RECENT ACCOUNTING PRONOUNCEMENTS (Tables)

3 Months Ended

Mar. 31, 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 Statement of Operations results as follows (in thousands, except per share amounts):

	Three months ended March 31, 2017
			New Revenue
	As Previously		Standard
	Reported		Adjustment		As Revised
Services revenue (1)	$	851,867	(11,180	)	840,687
Total revenues	1,748,163		(11,180	)	1,736,983
Cost of services (1)	714,080		(11,180	)	702,900
Selling, general and administrative expenses	201,761		(666	)	201,095
Earnings from continuing operations before income taxes	59,956		666		60,622
Provision for income taxes	21,677		409		22,086
Earnings from continuing operations	38,279		257		38,536
Net earnings	38,149		257		38,406
Earnings per common share - Basic
Continuing operations	0.72		0.01		0.73
Earnings per common share - Diluted
Continuing operations	0.71		0.01		0.72
Net earnings	0.71		0.01		0.72

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(1) Amount includes $11 million 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 Statement of Comprehensive Income as follows (in thousands):

	Three months ended March 31, 2017
			New Revenue
	As Previously		Standard	As
	Reported		Adjustment	Revised
Net earnings	$	38,149	257	38,406
Comprehensive income	58,955		257	59,212

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