Ryder System (R) 10-Q 25 Oct 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 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	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding (in shares)	53,468,413

Consolidated Condensed Statemen

Consolidated Condensed Statements of Earnings (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Statement [Abstract]
Lease and rental revenues	$ 803,006	$ 802,881	$ 2,369,147	$ 2,310,951
Services revenue	801,004	734,803	2,345,922	2,165,677
Fuel services revenue	120,408	131,382	342,765	422,522
Total revenues	1,724,418	1,669,066	5,057,834	4,899,150
Cost of lease and rental	557,901	550,541	1,665,693	1,600,271
Cost of services	658,793	606,364	1,936,636	1,792,182
Cost of fuel services	116,904	129,562	331,283	408,027
Other operating expenses	27,997	26,957	85,944	88,912
Selling, general and administrative expenses	198,805	203,093	632,466	624,566
Gains on used vehicles, net	(1,873)	(24,965)	(33,002)	(82,158)
Interest expense	37,440	38,986	112,597	114,863
Miscellaneous income, net	(3,247)	(1,372)	(10,968)	(5,037)
Total expenses	1,592,720	1,529,166	4,720,649	4,541,626
Earnings from continuing operations before income taxes	131,698	139,900	337,185	357,524
Provision for income taxes	46,560	49,089	121,820	127,470
Earnings from continuing operations	85,138	90,811	215,365	230,054
Loss from discontinued operations, net of tax	(386)	(192)	(1,069)	(1,487)
Net earnings	$ 84,752	$ 90,619	$ 214,296	$ 228,567
Earnings (loss) per common share — Basic
Continuing operations (in dollars per share)	$ 1.60	$ 1.71	$ 4.05	$ 4.35
Discontinued operations (in dollars per share)	(0.01)	0	(0.02)	(0.03)
Net earnings (in dollars per share)	1.60	1.71	4.03	4.32
Earnings (loss) per common share — Diluted
Continuing operations (in dollars per share)	1.59	1.70	4.02	4.31
Discontinued operations (in dollars per share)	(0.01)	0	(0.02)	(0.03)
Net earnings (in dollars per share)	1.59	1.69	4	4.28
Cash dividends declared per common share (in dollars per share)	$ 0.44	$ 0.41	$ 1.26	$ 1.15

Consolidated Condensed Stateme3

Consolidated Condensed Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statement of Comprehensive Income [Abstract]
Net earnings	$ 84,752	$ 90,619	$ 214,296	$ 228,567
Other comprehensive income (loss):
Currency translation adjustment and other	(19,296)	(42,748)	(37,874)	(73,093)
Amortization of pension and postretirement items	7,171	6,873	22,040	20,765
Income tax expense related to amortization of pension and postretirement items	(2,667)	(2,412)	(7,854)	(7,226)
Amortization of pension and postretirement items, net of tax	4,504	4,461	14,186	13,539
Change in net actuarial loss and prior service cost	0	0	(17,367)	(8,526)
Income tax benefit related to change in net actuarial loss and prior service cost	0	0	6,345	3,205
Change in net actuarial loss and prior service cost, net of taxes	0	0	(11,022)	(5,321)
Other comprehensive loss, net of taxes	(14,792)	(38,287)	(34,710)	(64,875)
Comprehensive income	$ 69,960	$ 52,332	$ 179,586	$ 163,692

Consolidated Condensed Balance

Consolidated Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 74,994	$ 60,945
Receivables, net of allowance of $14,911 and $15,560, respectively	856,763	835,489
Inventories	67,335	63,725
Prepaid expenses and other current assets	138,467	138,143
Total current assets	1,137,559	1,098,302
Revenue earning equipment, net	8,274,832	8,184,735
Operating property and equipment, net of accumulated depreciation of $1,116,439 and $1,083,604, respectively	740,375	714,970
Goodwill	387,730	389,135
Intangible assets, net of accumulated amortization of $50,145 and $45,736, respectively	49,994	55,192
Direct financing leases and other assets	518,283	510,246
Total assets	11,108,773	10,952,580
Current liabilities:
Short-term debt and current portion of long-term debt	1,055,146	634,530
Accounts payable	457,843	502,373
Accrued expenses and other current liabilities	516,862	543,352
Total current liabilities	2,029,851	1,680,255
Long-term debt	4,464,495	4,868,097
Other non-current liabilities	817,232	829,595
Deferred income taxes	1,700,154	1,587,522
Total liabilities	9,011,732	8,965,469
Shareholders’ equity:
Preferred stock, no par value per share — authorized, 3,800,917; none outstanding, September 30, 2016 or December 31, 2015	0	0
Common stock, $0.50 par value per share — authorized, 400,000,000; outstanding, September 30, 2016 — 53,468,413; December 31, 2015 — 53,490,603	26,734	26,745
Additional paid-in capital	1,022,307	1,006,021
Retained earnings	1,795,445	1,667,080
Accumulated other comprehensive loss	(747,445)	(712,735)
Total shareholders’ equity	2,097,041	1,987,111
Total liabilities and shareholders’ equity	$ 11,108,773	$ 10,952,580

Consolidated Condensed Balance5

Consolidated Condensed Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Assets:
Allowance for doubtful accounts, current	$ 14,911	$ 15,560
Finite-Lived intangible assets, accumulated amortization	50,145	45,736
Operating property and equipment, accumulated depreciation	$ 1,116,439	$ 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)	53,468,413	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	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities from continuing operations:
Net earnings	$ 214,296	$ 228,567
Less: Loss from discontinued operations, net of tax	(1,069)	(1,487)
Earnings from continuing operations	215,365	230,054
Depreciation expense	878,173	828,148
Gains on used vehicles, net	(33,002)	(82,158)
Share-based compensation expense	13,870	16,112
Amortization expense and other non-cash charges, net	49,869	46,272
Deferred income tax expense	109,191	111,609
Changes in operating assets and liabilities:
Receivables	(69,169)	(23,751)
Inventories	(3,524)	1,275
Prepaid expenses and other assets	(24,241)	(33,334)
Accounts payable	68,599	(19,506)
Accrued expenses and other non-current liabilities	(20,387)	(3,385)
Net cash provided by operating activities from continuing operations	1,184,744	1,071,336
Cash flows from financing activities:
Net change in commercial paper borrowings and revolving credit facilities	73,597	184,750
Debt proceeds	298,254	1,329,810
Debt repaid	(340,707)	(795,837)
Dividends on common stock	(67,651)	(61,436)
Common stock issued	9,626	20,397
Common stock repurchased	(25,658)	(6,141)
Excess tax benefits from share-based compensation and other items	(1,685)	723
Debt issuance costs	(1,012)	(7,483)
Net cash (used in) provided by financing activities	(55,236)	664,783
Cash flows from investing activities:
Purchases of property and revenue earning equipment	(1,511,359)	(2,087,294)
Sales of revenue earning equipment	331,720	319,766
Sales of operating property and equipment	6,623	1,203
Collections on direct finance leases and other items	60,229	51,166
Changes in restricted cash	4,203	7,781
Net cash used in investing activities	(1,108,584)	(1,707,378)
Effect of exchange rate changes on cash	(5,567)	(2,006)
Increase in cash and cash equivalents from continuing operations	15,357	26,735
Decrease in cash and cash equivalents from discontinued operations	(1,308)	(1,440)
Increase in cash and cash equivalents	14,049	25,295
Cash and cash equivalents at beginning of period	60,945	50,092
Cash and cash equivalents at end of period	$ 74,994	$ 75,387

General

General	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 30, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS Statement of Cash Flows In August 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-15, Statement of Cash Flows, which clarifies how companies present and classify certain cash receipts and cash payments in the statement of cash flows. The guidance will be effective January 1, 2018, with early adoption permitted. The standard is to be adopted on a retrospective basis. We do not expect this standard to have a material impact on the presentation of our consolidated cash flows. Financial Instruments In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses, which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. The standard applies to financial instruments including, but not limited to, trade and other receivables, held-to-maturity debt securities, loans and net investments in leases. The standard requires estimating expected credit losses over the remaining life of an instrument or a portfolio of instruments with similar risk characteristics based on relevant information about past events, current conditions and reasonable forecasts. The initial estimate of and the subsequent changes in expected credit losses will be recognized as credit loss expense through current earnings and will be reflected as an allowance for credit losses offsetting the carrying value of the financial instrument(s) on the balance sheet. The standard is effective January 1, 2020, with early adoption as of January 1, 2019 permitted. The standard is to be applied using a modified retrospective transition method. We do not expect this standard to have a material impact on our consolidated financial position, results of operations or cash flows. Share-Based Payments In March 2016, the FASB issued 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 do not expect this standard to have a material impact on our consolidated financial position, results of operations or cash flows. 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 evaluating the impact 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. We are evaluating transition methods and the impact on our consolidated financial position and results of operations. Presentation of Debt Issuance Costs In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs , which required 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.

Share-Based Compensation Plans

Share-Based Compensation Plans	9 Months Ended
	Sep. 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 options, 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 are not paid unless the stock 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 September 30, Nine months ended September 30, 2016 2015 2016 2015 (In thousands) Stock option and stock purchase plans $ 1,633 1,948 $ 5,410 6,205 Unvested stock 2,237 2,995 8,460 9,907 Share-based compensation expense 3,870 4,943 13,870 16,112 Income tax benefit (1,321 ) (1,652 ) (4,691 ) (5,395 ) Share-based compensation expense, net of tax $ 2,549 3,291 $ 9,179 10,717 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 September 30, Nine months ended September 30, 2016 2015 2016 2015 (In thousands) Cash awards $ 119 197 $ 447 661 Total unrecognized pre-tax compensation expense related to all share-based compensation arrangements at September 30, 2016 was $21.2 million and is expected to be recognized over a weighted-average period of 1.8 years. The following table is a summary of the awards granted under the Plans during the periods presented: Nine months ended September 30, 2016 2015 (Shares 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 87 Total 721 510

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2016 2015 2016 2015 (In thousands, except per share amounts) Earnings per share — Basic: Earnings from continuing operations $ 85,138 90,811 $ 215,365 230,054 Less: Earnings allocated to unvested stock (261 ) (266 ) (674 ) (654 ) Earnings from continuing operations available to common shareholders — Basic $ 84,877 90,545 $ 214,691 229,400 Weighted average common shares outstanding — Basic 52,953 52,888 53,029 52,770 Earnings from continuing operations per common share — Basic $ 1.60 1.71 $ 4.05 4.35 Earnings per share — Diluted: Earnings from continuing operations $ 85,138 90,811 $ 215,365 230,054 Less: Earnings allocated to unvested stock (260 ) (265 ) (672 ) (649 ) Earnings from continuing operations available to common shareholders — Diluted $ 84,878 90,546 $ 214,693 229,405 Weighted average common shares outstanding — Basic 52,953 52,888 53,029 52,770 Effect of dilutive equity awards 338 445 315 476 Weighted average common shares outstanding — Diluted 53,291 53,333 53,344 53,246 Earnings from continuing operations per common share — Diluted $ 1.59 1.70 $ 4.02 4.31 Anti-dilutive equity awards not included above 653 352 836 300

Revenue Earning Equipment

Revenue Earning Equipment	9 Months Ended
	Sep. 30, 2016
Revenue Earning Equipment [Abstract]
REVENUE EARNING EQUIPMENT	REVENUE EARNING EQUIPMENT September 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 $ 9,460,749 (2,979,195 ) 6,481,554 $ 8,839,941 (2,723,605 ) 6,116,336 Commercial rental 2,529,929 (893,545 ) 1,636,384 2,811,715 (907,412 ) 1,904,303 Held for sale 503,160 (346,266 ) 156,894 496,634 (332,538 ) 164,096 Total $ 12,493,838 (4,219,006 ) 8,274,832 $ 12,148,290 (3,963,555 ) 8,184,735 ———————————— (1) Revenue earning equipment, net includes vehicles acquired under capital leases of $42.9 million , less accumulated depreciation of $21.6 million , at September 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 September 30, 2016 and December 31, 2015 , the net investment in direct financing and sales-type leases was $418 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 September 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) September 30, Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 2016 2015 (In thousands) Assets held for sale: Revenue earning equipment (1) : Trucks $ 17,091 7,701 $ 2,528 1,657 $ 6,842 4,400 Tractors 61,480 10,093 7,985 2,062 22,073 3,970 Trailers 2,563 1,195 1,152 610 2,589 1,582 Total assets at fair value $ 81,134 18,989 $ 11,665 4,329 $ 31,504 9,952 ———————————— (1) Assets held for sale in the above table only include the portion of revenue earning equipment held for sale where net book values exceeded fair values and fair value adjustments were recorded. The net book value of assets held for sale not exceeding fair value was $75.8 million and $145.1 million as of September 30, 2016 and 2015 , respectively. (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 nine months ended September 30, 2016 and 2015 , the components of gains on used vehicles, net were as follows: Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 (In thousands) Gains on vehicle sales, net $ (13,538 ) (29,294 ) $ (64,506 ) (92,110 ) Losses from fair value adjustments 11,665 4,329 31,504 9,952 Gains on used vehicles, net $ (1,873 ) (24,965 ) $ (33,002 ) (82,158 )

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	9 Months Ended
	Sep. 30, 2016
Accrued Liabilities and Other Liabilities [Abstract]
ACCRUED EXPENSES AND OTHER LIABILITIES	ACCRUED EXPENSES AND OTHER LIABILITIES September 30, 2016 December 31, 2015 Accrued Expenses Non-Current Liabilities Total Accrued Expenses Non-Current Liabilities Total (In thousands) Salaries and wages $ 88,592 — 88,592 $ 99,032 — 99,032 Deferred compensation 2,874 44,702 47,576 2,252 41,691 43,943 Pension benefits 3,808 466,721 470,529 3,790 484,892 488,682 Other postretirement benefits 1,634 19,536 21,170 1,624 20,002 21,626 Other employee benefits 23,843 5,040 28,883 8,956 9,706 18,662 Insurance obligations (1) 140,528 221,254 361,782 157,014 213,256 370,270 Environmental liabilities 3,839 5,911 9,750 3,791 6,554 10,345 Operating taxes 96,813 — 96,813 101,649 — 101,649 Income taxes 444 23,467 23,911 3,378 22,366 25,744 Interest 37,128 — 37,128 31,218 — 31,218 Customer deposits 62,035 4,688 66,723 61,869 5,085 66,954 Deferred revenue 14,556 — 14,556 13,038 — 13,038 Restructuring liabilities (2) 2,391 — 2,391 12,333 — 12,333 Other 38,377 25,913 64,290 43,408 26,043 69,451 Total $ 516,862 817,232 1,334,094 $ 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	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
DEBT	DEBT Weighted-Average Interest Rate September 30, December 31, Maturities September 30, December 31, (In thousands) Short-term debt and current portion of long-term debt: Short-term debt 0.92% 2.26% $ 133,713 35,947 Current portion of long-term debt 921,433 598,583 Total short-term debt and current portion of long-term debt 1,055,146 634,530 Long-term debt: U.S. commercial paper (1) 0.76% 0.55% 2020 490,685 547,130 Global revolving credit facility 2.06% 2.31% 2020 60,885 25,291 Unsecured U.S. notes — Medium-term notes (1) 2.91% 2.84% 2016-2025 4,113,583 4,112,519 Unsecured U.S. obligations 2.09% 1.73% 2018 50,000 50,000 Unsecured foreign obligations 1.74% 1.92% 2017-2020 248,376 275,661 Asset-backed U.S. obligations (2) 1.77% 1.81% 2016-2022 395,898 434,001 Capital lease obligations 3.18% 3.31% 2016-2023 25,818 32,054 Total before fair market value adjustment 5,385,245 5,476,656 Fair market value adjustment on notes subject to hedging (3) 14,213 5,253 Debt issuance costs (4) (13,530 ) (15,229 ) 5,385,928 5,466,680 Current portion of long-term debt (921,433 ) (598,583 ) Long-term debt 4,464,495 4,868,097 Total debt $ 5,519,641 5,502,627 ———————————— (1) Amounts are net of aggregate unamortized original issue discounts of $6.8 million and $7.7 million at September 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 September 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 September 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 September 30, 2016 was 206% . At September 30, 2016 , there was $514.4 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 September 30, 2016 , we classified $490.7 million of short-term commercial paper, $349.9 million of current debt obligations and $60.9 million of short-term borrowings under our global revolving credit facility as long-term. At December 31, 2015 , we classified $547.1 million of short-term commercial paper, $300.0 million of current debt obligations and $25.3 million of short-term borrowings under our global revolving credit facility 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 value 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 committed purchaser. 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 . The program was renewed in October 2016. If no event occurs which causes early termination, the 364 -day program will expire on October 23, 2017. 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 September 30, 2016 or December 31, 2015 . At September 30, 2016 and December 31, 2015 , we had letters of credit and surety bonds outstanding totaling $338.9 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 September 30, 2016 and December 31, 2015 was approximately $5.21 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. In February 2016, Ryder filed an automatic shelf registration statement on Form S-3 with the SEC. The registration is for an indeterminate number of securities and is effective for three years. Under this universal shelf registration statement, we have the capacity to offer and sell from time to time various types of securities, including common stock, preferred stock and debt securities, subject to market demand and ratings status.

Derivatives

Derivatives	9 Months Ended
	Sep. 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 September 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 $14.2 million and $5.4 million as of September 30, 2016 and December 31, 2015 , respectively. The amounts are 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	9 Months Ended
	Sep. 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 program). Under the 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 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 program, which allow for share repurchases during Ryder’s quarterly blackout periods as set forth in the trading plan. During the nine months ended September 30, 2016 and September 30, 2015 , we repurchased 379,896 shares for $25.7 million and 69,107 shares for $6.1 million , respectively.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
	Sep. 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 — 14,052 134 14,186 Other current period change (37,874 ) (5,495 ) (5,527 ) (48,896 ) September 30, 2016 $ (173,894 ) (568,436 ) (5,115 ) (747,445 ) 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 — 14,605 (1,066 ) 13,539 Other current period change (73,093 ) (5,321 ) — (78,414 ) September 30, 2015 $ (109,180 ) (576,657 ) 692 (685,145 ) _______________________ (1) These amounts are included in the computation of net pension expense. See Note 11 , " Employee Benefit Plans ," for further information. The loss from currency translation adjustments in the nine months ended September 30, 2016 of $37.9 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 nine months ended September 30, 2015 of $73.1 million was due to the weakening of the Canadian Dollar and British Pound against the U.S. Dollar.

Employee Benefit Plans

Employee Benefit Plans	9 Months Ended
	Sep. 30, 2016
Compensation and Retirement Disclosure [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS Components of net pension expense were as follows: Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 (In thousands) Pension Benefits Company-administered plans: Service cost $ 2,660 3,612 $ 9,065 10,805 Interest cost 22,754 21,777 72,086 65,712 Expected return on plan assets (22,601 ) (24,697 ) (68,353 ) (74,618 ) Amortization of: Net actuarial loss 7,324 7,665 23,889 23,137 Prior service cost/(credit) 320 (80 ) 3,060 (230 ) 10,457 8,277 39,747 24,806 Union-administered plans 2,493 1,772 7,221 6,057 Net pension expense $ 12,950 10,049 $ 46,968 30,863 Company-administered plans: U.S. $ 10,952 8,746 $ 41,389 26,237 Non-U.S. (495 ) (469 ) (1,642 ) (1,431 ) 10,457 8,277 39,747 24,806 Union-administered plans 2,493 1,772 7,221 6,057 Net pension expense $ 12,950 10,049 $ 46,968 30,863 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 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 third quarter of 2015, we recorded adjustments of $0.5 million to previously recorded, estimated pension settlement charges related to the exit from U.S. multi-employer pension plans. During the nine months ended September 30, 2016 , we contributed $65.3 million to our pension plans. In 2016 , the expected total contributions to our pension plans are 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 nine months ended September 30, 2016 .

Other Matters

Other Matters	9 Months Ended
	Sep. 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, various matters related to income taxes and social contribution taxes, as well as tax credits used to offset those taxes, were assessed by the Revenue Department for the 1997, 1998, 2004, 2005 and 2006 tax years. When available and appropriate, we have entered into various amnesty programs offered by the Brazilian tax authorities to settle some of these assessments at a discount and continue to evaluate these when offered. Payments to resolve open matters through these amnesty programs were not material and were reflected as costs in discontinued operations. Open matters, combined, total approximately $4 million in assessments, penalties and interest and are pending at various levels of the administrative tax courts. We believe it is more likely than not that our position will ultimately be sustained either in these administrative courts or in actions before the judicial courts, if required.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
	Sep. 30, 2016
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information was as follows: Nine months ended September 30, 2016 2015 (In thousands) Interest paid $ 100,903 110,141 Income taxes paid 12,250 13,635 Changes in accounts payable related to purchases of revenue earning equipment (107,177 ) 18,307 Operating and revenue earning equipment acquired under capital leases 947 5,956

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING Our primary measurement of segment financial performance, defined as segment “Earnings Before Tax” (EBT) from continuing operations, includes an allocation of Central Support Services (CSS) and excludes non-operating pension costs and certain professional fees associated with cost savings initiatives. Fleet Management Solutions (FMS) EBT, Dedicated Transportation Solutions (DTS) EBT and Supply Chain Solutions (SCS) EBT are our primary measures of segment performance. 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 FMS segment leases revenue earning equipment and provides fuel, maintenance and other ancillary services to the DTS and 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 nine months ended September 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 September 30, 2016 Revenue from external customers $ 1,046,599 260,921 416,898 — 1,724,418 Inter-segment revenue 108,412 — — (108,412 ) — Total revenue $ 1,155,011 260,921 416,898 (108,412 ) 1,724,418 Segment EBT $ 112,282 17,587 30,954 (12,606 ) 148,217 Unallocated CSS (9,313 ) Non-operating pension costs (7,206 ) Earnings from continuing operations before income taxes $ 131,698 Segment capital expenditures paid (1) $ 375,779 1,060 8,181 — 385,020 Unallocated CSS capital expenditures paid 6,157 Capital expenditures paid $ 391,177 For the three months ended September 30, 2015 Revenue from external customers $ 1,054,840 226,921 387,305 — 1,669,066 Inter-segment revenue 102,738 — — (102,738 ) — Total revenue $ 1,157,578 226,921 387,305 (102,738 ) 1,669,066 Segment EBT $ 126,433 13,296 26,573 (11,998 ) 154,304 Unallocated CSS (10,070 ) Non-operating pension costs (4,780 ) Other items (2) 446 Earnings from continuing operations before income taxes $ 139,900 Segment capital expenditures paid (1) $ 740,049 1,175 4,195 — 745,419 Unallocated CSS capital expenditures paid 12,657 Capital expenditures paid $ 758,076 ———————————— (1) Excludes revenue earning equipment acquired under capital leases. (2) Consists of pension-related adjustments and certain professional fees associated with cost savings initiatives. FMS DTS SCS Eliminations Total (In thousands) For the nine months ended September 30, 2016 Revenue from external customers $ 3,086,144 764,025 1,207,665 — 5,057,834 Inter-segment revenue 318,308 — — (318,308 ) — Total revenue $ 3,404,452 764,025 1,207,665 (318,308 ) 5,057,834 Segment EBT $ 306,387 48,327 79,121 (37,116 ) 396,719 Unallocated CSS (30,193 ) Non-operating pension costs (21,691 ) Pension-related adjustments (1) (7,650 ) Earnings from continuing operations before income taxes $ 337,185 Segment capital expenditures paid (2) $ 1,438,104 1,940 52,643 — 1,492,687 Unallocated CSS capital expenditures paid 18,672 Capital expenditures paid $ 1,511,359 For the nine months ended September 30, 2015 Revenue from external customers $ 3,080,756 663,094 1,155,300 — 4,899,150 Inter-segment revenue 313,321 — — (313,321 ) — Total revenue $ 3,394,077 663,094 1,155,300 (313,321 ) 4,899,150 Segment EBT $ 338,603 34,701 69,961 (35,120 ) 408,145 Unallocated CSS (32,936 ) Non-operating pension costs (14,351 ) Other items (3) (3,334 ) Earnings from continuing operations before income taxes $ 357,524 Segment capital expenditures paid (2) $ 2,040,334 2,530 13,752 — 2,056,616 Unallocated CSS capital expenditures paid 30,678 Capital expenditures paid $ 2,087,294 ———————————— (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) Consists of pension-related adjustments and certain professional fees associated with cost savings initiatives.

Recent Accounting Pronounceme21

Recent Accounting Pronouncements Recent Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recent Accounting Pronouncements	Statement of Cash Flows In August 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-15, Statement of Cash Flows, which clarifies how companies present and classify certain cash receipts and cash payments in the statement of cash flows. The guidance will be effective January 1, 2018, with early adoption permitted. The standard is to be adopted on a retrospective basis. We do not expect this standard to have a material impact on the presentation of our consolidated cash flows. Financial Instruments In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses, which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. The standard applies to financial instruments including, but not limited to, trade and other receivables, held-to-maturity debt securities, loans and net investments in leases. The standard requires estimating expected credit losses over the remaining life of an instrument or a portfolio of instruments with similar risk characteristics based on relevant information about past events, current conditions and reasonable forecasts. The initial estimate of and the subsequent changes in expected credit losses will be recognized as credit loss expense through current earnings and will be reflected as an allowance for credit losses offsetting the carrying value of the financial instrument(s) on the balance sheet. The standard is effective January 1, 2020, with early adoption as of January 1, 2019 permitted. The standard is to be applied using a modified retrospective transition method. We do not expect this standard to have a material impact on our consolidated financial position, results of operations or cash flows. Share-Based Payments In March 2016, the FASB issued 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 do not expect this standard to have a material impact on our consolidated financial position, results of operations or cash flows. 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 evaluating the impact 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. We are evaluating transition methods and the impact on our consolidated financial position and results of operations. Presentation of Debt Issuance Costs In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs , which required 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.

Share-Based Compensation Plans

Share-Based Compensation Plans (Tables)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2016 2015 2016 2015 (In thousands) Stock option and stock purchase plans $ 1,633 1,948 $ 5,410 6,205 Unvested stock 2,237 2,995 8,460 9,907 Share-based compensation expense 3,870 4,943 13,870 16,112 Income tax benefit (1,321 ) (1,652 ) (4,691 ) (5,395 ) Share-based compensation expense, net of tax $ 2,549 3,291 $ 9,179 10,717 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 September 30, Nine months ended September 30, 2016 2015 2016 2015 (In thousands) Cash awards $ 119 197 $ 447 661
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: Nine months ended September 30, 2016 2015 (Shares 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 87 Total 721 510

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2016 2015 2016 2015 (In thousands, except per share amounts) Earnings per share — Basic: Earnings from continuing operations $ 85,138 90,811 $ 215,365 230,054 Less: Earnings allocated to unvested stock (261 ) (266 ) (674 ) (654 ) Earnings from continuing operations available to common shareholders — Basic $ 84,877 90,545 $ 214,691 229,400 Weighted average common shares outstanding — Basic 52,953 52,888 53,029 52,770 Earnings from continuing operations per common share — Basic $ 1.60 1.71 $ 4.05 4.35 Earnings per share — Diluted: Earnings from continuing operations $ 85,138 90,811 $ 215,365 230,054 Less: Earnings allocated to unvested stock (260 ) (265 ) (672 ) (649 ) Earnings from continuing operations available to common shareholders — Diluted $ 84,878 90,546 $ 214,693 229,405 Weighted average common shares outstanding — Basic 52,953 52,888 53,029 52,770 Effect of dilutive equity awards 338 445 315 476 Weighted average common shares outstanding — Diluted 53,291 53,333 53,344 53,246 Earnings from continuing operations per common share — Diluted $ 1.59 1.70 $ 4.02 4.31 Anti-dilutive equity awards not included above 653 352 836 300

Revenue Earning Equipment (Tabl

Revenue Earning Equipment (Tables)	9 Months Ended
	Sep. 30, 2016
Revenue Earning Equipment [Abstract]
Summary of revenue earning equipment	September 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 $ 9,460,749 (2,979,195 ) 6,481,554 $ 8,839,941 (2,723,605 ) 6,116,336 Commercial rental 2,529,929 (893,545 ) 1,636,384 2,811,715 (907,412 ) 1,904,303 Held for sale 503,160 (346,266 ) 156,894 496,634 (332,538 ) 164,096 Total $ 12,493,838 (4,219,006 ) 8,274,832 $ 12,148,290 (3,963,555 ) 8,184,735 ———————————— (1) Revenue earning equipment, net includes vehicles acquired under capital leases of $42.9 million , less accumulated depreciation of $21.6 million , at September 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) September 30, Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 2016 2015 (In thousands) Assets held for sale: Revenue earning equipment (1) : Trucks $ 17,091 7,701 $ 2,528 1,657 $ 6,842 4,400 Tractors 61,480 10,093 7,985 2,062 22,073 3,970 Trailers 2,563 1,195 1,152 610 2,589 1,582 Total assets at fair value $ 81,134 18,989 $ 11,665 4,329 $ 31,504 9,952 ———————————— (1) Assets held for sale in the above table only include the portion of revenue earning equipment held for sale where net book values exceeded fair values and fair value adjustments were recorded. The net book value of assets held for sale not exceeding fair value was $75.8 million and $145.1 million as of September 30, 2016 and 2015 , respectively. (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 nine months ended September 30, 2016 and 2015 , the components of gains on used vehicles, net were as follows: Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 (In thousands) Gains on vehicle sales, net $ (13,538 ) (29,294 ) $ (64,506 ) (92,110 ) Losses from fair value adjustments 11,665 4,329 31,504 9,952 Gains on used vehicles, net $ (1,873 ) (24,965 ) $ (33,002 ) (82,158 )

Accrued Expenses and Other Li25

Accrued Expenses and Other Liabilities (Tables)	9 Months Ended
	Sep. 30, 2016
Accrued Liabilities and Other Liabilities [Abstract]
Accrued Expenses and Other Liabilities	September 30, 2016 December 31, 2015 Accrued Expenses Non-Current Liabilities Total Accrued Expenses Non-Current Liabilities Total (In thousands) Salaries and wages $ 88,592 — 88,592 $ 99,032 — 99,032 Deferred compensation 2,874 44,702 47,576 2,252 41,691 43,943 Pension benefits 3,808 466,721 470,529 3,790 484,892 488,682 Other postretirement benefits 1,634 19,536 21,170 1,624 20,002 21,626 Other employee benefits 23,843 5,040 28,883 8,956 9,706 18,662 Insurance obligations (1) 140,528 221,254 361,782 157,014 213,256 370,270 Environmental liabilities 3,839 5,911 9,750 3,791 6,554 10,345 Operating taxes 96,813 — 96,813 101,649 — 101,649 Income taxes 444 23,467 23,911 3,378 22,366 25,744 Interest 37,128 — 37,128 31,218 — 31,218 Customer deposits 62,035 4,688 66,723 61,869 5,085 66,954 Deferred revenue 14,556 — 14,556 13,038 — 13,038 Restructuring liabilities (2) 2,391 — 2,391 12,333 — 12,333 Other 38,377 25,913 64,290 43,408 26,043 69,451 Total $ 516,862 817,232 1,334,094 $ 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)	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Schedule of debt	Weighted-Average Interest Rate September 30, December 31, Maturities September 30, December 31, (In thousands) Short-term debt and current portion of long-term debt: Short-term debt 0.92% 2.26% $ 133,713 35,947 Current portion of long-term debt 921,433 598,583 Total short-term debt and current portion of long-term debt 1,055,146 634,530 Long-term debt: U.S. commercial paper (1) 0.76% 0.55% 2020 490,685 547,130 Global revolving credit facility 2.06% 2.31% 2020 60,885 25,291 Unsecured U.S. notes — Medium-term notes (1) 2.91% 2.84% 2016-2025 4,113,583 4,112,519 Unsecured U.S. obligations 2.09% 1.73% 2018 50,000 50,000 Unsecured foreign obligations 1.74% 1.92% 2017-2020 248,376 275,661 Asset-backed U.S. obligations (2) 1.77% 1.81% 2016-2022 395,898 434,001 Capital lease obligations 3.18% 3.31% 2016-2023 25,818 32,054 Total before fair market value adjustment 5,385,245 5,476,656 Fair market value adjustment on notes subject to hedging (3) 14,213 5,253 Debt issuance costs (4) (13,530 ) (15,229 ) 5,385,928 5,466,680 Current portion of long-term debt (921,433 ) (598,583 ) Long-term debt 4,464,495 4,868,097 Total debt $ 5,519,641 5,502,627 ———————————— (1) Amounts are net of aggregate unamortized original issue discounts of $6.8 million and $7.7 million at September 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 September 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 Comprehensi27

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Sep. 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 — 14,052 134 14,186 Other current period change (37,874 ) (5,495 ) (5,527 ) (48,896 ) September 30, 2016 $ (173,894 ) (568,436 ) (5,115 ) (747,445 ) 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 — 14,605 (1,066 ) 13,539 Other current period change (73,093 ) (5,321 ) — (78,414 ) September 30, 2015 $ (109,180 ) (576,657 ) 692 (685,145 ) _______________________ (1) These amounts are included in the computation of net pension expense. See Note 11 , " Employee Benefit Plans ," for further information.

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	9 Months Ended
	Sep. 30, 2016
Compensation and Retirement Disclosure [Abstract]
Components of net periodic benefit cost	Components of net pension expense were as follows: Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 (In thousands) Pension Benefits Company-administered plans: Service cost $ 2,660 3,612 $ 9,065 10,805 Interest cost 22,754 21,777 72,086 65,712 Expected return on plan assets (22,601 ) (24,697 ) (68,353 ) (74,618 ) Amortization of: Net actuarial loss 7,324 7,665 23,889 23,137 Prior service cost/(credit) 320 (80 ) 3,060 (230 ) 10,457 8,277 39,747 24,806 Union-administered plans 2,493 1,772 7,221 6,057 Net pension expense $ 12,950 10,049 $ 46,968 30,863 Company-administered plans: U.S. $ 10,952 8,746 $ 41,389 26,237 Non-U.S. (495 ) (469 ) (1,642 ) (1,431 ) 10,457 8,277 39,747 24,806 Union-administered plans 2,493 1,772 7,221 6,057 Net pension expense $ 12,950 10,049 $ 46,968 30,863

Supplemental Cash Flow Inform29

Supplemental Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2016
Supplemental Cash Flow Elements [Abstract]
Supplemental cash flow information	Supplemental cash flow information was as follows: Nine months ended September 30, 2016 2015 (In thousands) Interest paid $ 100,903 110,141 Income taxes paid 12,250 13,635 Changes in accounts payable related to purchases of revenue earning equipment (107,177 ) 18,307 Operating and revenue earning equipment acquired under capital leases 947 5,956

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 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 nine months ended September 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 September 30, 2016 Revenue from external customers $ 1,046,599 260,921 416,898 — 1,724,418 Inter-segment revenue 108,412 — — (108,412 ) — Total revenue $ 1,155,011 260,921 416,898 (108,412 ) 1,724,418 Segment EBT $ 112,282 17,587 30,954 (12,606 ) 148,217 Unallocated CSS (9,313 ) Non-operating pension costs (7,206 ) Earnings from continuing operations before income taxes $ 131,698 Segment capital expenditures paid (1) $ 375,779 1,060 8,181 — 385,020 Unallocated CSS capital expenditures paid 6,157 Capital expenditures paid $ 391,177 For the three months ended September 30, 2015 Revenue from external customers $ 1,054,840 226,921 387,305 — 1,669,066 Inter-segment revenue 102,738 — — (102,738 ) — Total revenue $ 1,157,578 226,921 387,305 (102,738 ) 1,669,066 Segment EBT $ 126,433 13,296 26,573 (11,998 ) 154,304 Unallocated CSS (10,070 ) Non-operating pension costs (4,780 ) Other items (2) 446 Earnings from continuing operations before income taxes $ 139,900 Segment capital expenditures paid (1) $ 740,049 1,175 4,195 — 745,419 Unallocated CSS capital expenditures paid 12,657 Capital expenditures paid $ 758,076 ———————————— (1) Excludes revenue earning equipment acquired under capital leases. (2) Consists of pension-related adjustments and certain professional fees associated with cost savings initiatives. FMS DTS SCS Eliminations Total (In thousands) For the nine months ended September 30, 2016 Revenue from external customers $ 3,086,144 764,025 1,207,665 — 5,057,834 Inter-segment revenue 318,308 — — (318,308 ) — Total revenue $ 3,404,452 764,025 1,207,665 (318,308 ) 5,057,834 Segment EBT $ 306,387 48,327 79,121 (37,116 ) 396,719 Unallocated CSS (30,193 ) Non-operating pension costs (21,691 ) Pension-related adjustments (1) (7,650 ) Earnings from continuing operations before income taxes $ 337,185 Segment capital expenditures paid (2) $ 1,438,104 1,940 52,643 — 1,492,687 Unallocated CSS capital expenditures paid 18,672 Capital expenditures paid $ 1,511,359 For the nine months ended September 30, 2015 Revenue from external customers $ 3,080,756 663,094 1,155,300 — 4,899,150 Inter-segment revenue 313,321 — — (313,321 ) — Total revenue $ 3,394,077 663,094 1,155,300 (313,321 ) 4,899,150 Segment EBT $ 338,603 34,701 69,961 (35,120 ) 408,145 Unallocated CSS (32,936 ) Non-operating pension costs (14,351 ) Other items (3) (3,334 ) Earnings from continuing operations before income taxes $ 357,524 Segment capital expenditures paid (2) $ 2,040,334 2,530 13,752 — 2,056,616 Unallocated CSS capital expenditures paid 30,678 Capital expenditures paid $ 2,087,294 ———————————— (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) Consists of pension-related adjustments and certain professional fees associated with cost savings initiatives.

Recent Accounting Pronounceme31

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

Share-Based Compensation Plan32

Share-Based Compensation Plans Share-based compensation expense and income tax benefits recognized during the periods (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 3,870	$ 4,943	$ 13,870	$ 16,112
Income tax benefit	(1,321)	(1,652)	(4,691)	(5,395)
Share-based compensation expense, net of tax	2,549	3,291	9,179	10,717
Stock Option and Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	1,633	1,948	5,410	6,205
Nonvested Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 2,237	$ 2,995	$ 8,460	$ 9,907

Share-Based Compensation Plan33

Share-Based Compensation Plans Compensation expense recognized for market-based cash awards (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Cash awards	$ 119	$ 197	$ 447	$ 661

Share-Based Compensation Plan34

Share-Based Compensation Plans Summary of the awards granted under the Plains (Details) - shares shares in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total (in shares)	721	510
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	87

Share-Based Compensation Plan35

Share-Based Compensation Plans (Details Textual) $ in Millions	9 Months Ended
	Sep. 30, 2016USD ($)
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Compensation cost not yet recognized	$ 21.2
Compensation cost not yet recognized, period for recognition	1 year 9 months

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Earnings per share — Basic:
Earnings from continuing operations	$ 85,138	$ 90,811	$ 215,365	$ 230,054
Less: Earnings allocated to unvested stock	(261)	(266)	(674)	(654)
Earnings from continuing operations available to common shareholders — Basic	$ 84,877	$ 90,545	$ 214,691	$ 229,400
Weighted average common shares outstanding - Basic (shares)	52,953	52,888	53,029	52,770
Earnings from continuing operations per common share — Basic (in dollars per share)	$ 1.60	$ 1.71	$ 4.05	$ 4.35
Earnings per share — Diluted:
Earnings from continuing operations	$ 85,138	$ 90,811	$ 215,365	$ 230,054
Less: Earnings allocated to unvested stock	(260)	(265)	(672)	(649)
Earnings from continuing operations available to common shareholders — Diluted	$ 84,878	$ 90,546	$ 214,693	$ 229,405
Weighted average common shares outstanding - Basic (shares)	52,953	52,888	53,029	52,770
Effect of dilutive equity awards (shares)	338	445	315	476
Weighted average common shares outstanding — Diluted (shares)	53,291	53,333	53,344	53,246
Earnings from continuing operations per common share — Diluted (in dollars per share)	$ 1.59	$ 1.70	$ 4.02	$ 4.31
Anti-dilutive equity awards not included above (shares)	653	352	836	300

Revenue Earning Equipment Sched

Revenue Earning Equipment Schedule of Revenue Earning Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Revenue Earning Equipment [Line Items]
Cost	$ 12,493,838	$ 12,148,290
Accumulated Depreciation	(4,219,006)	(3,963,555)
Net Book Value	8,274,832	8,184,735
Held for use: Full service lease [Member]
Revenue Earning Equipment [Line Items]
Cost	9,460,749	8,839,941
Accumulated Depreciation	(2,979,195)	(2,723,605)
Net Book Value	6,481,554	6,116,336
Held for use: Commercial rental [Member]
Revenue Earning Equipment [Line Items]
Cost	2,529,929	2,811,715
Accumulated Depreciation	(893,545)	(907,412)
Net Book Value	1,636,384	1,904,303
Held-for-sale [Member]
Revenue Earning Equipment [Line Items]
Cost	503,160	496,634
Accumulated Depreciation	(346,266)	(332,538)
Net Book Value	156,894	164,096
Assets Held under Capital Leases [Member]
Revenue Earning Equipment [Line Items]
Cost	42,900	47,500
Accumulated Depreciation	$ (21,600)	$ (22,200)

Revenue Earning Equipment Level

Revenue Earning Equipment Level 3 Fair Value Measurement (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenue Earning Equipment [Line Items]
Total Losses	$ 11,665	$ 4,329	$ 31,504	$ 9,952
Assets Held-for-sale, Long Lived, Fair Value Disclosure	75,800	145,100	75,800	145,100
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member]
Revenue Earning Equipment [Line Items]
Assets Held For Sale Fair Value Disclosure	81,134	18,989	81,134	18,989
Total Losses	11,665	4,329	31,504	9,952
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Trucks [Member]
Revenue Earning Equipment [Line Items]
Assets Held For Sale Fair Value Disclosure	17,091	7,701	17,091	7,701
Total Losses	2,528	1,657	6,842	4,400
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Tractors [Member]
Revenue Earning Equipment [Line Items]
Assets Held For Sale Fair Value Disclosure	61,480	10,093	61,480	10,093
Total Losses	7,985	2,062	22,073	3,970
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Trailers [Member]
Revenue Earning Equipment [Line Items]
Assets Held For Sale Fair Value Disclosure	2,563	1,195	2,563	1,195
Total Losses	$ 1,152	$ 610	$ 2,589	$ 1,582

Revenue Earning Equipment Recog

Revenue Earning Equipment Recognized Gains on Used Vehicles (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenue Earning Equipment [Abstract]
Gains on vehicle sales, net	$ (13,538)	$ (29,294)	$ (64,506)	$ (92,110)
Losses from fair value adjustments	11,665	4,329	31,504	9,952
Gains on used vehicles, net	$ (1,873)	$ (24,965)	$ (33,002)	$ (82,158)

Revenue Earning Equipment (Deta

Revenue Earning Equipment (Details Textual) - USD ($)	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Revenue Earning Equipment [Line Items]
Net investment in direct financing and sales-type leases	$ 418,000,000	$ 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

Accrued Expenses and Other Li41

Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Accrued Expenses
Salaries and wages	$ 88,592	$ 99,032
Deferred compensation	2,874	2,252
Pension benefits	3,808	3,790
Other postretirement benefits	1,634	1,624
Other employee benefits	23,843	8,956
Insurance obligations	140,528	157,014
Environmental liabilities	3,839	3,791
Operating taxes	96,813	101,649
Income taxes	444	3,378
Interest	37,128	31,218
Customer deposits	62,035	61,869
Deferred revenue	14,556	13,038
Restructuring liabilities	2,391	12,333
Other	38,377	43,408
Total	516,862	543,352
Non-Current Liabilities
Salaries and wages	0	0
Deferred compensation	44,702	41,691
Pension benefits	466,721	484,892
Other postretirement benefits	19,536	20,002
Other employee benefits	5,040	9,706
Insurance obligations	221,254	213,256
Environmental liabilities	5,911	6,554
Operating taxes	0	0
Income taxes	23,467	22,366
Interest	0	0
Customer deposits	4,688	5,085
Deferred revenue	0	0
Restructuring liabilities	0	0
Other	25,913	26,043
Total	817,232	829,595
Total
Salaries and wages	88,592	99,032
Deferred compensation	47,576	43,943
Pension benefits	470,529	488,682
Other postretirement benefits	21,170	21,626
Other employee benefits	28,883	18,662
Insurance obligations	361,782	370,270
Environmental liabilities	9,750	10,345
Operating taxes	96,813	101,649
Income taxes	23,911	25,744
Interest	37,128	31,218
Customer deposits	66,723	66,954
Deferred revenue	14,556	13,038
Restructuring liabilities	2,391	12,333
Other	64,290	69,451
Total	$ 1,334,094	$ 1,372,947

Debt Schedule of Debt (Details)

Debt Schedule of Debt (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Short-term debt and current portion of long-term debt:
Short-term debt, weighted-average interest rate	0.92%	2.26%
Short-term debt	$ 133,713,000	$ 35,947,000
Current portion of long-term debt	921,433,000	598,583,000
Total short-term debt and current portion of long-term debt	1,055,146,000	634,530,000
Long-term debt:
Total before fair market value adjustment	5,385,245,000	5,476,656,000
Fair market value adjustment on notes subject to hedging	14,213,000	5,253,000
Total after fair market value adjustment	5,385,928,000	5,466,680,000
Current portion of long-term debt	(921,433,000)	(598,583,000)
Long-term debt	4,464,495,000	4,868,097,000
Total debt	5,519,641,000	5,502,627,000
Unamortized original issue discounts	6,800,000	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	0.76%	0.55%
U.S. commercial paper	$ 490,685,000	$ 547,130,000
Global revolving credit facility [Member]
Long-term debt:
Long-term debt, weighted-average interest rate	2.06%	2.31%
Global revolving credit facility	$ 60,885,000	$ 25,291,000
Unsecured U.S. notes - Medium-term notes [Member]
Long-term debt:
Long-term debt, weighted-average interest rate	2.91%	2.84%
Unsecured U.S. notes - Medium-term notes	$ 4,113,583,000	$ 4,112,519,000
Debt issuance costs	$ (13,530,000)	$ (15,229,000)
Unsecured U.S. obligations [Member]
Long-term debt:
Long-term debt, weighted-average interest rate	2.09%	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	1.74%	1.92%
Obligations	$ 248,376,000	$ 275,661,000
Asset-backed U.S. obligations [Member]
Long-term debt:
Long-term debt, weighted-average interest rate	1.77%	1.81%
Obligations	$ 395,898,000	$ 434,001,000
Capital lease obligations [Member]
Long-term debt:
Long-term debt, weighted-average interest rate	3.18%	3.31%
Capital lease obligations	$ 25,818,000	$ 32,054,000

Debt (Details Textual)

Debt (Details Textual)	9 Months Ended
	Sep. 30, 2016USD ($)instution	Feb. 29, 2016USD ($)	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,200,000,000
Number of lending institutions | instution	12
Annual facility fees, percentage	10.00%
Ratio of debt to consolidated net worth	3
Debt to consolidated tangible net worth ratio	206.00%
Line of credit remaining capacity	$ 514,400,000
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	338,900,000		345,700,000
Fair value of total debt	5,210,000,000		5,060,000,000
U.S commercial paper [Member]
Debt Instrument [Line Items]
Commercial paper classified as long term debt	490,685,000		547,130,000
Global Revolving Credit Facility Member
Debt Instrument [Line Items]
Current maturities classified as long-term debt	349,900,000		300,000,000
Short-term maturity classified as long term debt	$ 61,000,000		$ 25,000,000
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	7.50%
Maximum [Member]
Debt Instrument [Line Items]
Annual facility fees, percentage	25.00%

Derivatives (Details)

Derivatives (Details) - USD ($)	Sep. 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	$ 14,200,000	$ 5,400,000

Share Repurchase Programs (Deta

Share Repurchase Programs (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
December 2015 Program [Member]
Accelerated Share Repurchases [Line Items]
Common stock repurchases	$ 25.7	$ 6.1
Common Stock [Member] | December 2015 Program [Member]
Accelerated Share Repurchases [Line Items]
Repurchased and retired shares	379,896	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 Comprehensi46

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ (747,445)	$ (685,145)
Amortization	14,186	13,539
Other current period change	(48,896)	(78,414)
Ending balance	(712,735)	(620,270)
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(173,894)	(109,180)
Other current period change	(37,874)	(73,093)
Ending balance	(136,020)	(36,087)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(568,436)	(576,657)
Amortization	14,052	14,605
Other current period change	(5,495)	(5,321)
Ending balance	(576,993)	(585,941)
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(5,115)	692
Amortization	134	(1,066)
Other current period change	(5,527)	0
Ending balance	$ 278	$ 1,758

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2016	Jun. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 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
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments, Net of Tax			$ 500
Contribution to pension plans				$ 65,300
Estimated total contributions				80,000
Pension Benefits [Member]
Amortization of:
Net pension expense	$ 12,950		10,049	46,968	$ 30,863
Company Administered Plan [Member] | Pension Benefits [Member]
Components of net periodic benefit cost
Service cost	2,660		3,612	9,065	10,805
Interest cost	22,754		21,777	72,086	65,712
Expected return on plan assets	(22,601)		(24,697)	(68,353)	(74,618)
Amortization of:
Net actuarial loss	7,324		7,665	23,889	23,137
Prior service cost/(credit)	320		(80)	3,060	(230)
Net pension expense	10,457		8,277	39,747	24,806
Company Administered Plan [Member] | Pension Benefits U.S. [Member]
Amortization of:
Net pension expense	10,952		8,746	41,389	26,237
Company Administered Plan [Member] | Pension Benefits Non-U.S. [Member]
Amortization of:
Net pension expense	(495)		(469)	(1,642)	(1,431)
Union Administered Plan [Member] | Pension Benefits [Member]
Amortization of:
Net pension expense	$ 2,493		$ 1,772	$ 7,221	$ 6,057

Other Matters (Details)

Other Matters (Details) $ in Millions	Sep. 30, 2016USD ($)
Tax Year 1997 and 1998 [Member] | Brazil state operating tax [Member]
Loss Contingencies [Line Items]
Tax amounts assessed but not reserved	$ 4

Supplemental Cash Flow Inform49

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Supplemental cash flow information
Interest paid	$ 100,903	$ 110,141
Income taxes paid	12,250	13,635
Changes in accounts payable related to purchases of revenue earning equipment	(107,177)	18,307
Operating and revenue earning equipment acquired under capital leases	$ 947	$ 5,956

Segment Reporting (Details)

Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2016	Jun. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Segment Reporting Information [Line Items]
Total revenue	$ 1,724,418		$ 1,669,066	$ 5,057,834	$ 4,899,150
Segment EBT	148,217		154,304	396,719	408,145
Unallocated CSS	(9,313)		(10,070)	(30,193)	(32,936)
Non-operating pension costs	(7,206)		(4,780)	(21,691)	(14,351)
Pension-related adjustments		$ (7,700)		(7,650)
Other items			446		(3,334)
Earnings from continuing operations before income taxes	131,698		139,900	337,185	357,524
Segment capital expenditures paid	385,020		745,419	1,492,687	2,056,616
Unallocated CSS capital expenditures paid	6,157		12,657	18,672	30,678
Capital expenditures paid	391,177		758,076	1,511,359	2,087,294
Fleet Management Solutions [Member]
Segment Reporting Information [Line Items]
Total revenue	1,155,011		1,157,578	3,404,452	3,394,077
Dedicated Transportation Solutions [Member]
Segment Reporting Information [Line Items]
Total revenue	260,921		226,921	764,025	663,094
Supply Chain Solutions [Member]
Segment Reporting Information [Line Items]
Total revenue	416,898		387,305	1,207,665	1,155,300
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Total revenue	(108,412)		(102,738)	(318,308)	(313,321)
Segment EBT	(12,606)		(11,998)	(37,116)	(35,120)
Segment capital expenditures paid	0		0	0	0
Intersegment Eliminations [Member] | Fleet Management Solutions [Member]
Segment Reporting Information [Line Items]
Total revenue	108,412		102,738	318,308	313,321
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	1,046,599		1,054,840	3,086,144	3,080,756
Segment EBT	112,282		126,433	306,387	338,603
Segment capital expenditures paid	375,779		740,049	1,438,104	2,040,334
Operating Segments [Member] | Dedicated Transportation Solutions [Member]
Segment Reporting Information [Line Items]
Total revenue	260,921		226,921	764,025	663,094
Segment EBT	17,587		13,296	48,327	34,701
Segment capital expenditures paid	1,060		1,175	52,643	2,530
Operating Segments [Member] | Supply Chain Solutions [Member]
Segment Reporting Information [Line Items]
Total revenue	416,898		387,305	1,207,665	1,155,300
Segment EBT	30,954		26,573	79,121	69,961
Segment capital expenditures paid	$ 8,181		$ 4,195	$ 1,940	$ 13,752