Ryder System (R) 10-Q 26 Apr 23 2023 Q1 Quarterly report Financial data

Cover

Cover	3 Months Ended
	Mar. 31, 2023 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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	46,492,233
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0000085961

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Lease & related maintenance and rental revenue	$ 979	$ 1,025
Total revenue	2,952	2,854
Selling, general and administrative expenses	363	342
Non-operating pension costs, net	10	3
Used vehicle sales, net	(72)	(113)
Interest expense	65	52
Miscellaneous income, net	(20)	0
Restructuring and other items, net	(25)	14
Total expenses	2,751	2,602
Earnings from continuing operations before income taxes	201	252
Provision for income taxes	61	76
Earnings from continuing operations	140	176
Loss from discontinued operations, net of tax	(1)	0
Net earnings	$ 139	$ 176
Earnings (loss) per common share — Basic
Continuing operations (in dollars per share)	$ 3	$ 3.42
Discontinued operations (in dollars per share)	(0.01)	0
Net earnings (in dollars per share)	2.99	3.42
Earnings (loss) per common share — Diluted
Continuing operations (in dollars per share)	2.95	3.35
Discontinued operations (in dollars per share)	(0.01)	0
Net earnings (in dollars per share)	$ 2.94	$ 3.35
Services revenue
Revenue	$ 1,821	$ 1,670
Cost of services sold	1,607	1,450
Fuel services revenue
Revenue	152	159
Cost of services sold	149	155
Cost of lease & related maintenance and rental
Cost of services sold	$ 674	$ 699

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net earnings	$ 139	$ 176
Other comprehensive income:
Changes in cumulative translation adjustment and unrealized gains from cash flow hedges	9	2
Amortization of pension and postretirement items	7	6
Income tax expense related to amortization of pension and postretirement items	(2)	(1)
Amortization of pension and postretirement items, net of taxes	5	5
Other comprehensive income, net of taxes	14	7
Comprehensive income	$ 153	$ 183

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 253	$ 267
Receivables, net	1,682	1,610
Inventories	74	78
Prepaid expenses and other current assets	251	245
Total current assets	2,260	2,200
Revenue earning equipment, net	8,253	8,190
Operating property and equipment, net of accumulated depreciation of $1,393 and $1,377	1,093	1,148
Goodwill	861	861
Intangible assets, net	288	295
Operating lease right-of-use assets	673	715
Sales-type leases and other assets	1,115	986
Total assets	14,543	14,395
Current liabilities:
Short-term debt and current portion of long-term debt	1,674	1,349
Accounts payable	980	767
Accrued expenses and other current liabilities	1,101	1,200
Total current liabilities	3,755	3,316
Long-term debt	4,666	5,003
Other non-current liabilities	1,507	1,568
Deferred income taxes	1,610	1,571
Total liabilities	11,538	11,458
Commitments and contingencies (Note 15)
Shareholders’ equity:
Preferred stock, no par value per share — authorized, 3,800,917; none outstanding, March 31, 2023 and December 31, 2022	0	0
Common stock, $0.50 par value per share — authorized, 400,000,000; outstanding, March 31, 2023 — 46,492,233 and December 31, 2022 — 46,286,664	23	23
Additional paid-in capital	1,168	1,192
Retained earnings	2,596	2,518
Accumulated other comprehensive loss	(782)	(796)
Total shareholders’ equity	3,005	2,937
Total liabilities and shareholders’ equity	$ 14,543	$ 14,395

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accumulated depreciation	$ 1,393	$ 1,377
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)	46,492,233	46,286,664

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities from continuing operations:
Net earnings	$ 139	$ 176
Less: Loss from discontinued operations, net of tax	(1)	0
Earnings from continuing operations	140	176
Depreciation expense	445	430
Used vehicle sales, net	(72)	(113)
Amortization expense and other non-cash charges, net	28	31
Non-cash lease expense	59	45
Non-operating pension costs, net and share-based compensation expense	20	14
Deferred income tax expense	42	58
Collections on sales-type leases	30	34
Changes in operating assets and liabilities:
Receivables	(7)	(64)
Inventories	4	(6)
Prepaid expenses and other assets	(26)	(15)
Accounts payable	45	13
Accrued expenses and other liabilities	(230)	(137)
Net cash provided by operating activities from continuing operations	478	466
Cash flows from investing activities from continuing operations:
Purchases of property and revenue earning equipment	(641)	(584)
Sales of revenue earning equipment	216	223
Sales of operating property and equipment	48	3
Acquisitions, net of cash acquired	0	(425)
Net cash used in investing activities from continuing operations	(377)	(783)
Cash flows from financing activities from continuing operations:
Net borrowings (repayments) of commercial paper and other	(216)	63
Debt proceeds	664	650
Debt repayments	(471)	(493)
Dividends on common stock	(35)	(34)
Common stock issued	(23)	(12)
Common stock repurchased	(45)	(300)
Other financing activities	0	(4)
Net cash used in financing activities from continuing operations	(126)	(130)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	11	(4)
Decrease in cash, cash equivalents, and restricted cash	(14)	(451)
Cash, cash equivalents, and restricted cash at beginning of period	267	673
Cash, cash equivalents, and restricted cash at end of period	$ 253	$ 222

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Millions		Total	Preferred Stock	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning balance at Dec. 31, 2021		$ 2,798	$ 0	$ 27	$ 1,194	$ 2,266	$ (689)
Beginning balance (in shares) at Dec. 31, 2021				53,789,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income		183				176	7
Common stock dividends declared		(31)				(31)
Common stock issued under employee stock award and stock purchase plans and other (in shares)	[1]			400,000
Common stock issued under employee stock award and stock purchase plans and other	[1]	(12)			(12)
Common stock repurchases (in shares)				(3,052,000)
Common stock repurchases		(300)		$ (1)	(59)	(240)
Share-based compensation		11			11
Ending balance at Mar. 31, 2022		2,649	0	$ 26	1,134	2,171	(682)
Ending balance (in shares) at Mar. 31, 2022				51,137,000
Beginning balance at Dec. 31, 2022		$ 2,937	0	$ 23	1,192	2,518	(796)
Beginning balance (in shares) at Dec. 31, 2022		46,286,664		46,287,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income		$ 153				139	14
Common stock dividends declared		(30)				(30)
Common stock issued under employee stock award and stock purchase plans and other (in shares)	[1]			670,000
Common stock issued under employee stock award and stock purchase plans and other	[1]	(21)			(23)	2
Common stock repurchases (in shares)				(465,000)
Common stock repurchases		(45)			(12)	(33)
Share-based compensation		11			11
Ending balance at Mar. 31, 2023		$ 3,005	$ 0	$ 23	$ 1,168	$ 2,596	$ (782)
Ending balance (in shares) at Mar. 31, 2023		46,492,233		46,492,000
[1]Net of common shares delivered as payment for the exercise price or to satisfy the holders’ withholding tax liability upon exercise of options.

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per common share (in dollars per share)	$ 0.62	$ 0.58

GENERAL

GENERAL	3 Months Ended
	Mar. 31, 2023
Accounting Changes and Error Corrections [Abstract]
GENERAL	GENERAL Interim Financial Statements The accompanying unaudited condensed consolidated financial statements include the accounts of Ryder System, Inc. (Ryder) and all entities in which Ryder has a controlling voting interest (subsidiaries) and variable interest entities (VIE) where Ryder is determined to be the primary beneficiary in accordance with generally accepted accounting principles in the United States (GAAP). Ryder is deemed to be the primary beneficiary if we have the power to direct the activities that most significantly impact the entity’s economic performance and we share in the significant risks and rewards of the entity. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the accounting policies described in our 2022 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 months ended March 31, 2022, we previously reported certain costs in "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 added the "Operating lease right-of-use assets" financial statement line to the unaudited Condensed Consolidated Balance Sheets. These assets were previously included in "Sales-type leases and other assets" in the unaudited Condensed Consolidated Balance Sheets. We report our financial performance based on three business segments: (1) Fleet Management Solutions (FMS), which provides full service leasing and leasing with flexible maintenance options, commercial rental and maintenance services of trucks, tractors and trailers to customers principally in the United States (U.S.) and Canada; (2) Supply Chain Solutions (SCS), which provides integrated logistics solutions, including distribution management, dedicated transportation, transportation management, brokerage, e-commerce, last mile, and professional services in North America; and (3) Dedicated Transportation Solutions (DTS), which provides turnkey transportation solutions in the U.S., including dedicated vehicles, professional drivers, management, and administrative support. Dedicated transportation services provided as part of an operationally integrated, multi-service, supply chain solution to SCS customers are primarily reported in the SCS business segment. We substantially completed the exit from our FMS Europe (primarily United Kingdom (U.K.)) business as of December 31, 2022, and we expect to complete the shutdown of operations as well as the sale of the remaining vehicles and properties by mid-2023.

SEGMENT REPORTING

SEGMENT REPORTING	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING Our primary measurement of segment financial performance, defined as segment "Earnings from continuing operations before income taxes" (EBT), includes an allocation of costs from Central Support Services (CSS) and excludes Non-operating pension costs, net, intangible amortization expense, and certain other items as discussed in Note 14, "Other Items Impacting Comparability." The objective of the EBT measurement is to provide clarity on the profitability of each business segment and, ultimately, to hold leadership of each business segment accountable for their allocated share of CSS costs. Certain costs are not attributable to any segment and remain unallocated in CSS, including costs for investor relations, public affairs and certain executive compensation. In the first quarter of 2023, we revised our primary measure of segment financial performance to exclude intangible amortization expense. We revised the presentation of the prior period to conform to the current period presentation. This change did not have a material impact to segment results. 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 March 31, (In millions) 2023 2022 Revenue: Fleet Management Solutions: ChoiceLease $ 776 $ 764 Commercial rental 304 306 SelectCare and other 182 148 FMS Europe — 64 Fuel services revenue 241 247 Fleet Management Solutions 1,503 1,529 Supply Chain Solutions 1,201 1,089 Dedicated Transportation Solutions 454 425 Eliminations (1) (206) (189) Total revenue $ 2,952 $ 2,854 Earnings from continuing operations before income taxes: Fleet Management Solutions $ 182 $ 249 Supply Chain Solutions 17 43 Dedicated Transportation Solutions 29 20 Eliminations (25) (26) 203 286 Unallocated Central Support Services (15) (16) Intangible amortization expense (2) (9) (10) Non-operating pension costs, net (3) (10) (3) Other items impacting comparability, net (4) 32 (5) Earnings from continuing operations before income taxes $ 201 $ 252 ———————————— (1) Represents the elimination of intercompany revenue in our FMS business segment. (2) Included within "Selling, general and administrative expenses" in our Condensed Consolidated Statements of Earnings. (3) Refer to Note 13, "Employee Benefit Plans," for a discussion on this item. (4) Refer to Note 14, "Other Items Impacting Comparability," for a discussion of items excluded from our primary measure of segment performance. During the first quarter of 2023, we identified impairment indicators primarily associated with specialized sortation and conveyor equipment used in the warehouse operations of a specific SCS customer. The impairment indicators were triggered by the credit deterioration and eventual bankruptcy of this customer in April 2023. These events resulted in a significant decline in the current forecasted operating cash flows associated with the equipment. We performed an asset impairment test under the income-based approach using a discounted cash flow method of valuation and determined we had an impairment of $30 million. Events and/or changes in circumstances may occur in the near term resulting in a change in management’s estimates of undiscounted cash flows. Any such events or changes could ultimately impact the amount of the impairment loss. In the fourth quarter of 2022, we were notified by this customer of their intent to early terminate operations at one of their distribution centers and we recorded an impairment charge of $20 million in the fourth quarter of 2022. The following table sets forth the capital expenditures paid for each of our segments: Three months ended March 31, (In millions) 2023 2022 Fleet Management Solutions $ 621 $ 551 Supply Chain Solutions 12 26 Dedicated Transportation Solutions — — Central Support Services 8 7 Purchases of property and revenue earning equipment $ 641 $ 584

REVENUE

REVENUE	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE Disaggregation of Revenue The following tables disaggregate our revenue recognized by primary geographical market by our reportable business segments and by industry for SCS. Refer to Note 2, "Segment Reporting," for the disaggregation of our revenue by major products/service lines. Primary Geographical Markets Three months ended March 31, 2023 (In millions) FMS SCS DTS Eliminations Total United States $ 1,426 $ 1,069 $ 454 $ (196) $ 2,753 Canada 77 62 — (10) 129 Mexico — 70 — — 70 Total revenue $ 1,503 $ 1,201 $ 454 $ (206) $ 2,952 Three months ended March 31, 2022 (In millions) FMS SCS DTS Eliminations Total United States $ 1,388 $ 971 $ 425 $ (179) $ 2,605 Canada 77 60 — (10) 127 Europe 64 — — — 64 Mexico — 58 — — 58 Total revenue $ 1,529 $ 1,089 $ 425 $ (189) $ 2,854 Industry Beginning in the first quarter of 2023, we introduced the omnichannel retail industry to provide better visibility to the revenue mix following recent acquisitions and organic growth. This new vertical includes retail, e-commerce, last mile services, and technology. Our SCS business segment included revenue from the following industries: Three months ended March 31, (In millions) 2023 2022 Omnichannel retail $ 453 $ 418 Automotive 393 354 Consumer packaged goods 227 196 Industrial and other 128 121 Total SCS revenue $ 1,201 $ 1,089 Lease & Related Maintenance and Rental Revenue The non-lease revenue from maintenance services related to our ChoiceLease product is recognized in "Lease & related maintenance and rental revenue" in the Condensed Consolidated Statements of Earnings. For the three months ended March 31, 2023 and 2022, we recognized $243 million and $257 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: Three months ended March 31, (In millions) 2023 2022 Balance as of beginning of period $ 544 $ 593 Recognized as revenue during period from beginning balance (56) (60) Consideration deferred during period, net 43 48 Foreign currency translation adjustment and other 2 — Balance as of end of period $ 533 $ 581 Contracted Not Recognized Revenue Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized (contracted not recognized revenue). Contracted not recognized revenue was $2.4 billion as of March 31, 2023, and primarily includes deferred revenue and amounts for ChoiceLease maintenance revenue that will be recognized as revenue in future periods as we provide maintenance services to our customers.

RECEIVABLES, NET

RECEIVABLES, NET	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
RECEIVABLES, NET	RECEIVABLES, NET (In millions) March 31, 2023 December 31, 2022 Trade $ 1,468 $ 1,476 Sales-type lease 137 120 Other, primarily warranty and insurance 114 55 1,719 1,651 Allowance for credit losses and other (37) (41) Receivables, net $ 1,682 $ 1,610 The following table provides a reconciliation of our allowance for credit losses and other: Three months ended March 31, (In millions) 2023 2022 Balance as of beginning of period $ 41 $ 31 Changes to provisions for credit losses 8 4 Write-offs and other (12) (7) Balance as of end of period $ 37 $ 28

REVENUE EARNING EQUIPMENT, NET

REVENUE EARNING EQUIPMENT, NET	3 Months Ended
	Mar. 31, 2023
Revenue Earning Equipment [Abstract]
REVENUE EARNING EQUIPMENT, NET	REVENUE EARNING EQUIPMENT, NET Estimated Useful Lives (In Years) March 31, 2023 December 31, 2022 (Dollars in millions) Cost Accumulated Net Cost Accumulated Net Held for use: Trucks 3 — 7 $ 5,303 $ (2,133) $ 3,170 $ 5,282 $ (2,114) $ 3,168 Tractors 4 — 7.5 7,142 (3,096) 4,046 7,153 (3,153) 4,000 Trailers and other 9.5 — 12 1,615 (693) 922 1,610 (690) 920 Held for sale (1) 463 (348) 115 388 (286) 102 Total $ 14,523 $ (6,270) $ 8,253 $ 14,433 $ (6,243) $ 8,190 ———————————— (1) Revenue earning equipment held for sale where net book values exceed fair values are adjusted to fair value on a nonrecurring basis and these adjustments are considered Level 3 fair value measurements. The fair value of revenue earning equipment held for sale adjusted with Level 3 fair value measurements were $4 million and $3 million as of March 31, 2023, and December 31, 2022, respectively. The net book value of all other assets held for sale were below fair value. 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. For the three months ended March 31, 2023 and 2022, we did not adjust the estimated residual values and useful lives of existing revenue earning equipment. Used Vehicle S ales and Valuation Adjustments Revenue earning equipment held for sale is stated at the lower of carrying amount or fair value less costs to sell. Losses on vehicles held for sale for which carrying values exceeded fair value, which we refer to as "valuation adjustments," are recognized at the time they are deemed to meet the held for sale criteria and are presented within "Used vehicle sales, net" in the Condensed Consolidated Statements of Earnings. For revenue earning equipment held for sale, we stratify our fleet by vehicle type (trucks, tractors and trailers), weight class, age and other relevant characteristics and create classes of similar assets for analysis purposes. For revenue earning equipment held for sale, fair value was determined based upon recent market prices obtained from our own sales experience for each class of similar assets and vehicle condition, if available, or third-party market pricing. In addition, we also consider expected declines in market prices when valuing the vehicles held for sale, as well as forecasted sales channel mix (retail/wholesale). The components of "Used vehicle sales, net" were as follows: Three months ended March 31, (In millions) 2023 2022 Gains on vehicle sales, net (1) $ (75) $ (115) Losses from valuation adjustments 3 2 Used vehicle sales, net $ (72) $ (113) ———————————— (1) For the three months ended March 31, 2023 and 2022, gains on vehicle sales, net includes $2 million and $8 million, respectively, related to the exit of the FMS U.K.business.

ACCRUED EXPENSES AND OTHER LIAB

ACCRUED EXPENSES AND OTHER LIABILITIES	3 Months Ended
	Mar. 31, 2023
Accrued Liabilities and Other Liabilities [Abstract]
ACCRUED EXPENSES AND OTHER LIABILITIES	ACCRUED EXPENSES AND OTHER LIABILITIES March 31, 2023 December 31, 2022 (In millions) Accrued Non-Current Total Accrued Non-Current Total Salaries and wages $ 131 $ — $ 131 $ 259 $ — $ 259 Deferred compensation 5 86 91 5 80 85 Pension and other employee benefits 14 181 195 29 179 208 Insurance obligations, primarily self-insured 179 296 475 179 309 488 Operating taxes 137 — 137 132 — 132 Interest 41 — 41 41 — 41 Deposits, mainly from customers 81 — 81 84 — 84 Operating lease liabilities 187 506 693 191 541 732 Deferred revenue (1) 184 349 533 178 366 544 Other 142 89 231 102 93 195 Total $ 1,101 $ 1,507 $ 2,608 $ 1,200 $ 1,568 $ 2,768 ————————————

LEASES

LEASES	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
LEASES	LEASES The components of revenue from leases were as follows: Three months ended March 31, (In millions) 2023 2022 Operating leases Lease income related to ChoiceLease $ 360 $ 382 Lease income related to commercial rental (1) $ 288 $ 298 Sales-type leases Interest income related to net investment in leases $ 15 $ 11 Variable lease income excluding commercial rental (1) $ 72 $ 74 ———————————— (1) Lease income related to commercial rental includes both fixed and variable lease income. Variable lease income is approximately 15% to 20% of total commercial rental income. The components of net investment in sales-type leases, which are included in "Receivables, net" and "Sales-type leases and other assets" in the Condensed Consolidated Balance Sheets, were as follows: (In millions) March 31, 2023 December 31, 2022 Net investment in the lease — lease payment receivable $ 738 $ 598 Net investment in the lease — unguaranteed residual value in assets 55 43 793 641 Estimated loss allowance (5) (6) Total $ 788 $ 635
LEASES	LEASES The components of revenue from leases were as follows: Three months ended March 31, (In millions) 2023 2022 Operating leases Lease income related to ChoiceLease $ 360 $ 382 Lease income related to commercial rental (1) $ 288 $ 298 Sales-type leases Interest income related to net investment in leases $ 15 $ 11 Variable lease income excluding commercial rental (1) $ 72 $ 74 ———————————— (1) Lease income related to commercial rental includes both fixed and variable lease income. Variable lease income is approximately 15% to 20% of total commercial rental income. The components of net investment in sales-type leases, which are included in "Receivables, net" and "Sales-type leases and other assets" in the Condensed Consolidated Balance Sheets, were as follows: (In millions) March 31, 2023 December 31, 2022 Net investment in the lease — lease payment receivable $ 738 $ 598 Net investment in the lease — unguaranteed residual value in assets 55 43 793 641 Estimated loss allowance (5) (6) Total $ 788 $ 635

DEBT

DEBT	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
DEBT	DEBT Weighted Average Interest Rate (Dollars in millions) March 31, 2023 Maturities March 31, 2023 December 31, 2022 Debt: U.S. commercial paper 5.02% 2026 $ 457 $ 672 Canadian commercial paper — 2026 — — Trade receivables financing program 5.60% 2023 215 50 Global revolving credit facility — 2026 — — Unsecured U.S. obligations 4.16% 2027 375 375 Unsecured medium-term note issued February 2018 — 2023 — 450 Unsecured medium-term note issued June 2018 3.75% 2023 450 450 Unsecured medium-term note issued October 2018 3.88% 2023 300 300 Unsecured medium-term note issued February 2019 3.65% 2024 600 600 Unsecured medium-term note issued August 2019 2.50% 2024 550 550 Unsecured medium-term note issued April 2020 4.63% 2025 400 400 Unsecured medium-term note issued May 2020 3.35% 2025 400 400 Unsecured medium-term note issued December 1995 6.95% 2025 150 150 Unsecured medium-term note issued November 2021 (1) 5.50% 2026 274 270 Unsecured medium-term note issued November 2019 2.90% 2026 400 400 Unsecured medium-term note issued February 2022 (1) 4.16% 2027 436 434 Unsecured medium-term note issued May 2022 4.30% 2027 300 300 Unsecured medium-term note issued February 2023 5.65% 2028 500 — Unsecured foreign obligations 2.88% 2024 50 50 Asset-backed U.S. obligations (2) 3.06% 2023-2029 460 477 Finance lease obligations and other 2023-2041 43 42 6,361 6,370 Debt issuance costs and original issue discounts (21) (18) Total debt (3) 6,340 6,352 Short-term debt and current portion of long-term debt (1,674) (1,349) Long-term debt $ 4,666 $ 5,003 ———————————— (1) Includes impact from the fair market values of hedging instruments on our notes, which was $39 million as of March 31, 2023, and $47 million as of December 31, 2022, and was included in "Other non-current liabilities" within the unaudited Condensed Consolidated Balance Sheets. The notional amount of interest rate swaps designated as fair value hedges was $500 million and $450 million as of March 31, 2023 and December 31, 2022, respectively. (2) Asset-backed U.S. obligations are related to financing transactions backed by a portion of our revenue earning equipment. (3) The unsecured medium-term notes bear semi-annual interest. The fair value of total debt (excluding finance lease and asset-backed U.S. obligations) was approximately $5.9 billion and $5.7 billion as of March 31, 2023 and December 31, 2022, respectively. For publicly-traded debt, estimates of fair value were based on market prices. For other debt, fair value was estimated based on a model-driven approach using rates currently available to us for debt with similar terms and remaining maturities. The fair value measurements of our publicly-traded debt and our other debt were classified within Level 2 of the fair value hierarchy. As of March 31, 2023, there was $943 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 March 31, 2023, the ratio was 156%. On April 25, 2023, certain terms of our global revolving credit facility were amended. Pursuant to the amendment, among other items, (i) the definition of consolidated net worth was revised to exclude impacts from our exit of the FMS U.K. business, (ii) LIBOR was replaced as an available benchmark interest rate with Term SOFR, and (iii) the maximum absolute dollar amounts for our trade receivables financing program and asset-backed financings were removed and only percentage-based maximum amounts remain. We had letters of credit and surety bonds outstanding of $515 million and $513 million as of March 31, 2023 and December 31, 2022, respectively, which primarily guarantee the payment of insurance claims. As of March 31, 2023, the available proceeds under the trade receivables financing program were $1 million. As of March 31, 2023, utilization of the credit facility included borrowing of $215 million and letters of credit outstanding of $84 million. On April 24, 2023, we extended the trade receivables financing program for an additional year to April 2024. The following table summarizes our debt proceeds and repayments in 2023: Three months ended March 31, 2023 (In millions) Debt Proceeds Debt Repayments Medium-term notes (1) $ 499 Medium-term notes $ 450 U.S. and foreign term loans, finance lease obligations and other 165 U.S. and foreign term loans, finance lease obligations and other 21 Total debt proceeds $ 664 Total debt repaid $ 471 _______________ (1) Proceeds from medium-term notes presented net of discount and issuance costs. Debt proceeds were used to repay maturing debt and for general corporate purposes. If the unsecured medium-term notes are downgraded below investment grade following, or as a result of, a change in control, the note holders can require us to repurchase all or a portion of the notes at a purchase price equal to 101% of principal value plus accrued and unpaid interest.

SHARE REPURCHASE PROGRAMS

SHARE REPURCHASE PROGRAMS	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
SHARE REPURCHASE PROGRAMS	SHARE REPURCHASE PROGRAMS We maintain two share repurchase programs. The first program authorizes management to repurchase up to 2.5 million shares of common stock, issued to employees under our 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 our employee stock plans. The 2021 Anti-Dilutive Program commenced October 14, 2021 and expires October 14, 2023. In February 2023, our board of directors authorized a new discretionary share repurchase program to grant management discretion to repurchase up to 2 million shares of common stock over a period of two years (the "2023 Discretionary Program"). Share repurchases under both programs can be made from time to time using our working capital and a variety of methods, includ ing open-market transactions and trading plans established pursuant to Rule 10b5-1 of the Securities Exchange Act of 1934. The timing and actual number of shares repurchased are subject to market conditions, legal requirements and other factors, including balance sheet leverage, availability of acquisitions and stock price. During the three months ended March 31, 2023, we repurchased 0.5 million shares for $45 million under the 2021 Anti-Dilutive Program and did not repurchase any shares under the 2023 Discretionary Program. During the three months ended March 31, 2022, we did not repurchase any shares under the 2021 Anti-Dilutive Program. In February 2022, our board of directors authorized an accelerated share repurchase program to repurchase up to $300 million of common stock, with final settlement scheduled to occur no later than the end of October 2022. During the three months ended March 31, 2022, we remitted $300 million to our agent for the accelerated share repurchase program. We received an initial share amount of approximately 3 million, representing approximately 80% of the total notional value of the accelerated share repurchase agreement.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	ACCUMULATED OTHER COMPREHENSIVE LOSS Comprehensive income presents a measure of all changes in shareholders’ equity except for changes resulting from transactions with shareholders in their capacity as shareholders. The following summary sets forth the components of Accumulated other comprehensive loss, net of tax: Three months ended March 31, (In millions) 2023 2022 Cumulative translation adjustments $ (224) $ (159) Net actuarial loss and prior service cost (561) (524) Unrealized gain from cash flow hedges 3 1 Accumulated other comprehensive loss $ (782) $ (682)

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2023
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 March 31, (Dollars in millions, except per share amounts; share amounts in thousands) 2023 2022 Earnings per share — Basic: (1) Earnings from continuing operations $ 140 $ 176 Less: Distributed and undistributed earnings allocated to unvested stock (1) (1) Earnings from continuing operations available to common shareholders $ 139 $ 175 Weighted average common shares outstanding 46,377 51,097 Earnings from continuing operations per common share — Basic $ 3.00 $ 3.42 Earnings per share — Diluted: (1) Earnings from continuing operations $ 140 $ 176 Less: Distributed and undistributed earnings allocated to unvested stock — — Earnings from continuing operations available to common shareholders — Diluted $ 140 $ 176 Weighted average common shares outstanding — Basic 46,377 51,097 Effect of dilutive equity awards 1,097 1,379 Weighted average common shares outstanding — Diluted 47,474 52,476 Earnings from continuing operations per common share — Diluted $ 2.95 $ 3.35 Anti-dilutive equity awards not included in diluted EPS 627 461 _______________ (1) Amounts in the table may not recalculate exactly due to rounding of earnings and shares.

SHARE-BASED COMPENSATION PLANS

SHARE-BASED COMPENSATION PLANS	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION PLANS	SHARE-BASED COMPENSATION PLANS We general ly grant share-based awards in the first quarter of each year during our annual equity award process. The vesting conditions for the awards granted were consistent with prior year. The following table is a summary of the awards granted in the first quarter of 2023: (Shares in millions) Shares Granted Weighted-Average Time-vested restricted stock rights 0.2 $ 96.38 Performance-based restricted stock rights 0.1 101.25 Total 0.3 $ 98.16

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	3 Months Ended
	Mar. 31, 2023
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS Components of net pension expense were as follows: Three months ended March 31, (In millions) 2023 2022 Company-administered plans: Interest cost $ 22 $ 16 Expected return on plan assets (19) (19) Amortization of net actuarial loss and prior service cost 7 6 Net pension expense $ 10 $ 3 Company-administered plans: U.S. $ 8 $ 3 Non-U.S. 2 — Net pension expense $ 10 $ 3 Non-operating pension costs, net include the amortization of net actuarial loss and prior service cost, interest cost and expected return on plan assets components of pension and po stretirement benefit costs, as well as any significant charges for settlements or curtailments if recognized. We do not expect to contribute to our pension plans for the year 2023. We also maintain other postretirement benefit plans that are not reflected in the table above as the amount of postretirement benefit expense for such plans was not material for any period presented.

OTHER ITEMS IMPACTING COMPARABI

OTHER ITEMS IMPACTING COMPARABILITY	3 Months Ended
	Mar. 31, 2023
Other Income and Expenses [Abstract]
OTHER ITEMS IMPACTING COMPARABILITY	OTHER ITEMS IMPACTING COMPARABILITY Our primary measure of segment performance as shown in Note 2, "Segment Reporting," excludes unallocated corporate costs, intangible amortization expense, and certain items we do not believe are representative of the ongoing operations of our business segments. Excluding these other items from our segment measure of performance allows for better year over year comparison: Three months ended March 31, (In millions) 2023 2022 FMS Europe results (1) $ 4 $ — Gains on sale of U.K. revenue earning equipment (2) (2) (8) Gains on sale of U.K. properties (3) (5) (1) Commercial claims proceeds, net of fees (1) (31) 7 Severance and other, net (1) 3 3 FMS U.K. exit (31) 1 Other, net (1) (1) 4 Other items impacting comparability $ (32) $ 5 ________________________ (1) Included within "Restructuring and other items, net" in our Condensed Consolidated Statements of Earnings. (2) Included within "Used vehicle sales, net" in our Condensed Consolidated Statements of Earnings. (3) Included within "Miscellaneous income, net" in our Condensed Consolidated Statements of Earnings.

CONTINGENCIES AND OTHER MATTERS

CONTINGENCIES AND OTHER MATTERS	3 Months Ended
	Mar. 31, 2023
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. On April 18, 2023, the parties reached an agreement in principle to resolve this action, subject to the execution of definitive settlement documentation and court approval. We expect that the settlement amount will be covered by insurance, and accordingly is not material to our financial position or results of operations. 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 the allegations set forth in the Securities Class Action complaint and allege

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	3 Months Ended
	Mar. 31, 2023
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	SUPPLEMENTAL CASH FLOW INFORMATION Three months ended March 31, (In millions) 2023 2022 Interest paid $ 63 $ 48 Income taxes paid $ 17 $ 9 Cash paid for operating lease liabilities $ 55 $ 42 Right-of-use assets obtained in exchange for lease obligations: Finance leases $ 5 $ 4 Operating leases $ 14 $ 49 Capital expenditures acquired but not yet paid $ 361 $ 257

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, (In millions) 2023 2022 Revenue: Fleet Management Solutions: ChoiceLease $ 776 $ 764 Commercial rental 304 306 SelectCare and other 182 148 FMS Europe — 64 Fuel services revenue 241 247 Fleet Management Solutions 1,503 1,529 Supply Chain Solutions 1,201 1,089 Dedicated Transportation Solutions 454 425 Eliminations (1) (206) (189) Total revenue $ 2,952 $ 2,854 Earnings from continuing operations before income taxes: Fleet Management Solutions $ 182 $ 249 Supply Chain Solutions 17 43 Dedicated Transportation Solutions 29 20 Eliminations (25) (26) 203 286 Unallocated Central Support Services (15) (16) Intangible amortization expense (2) (9) (10) Non-operating pension costs, net (3) (10) (3) Other items impacting comparability, net (4) 32 (5) Earnings from continuing operations before income taxes $ 201 $ 252 ———————————— (1) Represents the elimination of intercompany revenue in our FMS business segment. (2) Included within "Selling, general and administrative expenses" in our Condensed Consolidated Statements of Earnings. (3) Refer to Note 13, "Employee Benefit Plans," for a discussion on this item. (4) Refer to Note 14, "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 March 31, (In millions) 2023 2022 Fleet Management Solutions $ 621 $ 551 Supply Chain Solutions 12 26 Dedicated Transportation Solutions — — Central Support Services 8 7 Purchases of property and revenue earning equipment $ 641 $ 584

REVENUE (Tables)

REVENUE (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Revenue from External Customers by Geographic Areas	The following tables disaggregate our revenue recognized by primary geographical market by our reportable business segments and by industry for SCS. Refer to Note 2, "Segment Reporting," for the disaggregation of our revenue by major products/service lines. Primary Geographical Markets Three months ended March 31, 2023 (In millions) FMS SCS DTS Eliminations Total United States $ 1,426 $ 1,069 $ 454 $ (196) $ 2,753 Canada 77 62 — (10) 129 Mexico — 70 — — 70 Total revenue $ 1,503 $ 1,201 $ 454 $ (206) $ 2,952 Three months ended March 31, 2022 (In millions) FMS SCS DTS Eliminations Total United States $ 1,388 $ 971 $ 425 $ (179) $ 2,605 Canada 77 60 — (10) 127 Europe 64 — — — 64 Mexico — 58 — — 58 Total revenue $ 1,529 $ 1,089 $ 425 $ (189) $ 2,854
Schedule of Disaggregation of Revenue	Our SCS business segment included revenue from the following industries: Three months ended March 31, (In millions) 2023 2022 Omnichannel retail $ 453 $ 418 Automotive 393 354 Consumer packaged goods 227 196 Industrial and other 128 121 Total SCS revenue $ 1,201 $ 1,089
Schedule of Deferred Revenue	The following table includes the changes in deferred revenue due to the collection and deferral of cash or the satisfaction of our performance obligation under the contract: Three months ended March 31, (In millions) 2023 2022 Balance as of beginning of period $ 544 $ 593 Recognized as revenue during period from beginning balance (56) (60) Consideration deferred during period, net 43 48 Foreign currency translation adjustment and other 2 — Balance as of end of period $ 533 $ 581

RECEIVABLES, NET (Tables)

RECEIVABLES, NET (Tables)	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Schedule of Receivables, Net	(In millions) March 31, 2023 December 31, 2022 Trade $ 1,468 $ 1,476 Sales-type lease 137 120 Other, primarily warranty and insurance 114 55 1,719 1,651 Allowance for credit losses and other (37) (41) Receivables, net $ 1,682 $ 1,610
Schedule of Allowance for Credit Loss	The following table provides a reconciliation of our allowance for credit losses and other: Three months ended March 31, (In millions) 2023 2022 Balance as of beginning of period $ 41 $ 31 Changes to provisions for credit losses 8 4 Write-offs and other (12) (7) Balance as of end of period $ 37 $ 28

REVENUE EARNING EQUIPMENT, NET

REVENUE EARNING EQUIPMENT, NET (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue Earning Equipment [Abstract]
Schedule of Revenue Earning Equipment	Estimated Useful Lives (In Years) March 31, 2023 December 31, 2022 (Dollars in millions) Cost Accumulated Net Cost Accumulated Net Held for use: Trucks 3 — 7 $ 5,303 $ (2,133) $ 3,170 $ 5,282 $ (2,114) $ 3,168 Tractors 4 — 7.5 7,142 (3,096) 4,046 7,153 (3,153) 4,000 Trailers and other 9.5 — 12 1,615 (693) 922 1,610 (690) 920 Held for sale (1) 463 (348) 115 388 (286) 102 Total $ 14,523 $ (6,270) $ 8,253 $ 14,433 $ (6,243) $ 8,190 ———————————— (1) Revenue earning equipment held for sale where net book values exceed fair values are adjusted to fair value on a nonrecurring basis and these adjustments are considered Level 3 fair value measurements. The fair value of revenue earning equipment held for sale adjusted with Level 3 fair value measurements were $4 million and $3 million as of March 31, 2023, and December 31, 2022, respectively. The net book value of all other assets held for sale were below fair value.
Schedule of Gain and Losses Revenue Earning Equipment	The components of "Used vehicle sales, net" were as follows: Three months ended March 31, (In millions) 2023 2022 Gains on vehicle sales, net (1) $ (75) $ (115) Losses from valuation adjustments 3 2 Used vehicle sales, net $ (72) $ (113) ———————————— (1) For the three months ended March 31, 2023 and 2022, gains on vehicle sales, net includes $2 million and $8 million, respectively, related to the exit of the FMS U.K.business.

ACCRUED EXPENSES AND OTHER LI_2

ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2023
Accrued Liabilities and Other Liabilities [Abstract]
Schedule of Accrued Expenses and Other Liabilities	March 31, 2023 December 31, 2022 (In millions) Accrued Non-Current Total Accrued Non-Current Total Salaries and wages $ 131 $ — $ 131 $ 259 $ — $ 259 Deferred compensation 5 86 91 5 80 85 Pension and other employee benefits 14 181 195 29 179 208 Insurance obligations, primarily self-insured 179 296 475 179 309 488 Operating taxes 137 — 137 132 — 132 Interest 41 — 41 41 — 41 Deposits, mainly from customers 81 — 81 84 — 84 Operating lease liabilities 187 506 693 191 541 732 Deferred revenue (1) 184 349 533 178 366 544 Other 142 89 231 102 93 195 Total $ 1,101 $ 1,507 $ 2,608 $ 1,200 $ 1,568 $ 2,768 ————————————

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Schedule of Componenets of Revenue from Leases	The components of revenue from leases were as follows: Three months ended March 31, (In millions) 2023 2022 Operating leases Lease income related to ChoiceLease $ 360 $ 382 Lease income related to commercial rental (1) $ 288 $ 298 Sales-type leases Interest income related to net investment in leases $ 15 $ 11 Variable lease income excluding commercial rental (1) $ 72 $ 74 ————————————
Schedule of Components of Net Investment in Leases	The components of net investment in sales-type leases, which are included in "Receivables, net" and "Sales-type leases and other assets" in the Condensed Consolidated Balance Sheets, were as follows: (In millions) March 31, 2023 December 31, 2022 Net investment in the lease — lease payment receivable $ 738 $ 598 Net investment in the lease — unguaranteed residual value in assets 55 43 793 641 Estimated loss allowance (5) (6) Total $ 788 $ 635

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Debt	Weighted Average Interest Rate (Dollars in millions) March 31, 2023 Maturities March 31, 2023 December 31, 2022 Debt: U.S. commercial paper 5.02% 2026 $ 457 $ 672 Canadian commercial paper — 2026 — — Trade receivables financing program 5.60% 2023 215 50 Global revolving credit facility — 2026 — — Unsecured U.S. obligations 4.16% 2027 375 375 Unsecured medium-term note issued February 2018 — 2023 — 450 Unsecured medium-term note issued June 2018 3.75% 2023 450 450 Unsecured medium-term note issued October 2018 3.88% 2023 300 300 Unsecured medium-term note issued February 2019 3.65% 2024 600 600 Unsecured medium-term note issued August 2019 2.50% 2024 550 550 Unsecured medium-term note issued April 2020 4.63% 2025 400 400 Unsecured medium-term note issued May 2020 3.35% 2025 400 400 Unsecured medium-term note issued December 1995 6.95% 2025 150 150 Unsecured medium-term note issued November 2021 (1) 5.50% 2026 274 270 Unsecured medium-term note issued November 2019 2.90% 2026 400 400 Unsecured medium-term note issued February 2022 (1) 4.16% 2027 436 434 Unsecured medium-term note issued May 2022 4.30% 2027 300 300 Unsecured medium-term note issued February 2023 5.65% 2028 500 — Unsecured foreign obligations 2.88% 2024 50 50 Asset-backed U.S. obligations (2) 3.06% 2023-2029 460 477 Finance lease obligations and other 2023-2041 43 42 6,361 6,370 Debt issuance costs and original issue discounts (21) (18) Total debt (3) 6,340 6,352 Short-term debt and current portion of long-term debt (1,674) (1,349) Long-term debt $ 4,666 $ 5,003 ———————————— (1) Includes impact from the fair market values of hedging instruments on our notes, which was $39 million as of March 31, 2023, and $47 million as of December 31, 2022, and was included in "Other non-current liabilities" within the unaudited Condensed Consolidated Balance Sheets. The notional amount of interest rate swaps designated as fair value hedges was $500 million and $450 million as of March 31, 2023 and December 31, 2022, respectively. (2) Asset-backed U.S. obligations are related to financing transactions backed by a portion of our revenue earning equipment. (3) The unsecured medium-term notes bear semi-annual interest. The following table summarizes our debt proceeds and repayments in 2023: Three months ended March 31, 2023 (In millions) Debt Proceeds Debt Repayments Medium-term notes (1) $ 499 Medium-term notes $ 450 U.S. and foreign term loans, finance lease obligations and other 165 U.S. and foreign term loans, finance lease obligations and other 21 Total debt proceeds $ 664 Total debt repaid $ 471 _______________ (1) Proceeds from medium-term notes presented net of discount and issuance costs.

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	3 Months Ended
	Mar. 31, 2023
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: Three months ended March 31, (In millions) 2023 2022 Cumulative translation adjustments $ (224) $ (159) Net actuarial loss and prior service cost (561) (524) Unrealized gain from cash flow hedges 3 1 Accumulated other comprehensive loss $ (782) $ (682)

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, (Dollars in millions, except per share amounts; share amounts in thousands) 2023 2022 Earnings per share — Basic: (1) Earnings from continuing operations $ 140 $ 176 Less: Distributed and undistributed earnings allocated to unvested stock (1) (1) Earnings from continuing operations available to common shareholders $ 139 $ 175 Weighted average common shares outstanding 46,377 51,097 Earnings from continuing operations per common share — Basic $ 3.00 $ 3.42 Earnings per share — Diluted: (1) Earnings from continuing operations $ 140 $ 176 Less: Distributed and undistributed earnings allocated to unvested stock — — Earnings from continuing operations available to common shareholders — Diluted $ 140 $ 176 Weighted average common shares outstanding — Basic 46,377 51,097 Effect of dilutive equity awards 1,097 1,379 Weighted average common shares outstanding — Diluted 47,474 52,476 Earnings from continuing operations per common share — Diluted $ 2.95 $ 3.35 Anti-dilutive equity awards not included in diluted EPS 627 461 _______________ (1) Amounts in the table may not recalculate exactly due to rounding of earnings and shares.

SHARE-BASED COMPENSATION PLANS

SHARE-BASED COMPENSATION PLANS (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Share-based Compensation, Activity	The following table is a summary of the awards granted in the first quarter of 2023: (Shares in millions) Shares Granted Weighted-Average Time-vested restricted stock rights 0.2 $ 96.38 Performance-based restricted stock rights 0.1 101.25 Total 0.3 $ 98.16

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	3 Months Ended
	Mar. 31, 2023
Retirement Benefits [Abstract]
Schedule of Components of Net Periodic Benefit Cost	Components of net pension expense were as follows: Three months ended March 31, (In millions) 2023 2022 Company-administered plans: Interest cost $ 22 $ 16 Expected return on plan assets (19) (19) Amortization of net actuarial loss and prior service cost 7 6 Net pension expense $ 10 $ 3 Company-administered plans: U.S. $ 8 $ 3 Non-U.S. 2 — Net pension expense $ 10 $ 3

OTHER ITEMS IMPACTING COMPARA_2

OTHER ITEMS IMPACTING COMPARABILITY (Tables)	3 Months Ended
	Mar. 31, 2023
Other Income and Expenses [Abstract]
Schedule of Other Items Impacting Comparability	Excluding these other items from our segment measure of performance allows for better year over year comparison: Three months ended March 31, (In millions) 2023 2022 FMS Europe results (1) $ 4 $ — Gains on sale of U.K. revenue earning equipment (2) (2) (8) Gains on sale of U.K. properties (3) (5) (1) Commercial claims proceeds, net of fees (1) (31) 7 Severance and other, net (1) 3 3 FMS U.K. exit (31) 1 Other, net (1) (1) 4 Other items impacting comparability $ (32) $ 5 ________________________ (1) Included within "Restructuring and other items, net" in our Condensed Consolidated Statements of Earnings. (2) Included within "Used vehicle sales, net" in our Condensed Consolidated Statements of Earnings. (3) Included within "Miscellaneous income, net" in our Condensed Consolidated Statements of Earnings.

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2023
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Information	Three months ended March 31, (In millions) 2023 2022 Interest paid $ 63 $ 48 Income taxes paid $ 17 $ 9 Cash paid for operating lease liabilities $ 55 $ 42 Right-of-use assets obtained in exchange for lease obligations: Finance leases $ 5 $ 4 Operating leases $ 14 $ 49 Capital expenditures acquired but not yet paid $ 361 $ 257

GENERAL (Details)

GENERAL (Details)	3 Months Ended
	Mar. 31, 2023 segment
Accounting Changes and Error Corrections [Abstract]
Number of segments	3

SEGMENT REPORTING - Schedule of

SEGMENT REPORTING - Schedule of Segment Revenue and Net Before Tax Information by Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Segment Reporting Information [Line Items]
Lease & related maintenance and rental revenue	$ 979		$ 1,025
Revenues	2,952		2,854
Earnings from continuing operations before taxes	203		286
Non-operating pension costs, net	(10)		(3)
Other items impacting comparability, net	25		(14)
Earnings from continuing operations before income taxes	201		252
Supply Chain Solutions
Segment Reporting Information [Line Items]
Revenues	1,201		1,089
Impairment	30	$ 20
Operating Segments | Fleet Management Solutions
Segment Reporting Information [Line Items]
Revenues	1,503		1,529
Earnings from continuing operations before taxes	182		249
Operating Segments | Fleet Management Solutions | ChoiceLease
Segment Reporting Information [Line Items]
Lease & related maintenance and rental revenue	776		764
Operating Segments | Fleet Management Solutions | Commercial rental
Segment Reporting Information [Line Items]
Lease & related maintenance and rental revenue	304		306
Operating Segments | Fleet Management Solutions | SelectCare and other
Segment Reporting Information [Line Items]
Lease & related maintenance and rental revenue	182		148
Operating Segments | Fleet Management Solutions | FMS Europe
Segment Reporting Information [Line Items]
Lease & related maintenance and rental revenue	0		64
Operating Segments | Fleet Management Solutions | Fuel services revenue
Segment Reporting Information [Line Items]
Revenues	241		247
Operating Segments | Supply Chain Solutions
Segment Reporting Information [Line Items]
Revenues	1,201		1,089
Earnings from continuing operations before taxes	17		43
Operating Segments | Dedicated Transportation Solutions
Segment Reporting Information [Line Items]
Revenues	454		425
Earnings from continuing operations before taxes	29		20
Eliminations
Segment Reporting Information [Line Items]
Revenues	(206)		(189)
Earnings from continuing operations before taxes	(25)		(26)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Unallocated Central Support Services	(15)		(16)
Intangible amortization expense	(9)		(10)
Non-operating pension costs, net	(10)		(3)
Other items impacting comparability, net	$ 32		$ (5)

SEGMENT REPORTING - Schedule _2

SEGMENT REPORTING - Schedule of Financial Information of Business Segments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Segment Reporting Information [Line Items]
Capital expenditures paid	$ 641		$ 584
Supply Chain Solutions
Segment Reporting Information [Line Items]
Impairment	30	$ 20
Operating Segments | Fleet Management Solutions
Segment Reporting Information [Line Items]
Capital expenditures paid	621		551
Operating Segments | Supply Chain Solutions
Segment Reporting Information [Line Items]
Capital expenditures paid	12		26
Operating Segments | Dedicated Transportation Solutions
Segment Reporting Information [Line Items]
Capital expenditures paid	0		0
Segment Reconciling Items
Segment Reporting Information [Line Items]
Capital expenditures paid	$ 8		$ 7

REVENUE - Disaggregation of Rev

REVENUE - Disaggregation of Revenue - Schedule of Revenue from External Customers by Geographic Areas (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenues	$ 2,952	$ 2,854
United States
Disaggregation of Revenue [Line Items]
Revenues	2,753	2,605
Canada
Disaggregation of Revenue [Line Items]
Revenues	129	127
Europe
Disaggregation of Revenue [Line Items]
Revenues		64
Mexico
Disaggregation of Revenue [Line Items]
Revenues	70	58
SCS
Disaggregation of Revenue [Line Items]
Revenues	1,201	1,089
Operating Segments | FMS
Disaggregation of Revenue [Line Items]
Revenues	1,503	1,529
Operating Segments | FMS | United States
Disaggregation of Revenue [Line Items]
Revenues	1,426	1,388
Operating Segments | FMS | Canada
Disaggregation of Revenue [Line Items]
Revenues	77	77
Operating Segments | FMS | Europe
Disaggregation of Revenue [Line Items]
Revenues		64
Operating Segments | FMS | Mexico
Disaggregation of Revenue [Line Items]
Revenues	0	0
Operating Segments | SCS
Disaggregation of Revenue [Line Items]
Revenues	1,201	1,089
Operating Segments | SCS | United States
Disaggregation of Revenue [Line Items]
Revenues	1,069	971
Operating Segments | SCS | Canada
Disaggregation of Revenue [Line Items]
Revenues	62	60
Operating Segments | SCS | Europe
Disaggregation of Revenue [Line Items]
Revenues		0
Operating Segments | SCS | Mexico
Disaggregation of Revenue [Line Items]
Revenues	70	58
Operating Segments | DTS
Disaggregation of Revenue [Line Items]
Revenues	454	425
Operating Segments | DTS | United States
Disaggregation of Revenue [Line Items]
Revenues	454	425
Operating Segments | DTS | Canada
Disaggregation of Revenue [Line Items]
Revenues	0	0
Operating Segments | DTS | Europe
Disaggregation of Revenue [Line Items]
Revenues		0
Operating Segments | DTS | Mexico
Disaggregation of Revenue [Line Items]
Revenues	0	0
Eliminations
Disaggregation of Revenue [Line Items]
Revenues	(206)	(189)
Eliminations | United States
Disaggregation of Revenue [Line Items]
Revenues	(196)	(179)
Eliminations | Canada
Disaggregation of Revenue [Line Items]
Revenues	(10)	(10)
Eliminations | Europe
Disaggregation of Revenue [Line Items]
Revenues		0
Eliminations | Mexico
Disaggregation of Revenue [Line Items]
Revenues	$ 0	$ 0

REVENUE - Schedule of Disaggreg

REVENUE - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenues	$ 2,952	$ 2,854
SCS
Disaggregation of Revenue [Line Items]
Revenues	1,201	1,089
Omnichannel retail | SCS
Disaggregation of Revenue [Line Items]
Revenues	227	418
Automotive | SCS
Disaggregation of Revenue [Line Items]
Revenues	453	354
Consumer packaged goods | SCS
Disaggregation of Revenue [Line Items]
Revenues	393	196
Industrial and other | SCS
Disaggregation of Revenue [Line Items]
Revenues	$ 128	$ 121

REVENUE - Narrative (Details)

REVENUE - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Lease & related maintenance and rental revenue	$ 979	$ 1,025
Contract with customer, revenue, remaining performance obligation	2,400
Maintenance Services
Disaggregation of Revenue [Line Items]
Lease & related maintenance and rental revenue	$ 243	$ 257

REVENUE - Schedule of Deferred

REVENUE - Schedule of Deferred Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Contract With Customer Liability [Roll Forward]
Balance as of beginning of period	$ 544	$ 593
Recognized as revenue during period from beginning balance	(56)	(60)
Consideration deferred during period, net	43	48
Foreign currency translation adjustment and other	2	0
Balance as of end of period	$ 533	$ 581

RECEIVABLES, NET - Schedule of

RECEIVABLES, NET - Schedule of Receivables, Net (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Receivables [Abstract]
Trade	$ 1,468	$ 1,476
Sales-type lease	137	120
Other, primarily warranty and insurance	114	55
Receivables, gross	1,719	1,651
Allowance for credit losses and other	(37)	(41)
Receivables, net	$ 1,682	$ 1,610

RECEIVABLES, NET - Schedule o_2

RECEIVABLES, NET - Schedule of Allowance for Credit Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance as of beginning of period	$ 41	$ 31
Changes to provisions for credit losses	8	4
Write-offs and other	(12)	(7)
Balance as of end of period	$ 37	$ 28

REVENUE EARNING EQUIPMENT, NE_2

REVENUE EARNING EQUIPMENT, NET - Schedule of Revenue Earning Equipment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Revenue Earning Equipment [Line Items]
Cost	$ 14,523	$ 14,433
Accumulated Depreciation	(6,270)	(6,243)
Net	8,253	8,190
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring
Revenue Earning Equipment [Line Items]
Assets held for sale	$ 4	3
Trucks
Revenue Earning Equipment [Line Items]
Estimated Useful Lives (In Years) , Minimum	3 years
Estimated Useful Lives (In Years) , Maximum	7 years
Cost	$ 5,303	5,282
Accumulated Depreciation	(2,133)	(2,114)
Net	$ 3,170	3,168
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	$ 7,142	7,153
Accumulated Depreciation	(3,096)	(3,153)
Net	$ 4,046	4,000
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	$ 1,615	1,610
Accumulated Depreciation	(693)	(690)
Net	922	920
Held-for-sale [Member]
Revenue Earning Equipment [Line Items]
Cost	463	388
Accumulated Depreciation	(348)	(286)
Net	$ 115	$ 102

REVENUE EARNING EQUIPMENT, NE_3

REVENUE EARNING EQUIPMENT, NET - Schedule of Gain and Losses Revenue Earning Equipment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue Earning Equipment [Line Items]
Gains on vehicle sales, net	$ (75)	$ (115)
Losses from valuation adjustments	3	2
Used vehicle sales, net	(72)	(113)
Gain on sale of properties	$ 2	$ 8

ACCRUED EXPENSES AND OTHER LI_3

ACCRUED EXPENSES AND OTHER LIABILITIES (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Accrued Expenses
Salaries and wages	$ 131	$ 259
Deferred compensation	5	5
Pension and other employee benefits	14	29
Insurance obligations, primarily self-insured	179	179
Operating taxes	137	132
Interest	41	41
Deposits, mainly from customers	81	84
Operating lease liabilities	187	191
Deferred revenue	184	178
Other	142	102
Total	1,101	1,200
Non-Current Liabilities
Salaries and wages	0	0
Deferred compensation	86	80
Pension and other employee benefits	181	179
Insurance obligations, primarily self-insured	296	309
Operating taxes	0	0
Interest	0	0
Deposits, mainly from customers	0	0
Operating lease liabilities	506	541
Deferred revenue	349	366
Other	89	93
Total	1,507	1,568
Total
Salaries and wages	131	259
Deferred compensation	91	85
Pension benefits	195	208
Insurance obligations, primarily self-insured	475	488
Operating taxes	137	132
Interest	41	41
Deposits, mainly from customers	81	84
Operating lease liabilities	693	732
Deferred revenue	533	544	$ 581	$ 593
Other	231	195
Total	$ 2,608	$ 2,768

LEASES - Schedule of Components

LEASES - Schedule of Components of Revenue from Leases (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating leases
Lease income related to ChoiceLease	$ 360	$ 382
Lease income related to commercial rental	288	298
Sales-type leases
Interest income related to net investment in leases	15	11
Variable lease income excluding commercial rental	$ 72	$ 74
Minimum
Sales-type leases
Variable lease income as a percent of commercial rental income (as percent)	15%
Maximum
Sales-type leases
Variable lease income as a percent of commercial rental income (as percent)	20%

LEASES - Schedule of Componen_2

LEASES - Schedule of Components of Net Investment in Leases (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Net investment in the lease — lease payment receivable	$ 738	$ 598
Net investment in the lease — unguaranteed residual value in assets	55	43
Net investment in the lease, gross	793	641
Estimated loss allowance	(5)	(6)
Total	$ 788	$ 635

DEBT - Schedule of Debt (Detail

DEBT - Schedule of Debt (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Debt:
Debt, gross	$ 6,361,000,000	$ 6,370,000,000
Debt issuance costs and original issue discounts	(21,000,000)	(18,000,000)
Total debt	6,340,000,000	6,352,000,000
Short-term debt and current portion of long-term debt	(1,674,000,000)	(1,349,000,000)
Long-term debt	4,666,000,000	5,003,000,000
Impact on fair value hedging instruments	39,000,000	47,000,000
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	5.02%
Debt, gross	$ 457,000,000	672,000,000
Canadian commercial paper
Debt:
Weighted Average Interest Rate	0%
Debt, gross	$ 0	0
Trade receivables financing program
Debt:
Weighted Average Interest Rate	5.60%
Debt, gross	$ 215,000,000	50,000,000
Global revolving credit facility
Debt:
Weighted Average Interest Rate	0%
Debt, gross	$ 0	0
Unsecured U.S. obligations
Debt:
Weighted Average Interest Rate	4.16%
Debt, gross	$ 375,000,000	375,000,000
Unsecured medium-term note issued February 2018
Debt:
Weighted Average Interest Rate	0%
Debt, gross	$ 0	450,000,000
Unsecured medium-term note issued June 2018
Debt:
Weighted Average Interest Rate	3.75%
Debt, gross	$ 450,000,000	450,000,000
Unsecured medium-term note issued October 2018
Debt:
Weighted Average Interest Rate	3.88%
Debt, gross	$ 300,000,000	300,000,000
Unsecured medium-term note issued February 2019
Debt:
Weighted Average Interest Rate	3.65%
Debt, gross	$ 600,000,000	600,000,000
Unsecured medium-term note issued August 2019
Debt:
Weighted Average Interest Rate	2.50%
Debt, gross	$ 550,000,000	550,000,000
Unsecured medium-term note issued April 2020
Debt:
Weighted Average Interest Rate	4.63%
Debt, gross	$ 400,000,000	400,000,000
Unsecured medium-term note issued May 2020
Debt:
Weighted Average Interest Rate	3.35%
Debt, gross	$ 400,000,000	400,000,000
Unsecured medium-term note issued December 1995
Debt:
Weighted Average Interest Rate	6.95%
Debt, gross	$ 150,000,000	150,000,000
Unsecured medium-term note issued November 2021
Debt:
Weighted Average Interest Rate	5.50%
Debt, gross	$ 274,000,000	270,000,000
Unsecured medium-term note issued November 2019
Debt:
Weighted Average Interest Rate	2.90%
Debt, gross	$ 400,000,000	400,000,000
Unsecured medium-term note issued February 2022
Debt:
Weighted Average Interest Rate	4.16%
Debt, gross	$ 436,000,000	434,000,000
Unsecured medium-term note issued May 2022
Debt:
Weighted Average Interest Rate	4.30%
Debt, gross	$ 300,000,000	300,000,000
Unsecured medium-term note issued February 2023
Debt:
Weighted Average Interest Rate	5.65%
Debt, gross	$ 500,000,000	0
Unsecured foreign obligations
Debt:
Weighted Average Interest Rate	2.88%
Debt, gross	$ 50,000,000	50,000,000
Asset-backed U.S. obligations
Debt:
Weighted Average Interest Rate	3.06%
Debt, gross	$ 460,000,000	477,000,000
Finance lease obligations and other
Debt:
Debt, gross	43,000,000	$ 42,000,000
U.K. Pension Plan Letter of Credit
Debt:
Debt, gross	$ 84,000,000

DEBT - Narrative (Details)

DEBT - Narrative (Details) $ in Millions	1 Months Ended
	Aug. 31, 2021	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Fair value of total debt		$ 5,900	$ 5,700
Redemption price, percentage	101%
Debt, gross		$ 6,361	6,370
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		$ 943
Debt to consolidated tangible net worth ratio		1.56
Letters of credit and surety bonds outstanding		$ 515	513
Debt, gross		0	0
Trade receivables financing program
Debt Instrument [Line Items]
Available proceeds under program		1
Debt, gross		215	$ 50
U.K. Pension Plan Letter of Credit
Debt Instrument [Line Items]
Debt, gross		$ 84

DEBT - Debt Proceeds and Repaym

DEBT - Debt Proceeds and Repayments (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Debt Instrument [Line Items]
Debt Proceeds	$ 664
Debt Repayments	471
Medium-term Notes
Debt Instrument [Line Items]
Debt Proceeds	499
Debt Repayments	450
U.S. and foreign term loans, finance lease obligations and other
Debt Instrument [Line Items]
Debt Proceeds	165
Debt Repayments	$ 21

SHARE REPURCHASE PROGRAMS (Deta

SHARE REPURCHASE PROGRAMS (Details) $ in Millions		3 Months Ended
	Oct. 14, 2021 program shares	Mar. 31, 2023 USD ($) shares	Mar. 31, 2022 USD ($) shares	Feb. 28, 2022 USD ($)
Accelerated Share Repurchases [Line Items]
Common stock repurchases and retired | $		$ 45	$ 300
Common Stock
Accelerated Share Repurchases [Line Items]
Number of repurchase programs | program	2
Repurchased and retired shares (in shares)		465,000	3,052,000
Common stock repurchases and retired | $			$ 1
2021 Anti-Dilutive Program | Common Stock
Accelerated Share Repurchases [Line Items]
Maximum number of share repurchases authorization (in shares)	2,500,000
Repurchased and retired shares (in shares)		500,000
Common stock repurchases and retired | $		$ 45
2023 Discretionary Program | Common Stock
Accelerated Share Repurchases [Line Items]
Maximum number of share repurchases authorization (in shares)	2,000,000
Maximum period granted for shares repurchased (in yeas)	2 years
Repurchased and retired shares (in shares)		0
Accelerated Share Repurchase Agreement | Common Stock
Accelerated Share Repurchases [Line Items]
Stock repurchase program, authorized amount | $				$ 300
Amount remitted to agent | $		$ 300
Initial share amount received (in shares)		3,000,000
Total notional value, percentage		80%

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shareholders' equity	$ 3,005	$ 2,937	$ 2,649	$ 2,798
Cumulative translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shareholders' equity	(224)		(159)
Net actuarial loss and prior service cost
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shareholders' equity	(561)		(524)
Unrealized gain from cash flow hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shareholders' equity	3		1
Accumulated other comprehensive loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shareholders' equity	$ (782)	$ (796)	$ (682)	$ (689)

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings per share — Basic:
Earnings from continuing operations	$ 140	$ 176
Less: Distributed and undistributed earnings allocated to unvested stock	(1)	(1)
Earnings from continuing operations available to common shareholders	$ 139	$ 175
Weighted average common shares outstanding - Basic (in shares)	46,377	51,097
Earnings from continuing operations per common share — Basic (in dollars per share)	$ 3	$ 3.42
Earnings per share — Diluted:
Earnings from continuing operations	$ 140	$ 176
Less: Distributed and undistributed earnings allocated to unvested stock	0	0
Earnings from continuing operations available to common shareholders — Diluted	$ 140	$ 176
Weighted average common shares outstanding - Basic (in shares)	46,377	51,097
Effect of dilutive equity awards (in shares)	1,097	1,379
Weighted average common shares outstanding — Diluted (in shares)	47,474	52,476
Earnings from continuing operations per common share - Diluted (in dollars per share)	$ 2.95	$ 3.35
Anti-dilutive equity awards not included in diluted EPS (in shares)	627	461

SHARE-BASED COMPENSATION PLAN_2

SHARE-BASED COMPENSATION PLANS - Schedule of Share-based Compensation, Activity (Details) shares in Millions	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Granted (in shares) | shares	0.3
Weighted-Average Fair Market Value Per Share (in dollars per share) | $ / shares	$ 98.16
Time-vested restricted stock rights
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Granted (in shares) | shares	0.2
Weighted-Average Fair Market Value Per Share (in dollars per share) | $ / shares	$ 96.38
Performance-based restricted stock rights
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Granted (in shares) | shares	0.1
Weighted-Average Fair Market Value Per Share (in dollars per share) | $ / shares	$ 101.25

EMPLOYEE BENEFIT PLANS - Schedu

EMPLOYEE BENEFIT PLANS - Schedule of Components of Net Periodic Benefit Cost (Details) - Pension Plan - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Net pension expense	$ 10	$ 3
Company-administered plans
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Interest cost	22	16
Expected return on plan assets	(19)	(19)
Amortization of net actuarial loss and prior service cost	7	6
Company-administered plans | U.S.
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Net pension expense	8	3
Company-administered plans | Non-U.S.
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Net pension expense	$ 2	$ 0

OTHER ITEMS IMPACTING COMPARA_3

OTHER ITEMS IMPACTING COMPARABILITY - Schedule of Other Items Impacting Comparability (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Restructuring Cost and Reserve [Line Items]
FMS Europe results	$ 4	$ 0
Gain on sale of properties	(2)	(8)
Commercial claims proceeds, net of fees	(31)	7
Severance and other, net	3	3
FMS U.K. exit	(31)	1
Other, net	(1)	4
Other items impacting comparability	(32)	5
U.K. | Trading Revenue
Restructuring Cost and Reserve [Line Items]
Gain on sale of properties	(2)	(8)
U.K. | Miscellaneous (Income) Loss, Net
Restructuring Cost and Reserve [Line Items]
Gain on sale of properties	$ (5)	$ (1)

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 Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Interest paid	$ 63	$ 48
Income taxes paid	17	9
Cash paid for operating lease liabilities	55	42
Right-of-use assets obtained in exchange for lease obligations:
Finance leases	5	4
Operating leases	14	49
Capital expenditures acquired but not yet paid	$ 361	$ 257