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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, 2024December 31, 2023MaturitiesDecember 31,
2024		December 31,
2023
Debt:
Trade receivables financing program5.06%5.87%2025$20 $50 
U.S. commercial paper
4.78%5.68%2026868 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 20204.63%4.63%2025400 400 
Unsecured medium-term note issued May 20203.35%3.35%2025400 400 
Unsecured medium-term note issued December 19956.95%6.95%2025150 150 
Unsecured medium-term note issued November 2021
5.53%6.15%2026300 300 
Unsecured medium-term note issued November 20192.90%2.90%2026400 400 
Unsecured medium-term note issued February 2022 4.27%4.50%2027450 450 
Unsecured medium-term note issued May 20224.30%4.30%2027300 300 
Unsecured medium-term note issued February 20245.30%—%2027350 — 
Unsecured medium-term note issued February 20235.65%5.65%2028500 500 
Unsecured medium-term note issued May 20235.25%5.25%2028650 650 
Unsecured medium-term note issued November 20236.30%6.30%2028400 400 
Unsecured medium-term note issued February 20245.38%—%2029550 — 
Unsecured medium-term note issued May 20245.50%—%2029300 — 
Unsecured medium-term note issued August 20244.95%—%2029300 — 
Unsecured medium-term note issued November 2024
4.90%—%2029300 — 
Unsecured medium-term note issued November 20236.60%6.60%2033600 600 
Unsecured foreign obligations—%2.88%2024— 50 
Unsecured U.S. obligations5.14%4.13%2027275 375 
Asset-backed U.S. obligations (1)
3.59%3.40%2025-2030252 382 
Finance lease obligations and other
2025-203176 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 ProceedsDebt 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 other329 
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 
20261,641 
20271,388 
20281,565 
20291,472 
Thereafter600 
Total7,765 
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 CapacityOutstandingAvailable
Revolving credit facility
$1,400 $868 $532 
Trade receivables financing facility (1)
300119181
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.