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Revisions of Prior Period Financial Statements | 12 Months Ended
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Dec. 31, 2015
Accounting Changes and Error Corrections [Abstract] |
REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS | REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS We periodically enter into sale and leaseback transactions to lower the total cost of funding our operations and to diversify funding among different classes of investors and among different types of funding instruments. These transactions historically resulted in a reduction of revenue earning equipment and debt on the balance sheet, as proceeds from the sale of revenue earning equipment were used to repay debt. During the second quarter of 2015, we reviewed and evaluated the structure of these transactions and determined they should be accounted for as issuances of financial interests that do not qualify for deconsolidation. We evaluated the materiality of this revision, quantitatively and qualitatively, and concluded it was not material to any of our previously issued consolidated financial statements. However, we elected to revise previously issued financial statements to avoid inconsistencies in our financial statements. Accordingly, we revised previously reported results for the years ended December 31, 2014, 2013 and 2012 as well as previously reported results for the three and nine months ended September 30, 2014, the three and six months ended June 30, 2014, and the three months ended March 31, 2015 and 2014 in our Form 10-Q for the quarter ended June 30, 2015. The effects of this revision for periods presented in this Annual Report on Form 10-K are presented in the tables below. 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 except per share amounts):
| Year ended December 31, 2014 |  | Year ended December 31, 2013
| As Previously Reported | Adjustment | As Revised |  | As Previously Reported | Adjustment | As Revised
Cost of lease and rental (1) | $ | 2,039.3 |  | (2.4 | ) | 2,036.9 |  |  | $ | 1,928.9 |  | (3.4 | ) | 1,925.5 |
Interest expense | 142.1 |  | 2.6 |  | 144.7 |  |  | 137.2 |  | 3.3 |  | 140.5 |
Earnings from continuing operations before income taxes | 338.5 |  | (0.2 | ) | 338.3 |  |  | 368.9 |  | 0.1 |  | 369.0 |
Provision for income taxes | 118.1 |  | (0.1 | ) | 118.0 |  |  | 125.7 |  | — |  | 125.7 |
Earnings from continuing operations | 220.5 |  | (0.3 | ) | 220.2 |  |  | 243.2 |  | 0.1 |  | 243.3 |
Net earnings | 218.6 |  | (0.3 | ) | 218.3 |  |  | 237.8 |  | 0.1 |  | 237.9 |
(1) Includes revised rent expense disclosed in Note 15, "Leases." 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 | ) | 36.3 |
Year ended December 31, 2013 | 387.2 |  | 0.1 |  | 387.2 |
The effects of this revision on our Consolidated Balance Sheet as of December 31, 2014 were as follows (in millions):
| As Previously Reported | Adjustment | As Revised
Revenue earning equipment, net | $ | 6,994.4 |  | 207.5 |  | 7,201.9 |
Total assets (1) | 9,676.0 |  | 174.9 |  | 9,850.9 |
Short-term debt and current portion of long-term debt | 12.2 |  | 24.1 |  | 36.3 |
Accrued expenses and other current liabilities | 520.5 |  | (6.8 | ) | 513.7 |
Total current liabilities | 1,093.6 |  | 17.2 |  | 1,110.8 |
Long-term debt | 4,500.3 |  | 194.0 |  | 4,694.3 |
Other non-current liabilities | 786.7 |  | (3.4 | ) | 783.3 |
Deferred income taxes (1) | 1,476.0 |  | (32.7 | ) | 1,443.3 |
Total liabilities (1) | 7,856.5 |  | 175.3 |  | 8,031.8 |
Retained earnings | 1,450.9 |  | (0.4 | ) | 1,450.5 |
Total shareholders’ equity | 1,819.5 |  | (0.4 | ) | 1,819.1 |
Total liabilities and shareholders’ equity (1) | 9,676.0 |  | 174.9 |  | 9,850.9 |
_______________ (1) Adjustment includes reclassification of current deferred tax assets to non-current as discussed in Note 2, "Recent Accounting Pronouncements." 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
| 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 |
Depreciation expense | 1,040.3 |  | 17.6 |  | 1,057.8 |  |  | 957.1 |  | 26.5 |  | 983.6 |
Accrued expenses and other non-current liabilities | (48.7 | ) | (4.4 | ) | (53.1 | ) |  | (66.6 | ) | 2.2 |  | (64.4 | )
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 |
Debt proceeds | 839.7 |  | 125.8 |  | 965.5 |  |  | 557.0 |  | — |  | 557.0 |
Debt repaid, including capital lease obligations | (280.7 | ) | (12.8 | ) | (293.5 | ) |  | (332.6 | ) | (46.6 | ) | (379.2 | )
Net cash provided by financing activities from continuing operations | 198.7 |  | 113.0 |  | 311.7 |  |  | 393.6 |  | (46.5 | ) | 347.1 |
Purchases of property and revenue earning equipment | (2,259.2 | ) | — |  | (2,259.2 | ) |  | (2,140.5 | ) | 17.9 |  | (2,122.6 | )
Sale and leaseback of revenue earning equipment | 125.8 |  | (125.8 | ) | — |  |  | — |  | — |  | — |
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 | )

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