Ryder System (R) 10-Q 9 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2019shares
Document and Entity Information [Abstract]
Entity Registrant Name	RYDER SYSTEM INC
Entity Central Index Key	0000085961
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding (in shares)	53,300,205

Consolidated Condensed Statemen

Consolidated Condensed Statements of Earnings - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Lease & related maintenance and rental revenues	$ 899,559	$ 824,991
Total revenue	2,180,327	1,904,205
Other operating expenses	33,626	32,975
Selling, general and administrative expenses	231,325	207,828
Non-operating pension costs	6,462	1,222
Used vehicle sales, net	8,217	7,431
Interest expense	55,336	38,160
Miscellaneous income, net	(8,222)	(2,510)
Restructuring and other items, net	6,178	15,121
Total expenses	2,112,176	1,851,506
Earnings from continuing operations before income taxes	68,151	52,699
Provision for income taxes	22,261	15,386
Earnings from continuing operations	45,890	37,313
Loss from discontinued operations, net of tax	(574)	(427)
Net earnings	$ 45,316	$ 36,886
Earnings (loss) per common share — Basic
Continuing operations (in dollars per share)	$ 0.87	$ 0.71
Discontinued operations (in dollars per share)	(0.01)	(0.01)
Net earnings (in dollars per share)	0.86	0.70
Earnings (loss) per common share — Diluted
Continuing operations (in dollars per share)	0.87	0.70
Discontinued operations (in dollars per share)	(0.01)	(0.01)
Net earnings (in dollars per share)	$ 0.86	$ 0.70
Service
Services and fuel services revenue	$ 1,132,048	$ 928,144
Cost of services sold	971,690	788,771
Fuel Services
Services and fuel services revenue	148,720	151,070
Cost of services sold	143,275	146,903
Lease, Related Maintenance and Rental
Cost of services sold	$ 664,289	$ 615,605

Consolidated Condensed Statem_2

Consolidated Condensed Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
Net earnings	$ 45,316	$ 36,886
Other comprehensive income:
Changes in currency translation adjustment and other	15,762	11,765
Amortization of pension and postretirement items	7,468	7,215
Income tax expense related to amortization of pension and postretirement items	(2,014)	(1,609)
Amortization of pension and postretirement items, net of tax	5,454	5,606
Other comprehensive income, net of taxes	21,216	17,371
Comprehensive income	$ 66,532	$ 54,257

Consolidated Condensed Balance

Consolidated Condensed Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 62,787	$ 68,111
Receivables, net of allowance of $17,497 and $17,182, respectively	1,221,769	1,242,058
Inventories	80,082	79,228
Prepaid expenses and other current assets	193,147	178,313
Total current assets	1,557,785	1,567,710
Revenue earning equipment, net	10,009,161	9,415,961
Operating property and equipment, net of accumulated depreciation of $1,277,906 and $1,256,037, respectively	871,524	862,054
Goodwill	474,742	475,206
Intangible assets, net of accumulated amortization of $67,145 and $65,048, respectively	57,068	59,075
Sales-type leases and other assets	978,705	967,802
Total assets	13,948,985	13,347,808
Current liabilities:
Short-term debt and current portion of long-term debt	1,117,489	937,131
Accounts payable	839,792	731,876
Accrued expenses and other current liabilities	797,298	847,739
Total current liabilities	2,754,579	2,516,746
Long-term debt	6,025,679	5,712,146
Other non-current liabilities	1,399,273	1,402,625
Deferred income taxes	1,202,650	1,179,723
Total liabilities	11,382,181	10,811,240
Shareholders’ equity:
Preferred stock, no par value per share — authorized, 3,800,917; none outstanding, March 31, 2019 or December 31, 2018	0	0
Common stock, $0.50 par value per share — authorized, 400,000,000; outstanding, March 31, 2019 — 53,300,205 December 31, 2018 — 53,116,485	26,651	26,559
Additional paid-in capital	1,086,714	1,084,391
Retained earnings	2,343,857	2,337,252
Accumulated other comprehensive loss	(890,418)	(911,634)
Total shareholders’ equity	2,566,804	2,536,568
Total liabilities and shareholders’ equity	$ 13,948,985	$ 13,347,808

Consolidated Condensed Balanc_2

Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Assets:
Allowance for doubtful accounts, current	$ 17,497	$ 17,182
Operating property and equipment, accumulated depreciation	1,277,906	1,256,037
Finite-Lived intangible assets, accumulated amortization	$ 67,145	$ 65,048
Shareholders’ equity:
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
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)	53,300,205	53,116,485

Consolidated Condensed Statem_3

Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities from continuing operations:
Net earnings	$ 45,316	$ 36,886
Less: Loss from discontinued operations, net of tax	(574)	(427)
Earnings from continuing operations	45,890	37,313
Depreciation expense	377,357	332,768
Goodwill impairment charge	0	15,513
Used vehicle sales, net	8,217	7,431
Amortization expense and other non-cash charges, net	48,522	32,061
Non-operating pension costs and share-based compensation expense	13,861	6,563
Deferred income tax expense	19,729	33,076
Collections on sales-type leases	34,017	21,580
Changes in operating assets and liabilities:
Receivables	26,181	22,265
Inventories	(756)	(253)
Prepaid expenses and other assets	(27,645)	(46,053)
Accounts payable	18,586	(30,851)
Accrued expenses and other non-current liabilities	(78,629)	(94,563)
Net cash provided by operating activities from continuing operations	485,330	336,850
Cash flows from financing activities from continuing operations:
Net change in commercial paper borrowings and revolving credit facilities	158,258	237,960
Debt proceeds	799,300	446,500
Debt repaid	(478,411)	(414,299)
Dividends on common stock	(29,301)	(27,795)
Common stock issued	(332)	1,417
Common stock repurchased	(14,156)	(12,921)
Debt issuance costs and other items	(1,070)	(1,259)
Net cash provided by financing activities from continuing operations	434,288	229,603
Cash flows from investing activities from continuing operations:
Purchases of property and revenue earning equipment	(1,026,711)	(662,744)
Sales of revenue earning equipment	101,549	89,023
Sales of operating property and equipment	1,918	933
Net cash used in investing activities from continuing operations	(923,244)	(572,788)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(1,551)	3,519
Decrease in cash, cash equivalents, and restricted cash from continuing operations	(5,177)	(2,816)
Decrease in cash, cash equivalents, and restricted cash from discontinued operations	(147)	(348)
Decrease in cash, cash equivalents, and restricted cash	(5,324)	(3,164)
Cash, cash equivalents, and restricted cash at January 1	68,111	83,022
Cash, cash equivalents, and restricted cash at March 31	$ 62,787	$ 79,858

Consolidated Condensed Statem_4

Consolidated Condensed Statement of Shareholders' Equity - USD ($) $ in Thousands		Total	Preferred Stock	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning balance at Dec. 31, 2017		$ 2,453,577	$ 0	$ 26,478	$ 1,051,017	$ 2,086,918	$ (710,836)
Beginning balance, shares at Dec. 31, 2017				52,955,314
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income		54,257				36,886	17,371
Common stock dividends declared and paid		(27,695)				(27,695)
Common stock issued under employee stock option and stock purchase plans	[1]	1,350		$ 155	1,195
Common stock issued under employee stock option and stock purchase plans (in shares)	[1]			310,173
Benefit plan stock sales	[2]	67		$ 0	67
Benefit plan stock sales (in shares)	[2]			715
Common stock repurchases		(12,922)		$ (86)	(3,354)	(9,482)
Common stock repurchases (in shares)				(171,304)
Share-based compensation		5,341			5,341
Ending balance at Mar. 31, 2018		2,473,975	0	$ 26,547	1,054,266	2,187,194	(794,032)
Ending balance, shares at Mar. 31, 2018				53,094,898
Beginning balance at Dec. 31, 2018		$ 2,536,568	0	$ 26,559	1,084,391	2,337,252	(911,634)
Beginning balance, shares at Dec. 31, 2018		53,116,485		53,116,485
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income		$ 66,532				45,316	21,216
Common stock dividends declared and paid		(29,207)				(29,207)
Common stock issued under employee stock option and stock purchase plans	[1]	(342)		$ 205	(547)
Common stock issued under employee stock option and stock purchase plans (in shares)	[1]			409,294
Benefit plan stock sales	[2]	10		$ 0	10
Benefit plan stock sales (in shares)	[2]			270
Common stock repurchases		(14,156)		$ (113)	(4,539)	(9,504)
Common stock repurchases (in shares)				(225,844)
Share-based compensation		7,399			7,399
Ending balance at Mar. 31, 2019		$ 2,566,804	$ 0	$ 26,651	$ 1,086,714	$ 2,343,857	$ (890,418)
Ending balance, shares at Mar. 31, 2019		53,300,205		53,300,205
[1]	Net of common shares delivered as payment for the exercise price or to satisfy the holders’ withholding tax liability upon exercise of options.
[2]	Represents open-market transactions of common shares by the trustee of Ryder’s deferred compensation plans.

Consolidated Condensed Statem_5

Consolidated Condensed Statement of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per common share (in dollars per share)	$ 0.54	$ 0.52

GENERAL

GENERAL	3 Months Ended
	Mar. 31, 2019
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 2018 Annual Report on Form 10-K and should be read in conjunction with the Consolidated Financial Statements and notes thereto except for the update to our revenue recognition and leases significant accounting policies discussed below. 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 statement have been included and the disclosures herein are adequate. The operating results for interim periods are unaudited and are not necessarily indicative of the results that can be expected for a full year. Update to Significant Accounting Policies Our significant accounting policies are detailed in "Note 1: Summary of Significant Accounting Policies" within Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2018 . As discussed in Note 2 , " Recent Accounting Pronouncements ," effective January 1, 2019, we adopted Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842) using the modified retrospective transition comparative method. We have recast all prior period amounts in this Form 10-Q to conform to the current period presentation based on our adoption of this new accounting standard. Refer to Note 2 , " Recent Accounting Pronouncements ," for additional information on the revised amounts. The significant changes to our accounting policies as a result of adopting Topic 842 are discussed below. Revenue Recognition Lease & related maintenance and rental revenues includes ChoiceLease and commercial rental revenues from our Fleet Management Solutions (FMS) business segment. We offer a full service lease as well as a lease with more flexible maintenance options under our ChoiceLease product line, which are marketed, priced and managed as bundled lease arrangements, and include equipment, service and financing components. We do not offer a stand-alone unbundled lease of new vehicles. We offer rental of vehicles under our commercial rental product line, which allows customers to supplement their fleet of vehicles on a short-term basis. Our ChoiceLease arrangements include the lease of a vehicle (lease component) and the executory agreement for the maintenance, insurance, taxes and other services (non-lease components) related to the leased vehicles during the lease term. We generally lease new vehicles to our customers. Arrangement consideration is allocated between the lease component and non-lease component based on management's best estimate of the relative standalone selling price of each component. Our ChoiceLease arrangements provide for a fixed charge billing and a variable charge billing based on mileage or time usage. Fixed charges are typically billed at the beginning of the month and variable charges are typically billed a month in arrears. Revenue from the lease component of ChoiceLease agreements is recognized based on the classification of the arrangement, typically as either an operating or a sales-type lease. Our commercial rental arrangements include the short-term rental of a vehicle (one day up to one year in length). All of our rental arrangements are classified as operating leases and revenue is recognized on a straight-line basis. The majority of our leases are classified as operating leases and we recognize revenue for the lease component of the product line on a straight-line basis. The non-lease component for maintenance services is accounted for in accordance with revenue guidance in Revenue from Contracts with Customers (Topic 606) . Maintenance services are not typically performed evenly over the life of a ChoiceLease contract as the level of maintenance provided generally increases as vehicles age. We recognize maintenance revenue using an input method, consistent with the estimated pattern of the costs to maintain the underlying vehicles. This will generally result in the recognition of a contract liability for some portion of the customer's payments allocated to the maintenance service component of the arrangement. Included in lease & related maintenance and rental revenues is non-lease revenue from maintenance services recognized in accordance with Topic 606 of $239 million and $223 million for the three months ended March 31, 2019 and 2018, respectively. Effective with the adoption of Topic 842, we recorded an after-tax cumulative effect adjustment to decrease retained earnings as of January 1, 2017, by approximately $315 million primarily to recognize a contract liability (deferred revenue) related to maintenance services, and partially offset by costs capitalized related to sales commissions. We recorded deferred revenue of approximately $564 million and $566 million as of March 31, 2019 and December 31, 2018, respectively, related to the maintenance services component of our ChoiceLease product line. Refer to Note 3 , " Revenue ," and Note 5 , " Accrued Expenses and Other Liabilities ." In addition, we recorded an asset of approximately $92 million and $93 million as of March 31, 2019 and December 31, 2018, respectively; related to incremental sales commissions paid to our sales force as a result of obtaining ChoiceLease contracts. Capitalized sales commissions includes initial direct costs of our leases in the amount of $53 million at March 31, 2019 and December 31, 2018, respectively, accounted for in accordance with Topic 842. Refer to Note 3 , " Revenue ." Lease and rental agreements do not usually provide for scheduled rent increases or escalations. However, most lease agreements allow for rate changes based upon changes in the Consumer Price Index (CPI). ChoiceLease and rental agreements also provide for vehicle usage charges based on a time charge and/or a fixed per-mile charge. The time charge, the per-mile charge and the changes in rates attributed to changes in the CPI are considered contingent rentals and are not considered fixed or determinable until the CPI change or the equipment usage occurs. This consideration is allocated to the lease and non-lease components of the contract as it is billed to the customer based on the allocation determined at contract inception. Variable consideration allocated to the lease component is recognized in revenue on a straight-line basis for the remainder of the contract term and variable consideration allocated to the non-lease component is recognized in revenue using an input method, consistent with the estimated pattern of maintenance costs for the remainder of the contract term. Leases not classified as operating leases are generally considered sales-type leases. We recognize revenue for sales-type leases using the effective interest method, which provides a constant periodic rate of return on the outstanding investment in the lease. We generally lease new vehicles under our sales-type lease arrangements. Therefore, there is generally not a difference between the net investment in the lease and the carrying value of the vehicles, and we do not recognize selling profit or loss at lease commencement. Revenue is recognized net of amounts collected from customers for taxes, such as sales tax, that are remitted to the applicable taxing authorities. Significant Judgments and Estimates Allocating consideration between lease and non-lease components in our ChoiceLease arrangements requires significant judgment. We do not sell the components of our ChoiceLease product offering on a stand-alone basis. Judgment is required to determine the standalone selling prices of the lease and non-lease components in order to allocate the consideration on a relative standalone selling price basis. We determine the standalone price of the lease component using the projected cash flows of the lease assuming a certain targeted return. We consider a number of factors to determine the targeted return, including the net present value of the projected cash flows in a ChoiceLease arrangement discounted at our weighted average cost of capital. Our ChoiceLease arrangements include maintenance as a non-lease component of the contract. We determine the standalone price of the maintenance component using an expected cost plus margin approach. The expected costs are based on our historical costs of providing maintenance services in our ChoiceLease arrangements. The margin is based on historical margin percentages for our full service maintenance contracts in the SelectCare product line, as the maintenance performance obligation in those contracts is similar to maintenance in our ChoiceLease arrangements. Full service maintenance arrangements in SelectCare are priced based on targeted margin percentages for new and used vehicles by type of vehicle (trucks, tractors, and trailers), considering the fixed and variable costs of providing maintenance services. Certain ChoiceLease arrangements include liability and/or physical damage insurance coverage to our customers. We charge a separate fixed monthly rate for these insurance offerings, which represents the standalone selling price. We allocate the contract consideration (excluding insurance) between the lease and maintenance components based on the relative standalone selling prices of each of those services and allocate contract consideration for insurance based on the price of insurance, which is priced separately. If the lessee elects to obtain insurance coverage from us, the consideration for the fixed monthly rate is allocated to the insurance performance obligations. Variable consideration, such as billings for mileage and from changes in CPI, is excluded from the allocation of consideration at the inception of the contract. Revenues associated with licensing and operating taxes that are billed as incurred based on the contract arrangement are also excluded from the allocation of consideration at contract inception and allocated as earned. The variable consideration and licensing and operating tax revenues are allocated to the lease and maintenance components based on the same allocation percentages at contract inception (or the most recent contract modification) when earned. Contract Balances We do not have material contract assets as we generally invoice customers as we perform services. Contract receivables are recorded in “Receivables, net” in the Consolidated Condensed Balance Sheets. Payment terms vary by contract type, although terms generally include a requirement of payment within 15 to 90 days. As a practical expedient, we do not assess whether a contract has a significant financing component as the period between the receipt of customer payment and the transfer of service to the customer is less than a year. Our contract liabilities consist of deferred revenue related to maintenance services. We record deferred revenues when cash payments are received or due in advance of our performance, including amounts that are refundable. We classify deferred revenue for performance obligations we expect to perform within 12 months as current liabilities and for performance obligations to be performed later than 12 months as other non-current liabilities. Revenue is recognized upon satisfaction of the performance obligation. As practical expedients, 1) we do not disclose information about remaining performance obligations that are part of a contract that has an original expected duration of one year or less, and 2) we do not disclose information about remaining performance obligations when we have the right to invoice the customer and the revenue recognized corresponds directly with the value to the customer of our performance completed to date. Leases Leases as Lessor We lease revenue earning equipment to customers for periods ranging from three to seven years for trucks and tractors and up to ten years for trailers. We determine if an arrangement is or contains a lease at inception. The standard lease agreement for revenue earning equipment provides both parties the right to terminate; therefore, we evaluate whether the lessee is reasonably certain to exercise the termination option in order to determine the appropriate lease term. If we terminate, the customer has the right (but not obligation) to purchase the vehicle. If the customer terminates, we have the option to require the customer to purchase the vehicle or pay a termination penalty. Our leases generally do not provide either party an option to renew the lease. We also rent revenue earning equipment to customers on a short-term basis, from one day up to one year in length. From time to time, we may also lease facilities to third parties. The majority of our leases are classified as operating leases. However, some of our revenue earning equipment leases are classified as sales-type leases. Our determination of the residual values (i.e., the price at which we ultimately expect to dispose of revenue earning equipment) is established with a long-term view considering historical market price changes, current and expected future market price trends, expected lives of vehicles and extent of alternative uses. Factors that could cause actual results to materially differ from estimates include, but are not limited to, unforeseen changes in technology innovations, sudden changes in supply and demand, and competitor pricing. We have developed disciplines related to the management and maintenance of our leased vehicles designed to manage the risk associated with the residual values of our revenue earning equipment. In addition, we also monitor market trends throughout the year and assess residual values of vehicles expected to be sold in the near term and may adjust residual values for these vehicles. Leases as Lessee We lease facilities, revenue earning equipment, material handling equipment, automated washing machines, vehicles and office equipment. We determine if an arrangement is or contains a lease at inception. Effective with the adoption of Topic 842, we have established right-of-use (ROU) assets, which represent our right to use an underlying asset for the lease term and lease liabilities, which represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of lease payments over the lease term at commencement date. As most of our leases do not provide an implicit rate of return, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We use the implicit rate when readily determinable. Operating lease ROU assets also exclude lease incentives received. We pay variable lease charges related to property taxes, insurance and maintenance as well as changes in CPI for leased facilities; equipment usage for revenue earning equipment, automated washing machines, vehicles and office equipment; and hours of operation for material handling equipment. For leases with a term of 12 months or less, with the exception of our real estate leases, we recognize lease payments in our income statement on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred. Lease terms for the facilities are generally three to five years with one or more five -year renewal options and the lease terms for revenue earning equipment, material handling equipment, automated washing machines and vehicles typically range from three to seven years typically with no extension options. For purposes of calculating ROU assets and operating lease liabilities, lease terms may be deemed to include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Macroeconomic conditions is the primary factor used to estimate whether an option to extend a lease term will be exercised or not. None of our leasing arrangements contain restrictive financial covenants. Certain of our material handling equipment leases have residual value guarantees. We recorded operating lease ROU assets and finance lease assets totaling approximately $235 million and $245 million as of March 31, 2019 and December 31, 2018, respectively, related to leases as lessee. Refer to Note 6 , " Leases ".

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Mar. 31, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS Cloud Computing Arrangements In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal Use Software (Topic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which amends ASC 350-40 to address a customer’s accounting for implementation costs incurred in a cloud computing arrangement (CCA) that is a service contract. ASU 2018-15 aligns the accounting for costs incurred to implement a CCA that is a service arrangement with the guidance on capitalizing costs associated with developing or obtaining internal-use software. The standard is effective for fiscal years beginning after December 15, 2019, with early adoption permitted. Entities are permitted to apply either a retrospective or prospective approach to adopt the guidance. We are currently evaluating the impact of the adoption of this update on our consolidated financial position, results of operations, and cash flows. Derivatives and Hedging In August 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2017-12, Derivatives and Hedging (Topic 815) , which simplifies and clarifies the accounting and disclosure for hedging activities by more closely aligning the results of cash flow and fair value hedge accounting with the risk management activities of an entity. The amendments in this update are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018, with early adoption permitted. We adopted this standard during the first quarter of 2018 and it did not impact our consolidated financial position, results of operations or cash flows. Leases In February 2016, the FASB issued Topic 842, which sets out the principles for the identification, measurement, recognition, presentation and disclosure of leases. The FASB issued a number of subsequent updates to the standard. Topic 842 impacts the accounting for both lessors and lessees. We have adopted the standard effective January 1, 2019, using the modified retrospective transition method and initial application date of January 1, 2017. For all our facilities and equipment that we lease, we have elected the practical expedient to combine lease and non-lease components. For our existing operating and finance leases that commenced before the date of initial application, we have made an accounting policy election, as lessee, to use the incremental borrowing rate for our leases considering the remaining lease term and remaining minimum rental payments. After lease commencement of our operating leases as lessee, unless the ROU assets are impaired, we have made an accounting policy election to subsequently measure operating lease ROU assets by amortizing the ROU assets calculated as the difference between the straight line cost for the period (including amortization of initial direct costs) and the periodic accretion of the lease liability using the effective interest method. In calculating the change in ROU assets from a lease modification that decreases our rights as lessee to use one or more underlying assets, we have made an accounting policy election of remeasuring the ROU asset based on how much of the original right of use remains after modification. The new standard requires lessors to identify and evaluate the lease and non-lease components in arrangements containing a lease, provides clarification on the scope of non-lease components and provides more guidance on how to identify and separate the components. From a lessor perspective, the adoption of the new lease standard primarily impacts our ChoiceLease product line, which includes a vehicle lease as well as maintenance and other services. The standard requires lessees to classify leases as either finance or operating leases. This classification determines whether the related expense is recognized based on asset amortization and interest on the obligation (finance leases) or on a straight-line basis over the term of the lease (operating lease). We recorded a ROU asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. We have elected the practical expedient in Topic 842 to not apply these recognition requirements to leases with a term of 12 months or less with the exception of our real estate leases. Instead we recognize the lease payments in profit or loss on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred. Adoption of the new lease standard impacted our previously reported Consolidated Condensed Statements of Earnings and Comprehensive Income results as follows (in millions, except per share amounts): Three months ended March 31, 2018 As Previously Lessor Lessee and Other Reported Adjustments (1) Adjustments (1) As Revised Lease & related maintenance and rental revenues $ 824.3 0.5 0.3 825.0 Total revenues 1,903.5 0.5 0.3 1,904.2 Cost of lease & related maintenance and rental 619.2 (3.6 ) — 615.6 Cost of services (2) 787.2 — 1.5 788.8 Other operating expenses 33.5 — (0.5 ) 33.0 Selling, general and administrative expenses (2) 208.6 (0.4 ) (0.4 ) 207.8 Interest expense 37.8 — 0.4 38.2 Restructuring and other items, net (2) 16.0 — (0.9 ) 15.1 Earnings from continuing operations before income taxes 48.1 4.5 0.1 52.7 Provision for income taxes 14.2 1.2 — 15.4 Earnings from continuing operations 33.9 3.3 0.1 37.3 Net earnings 33.5 3.3 0.1 36.9 Comprehensive income 51.0 3.4 — 54.3 Earnings per common share - Basic Continuing operations $ 0.65 0.06 — 0.71 Net earnings $ 0.64 0.06 — 0.70 Earnings per common share - Diluted Continuing operations $ 0.64 0.06 — 0.70 Net earnings $ 0.63 0.06 — 0.70 ———————————— (1) Amounts include the correction of a prior period error. The primary components of the error correction are a reduction of "Lease & related maintenance and rental revenues" of approximately $4.7 million and an offsetting reduction in depreciation expense (included in "Cost of lease & related maintenance and rental") of approximately $4.7 million . We determined certain lessor arrangements of revenue earning equipment historically accounted for as operating leases should have been accounted for as direct financing leases. Additionally, we evaluated our leases for classification and determined that certain lessee arrangements, primarily real estate leases, historically accounted for as operating leases should have been accounted for as capital leases. We concluded these errors were not material to any of our previously issued consolidated financial statements. (2) Adjustments primarily reflects the reclassification of our Singapore operations into "Restructuring and other items, net," that we will shut down during 2019. Note: Amounts may not be additive due to rounding. Adoption of the new lease standard impacted our previously reported Consolidated Condensed Balance Sheet as follows (in millions): December 31, 2018 As Previously Lessor Lessee Reported Adjustments (1) Adjustments (1) As Revised Receivables, net $ 1,219.4 22.6 — 1,242.1 Prepaid expenses and other current assets 201.6 (23.3 ) — 178.3 Total current assets 1,568.4 (0.7 ) — 1,567.7 Revenue earning equipment, net 9,498.0 (84.2 ) 2.2 9,416.0 Operating property and equipment, net 843.8 — 18.2 862.1 Sales-type leases and other assets 606.6 156.8 204.3 967.8 Total assets 13,051.1 72.0 224.7 13,347.8 Short-term debt and current portion of long term-debt 930.0 — 7.2 937.1 Accrued expenses and other current liabilities 630.5 145.1 72.2 847.7 Total current liabilities 2,292.3 145.1 79.3 2,516.7 Long-term debt 5,693.6 — 18.5 5,712.1 Other non-current liabilities 849.9 421.2 131.5 1,402.6 Deferred income taxes 1,304.8 (124.6 ) (0.5 ) 1,179.7 Total liabilities 10,140.8 441.7 228.8 10,811.2 Retained earnings 2,710.7 (369.6 ) (3.8 ) 2,337.3 Accumulated other comprehensive loss (911.3 ) (0.1 ) (0.2 ) (911.6 ) Total shareholders' equity 2,910.3 (369.7 ) (4.1 ) 2,536.6 Total liabilities and shareholders' equity 13,051.1 72.0 224.7 13,347.8 ———————————— (1) Amounts include the correction of a prior period error. The primary components of the error correction are an increase in "Receivables, net" of approximately $24 million , an increase in sales-type leases and other assets of approximately $65 million and a reduction in "Revenue earning equipment, net" of $83 million . We determined certain lessor arrangements of revenue earning equipment historically accounted for as operating leases should have been accounted for as direct financing leases. Additionally, we evaluated our leases for classification and determined that certain lessee arrangements, primarily real estate leases, historically accounted for as operating leases should have been accounted for as capital leases. We concluded these errors were not material to any of our previously issued consolidated financial statements. Note: Amounts may not be additive due to rounding. Adoption of the new lease standard impacted our previously reported Consolidated Condensed Statements of Cash Flows as follows (in millions): Three months ended March 31, 2018 As Previously Reported New Lease Standard Adjustments As Revised Net earnings 33.5 3.4 36.9 Earnings from continuing operations 33.9 3.4 37.3 Depreciation expense 336.7 (3.9 ) 332.8 Amortization expense and other non-cash charges, net 13.6 18.5 32.1 Deferred income tax expense 31.9 1.2 33.1 Collections on sales-type leases and other items — 21.6 21.6 Changes in operating assets and liabilities: Prepaid expenses and other assets (26.0 ) (20.1 ) (46.1 ) Accrued expenses and other non-current liabilities (95.9 ) 1.3 (94.6 ) Net cash provided by operating activities from continuing operations 314.9 22.0 336.9 Debt repaid (412.1 ) (2.2 ) (414.3 ) Net cash provided by financing activities from continuing operations 231.8 (2.2 ) 229.6 Collections on direct finance leases and other items 19.7 (19.7 ) — Net cash used in investing activities from continuing operations (553.0 ) (19.7 ) (572.8 ) Note: Amounts may not be additive due to rounding.

REVENUE

REVENUE	3 Months Ended
	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE Disaggregation of Revenue The following tables disaggregate our revenue by primary geographical market, major product/service lines, and industry. During 2019, we adopted Topic 842 and have retrospectively adjusted 2018 for the impact of this new standard. Primary Geographical Markets Three months ended March 31, 2019 FMS DTS SCS Eliminations Total (In thousands) United States $ 1,198,943 349,621 529,393 (151,163 ) 1,926,794 Canada 74,014 — 49,708 (5,401 ) 118,321 Europe 78,642 — — — 78,642 Mexico — — 53,277 — 53,277 Singapore — — 3,293 — 3,293 Total revenue $ 1,351,599 349,621 635,671 (156,564 ) 2,180,327 Three months ended March 31, 2018 FMS DTS SCS Eliminations Total (In thousands) United States (1) 1,085,446 298,970 401,883 (127,716 ) 1,658,583 Canada 74,808 — 43,093 (4,806 ) 113,095 Europe 82,796 — — — 82,796 Mexico (1) — — 44,032 — 44,032 Singapore — — 5,699 — 5,699 Total revenue 1,243,050 298,970 494,707 (132,522 ) 1,904,205 ———————————— (1) 2018 SCS total revenue amounts for the United States and Mexico include reclassifications to conform to the current period presentation. Major Products/Service Lines Three months ended March 31, 2019 FMS DTS SCS Eliminations Total (In thousands) ChoiceLease $ 748,579 — — (68,191 ) 680,388 SelectCare 135,779 — — (12,250 ) 123,529 Commercial rental 236,148 — — (16,977 ) 219,171 Fuel 207,866 — — (59,146 ) 148,720 Other 23,227 — — — 23,227 DTS — 349,621 — — 349,621 SCS — — 635,671 — 635,671 Total revenue $ 1,351,599 349,621 635,671 (156,564 ) 2,180,327 Three months ended March 31, 2018 FMS DTS SCS Eliminations Total (In thousands) ChoiceLease 690,902 — — (60,377 ) 630,525 SelectCare 121,873 — — (9,344 ) 112,529 Commercial rental 204,530 — — (10,064 ) 194,466 Fuel 203,807 — — (52,737 ) 151,070 Other 21,938 — — — 21,938 DTS — 298,970 — — 298,970 SCS — — 494,707 — 494,707 Total revenue 1,243,050 298,970 494,707 (132,522 ) 1,904,205 Industry Our SCS business segment includes revenue from the below industries: Three months ended March 31, 2019 2018 (In thousands) Automotive $ 253,679 207,792 Technology and healthcare 113,668 103,097 CPG and retail 217,098 135,358 Industrial and other 51,226 48,460 Total revenue $ 635,671 494,707 Contract Balances We record a receivable related to revenue recognized when we have an unconditional right to invoice. There were no material contract assets as of March 31, 2019 or December 31, 2018 . Trade receivables were $1.06 billion and $1.09 billion at March 31, 2019 and December 31, 2018 , respectively. Impairment losses on receivables were not material during the first quarters of 2019 and 2018. Contract liabilities relate to payments received in advance of performance under the contract. Changes in contract liabilities are due to our performance under the contract. The amount of revenue recognized during the three months ended March 31, 2019 , that was included within deferred revenue at January 1, 2019, was $58 million . In addition, we deferred $57 million of revenue during the first quarter of 2019 . Refer to Note 5 , " Accrued Expenses and Other Liabilities ," for additional information on deferred revenue. Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized (“contracted not recognized revenue”). Contracted not recognized revenue includes deferred revenue and amounts for full service ChoiceLease maintenance revenue that will be invoiced and recognized as revenue in future periods as we provide maintenance services to our customers. Contracted not recognized revenue excludes variable revenue as it is not included in the transaction price consideration allocated at contract inception. Contracted not recognized revenue was $2.7 billion as of March 31, 2019. As a practical expedient, revenue related to our insurance performance obligations is excluded from contracted not recognized revenue since insurance coverage is provided over time, and we recognize revenue in the amount we have the right to bill the customer, which corresponds directly with the value to the customer of our performance completed to date. Costs to Obtain and Fullfill a Contract We capitalize incremental sales commissions paid to our sales force as a result of obtaining ChoiceLease, DTS and SCS service contracts as contract costs. We recorded capitalized sales commissions of $106 million and $107 million at March 31, 2019 and December 31, 2018, respectively. Capitalized sales commissions includes initial direct costs of our leases in the amount of $53 million at March 31, 2019 and December 31, 2018, respectively, accounted for in accordance with Topic 842. Capitalized sales commissions are presented in “Prepaid expenses and other current assets” and “Sales-type leases and other assets” in our Consolidated Condensed Balance Sheets. Capitalized sales commissions related to our ChoiceLease product are amortized based on the same pattern that the revenue is recognized for the underlying lease or non-lease components of the contract. Incremental sales commissions capitalized in connection with our ChoiceLease contracts relate to the lease component and non-lease maintenance components of our contracts. We allocate the ChoiceLease commissions to the lease and non-lease components based on the same allocation of the contract consideration. The portion of capitalized commissions related to the lease component is amortized on a straight-line basis and the portion of the capitalized commissions related to the maintenance portion is amortized consistent with the estimated pattern of maintenance costs. The amortization period aligns with the term of our contract, which typically ranges from three to seven years, and amortization expense is included in “Selling, general and administrative expenses” in our Consolidated Condensed Statements of Earnings. Capitalized commissions related to our DTS and SCS service contracts are amortized based on the same patten that the revenue is recognized for the underlying contracts. This generally results in a straight-line amortization as the amount of revenue billed to the customer under DTS and SCS contracts corresponds directly with the value to the customer of our performance completed to date. The amortization period aligns with the term of the contract, which typically ranges from three to five years, and amortization expense is included in “Selling, general and administrative expenses” in our Consolidated Condensed Statement of Earnings. For the three months ended March 31, 2019 and 2018, the amount of amortization was $11 million and $6 million , respectively. As a practical expedient, we recognize the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that we otherwise would have recognized is one year or less.

REVENUE EARNING EQUIPMENT, NET

REVENUE EARNING EQUIPMENT, NET	3 Months Ended
	Mar. 31, 2019
Revenue Earning Equipment [Abstract]
REVENUE EARNING EQUIPMENT, NET	REVENUE EARNING EQUIPMENT, NET March 31, 2019 December 31, 2018 Cost Accumulated Depreciation Net Book Value (1) Cost Accumulated Depreciation Net Book Value (1) (In thousands) Held for use: ChoiceLease $ 11,331,946 (3,743,391 ) 7,588,555 10,824,989 (3,645,655 ) 7,179,334 Commercial rental 3,315,660 (1,047,437 ) 2,268,223 3,152,908 (1,047,346 ) 2,105,562 Held for sale 537,173 (384,790 ) 152,383 467,093 (336,028 ) 131,065 Total $ 15,184,779 (5,175,618 ) 10,009,161 14,444,990 (5,029,029 ) 9,415,961 ———————————— (1) Revenue earning equipment, net includes vehicles under finance leases of $12 million , less accumulated depreciation of $6 million , at March 31, 2019 , and $23 million , less accumulated depreciation of $13 million , at December 31, 2018 . 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 sales centers and are presented within “Used vehicle sales, 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. Expected declines in market prices were also considered when valuing the vehicles held for sale. These vehicles held for sale were classified within Level 3 of the fair value hierarchy. The following table presents our assets held for sale that are measured at fair value on a nonrecurring basis and considered a Level 3 fair value measurement: Total Losses (2) March 31, December 31, Three months ended March 31, 2019 2018 2019 2018 (In thousands) Assets held for sale: Revenue earning equipment (1) : Trucks $ 41,813 44,325 $ 11,546 8,601 Tractors 43,269 35,397 4,968 3,377 Trailers 1,547 1,507 180 1,593 Total assets at fair value $ 86,629 81,229 $ 16,694 13,571 ———————————— (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 that were less than fair value was $66 million and $50 million as of March 31, 2019 and December 31, 2018 , 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 net book value. The components of used vehicle sales, net were as follows: Three months ended March 31, 2019 2018 (In thousands) Gains on vehicle sales, net $ (8,477 ) (6,140 ) Losses from fair value adjustments 16,694 13,571 Used vehicle sales, net $ 8,217 7,431 We own the majority of our revenue earning equipment. Revenue earning equipment that we lease as a lessee are immaterial, and are therefore not separately disclosed from owned revenue earning equipment.

ACCRUED EXPENSES AND OTHER LIAB

ACCRUED EXPENSES AND OTHER LIABILITIES	3 Months Ended
	Mar. 31, 2019
Accrued Liabilities and Other Liabilities [Abstract]
ACCRUED EXPENSES AND OTHER LIABILITIES	ACCRUED EXPENSES AND OTHER LIABILITIES March 31, 2019 December 31, 2018 Accrued Expenses Non-Current Liabilities Total Accrued Expenses Non-Current Liabilities Total (In thousands) Salaries and wages $ 93,355 — 93,355 149,629 — 149,629 Deferred compensation 5,730 57,876 63,606 4,524 55,279 59,803 Pension benefits 3,764 455,989 459,753 3,754 456,979 460,733 Other postretirement benefits 1,391 18,114 19,505 1,387 18,097 19,484 Other employee benefits 7,728 — 7,728 28,370 — 28,370 Insurance obligations (1) 149,946 254,270 404,216 139,314 247,552 386,866 Operating taxes 108,343 — 108,343 100,399 — 100,399 Income taxes 2,872 19,655 22,527 3,491 18,477 21,968 Interest 40,373 — 40,373 39,522 — 39,522 Deposits, mainly from customers 81,930 3,460 85,390 80,401 3,390 83,791 Operating lease liabilities 71,992 134,784 206,776 73,422 137,384 210,806 Deferred revenue (2) 168,271 415,166 583,437 160,902 421,176 582,078 Restructuring liabilities (3) 4,566 — 4,566 7,595 — 7,595 Other 57,037 39,959 96,996 55,029 44,291 99,320 Total $ 797,298 1,399,273 2,196,571 847,739 1,402,625 2,250,364 ———————————— (1) Insurance obligations are primarily comprised of self-insured claim liabilities. (2) Deferred revenue is primarily related to the non-lease maintenance services component of our ChoiceLease product line. (3) The reduction in restructuring liabilities from December 31, 2018 , 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 2019.

LEASES

LEASES	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
LEASES	LEASES Leases as Lessor The components of lease income were as follows: Three months ended March 31, 2019 2018 (In thousands) Operating leases Lease income related to lease payments $ 360,309 334,367 Lease income related to commercial rental (1) 219,171 194,466 Sales type leases Interest income related to net investment in leases 11,456 9,797 Variable lease income excluding commercial rental (1) 55,439 52,227 ———————————— (1) Lease income related to commercial rental includes both fixed and variable lease income. Variable lease income is approximately 15% to 25% of total commercial rental income based on management's internal estimates. The components of net investment in sales-type leases were as follows: March 31, 2019 December 31, 2018 (In thousands) Net investment in the lease — lease payment receivable $ 514,531 505,057 Net investment in the lease — unguaranteed residual assets 46,828 46,209 $ 561,359 551,266 ———————————— Note: The net investment in the sales-type lease shown above are included in "Accounts receivables, net" and "Sales-type leases and other assets" in the Consolidated Condensed Balance Sheets. Maturities of sales-type lease receivables were as follows: March 31, 2019 December 31, 2018 (In thousands) 2019 (excluding three months ended March 31, 2019) $ 103,957 133,557 2020 143,811 136,924 2021 121,433 114,983 2022 92,028 85,146 2023 58,175 52,161 Thereafter 91,033 78,935 Total undiscounted cash flows 610,437 601,706 Present value of lease payments (recognized as lease receivables) (514,531 ) (505,057 ) Difference between undiscounted cash flows and discounted cash flows 95,906 96,649 Maturities of operating lease payments were as follows: March 31, 2019 December 31, 2018 (In thousands) 2019 (excluding three months ended March 31, 2019) $ 936,560 1,159,851 2020 1,008,773 892,721 2021 756,134 646,008 2022 507,429 421,050 2023 319,320 249,255 Thereafter 291,636 203,632 Total undiscounted cash flows $ 3,819,852 3,572,517 Leases as Lessee The components of lease expense were as follows: Three months ended March 31, Classification 2019 2018 (In thousands) Finance lease cost Amortization of right-of-use assets Other operating expenses, SG&A $ 7,788 5,143 Interest on lease liabilities Interest expense 643 597 Operating lease cost Other operating expenses, SG&A 23,218 19,687 Short-term lease and other Other operating expenses, SG&A 1,124 982 Variable lease cost Other operating expenses, SG&A 3,016 2,353 Sublease income Cost of lease & related maintenance and rental, cost of services (5,824 ) (6,364 ) Total lease cost $ 29,965 22,398 Supplemental cash flow information related to leases was as follows: Three months ended March 31, 2019 2018 (In thousands) Cash paid for amounts included in measurement of liabilities Operating cash flows from finance leases $ 643 597 Operating cash flows from operating leases 22,974 19,303 Financing cash flows from finance leases 7,466 5,039 Right-of-use assets obtained in exchange for lease obligations: Finance leases 2,418 2,006 Operating leases 16,605 16,908 Supplemental balance sheet information relates to leases was as follows: Classification March 31, 2019 December 31, 2018 (In thousands) Assets Operating lease right-of-use assets Sales-type leases and other assets $ 199,048 203,834 Finance lease assets Operating property and equipment, net and revenue earning equipment, net 36,007 41,647 Total leased assets $ 235,055 245,481 Liabilities Current Operating Accrued expenses and other current liabilities $ 71,992 73,422 Finance Short-term debt and current portion of long-term debt 11,256 14,543 Noncurrent Operating Other non-current liabilities 134,784 137,384 Finance Long-term debt 32,446 32,909 Total lease liabilities $ 250,478 258,258 March 31, 2019 December 31, 2018 (In thousands) Weighted-average remaining lease term Operating 4 years 4 years Finance 7 years 7 years Weighted-average discount rate Operating 3.7 % 3.7 % Finance 8.3 % 8.0 % Maturities of lease liabilities were as follows: Operating Leases Finance Leases Total (In thousands) 2019 (excluding three months ended March 31, 2019) $ 61,234 10,527 71,761 2020 58,772 10,523 69,295 2021 39,367 8,790 48,157 2022 29,231 6,112 35,343 2023 14,302 3,786 18,088 Thereafter 20,022 13,688 33,710 Total lease payments 222,928 53,426 276,354 Less: Imputed Interest (16,152 ) (9,724 ) (25,876 ) Present value of lease liabilities $ 206,776 43,702 250,478 As of March 31, 2019, we have additional facility operating leases that have not yet commenced of $8 million . The operating leases will commence in 2019 with lease terms of 3 to 5 years .
LEASES	LEASES Leases as Lessor The components of lease income were as follows: Three months ended March 31, 2019 2018 (In thousands) Operating leases Lease income related to lease payments $ 360,309 334,367 Lease income related to commercial rental (1) 219,171 194,466 Sales type leases Interest income related to net investment in leases 11,456 9,797 Variable lease income excluding commercial rental (1) 55,439 52,227 ———————————— (1) Lease income related to commercial rental includes both fixed and variable lease income. Variable lease income is approximately 15% to 25% of total commercial rental income based on management's internal estimates. The components of net investment in sales-type leases were as follows: March 31, 2019 December 31, 2018 (In thousands) Net investment in the lease — lease payment receivable $ 514,531 505,057 Net investment in the lease — unguaranteed residual assets 46,828 46,209 $ 561,359 551,266 ———————————— Note: The net investment in the sales-type lease shown above are included in "Accounts receivables, net" and "Sales-type leases and other assets" in the Consolidated Condensed Balance Sheets. Maturities of sales-type lease receivables were as follows: March 31, 2019 December 31, 2018 (In thousands) 2019 (excluding three months ended March 31, 2019) $ 103,957 133,557 2020 143,811 136,924 2021 121,433 114,983 2022 92,028 85,146 2023 58,175 52,161 Thereafter 91,033 78,935 Total undiscounted cash flows 610,437 601,706 Present value of lease payments (recognized as lease receivables) (514,531 ) (505,057 ) Difference between undiscounted cash flows and discounted cash flows 95,906 96,649 Maturities of operating lease payments were as follows: March 31, 2019 December 31, 2018 (In thousands) 2019 (excluding three months ended March 31, 2019) $ 936,560 1,159,851 2020 1,008,773 892,721 2021 756,134 646,008 2022 507,429 421,050 2023 319,320 249,255 Thereafter 291,636 203,632 Total undiscounted cash flows $ 3,819,852 3,572,517 Leases as Lessee The components of lease expense were as follows: Three months ended March 31, Classification 2019 2018 (In thousands) Finance lease cost Amortization of right-of-use assets Other operating expenses, SG&A $ 7,788 5,143 Interest on lease liabilities Interest expense 643 597 Operating lease cost Other operating expenses, SG&A 23,218 19,687 Short-term lease and other Other operating expenses, SG&A 1,124 982 Variable lease cost Other operating expenses, SG&A 3,016 2,353 Sublease income Cost of lease & related maintenance and rental, cost of services (5,824 ) (6,364 ) Total lease cost $ 29,965 22,398 Supplemental cash flow information related to leases was as follows: Three months ended March 31, 2019 2018 (In thousands) Cash paid for amounts included in measurement of liabilities Operating cash flows from finance leases $ 643 597 Operating cash flows from operating leases 22,974 19,303 Financing cash flows from finance leases 7,466 5,039 Right-of-use assets obtained in exchange for lease obligations: Finance leases 2,418 2,006 Operating leases 16,605 16,908 Supplemental balance sheet information relates to leases was as follows: Classification March 31, 2019 December 31, 2018 (In thousands) Assets Operating lease right-of-use assets Sales-type leases and other assets $ 199,048 203,834 Finance lease assets Operating property and equipment, net and revenue earning equipment, net 36,007 41,647 Total leased assets $ 235,055 245,481 Liabilities Current Operating Accrued expenses and other current liabilities $ 71,992 73,422 Finance Short-term debt and current portion of long-term debt 11,256 14,543 Noncurrent Operating Other non-current liabilities 134,784 137,384 Finance Long-term debt 32,446 32,909 Total lease liabilities $ 250,478 258,258 March 31, 2019 December 31, 2018 (In thousands) Weighted-average remaining lease term Operating 4 years 4 years Finance 7 years 7 years Weighted-average discount rate Operating 3.7 % 3.7 % Finance 8.3 % 8.0 % Maturities of lease liabilities were as follows: Operating Leases Finance Leases Total (In thousands) 2019 (excluding three months ended March 31, 2019) $ 61,234 10,527 71,761 2020 58,772 10,523 69,295 2021 39,367 8,790 48,157 2022 29,231 6,112 35,343 2023 14,302 3,786 18,088 Thereafter 20,022 13,688 33,710 Total lease payments 222,928 53,426 276,354 Less: Imputed Interest (16,152 ) (9,724 ) (25,876 ) Present value of lease liabilities $ 206,776 43,702 250,478 As of March 31, 2019, we have additional facility operating leases that have not yet commenced of $8 million . The operating leases will commence in 2019 with lease terms of 3 to 5 years .
LEASES	LEASES Leases as Lessor The components of lease income were as follows: Three months ended March 31, 2019 2018 (In thousands) Operating leases Lease income related to lease payments $ 360,309 334,367 Lease income related to commercial rental (1) 219,171 194,466 Sales type leases Interest income related to net investment in leases 11,456 9,797 Variable lease income excluding commercial rental (1) 55,439 52,227 ———————————— (1) Lease income related to commercial rental includes both fixed and variable lease income. Variable lease income is approximately 15% to 25% of total commercial rental income based on management's internal estimates. The components of net investment in sales-type leases were as follows: March 31, 2019 December 31, 2018 (In thousands) Net investment in the lease — lease payment receivable $ 514,531 505,057 Net investment in the lease — unguaranteed residual assets 46,828 46,209 $ 561,359 551,266 ———————————— Note: The net investment in the sales-type lease shown above are included in "Accounts receivables, net" and "Sales-type leases and other assets" in the Consolidated Condensed Balance Sheets. Maturities of sales-type lease receivables were as follows: March 31, 2019 December 31, 2018 (In thousands) 2019 (excluding three months ended March 31, 2019) $ 103,957 133,557 2020 143,811 136,924 2021 121,433 114,983 2022 92,028 85,146 2023 58,175 52,161 Thereafter 91,033 78,935 Total undiscounted cash flows 610,437 601,706 Present value of lease payments (recognized as lease receivables) (514,531 ) (505,057 ) Difference between undiscounted cash flows and discounted cash flows 95,906 96,649 Maturities of operating lease payments were as follows: March 31, 2019 December 31, 2018 (In thousands) 2019 (excluding three months ended March 31, 2019) $ 936,560 1,159,851 2020 1,008,773 892,721 2021 756,134 646,008 2022 507,429 421,050 2023 319,320 249,255 Thereafter 291,636 203,632 Total undiscounted cash flows $ 3,819,852 3,572,517 Leases as Lessee The components of lease expense were as follows: Three months ended March 31, Classification 2019 2018 (In thousands) Finance lease cost Amortization of right-of-use assets Other operating expenses, SG&A $ 7,788 5,143 Interest on lease liabilities Interest expense 643 597 Operating lease cost Other operating expenses, SG&A 23,218 19,687 Short-term lease and other Other operating expenses, SG&A 1,124 982 Variable lease cost Other operating expenses, SG&A 3,016 2,353 Sublease income Cost of lease & related maintenance and rental, cost of services (5,824 ) (6,364 ) Total lease cost $ 29,965 22,398 Supplemental cash flow information related to leases was as follows: Three months ended March 31, 2019 2018 (In thousands) Cash paid for amounts included in measurement of liabilities Operating cash flows from finance leases $ 643 597 Operating cash flows from operating leases 22,974 19,303 Financing cash flows from finance leases 7,466 5,039 Right-of-use assets obtained in exchange for lease obligations: Finance leases 2,418 2,006 Operating leases 16,605 16,908 Supplemental balance sheet information relates to leases was as follows: Classification March 31, 2019 December 31, 2018 (In thousands) Assets Operating lease right-of-use assets Sales-type leases and other assets $ 199,048 203,834 Finance lease assets Operating property and equipment, net and revenue earning equipment, net 36,007 41,647 Total leased assets $ 235,055 245,481 Liabilities Current Operating Accrued expenses and other current liabilities $ 71,992 73,422 Finance Short-term debt and current portion of long-term debt 11,256 14,543 Noncurrent Operating Other non-current liabilities 134,784 137,384 Finance Long-term debt 32,446 32,909 Total lease liabilities $ 250,478 258,258 March 31, 2019 December 31, 2018 (In thousands) Weighted-average remaining lease term Operating 4 years 4 years Finance 7 years 7 years Weighted-average discount rate Operating 3.7 % 3.7 % Finance 8.3 % 8.0 % Maturities of lease liabilities were as follows: Operating Leases Finance Leases Total (In thousands) 2019 (excluding three months ended March 31, 2019) $ 61,234 10,527 71,761 2020 58,772 10,523 69,295 2021 39,367 8,790 48,157 2022 29,231 6,112 35,343 2023 14,302 3,786 18,088 Thereafter 20,022 13,688 33,710 Total lease payments 222,928 53,426 276,354 Less: Imputed Interest (16,152 ) (9,724 ) (25,876 ) Present value of lease liabilities $ 206,776 43,702 250,478 As of March 31, 2019, we have additional facility operating leases that have not yet commenced of $8 million . The operating leases will commence in 2019 with lease terms of 3 to 5 years .
LEASES	LEASES Leases as Lessor The components of lease income were as follows: Three months ended March 31, 2019 2018 (In thousands) Operating leases Lease income related to lease payments $ 360,309 334,367 Lease income related to commercial rental (1) 219,171 194,466 Sales type leases Interest income related to net investment in leases 11,456 9,797 Variable lease income excluding commercial rental (1) 55,439 52,227 ———————————— (1) Lease income related to commercial rental includes both fixed and variable lease income. Variable lease income is approximately 15% to 25% of total commercial rental income based on management's internal estimates. The components of net investment in sales-type leases were as follows: March 31, 2019 December 31, 2018 (In thousands) Net investment in the lease — lease payment receivable $ 514,531 505,057 Net investment in the lease — unguaranteed residual assets 46,828 46,209 $ 561,359 551,266 ———————————— Note: The net investment in the sales-type lease shown above are included in "Accounts receivables, net" and "Sales-type leases and other assets" in the Consolidated Condensed Balance Sheets. Maturities of sales-type lease receivables were as follows: March 31, 2019 December 31, 2018 (In thousands) 2019 (excluding three months ended March 31, 2019) $ 103,957 133,557 2020 143,811 136,924 2021 121,433 114,983 2022 92,028 85,146 2023 58,175 52,161 Thereafter 91,033 78,935 Total undiscounted cash flows 610,437 601,706 Present value of lease payments (recognized as lease receivables) (514,531 ) (505,057 ) Difference between undiscounted cash flows and discounted cash flows 95,906 96,649 Maturities of operating lease payments were as follows: March 31, 2019 December 31, 2018 (In thousands) 2019 (excluding three months ended March 31, 2019) $ 936,560 1,159,851 2020 1,008,773 892,721 2021 756,134 646,008 2022 507,429 421,050 2023 319,320 249,255 Thereafter 291,636 203,632 Total undiscounted cash flows $ 3,819,852 3,572,517 Leases as Lessee The components of lease expense were as follows: Three months ended March 31, Classification 2019 2018 (In thousands) Finance lease cost Amortization of right-of-use assets Other operating expenses, SG&A $ 7,788 5,143 Interest on lease liabilities Interest expense 643 597 Operating lease cost Other operating expenses, SG&A 23,218 19,687 Short-term lease and other Other operating expenses, SG&A 1,124 982 Variable lease cost Other operating expenses, SG&A 3,016 2,353 Sublease income Cost of lease & related maintenance and rental, cost of services (5,824 ) (6,364 ) Total lease cost $ 29,965 22,398 Supplemental cash flow information related to leases was as follows: Three months ended March 31, 2019 2018 (In thousands) Cash paid for amounts included in measurement of liabilities Operating cash flows from finance leases $ 643 597 Operating cash flows from operating leases 22,974 19,303 Financing cash flows from finance leases 7,466 5,039 Right-of-use assets obtained in exchange for lease obligations: Finance leases 2,418 2,006 Operating leases 16,605 16,908 Supplemental balance sheet information relates to leases was as follows: Classification March 31, 2019 December 31, 2018 (In thousands) Assets Operating lease right-of-use assets Sales-type leases and other assets $ 199,048 203,834 Finance lease assets Operating property and equipment, net and revenue earning equipment, net 36,007 41,647 Total leased assets $ 235,055 245,481 Liabilities Current Operating Accrued expenses and other current liabilities $ 71,992 73,422 Finance Short-term debt and current portion of long-term debt 11,256 14,543 Noncurrent Operating Other non-current liabilities 134,784 137,384 Finance Long-term debt 32,446 32,909 Total lease liabilities $ 250,478 258,258 March 31, 2019 December 31, 2018 (In thousands) Weighted-average remaining lease term Operating 4 years 4 years Finance 7 years 7 years Weighted-average discount rate Operating 3.7 % 3.7 % Finance 8.3 % 8.0 % Maturities of lease liabilities were as follows: Operating Leases Finance Leases Total (In thousands) 2019 (excluding three months ended March 31, 2019) $ 61,234 10,527 71,761 2020 58,772 10,523 69,295 2021 39,367 8,790 48,157 2022 29,231 6,112 35,343 2023 14,302 3,786 18,088 Thereafter 20,022 13,688 33,710 Total lease payments 222,928 53,426 276,354 Less: Imputed Interest (16,152 ) (9,724 ) (25,876 ) Present value of lease liabilities $ 206,776 43,702 250,478 As of March 31, 2019, we have additional facility operating leases that have not yet commenced of $8 million . The operating leases will commence in 2019 with lease terms of 3 to 5 years .

DEBT

DEBT	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
DEBT	DEBT Weighted-Average Interest Rate March 31, December 31, Maturities March 31, December 31, (In thousands) Short-term debt and current portion of long-term debt: Short-term debt 1.46% 2.69% $ 210,185 81,522 Current portion of long-term debt, including finance leases 907,304 855,609 Total short-term debt and current portion of long-term debt 1,117,489 937,131 Long-term debt: U.S. commercial paper (1) 2.76% 2.78% 2023 695,272 454,397 Canadian commercial paper (1) 1.99% 2.28% 2023 105,169 123,491 Trade receivables program —% 3.15% 2019 — 200,000 Global revolving credit facility 2.28% 2.25% 2023 13,224 12,581 Unsecured U.S. notes — Medium-term notes (1)(2) 3.30% 3.22% 2019-2025 5,207,369 4,853,496 Unsecured U.S. obligations 3.49% 3.50% 2019-2024 250,000 50,000 Unsecured foreign obligations 2.67% 1.61% 2020-2021 33,710 216,719 Asset-backed U.S. obligations (3) 2.36% 2.37% 2019-2025 605,634 627,707 Finance lease obligations 8.32% 7.97% 2019-2073 43,702 47,452 Total long-term debt 6,954,080 6,585,843 Debt issuance costs (21,097 ) (18,088 ) 6,932,983 6,567,755 Current portion of long-term debt, including finance leases (907,304 ) (855,609 ) Long-term debt 6,025,679 5,712,146 Total debt $ 7,143,168 6,649,277 ———————————— (1) Amounts are net of unamortized original issue discounts of $7 million at March 31, 2019 and December 31, 2018 , respectively. (2) Amounts are inclusive of fair market value adjustments on notes subject to hedging of $6 million and $10 million at March 31, 2019 and December 31, 2018 , respectively. The notional amount of the executed interest rate swaps designated as fair value hedges was $725 million at March 31, 2019 and December 31, 2018 . Refer to Note 8 , " Derivatives ," for additional information. (3) Asset-backed U.S. obligations are related to financing transactions backed by a portion of our revenue earning equipment. We maintain a $1.4 billion global revolving credit facility with a syndicate of twelve lending institutions led by Bank of America N.A., BNP Paribas, Lloyds Bank Plc, Mizuho Bank, Ltd., MUFG Bank, Ltd., Royal Bank of Canada, U.S. Bank N.A. and Wells Fargo Bank, N.A. The facility matures in September 2023. The agreement provides for annual facility fees that range from 7.5 basis points to 20 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 $1.4 billion . The credit facility is primarily used to finance working capital but can also be used to issue up to $75 million in letters of credit (there were no letters of credit outstanding against the facility at March 31, 2019 ). At our option, the interest rate on borrowings under the credit facility is based on LIBOR, prime, federal funds or local equivalent rates. The credit facility contains no provisions limiting its availability in the event of a material adverse change to Ryder’s business operations; however, the credit facility does contain standard representations and warranties, events of default, cross-default provisions and certain affirmative and negative covenants. In order to maintain availability of funding, we must maintain a ratio of debt to consolidated net worth of less than or equal to 300% . Net worth, as defined in the credit facility, represents shareholders' equity excluding any accumulated other comprehensive income or loss associated with our pension and other postretirement plans. The ratio at March 31, 2019 , was 197% . At March 31, 2019 , there was $572 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 required for working capital needs are classified as long-term as we have both the intent and ability to refinance on a long-term basis. In addition, we have the intent and ability to refinance the current portion of certain long-term debt on a long-term basis. At March 31, 2019 , we classified $800 million of short-term commercial paper, $350 million of the current portion of long-term debt and $69 million of short-term debt as long-term debt. At December 31, 2018 , we classified $578 million of short-term commercial paper, $200 million of trade receivables borrowings, $250 million of the current portion of long-term debt and $50 million of short-term debt as long-term debt. In February 2019, we issued $600 million of unsecured medium-term notes maturing in March 2024. 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. In the first quarter of 2019, we executed two $100 million bank term loans maturing in February and March 2024, respectively. The proceeds from these loans were used to pay off maturing debt and for general corporate purposes. 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 $225 million . If no event occurs that causes early termination, the 364 -day program will expire on June 12, 2019. The program contains provisions restricting its availability in the event of a material adverse change to our business operations or the collectibility of the collateralized receivables. Sales of receivables under this program are accounted for as secured borrowings based on our continuing involvement in the transferred assets. No amounts were outstanding under the program at March 31, 2019 . At December 31, 2018 , $200 million was outstanding under the program. At March 31, 2019 and December 31, 2018 , we had letters of credit and surety bonds outstanding totaling $373 million and $375 million , respectively, which primarily guarantee the payment of insurance claims. The fair value of total debt (excluding capital lease and asset-backed U.S. obligations) at March 31, 2019 and December 31, 2018 , was approximately $6.57 billion and $5.97 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	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 , we had interest rate swaps outstanding that are designated as fair value hedges for certain debt obligations, with a total notional value of $725 million and maturities through 2022 . 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 a liability of $6 million and $10 million as of March 31, 2019 and December 31, 2018 , respectively. The amounts are presented in "Accrued expenses and other current liabilities" and "Other non-current liabilities" 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. As of March 31, 2019 , we had interest rate swaps outstanding that are designated as cash flow hedges for a certain debt obligations, with a total notional value of $215 million and maturities through 2024 . The 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 a liability of $2 million as of March 31, 2019. The fair value of these interest rate swaps was not material as of December 31, 2018. The amounts are presented in "Other non-current liabilities" in our Consolidated Condensed Balance Sheets. The effective portion of the change in the fair value of the hedging instrument is reported in other comprehensive income. The amounts accumulated in other comprehensive income are reclassified to earnings when the related interest payments affect earnings. There was no ineffectiveness related to the interest rate swap.

SHARE REPURCHASE PROGRAMS

SHARE REPURCHASE PROGRAMS	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
SHARE REPURCHASE PROGRAMS	SHARE REPURCHASE PROGRAMS In December 2017, 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 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 31, 2017 to December 13, 2019. 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 three months ended March 31, 2019 and March 31, 2018 , we repurchased approximately 226,000 shares for $14 million and 171,000 shares for $13 million , respectively.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	3 Months Ended
	Mar. 31, 2019
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, 2018 $ (199,713 ) (700,384 ) (11,537 ) (911,634 ) Amortization — 5,307 147 5,454 Other current period change 15,762 — — 15,762 March 31, 2019 (183,951 ) (695,077 ) (11,390 ) (890,418 ) Currency Translation Adjustments and Other Net Actuarial Loss (1) Prior Service Credit (1) Accumulated Other Comprehensive Loss (In thousands) December 31, 2017 (143,773 ) (560,153 ) (6,910 ) (710,836 ) Amortization — 5,517 89 5,606 Other current period change 11,765 — — 11,765 Adoption of new accounting standard (2) — (98,987 ) (1,580 ) (100,567 ) March 31, 2018 (132,008 ) (653,623 ) (8,401 ) (794,032 ) _______________________ (1) These amounts are included in the computation of net pension expense. See Note 13 , " Employee Benefit Plans ," for additional information. (2) Reflects the impact of adopting ASU No. 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income in 2018, which resulted in a reclassification of stranded tax effects caused by the 2017 Tax Cuts and Jobs Act from accumulated other comprehensive loss to retained earnings in the Consolidated Condensed Balance Sheet. The gain from currency translation adjustments in the three months ended March 31, 2019 , of $16 million was primarily due to the strengthening of the British Pound and Canadian Dollar against the U.S. Dollar. The gain from currency translation adjustments in the three months ended March 31, 2018 , of $12 million was primarily due to the strengthening of the British Pound against the U.S. Dollar, partially offset by the weakening of the Canadian Dollar against the U.S. Dollar.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The following table presents the calculation of basic and diluted earnings per common share from continuing operations: Three months ended March 31, 2019 2018 (In thousands, except per share amounts) Earnings per share — Basic: Earnings from continuing operations $ 45,890 37,313 Less: Distributed and undistributed earnings allocated to unvested stock (177 ) (130 ) Earnings from continuing operations available to common shareholders — Basic $ 45,713 37,183 Weighted average common shares outstanding — Basic 52,418 52,405 Earnings from continuing operations per common share — Basic $ 0.87 0.71 Earnings per share — Diluted: Earnings from continuing operations $ 45,890 37,313 Less: Distributed and undistributed earnings allocated to unvested stock (177 ) (130 ) Earnings from continuing operations available to common shareholders — Diluted $ 45,713 37,183 Weighted average common shares outstanding — Basic 52,418 52,405 Effect of dilutive equity awards 223 608 Weighted average common shares outstanding — Diluted 52,641 53,013 Earnings from continuing operations per common share — Diluted $ 0.87 0.70 Anti-dilutive equity awards not included above 1,682 1,046

SHARE-BASED COMPENSATION PLANS

SHARE-BASED COMPENSATION PLANS	3 Months Ended
	Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
SHARE-BASED COMPENSATION PLANS	SHARE-BASED COMPENSATION PLANS Share-based incentive awards are provided to employees under the terms of various share-based compensation plans (collectively, the “Plans”). The Plans are administered by the Compensation Committee of the Board of Directors. Awards under the plan 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 on unvested stock 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 March 31, 2019 2018 (In thousands) Stock option and stock purchase plans $ 1,819 1,875 Unvested stock 5,580 3,466 Share-based compensation expense 7,399 5,341 Income tax benefit (1,160 ) (1,161 ) Share-based compensation expense, net of tax $ 6,239 4,180 During the three months ended March 31, 2019 and 2018 , approximately 182,000 and 347,000 stock options, respectively, were granted under the Plans. These awards generally vest in equal annual installments over a three year period beginning on the date of grant. The stock options have contractual terms of ten years . The fair value of each option award at the date of grant was estimated using a Black-Scholes-Merton option-pricing valuation model. Share-based compensation expense is recognized on a straight-line basis over the vesting period. The weighted-average fair value per option granted during the three months ended March 31, 2019 and 2018 was $11.74 and $15.89 , respectively. During the three months ended March 31, 2019 , there were no awards with a return on capital (ROC) performance-based vesting condition granted under the Plans. During the three months ended March 31, 2018, there were approximately 95,000 awards granted with a return on capital (ROC) performance-based vesting condition. The awards are segmented into three one -year performance periods. For these awards, up to 150% of the awards may be earned based on Ryder's one-year adjusted return on capital (ROC) measured against an annual ROC target. If earned, employees will receive the grant of stock three years after the grant date, provided they continue to be employed with Ryder, subject to Compensation Committee approval. For accounting purposes, these awards are not considered granted until the Compensation Committee approves the annual ROC target. During the three months ended March 31, 2019 and 2018 , approximately 79,000 and 98,000 PBRSRs, respectively, were considered granted for accounting purposes. The fair value of the PBRSRs is determined and fixed on the grant date based on Ryder's stock price on the date of grant. Share-based compensation expense is recognized on a straight-line basis over the vesting period, based upon the probability that the performance target will be met. The weighted-average fair value per PBRSR granted during the three months ended March 31, 2019 and 2018 was $57.92 and $74.72 , respectively. During the three months ended March 31, 2019 , and 2018 , approximately 75,000 and 51,000 performance-based restricted stock rights (PBRSRs), respectively, were awarded under the Plans. For these awards, up to 200% of the awards may be earned based on the spread between Ryder's adjusted return on capital and the cost of capital (ROC/COC) measured against a three-year ROC/COC target. The majority of these awards include a TSR modifier. Ryder's TSR will be compared against the TSR of each of the companies in a custom peer group to determine Ryder's TSR percentile rank versus this custom peer group. The number of ROC/COC PBRSRs will then be adjusted based on Ryder's relative TSR percentile rank. The fair value of these PBRSRs is estimated using a lattice-based option-pricing valuation model that incorporates a Monte-Carlo simulation. Share-based compensation expense is recognized on a straight-line basis over the vesting period, based upon the probability that the performance target will be met. The weighted-average fair value per PBRSR granted during the three months ended March 31, 2019 and 2018 was $61.22 and $72.93 , respectively. During the three months ended March 31, 2019 , and 2018 , approximately 75,000 and 51,000 performance-based restricted stock rights (PBRSRs), respectively, were awarded under the Plans. For these awards, up to 200% of the awards may be earned based on Ryder's strategic revenue growth (SRG) measured against a three-year SRG target. The majority of these awards include a TSR modifier. Ryder's TSR will be compared against the TSR of each of the companies in a custom peer group to determine Ryder's TSR percentile rank versus this custom peer group. The number of SRG PBRSRs will then be adjusted based on Ryder's relative TSR percentile rank. The fair value of these PBRSRs is estimated using a lattice-based option-pricing valuation model that incorporates a Monte-Carlo simulation. Share-based compensation expense is recognized on a straight-line basis over the vesting period, based upon the probability that the performance target will be met. The weighted-average fair value per PBRSR granted during the three months ended March 31, 2019 and 2018 was $61.22 and $72.93 , respectively. During the three months ended March 31, 2019 and 2018 , approximately 298,000 and 132,000 time-vested restricted stock rights, respectively, were granted under the Plans. The time-vested restricted stock rights entitle the holder to shares of common stock when the awards vest. The 2019 awards primarily vest in equal annual installments over a three -year period beginning on the date of grant. In 2018, 104,000 of the awards granted vest in equal annual installments over a three -year period beginning on the date of grant. The remaining awards granted in 2018 vest at the end of the three -year period. The fair value of the time-vested awards is determined and fixed based on Ryder’s stock price on the date of grant. Share-based compensation expense is recognized on a straight-line basis over the vesting period. The weighted-average fair value per time-vested restricted stock right granted during the three months ended March 31, 2019 and 2018 was $57.92 and $76.69 , respectively. Certain employees were granted cash awards prior to 2016 as part of our long-term incentive compensation program. The cash awards are accounted for as liability awards under the share-based compensation accounting guidance as the awards are based upon the performance of our common stock and are settled in cash. As a result, the liability is adjusted to reflect fair value at the end of each reporting period. The fair value of the cash awards was estimated using a lattice-based option-pricing valuation model that incorporates a Monte-Carlo simulation. Share-based compensation expense is recognized on a straight-line basis over the vesting period. There was no compensation expense associated with cash awards during the three months ended March 31, 2019 . The compensation expense associated with cash awards was not material for the three months ended March 31, 2018. Total unrecognized pre-tax compensation expense related to all share-based compensation arrangements at March 31, 2019 , was $53 million and is expected to be recognized over a weighted-average period of 2.1 years.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	3 Months Ended
	Mar. 31, 2019
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS Components of net pension expense were as follows: Three months ended March 31, 2019 2018 (In thousands) Pension Benefits Company-administered plans: Service cost $ 3,032 3,201 Interest cost 21,469 19,752 Expected return on plan assets (22,676 ) (25,834 ) Amortization of: Net actuarial loss 7,610 7,372 Prior service cost 179 145 9,614 4,636 Union-administered plans 2,457 2,346 Net pension expense $ 12,071 6,982 Company-administered plans: U.S. $ 11,473 7,357 Non-U.S. (1,859 ) (2,721 ) 9,614 4,636 Union-administered plans 2,457 2,346 Net pension expense $ 12,071 6,982 During the three months ended March 31, 2019 , we contributed $8 million to our pension plans. In 2019 , the expected total contributions to our pension plans are approximately $34 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 months ended March 31, 2019 and 2018.

OTHER ITEMS IMPACTING COMPARABI

OTHER ITEMS IMPACTING COMPARABILITY	3 Months Ended
	Mar. 31, 2019
Other Income and Expenses [Abstract]
OTHER ITEMS IMPACTING COMPARABILITY	OTHER ITEMS IMPACTING COMPARABILITY Our primary measure of segment performance as shown in Note 17 , " Segment Reporting ," excludes certain items we do not believe are representative of the ongoing operations of the segment. Excluding these items from our segment measure of performance allows for better year over year comparison: Three months ended March 31, 2019 2018 (In thousands) Restructuring and other, net $ 2,588 (392 ) ERP implementation 3,590 — Goodwill impairment — 15,513 Restructuring and other items, net $ 6,178 15,121 During the three months ended March 31, 2019 and 2018, the below items were recorded in "Restructuring and other, net": • In the first quarter of 2019, we recorded $2.6 million of net charges primarily related to consulting fees related to cost savings initiatives, professional fees related to the pursuit of a commercial claim, and income from our Singapore operations that will be shut down in the second quarter of 2019. These items were reflected within "Restructuring and other items, net" in our Consolidated Condensed Statements of Earnings. • In the first quarter of 2018, we recorded $0.4 million of net benefit primarily related to an adjustment to the one-time Tax Reform-related employee bonus accrued as of December 31, 2017, income from our Singapore operations that will be shut down in the second quarter of 2019, offset by charges related to professional fees, adjustments to the restructuring accrual recorded as of December 31, 2017 and acquisition transaction costs. These items were reflected within "Restructuring and other items, net" in our Consolidated Condensed Statements of Earnings. During the first quarter of 2019, we recorded $3.6 million of charges related to the implementation of an Enterprise Resource Planning (ERP) system. This item was reflected within "Restructuring and other items, net" in our Consolidated Condensed Statements of Earnings. During the first quarter of 2018, we recorded an impairment charge of $15.5 million for all goodwill in the FMS Europe reporting unit. This item was reflected within "Restructuring and other items, net" in our Consolidated Condensed Statements of Earnings.

OTHER MATTERS

OTHER MATTERS	3 Months Ended
	Mar. 31, 2019
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. 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.

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	3 Months Ended
	Mar. 31, 2019
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information was as follows: Three months ended March 31, 2019 2018 (In thousands) Interest paid $ 52,490 40,165 Income taxes paid 3,611 8,187 Changes in accounts payable related to purchases of revenue earning equipment 87,053 48,176 Operating and revenue earning equipment acquired under finance leases 2,026 257

SEGMENT REPORTING

SEGMENT REPORTING	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING Ryder is a global leader in transportation and supply chain management solutions. Our operating segments are aggregated into reportable business segments based upon similar economic characteristics, products, services, customers and delivery methods. We report our financial performance in three business segments: (1) FMS, which provides full service leasing and leasing with flexible maintenance options, commercial rental and contract or transactional maintenance services of trucks, tractors and trailers to customers principally in the U.S., Canada and the U.K.; (2) DTS, which provides turnkey transportation solutions in the U.S. that includes dedicated vehicles, drivers and engineering and administrative support; and (3) SCS, which provides integrated logistics solutions, including distribution, management, dedicated transportation and professional services primarily in North America. Dedicated transportation services provided as part of an integrated, multi-service, supply chain solution to SCS customers are reported in the SCS business segment. 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 the restructuring and other items, net discussed in Note 14 , " Other Items Impacting Comparability ." CSS represents those costs incurred to support all business segments, including human resources, finance and procurement, corporate services, public affairs, information technology, health and safety, legal, marketing and corporate communications. The objective of the EBT measurement is to provide clarity on the profitability of each business segment and, ultimately, to hold leadership of each segment accountable for their allocated share of CSS costs. Certain costs are considered to be overhead not attributable to any segment and remain unallocated in CSS. Included among the unallocated overhead remaining within CSS are the costs for investor relations, public affairs and certain executive compensation. CSS costs attributable to the business segments are predominantly allocated to FMS, DTS and SCS as follows: • Finance, corporate services, and health and safety — allocated based upon estimated and planned resource utilization; • Human resources — individual costs within this category are allocated under various methods, including allocation based on estimated utilization and number of personnel supported; • Information technology — principally allocated based upon utilization-related metrics such as number of users or minutes of CPU time. Customer-related project costs and expenses are allocated to the business segment responsible for the project; and • Other — represents legal and other centralized costs and expenses including certain share-based incentive compensation costs. Expenses, where allocated, are based primarily on the number of personnel supported. 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 DTS and SCS customers (equipment contribution) are included in both FMS and the segment that served the customer and then eliminated (presented as “Eliminations”). 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. The following tables set forth financial information for each of our segments and provide a reconciliation between segment EBT and earnings from continuing operations before income taxes for the three months ended March 31, 2019 and 2018 . Prior period segment amounts have been revised to reflect the adoption of ASC 842. FMS DTS SCS Eliminations Total (In thousands) For the three months ended March 31, 2019 Revenue from external customers $ 1,195,035 349,621 635,671 — 2,180,327 Inter-segment revenue 156,564 — — (156,564 ) — Total revenue $ 1,351,599 349,621 635,671 (156,564 ) 2,180,327 Segment EBT $ 60,911 17,412 32,317 (17,302 ) 93,338 Unallocated CSS (12,547 ) Non-operating pension costs (1) (6,462 ) Restructuring and other items, net (2) (6,178 ) Earnings from continuing operations before income taxes $ 68,151 Segment capital expenditures paid (3) $ 1,006,129 343 12,756 — 1,019,228 Unallocated CSS capital expenditures paid 7,483 Capital expenditures paid $ 1,026,711 For the three months ended March 31, 2018 Revenue from external customers 1,110,528 298,970 494,707 — 1,904,205 Inter-segment revenue 132,522 — — (132,522 ) — Total revenue 1,243,050 298,970 494,707 (132,522 ) 1,904,205 Segment EBT 54,343 13,052 25,511 (13,272 ) 79,634 Unallocated CSS (10,592 ) Non-operating pension costs (1) (1,222 ) Restructuring and other items, net (2) (15,121 ) Earnings from continuing operations before income taxes $ 52,699 Segment capital expenditures paid (3) 645,369 249 12,293 — 657,911 Unallocated CSS capital expenditures paid 4,833 Capital expenditures paid $ 662,744 ———————————— (1) Non-operating pension costs include the amortization of net actuarial loss and prior service costs, interest costs and expected return on plan assets. (2) See Note 14 , " Other Items Impacting Comparability ," for additional information. (3) Excludes revenue earning equipment acquired under finance leases.

RECENT ACCOUNTING PRONOUNCEME_2

RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	3 Months Ended
	Mar. 31, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Leases, Lessor	Leases Leases as Lessor We lease revenue earning equipment to customers for periods ranging from three to seven years for trucks and tractors and up to ten years for trailers. We determine if an arrangement is or contains a lease at inception. The standard lease agreement for revenue earning equipment provides both parties the right to terminate; therefore, we evaluate whether the lessee is reasonably certain to exercise the termination option in order to determine the appropriate lease term. If we terminate, the customer has the right (but not obligation) to purchase the vehicle. If the customer terminates, we have the option to require the customer to purchase the vehicle or pay a termination penalty. Our leases generally do not provide either party an option to renew the lease. We also rent revenue earning equipment to customers on a short-term basis, from one day up to one year in length. From time to time, we may also lease facilities to third parties. The majority of our leases are classified as operating leases. However, some of our revenue earning equipment leases are classified as sales-type leases. Our determination of the residual values (i.e., the price at which we ultimately expect to dispose of revenue earning equipment) is established with a long-term view considering historical market price changes, current and expected future market price trends, expected lives of vehicles and extent of alternative uses. Factors that could cause actual results to materially differ from estimates include, but are not limited to, unforeseen changes in technology innovations, sudden changes in supply and demand, and competitor pricing. We have developed disciplines related to the management and maintenance of our leased vehicles designed to manage the risk associated with the residual values of our revenue earning equipment. In addition, we also monitor market trends throughout the year and assess residual values of vehicles expected to be sold in the near term and may adjust residual values for these vehicles. Leases as Lessee We lease facilities, revenue earning equipment, material handling equipment, automated washing machines, vehicles and office equipment. We determine if an arrangement is or contains a lease at inception. Effective with the adoption of Topic 842, we have established right-of-use (ROU) assets, which represent our right to use an underlying asset for the lease term and lease liabilities, which represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of lease payments over the lease term at commencement date. As most of our leases do not provide an implicit rate of return, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We use the implicit rate when readily determinable. Operating lease ROU assets also exclude lease incentives received. We pay variable lease charges related to property taxes, insurance and maintenance as well as changes in CPI for leased facilities; equipment usage for revenue earning equipment, automated washing machines, vehicles and office equipment; and hours of operation for material handling equipment. For leases with a term of 12 months or less, with the exception of our real estate leases, we recognize lease payments in our income statement on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred. Lease terms for the facilities are generally three to five years with one or more five -year renewal options and the lease terms for revenue earning equipment, material handling equipment, automated washing machines and vehicles typically range from three to seven years typically with no extension options. For purposes of calculating ROU assets and operating lease liabilities, lease terms may be deemed to include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Macroeconomic conditions is the primary factor used to estimate whether an option to extend a lease term will be exercised or not. None of our leasing arrangements contain restrictive financial covenants. Certain of our material handling equipment leases have residual value guarantees. We recorded operating lease ROU assets and finance lease assets totaling approximately $235 million and $245 million as of March 31, 2019 and December 31, 2018, respectively, related to leases as lessee. Refer to Note 6 , " Leases ".
Leases, Lessee	Leases Leases as Lessor We lease revenue earning equipment to customers for periods ranging from three to seven years for trucks and tractors and up to ten years for trailers. We determine if an arrangement is or contains a lease at inception. The standard lease agreement for revenue earning equipment provides both parties the right to terminate; therefore, we evaluate whether the lessee is reasonably certain to exercise the termination option in order to determine the appropriate lease term. If we terminate, the customer has the right (but not obligation) to purchase the vehicle. If the customer terminates, we have the option to require the customer to purchase the vehicle or pay a termination penalty. Our leases generally do not provide either party an option to renew the lease. We also rent revenue earning equipment to customers on a short-term basis, from one day up to one year in length. From time to time, we may also lease facilities to third parties. The majority of our leases are classified as operating leases. However, some of our revenue earning equipment leases are classified as sales-type leases. Our determination of the residual values (i.e., the price at which we ultimately expect to dispose of revenue earning equipment) is established with a long-term view considering historical market price changes, current and expected future market price trends, expected lives of vehicles and extent of alternative uses. Factors that could cause actual results to materially differ from estimates include, but are not limited to, unforeseen changes in technology innovations, sudden changes in supply and demand, and competitor pricing. We have developed disciplines related to the management and maintenance of our leased vehicles designed to manage the risk associated with the residual values of our revenue earning equipment. In addition, we also monitor market trends throughout the year and assess residual values of vehicles expected to be sold in the near term and may adjust residual values for these vehicles. Leases as Lessee We lease facilities, revenue earning equipment, material handling equipment, automated washing machines, vehicles and office equipment. We determine if an arrangement is or contains a lease at inception. Effective with the adoption of Topic 842, we have established right-of-use (ROU) assets, which represent our right to use an underlying asset for the lease term and lease liabilities, which represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of lease payments over the lease term at commencement date. As most of our leases do not provide an implicit rate of return, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We use the implicit rate when readily determinable. Operating lease ROU assets also exclude lease incentives received. We pay variable lease charges related to property taxes, insurance and maintenance as well as changes in CPI for leased facilities; equipment usage for revenue earning equipment, automated washing machines, vehicles and office equipment; and hours of operation for material handling equipment. For leases with a term of 12 months or less, with the exception of our real estate leases, we recognize lease payments in our income statement on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred. Lease terms for the facilities are generally three to five years with one or more five -year renewal options and the lease terms for revenue earning equipment, material handling equipment, automated washing machines and vehicles typically range from three to seven years typically with no extension options. For purposes of calculating ROU assets and operating lease liabilities, lease terms may be deemed to include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Macroeconomic conditions is the primary factor used to estimate whether an option to extend a lease term will be exercised or not. None of our leasing arrangements contain restrictive financial covenants. Certain of our material handling equipment leases have residual value guarantees. We recorded operating lease ROU assets and finance lease assets totaling approximately $235 million and $245 million as of March 31, 2019 and December 31, 2018, respectively, related to leases as lessee. Refer to Note 6 , " Leases ".
Revenue from Contract with Customer	Revenue Recognition Lease & related maintenance and rental revenues includes ChoiceLease and commercial rental revenues from our Fleet Management Solutions (FMS) business segment. We offer a full service lease as well as a lease with more flexible maintenance options under our ChoiceLease product line, which are marketed, priced and managed as bundled lease arrangements, and include equipment, service and financing components. We do not offer a stand-alone unbundled lease of new vehicles. We offer rental of vehicles under our commercial rental product line, which allows customers to supplement their fleet of vehicles on a short-term basis. Our ChoiceLease arrangements include the lease of a vehicle (lease component) and the executory agreement for the maintenance, insurance, taxes and other services (non-lease components) related to the leased vehicles during the lease term. We generally lease new vehicles to our customers. Arrangement consideration is allocated between the lease component and non-lease component based on management's best estimate of the relative standalone selling price of each component. Our ChoiceLease arrangements provide for a fixed charge billing and a variable charge billing based on mileage or time usage. Fixed charges are typically billed at the beginning of the month and variable charges are typically billed a month in arrears. Revenue from the lease component of ChoiceLease agreements is recognized based on the classification of the arrangement, typically as either an operating or a sales-type lease. Our commercial rental arrangements include the short-term rental of a vehicle (one day up to one year in length). All of our rental arrangements are classified as operating leases and revenue is recognized on a straight-line basis. The majority of our leases are classified as operating leases and we recognize revenue for the lease component of the product line on a straight-line basis. The non-lease component for maintenance services is accounted for in accordance with revenue guidance in Revenue from Contracts with Customers (Topic 606) . Maintenance services are not typically performed evenly over the life of a ChoiceLease contract as the level of maintenance provided generally increases as vehicles age. We recognize maintenance revenue using an input method, consistent with the estimated pattern of the costs to maintain the underlying vehicles. This will generally result in the recognition of a contract liability for some portion of the customer's payments allocated to the maintenance service component of the arrangement. Included in lease & related maintenance and rental revenues is non-lease revenue from maintenance services recognized in accordance with Topic 606 of $239 million and $223 million for the three months ended March 31, 2019 and 2018, respectively. Effective with the adoption of Topic 842, we recorded an after-tax cumulative effect adjustment to decrease retained earnings as of January 1, 2017, by approximately $315 million primarily to recognize a contract liability (deferred revenue) related to maintenance services, and partially offset by costs capitalized related to sales commissions. We recorded deferred revenue of approximately $564 million and $566 million as of March 31, 2019 and December 31, 2018, respectively, related to the maintenance services component of our ChoiceLease product line. Refer to Note 3 , " Revenue ," and Note 5 , " Accrued Expenses and Other Liabilities ." In addition, we recorded an asset of approximately $92 million and $93 million as of March 31, 2019 and December 31, 2018, respectively; related to incremental sales commissions paid to our sales force as a result of obtaining ChoiceLease contracts. Capitalized sales commissions includes initial direct costs of our leases in the amount of $53 million at March 31, 2019 and December 31, 2018, respectively, accounted for in accordance with Topic 842. Refer to Note 3 , " Revenue ." Lease and rental agreements do not usually provide for scheduled rent increases or escalations. However, most lease agreements allow for rate changes based upon changes in the Consumer Price Index (CPI). ChoiceLease and rental agreements also provide for vehicle usage charges based on a time charge and/or a fixed per-mile charge. The time charge, the per-mile charge and the changes in rates attributed to changes in the CPI are considered contingent rentals and are not considered fixed or determinable until the CPI change or the equipment usage occurs. This consideration is allocated to the lease and non-lease components of the contract as it is billed to the customer based on the allocation determined at contract inception. Variable consideration allocated to the lease component is recognized in revenue on a straight-line basis for the remainder of the contract term and variable consideration allocated to the non-lease component is recognized in revenue using an input method, consistent with the estimated pattern of maintenance costs for the remainder of the contract term. Leases not classified as operating leases are generally considered sales-type leases. We recognize revenue for sales-type leases using the effective interest method, which provides a constant periodic rate of return on the outstanding investment in the lease. We generally lease new vehicles under our sales-type lease arrangements. Therefore, there is generally not a difference between the net investment in the lease and the carrying value of the vehicles, and we do not recognize selling profit or loss at lease commencement. Revenue is recognized net of amounts collected from customers for taxes, such as sales tax, that are remitted to the applicable taxing authorities. Significant Judgments and Estimates Allocating consideration between lease and non-lease components in our ChoiceLease arrangements requires significant judgment. We do not sell the components of our ChoiceLease product offering on a stand-alone basis. Judgment is required to determine the standalone selling prices of the lease and non-lease components in order to allocate the consideration on a relative standalone selling price basis. We determine the standalone price of the lease component using the projected cash flows of the lease assuming a certain targeted return. We consider a number of factors to determine the targeted return, including the net present value of the projected cash flows in a ChoiceLease arrangement discounted at our weighted average cost of capital. Our ChoiceLease arrangements include maintenance as a non-lease component of the contract. We determine the standalone price of the maintenance component using an expected cost plus margin approach. The expected costs are based on our historical costs of providing maintenance services in our ChoiceLease arrangements. The margin is based on historical margin percentages for our full service maintenance contracts in the SelectCare product line, as the maintenance performance obligation in those contracts is similar to maintenance in our ChoiceLease arrangements. Full service maintenance arrangements in SelectCare are priced based on targeted margin percentages for new and used vehicles by type of vehicle (trucks, tractors, and trailers), considering the fixed and variable costs of providing maintenance services. Certain ChoiceLease arrangements include liability and/or physical damage insurance coverage to our customers. We charge a separate fixed monthly rate for these insurance offerings, which represents the standalone selling price. We allocate the contract consideration (excluding insurance) between the lease and maintenance components based on the relative standalone selling prices of each of those services and allocate contract consideration for insurance based on the price of insurance, which is priced separately. If the lessee elects to obtain insurance coverage from us, the consideration for the fixed monthly rate is allocated to the insurance performance obligations. Variable consideration, such as billings for mileage and from changes in CPI, is excluded from the allocation of consideration at the inception of the contract. Revenues associated with licensing and operating taxes that are billed as incurred based on the contract arrangement are also excluded from the allocation of consideration at contract inception and allocated as earned. The variable consideration and licensing and operating tax revenues are allocated to the lease and maintenance components based on the same allocation percentages at contract inception (or the most recent contract modification) when earned. Contract Balances We do not have material contract assets as we generally invoice customers as we perform services. Contract receivables are recorded in “Receivables, net” in the Consolidated Condensed Balance Sheets. Payment terms vary by contract type, although terms generally include a requirement of payment within 15 to 90 days. As a practical expedient, we do not assess whether a contract has a significant financing component as the period between the receipt of customer payment and the transfer of service to the customer is less than a year. Our contract liabilities consist of deferred revenue related to maintenance services. We record deferred revenues when cash payments are received or due in advance of our performance, including amounts that are refundable. We classify deferred revenue for performance obligations we expect to perform within 12 months as current liabilities and for performance obligations to be performed later than 12 months as other non-current liabilities. Revenue is recognized upon satisfaction of the performance obligation. As practical expedients, 1) we do not disclose information about remaining performance obligations that are part of a contract that has an original expected duration of one year or less, and 2) we do not disclose information about remaining performance obligations when we have the right to invoice the customer and the revenue recognized corresponds directly with the value to the customer of our performance completed to date.
Recent Accounting Pronouncements	Cloud Computing Arrangements In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal Use Software (Topic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which amends ASC 350-40 to address a customer’s accounting for implementation costs incurred in a cloud computing arrangement (CCA) that is a service contract. ASU 2018-15 aligns the accounting for costs incurred to implement a CCA that is a service arrangement with the guidance on capitalizing costs associated with developing or obtaining internal-use software. The standard is effective for fiscal years beginning after December 15, 2019, with early adoption permitted. Entities are permitted to apply either a retrospective or prospective approach to adopt the guidance. We are currently evaluating the impact of the adoption of this update on our consolidated financial position, results of operations, and cash flows. Derivatives and Hedging In August 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2017-12, Derivatives and Hedging (Topic 815) , which simplifies and clarifies the accounting and disclosure for hedging activities by more closely aligning the results of cash flow and fair value hedge accounting with the risk management activities of an entity. The amendments in this update are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018, with early adoption permitted. We adopted this standard during the first quarter of 2018 and it did not impact our consolidated financial position, results of operations or cash flows. Leases In February 2016, the FASB issued Topic 842, which sets out the principles for the identification, measurement, recognition, presentation and disclosure of leases. The FASB issued a number of subsequent updates to the standard. Topic 842 impacts the accounting for both lessors and lessees. We have adopted the standard effective January 1, 2019, using the modified retrospective transition method and initial application date of January 1, 2017. For all our facilities and equipment that we lease, we have elected the practical expedient to combine lease and non-lease components. For our existing operating and finance leases that commenced before the date of initial application, we have made an accounting policy election, as lessee, to use the incremental borrowing rate for our leases considering the remaining lease term and remaining minimum rental payments. After lease commencement of our operating leases as lessee, unless the ROU assets are impaired, we have made an accounting policy election to subsequently measure operating lease ROU assets by amortizing the ROU assets calculated as the difference between the straight line cost for the period (including amortization of initial direct costs) and the periodic accretion of the lease liability using the effective interest method. In calculating the change in ROU assets from a lease modification that decreases our rights as lessee to use one or more underlying assets, we have made an accounting policy election of remeasuring the ROU asset based on how much of the original right of use remains after modification. The new standard requires lessors to identify and evaluate the lease and non-lease components in arrangements containing a lease, provides clarification on the scope of non-lease components and provides more guidance on how to identify and separate the components. From a lessor perspective, the adoption of the new lease standard primarily impacts our ChoiceLease product line, which includes a vehicle lease as well as maintenance and other services. The standard requires lessees to classify leases as either finance or operating leases. This classification determines whether the related expense is recognized based on asset amortization and interest on the obligation (finance leases) or on a straight-line basis over the term of the lease (operating lease). We recorded a ROU asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. We have elected the practical expedient in Topic 842 to not apply these recognition requirements to leases with a term of 12 months or less with the exception of our real estate leases. Instead we recognize the lease payments in profit or loss on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred

RECENT ACCOUNTING PRONOUNCEME_3

RECENT ACCOUNTING PRONOUNCEMENTS (Tables)	3 Months Ended
	Mar. 31, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	Adoption of the new lease standard impacted our previously reported Consolidated Condensed Statements of Earnings and Comprehensive Income results as follows (in millions, except per share amounts): Three months ended March 31, 2018 As Previously Lessor Lessee and Other Reported Adjustments (1) Adjustments (1) As Revised Lease & related maintenance and rental revenues $ 824.3 0.5 0.3 825.0 Total revenues 1,903.5 0.5 0.3 1,904.2 Cost of lease & related maintenance and rental 619.2 (3.6 ) — 615.6 Cost of services (2) 787.2 — 1.5 788.8 Other operating expenses 33.5 — (0.5 ) 33.0 Selling, general and administrative expenses (2) 208.6 (0.4 ) (0.4 ) 207.8 Interest expense 37.8 — 0.4 38.2 Restructuring and other items, net (2) 16.0 — (0.9 ) 15.1 Earnings from continuing operations before income taxes 48.1 4.5 0.1 52.7 Provision for income taxes 14.2 1.2 — 15.4 Earnings from continuing operations 33.9 3.3 0.1 37.3 Net earnings 33.5 3.3 0.1 36.9 Comprehensive income 51.0 3.4 — 54.3 Earnings per common share - Basic Continuing operations $ 0.65 0.06 — 0.71 Net earnings $ 0.64 0.06 — 0.70 Earnings per common share - Diluted Continuing operations $ 0.64 0.06 — 0.70 Net earnings $ 0.63 0.06 — 0.70 ———————————— (1) Amounts include the correction of a prior period error. The primary components of the error correction are a reduction of "Lease & related maintenance and rental revenues" of approximately $4.7 million and an offsetting reduction in depreciation expense (included in "Cost of lease & related maintenance and rental") of approximately $4.7 million . We determined certain lessor arrangements of revenue earning equipment historically accounted for as operating leases should have been accounted for as direct financing leases. Additionally, we evaluated our leases for classification and determined that certain lessee arrangements, primarily real estate leases, historically accounted for as operating leases should have been accounted for as capital leases. We concluded these errors were not material to any of our previously issued consolidated financial statements. (2) Adjustments primarily reflects the reclassification of our Singapore operations into "Restructuring and other items, net," that we will shut down during 2019. Note: Amounts may not be additive due to rounding. Adoption of the new lease standard impacted our previously reported Consolidated Condensed Balance Sheet as follows (in millions): December 31, 2018 As Previously Lessor Lessee Reported Adjustments (1) Adjustments (1) As Revised Receivables, net $ 1,219.4 22.6 — 1,242.1 Prepaid expenses and other current assets 201.6 (23.3 ) — 178.3 Total current assets 1,568.4 (0.7 ) — 1,567.7 Revenue earning equipment, net 9,498.0 (84.2 ) 2.2 9,416.0 Operating property and equipment, net 843.8 — 18.2 862.1 Sales-type leases and other assets 606.6 156.8 204.3 967.8 Total assets 13,051.1 72.0 224.7 13,347.8 Short-term debt and current portion of long term-debt 930.0 — 7.2 937.1 Accrued expenses and other current liabilities 630.5 145.1 72.2 847.7 Total current liabilities 2,292.3 145.1 79.3 2,516.7 Long-term debt 5,693.6 — 18.5 5,712.1 Other non-current liabilities 849.9 421.2 131.5 1,402.6 Deferred income taxes 1,304.8 (124.6 ) (0.5 ) 1,179.7 Total liabilities 10,140.8 441.7 228.8 10,811.2 Retained earnings 2,710.7 (369.6 ) (3.8 ) 2,337.3 Accumulated other comprehensive loss (911.3 ) (0.1 ) (0.2 ) (911.6 ) Total shareholders' equity 2,910.3 (369.7 ) (4.1 ) 2,536.6 Total liabilities and shareholders' equity 13,051.1 72.0 224.7 13,347.8 ———————————— (1) Amounts include the correction of a prior period error. The primary components of the error correction are an increase in "Receivables, net" of approximately $24 million , an increase in sales-type leases and other assets of approximately $65 million and a reduction in "Revenue earning equipment, net" of $83 million . We determined certain lessor arrangements of revenue earning equipment historically accounted for as operating leases should have been accounted for as direct financing leases. Additionally, we evaluated our leases for classification and determined that certain lessee arrangements, primarily real estate leases, historically accounted for as operating leases should have been accounted for as capital leases. We concluded these errors were not material to any of our previously issued consolidated financial statements. Note: Amounts may not be additive due to rounding. Adoption of the new lease standard impacted our previously reported Consolidated Condensed Statements of Cash Flows as follows (in millions): Three months ended March 31, 2018 As Previously Reported New Lease Standard Adjustments As Revised Net earnings 33.5 3.4 36.9 Earnings from continuing operations 33.9 3.4 37.3 Depreciation expense 336.7 (3.9 ) 332.8 Amortization expense and other non-cash charges, net 13.6 18.5 32.1 Deferred income tax expense 31.9 1.2 33.1 Collections on sales-type leases and other items — 21.6 21.6 Changes in operating assets and liabilities: Prepaid expenses and other assets (26.0 ) (20.1 ) (46.1 ) Accrued expenses and other non-current liabilities (95.9 ) 1.3 (94.6 ) Net cash provided by operating activities from continuing operations 314.9 22.0 336.9 Debt repaid (412.1 ) (2.2 ) (414.3 ) Net cash provided by financing activities from continuing operations 231.8 (2.2 ) 229.6 Collections on direct finance leases and other items 19.7 (19.7 ) — Net cash used in investing activities from continuing operations (553.0 ) (19.7 ) (572.8 ) Note: Amounts may not be additive due to rounding.

REVENUE (Tables)

REVENUE (Tables)	3 Months Ended
	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Revenue from External Customers by Geographic Areas	The following tables disaggregate our revenue by primary geographical market, major product/service lines, and industry. During 2019, we adopted Topic 842 and have retrospectively adjusted 2018 for the impact of this new standard. Primary Geographical Markets Three months ended March 31, 2019 FMS DTS SCS Eliminations Total (In thousands) United States $ 1,198,943 349,621 529,393 (151,163 ) 1,926,794 Canada 74,014 — 49,708 (5,401 ) 118,321 Europe 78,642 — — — 78,642 Mexico — — 53,277 — 53,277 Singapore — — 3,293 — 3,293 Total revenue $ 1,351,599 349,621 635,671 (156,564 ) 2,180,327 Three months ended March 31, 2018 FMS DTS SCS Eliminations Total (In thousands) United States (1) 1,085,446 298,970 401,883 (127,716 ) 1,658,583 Canada 74,808 — 43,093 (4,806 ) 113,095 Europe 82,796 — — — 82,796 Mexico (1) — — 44,032 — 44,032 Singapore — — 5,699 — 5,699 Total revenue 1,243,050 298,970 494,707 (132,522 ) 1,904,205 ———————————— (1) 2018 SCS total revenue amounts for the United States and Mexico include reclassifications to conform to the current period presentation.
Disaggregation of Revenue	Major Products/Service Lines Three months ended March 31, 2019 FMS DTS SCS Eliminations Total (In thousands) ChoiceLease $ 748,579 — — (68,191 ) 680,388 SelectCare 135,779 — — (12,250 ) 123,529 Commercial rental 236,148 — — (16,977 ) 219,171 Fuel 207,866 — — (59,146 ) 148,720 Other 23,227 — — — 23,227 DTS — 349,621 — — 349,621 SCS — — 635,671 — 635,671 Total revenue $ 1,351,599 349,621 635,671 (156,564 ) 2,180,327 Three months ended March 31, 2018 FMS DTS SCS Eliminations Total (In thousands) ChoiceLease 690,902 — — (60,377 ) 630,525 SelectCare 121,873 — — (9,344 ) 112,529 Commercial rental 204,530 — — (10,064 ) 194,466 Fuel 203,807 — — (52,737 ) 151,070 Other 21,938 — — — 21,938 DTS — 298,970 — — 298,970 SCS — — 494,707 — 494,707 Total revenue 1,243,050 298,970 494,707 (132,522 ) 1,904,205 Industry Our SCS business segment includes revenue from the below industries: Three months ended March 31, 2019 2018 (In thousands) Automotive $ 253,679 207,792 Technology and healthcare 113,668 103,097 CPG and retail 217,098 135,358 Industrial and other 51,226 48,460 Total revenue $ 635,671 494,707

REVENUE EARNING EQUIPMENT, NET

REVENUE EARNING EQUIPMENT, NET (Tables)	3 Months Ended
	Mar. 31, 2019
Revenue Earning Equipment [Abstract]
Summary of revenue earning equipment	March 31, 2019 December 31, 2018 Cost Accumulated Depreciation Net Book Value (1) Cost Accumulated Depreciation Net Book Value (1) (In thousands) Held for use: ChoiceLease $ 11,331,946 (3,743,391 ) 7,588,555 10,824,989 (3,645,655 ) 7,179,334 Commercial rental 3,315,660 (1,047,437 ) 2,268,223 3,152,908 (1,047,346 ) 2,105,562 Held for sale 537,173 (384,790 ) 152,383 467,093 (336,028 ) 131,065 Total $ 15,184,779 (5,175,618 ) 10,009,161 14,444,990 (5,029,029 ) 9,415,961 ———————————— (1) Revenue earning equipment, net includes vehicles under finance leases of $12 million , less accumulated depreciation of $6 million , at March 31, 2019 , and $23 million , less accumulated depreciation of $13 million , at December 31, 2018 .
Fair value, assets	The following table presents our assets held for sale that are measured at fair value on a nonrecurring basis and considered a Level 3 fair value measurement: Total Losses (2) March 31, December 31, Three months ended March 31, 2019 2018 2019 2018 (In thousands) Assets held for sale: Revenue earning equipment (1) : Trucks $ 41,813 44,325 $ 11,546 8,601 Tractors 43,269 35,397 4,968 3,377 Trailers 1,547 1,507 180 1,593 Total assets at fair value $ 86,629 81,229 $ 16,694 13,571 ———————————— (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 that were less than fair value was $66 million and $50 million as of March 31, 2019 and December 31, 2018 , 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 net book value.
Gain and losses revenue earning equipment	The components of used vehicle sales, net were as follows: Three months ended March 31, 2019 2018 (In thousands) Gains on vehicle sales, net $ (8,477 ) (6,140 ) Losses from fair value adjustments 16,694 13,571 Used vehicle sales, net $ 8,217 7,431

ACCRUED EXPENSES AND OTHER LI_2

ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2019
Accrued Liabilities and Other Liabilities [Abstract]
Accrued Expenses and Other Liabilities	March 31, 2019 December 31, 2018 Accrued Expenses Non-Current Liabilities Total Accrued Expenses Non-Current Liabilities Total (In thousands) Salaries and wages $ 93,355 — 93,355 149,629 — 149,629 Deferred compensation 5,730 57,876 63,606 4,524 55,279 59,803 Pension benefits 3,764 455,989 459,753 3,754 456,979 460,733 Other postretirement benefits 1,391 18,114 19,505 1,387 18,097 19,484 Other employee benefits 7,728 — 7,728 28,370 — 28,370 Insurance obligations (1) 149,946 254,270 404,216 139,314 247,552 386,866 Operating taxes 108,343 — 108,343 100,399 — 100,399 Income taxes 2,872 19,655 22,527 3,491 18,477 21,968 Interest 40,373 — 40,373 39,522 — 39,522 Deposits, mainly from customers 81,930 3,460 85,390 80,401 3,390 83,791 Operating lease liabilities 71,992 134,784 206,776 73,422 137,384 210,806 Deferred revenue (2) 168,271 415,166 583,437 160,902 421,176 582,078 Restructuring liabilities (3) 4,566 — 4,566 7,595 — 7,595 Other 57,037 39,959 96,996 55,029 44,291 99,320 Total $ 797,298 1,399,273 2,196,571 847,739 1,402,625 2,250,364 ———————————— (1) Insurance obligations are primarily comprised of self-insured claim liabilities. (2) Deferred revenue is primarily related to the non-lease maintenance services component of our ChoiceLease product line. (3) The reduction in restructuring liabilities from December 31, 2018 , 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 2019.

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Schedule of Lease Income - Operating	The components of lease income were as follows: Three months ended March 31, 2019 2018 (In thousands) Operating leases Lease income related to lease payments $ 360,309 334,367 Lease income related to commercial rental (1) 219,171 194,466 Sales type leases Interest income related to net investment in leases 11,456 9,797 Variable lease income excluding commercial rental (1) 55,439 52,227 ———————————— (1) Lease income related to commercial rental includes both fixed and variable lease income. Variable lease income is approximately 15% to 25% of total commercial rental income based on management's internal estimates. The components of net investment in sales-type leases were as follows: March 31, 2019 December 31, 2018 (In thousands) Net investment in the lease — lease payment receivable $ 514,531 505,057 Net investment in the lease — unguaranteed residual assets 46,828 46,209 $ 561,359 551,266
Schedule of Lease Income - Sales Type	The components of lease income were as follows: Three months ended March 31, 2019 2018 (In thousands) Operating leases Lease income related to lease payments $ 360,309 334,367 Lease income related to commercial rental (1) 219,171 194,466 Sales type leases Interest income related to net investment in leases 11,456 9,797 Variable lease income excluding commercial rental (1) 55,439 52,227 ———————————— (1) Lease income related to commercial rental includes both fixed and variable lease income. Variable lease income is approximately 15% to 25% of total commercial rental income based on management's internal estimates. The components of net investment in sales-type leases were as follows: March 31, 2019 December 31, 2018 (In thousands) Net investment in the lease — lease payment receivable $ 514,531 505,057 Net investment in the lease — unguaranteed residual assets 46,828 46,209 $ 561,359 551,266 ———————————— Note: The net investment in the sales-type lease shown above are included in "Accounts receivables, net" and "Sales-type leases and other assets" in the Consolidated Condensed Balance Sheets.
Schedule of Maturity of Sales-Type Lease Receivable	Maturities of sales-type lease receivables were as follows: March 31, 2019 December 31, 2018 (In thousands) 2019 (excluding three months ended March 31, 2019) $ 103,957 133,557 2020 143,811 136,924 2021 121,433 114,983 2022 92,028 85,146 2023 58,175 52,161 Thereafter 91,033 78,935 Total undiscounted cash flows 610,437 601,706 Present value of lease payments (recognized as lease receivables) (514,531 ) (505,057 ) Difference between undiscounted cash flows and discounted cash flows 95,906 96,649
Schedule of Maturity of Operating Lease Payments	Maturities of operating lease payments were as follows: March 31, 2019 December 31, 2018 (In thousands) 2019 (excluding three months ended March 31, 2019) $ 936,560 1,159,851 2020 1,008,773 892,721 2021 756,134 646,008 2022 507,429 421,050 2023 319,320 249,255 Thereafter 291,636 203,632 Total undiscounted cash flows $ 3,819,852 3,572,517
Schedule of Lease Cost, Cash Flow Information, Lease Term, and Discount Rate	The components of lease expense were as follows: Three months ended March 31, Classification 2019 2018 (In thousands) Finance lease cost Amortization of right-of-use assets Other operating expenses, SG&A $ 7,788 5,143 Interest on lease liabilities Interest expense 643 597 Operating lease cost Other operating expenses, SG&A 23,218 19,687 Short-term lease and other Other operating expenses, SG&A 1,124 982 Variable lease cost Other operating expenses, SG&A 3,016 2,353 Sublease income Cost of lease & related maintenance and rental, cost of services (5,824 ) (6,364 ) Total lease cost $ 29,965 22,398 March 31, 2019 December 31, 2018 (In thousands) Weighted-average remaining lease term Operating 4 years 4 years Finance 7 years 7 years Weighted-average discount rate Operating 3.7 % 3.7 % Finance 8.3 % 8.0 % Supplemental cash flow information related to leases was as follows: Three months ended March 31, 2019 2018 (In thousands) Cash paid for amounts included in measurement of liabilities Operating cash flows from finance leases $ 643 597 Operating cash flows from operating leases 22,974 19,303 Financing cash flows from finance leases 7,466 5,039 Right-of-use assets obtained in exchange for lease obligations: Finance leases 2,418 2,006 Operating leases 16,605 16,908
Schedule of Leases, Assets and Liabilities	Supplemental balance sheet information relates to leases was as follows: Classification March 31, 2019 December 31, 2018 (In thousands) Assets Operating lease right-of-use assets Sales-type leases and other assets $ 199,048 203,834 Finance lease assets Operating property and equipment, net and revenue earning equipment, net 36,007 41,647 Total leased assets $ 235,055 245,481 Liabilities Current Operating Accrued expenses and other current liabilities $ 71,992 73,422 Finance Short-term debt and current portion of long-term debt 11,256 14,543 Noncurrent Operating Other non-current liabilities 134,784 137,384 Finance Long-term debt 32,446 32,909 Total lease liabilities $ 250,478 258,258
Schedule of Operating Lease Maturities	Maturities of lease liabilities were as follows: Operating Leases Finance Leases Total (In thousands) 2019 (excluding three months ended March 31, 2019) $ 61,234 10,527 71,761 2020 58,772 10,523 69,295 2021 39,367 8,790 48,157 2022 29,231 6,112 35,343 2023 14,302 3,786 18,088 Thereafter 20,022 13,688 33,710 Total lease payments 222,928 53,426 276,354 Less: Imputed Interest (16,152 ) (9,724 ) (25,876 ) Present value of lease liabilities $ 206,776 43,702 250,478
Schedule of Finance Lease Maturities	Maturities of lease liabilities were as follows: Operating Leases Finance Leases Total (In thousands) 2019 (excluding three months ended March 31, 2019) $ 61,234 10,527 71,761 2020 58,772 10,523 69,295 2021 39,367 8,790 48,157 2022 29,231 6,112 35,343 2023 14,302 3,786 18,088 Thereafter 20,022 13,688 33,710 Total lease payments 222,928 53,426 276,354 Less: Imputed Interest (16,152 ) (9,724 ) (25,876 ) Present value of lease liabilities $ 206,776 43,702 250,478

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Schedule of Debt	Weighted-Average Interest Rate March 31, December 31, Maturities March 31, December 31, (In thousands) Short-term debt and current portion of long-term debt: Short-term debt 1.46% 2.69% $ 210,185 81,522 Current portion of long-term debt, including finance leases 907,304 855,609 Total short-term debt and current portion of long-term debt 1,117,489 937,131 Long-term debt: U.S. commercial paper (1) 2.76% 2.78% 2023 695,272 454,397 Canadian commercial paper (1) 1.99% 2.28% 2023 105,169 123,491 Trade receivables program —% 3.15% 2019 — 200,000 Global revolving credit facility 2.28% 2.25% 2023 13,224 12,581 Unsecured U.S. notes — Medium-term notes (1)(2) 3.30% 3.22% 2019-2025 5,207,369 4,853,496 Unsecured U.S. obligations 3.49% 3.50% 2019-2024 250,000 50,000 Unsecured foreign obligations 2.67% 1.61% 2020-2021 33,710 216,719 Asset-backed U.S. obligations (3) 2.36% 2.37% 2019-2025 605,634 627,707 Finance lease obligations 8.32% 7.97% 2019-2073 43,702 47,452 Total long-term debt 6,954,080 6,585,843 Debt issuance costs (21,097 ) (18,088 ) 6,932,983 6,567,755 Current portion of long-term debt, including finance leases (907,304 ) (855,609 ) Long-term debt 6,025,679 5,712,146 Total debt $ 7,143,168 6,649,277 ———————————— (1) Amounts are net of unamortized original issue discounts of $7 million at March 31, 2019 and December 31, 2018 , respectively. (2) Amounts are inclusive of fair market value adjustments on notes subject to hedging of $6 million and $10 million at March 31, 2019 and December 31, 2018 , respectively. The notional amount of the executed interest rate swaps designated as fair value hedges was $725 million at March 31, 2019 and December 31, 2018 . Refer to Note 8 , " Derivatives ," for additional information. (3) Asset-backed U.S. obligations are related to financing transactions backed by a portion of our revenue earning equipment.

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	3 Months Ended
	Mar. 31, 2019
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, 2018 $ (199,713 ) (700,384 ) (11,537 ) (911,634 ) Amortization — 5,307 147 5,454 Other current period change 15,762 — — 15,762 March 31, 2019 (183,951 ) (695,077 ) (11,390 ) (890,418 ) Currency Translation Adjustments and Other Net Actuarial Loss (1) Prior Service Credit (1) Accumulated Other Comprehensive Loss (In thousands) December 31, 2017 (143,773 ) (560,153 ) (6,910 ) (710,836 ) Amortization — 5,517 89 5,606 Other current period change 11,765 — — 11,765 Adoption of new accounting standard (2) — (98,987 ) (1,580 ) (100,567 ) March 31, 2018 (132,008 ) (653,623 ) (8,401 ) (794,032 ) _______________________ (1) These amounts are included in the computation of net pension expense. See Note 13 , " Employee Benefit Plans ," for additional information. (2) Reflects the impact of adopting ASU No. 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income in 2018, which resulted in a reclassification of stranded tax effects caused by the 2017 Tax Cuts and Jobs Act from accumulated other comprehensive loss to retained earnings in the Consolidated Condensed Balance Sheet.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Common Share from Continuing Operations	The following table presents the calculation of basic and diluted earnings per common share from continuing operations: Three months ended March 31, 2019 2018 (In thousands, except per share amounts) Earnings per share — Basic: Earnings from continuing operations $ 45,890 37,313 Less: Distributed and undistributed earnings allocated to unvested stock (177 ) (130 ) Earnings from continuing operations available to common shareholders — Basic $ 45,713 37,183 Weighted average common shares outstanding — Basic 52,418 52,405 Earnings from continuing operations per common share — Basic $ 0.87 0.71 Earnings per share — Diluted: Earnings from continuing operations $ 45,890 37,313 Less: Distributed and undistributed earnings allocated to unvested stock (177 ) (130 ) Earnings from continuing operations available to common shareholders — Diluted $ 45,713 37,183 Weighted average common shares outstanding — Basic 52,418 52,405 Effect of dilutive equity awards 223 608 Weighted average common shares outstanding — Diluted 52,641 53,013 Earnings from continuing operations per common share — Diluted $ 0.87 0.70 Anti-dilutive equity awards not included above 1,682 1,046

SHARE-BASED COMPENSATION PLANS

SHARE-BASED COMPENSATION PLANS (Tables)	3 Months Ended
	Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based Compensation Expense and Income Tax Benefits Recognized During the Periods	The following table provides information on share-based compensation expense and income tax benefits recognized during the periods: Three months ended March 31, 2019 2018 (In thousands) Stock option and stock purchase plans $ 1,819 1,875 Unvested stock 5,580 3,466 Share-based compensation expense 7,399 5,341 Income tax benefit (1,160 ) (1,161 ) Share-based compensation expense, net of tax $ 6,239 4,180

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	3 Months Ended
	Mar. 31, 2019
Retirement Benefits [Abstract]
Components of Net Periodic Benefit Cost	Components of net pension expense were as follows: Three months ended March 31, 2019 2018 (In thousands) Pension Benefits Company-administered plans: Service cost $ 3,032 3,201 Interest cost 21,469 19,752 Expected return on plan assets (22,676 ) (25,834 ) Amortization of: Net actuarial loss 7,610 7,372 Prior service cost 179 145 9,614 4,636 Union-administered plans 2,457 2,346 Net pension expense $ 12,071 6,982 Company-administered plans: U.S. $ 11,473 7,357 Non-U.S. (1,859 ) (2,721 ) 9,614 4,636 Union-administered plans 2,457 2,346 Net pension expense $ 12,071 6,982

OTHER ITEMS IMPACTING COMPARA_2

OTHER ITEMS IMPACTING COMPARABILITY (Tables)	3 Months Ended
	Mar. 31, 2019
Other Income and Expenses [Abstract]
Other Items Impacting Comparability Table	Excluding these items from our segment measure of performance allows for better year over year comparison: Three months ended March 31, 2019 2018 (In thousands) Restructuring and other, net $ 2,588 (392 ) ERP implementation 3,590 — Goodwill impairment — 15,513 Restructuring and other items, net $ 6,178 15,121

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2019
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental cash flow information was as follows: Three months ended March 31, 2019 2018 (In thousands) Interest paid $ 52,490 40,165 Income taxes paid 3,611 8,187 Changes in accounts payable related to purchases of revenue earning equipment 87,053 48,176 Operating and revenue earning equipment acquired under finance leases 2,026 257

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Financial information of business segments	The following tables set forth financial information for each of our segments and provide a reconciliation between segment EBT and earnings from continuing operations before income taxes for the three months ended March 31, 2019 and 2018 . Prior period segment amounts have been revised to reflect the adoption of ASC 842. FMS DTS SCS Eliminations Total (In thousands) For the three months ended March 31, 2019 Revenue from external customers $ 1,195,035 349,621 635,671 — 2,180,327 Inter-segment revenue 156,564 — — (156,564 ) — Total revenue $ 1,351,599 349,621 635,671 (156,564 ) 2,180,327 Segment EBT $ 60,911 17,412 32,317 (17,302 ) 93,338 Unallocated CSS (12,547 ) Non-operating pension costs (1) (6,462 ) Restructuring and other items, net (2) (6,178 ) Earnings from continuing operations before income taxes $ 68,151 Segment capital expenditures paid (3) $ 1,006,129 343 12,756 — 1,019,228 Unallocated CSS capital expenditures paid 7,483 Capital expenditures paid $ 1,026,711 For the three months ended March 31, 2018 Revenue from external customers 1,110,528 298,970 494,707 — 1,904,205 Inter-segment revenue 132,522 — — (132,522 ) — Total revenue 1,243,050 298,970 494,707 (132,522 ) 1,904,205 Segment EBT 54,343 13,052 25,511 (13,272 ) 79,634 Unallocated CSS (10,592 ) Non-operating pension costs (1) (1,222 ) Restructuring and other items, net (2) (15,121 ) Earnings from continuing operations before income taxes $ 52,699 Segment capital expenditures paid (3) 645,369 249 12,293 — 657,911 Unallocated CSS capital expenditures paid 4,833 Capital expenditures paid $ 662,744 ———————————— (1) Non-operating pension costs include the amortization of net actuarial loss and prior service costs, interest costs and expected return on plan assets. (2) See Note 14 , " Other Items Impacting Comparability ," for additional information. (3) Excludes revenue earning equipment acquired under finance leases.

GENERAL (Details)

GENERAL (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Jan. 01, 2017
Disaggregation of Revenue [Line Items]
Adjustment to retained earnings	$ 2,343,857		$ 2,337,252
Deferred revenue	583,437		582,078
Capitalized sales commissions	106,000		107,000
Initial direct costs of leases	$ 53,000		53,000
Lease renewal option (in years)	5 years
Operating and finance lease assets	$ 235,055		245,481
Minimum
Disaggregation of Revenue [Line Items]
Payment term of contract with customer	15 days
Lease terms (in years)	3 years
Maximum
Disaggregation of Revenue [Line Items]
Payment term of contract with customer	90 days
Lease terms (in years)	5 years
Accounting Standards Update 2016-02 | Restatement Adjustment
Disaggregation of Revenue [Line Items]
Adjustment to retained earnings				$ 315,000
Maintenance Services
Disaggregation of Revenue [Line Items]
Non-lease revenue from maintenance services	$ 239,000	$ 223,000
Deferred revenue	564,000		566,000
ChoiceLease
Disaggregation of Revenue [Line Items]
Capitalized sales commissions	$ 92,000		$ 93,000

RECENT ACCOUNTING PRONOUNCEME_4

RECENT ACCOUNTING PRONOUNCEMENTS Lease Standard - Effect on Statement of Consolidated Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease & related maintenance and rental revenues		$ 825,000
Total revenue	$ 2,180,327	1,904,205
Other operating expenses	33,626	32,975
Selling, general and administrative expenses	231,325	207,828
Interest expense	55,336	38,160
Restructuring and other items, net	6,178	15,121
Earnings from continuing operations before income taxes	68,151	52,699
Provision for income taxes	22,261	15,386
Earnings from continuing operations	45,890	37,313
Net earnings	45,316	36,886
Comprehensive income	$ 66,532	$ 54,257
Earnings per common share - Basic
Continuing operations (in dollars per share)	$ 0.87	$ 0.71
Net earnings (in dollars per share)	0.86	0.70
Earnings per common share - Diluted
Continuing operations (in dollars per share)	0.87	0.70
Net earnings (in dollars per share)	$ 0.86	$ 0.70
Accounting Standards Update 2016-02 | As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease & related maintenance and rental revenues		$ 824,300
Total revenue		1,903,500
Other operating expenses		33,500
Selling, general and administrative expenses		208,600
Interest expense		37,800
Restructuring and other items, net		16,000
Earnings from continuing operations before income taxes		48,100
Provision for income taxes		14,200
Earnings from continuing operations		33,900
Net earnings		33,500
Comprehensive income		$ 51,000
Earnings per common share - Basic
Continuing operations (in dollars per share)		$ 0.65
Net earnings (in dollars per share)		0.64
Earnings per common share - Diluted
Continuing operations (in dollars per share)		0.64
Net earnings (in dollars per share)		$ 0.63
Accounting Standards Update 2016-02 | New Lease Standard Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Earnings from continuing operations		$ 3,400
Net earnings		3,400
Service
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of services sold	$ 971,690	788,771
Service | Accounting Standards Update 2016-02 | As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of services sold		787,200
Lease, Related Maintenance and Rental
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of services sold	$ 664,289	615,605
Lease, Related Maintenance and Rental | Accounting Standards Update 2016-02 | As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of services sold		619,200
Lessor Adjustments | Accounting Standards Update 2016-02 | New Lease Standard Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease & related maintenance and rental revenues		500
Total revenue		500
Other operating expenses		0
Selling, general and administrative expenses		(400)
Interest expense		0
Restructuring and other items, net		0
Earnings from continuing operations before income taxes		4,500
Provision for income taxes		1,200
Earnings from continuing operations		3,300
Net earnings		3,300
Comprehensive income		$ 3,400
Earnings per common share - Basic
Continuing operations (in dollars per share)		$ 0.06
Net earnings (in dollars per share)		0.06
Earnings per common share - Diluted
Continuing operations (in dollars per share)		0.06
Net earnings (in dollars per share)		$ 0.06
Lessor Adjustments | Service | Accounting Standards Update 2016-02 | New Lease Standard Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of services sold		$ 0
Lessor Adjustments | Lease, Related Maintenance and Rental | Accounting Standards Update 2016-02 | New Lease Standard Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of services sold		(3,600)
Lessee and Other Adjustments | New Lease Standard Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease & related maintenance and rental revenues		300
Total revenue		300
Other operating expenses		(500)
Selling, general and administrative expenses		(400)
Interest expense		400
Restructuring and other items, net		(900)
Earnings from continuing operations before income taxes		100
Provision for income taxes		0
Earnings from continuing operations		100
Net earnings		100
Comprehensive income		$ 0
Earnings per common share - Basic
Continuing operations (in dollars per share)		$ 0
Net earnings (in dollars per share)		0
Earnings per common share - Diluted
Continuing operations (in dollars per share)		0
Net earnings (in dollars per share)		$ 0
Lessee and Other Adjustments | Service | New Lease Standard Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of services sold		$ 1,500
Lessee and Other Adjustments | Lease, Related Maintenance and Rental | New Lease Standard Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of services sold		0
Prior Period Error | New Lease Standard Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease & related maintenance and rental revenues		4,700
Cost of services sold		$ 4,700

RECENT ACCOUNTING PRONOUNCEME_5

RECENT ACCOUNTING PRONOUNCEMENTS Lease Standard - Effect on Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017	Jan. 01, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Receivables, net	$ 1,221,769	$ 1,242,058
Prepaid expenses and other current assets	193,147	178,313
Total current assets	1,557,785	1,567,710
Revenue earning equipment, net	10,009,161	9,415,961
Operating property and equipment, net	871,524	862,054
Sales-type leases and other assets		967,800
Total assets	13,948,985	13,347,808
Short-term debt and current portion of long-term debt	1,117,489	937,131
Accrued expenses and other current liabilities	797,298	847,739
Total current liabilities	2,754,579	2,516,746
Long-term debt	6,025,679	5,712,146
Other non-current liabilities	1,399,273	1,402,625
Deferred income taxes		1,179,700
Total liabilities	11,382,181	10,811,240
Retained earnings	2,343,857	2,337,252
Accumulated other comprehensive loss	(890,418)	(911,634)
Total shareholders' equity	2,566,804	2,536,568	$ 2,473,975	$ 2,453,577
Total liabilities and shareholders' equity	13,948,985	13,347,808
Sales-type leases and other assets	$ 978,705	967,802
Accounting Standards Update 2016-02 | As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Receivables, net		1,219,400
Prepaid expenses and other current assets		201,600
Total current assets		1,568,400
Revenue earning equipment, net		9,498,000
Operating property and equipment, net		843,800
Sales-type leases and other assets		606,600
Total assets		13,051,100
Short-term debt and current portion of long-term debt		930,000
Accrued expenses and other current liabilities		630,500
Total current liabilities		2,292,300
Long-term debt		5,693,600
Other non-current liabilities		849,900
Deferred income taxes		1,304,800
Total liabilities		10,140,800
Retained earnings		2,710,700
Accumulated other comprehensive loss		(911,300)
Total shareholders' equity		2,910,300
Total liabilities and shareholders' equity		13,051,100
Accounting Standards Update 2016-02 | New Lease Standard Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings					$ 315,000
Lessor Adjustments | Accounting Standards Update 2016-02 | New Lease Standard Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Receivables, net		22,600
Prepaid expenses and other current assets		(23,300)
Total current assets		(700)
Revenue earning equipment, net		(84,200)
Operating property and equipment, net		0
Sales-type leases and other assets		156,800
Total assets		72,000
Short-term debt and current portion of long-term debt		0
Accrued expenses and other current liabilities		145,100
Total current liabilities		145,100
Long-term debt		0
Other non-current liabilities		421,200
Deferred income taxes		(124,600)
Total liabilities		441,700
Retained earnings		(369,600)
Accumulated other comprehensive loss		(100)
Total shareholders' equity		(369,700)
Total liabilities and shareholders' equity		72,000
Lessee Adjustments | Accounting Standards Update 2016-02 | New Lease Standard Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Receivables, net		0
Prepaid expenses and other current assets		0
Total current assets		0
Revenue earning equipment, net		2,200
Operating property and equipment, net		18,200
Sales-type leases and other assets		204,300
Total assets		224,700
Short-term debt and current portion of long-term debt		7,200
Accrued expenses and other current liabilities		72,200
Total current liabilities		79,300
Long-term debt		18,500
Other non-current liabilities		131,500
Deferred income taxes		(500)
Total liabilities		228,800
Retained earnings		(3,800)
Accumulated other comprehensive loss		(200)
Total shareholders' equity		(4,100)
Total liabilities and shareholders' equity		224,700
Prior Period Error | New Lease Standard Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Receivables, net		24,000
Revenue earning equipment, net		83,000
Sales-type leases and other assets		$ 65,000

RECENT ACCOUNTING PRONOUNCEME_6

RECENT ACCOUNTING PRONOUNCEMENTS Lease Standard - Effect of Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net earnings	$ 45,316	$ 36,886
Earnings from continuing operations	45,890	37,313
Depreciation expense	377,357	332,768
Amortization expense and other non-cash charges, net	48,522	32,061
Deferred income tax expense	19,729	33,076
Collections on sales-type leases	34,017	21,580
Prepaid expenses and other assets	(27,645)	(46,053)
Accrued expenses and other non-current liabilities	(78,629)	(94,563)
Net cash provided by operating activities from continuing operations	485,330	336,850
Debt repaid	(478,411)	(414,299)
Net cash provided by financing activities from continuing operations	434,288	229,603
Collections on direct finance leases and other items		0
Net cash used in investing activities from continuing operations	$ (923,244)	(572,788)
Accounting Standards Update 2016-02 | As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net earnings		33,500
Earnings from continuing operations		33,900
Depreciation expense		336,700
Amortization expense and other non-cash charges, net		13,600
Deferred income tax expense		31,900
Collections on sales-type leases		0
Prepaid expenses and other assets		(26,000)
Accrued expenses and other non-current liabilities		(95,900)
Net cash provided by operating activities from continuing operations		314,900
Debt repaid		(412,100)
Net cash provided by financing activities from continuing operations		231,800
Collections on direct finance leases and other items		19,700
Net cash used in investing activities from continuing operations		(553,000)
Accounting Standards Update 2016-02 | New Lease Standard Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net earnings		3,400
Earnings from continuing operations		3,400
Depreciation expense		(3,900)
Amortization expense and other non-cash charges, net		18,500
Deferred income tax expense		1,200
Collections on sales-type leases		21,600
Prepaid expenses and other assets		(20,100)
Accrued expenses and other non-current liabilities		1,300
Net cash provided by operating activities from continuing operations		22,000
Debt repaid		(2,200)
Net cash provided by financing activities from continuing operations		(2,200)
Collections on direct finance leases and other items		(19,700)
Net cash used in investing activities from continuing operations		$ (19,700)

REVENUE (Details)

REVENUE (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Contract assets	$ 0		$ 0
Trade receivables	1,060,000		1,090,000
Amount of revenue recognized, previously included in deferred revenue	58,000
Increase in deferred revenue during the period	57,000
Contracted not recognized revenue	2,700,000
Capitalized sales commissions	106,000		107,000
Initial direct costs of leases	53,000		$ 53,000
Amortization of capitalized sales commissions	$ 11,000	$ 6,000

REVENUE Disaggregation of Reven

REVENUE Disaggregation of Revenue - Geographical (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disaggregation of Revenue [Line Items]
Total revenue	$ 2,180,327	$ 1,904,205
United States
Disaggregation of Revenue [Line Items]
Total revenue	1,926,794	1,658,583
Canada
Disaggregation of Revenue [Line Items]
Total revenue	118,321	113,095
Europe
Disaggregation of Revenue [Line Items]
Total revenue	78,642	82,796
Mexico
Disaggregation of Revenue [Line Items]
Total revenue	53,277	44,032
Singapore
Disaggregation of Revenue [Line Items]
Total revenue	3,293	5,699
FMS
Disaggregation of Revenue [Line Items]
Total revenue	1,195,035	1,110,528
DTS
Disaggregation of Revenue [Line Items]
Total revenue	349,621	298,970
SCS
Disaggregation of Revenue [Line Items]
Total revenue	635,671	494,707
Operating Segments | FMS
Disaggregation of Revenue [Line Items]
Total revenue	1,351,599	1,243,050
Operating Segments | FMS | United States
Disaggregation of Revenue [Line Items]
Total revenue	1,198,943	1,085,446
Operating Segments | FMS | Canada
Disaggregation of Revenue [Line Items]
Total revenue	74,014	74,808
Operating Segments | FMS | Europe
Disaggregation of Revenue [Line Items]
Total revenue	78,642	82,796
Operating Segments | FMS | Mexico
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Operating Segments | FMS | Singapore
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Operating Segments | DTS
Disaggregation of Revenue [Line Items]
Total revenue	349,621	298,970
Operating Segments | DTS | United States
Disaggregation of Revenue [Line Items]
Total revenue	349,621	298,970
Operating Segments | DTS | Canada
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Operating Segments | DTS | Europe
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Operating Segments | DTS | Mexico
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Operating Segments | DTS | Singapore
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Operating Segments | SCS
Disaggregation of Revenue [Line Items]
Total revenue	635,671	494,707
Operating Segments | SCS | United States
Disaggregation of Revenue [Line Items]
Total revenue	529,393	401,883
Operating Segments | SCS | Canada
Disaggregation of Revenue [Line Items]
Total revenue	49,708	43,093
Operating Segments | SCS | Europe
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Operating Segments | SCS | Mexico
Disaggregation of Revenue [Line Items]
Total revenue	53,277	44,032
Operating Segments | SCS | Singapore
Disaggregation of Revenue [Line Items]
Total revenue	3,293	5,699
Eliminations
Disaggregation of Revenue [Line Items]
Total revenue	(156,564)	(132,522)
Eliminations | United States
Disaggregation of Revenue [Line Items]
Total revenue	(151,163)	(127,716)
Eliminations | Canada
Disaggregation of Revenue [Line Items]
Total revenue	(5,401)	(4,806)
Eliminations | Europe
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Eliminations | Mexico
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Eliminations | Singapore
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Eliminations | FMS
Disaggregation of Revenue [Line Items]
Total revenue	156,564	132,522
Eliminations | DTS
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Eliminations | SCS
Disaggregation of Revenue [Line Items]
Total revenue	$ 0	$ 0

REVENUE Disaggregated Revenue -

REVENUE Disaggregated Revenue - Major Products/Service Lines (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disaggregation of Revenue [Line Items]
Total revenue	$ 2,180,327	$ 1,904,205
ChoiceLease
Disaggregation of Revenue [Line Items]
Total revenue	680,388	630,525
SelectCare
Disaggregation of Revenue [Line Items]
Total revenue	123,529	112,529
Commercial rental
Disaggregation of Revenue [Line Items]
Total revenue	219,171	194,466
Fuel
Disaggregation of Revenue [Line Items]
Total revenue	148,720	151,070
Other
Disaggregation of Revenue [Line Items]
Total revenue	23,227	21,938
DTS
Disaggregation of Revenue [Line Items]
Total revenue	349,621	298,970
SCS
Disaggregation of Revenue [Line Items]
Total revenue	635,671	494,707
FMS
Disaggregation of Revenue [Line Items]
Total revenue	1,195,035	1,110,528
DTS
Disaggregation of Revenue [Line Items]
Total revenue	349,621	298,970
SCS
Disaggregation of Revenue [Line Items]
Total revenue	635,671	494,707
Operating Segments | FMS
Disaggregation of Revenue [Line Items]
Total revenue	1,351,599	1,243,050
Operating Segments | FMS | ChoiceLease
Disaggregation of Revenue [Line Items]
Total revenue	748,579	690,902
Operating Segments | FMS | SelectCare
Disaggregation of Revenue [Line Items]
Total revenue	135,779	121,873
Operating Segments | FMS | Commercial rental
Disaggregation of Revenue [Line Items]
Total revenue	236,148	204,530
Operating Segments | FMS | Fuel
Disaggregation of Revenue [Line Items]
Total revenue	207,866	203,807
Operating Segments | FMS | Other
Disaggregation of Revenue [Line Items]
Total revenue	23,227	21,938
Operating Segments | FMS | DTS
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Operating Segments | FMS | SCS
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Operating Segments | DTS
Disaggregation of Revenue [Line Items]
Total revenue	349,621	298,970
Operating Segments | DTS | ChoiceLease
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Operating Segments | DTS | SelectCare
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Operating Segments | DTS | Commercial rental
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Operating Segments | DTS | Fuel
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Operating Segments | DTS | Other
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Operating Segments | DTS | DTS
Disaggregation of Revenue [Line Items]
Total revenue	349,621	298,970
Operating Segments | DTS | SCS
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Operating Segments | SCS
Disaggregation of Revenue [Line Items]
Total revenue	635,671	494,707
Operating Segments | SCS | ChoiceLease
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Operating Segments | SCS | SelectCare
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Operating Segments | SCS | Commercial rental
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Operating Segments | SCS | Fuel
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Operating Segments | SCS | Other
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Operating Segments | SCS | DTS
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Operating Segments | SCS | SCS
Disaggregation of Revenue [Line Items]
Total revenue	635,671	494,707
Eliminations
Disaggregation of Revenue [Line Items]
Total revenue	(156,564)	(132,522)
Eliminations | ChoiceLease
Disaggregation of Revenue [Line Items]
Total revenue	(68,191)	(60,377)
Eliminations | SelectCare
Disaggregation of Revenue [Line Items]
Total revenue	(12,250)	(9,344)
Eliminations | Commercial rental
Disaggregation of Revenue [Line Items]
Total revenue	(16,977)	(10,064)
Eliminations | Fuel
Disaggregation of Revenue [Line Items]
Total revenue	(59,146)	(52,737)
Eliminations | Other
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Eliminations | DTS
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Eliminations | SCS
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Eliminations | FMS
Disaggregation of Revenue [Line Items]
Total revenue	156,564	132,522
Eliminations | DTS
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Eliminations | SCS
Disaggregation of Revenue [Line Items]
Total revenue	$ 0	$ 0

REVENUE Disaggregation of Rev_2

REVENUE Disaggregation of Revenue - Industry (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disaggregation of Revenue [Line Items]
Total revenue	$ 2,180,327	$ 1,904,205
SCS
Disaggregation of Revenue [Line Items]
Total revenue	635,671	494,707
Automotive | SCS
Disaggregation of Revenue [Line Items]
Total revenue	253,679	207,792
Technology and healthcare | SCS
Disaggregation of Revenue [Line Items]
Total revenue	113,668	103,097
CPG and retail | SCS
Disaggregation of Revenue [Line Items]
Total revenue	217,098	135,358
Industrial and other | SCS
Disaggregation of Revenue [Line Items]
Total revenue	$ 51,226	$ 48,460

REVENUE EARNING EQUIPMENT, NE_2

REVENUE EARNING EQUIPMENT, NET Schedule of Revenue Earning Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Revenue Earning Equipment [Line Items]
Cost	$ 15,184,779	$ 14,444,990
Accumulated Depreciation	(5,175,618)	(5,029,029)
Net Book Value	10,009,161	9,415,961
ChoiceLease
Revenue Earning Equipment [Line Items]
Cost	11,331,946	10,824,989
Accumulated Depreciation	(3,743,391)	(3,645,655)
Net Book Value	7,588,555	7,179,334
Commercial rental
Revenue Earning Equipment [Line Items]
Cost	3,315,660	3,152,908
Accumulated Depreciation	(1,047,437)	(1,047,346)
Net Book Value	2,268,223	2,105,562
Held for sale
Revenue Earning Equipment [Line Items]
Cost	537,173	467,093
Accumulated Depreciation	(384,790)	(336,028)
Net Book Value	152,383	131,065
Assets held under capital leases
Revenue Earning Equipment [Line Items]
Cost	12,000	23,000
Accumulated Depreciation	$ (6,000)	$ (13,000)

REVENUE EARNING EQUIPMENT, NE_3

REVENUE EARNING EQUIPMENT, NET Level 3 Fair Value Measurement (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Revenue Earning Equipment [Line Items]
Total losses	$ 16,694	$ 13,571
Net book value of assets held for sale	66,000		$ 50,000
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring
Revenue Earning Equipment [Line Items]
Assets held for sale	86,629		81,229
Total losses	16,694	13,571
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | Trucks
Revenue Earning Equipment [Line Items]
Assets held for sale	41,813		44,325
Total losses	11,546	8,601
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | Tractors
Revenue Earning Equipment [Line Items]
Assets held for sale	43,269		35,397
Total losses	4,968	3,377
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | Trailers
Revenue Earning Equipment [Line Items]
Assets held for sale	1,547		$ 1,507
Total losses	$ 180	$ 1,593

REVENUE EARNING EQUIPMENT, NE_4

REVENUE EARNING EQUIPMENT, NET Recognized Gains on Used Vehicles (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenue Earning Equipment [Abstract]
Gains on vehicle sales, net	$ (8,477)	$ (6,140)
Losses from fair value adjustments	16,694	13,571
Used vehicle sales, net	$ 8,217	$ 7,431

ACCRUED EXPENSES AND OTHER LI_3

ACCRUED EXPENSES AND OTHER LIABILITIES (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Accrued Expenses
Salaries and wages	$ 93,355	$ 149,629
Deferred compensation	5,730	4,524
Pension benefits	3,764	3,754
Other postretirement benefits	1,391	1,387
Other employee benefits	7,728	28,370
Insurance obligations	149,946	139,314
Operating taxes	108,343	100,399
Income taxes	2,872	3,491
Interest	40,373	39,522
Deposits, mainly from customers	81,930	80,401
Operating lease liabilities	71,992	73,422
Deferred revenue	168,271	160,902
Restructuring liabilities	4,566	7,595
Other	57,037	55,029
Total	797,298	847,739
Non-Current Liabilities
Salaries and wages	0	0
Deferred compensation	57,876	55,279
Pension benefits	455,989	456,979
Other postretirement benefits	18,114	18,097
Other employee benefits	0	0
Insurance obligations	254,270	247,552
Operating taxes	0	0
Income taxes	19,655	18,477
Interest	0	0
Deposits, mainly from customers	3,460	3,390
Operating lease liabilities	134,784	137,384
Deferred revenue	415,166	421,176
Restructuring liabilities	0	0
Other	39,959	44,291
Total	1,399,273	1,402,625
Total
Salaries and wages	93,355	149,629
Deferred compensation	63,606	59,803
Pension benefits	459,753	460,733
Other postretirement benefits	19,505	19,484
Other employee benefits	7,728	28,370
Insurance obligations	404,216	386,866
Operating taxes	108,343	100,399
Income taxes	22,527	21,968
Interest	40,373	39,522
Deposits, mainly from customers	85,390	83,791
Operating lease liabilities	206,776	210,806
Deferred revenue	583,437	582,078
Restructuring liabilities	4,566	7,595
Other	96,996	99,320
Total	$ 2,196,571	$ 2,250,364

LEASES (Details)

LEASES (Details) $ in Millions	Mar. 31, 2019USD ($)
Lessee, Lease, Description [Line Items]
Operating leases, not yet commenced	$ 8
Minimum
Lessee, Lease, Description [Line Items]
Operating leases, not yet commenced, term (in years)	3 years
Maximum
Lessee, Lease, Description [Line Items]
Operating leases, not yet commenced, term (in years)	5 years

LEASES - Lease Income (Details)

LEASES - Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Operating leases
Lease income related to lease payments	$ 360,309	$ 334,367
Lease income related to commercial rental	219,171	194,466
Sales type leases
Interest income related to net investment in leases	11,456	9,797
Variable lease income excluding commercial rental	$ 55,439	$ 52,227

LEASES - Components of Net Inve

LEASES - Components of Net Investment in Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Leases [Abstract]
Net investment in the lease — lease payment receivable	$ 514,531	$ 505,057
Net investment in the lease — unguaranteed residual assets	46,828	46,209
Net investment in lease	$ 561,359	$ 551,266

LEASES - Maturity of Sales-Type

LEASES - Maturity of Sales-Type Lease Receivables, Lessor (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Leases [Abstract]
2019 (excluding three months ended March 31, 2019)	$ 103,957	$ 133,557
2020	143,811	136,924
2021	121,433	114,983
2022	92,028	85,146
2023	58,175	52,161
Thereafter	91,033	78,935
Total undiscounted cash flows	610,437	601,706
Present value of lease payments (recognized as lease receivables)	(514,531)	(505,057)
Difference between undiscounted cash flows and discounted cash flows	$ 95,906	$ 96,649

LEASES - Maturity of Operating

LEASES - Maturity of Operating Lease Payments, Lessor (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Leases [Abstract]
2019 (excluding three months ended March 31, 2019)	$ 936,560	$ 1,159,851
2020	1,008,773	892,721
2021	756,134	646,008
2022	507,429	421,050
2023	319,320	249,255
Thereafter	291,636	203,632
Total undiscounted cash flows	$ 3,819,852	$ 3,572,517

LEASES - Lease Cost (Details)

LEASES - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Finance lease cost
Amortization of right-of-use assets	$ 7,788	$ 5,143
Interest on lease liabilities	643	597
Operating lease cost	23,218	19,687
Short-term lease & reporting exceptions cost	1,124	982
Variable lease cost	3,016	2,353
Sublease income	(5,824)	(6,364)
Total lease cost	$ 29,965	$ 22,398

LEASES - Supplemental Cash Flow

LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Leases [Abstract]
Operating cash flows from finance leases	$ 643	$ 597
Operating cash flows from operating leases	22,974	19,303
Financing cash flows from finance leases	7,466	5,039
Right-of-use assets obtained in exchange for lease obligations:
Finance leases	2,418	2,006
Operating leases	$ 16,605	$ 16,908

LEASES - Supplemental Balance S

LEASES - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Assets
Operating lease right-of-use assets	$ 199,048	$ 203,834
Finance lease assets	36,007	41,647
Total leased assets	235,055	245,481
Current
Operating	71,992	73,422
Finance	11,256	14,543
Noncurrent
Operating	134,784	137,384
Finance	32,446	32,909
Total lease liabilities	$ 250,478	$ 258,258

LEASES - Lease Term and Discoun

LEASES - Lease Term and Discount Rate (Details)	Mar. 31, 2019	Dec. 31, 2018
Leases [Abstract]
Weighted-average remaining lease term, operating	4 years	4 years
Weighted-average remaining lease term, finance	7 years	7 years
Weighted-average discount rate, operating	3.70%	3.70%
Weighted-average discount rate, finance	8.30%	8.00%

LEASES - Maturity of Lease Liab

LEASES - Maturity of Lease Liabilities, Lessee (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Operating Leases
2019 (excluding three months ended March 31, 2019)	$ 61,234
2020	58,772
2021	39,367
2022	29,231
2023	14,302
Thereafter	20,022
Total lease payments	222,928
Less: Imputed Interest	(16,152)
Present value of lease liabilities	206,776	$ 210,806
Finance Leases
2019	10,527
2020	10,523
2021	8,790
2022	6,112
2023	3,786
Thereafter	13,688
Total lease payments	53,426
Less: Imputed Interest	(9,724)
Present value of lease liabilities	43,702
Total
2019 (excluding three months ended March 31, 2019)	71,761
2020	69,295
2021	48,157
2022	35,343
2023	18,088
Thereafter	33,710
Total lease payments	276,354
Less: Imputed Interest	(25,876)
Present value of lease liabilities	$ 250,478	$ 258,258

DEBT - Schedule of Debt (Detail

DEBT - Schedule of Debt (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Short-term debt and current portion of long-term debt:
Short-term debt, weighted-average interest rate	1.46%	2.69%
Short-term debt	$ 210,185,000	$ 81,522,000
Current portion of long-term debt, including finance leases	907,304,000	855,609,000
Total short-term debt and current portion of long-term debt	1,117,489,000	937,131,000
Long-term debt:
Commercial paper	800,000,000	578,000,000
Total long-term debt	6,954,080,000	6,585,843,000
Debt issuance costs	(21,097,000)	(18,088,000)
Total after fair market value adjustment	6,932,983,000	6,567,755,000
Current portion of long-term debt, including finance leases	(907,304,000)	(855,609,000)
Long-term debt	6,025,679,000	5,712,146,000
Total debt	7,143,168,000	6,649,277,000
Unamortized original issue discounts	7,000,000
Fair market value adjustment on notes subject to hedging	6,000,000	10,000,000
Aggregate notional amount of interest rate swaps	$ 725,000,000	$ 825,000,000
U.S. commercial paper
Long-term debt:
Long-term debt, weighted-average interest rate	2.76%	2.78%
Commercial paper	$ 695,272,000	$ 454,397,000
Canadian commercial paper
Long-term debt:
Long-term debt, weighted-average interest rate	1.99%	2.28%
Commercial paper	$ 105,169,000	$ 123,491,000
Trade receivables program
Long-term debt:
Long-term debt, weighted-average interest rate	0.00%	3.15%
Trade receivables program	$ 0	$ 200,000,000
Global revolving credit facility
Long-term debt:
Long-term debt, weighted-average interest rate	2.28%	2.25%
Global revolving credit facility	$ 13,224,000	$ 12,581,000
Unsecured U.S. notes — Medium-term notes
Long-term debt:
Long-term debt, weighted-average interest rate	3.30%	3.22%
Unsecured U.S. notes - Medium-term notes	$ 5,207,369,000	$ 4,853,496,000
Unsecured U.S. obligations
Long-term debt:
Long-term debt, weighted-average interest rate	3.49%	3.50%
Unsecured U.S. obligations	$ 250,000,000	$ 50,000,000
Unsecured foreign obligations
Long-term debt:
Long-term debt, weighted-average interest rate	2.67%	1.61%
Obligations	$ 33,710,000	$ 216,719,000
Asset-backed U.S. obligations
Long-term debt:
Long-term debt, weighted-average interest rate	2.36%	2.37%
Obligations	$ 605,634,000	$ 627,707,000
Finance lease obligations
Long-term debt:
Long-term debt, weighted-average interest rate	8.32%	7.97%
Finance lease obligations	$ 43,702,000	$ 47,452,000

DEBT (Details)

DEBT (Details)	1 Months Ended	3 Months Ended
	Feb. 28, 2019USD ($)	Mar. 31, 2019USD ($)instution	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 1,400,000,000
Number of lending institutions | instution		12
Annual facility fees, percentage		0.10%
Ratio of debt to consolidated net worth		3
Debt to consolidated tangible net worth ratio		197.00%
Line of credit remaining capacity		$ 572,000,000
Commercial paper classified as long term debt		800,000,000	$ 578,000,000
Short term maturities classified as long term debt		69,000,000
Short-term debt classified as long-term			50,000,000
Total available proceeds under trade receivables purchase and sale program		$ 225,000,000
Number of days under trade receivables purchase and sale program		364 days
Trade receivables borrowings		$ 0	200,000,000
Letters of credit and surety bonds outstanding		373,000,000	375,000,000
Fair value of total debt		6,570,000,000	5,970,000,000
U.S. commercial paper
Debt Instrument [Line Items]
Commercial paper classified as long term debt		695,272,000	454,397,000
Unsecured medium term notes due March 2024
Debt Instrument [Line Items]
Face amount of unsecured medium-term notes issued	$ 600,000,000
Global revolving credit facility
Debt Instrument [Line Items]
Current maturities classified as long-term debt		350,000,000
Unsecured medium term notes due June 2023
Debt Instrument [Line Items]
Debt repurchase price, percentage	101.00%
Bank term loans due March 2024
Debt Instrument [Line Items]
Face amount of unsecured medium-term notes issued		100,000,000
Trade receivables program
Debt Instrument [Line Items]
Trade receivables borrowings		0	200,000,000
Unsecured U.S. obligations
Debt Instrument [Line Items]
Current maturities classified as long-term debt			$ 250,000,000
Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		75,000,000
Letter of credit outstanding amount		$ 0
Minimum
Debt Instrument [Line Items]
Annual facility fees, percentage		0.075%
Maximum
Debt Instrument [Line Items]
Annual facility fees, percentage		0.20%

DERIVATIVES (Details)

DERIVATIVES (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Derivative [Line Items]
Aggregate notional amount of interest rate swaps	$ 725,000,000	$ 825,000,000
Fair Value Hedging
Derivative [Line Items]
Aggregate notional amount of interest rate swaps	725,000,000
Face value of medium-term notes	(6,000,000)	$ 10,000,000
Cash Flow Hedging
Derivative [Line Items]
Aggregate notional amount of interest rate swaps	215,000,000
Face value of medium-term notes	$ (2,000,000)

SHARE REPURCHASE PROGRAMS (Deta

SHARE REPURCHASE PROGRAMS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2017
Accelerated Share Repurchases [Line Items]
Common stock repurchases	$ 14,156	$ 12,922
December 2017 Program
Accelerated Share Repurchases [Line Items]
Common stock repurchases	$ 14,000	$ 13,000
Common Stock
Accelerated Share Repurchases [Line Items]
Repurchased and retired shares (in shares)	225,844	171,304
Common stock repurchases	$ 113	$ 86
Common Stock | December 2017 Program
Accelerated Share Repurchases [Line Items]
Repurchased and retired shares (in shares)	226,000	171,000
December 2017 Program
Accelerated Share Repurchases [Line Items]
Maximum number of share repurchases authorization (in shares)			1,500,000

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018	Jan. 01, 2018
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance		$ 2,536,568	$ 2,453,577
Amortization		5,454	5,606
Other current period change		15,762	11,765
Adoption of new accounting standard				$ (100,567)
Ending balance		2,566,804	2,473,975
Currency Translation Adjustments and Other
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance		(199,713)	(143,773)
Amortization		0	0
Other current period change		15,762	11,765
Adoption of new accounting standard				0
Ending balance		(183,951)	(132,008)
Net Actuarial Loss
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance		(700,384)	(560,153)
Amortization		5,307	5,517
Other current period change		0	0
Adoption of new accounting standard				(98,987)
Ending balance		(695,077)	(653,623)
Prior Service (Cost)/ Credit
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance		(11,537)	(6,910)
Amortization		147	89
Other current period change		0	0
Adoption of new accounting standard				(1,580)
Ending balance		(11,390)	(8,401)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance		(911,634)	(710,836)
Adoption of new accounting standard	[1]			$ (100,567)
Ending balance		$ (890,418)	$ (794,032)
[1]	Reflects the impact of adopting ASU No. 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income in 2018, which resulted in a reclassification of stranded tax effects caused by the 2017 Tax Cuts and Jobs Act from accumulated other comprehensive loss to retained earnings.

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Earnings per share — Basic:
Earnings from continuing operations	$ 45,890	$ 37,313
Less: Distributed and undistributed earnings allocated to unvested stock	(177)	(130)
Earnings from continuing operations available to common shareholders — Basic	$ 45,713	$ 37,183
Weighted average common shares outstanding - Basic (in shares)	52,418	52,405
Earnings from continuing operations per common share - Basic (in dollars per share)	$ 0.87	$ 0.71
Earnings per share — Diluted:
Earnings from continuing operations	$ 45,890	$ 37,313
Less: Distributed and undistributed earnings allocated to unvested stock	(177)	(130)
Earnings from continuing operations available to common shareholders — Diluted	$ 45,713	$ 37,183
Weighted average common shares outstanding - Basic (in shares)	52,418	52,405
Effect of dilutive equity awards (in shares)	223	608
Weighted average common shares outstanding — Diluted (in shares)	52,641	53,013
Earnings from continuing operations per common share - Diluted (in dollars per share)	$ 0.87	$ 0.70
Anti-dilutive equity awards not included above (in shares)	1,682	1,046

SHARE-BASED COMPENSATION PLAN_2

SHARE-BASED COMPENSATION PLANS - Share-Based Compensation Expense and Income Tax Benefits Recognized During the Periods (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 7,399	$ 5,341
Income tax benefit	(1,160)	(1,161)
Share-based compensation expense, net of tax	6,239	4,180
Stock option and stock purchase plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	1,819	1,875
Unvested stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 5,580	$ 3,466

SHARE-BASED COMPENSATION PLAN_3

SHARE-BASED COMPENSATION PLANS (Details) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)$ / sharesshares	Mar. 31, 2018award$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding options, contractual term	10 years
Grants in period for accounting purposes (in shares)	79	98
Compensation cost not yet recognized | $	$ 53
Compensation cost not yet recognized, period for recognition	2 years 1 month 6 days
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Potential performance award percentage	200.00%
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)	182	347
Award vesting period	3 years
Weighted average fair value per option granted (in usd per share) | $ / shares	$ 11.74	$ 15.89
Performance Based Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		1 year
Grants in period (in shares)		95
Number of performance periods for which performance based stock will be measured for vesting purposes | award		3
Weighted average fair value, non-equity options granted in period (in usd per share) | $ / shares	$ 57.92	$ 74.72
Performance Based Restricted Stock | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Potential performance award percentage		150.00%
ROC/COC Performance Based Restricted Stock Rights
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	75	51
Weighted average fair value, non-equity options granted in period (in usd per share) | $ / shares	$ 61.22	$ 72.93
ROC/COC Performance Based Restricted Stock Rights | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Potential performance award percentage	200.00%
SRG, Performance Based Restricted Stock Rights
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	75	51
Weighted average fair value, non-equity options granted in period (in usd per share) | $ / shares	$ 61.22	$ 72.93
Time Vested Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years	3 years
Grants in period (in shares)	298	132
Weighted average fair value, non-equity options granted in period (in usd per share) | $ / shares	$ 57.92	$ 76.69
Vested awards (in shares)		104

EMPLOYEE BENEFIT PLANS (Details

EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Amortization of:
Contribution to pension plans	$ 8,000
Expected plan contributions	34,000
Pension Benefits
Amortization of:
Net pension expense	12,071	$ 6,982
Company Administered Plan | Pension Benefits
Components of net periodic benefit cost
Service cost	3,032	3,201
Interest cost	21,469	19,752
Expected return on plan assets	(22,676)	(25,834)
Amortization of:
Net actuarial loss	7,610	7,372
Prior service cost	179	145
Net pension expense	9,614	4,636
Union Administered Plan | Pension Benefits
Amortization of:
Net pension expense	2,457	2,346
U.S. | Company Administered Plan | Pension Benefits
Amortization of:
Net pension expense	11,473	7,357
Non-U.S. | Company Administered Plan | Pension Benefits
Amortization of:
Net pension expense	$ (1,859)	$ (2,721)

OTHER ITEMS IMPACTING COMPARA_3

OTHER ITEMS IMPACTING COMPARABILITY (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Other Income and Expenses [Abstract]
Restructuring and other, net	$ 2,588	$ (392)
ERP implementation	3,590	0
Goodwill impairment charge	0	15,513
Restructuring and other items, net	$ 6,178	$ 15,121

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Supplemental cash flow information
Interest paid	$ 52,490	$ 40,165
Income taxes paid	3,611	8,187
Changes in accounts payable related to purchases of revenue earning equipment	87,053	48,176
Operating and revenue earning equipment acquired under finance leases	$ 2,026	$ 257

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)segment	Mar. 31, 2018USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment	3
Total revenue	$ 2,180,327	$ 1,904,205
Segment EBT	93,338	79,634
Unallocated CSS	(12,547)	(10,592)
Non-operating pension costs	(6,462)	(1,222)
Restructuring and other items, net	(6,178)	(15,121)
Earnings from continuing operations before income taxes	68,151	52,699
Segment capital expenditures paid	1,019,228	657,911
Unallocated CSS capital expenditures paid	7,483	4,833
Capital expenditures paid	1,026,711	662,744
FMS
Segment Reporting Information [Line Items]
Total revenue	1,195,035	1,110,528
DTS
Segment Reporting Information [Line Items]
Total revenue	349,621	298,970
SCS
Segment Reporting Information [Line Items]
Total revenue	635,671	494,707
Eliminations
Segment Reporting Information [Line Items]
Total revenue	(156,564)	(132,522)
Segment EBT	(17,302)	(13,272)
Segment capital expenditures paid	0	0
Eliminations | FMS
Segment Reporting Information [Line Items]
Total revenue	156,564	132,522
Eliminations | DTS
Segment Reporting Information [Line Items]
Total revenue	0	0
Eliminations | SCS
Segment Reporting Information [Line Items]
Total revenue	0	0
Operating Segments | FMS
Segment Reporting Information [Line Items]
Total revenue	1,351,599	1,243,050
Segment EBT	60,911	54,343
Segment capital expenditures paid	1,006,129	645,369
Operating Segments | DTS
Segment Reporting Information [Line Items]
Total revenue	349,621	298,970
Segment EBT	17,412	13,052
Segment capital expenditures paid	343	249
Operating Segments | SCS
Segment Reporting Information [Line Items]
Total revenue	635,671	494,707
Segment EBT	32,317	25,511
Segment capital expenditures paid	$ 12,756	$ 12,293

Uncategorized Items - r-2019033

Label	Element	Value
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 100,567,000	[1]
[1]	Reflects the impact of adopting ASU No. 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income in 2018, which resulted in a reclassification of stranded tax effects caused by the 2017 Tax Cuts and Jobs Act from accumulated other comprehensive loss to retained earnings.