SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2023

Schedule Of Segment Revenue and Net Before Tax Information by Segment

The following tables set forth financial information for each of our segments and provide a reconciliation between segment EBT and Earnings from continuing operations before income taxes.


	Years ended December 31,
(In millions)	2023		2022		2021
Revenue:
Fleet Management Solutions:
ChoiceLease	$	3,181	$	3,101	$	3,064
Commercial rental	1,178		1,338		1,077
SelectCare and other	694		624		538
FMS Europe (1)	—		150		262
Fuel services revenue	877		1,114		739
Fleet Management Solutions	5,930		6,327		5,680
Supply Chain Solutions	4,875		4,720		3,155
Dedicated Transportation Solutions	1,785		1,786		1,457
Eliminations (2)	(807)		(822)		(629)
Total revenue	$	11,783	$	12,011	$	9,663

Earnings from continuing operations before income taxes:
Fleet Management Solutions	$	665	$	1,057	$	665
Supply Chain Solutions	231		218		123
Dedicated Transportation Solutions	121		103		49
Eliminations	(95)		(114)		(78)
	922		1,264		759
Unallocated Central Support Services	(72)		(83)		(69)
Intangible amortization expense (3)	(35)		(37)		(8)
Non-operating pension costs, net (4)	(40)		(11)		1
Other items impacting comparability, net (5)	(157)		83		10
Earnings from continuing operations before income taxes	$	618	$	1,216	$	693

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(1)Refer to Note 20, “Other Items Impacting Comparability,” for further information on the FMS U.K. business exit

(2)Represents the elimination of intercompany revenues in our FMS business segment.

(3)Included within "Selling, general and administrative expenses" in our Consolidated Statements of Earnings. Refer to Note 9, "Intangible Assets, Net," for a discussion on this item.

(4)Refer to Note 19, "Employee Benefit Plans," for a discussion on this items.

(5)Refer to Note 20, “Other Items Impacting Comparability,” for a discussion of items excluded from our primary measure of segment performance.

Schedule of Segment Information by Segment

The following table sets forth depreciation expense, other non-cash charges, net, interest expense (income), capital expenditures paid and total assets for the years ended December 31, 2023, 2022 and 2021, as provided to the chief operating decision maker for each of our business segments:


(In millions)	FMS		SCS	DTS	CSS	Eliminations		Total
2023

Depreciation expense (1)	$	1,571	136	3	2	$	—	$	1,712


Other non-cash charges, net (2)	$	106	230	8	(6)	—		$	338

Interest expense (income) (3)	$	292	8	(3)	(1)	—		$	296
Capital expenditures paid	$	3,085	117	1	31	—		$	3,234
Total assets	$	11,588	3,717	384	1,026	(937)		$	15,778
2022

Depreciation expense (1)	$	1,618	91	3	1	—		$	1,713


Other non-cash charges, net (2)	$	90	173	4	13	—		$	280

Interest expense (income) (3)	$	219	10	(2)	1	—		$	228
Capital expenditures paid	$	2,442	155	2	32	—		$	2,631
Total assets	$	10,811	3,043	380	904	(743)		$	14,395
2021

Depreciation expense (1)	$	1,736	47	3	—	—		$	1,786


Other non-cash charges, net (2)	$	39	78	3	(5)	—		$	115

Interest expense (income) (3)	$	214	3	(3)	—	—		$	214
Capital expenditures paid	$	1,854	67	1	19	—		$	1,941
Total assets	$	11,000	2,320	318	555	(358)		$	13,835

_______________

(1)Depreciation expense totaling $28 million in 2023, $27 million in 2022, and $26 million in 2021 associated with CSS assets was allocated to business segments based upon estimated and planned asset utilization.

(2)Primarily includes amortization of operating lease ROU assets and sales commissions, and bad debt expense.

(3)Interest expense was primarily allocated to the FMS segment since such borrowings were used principally to fund the purchase of revenue earning equipment used in FMS; however, interest was also reflected in SCS and DTS based on targeted segment leverage ratios.

Schedule of Geographic Information

Geographic Information


	December 31,
(In millions)	2023		2022
Long-lived assets:
United States	$	9,473	$	8,755
Foreign:
Canada	552		494
Europe	—		22
Mexico	84		67


	636		583
Total	$	10,109	$	9,338