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DEBT | 12 Months Ended
--- | ---
Dec. 31, 2024
Debt Disclosure [Abstract] |
DEBT | DEBT
|  | Weighted Average Interest Rate |  |  |  |  |  |  |  |
(Dollars in millions) |  | December 31, 2024 |  | December 31, 2023 |  |  |  | Maturities |  | December 31, 2024 |  | December 31, 2023
Debt: |  |  |  |  |  |  |  |  |  |  |  |
Trade receivables financing program |  | 5.06% |  | 5.87% |  |  |  | 2025 |  | $ | 20 |  |  | $ | 50 |
U.S. commercial paper |  | 4.78% |  | 5.68% |  |  |  | 2026 |  | 868 |  |  | 572 |
Unsecured medium-term note issued February 2019 |  | —% |  | 3.65% |  |  |  | 2026 |  | — |  |  | 600 |
Unsecured medium-term note issued August 2019 |  | —% |  | 2.50% |  |  |  | 2026 |  | — |  |  | 550 |
Unsecured medium-term note issued April 2020 |  | 4.63% |  | 4.63% |  |  |  | 2025 |  | 400 |  |  | 400 |
Unsecured medium-term note issued May 2020 |  | 3.35% |  | 3.35% |  |  |  | 2025 |  | 400 |  |  | 400 |
Unsecured medium-term note issued December 1995 |  | 6.95% |  | 6.95% |  |  |  | 2025 |  | 150 |  |  | 150 |
Unsecured medium-term note issued November 2021 |  | 5.53% |  | 6.15% |  |  |  | 2026 |  | 300 |  |  | 300 |
Unsecured medium-term note issued November 2019 |  | 2.90% |  | 2.90% |  |  |  | 2026 |  | 400 |  |  | 400 |
Unsecured medium-term note issued February 2022 |  | 4.27% |  | 4.50% |  |  |  | 2027 |  | 450 |  |  | 450 |
Unsecured medium-term note issued May 2022 |  | 4.30% |  | 4.30% |  |  |  | 2027 |  | 300 |  |  | 300 |
Unsecured medium-term note issued February 2024 |  | 5.30% |  | —% |  |  |  | 2027 |  | 350 |  |  | — |
Unsecured medium-term note issued February 2023 |  | 5.65% |  | 5.65% |  |  |  | 2028 |  | 500 |  |  | 500 |
Unsecured medium-term note issued May 2023 |  | 5.25% |  | 5.25% |  |  |  | 2028 |  | 650 |  |  | 650 |
Unsecured medium-term note issued November 2023 |  | 6.30% |  | 6.30% |  |  |  | 2028 |  | 400 |  |  | 400 |
Unsecured medium-term note issued February 2024 |  | 5.38% |  | —% |  |  |  | 2029 |  | 550 |  |  | — |
Unsecured medium-term note issued May 2024 |  | 5.50% |  | —% |  |  |  | 2029 |  | 300 |  |  | — |
Unsecured medium-term note issued August 2024 |  | 4.95% |  | —% |  |  |  | 2029 |  | 300 |  |  | — |
Unsecured medium-term note issued November 2024 |  | 4.90% |  | —% |  |  |  | 2029 |  | 300 |  |  | — |
Unsecured medium-term note issued November 2023 |  | 6.60% |  | 6.60% |  |  |  | 2033 |  | 600 |  |  | 600 |
Unsecured foreign obligations |  | —% |  | 2.88% |  |  |  | 2024 |  | — |  |  | 50 |
Unsecured U.S. obligations |  | 5.14% |  | 4.13% |  |  |  | 2027 |  | 275 |  |  | 375 |
Asset-backed U.S. obligations (1) |  | 3.59% |  | 3.40% |  |  |  | 2025-2030 |  | 252 |  |  | 382 |
Finance lease obligations and other |  |  |  |  |  |  |  | 2025-2031 |  | 76 |  |  | 49 |
|  |  |  |  |  |  |  |  |  | 7,841 |  |  | 7,178 |
Fair market value adjustment on medium-term notes (2) |  |  |  |  |  |  |  |  |  | (25) |  |  | (34) |
Debt issuance costs and original issue discounts |  |  |  |  |  |  |  |  |  | (37) |  |  | (30) |
Total debt (3) |  |  |  |  |  |  |  |  |  | 7,779 |  |  | 7,114 |
Short-term debt and current portion of long-term debt |  |  |  |  |  |  |  |  |  | (1,120) |  |  | (1,583) |
Long-term debt |  |  |  |  |  |  |  |  |  | $ | 6,659 |  |  | $ | 5,531 |
_______________ (1)Asset-backed U.S. obligations are financing transactions backed by a portion of our revenue earning equipment. (2)Included in "Other non-current liabilities" within the Consolidated Balance Sheets. The notional amount of the executed interest rate swaps designated as fair value hedges was $500 million as of both December 31, 2024 and 2023. (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 $7.6 billion and $6.8 billion as of December 31, 2024 and 2023, 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. Debt Proceeds and Repayments The following table includes our debt proceeds and repayments in 2024:
(In millions) |  | Debt Proceeds |  |  |  | Debt Repayments
Medium-term notes (1) |  | $ | 1,789 |  |  | Medium-term notes |  | $ | 1,150 |
U.S. and foreign term loans, finance lease obligations and other |  | — |  |  | U.S. and foreign term loans, finance lease obligations and other |  | 329 |
Total debt proceeds |  | $ | 1,789 |  |  | Total debt repaid |  | $ | 1,479 |
_______________ (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. Contractual maturities of total debt, excluding finance lease obligations, are as follows:
Years ending December 31, |  |  |  | (In millions)
2025 |  |  |  | $ | 1,099 |
2026 |  |  |  | 1,641 |
2027 |  |  |  | 1,388 |
2028 |  |  |  | 1,565 |
2029 |  |  |  | 1,472 |
Thereafter |  |  |  | 600 |
Total |  |  |  | 7,765 |
Finance lease obligations (Refer to Note 12, "Leases") |  |  |  | 76 |
Total long-term debt |  |  |  | $ | 7,841 |
Credit Arrangements Our borrowing capacity under the revolving credit facility and trade receivables financing program was as follows:
|  | December 31, 2024
(In millions) |  | Borrowing Capacity |  | Outstanding |  | Available
Revolving credit facility |  | $ | 1,400 |  |  | $ | 868 |  |  | $ | 532 |
Trade receivables financing facility (1) |  | 300 |  | 119 |  | 181
Total |  | $ | 1,700 |  |  | $ | 987 |  |  | $ | 713 |
_______________ (1)Includes borrowings of $20 million and letters of credit outstanding of $99 million. Revolving Credit Facility We maintain a $1.4 billion committed revolving credit facility, which supports U.S. and Canadian commercial paper programs, with a syndicate of eleven lending institutions that expires in December 2026. The agreement provides for annual facility fees which range from 7.0 to 17.5 basis points based on our long-term credit ratings. The annual facility fee is 10.0 basis points as of December 31, 2024. The credit facility is primarily used to finance working capital and vehicle purchases, but can also be used to issue up to $75 million in letters of credit (there were no letters of credit outstanding against the facility as of December 31, 2024). At our option, the interest rate on borrowings under the credit facility is based on specific risk-free rates. The credit facility contains no provisions limiting its availability in the event of a material adverse change to our business operations; however, the credit facility does contain standard representations and warranties, events of default, cross-default provisions, and certain affirmative and negative covenants. Our revolving credit facility enables us to refinance short-term obligations on a long-term basis. Short-term commercial paper obligations are classified as long-term as we have both the intent and ability to refinance on a long-term basis. Trade Receivables Financing Program We maintain a $300 million trade receivables purchase and sale program, pursuant to which we sell certain of our domestic trade accounts receivable to a bankruptcy remote, consolidated subsidiary of Ryder, that in turn sells, on a revolving basis, an ownership interest in certain of these accounts receivable to a committed purchaser. The subsidiary is considered a VIE and is consolidated based on our control of the entity’s activities. We use this program to provide additional liquidity to fund our operations, particularly when it is cost effective to do so. The costs under the program may vary based on changes in interest rates. The credit facility has a commitment fee of 35 to 45 basis points dependent on the utilization of the credit facility, which includes both borrowings and letters of credit that are supported by the credit facility. Borrowings bear interest at a variable interest rate based on the 30-day term SOFR rate plus 90 basis points or the A1/P1 commercial paper yield rate plus 80 basis points. In April 2024, we extended the trade receivables financing program until April 2025.

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