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Debt | 12 Months Ended
--- | ---
Dec. 31, 2012
Debt Disclosure [Abstract] |
DEBT | DEBT
|  | Weighted-Average Interest Rate |  |  |  |  |  |
|  | December 31, |  |  |  | December 31,
|  | 2012 |  | 2011 |  | Maturities |  | 2012 |  | 2011
|  |  |  |  |  |  |  | (In thousands)
Short-term debt and current portion of long-term debt: |  |  |  |  |  |  |  |  |  |
Short-term debt |  | 2.27 | % |  | 1.45 | % |  | 2013 |  | $ | 9,820 |  |  | 5,091 |
Current portion of long-term debt, including capital leases |  |  |  |  |  |  |  | 358,155 |  |  | 269,275 |
Total short-term debt and current portion of long-term debt |  |  |  |  |  |  |  | 367,975 |  |  | 274,366 |
Long-term debt: |  |  |  |  |  |  |  |  |  |
U.S. commercial paper(1) |  | 0.41 | % |  | 0.40 | % |  | 2016 |  | 329,925 |  |  | 415,936 |
Canadian commercial paper(1) |  | 1.14 | % |  | — | % |  | 2016 |  | 23,165 |  |  | — |
Global revolving credit facility |  | 1.58 | % |  | 1.52 | % |  | 2016 |  | 8,924 |  |  | 1,000 |
Unsecured U.S. notes – Medium-term notes(1) |  | 4.01 | % |  | 4.49 | % |  | 2013-2025 |  | 2,971,313 |  |  | 2,484,712 |
Unsecured U.S. obligations, principally bank term loans |  | 1.56 | % |  | 1.78 | % |  | 2013-2017 |  | 105,500 |  |  | 105,000 |
Unsecured foreign obligations |  | 1.91 | % |  | 2.71 | % |  | 2014-2016 |  | 313,406 |  |  | 300,516 |
Capital lease obligations |  | 4.08 | % |  | 4.24 | % |  | 2013-2019 |  | 42,018 |  |  | 48,047 |
Total before fair market value adjustment |  |  |  |  |  |  |  | 3,794,251 |  |  | 3,355,211 |
Fair market value adjustment on notes subject to hedging(2) |  |  |  |  |  |  |  | 16,725 |  |  | 21,843 |
|  |  |  |  |  |  |  | 3,810,976 |  |  | 3,377,054 |
Current portion of long-term debt, including capital leases |  |  |  |  |  |  |  | (358,155 | ) |  | (269,275 | )
Long-term debt |  |  |  |  |  |  |  | 3,452,821 |  |  | 3,107,779 |
Total debt |  |  |  |  |  |  |  | $ | 3,820,796 |  |  | 3,382,145 |
_________________
(1) | We had unamortized original issue discounts of $9 million at December 31, 2012 and 2011.
(2) | The notional amount of the executed interest rate swaps designated as fair value hedges was $550 million at December 31, 2012 and 2011.
Maturities of total debt are as follows:
|  | Capital Leases |  | Debt
|  | (In thousands)
2013 |  | $ | 8,210 |  |  | 359,821 |
2014 |  | 7,710 |  |  | 339,339 |
2015 |  | 6,910 |  |  | 727,897 |
2016 |  | 5,771 |  |  | 1,117,289 |
2017 |  | 7,140 |  |  | 704,062 |
Thereafter |  | 10,942 |  |  | 513,645 |
Total |  | 46,683 |  |  | 3,762,053 |
Imputed interest |  | (4,665 | ) |  |
Present value of minimum capitalized lease payments |  | 42,018 |  |  |
Current portion |  | (6,841 | ) |  |
Long-term capitalized lease obligation |  | $ | 35,177 |  |  |
Debt Facilities We can borrow up to $900 million under a global revolving credit facility with a syndicate of twelve lending institutions led by Bank of America N.A., Bank of Tokyo-Mitsubishi UFJ, Ltd., BNP Paribas, Mizuho Corporate Bank, Ltd., Royal Bank of Canada, Royal Bank of Scotland Plc, U.S. Bank National Association and Wells Fargo Bank, N.A. This facility matures in June 2016 and is used primarily to finance working capital and provide support for the issuance of unsecured commercial paper in the U.S. and Canada. This facility can also be used to issue up to $75 million in letters of credit (there were no letters of credit outstanding against the facility at December 31, 2012). At our option, the interest rate on borrowings under the credit facility is based on LIBOR, prime, federal funds or local equivalent rates. The agreement provides for annual facility fees, which range from 10.0 basis points to 32.5 basis points, and are based on Ryder’s long-term credit ratings. The current annual facility fee is 15.0 basis points, which applies to the total facility size of $900 million. The credit facility contains no provisions limiting its availability in the event of a material adverse change to Ryder’s business operations; however, the credit facility does contain standard representations and warranties, events of default, cross-default provisions and certain affirmative and negative covenants. In order to maintain availability of funding, we must maintain a ratio of debt to consolidated net worth, of less than or equal to 300%. Net worth, as defined in the credit facility and amended in April 2012, represents shareholders' equity excluding any accumulated other comprehensive income or loss associated with our pension and other postretirement plans. The ratio at December 31, 2012 was 180%. At December 31, 2012, $538 million was available under the credit facility, net of the support for commercial paper borrowings. Our global revolving credit facility permits us to refinance short-term commercial paper obligations on a long-term basis. Settlement of short-term commercial paper obligations not expected to require the use of working capital are classified as long-term as we have both the intent and ability to refinance on a long-term basis. At December 31, 2012 and 2011, we classified $353 million and $416 million, respectively, of short-term commercial paper as long-term debt. In August 2012, we issued $350 million of unsecured medium term notes maturing in March 2018. In February 2012, we issued $350 million of unsecured medium-term notes maturing in March 2017. The proceeds were used to pay down commercial paper and for general corporate purposes. If the notes are downgraded following, and as a result of, a change in control, the note holder can require us to repurchase all or a portion of the notes at a purchase price equal to 101% of the principle amount plus accrued and unpaid interest. We have a trade receivables purchase and sale program, pursuant to which we sell certain of our domestic trade accounts receivable to a bankruptcy remote, consolidated subsidiary of Ryder, that in turn sells, on a revolving basis, an ownership interest in certain of these accounts receivable to a receivables conduit or committed purchasers. The subsidiary is considered a VIE and is consolidated based on our control of the entity’s activities. We use this program to provide additional liquidity to fund our operations, particularly when it is cost effective to do so. The costs under the program may vary based on changes in interest rates. The available proceeds that may be received under the program are limited to $175 million. In October 2012, we renewed the trade receivables purchase and sale program. If no event occurs which causes early termination, the 364-day program will expire on October 25, 2013. The program contains provisions restricting its availability in the event of a material adverse change to our business operations or the collectibility of the collateralized receivables. At December 31, 2012 and 2011, no amounts were outstanding under the program. Sales of receivables under this program will be accounted for as secured borrowings based on our continuing involvement in the transferred assets. On February 6, 2013, we filed an automatic shelf registration statement on Form S-3 with the Securities and Exchange Commission. The registration is for an indeterminate number of securities and is effective for three years. Under this universal shelf registration statement, we have the capacity to offer and sell from time to time various types of securities, including common stock, preferred stock and debt securities, subject to market demand and ratings status.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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