-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VxJGgTMBrcWQ9jVsoENrSeHHMqc6C1w8GuiQ08Cy06Zz6yblLx6XHp04ps9CF/Ez 9UQbPc01K1sG2ulz4TWjYA== 0000950144-96-003939.txt : 19960705 0000950144-96-003939.hdr.sgml : 19960705 ACCESSION NUMBER: 0000950144-96-003939 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19951231 FILED AS OF DATE: 19960702 SROS: CSX SROS: NYSE SROS: PSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: RYDER SYSTEM INC CENTRAL INDEX KEY: 0000085961 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-AUTO RENTAL & LEASING (NO DRIVERS) [7510] IRS NUMBER: 590739250 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-04364 FILM NUMBER: 96590454 BUSINESS ADDRESS: STREET 1: 3600 NW 82ND AVE CITY: MIAMI STATE: FL ZIP: 33166 BUSINESS PHONE: 3055933726 MAIL ADDRESS: STREET 1: 3600 NW 82 AVENUE CITY: MIAMI STATE: FL ZIP: 33166 11-K 1 RYDER SYSTEM FORM 11-K 12-31-95 1 FORM 11-K (Mark one) [X] ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED] For the fiscal year ended December 31, 1995 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED] For the transition period from ___ to ___. Commission file number #________ RYDER SYSTEM, INC. EMPLOYEE SAVINGS PLAN A Ryder System, Inc. 3600 N.W. 82 Avenue Miami, Florida 33166 2 Independent Auditors' Report The Participants and Administrator Ryder System, Inc. Employee Savings Plan A: We have audited the accompanying statements of financial position with fund information of Ryder System, Inc. Employee Savings Plan A as of December 31, 1995 and 1994, and the related statements of income and changes in plan equity with fund information for each of the years in the three-year period ended December 31, 1995. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 1995 and 1994 and the changes in net assets available for benefits for each of the years in the three-year period ended December 31, 1995, in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental Schedules of Investments and Schedule of Reportable Transactions are presented for the purpose of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The fund information in the statements of financial position with fund information and statements of income and changes in plan equity with fund information are presented for purposes of additional analysis rather than to present the financial position and changes in plan equity for each fund. The supplemental schedules and fund information have been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. /s/ KPMG PEAT MARWICK LLP Miami, Florida June 14, 1996 3 RYDER SYSTEM, INC. EMPLOYEE SAVINGS PLAN A STATEMENT OF FINANCIAL POSITION WITH FUND INFORMATION DECEMBER 31, 1995
Assets Fund A Fund B Fund C Fund D Fund E Fund F --------------------------------------------------------------------- Investments: Fixed income investments, at cost $ 375,559 4,143,570 0 126,189 273,410 115,809 Group annuity insurance contracts, at cost 0 38,815,957 0 0 0 0 Pooled investment funds (cost, 34,735,521) 0 0 0 10,352,527 23,414,867 6,700,781 Securities of participating employer (cost, 12,084,833) 10,045,857 0 0 0 0 0 Participant loans receivable 0 0 0 0 0 0 --------------------------------------------------------------------- Total investments 10,421,416 42,959,527 0 10,478,716 23,688,277 6,816,590 Dividends and interest receivable 1,832 235,013 0 35,729 0 128 Contributions receivable and other 1,929 14,653 819 2,844 5,526 4,520 Interfund transfers receivable (payable) 563,845 (2,005) (29) (61) 9,792 6,772 --------------------------------------------------------------------- Total assets $ 10,989,022 43,207,188 790 10,517,228 23,703,595 6,828,010 ===================================================================== Liabilities and Plan Equity Other liabilities $ 187,152 150,449 790 24,775 63,637 20,817 Plan equity 10,801,870 43,056,739 0 10,492,453 23,639,958 6,807,193 --------------------------------------------------------------------- Total liabilities and plan equity $ 10,989,022 43,207,188 790 10,517,228 23,703,595 6,828,010 ===================================================================== Number of units 134,033 3,946,692 0 263,018 416,929 90,316 ===================================================================== Plan equity per unit $ 80.59 10.91 0.00 39.89 56.70 75.37 =====================================================================
Assets Fund G Fund H Fund I Fund J Fund K Loans Total ----------------------------------------------------------------------------- Investments: Fixed income investments, at cost 63,095 496,499 0 0 0 0 5,594,131 Group annuity insurance contracts, at cost 0 0 0 0 0 0 38,815,957 Pooled investment funds (cost, 34,735,521) 4,375,795 0 183,697 133,248 31,379 0 45,192,294 Securities of participating employer (cost, 12,084,833) 0 0 0 0 0 0 10,045,857 Participant loans receivable 0 0 0 0 0 7,825,478 7,825,478 ----------------------------------------------------------------------------- Total investments 4,438,890 496,499 183,697 133,248 31,379 7,825,478 107,473,717 Dividends and interest receivable 79,056 1,609 0 0 0 106,875 460,242 Contributions receivable and other 3,523 67,645 204 142 0 196,226 298,031 Interfund transfers ----------------------------------------------------------------------------- receivable (payable) (14,290) (564,044) 13 0 7 0 0 Total assets 4,507,179 1,709 183,914 133,390 31,386 8,128,579 108,231,990 ============================================================================= Liabilities and Plan Equity Other liabilities 16,190 1,709 (672) 245 673 204,548 670,313 Plan equity 4,490,989 0 184,586 133,145 30,713 7,924,031 107,561,677 ----------------------------------------------------------------------------- Total liabilities and plan equity 4,507,179 1,709 183,914 133,390 31,386 8,128,579 108,231,990 ============================================================================= Number of units 80,825 0 2,158 1,640 397 ============================================================================= Plan equity per unit 55.56 0.00 85.54 81.19 77.36 =============================================================================
See accompanying notes to financial statements. 4 RYDER SYSTEM, INC. EMPLOYEE SAVINGS PLAN A STATEMENT OF FINANCIAL POSITION WITH FUND INFORMATION DECEMBER 31, 1994
Assets Fund A Fund B Fund C Fund D Fund E ---------------------------------------------------------------- Investments: Fixed income investments, at cost $ 292,410 959,424 150,725 70,991 119,714 Group annuity insurance contracts, at contract value 0 44,617,908 0 0 0 Pooled investment funds (cost, $34,562,341) 0 0 3,996,749 8,219,400 17,071,757 Securities of participating employer (cost, $12,290,134) 10,005,573 0 0 0 0 Other Securities (cost, $1,517,770) 0 0 0 0 0 Participant loans receivable 0 0 0 0 0 ---------------------------------------------------------------- Total investments 10,297,983 45,577,332 4,147,474 8,290,391 17,191,471 Dividends and interest receivable 198 264,844 232 75 34 Contributions receivable and other 577,409 852,206 108,651 14,428 597,375 Interfund transfers receivable (payable) (194,188) (141,838) (61,461) (13,898) (172,227) ---------------------------------------------------------------- Total assets $ 10,681,402 46,552,544 4,194,896 8,290,996 17,616,653 ================================================================ Liabilities and Plan Equity Other liabilities $ 101,398 24,522 1,036 20,589 4,118 Plan equity 10,580,004 46,528,022 4,193,860 8,270,407 17,612,535 ---------------------------------------------------------------- Total liabilities and plan equity $ 10,681,402 46,552,544 4,194,896 8,290,996 17,616,653 ================================================================ Number of units 151,560 4,537,925 205,385 273,420 436,832 ================================================================ Plan equity per unit $ 69.81 10.25 20.42 30.25 40.32 ================================================================
Assets Fund F Fund G Fund H Loan Fund Total -------------------------------------------------------- Investments: Fixed income investments, at cost 109,480 113,777 714 0 1,817,235 Group annuity insurance contracts, at contract value 0 0 0 0 44,617,908 Pooled investment funds (cost, $34,562,341) 5,121,906 4,296,659 0 0 38,706,471 Securities of participating employer (cost, $12,290,134) 0 0 0 0 10,005,573 Other Securities (cost, $1,517,770) 0 0 683,945 0 683,945 Participant loans receivable 0 0 0 7,033,949 7,033,949 -------------------------------------------------------- Total investments 5,231,386 4,410,436 684,659 7,033,949 102,865,081 Dividends and interest receivable 76 83 10,702 94,620 370,864 Contributions receivable and other 29,797 56,131 2,235,997 Interfund transfers receivable (payable) 46,802 108,589 (2,885) 431,106 0 -------------------------------------------------------- Total assets 5,308,061 4,575,239 692,476 7,559,675 105,471,942 ======================================================== Liabilities and Plan Equity Other liabilities 5,763 16,548 7,721 380,243 561,938 Plan equity 5,302,298 4,558,691 684,755 7,179,432 104,910,004 -------------------------------------------------------- Total liabilities and plan equity 5,308,061 4,575,239 692,476 7,559,675 105,471,942 ======================================================== Number of units 89,393 94,823 13,007 ======================================================== Plan equity per unit 59.31 48.08 52.65 ========================================================
See accompanying notes to financial statements. 5 RYDER SYSTEM, INC. EMPLOYEE SAVINGS PLAN A STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY WITH FUND INFORMATION FOR THE YEAR ENDED DECEMBER 31, 1995
Fund A Fund B Fund C Fund D Fund E Fund F ----------------------------------------------------------------------------------- Net Investment Income: Dividends $222,087 0 0 1,218,179 1,308,426 823,667 Interest 7,361 2,691,833 33,770 8,833 19,139 6,625 ----------------------------------------------------------------------------------- Net investment income 229,448 2,691,833 33,770 1,227,012 1,327,565 830,292 Realized gains/(losses) 303,838 0 0 49,226 484,185 62,614 Net change in unrealized appreciation on investments 816,239 0 0 1,088,392 4,529,498 347,540 Conributions: Employer contributions 341,943 1,638,104 44,445 262,741 573,609 250,402 Employee contributions 1,010,564 4,898,421 87,837 968,111 2,065,887 936,028 ----------------------------------------------------------------------------------- Total contributions 1,352,507 6,536,525 132,282 1,230,852 2,639,496 1,186,430 Participant loan repayment 257,011 1,404,630 19,022 300,302 576,997 207,250 Distributions and other (737,198) (3,858,843) (79,397) (634,671) (1,372,455) (379,024) Transfer to plan B (1,602,759) (9,479,382) (852,637) (1,147,496) (2,339,258) (1,077,097) Plan fees and expenses (30,995) (137,188) (892) (22,491) (41,262) (13,266) Loans to participants (368,775) (2,548,090) (44,490) (423,886) (980,164) (267,044) Interfund transfers 2,550 1,919,232 (3,401,518) 554,806 1,202,821 607,200 ----------------------------------------------------------------------------------- Net changes in plan equity 221,866 (3,471,283) (4,193,860) 2,222,046 6,027,423 1,504,895 Plan equity at beginning of period 10,580,004 46,528,022 4,193,860 8,270,407 17,612,535 5,302,298 ----------------------------------------------------------------------------------- Plan equity at end of period $10,801,870 43,056,739 0 10,492,453 23,639,958 6,807,193 ===================================================================================
Fund G Fund H Fund I Fund J Fund K Loan Fund Total ----------------------------------------------------------------------------------------------- Net Investment Income: Dividends 265,101 2,356 0 0 21 0 3,839,837 Interest 4,416 0 0 0 0 407,136 3,179,113 ---------------------------------------------------------------------------------------------- Net investment income 269,517 2,356 0 0 21 407,136 7,018,950 Realized gains/(losses) (21,890) (160,768) 992 431 3,005 0 721,633 Net change in unrealized appreciation on investments 319,711 263,171 17,253 6,975 3,274 0 7,392,053 Conributions: Employer contributions 233,721 0 18,606 12,615 5,271 0 3,381,457 Employee contributions 810,146 0 41,292 20,184 11,096 0 10,849,566 ---------------------------------------------------------------------------------------------- Total contributions 1,043,867 0 59,898 32,799 16,367 0 14,231,023 Participant loan repayment 157,568 149 9,271 2,982 445 (2,935,627) 0 Distributions and other (275,597) (40,861) (3,906) (1,225) (46) (493,875) (7,877,098) Transfer to plan B (924,945) (62,414) 0 0 0 (1,090,529) (18,576,517) Plan fees and expenses (10,074) (2,203) 0 0 0 0 (258,371) Loans to participants (204,441) (12,423) (5,080) (2,938) (163) 4,857,494 0 Interfund transfers (421,418) (671,762) 106,158 94,121 7,810 0 0 Net changes in plan equity (67,702) (684,755) 184,586 133,145 30,713 744,599 2,651,673 Plan equity at beginning of period 4,558,691 684,755 0 0 0 7,179,432 104,910,004 ----------------------------------------------------------------------------------------------- Plan equity at end of period 4,490,989 0 184,586 133,145 30,713 7,924,031 107,561,677 ===============================================================================================
See accompanying notes to financial statements. 6 RYDER SYSTEM, INC. EMPLOYEE SAVINGS PLAN A STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY WITH FUND INFORMATION FOR THE YEAR ENDED DECEMBER 31, 1994
Fund A Fund B Fund C Fund D Fund E Fund F -------------------------------------------------------------------------- Net investment income: Dividends $ 259,268 0 0 794,935 693,616 322,434 Interest 5,058 2,937,306 139,108 2,170 5,196 1,775 -------------------------------------------------------------------------- Net investment income 264,326 2,937,306 139,108 797,105 698,812 324,209 Realized gains 7,893 0 0 3,582 78,376 3,516 Net change in unrealized (depreciation) on investments (1,860,782) 0 0 (483,257) (671,473) (77,332) Contributions: Employer contributions 574,525 2,413,019 254,847 301,174 665,209 273,974 Employee contributions 1,696,328 6,498,667 774,635 1,087,719 2,488,260 1,085,586 -------------------------------------------------------------------------- Total contributions 2,270,853 8,911,686 1,029,482 1,388,893 3,153,469 1,359,560 Participant loan repayments 301,137 1,501,643 149,594 298,431 649,632 193,254 Distributions and other (492,982) (2,133,890) (220,386) (367,266) (638,485) (197,744) Transfer from (to) Plan B (1,088,554) 176,128 (17,065) 286,196 (35,467) (38,180) Plan fees and expenses (17,625) (78,291) (8,816) (11,336) (21,087) (6,269) Loans to participants (334,971) (1,988,969) (250,768) (349,950) (751,363) (232,074) Interfund transfers 508,375 (439,793) (130,230) (469,005) (571,629) 322,806 -------------------------------------------------------------------------- Net changes in plan equity (442,330) 8,885,820 690,919 1,093,393 1,890,785 1,651,746 Plan equity at beginning of period 11,022,334 37,642,202 3,502,941 7,177,014 15,721,750 3,650,552 -------------------------------------------------------------------------- Plan equity at end of period $ 10,580,004 46,528,022 4,193,860 8,270,407 17,612,535 5,302,298 ========================================================================== Fund G Fund H Loan Fund Total ------------------------------------------------- Net investment income: Dividends 463,990 3,714 0 2,537,957 Interest 5,028 (2,341) 367,412 3,460,712 ------------------------------------------------- Net investment income 469,018 1,373 367,412 5,998,669 Realized gains 47 61,314 0 154,728 Net change in unrealized (depreciation) on investments (457,963) (748,055) 0 (4,298,862) Contributions: Employer contributions 264,811 (820) 0 4,746,739 Employee contributions 1,005,997 0 0 14,637,192 ------------------------------------------------- Total contributions 1,270,808 (820) 0 19,383,931 Participant loan repayments 143,787 1,514 (3,238,992) 0 Distributions and other (159,881) (41,907) (19,564) (4,272,105) Transfer from (to) Plan B (411,225) 15,566 (227,174) (1,339,775) Plan fees and expenses (5,723) (4,322) 0 (153,469) Loans to participants (157,831) (33,020) 4,098,946 0 Interfund transfers 905,973 (125,511) (986) 0 ------------------------------------------------- Net changes in plan equity 1,597,010 (873,868) 979,642 15,473,117 Plan equity at beginning of period 2,961,681 1,558,623 6,199,790 89,436,887 ------------------------------------------------- Plan equity at end of period 4,558,691 684,755 7,179,432 104,910,004 =================================================
See accompanying notes to financial statements. 7 Ryder System, Inc. Employee Savings Plan A Statement of Income and Changes in Plan Equity with Fund Information For the Year Ended December 31, 1993
Fund A Fund B Fund C Fund D Fund E Fund F Fund G --------------------------------------------------------------------------------------------- Net investment income: Dividends $ 248,296 0 0 588,220 521,963 288,719 263,794 Interest 2,190 2,623,034 98,840 1,555 2,924 1,375 969 --------------------------------------------------------------------------------------------- Net investment income 250,486 2,623,034 98,840 589,775 524,887 290,094 264,763 Realized gains 434,375 0 0 31,651 498,594 183,925 17,207 Net change in unrealized appreciation/ (depreciation) on investments 740,128 0 0 185,220 1,354,915 102,716 363,458 Contributions: Employer contributions 445,059 2,424,407 241,222 257,610 565,478 158,610 114,858 Employee contributions 1,123,867 5,611,608 630,263 883,386 1,942,571 610,970 391,051 --------------------------------------------------------------------------------------------- Total contributions 1,568,926 8,036,015 871,485 1,140,996 2,508,049 769,580 505,909 Participant loan repayments 274,494 1,312,672 142,951 263,280 537,845 116,988 83,623 Distributions and other (742,399) (2,192,949) (257,189) (416,114) (869,533) (137,845) (131,285) Plan fees and expenses (20,771) (54,235) (9,570) (12,051) (21,366) (5,483) (4,730) Loans to participants (425,449) (1,824,033) (196,712) (345,974) (719,156) (154,165) (100,223) Transfer to Plan B (20,647,725) (49,771,601) (2,887,754) (13,031,525) (26,577,146) (7,967,404) (5,656,267) Equity transfer to Fund H (1,623,097) 0 0 0 0 0 0 Interfund transfers (1,014,817) 280,893 (203,870) (174,374) (417,029) 865,992 683,951 --------------------------------------------------------------------------------------------- Net changes in plan equity (21,205,849) (41,590,204) (2,441,819) (11,769,116) (23,179,940) (5,935,602) (3,973,594) Plan equity at beginning of period 32,228,183 79,232,406 5,944,760 18,946,130 38,901,690 9,586,154 6,935,275 --------------------------------------------------------------------------------------------- Plan equity at end of period $ 11,022,334 37,642,202 3,502,941 7,177,014 15,721,750 3,650,552 2,961,681 ============================================================================================= Fund H Loan Fund Total ------------------------------------------------ Net investment income: Dividends 0 0 1,910,992 Interest 0 402,540 3,133,427 ------------------------------------------------ Net investment income 0 402,540 5,044,419 Realized gains 0 0 1,165,752 Net change in unrealized appreciation/ (depreciation) on investments (85,770) 0 2,660,667 Contributions: Employer contributions 0 0 4,207,244 Employee contributions 0 0 11,193,716 ------------------------------------------------ Total contributions 0 0 15,400,960 Participant loan repayments 0 (2,731,853) 0 Distributions and other (18,152) 5,142 (4,760,324) Plan fees and expenses 0 0 (128,206) Loans to participants (469) 3,766,181 0 Transfer to Plan B 61,549 (8,214,929) (134,692,802) Equity transfer to Fund H 1,623,097 0 0 Interfund transfers (21,632) 886 0 ------------------------------------------------ Net changes in plan equity 1,558,623 (6,772,033) (115,309,534) Plan equity at beginning of period 0 12,971,823 204,746,421 ------------------------------------------------ Plan equity at end of period 1,558,623 6,199,790 89,436,887 ================================================
See accompanying notes to financial statements. 8 RYDER SYSTEM, INC. EMPLOYEE SAVINGS PLAN A NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1995 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND OTHER MATTERS A. BASIS OF ACCOUNTING The financial statements of the Ryder System, Inc. Employee Savings Plan A ("the Plan") are prepared on the accrual basis of accounting. Plan assets, except for fixed income investments, participant loan receivables and group annuity insurance contracts which are valued at contract value, are stated at market value (quoted market prices) as determined by the Plan's trustee. Purchases and sales of securities are recorded on a trade date basis. Cost is determined based on historical average cost. B. RECLASSIFICATION Certain 1994 financial statement amounts have been reclassified to conform with the current year's presentation. C. USE OF ESTIMATES The Plan administrator has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these financial statements in conformity with generally accepted accounting principles. Actual results could differ from those estimates. 2. THE PLAN The following description of the Plan reflects all Plan amendments through December 31, 1995, and is provided for general purposes only. As of January 1, 1993, active salaried employees and active employees, whether salaried or hourly, of the Aviation Services Division were excluded from participation in the Ryder System, Inc. Employee Savings Plan A. Such employees and their participating account balances were transfered to the Ryder System, Inc. Employee Savings Plan B. Effective January 1, 1995, field hourly employees of Ryder Dedicated Logistics, Inc. and full time employees of Ryder Driver Leasing, Inc. became eligible for Plan B. Any related account balances in the Ryder System, Inc. Employee Savings Plan A were transferred to the Ryder System, Inc. Employee Savings Plan B. Participants should refer to the Plan document for more complete information. The Plan is a defined contribution plan and, as such, is subject to some, but not all, of the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA"). It is excluded from coverage under Title IV of ERISA, which generally provides for guaranty and insurance of retirement benefits; and it is not subject to the funding requirements of Title I of ERISA. The Plan is, however, subject to those provisions of Title I and II of ERISA which, among other things, require that each 9 participant be furnished with an annual financial report and a comprehensive description of the participant's rights under the Plan, set minimum standards of responsibility applicable to fiduciaries of the Plan, and establish minimum standards for participation and vesting. Participation in the Plan is voluntary. However, to participate in the Plan, an employee of Ryder System, Inc. (the "Company") must meet certain eligibility requirements related to employment date, age and service hours. In general, non-salaried employees of the Company and participating affiliates are eligible to participate in the Plan, however, an employee who is in a unit of employees represented by a collective bargaining agent is excluded from participation in the Plan unless the unit has negotiated coverage under the Plan. In addition, employees eligible to participate under another Company sponsored qualified savings plan, will be excluded from participation in the Plan. The number of participants' accounts in each of the funds at December 31, 1995 and 1994 is as follows:
1995 1994 ---- ---- Fund A 3,653 4,884 Fund B 5,740 8,445 Fund C 0 1,839 Fund D 2,420 2,675 Fund E 3,666 6,896 Fund F 2,030 2,225 Fund G 1,777 2,174 Fund H 0 3,805 Fund I 36 0 Fund J 91 0 Fund K 134 0 Loan Fund 2,234 2,143
3. PLAN INVESTMENT FUNDS The Plan's trustee, State Street Bank & Trust Company, maintains Plan assets in separate investment funds. Participants may elect to contribute to, or transfer among, any of the funds. Participants may transfer among funds on a daily basis. Prior to April 17, 1995 earnings were allocated monthly based on units of investment. Effective April 17, 1995 earnings are allocated daily. Investment Fund A ("Fund A") - Fund A is invested in Ryder System, Inc. common stock, which is purchased on a regular and continuous basis. Dividends are automatically reinvested in the common stock. Investment Fund B ("Fund B") - Fund B consists of funding accounts established by contracts with various insurance companies. Participants' accounts are credited with interest based on a pooling of the returns of the various funding accounts. 10 Funding accounts generally continue for a period of two to five years after their inception. During 1995, 1994 and 1993, the yield on open funding contracts ranged from 4.89% to 9.05%, 4.89% to 9.05% and 4.89 to 9.3% respectively. Investment Fund C ("Fund C") - Fund C consists of a funding account established with the Ryder System Federal Credit Union. Effective April 1, 1995, the assets of this fund were merged into Fund B and the fund was discontinued as an Investment Fund under the Plan. Investment Fund D ("Fund D") - Fund D may normally be invested in a variety of common, preferred or capital stocks, but may include investments in bonds or securities convertible into common or capital stocks, similar types of equity investments and bonds. Since Plan inception, this fund has been invested solely in shares of the Lord Abbett, Affiliated Fund. Investment Fund E ("Fund E") - Fund E may be invested primarily in common or capital stocks, though it may invest in other types of securities, including convertible bonds, convertible preferred stock, warrants, preferred stock or debt securities. Since Plan inception, this fund has been invested solely in shares of the Putnam Voyager Fund. Investment Fund F ("Fund F") - Fund F may be invested in securities issued by U.S. based companies that are selling below book value. Up to 50% of the fund's portfolio may consist of securities of companies involved in prospective mergers, consolidations, liquidations and reorganizations. The fund may also engage in covered call option writing. The primary objective of the fund is capital appreciation and not necessarily the attainment of a balanced investment program. Since 1989, following adoption by the Plan, this fund has been invested solely in shares of the Mutual Series Fund, Inc., Qualified Income Fund. Investment Fund G ("Fund G") - Fund G may be invested in all types of securities, including stocks and debt securities of companies and governments of all nations. The fund's investment objective is long-term capital growth. Since 1989, following adoption by the Plan, this fund has been invested solely in shares of the Templeton World Fund. Effective April 1, 1995, assets in this fund were transferred to the Templeton Foreign Fund. All investments in the Templeton World Fund were discontinued. Like the Templeton World Fund, the Templeton Foreign Fund's objective is long-term capital growth. The Templeton Foreign Fund maintains a flexible investment policy and can invest in all types of securities in any foreign country, developed or undeveloped. Investment Fund H ("Fund H") - Fund H was invested in Aviall, Inc. Common stock and was a frozen fund. Participants could not contribute to nor transfer into the fund. Participants could transfer assets from Fund H to any other investment fund of the Plan. Monies remaining in the Fund at December 31, 1995 were liquidated and reinvested in Fund A. 11 Investment Fund I ("Fund I") - Effective April 1, 1995 the Life Solutions Growth Fund managed by State Street Bank was added as an investment option in the Plan. This fund's primary objective is price appreciation; income is secondary. The typical allocation (subject to current market conditions) is 65% US equities, 15% international equities and 20% bonds. Investment Fund J ("Fund J") - Effective April 1, 1995 the Life Solutions Balanced Growth Fund managed by State Street Bank was added as an investment option in the Plan. This fund's primary objective is to provide both current income and opportunities for price appreciation. The typical allocation (subject to current market conditions) is 50% US equities, 10% international equities and 40% bonds. Investment Fund K ("Fund K") - Effective April 1, 1995 the Life Solutions Income & Growth Fund managed by State Street Bank was added as an investment option in the Plan. This fund's primary objective is to provide a high level of income and more limited opportunites for price appreciation. The typical allocation (subject to current market conditions) is 35% US equities, 5% international equities and 60% bonds. 4. CONTRIBUTIONS Participants may elect to contribute to the Plan by having their compensation reduced by a minimum of 1% of compensation up to a maximum of the lesser of a) 10% or 15% of compensation, depending on an individual's annual salary level, b) $9,240, or c) such other amount as shall be determined by the Company's Retirement Committee from time to time. Effective April 1, 1995 the Company matches 50% of the employee's annual contribution not to exceed the greater of (1) 50% of the first $1,200 in contributions for any plan year, or, (2) 50% of the first 3% of the employee's compensation for any plan year. Participants are fully vested in the earnings of their individual contributions to the Plan and vest 25% per year in the Company contributions and the earnings attributable to such contributions. Upon participant's distribution, related non-vested Company contributions are forfeited and are used to offset future Company contributions. 5. DISTRIBUTIONS On termination of service, if a participant's account balance is greater than $3,500, a participant's account is distributed to the participant in the form of a single lump-sum payment upon receipt of participant's consent. Terminated participants whose account balance is less than $3,500 receive automatic distributions. The 1995 and 1994 Plan Equity on the Statement of Financial Position includes the following amounts allocated to accounts of terminated persons who have not yet been paid. 12
1995 1994 ---- ---- Fund A 19,148 161,573 Fund B 35,188 634,078 Fund C 0 61,981 Fund D 7,107 76,034 Fund E 14,079 126,626 Fund F 11,369 32,917 Fund G 8,583 52,648 Fund H 0 11,293 Fund I 315 61,689 Fund J 209 0 Fund K 0 0 Loan Fund 2,669 0 --------------------------------- Total $ 98,667 1,218,839 =================================
6. WITHDRAWALS A participant may request a withdrawal of all or a portion of his elective contribution account balance if he can demonstrate financial hardship. The Plan Administrator must approve the request, and the amount withdrawn cannot be subsequently repaid to the Plan. Such amounts will be considered distributions to the participant for tax purposes. 7. DISTRIBUTIONS TO AVIALL PLAN On December 7, 1993, Ryder System, Inc. completed the spin-off of its Aviation Division, Aviall, Inc. ("Aviall"). Under the terms of the spin-off, the Company distributed to its holders of common stock one share of Aviall, Inc. common stock for each four shares of Ryder System, Inc. common stock held. Participants in the Savings Plan who were invested in the Ryder System, Inc. common stock fund on this date received the equivalent of one share of Aviall common stock for each four shares of Ryder System, Inc. common stock held. As a result of the spin-off a new "Fund H" was created. 8. PARTICIPANT LOANS Plan participants are able to request loans against their Plan account balances subject to certain limitations as to amount and repayment term. Loans accrue interest at a rate which is comparable to those of most major lending institutions and all principal and interest payments are allocated to the Plan's investment funds based on the participant's investment elections at the time of payment. Loans which are granted and repaid in compliance with the Plan provisions will not be considered distributions to the participant for tax purposes. 13 9. TERMINATION While it has not expressed any intention to do so, the Company may amend or terminate the Plan at any time. In the event of termination, Plan assets are payable to each participant in a lump sum equal to the balance in the participant's account. 10. FEDERAL INCOME TAX EFFECTS OF THE PLAN The Plan qualifies as a profit sharing plan under Section 401(a) of the Internal Revenue Code of 1986, as amended, (the "Code") and also qualifies as a cash or deferred arrangement under Section 401(k) of the Code and, therefore, is exempt from federal income taxes under Section 501(a) of the Code. A favorable tax determination letter obtained was dated August 21, 1986. The Company requested in March, 1995 a tax determination letter from the IRS for the Ryder System, Inc. Employee Savings Plan A but has not yet received a response. However, management believes the Plan remains a qualified plan within the meaning of Sections 401(a) and 501(a) of the Internal Revenue Code and, accordingly, is exempt from Federal Income Tax. Under a plan qualified pursuant to Sections 401(a) and (k) of the Code, participants generally will not be taxed on contributions or matching contributions, or earnings thereon, until such amounts are distributed to participants or their beneficiaries under the Plan. The tax-deferred contributions and matching contributions are deductible by the Company for tax purposes when those contributions are made, subject to certain limitations set forth in Section 404 of the Code. Participants or their beneficiaries will be taxed, at ordinary income tax rates, on the amount they receive as a distribution from the Plan, at the time they receive the distribution. However, if the participant or beneficiary receives a lump sum payment of the balance under the Plan in a single taxable year, and the distribution is made by reason of death, disability or termination of employment of the participant, or after the participant has attained age 59 1/2, then certain special tax rules may be applicable. 11. PLAN FEES AND EXPENSES Generally, Plan fees and expenses are paid by the Plan. At its discretion, the Company may elect to pay some administrative and marketing expenses. 14 12. NET REALIZED GAINS OR LOSSES Net realized gains or losses on investments covering the last three years are as follows: FOR THE YEAR ENDED DECEMBER 31, 1995:
NET AGGREGATE AGGREGATE REALIZED PROCEEDS COST GAIN/(LOSS) -------- ---- ----------- Fund A $ 1,028,517 724,679 303,838 Fund D 465,635 416,409 49,226 Fund E 1,413,371 929,186 484,185 Fund F 367,232 304,618 62,614 Fund G 4,147,560 4,169,450 (21,890) Fund H 526,011 686,779 (160,768) Fund I 18,947 17,955 992 Fund J 11,524 11,093 431 Fund K 68,300 65,295 3,005 -------------- --------- --------- $ 8,047,097 7,325,464 721,633 ============== ========= =========
FOR THE YEAR ENDED DECEMBER 31, 1994:
NET AGGREGATE AGGREGATE REALIZED PROCEEDS COST GAIN/(LOSS) -------- ---- ----------- Fund A $ 2,272,477 2,264,584 7,893 Fund D 1,348,709 1,345,127 3,582 Fund E 2,848,003 2,769,627 78,376 Fund F 1,091,260 1,087,744 3,516 Fund G 1,362,617 1,362,570 47 Fund H 455,281 393,967 61,314 -------------- --------- ------- $ 9,378,347 9,223,619 154,728 ============== ========= =======
FOR THE YEAR ENDED DECEMBER 31, 1993:
NET AGGREGATE AGGREGATE REALIZED PROCEEDS COST GAIN/(LOSS) -------- ---- ----------- Fund A $ 2,677,817 2,243,442 434,375 Fund D 1,711,091 1,679,440 31,651 Fund E 3,473,588 2,974,994 498,594 Fund F 1,572,016 1,388,091 183,925 Fund G 925,010 907,803 17,207 -------------- --------- --------- $ 10,359,522 9,193,770 1,165,752 ============== ========= =========
15 13. SUBSEQUENT EVENTS The change in net unrealized gains or losses arising in the various funds of the Plan after December 31, 1995 and prior to May 1, 1996 are as follows:
UNREALIZED UNREALIZED APPRECIATION APPRECIATION NET CHANGE IN (DEPRECIATION) (DEPRECIATION) UNREALIZED AT DECEMBER 31, 1995 AT APRIL 30, 1996 APPRECIATION -------------------- ----------------- ------------ Fund A $ (2,038,976) (303,020) 1,735,956 Fund B 0 0 0 Fund C 0 0 0 Fund D 988,464 1,554,058 565,594 Fund E 8,724,737 11,217,257 2,492,520 Fund F 671,483 1,209,544 538,061 Fund G 44,587 374,848 330,261 Fund H 0 0 0 Fund I 17,253 27,358 10,105 Fund J 6,975 12,674 5,699 Fund K 3,274 3,290 16 Loan Fund 0 0 0 ------------------- ---------- --------- $ 8,417,797 14,096,009 5,678,212 =================== ========== =========
16 RYDER SYSTEM, INC. EMPLOYEE SAVINGS PLAN A SCHEDULE 1 - SCHEDULE OF INVESTMENTS
NUMBER OF SHARES, UNITS UNREALIZED OR PRINCIPAL MARKET APPRECIATION AMOUNTS COST VALUE (DEPRECIATION) ------------------------------------------------------------------ AT DECEMBER 31, 1995 Directed Account Short-Term Investment Fund 5,594,131 5,594,131 5,594,131 0 Fund A 405,893 12,084,833 10,045,857 (2,038,976) Fund B 38,815,957 38,815,957 38,815,957 0 Fund C 0 0 0 0 Fund D 893,229 9,364,063 10,352,527 988,464 Fund E 1,535,401 14,690,130 23,414,867 8,724,737 Fund F 225,312 6,029,298 6,700,781 671,483 Fund G 476,666 4,331,208 4,375,795 44,587 Fund H 0 0 0 0 Fund I 15,736 166,444 183,697 17,253 Fund J 11,703 126,273 133,248 6,975 Fund K 2,798 28,105 31,379 3,274 Loans 7,825,478 7,825,478 7,825,478 0 ---------------------------- 99,055,920 107,473,717 8,417,797 ---------------------------- AT DECEMBER 31, 1994 Directed Account Short-Term Investment Fund 1,817,235 1,817,235 1,817,235 Fund A 467,793 12,290,134 10,005,573 (2,284,561) Fund B 44,617,908 44,617,908 44,617,908 0 Fund C 3,996,749 3,996,749 3,996,749 0 Fund D 799,255 8,319,328 8,219,400 (99,928) Fund E 1,438,337 12,876,518 17,071,757 4,195,239 Fund F 186,046 4,797,963 5,121,906 323,943 Fund G 303,222 4,571,783 4,296,659 (275,124) Fund H 87,398 1,517,770 683,945 (833,825) Fund I 0 0 0 0 Fund J 0 0 0 0 Fund K 0 0 0 0 Loans 7,033,949 7,033,949 7,033,949 0 --------------------------- 101,839,337 102,865,081 1,025,744 --------------------------- ----------- Net appreciation included in statement of income and changes in plan equity 7,392,053 ===========
17 RYDER SYSTEM, INC. EMPLOYEE SAVINGS PLAN A SCHEDULE II -- SCHEDULE OF REPORTABLE TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 1995
PROCEEDS -------- Transfer to Plan B Fund B: Interest Income Fund $9,479,382
18 Independent Auditors' Consent The Participants and Administrator Ryder System, Inc. Employee Savings Plan A: We consent to incorporation by reference in the Registration Statement (No. 33-58001) on Form S-8 of Ryder System, Inc. covering the Ryder System, Inc. Employee Savings Plan A, of our report dated June 14, 1996, relating to the statements of financial position with fund information of the Ryder System, Inc. Employee Savings Plan A as of December 31, 1995 and 1994, and the related statements of income and changes in plan equity with fund information for each of the years in the three-year period ended December 31, 1995, and related schedules of investments as of December 31, 1995 and 1994, and schedule of reportable transactions for the year ended December 31, 1995, which report appears in the December 31, 1995 annual report on Form 11-K of the Ryder System, Inc. Employee Savings Plan A filed by Ryder System, Inc. /s/ KPMG PEAT MARWICK LLP Miami, Florida June 27, 1996 19 REQUIRED INFORMATION Financial Statements Independent Auditors' Report Statement of Financial Position, with Fund Information, as of December 31, 1995 and 1994 Statement of Income & Changes in Plan Equity, with Fund Information, for the years ending December 31, 1995, 1994, and 1993 Notes to Financial Statements Exhibits Schedule I - Schedule of Investments as of December 31, 1995 and 1994 Schedule II - Schedule of Reportable Transactions for the year ended December 31, 1995. Independent Auditors' Consent SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Ryder System, Inc. Retirement Committee has duly caused this annual report to be signed by the undersigned thereunto duly authorized. RYDER SYSTEM, INC. EMPLOYEE SAVINGS PLAN A Date: July 2, 1996 By: /s/ J. Ernest Riddle -------------------------------------- J. Ernest Riddle Member - Retirement Committee President - International Division -----END PRIVACY-ENHANCED MESSAGE-----