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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2012

Defined Benefit Plan Disclosure [Line Items]

Pension expense from continuing operations was as follows:



	Years ended December 31,
	2012			2011		2010
	(In thousands)
Company-administered plans:
Service cost	$	15,479		14,719		15,239
Interest cost	94,605			97,526		96,125
Expected return on plan assets	(96,342		)	(101,803	)	(93,135	)
Settlement loss	—			—		1,487
Amortization of:
Transition obligation	—			(31	)	(25	)
Net actuarial loss	31,200			20,226		19,025
Prior service credit	(2,275		)	(2,278	)	(2,256	)
	42,667			28,359		36,460
Union-administered plans	6,746			5,988		5,199
Net pension expense	$	49,413		34,347		41,659

Company-administered plans:
U.S.	$	38,992		28,974		33,733
Foreign	3,675			(615	)	2,727
	42,667			28,359		36,460
Union-administered plans	6,746			5,988		5,199
	$	49,413		34,347		41,659

Summary of benefit obligation, plan assets and funded status

The following table sets forth the benefit obligations, assets and funded status associated with our pension plans:



	December 31,
	2012			2011
	(In thousands)
Change in benefit obligations:
Benefit obligations at January 1	$	1,967,586		1,744,233
Service cost	15,479			14,719
Interest cost	94,605			97,526
Actuarial loss	189,936			187,390
Benefits paid	(76,742		)	(71,910	)
Foreign currency exchange rate changes	16,557			(4,372	)
Benefit obligations at December 31	2,207,421			1,967,586

Change in plan assets:
Fair value of plan assets at January 1	1,418,042			1,428,784
Actual return on plan assets	174,650			(1,431	)
Employer contribution	81,116			65,224
Participants’ contributions	52			61
Benefits paid	(76,742		)	(71,910	)
Foreign currency exchange rate changes	15,809			(2,686	)
Fair value of plan assets at December 31	1,612,927			1,418,042
Funded status	$	(594,494	)	(549,544	)

Amounts recognized in the Consolidated Balance Sheets

Amounts recognized in the Consolidated Balance Sheets consisted of:



	December 31,
	2012			2011
	(In thousands)
Noncurrent asset	$	6,090		257
Current liability	(3,309		)	(3,120	)
Noncurrent liability	(597,275		)	(546,681	)
Net amount recognized	$	(594,494	)	(549,544	)

Amounts recognized in accumulated other comprehensive loss (pre-tax)

Amounts recognized in accumulated other comprehensive loss (pre-tax) consisted of:



	December 31,
	2012			2011
	(In thousands)
Transition obligation	$	(20	)	(20	)
Prior service credit	(3,077		)	(5,352	)
Net actuarial loss	1,007,315			927,004
Net amount recognized	$	1,004,218		921,632

Summary of pension obligations greater than fair value of related plan assets

At December 31, 2012 and 2011, our pension obligations (accumulated benefit obligations (ABO) and projected benefit obligations (PBO) greater than the fair value of related plan assets for our U.S. and foreign plans were as follows:



	U.S. Plans December 31,			Foreign Plans December 31,		Total December 31,
	2012		2011	2012	2011	2012	2011
	(In thousands)
Accumulated benefit obligations	$	1,747,610	1,551,211	418,245	378,768	2,165,855	1,929,979
Plans with ABO in excess of plan assets:
PBO	$	1,786,025	1,586,341	83,618	380,330	1,869,643	1,966,671
ABO	$	1,747,610	1,551,211	80,468	377,854	1,828,078	1,929,065
Fair value of plan assets	$	1,202,565	1,063,386	66,494	353,484	1,269,059	1,416,870
Plans with PBO in excess of plan assets:
PBO	$	1,786,025	1,586,341	83,618	380,330	1,869,643	1,966,671
ABO	$	1,747,610	1,551,211	80,648	377,854	1,828,258	1,929,065
Fair value of plan assets	$	1,202,565	1,063,386	66,494	353,484	1,269,059	1,416,870

Fair value of each major category of pension plan assets and the level of inputs used to measure fair value

The following table presents the fair value of each major category of pension plan assets and the level of inputs used to measure fair value as of December 31, 2012 and 2011:



	Fair Value Measurements at December 31, 2012
Asset Category	Total		Level 1	Level 2	Level 3
	(In thousands)
Equity securities:
U.S. companies	$	76,660	76,660	—	—
U.S. common collective trusts	471,504		—	471,504	—
Foreign common collective trusts	497,315		—	497,315	—
Fixed income securities:
Corporate bonds	61,571		—	61,571	—
Common collective trusts	434,670		—	434,670	—
Private equity and hedge funds	71,207		—	—	71,207
Total	$	1,612,927	76,660	1,465,060	71,207



	Fair Value Measurements at December 31, 2011
Asset Category	Total		Level 1	Level 2	Level 3
	(In thousands)
Equity securities:
U.S. companies	$	63,069	63,069	—	—
U.S. common collective trusts	500,298		—	500,298	—
Foreign common collective trusts	337,185		—	337,185	—
Fixed income securities:
Corporate bonds	53,424		—	53,424	—
Common collective trusts	394,714		—	394,714	—
Other (primarily mortgage-backed securities)	809		—	809	—
Private equity funds	68,543		—	—	68,543
Total	$	1,418,042	63,069	1,286,430	68,543

Summary of changes in fair value of the pension plans Level 3 assets

The following table presents a summary of changes in the fair value of the pension plans’ Level 3 assets for the years ended December 31, 2012 and 2011:



	2012			2011
	(In thousands)
Beginning balance at January 1	$	68,543		17,745
Return on plan assets:
Relating to assets still held at the reporting date	(551		)	(2,277	)
Relating to assets sold during the period	5,990			3,051
Purchases, sales, settlements and expenses	(2,775		)	50,024
Ending balance at December 31	$	71,207		68,543

Benefits expected to be paid

The following table details pension benefits expected to be paid in each of the next five fiscal years and in aggregate for the five fiscal years thereafter:



	(In thousands)
2013	$	89,652
2014	93,336
2015	98,442
2016	103,940
2017	108,462
2018-2022	619,205

Weighted-average discount rates used in determining annual postretirement benefit expense

The following table sets forth the weighted-average discount rates used in determining annual postretirement benefit expense:



	U.S. Plan Years ended December 31,						Foreign Plan Years ended December 31,
	2012		2011		2010		2012		2011		2010
Discount rate	4.90	%	5.70	%	6.20	%	4.50	%	5.25	%	6.00	%

Schedule of Multi-employer plan



		Pension Protection Act Zone Status			Ryder Contributions					Date of Collective-Bargaining Agreement
Pension Fund	Employer Identification Number	2012	2011	FIP/RP Status Pending/ Implemented ⁽¹⁾	2012		2011	2010	Surcharge Imposed	Date of Collective-Bargaining Agreement
					(Dollars in thousands)
Western Conference Teamsters	91-6145047	Green	Green	No	$	1,943	1,855	1,494	No	6/30/14 to 3/31/16
IAM National	51-6031295	Green	Green	No	2,038		1,794	1,573	No	4/30/13 to 3/31/17
Automobile Mechanics Local No. 701	36-6042061	Red	Red	FIP Adopted	1,527		1,203	1,076	Yes	5/31/13 to 10/31/14
International Association of Machinists Motor City	38-6237143	Red ⁽²⁾	Red ⁽²⁾	RP adopted	437		392	372	No	1/31/14 to 3/31/16
Central States Southeast and Southwest Areas	36-6044243	Red	Red	RP adopted	226		182	158	No	6/1/12 to 5/31/17
Other Funds					575		562	526
Total contributions:					$	6,746	5,988	5,199

_____________


(1)	The “FIP/RP Status Pending/Implemented” column indicates plans for which a financial improvement plan (FIP) or a rehabilitation plan (RP) is either pending or has been implemented.


(2)	Plan years ended June 30, 2012 and 2011.

Actuarial assumptions used in determining annual expense [Member]

Defined Benefit Plan Disclosure [Line Items]

Summary of weighted-average actuarial assumptions

The following table sets forth the weighted-average actuarial assumptions used for Ryder’s pension plans in determining annual pension expense:



	U.S. Plans Years ended December 31,						Foreign Plans Years ended December 31,
	2012		2011		2010		2012		2011		2010
Discount rate	4.90	%	5.70	%	6.20	%	4.76	%	5.55	%	5.93	%
Rate of increase in compensation levels	4.00	%	4.00	%	4.00	%	3.54	%	3.55	%	3.54	%
Expected long-term rate of return on plan assets	7.05	%	7.45	%	7.65	%	6.00	%	6.84	%	7.04	%
Transition amortization in years	—		—		—		1		1		2
Gain and loss amortization in years	24		25		26		27		27		28

Actuarial assumptions used in determining funded status [Member]

Defined Benefit Plan Disclosure [Line Items]

Summary of weighted-average actuarial assumptions

The following table sets forth the weighted-average actuarial assumptions used in determining funded status:



	U.S. Plans December 31,				Foreign Plans December 31,
	2012		2011		2012		2011
Discount rate	4.10	%	4.90	%	4.43	%	4.76	%
Rate of increase in compensation levels	4.00	%	4.00	%	3.55	%	3.54	%

Other Postretirement Benefits [Member]

Defined Benefit Plan Disclosure [Line Items]

Expense from continuing operations

Total postretirement benefit expense was as follows:



	Years ended December 31,
	2012			2011		2010
	(In thousands)
Service cost	$	1,095		1,294		1,374
Interest cost	1,980			2,503		2,722
Amortization of:
Net actuarial (gain) loss	(20		)	231		352
Prior service credit	(231		)	(231	)	(231	)
Postretirement benefit expense	$	2,824		3,797		4,217

U.S.	$	2,142		3,155		3,134
Foreign	682			642		1,083
	$	2,824		3,797		4,217

Amounts recognized in the Consolidated Balance Sheets

Amounts recognized in the Consolidated Balance Sheets consisted of:



	December 31,
	2012			2011
	(In thousands)
Current liability	$	(2,683	)	(2,838	)
Noncurrent liability	(37,916		)	(40,154	)
Amount recognized	$	(40,599	)	(42,992	)

Amounts recognized in accumulated other comprehensive loss (pre-tax)

Amounts recognized in accumulated other comprehensive loss (pre-tax) consisted of:



	December 31,
	2012			2011
	(In thousands)
Prior service credit	$	(1,307	)	(1,538	)
Net actuarial (gain) loss	(859		)	867
Net amount recognized	$	(2,166	)	(671	)

Summary of weighted-average actuarial assumptions

Assumptions used in determining accrued postretirement benefit obligations were as follows:



	U.S. Plan December 31,				Foreign Plan December 31,
	2012		2011		2012		2011
Discount rate	4.10	%	4.90	%	4.00	%	4.50	%
Rate of increase in compensation levels	4.00	%	4.00	%	3.50	%	3.50	%
Healthcare cost trend rate assumed for next year	7.50	%	8.00	%	7.00	%	7.50	%
Rate to which the cost trend rate is assumed to decline (ultimate trend rate)	5.00	%	5.00	%	5.00	%	5.00	%
Year that the rate reaches the ultimate trend rate	2023		2018		2017		2017

Benefits expected to be paid

The following table details other postretirement benefits expected to be paid in each of the next five fiscal years and in aggregate for the five fiscal years thereafter:



	(In thousands)
2013	$	2,728
2014	2,852
2015	3,016
2016	3,120
2017	3,165
2018-2022	15,943

Benefit obligations associated with postretirement benefit plans

Our postretirement benefit plans are not funded. The following table sets forth the benefit obligations associated with our postretirement benefit plans:



	December 31,
	2012			2011
	(In thousands)
Benefit obligations at January 1	$	42,992		47,169
Service cost	1,095			1,294
Interest cost	1,980			2,503
Actuarial gain	(1,746		)	(5,754	)
Benefits paid	(3,947		)	(2,023	)
Foreign currency exchange rate changes	225			(197	)
Benefit obligations at December 31	$	40,599		42,992