 30, 2021		2,513,651	0	$ 26,846	1,177,067	2,116,219	(806,481)
Ending balance (in shares) at Sep. 30, 2021				53,693,263
Beginning balance at Jun. 30, 2021		2,418,214	0	$ 26,886	1,163,267	2,015,743	(787,682)
Beginning balance (in shares) at Jun. 30, 2021				53,773,599
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income		119,255				138,054	(18,799)
Common stock dividends declared		(31,947)				(31,947)
Common stock issued under employee stock option and stock purchase plans and other (in shares)	[3],[4]			16,957
Common stock issued under employee stock award/option and stock purchase plans and other	[3],[4]	3,098		$ 9	3,089
Common stock repurchases (in shares)				(97,293)
Common stock repurchases		(7,674)		$ (49)	(1,994)	(5,631)
Share-based compensation		12,705			12,705
Ending balance at Sep. 30, 2021		2,513,651	0	$ 26,846	1,177,067	2,116,219	(806,481)
Ending balance (in shares) at Sep. 30, 2021				53,693,263
Beginning balance at Dec. 31, 2021		$ 2,797,946	0	$ 26,896	1,194,334	2,265,957	(689,241)
Beginning balance (in shares) at Dec. 31, 2021		53,789,036		53,789,036
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income		$ 578,230				660,982	(82,752)
Common stock dividends declared		(93,076)				(93,076)
Common stock purchased under employee stock option and stock purchase plans and other (in shares)	[1],[2]			490,286
Common stock purchased under employee stock option and stock purchase plans and other	[1],[2]	(6,029)		$ 245	(6,274)
Common stock repurchases (in shares)				(4,028,230)
Common stock repurchases		(300,280)		$ (2,015)	4,989	(303,254)
Share-based compensation		33,970			33,970
Ending balance at Sep. 30, 2022		$ 3,010,761	0	$ 25,126	1,227,019	2,530,609	(771,993)
Ending balance (in shares) at Sep. 30, 2022		50,251,092		50,251,092
Beginning balance at Jun. 30, 2022		$ 2,832,560	0	$ 25,597	1,148,835	2,379,800	(721,672)
Beginning balance (in shares) at Jun. 30, 2022				51,194,660
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income		195,674				245,995	(50,321)
Common stock dividends declared		(31,927)				(31,927)
Common stock issued under employee stock option and stock purchase plans and other (in shares)	[3],[4]			32,392
Common stock issued under employee stock award/option and stock purchase plans and other	[3],[4]	2,998		$ 16	2,982
Common stock repurchases (in shares)				(975,960)
Common stock repurchases		0		$ (487)	63,746	(63,259)
Share-based compensation		11,456			11,456
Ending balance at Sep. 30, 2022		$ 3,010,761	$ 0	$ 25,126	$ 1,227,019	$ 2,530,609	$ (771,993)
Ending balance (in shares) at Sep. 30, 2022		50,251,092		50,251,092
[1]Net of common shares delivered as payment for the exercise price or to satisfy the holders' withholding tax liability upon exercise of options[2]Represents open-market transactions of common shares by the trustee of our deferred compensation plans[3]Net of common shares delivered as payment for the exercise price or to satisfy the holders' withholding tax liability upon exercise of options[4]Represents open-market transactions of common shares by the trustee of our deferred compensation plans

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per common share (in dollars per share)	$ 0.62	$ 0.58	$ 1.78	$ 1.70

GENERAL

GENERAL	9 Months Ended
	Sep. 30, 2022
Accounting Changes and Error Corrections [Abstract]
GENERAL	GENERAL Interim Financial Statements The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of Ryder System, Inc. (Ryder) and all entities in which Ryder has a controlling voting interest (subsidiaries) and variable interest entities (VIE) required to be consolidated in accordance with generally accepted accounting principles in the United States (GAAP). The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with the accounting policies described in our 2021 Annual Report on Form 10-K and should be read in conjunction with the Consolidated Financial Statements and notes thereto. The year-end condensed balance sheet data was derived from our audited financial statements, but does not include all disclosures required by GAAP. In the opinion of management, all adjustments, including normal recurring accruals, considered necessary for a fair statement have been included and the disclosures herein are adequate. The operating results for interim periods are not necessarily indicative of the results that can be expected for a full year. Certain prior period amounts have been reclassified to conform with the current period presentation. We included "Other operating expenses" together with "Selling, general and administrative expenses" in the unaudited Condensed Consolidated Statement of Earnings. In the three and nine months ended September 30, 2021, we previously reported certain costs in "Cost of lease & related maintenance and rental" and "Cost of services" that should have been included in the "Cost of fuel services" within the unaudited Condensed Consolidated Statement of Earnings. These costs were not material to any financial statement line item and we elected to revise the presentation of these prior period costs to conform to the current year presentation in our financial statements. We report our financial performance based on three business segments: (1) Fleet Management Solutions (FMS), which provides full service leasing and leasing with flexible maintenance options, commercial rental and maintenance services of trucks, tractors and trailers to customers principally in the United States (U.S.) and Canada; (2) Supply Chain Solutions (SCS), which provides integrated logistics solutions, including distribution management, dedicated transportation, transportation management, e-commerce, last mile and professional services in North America; and (3) Dedicated Transportation Solutions (DTS), which provides turnkey transportation solutions in the U.S. that includes dedicated vehicles, drivers, management, and administrative support. Dedicated transportation services provided as part of an operationally integrated, multi-service, supply chain solution to SCS customers are primarily reported in the SCS business segment. In February 2022, we announced our intentions to exit the FMS United Kingdom (U.K.) business. We expect to complete the exit of the FMS U.K. business by mid-2023.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	9 Months Ended
	Sep. 30, 2022
Accounting Standards Update and Change in Accounting Principle [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS Reference Rate Reform In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2020-04, Reference Rate Reform (Topic 848). This update provides optional expedients for applying GAAP to contracts, hedging relationships, and other transactions that reference LIBOR or other rates discontinued at the end of 2021 because of reference rate reform. The update is effective for all transactions from March 12, 2020 through December 31, 2022. We intend to apply this guidance if relevant contracts that include LIBOR or other discontinued rates are modified through December 31, 2022. We continuously evaluate the potential impact on our consolidated financial position, results of operations, and cash flows.

SEGMENT REPORTING

SEGMENT REPORTING	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING Our primary measurement of segment financial performance, defined as segment "Earnings from continuing operations before income taxes" (EBT), includes an allocation of costs from Central Support Services (CSS) and excludes Non-operating pension costs, net and certain other items as discussed in Note 15, "Other Items Impacting Comparability." Segment results are not necessarily indicative of the results of operations that would have occurred had each segment been an independent, stand-alone entity during the periods presented. The following table sets forth financial information for each of our segments and provides a reconciliation between segment EBT and earnings from continuing operations before income taxes: Three months ended September 30, Nine months ended September 30, (In thousands) 2022 2021 2022 2021 Revenue: Fleet Management Solutions: ChoiceLease $ 791,156 $ 799,557 $ 2,396,075 $ 2,399,477 Commercial rental 349,550 300,640 1,003,380 790,618 SelectCare and other 162,520 147,384 492,878 450,272 Fuel services and ChoiceLease liability insurance (1) 278,644 188,759 839,860 539,699 Fleet Management Solutions 1,581,870 1,436,340 4,732,193 4,180,066 Supply Chain Solutions 1,206,508 802,357 3,469,008 2,284,687 Dedicated Transportation Solutions 454,328 380,357 1,329,504 1,055,575 Eliminations (2) (207,242) (160,005) (607,717) (457,420) Total revenue $ 3,035,464 $ 2,459,049 $ 8,922,988 $ 7,062,908 Earnings from continuing operations before income taxes: Fleet Management Solutions $ 265,301 $ 186,391 $ 798,822 $ 408,244 Supply Chain Solutions 63,974 22,161 150,833 96,159 Dedicated Transportation Solutions 28,150 11,324 71,517 37,468 Eliminations (28,007) (21,065) (83,771) (52,525) 329,418 198,811 937,401 489,346 Unallocated Central Support Services (21,041) (17,027) (60,813) (53,323) Non-operating pension costs, net (3) (2,647) 148 (8,015) 530 Other items impacting comparability, net (4) 28,474 1,274 55,873 20,493 Earnings from continuing operations before income taxes $ 334,204 $ 183,206 $ 924,446 $ 457,046 ———————————— (1) In the first quarter of 2021, we completed the previously announced exit of the extension of our liability insurance coverage for ChoiceLease customers. (2) Represents the elimination of intercompany revenue in our FMS business segment. (3) Refer to Note 14, "Employee Benefit Plans," for a discussion on this item. (4) Refer to Note 15, "Other Items Impacting Comparability," for a discussion of items excluded from our primary measure of segment performance. The following table sets forth the capital expenditures paid for each of our segments: Three months ended September 30, Nine months ended September 30, (In thousands) 2022 2021 2022 2021 Fleet Management Solutions $ 655,734 $ 498,099 $ 1,767,573 $ 1,369,681 Supply Chain Solutions 58,820 21,224 124,395 44,204 Dedicated Transportation Solutions 251 299 1,705 861 Central Support Services 6,887 3,664 23,031 12,938 Purchases of property and revenue earning equipment $ 721,692 $ 523,286 $ 1,916,704 $ 1,427,684

REVENUE

REVENUE	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE The following tables present our revenue recognized by primary geographical market in our reportable business segments and by industry for SCS. Refer to Note 3, "Segment Reporting," for the disaggregation of our revenue by major products/service lines. Primary Geographical Markets Three months ended September 30, 2022 (In thousands) FMS SCS DTS Eliminations Total United States $ 1,478,831 $ 1,077,669 $ 454,328 $ (196,820) $ 2,814,008 Canada 80,140 61,338 — (9,913) 131,565 Europe (1) 22,899 — — — 22,899 Mexico — 67,501 — (509) 66,992 Total revenue $ 1,581,870 $ 1,206,508 $ 454,328 $ (207,242) $ 3,035,464 (1) Refer to Note 15, "Other Items Impacting Comparability" for further information on the exit of the FMS U.K. business. Three months ended September 30, 2021 (In thousands) FMS SCS DTS Eliminations Total United States $ 1,295,617 $ 689,180 $ 380,357 $ (152,014) $ 2,213,140 Canada 76,361 57,085 — (7,991) 125,455 Europe 64,362 — — — 64,362 Mexico — 56,092 — — 56,092 Total revenue $ 1,436,340 $ 802,357 $ 380,357 $ (160,005) $ 2,459,049 Nine months ended September 30, 2022 (In thousands) FMS SCS DTS Eliminations Total United States $ 4,351,413 $ 3,089,087 $ 1,329,504 $ (576,952) $ 8,193,052 Canada 239,262 190,049 — (30,256) 399,055 Europe (1) 141,518 — — — 141,518 Mexico — 189,872 — (509) 189,363 Total revenue $ 4,732,193 $ 3,469,008 $ 1,329,504 $ (607,717) $ 8,922,988 (1) Refer to Note 15, "Other Items Impacting Comparability" for further information on the exit of the FMS U.K. business. Nine months ended September 30, 2021 (In thousands) FMS SCS DTS Eliminations Total United States $ 3,756,851 $ 1,952,193 $ 1,055,575 $ (436,793) $ 6,327,826 Canada 223,623 171,908 — (20,627) 374,904 Europe 199,592 — — — 199,592 Mexico — 160,586 — — 160,586 Total revenue $ 4,180,066 $ 2,284,687 $ 1,055,575 $ (457,420) $ 7,062,908 Industry Our SCS business segment included revenue from the below industries: Three months ended September 30, Nine months ended September 30, (In thousands) 2022 2021 2022 2021 Consumer packaged goods and retail $ 565,822 $ 316,876 $ 1,604,521 $ 876,362 Automotive 391,929 303,923 1,134,659 882,977 Technology and healthcare 131,379 103,387 380,990 310,422 Industrial and other 117,378 78,171 348,838 214,926 Total SCS revenue $ 1,206,508 $ 802,357 $ 3,469,008 $ 2,284,687 Lease & Related Maintenance and Rental Revenue The non-lease revenue from maintenance services related to our FMS business is recognized in "Lease & related maintenance and rental revenue" in the Condensed Consolidated Statements of Earnings. For the three months ended September 30, 2022 and 2021, we recognized $250 million and $255 million, respectively. For the nine months ended September 30, 2022 and 2021, we recognized $769 million and $765 million, respectively. Deferred Revenue The following table includes the changes in deferred revenue due to the collection and deferral of cash or the satisfaction of our performance obligation under the contract: Nine months ended September 30, (In thousands) 2022 2021 Balance as of beginning of period $ 593,442 $ 629,739 Recognized as revenue during period from beginning balance (306,615) (147,944) Consideration deferred during period, net 234,847 115,562 Foreign currency translation adjustment and other 28,886 (418) Balance as of end of period $ 550,560 $ 596,939 Contracted Not Recognized Revenue

RECEIVABLES, NET

RECEIVABLES, NET	9 Months Ended
	Sep. 30, 2022
Receivables [Abstract]
RECEIVABLES, NET	RECEIVABLES, NET (In thousands) September 30, 2022 December 31, 2021 Trade receivables $ 1,473,328 $ 1,280,766 Sales-type lease receivables 117,618 148,134 Other, primarily warranty and insurance receivables 67,692 67,141 1,658,638 1,496,041 Allowance for credit losses and other (37,801) (31,304) Receivables, net $ 1,620,837 $ 1,464,737 The following table provides a reconciliation of our allowance for credit losses and other: Nine months ended September 30, (In thousands) 2022 2021 Balance as of beginning of period $ 31,304 $ 43,024 Changes to provisions for credit losses 21,704 (5,097) Write-offs and other (15,207) (11,320) Balance as of end of period $ 37,801 $ 26,607

REVENUE EARNING EQUIPMENT, NET

REVENUE EARNING EQUIPMENT, NET	9 Months Ended
	Sep. 30, 2022
Revenue Earning Equipment [Abstract]
REVENUE EARNING EQUIPMENT, NET	REVENUE EARNING EQUIPMENT, NET Estimated Useful Lives (In Years) September 30, 2022 December 31, 2021 (Dollars in thousands) Cost Accumulated Net Cost Accumulated Net Held for use: Trucks 3 — 7 $ 5,320,696 $ (2,095,515) $ 3,225,181 $ 5,223,127 $ (2,055,135) $ 3,167,992 Tractors 4 — 7.5 7,213,401 (3,171,471) 4,041,930 7,256,002 (3,059,206) 4,196,796 Trailers and other 9.5 — 12 1,566,071 (670,291) 895,780 1,780,487 (868,820) 911,667 Held for sale 357,838 (247,121) 110,717 209,506 (162,922) 46,584 Total $ 14,458,006 $ (6,184,398) $ 8,273,608 $ 14,469,122 $ (6,146,083) $ 8,323,039 Residual Value Estimate Changes We periodically review and adjust, as appropriate, the estimated residual values and useful lives of existing revenue earning equipment for the purposes of recording depreciation expense. Reductions in estimated residual values or useful lives will increase depreciation expense over the remaining useful life of the vehicle. Conversely, an increase in estimated residual values or useful lives will decrease depreciation expense over the remaining useful life of the vehicle. Our review of the estimated residual values and useful lives of revenue earning equipment is based on vehicle class (i.e., generally subcategories of trucks, tractors and trailers by weight and usage), historical and current market prices, third-party expected future market prices, expected lives of vehicles, and expected sales in the wholesale or retail markets, among other factors. A variety of factors, many of which are outside of our control, could cause residual value estimates to differ from actual used vehicle sales pricing, such as changes in supply and demand of used vehicles; volatility in market conditions; changes in vehicle technology; competitor pricing; regulatory requirements; driver shortages; customer requirements and preferences; and changes in underlying assumption factors. We have disciplines related to the management and maintenance of our vehicles designed to manage the risk associated with the residual values of our revenue earning equipment. The following table provides a summary of incremental depreciation expense that has been recorded related to our previous residual value estimate changes as well as used vehicle sales results (rounded to the closest million): Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Depreciation expense related to estimate changes $ 50 $ 76 $ 147 $ 239 Used vehicle sales, net (1) (113) (69) (356) (150) ———————————————— (1) Used vehicle sales, net for the third quarter and nine months ended September 30, 2022, included $15 million and $43 million, respectively, of gains on sales of vehicles in the U.K. Refer to Note 15, "Other Items Impacting Comparability" Used Vehicle S ales and Valuation Adjustments Revenue earning equipment held for sale is stated at the lower of carrying amount or fair value less costs to sell. Losses on vehicles held for sale for which carrying values exceeded fair value, which we refer to as "valuation adjustments," are recognized at the time they are deemed to meet the held for sale criteria and are presented within "Used vehicle sales, net" in the Condensed Consolidated Statements of Earnings. For revenue earning equipment held for sale, we stratify our fleet by vehicle type (trucks, tractors and trailers), weight class, age and other relevant characteristics and create classes of similar assets for analysis purposes. For revenue earning equipment held for sale, fair value was determined based upon recent market prices obtained from our own sales experience for each class of similar assets and vehicle condition, if available, or third-party market pricing. In addition, we also consider expected declines in market prices when valuing the vehicles held for sale, as well as forecasted sales channel mix (retail/wholesale). The following table presents revenue earning equipment held for sale that are measured at fair value on a nonrecurring basis and considered a Level 3 fair value measurement: Losses from Valuation Adjustments Three months ended September 30, Nine months ended September 30, (In thousands) September 30, 2022 December 31, 2021 2022 2021 2022 2021 Revenue earning equipment held for sale (1) : Trucks $ 838 $ 931 $ 925 $ 1,224 $ 1,911 $ 2,798 Tractors 1,671 1,485 972 2,177 3,424 2,836 Trailers and other 594 1,309 396 1,161 882 5,036 Total assets at fair value $ 3,103 $ 3,725 $ 2,293 $ 4,562 $ 6,217 $ 10,670 ———————————— (1) Reflects only the portion where net book values exceeded fair values and valuation adjustments were recorded. The net book value of assets held for sale that were less than fair value was $108 million and $43 million as of September 30, 2022 and December 31, 2021, respectively. The components of Used vehicle sales, net were as follows: Three months ended September 30, Nine months ended September 30, (In thousands) 2022 2021 2022 2021 Gains on vehicle sales, net $ (115,778) $ (73,865) $ (362,262) $ (160,458) Losses from valuation adjustments 2,293 4,562 6,217 10,670 Used vehicle sales, net $ (113,485) $ (69,303) $ (356,045) $ (149,788)

ACCRUED EXPENSES AND OTHER LIAB

ACCRUED EXPENSES AND OTHER LIABILITIES	9 Months Ended
	Sep. 30, 2022
Accrued Liabilities and Other Liabilities [Abstract]
ACCRUED EXPENSES AND OTHER LIABILITIES	ACCRUED EXPENSES AND OTHER LIABILITIES September 30, 2022 December 31, 2021 (In thousands) Accrued Non-Current Total Accrued Non-Current Total Salaries and wages $ 231,285 $ — $ 231,285 $ 210,350 $ — $ 210,350 Insurance obligations (1) 184,874 316,726 501,600 186,449 311,209 497,658 Operating taxes 193,269 — 193,269 165,680 — 165,680 Deposits, mainly from customers 120,760 — 120,760 94,547 — 94,547 Operating lease liabilities 176,907 471,403 648,310 100,232 255,573 355,805 Deferred revenue (2) 179,153 371,407 550,560 182,785 410,657 593,442 Other 190,247 349,793 540,040 179,559 336,965 516,524 Total $ 1,276,495 $ 1,509,329 $ 2,785,824 $ 1,119,602 $ 1,314,404 $ 2,434,006 ———————————— (1) Insurance obligations primarily represent self-insured claim liabilities.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Effective Tax Rate Our effective income tax rate from continuing operations for the third quarter of 2022 was 26.3% as compared to 24.3% in the third quarter of 2021, and 28.3% in the nine months ended September 30, 2022, as compared to 25.7% in the nine months ended September 30, 2021. The increase in the effective tax rate for both periods was due to incremental U.S. tax on higher foreign earnings related to the exit of our U.K. FMS business as well as a shift in the mix of earnings subject to tax in different jurisdictions. Deferred Income Taxes We assess the realizability of our deferred tax assets each reporting period, considering both positive and negative evidence on realizability, and record a valuation allowance to the extent it is determined that they are not more-likely-than-not to be realizable. During the third quarter of 2022, the consideration of all of the evidence led to the determination that the deferred tax assets in the U.K. were more-likely-than-not to be realizable, and therefore, the full valuation allowance on the U.K. deferred tax assets of $8 million was released.

LEASES

LEASES	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
LEASES	LEASES Leases as Lessor The components of lease income were as follows: Three months ended September 30, Nine months ended September 30, (In thousands) 2022 2021 2022 2021 Operating leases Lease income related to ChoiceLease $ 367,009 $ 383,669 $ 1,127,391 $ 1,159,930 Lease income related to commercial rental (1) 332,568 287,612 955,927 752,994 Sales-type leases Interest income related to net investment in leases $ 11,986 $ 10,925 $ 32,941 $ 36,380 Variable lease income excluding commercial rental (1) $ 80,688 $ 75,621 $ 226,030 $ 219,743 ———————————— (1) Lease income related to commercial rental includes both fixed and variable lease income. Variable income is approximately 15% to 25% of total commercial rental income based on management's internal estimates. The components of net investment in sales-type leases, which are included in "Receivables, net" and "Sales-type leases and other assets" in the Condensed Consolidated Balance Sheets, were as follows: (In thousands) September 30, 2022 December 31, 2021 Net investment in the lease — lease payment receivable $ 537,090 $ 583,008 Net investment in the lease — unguaranteed residual value in assets 36,789 46,740 573,879 629,748 Estimated loss allowance (3,245) (3,705) Total $ 570,634 $ 626,043
LEASES	LEASES Leases as Lessor The components of lease income were as follows: Three months ended September 30, Nine months ended September 30, (In thousands) 2022 2021 2022 2021 Operating leases Lease income related to ChoiceLease $ 367,009 $ 383,669 $ 1,127,391 $ 1,159,930 Lease income related to commercial rental (1) 332,568 287,612 955,927 752,994 Sales-type leases Interest income related to net investment in leases $ 11,986 $ 10,925 $ 32,941 $ 36,380 Variable lease income excluding commercial rental (1) $ 80,688 $ 75,621 $ 226,030 $ 219,743 ———————————— (1) Lease income related to commercial rental includes both fixed and variable lease income. Variable income is approximately 15% to 25% of total commercial rental income based on management's internal estimates. The components of net investment in sales-type leases, which are included in "Receivables, net" and "Sales-type leases and other assets" in the Condensed Consolidated Balance Sheets, were as follows: (In thousands) September 30, 2022 December 31, 2021 Net investment in the lease — lease payment receivable $ 537,090 $ 583,008 Net investment in the lease — unguaranteed residual value in assets 36,789 46,740 573,879 629,748 Estimated loss allowance (3,245) (3,705) Total $ 570,634 $ 626,043

DEBT

DEBT	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
DEBT	DEBT Weighted Average Interest Rate (Dollars in thousands) September 30, 2022 Maturities September 30, 2022 December 31, 2021 Debt: U.S. commercial paper 2.94% 2026 $ 849,269 $ 531,157 Canadian commercial paper —% 2026 — 7,087 Trade receivables financing program 3.56% 2023 50,000 — Global revolving credit facility —% 2026 — — Unsecured U.S. obligations 3.41% 2024 200,000 200,000 Unsecured U.S. notes — Medium-term notes (1) 3.58% 2023-2027 4,700,106 5,149,893 Unsecured foreign obligations 2.88% 2024 50,000 140,265 Asset-backed U.S. obligations (2) 2.80% 2022-2029 466,013 526,712 Finance lease obligations and other 2022-2031 38,539 44,595 6,353,926 6,599,709 Debt issuance costs and original issue discounts (19,784) (20,040) Total debt 6,334,142 6,579,669 Short-term debt and current portion of long-term debt (1,049,109) (1,333,363) Long-term debt $ 5,285,033 $ 5,246,306 ———————————— (1) Includes the impact from the fair market values of hedging instruments on our notes, which was $50 million as of September 30, 2022, and not material as of December 31, 2021, and was included in "Other non-current liabilities" within the unaudited Condensed Consolidated Balance Sheets. The notional amount of the executed interest rate swaps designated as fair value hedges was $500 million and $450 million as of September 30, 2022 and December 31, 2021, respectively. (2) Asset-backed U.S. obligations are related to financing transactions backed by a portion of our revenue earning equipment. The fair value of total debt (excluding finance lease and asset-backed U.S. obligations) was approximately $5.8 billion and $6.2 billion as of September 30, 2022 and December 31, 2021. For publicly-traded debt, estimates of fair value were based on market prices. For other debt, fair value was estimated based on a model-driven approach using rates currently available to us for debt with similar terms and remaining maturities. The fair value measurements of our publicly-traded debt and our other debt were classified within Level 2 of the fair value hierarchy. As of September 30, 2022, there was $551 million available under the global revolving credit facility. In order to maintain availability of funding, we must maintain a ratio of debt to consolidated net worth of less than or equal to 300%, as defined in the credit facility agreement. As of September 30, 2022, the ratio was 157%. We had letters of credit and surety bonds outstanding of $542 million and $456 million as of September 30, 2022 and December 31, 2021, respectively, which primarily guarantee the payment of insurance claims. As of September 30, 2022, the available proceeds under the trade receivables financing program were $174 million. In May 2022, we extended the maturity of the trade receivables financing program to expire in May 2023. In February 2022, we issued an aggregate principal amount of $450 million unsecured medium terms notes that mature on March 1, 2027. The notes bear interest at a rate of 2.85% per year. In May 2022, we issued an aggregate principal amount of $300 million unsecured medium-term notes that mature on June 15, 2027. The notes bear interest at a rate of 4.30% per year.

SHARE REPURCHASE PROGRAMS

SHARE REPURCHASE PROGRAMS	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
SHARE REPURCHASE PROGRAMS	SHARE REPURCHASE PROGRAMS In September 2022, we completed our $300 million accelerated share repurchase program. This program was authorized by our board of directors in February 2022, and at that time, we repurchased and retired an initial share amount of approximately 3 million. The final settlement occurred in September 2022, resulting in the delivery and retirement of approximately 1 million additional shares. The number of shares ultimately repurchased and retired was based on the average of Ryder's daily volume-weighted average price per share of common stock during a repurchase period, less a discount. The average price paid for all of the shares delivered and retired under the accelerated share purchase agreement was $74.47 per share. We maintain two additional share repurchase programs. The first program grants management discretion to repurchase up to 2.0 million shares of common stock over a period of two years, commencing October 14, 2021 and expiring October 14, 2023 (the "2021 Discretionary Program"). The 2021 Discretionary Program is designed to provide management with capital structure flexibility while concurrently managing objectives related to balance sheet leverage, acquisition opportunities, and shareholder returns. The second program authorizes management to repurchase up to 2.5 million shares of common stock, issued to employees under the company's employee stock plans since September 1, 2021 (the "2021 Anti-Dilutive Program"). The 2021 Anti-Dilutive Program is designed to mitigate the dilutive impact of shares issued under the company's employee stock plans. The 2021 Anti-Dilutive Program commenced October 14, 2021 and expires October 14, 2023. Share repurchases under both programs can be made from time to time using the company's working capital and a variety of methods, including open-market transactions and trading plans established pursuant to Rule 10b5-1 of the Securities Exchange Act of 1934. The timing and actual number of shares repurchased are subject to market conditions, legal requirements and other factors, including balance sheet leverage, availability of quality acquisitions and stock price. During the nine months ended September 30, 2022 , we did not repurchase any shares under these programs . During the nine months ended September 30, 2021, we repurchased and retired approximately 0.7 million shares for $57 million under the 2019 anti-dilutive program.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	ACCUMULATED OTHER COMPREHENSIVE LOSS Comprehensive (loss) income presents a measure of all changes in shareholders’ equity except for changes resulting from transactions with shareholders in their capacity as shareholders. The following summary sets forth the components of Accumulated other comprehensive loss, net of tax: Nine months ended September 30, (In thousands) 2022 2021 Cumulative translation adjustments $ (264,598) $ (157,446) Net actuarial loss and prior service cost (515,069) (638,575) Unrealized gain (loss) from cash flow hedges 7,674 (10,460) Accumulated other comprehensive loss $ (771,993) $ (806,481)

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The following table presents the calculation of basic and diluted earnings per common share from continuing operations: Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2022 2021 2022 2021 Earnings per share — Basic: Earnings from continuing operations $ 246,420 $ 138,659 $ 662,584 $ 339,811 Less: Distributed and undistributed earnings allocated to unvested stock (1,330) (662) (3,433) (1,599) Earnings from continuing operations available to common shareholders $ 245,091 $ 137,997 $ 659,151 338,212 Weighted average common shares outstanding 49,806 52,322 50,252 52,330 Earnings from continuing operations per common share — Basic $ 4.92 $ 2.64 $ 13.12 $ 6.46 Earnings per share — Diluted: Earnings from continuing operations $ 246,420 $ 138,659 $ 662,584 $ 339,811 Less: Distributed and undistributed earnings allocated to unvested stock — (650) (3,374) (1,575) Earnings from continuing operations available to common shareholders — Diluted $ 246,420 $ 138,009 $ 659,210 $ 338,236 Weighted average common shares outstanding — Basic 49,806 52,322 50,252 52,330 Effect of dilutive equity awards 1,267 1,192 1,026 1,090 Weighted average common shares outstanding — Diluted 51,073 53,514 51,278 53,419 Earnings from continuing operations per common share — Diluted $ 4.82 $ 2.58 $ 12.86 $ 6.33 Anti-dilutive equity awards not included in diluted EPS 726 406 752 774 ———————————— Note: Amounts may not be additive due to rounding.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	9 Months Ended
	Sep. 30, 2022
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS Components of net pension expense for defined benefit pension plans were as follows: Three months ended September 30, Nine months ended September 30, (In thousands) 2022 2021 2022 2021 Company-administered plans: Service cost $ 196 $ 276 $ 634 $ 824 Interest cost 15,653 14,496 47,262 43,514 Expected return on plan assets (18,264) (21,702) (55,330) (65,187) Amortization of net actuarial loss and prior service cost 5,187 7,056 15,958 21,184 Net pension expense $ 2,772 $ 126 $ 8,524 $ 335 Company-administered plans: U.S. $ 3,323 $ 2,227 $ 9,970 $ 6,680 Non-U.S. (551) (2,101) (1,446) (6,345) Net pension expense $ 2,772 $ 126 $ 8,524 $ 335

OTHER ITEMS IMPACTING COMPARABI

OTHER ITEMS IMPACTING COMPARABILITY	9 Months Ended
	Sep. 30, 2022
Other Income and Expenses [Abstract]
OTHER ITEMS IMPACTING COMPARABILITY	OTHER ITEMS IMPACTING COMPARABILITY Our primary measure of segment performance as shown in Note 3, "Segment Reporting," excludes certain items we do not believe are representative of the ongoing operations of the segment. Excluding these items from our segment measure of performance allows for better year over year comparison: Three months ended September 30, Nine months ended September 30, (In thousands) 2022 2021 2022 2021 Restructuring and other, net $ (3,331) $ 4,137 $ 21,225 $ 9,742 ERP implementation costs — — — 12,721 Restructuring and other items, net (3,331) 4,137 21,225 22,463 Gains on sale of U.K. revenue earning equipment (14,938) — (43,309) — Gains on sale of U.K. properties (10,205) (5,411) (33,789) (42,179) ChoiceLease liability insurance revenue (1) — — — (777) Other items impacting comparability, net $ (28,474) $ (1,274) $ (55,873) $ (20,493) ———————————— (1) Refer to Note 3, "Segment Reporting," for additional information. Note: Amounts may not be additive due to rounding. During the three and nine months ended September 30, 2022 and 2021, other items impacting comparability included: • Restructuring and other, net — For the third quarter of 2022, this item primarily included the recovery of $14 million related to the pursuit of a discrete commercial claim, partially offset by professional fees incurred to pursue the claim of approximately $9 million and U.K. severance costs as part of our plan to exit the FMS U.K. business of $2 million. For the nine months ended September 30, 2022, this item primarily included $20 million of professional fees related to the pursuit of a discrete commercial claim, partially offset by a recovery towards the full claim of $14 million. The nine months ended September 30, 2022, also included $9 million of U.K. severance costs as part of our plan to exit the FMS U.K. business and $5 million of transaction costs related to the acquisition of PLG Investments I, LLC. (Whiplash). In February 2022, we announced our intention to exit the FMS U.K. business and we expect to complete the exit plan by mid-2023. For the three and nine months ended September 30, 2021, this item primarily included professional fees related to the pursuit of a discrete commercial claim. • Gains on sale of U.K. revenue earning equipment and properties — For the three and nine months ended September 30, 2022, we recorded gains on the sale of U.K. revenue earning equipment and properties as part of our plan to exit the FMS U.K. business. We recorded gains on sale of U.K. properties for the three and nine months ended September 30, 2021, primarily for certain FMS properties in the U.K. that were restructured as part of cost reduction activities in prior periods. The gains on sale of U.K. revenue earning equipment are reflected within "Used vehicle sales, net" and the gains on sale of U.K. properties are reflected within "Miscellaneous income, net" in our Condensed Consolidated Statements of Earnings. The following table summarizes the activities within, and components of, restructuring liabilities for 2022: (In thousands) Nine months ended September 30, 2022 Balance as of beginning of period $ 10,484 Workforce reduction charges $ 6,721 Utilization (1) $ (6,026) Balance as of end of period (2) $ 11,179 _________________ (1) Principally represents cash payments.

CONTINGENCIES AND OTHER MATTERS

CONTINGENCIES AND OTHER MATTERS	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES AND OTHER MATTERS	CONTINGENCIES AND OTHER MATTERS We are a party to various claims, complaints and proceedings arising in the ordinary course of our continuing business operations including those relating to commercial and employment claims, environmental matters, risk management matters (e.g., vehicle liability, workers’ compensation, etc.), and administrative assessments primarily associated with operating taxes. We have established loss provisions for matters in which losses are probable and can be reasonably estimated. We believe that the resolution of these claims, complaints and legal proceedings will not have a material effect on our Condensed Consolidated Financial Statements. Our estimates regarding potential losses and materiality are based on our judgment and assessment of the claims utilizing currently available information. Although we will continue to reassess our estimated liability based on future developments, our objective assessment of the legal merits of such claims may not always be predictive of the outcome and actual results may vary from our current estimates. Securities Litigation Relating to Residual Value Estimates On May 20, 2020, a putative class action on behalf of purchasers of our securities who purchased or otherwise acquired their securities between July 23, 2015 and February 13, 2020, inclusive (Class Period), was commenced against Ryder and certain of our current and former officers in the U.S. District Court for the Southern District of Florida (the "Securities Class Action"). The complaint alleges, among other things, that the defendants misrepresented Ryder’s depreciation policy and residual value estimates for its vehicles during the Class Period in violation of Section 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, and seeks to recover, among other things, unspecified compensatory damages and attorneys' fees and costs. On August 3, 2020, the State of Alaska, Alaska Permanent Fund, the City of Fort Lauderdale General Employees’ Retirement System, and the City of Plantation Police Officers Pension Fund were appointed lead plaintiffs. On October 5, 2020, the lead plaintiffs filed an amended complaint. On December 4, 2020, Ryder and the other named defendants in the case filed a Motion to Dismiss the amended complaint. On May 12, 2022, the court denied the defendants' motion to dismiss. The court entered a case management schedule on June 27, 2022, which, among other things, provides that discovery shall be completed by October 2023 and the commencement of trial in June 2024. As previously disclosed, between June 2020 and February 2, 2021, five shareholder derivative complaints were filed purportedly on behalf of Ryder against us as nominal defendant and certain of our current and former officers and our current directors. The complaints are generally based on allegations set forth in the Securities Class Action complaint and allege breach of fiduciary duties, unjust enrichment, and waste of corporate assets. The plaintiffs, on our behalf, are seeking an award of monetary damages and restitution to us, improvements in our corporate governance and internal procedures, and legal fees. Three of these derivative complaints were filed in the Circuit Court of the 11th Judicial Circuit in and for Miami-Dade County, Florida, which were then consolidated into a single action (the "State Action"). Two of the complaints were filed in U.S. District Court for the Southern District of Florida (the "Federal Actions", and together with the State Action, the "Derivative Cases"). All of the Derivative Cases were stayed (stopped) pending the resolution of the motion to dismiss the Securities Class Action described in the paragraph above. On July 18, 2022 the Federal Actions were further stayed pending the final resolution of the State Action. On July 26, 2022, the State Action was further stayed until the conclusion of summary judgment proceedings in the Securities Class Action (except that certain discovery would be permitted). We believe the claims asserted in the complaints are without merit and intend to defend against them vigorously.

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	9 Months Ended
	Sep. 30, 2022
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	SUPPLEMENTAL CASH FLOW INFORMATION Nine months ended September 30, (In thousands) 2022 2021 Interest paid $ 157,039 $ 155,358 Income taxes paid $ 96,061 $ 21,177 Cash paid for amounts included in measurement of liabilities: Operating cash flows from operating leases $ 133,434 $ 70,047 Right-of-use assets obtained in exchange for lease obligations: Finance leases $ 5,112 $ 12,480 Operating leases $ 228,660 $ 71,555 Capital expenditures acquired but not yet paid $ 292,259 $ 176,907

ACQUISITIONS

ACQUISITIONS	9 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS	ACQUISITIONS On January 1, 2022, we acquired all the outstanding equity of PLG Investments I, LLC (Whiplash), a leading national provider of omnichannel fulfillment and logistics services for an approximate purchase price of $483 million. The acq uisition is included in our SCS business segment, and will expand our e-commerce and omnichannel fulfillment network. The following table provides the preliminary purchase price allocation of the fair value of the assets and liabilities for Whiplash as of the acquisition date: (In thousands) January 1, 2022 Assets: Receivables, net $ 78,765 Goodwill 280,615 Customer relationships and other intangible assets 157,400 Other assets, primarily operating lease right-of-use assets 241,646 Total assets 758,426 Liabilities: Accrued expenses and other current liabilities 78,948 Other liabilities, primarily operating lease liabilities 196,709 Net assets acquired $ 482,769 The excess of the purchase consideration over the aggregate estimated fair values of identifiable assets acquired and liabilities assumed was recorded as goodwill. The goodwill recognized reflects anticipated supply chain services growth opportunities and expected synergies of combining Whiplash with our business. None of the goodwill is deductible for income tax purposes. Customer relationship intangible assets are expected to be amortized over 13 years. The purchase price included $439 million of restricted cash placed in escrow and the remaining amount classified as a deposit as of December 31, 2021. These amounts were recorded in "Prepaid expenses and other current assets" in the Condensed Consolidated Balance Sheet as of December 31, 2021. The cash paid from escrow during the first quarter of 2022 is reflected in " Acquisitions, net of cash acquired " in the Condensed Consolidated Statement of Cash Flows for the nine months ended September 30, 2022 . We believe that we have sufficient information to provide a reasonable basis for estimating the fair values of assets acquired and liabilities assumed. The purchase price allocation excludes certain items to be resolved post-closing with the seller, which may result in add itional adjustments to the final purchase price. Therefore, the provisional measurements of estimated fair values reflected are subject to change. We expect to finalize the valuation and complete the purchase consideration allocation no later than December 31, 2022. For the nine months ended September 30, 2022, we paid $27 million, net of cash acquired, related to other business combinations, which resulted in additions to goodwill and intangible assets of $20 million and $2 million, respectively.

RECENT ACCOUNTING PRONOUNCEME_2

RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recent Accounting Pronouncements	RECENT ACCOUNTING PRONOUNCEMENTS Reference Rate Reform In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2020-04, Reference Rate Reform (Topic 848). This update provides optional expedients for applying GAAP to contracts, hedging relationships, and other transactions that reference LIBOR or other rates discontinued at the end of 2021 because of reference rate reform. The update is effective for all transactions from March 12, 2020 through December 31, 2022. We intend to apply this guidance if relevant contracts that include LIBOR or other discontinued rates are modified through December 31, 2022. We continuously evaluate the potential impact on our consolidated financial position, results of operations, and cash flows.

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Schedule Of Segment Revenue and Net Before Tax Information by Segment	The following table sets forth financial information for each of our segments and provides a reconciliation between segment EBT and earnings from continuing operations before income taxes: Three months ended September 30, Nine months ended September 30, (In thousands) 2022 2021 2022 2021 Revenue: Fleet Management Solutions: ChoiceLease $ 791,156 $ 799,557 $ 2,396,075 $ 2,399,477 Commercial rental 349,550 300,640 1,003,380 790,618 SelectCare and other 162,520 147,384 492,878 450,272 Fuel services and ChoiceLease liability insurance (1) 278,644 188,759 839,860 539,699 Fleet Management Solutions 1,581,870 1,436,340 4,732,193 4,180,066 Supply Chain Solutions 1,206,508 802,357 3,469,008 2,284,687 Dedicated Transportation Solutions 454,328 380,357 1,329,504 1,055,575 Eliminations (2) (207,242) (160,005) (607,717) (457,420) Total revenue $ 3,035,464 $ 2,459,049 $ 8,922,988 $ 7,062,908 Earnings from continuing operations before income taxes: Fleet Management Solutions $ 265,301 $ 186,391 $ 798,822 $ 408,244 Supply Chain Solutions 63,974 22,161 150,833 96,159 Dedicated Transportation Solutions 28,150 11,324 71,517 37,468 Eliminations (28,007) (21,065) (83,771) (52,525) 329,418 198,811 937,401 489,346 Unallocated Central Support Services (21,041) (17,027) (60,813) (53,323) Non-operating pension costs, net (3) (2,647) 148 (8,015) 530 Other items impacting comparability, net (4) 28,474 1,274 55,873 20,493 Earnings from continuing operations before income taxes $ 334,204 $ 183,206 $ 924,446 $ 457,046 ———————————— (1) In the first quarter of 2021, we completed the previously announced exit of the extension of our liability insurance coverage for ChoiceLease customers. (2) Represents the elimination of intercompany revenue in our FMS business segment. (3) Refer to Note 14, "Employee Benefit Plans," for a discussion on this item. (4) Refer to Note 15, "Other Items Impacting Comparability," for a discussion of items excluded from our primary measure of segment performance.
Schedule of Financial Information of Business Segments	The following table sets forth the capital expenditures paid for each of our segments: Three months ended September 30, Nine months ended September 30, (In thousands) 2022 2021 2022 2021 Fleet Management Solutions $ 655,734 $ 498,099 $ 1,767,573 $ 1,369,681 Supply Chain Solutions 58,820 21,224 124,395 44,204 Dedicated Transportation Solutions 251 299 1,705 861 Central Support Services 6,887 3,664 23,031 12,938 Purchases of property and revenue earning equipment $ 721,692 $ 523,286 $ 1,916,704 $ 1,427,684

REVENUE (Tables)

REVENUE (Tables)	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Schedule of Revenue From External Customers by Geographic Areas	The following tables present our revenue recognized by primary geographical market in our reportable business segments and by industry for SCS. Refer to Note 3, "Segment Reporting," for the disaggregation of our revenue by major products/service lines. Primary Geographical Markets Three months ended September 30, 2022 (In thousands) FMS SCS DTS Eliminations Total United States $ 1,478,831 $ 1,077,669 $ 454,328 $ (196,820) $ 2,814,008 Canada 80,140 61,338 — (9,913) 131,565 Europe (1) 22,899 — — — 22,899 Mexico — 67,501 — (509) 66,992 Total revenue $ 1,581,870 $ 1,206,508 $ 454,328 $ (207,242) $ 3,035,464 (1) Refer to Note 15, "Other Items Impacting Comparability" for further information on the exit of the FMS U.K. business. Three months ended September 30, 2021 (In thousands) FMS SCS DTS Eliminations Total United States $ 1,295,617 $ 689,180 $ 380,357 $ (152,014) $ 2,213,140 Canada 76,361 57,085 — (7,991) 125,455 Europe 64,362 — — — 64,362 Mexico — 56,092 — — 56,092 Total revenue $ 1,436,340 $ 802,357 $ 380,357 $ (160,005) $ 2,459,049 Nine months ended September 30, 2022 (In thousands) FMS SCS DTS Eliminations Total United States $ 4,351,413 $ 3,089,087 $ 1,329,504 $ (576,952) $ 8,193,052 Canada 239,262 190,049 — (30,256) 399,055 Europe (1) 141,518 — — — 141,518 Mexico — 189,872 — (509) 189,363 Total revenue $ 4,732,193 $ 3,469,008 $ 1,329,504 $ (607,717) $ 8,922,988 (1) Refer to Note 15, "Other Items Impacting Comparability" for further information on the exit of the FMS U.K. business. Nine months ended September 30, 2021 (In thousands) FMS SCS DTS Eliminations Total United States $ 3,756,851 $ 1,952,193 $ 1,055,575 $ (436,793) $ 6,327,826 Canada 223,623 171,908 — (20,627) 374,904 Europe 199,592 — — — 199,592 Mexico — 160,586 — — 160,586 Total revenue $ 4,180,066 $ 2,284,687 $ 1,055,575 $ (457,420) $ 7,062,908
Schedule of Disaggregation of Revenue	Our SCS business segment included revenue from the below industries: Three months ended September 30, Nine months ended September 30, (In thousands) 2022 2021 2022 2021 Consumer packaged goods and retail $ 565,822 $ 316,876 $ 1,604,521 $ 876,362 Automotive 391,929 303,923 1,134,659 882,977 Technology and healthcare 131,379 103,387 380,990 310,422 Industrial and other 117,378 78,171 348,838 214,926 Total SCS revenue $ 1,206,508 $ 802,357 $ 3,469,008 $ 2,284,687
Schedule of Changes in Contract Liability	The following table includes the changes in deferred revenue due to the collection and deferral of cash or the satisfaction of our performance obligation under the contract: Nine months ended September 30, (In thousands) 2022 2021 Balance as of beginning of period $ 593,442 $ 629,739 Recognized as revenue during period from beginning balance (306,615) (147,944) Consideration deferred during period, net 234,847 115,562 Foreign currency translation adjustment and other 28,886 (418) Balance as of end of period $ 550,560 $ 596,939

RECEIVABLES, NET (Tables)

RECEIVABLES, NET (Tables)	9 Months Ended
	Sep. 30, 2022
Receivables [Abstract]
Schedule of Receivables, Net	(In thousands) September 30, 2022 December 31, 2021 Trade receivables $ 1,473,328 $ 1,280,766 Sales-type lease receivables 117,618 148,134 Other, primarily warranty and insurance receivables 67,692 67,141 1,658,638 1,496,041 Allowance for credit losses and other (37,801) (31,304) Receivables, net $ 1,620,837 $ 1,464,737
Schedule of Allowance for Credit Loss	The following table provides a reconciliation of our allowance for credit losses and other: Nine months ended September 30, (In thousands) 2022 2021 Balance as of beginning of period $ 31,304 $ 43,024 Changes to provisions for credit losses 21,704 (5,097) Write-offs and other (15,207) (11,320) Balance as of end of period $ 37,801 $ 26,607

REVENUE EARNING EQUIPMENT, NET

REVENUE EARNING EQUIPMENT, NET (Tables)	9 Months Ended
	Sep. 30, 2022
Revenue Earning Equipment [Abstract]
Schedule of Revenue Earning Equipment	Estimated Useful Lives (In Years) September 30, 2022 December 31, 2021 (Dollars in thousands) Cost Accumulated Net Cost Accumulated Net Held for use: Trucks 3 — 7 $ 5,320,696 $ (2,095,515) $ 3,225,181 $ 5,223,127 $ (2,055,135) $ 3,167,992 Tractors 4 — 7.5 7,213,401 (3,171,471) 4,041,930 7,256,002 (3,059,206) 4,196,796 Trailers and other 9.5 — 12 1,566,071 (670,291) 895,780 1,780,487 (868,820) 911,667 Held for sale 357,838 (247,121) 110,717 209,506 (162,922) 46,584 Total $ 14,458,006 $ (6,184,398) $ 8,273,608 $ 14,469,122 $ (6,146,083) $ 8,323,039
Summary of Amounts that have been Recorded for Accelerated and Policy Depreciation related to our Residual Value Estimate Changes	The following table provides a summary of incremental depreciation expense that has been recorded related to our previous residual value estimate changes as well as used vehicle sales results (rounded to the closest million): Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Depreciation expense related to estimate changes $ 50 $ 76 $ 147 $ 239 Used vehicle sales, net (1) (113) (69) (356) (150) ———————————————— (1) Used vehicle sales, net for the third quarter and nine months ended September 30, 2022, included $15 million and $43 million, respectively, of gains on sales of vehicles in the U.K. Refer to Note 15, "Other Items Impacting Comparability"
Schedule of Fair Value, Assets	The following table presents revenue earning equipment held for sale that are measured at fair value on a nonrecurring basis and considered a Level 3 fair value measurement: Losses from Valuation Adjustments Three months ended September 30, Nine months ended September 30, (In thousands) September 30, 2022 December 31, 2021 2022 2021 2022 2021 Revenue earning equipment held for sale (1) : Trucks $ 838 $ 931 $ 925 $ 1,224 $ 1,911 $ 2,798 Tractors 1,671 1,485 972 2,177 3,424 2,836 Trailers and other 594 1,309 396 1,161 882 5,036 Total assets at fair value $ 3,103 $ 3,725 $ 2,293 $ 4,562 $ 6,217 $ 10,670 ———————————— (1) Reflects only the portion where net book values exceeded fair values and valuation adjustments were recorded. The net book value of assets held for sale that were less than fair value was $108 million and $43 million as of September 30, 2022 and December 31, 2021, respectively.
Schedule of Gain and Losses Revenue Earning Equipment	The components of Used vehicle sales, net were as follows: Three months ended September 30, Nine months ended September 30, (In thousands) 2022 2021 2022 2021 Gains on vehicle sales, net $ (115,778) $ (73,865) $ (362,262) $ (160,458) Losses from valuation adjustments 2,293 4,562 6,217 10,670 Used vehicle sales, net $ (113,485) $ (69,303) $ (356,045) $ (149,788)

ACCRUED EXPENSES AND OTHER LI_2

ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2022
Accrued Liabilities and Other Liabilities [Abstract]
Schedule of Accrued Expenses and Other Liabilities	September 30, 2022 December 31, 2021 (In thousands) Accrued Non-Current Total Accrued Non-Current Total Salaries and wages $ 231,285 $ — $ 231,285 $ 210,350 $ — $ 210,350 Insurance obligations (1) 184,874 316,726 501,600 186,449 311,209 497,658 Operating taxes 193,269 — 193,269 165,680 — 165,680 Deposits, mainly from customers 120,760 — 120,760 94,547 — 94,547 Operating lease liabilities 176,907 471,403 648,310 100,232 255,573 355,805 Deferred revenue (2) 179,153 371,407 550,560 182,785 410,657 593,442 Other 190,247 349,793 540,040 179,559 336,965 516,524 Total $ 1,276,495 $ 1,509,329 $ 2,785,824 $ 1,119,602 $ 1,314,404 $ 2,434,006 ———————————— (1) Insurance obligations primarily represent self-insured claim liabilities.

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Schedule of Lease Income - Operating	The components of lease income were as follows: Three months ended September 30, Nine months ended September 30, (In thousands) 2022 2021 2022 2021 Operating leases Lease income related to ChoiceLease $ 367,009 $ 383,669 $ 1,127,391 $ 1,159,930 Lease income related to commercial rental (1) 332,568 287,612 955,927 752,994 Sales-type leases Interest income related to net investment in leases $ 11,986 $ 10,925 $ 32,941 $ 36,380 Variable lease income excluding commercial rental (1) $ 80,688 $ 75,621 $ 226,030 $ 219,743 ———————————— (1) Lease income related to commercial rental includes both fixed and variable lease income. Variable income is approximately 15% to 25% of total commercial rental income based on management's internal estimates.
Schedule of Lease Income - Sales Type	The components of net investment in sales-type leases, which are included in "Receivables, net" and "Sales-type leases and other assets" in the Condensed Consolidated Balance Sheets, were as follows: (In thousands) September 30, 2022 December 31, 2021 Net investment in the lease — lease payment receivable $ 537,090 $ 583,008 Net investment in the lease — unguaranteed residual value in assets 36,789 46,740 573,879 629,748 Estimated loss allowance (3,245) (3,705) Total $ 570,634 $ 626,043

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Schedule of Debt	Weighted Average Interest Rate (Dollars in thousands) September 30, 2022 Maturities September 30, 2022 December 31, 2021 Debt: U.S. commercial paper 2.94% 2026 $ 849,269 $ 531,157 Canadian commercial paper —% 2026 — 7,087 Trade receivables financing program 3.56% 2023 50,000 — Global revolving credit facility —% 2026 — — Unsecured U.S. obligations 3.41% 2024 200,000 200,000 Unsecured U.S. notes — Medium-term notes (1) 3.58% 2023-2027 4,700,106 5,149,893 Unsecured foreign obligations 2.88% 2024 50,000 140,265 Asset-backed U.S. obligations (2) 2.80% 2022-2029 466,013 526,712 Finance lease obligations and other 2022-2031 38,539 44,595 6,353,926 6,599,709 Debt issuance costs and original issue discounts (19,784) (20,040) Total debt 6,334,142 6,579,669 Short-term debt and current portion of long-term debt (1,049,109) (1,333,363) Long-term debt $ 5,285,033 $ 5,246,306 ———————————— (1) Includes the impact from the fair market values of hedging instruments on our notes, which was $50 million as of September 30, 2022, and not material as of December 31, 2021, and was included in "Other non-current liabilities" within the unaudited Condensed Consolidated Balance Sheets. The notional amount of the executed interest rate swaps designated as fair value hedges was $500 million and $450 million as of September 30, 2022 and December 31, 2021, respectively. (2) Asset-backed U.S. obligations are related to financing transactions backed by a portion of our revenue earning equipment.

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Loss, Net of Tax	The following summary sets forth the components of Accumulated other comprehensive loss, net of tax: Nine months ended September 30, (In thousands) 2022 2021 Cumulative translation adjustments $ (264,598) $ (157,446) Net actuarial loss and prior service cost (515,069) (638,575) Unrealized gain (loss) from cash flow hedges 7,674 (10,460) Accumulated other comprehensive loss $ (771,993) $ (806,481)

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Common Share From Continuing Operations	The following table presents the calculation of basic and diluted earnings per common share from continuing operations: Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2022 2021 2022 2021 Earnings per share — Basic: Earnings from continuing operations $ 246,420 $ 138,659 $ 662,584 $ 339,811 Less: Distributed and undistributed earnings allocated to unvested stock (1,330) (662) (3,433) (1,599) Earnings from continuing operations available to common shareholders $ 245,091 $ 137,997 $ 659,151 338,212 Weighted average common shares outstanding 49,806 52,322 50,252 52,330 Earnings from continuing operations per common share — Basic $ 4.92 $ 2.64 $ 13.12 $ 6.46 Earnings per share — Diluted: Earnings from continuing operations $ 246,420 $ 138,659 $ 662,584 $ 339,811 Less: Distributed and undistributed earnings allocated to unvested stock — (650) (3,374) (1,575) Earnings from continuing operations available to common shareholders — Diluted $ 246,420 $ 138,009 $ 659,210 $ 338,236 Weighted average common shares outstanding — Basic 49,806 52,322 50,252 52,330 Effect of dilutive equity awards 1,267 1,192 1,026 1,090 Weighted average common shares outstanding — Diluted 51,073 53,514 51,278 53,419 Earnings from continuing operations per common share — Diluted $ 4.82 $ 2.58 $ 12.86 $ 6.33 Anti-dilutive equity awards not included in diluted EPS 726 406 752 774 ———————————— Note: Amounts may not be additive due to rounding.

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	9 Months Ended
	Sep. 30, 2022
Retirement Benefits [Abstract]
Schedule of Components of Net Periodic Benefit Cost	Components of net pension expense for defined benefit pension plans were as follows: Three months ended September 30, Nine months ended September 30, (In thousands) 2022 2021 2022 2021 Company-administered plans: Service cost $ 196 $ 276 $ 634 $ 824 Interest cost 15,653 14,496 47,262 43,514 Expected return on plan assets (18,264) (21,702) (55,330) (65,187) Amortization of net actuarial loss and prior service cost 5,187 7,056 15,958 21,184 Net pension expense $ 2,772 $ 126 $ 8,524 $ 335 Company-administered plans: U.S. $ 3,323 $ 2,227 $ 9,970 $ 6,680 Non-U.S. (551) (2,101) (1,446) (6,345) Net pension expense $ 2,772 $ 126 $ 8,524 $ 335

OTHER ITEMS IMPACTING COMPARA_2

OTHER ITEMS IMPACTING COMPARABILITY (Tables)	9 Months Ended
	Sep. 30, 2022
Other Income and Expenses [Abstract]
Schedule of Other Items Impacting Comparability	Excluding these items from our segment measure of performance allows for better year over year comparison: Three months ended September 30, Nine months ended September 30, (In thousands) 2022 2021 2022 2021 Restructuring and other, net $ (3,331) $ 4,137 $ 21,225 $ 9,742 ERP implementation costs — — — 12,721 Restructuring and other items, net (3,331) 4,137 21,225 22,463 Gains on sale of U.K. revenue earning equipment (14,938) — (43,309) — Gains on sale of U.K. properties (10,205) (5,411) (33,789) (42,179) ChoiceLease liability insurance revenue (1) — — — (777) Other items impacting comparability, net $ (28,474) $ (1,274) $ (55,873) $ (20,493) ———————————— (1) Refer to Note 3, "Segment Reporting," for additional information. Note: Amounts may not be additive due to rounding.
Schedule of Restructuring Liabilities	The following table summarizes the activities within, and components of, restructuring liabilities for 2022: (In thousands) Nine months ended September 30, 2022 Balance as of beginning of period $ 10,484 Workforce reduction charges $ 6,721 Utilization (1) $ (6,026) Balance as of end of period (2) $ 11,179 _________________ (1) Principally represents cash payments.

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2022
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Information	Nine months ended September 30, (In thousands) 2022 2021 Interest paid $ 157,039 $ 155,358 Income taxes paid $ 96,061 $ 21,177 Cash paid for amounts included in measurement of liabilities: Operating cash flows from operating leases $ 133,434 $ 70,047 Right-of-use assets obtained in exchange for lease obligations: Finance leases $ 5,112 $ 12,480 Operating leases $ 228,660 $ 71,555 Capital expenditures acquired but not yet paid $ 292,259 $ 176,907

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	9 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Business Acquisitions, by Acquisition	The following table provides the preliminary purchase price allocation of the fair value of the assets and liabilities for Whiplash as of the acquisition date: (In thousands) January 1, 2022 Assets: Receivables, net $ 78,765 Goodwill 280,615 Customer relationships and other intangible assets 157,400 Other assets, primarily operating lease right-of-use assets 241,646 Total assets 758,426 Liabilities: Accrued expenses and other current liabilities 78,948 Other liabilities, primarily operating lease liabilities 196,709 Net assets acquired $ 482,769

GENERAL (Details)

GENERAL (Details)	9 Months Ended
	Sep. 30, 2022 segment
Accounting Changes and Error Corrections [Abstract]
Number of segments	3

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Lease & related maintenance and rental revenue	$ 1,044,547	$ 1,013,968	$ 3,119,136	$ 2,941,084
Revenues	3,035,464	2,459,049	8,922,988	7,062,908
Earnings from continuing operations before taxes	329,418	198,811	937,401	489,346
Non-operating pension costs, net	(2,647)	148	(8,015)	530
Other items impacting comparability, net	3,331	(4,137)	(21,225)	(22,463)
Earnings from continuing operations before income taxes	334,204	183,206	924,446	457,046
Capital expenditures paid	721,692	523,286	1,916,704	1,427,684
Supply Chain Solutions
Segment Reporting Information [Line Items]
Revenues	1,206,508	802,357	3,469,008	2,284,687
Operating Segments | Fleet Management Solutions
Segment Reporting Information [Line Items]
Revenues	1,581,870	1,436,340	4,732,193	4,180,066
Earnings from continuing operations before taxes	265,301	186,391	798,822	408,244
Capital expenditures paid	655,734	498,099	1,767,573	1,369,681
Operating Segments | Fleet Management Solutions | ChoiceLease
Segment Reporting Information [Line Items]
Lease & related maintenance and rental revenue	791,156	799,557	2,396,075	2,399,477
Operating Segments | Fleet Management Solutions | Commercial rental
Segment Reporting Information [Line Items]
Lease & related maintenance and rental revenue	349,550	300,640	1,003,380	790,618
Operating Segments | Fleet Management Solutions | SelectCare and other
Segment Reporting Information [Line Items]
Lease & related maintenance and rental revenue	162,520	147,384	492,878	450,272
Operating Segments | Fleet Management Solutions | Fuel services and ChoiceLease liability insurance
Segment Reporting Information [Line Items]
Revenues	278,644	188,759	839,860	539,699
Operating Segments | Supply Chain Solutions
Segment Reporting Information [Line Items]
Revenues	1,206,508	802,357	3,469,008	2,284,687
Earnings from continuing operations before taxes	63,974	22,161	150,833	96,159
Capital expenditures paid	58,820	21,224	124,395	44,204
Operating Segments | Dedicated Transportation Solutions
Segment Reporting Information [Line Items]
Revenues	454,328	380,357	1,329,504	1,055,575
Earnings from continuing operations before taxes	28,150	11,324	71,517	37,468
Capital expenditures paid	251	299	1,705	861
Eliminations
Segment Reporting Information [Line Items]
Revenues	(207,242)	(160,005)	(607,717)	(457,420)
Earnings from continuing operations before taxes	(28,007)	(21,065)	(83,771)	(52,525)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Unallocated Central Support Services	(21,041)	(17,027)	(60,813)	(53,323)
Non-operating pension costs, net	(2,647)	148	(8,015)	530
Other items impacting comparability, net	28,474	1,274	55,873	20,493
Capital expenditures paid	$ 6,887	$ 3,664	$ 23,031	$ 12,938

REVENUE - Disaggregation of Rev

REVENUE - Disaggregation of Revenue - Geographical (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Revenues	$ 3,035,464	$ 2,459,049	$ 8,922,988	$ 7,062,908
United States
Disaggregation of Revenue [Line Items]
Revenues	2,814,008	2,213,140	8,193,052	6,327,826
Canada
Disaggregation of Revenue [Line Items]
Revenues	131,565	125,455	399,055	374,904
Europe
Disaggregation of Revenue [Line Items]
Revenues	22,899	64,362	141,518	199,592
Mexico
Disaggregation of Revenue [Line Items]
Revenues	66,992	56,092	189,363	160,586
SCS
Disaggregation of Revenue [Line Items]
Revenues	1,206,508	802,357	3,469,008	2,284,687
Operating Segments | FMS
Disaggregation of Revenue [Line Items]
Revenues	1,581,870	1,436,340	4,732,193	4,180,066
Operating Segments | FMS | United States
Disaggregation of Revenue [Line Items]
Revenues	1,478,831	1,295,617	4,351,413	3,756,851
Operating Segments | FMS | Canada
Disaggregation of Revenue [Line Items]
Revenues	80,140	76,361	239,262	223,623
Operating Segments | FMS | Europe
Disaggregation of Revenue [Line Items]
Revenues	22,899	64,362	141,518	199,592
Operating Segments | FMS | Mexico
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments | SCS
Disaggregation of Revenue [Line Items]
Revenues	1,206,508	802,357	3,469,008	2,284,687
Operating Segments | SCS | United States
Disaggregation of Revenue [Line Items]
Revenues	1,077,669	689,180	3,089,087	1,952,193
Operating Segments | SCS | Canada
Disaggregation of Revenue [Line Items]
Revenues	61,338	57,085	190,049	171,908
Operating Segments | SCS | Europe
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments | SCS | Mexico
Disaggregation of Revenue [Line Items]
Revenues	67,501	56,092	189,872	160,586
Operating Segments | DTS
Disaggregation of Revenue [Line Items]
Revenues	454,328	380,357	1,329,504	1,055,575
Operating Segments | DTS | United States
Disaggregation of Revenue [Line Items]
Revenues	454,328	380,357	1,329,504	1,055,575
Operating Segments | DTS | Canada
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments | DTS | Europe
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments | DTS | Mexico
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Eliminations
Disaggregation of Revenue [Line Items]
Revenues	(207,242)	(160,005)	(607,717)	(457,420)
Eliminations | United States
Disaggregation of Revenue [Line Items]
Revenues	(196,820)	(152,014)	(576,952)	(436,793)
Eliminations | Canada
Disaggregation of Revenue [Line Items]
Revenues	(9,913)	(7,991)	(30,256)	(20,627)
Eliminations | Europe
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Eliminations | Mexico
Disaggregation of Revenue [Line Items]
Revenues	$ (509)	$ 0	$ (509)	$ 0

REVENUE - Disaggregation of R_2

REVENUE - Disaggregation of Revenue - Industry (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Revenues	$ 3,035,464	$ 2,459,049	$ 8,922,988	$ 7,062,908
SCS
Disaggregation of Revenue [Line Items]
Revenues	1,206,508	802,357	3,469,008	2,284,687
Consumer packaged goods and retail | SCS
Disaggregation of Revenue [Line Items]
Revenues	565,822	316,876	1,604,521	876,362
Automotive | SCS
Disaggregation of Revenue [Line Items]
Revenues	391,929	303,923	1,134,659	882,977
Technology and healthcare | SCS
Disaggregation of Revenue [Line Items]
Revenues	131,379	103,387	380,990	310,422
Industrial and other | SCS
Disaggregation of Revenue [Line Items]
Revenues	$ 117,378	$ 78,171	$ 348,838	$ 214,926

REVENUE - Narrative (Details)

REVENUE - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Lease & related maintenance and rental revenue	$ 1,044,547	$ 1,013,968	$ 3,119,136	$ 2,941,084
Contract with customer, revenue, remaining performance obligation	2,300,000		2,300,000
Maintenance Services
Disaggregation of Revenue [Line Items]
Lease & related maintenance and rental revenue	$ 250,000	$ 255,000	$ 769,000	$ 765,000

REVENUE - Changes in Contract L

REVENUE - Changes in Contract Liability (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Contract With Customer Liability [Roll Forward]
Balance as of beginning of period	$ 593,442	$ 629,739
Recognized as revenue during period from beginning balance	(306,615)	(147,944)
Consideration deferred during period, net	234,847	115,562
Foreign currency translation adjustment and other	28,886	(418)
Balance as of end of period	$ 550,560	$ 596,939

RECEIVABLES, NET - Summary (Det

RECEIVABLES, NET - Summary (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Receivables [Abstract]
Trade receivables	$ 1,473,328	$ 1,280,766
Sales-type lease receivables	117,618	148,134
Other, primarily warranty and insurance receivables	67,692	67,141
Receivables, gross	1,658,638	1,496,041
Allowance for credit losses and other	(37,801)	(31,304)
Receivables, net	$ 1,620,837	$ 1,464,737

RECEIVABLES, NET - Allowance fo

RECEIVABLES, NET - Allowance for Credit Loss (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance as of beginning of period	$ 31,304	$ 43,024
Changes to provisions for credit losses	21,704	(5,097)
Write-offs and other	(15,207)	(11,320)
Balance as of end of period	$ 37,801	$ 26,607

REVENUE EARNING EQUIPMENT, NE_2

REVENUE EARNING EQUIPMENT, NET - Schedule of Revenue Earning Equipment (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Revenue Earning Equipment [Line Items]
Cost	$ 14,458,006	$ 14,469,122
Accumulated Depreciation	(6,184,398)	(6,146,083)
Net	$ 8,273,608	8,323,039
Trucks
Revenue Earning Equipment [Line Items]
Estimated Useful Lives (In Years) , Minimum	3 years
Estimated Useful Lives (In Years) , Maximum	7 years
Cost	$ 5,320,696	5,223,127
Accumulated Depreciation	(2,095,515)	(2,055,135)
Net	$ 3,225,181	3,167,992
Tractors
Revenue Earning Equipment [Line Items]
Estimated Useful Lives (In Years) , Minimum	4 years
Estimated Useful Lives (In Years) , Maximum	7 years 6 months
Cost	$ 7,213,401	7,256,002
Accumulated Depreciation	(3,171,471)	(3,059,206)
Net	$ 4,041,930	4,196,796
Trailers and other
Revenue Earning Equipment [Line Items]
Estimated Useful Lives (In Years) , Minimum	9 years 6 months
Estimated Useful Lives (In Years) , Maximum	12 years
Cost	$ 1,566,071	1,780,487
Accumulated Depreciation	(670,291)	(868,820)
Net	895,780	911,667
Held for sale
Revenue Earning Equipment [Line Items]
Cost	357,838	209,506
Accumulated Depreciation	(247,121)	(162,922)
Net	$ 110,717	$ 46,584

REVENUE EARNING EQUIPMENT, NE_3

REVENUE EARNING EQUIPMENT, NET - Summary of Accelerated and Policy Depreciation, Residual Value Estimate Changes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue Earning Equipment [Line Items]
Depreciation expense related to estimate changes	$ 50,000	$ 76,000	$ 147,000	$ 239,000
Used vehicles sales, net	(113,485)	(69,303)	(356,045)	(149,788)
Gains on sale of properties	(10,205)	(5,411)	(33,789)	(42,179)
U.K.
Revenue Earning Equipment [Line Items]
Gains on sale of properties	$ (14,938)	$ 0	$ (43,309)	$ 0

REVENUE EARNING EQUIPMENT, NE_4

REVENUE EARNING EQUIPMENT, NET - Level 3 Fair Value Measurement (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Revenue Earning Equipment [Line Items]
Valuation adjustments	$ 2,293	$ 4,562	$ 6,217	$ 10,670
Net book value of assets held for sale	108,000		108,000		$ 43,000
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring
Revenue Earning Equipment [Line Items]
Assets held for sale	3,103		3,103		3,725
Valuation adjustments	2,293	4,562	6,217	10,670
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | Trucks
Revenue Earning Equipment [Line Items]
Assets held for sale	838		838		931
Valuation adjustments	925	1,224	1,911	2,798
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | Tractors
Revenue Earning Equipment [Line Items]
Assets held for sale	1,671		1,671		1,485
Valuation adjustments	972	2,177	3,424	2,836
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | Trailers and other
Revenue Earning Equipment [Line Items]
Assets held for sale	594		594		$ 1,309
Valuation adjustments	$ 396	$ 1,161	$ 882	$ 5,036

REVENUE EARNING EQUIPMENT, NE_5

REVENUE EARNING EQUIPMENT, NET - Recognized Gains on Used Vehicles (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue Earning Equipment [Abstract]
Gains on vehicle sales, net	$ (115,778)	$ (73,865)	$ (362,262)	$ (160,458)
Losses from valuation adjustments	2,293	4,562	6,217	10,670
Used vehicle sales, net	$ (113,485)	$ (69,303)	$ (356,045)	$ (149,788)

ACCRUED EXPENSES AND OTHER LI_3

ACCRUED EXPENSES AND OTHER LIABILITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Accrued Expenses
Salaries and wages	$ 231,285	$ 210,350
Insurance obligations	184,874	186,449
Operating taxes	193,269	165,680
Deposits, mainly from customers	120,760	94,547
Operating lease liabilities	176,907	100,232
Deferred revenue	179,153	182,785
Other	190,247	179,559
Total	1,276,495	1,119,602
Non-Current Liabilities
Salaries and wages	0	0
Insurance obligations	316,726	311,209
Operating taxes	0	0
Deposits, mainly from customers	0	0
Operating lease liabilities	471,403	255,573
Deferred revenue	371,407	410,657
Other	349,793	336,965
Total	1,509,329	1,314,404
Total
Salaries and wages	231,285	210,350
Insurance obligations	501,600	497,658
Operating taxes	193,269	165,680
Deposits, mainly from customers	120,760	94,547
Operating lease liabilities	648,310	355,805
Deferred revenue	550,560	593,442	$ 596,939	$ 629,739
Other	540,040	516,524
Total	$ 2,785,824	$ 2,434,006

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Contingency [Line Items]
Effective income tax rate from continuing operations, expense (benefit)	26.30%	24.30%	28.30%	25.70%
Foreign Tax Authority
Income Tax Contingency [Line Items]
Valuation allowance recorded	$ 8

LEASES - Lease Income (Details)

LEASES - Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Operating leases
Lease income related to ChoiceLease	$ 367,009	$ 383,669	$ 1,127,391	$ 1,159,930
Lease income related to commercial rental	332,568	287,612	955,927	752,994
Sales-type leases
Interest income related to net investment in leases	11,986	10,925	32,941	36,380
Variable lease income excluding commercial rental	$ 80,688	$ 75,621	$ 226,030	$ 219,743
Minimum
Sales-type leases
Variable lease income as a percent of commercial rental income			15%
Maximum
Sales-type leases
Variable lease income as a percent of commercial rental income			25%

LEASES - Components of Net Inve

LEASES - Components of Net Investment in Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Leases [Abstract]
Net investment in the lease — lease payment receivable	$ 537,090	$ 583,008
Net investment in the lease — unguaranteed residual value in assets	36,789	46,740
Net investment in the lease, gross	573,879	629,748
Estimated loss allowance	(3,245)	(3,705)
Total	$ 570,634	$ 626,043

DEBT - Schedule of Debt (Detail

DEBT - Schedule of Debt (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Debt:
Debt, gross	$ 6,353,926,000	$ 6,599,709,000
Debt issuance costs and original issue discounts	(19,784,000)	(20,040,000)
Total debt	6,334,142,000	6,579,669,000
Short-term debt and current portion of long-term debt	(1,049,109,000)	(1,333,363,000)
Long-term debt	5,285,033,000	5,246,306,000
Impact on fair value hedging instruments	(50,000,000)	0
Interest Rate Swap | Fair Value Hedging | Designated as Hedging Instrument
Debt:
Aggregate notional amount of interest rate swaps	$ 500,000,000	450,000,000
U.S. commercial paper
Debt:
Weighted Average Interest Rate	2.94%
Debt, gross	$ 849,269,000	531,157,000
Canadian commercial paper
Debt:
Weighted Average Interest Rate	0%
Debt, gross	$ 0	7,087,000
Trade receivables financing program
Debt:
Weighted Average Interest Rate	3.56%
Debt, gross	$ 50,000,000	0
Global revolving credit facility
Debt:
Weighted Average Interest Rate	0%
Debt, gross	$ 0	0
Unsecured U.S. obligations
Debt:
Weighted Average Interest Rate	3.41%
Debt, gross	$ 200,000,000	200,000,000
Unsecured U.S. notes — Medium-term notes
Debt:
Weighted Average Interest Rate	3.58%
Debt, gross	$ 4,700,106,000	5,149,893,000
Unsecured foreign obligations
Debt:
Weighted Average Interest Rate	2.88%
Debt, gross	$ 50,000,000	140,265,000
Asset-backed U.S. obligations
Debt:
Weighted Average Interest Rate	2.80%
Debt, gross	$ 466,013,000	526,712,000
Finance lease obligations and other
Debt:
Debt, gross	$ 38,539,000	$ 44,595,000

DEBT - Narrative (Details)

DEBT - Narrative (Details)	9 Months Ended
	Sep. 30, 2022 USD ($)	May 31, 2022 USD ($)	Feb. 28, 2022 USD ($)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Fair value of total debt	$ 5,800,000,000			$ 6,200,000,000
Maximum
Debt Instrument [Line Items]
Ratio of debt to consolidated net worth	3
Global revolving credit facility
Debt Instrument [Line Items]
Line of credit remaining capacity	$ 551,000,000
Debt to consolidated tangible net worth ratio	1.57
Letters of credit and surety bonds outstanding	$ 542,000,000			$ 456,000,000
Trade receivables financing program
Debt Instrument [Line Items]
Available proceeds under program	174,000,000
Medium-term Notes
Debt Instrument [Line Items]
Debt issued		$ 300,000,000	$ 450,000,000
Debt percentage of principal amount		0.00043%	2.85%
Asset-backed U.S. obligations
Debt Instrument [Line Items]
Proceeds from issuance of secured debt	$ 54,000,000

SHARE REPURCHASE PROGRAMS (Deta

SHARE REPURCHASE PROGRAMS (Details)		1 Months Ended		3 Months Ended		9 Months Ended
	Oct. 14, 2021 program shares	Sep. 30, 2022 $ / shares shares	Feb. 28, 2022 USD ($) shares	Sep. 30, 2022 USD ($) shares	Sep. 30, 2021 USD ($) shares	Sep. 30, 2022 USD ($) shares	Sep. 30, 2021 USD ($) shares
Accelerated Share Repurchases [Line Items]
Common stock repurchases and retired | $				$ 0	$ 7,674,000	$ 300,280,000	$ 56,652,000
Common Stock
Accelerated Share Repurchases [Line Items]
Repurchased and retired shares (in shares)				975,960	97,293	4,028,230	735,294
Common stock repurchases and retired | $				$ 487,000	$ 49,000	$ 2,015,000	$ 368,000
2021 Anti-Dilutive Program | Common Stock
Accelerated Share Repurchases [Line Items]
Stock repurchase program, authorized amount | $			$ 300,000,000
Repurchased and retired shares (in shares)		1,000,000	3,000,000
Share repurchases and retired, average price (in dollar per share) | $ / shares		$ 74.47
Maximum number of share repurchases authorization (in shares)	2,500,000
2021 Discretionary Program | Common Stock
Accelerated Share Repurchases [Line Items]
Number of repurchase programs | program	2
Maximum number of share repurchases authorization (in shares)	2,000,000
Stock repurchase program, terms	2 years
2019 Anti-Dilutive Program | Common Stock
Accelerated Share Repurchases [Line Items]
Repurchased and retired shares (in shares)						0	700,000
Common stock repurchases and retired | $							$ 57,000,000

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shareholders' equity	$ 3,010,761	$ 2,832,560	$ 2,797,946	$ 2,513,651	$ 2,418,214	$ 2,255,557
Cumulative translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shareholders' equity	(264,598)			(157,446)
Net actuarial loss and prior service cost
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shareholders' equity	(515,069)			(638,575)
Unrealized gain (loss) from cash flow hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shareholders' equity	7,674			(10,460)
Accumulated other comprehensive loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shareholders' equity	$ (771,993)	$ (721,672)	$ (689,241)	$ (806,481)	$ (787,682)	$ (817,205)

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Calculation of basic and diluted earnings per common share from continuing operations
Earnings from continuing operations	$ 246,420	$ 138,659	$ 662,584	$ 339,811
Less: Distributed and undistributed earnings allocated to unvested stock, basic	(1,330)	(662)	(3,433)	(1,599)
Earnings from continuing operations available to common shareholders , basic	$ 245,091	$ 137,997	$ 659,151	$ 338,212
Weighted average common shares outstanding - Basic (in shares)	49,806	52,322	50,252	52,330
Earnings from continuing operations per common share — Basic (in dollars per share)	$ 4.92	$ 2.64	$ 13.12	$ 6.46
Earnings from continuing operations	$ 246,420	$ 138,659	$ 662,584	$ 339,811
Less: Distributed and undistributed earnings allocated to unvested stock, diluted	0	(650)	(3,374)	(1,575)
Earnings from continuing operations available to common shareholders , diluted	$ 246,420	$ 138,009	$ 659,210	$ 338,236
Effect of dilutive equity awards (in shares)	1,267	1,192	1,026	1,090
Weighted average common shares outstanding — Diluted (in shares)	51,073	53,514	51,278	53,419
Earnings from continuing operations per common share - Diluted (in dollars per share)	$ 4.82	$ 2.58	$ 12.86	$ 6.33
Anti-dilutive equity awards not included in diluted EPS (in shares)	726	406	752	774

EMPLOYEE BENEFIT PLANS - Net Pe

EMPLOYEE BENEFIT PLANS - Net Pension Expense (Details) - Pension Plan - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Net pension expense	$ 2,772	$ 126	$ 8,524	$ 335
Company-administered plans
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	196	276	634	824
Interest cost	15,653	14,496	47,262	43,514
Expected return on plan assets	(18,264)	(21,702)	(55,330)	(65,187)
Amortization of net actuarial loss and prior service cost	5,187	7,056	15,958	21,184
Company-administered plans | U.S.
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Net pension expense	3,323	2,227	9,970	6,680
Company-administered plans | Non-U.S.
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Net pension expense	$ (551)	$ (2,101)	$ (1,446)	$ (6,345)

EMPLOYEE BENEFIT PLANS - Narrat

EMPLOYEE BENEFIT PLANS - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Retirement Benefits [Abstract]
Contributions by employer	$ 19

OTHER ITEMS IMPACTING COMPARA_3

OTHER ITEMS IMPACTING COMPARABILITY - Schedule of Other Items Impacting Comparability (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring and other, net	$ (3,331)	$ 4,137	$ 21,225	$ 9,742
ERP implementation costs	0	0	0	12,721
Restructuring and other items, net	(3,331)	4,137	21,225	22,463
Gains on sale of properties	(10,205)	(5,411)	(33,789)	(42,179)
ChoiceLease liability insurance revenue	0	0	0	(777)
Other items impacting comparability, net	(28,474)	(1,274)	(55,873)	(20,493)
U.K.
Restructuring Cost and Reserve [Line Items]
Gains on sale of properties	$ (14,938)	$ 0	$ (43,309)	$ 0

OTHER ITEMS IMPACTING COMPARA_4

OTHER ITEMS IMPACTING COMPARABILITY - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring and other, net	$ (3,331)	$ 4,137	$ 21,225	$ 9,742
Offset By Recovery
Restructuring Cost and Reserve [Line Items]
Restructuring and other, net	14,000		14,000
Discrete Commercial Claim
Restructuring Cost and Reserve [Line Items]
Restructuring and other, net	9,000		20,000
Employee Termination Costs | U.K.
Restructuring Cost and Reserve [Line Items]
Restructuring and other, net	$ 2,000		9,000
Acquisition-related Costs | U.K.
Restructuring Cost and Reserve [Line Items]
Restructuring and other, net			$ 5,000

OTHER ITEMS IMPACTING COMPARA_5

OTHER ITEMS IMPACTING COMPARABILITY - Restructuring Liabilities (Details) - Employee Termination Costs $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Restructuring Reserve [Roll Forward]
Restructuring liabilities, beginning balance	$ 10,484
Workforce reduction charges	6,721
Utilization	(6,026)
Restructuring liabilities, ending balance	$ 11,179

CONTINGENCIES AND OTHER MATTE_2

CONTINGENCIES AND OTHER MATTERS (Details)	Feb. 02, 2021 complaint
Loss Contingencies [Line Items]
Number of shareholder derivative complaints	5
Circuit Court of the 11th Judicial Circuit, Miami-Date County, Florida
Loss Contingencies [Line Items]
Number of shareholder derivative complaints	3
U.S. District Court, Southern District of Florida
Loss Contingencies [Line Items]
Number of shareholder derivative complaints	2

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Supplemental Cash Flow Elements [Abstract]
Interest paid	$ 157,039	$ 155,358
Income taxes paid	96,061	21,177
Cash paid for amounts included in measurement of liabilities:
Operating cash flows from operating leases	133,434	70,047
Right-of-use assets obtained in exchange for lease obligations:
Finance leases	5,112	12,480
Operating leases	228,660	71,555
Capital expenditures acquired but not yet paid	$ 292,259	$ 176,907

ACQUISITIONS - Narrative (Detai

ACQUISITIONS - Narrative (Details) - USD ($)		9 Months Ended
	Jan. 01, 2022	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Business Acquisition [Line Items]
Acquisitions, net of cash acquired		$ 448,078,000	$ 0
Goodwill		867,756,000		$ 570,905,000
PLG Investments I, LLC
Business Acquisition [Line Items]
Consideration transferred	$ 483,000,000
Goodwill expected tax deductible amount	0
Cash placed In escrow				$ 439,000,000
Goodwill	$ 280,615,000
PLG Investments I, LLC | Finite lived intangible assets, primarily customer relationships
Business Acquisition [Line Items]
Finite-lived intangible assets, amortization period	13 years
Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Acquisitions, net of cash acquired		27,000,000
Goodwill		20,000,000
Intangible assets		$ 2,000,000

ACQUISITIONS - Fair Value of th

ACQUISITIONS - Fair Value of the Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jan. 01, 2022	Dec. 31, 2021
Assets:
Goodwill	$ 867,756		$ 570,905
PLG Investments I, LLC
Assets:
Receivables, net		$ 78,765
Goodwill		280,615
Other assets, primarily operating lease right-of-use assets		241,646
Total assets		758,426
Liabilities:
Accrued expenses and other current liabilities		78,948
Other liabilities, primarily operating lease liabilities		196,709
Net assets acquired		482,769
PLG Investments I, LLC | Customer relationships and other intangible assets
Assets:
Customer relationships and other intangible assets		$ 157,400