XML 79 R27.htm IDEA: XBRL DOCUMENT v3.2.0.727
General (Tables)
6 Months Ended
Jun. 30, 2015
Accounting Changes and Error Corrections [Abstract]  
Schedule of error corrections and prior period adjustments
e have elected to revise previously issued financial statements to avoid inconsistencies in our financial statements. Adjustments may not be additive and may have minor differences within the tables due to rounding.



The effects of this revision on our Consolidated Statements of Earnings were as follows (in millions):

 
Year ended December 31, 2014
 
Year ended December 31, 2013
 
Year ended December 31, 2012
 
As Previously Reported
Adjustment
As Revised
 
As Previously Reported
Adjustment
As Revised
 
As Previously Reported
Adjustment
As Revised
Cost of lease and rental
$
2,039.3

(2.4
)
2,036.9

 
$
1,928.9

(3.4
)
1,925.5

 
$
1,902.8

(2.4
)
1,900.4

Interest expense
142.1

2.6

144.7

 
137.2

3.3

140.5

 
140.6

2.7

143.3

Earnings from continuing operations before income taxes
338.5

(0.2
)
338.3

 
368.9

0.1

369.0

 
303.1

(0.3
)
302.8

Provision for income taxes
118.1

(0.1
)
118.0

 
125.7


125.7

 
102.2

(0.1
)
102.1

Earnings from continuing operations
220.5

(0.3
)
220.2

 
243.2

0.1

243.3

 
200.9

(0.2
)
200.7

Net earnings
218.6

(0.3
)
218.3

 
237.8

0.1

237.9

 
210.0

(0.3
)
209.7

Earnings (loss) per common share — Diluted, Net Earnings
4.14


4.14

 
4.63


4.63

 
3.91

(0.01
)
3.90


 
Three months ended March 31, 2015
 
Three months ended March 31, 2014
 
As Previously Reported
Adjustment
As Revised
 
As Previously Reported
Adjustment
As Revised
Cost of lease and rental
$
519.2

(0.8
)
518.4

 
$
493.0

(0.4
)
492.6

Interest expense
35.8

1.0

36.8

 
35.1

0.4

35.5

Earnings from continuing operations before income taxes
84.4

(0.2
)
84.2

 
75.0


75.0

Earnings from continuing operations
53.5

(0.2
)
53.3

 
49.1


49.1

Net earnings
52.9

(0.1
)
52.8

 
48.2

0.1

48.3


 
Three months ended June 30, 2014
 
Six months ended June 30, 2014
 
As Previously Reported
Adjustment
As Revised
 
As Previously Reported
Adjustment
As Revised
Cost of lease and rental
$
508.1

(0.5
)
507.6

 
$
1,001.1

(0.9
)
1,000.2

Interest expense
35.3

0.4

35.7

 
70.4

0.9

71.3

Earnings from continuing operations before income taxes
120.0

0.1

120.1

 
195.0

0.1

195.1


 
Three months ended September 30, 2014
 
Nine months ended September 30, 2014
 
As Previously Reported
Adjustment
As Revised
 
As Previously Reported
Adjustment
As Revised
Cost of lease and rental
$
522.9

(0.7
)
522.2

 
$
1,524.0

(1.6
)
1,522.4

Interest expense
35.9

0.8

36.7

 
106.3

1.6

107.9

Earnings from continuing operations before income taxes
129.7

(0.1
)
129.6

 
324.8

(0.1
)
324.7

Provision for income taxes
45.8

(0.1
)
45.7

 
116.0


116.0

Earnings from continuing operations
84.0

(0.1
)
83.9

 
208.8

(0.1
)
208.7

Net earnings
83.7

(0.1
)
83.6

 
207.3


207.3




The effects of this revision on our Consolidated Statements of Comprehensive Income were as follows (in millions):

 
Comprehensive Income
 
As Previously Reported
Adjustment
As Revised
Year ended December 31, 2014
$
36.6

(0.2
)
36.4

Year ended December 31, 2013
387.2

0.1

387.3

Year ended December 31, 2012
189.5

(0.2
)
189.3

 
 
 
 
Three months ended March 31, 2015
$
0.2

(0.1
)
0.1

Three months ended September 30, 2014
39.8

(0.1
)
39.7

Nine months ended September 30, 2014
179.1


179.1

Three months ended June 30, 2014
102.6


102.6

Six months ended June 30, 2014
139.3

0.1

139.4

Three months ended March 31, 2014
36.8


36.8



The effects of this revision on our Consolidated Balance Sheets were as follows (in millions):

 
March 31, 2015
 
December 31, 2014
 
December 31, 2013
 
As Previously Reported
Adjustment
As Revised
 
As Previously Reported
Adjustment
As Revised
 
As Previously Reported
Adjustment
As Revised
Revenue earning equipment, net
$
7,208.3

201.2

7,409.5

 
$
6,994.4

207.4

7,201.9

 
$
6,490.8

102.0

6,592.8

Total assets
9,906.8

201.2

10,108.0

 
9,676.0

207.4

9,883.4

 
9,103.8

102.0

9,205.8

Short-term debt and current portion of long-term debt
11.4

24.1

35.5

 
12.2

24.1

36.3

 
259.4

12.8

272.2

Accrued expenses and other current liabilities
489.6

(7.1
)
482.5

 
520.5

(6.8
)
513.7

 
496.3

(1.9
)
494.4

Total current liabilities
1,126.5

16.9

1,143.4

 
1,093.6

17.2

1,110.8

 
1,231.1

10.9

1,242.0

Long-term debt
4,692.5

188.1

4,880.6

 
4,500.3

194.0

4,694.3

 
3,930.0

93.0

4,023.0

Other non-current liabilities
788.1

(3.2
)
784.9

 
786.7

(3.4
)
783.3

 
616.3

(1.6
)
614.7

Deferred income taxes
1,488.1

(0.2
)
1,487.9

 
1,476.0

(0.2
)
1,475.8

 
1,429.6


1,429.6

Total liabilities
8,095.2

201.7

8,296.9

 
7,856.5

207.8

8,064.3

 
7,207.1

102.1

7,309.2

Retained earnings
1,479.2

(0.5
)
1,478.7

 
1,450.9

(0.4
)
1,450.5

 
1,390.8

(0.2
)
1,390.6

Total shareholders’ equity
1,811.5

(0.5
)
1,811.0

 
1,819.5

(0.4
)
1,819.1

 
1,896.7

(0.1
)
1,896.6

Total liabilities and shareholders’ equity
9,906.8

201.2

10,108.0

 
9,676.0

207.4

9,883.4

 
9,103.8

102.0

9,205.8





The effects of this revision on the individual line items within our Consolidated Statements of Cash Flows were as follows (in millions):
 
Year ended December 31, 2014
 
Year ended December 31, 2013
 
Year ended December 31, 2012
 
As Previously Reported
Adjustment
As Revised
 
As Previously Reported
Adjustment
As Revised
 
As Previously Reported
Adjustment
As Revised
Net earnings
$
218.6

(0.3
)
218.3

 
$
237.8

0.1

237.9

 
$
210.0

(0.3
)
209.7

Depreciation expense
1,040.3

17.6

1,057.8

 
957.1

26.5

983.6

 
939.7

22.4

962.1

Deferred income tax expense
104.8


104.7

 
113.6


113.6

 
87.1

(0.1
)
87.0

Accrued expenses and other non-current liabilities
(48.7
)
(4.4
)
(53.1
)
 
(66.6
)
2.2

(64.4
)
 
(68.3
)
4.1

(64.2
)
Net cash provided by operating activities from continuing operations
1,370.0

12.8

1,382.8

 
1,223.1

28.7

1,251.8

 
1,134.1

26.1

1,160.2

Debt proceeds
839.7

125.8

965.5

 
557.0


557.0

 
745.8

130.2

876.0

Debt repaid, including capital and financing lease obligations
(280.7
)
(12.8
)
(293.5
)
 
(332.6
)
(46.6
)
(379.2
)
 
(283.9
)
(26.1
)
(310.0
)
Net cash provided by financing activities from continuing operations
198.7

113.0

311.7

 
393.6

(46.5
)
347.1

 
333.8

104.1

437.9

Purchases of property and revenue earning equipment
(2,259.2
)

(2,259.2
)
 
(2,140.5
)
17.9

(2,122.6
)
 
(2,133.2
)

(2,133.2
)
Sale and leaseback of revenue earning equipment
125.8

(125.8
)

 



 
130.2

(130.2
)

Net cash used in investing activities from continuing operations
(1,578.7
)
(125.8
)
(1,704.5
)
 
(1,621.7
)
17.9

(1,603.8
)
 
(1,504.3
)
(130.2
)
(1,634.5
)






 
Three months ended March 31, 2015
 
Three months ended March 31, 2014
 
As Previously Reported
Adjustment
As Revised
 
As Previously Reported
Adjustment
As Revised
Net earnings
$
52.9

(0.1
)
52.8

 
$
48.2

0.1

48.3

Depreciation expense
262.4

6.2

268.6

 
248.8

3.1

251.9

Deferred income tax expense
26.7

(0.1
)
26.6

 
21.7


21.7

Accrued expenses and other non-current liabilities
(21.5
)
(0.1
)
(21.6
)
 
(29.9
)
(3.1
)
(33.0
)
Net cash provided by operating activities from continuing operations
277.9

6.0

283.8

 
237.7


237.7

Debt repaid, including capital and financing lease obligations
(457.6
)
(6.0
)
(463.5
)
 
(252.8
)

(252.8
)
Net cash provided by financing activities from continuing operations
184.8

(6.0
)
178.9

 
215.2


215.2

 
Six months ended June 30, 2014
 
Nine months ended September 30, 2014
 
As Previously Reported
Adjustment
As Revised
 
As Previously Reported
Adjustment
As Revised
Net earnings
$
123.6


123.6

 
$
207.3


207.3

Depreciation expense
506.0

6.1

512.1

 
770.1

11.3

781.4

Accrued expenses and other non-current liabilities
(67.6
)
0.2

(67.4
)
 
(41.5
)
(4.9
)
(46.4
)
Net cash provided by operating activities from continuing operations
536.5

6.4

542.9

 
974.7

6.3

981.0

Debt proceeds
765.7


765.7

 
769.9

125.8

895.7

Debt repaid, including capital and financing lease obligations
(271.2
)
(6.4
)
(277.6
)
 
(278.4
)
(6.4
)
(284.8
)
Net cash provided by financing activities from continuing operations
430.0

(6.4
)
423.6

 
213.1

119.4

332.5

Sale and leaseback of revenue earning equipment



 
125.8

(125.8
)

Net cash used in investing activities from continuing operations
(939.8
)

(939.8
)
 
(1,171.5
)
(125.8
)
(1,297.3
)