RYDER SYSTEM INC
For the period ended Dec 31, 2023. Filed Feb 20, 2024.
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FY2023 · Filed Feb 20, 2024
R$281.72+1.0%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| Years ended December 31, | |||
|---|---|---|---|
| (In millions) | 2023 | 2022 | 2021 |
| Cash flows from operating activities from continuing operations: | |||
| Net earnings | $406 | $867 | $519 |
| Less: Earnings (loss) from discontinued operations, net of taxes | — | 4 | (3) |
| Earnings from continuing operations | 406 | 863 | 522 |
| Depreciation expense | 1,712 | 1,713 | 1,786 |
| Used vehicle sales, net | (196) | (450) | (257) |
| Currency translation adjustment loss | 188 | — | — |
| Amortization expense and other non-cash charges, net | 102 | 118 | 25 |
| Non-cash lease expense | 271 | 199 | 98 |
| Non-operating pension costs, net and share-based compensation expense | 84 | 57 | 46 |
| Deferred income tax expense | 115 | 266 | 126 |
| Collections on sales-type leases | 126 | 135 | 139 |
| Changes in operating assets and liabilities: | |||
| Receivables | (26) | (134) | (240) |
| Prepaid expenses and other assets | (85) | (130) | (133) |
| Accounts payable | (7) | (29) | 126 |
| Accrued expenses and other liabilities | (337) | (298) | (63) |
| Net cash provided by operating activities from continuing operations | 2,353 | 2,310 | 2,175 |
| Cash flows from investing activities from continuing operations: | |||
| Purchases of property and revenue earning equipment | (3,234) | (2,631) | (1,941) |
| Sales of revenue earning equipment | 764 | 1,182 | 748 |
| Sales of operating property and equipment | 63 | 53 | 74 |
| Acquisitions, net of cash acquired | (250) | (458) | (325) |
| Other investing activities | (6) | 4 | (6) |
| Net cash used in investing activities from continuing operations | (2,663) | (1,850) | (1,450) |
| Cash flows from financing activities from continuing operations: | |||
| Net borrowings of commercial paper and other | (100) | 134 | 260 |
| Debt proceeds | 2,307 | 1,229 | 300 |
| Debt repayments | (1,481) | (1,552) | (608) |
| Dividends on common stock | (128) | (123) | (122) |
| Common stock issued | 2 | 14 | 30 |
| Common stock repurchased | (337) | (557) | (57) |
| Other financing activities | (7) | (6) | (7) |
| Net cash provided by (used in) financing activities from continuing operations | 256 | (861) | (204) |
| Effect of exchange rate changes on Cash and cash equivalents and restricted cash | (9) | (4) | (1) |
| (Decrease) increase in Cash and cash equivalents and restricted cash from continuing operations | (63) | (405) | 520 |
| Net cash (used) provided by operating activities from discontinued operations | — | — | 1 |
| (Decrease) increase in Cash and cash equivalents and restricted cash | (63) | (405) | 521 |
| Cash and cash equivalents and restricted cash at beginning of period | 267 | 672 | 151 |
| Cash and cash equivalents and restricted cash at end of period | $204 | $267 | $672 |
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