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REVENUE | 6 Months Ended
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Jun. 30, 2025
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, by FMS product line and by SCS industry. Primary Geographical Markets
|  | Three months ended June 30, 2025
(In millions) |  | FMS |  | SCS |  | DTS |  | Eliminations |  | Total
United States |  | $ | 1,391 |  |  | $ | 1,205 |  |  | $ | 606 |  |  | $ | (239) |  |  | $ | 2,963 |
Canada |  | 76 |  |  | 75 |  |  | — |  |  | (11) |  |  | 140 |
Mexico |  | — |  |  | 86 |  |  | — |  |  | — |  |  | 86 |
Total revenue |  | $ | 1,467 |  |  | $ | 1,366 |  |  | $ | 606 |  |  | $ | (250) |  |  | $ | 3,189 |
|  | Three months ended June 30, 2024
(In millions) |  | FMS |  | SCS |  | DTS |  | Eliminations |  | Total
United States |  | $ | 1,400 |  |  | $ | 1,185 |  |  | $ | 635 |  |  | $ | (261) |  |  | $ | 2,959 |
Canada |  | 78 |  |  | 70 |  |  | — |  |  | (11) |  |  | 137 |
Mexico |  | — |  |  | 86 |  |  | — |  |  | — |  |  | 86 |
Total revenue |  | $ | 1,478 |  |  | $ | 1,341 |  |  | $ | 635 |  |  | $ | (272) |  |  | $ | 3,182 |
|  | Six months ended June 30, 2025
(In millions) |  | FMS |  | SCS |  | DTS |  | Eliminations |  | Total
United States |  | $ | 2,766 |  |  | $ | 2,387 |  |  | $ | 1,208 |  |  | $ | (478) |  |  | $ | 5,883 |
Canada |  | 148 |  |  | 147 |  |  | — |  |  | (22) |  |  | 273 |
Mexico |  | — |  |  | 163 |  |  | — |  |  | — |  |  | 163 |
Total revenue |  | $ | 2,914 |  |  | $ | 2,697 |  |  | $ | 1,208 |  |  | $ | (500) |  |  | $ | 6,319 |
|  | Six months ended June 30, 2024
(In millions) |  | FMS |  | SCS |  | DTS |  | Eliminations |  | Total
United States |  | $ | 2,780 |  |  | $ | 2,335 |  |  | $ | 1,198 |  |  | $ | (473) |  |  | $ | 5,840 |
Canada |  | 153 |  |  | 141 |  |  | — |  |  | (22) |  |  | 272 |
Mexico |  | — |  |  | 167 |  |  | — |  |  | — |  |  | 167 |
Total revenue |  | $ | 2,933 |  |  | $ | 2,643 |  |  | $ | 1,198 |  |  | $ | (495) |  |  | $ | 6,279 |
Product Line Our FMS revenue disaggregated by product line is as follows:
|  | Three months ended June 30, |  | Six months ended June 30,
(In millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
ChoiceLease |  | $ | 871 |  |  | $ | 856 |  |  | $ | 1,738 |  |  | $ | 1,698 |
Commercial rental |  | 239 |  |  | 244 |  |  | 458 |  |  | 475 |
SelectCare and other |  | 178 |  |  | 176 |  |  | 352 |  |  | 354 |
Fuel services revenue |  | 179 |  |  | 202 |  |  | 366 |  |  | 406 |
Total FMS revenue |  | $ | 1,467 |  |  | $ | 1,478 |  |  | $ | 2,914 |  |  | $ | 2,933 |
Industry Our SCS business segment included revenue from the following industries:
|  | Three months ended June 30, |  | Six months ended June 30,
(In millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Omnichannel retail |  | $ | 439 |  |  | $ | 417 |  |  | $ | 873 |  |  | $ | 833 |
Automotive |  | 406 |  |  | 417 |  |  | 801 |  |  | 823 |
Consumer packaged goods |  | 309 |  |  | 294 |  |  | 610 |  |  | 584 |
Industrial and other |  | 212 |  |  | 213 |  |  | 413 |  |  | 403 |
Total SCS revenue |  | $ | 1,366 |  |  | $ | 1,341 |  |  | $ | 2,697 |  |  | $ | 2,643 |
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 June 30, 2025 and 2024, we recognized $248 million and $241 million, respectively. For the six months ended June 30, 2025 and 2024, we recognized $498 million and $484 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:
|  | Six months ended June 30,
(In millions) |  | 2025 |  | 2024
Balance as of beginning of period |  | $ | 600 |  |  | $ | 545 |
Recognized as revenue during period from beginning balance |  | (92) |  |  | (105) |
Consideration deferred during period, net |  | 129 |  |  | 131 |
Foreign currency translation adjustment and other |  | 1 |  |  | 1 |
Balance as of end of period |  | $ | 638 |  |  | $ | 572 |
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 $3.2 billion as of June 30, 2025, 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.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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