Ryder System (R) 10-Q 26 Apr 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2016shares
Document and Entity Information [Abstract]
Entity Registrant Name	RYDER SYSTEM INC
Entity Central Index Key	85,961
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding (in shares)	53,703,407

Consolidated Condensed Statemen

Consolidated Condensed Statements of Earnings (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Lease and rental revenues	$ 767,754	$ 729,024
Services revenue	759,127	693,704
Fuel services revenue	102,791	144,425
Total revenues	1,629,672	1,567,153
Cost of lease and rental	552,490	518,422
Cost of services	631,714	582,330
Cost of fuel services	98,901	136,289
Other operating expenses	30,151	32,373
Selling, general and administrative expenses	211,213	206,605
Gains on used vehicles, net	(19,129)	(27,208)
Interest expense	37,889	36,802
Miscellaneous income, net	(2,265)	(2,637)
Total expenses	1,540,964	1,482,976
Earnings from continuing operations before income taxes	88,708	84,177
Provision for income taxes	32,523	30,851
Earnings from continuing operations	56,185	53,326
Loss from discontinued operations, net of tax	(391)	(537)
Net earnings	$ 55,794	$ 52,789
Earnings (loss) per common share — Basic
Continuing operations (in dollars per share)	$ 1.06	$ 1.01
Discontinued operations (in dollars per share)	(0.01)	(0.01)
Net earnings (in dollars per share)	1.05	1
Earnings (loss) per common share — Diluted
Continuing operations (in dollars per share)	1.05	1
Discontinued operations (in dollars per share)	(0.01)	(0.01)
Net earnings (in dollars per share)	1.04	0.99
Cash dividends declared per common share (in dollars per share)	$ 0.41	$ 0.37

Consolidated Condensed Stateme3

Consolidated Condensed Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net earnings	$ 55,794	$ 52,789
Other comprehensive income (loss):
Changes in cumulative translation adjustment and other	13,684	(57,372)
Amortization of pension and postretirement items	7,423	7,058
Income tax expense related to amortization of pension and postretirement items	(2,708)	(2,448)
Amortization of pension and postretirement items, net of tax	4,715	4,610
Other comprehensive income (loss), net of taxes	18,399	(52,762)
Comprehensive income	$ 74,193	$ 27

Consolidated Condensed Balance

Consolidated Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 56,806	$ 60,945
Receivables, net of allowance of $16,137 and $15,372, respectively	822,556	835,489
Inventories	65,542	63,725
Prepaid expenses and other current assets	149,642	138,143
Total current assets	1,094,546	1,098,302
Revenue earning equipment, net	8,275,093	8,184,735
Operating property and equipment, net of accumulated depreciation of $1,095,352 and $1,046,137, respectively	717,444	714,970
Goodwill	389,382	389,135
Intangible assets, net of accumulated amortization of $47,215 and $45,736, respectively	53,588	55,192
Direct financing leases and other assets	524,477	510,246
Total assets	11,054,530	10,952,580
Current liabilities:
Short-term debt and current portion of long-term debt	612,223	634,530
Accounts payable	475,017	502,373
Accrued expenses and other current liabilities	506,300	543,352
Total current liabilities	1,593,540	1,680,255
Long-term debt	4,987,217	4,868,097
Other non-current liabilities	806,561	829,595
Deferred income taxes	1,621,894	1,587,522
Total liabilities	9,009,212	8,965,469
Shareholders’ equity:
Preferred stock, no par value per share — authorized, 3,800,917; none outstanding, March 31, 2016 or December 31, 2015	0	0
Common stock, $0.50 par value per share — authorized, 400,000,000; outstanding, March 31, 2016 — 53,703,407; December 31, 2015 — 53,490,603	26,850	26,745
Additional paid-in capital	1,011,988	1,006,021
Retained earnings	1,700,816	1,667,080
Accumulated other comprehensive loss	(694,336)	(712,735)
Total shareholders’ equity	2,045,318	1,987,111
Total liabilities and shareholders’ equity	$ 11,054,530	$ 10,952,580

Consolidated Condensed Balance5

Consolidated Condensed Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets:
Allowance for doubtful accounts, current	$ 16,137	$ 15,372
Finite-Lived Intangible Assets, Accumulated Amortization	47,215	45,736
Revenue earning equipment, accumulated depreciation	4,049,623	3,963,555
Operating property and equipment, accumulated depreciation	$ 1,095,352	$ 1,046,137
Shareholders’ equity:
Common stock, par value (in dollars per share)	$ 0.50	$ 0.50
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares outstanding (in shares)	53,703,407	53,490,603
Preferred stock, par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authorized (in shares)	3,800,917	3,800,917
Preferred stock, shares outstanding (in shares)	0	0

Consolidated Condensed Stateme6

Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities from continuing operations:
Net earnings	$ 55,794	$ 52,789
Less: Loss from discontinued operations, net of tax	(391)	(537)
Earnings from continuing operations	56,185	53,326
Depreciation expense	287,170	266,278
Gains on used vehicles, net	19,129	27,208
Share-based compensation expense	4,888	5,665
Amortization expense and other non-cash charges, net	13,058	13,317
Deferred income tax expense	29,319	26,646
Changes in operating assets and liabilities:
Receivables	3,709	10,775
Inventories	(1,558)	2,563
Prepaid expenses and other assets	(21,234)	(17,093)
Accounts payable	49,206	(28,847)
Accrued expenses and other non-current liabilities	(36,605)	(21,577)
Net cash provided by operating activities from continuing operations	365,009	283,845
Cash flows from financing activities:
Net change in commercial paper borrowings and revolving credit facilities	98,580	204,750
Debt proceeds	298,254	455,111
Debt repaid	(312,400)	(463,536)
Dividends on common stock	(22,482)	(20,084)
Common stock issued	1,492	11,846
Common stock repurchased	0	(6,141)
Excess tax benefits from share-based compensation and other items	994	620
Debt issuance costs	(933)	(3,696)
Net cash provided by financing activities	63,505	178,870
Cash flows from investing activities:
Purchases of property and revenue earning equipment	(575,031)	(553,242)
Sales of revenue earning equipment	119,188	96,821
Sales of operating property and equipment	1,410	273
Collections on direct finance leases and other items	25,610	16,243
Changes in restricted cash	(221)	(912)
Net cash used in investing activities	(429,044)	(440,817)
Effect of exchange rate changes on cash	(3,508)	756
(Decrease) increase in cash and cash equivalents from continuing operations	(4,038)	22,654
Decrease in cash and cash equivalents from discontinued operations	(101)	(547)
(Decrease) increase in cash and cash equivalents	(4,139)	22,107
Cash and cash equivalents at beginning of period	60,945	50,092
Cash and cash equivalents at end of period	$ 56,806	$ 72,199

General

General	3 Months Ended
	Mar. 31, 2016
Accounting Changes and Error Corrections [Abstract]
GENERAL	GENERAL 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 2015 Annual Report on Form 10-K and should be read in conjunction with the Consolidated Financial Statements and notes thereto. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. In the opinion of management, all adjustments (consisting of normal recurring accruals and items referenced under "Revision of Prior Period Financial Statements") considered necessary for a fair presentation 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. Beginning in 2016, we reclassified the losses from fair value adjustments on our used vehicles from "Other operating expenses" to "Gains on used vehicles, net" within the Consolidated Condensed Statement of Earnings. Prior year amounts have been reclassified to conform to the current period presentation. These reclassifications were immaterial to the financial statements taken as a whole as shown in Note 3 , " Revenue Earning Equipment ." Revision of Prior Period Financial Statements We periodically enter into sale and leaseback transactions to lower the total cost of funding our operations and to diversify funding among different classes of investors and among different types of funding instruments. These transactions historically resulted in a reduction of revenue earning equipment and debt on the balance sheet, as proceeds from the sale of revenue earning equipment were used to repay debt. During the second quarter of 2015, we reviewed and evaluated the structure of these transactions and determined they should be accounted for as issuances of financial interests that do not qualify for deconsolidation. We evaluated the materiality of this revision, quantitatively and qualitatively, and concluded it was not material to any of our previously issued consolidated financial statements. However, we elected to revise previously issued financial statements to avoid inconsistencies in our financial statements. For the quarter ended March 31, 2015, the revision primarily affected the presentation of our Consolidated Condensed Statement of Cash Flows. The effects of this revision on the individual line items within our Consolidated Condensed Statement of Cash Flows for the three months ended March 31, 2015 were as follows (in millions): As Previously Reported Adjustment As Revised Net earnings $ 52.9 (0.1 ) 52.8 Depreciation expense (1) 262.4 3.9 266.3 Deferred income tax expense 26.7 (0.1 ) 26.6 Accrued expenses and other non-current liabilities (21.5 ) (0.1 ) (21.6 ) Net cash provided by operating activities from continuing operations 277.9 6.0 283.8 Debt repaid, including capital and financing lease obligations (457.6 ) (6.0 ) (463.5 ) Net cash provided by financing activities from continuing operations 184.8 (6.0 ) 178.9 ———————————— Adjustments may not be additive and may have minor differences within the table due to rounding. (1) Includes revised gains on used vehicles, net as discussed above.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS Share-based Payments On March 30, 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-09, Stock Compensation, which is intended to simplify several aspects of the accounting for share-based payment award transactions. The guidance will be effective January 1, 2017. We are in the process of evaluating the impacts of the adoption of this standard. Leases On February 25, 2016, the FASB issued ASU No. 2016-02, Leases, which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The standard is effective January 1, 2019, with early adoption permitted. The standard is to be applied using a modified retrospective transition method. We are in the process of determining the effect on our consolidated financial position, results of operations and cash flows. Revenue Recognition On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU is effective January 1, 2018, and will replace most existing revenue recognition guidance. On March 17, 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations, which clarifies the implementation guidance on principal versus agent considerations contained in ASU 2014-09. Additionally, on April 14, 2016, FASB issued ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing, which clarifies the implementation guidance on identifying performance obligations. The standard permits the use of either the modified retrospective or cumulative effect transition methods. In connection with the FASB’s recently issued guidance on leases, the standard requires the lease component of our full service lease product line to be accounted for under the lease accounting guidance and the maintenance and other elements of the product line to be accounted for under the new revenue guidance. Because of the interrelationship of these standards on our full service lease product line, we have not yet selected a transition method. We are in the process of determining the effect on our consolidated financial position, results of operations and cash flows. Presentation of Debt Issuance Costs On April 7, 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires an entity to present debt issuance costs as a direct reduction from the carrying amount of the related debt liability on the balance sheet. On August 30, 2015, the FASB issued ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, which clarifies the treatment of debt issuance costs from line-of-credit arrangements after adoption of ASU 2015-03. We adopted this guidance on January 1, 2016 and reclassified $15 million from other assets to long-term debt in our December 31, 2015 balance sheet. Other than the change in presentation within the Consolidated Condensed Balance Sheets, this accounting guidance did not impact our consolidated financial position, results of operations or cash flows.

Revenue Earning Equipment

Revenue Earning Equipment	3 Months Ended
	Mar. 31, 2016
Revenue Earning Equipment [Abstract]
REVENUE EARNING EQUIPMENT	REVENUE EARNING EQUIPMENT March 31, 2016 December 31, 2015 Cost Accumulated Depreciation Net Book Value (1) Cost Accumulated Depreciation Net Book Value (1) (In thousands) Held for use: Full service lease $ 9,093,718 (2,802,126 ) 6,291,592 $ 8,839,941 (2,723,605 ) 6,116,336 Commercial rental 2,702,767 (893,981 ) 1,808,786 2,811,715 (907,412 ) 1,904,303 Held for sale 528,231 (353,516 ) 174,715 496,634 (332,538 ) 164,096 Total $ 12,324,716 (4,049,623 ) 8,275,093 $ 12,148,290 (3,963,555 ) 8,184,735 ———————————— (1) Revenue earning equipment, net includes vehicles acquired under capital leases of $46.3 million , less accumulated depreciation of $22.7 million , at March 31, 2016 , and $47.5 million , less accumulated depreciation of $22.2 million , at December 31, 2015 . At the end of 2015 , 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, 2016 . We lease revenue earning equipment to customers for periods typically ranging from three to seven years for trucks and tractors and up to ten years for trailers. The majority of our leases are classified as operating leases. However, some of our revenue earning equipment leases are classified as direct financing leases and, to a lesser extent, sales-type leases. As of March 31, 2016 and December 31, 2015 , the net investment in direct financing and sales-type leases was $444.5 million and $437.8 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 March 31, 2016 and December 31, 2015 , 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. Revenue earning equipment held for sale is stated at the lower of carrying amount or fair value less costs to sell. Losses on vehicles held for sale for which carrying values exceeded fair value are recognized at the time they arrive at our used truck centers and are presented within “Gains on used vehicles, net ” 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. For a certain population of our revenue earning equipment held for sale, 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, these vehicles held for sale were classified within Level 3 of the fair value hierarchy. The following table presents our assets held for sale that are measured at fair value on a nonrecurring basis and considered a Level 3 fair value measurement: Total Losses (2) March 31 Three months ended March 31, 2016 2015 2016 2015 (In thousands) Assets held for sale: Revenue earning equipment (1) : Trucks $ 11,538 5,298 $ 1,744 1,228 Tractors 39,739 4,611 4,882 827 Trailers 3,153 1,231 662 316 Total assets at fair value 54,430 11,140 $ 7,288 2,371 ———————————— (1) Assets held for sale in the above table only include the portion of revenue earning equipment held for sale where carrying value exceeded fair value. (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. For the three months ended March 31, 2016 and 2015 , the components of gains on used vehicles, net were as follows: March 31 2016 2015 (In thousands) Gains on vehicle sales, net $ (26,417 ) (29,579 ) Losses from fair value adjustments 7,288 2,371 Gains on used vehicles, net $ (19,129 ) (27,208 )

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	3 Months Ended
	Mar. 31, 2016
Accrued Liabilities and Other Liabilities [Abstract]
ACCRUED EXPENSES AND OTHER LIABILITIES	ACCRUED EXPENSES AND OTHER LIABILITIES March 31, 2016 December 31, 2015 Accrued Expenses Non-Current Liabilities Total Accrued Expenses Non-Current Liabilities Total (In thousands) Salaries and wages $ 72,482 — 72,482 $ 99,032 — 99,032 Deferred compensation 2,621 40,748 43,369 2,252 41,691 43,943 Pension benefits 3,823 472,253 476,076 3,790 484,892 488,682 Other postretirement benefits 1,636 20,209 21,845 1,624 20,002 21,626 Other employee benefits 12,120 3,135 15,255 8,956 9,706 18,662 Insurance obligations (1) 149,258 209,376 358,634 157,014 213,256 370,270 Environmental liabilities 3,862 6,394 10,256 3,791 6,554 10,345 Operating taxes 101,350 — 101,350 101,649 — 101,649 Income taxes 824 23,270 24,094 3,378 22,366 25,744 Interest 32,712 — 32,712 31,218 — 31,218 Deposits, mainly from customers 64,628 4,974 69,602 61,869 5,085 66,954 Deferred revenue 14,655 — 14,655 13,038 — 13,038 Restructuring liabilities (2) 7,526 — 7,526 12,333 — 12,333 Other 38,803 26,202 65,005 43,408 26,043 69,451 Total $ 506,300 806,561 1,312,861 $ 543,352 829,595 1,372,947 ———————————— (1) Insurance obligations primarily represent self-insured claim liabilities. (2) The reduction in restructuring liabilities from December 31, 2015 principally represents cash payments for employee termination costs. The majority of the balance remaining in restructuring liabilities is expected to be paid by the end of 2016.

Debt

Debt	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
DEBT	DEBT Weighted-Average Interest Rate March 31, December 31, Maturities March 31, December 31, (In thousands) Short-term debt and current portion of long-term debt: Short-term debt 2.31% 2.26% $ 19,994 35,947 Current portion of long-term debt 592,229 598,583 Total short-term debt and current portion of long-term debt 612,223 634,530 Long-term debt: U.S. commercial paper (1) 0.70% 0.55% 2020 637,811 547,130 Global revolving credit facility 2.28% 2.31% 2020 53,301 25,291 Unsecured U.S. notes — Medium-term notes (1) 2.86% 2.84% 2016-2025 4,112,706 4,112,519 Unsecured U.S. obligations 1.86% 1.73% 2018 50,000 50,000 Unsecured foreign obligations 1.93% 1.92% 2016-2020 271,545 275,661 Asset-backed U.S. obligations (3) 1.80% 1.81% 2016-2022 422,466 434,001 Capital lease obligations 3.23% 3.31% 2016-2022 29,586 32,054 Total before fair market value adjustment 5,577,415 5,476,656 Fair market value adjustment on notes subject to hedging (4) 18,106 5,253 Debt issuance costs (2) (16,075 ) (15,229 ) 5,579,446 5,466,680 Current portion of long-term debt (592,229 ) (598,583 ) Long-term debt 4,987,217 4,868,097 Total debt $ 5,599,440 5,502,627 ———————————— (1) We had unamortized original issue discounts of $7.5 million and $7.7 million at March 31, 2016 and December 31, 2015 , respectively. (2) See Note 2 , " Recent Accounting Pronouncements ," for further discussion of the presentation of debt issuance costs. (3) Asset-backed U.S. obligations are related to financing transactions involving revenue earning equipment. (4) The notional amount of executed interest rate swaps designated as fair value hedges was $825 million at March 31, 2016 and December 31, 2015 . We maintain a $1.2 billion 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, Lloyds Bank Plc, U.S. Bank National Association and Wells Fargo Bank, N.A. The facility matures in January 2020. The agreement provides for annual facility fees which range from 7.5 basis points to 25 basis points based on Ryder's long-term credit ratings. The annual facility fee is currently 10 basis points , which applies to the total facility size of $1.2 billion . The credit facility is used primarily to finance working capital but can also be used to issue up to $75 million in letters of credit (there were no letters of credit outstanding against the facility at March 31, 2016 ). At our option, the interest rate on borrowings under the credit facility is based on LIBOR, prime, federal funds or local equivalent rates. The credit facility contains no provisions limiting its availability in the event of a material adverse change to Ryder’s business operations; however, the credit facility does contain standard representations and warranties, events of default, cross-default provisions and certain affirmative and negative covenants. In order to maintain availability of funding, we must maintain a ratio of debt to consolidated net worth of less than or equal to 300% . Net worth, as defined in the credit facility, represents shareholders' equity excluding any accumulated other comprehensive income or loss associated with our pension and other postretirement plans. The ratio at March 31, 2016 was 214% . At March 31, 2016 , there was $488.9 million available under the credit facility, net of outstanding commercial paper borrowings. Our global revolving credit facility enables us to refinance short-term obligations on a long-term basis. 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. In addition, we have the intent and ability to refinance the current portion of certain long-term debt on a long-term basis. At March 31, 2016 , we classified $637.8 million of short-term commercial paper and $300.0 million of current debt obligations as long-term. At December 31, 2015 , we classified $547.1 million of short-term commercial paper and $300.0 million of current debt obligations as long-term. In February 2016, we issued $300 million of unsecured medium-term notes maturing in November 2021. The proceeds from these notes were used to payoff maturing debt and for general corporate purposes. If these 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 which causes early termination, the 364 -day program will expire on October 21, 2016. 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. Sales of receivables under this program are accounted for as secured borrowings based on our continuing involvement in the transferred assets. No amounts were outstanding under the program at March 31, 2016 or December 31, 2015 . At March 31, 2016 and December 31, 2015 , we had letters of credit and surety bonds outstanding totaling $341.0 million and $345.7 million , respectively, which primarily guarantee the payment of insurance claims. The fair value of total debt (excluding capital lease and asset-backed U.S. obligations) at March 31, 2016 and December 31, 2015 was approximately $5.20 billion and $5.06 billion , respectively. For publicly-traded debt, estimates of fair value were based on market prices. Since our publicly-traded debt is not actively traded, the fair value measurement was classified within Level 2 of the fair value hierarchy. For other debt, fair value was estimated based on a model-driven approach using rates currently available to us for debt with similar terms and remaining maturities. Therefore, the fair value measurement of our other debt was classified within Level 2 of the fair value hierarchy. The carrying amounts reported in the Consolidated Condensed Balance Sheets for “Cash and cash equivalents,” “Receivables, net” and “Accounts payable” approximate fair value because of the immediate or short-term maturities of these financial instruments.

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES	DERIVATIVES From time to time, we enter into interest rate derivatives to manage our fixed and variable interest rate exposure and to better match the repricing of debt instruments to that of our portfolio of assets. We assess the risk that changes in interest rates will have either on the fair value of debt obligations or on the amount of future interest payments by monitoring changes in interest rate exposures and by evaluating hedging opportunities. We regularly monitor interest rate risk attributable to both our outstanding or forecasted debt obligations as well as our offsetting hedge positions. This risk management process involves the use of analytical techniques, including cash flow sensitivity analysis, to estimate the expected impact of changes in interest rates on our future cash flows. As of March 31, 2016 , we had interest rate swaps outstanding which are designated as fair value hedges of certain of our debt obligations, with a total notional value of $825 million and maturities through 2020 . Interest rate swaps are measured at fair value on a recurring basis using Level 2 fair value inputs. The fair value of these interest rate swaps was approximately $18.1 million as of March 31, 2016 , and was presented in "Direct financing leases and other assets" in our Consolidated Condensed Balance Sheets. Changes in the fair value of our interest rate swaps were offset by changes in the fair value of the hedged debt instruments. Accordingly, there was no ineffectiveness related to the interest rate swaps.

Share Repurchase Programs

Share Repurchase Programs	3 Months Ended
	Mar. 31, 2016
Share Repurchase Programs [Abstract]
SHARE REPURCHASE PROGRAMS	SHARE REPURCHASE PROGRAMS In December 2015, our Board of Directors authorized a share repurchase program intended to mitigate the dilutive impact of shares issued under our employee stock plans (the December 2015 program). Under the December 2015 program, management is authorized to repurchase (i) up to 1.5 million shares of common stock, the sum of which will not exceed the number of shares issued to employees under the Company’s employee stock plans from December 1, 2015 to December 9, 2017 plus (ii) 0.5 million shares issued to employees that were not repurchased under the Company’s previous share repurchase program. The December 2015 program limits aggregate share repurchases to no more than 2 million shares of Ryder common stock. Share repurchases of common stock are made periodically in open-market transactions and are subject to market conditions, legal requirements and other factors. Management may establish prearranged written plans for the Company under Rule 10b5-1 of the Securities Exchange Act of 1934 as part of the December 2015 program, which allow for share repurchases during Ryder’s quarterly blackout periods as set forth in the trading plan. We did no t repurchase any shares under the December 2015 program during the three months ended March 31, 2016 . During the three months ended March 31, 2015 , we repurchased 69,000 shares under the previous program for $6.1 million .

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	ACCUMULATED OTHER COMPREHENSIVE LOSS The following summary sets forth the components of accumulated other comprehensive loss, net of tax: Currency Translation Adjustments and Other Net Actuarial Loss (1) Prior Service Credit (1) Accumulated Other Comprehensive Loss (In thousands) December 31, 2015 $ (136,020 ) (576,993 ) 278 (712,735 ) Amortization — 4,752 (37 ) 4,715 Other current period change 13,684 — — 13,684 March 31, 2016 $ (122,336 ) (572,241 ) 241 (694,336 ) Currency Translation Adjustments and Other Net Actuarial Loss (1) Prior Service Credit (1) Accumulated Other Comprehensive Loss (In thousands) December 31, 2014 $ (36,087 ) (585,941 ) 1,758 (620,270 ) Amortization — 4,961 (351 ) 4,610 Other current period change (57,372 ) — — (57,372 ) March 31, 2015 $ (93,459 ) (580,980 ) 1,407 (673,032 ) _______________________ (1) These amounts are included in the computation of net periodic benefit cost. See Note 11 , " Employee Benefit Plans ," for further information. The gain from currency translation adjustments in the three months ended March 31, 2016 of $13.7 million was primarily due to the strengthening of the Canadian Dollar against the U.S. Dollar, partially offset by the weakening of the British Pound against the U.S. Dollar. The loss from currency translation adjustments in the three months ended March 31, 2015 of $57.4 million was due primarily to the weakening of the Canadian Dollar and British Pound against the U.S. Dollar.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The following table presents the calculation of basic and diluted earnings per common share from continuing operations: Three months ended March 31, 2016 2015 (In thousands, except per share amounts) Earnings per share — Basic: Earnings from continuing operations $ 56,185 53,326 Less: Distributed and undistributed earnings allocated to unvested stock (166 ) (148 ) Earnings from continuing operations available to common shareholders — Basic $ 56,019 53,178 Weighted average common shares outstanding — Basic 53,076 52,596 Earnings from continuing operations per common share — Basic $ 1.06 1.01 Earnings per share — Diluted: Earnings from continuing operations $ 56,185 53,326 Less: Distributed and undistributed earnings allocated to unvested stock (166 ) (148 ) Earnings from continuing operations available to common shareholders — Diluted $ 56,019 53,178 Weighted average common shares outstanding — Basic 53,076 52,596 Effect of dilutive equity awards 287 510 Weighted average common shares outstanding — Diluted 53,363 53,106 Earnings from continuing operations per common share — Diluted $ 1.05 1.00 Anti-dilutive equity awards not included above 1,186 184

Share-Based Compensation Plans

Share-Based Compensation Plans	3 Months Ended
	Mar. 31, 2016
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 and principally include at-the-money stock option, unvested stock and cash awards. Unvested 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 unvested stock awards but 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 grant date of the award until the date the shares underlying the award are delivered. The following table provides information on share-based compensation expense and income tax benefits recognized during the periods: Three months ended March 31, 2016 2015 (In thousands) Stock option and stock purchase plans $ 1,873 2,301 Unvested stock 3,015 3,364 Share-based compensation expense 4,888 5,665 Income tax benefit (1,655 ) (1,882 ) Share-based compensation expense, net of tax $ 3,233 3,783 During the three months ended March 31, 2016 and 2015 , approximately 513,000 and 358,000 stock options, respectively, were granted under the Plans. These awards generally vest evenly over a three year period beginning on the date of grant. The stock options have contractual terms of ten years . The fair value of each option award at the date of grant was estimated using a Black-Scholes-Merton option-pricing valuation model. Share-based compensation expense is recognized on a straight-line basis over the vesting period. The weighted-average fair value per option granted during the three months ended March 31, 2016 and 2015 was $12.53 and $18.46 , respectively. During the three months ended March 31, 2016 and 2015 , approximately 34,000 and 19,000 market-based restricted stock rights were granted, respectively, under the Plans. The awards are segmented into three performance periods of one, two and three years. At the end of each performance period, up to 125% of the award may be earned based on Ryder's total shareholder return (TSR) compared to the target TSR of a peer group over the applicable performance period. If earned, employees will receive the grant of stock at the end of the relevant three year performance period provided they continue to be employed with Ryder, subject to Compensation Committee approval. The fair value of the market-based restricted stock rights was estimated using a lattice-based option-pricing valuation model that incorporates a Monte-Carlo simulation. The fair value of the market-based awards was determined on the grant date and considers the likelihood of Ryder achieving the market-based condition. Share-based compensation expense is recognized on a straight-line basis over the vesting period. The weighted-average fair value per market-based restricted stock right granted during three months ended March 31, 2016 and 2015 was $54.10 and $89.40 , respectively. During the three months ended March 31, 2016 and 2015 , approximately 58,000 and 35,000 performance-based restricted stock rights (PBRSRs), respectively, were awarded under the Plans. The awards are segmented into three one-year performance periods. For these awards, up to 125% of the awards may be earned based on Ryder's one-year adjusted return on capital (ROC) measured against an annual ROC target. If earned, employees will receive the grant of stock three years after the grant date, provided they continue to be employed with Ryder, subject to Compensation Committee approval. For accounting purposes, these awards are not considered granted until the Compensation Committee approves the annual ROC target. During the three months ended March 31, 2016 and 2015 , approximately 45,000 and 42,000 PBRSRs, respectively, were considered granted for accounting purposes. The fair value of the PBRSRs is determined and fixed on the grant date based on Ryder's stock price on the date of grant. Share-based compensation expense is recognized on a straight-line basis over the vesting period, based upon the probability that the performance target will be met. The weighted-average fair value per PBRSR granted during the three months ended March 31, 2016 and 2015 was $55.32 and $93.51 , respectively. During the three months ended March 31, 2016 and 2015 , approximately 111,000 and 68,000 time-vested restricted stock rights, respectively, were granted under the Plans. The time-vested restricted stock rights entitle the holder to shares of common stock when the awards generally vest at the end of the three -year period after the grant date. The fair value of the time-vested awards is determined and fixed on the date of grant based on Ryder’s stock price on the date of grant. Share-based compensation expense is recognized on a straight-line basis over the vesting period. The weighted-average fair value per time-vested restricted stock right granted during the three months ended March 31, 2016 and 2015 was $55.32 and $93.50 , respectively. During the three months ended March 31, 2016 and 2015 , employees received market-based cash awards. The cash awards have the same vesting provisions as the market-based restricted stock rights. The cash awards are accounted for as liability awards under the share-based compensation accounting guidance as the awards are based upon the performance of our common stock and are settled in cash. As a result, the liability is adjusted to reflect fair value at the end of each reporting period. The fair value of the cash awards was estimated using a lattice-based option-pricing valuation model that incorporates a Monte-Carlo simulation. Share-based compensation expense is recognized on a straight-line basis over the vesting period. The following table is a summary of compensation expense recognized for market-based cash awards in addition to the share-based compensation expense reported in the previous table: Three months ended March 31, 2016 2015 (In thousands) Cash awards $ 151 172 Total unrecognized pre-tax compensation expense related to all share-based compensation arrangements at March 31, 2016 was $31.3 million and is expected to be recognized over a weighted-average period of 2.1 years.

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Mar. 31, 2016
Compensation and Retirement Disclosure [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS Components of net periodic benefit cost/(credit) were as follows: Pension Benefits Postretirement Benefits Three months ended March 31, 2016 2015 2016 2015 (In thousands) Company-administered plans: Service cost $ 3,400 3,627 $ 69 111 Interest cost 22,240 21,887 232 284 Expected return on plan assets (23,085 ) (24,900 ) — — Amortization of: Net actuarial loss/(gain) 7,965 7,808 (484 ) (196 ) Prior service credit — (76 ) (58 ) (478 ) 10,520 8,346 (241 ) (279 ) Union-administered plans 2,322 2,172 — — Net periodic benefit cost/(credit) $ 12,842 10,518 $ (241 ) (279 ) Company-administered plans: U.S. $ 11,175 8,892 $ (340 ) (415 ) Non-U.S. (655 ) (546 ) 99 136 10,520 8,346 (241 ) (279 ) Union-administered plans 2,322 2,172 — — Net periodic benefit cost/(credit) $ 12,842 10,518 $ (241 ) (279 ) During the three months ended March 31, 2016 , we contributed $20.2 million to our pension plans. In 2016 , we expect total contributions to our pension plans to be approximately $ 80 million .

Other Items Impacting Comparabi

Other Items Impacting Comparability	3 Months Ended
	Mar. 31, 2016
Other Income and Expenses [Abstract]
OTHER ITEMS IMPACTING COMPARABILITY	OTHER ITEMS IMPACTING COMPARABILITY Our primary measure of segment performance excludes certain items we do not believe are representative of the ongoing operations of the segment. We believe that excluding these items from our segment measure of performance allows for better comparison of results. During the three months ended March 31, 2015 , we incurred charges of $1.8 million related to professional fees associated with cost savings initiatives, which are included in "Selling, general and administrative expenses" in our Condensed Consolidated Statement of Earnings.

Other Matters

Other Matters	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [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, we believe that the resolution of these claims, complaints and legal proceedings 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. 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. Other than with respect to the matters discussed below, we believe that such losses will not have a material effect on our consolidated financial statements. In Brazil, we were assessed $5 million in prior years for various federal income taxes and social contribution taxes for the 1997 and 1998 tax years. These federal tax assessments were overturned 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 amount of any potential loss.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2016
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information was as follows: Three months ended March 31, 2016 2015 (In thousands) Interest paid $ 34,421 38,381 Income taxes paid 4,750 3,590 Changes in accounts payable related to purchases of revenue earning equipment (77,486 ) 99,972

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING 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, professional fees and other items discussed in Note 12 , " 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 segment and, ultimately, to hold leadership of each segment accountable for their allocated share of CSS costs. Certain costs are not attributable to any segment and remain unallocated in CSS, including costs for investor relations, public affairs and certain executive compensation. Our Fleet Management Solutions (FMS) segment leases revenue earning equipment and provides fuel, maintenance and other ancillary services to the Dedicated Transportation Solutions (DTS) and Supply Chain Solutions (SCS) segments. 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 the segment which served the customer and then eliminated (presented as “Eliminations”). The following tables set forth financial information for each of our segments and provide a reconciliation between segment EBT and earnings from continuing operations before income taxes for the three months ended March 31, 2016 and 2015 . 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 DTS SCS Eliminations Total (In thousands) For the three months ended March 31, 2016 Revenue from external customers $ 996,115 244,842 388,715 — 1,629,672 Inter-segment revenue 101,813 — — (101,813 ) — Total revenue $ 1,097,928 244,842 388,715 (101,813 ) 1,629,672 Segment EBT $ 82,921 14,268 19,796 (11,744 ) 105,241 Unallocated CSS (9,665 ) Non-operating pension costs (6,868 ) Earnings from continuing operations before income taxes $ 88,708 Segment capital expenditures paid (1) $ 560,285 517 7,323 — 568,125 Unallocated CSS 6,906 Capital expenditures paid $ 575,031 For the three months ended March 31, 2015 Revenue from external customers $ 983,440 212,659 371,054 — 1,567,153 Inter-segment revenue 103,710 — — (103,710 ) — Total revenue $ 1,087,150 212,659 371,054 (103,710 ) 1,567,153 Segment EBT $ 89,718 8,970 15,689 (11,534 ) 102,843 Unallocated CSS (11,942 ) Non-operating pension costs (4,883 ) Professional fees (2) (1,841 ) Earnings from continuing operations before income taxes $ 84,177 Segment capital expenditures paid $ 538,743 709 5,987 — 545,439 Unallocated CSS 7,803 Capital expenditures paid $ 553,242 ———————————— (1) Excludes revenue earning equipment acquired under capital leases. (2) See Note 12 , " Other Items Impacting Comparability ," for additional information.

General (Tables)

General (Tables)	3 Months Ended
	Mar. 31, 2016
Accounting Changes and Error Corrections [Abstract]
Schedule of error corrections and prior period adjustments	The effects of this revision on the individual line items within our Consolidated Condensed Statement of Cash Flows for the three months ended March 31, 2015 were as follows (in millions): As Previously Reported Adjustment As Revised Net earnings $ 52.9 (0.1 ) 52.8 Depreciation expense (1) 262.4 3.9 266.3 Deferred income tax expense 26.7 (0.1 ) 26.6 Accrued expenses and other non-current liabilities (21.5 ) (0.1 ) (21.6 ) Net cash provided by operating activities from continuing operations 277.9 6.0 283.8 Debt repaid, including capital and financing lease obligations (457.6 ) (6.0 ) (463.5 ) Net cash provided by financing activities from continuing operations 184.8 (6.0 ) 178.9 ———————————— Adjustments may not be additive and may have minor differences within the table due to rounding. (1) Includes revised gains on used vehicles, net as discussed above.

Revenue Earning Equipment (Tabl

Revenue Earning Equipment (Tables)	3 Months Ended
	Mar. 31, 2016
Revenue Earning Equipment [Abstract]
Summary of revenue earning equipment	March 31, 2016 December 31, 2015 Cost Accumulated Depreciation Net Book Value (1) Cost Accumulated Depreciation Net Book Value (1) (In thousands) Held for use: Full service lease $ 9,093,718 (2,802,126 ) 6,291,592 $ 8,839,941 (2,723,605 ) 6,116,336 Commercial rental 2,702,767 (893,981 ) 1,808,786 2,811,715 (907,412 ) 1,904,303 Held for sale 528,231 (353,516 ) 174,715 496,634 (332,538 ) 164,096 Total $ 12,324,716 (4,049,623 ) 8,275,093 $ 12,148,290 (3,963,555 ) 8,184,735 ———————————— (1) Revenue earning equipment, net includes vehicles acquired under capital leases of $46.3 million , less accumulated depreciation of $22.7 million , at March 31, 2016 , and $47.5 million , less accumulated depreciation of $22.2 million , at December 31, 2015 .
Fair value, assets	The following table presents our assets held for sale that are measured at fair value on a nonrecurring basis and considered a Level 3 fair value measurement: Total Losses (2) March 31 Three months ended March 31, 2016 2015 2016 2015 (In thousands) Assets held for sale: Revenue earning equipment (1) : Trucks $ 11,538 5,298 $ 1,744 1,228 Tractors 39,739 4,611 4,882 827 Trailers 3,153 1,231 662 316 Total assets at fair value 54,430 11,140 $ 7,288 2,371 ———————————— (1) Assets held for sale in the above table only include the portion of revenue earning equipment held for sale where carrying value exceeded fair value. (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.
Gain and Losses Revenue Earning Equipment	For the three months ended March 31, 2016 and 2015 , the components of gains on used vehicles, net were as follows: March 31 2016 2015 (In thousands) Gains on vehicle sales, net $ (26,417 ) (29,579 ) Losses from fair value adjustments 7,288 2,371 Gains on used vehicles, net $ (19,129 ) (27,208 )

Accrued Expenses and Other Li24

Accrued Expenses and Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2016
Accrued Liabilities and Other Liabilities [Abstract]
Accrued Expenses and Other Liabilities	March 31, 2016 December 31, 2015 Accrued Expenses Non-Current Liabilities Total Accrued Expenses Non-Current Liabilities Total (In thousands) Salaries and wages $ 72,482 — 72,482 $ 99,032 — 99,032 Deferred compensation 2,621 40,748 43,369 2,252 41,691 43,943 Pension benefits 3,823 472,253 476,076 3,790 484,892 488,682 Other postretirement benefits 1,636 20,209 21,845 1,624 20,002 21,626 Other employee benefits 12,120 3,135 15,255 8,956 9,706 18,662 Insurance obligations (1) 149,258 209,376 358,634 157,014 213,256 370,270 Environmental liabilities 3,862 6,394 10,256 3,791 6,554 10,345 Operating taxes 101,350 — 101,350 101,649 — 101,649 Income taxes 824 23,270 24,094 3,378 22,366 25,744 Interest 32,712 — 32,712 31,218 — 31,218 Deposits, mainly from customers 64,628 4,974 69,602 61,869 5,085 66,954 Deferred revenue 14,655 — 14,655 13,038 — 13,038 Restructuring liabilities (2) 7,526 — 7,526 12,333 — 12,333 Other 38,803 26,202 65,005 43,408 26,043 69,451 Total $ 506,300 806,561 1,312,861 $ 543,352 829,595 1,372,947 ———————————— (1) Insurance obligations primarily represent self-insured claim liabilities. (2) The reduction in restructuring liabilities from December 31, 2015 principally represents cash payments for employee termination costs. The majority of the balance remaining in restructuring liabilities is expected to be paid by the end of 2016.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Schedule of debt	Weighted-Average Interest Rate March 31, December 31, Maturities March 31, December 31, (In thousands) Short-term debt and current portion of long-term debt: Short-term debt 2.31% 2.26% $ 19,994 35,947 Current portion of long-term debt 592,229 598,583 Total short-term debt and current portion of long-term debt 612,223 634,530 Long-term debt: U.S. commercial paper (1) 0.70% 0.55% 2020 637,811 547,130 Global revolving credit facility 2.28% 2.31% 2020 53,301 25,291 Unsecured U.S. notes — Medium-term notes (1) 2.86% 2.84% 2016-2025 4,112,706 4,112,519 Unsecured U.S. obligations 1.86% 1.73% 2018 50,000 50,000 Unsecured foreign obligations 1.93% 1.92% 2016-2020 271,545 275,661 Asset-backed U.S. obligations (3) 1.80% 1.81% 2016-2022 422,466 434,001 Capital lease obligations 3.23% 3.31% 2016-2022 29,586 32,054 Total before fair market value adjustment 5,577,415 5,476,656 Fair market value adjustment on notes subject to hedging (4) 18,106 5,253 Debt issuance costs (2) (16,075 ) (15,229 ) 5,579,446 5,466,680 Current portion of long-term debt (592,229 ) (598,583 ) Long-term debt 4,987,217 4,868,097 Total debt $ 5,599,440 5,502,627 ———————————— (1) We had unamortized original issue discounts of $7.5 million and $7.7 million at March 31, 2016 and December 31, 2015 , respectively. (2) See Note 2 , " Recent Accounting Pronouncements ," for further discussion of the presentation of debt issuance costs. (3) Asset-backed U.S. obligations are related to financing transactions involving revenue earning equipment. (4) The notional amount of executed interest rate swaps designated as fair value hedges was $825 million at March 31, 2016 and December 31, 2015 .

Accumulated Other Comprehensi26

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Schedule of accumulated other comprehensive loss, net of tax	The following summary sets forth the components of accumulated other comprehensive loss, net of tax: Currency Translation Adjustments and Other Net Actuarial Loss (1) Prior Service Credit (1) Accumulated Other Comprehensive Loss (In thousands) December 31, 2015 $ (136,020 ) (576,993 ) 278 (712,735 ) Amortization — 4,752 (37 ) 4,715 Other current period change 13,684 — — 13,684 March 31, 2016 $ (122,336 ) (572,241 ) 241 (694,336 ) Currency Translation Adjustments and Other Net Actuarial Loss (1) Prior Service Credit (1) Accumulated Other Comprehensive Loss (In thousands) December 31, 2014 $ (36,087 ) (585,941 ) 1,758 (620,270 ) Amortization — 4,961 (351 ) 4,610 Other current period change (57,372 ) — — (57,372 ) March 31, 2015 $ (93,459 ) (580,980 ) 1,407 (673,032 ) _______________________ (1) These amounts are included in the computation of net periodic benefit cost. See Note 11 , " Employee Benefit Plans ," for further information.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Schedule of basic and diluted earnings per common share from continuing operations	The following table presents the calculation of basic and diluted earnings per common share from continuing operations: Three months ended March 31, 2016 2015 (In thousands, except per share amounts) Earnings per share — Basic: Earnings from continuing operations $ 56,185 53,326 Less: Distributed and undistributed earnings allocated to unvested stock (166 ) (148 ) Earnings from continuing operations available to common shareholders — Basic $ 56,019 53,178 Weighted average common shares outstanding — Basic 53,076 52,596 Earnings from continuing operations per common share — Basic $ 1.06 1.01 Earnings per share — Diluted: Earnings from continuing operations $ 56,185 53,326 Less: Distributed and undistributed earnings allocated to unvested stock (166 ) (148 ) Earnings from continuing operations available to common shareholders — Diluted $ 56,019 53,178 Weighted average common shares outstanding — Basic 53,076 52,596 Effect of dilutive equity awards 287 510 Weighted average common shares outstanding — Diluted 53,363 53,106 Earnings from continuing operations per common share — Diluted $ 1.05 1.00 Anti-dilutive equity awards not included above 1,186 184

Share-Based Compensation Plans

Share-Based Compensation Plans (Tables)	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based compensation expense and income tax benefits recognized during the periods	The following table provides information on share-based compensation expense and income tax benefits recognized during the periods: Three months ended March 31, 2016 2015 (In thousands) Stock option and stock purchase plans $ 1,873 2,301 Unvested stock 3,015 3,364 Share-based compensation expense 4,888 5,665 Income tax benefit (1,655 ) (1,882 ) Share-based compensation expense, net of tax $ 3,233 3,783
Summary of share-based compensation expense recognized related to cash awards	The following table is a summary of compensation expense recognized for market-based cash awards in addition to the share-based compensation expense reported in the previous table: Three months ended March 31, 2016 2015 (In thousands) Cash awards $ 151 172

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Components of net periodic benefit cost	Components of net periodic benefit cost/(credit) were as follows: Pension Benefits Postretirement Benefits Three months ended March 31, 2016 2015 2016 2015 (In thousands) Company-administered plans: Service cost $ 3,400 3,627 $ 69 111 Interest cost 22,240 21,887 232 284 Expected return on plan assets (23,085 ) (24,900 ) — — Amortization of: Net actuarial loss/(gain) 7,965 7,808 (484 ) (196 ) Prior service credit — (76 ) (58 ) (478 ) 10,520 8,346 (241 ) (279 ) Union-administered plans 2,322 2,172 — — Net periodic benefit cost/(credit) $ 12,842 10,518 $ (241 ) (279 ) Company-administered plans: U.S. $ 11,175 8,892 $ (340 ) (415 ) Non-U.S. (655 ) (546 ) 99 136 10,520 8,346 (241 ) (279 ) Union-administered plans 2,322 2,172 — — Net periodic benefit cost/(credit) $ 12,842 10,518 $ (241 ) (279 )

Supplemental Cash Flow Inform30

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2016
Supplemental Cash Flow Elements [Abstract]
Supplemental cash flow information	Supplemental cash flow information was as follows: Three months ended March 31, 2016 2015 (In thousands) Interest paid $ 34,421 38,381 Income taxes paid 4,750 3,590 Changes in accounts payable related to purchases of revenue earning equipment (77,486 ) 99,972

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Financial information of business segments	The following tables set forth financial information for each of our segments and provide a reconciliation between segment EBT and earnings from continuing operations before income taxes for the three months ended March 31, 2016 and 2015 . 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 DTS SCS Eliminations Total (In thousands) For the three months ended March 31, 2016 Revenue from external customers $ 996,115 244,842 388,715 — 1,629,672 Inter-segment revenue 101,813 — — (101,813 ) — Total revenue $ 1,097,928 244,842 388,715 (101,813 ) 1,629,672 Segment EBT $ 82,921 14,268 19,796 (11,744 ) 105,241 Unallocated CSS (9,665 ) Non-operating pension costs (6,868 ) Earnings from continuing operations before income taxes $ 88,708 Segment capital expenditures paid (1) $ 560,285 517 7,323 — 568,125 Unallocated CSS 6,906 Capital expenditures paid $ 575,031 For the three months ended March 31, 2015 Revenue from external customers $ 983,440 212,659 371,054 — 1,567,153 Inter-segment revenue 103,710 — — (103,710 ) — Total revenue $ 1,087,150 212,659 371,054 (103,710 ) 1,567,153 Segment EBT $ 89,718 8,970 15,689 (11,534 ) 102,843 Unallocated CSS (11,942 ) Non-operating pension costs (4,883 ) Professional fees (2) (1,841 ) Earnings from continuing operations before income taxes $ 84,177 Segment capital expenditures paid $ 538,743 709 5,987 — 545,439 Unallocated CSS 7,803 Capital expenditures paid $ 553,242 ———————————— (1) Excludes revenue earning equipment acquired under capital leases. (2) See Note 12 , " Other Items Impacting Comparability ," for additional information.

General - Schedule of Error Cor

General - Schedule of Error Corrections and Prior Period Adjustments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Cash Flows [Abstract]
Net earnings	$ 55,794	$ 52,789
Depreciation expense	287,170	266,278
Deferred income tax expense	29,319	26,646
Accrued expenses and other non-current liabilities	(36,605)	(21,577)
Net cash provided by operating activities from continuing operations	365,009	283,845
Debt repaid, including capital and financing lease obligations	(312,400)	(463,536)
Net cash provided by financing activities from continuing operations	$ 63,505	178,870
As Previously Reported [Member]
Statement of Cash Flows [Abstract]
Net earnings		52,900
Depreciation expense		262,400
Deferred income tax expense		26,700
Accrued expenses and other non-current liabilities		(21,500)
Net cash provided by operating activities from continuing operations		277,900
Debt repaid, including capital and financing lease obligations		(457,600)
Net cash provided by financing activities from continuing operations		184,800
Adjustment [Member]
Statement of Cash Flows [Abstract]
Net earnings		(100)
Depreciation expense		3,900
Deferred income tax expense		(100)
Accrued expenses and other non-current liabilities		(100)
Net cash provided by operating activities from continuing operations		6,000
Debt repaid, including capital and financing lease obligations		(6,000)
Net cash provided by financing activities from continuing operations		$ (6,000)

Recent Accounting Pronounceme33

Recent Accounting Pronouncements (Details) $ in Millions	Dec. 31, 2015USD ($)
New Accounting Pronouncement, Early Adoption, Effect [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Unamortized debt issuance expense	$ 15

Revenue Earning Equipment - Sch

Revenue Earning Equipment - Schedule of Revenue Earning Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Revenue Earning Equipment [Line Items]
Cost	$ 12,324,716	$ 12,148,290
Accumulated Depreciation	(4,049,623)	(3,963,555)
Net Book Value	8,275,093	8,184,735
Held for use: Full service lease [Member]
Revenue Earning Equipment [Line Items]
Cost	9,093,718	8,839,941
Accumulated Depreciation	(2,802,126)	(2,723,605)
Net Book Value	6,291,592	6,116,336
Held for use: Commercial rental [Member]
Revenue Earning Equipment [Line Items]
Cost	2,702,767	2,811,715
Accumulated Depreciation	(893,981)	(907,412)
Net Book Value	1,808,786	1,904,303
Held-for-sale [Member]
Revenue Earning Equipment [Line Items]
Cost	528,231	496,634
Accumulated Depreciation	(353,516)	(332,538)
Net Book Value	174,715	164,096
Assets Held under Capital Leases [Member]
Revenue Earning Equipment [Line Items]
Cost	46,300	47,500
Accumulated Depreciation	$ (22,700)	$ (22,200)

Revenue Earning Equipment Level

Revenue Earning Equipment Level 3 Fair Value Measurement (Details) - Fair Value, Inputs, Level 3 [Member] - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenue Earning Equipment [Line Items]
Assets held for sale	$ 54,430	$ 11,140
Total Losses	7,288	2,371
Trucks [Member]
Revenue Earning Equipment [Line Items]
Assets held for sale	11,538	5,298
Total Losses	1,744	1,228
Tractors [Member]
Revenue Earning Equipment [Line Items]
Assets held for sale	39,739	4,611
Total Losses	4,882	827
Trailers [Member]
Revenue Earning Equipment [Line Items]
Assets held for sale	3,153	1,231
Total Losses	$ 662	$ 316

Revenue Earning Equipment Recog

Revenue Earning Equipment Recognized Gains on Used Vehicles (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Gains on vehicle sales, net	$ (26,417)	$ (29,579)
Gains on used vehicles, net	(19,129)	(27,208)
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Losses from fair value adjustments	$ 7,288	$ 2,371

Revenue Earning Equipment (Deta

Revenue Earning Equipment (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Revenue Earning Equipment [Line Items]
Net investment in direct financing and sales-type leases	$ 444,500,000	$ 437,800,000
Direct financing leases and other assets	$ 0	$ 0
Trucks [Member] | Minimum [Member]
Revenue Earning Equipment [Line Items]
Lease term	3 years
Trucks [Member] | Maximum [Member]
Revenue Earning Equipment [Line Items]
Lease term	7 years
Trailers [Member] | Maximum [Member]
Revenue Earning Equipment [Line Items]
Lease term	10 years

Accrued Expenses and Other Li38

Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Accrued Expenses
Salaries and wages	$ 72,482	$ 99,032
Deferred compensation	2,621	2,252
Pension benefits	3,823	3,790
Other postretirement benefits	1,636	1,624
Other employee benefits	12,120	8,956
Insurance obligations	149,258	157,014
Environmental liabilities	3,862	3,791
Operating taxes	101,350	101,649
Income taxes	824	3,378
Interest	32,712	31,218
Deposits, mainly from customers	64,628	61,869
Deferred revenue	14,655	13,038
Restructuring liabilities	7,526	12,333
Other	38,803	43,408
Total	506,300	543,352
Non-Current Liabilities
Salaries and wages	0	0
Deferred compensation	40,748	41,691
Pension benefits	472,253	484,892
Other postretirement benefits	20,209	20,002
Other employee benefits	3,135	9,706
Insurance obligations	209,376	213,256
Environmental liabilities	6,394	6,554
Operating taxes	0	0
Income taxes	23,270	22,366
Interest	0	0
Deposits, mainly from customers	4,974	5,085
Deferred revenue	0	0
Restructuring liabilities	0	0
Other	26,202	26,043
Total	806,561	829,595
Total
Salaries and wages	72,482	99,032
Deferred compensation	43,369	43,943
Pension benefits	476,076	488,682
Other postretirement benefits	21,845	21,626
Other employee benefits	15,255	18,662
Insurance obligations	358,634	370,270
Environmental liabilities	10,256	10,345
Operating taxes	101,350	101,649
Income taxes	24,094	25,744
Interest	32,712	31,218
Deposits, mainly from customers	69,602	66,954
Deferred revenue	14,655	13,038
Restructuring liabilities	7,526	12,333
Other	65,005	69,451
Total	$ 1,312,861	$ 1,372,947

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Short-term debt and current portion of long-term debt:
Short-term debt, weighted-average interest rate	2.31%	2.26%
Short-term debt	$ 19,994,000	$ 35,947,000
Current portion of long-term debt	592,229,000	598,583,000
Total short-term debt and current portion of long-term debt	612,223,000	634,530,000
Long-term debt:
Total before fair market value adjustment	5,577,415,000	5,476,656,000
Fair market value adjustment on notes subject to hedging	18,106,000	5,253,000
Total after fair market value adjustment	5,579,446,000	5,466,680,000
Current portion of long-term debt	(592,229,000)	(598,583,000)
Long-term debt	4,987,217,000	4,868,097,000
Total debt	5,599,440,000	5,502,627,000
Unamortized original issue discounts	7,500,000	7,700,000
Aggregate notional amount of interest rate swaps	$ 825,000,000	$ 825,000,000
U.S commercial paper [Member]
Long-term debt:
Long-term debt, weighted-average interest rate	0.70%	0.55%
U.S. commercial paper	$ 637,811,000	$ 547,100,000
Global revolving credit facility [Member]
Long-term debt:
Long-term debt, weighted-average interest rate	2.28%	2.31%
Global revolving credit facility	$ 53,301,000	$ 25,291,000
Unsecured U.S. notes - Medium-term notes [Member]
Long-term debt:
Long-term debt, weighted-average interest rate	2.86%	2.84%
Unsecured U.S. notes - Medium-term notes	$ 4,112,706,000	$ 4,112,519,000
Debt issuance costs	$ (16,075,000)	$ (15,229,000)
Unsecured U.S. obligations [Member]
Long-term debt:
Long-term debt, weighted-average interest rate	1.86%	1.73%
Unsecured U.S. obligations	$ 50,000,000	$ 50,000,000
Unsecured foreign obligations [Member]
Long-term debt:
Long-term debt, weighted-average interest rate	1.93%	1.92%
Obligations	$ 271,545,000	$ 275,661,000
Asset-backed U.S. obligations [Member]
Long-term debt:
Long-term debt, weighted-average interest rate	1.80%	1.81%
Obligations	$ 422,466,000	$ 434,001,000
Capital lease obligations [Member]
Long-term debt:
Long-term debt, weighted-average interest rate	3.23%	3.31%
Capital lease obligations	$ 29,586,000	$ 32,054,000

Debt (Details Textual)

Debt (Details Textual)	3 Months Ended
	Mar. 31, 2016USD ($)Institutions	Feb. 29, 2016USD ($)	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,200,000,000
Number of lending institutions | Institutions	12
Annual facility fees, percentage	0.10%
Ratio of debt to consolidated net worth	3
Debt to consolidated tangible net worth ratio	214.00%
Line of credit remaining capacity	$ 488,900,000
Trade receivables borrowings	0		$ 0
Total available proceeds under trade receivables purchase and sale program	$ 175,000,000
Number of days under trade receivables purchase and sale program	364 days
Letters of credit and surety bonds outstanding	$ 341,000,000		345,700,000
Fair value of total debt	5,200,000,000		5,060,000,000
U.S commercial paper [Member]
Debt Instrument [Line Items]
Commercial paper classified as long term debt	637,811,000		547,100,000
Global Revolving Credit Facility Member
Debt Instrument [Line Items]
Current maturities classified as long-term debt	$ 300,000,000		$ 300,000,000
Unsecured Medium Term Notes Due March 2020 [Member]
Debt Instrument [Line Items]
Face amount of unsecured medium-term notes issued		$ 300,000,000
Debt repurchase price, percentage	101.00%
Letter of Credit [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 75,000,000
Letter of credit outstanding amount	$ 0
Minimum [Member]
Debt Instrument [Line Items]
Annual facility fees, percentage	0.075%
Maximum [Member]
Debt Instrument [Line Items]
Annual facility fees, percentage	0.25%

Derivatives (Details)

Derivatives (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Aggregate notional amount of interest rate swaps	$ 825,000,000	$ 825,000,000
Face value of medium-term notes	$ 18,100,000

Share Repurchase Programs (Deta

Share Repurchase Programs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
December 2013 Anti-Dilutive Share Repurchase Program [Member]
Accelerated Share Repurchases [Line Items]
Common stock repurchases		$ 6.1
Common Stock [Member] | December 2013 Anti-Dilutive Share Repurchase Program [Member]
Accelerated Share Repurchases [Line Items]
Repurchased and retired shares	0	69,000
December 2015 Program [Member]
Accelerated Share Repurchases [Line Items]
Maximum number of share repurchases authorization (no more than 2 million)			1,500,000
Number of shares authorized to be repurchased (in shares)			2,000,000
December 2015 Program [Member] | December Two Thousand Thirteen Anti Dilutive Share Repurchase Program [Member] [Domain]
Accelerated Share Repurchases [Line Items]
Number of shares authorized to be repurchased (in shares)			500,000

Accumulated Other Comprehensi43

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cumulative Translation Adjustment Summary [Roll Forward]
Beginning Balance	$ (136,020)	$ (36,087)
Other current period change	13,684	(57,372)
Ending Balance	(122,336)	(93,459)
Accumulated Other Comprehensive Income Loss Actuarial Loss Net Of Tax [Roll Forward]
Beginning Balance	(576,993)	(585,941)
Amortization	4,752	4,961
Other current period change	0	0
Ending Balance	(572,241)	(580,980)
Accumulated Other Comprehensive Income Loss Prior Service Credit Net Of Tax [Roll Forward]
Beginning Balance	278	1,758
Amortization	(37)	(351)
Other current period change	0	0
Ending Balance	241	1,407
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance	(712,735)	(620,270)
Amortization	4,715	4,610
Other current period change	13,684	(57,372)
Ending Balance	$ (694,336)	$ (673,032)

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Earnings per share — Basic:
Earnings from continuing operations	$ 56,185	$ 53,326
Less: Distributed and undistributed earnings allocated to unvested stock	(166)	(148)
Earnings from continuing operations available to common shareholders — Basic	$ 56,019	$ 53,178
Weighted average common shares outstanding - Basic (shares)	53,076	52,596
Earnings from continuing operations per common share — Basic (in dollars per share)	$ 1.06	$ 1.01
Earnings per share — Diluted:
Earnings from continuing operations	$ 56,185	$ 53,326
Less: Distributed and undistributed earnings allocated to unvested stock	(166)	(148)
Earnings from continuing operations available to common shareholders — Diluted	$ 56,019	$ 53,178
Weighted average common shares outstanding - Basic (shares)	53,076	52,596
Effect of dilutive equity awards (shares)	287	510
Weighted average common shares outstanding — Diluted (shares)	53,363	53,106
Earnings from continuing operations per common share — Diluted (in dollars per share)	$ 1.05	$ 1
Anti-dilutive equity awards not included above (shares)	1,186	184

Share-Based Compensation Plan45

Share-Based Compensation Plans - Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 4,888	$ 5,665
Income tax benefit	(1,655)	(1,882)
Share-based compensation expense, net of tax	3,233	3,783
Cash awards	151	172
Stock Option and Stock Purchase Plans [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	1,873	2,301
Nonvested Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 3,015	$ 3,364

Share-Based Compensation Plan46

Share-Based Compensation Plans (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other than options, grants in period, (in $ per shares)	$ 12.53	$ 18.46
Performance-based restricted stock awards granted (in shares)	45	42
Total unrecognized pre-tax compensation expense	$ 31.3
Weighted-average period to recognize pre-tax compensation expense (in years)	2 years 1 month 7 days
Stock options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options, granted in period (in shares)	513	358
Expiration period	10 years
Market-based restricted stock rights [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock rights, granted during period (in shares)	34	19
Market-based restricted stock rights [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Potential performance award percentage	125.00%
Performance based restricted stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock rights, granted during period (in shares)	58	35
Time Vested Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock rights, granted during period (in shares)	111	68
Time Vested [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other than options, grants in period, (in $ per shares)	$ 55.32	$ 93.50
Market Based Vested [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other than options, grants in period, (in $ per shares)	$ 54.10	89.40
Time Vested Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
ROC performance based restricted stock rights, 2013 Grant [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Potential performance award percentage	125.00%
Performance-Based Vested [Member] [Domain]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other than options, grants in period, (in $ per shares)	$ 55.32	$ 93.51

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Amortization of:
Contribution to pension plans	$ 20,200
Estimated total contributions	80,000
Pension Benefits [Member]
Amortization of:
Net periodic benefit cost/(credit)	12,842	$ 10,518
Postretirement Benefits [Member]
Amortization of:
Net periodic benefit cost/(credit)	(241)	(279)
Company Administered Plan [Member] | Pension Benefits [Member]
Components of net periodic benefit cost
Service cost	3,400	3,627
Interest cost	22,240	21,887
Expected return on plan assets	(23,085)	(24,900)
Amortization of:
Net actuarial loss/(gain)	7,965	7,808
Prior service credit	0	(76)
Net periodic benefit cost/(credit)	10,520	8,346
Company Administered Plan [Member] | Pension Benefits U.S. [Member]
Amortization of:
Net periodic benefit cost/(credit)	11,175	8,892
Company Administered Plan [Member] | Pension Benefits Non-U.S. [Member]
Amortization of:
Net periodic benefit cost/(credit)	(655)	(546)
Company Administered Plan [Member] | Postretirement Benefits [Member]
Components of net periodic benefit cost
Service cost	69	111
Interest cost	232	284
Expected return on plan assets	0	0
Amortization of:
Net actuarial loss/(gain)	(484)	(196)
Prior service credit	(58)	(478)
Net periodic benefit cost/(credit)	(241)	(279)
Company Administered Plan [Member] | Postretirement Benefits U.S [Member]
Amortization of:
Net periodic benefit cost/(credit)	(340)	(415)
Company Administered Plan [Member] | Postretirement Benefits Non-U.S [Member]
Amortization of:
Net periodic benefit cost/(credit)	99	136
Union Administered Plan [Member] | Pension Benefits [Member]
Amortization of:
Net periodic benefit cost/(credit)	2,322	2,172
Union Administered Plan [Member] | Postretirement Benefits [Member]
Amortization of:
Net periodic benefit cost/(credit)	$ 0	$ 0

Other Items Impacting Compara48

Other Items Impacting Comparability (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2015USD ($)
Other Income and Expenses [Abstract]
Professional fees	$ 1,841

Other Matters (Details)

Other Matters (Details) $ in Millions	Mar. 31, 2016USD ($)
Tax Year 1997 and 1998 [Member] | Brazil state operating tax [Member]
Loss Contingencies [Line Items]
Tax amounts assessed but not reserved	$ 5

Supplemental Cash Flow Inform50

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Supplemental cash flow information
Interest paid	$ 34,421	$ 38,381
Income taxes paid	4,750	3,590
Changes in accounts payable related to purchases of revenue earning equipment	$ (77,486)	$ 99,972

Segment Reporting (Details)

Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Segment Reporting Information [Line Items]
Total revenue	$ 1,629,672	$ 1,567,153
Segment EBT	105,241	102,843
Unallocated CSS	(9,665)	(11,942)
Non-operating pension costs	(6,868)	(4,883)
Professional fees		(1,841)
Earnings from continuing operations before income taxes	88,708	84,177
Segment capital expenditures paid	568,125	545,439
Unallocated CSS	6,906	7,803
Capital expenditures paid	575,031	553,242
Fleet Management Solutions [Member]
Segment Reporting Information [Line Items]
Total revenue	1,097,928	1,087,150
Dedicated Transportation Solutions [Member]
Segment Reporting Information [Line Items]
Total revenue	244,842	212,659
Supply Chain Solutions [Member]
Segment Reporting Information [Line Items]
Total revenue	388,715	371,054
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Total revenue	(101,813)	(103,710)
Segment EBT	(11,744)	(11,534)
Segment capital expenditures paid	0	0
Intersegment Eliminations [Member] | Fleet Management Solutions [Member]
Segment Reporting Information [Line Items]
Total revenue	101,813	103,710
Intersegment Eliminations [Member] | Dedicated Transportation Solutions [Member]
Segment Reporting Information [Line Items]
Total revenue	0	0
Intersegment Eliminations [Member] | Supply Chain Solutions [Member]
Segment Reporting Information [Line Items]
Total revenue	0	0
Operating Segments [Member] | Fleet Management Solutions [Member]
Segment Reporting Information [Line Items]
Total revenue	996,115	983,440
Segment EBT	82,921	89,718
Segment capital expenditures paid	560,285	538,743
Operating Segments [Member] | Dedicated Transportation Solutions [Member]
Segment Reporting Information [Line Items]
Total revenue	244,842	212,659
Segment EBT	14,268	8,970
Segment capital expenditures paid	517	709
Operating Segments [Member] | Supply Chain Solutions [Member]
Segment Reporting Information [Line Items]
Total revenue	388,715	371,054
Segment EBT	19,796	15,689
Segment capital expenditures paid	$ 7,323	$ 5,987