XML 24 R11.htm IDEA: XBRL DOCUMENT
v3.10.0.1

REVENUE EARNING EQUIPMENT | 6 Months Ended
--- | ---
Jun. 30, 2018
Revenue Earning Equipment [Abstract] |
REVENUE EARNING EQUIPMENT | REVENUE EARNING EQUIPMENT
| June 30, 2018 |  | December 31, 2017
| Cost |  | Accumulated Depreciation |  | Net Book Value (1) |  | Cost |  | Accumulated Depreciation |  | Net Book Value (1)
| (In thousands)
Held for use: |
ChoiceLease | $ | 10,283,609 |  |  | (3,548,389 | ) |  | 6,735,220 |  |  | $ | 10,002,981 |  |  | (3,367,431 | ) |  | 6,635,550 |
Commercial rental | 3,016,416 |  |  | (1,008,785 | ) |  | 2,007,631 |  |  | 2,616,706 |  |  | (1,001,965 | ) |  | 1,614,741 |
Held for sale | 373,267 |  |  | (269,322 | ) |  | 103,945 |  |  | 403,229 |  |  | (298,258 | ) |  | 104,971 |
Total | $ | 13,673,292 |  |  | (4,826,496 | ) |  | 8,846,796 |  |  | $ | 13,022,916 |  |  | (4,667,654 | ) |  | 8,355,262 |
————————————
(1) | Revenue earning equipment, net includes vehicles under capital leases of $23 million, less accumulated depreciation of $12 million, at June 30, 2018, and $29 million, less accumulated depreciation of $14 million, at December 31, 2017.
We lease revenue earning equipment to customers for periods typically ranging from three to seven years for trucks and tractors and up to ten years for trailers. The majority of our leases are classified as operating leases. However, some of our revenue earning equipment leases are classified as direct financing leases and, to a lesser extent, sales-type leases. As of June 30, 2018 and December 31, 2017, the net investment in direct financing and sales-type leases was $453 million and $447 million, respectively. Our direct financing lease customers operate in a wide variety of industries, and we have no significant customer concentrations in any one industry. We assess credit risk for all of our customers including those who lease equipment under direct financing leases prior to signing a ChoiceLease contract. For those customers who are designated as high risk, we typically require deposits to be paid in advance in order to mitigate our credit risk. Additionally, our receivables are collateralized by the vehicles, which further mitigates our credit risk. As of June 30, 2018 and December 31, 2017, the amount of direct financing lease receivables past due was not significant, and there were no impaired receivables. Accordingly, we do not believe there is a material risk of default with respect to the direct financing lease receivables. Revenue earning equipment held for sale is stated at the lower of carrying amount or fair value less costs to sell. Losses on vehicles held for sale for which carrying values exceeded fair value are recognized at the time they arrive at our used truck sales centers and are presented within “Used vehicle sales, net” in the Consolidated Condensed Statements of Earnings. For revenue earning equipment held for sale, we stratify our fleet by vehicle type (trucks, tractors and trailers), weight class, age and other relevant characteristics and create classes of similar assets for analysis purposes. For a certain population of our revenue earning equipment held for sale, fair value was determined based upon recent market prices obtained from our own sales experience for sales of each class of similar assets and vehicle condition. Expected declines in market prices were also considered when valuing the vehicles held for sale. These vehicles held for sale were classified within Level 3 of the fair value hierarchy. The following table presents our assets held for sale that are measured at fair value on a nonrecurring basis and considered a Level 3 fair value measurement:
|  |  | Total Losses (2)
|  |  | Three months ended June 30, |  | Six months ended June 30,
| June 30, 2018 |  | December 31, 2017 |  | 2018 |  | 2017 |  | 2018 |  | 2017
| (In thousands)
Assets held for sale: |  |  |  |  |  |  |  |  |  |  |
Revenue earning equipment (1): |  |  |  |  |  |  |  |  |  |  |
Trucks | $ | 37,895 |  |  | 33,208 |  |  | $ | 10,295 |  |  | 10,927 |  |  | $ | 18,896 |  |  | 16,727 |
Tractors | 22,883 |  |  | 27,976 |  |  | 2,101 |  |  | 12,134 |  |  | 5,478 |  |  | 17,317 |
Trailers | 1,478 |  |  | 2,100 |  |  | 1,605 |  |  | 2,605 |  |  | 3,198 |  |  | 3,173 |
Total assets at fair value | $ | 62,256 |  |  | 63,284 |  |  | $ | 14,001 |  |  | 25,666 |  |  | $ | 27,572 |  |  | 37,217 |
————————————
(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 that were less than fair value was $42 million as of June 30, 2018 and December 31, 2017.
(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 net book value.
For the three and six months ended June 30, 2018 and 2017, the components of used vehicle sales, net were as follows:
| Three months ended June 30, |  | Six months ended June 30,
| 2018 |  | 2017 |  | 2018 |  | 2017
| (In thousands) |  |  |  |  |  |
Gains on vehicle sales, net | $ | (7,988 | ) |  | (10,344 | ) |  | $ | (14,150 | ) |  | (22,675 | )
Losses from fair value adjustments | 14,001 |  |  | 25,666 |  |  | 27,572 |  |  | 37,217 |
Used vehicle sales, net | $ | 6,013 |  |  | 15,322 |  |  | $ | 13,422 |  |  | 14,542 |

X
- Definition Revenue Earning Equipment. + References No definition available. + Details
Name: | r_RevenueEarningEquipmentAbstract
Namespace Prefix: | r_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure of revenue earning equipment used in the normal conduct of the vehicle leasing and commercial rental business, not otherwise defined in the taxonomy. This disclosure may include accounting policies and methodology and impact of changes thereto, a schedule of revenue earning equipment cost, accumulated depreciation, net book value, useful lives, assets held for sale. In addition, this disclosure includes vehicles acquired under capital leases and accumulated amortization included within revenue earning equipment. This element may be used as a single block of text to include the entire revenue earning equipment disclosure, including data and tables. + References No definition available. + Details
Name: | r_RevenueEarningEquipmentTextBlock
Namespace Prefix: | r_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration