Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended |
Mar. 31, 2014 | |
Document and Entity Information [Abstract] | ' |
Entity Registrant Name | 'RYDER SYSTEM INC. |
Entity Central Index Key | '0000085961 |
Document Type | '10-Q |
Document Period End Date | 31-Mar-14 |
Amendment Flag | 'false |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q1 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 53,184,496 |
Consolidated_Condensed_Stateme
Consolidated Condensed Statements of Earnings (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement [Abstract] | ' | ' |
Lease and rental revenues | $689,682 | $659,708 |
Services revenue | 709,699 | 689,461 |
Fuel services revenue | 211,356 | 213,848 |
Total revenues | 1,610,737 | 1,563,017 |
Cost of lease and rental | 493,043 | 473,077 |
Cost of services | 606,229 | 583,589 |
Cost of fuel services | 207,205 | 210,293 |
Other operating expenses | 36,645 | 37,599 |
Selling, general and administrative expenses | 191,702 | 189,073 |
Gains on vehicle sales, net | -28,818 | -23,006 |
Interest expense | 35,109 | 34,454 |
Miscellaneous income, net | -5,382 | -4,570 |
Total expenses | 1,535,733 | 1,500,509 |
Earnings from continuing operations before income taxes | 75,004 | 62,508 |
Provision for income taxes | 25,906 | 21,706 |
Earnings from continuing operations | 49,098 | 40,802 |
Loss from discontinued operations, net of tax | -866 | -878 |
Net earnings | $48,232 | $39,924 |
Earnings (loss) per common share - Basic | ' | ' |
Continuing operations | $0.93 | $0.79 |
Discontinued operations | ($0.02) | ($0.02) |
Net earnings | $0.91 | $0.77 |
Earnings (loss) per common share - Diluted | ' | ' |
Continuing operations | $0.92 | $0.79 |
Discontinued operations | ($0.02) | ($0.02) |
Net earnings | $0.90 | $0.77 |
Cash dividends declared per common share | $0.34 | $0.31 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net earnings | $48,232 | $39,924 |
Other comprehensive income: | ' | ' |
Changes in cumulative translation adjustment and other, before and after tax | -14,592 | -33,704 |
Amortization of pension and postretirement items | 5,033 | 8,354 |
Income tax expense related to amortization of pension and postretirement items | -1,906 | -2,935 |
Amortization of pension and postretirement items, net of taxes | 3,127 | 5,419 |
Other comprehensive loss | -11,465 | -28,285 |
Comprehensive income | $36,767 | $11,639 |
Consolidated_Condensed_Balance
Consolidated Condensed Balance Sheets (Unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $72,786 | $61,562 |
Receivables, net | 822,010 | 777,370 |
Inventories | 64,758 | 64,298 |
Prepaid expenses and other current assets | 157,562 | 159,263 |
Total current assets | 1,117,116 | 1,062,493 |
Revenue earning equipment, net of accumulated depreciation of $3,587,031 and $3,596,102, respectively | 6,687,976 | 6,490,837 |
Operating property and equipment, net of accumulated depreciation of $1,006,105 and $991,117, respectively | 636,632 | 633,826 |
Goodwill | 383,200 | 383,719 |
Intangible assets | 70,411 | 72,406 |
Direct financing leases and other assets | 472,148 | 460,501 |
Total assets | 9,367,483 | 9,103,782 |
Current liabilities: | ' | ' |
Short-term debt and current portion of long-term debt | 400,846 | 259,438 |
Accounts payable | 505,779 | 475,364 |
Accrued expenses and other current liabilities | 465,997 | 496,337 |
Total current liabilities | 1,372,622 | 1,231,139 |
Long-term debt | 4,045,751 | 3,929,987 |
Other non-current liabilities | 617,281 | 616,305 |
Deferred income taxes | 1,433,288 | 1,429,637 |
Total liabilities | 7,468,942 | 7,207,068 |
Shareholders' equity: | ' | ' |
Preferred stock of no par value per share — authorized, 3,800,917; none outstanding, March 31, 2014 or December 31, 2013 | 0 | 0 |
Common stock of $0.50 par value per share — authorized, 400,000,000; outstanding, March 31, 2014 — 53,184,496; December 31, 2013 — 53,335,386 | 26,591 | 26,667 |
Additional paid-in capital | 931,353 | 917,539 |
Retained earnings | 1,390,310 | 1,390,756 |
Accumulated other comprehensive loss | -449,713 | -438,248 |
Total shareholders' equity | 1,898,541 | 1,896,714 |
Total liabilities and shareholders' equity | $9,367,483 | $9,103,782 |
Consolidated_Condensed_Balance1
Consolidated Condensed Balance Sheets (Unaudited) (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Assets: | ' | ' |
Accumulated depreciation on revenue earning equipment | $3,587,031 | $3,596,102 |
Accumulated depreciation on operating property and equipment | ($1,006,105) | ($991,117) |
Shareholders' equity: | ' | ' |
Preferred stock, par value | $0 | $0 |
Preferred stock, shares authorized | 3,800,917 | 3,800,917 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.50 | $0.50 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares outstanding | 53,184,496 | 53,335,386 |
Consolidated_Condensed_Stateme1
Consolidated Condensed Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities from continuing operations: | ' | ' |
Net earnings | $48,232 | $39,924 |
Less: Loss from discontinued operations, net of tax | -866 | -878 |
Earnings from continuing operations | 49,098 | 40,802 |
Depreciation expense | 248,815 | 231,541 |
Gains on vehicle sales, net | -28,818 | -23,006 |
Share-based compensation expense | 4,858 | 4,609 |
Amortization expense and other non-cash charges, net | 14,097 | 13,432 |
Deferred income tax expense | 21,653 | 18,593 |
Changes in operating assets and liabilities, net of acquisitions: | ' | ' |
Receivables | -41,526 | -8,677 |
Inventories | -629 | 902 |
Prepaid expenses and other assets | -14,410 | -17,353 |
Accounts payable | 14,423 | 36,405 |
Accrued expenses and other non-current liabilities | -29,901 | -48,320 |
Net cash provided by operating activities from continuing operations | 237,660 | 248,928 |
Cash flows from financing activities from continuing operations: | ' | ' |
Net change in commercial paper borrowings | 142,834 | 112,938 |
Debt proceeds | 366,612 | 249,723 |
Debt repaid, including capital lease obligations | -252,845 | -317,344 |
Dividends on common stock | -18,005 | -15,980 |
Common stock issued | 18,526 | 22,529 |
Common stock repurchased | -40,437 | -104 |
Excess tax benefits from share-based compensation | 293 | 1,575 |
Debt issuance costs | -1,809 | -1,767 |
Net cash provided by financing activities from continuing operations | 215,169 | 51,570 |
Cash flows from investing activities from continuing operations: | ' | ' |
Purchases of property and revenue earning equipment | -578,722 | -420,054 |
Sales of revenue earning equipment | 125,673 | 112,425 |
Sales of operating property and equipment | 2,004 | 916 |
Payments to Acquire Businesses, Net of Cash Acquired | -1,649 | -1,420 |
Collections on direct finance leases | 16,184 | 27,411 |
Changes in restricted cash | -4,087 | -18,979 |
Insurance recoveries and other | -1,250 | 3,767 |
Net cash used in investing activities from continuing operations | -441,847 | -295,934 |
Effect of exchange rate changes on cash | 1,369 | 6,257 |
Decrease in cash and cash equivalents from discontinued operations | 12,351 | 10,821 |
Cash flows from discontinued operations: | ' | ' |
Operating cash flows | -906 | -726 |
Effect of exchange rate changes on cash | -221 | 2 |
Decrease in cash and cash equivalents from discontinued operations | -1,127 | -724 |
Increase in cash and cash equivalents | 11,224 | 10,097 |
Cash and cash equivalents at January 1 | 61,562 | 66,392 |
Cash and cash equivalents at March 31 | $72,786 | $76,489 |
Consolidated_Condensed_Stateme2
Consolidated Condensed Statement of Shareholders' Equity (Unaudited) (USD $) | Total | Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | |
In Thousands, except Share data, unless otherwise specified | |||||||
Beginning Balance at Dec. 31, 2013 | $1,896,714 | $0 | $26,667 | $917,539 | $1,390,756 | ($438,248) | |
Beginning Balance, shares at Dec. 31, 2013 | 53,335,386 | ' | 53,335,386 | ' | ' | ' | |
Components of comprehensive income: | ' | ' | ' | ' | ' | ' | |
Net earnings | 48,232 | ' | ' | ' | 48,232 | ' | |
Other comprehensive loss | -11,465 | ' | ' | ' | ' | -11,465 | |
Comprehensive income | 36,767 | ' | ' | ' | ' | ' | |
Common stock dividends declared — $0.34 per share | -18,124 | ' | ' | ' | -18,124 | ' | |
Common stock issued under employee stock option and stock purchase plans | [1] | 18,329 | ' | 204 | 18,125 | ' | ' |
Common stock issued under employee stock option and stock purchase plans, shares | [1] | ' | ' | 409,203 | ' | ' | ' |
Benefit plan stock sales | [2] | 197 | ' | 1 | 196 | ' | ' |
Benefit plan stock sales, shares | [2] | ' | ' | 2,590 | ' | ' | ' |
Common stock repurchases | -40,437 | ' | -281 | -9,602 | -30,554 | ' | |
Common stock repurchases, shares | ' | ' | -562,683 | ' | ' | ' | |
Share-based compensation | 4,858 | ' | ' | 4,858 | ' | ' | |
Tax benefits from share-based compensation | 237 | ' | ' | 237 | ' | ' | |
Ending Balance at Mar. 31, 2014 | $1,898,541 | $0 | $26,591 | $931,353 | $1,390,310 | ($449,713) | |
Ending Balance, shares at Mar. 31, 2014 | 53,184,496 | ' | 53,184,496 | ' | ' | ' | |
[1] | Net of common shares delivered as payment for the exercise price or to satisfy the option holders’ withholding tax liability upon exercise of options. | ||||||
[2] | Represents open-market transactions of common shares by the trustee of Ryder’s deferred compensation plans. |
Consolidated_Condensed_Stateme3
Consolidated Condensed Statement of Shareholders' Equity (Unaudited) (Parenthetical) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Cash dividends declared per common share | $0.34 |
Retained Earnings | ' |
Cash dividends declared per common share | $0.34 |
Interim_Financial_Statements
Interim Financial Statements | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
INTERIM FINANCIAL STATEMENTS | ' |
INTERIM FINANCIAL STATEMENTS | |
The accompanying unaudited Consolidated Condensed Financial Statements include the accounts of Ryder System, Inc. (Ryder) and all entities in which Ryder has a controlling voting interest (“subsidiaries”) and variable interest entities (VIEs) required to be consolidated in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). The accompanying unaudited Consolidated Condensed Financial Statements have been prepared in accordance with the accounting policies described in our 2013 Annual Report on Form 10-K and should be read in conjunction with the Consolidated Financial Statements and notes thereto. These financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement have been included and the disclosures herein are adequate. The operating results for interim periods are unaudited and are not necessarily indicative of the results that can be expected for a full year. Prior year amounts have been reclassified to conform to the current period presentation. These reclassifications were immaterial to the financial statements taken as a whole. | |
Prior year amounts related to intercompany profit allocations between Fleet Management Solutions (FMS) and Supply Chain Solutions (SCS) have been reclassified to conform to the current period presentation. These reclassifications were immaterial to the financial statements taken as a whole. |
Accounting_Changes
Accounting Changes | 3 Months Ended |
Mar. 31, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
RECENT ACCOUNTING PRONOUNCEMENTS [Text Block] | ' |
ACCOUNTING CHANGES | |
In July 2013, the Financial Accounting Standards Board issued accounting guidance on the balance sheet presentation of an unrecognized tax benefit when a net operating loss carryforward exists. Under this guidance, an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward. This guidance became effective for us on January 1, 2014 and resulted in a reclassification of $38.8 million from other non-current liabilities to deferred income taxes in our December 31, 2013 balance sheet. Prior year amounts have been reclassified to conform to the current period presentation. Other than the change in presentation within the Consolidated Condensed Balance Sheets, this accounting guidance did not have an impact on our consolidated financial position, results of operations or cash flows. |
Discontinued_Operations
Discontinued Operations | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||
DISCONTINUED OPERATIONS | ' | ||||||
DISCONTINUED OPERATIONS | |||||||
In 2009, we ceased SCS service operations in Brazil, Argentina, Chile and European markets. Accordingly, results of these operations, financial position and cash flows are separately reported as discontinued operations for all periods presented either in the Consolidated Condensed Financial Statements or notes thereto. | |||||||
Summarized results of discontinued operations were as follows: | |||||||
Three months ended March 31, | |||||||
2014 | 2013 | ||||||
(In thousands) | |||||||
Pre-tax loss from discontinued operations | $ | (955 | ) | (901 | ) | ||
Income tax benefit | 89 | 23 | |||||
Loss from discontinued operations, net of tax | $ | (866 | ) | (878 | ) | ||
Results of discontinued operations in 2014 and 2013 reflected losses related to adverse legal developments and professional and administrative fees associated with our discontinued South American operations. | |||||||
The following is a summary of assets and liabilities of discontinued operations: | |||||||
March 31, | December 31, | ||||||
2014 | 2013 | ||||||
(In thousands) | |||||||
Total assets, primarily deposits | $ | 3,541 | 3,627 | ||||
Total liabilities, primarily contingent accruals | $ | 4,477 | 4,501 | ||||
Although we discontinued our South American operations in 2009, we continue to be party to various federal, state and local legal proceedings involving labor matters, tort claims and tax assessments. We have established loss provisions for any matters where we believe a loss is probable and can be reasonably estimated. For matters where a reserve has not been established and for which we believe a loss is reasonably possible, as well as for matters where a reserve has been recorded but for which an exposure to loss in excess of the amount accrued is reasonably possible, we believe that such losses will not have a material effect on our consolidated financial statements. | |||||||
In Brazil, we were assessed $5.0 million (before and after tax) in prior years for various federal income taxes and social contribution taxes for the 1997 and 1998 tax years. We have successfully overturned these federal tax assessments in the lower courts; however, there is a reasonable possibility that these rulings could be reversed and we would be required to pay the assessments. We believe it is more likely than not that our position will ultimately be sustained if appealed and no amounts have been reserved for these matters. We are entitled to indemnification for a portion of any resulting liability on these federal tax claims which, if honored, would reduce the estimated loss. |
ShareBased_Compensation_Plans
Share-Based Compensation Plans | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||
SHARE-BASED COMPENSATION PLANS | ' | ||||||
SHARE-BASED COMPENSATION PLANS | |||||||
Share-based incentive awards are provided to employees under the terms of various share-based compensation plans (collectively, the “Plans”). The Plans are administered by the Compensation Committee of the Board of Directors. Awards under the Plans principally include at-the-money stock options, nonvested stock and cash awards. Nonvested stock awards include grants of market-based, performance-based, and time-vested restricted stock rights. Under the terms of our Plans, dividends may be paid on our stock options and nonvested stock awards. We have historically paid dividends on nonvested stock awards but not on our stock option awards. Dividends on nonvested stock granted after 2011 are not paid unless the award vests. Upon vesting, the amount of the dividends paid is equal to the aggregate dividends declared on common shares during the period from the date of grant of the award until the date the shares underlying the award are delivered. | |||||||
The following table provides information on share-based compensation expense and income tax benefits recognized during the periods: | |||||||
Three months ended March 31, | |||||||
2014 | 2013 | ||||||
(In thousands) | |||||||
Stock option and stock purchase plans | $ | 2,237 | 2,110 | ||||
Nonvested stock | 2,621 | 2,499 | |||||
Share-based compensation expense | 4,858 | 4,609 | |||||
Income tax benefit | (1,676 | ) | (1,687 | ) | |||
Share-based compensation expense, net of tax | $ | 3,182 | 2,922 | ||||
During the three months ended March 31, 2014 and 2013, approximately 405,000 and 377,000 stock options, respectively, were granted under the Plans. These awards generally vest evenly over a three year period beginning on the date of grant. The stock options have contractual terms of ten years. The fair value of each option award at the date of grant was estimated using a Black-Scholes-Merton option-pricing valuation model. Share-based compensation expense is recognized on a straight-line basis over the vesting period. The weighted-average fair value per option granted during the three months ended March 31, 2014 and 2013 was $14.99 and $13.99, respectively. | |||||||
During each of the three months ended March 31, 2014 and 2013, approximately 22,000 market-based restricted stock rights were granted under the Plans. The awards are segmented into three performance periods of one, two and three years. At the end of each performance period, 25%-125% of the award may be earned based on Ryder's total shareholder return (TSR) compared to the TSR of a custom peer group over the applicable performance period. If earned, employees will receive the grant of stock at the end of the relevant three year performance period provided they continue to be employed with Ryder, subject to Compensation Committee approval. The fair value of the market-based restricted stock rights was estimated using a lattice-based option-pricing valuation model that incorporates a Monte-Carlo simulation. The fair value of the market-based awards was determined on the grant date and considers the likelihood of Ryder achieving the market-based condition. Share-based compensation expense is recognized on a straight-line basis over the vesting period. The weighted-average fair value per market-based restricted stock right granted during the three months ended March 31, 2014 and 2013 was $61.07 and $53.32, respectively. | |||||||
During the three months ended March 31, 2014 and 2013, approximately 42,000 and 45,000 performance-based restricted stock rights (PBRSRs), respectively, were awarded under the Plans. The awards are segmented into three one-year performance periods. For these awards, 25%-125% of the awards may be earned based on Ryder's one-year adjusted return on capital (ROC) measured against an annual ROC target. If earned, employees will receive the grant of stock three years after the grant date, provided they continue to be employed with Ryder, subject to Compensation Committee approval. For accounting purposes, these awards are not considered granted until the Compensation Committee approves the annual ROC target. During the three months ended March 31, 2014 and 2013, approximately 30,000 and 15,000 PBRSRs, respectively, were considered granted for accounting purposes. The fair value of the PBRSRs is determined and fixed on the grant date based on Ryder's stock price on the date of grant. Share-based compensation expense is recognized on a straight-line basis over the vesting period, based upon the probability that the performance target will be met. The weighted-average fair value per PBRSR granted during the three months ended March 31, 2014 and 2013 was $71.43 and $58.21, respectively. | |||||||
During the three months ended March 31, 2014 and 2013, approximately 87,000 and 127,000 time-vested restricted stock rights, respectively, were granted under the Plans. The time-vested restricted stock rights entitle the holder to shares of common stock when the awards generally vest at the end of the three-year period after the grant date. The fair value of the time-vested awards is determined and fixed on the date of grant based on Ryder’s stock price on the date of grant. Share-based compensation expense is recognized on a straight-line basis over the vesting period. The weighted-average fair value per time-vested restricted stock right granted during the three months ended March 31, 2014 and 2013 was $71.40 and $58.00, respectively. | |||||||
During the three months ended March 31, 2014 and 2013, employees who received market-based restricted stock rights also received market-based cash awards. The cash awards have the same vesting provisions as the market-based restricted stock rights. The cash awards are accounted for as liability awards under the share-based compensation accounting guidance as the awards are based upon the performance of our common stock and are settled in cash. As a result, the liability is adjusted to reflect fair value at the end of each reporting period. The fair value of the cash awards was estimated using a lattice-based option-pricing valuation model that incorporates a Monte-Carlo simulation. Share-based compensation expense is recognized on a straight-line basis over the vesting period. | |||||||
The following table is a summary of compensation expense recognized for market-based cash awards in addition to the share-based compensation expense reported in the previous table: | |||||||
Three months ended March 31, | |||||||
2014 | 2013 | ||||||
(In thousands) | |||||||
Cash awards | $523 | 1,274 | |||||
Total unrecognized pre-tax compensation expense related to all share-based compensation arrangements at March 31, 2014 was $34.4 million and is expected to be recognized over a weighted-average period of 2.0 years. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Earnings Per Share [Abstract] | ' | ||||||
EARNINGS PER SHARE | ' | ||||||
EARNINGS PER SHARE | |||||||
We compute earnings per share using the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for common stock and any participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. Our nonvested stock granted prior to 2012 and restricted stock units granted to our Board of Directors are considered participating securities since the share-based awards contain a non-forfeitable right to dividend cash payments prior to vesting. Under the two-class method, earnings per common share are computed by dividing the sum of distributed earnings and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, undistributed earnings are allocated to both common shares and participating securities based on the weighted average shares outstanding during the period. | |||||||
The following table presents the calculation of basic and diluted earnings per common share from continuing operations: | |||||||
Three months ended March 31, | |||||||
2014 | 2013 | ||||||
(In thousands, except per share amounts) | |||||||
Earnings per share — Basic: | |||||||
Earnings from continuing operations | $ | 49,098 | 40,802 | ||||
Less: Distributed and undistributed earnings allocated to nonvested stock | (255 | ) | (403 | ) | |||
Earnings from continuing operations available to common shareholders — Basic | $ | 48,843 | 40,399 | ||||
Weighted average common shares outstanding — Basic | 52,660 | 50,958 | |||||
Earnings from continuing operations per common share — Basic | $ | 0.93 | 0.79 | ||||
Earnings per share — Diluted: | |||||||
Earnings from continuing operations | $ | 49,098 | 40,802 | ||||
Less: Distributed and undistributed earnings allocated to nonvested stock | (255 | ) | (403 | ) | |||
Earnings from continuing operations available to common shareholders — Diluted | $ | 48,843 | 40,399 | ||||
Weighted average common shares outstanding — Basic | 52,660 | 50,958 | |||||
Effect of dilutive equity awards | 463 | 435 | |||||
Weighted average common shares outstanding — Diluted | 53,123 | 51,393 | |||||
Earnings from continuing operations per common share — Diluted | $ | 0.92 | 0.79 | ||||
Anti-dilutive equity awards not included above | 215 | 1,413 | |||||
Revenue_Earning_Equipment
Revenue Earning Equipment | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Revenue Earning Equipment [Abstract] | ' | |||||||||||||||||||
REVENUE EARNING EQUIPMENT | ' | |||||||||||||||||||
REVENUE EARNING EQUIPMENT | ||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||
Cost | Accumulated | Net Book | Cost | Accumulated | Net Book | |||||||||||||||
Depreciation | Value(1) | Depreciation | Value(1) | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Held for use: | ||||||||||||||||||||
Full service lease | $ | 7,579,461 | (2,531,559 | ) | 5,047,902 | $ | 7,436,093 | (2,537,077 | ) | 4,899,016 | ||||||||||
Commercial rental | 2,309,828 | (781,005 | ) | 1,528,823 | 2,210,863 | (747,283 | ) | 1,463,580 | ||||||||||||
Held for sale | 385,718 | (274,467 | ) | 111,251 | 439,983 | (311,742 | ) | 128,241 | ||||||||||||
Total | $ | 10,275,007 | (3,587,031 | ) | 6,687,976 | $ | 10,086,939 | (3,596,102 | ) | 6,490,837 | ||||||||||
———————————— | ||||||||||||||||||||
-1 | Revenue earning equipment, net includes vehicles acquired under capital leases of $53.9 million, less accumulated depreciation of $22.7 million, at March 31, 2014, and $54.2 million, less accumulated depreciation of $22.0 million, at December 31, 2013. | |||||||||||||||||||
At the end of 2013, we completed our annual review of residual values and useful lives of revenue earning equipment. Based on the results of our analysis, we adjusted the estimated residual values of certain classes of revenue earning equipment effective January 1, 2014. The change in estimated residual values and useful lives increased pre-tax earnings for the three months ended March 31, 2014 by approximately $6.3 million. | ||||||||||||||||||||
We lease revenue earning equipment to customers for periods typically ranging from three to seven years for trucks and tractors and up to ten years for trailers. The majority of our leases are classified as operating leases. However, some of our revenue earning equipment leases are classified as direct financing leases and, to a lesser extent, sales-type leases. As of March 31, 2014 and December 31, 2013, the net investment in direct financing and sales-type leases was $407.8 million and $400.1 million, respectively. Our direct financing lease customers operate in a wide variety of industries, and we have no significant customer concentrations in any one industry. We assess credit risk for all of our customers including those who lease equipment under direct financing leases upon signing of a full service lease contract. For those customers who are designated as high risk, we typically require deposits to be paid in advance in order to mitigate our credit risk. Additionally, our receivables are collateralized by the vehicle’s fair value, which further mitigates our credit risk. | ||||||||||||||||||||
As of March 31, 2014 and December 31, 2013, the amount of direct financing lease receivables which were past due was not significant, and there were no impaired receivables. Accordingly, we do not believe there is a material risk of default with respect to the direct financing lease receivables. The allowance for credit losses was $0.4 million and $0.5 million as of March 31, 2014 and December 31, 2013, respectively. |
Goodwill
Goodwill | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||
GOODWILL | ' | |||||||||
GOODWILL | ||||||||||
The carrying amount of goodwill attributable to each reportable business segment with changes therein was as follows: | ||||||||||
Fleet | Supply | Total | ||||||||
Management | Chain | |||||||||
Solutions | Solutions | |||||||||
(In thousands) | ||||||||||
Balance at January 1, 2014: | ||||||||||
Goodwill | $ | 223,204 | 189,736 | 412,940 | ||||||
Accumulated impairment losses | (10,322 | ) | (18,899 | ) | (29,221 | ) | ||||
212,882 | 170,837 | 383,719 | ||||||||
Foreign currency translation adjustments | (202 | ) | (317 | ) | (519 | ) | ||||
Balance at March 31, 2014: | ||||||||||
Goodwill | 223,002 | 189,419 | 412,421 | |||||||
Accumulated impairment losses | (10,322 | ) | (18,899 | ) | (29,221 | ) | ||||
$ | 212,680 | 170,520 | 383,200 | |||||||
Accrued_Expenses_and_Other_Lia
Accrued Expenses and Other Liabilities | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
Accrued Expenses and Other Liabilities [Abstract] | ' | ||||||||||||||||||
ACCRUED EXPENSES AND OTHER LIABILITIES | ' | ||||||||||||||||||
ACCRUED EXPENSES AND OTHER LIABILITIES | |||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||
Accrued | Non-Current | Total | Accrued | Non-Current | Total | ||||||||||||||
Expenses | Liabilities | Expenses | Liabilities | ||||||||||||||||
(In thousands) | |||||||||||||||||||
Salaries and wages | $ | 69,064 | — | 69,064 | 106,281 | — | 106,281 | ||||||||||||
Deferred compensation | 2,790 | 32,097 | 34,887 | 2,505 | 31,896 | 34,401 | |||||||||||||
Other employee benefits | 4,646 | 4,200 | 8,846 | 3,809 | 6,712 | 10,521 | |||||||||||||
Pension benefits | 3,582 | 293,074 | 296,656 | 3,660 | 292,155 | 295,815 | |||||||||||||
Other postretirement benefits | 2,405 | 28,200 | 30,605 | 2,414 | 28,374 | 30,788 | |||||||||||||
Insurance obligations (1) | 130,734 | 187,307 | 318,041 | 125,835 | 186,700 | 312,535 | |||||||||||||
Accrued rent | 7,198 | 2,721 | 9,919 | 4,373 | 3,372 | 7,745 | |||||||||||||
Environmental liabilities | 4,416 | 8,853 | 13,269 | 4,515 | 8,548 | 13,063 | |||||||||||||
Asset retirement obligations | 5,851 | 19,834 | 25,685 | 6,144 | 19,403 | 25,547 | |||||||||||||
Operating taxes | 100,519 | — | 100,519 | 94,188 | — | 94,188 | |||||||||||||
Income taxes | 2,566 | 24,682 | 27,248 | 2,623 | 23,813 | 26,436 | |||||||||||||
Interest | 25,600 | — | 25,600 | 33,654 | — | 33,654 | |||||||||||||
Deposits, mainly from customers | 56,156 | 6,240 | 62,396 | 55,854 | 6,239 | 62,093 | |||||||||||||
Deferred revenue | 15,013 | — | 15,013 | 15,123 | — | 15,123 | |||||||||||||
Other | 35,457 | 10,073 | 45,530 | 35,359 | 9,093 | 44,452 | |||||||||||||
Total | $ | 465,997 | 617,281 | 1,083,278 | 496,337 | 616,305 | 1,112,642 | ||||||||||||
———————————— | |||||||||||||||||||
(1) Insurance obligations are primarily comprised of self-insured claim liabilities. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
INCOME TAXES | ' |
INCOME TAXES | |
Uncertain Tax Positions | |
We are subject to tax audits in numerous jurisdictions in the U.S. and foreign countries. Tax audits by their very nature are often complex and can require several years to complete. In the normal course of business, we are subject to challenges from the Internal Revenue Service (IRS) and other tax authorities regarding amounts of taxes due. These challenges may alter the timing or amount of taxable income or deductions, or the allocation of income among tax jurisdictions. As part of our calculation of the provision for income taxes on earnings, we recognize the tax benefit from uncertain tax positions that are at least more likely than not of being sustained upon audit, based on the technical merits of the tax position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Such calculations require management to make estimates and judgments with respect to the ultimate outcome of a tax audit. Actual results could vary materially from these estimates. We reevaluate uncertain tax positions each quarter based on factors including, but not limited to, changes in facts or circumstances, expiration of statutes of limitations, changes in tax law, effectively settled issues under audit, and new audit activity. Depending on the jurisdiction, such a change in recognition or measurement may result in the recognition of a tax benefit or an additional charge to the tax provision in the period. | |
The following is a summary of tax years that are no longer subject to examination: | |
Federal — audits of our U.S. federal income tax returns are closed through fiscal year 2008. | |
State — for the majority of states, tax returns are closed through fiscal year 2008. | |
Foreign — we are no longer subject to foreign tax examinations by tax authorities for tax years before 2006 in Canada, 2009 in Brazil, 2008 in Mexico and 2011 in the U.K., which are our major foreign tax jurisdictions. Refer to Note (C), “Discontinued Operations,” for further discussion on various assessments related to our former South American operations. | |
At March 31, 2014 and December 31, 2013, the total amount of gross unrecognized tax benefits (excluding the federal benefit received from state positions) was $57.8 million and $56.8 million, respectively. Unrecognized tax benefits related to federal, state and foreign tax positions may decrease by $2.7 million by March 31, 2015, if audits are completed or tax years close. | |
Like-Kind Exchange Program | |
We have a like-kind exchange program for certain of our U.S.-based revenue earning equipment. Pursuant to the program, we dispose of vehicles and acquire replacement vehicles in a form whereby tax gains on disposal of eligible vehicles are deferred. To qualify for like-kind exchange treatment, we exchange through a qualified intermediary eligible vehicles being disposed of with vehicles being acquired, allowing us to generally carryover the tax basis of the vehicles sold (“like-kind exchanges”). The program results in a material deferral of federal and state income taxes, and a decrease in cash taxes in periods when we are not in a net operating loss (NOL) position. As part of the program, the proceeds from the sale of eligible vehicles are restricted for the acquisition of replacement vehicles and other specified applications. These proceeds are classified as restricted cash, which is included within “Prepaid expenses and other current assets” if the restriction is expected to expire in the twelve months following the balance sheet date or within “Direct financing leases and other assets” if the restriction is expected to expire more than twelve months after the balance sheet date. Due to the structure utilized to facilitate the like-kind exchanges, the qualified intermediary that holds the proceeds from the sales of eligible vehicles and the entity that holds the vehicles to be acquired under the program are required to be consolidated in the accompanying Consolidated Condensed Financial Statements in accordance with U.S. GAAP. The total assets, primarily revenue earning equipment, and the total liabilities, primarily vehicle accounts payable, held by these consolidated entities are equal in value as these entities are solely structured to facilitate the like-kind exchanges. At March 31, 2014 and December 31, 2013, these consolidated entities had total assets, primarily revenue earning equipment, and total liabilities, primarily accounts payable of $249.2 million and $246.3 million, respectively. | |
In the first quarter of 2013, once we had completed a restructuring of the administrative processes for purchasing and selling vehicles, we reinstated our like-kind exchange program. The reinstated program operates, and will provide cash tax benefits, in the same manner as it did prior to suspension once we are no longer in a NOL position. Our cash flow declined $19.0 million in the first quarter of 2013 as a result of the program's restricted cash. There were no other impacts to cash flow as a result of the program's reinstatement. | |
Effective Tax Rate | |
Our effective income tax rate from continuing operations for the first quarter of 2014 was 34.5% compared with 34.7% in the same period of the prior year. The decrease in our effective tax rate in the first quarter of 2014 reflects a benefit from a tax law change in the state of New York partially offset by a higher proportionate amount of 2014 earnings in higher tax rate jurisdictions. | |
On March 31, 2014, the State of New York enacted changes to its tax system, which impacted net operating loss provisions and reduced the corporate income tax rate from 7.1% to 6.5%. The impact of these changes resulted in a non-cash benefit to deferred income taxes of $1.8 million. |
Debt
Debt | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
DEBT | ' | ||||||||||||
DEBT | |||||||||||||
Weighted-Average | |||||||||||||
Interest Rate | |||||||||||||
March 31, | December 31, | Maturities | March 31, | December 31, | |||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
(In thousands) | |||||||||||||
Short-term debt and current portion of long-term debt: | |||||||||||||
Short-term debt | 1.02% | 1.70% | 2014 | $ | 1,590 | 1,315 | |||||||
Current portion of long-term debt, including capital leases | 399,256 | 258,123 | |||||||||||
Total short-term debt and current portion of long-term debt | 400,846 | 259,438 | |||||||||||
Long-term debt: | |||||||||||||
U.S. commercial paper (1) | 0.26% | 0.28% | 2018 | 640,940 | 486,939 | ||||||||
Canadian commercial paper (1) | —% | 1.13% | 2018 | — | 11,297 | ||||||||
Global revolving credit facility | 3.00% | —% | 2018 | 16,290 | — | ||||||||
Unsecured U.S. notes — Medium-term notes (1) | 3.44% | 3.76% | 2015-2025 | 3,371,707 | 3,271,734 | ||||||||
Unsecured U.S. obligations, principally bank term loans | 1.45% | 1.45% | 2015-2018 | 55,500 | 55,500 | ||||||||
Unsecured foreign obligations | 1.99% | 1.99% | 2015-2016 | 315,681 | 315,558 | ||||||||
Capital lease obligations | 3.78% | 3.81% | 2014-2019 | 38,701 | 38,911 | ||||||||
Total before fair market value adjustment | 4,438,819 | 4,179,939 | |||||||||||
Fair market value adjustment on notes subject to hedging (2) | 6,188 | 8,171 | |||||||||||
4,445,007 | 4,188,110 | ||||||||||||
Current portion of long-term debt, including capital leases | (399,256 | ) | (258,123 | ) | |||||||||
Long-term debt | 4,045,751 | 3,929,987 | |||||||||||
Total debt | $ | 4,446,597 | 4,189,425 | ||||||||||
———————————— | |||||||||||||
-1 | We had unamortized original issue discounts of $8.4 million and $8.3 million at March 31, 2014 and December 31, 2013, respectively. | ||||||||||||
-2 | The notional amount of executed interest rate swaps designated as fair value hedges was $500 million and $400 million at March 31, 2014 and December 31, 2013, respectively. | ||||||||||||
We maintain a $900 million global revolving credit facility with a syndicate of twelve lending institutions led by Bank of America N.A., Bank of Tokyo-Mitsubishi UFJ, Ltd., BNP Paribas, Mizuho Corporate Bank, Ltd., Royal Bank of Canada, Royal Bank of Scotland Plc, U.S. Bank National Association and Wells Fargo Bank, N.A. The global credit facility matures in October 2018. The global facility is used primarily to finance working capital 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 at March 31, 2014). At our option, the interest rate on borrowings under the credit facility is based on LIBOR, prime, federal funds or local equivalent rates. The agreement provides for annual facility fees which range from 8.0 basis points to 27.5 basis points and are based on Ryder’s long-term credit ratings. This annual facility fee is 12.5 basis points, which applies to the total facility size of $900 million. The credit facility contains no provisions limiting its availability in the event of a material adverse change to Ryder’s business operations; however, the credit facility does contain standard representations and warranties, events of default, cross-default provisions and certain affirmative and negative covenants. In order to maintain availability of funding, we must maintain a ratio of debt to consolidated net worth of less than or equal to 300%. Net worth, as defined in the credit facility, represents shareholders' equity excluding any accumulated other comprehensive income or loss associated with our pension and other postretirement plans. The ratio at March 31, 2014 was 188%. At March 31, 2014, $242.7 million was available under the credit facility. | |||||||||||||
Our global revolving credit facility enables us to refinance short-term obligations on a long-term basis. Settlement of short-term commercial paper obligations not expected to require the use of working capital are classified as long-term as we have both the intent and ability to refinance on a long-term basis. At March 31, 2014 and December 31, 2013, we classified $640.9 million and $498.2 million, respectively, of short-term commercial paper as long-term debt. | |||||||||||||
In February 2014, we issued $350 million of unsecured medium-term notes maturing in June 2019. The proceeds from the notes were used to pay down commercial paper and for general corporate purposes. If the notes are downgraded following, and as a result of, a change in control, the note holder can require us to repurchase all or a portion of the notes at a purchase price equal to 101% of principal plus accrued and unpaid interest. | |||||||||||||
We have a 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 receivables conduit or committed purchasers. 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 available proceeds that may be received under the program are limited to $175 million. If no event occurs which causes early termination, the 364-day program will expire on October 24, 2014. The program contains provisions restricting its availability in the event of a material adverse change to our business operations or the collectibility of the collateralized receivables. At March 31, 2014 and December 31, 2013, no amounts were outstanding under the program. Sales of receivables under this program will be accounted for as secured borrowings based on our continuing involvement in the transferred assets. | |||||||||||||
At March 31, 2014 and December 31, 2013, we had letters of credit and surety bonds outstanding totaling $308.9 million and $310.5 million, respectively, which primarily guarantee the payment of insurance claims. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||
Mar. 31, 2014 | |||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||
FAIR VALUE MEASUREMENTS | ' | ||||||||||||||
FAIR VALUE MEASUREMENTS | |||||||||||||||
The following tables present our assets and liabilities that are measured at fair value on a recurring basis and the levels of inputs used to measure fair value: | |||||||||||||||
Balance Sheet Location | Fair Value Measurements | Total | |||||||||||||
At March 31, 2014 Using | |||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||
(In thousands) | |||||||||||||||
Assets: | |||||||||||||||
Interest rate swaps | Prepaid expenses and other current assets | $ | — | 2,509 | — | 2,509 | |||||||||
Interest rate swaps | DFL and other assets | — | 5,625 | — | 5,625 | ||||||||||
Investments held in Rabbi Trusts: | |||||||||||||||
Cash and cash equivalents | 3,719 | — | — | 3,719 | |||||||||||
U.S. equity mutual funds | 20,005 | — | — | 20,005 | |||||||||||
Foreign equity mutual funds | 4,383 | — | — | 4,383 | |||||||||||
Fixed income mutual funds | 5,000 | — | — | 5,000 | |||||||||||
Investments held in Rabbi Trusts | DFL and other assets | 33,107 | — | — | 33,107 | ||||||||||
Total assets at fair value | $ | 33,107 | 8,134 | — | 41,241 | ||||||||||
Liabilities: | |||||||||||||||
Interest rate swaps | Other non-current liabilities | $ | — | 1,946 | — | 1,946 | |||||||||
Total liabilities at fair value | $ | — | 1,946 | — | 1,946 | ||||||||||
Balance Sheet Location | Fair Value Measurements | Total | |||||||||||||
At December 31, 2013 Using | |||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||
(In thousands) | |||||||||||||||
Assets: | |||||||||||||||
Interest rate swaps | DFL and other assets | — | 9,333 | — | 9,333 | ||||||||||
Investments held in Rabbi Trusts: | |||||||||||||||
Cash and cash equivalents | 7,101 | — | — | 7,101 | |||||||||||
U.S. equity mutual funds | 16,479 | — | — | 16,479 | |||||||||||
Foreign equity mutual funds | 4,323 | — | — | 4,323 | |||||||||||
Fixed income mutual funds | 4,616 | — | — | 4,616 | |||||||||||
Investments held in Rabbi Trusts | DFL and other assets | 32,519 | — | — | 32,519 | ||||||||||
Total assets at fair value | $ | 32,519 | 9,333 | — | 41,852 | ||||||||||
Liabilities: | |||||||||||||||
Interest rate swaps | Other non-current liabilities | $ | — | 1,162 | — | 1,162 | |||||||||
Total liabilities at fair value | $ | — | 1,162 | — | 1,162 | ||||||||||
The following is a description of the valuation methodologies used for these items, as well as the level of inputs used to measure fair value: | |||||||||||||||
Interest rate swaps — The derivatives are pay-variable, receive-fixed interest rate swaps based on the LIBOR rate and are designated as fair value hedges. Fair value was based on a model-driven income approach using the LIBOR rate at each interest payment date, which was observable at commonly quoted intervals for the full term of the swaps. Therefore, our interest rate swaps were classified within Level 2 of the fair value hierarchy. | |||||||||||||||
Investments held in Rabbi Trusts — The investments primarily include mutual funds that invest in equity and fixed income securities. Shares of mutual funds were valued based on quoted market prices, which represent the net asset value of the shares and were therefore classified within Level 1 of the fair value hierarchy. | |||||||||||||||
The following tables present our assets and liabilities that are measured at fair value on a nonrecurring basis and the levels of inputs used to measure fair value: | |||||||||||||||
Fair Value Measurements | Total Losses (2) | ||||||||||||||
At March 31, 2014 Using | |||||||||||||||
Level 1 | Level 2 | Level 3 | Three months ended | ||||||||||||
(In thousands) | |||||||||||||||
Assets held for sale: | |||||||||||||||
Revenue earning equipment: (1) | |||||||||||||||
Trucks | $ | — | — | 11,928 | $ | 1,882 | |||||||||
Tractors | — | — | 7,495 | 1,632 | |||||||||||
Trailers | — | — | 742 | 161 | |||||||||||
Total assets at fair value | $ | — | — | 20,165 | $ | 3,675 | |||||||||
Fair Value Measurements | Total Losses (2) | ||||||||||||||
At March 31, 2013 Using | |||||||||||||||
Level 1 | Level 2 | Level 3 | Three months | ||||||||||||
ended | |||||||||||||||
(In thousands) | |||||||||||||||
Assets held for sale: | |||||||||||||||
Revenue earning equipment (1) | |||||||||||||||
Trucks | $ | — | — | 13,229 | $ | 3,029 | |||||||||
Tractors | — | — | 14,943 | 1,095 | |||||||||||
Trailers | — | — | 989 | 597 | |||||||||||
Total assets at fair value | $ | — | — | 29,161 | $ | 4,721 | |||||||||
———————————— | |||||||||||||||
-1 | Represents the portion of all revenue earning equipment held for sale that is recorded at fair value, less costs to sell. | ||||||||||||||
-2 | Total losses represent fair value adjustments for all vehicles held for sale throughout the period for which fair value was less than carrying value. | ||||||||||||||
Revenue earning equipment held for sale is stated at the lower of carrying amount or fair value less costs to sell. Losses to reflect changes in fair value are presented within “Other operating expenses” in the Consolidated Condensed Statements of Earnings. For revenue earning equipment held for sale, we stratify our fleet by vehicle type (tractors, trucks and trailers), weight class, age and other relevant characteristics and create classes of similar assets for analysis purposes. Fair value was determined based upon recent market prices obtained from our own sales experience for sales of each class of similar assets and vehicle condition. Therefore, our revenue earning equipment held for sale was classified within Level 3 of the fair value hierarchy. | |||||||||||||||
Fair value of total debt (excluding capital lease obligations) at March 31, 2014 and December 31, 2013 was approximately $4.45 billion and $4.28 billion, respectively. For publicly-traded debt, estimates of fair value were based on market prices. Since our publicly-traded debt is not actively traded, the fair value measurement was classified within Level 2 of the fair value hierarchy. 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. Therefore, the fair value measurement of our other debt was classified within Level 2 of the fair value hierarchy. The carrying amounts reported in the Consolidated Condensed Balance Sheets for “Cash and cash equivalents,” “Receivables, net” and “Accounts payable” approximate fair value because of the immediate or short-term maturities of these financial instruments. |
Derivatives
Derivatives | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||
DERIVATIVES | ' | ||||||||||||
DERIVATIVES | |||||||||||||
We have interest rate swaps outstanding which are designated as fair value hedges whereby we receive fixed interest rate payments in exchange for making variable interest rate payments. The differential to be paid or received is accrued and recognized as interest expense. The following table provides a detail of the swaps outstanding and the related hedged items as of March 31, 2014: | |||||||||||||
Maturity date | Face value of medium-term notes | Aggregate | Fixed interest | Weighted-average variable | |||||||||
notional | rate | interest rate on hedged debt | |||||||||||
amount of interest rate swaps | as of March 31, | ||||||||||||
Issuance date | 2014 | 2013 | |||||||||||
(Dollars in thousands) | |||||||||||||
Feb-11 | Mar-15 | $350,000 | $150,000 | 3.15% | 1.28% | 1.41% | |||||||
May-11 | Jun-17 | $350,000 | $150,000 | 3.50% | 1.44% | 1.62% | |||||||
Nov-13 | Nov-18 | $300,000 | $100,000 | 2.45% | 1.19% | —% | |||||||
Feb-14 | Jun-19 | $350,000 | $100,000 | 2.55% | 1.10% | —% | |||||||
Changes in the fair value of our interest rate swaps are offset by changes in the fair value of the debt instrument. Accordingly, there is no ineffectiveness related to the interest rate swaps. The location and amount of gains (losses) on interest rate swap agreements designated as fair value hedges and related hedged items reported in the Consolidated Condensed Statements of Earnings were as follows: | |||||||||||||
Fair Value Hedging Relationship | Location of | Three months ended March 31, | |||||||||||
Gain (Loss) | |||||||||||||
Recognized in Income | 2014 | 2013 | |||||||||||
(In thousands) | |||||||||||||
Derivatives: Interest rate swaps | Interest expense | $ | (1,983 | ) | (2,781 | ) | |||||||
Hedged items: Fixed-rate debt | Interest expense | 1,983 | 2,781 | ||||||||||
Total | $ | — | — | ||||||||||
Refer to Note (K), “Fair Value Measurements,” for disclosures of the fair value and line item caption of derivative instruments recorded on the Consolidated Condensed Balance Sheets. |
Share_Repurchase_Programs
Share Repurchase Programs | 3 Months Ended |
Mar. 31, 2014 | |
Share Repurchase Programs [Abstract] | ' |
SHARE REPURCHASE PROGRAMS | ' |
SHARE REPURCHASE PROGRAMS | |
In December 2013, our Board of Directors authorized a share repurchase program intended to mitigate the dilutive impact of shares issued under our various employee stock, stock option and employee stock purchase plans. Under the December 2013 program, management is authorized to repurchase shares of common stock in an amount not to exceed the number of shares issued to employees under the Company’s various employee stock, stock option and employee stock purchase plans from December 1, 2013 through December 31, 2015. The December 2013 program limits aggregate share repurchases to no more than 2 million shares of Ryder common stock. Share repurchases of common stock are made periodically in open-market transactions and are subject to market conditions, legal requirements and other factors. Management may establish prearranged written plans for the Company under Rule 10b5-1 of the Securities Exchange Act of 1934 as part of the December 2013 program, which allow for share repurchases during Ryder’s quarterly blackout periods as set forth in the trading plan. For the three months ended March 31, 2014, we repurchased and retired 562,683 shares under the program at an aggregate cost of $40.4 million. We did not repurchase any shares under this program in 2013. | |
In December 2011, our Board of Directors authorized a share repurchase program intended to mitigate the dilutive impact of shares issued under our various employee stock, stock option and employee stock purchase plans. Under the December 2011 program, management was authorized to repurchase shares of common stock in an amount not to exceed the number of shares issued to employees under the Company's various employee stock, stock option and employee stock purchase plans from December 1, 2011 through December 13, 2013. The December 2011 program limited aggregate share repurchases to no more than 2 million shares of Ryder common stock. In 2013, we temporarily paused our anti-dilutive share repurchase program to appropriately manage our leverage and to allow us to maintain near-term balance sheet flexibility. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Equity [Abstract] | ' | |||||||||||||
Comprehensive Income (Loss) Note [Text Block] | ' | |||||||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | ||||||||||||||
The following summaries set forth the components of accumulated other comprehensive loss, net of tax: | ||||||||||||||
Currency | Net Actuarial | Prior Service | Accumulated | |||||||||||
Translation | Loss (1) | Credit (1) | Other | |||||||||||
Adjustments and Other | Comprehensive | |||||||||||||
Loss | ||||||||||||||
(In thousands) | ||||||||||||||
31-Dec-13 | $ | 35,875 | (477,883 | ) | 3,760 | (438,248 | ) | |||||||
Amortization | — | 3,807 | (680 | ) | 3,127 | |||||||||
Current period change | (14,592 | ) | — | — | (14,592 | ) | ||||||||
31-Mar-14 | $ | 21,283 | (474,076 | ) | 3,080 | (449,713 | ) | |||||||
Currency | Net Actuarial | Prior Service | Accumulated | |||||||||||
Translation | Loss (1) | Credit (1) | Other | |||||||||||
Adjustments and Other | Comprehensive | |||||||||||||
Loss | ||||||||||||||
(In thousands) | ||||||||||||||
31-Dec-12 | $ | 57,860 | (648,113 | ) | 2,634 | (587,619 | ) | |||||||
Amortization | — | 5,754 | (335 | ) | 5,419 | |||||||||
Current period change | (33,704 | ) | — | — | (33,704 | ) | ||||||||
31-Mar-13 | $ | 24,156 | (642,359 | ) | 2,299 | (615,904 | ) | |||||||
_______________________ | ||||||||||||||
-1 | These amounts are included in the computation of net periodic pension cost. See Note (O), "Employee Benefit Plans," for further information. |
Employee_Benefit_Plans
Employee Benefit Plans | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||
EMPLOYEE BENEFIT PLANS | ' | |||||||||||||
EMPLOYEE BENEFIT PLANS | ||||||||||||||
Components of net periodic benefit cost were as follows: | ||||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||
Three months ended March 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||||
Company-administered plans: | ||||||||||||||
Service cost | $ | 3,423 | 4,252 | $ | 135 | 263 | ||||||||
Interest cost | 25,561 | 22,419 | 365 | 395 | ||||||||||
Expected return on plan assets | (28,718 | ) | (26,448 | ) | — | — | ||||||||
Amortization of: | ||||||||||||||
Net actuarial loss (credit) | 6,235 | 8,880 | (129 | ) | (2 | ) | ||||||||
Prior service credit | (458 | ) | (466 | ) | (615 | ) | (58 | ) | ||||||
6,043 | 8,637 | (244 | ) | 598 | ||||||||||
Union-administered plans | 2,091 | 1,984 | — | — | ||||||||||
Net periodic benefit cost | $ | 8,134 | 10,621 | $ | (244 | ) | 598 | |||||||
Company-administered plans: | ||||||||||||||
U.S. | $ | 6,287 | 8,741 | $ | (397 | ) | 406 | |||||||
Non-U.S. | (244 | ) | (104 | ) | 153 | 192 | ||||||||
6,043 | 8,637 | (244 | ) | 598 | ||||||||||
Union-administered plans | 2,091 | 1,984 | — | — | ||||||||||
$ | 8,134 | 10,621 | $ | (244 | ) | 598 | ||||||||
During the three months ended March 31, 2014, we contributed $4.3 million to our pension plans. In 2014, we expect total contributions to our pension plans to be approximately $75 million. |
Other_Items
Other Items | 3 Months Ended |
Mar. 31, 2014 | |
Other Items Impacting Comparability [Abstract] | ' |
Other Items Impacting Comparability [Text Block] | ' |
OTHER ITEMS IMPACTING COMPARABILITY | |
Our primary measure of segment performance excludes certain items we do not believe are representative of the ongoing operations of the segment. We believe that excluding these items from our segment measure of performance allows for better comparison of results. | |
During the three months ended March 31, 2013, we recognized a benefit of $1.9 million (before and after tax) from the recognition of the accumulated currency translation adjustment from a FMS foreign operation which has substantially liquidated its net assets. This benefit was recorded within “Miscellaneous income, net” in our Consolidated Condensed Statement of Earnings. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||
SUPPLEMENTAL CASH FLOW INFORMATION | ' | ||||||
SUPPLEMENTAL CASH FLOW INFORMATION | |||||||
Supplemental cash flow information was as follows: | |||||||
Three months ended March 31, | |||||||
2014 | 2013 | ||||||
(In thousands) | |||||||
Interest paid | $ | 41,180 | 45,425 | ||||
Income taxes paid | 1,534 | 3,721 | |||||
Changes in accounts payable related to purchases of revenue earning equipment | 16,918 | 29,381 | |||||
Operating and revenue earning equipment acquired under capital leases | 2,245 | 458 | |||||
During the three months ended March 31, 2014 and 2013, we paid $1.6 million and $1.4 million, respectively, related to acquisitions completed in prior years. |
Segment_Reporting
Segment Reporting | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||
SEGMENT REPORTING | ' | |||||||||||||
SEGMENT REPORTING | ||||||||||||||
Our operating segments are aggregated into reportable business segments based upon similar economic characteristics, products, services, customers and delivery methods. We operate in two reportable business segments: (1) FMS, which provides full service leasing, contract maintenance, contract-related maintenance and commercial rental of trucks, tractors and trailers to customers, principally in the U.S., Canada and the U.K.; and (2) SCS, which provides comprehensive supply chain management solutions including distribution and transportation services in North America and Asia. The SCS segment also provides dedicated services, which includes vehicles and drivers as part of a dedicated transportation solution in the U.S. | ||||||||||||||
Our primary measurement of segment financial performance, defined as “Earnings Before Tax” (EBT) from continuing operations, includes an allocation of Central Support Services (CSS) and excludes non-operating pension costs, restructuring and other charges, net and the items discussed in Note (P), “Other Items Impacting Comparability.” CSS represents those costs incurred to support all business segments, including human resources, finance, corporate services, public affairs, information technology, health and safety, legal, marketing and corporate communications. The objective of the EBT measurement is to provide clarity on the profitability of each business segment and, ultimately, to hold leadership of each business segment and each operating segment within each business segment accountable for their allocated share of CSS costs. Certain costs are considered to be overhead not attributable to any segment and remain unallocated in CSS. Included among the unallocated overhead remaining within CSS are the costs for investor relations, public affairs and certain executive compensation. | ||||||||||||||
Our FMS segment leases revenue earning equipment and provides fuel, maintenance and other ancillary services to the SCS segment. Inter-segment revenue and EBT are accounted for at rates similar to those executed with third parties. EBT related to inter-segment equipment and services billed to customers (equipment contribution) are included in both FMS and SCS and then eliminated (presented as “Eliminations”). | ||||||||||||||
The following tables set forth financial information for each of our business segments and provides a reconciliation between segment EBT and earnings from continuing operations before income taxes for the three months ended March 31, 2014 and 2013. Segment results are not necessarily indicative of the results of operations that would have occurred had each segment been an independent, stand-alone entity during the periods presented. | ||||||||||||||
FMS | SCS | Eliminations | Total | |||||||||||
(In thousands) | ||||||||||||||
For the three months ended March 31, 2014 | ||||||||||||||
Revenue from external customers | $ | 1,013,396 | 597,341 | — | 1,610,737 | |||||||||
Inter-segment revenue | 121,691 | — | (121,691 | ) | — | |||||||||
Total revenue | $ | 1,135,087 | 597,341 | (121,691 | ) | 1,610,737 | ||||||||
Segment EBT | $ | 76,991 | 21,784 | (9,628 | ) | 89,147 | ||||||||
Unallocated CSS | (10,829 | ) | ||||||||||||
Non-operating pension costs | (3,314 | ) | ||||||||||||
Earnings from continuing operations before income taxes | $ | 75,004 | ||||||||||||
Segment capital expenditures paid (1), (2) | $ | 568,239 | 3,872 | — | 572,111 | |||||||||
Unallocated CSS | 6,611 | |||||||||||||
Capital expenditures paid | $ | 578,722 | ||||||||||||
For the three months ended March 31, 2013 | ||||||||||||||
Revenue from external customers | $ | 986,538 | 576,479 | — | 1,563,017 | |||||||||
Inter-segment revenue | 113,194 | — | (113,194 | ) | — | |||||||||
Total revenue | $ | 1,099,732 | 576,479 | (113,194 | ) | 1,563,017 | ||||||||
Segment EBT | $ | 60,745 | 24,436 | (7,958 | ) | 77,223 | ||||||||
Unallocated CSS | (11,375 | ) | ||||||||||||
Non-operating pension costs | (5,244 | ) | ||||||||||||
Restructuring and other charges, net and other items | 1,904 | |||||||||||||
Earnings from continuing operations before income taxes | $ | 62,508 | ||||||||||||
Segment capital expenditures paid (1), (2) | $ | 406,511 | 5,800 | — | 412,311 | |||||||||
Unallocated CSS | 7,743 | |||||||||||||
Capital expenditures paid | $ | 420,054 | ||||||||||||
———————————— | ||||||||||||||
-1 | Excludes revenue earning equipment acquired under capital leases. | |||||||||||||
-2 | Excludes acquisition payments of $1.6 million and $1.4 million during the three months ended March 31, 2014, and 2013, respectively. |
Other_Matters
Other Matters | 3 Months Ended |
Mar. 31, 2014 | |
Other Matters [Abstract] | ' |
OTHER MATTERS | ' |
OTHER MATTERS | |
We are a party to various claims, complaints and proceedings arising in the ordinary course of our continuing business operations including but not limited to those relating to commercial and employment claims, environmental matters, risk management matters (e.g. vehicle liability, workers’ compensation, etc.) and administrative assessments primarily associated with operating taxes. We have established loss provisions for matters in which losses are probable and can be reasonably estimated. For matters from continuing operations where a reserve has not been established and for which we believe a loss is reasonably possible, as well as for matters where a reserve has been recorded but for which an exposure to loss in excess of the amount accrued is reasonably possible, we believe that such losses will not have a material effect on our consolidated financial statements. | |
Our estimates regarding potential losses and materiality are based on our judgment and assessment of the claims utilizing currently available information. Although we will continue to reassess our reserves and estimates based on future developments, our objective assessment of the legal merits of such claims may not always be predictive of the outcome and actual results may vary from our current estimates. | |
Refer to Note (C), “Discontinued Operations,” for additional matters. |
Miscellaneous_Income_Net_Notes
Miscellaneous Income, Net (Notes) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
MiscellaneousIncome [Abstract] | ' | ||||||
Other Income and Other Expense Disclosure | ' | ||||||
(R) MISCELLANEOUS INCOME, NET | |||||||
Three months ended March 31, | |||||||
2014 | 2013 | ||||||
(In thousands) | |||||||
Contract settlement | $ | 2,908 | — | ||||
Gains on sales of operating property and equipment | 1,304 | 273 | |||||
Foreign currency translation benefit (1) | — | 1,904 | |||||
Rabbi trust investment income | 500 | 1,459 | |||||
Other, net | 670 | 934 | |||||
Total | $ | 5,382 | 4,570 | ||||
———————————— | |||||||
(1) Refer to Note (P), "Other Items Impacting Comparability," for additional information. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||
Loss from discontinued operations | ' | ||||||
Summarized results of discontinued operations were as follows: | |||||||
Three months ended March 31, | |||||||
2014 | 2013 | ||||||
(In thousands) | |||||||
Pre-tax loss from discontinued operations | $ | (955 | ) | (901 | ) | ||
Income tax benefit | 89 | 23 | |||||
Loss from discontinued operations, net of tax | $ | (866 | ) | (878 | ) | ||
Summary of assets and liabilities of discontinued operations | ' | ||||||
The following is a summary of assets and liabilities of discontinued operations: | |||||||
March 31, | December 31, | ||||||
2014 | 2013 | ||||||
(In thousands) | |||||||
Total assets, primarily deposits | $ | 3,541 | 3,627 | ||||
Total liabilities, primarily contingent accruals | $ | 4,477 | 4,501 | ||||
ShareBased_Compensation_Plans_
Share-Based Compensation Plans (Tables) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||
Share-based compensation expense and income tax benefits recognized during the periods | ' | ||||||
The following table provides information on share-based compensation expense and income tax benefits recognized during the periods: | |||||||
Three months ended March 31, | |||||||
2014 | 2013 | ||||||
(In thousands) | |||||||
Stock option and stock purchase plans | $ | 2,237 | 2,110 | ||||
Nonvested stock | 2,621 | 2,499 | |||||
Share-based compensation expense | 4,858 | 4,609 | |||||
Income tax benefit | (1,676 | ) | (1,687 | ) | |||
Share-based compensation expense, net of tax | $ | 3,182 | 2,922 | ||||
Summary of share-based compensation expense recognized related to cash awards | ' | ||||||
The following table is a summary of compensation expense recognized for market-based cash awards in addition to the share-based compensation expense reported in the previous table: | |||||||
Three months ended March 31, | |||||||
2014 | 2013 | ||||||
(In thousands) | |||||||
Cash awards | $523 | 1,274 |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Earnings Per Share [Abstract] | ' | ||||||
Schedule of basic and diluted earnings per common share from continuing operations | ' | ||||||
The following table presents the calculation of basic and diluted earnings per common share from continuing operations: | |||||||
Three months ended March 31, | |||||||
2014 | 2013 | ||||||
(In thousands, except per share amounts) | |||||||
Earnings per share — Basic: | |||||||
Earnings from continuing operations | $ | 49,098 | 40,802 | ||||
Less: Distributed and undistributed earnings allocated to nonvested stock | (255 | ) | (403 | ) | |||
Earnings from continuing operations available to common shareholders — Basic | $ | 48,843 | 40,399 | ||||
Weighted average common shares outstanding — Basic | 52,660 | 50,958 | |||||
Earnings from continuing operations per common share — Basic | $ | 0.93 | 0.79 | ||||
Earnings per share — Diluted: | |||||||
Earnings from continuing operations | $ | 49,098 | 40,802 | ||||
Less: Distributed and undistributed earnings allocated to nonvested stock | (255 | ) | (403 | ) | |||
Earnings from continuing operations available to common shareholders — Diluted | $ | 48,843 | 40,399 | ||||
Weighted average common shares outstanding — Basic | 52,660 | 50,958 | |||||
Effect of dilutive equity awards | 463 | 435 | |||||
Weighted average common shares outstanding — Diluted | 53,123 | 51,393 | |||||
Earnings from continuing operations per common share — Diluted | $ | 0.92 | 0.79 | ||||
Anti-dilutive equity awards not included above | 215 | 1,413 | |||||
Revenue_Earning_Equipment_Tabl
Revenue Earning Equipment (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Revenue Earning Equipment [Abstract] | ' | |||||||||||||||||||
Summary of revenue earning equipment | ' | |||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||
Cost | Accumulated | Net Book | Cost | Accumulated | Net Book | |||||||||||||||
Depreciation | Value(1) | Depreciation | Value(1) | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Held for use: | ||||||||||||||||||||
Full service lease | $ | 7,579,461 | (2,531,559 | ) | 5,047,902 | $ | 7,436,093 | (2,537,077 | ) | 4,899,016 | ||||||||||
Commercial rental | 2,309,828 | (781,005 | ) | 1,528,823 | 2,210,863 | (747,283 | ) | 1,463,580 | ||||||||||||
Held for sale | 385,718 | (274,467 | ) | 111,251 | 439,983 | (311,742 | ) | 128,241 | ||||||||||||
Total | $ | 10,275,007 | (3,587,031 | ) | 6,687,976 | $ | 10,086,939 | (3,596,102 | ) | 6,490,837 | ||||||||||
———————————— | ||||||||||||||||||||
-1 | Revenue earning equipment, net includes vehicles acquired under capital leases of $53.9 million, less accumulated depreciation of $22.7 million, at March 31, 2014, and $54.2 million, less accumulated depreciation of $22.0 million, at December 31, 2013. |
Goodwill_Tables
Goodwill (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||
Carrying amount of goodwill attributable to each reportable business segment | ' | |||||||||
The carrying amount of goodwill attributable to each reportable business segment with changes therein was as follows: | ||||||||||
Fleet | Supply | Total | ||||||||
Management | Chain | |||||||||
Solutions | Solutions | |||||||||
(In thousands) | ||||||||||
Balance at January 1, 2014: | ||||||||||
Goodwill | $ | 223,204 | 189,736 | 412,940 | ||||||
Accumulated impairment losses | (10,322 | ) | (18,899 | ) | (29,221 | ) | ||||
212,882 | 170,837 | 383,719 | ||||||||
Foreign currency translation adjustments | (202 | ) | (317 | ) | (519 | ) | ||||
Balance at March 31, 2014: | ||||||||||
Goodwill | 223,002 | 189,419 | 412,421 | |||||||
Accumulated impairment losses | (10,322 | ) | (18,899 | ) | (29,221 | ) | ||||
$ | 212,680 | 170,520 | 383,200 | |||||||
Accrued_Expenses_and_Other_Lia1
Accrued Expenses and Other Liabilities (Tables) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
Accrued Expenses and Other Liabilities [Abstract] | ' | ||||||||||||||||||
Accrued Expenses and Other Liabilities | ' | ||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||
Accrued | Non-Current | Total | Accrued | Non-Current | Total | ||||||||||||||
Expenses | Liabilities | Expenses | Liabilities | ||||||||||||||||
(In thousands) | |||||||||||||||||||
Salaries and wages | $ | 69,064 | — | 69,064 | 106,281 | — | 106,281 | ||||||||||||
Deferred compensation | 2,790 | 32,097 | 34,887 | 2,505 | 31,896 | 34,401 | |||||||||||||
Other employee benefits | 4,646 | 4,200 | 8,846 | 3,809 | 6,712 | 10,521 | |||||||||||||
Pension benefits | 3,582 | 293,074 | 296,656 | 3,660 | 292,155 | 295,815 | |||||||||||||
Other postretirement benefits | 2,405 | 28,200 | 30,605 | 2,414 | 28,374 | 30,788 | |||||||||||||
Insurance obligations (1) | 130,734 | 187,307 | 318,041 | 125,835 | 186,700 | 312,535 | |||||||||||||
Accrued rent | 7,198 | 2,721 | 9,919 | 4,373 | 3,372 | 7,745 | |||||||||||||
Environmental liabilities | 4,416 | 8,853 | 13,269 | 4,515 | 8,548 | 13,063 | |||||||||||||
Asset retirement obligations | 5,851 | 19,834 | 25,685 | 6,144 | 19,403 | 25,547 | |||||||||||||
Operating taxes | 100,519 | — | 100,519 | 94,188 | — | 94,188 | |||||||||||||
Income taxes | 2,566 | 24,682 | 27,248 | 2,623 | 23,813 | 26,436 | |||||||||||||
Interest | 25,600 | — | 25,600 | 33,654 | — | 33,654 | |||||||||||||
Deposits, mainly from customers | 56,156 | 6,240 | 62,396 | 55,854 | 6,239 | 62,093 | |||||||||||||
Deferred revenue | 15,013 | — | 15,013 | 15,123 | — | 15,123 | |||||||||||||
Other | 35,457 | 10,073 | 45,530 | 35,359 | 9,093 | 44,452 | |||||||||||||
Total | $ | 465,997 | 617,281 | 1,083,278 | 496,337 | 616,305 | 1,112,642 | ||||||||||||
———————————— | |||||||||||||||||||
(1) Insurance obligations are primarily comprised of self-insured claim liabilities. |
Debt_Tables
Debt (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Debt | ' | ||||||||||||
Weighted-Average | |||||||||||||
Interest Rate | |||||||||||||
March 31, | December 31, | Maturities | March 31, | December 31, | |||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
(In thousands) | |||||||||||||
Short-term debt and current portion of long-term debt: | |||||||||||||
Short-term debt | 1.02% | 1.70% | 2014 | $ | 1,590 | 1,315 | |||||||
Current portion of long-term debt, including capital leases | 399,256 | 258,123 | |||||||||||
Total short-term debt and current portion of long-term debt | 400,846 | 259,438 | |||||||||||
Long-term debt: | |||||||||||||
U.S. commercial paper (1) | 0.26% | 0.28% | 2018 | 640,940 | 486,939 | ||||||||
Canadian commercial paper (1) | —% | 1.13% | 2018 | — | 11,297 | ||||||||
Global revolving credit facility | 3.00% | —% | 2018 | 16,290 | — | ||||||||
Unsecured U.S. notes — Medium-term notes (1) | 3.44% | 3.76% | 2015-2025 | 3,371,707 | 3,271,734 | ||||||||
Unsecured U.S. obligations, principally bank term loans | 1.45% | 1.45% | 2015-2018 | 55,500 | 55,500 | ||||||||
Unsecured foreign obligations | 1.99% | 1.99% | 2015-2016 | 315,681 | 315,558 | ||||||||
Capital lease obligations | 3.78% | 3.81% | 2014-2019 | 38,701 | 38,911 | ||||||||
Total before fair market value adjustment | 4,438,819 | 4,179,939 | |||||||||||
Fair market value adjustment on notes subject to hedging (2) | 6,188 | 8,171 | |||||||||||
4,445,007 | 4,188,110 | ||||||||||||
Current portion of long-term debt, including capital leases | (399,256 | ) | (258,123 | ) | |||||||||
Long-term debt | 4,045,751 | 3,929,987 | |||||||||||
Total debt | $ | 4,446,597 | 4,189,425 | ||||||||||
———————————— | |||||||||||||
-1 | We had unamortized original issue discounts of $8.4 million and $8.3 million at March 31, 2014 and December 31, 2013, respectively. | ||||||||||||
-2 | The notional amount of executed interest rate swaps designated as fair value hedges was $500 million and $400 million at March 31, 2014 and December 31, 2013, respectively. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||
Mar. 31, 2014 | |||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||
Assets and liabilities measured at fair value on recurring basis | ' | ||||||||||||||
The following tables present our assets and liabilities that are measured at fair value on a recurring basis and the levels of inputs used to measure fair value: | |||||||||||||||
Balance Sheet Location | Fair Value Measurements | Total | |||||||||||||
At March 31, 2014 Using | |||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||
(In thousands) | |||||||||||||||
Assets: | |||||||||||||||
Interest rate swaps | Prepaid expenses and other current assets | $ | — | 2,509 | — | 2,509 | |||||||||
Interest rate swaps | DFL and other assets | — | 5,625 | — | 5,625 | ||||||||||
Investments held in Rabbi Trusts: | |||||||||||||||
Cash and cash equivalents | 3,719 | — | — | 3,719 | |||||||||||
U.S. equity mutual funds | 20,005 | — | — | 20,005 | |||||||||||
Foreign equity mutual funds | 4,383 | — | — | 4,383 | |||||||||||
Fixed income mutual funds | 5,000 | — | — | 5,000 | |||||||||||
Investments held in Rabbi Trusts | DFL and other assets | 33,107 | — | — | 33,107 | ||||||||||
Total assets at fair value | $ | 33,107 | 8,134 | — | 41,241 | ||||||||||
Liabilities: | |||||||||||||||
Interest rate swaps | Other non-current liabilities | $ | — | 1,946 | — | 1,946 | |||||||||
Total liabilities at fair value | $ | — | 1,946 | — | 1,946 | ||||||||||
Balance Sheet Location | Fair Value Measurements | Total | |||||||||||||
At December 31, 2013 Using | |||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||
(In thousands) | |||||||||||||||
Assets: | |||||||||||||||
Interest rate swaps | DFL and other assets | — | 9,333 | — | 9,333 | ||||||||||
Investments held in Rabbi Trusts: | |||||||||||||||
Cash and cash equivalents | 7,101 | — | — | 7,101 | |||||||||||
U.S. equity mutual funds | 16,479 | — | — | 16,479 | |||||||||||
Foreign equity mutual funds | 4,323 | — | — | 4,323 | |||||||||||
Fixed income mutual funds | 4,616 | — | — | 4,616 | |||||||||||
Investments held in Rabbi Trusts | DFL and other assets | 32,519 | — | — | 32,519 | ||||||||||
Total assets at fair value | $ | 32,519 | 9,333 | — | 41,852 | ||||||||||
Liabilities: | |||||||||||||||
Interest rate swaps | Other non-current liabilities | $ | — | 1,162 | — | 1,162 | |||||||||
Total liabilities at fair value | $ | — | 1,162 | — | 1,162 | ||||||||||
Assets and liabilities measured at fair value on nonrecurring basis | ' | ||||||||||||||
The following tables present our assets and liabilities that are measured at fair value on a nonrecurring basis and the levels of inputs used to measure fair value: | |||||||||||||||
Fair Value Measurements | Total Losses (2) | ||||||||||||||
At March 31, 2014 Using | |||||||||||||||
Level 1 | Level 2 | Level 3 | Three months ended | ||||||||||||
(In thousands) | |||||||||||||||
Assets held for sale: | |||||||||||||||
Revenue earning equipment: (1) | |||||||||||||||
Trucks | $ | — | — | 11,928 | $ | 1,882 | |||||||||
Tractors | — | — | 7,495 | 1,632 | |||||||||||
Trailers | — | — | 742 | 161 | |||||||||||
Total assets at fair value | $ | — | — | 20,165 | $ | 3,675 | |||||||||
Fair Value Measurements | Total Losses (2) | ||||||||||||||
At March 31, 2013 Using | |||||||||||||||
Level 1 | Level 2 | Level 3 | Three months | ||||||||||||
ended | |||||||||||||||
(In thousands) | |||||||||||||||
Assets held for sale: | |||||||||||||||
Revenue earning equipment (1) | |||||||||||||||
Trucks | $ | — | — | 13,229 | $ | 3,029 | |||||||||
Tractors | — | — | 14,943 | 1,095 | |||||||||||
Trailers | — | — | 989 | 597 | |||||||||||
Total assets at fair value | $ | — | — | 29,161 | $ | 4,721 | |||||||||
———————————— | |||||||||||||||
-1 | Represents the portion of all revenue earning equipment held for sale that is recorded at fair value, less costs to sell. | ||||||||||||||
-2 | Total losses represent fair value adjustments for all vehicles held for sale throughout the period for which fair value was less than carrying value. |
Derivatives_Tables
Derivatives (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||
Schedule of Derivative Instruments | ' | ||||||||||||
The following table provides a detail of the swaps outstanding and the related hedged items as of March 31, 2014: | |||||||||||||
Maturity date | Face value of medium-term notes | Aggregate | Fixed interest | Weighted-average variable | |||||||||
notional | rate | interest rate on hedged debt | |||||||||||
amount of interest rate swaps | as of March 31, | ||||||||||||
Issuance date | 2014 | 2013 | |||||||||||
(Dollars in thousands) | |||||||||||||
Feb-11 | Mar-15 | $350,000 | $150,000 | 3.15% | 1.28% | 1.41% | |||||||
May-11 | Jun-17 | $350,000 | $150,000 | 3.50% | 1.44% | 1.62% | |||||||
Nov-13 | Nov-18 | $300,000 | $100,000 | 2.45% | 1.19% | —% | |||||||
Feb-14 | Jun-19 | $350,000 | $100,000 | 2.55% | 1.10% | —% | |||||||
Impact on the Consolidated Condensed Statements of Earnings related to Fair Value Hedges | ' | ||||||||||||
The location and amount of gains (losses) on interest rate swap agreements designated as fair value hedges and related hedged items reported in the Consolidated Condensed Statements of Earnings were as follows: | |||||||||||||
Fair Value Hedging Relationship | Location of | Three months ended March 31, | |||||||||||
Gain (Loss) | |||||||||||||
Recognized in Income | 2014 | 2013 | |||||||||||
(In thousands) | |||||||||||||
Derivatives: Interest rate swaps | Interest expense | $ | (1,983 | ) | (2,781 | ) | |||||||
Hedged items: Fixed-rate debt | Interest expense | 1,983 | 2,781 | ||||||||||
Total | $ | — | — | ||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Equity [Abstract] | ' | |||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||
The following summaries set forth the components of accumulated other comprehensive loss, net of tax: | ||||||||||||||
Currency | Net Actuarial | Prior Service | Accumulated | |||||||||||
Translation | Loss (1) | Credit (1) | Other | |||||||||||
Adjustments and Other | Comprehensive | |||||||||||||
Loss | ||||||||||||||
(In thousands) | ||||||||||||||
31-Dec-13 | $ | 35,875 | (477,883 | ) | 3,760 | (438,248 | ) | |||||||
Amortization | — | 3,807 | (680 | ) | 3,127 | |||||||||
Current period change | (14,592 | ) | — | — | (14,592 | ) | ||||||||
31-Mar-14 | $ | 21,283 | (474,076 | ) | 3,080 | (449,713 | ) | |||||||
Currency | Net Actuarial | Prior Service | Accumulated | |||||||||||
Translation | Loss (1) | Credit (1) | Other | |||||||||||
Adjustments and Other | Comprehensive | |||||||||||||
Loss | ||||||||||||||
(In thousands) | ||||||||||||||
31-Dec-12 | $ | 57,860 | (648,113 | ) | 2,634 | (587,619 | ) | |||||||
Amortization | — | 5,754 | (335 | ) | 5,419 | |||||||||
Current period change | (33,704 | ) | — | — | (33,704 | ) | ||||||||
31-Mar-13 | $ | 24,156 | (642,359 | ) | 2,299 | (615,904 | ) | |||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||
Components of net periodic benefit cost | ' | |||||||||||||
Components of net periodic benefit cost were as follows: | ||||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||
Three months ended March 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||||
Company-administered plans: | ||||||||||||||
Service cost | $ | 3,423 | 4,252 | $ | 135 | 263 | ||||||||
Interest cost | 25,561 | 22,419 | 365 | 395 | ||||||||||
Expected return on plan assets | (28,718 | ) | (26,448 | ) | — | — | ||||||||
Amortization of: | ||||||||||||||
Net actuarial loss (credit) | 6,235 | 8,880 | (129 | ) | (2 | ) | ||||||||
Prior service credit | (458 | ) | (466 | ) | (615 | ) | (58 | ) | ||||||
6,043 | 8,637 | (244 | ) | 598 | ||||||||||
Union-administered plans | 2,091 | 1,984 | — | — | ||||||||||
Net periodic benefit cost | $ | 8,134 | 10,621 | $ | (244 | ) | 598 | |||||||
Company-administered plans: | ||||||||||||||
U.S. | $ | 6,287 | 8,741 | $ | (397 | ) | 406 | |||||||
Non-U.S. | (244 | ) | (104 | ) | 153 | 192 | ||||||||
6,043 | 8,637 | (244 | ) | 598 | ||||||||||
Union-administered plans | 2,091 | 1,984 | — | — | ||||||||||
$ | 8,134 | 10,621 | $ | (244 | ) | 598 | ||||||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||
Supplemental cash flow information | ' | ||||||
Supplemental cash flow information was as follows: | |||||||
Three months ended March 31, | |||||||
2014 | 2013 | ||||||
(In thousands) | |||||||
Interest paid | $ | 41,180 | 45,425 | ||||
Income taxes paid | 1,534 | 3,721 | |||||
Changes in accounts payable related to purchases of revenue earning equipment | 16,918 | 29,381 | |||||
Operating and revenue earning equipment acquired under capital leases | 2,245 | 458 | |||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||
Financial information of business segments | ' | |||||||||||||
FMS | SCS | Eliminations | Total | |||||||||||
(In thousands) | ||||||||||||||
For the three months ended March 31, 2014 | ||||||||||||||
Revenue from external customers | $ | 1,013,396 | 597,341 | — | 1,610,737 | |||||||||
Inter-segment revenue | 121,691 | — | (121,691 | ) | — | |||||||||
Total revenue | $ | 1,135,087 | 597,341 | (121,691 | ) | 1,610,737 | ||||||||
Segment EBT | $ | 76,991 | 21,784 | (9,628 | ) | 89,147 | ||||||||
Unallocated CSS | (10,829 | ) | ||||||||||||
Non-operating pension costs | (3,314 | ) | ||||||||||||
Earnings from continuing operations before income taxes | $ | 75,004 | ||||||||||||
Segment capital expenditures paid (1), (2) | $ | 568,239 | 3,872 | — | 572,111 | |||||||||
Unallocated CSS | 6,611 | |||||||||||||
Capital expenditures paid | $ | 578,722 | ||||||||||||
For the three months ended March 31, 2013 | ||||||||||||||
Revenue from external customers | $ | 986,538 | 576,479 | — | 1,563,017 | |||||||||
Inter-segment revenue | 113,194 | — | (113,194 | ) | — | |||||||||
Total revenue | $ | 1,099,732 | 576,479 | (113,194 | ) | 1,563,017 | ||||||||
Segment EBT | $ | 60,745 | 24,436 | (7,958 | ) | 77,223 | ||||||||
Unallocated CSS | (11,375 | ) | ||||||||||||
Non-operating pension costs | (5,244 | ) | ||||||||||||
Restructuring and other charges, net and other items | 1,904 | |||||||||||||
Earnings from continuing operations before income taxes | $ | 62,508 | ||||||||||||
Segment capital expenditures paid (1), (2) | $ | 406,511 | 5,800 | — | 412,311 | |||||||||
Unallocated CSS | 7,743 | |||||||||||||
Capital expenditures paid | $ | 420,054 | ||||||||||||
———————————— | ||||||||||||||
-1 | Excludes revenue earning equipment acquired under capital leases. | |||||||||||||
-2 | Excludes acquisition payments of $1.6 million and $1.4 million during the three months ended March 31, 2014, and 2013, respectively. |
Miscellaneous_Income_Net_Table
Miscellaneous Income, Net (Tables) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
MiscellaneousIncome,Net [Abstract] | ' | ||||||
Schedule of Other Nonoperating Income (Expense) | ' | ||||||
Three months ended March 31, | |||||||
2014 | 2013 | ||||||
(In thousands) | |||||||
Contract settlement | $ | 2,908 | — | ||||
Gains on sales of operating property and equipment | 1,304 | 273 | |||||
Foreign currency translation benefit (1) | — | 1,904 | |||||
Rabbi trust investment income | 500 | 1,459 | |||||
Other, net | 670 | 934 | |||||
Total | $ | 5,382 | 4,570 | ||||
———————————— | |||||||
(1) Refer to Note (P), "Other Items Impacting Comparability," for additional information. |
Accounting_Changes_Details
Accounting Changes (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' |
Deferred Tax Liabilities, Net, Noncurrent | $1,433,288 | $1,429,637 |
FIN 48 [Member] | Restatement Adjustment [Member] | ' | ' |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' |
Deferred Tax Liabilities, Net, Noncurrent | ' | $38,800 |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Loss from discontinued operations | ' | ' | ' |
Pre-tax loss from discontinued operations | ($955,000) | ($901,000) | ' |
Income tax benefit (expense) | 89,000 | 23,000 | ' |
(Loss) earnings from discontinued operations, net of tax | -866,000 | -878,000 | ' |
Assets: | ' | ' | ' |
Total assets, primarily deposits | 3,541,000 | ' | 3,627,000 |
Liabilities: | ' | ' | ' |
Total liabilities, primarily contingent accruals | 4,477,000 | ' | 4,501,000 |
Brazil Federal and Social Contribution tax [Member] | ' | ' | ' |
Liabilities: | ' | ' | ' |
Tax Amounts Assessed But Not Reserved | $5,000,000 | ' | ' |
ShareBased_Compensation_Plans_1
Share-Based Compensation Plans (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Share-based compensation expense and income tax benefits recognized during the periods | ' | ' |
Share-based compensation expense | $4,858,000 | $4,609,000 |
Income tax benefit | -1,676,000 | -1,687,000 |
Share-based compensation expense, net of tax | 3,182,000 | 2,922,000 |
Summary of compensation expense recognized related to cash awards | ' | ' |
Cash awards | 523,000 | 1,274,000 |
Share Based Compensation Plans (Textuals) [Abstract] | ' | ' |
Stock option plan granted | 405,000 | 377,000 |
Stock option plan granted, contractual term (in years) | '10 years | ' |
Weighted-average fair value per option granted | $14.99 | $13.99 |
Total unrecognized pre-tax compensation expense | 34,400,000 | ' |
Unrecognized Compensation Costs weighted-average period (in years) | '2 years 0 months 13 days | ' |
Stock Option and Stock Purchase Plan [Member] | ' | ' |
Share-based compensation expense and income tax benefits recognized during the periods | ' | ' |
Share-based compensation expense | 2,237,000 | 2,110,000 |
Nonvested Stock [Member] | ' | ' |
Share-based compensation expense and income tax benefits recognized during the periods | ' | ' |
Share-based compensation expense | $2,621,000 | $2,499,000 |
Market-based restricted stock rights [Member] | ' | ' |
Share Based Compensation Plans (Textuals) [Abstract] | ' | ' |
Restricted stock rights and restricted stock units granted | 22,000 | 22,000 |
Number of performance periods for market-based restricted stock | 'P3Y | ' |
Weighted-average fair value per restricted stock right and RSU granted | $61.07 | $53.32 |
Market Based Restricted Stock Rights, 2013 Grant [Member] | Minimum [Member] | ' | ' |
Share Based Compensation Plans (Textuals) [Abstract] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Potential Performance Award Percentage | 25.00% | ' |
Market Based Restricted Stock Rights, 2013 Grant [Member] | Maximum [Member] | ' | ' |
Share Based Compensation Plans (Textuals) [Abstract] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Potential Performance Award Percentage | 125.00% | ' |
Market Based Restricted Stock Rights, Segment 1 [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Segment Performance Period | '1 year | ' |
Market Based Restricted Stock Rights, Segment 2 [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Segment Performance Period | '2 years | ' |
Market Based Restricted Stock Rights, Segment 3 [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Segment Performance Period | '3 years | ' |
Market Based Restricted Stock Rights, 2014 Grant [Member] | Minimum [Member] | ' | ' |
Share Based Compensation Plans (Textuals) [Abstract] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Potential Performance Award Percentage | 25.00% | ' |
Market Based Restricted Stock Rights, 2014 Grant [Member] | Maximum [Member] | ' | ' |
Share Based Compensation Plans (Textuals) [Abstract] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Potential Performance Award Percentage | 125.00% | ' |
ROC performance based restricted stock rights, 2014 Grant [Member] [Domain] | Minimum [Member] | ' | ' |
Share Based Compensation Plans (Textuals) [Abstract] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Potential Performance Award Percentage | 25.00% | ' |
ROC performance based restricted stock rights, 2014 Grant [Member] [Domain] | Maximum [Member] | ' | ' |
Share Based Compensation Plans (Textuals) [Abstract] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Potential Performance Award Percentage | 125.00% | ' |
Time Vested Restricted Stock [Member] | ' | ' |
Share Based Compensation Plans (Textuals) [Abstract] | ' | ' |
Share-based compensation plan, Vesting period (in years) | '3 years | ' |
Restricted stock rights and restricted stock units granted | 87,000 | 127,000 |
Weighted-average fair value per restricted stock right and RSU granted | $71.40 | $58 |
Performance based restricted stock [Member] | ' | ' |
Share Based Compensation Plans (Textuals) [Abstract] | ' | ' |
Restricted stock rights and restricted stock units granted | 30,000 | 15,000 |
Weighted-average fair value per restricted stock right and RSU granted | $71.43 | $58.21 |
total share based awards including those not considered granted for accounting purposes | 42,000 | 45,000 |
ROC performance based restricted stock rights, 2013 Grant [Member] | Minimum [Member] | ' | ' |
Share Based Compensation Plans (Textuals) [Abstract] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Potential Performance Award Percentage | 25.00% | ' |
ROC performance based restricted stock rights, 2013 Grant [Member] | Maximum [Member] | ' | ' |
Share Based Compensation Plans (Textuals) [Abstract] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Potential Performance Award Percentage | 125.00% | ' |
Stock Option [Member] | ' | ' |
Share Based Compensation Plans (Textuals) [Abstract] | ' | ' |
Share-based compensation plan, Vesting period (in years) | '3 years | ' |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings per share - Basic: | ' | ' |
Earnings from continuing operations | $49,098 | $40,802 |
Less: Distributed and undistributed earnings allocated to nonvested stock | -255 | -403 |
Earnings from continuing operations available to common shareholders - Basic | 48,843 | 40,399 |
Weighted average common shares outstanding - Basic | 52,660 | 50,958 |
Earnings from continuing operations per common share - Basic | $0.93 | $0.79 |
Earnings per share - Diluted: | ' | ' |
Earnings from continuing operations | 49,098 | 40,802 |
Less: Distributed and undistributed earnings allocated to nonvested stock | -255 | -403 |
Earnings from continuing operations available to common shareholders - Diluted | $48,843 | $40,399 |
Weighted average common shares outstanding - Basic | 52,660 | 50,958 |
Effect of dilutive equity awards | 463 | 435 |
Weighted average common shares outstanding - Diluted | 53,123 | 51,393 |
Earnings from continuing operations per common share - Diluted | $0.92 | $0.79 |
Anti-dilutive equity awards not included above | 215 | 1,413 |
Revenue_Earning_Equipment_Deta
Revenue Earning Equipment (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | |
Summary of revenue earning equipment | ' | ' |
Cost | $10,275,007,000 | $10,086,939,000 |
Accumulated Depreciation | -3,587,031,000 | -3,596,102,000 |
Net Book Value | 6,687,976,000 | 6,490,837,000 |
Effect of change in estimated residual values of revenue earning equipment on pre tax earnings | 6,300,000 | ' |
Held for use: Full service lease [Member] | ' | ' |
Summary of revenue earning equipment | ' | ' |
Cost | 7,579,461,000 | 7,436,093,000 |
Accumulated Depreciation | -2,531,559,000 | -2,537,077,000 |
Net Book Value | 5,047,902,000 | 4,899,016,000 |
Held for use: Commercial rental [Member] | ' | ' |
Summary of revenue earning equipment | ' | ' |
Cost | 2,309,828,000 | 2,210,863,000 |
Accumulated Depreciation | -781,005,000 | -747,283,000 |
Net Book Value | 1,528,823,000 | 1,463,580,000 |
Held-for-sale [Member] | ' | ' |
Summary of revenue earning equipment | ' | ' |
Cost | 385,718,000 | 439,983,000 |
Accumulated Depreciation | -274,467,000 | -311,742,000 |
Net Book Value | $111,251,000 | $128,241,000 |
Revenue_Earning_Equipment_Deta1
Revenue Earning Equipment (Details Textuals) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | |
Revenue Earning Equipment (Textuals) [Abstract] | ' | ' |
Cost | $10,275,007,000 | $10,086,939,000 |
Accumulated Depreciation | 3,587,031,000 | 3,596,102,000 |
Effect of change in estimated residual values of revenue earning equipment on pre tax earnings | 6,300,000 | ' |
Net Investment in Direct Financing and Sales Type Leases | 407,800,000 | 400,100,000 |
Financing Receivable, Allowance for Credit Losses | 400,000 | 500,000 |
Assets Held under Capital Leases [Member] | ' | ' |
Revenue Earning Equipment (Textuals) [Abstract] | ' | ' |
Cost | 53,900,000 | 54,200,000 |
Accumulated Depreciation | $22,700,000 | $22,000,000 |
Goodwill_Details
Goodwill (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Carrying amount of goodwill attributable to each reportable business segment | ' | ' |
Goodwill, Gross | $412,421 | $412,940 |
Accumulated impairment losses | -29,221 | -29,221 |
Goodwill | 383,200 | 383,719 |
Foreign currency translation adjustment | -519 | ' |
Fleet Management Solutions [Member] | ' | ' |
Carrying amount of goodwill attributable to each reportable business segment | ' | ' |
Goodwill, Gross | 223,002 | 223,204 |
Accumulated impairment losses | -10,322 | -10,322 |
Goodwill | 212,680 | 212,882 |
Foreign currency translation adjustment | -202 | ' |
Supply Chain Solutions [Member] | ' | ' |
Carrying amount of goodwill attributable to each reportable business segment | ' | ' |
Goodwill, Gross | 189,419 | 189,736 |
Accumulated impairment losses | -18,899 | -18,899 |
Goodwill | 170,520 | 170,837 |
Foreign currency translation adjustment | ($317) | ' |
Accrued_Expenses_and_Other_Lia2
Accrued Expenses and Other Liabilities (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued Expenses and Other Liabilities | ' | ' |
Salaries and wages, Current | $69,064 | $106,281 |
Salaries and wages, Non-Current | 0 | 0 |
Salaries and wages, Total | 69,064 | 106,281 |
Deferred compensation, Accrued Expenses | 2,790 | 2,505 |
Deferred compensation, Non-Current Liabilities | 32,097 | 31,896 |
Deferred compensation, Total | 34,887 | 34,401 |
Other Employee Benefits, Current | 4,646 | 3,809 |
Other Employee Benefits, Non-current | 4,200 | 6,712 |
Other Employee Benefits, Total | 8,846 | 10,521 |
Pension benefits, Accrued Expenses | 3,582 | 3,660 |
Pension benefits, Non-Current Liabilities | 293,074 | 292,155 |
Pension benefits, Total | 296,656 | 295,815 |
Other postretirement benefits, Accrued Expenses | 2,405 | 2,414 |
Other postretirement benefits, Non-Current Liabilities | 28,200 | 28,374 |
Other postretirement benefits, Total | 30,605 | 30,788 |
Insurance Obligations, Accrued Expenses | 130,734 | 125,835 |
Insurance obligations, Non-Current Liabilities | 187,307 | 186,700 |
Insurance obligations, primarily self-insurance, Total | 318,041 | 312,535 |
Accrued rent, Accrued Expenses | 7,198 | 4,373 |
Accrued rent, Non-Current Liabilities | 2,721 | 3,372 |
Accrued rent, Total | 9,919 | 7,745 |
Accrued Environmental Liabilities Current | 4,416 | 4,515 |
Accrued Environmental Liabilities Noncurrent | 8,853 | 8,548 |
Environmental liabilities, Total | 13,269 | 13,063 |
Asset retirement obligations, Accrued Expenses | 5,851 | 6,144 |
Asset retirement obligations, Non-Current Liabilities | 19,834 | 19,403 |
Asset retirement obligations, Total | 25,685 | 25,547 |
Operating taxes, Accrued Expenses | 100,519 | 94,188 |
Operating taxes, Non-Current Liabilities | 0 | 0 |
Operating taxes, Total | 100,519 | 94,188 |
Accrued Income Taxes, Current | 2,566 | 2,623 |
Accrued Income Tax Non current | 24,682 | 23,813 |
Income taxes, Total | 27,248 | 26,436 |
Interest, Accrued Expenses | 25,600 | 33,654 |
Interest, Non-Current Liabilities | 0 | 0 |
Interest, Total | 25,600 | 33,654 |
Customer Deposits, Current | 56,156 | 55,854 |
Customer Deposits, Noncurrent | 6,240 | 6,239 |
Deposits, mainly from customers, Total | 62,396 | 62,093 |
Deferred revenue, Accrued Expenses | 15,013 | 15,123 |
Deferred revenue, Non-Current Liabilities | 0 | 0 |
Deferred Revenue | 15,013 | 15,123 |
Other, Accrued Expenses | 35,457 | 35,359 |
Other, Non-Current Liabilities | 10,073 | 9,093 |
Other, Total | 45,530 | 44,452 |
Total Accrued Expenses | 465,997 | 496,337 |
Total, Non-Current Liabilities | 617,281 | 616,305 |
Total | $1,083,278 | $1,112,642 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Income Tax Examination [Line Items] | ' | ' | ' |
Variable Interest Entity, Consolidated, Carrying Amount, Assets | $249,200,000 | ' | $246,300,000 |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | 249,200,000 | ' | 246,300,000 |
Cash Flow (Increase)/Decrease Related to Increase/(Decrease) in Restricted Cash | -4,087,000 | -18,979,000 | ' |
Income Taxes (Textuals) [Abstract] | ' | ' | ' |
Gross unrecognized tax benefits (excluding the federal benefit received from state positions) | 57,800,000 | ' | 56,800,000 |
Decrease in unrecognized tax benefits related to federal, state and foreign tax positions | 2,700,000 | ' | ' |
Effective income tax rate from continuing operations | 34.50% | 34.70% | ' |
Corporate Income Tax Rate Prior | ' | ' | 7.10% |
Corporate Income Tax Rate Subsequent | 6.50% | ' | ' |
NEW YORK | ' | ' | ' |
Income Taxes (Textuals) [Abstract] | ' | ' | ' |
Tax impact from one time item | ($1,800,000) | ' | ' |
Debt_Details
Debt (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Debt Disclosure [Abstract] | ' | ' |
Notional Amount of Interest Rate Fair Value Hedge Derivatives | $500,000,000 | $400,000,000 |
Short-term debt and current portion of long-term debt: | ' | ' |
Short-term debt, Weighted Average Interest Rate | 1.02% | 1.70% |
Short-term debt | 1,590,000 | 1,315,000 |
Current portion of long-term debt, including capital leases | 399,256,000 | 258,123,000 |
Total short-term debt and current portion of long-term debt | $400,846,000 | $259,438,000 |
Debt_Details_1
Debt (Details 1) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ' | ' |
Short-term Debt, Weighted Average Interest Rate | 1.02% | 1.70% |
Long-term debt: | ' | ' |
Commercial paper | $640,940 | $498,236 |
Global revolving credit facility | 16,290 | 0 |
Unsecured U.S. notes - Medium-term notes | 3,371,707 | 3,271,734 |
Unsecured U.S. obligations, principally bank term loans | 55,500 | 55,500 |
Unsecured foreign obligations | 315,681 | 315,558 |
Capital lease obligations | 38,701 | 38,911 |
Total before fair market value adjustment | 4,438,819 | 4,179,939 |
Fair market value adjustment on notes subject to hedging | 6,188 | 8,171 |
Total after fair market value adjustment | 4,445,007 | 4,188,110 |
Current portion of long-term debt, including capital leases | -399,256 | -258,123 |
Long-term debt | 4,045,751 | 3,929,987 |
Total debt | 4,446,597 | 4,189,425 |
Unsecured Medium Term Notes Due 2019 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Call Feature | '101% of principal plus accrued and unpaid interest | ' |
U.S Commercial Paper, Long-Term [Member] | ' | ' |
Long-term debt: | ' | ' |
Long-term debt, Weighted Average Interest Rate | 0.26% | 0.28% |
Maturity date range, end | 18-Oct-18 | ' |
Commercial paper | 640,940 | 486,939 |
Canadian Commerial Paper [Member] | ' | ' |
Long-term debt: | ' | ' |
Long-term debt, Weighted Average Interest Rate | 0.00% | 1.13% |
Maturity date range, end | 18-Oct-18 | ' |
Commercial paper | $0 | $11,297 |
Global Revolving Credit Facility Member | ' | ' |
Long-term debt: | ' | ' |
Long-term debt, Weighted Average Interest Rate | 3.00% | 0.00% |
Maturity date range, end | 18-Oct-18 | ' |
Unsecured U.S. notes - Medium-term notes, Long-Term [Member] | ' | ' |
Long-term debt: | ' | ' |
Long-term debt, Weighted Average Interest Rate | 3.44% | 3.76% |
Maturity date range, start | 1-Mar-15 | ' |
Maturity date range, end | 25-Feb-25 | ' |
Unsecured U.S. obligations, principally bank term loans, Long-Term [Member] | ' | ' |
Long-term debt: | ' | ' |
Long-term debt, Weighted Average Interest Rate | 1.45% | 1.45% |
Maturity date range, start | 8-Mar-15 | ' |
Maturity date range, end | 19-Mar-18 | ' |
Unsecured Foreign Obligations, Long-Term [Member] | ' | ' |
Long-term debt: | ' | ' |
Long-term debt, Weighted Average Interest Rate | 1.99% | 1.99% |
Maturity date range, start | 1-Mar-15 | ' |
Maturity date range, end | 6-Sep-16 | ' |
Capital Lease Obligations, Long-Term [Member] | ' | ' |
Long-term debt: | ' | ' |
Long-term debt, Weighted Average Interest Rate | 3.78% | 3.81% |
Maturity date range, start | 24-May-14 | ' |
Maturity date range, end | 28-Dec-19 | ' |
Debt_Details_Textuals
Debt (Details Textuals) (USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Feb. 25, 2014 | Mar. 31, 2014 | |
Letter of Credit [Member] | Global Revolving Credit Facility [Member] | U.S Commercial Paper, Long-Term [Member] | U.S Commercial Paper, Long-Term [Member] | Canadian Commerial Paper [Member] | Canadian Commerial Paper [Member] | Global Revolving Credit Facility Member | Unsecured Us Notes Medium Term Notes Long Term [Member] | Unsecured Us Obligations Principally Bank Term Loans Long Term [Member] | Unsecured Foreign Obligations Long Term [Member] | Capital Lease Obligations [Member] | Unsecured Medium Term Notes Due 2019 [Member] | Unsecured Medium Term Notes Due 2019 [Member] | Short-term Debt [Member] | |||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Maturity Date Range, Start | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Mar-15 | 8-Mar-15 | 1-Mar-15 | 24-May-14 | ' | ' | 18-Jun-14 |
Debt Instrument, Maturity Date Range, End | ' | ' | ' | ' | 18-Oct-18 | ' | 18-Oct-18 | ' | 18-Oct-18 | 25-Feb-25 | 19-Mar-18 | 6-Sep-16 | 28-Dec-19 | ' | ' | 18-Jun-14 |
Unamortized original issue discounts | $8,400,000 | $8,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount of the executed interest rate swap designated as a fair value hedge | 500,000,000 | 400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity under global revolving credit facility | ' | ' | 75,000,000 | 900,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of lending institutions | 12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letter of credit outstanding amount | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual facility fees minimum | 0.08 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual facility fees maximum | 0.275 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Global revolving credit facility covenant terms, debt to consolidated tangible net worth ratio | 'less than or equal to 300% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt to consolidated tangible net worth ratio | 188.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | 242,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt (Textuals) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commercial paper classified as long term debt | 640,940,000 | 498,236,000 | ' | ' | 640,940,000 | 486,939,000 | 0 | 11,297,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Face amount of unsecured medium-term notes issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350,000,000 | ' |
Repurchase price condition of notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '101% of principal plus accrued and unpaid interest | ' | ' |
Total available proceeds under trade receivables purchase and sale program | 175,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of days under trade trade receivables purchase and sale program | '364 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trade Receivables Purchase And Sale Program Amounts Outstanding | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Global Revolving Credit Facility Unused Capacity Commitment Fee Percent | 12.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters Of Credit And Surety Bonds Outstanding | $308,900,000 | $310,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Prepaid Expenses and Other Current Assets [Member] | Interest rate swap [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Interest rate swaps, assets | $2,509 | ' |
Prepaid Expenses and Other Current Assets [Member] | Fair Value, Inputs, Level 1 [Member] | Interest rate swap [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Interest rate swaps, assets | 0 | ' |
Prepaid Expenses and Other Current Assets [Member] | Fair Value, Inputs, Level 3 [Member] | Interest rate swap [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Interest rate swaps, assets | 0 | ' |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Total assets at fair value | 41,241 | 41,852 |
Total liabilities at fair value | 1,946 | 1,162 |
Fair Value, Measurements, Recurring [Member] | Cash and Cash Equivalents [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Investments held in Rabbi Trusts | 3,719 | 7,101 |
Fair Value, Measurements, Recurring [Member] | U.S. Equity Mutual Funds [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Investments held in Rabbi Trusts | 20,005 | 16,479 |
Fair Value, Measurements, Recurring [Member] | Foreign equity mutual funds [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Investments held in Rabbi Trusts | 4,383 | 4,323 |
Fair Value, Measurements, Recurring [Member] | Fixed income mutual funds [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Investments held in Rabbi Trusts | 5,000 | 4,616 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Total assets at fair value | 33,107 | 32,519 |
Total liabilities at fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Investments held in Rabbi Trusts | 3,719 | 7,101 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | U.S. Equity Mutual Funds [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Investments held in Rabbi Trusts | 20,005 | 16,479 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Foreign equity mutual funds [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Investments held in Rabbi Trusts | 4,383 | 4,323 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Fixed income mutual funds [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Investments held in Rabbi Trusts | 5,000 | 4,616 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Total assets at fair value | 8,134 | 9,333 |
Total liabilities at fair value | 1,946 | 1,162 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Investments held in Rabbi Trusts | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | U.S. Equity Mutual Funds [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Investments held in Rabbi Trusts | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign equity mutual funds [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Investments held in Rabbi Trusts | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Fixed income mutual funds [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Investments held in Rabbi Trusts | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Total assets at fair value | 0 | 0 |
Total liabilities at fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Cash and Cash Equivalents [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Investments held in Rabbi Trusts | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | U.S. Equity Mutual Funds [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Investments held in Rabbi Trusts | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Foreign equity mutual funds [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Investments held in Rabbi Trusts | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed income mutual funds [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Investments held in Rabbi Trusts | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Prepaid Expenses and Other Current Assets [Member] | Fair Value, Inputs, Level 1 [Member] | Interest rate swap [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Interest rate swaps, assets | 2,509 | ' |
Fair Value, Measurements, Recurring [Member] | Direct Financing Leases and Other Assets [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Investments held in Rabbi Trusts | 33,107 | 32,519 |
Fair Value, Measurements, Recurring [Member] | Direct Financing Leases and Other Assets [Member] | Interest rate swap [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Interest rate swaps, assets | 5,625 | 9,333 |
Fair Value, Measurements, Recurring [Member] | Direct Financing Leases and Other Assets [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Investments held in Rabbi Trusts | 33,107 | 32,519 |
Fair Value, Measurements, Recurring [Member] | Direct Financing Leases and Other Assets [Member] | Fair Value, Inputs, Level 1 [Member] | Interest rate swap [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Interest rate swaps, assets | ' | 0 |
Fair Value, Measurements, Recurring [Member] | Direct Financing Leases and Other Assets [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Investments held in Rabbi Trusts | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Direct Financing Leases and Other Assets [Member] | Fair Value, Inputs, Level 2 [Member] | Interest rate swap [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Interest rate swaps, assets | 5,625 | 9,333 |
Fair Value, Measurements, Recurring [Member] | Direct Financing Leases and Other Assets [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Investments held in Rabbi Trusts | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Direct Financing Leases and Other Assets [Member] | Fair Value, Inputs, Level 3 [Member] | Interest rate swap [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Interest rate swaps, assets | ' | 0 |
Fair Value, Measurements, Recurring [Member] | Accrued Liabilities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Interest Rate Derivative Liabilities, at Fair Value | 0 | ' |
Fair Value, Measurements, Recurring [Member] | Accrued Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Interest Rate Derivative Liabilities, at Fair Value | 0 | ' |
Fair Value, Measurements, Recurring [Member] | Other noncurrent liabilities [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Interest Rate Derivative Liabilities, at Fair Value | 1,946 | 1,162 |
Fair Value, Measurements, Recurring [Member] | Other noncurrent liabilities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Interest Rate Derivative Liabilities, at Fair Value | ' | 0 |
Fair Value, Measurements, Recurring [Member] | Other noncurrent liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Interest Rate Derivative Liabilities, at Fair Value | 1,946 | 1,162 |
Fair Value, Measurements, Recurring [Member] | Other noncurrent liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Interest Rate Derivative Liabilities, at Fair Value | ' | $0 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 1) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Revenue earning equipment, Trucks [Member] | Revenue earning equipment, Trucks [Member] | Revenue earning equipment, Tractors [Member] | Revenue earning equipment, Tractors [Member] | Revenue earning equipment, Trailers [Member] | Revenue earning equipment, Trailers [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Revenue earning equipment, Trucks [Member] | Revenue earning equipment, Trucks [Member] | Revenue earning equipment, Tractors [Member] | Revenue earning equipment, Tractors [Member] | Revenue earning equipment, Trailers [Member] | Revenue earning equipment, Trailers [Member] | Revenue earning equipment, Trucks [Member] | Revenue earning equipment, Trucks [Member] | Revenue earning equipment, Tractors [Member] | Revenue earning equipment, Tractors [Member] | Revenue earning equipment, Trailers [Member] | Revenue earning equipment, Trailers [Member] | Revenue earning equipment, Trucks [Member] | Revenue earning equipment, Trucks [Member] | Revenue earning equipment, Tractors [Member] | Revenue earning equipment, Tractors [Member] | Revenue earning equipment, Trailers [Member] | Revenue earning equipment, Trailers [Member] | |||||||||||||||||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets held for sale at fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $20,165,000 | $29,161,000 | $11,928,000 | $13,229,000 | $7,495,000 | $14,943,000 | $742,000 | $989,000 |
Total Losses | ' | ' | 3,675,000 | 4,721,000 | 1,882,000 | 3,029,000 | 1,632,000 | 1,095,000 | 161,000 | 597,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Measurements (Textuals) (Abstract) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of total debt | $4,450,000,000 | $4,280,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivatives_Details
Derivatives (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Interest rate swaps maturing June 2017 [Member] | ' | ' |
Summary Of Derivative Instruments And Hedged Items [Abstract] | ' | ' |
Issuance date | 24-May-11 | ' |
Maturity date | 1-Jun-17 | ' |
Face value of medium - term notes | $350,000 | ' |
Aggregate notional amount of interest rate swaps | 150,000 | ' |
Fixed interest rate | 3.50% | ' |
Weighted-average variable interest rate on hedged debt | 1.44% | 1.62% |
Interest rate swaps maturing March 2015 [Member] | ' | ' |
Summary Of Derivative Instruments And Hedged Items [Abstract] | ' | ' |
Issuance date | 24-Feb-11 | ' |
Maturity date | 2-Mar-15 | ' |
Face value of medium - term notes | 350,000 | ' |
Aggregate notional amount of interest rate swaps | 150,000 | ' |
Fixed interest rate | 3.15% | ' |
Weighted-average variable interest rate on hedged debt | 1.28% | 1.41% |
Interest Rate Swaps Maturing November Two Thousand Eighteeen [Member] [Domain] | ' | ' |
Summary Of Derivative Instruments And Hedged Items [Abstract] | ' | ' |
Issuance date | 12-Nov-13 | ' |
Maturity date | 15-Nov-18 | ' |
Face value of medium - term notes | 300,000 | ' |
Aggregate notional amount of interest rate swaps | 100,000 | ' |
Fixed interest rate | 2.45% | ' |
Weighted-average variable interest rate on hedged debt | 1.19% | ' |
Interest Rate Swaps Maturing June Two Thousand Nineteen [Member] | ' | ' |
Summary Of Derivative Instruments And Hedged Items [Abstract] | ' | ' |
Issuance date | 25-Feb-14 | ' |
Maturity date | 1-Jun-19 | ' |
Face value of medium - term notes | 350,000 | ' |
Aggregate notional amount of interest rate swaps | $100,000 | ' |
Fixed interest rate | 2.55% | ' |
Weighted-average variable interest rate on hedged debt | 1.10% | ' |
Derivatives_Details_1
Derivatives (Details 1) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Location and amount of gains (losses) on derivative instruments and related hedged items | ' | ' |
Total | $0 | $0 |
Interest expense [Member] | Interest rate swap [Member] | ' | ' |
Location and amount of gains (losses) on derivative instruments and related hedged items | ' | ' |
Derivative: Interest rate swap | -1,983 | -2,781 |
Interest expense [Member] | Fixed-rate debt [Member] | ' | ' |
Location and amount of gains (losses) on derivative instruments and related hedged items | ' | ' |
Hedged item: Fixed-rate debt | $1,983 | $2,781 |
Share_Repurchase_Programs_Deta
Share Repurchase Programs (Details) (USD $) | 3 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 |
Accelerated Share Repurchases [Line Items] | ' |
Aggregate cost of repurchased and retired | ($40,437) |
December 2013 Anti-Dilutive Share Repurchase Program [Member] | ' |
Accelerated Share Repurchases [Line Items] | ' |
Maximum number of share repurchases authorization | 2,000,000 |
Aggregate cost of repurchased and retired | -40,437 |
Common Stock [Member] | ' |
Accelerated Share Repurchases [Line Items] | ' |
Repurchased and retired shares | -562,683 |
Aggregate cost of repurchased and retired | ($281) |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $21,283 | $24,156 | $35,875 | $57,860 |
Changes in cumulative translation adjustment and other, before and after tax | -14,592 | -33,704 | ' | ' |
Other Comprehensive Income Amortization Of Pension And Post Retirement Net Of Tax | 3,127 | 5,419 | ' | ' |
Accumulated Other Comprehensive (Loss) [Roll Forward] | ' | ' | ' | ' |
Accumulated other comprehensive loss, beginning of period | -438,248 | -587,619 | ' | ' |
Accumulated other comprehensive loss, end of period | -449,713 | -615,904 | ' | ' |
Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 3,807 | 5,754 | ' | ' |
Accumulated Other Comprehensive (Loss) [Roll Forward] | ' | ' | ' | ' |
Accumulated other comprehensive loss, beginning of period | -477,883 | -648,113 | ' | ' |
Accumulated other comprehensive loss, end of period | -474,076 | -642,359 | ' | ' |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 | ' | ' |
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Cost (Credit) [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | -680 | -335 | ' | ' |
Accumulated Other Comprehensive (Loss) [Roll Forward] | ' | ' | ' | ' |
Accumulated other comprehensive loss, beginning of period | 3,760 | 2,634 | ' | ' |
Accumulated other comprehensive loss, end of period | 3,080 | 2,299 | ' | ' |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | $0 | $0 | ' | ' |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Amortization of: | ' | ' |
Contribution to pension plans | $4,300,000 | ' |
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | 75,000,000 | ' |
Pension Benefits [Member] | ' | ' |
Amortization of: | ' | ' |
Net periodic benefit cost | 8,134,000 | 10,621,000 |
Postretirement Benefits [Member] | ' | ' |
Amortization of: | ' | ' |
Net periodic benefit cost | -244,000 | 598,000 |
Company Administered Plan [Member] | Pension Benefits [Member] | ' | ' |
Components of net periodic benefit cost | ' | ' |
Service cost | 3,423,000 | 4,252,000 |
Interest Cost | 25,561,000 | 22,419,000 |
Expected Return on Plan Assets | -28,718,000 | -26,448,000 |
Amortization of: | ' | ' |
Net actuarial loss (credit) | 6,235,000 | 8,880,000 |
Prior service credit | -458,000 | -466,000 |
Net periodic benefit cost | 6,043,000 | 8,637,000 |
Company Administered Plan [Member] | Pension Benefits U.S. [Member] | ' | ' |
Amortization of: | ' | ' |
Net periodic benefit cost | 6,287,000 | 8,741,000 |
Company Administered Plan [Member] | Pension Benefits Non-U.S. [Member] | ' | ' |
Amortization of: | ' | ' |
Net periodic benefit cost | -244,000 | -104,000 |
Company Administered Plan [Member] | Postretirement Benefits [Member] | ' | ' |
Components of net periodic benefit cost | ' | ' |
Service cost | 135,000 | 263,000 |
Interest Cost | 365,000 | 395,000 |
Amortization of: | ' | ' |
Net actuarial loss (credit) | -129,000 | -2,000 |
Prior service credit | -615,000 | -58,000 |
Net periodic benefit cost | -244,000 | 598,000 |
Company Administered Plan [Member] | Postretirement Benefits U.S [Member] | ' | ' |
Amortization of: | ' | ' |
Net periodic benefit cost | -397,000 | 406,000 |
Company Administered Plan [Member] | Postretirement Benefits Non-U.S [Member] | ' | ' |
Amortization of: | ' | ' |
Net periodic benefit cost | 153,000 | 192,000 |
Union Administered Plan [Member] | Pension Benefits [Member] | ' | ' |
Amortization of: | ' | ' |
Net periodic benefit cost | $2,091,000 | $1,984,000 |
Other_Items_Details
Other Items (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Other Items Impacting Comparability [Abstract] | ' | ' |
Foreign currency translation benefit (1) | $0 | $1,904 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Other Significant Noncash Transactions [Line Items] | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | $1,649 | $1,420 |
Supplemental cash flow information | ' | ' |
Interest Paid | 41,180 | 45,425 |
Income taxes paid | 1,534 | 3,721 |
Changes in accounts payable related to purchases of revenue earning equipment | 16,918 | 29,381 |
Operating and revenue earning equipment acquired under capital leases | 2,245 | 458 |
Other Acquisitions Completed in Prior Years [Member] | ' | ' |
Other Significant Noncash Transactions [Line Items] | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | $1,600 | $1,400 |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Financial information of business segments | ' | ' |
Revenue from external customers | $1,610,737 | $1,563,017 |
Inter-segment revenue | 0 | 0 |
Total revenues | 1,610,737 | 1,563,017 |
Segment NBT | 89,147 | 77,223 |
Unallocated CSS | -10,829 | -11,375 |
Non-service pension costs | -3,314 | -5,244 |
Restructuring And Other Charges Net And Other Items | ' | 1,904 |
Earnings from continuing operations before income taxes | 75,004 | 62,508 |
Segment capital expenditures | 572,111 | 412,311 |
Unallocated CSS | 6,611 | 7,743 |
Capital expenditures paid | 578,722 | 420,054 |
Segment Reporting (Textuals) [Abstract] | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | -1,649 | -1,420 |
Fleet Management Solutions [Member] | ' | ' |
Financial information of business segments | ' | ' |
Revenue from external customers | 1,013,396 | 986,538 |
Inter-segment revenue | 121,691 | 113,194 |
Total revenues | 1,135,087 | 1,099,732 |
Segment NBT | 76,991 | 60,745 |
Segment capital expenditures | 568,239 | 406,511 |
Supply Chain Solutions [Member] | ' | ' |
Financial information of business segments | ' | ' |
Revenue from external customers | 597,341 | 576,479 |
Inter-segment revenue | 0 | 0 |
Total revenues | 597,341 | 576,479 |
Segment NBT | 21,784 | 24,436 |
Segment capital expenditures | 3,872 | 5,800 |
Eliminations [Member] | ' | ' |
Financial information of business segments | ' | ' |
Revenue from external customers | 0 | 0 |
Inter-segment revenue | -121,691 | -113,194 |
Total revenues | -121,691 | -113,194 |
Segment NBT | -9,628 | -7,958 |
Segment capital expenditures | $0 | $0 |
Miscellaneous_Income_Net_Detai
Miscellaneous Income, Net (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
MiscellaneousIncome [Abstract] | ' | ' |
Contract settlement | $2,908 | $0 |
Gains on sales of operating property and equipment | 1,304 | 273 |
Foreign currency translation benefit (1) | 0 | 1,904 |
Rabbi trust investment income | 500 | 1,459 |
Other, net | 670 | 934 |
Other Nonoperating Income (Expense) | $5,382 | $4,570 |