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RYDER SYSTEM INC — Annual Report 2010
Nov 3, 2010
30770_rns_2010-11-03_28075369-de87-4423-af9e-70113452c313.zip
Annual Report
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11-K/A 1 g25022e11vkza.htm FORM 11-K/A e11vkza PAGEBREAK
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K/A
(Mark One)
x ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2009
OR
o TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to .
Commission file number: 1-4364
RYDER SYSTEM, INC. 401(k) SAVINGS PLAN
Ryder System, Inc.
11690 NW 105 Street Miami, Florida 33178
Explanatory Note:
The Annual Report on Form 11-K of the Ryder System, Inc. 401(k) Savings Plan for the fiscal year ended December 31, 2009 is amended by the filing of this Form 11-K/A Amendment No. 1 to the Annual Report on Form 11-K of the Ryder System, Inc. 401(k) Savings Plan for the fiscal year ended December 31, 2009, for the sole purpose of providing a corrected Form 5500, Schedule H, Line 4a appearing on page 26, of this report, which was originally filed with the Securities and Exchange Commission (SEC) on May 20, 2010. For the convenience of the reader, this Form 11-K/A sets forth the originally filed Form 11-K in its entirety.
Except as described above, no other amendments have been made to the Form 11-K filed with the SEC on May 20, 2010. This Form 11-K/A does not reflect events occurring after the filing of the Form 11-K and does not modify or update the disclosures therein, except as specifically identified above.
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TOC
REQUIRED INFORMATION
| FINANCIAL STATEMENTS & SCHEDULES — | Report of Independent Registered Certified Public Accounting Firm PricewaterhouseCoopers LLP | 2 |
|---|---|---|
| | Statements of Net Assets Available for Plan Benefits December 31, 2009 and 2008 | 3 |
| | Statements of Changes in Net Assets Available for Plan Benefits for the years ended December 31, 2009 and 2008 | 4 |
| | Notes to Financial Statements | 5 |
| | Schedule I: Form 5500, Schedule H, Line 4i: Schedule of Assets (Held at End of Year) December 31, 2009 | 15 |
| | Schedule II: Form 5500, Schedule H, Line 4a: Schedule of Delinquent Participant Contributions December 31, 2009 | 26 |
| | Signature | 27 |
| EXHIBIT | ||
| | Exhibit Index | 28 |
| | Consent of Independent Registered Certified Public Accounting Firm PricewaterhouseCoopers LLP | 29 |
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REPORT OF INDEPENDENT REGISTERED CERTIFIED PUBLIC ACCOUNTING FIRM
The Participants and Administrator Ryder System, Inc. 401(k) Savings Plan:
In our opinion, the accompanying statements of net assets available for plan benefits and the related statements of changes in net assets available for plan benefits present fairly, in all material respects, the net assets available for plan benefits of Ryder System, Inc. 401(k) Savings Plan (the Plan) at December 31, 2009 and 2008 and the changes in net assets available for plan benefits for the years then ended in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Plans management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). 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, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental Schedule of Assets (Held at End of Year) and Schedule of Delinquent Participant Contributions 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 Labors Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. These supplemental schedules are the responsibility of the Plans management. The supplemental schedules 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/ PricewaterhouseCoopers LLP
Miami, Florida May 20, 2010
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RYDER SYSTEM, INC. 401(K) SAVINGS PLAN STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
| December 31, — 2009 | 2008 | ||
|---|---|---|---|
| Assets | |||
| Investments (at fair value): | |||
| Mutual funds | $ 345,073,907 | $ | 256,159,589 |
| Investment contracts | 172,260,696 | 171,597,605 | |
| Common collective trusts | 85,836,429 | 61,415,407 | |
| Ryder System, Inc. common stock fund | 64,575,901 | 60,750,136 | |
| Participant loans receivable | 27,662,506 | 28,908,056 | |
| Short-term money market instruments | 11,628,723 | 17,803,660 | |
| Wrapper contracts | 219,781 | 191,423 | |
| Total investments | 707,257,943 | 596,825,876 | |
| Receivables: | |||
| Employer contributions | 777,357 | 3,388,027 | |
| Participant contributions | 1,060,609 | 442,550 | |
| Operating receivable | 18,928 | 129,207 | |
| Total receivables | 1,856,894 | 3,959,784 | |
| Total assets | 709,114,837 | 600,785,660 | |
| Liabilities | |||
| Operating payable | 87,890 | 75,366 | |
| Total liabilities | 87,890 | 75,366 | |
| Net assets available for plan benefits (at fair value) | $ 709,026,947 | $ | 600,710,294 |
| Adjustment from fair value to contract value for fully | |||
| benefit-responsive investment contracts | (2,914,391 | ) | 883,496 |
| Net assets available for plan benefits (at contract value) | $ 706,112,556 | $ | 601,593,790 |
The accompanying notes are an integral part of these financial statements.
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RYDER SYSTEM, INC. 401(K) SAVINGS PLAN STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
| Years ended December 31, — 2009 | 2008 | ||
|---|---|---|---|
| Additions to net assets attributed to: | |||
| Investment income/(loss): | |||
| Net appreciation/(depreciation) in value of investments | $ 96,820,164 | $ (209,183,300 | ) |
| Dividends | 3,489,164 | 8,509,586 | |
| Interest | 7,255,941 | 9,860,009 | |
| Net investment income/(loss) | 107,565,269 | (190,813,705 | ) |
| Contributions: | |||
| Employer | 20,410,946 | 26,451,777 | |
| Participants | 35,234,682 | 42,129,664 | |
| Total contributions | 55,645,628 | 68,581,441 | |
| Transfer to Plan | | 1,455,577 | |
| Deductions from net assets attributed to: | |||
| Benefits paid to plan participants | 58,017,712 | 75,903,935 | |
| Administrative expenses | 674,419 | 687,210 | |
| Total deductions | 58,692,131 | 76,591,145 | |
| Net increase/(decrease) | 104,518,766 | (197,367,832 | ) |
| Net assets available for plan benefits: | |||
| Beginning of year | 601,593,790 | 798,961,622 | |
| End of year | $ 706,112,556 | $ 601,593,790 |
The accompanying notes are an integral part of these financial statements.
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RYDER SYSTEM, INC. 401(K) SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS
1. Description of Plan
The following description of the Ryder System, Inc. 401(k) Savings Plan (the Plan) provides only general information. Participants should refer to the Plan document for a more comprehensive description of the Plans provisions.
General The Plan, established January 1, 1993, 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, as amended (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 participants rights under the Plan, set minimum standards of responsibility applicable to fiduciaries of the Plan, and establish minimum standards for participation and vesting.
The Plan Administrator is the Ryder System, Inc. Retirement Committee. The Plans trustee and recordkeeper are Fidelity Management Trust Co. and Fidelity Investments Institutional Operations Company, respectively.
Eligibility Participation in the Plan is voluntary. In general, any salaried or non-salaried employee of the Company and participating affiliates, as well as field hourly employees of Ryder Integrated Logistics, Inc., are immediately 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.
Contributions
Participant Contributions
Participants may elect to contribute pre-tax dollars to the Plan by having their compensation reduced by a maximum of the lesser of a) 50% of compensation, depending on an individuals annual salary level, b) IRS limit of $16,500 and $15,500 for 2009 and 2008, respectively or c) such other amount as shall be determined by the Companys Retirement Committee from time to time. Additionally, participants may elect to make after-tax contributions to the Plan. Beginning in 2009, compensation excluded any amounts contributed into the Companys Deferred Compensation Plan.
Participants who reach age 50 during the calendar year may be eligible to make catch-up contributions up to $5,500 in addition to the IRS limit of $16,500 for the year ended December 31, 2009 and $5,000 in addition to the IRS limit of $15,500 for the year ended December 31, 2008. Participants can also elect a direct rollover of an existing balance from a tax-qualified retirement or savings plan into the Plan. Participants may elect to contribute to any of twenty-three
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RYDER SYSTEM, INC. 401(K) SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS
investment options and may direct the recordkeeper to transfer among investment options on a daily basis.
Effective September 30, 2008, the Plan replaced five of its investment options, the Fidelity Freedom Funds, with eleven lifecycle investment options, the Pyramis Index Lifecycle Funds. Balances in the Fidelity Freedom Funds were transitioned to the age appropriate Pyramis Index Lifecycle Fund. The Plan also added the Spartan International Index Fund as an investment option in 2008.
Employer Contributions
If a participant meets certain requirements related to employment date, age and service hours, the Company may contribute to the participants account. Company contributions are invested in the investment options in the same allocation percentages as each participants contributions.
Beginning January 1, 2008, salaried and non-salaried employees, other than field hourly employees of Ryder Integrated Logistics, Inc. (RIL), a wholly-owned subsidiary of the Company, that are not grandfathered into the Ryder System, Inc. Retirement Plan are eligible for an enhanced benefit. The enhanced benefit under the Plan provides for: (a) Company contributions equal to 3% of eligible pay, even if employees do not make contributions to the Plan and (b) a 50% Company match of participant contributions of up to 5% of eligible pay, subject to IRS limits upon meeting eligibility requirements. Beginning in 2009, eligible pay excluded any amounts contributed into the Companys Deferred Compensation Plan.
The Company may make a discretionary contribution for salaried and non-salaried employees, other than RIL employees. This discretionary contribution is based on the Companys attainment of specified performance goals. Company contributions will be for the benefit of those participants who meet eligibility requirements as defined by the Companys Retirement Committee.
For field hourly employees of Ryder Integrated Logistics who meet certain requirements related to employment date, age and service hours, the Company will make a basic contribution of $400 pro-rated on an annual basis, whether or not the employee contributes to the Plan. If the employee contributes to the Plan, in addition to the basic contribution, the Company will match the first $300 at 100% and match the next $800 at 50%.
Participant Accounts Each participants account is credited with the participants contribution and with allocations of (a) the Companys contribution and, (b) Plan earnings, and charged with an allocation of administrative expenses. Expenses are generally allocated evenly across all eligible accounts. Earnings are currently allocated on a daily basis. The benefit for a participant is the benefit that can be provided from the participants vested account. Forfeited balances of terminated participants nonvested accounts are used to reduce future Company contributions. In 2009 and 2008, employer contributions were reduced by $685,556 and $939,789, respectively, from forfeited nonvested accounts. At December 31, 2009 and 2008, forfeited nonvested accounts available to reduce future employer contributions totaled $79,814 and $7,957, respectively.
Vesting Participants are immediately vested in their contributions plus earnings thereon. Upon completion of two years of service, participants vest 25% in the Company contributions and the earnings
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RYDER SYSTEM, INC. 401(K) SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS
attributable to such contributions and 25% upon completion of each year thereafter until they are fully vested. Participants will also become fully vested in Company contributions and the earnings attributable to such contributions when they reach age 65, become permanently disabled or upon death while employed by Ryder. Ryder Integrated Logistics field hourly employees basic company contributions and the match on the first $300 of participant contributions are immediately fully vested.
Participant Loans Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of their account balance. Loan terms range from 1-5 years or up to 15 years for the purchase of a primary residence. The loans are secured by the balance in the participants account and accrue interest at a rate which is comparable to those of most major lending institutions. Interest rates vary depending on the current prime interest rate. Principal and interest is paid ratably through payroll deductions. All principal and interest payments are allocated to the Plans investment funds based on the participants 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.
Benefits Paid On termination of service, if a participants account balance is greater than $1,000, a participants account is distributed to the participant in the form of a single lump-sum payment upon receipt of participants consent. Terminated participants whose account balance is less than $1,000 receive automatic distributions. As of December 31, 2009 and 2008, there were no automatic distributions pending. Participants may request a withdrawal of all or a portion of their elective contribution account balance if they can demonstrate financial hardship as defined by the Plan. Such amounts will be considered distributions to the participant for income tax purposes.
2. Summary of Significant Accounting Policies
Basis of Accounting The financial statements of the Plan are prepared on the accrual basis of accounting.
Accounting guidance requires investment contracts held by a defined-contribution plan to be reported at fair value. However, contract value is the relevant measurement attribute for that portion of the net assets available for benefits of a defined-contribution plan attributable to fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were able to initiate permitted transactions under the terms of the plan. Accordingly, the Statement of Net Assets Available for Plan Benefits presents the fair value of the investment contracts as well as the adjustment of the fully benefit-responsive investment contracts from fair value to contract value. The Statement of Changes in Net Assets Available for Plan Benefits is prepared on a contract value basis.
Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires the Plan Administrator to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Such estimates and assumptions are subject to inherent uncertainties, which may result in actual amounts differing from reported amounts.
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RYDER SYSTEM, INC. 401(K) SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS
Investment Valuation and Income Recognition Purchases and sales of securities are recorded on a trade-date basis. The Plan presents in the Statements of Changes in Net Assets Available for Plan Benefits the net appreciation (depreciation) in the fair value of its investments which consists of the related gains (losses) and the unrealized appreciation (depreciation) on those investments. Dividends on mutual funds and Ryder System, Inc. common stock are recorded on the record date. Interest income is recorded on the accrual basis.
Payment of Benefits Benefits are recorded when paid.
Subsequent Events The Plan has evaluated subsequent events through May 20, 2010, the date the financial statements were available to be issued.
3. Fair Value Measurements
The Plan defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Accounting guidance establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of the fair value hierarchy are as follows:
| Level 1 | Quoted prices (unadjusted) in active markets for identical assets
or liabilities that the Plan has the ability to access at the
measurement date. An active market for the asset or liability is
a market in which the transaction for the asset or liability
occurs with sufficient frequency and volume to provide pricing
information on an ongoing basis. |
| --- | --- |
| Level 2 | Observable inputs other than Level 1 prices such as quoted prices
for similar assets or liabilities; quoted market prices in markets
that are not active; or model-derived valuations or other inputs
that are observable or can be corroborated by observable market
data for substantially the full term of the assets or liabilities. |
| Level 3 | Unobservable inputs for the asset or liability. These inputs
reflect the Plans own assumption about the assumptions a market
participant would use in pricing the asset or liability. |
The assets fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.
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RYDER SYSTEM, INC. 401(K) SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS
The following tables present the Plan assets that are measured at fair value, on a recurring basis, and the levels of inputs used to measure fair value:
| Fair Value Measurements | ||||
|---|---|---|---|---|
| At December 31, 2009 | ||||
| Description | Level 1 | Level 2 | Level 3 | Total |
| Mutual funds: | ||||
| Growth funds | $ 229,257,840 | | | $ 229,257,840 |
| International growth funds | 55,374,687 | | | 55,374,687 |
| Index funds | 23,775,901 | | | 23,775,901 |
| Fixed income funds | 32,788,024 | | | 32,788,024 |
| Other funds | 3,877,455 | | | 3,877,455 |
| Total mutual funds | $ 345,073,907 | | | $ 345,073,907 |
| Investment contracts | 6,275,559 | 165,367,772 | 617,365 | 172,260,696 |
| Common collective trusts | | 85,836,429 | | 85,836,429 |
| Ryder System, Inc. common | ||||
| stock fund | 64,575,901 | | | 64,575,901 |
| Participant loans receivable | | | 27,662,506 | 27,662,506 |
| Short-term money market | 11,628,723 | | | 11,628,723 |
| Wrapper contracts | | | 219,781 | 219,781 |
| Total investments-fair value | $ 427,554,090 | 251,204,201 | 28,499,652 | $ 707,257,943 |
| Fair Value Measurements | ||||
|---|---|---|---|---|
| At December 31, 2008 | ||||
| Description | Level 1 | Level 2 | Level 3 | Total |
| Mutual funds: | ||||
| Growth funds | $ 169,589,448 | | | $ 169,589,448 |
| International growth funds | 40,374,962 | | | 40,374,962 |
| Index funds | 16,569,292 | | | 16,569,292 |
| Fixed income funds | 26,932,606 | | | 26,932,606 |
| Other funds | 2,693,282 | | | 2,693,282 |
| Total mutual funds | $ 256,159,589 | | | $ 256,159,589 |
| Investment contracts | | 170,741,347 | 856,258 | 171,597,605 |
| Common collective trusts | | 61,415,407 | | 61,415,407 |
| Ryder System, Inc. common | ||||
| stock fund | 60,750,136 | | | 60,750,136 |
| Participant loans receivable | | | 28,908,056 | 28,908,056 |
| Short-term money market | 17,803,660 | | | 17,803,660 |
| Wrapper contracts | | | 191,423 | 191,423 |
| Total investments-fair value | $ 334,713,385 | 232,156,754 | 29,955,737 | $ 596,825,876 |
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RYDER SYSTEM, INC. 401(K) SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS
The following table sets forth a summary of the changes in the fair value of the Plans Level 3 assets for the year ended December 31, 2009:
| Level 3 Asset Gains and Losses | |||||||
|---|---|---|---|---|---|---|---|
| Year ended December 31, 2009 | |||||||
| Participant | |||||||
| Investment | Wrapper | loans | |||||
| contracts | contracts | receivable | Total | ||||
| Balance, beginning of year | $ 856,258 | 191,423 | 28,908,056 | $ | 29,955,737 | ||
| Realized losses | (3,826 | ) | | | (3,826 | ) | |
| Unrealized gains relating | |||||||
| to instruments still held | |||||||
| at the reporting date | 60,316 | 28,358 | | 88,674 | |||
| Purchases, sales, | |||||||
| issuances and settlements | |||||||
| (net) | (395,956 | ) | | (1,245,550 | ) | (1,641,506 | ) |
| Transfers into level 3 | 100,573 | | | 100,573 | |||
| Balance, end of year | $ 617,365 | 219,781 | 27,662,506 | $ | 28,499,652 |
Gains and losses (realized and unrealized) included in changes in net assets for the period above are reported in net appreciation in fair value of investments in the Statement of Changes in Net Assets Available for Plan Benefits.
The following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2009 and 2008.
Short-term money market instruments: are stated at cost, which approximates fair value.
Synthetic guaranteed investment contracts (GICs): are stated at fair value. The fair value of GICs is calculated based on the market values of the underlying securities. A synthetic GIC is comprised of two components, an underlying asset and a wrapper contract. Wrapper contracts generally change the investment characteristics of underlying securities (such as corporate debt or U.S. government securities) to those of guaranteed investment contracts. The wrapper contracts provide that benefit-responsive distributions for specific underlying securities may be withdrawn at contract or face value. Benefit-responsive distributions are generally defined as a withdrawal due to a participants retirement, disability or death, or participant-directed transfers, in accordance with the terms of the Plan.
Ryder System, Inc. common stock fund : the fund invests primarily in Ryder System, Inc. common stock, which is traded on the New York Stock Exchange (NYSE) under the ticker symbol (R) and is valued at its quoted market price at the daily close of the NYSE. A small portion of the fund is invested in short-term money market instruments. The money market portion of the fund provides liquidity, which enables the Plan participants to transfer money daily among all investment choices.
Mutual funds: valued at quoted market prices, which represent the net asset value of the shares held in such funds.
Common collective trusts: valued at the net asset value per unit as determined by the collective trust as of the valuation date, which approximates fair value.
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RYDER SYSTEM, INC. 401(K) SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS
Participant loans receivable: stated at the outstanding principal balance plus accrued interest, which approximates fair value.
The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine fair value of certain financial instruments could result in a different fair value measurement at the reporting date.
4. Investments
The Plan held the following individual investments whose aggregate fair value equaled or exceeded 5% of the Plans net assets at December 31, 2009 and 2008:
| 2009 | 2008 | |
|---|---|---|
| Ryder System, Inc. common stock fund | $ 64,575,901 | $ 60,750,136 |
| Fidelity Equity Income Fund | 46,175,004 | 36,377,199 |
| Fidelity Contrafund | 75,133,388 | 57,895,735 |
| Fidelity Diversified International Fund | 54,203,497 | 40,309,250 |
| Fidelity Growth Company Fund | 97,225,284 | 67,561,336 |
During the years ended December 31, 2009 and 2008, the Plans investments (including gains (losses) on investments bought and sold, as well as held during the year) appreciated (depreciated) in value as follows:
| Mutual funds | 2009 — $ 75,178,412 | 2008 — $ (188,700,247 | ) |
|---|---|---|---|
| Common collective trusts | 15,003,563 | (10,123,658 | ) |
| Ryder System, Inc. common stock fund | 6,638,189 | (10,359,395 | ) |
| $ 96,820,164 | $ (209,183,300 | ) |
5. Investment Contracts with Insurance Companies
The Interest Income Fund, one of the Plans investment options, may be invested in short-term money market instruments and in fully benefit-responsive synthetic guaranteed investment contracts with various insurance companies, banks, and financial institutions. The fund is credited with earnings on the underlying investments and charged for participant withdrawals and administrative expenses. The guaranteed investment contract issuer is contractually obligated to repay the principal and a specified interest rate that is guaranteed to the Plan.
As described in Note 2, because the guaranteed investment contracts are fully benefit-responsive, contract value is the relevant measurement attribute for that portion of the net assets available for the benefits attributable to the guaranteed investment contract. Contract value, as reported to the Plan, represents contributions made under the contract, plus earnings, less participant withdrawals and administrative expenses. Participants may ordinarily direct the withdrawal or transfer of all or a portion of the investment at contract value.
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RYDER SYSTEM, INC. 401(K) SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS
There are no reserves against contract value for credit risk of a contract issuer or otherwise. The crediting interest rate is based on a formula agreed upon with the issuer, but it may not be less than zero percent. Such interest rates are reviewed on a quarterly basis for resetting.
Certain events limit the ability of the Plan to transact at contract value with the issuer. Such events include the following: (1) any substantive modification to the Plan or administration of the Plan that is not consented to by the contract issuer (including complete or partial plan termination or merger with another plan), (2) establishment of a defined contribution plan that competes with the Plan for employee contributions, (3) plan sponsor events, such as divestitures, spin-offs or early retirement programs that cause a significant withdrawal from the Plan, (4) transfer of assets from the fund directly to a competing option (5) the failure of the Plan to qualify under Section 401(a) or Section 401(k) of the Internal Revenue Code. The Plan administrator does not believe that the occurrence of any of these events, which would limit the Plans ability to transact at contract value with participants, is probable.
| Average Yields — Based on actual earnings | 2.9 % | 4.5 % |
|---|---|---|
| Based on interest rate credited to participants | 2.4 % | 3.8 % |
6. Risks and Uncertainties
The Plans invested assets ultimately consist of stocks, bonds, fixed income securities, and other investment securities. Investment securities are exposed to various risks, such as interest rate, market and credit risk. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in the value of investment securities, it is at least reasonably possible that changes in risks in the near term would materially affect participants account balances and the amounts reported in the Statements of Net Assets Available for Plan Benefits and the Statements of Changes in Net Assets Available for Plan Benefits.
The Plans exposure to a concentration of credit risk is limited by the diversification of investments across twenty-three participant-directed fund elections. Additionally, the investments within each participant-directed fund election are further diversified into varied financial instruments, with the exception of the Ryder System, Inc. common stock fund, which invests in a single security. The Plans exposure to credit risk on the wrapper contracts is limited to the fair value of the contracts with each company.
7. Plan Transfers
There were no transfers into or out of the Plan during 2009. During 2008, assets of $1,455,577 were transferred into the Plan as a result of an acquisition by the Company.
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RYDER SYSTEM, INC. 401(K) SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS
8. Related Party Transactions
The Plan holds shares of Ryder System, Inc. common stock (1,554,035 and 1,555,410 shares at December 31, 2009 and 2008, respectively) and recorded dividend income, net realized gains (losses) on sale and net unrealized appreciation (depreciation) in value of these securities. Accordingly, these shares qualify as a party in interest.
The Plan also holds shares of mutual funds managed by Fidelity Management Company, which is affiliated with the Plans current trustee. The Plan has recorded dividend income, net realized gains (losses) on sales and net unrealized appreciation (depreciation) in value of these securities. Accordingly, these transactions qualify as a party in interest. Fees incurred by the Plan to Fidelity Management Company for investment management and recordkeeping services amounted to $275,049 and $333,272 for the years ended December 31, 2009 and 2008, respectively.
9. Plan 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 participants account.
10. Tax Status 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 dated June 4, 2002 has been obtained from the Internal Revenue Service. Although the Plan has been amended since receiving the determination letter, the Plan administrator and the Plans tax counsel believe that the Plan is designed and is currently being operated in compliance with the applicable requirements of the Code.
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.
Folio 13 /Folio
PAGEBREAK
RYDER SYSTEM, INC. 401(K) SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS
11. Reconciliation of Financial Statements to Form 5500
The following is a reconciliation of net assets available for plan benefits per the financial statements to the Form 5500:
| December 31, — 2009 | 2008 | ||
|---|---|---|---|
| Net assets available for benefits per the financial statements | $ 706,112,556 | $ 601,593,790 | |
| Adjustment for fair value of fully benefit-responsive | |||
| investment contracts | 2,914,391 | (883,496 | ) |
| Net assets available for benefits per the Form 5500 | $ 709,026,947 | $ 600,710,294 |
For purposes of the financial statements, the investment in the Ryder System, Inc. common stock fund is presented as a unitized stock fund. The underlying assets are segregated on the Form 5500.
Folio 14 /Folio
PAGEBREAK
SCHEDULE I
RYDER SYSTEM, INC. 401(k) SAVINGS PLAN
FORM 5500, SCHEDULE H, LINE 4i SCHEDULE OF ASSETS (HELD AT END OF YEAR) December 31, 2009
| (c) | ||||||
|---|---|---|---|---|---|---|
| Description of Investment Including | (e) | |||||
| (b) | Maturity Date, Rate of Interest, Par | (d) | Current | |||
| (a) | Identity of Issue, Borrower, Lessor or Similar Party | or Maturity Value | Cost | Value | ||
| SHORT TERM MONEY MARKET INSTRUMENTS: | ||||||
| * | FID INST CASH PORT: MM FUND CLASS I | | 2.014% | * | * | $ 11,628,723 |
| INVESTMENT CONTRACTS: | ||||||
| SYNTHETIC GUARANTEED INVESTMENT CONTRACTS: | ||||||
| CASH | 6,275,559 | |||||
| ANZ NATL INTL | 7/19/2013 | 6.2000% | * | * | 215,365 | |
| AT&T CORP | 11/15/2013 | 6.7000% | * | * | 84,124 | |
| AT&T WIRELESS | 3/1/2011 | 7.8750% | * | * | 198,116 | |
| AXA FINL INC | 8/1/2010 | 7.7500% | * | * | 262,175 | |
| ABBEY NATL | 11/10/2014 | 3.8750% | * | * | 464,162 | |
| AMCAR 04-DF A4 | 7/6/2011 | 3.4300% | * | * | 31,951 | |
| APART 07-1 B | 3/8/2011 | 5.3500% | * | * | 66,877 | |
| APART 07-1 C | 2/28/2014 | 5.4300% | * | * | 40,687 | |
| APART 07-2M A3A | 4/8/2010 | 5.2200% | * | * | 62,898 | |
| AMCAR 06-BG A4 | 9/6/2013 | 5.2100% | * | * | 177,145 | |
| AVON PRODUCTS | 3/1/2013 | 4.8000% | * | * | 160,864 | |
| BBVA BANC | 7/22/2015 | 5.3975% | * | * | 201,783 | |
| BHP BILLITON | 3/29/2012 | 5.1250% | * | * | 360,962 | |
| BP CAPITAL MARKETS | 11/7/2013 | 5.2500% | * | * | 190,896 | |
| BP CAPITAL MARKETS | 3/10/2012 | 3.1250% | * | * | 301,508 | |
| BP CAPITAL MARKETS | 8/11/2011 | 1.5500% | * | * | 106,393 | |
| BNP PARIBAS | 12/21/2012 | 2.1250% | * | * | 288,674 | |
| BTM CURACAO | 7/21/2015 | 4.7600% | * | * | 113,996 | |
| BALTIMORE G&E | 7/1/2013 | 6.1250% | * | * | 150,010 | |
| BACM 00-2 A2 | 9/15/2032 | 7.1970% | * | * | 45,695 | |
| BACM 04-6 XP | 12/10/2042 | 0.4975% | * | * | 10,103 | |
| BACM 2003-2 A2 | 3/11/2041 | 4.3420% | * | * | 135,786 | |
| BACM 04-2 XP | 11/10/2038 | 1.0127% | * | * | 6,330 | |
| BACM 04-4 A3 | 7/10/2042 | 4.1280% | * | * | 44,785 | |
| BACM 05-4 A1 | 7/10/2045 | 4.4320% | * | * | 25,911 | |
| BACM 05-6 A1 | 9/10/2047 | 5.0010% | * | * | 62,907 | |
| BACM 06-5 A1 | 9/10/2047 | 5.1850% | * | * | 49,945 | |
| BOA FDIC GTD MTN | 4/30/2012 | 2.1000% | * | * | 323,080 | |
| BANK AMERICA | 2/15/2010 | 7.8000% | * | * | 65,306 | |
| BANK AMERICA | 5/1/2013 | 4.9000% | * | * | 124,341 | |
| BANK AMER GMTN | 5/15/2014 | 7.3750% | * | * | 411,890 | |
| BANK OF NEW YORK | 1/14/2011 | 4.9500% | * | * | 42,549 | |
| BANK NY MELLON GLB | 11/1/2012 | 4.9500% | * | * | 116,120 | |
| BONY MTN | 5/15/2014 | 4.3000% | * | * | 196,780 | |
| BANK ONE CORP | 8/1/2010 | 7.8750% | * | * | 322,621 |
Folio 15 /Folio
PAGEBREAK
SCHEDULE I
RYDER SYSTEM, INC. 401(k) SAVINGS PLAN
FORM 5500, SCHEDULE H, LINE 4i SCHEDULE OF ASSETS (HELD AT END OF YEAR) December 31, 2009
| (c) | ||||||
|---|---|---|---|---|---|---|
| Description of Investment Including | (e) | |||||
| (b) | Maturity Date, Rate of Interest, Par | (d) | Current | |||
| (a) | Identity of Issue, Borrower, Lessor or Similar Party | or Maturity Value | Cost | Value | ||
| BANK OF TOKYO MIT GL | 4/15/2010 | 8.4000% | * | * | 465,152 | |
| BARCLAYS MTN | 1/23/2013 | 2.5000% | * | * | 450,670 | |
| BAYC 04-1 A | 4/25/2034 | 0.5888% | * | * | 36,767 | |
| BAYC 04-2 A | 8/25/2034 | 0.6588% | * | * | 29,916 | |
| BAYC 04-2 M1 | 8/25/2034 | 0.8088% | * | * | 9,374 | |
| BSCMS 04-PWR5 X2 | 7/11/2042 | 0.8189% | * | * | 17,510 | |
| BSCMS 04-T16 X2 | 2/13/2046 | 0.7159% | * | * | 11,747 | |
| BSCMS 03-T12 X2 | 8/13/2039 | 0.4937% | * | * | 14,222 | |
| BSCMS 04-PWR6 X2 | 11/11/2041 | 0.6186% | * | * | 11,728 | |
| BSCMS 05-PWR9 A1 | 9/11/2042 | 4.4980% | * | * | 63,798 | |
| BSCMS 05-T20 A1 | 10/12/2042 | 4.9400% | * | * | 38,562 | |
| BSCMS 2006-T22 A1 | 4/12/2038 | 5.4150% | * | * | 67,705 | |
| BSCMS 2006-T24 X2 | 10/12/2041 | 0.4280% | * | * | 29,085 | |
| BSCMS 07-PW15 A1 | 2/11/2044 | 5.0160% | * | * | 10,532 | |
| BEAR STEARNS CO | 1/7/2010 | 4.2450% | * | * | 234,731 | |
| BRHEA 05-4 A5 | 12/1/2040 | 4.9100% | * | * | 97,927 | |
| BRHEA 06-A A2R 3 | 12/1/2041 | 1.0006% | * | * | 270,253 | |
| BRITISH G STEP | 12/15/2010 | 9.1250% | * | * | 478,542 | |
| COMM 05-C6 A2 | 6/10/2044 | 4.9990% | * | * | 88,639 | |
| COMM 05-C6 XP | 6/10/2044 | 0.1202% | * | * | 14,084 | |
| CPS 07-B A3 | 11/15/2011 | 5.4700% | * | * | 58,547 | |
| CPS 2007-C A3 | 5/15/2012 | 5.4300% | * | * | 67,389 | |
| CANADA GOVT | 9/10/2014 | 2.3750% | * | * | 247,489 | |
| CARAT 07-1 B | 9/17/2012 | 5.1500% | * | * | 128,075 | |
| CARAT 07-SN1 B | 3/15/2011 | 5.5200% | * | * | 60,408 | |
| CARAT 07-SN1 C | 3/15/2011 | 5.7300% | * | * | 35,130 | |
| COAFT 05-C A4A | 6/15/2012 | 4.7100% | * | * | 67,946 | |
| COMET 2006-A6 | 2/18/2014 | 5.3000% | * | * | 210,190 | |
| COMET 07-B3 | 3/15/2013 | 5.0500% | * | * | 819,132 | |
| COMET 07-B5 | 5/15/2013 | 5.4000% | * | * | 391,517 | |
| COMET 09-A2 | 4/15/2014 | 3.2000% | * | * | 573,560 | |
| COPAR 06-2 A4 | 7/15/2012 | 4.9400% | * | * | 86,091 | |
| COPAR 2007-1 B1 | 12/15/2013 | 5.7600% | * | * | 121,676 | |
| CARGILL INC | 6/1/2012 | 6.3750% | * | * | 607,551 | |
| CDTIM 05-1A A1 | 5/20/2017 | 4.6700% | * | * | 18,490 | |
| CHAIT 2008-A9 | 5/15/2013 | 4.2600% | * | * | 124,983 | |
| CHASE MANHATTAN | 6/15/2010 | 7.8750% | * | * | 279,389 | |
| CITIGROUP INC | 10/17/2012 | 5.3000% | * | * | 1,032,637 | |
| CCCIT 07-B2 | 4/2/2012 | 5.0000% | * | * | 526,222 | |
| CCCIT 07-A5 | 6/22/2012 | 5.5000% | * | * | 430,137 | |
| CCCIT 07-B6 | 11/8/2012 | 5.0000% | * | * | 390,025 | |
| CCCIT 2009-A3 | 6/24/2013 | 2.7000% | * | * | 478,972 | |
| CGCMT 04-C2 XP | 10/15/2041 | 0.9083% | * | * | 11,508 | |
| CGCMT 05-EMG A2 | 9/20/2051 | 4.2211% | * | * | 140 | |
| CITI FDG FDIC | 10/22/2012 | 1.8750% | * | * | 791,089 |
Folio 16 /Folio
PAGEBREAK
SCHEDULE I
RYDER SYSTEM, INC. 401(k) SAVINGS PLAN
FORM 5500, SCHEDULE H, LINE 4i SCHEDULE OF ASSETS (HELD AT END OF YEAR) December 31, 2009
| (c) | ||||||
|---|---|---|---|---|---|---|
| Description of Investment Including | (e) | |||||
| (b) | Maturity Date, Rate of Interest, Par | (d) | Current | |||
| (a) | Identity of Issue, Borrower, Lessor or Similar Party | or Maturity Value | Cost | Value | ||
| CITIGR FDG FDIC | 11/15/2012 | 1.8750% | * | * | 604,115 | |
| CITIBANK FDIC MTN | 6/4/2012 | 1.8750% | * | * | 392,784 | |
| CITIBANK NA FDIC | 7/12/2011 | 1.5000% | * | * | 578,086 | |
| CWCI 07-C2 A1 | 4/15/2047 | 5.0640% | * | * | 63,593 | |
| COMM 06-C8 XP | 12/10/2046 | 0.4837% | * | * | 132,518 | |
| COMM 04-LB4A XP | 10/15/2037 | 0.7163% | * | * | 25,479 | |
| COMM 05-LP5 XP | 52,361 | 0.2738% | * | * | 8,319 | |
| GCCFC 07-GG11 XP | 12/10/2049 | 0.4798% | * | * | 120,504 | |
| COMMONWEALTH BANK A US | 10/15/2014 | 3.7500% | * | * | 464,760 | |
| COMMONWEALTH MTN | 9/17/2014 | 2.9000% | * | * | 862,868 | |
| CONTL AIR 991A | 2/2/2019 | 6.5450% | * | * | 183,768 | |
| COUNTRYWIDE MTN | 3/22/2011 | 4.0000% | * | * | 104,261 | |
| COUNTRYWIDE MTN | 6/7/2012 | 5.8000% | * | * | 681,842 | |
| COVIDIEN INT | 10/15/2010 | 5.1500% | * | * | 442,850 | |
| COVIDIEN INT GLB | 10/15/2012 | 5.4500% | * | * | 306,201 | |
| CREDIT SUISSE NY | 5/15/2013 | 5.0000% | * | * | 610,437 | |
| CSFB 03-C5 A3 | 12/15/2036 | 4.4290% | * | * | 122,548 | |
| CSFB 03-C4 A3 | 8/15/2036 | 4.7000% | * | * | 120,706 | |
| CSMC 07-C3 A1 | 6/15/2039 | 5.6640% | * | * | 38,975 | |
| CSMC 06-C5 ASP | 12/15/2039 | 0.6708% | * | * | 117,170 | |
| CSMC 07-C1 A1 | 2/15/2040 | 5.2270% | * | * | 45,616 | |
| CSMC 07-C1 ASP | 2/15/2040 | 0.4174% | * | * | 131,505 | |
| CSMC 07-C2 A1 | 1/15/2049 | 5.2690% | * | * | 35,905 | |
| CSFB 05-C1 ASP | 2/15/2038 | 0.3235% | * | * | 12,430 | |
| CSFB 05-C4 ASP | 8/15/2038 | 0.2365% | * | * | 35,445 | |
| CSFB 05-C2 ASP | 4/15/2037 | 0.5347% | * | * | 17,858 | |
| CREDIT SUISSE MTN | 7/2/2012 | 3.4500% | * | * | 585,678 | |
| DBS BK LTD | 5/16/2017 | 5.1250% | * | * | 413,307 | |
| DLJCM 00-CF1 A1B | 6/10/2033 | 7.6200% | * | * | 47,796 | |
| DCAT 2006-C B | 4/8/2013 | 5.1100% | * | * | 227,704 | |
| DEUTSCHE TEL | 3/23/2011 | 5.3750% | * | * | 111,024 | |
| DIAGEO CPTL GLB | 1/30/2013 | 5.2000% | * | * | 185,702 | |
| DIAGEO FIN GLBL | 4/1/2011 | 3.8750% | * | * | 187,529 | |
| EDP FINANCE BV | 11/2/2012 | 5.3750% | * | * | 336,552 | |
| ERP OPERAT LP | 10/1/2012 | 5.5000% | * | * | 90,981 | |
| ENEL FIN INTL | 1/15/2013 | 5.7000% | * | * | 442,205 | |
| FHLM ARM 4.889% #847126 | 3/1/2033 | 3.9690% | * | * | 2,097 | |
| FHLM ARM 4.69% #1B2428 | 11/1/2035 | 4.7150% | * | * | 212,490 | |
| FHLM ARM 4.68% #847584 | 1/1/2036 | 3.6910% | * | * | 23,697 | |
| FHLM ARM 4.305% #848083 | 6/1/2035 | 3.9450% | * | * | 31,737 | |
| FHLM ARM 3.88% #848084 | 1/1/2035 | 2.6240% | * | * | 23,472 | |
| FHLM ARM 4.542% #848085 | 4/1/2035 | 4.5510% | * | * | 72,922 | |
| FHLM ARM 3.479% #848086 | 3/1/2035 | 3.3110% | * | * | 35,487 | |
| FHLM ARM 4.482% #848088 | 4/1/2035 | 3.4670% | * | * | 541,759 | |
| FHLM ARM 4.485% #848089 | 1/1/2035 | 3.2940% | * | * | 326,295 |
Folio 17 /Folio
PAGEBREAK
SCHEDULE I
RYDER SYSTEM, INC. 401(k) SAVINGS PLAN
FORM 5500, SCHEDULE H, LINE 4i SCHEDULE OF ASSETS (HELD AT END OF YEAR) December 31, 2009
| (c) | ||||||
|---|---|---|---|---|---|---|
| Description of Investment Including | (e) | |||||
| (b) | Maturity Date, Rate of Interest, Par | (d) | Current | |||
| (a) | Identity of Issue, Borrower, Lessor or Similar Party | or Maturity Value | Cost | Value | ||
| FHLM ARM 4.277% #848090 | 2/1/2035 | 3.3020% | * | * | 87,976 | |
| FHLM ARM 5.084% #1J0005 | 8/1/2035 | 5.0850% | * | * | 24,255 | |
| FHLG 15YR 5.00% #G13598 | 4/1/2020 | 5.0000% | * | * | 667,410 | |
| FHLM ARM 4.941% #1J1228 | 11/1/2035 | 3.0330% | * | * | 74,162 | |
| FHLM ARM 5.26% #1J1274 | 1/1/2036 | 3.3430% | * | * | 57,327 | |
| FHLM ARM 4.93% #1K1215 | 9/1/2035 | 4.9140% | * | * | 84,257 | |
| FHLM ARM 5.78% #1N0063 | 10/1/2035 | 5.6790% | * | * | 20,787 | |
| FHLM ARM 5.62% #1N0117 | 12/1/2035 | 2.6740% | * | * | 98,907 | |
| FHLM ARM 5.34% #1L0097 | 6/1/2035 | 4.1860% | * | * | 44,687 | |
| FHLM ARM 4.486% #1Q0758 | 5/1/2035 | 3.7750% | * | * | 326,807 | |
| FHLM ARM 4.199% #848185 | 8/1/2036 | 4.1040% | * | * | 43,115 | |
| FHLM ARM 4.571% #848186 | 3/1/2035 | 3.8520% | * | * | 56,951 | |
| FHR 2313 C | 5/15/2031 | 6.0000% | * | * | 70,302 | |
| FHLB | 8/22/2012 | 1.7500% | * | * | 363,136 | |
| FHLB | 11/21/2012 | 1.6250% | * | * | 2,566,002 | |
| FHLB | 12/28/2011 | 1.0000% | * | * | 995,885 | |
| FHLB | 1/16/2013 | 1.5000% | * | * | 1,662,906 | |
| FNMA | 2/16/2012 | 5.0000% | * | * | 700,866 | |
| FHLMC | 3/23/2012 | 2.1250% | * | * | 1,531,665 | |
| FHLMC | 12/15/2011 | 1.1250% | * | * | 1,778,363 | |
| FNMA 15YR #253633 | 1/1/2016 | 6.5000% | * | * | 28,702 | |
| FNMA 15YR #545725 | 6/1/2017 | 7.0000% | * | * | 48,613 | |
| FNMA 15YR #555532 | 12/1/2017 | 7.0000% | * | * | 76,805 | |
| FNMA 20YR #555867 | 11/1/2023 | 5.5000% | * | * | 207,440 | |
| FNMA ARM #555923 | 7/1/2036 | 2.7830% | * | * | 38,446 | |
| FNMA 15YR #619196 | 2/1/2016 | 7.0000% | * | * | 8,188 | |
| FNMA 15YR #637071 | 3/1/2017 | 6.5000% | * | * | 81,252 | |
| FNR 01-52 XM | 11/25/2010 | 6.5000% | * | * | 10,939 | |
| FNR 03-83 TH | 11/25/2016 | 4.5000% | * | * | 248,490 | |
| FNR 04-3 HA | 7/25/2017 | 4.0000% | * | * | 99,447 | |
| FHR 2626 NA | 6/15/2023 | 5.0000% | * | * | 66,249 | |
| FNR 2004-15 AB | 9/25/2017 | 4.0000% | * | * | 66,743 | |
| FHR 2867 EA | 11/15/2018 | 4.5000% | * | * | 104,308 | |
| FNR 2008-29 CA | 9/25/2035 | 4.5000% | * | * | 733,384 | |
| FNR 2008-95 AD | 12/25/2023 | 4.5000% | * | * | 707,699 | |
| FNMA | 3/23/2011 | 1.7500% | * | * | 87,461 | |
| FNMA | 3/13/2014 | 2.7500% | * | * | 671,050 | |
| FNMA | 5/15/2014 | 2.5000% | * | * | 460,567 | |
| FNMA ARM #694530 | 3/1/2033 | 4.3060% | * | * | 5,167 | |
| FNMA ARM #695019 | 2/1/2033 | 2.2800% | * | * | 6,489 | |
| FNMA ARM #703915 | 5/1/2033 | 3.6100% | * | * | 4,129 | |
| FNMA ARM #712321 | 6/1/2033 | 4.5630% | * | * | 100,368 | |
| FNMA 15YR #734729 | 9/1/2018 | 4.0000% | * | * | 247,792 | |
| FNMA ARM #735011 | 11/1/2034 | 3.0950% | * | * | 82,101 | |
| FNMA 15YR #745874 | 7/1/2020 | 4.5000% | * | * | 100,734 |
Folio 18 /Folio
PAGEBREAK
SCHEDULE I
RYDER SYSTEM, INC. 401(k) SAVINGS PLAN
FORM 5500, SCHEDULE H, LINE 4i SCHEDULE OF ASSETS (HELD AT END OF YEAR) December 31, 2009
| (c) | ||||||
|---|---|---|---|---|---|---|
| Description of Investment Including | (e) | |||||
| (b) | Maturity Date, Rate of Interest, Par | (d) | Current | |||
| (a) | Identity of Issue, Borrower, Lessor or Similar Party | or Maturity Value | Cost | Value | ||
| FNMA ARM #745972 | 11/1/2036 | 3.7260% | * | * | 71,705 | |
| FNMA ARM #746320 | 10/1/2033 | 2.7990% | * | * | 12,214 | |
| FNMA ARM #754672 | 10/1/2033 | 2.4030% | * | * | 4,356 | |
| FNMA ARM #755148 | 10/1/2033 | 2.6000% | * | * | 11,616 | |
| FNMA ARM #773281 | 3/1/2035 | 4.4020% | * | * | 22,831 | |
| FNMA ARM #783587 | 3/1/2035 | 4.2270% | * | * | 32,937 | |
| FNMA ARM #801635 | 7/1/2034 | 3.3580% | * | * | 5,248 | |
| FNMA ARM #802852 | 12/1/2034 | 2.6970% | * | * | 85,056 | |
| FNMA ARM #815586 | 3/1/2035 | 3.1720% | * | * | 5,516 | |
| FNMA ARM #815626 | 5/1/2035 | 4.7480% | * | * | 20,268 | |
| FNMA ARM #816322 | 3/1/2035 | 2.9210% | * | * | 2,104 | |
| FNMA ARM #823810 | 6/1/2035 | 5.0280% | * | * | 22,801 | |
| FNMA ARM #826362 | 7/1/2035 | 4.6250% | * | * | 156,431 | |
| FNMA ARM #829603 | 8/1/2035 | 2.8130% | * | * | 17,701 | |
| FNMA ARM #832099 | 7/1/2035 | 3.3800% | * | * | 41,583 | |
| FNMA ARM #834917 | 7/1/2035 | 2.1290% | * | * | 4,848 | |
| FNMA ARM #843013 | 12/1/2034 | 2.5020% | * | * | 13,770 | |
| FNMA ARM #847787 | 10/1/2035 | 3.1240% | * | * | 22,102 | |
| FNMA ARM #886983 | 6/1/2036 | 4.2880% | * | * | 12,750 | |
| FNMA ARM #888382 | 7/1/2035 | 4.8700% | * | * | 122,538 | |
| FNMA ARM #888398 | 9/1/2036 | 4.9760% | * | * | 270,053 | |
| FNMA 15YR #888889 | 12/1/2018 | 4.5000% | * | * | 450,916 | |
| FNMA 15YR #889335 | 6/1/2018 | 4.5000% | * | * | 376,583 | |
| FNMA 15YR #889336 | 12/1/2018 | 4.5000% | * | * | 442,915 | |
| FNMA ARM #889704 | 10/1/2037 | 4.3680% | * | * | 68,206 | |
| FNMA ARM #889946 | 5/1/2035 | 2.7870% | * | * | 110,524 | |
| FNMA ARM #995015 | 2/1/2036 | 4.5420% | * | * | 1,140,006 | |
| FNMA ARM #995016 | 7/1/2035 | 3.7810% | * | * | 249,687 | |
| FNMA ARM #995017 | 2/1/2035 | 3.3000% | * | * | 945,715 | |
| FNMA ARM #995269 | 7/1/2035 | 3.5690% | * | * | 795,501 | |
| FNMA ARM #995271 | 2/1/2036 | 4.7850% | * | * | 197,530 | |
| FNMA ARM #995272 | 5/1/2035 | 3.5080% | * | * | 9,779 | |
| FNMA ARM #995273 | 7/1/2035 | 3.3100% | * | * | 41,791 | |
| FNMA ARM #995274 | 2/1/2034 | 3.3330% | * | * | 2,260 | |
| FNMA ARM #995414 | 7/1/2035 | 2.9730% | * | * | 93,266 | |
| FNMA ARM #995415 | 10/1/2035 | 3.2390% | * | * | 336,288 | |
| FNMA ARM #995604 | 11/1/2035 | 4.6870% | * | * | 156,101 | |
| FNMA ARM #995605 | 4/1/2035 | 3.0460% | * | * | 171,660 | |
| FNMA ARM #995606 | 11/1/2036 | 3.4840% | * | * | 111,244 | |
| FNMA ARM #995607 | 3/1/2037 | 3.5640% | * | * | 87,307 | |
| FNMA ARM #995609 | 4/1/2035 | 3.4980% | * | * | 46,779 | |
| FNMA 15YR #995756 | 12/1/2018 | 5.0000% | * | * | 204,576 | |
| FNMA 15YR #995836 | 7/1/2020 | 5.0000% | * | * | 720,129 | |
| FNMA 15YR #995861 | 1/1/2021 | 5.0000% | * | * | 321,760 | |
| FNMA 15YR #995902 | 5/1/2019 | 5.0000% | * | * | 287,003 |
Folio 19 /Folio
PAGEBREAK
SCHEDULE I
RYDER SYSTEM, INC. 401(k) SAVINGS PLAN
FORM 5500, SCHEDULE H, LINE 4i SCHEDULE OF ASSETS (HELD AT END OF YEAR) December 31, 2009
| (c) | ||||||
|---|---|---|---|---|---|---|
| Description of Investment Including | (e) | |||||
| (b) | Maturity Date, Rate of Interest, Par | (d) | Current | |||
| (a) | Identity of Issue, Borrower, Lessor or Similar Party | or Maturity Value | Cost | Value | ||
| FNMA ARM #AC0036 | 2/1/2039 | 3.0880% | * | * | 528,715 | |
| FNMA ARM #AD0011 | 3/1/2034 | 3.6920% | * | * | 10,244 | |
| FNMA ARM #AD0064 | 1/1/2035 | 2.3670% | * | * | 495,254 | |
| FNMA ARM #AD0065 | 9/1/2035 | 5.1250% | * | * | 372,108 | |
| FNMA ARM #AD0066 | 12/1/2033 | 4.1230% | * | * | 183,274 | |
| FNMA ARM #AD0068 | 4/1/2036 | 2.2200% | * | * | 47,470 | |
| FNMA 15YR #AD0116 | 11/1/2018 | 4.5000% | * | * | 1,016,560 | |
| FNMA 15YR #AD0117 | 10/1/2018 | 4.5000% | * | * | 1,687,086 | |
| FNMA 15YR #AD0118 | 7/1/2018 | 4.5000% | * | * | 890,262 | |
| FNMA ARM #AD0175 | 2/1/2036 | 4.8000% | * | * | 30,765 | |
| FNMA ARM #AD0176 | 5/1/2035 | 4.1410% | * | * | 275,602 | |
| FNMA ARM #AD0177 | 9/1/2034 | 3.2650% | * | * | 12,151 | |
| FNMA ARM #AD0178 | 4/1/2036 | 2.2610% | * | * | 30,174 | |
| FORDO 2006-B | 2/15/2012 | 5.4300% | * | * | 219,185 | |
| FORDO 2006-C B | 6/15/2012 | 5.3000% | * | * | 99,792 | |
| FORDO 07-A B | 10/15/2012 | 5.6000% | * | * | 58,341 | |
| FRANCE TELE MTN | 7/8/2014 | 4.3750% | * | * | 251,601 | |
| FRNK 06-1 A4 | 7/21/2014 | 5.0300% | * | * | 364,218 | |
| FRNK 06-1 B1 | 7/21/2014 | 5.1400% | * | * | 35,375 | |
| FRNK 07-1 B | 2/16/2015 | 5.1300% | * | * | 129,847 | |
| FUJI FIN | 4/15/2010 | 8.6250% | * | * | 313,344 | |
| GEBL 03-1 A | 4/15/2031 | 0.6619% | * | * | 59,292 | |
| GEMNT 07-1 B | 3/15/2013 | 4.9500% | * | * | 358,657 | |
| GEMNT 2007-3 B | 6/15/2013 | 5.4900% | * | * | 382,034 | |
| GECMC 07-C1 XP | 12/10/2049 | 0.2074% | * | * | 40,905 | |
| GMACC 04-C2 A2 | 8/10/2038 | 4.7600% | * | * | 89,680 | |
| GMACC 05-C1 X2 | 5/10/2043 | 0.6685% | * | * | 13,978 | |
| GMAC INC FDIC | 10/30/2012 | 1.7500% | * | * | 458,369 | |
| GSMS 01-LIBA C | 2/14/2016 | 6.7330% | * | * | 100,920 | |
| GCOSL 06-1A NOTE | 3/1/2022 | 5.7200% | * | * | 84,896 | |
| GENERAL DYNAMIC MTN | 7/15/2011 | 1.8000% | * | * | 344,922 | |
| GE CAP | 2/1/2011 | 5.2000% | * | * | 660,218 | |
| GECAP MTN | 5/13/2014 | 5.9000% | * | * | 294,013 | |
| GE CAP CORP | 8/13/2012 | 3.5000% | * | * | 1,344,266 | |
| GE CAP FDIC | 12/9/2011 | 3.0000% | * | * | 464,695 | |
| GE CAP FDIC | 3/11/2011 | 1.8000% | * | * | 721,878 | |
| GE CAP FDIC MTN | 12/28/2012 | 2.6250% | * | * | 535,800 | |
| GE CAP FDIC GMTN | 9/28/2012 | 2.0000% | * | * | 261,680 | |
| GLAXOSMTH KLINE | 5/15/2013 | 4.8500% | * | * | 107,965 | |
| GOLDMAN SA FDIC | 3/15/2012 | 2.1500% | * | * | 102,254 | |
| GNR 02-35 C | 10/16/2023 | 5.8635% | * | * | 372 | |
| GPMH 01-1 IA | 4/20/2032 | 0.5688% | * | * | 15,151 | |
| GCCFC 03-C1 A2 | 7/5/2035 | 3.2850% | * | * | 101,621 | |
| GCCFC 04-GG1 A4 | 6/10/2036 | 4.7550% | * | * | 252,057 | |
| GCCFC 05-GG3 XP | 8/10/2042 | 0.6926% | * | * | 59,149 |
Folio 20 /Folio
PAGEBREAK
SCHEDULE I
RYDER SYSTEM, INC. 401(k) SAVINGS PLAN
FORM 5500, SCHEDULE H, LINE 4i SCHEDULE OF ASSETS (HELD AT END OF YEAR) December 31, 2009
| (c) | ||||||
|---|---|---|---|---|---|---|
| Description of Investment Including | (e) | |||||
| (b) | Maturity Date, Rate of Interest, Par | (d) | Current | |||
| (a) | Identity of Issue, Borrower, Lessor or Similar Party | or Maturity Value | Cost | Value | ||
| GCCFC 05-GG5 XP | 4/10/2037 | 0.0947% | * | * | 46,798 | |
| GSALT 07-1 B | 12/15/2014 | 5.5300% | * | * | 44,312 | |
| HSBC USA FDIC | 12/16/2011 | 3.1250% | * | * | 165,785 | |
| HAT 2006-3 A3 | 9/19/2011 | 5.2800% | * | * | 129,578 | |
| HAT 07-1 A3 | 11/17/2011 | 5.3000% | * | * | 49,427 | |
| HAT 07-1 A4 | 11/17/2013 | 5.3300% | * | * | 239,837 | |
| HUTCHISON WH | 11/24/2010 | 5.4500% | * | * | 155,306 | |
| HART 06-1 B | 11/15/2012 | 5.2900% | * | * | 5,355 | |
| HART 06-1 C | 11/15/2012 | 5.3400% | * | * | 6,690 | |
| HART 2007-A A3A | 1/17/2012 | 5.0400% | * | * | 101,561 | |
| JP MORGAN CS GLB | 2/1/2011 | 6.7500% | * | * | 70,393 | |
| JPMORGAN CHASE | 9/1/2015 | 4.8910% | * | * | 137,480 | |
| JPMORGAN CHASE | 5/1/2013 | 4.7500% | * | * | 406,234 | |
| JPMC CO MTN | 6/1/2014 | 4.6500% | * | * | 792,986 | |
| JPMCC 2001-C1 A2 | 10/12/2035 | 5.4640% | * | * | 28,205 | |
| JPMCC 04-CB9 A2 | 6/12/2041 | 5.1080% | * | * | 224,445 | |
| JPMCC 2006-LDP9 A1 | 5/15/2047 | 5.1700% | * | * | 95,827 | |
| JPMCC 07-LDP10 A | 1/15/2049 | 5.1220% | * | * | 44,091 | |
| JACKSON NATL | 5/8/2013 | 5.3750% | * | * | 131,367 | |
| JPMRT 2006-A A4 | 12/15/2014 | 5.1400% | * | * | 177,652 | |
| JPMART 2006-A B | 12/15/2014 | 5.3600% | * | * | 14,489 | |
| JPMORGAN FDIC | 12/1/2011 | 3.1250% | * | * | 290,524 | |
| KEYSPAN CORP | 11/15/2010 | 7.6250% | * | * | 95,781 | |
| KRAFT FOODS INC | 8/11/2010 | 5.6250% | * | * | 330,888 | |
| KFW GLB | 5/15/2012 | 4.7500% | * | * | 441,790 | |
| KFW GLB | 5/16/2013 | 3.5000% | * | * | 481,504 | |
| LBUBS 07-C1 A1 | 2/15/2040 | 5.3910% | * | * | 40,985 | |
| LBUBS 01-WM X | 7/14/2016 | 0.5408% | * | * | 9,930 | |
| LBUBS 07-C2 A1 | 2/15/2040 | 5.2260% | * | * | 30,170 | |
| LBUBS 00-C3 A2 | 5/15/2025 | 7.9500% | * | * | 32,812 | |
| LBUBS 00-C5 A2 | 12/15/2026 | 6.5100% | * | * | 115,303 | |
| LBUBS 04-C6 A2 | 8/15/2029 | 4.1870% | * | * | 34,506 | |
| LBUBS 2006-C3 A1 | 3/15/2039 | 5.4780% | * | * | 32,975 | |
| LBART 2006-B A4 | 9/15/2013 | 5.1800% | * | * | 122,372 | |
| MBNAS 2005-A6 | 1/15/2013 | 4.5000% | * | * | 306,673 | |
| MLCFC 07-6 A1 | 3/12/2051 | 5.1750% | * | * | 37,203 | |
| MANUFTRS & TRD | 4/1/2013 | 1.7506% | * | * | 369,536 | |
| MVCOT 05-2 A | 10/20/2027 | 5.2500% | * | * | 50,424 | |
| MVCOT 06-2A | 10/20/2028 | 5.3620% | * | * | 40,424 | |
| MVCOT 06-2A B | 10/20/2028 | 5.4420% | * | * | 7,952 | |
| MVCOT 06-2A C | 10/20/2028 | 5.6910% | * | * | 2,908 | |
| MASSMUTUAL GL | 7/16/2012 | 3.6250% | * | * | 104,423 | |
| MARM 04-11 1A4 | 11/25/2034 | 0.7556% | * | * | 295 | |
| MERRILL LYNCH CO | 2/5/2013 | 5.4500% | * | * | 46,198 | |
| MERRILL LYNCH CO | 4/25/2013 | 6.1500% | * | * | 114,632 |
Folio 21 /Folio
PAGEBREAK
SCHEDULE I
RYDER SYSTEM, INC. 401(k) SAVINGS PLAN
FORM 5500, SCHEDULE H, LINE 4i SCHEDULE OF ASSETS (HELD AT END OF YEAR) December 31, 2009
| (c) | ||||||
|---|---|---|---|---|---|---|
| Description of Investment Including | (e) | |||||
| (b) | Maturity Date, Rate of Interest, Par | (d) | Current | |||
| (a) | Identity of Issue, Borrower, Lessor or Similar Party | or Maturity Value | Cost | Value | ||
| MLMT 04-MKB1 A2 | 2/12/2042 | 4.3530% | * | * | 236,127 | |
| MLMT 04-BPC1 XP | 9/12/2041 | 0.7606% | * | * | 40,931 | |
| MLMT 05-MKB2 XP | 9/12/2042 | 0.2115% | * | * | 4,274 | |
| MET LIFE GLBL | 7/25/2011 | 5.7500% | * | * | 225,946 | |
| MET LIFE MTN | 6/10/2014 | 5.1250% | * | * | 176,174 | |
| MET LIFE GBL | 9/17/2012 | 2.8750% | * | * | 347,524 | |
| MIDAMERICAN ENRG | 7/15/2012 | 5.6500% | * | * | 315,094 | |
| MLCFC 06-3 XP | 7/12/2046 | 0.6539% | * | * | 80,791 | |
| MLCFC 07-8 A1 | 8/12/2049 | 4.6220% | * | * | 68,321 | |
| MONUMENTAL GLOBAL | 4/22/2013 | 5.5000% | * | * | 62,367 | |
| MSTDW GLOBAL | 4/15/2011 | 6.7500% | * | * | 107,373 | |
| MSC 03-IQ5 X2 | 4/15/2038 | 0.8735% | * | * | 10,145 | |
| MSC 04-TOP13 X2 | 9/13/2045 | 0.8653% | * | * | 11,907 | |
| MSC 04-HQ3 A2 | 1/13/2041 | 4.0500% | * | * | 79,935 | |
| MSC 06-T21 A1 | 10/12/2052 | 4.9250% | * | * | 121,050 | |
| MORGAN STANLEY | 5/13/2014 | 6.0000% | * | * | 216,640 | |
| MSC 2007-HQ11 A1 | 2/12/2044 | 5.2460% | * | * | 73,261 | |
| MSC 07-IQ13 A1 | 3/15/2044 | 5.0500% | * | * | 73,186 | |
| MORGAN STANLEY FDIC | 12/1/2011 | 3.2500% | * | * | 343,211 | |
| NATIONAL AUST BANK | 6/12/2013 | 5.3500% | * | * | 269,791 | |
| NATIONAL AUST BANK | 11/16/2012 | 2.3500% | * | * | 458,382 | |
| NCSLT 2007-2 AIO | 7/25/2012 | 6.7000% | * | * | 61,334 | |
| NCSLT 2006-2 AIO | 8/25/2011 | 6.0000% | * | * | 5,880 | |
| NCSLT 05-2 AIO | 3/25/2012 | 7.7300% | * | * | 2,912 | |
| NCSLT 06-1 A-IO | 4/25/2011 | 5.5000% | * | * | 18,696 | |
| NCSLT 04-GT1 IO1 | 6/25/2010 | 7.8700% | * | * | 9,732 | |
| NCSLT 2006-3 AIO | 1/25/2012 | 7.1000% | * | * | 80,641 | |
| NCSLT 06-4 AIO | 2/27/2012 | 6.3500% | * | * | 57,167 | |
| NCSLT 2007-1 AIO | 4/25/2012 | 7.2700% | * | * | 84,135 | |
| NY LIFE | 12/14/2012 | 2.2500% | * | * | 269,719 | |
| NY LIFE GLB | 5/9/2013 | 4.6500% | * | * | 295,984 | |
| NORD 07-1A | 5/15/2013 | 4.9200% | * | * | 581,181 | |
| NORTHERN TRUST CO | 8/15/2013 | 5.5000% | * | * | 55,734 | |
| NORTHERN TRUST CO | 5/1/2014 | 4.6250% | * | * | 49,373 | |
| NEF 05-1 A5 | 10/30/2045 | 0.9988% | * | * | 163,396 | |
| ORIX CORP | 11/22/2011 | 5.4800% | * | * | 35,337 | |
| PECO ENERGY MTN | 10/15/2013 | 5.6000% | * | * | 197,746 | |
| PNC FUNDING MTN | 6/10/2014 | 5.4000% | * | * | 289,608 | |
| PACIFIC GAS & ELECTRIC | 12/1/2013 | 6.2500% | * | * | 178,953 | |
| PETRO EXP | 6/15/2010 | 4.6230% | * | * | 20,835 | |
| PETRO EXP | 6/15/2010 | 4.6330% | * | * | 12,611 | |
| PFIZER | 3/15/2012 | 4.4500% | * | * | 321,226 | |
| PHILIP MORRIS | 5/16/2013 | 4.8750% | * | * | 73,261 | |
| PRIME PROP FNDG | 6/15/2011 | 5.6000% | * | * | 133,523 | |
| PROCTOR & GAMBLE INTL | 8/26/2011 | 1.3500% | * | * | 335,238 |
Folio 22 /Folio
PAGEBREAK
SCHEDULE I
RYDER SYSTEM, INC. 401(k) SAVINGS PLAN
FORM 5500, SCHEDULE H, LINE 4i SCHEDULE OF ASSETS (HELD AT END OF YEAR) December 31, 2009
| (c) | ||||||
|---|---|---|---|---|---|---|
| Description of Investment Including | (e) | |||||
| (b) | Maturity Date, Rate of Interest, Par | (d) | Current | |||
| (a) | Identity of Issue, Borrower, Lessor or Similar Party | or Maturity Value | Cost | Value | ||
| RABOBANK NEDER | 8/17/2012 | 2.6500% | * | * | 1,225,619 | |
| RAS LAF YANK | 3/15/2014 | 8.2940% | * | * | 144,532 | |
| RIO TINTO FIN | 7/15/2013 | 5.8750% | * | * | 439,133 | |
| ROYAL BANK Y$CD | 3/15/2013 | 2.2500% | * | * | 610,748 | |
| ROYAL BANK SCT | 3/30/2012 | 1.5000% | * | * | 446,221 | |
| SBC COMM GLOBAL | 3/15/2011 | 6.2500% | * | * | 220,862 | |
| SBC COMM GLOBAL | 2/1/2012 | 5.8750% | * | * | 179,152 | |
| SVOVM 05-A | 2/20/2021 | 5.2500% | * | * | 54,824 | |
| SBM7 00-C3 A2 | 12/18/2033 | 6.5920% | * | * | 212,450 | |
| SANTANDER | 6/20/2016 | 5.8050% | * | * | 181,696 | |
| SCOTLAND INTL | 8/15/2010 | 7.7000% | * | * | 261,007 | |
| SHELL INTL FIN | 9/22/2011 | 1.3000% | * | * | 372,278 | |
| SIMON PROPERTY | 5/30/2013 | 5.3000% | * | * | 145,092 | |
| SOUTHERN CO | 5/15/2014 | 4.1500% | * | * | 69,255 | |
| STATE ST CORP | 5/30/2014 | 4.3000% | * | * | 41,541 | |
| LLL 1997-LLI D | 10/12/2034 | 7.1500% | * | * | 87,034 | |
| SASC 04-NP1 A | 9/25/2033 | 0.6288% | * | * | 11,513 | |
| SVENSKA MTN | 9/14/2012 | 2.8750% | * | * | 659,564 | |
| TELECOM ITALIA | 1/15/2010 | 4.0000% | * | * | 254,804 | |
| TELEFONOS MEXICO | 1/27/2010 | 4.7500% | * | * | 572,779 | |
| TRANSCAPIT | 3/5/2014 | 5.6700% | * | * | 333,386 | |
| TAROT 2006-C A4 | 5/13/2013 | 5.3100% | * | * | 158,261 | |
| HCARD 07-1 B | 6/15/2012 | 5.5300% | * | * | 271,853 | |
| US CNTRL FED CU | 10/19/2012 | 1.9000% | * | * | 280,845 | |
| UNCREDIT LUX | 1/13/2017 | 5.5840% | * | * | 293,378 | |
| US BANCORP MTN | 5/15/2014 | 4.2000% | * | * | 302,588 | |
| USTN | 8/31/2011 | 4.6250% | * | * | 224,931 | |
| USTN | 5/31/2012 | 4.7500% | * | * | 7,892,400 | |
| USTN | 7/31/2012 | 4.6250% | * | * | 11,236,504 | |
| USTN | 9/30/2013 | 3.1250% | * | * | 1,837,979 | |
| USTN | 10/31/2013 | 2.7500% | * | * | 1,301,559 | |
| USTN | 11/30/2013 | 2.0000% | * | * | 7,672,636 | |
| USTN | 11/15/2011 | 1.7500% | * | * | 1,183,361 | |
| USTN | 12/15/2011 | 1.1250% | * | * | 1,959,718 | |
| USTN | 1/15/2012 | 1.1250% | * | * | 627,662 | |
| USTN | 2/28/2014 | 1.8750% | * | * | 1,254,187 | |
| USTN | 6/15/2012 | 1.8750% | * | * | 10,615,949 | |
| USTN | 12/15/2012 | 1.1250% | * | * | 9,901,171 | |
| USTN | 12/31/2011 | 1.0000% | * | * | 8,716,660 | |
| USTN | 11/30/2011 | 0.7500% | * | * | 12,015,132 | |
| UNITED HEALTH | 11/15/2010 | 5.1250% | * | * | 478,928 | |
| VERIZON COM INC | 4/15/2013 | 5.2500% | * | * | 223,256 | |
| VERIZON WIRELESS | 2/1/2012 | 5.2500% | * | * | 210,005 | |
| VERIZON WIRELESS | 5/20/2011 | 3.7500% | * | * | 683,388 | |
| VERIZON NEW YORK | 4/1/2012 | 6.8750% | * | * | 475,237 |
Folio 23 /Folio
PAGEBREAK
SCHEDULE I
RYDER SYSTEM, INC. 401(k) SAVINGS PLAN
FORM 5500, SCHEDULE H, LINE 4i SCHEDULE OF ASSETS (HELD AT END OF YEAR) December 31, 2009
| (c) | ||||||
|---|---|---|---|---|---|---|
| Description of Investment Including | (e) | |||||
| (b) | Maturity Date, Rate of Interest, Par | (d) | Current | |||
| (a) | Identity of Issue, Borrower, Lessor or Similar Party | or Maturity Value | Cost | Value | ||
| VODAFONE GRP PLC | 6/15/2011 | 5.5000% | * | * | 95,139 | |
| WBCMT 03-C6 | 8/15/2035 | 4.4980% | * | * | 90,056 | |
| WBCMT 03-C8 | 11/15/2035 | 0.3194% | * | * | 2,613 | |
| WBCMT 05-C18 XP | 4/15/2042 | 0.3091% | * | * | 16,675 | |
| WBCMT 2004-C15 A2 | 10/15/2041 | 4.0390% | * | * | 325,469 | |
| WBCMT 04-C15 XP | 10/15/2041 | 0.8897% | * | * | 53,217 | |
| WALOT 06-1B | 7/20/2012 | 5.1500% | * | * | 124,013 | |
| WALOT 06-1 C | 11/20/2012 | 5.2200% | * | * | 276,349 | |
| WALOT 06-2 B | 6/20/2012 | 5.2900% | * | * | 216,352 | |
| WALOT 06-2 C | 10/22/2012 | 5.3400% | * | * | 102,581 | |
| WALOT 07-1 B | 7/20/2012 | 5.3800% | * | * | 285,567 | |
| WALOT 07-1 C | 10/22/2012 | 5.4500% | * | * | 194,941 | |
| WBCMT 07-C30 A1 | 12/15/2043 | 5.0310% | * | * | 61,312 | |
| WBCMT 2007-C30 XP | 12/15/2043 | 0.4342% | * | * | 88,240 | |
| WALMART STORES MTN | 5/15/2014 | 3.2000% | * | * | 245,386 | |
| WMMNT 2007-A4A | 10/15/2014 | 5.2000% | * | * | 155,094 | |
| WMMNT 07-A5A | 10/15/2014 | 0.9819% | * | * | 40,051 | |
| WELLS FARGO | 10/29/2010 | 3.9800% | * | * | 155,059 | |
| WELLS FARGO | 1/15/2010 | 4.2000% | * | * | 188,744 | |
| WELLS FARGO | 10/23/2012 | 5.2500% | * | * | 110,982 | |
| WESTPAC BKG | 11/19/2012 | 2.2500% | * | * | 400,107 | |
| YALE UNIV MTN | 10/15/2014 | 2.9000% | * | * | 150,062 | |
| 172,260,696 | ||||||
| WRAPPER CONTRACTS: | ||||||
| AIG Financial Products Corp, ACT/944674 | evergreen | 4.768% contract | * | * | 46,068 | |
| AEGON USA Inc., ACT/MDA00794TR | evergreen | 4.768% contract | * | * | 21,436 | |
| JP Morgan Chase Bank, ACT/ARYDER-2-07 | evergreen | 4.768% contract | * | * | | |
| Rabbobank Nederland, ACT/RYD040701 | evergreen | 4.768% contract | * | * | 74,487 | |
| State Street Bank and Trust Company, ACT/107035 | evergreen | 4.768% contract | * | * | 77,790 | |
| Total Investment and Wrapper Contracts | 172,480,477 | |||||
| MUTUAL FUNDS: | ||||||
| * | Fidelity Equity-Income Fund | 1,179,739 shares | * | * | 46,175,004 | |
| * | Fidelity Contrafund | 1,289,180 shares | * | * | 75,133,388 | |
| * | Fidelity Diversified International Fund | 1,935,839 shares | * | * | 54,203,497 | |
| * | Fidelity U.S. Bond Index Fund | 2,964,559 shares | * | * | 32,788,024 | |
| Spartan U.S. Equity Index Fund | 460,822 shares | * | * | 18,170,198 | ||
| * | Fidelity Growth Company Fund | 1,409,459 shares | * | * | 97,225,284 | |
| UAM: Rice, Hall, James Small Cap Portfolio | 797,336 shares | * | * | 10,724,164 | ||
| Spartan Extended Market Index | 184,398 shares | * | * | 5,605,703 | ||
| OSIC LAU/R Discovery Institution | 297,351 shares | * | * | 3,877,455 | ||
| Spartan International Index | 35,013 shares | * | * | 1,171,190 | ||
| 345,073,907 |
Folio 24 /Folio
PAGEBREAK
SCHEDULE I
RYDER SYSTEM, INC. 401(k) SAVINGS PLAN
FORM 5500, SCHEDULE H, LINE 4i SCHEDULE OF ASSETS (HELD AT END OF YEAR) December 31, 2009
| (c) | ||||||
|---|---|---|---|---|---|---|
| Description of Investment Including | (e) | |||||
| (b) | Maturity Date, Rate of Interest, Par | (d) | Current | |||
| (a) | Identity of Issue, Borrower, Lessor or Similar Party | or Maturity Value | Cost | Value | ||
| COMMON COLLECTIVE TRUSTS: | ||||||
| Pyramis Index Lifecycle 2000 Commingled Pool | 253,604 units | * | * | 2,520,827 | ||
| Pyramis Index Lifecycle 2005 Commingled Pool | 107,857 units | * | * | 1,038,662 | ||
| Pyramis Index Lifecycle 2010 Commingled Pool | 663,778 units | * | * | 6,372,267 | ||
| Pyramis Index Lifecycle 2015 Commingled Pool | 1,363,056 units | * | * | 12,826,357 | ||
| Pyramis Index Lifecycle 2020 Commingled Pool | 1,571,869 units | * | * | 14,083,945 | ||
| Pyramis Index Lifecycle 2025 Commingled Pool | 1,583,468 units | * | * | 14,092,861 | ||
| Pyramis Index Lifecycle 2030 Commingled Pool | 1,593,257 units | * | * | 13,447,092 | ||
| Pyramis Index Lifecycle 2035 Commingled Pool | 1,024,629 units | * | * | 8,617,132 | ||
| Pyramis Index Lifecycle 2040 Commingled Pool | 768,445 units | * | * | 6,370,409 | ||
| Pyramis Index Lifecycle 2045 Commingled Pool | 559,683 units | * | * | 4,650,969 | ||
| Pyramis Index Lifecycle 2050 Commingled Pool | 220,913 units | * | * | 1,815,908 | ||
| 85,836,429 | ||||||
| * | Ryder System, Inc. Common Stock Fund | 596,282 cash | 1,554,035 shares | * | * | 64,575,901 |
| * | Participant Loans | maturing thru 2025 | 3.25% - 9.5 % | * | * | 27,662,506 |
| Investments at Fair Value | $ | 707,257,943 |
| * | Represents a Party In Interest |
|---|---|
| ** | Indicates a participant directed investment; the cost disclosure is not required. |
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SCHEDULE II
RYDER SYSTEM, INC. 401(k) SAVINGS PLAN
FORM 5500, SCHEDULE H, LINE 4a SCHEDULE OF DELINQUENT PARTICIPANT CONTRIBUTIONS December 31, 2009
| Total That Constitute Nonexempt Prohibited Transactions | Contributions | Contributions | Total Fully Corrected | |
|---|---|---|---|---|
| Participant Contributions | Contributions Not | Corrected Outside | Pending Correction | Under VFCP and |
| Transferred Late to Plan | Corrected | VFCP | in VFCP | PTE 2002-51 |
| $1,732,960 | | $1,732,960 | | |
The above supplemental schedule has been revised to include additional delinquent contributions of $1,289,694 that were omitted from the previously issued supplemental schedule.
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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 hereunto duly authorized.
| /s/ Gregory F. Greene |
|---|
| Gregory F. Greene |
| Executive Vice President and Chief |
| Administrative Officer |
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EXHIBIT INDEX
| EXHIBIT | DESCRIPTION |
|---|---|
| 23.1 | Consent of Independent Registered Certified Public Accounting Firm PricewaterhouseCoopers |
| LLP |
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