|
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|
March 31, 2017 | December 31, 2016 | ||||||||||||||||||
Cost | Accumulated Depreciation | Net Book Value (1) | Cost | Accumulated Depreciation | Net Book Value (1) | ||||||||||||||
(In thousands) | |||||||||||||||||||
Held for use: | |||||||||||||||||||
ChoiceLease | $ | 9,664,962 | (3,159,228 | ) | 6,505,734 | $ | 9,486,977 | (3,031,937 | ) | 6,455,040 | |||||||||
Commercial rental | 2,492,992 | (942,309 | ) | 1,550,683 | 2,499,010 | (935,346 | ) | 1,563,664 | |||||||||||
Held for sale | 439,022 | (324,263 | ) | 114,759 | 494,355 | (365,337 | ) | 129,018 | |||||||||||
Total | $ | 12,596,976 | (4,425,800 | ) | 8,171,176 | $ | 12,480,342 | (4,332,620 | ) | 8,147,722 |
(1) | Revenue earning equipment, net book value includes vehicles acquired under capital leases of $37 million, less accumulated depreciation of $17 million, at March 31, 2017, and $43 million, less accumulated depreciation of $22 million, at December 31, 2016. |
Total Losses (2) | |||||||||||||
March 31, | Three months ended March 31, | ||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||
(In thousands) | |||||||||||||
Assets held for sale: | |||||||||||||
Revenue earning equipment (1): | |||||||||||||
Trucks | $ | 12,228 | 11,538 | $ | 5,800 | 1,744 | |||||||
Tractors | 38,383 | 39,739 | 5,183 | 4,882 | |||||||||
Trailers | 2,303 | 3,153 | 568 | 662 | |||||||||
Total assets at fair value | $ | 52,914 | 54,430 | $ | 11,551 | 7,288 |
(1) | Assets held for sale in the above table only include the portion of revenue earning equipment held for sale where net book values exceeded fair values and fair value adjustments were recorded. The net book value of assets held for sale not exceeding fair value was $62 million and $120 million as of March 31, 2017 and 2016, respectively. |
(2) | Total losses represent fair value adjustments for all vehicles reclassified to held for sale throughout the period for which fair value was less than carrying value. |
Three months ended March 31, | ||||||
2017 | 2016 | |||||
(In thousands) | ||||||
Gains on vehicle sales, net | $ | (12,331 | ) | (26,417 | ) | |
Losses from fair value adjustments | 11,551 | 7,288 | ||||
Used vehicle sales, net | $ | (780 | ) | (19,129 | ) |
|
March 31, 2017 | December 31, 2016 | ||||||||||||||||||
Accrued Expenses | Non-Current Liabilities | Total | Accrued Expenses | Non-Current Liabilities | Total | ||||||||||||||
(In thousands) | |||||||||||||||||||
Salaries and wages | $ | 68,831 | — | 68,831 | $ | 90,913 | — | 90,913 | |||||||||||
Deferred compensation | 3,548 | 48,550 | 52,098 | 2,992 | 46,541 | 49,533 | |||||||||||||
Pension benefits | 3,808 | 455,625 | 459,433 | 3,796 | 451,940 | 455,736 | |||||||||||||
Other postretirement benefits | 1,507 | 19,365 | 20,872 | 1,506 | 19,459 | 20,965 | |||||||||||||
Other employee benefits | 11,437 | 2,325 | 13,762 | 29,358 | 5,854 | 35,212 | |||||||||||||
Insurance obligations (1) | 126,520 | 265,466 | 391,986 | 127,470 | 234,336 | 361,806 | |||||||||||||
Operating taxes | 98,717 | — | 98,717 | 92,150 | — | 92,150 | |||||||||||||
Income taxes | 1,784 | 24,091 | 25,875 | 4,197 | 23,174 | 27,371 | |||||||||||||
Interest | 28,807 | — | 28,807 | 27,277 | — | 27,277 | |||||||||||||
Customer deposits | 63,320 | 4,501 | 67,821 | 61,225 | 4,569 | 65,794 | |||||||||||||
Deferred revenue | 14,758 | — | 14,758 | 14,064 | — | 14,064 | |||||||||||||
Restructuring liabilities (2) | 4,387 | — | 4,387 | 7,278 | — | 7,278 | |||||||||||||
Other | 41,035 | 32,912 | 73,947 | 44,963 | 31,692 | 76,655 | |||||||||||||
Total | $ | 468,459 | 852,835 | 1,321,294 | $ | 507,189 | 817,565 | 1,324,754 |
(1) | Insurance obligations are primarily comprised of self-insured claim liabilities. |
(2) | The reduction in restructuring liabilities from December 31, 2016, principally represents cash payments for employee termination costs. The majority of the balance remaining in restructuring liabilities is expected to be paid by the end of 2017. |
|
Weighted-Average Interest Rate | ||||||||||||
March 31, 2017 | December 31, 2016 | Maturities | March 31, 2017 | December 31, 2016 | ||||||||
(In thousands) | ||||||||||||
Short-term debt and current portion of long-term debt: | ||||||||||||
Short-term debt | 1.06% | 1.07% | $ | 190,252 | 177,629 | |||||||
Current portion of long-term debt | 782,863 | 613,781 | ||||||||||
Total short-term debt and current portion of long-term debt | 973,115 | 791,410 | ||||||||||
Long-term debt: | ||||||||||||
U.S. commercial paper (1) | 1.04% | 0.87% | 2020 | 349,510 | 342,480 | |||||||
Global revolving credit facility | —% | 2.06% | 2020 | — | 4,703 | |||||||
Unsecured U.S. notes — Medium-term notes (1) | 2.72% | 2.67% | 2017-2025 | 4,063,395 | 4,113,421 | |||||||
Unsecured U.S. obligations | 2.19% | 2.19% | 2018 | 50,000 | 50,000 | |||||||
Unsecured foreign obligations | 1.55% | 1.55% | 2017-2020 | 216,624 | 232,092 | |||||||
Asset-backed U.S. obligations (2) | 1.80% | 1.80% | 2017-2022 | 449,033 | 459,876 | |||||||
Capital lease obligations | 3.20% | 3.17% | 2017-2023 | 23,448 | 24,184 | |||||||
Total before fair market value adjustment | 5,152,010 | 5,226,756 | ||||||||||
Fair market value adjustment on notes subject to hedging (3) | (946 | ) | 1,110 | |||||||||
Debt issuance costs | (15,091 | ) | (14,221 | ) | ||||||||
5,135,973 | 5,213,645 | |||||||||||
Current portion of long-term debt | (782,863 | ) | (613,781 | ) | ||||||||
Long-term debt | 4,353,110 | 4,599,864 | ||||||||||
Total debt | $ | 5,326,225 | 5,391,274 |
(1) | Amounts are net of unamortized original issue discounts of $7 million at March 31, 2017 and December 31, 2016. |
(2) | Asset-backed U.S. obligations are related to financing transactions involving revenue earning equipment. |
(3) | The notional amount of the executed interest rate swaps designated as fair value hedges was $825 million at March 31, 2017 and December 31, 2016. |
|
|
|
Currency Translation Adjustments and Other | Net Actuarial Loss (1) | Prior Service (Cost)/ Credit (1) | Accumulated Other Comprehensive Loss | ||||||||||
(In thousands) | |||||||||||||
December 31, 2016 | $ | (206,610 | ) | (620,292 | ) | (7,130 | ) | (834,032 | ) | ||||
Amortization | — | 5,011 | 53 | 5,064 | |||||||||
Other current period change | 15,742 | — | — | 15,742 | |||||||||
March 31, 2017 | $ | (190,868 | ) | (615,281 | ) | (7,077 | ) | (813,226 | ) |
Currency Translation Adjustments and Other | Net Actuarial Loss (1) | Prior Service Credit (1) | Accumulated Other Comprehensive Loss | ||||||||||
(In thousands) | |||||||||||||
December 31, 2015 | $ | (136,020 | ) | (576,993 | ) | 278 | (712,735 | ) | |||||
Amortization | — | 4,752 | (37 | ) | 4,715 | ||||||||
Other current period change | 13,684 | — | — | 13,684 | |||||||||
March 31, 2016 | $ | (122,336 | ) | (572,241 | ) | 241 | (694,336 | ) |
(1) | These amounts are included in the computation of net pension expense. See Note 11, "Employee Benefit Plans," for further information. |
|
Three months ended March 31, | ||||||
2017 | 2016 | |||||
(In thousands, except per share amounts) | ||||||
Earnings per share — Basic: | ||||||
Earnings from continuing operations | $ | 38,279 | 56,185 | |||
Less: Earnings allocated to unvested stock | (130 | ) | (166 | ) | ||
Earnings from continuing operations available to common shareholders — Basic | $ | 38,149 | 56,019 | |||
Weighted average common shares outstanding — Basic | 52,945 | 53,076 | ||||
Earnings from continuing operations per common share — Basic | $ | 0.72 | 1.06 | |||
Earnings per share — Diluted: | ||||||
Earnings from continuing operations | $ | 38,279 | 56,185 | |||
Less: Earnings allocated to unvested stock | (130 | ) | (166 | ) | ||
Earnings from continuing operations available to common shareholders — Diluted | $ | 38,149 | 56,019 | |||
Weighted average common shares outstanding — Basic | 52,945 | 53,076 | ||||
Effect of dilutive equity awards | 451 | 287 | ||||
Weighted average common shares outstanding — Diluted | 53,396 | 53,363 | ||||
Earnings from continuing operations per common share — Diluted | $ | 0.71 | 1.05 | |||
Anti-dilutive equity awards not included above | 591 | 1,186 |
|
Three months ended March 31, | ||||||
2017 | 2016 | |||||
(In thousands) | ||||||
Stock option and stock purchase plans | $ | 1,905 | 1,873 | |||
Unvested stock | 3,050 | 3,015 | ||||
Share-based compensation expense | 4,955 | 4,888 | ||||
Income tax benefit | (1,734 | ) | (1,655 | ) | ||
Share-based compensation expense, net of tax | $ | 3,221 | 3,233 |
Three months ended March 31, | ||||||
2017 | 2016 | |||||
(In thousands) | ||||||
Cash awards | $ | 77 | 151 |
|
Three months ended March 31, | ||||||
2017 | 2016 | |||||
(In thousands) | ||||||
Pension Benefits | ||||||
Company-administered plans: | ||||||
Service cost | $ | 3,249 | 3,400 | |||
Interest cost | 21,489 | 22,240 | ||||
Expected return on plan assets | (22,478 | ) | (23,085 | ) | ||
Amortization of: | ||||||
Net actuarial loss | 8,450 | 7,965 | ||||
Prior service cost | 145 | — | ||||
10,855 | 10,520 | |||||
Union-administered plans | 2,502 | 2,322 | ||||
Net pension expense | $ | 13,357 | 12,842 | |||
Company-administered plans: | ||||||
U.S. | $ | 11,311 | 11,175 | |||
Non-U.S. | (456 | ) | (655 | ) | ||
10,855 | 10,520 | |||||
Union-administered plans | 2,502 | 2,322 | ||||
Net pension expense | $ | 13,357 | 12,842 |
|
|
|
Three months ended March 31, | ||||||
2017 | 2016 | |||||
(In thousands) | ||||||
Interest paid | $ | 31,441 | 34,421 | |||
Income taxes paid | 3,107 | 4,750 | ||||
Changes in accounts payable related to purchases of revenue earning equipment | 74,766 | (77,486 | ) | |||
Operating and revenue earning equipment acquired under capital leases | 1,607 | 240 |
|
FMS | DTS | SCS | Eliminations | Total | ||||||||||||
(In thousands) | ||||||||||||||||
For the three months ended March 31, 2017 | ||||||||||||||||
Revenue from external customers | $ | 1,018,740 | 266,674 | 462,749 | — | 1,748,163 | ||||||||||
Inter-segment revenue | 113,730 | — | — | (113,730 | ) | — | ||||||||||
Total revenue | $ | 1,132,470 | 266,674 | 462,749 | (113,730 | ) | 1,748,163 | |||||||||
Segment EBT | $ | 52,108 | 11,279 | 27,446 | (11,216 | ) | 79,617 | |||||||||
Unallocated CSS | (10,213 | ) | ||||||||||||||
Non-operating pension costs | (7,243 | ) | ||||||||||||||
Other items (1) | (2,205 | ) | ||||||||||||||
Earnings from continuing operations before income taxes | $ | 59,956 | ||||||||||||||
Segment capital expenditures paid (2) | $ | 344,355 | 768 | 10,998 | — | 356,121 | ||||||||||
Unallocated CSS capital expenditures paid | 5,218 | |||||||||||||||
Capital expenditures paid | $ | 361,339 | ||||||||||||||
For the three months ended March 31, 2016 | ||||||||||||||||
Revenue from external customers | $ | 996,115 | 244,842 | 388,715 | — | 1,629,672 | ||||||||||
Inter-segment revenue | 101,813 | — | — | (101,813 | ) | — | ||||||||||
Total revenue | $ | 1,097,928 | 244,842 | 388,715 | (101,813 | ) | 1,629,672 | |||||||||
Segment EBT | $ | 83,301 | 14,268 | 19,796 | (11,744 | ) | 105,621 | |||||||||
Unallocated CSS | (10,045 | ) | ||||||||||||||
Non-operating pension costs | (6,868 | ) | ||||||||||||||
Earnings from continuing operations before income taxes | $ | 88,708 | ||||||||||||||
Segment capital expenditures paid (2) | $ | 560,285 | 517 | 7,323 | — | 568,125 | ||||||||||
Unallocated CSS capital expenditures paid | 6,906 | |||||||||||||||
Capital expenditures paid | $ | 575,031 |
(1) | See Note 12, "Other Items Impacting Comparability," for additional information. |
(2) | Excludes revenue earning equipment acquired under capital leases. |
|
|
March 31, 2017 | December 31, 2016 | ||||||||||||||||||
Cost | Accumulated Depreciation | Net Book Value (1) | Cost | Accumulated Depreciation | Net Book Value (1) | ||||||||||||||
(In thousands) | |||||||||||||||||||
Held for use: | |||||||||||||||||||
ChoiceLease | $ | 9,664,962 | (3,159,228 | ) | 6,505,734 | $ | 9,486,977 | (3,031,937 | ) | 6,455,040 | |||||||||
Commercial rental | 2,492,992 | (942,309 | ) | 1,550,683 | 2,499,010 | (935,346 | ) | 1,563,664 | |||||||||||
Held for sale | 439,022 | (324,263 | ) | 114,759 | 494,355 | (365,337 | ) | 129,018 | |||||||||||
Total | $ | 12,596,976 | (4,425,800 | ) | 8,171,176 | $ | 12,480,342 | (4,332,620 | ) | 8,147,722 |
(1) | Revenue earning equipment, net book value includes vehicles acquired under capital leases of $37 million, less accumulated depreciation of $17 million, at March 31, 2017, and $43 million, less accumulated depreciation of $22 million, at December 31, 2016. |
Total Losses (2) | |||||||||||||
March 31, | Three months ended March 31, | ||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||
(In thousands) | |||||||||||||
Assets held for sale: | |||||||||||||
Revenue earning equipment (1): | |||||||||||||
Trucks | $ | 12,228 | 11,538 | $ | 5,800 | 1,744 | |||||||
Tractors | 38,383 | 39,739 | 5,183 | 4,882 | |||||||||
Trailers | 2,303 | 3,153 | 568 | 662 | |||||||||
Total assets at fair value | $ | 52,914 | 54,430 | $ | 11,551 | 7,288 |
(1) | Assets held for sale in the above table only include the portion of revenue earning equipment held for sale where net book values exceeded fair values and fair value adjustments were recorded. The net book value of assets held for sale not exceeding fair value was $62 million and $120 million as of March 31, 2017 and 2016, respectively. |
(2) | Total losses represent fair value adjustments for all vehicles reclassified to held for sale throughout the period for which fair value was less than carrying value. |
Three months ended March 31, | ||||||
2017 | 2016 | |||||
(In thousands) | ||||||
Gains on vehicle sales, net | $ | (12,331 | ) | (26,417 | ) | |
Losses from fair value adjustments | 11,551 | 7,288 | ||||
Used vehicle sales, net | $ | (780 | ) | (19,129 | ) |
|
March 31, 2017 | December 31, 2016 | ||||||||||||||||||
Accrued Expenses | Non-Current Liabilities | Total | Accrued Expenses | Non-Current Liabilities | Total | ||||||||||||||
(In thousands) | |||||||||||||||||||
Salaries and wages | $ | 68,831 | — | 68,831 | $ | 90,913 | — | 90,913 | |||||||||||
Deferred compensation | 3,548 | 48,550 | 52,098 | 2,992 | 46,541 | 49,533 | |||||||||||||
Pension benefits | 3,808 | 455,625 | 459,433 | 3,796 | 451,940 | 455,736 | |||||||||||||
Other postretirement benefits | 1,507 | 19,365 | 20,872 | 1,506 | 19,459 | 20,965 | |||||||||||||
Other employee benefits | 11,437 | 2,325 | 13,762 | 29,358 | 5,854 | 35,212 | |||||||||||||
Insurance obligations (1) | 126,520 | 265,466 | 391,986 | 127,470 | 234,336 | 361,806 | |||||||||||||
Operating taxes | 98,717 | — | 98,717 | 92,150 | — | 92,150 | |||||||||||||
Income taxes | 1,784 | 24,091 | 25,875 | 4,197 | 23,174 | 27,371 | |||||||||||||
Interest | 28,807 | — | 28,807 | 27,277 | — | 27,277 | |||||||||||||
Customer deposits | 63,320 | 4,501 | 67,821 | 61,225 | 4,569 | 65,794 | |||||||||||||
Deferred revenue | 14,758 | — | 14,758 | 14,064 | — | 14,064 | |||||||||||||
Restructuring liabilities (2) | 4,387 | — | 4,387 | 7,278 | — | 7,278 | |||||||||||||
Other | 41,035 | 32,912 | 73,947 | 44,963 | 31,692 | 76,655 | |||||||||||||
Total | $ | 468,459 | 852,835 | 1,321,294 | $ | 507,189 | 817,565 | 1,324,754 |
(1) | Insurance obligations are primarily comprised of self-insured claim liabilities. |
(2) | The reduction in restructuring liabilities from December 31, 2016, principally represents cash payments for employee termination costs. The majority of the balance remaining in restructuring liabilities is expected to be paid by the end of 2017. |
|
Weighted-Average Interest Rate | ||||||||||||
March 31, 2017 | December 31, 2016 | Maturities | March 31, 2017 | December 31, 2016 | ||||||||
(In thousands) | ||||||||||||
Short-term debt and current portion of long-term debt: | ||||||||||||
Short-term debt | 1.06% | 1.07% | $ | 190,252 | 177,629 | |||||||
Current portion of long-term debt | 782,863 | 613,781 | ||||||||||
Total short-term debt and current portion of long-term debt | 973,115 | 791,410 | ||||||||||
Long-term debt: | ||||||||||||
U.S. commercial paper (1) | 1.04% | 0.87% | 2020 | 349,510 | 342,480 | |||||||
Global revolving credit facility | —% | 2.06% | 2020 | — | 4,703 | |||||||
Unsecured U.S. notes — Medium-term notes (1) | 2.72% | 2.67% | 2017-2025 | 4,063,395 | 4,113,421 | |||||||
Unsecured U.S. obligations | 2.19% | 2.19% | 2018 | 50,000 | 50,000 | |||||||
Unsecured foreign obligations | 1.55% | 1.55% | 2017-2020 | 216,624 | 232,092 | |||||||
Asset-backed U.S. obligations (2) | 1.80% | 1.80% | 2017-2022 | 449,033 | 459,876 | |||||||
Capital lease obligations | 3.20% | 3.17% | 2017-2023 | 23,448 | 24,184 | |||||||
Total before fair market value adjustment | 5,152,010 | 5,226,756 | ||||||||||
Fair market value adjustment on notes subject to hedging (3) | (946 | ) | 1,110 | |||||||||
Debt issuance costs | (15,091 | ) | (14,221 | ) | ||||||||
5,135,973 | 5,213,645 | |||||||||||
Current portion of long-term debt | (782,863 | ) | (613,781 | ) | ||||||||
Long-term debt | 4,353,110 | 4,599,864 | ||||||||||
Total debt | $ | 5,326,225 | 5,391,274 |
(1) | Amounts are net of unamortized original issue discounts of $7 million at March 31, 2017 and December 31, 2016. |
(2) | Asset-backed U.S. obligations are related to financing transactions involving revenue earning equipment. |
(3) | The notional amount of the executed interest rate swaps designated as fair value hedges was $825 million at March 31, 2017 and December 31, 2016. |
|
Currency Translation Adjustments and Other | Net Actuarial Loss (1) | Prior Service (Cost)/ Credit (1) | Accumulated Other Comprehensive Loss | ||||||||||
(In thousands) | |||||||||||||
December 31, 2016 | $ | (206,610 | ) | (620,292 | ) | (7,130 | ) | (834,032 | ) | ||||
Amortization | — | 5,011 | 53 | 5,064 | |||||||||
Other current period change | 15,742 | — | — | 15,742 | |||||||||
March 31, 2017 | $ | (190,868 | ) | (615,281 | ) | (7,077 | ) | (813,226 | ) |
Currency Translation Adjustments and Other | Net Actuarial Loss (1) | Prior Service Credit (1) | Accumulated Other Comprehensive Loss | ||||||||||
(In thousands) | |||||||||||||
December 31, 2015 | $ | (136,020 | ) | (576,993 | ) | 278 | (712,735 | ) | |||||
Amortization | — | 4,752 | (37 | ) | 4,715 | ||||||||
Other current period change | 13,684 | — | — | 13,684 | |||||||||
March 31, 2016 | $ | (122,336 | ) | (572,241 | ) | 241 | (694,336 | ) |
(1) | These amounts are included in the computation of net pension expense. See Note 11, "Employee Benefit Plans," for further information. |
|
Three months ended March 31, | ||||||
2017 | 2016 | |||||
(In thousands, except per share amounts) | ||||||
Earnings per share — Basic: | ||||||
Earnings from continuing operations | $ | 38,279 | 56,185 | |||
Less: Earnings allocated to unvested stock | (130 | ) | (166 | ) | ||
Earnings from continuing operations available to common shareholders — Basic | $ | 38,149 | 56,019 | |||
Weighted average common shares outstanding — Basic | 52,945 | 53,076 | ||||
Earnings from continuing operations per common share — Basic | $ | 0.72 | 1.06 | |||
Earnings per share — Diluted: | ||||||
Earnings from continuing operations | $ | 38,279 | 56,185 | |||
Less: Earnings allocated to unvested stock | (130 | ) | (166 | ) | ||
Earnings from continuing operations available to common shareholders — Diluted | $ | 38,149 | 56,019 | |||
Weighted average common shares outstanding — Basic | 52,945 | 53,076 | ||||
Effect of dilutive equity awards | 451 | 287 | ||||
Weighted average common shares outstanding — Diluted | 53,396 | 53,363 | ||||
Earnings from continuing operations per common share — Diluted | $ | 0.71 | 1.05 | |||
Anti-dilutive equity awards not included above | 591 | 1,186 |
|
Three months ended March 31, | ||||||
2017 | 2016 | |||||
(In thousands) | ||||||
Stock option and stock purchase plans | $ | 1,905 | 1,873 | |||
Unvested stock | 3,050 | 3,015 | ||||
Share-based compensation expense | 4,955 | 4,888 | ||||
Income tax benefit | (1,734 | ) | (1,655 | ) | ||
Share-based compensation expense, net of tax | $ | 3,221 | 3,233 |
Three months ended March 31, | ||||||
2017 | 2016 | |||||
(In thousands) | ||||||
Cash awards | $ | 77 | 151 |
|
Three months ended March 31, | ||||||
2017 | 2016 | |||||
(In thousands) | ||||||
Pension Benefits | ||||||
Company-administered plans: | ||||||
Service cost | $ | 3,249 | 3,400 | |||
Interest cost | 21,489 | 22,240 | ||||
Expected return on plan assets | (22,478 | ) | (23,085 | ) | ||
Amortization of: | ||||||
Net actuarial loss | 8,450 | 7,965 | ||||
Prior service cost | 145 | — | ||||
10,855 | 10,520 | |||||
Union-administered plans | 2,502 | 2,322 | ||||
Net pension expense | $ | 13,357 | 12,842 | |||
Company-administered plans: | ||||||
U.S. | $ | 11,311 | 11,175 | |||
Non-U.S. | (456 | ) | (655 | ) | ||
10,855 | 10,520 | |||||
Union-administered plans | 2,502 | 2,322 | ||||
Net pension expense | $ | 13,357 | 12,842 |
|
Three months ended March 31, | ||||||
2017 | 2016 | |||||
(In thousands) | ||||||
Interest paid | $ | 31,441 | 34,421 | |||
Income taxes paid | 3,107 | 4,750 | ||||
Changes in accounts payable related to purchases of revenue earning equipment | 74,766 | (77,486 | ) | |||
Operating and revenue earning equipment acquired under capital leases | 1,607 | 240 |
|
FMS | DTS | SCS | Eliminations | Total | ||||||||||||
(In thousands) | ||||||||||||||||
For the three months ended March 31, 2017 | ||||||||||||||||
Revenue from external customers | $ | 1,018,740 | 266,674 | 462,749 | — | 1,748,163 | ||||||||||
Inter-segment revenue | 113,730 | — | — | (113,730 | ) | — | ||||||||||
Total revenue | $ | 1,132,470 | 266,674 | 462,749 | (113,730 | ) | 1,748,163 | |||||||||
Segment EBT | $ | 52,108 | 11,279 | 27,446 | (11,216 | ) | 79,617 | |||||||||
Unallocated CSS | (10,213 | ) | ||||||||||||||
Non-operating pension costs | (7,243 | ) | ||||||||||||||
Other items (1) | (2,205 | ) | ||||||||||||||
Earnings from continuing operations before income taxes | $ | 59,956 | ||||||||||||||
Segment capital expenditures paid (2) | $ | 344,355 | 768 | 10,998 | — | 356,121 | ||||||||||
Unallocated CSS capital expenditures paid | 5,218 | |||||||||||||||
Capital expenditures paid | $ | 361,339 | ||||||||||||||
For the three months ended March 31, 2016 | ||||||||||||||||
Revenue from external customers | $ | 996,115 | 244,842 | 388,715 | — | 1,629,672 | ||||||||||
Inter-segment revenue | 101,813 | — | — | (101,813 | ) | — | ||||||||||
Total revenue | $ | 1,097,928 | 244,842 | 388,715 | (101,813 | ) | 1,629,672 | |||||||||
Segment EBT | $ | 83,301 | 14,268 | 19,796 | (11,744 | ) | 105,621 | |||||||||
Unallocated CSS | (10,045 | ) | ||||||||||||||
Non-operating pension costs | (6,868 | ) | ||||||||||||||
Earnings from continuing operations before income taxes | $ | 88,708 | ||||||||||||||
Segment capital expenditures paid (2) | $ | 560,285 | 517 | 7,323 | — | 568,125 | ||||||||||
Unallocated CSS capital expenditures paid | 6,906 | |||||||||||||||
Capital expenditures paid | $ | 575,031 |
(1) | See Note 12, "Other Items Impacting Comparability," for additional information. |
(2) | Excludes revenue earning equipment acquired under capital leases. |
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