RECENT ACCOUNTING PRONOUNCEMENTS (Tables)

6 Months Ended

Jun. 30, 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 Statements of Operations and Comprehensive Income results as follows (in thousands, except per share amounts):



	Three months ended June 30, 2017					Six months ended June 30, 2017
			New Revenue					New Revenue
	As Previously		Standard			As Previously		Standard
	Reported		Adjustments		As Revised	Reported		Adjustments		As Revised
Services revenue ⁽¹⁾	$	871,027	(5,186	)	865,841	$	1,722,894	(16,366	)	1,706,528
Total revenues	1,793,214		(5,186	)	1,788,028	3,541,377		(16,366	)	3,525,011
Cost of services ⁽¹⁾	734,764		(5,186	)	729,578	1,448,844		(16,366	)	1,432,478
Selling, general and administrative expenses	201,626		(162	)	201,464	403,387		(828	)	402,559
Earnings from continuing operations before income taxes	80,692		162		80,854	140,648		828		141,476
Provision for income taxes	29,349		110		29,459	51,026		519		51,545
Earnings from continuing operations	51,343		52		51,395	89,622		309		89,931
Net earnings	50,816		52		50,868	88,965		309		89,274

Comprehensive income	83,822		52		83,874	142,777		309		143,086

Earnings per common share - Basic
Continuing operations	$	0.97	—		0.97	$	1.69	0.01		1.70

Earnings per common share - Diluted
Continuing operations	$	0.97	—		0.97	$	1.68	0.01		1.69

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(1)

Amount includes $5 million and $16 million for the three and six months ended June 30, 2017, respectively, related to 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 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