Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended |
Jun. 30, 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 | 30-Jun-14 |
Amendment Flag | 'false |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q2 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 53,067,722 |
Consolidated_Condensed_Stateme
Consolidated Condensed Statements of Earnings (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Lease and rental revenues | $733,763 | $688,048 | $1,423,445 | $1,347,756 |
Services revenue | 741,427 | 707,666 | 1,451,126 | 1,397,127 |
Fuel services revenue | 209,381 | 208,285 | 420,737 | 422,133 |
Total revenues | 1,684,571 | 1,603,999 | 3,295,308 | 3,167,016 |
Cost of lease and rental | 508,091 | 476,662 | 1,001,134 | 949,739 |
Cost of services | 625,276 | 590,311 | 1,231,505 | 1,173,900 |
Cost of fuel services | 203,613 | 204,626 | 410,818 | 414,919 |
Other operating expenses | 31,007 | 32,876 | 67,652 | 70,475 |
Selling, general and administrative expenses | 200,430 | 195,033 | 392,132 | 384,106 |
Gains on vehicle sales, net | -34,365 | -23,197 | -63,183 | -46,203 |
Interest expense | 35,302 | 33,901 | 70,411 | 68,355 |
Miscellaneous income, net | -4,828 | -3,575 | -10,210 | -8,145 |
Total expenses | 1,564,526 | 1,506,637 | 3,100,259 | 3,007,146 |
Earnings from continuing operations before income taxes | 120,045 | 97,362 | 195,049 | 159,870 |
Provision for income taxes | 44,351 | 34,787 | 70,257 | 56,493 |
Earnings from continuing operations | 75,694 | 62,575 | 124,792 | 103,377 |
Loss from discontinued operations, net of tax | -336 | -381 | -1,202 | -1,259 |
Net earnings | $75,358 | $62,194 | $123,590 | $102,118 |
Earnings (loss) per common share - Basic | ' | ' | ' | ' |
Continuing operations | $1.43 | $1.21 | $2.36 | $2 |
Discontinued operations | $0 | ($0.01) | ($0.02) | ($0.02) |
Net earnings | $1.43 | $1.20 | $2.34 | $1.98 |
Earnings (loss) per common share - Diluted | ' | ' | ' | ' |
Continuing operations | $1.42 | $1.19 | $2.34 | $1.98 |
Discontinued operations | ($0.01) | $0 | ($0.02) | ($0.02) |
Net earnings | $1.41 | $1.19 | $2.32 | $1.96 |
Cash dividends declared per common share | $0.34 | $0.31 | $0.68 | $0.62 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net earnings | $75,358 | $62,194 | $123,590 | $102,118 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Changes in cumulative translation adjustment and other, before and after tax | 26,273 | -16,239 | 11,681 | -49,943 |
Amortization of pension and postretirement items | 4,295 | 8,180 | 9,328 | 16,534 |
Income tax expense related to amortization of pension and postretirement items | -1,302 | -2,782 | -3,208 | -5,717 |
Amortization of pension and postretirement items, net of taxes | 2,993 | 5,398 | 6,120 | 10,817 |
Change in net actuarial loss | -3,144 | -5,762 | -3,144 | -5,762 |
Income tax benefit related to change in net actuarial loss | 1,096 | 2,048 | 1,096 | 2,048 |
Change in net actuarial loss, net of taxes | -2,048 | -3,714 | -2,048 | -3,714 |
Other comprehensive loss | 27,218 | -14,555 | 15,753 | -42,840 |
Comprehensive income | $102,576 | $47,639 | $139,343 | $59,278 |
Consolidated_Condensed_Balance
Consolidated Condensed Balance Sheets (Unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $86,888 | $61,562 |
Receivables, net of allowance of $17,322 and $16,955, respectively | 827,274 | 777,370 |
Inventories | 65,490 | 64,298 |
Prepaid expenses and other current assets | 157,818 | 159,263 |
Total current assets | 1,137,470 | 1,062,493 |
Revenue earning equipment, net of accumulated depreciation of $3,606,141 and $3,596,102, respectively | 6,930,465 | 6,490,837 |
Operating property and equipment, net of accumulated depreciation of $1,015,764 and $991,117, respectively | 687,714 | 633,826 |
Goodwill | 383,879 | 383,719 |
Intangible assets | 69,224 | 72,406 |
Direct financing leases and other assets | 478,915 | 460,501 |
Total assets | 9,687,667 | 9,103,782 |
Current liabilities: | ' | ' |
Short-term debt and current portion of long-term debt | 557,681 | 259,438 |
Accounts payable | 479,952 | 475,364 |
Accrued expenses and other current liabilities | 479,047 | 496,337 |
Total current liabilities | 1,516,680 | 1,231,139 |
Long-term debt | 4,159,472 | 3,929,987 |
Other non-current liabilities | 566,242 | 616,305 |
Deferred income taxes | 1,480,313 | 1,429,637 |
Total liabilities | 7,722,707 | 7,207,068 |
Shareholders' equity: | ' | ' |
Preferred stock of no par value per share — authorized, 3,800,917; none outstanding, June 30, 2014 or December 31, 2013 | 0 | 0 |
Common stock of $0.50 par value per share — authorized, 400,000,000; outstanding, June 30, 2014 — 53,067,722; December 31, 2013 — 53,335,386 | 26,533 | 26,667 |
Additional paid-in capital | 944,064 | 917,539 |
Retained earnings | 1,416,858 | 1,390,756 |
Accumulated other comprehensive loss | -422,495 | -438,248 |
Total shareholders' equity | 1,964,960 | 1,896,714 |
Total liabilities and shareholders' equity | $9,687,667 | $9,103,782 |
Consolidated_Condensed_Balance1
Consolidated Condensed Balance Sheets (Unaudited) (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Assets: | ' | ' |
Accumulated depreciation on revenue earning equipment | $3,606,141 | $3,596,102 |
Accumulated depreciation on operating property and equipment | 1,015,764 | 991,117 |
Allowance for doubtful accounts, current | $17,322 | $16,955 |
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 | 53,067,722 | 53,335,386 |
Consolidated_Condensed_Stateme1
Consolidated Condensed Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities from continuing operations: | ' | ' |
Net earnings | $123,590 | $102,118 |
Less: Loss from discontinued operations, net of tax | -1,202 | -1,259 |
Earnings from continuing operations | 124,792 | 103,377 |
Depreciation expense | 505,997 | 465,979 |
Gains on vehicle sales, net | -63,183 | -46,203 |
Share-based compensation expense | 9,989 | 9,602 |
Amortization expense and other non-cash charges, net | 25,727 | 27,289 |
Deferred income tax expense | 59,956 | 48,176 |
Changes in operating assets and liabilities, net of acquisitions: | ' | ' |
Receivables | -40,579 | -16,591 |
Inventories | -1,178 | 2,089 |
Prepaid expenses and other assets | -19,163 | -17,392 |
Accounts payable | 1,771 | 23,708 |
Accrued expenses and other non-current liabilities | -67,629 | -36,257 |
Net cash provided by operating activities from continuing operations | 536,500 | 563,777 |
Cash flows from financing activities from continuing operations: | ' | ' |
Net change in commercial paper borrowings | 21,377 | 180,777 |
Debt proceeds | 765,713 | 254,371 |
Debt repaid, including capital lease obligations | -271,248 | -320,862 |
Dividends on common stock | -35,915 | -32,055 |
Common stock issued | 34,129 | 41,428 |
Common stock repurchased | -79,488 | 0 |
Excess tax benefits from share-based compensation | 411 | 3,289 |
Debt issuance costs | -5,026 | -2,008 |
Net cash provided by financing activities from continuing operations | 429,953 | 124,940 |
Cash flows from investing activities from continuing operations: | ' | ' |
Purchases of property and revenue earning equipment | -1,255,222 | -948,114 |
Sales of revenue earning equipment | 274,394 | 225,749 |
Sales of operating property and equipment | 2,780 | 3,296 |
Acquisitions | -1,649 | -1,420 |
Collections on direct finance leases | 32,355 | 39,854 |
Changes in restricted cash | 8,774 | -15,142 |
Insurance recoveries and other | -1,250 | 8,173 |
Net cash used in investing activities from continuing operations | -939,818 | -687,604 |
Effect of exchange rate changes on cash | 48 | 6,966 |
Increase in cash and cash equivalents from continuing operations | 26,683 | 8,079 |
Cash flows from discontinued operations: | ' | ' |
Operating cash flows | -1,329 | -1,031 |
Effect of exchange rate changes on cash | -28 | -11 |
Decrease in cash and cash equivalents from discontinued operations | -1,357 | -1,042 |
Increase in cash and cash equivalents | 25,326 | 7,037 |
Cash and cash equivalents at January 1 | 61,562 | 66,392 |
Cash and cash equivalents at June 30 | $86,888 | $73,429 |
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 | 123,590 | ' | ' | ' | 123,590 | ' | |
Other comprehensive income | 15,753 | ' | ' | ' | ' | 15,753 | |
Comprehensive income | 139,343 | ' | ' | ' | ' | ' | |
Common stock dividends declared — $0.68 per share | -36,158 | ' | ' | ' | -36,158 | ' | |
Common stock issued under employee stock option and stock purchase plans | [1] | 33,678 | ' | 377 | 33,301 | ' | ' |
Common stock issued under employee stock option and stock purchase plans, shares | [1] | ' | ' | 753,684 | ' | ' | ' |
Benefit plan stock sales | [2] | 451 | ' | 3 | 448 | ' | ' |
Benefit plan stock sales, shares | [2] | ' | ' | 5,724 | ' | ' | ' |
Common stock repurchases | -79,488 | ' | -514 | -17,644 | -61,330 | ' | |
Common stock repurchases, shares | ' | ' | -1,027,072 | ' | ' | ' | |
Share-based compensation | 9,989 | ' | ' | 9,989 | ' | ' | |
Tax benefits from share-based compensation | 431 | ' | ' | 431 | ' | ' | |
Ending Balance at Jun. 30, 2014 | 1,964,960 | 0 | 26,533 | 944,064 | 1,416,858 | -422,495 | |
Ending Balance, shares at Jun. 30, 2014 | 53,067,722 | ' | 53,067,722 | ' | ' | ' | |
Beginning Balance at Mar. 31, 2014 | ' | ' | ' | ' | ' | ' | |
Components of comprehensive income: | ' | ' | ' | ' | ' | ' | |
Net earnings | 75,358 | ' | ' | ' | ' | ' | |
Other comprehensive income | 27,218 | ' | ' | ' | ' | ' | |
Comprehensive income | 102,576 | ' | ' | ' | ' | ' | |
Common stock repurchases, shares | ' | ' | -464,389 | ' | ' | ' | |
Ending Balance at Jun. 30, 2014 | $1,964,960 | $0 | $26,533 | ' | ' | ' | |
Ending Balance, shares at Jun. 30, 2014 | 53,067,722 | ' | 53,067,722 | ' | ' | ' | |
[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 $) | 6 Months Ended |
Jun. 30, 2014 | |
Cash dividends declared per common share | $0.68 |
Retained Earnings | ' |
Cash dividends declared per common share | $0.68 |
Interim_Financial_Statements
Interim Financial Statements | 6 Months Ended |
Jun. 30, 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. | |
Certain amounts have been reclassified to conform to the current period presentation, including intercompany profit allocations between Fleet Management Solutions (FMS) and Supply Chain Solutions (SCS). These reclassifications were immaterial to the financial statements taken as a whole. |
Accounting_Changes
Accounting Changes | 6 Months Ended |
Jun. 30, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
RECENT ACCOUNTING PRONOUNCEMENTS [Text Block] | ' |
ACCOUNTING CHANGES | |
Revenue Recognition | |
In May 2014, the Financial Accounting Standards Board (FASB) issued accounting guidance on the recognition of revenue from contracts with customers. Under the new standard, revenue will be measured and recognized using a performance obligation approach. The guidance will be effective on January 1, 2017. We are currently evaluating the impact of this guidance on our consolidated financial position and results of operations. | |
Unrecognized Tax Benefits | |
In July 2013, the FASB 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 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. 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 | 6 Months Ended | |||||||||||||
Jun. 30, 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 June 30, | Six months ended June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||||
Pre-tax loss from discontinued operations | $ | (323 | ) | (298 | ) | $ | (1,278 | ) | (1,199 | ) | ||||
Income tax (expense) benefit | (13 | ) | (83 | ) | 76 | (60 | ) | |||||||
Loss from discontinued operations, net of tax | $ | (336 | ) | (381 | ) | $ | (1,202 | ) | (1,259 | ) | ||||
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: | ||||||||||||||
June 30, | December 31, | |||||||||||||
2014 | 2013 | |||||||||||||
(In thousands) | ||||||||||||||
Total assets, primarily deposits | $ | 3,452 | 3,627 | |||||||||||
Total liabilities, primarily contingent accruals | $ | 4,476 | 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 $5.3 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 | 6 Months Ended | |||||||||||||
Jun. 30, 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 nonvested stock 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 June 30, | Six months ended June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||||
Stock option and stock purchase plans | $ | 2,241 | 2,193 | $ | 4,478 | 4,303 | ||||||||
Nonvested stock | 2,890 | 2,799 | 5,511 | 5,299 | ||||||||||
Share-based compensation expense | 5,131 | 4,992 | 9,989 | 9,602 | ||||||||||
Income tax benefit | (1,713 | ) | (1,640 | ) | (3,389 | ) | (3,327 | ) | ||||||
Share-based compensation expense, net of tax | $ | 3,418 | 3,352 | $ | 6,600 | 6,275 | ||||||||
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 June 30, | Six months ended June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||||
Cash awards | $ | 743 | 889 | $ | 1,266 | 2,163 | ||||||||
Total unrecognized pre-tax compensation expense related to all share-based compensation arrangements at June 30, 2014 was $33.4 million and is expected to be recognized over a weighted-average period of 2.0 years. | ||||||||||||||
The following table is a summary of the awards granted under the Plans during the periods presented: | ||||||||||||||
June 30, | June 30, | |||||||||||||
2014 | 2013 | |||||||||||||
(In thousands) | ||||||||||||||
Stock options | 405 | 381 | ||||||||||||
Market-based restricted stock rights | 22 | 22 | ||||||||||||
Performance-based restricted stock rights | 30 | 15 | ||||||||||||
Time-vested restricted stock rights | 158 | 146 | ||||||||||||
Total | 615 | 564 | ||||||||||||
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | |||||||||||||
Jun. 30, 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 these 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 June 30, | Six months ended June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
(In thousands, except per share amounts) | ||||||||||||||
Earnings per share — Basic: | ||||||||||||||
Earnings from continuing operations | $ | 75,694 | 62,575 | $ | 124,792 | 103,377 | ||||||||
Less: Distributed and undistributed earnings allocated to nonvested stock | (301 | ) | (556 | ) | (582 | ) | (978 | ) | ||||||
Earnings from continuing operations available to common shareholders — Basic | $ | 75,393 | 62,019 | $ | 124,210 | 102,399 | ||||||||
Weighted average common shares outstanding — Basic | 52,564 | 51,445 | 52,612 | 51,201 | ||||||||||
Earnings from continuing operations per common share — Basic | $ | 1.43 | 1.21 | $ | 2.36 | 2 | ||||||||
Earnings per share — Diluted: | ||||||||||||||
Earnings from continuing operations | $ | 75,694 | 62,575 | $ | 124,792 | 103,377 | ||||||||
Less: Distributed and undistributed earnings allocated to nonvested stock | (299 | ) | (552 | ) | (578 | ) | (972 | ) | ||||||
Earnings from continuing operations available to common shareholders — Diluted | $ | 75,395 | 62,023 | $ | 124,214 | 102,405 | ||||||||
Weighted average common shares outstanding — Basic | 52,564 | 51,445 | 52,612 | 51,201 | ||||||||||
Effect of dilutive equity awards | 482 | 478 | 472 | 457 | ||||||||||
Weighted average common shares outstanding — Diluted | 53,046 | 51,923 | 53,084 | 51,658 | ||||||||||
Earnings from continuing operations per common share — Diluted | $ | 1.42 | 1.19 | $ | 2.34 | 1.98 | ||||||||
Anti-dilutive equity awards not included above | 412 | 593 | 314 | 1,003 | ||||||||||
Revenue_Earning_Equipment
Revenue Earning Equipment | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Revenue Earning Equipment [Abstract] | ' | |||||||||||||||||||
REVENUE EARNING EQUIPMENT | ' | |||||||||||||||||||
REVENUE EARNING EQUIPMENT | ||||||||||||||||||||
June 30, 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 | $ | 7,699,750 | (2,564,790 | ) | 5,134,960 | $ | 7,436,093 | (2,537,077 | ) | 4,899,016 | ||||||||||
Commercial rental | 2,491,695 | (791,662 | ) | 1,700,033 | 2,210,863 | (747,283 | ) | 1,463,580 | ||||||||||||
Held for sale | 345,161 | (249,689 | ) | 95,472 | 439,983 | (311,742 | ) | 128,241 | ||||||||||||
Total | $ | 10,536,606 | (3,606,141 | ) | 6,930,465 | $ | 10,086,939 | (3,596,102 | ) | 6,490,837 | ||||||||||
———————————— | ||||||||||||||||||||
-1 | Revenue earning equipment, net includes vehicles acquired under capital leases of $48.1 million, less accumulated depreciation of $20.1 million, at June 30, 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 and six months ended June 30, 2014 by approximately $6.3 million and $12.5 million, respectively. | ||||||||||||||||||||
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 June 30, 2014 and December 31, 2013, the net investment in direct financing and sales-type leases was $417.8 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 vehicles, based on their estimated fair values, which further mitigates our credit risk. | ||||||||||||||||||||
As of June 30, 2014 and December 31, 2013, the amount of direct financing lease receivables 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 June 30, 2014 and December 31, 2013, respectively. |
Goodwill
Goodwill | 6 Months Ended | |||||||||
Jun. 30, 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 | 197 | (37 | ) | 160 | ||||||
Balance at June 30, 2014: | ||||||||||
Goodwill | 223,401 | 189,699 | 413,100 | |||||||
Accumulated impairment losses | (10,322 | ) | (18,899 | ) | (29,221 | ) | ||||
$ | 213,079 | 170,800 | 383,879 | |||||||
We assess goodwill for impairment on April 1st of each year or more often if deemed necessary. In the second quarter of 2014, we completed our annual goodwill impairment test. We performed a quantitative test for one reporting unit in the Supply Chain Solutions business segment and determined there was no impairment. We performed a qualitative test for our other reporting units, which considered individual factors such as macroeconomic conditions, changes in our industry and the markets in which we operate as well as our historical and expected future financial performance. After performing the qualitative assessment, we concluded it is more likely than not that fair values are greater than carrying values and determined there was no impairment. |
Accrued_Expenses_and_Other_Lia
Accrued Expenses and Other Liabilities | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Accrued Expenses and Other Liabilities [Abstract] | ' | |||||||||||||||||||
ACCRUED EXPENSES AND OTHER LIABILITIES | ' | |||||||||||||||||||
ACCRUED EXPENSES AND OTHER LIABILITIES | ||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||
Accrued | Non-Current | Total | Accrued | Non-Current | Total | |||||||||||||||
Expenses | Liabilities | Expenses | Liabilities | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Salaries and wages | $ | 87,951 | — | 87,951 | $ | 106,281 | — | 106,281 | ||||||||||||
Deferred compensation | 2,966 | 34,123 | 37,089 | 2,505 | 31,896 | 34,401 | ||||||||||||||
Other employee benefits | 6,060 | 4,271 | 10,331 | 3,809 | 6,712 | 10,521 | ||||||||||||||
Pension benefits | 3,606 | 239,904 | 243,510 | 3,660 | 292,155 | 295,815 | ||||||||||||||
Other postretirement benefits | 2,413 | 27,481 | 29,894 | 2,414 | 28,374 | 30,788 | ||||||||||||||
Insurance obligations (1) | 131,763 | 189,595 | 321,358 | 125,835 | 186,700 | 312,535 | ||||||||||||||
Accrued rent | 2,102 | 2,222 | 4,324 | 4,373 | 3,372 | 7,745 | ||||||||||||||
Environmental liabilities | 4,018 | 8,828 | 12,846 | 4,515 | 8,548 | 13,063 | ||||||||||||||
Asset retirement obligations | 5,049 | 19,689 | 24,738 | 6,144 | 19,403 | 25,547 | ||||||||||||||
Operating taxes | 96,657 | — | 96,657 | 94,188 | — | 94,188 | ||||||||||||||
Income taxes | 284 | 25,552 | 25,836 | 2,623 | 23,813 | 26,436 | ||||||||||||||
Interest | 30,968 | — | 30,968 | 33,654 | — | 33,654 | ||||||||||||||
Deposits, mainly from customers | 56,411 | 6,175 | 62,586 | 55,854 | 6,239 | 62,093 | ||||||||||||||
Deferred revenue | 14,652 | — | 14,652 | 15,123 | — | 15,123 | ||||||||||||||
Other | 34,147 | 8,402 | 42,549 | 35,359 | 9,093 | 44,452 | ||||||||||||||
Total | $ | 479,047 | 566,242 | 1,045,289 | $ | 496,337 | 616,305 | 1,112,642 | ||||||||||||
———————————— | ||||||||||||||||||||
(1) Insurance obligations are primarily comprised of self-insured claim liabilities. |
Debt
Debt | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
DEBT | ' | ||||||||||||
DEBT | |||||||||||||
Weighted-Average | |||||||||||||
Interest Rate | |||||||||||||
June 30, | December 31, | Maturities | June 30, | December 31, | |||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
(In thousands) | |||||||||||||
Short-term debt and current portion of long-term debt: | |||||||||||||
Short-term debt | 1.28% | 1.70% | 2014 | $ | 1,604 | 1,315 | |||||||
U.S. commercial paper (1) | 0.26% | —% | 2014 | 144,000 | — | ||||||||
Current portion of long-term debt, including capital leases | 412,077 | 258,123 | |||||||||||
Total short-term debt and current portion of long-term debt | 557,681 | 259,438 | |||||||||||
Long-term debt: | |||||||||||||
U.S. commercial paper (1) | 0.26% | 0.28% | 2018 | 375,949 | 486,939 | ||||||||
Canadian commercial paper (1) | —% | 1.13% | 2018 | — | 11,297 | ||||||||
Unsecured U.S. notes — Medium-term notes (1) | 3.29% | 3.76% | 2015-2025 | 3,771,238 | 3,271,734 | ||||||||
Unsecured U.S. obligations, principally bank term loans | 1.44% | 1.45% | 2015-2018 | 55,500 | 55,500 | ||||||||
Unsecured foreign obligations | 1.99% | 1.99% | 2015-2016 | 324,423 | 315,558 | ||||||||
Capital lease obligations | 3.69% | 3.81% | 2014-2019 | 36,584 | 38,911 | ||||||||
Total before fair market value adjustment | 4,563,694 | 4,179,939 | |||||||||||
Fair market value adjustment on notes subject to hedging (2) | 7,855 | 8,171 | |||||||||||
4,571,549 | 4,188,110 | ||||||||||||
Current portion of long-term debt, including capital leases | (412,077 | ) | (258,123 | ) | |||||||||
Long-term debt | 4,159,472 | 3,929,987 | |||||||||||
Total debt | $ | 4,717,153 | 4,189,425 | ||||||||||
———————————— | |||||||||||||
-1 | We had unamortized original issue discounts of $8.8 million and $8.3 million at June 30, 2014 and December 31, 2013, respectively. | ||||||||||||
-2 | The notional amount of executed interest rate swaps designated as fair value hedges was $600 million and $400 million at June 30, 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 June 30, 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. The 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 June 30, 2014 was 194%. At June 30, 2014, $380.0 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 June 30, 2014 and December 31, 2013, we classified $375.9 million and $498.2 million, respectively, of short-term commercial paper as long-term debt. At June 30, 2014, we reclassified $144.0 million of commercial paper as short-term debt as we do not expect to refinance these borrowings for at least one year from the balance sheet date. | |||||||||||||
In May 2014, we issued $400 million of unsecured medium-term notes maturing in September 2019 and in February 2014, we issued $350 million of unsecured medium-term notes maturing in June 2019. The proceeds from the notes were used to reduce commercial paper balances and for general corporate purposes. If the notes are downgraded below investment grade 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 that 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 June 30, 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 June 30, 2014 and December 31, 2013, we had letters of credit and surety bonds outstanding totaling $310.7 million and $310.5 million, respectively, which primarily guarantee the payment of insurance claims. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||
FAIR VALUE MEASUREMENTS | ' | |||||||||||
FAIR VALUE MEASUREMENTS | ||||||||||||
The assets and liabilities measured at fair value on a recurring basis consist primarily of interest rate swaps and investments held in Rabbi Trusts. These amounts as of June 30, 2014 are not material to our consolidated financial position and operations and have not changed significantly from the amounts reported as of December 31, 2013. | ||||||||||||
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 June 30, 2014 Using | ||||||||||||
Level 3 | Three months ended | Six months ended | ||||||||||
(In thousands) | ||||||||||||
Assets held for sale: | ||||||||||||
Revenue earning equipment: (1) | ||||||||||||
Trucks | 10,713 | $ | 1,572 | $ | 3,454 | |||||||
Tractors | 6,057 | 662 | 2,294 | |||||||||
Trailers | 497 | 281 | 442 | |||||||||
Total assets at fair value | 17,267 | $ | 2,515 | $ | 6,190 | |||||||
Fair Value Measurements | Total Losses (2) | |||||||||||
At June 30, 2013 Using | ||||||||||||
Level 3 | Three months | Six months ended | ||||||||||
ended | ||||||||||||
(In thousands) | ||||||||||||
Assets held for sale: | ||||||||||||
Revenue earning equipment (1) | ||||||||||||
Trucks | 11,132 | $ | 2,447 | $ | 5,476 | |||||||
Tractors | 16,283 | 1,413 | 2,508 | |||||||||
Trailers | 882 | 370 | 967 | |||||||||
Total assets at fair value | 28,297 | $ | 4,230 | $ | 8,951 | |||||||
———————————— | ||||||||||||
-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. Only certain vehicles held for sale have carrying amounts greater than the fair value and losses are recorded at the time they arrive at our used truck centers. We typically record gains on the remaining vehicles with carrying amounts greater than fair value at the time they are sold. 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 (trucks, tractors 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 June 30, 2014 and December 31, 2013 was approximately $4.83 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 | 6 Months Ended | ||||||||||||||||
Jun. 30, 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 June 30, 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 June 30, | ||||||||||||||||
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% | 1.42% | 1.51% | |||||||||||
Nov-13 | Nov-18 | $300,000 | $100,000 | 2.45% | 1.18% | —% | |||||||||||
Feb-14 | Jun-19 | $350,000 | $100,000 | 2.55% | 1.10% | —% | |||||||||||
May-14 | Sep-19 | $400,000 | $100,000 | 2.45% | 0.85% | —% | |||||||||||
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 June 30, | Six months ended June 30, | ||||||||||||||
Gain (Loss) | |||||||||||||||||
Recognized in Income | 2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands) | |||||||||||||||||
Derivatives: Interest rate swaps | Interest expense | $ | 1,667 | (3,586 | ) | $ | (316 | ) | (6,367 | ) | |||||||
Hedged items: Fixed-rate debt | Interest expense | (1,667 | ) | 3,586 | 316 | 6,367 | |||||||||||
Total | $ | — | — | $ | — | — | |||||||||||
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. The location and fair value amounts of the interest rate swaps reported on the Consolidated Condensed Balance Sheets were as follows: | |||||||||||||||||
Balance Sheet Location | June 30, | December 31, | |||||||||||||||
2014 | 2013 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Prepaid expenses and other current assets | $ | 1,834 | $ | — | |||||||||||||
Direct financing leases and other assets | 6,162 | 9,333 | |||||||||||||||
Other non-current liabilities | (141 | ) | (1,162 | ) |
Share_Repurchase_Programs
Share Repurchase Programs | 6 Months Ended |
Jun. 30, 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 established 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 June 30, 2014, we repurchased and retired 464,389 shares under the program at an aggregate cost of $39.1 million. For the six months ended June 30, 2014, we repurchased and retired 1,027,072 shares under the program at an aggregate cost of $79.5 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 did not repurchase any shares under this program as 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 | 6 Months Ended | |||||||||||||
Jun. 30, 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 | — | 7,455 | (1,335 | ) | 6,120 | |||||||||
Other current period change | 11,681 | (2,048 | ) | — | 9,633 | |||||||||
30-Jun-14 | $ | 47,556 | (472,476 | ) | 2,425 | (422,495 | ) | |||||||
31-Dec-12 | $ | 57,860 | (648,113 | ) | 2,634 | (587,619 | ) | |||||||
Amortization | — | 11,514 | (697 | ) | 10,817 | |||||||||
Other current period change | (49,943 | ) | (3,714 | ) | — | (53,657 | ) | |||||||
30-Jun-13 | $ | 7,917 | (640,313 | ) | 1,937 | (630,459 | ) | |||||||
_______________________ | ||||||||||||||
-1 | These amounts are included in the computation of net periodic pension cost. See Note (N), "Employee Benefit Plans," for further information. |
Employee_Benefit_Plans
Employee Benefit Plans | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||
EMPLOYEE BENEFIT PLANS | ' | |||||||||||||
EMPLOYEE BENEFIT PLANS | ||||||||||||||
Components of net periodic benefit cost were as follows: | ||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||||
Pension Benefits | ||||||||||||||
Company-administered plans: | ||||||||||||||
Service cost | $ | 3,171 | 3,756 | $ | 6,594 | 8,008 | ||||||||
Interest cost | 25,135 | 22,316 | 50,696 | 44,735 | ||||||||||
Expected return on plan assets | (29,284 | ) | (26,389 | ) | (58,002 | ) | (52,837 | ) | ||||||
Amortization of: | ||||||||||||||
Net actuarial loss | 5,579 | 8,685 | 11,814 | 17,565 | ||||||||||
Prior service credit | (435 | ) | (443 | ) | (893 | ) | (909 | ) | ||||||
4,166 | 7,925 | 10,209 | 16,562 | |||||||||||
Union-administered plans | 2,123 | 2,046 | 4,214 | 4,030 | ||||||||||
Net periodic benefit cost | $ | 6,289 | 9,971 | $ | 14,423 | 20,592 | ||||||||
Company-administered plans: | ||||||||||||||
U.S. | $ | 4,499 | 8,152 | $ | 10,786 | 16,893 | ||||||||
Non-U.S. | (333 | ) | (227 | ) | (577 | ) | (331 | ) | ||||||
4,166 | 7,925 | 10,209 | 16,562 | |||||||||||
Union-administered plans | 2,123 | 2,046 | 4,214 | 4,030 | ||||||||||
$ | 6,289 | 9,971 | $ | 14,423 | 20,592 | |||||||||
Postretirement Benefits | ||||||||||||||
Company-administered plans: | ||||||||||||||
Service cost | $ | 89 | 230 | $ | 224 | 493 | ||||||||
Interest cost | 348 | 392 | 713 | 787 | ||||||||||
Amortization of: | ||||||||||||||
Net actuarial credit | (234 | ) | (5 | ) | (363 | ) | (7 | ) | ||||||
Prior service credit | (615 | ) | (57 | ) | (1,230 | ) | (115 | ) | ||||||
Net periodic benefit cost | $ | (412 | ) | 560 | $ | (656 | ) | 1,158 | ||||||
Company-administered plans: | ||||||||||||||
U.S. | $ | (524 | ) | 402 | $ | (921 | ) | 808 | ||||||
Non-U.S. | 112 | 158 | 265 | 350 | ||||||||||
$ | (412 | ) | 560 | $ | (656 | ) | 1,158 | |||||||
During the six months ended June 30, 2014, we contributed $65.0 million to our pension plans. All of the contributions to the U.S. plan for 2014 were made as of June 30, 2014. In 2014, we expect total contributions to our pension plans to be approximately $75 million. |
Other_Items
Other Items | 6 Months Ended |
Jun. 30, 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 six months ended June 30, 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 Statements of Earnings. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||
SUPPLEMENTAL CASH FLOW INFORMATION | ' | ||||||
SUPPLEMENTAL CASH FLOW INFORMATION | |||||||
Supplemental cash flow information was as follows: | |||||||
Six months ended June 30, | |||||||
2014 | 2013 | ||||||
(In thousands) | |||||||
Interest paid | $ | 68,974 | 67,545 | ||||
Income taxes paid | 7,332 | 8,447 | |||||
Changes in accounts payable related to purchases of revenue earning equipment | 1,520 | 40,389 | |||||
Operating and revenue earning equipment acquired under capital leases | 2,371 | 4,814 | |||||
During the six months ended June 30, 2014 and 2013, we paid $1.6 million and $1.4 million, respectively, related to acquisitions completed in prior years. |
Miscellaneous_Income_Net
Miscellaneous Income, Net | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
MiscellaneousIncome [Abstract] | ' | |||||||||||||
Other Income and Other Expense Disclosure [Text Block] | ' | |||||||||||||
(Q) MISCELLANEOUS INCOME, NET | ||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||||
Contract settlement | $ | — | — | $ | 2,908 | — | ||||||||
Gains on sales of operating property and equipment | 1,286 | 267 | 2,590 | 540 | ||||||||||
Business interruption insurance recoveries | 756 | 1,805 | 756 | 1,805 | ||||||||||
Foreign currency translation benefit (1) | — | — | — | 1,904 | ||||||||||
Rabbi trust investment income | 1,077 | 172 | 1,577 | 1,631 | ||||||||||
Other, net | 1,709 | 1,331 | 2,379 | 2,265 | ||||||||||
Total | $ | 4,828 | 3,575 | $ | 10,210 | 8,145 | ||||||||
———————————— | ||||||||||||||
(1) Refer to Note (O), "Other Items Impacting Comparability," for additional information. |
Segment_Reporting
Segment Reporting | 6 Months Ended | |||||||||||||
Jun. 30, 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 (O), “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 and six months ended June 30, 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 June 30, 2014 | ||||||||||||||
Revenue from external customers | $ | 1,056,992 | 627,579 | — | 1,684,571 | |||||||||
Inter-segment revenue | 124,230 | — | (124,230 | ) | — | |||||||||
Total revenue | $ | 1,181,222 | 627,579 | (124,230 | ) | 1,684,571 | ||||||||
Segment EBT | $ | 113,509 | 30,728 | (10,523 | ) | 133,714 | ||||||||
Unallocated CSS | (12,125 | ) | ||||||||||||
Non-operating pension costs | (1,544 | ) | ||||||||||||
Earnings from continuing operations before income taxes | $ | 120,045 | ||||||||||||
Segment capital expenditures paid (1) | $ | 623,138 | 4,249 | — | 627,387 | |||||||||
Unallocated CSS | 49,113 | |||||||||||||
Capital expenditures paid | $ | 676,500 | ||||||||||||
For the three months ended June 30, 2013 | ||||||||||||||
Revenue from external customers | $ | 1,006,822 | 597,177 | — | 1,603,999 | |||||||||
Inter-segment revenue | 114,436 | — | (114,436 | ) | — | |||||||||
Total revenue | $ | 1,121,258 | 597,177 | (114,436 | ) | 1,603,999 | ||||||||
Segment EBT | $ | 88,667 | 32,968 | (8,690 | ) | 112,945 | ||||||||
Unallocated CSS | (10,584 | ) | ||||||||||||
Non-operating pension costs | (4,999 | ) | ||||||||||||
Earnings from continuing operations before income taxes | $ | 97,362 | ||||||||||||
Segment capital expenditures paid (1) | $ | 517,131 | 5,017 | — | 522,148 | |||||||||
Unallocated CSS | 5,912 | |||||||||||||
Capital expenditures paid | $ | 528,060 | ||||||||||||
———————————— | ||||||||||||||
-1 | Excludes revenue earning equipment acquired under capital leases. | |||||||||||||
FMS | SCS | Eliminations | Total | |||||||||||
(In thousands) | ||||||||||||||
For the six months ended June 30, 2014 | ||||||||||||||
Revenue from external customers | $ | 2,070,388 | 1,224,920 | — | 3,295,308 | |||||||||
Inter-segment revenue | 245,921 | — | (245,921 | ) | — | |||||||||
Total revenue | $ | 2,316,309 | 1,224,920 | (245,921 | ) | 3,295,308 | ||||||||
Segment EBT | $ | 190,500 | 52,512 | (20,151 | ) | 222,861 | ||||||||
Unallocated CSS | (22,954 | ) | ||||||||||||
Non-operating pension costs | (4,858 | ) | ||||||||||||
Earnings from continuing operations before income taxes | $ | 195,049 | ||||||||||||
Segment capital expenditures paid (1), (2) | $ | 1,191,377 | 8,121 | — | 1,199,498 | |||||||||
Unallocated CSS | 55,724 | |||||||||||||
Capital expenditures paid | $ | 1,255,222 | ||||||||||||
For the six months ended June 30, 2013 | ||||||||||||||
Revenue from external customers | $ | 1,993,360 | 1,173,656 | — | 3,167,016 | |||||||||
Inter-segment revenue | 227,630 | — | (227,630 | ) | — | |||||||||
Total revenue | $ | 2,220,990 | 1,173,656 | (227,630 | ) | 3,167,016 | ||||||||
Segment EBT | $ | 149,412 | 57,404 | (16,648 | ) | 190,168 | ||||||||
Unallocated CSS | (21,959 | ) | ||||||||||||
Non-operating pension costs | (10,243 | ) | ||||||||||||
Restructuring and other charges, net and other items | 1,904 | |||||||||||||
Earnings from continuing operations before income taxes | $ | 159,870 | ||||||||||||
Segment capital expenditures paid (1), (2) | $ | 923,642 | 10,817 | — | 934,459 | |||||||||
Unallocated CSS | 13,655 | |||||||||||||
Capital expenditures paid | $ | 948,114 | ||||||||||||
———————————— | ||||||||||||||
-1 | Excludes revenue earning equipment acquired under capital leases. | |||||||||||||
-2 | Excludes acquisition payments of $1.6 million and $1.4 million during the six months ended June 30, 2014, and 2013, respectively. |
Other_Matters
Other Matters | 6 Months Ended |
Jun. 30, 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. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||
Loss from discontinued operations | ' | |||||||||||||
Summarized results of discontinued operations were as follows: | ||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||||
Pre-tax loss from discontinued operations | $ | (323 | ) | (298 | ) | $ | (1,278 | ) | (1,199 | ) | ||||
Income tax (expense) benefit | (13 | ) | (83 | ) | 76 | (60 | ) | |||||||
Loss from discontinued operations, net of tax | $ | (336 | ) | (381 | ) | $ | (1,202 | ) | (1,259 | ) | ||||
Summary of assets and liabilities of discontinued operations | ' | |||||||||||||
The following is a summary of assets and liabilities of discontinued operations: | ||||||||||||||
June 30, | December 31, | |||||||||||||
2014 | 2013 | |||||||||||||
(In thousands) | ||||||||||||||
Total assets, primarily deposits | $ | 3,452 | 3,627 | |||||||||||
Total liabilities, primarily contingent accruals | $ | 4,476 | 4,501 | |||||||||||
ShareBased_Compensation_Plans_
Share-Based Compensation Plans (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 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 June 30, | Six months ended June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||||
Stock option and stock purchase plans | $ | 2,241 | 2,193 | $ | 4,478 | 4,303 | ||||||||
Nonvested stock | 2,890 | 2,799 | 5,511 | 5,299 | ||||||||||
Share-based compensation expense | 5,131 | 4,992 | 9,989 | 9,602 | ||||||||||
Income tax benefit | (1,713 | ) | (1,640 | ) | (3,389 | ) | (3,327 | ) | ||||||
Share-based compensation expense, net of tax | $ | 3,418 | 3,352 | $ | 6,600 | 6,275 | ||||||||
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 June 30, | Six months ended June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||||
Cash awards | $ | 743 | 889 | $ | 1,266 | 2,163 | ||||||||
Total unrecognized pre-tax compensation expense related to all share-based compensation arrangements at June 30, 2014 was $33.4 million and is expected to be recognized over a weighted-average period of 2.0 years. | ||||||||||||||
Schedule of share-based compensation awards, grants issued in the period | ' | |||||||||||||
The following table is a summary of the awards granted under the Plans during the periods presented: | ||||||||||||||
June 30, | June 30, | |||||||||||||
2014 | 2013 | |||||||||||||
(In thousands) | ||||||||||||||
Stock options | 405 | 381 | ||||||||||||
Market-based restricted stock rights | 22 | 22 | ||||||||||||
Performance-based restricted stock rights | 30 | 15 | ||||||||||||
Time-vested restricted stock rights | 158 | 146 | ||||||||||||
Total | 615 | 564 | ||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 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 June 30, | Six months ended June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
(In thousands, except per share amounts) | ||||||||||||||
Earnings per share — Basic: | ||||||||||||||
Earnings from continuing operations | $ | 75,694 | 62,575 | $ | 124,792 | 103,377 | ||||||||
Less: Distributed and undistributed earnings allocated to nonvested stock | (301 | ) | (556 | ) | (582 | ) | (978 | ) | ||||||
Earnings from continuing operations available to common shareholders — Basic | $ | 75,393 | 62,019 | $ | 124,210 | 102,399 | ||||||||
Weighted average common shares outstanding — Basic | 52,564 | 51,445 | 52,612 | 51,201 | ||||||||||
Earnings from continuing operations per common share — Basic | $ | 1.43 | 1.21 | $ | 2.36 | 2 | ||||||||
Earnings per share — Diluted: | ||||||||||||||
Earnings from continuing operations | $ | 75,694 | 62,575 | $ | 124,792 | 103,377 | ||||||||
Less: Distributed and undistributed earnings allocated to nonvested stock | (299 | ) | (552 | ) | (578 | ) | (972 | ) | ||||||
Earnings from continuing operations available to common shareholders — Diluted | $ | 75,395 | 62,023 | $ | 124,214 | 102,405 | ||||||||
Weighted average common shares outstanding — Basic | 52,564 | 51,445 | 52,612 | 51,201 | ||||||||||
Effect of dilutive equity awards | 482 | 478 | 472 | 457 | ||||||||||
Weighted average common shares outstanding — Diluted | 53,046 | 51,923 | 53,084 | 51,658 | ||||||||||
Earnings from continuing operations per common share — Diluted | $ | 1.42 | 1.19 | $ | 2.34 | 1.98 | ||||||||
Anti-dilutive equity awards not included above | 412 | 593 | 314 | 1,003 | ||||||||||
Revenue_Earning_Equipment_Tabl
Revenue Earning Equipment (Tables) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Revenue Earning Equipment [Abstract] | ' | |||||||||||||||||||
Summary of revenue earning equipment | ' | |||||||||||||||||||
June 30, 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 | $ | 7,699,750 | (2,564,790 | ) | 5,134,960 | $ | 7,436,093 | (2,537,077 | ) | 4,899,016 | ||||||||||
Commercial rental | 2,491,695 | (791,662 | ) | 1,700,033 | 2,210,863 | (747,283 | ) | 1,463,580 | ||||||||||||
Held for sale | 345,161 | (249,689 | ) | 95,472 | 439,983 | (311,742 | ) | 128,241 | ||||||||||||
Total | $ | 10,536,606 | (3,606,141 | ) | 6,930,465 | $ | 10,086,939 | (3,596,102 | ) | 6,490,837 | ||||||||||
———————————— | ||||||||||||||||||||
-1 | Revenue earning equipment, net includes vehicles acquired under capital leases of $48.1 million, less accumulated depreciation of $20.1 million, at June 30, 2014, and $54.2 million, less accumulated depreciation of $22.0 million, at December 31, 2013. |
Goodwill_Tables
Goodwill (Tables) | 6 Months Ended | |||||||||
Jun. 30, 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 | 197 | (37 | ) | 160 | ||||||
Balance at June 30, 2014: | ||||||||||
Goodwill | 223,401 | 189,699 | 413,100 | |||||||
Accumulated impairment losses | (10,322 | ) | (18,899 | ) | (29,221 | ) | ||||
$ | 213,079 | 170,800 | 383,879 | |||||||
Accrued_Expenses_and_Other_Lia1
Accrued Expenses and Other Liabilities (Tables) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Accrued Expenses and Other Liabilities [Abstract] | ' | |||||||||||||||||||
Accrued Expenses and Other Liabilities | ' | |||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||
Accrued | Non-Current | Total | Accrued | Non-Current | Total | |||||||||||||||
Expenses | Liabilities | Expenses | Liabilities | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Salaries and wages | $ | 87,951 | — | 87,951 | $ | 106,281 | — | 106,281 | ||||||||||||
Deferred compensation | 2,966 | 34,123 | 37,089 | 2,505 | 31,896 | 34,401 | ||||||||||||||
Other employee benefits | 6,060 | 4,271 | 10,331 | 3,809 | 6,712 | 10,521 | ||||||||||||||
Pension benefits | 3,606 | 239,904 | 243,510 | 3,660 | 292,155 | 295,815 | ||||||||||||||
Other postretirement benefits | 2,413 | 27,481 | 29,894 | 2,414 | 28,374 | 30,788 | ||||||||||||||
Insurance obligations (1) | 131,763 | 189,595 | 321,358 | 125,835 | 186,700 | 312,535 | ||||||||||||||
Accrued rent | 2,102 | 2,222 | 4,324 | 4,373 | 3,372 | 7,745 | ||||||||||||||
Environmental liabilities | 4,018 | 8,828 | 12,846 | 4,515 | 8,548 | 13,063 | ||||||||||||||
Asset retirement obligations | 5,049 | 19,689 | 24,738 | 6,144 | 19,403 | 25,547 | ||||||||||||||
Operating taxes | 96,657 | — | 96,657 | 94,188 | — | 94,188 | ||||||||||||||
Income taxes | 284 | 25,552 | 25,836 | 2,623 | 23,813 | 26,436 | ||||||||||||||
Interest | 30,968 | — | 30,968 | 33,654 | — | 33,654 | ||||||||||||||
Deposits, mainly from customers | 56,411 | 6,175 | 62,586 | 55,854 | 6,239 | 62,093 | ||||||||||||||
Deferred revenue | 14,652 | — | 14,652 | 15,123 | — | 15,123 | ||||||||||||||
Other | 34,147 | 8,402 | 42,549 | 35,359 | 9,093 | 44,452 | ||||||||||||||
Total | $ | 479,047 | 566,242 | 1,045,289 | $ | 496,337 | 616,305 | 1,112,642 | ||||||||||||
———————————— | ||||||||||||||||||||
(1) Insurance obligations are primarily comprised of self-insured claim liabilities. |
Debt_Tables
Debt (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Debt | ' | ||||||||||||
Weighted-Average | |||||||||||||
Interest Rate | |||||||||||||
June 30, | December 31, | Maturities | June 30, | December 31, | |||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
(In thousands) | |||||||||||||
Short-term debt and current portion of long-term debt: | |||||||||||||
Short-term debt | 1.28% | 1.70% | 2014 | $ | 1,604 | 1,315 | |||||||
U.S. commercial paper (1) | 0.26% | —% | 2014 | 144,000 | — | ||||||||
Current portion of long-term debt, including capital leases | 412,077 | 258,123 | |||||||||||
Total short-term debt and current portion of long-term debt | 557,681 | 259,438 | |||||||||||
Long-term debt: | |||||||||||||
U.S. commercial paper (1) | 0.26% | 0.28% | 2018 | 375,949 | 486,939 | ||||||||
Canadian commercial paper (1) | —% | 1.13% | 2018 | — | 11,297 | ||||||||
Unsecured U.S. notes — Medium-term notes (1) | 3.29% | 3.76% | 2015-2025 | 3,771,238 | 3,271,734 | ||||||||
Unsecured U.S. obligations, principally bank term loans | 1.44% | 1.45% | 2015-2018 | 55,500 | 55,500 | ||||||||
Unsecured foreign obligations | 1.99% | 1.99% | 2015-2016 | 324,423 | 315,558 | ||||||||
Capital lease obligations | 3.69% | 3.81% | 2014-2019 | 36,584 | 38,911 | ||||||||
Total before fair market value adjustment | 4,563,694 | 4,179,939 | |||||||||||
Fair market value adjustment on notes subject to hedging (2) | 7,855 | 8,171 | |||||||||||
4,571,549 | 4,188,110 | ||||||||||||
Current portion of long-term debt, including capital leases | (412,077 | ) | (258,123 | ) | |||||||||
Long-term debt | 4,159,472 | 3,929,987 | |||||||||||
Total debt | $ | 4,717,153 | 4,189,425 | ||||||||||
———————————— | |||||||||||||
-1 | We had unamortized original issue discounts of $8.8 million and $8.3 million at June 30, 2014 and December 31, 2013, respectively. | ||||||||||||
-2 | The notional amount of executed interest rate swaps designated as fair value hedges was $600 million and $400 million at June 30, 2014 and December 31, 2013, respectively. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||
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 June 30, 2014 Using | ||||||||||||
Level 3 | Three months ended | Six months ended | ||||||||||
(In thousands) | ||||||||||||
Assets held for sale: | ||||||||||||
Revenue earning equipment: (1) | ||||||||||||
Trucks | 10,713 | $ | 1,572 | $ | 3,454 | |||||||
Tractors | 6,057 | 662 | 2,294 | |||||||||
Trailers | 497 | 281 | 442 | |||||||||
Total assets at fair value | 17,267 | $ | 2,515 | $ | 6,190 | |||||||
Fair Value Measurements | Total Losses (2) | |||||||||||
At June 30, 2013 Using | ||||||||||||
Level 3 | Three months | Six months ended | ||||||||||
ended | ||||||||||||
(In thousands) | ||||||||||||
Assets held for sale: | ||||||||||||
Revenue earning equipment (1) | ||||||||||||
Trucks | 11,132 | $ | 2,447 | $ | 5,476 | |||||||
Tractors | 16,283 | 1,413 | 2,508 | |||||||||
Trailers | 882 | 370 | 967 | |||||||||
Total assets at fair value | 28,297 | $ | 4,230 | $ | 8,951 | |||||||
———————————— | ||||||||||||
-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) | 6 Months Ended | ||||||||||||||||
Jun. 30, 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 June 30, 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 June 30, | ||||||||||||||||
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% | 1.42% | 1.51% | |||||||||||
Nov-13 | Nov-18 | $300,000 | $100,000 | 2.45% | 1.18% | —% | |||||||||||
Feb-14 | Jun-19 | $350,000 | $100,000 | 2.55% | 1.10% | —% | |||||||||||
May-14 | Sep-19 | $400,000 | $100,000 | 2.45% | 0.85% | —% | |||||||||||
Impact on the Consolidated Condensed Statements of Earnings related to Fair Value Hedges | ' | ||||||||||||||||
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 June 30, | Six months ended June 30, | ||||||||||||||
Gain (Loss) | |||||||||||||||||
Recognized in Income | 2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands) | |||||||||||||||||
Derivatives: Interest rate swaps | Interest expense | $ | 1,667 | (3,586 | ) | $ | (316 | ) | (6,367 | ) | |||||||
Hedged items: Fixed-rate debt | Interest expense | (1,667 | ) | 3,586 | 316 | 6,367 | |||||||||||
Total | $ | — | — | $ | — | — | |||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | ' | ||||||||||||||||
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. The location and fair value amounts of the interest rate swaps reported on the Consolidated Condensed Balance Sheets were as follows: | |||||||||||||||||
Balance Sheet Location | June 30, | December 31, | |||||||||||||||
2014 | 2013 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Prepaid expenses and other current assets | $ | 1,834 | $ | — | |||||||||||||
Direct financing leases and other assets | 6,162 | 9,333 | |||||||||||||||
Other non-current liabilities | (141 | ) | (1,162 | ) |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 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 | — | 7,455 | (1,335 | ) | 6,120 | |||||||||
Other current period change | 11,681 | (2,048 | ) | — | 9,633 | |||||||||
30-Jun-14 | $ | 47,556 | (472,476 | ) | 2,425 | (422,495 | ) | |||||||
31-Dec-12 | $ | 57,860 | (648,113 | ) | 2,634 | (587,619 | ) | |||||||
Amortization | — | 11,514 | (697 | ) | 10,817 | |||||||||
Other current period change | (49,943 | ) | (3,714 | ) | — | (53,657 | ) | |||||||
30-Jun-13 | $ | 7,917 | (640,313 | ) | 1,937 | (630,459 | ) | |||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||
Components of net periodic benefit cost | ' | |||||||||||||
Components of net periodic benefit cost were as follows: | ||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||||
Pension Benefits | ||||||||||||||
Company-administered plans: | ||||||||||||||
Service cost | $ | 3,171 | 3,756 | $ | 6,594 | 8,008 | ||||||||
Interest cost | 25,135 | 22,316 | 50,696 | 44,735 | ||||||||||
Expected return on plan assets | (29,284 | ) | (26,389 | ) | (58,002 | ) | (52,837 | ) | ||||||
Amortization of: | ||||||||||||||
Net actuarial loss | 5,579 | 8,685 | 11,814 | 17,565 | ||||||||||
Prior service credit | (435 | ) | (443 | ) | (893 | ) | (909 | ) | ||||||
4,166 | 7,925 | 10,209 | 16,562 | |||||||||||
Union-administered plans | 2,123 | 2,046 | 4,214 | 4,030 | ||||||||||
Net periodic benefit cost | $ | 6,289 | 9,971 | $ | 14,423 | 20,592 | ||||||||
Company-administered plans: | ||||||||||||||
U.S. | $ | 4,499 | 8,152 | $ | 10,786 | 16,893 | ||||||||
Non-U.S. | (333 | ) | (227 | ) | (577 | ) | (331 | ) | ||||||
4,166 | 7,925 | 10,209 | 16,562 | |||||||||||
Union-administered plans | 2,123 | 2,046 | 4,214 | 4,030 | ||||||||||
$ | 6,289 | 9,971 | $ | 14,423 | 20,592 | |||||||||
Postretirement Benefits | ||||||||||||||
Company-administered plans: | ||||||||||||||
Service cost | $ | 89 | 230 | $ | 224 | 493 | ||||||||
Interest cost | 348 | 392 | 713 | 787 | ||||||||||
Amortization of: | ||||||||||||||
Net actuarial credit | (234 | ) | (5 | ) | (363 | ) | (7 | ) | ||||||
Prior service credit | (615 | ) | (57 | ) | (1,230 | ) | (115 | ) | ||||||
Net periodic benefit cost | $ | (412 | ) | 560 | $ | (656 | ) | 1,158 | ||||||
Company-administered plans: | ||||||||||||||
U.S. | $ | (524 | ) | 402 | $ | (921 | ) | 808 | ||||||
Non-U.S. | 112 | 158 | 265 | 350 | ||||||||||
$ | (412 | ) | 560 | $ | (656 | ) | 1,158 | |||||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||
Supplemental cash flow information | ' | ||||||
Supplemental cash flow information was as follows: | |||||||
Six months ended June 30, | |||||||
2014 | 2013 | ||||||
(In thousands) | |||||||
Interest paid | $ | 68,974 | 67,545 | ||||
Income taxes paid | 7,332 | 8,447 | |||||
Changes in accounts payable related to purchases of revenue earning equipment | 1,520 | 40,389 | |||||
Operating and revenue earning equipment acquired under capital leases | 2,371 | 4,814 | |||||
Miscellaneous_Income_Net_Table
Miscellaneous Income, Net (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
MiscellaneousIncome,Net [Abstract] | ' | |||||||||||||
Schedule of Other Nonoperating Income (Expense) | ' | |||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||||
Contract settlement | $ | — | — | $ | 2,908 | — | ||||||||
Gains on sales of operating property and equipment | 1,286 | 267 | 2,590 | 540 | ||||||||||
Business interruption insurance recoveries | 756 | 1,805 | 756 | 1,805 | ||||||||||
Foreign currency translation benefit (1) | — | — | — | 1,904 | ||||||||||
Rabbi trust investment income | 1,077 | 172 | 1,577 | 1,631 | ||||||||||
Other, net | 1,709 | 1,331 | 2,379 | 2,265 | ||||||||||
Total | $ | 4,828 | 3,575 | $ | 10,210 | 8,145 | ||||||||
———————————— | ||||||||||||||
(1) Refer to Note (O), "Other Items Impacting Comparability," for additional information. |
Segment_Reporting_Tables
Segment Reporting (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||
Financial information of business segments | ' | |||||||||||||
FMS | SCS | Eliminations | Total | |||||||||||
(In thousands) | ||||||||||||||
For the three months ended June 30, 2014 | ||||||||||||||
Revenue from external customers | $ | 1,056,992 | 627,579 | — | 1,684,571 | |||||||||
Inter-segment revenue | 124,230 | — | (124,230 | ) | — | |||||||||
Total revenue | $ | 1,181,222 | 627,579 | (124,230 | ) | 1,684,571 | ||||||||
Segment EBT | $ | 113,509 | 30,728 | (10,523 | ) | 133,714 | ||||||||
Unallocated CSS | (12,125 | ) | ||||||||||||
Non-operating pension costs | (1,544 | ) | ||||||||||||
Earnings from continuing operations before income taxes | $ | 120,045 | ||||||||||||
Segment capital expenditures paid (1) | $ | 623,138 | 4,249 | — | 627,387 | |||||||||
Unallocated CSS | 49,113 | |||||||||||||
Capital expenditures paid | $ | 676,500 | ||||||||||||
For the three months ended June 30, 2013 | ||||||||||||||
Revenue from external customers | $ | 1,006,822 | 597,177 | — | 1,603,999 | |||||||||
Inter-segment revenue | 114,436 | — | (114,436 | ) | — | |||||||||
Total revenue | $ | 1,121,258 | 597,177 | (114,436 | ) | 1,603,999 | ||||||||
Segment EBT | $ | 88,667 | 32,968 | (8,690 | ) | 112,945 | ||||||||
Unallocated CSS | (10,584 | ) | ||||||||||||
Non-operating pension costs | (4,999 | ) | ||||||||||||
Earnings from continuing operations before income taxes | $ | 97,362 | ||||||||||||
Segment capital expenditures paid (1) | $ | 517,131 | 5,017 | — | 522,148 | |||||||||
Unallocated CSS | 5,912 | |||||||||||||
Capital expenditures paid | $ | 528,060 | ||||||||||||
———————————— | ||||||||||||||
-1 | Excludes revenue earning equipment acquired under capital leases. | |||||||||||||
FMS | SCS | Eliminations | Total | |||||||||||
(In thousands) | ||||||||||||||
For the six months ended June 30, 2014 | ||||||||||||||
Revenue from external customers | $ | 2,070,388 | 1,224,920 | — | 3,295,308 | |||||||||
Inter-segment revenue | 245,921 | — | (245,921 | ) | — | |||||||||
Total revenue | $ | 2,316,309 | 1,224,920 | (245,921 | ) | 3,295,308 | ||||||||
Segment EBT | $ | 190,500 | 52,512 | (20,151 | ) | 222,861 | ||||||||
Unallocated CSS | (22,954 | ) | ||||||||||||
Non-operating pension costs | (4,858 | ) | ||||||||||||
Earnings from continuing operations before income taxes | $ | 195,049 | ||||||||||||
Segment capital expenditures paid (1), (2) | $ | 1,191,377 | 8,121 | — | 1,199,498 | |||||||||
Unallocated CSS | 55,724 | |||||||||||||
Capital expenditures paid | $ | 1,255,222 | ||||||||||||
For the six months ended June 30, 2013 | ||||||||||||||
Revenue from external customers | $ | 1,993,360 | 1,173,656 | — | 3,167,016 | |||||||||
Inter-segment revenue | 227,630 | — | (227,630 | ) | — | |||||||||
Total revenue | $ | 2,220,990 | 1,173,656 | (227,630 | ) | 3,167,016 | ||||||||
Segment EBT | $ | 149,412 | 57,404 | (16,648 | ) | 190,168 | ||||||||
Unallocated CSS | (21,959 | ) | ||||||||||||
Non-operating pension costs | (10,243 | ) | ||||||||||||
Restructuring and other charges, net and other items | 1,904 | |||||||||||||
Earnings from continuing operations before income taxes | $ | 159,870 | ||||||||||||
Segment capital expenditures paid (1), (2) | $ | 923,642 | 10,817 | — | 934,459 | |||||||||
Unallocated CSS | 13,655 | |||||||||||||
Capital expenditures paid | $ | 948,114 | ||||||||||||
———————————— | ||||||||||||||
-1 | Excludes revenue earning equipment acquired under capital leases. | |||||||||||||
-2 | Excludes acquisition payments of $1.6 million and $1.4 million during the six months ended June 30, 2014, and 2013, respectively. |
Accounting_Changes_Details
Accounting Changes (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' |
Deferred Tax Liabilities, Net, Noncurrent | $1,480,313 | $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 | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Loss from discontinued operations | ' | ' | ' | ' | ' |
Pre-tax loss from discontinued operations | ($323,000) | ($298,000) | ($1,278,000) | ($1,199,000) | ' |
Income tax (expense) benefit | -13,000 | -83,000 | 76,000 | -60,000 | ' |
Loss from discontinued operations, net of tax | -336,000 | -381,000 | -1,202,000 | -1,259,000 | ' |
Assets: | ' | ' | ' | ' | ' |
Total assets, primarily deposits | 3,452,000 | ' | 3,452,000 | ' | 3,627,000 |
Liabilities: | ' | ' | ' | ' | ' |
Total liabilities, primarily contingent accruals | 4,476,000 | ' | 4,476,000 | ' | 4,501,000 |
Brazil Federal and Social Contribution tax [Member] | ' | ' | ' | ' | ' |
Liabilities: | ' | ' | ' | ' | ' |
Tax Amounts Assessed But Not Reserved | ' | ' | $5,300,000 | ' | ' |
ShareBased_Compensation_Plans_1
Share-Based Compensation Plans (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Share-based compensation expense and income tax benefits recognized during the periods | ' | ' | ' | ' |
Share-based compensation expense | $5,131,000 | $4,992,000 | $9,989,000 | $9,602,000 |
Income tax benefit | -1,713,000 | -1,640,000 | -3,389,000 | -3,327,000 |
Share-based compensation expense, net of tax | 3,418,000 | 3,352,000 | 6,600,000 | 6,275,000 |
Summary of compensation expense recognized related to cash awards | ' | ' | ' | ' |
Cash awards | 743,000 | 889,000 | 1,266,000 | 2,163,000 |
Share Based Compensation Plans (Textuals) [Abstract] | ' | ' | ' | ' |
Stock option plan granted | ' | ' | 405,000 | 381,000 |
Total unrecognized pre-tax compensation expense | 33,400,000 | ' | 33,400,000 | ' |
Unrecognized Compensation Costs weighted-average period (in years) | ' | ' | '1 year 11 months 20 days | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | ' | ' | 615,000 | 564,000 |
Stock Option and Stock Purchase Plan [Member] | ' | ' | ' | ' |
Share-based compensation expense and income tax benefits recognized during the periods | ' | ' | ' | ' |
Share-based compensation expense | 2,241,000 | 2,193,000 | 4,478,000 | 4,303,000 |
Nonvested Stock [Member] | ' | ' | ' | ' |
Share-based compensation expense and income tax benefits recognized during the periods | ' | ' | ' | ' |
Share-based compensation expense | $2,890,000 | $2,799,000 | $5,511,000 | $5,299,000 |
Market-based restricted stock rights [Member] | ' | ' | ' | ' |
Share Based Compensation Plans (Textuals) [Abstract] | ' | ' | ' | ' |
Restricted stock rights and restricted stock units granted | ' | ' | 22,000 | 22,000 |
Time Vested Restricted Stock [Member] | ' | ' | ' | ' |
Share Based Compensation Plans (Textuals) [Abstract] | ' | ' | ' | ' |
Restricted stock rights and restricted stock units granted | ' | ' | 158,000 | 146,000 |
Performance based restricted stock [Member] | ' | ' | ' | ' |
Share Based Compensation Plans (Textuals) [Abstract] | ' | ' | ' | ' |
Restricted stock rights and restricted stock units granted | ' | ' | 30,000 | 15,000 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings per share - Basic: | ' | ' | ' | ' |
Earnings from continuing operations | $75,694 | $62,575 | $124,792 | $103,377 |
Less: Distributed and undistributed earnings allocated to nonvested stock | -301 | -556 | -582 | -978 |
Earnings from continuing operations available to common shareholders - Basic | 75,393 | 62,019 | 124,210 | 102,399 |
Weighted average common shares outstanding - Basic | 52,564 | 51,445 | 52,612 | 51,201 |
Earnings from continuing operations per common share - Basic | $1.43 | $1.21 | $2.36 | $2 |
Earnings per share - Diluted: | ' | ' | ' | ' |
Earnings from continuing operations | 75,694 | 62,575 | 124,792 | 103,377 |
Less: Distributed and undistributed earnings allocated to nonvested stock | -299 | -552 | -578 | -972 |
Earnings from continuing operations available to common shareholders - Diluted | $75,395 | $62,023 | $124,214 | $102,405 |
Weighted average common shares outstanding - Basic | 52,564 | 51,445 | 52,612 | 51,201 |
Effect of dilutive equity awards | 482 | 478 | 472 | 457 |
Weighted average common shares outstanding - Diluted | 53,046 | 51,923 | 53,084 | 51,658 |
Earnings from continuing operations per common share - Diluted | $1.42 | $1.19 | $2.34 | $1.98 |
Anti-dilutive equity awards not included above | 412 | 593 | 314 | 1,003 |
Revenue_Earning_Equipment_Deta
Revenue Earning Equipment (Details) (USD $) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | |
Summary of revenue earning equipment | ' | ' | ' |
Cost | $10,536,606,000 | $10,536,606,000 | $10,086,939,000 |
Accumulated Depreciation | -3,606,141,000 | -3,606,141,000 | -3,596,102,000 |
Net Book Value | 6,930,465,000 | 6,930,465,000 | 6,490,837,000 |
Effect of change in estimated residual values of revenue earning equipment on pre tax earnings | 6,300,000 | 12,500,000 | ' |
Held for use: Full service lease [Member] | ' | ' | ' |
Summary of revenue earning equipment | ' | ' | ' |
Cost | 7,699,750,000 | 7,699,750,000 | 7,436,093,000 |
Accumulated Depreciation | -2,564,790,000 | -2,564,790,000 | -2,537,077,000 |
Net Book Value | 5,134,960,000 | 5,134,960,000 | 4,899,016,000 |
Held for use: Commercial rental [Member] | ' | ' | ' |
Summary of revenue earning equipment | ' | ' | ' |
Cost | 2,491,695,000 | 2,491,695,000 | 2,210,863,000 |
Accumulated Depreciation | -791,662,000 | -791,662,000 | -747,283,000 |
Net Book Value | 1,700,033,000 | 1,700,033,000 | 1,463,580,000 |
Held-for-sale [Member] | ' | ' | ' |
Summary of revenue earning equipment | ' | ' | ' |
Cost | 345,161,000 | 345,161,000 | 439,983,000 |
Accumulated Depreciation | -249,689,000 | -249,689,000 | -311,742,000 |
Net Book Value | $95,472,000 | $95,472,000 | $128,241,000 |
Revenue_Earning_Equipment_Deta1
Revenue Earning Equipment (Details Textuals) (USD $) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | |
Revenue Earning Equipment (Textuals) [Abstract] | ' | ' | ' |
Cost | $10,536,606,000 | $10,536,606,000 | $10,086,939,000 |
Accumulated Depreciation | 3,606,141,000 | 3,606,141,000 | 3,596,102,000 |
Effect of change in estimated residual values of revenue earning equipment on pre tax earnings | 6,300,000 | 12,500,000 | ' |
Net Investment in Direct Financing and Sales Type Leases | 417,800,000 | 417,800,000 | 400,100,000 |
Financing Receivable, Allowance for Credit Losses | 400,000 | 400,000 | 500,000 |
Assets Held under Capital Leases [Member] | ' | ' | ' |
Revenue Earning Equipment (Textuals) [Abstract] | ' | ' | ' |
Cost | 48,100,000 | 48,100,000 | 54,200,000 |
Accumulated Depreciation | $20,100,000 | $20,100,000 | $22,000,000 |
Goodwill_Details
Goodwill (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Carrying amount of goodwill attributable to each reportable business segment | ' | ' |
Goodwill, Gross | $413,100 | $412,940 |
Accumulated impairment losses | -29,221 | -29,221 |
Goodwill | 383,879 | 383,719 |
Foreign currency translation adjustment | 160 | ' |
Fleet Management Solutions [Member] | ' | ' |
Carrying amount of goodwill attributable to each reportable business segment | ' | ' |
Goodwill, Gross | 223,401 | 223,204 |
Accumulated impairment losses | -10,322 | -10,322 |
Goodwill | 213,079 | 212,882 |
Foreign currency translation adjustment | 197 | ' |
Supply Chain Solutions [Member] | ' | ' |
Carrying amount of goodwill attributable to each reportable business segment | ' | ' |
Goodwill, Gross | 189,699 | 189,736 |
Accumulated impairment losses | -18,899 | -18,899 |
Goodwill | 170,800 | 170,837 |
Foreign currency translation adjustment | ($37) | ' |
Accrued_Expenses_and_Other_Lia2
Accrued Expenses and Other Liabilities (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued Expenses and Other Liabilities | ' | ' |
Salaries and wages, Accrued Expenses | $87,951 | $106,281 |
Salaries and wages, Non-Current Liabilities | 0 | 0 |
Salaries and wages, Total | 87,951 | 106,281 |
Deferred compensation, Accrued Expenses | 2,966 | 2,505 |
Deferred compensation, Non-Current Liabilities | 34,123 | 31,896 |
Deferred compensation, Total | 37,089 | 34,401 |
Other employee benefits, Accrued Expenses | 6,060 | 3,809 |
Other employee benefits, Non-Current Liabilities | 4,271 | 6,712 |
Other employee benefits, Total | 10,331 | 10,521 |
Pension benefits, Accrued Expenses | 3,606 | 3,660 |
Pension benefits, Non-Current Liabilities | 239,904 | 292,155 |
Pension benefits, Total | 243,510 | 295,815 |
Other postretirement benefits, Accrued Expenses | 2,413 | 2,414 |
Other postretirement benefits, Non-Current Liabilities | 27,481 | 28,374 |
Other postretirement benefits, Total | 29,894 | 30,788 |
Insurance obligations, Accrued Expenses | 131,763 | 125,835 |
Insurance obligations, Non-Current Liabilities | 189,595 | 186,700 |
Insurance obligations, Total | 321,358 | 312,535 |
Accrued rent, Accrued Expenses | 2,102 | 4,373 |
Accrued rent, Non-Current Liabilities | 2,222 | 3,372 |
Accrued rent, Total | 4,324 | 7,745 |
Environmental liabilities, Accrued Expenses | 4,018 | 4,515 |
Environmental liabilities, Non-Current Liabilities | 8,828 | 8,548 |
Environmental liabilities, Total | 12,846 | 13,063 |
Asset retirement obligations, Accrued Expenses | 5,049 | 6,144 |
Asset retirement obligations, Non-Current Liabilities | 19,689 | 19,403 |
Asset retirement obligations, Total | 24,738 | 25,547 |
Operating taxes, Accrued Expenses | 96,657 | 94,188 |
Operating taxes, Non-Current Liabilities | 0 | 0 |
Operating taxes, Total | 96,657 | 94,188 |
Income taxes, Accrued Expenses | 284 | 2,623 |
Income taxes, Non-Current Liabilities | 25,552 | 23,813 |
Income taxes, Total | 25,836 | 26,436 |
Interest, Accrued Expenses | 30,968 | 33,654 |
Interest, Non-Current Liabilities | 0 | 0 |
Interest, Total | 30,968 | 33,654 |
Deposits, mainly from customers, Accrued Expenses | 56,411 | 55,854 |
Deposits, mainly from customers, Non-Current Liabilities | 6,175 | 6,239 |
Deposits, mainly from customers, Total | 62,586 | 62,093 |
Deferred revenue, Accrued Expenses | 14,652 | 15,123 |
Deferred revenue, Non-Current Liabilities | 0 | 0 |
Deferred Revenue, Total | 14,652 | 15,123 |
Other, Accrued Expenses | 34,147 | 35,359 |
Other, Non-Current Liabilities | 8,402 | 9,093 |
Other, Total | 42,549 | 44,452 |
Total, Accrued Expenses | 479,047 | 496,337 |
Total, Non-Current Liabilities | 566,242 | 616,305 |
Total | $1,045,289 | $1,112,642 |
Debt_Details
Debt (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Short-term debt and current portion of long-term debt: | ' | ' |
Short-term debt, Weighted Average Interest Rate | 1.28% | 1.70% |
Short-term debt | $1,604 | $1,315 |
Current portion of long-term debt, including capital leases | 412,077 | 258,123 |
Short-term debt and current portion of long-term debt | 557,681 | 259,438 |
USCommercialPaperShortTerm [Member] | ' | ' |
Short-term debt and current portion of long-term debt: | ' | ' |
Commercial Paper | $144,000 | $0 |
Debt_Details_1
Debt (Details 1) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ' | ' |
Short-term Debt, Weighted Average Interest Rate | 1.28% | 1.70% |
Short-term Debt | $1,604 | $1,315 |
Long-term debt: | ' | ' |
Commercial paper | 375,949 | 498,236 |
Unsecured U.S. notes - Medium-term notes | 3,771,238 | 3,271,734 |
Unsecured U.S. obligations, principally bank term loans | 55,500 | 55,500 |
Unsecured foreign obligations | 324,423 | 315,558 |
Capital lease obligations | 36,584 | 38,911 |
Total before fair market value adjustment | 4,563,694 | 4,179,939 |
Fair market value adjustment on notes subject to hedging | 7,855 | 8,171 |
Total after fair market value adjustment | 4,571,549 | 4,188,110 |
Current portion of long-term debt, including capital leases | -412,077 | -258,123 |
Short-term debt and current portion of long-term debt | 557,681 | 259,438 |
Long-term debt | 4,159,472 | 3,929,987 |
Total debt | 4,717,153 | 4,189,425 |
USCommercialPaperShortTerm [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Short-term Debt, Weighted Average Interest Rate | 0.26% | 0.00% |
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 | 375,949 | 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: | ' | ' |
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 | 3.29% | 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 | 1.44% | 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 | 3.69% | 3.81% |
Maturity date range, start | 24-May-14 | ' |
Maturity date range, end | 28-Dec-19 | ' |
USCommercialPaperShortTerm [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Commercial Paper | $144,000 | $0 |
Debt_Details_Textuals
Debt (Details Textuals) (USD $) | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | ||||||||||||||
Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | 6-May-14 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Feb. 25, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | |
Letter of Credit [Member] | Global Revolving Credit Facility [Member] | Unsecured Medium Term Notes Due September 2019 [Domain] | 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] | USCommercialPaperShortTerm [Member] | USCommercialPaperShortTerm [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 | $8,800,000 | $8,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate notional amount of interest rate swaps | 600,000,000 | 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 | 194.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | 380,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt (Textuals) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commercial paper classified as long term debt | 375,949,000 | 498,236,000 | ' | ' | ' | 375,949,000 | 486,939,000 | 0 | 11,297,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commercial Paper | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 144,000,000 | 0 | ' |
Face amount of unsecured medium-term notes issued | ' | ' | ' | ' | 400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 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 | $310,700,000 | $310,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Prepaid Expenses and Other Current Assets [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Interest rate swaps, assets | $1,834 | $0 |
Direct Financing Leases and Other Assets [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Interest rate swaps, assets | 6,162 | 9,333 |
Other Noncurrent Liabilities [Member] | ' | ' |
Assets and liabilities measured at fair value on a recurring basis | ' | ' |
Interest Rate Derivative Liabilities, at Fair Value | $141 | $1,162 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 1) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 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] | |||
Revenue earning equipment, Trucks [Member] | Revenue earning equipment, Trucks [Member] | Revenue earning equipment, Trucks [Member] | Revenue earning equipment, Trucks [Member] | Revenue earning equipment, Tractors [Member] | Revenue earning equipment, Tractors [Member] | Revenue earning equipment, Tractors [Member] | Revenue earning equipment, Tractors [Member] | Revenue earning equipment, Trailers [Member] | Revenue earning equipment, Trailers [Member] | Revenue earning equipment, Trailers [Member] | Revenue earning equipment, Trailers [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] | |||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets held for sale at fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $17,267,000 | $28,297,000 | $10,713,000 | $11,132,000 | $6,057,000 | $16,283,000 | $497,000 | $882,000 |
Total Losses | ' | ' | 2,515,000 | 4,230,000 | 6,190,000 | 8,951,000 | 1,572,000 | 2,447,000 | 3,454,000 | 5,476,000 | 662,000 | 1,413,000 | 2,294,000 | 2,508,000 | 281,000 | 370,000 | 442,000 | 967,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Measurements (Textuals) (Abstract) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of total debt | $4,830,000,000 | $4,280,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivatives_Details
Derivatives (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | Interest rate swaps maturing June 2017 [Member] | Interest rate swaps maturing June 2017 [Member] | Interest rate swaps maturing March 2015 [Member] | Interest rate swaps maturing March 2015 [Member] | Interest Rate Swaps Maturing November Two Thousand Eighteeen [Member] [Domain] | Interest Rate Swaps Maturing June Two Thousand Nineteen [Member] | Interest Rate Swaps Maturing September Two Thousand Nineteen [Domain] | ||
Summary Of Derivative Instruments And Hedged Items [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance date | ' | ' | 24-May-11 | ' | 24-Feb-11 | ' | 12-Nov-13 | 25-Feb-14 | 6-May-14 |
Maturity date | ' | ' | 1-Jun-17 | ' | 2-Mar-15 | ' | 15-Nov-18 | 1-Jun-19 | 3-Sep-19 |
Face value of medium - term notes | ' | ' | $350,000 | ' | $350,000 | ' | $300,000 | $350,000 | $400,000 |
Aggregate notional amount of interest rate swaps | $600,000 | $400,000 | $150,000 | ' | $150,000 | ' | $100,000 | $100,000 | $100,000 |
Fixed interest rate | ' | ' | 3.50% | ' | 3.15% | ' | 2.45% | 2.55% | 2.45% |
Weighted-average variable interest rate on hedged debt | ' | ' | 1.42% | 1.51% | 1.28% | 1.41% | 1.18% | 1.10% | 0.85% |
Derivatives_Details_1
Derivatives (Details 1) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 |
Interest expense [Member] | Interest expense [Member] | Interest expense [Member] | Interest expense [Member] | Interest expense [Member] | Interest expense [Member] | Interest expense [Member] | Interest expense [Member] | Prepaid Expenses and Other Current Assets [Member] | Prepaid Expenses and Other Current Assets [Member] | Direct Financing Leases and Other Assets [Member] | Direct Financing Leases and Other Assets [Member] | Other Noncurrent Liabilities [Member] | Other Noncurrent Liabilities [Member] | |||||
Interest rate swap [Member] | Interest rate swap [Member] | Interest rate swap [Member] | Interest rate swap [Member] | Fixed-rate debt [Member] | Fixed-rate debt [Member] | Fixed-rate debt [Member] | Fixed-rate debt [Member] | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate Fair Value Hedge Asset at Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,834 | $0 | $6,162 | $9,333 | ' | ' |
Location and amount of gains (losses) on derivative instruments and related hedged items | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative: Interest rate swap | ' | ' | ' | ' | 1,667 | -3,586 | -316 | -6,367 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Hedged item: Fixed-rate debt | ' | ' | ' | ' | ' | ' | ' | ' | -1,667 | 3,586 | 316 | 6,367 | ' | ' | ' | ' | ' | ' |
Total | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate Derivative Liabilities, at Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $141 | $1,162 |
Share_Repurchase_Programs_Deta
Share Repurchase Programs (Details) (USD $) | 3 Months Ended | 6 Months Ended |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 |
Accelerated Share Repurchases [Line Items] | ' | ' |
Aggregate cost of repurchased and retired | ' | $79,488 |
December 2011 Anti-Dilutive Share Repurchase Program [Domain] | ' | ' |
Accelerated Share Repurchases [Line Items] | ' | ' |
Maximum number of share repurchases authorization | 2,000,000 | 2,000,000 |
December 2013 Anti-Dilutive Share Repurchase Program [Member] | ' | ' |
Accelerated Share Repurchases [Line Items] | ' | ' |
Maximum number of share repurchases authorization | 2,000,000 | 2,000,000 |
Aggregate cost of repurchased and retired | 39,050 | 79,488 |
Common Stock [Member] | ' | ' |
Accelerated Share Repurchases [Line Items] | ' | ' |
Repurchased and retired shares | 464,389 | 1,027,072 |
Aggregate cost of repurchased and retired | ' | $514 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | Accumulated Translation Adjustment [Member] | Accumulated Translation Adjustment [Member] | Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) [Member] | Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) [Member] | Accumulated Defined Benefit Plans Adjustment, Net Prior Service Cost (Credit) [Member] | Accumulated Defined Benefit Plans Adjustment, Net Prior Service Cost (Credit) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | ||
Accumulated Other Comprehensive (Loss) [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive loss, beginning of period | ($422,495) | ($438,248) | $35,875 | $57,860 | ($477,883) | ($648,113) | $3,760 | $2,634 | ($438,248) | ($587,619) |
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Actuarial Loss (Gain), Net of Tax | ' | ' | ' | ' | 7,455 | 11,514 | -1,335 | -697 | 6,120 | 10,817 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), Net of Tax | ' | ' | 11,681 | -49,943 | -2,048 | -3,714 | 0 | 0 | 9,633 | -53,657 |
Accumulated other comprehensive loss, end of period | ($422,495) | ($438,248) | $47,556 | $7,917 | ($472,476) | ($640,313) | $2,425 | $1,937 | ($422,495) | ($630,459) |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Amortization of: | ' | ' | ' | ' |
Contribution to pension plans | ' | ' | $65,000,000 | ' |
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | ' | ' | 75,000,000 | ' |
Pension Benefits [Member] | ' | ' | ' | ' |
Amortization of: | ' | ' | ' | ' |
Net periodic benefit cost | 6,289,000 | 9,971,000 | 14,423,000 | 20,592,000 |
Company Administered Plan [Member] | Pension Benefits [Member] | ' | ' | ' | ' |
Components of net periodic benefit cost | ' | ' | ' | ' |
Service cost | 3,171,000 | 3,756,000 | 6,594,000 | 8,008,000 |
Interest Cost | 25,135,000 | 22,316,000 | 50,696,000 | 44,735,000 |
Expected Return on Plan Assets | -29,284,000 | -26,389,000 | -58,002,000 | -52,837,000 |
Amortization of: | ' | ' | ' | ' |
Net actuarial loss (credit) | 5,579,000 | 8,685,000 | 11,814,000 | 17,565,000 |
Prior service credit | -435,000 | -443,000 | -893,000 | -909,000 |
Net periodic benefit cost | 4,166,000 | 7,925,000 | 10,209,000 | 16,562,000 |
Company Administered Plan [Member] | Pension Benefits U.S. [Member] | ' | ' | ' | ' |
Amortization of: | ' | ' | ' | ' |
Net periodic benefit cost | 4,499,000 | 8,152,000 | 10,786,000 | 16,893,000 |
Company Administered Plan [Member] | Pension Benefits Non-U.S. [Member] | ' | ' | ' | ' |
Amortization of: | ' | ' | ' | ' |
Net periodic benefit cost | -333,000 | -227,000 | -577,000 | -331,000 |
Company Administered Plan [Member] | Postretirement Benefits [Member] | ' | ' | ' | ' |
Components of net periodic benefit cost | ' | ' | ' | ' |
Service cost | 89,000 | 230,000 | 224,000 | 493,000 |
Interest Cost | 348,000 | 392,000 | 713,000 | 787,000 |
Amortization of: | ' | ' | ' | ' |
Net actuarial loss (credit) | -234,000 | -5,000 | -363,000 | -7,000 |
Prior service credit | -615,000 | -57,000 | -1,230,000 | -115,000 |
Net periodic benefit cost | -412,000 | 560,000 | -656,000 | 1,158,000 |
Company Administered Plan [Member] | Postretirement Benefits U.S [Member] | ' | ' | ' | ' |
Amortization of: | ' | ' | ' | ' |
Net periodic benefit cost | -524,000 | 402,000 | -921,000 | 808,000 |
Company Administered Plan [Member] | Postretirement Benefits Non-U.S [Member] | ' | ' | ' | ' |
Amortization of: | ' | ' | ' | ' |
Net periodic benefit cost | 112,000 | 158,000 | 265,000 | 350,000 |
Union Administered Plan [Member] | Pension Benefits [Member] | ' | ' | ' | ' |
Amortization of: | ' | ' | ' | ' |
Net periodic benefit cost | $2,123,000 | $2,046,000 | $4,214,000 | $4,030,000 |
Other_Items_Details
Other Items (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Other Items Impacting Comparability [Abstract] | ' | ' | ' | ' |
Foreign currency translation benefit (1) | $0 | $0 | $0 | $1,904 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 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 | 68,974 | 67,545 |
Income taxes paid | 7,332 | 8,447 |
Changes in accounts payable related to purchases of revenue earning equipment | 1,520 | 40,389 |
Operating and revenue earning equipment acquired under capital leases | 2,371 | 4,814 |
Other Acquisitions Completed in Prior Years [Member] | ' | ' |
Other Significant Noncash Transactions [Line Items] | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | $1,649 | $1,420 |
Miscellaneous_Income_Net_Detai
Miscellaneous Income, Net (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
MiscellaneousIncome [Abstract] | ' | ' | ' | ' |
Contract settlement | $0 | $0 | $2,908 | $0 |
Gains on sales of operating property and equipment | 1,286 | 267 | 2,590 | 540 |
Gain on Business Interruption Insurance Recovery | 756 | 1,805 | 756 | 1,805 |
Foreign currency translation benefit (1) | 0 | 0 | 0 | 1,904 |
Rabbi trust investment income | 1,077 | 172 | 1,577 | 1,631 |
Other, net | 1,709 | 1,331 | 2,379 | 2,265 |
Total | $4,828 | $3,575 | $10,210 | $8,145 |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Financial information of business segments | ' | ' | ' | ' |
Total revenues | $1,684,571 | $1,603,999 | $3,295,308 | $3,167,016 |
Segment NBT | 133,714 | 112,945 | 222,861 | 190,168 |
Unallocated CSS | -12,125 | -10,584 | -22,954 | -21,959 |
Non-service pension costs | -1,544 | -4,999 | -4,858 | -10,243 |
Restructuring And Other Charges Net And Other Items | ' | ' | ' | 1,904 |
Earnings from continuing operations before income taxes | 120,045 | 97,362 | 195,049 | 159,870 |
Segment capital expenditures | 627,387 | 522,148 | 1,199,498 | 934,459 |
Unallocated CSS | 49,113 | 5,912 | 55,724 | 13,655 |
Capital expenditures paid | 676,500 | 528,060 | 1,255,222 | 948,114 |
Segment Reporting (Textuals) [Abstract] | ' | ' | ' | ' |
Acquisitions | ' | ' | -1,649 | -1,420 |
Fleet Management Solutions [Member] | ' | ' | ' | ' |
Financial information of business segments | ' | ' | ' | ' |
Total revenues | 1,056,992 | 1,006,822 | 2,070,388 | 1,993,360 |
Segment NBT | 113,509 | 88,667 | 190,500 | 149,412 |
Segment capital expenditures | 623,138 | 517,131 | 1,191,377 | 923,642 |
Supply Chain Solutions [Member] | ' | ' | ' | ' |
Financial information of business segments | ' | ' | ' | ' |
Total revenues | 627,579 | 597,177 | 1,224,920 | 1,173,656 |
Segment NBT | 30,728 | 32,968 | 52,512 | 57,404 |
Segment capital expenditures | 4,249 | 5,017 | 8,121 | 10,817 |
Eliminations [Member] | ' | ' | ' | ' |
Financial information of business segments | ' | ' | ' | ' |
Total revenues | 0 | 0 | 0 | 0 |
Segment NBT | -10,523 | -8,690 | -20,151 | -16,648 |
Segment capital expenditures | 0 | 0 | 0 | 0 |
Intersegment Eliminations [Member] | ' | ' | ' | ' |
Financial information of business segments | ' | ' | ' | ' |
Total revenues | 0 | 0 | 0 | 0 |
Intersegment Eliminations [Member] | Fleet Management Solutions [Member] | ' | ' | ' | ' |
Financial information of business segments | ' | ' | ' | ' |
Total revenues | 124,230 | 114,436 | 245,921 | 227,630 |
Intersegment Eliminations [Member] | Supply Chain Solutions [Member] | ' | ' | ' | ' |
Financial information of business segments | ' | ' | ' | ' |
Total revenues | 0 | 0 | 0 | 0 |
Intersegment Eliminations [Member] | Eliminations [Member] | ' | ' | ' | ' |
Financial information of business segments | ' | ' | ' | ' |
Total revenues | -124,230 | -114,436 | -245,921 | -227,630 |
Operating Segments [Member] | ' | ' | ' | ' |
Financial information of business segments | ' | ' | ' | ' |
Total revenues | 1,684,571 | 1,603,999 | 3,295,308 | 3,167,016 |
Operating Segments [Member] | Fleet Management Solutions [Member] | ' | ' | ' | ' |
Financial information of business segments | ' | ' | ' | ' |
Total revenues | 1,181,222 | 1,121,258 | 2,316,309 | 2,220,990 |
Operating Segments [Member] | Supply Chain Solutions [Member] | ' | ' | ' | ' |
Financial information of business segments | ' | ' | ' | ' |
Total revenues | 627,579 | 597,177 | 1,224,920 | 1,173,656 |
Operating Segments [Member] | Eliminations [Member] | ' | ' | ' | ' |
Financial information of business segments | ' | ' | ' | ' |
Total revenues | ($124,230) | ($114,436) | ($245,921) | ($227,630) |