XML 118 R11.htm IDEA: XBRL DOCUMENT v2.4.1.9
Acquisitions
12 Months Ended
Dec. 31, 2014
Business Combinations [Abstract]  
ACQUISITIONS
ACQUISITIONS
2014 Acquisition

On August 1, 2014, we acquired all of the common stock of Bullwell Trailer Solutions, Ltd, a U.K.-based trailer repair and maintenance company for a purchase price of approximately $15 million, net of cash acquired. The acquisition complements our FMS business segment coverage in the U.K. Approximately $8 million of the stock purchase price has been paid. The purchase price includes $6 million in contingent consideration to be paid to the seller provided certain conditions are met. As of December 31, 2014, the fair value of the contingent consideration has been reflected in "Accrued expenses and other current liabilities" and "Other non-current liabilities" in our Consolidated Balance Sheets. The purchase accounting for this acquisition resulted in goodwill and customer relationship intangible assets of $12 million and $2 million, respectively, with the remaining amount allocated to tangible assets, less liabilities assumed. Transaction costs related to the acquisition were $1 million during 2014 and were reflected within "Selling, general and administrative expenses" in our Consolidated Statements of Earnings.

The assets, liabilities and results of operations of the business acquired were not material to our consolidated financial position or results of operations and therefore pro forma financial information for the acquisition was not presented.

2012 Acquisition
Euroway Ltd., — On August 1, 2012, we acquired all of the common stock of Euroway Ltd., a U.K.-based, full service leasing, rental and maintenance company for a purchase price of $2 million and assumed capital lease obligations and debt of $20 million. Approximately $2 million of the stock purchase price has been paid ($1 million paid in both 2013 and in 2012), and the majority of the capital lease obligations have been repaid as of December 31, 2014. The acquisition included Euroway's fleet of approximately 560 full service lease vehicles as well as 800 contract maintenance vehicles. Goodwill and customer relationship intangibles related to the Euroway acquisition were $6 million and $3 million, respectively, at the acquisition date. The combined network operates under the Ryder name, complementing our FMS business segment coverage in the U.K. Transaction costs related to the Euroway acquisition were $1 million during 2012 and were primarily reflected within "Selling, general and administrative expenses" in our Consolidated Statements of Earnings.