<PAGE> 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, 1994
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 #33-4333
RYDER SYSTEM, INC. EMPLOYEE SAVINGS PLAN A
Ryder System, Inc.
3600 N.W. 82 Avenue
Miami, Florida 33166
<PAGE> 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,
1994 and 1993, 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, 1994. 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, 1994 and 1993 and the changes in net assets available for benefits
for each of the years in the three-year period ended December 31, 1994, 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.
KPMG Peat Marwick LLP
Miami, Florida
June 12, 1995
<PAGE> 3
RYDER SYSTEM, INC. EMPLOYEE SAVINGS PLAN A
STATEMENT OF FINANCIAL POSITION WITH FUND INFORMATION
DECEMBER 31, 1994
<TABLE>
<CAPTION>
Fund A Fund B Fund C Fund D Fund E Fund F
----------- ---------- --------- --------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C>
Assets
Investments:
Fixed income investments,
at cost $ 105,922 104,786 39,450 24,800 18,281 34,734
Group annuity insurance
contracts, at contract value 44,617,908
Pooled investment funds
(cost, $34,562,341) 3,996,749 8,219,400 17,071,757 5,121,906
Securities of
participating employer
(cost, $12,290,134) 10,005,573
Other Securities
(cost, $1,517,770)
Participant loans receivable
----------- ---------- --------- --------- ---------- ---------
Total investments 10,111,495 44,722,694 4,036,199 8,244,200 17,090,038 5,156,640
Dividends and interest
receivable 198 264,844 232 75 34 76
Contributions receivable
and other 763,897 1,706,844 219,926 60,619 698,808 104,543
Interfund transfers
receivable (payable) (194,188) (141,838) (61,461) (13,898) (172,227) 46,802
----------- ---------- --------- --------- ---------- ---------
Total assets $10,681,402 46,552,544 4,194,896 8,290,996 17,616,653 5,308,061
=========== ========== ========= ========= ========== =========
Liabilities and Plan Equity
Other liabilities $ 101,398 24,522 1,036 20,589 4,118 5,763
Plan equity 10,580,004 46,528,022 4,193,860 8,270,407 17,612,535 5,302,298
----------- ---------- --------- --------- ---------- ---------
Total liabilities
and plan equity $10,681,402 46,552,544 4,194,896 8,290,996 17,616,653 5,308,061
=========== ========== ========= ========= ========== =========
Number of units 151,560 4,537,925 205,385 273,420 436,832 89,393
=========== ========== ========= ========= ========== =========
Plan equity per unit $ 69.81 10.25 20.42 30.25 40.32 59.31
=========== ========== ========= ========= ========== =========
<CAPTION>
Fund G Fund H Loan Fund Total
--------- ------- --------- -----------
<S> <C> <C> <C> <C>
Assets
Investments:
Fixed income investments,
at cost 54,633 714 383,320
Group annuity insurance
contracts, at contract value 44,617,908
Pooled investment funds
(cost, $34,562,341) 4,296,659 38,706,471
Securities of
participating employer
(cost, $12,290,134) 10,005,573
Other Securities
(cost, $1,517,770) 683,945 683,945
Participant loans receivable 7,033,949 7,033,949
--------- ------- --------- -----------
Total investments 4,351,292 684,659 7,033,949 101,431,166
Dividends and interest
receivable 83 10,702 94,620 370,864
Contributions receivable
and other 115,275 3,669,912
Interfund transfers
receivable (payable) 108,589 (2,885) 431,106 0
--------- ------- --------- -----------
Total assets 4,575,239 692,476 7,559,675 105,471,942
========= ======= ========= ===========
Liabilities and Plan Equity
Other liabilities 16,548 7,721 380,243 561,938
Plan equity 4,558,691 684,755 7,179,432 104,910,004
--------- ------- --------- -----------
Total liabilities
and plan equity 4,575,239 692,476 7,559,675 105,471,942
========= ======= ========= ===========
Number of units 94,823 13,007
========= =======
Plan equity per unit 48.08 52.65
========= =======
</TABLE>
See accompanying note to financial statements.
<PAGE> 4
RYDER SYSTEM, INC. EMPLOYEE SAVINGS PLAN A
STATEMENT OF FINANCIAL POSITION WITH FUND INFORMATION
DECEMBER 31, 1993
<TABLE>
<CAPTION>
Fund A Fund B Fund C Fund D Fund E Fund F
----------- ---------- --------- --------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C>
Assets
Investments:
Fixed income investments,
at cost $ 87,019 100,673 33,622 38,611 17,967
Group annuity insurance
contracts, at contract value 37,992,114
Pooled investment funds
(cost, $27,141,548) 3,550,153 7,172,703 15,734,448 3,639,562
Securities of
participating employer
(cost, $11,443,532) 11,019,753
Other Securities
(cost, $1,688,959)
Participant loans receivable
----------- ---------- --------- --------- ---------- ---------
Total investments 11,106,772 38,092,787 3,550,153 7,206,325 15,773,059 3,657,529
Dividends and interest
receivable 208 516,479 7,871 27,099 574,615 339,161
Contributions receivable
and other 42,818 193,195 24,380 31,497 67,579 12,987
Interfund transfers
receivable (payable) 18,587 (204,637) (31,931) (2,066) 20,584 11,666
----------- ---------- --------- --------- ---------- ---------
Total assets $11,168,385 38,597,824 3,550,473 7,262,855 16,435,837 4,021,343
=========== ========== ========= ========= ========== =========
Liabilities and Plan Equity
Other liabilities $ 146,051 955,622 47,532 85,841 714,087 370,791
Plan equity 11,022,334 37,642,202 3,502,941 7,177,014 15,721,750 3,650,552
----------- ---------- --------- --------- ---------- ---------
Total liabilities
and plan equity $11,168,385 38,597,824 3,550,473 7,262,855 16,435,837 4,021,343
=========== ========== ========= ========= ========== =========
Number of units 4,799,428 24,322,241 1,916,938 2,053,299 3,072,642 2,070,460
=========== ========== ========= ========= ========== =========
Plan equity per unit $ 2.30 1.55 1.83 3.50 5.12 1.76
=========== ========== ========= ========= ========== =========
<CAPTION>
Fund G Fund H Loan Fund Total
--------- --------- --------- ----------
<S> <C> <C> <C> <C>
Assets
Investments:
Fixed income investments,
at cost 8,700 286,592
Group annuity insurance
contracts, at contract value 37,992,114
Pooled investment funds
(cost, $27,141,548) 2,878,836 32,975,702
Securities of
participating employer
(cost, $11,443,532) 11,019,753
Other Securities
(cost, $1,688,959) 1,603,189 1,603,189
Participant loans receivable 6,093,261 6,093,261
--------- --------- --------- ----------
Total investments 2,887,536 1,603,189 6,093,261 89,970,611
Dividends and interest
receivable 4,157 1,469,590
Contributions receivable
and other 10,522 32,297 415,275
Interfund transfers
receivable (payable) 110,739 (22,728) 99,786 0
--------- --------- --------- ----------
Total assets 3,012,954 1,580,461 6,225,344 91,855,476
========= ========= ========= ==========
Liabilities and Plan Equity
Other liabilities 51,273 21,838 25,554 2,418,589
Plan equity 2,961,681 1,558,623 6,199,790 89,436,887
--------- --------- --------- ----------
Total liabilities
and plan equity 3,012,954 1,580,461 6,225,344 91,855,476
========= ========= ========= ==========
Number of units 1,750,584 789,329
========= =========
Plan equity per unit 1.69 1.97
========= =========
</TABLE>
See accompanying note to financial statements.
<PAGE> 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, 1994
<TABLE>
<CAPTION>
Fund A Fund B Fund C Fund D Fund E Fund F
----------- ---------- --------- --------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C>
Net investment income:
Dividends $ 259,268 794,935 693,616 322,434
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 3,582 78,376 3,516
Net change in unrealized appreciation/
(depreciation) on investments (1,860,782) (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
=========== ========== ========= ========= ========== =========
<CAPTION>
Fund G Fund H Loan Fund Total
--------- --------- ---------- -----------
<S> <C> <C> <C> <C>
Net investment income:
Dividends 463,990 3,714 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 61,314 154,728
Net change in unrealized appreciation/
(depreciation) on investments (457,963) (748,055) (4,298,862)
Contributions:
Employer contributions 264,811 (820) 4,746,739
Employee contributions 1,005,997 14,637,192
--------- --------- ---------- -----------
Total contributions 1,270,808 (820) 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) (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
========= ========= ========== ===========
</TABLE>
See accompanying note to financial statements.
<PAGE> 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, 1993
<TABLE>
<CAPTION>
Fund A Fund B Fund C Fund D Fund E Fund F
------------ ----------- ---------- ----------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net investment income:
Dividends $ 248,296 588,220 521,963 288,719
Interest 2,190 2,623,034 98,840 1,555 2,924 1,375
------------ ----------- ---------- ----------- ----------- ----------
Net investment income 250,486 2,623,034 98,840 589,775 524,887 290,094
Realized gains 434,375 31,651 498,594 183,925
Net change in unrealized appreciation/
(depreciation) on investments 740,128 185,220 1,354,915 102,716
Contributions:
Employer contributions 445,059 2,424,407 241,222 257,610 565,478 158,610
Employee contributions 1,123,867 5,611,608 630,263 883,386 1,942,571 610,970
------------ ----------- ---------- ----------- ----------- ----------
Total contributions 1,568,926 8,036,015 871,485 1,140,996 2,508,049 769,580
Participant loan repayments 274,494 1,312,672 142,951 263,280 537,845 116,988
Distributions and other (742,399) (2,192,949) (257,189) (416,114) (869,533) (137,845)
Plan fees and expenses (20,771) (54,235) (9,570) (12,051) (21,366) (5,483)
Loans to participants (425,449) (1,824,033) (196,712) (345,974) (719,156) (154,165)
Transfer from (to) Plan B (20,647,725) (49,771,601) (2,887,754) (13,031,525) (26,577,146) (7,967,404)
Equity Transfer to fund H (1,623,097)
Interfund transfers (1,014,817) 280,893 (203,870) (174,374) (417,029) 865,992
------------ ----------- ---------- ----------- ----------- ----------
Net changes in plan equity (21,205,849) (41,590,204) (2,441,819) (11,769,116) (23,179,940) (5,935,602)
Plan equity at beginning of
period 32,228,183 79,232,406 5,944,760 18,946,130 38,901,690 9,586,154
------------ ----------- ---------- ----------- ----------- ----------
Plan equity at end of
period $ 11,022,334 37,642,202 3,502,941 7,177,014 15,721,750 3,650,552
============ =========== ========== =========== =========== ==========
<CAPTION>
Fund G Fund H Loan Fund Total
---------- --------- ---------- ------------
<S> <C> <C> <C> <C>
Net investment income:
Dividends 263,794 1,910,992
Interest 969 402,540 3,133,427
---------- --------- ---------- ------------
Net investment income 264,763 402,540 5,044,419
Realized gains 17,207 1,165,752
Net change in unrealized appreciation/
(depreciation) on investments 363,458 (85,770) 2,660,667
Contributions:
Employer contributions 114,858 4,207,244
Employee contributions 391,051 11,193,716
---------- --------- ---------- ------------
Total contributions 505,909 15,400,960
Participant loan repayments 83,623 (2,731,853) 0
Distributions and other (131,285) (18,152) 5,142 (4,760,324)
Plan fees and expenses (4,730) (128,206)
Loans to participants (100,223) (469) 3,766,181 0
Transfer from (to) Plan B (5,656,267) 61,549 (8,214,929) (134,692,802)
Equity Transfer to fund H 1,623,097 0
Interfund transfers 683,951 (21,632) 886 0
---------- --------- ---------- ------------
Net changes in plan equity (3,973,594) 1,558,623 (6,772,033) (115,309,534)
Plan equity at beginning of
period 6,935,275 0 12,971,823 204,746,421
---------- --------- ---------- ------------
Plan equity at end of
period 2,961,681 1,558,623 6,199,790 89,436,887
========== ========= ========== ============
</TABLE>
See accompanying note to financial statements.
<PAGE> 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, 1992
<TABLE>
<CAPTION>
Fund A Fund B Fund C Fund D Fund E Fund F
----------- ---------- --------- ---------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C>
Net investment income:
Dividends $ 709,430 1,768,553 1,785,612 522,517
Interest 7,693 6,041,971 203,007 5,239 14,101 4,091
----------- ---------- --------- ---------- ---------- ---------
Net investment income 717,123 6,041,971 203,007 1,773,792 1,799,713 526,608
Realized gains/(losses) 501,896 3,696 125,294 15,985
Net change in unrealized appreciation/
(depreciation) on investments 8,164,538 228,966 1,570,611 1,018,016
Contributions:
Employer contributions 296,184 2,024,418 205,996 248,934 556,785 132,868
Employee contributions 2,070,474 10,835,266 1,165,468 2,273,185 5,266,153 1,473,662
----------- ---------- --------- ---------- ---------- ---------
Total contributions 2,366,658 12,859,684 1,371,464 2,522,119 5,822,938 1,606,530
Participant loan repayments 574,762 2,716,768 299,825 530,388 1,177,743 272,016
Distributions and other (1,947,384) (6,101,957) (705,483) (1,113,263) (2,002,431) (470,969)
Plan fees and expenses (54,114) (126,810) (17,670) (33,864) (57,985) (17,486)
Loans to participants (898,715) (3,486,508) (341,921) (759,888) (1,624,379) (326,301)
Interfund transfers (1,532,566) 512,683 (555,645) 428,001 826,648 490,497
----------- ---------- --------- ---------- ---------- ---------
Net changes in plan equity 7,892,198 12,415,831 253,577 3,579,947 7,638,152 3,114,896
Plan equity at beginning of
period 24,335,985 66,816,575 5,691,183 15,366,183 31,263,538 6,471,258
----------- ---------- --------- ---------- ---------- ---------
Plan equity at end of
period $32,228,183 79,232,406 5,944,760 18,946,130 38,901,690 9,586,154
=========== ========== ========= ========== ========== =========
<CAPTION>
Fund G Loan Fund Total
--------- ---------- -----------
<S> <C> <C> <C>
Net investment income:
Dividends 774,680 5,560,792
Interest 3,180 875,466 7,154,748
--------- ---------- -----------
Net investment income 777,860 875,466 12,715,540
Realized gains/(losses) (11,203) 635,668
Net change in unrealized appreciation/
(depreciation) on investments (555,449) 10,426,682
Contributions:
Employer contributions 132,032 3,597,217
Employee contributions 1,348,957 24,433,165
--------- ---------- -----------
Total contributions 1,480,989 28,030,382
Participant loan repayments 287,161 (5,858,663) 0
Distributions and other (531,174) (23,949) (12,896,610)
Plan fees and expenses (16,191) (324,120)
Loans to participants (322,593) 7,760,305 0
Interfund transfers (169,618) 0
--------- ---------- -----------
Net changes in plan equity 939,782 2,753,159 38,587,542
Plan equity at beginning of
period 5,995,493 10,218,664 166,158,879
--------- ---------- -----------
Plan equity at end of
period 6,935,275 12,971,823 204,746,421
========= ========== ===========
</TABLE>
See accompanying note to financial statements.
<PAGE> 8
RYDER SYSTEM, INC. EMPLOYEE SAVINGS PLAN A
NOTE TO FINANCIAL STATEMENTS
DECEMBER 31, 1994
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 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. THE PLAN
The following description of the Plan reflects all plan amendments
through December 31, 1994, and is provided for general purposes only. As
of January 1, 1993, active salaried employees 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,
hourly field employees of Ryder Dedicated Logistics, Inc. and full time
hourly employees of Ryder Driver Leasing, Inc. became eligible for Plan
B. Any existing 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 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 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.
<PAGE> 9
The number of participants' accounts in each of the funds at December 31,
1994 is as follows:
<TABLE>
<S> <C> <C>
Fund A - 4,884
Fund B - 8,445
Fund C - 1,839
Fund D - 2,675
Fund E - 6,896
Fund F - 2,225
Fund G - 2,174
Fund H - 3,805
Loans - 2,143
</TABLE>
C. 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. Earnings are 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. Funding accounts generally continue for a
period of two to five years after their inception. During 1994, 1993 and
1992, the yield on open funding contracts ranged from 4.89% to 9.05%,
4.89% to 9.3% and 6.4% 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 will be merged into Fund B and this fund
will be 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.
<PAGE> 10
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 will be transferred to the
Templeton Foreign Fund. All investments in the Templeton World Fund will
be discontinued.
Investment Fund H ("Fund H") - Fund H is invested in Aviall, Inc. Common
stock and is a frozen fund. Participants cannot contribute to nor
transfer into that fund. Participants can transfer assets from Fund H to
any other investment fund of the Plan. Monies remaining in that fund at
December 31, 1995 will be liquidated and reinvested in Fund A.
Effective April 1, 1995, three asset allocation funds will be added as
investment options in the Plan. Asset allocation funds are
professionally-managed combinations of investment vehicles designed to
achieve a specific investment goal. The three asset allocation funds will
be Life Solutions-Income & Growth, Life Solutions-Balanced Growth and
Life Solutions-Growth.
D. 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. The Company matches 50% of the employee's annual contribution up to
$200 or $400 per person based on certain requirements. Some eligible
employees receive company contributions that include $400 of basic fully
vested contribution, plus 100% match to the first $300 of employee fully
vested contribution and 50% match to the next $400 or $800 of employee
contribution. 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. Effective
April 1, 1995, the company matching contribution schedule for some
employees was amended to provide a 50% match of employee contributions to
the greater of $1,200 or 3% of eligible compensation.
<PAGE> 11
E. 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 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.
<TABLE>
<CAPTION>
1994
----
<S> <C>
Fund A $ 161,573
Fund B 634,078
Fund C 61,981
Fund D 76,034
Fund E 126,626
Fund F 32,917
Fund G 52,648
Fund H 11,293
Loan Fund 61,689
----------
Total $1,218,839
==========
</TABLE>
F. 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.
G. DISTRIBUTIONS TO OTHER 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. The investment fund balances of
Aviall employees in the Plan at December 7, 1993 were transferred to a
newly established plan for employees of Aviall.
<PAGE> 12
H. 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.
I. 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.
J. 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. The last favorable tax determination letter obtained
was dated August 21, 1986.
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.
K. 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.
<PAGE> 13
L. NET REALIZED GAINS OR LOSSES
Net realized gains or losses on investments covering the last three years
are as follows:
<TABLE>
<CAPTION>
FOR THE YEAR ENDED DECEMBER 31, 1994:
NET
AGGREGATE AGGREGATE REALIZED
PROCEEDS COST GAIN/(LOSS)
---------- --------- -----------
<S> <C> <C> <C>
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
========== ========= =======
</TABLE>
<TABLE>
<CAPTION>
FOR THE YEAR ENDED DECEMBER 31, 1993:
NET
AGGREGATE AGGREGATE REALIZED
PROCEEDS COST GAIN/(LOSS)
---------- --------- -----------
<S> <C> <C> <C>
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
=========== ========= =========
</TABLE>
<TABLE>
<CAPTION>
FOR THE YEAR ENDED DECEMBER 31, 1992:
NET
AGGREGATE AGGREGATE REALIZED
PROCEEDS COST GAIN/(LOSS)
---------- --------- -----------
<S> <C> <C> <C>
Fund A $ 8,875,863 8,373,967 501,896
Fund D 3,019,097 3,015,401 3,696
Fund E 9,159,810 9,034,516 125,294
Fund F 2,667,113 2,651,128 15,985
Fund G 2,109,251 2,120,454 (11,203)
----------- ---------- -------
$25,831,134 25,195,466 635,668
=========== ========== =======
</TABLE>
<PAGE> 14
M. SUBSEQUENT EVENTS
The change in net unrealized gains or losses arising in the various funds
of the Plan after December 31, 1994 and prior to June 1, 1995 are as
follows:
<TABLE>
<CAPTION>
UNREALIZED UNREALIZED NET CHANGE IN
GAINS/(LOSSES) GAINS/(LOSSES) UNREALIZED
AT DECEMBER 31, 1994 AT MAY 31, 1995 GAINS/(LOSSES)
-------------------- --------------- --------------
<S> <C> <C> <C>
Fund A $(2,284,561) (814,689) 1,469,872
Fund B 0 0 0
Fund C 0 0 0
Fund D (99,928) 980,134 1,080,062
Fund E 4,195,239 5,879,855 1,684,616
Fund F 323,943 1,003,919 679,976
Fund G (275,124) 243,581 518,705
Fund H (833,825) (745,860) 87,965
Loan Fund $ 0 0 0
</TABLE>
<PAGE> 15
RYDER SYSTEM, INC. EMPLOYEE SAVINGS PLAN A SCHEDULE I
SCHEDULE OF INVESTMENTS ----------
<TABLE>
<CAPTION>
NUMBER OF
SHARES, UNITS UNREALIZED
OR PRINCIPAL MARKET APPRECIATION
AMOUNTS COST VALUE (DEPRECIATION)
------------- ------------ ----------- --------------
<S> <C> <C> <C> <C>
AT DECEMBER 31, 1994
Directed Account Short-Term
Investment Fund 383,320 $ 383,320 383,320
Fund A 467,793 12,290,134 10,005,573 (2,284,561)
Fund B 44,617,908 44,617,908 44,617,908
Fund C 3,996,749 3,996,749 3,996,749
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)
Loan Fund 7,033,949 7,033,949 7,033,949
------------ ----------- ----------
$100,405,422 101,431,166 1,025,744
------------ ----------- ----------
At December 31, 1993
Directed Account Short-Term
Investment Fund 286,592 $ 286,592 286,592
Fund A 418,321 11,443,532 11,019,753 (423,779)
Fund B 37,992,114 37,992,114 37,992,114
Fund C 3,550,153 3,550,153 3,550,153
Fund D 672,231 6,789,374 7,172,703 383,329
Fund E 1,312,298 10,867,736 15,734,448 4,866,712
Fund F 134,799 3,238,287 3,639,562 401,275
Fund G 183,249 2,695,997 2,878,836 182,839
Fund H 105,127 1,688,959 1,603,189 (85,770)
Loan Fund 6,093,261 6,093,261 6,093,261
------------ ----------- ----------
$ 84,646,005 89,970,611 5,324,606
------------ ----------- ----------
Net appreciation/(depreciation) included in
Statement of Income and Changes in Plan
Equity for the Year Ended December 31, 1994 $(4,298,862)
===========
</TABLE>
<PAGE> 16
RYDER SYSTEM, INC. EMPLOYEE SAVINGS PLAN A SCHEDULE II
SCHEDULE OF REPORTABLE TRANSACTIONS -----------
FOR THE YEAR ENDED DECEMBER 31, 1994
<TABLE>
<CAPTION>
PROCEEDS
--------
<S> <C>
Employee Contributions to
Fund B: Interest Income Fund $6,498,667
</TABLE>
<PAGE> 17
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.
33-4333) on Form S-8 of Ryder System, Inc. covering the Ryder System, Inc.
Employee Savings Plan A, of our report dated June 12, 1995, relating to the
statements of financial position with fund information of the Ryder System,
Inc. Employee Savings Plan A as of December 31, 1994 and 1993, 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, 1994, and related
schedules of investments as of December 31, 1994 and 1993, and schedule of
reportable transactions for the year ended December 31, 1994, which report
appears in the December 31, 1994 annual report on Form 11-K of the Ryder
System, Inc. Employee Savings Plan A filed by Ryder System, Inc.
KPMG Peat Marwick LLP
Miami, Florida
June 26, 1995
<PAGE> 18
REQUIRED INFORMATION
Financial Statements
Independent Auditors' Report
Statement of Financial Position, with Fund Information, as of
December 31, 1994 and 1993
Statement of Income & Changes in Plan Equity, with Fund Information, for
the years ending December 31, 1994, 1993, and 1992
Notes to Financial Statements
Exhibits
Schedule I - Schedule of Investments
as of December 31, 1994 and 1993
Schedule II - Schedule of Reportable Transactions
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: June 27, 1995 By /s/ Thomas E. McKinnon
-------------------------------------------
Thomas E. McKinnon
Chairman, Ryder System, Inc. Retirement Committee
Executive Vice President, Human Resources
Ryder System, Inc.
