Ryder System (R) 10-Q 30 Jul 19 2019 Q2 Quarterly report Financial data

Cover Page

Cover Page	6 Months Ended
	Jun. 30, 2019shares
Cover page.
Document Transition Report	false
Document Quarterly Report	true
Title of 12(b) Security	Common Stock
Entity Incorporation, State or Country Code	FL
Entity Registrant Name	RYDER SYSTEM, INC.
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Central Index Key	0000085961
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Entity File Number	1-4364
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding (in shares)	53,334,512
Entity Tax Identification Number	59-0739250
Entity Address, Address Line One	11690 N.W. 105th Street
Entity Address, City or Town	Miami,
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33178
Trading Symbol	R
Security Exchange Name	NYSE
City Area Code	(305)
Local Phone Number	500-3726

Consolidated Condensed Statemen

Consolidated Condensed Statements of Earnings - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Lease & related maintenance and rental revenues	$ 933,833	$ 858,590	$ 1,833,392	$ 1,683,581
Total revenues	2,244,993	2,089,904	4,425,320	3,994,109
Other operating expenses	29,663	30,687	63,289	63,662
Selling, general and administrative expenses	226,416	212,612	457,741	420,440
Non-operating pension costs	6,713	858	13,175	2,080
Used vehicle sales, net	18,140	5,559	26,357	12,990
Interest expense	60,759	42,751	116,095	80,911
Miscellaneous income, net	(21,911)	(3,640)	(30,133)	(6,150)
Restructuring and other items, net	9,836	2,774	16,014	17,895
Total expenses	2,141,924	1,988,010	4,254,100	3,839,516
Earnings from continuing operations before income taxes	103,069	101,894	171,220	154,593
Provision for income taxes	27,617	55,725	49,878	71,111
Earnings from continuing operations	75,452	46,169	121,342	83,482
Loss from discontinued operations, net of tax	(237)	(1,261)	(811)	(1,688)
Net earnings	$ 75,215	$ 44,908	$ 120,531	$ 81,794
Earnings (loss) per common share — Basic
Continuing operations (in dollars per share)	$ 1.44	$ 0.88	$ 2.31	$ 1.59
Discontinued operations (in dollars per share)	0	(0.02)	(0.02)	(0.03)
Net earnings (in dollars per share)	1.43	0.85	2.29	1.56
Earnings (loss) per common share — Diluted
Continuing operations (in dollars per share)	1.43	0.87	2.30	1.58
Discontinued operations (in dollars per share)	0	(0.02)	(0.02)	(0.03)
Net earnings (in dollars per share)	$ 1.43	$ 0.85	$ 2.28	$ 1.55
Service
Total revenues	$ 1,159,100	$ 1,072,324	$ 2,291,148	$ 2,000,468
Cost of services sold	976,405	908,079	1,948,095	1,696,850
Fuel Services
Total revenues	152,060	158,990	300,780	310,060
Cost of services sold	148,363	155,551	291,638	302,454
Lease, Related Maintenance and Rental
Cost of services sold	$ 687,540	$ 632,779	$ 1,351,829	$ 1,248,384

Consolidated Condensed Statem_2

Consolidated Condensed Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
Net earnings	$ 75,215	$ 44,908	$ 120,531	$ 81,794
Other comprehensive income (loss):
Changes in currency translation adjustment and other	(7,763)	(39,998)	7,999	(28,233)
Amortization of pension and postretirement items	7,377	6,415	14,845	13,630
Income tax expense related to amortization of pension and postretirement items	(1,381)	(1,265)	(3,395)	(2,874)
Amortization of pension and postretirement items, net of tax	5,996	5,150	11,450	10,756
Change in net actuarial loss and prior service cost	(9,440)	(1,211)	(9,440)	(1,211)
Income tax benefit related to change in net actuarial loss and prior service cost	2,237	308	2,237	308
Change in net actuarial loss and prior service cost, net of taxes	(7,203)	(903)	(7,203)	(903)
Other comprehensive income (loss), net of taxes	(8,970)	(35,751)	12,246	(18,380)
Comprehensive income	$ 66,245	$ 9,157	$ 132,777	$ 63,414

Consolidated Condensed Balance

Consolidated Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 92,502	$ 68,111
Receivables, net of allowance of $18,802 and $17,182, respectively	1,248,967	1,242,058
Inventories	80,954	79,228
Prepaid expenses and other current assets	149,025	178,313
Total current assets	1,571,448	1,567,710
Revenue earning equipment, net	10,561,011	9,415,961
Operating property and equipment, net of accumulated depreciation of $1,260,292 and $1,256,037, respectively	866,908	862,054
Goodwill	474,937	475,206
Intangible assets, net of accumulated amortization of $69,236 and $65,048, respectively	54,904	59,075
Sales-type leases and other assets	992,846	967,802
Total assets	14,522,054	13,347,808
Current liabilities:
Short-term debt and current portion of long-term debt	1,053,219	937,131
Accounts payable	768,054	731,876
Accrued expenses and other current liabilities	819,876	847,739
Total current liabilities	2,641,149	2,516,746
Long-term debt	6,619,060	5,712,146
Other non-current liabilities	1,431,290	1,402,625
Deferred income taxes	1,222,849	1,179,723
Total liabilities	11,914,348	10,811,240
Shareholders’ equity:
Preferred stock, no par value per share — authorized, 3,800,917; none outstanding, June 30, 2019 or December 31, 2018	0	0
Common stock, $0.50 par value per share — authorized, 400,000,000; outstanding, June 30, 2019 — 53,334,512 and December 31, 2018 — 53,116,485	26,667	26,559
Additional paid-in capital	1,094,807	1,084,391
Retained earnings	2,385,620	2,337,252
Accumulated other comprehensive loss	(899,388)	(911,634)
Total shareholders’ equity	2,607,706	2,536,568
Total liabilities and shareholders’ equity	$ 14,522,054	$ 13,347,808

Consolidated Condensed Balanc_2

Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Assets:
Allowance for doubtful accounts, current	$ 18,802	$ 17,182
Operating property and equipment, accumulated depreciation	1,260,292	1,256,037
Finite-Lived intangible assets, accumulated amortization	$ 69,236	$ 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)	53,334,512	53,116,485

Consolidated Condensed Statem_3

Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities from continuing operations:
Net earnings	$ 120,531	$ 81,794
Less: Loss from discontinued operations, net of tax	(811)	(1,688)
Earnings from continuing operations	121,342	83,482
Depreciation expense	768,030	675,505
Goodwill impairment charge	0	15,513
Used vehicle sales, net	26,357	12,990
Amortization expense and other non-cash charges, net	82,585	69,074
Non-operating pension costs and share-based compensation expense	28,097	13,732
Deferred income tax expense	41,688	82,123
Collections on sales-type leases	63,047	43,170
Changes in operating assets and liabilities:
Receivables	8,196	(26,643)
Inventories	(1,524)	438
Prepaid expenses and other assets	(6,175)	(61,464)
Accounts payable	(3,965)	27,429
Accrued expenses and other non-current liabilities	(82,619)	(70,524)
Net cash provided by operating activities from continuing operations	1,045,059	864,825
Cash flows from financing activities from continuing operations:
Net change in commercial paper borrowings and revolving credit facilities	227,023	(8,049)
Debt proceeds	1,691,906	1,043,309
Debt repaid	(902,814)	(451,673)
Dividends on common stock	(57,651)	(55,095)
Common stock issued	2,715	4,663
Common stock repurchased	(21,220)	(17,221)
Debt issuance costs and other items	(2,920)	(1,884)
Net cash provided by financing activities from continuing operations	937,039	514,050
Cash flows from investing activities from continuing operations:
Purchases of property and revenue earning equipment	(2,210,761)	(1,421,301)
Sales of revenue earning equipment	210,081	196,274
Sales of operating property and equipment	46,189	5,860
Acquisitions, net of cash acquired	0	(169,128)
Net cash used in investing activities from continuing operations	(1,954,491)	(1,388,295)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(2,611)	3,334
Increase (decrease) in cash, cash equivalents, and restricted cash from continuing operations	24,996	(6,086)
Decrease in cash, cash equivalents, and restricted cash from discontinued operations	(605)	(631)
Increase (decrease) in cash, cash equivalents, and restricted cash	24,391	(6,717)
Cash, cash equivalents, and restricted cash at January 1	68,111	83,022
Cash, cash equivalents, and restricted cash at June 30	$ 92,502	$ 76,305

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		63,414							81,794	(18,380)
Common stock dividends declared and paid		(55,226)							(55,226)
Common stock issued under employee stock option and stock purchase plans		4,608	[1]		$ 186	[2]	4,422	[2]
Common stock issued under employee stock option and stock purchase plans (in shares)	[2]				373,272
Benefit plan stock sales (purchases), net		55	[3]				55
Benefit plan stock sales (purchases), net (in shares)					545
Common stock repurchases		(17,221)			$ (117)		(4,585)		(12,519)
Common stock repurchases (in shares)					(234,395)
Share-based compensation		11,652					11,652
Ending balance at Jun. 30, 2018		2,460,859		0	$ 26,547		1,062,561		2,201,534	(829,783)
Ending balance, shares at Jun. 30, 2018					53,094,736
Beginning balance at Mar. 31, 2018		2,473,975		0	$ 26,547		1,054,266		2,187,194	(794,032)
Beginning balance, shares at Mar. 31, 2018					53,094,898
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income		9,157							44,908	(35,751)
Common stock dividends declared and paid		(27,531)							(27,531)
Common stock issued under employee stock option and stock purchase plans		3,259	[1]		$ 31	[2]	3,228	[2]
Common stock issued under employee stock option and stock purchase plans (in shares)	[2]				63,099
Benefit plan stock sales (purchases), net		(12)	[3]		$ 0	[4]	(12)	[4]
Benefit plan stock sales (purchases), net (in shares)	[4]				(170)
Common stock repurchases		(4,299)			$ (31)		(1,231)		(3,037)
Common stock repurchases (in shares)					(63,091)
Share-based compensation		6,310					6,310
Ending balance at Jun. 30, 2018		2,460,859		0	$ 26,547		1,062,561		2,201,534	(829,783)
Ending balance, shares at Jun. 30, 2018					53,094,736
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		$ 132,777							120,531	12,246
Common stock dividends declared and paid		(58,056)							(58,056)
Common stock issued under employee stock option and stock purchase plans	[1]	2,716			$ 281		2,435
Common stock issued under employee stock option and stock purchase plans (in shares)	[1]				563,091
Benefit plan stock sales (purchases), net	[3]	(1)					(1)
Benefit plan stock sales (purchases), net (in shares)	[3]				50
Common stock repurchases		(21,220)			$ (173)		(6,940)		(14,107)
Common stock repurchases (in shares)					(345,114)
Share-based compensation		14,922					14,922
Ending balance at Jun. 30, 2019		$ 2,607,706		0	$ 26,667		1,094,807		2,385,620	(899,388)
Ending balance, shares at Jun. 30, 2019		53,334,512			53,334,512
Beginning balance at Mar. 31, 2019		$ 2,566,804		0	$ 26,651		1,086,714		2,343,857	(890,418)
Beginning balance, shares at Mar. 31, 2019					53,300,205
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income		66,245							75,215	(8,970)
Common stock dividends declared and paid		(28,849)							(28,849)
Common stock issued under employee stock option and stock purchase plans	[1]	3,058			$ 76		2,982
Common stock issued under employee stock option and stock purchase plans (in shares)	[1]				153,797
Benefit plan stock sales (purchases), net	[3]	(11)			$ 0		(11)
Benefit plan stock sales (purchases), net (in shares)	[3]				(220)
Common stock repurchases		(7,064)			$ (60)		(2,401)		(4,603)
Common stock repurchases (in shares)					(119,270)
Share-based compensation		7,523					7,523
Ending balance at Jun. 30, 2019		$ 2,607,706		$ 0	$ 26,667		$ 1,094,807		$ 2,385,620	$ (899,388)
Ending balance, shares at Jun. 30, 2019		53,334,512			53,334,512
[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]	Net of common shares delivered as payment for the exercise price or to satisfy the holders’ withholding tax liability upon exercise of options.
[3]	Represents open-market transactions of common shares by the trustee of Ryder’s deferred compensation plans.
[4]	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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per common share (in dollars per share)	$ 0.54	$ 0.52	$ 1.08	$ 1.04

GENERAL

GENERAL	6 Months Ended
	Jun. 30, 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 significant accounting policies for revenue recognition and leases 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 products, that include the equipment lease, maintenance and other related services. 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 product includes 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. 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 product provides 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 product includes 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 $236 million and $225 million for the three months ended June 30, 2019 and 2018, respectively, and $475 million and $448 million for the six months ended June 30, 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, which was partially offset by costs capitalized related to sales commissions. We recorded deferred revenue of $567 million and $566 million as of June 30, 2019 and December 31, 2018, respectively, related to the maintenance services component of our ChoiceLease product line. We also recorded capitalized sales commissions of $92 million and $93 million as of June 30, 2019 and December 31, 2018, respectively. Included in capitalized sales commissions are initial direct costs of our leases of $53 million as of both June 30, 2019 and December 31, 2018 related to incremental sales commissions paid to our sales force as a result of obtaining ChoiceLease contracts. Refer to Note 3 , " Revenue ," and Note 5 , " Accrued Expenses and Other Liabilities " for further information. 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 product 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 products 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 $239 million and $245 million as of June 30, 2019 and December 31, 2018, respectively, related to leases as lessee. Refer to Note 6 , " Leases ".

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	6 Months Ended
	Jun. 30, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS Cloud Computing Arrangements In August 2018, the Financial Accounting Standards Board (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 Accounting Standards Codification (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 FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815) . This pronouncement, along with ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments issued to clarify certain provisions of these ASUs, 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 2019 and it did not impact our consolidated financial position, results of operations, or cash flows. Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326). This pronouncement, along with subsequent ASUs issued to clarify certain provisions of ASU 2016-13, modifies the measurement of expected credit losses of certain financial instruments, including our accounts receivable and net investments in sales-type leases. Among other things, these amendments require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The standard is effective for fiscal years beginning after December 15, 2019, with early adoption permitted. The standard requires a cumulative-effect adjustment to the statement of financial position as of the beginning of the first reporting period in which the guidance is effective. Periods prior to the adoption date that are presented for comparative purposes are not adjusted. We are currently evaluating the impact of the adoption of this update on our consolidated financial position, results of operations, and 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 where we are the lessee, we have made an accounting policy election 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 where we are the 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 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 as follows (in millions, except per share amounts): Three months ended June 30, 2018 Six months ended June 30, 2018 As Previously Lessor Lessee and Other As Previously Lessor Lessee and Other Reported Adjustments (1) Adjustments (1) As Revised Reported Adjustments (1) Adjustments (1) As Revised Lease & related maintenance and rental revenues $ 858.0 0.3 0.3 858.6 $ 1,682.3 0.7 0.6 1,683.6 Total revenues 2,089.3 0.3 0.3 2,089.9 3,992.8 0.7 0.6 3,994.1 Cost of lease & related maintenance and rental 636.4 (3.6 ) — 632.8 1,255.6 (7.2 ) — 1,248.4 Cost of services (2) 906.0 — 2.0 908.1 1,693.3 — 3.6 1,696.9 Other operating expenses 30.9 — (0.3 ) 30.7 64.4 — (0.8 ) 63.7 Selling, general and administrative expenses (2) 212.9 0.8 (1.1 ) 212.6 421.8 0.1 (1.4 ) 420.4 Used vehicle sales, net 6.0 (0.5 ) — 5.6 13.4 (0.4 ) — 13.0 Interest expense 42.4 — 0.4 42.8 80.2 — 0.8 80.9 Restructuring and other items, net (2) 3.6 (0.2 ) (0.6 ) 2.8 19.4 — (1.5 ) 17.9 Earnings from continuing operations before income taxes 98.3 3.8 (0.2 ) 101.9 146.4 8.3 (0.1 ) 154.6 Provision for income taxes 54.8 1.0 — 55.7 68.9 2.2 — 71.1 Earnings from continuing operations 43.5 2.8 (0.2 ) 46.2 77.5 6.1 (0.1 ) 83.5 Net earnings 42.3 2.8 (0.2 ) 44.9 75.8 6.1 (0.1 ) 81.8 Comprehensive income 4.9 4.3 — 9.2 55.9 7.6 — 63.4 Earnings per common share - Basic Continuing operations $ 0.83 0.05 — 0.88 $ 1.47 0.12 — 1.59 Net earnings $ 0.80 0.05 — 0.85 $ 1.44 0.12 — 1.56 Earnings per common share - Diluted Continuing operations $ 0.82 0.05 — 0.87 $ 1.46 0.12 — 1.58 Net earnings $ 0.80 0.05 — 0.85 $ 1.43 0.12 — 1.55 ———————————— (1) We determined that in a prior period 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. The prior period error was corrected by reducing "Lease & related maintenance and rental revenues" by approximately $4.4 million and $9.1 million during the three and six months ended June 30, 2018, respectively. We also reduced depreciation expense (included in "Cost of lease & related maintenance and rental") by approximately $4.4 million and $9.1 million during the three and six months ended June 30, 2018, respectively. 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 were 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) We determined that in a prior period 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. The prior period error was corrected by increasing "Receivables, net" by approximately $24 million and also increasing sales-type leases and other assets by approximately $65 million and reducing "Revenue earning equipment, net" by $83 million . 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): Six months ended June 30, 2018 As Previously Reported New Lease Standard Adjustments As Revised Net earnings $ 75.8 6.0 81.8 Earnings from continuing operations 77.5 6.0 83.5 Depreciation expense 681.3 (5.8 ) 675.5 Used vehicle sales, net 13.4 (0.4 ) 13.0 Amortization expense and other non-cash charges, net 15.7 53.4 69.1 Deferred income tax expense 79.9 2.2 82.1 Collections on sales-type leases and other items — 43.2 43.2 Changes in operating assets and liabilities: Prepaid expenses and other assets (15.2 ) (46.3 ) (61.5 ) Accrued expenses and other non-current liabilities (62.7 ) (7.8 ) (70.5 ) Net cash provided by operating activities from continuing operations 820.3 44.5 864.8 Debt repaid (446.7 ) (5.0 ) (451.7 ) Net cash provided by financing activities from continuing operations 519.1 (5.0 ) 514.1 Collections on direct finance leases and other items 39.4 (39.4 ) — Net cash used in investing activities from continuing operations (1,348.9 ) (39.4 ) (1,388.3 ) Note: Amounts may not be additive due to rounding.

REVENUE

REVENUE	6 Months Ended
	Jun. 30, 2019
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE Disaggregation of Revenue The following tables disaggregate our revenue recognized in accordance with both Topic 842 and Topic 606 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 June 30, 2019 FMS DTS SCS Eliminations Total (In thousands) United States $ 1,238,631 362,244 539,623 (152,010 ) 1,988,488 Canada 76,390 — 53,545 (5,462 ) 124,473 Europe 75,889 — — — 75,889 Mexico — — 56,143 — 56,143 Singapore — — — — — Total revenue $ 1,390,910 362,244 649,311 (157,472 ) 2,244,993 Three months ended June 30, 2018 FMS DTS SCS Eliminations Total (In thousands) United States (1) 1,139,742 330,622 500,341 (135,569 ) 1,835,136 Canada 75,494 — 47,747 (5,402 ) 117,839 Europe 80,493 — — — 80,493 Mexico (1) — — 50,070 — 50,070 Singapore — — 6,366 — 6,366 Total revenue 1,295,729 330,622 604,524 (140,971 ) 2,089,904 ———————————— (1) 2018 SCS total revenue amounts for the United States and Mexico include reclassifications to conform to the current period presentation. Six months ended June 30, 2019 FMS DTS SCS Eliminations Total (In thousands) United States $ 2,437,574 711,865 1,069,016 (303,173 ) 3,915,282 Canada 150,404 — 103,253 (10,863 ) 242,794 Europe 154,531 — — — 154,531 Mexico — — 109,420 — 109,420 Singapore — — 3,293 — 3,293 Total revenue $ 2,742,509 711,865 1,284,982 (314,036 ) 4,425,320 Six months ended June 30, 2018 FMS DTS SCS Eliminations Total (In thousands) United States (1) 2,225,189 629,592 902,223 (263,285 ) 3,493,719 Canada 150,301 — 90,841 (10,208 ) 230,934 Europe 163,289 — — — 163,289 Mexico (1) — — 94,102 — 94,102 Singapore — — 12,065 — 12,065 Total revenue 2,538,779 629,592 1,099,231 (273,493 ) 3,994,109 ———————————— (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 June 30, 2019 FMS DTS SCS Eliminations Total (In thousands) ChoiceLease $ 765,312 — — (70,547 ) 694,765 SelectCare 136,360 — — (11,811 ) 124,549 Commercial rental 253,871 — — (14,803 ) 239,068 Fuel 212,371 — — (60,311 ) 152,060 Other 22,996 — — — 22,996 DTS — 362,244 — — 362,244 SCS — — 649,311 — 649,311 Total revenue $ 1,390,910 362,244 649,311 (157,472 ) 2,244,993 Three months ended June 30, 2018 FMS DTS SCS Eliminations Total (In thousands) ChoiceLease 701,055 — — (62,608 ) 638,447 SelectCare 125,266 — — (9,841 ) 115,425 Commercial rental 232,425 — — (12,282 ) 220,143 Fuel 215,230 — — (56,240 ) 158,990 Other 21,753 — — — 21,753 DTS — 330,622 — — 330,622 SCS — — 604,524 — 604,524 Total revenue 1,295,729 330,622 604,524 (140,971 ) 2,089,904 Six months ended June 30, 2019 FMS DTS SCS Eliminations Total (In thousands) ChoiceLease $ 1,513,890 — — (138,738 ) 1,375,152 SelectCare 272,139 — — (24,062 ) 248,077 Commercial rental 490,019 — — (31,779 ) 458,240 Fuel 420,237 — — (119,457 ) 300,780 Other 46,224 — — — 46,224 DTS — 711,865 — — 711,865 SCS — — 1,284,982 — 1,284,982 Total revenue $ 2,742,509 711,865 1,284,982 (314,036 ) 4,425,320 Six months ended June 30, 2018 FMS DTS SCS Eliminations Total (In thousands) ChoiceLease 1,391,957 — — (122,985 ) 1,268,972 SelectCare 247,139 — — (19,185 ) 227,954 Commercial rental 436,955 — — (22,346 ) 414,609 Fuel 419,037 — — (108,977 ) 310,060 Other 43,691 — — — 43,691 DTS — 629,592 — — 629,592 SCS — — 1,099,231 — 1,099,231 Total revenue 2,538,779 629,592 1,099,231 (273,493 ) 3,994,109 Industry Our SCS business segment includes revenue from the below industries: Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 (In thousands) Automotive $ 261,288 231,886 $ 514,967 439,678 Technology and healthcare 110,054 114,388 223,723 217,485 CPG and retail 225,582 197,694 442,679 333,052 Industrial and other 52,387 60,556 103,613 109,016 Total revenue $ 649,311 604,524 $ 1,284,982 1,099,231 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 June 30, 2019 or December 31, 2018 . Trade receivables were $1.07 billion and $1.09 billion at June 30, 2019 and December 31, 2018 , respectively. Impairment losses on receivables were not material during the second quarters of 2019 and 2018. Contract liabilities primarily 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 deferred revenue as of January 1, 2019 recognized during the three and six months ended June 30, 2019 was $43 million and $101 million , respectively. In addition, we deferred consideration of $45 million and $102 million received in advance of performance during the three and six months ended June 30, 2019 , respectively, resulting in an increase in deferred revenue. 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 recognized as revenue in future periods as we provide maintenance services to our customers. Contracted not recognized revenue excludes variable consideration as it is not included in the transaction price consideration allocated at contract inception. Contracted not recognized revenue was $2.8 billion as of June 30, 2019. Costs to Obtain and Fulfill a Contract We capitalize incremental sales commissions paid as a result of obtaining ChoiceLease, DTS and SCS service contracts as contract costs. Capitalized sales commissions totaled $106 million and $107 million at June 30, 2019 and December 31, 2018, respectively. Capitalized sales commissions include initial direct costs of our leases of $53 million at both June 30, 2019 and December 31, 2018. Capitalized sales commissions are presented in “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; generally on a straight-line basis for the lease component and consistent with the estimated pattern of maintenance costs for the non-lease component. We allocate the ChoiceLease commissions to the lease and non-lease components based on the same allocation of the contract consideration. 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 sales commissions related to our DTS and SCS service contracts are amortized based on the same pattern 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 expected 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 June 30, 2019 and 2018, the amount of amortization was $11 million and $9 million , respectively. For the six months ended June 30, 2019 and 2018, the amount of amortization was $22 million and $17 million

REVENUE EARNING EQUIPMENT, NET

REVENUE EARNING EQUIPMENT, NET	6 Months Ended
	Jun. 30, 2019
Revenue Earning Equipment [Abstract]
REVENUE EARNING EQUIPMENT, NET	REVENUE EARNING EQUIPMENT, NET June 30, 2019 December 31, 2018 Cost Accumulated Depreciation Net Book Value (1) Cost Accumulated Depreciation Net Book Value (1) (In thousands) Held for use: ChoiceLease $ 11,791,913 (3,833,796 ) 7,958,117 10,824,989 (3,645,655 ) 7,179,334 Commercial rental 3,475,933 (1,041,299 ) 2,434,634 3,152,908 (1,047,346 ) 2,105,562 Held for sale 615,699 (447,439 ) 168,260 467,093 (336,028 ) 131,065 Total $ 15,883,545 (5,322,534 ) 10,561,011 14,444,990 (5,029,029 ) 9,415,961 ———————————— (1) Revenue earning equipment, net includes vehicles under finance leases of $13 million , less accumulated depreciation of $7 million , at June 30, 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) Three months ended June 30, Six months ended June 30, June 30, 2019 December 31, 2018 2019 2018 2019 2018 (In thousands) Assets held for sale: Revenue earning equipment (1) : Trucks $ 44,059 44,325 $ 8,740 10,295 $ 20,287 18,896 Tractors 52,620 35,397 14,053 2,101 19,021 5,478 Trailers 1,691 1,507 1,485 1,605 1,664 3,198 Total assets at fair value $ 98,370 81,229 $ 24,278 14,001 $ 40,972 27,572 ———————————— (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 $70 million and $50 million as of June 30, 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 June 30, Six months ended June 30, 2019 2018 2019 2018 (In thousands) Gains on vehicle sales, net $ (6,138 ) (8,442 ) $ (14,615 ) (14,582 ) Losses from fair value adjustments 24,278 14,001 40,972 27,572 Used vehicle sales, net $ 18,140 5,559 $ 26,357 12,990 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	6 Months Ended
	Jun. 30, 2019
Accrued Liabilities and Other Liabilities [Abstract]
ACCRUED EXPENSES AND OTHER LIABILITIES	ACCRUED EXPENSES AND OTHER LIABILITIES June 30, 2019 December 31, 2018 Accrued Expenses Non-Current Liabilities Total Accrued Expenses Non-Current Liabilities Total (In thousands) Salaries and wages $ 113,119 — 113,119 149,629 — 149,629 Deferred compensation 5,978 60,372 66,350 4,524 55,279 59,803 Pension benefits 3,772 462,699 466,471 3,754 456,979 460,733 Other postretirement benefits 1,395 18,504 19,899 1,387 18,097 19,484 Other employee benefits 12,683 — 12,683 28,370 — 28,370 Insurance obligations (1) 151,643 266,134 417,777 139,314 247,552 386,866 Operating taxes 105,400 — 105,400 100,399 — 100,399 Income taxes 2,043 20,747 22,790 3,491 18,477 21,968 Interest 45,957 — 45,957 39,522 — 39,522 Deposits, mainly from customers 81,149 3,319 84,468 80,401 3,390 83,791 Operating lease liabilities 71,687 137,647 209,334 73,422 137,384 210,806 Deferred revenue (2) 166,067 418,084 584,151 160,902 421,176 582,078 Restructuring liabilities (3) 3,316 — 3,316 7,595 — 7,595 Other 55,667 43,784 99,451 55,029 44,291 99,320 Total $ 819,876 1,431,290 2,251,166 847,739 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	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
LEASES	LEASES Leases as Lessor The components of lease income were as follows: Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 (In thousands) Operating leases Lease income related to lease payments $ 374,550 335,330 $ 734,859 669,697 Lease income related to commercial rental (1) 239,068 220,143 458,240 414,609 Sales type leases Interest income related to net investment in leases 10,432 9,723 21,888 19,520 Variable lease income excluding commercial rental (1) 58,409 56,406 113,848 108,633 ———————————— (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: June 30, 2019 December 31, 2018 (In thousands) Net investment in the lease — lease payment receivable $ 526,002 505,057 Net investment in the lease — unguaranteed residual value in assets 48,617 46,209 $ 574,619 551,266 ———————————— Note: The net investment in the sales-type lease shown above are included in "Receivables, net" and "Sales-type leases and other assets" in the Consolidated Condensed Balance Sheets. Maturities of sales-type lease receivables were as follows: June 30, 2019 December 31, 2018 (In thousands) 2019 (remaining six months ending December 31, 2019) $ 71,381 133,557 2020 151,558 136,924 2021 128,020 114,983 2022 100,502 85,146 2023 67,684 52,161 Thereafter 109,911 78,935 Total undiscounted cash flows 629,056 601,706 Present value of lease payments (recognized as lease receivables) (526,002 ) (505,057 ) Difference between undiscounted cash flows and discounted cash flows $ 103,054 96,649 Maturities of operating lease payments were as follows: June 30, 2019 December 31, 2018 (In thousands) 2019 (remaining six months ending December 31, 2019) $ 664,943 1,159,851 2020 1,119,707 892,721 2021 861,960 646,008 2022 593,681 421,050 2023 387,060 249,255 Thereafter 389,575 203,632 Total undiscounted cash flows $ 4,016,926 3,572,517 Leases as Lessee The components of lease expense were as follows: Three months ended June 30, Six months ended June 30, Classification 2019 2018 2019 2018 (In thousands) Finance lease cost Amortization of right-of-use assets Other operating expenses, SG&A $ 3,312 3,432 $ 6,522 6,982 Interest on lease liabilities Interest expense 635 600 1,278 1,197 Operating lease cost Other operating expenses, SG&A 23,638 21,756 46,856 41,443 Short-term lease and other Other operating expenses, SG&A 2,965 831 4,089 1,813 Variable lease cost Other operating expenses, SG&A 2,584 2,092 5,600 4,445 Sublease income Cost of lease & related maintenance and rental, cost of services (5,686 ) (6,196 ) (11,510 ) (12,560 ) Total lease cost $ 27,448 22,515 $ 52,835 43,320 Supplemental cash flow information related to leases was as follows: Six months ended June 30, 2019 2018 (In thousands) Cash paid for amounts included in measurement of liabilities Operating cash flows from finance leases $ 1,278 1,197 Operating cash flows from operating leases 46,438 40,885 Financing cash flows from finance leases 10,648 8,415 Right-of-use assets obtained in exchange for lease obligations: Finance leases 6,633 9,906 Operating leases 40,911 52,714 Supplemental balance sheet information relates to leases was as follows: Classification June 30, 2019 December 31, 2018 (In thousands) Assets Operating lease right-of-use assets Sales-type leases and other assets $ 201,717 203,834 Finance lease assets Operating property and equipment, net and revenue earning equipment, net 37,060 41,647 Total leased assets $ 238,777 245,481 Liabilities Current Operating Accrued expenses and other current liabilities $ 71,687 73,422 Finance Short-term debt and current portion of long-term debt 11,070 14,543 Noncurrent Operating Other non-current liabilities 137,647 137,384 Finance Long-term debt 33,283 32,909 Total lease liabilities $ 253,687 258,258 June 30, 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 3.8 % 3.7 % Finance 8.0 % 8.0 % Maturities of operating and finance lease liabilities were as follows: Operating Leases Finance Leases Total (In thousands) 2019 (remaining six months ending December 31, 2019) $ 42,116 7,239 49,355 2020 65,810 11,465 77,275 2021 46,334 9,720 56,054 2022 33,184 7,007 40,191 2023 16,897 4,601 21,498 Thereafter 21,354 13,703 35,057 Total lease payments 225,695 53,735 279,430 Less: Imputed Interest (16,361 ) (9,382 ) (25,743 ) Present value of lease liabilities $ 209,334 44,353 253,687 As of June 30, 2019, we have entered into additional facility and equipment operating leases that have not yet commenced of $7 million and $3 million , respectively. The operating leases will commence in 2019 with lease terms of generally 3 to 5 years
LEASES	LEASES Leases as Lessor The components of lease income were as follows: Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 (In thousands) Operating leases Lease income related to lease payments $ 374,550 335,330 $ 734,859 669,697 Lease income related to commercial rental (1) 239,068 220,143 458,240 414,609 Sales type leases Interest income related to net investment in leases 10,432 9,723 21,888 19,520 Variable lease income excluding commercial rental (1) 58,409 56,406 113,848 108,633 ———————————— (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: June 30, 2019 December 31, 2018 (In thousands) Net investment in the lease — lease payment receivable $ 526,002 505,057 Net investment in the lease — unguaranteed residual value in assets 48,617 46,209 $ 574,619 551,266 ———————————— Note: The net investment in the sales-type lease shown above are included in "Receivables, net" and "Sales-type leases and other assets" in the Consolidated Condensed Balance Sheets. Maturities of sales-type lease receivables were as follows: June 30, 2019 December 31, 2018 (In thousands) 2019 (remaining six months ending December 31, 2019) $ 71,381 133,557 2020 151,558 136,924 2021 128,020 114,983 2022 100,502 85,146 2023 67,684 52,161 Thereafter 109,911 78,935 Total undiscounted cash flows 629,056 601,706 Present value of lease payments (recognized as lease receivables) (526,002 ) (505,057 ) Difference between undiscounted cash flows and discounted cash flows $ 103,054 96,649 Maturities of operating lease payments were as follows: June 30, 2019 December 31, 2018 (In thousands) 2019 (remaining six months ending December 31, 2019) $ 664,943 1,159,851 2020 1,119,707 892,721 2021 861,960 646,008 2022 593,681 421,050 2023 387,060 249,255 Thereafter 389,575 203,632 Total undiscounted cash flows $ 4,016,926 3,572,517 Leases as Lessee The components of lease expense were as follows: Three months ended June 30, Six months ended June 30, Classification 2019 2018 2019 2018 (In thousands) Finance lease cost Amortization of right-of-use assets Other operating expenses, SG&A $ 3,312 3,432 $ 6,522 6,982 Interest on lease liabilities Interest expense 635 600 1,278 1,197 Operating lease cost Other operating expenses, SG&A 23,638 21,756 46,856 41,443 Short-term lease and other Other operating expenses, SG&A 2,965 831 4,089 1,813 Variable lease cost Other operating expenses, SG&A 2,584 2,092 5,600 4,445 Sublease income Cost of lease & related maintenance and rental, cost of services (5,686 ) (6,196 ) (11,510 ) (12,560 ) Total lease cost $ 27,448 22,515 $ 52,835 43,320 Supplemental cash flow information related to leases was as follows: Six months ended June 30, 2019 2018 (In thousands) Cash paid for amounts included in measurement of liabilities Operating cash flows from finance leases $ 1,278 1,197 Operating cash flows from operating leases 46,438 40,885 Financing cash flows from finance leases 10,648 8,415 Right-of-use assets obtained in exchange for lease obligations: Finance leases 6,633 9,906 Operating leases 40,911 52,714 Supplemental balance sheet information relates to leases was as follows: Classification June 30, 2019 December 31, 2018 (In thousands) Assets Operating lease right-of-use assets Sales-type leases and other assets $ 201,717 203,834 Finance lease assets Operating property and equipment, net and revenue earning equipment, net 37,060 41,647 Total leased assets $ 238,777 245,481 Liabilities Current Operating Accrued expenses and other current liabilities $ 71,687 73,422 Finance Short-term debt and current portion of long-term debt 11,070 14,543 Noncurrent Operating Other non-current liabilities 137,647 137,384 Finance Long-term debt 33,283 32,909 Total lease liabilities $ 253,687 258,258 June 30, 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 3.8 % 3.7 % Finance 8.0 % 8.0 % Maturities of operating and finance lease liabilities were as follows: Operating Leases Finance Leases Total (In thousands) 2019 (remaining six months ending December 31, 2019) $ 42,116 7,239 49,355 2020 65,810 11,465 77,275 2021 46,334 9,720 56,054 2022 33,184 7,007 40,191 2023 16,897 4,601 21,498 Thereafter 21,354 13,703 35,057 Total lease payments 225,695 53,735 279,430 Less: Imputed Interest (16,361 ) (9,382 ) (25,743 ) Present value of lease liabilities $ 209,334 44,353 253,687 As of June 30, 2019, we have entered into additional facility and equipment operating leases that have not yet commenced of $7 million and $3 million , respectively. The operating leases will commence in 2019 with lease terms of generally 3 to 5 years
LEASES	LEASES Leases as Lessor The components of lease income were as follows: Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 (In thousands) Operating leases Lease income related to lease payments $ 374,550 335,330 $ 734,859 669,697 Lease income related to commercial rental (1) 239,068 220,143 458,240 414,609 Sales type leases Interest income related to net investment in leases 10,432 9,723 21,888 19,520 Variable lease income excluding commercial rental (1) 58,409 56,406 113,848 108,633 ———————————— (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: June 30, 2019 December 31, 2018 (In thousands) Net investment in the lease — lease payment receivable $ 526,002 505,057 Net investment in the lease — unguaranteed residual value in assets 48,617 46,209 $ 574,619 551,266 ———————————— Note: The net investment in the sales-type lease shown above are included in "Receivables, net" and "Sales-type leases and other assets" in the Consolidated Condensed Balance Sheets. Maturities of sales-type lease receivables were as follows: June 30, 2019 December 31, 2018 (In thousands) 2019 (remaining six months ending December 31, 2019) $ 71,381 133,557 2020 151,558 136,924 2021 128,020 114,983 2022 100,502 85,146 2023 67,684 52,161 Thereafter 109,911 78,935 Total undiscounted cash flows 629,056 601,706 Present value of lease payments (recognized as lease receivables) (526,002 ) (505,057 ) Difference between undiscounted cash flows and discounted cash flows $ 103,054 96,649 Maturities of operating lease payments were as follows: June 30, 2019 December 31, 2018 (In thousands) 2019 (remaining six months ending December 31, 2019) $ 664,943 1,159,851 2020 1,119,707 892,721 2021 861,960 646,008 2022 593,681 421,050 2023 387,060 249,255 Thereafter 389,575 203,632 Total undiscounted cash flows $ 4,016,926 3,572,517 Leases as Lessee The components of lease expense were as follows: Three months ended June 30, Six months ended June 30, Classification 2019 2018 2019 2018 (In thousands) Finance lease cost Amortization of right-of-use assets Other operating expenses, SG&A $ 3,312 3,432 $ 6,522 6,982 Interest on lease liabilities Interest expense 635 600 1,278 1,197 Operating lease cost Other operating expenses, SG&A 23,638 21,756 46,856 41,443 Short-term lease and other Other operating expenses, SG&A 2,965 831 4,089 1,813 Variable lease cost Other operating expenses, SG&A 2,584 2,092 5,600 4,445 Sublease income Cost of lease & related maintenance and rental, cost of services (5,686 ) (6,196 ) (11,510 ) (12,560 ) Total lease cost $ 27,448 22,515 $ 52,835 43,320 Supplemental cash flow information related to leases was as follows: Six months ended June 30, 2019 2018 (In thousands) Cash paid for amounts included in measurement of liabilities Operating cash flows from finance leases $ 1,278 1,197 Operating cash flows from operating leases 46,438 40,885 Financing cash flows from finance leases 10,648 8,415 Right-of-use assets obtained in exchange for lease obligations: Finance leases 6,633 9,906 Operating leases 40,911 52,714 Supplemental balance sheet information relates to leases was as follows: Classification June 30, 2019 December 31, 2018 (In thousands) Assets Operating lease right-of-use assets Sales-type leases and other assets $ 201,717 203,834 Finance lease assets Operating property and equipment, net and revenue earning equipment, net 37,060 41,647 Total leased assets $ 238,777 245,481 Liabilities Current Operating Accrued expenses and other current liabilities $ 71,687 73,422 Finance Short-term debt and current portion of long-term debt 11,070 14,543 Noncurrent Operating Other non-current liabilities 137,647 137,384 Finance Long-term debt 33,283 32,909 Total lease liabilities $ 253,687 258,258 June 30, 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 3.8 % 3.7 % Finance 8.0 % 8.0 % Maturities of operating and finance lease liabilities were as follows: Operating Leases Finance Leases Total (In thousands) 2019 (remaining six months ending December 31, 2019) $ 42,116 7,239 49,355 2020 65,810 11,465 77,275 2021 46,334 9,720 56,054 2022 33,184 7,007 40,191 2023 16,897 4,601 21,498 Thereafter 21,354 13,703 35,057 Total lease payments 225,695 53,735 279,430 Less: Imputed Interest (16,361 ) (9,382 ) (25,743 ) Present value of lease liabilities $ 209,334 44,353 253,687 As of June 30, 2019, we have entered into additional facility and equipment operating leases that have not yet commenced of $7 million and $3 million , respectively. The operating leases will commence in 2019 with lease terms of generally 3 to 5 years
LEASES	LEASES Leases as Lessor The components of lease income were as follows: Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 (In thousands) Operating leases Lease income related to lease payments $ 374,550 335,330 $ 734,859 669,697 Lease income related to commercial rental (1) 239,068 220,143 458,240 414,609 Sales type leases Interest income related to net investment in leases 10,432 9,723 21,888 19,520 Variable lease income excluding commercial rental (1) 58,409 56,406 113,848 108,633 ———————————— (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: June 30, 2019 December 31, 2018 (In thousands) Net investment in the lease — lease payment receivable $ 526,002 505,057 Net investment in the lease — unguaranteed residual value in assets 48,617 46,209 $ 574,619 551,266 ———————————— Note: The net investment in the sales-type lease shown above are included in "Receivables, net" and "Sales-type leases and other assets" in the Consolidated Condensed Balance Sheets. Maturities of sales-type lease receivables were as follows: June 30, 2019 December 31, 2018 (In thousands) 2019 (remaining six months ending December 31, 2019) $ 71,381 133,557 2020 151,558 136,924 2021 128,020 114,983 2022 100,502 85,146 2023 67,684 52,161 Thereafter 109,911 78,935 Total undiscounted cash flows 629,056 601,706 Present value of lease payments (recognized as lease receivables) (526,002 ) (505,057 ) Difference between undiscounted cash flows and discounted cash flows $ 103,054 96,649 Maturities of operating lease payments were as follows: June 30, 2019 December 31, 2018 (In thousands) 2019 (remaining six months ending December 31, 2019) $ 664,943 1,159,851 2020 1,119,707 892,721 2021 861,960 646,008 2022 593,681 421,050 2023 387,060 249,255 Thereafter 389,575 203,632 Total undiscounted cash flows $ 4,016,926 3,572,517 Leases as Lessee The components of lease expense were as follows: Three months ended June 30, Six months ended June 30, Classification 2019 2018 2019 2018 (In thousands) Finance lease cost Amortization of right-of-use assets Other operating expenses, SG&A $ 3,312 3,432 $ 6,522 6,982 Interest on lease liabilities Interest expense 635 600 1,278 1,197 Operating lease cost Other operating expenses, SG&A 23,638 21,756 46,856 41,443 Short-term lease and other Other operating expenses, SG&A 2,965 831 4,089 1,813 Variable lease cost Other operating expenses, SG&A 2,584 2,092 5,600 4,445 Sublease income Cost of lease & related maintenance and rental, cost of services (5,686 ) (6,196 ) (11,510 ) (12,560 ) Total lease cost $ 27,448 22,515 $ 52,835 43,320 Supplemental cash flow information related to leases was as follows: Six months ended June 30, 2019 2018 (In thousands) Cash paid for amounts included in measurement of liabilities Operating cash flows from finance leases $ 1,278 1,197 Operating cash flows from operating leases 46,438 40,885 Financing cash flows from finance leases 10,648 8,415 Right-of-use assets obtained in exchange for lease obligations: Finance leases 6,633 9,906 Operating leases 40,911 52,714 Supplemental balance sheet information relates to leases was as follows: Classification June 30, 2019 December 31, 2018 (In thousands) Assets Operating lease right-of-use assets Sales-type leases and other assets $ 201,717 203,834 Finance lease assets Operating property and equipment, net and revenue earning equipment, net 37,060 41,647 Total leased assets $ 238,777 245,481 Liabilities Current Operating Accrued expenses and other current liabilities $ 71,687 73,422 Finance Short-term debt and current portion of long-term debt 11,070 14,543 Noncurrent Operating Other non-current liabilities 137,647 137,384 Finance Long-term debt 33,283 32,909 Total lease liabilities $ 253,687 258,258 June 30, 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 3.8 % 3.7 % Finance 8.0 % 8.0 % Maturities of operating and finance lease liabilities were as follows: Operating Leases Finance Leases Total (In thousands) 2019 (remaining six months ending December 31, 2019) $ 42,116 7,239 49,355 2020 65,810 11,465 77,275 2021 46,334 9,720 56,054 2022 33,184 7,007 40,191 2023 16,897 4,601 21,498 Thereafter 21,354 13,703 35,057 Total lease payments 225,695 53,735 279,430 Less: Imputed Interest (16,361 ) (9,382 ) (25,743 ) Present value of lease liabilities $ 209,334 44,353 253,687 As of June 30, 2019, we have entered into additional facility and equipment operating leases that have not yet commenced of $7 million and $3 million , respectively. The operating leases will commence in 2019 with lease terms of generally 3 to 5 years

DEBT

DEBT	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
DEBT	DEBT Weighted-Average Interest Rate June 30, December 31, Maturities June 30, December 31, (In thousands) Short-term debt and current portion of long-term debt: Short-term debt 1.60% 2.69% $ 238,370 81,522 Current portion of long-term debt, including finance leases 814,849 855,609 Total short-term debt and current portion of long-term debt 1,053,219 937,131 Long-term debt: U.S. commercial paper (1) 2.69% 2.78% 2023 754,864 454,397 Canadian commercial paper (1) 2.00% 2.28% 2023 106,583 123,491 Trade receivables program —% 3.15% 2020 — 200,000 Global revolving credit facility 2.71% 2.25% 2023 6,089 12,581 Unsecured U.S. notes — Medium-term notes (1)(2) 3.28% 3.22% 2019-2025 5,413,106 4,853,496 Unsecured U.S. obligations 3.40% 3.50% 2024 200,000 50,000 Unsecured foreign obligations 2.98% 1.61% 2021-2024 65,276 216,719 Asset-backed U.S. obligations (3) 2.49% 2.37% 2019-2026 866,093 627,707 Finance lease obligations 7.96% 7.97% 2019-2073 44,353 47,452 Total long-term debt 7,456,364 6,585,843 Debt issuance costs (22,455 ) (18,088 ) 7,433,909 6,567,755 Current portion of long-term debt, including finance leases (814,849 ) (855,609 ) Long-term debt 6,619,060 5,712,146 Total debt $ 7,672,279 6,649,277 ———————————— (1) Amounts are net of unamortized original issue discounts of $7 million at June 30, 2019 and December 31, 2018 , respectively. (2) Amounts are inclusive of fair market value adjustments on notes subject to hedging of $1 million and $10 million at June 30, 2019 and December 31, 2018 , respectively. The notional amount of the executed interest rate swaps designated as fair value hedges was $625 million and $725 million at June 30, 2019 and December 31, 2018 , respectively. 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 June 30, 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 June 30, 2019 , was 209% . At June 30, 2019 , $501 million was 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 June 30, 2019 , we classified $861 million of short-term commercial paper and $400 million of the current portion of long-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 May 2019, we issued $550 million of unsecured medium-term notes maturing in June 2022. 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 second quarter of 2019, we executed a $50 million bank term loan maturing in April 2024 in one of our Canadian subsidiaries. In the first quarter of 2019, we executed two $100 million bank term loans maturing in February and March of 2024. The proceeds from these loans were used to pay off maturing debt and for general corporate purposes. In May 2019, we received $298 million from financing transactions backed by a portion of our revenue earning equipment. The proceeds from these transactions were used for general corporate purposes. We have provided end of term guarantees for the residual value of the revenue earning equipment in these transactions. The transaction proceeds, along with the end of term residual value guarantees, have been included within "asset-backed U.S. obligations" in the preceding table. 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 11, 2020 . The program contains provisions restricting its availability in the event of a material adverse change to our business operations or the collectibility of the collateralized receivables. Sales of receivables under this program are accounted for as secured borrowings based on our continuing involvement in the transferred assets. No amounts were outstanding under the program at June 30, 2019 . At December 31, 2018 , $200 million was outstanding under the program. At June 30, 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 June 30, 2019 and December 31, 2018 , was approximately $6.89 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	6 Months Ended
	Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES	DERIVATIVES From time to time, we enter into interest rate derivative contracts 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 analysis, to estimate the expected impact of changes in interest rates on our future cash flows. Our derivative instruments are measured at fair value on a recurring basis using Level 2 inputs. As of June 30, 2019 , we had interest rate swaps outstanding that are designated as fair value hedges for certain debt obligations, with a total notional value of $625 million and maturities through 2022 . The fair value of these interest rate swaps was not material as of June 30, 2019. The fair value of these interest rate swaps was a liability of $10 million as of December 31, 2018 (presented in "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 June 30, 2019 , we had interest rate swaps outstanding that are designated as cash flow hedges for certain debt obligations, with a total notional value of $215 million and maturities through 2024 . The fair value of these interest rate swaps was a liability of $7 million as of June 30, 2019 (presented in "Other non-current liabilities" in our Consolidated Condensed Balance Sheets). The fair value of these interest rate swaps was not material as of December 31, 2018. There was no ineffectiveness related to the interest rate swaps. During the second quarter of 2019, we entered into a cross-currency interest rate swap to manage the interest rate risk and foreign currency exchange risk associated with a floating-rate foreign currency-denominated borrowing by a Canadian subsidiary, with a total notional value of U.S. $50 million and a maturity date in April 2024 . The cross-currency interest rate swap has been designated as a cash flow hedge. The fair value was not material as of June 30, 2019

SHARE REPURCHASE PROGRAMS

SHARE REPURCHASE PROGRAMS	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2019 and 2018, we repurchased approximately 345,000 shares for $21 million and 234,000 shares for $17 million , respectively.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	6 Months Ended
	Jun. 30, 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 — 11,173 277 11,450 Other current period change 7,999 (7,203 ) — 796 June 30, 2019 $ (191,714 ) (696,414 ) (11,260 ) (899,388 ) 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 — 10,587 169 10,756 Other current period change (28,233 ) (903 ) — (29,136 ) Adoption of new accounting standard (2) — (98,987 ) (1,580 ) (100,567 ) June 30, 2018 (172,006 ) (649,456 ) (8,321 ) (829,783 ) _______________________ (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 six months ended June 30, 2019 of $8 million was primarily due to the strengthening Canadian Dollar against the U.S. Dollar offset by the weakening of the British Pound against the U.S. Dollar. The loss from currency translation adjustments in the six months ended June 30, 2018 of $28 million was primarily due to the weakening of the British Pound and Canadian Dollar against the U.S. Dollar.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 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 June 30, Six months ended June 30, 2019 2018 2019 2018 (In thousands, except per share amounts) Earnings per share — Basic: Earnings from continuing operations $ 75,452 46,169 $ 121,342 83,482 Less: Distributed and undistributed earnings allocated to unvested stock (286 ) (168 ) (464 ) (299 ) Earnings from continuing operations available to common shareholders — Basic $ 75,166 46,001 $ 120,878 83,183 Weighted average common shares outstanding — Basic 52,337 52,370 52,377 52,388 Earnings from continuing operations per common share — Basic $ 1.44 0.88 $ 2.31 1.59 Earnings per share — Diluted: Earnings from continuing operations $ 75,452 46,169 $ 121,342 83,482 Less: Distributed and undistributed earnings allocated (286 ) (168 ) (464 ) (299 ) Earnings from continuing operations available to common shareholders — Diluted $ 75,166 46,001 $ 120,878 83,183 Weighted average common shares outstanding — Basic 52,337 52,370 52,377 52,388 Effect of dilutive equity awards 212 254 218 337 Weighted average common shares outstanding — Diluted 52,549 52,624 52,595 52,725 Earnings from continuing operations per common share — Diluted $ 1.43 0.87 $ 2.30 1.58 Anti-dilutive equity awards not included above 1,724 1,447 1,703 1,247

SHARE-BASED COMPENSATION PLANS

SHARE-BASED COMPENSATION PLANS	6 Months Ended
	Jun. 30, 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 Plans principally include at-the-money stock options and unvested stock. 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 June 30, Six months ended June 30, 2019 2018 2019 2018 (In thousands) Stock option and stock purchase plans $ 1,656 1,895 $ 3,475 3,771 Unvested stock 5,867 4,415 11,447 7,881 Share-based compensation expense 7,523 6,310 14,922 11,652 Income tax benefit (1,374 ) (1,068 ) (2,534 ) (2,229 ) Share-based compensation expense, net of tax $ 6,149 5,242 $ 12,388 9,423 Total unrecognized pre-tax compensation expense related to all share-based compensation arrangements at June 30, 2019 was $50 million and is expected to be recognized over a weighted-average period of 2.0 years. The following table is a summary of the awards granted under the Plans during the periods presented: Six months ended June 30, 2019 2018 (Shares in thousands) Stock options 220 347 Performance-based restricted stock rights 228 200 Time-vested restricted stock rights 408 167 Total 856 714

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	6 Months Ended
	Jun. 30, 2019
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS Components of net pension expense were as follows: Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 (In thousands) Pension Benefits Company-administered plans: Service cost $ 2,783 3,095 $ 5,815 6,296 Interest cost 21,395 19,098 42,864 38,850 Expected return on plan assets (22,589 ) (25,065 ) (45,265 ) (50,899 ) Amortization of: Net actuarial loss 7,432 6,914 15,042 14,286 Prior service cost 187 144 366 289 9,208 4,186 18,822 8,822 Union-administered plans 2,701 2,524 5,158 4,870 Net pension expense $ 11,909 6,710 $ 23,980 13,692 Company-administered plans: U.S. $ 10,659 6,665 $ 22,132 14,022 Non-U.S. (1,451 ) (2,479 ) (3,310 ) (5,200 ) 9,208 4,186 18,822 8,822 Union-administered plans 2,701 2,524 5,158 4,870 Net pension expense $ 11,909 6,710 $ 23,980 13,692 During the six months ended June 30, 2019 , we contributed $16 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 and six months ended June 30, 2019 and 2018.

OTHER ITEMS IMPACTING COMPARABI

OTHER ITEMS IMPACTING COMPARABILITY	6 Months Ended
	Jun. 30, 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 June 30, Six months ended June 30, 2019 2018 2019 2018 (In thousands) Restructuring and other, net $ 5,935 2,774 $ 8,523 2,382 ERP implementation 3,901 — 7,491 — Goodwill impairment — — — 15,513 Restructuring and other items, net 9,836 2,774 16,014 17,895 Gain on sale of property (18,614 ) — (18,614 ) — Total $ (8,778 ) 2,774 $ (2,600 ) 17,895 During the three and six months ended June 30, 2019 and 2018, the below items were recorded in "Restructuring and other, net" in our Consolidated Condensed Statements of Earnings: • Restructuring and other, net - For the three months ended June 30, 2019, this primarily included charges related to cost savings initiatives and the pursuit of a commercial claim. In addition, for the six months ended June 30, 2019, this also included income from our Singapore operations that was shut down during the second quarter of 2019. For the three months ended June 30, 2018, this primarily related to losses from our Singapore operations that was shut down in the second quarter of 2019, transaction costs and restructuring charges related to the acquisitions of MXD and Metro adjustments offset by an adjustment to the restructuring accrual recorded as of December 31, 2017. For the six months ended June 30, 2018, this also included a net benefit for an adjustment to the one-time Tax Reform-related employee bonus accrued as of December 31, 2017. • ERP Implementation - Related to charges with the implementation of an Enterprise Resource Planning (ERP) system. • Goodwill impairment - Related to an impairment charge of goodwill associated with our FMS Europe reporting unit. In addition, we recorded a gain on the sale of certain SCS properties during the three months ended June 30, 2019. The gain is reflected within "Miscellaneous Income" in our Consolidated Condensed Statements of Earnings. Income Taxes The decrease in the provision for income taxes in the second quarter and in the first half of 2019 primarily reflects an additional tax provision recorded in the second quarter of 2018 to adjust the provisional estimate for the one-time transition tax associated with the 2017 Tax Cuts and Jobs Act.

OTHER MATTERS

OTHER MATTERS	6 Months Ended
	Jun. 30, 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.

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	6 Months Ended
	Jun. 30, 2019
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information was as follows: Six months ended June 30, 2019 2018 (In thousands) Interest paid $ 104,829 72,051 Income taxes paid 10,782 15,109 Changes in accounts payable related to purchases of revenue earning equipment 37,744 75,312 Operating and revenue earning equipment acquired under finance leases 6,633 9,906

SEGMENT REPORTING

SEGMENT REPORTING	6 Months Ended
	Jun. 30, 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 based on 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 certain other items as discussed in Note 14 , " Other Items Impacting Comparability ." CSS represents those costs incurred to support all business segments, including finance and procurement, corporate services, human resources, information technology, public affairs, 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 not attributable to any segment and remain unallocated in CSS, including 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 — allocated under various methods, including 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 and six months ended June 30, 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 June 30, 2019 Revenue from external customers $ 1,233,438 362,244 649,311 — 2,244,993 Inter-segment revenue 157,472 — — (157,472 ) — Total revenue $ 1,390,910 362,244 649,311 (157,472 ) 2,244,993 Segment EBT $ 57,746 27,132 45,774 (19,166 ) 111,486 Unallocated CSS (10,482 ) Non-operating pension costs (1) (6,713 ) Restructuring and other items, net (2) (9,836 ) Gain on sale of property (2) 18,614 Earnings from continuing operations before income taxes $ 103,069 Segment capital expenditures paid (3) $ 1,161,089 517 12,738 — 1,174,344 Unallocated CSS capital expenditures paid 9,706 Capital expenditures paid $ 1,184,050 For the three months ended June 30, 2018 Revenue from external customers 1,154,758 330,622 604,524 — 2,089,904 Inter-segment revenue 140,971 — — (140,971 ) — Total revenue 1,295,729 330,622 604,524 (140,971 ) 2,089,904 Segment EBT 76,556 18,452 36,885 (15,309 ) 116,584 Unallocated CSS (11,058 ) Non-operating pension costs (1) (858 ) Restructuring and other items, net (2) (2,774 ) Earnings from continuing operations before income taxes 101,894 Segment capital expenditures paid (3) 735,695 393 16,323 — 752,411 Unallocated CSS capital expenditures paid 6,146 Capital expenditures paid 758,557 ———————————— (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. FMS DTS SCS Eliminations Total (In thousands) For the six months ended June 30, 2019 Revenue from external customers $ 2,428,473 711,865 1,284,982 — 4,425,320 Inter-segment revenue 314,036 — — (314,036 ) — Total revenue $ 2,742,509 711,865 1,284,982 (314,036 ) 4,425,320 Segment EBT 118,657 44,544 78,091 (36,468 ) 204,824 Unallocated CSS (23,029 ) Non-operating pension costs (1) (13,175 ) Restructuring and other items, net (2) (16,014 ) Gain on sale of property (2) 18,614 Earnings from continuing operations before income taxes $ 171,220 Segment capital expenditures paid (3) $ 2,167,218 860 25,494 — 2,193,572 Unallocated CSS capital expenditures paid 17,189 Capital expenditures paid $ 2,210,761 For the six months ended June 30, 2018 Revenue from external customers 2,265,286 629,592 1,099,231 — 3,994,109 Inter-segment revenue 273,493 — — (273,493 ) — Total revenue 2,538,779 629,592 1,099,231 (273,493 ) 3,994,109 Segment EBT 130,899 31,504 62,396 (28,581 ) 196,218 Unallocated CSS (21,650 ) Non-operating pension costs (1) (2,080 ) Restructuring and other items, net (2) (17,895 ) Earnings from continuing operations before income taxes 154,593 Segment capital expenditures paid (3) 1,381,064 642 28,616 — 1,410,322 Unallocated CSS capital expenditures paid 10,979 Capital expenditures paid 1,421,301 ———————————— (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 capital leases.

RECENT ACCOUNTING PRONOUNCEME_2

RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	6 Months Ended
	Jun. 30, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
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 products, that include the equipment lease, maintenance and other related services. 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 product includes 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. 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 product provides 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 product includes 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 $236 million and $225 million for the three months ended June 30, 2019 and 2018, respectively, and $475 million and $448 million for the six months ended June 30, 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, which was partially offset by costs capitalized related to sales commissions. We recorded deferred revenue of $567 million and $566 million as of June 30, 2019 and December 31, 2018, respectively, related to the maintenance services component of our ChoiceLease product line. We also recorded capitalized sales commissions of $92 million and $93 million as of June 30, 2019 and December 31, 2018, respectively. Included in capitalized sales commissions are initial direct costs of our leases of $53 million as of both June 30, 2019 and December 31, 2018 related to incremental sales commissions paid to our sales force as a result of obtaining ChoiceLease contracts. Refer to Note 3 , " Revenue ," and Note 5 , " Accrued Expenses and Other Liabilities " for further information. 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 product 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 products 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, 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
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
Recent Accounting Pronouncements	Cloud Computing Arrangements In August 2018, the Financial Accounting Standards Board (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 Accounting Standards Codification (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 FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815) . This pronouncement, along with ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments issued to clarify certain provisions of these ASUs, 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 2019 and it did not impact our consolidated financial position, results of operations, or cash flows. Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326). This pronouncement, along with subsequent ASUs issued to clarify certain provisions of ASU 2016-13, modifies the measurement of expected credit losses of certain financial instruments, including our accounts receivable and net investments in sales-type leases. Among other things, these amendments require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The standard is effective for fiscal years beginning after December 15, 2019, with early adoption permitted. The standard requires a cumulative-effect adjustment to the statement of financial position as of the beginning of the first reporting period in which the guidance is effective. Periods prior to the adoption date that are presented for comparative purposes are not adjusted. We are currently evaluating the impact of the adoption of this update on our consolidated financial position, results of operations, and 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 where we are the lessee, we have made an accounting policy election 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 where we are the 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.

RECENT ACCOUNTING PRONOUNCEME_3

RECENT ACCOUNTING PRONOUNCEMENTS (Tables)	6 Months Ended
	Jun. 30, 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 as follows (in millions, except per share amounts): Three months ended June 30, 2018 Six months ended June 30, 2018 As Previously Lessor Lessee and Other As Previously Lessor Lessee and Other Reported Adjustments (1) Adjustments (1) As Revised Reported Adjustments (1) Adjustments (1) As Revised Lease & related maintenance and rental revenues $ 858.0 0.3 0.3 858.6 $ 1,682.3 0.7 0.6 1,683.6 Total revenues 2,089.3 0.3 0.3 2,089.9 3,992.8 0.7 0.6 3,994.1 Cost of lease & related maintenance and rental 636.4 (3.6 ) — 632.8 1,255.6 (7.2 ) — 1,248.4 Cost of services (2) 906.0 — 2.0 908.1 1,693.3 — 3.6 1,696.9 Other operating expenses 30.9 — (0.3 ) 30.7 64.4 — (0.8 ) 63.7 Selling, general and administrative expenses (2) 212.9 0.8 (1.1 ) 212.6 421.8 0.1 (1.4 ) 420.4 Used vehicle sales, net 6.0 (0.5 ) — 5.6 13.4 (0.4 ) — 13.0 Interest expense 42.4 — 0.4 42.8 80.2 — 0.8 80.9 Restructuring and other items, net (2) 3.6 (0.2 ) (0.6 ) 2.8 19.4 — (1.5 ) 17.9 Earnings from continuing operations before income taxes 98.3 3.8 (0.2 ) 101.9 146.4 8.3 (0.1 ) 154.6 Provision for income taxes 54.8 1.0 — 55.7 68.9 2.2 — 71.1 Earnings from continuing operations 43.5 2.8 (0.2 ) 46.2 77.5 6.1 (0.1 ) 83.5 Net earnings 42.3 2.8 (0.2 ) 44.9 75.8 6.1 (0.1 ) 81.8 Comprehensive income 4.9 4.3 — 9.2 55.9 7.6 — 63.4 Earnings per common share - Basic Continuing operations $ 0.83 0.05 — 0.88 $ 1.47 0.12 — 1.59 Net earnings $ 0.80 0.05 — 0.85 $ 1.44 0.12 — 1.56 Earnings per common share - Diluted Continuing operations $ 0.82 0.05 — 0.87 $ 1.46 0.12 — 1.58 Net earnings $ 0.80 0.05 — 0.85 $ 1.43 0.12 — 1.55 ———————————— (1) We determined that in a prior period 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. The prior period error was corrected by reducing "Lease & related maintenance and rental revenues" by approximately $4.4 million and $9.1 million during the three and six months ended June 30, 2018, respectively. We also reduced depreciation expense (included in "Cost of lease & related maintenance and rental") by approximately $4.4 million and $9.1 million during the three and six months ended June 30, 2018, respectively. 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 were 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) We determined that in a prior period 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. The prior period error was corrected by increasing "Receivables, net" by approximately $24 million and also increasing sales-type leases and other assets by approximately $65 million and reducing "Revenue earning equipment, net" by $83 million . 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): Six months ended June 30, 2018 As Previously Reported New Lease Standard Adjustments As Revised Net earnings $ 75.8 6.0 81.8 Earnings from continuing operations 77.5 6.0 83.5 Depreciation expense 681.3 (5.8 ) 675.5 Used vehicle sales, net 13.4 (0.4 ) 13.0 Amortization expense and other non-cash charges, net 15.7 53.4 69.1 Deferred income tax expense 79.9 2.2 82.1 Collections on sales-type leases and other items — 43.2 43.2 Changes in operating assets and liabilities: Prepaid expenses and other assets (15.2 ) (46.3 ) (61.5 ) Accrued expenses and other non-current liabilities (62.7 ) (7.8 ) (70.5 ) Net cash provided by operating activities from continuing operations 820.3 44.5 864.8 Debt repaid (446.7 ) (5.0 ) (451.7 ) Net cash provided by financing activities from continuing operations 519.1 (5.0 ) 514.1 Collections on direct finance leases and other items 39.4 (39.4 ) — Net cash used in investing activities from continuing operations (1,348.9 ) (39.4 ) (1,388.3 ) Note: Amounts may not be additive due to rounding.

REVENUE (Tables)

REVENUE (Tables)	6 Months Ended
	Jun. 30, 2019
Revenue from Contract with Customer [Abstract]
Revenue from External Customers by Geographic Areas	The following tables disaggregate our revenue recognized in accordance with both Topic 842 and Topic 606 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 June 30, 2019 FMS DTS SCS Eliminations Total (In thousands) United States $ 1,238,631 362,244 539,623 (152,010 ) 1,988,488 Canada 76,390 — 53,545 (5,462 ) 124,473 Europe 75,889 — — — 75,889 Mexico — — 56,143 — 56,143 Singapore — — — — — Total revenue $ 1,390,910 362,244 649,311 (157,472 ) 2,244,993 Three months ended June 30, 2018 FMS DTS SCS Eliminations Total (In thousands) United States (1) 1,139,742 330,622 500,341 (135,569 ) 1,835,136 Canada 75,494 — 47,747 (5,402 ) 117,839 Europe 80,493 — — — 80,493 Mexico (1) — — 50,070 — 50,070 Singapore — — 6,366 — 6,366 Total revenue 1,295,729 330,622 604,524 (140,971 ) 2,089,904 ———————————— (1) 2018 SCS total revenue amounts for the United States and Mexico include reclassifications to conform to the current period presentation. Six months ended June 30, 2019 FMS DTS SCS Eliminations Total (In thousands) United States $ 2,437,574 711,865 1,069,016 (303,173 ) 3,915,282 Canada 150,404 — 103,253 (10,863 ) 242,794 Europe 154,531 — — — 154,531 Mexico — — 109,420 — 109,420 Singapore — — 3,293 — 3,293 Total revenue $ 2,742,509 711,865 1,284,982 (314,036 ) 4,425,320 Six months ended June 30, 2018 FMS DTS SCS Eliminations Total (In thousands) United States (1) 2,225,189 629,592 902,223 (263,285 ) 3,493,719 Canada 150,301 — 90,841 (10,208 ) 230,934 Europe 163,289 — — — 163,289 Mexico (1) — — 94,102 — 94,102 Singapore — — 12,065 — 12,065 Total revenue 2,538,779 629,592 1,099,231 (273,493 ) 3,994,109 ———————————— (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 June 30, 2019 FMS DTS SCS Eliminations Total (In thousands) ChoiceLease $ 765,312 — — (70,547 ) 694,765 SelectCare 136,360 — — (11,811 ) 124,549 Commercial rental 253,871 — — (14,803 ) 239,068 Fuel 212,371 — — (60,311 ) 152,060 Other 22,996 — — — 22,996 DTS — 362,244 — — 362,244 SCS — — 649,311 — 649,311 Total revenue $ 1,390,910 362,244 649,311 (157,472 ) 2,244,993 Three months ended June 30, 2018 FMS DTS SCS Eliminations Total (In thousands) ChoiceLease 701,055 — — (62,608 ) 638,447 SelectCare 125,266 — — (9,841 ) 115,425 Commercial rental 232,425 — — (12,282 ) 220,143 Fuel 215,230 — — (56,240 ) 158,990 Other 21,753 — — — 21,753 DTS — 330,622 — — 330,622 SCS — — 604,524 — 604,524 Total revenue 1,295,729 330,622 604,524 (140,971 ) 2,089,904 Six months ended June 30, 2019 FMS DTS SCS Eliminations Total (In thousands) ChoiceLease $ 1,513,890 — — (138,738 ) 1,375,152 SelectCare 272,139 — — (24,062 ) 248,077 Commercial rental 490,019 — — (31,779 ) 458,240 Fuel 420,237 — — (119,457 ) 300,780 Other 46,224 — — — 46,224 DTS — 711,865 — — 711,865 SCS — — 1,284,982 — 1,284,982 Total revenue $ 2,742,509 711,865 1,284,982 (314,036 ) 4,425,320 Six months ended June 30, 2018 FMS DTS SCS Eliminations Total (In thousands) ChoiceLease 1,391,957 — — (122,985 ) 1,268,972 SelectCare 247,139 — — (19,185 ) 227,954 Commercial rental 436,955 — — (22,346 ) 414,609 Fuel 419,037 — — (108,977 ) 310,060 Other 43,691 — — — 43,691 DTS — 629,592 — — 629,592 SCS — — 1,099,231 — 1,099,231 Total revenue 2,538,779 629,592 1,099,231 (273,493 ) 3,994,109 Industry Our SCS business segment includes revenue from the below industries: Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 (In thousands) Automotive $ 261,288 231,886 $ 514,967 439,678 Technology and healthcare 110,054 114,388 223,723 217,485 CPG and retail 225,582 197,694 442,679 333,052 Industrial and other 52,387 60,556 103,613 109,016 Total revenue $ 649,311 604,524 $ 1,284,982 1,099,231

REVENUE EARNING EQUIPMENT, NET

REVENUE EARNING EQUIPMENT, NET (Tables)	6 Months Ended
	Jun. 30, 2019
Revenue Earning Equipment [Abstract]
Summary of revenue earning equipment	June 30, 2019 December 31, 2018 Cost Accumulated Depreciation Net Book Value (1) Cost Accumulated Depreciation Net Book Value (1) (In thousands) Held for use: ChoiceLease $ 11,791,913 (3,833,796 ) 7,958,117 10,824,989 (3,645,655 ) 7,179,334 Commercial rental 3,475,933 (1,041,299 ) 2,434,634 3,152,908 (1,047,346 ) 2,105,562 Held for sale 615,699 (447,439 ) 168,260 467,093 (336,028 ) 131,065 Total $ 15,883,545 (5,322,534 ) 10,561,011 14,444,990 (5,029,029 ) 9,415,961 ———————————— (1) Revenue earning equipment, net includes vehicles under finance leases of $13 million , less accumulated depreciation of $7 million , at June 30, 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) Three months ended June 30, Six months ended June 30, June 30, 2019 December 31, 2018 2019 2018 2019 2018 (In thousands) Assets held for sale: Revenue earning equipment (1) : Trucks $ 44,059 44,325 $ 8,740 10,295 $ 20,287 18,896 Tractors 52,620 35,397 14,053 2,101 19,021 5,478 Trailers 1,691 1,507 1,485 1,605 1,664 3,198 Total assets at fair value $ 98,370 81,229 $ 24,278 14,001 $ 40,972 27,572 ———————————— (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 $70 million and $50 million as of June 30, 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 June 30, Six months ended June 30, 2019 2018 2019 2018 (In thousands) Gains on vehicle sales, net $ (6,138 ) (8,442 ) $ (14,615 ) (14,582 ) Losses from fair value adjustments 24,278 14,001 40,972 27,572 Used vehicle sales, net $ 18,140 5,559 $ 26,357 12,990

ACCRUED EXPENSES AND OTHER LI_2

ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2019
Accrued Liabilities and Other Liabilities [Abstract]
Accrued Expenses and Other Liabilities	June 30, 2019 December 31, 2018 Accrued Expenses Non-Current Liabilities Total Accrued Expenses Non-Current Liabilities Total (In thousands) Salaries and wages $ 113,119 — 113,119 149,629 — 149,629 Deferred compensation 5,978 60,372 66,350 4,524 55,279 59,803 Pension benefits 3,772 462,699 466,471 3,754 456,979 460,733 Other postretirement benefits 1,395 18,504 19,899 1,387 18,097 19,484 Other employee benefits 12,683 — 12,683 28,370 — 28,370 Insurance obligations (1) 151,643 266,134 417,777 139,314 247,552 386,866 Operating taxes 105,400 — 105,400 100,399 — 100,399 Income taxes 2,043 20,747 22,790 3,491 18,477 21,968 Interest 45,957 — 45,957 39,522 — 39,522 Deposits, mainly from customers 81,149 3,319 84,468 80,401 3,390 83,791 Operating lease liabilities 71,687 137,647 209,334 73,422 137,384 210,806 Deferred revenue (2) 166,067 418,084 584,151 160,902 421,176 582,078 Restructuring liabilities (3) 3,316 — 3,316 7,595 — 7,595 Other 55,667 43,784 99,451 55,029 44,291 99,320 Total $ 819,876 1,431,290 2,251,166 847,739 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)	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Schedule of Lease Income - Operating	The components of lease income were as follows: Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 (In thousands) Operating leases Lease income related to lease payments $ 374,550 335,330 $ 734,859 669,697 Lease income related to commercial rental (1) 239,068 220,143 458,240 414,609 Sales type leases Interest income related to net investment in leases 10,432 9,723 21,888 19,520 Variable lease income excluding commercial rental (1) 58,409 56,406 113,848 108,633 ———————————— (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.
Schedule of Lease Income - Sales Type	The components of net investment in sales-type leases were as follows: June 30, 2019 December 31, 2018 (In thousands) Net investment in the lease — lease payment receivable $ 526,002 505,057 Net investment in the lease — unguaranteed residual value in assets 48,617 46,209 $ 574,619 551,266 ———————————— Note: The net investment in the sales-type lease shown above are included in "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: June 30, 2019 December 31, 2018 (In thousands) 2019 (remaining six months ending December 31, 2019) $ 71,381 133,557 2020 151,558 136,924 2021 128,020 114,983 2022 100,502 85,146 2023 67,684 52,161 Thereafter 109,911 78,935 Total undiscounted cash flows 629,056 601,706 Present value of lease payments (recognized as lease receivables) (526,002 ) (505,057 ) Difference between undiscounted cash flows and discounted cash flows $ 103,054 96,649
Schedule of Maturity of Operating Lease Payments	Maturities of operating lease payments were as follows: June 30, 2019 December 31, 2018 (In thousands) 2019 (remaining six months ending December 31, 2019) $ 664,943 1,159,851 2020 1,119,707 892,721 2021 861,960 646,008 2022 593,681 421,050 2023 387,060 249,255 Thereafter 389,575 203,632 Total undiscounted cash flows $ 4,016,926 3,572,517
Schedule of Lease Cost, Cash Flow Information, Lease Term, and Discount Rate	Supplemental cash flow information related to leases was as follows: Six months ended June 30, 2019 2018 (In thousands) Cash paid for amounts included in measurement of liabilities Operating cash flows from finance leases $ 1,278 1,197 Operating cash flows from operating leases 46,438 40,885 Financing cash flows from finance leases 10,648 8,415 Right-of-use assets obtained in exchange for lease obligations: Finance leases 6,633 9,906 Operating leases 40,911 52,714 The components of lease expense were as follows: Three months ended June 30, Six months ended June 30, Classification 2019 2018 2019 2018 (In thousands) Finance lease cost Amortization of right-of-use assets Other operating expenses, SG&A $ 3,312 3,432 $ 6,522 6,982 Interest on lease liabilities Interest expense 635 600 1,278 1,197 Operating lease cost Other operating expenses, SG&A 23,638 21,756 46,856 41,443 Short-term lease and other Other operating expenses, SG&A 2,965 831 4,089 1,813 Variable lease cost Other operating expenses, SG&A 2,584 2,092 5,600 4,445 Sublease income Cost of lease & related maintenance and rental, cost of services (5,686 ) (6,196 ) (11,510 ) (12,560 ) Total lease cost $ 27,448 22,515 $ 52,835 43,320 June 30, 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 3.8 % 3.7 % Finance 8.0 % 8.0 %
Schedule of Leases, Assets and Liabilities	Supplemental balance sheet information relates to leases was as follows: Classification June 30, 2019 December 31, 2018 (In thousands) Assets Operating lease right-of-use assets Sales-type leases and other assets $ 201,717 203,834 Finance lease assets Operating property and equipment, net and revenue earning equipment, net 37,060 41,647 Total leased assets $ 238,777 245,481 Liabilities Current Operating Accrued expenses and other current liabilities $ 71,687 73,422 Finance Short-term debt and current portion of long-term debt 11,070 14,543 Noncurrent Operating Other non-current liabilities 137,647 137,384 Finance Long-term debt 33,283 32,909 Total lease liabilities $ 253,687 258,258
Schedule of Operating Lease Maturities	Maturities of operating and finance lease liabilities were as follows: Operating Leases Finance Leases Total (In thousands) 2019 (remaining six months ending December 31, 2019) $ 42,116 7,239 49,355 2020 65,810 11,465 77,275 2021 46,334 9,720 56,054 2022 33,184 7,007 40,191 2023 16,897 4,601 21,498 Thereafter 21,354 13,703 35,057 Total lease payments 225,695 53,735 279,430 Less: Imputed Interest (16,361 ) (9,382 ) (25,743 ) Present value of lease liabilities $ 209,334 44,353 253,687
Schedule of Finance Lease Maturities	Maturities of operating and finance lease liabilities were as follows: Operating Leases Finance Leases Total (In thousands) 2019 (remaining six months ending December 31, 2019) $ 42,116 7,239 49,355 2020 65,810 11,465 77,275 2021 46,334 9,720 56,054 2022 33,184 7,007 40,191 2023 16,897 4,601 21,498 Thereafter 21,354 13,703 35,057 Total lease payments 225,695 53,735 279,430 Less: Imputed Interest (16,361 ) (9,382 ) (25,743 ) Present value of lease liabilities $ 209,334 44,353 253,687

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Schedule of Debt	Weighted-Average Interest Rate June 30, December 31, Maturities June 30, December 31, (In thousands) Short-term debt and current portion of long-term debt: Short-term debt 1.60% 2.69% $ 238,370 81,522 Current portion of long-term debt, including finance leases 814,849 855,609 Total short-term debt and current portion of long-term debt 1,053,219 937,131 Long-term debt: U.S. commercial paper (1) 2.69% 2.78% 2023 754,864 454,397 Canadian commercial paper (1) 2.00% 2.28% 2023 106,583 123,491 Trade receivables program —% 3.15% 2020 — 200,000 Global revolving credit facility 2.71% 2.25% 2023 6,089 12,581 Unsecured U.S. notes — Medium-term notes (1)(2) 3.28% 3.22% 2019-2025 5,413,106 4,853,496 Unsecured U.S. obligations 3.40% 3.50% 2024 200,000 50,000 Unsecured foreign obligations 2.98% 1.61% 2021-2024 65,276 216,719 Asset-backed U.S. obligations (3) 2.49% 2.37% 2019-2026 866,093 627,707 Finance lease obligations 7.96% 7.97% 2019-2073 44,353 47,452 Total long-term debt 7,456,364 6,585,843 Debt issuance costs (22,455 ) (18,088 ) 7,433,909 6,567,755 Current portion of long-term debt, including finance leases (814,849 ) (855,609 ) Long-term debt 6,619,060 5,712,146 Total debt $ 7,672,279 6,649,277 ———————————— (1) Amounts are net of unamortized original issue discounts of $7 million at June 30, 2019 and December 31, 2018 , respectively. (2) Amounts are inclusive of fair market value adjustments on notes subject to hedging of $1 million and $10 million at June 30, 2019 and December 31, 2018 , respectively. The notional amount of the executed interest rate swaps designated as fair value hedges was $625 million and $725 million at June 30, 2019 and December 31, 2018 , respectively. 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)	6 Months Ended
	Jun. 30, 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 — 11,173 277 11,450 Other current period change 7,999 (7,203 ) — 796 June 30, 2019 $ (191,714 ) (696,414 ) (11,260 ) (899,388 ) 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 — 10,587 169 10,756 Other current period change (28,233 ) (903 ) — (29,136 ) Adoption of new accounting standard (2) — (98,987 ) (1,580 ) (100,567 ) June 30, 2018 (172,006 ) (649,456 ) (8,321 ) (829,783 ) _______________________ (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)	6 Months Ended
	Jun. 30, 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 June 30, Six months ended June 30, 2019 2018 2019 2018 (In thousands, except per share amounts) Earnings per share — Basic: Earnings from continuing operations $ 75,452 46,169 $ 121,342 83,482 Less: Distributed and undistributed earnings allocated to unvested stock (286 ) (168 ) (464 ) (299 ) Earnings from continuing operations available to common shareholders — Basic $ 75,166 46,001 $ 120,878 83,183 Weighted average common shares outstanding — Basic 52,337 52,370 52,377 52,388 Earnings from continuing operations per common share — Basic $ 1.44 0.88 $ 2.31 1.59 Earnings per share — Diluted: Earnings from continuing operations $ 75,452 46,169 $ 121,342 83,482 Less: Distributed and undistributed earnings allocated (286 ) (168 ) (464 ) (299 ) Earnings from continuing operations available to common shareholders — Diluted $ 75,166 46,001 $ 120,878 83,183 Weighted average common shares outstanding — Basic 52,337 52,370 52,377 52,388 Effect of dilutive equity awards 212 254 218 337 Weighted average common shares outstanding — Diluted 52,549 52,624 52,595 52,725 Earnings from continuing operations per common share — Diluted $ 1.43 0.87 $ 2.30 1.58 Anti-dilutive equity awards not included above 1,724 1,447 1,703 1,247

SHARE-BASED COMPENSATION PLANS

SHARE-BASED COMPENSATION PLANS (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six months ended June 30, 2019 2018 2019 2018 (In thousands) Stock option and stock purchase plans $ 1,656 1,895 $ 3,475 3,771 Unvested stock 5,867 4,415 11,447 7,881 Share-based compensation expense 7,523 6,310 14,922 11,652 Income tax benefit (1,374 ) (1,068 ) (2,534 ) (2,229 ) Share-based compensation expense, net of tax $ 6,149 5,242 $ 12,388 9,423
Share-based Compensation, Activity	The following table is a summary of the awards granted under the Plans during the periods presented: Six months ended June 30, 2019 2018 (Shares in thousands) Stock options 220 347 Performance-based restricted stock rights 228 200 Time-vested restricted stock rights 408 167 Total 856 714

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	6 Months Ended
	Jun. 30, 2019
Retirement Benefits [Abstract]
Components of Net Periodic Benefit Cost	Components of net pension expense were as follows: Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 (In thousands) Pension Benefits Company-administered plans: Service cost $ 2,783 3,095 $ 5,815 6,296 Interest cost 21,395 19,098 42,864 38,850 Expected return on plan assets (22,589 ) (25,065 ) (45,265 ) (50,899 ) Amortization of: Net actuarial loss 7,432 6,914 15,042 14,286 Prior service cost 187 144 366 289 9,208 4,186 18,822 8,822 Union-administered plans 2,701 2,524 5,158 4,870 Net pension expense $ 11,909 6,710 $ 23,980 13,692 Company-administered plans: U.S. $ 10,659 6,665 $ 22,132 14,022 Non-U.S. (1,451 ) (2,479 ) (3,310 ) (5,200 ) 9,208 4,186 18,822 8,822 Union-administered plans 2,701 2,524 5,158 4,870 Net pension expense $ 11,909 6,710 $ 23,980 13,692

OTHER ITEMS IMPACTING COMPARA_2

OTHER ITEMS IMPACTING COMPARABILITY (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six months ended June 30, 2019 2018 2019 2018 (In thousands) Restructuring and other, net $ 5,935 2,774 $ 8,523 2,382 ERP implementation 3,901 — 7,491 — Goodwill impairment — — — 15,513 Restructuring and other items, net 9,836 2,774 16,014 17,895 Gain on sale of property (18,614 ) — (18,614 ) — Total $ (8,778 ) 2,774 $ (2,600 ) 17,895

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2019
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental cash flow information was as follows: Six months ended June 30, 2019 2018 (In thousands) Interest paid $ 104,829 72,051 Income taxes paid 10,782 15,109 Changes in accounts payable related to purchases of revenue earning equipment 37,744 75,312 Operating and revenue earning equipment acquired under finance leases 6,633 9,906

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 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 June 30, 2019 Revenue from external customers $ 1,233,438 362,244 649,311 — 2,244,993 Inter-segment revenue 157,472 — — (157,472 ) — Total revenue $ 1,390,910 362,244 649,311 (157,472 ) 2,244,993 Segment EBT $ 57,746 27,132 45,774 (19,166 ) 111,486 Unallocated CSS (10,482 ) Non-operating pension costs (1) (6,713 ) Restructuring and other items, net (2) (9,836 ) Gain on sale of property (2) 18,614 Earnings from continuing operations before income taxes $ 103,069 Segment capital expenditures paid (3) $ 1,161,089 517 12,738 — 1,174,344 Unallocated CSS capital expenditures paid 9,706 Capital expenditures paid $ 1,184,050 For the three months ended June 30, 2018 Revenue from external customers 1,154,758 330,622 604,524 — 2,089,904 Inter-segment revenue 140,971 — — (140,971 ) — Total revenue 1,295,729 330,622 604,524 (140,971 ) 2,089,904 Segment EBT 76,556 18,452 36,885 (15,309 ) 116,584 Unallocated CSS (11,058 ) Non-operating pension costs (1) (858 ) Restructuring and other items, net (2) (2,774 ) Earnings from continuing operations before income taxes 101,894 Segment capital expenditures paid (3) 735,695 393 16,323 — 752,411 Unallocated CSS capital expenditures paid 6,146 Capital expenditures paid 758,557 ———————————— (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. FMS DTS SCS Eliminations Total (In thousands) For the six months ended June 30, 2019 Revenue from external customers $ 2,428,473 711,865 1,284,982 — 4,425,320 Inter-segment revenue 314,036 — — (314,036 ) — Total revenue $ 2,742,509 711,865 1,284,982 (314,036 ) 4,425,320 Segment EBT 118,657 44,544 78,091 (36,468 ) 204,824 Unallocated CSS (23,029 ) Non-operating pension costs (1) (13,175 ) Restructuring and other items, net (2) (16,014 ) Gain on sale of property (2) 18,614 Earnings from continuing operations before income taxes $ 171,220 Segment capital expenditures paid (3) $ 2,167,218 860 25,494 — 2,193,572 Unallocated CSS capital expenditures paid 17,189 Capital expenditures paid $ 2,210,761 For the six months ended June 30, 2018 Revenue from external customers 2,265,286 629,592 1,099,231 — 3,994,109 Inter-segment revenue 273,493 — — (273,493 ) — Total revenue 2,538,779 629,592 1,099,231 (273,493 ) 3,994,109 Segment EBT 130,899 31,504 62,396 (28,581 ) 196,218 Unallocated CSS (21,650 ) Non-operating pension costs (1) (2,080 ) Restructuring and other items, net (2) (17,895 ) Earnings from continuing operations before income taxes 154,593 Segment capital expenditures paid (3) 1,381,064 642 28,616 — 1,410,322 Unallocated CSS capital expenditures paid 10,979 Capital expenditures paid 1,421,301 ———————————— (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 capital leases.

GENERAL (Details)

GENERAL (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	Jan. 01, 2017
Disaggregation of Revenue [Line Items]
Non-lease revenue from maintenance services	$ 2,244,993	$ 2,089,904	$ 4,425,320	$ 3,994,109
Adjustment to retained earnings	2,385,620		2,385,620		$ 2,337,252
Deferred revenue	584,151		584,151		582,078
Capitalized sales commissions	$ 106,000		106,000		107,000
Initial direct costs of leases			$ 53,000		53,000
Lessee, lease terms	12 months		12 months
Lease renewal option (in years)	5 years		5 years
Operating and finance lease assets	$ 238,777		$ 238,777		245,481
Minimum
Disaggregation of Revenue [Line Items]
Payment term of contract with customer			15 days
Lessor, lease terms	1 day		1 day
Maximum
Disaggregation of Revenue [Line Items]
Payment term of contract with customer			90 days
Lessor, lease terms	1 year		1 year
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	$ 236,000	$ 225,000	$ 475,000	$ 448,000
Deferred revenue	567,000		567,000		566,000
ChoiceLease
Disaggregation of Revenue [Line Items]
Capitalized sales commissions	$ 92,000		$ 92,000		$ 93,000
ChoiceLease | Minimum
Disaggregation of Revenue [Line Items]
Lessor, lease terms	3 years		3 years
ChoiceLease | Maximum
Disaggregation of Revenue [Line Items]
Lessor, lease terms	7 years		7 years
Trucks and Tractors | Minimum
Disaggregation of Revenue [Line Items]
Lessor, lease terms	3 years		3 years
Trucks and Tractors | Maximum
Disaggregation of Revenue [Line Items]
Lessor, lease terms	7 years		7 years
Trailers | Maximum
Disaggregation of Revenue [Line Items]
Lessor, lease terms	10 years		10 years
Facility Leases | Minimum
Disaggregation of Revenue [Line Items]
Lessee, lease terms	3 years		3 years
Facility Leases | Maximum
Disaggregation of Revenue [Line Items]
Lessee, lease terms	5 years		5 years
Equipment Leases | Minimum
Disaggregation of Revenue [Line Items]
Lessee, lease terms	3 years		3 years
Equipment Leases | Maximum
Disaggregation of Revenue [Line Items]
Lessee, lease terms	7 years		7 years

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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease & related maintenance and rental revenues		$ 858,600		$ 1,683,600
Total revenue	$ 2,244,993	2,089,904	$ 4,425,320	3,994,109
Other operating expenses	29,663	30,687	63,289	63,662
Selling, general and administrative expenses	226,416	212,612	457,741	420,440
Used vehicle sales, net	18,140	5,559	26,357	12,990
Interest expense	60,759	42,751	116,095	80,911
Restructuring and other items, net	9,836	2,774	16,014	17,895
Earnings from continuing operations before income taxes	103,069	101,894	171,220	154,593
Provision for income taxes	27,617	55,725	49,878	71,111
Earnings from continuing operations	75,452	46,169	121,342	83,482
Net earnings	75,215	44,908	120,531	81,794
Comprehensive income	$ 66,245	$ 9,157	$ 132,777	$ 63,414
Earnings per common share - Basic
Continuing operations (in dollars per share)	$ 1.44	$ 0.88	$ 2.31	$ 1.59
Net earnings (in dollars per share)	1.43	0.85	2.29	1.56
Earnings per common share - Diluted
Continuing operations (in dollars per share)	1.43	0.87	2.30	1.58
Net earnings (in dollars per share)	$ 1.43	$ 0.85	$ 2.28	$ 1.55
Accounting Standards Update 2016-02 | As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease & related maintenance and rental revenues		$ 858,000		$ 1,682,300
Total revenue		2,089,300		3,992,800
Other operating expenses		30,900		64,400
Selling, general and administrative expenses		212,900		421,800
Used vehicle sales, net		6,000		13,400
Interest expense		42,400		80,200
Restructuring and other items, net		3,600		19,400
Earnings from continuing operations before income taxes		98,300		146,400
Provision for income taxes		54,800		68,900
Earnings from continuing operations		43,500		77,500
Net earnings		42,300		75,800
Comprehensive income		$ 4,900		$ 55,900
Earnings per common share - Basic
Continuing operations (in dollars per share)		$ 0.83		$ 1.47
Net earnings (in dollars per share)		0.80		1.44
Earnings per common share - Diluted
Continuing operations (in dollars per share)		0.82		1.46
Net earnings (in dollars per share)		$ 0.80		$ 1.43
Accounting Standards Update 2016-02 | New Lease Standard Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Used vehicle sales, net				$ (400)
Earnings from continuing operations				6,000
Net earnings				6,000
Service
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of services sold	$ 976,405	$ 908,079	$ 1,948,095	1,696,850
Service | Accounting Standards Update 2016-02 | As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of services sold		906,000		1,693,300
Lease, Related Maintenance and Rental
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of services sold	$ 687,540	632,779	$ 1,351,829	1,248,384
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		636,400		1,255,600
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		300		700
Total revenue		300		700
Other operating expenses		0		0
Selling, general and administrative expenses		800		100
Used vehicle sales, net		(500)		(400)
Interest expense		0		0
Restructuring and other items, net		(200)		0
Earnings from continuing operations before income taxes		3,800		8,300
Provision for income taxes		1,000		2,200
Earnings from continuing operations		2,800		6,100
Net earnings		2,800		6,100
Comprehensive income		$ 4,300		$ 7,600
Earnings per common share - Basic
Continuing operations (in dollars per share)		$ 0.05		$ 0.12
Net earnings (in dollars per share)		0.05		0.12
Earnings per common share - Diluted
Continuing operations (in dollars per share)		0.05		0.12
Net earnings (in dollars per share)		$ 0.05		$ 0.12
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		$ 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)		(7,200)
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		600
Total revenue		300		600
Other operating expenses		(300)		(800)
Selling, general and administrative expenses		(1,100)		(1,400)
Used vehicle sales, net		0		0
Interest expense		400		800
Restructuring and other items, net		(600)		(1,500)
Earnings from continuing operations before income taxes		(200)		(100)
Provision for income taxes		0		0
Earnings from continuing operations		(200)		(100)
Net earnings		(200)		(100)
Comprehensive income		$ 0		$ 0
Earnings per common share - Basic
Continuing operations (in dollars per share)		$ 0		$ 0
Net earnings (in dollars per share)		0		0
Earnings per common share - Diluted
Continuing operations (in dollars per share)		0		0
Net earnings (in dollars per share)		$ 0		$ 0
Lessee and Other Adjustments | Service | New Lease Standard Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of services sold		$ 2,000		$ 3,600
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		0
Prior Period Error | New Lease Standard Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease & related maintenance and rental revenues		(4,400)		(9,100)
Prior Period Error | Lease, Related Maintenance and Rental | New Lease Standard Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of services sold		$ (4,400)		$ (9,100)

RECENT ACCOUNTING PRONOUNCEME_5

RECENT ACCOUNTING PRONOUNCEMENTS Lease Standard - Effect on Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Jan. 01, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Receivables, net	$ 1,248,967		$ 1,242,058
Prepaid expenses and other current assets	149,025		178,313
Total current assets	1,571,448		1,567,710
Revenue earning equipment, net	10,561,011		9,415,961
Operating property and equipment, net	866,908		862,054
Sales-type leases and other assets			967,800
Total assets	14,522,054		13,347,808
Short-term debt and current portion of long-term debt	1,053,219		937,131
Accrued expenses and other current liabilities	819,876		847,739
Total current liabilities	2,641,149		2,516,746
Long-term debt	6,619,060		5,712,146
Other non-current liabilities	1,431,290		1,402,625
Deferred income taxes	1,222,849		1,179,723
Total liabilities	11,914,348		10,811,240
Retained earnings	2,385,620		2,337,252
Accumulated other comprehensive loss	(899,388)		(911,634)
Total shareholders' equity	2,607,706	$ 2,566,804	2,536,568	$ 2,460,859	$ 2,473,975	$ 2,453,577
Total liabilities and shareholders' equity	14,522,054		13,347,808
Sales-type leases and other assets	$ 992,846		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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net earnings	$ 75,215	$ 44,908	$ 120,531	$ 81,794
Earnings from continuing operations	75,452	46,169	121,342	83,482
Depreciation expense			768,030	675,505
Used vehicle sales, net	$ 18,140	5,559	26,357	12,990
Amortization expense and other non-cash charges, net			82,585	69,074
Deferred income tax expense			41,688	82,123
Collections on sales-type leases			63,047	43,170
Prepaid expenses and other assets			(6,175)	(61,464)
Accrued expenses and other non-current liabilities			(82,619)	(70,524)
Net cash provided by operating activities from continuing operations			1,045,059	864,825
Debt repaid			(902,814)	(451,673)
Net cash provided by financing activities from continuing operations			937,039	514,050
Collections on direct finance leases and other items				0
Net cash used in investing activities from continuing operations			$ (1,954,491)	(1,388,295)
Accounting Standards Update 2016-02 | As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net earnings		42,300		75,800
Earnings from continuing operations		43,500		77,500
Depreciation expense				681,300
Used vehicle sales, net		$ 6,000		13,400
Amortization expense and other non-cash charges, net				15,700
Deferred income tax expense				79,900
Collections on sales-type leases				0
Prepaid expenses and other assets				(15,200)
Accrued expenses and other non-current liabilities				(62,700)
Net cash provided by operating activities from continuing operations				820,300
Debt repaid				(446,700)
Net cash provided by financing activities from continuing operations				519,100
Collections on direct finance leases and other items				39,400
Net cash used in investing activities from continuing operations				(1,348,900)
Accounting Standards Update 2016-02 | New Lease Standard Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net earnings				6,000
Earnings from continuing operations				6,000
Depreciation expense				(5,800)
Used vehicle sales, net				(400)
Amortization expense and other non-cash charges, net				53,400
Deferred income tax expense				2,200
Collections on sales-type leases				43,200
Prepaid expenses and other assets				(46,300)
Accrued expenses and other non-current liabilities				(7,800)
Net cash provided by operating activities from continuing operations				44,500
Debt repaid				(5,000)
Net cash provided by financing activities from continuing operations				(5,000)
Collections on direct finance leases and other items				(39,400)
Net cash used in investing activities from continuing operations				$ (39,400)

REVENUE (Details)

REVENUE (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Contract assets	$ 0		$ 0		$ 0
Trade receivables	1,070,000,000		1,070,000,000		1,090,000,000
Amount of revenue recognized, previously included in deferred revenue	43,000,000		101,000,000
Increase in deferred revenue during the period	45,000,000		102,000,000
Contracted not recognized revenue	2,800,000,000		2,800,000,000
Capitalized sales commissions	106,000,000		106,000,000		107,000,000
Initial direct costs of leases			53,000,000		53,000,000
Amortization of capitalized sales commissions	11,000,000	$ 9,000,000	22,000,000	$ 17,000,000
ChoiceLease
Disaggregation of Revenue [Line Items]
Capitalized sales commissions	$ 92,000,000		$ 92,000,000		$ 93,000,000
Minimum
Disaggregation of Revenue [Line Items]
Term of contract	1 day		1 day
Minimum | ChoiceLease
Disaggregation of Revenue [Line Items]
Term of contract	3 years		3 years
Minimum | DTS And SCS
Disaggregation of Revenue [Line Items]
Term of contract	3 years		3 years
Maximum
Disaggregation of Revenue [Line Items]
Term of contract	1 year		1 year
Maximum | ChoiceLease
Disaggregation of Revenue [Line Items]
Term of contract	7 years		7 years
Maximum | DTS And SCS
Disaggregation of Revenue [Line Items]
Term of contract	5 years		5 years

REVENUE Disaggregation of Reven

REVENUE Disaggregation of Revenue - Geographical (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Disaggregation of Revenue [Line Items]
Total revenue	$ 2,244,993	$ 2,089,904	$ 4,425,320	$ 3,994,109
United States
Disaggregation of Revenue [Line Items]
Total revenue	1,988,488	1,835,136	3,915,282	3,493,719
Canada
Disaggregation of Revenue [Line Items]
Total revenue	124,473	117,839	242,794	230,934
Europe
Disaggregation of Revenue [Line Items]
Total revenue	75,889	80,493	154,531	163,289
Mexico
Disaggregation of Revenue [Line Items]
Total revenue	56,143	50,070	109,420	94,102
Singapore
Disaggregation of Revenue [Line Items]
Total revenue	0	6,366	3,293	12,065
FMS
Disaggregation of Revenue [Line Items]
Total revenue	1,233,438	1,154,758	2,428,473	2,265,286
DTS
Disaggregation of Revenue [Line Items]
Total revenue	362,244	330,622	711,865	629,592
SCS
Disaggregation of Revenue [Line Items]
Total revenue	649,311	604,524	1,284,982	1,099,231
Operating Segments | FMS
Disaggregation of Revenue [Line Items]
Total revenue	1,390,910	1,295,729	2,742,509	2,538,779
Operating Segments | FMS | United States
Disaggregation of Revenue [Line Items]
Total revenue	1,238,631	1,139,742	2,437,574	2,225,189
Operating Segments | FMS | Canada
Disaggregation of Revenue [Line Items]
Total revenue	76,390	75,494	150,404	150,301
Operating Segments | FMS | Europe
Disaggregation of Revenue [Line Items]
Total revenue	75,889	80,493	154,531	163,289
Operating Segments | FMS | Mexico
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Operating Segments | FMS | Singapore
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Operating Segments | DTS
Disaggregation of Revenue [Line Items]
Total revenue	362,244	330,622	711,865	629,592
Operating Segments | DTS | United States
Disaggregation of Revenue [Line Items]
Total revenue	362,244	330,622	711,865	629,592
Operating Segments | DTS | Canada
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Operating Segments | DTS | Europe
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Operating Segments | DTS | Mexico
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Operating Segments | DTS | Singapore
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Operating Segments | SCS
Disaggregation of Revenue [Line Items]
Total revenue	649,311	604,524	1,284,982	1,099,231
Operating Segments | SCS | United States
Disaggregation of Revenue [Line Items]
Total revenue	539,623	500,341	1,069,016	902,223
Operating Segments | SCS | Canada
Disaggregation of Revenue [Line Items]
Total revenue	53,545	47,747	103,253	90,841
Operating Segments | SCS | Europe
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Operating Segments | SCS | Mexico
Disaggregation of Revenue [Line Items]
Total revenue	56,143	50,070	109,420	94,102
Operating Segments | SCS | Singapore
Disaggregation of Revenue [Line Items]
Total revenue	0	6,366	3,293	12,065
Eliminations
Disaggregation of Revenue [Line Items]
Total revenue	(157,472)	(140,971)	(314,036)	(273,493)
Eliminations | United States
Disaggregation of Revenue [Line Items]
Total revenue	(152,010)	(135,569)	(303,173)	(263,285)
Eliminations | Canada
Disaggregation of Revenue [Line Items]
Total revenue	(5,462)	(5,402)	(10,863)	(10,208)
Eliminations | Europe
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Eliminations | Mexico
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Eliminations | Singapore
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Eliminations | FMS
Disaggregation of Revenue [Line Items]
Total revenue	157,472	140,971	314,036	273,493
Eliminations | DTS
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Eliminations | SCS
Disaggregation of Revenue [Line Items]
Total revenue	$ 0	$ 0	$ 0	$ 0

REVENUE Disaggregated Revenue -

REVENUE Disaggregated Revenue - Major Products/Service Lines (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Disaggregation of Revenue [Line Items]
Total revenue	$ 2,244,993	$ 2,089,904	$ 4,425,320	$ 3,994,109
ChoiceLease
Disaggregation of Revenue [Line Items]
Total revenue	694,765	638,447	1,375,152	1,268,972
SelectCare
Disaggregation of Revenue [Line Items]
Total revenue	124,549	115,425	248,077	227,954
Commercial rental
Disaggregation of Revenue [Line Items]
Total revenue	239,068	220,143	458,240	414,609
Fuel
Disaggregation of Revenue [Line Items]
Total revenue	152,060	158,990	300,780	310,060
Other
Disaggregation of Revenue [Line Items]
Total revenue	22,996	21,753	46,224	43,691
DTS
Disaggregation of Revenue [Line Items]
Total revenue	362,244	330,622	711,865	629,592
SCS
Disaggregation of Revenue [Line Items]
Total revenue	649,311	604,524	1,284,982	1,099,231
FMS
Disaggregation of Revenue [Line Items]
Total revenue	1,233,438	1,154,758	2,428,473	2,265,286
DTS
Disaggregation of Revenue [Line Items]
Total revenue	362,244	330,622	711,865	629,592
SCS
Disaggregation of Revenue [Line Items]
Total revenue	649,311	604,524	1,284,982	1,099,231
Operating Segments | FMS
Disaggregation of Revenue [Line Items]
Total revenue	1,390,910	1,295,729	2,742,509	2,538,779
Operating Segments | FMS | ChoiceLease
Disaggregation of Revenue [Line Items]
Total revenue	765,312	701,055	1,513,890	1,391,957
Operating Segments | FMS | SelectCare
Disaggregation of Revenue [Line Items]
Total revenue	136,360	125,266	272,139	247,139
Operating Segments | FMS | Commercial rental
Disaggregation of Revenue [Line Items]
Total revenue	253,871	232,425	490,019	436,955
Operating Segments | FMS | Fuel
Disaggregation of Revenue [Line Items]
Total revenue	212,371	215,230	420,237	419,037
Operating Segments | FMS | Other
Disaggregation of Revenue [Line Items]
Total revenue	22,996	21,753	46,224	43,691
Operating Segments | FMS | DTS
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Operating Segments | FMS | SCS
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Operating Segments | DTS
Disaggregation of Revenue [Line Items]
Total revenue	362,244	330,622	711,865	629,592
Operating Segments | DTS | ChoiceLease
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Operating Segments | DTS | SelectCare
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Operating Segments | DTS | Commercial rental
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Operating Segments | DTS | Fuel
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Operating Segments | DTS | Other
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Operating Segments | DTS | DTS
Disaggregation of Revenue [Line Items]
Total revenue	362,244	330,622	711,865	629,592
Operating Segments | DTS | SCS
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Operating Segments | SCS
Disaggregation of Revenue [Line Items]
Total revenue	649,311	604,524	1,284,982	1,099,231
Operating Segments | SCS | ChoiceLease
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Operating Segments | SCS | SelectCare
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Operating Segments | SCS | Commercial rental
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Operating Segments | SCS | Fuel
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Operating Segments | SCS | Other
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Operating Segments | SCS | DTS
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Operating Segments | SCS | SCS
Disaggregation of Revenue [Line Items]
Total revenue	649,311	604,524	1,284,982	1,099,231
Eliminations
Disaggregation of Revenue [Line Items]
Total revenue	(157,472)	(140,971)	(314,036)	(273,493)
Eliminations | ChoiceLease
Disaggregation of Revenue [Line Items]
Total revenue	(70,547)	(62,608)	(138,738)	(122,985)
Eliminations | SelectCare
Disaggregation of Revenue [Line Items]
Total revenue	(11,811)	(9,841)	(24,062)	(19,185)
Eliminations | Commercial rental
Disaggregation of Revenue [Line Items]
Total revenue	(14,803)	(12,282)	(31,779)	(22,346)
Eliminations | Fuel
Disaggregation of Revenue [Line Items]
Total revenue	(60,311)	(56,240)	(119,457)	(108,977)
Eliminations | Other
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Eliminations | DTS
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Eliminations | SCS
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Eliminations | FMS
Disaggregation of Revenue [Line Items]
Total revenue	157,472	140,971	314,036	273,493
Eliminations | DTS
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Eliminations | SCS
Disaggregation of Revenue [Line Items]
Total revenue	$ 0	$ 0	$ 0	$ 0

REVENUE Disaggregation of Rev_2

REVENUE Disaggregation of Revenue - Industry (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Disaggregation of Revenue [Line Items]
Total revenue	$ 2,244,993	$ 2,089,904	$ 4,425,320	$ 3,994,109
SCS
Disaggregation of Revenue [Line Items]
Total revenue	649,311	604,524	1,284,982	1,099,231
Automotive | SCS
Disaggregation of Revenue [Line Items]
Total revenue	261,288	231,886	514,967	439,678
Technology and healthcare | SCS
Disaggregation of Revenue [Line Items]
Total revenue	110,054	114,388	223,723	217,485
CPG and retail | SCS
Disaggregation of Revenue [Line Items]
Total revenue	225,582	197,694	442,679	333,052
Industrial and other | SCS
Disaggregation of Revenue [Line Items]
Total revenue	$ 52,387	$ 60,556	$ 103,613	$ 109,016

REVENUE EARNING EQUIPMENT, NE_2

REVENUE EARNING EQUIPMENT, NET Schedule of Revenue Earning Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Revenue Earning Equipment [Line Items]
Cost	$ 15,883,545	$ 14,444,990
Accumulated Depreciation	(5,322,534)	(5,029,029)
Net Book Value	10,561,011	9,415,961
ChoiceLease
Revenue Earning Equipment [Line Items]
Cost	11,791,913	10,824,989
Accumulated Depreciation	(3,833,796)	(3,645,655)
Net Book Value	7,958,117	7,179,334
Commercial rental
Revenue Earning Equipment [Line Items]
Cost	3,475,933	3,152,908
Accumulated Depreciation	(1,041,299)	(1,047,346)
Net Book Value	2,434,634	2,105,562
Held for sale
Revenue Earning Equipment [Line Items]
Cost	615,699	467,093
Accumulated Depreciation	(447,439)	(336,028)
Net Book Value	168,260	131,065
Assets held under capital leases
Revenue Earning Equipment [Line Items]
Cost	13,000	23,000
Accumulated Depreciation	$ (7,000)	$ (13,000)

REVENUE EARNING EQUIPMENT, NE_3

REVENUE EARNING EQUIPMENT, NET Level 3 Fair Value Measurement (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Revenue Earning Equipment [Line Items]
Total losses	$ 24,278	$ 14,001	$ 40,972	$ 27,572
Net book value of assets held for sale	70,000		70,000		$ 50,000
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring
Revenue Earning Equipment [Line Items]
Assets held for sale	98,370		98,370		81,229
Total losses	24,278	14,001	40,972	27,572
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | Trucks
Revenue Earning Equipment [Line Items]
Assets held for sale	44,059		44,059		44,325
Total losses	8,740	10,295	20,287	18,896
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | Tractors
Revenue Earning Equipment [Line Items]
Assets held for sale	52,620		52,620		35,397
Total losses	14,053	2,101	19,021	5,478
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | Trailers
Revenue Earning Equipment [Line Items]
Assets held for sale	1,691		1,691		$ 1,507
Total losses	$ 1,485	$ 1,605	$ 1,664	$ 3,198

REVENUE EARNING EQUIPMENT, NE_4

REVENUE EARNING EQUIPMENT, NET Recognized Gains on Used Vehicles (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenue Earning Equipment [Abstract]
Gains on vehicle sales, net	$ (6,138)	$ (8,442)	$ (14,615)	$ (14,582)
Losses from fair value adjustments	24,278	14,001	40,972	27,572
Used vehicle sales, net	$ 18,140	$ 5,559	$ 26,357	$ 12,990

ACCRUED EXPENSES AND OTHER LI_3

ACCRUED EXPENSES AND OTHER LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Accrued Expenses
Salaries and wages	$ 113,119	$ 149,629
Deferred compensation	5,978	4,524
Pension benefits	3,772	3,754
Other postretirement benefits	1,395	1,387
Other employee benefits	12,683	28,370
Insurance obligations	151,643	139,314
Operating taxes	105,400	100,399
Income taxes	2,043	3,491
Interest	45,957	39,522
Deposits, mainly from customers	81,149	80,401
Operating lease liabilities	71,687	73,422
Deferred revenue	166,067	160,902
Restructuring liabilities	3,316	7,595
Other	55,667	55,029
Total	819,876	847,739
Non-Current Liabilities
Salaries and wages	0	0
Deferred compensation	60,372	55,279
Pension benefits	462,699	456,979
Other postretirement benefits	18,504	18,097
Other employee benefits	0	0
Insurance obligations	266,134	247,552
Operating taxes	0	0
Income taxes	20,747	18,477
Interest	0	0
Deposits, mainly from customers	3,319	3,390
Operating lease liabilities	137,647	137,384
Deferred revenue	418,084	421,176
Restructuring liabilities	0	0
Other	43,784	44,291
Total	1,431,290	1,402,625
Total
Salaries and wages	113,119	149,629
Deferred compensation	66,350	59,803
Pension benefits	466,471	460,733
Other postretirement benefits	19,899	19,484
Other employee benefits	12,683	28,370
Insurance obligations	417,777	386,866
Operating taxes	105,400	100,399
Income taxes	22,790	21,968
Interest	45,957	39,522
Deposits, mainly from customers	84,468	83,791
Operating lease liabilities	209,334	210,806
Deferred revenue	584,151	582,078
Restructuring liabilities	3,316	7,595
Other	99,451	99,320
Total	$ 2,251,166	$ 2,250,364

LEASES (Details)

LEASES (Details) $ in Millions	Jun. 30, 2019USD ($)
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
Facility Leases
Lessee, Lease, Description [Line Items]
Operating leases, not yet commenced	$ 7
Equipment Leases
Lessee, Lease, Description [Line Items]
Operating leases, not yet commenced	$ 3

LEASES - Lease Income (Details)

LEASES - Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Operating leases
Lease income related to lease payments	$ 374,550	$ 335,330	$ 734,859	$ 669,697
Lease income related to commercial rental	239,068	220,143	458,240	414,609
Sales type leases
Interest income related to net investment in leases	10,432	9,723	21,888	19,520
Variable lease income excluding commercial rental	$ 58,409	$ 56,406	$ 113,848	$ 108,633
Minimum
Sales type leases
Variable lease income as a percent of commercial rental income			15.00%
Maximum
Sales type leases
Variable lease income as a percent of commercial rental income			25.00%

LEASES - Components of Net Inve

LEASES - Components of Net Investment in Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Leases [Abstract]
Net investment in the lease — lease payment receivable	$ 526,002	$ 505,057
Net investment in the lease — unguaranteed residual value in assets	48,617	46,209
Net investment in lease	$ 574,619	$ 551,266

LEASES - Maturity of Sales-Type

LEASES - Maturity of Sales-Type Lease Receivables, Lessor (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Leases [Abstract]
2019 (remaining six months ending December 31, 2019)	$ 71,381	$ 133,557
2020	151,558	136,924
2021	128,020	114,983
2022	100,502	85,146
2023	67,684	52,161
Thereafter	109,911	78,935
Total undiscounted cash flows	629,056	601,706
Present value of lease payments (recognized as lease receivables)	(526,002)	(505,057)
Difference between undiscounted cash flows and discounted cash flows	$ 103,054	$ 96,649

LEASES - Maturity of Operating

LEASES - Maturity of Operating Lease Payments, Lessor (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Leases [Abstract]
2019 (remaining six months ending December 31, 2019)	$ 664,943	$ 1,159,851
2020	1,119,707	892,721
2021	861,960	646,008
2022	593,681	421,050
2023	387,060	249,255
Thereafter	389,575	203,632
Total undiscounted cash flows	$ 4,016,926	$ 3,572,517

LEASES - Lease Cost (Details)

LEASES - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Finance lease cost
Amortization of right-of-use assets	$ 3,312	$ 3,432	$ 6,522	$ 6,982
Interest on lease liabilities	635	600	1,278	1,197
Operating lease cost	23,638	21,756	46,856	41,443
Short-term lease & reporting exceptions cost	2,965	831	4,089	1,813
Variable lease cost	2,584	2,092	5,600	4,445
Sublease income	(5,686)	(6,196)	(11,510)	(12,560)
Total lease cost	$ 27,448	$ 22,515	$ 52,835	$ 43,320

LEASES - Supplemental Cash Flow

LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash paid for amounts included in measurement of liabilities
Operating cash flows from finance leases	$ 1,278	$ 1,197
Operating cash flows from operating leases	46,438	40,885
Financing cash flows from finance leases	10,648	8,415
Right-of-use assets obtained in exchange for lease obligations:
Finance leases	6,633	9,906
Operating leases	$ 40,911	$ 52,714

LEASES - Supplemental Balance S

LEASES - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Assets
Operating lease right-of-use assets	$ 201,717	$ 203,834
Finance lease assets	37,060	41,647
Total leased assets	238,777	245,481
Current
Operating	71,687	73,422
Finance	11,070	14,543
Noncurrent
Operating	137,647	137,384
Finance	33,283	32,909
Total lease liabilities	$ 253,687	$ 258,258

LEASES - Lease Term and Discoun

LEASES - Lease Term and Discount Rate (Details)	Jun. 30, 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	3.80%	3.70%
Weighted-average discount rate, finance	8.00%	8.00%

LEASES - Maturity of Lease Liab

LEASES - Maturity of Lease Liabilities, Lessee (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Operating Leases
2019 (remaining six months ending December 31, 2019)	$ 42,116
2020	65,810
2021	46,334
2022	33,184
2023	16,897
Thereafter	21,354
Total lease payments	225,695
Less: Imputed Interest	(16,361)
Present value of lease liabilities	209,334	$ 210,806
Finance Leases
2019	7,239
2020	11,465
2021	9,720
2022	7,007
2023	4,601
Thereafter	13,703
Total lease payments	53,735
Less: Imputed Interest	(9,382)
Present value of lease liabilities	44,353
Total
2019 (remaining six months ending December 31, 2019)	49,355
2020	77,275
2021	56,054
2022	40,191
2023	21,498
Thereafter	35,057
Total lease payments	279,430
Less: Imputed Interest	(25,743)
Present value of lease liabilities	$ 253,687	$ 258,258

DEBT - Schedule of Debt (Detail

DEBT - Schedule of Debt (Details) - USD ($)	Jun. 30, 2019	May 31, 2019	Dec. 31, 2018
Short-term debt and current portion of long-term debt:
Short-term debt, weighted-average interest rate	1.60%		2.69%
Short-term debt	$ 238,370,000		$ 81,522,000
Current portion of long-term debt, including finance leases	814,849,000		855,609,000
Total short-term debt and current portion of long-term debt	1,053,219,000		937,131,000
Long-term debt:
Commercial paper	861,000,000		578,000,000
Total long-term debt	7,456,364,000		6,585,843,000
Debt issuance costs	(22,455,000)		(18,088,000)
Total after fair market value adjustment	7,433,909,000		6,567,755,000
Current portion of long-term debt, including finance leases	(814,849,000)		(855,609,000)
Long-term debt	6,619,060,000		5,712,146,000
Total debt	7,672,279,000		6,649,277,000
Unamortized original issue discounts	7,000,000		7,000,000
Fair market value adjustment on notes subject to hedging	1,000,000		10,000,000
Aggregate notional amount of interest rate swaps	$ 625,000,000		$ 725,000,000
U.S. commercial paper
Long-term debt:
Long-term debt, weighted-average interest rate	2.69%		2.78%
Commercial paper	$ 754,864,000		$ 454,397,000
Canadian commercial paper
Long-term debt:
Long-term debt, weighted-average interest rate	2.00%		2.28%
Commercial paper	$ 106,583,000		$ 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	2.71%		2.25%
Global revolving credit facility	$ 6,089,000		$ 12,581,000
Unsecured U.S. notes — Medium-term notes
Long-term debt:
Long-term debt, weighted-average interest rate	3.28%		3.22%
Unsecured U.S. notes - Medium-term notes	$ 5,413,106,000		$ 4,853,496,000
Unsecured U.S. obligations
Long-term debt:
Long-term debt, weighted-average interest rate	3.40%		3.50%
Unsecured U.S. obligations	$ 200,000,000		$ 50,000,000
Unsecured foreign obligations
Long-term debt:
Long-term debt, weighted-average interest rate	2.98%		1.61%
Obligations	$ 65,276,000		$ 216,719,000
Asset-backed U.S. obligations
Long-term debt:
Long-term debt, weighted-average interest rate	2.49%		2.37%
Obligations	$ 866,093,000	$ 298,000,000	$ 627,707,000
Finance lease obligations
Long-term debt:
Long-term debt, weighted-average interest rate	7.96%		7.97%
Finance lease obligations	$ 44,353,000		$ 47,452,000

DEBT (Details)

DEBT (Details)	1 Months Ended	3 Months Ended	6 Months Ended
	May 31, 2019USD ($)	Mar. 31, 2019USD ($)loan	Jun. 30, 2019USD ($)instution	Feb. 28, 2019USD ($)	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			209.00%
Line of credit remaining capacity			$ 501,000,000
Commercial paper classified as long term debt			861,000,000		$ 578,000,000
Short-term debt classified as long-term					50,000,000
Number of loans executed | loan		2
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			6,890,000,000		5,970,000,000
Global revolving credit facility
Debt Instrument [Line Items]
Current maturities classified as long-term debt			400,000,000
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
Unsecured medium term notes due March 2024
Debt Instrument [Line Items]
Face amount of unsecured medium-term notes issued				$ 600,000,000
Unsecured medium term notes due June 2022
Debt Instrument [Line Items]
Face amount of unsecured medium-term notes issued	$ 550,000,000
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
Bank term loans due April 2024
Debt Instrument [Line Items]
Face amount of unsecured medium-term notes issued			50,000,000
Asset-backed U.S. obligations
Debt Instrument [Line Items]
Proceeds from financing transactions	$ 298,000,000		866,093,000		$ 627,707,000
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 ($)	Jun. 30, 2019	Dec. 31, 2018
Derivative [Line Items]
Aggregate notional amount of interest rate swaps	$ 625,000,000	$ 725,000,000
Interest Rate Swap | Fair Value Hedging
Derivative [Line Items]
Aggregate notional amount of interest rate swaps	625,000,000
Face value of medium-term notes		$ 10,000,000
Interest Rate Swap | Cash Flow Hedging
Derivative [Line Items]
Aggregate notional amount of interest rate swaps	215,000,000
Face value of medium-term notes	7,000,000
Cross Currency Interest Rate Contract | Cash Flow Hedging
Derivative [Line Items]
Aggregate notional amount of interest rate swaps	$ 50,000,000

SHARE REPURCHASE PROGRAMS (Deta

SHARE REPURCHASE PROGRAMS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2017
Accelerated Share Repurchases [Line Items]
Common stock repurchases	$ 7,064	$ 4,299	$ 21,220	$ 17,221
December 2017 Program
Accelerated Share Repurchases [Line Items]
Common stock repurchases			$ 21,000	$ 17,000
Common Stock
Accelerated Share Repurchases [Line Items]
Repurchased and retired shares (in shares)	119,270	63,091	345,114	234,395
Common stock repurchases	$ 60	$ 31	$ 173	$ 117
Common Stock | December 2017 Program
Accelerated Share Repurchases [Line Items]
Repurchased and retired shares (in shares)			345,000	234,000
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		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018	Jan. 01, 2018
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance		$ 2,536,568	$ 2,453,577
Amortization		11,450	10,756
Other current period change		796	(29,136)
Adoption of new accounting standard				$ (100,567)
Ending balance		2,607,706	2,460,859
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		7,999	(28,233)
Adoption of new accounting standard				0
Ending balance		(191,714)	(172,006)
Net Actuarial Loss
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance		(700,384)	(560,153)
Amortization		11,173	10,587
Other current period change		(7,203)	(903)
Adoption of new accounting standard				(98,987)
Ending balance		(696,414)	(649,456)
Prior Service (Cost)/ Credit
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance		(11,537)	(6,910)
Amortization		277	169
Other current period change		0	0
Adoption of new accounting standard				(1,580)
Ending balance		(11,260)	(8,321)
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		$ (899,388)	$ (829,783)
[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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Earnings per share — Basic:
Earnings from continuing operations	$ 75,452	$ 46,169	$ 121,342	$ 83,482
Less: Distributed and undistributed earnings allocated to unvested stock	(286)	(168)	(464)	(299)
Earnings from continuing operations available to common shareholders — Basic	$ 75,166	$ 46,001	$ 120,878	$ 83,183
Weighted average common shares outstanding - Basic (in shares)	52,337	52,370	52,377	52,388
Earnings from continuing operations per common share - Basic (in dollars per share)	$ 1.44	$ 0.88	$ 2.31	$ 1.59
Earnings per share — Diluted:
Earnings from continuing operations	$ 75,452	$ 46,169	$ 121,342	$ 83,482
Less: Distributed and undistributed earnings allocated to unvested stock	(286)	(168)	(464)	(299)
Earnings from continuing operations available to common shareholders — Diluted	$ 75,166	$ 46,001	$ 120,878	$ 83,183
Weighted average common shares outstanding - Basic (in shares)	52,337	52,370	52,377	52,388
Effect of dilutive equity awards (in shares)	212	254	218	337
Weighted average common shares outstanding — Diluted (in shares)	52,549	52,624	52,595	52,725
Earnings from continuing operations per common share - Diluted (in dollars per share)	$ 1.43	$ 0.87	$ 2.30	$ 1.58
Anti-dilutive equity awards not included above (in shares)	1,724	1,447	1,703	1,247

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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 7,523	$ 6,310	$ 14,922	$ 11,652
Income tax benefit	(1,374)	(1,068)	(2,534)	(2,229)
Share-based compensation expense, net of tax	6,149	5,242	12,388	9,423
Stock option and stock purchase plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	1,656	1,895	3,475	3,771
Unvested stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 5,867	$ 4,415	$ 11,447	$ 7,881

SHARE-BASED COMPENSATION PLAN_3

SHARE-BASED COMPENSATION PLANS (Details) $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Compensation cost not yet recognized	$ 50
Compensation cost not yet recognized, period for recognition	2 years

SHARE-BASED COMPENSATION PLAN_4

SHARE-BASED COMPENSATION PLANS - Summary of Awards Granted in Period (Details) - shares shares in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total (in shares)	856	714
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted in period (in shares)	220	347
Performance-based restricted stock rights
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period, other than options (in shares)	228	200
Time-vested restricted stock rights
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period, other than options (in shares)	408	167

EMPLOYEE BENEFIT PLANS (Details

EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Company-administered plans:
Contribution to pension plans			$ 16,000
Expected plan contributions	$ 34,000		34,000
Pension Benefits
Company-administered plans:
Net pension expense	11,909	$ 6,710	23,980	$ 13,692
Company Administered Plan | Pension Benefits
Company-administered plans:
Service cost	2,783	3,095	5,815	6,296
Interest cost	21,395	19,098	42,864	38,850
Expected return on plan assets	(22,589)	(25,065)	(45,265)	(50,899)
Net actuarial loss	7,432	6,914	15,042	14,286
Prior service cost	187	144	366	289
Net pension expense	9,208	4,186	18,822	8,822
Union Administered Plan | Pension Benefits
Company-administered plans:
Net pension expense	2,701	2,524	5,158	4,870
U.S. | Company Administered Plan | Pension Benefits
Company-administered plans:
Net pension expense	10,659	6,665	22,132	14,022
Non-U.S. | Company Administered Plan | Pension Benefits
Company-administered plans:
Net pension expense	$ (1,451)	$ (2,479)	$ (3,310)	$ (5,200)

OTHER ITEMS IMPACTING COMPARA_3

OTHER ITEMS IMPACTING COMPARABILITY (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Other Income and Expenses [Abstract]
Restructuring and other, net	$ 5,935	$ 2,774	$ 8,523	$ 2,382
ERP implementation	3,901	0	7,491	0
Goodwill impairment charge	0	0	0	15,513
Restructuring and other items, net	9,836	2,774	16,014	17,895
Gain on sale of property	(18,614)	0	(18,614)	0
Total	$ (8,778)	$ 2,774	$ (2,600)	$ 17,895

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Supplemental Cash Flow Elements [Abstract]
Interest paid	$ 104,829	$ 72,051
Income taxes paid	10,782	15,109
Changes in accounts payable related to purchases of revenue earning equipment	37,744	75,312
Operating and revenue earning equipment acquired under finance leases	$ 6,633	$ 9,906

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Segment Reporting Information [Line Items]
Total revenue	$ 2,244,993	$ 2,089,904	$ 4,425,320	$ 3,994,109
Segment EBT	111,486	116,584	204,824	196,218
Unallocated CSS	(10,482)	(11,058)	(23,029)	(21,650)
Non-operating pension costs	(6,713)	(858)	(13,175)	(2,080)
Restructuring and other items, net	(9,836)	(2,774)	(16,014)	(17,895)
Gain on sale of property	18,614	0	18,614	0
Earnings from continuing operations before income taxes	103,069	101,894	171,220	154,593
Segment capital expenditures paid	1,174,344	752,411	2,193,572	1,410,322
Unallocated CSS capital expenditures paid	9,706	6,146	17,189	10,979
Capital expenditures paid	1,184,050	758,557	2,210,761	1,421,301
FMS
Segment Reporting Information [Line Items]
Total revenue	1,233,438	1,154,758	2,428,473	2,265,286
DTS
Segment Reporting Information [Line Items]
Total revenue	362,244	330,622	711,865	629,592
SCS
Segment Reporting Information [Line Items]
Total revenue	649,311	604,524	1,284,982	1,099,231
Eliminations
Segment Reporting Information [Line Items]
Total revenue	(157,472)	(140,971)	(314,036)	(273,493)
Segment EBT	(19,166)	(15,309)	(36,468)	(28,581)
Segment capital expenditures paid	0	0	0	0
Eliminations | FMS
Segment Reporting Information [Line Items]
Total revenue	157,472	140,971	314,036	273,493
Eliminations | DTS
Segment Reporting Information [Line Items]
Total revenue	0	0	0	0
Eliminations | SCS
Segment Reporting Information [Line Items]
Total revenue	0	0	0	0
Operating Segments | FMS
Segment Reporting Information [Line Items]
Total revenue	1,390,910	1,295,729	2,742,509	2,538,779
Segment EBT	57,746	76,556	118,657	130,899
Segment capital expenditures paid	1,161,089	735,695	2,167,218	1,381,064
Operating Segments | DTS
Segment Reporting Information [Line Items]
Total revenue	362,244	330,622	711,865	629,592
Segment EBT	27,132	18,452	44,544	31,504
Segment capital expenditures paid	517	393	860	642
Operating Segments | SCS
Segment Reporting Information [Line Items]
Total revenue	649,311	604,524	1,284,982	1,099,231
Segment EBT	45,774	36,885	78,091	62,396
Segment capital expenditures paid	$ 12,738	$ 16,323	$ 25,494	$ 28,616

Uncategorized Items - ryder2ndq

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.