|
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|
March 31, 2015 | December 31, 2014 | ||||||||||||||||||
Cost | Accumulated Depreciation | Net Book Value(1) | Cost | Accumulated Depreciation | Net Book Value(1) | ||||||||||||||
(In thousands) | |||||||||||||||||||
Held for use: | |||||||||||||||||||
Full service lease | $ | 8,042,352 | (2,614,711 | ) | 5,427,641 | $ | 7,918,497 | (2,591,688 | ) | 5,326,809 | |||||||||
Commercial rental | 2,513,888 | (830,133 | ) | 1,683,755 | 2,411,957 | (830,683 | ) | 1,581,274 | |||||||||||
Held for sale | 331,603 | (234,654 | ) | 96,949 | 312,698 | (226,333 | ) | 86,365 | |||||||||||
Total | $ | 10,887,843 | (3,679,498 | ) | 7,208,345 | $ | 10,643,152 | (3,648,704 | ) | 6,994,448 |
(1) | Revenue earning equipment, net includes vehicles acquired under capital leases of $48.4 million, less accumulated depreciation of $24.3 million, at March 31, 2015, and $47.8 million, less accumulated depreciation of $22.5 million, at December 31, 2014. |
|
March 31, 2015 | December 31, 2014 | ||||||||||||||||||
Accrued Expenses | Non-Current Liabilities | Total | Accrued Expenses | Non-Current Liabilities | Total | ||||||||||||||
(In thousands) | |||||||||||||||||||
Salaries and wages | $ | 81,267 | — | 81,267 | $ | 114,446 | — | 114,446 | |||||||||||
Deferred compensation | 2,197 | 40,641 | 42,838 | 3,209 | 37,093 | 40,302 | |||||||||||||
Pension benefits | 3,681 | 445,789 | 449,470 | 3,739 | 444,657 | 448,396 | |||||||||||||
Other postretirement benefits | 2,094 | 26,442 | 28,536 | 2,112 | 26,889 | 29,001 | |||||||||||||
Other employee benefits | 1,344 | 15,967 | 17,311 | 7,172 | 19,276 | 26,448 | |||||||||||||
Insurance obligations (1) | 135,652 | 192,773 | 328,425 | 132,246 | 189,431 | 321,677 | |||||||||||||
Environmental liabilities | 3,879 | 7,360 | 11,239 | 3,877 | 8,002 | 11,879 | |||||||||||||
Operating taxes | 106,159 | — | 106,159 | 92,330 | — | 92,330 | |||||||||||||
Income taxes | 2,854 | 23,875 | 26,729 | 5,066 | 22,843 | 27,909 | |||||||||||||
Interest | 28,020 | — | 28,020 | 32,441 | — | 32,441 | |||||||||||||
Deposits, mainly from customers | 60,654 | 5,752 | 66,406 | 59,388 | 5,929 | 65,317 | |||||||||||||
Deferred revenue | 11,624 | — | 11,624 | 11,759 | — | 11,759 | |||||||||||||
Acquisition holdbacks | 5,714 | — | 5,714 | 3,817 | 2,187 | 6,004 | |||||||||||||
Other | 44,508 | 29,495 | 74,003 | 48,930 | 30,369 | 79,299 | |||||||||||||
Total | $ | 489,647 | 788,094 | 1,277,741 | $ | 520,532 | 786,676 | 1,307,208 |
|
Fleet Management Solutions | Dedicated Transportation Solutions | Supply Chain Solutions | Total | |||||||||
Balance at January 1, 2015: | ||||||||||||
Goodwill | $ | 233,217 | 40,808 | 148,225 | 422,250 | |||||||
Accumulated impairment losses | (10,322 | ) | — | (18,899 | ) | (29,221 | ) | |||||
222,895 | 40,808 | 129,326 | 393,029 | |||||||||
Foreign currency translation adjustments | (1,321 | ) | — | (626 | ) | (1,947 | ) | |||||
Balance at March 31, 2015: | ||||||||||||
Goodwill | 231,896 | 40,808 | 147,599 | 420,303 | ||||||||
Accumulated impairment losses | (10,322 | ) | — | (18,899 | ) | (29,221 | ) | |||||
$ | 221,574 | 40,808 | 128,700 | 391,082 |
|
Weighted-Average Interest Rate | ||||||||||||
March 31, 2015 | December 31, 2014 | Maturities | March 31, 2015 | December 31, 2014 | ||||||||
(In thousands) | ||||||||||||
Short-term debt and current portion of long-term debt: | ||||||||||||
Short-term debt | 1.77% | 1.30% | 2015 | $ | 2,550 | 3,773 | ||||||
Current portion of long-term debt, including capital leases | 8,867 | 8,434 | ||||||||||
Total short-term debt and current portion of long-term debt | 11,417 | 12,207 | ||||||||||
Long-term debt: | ||||||||||||
U.S. commercial paper (1) | 0.46% | 0.35% | 2020 | 481,410 | 276,694 | |||||||
Global revolving credit facility | 2.67% | 1.60% | 2020 | 22,710 | 11,190 | |||||||
Unsecured U.S. notes — Medium-term notes (1) | 3.25% | 3.29% | 2015-2025 | 3,822,369 | 3,772,159 | |||||||
Unsecured U.S. obligations | 1.49% | 0.76% | 2018 | 50,000 | 110,500 | |||||||
Unsecured foreign obligations | 1.92% | 2.01% | 2015-2020 | 279,992 | 295,776 | |||||||
Capital lease obligations | 3.57% | 3.65% | 2015-2019 | 35,004 | 37,560 | |||||||
Total before fair market value adjustment | 4,691,485 | 4,503,879 | ||||||||||
Fair market value adjustment on notes subject to hedging (2) | 9,885 | 4,830 | ||||||||||
4,701,370 | 4,508,709 | |||||||||||
Current portion of long-term debt, including capital leases | (8,867 | ) | (8,434 | ) | ||||||||
Long-term debt | 4,692,503 | 4,500,275 | ||||||||||
Total debt | $ | 4,703,920 | 4,512,482 |
(1) | We had unamortized original issue discounts of $7.7 million and $7.9 million at March 31, 2015 and December 31, 2014, respectively. |
(2) | The notional amount of executed interest rate swaps designated as fair value hedges was $600 million at March 31, 2015 and December 31, 2014. |
|
Total Losses (2) | |||||||||||||
March 31, | Three months ended March 31, | ||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||
(In thousands) | |||||||||||||
Assets held for sale: | |||||||||||||
Revenue earning equipment: (1) | |||||||||||||
Trucks | $ | 5,298 | 11,928 | $ | 1,228 | 1,882 | |||||||
Tractors | 4,611 | 7,495 | 827 | 1,632 | |||||||||
Trailers | 1,231 | 742 | 316 | 161 | |||||||||
Total assets at fair value | $ | 11,140 | 20,165 | $ | 2,371 | 3,675 |
(1) | Represents the portion of all revenue earning equipment held for sale that is recorded at fair value, less costs to sell. |
(2) | Total losses represent fair value adjustments for all vehicles held for sale throughout the period for which fair value was less than carrying value. |
|
Maturity date | Face value of medium-term notes | Aggregate notional amount of interest rate swaps | Fixed interest rate | Weighted-average variable interest rate on hedged debt as of March 31, | ||||||||
Issuance date | 2015 | 2014 | ||||||||||
(Dollars in thousands) | ||||||||||||
May 2011 | June 2017 | $350,000 | $150,000 | 3.50% | 1.42% | 1.44% | ||||||
November 2013 | November 2018 | $300,000 | $100,000 | 2.45% | 1.20% | 1.19% | ||||||
February 2014 | June 2019 | $350,000 | $100,000 | 2.55% | 1.13% | 1.10% | ||||||
May 2014 | September 2019 | $400,000 | $100,000 | 2.45% | 0.89% | —% | ||||||
February 2015 | March 2020 | $400,000 | $150,000 | 2.65% | 1.14% | —% |
|
Currency Translation Adjustments and Other | Net Actuarial Loss (1) | Prior Service Credit (1) | Accumulated Other Comprehensive Loss | ||||||||||
(In thousands) | |||||||||||||
December 31, 2014 | $ | (36,087 | ) | (585,941 | ) | 1,758 | (620,270 | ) | |||||
Amortization | — | 4,961 | (351 | ) | 4,610 | ||||||||
Other current period change | (57,372 | ) | — | — | (57,372 | ) | |||||||
March 31, 2015 | $ | (93,459 | ) | (580,980 | ) | 1,407 | (673,032 | ) |
Currency Translation Adjustments and Other | Net Actuarial Loss (1) | Prior Service Credit (1) | Accumulated Other Comprehensive Loss | ||||||||||
(In thousands) | |||||||||||||
December 31, 2013 | $ | 35,875 | (477,883 | ) | 3,760 | (438,248 | ) | ||||||
Amortization | — | 3,807 | (680 | ) | 3,127 | ||||||||
Other current period change | (14,592 | ) | — | — | (14,592 | ) | |||||||
March 31, 2014 | $ | 21,283 | (474,076 | ) | 3,080 | (449,713 | ) |
(1) | These amounts are included in the computation of net periodic benefit cost. See Note (M), "Employee Benefit Plans," for further information. |
|
Pension Benefits | Postretirement Benefits | ||||||||||||
Three months ended March 31, | |||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||
(In thousands) | |||||||||||||
Company-administered plans: | |||||||||||||
Service cost | $ | 3,627 | 3,423 | $ | 111 | 135 | |||||||
Interest cost | 21,887 | 25,561 | 284 | 365 | |||||||||
Expected return on plan assets | (24,900 | ) | (28,718 | ) | — | — | |||||||
Amortization of: | |||||||||||||
Net actuarial loss/(gain) | 7,808 | 6,235 | (196 | ) | (129 | ) | |||||||
Prior service credit | (76 | ) | (458 | ) | (478 | ) | (615 | ) | |||||
8,346 | 6,043 | (279 | ) | (244 | ) | ||||||||
Union-administered plans | 2,172 | 2,091 | — | — | |||||||||
Net periodic benefit cost | $ | 10,518 | 8,134 | $ | (279 | ) | (244 | ) | |||||
Company-administered plans: | |||||||||||||
U.S. | $ | 8,892 | 6,287 | $ | (415 | ) | (397 | ) | |||||
Non-U.S. | (546 | ) | (244 | ) | 136 | 153 | |||||||
8,346 | 6,043 | (279 | ) | (244 | ) | ||||||||
Union-administered plans | 2,172 | 2,091 | — | — | |||||||||
$ | 10,518 | 8,134 | $ | (279 | ) | (244 | ) | ||||||
|
Three months ended March 31, | ||||||
2015 | 2014 | |||||
(In thousands) | ||||||
Rabbi trust investment income | $ | 1,067 | 500 | |||
Insurance proceeds | 314 | — | ||||
Gains on sales of operating property and equipment | 183 | 1,304 | ||||
Foreign currency translation benefit | 129 | (406 | ) | |||
Contract settlement | 15 | 2,908 | ||||
Other, net | 929 | 1,076 | ||||
Total | $ | 2,637 | 5,382 |
|
Three months ended March 31, | ||||||
2015 | 2014 | |||||
(In thousands) | ||||||
Interest paid | $ | 38,381 | 41,180 | |||
Income taxes paid | 3,590 | 1,534 | ||||
Changes in accounts payable related to purchases of revenue earning equipment | 99,972 | 16,918 | ||||
Operating and revenue earning equipment acquired under capital leases | — | 2,245 |
|
Three months ended March 31, | ||||||
2015 | 2014 | |||||
(In thousands) | ||||||
Rabbi trust investment income | $ | 1,067 | 500 | |||
Insurance proceeds | 314 | — | ||||
Gains on sales of operating property and equipment | 183 | 1,304 | ||||
Foreign currency translation benefit | 129 | (406 | ) | |||
Contract settlement | 15 | 2,908 | ||||
Other, net | 929 | 1,076 | ||||
Total | $ | 2,637 | 5,382 |
|
FMS | DTS | SCS | Eliminations | Total | ||||||||||||
For the three months ended March 31, 2015 | ||||||||||||||||
Revenue from external customers | $ | 983,440 | 212,659 | 371,054 | — | 1,567,153 | ||||||||||
Inter-segment revenue | 103,710 | — | — | (103,710 | ) | — | ||||||||||
Total revenue | $ | 1,087,150 | 212,659 | 371,054 | (103,710 | ) | 1,567,153 | |||||||||
Segment EBT | $ | 89,919 | 8,970 | 15,689 | (11,534 | ) | 103,044 | |||||||||
Unallocated CSS | (11,942 | ) | ||||||||||||||
Non-operating pension costs | (4,883 | ) | ||||||||||||||
Restructuring and other charges, net and other items (1) | (1,841 | ) | ||||||||||||||
Earnings from continuing operations before income taxes | $ | 84,378 | ||||||||||||||
Segment capital expenditures paid (2) | $ | 538,743 | 709 | 5,987 | — | 545,439 | ||||||||||
Unallocated CSS | 7,803 | |||||||||||||||
Capital expenditures paid | $ | 553,242 | ||||||||||||||
For the three months ended March 31, 2014 | ||||||||||||||||
Revenue from external customers | $ | 1,013,396 | 215,962 | 381,379 | — | 1,610,737 | ||||||||||
Inter-segment revenue | 121,691 | — | — | (121,691 | ) | — | ||||||||||
Total revenue | $ | 1,135,087 | 215,962 | 381,379 | (121,691 | ) | 1,610,737 | |||||||||
Segment EBT | $ | 76,991 | 8,686 | 13,098 | (9,628 | ) | 89,147 | |||||||||
Unallocated CSS | (10,829 | ) | ||||||||||||||
Non-operating pension costs | (3,314 | ) | ||||||||||||||
Earnings from continuing operations before income taxes | $ | 75,004 | ||||||||||||||
Segment capital expenditures paid (2), (3) | $ | 568,239 | 250 | 3,622 | — | 572,111 | ||||||||||
Unallocated CSS | 6,611 | |||||||||||||||
Capital expenditures paid | $ | 578,722 |
(1) | See Note (N), "Other Items Impacting Comparability," for additional information. |
(2) | Excludes revenue earning equipment acquired under capital leases. |
(3) | Excludes acquisition payments of $1.6 million during the three months ended March 31, 2014. |
|
|
March 31, 2015 | December 31, 2014 | ||||||||||||||||||
Cost | Accumulated Depreciation | Net Book Value(1) | Cost | Accumulated Depreciation | Net Book Value(1) | ||||||||||||||
(In thousands) | |||||||||||||||||||
Held for use: | |||||||||||||||||||
Full service lease | $ | 8,042,352 | (2,614,711 | ) | 5,427,641 | $ | 7,918,497 | (2,591,688 | ) | 5,326,809 | |||||||||
Commercial rental | 2,513,888 | (830,133 | ) | 1,683,755 | 2,411,957 | (830,683 | ) | 1,581,274 | |||||||||||
Held for sale | 331,603 | (234,654 | ) | 96,949 | 312,698 | (226,333 | ) | 86,365 | |||||||||||
Total | $ | 10,887,843 | (3,679,498 | ) | 7,208,345 | $ | 10,643,152 | (3,648,704 | ) | 6,994,448 |
(1) | Revenue earning equipment, net includes vehicles acquired under capital leases of $48.4 million, less accumulated depreciation of $24.3 million, at March 31, 2015, and $47.8 million, less accumulated depreciation of $22.5 million, at December 31, 2014. |
|
March 31, 2015 | December 31, 2014 | ||||||||||||||||||
Accrued Expenses | Non-Current Liabilities | Total | Accrued Expenses | Non-Current Liabilities | Total | ||||||||||||||
(In thousands) | |||||||||||||||||||
Salaries and wages | $ | 81,267 | — | 81,267 | $ | 114,446 | — | 114,446 | |||||||||||
Deferred compensation | 2,197 | 40,641 | 42,838 | 3,209 | 37,093 | 40,302 | |||||||||||||
Pension benefits | 3,681 | 445,789 | 449,470 | 3,739 | 444,657 | 448,396 | |||||||||||||
Other postretirement benefits | 2,094 | 26,442 | 28,536 | 2,112 | 26,889 | 29,001 | |||||||||||||
Other employee benefits | 1,344 | 15,967 | 17,311 | 7,172 | 19,276 | 26,448 | |||||||||||||
Insurance obligations (1) | 135,652 | 192,773 | 328,425 | 132,246 | 189,431 | 321,677 | |||||||||||||
Environmental liabilities | 3,879 | 7,360 | 11,239 | 3,877 | 8,002 | 11,879 | |||||||||||||
Operating taxes | 106,159 | — | 106,159 | 92,330 | — | 92,330 | |||||||||||||
Income taxes | 2,854 | 23,875 | 26,729 | 5,066 | 22,843 | 27,909 | |||||||||||||
Interest | 28,020 | — | 28,020 | 32,441 | — | 32,441 | |||||||||||||
Deposits, mainly from customers | 60,654 | 5,752 | 66,406 | 59,388 | 5,929 | 65,317 | |||||||||||||
Deferred revenue | 11,624 | — | 11,624 | 11,759 | — | 11,759 | |||||||||||||
Acquisition holdbacks | 5,714 | — | 5,714 | 3,817 | 2,187 | 6,004 | |||||||||||||
Other | 44,508 | 29,495 | 74,003 | 48,930 | 30,369 | 79,299 | |||||||||||||
Total | $ | 489,647 | 788,094 | 1,277,741 | $ | 520,532 | 786,676 | 1,307,208 |
|
Fleet Management Solutions | Dedicated Transportation Solutions | Supply Chain Solutions | Total | |||||||||
Balance at January 1, 2015: | ||||||||||||
Goodwill | $ | 233,217 | 40,808 | 148,225 | 422,250 | |||||||
Accumulated impairment losses | (10,322 | ) | — | (18,899 | ) | (29,221 | ) | |||||
222,895 | 40,808 | 129,326 | 393,029 | |||||||||
Foreign currency translation adjustments | (1,321 | ) | — | (626 | ) | (1,947 | ) | |||||
Balance at March 31, 2015: | ||||||||||||
Goodwill | 231,896 | 40,808 | 147,599 | 420,303 | ||||||||
Accumulated impairment losses | (10,322 | ) | — | (18,899 | ) | (29,221 | ) | |||||
$ | 221,574 | 40,808 | 128,700 | 391,082 |
|
Weighted-Average Interest Rate | ||||||||||||
March 31, 2015 | December 31, 2014 | Maturities | March 31, 2015 | December 31, 2014 | ||||||||
(In thousands) | ||||||||||||
Short-term debt and current portion of long-term debt: | ||||||||||||
Short-term debt | 1.77% | 1.30% | 2015 | $ | 2,550 | 3,773 | ||||||
Current portion of long-term debt, including capital leases | 8,867 | 8,434 | ||||||||||
Total short-term debt and current portion of long-term debt | 11,417 | 12,207 | ||||||||||
Long-term debt: | ||||||||||||
U.S. commercial paper (1) | 0.46% | 0.35% | 2020 | 481,410 | 276,694 | |||||||
Global revolving credit facility | 2.67% | 1.60% | 2020 | 22,710 | 11,190 | |||||||
Unsecured U.S. notes — Medium-term notes (1) | 3.25% | 3.29% | 2015-2025 | 3,822,369 | 3,772,159 | |||||||
Unsecured U.S. obligations | 1.49% | 0.76% | 2018 | 50,000 | 110,500 | |||||||
Unsecured foreign obligations | 1.92% | 2.01% | 2015-2020 | 279,992 | 295,776 | |||||||
Capital lease obligations | 3.57% | 3.65% | 2015-2019 | 35,004 | 37,560 | |||||||
Total before fair market value adjustment | 4,691,485 | 4,503,879 | ||||||||||
Fair market value adjustment on notes subject to hedging (2) | 9,885 | 4,830 | ||||||||||
4,701,370 | 4,508,709 | |||||||||||
Current portion of long-term debt, including capital leases | (8,867 | ) | (8,434 | ) | ||||||||
Long-term debt | 4,692,503 | 4,500,275 | ||||||||||
Total debt | $ | 4,703,920 | 4,512,482 |
(1) | We had unamortized original issue discounts of $7.7 million and $7.9 million at March 31, 2015 and December 31, 2014, respectively. |
(2) | The notional amount of executed interest rate swaps designated as fair value hedges was $600 million at March 31, 2015 and December 31, 2014. |
|
Total Losses (2) | |||||||||||||
March 31, | Three months ended March 31, | ||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||
(In thousands) | |||||||||||||
Assets held for sale: | |||||||||||||
Revenue earning equipment: (1) | |||||||||||||
Trucks | $ | 5,298 | 11,928 | $ | 1,228 | 1,882 | |||||||
Tractors | 4,611 | 7,495 | 827 | 1,632 | |||||||||
Trailers | 1,231 | 742 | 316 | 161 | |||||||||
Total assets at fair value | $ | 11,140 | 20,165 | $ | 2,371 | 3,675 |
(1) | Represents the portion of all revenue earning equipment held for sale that is recorded at fair value, less costs to sell. |
(2) | Total losses represent fair value adjustments for all vehicles held for sale throughout the period for which fair value was less than carrying value. |
|
Maturity date | Face value of medium-term notes | Aggregate notional amount of interest rate swaps | Fixed interest rate | Weighted-average variable interest rate on hedged debt as of March 31, | ||||||||
Issuance date | 2015 | 2014 | ||||||||||
(Dollars in thousands) | ||||||||||||
May 2011 | June 2017 | $350,000 | $150,000 | 3.50% | 1.42% | 1.44% | ||||||
November 2013 | November 2018 | $300,000 | $100,000 | 2.45% | 1.20% | 1.19% | ||||||
February 2014 | June 2019 | $350,000 | $100,000 | 2.55% | 1.13% | 1.10% | ||||||
May 2014 | September 2019 | $400,000 | $100,000 | 2.45% | 0.89% | —% | ||||||
February 2015 | March 2020 | $400,000 | $150,000 | 2.65% | 1.14% | —% |
|
Currency Translation Adjustments and Other | Net Actuarial Loss (1) | Prior Service Credit (1) | Accumulated Other Comprehensive Loss | ||||||||||
(In thousands) | |||||||||||||
December 31, 2014 | $ | (36,087 | ) | (585,941 | ) | 1,758 | (620,270 | ) | |||||
Amortization | — | 4,961 | (351 | ) | 4,610 | ||||||||
Other current period change | (57,372 | ) | — | — | (57,372 | ) | |||||||
March 31, 2015 | $ | (93,459 | ) | (580,980 | ) | 1,407 | (673,032 | ) |
Currency Translation Adjustments and Other | Net Actuarial Loss (1) | Prior Service Credit (1) | Accumulated Other Comprehensive Loss | ||||||||||
(In thousands) | |||||||||||||
December 31, 2013 | $ | 35,875 | (477,883 | ) | 3,760 | (438,248 | ) | ||||||
Amortization | — | 3,807 | (680 | ) | 3,127 | ||||||||
Other current period change | (14,592 | ) | — | — | (14,592 | ) | |||||||
March 31, 2014 | $ | 21,283 | (474,076 | ) | 3,080 | (449,713 | ) |
(1) | These amounts are included in the computation of net periodic benefit cost. See Note (M), "Employee Benefit Plans," for further information. |
|
Pension Benefits | Postretirement Benefits | ||||||||||||
Three months ended March 31, | |||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||
(In thousands) | |||||||||||||
Company-administered plans: | |||||||||||||
Service cost | $ | 3,627 | 3,423 | $ | 111 | 135 | |||||||
Interest cost | 21,887 | 25,561 | 284 | 365 | |||||||||
Expected return on plan assets | (24,900 | ) | (28,718 | ) | — | — | |||||||
Amortization of: | |||||||||||||
Net actuarial loss/(gain) | 7,808 | 6,235 | (196 | ) | (129 | ) | |||||||
Prior service credit | (76 | ) | (458 | ) | (478 | ) | (615 | ) | |||||
8,346 | 6,043 | (279 | ) | (244 | ) | ||||||||
Union-administered plans | 2,172 | 2,091 | — | — | |||||||||
Net periodic benefit cost | $ | 10,518 | 8,134 | $ | (279 | ) | (244 | ) | |||||
Company-administered plans: | |||||||||||||
U.S. | $ | 8,892 | 6,287 | $ | (415 | ) | (397 | ) | |||||
Non-U.S. | (546 | ) | (244 | ) | 136 | 153 | |||||||
8,346 | 6,043 | (279 | ) | (244 | ) | ||||||||
Union-administered plans | 2,172 | 2,091 | — | — | |||||||||
$ | 10,518 | 8,134 | $ | (279 | ) | (244 | ) | ||||||
|
Three months ended March 31, | ||||||
2015 | 2014 | |||||
(In thousands) | ||||||
Interest paid | $ | 38,381 | 41,180 | |||
Income taxes paid | 3,590 | 1,534 | ||||
Changes in accounts payable related to purchases of revenue earning equipment | 99,972 | 16,918 | ||||
Operating and revenue earning equipment acquired under capital leases | — | 2,245 |
|
Three months ended March 31, | ||||||
2015 | 2014 | |||||
(In thousands) | ||||||
Rabbi trust investment income | $ | 1,067 | 500 | |||
Insurance proceeds | 314 | — | ||||
Gains on sales of operating property and equipment | 183 | 1,304 | ||||
Foreign currency translation benefit | 129 | (406 | ) | |||
Contract settlement | 15 | 2,908 | ||||
Other, net | 929 | 1,076 | ||||
Total | $ | 2,637 | 5,382 |
|
FMS | DTS | SCS | Eliminations | Total | ||||||||||||
For the three months ended March 31, 2015 | ||||||||||||||||
Revenue from external customers | $ | 983,440 | 212,659 | 371,054 | — | 1,567,153 | ||||||||||
Inter-segment revenue | 103,710 | — | — | (103,710 | ) | — | ||||||||||
Total revenue | $ | 1,087,150 | 212,659 | 371,054 | (103,710 | ) | 1,567,153 | |||||||||
Segment EBT | $ | 89,919 | 8,970 | 15,689 | (11,534 | ) | 103,044 | |||||||||
Unallocated CSS | (11,942 | ) | ||||||||||||||
Non-operating pension costs | (4,883 | ) | ||||||||||||||
Restructuring and other charges, net and other items (1) | (1,841 | ) | ||||||||||||||
Earnings from continuing operations before income taxes | $ | 84,378 | ||||||||||||||
Segment capital expenditures paid (2) | $ | 538,743 | 709 | 5,987 | — | 545,439 | ||||||||||
Unallocated CSS | 7,803 | |||||||||||||||
Capital expenditures paid | $ | 553,242 | ||||||||||||||
For the three months ended March 31, 2014 | ||||||||||||||||
Revenue from external customers | $ | 1,013,396 | 215,962 | 381,379 | — | 1,610,737 | ||||||||||
Inter-segment revenue | 121,691 | — | — | (121,691 | ) | — | ||||||||||
Total revenue | $ | 1,135,087 | 215,962 | 381,379 | (121,691 | ) | 1,610,737 | |||||||||
Segment EBT | $ | 76,991 | 8,686 | 13,098 | (9,628 | ) | 89,147 | |||||||||
Unallocated CSS | (10,829 | ) | ||||||||||||||
Non-operating pension costs | (3,314 | ) | ||||||||||||||
Earnings from continuing operations before income taxes | $ | 75,004 | ||||||||||||||
Segment capital expenditures paid (2), (3) | $ | 568,239 | 250 | 3,622 | — | 572,111 | ||||||||||
Unallocated CSS | 6,611 | |||||||||||||||
Capital expenditures paid | $ | 578,722 |
(1) | See Note (N), "Other Items Impacting Comparability," for additional information. |
(2) | Excludes revenue earning equipment acquired under capital leases. |
(3) | Excludes acquisition payments of $1.6 million during the three months ended March 31, 2014. |
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