<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, 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
<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,
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
<PAGE> 3
RYDER SYSTEM, INC. EMPLOYEE SAVINGS PLAN A
STATEMENT OF FINANCIAL POSITION WITH FUND INFORMATION
DECEMBER 31, 1995
<TABLE>
<CAPTION>
Assets Fund A Fund B Fund C Fund D Fund E Fund F
---------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
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
=====================================================================
</TABLE>
<TABLE>
<CAPTION>
Assets Fund G Fund H Fund I Fund J Fund K Loans Total
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
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
=============================================================================
</TABLE>
See accompanying notes to financial statements.
<PAGE> 4
RYDER SYSTEM, INC. EMPLOYEE SAVINGS PLAN A
STATEMENT OF FINANCIAL POSITION WITH FUND INFORMATION
DECEMBER 31, 1994
<TABLE>
<CAPTION>
Assets Fund A Fund B Fund C Fund D Fund E
----------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
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
================================================================
</TABLE>
<TABLE>
<CAPTION>
Assets Fund F Fund G Fund H Loan Fund Total
--------------------------------------------------------
<S> <C> <C> <C> <C> <C>
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
========================================================
</TABLE>
See accompanying notes 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, 1995
<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 $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
===================================================================================
</TABLE>
<TABLE>
<CAPTION>
Fund G Fund H Fund I Fund J Fund K Loan Fund Total
-----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
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
===============================================================================================
</TABLE>
See accompanying notes 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, 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 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
==========================================================================
<CAPTION>
Fund G Fund H Loan Fund Total
-------------------------------------------------
<S> <C> <C> <C> <C>
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
=================================================
</TABLE>
See accompanying notes 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, 1993
<TABLE>
<CAPTION>
Fund A Fund B Fund C Fund D Fund E Fund F Fund G
---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
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
=============================================================================================
<CAPTION>
Fund H Loan Fund Total
------------------------------------------------
<S> <C> <C> <C>
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
================================================
</TABLE>
See accompanying notes to financial statements.
<PAGE> 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
<PAGE> 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:
<TABLE>
<CAPTION>
1995 1994
---- ----
<S> <C> <C>
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
</TABLE>
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.
<PAGE> 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.
<PAGE> 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.
<PAGE> 12
<TABLE>
<CAPTION>
1995 1994
---- ----
<S> <C> <C> <C>
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
=================================
</TABLE>
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.
<PAGE> 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.
<PAGE> 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:
<TABLE>
<CAPTION>
NET
AGGREGATE AGGREGATE REALIZED
PROCEEDS COST GAIN/(LOSS)
-------- ---- -----------
<S> <C> <C> <C>
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
============== ========= =========
</TABLE>
FOR THE YEAR ENDED DECEMBER 31, 1994:
<TABLE>
<CAPTION>
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>
FOR THE YEAR ENDED DECEMBER 31, 1993:
<TABLE>
<CAPTION>
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>
<PAGE> 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:
<TABLE>
<CAPTION>
UNREALIZED UNREALIZED
APPRECIATION APPRECIATION NET CHANGE IN
(DEPRECIATION) (DEPRECIATION) UNREALIZED
AT DECEMBER 31, 1995 AT APRIL 30, 1996 APPRECIATION
-------------------- ----------------- ------------
<S> <C> <C> <C> <C>
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
=================== ========== =========
</TABLE>
<PAGE> 16
RYDER SYSTEM, INC. EMPLOYEE SAVINGS PLAN A
SCHEDULE 1 - 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, 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
===========
</TABLE>
<PAGE> 17
RYDER SYSTEM, INC. EMPLOYEE SAVINGS PLAN A
SCHEDULE II -- SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1995
<TABLE>
<CAPTION>
PROCEEDS
--------
<S> <C>
Transfer to Plan B
Fund B: Interest Income Fund $9,479,382
</TABLE>
<PAGE> 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
<PAGE> 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
