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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 SEPTEMBER 30, 2024
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

Image1.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.)
2333 Ponce de Leon Blvd., Suite 700
Coral Gables, Florida 33134
(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 filer☑Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerging 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 September 30, 2024, was 42,290,213.



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 September 30,Nine months ended September 30,
(In millions, except per share amounts)2024202320242023
Services revenue$2,097 $1,799 $6,248 $5,399 
Lease & related maintenance and rental revenue960 986 2,844 2,941 
Fuel services revenue111 139 355 420 
Total revenue3,168 2,924 9,447 8,760 
Cost of services1,774 1,524 5,311 4,638 
Cost of lease & related maintenance and rental646 666 1,960 2,001 
Cost of fuel services108 137 344 412 
Selling, general and administrative expenses368 347 1,113 1,053 
Non-operating pension costs, net10 10 31 30 
Used vehicle sales, net(15)(47)(54)(174)
Interest expense98 75 286 212 
Miscellaneous income, net(10)(5)(29)(36)
Currency translation adjustment loss— — — 188 
Restructuring and other items, net1 4 5 (22)
2,980 2,711 8,967 8,302 
Earnings from continuing operations before income taxes188 213 480 458 
Provision for income taxes45 53 126 176 
Earnings from continuing operations143 160 354 282 
(Loss) earnings from discontinued operations, net of taxes(1)1 — — 
Net earnings$142 $161 $354 $282 
Earnings (loss) per common share — Basic
Continuing operations$3.32 $3.51 $8.11 $6.11 
Discontinued operations(0.01)0.03 — 0.01 
Net earnings $3.30 $3.55 $8.11 $6.12 
Earnings (loss) per common share — Diluted
Continuing operations$3.25 $3.44 $7.96 $6.01 
Discontinued operations(0.01)0.03 — 0.01 
Net earnings $3.24 $3.47 $7.95 $6.02 
See accompanying Notes to Condensed Consolidated Financial Statements.
Note: Earnings per common share—basic (EPS) and/or earnings per common share—diluted (Diluted 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 September 30,Nine months ended September 30,
(In millions)2024202320242023
Net earnings$142 $161 $354 $282 
Other comprehensive (loss) income:
Changes in cumulative translation adjustment and unrealized gains from cash flow hedges, net of taxes
(12)(14)(40)202 
Amortization of pension and postretirement items8 7 23 20 
Income tax expense related to amortization of pension and postretirement items(3)(2)(6)(5)
Amortization of pension and postretirement items, net of taxes5 5 17 15 
Other comprehensive (loss) income, net of taxes(7)(9)(23)217 
Comprehensive income$135 $152 $331 $499 
See accompanying Notes to Condensed Consolidated Financial Statements.

2
RYDER SYSTEM, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited) 
(In millions, except share amounts)September 30,
2024		December 31,
2023
Assets:
Current assets:
Cash and cash equivalents$162 $204 
Receivables, net1,869 1,714 
Prepaid expenses and other current assets350 347 
Total current assets2,381 2,265 
Revenue earning equipment, net9,091 8,892 
Operating property and equipment, net of accumulated depreciation of $1,620 and $1,511
1,197 1,217 
Goodwill1,126 940 
Intangible assets, net480 396 
Operating lease right-of-use assets1,097 1,016 
Sales-type leases and other assets1,125 1,052 
Total assets$16,497 $15,778 
Liabilities and shareholders' equity:
Current liabilities:
Short-term debt and current portion of long-term debt$975 $1,583 
Accounts payable891 833 
Accrued expenses and other current liabilities1,345 1,233 
Total current liabilities3,211 3,649 
Long-term debt6,628 5,531 
Other non-current liabilities1,974 1,871 
Deferred income taxes1,628 1,658 
Total liabilities13,441 12,709 
Commitments and contingencies (Note 14)
Shareholders' equity:
Preferred stock, no par value per share — authorized, 3,800,917; none outstanding, September 30, 2024 and December 31, 2023
— — 
Common stock, $0.50 par value per share — authorized, 400,000,000; outstanding, September 30, 2024 — 42,290,213 and December 31, 2023 — 43,902,065
21 22 
Additional paid-in capital1,136 1,148 
Retained earnings2,577 2,554 
Accumulated other comprehensive loss(678)(655)
Total shareholders' equity3,056 3,069 
Total liabilities and shareholders' equity$16,497 $15,778 
See accompanying Notes to Condensed Consolidated Financial Statements.
3
RYDER SYSTEM, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
Nine months ended September 30,
(In millions)20242023
Cash flows from operating activities from continuing operations:
Net earnings
$354 $282 
Depreciation expense1,275 1,274 
Used vehicle sales, net(54)(174)
Currency translation adjustment loss— 188 
Amortization expense and other non-cash charges, net110 67 
Non-cash lease expense267 190 
Non-operating pension costs, net and share-based compensation expense63 63 
Deferred income tax expense(29)129 
Collections on sales-type leases111 91 
Changes in operating assets and liabilities:
Receivables(63)18 
Prepaid expenses and other assets15 (4)
Accounts payable(27)13 
Accrued expenses and other liabilities(315)(295)
Net cash provided by operating activities from continuing operations1,707 1,842 
Cash flows from investing activities from continuing operations:
Purchases of property and revenue earning equipment(1,922)(2,457)
Sales of revenue earning equipment414 587 
Sales of operating property and equipment19 60 
Acquisitions, net of cash acquired(313)— 
Other investing activities— (4)
Net cash used in investing activities from continuing operations(1,802)(1,814)
Cash flows from financing activities from continuing operations:
Net borrowings of commercial paper and other405 85 
Debt proceeds1,490 1,314 
Debt repayments(1,448)(1,144)
Dividends on common stock(101)(96)
Common stock issued6 1 
Common stock repurchased(282)(282)
Other financing activities(5)(4)
Net cash provided by (used in) financing activities from continuing operations65 (126)
Effect of exchange rate changes on Cash and cash equivalents(12)(10)
Decrease in Cash and cash equivalents(42)(108)
Cash and cash equivalents at beginning of period204 267 
Cash and cash equivalents at end of period$162 $159 

See accompanying Notes to Condensed Consolidated Financial Statements.
4
RYDER SYSTEM, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(unaudited)


Three months ended September 30, 2024
 Preferred
Stock		Common StockAdditional
Paid-In Capital		Retained EarningsAccumulated
Other
Comprehensive Loss		 
(In millions, except share amounts in thousands)AmountSharesParTotal
Balance as of July 1, 2024$— 43,283 $22 $1,141 $2,589 $(671)$3,081 
Comprehensive income— — — — 142 (7)135 
Common stock dividends declared —$0.81 per share
— — — — (36)— (36)
Common stock issued under employee stock award and stock purchase plans and other (1)
— 50 (1)7 — — 6 
Common stock repurchases— (1,043)— (23)(118)— (141)
Share-based compensation— — — 11 — — 11 
Balance as of September 30, 2024$— 42,290 $21 $1,136 $2,577 $(678)$3,056 

Three months ended September 30, 2023
 Preferred
Stock		Common StockAdditional
Paid-In Capital		Retained EarningsAccumulated
Other
Comprehensive Loss		 
(In millions, except share amounts in thousands)AmountSharesParTotal
Balance as of July 1, 2023$— 45,527 $23 $1,154 $2,489 $(570)$3,096 
Comprehensive income— — — — 161 (9)152 
Common stock dividends declared —$0.71 per share
— — — — (34)— (34)
Common stock issued under employee stock award and stock purchase plans and other (1)
— 281 — 21 — — 21 
Common stock repurchases— (1,486)(1)(37)(111)— (149)
Share-based compensation— — — 11 — — 11 
Balance as of September 30, 2023$— 44,322 $22 $1,149 $2,505 $(579)$3,097 
————————————
(1)Net of common shares delivered as payment for the exercise price or to satisfy the holders' withholding tax liability upon exercise of options.

See accompanying Notes to Condensed Consolidated Financial Statements.










5
RYDER SYSTEM, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(unaudited)



Nine months ended September 30, 2024
 Preferred
Stock		Common StockAdditional
Paid-In Capital		Retained EarningsAccumulated
Other
Comprehensive Loss		 
(In millions, except share amounts in thousands)AmountSharesParTotal
Balance as of January 1, 2024$— 43,902 $22 $1,148 $2,554 $(655)$3,069 
Comprehensive income— — — — 354 (23)331 
Common stock dividends declared —$2.23 per share
— — — — (100)— (100)
Common stock issued under employee stock award and stock purchase plans and other (1)
— 611 — 6 — — 6 
Common stock repurchases— (2,223)(1)(50)(231)— (282)
Share-based compensation— — — 32 — — 32 
Balance as of September 30, 2024$— 42,290 $21 $1,136 $2,577 $(678)$3,056 

Nine months ended September 30, 2023
 Preferred
Stock		Common StockAdditional
Paid-In Capital		Retained EarningsAccumulated
Other
Comprehensive Loss		 
(In millions, except share amounts in thousands)AmountSharesParTotal
Balance as of January 1, 2023$— 46,287 $23 $1,192 $2,518 $(796)$2,937 
Comprehensive income— — — — 282 217 499 
Common stock dividends declared —$1.95 per share
— — — — (93)— (93)
Common stock purchased under employee stock option and stock purchase plans and other (1)
— 1,066 1 — 2 — 3 
Common stock repurchases— (3,031)(2)(76)(204)— (282)
Share-based compensation— — — 33 — — 33 
Balance as of September 30, 2023$— 44,322 $22 $1,149 $2,505 $(579)$3,097 
————————————
(1)Net of common shares delivered as payment for the exercise price or to satisfy the holders' withholding tax liability upon exercise of options.


See accompanying Notes to Condensed Consolidated Financial Statements.


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

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.


2. SEGMENT REPORTING

Our primary measurement of segment financial performance, defined as segment "Earnings from continuing operations before income taxes" (EBT), includes an allocation of costs from Central Support Services (CSS) and excludes Non-operating pension costs, net, intangible amortization expense, and certain other items as discussed in Note 13, "Other Items Impacting Comparability." The objective of the EBT measurement is to provide clarity on the profitability of each business segment and, ultimately, to hold leadership of each business segment accountable for their allocated share of CSS costs. Certain costs are not attributable to any segment and remain unallocated in CSS, including costs for investor relations, public affairs and certain executive compensation. Segment results are not necessarily indicative of the results of operations that would have occurred had each segment been an independent, stand-alone entity during the periods presented.

7
RYDER SYSTEM, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

The following table sets forth financial information for each of our segments and provides a reconciliation between segment EBT and Earnings from continuing operations before income taxes:

Three months ended September 30,Nine months ended September 30,
(In millions)2024202320242023
Revenue:
Fleet Management Solutions:
ChoiceLease$857 $799 $2,556 $2,356 
Commercial rental251 293 726 898 
SelectCare and other173 174 526 528 
Fuel services revenue189 221 595 667 
Fleet Management Solutions1,470 1,487 4,403 4,449 
Supply Chain Solutions1,317 1,194 3,960 3,574 
Dedicated Transportation Solutions633 448 1,831 1,342 
Eliminations (1)
(252)(205)(747)(605)
Total revenue$3,168 $2,924 $9,447 $8,760 
Earnings from continuing operations before income taxes:
Fleet Management Solutions$132 $169 $365 $531 
Supply Chain Solutions93 81 242 174 
Dedicated Transportation Solutions36 28 91 90 
Eliminations(34)(23)(97)(73)
227 255 601 722 
Unallocated Central Support Services(17)(20)(52)(54)
Intangible amortization expense (2)
(11)(8)(33)(25)
Non-operating pension costs, net (3)
(10)(10)(31)(30)
Other items impacting comparability, net (4)
(1)(4)(5)(155)
Earnings from continuing operations before income taxes$188 $213 $480 $458 
————————————
(1)Represents the elimination of intercompany revenue in our FMS business segment.
(2)Included within "Selling, general and administrative expenses" in our Condensed Consolidated Statements of Earnings.
(3)Refer to Note 12, "Employee Benefit Plans," for a discussion on this item.
(4)Refer to Note 13, "Other Items Impacting Comparability," for a discussion of items excluded from our primary measure of segment performance.

The following table sets forth the capital expenditures paid for each of our segments:
Three months ended September 30,Nine months ended September 30,
(In millions)2024202320242023
Fleet Management Solutions$576 $754 $1,866 $2,346 
Supply Chain Solutions15 44 45 88 
Dedicated Transportation Solutions— — 1 1 
Central Support Services8 7 10 22 
Purchases of property and revenue earning equipment$599 $805 $1,922 $2,457 





8
RYDER SYSTEM, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)


3. REVENUE
Disaggregation of Revenue
The following tables disaggregate our revenue recognized by primary geographical market in our reportable business segments and by industry for SCS. Refer to Note 2, "Segment Reporting," for the disaggregation of our revenue by major products/service lines.

Primary Geographical Markets
Three months ended September 30, 2024
(In millions)FMSSCSDTSEliminationsTotal
United States$1,393 $1,170 $633 $(242)$2,954 
Canada77 66 — (10)133 
Mexico— 81 — — 81 
Total revenue$1,470 $1,317 $633 $(252)$3,168 


Three months ended September 30, 2023
(In millions)FMSSCSDTSEliminationsTotal
United States$1,407 $1,042 $448 $(193)$2,704 
Canada80 69 — (12)137 
Mexico— 83 — — 83 
Total revenue$1,487 $1,194 $448 $(205)$2,924 


Nine months ended September 30, 2024
(In millions)FMSSCSDTSEliminationsTotal
United States$4,174 $3,506 $1,831 $(714)$8,797 
Canada229 207 — (33)403 
Mexico— 247 — — 247 
Total revenue$4,403 $3,960 $1,831 $(747)$9,447 
Nine months ended September 30, 2023
(In millions)FMSSCSDTSEliminationsTotal
United States$4,214 $3,145 $1,342 $(573)$8,128 
Canada235 197 — (32)400 
Mexico— 232 — — 232 
Total revenue$4,449 $3,574 $1,342 $(605)$8,760 

9
RYDER SYSTEM, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(unaudited)

Industry

Our SCS business segment included revenue from the following industries:

Three months ended September 30,Nine months ended September 30,
(In millions)2024202320242023
Omnichannel retail$421 $421 $1,254 $1,279 
Automotive384 388 1,207 1,192 
Consumer packaged goods302 237 886 695 
Industrial and other210 148 613 408 
Total SCS revenue$1,317 $1,194 $3,960 $3,574 
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 September 30, 2024 and 2023, we recognized $242 million and $239 million, respectively. For the nine months ended September 30, 2024 and 2023, we recognized $726 million and $722 million, respectively.
Deferred Revenue
The following table includes the changes in deferred revenue due to the collection and deferral of cash or the satisfaction of our performance obligation under the contract:
Nine months ended September 30,
(In millions)20242023
Balance as of beginning of period$545 $544 
Recognized as revenue during period from beginning balance(146)(131)
Consideration deferred during period, net185 137 
Other
2 — 
Balance as of end of period$586 $550 
Contracted Not Recognized Revenue

Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized (contracted not recognized revenue). Contracted not recognized revenue was $3.0 billion as of September 30, 2024, and primarily includes deferred revenue and amounts for ChoiceLease maintenance revenue that will be recognized as revenue in future periods as we provide maintenance services to our customers.


4. RECEIVABLES, NET

(In millions)September 30, 2024December 31, 2023
Trade$1,641 $1,505 
Sales-type lease152 140 
Other, primarily warranty and insurance117 111 
1,910 1,756 
Allowance for credit losses and other(41)(42)
Receivables, net$1,869 $1,714 


10
RYDER SYSTEM, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(unaudited)

The following table provides a reconciliation of our allowance for credit losses and other:
Nine months ended September 30,
(In millions)20242023
Balance as of beginning of period$42 $41 
Changes to provisions for credit losses20 13 
Write-offs and other(21)(20)
Balance as of end of period$41 $34 


5. REVENUE EARNING EQUIPMENT, NET

 
Estimated Useful Lives (In Years)
September 30, 2024December 31, 2023
(Dollars in millions)CostAccumulated
Depreciation
Net
CostAccumulated
Depreciation
Net
Held for use:
Trucks
3 — 7
$6,105 $(2,213)$3,892 $5,630 $(2,192)$3,438 
Tractors
   4 — 7.5
6,689 (2,690)3,999 6,995 (2,712)4,283 
Trailers and other
9.5 — 12
1,700 (673)1,027 1,686 (683)1,003 
Held for sale
813 (640)173 732 (564)168 
Total$15,307 $(6,216)$9,091 $15,043 $(6,151)$8,892 
Residual Value Estimate Changes

We periodically review and adjust, as appropriate, the estimated residual values and useful lives of existing revenue earning equipment for the purposes of recording depreciation expense. Based on the results of our analysis, we may adjust the estimated residual values and useful lives of certain classes of our revenue earning equipment each year. Reductions in estimated residual values or useful lives will increase depreciation expense over the remaining useful life of the vehicle. Conversely, an increase in estimated residual values or useful lives will decrease depreciation expense over the remaining useful life of the vehicle. At the end of the vehicle's useful life or end of the lease term, the vehicle is either sold to a third party or purchased by the lessee, in which case we may record a gain or loss for the difference between the estimated residual value and the sales price.

Our review of the estimated residual values and useful lives of revenue earning equipment is based on vehicle class (i.e., generally subcategories of trucks, tractors and trailers by weight and usage), historical and current market prices, third-party expected future market prices, expected lives of vehicles, and expected sales in the wholesale or retail markets, among other factors. A variety of factors, many of which are outside of our control, could cause residual value estimates to differ from actual used vehicle sales pricing, such as changes in supply and demand of used vehicles; volatility in market conditions; changes in vehicle technology; competitor pricing; regulatory requirements; wholesale market prices; customer requirements and preferences; and changes in underlying assumption factors. As a result, future residual value estimates and resulting depreciation expense are subject to change based upon these factors. We have disciplines related to the management and maintenance of our vehicles designed to manage the risk associated with the residual values of our revenue earning equipment. For the nine months ended September 30, 2024 and 2023, we did not adjust the estimated residual values and useful lives of existing revenue earning equipment.
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
11
RYDER SYSTEM, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(unaudited)

also consider expected declines in market prices, as well as forecasted sales channel mix (retail/wholesale) when valuing the vehicles held for sale.
The following table presents our assets held for sale that are measured at fair value on a nonrecurring basis and considered a Level 3 fair value measurement:
Losses from Valuation Adjustments
 September 30, 2024December 31, 2023Three months ended September 30,Nine months ended September 30,
(In millions)2024202320242023
Revenue earning equipment held for sale:
Trucks$10 $5 $3 $2 $9 $5 
Tractors31 38 4 1 13 1 
Trailers and other3 4 1 2 3 3 
Total assets at fair value$44 $47 $8 $5 $25 $9 
The table above reflects only the portion where net book values of revenue earnings equipment held for sale exceeded fair values and valuation adjustments were recorded. The net book value of assets held for sale that were less than fair value was $129 million and $121 million as of September 30, 2024 and December 31, 2023, respectively.

The components of "Used vehicle sales, net" were as follows:
 Three months ended September 30,Nine months ended September 30,
(In millions)2024202320242023
Gains on used vehicle sales, net
$(23)$(52)$(79)$(183)
Losses from valuation adjustments8 5 25 9 
Used vehicle sales, net$(15)$(47)$(54)$(174)

6. ACCRUED EXPENSES AND OTHER LIABILITIES
 September 30, 2024December 31, 2023
(In millions)Accrued expenses and other current liabilitiesOther non-current liabilitiesTotalAccrued expenses and other current liabilitiesOther non-current liabilitiesTotal
Operating lease liabilities
$304 $850 $1,154 $234 $800 $1,034 
Deferred revenue
163 423 586 177 368 545 
Self-insurance
195 314 509 175 284 459 
Pension and other employee benefits
23 183 206 27 231 258 
Salaries and wages
192 — 192 200 — 200 
Operating taxes
141 — 141 129 — 129 
Interest
72 — 72 59 — 59 
Deposits, mainly from customers
66 — 66 68 — 68 
Income taxes
9 — 9 14 — 14 
Other
180 204 384 150 188 338 
Total$1,345 $1,974 $3,319 $1,233 $1,871 $3,104 






12
RYDER SYSTEM, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(unaudited)



7. LEASES
Leases as Lessor
The components of lease income were as follows:
Three months ended September 30,Nine months ended September 30,
(In millions)2024202320242023
Operating leases
Lease income related to ChoiceLease$362 $375 $1,102 $1,103 
Lease income related to commercial rental (1)
$240 $281 $691 $856 
Sales-type leases
Interest income related to net investment in leases$18 $