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RECENT ACCOUNTING PRONOUNCEMENTS (Tables) | 3 Months Ended
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Mar. 31, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | Adoption of the new lease standard impacted our previously reported Consolidated Condensed Statements of Earnings and Comprehensive Income results as follows (in millions, except per share amounts):
| Three months ended March 31, 2018
| As Previously |  | Lessor |  | Lessee and Other |  |
| Reported |  | Adjustments (1) |  | Adjustments (1) |  | As Revised
Lease & related maintenance and rental revenues | $ | 824.3 |  |  | 0.5 |  |  | 0.3 |  |  | 825.0 |
Total revenues | 1,903.5 |  |  | 0.5 |  |  | 0.3 |  |  | 1,904.2 |
Cost of lease & related maintenance and rental | 619.2 |  |  | (3.6 | ) |  | — |  |  | 615.6 |
Cost of services (2) | 787.2 |  |  | — |  |  | 1.5 |  |  | 788.8 |
Other operating expenses | 33.5 |  |  | — |  |  | (0.5 | ) |  | 33.0 |
Selling, general and administrative expenses (2) | 208.6 |  |  | (0.4 | ) |  | (0.4 | ) |  | 207.8 |
Interest expense | 37.8 |  |  | — |  |  | 0.4 |  |  | 38.2 |
Restructuring and other items, net (2) | 16.0 |  |  | — |  |  | (0.9 | ) |  | 15.1 |
Earnings from continuing operations before income taxes | 48.1 |  |  | 4.5 |  |  | 0.1 |  |  | 52.7 |
Provision for income taxes | 14.2 |  |  | 1.2 |  |  | — |  |  | 15.4 |
Earnings from continuing operations | 33.9 |  |  | 3.3 |  |  | 0.1 |  |  | 37.3 |
Net earnings | 33.5 |  |  | 3.3 |  |  | 0.1 |  |  | 36.9 |
Comprehensive income | 51.0 |  |  | 3.4 |  |  | — |  |  | 54.3 |
Earnings per common share - Basic |  |  |  |  |  |  |
Continuing operations | $ | 0.65 |  |  | 0.06 |  |  | — |  |  | 0.71 |
Net earnings | $ | 0.64 |  |  | 0.06 |  |  | — |  |  | 0.70 |
Earnings per common share - Diluted |  |  |  |  |  |  |
Continuing operations | $ | 0.64 |  |  | 0.06 |  |  | — |  |  | 0.70 |
Net earnings | $ | 0.63 |  |  | 0.06 |  |  | — |  |  | 0.70 |
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(1) | Amounts include the correction of a prior period error. The primary components of the error correction are a reduction of "Lease & related maintenance and rental revenues" of approximately $4.7 million and an offsetting reduction in depreciation expense (included in "Cost of lease & related maintenance and rental") of approximately $4.7 million. We determined certain lessor arrangements of revenue earning equipment historically accounted for as operating leases should have been accounted for as direct financing leases. Additionally, we evaluated our leases for classification and determined that certain lessee arrangements, primarily real estate leases, historically accounted for as operating leases should have been accounted for as capital leases. We concluded these errors were not material to any of our previously issued consolidated financial statements.
(2) | Adjustments primarily reflects the reclassification of our Singapore operations into "Restructuring and other items, net," that we will shut down during 2019.
Note: Amounts may not be additive due to rounding. Adoption of the new lease standard impacted our previously reported Consolidated Condensed Balance Sheet as follows (in millions):
|  |  |  | December 31, 2018
|  |  |  | As Previously |  | Lessor |  | Lessee |  |
|  |  |  | Reported |  | Adjustments (1) |  | Adjustments (1) |  | As Revised
Receivables, net | $ | 1,219.4 |  |  | 22.6 |  |  | — |  |  | 1,242.1 |
Prepaid expenses and other current assets | 201.6 |  |  | (23.3 | ) |  | — |  |  | 178.3 |
Total current assets | 1,568.4 |  |  | (0.7 | ) |  | — |  |  | 1,567.7 |
Revenue earning equipment, net | 9,498.0 |  |  | (84.2 | ) |  | 2.2 |  |  | 9,416.0 |
Operating property and equipment, net | 843.8 |  |  | — |  |  | 18.2 |  |  | 862.1 |
Sales-type leases and other assets | 606.6 |  |  | 156.8 |  |  | 204.3 |  |  | 967.8 |
Total assets | 13,051.1 |  |  | 72.0 |  |  | 224.7 |  |  | 13,347.8 |
Short-term debt and current portion of long term-debt | 930.0 |  |  | — |  |  | 7.2 |  |  | 937.1 |
Accrued expenses and other current liabilities | 630.5 |  |  | 145.1 |  |  | 72.2 |  |  | 847.7 |
Total current liabilities | 2,292.3 |  |  | 145.1 |  |  | 79.3 |  |  | 2,516.7 |
Long-term debt | 5,693.6 |  |  | — |  |  | 18.5 |  |  | 5,712.1 |
Other non-current liabilities | 849.9 |  |  | 421.2 |  |  | 131.5 |  |  | 1,402.6 |
Deferred income taxes | 1,304.8 |  |  | (124.6 | ) |  | (0.5 | ) |  | 1,179.7 |
Total liabilities | 10,140.8 |  |  | 441.7 |  |  | 228.8 |  |  | 10,811.2 |
Retained earnings | 2,710.7 |  |  | (369.6 | ) |  | (3.8 | ) |  | 2,337.3 |
Accumulated other comprehensive loss | (911.3 | ) |  | (0.1 | ) |  | (0.2 | ) |  | (911.6 | )
Total shareholders' equity | 2,910.3 |  |  | (369.7 | ) |  | (4.1 | ) |  | 2,536.6 |
Total liabilities and shareholders' equity | 13,051.1 |  |  | 72.0 |  |  | 224.7 |  |  | 13,347.8 |
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(1) | Amounts include the correction of a prior period error. The primary components of the error correction are an increase in "Receivables, net" of approximately $24 million, an increase in sales-type leases and other assets of approximately $65 million and a reduction in "Revenue earning equipment, net" of $83 million. We determined certain lessor arrangements of revenue earning equipment historically accounted for as operating leases should have been accounted for as direct financing leases. Additionally, we evaluated our leases for classification and determined that certain lessee arrangements, primarily real estate leases, historically accounted for as operating leases should have been accounted for as capital leases. We concluded these errors were not material to any of our previously issued consolidated financial statements.
Note: Amounts may not be additive due to rounding. Adoption of the new lease standard impacted our previously reported Consolidated Condensed Statements of Cash Flows as follows (in millions):
| Three months ended March 31, 2018
| As Previously Reported |  | New Lease Standard Adjustments |  | As Revised
Net earnings | 33.5 |  |  | 3.4 |  |  | 36.9 |
Earnings from continuing operations | 33.9 |  |  | 3.4 |  |  | 37.3 |
Depreciation expense | 336.7 |  |  | (3.9 | ) |  | 332.8 |
Amortization expense and other non-cash charges, net | 13.6 |  |  | 18.5 |  |  | 32.1 |
Deferred income tax expense | 31.9 |  |  | 1.2 |  |  | 33.1 |
Collections on sales-type leases and other items | — |  |  | 21.6 |  |  | 21.6 |
Changes in operating assets and liabilities: |  |  |  |  |  |
Prepaid expenses and other assets | (26.0 | ) |  | (20.1 | ) |  | (46.1 | )
Accrued expenses and other non-current liabilities | (95.9 | ) |  | 1.3 |  |  | (94.6 | )
Net cash provided by operating activities from continuing operations | 314.9 |  |  | 22.0 |  |  | 336.9 |
Debt repaid | (412.1 | ) |  | (2.2 | ) |  | (414.3 | )
Net cash provided by financing activities from continuing operations | 231.8 |  |  | (2.2 | ) |  | 229.6 |
Collections on direct finance leases and other items | 19.7 |  |  | (19.7 | ) |  | — |
Net cash used in investing activities from continuing operations | (553.0 | ) |  | (19.7 | ) |  | (572.8 | )
Note: Amounts may not be additive due to rounding.

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