10-Q 1 r-20220331.htm 10-Q r-20220331
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM                      TO                     
Commission File Number: 1-4364

r-20220331_g1.jpg
RYDER SYSTEM, INC.
(Exact name of registrant as specified in its charter)
Florida59-0739250
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
11690 N.W. 105th Street
Miami,Florida33178
(305) 500-3726
(Address of principal executive offices, including zip code)(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Ryder System, Inc. Common Stock ($0.50 par value)RNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes         No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes         No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No   
The number of shares of Ryder System, Inc. Common Stock outstanding at March 31, 2022 was 51,136,680.




RYDER SYSTEM, INC.
FORM 10-Q QUARTERLY REPORT
TABLE OF CONTENTS
 

i

PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
RYDER SYSTEM, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited)
 
 Three months ended March 31,
 20222021
 (In thousands, except per share amounts)
Lease & related maintenance and rental revenues$1,024,985 $940,422 
Services revenue1,669,538 1,165,488 
Fuel services revenue159,339 115,712 
 Total revenues2,853,862 2,221,622 
Cost of lease & related maintenance and rental698,841 730,144 
Cost of services1,446,709 999,792 
Cost of fuel services157,647 114,706 
Other operating expenses38,794 33,900 
Selling, general and administrative expenses303,215 241,742 
Non-operating pension costs, net2,787 (9)
Used vehicle sales, net(112,994)(28,851)
Interest expense52,364 54,706 
Miscellaneous (income) loss, net374 (5,434)
Restructuring and other items, net14,254 10,659 
2,601,991 2,151,355 
Earnings from continuing operations before income taxes251,871 70,267 
Provision for income taxes76,049 18,683 
Earnings from continuing operations175,822 51,584 
Loss from discontinued operations, net of tax(235)(759)
Net earnings$175,587 $50,825 
Earnings (loss) per common share — Basic
Continuing operations$3.42 $0.98 
Discontinued operations (0.01)
Net earnings$3.42 $0.97 
Earnings (loss) per common share — Diluted
Continuing operations$3.35 $0.97 
Discontinued operations (0.01)
Net earnings$3.35 $0.95 
See accompanying Notes to Condensed Consolidated Financial Statements.
Note: EPS amounts may not be additive due to rounding.


1



RYDER SYSTEM, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited)
 Three months ended March 31,
 20222021
 (In thousands)
Net earnings$175,587 $50,825 
Other comprehensive income:
Changes in cumulative translation adjustment and unrealized losses from cash flow hedges2,624 8,940 
Amortization of pension and postretirement items
5,844 7,016 
Income tax expense related to amortization of pension and postretirement items
(1,222)(1,518)
Amortization of pension and postretirement items, net of taxes4,622 5,498 
Other comprehensive income, net of taxes7,246 14,438 
Comprehensive income$182,833 $65,263 

See accompanying Notes to Condensed Consolidated Financial Statements.

2

RYDER SYSTEM, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
 
March 31,
2022
December 31,
2021
 (In thousands, except
share amounts)
Assets:
Current assets:
Cash and cash equivalents$221,886 $233,961 
Receivables, net1,602,663 1,464,737 
Inventories74,827 68,677 
Prepaid expenses and other current assets212,792 693,239 
Total current assets2,112,168 2,460,614 
Revenue earning equipment, net
8,390,706 8,323,039 
Operating property and equipment, net of accumulated depreciation of $1,293,186 and $1,273,637
1,045,952 984,978 
Goodwill844,793 570,905 
Intangible assets, net
322,120 170,205 
Sales-type leases and other assets1,520,512 1,324,582 
Total assets$14,236,251 $13,834,323 
Liabilities and shareholders’ equity:
Current liabilities:
Short-term debt and current portion of long-term debt$1,559,928 $1,333,363 
Accounts payable867,322 747,898 
Accrued expenses and other current liabilities1,127,833 1,119,602 
Total current liabilities3,555,083 3,200,863 
Long-term debt5,220,848 5,246,306 
Other non-current liabilities1,436,724 1,314,404 
Deferred income taxes1,375,255 1,274,804 
Total liabilities11,587,910 11,036,377 
Commitments and contingencies (Note 16)
Shareholders’ equity:
Preferred stock, no par value per share — authorized, 3,800,917; none outstanding, March 31, 2022 and December 31, 2021
  
Common stock, $0.50 par value per share — authorized, 400,000,000; outstanding, March 31, 2022 — 51,136,680 and December 31, 2021 — 53,789,036
25,568 26,896 
Additional paid-in capital1,134,143 1,194,334 
Retained earnings2,170,625 2,265,957 
Accumulated other comprehensive loss(681,995)(689,241)
Total shareholders’ equity2,648,341 2,797,946 
Total liabilities and shareholders’ equity$14,236,251 $13,834,323 
See accompanying Notes to Condensed Consolidated Financial Statements.
3

RYDER SYSTEM, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)

Three months ended March 31,
20222021
(In thousands)
Cash flows from operating activities from continuing operations:
Net earnings$175,587 $50,825 
Less: Loss from discontinued operations, net of tax(235)(759)
Earnings from continuing operations175,822 51,584 
Depreciation expense429,740 461,162 
Used vehicle sales, net(112,994)(28,851)
Amortization expense and other non-cash charges, net31,463 15,133 
Non-cash lease expense45,131 23,250 
Non-operating pension costs, net and share-based compensation expense13,505 10,668 
Deferred income tax expense58,187 15,477 
Collections on sales-type leases33,586 30,374 
Changes in operating assets and liabilities:
Receivables(64,155)(4,597)
Inventories(6,078)1,070 
Prepaid expenses and other assets(15,038)892 
Accounts payable12,994 (25,642)
Accrued expenses and other non-current liabilities(136,459)(84,809)
Net cash provided by operating activities from continuing operations465,704 465,711 
Cash flows from investing activities from continuing operations:
Purchases of property and revenue earning equipment(584,289)(381,051)
Sales of revenue earning equipment222,696 154,144 
Sales of operating property and equipment2,864 2,357 
Acquisitions, net of cash acquired(424,754) 
Other (157)(1,412)
Net cash used in investing activities from continuing operations(783,640)(225,962)
Cash flows from financing activities from continuing operations:
Net borrowings (repayments) of commercial paper and other63,482 (130,763)
Debt proceeds649,708  
Debt repayments(492,851)(114,317)
Dividends on common stock(33,653)(31,257)
Common stock issued(11,952)(1,797)
Common stock repurchased(300,280)(19,444)
Other(4,122)(519)
Net cash used in financing activities from continuing operations(129,668)(298,097)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(3,846)(1,202)
Decrease in cash, cash equivalents and restricted cash from continuing operations(451,450)(59,550)
Increase (decrease) in cash, cash equivalents, and restricted cash from discontinued operations11 (6)
Decrease in cash, cash equivalents, and restricted cash(451,439)(59,556)
Cash, cash equivalents, and restricted cash at beginning of period673,325 151,294 
Cash, cash equivalents, and restricted cash at end of period$221,886 $91,738 
See accompanying Notes to Condensed Consolidated Financial Statements.
4

RYDER SYSTEM, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(unaudited)
Three months ended March 31, 2022
 Preferred
Stock
Common StockAdditional
Paid-In Capital
Retained EarningsAccumulated
Other
Comprehensive Loss
 
 AmountSharesParTotal
 (In thousands, except share amounts)
Balance as of January 1, 2022$ 53,789,036 $26,896 $1,194,334 $2,265,957 $(689,241)$2,797,946 
Comprehensive income    175,587 7,246 182,833 
Common stock dividends declared —$0.58 per share
    (30,924) (30,924)
Common stock purchased under employee stock award and stock purchase plans and other (1) (2)
 399,914 200 (12,152)  (11,952)
Common stock repurchases (3,052,270)(1,528)(58,757)(239,995) (300,280)
Share-based compensation   10,718  — 10,718 
Balance as of March 31, 2022$ 51,136,680 $25,568 $1,134,143 $2,170,625 $(681,995)$2,648,341 
Three months ended March 31, 2021
 Preferred
Stock
Common StockAdditional
Paid-In Capital
Retained EarningsAccumulated
Other
Comprehensive Loss
 
 AmountSharesParTotal
 (In thousands, except share amounts)
Balance as of January 1, 2021$ 53,732,033 $26,866 $1,132,954 $1,912,942 $(817,205)$2,255,557 
Comprehensive income— — — — 50,825 14,438 65,263 
Common stock dividends declared —$0.56 per share
— — — — (30,569)— (30,569)
Common stock purchased under employee stock award and stock purchase plans and other (1) (2)
— 426,311 213 (2,010)— — (1,797)
Common stock repurchases— (287,957)(144)(5,977)(13,323)— (19,444)
Share-based compensation— — — 10,677 — — 10,677 
Balance as of March 31, 2021$ 53,870,387 $26,935 $1,135,644 $1,919,875 $(802,767)$2,279,687 

(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.
See accompanying Notes to Condensed Consolidated Financial Statements.








5

RYDER SYSTEM, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

1. 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.

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 and last mile and professional services in North America; and (3) Dedicated Transportation Solutions (DTS), which provides turnkey transportation solutions in the U.S. that includes dedicated vehicles, drivers, management, and administrative support. Dedicated transportation services provided as part of an operationally integrated, multi-service, supply chain solution to SCS customers are primarily reported in the SCS business segment. 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.

2. RECENT ACCOUNTING PRONOUNCEMENTS

Reference Rate Reform

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

Leases

In July 2021, the FASB issued ASU No. 2021-05, Lessor - Certain Leases with Variable Lease Payments (Topic 842).
This update requires lessors to classify leases as operating leases if they have variable lease payments that do not depend on an
index or rate and would have selling losses if they were classified as sales-type or direct financing leases. The update is
effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. Entities are
permitted to apply this amendment using the retrospective or prospective approach. On January 1, 2022 we adopted the amendment on a prospective basis and it did not have a material impact on our consolidated financial position, results of operations, and cash flows.

Business Combinations

In October 2021, the FASB issued ASU No. 2021-08, Accounting for Contract Assets and Contract Liabilities - Business
Combinations (Topic 805). This update requires companies to apply Revenue from Contracts with Customers (Topic 606) to
recognize and measure contract assets and contract liabilities from contracts with customers acquired in a business combination.
Additionally, the update clarifies that companies should apply the definition of a performance obligation in Topic 606 when
recognizing contract liabilities assumed in a business combination. The standard is effective for fiscal years beginning after
December 15, 2022, and interim periods within those fiscal years, with early adoption permitted. We will adopt this update on January 1, 2023 and are currently evaluating the impact on our consolidated financial position, results of operations, and cash flows.

6

RYDER SYSTEM, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(unaudited)

3. 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 March 31,
20222021
(In thousands)
Revenue:
Fleet Management Solutions:
ChoiceLease$802,342 $797,088 
Commercial rental313,154 223,009 
SelectCare and other166,651 148,016 
Fuel services and ChoiceLease liability insurance (1)
247,081 167,372 
Fleet Management Solutions1,529,228 1,335,485 
Supply Chain Solutions1,088,542 706,700 
Dedicated Transportation Solutions424,948 320,507 
Eliminations (2)
(188,856)(141,070)
Total revenues$2,853,862 $2,221,622 
Earnings From Continuing Operations Before Income Taxes:
Fleet Management Solutions$248,199 $63,402 
Supply Chain Solutions34,219 32,957 
Dedicated Transportation Solutions20,211 12,982 
Eliminations(26,590)(12,274)
276,039 97,067 
Unallocated Central Support Services(16,004)(18,432)
Non-operating pension costs, net (3)
(2,787)9 
Other items impacting comparability, net (4)
(5,377)(8,377)
Earnings from continuing operations before income taxes$251,871 $70,267 
————————————
(1)In the first quarter of 2021, we completed the previously announced exit of the extension of our liability insurance coverage for ChoiceLease customers.
(2)Represents the elimination of intercompany revenues in our FMS business segment.
(3)Refer to Note 14, "Employee Benefit Plans," for a discussion on these items.
(4)Refer to Note 15, “Other Items Impacting Comparability,” for a discussion of items excluded from our primary measure of segment performance.

7

RYDER SYSTEM, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(unaudited)
The following table sets forth the capital expenditures paid for each of our segments:
Three months ended March 31,
20222021
(In thousands)
Fleet Management Solutions$551,090 $367,708 
Supply Chain Solutions25,950 8,530 
Dedicated Transportation Solutions339 306 
Central Support Services6,910 4,507 
Purchases of property and revenue earning equipment$584,289 $381,051 


4. REVENUE
Disaggregation of Revenue

The following tables disaggregate our revenue recognized by primary geographical market by our reportable business segments and by industry for SCS. Refer to Note 3, "Segment Reporting," for the disaggregation of our revenue by major products/service lines.

Primary Geographical Markets
Three months ended March 31, 2022
FMSSCSDTSEliminationsTotal
(In thousands)
United States$1,388,043 $971,200 $424,948 $(179,400)$2,604,791 
Canada77,529 59,628  (9,456)127,701 
Europe (1)
63,656    63,656 
Mexico 57,714   57,714 
Total revenues$1,529,228 $1,088,542 $424,948 $(188,856)$2,853,862 

(1)Refer to Note 15, "Other Items Impacting Comparability," for further information on the exit of the FMS U.K. business.

Three months ended March 31, 2021
FMSSCSDTSEliminationsTotal
(In thousands)
United States$1,197,984 $601,298 $320,507 $(136,727)$1,983,062 
Canada70,413 56,088  (4,343)122,158 
Europe67,088    67,088 
Mexico 49,314   49,314 
Total revenues$1,335,485 $706,700 $320,507 $(141,070)$2,221,622 









8

RYDER SYSTEM, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(unaudited)



Industry

Our SCS business segment included revenue from the below industries:
Three months ended March 31,
20222021
(In thousands)
Consumer packaged goods and retail$500,298 $273,224 
Automotive354,237 271,555 
Technology and healthcare121,322 97,085 
Industrial and other112,685 64,836 
Total SCS Revenues$1,088,542 $706,700 
Lease & Related Maintenance and Rental Revenues
The non-lease revenue from maintenance services related to our ChoiceLease product is recognized in "Lease & related maintenance and rental revenues" in the Condensed Consolidated Statements of Earnings. For the three months ended March 31, 2022 and 2021, we recognized $257 million and $250 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,
20222021
(In thousands)
Balance as of beginning of period$593,442 $629,739 
  Recognized as revenue during period from beginning balance(59,659)(59,031)
  Consideration deferred during period, net48,007 51,759 
  Foreign currency translation adjustment and other(994)709 
Balance as of end of period$580,796 $623,176 
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, 2022, and primarily includes deferred revenue and amounts for full service ChoiceLease maintenance revenue that will be recognized as revenue in future periods as we provide maintenance services to our customers. Contracted not recognized revenue excludes (1) variable consideration as it is not included in the transaction price consideration allocated at contract inception, (2) revenues from the lease component of our ChoiceLease product and all the revenue from the commercial rental product, (3) revenues from contracts with an original duration of one year or less, including SelectCare contracts, and (4) revenue from SCS, DTS and other contracts where there are remaining performance obligations when we have the right to invoice but the revenue to be recognized in the future corresponds directly with the value delivered to the customer.


9

RYDER SYSTEM, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(unaudited)
5. RECEIVABLES, NET
March 31, 2022December 31, 2021
(In thousands)
Trade$1,431,315 $1,280,766 
Sales-type leases145,874 148,134 
Other, primarily warranty and insurance53,607 67,141 
1,630,796 1,496,041 
Allowance for credit losses and other(28,133)(31,304)
Total
$1,602,663 $1,464,737 


The following table provides a reconciliation of our allowance for credit losses and other:
Three months ended March 31,
20222021
(In thousands)
Balance as of beginning of period$31,304 $43,024 
Changes to provisions for credit losses3,533 (1,800)
Write-offs and other(6,704)(4,024)
Balance as of end of period$28,133 $37,200 

6. REVENUE EARNING EQUIPMENT, NET
 Estimated Useful LivesMarch 31, 2022December 31, 2021
 CostAccumulated
Depreciation
Net
CostAccumulated
Depreciation
Net
 (In years)(In thousands)
Held for use:
Trucks
3 — 7
$5,288,297 $(2,089,227)$3,199,070 $5,223,127 $(2,055,135)$3,167,992 
Tractors
   47.5
7,247,049 (3,071,862)4,175,187 7,256,002 (3,059,206)4,196,796 
Trailers and other
9.512
1,839,053 (894,753)944,300 1,780,487 (868,820)911,667 
Held for sale273,321 (201,172)72,149 209,506 (162,922)46,584 
Total$14,647,720 $(6,257,014)$8,390,706 $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.

10

RYDER SYSTEM, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(unaudited)
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 March 31,
20222021
(In thousands)
Depreciation expense related to estimate changes$49,000 $88,000 
Used vehicle sales, net (1)
(113,000)(29,000)
(1)Used vehicle sales, net in the first quarter of 2022 included $8M of gains on sales of vehicles in the U.K. Refer to Note 15, "Other Items Impacting Comparability,"
Used Vehicle Sales and Valuation Adjustments
Revenue earning equipment held for sale is stated at the lower of carrying amount or fair value less costs to sell. Losses on vehicles held for sale for which carrying values 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 March 31,
March 31, 2022December 31, 202120222021
 (In thousands)
Revenue earning equipment held for sale (1):
Trucks$507 $931 $526 $890 
Tractors590 1,485 690 84 
Trailers and other263 1,309 280 2,047 
Total assets at fair value$1,360 $3,725 $1,496 $3,021 
 ————————————
(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 $71 million and $43 million as of March 31, 2022 and December 31, 2021, respectively.

The components of used vehicle sales, net were as follows:
 Three months ended March 31,
20222021
(In thousands)
Gains on vehicle sales, net$(114,490)$(31,872)
Losses from valuation adjustments1,496 3,021 
Used vehicle sales, net$(112,994)$(28,851)

11

RYDER SYSTEM, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(unaudited)
7. ACCRUED EXPENSES AND OTHER LIABILITIES
 March 31, 2022December 31, 2021
 Accrued
Expenses
Non-Current
Liabilities
TotalAccrued
Expenses
Non-Current
Liabilities
Total
 (In thousands)
Salaries and wages$155,887 $ $155,887 $210,350 $ $210,350 
Insurance obligations (1)
186,592 303,288 489,880 186,449 311,209 497,658 
Operating taxes (2)
171,496  171,496 165,680  165,680 
Deposits, mainly from customers95,153  95,153 94,547  94,547 
Operating lease liabilities152,211 384,846 537,057 100,232 255,573 355,805 
Deferred revenue (3)
181,316 399,480 580,796 182,785 410,657 593,442 
Other185,178 349,110 534,288 179,559 336,965 516,524 
Total$1,127,833 $1,436,724 $2,564,557 $1,119,602 $1,314,404 $2,434,006 
 ————————————
(1)Insurance obligations primarily represent self-insured claim liabilities.
(2)Operating taxes include the deferral of certain payroll taxes in current and non-current liabilities allowed under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).
(3)Refer to Note 4, "Revenue," for additional information.


8. LEASES
Leases as Lessor
The components of revenue from leases were as follows:
Three months ended March 31,
 20222021
 (In thousands)
Operating leases
Lease income related to ChoiceLease$381,545 $389,611 
Lease income related to commercial rental (1)
298,135 210,284 
Sales-type leases
Interest income related to net investment in leases$10,728 $14,415 
Variable lease income excluding commercial rental (1)
$74,220 $71,993 
————————————
(1)Lease income related to commercial rental includes both fixed and variable lease income. Variable lease income is approximately 15% to 25% of total commercial rental income.

12

RYDER SYSTEM, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(unaudited)
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:
March 31, 2022December 31, 2021
 (In thousands)
Net investment in the lease — lease payment receivable$576,109 $583,008 
Net investment in the lease — unguaranteed residual value in assets45,855 46,740 
$621,964 629,748 
Estimated loss allowance(2,506)(3,705)
Total$619,458 $626,043 

9. DEBT
 Weighted Average Interest Rate  
 March 31, 2022MaturitiesMarch 31,
2022
December 31,
2021
 (In thousands)
Debt:
U.S. commercial paper
0.69%2026$601,711 $531,157 
Canadian commercial paper
%2026 7,087 
Trade receivables financing program0.44%202250,000  
Global revolving credit facility
%2026  
Unsecured U.S. obligations3.41%2024200,000 200,000 
Unsecured U.S. notes — Medium-term notes (1)
3.21%2022-20275,279,035 5,149,893 
Unsecured foreign obligations2.31%2022-2024117,487 140,265 
Asset-backed U.S. obligations (2)
2.63%2022-2026510,275 526,712 
Finance lease obligations and other2022-203044,102 44,595 
6,802,610 6,599,709 
Debt issuance costs and original issue discounts(21,834)(20,040)
Total debt6,780,776 6,579,669 
Short-term debt and current portion of long-term debt(1,559,928)(1,333,363)
Long-term debt$5,220,848 $5,246,306 
 ————————————
(1)Includes the impact from the fair market values of hedging instruments on our notes, which was $21 million as of March 31, 2022 and not material as of December 31, 2021. The notional amount of the executed interest rate swaps designated as fair value hedges was $650 million and $450 million as of March 31, 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 $6.4 billion and $6.2 billion as of March 31, 2022 and December 31, 2021, 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, 2022, there was $798 million available under the global 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, 2022, the ratio was