Ryder System (R) 10-Q 1 May 20 2020 Q1 Quarterly report Financial data

Cover Page

Cover Page	3 Months Ended
	Mar. 31, 2020shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	1-4364
Entity Registrant Name	RYDER SYSTEM, INC.
Entity Incorporation, State or Country Code	FL
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
City Area Code	(305)
Local Phone Number	500-3726
Title of 12(b) Security	Common Stock
Trading Symbol	R
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	53,735,964
Entity Central Index Key	0000085961
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Lease & related maintenance and rental revenues	$ 927,756	$ 899,559
Revenues	2,161,306	2,180,327
Other operating expenses	33,565	33,626
Selling, general and administrative expenses	224,119	231,325
Non-operating pension costs	1,221	6,462
Used vehicle sales, net	20,684	8,217
Interest expense	62,566	55,336
Miscellaneous (income) loss, net	8,668	(8,222)
Restructuring and other items, net	30,947	6,178
Total expenses	2,274,940	2,112,176
Earnings (loss) from continuing operations before income taxes	(113,634)	68,151
Provision for (benefit from) income taxes	(4,505)	22,261
Earnings (loss) from continuing operations	(109,129)	45,890
Earnings (loss) from discontinued operations, net of tax	(484)	(574)
Net earnings (loss)	$ (109,613)	$ 45,316
Earnings (loss) per common share — Basic
Continuing operations (in dollars per share)	$ (2.09)	$ 0.87
Discontinued operations (in dollars per share)	(0.01)	(0.01)
Net earnings (loss) (in dollars per share)	(2.10)	0.86
Earnings (loss) per common share — Diluted
Continuing operations (in dollars per share)	(2.09)	0.87
Discontinued operations (in dollars per share)	(0.01)	(0.01)
Net earnings (loss) (in dollars per share)	$ (2.10)	$ 0.86
Service
Revenues	$ 1,112,188	$ 1,132,048
Cost of services sold	954,429	971,690
Fuel Services
Revenues	121,362	148,720
Cost of services sold	120,449	143,275
Lease, Related Maintenance and Rental
Cost of services sold	$ 818,292	$ 664,289

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net earnings (loss)	$ (109,613)	$ 45,316
Other comprehensive income (loss):
Changes in currency translation adjustment and other	(84,620)	15,762
Amortization of pension and postretirement items	7,779	7,468
Income tax expense related to amortization of pension and postretirement items	(1,613)	(2,014)
Amortization of pension and postretirement items, net of tax	6,166	5,454
Other comprehensive income (loss), net of taxes	(78,454)	21,216
Comprehensive income	$ (188,067)	$ 66,532

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 397,235	$ 73,584
Receivables, net	1,202,819	1,228,490
Inventories	65,422	80,822
Prepaid expenses and other current assets	191,090	179,155
Total current assets	1,856,566	1,562,051
Revenue earning equipment, net	10,033,616	10,427,664
Operating property and equipment, net of accumulated depreciation of $1,226,339 and $1,224,216, respectively	906,712	917,799
Goodwill	474,179	475,025
Intangible assets, net	48,673	50,905
Sales-type leases and other assets	1,044,478	1,041,890
Total assets	14,364,224	14,475,334
Current liabilities:
Short-term debt and current portion of long-term debt	853,527	1,154,564
Accounts payable	522,612	594,712
Accrued expenses and other current liabilities	820,257	876,077
Total current liabilities	2,196,396	2,625,353
Long-term debt	7,320,843	6,770,224
Other non-current liabilities	1,472,284	1,442,003
Deferred income taxes	1,131,965	1,161,444
Total liabilities	12,121,488	11,999,024
Commitments and contingencies (Note 17)
Shareholders’ equity:
Preferred stock, no par value per share — authorized, 3,800,917; none outstanding, March 31, 2020 and December 31, 2019	0	0
Common stock, $0.50 par value per share — authorized, 400,000,000; outstanding, March 31, 2020 — 53,735,964 and December 31, 2019 — 53,278,316	26,867	26,639
Additional paid-in capital	1,103,928	1,108,649
Retained earnings	2,026,886	2,177,513
Accumulated other comprehensive loss	(914,945)	(836,491)
Total shareholders’ equity	2,242,736	2,476,310
Total liabilities and shareholders’ equity	$ 14,364,224	$ 14,475,334

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Allowance for doubtful accounts receivable	$ 40,562	$ 22,761
Accumulated depreciation	$ 1,226,339	$ 1,224,216
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)	53,735,964	53,278,316

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities from continuing operations:
Net earnings (loss)	$ (109,613)	$ 45,316
Less: Loss from discontinued operations, net of tax	(484)	(574)
Earnings (loss) from continuing operations	(109,129)	45,890
Depreciation expense	523,223	377,357
Used vehicle sales, net	20,684	8,217
Amortization expense and other non-cash charges, net	42,698	27,131
Non-cash lease expense	22,460	23,218
Non-operating pension costs and share-based compensation expense	4,312	13,861
Deferred income tax expense (benefit)	(13,598)	19,729
Collections on sales-type leases	26,597	34,017
Changes in operating assets and liabilities, net of acquisitions:
Receivables	(14,634)	26,181
Inventories	15,409	(756)
Prepaid expenses and other assets	(36,482)	(27,645)
Accounts payable	(25,707)	18,586
Accrued expenses and other non-current liabilities	(17,247)	(80,456)
Net cash provided by operating activities from continuing operations	438,586	485,330
Cash flows from investing activities from continuing operations:
Purchases of property and revenue earning equipment	(430,960)	(1,026,711)
Sales of revenue earning equipment	101,099	101,549
Sales of operating property and equipment	1,883	1,918
Other	(5,000)	0
Net cash used in investing activities from continuing operations	(332,978)	(923,244)
Cash flows from financing activities from continuing operations:
Net borrowings (repayments) of commercial paper and revolving credit facilities	332,682	158,258
Debt proceeds	556,849	799,300
Debt repaid	(627,701)	(478,411)
Dividends on common stock	(30,594)	(29,301)
Common stock issued	2,795	3,108
Common stock repurchased	(11,924)	(14,156)
Tax withholding on shares settled	(4,013)	(3,440)
Debt issuance costs and other items	(474)	(1,070)
Net cash provided by financing activities from continuing operations	217,620	434,288
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	725	(1,551)
Increase (decrease) in cash, cash equivalents, and restricted cash from continuing operations	323,953	(5,177)
Increase (decrease) in cash, cash equivalents, and restricted cash from discontinued operations	(302)	(147)
Increase (decrease) in cash, cash equivalents, and restricted cash	323,651	(5,324)
Cash, cash equivalents, and restricted cash at beginning of year	73,584	68,111
Cash, cash equivalents, and restricted cash at end of period	$ 397,235	$ 62,787

Condensed Consolidated Statem_4

Condensed Consolidated 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, 2018		$ 2,536,568	$ 0	$ 26,559	$ 1,084,391	$ 2,337,252	$ (911,634)
Beginning balance (in shares) at Dec. 31, 2018				53,116,485
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income		66,532				45,316	21,216
Common stock dividends declared and paid		(29,207)				(29,207)
Common stock issued under employee stock option and stock purchase plans	[1]	(342)		$ 205	(547)
Common stock issued under employee stock option and stock purchase plans (in shares)	[1]			409,294
Benefit plan stock sales (purchases), net	[2]	10			10
Benefit plan stock sales (purchases), net (in shares)	[2]			270
Common stock repurchases		(14,156)		$ (113)	(4,539)	(9,504)
Common stock repurchases (in shares)				(225,844)
Share-based compensation		7,399			7,399
Ending balance at Mar. 31, 2019		2,566,804	0	$ 26,651	1,086,714	2,343,857	(890,418)
Ending balance (in shares) at Mar. 31, 2019				53,300,205
Beginning balance at Dec. 31, 2019		$ 2,476,310	0	$ 26,639	1,108,649	2,177,513	(836,491)
Beginning balance (in shares) at Dec. 31, 2019		53,278,316		53,278,316
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income		$ (188,067)				(109,613)	(78,454)
Common stock dividends declared and paid		(30,379)				(30,379)
Common stock issued under employee stock option and stock purchase plans	[1]	(1,257)		$ 380	(1,637)
Common stock issued under employee stock option and stock purchase plans (in shares)	[1]			760,258
Benefit plan stock sales (purchases), net	[2]	39			39
Benefit plan stock sales (purchases), net (in shares)	[2]			488
Common stock repurchases		(11,924)		$ (152)	(6,214)	(5,558)
Common stock repurchases (in shares)				(303,098)
Share-based compensation		3,091			3,091
Ending balance at Mar. 31, 2020		$ 2,242,736	$ 0	$ 26,867	$ 1,103,928	$ 2,026,886	$ (914,945)
Ending balance (in shares) at Mar. 31, 2020		53,735,964		53,735,964
[1]	Net of common shares withheld 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 our deferred compensation plans.

Consolidated Condensed Statemen

Consolidated Condensed Statement of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per common share (in dollars per share)	$ 0.56	$ 0.54

GENERAL

GENERAL	3 Months Ended
	Mar. 31, 2020
Accounting Changes and Error Corrections [Abstract]
GENERAL	GENERAL Interim Financial Statements The accompanying unaudited Condensed Consolidated 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 (VIE) required to be consolidated in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with the accounting policies described in our 2019 Annual Report on Form 10-K and should be read in conjunction with the Consolidated Financial Statements and notes thereto. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair 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. The coronavirus (COVID-19) pandemic has negatively impacted several areas of our businesses, including lower demand for commercial rental and declines in volumes in our used vehicle sales, which we also expect to impact pricing (refer to Note 5, "Revenue Earning Equipment," for additional information), in our Fleet Management Solutions (FMS) business segment; deterioration in Supply Chain Solutions (SCS) volumes, primarily due to production shut downs in the automotive industry; sales growth opportunities in all of our businesses; and higher bad debt expenses related to increased concerns around customers' ability to pay invoices. With respect to our ChoiceLease product line, our customers have signed long-term lease contracts and, therefore, we do not expect our revenue and cash flows to be materially affected provided our customers remain solvent and continue to make their payments. We have attempted to mitigate the adverse impacts from the pandemic through cost reduction measures and reduction in capital expenditures. Depending on the extent and duration of the pandemic, it may have a further impact on our significant judgments and estimates, including those related to goodwill and other asset impairments, residual values and other depreciation assumptions, deferred income taxes and annual effective tax rates, variable revenue considerations, the valuation of our pension plans, and allowance for credit losses. Significant Accounting Policies

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Mar. 31, 2020
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS Reference Rate Reform In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2020-04, Reference Rate Reform (Topic 848). This update provides optional expedients for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued at the end of 2021 because of reference rate reform. The update is effective for all entities as of March 12, 2020 through December 31, 2022. We are currently evaluating the impact on our consolidated financial position, results of operations, and cash flows. Income Taxes In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (Topic 740). This pronouncement enhances and simplifies various aspects of income tax accounting guidance. Among other things, the amendment removes the year-to-date loss limitations in interim-period tax accounting and requires entities to reflect the effect of an enacted change in tax laws in the interim period that includes the enactment date of the new legislation. The standard is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years, with early adoption permitted. We have early adopted this update in the first quarter of 2020, under the modified retrospective basis and prospective transition approaches, and it did not have a material impact on our consolidated financial position, results of operations, and cash flows. Cloud Computing Arrangements In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal Use Software (Topic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract , which addresses a customer’s accounting for implementation costs incurred in a cloud computing arrangement (CCA) that is a service contract. The new standard 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. We adopted the new standard prospectively on January 1, 2020 and it did not have a material impact on our consolidated financial position, results of operations, and 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). The new standard modifies the measurement of expected credit losses of certain financial instruments, including accounts receivable (excluding those related to operating leases) 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. 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 adopted this new standard as of January 1, 2020 and it did not have a material impact on our consolidated financial position, results of operations, and cash flows.

REVENUE

REVENUE	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE Lease & related maintenance and rental revenues included non-lease revenue from maintenance services of $240 million and $239 million for the three months ended March 31, 2020 and 2019, respectively. Disaggregation of Revenue The following tables disaggregate our revenue recognized by primary geographical market by our FMS, SCS and DTS reportable business segments, as well as by industry for SCS. Refer to Note 19, "Segment Reporting," for the disaggregation of our revenue by major products/service line. Primary Geographical Markets Three months ended March 31, 2020 FMS SCS DTS Eliminations Total (In thousands) United States $ 1,197,521 $ 522,525 $ 334,888 $ (137,295) $ 1,917,639 Canada 70,765 53,552 — (4,971) 119,346 Europe 71,951 — — — 71,951 Mexico — 52,370 — — 52,370 Total Revenues $ 1,340,237 $ 628,447 $ 334,888 $ (142,266) $ 2,161,306 Three months ended March 31, 2019 FMS SCS DTS Eliminations Total (In thousands) United States $ 1,198,943 $ 529,393 $ 349,621 $ (151,163) $ 1,926,794 Canada 74,014 49,708 — (5,401) 118,321 Europe 78,642 — — — 78,642 Mexico — 53,277 — — 53,277 Singapore — 3,293 — — 3,293 Total Revenues $ 1,351,599 $ 635,671 $ 349,621 $ (156,564) $ 2,180,327 Industry Our SCS business segment includes revenue from the below industries: Three months ended March 31, 2020 2019 (In thousands) Automotive $ 249,925 $ 253,679 Technology and healthcare 91,133 113,668 Consumer package goods and retail 229,932 217,098 Industrial and other 57,457 51,226 Total SCS Revenues $ 628,447 $ 635,671 Contract Balances We record a receivable related to revenue recognized when we have an unconditional right to invoice. Refer to Note 4 for further information regarding our receivables. 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. Deferred revenue related to the maintenance services component of our ChoiceLease product line was $590 million and $587 million as of March 31, 2020 and December 31, 2019, respectively. Revenue recognized during the three months ended March 31, 2020 and March 31, 2019 was $59 million and $58 million, respectively, for the amounts recorded as deferred revenue at the beginning of each year . In addition, we deferred consideration of $67 million and $57 million during the three months ended March 31, 2020 and March 31, 2019, respectively, which was received in advance of performance resulting in an increase in 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 $2.9 billion as of March 31, 2020. 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. Costs to Obtain and Fulfill a Contract We capitalize incremental sales commissions paid as a result of obtaining ChoiceLease, SCS and DTS service contracts as contract costs. Capitalized sales commissions were $101 million and $105 million as of March 31, 2020 and December 31, 2019, respectively. Capitalized sales commissions include initial direct costs of our leases of $53 million a nd $55 million as of March 31, 2020 and December 31, 2019, respectively, related to incremental sales commissions paid to our sales force as a result of obtaining ChoiceLease contracts. Capitalized sales commissions are presented in “Sales-type leases and other assets” in our Condensed Consolidated Balance Sheets. For both the three months ended March 31, 2020 and 2019, sales commission expense was $11 million.

RECEIVABLES, NET

RECEIVABLES, NET	3 Months Ended
	Mar. 31, 2020
Receivables [Abstract]
RECEIVABLES, NET	RECEIVABLES, NET March 31, 2020 December 31, 2019 (In thousands) Trade $ 1,039,932 $ 1,060,298 Sales-type leases 140,440 135,353 Other, primarily warranty and insurance 63,009 55,600 1,243,381 1,251,251 Allowance for credit losses and other (40,562) (22,761) Total $ 1,202,819 $ 1,228,490 On January 1, 2020, we adopted the new accounting guidance related to the allowance for credit losses on our trade receivables and sales-type leases. As a result of the adoption, we increased our allowance for credit allowances and reduced retained earnings by an immaterial amount as of January 1, 2020. We maintain an allowance for credit losses and an allowance for billing adjustments related to certain discounts and other customer concessions. Estimates are updated regularly based on our review of historical loss rates, as well as current and expected events of our business segments, current collection trends and billing adjustments processed. Accounts are charged against the allowance when determined to be uncollectible. When a business relationship with a customer is initiated, we evaluate collectibility from the customer and it is continuously monitored as services are provided. We have a credit rating system based on internally developed standards and ratings provided by third parties. Our credit rating system, along with monitoring for delinquent payments, allows us to make decisions as to whether collectibility is probable at the on-set of the relationship and subsequently as we offer services. Factors considered during this process include historical payment trends, industry risks, liquidity of the customer, years in business, and judgments, liens or bankruptcies. Payment terms vary by contract type, although terms generally include a requirement of payment within 30 to 90 days. When collectibility is not considered probable (typically when a customer is 120 days past due), revenue is not recognized until it is determined that the customer has the ability and intent to pay. Bad debt expense, which is recorded in selling, general and administrative expenses, was $19 million for the three months ended March 31, 2020, including impacts related to COVID-19. We continue to actively monitor the impact of the recent COVID-19 pandemic on expected credit losses.

REVENUE EARNING EQUIPMENT, NET

REVENUE EARNING EQUIPMENT, NET	3 Months Ended
	Mar. 31, 2020
Revenue Earning Equipment [Abstract]
REVENUE EARNING EQUIPMENT, NET	REVENUE EARNING EQUIPMENT, NET March 31, 2020 December 31, 2019 Cost Accumulated Net Book Value (1) Cost Accumulated Net Book Value (1) (In thousands) Held for use: ChoiceLease $ 12,031,414 $ (4,173,629) $ 7,857,785 $ 12,223,179 $ (4,125,342) $ 8,097,837 Commercial rental 2,986,622 (1,000,206) 1,986,416 3,200,403 (1,049,850) 2,150,553 Held for sale 927,277 (737,862) 189,415 748,435 (569,161) 179,274 Total $ 15,945,313 $ (5,911,697) $ 10,033,616 $ 16,172,017 $ (5,744,353) $ 10,427,664 ———————————— (1) Revenue earning equipment, net includes vehicles under finance leases of $12 million, less accumulated depreciation of $8 million, as of March 31, 2020, and $12 million, less accumulated depreciation of $8 million, as of December 31, 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, which we refer to as "valuation adjustments," are recognized at the time they arrive at our used truck sales centers and are presented within “Used vehicle sales, net” in the Condensed Consolidated 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. In the first quarter of 2020, we revised our residual value estimates for vehicles that are expected to be sold in the near-term (mid-2021) and recorded valuation adjustments on our vehicles held for sale due to the expected negative impacts of the COVID-19 pandemic on pricing and volume of used vehicle sales. We now expect lower used vehicle pricing in the second half of 2020 due to lower demand rather than our previous expectations of a modest increase during that time. As a result of these changes in estimated residual values, we recorded additional accelerated depreciation of $27 million and valuation adjustments of $21 million, which negatively impacted our FMS business segment results. 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 March 31, March 31, 2020 December 31, 2019 2020 2019 (In thousands) Assets held for sale: Revenue earning equipment (1) : Trucks $ 46,129 $ 39,009 $ 11,062 $ 11,546 Tractors 85,302 73,359 8,453 4,968 Trailers 3,251 2,206 1,993 180 Total assets at fair value $ 134,682 $ 114,574 $ 21,508 $ 16,694 ———————————— (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 valuation adjustments were recorded. The net book value of assets held for sale that were less than fair value was $55 million and $65 million as of March 31, 2020 and December 31, 2019, respectively. (2) Total losses represent fair value valuation adjustments for all vehicles reclassified to held for sale throughout the period for which fair value was less than net book value. The components of used vehicle sales, net were as follows: Three months ended March 31, 2020 2019 (In thousands) Losses (gains) on vehicle sales, net $ (824) $ (8,477) Losses from valuation adjustments 21,508 16,694 Used vehicle sales, net $ 20,684 $ 8,217

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS The carrying amount of goodwill attributable to each reportable business segment with changes therein was as follows: FMS SCS DTS Total (In thousands) Balance at December 31, 2019 $ 243,702 $ 190,515 $ 40,808 $ 475,025 Foreign currency translation adjustments (398) (448) — (846) Balance at March 31, 2020 $ 243,304 $ 190,067 $ 40,808 $ 474,179 We assess goodwill for impairment on October 1st of each year or more often if deemed necessary. In the first quarter of 2020, 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 as a result of the impact of COVID-19. 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). Based on our analysis, we determined that FMS NA goodwill was not impaired as of March 31, 2020. The estimated fair value of the FMS NA reporting unit exceeded its carrying value by approximately 5% as of March 31, 2020. Given this level of 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 continued declines in our stock price; negative trends from the COVID-19 pandemic continue; or there are 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 March 31, 2020, there was $243 million of goodwill recorded related to FMS NA. The following table includes the carrying value of our intangible assets attributable to each reportable business segment (in thousands): March 31, 2020 FMS SCS DTS CSS Total Indefinite lived intangible assets - Trade name $ — $ — $ — $ 8,731 $ 8,731 Finite lived intangible assets: Customer relationship intangibles 56,050 49,518 7,582 — 113,150 Other intangibles, primarily trade name 1,636 731 — — 2,367 57,686 50,249 7,582 8,731 124,248 Accumulated amortization (49,970) (21,222) (4,383) — (75,575) Total $ 7,716 $ 29,027 $ 3,199 $ 8,731 $ 48,673 December 31, 2019 FMS SCS DTS CSS Total Indefinite lived intangible assets - Trade name $ — $ — $ — $ 8,731 $ 8,731 Finite lived intangible assets: Customer relationship intangibles 56,050 49,518 7,582 — 113,150 Other intangibles, primarily trade name 1,636 731 — — 2,367 57,686 50,249 7,582 8,731 124,248 Accumulated amortization (49,031) (20,047) (4,265) — (73,343) Total $ 8,655 $ 30,202 $ 3,317 $ 8,731 $ 50,905

ACCRUED EXPENSES AND OTHER LIAB

ACCRUED EXPENSES AND OTHER LIABILITIES	3 Months Ended
	Mar. 31, 2020
Accrued Liabilities and Other Liabilities [Abstract]
ACCRUED EXPENSES AND OTHER LIABILITIES	ACCRUED EXPENSES AND OTHER LIABILITIES March 31, 2020 December 31, 2019 Accrued Non-Current Total Accrued Non-Current Total (In thousands) Salaries and wages $ 95,604 $ — $ 95,604 $ 126,119 $ — $ 126,119 Deferred compensation 3,791 57,654 61,445 6,436 65,006 71,442 Pension benefits 3,829 411,684 415,513 3,863 413,829 417,692 Other postretirement benefits 1,464 19,624 21,088 1,478 20,187 21,665 Other employee benefits 6,629 — 6,629 21,577 — 21,577 Insurance obligations (1) 165,245 308,631 473,876 163,763 285,838 449,601 Operating taxes 116,514 — 116,514 116,003 — 116,003 Income taxes 7,590 17,972 25,562 2,873 17,484 20,357 Interest 45,224 — 45,224 46,032 — 46,032 Deposits, mainly from customers 78,033 3,250 81,283 82,573 3,065 85,638 Operating lease liabilities 70,314 157,581 227,895 72,285 151,361 223,646 Deferred revenue (2) 162,946 443,590 606,536 165,205 438,482 603,687 Restructuring liabilities (3) 5,012 — 5,012 6,765 — 6,765 Other 58,062 52,298 110,360 61,105 46,751 107,856 Total $ 820,257 $ 1,472,284 $ 2,292,541 $ 876,077 $ 1,442,003 $ 2,318,080 ———————————— (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, 2019 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 2020.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXESEffective Tax RateOur effective income tax rate from continuing operations for the first quarter of 2020 was a benefit of 4.0% as compared to an expense of 32.7% in the first quarter of 2019. In the first quarter of 2020, the tax rate was impacted by the reduction in earnings due to accelerated depreciation charges and the COVID-19 economic effects. Additionally, we recorded a valuation allowance of $13 million on the net deferred tax assets of our U.K. operations on a discrete basis.

LEASES

LEASES	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
LEASES	LEASES Leases as Lessor The components of lease income were as follows: Three months ended March 31, 2020 2019 (In thousands) Operating leases Lease income related to ChoiceLease $ 399,588 $ 360,309 Lease income related to commercial rental (1) 195,695 219,171 Sales type leases Interest income related to net investment in leases $ 11,644 $ 11,456 Variable lease income excluding commercial rental (1) $ 65,507 $ 55,439 ———————————— (1) Lease income related to commercial rental includes both fixed and variable lease income. Variable lease income is approximately 15% to 25% of total commercial rental income based on management's internal estimates. The components of net investment in sales-type leases were as follows: March 31, 2020 December 31, 2019 (In thousands) Net investment in the lease — lease payment receivable $ 568,911 $ 553,076 Net investment in the lease — unguaranteed residual value in assets 42,920 44,952 611,831 598,028 Estimated loss allowance (1) (3,591) (673) Total (2) $ 608,240 $ 597,355 ———————————— (1) Amount as of March 31, 2020 reflects an immaterial cumulative-effect adjustment in connection with the adoption of the new credit loss standard (refer to Note 2 for further information). (2) Net investment in the sales-type lease are included in "Receivables, net" and "Sales-type leases and other assets" in the Condensed Consolidated Balance Sheets.
LEASES	LEASES Leases as Lessor The components of lease income were as follows: Three months ended March 31, 2020 2019 (In thousands) Operating leases Lease income related to ChoiceLease $ 399,588 $ 360,309 Lease income related to commercial rental (1) 195,695 219,171 Sales type leases Interest income related to net investment in leases $ 11,644 $ 11,456 Variable lease income excluding commercial rental (1) $ 65,507 $ 55,439 ———————————— (1) Lease income related to commercial rental includes both fixed and variable lease income. Variable lease income is approximately 15% to 25% of total commercial rental income based on management's internal estimates. The components of net investment in sales-type leases were as follows: March 31, 2020 December 31, 2019 (In thousands) Net investment in the lease — lease payment receivable $ 568,911 $ 553,076 Net investment in the lease — unguaranteed residual value in assets 42,920 44,952 611,831 598,028 Estimated loss allowance (1) (3,591) (673) Total (2) $ 608,240 $ 597,355 ———————————— (1) Amount as of March 31, 2020 reflects an immaterial cumulative-effect adjustment in connection with the adoption of the new credit loss standard (refer to Note 2 for further information). (2) Net investment in the sales-type lease are included in "Receivables, net" and "Sales-type leases and other assets" in the Condensed Consolidated Balance Sheets.

DEBT

DEBT	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
DEBT	DEBT Weighted Average Interest Rate March 31, 2020 Maturities March 31, December 31, (In thousands) Debt: U.S. commercial paper (1) 2.05% 2023 $ 713,464 $ 511,486 Canadian commercial paper (1) 1.72% 2023 33,409 136,199 Trade receivables program 1.46% 2021 300,000 — Global revolving credit facility 2.70% 2023 234,565 8,104 Unsecured U.S. notes — Medium-term notes (1)(2) 3.19% 2020-2026 5,570,822 5,965,064 Unsecured U.S. obligations 3.41% 2024 200,000 200,000 Unsecured foreign obligations 2.36% 2020-2024 310,634 270,719 Asset-backed U.S. obligations (3) 2.50% 2020-2026 784,632 807,374 Finance lease obligations and other 2020-2073 50,584 51,717 8,198,110 7,950,663 Debt issuance costs (23,740) (25,875) Total debt 8,174,370 7,924,788 Short-term debt and current portion of long-term debt (853,527) (1,154,564) Long-term debt $ 7,320,843 $ 6,770,224 ———————————— (1) Amounts are net of unamortized original issue discounts of $5 million and $6 million as of March 31, 2020 and December 31, 2019, respectively. (2) Amounts are inclusive of the fair market values of our hedging instruments on our notes of assets of $6 million as of March 31, 2020. The fair market values of our hedging instruments were not material as of December 31, 2019. The notional amount of the executed interest rate swaps designated as fair value hedges was $375 million and $525 million as of March 31, 2020 and December 31, 2019, respectively. (3) Asset-backed U.S. obligations are related to financing transactions backed by a portion of our revenue earning equipment. The following table includes our proceeds from borrowings and repayment of debt for the three months ended March 31, 2020. Debt Proceeds Debt Repayments (in thousands) (in thousands) Trade receivables program $ 300,000 2.65% Medium-term notes (due March 2020) $ 400,000 Unsecured foreign term loans (1.71% due February 2021 and 1.89% due February 2023) 177,926 Unsecured foreign term loans (1.71% due March 2020 and 1.89% due March 2020) 177,926 Canada term loans (2.94% due February 2021 and 2.99% due February 2022) 60,132 Asset-backed U.S. obligations 27,252 Canada term loan (3.44% due February 2023) 18,791 Canada term loan, finance lease obligations, and other repayments 22,523 Total debt proceeds $ 556,849 Total debt repaid $ 627,701 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 our long-term credit ratings. The annual facility fee is 10 basis points as of March 31, 2020, which applies to the total facility size of $1.4 billion. The credit facility is primarily used to finance working capital, but can also be used to issue up to $75 million in letters of credit (there were no letters of credit outstanding against the facility at March 31, 2020). At our option, the interest rate on borrowings under the credit facility is based on LIBOR, prime, federal funds or local equivalent rates. The credit facility contains no provisions limiting its availability in the event of a material adverse change to our business operations; however, the credit facility does contain standard representations and warranties, events of default, cross-default provisions and certain affirmative and negative covenants. As of March 31, 2020, there was $419 million 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. As of March 31, 2020, the ratio was 242%. Our global revolving credit facility enables us to refinance short-term obligations on a long-term basis. Short-term commercial paper obligations are classified as long-term as we have both the intent and ability to refinance on a long-term basis. As of March 31, 2020, we have reflected all maturities within the next twelve months in the current portion of long-term debt even though we may refinance these obligations on a long-term basis and have the ability to do so under our revolving credit facility. As of December 31, 2019, we classified $227 million of short-term commercial paper, $400 million of the current portion of long-term debt and $201 million of short-term debt as long-term debt as we had the intent and ability to refinance the current portion of these long-term debt on a long-term basis. In April 2020, we issued $400 million of unsecured 4.625% medium-term notes maturing in June 2025 and executed a $400 million senior floating-rate unsecured 364-day term loan. The proceeds of these notes were used to enhance our liquidity position and for working capital and other general corporate purposes. We have a trade receivables purchase and sale program, pursuant to which we sell certain of our domestic trade accounts receivable to a bankruptcy remote, consolidated subsidiary of Ryder, that in turn sells, on a revolving basis, an ownership interest in certain of these accounts receivable to a committed purchaser. The subsidiary is considered a VIE and is consolidated based on our control of the entity’s activities. We use this program to provide additional liquidity to fund our operations, particularly when it is cost effective to do so. The costs under the program may vary based on changes in interest rates. In February 2020, we increased the amount of available proceeds from our trade receivables purchase and sale program t o $300 million expiring in June 2020. In April, we extended the maturity of the trade receivables program to April 2021. We had letters of credit and surety bonds outstanding of $453 million as of both March 31, 2020 and December 31, 2019, which primarily guarantee the payment of insurance claims. The fair value of total debt (excluding capital lease and asset-backed U.S. obligations) was approximately $7 billion as of both March 31, 2020 and December 31, 2019. 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 Condensed Consolidated 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.

SHARE REPURCHASE PROGRAMS

SHARE REPURCHASE PROGRAMS	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
SHARE REPURCHASE PROGRAMS	SHARE REPURCHASE PROGRAMS We maintain a share repurchase program intended to mitigate the dilutive impact of shares issued under our employee stock plans. In December 2019, our Board of Directors authorized management to have the ability 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 our employee stock plans from December 1, 2019 to December 11, 2021. 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 under Rule 10b5-1 of the Securities Exchange Act of 1934 as part of the program, which allow for share repurchases during our quarterly blackout periods as set forth in the trading plan. During the three months ended March 31, 2020 and March 31, 2019, we repurchased approximately 303,000 shares for $12 million and 226,000 shares for $14 million, respectively. The 2019 share repurchase program has been put on hold temporarily due to the impact of COVID-19.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	3 Months Ended
	Mar. 31, 2020
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, 2019 $ (169,032) $ (656,313) $ (11,146) $ (836,491) Amortization — 6,013 153 6,166 Other current period change (84,620) — — (84,620) March 31, 2020 $ (253,652) $ (650,300) $ (10,993) $ (914,945) Currency Net Actuarial Loss (1) Prior Service Cost (1) Accumulated (In thousands) December 31, 2018 $ (199,713) $ (700,384) $ (11,537) $ (911,634) Amortization — 5,307 147 5,454 Other current period change 15,762 — — 15,762 March 31, 2019 $ (183,951) $ (695,077) $ (11,390) $ (890,418) _______________________ (1) These amounts are included in the computation of net pension expense. See Note 15, "Employee Benefit Plans," for additional information.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 2019 (In thousands, except per share amounts) Earnings (loss) per share — Basic: Earnings (loss) from continuing operations $ (109,129) $ 45,890 Less: Distributed and undistributed earnings allocated to unvested stock (118) (177) Earnings (loss) from continuing operations available to common shareholders — Basic $ (109,247) $ 45,713 Weighted average common shares outstanding — Basic 52,284 52,418 Earnings (loss) from continuing operations per common share — Basic $ (2.09) $ 0.87 Earnings (loss) per share — Diluted: Earnings (loss) from continuing operations $ (109,129) $ 45,890 Less: Distributed and undistributed earnings allocated to unvested stock (118) (177) Earnings (loss) from continuing operations available to common shareholders — Diluted $ (109,247) $ 45,713 Weighted average common shares outstanding — Basic 52,284 52,418 Effect of dilutive equity awards — 223 Weighted average common shares outstanding — Diluted 52,284 52,641 Earnings (loss) from continuing operations per common share — Diluted $ (2.09) $ 0.87 Anti-dilutive equity awards not included above 3,134 1,682

SHARE-BASED COMPENSATION PLANS

SHARE-BASED COMPENSATION PLANS	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION PLANS	SHARE-BASED COMPENSATION PLANS The following table provides information on share-based compensation expense and income tax benefits recognized during the periods: Three months ended March 31, 2020 2019 (In thousands) Stock option and stock purchase plans $ 1,357 $ 1,819 Unvested stock awards 1,734 5,580 Share-based compensation expense 3,091 7,399 Income tax benefit (178) (1,160) Share-based compensation expense, net of tax $ 2,913 $ 6,239 Total unrecognized pre-tax compensation exp ense related to all share-based compensation arrangements at March 31, 2020 was $66 million and is expected to be recognized over a weighted-average period of 2.4 years . The following table is a summary of the awards granted under the Plans during the periods presented: Three months ended March 31, 2020 Shares Granted Weighted-Average (Shares in thousands) Performance-based restricted stock rights 292 $ 37.47 Time-vested restricted stock rights 557 38.45 Total 849 $ 38.11 Performance-based restricted stock awards (PBRSRs) include a performance-based vesting condition. PBRSRs are awarded based on various revenue, return-based and cash flow performance targets and a majority of PBRSRs include a total shareholder return (TSR) modifier. The fair values of the PBRSRs that include a TSR modifier are estimated using a lattice-based option-pricing valuation model that incorporates a Monte-Carlo simulation. The fair value of PBRSRs that do not include a TSR modifier is determined and fixed on the grant date based on our stock price on the date of grant. Share-based compensation expense is recognized on a straight-line basis over the vesting period, based upon the probability that the performance target will be met. Restricted stock awards are unvested stock rights that are granted to employees and entitle the holder to shares of common stock as the award vests. Time-vested restricted stock rights typically vest ratably over three years regardless of company performance. The fair value of the time-vested awards is determined and fixed based on our stock price on the date of grant.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	3 Months Ended
	Mar. 31, 2020
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS Components of net pension expense were as follows: Three months ended March 31, 2020 2019 (In thousands) Pension Benefits Company-administered plans: Service cost $ 3,213 $ 3,032 Interest cost 17,532 21,469 Expected return on plan assets (24,263) (22,676) Amortization of: Net actuarial loss 7,715 7,610 Prior service cost 187 179 4,384 9,614 Union-administered plans 2,779 2,457 Net pension expense $ 7,163 $ 12,071 Company-administered plans: U.S. $ 6,778 $ 11,473 Non-U.S. (2,394) (1,859) 4,384 9,614 Union-administered plans 2,779 2,457 Net pension expense $ 7,163 $ 12,071 Non-operating pension costs include the amortization of net actuarial loss and prior service cost, interest cost and expected return on plan assets components of pension and postretirement benefit costs, as well as any significant charges for settlements or curtailments if recognized. During the three months ended March 31, 2020, we contributed

OTHER ITEMS IMPACTING COMPARABI

OTHER ITEMS IMPACTING COMPARABILITY	3 Months Ended
	Mar. 31, 2020
Other Income and Expenses [Abstract]
OTHER ITEMS IMPACTING COMPARABILITY	OTHER ITEMS IMPACTING COMPARABILITY Our primary measure of segment performance as shown in Note 19, "Segment Reporting," excludes certain items we do not believe are representative of the ongoing operations of the segment. Excluding these items from our segment measure of performance allows for better year over year comparison: Three months ended March 31, 2020 2019 (In thousands) Restructuring and other, net $ 11,263 $ 2,588 ERP implementation costs 10,326 3,590 Total other items impacting comparability $ 21,589 $ 6,178 During the three months ended March 31, 2020 and 2019, other items impacting comparability included: • Restructuring and other, net — For the three months ended March 31, 2020, this primarily included expenses related to restructuring activities undertaken in late 2019 and professional fees related to the pursuit of a commercial claim, as well as net losses related to our ChoiceLease insurance liability program which was discontinued in January 2020. The exit of this program is estimated to be completed in the second quarter of 2021. For the three months ended March 31, 2019, this primarily related to consulting fees related to cost saving initiatives, professional fees related to the pursuit of a commercial claim, and income from our Singapore operations that shut down in 2019. • ERP implementation costs

OTHER MATTERS

OTHER MATTERS	3 Months Ended
	Mar. 31, 2020
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 condensed consolidated financial statements. Our estimates regarding potential losses and materiality are based on our judgment and assessment of the claims utilizing currently available information. Although we will continue to reassess our reserves and estimates based on future developments, our objective assessment of the legal merits of such claims may not always be predictive of the outcome and actual results may vary from our current estimates.

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	3 Months Ended
	Mar. 31, 2020
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	SUPPLEMENTAL CASH FLOW INFORMATION Three months ended March 31, 2020 2019 (In thousands) Interest paid $ 60,566 $ 52,490 Income taxes paid 5,096 3,611 Right-of-use assets obtained in exchange for lease obligations: Finance leases 3,744 2,026 Operating leases 23,877 16,605 March 31, 2020 December 31, 2019 (In thousands) Capital expenditures acquired but not yet paid $ 144,538 $ 185,264

SEGMENT REPORTING

SEGMENT REPORTING	3 Months Ended
	Mar. 31, 2020
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) SCS, which provides integrated logistics solutions, including distribution, management, dedicated transportation and professional services in North America; and (3) DTS, which provides turnkey transportation solutions in the U.S. that includes dedicated vehicles, drivers and engineering, and administrative support. Dedicated transportation services provided as part of an operationally integrated, multi-service, supply chain solution to SCS customers are primarily reported in the SCS business segment. Our primary measurement of segment financial performance, defined as segment “Earnings from continuing operations before taxes” (EBT), includes an allocation of Central Support Services (CSS) and excludes non-operating pension costs and certain other items as discussed in Note 16, "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, SCS and DTS 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 as well as provides rental vehicles, fuel, maintenance and other ancillary services to the SCS and DTS segments. EBT related to inter-segment equipment and services billed to SCS and DTS customers (equipment contribution) are included in both FMS and the segment that served the customer and then eliminated upon consolidation (presented as “Eliminations”). Inter-segment EBT allocated to SCS and DTS includes earnings related to equipment used in providing services to SCS and DTS 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. We do not record right-of-use assets or liabilities for our intercompany operating leases between FMS and SCS and DTS business segments. The following table sets forth financial information for each of our segments and provide a reconciliation between segment EBT and earnings from continuing operations before income taxes. Three months ended March 31, 2020 2019 (In thousands) Revenue: Fleet Management Solutions: ChoiceLease $ 792,206 $ 740,059 SelectCare 136,146 135,779 Commercial rental 205,766 236,148 Other 23,426 23,227 Fuel services revenue 173,335 207,866 ChoiceLease liability insurance revenue (1) 9,358 8,520 Fleet Management Solutions 1,340,237 1,351,599 Supply Chain Solutions 628,447 635,671 Dedicated Transportation Solutions 334,888 349,621 Eliminations (142,266) (156,564) Total revenue $ 2,161,306 $ 2,180,327 Earnings (Loss) Before Taxes: Fleet Management Solutions $ (114,574) $ 60,911 Supply Chain Solutions 31,025 32,317 Dedicated Transportation Solutions 12,180 17,412 Eliminations (10,069) (17,302) (81,438) 93,338 Unallocated Central Support Services (9,386) (12,547) Non-operating pension costs (2) (1,221) (6,462) Other items impacting comparability, net (3) (21,589) (6,178) Earnings (loss) from continuing operations before income taxes $ (113,634) $ 68,151 _______________ (1) In the first quarter of 2020, we announced our plan to exit the extension of our liability insurance coverage for ChoiceLease customers. The exit of this program is estimated to be completed in the second quarter of 2021. We have reclassed the revenues associated with this program from our ChoiceLease revenues for better comparability of our on-going operations as this is now consistent with management reporting. (2) Non-operating pension costs include the amortization of net actuarial loss and prior service costs, interest cost and expected return on plan assets components of pension and postretirement benefit costs and pension settlement charges if one has occurred. (3) Refer to Note 16, “Other Items Impacting Comparability,” for a discussion of items excluded from our primary measure of segment performance. The following table sets forth the capital expenditures paid for each of our segments. FMS SCS DTS CSS Total (In thousands) Three months ended March 31, 2020 Capital expenditures paid $ 423,116 6,006 424 1,414 $ 430,960 Three months ended March 31, 2019 Capital expenditures paid $ 1,006,129 12,756 343 7,483 $ 1,026,711

RECENT ACCOUNTING PRONOUNCEME_2

RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	3 Months Ended
	Mar. 31, 2020
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recent Accounting Pronouncements	RECENT ACCOUNTING PRONOUNCEMENTS Reference Rate Reform In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2020-04, Reference Rate Reform (Topic 848). This update provides optional expedients for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued at the end of 2021 because of reference rate reform. The update is effective for all entities as of March 12, 2020 through December 31, 2022. We are currently evaluating the impact on our consolidated financial position, results of operations, and cash flows. Income Taxes In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (Topic 740). This pronouncement enhances and simplifies various aspects of income tax accounting guidance. Among other things, the amendment removes the year-to-date loss limitations in interim-period tax accounting and requires entities to reflect the effect of an enacted change in tax laws in the interim period that includes the enactment date of the new legislation. The standard is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years, with early adoption permitted. We have early adopted this update in the first quarter of 2020, under the modified retrospective basis and prospective transition approaches, and it did not have a material impact on our consolidated financial position, results of operations, and cash flows. Cloud Computing Arrangements In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal Use Software (Topic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract , which addresses a customer’s accounting for implementation costs incurred in a cloud computing arrangement (CCA) that is a service contract. The new standard 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. We adopted the new standard prospectively on January 1, 2020 and it did not have a material impact on our consolidated financial position, results of operations, and 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). The new standard modifies the measurement of expected credit losses of certain financial instruments, including accounts receivable (excluding those related to operating leases) 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. 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 adopted this new standard as of January 1, 2020 and it did not have a material impact on our consolidated financial position, results of operations, and cash flows.

REVENUE (Tables)

REVENUE (Tables)	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue from External Customers by Geographic Areas	The following tables disaggregate our revenue recognized by primary geographical market by our FMS, SCS and DTS reportable business segments, as well as by industry for SCS. Refer to Note 19, "Segment Reporting," for the disaggregation of our revenue by major products/service line. Primary Geographical Markets Three months ended March 31, 2020 FMS SCS DTS Eliminations Total (In thousands) United States $ 1,197,521 $ 522,525 $ 334,888 $ (137,295) $ 1,917,639 Canada 70,765 53,552 — (4,971) 119,346 Europe 71,951 — — — 71,951 Mexico — 52,370 — — 52,370 Total Revenues $ 1,340,237 $ 628,447 $ 334,888 $ (142,266) $ 2,161,306 Three months ended March 31, 2019 FMS SCS DTS Eliminations Total (In thousands) United States $ 1,198,943 $ 529,393 $ 349,621 $ (151,163) $ 1,926,794 Canada 74,014 49,708 — (5,401) 118,321 Europe 78,642 — — — 78,642 Mexico — 53,277 — — 53,277 Singapore — 3,293 — — 3,293 Total Revenues $ 1,351,599 $ 635,671 $ 349,621 $ (156,564) $ 2,180,327
Disaggregation of Revenue	Our SCS business segment includes revenue from the below industries: Three months ended March 31, 2020 2019 (In thousands) Automotive $ 249,925 $ 253,679 Technology and healthcare 91,133 113,668 Consumer package goods and retail 229,932 217,098 Industrial and other 57,457 51,226 Total SCS Revenues $ 628,447 $ 635,671

RECEIVABLES, NET (Tables)

RECEIVABLES, NET (Tables)	3 Months Ended
	Mar. 31, 2020
Receivables [Abstract]
Schedule of Receivables, Net	March 31, 2020 December 31, 2019 (In thousands) Trade $ 1,039,932 $ 1,060,298 Sales-type leases 140,440 135,353 Other, primarily warranty and insurance 63,009 55,600 1,243,381 1,251,251 Allowance for credit losses and other (40,562) (22,761) Total $ 1,202,819 $ 1,228,490

REVENUE EARNING EQUIPMENT, NET

REVENUE EARNING EQUIPMENT, NET (Tables)	3 Months Ended
	Mar. 31, 2020
Revenue Earning Equipment [Abstract]
Summary of revenue earning equipment	March 31, 2020 December 31, 2019 Cost Accumulated Net Book Value (1) Cost Accumulated Net Book Value (1) (In thousands) Held for use: ChoiceLease $ 12,031,414 $ (4,173,629) $ 7,857,785 $ 12,223,179 $ (4,125,342) $ 8,097,837 Commercial rental 2,986,622 (1,000,206) 1,986,416 3,200,403 (1,049,850) 2,150,553 Held for sale 927,277 (737,862) 189,415 748,435 (569,161) 179,274 Total $ 15,945,313 $ (5,911,697) $ 10,033,616 $ 16,172,017 $ (5,744,353) $ 10,427,664 ————————————
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 March 31, March 31, 2020 December 31, 2019 2020 2019 (In thousands) Assets held for sale: Revenue earning equipment (1) : Trucks $ 46,129 $ 39,009 $ 11,062 $ 11,546 Tractors 85,302 73,359 8,453 4,968 Trailers 3,251 2,206 1,993 180 Total assets at fair value $ 134,682 $ 114,574 $ 21,508 $ 16,694 ———————————— (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 valuation adjustments were recorded. The net book value of assets held for sale that were less than fair value was $55 million and $65 million as of March 31, 2020 and December 31, 2019, respectively. (2) Total losses represent fair value valuation adjustments for all vehicles reclassified to held for sale throughout the period for which fair value was less than net book value.
Gain and losses revenue earning equipment	The components of used vehicle sales, net were as follows: Three months ended March 31, 2020 2019 (In thousands) Losses (gains) on vehicle sales, net $ (824) $ (8,477) Losses from valuation adjustments 21,508 16,694 Used vehicle sales, net $ 20,684 $ 8,217

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill by Business Segment	The carrying amount of goodwill attributable to each reportable business segment with changes therein was as follows: FMS SCS DTS Total (In thousands) Balance at December 31, 2019 $ 243,702 $ 190,515 $ 40,808 $ 475,025 Foreign currency translation adjustments (398) (448) — (846) Balance at March 31, 2020 $ 243,304 $ 190,067 $ 40,808 $ 474,179
Schedule of Intangible Assets	The following table includes the carrying value of our intangible assets attributable to each reportable business segment (in thousands): March 31, 2020 FMS SCS DTS CSS Total Indefinite lived intangible assets - Trade name $ — $ — $ — $ 8,731 $ 8,731 Finite lived intangible assets: Customer relationship intangibles 56,050 49,518 7,582 — 113,150 Other intangibles, primarily trade name 1,636 731 — — 2,367 57,686 50,249 7,582 8,731 124,248 Accumulated amortization (49,970) (21,222) (4,383) — (75,575) Total $ 7,716 $ 29,027 $ 3,199 $ 8,731 $ 48,673 December 31, 2019 FMS SCS DTS CSS Total Indefinite lived intangible assets - Trade name $ — $ — $ — $ 8,731 $ 8,731 Finite lived intangible assets: Customer relationship intangibles 56,050 49,518 7,582 — 113,150 Other intangibles, primarily trade name 1,636 731 — — 2,367 57,686 50,249 7,582 8,731 124,248 Accumulated amortization (49,031) (20,047) (4,265) — (73,343) Total $ 8,655 $ 30,202 $ 3,317 $ 8,731 $ 50,905

ACCRUED EXPENSES AND OTHER LI_2

ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2020
Accrued Liabilities and Other Liabilities [Abstract]
Accrued Expenses and Other Liabilities	March 31, 2020 December 31, 2019 Accrued Non-Current Total Accrued Non-Current Total (In thousands) Salaries and wages $ 95,604 $ — $ 95,604 $ 126,119 $ — $ 126,119 Deferred compensation 3,791 57,654 61,445 6,436 65,006 71,442 Pension benefits 3,829 411,684 415,513 3,863 413,829 417,692 Other postretirement benefits 1,464 19,624 21,088 1,478 20,187 21,665 Other employee benefits 6,629 — 6,629 21,577 — 21,577 Insurance obligations (1) 165,245 308,631 473,876 163,763 285,838 449,601 Operating taxes 116,514 — 116,514 116,003 — 116,003 Income taxes 7,590 17,972 25,562 2,873 17,484 20,357 Interest 45,224 — 45,224 46,032 — 46,032 Deposits, mainly from customers 78,033 3,250 81,283 82,573 3,065 85,638 Operating lease liabilities 70,314 157,581 227,895 72,285 151,361 223,646 Deferred revenue (2) 162,946 443,590 606,536 165,205 438,482 603,687 Restructuring liabilities (3) 5,012 — 5,012 6,765 — 6,765 Other 58,062 52,298 110,360 61,105 46,751 107,856 Total $ 820,257 $ 1,472,284 $ 2,292,541 $ 876,077 $ 1,442,003 $ 2,318,080 ———————————— (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, 2019 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 2020.

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Schedule of Lease Income - Operating	The components of lease income were as follows: Three months ended March 31, 2020 2019 (In thousands) Operating leases Lease income related to ChoiceLease $ 399,588 $ 360,309 Lease income related to commercial rental (1) 195,695 219,171 Sales type leases Interest income related to net investment in leases $ 11,644 $ 11,456 Variable lease income excluding commercial rental (1) $ 65,507 $ 55,439 ———————————— (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: March 31, 2020 December 31, 2019 (In thousands) Net investment in the lease — lease payment receivable $ 568,911 $ 553,076 Net investment in the lease — unguaranteed residual value in assets 42,920 44,952 611,831 598,028 Estimated loss allowance (1) (3,591) (673) Total (2) $ 608,240 $ 597,355 ———————————— (1) Amount as of March 31, 2020 reflects an immaterial cumulative-effect adjustment in connection with the adoption of the new credit loss standard (refer to Note 2 for further information). (2) Net investment in the sales-type lease are included in "Receivables, net" and "Sales-type leases and other assets" in the Condensed Consolidated Balance Sheets.

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of Debt	Weighted Average Interest Rate March 31, 2020 Maturities March 31, December 31, (In thousands) Debt: U.S. commercial paper (1) 2.05% 2023 $ 713,464 $ 511,486 Canadian commercial paper (1) 1.72% 2023 33,409 136,199 Trade receivables program 1.46% 2021 300,000 — Global revolving credit facility 2.70% 2023 234,565 8,104 Unsecured U.S. notes — Medium-term notes (1)(2) 3.19% 2020-2026 5,570,822 5,965,064 Unsecured U.S. obligations 3.41% 2024 200,000 200,000 Unsecured foreign obligations 2.36% 2020-2024 310,634 270,719 Asset-backed U.S. obligations (3) 2.50% 2020-2026 784,632 807,374 Finance lease obligations and other 2020-2073 50,584 51,717 8,198,110 7,950,663 Debt issuance costs (23,740) (25,875) Total debt 8,174,370 7,924,788 Short-term debt and current portion of long-term debt (853,527) (1,154,564) Long-term debt $ 7,320,843 $ 6,770,224 ———————————— (1) Amounts are net of unamortized original issue discounts of $5 million and $6 million as of March 31, 2020 and December 31, 2019, respectively. (2) Amounts are inclusive of the fair market values of our hedging instruments on our notes of assets of $6 million as of March 31, 2020. The fair market values of our hedging instruments were not material as of December 31, 2019. The notional amount of the executed interest rate swaps designated as fair value hedges was $375 million and $525 million as of March 31, 2020 and December 31, 2019, respectively. (3) Asset-backed U.S. obligations are related to financing transactions backed by a portion of our revenue earning equipment. The following table includes our proceeds from borrowings and repayment of debt for the three months ended March 31, 2020. Debt Proceeds Debt Repayments (in thousands) (in thousands) Trade receivables program $ 300,000 2.65% Medium-term notes (due March 2020) $ 400,000 Unsecured foreign term loans (1.71% due February 2021 and 1.89% due February 2023) 177,926 Unsecured foreign term loans (1.71% due March 2020 and 1.89% due March 2020) 177,926 Canada term loans (2.94% due February 2021 and 2.99% due February 2022) 60,132 Asset-backed U.S. obligations 27,252 Canada term loan (3.44% due February 2023) 18,791 Canada term loan, finance lease obligations, and other repayments 22,523 Total debt proceeds $ 556,849 Total debt repaid $ 627,701

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	3 Months Ended
	Mar. 31, 2020
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, 2019 $ (169,032) $ (656,313) $ (11,146) $ (836,491) Amortization — 6,013 153 6,166 Other current period change (84,620) — — (84,620) March 31, 2020 $ (253,652) $ (650,300) $ (10,993) $ (914,945) Currency Net Actuarial Loss (1) Prior Service Cost (1) Accumulated (In thousands) December 31, 2018 $ (199,713) $ (700,384) $ (11,537) $ (911,634) Amortization — 5,307 147 5,454 Other current period change 15,762 — — 15,762 March 31, 2019 $ (183,951) $ (695,077) $ (11,390) $ (890,418) _______________________ (1) These amounts are included in the computation of net pension expense. See Note 15, "Employee Benefit Plans," for additional information.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 2019 (In thousands, except per share amounts) Earnings (loss) per share — Basic: Earnings (loss) from continuing operations $ (109,129) $ 45,890 Less: Distributed and undistributed earnings allocated to unvested stock (118) (177) Earnings (loss) from continuing operations available to common shareholders — Basic $ (109,247) $ 45,713 Weighted average common shares outstanding — Basic 52,284 52,418 Earnings (loss) from continuing operations per common share — Basic $ (2.09) $ 0.87 Earnings (loss) per share — Diluted: Earnings (loss) from continuing operations $ (109,129) $ 45,890 Less: Distributed and undistributed earnings allocated to unvested stock (118) (177) Earnings (loss) from continuing operations available to common shareholders — Diluted $ (109,247) $ 45,713 Weighted average common shares outstanding — Basic 52,284 52,418 Effect of dilutive equity awards — 223 Weighted average common shares outstanding — Diluted 52,284 52,641 Earnings (loss) from continuing operations per common share — Diluted $ (2.09) $ 0.87 Anti-dilutive equity awards not included above 3,134 1,682

SHARE-BASED COMPENSATION PLANS

SHARE-BASED COMPENSATION PLANS (Tables)	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Share-based Compensation Expense and Income Tax Benefits Recognized During the Periods	The following table provides information on share-based compensation expense and income tax benefits recognized during the periods: Three months ended March 31, 2020 2019 (In thousands) Stock option and stock purchase plans $ 1,357 $ 1,819 Unvested stock awards 1,734 5,580 Share-based compensation expense 3,091 7,399 Income tax benefit (178) (1,160) Share-based compensation expense, net of tax $ 2,913 $ 6,239
Share-based Compensation, Activity	The following table is a summary of the awards granted under the Plans during the periods presented: Three months ended March 31, 2020 Shares Granted Weighted-Average (Shares in thousands) Performance-based restricted stock rights 292 $ 37.47 Time-vested restricted stock rights 557 38.45 Total 849 $ 38.11

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	3 Months Ended
	Mar. 31, 2020
Retirement Benefits [Abstract]
Components of Net Periodic Benefit Cost	Components of net pension expense were as follows: Three months ended March 31, 2020 2019 (In thousands) Pension Benefits Company-administered plans: Service cost $ 3,213 $ 3,032 Interest cost 17,532 21,469 Expected return on plan assets (24,263) (22,676) Amortization of: Net actuarial loss 7,715 7,610 Prior service cost 187 179 4,384 9,614 Union-administered plans 2,779 2,457 Net pension expense $ 7,163 $ 12,071 Company-administered plans: U.S. $ 6,778 $ 11,473 Non-U.S. (2,394) (1,859) 4,384 9,614 Union-administered plans 2,779 2,457 Net pension expense $ 7,163 $ 12,071

OTHER ITEMS IMPACTING COMPARA_2

OTHER ITEMS IMPACTING COMPARABILITY (Tables)	3 Months Ended
	Mar. 31, 2020
Other Income and Expenses [Abstract]
Other Items Impacting Comparability Table	Excluding these items from our segment measure of performance allows for better year over year comparison: Three months ended March 31, 2020 2019 (In thousands) Restructuring and other, net $ 11,263 $ 2,588 ERP implementation costs 10,326 3,590 Total other items impacting comparability $ 21,589 $ 6,178

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Three months ended March 31, 2020 2019 (In thousands) Interest paid $ 60,566 $ 52,490 Income taxes paid 5,096 3,611 Right-of-use assets obtained in exchange for lease obligations: Finance leases 3,744 2,026 Operating leases 23,877 16,605 March 31, 2020 December 31, 2019 (In thousands) Capital expenditures acquired but not yet paid $ 144,538 $ 185,264

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Financial information of business segments	The following table sets forth financial information for each of our segments and provide a reconciliation between segment EBT and earnings from continuing operations before income taxes. Three months ended March 31, 2020 2019 (In thousands) Revenue: Fleet Management Solutions: ChoiceLease $ 792,206 $ 740,059 SelectCare 136,146 135,779 Commercial rental 205,766 236,148 Other 23,426 23,227 Fuel services revenue 173,335 207,866 ChoiceLease liability insurance revenue (1) 9,358 8,520 Fleet Management Solutions 1,340,237 1,351,599 Supply Chain Solutions 628,447 635,671 Dedicated Transportation Solutions 334,888 349,621 Eliminations (142,266) (156,564) Total revenue $ 2,161,306 $ 2,180,327 Earnings (Loss) Before Taxes: Fleet Management Solutions $ (114,574) $ 60,911 Supply Chain Solutions 31,025 32,317 Dedicated Transportation Solutions 12,180 17,412 Eliminations (10,069) (17,302) (81,438) 93,338 Unallocated Central Support Services (9,386) (12,547) Non-operating pension costs (2) (1,221) (6,462) Other items impacting comparability, net (3) (21,589) (6,178) Earnings (loss) from continuing operations before income taxes $ (113,634) $ 68,151 _______________ (1) In the first quarter of 2020, we announced our plan to exit the extension of our liability insurance coverage for ChoiceLease customers. The exit of this program is estimated to be completed in the second quarter of 2021. We have reclassed the revenues associated with this program from our ChoiceLease revenues for better comparability of our on-going operations as this is now consistent with management reporting. (2) Non-operating pension costs include the amortization of net actuarial loss and prior service costs, interest cost and expected return on plan assets components of pension and postretirement benefit costs and pension settlement charges if one has occurred. (3) Refer to Note 16, “Other Items Impacting Comparability,” for a discussion of items excluded from our primary measure of segment performance. The following table sets forth the capital expenditures paid for each of our segments. FMS SCS DTS CSS Total (In thousands) Three months ended March 31, 2020 Capital expenditures paid $ 423,116 6,006 424 1,414 $ 430,960 Three months ended March 31, 2019 Capital expenditures paid $ 1,006,129 12,756 343 7,483 $ 1,026,711

REVENUE - Narrative (Details)

REVENUE - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Lease & related maintenance and rental revenues	$ 927,756	$ 899,559
Deferred revenue	606,536		$ 603,687
Amount of revenue recognized, previously included in deferred revenue	59,000	58,000
Increase in deferred revenue during the period	67,000	57,000
Contracted not recognized revenue	2,900,000
Capitalized sales commissions	101,000		105,000
Initial direct costs of leases	53,000	55,000
Amortization of capitalized sales commissions	11,000	11,000
Maintenance Services
Disaggregation of Revenue [Line Items]
Lease & related maintenance and rental revenues	240,000	$ 239,000
ChoiceLease
Disaggregation of Revenue [Line Items]
Deferred revenue	$ 590,000		$ 587,000

REVENUE Disaggregation of Reven

REVENUE Disaggregation of Revenue - Geographical (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Revenues	$ 2,161,306	$ 2,180,327
United States
Disaggregation of Revenue [Line Items]
Revenues	1,917,639	1,926,794
Canada
Disaggregation of Revenue [Line Items]
Revenues	119,346	118,321
Europe
Disaggregation of Revenue [Line Items]
Revenues	71,951	78,642
Mexico
Disaggregation of Revenue [Line Items]
Revenues	52,370	53,277
Singapore
Disaggregation of Revenue [Line Items]
Revenues		3,293
SCS
Disaggregation of Revenue [Line Items]
Revenues	628,447	635,671
Operating Segments | FMS
Disaggregation of Revenue [Line Items]
Revenues	1,340,237	1,351,599
Operating Segments | FMS | United States
Disaggregation of Revenue [Line Items]
Revenues	1,197,521	1,198,943
Operating Segments | FMS | Canada
Disaggregation of Revenue [Line Items]
Revenues	70,765	74,014
Operating Segments | FMS | Europe
Disaggregation of Revenue [Line Items]
Revenues	71,951	78,642
Operating Segments | FMS | Mexico
Disaggregation of Revenue [Line Items]
Revenues	0	0
Operating Segments | FMS | Singapore
Disaggregation of Revenue [Line Items]
Revenues		0
Operating Segments | SCS
Disaggregation of Revenue [Line Items]
Revenues	628,447	635,671
Operating Segments | SCS | United States
Disaggregation of Revenue [Line Items]
Revenues	522,525	529,393
Operating Segments | SCS | Canada
Disaggregation of Revenue [Line Items]
Revenues	53,552	49,708
Operating Segments | SCS | Europe
Disaggregation of Revenue [Line Items]
Revenues	0	0
Operating Segments | SCS | Mexico
Disaggregation of Revenue [Line Items]
Revenues	52,370	53,277
Operating Segments | SCS | Singapore
Disaggregation of Revenue [Line Items]
Revenues		3,293
Operating Segments | DTS
Disaggregation of Revenue [Line Items]
Revenues	334,888	349,621
Operating Segments | DTS | United States
Disaggregation of Revenue [Line Items]
Revenues	334,888	349,621
Operating Segments | DTS | Canada
Disaggregation of Revenue [Line Items]
Revenues	0	0
Operating Segments | DTS | Europe
Disaggregation of Revenue [Line Items]
Revenues	0	0
Operating Segments | DTS | Mexico
Disaggregation of Revenue [Line Items]
Revenues	0	0
Operating Segments | DTS | Singapore
Disaggregation of Revenue [Line Items]
Revenues		0
Eliminations
Disaggregation of Revenue [Line Items]
Revenues	(142,266)	(156,564)
Eliminations | United States
Disaggregation of Revenue [Line Items]
Revenues	(137,295)	(151,163)
Eliminations | Canada
Disaggregation of Revenue [Line Items]
Revenues	(4,971)	(5,401)
Eliminations | Europe
Disaggregation of Revenue [Line Items]
Revenues	0	0
Eliminations | Mexico
Disaggregation of Revenue [Line Items]
Revenues	$ 0	0
Eliminations | Singapore
Disaggregation of Revenue [Line Items]
Revenues		$ 0

REVENUE Disaggregation of Rev_2

REVENUE Disaggregation of Revenue - Industry (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Revenues	$ 2,161,306	$ 2,180,327
SCS
Disaggregation of Revenue [Line Items]
Revenues	628,447	635,671
Automotive | SCS
Disaggregation of Revenue [Line Items]
Revenues	249,925	253,679
Technology and healthcare | SCS
Disaggregation of Revenue [Line Items]
Revenues	91,133	113,668
Consumer package goods and retail | SCS
Disaggregation of Revenue [Line Items]
Revenues	229,932	217,098
Industrial and other | SCS
Disaggregation of Revenue [Line Items]
Revenues	$ 57,457	$ 51,226

RECEIVABLES, NET - Summary (Det

RECEIVABLES, NET - Summary (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Receivables [Abstract]
Trade	$ 1,039,932	$ 1,060,298
Sales-type leases	140,440	135,353
Other, primarily warranty and insurance	63,009	55,600
Receivables, gross	1,243,381	1,251,251
Allowance for credit losses and other	(40,562)	(22,761)
Total	1,202,819	$ 1,228,490
Bad debt expense	$ 19,000

REVENUE EARNING EQUIPMENT, NE_2

REVENUE EARNING EQUIPMENT, NET - Schedule of Revenue Earning Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Revenue Earning Equipment [Line Items]
Cost	$ 15,945,313	$ 16,172,017
Accumulated Depreciation	(5,911,697)	(5,744,353)
Net Book Value	10,033,616	10,427,664
ChoiceLease
Revenue Earning Equipment [Line Items]
Cost	12,031,414	12,223,179
Accumulated Depreciation	(4,173,629)	(4,125,342)
Net Book Value	7,857,785	8,097,837
Commercial rental
Revenue Earning Equipment [Line Items]
Cost	2,986,622	3,200,403
Accumulated Depreciation	(1,000,206)	(1,049,850)
Net Book Value	1,986,416	2,150,553
Held for sale
Revenue Earning Equipment [Line Items]
Cost	927,277	748,435
Accumulated Depreciation	(737,862)	(569,161)
Net Book Value	189,415	179,274
Assets held under capital leases
Revenue Earning Equipment [Line Items]
Cost	12,000	12,000
Accumulated Depreciation	$ (8,000)	$ (8,000)

REVENUE EARNING EQUIPMENT, NE_3

REVENUE EARNING EQUIPMENT, NET - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Revenue Recognition and Deferred Revenue [Abstract]
Accelerated depreciation	$ 27
Valuation adjustments	$ 21

REVENUE EARNING EQUIPMENT, NE_4

REVENUE EARNING EQUIPMENT, NET - Level 3 Fair Value Measurement (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Revenue Earning Equipment [Line Items]
Total losses	$ 21,508	$ 16,694
Net book value of assets held for sale	55,000		$ 65,000
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring
Revenue Earning Equipment [Line Items]
Assets held for sale	134,682		114,574
Total losses	21,508	16,694
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | Trucks
Revenue Earning Equipment [Line Items]
Assets held for sale	46,129		39,009
Total losses	11,062	11,546
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | Tractors
Revenue Earning Equipment [Line Items]
Assets held for sale	85,302		73,359
Total losses	8,453	4,968
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | Trailers
Revenue Earning Equipment [Line Items]
Assets held for sale	3,251		$ 2,206
Total losses	$ 1,993	$ 180

REVENUE EARNING EQUIPMENT, NE_5

REVENUE EARNING EQUIPMENT, NET - Recognized Gains on Used Vehicles (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenue Earning Equipment [Abstract]
Losses (gains) on vehicle sales, net	$ (824)	$ (8,477)
Losses from valuation adjustments	21,508	16,694
Used vehicle sales, net	$ 20,684	$ 8,217

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Goodwill Summary (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Goodwill [Roll Forward]
Goodwill, gross	$ 475,025
Foreign currency translation adjustments	(846)
Goodwill, gross	474,179
FMS
Goodwill [Roll Forward]
Goodwill, gross	243,702
Foreign currency translation adjustments	(398)
Goodwill, gross	243,304
SCS
Goodwill [Roll Forward]
Goodwill, gross	190,515
Foreign currency translation adjustments	(448)
Goodwill, gross	190,067
DTS
Goodwill [Roll Forward]
Goodwill, gross	40,808
Foreign currency translation adjustments	0
Goodwill, gross	$ 40,808

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Goodwill Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Goodwill [Line Items]
Goodwill	$ 474,179	$ 475,025
Fleet Management Solutions - North America
Goodwill [Line Items]
Percentage of fair value in excess of carrying amount	5.00%
Goodwill	$ 243,000

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Intangible Assets Summary (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets, Net [Abstract]
Intangible assets, gross	$ 124,248	$ 124,248
Accumulated amortization	(75,575)	(73,343)
Intangible assets, net	48,673	50,905
Customer relationship intangibles
Finite-Lived Intangible Assets, Net [Abstract]
Finite lived intangible assets	113,150	113,150
Other intangibles, primarily trade name
Finite-Lived Intangible Assets, Net [Abstract]
Finite lived intangible assets	2,367	2,367
Trade Names
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Indefinite lived intangible assets — Trade name	8,731	8,731
FMS
Finite-Lived Intangible Assets, Net [Abstract]
Intangible assets, gross	57,686	57,686
Accumulated amortization	(49,970)	(49,031)
Intangible assets, net	7,716	8,655
FMS | Customer relationship intangibles
Finite-Lived Intangible Assets, Net [Abstract]
Finite lived intangible assets	56,050	56,050
FMS | Other intangibles, primarily trade name
Finite-Lived Intangible Assets, Net [Abstract]
Finite lived intangible assets	1,636	1,636
FMS | Trade Names
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Indefinite lived intangible assets — Trade name	0	0
SCS
Finite-Lived Intangible Assets, Net [Abstract]
Intangible assets, gross	50,249	50,249
Accumulated amortization	(21,222)	(20,047)
Intangible assets, net	29,027	30,202
SCS | Customer relationship intangibles
Finite-Lived Intangible Assets, Net [Abstract]
Finite lived intangible assets	49,518	49,518
SCS | Other intangibles, primarily trade name
Finite-Lived Intangible Assets, Net [Abstract]
Finite lived intangible assets	731	731
SCS | Trade Names
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Indefinite lived intangible assets — Trade name	0	0
DTS
Finite-Lived Intangible Assets, Net [Abstract]
Intangible assets, gross	7,582	7,582
Accumulated amortization	(4,383)	(4,265)
Intangible assets, net	3,199	3,317
DTS | Customer relationship intangibles
Finite-Lived Intangible Assets, Net [Abstract]
Finite lived intangible assets	7,582	7,582
DTS | Other intangibles, primarily trade name
Finite-Lived Intangible Assets, Net [Abstract]
Finite lived intangible assets	0	0
DTS | Trade Names
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Indefinite lived intangible assets — Trade name	0	0
CSS
Finite-Lived Intangible Assets, Net [Abstract]
Intangible assets, gross	8,731	8,731
Accumulated amortization	0	0
Intangible assets, net	8,731	8,731
CSS | Customer relationship intangibles
Finite-Lived Intangible Assets, Net [Abstract]
Finite lived intangible assets	0	0
CSS | Other intangibles, primarily trade name
Finite-Lived Intangible Assets, Net [Abstract]
Finite lived intangible assets	0	0
CSS | Trade Names
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Indefinite lived intangible assets — Trade name	$ 8,731	$ 8,731

ACCRUED EXPENSES AND OTHER LI_3

ACCRUED EXPENSES AND OTHER LIABILITIES (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Accrued Expenses
Salaries and wages	$ 95,604	$ 126,119
Deferred compensation	3,791	6,436
Pension benefits	3,829	3,863
Other postretirement benefits	1,464	1,478
Other employee benefits	6,629	21,577
Insurance obligations	165,245	163,763
Operating taxes	116,514	116,003
Income taxes	7,590	2,873
Interest	45,224	46,032
Deposits, mainly from customers	78,033	82,573
Operating lease liabilities	70,314	72,285
Deferred revenue	162,946	165,205
Restructuring liabilities	5,012	6,765
Other	58,062	61,105
Total	820,257	876,077
Non-Current Liabilities
Salaries and wages	0	0
Deferred compensation	57,654	65,006
Pension benefits	411,684	413,829
Other postretirement benefits	19,624	20,187
Other employee benefits	0	0
Insurance obligations	308,631	285,838
Operating taxes	0	0
Income taxes	17,972	17,484
Interest	0	0
Deposits, mainly from customers	3,250	3,065
Operating lease liabilities	157,581	151,361
Deferred revenue	443,590	438,482
Restructuring liabilities	0	0
Other	52,298	46,751
Total	1,472,284	1,442,003
Total
Salaries and wages	95,604	126,119
Deferred compensation	61,445	71,442
Pension benefits	415,513	417,692
Other postretirement benefits	21,088	21,665
Other employee benefits	6,629	21,577
Insurance obligations	473,876	449,601
Operating taxes	116,514	116,003
Income taxes	25,562	20,357
Interest	45,224	46,032
Deposits, mainly from customers	81,283	85,638
Operating lease liabilities	227,895	223,646
Deferred revenue	606,536	603,687
Restructuring liabilities	5,012	6,765
Other	110,360	107,856
Total	$ 2,292,541	$ 2,318,080

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Effective income tax rate from continuing operations	4.00%	32.70%
Valuation allowance recorded	$ 13

LEASES - Lease Income (Details)

LEASES - Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating leases
Lease income related to ChoiceLease	$ 399,588	$ 360,309
Lease income related to commercial rental	195,695	219,171
Sales type leases
Interest income related to net investment in leases	11,644	11,456
Variable lease income excluding commercial rental	$ 65,507	$ 55,439
Minimum
Sales type leases
Variable lease income as a percent of commercial rental income	15.00%
Maximum
Sales type leases
Variable lease income as a percent of commercial rental income	25.00%

LEASES - Components of Net Inve

LEASES - Components of Net Investment in Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Net investment in the lease — lease payment receivable	$ 568,911	$ 553,076
Net investment in the lease — unguaranteed residual value in assets	42,920	44,952
Net investment in the lease, gross	611,831	598,028
Estimated loss allowance	(3,591)	(673)
Net investment in the lease	$ 608,240	$ 597,355

DEBT - Schedule of Debt (Detail

DEBT - Schedule of Debt (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Debt:
Long-term debt, gross	$ 8,198,110	$ 7,950,663
Debt issuance costs	(23,740)	(25,875)
Total debt	8,174,370	7,924,788
Short-term debt and current portion of long-term debt	(853,527)	(1,154,564)
Long-term debt	7,320,843	6,770,224
Unamortized original issue discounts	5,000	6,000
Fair market value adjustment on notes subject to hedging	6,000
Debt Proceeds	556,849
Debt Repayments	627,701
Interest Rate Swap | Fair Value Hedging | Designated as Hedging Instrument
Debt:
Notional amount	$ 375,000	525,000
U.S. commercial paper
Debt:
Long-term debt, weighted-average interest rate	2.05%
Long-term debt, gross	$ 713,464	511,486
Canadian commercial paper
Debt:
Long-term debt, weighted-average interest rate	1.72%
Long-term debt, gross	$ 33,409	136,199
Trade receivables program
Debt:
Long-term debt, weighted-average interest rate	1.46%
Long-term debt, gross	$ 300,000	0
Debt Proceeds	$ 300,000
Global Revolving Credit Facility
Debt:
Long-term debt, weighted-average interest rate	2.70%
Long-term debt, gross	$ 234,565	8,104
Unsecured U.S. notes — Medium-term notes
Debt:
Long-term debt, weighted-average interest rate	3.19%
Long-term debt, gross	$ 5,570,822	5,965,064
Unsecured U.S. obligations
Debt:
Long-term debt, weighted-average interest rate	3.41%
Long-term debt, gross	$ 200,000	200,000
Unsecured foreign obligations
Debt:
Long-term debt, weighted-average interest rate	2.36%
Long-term debt, gross	$ 310,634	270,719
Asset-backed U.S. obligations
Debt:
Long-term debt, weighted-average interest rate	2.50%
Long-term debt, gross	$ 784,632	807,374
Finance lease obligations and other
Debt:
Long-term debt, gross	50,584	$ 51,717
Unsecured foreign term loans (1.71% due February 2021 and 1.89% due February 2023)
Debt:
Debt Proceeds	$ 177,926
Unsecured Foreign Term Loans, Due February 2021
Debt:
Stated interest rate	1.71%
Unsecured Foreign Term Loans, Due February 2023
Debt:
Stated interest rate	1.89%
Canada term loans (2.94% due February 2021 and 2.99% due February 2022)
Debt:
Debt Proceeds	$ 60,132
Canada Term Loan, Due February 2021
Debt:
Stated interest rate	2.94%
Canada Term Loan, Due February 2022
Debt:
Stated interest rate	2.99%
Canada Term Loan, Due February 2023
Debt:
Stated interest rate	3.44%
Debt Proceeds	$ 18,791
2.65% Medium-term notes (due March 2020)
Debt:
Stated interest rate	2.65%
Debt Repayments	$ 400,000
Unsecured foreign term loans (1.71% due March 2020 and 1.89% due March 2020)
Debt:
Debt Repayments	$ 177,926
Unsecured Foreign Term Loans, Due March 2020, 1.71%
Debt:
Stated interest rate	1.71%
Unsecured Foreign Term Loans, Due March 2020, 1.89%
Debt:
Stated interest rate	1.89%
Asset-backed U.S. obligations
Debt:
Debt Repayments	$ 27,252
Canada term loan, finance lease obligations, and other repayments
Debt:
Debt Repayments	$ 22,523

DEBT - Narrative (Details)

DEBT - Narrative (Details)	3 Months Ended
	Mar. 31, 2020USD ($)instution	Apr. 30, 2020USD ($)	Feb. 29, 2020USD ($)	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Commercial paper classified as long term debt				$ 227,000,000
Short-term debt classified as long-term				201,000,000
Total available proceeds under trade receivables purchase and sale program			$ 300,000,000
Letters of credit and surety bonds outstanding	$ 453,000,000			453,000,000
Fair value of total debt	7,000,000,000			7,000,000,000
Global Revolving Credit Facility
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	242.00%
Current maturities classified as long-term debt				$ 400,000,000
Letter of Credit | Global Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 75,000,000
Letter of credit outstanding amount	0
Line of credit remaining capacity	$ 419,000,000
Minimum | Global Revolving Credit Facility
Debt Instrument [Line Items]
Annual facility fees, percentage	0.075%
Maximum | Global Revolving Credit Facility
Debt Instrument [Line Items]
Annual facility fees, percentage	0.20%
Subsequent Event | Unsecured Medium-Term Notes, Due June 2025
Debt Instrument [Line Items]
Debt issued		$ 400,000,000
Stated interest rate		4.625%
Subsequent Event | Senior Unsecured 364-Day Term Loan
Debt Instrument [Line Items]
Debt issued		$ 400,000,000
Debt term		364 days

SHARE REPURCHASE PROGRAMS (Deta

SHARE REPURCHASE PROGRAMS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Accelerated Share Repurchases [Line Items]
Common stock repurchases	$ 11,924	$ 14,156
Common Stock
Accelerated Share Repurchases [Line Items]
Repurchased and retired shares (in shares)	303,098	225,844
Common stock repurchases	$ 152	$ 113
2019 Share Repurchase Program | Common Stock
Accelerated Share Repurchases [Line Items]
Maximum number of share repurchases authorization (in shares)			1,500,000

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ 2,476,310	$ 2,536,568
Amortization	6,166	5,454
Other current period change	(84,620)	15,762
Ending balance	2,242,736	2,566,804
Currency Translation Adjustments and Other
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(169,032)	(199,713)
Amortization	0	0
Other current period change	(84,620)	15,762
Ending balance	(253,652)	(183,951)
Currency Translation Adjustments and Other | British Pound
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Other current period change	(75,000)
Net Actuarial Loss
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(656,313)	(700,384)
Amortization	6,013	5,307
Other current period change	0	0
Ending balance	(650,300)	(695,077)
Prior Service Cost
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(11,146)	(11,537)
Amortization	153	147
Other current period change	0	0
Ending balance	(10,993)	(11,390)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(836,491)	(911,634)
Ending balance	$ (914,945)	$ (890,418)

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings (loss) per common share — Basic
Earnings (loss) from continuing operations	$ (109,129)	$ 45,890
Less: Distributed and undistributed earnings allocated to unvested stock	(118)	(177)
Earnings (loss) from continuing operations available to common shareholders — Basic	$ (109,247)	$ 45,713
Weighted average common shares outstanding - Basic (in shares)	52,284	52,418
Earnings from continuing operations per common share - Basic (in dollars per share)	$ (2.09)	$ 0.87
Earnings (loss) per common share — Diluted
Earnings (loss) from continuing operations	$ (109,129)	$ 45,890
Less: Distributed and undistributed earnings allocated to unvested stock	(118)	(177)
Earnings (loss) from continuing operations available to common shareholders — Diluted	$ (109,247)	$ 45,713
Weighted average common shares outstanding - Basic (in shares)	52,284	52,418
Effect of dilutive equity awards (in shares)	0	223
Weighted average common shares outstanding — Diluted (in shares)	52,284	52,641
Earnings (loss) from continuing operations per common share - Diluted (in dollars per share)	$ (2.09)	$ 0.87
Anti-dilutive equity awards not included above (in shares)	3,134	1,682

SHARE-BASED COMPENSATION PLAN_2

SHARE-BASED COMPENSATION PLANS - Share-Based Compensation Expense and Income Tax Benefits Recognized During the Periods (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 3,091	$ 7,399
Income tax benefit	(178)	(1,160)
Share-based compensation expense, net of tax	2,913	6,239
Stock option and stock purchase plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	1,357	1,819
Unvested stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 1,734	$ 5,580

SHARE-BASED COMPENSATION PLAN_3

SHARE-BASED COMPENSATION PLANS - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Share-based Payment Arrangement [Abstract]
Compensation cost not yet recognized	$ 66
Compensation cost not yet recognized, period for recognition	2 years 4 months 24 days

SHARE-BASED COMPENSATION PLAN_4

SHARE-BASED COMPENSATION PLANS - Summary of Awards Granted in Period (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period, other than options (in shares) | shares	849
Grants in period, other than options, fair market value (in dollars per share) | $ / shares	$ 38.11
Performance-based restricted stock rights
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period, other than options (in shares) | shares	292
Grants in period, other than options, fair market value (in dollars per share) | $ / shares	$ 37.47
Time-vested restricted stock rights
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period, other than options (in shares) | shares	557
Grants in period, other than options, fair market value (in dollars per share) | $ / shares	$ 38.45

EMPLOYEE BENEFIT PLANS (Details

EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Company-administered plans:
Contribution to pension plans	$ 1,000
Expected plan contributions	37,000
Pension Benefits
Company-administered plans:
Net pension expense	7,163	$ 12,071
Company Administered Plan | Pension Benefits
Company-administered plans:
Service cost	3,213	3,032
Interest cost	17,532	21,469
Expected return on plan assets	(24,263)	(22,676)
Net actuarial loss	7,715	7,610
Prior service cost	187	179
Net pension expense	4,384	9,614
Union Administered Plan | Pension Benefits
Company-administered plans:
Net pension expense	2,779	2,457
U.S. | Company Administered Plan | Pension Benefits
Company-administered plans:
Net pension expense	6,778	11,473
Non-U.S. | Company Administered Plan | Pension Benefits
Company-administered plans:
Net pension expense	$ (2,394)	$ (1,859)

OTHER ITEMS IMPACTING COMPARA_3

OTHER ITEMS IMPACTING COMPARABILITY (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Other Income and Expenses [Abstract]
Restructuring and other, net	$ 11,263	$ 2,588
ERP implementation costs	10,326	3,590
Total other items impacting comparability	$ 21,589	$ 6,178

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Supplemental Cash Flow Elements [Abstract]
Interest paid	$ 60,566	$ 52,490
Income taxes paid	5,096	3,611
Right-of-use assets obtained in exchange for lease obligations:
Finance leases	3,744	2,026
Operating leases	23,877	$ 16,605
Capital expenditures acquired but not yet paid	$ 144,538		$ 185,264

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)segment	Mar. 31, 2019USD ($)
Segment Reporting Information [Line Items]
Number of segments | segment	3
Non-lease revenue from maintenance services	$ 2,161,306	$ 2,180,327
Revenues	2,161,306	2,180,327
Earnings (Loss) Before Taxes	(81,438)	93,338
Non-operating pension costs	(1,221)	(6,462)
Other items impacting comparability, net	(30,947)	(6,178)
Earnings (loss) from continuing operations before income taxes	(113,634)	68,151
Capital expenditures paid	430,960	1,026,711
SCS
Segment Reporting Information [Line Items]
Revenues	628,447	635,671
Eliminations
Segment Reporting Information [Line Items]
Revenues	(142,266)	(156,564)
Earnings (Loss) Before Taxes	(10,069)	(17,302)
Operating Segments | FMS
Segment Reporting Information [Line Items]
Revenues	1,340,237	1,351,599
Earnings (Loss) Before Taxes	(114,574)	60,911
Capital expenditures paid	423,116	1,006,129
Operating Segments | FMS | ChoiceLease
Segment Reporting Information [Line Items]
Lease, related maintenance and rental revenues	792,206	740,059
Operating Segments | FMS | SelectCare
Segment Reporting Information [Line Items]
Lease, related maintenance and rental revenues	136,146	135,779
Operating Segments | FMS | Commercial rental
Segment Reporting Information [Line Items]
Lease, related maintenance and rental revenues	205,766	236,148
Operating Segments | FMS | Other
Segment Reporting Information [Line Items]
Lease, related maintenance and rental revenues	23,426	23,227
Operating Segments | FMS | Fuel services revenue
Segment Reporting Information [Line Items]
Non-lease revenue from maintenance services	173,335	207,866
Operating Segments | FMS | ChoiceLease liability insurance revenue (1)
Segment Reporting Information [Line Items]
Non-lease revenue from maintenance services	9,358	8,520
Operating Segments | SCS
Segment Reporting Information [Line Items]
Revenues	628,447	635,671
Earnings (Loss) Before Taxes	31,025	32,317
Capital expenditures paid	6,006	12,756
Operating Segments | DTS
Segment Reporting Information [Line Items]
Revenues	334,888	349,621
Earnings (Loss) Before Taxes	12,180	17,412
Capital expenditures paid	424	343
Segment Reconciling Items
Segment Reporting Information [Line Items]
Unallocated Central Support Services	(9,386)	(12,547)
Non-operating pension costs	(1,221)	(6,462)
Other items impacting comparability, net	(21,589)	(6,178)
Capital expenditures paid	$ 1,414	$ 7,483

Uncategorized Items - r-2020033

Label	Element	Value
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (5,077,000)
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (5,077,000)