Business segment revenue and EBT from continuing operations |
Business segment revenue and EBT from continuing operations is as follows: | | | | | | | | | | | | | | Years ended December 31, | | | 2018 | | 2017 | | 2016 | | | (In thousands) | Revenue: | | | | | | | Fleet Management Solutions: | | | | | | | ChoiceLease | | $ | 2,602,831 |
| | 2,460,424 |
| | 2,362,040 |
| Commercial rental | | 905,305 |
| | 777,261 |
| | 808,912 |
| ChoiceLease and commercial rental | | 3,508,136 |
| | 3,237,685 |
| | 3,170,952 |
| SelectCare | | 462,046 |
| | 428,422 |
| | 415,507 |
| Other | | 87,331 |
| | 77,450 |
| | 78,042 |
| Fuel services revenue | | 620,245 |
| | 520,500 |
| | 463,738 |
| Total Fleet Management Solutions from external customers | | 4,677,758 |
| | 4,264,057 |
| | 4,128,239 |
| Inter-segment revenue | | 577,469 |
| | 469,514 |
| | 427,955 |
| Fleet Management Solutions | | 5,255,227 |
| | 4,733,571 |
| | 4,556,194 |
| Dedicated Transportation Solutions | | 1,333,313 |
| | 1,095,645 |
| | 1,020,543 |
| Supply Chain Solutions | | 2,398,144 |
| | 1,937,352 |
| | 1,609,356 |
| Eliminations | | (577,469 | ) | | (469,514 | ) | | (427,955 | ) | Total revenue | | $ | 8,409,215 |
| | 7,297,054 |
| | 6,758,138 |
| | | | | | | | EBT: | | | | | | | Fleet Management Solutions | | $ | 324,345 |
| | 313,002 |
| | 371,126 |
| Dedicated Transportation Solutions | | 61,236 |
| | 55,346 |
| | 63,204 |
| Supply Chain Solutions | | 133,570 |
| | 103,561 |
| | 106,477 |
| Eliminations | | (63,594 | ) | | (53,275 | ) | | (50,148 | ) | | | 455,557 |
| | 418,634 |
| | 490,659 |
| Unallocated Central Support Services | | (49,048 | ) | | (48,128 | ) | | (40,736 | ) | Non-operating pension costs (1) | | (7,541 | ) | | (27,741 | ) | | (29,943 | ) | Restructuring and other items, net (2) | | (25,107 | ) | | (28,220 | ) | | (12,724 | ) | Earnings before income taxes from continuing operations | | $ | 373,861 |
| | 314,545 |
| | 407,256 |
|
______________ | | (1) | Non-operating pension costs include the amortization of net actuarial loss and prior service costs, interest cost and expected return on plan assets |
components of pension and postretirement benefit costs. | | (2) | See Note 25, “Other Items Impacting Comparability,” for a discussion of items excluded from our primary measure of segment performance. |
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Share-based compensation, depreciation expense, gains on vehicle sales, net, other non-cash charges, net, interest expense (income), capital expenditures and total assets |
The following table sets forth non-operating pension costs and share-based compensation expense, depreciation expense, used vehicle sales, net, amortization expense and other non-cash charges, net, interest expense (income), capital expenditures paid and total assets for the years ended December 31, 2018, 2017 and 2016, as provided to the chief operating decision-maker for each of Ryder’s reportable business segments: | | | | | | | | | | | | | | | | | | | | | | | FMS | | DTS | | SCS | | CSS | | Eliminations | | Total | | | (In thousands) | 2018 | | | | | | | | | | | | | Non-operating pension costs and share-based compensation expense | | $ | 6,340 |
| | 1,831 |
| | 5,283 |
| | 19,039 |
| | — |
| | 32,493 |
| Depreciation expense (1) | | $ | 1,354,544 |
| | 4,773 |
| | 34,729 |
| | 918 |
| | — |
| | 1,394,964 |
| Used vehicle sales, net | | $ | 22,021 |
| | (43 | ) | | (239 | ) | | — |
| | — |
| | 21,739 |
| Amortization expense and other non-cash charges, net | | $ | 26,203 |
| | 542 |
| | 3,355 |
| | 1,053 |
| | — |
| | 31,153 |
| Interest expense (income) (2) | | $ | 179,562 |
| | (2,262 | ) | | 1,067 |
| | 193 |
| | — |
| | 178,560 |
| Capital expenditures paid (3) | | $ | 2,979,482 |
| | 1,444 |
| | 45,348 |
| | 24,135 |
| | — |
| | 3,050,409 |
| Total assets | | $ | 11,704,332 |
| | 324,906 |
| | 1,085,001 |
| | 297,709 |
| | (360,864 | ) | | 13,051,084 |
| 2017 | | | | | | | | | | | | | Non-operating pension costs and share-based compensation expense | | $ | 5,339 |
| | 1,270 |
| | 2,982 |
| | 37,117 |
| | — |
| | 46,708 |
| Depreciation expense (1) | | $ | 1,218,492 |
| | 3,520 |
| | 32,255 |
| | 908 |
| | — |
| | 1,255,175 |
| Used vehicle sales, net | | $ | 17,553 |
| | (113 | ) | | (199 | ) | | — |
| | — |
| | 17,241 |
| Amortization expense and other non-cash charges, net | | $ | 29,550 |
| | 1,015 |
| | (21,967 | ) | | (263 | ) | | — |
| | 8,335 |
| Interest expense (income) (2) | | $ | 144,137 |
| | (1,659 | ) | | (2,446 | ) | | 318 |
| | — |
| | 140,350 |
| Capital expenditures paid (3) | | $ | 1,783,917 |
| | 3,375 |
| | 50,117 |
| | 23,027 |
| | — |
| | 1,860,436 |
| Total assets | | $ | 10,388,022 |
| | 278,863 |
| | 870,048 |
| | 196,686 |
| | (269,620 | ) | | 11,463,999 |
| 2016 | | | | | | | | | | | | | Non-operating pension costs and share-based compensation expense | | $ | 5,464 |
| | 1,254 |
| | 2,764 |
| | 46,775 |
| | — |
| | 56,257 |
| Depreciation expense (1) | | $ | 1,156,888 |
| | 3,222 |
| | 25,956 |
| | 984 |
| | — |
| | 1,187,050 |
| Used vehicle sales, net | | $ | (724 | ) | | (90 | ) | | (158 | ) | | — |
| | — |
| | (972 | ) | Amortization expense and other non-cash charges, net | | $ | 34,652 |
| | 1,027 |
| | 3,215 |
| | (37 | ) | | — |
| | 38,857 |
| Interest expense (income) (2) | | $ | 151,297 |
| | (1,901 | ) | | (1,663 | ) | | 110 |
| | — |
| | 147,843 |
| Capital expenditures paid | | $ | 1,814,146 |
| | 2,551 |
| | 64,186 |
| | 24,274 |
| | — |
| | 1,905,157 |
| Total assets | | $ | 9,954,230 |
| | 257,762 |
| | 717,915 |
| | 199,745 |
| | (217,439 | ) | | 10,912,213 |
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____________ | | (1) | Depreciation expense associated with CSS assets was allocated to business segments based upon estimated and planned asset utilization. Depreciation expense totaling $25 million, $24 million and $24 million during 2018, 2017 and 2016, respectively, associated with CSS assets was allocated to other business segments. |
| | (2) | Interest expense was primarily allocated to the FMS segment since such borrowings were used principally to fund the purchase of revenue earning equipment used in FMS; however, interest income was also reflected in DTS and SCS based on targeted segment leverage ratios. |
| | (3) | Excludes acquisition payments of $35 million in 2018 and $1 million in 2017. |
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Geographic Information |
Geographic Information | | | | | | | | | | | | | | Years ended December 31, | | | 2018 | | 2017 | | 2016 | | | (In thousands) | Long-lived assets: | | | | | | | United States | | $ | 9,114,595 |
| | 7,935,167 |
| | 7,854,845 |
| Foreign: | | | | | | | Canada | | 648,856 |
| | 623,576 |
| | 532,403 |
| Europe | | 522,633 |
| | 527,869 |
| | 472,027 |
| Mexico | | 55,462 |
| | 44,997 |
| | 33,979 |
| Singapore | | 237 |
| | 357 |
| | 338 |
| | | 1,227,188 |
| | 1,196,799 |
| | 1,038,747 |
| Total | | $ | 10,341,783 |
| | 9,131,966 |
| | 8,893,592 |
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