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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2016
Defined Benefit Plan Disclosure [Line Items] |
Pension expense from continuing operations | Pension expense from continuing operations was as follows:
|  | Years ended December 31,
|  | 2016 |  | 2015 |  | 2014
|  | (In thousands)
Company-administered plans: |  |  |  |  |  |
Service cost |  | $ | 12,977 |  |  | 13,820 |  |  | 13,023 |
Interest cost |  | 94,476 |  |  | 88,013 |  |  | 100,909 |
Expected return on plan assets |  | (90,588 | ) |  | (98,892 | ) |  | (115,410 | )
Pension lump sum settlement expense |  | — |  |  | — |  |  | 97,231 |
Amortization of: |  |  |  |  |  |
Net actuarial loss |  | 31,777 |  |  | 30,741 |  |  | 23,573 |
Prior service loss (credit) |  | 2,976 |  |  | (306 | ) |  | (1,788 | )
|  | 51,618 |  |  | 33,376 |  |  | 117,538 |
Union-administered plans |  | 9,597 |  |  | 8,328 |  |  | 21,118 |
Net pension expense |  | $ | 61,215 |  |  | 41,704 |  |  | 138,656 |
Company-administered plans: |  |  |  |  |  |
U.S. |  | $ | 53,319 |  |  | 34,986 |  |  | 118,797 |
Foreign |  | (1,701 | ) |  | (1,610 | ) |  | (1,259 | )
|  | 51,618 |  |  | 33,376 |  |  | 117,538 |
Union-administered plans |  | 9,597 |  |  | 8,328 |  |  | 21,118 |
|  | $ | 61,215 |  |  | 41,704 |  |  | 138,656 |
Summary of weighted-average actuarial assumptions | The following table sets forth the weighted-average actuarial assumptions used for Ryder’s pension plans in determining annual pension expense:
|  | U.S. Plans Years ended December 31, |  | Foreign Plans Years ended December 31,
|  | 2016 |  | 2015 |  | 2014 |  | 2016 |  | 2015 |  | 2014
Discount rate |  | 4.50% |  | 4.15% |  | 5.00% |  | 3.70% |  | 3.70% |  | 4.57%
Rate of increase in compensation levels |  | 3.00% |  | 3.00% |  | 3.00% |  | 3.10% |  | 3.10% |  | 3.09%
Expected long-term rate of return on plan assets |  | 5.85% |  | 5.95% |  | 6.50% |  | 5.44% |  | 5.50% |  | 5.94%
Gain and loss amortization period (years) |  | 23 |  | 23 |  | 23 |  | 27 |  | 27 |  | 27
The following table sets forth the weighted-average actuarial assumptions used in determining funded status:
|  | U.S. Plans December 31, |  | Foreign Plans December 31,
|  | 2016 |  | 2015 |  | 2016 |  | 2015
Discount rate |  | 4.20% |  | 4.50% |  | 3.90% |  | 4.00%
Rate of increase in compensation levels |  | 3.00% |  | 3.00% |  | 3.10% |  | 3.10%
Summary of benefit obligations, assets and funded status | The following table sets forth the benefit obligations, assets and funded status associated with our pension plans:
|  | December 31,
|  | 2016 |  | 2015
|  | (In thousands)
Change in benefit obligations: |  |  |  |
Benefit obligations at January 1 |  | $ | 2,091,844 |  |  | 2,221,115 |
Service cost |  | 12,977 |  |  | 13,820 |
Interest cost |  | 94,476 |  |  | 88,013 |
Actuarial loss (gain) |  | 189,523 |  |  | (98,996 | )
Benefits paid |  | (96,723 | ) |  | (98,528 | )
Foreign currency exchange rate changes |  | (63,335 | ) |  | (33,580 | )
Benefit obligations at December 31 |  | 2,228,762 |  |  | 2,091,844 |
Change in plan assets: |  |  |  |
Fair value of plan assets at January 1 |  | 1,647,286 |  |  | 1,775,417 |
Actual return on plan assets |  | 176,066 |  |  | (29,024 | )
Employer contribution |  | 127,991 |  |  | 33,746 |
Benefits paid |  | (96,723 | ) |  | (98,528 | )
Foreign currency exchange rate changes |  | (67,545 | ) |  | (34,325 | )
Fair value of plan assets at December 31 |  | 1,787,075 |  |  | 1,647,286 |
Funded status |  | $ | (441,687 | ) |  | (444,558 | )
Funded percent |  | 80 | % |  | 79 | %
Amounts recognized in the Consolidated Balance Sheets | The funded status of our pension plans was presented in the Consolidated Balance Sheets as follows:
|  | December 31,
|  | 2016 |  | 2015
|  | (In thousands)
Noncurrent asset |  | $ | 14,049 |  |  | 44,124 |
Current liability |  | (3,796 | ) |  | (3,790 | )
Noncurrent liability |  | (451,940 | ) |  | (484,892 | )
Net amount recognized |  | $ | (441,687 | ) |  | (444,558 | )
Amounts recognized in accumulated other comprehensive loss (pre-tax) | Amounts recognized in accumulated other comprehensive loss (pre-tax) consisted of:
|  | December 31,
|  | 2016 |  | 2015
|  | (In thousands)
Prior service credit |  | $ | 11,714 |  |  | — |
Net actuarial loss |  | 961,010 |  |  | 905,944 |
Net amount recognized |  | $ | 972,724 |  |  | 905,944 |
Summary of pension obligations greater than fair value of related plan assets | At December 31, 2016 and 2015, our accumulated benefit obligations, as well as, our pension obligations (accumulated benefit obligations (ABO), and projected benefit obligations (PBO)), greater than the fair value of the related plan assets for our U.S. and foreign plans were as follows:
|  | U.S. Plans December 31, |  | Foreign Plans December 31, |  | Total December 31,
|  | 2016 |  | 2015 |  | 2016 |  | 2015 |  | 2016 |  | 2015
|  | (In thousands)
Total accumulated benefit obligations |  | $ | 1,748,171 |  |  | 1,640,844 |  |  | 454,301 |  |  | 423,555 |  |  | 2,202,472 |  |  | 2,064,399 |
Plans with pension obligations in excess of plan assets: |  |  |  |  |  |  |  |  |  |  |  |
PBO |  | 1,771,968 |  |  | 1,671,949 |  |  | 7,383 |  |  | 7,916 |  |  | 1,779,351 |  |  | 1,679,865 |
ABO |  | 1,748,171 |  |  | 1,640,844 |  |  | 5,997 |  |  | 6,793 |  |  | 1,754,168 |  |  | 1,647,637 |
Fair value of plan assets |  | 1,323,751 |  |  | 1,191,182 |  |  | — |  |  | — |  |  | 1,323,751 |  |  | 1,191,182 |
Fair value of each major category of pension plan assets and the level of inputs used to measure fair value | The following table presents the fair value of each major category of pension plan assets and the level of inputs used to measure fair value as of December 31, 2016 and 2015:
|  | Fair Value Measurements at December 31, 2016
Asset Category |  | Total |  | Level 1 |  | Level 2 |  | Level 3
|  | (In thousands)
Equity securities: |  |  |  |  |  |  |  |
U.S. common collective trusts |  | $ | 429,456 |  |  | — |  |  | 429,456 |  |  | — |
Foreign common collective trusts |  | 398,282 |  |  | — |  |  | 398,282 |  |  | — |
Fixed income securities: |  |  |  |  |  |  |  |
Corporate bonds |  | 76,086 |  |  | — |  |  | 76,086 |  |  | — |
Common collective trusts |  | 780,367 |  |  | — |  |  | 780,367 |  |  | — |
Private equity and hedge funds |  | 102,884 |  |  | — |  |  | — |  |  | 102,884 |
Total |  | $ | 1,787,075 |  |  | — |  |  | 1,684,191 |  |  | 102,884 |
|  | Fair Value Measurements at December 31, 2015
Asset Category |  | Total |  | Level 1 |  | Level 2 |  | Level 3
|  | (In thousands)
Equity securities: |  |  |  |  |  |  |  |
U.S. common collective trusts |  | $ | 387,123 |  |  | — |  |  | 387,123 |  |  | — |
Foreign common collective trusts |  | 374,858 |  |  | — |  |  | 374,858 |  |  | — |
Fixed income securities: |  |  |  |  |  |  |  |
Corporate bonds |  | 64,834 |  |  | — |  |  | 64,834 |  |  | — |
Common collective trusts |  | 719,840 |  |  | — |  |  | 719,840 |  |  | — |
Private equity and hedge funds |  | 100,631 |  |  | — |  |  | — |  |  | 100,631 |
Total |  | $ | 1,647,286 |  |  | — |  |  | 1,546,655 |  |  | 100,631 |
Summary of changes in fair value of the pension plans Level 3 assets | The following table presents a summary of changes in the fair value of the pension plans’ Level 3 assets for the years ended December 31, 2016 and 2015:
|  | 2016 |  | 2015
|  | (In thousands)
Beginning balance at January 1 |  | $ | 100,631 |  |  | 89,727 |
Return on plan assets: |  |  |  |
Relating to assets still held at the reporting date |  | 1,548 |  |  | 5,399 |
Relating to assets sold during the period |  | 703 |  |  | 226 |
Purchases, sales, settlements and expenses |  | 2 |  |  | 5,279 |
Ending balance at December 31 |  | $ | 102,884 |  |  | 100,631 |
Pension benefits expected to be paid | The following table details pension benefits expected to be paid in each of the next five fiscal years and in aggregate for the five fiscal years thereafter:
| (In thousands) |
2017 | $ | 102,378 |
2018 | 105,256 |
2019 | 109,348 |
2020 | 113,471 |
2021 | 117,724 |
2022-2026 | 633,451 |
Schedule of multi-employer plan | Among other factors, plans in the red zone are generally less than sixty-five percent funded, plans in the yellow zone are less than eighty percent funded, and plans in the green zone are at least eighty percent funded.
|  |  |  | Pension Protection Act Zone Status |  |  |  | Ryder Contributions |  |  |  | Expiration Date(s) of Collective-Bargaining Agreement(s)
Pension Fund |  | Employer Identification Number |  | 2016 |  | 2015 |  | FIP/RP Status Pending/ Implemented (1) |  | 2016 |  | 2015 |  | 2014 |  | Surcharge Imposed |
|  |  |  |  |  |  |  |  |  | (Dollars in thousands) |  |  |  |
Western Conference Teamsters |  | 91-6145047 |  | Green |  | Green |  | No |  | $ | 2,613 |  |  | 2,430 |  |  | 2,315 |  |  | No |  | 1/12/18 to 4/1/21
IAM National |  | 51-6031295 |  | Green |  | Green |  | No |  | 4,162 |  |  | 3,801 |  |  | 3,311 |  |  | No |  | 3/31/17 to 11/30/19
Automobile Mechanics Local No. 701 |  | 36-6042061 |  | Yellow |  | Red |  | RP Adopted |  | 2,201 |  |  | 1,902 |  |  | 1,632 |  |  | Yes |  | 10/31/17 to 5/31/19
Central States Southeast and Southwest Areas |  | 36-6044243 |  | Red |  | Red |  | RP Adopted |  | 259 |  |  | 254 |  |  | 211 |  |  | Yes |  | 5/6/17 to 10/31/17
Other funds |  |  |  |  |  |  |  |  |  | 501 |  |  | 450 |  |  | 1,085 |  |  |  |  |
Total contributions |  |  |  |  |  |  |  |  |  | 9,736 |  |  | 8,837 |  |  | 8,554 |  |  |  |  |
Pension settlement (benefit) charges |  |  |  |  |  |  |  |  |  | (139 | ) |  | (509 | ) |  | 12,564 |  |  |  |  |
Union-administered plans |  |  |  |  |  |  |  |  |  | $ | 9,597 |  |  | 8,328 |  |  | 21,118 |  |  |  |  |
_____________
(1) | The “FIP/RP Status Pending/Implemented” column indicates plans for which a financial improvement plan (FIP) or a rehabilitation plan (RP) is either pending or has been implemented.
Weighted-average discount rates used in determining annual postretirement benefit expense | The following table sets forth the weighted-average discount rates used in determining annual postretirement benefit expense:
|  | U.S. Plan Years ended December 31, |  | Foreign Plan Years ended December 31,
|  | 2016 |  | 2015 |  | 2014 |  | 2016 |  | 2015 |  | 2014
Discount rate |  | 4.50% |  | 4.15% |  | 5.00% |  | 4.00% |  | 4.00% |  | 4.80%
Other Postretirement Benefits |
Defined Benefit Plan Disclosure [Line Items] |
Pension expense from continuing operations | Total postretirement benefit income was as follows:
|  | Years ended December 31,
|  | 2016 |  | 2015 |  | 2014
|  | (In thousands)
Service cost |  | $ | 215 |  |  | 363 |  |  | 446 |
Interest cost |  | 906 |  |  | 1,097 |  |  | 1,421 |
Amortization of: |  |  |  |  |  |
Net actuarial gain |  | (1,989 | ) |  | (1,773 | ) |  | (725 | )
Prior service credit |  | (231 | ) |  | (1,083 | ) |  | (2,459 | )
Postretirement benefit income |  | $ | (1,099 | ) |  | (1,396 | ) |  | (1,317 | )
U.S. |  | $ | (1,429 | ) |  | (1,887 | ) |  | (1,839 | )
Foreign |  | 330 |  |  | 491 |  |  | 522 |
|  | $ | (1,099 | ) |  | (1,396 | ) |  | (1,317 | )
Summary of weighted-average actuarial assumptions | Assumptions used in determining accrued postretirement benefit obligations were as follows:
|  | U.S. Plan December 31, |  | Foreign Plan December 31,
|  | 2016 |  | 2015 |  | 2016 |  | 2015
Discount rate |  | 4.50 | % |  | 4.50 | % |  | 3.90 | % |  | 4.00 | %
Rate of increase in compensation levels |  | 3.00 | % |  | 3.00 | % |  | 3.00 | % |  | 3.00 | %
Healthcare cost trend rate assumed for next year |  | 7.50 | % |  | 6.75 | % |  | 5.00 | % |  | 5.50 | %
Rate to which the cost trend rate is assumed to decline (ultimate trend rate) |  | 5.00 | % |  | 5.00 | % |  | 5.00 | % |  | 5.00 | %
Year that the rate reaches the ultimate trend rate |  | 2027 |  |  | 2023 |  |  | 2018 |  |  | 2017 |
Amounts recognized in the Consolidated Balance Sheets | Amounts recognized in the Consolidated Balance Sheets consisted of:
|  | December 31,
|  | 2016 |  | 2015
|  | (In thousands)
Current liability |  | $ | 1,506 |  |  | 1,624 |
Noncurrent liability |  | 19,459 |  |  | 20,002 |
Amount recognized |  | $ | 20,965 |  |  | 21,626 |
Amounts recognized in accumulated other comprehensive loss (pre-tax) | Amounts recognized in accumulated other comprehensive loss (pre-tax) consisted of:
|  | December 31,
|  | 2016 |  | 2015
|  | (In thousands)
Prior service credit |  | $ | (385 | ) |  | (616 | )
Net actuarial gain |  | (10,186 | ) |  | (11,825 | )
Net amount recognized |  | $ | (10,571 | ) |  | (12,441 | )
Pension benefits expected to be paid | The following table details other postretirement benefits expected to be paid in each of the next five fiscal years and in aggregate for the five fiscal years thereafter:
| (In thousands) |
2017 | $ | 1,521 |
2018 | 1,513 |
2019 | 1,502 |
2020 | 1,478 |
2021 | 1,496 |
2022-2026 | 6,923 |
Benefit obligations associated with postretirement benefit plans | The following table sets forth the benefit obligations associated with our postretirement benefit plans:
|  | December 31,
|  | 2016 |  | 2015
|  | (In thousands)
Benefit obligations at January 1 |  | $ | 21,626 |  |  | 29,001 |
Service cost |  | 215 |  |  | 363 |
Interest cost |  | 906 |  |  | 1,097 |
Actuarial gain |  | (338 | ) |  | (6,164 | )
Benefits paid |  | (1,609 | ) |  | (1,468 | )
Foreign currency exchange rate changes |  | 165 |  |  | (1,203 | )
Benefit obligations at December 31 |  | $ | 20,965 |  |  | 21,626 |

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