Ryder System (R) 10-Q 27 Jul 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 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	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding (in shares)	53,478,452

Consolidated Condensed Statemen

Consolidated Condensed Statements of Earnings (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Statement [Abstract]
Lease and rental revenues	$ 798,387	$ 779,046	$ 1,566,141	$ 1,508,070
Services revenue	785,791	737,170	1,544,918	1,430,874
Fuel services revenue	119,566	146,715	222,357	291,140
Total revenues	1,703,744	1,662,931	3,333,416	3,230,084
Cost of lease and rental	555,302	531,308	1,107,792	1,049,730
Cost of services	646,129	603,488	1,277,843	1,185,818
Cost of fuel services	115,478	142,176	214,379	278,465
Other operating expenses	27,796	29,582	57,947	61,955
Selling, general and administrative expenses	222,448	214,868	433,661	421,473
Gains on used vehicles, net	(12,000)	(29,985)	(31,129)	(57,193)
Interest expense	37,268	39,075	75,157	75,877
Miscellaneous income, net	(5,456)	(1,028)	(7,721)	(3,665)
Total expenses	1,586,965	1,529,484	3,127,929	3,012,460
Earnings from continuing operations before income taxes	116,779	133,447	205,487	217,624
Provision for income taxes	42,737	47,530	75,260	78,381
Earnings from continuing operations	74,042	85,917	130,227	139,243
Loss from discontinued operations, net of tax	(292)	(758)	(683)	(1,295)
Net earnings	$ 73,750	$ 85,159	$ 129,544	$ 137,948
Earnings (loss) per common share — Basic
Continuing operations (in dollars per share)	$ 1.39	$ 1.62	$ 2.45	$ 2.63
Discontinued operations (in dollars per share)	(0.01)	(0.01)	(0.01)	(0.02)
Net earnings (in dollars per share)	1.39	1.61	2.43	2.61
Earnings (loss) per common share — Diluted
Continuing operations (in dollars per share)	1.38	1.61	2.43	2.61
Discontinued operations (in dollars per share)	(0.01)	(0.01)	(0.01)	(0.03)
Net earnings (in dollars per share)	1.38	1.59	2.42	2.59
Cash dividends declared per common share (in dollars per share)	$ 0.41	$ 0.37	$ 0.82	$ 0.74

Consolidated Condensed Stateme3

Consolidated Condensed Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statement of Comprehensive Income [Abstract]
Net earnings	$ 73,750	$ 85,159	$ 129,544	$ 137,948
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax	(32,264)	27,027	(18,578)	(30,345)
Other comprehensive income (loss):
Amortization of pension and postretirement items	7,446	6,834	14,869	13,892
Income tax expense related to amortization of pension and postretirement items	(2,479)	(2,366)	(5,187)	(4,814)
Amortization of pension and postretirement items, net of tax	4,967	4,468	9,682	9,078
Change in net actuarial loss and prior service cost	(17,367)	(8,526)	(17,367)	(8,526)
Income tax benefit related to change in net actuarial loss and prior service cost	6,345	3,205	6,345	3,205
Change in net actuarial loss and prior service cost, net of taxes	(11,022)	(5,321)	(11,022)	(5,321)
Other comprehensive income (loss), net of taxes	(38,319)	26,174	(19,918)	(26,588)
Comprehensive income	$ 35,431	$ 111,333	$ 109,626	$ 111,360

Consolidated Condensed Balance

Consolidated Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 65,964	$ 60,945
Receivables, net of allowance of $16,138 and $15,560, respectively	850,504	835,489
Inventories	66,553	63,725
Prepaid expenses and other current assets	143,227	138,143
Total current assets	1,126,248	1,098,302
Revenue earning equipment, net	8,300,108	8,184,735
Operating property and equipment, net of accumulated depreciation of $1,105,458 and $1,083,604, respectively	741,022	714,970
Goodwill	388,278	389,135
Intangible assets, net of accumulated amortization of $48,691 and $45,736, respectively	51,618	55,192
Direct financing leases and other assets	528,853	510,246
Total assets	11,136,127	10,952,580
Current liabilities:
Short-term debt and current portion of long-term debt	1,047,208	634,530
Accounts payable	462,335	502,373
Accrued expenses and other current liabilities	508,517	543,352
Total current liabilities	2,018,060	1,680,255
Long-term debt	4,586,806	4,868,097
Other non-current liabilities	828,181	829,595
Deferred income taxes	1,655,982	1,587,522
Total liabilities	9,089,029	8,965,469
Shareholders’ equity:
Preferred stock, no par value per share — authorized, 3,800,917; none outstanding, June 30, 2016 or December 31, 2015	0	0
Common stock, $0.50 par value per share — authorized, 400,000,000; outstanding, June 30, 2016 — 53,478,452; December 31, 2015 — 53,490,603	26,739	26,745
Additional paid-in capital	1,016,173	1,006,021
Retained earnings	1,736,839	1,667,080
Accumulated other comprehensive loss	(732,653)	(712,735)
Total shareholders’ equity	2,047,098	1,987,111
Total liabilities and shareholders’ equity	$ 11,136,127	$ 10,952,580

Consolidated Condensed Balance5

Consolidated Condensed Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Assets:
Allowance for doubtful accounts, current	$ 16,138	$ 15,560
Finite-Lived Intangible Assets, Accumulated Amortization	48,691	45,736
Operating property and equipment, accumulated depreciation	$ 1,105,458	$ 1,083,604
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)	53,478,452	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	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities from continuing operations:
Net earnings	$ 129,544	$ 137,948
Less: Loss from discontinued operations, net of tax	(683)	(1,295)
Earnings from continuing operations	130,227	139,243
Depreciation expense	581,043	541,076
Gains on used vehicles, net	(31,129)	(57,193)
Share-based compensation expense	10,001	11,169
Amortization expense and other non-cash charges, net	31,407	28,329
Deferred income tax expense	67,031	67,592
Changes in operating assets and liabilities:
Receivables	(39,071)	(33,535)
Inventories	(2,633)	1,006
Prepaid expenses and other assets	(18,734)	(25,555)
Accounts payable	68,584	(30,439)
Accrued expenses and other non-current liabilities	(34,054)	17,005
Net cash provided by operating activities from continuing operations	762,672	658,698
Cash flows from financing activities:
Net change in commercial paper borrowings and revolving credit facilities	162,105	34,750
Debt proceeds	298,254	930,090
Debt repaid	(328,416)	(486,103)
Dividends on common stock	(44,261)	(39,690)
Common stock issued	6,259	17,129
Common stock repurchased	(21,899)	(6,141)
Excess tax benefits from share-based compensation and other items	(1,710)	710
Debt issuance costs	(933)	(5,225)
Net cash provided by financing activities	69,399	445,520
Cash flows from investing activities:
Purchases of property and revenue earning equipment	(1,120,182)	(1,329,218)
Sales of revenue earning equipment	245,681	211,153
Sales of operating property and equipment	6,322	641
Collections on direct finance leases and other items	43,957	33,912
Changes in restricted cash	886	4,849
Net cash used in investing activities	(823,336)	(1,078,663)
Effect of exchange rate changes on cash	(3,415)	(1,198)
Increase in cash and cash equivalents from continuing operations	5,320	24,357
Decrease in cash and cash equivalents from discontinued operations	(301)	(1,096)
Increase in cash and cash equivalents	5,019	23,261
Cash and cash equivalents at beginning of period	60,945	50,092
Cash and cash equivalents at end of period	$ 65,964	$ 73,353

General

General	6 Months Ended
	Jun. 30, 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) 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.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS Share-Based Payments In March 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 In February 2016, the FASB issued ASU No. 2016-02, Leases, which sets out the principles for the recognition, measurement, presentation and disclosure of leases. 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 In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers , which together with related, subsequently issued guidance, 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. 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 In April 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. 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	6 Months Ended
	Jun. 30, 2016
Revenue Earning Equipment [Abstract]
REVENUE EARNING EQUIPMENT	REVENUE EARNING EQUIPMENT June 30, 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 $ 9,239,442 (2,838,897 ) 6,400,545 $ 8,839,941 (2,723,605 ) 6,116,336 Commercial rental 2,589,646 (874,713 ) 1,714,933 2,811,715 (907,412 ) 1,904,303 Held for sale 576,449 (391,819 ) 184,630 496,634 (332,538 ) 164,096 Total $ 12,405,537 (4,105,429 ) 8,300,108 $ 12,148,290 (3,963,555 ) 8,184,735 ———————————— (1) Revenue earning equipment, net includes vehicles acquired under capital leases of $43.9 million , less accumulated depreciation of $21.1 million , at June 30, 2016 , and $47.5 million , less accumulated depreciation of $22.2 million , at December 31, 2015 . 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, 2016 and December 31, 2015 , the net investment in direct financing and sales-type leases was $431 million and $438 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 prior to signing 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 which further mitigates our credit risk. As of June 30, 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. 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) June 30, Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 2016 2015 (In thousands) Assets held for sale: Revenue earning equipment (1) : Trucks $ 13,749 6,805 $ 2,570 1,515 $ 4,314 2,743 Tractors 51,795 7,389 9,206 1,081 14,088 1,908 Trailers 3,015 1,625 775 656 1,437 972 Total assets at fair value $ 68,559 15,819 $ 12,551 3,252 $ 19,839 5,623 ———————————— (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 reclassified to held for sale throughout the period for which fair value was less than carrying value. For the three and six months ended June 30, 2016 and 2015 , the components of gains on used vehicles, net were as follows: Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 (In thousands) Gains on vehicle sales, net $ (24,551 ) (33,237 ) $ (50,968 ) (62,816 ) Losses from fair value adjustments 12,551 3,252 19,839 5,623 Gains on used vehicles, net $ (12,000 ) (29,985 ) $ (31,129 ) (57,193 )

Goodwill

Goodwill	6 Months Ended
	Jun. 30, 2016
Goodwill [Abstract]
Goodwill	GOODWILL The carrying amount of goodwill attributable to each reportable business segment was as follows: Fleet Dedicated Supply Total (In thousands) Balance at January 1, 2016: Goodwill $ 231,358 40,808 146,190 418,356 Accumulated impairment losses (10,322 ) — (18,899 ) (29,221 ) 221,036 40,808 127,291 389,135 Foreign currency translation adjustments (1,246 ) — 389 (857 ) Balance at June 30, 2016: Goodwill 230,112 40,808 146,579 417,499 Accumulated impairment losses (10,322 ) — (18,899 ) (29,221 ) $ 219,790 40,808 127,680 388,278 We assess goodwill for impairment on April 1st of each year or more often if deemed necessary. In the second quarter of 2016 , we completed our annual goodwill impairment test. We performed quantitative assessments on two of our reporting units and determined there was no impairment. We performed qualitative assessments for three 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 assessments, we concluded it was more likely than not that fair value is greater than the carrying value and determined there was no impairment.

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	6 Months Ended
	Jun. 30, 2016
Accrued Liabilities and Other Liabilities [Abstract]
ACCRUED EXPENSES AND OTHER LIABILITIES	ACCRUED EXPENSES AND OTHER LIABILITIES June 30, 2016 December 31, 2015 Accrued Expenses Non-Current Liabilities Total Accrued Expenses Non-Current Liabilities Total (In thousands) Salaries and wages $ 87,558 — 87,558 $ 99,032 — 99,032 Deferred compensation 2,725 42,378 45,103 2,252 41,691 43,943 Pension benefits 3,822 482,187 486,009 3,790 484,892 488,682 Other postretirement benefits 1,637 19,677 21,314 1,624 20,002 21,626 Other employee benefits 18,404 4,290 22,694 8,956 9,706 18,662 Insurance obligations (1) 139,959 218,058 358,017 157,014 213,256 370,270 Environmental liabilities 3,997 6,333 10,330 3,791 6,554 10,345 Operating taxes 97,187 — 97,187 101,649 — 101,649 Income taxes 448 24,110 24,558 3,378 22,366 25,744 Interest 31,369 — 31,369 31,218 — 31,218 Customer deposits 63,272 4,791 68,063 61,869 5,085 66,954 Deferred revenue 16,738 — 16,738 13,038 — 13,038 Restructuring liabilities (2) 3,489 — 3,489 12,333 — 12,333 Other 37,912 26,357 64,269 43,408 26,043 69,451 Total $ 508,517 828,181 1,336,698 $ 543,352 829,595 1,372,947 ———————————— (1) Insurance obligations primarily represent claims for which we are self-insured. (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	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
DEBT	DEBT Weighted-Average Interest Rate June 30, December 31, Maturities June 30, December 31, (In thousands) Short-term debt and current portion of long-term debt: Short-term debt 0.94% 2.26% $ 122,354 35,947 Current portion of long-term debt 924,854 598,583 Total short-term debt and current portion of long-term debt 1,047,208 634,530 Long-term debt: U.S. commercial paper (1) 0.71% 0.55% 2020 599,605 547,130 Global revolving credit facility 2.01% 2.31% 2020 53,037 25,291 Unsecured U.S. notes — Medium-term notes (1) 2.88% 2.84% 2016-2025 4,113,137 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 254,448 275,661 Asset-backed U.S. obligations (2) 1.78% 1.81% 2016-2022 407,217 434,001 Capital lease obligations 3.22% 3.31% 2016-2022 28,031 32,054 Total before fair market value adjustment 5,505,475 5,476,656 Fair market value adjustment on notes subject to hedging (3) 20,989 5,253 Debt issuance costs (4) (14,804 ) (15,229 ) 5,511,660 5,466,680 Current portion of long-term debt (924,854 ) (598,583 ) Long-term debt 4,586,806 4,868,097 Total debt $ 5,634,014 5,502,627 ———————————— (1) Amounts are net of aggregate unamortized original issue discounts of $7.2 million and $7.7 million at June 30, 2016 and December 31, 2015 , respectively. (2) Asset-backed U.S. obligations are related to financing transactions involving revenue earning equipment. (3) The notional amount of executed interest rate swaps designated as fair value hedges was $825 million at June 30, 2016 and December 31, 2015 . (4) See Note 2 , " Recent Accounting Pronouncements ," for further discussion of the presentation of debt issuance costs. 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 June 30, 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 June 30, 2016 was 214% . At June 30, 2016 , there was $424.7 million available under the credit facility. 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 June 30, 2016 , we classified $599.6 million of short-term commercial paper and $351.9 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 pay off 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 holders 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 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 June 30, 2016 or December 31, 2015 . At June 30, 2016 and December 31, 2015 , we had letters of credit and surety bonds outstanding totaling $339.1 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 June 30, 2016 and December 31, 2015 was approximately $5.31 billion and $5.06 billion , respectively. For publicly-traded debt, estimates of fair value were based on market prices. For other debt, fair value was estimated based on a model-driven approach using rates currently available to us for debt with similar terms and remaining maturities. The fair value measurements of our publicly-traded debt and other debt were 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, 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 any offsetting hedge positions. This risk management process involves the use of analytical techniques, including cash flow sensitivity analyses, to estimate the expected impact of changes in interest rates on our future cash flows. As of June 30, 2016 , we had interest rate swaps outstanding which are designated as fair value hedges for certain 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 $21.0 million as of June 30, 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	6 Months Ended
	Jun. 30, 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. During the six months ended June 30, 2016 and June 30, 2015 , we repurchased 321,718 shares for $21.9 million and 69,107 shares for $6.1 million , respectively.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Jun. 30, 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 (Cost)/ Credit (1) Accumulated Other Comprehensive Loss (In thousands) December 31, 2015 $ (136,020 ) (576,993 ) 278 (712,735 ) Amortization — 9,754 (72 ) 9,682 Other current period change (18,578 ) (5,597 ) (5,425 ) (29,600 ) June 30, 2016 $ (154,598 ) (572,836 ) (5,219 ) (732,653 ) 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 — 9,790 (712 ) 9,078 Other current period change (30,345 ) (5,321 ) — (35,666 ) June 30, 2015 $ (66,432 ) (581,472 ) 1,046 (646,858 ) _______________________ (1) These amounts are included in the computation of net periodic benefit cost. See Note 12 , " Employee Benefit Plans ," for further information. The loss from currency translation adjustments in the six months ended June 30, 2016 of $18.6 million was primarily due to the weakening of the British Pound against the U.S. Dollar, partially offset by the strengthening of the Canadian Dollar against the U.S. Dollar. The loss from currency translation adjustments in the six months ended June 30, 2015 of $30.3 million was due to the weakening of the Canadian Dollar and British Pound against the U.S. Dollar.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 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 June 30, Six months ended June 30, 2016 2015 2016 2015 (In thousands, except per share amounts) Earnings per share — Basic: Earnings from continuing operations $ 74,042 85,917 $ 130,227 139,243 Less: Earnings allocated to unvested stock (235 ) (246 ) (398 ) (393 ) Earnings from continuing operations available to common shareholders — Basic $ 73,807 85,671 $ 129,829 138,850 Weighted average common shares outstanding — Basic 53,057 52,827 53,067 52,712 Earnings from continuing operations per common share — Basic $ 1.39 1.62 $ 2.45 2.63 Earnings per share — Diluted: Earnings from continuing operations $ 74,042 85,917 $ 130,227 139,243 Less: Earnings allocated to unvested stock (234 ) (244 ) (397 ) (390 ) Earnings from continuing operations available to common shareholders — Diluted $ 73,808 85,673 $ 129,830 138,853 Weighted average common shares outstanding — Basic 53,057 52,827 53,067 52,712 Effect of dilutive equity awards 320 468 303 492 Weighted average common shares outstanding — Diluted 53,377 53,295 53,370 53,204 Earnings from continuing operations per common share — Diluted $ 1.38 1.61 $ 2.43 2.61 Anti-dilutive equity awards not included above 669 363 928 273

Share-Based Compensation Plans

Share-Based Compensation Plans	6 Months Ended
	Jun. 30, 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 June 30, Six months ended June 30, 2016 2015 2016 2015 (In thousands) Stock option and stock purchase plans $ 1,904 1,956 $ 3,777 4,257 Unvested stock 3,209 3,548 6,224 6,912 Share-based compensation expense 5,113 5,504 10,001 11,169 Income tax benefit (1,715 ) (1,860 ) (3,370 ) (3,743 ) Share-based compensation expense, net of tax $ 3,398 3,644 $ 6,631 7,426 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, 2016 2015 2016 2015 (In thousands) Cash awards $ 177 281 $ 328 464 Total unrecognized pre-tax compensation expense related to all share-based compensation arrangements at June 30, 2016 was $26.8 million and is expected to be recognized over a weighted-average period of 1.9 years. The following table is a summary of the awards granted under the Plans during the periods presented: Six months ended June 30, 2016 2015 (In thousands) Stock options 513 362 Market-based restricted stock rights 34 19 Performance-based restricted stock rights 45 42 Time-vested restricted stock rights 129 80 Total 721 503

Employee Benefit Plans

Employee Benefit Plans	6 Months Ended
	Jun. 30, 2016
Compensation and Retirement Disclosure [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS Components of net pension expense were as follows: Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 (In thousands) Pension Benefits Company-administered plans: Service cost $ 3,005 3,566 $ 6,405 7,193 Interest cost 27,093 22,048 49,332 43,935 Expected return on plan assets (22,667 ) (25,021 ) (45,752 ) (49,921 ) Amortization of: Net actuarial loss 8,600 7,664 16,565 15,472 Prior service cost/(credit) 2,740 (74 ) 2,740 (150 ) 18,771 8,183 29,290 16,529 Union-administered plans 2,406 2,113 4,728 4,285 Net pension expense $ 21,177 10,296 $ 34,018 20,814 Company-administered plans: U.S. $ 19,263 8,599 $ 30,437 17,491 Non-U.S. (492 ) (416 ) (1,147 ) (962 ) 18,771 8,183 29,290 16,529 Union-administered plans 2,406 2,113 4,728 4,285 Net pension expense $ 21,177 10,296 $ 34,018 20,814 During the second quarter of 2016, we determined that certain pension benefit improvements made in 2009 had not been fully reflected in our projected benefit obligation. Because the amounts were not material to our consolidated financial statements in any individual prior period, and the cumulative amount is not material to 2016 results, we recognized a one-time, non-cash charge of $7.7 million in "Selling, general and administrative expenses" and a $12.8 million pre-tax increase to “Accumulated other comprehensive loss” in our second quarter 2016 consolidated condensed financial statements to correctly state the pension benefit obligation and account for these 2009 benefit improvements. During the six months ended June 30, 2016 we contributed $42.3 million to our pension plans. In 2016 , we expect total contributions to our pension plans to be approximately $ 80 million . We also maintain other postretirement benefit plans that are not reflected in the above table. The amount of postretirement benefit expense was not material for the three or six months ended June 30, 2016 .

Other Matters

Other Matters	6 Months Ended
	Jun. 30, 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 condensed 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 condensed 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	6 Months Ended
	Jun. 30, 2016
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, 2016 2015 (In thousands) Interest paid $ 71,141 69,681 Income taxes paid 10,233 9,970 Changes in accounts payable related to purchases of revenue earning equipment (105,480 ) 124,766 Operating and revenue earning equipment acquired under capital leases 777 5,847

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 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 and professional fees. 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 and six months ended June 30, 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 June 30, 2016 Revenue from external customers $ 1,043,430 258,262 402,052 — 1,703,744 Inter-segment revenue 108,083 — — (108,083 ) — Total revenue $ 1,151,513 258,262 402,052 (108,083 ) 1,703,744 Segment EBT $ 111,184 16,472 28,371 (12,766 ) 143,261 Unallocated CSS (11,215 ) Non-operating pension costs (7,617 ) Pension-related charge (1) (7,650 ) Earnings from continuing operations before income taxes $ 116,779 Segment capital expenditures paid (2) $ 502,040 363 37,139 — 539,542 Unallocated CSS 5,609 Capital expenditures paid $ 545,151 For the three months ended June 30, 2015 Revenue from external customers $ 1,042,476 223,514 396,941 — 1,662,931 Inter-segment revenue 106,873 — — (106,873 ) — Total revenue $ 1,149,349 223,514 396,941 (106,873 ) 1,662,931 Segment EBT $ 122,452 12,435 27,699 (11,588 ) 150,998 Unallocated CSS (10,924 ) Non-operating pension costs (4,688 ) Professional fees (3) (1,939 ) Earnings from continuing operations before income taxes $ 133,447 Segment capital expenditures paid $ 761,542 646 3,570 — 765,758 Unallocated CSS 10,218 Capital expenditures paid $ 775,976 ———————————— (1) During the second quarter of 2016, we determined that certain pension benefit improvements made in 2009 were not fully reflected in our projected benefit obligation. We recognized a charge of $7.7 million related to these benefit improvements. (2) Excludes revenue earning equipment acquired under capital leases. (3) Charges related to professional fees associated with cost savings initiatives. FMS DTS SCS Eliminations Total (In thousands) For the six months ended June 30, 2016 Revenue from external customers $ 2,039,545 503,104 790,767 — 3,333,416 Inter-segment revenue 209,896 — — (209,896 ) — Total revenue $ 2,249,441 503,104 790,767 (209,896 ) 3,333,416 Segment EBT $ 194,105 30,740 48,167 (24,510 ) 248,502 Unallocated CSS (20,880 ) Non-operating pension costs (14,485 ) Pension-related charge (1) (7,650 ) Earnings from continuing operations before income taxes $ 205,487 Segment capital expenditures paid (2) $ 1,062,325 880 44,462 — 1,107,667 Unallocated CSS 12,515 Capital expenditures paid $ 1,120,182 For the six months ended June 30, 2015 Revenue from external customers $ 2,025,916 436,173 767,995 — 3,230,084 Inter-segment revenue 210,583 — — (210,583 ) — Total revenue $ 2,236,499 436,173 767,995 (210,583 ) 3,230,084 Segment EBT $ 212,170 21,405 43,388 (23,122 ) 253,841 Unallocated CSS (22,866 ) Non-operating pension costs (9,571 ) Professional fees (3) (3,780 ) Earnings from continuing operations before income taxes $ 217,624 Segment capital expenditures paid (2) $ 1,300,285 1,355 9,557 — 1,311,197 Unallocated CSS 18,021 Capital expenditures paid $ 1,329,218 ———————————— (1) During the second quarter of 2016, we determined that certain pension benefit improvements made in 2009 were not fully reflected in our projected benefit obligation. We recognized a charge of $7.7 million related to these benefit improvements. (2) Excludes revenue earning equipment acquired under capital leases. (3) Charges related to professional fees associated with cost savings initiatives.

Revenue Earning Equipment (Tabl

Revenue Earning Equipment (Tables)	6 Months Ended
	Jun. 30, 2016
Revenue Earning Equipment [Abstract]
Summary of revenue earning equipment	June 30, 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 $ 9,239,442 (2,838,897 ) 6,400,545 $ 8,839,941 (2,723,605 ) 6,116,336 Commercial rental 2,589,646 (874,713 ) 1,714,933 2,811,715 (907,412 ) 1,904,303 Held for sale 576,449 (391,819 ) 184,630 496,634 (332,538 ) 164,096 Total $ 12,405,537 (4,105,429 ) 8,300,108 $ 12,148,290 (3,963,555 ) 8,184,735 ———————————— (1) Revenue earning equipment, net includes vehicles acquired under capital leases of $43.9 million , less accumulated depreciation of $21.1 million , at June 30, 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) June 30, Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 2016 2015 (In thousands) Assets held for sale: Revenue earning equipment (1) : Trucks $ 13,749 6,805 $ 2,570 1,515 $ 4,314 2,743 Tractors 51,795 7,389 9,206 1,081 14,088 1,908 Trailers 3,015 1,625 775 656 1,437 972 Total assets at fair value $ 68,559 15,819 $ 12,551 3,252 $ 19,839 5,623 ———————————— (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 reclassified to held for sale throughout the period for which fair value was less than carrying value.
Gain and Losses Revenue Earning Equipment	For the three and six months ended June 30, 2016 and 2015 , the components of gains on used vehicles, net were as follows: Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 (In thousands) Gains on vehicle sales, net $ (24,551 ) (33,237 ) $ (50,968 ) (62,816 ) Losses from fair value adjustments 12,551 3,252 19,839 5,623 Gains on used vehicles, net $ (12,000 ) (29,985 ) $ (31,129 ) (57,193 )

Goodwill (Tables)

Goodwill (Tables)	6 Months Ended
	Jun. 30, 2016
Goodwill [Abstract]
Schedule of Goodwill	The carrying amount of goodwill attributable to each reportable business segment was as follows: Fleet Dedicated Supply Total (In thousands) Balance at January 1, 2016: Goodwill $ 231,358 40,808 146,190 418,356 Accumulated impairment losses (10,322 ) — (18,899 ) (29,221 ) 221,036 40,808 127,291 389,135 Foreign currency translation adjustments (1,246 ) — 389 (857 ) Balance at June 30, 2016: Goodwill 230,112 40,808 146,579 417,499 Accumulated impairment losses (10,322 ) — (18,899 ) (29,221 ) $ 219,790 40,808 127,680 388,278

Accrued Expenses and Other Li24

Accrued Expenses and Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2016
Accrued Liabilities and Other Liabilities [Abstract]
Accrued Expenses and Other Liabilities	June 30, 2016 December 31, 2015 Accrued Expenses Non-Current Liabilities Total Accrued Expenses Non-Current Liabilities Total (In thousands) Salaries and wages $ 87,558 — 87,558 $ 99,032 — 99,032 Deferred compensation 2,725 42,378 45,103 2,252 41,691 43,943 Pension benefits 3,822 482,187 486,009 3,790 484,892 488,682 Other postretirement benefits 1,637 19,677 21,314 1,624 20,002 21,626 Other employee benefits 18,404 4,290 22,694 8,956 9,706 18,662 Insurance obligations (1) 139,959 218,058 358,017 157,014 213,256 370,270 Environmental liabilities 3,997 6,333 10,330 3,791 6,554 10,345 Operating taxes 97,187 — 97,187 101,649 — 101,649 Income taxes 448 24,110 24,558 3,378 22,366 25,744 Interest 31,369 — 31,369 31,218 — 31,218 Customer deposits 63,272 4,791 68,063 61,869 5,085 66,954 Deferred revenue 16,738 — 16,738 13,038 — 13,038 Restructuring liabilities (2) 3,489 — 3,489 12,333 — 12,333 Other 37,912 26,357 64,269 43,408 26,043 69,451 Total $ 508,517 828,181 1,336,698 $ 543,352 829,595 1,372,947 ———————————— (1) Insurance obligations primarily represent claims for which we are self-insured. (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)	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Schedule of debt	Weighted-Average Interest Rate June 30, December 31, Maturities June 30, December 31, (In thousands) Short-term debt and current portion of long-term debt: Short-term debt 0.94% 2.26% $ 122,354 35,947 Current portion of long-term debt 924,854 598,583 Total short-term debt and current portion of long-term debt 1,047,208 634,530 Long-term debt: U.S. commercial paper (1) 0.71% 0.55% 2020 599,605 547,130 Global revolving credit facility 2.01% 2.31% 2020 53,037 25,291 Unsecured U.S. notes — Medium-term notes (1) 2.88% 2.84% 2016-2025 4,113,137 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 254,448 275,661 Asset-backed U.S. obligations (2) 1.78% 1.81% 2016-2022 407,217 434,001 Capital lease obligations 3.22% 3.31% 2016-2022 28,031 32,054 Total before fair market value adjustment 5,505,475 5,476,656 Fair market value adjustment on notes subject to hedging (3) 20,989 5,253 Debt issuance costs (4) (14,804 ) (15,229 ) 5,511,660 5,466,680 Current portion of long-term debt (924,854 ) (598,583 ) Long-term debt 4,586,806 4,868,097 Total debt $ 5,634,014 5,502,627 ———————————— (1) Amounts are net of aggregate unamortized original issue discounts of $7.2 million and $7.7 million at June 30, 2016 and December 31, 2015 , respectively. (2) Asset-backed U.S. obligations are related to financing transactions involving revenue earning equipment. (3) The notional amount of executed interest rate swaps designated as fair value hedges was $825 million at June 30, 2016 and December 31, 2015 . (4) See Note 2 , " Recent Accounting Pronouncements ," for further discussion of the presentation of debt issuance costs.

Accumulated Other Comprehensi26

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jun. 30, 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 (Cost)/ Credit (1) Accumulated Other Comprehensive Loss (In thousands) December 31, 2015 $ (136,020 ) (576,993 ) 278 (712,735 ) Amortization — 9,754 (72 ) 9,682 Other current period change (18,578 ) (5,597 ) (5,425 ) (29,600 ) June 30, 2016 $ (154,598 ) (572,836 ) (5,219 ) (732,653 ) 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 — 9,790 (712 ) 9,078 Other current period change (30,345 ) (5,321 ) — (35,666 ) June 30, 2015 $ (66,432 ) (581,472 ) 1,046 (646,858 ) _______________________ (1) These amounts are included in the computation of net periodic benefit cost. See Note 12 , " Employee Benefit Plans ," for further information.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six months ended June 30, 2016 2015 2016 2015 (In thousands, except per share amounts) Earnings per share — Basic: Earnings from continuing operations $ 74,042 85,917 $ 130,227 139,243 Less: Earnings allocated to unvested stock (235 ) (246 ) (398 ) (393 ) Earnings from continuing operations available to common shareholders — Basic $ 73,807 85,671 $ 129,829 138,850 Weighted average common shares outstanding — Basic 53,057 52,827 53,067 52,712 Earnings from continuing operations per common share — Basic $ 1.39 1.62 $ 2.45 2.63 Earnings per share — Diluted: Earnings from continuing operations $ 74,042 85,917 $ 130,227 139,243 Less: Earnings allocated to unvested stock (234 ) (244 ) (397 ) (390 ) Earnings from continuing operations available to common shareholders — Diluted $ 73,808 85,673 $ 129,830 138,853 Weighted average common shares outstanding — Basic 53,057 52,827 53,067 52,712 Effect of dilutive equity awards 320 468 303 492 Weighted average common shares outstanding — Diluted 53,377 53,295 53,370 53,204 Earnings from continuing operations per common share — Diluted $ 1.38 1.61 $ 2.43 2.61 Anti-dilutive equity awards not included above 669 363 928 273

Share-Based Compensation Plans

Share-Based Compensation Plans (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six months ended June 30, 2016 2015 2016 2015 (In thousands) Stock option and stock purchase plans $ 1,904 1,956 $ 3,777 4,257 Unvested stock 3,209 3,548 6,224 6,912 Share-based compensation expense 5,113 5,504 10,001 11,169 Income tax benefit (1,715 ) (1,860 ) (3,370 ) (3,743 ) Share-based compensation expense, net of tax $ 3,398 3,644 $ 6,631 7,426 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, 2016 2015 2016 2015 (In thousands) Cash awards $ 177 281 $ 328 464
Summary of share-based compensation expense recognized related to cash awards	The following table is a summary of the awards granted under the Plans during the periods presented: Six months ended June 30, 2016 2015 (In thousands) Stock options 513 362 Market-based restricted stock rights 34 19 Performance-based restricted stock rights 45 42 Time-vested restricted stock rights 129 80 Total 721 503

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2016
Compensation and Retirement Disclosure [Abstract]
Components of net periodic benefit cost	Components of net pension expense were as follows: Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 (In thousands) Pension Benefits Company-administered plans: Service cost $ 3,005 3,566 $ 6,405 7,193 Interest cost 27,093 22,048 49,332 43,935 Expected return on plan assets (22,667 ) (25,021 ) (45,752 ) (49,921 ) Amortization of: Net actuarial loss 8,600 7,664 16,565 15,472 Prior service cost/(credit) 2,740 (74 ) 2,740 (150 ) 18,771 8,183 29,290 16,529 Union-administered plans 2,406 2,113 4,728 4,285 Net pension expense $ 21,177 10,296 $ 34,018 20,814 Company-administered plans: U.S. $ 19,263 8,599 $ 30,437 17,491 Non-U.S. (492 ) (416 ) (1,147 ) (962 ) 18,771 8,183 29,290 16,529 Union-administered plans 2,406 2,113 4,728 4,285 Net pension expense $ 21,177 10,296 $ 34,018 20,814

Supplemental Cash Flow Inform30

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2016
Supplemental Cash Flow Elements [Abstract]
Supplemental cash flow information	Supplemental cash flow information was as follows: Six months ended June 30, 2016 2015 (In thousands) Interest paid $ 71,141 69,681 Income taxes paid 10,233 9,970 Changes in accounts payable related to purchases of revenue earning equipment (105,480 ) 124,766 Operating and revenue earning equipment acquired under capital leases 777 5,847

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 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 June 30, 2016 Revenue from external customers $ 1,043,430 258,262 402,052 — 1,703,744 Inter-segment revenue 108,083 — — (108,083 ) — Total revenue $ 1,151,513 258,262 402,052 (108,083 ) 1,703,744 Segment EBT $ 111,184 16,472 28,371 (12,766 ) 143,261 Unallocated CSS (11,215 ) Non-operating pension costs (7,617 ) Pension-related charge (1) (7,650 ) Earnings from continuing operations before income taxes $ 116,779 Segment capital expenditures paid (2) $ 502,040 363 37,139 — 539,542 Unallocated CSS 5,609 Capital expenditures paid $ 545,151 For the three months ended June 30, 2015 Revenue from external customers $ 1,042,476 223,514 396,941 — 1,662,931 Inter-segment revenue 106,873 — — (106,873 ) — Total revenue $ 1,149,349 223,514 396,941 (106,873 ) 1,662,931 Segment EBT $ 122,452 12,435 27,699 (11,588 ) 150,998 Unallocated CSS (10,924 ) Non-operating pension costs (4,688 ) Professional fees (3) (1,939 ) Earnings from continuing operations before income taxes $ 133,447 Segment capital expenditures paid $ 761,542 646 3,570 — 765,758 Unallocated CSS 10,218 Capital expenditures paid $ 775,976 ———————————— (1) During the second quarter of 2016, we determined that certain pension benefit improvements made in 2009 were not fully reflected in our projected benefit obligation. We recognized a charge of $7.7 million related to these benefit improvements. (2) Excludes revenue earning equipment acquired under capital leases. (3) Charges related to professional fees associated with cost savings initiatives. FMS DTS SCS Eliminations Total (In thousands) For the six months ended June 30, 2016 Revenue from external customers $ 2,039,545 503,104 790,767 — 3,333,416 Inter-segment revenue 209,896 — — (209,896 ) — Total revenue $ 2,249,441 503,104 790,767 (209,896 ) 3,333,416 Segment EBT $ 194,105 30,740 48,167 (24,510 ) 248,502 Unallocated CSS (20,880 ) Non-operating pension costs (14,485 ) Pension-related charge (1) (7,650 ) Earnings from continuing operations before income taxes $ 205,487 Segment capital expenditures paid (2) $ 1,062,325 880 44,462 — 1,107,667 Unallocated CSS 12,515 Capital expenditures paid $ 1,120,182 For the six months ended June 30, 2015 Revenue from external customers $ 2,025,916 436,173 767,995 — 3,230,084 Inter-segment revenue 210,583 — — (210,583 ) — Total revenue $ 2,236,499 436,173 767,995 (210,583 ) 3,230,084 Segment EBT $ 212,170 21,405 43,388 (23,122 ) 253,841 Unallocated CSS (22,866 ) Non-operating pension costs (9,571 ) Professional fees (3) (3,780 ) Earnings from continuing operations before income taxes $ 217,624 Segment capital expenditures paid (2) $ 1,300,285 1,355 9,557 — 1,311,197 Unallocated CSS 18,021 Capital expenditures paid $ 1,329,218 ———————————— (1) During the second quarter of 2016, we determined that certain pension benefit improvements made in 2009 were not fully reflected in our projected benefit obligation. We recognized a charge of $7.7 million related to these benefit improvements. (2) Excludes revenue earning equipment acquired under capital leases. (3) Charges related to professional fees associated with cost savings initiatives.

Recent Accounting Pronounceme32

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	Jun. 30, 2016	Dec. 31, 2015
Revenue Earning Equipment [Line Items]
Cost	$ 12,405,537	$ 12,148,290
Accumulated Depreciation	(4,105,429)	(3,963,555)
Net Book Value	8,300,108	8,184,735
Held for use: Full service lease [Member]
Revenue Earning Equipment [Line Items]
Cost	9,239,442	8,839,941
Accumulated Depreciation	(2,838,897)	(2,723,605)
Net Book Value	6,400,545	6,116,336
Held for use: Commercial rental [Member]
Revenue Earning Equipment [Line Items]
Cost	2,589,646	2,811,715
Accumulated Depreciation	(874,713)	(907,412)
Net Book Value	1,714,933	1,904,303
Held-for-sale [Member]
Revenue Earning Equipment [Line Items]
Cost	576,449	496,634
Accumulated Depreciation	(391,819)	(332,538)
Net Book Value	184,630	164,096
Assets Held under Capital Leases [Member]
Revenue Earning Equipment [Line Items]
Cost	43,900	47,500
Accumulated Depreciation	$ (21,100)	$ (22,200)

Revenue Earning Equipment Level

Revenue Earning Equipment Level 3 Fair Value Measurement (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenue Earning Equipment [Line Items]
Total Losses	$ 12,551	$ 3,252	$ 19,839	$ 5,623
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member]
Revenue Earning Equipment [Line Items]
Assets held for sale	68,559	15,819	68,559	15,819
Total Losses		3,252		5,623
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Trucks [Member]
Revenue Earning Equipment [Line Items]
Assets held for sale	13,749	6,805	13,749	6,805
Total Losses	2,570	1,515	4,314	2,743
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Tractors [Member]
Revenue Earning Equipment [Line Items]
Assets held for sale	51,795	7,389	51,795	7,389
Total Losses	9,206	1,081	14,088	1,908
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Trailers [Member]
Revenue Earning Equipment [Line Items]
Assets held for sale	3,015	1,625	3,015	1,625
Total Losses	$ 775	$ 656	$ 1,437	$ 972

Revenue Earning Equipment Recog

Revenue Earning Equipment Recognized Gains on Used Vehicles (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenue Earning Equipment [Abstract]
Gains on vehicle sales, net	$ (24,551)	$ (33,237)	$ (50,968)	$ (62,816)
Losses from fair value adjustments	12,551	3,252	19,839	5,623
Gains on used vehicles, net	$ (12,000)	$ (29,985)	$ (31,129)	$ (57,193)

Revenue Earning Equipment (Deta

Revenue Earning Equipment (Details Textual) - USD ($)	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Revenue Earning Equipment [Line Items]
Net investment in direct financing and sales-type leases	$ 431,000,000	$ 438,000,000
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

Goodwill (Details)

Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)reporting_unit
Goodwill [Roll Forward]
Goodwill, gross	$ 418,356
Accumulated impairment losses	(29,221)
Goodwill	389,135
Foreign currency translation adjustments	(857)
Goodwill, gross	417,499
Accumulated impairment losses	(29,221)
Goodwill	388,278
Fleet Management Solutions [Member]
Goodwill [Roll Forward]
Goodwill, gross	231,358
Accumulated impairment losses	(10,322)
Goodwill	221,036
Foreign currency translation adjustments	(1,246)
Goodwill, gross	230,112
Accumulated impairment losses	(10,322)
Goodwill	219,790
Dedicated Transportation Solutions [Member]
Goodwill [Roll Forward]
Goodwill, gross	40,808
Accumulated impairment losses	0
Goodwill	40,808
Foreign currency translation adjustments	0
Goodwill, gross	40,808
Accumulated impairment losses	0
Goodwill	40,808
Supply Chain Solutions [Member]
Goodwill [Roll Forward]
Goodwill, gross	146,190
Accumulated impairment losses	(18,899)
Goodwill	127,291
Foreign currency translation adjustments	389
Goodwill, gross	146,579
Accumulated impairment losses	(18,899)
Goodwill	$ 127,680
Quantitative [Member]
Goodwill [Roll Forward]
Number of Reporting Units | reporting_unit	2
Qualitative Test [Member]
Goodwill [Roll Forward]
Number of Reporting Units | reporting_unit	3

Accrued Expenses and Other Li38

Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Accrued Expenses
Salaries and wages	$ 87,558	$ 99,032
Deferred compensation	2,725	2,252
Pension benefits	3,822	3,790
Other postretirement benefits	1,637	1,624
Other employee benefits	18,404	8,956
Insurance obligations	139,959	157,014
Environmental liabilities	3,997	3,791
Operating taxes	97,187	101,649
Income taxes	448	3,378
Interest	31,369	31,218
Customer deposits	63,272	61,869
Deferred revenue	16,738	13,038
Restructuring liabilities	3,489	12,333
Other	37,912	43,408
Total	508,517	543,352
Non-Current Liabilities
Salaries and wages	0	0
Deferred compensation	42,378	41,691
Pension benefits	482,187	484,892
Other postretirement benefits	19,677	20,002
Other employee benefits	4,290	9,706
Insurance obligations	218,058	213,256
Environmental liabilities	6,333	6,554
Operating taxes	0	0
Income taxes	24,110	22,366
Interest	0	0
Customer deposits	4,791	5,085
Deferred revenue	0	0
Restructuring liabilities	0	0
Other	26,357	26,043
Total	828,181	829,595
Total
Salaries and wages	87,558	99,032
Deferred compensation	45,103	43,943
Pension benefits	486,009	488,682
Other postretirement benefits	21,314	21,626
Other employee benefits	22,694	18,662
Insurance obligations	358,017	370,270
Environmental liabilities	10,330	10,345
Operating taxes	97,187	101,649
Income taxes	24,558	25,744
Interest	31,369	31,218
Customer deposits	68,063	66,954
Deferred revenue	16,738	13,038
Restructuring liabilities	3,489	12,333
Other	64,269	69,451
Total	$ 1,336,698	$ 1,372,947

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Short-term debt and current portion of long-term debt:
Short-term debt, weighted-average interest rate	0.94%	2.26%
Short-term debt	$ 122,354,000	$ 35,947,000
Current portion of long-term debt	924,854,000	598,583,000
Total short-term debt and current portion of long-term debt	1,047,208,000	634,530,000
Long-term debt:
Total before fair market value adjustment	5,505,475,000	5,476,656,000
Fair market value adjustment on notes subject to hedging	20,989,000	5,253,000
Total after fair market value adjustment	5,511,660,000	5,466,680,000
Current portion of long-term debt	(924,854,000)	(598,583,000)
Long-term debt	4,586,806,000	4,868,097,000
Total debt	5,634,014,000	5,502,627,000
Unamortized original issue discounts	7,200,000	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	0.71%	0.55%
U.S. commercial paper	$ 599,605,000	$ 547,130,000
Global revolving credit facility [Member]
Long-term debt:
Long-term debt, weighted-average interest rate	2.01%	2.31%
Global revolving credit facility	$ 53,037,000	$ 25,291,000
Unsecured U.S. notes - Medium-term notes [Member]
Long-term debt:
Long-term debt, weighted-average interest rate	2.88%	2.84%
Unsecured U.S. notes - Medium-term notes	$ 4,113,137,000	$ 4,112,519,000
Debt issuance costs	$ (14,804,000)	$ (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	$ 254,448,000	$ 275,661,000
Asset-backed U.S. obligations [Member]
Long-term debt:
Long-term debt, weighted-average interest rate	1.78%	1.81%
Obligations	$ 407,217,000	$ 434,001,000
Capital lease obligations [Member]
Long-term debt:
Long-term debt, weighted-average interest rate	3.22%	3.31%
Capital lease obligations	$ 28,031,000	$ 32,054,000

Debt (Details Textual)

Debt (Details Textual)	6 Months Ended
	Jun. 30, 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	$ 424,700,000
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
Trade receivables borrowings	$ 0		$ 0
Letters of credit and surety bonds outstanding	339,100,000		345,700,000
Fair value of total debt	5,310,000,000		5,060,000,000
U.S commercial paper [Member]
Debt Instrument [Line Items]
Commercial paper classified as long term debt	599,605,000		547,130,000
Global Revolving Credit Facility Member
Debt Instrument [Line Items]
Current maturities classified as long-term debt	$ 351,900,000		$ 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 ($)	Jun. 30, 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	$ 21,000,000

Share Repurchase Programs (Deta

Share Repurchase Programs (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
December 2015 Program [Member]
Accelerated Share Repurchases [Line Items]
Common stock repurchases	$ 21.9	$ 6.1
Common Stock [Member] | December 2015 Program [Member]
Accelerated Share Repurchases [Line Items]
Repurchased and retired shares	321,718	69,107
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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Cumulative Translation Adjustment Summary [Roll Forward]
Beginning Balance			$ (136,020)	$ (36,087)
Other current period change	$ (32,264)	$ 27,027	(18,578)	(30,345)
Ending Balance	(154,598)	(66,432)	(154,598)	(66,432)
Accumulated Other Comprehensive Income Loss Actuarial Loss Net Of Tax [Roll Forward]
Beginning Balance			(576,993)	(585,941)
Amortization			9,754	9,790
Other current period change			(5,597)	(5,321)
Ending Balance	(572,836)	(581,472)	(572,836)	(581,472)
Accumulated Other Comprehensive Income Loss Prior Service Credit Net Of Tax [Roll Forward]
Beginning Balance			278	1,758
Amortization			(72)	(712)
Other current period change			(5,425)	0
Ending Balance	(5,219)	1,046	(5,219)	1,046
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance			(712,735)	(620,270)
Amortization			9,682	9,078
Other current period change			(29,600)	(35,666)
Ending Balance	$ (732,653)	$ (646,858)	$ (732,653)	$ (646,858)

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Earnings per share — Basic:
Earnings from continuing operations	$ 74,042	$ 85,917	$ 130,227	$ 139,243
Less: Earnings allocated to unvested stock	(235)	(246)	(398)	(393)
Earnings from continuing operations available to common shareholders — Basic	$ 73,807	$ 85,671	$ 129,829	$ 138,850
Weighted average common shares outstanding - Basic (shares)	53,057	52,827	53,067	52,712
Earnings from continuing operations per common share — Basic (in dollars per share)	$ 1.39	$ 1.62	$ 2.45	$ 2.63
Earnings per share — Diluted:
Earnings from continuing operations	$ 74,042	$ 85,917	$ 130,227	$ 139,243
Less: Earnings allocated to unvested stock	(234)	(244)	(397)	(390)
Earnings from continuing operations available to common shareholders — Diluted	$ 73,808	$ 85,673	$ 129,830	$ 138,853
Weighted average common shares outstanding - Basic (shares)	53,057	52,827	53,067	52,712
Effect of dilutive equity awards (shares)	320	468	303	492
Weighted average common shares outstanding — Diluted (shares)	53,377	53,295	53,370	53,204
Earnings from continuing operations per common share — Diluted (in dollars per share)	$ 1.38	$ 1.61	$ 2.43	$ 2.61
Anti-dilutive equity awards not included above (shares)	669	363	928	273

Share-Based Compensation Plan45

Share-Based Compensation Plans Share-based compensation expense and income tax benefits recognized during the periods (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 5,113	$ 5,504	$ 10,001	$ 11,169
Income tax benefit	(1,715)	(1,860)	(3,370)	(3,743)
Share-based compensation expense, net of tax	3,398	3,644	6,631	7,426
Stock Option and Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	1,904	1,956	3,777	4,257
Nonvested Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 3,209	$ 3,548	$ 6,224	$ 6,912

Share-Based Compensation Plan46

Share-Based Compensation Plans Compensation expense recognized for market-based cash awards (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Cash awards	$ 177	$ 281	$ 328	$ 464

Share-Based Compensation Plan47

Share-Based Compensation Plans Summary of the awards granted under the Plains (Details) - shares shares in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total (in shares)	721	503
Equity Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options (in shares)	513	362
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
Performance based restricted stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock rights, granted during period (in shares)	45	42
Time Vested Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock rights, granted during period (in shares)	129	80

Share-Based Compensation Plan48

Share-Based Compensation Plans (Details Textual) $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Compensation cost not yet recognized	$ 26.8
Compensation cost not yet recognized, period for recognition	1 year 10 months 24 days

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Amortization of:
one-time non-cash charge			$ 7,700
Pension and other postretirement benefit plans, accumulated other comprehensive income (loss), net Transition Assets (Obligations), before Tax	$ 12,800		12,800
Contribution to pension plans			42,300
Estimated total contributions			80,000
Pension Benefits [Member]
Amortization of:
Net pension expense	21,177	$ 10,296	34,018	$ 20,814
Company Administered Plan [Member] | Pension Benefits [Member]
Components of net periodic benefit cost
Service cost	3,005	3,566	6,405	7,193
Interest cost	27,093	22,048	49,332	43,935
Expected return on plan assets	(22,667)	(25,021)	(45,752)	(49,921)
Amortization of:
Net actuarial loss	8,600	7,664	16,565	15,472
Prior service cost/(credit)	2,740	(74)	2,740	(150)
Net pension expense	18,771	8,183	29,290	16,529
Company Administered Plan [Member] | Pension Benefits U.S. [Member]
Amortization of:
Net pension expense	19,263	8,599	30,437	17,491
Company Administered Plan [Member] | Pension Benefits Non-U.S. [Member]
Amortization of:
Net pension expense	(492)	(416)	(1,147)	(962)
Union Administered Plan [Member] | Pension Benefits [Member]
Amortization of:
Net pension expense	$ 2,406	$ 2,113	$ 4,728	$ 4,285

Other Matters (Details)

Other Matters (Details) $ in Millions	Jun. 30, 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 Inform51

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Supplemental cash flow information
Interest paid	$ 71,141	$ 69,681
Income taxes paid	10,233	9,970
Changes in accounts payable related to purchases of revenue earning equipment	(105,480)	124,766
Operating and revenue earning equipment acquired under capital leases	$ 777	$ 5,847

Segment Reporting (Details)

Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Segment Reporting Information [Line Items]
Total revenue	$ 1,703,744	$ 1,662,931	$ 3,333,416	$ 3,230,084
Segment EBT	143,261	150,998	248,502	253,841
Unallocated CSS	(11,215)	(10,924)	(20,880)	(22,866)
Non-operating pension costs	(7,617)	(4,688)	(14,485)	(9,571)
Restructuring and other charges, net and other items	(7,650)		(7,650)
Professional Fees		(1,939)		(3,780)
Earnings from continuing operations before income taxes	116,779	133,447	205,487	217,624
Segment capital expenditures paid	539,542	765,758	1,107,667	1,311,197
Unallocated CSS	5,609	10,218	12,515	18,021
Capital expenditures paid	545,151	775,976	1,120,182	1,329,218
Fleet Management Solutions [Member]
Segment Reporting Information [Line Items]
Total revenue	1,151,513	1,149,349	2,249,441	2,236,499
Dedicated Transportation Solutions [Member]
Segment Reporting Information [Line Items]
Total revenue	258,262	223,514	503,104	436,173
Supply Chain Solutions [Member]
Segment Reporting Information [Line Items]
Total revenue	402,052	396,941	790,767	767,995
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Total revenue	(108,083)	(106,873)	(209,896)	(210,583)
Segment EBT	(12,766)	(11,588)	(24,510)	(23,122)
Segment capital expenditures paid	0	0	0	0
Intersegment Eliminations [Member] | Fleet Management Solutions [Member]
Segment Reporting Information [Line Items]
Total revenue	108,083	106,873	209,896	210,583
Intersegment Eliminations [Member] | Dedicated Transportation Solutions [Member]
Segment Reporting Information [Line Items]
Total revenue	0	0	0	0
Intersegment Eliminations [Member] | Supply Chain Solutions [Member]
Segment Reporting Information [Line Items]
Total revenue	0	0	0	0
Operating Segments [Member] | Fleet Management Solutions [Member]
Segment Reporting Information [Line Items]
Total revenue	1,043,430	1,042,476	2,039,545	2,025,916
Segment EBT	111,184	122,452	194,105	212,170
Segment capital expenditures paid	502,040	761,542	1,062,325	1,300,285
Operating Segments [Member] | Dedicated Transportation Solutions [Member]
Segment Reporting Information [Line Items]
Total revenue	258,262	223,514	503,104	436,173
Segment EBT	16,472	12,435	30,740	21,405
Segment capital expenditures paid	363	646	44,462	1,355
Operating Segments [Member] | Supply Chain Solutions [Member]
Segment Reporting Information [Line Items]
Total revenue	402,052	396,941	790,767	767,995
Segment EBT	28,371	27,699	48,167	43,388
Segment capital expenditures paid	$ 37,139	$ 3,570	$ 880	$ 9,557