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Recent Accounting Pronouncements (Tables) | 12 Months Ended
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Dec. 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 Statements of Earnings and Comprehensive Income results as follows (in millions, except per share amounts):
| Year ended December 31, 2018 |  | Year ended December 31, 2017
| As Previously Reported | Lessor Adjustments (1) | Lessee and Other Adjustments (1) | As Revised |  | As Previously Reported | Lessor Adjustments (1) | Lessee and Other Adjustments (1) | As Revised
Lease & related maintenance and rental revenues (1) | $ | 3,508.1 |  | $ | 3.5 |  | $ | 1.3 |  | $ | 3,512.9 |  |  | $ | 3,237.7 |  | $ | (17.0 | ) | $ | — |  | $ | 3,220.7 |
Total revenues | 8,409.2 |  | 3.5 |  | 1.3 |  | 8,413.9 |  |  | 7,297.1 |  | (17.0 | ) | — |  | 7,280.1 |
Cost of lease & related maintenance and rental (1) | 2,566.3 |  | (10.9 | ) | — |  | 2,555.4 |  |  | 2,355.0 |  | (1.8 | ) | — |  | 2,353.2 |
Cost of services (2) | 3,655.8 |  | — |  | 7.6 |  | 3,663.3 |  |  | 2,970.8 |  | — |  | 6.6 |  | 2,977.4 |
Other operating expenses | 125.3 |  | — |  | (1.4 | ) | 124.0 |  |  | 115.5 |  | — |  | (0.5 | ) | 115.0 |
Selling, general and administrative expenses (2) | 854.8 |  | (2.5 | ) | (2.9 | ) | 849.4 |  |  | 871.2 |  | 2.1 |  | (2.4 | ) | 870.9 |
Used vehicle sales, net | 21.7 |  | 0.6 |  | — |  | 22.3 |  |  | 17.2 |  | (0.3 | ) | — |  | 17.0 |
Interest expense | 178.6 |  | — |  | 1.9 |  | 180.5 |  |  | 140.4 |  | — |  | 1.5 |  | 141.9 |
Restructuring and other items, net (2) | 25.1 |  | — |  | (3.3 | ) | 21.9 |  |  | 21.4 |  | — |  | (4.1 | ) | 17.3 |
Earnings (loss) from continuing operations before income taxes | 373.9 |  | 16.3 |  | (0.7 | ) | 389.5 |  |  | 314.5 |  | (17.0 | ) | (1.1 | ) | 296.4 |
Provision for (benefit from) income taxes | 98.3 |  | 4.3 |  | — |  | 102.5 |  |  | (477.7 | ) | 54.1 |  | — |  | (423.7 | )
Earnings (loss) from continuing operations | 275.6 |  | 12.0 |  | (0.7 | ) | 286.9 |  |  | 792.3 |  | (71.1 | ) | (1.1 | ) | 720.1 |
Net earnings (loss) | $ | 273.3 |  | $ | 12.0 |  | $ | (0.7 | ) | $ | 284.6 |  |  | $ | 791.8 |  | $ | (71.1 | ) | $ | (1.1 | ) | $ | 719.6 |
Comprehensive income | $ | 170.0 |  | $ | 14.3 |  | $ | — |  | $ | 184.4 |  |  | $ | 918.4 |  | $ | (75.5 | ) | — |  | $ | 842.8 |
Earnings (loss) per common share - Basic |  |  |  |  |  |  |  |  |
Continuing operations | $ | 5.24 |  | $ | 0.22 |  | $ | — |  | $ | 5.46 |  |  | $ | 15.00 |  | $ | (1.36 | ) | $ | — |  | $ | 13.64 |
Net earnings (loss) | $ | 5.20 |  | $ | 0.22 |  | $ | — |  | $ | 5.41 |  |  | $ | 15.00 |  | $ | (1.36 | ) | $ | — |  | $ | 13.63 |
Earnings (loss) per common share - Diluted |  |  |  |  |  |  |  |  |
Continuing operations | $ | 5.21 |  | $ | 0.22 |  | $ | — |  | $ | 5.43 |  |  | $ | 14.90 |  | $ | (1.36 | ) | $ | — |  | $ | 13.54 |
Net earnings (loss) | $ | 5.17 |  | $ | 0.22 |  | $ | — |  | $ | 5.38 |  |  | $ | 14.89 |  | $ | (1.36 | ) | $ | — |  | $ | 13.53 |
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(1) | We determined that 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. The prior period error was corrected by reducing "Lease & related maintenance and rental revenues" by approximately $19 million and $15 million during the years ended December 31, 2018 and 2017, respectively. We also reduced depreciation expense (included in "Cost of lease & related maintenance and rental") by approximately $17 million and $14 million during the years ended December 31, 2018 and 2017, respectively. We concluded these errors were not material to any of our previously issued consolidated financial statements.
(2) | Adjustments primarily reflect the reclassification of our Singapore operations that were shut down during 2019 into "Restructuring and other items, net,".
Note: Amounts may not be additive due to rounding. Adoption of the new lease standard impacted our previously reported Consolidated Balance Sheet as follows (in millions):
|  | December 31, 2018
|  | As Previously |  | Lessor |  | Lessee |  |
|  | Reported |  | Adjustment (1) |  | Adjustment (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) | We determined that in a prior period 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. The prior period error was corrected by increasing "Receivables, net" by approximately $24 million and also increasing "sales-type leases and other assets" by approximately $65 million and reducing "Revenue earning equipment, net" by $83 million. 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 Statements of Cash Flows as follows (in millions):
| Year ended December 31, 2018 |  | Year ended December 31, 2017
| As Previously Reported | New Lease Standard Adjustments | As Revised |  | As Previously Reported | New Lease Standard Adjustments | As Revised
Net earnings (loss) | $ | 273.3 |  | $ | 11.3 |  | $ | 284.6 |  |  | $ | 791.8 |  | $ | (72.2 | ) | $ | 719.6 |
Earnings (loss) from continuing operations | 275.6 |  | 11.3 |  | 286.9 |  |  | 792.3 |  | (72.2 | ) | 720.1 |
Depreciation expense | 1,395.0 |  | (6.4 | ) | 1,388.6 |  |  | 1,255.2 |  | 2.5 |  | 1,257.7 |
Used vehicle sales, net | 21.7 |  | 0.6 |  | 22.3 |  |  | 17.2 |  | (0.3 | ) | 17.0 |
Amortization expense and other non-cash charges, net | 31.2 |  | 36.8 |  | 67.9 |  |  | 8.3 |  | 32.7 |  | 41.0 |
Non-cash lease expense | — |  | 81.1 |  | 81.1 |  |  | — |  | 67.8 |  | 67.8 |
Deferred income tax expense | 104.6 |  | 4.3 |  | 108.9 |  |  | (500.3 | ) | 54.1 |  | (446.2 | )
Collections on sales-type leases and other items | — |  | 82.8 |  | 82.8 |  |  | — |  | 81.0 |  | 81.0 |
Changes in operating assets and liabilities: |  |  |  |  |  |  |
Receivables | (189.3 | ) | (3.8 | ) | (193.1 | ) |  | (173.8 | ) | (5.0 | ) | (178.9 | )
Prepaid expenses and other assets | (65.8 | ) | (18.9 | ) | (84.7 | ) |  | (38.9 | ) | (56.9 | ) | (95.8 | )
Accrued expenses and other non-current liabilities | 3.1 |  | (104.8 | ) | (101.8 | ) |  | 78.4 |  | (23.6 | ) | 54.8 |
Net cash provided by operating activities from continuing operations | 1,635.1 |  | 82.9 |  | 1,718.0 |  |  | 1,548.0 |  | 80.1 |  | 1,628.1 |
Collections on direct finance leases and other items | 75.0 |  | (75.0 | ) | — |  |  | 73.2 |  | (73.2 | ) | — |
Net cash used in investing activities from continuing operations | (2,746.5 | ) | (75.0 | ) | (2,821.5 | ) |  | (1,365.5 | ) | (73.2 | ) | (1,438.7 | )
Debt repaid | (797.8 | ) | (7.9 | ) | (805.7 | ) |  | (962.6 | ) | (6.9 | ) | (969.5 | )
Net cash provided by (used in) financing activities from continuing operations | 1,093.4 |  | (7.9 | ) | 1,085.5 |  |  | (155.1 | ) | (6.9 | ) | (162.1 | )
Note: Amounts may not be additive due to rounding.

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