RECENT ACCOUNTING PRONOUNCEMENTS (Tables)

9 Months Ended

Sep. 30, 2018

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

Adoption of the new revenue recognition standard impacted our previously reported Consolidated Condensed Statements of Operations and Comprehensive Income results as follows (in millions, except per share amounts):



	Three months ended September 30, 2017					Nine months ended September 30, 2017
			New Revenue					New Revenue
	As Previously		Standard			As Previously		Standard
	Reported		Adjustments		As Revised	Reported		Adjustments		As Revised
Services revenue ⁽¹⁾	$	896.2	(7.6	)	888.6	$	2,619.1	(24.0	)	2,595.1
Total revenues	1,848.5		(7.6	)	1,840.9	5,389.9		(24.0	)	5,365.9
Cost of services ⁽¹⁾	761.5		(7.6	)	753.8	2,210.3		(24.0	)	2,186.3
Selling, general and administrative expenses ⁽²⁾	216.7		(4.4	)	212.2	620.0		(5.2	)	614.8
Earnings from continuing operations before income taxes	94.3		0.1		94.5	235.0		1.0		236.0
Provision for income taxes	35.4		—		35.5	86.5		0.5		87.0
Earnings from continuing operations	58.9		0.1		59.0	148.5		0.4		149.0
Net earnings	58.6		0.1		58.8	147.6		0.4		148.0

Comprehensive income	92.0		0.1		92.2	234.8		0.4		235.2

Earnings per common share - Basic
Continuing operations	$	1.12	—		1.12	$	2.81	0.01		2.82

Earnings per common share - Diluted
Continuing operations	$	1.11	0.01		1.12	$	2.79	0.01		2.80

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(1)

Amount includes $8 million and $24 million for the three and nine months ended September 30, 2017, respectively, related to correction of a prior period error. We historically accounted for certain freight brokerage agreements as a principal and presented revenue and costs related to subcontracted transportation on a gross basis in our financial statements. In adopting Topic 606, we reviewed and evaluated our existing revenue contracts and determined that certain of our freight brokerage agreements should have historically been presented on a net basis as an agent. We evaluated the materiality of this revision, quantitatively and qualitatively. We concluded it was not material to any of our previously issued consolidated financial statements and correction as an out of period adjustment in the current period was not material.


(2)	Amount includes $4 million for the three and nine months ended September 30, 2017, related to consulting fees associated with a cost-savings program. The amount was reclassified from "Selling, general and administrative expenses” to "Restructuring and other charges, net" in our Consolidated Condensed Statement of Earnings in order to conform to the current period presentation.

Adoption of the new revenue recognition standard impacted our previously reported Consolidated Condensed Balance Sheet as follows (in millions):



	December 31, 2017
			New Revenue
	As Previously		Standard
	Reported		Adjustment	As Revised
Prepaid expenses and other current assets	$	159.5	0.6	160.1
Total current assets	1,322.3		0.6	1,322.9
Direct financing leases and other assets	559.5		11.2	570.7
Total assets	11,452.2		11.8	11,464.0
Accrued expenses and other current liabilities	587.4		2.2	589.6
Total current liabilities	2,012.8		2.2	2,015.0
Other non-current liabilities	812.1		0.6	812.6
Deferred income taxes	1,208.8		2.4	1,211.1
Total liabilities	8,617.2		5.1	8,622.3
Retained earnings	2,465.0		6.7	2,471.7
Total shareholders' equity	2,835.0		6.7	2,841.7
Total liabilities and shareholders' equity	11,452.2		11.8	11,464.0