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Share Repurchase Programs
12 Months Ended
Dec. 31, 2015
Share Repurchase Programs [Abstract]  
SHARE REPURCHASE PROGRAMS
SHARE REPURCHASE PROGRAMS

In December 2015, our Board of Directors authorized a share repurchase program intended to mitigate the dilutive impact of shares issued under our employee stock plans.  Under the December 2015 program, management is authorized to repurchase (i) up to 1.5 million shares of common stock, the sum of  which will not exceed the number of shares issued to employees under the Company’s employee stock plans from December 1, 2015 to December 9, 2017  plus (ii) 0.5 million shares issued to employees that were not repurchased under the Company’s previous share repurchase program.  The December 2015 program limits aggregate share repurchases to no more than 2 million shares of Ryder common stock.  Share repurchases of common stock are made periodically in open-market transactions and are subject to market conditions, legal requirements and other factors. Management may establish prearranged written plans for the Company under Rule 10b5-1 of the Securities Exchange Act of 1934 as part of the December 2015 program, which allow for share repurchases during Ryder’s quarterly blackout periods as set forth in the trading plan.  As of December 31, 2015, we have not repurchased any shares under the 2015 program.

During 2015 and 2014, we repurchased and retired 0.1 million and 1.3 million shares under the previous program for $6 million and $106 million, respectively. We did not repurchase any shares in 2013.