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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2015
Defined Benefit Plan Disclosure [Line Items]  
Pension expense from continuing operations
Pension expense from continuing operations was as follows:
  
 
Years ended December 31,
  
 
2015
 
2014
 
2013
 
 
(In thousands)
Company-administered plans:
 
 
 
 
 
 
Service cost
 
$
13,820

 
13,023

 
15,991

Interest cost
 
88,013

 
100,909

 
89,682

Expected return on plan assets
 
(98,892
)
 
(115,410
)
 
(106,150
)
Pension lump sum settlement expense
 
—

 
97,231

 
—

Census data adjustment
 
—

 
—

 
3,905

Amortization of:
 
 
 
 
 
 
Net actuarial loss
 
30,741

 
23,573

 
35,282

Prior service credit
 
(306
)
 
(1,788
)
 
(1,818
)
 
 
33,376

 
117,538

 
36,892

Union-administered plans
 
8,328

 
21,118

 
11,226

Net pension expense
 
$
41,704

 
138,656

 
48,118

 
 
 
 
 
 
 
Company-administered plans:
 
 
 
 
 
 
U.S.
 
$
34,986

 
118,797

 
37,636

Foreign
 
(1,610
)
 
(1,259
)
 
(744
)
 
 
33,376

 
117,538

 
36,892

Union-administered plans
 
8,328

 
21,118

 
11,226

 
 
$
41,704

 
138,656

 
48,118
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,
 
 
2015
 
2014
 
2013
 
2015
 
2014
 
2013
Discount rate
 
4.15%
 
5.00%
 
4.10%
 
3.70%
 
4.57%
 
4.43%
Rate of increase in compensation levels
 
3.00%
 
3.00%
 
4.00%
 
3.10%
 
3.09%
 
3.55%
Expected long-term rate of return on plan assets
 
5.95%
 
6.50%
 
6.80%
 
5.50%
 
5.94%
 
6.57%
Gain and loss amortization period (years)
 
23
 
23
 
23
 
27
 
27
 
26
The following table sets forth the weighted-average actuarial assumptions used in determining funded status:
 
 
U.S. Plans
December 31,
 
Foreign Plans
December 31,
 
 
2015
 
2014
 
2015
 
2014
Discount rate
 
4.50%
 
4.15%
 
4.00%
 
3.70%
Rate of increase in compensation levels
 
3.00%
 
3.00%
 
3.10%
 
3.10%
Summary of benefit obligations, assets and funded status
The following table sets forth the benefit obligations, assets and funded status associated with our pension plans:  
 
 
December 31,
 
 
2015
 
2014
 
 
(In thousands)
Change in benefit obligations:
 
 
 
 
Benefit obligations at January 1
 
$
2,221,115

 
2,104,749

Service cost
 
13,820

 
13,023

Interest cost
 
88,013

 
100,909

Actuarial (gain) loss
 
(98,996
)
 
380,595

Pension settlement
 
—

 
(259,319
)
Benefits paid
 
(98,528
)
 
(87,020
)
Foreign currency exchange rate changes
 
(33,580
)
 
(31,822
)
Benefit obligations at December 31
 
2,091,844

 
2,221,115

 
 
 
 
 
Change in plan assets:
 
 
 
 
Fair value of plan assets at January 1
 
1,775,417

 
1,832,490

Actual return on plan assets
 
(29,024
)
 
178,061

Employer contribution
 
33,746

 
107,483

Benefits paid
 
(98,528
)
 
(87,020
)
Pension settlement
 
—

 
(223,654
)
Foreign currency exchange rate changes
 
(34,325
)
 
(31,943
)
Fair value of plan assets at December 31
 
1,647,286

 
1,775,417

Funded status
 
$
(444,558
)
 
(445,698
)
Funded percent
 
79
%
 
80
%
Amounts recognized in the Consolidated Balance Sheets
The funded status of our pension plans was presented in the Consolidated Balance Sheets as follows:
 
 
December 31,
 
 
2015
 
2014
 
 
(In thousands)
Noncurrent asset
 
$
44,124

 
2,698

Current liability
 
(3,790
)
 
(3,739
)
Noncurrent liability
 
(484,892
)
 
(444,657
)
Net amount recognized
 
$
(444,558
)
 
(445,698
)
Amounts recognized in accumulated other comprehensive loss (pre-tax)
Amounts recognized in accumulated other comprehensive loss (pre-tax) consisted of:
 
 
December 31,
 
 
2015
 
2014
 
 
(In thousands)
Prior service credit
 
$
—

 
(195
)
Net actuarial loss
 
905,944

 
905,976

Net amount recognized
 
$
905,944

 
905,781
Summary of pension obligations greater than fair value of related plan assets
At December 31, 2015 and 2014, 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,
 
 
2015
 
2014
 
2015
 
2014
 
2015
 
2014
 
 
(In thousands)
Total accumulated benefit obligations
 
$
1,640,844

 
1,689,191

 
423,555

 
487,604

 
2,064,399

 
2,176,795

Plans with pension obligations in excess of plan assets:
 
 
 
 
 
 
 
 
 
 
 
 
PBO
 
1,671,949

 
1,728,643

 
7,916

 
9,172

 
1,679,865

 
1,737,815

ABO
 
1,640,844

 
1,689,191

 
6,793

 
5,620

 
1,647,637

 
1,694,811

Fair value of plan assets
 
1,191,182

 
1,289,621

 
—

 
—

 
1,191,182

 
1,289,621
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, 2015 and 2014:
 
 
 
Fair Value Measurements at
December 31, 2015
Asset Category
 
Total
 
Level 1
 
Level 2
 
Level 3
 
 
(In thousands)
Equity securities:
 
 
 
 
 
 
 
 
U.S. common collective trusts
 
$
387,123

 
—

 
387,123

 
—

Foreign common collective trusts
 
374,858

 
—

 
374,858

 
—

Fixed income securities:
 
 
 
 
 
 
 
 
Corporate bonds
 
64,834

 
—

 
64,834

 
—

Common collective trusts
 
719,840

 
—

 
719,840

 
—

Private equity and hedge funds
 
100,631

 
—

 
—

 
100,631

Total
 
$
1,647,286

 
—

 
1,546,655

 
100,631

 
 
 
Fair Value Measurements at
December 31, 2014
Asset Category
 
Total
 
Level 1
 
Level 2
 
Level 3
 
 
(In thousands)
Equity securities:
 
 
 
 
 
 
 
 
U.S. common collective trusts
 
$
421,185

 
—

 
421,185

 
—

Foreign common collective trusts
 
405,224

 
—

 
405,224

 
—

Fixed income securities:
 
 
 
 
 
 
 
 
Corporate bonds
 
70,999

 
—

 
70,999

 
—

Common collective trusts
 
788,282

 
—

 
788,282

 
—

Private equity and hedge funds
 
89,727

 
—

 
—

 
89,727

Total
 
$
1,775,417

 
—

 
1,685,690

 
89,727
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, 2015 and 2014: 
 
 
2015
 
2014
 
 
(In thousands)
Beginning balance at January 1
 
$
89,727

 
76,499

Return on plan assets:
 
 
 
 
Relating to assets still held at the reporting date
 
5,399

 
4,903

Relating to assets sold during the period
 
226

 
1,882

Purchases, sales, settlements and expenses
 
5,279

 
6,443

Ending balance at December 31
 
$
100,631

 
89,727
Pension 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)

2016
$
100,116

2017
102,692

2018
107,483

2019
112,019

2020
115,863

2021-2025
632,110
Schedule of multi-employer plan
Among other factors, plans in the red zone are generally less than sixty-five percent funded, plans in the yellow zone are less than eighty percent funded, and plans in the green zone are at least eighty percent funded.

 
 
 
 
Pension Protection Act Zone Status
 
 
 
Ryder Contributions
 
 
 
Expiration Date(s) of Collective-Bargaining Agreement(s)
Pension Fund
 
Employer Identification Number
 
2015
 
2014
 
FIP/RP Status Pending/ Implemented (1)
 
2015
 
2014
 
2013
 
Surcharge Imposed
 
 
 
 
 
 
 
 
 
 
 
(Dollars in thousands)
 
 
 
 
Western Conference Teamsters
 
91-6145047
 
Green
 
Green
 
No
 
$
2,430

 
2,315

 
2,180

 
No
 
1/12/18 to 6/30/19
IAM National
 
51-6031295
 
Green
 
Green
 
No
 
3,801

 
3,311

 
2,987

 
No
 
3/31/16 to 9/30/19
Automobile Mechanics
Local No. 701
 
36-6042061
 
Red
 
Red
 
RP Adopted
 
1,902

 
1,632

 
1,530

 
Yes
 
5/31/16 to 10/31/17
Other funds
 
 
 
 
 
 
 
 
 
704

 
1,296

 
1,709

 
 
 
 
Total contributions
 
 
 
 
 
 
 
 
 
8,837

 
8,554

 
8,406

 
 
 
 
Pension settlement (benefit) charges
 
 
 
 
 
 
 
 
 
(509
)
 
12,564

 
2,820

 
 
 
 
Union-administered plans
 
 
 
 
 
 
 
 
 
$
8,328

 
21,118

 
11,226

 
 
 
 
_____________ 
(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.
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,
 
 
2015
 
2014
 
2013
 
2015
 
2014
 
2013
Discount rate
 
4.15%
 
5.00%
 
4.10%
 
4.00%
 
4.80%
 
4.00%
Other Postretirement Benefits  
Defined Benefit Plan Disclosure [Line Items]  
Pension expense from continuing operations
Total postretirement benefit expense was as follows: 
 
 
Years ended December 31,
 
 
2015
 
2014
 
2013
 
 
(In thousands)
Service cost
 
$
363

 
446

 
981

Interest cost
 
1,097

 
1,421

 
1,580

Amortization of:
 
 
 
 
 
 
Net actuarial gain
 
(1,773
)
 
(725
)
 
(14
)
Prior service credit
 
(1,083
)
 
(2,459
)
 
(231
)
Postretirement benefit (income) expense
 
$
(1,396
)
 
(1,317
)
 
2,316

 
 
 
 
 
 
 
U.S.
 
$
(1,887
)
 
(1,839
)
 
1,625

Foreign
 
491

 
522

 
691

 
 
$
(1,396
)
 
(1,317
)
 
2,316
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,
 
 
2015
 
2014
 
2015
 
2014
Discount rate
 
4.50
%
 
4.15
%
 
4.00
%
 
4.00
%
Rate of increase in compensation levels
 
3.00
%
 
3.00
%
 
3.00
%
 
3.00
%
Healthcare cost trend rate assumed for next year
 
6.75
%
 
7.00
%
 
5.50
%
 
6.00
%
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

 
2023

 
2017

 
2017
Amounts recognized in the Consolidated Balance Sheets
Amounts recognized in the Consolidated Balance Sheets consisted of:
 
 
December 31,
 
 
2015
 
2014
 
 
(In thousands)
Current liability
 
$
1,624

 
2,112

Noncurrent liability
 
20,002

 
26,889

Amount recognized
 
$
21,626

 
29,001
Amounts recognized in accumulated other comprehensive loss (pre-tax)
Amounts recognized in accumulated other comprehensive loss (pre-tax) consisted of:
 
 
December 31,
 
 
2015
 
2014
 
 
(In thousands)
Prior service credit
 
$
(616
)
 
(2,527
)
Net actuarial gain
 
(11,825
)
 
(5,933
)
Net amount recognized
 
$
(12,441
)
 
(8,460
)
Pension 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)

2016
$
1,646

2017
1,640

2018
1,631

2019
1,620

2020
1,591

2021-2025
7,464
Benefit obligations associated with postretirement benefit plans
The following table sets forth the benefit obligations associated with our postretirement benefit plans:
 
 
December 31,
 
 
2015
 
2014
 
 
(In thousands)
Benefit obligations at January 1
 
$
29,001

 
30,788

Service cost
 
363

 
446

Interest cost
 
1,097

 
1,421

Actuarial gain
 
(6,164
)
 
(1,010
)
Benefits paid
 
(1,468
)
 
(1,989
)
Foreign currency exchange rate changes
 
(1,203
)
 
(655
)
Benefit obligations at December 31
 
$
21,626

 
29,001