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RECENT ACCOUNTING PRONOUNCEMENTS (Tables) | 6 Months Ended
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Jun. 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 thousands, except per share amounts):
| Three months ended June 30, 2017 |  | Six months ended June 30, 2017
|  |  | New Revenue |  |  |  |  |  | New Revenue |  |
| As Previously |  | Standard |  |  |  | As Previously |  | Standard |  |
| Reported |  | Adjustments |  | As Revised |  | Reported |  | Adjustments |  | As Revised
Services revenue (1) | $ | 871,027 |  |  | (5,186 | ) |  | 865,841 |  |  | $ | 1,722,894 |  |  | (16,366 | ) |  | 1,706,528 |
Total revenues | 1,793,214 |  |  | (5,186 | ) |  | 1,788,028 |  |  | 3,541,377 |  |  | (16,366 | ) |  | 3,525,011 |
Cost of services (1) | 734,764 |  |  | (5,186 | ) |  | 729,578 |  |  | 1,448,844 |  |  | (16,366 | ) |  | 1,432,478 |
Selling, general and administrative expenses | 201,626 |  |  | (162 | ) |  | 201,464 |  |  | 403,387 |  |  | (828 | ) |  | 402,559 |
Earnings from continuing operations before income taxes | 80,692 |  |  | 162 |  |  | 80,854 |  |  | 140,648 |  |  | 828 |  |  | 141,476 |
Provision for income taxes | 29,349 |  |  | 110 |  |  | 29,459 |  |  | 51,026 |  |  | 519 |  |  | 51,545 |
Earnings from continuing operations | 51,343 |  |  | 52 |  |  | 51,395 |  |  | 89,622 |  |  | 309 |  |  | 89,931 |
Net earnings | 50,816 |  |  | 52 |  |  | 50,868 |  |  | 88,965 |  |  | 309 |  |  | 89,274 |
Comprehensive income | 83,822 |  |  | 52 |  |  | 83,874 |  |  | 142,777 |  |  | 309 |  |  | 143,086 |
Earnings per common share - Basic |  |  |  |  |  |  |  |  |  |  |
Continuing operations | $ | 0.97 |  |  | — |  |  | 0.97 |  |  | $ | 1.69 |  |  | 0.01 |  |  | 1.70 |
Earnings per common share - Diluted |  |  |  |  |  |  |  |  |  |  |
Continuing operations | $ | 0.97 |  |  | — |  |  | 0.97 |  |  | $ | 1.68 |  |  | 0.01 |  |  | 1.69 |
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(1) | Amount includes $5 million and $16 million for the three and six months ended June 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.
Adoption of the new revenue recognition standard impacted our previously reported Consolidated Condensed Balance Sheet as follows (in thousands)
|  |  |  |  | December 31, 2017
|  |  |  |  |  |  | New Revenue |  |
|  |  |  |  | As Previously |  | Standard |  |
|  |  |  |  | Reported |  | Adjustment |  | As Revised
Prepaid expenses and other current assets |  | $ | 159,483 |  |  | 611 |  |  | 160,094 |
Total current assets |  | 1,322,282 |  |  | 611 |  |  | 1,322,893 |
Direct financing leases and other assets |  | 559,549 |  |  | 11,157 |  |  | 570,706 |
Total assets |  | 11,452,231 |  |  | 11,768 |  |  | 11,463,999 |
Accrued expenses and other current liabilities |  | 587,406 |  |  | 2,197 |  |  | 589,603 |
Total current liabilities |  | 2,012,778 |  |  | 2,197 |  |  | 2,014,975 |
Other non-current liabilities |  | 812,089 |  |  | 553 |  |  | 812,642 |
Deferred income taxes |  | 1,208,766 |  |  | 2,363 |  |  | 1,211,129 |
Total liabilities |  | 8,617,215 |  |  | 5,113 |  |  | 8,622,328 |
Retained earnings |  | 2,465,022 |  |  | 6,655 |  |  | 2,471,677 |
Total shareholders' equity |  | 2,835,016 |  |  | 6,655 |  |  | 2,841,671 |
Total liabilities and shareholders' equity |  | 11,452,231 |  |  | 11,768 |  |  | 11,463,999 |

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