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Other Matters
12 Months Ended
Dec. 31, 2012
Other Matters [Abstract]  
Other Matters
OTHER MATTERS
 
On October 28, 2012, Superstorm Sandy caused widespread property damage and flooding to large areas of the East Coast and the northeastern United States. As a result of the storm, we incurred a liability of $8 million ($5 million after-tax) for property damage to vehicles owned by full service lease customers for which Ryder has liability under certain agreements. We are currently pursuing recovery of these losses under applicable property and casualty insurance programs. However, because recovery of these losses is uncertain, no offsetting benefits were recognized in 2012. Insurance recoveries will be recognized if and when they are probable of receipt. In December 2012, we enhanced our insurance coverage to mitigate this type of risk in the future. Additionally, company-owned units with a carrying value of $15.7 million were damaged or completely destroyed as a direct result of Superstorm Sandy. We expect to recover at least the cost of repairs or carrying value of these assets from insurance proceeds and customer billings. Insurance recoveries have been recorded within insurance receivables and customer recoveries have been included within trade receivables in our Consolidated Financial Statements.
We are a party to various claims, complaints and proceedings arising in the ordinary course of our continuing business operations including but not limited to those relating to commercial and employment claims, environmental matters, risk management matters (e.g. vehicle liability, workers’ compensation, etc.) and administrative assessments primarily associated with operating taxes. We have established loss provisions for matters in which losses are probable and can be reasonably estimated. For matters from continuing operations where a reserve has not been established and for which we believe a loss is reasonably possible, as well as for matters where a reserve has been recorded but for which an exposure to loss in excess of the amount accrued is reasonably possible, we believe that such losses will not have a material effect on our consolidated financial statements.
Our estimates regarding potential losses and materiality are based on our judgment and assessment of the claims utilizing currently available information. Although we will continue to reassess our reserves and estimates based on future developments, our objective assessment of the legal merits of such claims may not always be predictive of the outcome and actual results may vary from our current estimates.

Refer to Note 4, "Discontinued Operations," for additional matters.