莱德系统 2025年季度报告

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith 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☑ TABLE OF CONTENTS PARTI.FINANCIAL INFORMATIONFinancial Statements (unaudited) PARTII.OTHER INFORMATION Risk Factors Unregistered Sales of Equity Securities and Use of Proceeds Other Information i CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS(unaudited) 1.GENERALInterim Financial StatementsThe accompanying unaudited condensed consolidated financial statements include the accounts of Ryder System, Inc. (Ryder), all entities in recurring accruals, considered necessary for a fair statement have been included and the disclosures herein are adequate. The operating resultsfor interim periods are not necessarily indicative of the results that can be expected for a full year.We report our financial performance based onthreebusiness segments: (1)Fleet Management Solutions (FMS), which provides full serviceleasing, commercial rental and vehicle maintenance services; (2)Supply Chain Solutions (SCS), which provides fully integrated port-to-door 2.RECENT ACCOUNTING PRONOUNCEMENTS In December 2023, the FASB issued Accounting Standard Update (ASU) No. 2023-09, Income Taxes (Topic 740). The amendmentsrequire disclosure of specific categories in the income tax rate reconciliation and provide additional information for reconciling items that meeta quantitative threshold and further disaggregation of income taxes paid for individually significant jurisdictions. The standard is effectivebeginning with the December 2025 annual financial statements. This ASU does not impact our consolidated financial position, results ofoperations or cash flows. Disclosures (Subtopic 220-40). The amendments provide for more detailed disaggregation of expenses. The standard is effective beginning withthe December 2027 annual financial statements and interim periods thereafter, with early adoption permitted. We are currently evaluating thedisclosure impact of the adoption of this update. This ASU does not impact our consolidated financial position, results of operations or cash Our primary measurement of segment financial performance, defined as segment "Earnings from continuing operations before incometaxes" (EBT), includes an allocation of costs from Central Support Services (CSS) and excludes Non-operating pension costs, net, Intangible segment and, ultimately, to hold leadership of each business segment accountable for their allocated share of CSS costs. Certain costs are notattributable to any segment and remain unallocated in CSS, including costs for investor relations, public affairs and certain executivecompensation. Segment results are not necessarily indicative of the results of operations that would have occurred had each segment been anindependent, stand-alone entity during the periods presented. Omnichannel retail rental revenue" in the Condensed Consolidated Statements of Earnings. For the three months ended June 30, 2025 and 2024, we recognized$248million and $241million, respectively. For the six months ended June 30, 2025 and 2024, we recognized $498million and $484million, 2025Balance as of beginning of period$600$Recognized as revenue during period from beginning balance(92)Consideration deferred during period, net129 Balance as of end of period Contracted Not Recognized Revenue Other, primarily warranty and insurance 1,885Allowance for credit losses and other(32)Receivables, net$1,853$ 13 The following table presents our assets held for sale that are measured at fair value on a nonrecurring basis and considered a Level 3 fairvalue measurement:Losses from Valuation AdjustmentsJune 30, 2025December 31, 2024Three months ended June 30,Six months ended June 30,202520242025Revenue earning equipment held for sale: valuation adjustments were recorded. The net book value of assets held for sale that were less than fair value was $130million and $118millionas of June30, 2025 and December31, 2024, respectively. Losses from valuation adjustments177$2$(19)$ Deposits, mainly from customers69—6967—68—6865—Income taxes55—557— $ In April 2025, we amended and restated our corporate revolving credit facility, which supports U.S. and Canadian commercial paperprograms, with a syndicate ofelevenincumbent lending institutions. The facility's committed borrowing capacity was increased to $1.6billionand it now expires in April 2030. The credit facility is primarily used for general corporate purposes and can also be used to issue up to$150million in letters of credit. As of June30, 2025, there werenoletters of credit outstanding against the facility. 2023 Anti-Dilutive Program0.1$140.3$320.4$680.6October 2024 Discretionary Program0.679——1.3192—October 2023 Disc