Ryder System (R) 10-Q 30 Oct 19 2019 Q3 Quarterly report Financial data

Cover Page

Cover Page	9 Months Ended
	Sep. 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	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding (in shares)	53,292,045
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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Lease & related maintenance and rental revenues	$ 959,189	$ 896,788	$ 2,792,581	$ 2,580,369
Total revenues	2,223,932	2,159,682	6,649,252	6,153,791
Other operating expenses	28,924	30,020	92,213	93,682
Selling, general and administrative expenses	216,037	215,599	673,778	636,039
Non-operating pension costs	6,885	1,161	20,060	3,241
Used vehicle sales, net	22,734	3,203	49,091	16,193
Interest expense	62,475	47,846	178,570	128,757
Miscellaneous (income) loss, net	676	(4,483)	(29,457)	(10,633)
Restructuring and other items, net	11,360	(546)	27,374	17,349
Total expenses		2,040,819	6,569,292	5,880,335
Earnings (loss) from continuing operations before income taxes	(91,260)	118,863	79,960	273,456
Provision for income taxes	278	27,261	50,156	98,372
Earnings (loss) from continuing operations	(91,538)	91,602	29,804	175,084
Earnings (loss) from discontinued operations, net of tax	83	(760)	(728)	(2,448)
Net earnings (loss)	$ (91,455)	$ 90,842	$ 29,076	$ 172,636
Earnings (loss) per common share — Basic:
Continuing operations (in dollars per share)	$ (1.75)	$ 1.74	$ 0.56	$ 3.33
Discontinued operations (in dollars per share)	0	(0.01)	(0.02)	(0.05)
Net earnings (loss) (in dollars per share)	(1.75)	1.73	0.55	3.28
Earnings (loss) per common share — Diluted:
Continuing operations (in dollars per share)	(1.75)	1.73	0.56	3.31
Discontinued operations (in dollars per share)	0	(0.01)	(0.02)	(0.05)
Net earnings (loss) (in dollars per share)	$ (1.75)	$ 1.72	$ 0.55	$ 3.26
Service
Total revenues	$ 1,120,900	$ 1,106,107	$ 3,412,048	$ 3,106,575
Cost of services sold	948,087	947,925	2,896,182	2,644,775
Fuel Services
Total revenues	143,843	156,787	444,623	466,847
Cost of services sold	140,247	153,420	431,885	455,874
Lease, Related Maintenance and Rental
Cost of services sold	$ 877,767	$ 646,674	$ 2,229,596	$ 1,895,058

Consolidated Condensed Statem_2

Consolidated Condensed Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Net earnings (loss)	$ (91,455)	$ 90,842	$ 29,076	$ 172,636
Other comprehensive income (loss):
Changes in currency translation adjustment and other	(21,812)	6,367	(13,813)	(21,866)
Amortization of pension and postretirement items	7,735	7,163	22,580	20,793
Income tax expense related to amortization of pension and postretirement items	(1,689)	(1,897)	(5,084)	(4,771)
Amortization of pension and postretirement items, net of tax	6,046	5,266	17,496	16,022
Change in net actuarial loss and prior service cost	0	0	(9,440)	(1,211)
Income tax benefit related to change in net actuarial loss and prior service cost	0	0	2,237	308
Change in net actuarial loss and prior service cost, net of taxes	0	0	(7,203)	(903)
Other comprehensive income (loss), net of taxes	(15,766)	11,633	(3,520)	(6,747)
Comprehensive income	$ (107,221)	$ 102,475	$ 25,556	$ 165,889

Consolidated Condensed Balance

Consolidated Condensed Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 75,867	$ 68,111
Receivables, net of allowance of $19,843 and $17,182, respectively	1,274,492	1,242,058
Inventories	83,226	79,228
Prepaid expenses and other current assets	138,553	178,313
Total current assets	1,572,138	1,567,710
Revenue earning equipment, net	10,428,451	9,415,961
Operating property and equipment, net of accumulated depreciation of $1,236,227 and $1,256,037, respectively	891,689	862,054
Goodwill	474,814	475,206
Intangible assets, net of accumulated amortization of $71,298 and $65,048, respectively	52,742	59,075
Sales-type leases and other assets	1,063,010	967,802
Total assets	14,482,844	13,347,808
Current liabilities:
Short-term debt and current portion of long-term debt	940,691	937,131
Accounts payable	742,868	731,876
Accrued expenses and other current liabilities	849,293	847,739
Total current liabilities	2,532,852	2,516,746
Long-term debt	6,805,886	5,712,146
Other non-current liabilities	1,451,415	1,402,625
Deferred income taxes	1,215,704	1,179,723
Total liabilities	12,005,857	10,811,240
Shareholders’ equity:
Preferred stock, no par value per share — authorized, 3,800,917; none outstanding, September 30, 2019 and December 31, 2018	0	0
Common stock, $0.50 par value per share — authorized, 400,000,000; outstanding, September 30, 2019 — 53,292,045 and December 31, 2018 — 53,116,485	26,665	26,559
Additional paid-in capital	1,103,120	1,084,391
Retained earnings	2,262,356	2,337,252
Accumulated other comprehensive loss	(915,154)	(911,634)
Total shareholders’ equity	2,476,987	2,536,568
Total liabilities and shareholders’ equity	$ 14,482,844	$ 13,347,808

Consolidated Condensed Balanc_2

Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Allowance for doubtful accounts receivable	$ 19,843	$ 17,182
Accumulated depreciation	1,236,227	1,256,037
Accumulated amortization	$ 71,298	$ 65,048
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)	53,292,045	53,116,485

Consolidated Condensed Statem_3

Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities from continuing operations:
Net earnings	$ 29,076	$ 172,636
Less: Loss from discontinued operations, net of tax	(728)	(2,448)
Earnings from continuing operations	29,804	175,084
Depreciation expense	1,342,746	1,021,984
Goodwill impairment charge	0	15,513
Used vehicle sales, net	49,091	16,193
Amortization expense and other non-cash charges, net	125,289	104,871
Non-operating pension costs and share-based compensation expense	41,737	22,072
Deferred income tax expense	32,157	105,893
Collections on sales-type leases	89,995	63,335
Changes in operating assets and liabilities:
Receivables	(17,784)	(126,848)
Inventories	(3,869)	(4,389)
Prepaid expenses and other assets	(19,439)	(104,473)
Accounts payable	(30,241)	3,754
Accrued expenses and other non-current liabilities	(50,300)	(17,429)
Net cash provided by operating activities from continuing operations	1,589,186	1,275,560
Cash flows from financing activities from continuing operations:
Net borrowings (repayments) of commercial paper and revolving credit facilities	182,708	(113,666)
Debt proceeds	2,238,622	1,467,528
Debt repaid	(1,334,044)	(471,700)
Dividends on common stock	(87,039)	(83,506)
Common stock issued	5,554	13,023
Common stock repurchased	(24,426)	(27,680)
Debt issuance costs and other items	(4,815)	(4,763)
Net cash provided by financing activities from continuing operations	976,560	779,236
Cash flows from investing activities from continuing operations:
Purchases of property and revenue earning equipment	(2,957,232)	(2,200,006)
Sales of revenue earning equipment	353,743	279,751
Sales of operating property and equipment	49,726	11,869
Acquisitions, net of cash acquired	0	(167,372)
Net cash used in investing activities from continuing operations	(2,553,763)	(2,075,758)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(3,254)	1,464
Increase (decrease) in cash, cash equivalents, and restricted cash from continuing operations	8,729	(19,498)
Decrease in cash, cash equivalents, and restricted cash from discontinued operations	(973)	(272)
Increase (decrease) in cash, cash equivalents, and restricted cash	7,756	(19,770)
Cash, cash equivalents, and restricted cash at January 1	68,111	83,022
Cash, cash equivalents, and restricted cash at September 30	$ 75,867	$ 63,252

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		165,889						172,636	(6,747)
Common stock dividends declared and paid		(83,889)						(83,889)
Common stock issued under employee stock option and stock purchase plans	[1]	12,970		$ 250		12,720
Common stock issued under employee stock option and stock purchase plans (in shares)	[1]			501,183
Benefit plan stock sales (purchases), net	[2]	52				52
Benefit plan stock sales (purchases), net (in shares)	[2]			505
Common stock repurchases		(27,680)		$ (184)		(7,209)		(20,287)
Common stock repurchases (in shares)				(368,889)
Share-based compensation		18,831				18,831
Ending balance at Sep. 30, 2018		2,539,750	0	$ 26,544		1,075,411		2,255,945	(818,150)
Ending balance, shares at Sep. 30, 2018				53,088,113
Beginning balance at Jun. 30, 2018		2,460,859	0	$ 26,547		1,062,561		2,201,534	(829,783)
Beginning balance, shares at Jun. 30, 2018				53,094,736
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income		102,475						90,842	11,633
Common stock dividends declared and paid		(28,663)						(28,663)
Common stock issued under employee stock option and stock purchase plans		8,362		$ 64	[1]	8,298	[1]
Common stock issued under employee stock option and stock purchase plans (in shares)	[1]			127,911
Benefit plan stock sales (purchases), net		(3)		$ 0	[2]	(3)	[2]
Benefit plan stock sales (purchases), net (in shares)	[2]			(40)
Common stock repurchases		(10,459)		$ (67)		(2,624)		(7,768)
Common stock repurchases (in shares)				(134,494)
Share-based compensation		7,179				7,179
Ending balance at Sep. 30, 2018		2,539,750	0	$ 26,544		1,075,411		2,255,945	(818,150)
Ending balance, shares at Sep. 30, 2018				53,088,113
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		$ 25,556						29,076	(3,520)
Common stock dividends declared and paid		(87,942)						(87,942)
Common stock issued under employee stock option and stock purchase plans	[1]	5,556		$ 310		5,246
Common stock issued under employee stock option and stock purchase plans (in shares)	[1]			583,329
Benefit plan stock sales (purchases), net	[2]	(2)				(2)
Benefit plan stock sales (purchases), net (in shares)	[2]			40
Common stock repurchases		(24,426)		$ (204)		(8,192)		(16,030)
Common stock repurchases (in shares)				(407,809)
Share-based compensation		21,677				21,677
Ending balance at Sep. 30, 2019		$ 2,476,987	0	$ 26,665		1,103,120		2,262,356	(915,154)
Ending balance, shares at Sep. 30, 2019		53,292,045		53,292,045
Beginning balance at Jun. 30, 2019		$ 2,607,706	0	$ 26,667		1,094,807		2,385,620	(899,388)
Beginning balance, shares at Jun. 30, 2019				53,334,512
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income		(107,221)						(91,455)	(15,766)
Common stock dividends declared and paid		(29,886)						(29,886)
Common stock issued under employee stock option and stock purchase plans	[1]	2,840		$ 29		2,811
Common stock issued under employee stock option and stock purchase plans (in shares)	[1]			20,238
Benefit plan stock sales (purchases), net	[2]	(1)				(1)
Benefit plan stock sales (purchases), net (in shares)	[2]			(10)
Common stock repurchases		(3,206)		$ (31)		(1,252)		(1,923)
Common stock repurchases (in shares)				(62,695)
Share-based compensation		6,755				6,755
Ending balance at Sep. 30, 2019		$ 2,476,987	$ 0	$ 26,665		$ 1,103,120		$ 2,262,356	$ (915,154)
Ending balance, shares at Sep. 30, 2019		53,292,045		53,292,045
[1]	Net of common shares delivered as payment for the exercise price or to satisfy the holders’ withholding tax liability upon exercise of options.
[2]	Represents open-market transactions of common shares by the trustee of Ryder’s deferred compensation plans.

Consolidated Condensed Statem_5

Consolidated Condensed Statement of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per common share (in dollars per share)	$ 0.56	$ 0.54	$ 1.64	$ 1.58

GENERAL

GENERAL	9 Months Ended
	Sep. 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, leases and goodwill 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 stand-alone 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 of $235 million and $229 million for the three months ended September 30, 2019 and 2018, respectively, and $710 million and $677 million for the nine months ended September 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 $573 million and $566 million as of September 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 September 30, 2019 and December 31, 2018, respectively. Included in capitalized sales commissions are initial direct costs of our leases of $55 million and $53 million as of September 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). Lease 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 equipment usage or CPI change 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 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. 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 stand-alone selling prices of the lease and non-lease components in order to allocate the consideration on a relative stand-alone selling price basis. We determine the stand-alone 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. 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, 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 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 generally ranging from three 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; usage-based fees 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 five three Goodwill In the third quarter of 2019, we performed an interim impairment test of our FMS North America reporting unit (“FMS NA”) as a result of the decline in market conditions and our updated outlook primarily in the used vehicle market, which negatively affects our forecasted cash flows from the sale of used vehicles. Our valuation of fair value for FMS NA was determined based on a discounted future cash flow model (income approach) and the application of current market multiples for comparable publicly-traded companies (market approach). There are inherent uncertainties related to these factors and management’s judgment in applying them to the analysis of goodwill impairment. Based on our analysis, we determined that FMS NA goodwill was not impaired as of September 30, 2019. However, the fair value of FMS NA was not substantially in excess of its carrying amount. The estimated fair value of the FMS NA reporting unit exceeded its carrying value by approximately 5%. Given this level of excess fair value, in the event the financial performance of FMS NA does not meet our expectations in the future; we experience future prolonged market downturns, including in the used vehicle market; or other negative revisions to key assumptions, we may be required to perform additional impairment analyses and could be required to recognize a non-cash goodwill impairment charge. As of September 30, 2019, there was $244 million of goodwill recorded related to FMS NA.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	9 Months Ended
	Sep. 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 September 30, 2018 Nine months ended September 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 $ 895.2 1.2 0.4 896.8 $ 2,577.4 2.0 1.0 2,580.4 Total revenues 2,158.1 1.2 0.4 2,159.7 6,150.9 2.0 1.0 6,153.8 Cost of lease & related maintenance and rental 649.4 (2.7) — 646.7 1,905.0 (9.9) — 1,895.1 Cost of services (2) 945.9 — 2.1 947.9 2,639.1 — 5.6 2,644.8 Other operating expenses 30.3 — (0.3) 30.0 94.8 — (1.1) 93.7 Selling, general and administrative expenses (2) 215.5 0.9 (0.8) 215.6 637.3 1.0 (2.2) 636.0 Used vehicle sales, net 3.0 0.2 — 3.2 16.4 (0.2) — 16.2 Interest expense 47.4 — 0.5 47.8 127.5 — 1.2 128.8 Restructuring and other items, net (2) 0.3 — (0.9) (0.5) 19.7 — (2.4) 17.3 Earnings from continuing operations before income taxes 116.1 2.9 (0.2) 118.9 262.5 11.2 (0.2) 273.5 Provision for income taxes 26.6 0.6 — 27.3 95.6 2.8 — 98.4 Earnings from continuing operations 89.5 2.3 (0.2) 91.6 167.0 8.4 (0.2) 175.1 Net earnings 88.8 2.3 (0.2) 90.8 164.5 8.4 (0.2) 172.6 Comprehensive income 100.6 1.9 — 102.5 156.4 9.5 — 165.9 Earnings per common share - Basic Continuing operations $ 1.70 0.04 — 1.74 $ 3.18 0.15 — 3.33 Net earnings $ 1.69 0.04 — 1.73 $ 3.13 0.15 — 3.28 Earnings per common share - Diluted Continuing operations $ 1.69 0.04 — 1.73 $ 3.15 0.16 — 3.31 Net earnings $ 1.68 0.04 — 1.72 $ 3.11 0.16 — 3.26 ———————————— (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 $5 million and $14 million during the three and nine months ended September 30, 2018, respectively. We also reduced depreciation expense (included in "Cost of lease & related maintenance and rental") by approximately $5 million and $14 million during the three and nine months ended September 30, 2018, respectively. We concluded these errors were not material to any of our previously issued consolidated financial statements. (2) Adjustments primarily reflect 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 approximately $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): Nine months ended September 30, 2018 As Previously Reported New Lease Standard Adjustments As Revised Net earnings $ 164.5 8.1 172.6 Earnings from continuing operations 167.0 8.1 175.1 Depreciation expense 1,028.5 (6.5) 1,022.0 Used vehicle sales, net 16.4 (0.2) 16.2 Amortization expense and other non-cash charges, net 21.2 83.7 104.9 Deferred income tax expense 103.1 2.8 105.9 Collections on sales-type leases and other items — 63.3 63.3 Changes in operating assets and liabilities: Prepaid expenses and other assets (27.2) (77.3) (104.5) Accrued expenses and other non-current liabilities (6.7) (10.7) (17.4) Net cash provided by operating activities from continuing operations 1,212.4 63.2 1,275.6 Debt repaid (466.1) (5.6) (471.7) Net cash provided by financing activities from continuing operations 784.9 (5.6) 779.2 Collections on direct finance leases and other items 57.6 (57.6) — Net cash used in investing activities from continuing operations (2,018.2) (57.6) (2,075.8) Note: Amounts may not be additive due to rounding.

REVENUE

REVENUE	9 Months Ended
	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE Disaggregation of Revenue The following tables disaggregate our revenue recognized 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 September 30, 2019 FMS DTS SCS Eliminations Total (In thousands) United States $ 1,250,147 359,211 508,091 (144,941) 1,972,508 Canada 75,836 — 53,550 (5,284) 124,102 Europe 71,363 — — — 71,363 Mexico — — 55,959 — 55,959 Singapore — — — — — Total revenue $ 1,397,346 359,211 617,600 (150,225) 2,223,932 Three months ended September 30, 2018 FMS DTS SCS Eliminations Total (In thousands) United States (1) 1,185,548 340,604 524,974 (141,874) 1,909,252 Canada 75,859 — 45,587 (5,363) 116,083 Europe 76,364 — — — 76,364 Mexico (1) — — 51,927 — 51,927 Singapore — — 6,056 — 6,056 Total revenue 1,337,771 340,604 628,544 (147,237) 2,159,682 ———————————— (1) 2018 SCS total revenue amounts for the United States and Mexico include reclassifications to conform to the current period presentation. Nine months ended September 30, 2019 FMS DTS SCS Eliminations Total (In thousands) United States $ 3,687,721 1,071,076 1,577,106 (448,114) 5,887,789 Canada 226,240 — 156,803 (16,147) 366,896 Europe 225,894 — — — 225,894 Mexico — — 165,380 — 165,380 Singapore — — 3,293 — 3,293 Total revenue $ 4,139,855 1,071,076 1,902,582 (464,261) 6,649,252 Nine months ended September 30, 2018 FMS DTS SCS Eliminations Total (In thousands) United States (1) 3,410,737 970,196 1,427,196 (405,158) 5,402,971 Canada 226,161 — 136,428 (15,572) 347,017 Europe 239,652 — — — 239,652 Mexico (1) — — 146,029 — 146,029 Singapore — — 18,122 — 18,122 Total revenue 3,876,550 970,196 1,727,775 (420,730) 6,153,791 ———————————— (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 September 30, 2019 FMS DTS SCS Eliminations Total (In thousands) ChoiceLease $ 779,811 — — (70,563) 709,248 SelectCare 133,434 — — (11,801) 121,633 Commercial rental 262,976 — — (13,035) 249,941 Fuel 198,669 — — (54,826) 143,843 Other 22,456 — — — 22,456 DTS — 359,211 — — 359,211 SCS — — 617,600 — 617,600 Total revenue $ 1,397,346 359,211 617,600 (150,225) 2,223,932 Three months ended September 30, 2018 FMS DTS SCS Eliminations Total (In thousands) ChoiceLease 717,951 — — (63,882) 654,069 SelectCare 125,850 — — (10,418) 115,432 Commercial rental 257,909 — — (15,190) 242,719 Fuel 214,534 — — (57,747) 156,787 Other 21,527 — — — 21,527 DTS — 340,604 — — 340,604 SCS — — 628,544 — 628,544 Total revenue 1,337,771 340,604 628,544 (147,237) 2,159,682 Nine months ended September 30, 2019 FMS DTS SCS Eliminations Total (In thousands) ChoiceLease $ 2,293,701 — — (209,301) 2,084,400 SelectCare 405,572 — — (35,863) 369,709 Commercial rental 752,995 — — (44,814) 708,181 Fuel 618,906 — — (174,283) 444,623 Other 68,681 — — — 68,681 DTS — 1,071,076 — — 1,071,076 SCS — — 1,902,582 — 1,902,582 Total revenue $ 4,139,855 1,071,076 1,902,582 (464,261) 6,649,252 Nine months ended September 30, 2018 FMS DTS SCS Eliminations Total (In thousands) ChoiceLease 2,109,908 — — (186,867) 1,923,041 SelectCare 372,989 — — (29,603) 343,386 Commercial rental 694,864 — — (37,536) 657,328 Fuel 633,571 — — (166,724) 466,847 Other 65,218 — — — 65,218 DTS — 970,196 — — 970,196 SCS — — 1,727,775 — 1,727,775 Total revenue 3,876,550 970,196 1,727,775 (420,730) 6,153,791 Industry Our SCS business segment includes revenue from the below industries: Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 (In thousands) Automotive $ 246,627 250,461 $ 761,593 690,138 Technology and healthcare 100,286 123,043 324,009 340,528 CPG and retail 217,901 210,966 660,581 544,019 Industrial and other 52,786 44,074 156,399 153,090 Total revenue $ 617,600 628,544 $ 1,902,582 1,727,775 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 September 30, 2019 or December 31, 2018. Trade receivables were $1.09 billion at both September 30, 2019 and December 31, 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 nine months ended September 30, 2019 was $41 million and $142 million, respectively. In addition, we deferred consideration of $50 million and $152 million received in advance of performance during the three and nine months ended September 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 September 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 September 30, 2019 and December 31, 2018, respectively. Capitalized sales commissions include initial direct costs of our leases of $55 million at September 30, 2019 and $53 million at 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 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

REVENUE EARNING EQUIPMENT, NET

REVENUE EARNING EQUIPMENT, NET	9 Months Ended
	Sep. 30, 2019
Revenue Earning Equipment [Abstract]
REVENUE EARNING EQUIPMENT, NET	REVENUE EARNING EQUIPMENT, NET September 30, 2019 December 31, 2018 Cost Accumulated Net Book Value (1) Cost Accumulated Net Book Value (1) (In thousands) Held for use: ChoiceLease $ 12,041,619 (4,049,919) 7,991,700 10,824,989 (3,645,655) 7,179,334 Commercial rental 3,403,483 (1,093,663) 2,309,820 3,152,908 (1,047,346) 2,105,562 Held for sale 533,855 (406,924) 126,931 467,093 (336,028) 131,065 Total $ 15,978,957 (5,550,506) 10,428,451 14,444,990 (5,029,029) 9,415,961 ———————————— (1) Revenue earning equipment, net includes vehicles under finance leases of $12 million, less accumulated depreciation of $7 million, at September 30, 2019, and $23 million, less accumulated depreciation of $13 million, at December 31, 2018. We periodically review and adjust, as appropriate, the residual values and useful lives of revenue earning equipment for purposes of recording depreciation expense. Our review of the residual values and useful lives of revenue earning equipment is established with a long-term view based on vehicle class, generally subcategories of trucks, tractors and trailers by weight and usage, as well as other factors, which we refer to as "policy depreciation." These other factors include, but are not limited to, historical market prices, current and expected future market price trends, expected lives of vehicles, and expected sales in the wholesale and retail markets. Factors that could cause actual results to materially differ from estimates include, but are not limited to, unforeseen changes in technology; changes in supply and demand; competitor pricing; regulatory requirements; driver shortages, requirements and preferences; as well as changes in underlying assumption factors. We have disciplines related to the management and maintenance of our vehicles designed to manage the risk associated with the residual values of our revenue earning equipment. In addition, we monitor market trends throughout the year and assess estimates of residual values of vehicles expected to be made available for sale in the near-term (generally 12 to 24 months) and may adjust estimates of residual values for these vehicles to reflect current market rates, which we refer to as "accelerated depreciation." At the end of the second quarter of 2019, we began to experience softening in used vehicle market conditions, which intensified through the third quarter of 2019 and we now expect to continue through 2020. In addition, our inventory of used vehicles that is expected to be made available for sale was higher than expected, which has and will impact the volume of used vehicle sales expected to be transacted through our wholesale channels. Due to these dynamics and our updated outlook, management concluded that our residual value estimates likely exceeded the expected future values that would be realized upon the sale of power vehicles in our fleet. As a result, we changed the estimates of residual values for our revenue earning equipment in the third quarter of 2019 to reflect more recent multi-year trends and our outlook for the expected used vehicle market. The increase in depreciation expense resulting from the change in estimate reduced income from continuing operations before income taxes and net income by approximately $177 million and $158 million, respectively, for both the three and nine months ended September 30, 2019. This amount included accelerated depreciation of approximately $117 million related to lower residual value estimates of vehicles expected to be sold in the near-term and additional policy depreciation of $52 million, as well as valuation adjustments of $8 million related to assets currently held for sale. The effect of the change in estimate decreased our diluted earnings per share by $3.01 for both the three and nine months ended September 30, 2019. 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 September 30, Nine months ended September 30, September 30, 2019 December 31, 2018 2019 2018 2019 2018 (In thousands) Assets held for sale: Revenue earning equipment (1) : Trucks $ 39,183 44,325 $ 10,269 9,713 $ 30,556 28,609 Tractors 44,285 35,397 14,430 1,317 34,451 6,795 Trailers 1,186 1,507 1,195 502 2,859 3,700 Total assets at fair value $ 84,654 81,229 $ 25,894 11,532 $ 67,866 39,104 ———————————— (1) Assets held for sale in the table above 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 $42 million and $50 million as of September 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 September 30, Nine months ended September 30, 2019 2018 2019 2018 (In thousands) Gains on vehicle sales, net $ (3,160) (8,329) $ (18,775) (22,911) Losses from fair value adjustments 25,894 11,532 67,866 39,104 Used vehicle sales, net $ 22,734 3,203 $ 49,091 16,193 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	9 Months Ended
	Sep. 30, 2019
Accrued Liabilities and Other Liabilities [Abstract]
ACCRUED EXPENSES AND OTHER LIABILITIES	ACCRUED EXPENSES AND OTHER LIABILITIES September 30, 2019 December 31, 2018 Accrued Non-Current Total Accrued Non-Current Total (In thousands) Salaries and wages $ 124,163 — 124,163 149,629 — 149,629 Deferred compensation 5,988 60,479 66,467 4,524 55,279 59,803 Pension benefits 3,767 457,697 461,464 3,754 456,979 460,733 Other postretirement benefits 1,393 18,565 19,958 1,387 18,097 19,484 Other employee benefits 17,220 — 17,220 28,370 — 28,370 Insurance obligations (1) 161,004 275,841 436,845 139,314 247,552 386,866 Operating taxes 110,044 — 110,044 100,399 — 100,399 Income taxes 7,290 18,368 25,658 3,491 18,477 21,968 Interest 43,304 — 43,304 39,522 — 39,522 Deposits, mainly from customers 80,722 3,116 83,838 80,401 3,390 83,791 Operating lease liabilities 72,888 144,834 217,722 73,422 137,384 210,806 Deferred revenue (2) 164,963 425,270 590,233 160,902 421,176 582,078 Restructuring liabilities (3) 2,157 — 2,157 7,595 — 7,595 Other 54,390 47,245 101,635 55,029 44,291 99,320 Total $ 849,293 1,451,415 2,300,708 847,739 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	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
LEASES	LEASES Leases as Lessor The components of lease income were as follows: Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 (In thousands) Operating leases Lease income related to lease payments $ 381,170 344,031 $ 1,116,029 1,013,728 Lease income related to commercial rental (1) 249,941 242,719 708,181 657,328 Sales type leases Interest income related to net investment in leases 11,169 9,555 33,057 29,075 Variable lease income excluding commercial rental (1) 69,641 60,845 183,489 169,478 ———————————— (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: September 30, 2019 December 31, 2018 (In thousands) Net investment in the lease — lease payment receivable $ 580,047 505,057 Net investment in the lease — unguaranteed residual value in assets 55,528 46,209 $ 635,575 551,266 ———————————— 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: September 30, 2019 December 31, 2018 (In thousands) 2019 (remaining three months ending December 31, 2019) $ 39,210 133,557 2020 168,652 136,924 2021 145,008 114,983 2022 115,490 85,146 2023 82,193 52,161 Thereafter 139,651 78,935 Total undiscounted cash flows 690,204 601,706 Present value of lease payments (recognized as lease receivables) (580,047) (505,057) Difference between undiscounted cash flows and discounted cash flows $ 110,157 96,649 Maturities of operating lease payments were as follows: September 30, 2019 December 31, 2018 (In thousands) 2019 (remaining three months ending December 31, 2019) $ 347,696 1,159,851 2020 1,211,789 892,721 2021 952,610 646,008 2022 673,422 421,050 2023 447,920 249,255 Thereafter 491,477 203,632 Total undiscounted cash flows $ 4,124,914 3,572,517 Leases as Lessee The components of lease expense were as follows: Three months ended September 30, Nine months ended September 30, Classification 2019 2018 2019 2018 (In thousands) Finance lease cost Amortization of right-of-use assets Other operating expenses, SG&A $ 3,735 3,805 $ 10,257 10,787 Interest on lease liabilities Interest expense 638 689 1,916 1,886 Operating lease cost Other operating expenses, SG&A 23,722 23,063 70,578 64,506 Short-term lease and other Other operating expenses, SG&A 2,480 835 6,569 2,648 Variable lease cost Other operating expenses, SG&A 4,320 3,647 9,920 8,092 Sublease income Cost of lease & related maintenance and rental, cost of services (5,691) (6,490) (17,201) (19,050) Total lease cost $ 29,204 25,549 $ 82,039 68,869 Supplemental cash flow information related to leases was as follows: Nine months ended September 30, 2019 2018 (In thousands) Cash paid for amounts included in measurement of liabilities Operating cash flows from finance leases $ 1,916 1,886 Operating cash flows from operating leases 69,848 63,286 Financing cash flows from finance leases 14,650 13,420 Right-of-use assets obtained in exchange for lease obligations: Finance leases 15,336 12,889 Operating leases 70,365 96,295 Supplemental balance sheet information relates to leases was as follows: Classification September 30, 2019 December 31, 2018 (In thousands) Assets Operating lease right-of-use assets Sales-type leases and other assets $ 209,556 203,834 Finance lease assets Operating property and equipment, net and revenue earning equipment, net 41,346 41,647 Total leased assets $ 250,902 245,481 Liabilities Current Operating Accrued expenses and other current liabilities $ 72,888 73,422 Finance Short-term debt and current portion of long-term debt 12,209 14,543 Noncurrent Operating Other non-current liabilities 144,834 137,384 Finance Long-term debt 36,351 32,909 Total lease liabilities $ 266,282 258,258 September 30, 2019 December 31, 2018 (In thousands) Weighted-average remaining lease term Operating 4 years 4 years Finance 6 years 7 years Weighted-average discount rate Operating 3.9 % 3.7 % Finance 7.2 % 8.0 % Maturities of operating and finance lease liabilities were as follows: Operating Finance Leases Total (In thousands) 2019 (remaining three months ending December 31, 2019) $ 22,200 3,962 26,162 2020 72,840 13,709 86,549 2021 51,964 12,048 64,012 2022 37,869 8,130 45,999 2023 26,558 5,532 32,090 Thereafter 23,570 14,178 37,748 Total lease payments 235,001 57,559 292,560 Less: Imputed Interest (17,279) (8,999) (26,278) Present value of lease liabilities $ 217,722 48,560 266,282
LEASES	LEASES Leases as Lessor The components of lease income were as follows: Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 (In thousands) Operating leases Lease income related to lease payments $ 381,170 344,031 $ 1,116,029 1,013,728 Lease income related to commercial rental (1) 249,941 242,719 708,181 657,328 Sales type leases Interest income related to net investment in leases 11,169 9,555 33,057 29,075 Variable lease income excluding commercial rental (1) 69,641 60,845 183,489 169,478 ———————————— (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: September 30, 2019 December 31, 2018 (In thousands) Net investment in the lease — lease payment receivable $ 580,047 505,057 Net investment in the lease — unguaranteed residual value in assets 55,528 46,209 $ 635,575 551,266 ———————————— 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: September 30, 2019 December 31, 2018 (In thousands) 2019 (remaining three months ending December 31, 2019) $ 39,210 133,557 2020 168,652 136,924 2021 145,008 114,983 2022 115,490 85,146 2023 82,193 52,161 Thereafter 139,651 78,935 Total undiscounted cash flows 690,204 601,706 Present value of lease payments (recognized as lease receivables) (580,047) (505,057) Difference between undiscounted cash flows and discounted cash flows $ 110,157 96,649 Maturities of operating lease payments were as follows: September 30, 2019 December 31, 2018 (In thousands) 2019 (remaining three months ending December 31, 2019) $ 347,696 1,159,851 2020 1,211,789 892,721 2021 952,610 646,008 2022 673,422 421,050 2023 447,920 249,255 Thereafter 491,477 203,632 Total undiscounted cash flows $ 4,124,914 3,572,517 Leases as Lessee The components of lease expense were as follows: Three months ended September 30, Nine months ended September 30, Classification 2019 2018 2019 2018 (In thousands) Finance lease cost Amortization of right-of-use assets Other operating expenses, SG&A $ 3,735 3,805 $ 10,257 10,787 Interest on lease liabilities Interest expense 638 689 1,916 1,886 Operating lease cost Other operating expenses, SG&A 23,722 23,063 70,578 64,506 Short-term lease and other Other operating expenses, SG&A 2,480 835 6,569 2,648 Variable lease cost Other operating expenses, SG&A 4,320 3,647 9,920 8,092 Sublease income Cost of lease & related maintenance and rental, cost of services (5,691) (6,490) (17,201) (19,050) Total lease cost $ 29,204 25,549 $ 82,039 68,869 Supplemental cash flow information related to leases was as follows: Nine months ended September 30, 2019 2018 (In thousands) Cash paid for amounts included in measurement of liabilities Operating cash flows from finance leases $ 1,916 1,886 Operating cash flows from operating leases 69,848 63,286 Financing cash flows from finance leases 14,650 13,420 Right-of-use assets obtained in exchange for lease obligations: Finance leases 15,336 12,889 Operating leases 70,365 96,295 Supplemental balance sheet information relates to leases was as follows: Classification September 30, 2019 December 31, 2018 (In thousands) Assets Operating lease right-of-use assets Sales-type leases and other assets $ 209,556 203,834 Finance lease assets Operating property and equipment, net and revenue earning equipment, net 41,346 41,647 Total leased assets $ 250,902 245,481 Liabilities Current Operating Accrued expenses and other current liabilities $ 72,888 73,422 Finance Short-term debt and current portion of long-term debt 12,209 14,543 Noncurrent Operating Other non-current liabilities 144,834 137,384 Finance Long-term debt 36,351 32,909 Total lease liabilities $ 266,282 258,258 September 30, 2019 December 31, 2018 (In thousands) Weighted-average remaining lease term Operating 4 years 4 years Finance 6 years 7 years Weighted-average discount rate Operating 3.9 % 3.7 % Finance 7.2 % 8.0 % Maturities of operating and finance lease liabilities were as follows: Operating Finance Leases Total (In thousands) 2019 (remaining three months ending December 31, 2019) $ 22,200 3,962 26,162 2020 72,840 13,709 86,549 2021 51,964 12,048 64,012 2022 37,869 8,130 45,999 2023 26,558 5,532 32,090 Thereafter 23,570 14,178 37,748 Total lease payments 235,001 57,559 292,560 Less: Imputed Interest (17,279) (8,999) (26,278) Present value of lease liabilities $ 217,722 48,560 266,282
LEASES	LEASES Leases as Lessor The components of lease income were as follows: Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 (In thousands) Operating leases Lease income related to lease payments $ 381,170 344,031 $ 1,116,029 1,013,728 Lease income related to commercial rental (1) 249,941 242,719 708,181 657,328 Sales type leases Interest income related to net investment in leases 11,169 9,555 33,057 29,075 Variable lease income excluding commercial rental (1) 69,641 60,845 183,489 169,478 ———————————— (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: September 30, 2019 December 31, 2018 (In thousands) Net investment in the lease — lease payment receivable $ 580,047 505,057 Net investment in the lease — unguaranteed residual value in assets 55,528 46,209 $ 635,575 551,266 ———————————— 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: September 30, 2019 December 31, 2018 (In thousands) 2019 (remaining three months ending December 31, 2019) $ 39,210 133,557 2020 168,652 136,924 2021 145,008 114,983 2022 115,490 85,146 2023 82,193 52,161 Thereafter 139,651 78,935 Total undiscounted cash flows 690,204 601,706 Present value of lease payments (recognized as lease receivables) (580,047) (505,057) Difference between undiscounted cash flows and discounted cash flows $ 110,157 96,649 Maturities of operating lease payments were as follows: September 30, 2019 December 31, 2018 (In thousands) 2019 (remaining three months ending December 31, 2019) $ 347,696 1,159,851 2020 1,211,789 892,721 2021 952,610 646,008 2022 673,422 421,050 2023 447,920 249,255 Thereafter 491,477 203,632 Total undiscounted cash flows $ 4,124,914 3,572,517 Leases as Lessee The components of lease expense were as follows: Three months ended September 30, Nine months ended September 30, Classification 2019 2018 2019 2018 (In thousands) Finance lease cost Amortization of right-of-use assets Other operating expenses, SG&A $ 3,735 3,805 $ 10,257 10,787 Interest on lease liabilities Interest expense 638 689 1,916 1,886 Operating lease cost Other operating expenses, SG&A 23,722 23,063 70,578 64,506 Short-term lease and other Other operating expenses, SG&A 2,480 835 6,569 2,648 Variable lease cost Other operating expenses, SG&A 4,320 3,647 9,920 8,092 Sublease income Cost of lease & related maintenance and rental, cost of services (5,691) (6,490) (17,201) (19,050) Total lease cost $ 29,204 25,549 $ 82,039 68,869 Supplemental cash flow information related to leases was as follows: Nine months ended September 30, 2019 2018 (In thousands) Cash paid for amounts included in measurement of liabilities Operating cash flows from finance leases $ 1,916 1,886 Operating cash flows from operating leases 69,848 63,286 Financing cash flows from finance leases 14,650 13,420 Right-of-use assets obtained in exchange for lease obligations: Finance leases 15,336 12,889 Operating leases 70,365 96,295 Supplemental balance sheet information relates to leases was as follows: Classification September 30, 2019 December 31, 2018 (In thousands) Assets Operating lease right-of-use assets Sales-type leases and other assets $ 209,556 203,834 Finance lease assets Operating property and equipment, net and revenue earning equipment, net 41,346 41,647 Total leased assets $ 250,902 245,481 Liabilities Current Operating Accrued expenses and other current liabilities $ 72,888 73,422 Finance Short-term debt and current portion of long-term debt 12,209 14,543 Noncurrent Operating Other non-current liabilities 144,834 137,384 Finance Long-term debt 36,351 32,909 Total lease liabilities $ 266,282 258,258 September 30, 2019 December 31, 2018 (In thousands) Weighted-average remaining lease term Operating 4 years 4 years Finance 6 years 7 years Weighted-average discount rate Operating 3.9 % 3.7 % Finance 7.2 % 8.0 % Maturities of operating and finance lease liabilities were as follows: Operating Finance Leases Total (In thousands) 2019 (remaining three months ending December 31, 2019) $ 22,200 3,962 26,162 2020 72,840 13,709 86,549 2021 51,964 12,048 64,012 2022 37,869 8,130 45,999 2023 26,558 5,532 32,090 Thereafter 23,570 14,178 37,748 Total lease payments 235,001 57,559 292,560 Less: Imputed Interest (17,279) (8,999) (26,278) Present value of lease liabilities $ 217,722 48,560 266,282
LEASES	LEASES Leases as Lessor The components of lease income were as follows: Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 (In thousands) Operating leases Lease income related to lease payments $ 381,170 344,031 $ 1,116,029 1,013,728 Lease income related to commercial rental (1) 249,941 242,719 708,181 657,328 Sales type leases Interest income related to net investment in leases 11,169 9,555 33,057 29,075 Variable lease income excluding commercial rental (1) 69,641 60,845 183,489 169,478 ———————————— (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: September 30, 2019 December 31, 2018 (In thousands) Net investment in the lease — lease payment receivable $ 580,047 505,057 Net investment in the lease — unguaranteed residual value in assets 55,528 46,209 $ 635,575 551,266 ———————————— 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: September 30, 2019 December 31, 2018 (In thousands) 2019 (remaining three months ending December 31, 2019) $ 39,210 133,557 2020 168,652 136,924 2021 145,008 114,983 2022 115,490 85,146 2023 82,193 52,161 Thereafter 139,651 78,935 Total undiscounted cash flows 690,204 601,706 Present value of lease payments (recognized as lease receivables) (580,047) (505,057) Difference between undiscounted cash flows and discounted cash flows $ 110,157 96,649 Maturities of operating lease payments were as follows: September 30, 2019 December 31, 2018 (In thousands) 2019 (remaining three months ending December 31, 2019) $ 347,696 1,159,851 2020 1,211,789 892,721 2021 952,610 646,008 2022 673,422 421,050 2023 447,920 249,255 Thereafter 491,477 203,632 Total undiscounted cash flows $ 4,124,914 3,572,517 Leases as Lessee The components of lease expense were as follows: Three months ended September 30, Nine months ended September 30, Classification 2019 2018 2019 2018 (In thousands) Finance lease cost Amortization of right-of-use assets Other operating expenses, SG&A $ 3,735 3,805 $ 10,257 10,787 Interest on lease liabilities Interest expense 638 689 1,916 1,886 Operating lease cost Other operating expenses, SG&A 23,722 23,063 70,578 64,506 Short-term lease and other Other operating expenses, SG&A 2,480 835 6,569 2,648 Variable lease cost Other operating expenses, SG&A 4,320 3,647 9,920 8,092 Sublease income Cost of lease & related maintenance and rental, cost of services (5,691) (6,490) (17,201) (19,050) Total lease cost $ 29,204 25,549 $ 82,039 68,869 Supplemental cash flow information related to leases was as follows: Nine months ended September 30, 2019 2018 (In thousands) Cash paid for amounts included in measurement of liabilities Operating cash flows from finance leases $ 1,916 1,886 Operating cash flows from operating leases 69,848 63,286 Financing cash flows from finance leases 14,650 13,420 Right-of-use assets obtained in exchange for lease obligations: Finance leases 15,336 12,889 Operating leases 70,365 96,295 Supplemental balance sheet information relates to leases was as follows: Classification September 30, 2019 December 31, 2018 (In thousands) Assets Operating lease right-of-use assets Sales-type leases and other assets $ 209,556 203,834 Finance lease assets Operating property and equipment, net and revenue earning equipment, net 41,346 41,647 Total leased assets $ 250,902 245,481 Liabilities Current Operating Accrued expenses and other current liabilities $ 72,888 73,422 Finance Short-term debt and current portion of long-term debt 12,209 14,543 Noncurrent Operating Other non-current liabilities 144,834 137,384 Finance Long-term debt 36,351 32,909 Total lease liabilities $ 266,282 258,258 September 30, 2019 December 31, 2018 (In thousands) Weighted-average remaining lease term Operating 4 years 4 years Finance 6 years 7 years Weighted-average discount rate Operating 3.9 % 3.7 % Finance 7.2 % 8.0 % Maturities of operating and finance lease liabilities were as follows: Operating Finance Leases Total (In thousands) 2019 (remaining three months ending December 31, 2019) $ 22,200 3,962 26,162 2020 72,840 13,709 86,549 2021 51,964 12,048 64,012 2022 37,869 8,130 45,999 2023 26,558 5,532 32,090 Thereafter 23,570 14,178 37,748 Total lease payments 235,001 57,559 292,560 Less: Imputed Interest (17,279) (8,999) (26,278) Present value of lease liabilities $ 217,722 48,560 266,282

DEBT

DEBT	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
DEBT	DEBT Weighted-Average September 30, December 31, Maturities September 30, December 31, (In thousands) Short-term debt and current portion of long-term debt: Short-term debt 1.57% 2.69% $ 217,738 81,522 Current portion of long-term debt, including finance leases 722,953 855,609 Total short-term debt and current portion of long-term debt 940,691 937,131 Long-term debt: U.S. commercial paper (1) 2.30% 2.78% 2023 698,594 454,397 Canadian commercial paper (1) 2.00% 2.28% 2023 111,420 123,491 Trade receivables program —% 3.15% 2020 — 200,000 Global revolving credit facility 3.07% 2.25% 2023 3,000 12,581 Unsecured U.S. notes — Medium-term notes (1)(2) 3.21% 3.22% 2020-2025 5,564,895 4,853,496 Unsecured U.S. obligations 3.05% 3.50% 2024 200,000 50,000 Unsecured foreign obligations 2.80% 1.61% 2020-2024 83,984 216,719 Asset-backed U.S. obligations (3) 2.49% 2.37% 2019-2026 842,899 627,707 Finance lease obligations 7.19% 7.97% 2019-2073 48,560 47,452 Total long-term debt 7,553,352 6,585,843 Debt issuance costs (24,513) (18,088) 7,528,839 6,567,755 Current portion of long-term debt, including finance leases (722,953) (855,609) Long-term debt 6,805,886 5,712,146 Total debt $ 7,746,577 6,649,277 ———————————— (1) Amounts are net of unamortized original issue discounts of $7 million at September 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 September 30, 2019 and December 31, 2018, respectively. The notional amount of the executed interest rate swaps designated as fair value hedges was $525 million and $725 million at September 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, which 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 September 30, 2019). At September 30, 2019, $546 million was available under the credit facility. In order to maintain availability of funding, we must maintain a ratio of debt to consolidated net worth of less than or equal to 300%. Net worth, as defined in the credit facility, represents shareholders' equity excluding any accumulated other comprehensive income or loss associated with our pension and other postretirement plans. The ratio at September 30, 2019 was 219%. 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 September 30, 2019, we classified $810 million of short-term commercial paper, $400 million of the current portion of long-term debt and $19 million of short-term debt as long-term debt. At December 31, 2018, we classified $578 million of short-term commercial paper, $200 million of trade receivables borrowings, $250 million of the current portion of long-term debt and $50 million of short-term debt as long-term debt. In August 2019, we issued $550 million of unsecured medium-term notes maturing in September 2024. 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 available proceeds that may be received under the program are limited to $225 million. No amounts were outstanding under the program at September 30, 2019. At December 31, 2018, $200 million was outstanding under the program. At September 30, 2019 and December 31, 2018, we had letters of credit and surety bonds outstanding totaling $461 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 September 30, 2019 and December 31, 2018, was approximately $7.0 billion and $6.0 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	9 Months Ended
	Sep. 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 September 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 $525 million and maturities throu gh 2022. The fair value of these interest rate swaps was not material as of September 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 September 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 $9 million as of September 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.

SHARE REPURCHASE PROGRAMS

SHARE REPURCHASE PROGRAMS	9 Months Ended
	Sep. 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 nine months ended September 30, 2019 and 2018, we repurchased approximately 408,000 shares for $24 million and 369,000 shares for $28 million, respectively.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	9 Months Ended
	Sep. 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 Net Actuarial Loss (1) Prior Service Cost (1) Accumulated (In thousands) December 31, 2018 $ (199,713) (700,384) (11,537) (911,634) Amortization — 17,081 415 17,496 Other current period change (13,813) (7,203) — (21,016) September 30, 2019 $ (213,526) (690,506) (11,122) (915,154) Currency Net Actuarial Loss (1) Prior Service Cost (1) Accumulated (In thousands) December 31, 2017 (143,773) (560,153) (6,910) (710,836) Amortization — 15,784 238 16,022 Other current period change (21,866) (903) — (22,769) Adoption of new accounting standard (2) — (98,987) (1,580) (100,567) September 30, 2018 (165,639) (644,259) (8,252) (818,150) _______________________ (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 loss from currency translation adjustments in the nine months ended September 30, 2019 of approximately $14 million was primarily due to the weakening of the British Pound against the U.S. Dollar offset by the strengthening Canadian Dollar against the U.S. Dollar. The loss from currency translation adjustments in the nine months ended September 30, 2018 of $22 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	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The following table presents the calculation of basic and diluted earnings (loss) per common share from continuing operations: Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 (In thousands, except per share amounts) Earnings (loss) per share — Basic: Earnings (loss) from continuing operations $ (91,538) 91,602 $ 29,804 175,084 Less: Distributed and undistributed earnings allocated (114) (333) (336) (630) Earnings (loss) from continuing operations available to common shareholders — Basic $ (91,652) 91,269 $ 29,468 174,454 Weighted average common shares outstanding — Basic 52,319 52,397 52,358 52,391 Earnings (loss) from continuing operations per common share — Basic $ (1.75) 1.74 $ 0.56 3.33 Earnings (loss) per share — Diluted: Earnings (loss) from continuing operations $ (91,538) 91,602 $ 29,804 175,084 Less: Distributed and undistributed earnings allocated (114) (333) (336) (630) Earnings (loss) from continuing operations available to common shareholders — Diluted $ (91,652) 91,269 $ 29,468 174,454 Weighted average common shares outstanding — Basic 52,319 52,397 52,358 52,391 Effect of dilutive equity awards — 373 199 349 Weighted average common shares outstanding — Diluted 52,319 52,770 52,557 52,740 Earnings (loss) from continuing operations per common share — Diluted $ (1.75) 1.73 $ 0.56 3.31 Anti-dilutive equity awards not included above 3,170 1,197 1,945 1,230

SHARE-BASED COMPENSATION PLANS

SHARE-BASED COMPENSATION PLANS	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2019 2018 2019 2018 (In thousands) Stock option and stock purchase plans $ 1,511 1,917 $ 4,986 5,688 Unvested stock 5,244 5,262 16,691 13,143 Share-based compensation expense 6,755 7,179 21,677 18,831 Income tax benefit (1,327) (1,388) (3,861) (3,617) Share-based compensation expense, net of tax $ 5,428 5,791 $ 17,816 15,214 Total unrecognized pre-tax compensation expense related to all share-based compensation arrangements at September 30, 2019 was $44 million and is expected to be recognized over a weighted-average period of 1.9 years. The following table is a summary of the awards granted under the Plans during the periods presented: Nine months ended September 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	9 Months Ended
	Sep. 30, 2019
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS Components of net pension expense were as follows: Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 (In thousands) Pension Benefits Company-administered plans: Service cost $ 2,449 3,074 $ 8,264 9,370 Interest cost 21,301 19,425 64,165 58,275 Expected return on plan assets (22,350) (25,187) (67,615) (76,086) Amortization of: Net actuarial loss 8,170 7,130 23,212 21,416 Prior service cost 167 145 533 434 9,737 4,587 28,559 13,409 Union-administered plans 2,718 2,469 7,876 7,339 Net pension expense $ 12,455 7,056 $ 36,435 20,748 Company-administered plans: U.S. $ 11,067 7,011 $ 33,199 21,033 Non-U.S. (1,330) (2,424) (4,640) (7,624) 9,737 4,587 28,559 13,409 Union-administered plans 2,718 2,469 7,876 7,339 Net pension expense $ 12,455 7,056 $ 36,435 20,748 During the nine months ended September 30, 2019, we contributed $26 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 nine months ended September 30, 2019 and 2018.

OTHER ITEMS IMPACTING COMPARABI

OTHER ITEMS IMPACTING COMPARABILITY	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2019 2018 2019 2018 (In thousands) Restructuring and other, net $ 5,234 (546) $ 13,757 1,836 ERP implementation costs 6,126 — 13,617 — Goodwill impairment — — — 15,513 Restructuring and other items, net 11,360 (546) 27,374 17,349 Gain on sale of property — — (18,614) — Total $ 11,360 (546) $ 8,760 17,349 During the three and nine months ended September 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 September 30, 2019, this primarily included charges related to cost savings initiatives and the pursuit of a commercial claim. For the nine months ended September 30, 2019, this also included income from our Singapore operations that were shut down during the second quarter of 2019. For the three months ended September 30, 2018, this primarily related to cost savings initiatives, transaction costs related to the acquisitions of MXD and Metro and restructuring charges offset by restructuring credits related to gains on the sale of certain U.K. facilities that were closed as part of our December 2017 restructuring activities and income from our Singapore operations that were shut down during the second quarter of 2019. For the nine months ended September 30, 2018, this also included a net benefit for an adjustment to the one-time 2017 Tax Cuts and Jobs Act-related employee bonus accrued as of December 31, 2017. • ERP implementation costs — 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 nine months ended September 30, 2019. The gain is reflected within "Miscellaneous (income) loss, net" in our Consolidated Condensed Statements of Earnings. Income Taxes We recorded an expense of $0.3 million for income taxes in the third quarter as compared to $27 million in the prior year. For the nine months ended September 30, 2019, we recorded an expense of $50 million as compared to $98 million in the prior year. Tax rates in the third quarter and the nine months ended September 30, 2019 were impacted by the residual value estimate changes. The nine months ended September 30, 2018 included a one-time unfavorable adjustment associated with the 2017 Tax Cuts and Jobs Act ("Tax Reform") recorded in the second quarter of 2018.

OTHER MATTERS

OTHER MATTERS	9 Months Ended
	Sep. 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. Our estimates regarding potential losses and materiality are based on our judgment and assessment of the claims utilizing currently available information. Although we will continue to reassess our reserves and estimates based on future developments, our objective assessment of the legal merits of such claims may not always be predictive of the outcome and actual results may vary from our current estimates.

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	9 Months Ended
	Sep. 30, 2019
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information was as follows: Nine months ended September 30, 2019 2018 (In thousands) Interest paid $ 166,720 116,506 Income taxes paid 15,528 20,181 Changes in accounts payable related to purchases of revenue earning equipment 41,772 96,161

SEGMENT REPORTING

SEGMENT REPORTING	9 Months Ended
	Sep. 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. 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”). Inter-segment EBT allocated to DTS and SCS includes earnings related to equipment used in providing services to DTS and SCS customers. 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 nine months ended September 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 September 30, 2019 Revenue from external customers $ 1,247,121 359,211 617,600 — 2,223,932 Inter-segment revenue 150,225 — — (150,225) — Total revenue $ 1,397,346 359,211 617,600 (150,225) 2,223,932 Segment EBT (1) $ (108,550) 18,490 34,595 (6,118) (61,583) Unallocated CSS (11,432) Non-operating pension costs (2) (6,885) Restructuring and other items, net (3) (11,360) Earnings from continuing operations before income taxes $ (91,260) Segment capital expenditures paid (4) $ 723,555 727 9,965 — 734,247 Unallocated CSS capital expenditures paid 12,224 Capital expenditures paid $ 746,471 For the three months ended September 30, 2018 Revenue from external customers 1,190,534 340,604 628,544 — 2,159,682 Inter-segment revenue 147,237 — — (147,237) — Total revenue 1,337,771 340,604 628,544 (147,237) 2,159,682 Segment EBT 97,782 13,929 36,516 (16,063) 132,164 Unallocated CSS (12,686) Non-operating pension costs (2) (1,161) Restructuring and other items, net (3) 546 Earnings from continuing operations before income taxes 118,863 Segment capital expenditures paid (4) 769,426 473 2,652 — 772,551 Unallocated CSS capital expenditures paid 6,154 Capital expenditures paid 778,705 ———————————— (1) FMS EBT includes higher depreciation expense as a result of the change in vehicle residual value estimates. See Note 4, "Revenue Earning Equipment, net," for additional information. (2) Non-operating pension costs include the amortization of net actuarial loss and prior service costs, interest costs and expected return on plan assets. (3) See Note 14, "Other Items Impacting Comparability," for additional information. (4) Excludes revenue earning equipment acquired under finance leases. FMS DTS SCS Eliminations Total (In thousands) For the nine months ended September 30, 2019 Revenue from external customers $ 3,675,594 1,071,076 1,902,582 — 6,649,252 Inter-segment revenue 464,261 — — (464,261) — Total revenue $ 4,139,855 1,071,076 1,902,582 (464,261) 6,649,252 Segment EBT (1) $ 10,107 63,034 112,686 (42,586) 143,241 Unallocated CSS (34,461) Non-operating pension costs (2) (20,060) Restructuring and other items, net (3) (27,374) Gain on sale of property (3) 18,614 Earnings from continuing operations before income taxes $ 79,960 Segment capital expenditures paid (4) $ 2,890,773 1,587 35,459 — 2,927,819 Unallocated CSS capital expenditures paid 29,413 Capital expenditures paid $ 2,957,232 For the nine months ended September 30, 2018 Revenue from external customers 3,455,820 970,196 1,727,775 — 6,153,791 Inter-segment revenue 420,730 — — (420,730) — Total revenue 3,876,550 970,196 1,727,775 (420,730) 6,153,791 Segment EBT 228,681 45,433 98,912 (44,644) 328,382 Unallocated CSS (34,336) Non-operating pension costs (2) (3,241) Restructuring and other items, net (3) (17,349) Earnings from continuing operations before income taxes 273,456 Segment capital expenditures paid (4) 2,150,490 1,115 31,268 — 2,182,873 Unallocated CSS capital expenditures paid 17,133 Capital expenditures paid 2,200,006 ———————————— (1) FMS EBT includes higher depreciation expense as a result of the change in vehicle residual value estimates. See Note 4, "Revenue Earning Equipment, net," for additional information. (2) Non-operating pension costs include the amortization of net actuarial loss and prior service costs, interest costs and expected return on plan assets. (3) See Note 14, "Other Items Impacting Comparability," for additional information. (4) Excludes revenue earning equipment acquired under capital leases.

RECENT ACCOUNTING PRONOUNCEME_2

RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	9 Months Ended
	Sep. 30, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Revenue Recognition	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 stand-alone 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 of $235 million and $229 million for the three months ended September 30, 2019 and 2018, respectively, and $710 million and $677 million for the nine months ended September 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 $573 million and $566 million as of September 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 September 30, 2019 and December 31, 2018, respectively. Included in capitalized sales commissions are initial direct costs of our leases of $55 million and $53 million as of September 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). Lease 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 equipment usage or CPI change 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 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. 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 stand-alone selling prices of the lease and non-lease components in order to allocate the consideration on a relative stand-alone selling price basis. We determine the stand-alone 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. 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.
Leases	Leases Leases as Lessor We lease revenue earning equipment to customers for periods generally ranging from three 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; usage-based fees for revenue three five three
Leases	Leases Leases as Lessor We lease revenue earning equipment to customers for periods generally ranging from three 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; usage-based fees for revenue three five three
Goodwill	GoodwillIn the third quarter of 2019, we performed an interim impairment test of our FMS North America reporting unit (“FMS NA”) as a result of the decline in market conditions and our updated outlook primarily in the used vehicle market, which negatively affects our forecasted cash flows from the sale of used vehicles. Our valuation of fair value for FMS NA was determined based on a discounted future cash flow model (income approach) and the application of current market multiples for comparable publicly-traded companies (market approach). There are inherent uncertainties related to these factors and management’s judgment in applying them to the analysis of goodwill impairment.
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)	9 Months Ended
	Sep. 30, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	doption 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 September 30, 2018 Nine months ended September 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 $ 895.2 1.2 0.4 896.8 $ 2,577.4 2.0 1.0 2,580.4 Total revenues 2,158.1 1.2 0.4 2,159.7 6,150.9 2.0 1.0 6,153.8 Cost of lease & related maintenance and rental 649.4 (2.7) — 646.7 1,905.0 (9.9) — 1,895.1 Cost of services (2) 945.9 — 2.1 947.9 2,639.1 — 5.6 2,644.8 Other operating expenses 30.3 — (0.3) 30.0 94.8 — (1.1) 93.7 Selling, general and administrative expenses (2) 215.5 0.9 (0.8) 215.6 637.3 1.0 (2.2) 636.0 Used vehicle sales, net 3.0 0.2 — 3.2 16.4 (0.2) — 16.2 Interest expense 47.4 — 0.5 47.8 127.5 — 1.2 128.8 Restructuring and other items, net (2) 0.3 — (0.9) (0.5) 19.7 — (2.4) 17.3 Earnings from continuing operations before income taxes 116.1 2.9 (0.2) 118.9 262.5 11.2 (0.2) 273.5 Provision for income taxes 26.6 0.6 — 27.3 95.6 2.8 — 98.4 Earnings from continuing operations 89.5 2.3 (0.2) 91.6 167.0 8.4 (0.2) 175.1 Net earnings 88.8 2.3 (0.2) 90.8 164.5 8.4 (0.2) 172.6 Comprehensive income 100.6 1.9 — 102.5 156.4 9.5 — 165.9 Earnings per common share - Basic Continuing operations $ 1.70 0.04 — 1.74 $ 3.18 0.15 — 3.33 Net earnings $ 1.69 0.04 — 1.73 $ 3.13 0.15 — 3.28 Earnings per common share - Diluted Continuing operations $ 1.69 0.04 — 1.73 $ 3.15 0.16 — 3.31 Net earnings $ 1.68 0.04 — 1.72 $ 3.11 0.16 — 3.26 ———————————— (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 $5 million and $14 million during the three and nine months ended September 30, 2018, respectively. We also reduced depreciation expense (included in "Cost of lease & related maintenance and rental") by approximately $5 million and $14 million during the three and nine months ended September 30, 2018, respectively. We concluded these errors were not material to any of our previously issued consolidated financial statements. (2) Adjustments primarily reflect 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 approximately $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): Nine months ended September 30, 2018 As Previously Reported New Lease Standard Adjustments As Revised Net earnings $ 164.5 8.1 172.6 Earnings from continuing operations 167.0 8.1 175.1 Depreciation expense 1,028.5 (6.5) 1,022.0 Used vehicle sales, net 16.4 (0.2) 16.2 Amortization expense and other non-cash charges, net 21.2 83.7 104.9 Deferred income tax expense 103.1 2.8 105.9 Collections on sales-type leases and other items — 63.3 63.3 Changes in operating assets and liabilities: Prepaid expenses and other assets (27.2) (77.3) (104.5) Accrued expenses and other non-current liabilities (6.7) (10.7) (17.4) Net cash provided by operating activities from continuing operations 1,212.4 63.2 1,275.6 Debt repaid (466.1) (5.6) (471.7) Net cash provided by financing activities from continuing operations 784.9 (5.6) 779.2 Collections on direct finance leases and other items 57.6 (57.6) — Net cash used in investing activities from continuing operations (2,018.2) (57.6) (2,075.8) Note: Amounts may not be additive due to rounding.

REVENUE (Tables)

REVENUE (Tables)	9 Months Ended
	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
Revenue from External Customers by Geographic Areas	The following tables disaggregate our revenue recognized 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 September 30, 2019 FMS DTS SCS Eliminations Total (In thousands) United States $ 1,250,147 359,211 508,091 (144,941) 1,972,508 Canada 75,836 — 53,550 (5,284) 124,102 Europe 71,363 — — — 71,363 Mexico — — 55,959 — 55,959 Singapore — — — — — Total revenue $ 1,397,346 359,211 617,600 (150,225) 2,223,932 Three months ended September 30, 2018 FMS DTS SCS Eliminations Total (In thousands) United States (1) 1,185,548 340,604 524,974 (141,874) 1,909,252 Canada 75,859 — 45,587 (5,363) 116,083 Europe 76,364 — — — 76,364 Mexico (1) — — 51,927 — 51,927 Singapore — — 6,056 — 6,056 Total revenue 1,337,771 340,604 628,544 (147,237) 2,159,682 ———————————— (1) 2018 SCS total revenue amounts for the United States and Mexico include reclassifications to conform to the current period presentation. Nine months ended September 30, 2019 FMS DTS SCS Eliminations Total (In thousands) United States $ 3,687,721 1,071,076 1,577,106 (448,114) 5,887,789 Canada 226,240 — 156,803 (16,147) 366,896 Europe 225,894 — — — 225,894 Mexico — — 165,380 — 165,380 Singapore — — 3,293 — 3,293 Total revenue $ 4,139,855 1,071,076 1,902,582 (464,261) 6,649,252 Nine months ended September 30, 2018 FMS DTS SCS Eliminations Total (In thousands) United States (1) 3,410,737 970,196 1,427,196 (405,158) 5,402,971 Canada 226,161 — 136,428 (15,572) 347,017 Europe 239,652 — — — 239,652 Mexico (1) — — 146,029 — 146,029 Singapore — — 18,122 — 18,122 Total revenue 3,876,550 970,196 1,727,775 (420,730) 6,153,791 ———————————— (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 September 30, 2019 FMS DTS SCS Eliminations Total (In thousands) ChoiceLease $ 779,811 — — (70,563) 709,248 SelectCare 133,434 — — (11,801) 121,633 Commercial rental 262,976 — — (13,035) 249,941 Fuel 198,669 — — (54,826) 143,843 Other 22,456 — — — 22,456 DTS — 359,211 — — 359,211 SCS — — 617,600 — 617,600 Total revenue $ 1,397,346 359,211 617,600 (150,225) 2,223,932 Three months ended September 30, 2018 FMS DTS SCS Eliminations Total (In thousands) ChoiceLease 717,951 — — (63,882) 654,069 SelectCare 125,850 — — (10,418) 115,432 Commercial rental 257,909 — — (15,190) 242,719 Fuel 214,534 — — (57,747) 156,787 Other 21,527 — — — 21,527 DTS — 340,604 — — 340,604 SCS — — 628,544 — 628,544 Total revenue 1,337,771 340,604 628,544 (147,237) 2,159,682 Nine months ended September 30, 2019 FMS DTS SCS Eliminations Total (In thousands) ChoiceLease $ 2,293,701 — — (209,301) 2,084,400 SelectCare 405,572 — — (35,863) 369,709 Commercial rental 752,995 — — (44,814) 708,181 Fuel 618,906 — — (174,283) 444,623 Other 68,681 — — — 68,681 DTS — 1,071,076 — — 1,071,076 SCS — — 1,902,582 — 1,902,582 Total revenue $ 4,139,855 1,071,076 1,902,582 (464,261) 6,649,252 Nine months ended September 30, 2018 FMS DTS SCS Eliminations Total (In thousands) ChoiceLease 2,109,908 — — (186,867) 1,923,041 SelectCare 372,989 — — (29,603) 343,386 Commercial rental 694,864 — — (37,536) 657,328 Fuel 633,571 — — (166,724) 466,847 Other 65,218 — — — 65,218 DTS — 970,196 — — 970,196 SCS — — 1,727,775 — 1,727,775 Total revenue 3,876,550 970,196 1,727,775 (420,730) 6,153,791 Industry Our SCS business segment includes revenue from the below industries: Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 (In thousands) Automotive $ 246,627 250,461 $ 761,593 690,138 Technology and healthcare 100,286 123,043 324,009 340,528 CPG and retail 217,901 210,966 660,581 544,019 Industrial and other 52,786 44,074 156,399 153,090 Total revenue $ 617,600 628,544 $ 1,902,582 1,727,775

REVENUE EARNING EQUIPMENT, NET

REVENUE EARNING EQUIPMENT, NET (Tables)	9 Months Ended
	Sep. 30, 2019
Revenue Earning Equipment [Abstract]
Summary of revenue earning equipment	September 30, 2019 December 31, 2018 Cost Accumulated Net Book Value (1) Cost Accumulated Net Book Value (1) (In thousands) Held for use: ChoiceLease $ 12,041,619 (4,049,919) 7,991,700 10,824,989 (3,645,655) 7,179,334 Commercial rental 3,403,483 (1,093,663) 2,309,820 3,152,908 (1,047,346) 2,105,562 Held for sale 533,855 (406,924) 126,931 467,093 (336,028) 131,065 Total $ 15,978,957 (5,550,506) 10,428,451 14,444,990 (5,029,029) 9,415,961 ————————————
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 September 30, Nine months ended September 30, September 30, 2019 December 31, 2018 2019 2018 2019 2018 (In thousands) Assets held for sale: Revenue earning equipment (1) : Trucks $ 39,183 44,325 $ 10,269 9,713 $ 30,556 28,609 Tractors 44,285 35,397 14,430 1,317 34,451 6,795 Trailers 1,186 1,507 1,195 502 2,859 3,700 Total assets at fair value $ 84,654 81,229 $ 25,894 11,532 $ 67,866 39,104 ———————————— (1) Assets held for sale in the table above 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 $42 million and $50 million as of September 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 September 30, Nine months ended September 30, 2019 2018 2019 2018 (In thousands) Gains on vehicle sales, net $ (3,160) (8,329) $ (18,775) (22,911) Losses from fair value adjustments 25,894 11,532 67,866 39,104 Used vehicle sales, net $ 22,734 3,203 $ 49,091 16,193

ACCRUED EXPENSES AND OTHER LI_2

ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2019
Accrued Liabilities and Other Liabilities [Abstract]
Accrued Expenses and Other Liabilities	September 30, 2019 December 31, 2018 Accrued Non-Current Total Accrued Non-Current Total (In thousands) Salaries and wages $ 124,163 — 124,163 149,629 — 149,629 Deferred compensation 5,988 60,479 66,467 4,524 55,279 59,803 Pension benefits 3,767 457,697 461,464 3,754 456,979 460,733 Other postretirement benefits 1,393 18,565 19,958 1,387 18,097 19,484 Other employee benefits 17,220 — 17,220 28,370 — 28,370 Insurance obligations (1) 161,004 275,841 436,845 139,314 247,552 386,866 Operating taxes 110,044 — 110,044 100,399 — 100,399 Income taxes 7,290 18,368 25,658 3,491 18,477 21,968 Interest 43,304 — 43,304 39,522 — 39,522 Deposits, mainly from customers 80,722 3,116 83,838 80,401 3,390 83,791 Operating lease liabilities 72,888 144,834 217,722 73,422 137,384 210,806 Deferred revenue (2) 164,963 425,270 590,233 160,902 421,176 582,078 Restructuring liabilities (3) 2,157 — 2,157 7,595 — 7,595 Other 54,390 47,245 101,635 55,029 44,291 99,320 Total $ 849,293 1,451,415 2,300,708 847,739 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)	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Schedule of Lease Income - Operating	The components of lease income were as follows: Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 (In thousands) Operating leases Lease income related to lease payments $ 381,170 344,031 $ 1,116,029 1,013,728 Lease income related to commercial rental (1) 249,941 242,719 708,181 657,328 Sales type leases Interest income related to net investment in leases 11,169 9,555 33,057 29,075 Variable lease income excluding commercial rental (1) 69,641 60,845 183,489 169,478 ———————————— (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: September 30, 2019 December 31, 2018 (In thousands) Net investment in the lease — lease payment receivable $ 580,047 505,057 Net investment in the lease — unguaranteed residual value in assets 55,528 46,209 $ 635,575 551,266 ———————————— 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: September 30, 2019 December 31, 2018 (In thousands) 2019 (remaining three months ending December 31, 2019) $ 39,210 133,557 2020 168,652 136,924 2021 145,008 114,983 2022 115,490 85,146 2023 82,193 52,161 Thereafter 139,651 78,935 Total undiscounted cash flows 690,204 601,706 Present value of lease payments (recognized as lease receivables) (580,047) (505,057) Difference between undiscounted cash flows and discounted cash flows $ 110,157 96,649
Schedule of Maturity of Operating Lease Payments	Maturities of operating lease payments were as follows: September 30, 2019 December 31, 2018 (In thousands) 2019 (remaining three months ending December 31, 2019) $ 347,696 1,159,851 2020 1,211,789 892,721 2021 952,610 646,008 2022 673,422 421,050 2023 447,920 249,255 Thereafter 491,477 203,632 Total undiscounted cash flows $ 4,124,914 3,572,517
Schedule of Lease Cost, Cash Flow Information, Lease Term, and Discount Rate	The components of lease expense were as follows: Three months ended September 30, Nine months ended September 30, Classification 2019 2018 2019 2018 (In thousands) Finance lease cost Amortization of right-of-use assets Other operating expenses, SG&A $ 3,735 3,805 $ 10,257 10,787 Interest on lease liabilities Interest expense 638 689 1,916 1,886 Operating lease cost Other operating expenses, SG&A 23,722 23,063 70,578 64,506 Short-term lease and other Other operating expenses, SG&A 2,480 835 6,569 2,648 Variable lease cost Other operating expenses, SG&A 4,320 3,647 9,920 8,092 Sublease income Cost of lease & related maintenance and rental, cost of services (5,691) (6,490) (17,201) (19,050) Total lease cost $ 29,204 25,549 $ 82,039 68,869 Supplemental cash flow information related to leases was as follows: Nine months ended September 30, 2019 2018 (In thousands) Cash paid for amounts included in measurement of liabilities Operating cash flows from finance leases $ 1,916 1,886 Operating cash flows from operating leases 69,848 63,286 Financing cash flows from finance leases 14,650 13,420 Right-of-use assets obtained in exchange for lease obligations: Finance leases 15,336 12,889 Operating leases 70,365 96,295
Schedule of Leases, Assets and Liabilities	Supplemental balance sheet information relates to leases was as follows: Classification September 30, 2019 December 31, 2018 (In thousands) Assets Operating lease right-of-use assets Sales-type leases and other assets $ 209,556 203,834 Finance lease assets Operating property and equipment, net and revenue earning equipment, net 41,346 41,647 Total leased assets $ 250,902 245,481 Liabilities Current Operating Accrued expenses and other current liabilities $ 72,888 73,422 Finance Short-term debt and current portion of long-term debt 12,209 14,543 Noncurrent Operating Other non-current liabilities 144,834 137,384 Finance Long-term debt 36,351 32,909 Total lease liabilities $ 266,282 258,258
Schedule of Weighted Average Information	September 30, 2019 December 31, 2018 (In thousands) Weighted-average remaining lease term Operating 4 years 4 years Finance 6 years 7 years Weighted-average discount rate Operating 3.9 % 3.7 % Finance 7.2 % 8.0 %
Schedule of Operating Lease Maturities	Maturities of operating and finance lease liabilities were as follows: Operating Finance Leases Total (In thousands) 2019 (remaining three months ending December 31, 2019) $ 22,200 3,962 26,162 2020 72,840 13,709 86,549 2021 51,964 12,048 64,012 2022 37,869 8,130 45,999 2023 26,558 5,532 32,090 Thereafter 23,570 14,178 37,748 Total lease payments 235,001 57,559 292,560 Less: Imputed Interest (17,279) (8,999) (26,278) Present value of lease liabilities $ 217,722 48,560 266,282
Schedule of Finance Lease Maturities	Maturities of operating and finance lease liabilities were as follows: Operating Finance Leases Total (In thousands) 2019 (remaining three months ending December 31, 2019) $ 22,200 3,962 26,162 2020 72,840 13,709 86,549 2021 51,964 12,048 64,012 2022 37,869 8,130 45,999 2023 26,558 5,532 32,090 Thereafter 23,570 14,178 37,748 Total lease payments 235,001 57,559 292,560 Less: Imputed Interest (17,279) (8,999) (26,278) Present value of lease liabilities $ 217,722 48,560 266,282

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Schedule of Debt	Weighted-Average September 30, December 31, Maturities September 30, December 31, (In thousands) Short-term debt and current portion of long-term debt: Short-term debt 1.57% 2.69% $ 217,738 81,522 Current portion of long-term debt, including finance leases 722,953 855,609 Total short-term debt and current portion of long-term debt 940,691 937,131 Long-term debt: U.S. commercial paper (1) 2.30% 2.78% 2023 698,594 454,397 Canadian commercial paper (1) 2.00% 2.28% 2023 111,420 123,491 Trade receivables program —% 3.15% 2020 — 200,000 Global revolving credit facility 3.07% 2.25% 2023 3,000 12,581 Unsecured U.S. notes — Medium-term notes (1)(2) 3.21% 3.22% 2020-2025 5,564,895 4,853,496 Unsecured U.S. obligations 3.05% 3.50% 2024 200,000 50,000 Unsecured foreign obligations 2.80% 1.61% 2020-2024 83,984 216,719 Asset-backed U.S. obligations (3) 2.49% 2.37% 2019-2026 842,899 627,707 Finance lease obligations 7.19% 7.97% 2019-2073 48,560 47,452 Total long-term debt 7,553,352 6,585,843 Debt issuance costs (24,513) (18,088) 7,528,839 6,567,755 Current portion of long-term debt, including finance leases (722,953) (855,609) Long-term debt 6,805,886 5,712,146 Total debt $ 7,746,577 6,649,277 ———————————— (1) Amounts are net of unamortized original issue discounts of $7 million at September 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 September 30, 2019 and December 31, 2018, respectively. The notional amount of the executed interest rate swaps designated as fair value hedges was $525 million and $725 million at September 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)	9 Months Ended
	Sep. 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 Net Actuarial Loss (1) Prior Service Cost (1) Accumulated (In thousands) December 31, 2018 $ (199,713) (700,384) (11,537) (911,634) Amortization — 17,081 415 17,496 Other current period change (13,813) (7,203) — (21,016) September 30, 2019 $ (213,526) (690,506) (11,122) (915,154) Currency Net Actuarial Loss (1) Prior Service Cost (1) Accumulated (In thousands) December 31, 2017 (143,773) (560,153) (6,910) (710,836) Amortization — 15,784 238 16,022 Other current period change (21,866) (903) — (22,769) Adoption of new accounting standard (2) — (98,987) (1,580) (100,567) September 30, 2018 (165,639) (644,259) (8,252) (818,150) _______________________ (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)	9 Months Ended
	Sep. 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 (loss) per common share from continuing operations: Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 (In thousands, except per share amounts) Earnings (loss) per share — Basic: Earnings (loss) from continuing operations $ (91,538) 91,602 $ 29,804 175,084 Less: Distributed and undistributed earnings allocated (114) (333) (336) (630) Earnings (loss) from continuing operations available to common shareholders — Basic $ (91,652) 91,269 $ 29,468 174,454 Weighted average common shares outstanding — Basic 52,319 52,397 52,358 52,391 Earnings (loss) from continuing operations per common share — Basic $ (1.75) 1.74 $ 0.56 3.33 Earnings (loss) per share — Diluted: Earnings (loss) from continuing operations $ (91,538) 91,602 $ 29,804 175,084 Less: Distributed and undistributed earnings allocated (114) (333) (336) (630) Earnings (loss) from continuing operations available to common shareholders — Diluted $ (91,652) 91,269 $ 29,468 174,454 Weighted average common shares outstanding — Basic 52,319 52,397 52,358 52,391 Effect of dilutive equity awards — 373 199 349 Weighted average common shares outstanding — Diluted 52,319 52,770 52,557 52,740 Earnings (loss) from continuing operations per common share — Diluted $ (1.75) 1.73 $ 0.56 3.31 Anti-dilutive equity awards not included above 3,170 1,197 1,945 1,230

SHARE-BASED COMPENSATION PLANS

SHARE-BASED COMPENSATION PLANS (Tables)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2019 2018 2019 2018 (In thousands) Stock option and stock purchase plans $ 1,511 1,917 $ 4,986 5,688 Unvested stock 5,244 5,262 16,691 13,143 Share-based compensation expense 6,755 7,179 21,677 18,831 Income tax benefit (1,327) (1,388) (3,861) (3,617) Share-based compensation expense, net of tax $ 5,428 5,791 $ 17,816 15,214
Share-based Compensation, Activity	The following table is a summary of the awards granted under the Plans during the periods presented: Nine months ended September 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)	9 Months Ended
	Sep. 30, 2019
Retirement Benefits [Abstract]
Components of Net Periodic Benefit Cost	Components of net pension expense were as follows: Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 (In thousands) Pension Benefits Company-administered plans: Service cost $ 2,449 3,074 $ 8,264 9,370 Interest cost 21,301 19,425 64,165 58,275 Expected return on plan assets (22,350) (25,187) (67,615) (76,086) Amortization of: Net actuarial loss 8,170 7,130 23,212 21,416 Prior service cost 167 145 533 434 9,737 4,587 28,559 13,409 Union-administered plans 2,718 2,469 7,876 7,339 Net pension expense $ 12,455 7,056 $ 36,435 20,748 Company-administered plans: U.S. $ 11,067 7,011 $ 33,199 21,033 Non-U.S. (1,330) (2,424) (4,640) (7,624) 9,737 4,587 28,559 13,409 Union-administered plans 2,718 2,469 7,876 7,339 Net pension expense $ 12,455 7,056 $ 36,435 20,748

OTHER ITEMS IMPACTING COMPARA_2

OTHER ITEMS IMPACTING COMPARABILITY (Tables)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2019 2018 2019 2018 (In thousands) Restructuring and other, net $ 5,234 (546) $ 13,757 1,836 ERP implementation costs 6,126 — 13,617 — Goodwill impairment — — — 15,513 Restructuring and other items, net 11,360 (546) 27,374 17,349 Gain on sale of property — — (18,614) — Total $ 11,360 (546) $ 8,760 17,349

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2019
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental cash flow information was as follows: Nine months ended September 30, 2019 2018 (In thousands) Interest paid $ 166,720 116,506 Income taxes paid 15,528 20,181 Changes in accounts payable related to purchases of revenue earning equipment 41,772 96,161

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	9 Months Ended
	Sep. 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 nine months ended September 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 September 30, 2019 Revenue from external customers $ 1,247,121 359,211 617,600 — 2,223,932 Inter-segment revenue 150,225 — — (150,225) — Total revenue $ 1,397,346 359,211 617,600 (150,225) 2,223,932 Segment EBT (1) $ (108,550) 18,490 34,595 (6,118) (61,583) Unallocated CSS (11,432) Non-operating pension costs (2) (6,885) Restructuring and other items, net (3) (11,360) Earnings from continuing operations before income taxes $ (91,260) Segment capital expenditures paid (4) $ 723,555 727 9,965 — 734,247 Unallocated CSS capital expenditures paid 12,224 Capital expenditures paid $ 746,471 For the three months ended September 30, 2018 Revenue from external customers 1,190,534 340,604 628,544 — 2,159,682 Inter-segment revenue 147,237 — — (147,237) — Total revenue 1,337,771 340,604 628,544 (147,237) 2,159,682 Segment EBT 97,782 13,929 36,516 (16,063) 132,164 Unallocated CSS (12,686) Non-operating pension costs (2) (1,161) Restructuring and other items, net (3) 546 Earnings from continuing operations before income taxes 118,863 Segment capital expenditures paid (4) 769,426 473 2,652 — 772,551 Unallocated CSS capital expenditures paid 6,154 Capital expenditures paid 778,705 ———————————— (1) FMS EBT includes higher depreciation expense as a result of the change in vehicle residual value estimates. See Note 4, "Revenue Earning Equipment, net," for additional information. (2) Non-operating pension costs include the amortization of net actuarial loss and prior service costs, interest costs and expected return on plan assets. (3) See Note 14, "Other Items Impacting Comparability," for additional information. (4) Excludes revenue earning equipment acquired under finance leases. FMS DTS SCS Eliminations Total (In thousands) For the nine months ended September 30, 2019 Revenue from external customers $ 3,675,594 1,071,076 1,902,582 — 6,649,252 Inter-segment revenue 464,261 — — (464,261) — Total revenue $ 4,139,855 1,071,076 1,902,582 (464,261) 6,649,252 Segment EBT (1) $ 10,107 63,034 112,686 (42,586) 143,241 Unallocated CSS (34,461) Non-operating pension costs (2) (20,060) Restructuring and other items, net (3) (27,374) Gain on sale of property (3) 18,614 Earnings from continuing operations before income taxes $ 79,960 Segment capital expenditures paid (4) $ 2,890,773 1,587 35,459 — 2,927,819 Unallocated CSS capital expenditures paid 29,413 Capital expenditures paid $ 2,957,232 For the nine months ended September 30, 2018 Revenue from external customers 3,455,820 970,196 1,727,775 — 6,153,791 Inter-segment revenue 420,730 — — (420,730) — Total revenue 3,876,550 970,196 1,727,775 (420,730) 6,153,791 Segment EBT 228,681 45,433 98,912 (44,644) 328,382 Unallocated CSS (34,336) Non-operating pension costs (2) (3,241) Restructuring and other items, net (3) (17,349) Earnings from continuing operations before income taxes 273,456 Segment capital expenditures paid (4) 2,150,490 1,115 31,268 — 2,182,873 Unallocated CSS capital expenditures paid 17,133 Capital expenditures paid 2,200,006 ———————————— (1) FMS EBT includes higher depreciation expense as a result of the change in vehicle residual value estimates. See Note 4, "Revenue Earning Equipment, net," for additional information. (2) Non-operating pension costs include the amortization of net actuarial loss and prior service costs, interest costs and expected return on plan assets. (3) See Note 14, "Other Items Impacting Comparability," for additional information. (4) Excludes revenue earning equipment acquired under capital leases.

GENERAL (Details)

GENERAL (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Jan. 01, 2017
Disaggregation of Revenue [Line Items]
Non-lease revenue from maintenance services	$ 2,223,932	$ 2,159,682	$ 6,649,252	$ 6,153,791
Adjustment to retained earnings	2,262,356		2,262,356		$ 2,337,252
Deferred revenue	590,233		590,233		582,078
Capitalized sales commissions	$ 106,000		106,000		107,000
Initial direct costs of leases			$ 55,000		53,000
Lessee, lease terms	12 months		12 months
Lease renewal option (in years)	5 years		5 years
Operating and finance lease assets	$ 250,902		$ 250,902		245,481
Percentage of fair value in excess of carrying amount	5.00%		5.00%
Goodwill	$ 474,814		$ 474,814		475,206
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	$ 235,000	$ 229,000	$ 710,000	$ 677,000
Deferred revenue	573,000		573,000		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
FMS North America
Disaggregation of Revenue [Line Items]
Goodwill	$ 244,000		$ 244,000

RECENT ACCOUNTING PRONOUNCEME_4

RECENT ACCOUNTING PRONOUNCEMENTS Lease Standard - Effect on Statement of Consolidated Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease & related maintenance and rental revenues		$ 896,800		$ 2,580,400
Total revenue	$ 2,223,932	2,159,682	$ 6,649,252	6,153,791
Other operating expenses	28,924	30,020	92,213	93,682
Selling, general and administrative expenses	216,037	215,599	673,778	636,039
Used vehicle sales, net	22,734	3,203	49,091	16,193
Interest expense	62,475	47,846	178,570	128,757
Restructuring and other items, net	11,360	(546)	27,374	17,349
Earnings (loss) from continuing operations before income taxes	(91,260)	118,863	79,960	273,456
Provision for income taxes	278	27,261	50,156	98,372
Earnings (loss) from continuing operations	(91,538)	91,602	29,804	175,084
Net earnings	(91,455)	90,842	29,076	172,636
Comprehensive income	$ (107,221)	$ 102,475	$ 25,556	$ 165,889
Earnings per common share - Basic
Continuing operations (in dollars per share)	$ (1.75)	$ 1.74	$ 0.56	$ 3.33
Net earnings (in dollars per share)	(1.75)	1.73	0.55	3.28
Earnings per common share - Diluted
Continuing operations (in dollars per share)	(1.75)	1.73	0.56	3.31
Net earnings (in dollars per share)	$ (1.75)	$ 1.72	$ 0.55	$ 3.26
Accounting Standards Update 2016-02 | As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease & related maintenance and rental revenues		$ 895,200		$ 2,577,400
Total revenue		2,158,100		6,150,900
Other operating expenses		30,300		94,800
Selling, general and administrative expenses		215,500		637,300
Used vehicle sales, net		3,000		16,400
Interest expense		47,400		127,500
Restructuring and other items, net		300		19,700
Earnings (loss) from continuing operations before income taxes		116,100		262,500
Provision for income taxes		26,600		95,600
Earnings (loss) from continuing operations		89,500		167,000
Net earnings		88,800		164,500
Comprehensive income		$ 100,600		$ 156,400
Earnings per common share - Basic
Continuing operations (in dollars per share)		$ 1.70		$ 3.18
Net earnings (in dollars per share)		1.69		3.13
Earnings per common share - Diluted
Continuing operations (in dollars per share)		1.69		3.15
Net earnings (in dollars per share)		$ 1.68		$ 3.11
Accounting Standards Update 2016-02 | New Lease Standard Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Used vehicle sales, net				$ (200)
Earnings (loss) from continuing operations				8,100
Net earnings				8,100
Lease, Related Maintenance and Rental
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of services sold	$ 877,767	$ 646,674	$ 2,229,596	1,895,058
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		649,400		1,905,000
Service
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of services sold	$ 948,087	947,925	$ 2,896,182	2,644,775
Service | Accounting Standards Update 2016-02 | As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of services sold		945,900		2,639,100
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		1,200		2,000
Total revenue		1,200		2,000
Other operating expenses		0		0
Selling, general and administrative expenses		900		1,000
Used vehicle sales, net		200		(200)
Interest expense		0		0
Restructuring and other items, net		0		0
Earnings (loss) from continuing operations before income taxes		2,900		11,200
Provision for income taxes		600		2,800
Earnings (loss) from continuing operations		2,300		8,400
Net earnings		2,300		8,400
Comprehensive income		$ 1,900		$ 9,500
Earnings per common share - Basic
Continuing operations (in dollars per share)		$ 0.04		$ 0.15
Net earnings (in dollars per share)		0.04		0.15
Earnings per common share - Diluted
Continuing operations (in dollars per share)		0.04		0.16
Net earnings (in dollars per share)		$ 0.04		$ 0.16
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		$ (2,700)		$ (9,900)
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
Lessee and Other Adjustments | New Lease Standard Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease & related maintenance and rental revenues		400		1,000
Total revenue		400		1,000
Other operating expenses		(300)		(1,100)
Selling, general and administrative expenses		(800)		(2,200)
Used vehicle sales, net		0		0
Interest expense		500		1,200
Restructuring and other items, net		(900)		(2,400)
Earnings (loss) from continuing operations before income taxes		(200)		(200)
Provision for income taxes		0		0
Earnings (loss) from continuing operations		(200)		(200)
Net earnings		(200)		(200)
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 | 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
Lessee and Other Adjustments | Service | New Lease Standard Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of services sold		2,100		5,600
Prior Period Error | New Lease Standard Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease & related maintenance and rental revenues		(5,000)		(14,000)
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		$ (5,000)		$ (14,000)

RECENT ACCOUNTING PRONOUNCEME_5

RECENT ACCOUNTING PRONOUNCEMENTS Lease Standard - Effect on Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2017	Jan. 01, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Receivables, net	$ 1,274,492		$ 1,242,058
Prepaid expenses and other current assets	138,553		178,313
Total current assets	1,572,138		1,567,710
Revenue earning equipment, net	10,428,451		9,415,961
Operating property and equipment, net	891,689		862,054
Sales-type leases and other assets			967,800
Total assets	14,482,844		13,347,808
Short-term debt and current portion of long-term debt	940,691		937,131
Accrued expenses and other current liabilities	849,293		847,739
Total current liabilities	2,532,852		2,516,746
Long-term debt	6,805,886		5,712,146
Other non-current liabilities	1,451,415		1,402,625
Deferred income taxes	1,215,704		1,179,723
Total liabilities	12,005,857		10,811,240
Retained earnings	2,262,356		2,337,252
Accumulated other comprehensive loss	(915,154)		(911,634)
Total shareholders' equity	2,476,987	$ 2,607,706	2,536,568	$ 2,539,750	$ 2,460,859	$ 2,453,577
Total liabilities and shareholders' equity	14,482,844		13,347,808
Sales-type leases and other assets	$ 1,063,010		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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net earnings (loss)	$ (91,455)	$ 90,842	$ 29,076	$ 172,636
Earnings from continuing operations	(91,538)	91,602	29,804	175,084
Depreciation expense			1,342,746	1,021,984
Used vehicle sales, net	$ 22,734	3,203	49,091	16,193
Amortization expense and other non-cash charges, net			125,289	104,871
Deferred income tax expense			32,157	105,893
Collections on sales-type leases			89,995	63,335
Prepaid expenses and other assets			(19,439)	(104,473)
Accrued expenses and other non-current liabilities			(50,300)	(17,429)
Net cash provided by operating activities from continuing operations			1,589,186	1,275,560
Debt repaid			(1,334,044)	(471,700)
Net cash provided by financing activities from continuing operations			976,560	779,236
Collections on direct finance leases and other items				0
Net cash used in investing activities from continuing operations			$ (2,553,763)	(2,075,758)
Accounting Standards Update 2016-02 | As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net earnings (loss)		88,800		164,500
Earnings from continuing operations		89,500		167,000
Depreciation expense				1,028,500
Used vehicle sales, net		$ 3,000		16,400
Amortization expense and other non-cash charges, net				21,200
Deferred income tax expense				103,100
Collections on sales-type leases				0
Prepaid expenses and other assets				(27,200)
Accrued expenses and other non-current liabilities				(6,700)
Net cash provided by operating activities from continuing operations				1,212,400
Debt repaid				(466,100)
Net cash provided by financing activities from continuing operations				784,900
Collections on direct finance leases and other items				57,600
Net cash used in investing activities from continuing operations				(2,018,200)
Accounting Standards Update 2016-02 | New Lease Standard Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net earnings (loss)				8,100
Earnings from continuing operations				8,100
Depreciation expense				(6,500)
Used vehicle sales, net				(200)
Amortization expense and other non-cash charges, net				83,700
Deferred income tax expense				2,800
Collections on sales-type leases				63,300
Prepaid expenses and other assets				(77,300)
Accrued expenses and other non-current liabilities				(10,700)
Net cash provided by operating activities from continuing operations				63,200
Debt repaid				(5,600)
Net cash provided by financing activities from continuing operations				(5,600)
Collections on direct finance leases and other items				(57,600)
Net cash used in investing activities from continuing operations				$ (57,600)

REVENUE (Details)

REVENUE (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Contract assets	$ 0		$ 0		$ 0
Trade receivables	1,090,000,000		1,090,000,000		1,090,000,000
Amount of revenue recognized, previously included in deferred revenue	41,000,000		142,000,000
Increase in deferred revenue during the period	50,000,000		152,000,000
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			55,000,000		53,000,000
Amortization of capitalized sales commissions	11,000,000	$ 11,000,000	32,000,000	$ 28,000,000
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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Disaggregation of Revenue [Line Items]
Total revenue	$ 2,223,932	$ 2,159,682	$ 6,649,252	$ 6,153,791
United States
Disaggregation of Revenue [Line Items]
Total revenue	1,972,508	1,909,252	5,887,789	5,402,971
Canada
Disaggregation of Revenue [Line Items]
Total revenue	124,102	116,083	366,896	347,017
Europe
Disaggregation of Revenue [Line Items]
Total revenue	71,363	76,364	225,894	239,652
Mexico
Disaggregation of Revenue [Line Items]
Total revenue	55,959	51,927	165,380	146,029
Singapore
Disaggregation of Revenue [Line Items]
Total revenue	0	6,056	3,293	18,122
FMS
Disaggregation of Revenue [Line Items]
Total revenue	1,247,121	1,190,534	3,675,594	3,455,820
DTS
Disaggregation of Revenue [Line Items]
Total revenue	359,211	340,604	1,071,076	970,196
SCS
Disaggregation of Revenue [Line Items]
Total revenue	617,600	628,544	1,902,582	1,727,775
Operating Segments | FMS
Disaggregation of Revenue [Line Items]
Total revenue	1,397,346	1,337,771	4,139,855	3,876,550
Operating Segments | FMS | United States
Disaggregation of Revenue [Line Items]
Total revenue	1,250,147	1,185,548	3,687,721	3,410,737
Operating Segments | FMS | Canada
Disaggregation of Revenue [Line Items]
Total revenue	75,836	75,859	226,240	226,161
Operating Segments | FMS | Europe
Disaggregation of Revenue [Line Items]
Total revenue	71,363	76,364	225,894	239,652
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	359,211	340,604	1,071,076	970,196
Operating Segments | DTS | United States
Disaggregation of Revenue [Line Items]
Total revenue	359,211	340,604	1,071,076	970,196
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	617,600	628,544	1,902,582	1,727,775
Operating Segments | SCS | United States
Disaggregation of Revenue [Line Items]
Total revenue	508,091	524,974	1,577,106	1,427,196
Operating Segments | SCS | Canada
Disaggregation of Revenue [Line Items]
Total revenue	53,550	45,587	156,803	136,428
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	55,959	51,927	165,380	146,029
Operating Segments | SCS | Singapore
Disaggregation of Revenue [Line Items]
Total revenue	0	6,056	3,293	18,122
Eliminations
Disaggregation of Revenue [Line Items]
Total revenue	(150,225)	(147,237)	(464,261)	(420,730)
Eliminations | United States
Disaggregation of Revenue [Line Items]
Total revenue	(144,941)	(141,874)	(448,114)	(405,158)
Eliminations | Canada
Disaggregation of Revenue [Line Items]
Total revenue	(5,284)	(5,363)	(16,147)	(15,572)
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	150,225	147,237	464,261	420,730
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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Disaggregation of Revenue [Line Items]
Total revenue	$ 2,223,932	$ 2,159,682	$ 6,649,252	$ 6,153,791
ChoiceLease
Disaggregation of Revenue [Line Items]
Total revenue	709,248	654,069	2,084,400	1,923,041
SelectCare
Disaggregation of Revenue [Line Items]
Total revenue	121,633	115,432	369,709	343,386
Commercial rental
Disaggregation of Revenue [Line Items]
Total revenue	249,941	242,719	708,181	657,328
Fuel
Disaggregation of Revenue [Line Items]
Total revenue	143,843	156,787	444,623	466,847
Other
Disaggregation of Revenue [Line Items]
Total revenue	22,456	21,527	68,681	65,218
DTS
Disaggregation of Revenue [Line Items]
Total revenue	359,211	340,604	1,071,076	970,196
SCS
Disaggregation of Revenue [Line Items]
Total revenue	617,600	628,544	1,902,582	1,727,775
FMS
Disaggregation of Revenue [Line Items]
Total revenue	1,247,121	1,190,534	3,675,594	3,455,820
DTS
Disaggregation of Revenue [Line Items]
Total revenue	359,211	340,604	1,071,076	970,196
SCS
Disaggregation of Revenue [Line Items]
Total revenue	617,600	628,544	1,902,582	1,727,775
Operating Segments | FMS
Disaggregation of Revenue [Line Items]
Total revenue	1,397,346	1,337,771	4,139,855	3,876,550
Operating Segments | FMS | ChoiceLease
Disaggregation of Revenue [Line Items]
Total revenue	779,811	717,951	2,293,701	2,109,908
Operating Segments | FMS | SelectCare
Disaggregation of Revenue [Line Items]
Total revenue	133,434	125,850	405,572	372,989
Operating Segments | FMS | Commercial rental
Disaggregation of Revenue [Line Items]
Total revenue	262,976	257,909	752,995	694,864
Operating Segments | FMS | Fuel
Disaggregation of Revenue [Line Items]
Total revenue	198,669	214,534	618,906	633,571
Operating Segments | FMS | Other
Disaggregation of Revenue [Line Items]
Total revenue	22,456	21,527	68,681	65,218
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	359,211	340,604	1,071,076	970,196
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	359,211	340,604	1,071,076	970,196
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	617,600	628,544	1,902,582	1,727,775
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	617,600	628,544	1,902,582	1,727,775
Eliminations
Disaggregation of Revenue [Line Items]
Total revenue	(150,225)	(147,237)	(464,261)	(420,730)
Eliminations | ChoiceLease
Disaggregation of Revenue [Line Items]
Total revenue	(70,563)	(63,882)	(209,301)	(186,867)
Eliminations | SelectCare
Disaggregation of Revenue [Line Items]
Total revenue	(11,801)	(10,418)	(35,863)	(29,603)
Eliminations | Commercial rental
Disaggregation of Revenue [Line Items]
Total revenue	(13,035)	(15,190)	(44,814)	(37,536)
Eliminations | Fuel
Disaggregation of Revenue [Line Items]
Total revenue	(54,826)	(57,747)	(174,283)	(166,724)
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	150,225	147,237	464,261	420,730
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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Disaggregation of Revenue [Line Items]
Total revenue	$ 2,223,932	$ 2,159,682	$ 6,649,252	$ 6,153,791
SCS
Disaggregation of Revenue [Line Items]
Total revenue	617,600	628,544	1,902,582	1,727,775
Automotive | SCS
Disaggregation of Revenue [Line Items]
Total revenue	246,627	250,461	761,593	690,138
Technology and healthcare | SCS
Disaggregation of Revenue [Line Items]
Total revenue	100,286	123,043	324,009	340,528
CPG and retail | SCS
Disaggregation of Revenue [Line Items]
Total revenue	217,901	210,966	660,581	544,019
Industrial and other | SCS
Disaggregation of Revenue [Line Items]
Total revenue	$ 52,786	$ 44,074	$ 156,399	$ 153,090

REVENUE EARNING EQUIPMENT, NE_2

REVENUE EARNING EQUIPMENT, NET Schedule of Revenue Earning Equipment (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Revenue Earning Equipment [Line Items]
Cost	$ 15,978,957		$ 15,978,957		$ 14,444,990
Accumulated Depreciation	(5,550,506)		(5,550,506)		(5,029,029)
Net Book Value	10,428,451		10,428,451		9,415,961
Earnings from continuing operations before income taxes	$ (91,260)	$ 118,863	79,960	$ 273,456
Depreciation			$ 1,342,746	$ 1,021,984
Basic earnings per share (in dollars per share)	$ (1.75)	$ 1.74	$ 0.56	$ 3.33
Diluted earnings per share (in dollars per share)	$ (1.75)	$ 1.73	$ 0.56	$ 3.31
ChoiceLease
Revenue Earning Equipment [Line Items]
Cost	$ 12,041,619		$ 12,041,619		10,824,989
Accumulated Depreciation	(4,049,919)		(4,049,919)		(3,645,655)
Net Book Value	7,991,700		7,991,700		7,179,334
Commercial rental
Revenue Earning Equipment [Line Items]
Cost	3,403,483		3,403,483		3,152,908
Accumulated Depreciation	(1,093,663)		(1,093,663)		(1,047,346)
Net Book Value	2,309,820		2,309,820		2,105,562
Held for sale
Revenue Earning Equipment [Line Items]
Cost	533,855		533,855		467,093
Accumulated Depreciation	(406,924)		(406,924)		(336,028)
Net Book Value	126,931		126,931		131,065
Assets held under capital leases
Revenue Earning Equipment [Line Items]
Cost	12,000		12,000		23,000
Accumulated Depreciation	(7,000)		(7,000)		$ (13,000)
Salvage Value
Revenue Earning Equipment [Line Items]
Earnings from continuing operations before income taxes	$ 177,000		158,000
Depreciation			117,000
Policy depreciation			52,000
Valuation adjustment related to assets currently held for sale			$ 8,000
Basic earnings per share (in dollars per share)	$ 3.01
Diluted earnings per share (in dollars per share)	$ 3.01

REVENUE EARNING EQUIPMENT, NE_3

REVENUE EARNING EQUIPMENT, NET Level 3 Fair Value Measurement (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Revenue Earning Equipment [Line Items]
Total losses	$ 25,894	$ 11,532	$ 67,866	$ 39,104
Net book value of assets held for sale	42,000		42,000		$ 50,000
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring
Revenue Earning Equipment [Line Items]
Assets held for sale	84,654		84,654		81,229
Total losses	25,894	11,532	67,866	39,104
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | Trucks
Revenue Earning Equipment [Line Items]
Assets held for sale	39,183		39,183		44,325
Total losses	10,269	9,713	30,556	28,609
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | Tractors
Revenue Earning Equipment [Line Items]
Assets held for sale	44,285		44,285		35,397
Total losses	14,430	1,317	34,451	6,795
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | Trailers
Revenue Earning Equipment [Line Items]
Assets held for sale	1,186		1,186		$ 1,507
Total losses	$ 1,195	$ 502	$ 2,859	$ 3,700

REVENUE EARNING EQUIPMENT, NE_4

REVENUE EARNING EQUIPMENT, NET Recognized Gains on Used Vehicles (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenue Earning Equipment [Abstract]
Gains on vehicle sales, net	$ (3,160)	$ (8,329)	$ (18,775)	$ (22,911)
Losses from fair value adjustments	25,894	11,532	67,866	39,104
Used vehicle sales, net	$ 22,734	$ 3,203	$ 49,091	$ 16,193

ACCRUED EXPENSES AND OTHER LI_3

ACCRUED EXPENSES AND OTHER LIABILITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Accrued Expenses
Salaries and wages	$ 124,163	$ 149,629
Deferred compensation	5,988	4,524
Pension benefits	3,767	3,754
Other postretirement benefits	1,393	1,387
Other employee benefits	17,220	28,370
Insurance obligations	161,004	139,314
Operating taxes	110,044	100,399
Income taxes	7,290	3,491
Interest	43,304	39,522
Deposits, mainly from customers	80,722	80,401
Operating lease liabilities	72,888	73,422
Deferred revenue	164,963	160,902
Restructuring liabilities	2,157	7,595
Other	54,390	55,029
Total	849,293	847,739
Non-Current Liabilities
Salaries and wages	0	0
Deferred compensation	60,479	55,279
Pension benefits	457,697	456,979
Other postretirement benefits	18,565	18,097
Other employee benefits	0	0
Insurance obligations	275,841	247,552
Operating taxes	0	0
Income taxes	18,368	18,477
Interest	0	0
Deposits, mainly from customers	3,116	3,390
Operating lease liabilities	144,834	137,384
Deferred revenue	425,270	421,176
Restructuring liabilities	0	0
Other	47,245	44,291
Total	1,451,415	1,402,625
Total
Salaries and wages	124,163	149,629
Deferred compensation	66,467	59,803
Pension benefits	461,464	460,733
Other postretirement benefits	19,958	19,484
Other employee benefits	17,220	28,370
Insurance obligations	436,845	386,866
Operating taxes	110,044	100,399
Income taxes	25,658	21,968
Interest	43,304	39,522
Deposits, mainly from customers	83,838	83,791
Operating lease liabilities	217,722	210,806
Deferred revenue	590,233	582,078
Restructuring liabilities	2,157	7,595
Other	101,635	99,320
Total	$ 2,300,708	$ 2,250,364

LEASES (Details)

LEASES (Details) $ in Millions	Sep. 30, 2019USD ($)
Minimum
Lessee, Lease, Description [Line Items]
Operating leases, not yet commenced, term (in years)	2 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

LEASES - Lease Income (Details)

LEASES - Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Operating leases
Lease income related to lease payments	$ 381,170	$ 344,031	$ 1,116,029	$ 1,013,728
Lease income related to commercial rental	249,941	242,719	708,181	657,328
Sales type leases
Interest income related to net investment in leases	11,169	9,555	33,057	29,075
Variable lease income excluding commercial rental	$ 69,641	$ 60,845	$ 183,489	$ 169,478
Minimum
Sales type leases
Variable lease income as a percent of commercial rental income			1500.00%
Maximum
Sales type leases
Variable lease income as a percent of commercial rental income			2500.00%

LEASES - Components of Net Inve

LEASES - Components of Net Investment in Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Leases [Abstract]
Net investment in the lease — lease payment receivable	$ 580,047	$ 505,057
Net investment in the lease — unguaranteed residual value in assets	55,528	46,209
Net investment in lease	$ 635,575	$ 551,266

LEASES - Maturity of Sales-Type

LEASES - Maturity of Sales-Type Lease Receivables, Lessor (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Leases [Abstract]
2019 (remaining three months ending December 31, 2019)	$ 39,210	$ 133,557
2020	168,652	136,924
2021	145,008	114,983
2022	115,490	85,146
2023	82,193	52,161
Thereafter	139,651	78,935
Total undiscounted cash flows	690,204	601,706
Present value of lease payments (recognized as lease receivables)	(580,047)	(505,057)
Difference between undiscounted cash flows and discounted cash flows	$ 110,157	$ 96,649

LEASES - Maturity of Operating

LEASES - Maturity of Operating Lease Payments, Lessor (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Leases [Abstract]
2019 (remaining three months ending December 31, 2019)	$ 347,696	$ 1,159,851
2020	1,211,789	892,721
2021	952,610	646,008
2022	673,422	421,050
2023	447,920	249,255
Thereafter	491,477	203,632
Total undiscounted cash flows	$ 4,124,914	$ 3,572,517

LEASES - Lease Cost (Details)

LEASES - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Finance Lease, Cost [Abstract]
Amortization of right-of-use assets	$ 3,735	$ 3,805	$ 10,257	$ 10,787
Interest on lease liabilities	638	689	1,916	1,886
Operating lease cost	23,722	23,063	70,578	64,506
Short-term lease and other	2,480	835	6,569	2,648
Variable lease cost	4,320	3,647	9,920	8,092
Sublease income	(5,691)	(6,490)	(17,201)	(19,050)
Total lease cost	$ 29,204	$ 25,549	$ 82,039	$ 68,869

LEASES - Supplemental Cash Flow

LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash paid for amounts included in measurement of liabilities
Operating cash flows from finance leases	$ 1,916	$ 1,886
Operating cash flows from operating leases	69,848	63,286
Financing cash flows from finance leases	14,650	13,420
Right-of-use assets obtained in exchange for lease obligations:
Finance leases	15,336	12,889
Operating leases	$ 70,365	$ 96,295

LEASES - Supplemental Balance S

LEASES - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Assets
Operating lease right-of-use assets	$ 209,556	$ 203,834
Finance lease assets	41,346	41,647
Total leased assets	250,902	245,481
Current
Operating	72,888	73,422
Finance	12,209	14,543
Noncurrent
Operating	144,834	137,384
Finance	36,351	32,909
Total lease liabilities	$ 266,282	$ 258,258

LEASES - Lease Term and Discoun

LEASES - Lease Term and Discount Rate (Details)	Sep. 30, 2019	Dec. 31, 2018
Leases [Abstract]
Weighted-average remaining lease term, operating	4 years	4 years
Weighted-average remaining lease term, finance	6 years	7 years
Weighted-average discount rate, operating	3.90%	3.70%
Weighted-average discount rate, finance	7.20%	8.00%

LEASES - Maturity of Lease Liab

LEASES - Maturity of Lease Liabilities, Lessee (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Operating Leases
2019 (remaining three months ending December, 31 2019	$ 22,200
2020	72,840
2021	51,964
2022	37,869
2023	26,558
Thereafter	23,570
Total lease payments	235,001
Less: Imputed Interest	(17,279)
Present value of lease liabilities	217,722	$ 210,806
Finance Leases
2019 (remaining three months ending December 31, 2019)	3,962
2020	13,709
2021	12,048
2022	8,130
2023	5,532
Thereafter	14,178
Total lease payments	57,559
Less: Imputed Interest	(8,999)
Present value of lease liabilities	48,560
Total
2019 (remaining three months ending December 31, 2019)	26,162
2020	86,549
2021	64,012
2022	45,999
2023	32,090
Thereafter	37,748
Total lease payments	292,560
Less: Imputed Interest	(26,278)
Present value of lease liabilities	$ 266,282	$ 258,258

DEBT - Schedule of Debt (Detail

DEBT - Schedule of Debt (Details) - USD ($)	Sep. 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	1.57%		2.69%
Short-term debt	$ 217,738,000		$ 81,522,000
Current portion of long-term debt, including finance leases	722,953,000		855,609,000
Total short-term debt and current portion of long-term debt	940,691,000		937,131,000
Long-term debt:
Commercial paper	810,000,000		578,000,000
Total long-term debt	7,553,352,000		6,585,843,000
Debt issuance costs	(24,513,000)		(18,088,000)
Total after fair market value adjustment	7,528,839,000		6,567,755,000
Current portion of long-term debt, including finance leases	(722,953,000)		(855,609,000)
Long-term debt	6,805,886,000		5,712,146,000
Total debt	7,746,577,000		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	$ 525,000,000		$ 725,000,000
U.S. commercial paper
Long-term debt:
Long-term debt, weighted-average interest rate	2.30%		2.78%
Commercial paper	$ 698,594,000		$ 454,397,000
Canadian commercial paper
Long-term debt:
Long-term debt, weighted-average interest rate	2.00%		2.28%
Commercial paper	$ 111,420,000		$ 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	3.07%		2.25%
Global revolving credit facility	$ 3,000,000		$ 12,581,000
Unsecured U.S. notes — Medium-term notes
Long-term debt:
Long-term debt, weighted-average interest rate	3.21%		3.22%
Unsecured U.S. notes - Medium-term notes	$ 5,564,895,000		$ 4,853,496,000
Unsecured U.S. obligations
Long-term debt:
Long-term debt, weighted-average interest rate	3.05%		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	2.80%		1.61%
Obligations	$ 83,984,000		$ 216,719,000
Asset-backed U.S. obligations
Long-term debt:
Long-term debt, weighted-average interest rate	2.49%		2.37%
Obligations	$ 842,899,000	$ 298,000,000	$ 627,707,000
Finance lease obligations
Long-term debt:
Long-term debt, weighted-average interest rate	7.19%		7.97%
Finance lease obligations	$ 48,560,000		$ 47,452,000

DEBT (Details)

DEBT (Details)	3 Months Ended	9 Months Ended
	Mar. 31, 2019USD ($)loan	Sep. 30, 2019USD ($)instution	Aug. 31, 2019USD ($)	Jun. 30, 2019USD ($)	May 31, 2019USD ($)	Feb. 28, 2019USD ($)	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		219.00%
Line of credit remaining capacity		$ 546,000,000
Commercial paper classified as long term debt		810,000,000					$ 578,000,000
Short-term debt classified as long-term		19,000,000					50,000,000
Number of loans executed | loan	2
Total available proceeds under trade receivables purchase and sale program		225,000,000
Trade receivables borrowings		0					200,000,000
Letters of credit and surety bonds outstanding		461,000,000					375,000,000
Fair value of total debt		7,000,000,000					6,000,000,000
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 September 2024
Debt Instrument [Line Items]
Face amount of unsecured medium-term notes issued			$ 550,000,000
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 April 2024
Debt Instrument [Line Items]
Face amount of unsecured medium-term notes issued				$ 50,000,000
Bank term loans due March 2024
Debt Instrument [Line Items]
Face amount of unsecured medium-term notes issued	$ 100,000,000
Asset-backed U.S. obligations
Debt Instrument [Line Items]
Proceeds from financing transactions		$ 842,899,000			$ 298,000,000		$ 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 ($)	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Derivative [Line Items]
Aggregate notional amount of interest rate swaps	$ 525,000,000		$ 725,000,000
Interest Rate Swap | Fair Value Hedging
Derivative [Line Items]
Aggregate notional amount of interest rate swaps	525,000,000
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	$ 9,000,000
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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2017
Accelerated Share Repurchases [Line Items]
Common stock repurchases	$ 3,206	$ 10,459	$ 24,426	$ 27,680
December 2017 Program
Accelerated Share Repurchases [Line Items]
Common stock repurchases			$ 24,000	$ 28,000
Common Stock
Accelerated Share Repurchases [Line Items]
Repurchased and retired shares (in shares)	62,695	134,494	407,809	368,889
Common stock repurchases	$ 31	$ 67	$ 204	$ 184
Common Stock | December 2017 Program
Accelerated Share Repurchases [Line Items]
Repurchased and retired shares (in shares)			408,000	369,000
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		9 Months Ended
		Sep. 30, 2019	Sep. 30, 2018	Jan. 01, 2018
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance		$ 2,536,568	$ 2,453,577
Amortization		17,496	16,022
Other current period change		(21,016)	(22,769)
Adoption of new accounting standard				$ (100,567)
Ending balance		2,476,987	2,539,750
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		(13,813)	(21,866)
Adoption of new accounting standard				0
Ending balance		(213,526)	(165,639)
Net Actuarial Loss
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance		(700,384)	(560,153)
Amortization		17,081	15,784
Other current period change		(7,203)	(903)
Adoption of new accounting standard				(98,987)
Ending balance		(690,506)	(644,259)
Prior Service Cost
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance		(11,537)	(6,910)
Amortization		415	238
Other current period change		0	0
Adoption of new accounting standard				(1,580)
Ending balance		(11,122)	(8,252)
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		$ (915,154)	$ (818,150)
[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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Earnings (loss) per share — Basic:
Earnings (loss) from continuing operations	$ (91,538)	$ 91,602	$ 29,804	$ 175,084
Less: Distributed and undistributed earnings allocated to unvested stock	(114)	(333)	(336)	(630)
Earnings (loss) from continuing operations available to common shareholders — Basic	$ (91,652)	$ 91,269	$ 29,468	$ 174,454
Weighted average common shares outstanding - Basic (in shares)	52,319	52,397	52,358	52,391
Earnings from continuing operations per common share - Basic (in dollars per share)	$ (1.75)	$ 1.74	$ 0.56	$ 3.33
Earnings (loss) per share — Diluted:
Earnings (loss) from continuing operations	$ (91,538)	$ 91,602	$ 29,804	$ 175,084
Less: Distributed and undistributed earnings allocated to unvested stock	(114)	(333)	(336)	(630)
Earnings (loss) from continuing operations available to common shareholders — Diluted	$ (91,652)	$ 91,269	$ 29,468	$ 174,454
Weighted average common shares outstanding - Basic (in shares)	52,319	52,397	52,358	52,391
Effect of dilutive equity awards (in shares)	0	373	199	349
Weighted average common shares outstanding — Diluted (in shares)	52,319	52,770	52,557	52,740
Earnings (loss) from continuing operations per common share - Diluted (in dollars per share)	$ (1.75)	$ 1.73	$ 0.56	$ 3.31
Anti-dilutive equity awards not included above (in shares)	3,170	1,197	1,945	1,230

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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 6,755	$ 7,179	$ 21,677	$ 18,831
Income tax benefit	(1,327)	(1,388)	(3,861)	(3,617)
Share-based compensation expense, net of tax	5,428	5,791	17,816	15,214
Stock option and stock purchase plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	1,511	1,917	4,986	5,688
Unvested stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 5,244	$ 5,262	$ 16,691	$ 13,143

SHARE-BASED COMPENSATION PLAN_3

SHARE-BASED COMPENSATION PLANS (Details) $ in Millions	9 Months Ended
	Sep. 30, 2019USD ($)
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Compensation cost not yet recognized	$ 44
Compensation cost not yet recognized, period for recognition	1 year 10 months 24 days

SHARE-BASED COMPENSATION PLAN_4

SHARE-BASED COMPENSATION PLANS - Summary of Awards Granted in Period (Details) - shares shares in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Company-administered plans:
Contribution to pension plans			$ 26,000
Expected plan contributions	$ 34,000		34,000
Pension Benefits
Company-administered plans:
Net pension expense	12,455	$ 7,056	36,435	$ 20,748
Company Administered Plan | Pension Benefits
Company-administered plans:
Service cost	2,449	3,074	8,264	9,370
Interest cost	21,301	19,425	64,165	58,275
Expected return on plan assets	(22,350)	(25,187)	(67,615)	(76,086)
Net actuarial loss	8,170	7,130	23,212	21,416
Prior service cost	167	145	533	434
Net pension expense	9,737	4,587	28,559	13,409
Union Administered Plan | Pension Benefits
Company-administered plans:
Net pension expense	2,718	2,469	7,876	7,339
U.S. | Company Administered Plan | Pension Benefits
Company-administered plans:
Net pension expense	11,067	7,011	33,199	21,033
Non-U.S. | Company Administered Plan | Pension Benefits
Company-administered plans:
Net pension expense	$ (1,330)	$ (2,424)	$ (4,640)	$ (7,624)

OTHER ITEMS IMPACTING COMPARA_3

OTHER ITEMS IMPACTING COMPARABILITY (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Other Income and Expenses [Abstract]
Restructuring and other, net	$ 5,234	$ (546)	$ 13,757	$ 1,836
ERP implementation costs	6,126	0	13,617	0
Goodwill impairment charge	0	0	0	15,513
Restructuring and other items, net	11,360	(546)	27,374	17,349
Gain on sale of property	0	0	(18,614)	0
Total	11,360	(546)	8,760	17,349
Provision for income taxes	$ 278	$ 27,261	$ 50,156	$ 98,372

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Supplemental Cash Flow Elements [Abstract]
Interest paid	$ 166,720	$ 116,506
Income taxes paid	15,528	20,181
Changes in accounts payable related to purchases of revenue earning equipment	$ 41,772	$ 96,161

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Segment Reporting Information [Line Items]
Total revenue	$ 2,223,932	$ 2,159,682	$ 6,649,252	$ 6,153,791
Segment EBT	(61,583)	132,164	143,241	328,382
Unallocated CSS	(11,432)	(12,686)	(34,461)	(34,336)
Non-operating pension costs	(6,885)	(1,161)	(20,060)	(3,241)
Restructuring and other items, net	(11,360)	546	(27,374)	(17,349)
Gain on sale of property	0	0	18,614	0
Earnings (loss) from continuing operations before income taxes	(91,260)	118,863	79,960	273,456
Segment capital expenditures paid	734,247	772,551	2,927,819	2,182,873
Unallocated CSS capital expenditures paid	12,224	6,154	29,413	17,133
Capital expenditures paid	746,471	778,705	2,957,232	2,200,006
FMS
Segment Reporting Information [Line Items]
Total revenue	1,247,121	1,190,534	3,675,594	3,455,820
DTS
Segment Reporting Information [Line Items]
Total revenue	359,211	340,604	1,071,076	970,196
SCS
Segment Reporting Information [Line Items]
Total revenue	617,600	628,544	1,902,582	1,727,775
Eliminations
Segment Reporting Information [Line Items]
Total revenue	(150,225)	(147,237)	(464,261)	(420,730)
Segment EBT	(6,118)	(16,063)	(42,586)	(44,644)
Segment capital expenditures paid	0	0	0	0
Eliminations | FMS
Segment Reporting Information [Line Items]
Total revenue	150,225	147,237	464,261	420,730
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	1,397,346	1,337,771	4,139,855	3,876,550
Segment EBT	(108,550)	97,782	10,107	228,681
Segment capital expenditures paid	723,555	769,426	2,890,773	2,150,490
Operating Segments | DTS
Segment Reporting Information [Line Items]
Total revenue	359,211	340,604	1,071,076	970,196
Segment EBT	18,490	13,929	63,034	45,433
Segment capital expenditures paid	727	473	1,587	1,115
Operating Segments | SCS
Segment Reporting Information [Line Items]
Total revenue	617,600	628,544	1,902,582	1,727,775
Segment EBT	34,595	36,516	112,686	98,912
Segment capital expenditures paid	$ 9,965	$ 2,652	$ 35,459	$ 31,268

Uncategorized Items - r-2019093

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.