Ryder System (R) 10-Q 30 Jul 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page	6 Months Ended
	Jun. 30, 2020shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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	53,818,841
Entity Central Index Key	0000085961
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Lease & related maintenance and rental revenues	$ 868,660	$ 933,833	$ 1,796,416	$ 1,833,392
Revenues	1,895,282	2,244,993	4,056,588	4,425,320
Other operating expenses	29,849	29,663	63,414	63,289
Selling, general and administrative expenses	208,564	226,416	432,683	457,741
Non-operating pension costs	936	6,713	2,157	13,175
Used vehicle sales, net	9,488	18,140	30,172	26,357
Interest expense	67,285	60,759	129,851	116,095
Miscellaneous (income) loss, net	(9,946)	(21,911)	(1,278)	(30,133)
Restructuring and other items, net	37,200	9,836	68,147	16,014
Total expenses	1,990,059	2,141,924	4,264,999	4,254,100
Earnings (loss) from continuing operations before income taxes	(94,777)	103,069	(208,411)	171,220
Provision for (benefit from) income taxes	(21,072)	27,617	(25,577)	49,878
Earnings (loss) from continuing operations	(73,705)	75,452	(182,834)	121,342
Earnings (loss) from discontinued operations, net of tax	(394)	(237)	(878)	(811)
Net earnings (loss)	$ (74,099)	$ 75,215	$ (183,712)	$ 120,531
Earnings (loss) per common share — Basic
Continuing operations (in dollars per share)	$ (1.41)	$ 1.44	$ (3.50)	$ 2.31
Discontinued operations (in dollars per share)	(0.01)	0	(0.02)	(0.02)
Net earnings (loss) (in dollars per share)	(1.42)	1.43	(3.52)	2.29
Earnings (loss) per common share — Diluted
Continuing operations (in dollars per share)	(1.41)	1.43	(3.50)	2.30
Discontinued operations (in dollars per share)	(0.01)	0	(0.02)	(0.02)
Net earnings (loss) (in dollars per share)	$ (1.42)	$ 1.43	$ (3.52)	$ 2.28
Service
Revenues	$ 942,267	$ 1,159,100	$ 2,054,455	$ 2,291,148
Cost of services sold	793,353	976,405	1,747,782	1,948,095
Fuel Services
Revenues	84,355	152,060	205,717	300,780
Cost of services sold	77,980	148,363	198,429	291,638
Lease, Related Maintenance and Rental
Cost of services sold	$ 775,350	$ 687,540	$ 1,593,642	$ 1,351,829

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Net earnings (loss)	$ (74,099)	$ 75,215	$ (183,712)	$ 120,531
Other comprehensive income (loss):
Changes in currency translation adjustment and other	7,878	(7,763)	(76,742)	7,999
Amortization of pension and postretirement items	7,371	7,377	15,150	14,845
Income tax expense related to amortization of pension and postretirement items	(1,492)	(1,381)	(3,105)	(3,395)
Amortization of pension and postretirement items, net of tax	5,879	5,996	12,045	11,450
Change in net actuarial loss and prior service cost	(4,539)	(9,440)	(4,539)	(9,440)
Income tax benefit related to change in net actuarial loss and prior service cost	1,087	2,237	1,087	2,237
Change in net actuarial loss and prior service cost, net of taxes	(3,452)	(7,203)	(3,452)	(7,203)
Other comprehensive income (loss), net of taxes	10,305	(8,970)	(68,149)	12,246
Comprehensive income	$ (63,794)	$ 66,245	$ (251,861)	$ 132,777

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 831,469	$ 73,584
Receivables, net	1,087,639	1,228,490
Inventories	62,282	80,822
Prepaid expenses and other current assets	151,319	179,155
Total current assets	2,132,709	1,562,051
Revenue earning equipment, net	9,569,839	10,427,664
Operating property and equipment, net of accumulated depreciation of $1,246,069 and $1,224,216, respectively	913,080	917,799
Goodwill	474,480	475,025
Intangible assets, net	46,694	50,905
Sales-type leases and other assets	1,071,949	1,041,890
Total assets	14,208,751	14,475,334
Current liabilities:
Short-term debt and current portion of long-term debt	1,460,604	1,154,564
Accounts payable	425,686	594,712
Accrued expenses and other current liabilities	869,315	876,077
Total current liabilities	2,755,605	2,625,353
Long-term debt	6,687,096	6,770,224
Other non-current liabilities	1,496,471	1,442,003
Deferred income taxes	1,110,487	1,161,444
Total liabilities	12,049,659	11,999,024
Commitments and contingencies (Note 17)
Shareholders’ equity:
Preferred stock, no par value per share — authorized, 3,800,917; none outstanding, June 30, 2020 and December 31, 2019	0	0
Common stock, $0.50 par value per share — authorized, 400,000,000; outstanding, June 30, 2020 — 53,818,841 and December 31, 2019 — 53,278,316	26,909	26,639
Additional paid-in capital	1,113,883	1,108,649
Retained earnings	1,922,940	2,177,513
Accumulated other comprehensive loss	(904,640)	(836,491)
Total shareholders’ equity	2,159,092	2,476,310
Total liabilities and shareholders’ equity	$ 14,208,751	$ 14,475,334

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Accumulated depreciation	$ 1,246,069	$ 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)	53,818,841	53,278,316

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities from continuing operations:
Net earnings (loss)	$ (183,712)	$ 120,531
Less: Loss from discontinued operations, net of tax	(878)	(811)
Earnings (loss) from continuing operations	(182,834)	121,342
Depreciation expense	1,056,171	768,030
Used vehicle sales, net	30,172	26,357
Non-cash lease expense	45,055	46,856
Non-operating pension costs and share-based compensation expense	12,787	28,097
Other non-cash charges, net	74,854	39,557
Deferred income tax expense (benefit)	(36,148)	41,688
Collections on sales-type leases	54,724	63,047
Changes in operating assets and liabilities, net of acquisitions:
Receivables	69,212	8,196
Inventories	18,680	(1,524)
Prepaid expenses and other assets	(7,338)	(6,175)
Accounts payable	(54,434)	(3,965)
Accrued expenses and other non-current liabilities	17,884	(86,447)
Net cash provided by operating activities from continuing operations	1,098,785	1,045,059
Cash flows from investing activities from continuing operations:
Purchases of property and revenue earning equipment	(704,930)	(2,210,761)
Sales of revenue earning equipment	214,189	210,081
Sales of operating property and equipment	4,231	46,189
Other	(5,756)	0
Net cash used in investing activities from continuing operations	(492,266)	(1,954,491)
Cash flows from financing activities from continuing operations:
Net borrowings (repayments) of commercial paper and revolving credit facilities	(457,553)	227,023
Debt proceeds	1,756,497	1,691,906
Debt repaid	(1,064,096)	(902,814)
Dividends on common stock	(60,155)	(57,651)
Common stock issued	5,542	6,244
Common stock repurchased	(11,924)	(21,220)
Tax withholding on shares settled	(4,302)	(3,529)
Debt issuance costs and other items	(9,277)	(2,920)
Net cash provided by (used in) financing activities from continuing operations	154,732	937,039
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(3,022)	(2,611)
Increase (decrease) in cash, cash equivalents, and restricted cash from continuing operations	758,229	24,996
Increase (decrease) in cash, cash equivalents, and restricted cash from discontinued operations	(344)	(605)
Increase (decrease) in cash, cash equivalents, and restricted cash	757,885	24,391
Cash, cash equivalents, and restricted cash at beginning of year	73,584	68,111
Cash, cash equivalents, and restricted cash at end of period	$ 831,469	$ 92,502

Condensed Consolidated Statem_4

Condensed Consolidated Statement of Shareholders' Equity - USD ($) $ in Thousands		Total	Cumulative Effect, Period of Adoption, Adjustment	Preferred Stock	Common Stock	Additional Paid-In Capital	Retained Earnings	Retained EarningsCumulative Effect, Period of Adoption, Adjustment	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		132,777					120,531		12,246
Common stock dividends declared and paid		(58,056)					(58,056)
Common stock issued under employee stock option and stock purchase plans	[1]	2,716			$ 281	2,435
Common stock issued under employee stock option and stock purchase plans (in shares)	[1]				563,091
Benefit plan stock sales (purchases), net	[2]	(1)				(1)
Benefit plan stock sales (purchases), net (in shares)	[2]				50
Common stock repurchases		(21,220)			$ (173)	(6,940)	(14,107)
Common stock repurchases (in shares)					(345,114)
Share-based compensation		14,922				14,922
Ending balance at Jun. 30, 2019		2,607,706		0	$ 26,667	1,094,807	2,385,620		(899,388)
Ending balance (in shares) at Jun. 30, 2019					53,334,512
Beginning balance at Mar. 31, 2019		2,566,804		0	$ 26,651	1,086,714	2,343,857		(890,418)
Beginning balance (in shares) at Mar. 31, 2019					53,300,205
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income		66,245					75,215		(8,970)
Common stock dividends declared and paid		(28,849)					(28,849)
Common stock issued under employee stock option and stock purchase plans	[3]	3,058			$ 76	2,982
Common stock issued under employee stock option and stock purchase plans (in shares)	[3]				153,797
Benefit plan stock sales (purchases), net	[4]	(11)				(11)
Benefit plan stock sales (purchases), net (in shares)	[4]				(220)
Common stock repurchases		(7,064)			$ (60)	(2,401)	(4,603)
Common stock repurchases (in shares)					(119,270)
Share-based compensation		7,523				7,523
Ending balance at Jun. 30, 2019		2,607,706		0	$ 26,667	1,094,807	2,385,620		(899,388)
Ending balance (in shares) at Jun. 30, 2019					53,334,512
Beginning balance at Dec. 31, 2019		$ 2,476,310	$ (5,077)	0	$ 26,639	1,108,649	2,177,513	$ (5,077)	(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		$ (251,861)					(183,712)		(68,149)
Common stock dividends declared and paid		(60,226)					(60,226)
Common stock issued under employee stock option and stock purchase plans	[1]	1,213			$ 422	791
Common stock issued under employee stock option and stock purchase plans (in shares)	[1]				843,403
Benefit plan stock sales (purchases), net	[2]	27				27
Benefit plan stock sales (purchases), net (in shares)	[2]				220
Common stock repurchases		(11,924)			$ (152)	(6,214)	(5,558)
Common stock repurchases (in shares)					(303,098)
Share-based compensation		10,630				10,630
Ending balance at Jun. 30, 2020		$ 2,159,092		0	$ 26,909	1,113,883	1,922,940		(904,640)
Ending balance (in shares) at Jun. 30, 2020		53,818,841			53,818,841
Beginning balance at Mar. 31, 2020		$ 2,242,736		0	$ 26,867	1,103,928	2,026,886		(914,945)
Beginning balance (in shares) at Mar. 31, 2020					53,735,964
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income		(63,794)					(74,099)		10,305
Common stock dividends declared and paid		(29,847)					(29,847)
Common stock issued under employee stock option and stock purchase plans	[3]	2,470			$ 42	2,428
Common stock issued under employee stock option and stock purchase plans (in shares)	[3]				83,145
Benefit plan stock sales (purchases), net	[4]	(12)				(12)
Benefit plan stock sales (purchases), net (in shares)	[4]				(268)
Common stock repurchases		0
Share-based compensation		7,539				7,539
Ending balance at Jun. 30, 2020		$ 2,159,092		$ 0	$ 26,909	$ 1,113,883	$ 1,922,940		$ (904,640)
Ending balance (in shares) at Jun. 30, 2020		53,818,841			53,818,841
[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
[3]	Net of common shares withheld as payment for the exercise price or to satisfy the holders’ withholding tax liability upon exercise of options.
[4]	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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per common share (in dollars per share)	$ 0.56	$ 0.54	$ 1.12	$ 1.08

GENERAL

GENERAL	6 Months Ended
	Jun. 30, 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. In our Fleet Management Solutions (FMS) business segment, we experienced lower demand for commercial rental and declines in the used vehicle market. 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. In our Supply Chain Solutions (SCS) business segment, there has been a deterioration in customer activity, primarily due to the temporary shutdowns in the automotive industry, which have restarted their operations during the second quarter of 2020. In addition, we have experienced a decline in our sales growth opportunities in all of our businesses. We have established additional bad debt reserves due to our expectations for COVID-19 related payment activity with certain customers as a result of increases in bankruptcies or insolvencies, or a delay in payments. We have attempted to mitigate the adverse impacts from the pandemic through cost reduction measures, including temporary employee furloughs, lower discretionary and overhead spending, and a reduction in capital expenditures. In addition, we took planned actions to reduce headcount, primarily in our North American and U.K. FMS operations. Depending on the extent and duration of the pandemic and the related economic impacts, it may have a further impact on our business and financial results, as well as on 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	6 Months Ended
	Jun. 30, 2020
Accounting Standards Update and Change in Accounting Principle [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 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	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE For the quarter ended June 30, 2020 and 2019, we recognized non-lease revenue from maintenance services of $238 million and $236 million, respectively, included in lease & related maintenance and rental revenues. We recognized $478 million and $475 million for the six months ended June 30, 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 lines. Primary Geographical Markets Three months ended June 30, 2020 FMS SCS DTS Eliminations Total (In thousands) United States $ 1,081,448 $ 441,332 $ 293,944 $ (112,925) $ 1,703,799 Canada 60,480 40,288 — (3,232) 97,536 Europe 56,249 — — — 56,249 Mexico — 37,698 — — 37,698 Total Revenues $ 1,198,177 $ 519,318 $ 293,944 $ (116,157) $ 1,895,282 Three months ended June 30, 2019 FMS SCS DTS Eliminations Total (In thousands) United States $ 1,238,631 $ 539,623 $ 362,244 $ (152,010) $ 1,988,488 Canada 76,390 53,545 — (5,462) 124,473 Europe 75,889 — — — 75,889 Mexico — 56,143 — — 56,143 Singapore — — — — — Total Revenues $ 1,390,910 $ 649,311 $ 362,244 $ (157,472) $ 2,244,993 Six months ended June 30, 2020 FMS SCS DTS Eliminations Total (In thousands) United States $ 2,278,969 $ 963,857 $ 628,832 $ (250,220) $ 3,621,438 Canada 131,245 93,840 — (8,203) 216,882 Europe 128,200 — — — 128,200 Mexico — 90,068 — — 90,068 Total Revenues $ 2,538,414 $ 1,147,765 $ 628,832 $ (258,423) $ 4,056,588 Six months ended June 30, 2019 FMS SCS DTS Eliminations Total (In thousands) United States $ 2,437,574 $ 1,069,016 $ 711,865 $ (303,173) $ 3,915,282 Canada 150,404 103,253 — (10,863) 242,794 Europe 154,531 — — — 154,531 Mexico — 109,420 — — 109,420 Singapore — 3,293 — — 3,293 Total Revenues $ 2,742,509 $ 1,284,982 $ 711,865 $ (314,036) $ 4,425,320 Industry Our SCS business segment included revenue from the below industries: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 (In thousands) Automotive $ 147,749 $ 261,288 $ 397,674 $ 514,967 Technology and healthcare 84,766 110,054 175,899 223,723 Consumer package goods and retail 236,499 225,582 466,431 442,679 Industrial and other 50,304 52,387 107,761 103,613 Total SCS Revenues $ 519,318 $ 649,311 $ 1,147,765 $ 1,284,982 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. Our contract liabilities consist of deferred revenue, which relates to payments received in advance of performance under the contract. Changes in contract liabilities are due to the collection of cash or the satisfaction of our performance obligation under the contract. Deferred revenue related to the maintenance services component of our ChoiceLease product line was $594 million and $587 million as of June 30, 2020 and December 31, 2019, respectively. Revenue recognized during the six months ended June 30, 2020 was $103 million for the amounts recorded as deferred revenue at the beginning of the year. In addition, we deferred consideration of $117 million during the six months ended June 30, 2020, 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, as well as revenues from our lease component of our ChoiceLease product and commercial rental product. Contracted not recognized revenue was $2.8 billion as of June 30, 2020. As a practical expedient, 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, such as our SCS and DTS contracts. 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 $94 million a nd $105 million as of June 30, 2020 and December 31, 2019, respectively. Capitalized sales commissions include initial direct costs of our leases of $49 million a nd $55 million as of June 30, 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 quarters ended June 30, 2020 and 2019, sales commission expense was $11 million. For both the six months ended June 30, 2020 and 2019, sales commission expense was $22 million.

RECEIVABLES, NET

RECEIVABLES, NET	6 Months Ended
	Jun. 30, 2020
Receivables [Abstract]
RECEIVABLES, NET	RECEIVABLES, NET June 30, 2020 December 31, 2019 (In thousands) Trade $ 950,466 $ 1,060,298 Sales-type leases 121,184 135,353 Other, primarily warranty and insurance 60,897 55,600 1,132,547 1,251,251 Allowance for credit losses and other (44,908) (22,761) Total $ 1,087,639 $ 1,228,490 The following table provides a reconciliation of our allowance for credit losses (in thousands): Balance at December 31, 2019 $ 10,500 Charges to provisions for credit losses 32,600 Impact of adoption of new accounting standard, write-offs, and other (8,300) Balance at June 30, 2020 $ 34,800 Allowance for credit memos 10,108 Allowance for credit losses and other $ 44,908 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 as of January 1, 2020, which was not material. We maintain an allowance for credit losses and an allowance for credit memos 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. Due to the COVID-19 pandemic, we have extended payment terms for certain customers, which we have elected to not assess as a lease modification. We continue to actively monitor the impact of the COVID-19 pandemic on expected credit losses.

REVENUE EARNING EQUIPMENT, NET

REVENUE EARNING EQUIPMENT, NET	6 Months Ended
	Jun. 30, 2020
Revenue Earning Equipment [Abstract]
REVENUE EARNING EQUIPMENT, NET	REVENUE EARNING EQUIPMENT, NET June 30, 2020 December 31, 2019 Cost Accumulated Net Book Value (1) Cost Accumulated Net Book Value (1) (In thousands) Held for use: ChoiceLease $ 11,681,853 $ (4,188,226) $ 7,493,627 $ 12,223,179 $ (4,125,342) $ 8,097,837 Commercial rental 2,795,894 (954,648) 1,841,246 3,200,403 (1,049,850) 2,150,553 Held for sale 1,136,016 (901,050) 234,966 748,435 (569,161) 179,274 Total $ 15,613,763 $ (6,043,924) $ 9,569,839 $ 16,172,017 $ (5,744,353) $ 10,427,664 ———————————— (1) Revenue earning equipment, net includes vehicles under finance leases of $10 million, less accumulated depreciation of $8 million, as of June 30, 2020, and $12 million, less accumulated depreciation of $8 million, as of December 31, 2019. We periodically review and adjust, as appropriate, the estimated residual values and useful lives of existing revenue earning equipment for the purposes of recording depreciation expense. Our review of the estimated residual values and useful lives of revenue earning equipment is established with a long-term view, which we refer to as "policy depreciation," based on vehicle class, generally subcategories of trucks, tractors and trailers by weight and usage, as well as other factors. These other factors include, but are not limited to, historical market prices, current and expected future market prices, expected lives of vehicles, and expected sales of used vehicles in the wholesale and retail markets. Reductions in estimated residual values or useful lives will result in an increase in depreciation expense over the remaining life of the vehicle. We also assess estimates of residual values of vehicles expected to be made available for sale in the near-term (generally 12 to 24 months) based on near-term market rates and conditions and may adjust residual values for these vehicles, which we refer to as “accelerated depreciation.” Due to the COVID-19 pandemic and the impact on current and expected used vehicle market conditions, we performed a review of the estimated residual values of our FMS revenue earning equipment in the second quarter of 2020 for both accelerated and policy depreciation. Accelerated Depreciation In the first quarter of 2020, we revised our residual value estimates for vehicles that are expected to be sold in the near-term (through 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. At that time, we expected lower used vehicle pricing in the second half of 2020 due to lower demand rather than our previous expectations of a modest increase. As a result, we recorded accelerated depreciation of $27 million and recognized losses of $21 million for used vehicle sales results in the first quarter. We recorded additional accelerated depreciation of $31 million in the second quarter of 2020 related to the first quarter change. In the second quarter of 2020, we revised our residual value estimates further as we now expect a delayed recovery in the used vehicle market beyond our previous expectation of mid-2021. Due to the expected delayed recovery, we primarily extended accelerated depreciation by an additional year to now include vehicles expected to be sold through mid-2022. As a result of these changes in estimated residual values, we recorded additional accelerated depreciation of $31 million in the second quarter of 2020, which also included losses of $9 million for used vehicle sales results discussed further below. Policy Depreciation As a result of these factors related to COVID-19 and our lowered longer term outlook, we concluded that our residual value estimates likely exceeded the expected future values that would be realized upon the sale of vehicles in our fleet for vehicles expected to be sold after mid-2022. Therefore, we lowered our estimated residual values primarily for our truck fleet, and to a lesser extent, our tractor fleet, effective April 1, 2020. In evaluating our residual value estimates, we reviewed recent multi-year trends; management and third-party longer-term outlook for the used vehicle market, including impacts of COVID-19 and the demand and pricing of our used vehicles; expected sales volumes through our retail and wholesale channels; inventory levels; and other factors that management deemed necessary to appropriately reflect our expected long-term sales proceeds. Due to this change, we recorded additional policy depreciation of $18 million in the second quarter of 2020. The first quarter and second quarter changes in our residual value estimates and resulting increase in depreciation expense and impact on used vehicle results in 2020 resulted in the following negative impacts on our Condensed Consolidated Statement of Operations: Three months ended June 30, 2020 Six months ended June 30, 2020 (In millions, except for per share data) Pre-tax earnings (loss) from continuing operations $ 80 $ 128 Net earnings (loss) $ 59 $ 95 Diluted EPS $ 1.13 $ 1.81 Used Vehicle Sales and Valuation Adjustments 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 are deemed to meet the held for sale criteria 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 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. In addition, we also consider expected declines in market prices when valuing the vehicles held for sale, as well as the forecasted sales channel (retail/wholesale). As a result of the changes in our residual value estimates described above for accelerated and policy depreciation, we recorded valuation adjustments on our vehicles held for sale for the three and six months ended June 30, 2020 as noted in the table below. The following table presents our assets held for sale that are measured at fair value on a nonrecurring basis and considered a Level 3 fair value measurement: Total Losses (2) Three months ended June 30, Six months ended June 30, June 30, 2020 December 31, 2019 2020 2019 2020 2019 (In thousands) Revenue earning equipment held for sale (1) : Trucks $ 48,744 $ 39,009 $ 5,389 $ 8,740 $ 16,451 $ 20,287 Tractors 84,707 73,359 3,035 14,053 11,488 19,021 Trailers 3,256 2,206 2,592 1,485 4,585 1,664 Total assets at fair value $ 136,707 $ 114,574 $ 11,016 $ 24,278 $ 32,524 $ 40,972 ———————————— (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 $98 million and $65 million as of June 30, 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 June 30, Six months ended June 30, 2020 2019 2020 2019 (In thousands) Losses (gains) on vehicle sales, net $ (1,528) $ (6,138) $ (2,352) $ (14,615) Losses from valuation adjustments 11,016 24,278 32,524 40,972 Used vehicle sales, net $ 9,488 $ 18,140 $ 30,172 $ 26,357

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 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 (256) (289) — (545) Balance at June 30, 2020 $ 243,446 $ 190,226 $ 40,808 $ 474,480 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; worsening trends from the COVID-19 pandemic; 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 June 30, 2020, FMS NA goodwill was $243 million. We determined that there was no interim impairment trigger event during the second quarter of 2020. The following table includes the carrying value of our intangible assets attributable to each reportable business segment: June 30, 2020 FMS SCS DTS CSS Total (In thousands) 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 (50,655) (22,397) (4,502) — (77,554) Total $ 7,031 $ 27,852 $ 3,080 $ 8,731 $ 46,694 December 31, 2019 FMS SCS DTS CSS Total (In thousands) 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	6 Months Ended
	Jun. 30, 2020
Accrued Liabilities and Other Liabilities [Abstract]
ACCRUED EXPENSES AND OTHER LIABILITIES	ACCRUED EXPENSES AND OTHER LIABILITIES June 30, 2020 December 31, 2019 Accrued Non-Current Total Accrued Non-Current Total (In thousands) Salaries and wages $ 116,237 $ — $ 116,237 $ 126,119 $ — $ 126,119 Deferred compensation 4,375 66,533 70,908 6,436 65,006 71,442 Pension benefits 3,841 402,483 406,324 3,863 413,829 417,692 Other postretirement benefits 1,469 18,976 20,445 1,478 20,187 21,665 Other employee benefits 11,236 — 11,236 21,577 — 21,577 Insurance obligations (1) 166,905 300,372 467,277 163,763 285,838 449,601 Operating taxes 120,973 — 120,973 116,003 — 116,003 Income taxes 8,168 18,257 26,425 2,873 17,484 20,357 Interest 46,160 — 46,160 46,032 — 46,032 Deposits, mainly from customers 75,769 3,185 78,954 82,573 3,065 85,638 Operating lease liabilities 72,513 162,124 234,637 72,285 151,361 223,646 Deferred revenue (2) 167,281 446,691 613,972 165,205 438,482 603,687 Restructuring liabilities (3) 17,356 — 17,356 6,765 — 6,765 Other 57,032 77,850 134,882 61,105 46,751 107,856 Total $ 869,315 $ 1,496,471 $ 2,365,786 $ 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 increase in restructuring liabilities from December 31, 2019 principally represents certain severance actions in the second quarter of 2020. Refer to Note 16, "Other Items Impacting Comparability," for further information on restructuring activities during the second quarter. The majority of the balance remaining in restructuring liabilities is expected to be paid by mid-2021.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXESEffective Tax RateOur effective income tax rate from continuing operations for the second quarter of 2020 was a benefit of 22.2% as compared to an expense of 26.8% in the second quarter of 2019 and a benefit of 12.3% in the six months ended June 30, 2020 as compared to an expense of 29.1% in the six months ended June 30, 2019. For the three and six months ended June 30, 2020, the tax rate was impacted by the reduction in earnings due to additional depreciation charges and the COVID-19 economic effects. Additionally, for the six months ended June 30, 2020, we recorded a valuation allowance in the first quarter of 2020 of $13 million on the net deferred tax assets of our U.K. operations on a discrete basis.

LEASES

LEASES	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
LEASES	LEASES Leases as Lessor The components of lease income were as follows: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 (In thousands) Operating leases Lease income related to ChoiceLease $ 385,639 $ 374,550 $ 785,227 $ 734,859 Lease income related to commercial rental (1) 161,220 239,068 356,915 458,240 Sales type leases Interest income related to net investment in leases $ 12,080 $ 10,432 $ 23,724 $ 21,888 Variable lease income excluding commercial rental (1) $ 58,882 $ 58,409 $ 124,389 $ 113,848 ———————————— (1) Lease income related to commercial rental includes both fixed and variable lease income. Variable lease income is approximately 15% to 25% of total commercial rental income based on management's internal estimates. The components of net investment in sales-type leases were as follows: June 30, 2020 December 31, 2019 (In thousands) Net investment in the lease — lease payment receivable $ 561,795 $ 553,076 Net investment in the lease — unguaranteed residual value in assets 41,013 44,952 602,808 598,028 Estimated loss allowance (1) (3,226) (673) Total (2) $ 599,582 $ 597,355 ———————————— (1) Amount as of June 30, 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 June 30, Six months ended June 30, 2020 2019 2020 2019 (In thousands) Operating leases Lease income related to ChoiceLease $ 385,639 $ 374,550 $ 785,227 $ 734,859 Lease income related to commercial rental (1) 161,220 239,068 356,915 458,240 Sales type leases Interest income related to net investment in leases $ 12,080 $ 10,432 $ 23,724 $ 21,888 Variable lease income excluding commercial rental (1) $ 58,882 $ 58,409 $ 124,389 $ 113,848 ———————————— (1) Lease income related to commercial rental includes both fixed and variable lease income. Variable lease income is approximately 15% to 25% of total commercial rental income based on management's internal estimates. The components of net investment in sales-type leases were as follows: June 30, 2020 December 31, 2019 (In thousands) Net investment in the lease — lease payment receivable $ 561,795 $ 553,076 Net investment in the lease — unguaranteed residual value in assets 41,013 44,952 602,808 598,028 Estimated loss allowance (1) (3,226) (673) Total (2) $ 599,582 $ 597,355 ———————————— (1) Amount as of June 30, 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	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
DEBT	DEBT Weighted Average Interest Rate June 30, 2020 Maturities June 30, December 31, (In thousands) Debt: U.S. commercial paper (1) 0.69% 2023 $ 76,410 $ 511,486 Canadian commercial paper (1) 1.24% 2023 118,146 136,199 Trade receivables program 1.11% 2021 200,000 — Global revolving credit facility 1.20% 2023 1,800 8,104 Unsecured U.S. notes — Medium-term notes (1)(2) 3.33% 2020-2026 6,071,198 5,965,064 Unsecured U.S. obligations 2.33% 2021-2024 600,000 200,000 Unsecured foreign obligations 2.04% 2020-2024 309,627 270,719 Asset-backed U.S. obligations (3) 2.51% 2020-2026 751,567 807,374 Finance lease obligations and other 2020-2073 47,869 51,717 8,176,617 7,950,663 Debt issuance costs (28,917) (25,875) Total debt 8,147,700 7,924,788 Short-term debt and current portion of long-term debt (1,460,604) (1,154,564) Long-term debt $ 6,687,096 $ 6,770,224 ———————————— (1) Amounts are net of unamortized original issue discounts of $5 million and $6 million as of June 30, 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 June 30, 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 June 30, 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 six months ended June 30, 2020. Debt Proceeds Debt Repayments (In thousands) (In thousands) Floating-rate unsecured 364-day U.S. term loan $ 400,000 2.65% Medium-term notes (due March 2020) $ 400,000 4.625% Medium-term notes (due June 2025) 399,924 2.50% Medium-term notes (due May 2020) 300,000 3.35% Medium-term notes (due September 2025) 399,724 Unsecured foreign term loans (1.71% due March 2020 and 1.89% due March 2020) 177,926 Trade receivables program 300,000 Trade receivables program 100,000 Unsecured foreign term loans (1.71% due February 2021 and 1.89% due February 2023) 177,926 Asset-backed U.S. obligations 60,318 Unsecured foreign term loans (2.94% due February 2021 and 2.99% due February 2022) 60,132 Canadian term loan, finance lease obligations, and other repayments 25,852 Unsecured foreign term loan (3.44% due February 2023) 18,791 Total debt proceeds $ 1,756,497 Total debt repaid $ 1,064,096 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 15 basis points as of June 30, 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 June 30, 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 June 30, 2020, there was $1.2 billion 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. In the second quarter of 2020, Net Worth was amended to also (1) exclude currency translation adjustment as reported in our consolidated balance sheet; (2) add back the after-tax charge to shareholders' equity which resulted from our adoption of the new lease accounting standard as of December 31, 2018 (amortized quarterly to 50% of the charge over a 7 year period); and (3) add back any potential non-cash goodwill impairment charges, should they occur, up to a maximum amount. As of June 30, 2020, the ratio was 235%. 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. Starting in 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 February 2020, we increased the amount of maximum available proceeds from our trade receivables purchase and sale program from $225 million t o $300 million . In April 2020, we extended the maturity of the trade receivables program to April 2021. As of June 30, 2020, the available proceeds under the program were $93 million. We had letters of credit and surety bonds outstanding of $483 million and $453 million as of June 30, 2020 and December 31, 2019, respectively, 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 $7.7 billion and $7.0 billion as of June 30, 2020 and December 31, 2019, respectively. For publicly-traded debt, estimates of fair value were based on market prices. For other debt, fair value was estimated based on a model-driven approach using rates currently available to us for debt with similar terms and remaining maturities. The fair value measurements of our publicly-traded debt and other debt were classified within Level 2 of the fair value hierarchy. The carrying amounts reported in the 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	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2020 and June 30, 2019, we repurchased approximately 303,000 shares for $12 million and 345,000 shares for $21 million, respectively. In the second quarter of 2020, management decided to temporarily suspend the 2019 share repurchase program due to the impact of COVID-19.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	6 Months Ended
	Jun. 30, 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 and Prior Service Costs (1) Unrealized Gain/Loss from Cash Flow Hedges Accumulated (In thousands) December 31, 2019 $ (162,243) $ (667,459) $ (6,789) $ (836,491) Amortization — 12,045 — 12,045 Other current period change (65,878) (3,452) (10,864) (80,194) June 30, 2020 $ (228,121) $ (658,866) $ (17,653) $ (904,640) Currency Net Actuarial Loss and Prior Service Costs (1) Unrealized Gain/Loss from Cash Flow Hedges Accumulated (In thousands) December 31, 2018 $ (199,704) $ (711,921) $ (9) $ (911,634) Amortization — 11,450 — 11,450 Other current period change 15,388 (7,203) (7,389) 796 June 30, 2019 $ (184,316) $ (707,674) $ (7,398) $ (899,388) _______________________ (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	6 Months Ended
	Jun. 30, 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 June 30, Six months ended June 30, 2020 2019 2020 2019 (In thousands, except per share amounts) Earnings (loss) per share — Basic: Earnings (loss) from continuing operations $ (73,705) $ 75,452 $ (182,834) $ 121,342 Less: Distributed and undistributed earnings allocated to unvested stock (130) (286) (248) (464) Earnings (loss) from continuing operations available to common shareholders — Basic $ (73,835) $ 75,166 $ (183,082) $ 120,878 Weighted average common shares outstanding — Basic 52,355 52,337 52,320 52,377 Earnings (loss) from continuing operations per common share — Basic $ (1.41) $ 1.44 $ (3.50) $ 2.31 Earnings (loss) per share — Diluted: Earnings (loss) from continuing operations $ (73,705) $ 75,452 $ (182,834) $ 121,342 Less: Distributed and undistributed earnings allocated to unvested stock (130) (286) (248) (464) Earnings (loss) from continuing operations available to common shareholders — Diluted $ (73,835) $ 75,166 $ (183,082) $ 120,878 Weighted average common shares outstanding — Basic 52,355 52,337 52,320 52,377 Effect of dilutive equity awards — 212 — 218 Weighted average common shares outstanding — Diluted 52,355 52,549 52,320 52,595 Earnings (loss) from continuing operations per common share — Diluted $ (1.41) $ 1.43 $ (3.50) $ 2.30 Anti-dilutive equity awards not included above 3,612 1,724 3,498 1,703

SHARE-BASED COMPENSATION PLANS

SHARE-BASED COMPENSATION PLANS	6 Months Ended
	Jun. 30, 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 June 30, Six months ended June 30, 2020 2019 2020 2019 (In thousands) Stock option and stock purchase plans $ 1,052 $ 1,656 $ 2,409 $ 3,475 Unvested stock awards 6,487 5,867 8,221 11,447 Share-based compensation expense 7,539 7,523 10,630 14,922 Income tax benefit (1,307) (1,374) (1,485) (2,534) Share-based compensation expense, net of tax $ 6,232 $ 6,149 $ 9,145 $ 12,388 Total unreco gnized pre-tax compensation expense related to all share-based compensation arrangements at June 30, 2020 was $50 million and is expected to be recognized over a weighted-average period of 2.2 years . We generally grant awards under our various share-based compensation plans in the first quarter of each year in the annual management grant. The following table is a summary of the awards granted in the annual management grant in the first quarter of 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 for PBRSRs 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. Share-based compensation expense for restricted stock awards is recognized on a straight-line basis over the vesting period.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	6 Months Ended
	Jun. 30, 2020
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS Components of net pension expense were as follows: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 (In thousands) Pension Benefits Company-administered plans: Service cost $ 2,741 $ 2,783 $ 5,954 $ 5,815 Interest cost 17,353 21,395 34,885 42,864 Expected return on plan assets (23,948) (22,589) (48,211) (45,265) Amortization of: Net actuarial loss 7,437 7,432 15,152 15,042 Prior service cost 185 187 372 366 3,768 9,208 8,152 18,822 Union-administered plans 2,798 2,701 5,577 5,158 Net pension expense $ 6,566 $ 11,909 $ 13,729 $ 23,980 Company-administered plans: U.S. $ 6,055 $ 10,659 $ 12,833 $ 22,132 Non-U.S. (2,287) (1,451) (4,681) (3,310) 3,768 9,208 8,152 18,822 Union-administered plans 2,798 2,701 5,577 5,158 Net pension expense $ 6,566 $ 11,909 $ 13,729 $ 23,980

OTHER ITEMS IMPACTING COMPARABI

OTHER ITEMS IMPACTING COMPARABILITY	6 Months Ended
	Jun. 30, 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 June 30, Six months ended June 30, 2020 2019 2020 2019 (In thousands) Restructuring and other, net $ 18,760 $ 5,935 $ 30,023 $ 8,523 ERP implementation costs 11,032 3,901 21,358 7,491 Gain on sale of property — (18,614) — (18,614) Total other items impacting comparability $ 29,792 $ (8,778) $ 51,381 $ (2,600) During the three and six months ended June 30, 2020 and 2019, other items impacting comparability included: • Restructuring and other, net — For the three and six months ended June 30, 2020, this primarily included severance costs of $13 million for both periods and professional fees related to the pursuit of a commercial claim, as well as net losses in 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. The severance costs recorded in the second quarter related to planned actions to reduce headcount, primarily in our North American and U.K. FMS operations. For the three months ended June 30, 2019, this primarily included charges related to cost saving initiatives and the pursuit of a commercial claim. In addition, for the six months ended June 30, 2019, this also included income from our Singapore operations that were shut down during the second quarter of 2019. • ERP implementation costs — Related to charges with the implementation of an Enterprise Resource Planning (ERP) system. In July 2020, we went live with the first module of our ERP system for human resources. In addition, we recorded a gain on the sale of certain SCS properties during the three months ended June 30, 2019. The gain is reflected within "Miscellaneous Income" in our Condensed Consolidated Statements of Earnings.

CONTINGENCIES AND OTHER MATTERS

CONTINGENCIES AND OTHER MATTERS	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES AND OTHER MATTERS	CONTINGENCIES AND OTHER MATTERS We are a party to various claims, complaints and proceedings incident to the operation of our business including, but not limited to, those relating to commercial and employment claims, securities class actions, derivative claims, environmental matters, risk management matters (e.g., vehicle liability, workers’ compensation, etc.) and administrative assessments primarily associated with operating taxes. Other than as described below, we believe that all current proceedings are routine in nature and incidental to the conduct of our business and that the ultimate resolution of these claims, complaints and proceedings will not have a material effect on our condensed consolidated financial statements. We will establish loss provisions for matters in which losses are probable and can be reasonably estimated. 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. Securities Litigation Relating to Residual Value Estimates On May 20, 2020, a putative class action on behalf of purchasers of our securities who purchased or otherwise acquired their securities between July 23, 2015 and February 13, 2020, inclusive (the “Class Period”), was commenced against us and certain of our current and former officers in the U.S. District Court for the Southern District of Florida. The complaint alleges, among other things, that the defendants misrepresented the Company’s depreciation policy and residual value estimates for its vehicles during the Class Period in violation of Section 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, and seeks to recover, among other things, unspecified compensatory damages and attorneys' fees and costs. In addition, on June 26, 2020, a shareholder derivative complaint purportedly on behalf of the Company was filed in the Circuit Court of the 11th Judicial Circuit in and for Miami-Dade County, Florida, against us as nominal defendant and certain of our current and former officers and our current directors, relating to the allegations set forth in the securities class action complaint and alleging breaches of fiduciary duties and unjust enrichment. The plaintiff, on our behalf, is seeking an award of monetary damages and restitution to us, improvements in our corporate governance and internal procedures, and legal fees.

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	6 Months Ended
	Jun. 30, 2020
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	SUPPLEMENTAL CASH FLOW INFORMATION Six months ended June 30, 2020 2019 (In thousands) Interest paid $ 123,258 $ 104,829 Income taxes paid 4,997 10,782 Right-of-use assets obtained in exchange for lease obligations: Finance leases 5,511 6,633 Operating leases 52,640 40,911 June 30, 2020 December 31, 2019 (In thousands) Capital expenditures acquired but not yet paid $ 75,576 $ 185,264

SEGMENT REPORTING

SEGMENT REPORTING	6 Months Ended
	Jun. 30, 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 provides a reconciliation between segment EBT and earnings from continuing operations before income taxes. Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 (In thousands) Revenue: Fleet Management Solutions: ChoiceLease $ 766,161 $ 757,271 $ 1,558,367 $ 1,497,329 SelectCare 125,851 136,360 261,997 272,138 Commercial rental 169,171 253,871 374,937 490,019 Other 12,332 22,996 35,758 46,225 Fuel services revenue 117,253 212,371 290,588 420,237 ChoiceLease liability insurance revenue (1) 7,409 8,041 16,767 16,561 Fleet Management Solutions 1,198,177 1,390,910 2,538,414 2,742,509 Supply Chain Solutions 519,318 649,311 1,147,765 1,284,982 Dedicated Transportation Solutions 293,944 362,244 628,832 711,865 Eliminations (2) (116,157) (157,472) (258,423) (314,036) Total revenue $ 1,895,282 $ 2,244,993 $ 4,056,588 $ 4,425,320 Earnings (Loss) Before Taxes: Fleet Management Solutions $ (103,735) $ 57,746 $ (218,309) $ 118,657 Supply Chain Solutions 36,916 45,774 67,941 78,091 Dedicated Transportation Solutions 21,233 27,132 33,413 44,544 Eliminations (7,745) (19,166) (17,814) (36,468) (53,331) 111,486 (134,769) 204,824 Unallocated Central Support Services (10,718) (10,482) (20,104) (23,029) Non-operating pension costs (3) (936) (6,713) (2,157) (13,175) Other items impacting comparability, net (4) (29,792) 8,778 (51,381) 2,600 Earnings (loss) from continuing operations before income taxes $ (94,777) $ 103,069 $ (208,411) $ 171,220 _______________ (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) Represents the elimination of intercompany revenues in our FMS business segment. (3) 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. (4) 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 June 30, 2020 Capital expenditures paid $ 256,216 13,868 339 3,547 $ 273,970 Three months ended June 30, 2019 Capital expenditures paid $ 1,161,089 12,738 517 9,706 $ 1,184,050 Six months ended June 30, 2020 Capital expenditures paid $ 679,332 19,874 763 4,961 $ 704,930 Six months ended June 30, 2019 Capital expenditures paid $ 2,167,218 25,494 860 17,189 $ 2,210,761

RECENT ACCOUNTING PRONOUNCEME_2

RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Standards Update and Change in Accounting Principle [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 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)	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Schedule of 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 lines. Primary Geographical Markets Three months ended June 30, 2020 FMS SCS DTS Eliminations Total (In thousands) United States $ 1,081,448 $ 441,332 $ 293,944 $ (112,925) $ 1,703,799 Canada 60,480 40,288 — (3,232) 97,536 Europe 56,249 — — — 56,249 Mexico — 37,698 — — 37,698 Total Revenues $ 1,198,177 $ 519,318 $ 293,944 $ (116,157) $ 1,895,282 Three months ended June 30, 2019 FMS SCS DTS Eliminations Total (In thousands) United States $ 1,238,631 $ 539,623 $ 362,244 $ (152,010) $ 1,988,488 Canada 76,390 53,545 — (5,462) 124,473 Europe 75,889 — — — 75,889 Mexico — 56,143 — — 56,143 Singapore — — — — — Total Revenues $ 1,390,910 $ 649,311 $ 362,244 $ (157,472) $ 2,244,993 Six months ended June 30, 2020 FMS SCS DTS Eliminations Total (In thousands) United States $ 2,278,969 $ 963,857 $ 628,832 $ (250,220) $ 3,621,438 Canada 131,245 93,840 — (8,203) 216,882 Europe 128,200 — — — 128,200 Mexico — 90,068 — — 90,068 Total Revenues $ 2,538,414 $ 1,147,765 $ 628,832 $ (258,423) $ 4,056,588 Six months ended June 30, 2019 FMS SCS DTS Eliminations Total (In thousands) United States $ 2,437,574 $ 1,069,016 $ 711,865 $ (303,173) $ 3,915,282 Canada 150,404 103,253 — (10,863) 242,794 Europe 154,531 — — — 154,531 Mexico — 109,420 — — 109,420 Singapore — 3,293 — — 3,293 Total Revenues $ 2,742,509 $ 1,284,982 $ 711,865 $ (314,036) $ 4,425,320
Schedule of Disaggregation of Revenue	Our SCS business segment included revenue from the below industries: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 (In thousands) Automotive $ 147,749 $ 261,288 $ 397,674 $ 514,967 Technology and healthcare 84,766 110,054 175,899 223,723 Consumer package goods and retail 236,499 225,582 466,431 442,679 Industrial and other 50,304 52,387 107,761 103,613 Total SCS Revenues $ 519,318 $ 649,311 $ 1,147,765 $ 1,284,982

RECEIVABLES, NET (Tables)

RECEIVABLES, NET (Tables)	6 Months Ended
	Jun. 30, 2020
Receivables [Abstract]
Schedule of Receivables, Net	June 30, 2020 December 31, 2019 (In thousands) Trade $ 950,466 $ 1,060,298 Sales-type leases 121,184 135,353 Other, primarily warranty and insurance 60,897 55,600 1,132,547 1,251,251 Allowance for credit losses and other (44,908) (22,761) Total $ 1,087,639 $ 1,228,490
Schedule of Allowance for Credit Loss	The following table provides a reconciliation of our allowance for credit losses (in thousands): Balance at December 31, 2019 $ 10,500 Charges to provisions for credit losses 32,600 Impact of adoption of new accounting standard, write-offs, and other (8,300) Balance at June 30, 2020 $ 34,800 Allowance for credit memos 10,108 Allowance for credit losses and other $ 44,908

REVENUE EARNING EQUIPMENT, NET

REVENUE EARNING EQUIPMENT, NET (Tables)	6 Months Ended
	Jun. 30, 2020
Revenue Earning Equipment [Abstract]
Schedule of Revenue Earning Equipment	June 30, 2020 December 31, 2019 Cost Accumulated Net Book Value (1) Cost Accumulated Net Book Value (1) (In thousands) Held for use: ChoiceLease $ 11,681,853 $ (4,188,226) $ 7,493,627 $ 12,223,179 $ (4,125,342) $ 8,097,837 Commercial rental 2,795,894 (954,648) 1,841,246 3,200,403 (1,049,850) 2,150,553 Held for sale 1,136,016 (901,050) 234,966 748,435 (569,161) 179,274 Total $ 15,613,763 $ (6,043,924) $ 9,569,839 $ 16,172,017 $ (5,744,353) $ 10,427,664 ————————————
Schedule of Negative Impacts	The first quarter and second quarter changes in our residual value estimates and resulting increase in depreciation expense and impact on used vehicle results in 2020 resulted in the following negative impacts on our Condensed Consolidated Statement of Operations: Three months ended June 30, 2020 Six months ended June 30, 2020 (In millions, except for per share data) Pre-tax earnings (loss) from continuing operations $ 80 $ 128 Net earnings (loss) $ 59 $ 95 Diluted EPS $ 1.13 $ 1.81
Schedule of Fair Value, Assets	The following table presents our assets held for sale that are measured at fair value on a nonrecurring basis and considered a Level 3 fair value measurement: Total Losses (2) Three months ended June 30, Six months ended June 30, June 30, 2020 December 31, 2019 2020 2019 2020 2019 (In thousands) Revenue earning equipment held for sale (1) : Trucks $ 48,744 $ 39,009 $ 5,389 $ 8,740 $ 16,451 $ 20,287 Tractors 84,707 73,359 3,035 14,053 11,488 19,021 Trailers 3,256 2,206 2,592 1,485 4,585 1,664 Total assets at fair value $ 136,707 $ 114,574 $ 11,016 $ 24,278 $ 32,524 $ 40,972 ———————————— (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 $98 million and $65 million as of June 30, 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.
Schedule of Gain and Losses Revenue Earning Equipment	The components of used vehicle sales, net were as follows: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 (In thousands) Losses (gains) on vehicle sales, net $ (1,528) $ (6,138) $ (2,352) $ (14,615) Losses from valuation adjustments 11,016 24,278 32,524 40,972 Used vehicle sales, net $ 9,488 $ 18,140 $ 30,172 $ 26,357

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 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 (256) (289) — (545) Balance at June 30, 2020 $ 243,446 $ 190,226 $ 40,808 $ 474,480
Schedule of Intangible Assets	The following table includes the carrying value of our intangible assets attributable to each reportable business segment: June 30, 2020 FMS SCS DTS CSS Total (In thousands) 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 (50,655) (22,397) (4,502) — (77,554) Total $ 7,031 $ 27,852 $ 3,080 $ 8,731 $ 46,694 December 31, 2019 FMS SCS DTS CSS Total (In thousands) 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)	6 Months Ended
	Jun. 30, 2020
Accrued Liabilities and Other Liabilities [Abstract]
Schedule of Accrued Expenses and Other Liabilities	June 30, 2020 December 31, 2019 Accrued Non-Current Total Accrued Non-Current Total (In thousands) Salaries and wages $ 116,237 $ — $ 116,237 $ 126,119 $ — $ 126,119 Deferred compensation 4,375 66,533 70,908 6,436 65,006 71,442 Pension benefits 3,841 402,483 406,324 3,863 413,829 417,692 Other postretirement benefits 1,469 18,976 20,445 1,478 20,187 21,665 Other employee benefits 11,236 — 11,236 21,577 — 21,577 Insurance obligations (1) 166,905 300,372 467,277 163,763 285,838 449,601 Operating taxes 120,973 — 120,973 116,003 — 116,003 Income taxes 8,168 18,257 26,425 2,873 17,484 20,357 Interest 46,160 — 46,160 46,032 — 46,032 Deposits, mainly from customers 75,769 3,185 78,954 82,573 3,065 85,638 Operating lease liabilities 72,513 162,124 234,637 72,285 151,361 223,646 Deferred revenue (2) 167,281 446,691 613,972 165,205 438,482 603,687 Restructuring liabilities (3) 17,356 — 17,356 6,765 — 6,765 Other 57,032 77,850 134,882 61,105 46,751 107,856 Total $ 869,315 $ 1,496,471 $ 2,365,786 $ 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 increase in restructuring liabilities from December 31, 2019 principally represents certain severance actions in the second quarter of 2020. Refer to Note 16, "Other Items Impacting Comparability," for further information on restructuring activities during the second quarter. The majority of the balance remaining in restructuring liabilities is expected to be paid by mid-2021.

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Schedule of Lease Income - Operating	The components of lease income were as follows: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 (In thousands) Operating leases Lease income related to ChoiceLease $ 385,639 $ 374,550 $ 785,227 $ 734,859 Lease income related to commercial rental (1) 161,220 239,068 356,915 458,240 Sales type leases Interest income related to net investment in leases $ 12,080 $ 10,432 $ 23,724 $ 21,888 Variable lease income excluding commercial rental (1) $ 58,882 $ 58,409 $ 124,389 $ 113,848 ———————————— (1) Lease income related to commercial rental includes both fixed and variable lease income. Variable lease income is approximately 15% to 25% of total commercial rental income based on management's internal estimates.
Schedule of Lease Income - Sales Type	The components of net investment in sales-type leases were as follows: June 30, 2020 December 31, 2019 (In thousands) Net investment in the lease — lease payment receivable $ 561,795 $ 553,076 Net investment in the lease — unguaranteed residual value in assets 41,013 44,952 602,808 598,028 Estimated loss allowance (1) (3,226) (673) Total (2) $ 599,582 $ 597,355 ———————————— (1) Amount as of June 30, 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)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Schedule of Debt	Weighted Average Interest Rate June 30, 2020 Maturities June 30, December 31, (In thousands) Debt: U.S. commercial paper (1) 0.69% 2023 $ 76,410 $ 511,486 Canadian commercial paper (1) 1.24% 2023 118,146 136,199 Trade receivables program 1.11% 2021 200,000 — Global revolving credit facility 1.20% 2023 1,800 8,104 Unsecured U.S. notes — Medium-term notes (1)(2) 3.33% 2020-2026 6,071,198 5,965,064 Unsecured U.S. obligations 2.33% 2021-2024 600,000 200,000 Unsecured foreign obligations 2.04% 2020-2024 309,627 270,719 Asset-backed U.S. obligations (3) 2.51% 2020-2026 751,567 807,374 Finance lease obligations and other 2020-2073 47,869 51,717 8,176,617 7,950,663 Debt issuance costs (28,917) (25,875) Total debt 8,147,700 7,924,788 Short-term debt and current portion of long-term debt (1,460,604) (1,154,564) Long-term debt $ 6,687,096 $ 6,770,224 ———————————— (1) Amounts are net of unamortized original issue discounts of $5 million and $6 million as of June 30, 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 June 30, 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 June 30, 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 six months ended June 30, 2020. Debt Proceeds Debt Repayments (In thousands) (In thousands) Floating-rate unsecured 364-day U.S. term loan $ 400,000 2.65% Medium-term notes (due March 2020) $ 400,000 4.625% Medium-term notes (due June 2025) 399,924 2.50% Medium-term notes (due May 2020) 300,000 3.35% Medium-term notes (due September 2025) 399,724 Unsecured foreign term loans (1.71% due March 2020 and 1.89% due March 2020) 177,926 Trade receivables program 300,000 Trade receivables program 100,000 Unsecured foreign term loans (1.71% due February 2021 and 1.89% due February 2023) 177,926 Asset-backed U.S. obligations 60,318 Unsecured foreign term loans (2.94% due February 2021 and 2.99% due February 2022) 60,132 Canadian term loan, finance lease obligations, and other repayments 25,852 Unsecured foreign term loan (3.44% due February 2023) 18,791 Total debt proceeds $ 1,756,497 Total debt repaid $ 1,064,096

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	6 Months Ended
	Jun. 30, 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 and Prior Service Costs (1) Unrealized Gain/Loss from Cash Flow Hedges Accumulated (In thousands) December 31, 2019 $ (162,243) $ (667,459) $ (6,789) $ (836,491) Amortization — 12,045 — 12,045 Other current period change (65,878) (3,452) (10,864) (80,194) June 30, 2020 $ (228,121) $ (658,866) $ (17,653) $ (904,640) Currency Net Actuarial Loss and Prior Service Costs (1) Unrealized Gain/Loss from Cash Flow Hedges Accumulated (In thousands) December 31, 2018 $ (199,704) $ (711,921) $ (9) $ (911,634) Amortization — 11,450 — 11,450 Other current period change 15,388 (7,203) (7,389) 796 June 30, 2019 $ (184,316) $ (707,674) $ (7,398) $ (899,388) _______________________ (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)	6 Months Ended
	Jun. 30, 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 June 30, Six months ended June 30, 2020 2019 2020 2019 (In thousands, except per share amounts) Earnings (loss) per share — Basic: Earnings (loss) from continuing operations $ (73,705) $ 75,452 $ (182,834) $ 121,342 Less: Distributed and undistributed earnings allocated to unvested stock (130) (286) (248) (464) Earnings (loss) from continuing operations available to common shareholders — Basic $ (73,835) $ 75,166 $ (183,082) $ 120,878 Weighted average common shares outstanding — Basic 52,355 52,337 52,320 52,377 Earnings (loss) from continuing operations per common share — Basic $ (1.41) $ 1.44 $ (3.50) $ 2.31 Earnings (loss) per share — Diluted: Earnings (loss) from continuing operations $ (73,705) $ 75,452 $ (182,834) $ 121,342 Less: Distributed and undistributed earnings allocated to unvested stock (130) (286) (248) (464) Earnings (loss) from continuing operations available to common shareholders — Diluted $ (73,835) $ 75,166 $ (183,082) $ 120,878 Weighted average common shares outstanding — Basic 52,355 52,337 52,320 52,377 Effect of dilutive equity awards — 212 — 218 Weighted average common shares outstanding — Diluted 52,355 52,549 52,320 52,595 Earnings (loss) from continuing operations per common share — Diluted $ (1.41) $ 1.43 $ (3.50) $ 2.30 Anti-dilutive equity awards not included above 3,612 1,724 3,498 1,703

SHARE-BASED COMPENSATION PLANS

SHARE-BASED COMPENSATION PLANS (Tables)	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Schedule of Share-based Compensation Expense and Income Tax Benefits Recognized During the Periods	The following table provides information on share-based compensation expense and income tax benefits recognized during the periods: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 (In thousands) Stock option and stock purchase plans $ 1,052 $ 1,656 $ 2,409 $ 3,475 Unvested stock awards 6,487 5,867 8,221 11,447 Share-based compensation expense 7,539 7,523 10,630 14,922 Income tax benefit (1,307) (1,374) (1,485) (2,534) Share-based compensation expense, net of tax $ 6,232 $ 6,149 $ 9,145 $ 12,388
Schedule of Share-based Compensation, Activity	The following table is a summary of the awards granted in the annual management grant in the first quarter of 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)	6 Months Ended
	Jun. 30, 2020
Retirement Benefits [Abstract]
Schedule of Components of Net Periodic Benefit Cost	Components of net pension expense were as follows: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 (In thousands) Pension Benefits Company-administered plans: Service cost $ 2,741 $ 2,783 $ 5,954 $ 5,815 Interest cost 17,353 21,395 34,885 42,864 Expected return on plan assets (23,948) (22,589) (48,211) (45,265) Amortization of: Net actuarial loss 7,437 7,432 15,152 15,042 Prior service cost 185 187 372 366 3,768 9,208 8,152 18,822 Union-administered plans 2,798 2,701 5,577 5,158 Net pension expense $ 6,566 $ 11,909 $ 13,729 $ 23,980 Company-administered plans: U.S. $ 6,055 $ 10,659 $ 12,833 $ 22,132 Non-U.S. (2,287) (1,451) (4,681) (3,310) 3,768 9,208 8,152 18,822 Union-administered plans 2,798 2,701 5,577 5,158 Net pension expense $ 6,566 $ 11,909 $ 13,729 $ 23,980

OTHER ITEMS IMPACTING COMPARA_2

OTHER ITEMS IMPACTING COMPARABILITY (Tables)	6 Months Ended
	Jun. 30, 2020
Other Income and Expenses [Abstract]
Schedule of Other Items Impacting Comparability	Excluding these items from our segment measure of performance allows for better year over year comparison: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 (In thousands) Restructuring and other, net $ 18,760 $ 5,935 $ 30,023 $ 8,523 ERP implementation costs 11,032 3,901 21,358 7,491 Gain on sale of property — (18,614) — (18,614) Total other items impacting comparability $ 29,792 $ (8,778) $ 51,381 $ (2,600)

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2020
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Information	Six months ended June 30, 2020 2019 (In thousands) Interest paid $ 123,258 $ 104,829 Income taxes paid 4,997 10,782 Right-of-use assets obtained in exchange for lease obligations: Finance leases 5,511 6,633 Operating leases 52,640 40,911 June 30, 2020 December 31, 2019 (In thousands) Capital expenditures acquired but not yet paid $ 75,576 $ 185,264

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Schedule of Financial Information of Business Segments	The following table sets forth financial information for each of our segments and provides a reconciliation between segment EBT and earnings from continuing operations before income taxes. Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 (In thousands) Revenue: Fleet Management Solutions: ChoiceLease $ 766,161 $ 757,271 $ 1,558,367 $ 1,497,329 SelectCare 125,851 136,360 261,997 272,138 Commercial rental 169,171 253,871 374,937 490,019 Other 12,332 22,996 35,758 46,225 Fuel services revenue 117,253 212,371 290,588 420,237 ChoiceLease liability insurance revenue (1) 7,409 8,041 16,767 16,561 Fleet Management Solutions 1,198,177 1,390,910 2,538,414 2,742,509 Supply Chain Solutions 519,318 649,311 1,147,765 1,284,982 Dedicated Transportation Solutions 293,944 362,244 628,832 711,865 Eliminations (2) (116,157) (157,472) (258,423) (314,036) Total revenue $ 1,895,282 $ 2,244,993 $ 4,056,588 $ 4,425,320 Earnings (Loss) Before Taxes: Fleet Management Solutions $ (103,735) $ 57,746 $ (218,309) $ 118,657 Supply Chain Solutions 36,916 45,774 67,941 78,091 Dedicated Transportation Solutions 21,233 27,132 33,413 44,544 Eliminations (7,745) (19,166) (17,814) (36,468) (53,331) 111,486 (134,769) 204,824 Unallocated Central Support Services (10,718) (10,482) (20,104) (23,029) Non-operating pension costs (3) (936) (6,713) (2,157) (13,175) Other items impacting comparability, net (4) (29,792) 8,778 (51,381) 2,600 Earnings (loss) from continuing operations before income taxes $ (94,777) $ 103,069 $ (208,411) $ 171,220 _______________ (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) Represents the elimination of intercompany revenues in our FMS business segment. (3) 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. (4) 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 June 30, 2020 Capital expenditures paid $ 256,216 13,868 339 3,547 $ 273,970 Three months ended June 30, 2019 Capital expenditures paid $ 1,161,089 12,738 517 9,706 $ 1,184,050 Six months ended June 30, 2020 Capital expenditures paid $ 679,332 19,874 763 4,961 $ 704,930 Six months ended June 30, 2019 Capital expenditures paid $ 2,167,218 25,494 860 17,189 $ 2,210,761

REVENUE - Narrative (Details)

REVENUE - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Lease & related maintenance and rental revenues	$ 868,660	$ 933,833	$ 1,796,416	$ 1,833,392
Deferred revenue	613,972		613,972		$ 603,687
Amount of revenue recognized, previously included in deferred revenue			103,000
Increase in deferred revenue during the period			117,000
Contracted not recognized revenue	2,800,000		2,800,000
Capitalized sales commissions	94,000		94,000		105,000
Initial direct costs of leases			49,000		55,000
Amortization of capitalized sales commissions	11,000	11,000	22,000	22,000
Maintenance Services
Disaggregation of Revenue [Line Items]
Lease & related maintenance and rental revenues	238,000	$ 236,000	478,000	$ 475,000
ChoiceLease
Disaggregation of Revenue [Line Items]
Deferred revenue	$ 594,000		$ 594,000		$ 587,000

REVENUE Disaggregation of Reven

REVENUE Disaggregation of Revenue - Geographical (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Revenues	$ 1,895,282	$ 2,244,993		$ 4,425,320
United States
Disaggregation of Revenue [Line Items]
Revenues	1,703,799	1,988,488	$ 3,621,438	3,915,282
Canada
Disaggregation of Revenue [Line Items]
Revenues	97,536	124,473	216,882	242,794
Europe
Disaggregation of Revenue [Line Items]
Revenues	56,249	75,889	128,200	154,531
Mexico
Disaggregation of Revenue [Line Items]
Revenues	37,698	56,143	90,068	109,420
Singapore
Disaggregation of Revenue [Line Items]
Revenues		0	4,056,588	3,293
SCS
Disaggregation of Revenue [Line Items]
Revenues	519,318	649,311	1,147,765	1,284,982
Operating Segments | FMS
Disaggregation of Revenue [Line Items]
Revenues	1,198,177	1,390,910		2,742,509
Operating Segments | FMS | United States
Disaggregation of Revenue [Line Items]
Revenues	1,081,448	1,238,631	2,278,969	2,437,574
Operating Segments | FMS | Canada
Disaggregation of Revenue [Line Items]
Revenues	60,480	76,390	131,245	150,404
Operating Segments | FMS | Europe
Disaggregation of Revenue [Line Items]
Revenues	56,249	75,889	128,200	154,531
Operating Segments | FMS | Mexico
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments | FMS | Singapore
Disaggregation of Revenue [Line Items]
Revenues		0	2,538,414	0
Operating Segments | SCS
Disaggregation of Revenue [Line Items]
Revenues	519,318	649,311		1,284,982
Operating Segments | SCS | United States
Disaggregation of Revenue [Line Items]
Revenues	441,332	539,623	963,857	1,069,016
Operating Segments | SCS | Canada
Disaggregation of Revenue [Line Items]
Revenues	40,288	53,545	93,840	103,253
Operating Segments | SCS | Europe
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments | SCS | Mexico
Disaggregation of Revenue [Line Items]
Revenues	37,698	56,143	90,068	109,420
Operating Segments | SCS | Singapore
Disaggregation of Revenue [Line Items]
Revenues		0	1,147,765	3,293
Operating Segments | DTS
Disaggregation of Revenue [Line Items]
Revenues	293,944	362,244		711,865
Operating Segments | DTS | United States
Disaggregation of Revenue [Line Items]
Revenues	293,944	362,244	628,832	711,865
Operating Segments | DTS | Canada
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments | DTS | Europe
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments | DTS | Mexico
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments | DTS | Singapore
Disaggregation of Revenue [Line Items]
Revenues		0	628,832	0
Eliminations
Disaggregation of Revenue [Line Items]
Revenues	(116,157)	(157,472)		(314,036)
Eliminations | United States
Disaggregation of Revenue [Line Items]
Revenues	(112,925)	(152,010)	(250,220)	(303,173)
Eliminations | Canada
Disaggregation of Revenue [Line Items]
Revenues	(3,232)	(5,462)	(8,203)	(10,863)
Eliminations | Europe
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Eliminations | Mexico
Disaggregation of Revenue [Line Items]
Revenues	$ 0	0	0	0
Eliminations | Singapore
Disaggregation of Revenue [Line Items]
Revenues		$ 0	$ (258,423)	$ 0

REVENUE Disaggregation of Rev_2

REVENUE Disaggregation of Revenue - Industry (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Revenues	$ 1,895,282	$ 2,244,993		$ 4,425,320
SCS
Disaggregation of Revenue [Line Items]
Revenues	519,318	649,311	$ 1,147,765	1,284,982
Automotive | SCS
Disaggregation of Revenue [Line Items]
Revenues	147,749	261,288	397,674	514,967
Technology and healthcare | SCS
Disaggregation of Revenue [Line Items]
Revenues	84,766	110,054	175,899	223,723
Consumer package goods and retail | SCS
Disaggregation of Revenue [Line Items]
Revenues	236,499	225,582	466,431	442,679
Industrial and other | SCS
Disaggregation of Revenue [Line Items]
Revenues	$ 50,304	$ 52,387	$ 107,761	$ 103,613

RECEIVABLES, NET - Summary (Det

RECEIVABLES, NET - Summary (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Receivables [Abstract]
Trade	$ 950,466	$ 1,060,298
Sales-type leases	121,184	135,353
Other, primarily warranty and insurance	60,897	55,600
Receivables, gross	1,132,547	1,251,251
Allowance for credit losses and other	(44,908)	(22,761)
Total	$ 1,087,639	$ 1,228,490

RECEIVABLES, NET - Allowance fo

RECEIVABLES, NET - Allowance for Credit Loss (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at December 31, 2019	$ 10,500
Charges to provisions for credit losses	32,600
Impact of adoption of new accounting standard, write-offs, and other	(8,300)
Balance at June 30, 2020	34,800
Allowance for credit memos	10,108
Allowance for credit losses and other	$ 44,908	$ 22,761

REVENUE EARNING EQUIPMENT, NE_2

REVENUE EARNING EQUIPMENT, NET - Schedule of Revenue Earning Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Revenue Earning Equipment [Line Items]
Cost	$ 15,613,763	$ 16,172,017
Accumulated Depreciation	(6,043,924)	(5,744,353)
Net Book Value	9,569,839	10,427,664
ChoiceLease
Revenue Earning Equipment [Line Items]
Cost	11,681,853	12,223,179
Accumulated Depreciation	(4,188,226)	(4,125,342)
Net Book Value	7,493,627	8,097,837
Commercial rental
Revenue Earning Equipment [Line Items]
Cost	2,795,894	3,200,403
Accumulated Depreciation	(954,648)	(1,049,850)
Net Book Value	1,841,246	2,150,553
Held for sale
Revenue Earning Equipment [Line Items]
Cost	1,136,016	748,435
Accumulated Depreciation	(901,050)	(569,161)
Net Book Value	234,966	179,274
Assets held under finance leases
Revenue Earning Equipment [Line Items]
Cost	10,000	12,000
Accumulated Depreciation	$ (8,000)	$ (8,000)

REVENUE EARNING EQUIPMENT, NE_3

REVENUE EARNING EQUIPMENT, NET - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2020	Mar. 31, 2020
Revenue Earning Equipment [Abstract]
Accelerated depreciation	$ 31	$ 27
Losses from used vehicle sales	9	$ 21
Policy depreciation	$ 18

REVENUE EARNING EQUIPMENT, NE_4

REVENUE EARNING EQUIPMENT, NET - Summary of Impact from Review of Policy Depreciation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenue Earning Equipment [Line Items]
Pre-tax earnings (loss) from continuing operations	$ (94,777)	$ 103,069	$ (208,411)	$ 171,220
Net earnings (loss)	$ (74,099)	$ 75,215	$ (183,712)	$ 120,531
Net earnings (in dollars per share)	$ (1.42)	$ 1.43	$ (3.52)	$ 2.28
Impact from review of policy depreciation
Revenue Earning Equipment [Line Items]
Pre-tax earnings (loss) from continuing operations	$ 80,000		$ 128,000
Net earnings (loss)	$ 59,000		$ 95,000
Net earnings (in dollars per share)	$ 1.13		$ 1.81

REVENUE EARNING EQUIPMENT, NE_5

REVENUE EARNING EQUIPMENT, NET - Level 3 Fair Value Measurement (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Revenue Earning Equipment [Line Items]
Total losses	$ (11,016)	$ (24,278)	$ (32,524)	$ (40,972)
Net book value of assets held for sale	98,000		98,000		$ 65,000
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring
Revenue Earning Equipment [Line Items]
Assets held for sale	136,707		136,707		114,574
Total losses	11,016	24,278	32,524	40,972
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | Trucks
Revenue Earning Equipment [Line Items]
Assets held for sale	48,744		48,744		39,009
Total losses	5,389	8,740	16,451	20,287
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | Tractors
Revenue Earning Equipment [Line Items]
Assets held for sale	84,707		84,707		73,359
Total losses	3,035	14,053	11,488	19,021
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | Trailers
Revenue Earning Equipment [Line Items]
Assets held for sale	3,256		3,256		$ 2,206
Total losses	$ 2,592	$ 1,485	$ 4,585	$ 1,664

REVENUE EARNING EQUIPMENT, NE_6

REVENUE EARNING EQUIPMENT, NET - Recognized Gains on Used Vehicles (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenue Earning Equipment [Abstract]
Losses (gains) on vehicle sales, net	$ (1,528)	$ (6,138)	$ (2,352)	$ (14,615)
Losses from valuation adjustments	11,016	24,278	32,524	40,972
Used vehicle sales, net	$ 9,488	$ 18,140	$ 30,172	$ 26,357

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Goodwill Summary (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)
Goodwill [Roll Forward]
Balance at December 31, 2019	$ 475,025
Foreign currency translation adjustments	(545)
Balance at June 30, 2020	474,480
FMS
Goodwill [Roll Forward]
Balance at December 31, 2019	243,702
Foreign currency translation adjustments	(256)
Balance at June 30, 2020	243,446
SCS
Goodwill [Roll Forward]
Balance at December 31, 2019	190,515
Foreign currency translation adjustments	(289)
Balance at June 30, 2020	190,226
DTS
Goodwill [Roll Forward]
Balance at December 31, 2019	40,808
Foreign currency translation adjustments	0
Balance at June 30, 2020	$ 40,808

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Goodwill [Line Items]
Goodwill	$ 474,480		$ 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	Jun. 30, 2020	Dec. 31, 2019
Finite lived intangible assets:
Intangible assets, gross	$ 124,248	$ 124,248
Accumulated amortization	(77,554)	(73,343)
Intangible assets, net	46,694	50,905
Customer relationship intangibles
Finite lived intangible assets:
Finite lived intangible assets	113,150	113,150
Other intangibles, primarily trade name
Finite lived intangible assets:
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:
Intangible assets, gross	57,686	57,686
Accumulated amortization	(50,655)	(49,031)
Intangible assets, net	7,031	8,655
FMS | Customer relationship intangibles
Finite lived intangible assets:
Finite lived intangible assets	56,050	56,050
FMS | Other intangibles, primarily trade name
Finite lived intangible assets:
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:
Intangible assets, gross	50,249	50,249
Accumulated amortization	(22,397)	(20,047)
Intangible assets, net	27,852	30,202
SCS | Customer relationship intangibles
Finite lived intangible assets:
Finite lived intangible assets	49,518	49,518
SCS | Other intangibles, primarily trade name
Finite lived intangible assets:
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:
Intangible assets, gross	7,582	7,582
Accumulated amortization	(4,502)	(4,265)
Intangible assets, net	3,080	3,317
DTS | Customer relationship intangibles
Finite lived intangible assets:
Finite lived intangible assets	7,582	7,582
DTS | Other intangibles, primarily trade name
Finite lived intangible assets:
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:
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:
Finite lived intangible assets	0	0
CSS | Other intangibles, primarily trade name
Finite lived intangible assets:
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	Jun. 30, 2020	Dec. 31, 2019
Accrued Liabilities and Other Liabilities [Abstract]
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:AccountsPayableAndOtherAccruedLiabilitiesCurrent	us-gaap:AccountsPayableAndOtherAccruedLiabilitiesCurrent
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesNoncurrent	us-gaap:OtherLiabilitiesNoncurrent
Accrued Expenses
Salaries and wages	$ 116,237	$ 126,119
Deferred compensation	4,375	6,436
Pension benefits	3,841	3,863
Other postretirement benefits	1,469	1,478
Other employee benefits	11,236	21,577
Insurance obligations	166,905	163,763
Operating taxes	120,973	116,003
Income taxes	8,168	2,873
Interest	46,160	46,032
Deposits, mainly from customers	75,769	82,573
Operating lease liabilities	72,513	72,285
Deferred revenue	167,281	165,205
Restructuring liabilities	17,356	6,765
Other	57,032	61,105
Total	869,315	876,077
Non-Current Liabilities
Salaries and wages	0	0
Deferred compensation	66,533	65,006
Pension benefits	402,483	413,829
Other postretirement benefits	18,976	20,187
Other employee benefits	0	0
Insurance obligations	300,372	285,838
Operating taxes	0	0
Income taxes	18,257	17,484
Interest	0	0
Deposits, mainly from customers	3,185	3,065
Operating lease liabilities	162,124	151,361
Deferred revenue	446,691	438,482
Restructuring liabilities	0	0
Other	77,850	46,751
Total	1,496,471	1,442,003
Total
Salaries and wages	116,237	126,119
Deferred compensation	70,908	71,442
Pension benefits	406,324	417,692
Other postretirement benefits	20,445	21,665
Other employee benefits	11,236	21,577
Insurance obligations	467,277	449,601
Operating taxes	120,973	116,003
Income taxes	26,425	20,357
Interest	46,160	46,032
Deposits, mainly from customers	78,954	85,638
Operating lease liabilities	234,637	223,646
Deferred revenue	613,972	603,687
Restructuring liabilities	17,356	6,765
Other	134,882	107,856
Total	$ 2,365,786	$ 2,318,080

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Effective income tax rate from continuing operations, expense (benefit)	(22.20%)		26.80%	(12.30%)	29.10%
Valuation allowance recorded		$ 13

LEASES - Lease Income (Details)

LEASES - Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Operating leases
Lease income related to ChoiceLease	$ 385,639	$ 374,550	$ 785,227	$ 734,859
Lease income related to commercial rental	161,220	239,068	356,915	458,240
Sales type leases
Interest income related to net investment in leases	12,080	10,432	23,724	21,888
Variable lease income excluding commercial rental	$ 58,882	$ 58,409	$ 124,389	$ 113,848
Minimum
Sales type leases
Variable lease income as a percent of commercial rental income			15.00%
Maximum
Sales type leases
Variable lease income as a percent of commercial rental income			25.00%

LEASES - Components of Net Inve

LEASES - Components of Net Investment in Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Leases [Abstract]
Net investment in the lease — lease payment receivable	$ 561,795	$ 553,076
Net investment in the lease — unguaranteed residual value in assets	41,013	44,952
Net investment in the lease, gross	602,808	598,028
Estimated loss allowance	(3,226)	(673)
Net investment in the lease	$ 599,582	$ 597,355

DEBT - Schedule of Debt (Detail

DEBT - Schedule of Debt (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Debt:
Long-term debt, gross	$ 8,176,617	$ 7,950,663
Debt issuance costs	(28,917)	(25,875)
Total debt	8,147,700	7,924,788
Short-term debt and current portion of long-term debt	(1,460,604)	(1,154,564)
Long-term debt	6,687,096	6,770,224
Unamortized original issue discounts	5,000	6,000
Fair market value adjustment on notes subject to hedging	6,000
Debt Proceeds	1,756,497
Debt Repayments	1,064,096
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	0.69%
Long-term debt, gross	$ 76,410	511,486
Canadian commercial paper
Debt:
Long-term debt, weighted-average interest rate	1.24%
Long-term debt, gross	$ 118,146	136,199
Trade receivables program
Debt:
Long-term debt, weighted-average interest rate	1.11%
Long-term debt, gross	$ 200,000	0
Debt Proceeds	300,000
Debt Repayments	$ 100,000
Global revolving credit facility
Debt:
Long-term debt, weighted-average interest rate	1.20%
Long-term debt, gross	$ 1,800	8,104
Unsecured U.S. notes — Medium-term notes
Debt:
Long-term debt, weighted-average interest rate	3.33%
Long-term debt, gross	$ 6,071,198	5,965,064
Unsecured U.S. obligations
Debt:
Long-term debt, weighted-average interest rate	2.33%
Long-term debt, gross	$ 600,000	200,000
Unsecured foreign obligations
Debt:
Long-term debt, weighted-average interest rate	2.04%
Long-term debt, gross	$ 309,627	270,719
Asset-backed U.S. obligations
Debt:
Long-term debt, weighted-average interest rate	2.51%
Long-term debt, gross	$ 751,567	807,374
Debt Repayments	60,318
Finance lease obligations and other
Debt:
Long-term debt, gross	47,869	$ 51,717
Floating-rate unsecured 364-day U.S. term loan
Debt:
Debt Proceeds	$ 400,000
4.625% Medium-term notes (due June 2025)
Debt:
Stated interest rate	4.625%
Debt Proceeds	$ 399,924
3.35% Medium-term notes (due September 2025)
Debt:
Stated interest rate	3.35%
Debt Proceeds	$ 399,724
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%
Unsecured foreign 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%
Unsecured foreign term loan (3.44% 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
2.50% Medium-term notes (due May 2020)
Debt:
Stated interest rate	2.50%
Debt Repayments	$ 300,000
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
Debt:
Stated interest rate	1.71%
Unsecured Foreign Term Loans, Due March 2020
Debt:
Stated interest rate	1.89%
Canadian term loan, finance lease obligations, and other repayments
Debt:
Debt Repayments	$ 25,852

DEBT - Narrative (Details)

DEBT - Narrative (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2020USD ($)instution	Feb. 29, 2020USD ($)	Jan. 31, 2020USD ($)	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	$ 225,000,000
Available proceeds under program	$ 93,000,000	$ 93,000,000
Letters of credit and surety bonds outstanding	483,000,000	483,000,000			453,000,000
Fair value of total debt	7,700,000,000	7,700,000,000			7,000,000,000
Global revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,400,000,000	$ 1,400,000,000
Number of lending institutions | instution		12
Annual facility fees, percentage		0.15%
Ratio of debt to consolidated net worth	3	3
Amortization percent of charge	50.00%	50.00%
Amortization period	7 years
Debt to consolidated tangible net worth ratio	235.00%	235.00%
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	$ 75,000,000
Letter of credit outstanding amount	0	0
Line of credit remaining capacity	$ 1,200,000,000	$ 1,200,000,000
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%

SHARE REPURCHASE PROGRAMS (Deta

SHARE REPURCHASE PROGRAMS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Accelerated Share Repurchases [Line Items]
Common stock repurchases	$ 0	$ 7,064	$ 11,924	$ 21,220
Common Stock
Accelerated Share Repurchases [Line Items]
Repurchased and retired shares (in shares)		119,270	303,098	345,114
Common stock repurchases		$ 60	$ 152	$ 173
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	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ 2,476,310	$ 2,536,568
Ending balance	2,159,092	2,607,706
Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(162,243)	(199,704)
Amortization	0	0
Other current period change	(65,878)	15,388
Ending balance	(228,121)	(184,316)
Net Actuarial Loss and Prior Service Costs
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(667,459)	(711,921)
Amortization	12,045	11,450
Other current period change	(3,452)	(7,203)
Ending balance	(658,866)	(707,674)
Unrealized Gain/Loss from Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(6,789)	(9)
Amortization	0	0
Other current period change	(10,864)	(7,389)
Ending balance	(17,653)	(7,398)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(836,491)	(911,634)
Amortization	12,045	11,450
Other current period change	(80,194)	796
Ending balance	$ (904,640)	$ (899,388)

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings (loss) per share — Basic:
Earnings (loss) from continuing operations	$ (73,705)	$ 75,452	$ (182,834)	$ 121,342
Less: Distributed and undistributed earnings allocated to unvested stock	(130)	(286)	(248)	(464)
Earnings (loss) from continuing operations available to common shareholders — Basic	$ (73,835)	$ 75,166	$ (183,082)	$ 120,878
Weighted average common shares outstanding - Basic (in shares)	52,355	52,337	52,320	52,377
Earnings from continuing operations per common share - Basic (in dollars per share)	$ (1.41)	$ 1.44	$ (3.50)	$ 2.31
Earnings (loss) per share — Diluted:
Earnings (loss) from continuing operations	$ (73,705)	$ 75,452	$ (182,834)	$ 121,342
Less: Distributed and undistributed earnings allocated to unvested stock	(130)	(286)	(248)	(464)
Earnings (loss) from continuing operations available to common shareholders — Diluted	$ (73,835)	$ 75,166	$ (183,082)	$ 120,878
Weighted average common shares outstanding - Basic (in shares)	52,355	52,337	52,320	52,377
Effect of dilutive equity awards (in shares)	0	212	0	218
Weighted average common shares outstanding — Diluted (in shares)	52,355	52,549	52,320	52,595
Earnings (loss) from continuing operations per common share - Diluted (in dollars per share)	$ (1.41)	$ 1.43	$ (3.50)	$ 2.30
Anti-dilutive equity awards not included above (in shares)	3,612	1,724	3,498	1,703

SHARE-BASED COMPENSATION PLAN_2

SHARE-BASED COMPENSATION PLANS - Share-Based Compensation Expense and Income Tax Benefits Recognized During the Periods (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 7,539	$ 7,523	$ 10,630	$ 14,922
Income tax benefit	(1,307)	(1,374)	(1,485)	(2,534)
Share-based compensation expense, net of tax	6,232	6,149	9,145	12,388
Stock option and stock purchase plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	1,052	1,656	2,409	3,475
Unvested stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 6,487	$ 5,867	$ 8,221	$ 11,447

SHARE-BASED COMPENSATION PLAN_3

SHARE-BASED COMPENSATION PLANS - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)
Share-based Payment Arrangement [Abstract]
Compensation cost not yet recognized	$ 50
Compensation cost not yet recognized, period for recognition	2 years 2 months 12 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 dollar 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 dollar 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 dollar per share) | $ / shares	$ 38.45

EMPLOYEE BENEFIT PLANS (Details

EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Company-administered plans:
Contribution to pension plans			$ 17,000
Expected plan contributions	$ 37,000		37,000
Pension Benefits
Company-administered plans:
Net pension expense	6,566	$ 11,909	13,729	$ 23,980
Pension Benefits | Company-administered plans:
Company-administered plans:
Service cost	2,741	2,783	5,954	5,815
Interest cost	17,353	21,395	34,885	42,864
Expected return on plan assets	(23,948)	(22,589)	(48,211)	(45,265)
Net actuarial loss	7,437	7,432	15,152	15,042
Prior service cost	185	187	372	366
Net pension expense	3,768	9,208	8,152	18,822
Pension Benefits | Company-administered plans: | U.S.
Company-administered plans:
Net pension expense	6,055	10,659	12,833	22,132
Pension Benefits | Company-administered plans: | Non-U.S.
Company-administered plans:
Net pension expense	(2,287)	(1,451)	(4,681)	(3,310)
Pension Benefits | Union-administered plans
Company-administered plans:
Net pension expense	$ 2,798	$ 2,701	$ 5,577	$ 5,158

OTHER ITEMS IMPACTING COMPARA_3

OTHER ITEMS IMPACTING COMPARABILITY - Schedule of Other Items Impacting Comparability (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Other Income and Expenses [Abstract]
Restructuring and other, net	$ 18,760	$ 5,935	$ 30,023	$ 8,523
ERP implementation costs	11,032	3,901	21,358	7,491
Gain on sale of property	0	(18,614)	0	(18,614)
Total other items impacting comparability	$ 29,792	$ (8,778)	$ 51,381	$ (2,600)

OTHER ITEMS IMPACTING COMPARA_4

OTHER ITEMS IMPACTING COMPARABILITY - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Restructuring Cost and Reserve [Line Items]
Restructuring and other, net	$ 18,760	$ 5,935	$ 30,023	$ 8,523
Severance
Restructuring Cost and Reserve [Line Items]
Restructuring and other, net	$ 13,000		$ 13,000

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Supplemental Cash Flow Elements [Abstract]
Interest paid	$ 123,258	$ 104,829
Income taxes paid	4,997	10,782
Right-of-use assets obtained in exchange for lease obligations:
Finance leases	5,511	6,633
Operating leases	52,640	40,911
Capital expenditures acquired but not yet paid	$ 75,576	$ 185,264

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)segment	Jun. 30, 2019USD ($)
Segment Reporting Information [Line Items]
Number of segments | segment			3
Lease & related maintenance and rental revenues	$ 868,660	$ 933,833	$ 1,796,416	$ 1,833,392
Revenues	1,895,282	2,244,993	4,056,588	4,425,320
Earnings (Loss) Before Taxes	(53,331)	111,486	(134,769)	204,824
Non-operating pension costs	(936)	(6,713)	(2,157)	(13,175)
Other items impacting comparability, net	(37,200)	(9,836)	(68,147)	(16,014)
Earnings (loss) from continuing operations before income taxes	(94,777)	103,069	(208,411)	171,220
Capital expenditures paid	273,970	1,184,050	704,930	2,210,761
Operating Segments | FMS
Segment Reporting Information [Line Items]
Revenues	1,198,177	1,390,910	2,538,414	2,742,509
Earnings (Loss) Before Taxes	(103,735)	57,746	(218,309)	118,657
Capital expenditures paid	256,216	1,161,089	679,332	2,167,218
Operating Segments | FMS | ChoiceLease
Segment Reporting Information [Line Items]
Lease & related maintenance and rental revenues	766,161	757,271	1,558,367	1,497,329
Operating Segments | FMS | SelectCare
Segment Reporting Information [Line Items]
Lease & related maintenance and rental revenues	125,851	136,360	261,997	272,138
Operating Segments | FMS | Commercial rental
Segment Reporting Information [Line Items]
Lease & related maintenance and rental revenues	169,171	253,871	374,937	490,019
Operating Segments | FMS | Other
Segment Reporting Information [Line Items]
Lease & related maintenance and rental revenues	12,332	22,996	35,758	46,225
Operating Segments | FMS | Fuel services revenue
Segment Reporting Information [Line Items]
Revenues	117,253	212,371	290,588	420,237
Operating Segments | FMS | Choice lease liability insurance revenue
Segment Reporting Information [Line Items]
Revenues	7,409	8,041	16,767	16,561
Operating Segments | SCS
Segment Reporting Information [Line Items]
Revenues	519,318	649,311	1,147,765	1,284,982
Earnings (Loss) Before Taxes	36,916	45,774	67,941	78,091
Capital expenditures paid	13,868	12,738	19,874	25,494
Operating Segments | DTS
Segment Reporting Information [Line Items]
Revenues	293,944	362,244	628,832	711,865
Earnings (Loss) Before Taxes	21,233	27,132	33,413	44,544
Capital expenditures paid	339	517	763	860
Eliminations
Segment Reporting Information [Line Items]
Revenues	(116,157)	(157,472)	(258,423)	(314,036)
Earnings (Loss) Before Taxes	(7,745)	(19,166)	(17,814)	(36,468)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Unallocated Central Support Services	(10,718)	(10,482)	(20,104)	(23,029)
Non-operating pension costs	(936)	(6,713)	(2,157)	(13,175)
Other items impacting comparability, net	(29,792)	8,778	(51,381)	2,600
Capital expenditures paid	$ 3,547	$ 9,706	$ 4,961	$ 17,189