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Recent Accounting Pronouncements (Tables)
12 Months Ended
Dec. 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 Statements of Operations and Comprehensive Income results as follows (in millions, except per share amounts):
 
 
Year ended December 31, 2017
 
Year ended December 31, 2016
 
 
 
 
New Revenue
 
 
 
 
 
New Revenue
 
 
 
 
As Previously
 
Standard
 
 
 
As Previously
 
Standard
 
 
 
 
Reported
 
Adjustments
 
As Revised
 
Reported
 
Adjustments
 
As Revised
Services revenue (1)
 
$
3,571.4

 
(32.5
)
 
3,538.9

 
$
3,152.3

 
(28.9
)
 
3,123.4

Total revenues

 
7,329.6

 
(32.5
)
 
7,297.1

 
6,787.0

 
(28.9
)
 
6,758.1

Cost of services (1)
 
3,003.3

 
(32.5
)
 
2,970.8

 
2,603.0

 
(28.9
)
 
2,574.1

Selling, general and administrative expenses
 
872.0

 
(0.8
)
 
871.2

 
805.1

 
(0.9
)
 
804.2

Earnings from continuing operations before income taxes

 
313.8

 
0.8

 
314.5

 
406.4

 
0.9

 
407.3

Provision for income taxes
 
(477.2
)
 
(0.5
)
 
(477.7
)
 
141.7

 
0.3

 
142.0

Earnings from continuing operations

 
791.0

 
1.3

 
792.3

 
264.6

 
0.6

 
265.2

Net earnings
 
790.6

 
1.3

 
791.8

 
262.5

 
0.6

 
263.1

 
 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive income
 
917.1

 
1.3

 
918.4

 
141.2

 
0.6

 
141.8

 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings per common share - Basic
 
 
 
 
 
 
 
 
 
 
 
 
        Continuing operations

 
$
14.98

 
0.02

 
15.00

 
$
4.98

 
0.01

 
4.99

 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings per common share - Diluted
 
 
 
 
 
 
 
 
 
 
 
 
        Continuing operations
 
$
14.87

 
0.03

 
14.90

 
$
4.94

 
0.01

 
4.95

————————————
(1)
Amount includes $33 million and $29 million for the years ended December 31, 2017 and 2016, 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 Balance Sheet as follows (in millions):
 
 
 
 
 
December 31, 2017
 
 
 
 
 
 
 
New Revenue
 
 
 
 
 
 
 
As Previously
 
Standard
 
 
 
 
 
 
 
Reported
 
Adjustment
 
As Revised
Prepaid expenses and other current assets
 
$
159.5

 
0.6

 
160.1

Total current assets
 
1,322.3

 
0.6

 
1,322.9

Direct financing leases and other assets
 
559.5

 
11.2

 
570.7

Total assets
 
11,452.2

 
11.8

 
11,464.0

Accrued expenses and other current liabilities
 
587.4

 
2.2

 
589.6

Total current liabilities
 
2,012.8

 
2.2

 
2,015.0

Other non-current liabilities
 
812.1

 
0.5

 
812.6

Deferred income taxes
 
1,208.8

 
2.3

 
1,211.1

Total liabilities
 
8,617.2

 
5.1

 
8,622.3

Retained earnings
 
2,465.0

 
6.7

 
2,471.7

Total shareholders' equity
 
2,835.0

 
6.7

 
2,841.7

Total liabilities and shareholders' equity
 
11,452.2

 
11.7

 
11,464.0