The document provides an overview of Ryder's pension plans, including recent changes, accounting practices, funding status, investment strategies and results, contribution requirements, expenses, and equity charges. It notes that in 2008 and 2010, Ryder froze its US and Canadian pension plans respectively for most participants, shifting them to enhanced defined contribution plans. As of 2008, Ryder's consolidated pension plans were 66% funded, with the primary US plan 62% funded. The document reviews Ryder's asset allocation strategy and historical investment returns. It also outlines the rules for determining annual cash contribution requirements under the Pension Protection Act.
The pension plan had a funded status deficit of $549.5 million in 2011, compared to a deficit of $315.4 million in 2010 and $320.7 million in 2009. The projected benefit obligation increased to $1,967.6 million in 2011 from $1,744.2 million in 2010, while fair value of plan assets decreased to $1,418.0 million from $1,428.8 million. Unrecognized net actuarial losses also increased significantly to $927.0 million in 2011 from $658.5 million in 2010. The funded status was negatively impacted by record low discount rates and a decrease in fair value of plan assets. The largest deficits were from the U.S
The document summarizes Ryder's pension plan status and expenses. It notes that Ryder froze its US, Canadian, and UK pension plans between 2008-2010 to minimize volatility. As of 2010, Ryder's global pension plans were 82% funded, with a total funded status of -$315.4 million. The summary discusses key accounting concepts like assumptions, funded status calculations, and balance sheet impacts.
- Bank of America reported a net loss of $1 billion for Q3 2009, driven by $3 billion in pre-tax charges and a $402 million charge to terminate an asset guarantee.
- Capital levels and liquidity improved, with the Tier 1 capital ratio rising to 12.46% and cash/equivalents totaling over $152 billion.
- Deposit growth continued with average retail deposits up $7.8 billion, while mortgage banking income declined on lower production volumes.
- Credit costs remained elevated though losses showed signs of stabilizing, with nonperforming assets up 9% compared to 21% in Q2 2009.
This document is SunTrust Banks' 1Q 2008 earnings presentation. It discusses SunTrust's financial performance for 1Q 2008, noting earnings per share of $0.81, impacted by increased provision expenses and some non-core positive items. It also discusses SunTrust's solid capital and liquidity positions, with Tier 1 and Total Capital Ratios of 7.25% and 11.00% respectively. Finally, it outlines SunTrust's ongoing E2 efficiency and productivity program, with a goal of $500 million in benefits for 2008, up $150 million from original estimates, and a new goal of $600 million in benefits for 2009.
- The document provides an operations report for the first quarter of 2018, including forward-looking statements about projected financial and operational results that are subject to risks and uncertainties.
- It defines several non-GAAP financial measures used in the report such as gross operating margin, adjusted EBITDA, distributable cash flow, and cash available for distribution.
- Other terms are also defined such as growth capital expenditures, maintenance capital expenditures, segment profit, debt to adjusted EBITDA ratio, and minimum volume commitments.
1) Independent Bank Corporation held a 1st quarter 2009 earnings conference call to discuss financial results and challenges.
2) Key highlights included a net loss of $18.6 million due to a $30.8 million loan loss provision and credit costs, but pre-tax core earnings grew sequentially.
3) Challenges included a weak Michigan economy, high credit costs, and a $43.7 million deferred tax asset valuation allowance, but the net interest margin expanded and regulatory capital ratios remained strong.
1) AGS successfully priced its IPO in January 2018, using the proceeds to pay down debt. This lowered its pro forma net debt to Credit Agreement Pro Forma Adjusted EBITDA ratio to 4.1x.
2) AGS is seeking to lower borrowing costs on its existing $513 million term loan by repricing it at a reduced spread of 125 basis points. This is expected to save $6 million annually in interest costs.
3) In other news, AGS acquired Rocket Gaming Systems' assets in December 2017 for $57 million, expanding its product offerings. Its installed base and revenue continued growing in Q4 2017 compared to the prior year.
This document provides guidance for EnLink Midstream's 2018 financial and operational performance. It begins with forward-looking statements and risk factors that could impact projections. The guidance projects adjusted EBITDA, distributable cash flow, debt levels, distribution coverage, capital expenditures, and segment profit. Non-GAAP terms are defined, including adjusted EBITDA and distributable cash flow.
The pension plan had a funded status deficit of $549.5 million in 2011, compared to a deficit of $315.4 million in 2010 and $320.7 million in 2009. The projected benefit obligation increased to $1,967.6 million in 2011 from $1,744.2 million in 2010, while fair value of plan assets decreased to $1,418.0 million from $1,428.8 million. Unrecognized net actuarial losses also increased significantly to $927.0 million in 2011 from $658.5 million in 2010. The funded status was negatively impacted by record low discount rates and a decrease in fair value of plan assets. The largest deficits were from the U.S
The document summarizes Ryder's pension plan status and expenses. It notes that Ryder froze its US, Canadian, and UK pension plans between 2008-2010 to minimize volatility. As of 2010, Ryder's global pension plans were 82% funded, with a total funded status of -$315.4 million. The summary discusses key accounting concepts like assumptions, funded status calculations, and balance sheet impacts.
- Bank of America reported a net loss of $1 billion for Q3 2009, driven by $3 billion in pre-tax charges and a $402 million charge to terminate an asset guarantee.
- Capital levels and liquidity improved, with the Tier 1 capital ratio rising to 12.46% and cash/equivalents totaling over $152 billion.
- Deposit growth continued with average retail deposits up $7.8 billion, while mortgage banking income declined on lower production volumes.
- Credit costs remained elevated though losses showed signs of stabilizing, with nonperforming assets up 9% compared to 21% in Q2 2009.
This document is SunTrust Banks' 1Q 2008 earnings presentation. It discusses SunTrust's financial performance for 1Q 2008, noting earnings per share of $0.81, impacted by increased provision expenses and some non-core positive items. It also discusses SunTrust's solid capital and liquidity positions, with Tier 1 and Total Capital Ratios of 7.25% and 11.00% respectively. Finally, it outlines SunTrust's ongoing E2 efficiency and productivity program, with a goal of $500 million in benefits for 2008, up $150 million from original estimates, and a new goal of $600 million in benefits for 2009.
- The document provides an operations report for the first quarter of 2018, including forward-looking statements about projected financial and operational results that are subject to risks and uncertainties.
- It defines several non-GAAP financial measures used in the report such as gross operating margin, adjusted EBITDA, distributable cash flow, and cash available for distribution.
- Other terms are also defined such as growth capital expenditures, maintenance capital expenditures, segment profit, debt to adjusted EBITDA ratio, and minimum volume commitments.
1) Independent Bank Corporation held a 1st quarter 2009 earnings conference call to discuss financial results and challenges.
2) Key highlights included a net loss of $18.6 million due to a $30.8 million loan loss provision and credit costs, but pre-tax core earnings grew sequentially.
3) Challenges included a weak Michigan economy, high credit costs, and a $43.7 million deferred tax asset valuation allowance, but the net interest margin expanded and regulatory capital ratios remained strong.
1) AGS successfully priced its IPO in January 2018, using the proceeds to pay down debt. This lowered its pro forma net debt to Credit Agreement Pro Forma Adjusted EBITDA ratio to 4.1x.
2) AGS is seeking to lower borrowing costs on its existing $513 million term loan by repricing it at a reduced spread of 125 basis points. This is expected to save $6 million annually in interest costs.
3) In other news, AGS acquired Rocket Gaming Systems' assets in December 2017 for $57 million, expanding its product offerings. Its installed base and revenue continued growing in Q4 2017 compared to the prior year.
This document provides guidance for EnLink Midstream's 2018 financial and operational performance. It begins with forward-looking statements and risk factors that could impact projections. The guidance projects adjusted EBITDA, distributable cash flow, debt levels, distribution coverage, capital expenditures, and segment profit. Non-GAAP terms are defined, including adjusted EBITDA and distributable cash flow.
The document provides an earnings presentation for Sallie Mae for the second quarter of 2008. It summarizes key financial metrics including core earnings per share of $0.27, net income of $156 million, and net interest margin of 1.28%. It also discusses liquidity positions, financing activity, segment earnings details, and provides a reconciliation of GAAP to core earnings per share. The presentation outlines long term objectives around asset quality, productivity, capitalization and quality earnings.
AIG Second Quarter 2008 Earnings Press Releasefinance2
- AIG reported a net loss of $5.36 billion for Q2 2008 compared to net income of $4.28 billion in Q2 2007. The losses were driven by unrealized market valuation losses on credit default swaps and other-than-temporary impairment charges.
- For the first six months of 2008, AIG's net loss was $13.16 billion compared to net income of $8.41 billion in the first six months of 2007.
- AIG raised $20 billion in capital through the issuance of common stock, equity units, and fixed maturity securities to strengthen its financial capacity.
The document discusses how a pension fund expense is calculated for Fundação Cesp. The expense is calculated annually as the difference between the plan's actuarial liabilities and expected return on assets, plus current service costs. Cash disbursement is based on an annual actuarial valuation and differs from the accounting expense due to using different discount rates and methodologies prescribed by different regulatory agencies. Recent changes to accounting rules have increased the reported expense but do not impact the company's cash flows or covenants.
EnLink Midstream reported strong operational and financial results for 4Q and full-year 2017. The company exceeded its guidance targets for the year, including net income, adjusted EBITDA, distribution coverage, and leverage ratio. Operationally, the company increased volumes across its systems, with significant growth in the Delaware Basin and on its Oklahoma and Midland Basin assets. Looking ahead, EnLink is well positioned for continued growth due to rig activity by producer customers outpacing broader market trends and an inventory of opportunities across its asset portfolio.
- Bank of America reported third quarter 2008 results, with earnings impacted by the challenging economic environment and market disruptions.
- Net income was $1.2 billion, down from the prior year due to higher credit costs from housing price declines and rising unemployment.
- Results also reflected charges related to financial institution failures, cash fund support, and losses on trading positions.
- Countrywide results were included for the first time, adding $259 million to earnings. Integration is proceeding as planned.
BB&T reported 2008 net income of $1.5 billion and earnings per common share of $2.71. For the fourth quarter of 2008, net income totaled $305 million and net income available to common shareholders totaled $284 million, or $.51 per diluted common share. For the full year 2008, BB&T's net income available to common shareholders was $1.50 billion compared to $1.73 billion earned in 2007, a decrease of 13.6%.
whirlpool Shareholders and Other Informationfinance13
This document provides information about Whirlpool Corporation's financial reports, stock prices, dividends, and board of directors. Shareholders can request Whirlpool's annual report, financial statements, and other financial information for free. The document also describes Whirlpool's direct stock purchase plan which allows shareholders and non-shareholders to purchase and sell shares, and provides the company's stock split and dividend history from 1952 to 2007. It lists the market high and low prices for Whirlpool stock each quarter from 2005 to 2006, and notes that Whirlpool paid a dividend of $0.43 per share each quarter in 2005 and 2006. Finally, it lists the 27 current members of Whirlpool's board of directors.
fifth third bancorp 5033603C-B0AA-45B0-B2AF-058D5B12B34C_FITB_Citi_012809finance28
1) Fifth Third Bank reported a net loss in Q4 2008 and for the full year due to credit deterioration, losses on loans sold or transferred, and a goodwill impairment charge.
2) However, the bank strengthened its credit metrics and risk profile in Q4, and its capital levels remained well above targets.
3) While 2008 was challenging, Fifth Third retained most of its pre-2008 loss absorption capacity and expects capital levels to exceed targets in the difficult economic environment.
AmeriServ Financial reported net income of $533,000 for Q1 2009, down 56.6% from $1,229,000 in Q1 2008. Earnings per share were $0.01 down from $0.06. While net interest income grew 20.9% due to loan and deposit growth, higher loan loss provisions related to the economic environment caused earnings to decline. Non-performing assets were $5.1 million or 0.70% of total loans, up slightly from the previous quarter.
The document summarizes market performance in the second quarter of 2011, noting declines across most major indices except the Dow Jones Industrial Average. It also discusses economic news including the debt ceiling debate in the US and ongoing issues in Europe over Greece's debt. The article then provides an overview of retirement planning strategies, highlighting the potential benefits of a Cash Balance Plan for business owners.
Presentation of results from SpareBank 1 Gruppen - 1st half-year and 2nd quar...SpareBank 1 Gruppen AS
1) The SpareBank 1 Gruppen reported a pre-tax profit of NOK 308 million for the first half of 2011, down slightly from NOK 295 million in the same period in 2010. Profit after tax was NOK 249 million.
2) SpareBank 1 Skadeforsikring Group saw good portfolio growth of NOK 277 million or 5.9% in the first half of 2011. However, its pre-tax profit was impacted by large claims in Q1 and flood damage in Q2.
3) Overall, the SpareBank 1 Gruppen reported improved underlying earnings, but weak equity markets and natural disasters lowered profits compared to the previous year.
This document provides financial statements and notes for the Merrill Lynch & Co., Inc. 401(k) Savings & Investment Plan for the years ended December 31, 2007 and 2006. It includes statements of assets available for benefits, changes in assets available for benefits, and notes describing the plan including eligibility, contributions, vesting, investment options, and payment of benefits. The independent auditor provided an unqualified opinion stating the financial statements fairly represented the assets and changes in assets of the plan in accordance with accounting principles generally accepted in the United States.
This document provides a summary of recent regulatory updates affecting retirement plans. Key topics include the Supreme Court ruling on the Defense of Marriage Act and its impact on spousal benefits in retirement plans, guidance on revenue recapture accounts and fee disclosure timing, proposed changes to money market fund regulations, and compliance projects conducted by the IRS on college/university and 457(b) plans. Emerging state initiatives to establish alternative retirement savings programs are also discussed.
- Credco is a credit card company that provides financial summaries for 2005-2001 including revenues, provisions for losses, interest expense, taxes, and net income.
- Key assets include credit card receivables and loans, while key funding sources are commercial paper, medium and long-term debt securities, and bank credit facilities.
- Credco aims to maintain high credit ratings to ensure access to capital markets, and uses proceeds from debt to invest in liquid assets like Treasury securities for backup liquidity.
The document provides a mid-year update to Franklin, MA's five year financial outlook. Key points include:
- State aid outlook has deteriorated, with an expected $1.7M reduction in FY2011 and ongoing risks.
- The forecasted deficit is minimally changed from $4.7M to $8.3M over five years.
- Franklin remains heavily dependent on state aid and has below average property taxes and school/municipal spending compared to peers.
- The structural deficit is expected to continue due to annual revenue growth being insufficient to maintain existing services.
Bank of America reported a loss of $1.8 billion for Q4 2008. This was due to capital markets dislocation charges of $4.6 billion and a $8.5 billion provision for credit losses, which included a $3 billion increase in loan loss reserves. Despite the loss, pre-provision profits were up in most primary businesses from Q3 2008. Total average deposits grew by $34.3 billion. The company also raised common equity and received capital from the TARP program. Credit costs were higher due to the deteriorating economy and rising unemployment.
1) Independent Bank Corporation held a 1st quarter 2009 earnings conference call to discuss financial results and challenges.
2) Key highlights included a net loss of $18.6 million due to a $30.8 million loan loss provision and credit costs, but pre-tax core earnings grew sequentially.
3) Challenges included a weak Michigan economy, high credit costs, and a $43.7 million deferred tax asset valuation allowance, but the net interest margin expanded and regulatory capital ratios remained strong.
BancorpSouth presented an investor presentation in November 2011. The presentation provided an overview of BancorpSouth, including its $13.2 billion in assets and presence across an 8-state region. It also summarized recent operating results, showing stable pre-tax, pre-provision earnings. Furthermore, the presentation highlighted BancorpSouth's diversified revenue stream, with over 35% of revenue historically coming from noninterest sources such as insurance commissions, mortgage lending, and card/merchant fees.
SunTrust Banks reported financial results for 2Q 2008. Net income increased 89% from the prior year due to securities gains, but core revenue growth was soft due to declining mortgage income. The provision for loan losses declined 20% from last quarter but credit quality continued to deteriorate. Capital levels improved substantially following transactions involving Coca-Cola stock, raising the estimated Tier 1 capital ratio to 7.47% from 7.23% last quarter. The net interest margin increased to 3.13% driven by improved deposit pricing and mix.
This document summarizes the Bank's third quarter 2012 investor presentation. Key points include:
- Net income of $2.05 billion for Q3 2012, up 9.1% year-over-year, with revenue growth of 9.2% excluding special items.
- All business lines saw net income and revenue growth compared to Q3 2011.
- Capital position remains strong and the Bank is confident of achieving 2012 financial targets.
- Earnings benefited from acquisitions, trading revenues and lower taxes, partly offset by higher provisions and lower fees.
- Record quarterly revenue of $5.59 billion, up 11% excluding special items, driven by net interest income growth and acquisitions.
Sanjiv Khattri, Executive Vice President and CFO of GMAC Financial Services A...finance8
1) The document is an investor presentation by GMAC's EVP & CFO from April 2007.
2) It summarizes GMAC's financial performance in 2006, noting challenges in the US residential mortgage market.
3) It provides an outlook for 2007, expecting continued pressure from nonprime assets but stabilization overall as strategic initiatives are implemented.
The document provides an earnings presentation for Sallie Mae for the second quarter of 2008. It summarizes key financial metrics including core earnings per share of $0.27, net income of $156 million, and net interest margin of 1.28%. It also discusses liquidity positions, financing activity, segment earnings details, and provides a reconciliation of GAAP to core earnings per share. The presentation outlines long term objectives around asset quality, productivity, capitalization and quality earnings.
AIG Second Quarter 2008 Earnings Press Releasefinance2
- AIG reported a net loss of $5.36 billion for Q2 2008 compared to net income of $4.28 billion in Q2 2007. The losses were driven by unrealized market valuation losses on credit default swaps and other-than-temporary impairment charges.
- For the first six months of 2008, AIG's net loss was $13.16 billion compared to net income of $8.41 billion in the first six months of 2007.
- AIG raised $20 billion in capital through the issuance of common stock, equity units, and fixed maturity securities to strengthen its financial capacity.
The document discusses how a pension fund expense is calculated for Fundação Cesp. The expense is calculated annually as the difference between the plan's actuarial liabilities and expected return on assets, plus current service costs. Cash disbursement is based on an annual actuarial valuation and differs from the accounting expense due to using different discount rates and methodologies prescribed by different regulatory agencies. Recent changes to accounting rules have increased the reported expense but do not impact the company's cash flows or covenants.
EnLink Midstream reported strong operational and financial results for 4Q and full-year 2017. The company exceeded its guidance targets for the year, including net income, adjusted EBITDA, distribution coverage, and leverage ratio. Operationally, the company increased volumes across its systems, with significant growth in the Delaware Basin and on its Oklahoma and Midland Basin assets. Looking ahead, EnLink is well positioned for continued growth due to rig activity by producer customers outpacing broader market trends and an inventory of opportunities across its asset portfolio.
- Bank of America reported third quarter 2008 results, with earnings impacted by the challenging economic environment and market disruptions.
- Net income was $1.2 billion, down from the prior year due to higher credit costs from housing price declines and rising unemployment.
- Results also reflected charges related to financial institution failures, cash fund support, and losses on trading positions.
- Countrywide results were included for the first time, adding $259 million to earnings. Integration is proceeding as planned.
BB&T reported 2008 net income of $1.5 billion and earnings per common share of $2.71. For the fourth quarter of 2008, net income totaled $305 million and net income available to common shareholders totaled $284 million, or $.51 per diluted common share. For the full year 2008, BB&T's net income available to common shareholders was $1.50 billion compared to $1.73 billion earned in 2007, a decrease of 13.6%.
whirlpool Shareholders and Other Informationfinance13
This document provides information about Whirlpool Corporation's financial reports, stock prices, dividends, and board of directors. Shareholders can request Whirlpool's annual report, financial statements, and other financial information for free. The document also describes Whirlpool's direct stock purchase plan which allows shareholders and non-shareholders to purchase and sell shares, and provides the company's stock split and dividend history from 1952 to 2007. It lists the market high and low prices for Whirlpool stock each quarter from 2005 to 2006, and notes that Whirlpool paid a dividend of $0.43 per share each quarter in 2005 and 2006. Finally, it lists the 27 current members of Whirlpool's board of directors.
fifth third bancorp 5033603C-B0AA-45B0-B2AF-058D5B12B34C_FITB_Citi_012809finance28
1) Fifth Third Bank reported a net loss in Q4 2008 and for the full year due to credit deterioration, losses on loans sold or transferred, and a goodwill impairment charge.
2) However, the bank strengthened its credit metrics and risk profile in Q4, and its capital levels remained well above targets.
3) While 2008 was challenging, Fifth Third retained most of its pre-2008 loss absorption capacity and expects capital levels to exceed targets in the difficult economic environment.
AmeriServ Financial reported net income of $533,000 for Q1 2009, down 56.6% from $1,229,000 in Q1 2008. Earnings per share were $0.01 down from $0.06. While net interest income grew 20.9% due to loan and deposit growth, higher loan loss provisions related to the economic environment caused earnings to decline. Non-performing assets were $5.1 million or 0.70% of total loans, up slightly from the previous quarter.
The document summarizes market performance in the second quarter of 2011, noting declines across most major indices except the Dow Jones Industrial Average. It also discusses economic news including the debt ceiling debate in the US and ongoing issues in Europe over Greece's debt. The article then provides an overview of retirement planning strategies, highlighting the potential benefits of a Cash Balance Plan for business owners.
Presentation of results from SpareBank 1 Gruppen - 1st half-year and 2nd quar...SpareBank 1 Gruppen AS
1) The SpareBank 1 Gruppen reported a pre-tax profit of NOK 308 million for the first half of 2011, down slightly from NOK 295 million in the same period in 2010. Profit after tax was NOK 249 million.
2) SpareBank 1 Skadeforsikring Group saw good portfolio growth of NOK 277 million or 5.9% in the first half of 2011. However, its pre-tax profit was impacted by large claims in Q1 and flood damage in Q2.
3) Overall, the SpareBank 1 Gruppen reported improved underlying earnings, but weak equity markets and natural disasters lowered profits compared to the previous year.
This document provides financial statements and notes for the Merrill Lynch & Co., Inc. 401(k) Savings & Investment Plan for the years ended December 31, 2007 and 2006. It includes statements of assets available for benefits, changes in assets available for benefits, and notes describing the plan including eligibility, contributions, vesting, investment options, and payment of benefits. The independent auditor provided an unqualified opinion stating the financial statements fairly represented the assets and changes in assets of the plan in accordance with accounting principles generally accepted in the United States.
This document provides a summary of recent regulatory updates affecting retirement plans. Key topics include the Supreme Court ruling on the Defense of Marriage Act and its impact on spousal benefits in retirement plans, guidance on revenue recapture accounts and fee disclosure timing, proposed changes to money market fund regulations, and compliance projects conducted by the IRS on college/university and 457(b) plans. Emerging state initiatives to establish alternative retirement savings programs are also discussed.
- Credco is a credit card company that provides financial summaries for 2005-2001 including revenues, provisions for losses, interest expense, taxes, and net income.
- Key assets include credit card receivables and loans, while key funding sources are commercial paper, medium and long-term debt securities, and bank credit facilities.
- Credco aims to maintain high credit ratings to ensure access to capital markets, and uses proceeds from debt to invest in liquid assets like Treasury securities for backup liquidity.
The document provides a mid-year update to Franklin, MA's five year financial outlook. Key points include:
- State aid outlook has deteriorated, with an expected $1.7M reduction in FY2011 and ongoing risks.
- The forecasted deficit is minimally changed from $4.7M to $8.3M over five years.
- Franklin remains heavily dependent on state aid and has below average property taxes and school/municipal spending compared to peers.
- The structural deficit is expected to continue due to annual revenue growth being insufficient to maintain existing services.
Bank of America reported a loss of $1.8 billion for Q4 2008. This was due to capital markets dislocation charges of $4.6 billion and a $8.5 billion provision for credit losses, which included a $3 billion increase in loan loss reserves. Despite the loss, pre-provision profits were up in most primary businesses from Q3 2008. Total average deposits grew by $34.3 billion. The company also raised common equity and received capital from the TARP program. Credit costs were higher due to the deteriorating economy and rising unemployment.
1) Independent Bank Corporation held a 1st quarter 2009 earnings conference call to discuss financial results and challenges.
2) Key highlights included a net loss of $18.6 million due to a $30.8 million loan loss provision and credit costs, but pre-tax core earnings grew sequentially.
3) Challenges included a weak Michigan economy, high credit costs, and a $43.7 million deferred tax asset valuation allowance, but the net interest margin expanded and regulatory capital ratios remained strong.
BancorpSouth presented an investor presentation in November 2011. The presentation provided an overview of BancorpSouth, including its $13.2 billion in assets and presence across an 8-state region. It also summarized recent operating results, showing stable pre-tax, pre-provision earnings. Furthermore, the presentation highlighted BancorpSouth's diversified revenue stream, with over 35% of revenue historically coming from noninterest sources such as insurance commissions, mortgage lending, and card/merchant fees.
SunTrust Banks reported financial results for 2Q 2008. Net income increased 89% from the prior year due to securities gains, but core revenue growth was soft due to declining mortgage income. The provision for loan losses declined 20% from last quarter but credit quality continued to deteriorate. Capital levels improved substantially following transactions involving Coca-Cola stock, raising the estimated Tier 1 capital ratio to 7.47% from 7.23% last quarter. The net interest margin increased to 3.13% driven by improved deposit pricing and mix.
This document summarizes the Bank's third quarter 2012 investor presentation. Key points include:
- Net income of $2.05 billion for Q3 2012, up 9.1% year-over-year, with revenue growth of 9.2% excluding special items.
- All business lines saw net income and revenue growth compared to Q3 2011.
- Capital position remains strong and the Bank is confident of achieving 2012 financial targets.
- Earnings benefited from acquisitions, trading revenues and lower taxes, partly offset by higher provisions and lower fees.
- Record quarterly revenue of $5.59 billion, up 11% excluding special items, driven by net interest income growth and acquisitions.
Sanjiv Khattri, Executive Vice President and CFO of GMAC Financial Services A...finance8
1) The document is an investor presentation by GMAC's EVP & CFO from April 2007.
2) It summarizes GMAC's financial performance in 2006, noting challenges in the US residential mortgage market.
3) It provides an outlook for 2007, expecting continued pressure from nonprime assets but stabilization overall as strategic initiatives are implemented.
Signature Bank Results Presentation Deck Apr 2022.pdfBryann Alexandros
Signature Bank was a bank that did business in New York City and other states. It had $110.4 billion in assets and $82.6 billion in deposits by the end of 2022. It used to have offices only in New York City. In the late 2010s, it started to grow and offer more services, but it was most known for its 2018 decision to work with the cryptocurrency industry. By 2021, cryptocurrency businesses had 30 percent of its deposits. Banking officials in New York shut down the bank on March 12, 2023, two days after Silicon Valley Bank (SVB) went broke. After SVB went broke and because Silvergate Bank, another cryptocurrency-friendly bank, went broke earlier in the week, scared customers took out more than $10 billion in deposits. It was the third-biggest bank failure in U.S. history. On March 19, a week after the bank shut down, the FDIC sold the new bank, most of its deposits, and its 40 offices to New York Community Bancorp to be part of its Flagstar Bank part. Some $4 billion in digital money banking deposits and $60 billion in loans were not part of the deal.
Ladder Capital - Q2 2021 Earnings Supplemental PresentationDavid Merkur
The document provides supplemental data for Ladder Capital Corp for the quarter ended June 30, 2021. Key highlights include:
- $5.6 billion in total assets including $2.6 billion in loans, $948 million in real estate equity, and $719 million in securities.
- Originated $839 million in first mortgage loans, funded $718 million, and received $158 million in loan repayments.
- Sold one commercial real estate equity investment for $39 million.
- Declared a quarterly dividend of $0.20 per share, representing a 7.1% annual yield.
- Raytheon's financial outlook is strong, with projected bookings of $24.5-25B in 2005 and $22-23B in 2006, and sales projected to grow from $21.6-22.1B in 2005 to $23.1-23.6B in 2006.
- The company has generated excellent cash flow in recent years through strong execution, with cash conversion averaging 110% and debt reduced by $3B from 2003 to 2005. Further debt reduction and increased dividends are planned.
- Projected EPS growth is from $2.00-2.05 in 2005 to $2.40-2.50 in 2006, and return on invested capital is
The document summarizes Integrys Energy Group's second quarter 2008 earnings conference call. Key points include:
- Integrys reported higher earnings compared to the second quarter of 2007, driven by improved performance at its nonregulated subsidiary and regulated utilities.
- Guidance for 2008 diluted EPS from continuing operations was revised to a range of $3.63 to $3.83, compared to the previous range of $3.60 to $4.05.
- Integrys discussed capital investment plans for its regulated utilities, earnings drivers compared to the prior year quarter, potential debt and equity financings, and recent accomplishments at its Wisconsin Public Service subsidiary.
This document summarizes Bank of America's second quarter 2009 results. It reported net income of $3.2 billion and diluted EPS of $0.33. Revenue was $33.1 billion. Provision for credit losses was $13.4 billion as the allowance was strengthened for continued economic deterioration. Large items impacting earnings included gains from the sale of China Construction Bank shares and a merchant processing business, but losses from derivative adjustments and capital markets disruption charges. The company continued operating in a challenging economic environment.
This document provides a summary of Fannie Mae's financial results for the first quarter of 2008. Some key points:
- Fannie Mae reported a net loss of $2.2 billion for the quarter, an improvement from a $3.6 billion loss in the previous quarter. Revenues grew but losses on investments and derivatives also increased.
- Credit losses rose to $3.2 billion due to higher mortgage defaults and loss severities from falling home prices and economic weakness.
- Fannie Mae plans to raise $6 billion in new capital through stock offerings to maintain a strong balance sheet and provide stability in the mortgage market.
- Management is focusing on tightening lending standards and mitigating
The document is a presentation by Genesis Energy for their FY23 financial results. Some key highlights include:
- EBITDAF was $523.5 million, a 19% increase from FY22, driven by lower generation costs and improved retail performance.
- NPAT was $195.7 million, a 12% decrease from FY22.
- Total dividends for FY23 were $186.4 million or 17.6 cents per share, a 19% increase from FY22.
- Operational performance was strong with renewable generation up 937GWh and carbon emissions reduced by 1,625 kt CO2e.
The document reports on a company's 1Q23 earnings results. Key highlights include:
- Net income increased 19% quarter-over-quarter and 232% year-over-year to $37M, driven by higher profits and ROE expansion from increased margins.
- NII grew 6% QoQ and 105% YoY to $52.6M, reflecting higher average net lending spreads and an asset sensitive interest rate gap position.
- Efficiency ratio improved to 26.9%, down 400 bps QoQ due to strong fee income and cost control while investing in transformation.
- Asset quality remained healthy with NPLs at 0.45% and total allowance for
The document provides an update on Welltower's financial position and strategy in response to COVID-19. It summarizes steps taken to strengthen the balance sheet, including reducing the dividend, settling forward equity sales, and establishing a new term loan facility. It outlines sources of near-term liquidity totaling $4 billion compared to $588 million in expected uses. The document also discusses ongoing portfolio optimization efforts, debt maturity profile, ESG initiatives, and commitment to strong governance.
- SunTrust Banks reported earnings per share of $2.13 for 2008 but a loss of $1.08 in the 4th quarter.
- Capital and liquidity were enhanced through the sale of $4.9 billion in preferred securities to the U.S. Treasury, with the estimated Tier 1 capital ratio at 10.85% at quarter's end.
- Loan and deposit trends were positive in the quarter, though core revenue was stable in net interest margin and soft in noninterest income. Expenses were well managed excluding credit costs.
- Asset quality deteriorated significantly as the economy weakened dramatically in the 4th quarter, and the operating environment remains difficult with downside risks to the economy and
- The company reported a profit before tax of $369.2m for the year ended 31 December 2021, compared to a loss of $50.4m in the previous year.
- Gross premiums written increased by 30% to $4,618.9m, while the combined ratio improved to 93% from 109% in 2020.
- Prior year reserve releases were $209.8m for 2021. The capital position remains strong at 27% of requirements.
- A dividend of 12.9p per share will be paid in respect of 2021 results.
Similar to RYDERFINAL 1A3CA713-94F7-494C-9D98-628F9E867895_pension_whitepaper_09 (20)
Robert G. Bohn, Chairman, President and CEO of Oshkosh Truck Corporation, and Charles L. Szews, Executive VP and CFO, reported record financial results for the first quarter of fiscal year 2006. Sales increased 22.5% to $790.3 million and operating income grew 28.6% to $87 million. EPS increased 28.6% to $0.72. For fiscal year 2006, the company estimates sales between $3.3-3.4 billion, operating income between $316.5-329 million, and EPS between $2.55-2.65, representing growth of 17-21.6%.
1) Oshkosh reported record second quarter fiscal year 2006 results with sales up 25.6% and operating income up 27.3% driven by strong performance in the defense segment.
2) The defense segment results nearly doubled compared to the previous year due to growth in remanufactured and new truck sales, however challenges remain in locating used vehicle carcasses for remanufacturing.
3) The fire and emergency segment saw a temporary dip in earnings as anticipated due to heavily weighted airport product sales in the second half of the year and two component issues that delayed revenue recognition.
Robert G. Bohn, Chairman, President and CEO of Oshkosh Truck Corporation, discussed the company's strong third quarter fiscal year 2006 results and provided an outlook for fiscal years 2006 and 2007. Some highlights included record sales and operating income for Q3 2006. The company also announced two acquisitions, AK Specialty Vehicles and Iowa Mold Tooling, expected to be accretive to earnings in fiscal 2007. For fiscal 2006, Oshkosh estimates sales growth of 14.9-16.6% and EPS growth of 24-26%. Fiscal 2007 estimates include sales of $3.65-$3.75 billion and EPS of $3.05-$3.15.
Oshkosh Truck Corporation presented an investor presentation on its proposed acquisition of JLG Industries, Inc. The presentation discussed Oshkosh's track record of successful acquisitions and shareholder value creation. It also outlined the objectives of acquiring JLG to support growth above 15%, diversify into the fast-growing aerial work platform market, and execute its long-term acquisition strategy. Finally, the presentation provided an overview of Oshkosh Truck Corporation and its proven strategy of new product leadership, operational excellence, and strategic acquisitions that have fueled strong sales and earnings growth.
Robert Bohn, Chairman of Oshkosh Truck Corporation, discussed the company's strong fiscal 2006 financial results and outlook for fiscal 2007. Key points include:
1) Fiscal 2006 sales increased 15.8% and operating income grew 22%, with EPS up 26.6%.
2) The acquisition of JLG Industries was announced, which will diversify the company and support growth of over 15%.
3) Fiscal 2007 stand-alone estimates include sales of $3.65-$3.75 billion and EPS of $3.05-$3.15, with the JLG acquisition expected to be modestly accretive.
In this earnings call, Oshkosh Truck Corporation discusses its first quarter 2007 results. Sales increased 27.4% to $1.01 billion due to the acquisition of JLG Industries. Operating income decreased 3.9% to $83.6 million and EPS decreased 23.6% to $0.55. The company increased its full-year 2007 EPS estimate range to $3.15 to $3.25 per share. JLG is meeting expectations and integration is progressing well. Defense sales were lower compared to strong prior year results while fire and emergency and commercial saw strong performance.
This document summarizes an earnings conference call for Oshkosh Truck Corporation for the second quarter of fiscal year 2007. Sales increased 96.6% to $1.66 billion and operating income grew 69.1% to $134.8 million. For fiscal year 2007, the company estimates sales of $6.1-6.2 billion and operating income of $568-580 million. It also provides segment-level results and highlights for access equipment, defense, fire & emergency, and commercial.
1) Oshkosh reported strong third quarter 2007 results with sales increasing 108% to $1.85 billion and operating income up 133% to $192.7 million.
2) Access equipment and defense led the growth in sales and operating income. The acquisition of JLG was accretive to EPS by $0.35 per share.
3) For fiscal year 2007, Oshkosh estimates sales between $6.3-6.35 billion and EPS between $3.35-3.40, and for fiscal year 2008 estimates sales between $7-7.2 billion and EPS between $4.15-4.35.
The document summarizes Oshkosh Truck Corporation's fourth quarter fiscal 2007 earnings conference call. It discusses record sales and operating income for fiscal 2007. Projections are provided for fiscal 2008, estimating sales between $7.1-7.3 billion and operating income between $690-715 million. Segment performances are reviewed, with access equipment and defense highlighted as key growth drivers. Estimates are also given for interest expense, tax rates, capital expenditures and debt levels for fiscal 2008.
Oshkosh Corporation held an earnings conference call to discuss its first quarter fiscal year 2008 results. Sales increased 49% to $1.5 billion due to strong growth in access equipment and defense, while earnings per share declined 9.1% to $0.50. For fiscal year 2008, the company estimates revenue of $7.1-7.3 billion, operating income of $675-700 million, and earnings per share of $4.15-4.35. Challenging economic conditions are impacting commercial and fire & emergency segments, but global initiatives and cost reductions will support the full-year outlook.
The document summarizes Oshkosh Corporation's earnings conference call for the second quarter of fiscal year 2008. Key highlights include sales increasing 6.7% to $1.8 billion and operating income rising 24.8% to $168.2 million. EPS grew 42.6% to $0.97. While access equipment and defense saw strong demand, commercial and fire & emergency faced challenging market conditions. The company maintained its fiscal year 2008 EPS estimate range of $4.15 to $4.35.
The document summarizes Oshkosh Corporation's earnings conference call for the third quarter of fiscal year 2008. It discusses increases in sales revenue but decreases in operating income and earnings per share compared to the previous year. Several initiatives are mentioned to manage costs and cash flow in changing market conditions. Business segment results are provided, with strength in access equipment and defense but challenges in commercial and fire & emergency sectors.
This document is the transcript from Oshkosh Corporation's earnings conference call for the fourth quarter of fiscal year 2008. It discusses Oshkosh's financial results for Q4 and fiscal year 2008, including sales, operating income, earnings per share, and debt reduction. It also provides an outlook for fiscal year 2009, estimating revenues of $6.3-6.7 billion, operating income of $350-400 million, and EPS of $1.65-2.05. The transcript reviews performance and outlook for each of Oshkosh's business segments and discusses its financing plans.
Robert Bohn and David Sagehorn of Oshkosh Corporation gave a presentation at the Goldman Sachs Conference in November 2008. They discussed Oshkosh's strong financial position and actions taken to reduce costs and debt. While market conditions were volatile due to the economic downturn, Oshkosh was well positioned with backlogs in defense, fire, and refuse collection vehicles. The presentation outlined Oshkosh's segments and strategies to manage through the difficult economy.
1) The document is from a presentation given by Oshkosh executives Charles Szews and David Sagehorn at the R.W. Baird Industrial Conference on November 12, 2008.
2) Oshkosh reported sales increased 13.2% to $7.1 billion in fiscal 2008, with international sales reaching $2.1 billion. However, operating income decreased 1.5% and EPS decreased 5.9% due to non-cash impairment charges.
3) Oshkosh recently secured multiple defense contracts and sees opportunities in the domestic refuse collection vehicle market, but the current market volatility and credit crisis make fiscal 2009 projections difficult given exposure to construction and municipal spending.
Charles Szews, President and COO of Oshkosh Corporation, presented at the Cowen and Company Aerospace & Defense Conference on February 5, 2009. He discussed Oshkosh's business segments, products, competitive advantages, challenges, and actions taken in response to the economic downturn. Key points included reduced revenues and earnings in Q1 2009, cost reduction efforts, and focus on core businesses with strong backlogs like defense and fire apparatus that have gained market share.
Oshkosh Corporation held an earnings conference call to discuss its first quarter fiscal year 2008 results. Sales increased 49% to $1.5 billion due to strong growth in access equipment and defense, while earnings per share declined 9.1% to $0.50. For fiscal year 2008, the company estimates revenue of $7.1-7.3 billion, operating income of $675-700 million, and earnings per share of $4.15-4.35. Challenging economic conditions are impacting commercial and fire & emergency segments, but global initiatives and cost reductions will support the full-year outlook.
The document summarizes Oshkosh Corporation's earnings conference call for the second quarter of fiscal year 2008. Key highlights include sales increasing 6.7% to $1.8 billion and operating income rising 24.8% to $168.2 million. EPS grew 42.6% to $0.97. While access equipment and defense saw strong demand, commercial and fire & emergency faced challenging market conditions. The company maintained its fiscal year 2008 EPS estimate range of $4.15 to $4.35.
This document contains the transcript from Oshkosh Corporation's earnings conference call for the third quarter of fiscal year 2008. Key highlights include a 6.6% increase in quarterly sales to $1.97 billion but a 5.9% decrease in operating income to $181.2 million. EPS for the quarter decreased 1.7% to $1.19. Oshkosh revised its estimate for full year 2008 EPS to a range of $3.15 to $3.30.
This document summarizes an earnings conference call for Oshkosh Corporation for the fourth quarter of fiscal year 2008. It discusses the company's financial results including a 5.8% increase in sales to $1.9 billion but a 32% decrease in operating income to $122 million. The document also provides an overview of Oshkosh's fiscal year 2008 results and discusses challenges faced in various business segments due to economic conditions. It notes actions taken by the company to reduce costs and debt. An outlook is given for fiscal year 2009 noting market volatility and a plan to drive over $500 million in debt reduction. Business segment results and outlooks are also summarized.
The Universal Account Number (UAN) by EPFO centralizes multiple PF accounts, simplifying management for Indian employees. It streamlines PF transfers, withdrawals, and KYC updates, providing transparency and reducing employer dependency. Despite challenges like digital literacy and internet access, UAN is vital for financial empowerment and efficient provident fund management in today's digital age.
Optimizing Net Interest Margin (NIM) in the Financial Sector (With Examples).pdfshruti1menon2
NIM is calculated as the difference between interest income earned and interest expenses paid, divided by interest-earning assets.
Importance: NIM serves as a critical measure of a financial institution's profitability and operational efficiency. It reflects how effectively the institution is utilizing its interest-earning assets to generate income while managing interest costs.
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
Enhancing Asset Quality: Strategies for Financial Institutionsshruti1menon2
Ensuring robust asset quality is not just a mere aspect but a critical cornerstone for the stability and success of financial institutions worldwide. It serves as the bedrock upon which profitability is built and investor confidence is sustained. Therefore, in this presentation, we delve into a comprehensive exploration of strategies that can aid financial institutions in achieving and maintaining superior asset quality.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
2. Safe Harbor
Note Regarding Forward-Looking Statements: Certain statements and information included in this
presentation are quot;forward-looking statementsquot; under the Federal Private Securities Litigation Reform
Act of 1995 including statements relating to estimated pension expense and contributions for 2009.
Accordingly, these forward-looking statements should be evaluated with consideration given to the
many risks and uncertainties that could cause actual results and events to differ materially from those
in the forward-looking statements. Important factors that could cause such differences include, among
others, the adequacy of actuarial assumptions and estimates; the requirement to have an interim re-
measurement of the plan as a result of material workforce reductions, temporary suspensions in
benefit accruals or other circumstances; the impact of new pension regulations; and a change in the
level of pension contributions resulting from, among other things, a change in expected free cash flow
levels. Our expectations are also subject to the risks described in our filings with the Securities and
Exchange Commission (SEC). The risks included here and in our SEC filings are not exhaustive. New
risks emerge from time to time and it is not possible for management to predict all such risk factors or
to assess the impact of such risks on our business. Accordingly, we undertake no obligation to publicly
update or revise any forward-looking statements, whether as a result of new information, future events,
or otherwise.
2/19/2009 Proprietary and Confidential 2
4. Purpose of Overview
►Provide clarity to the main components and drivers of pension expense:
generally and specific to Ryder
►Provide insight into the factors which create funding requirements: generally
and specific to Ryder
►Provide information on Ryder’s U.S. pension funding status, pension asset
returns and asset allocation strategies
►Provide information on estimated future cash funding requirements
►Provide information on estimated 2009 pension costs, go-forward sensitivity
guides and drivers of changes in 2009 pension costs
►Provide information on equity charge as a result of under-funded status
2/19/2009 Proprietary and Confidential 4
5. Plan Overview / Recent Changes
►Ryder historically offered defined-benefit pension benefits in the U.S., U.K, and
Canada. Substantially all employees, except U.S. drivers and warehouseman,
were covered under the plans. The majority of the employees covered by the
plans are in Fleet Management Solutions and Central Support Services.
►Effective 1/1/08, U.S. pension plans were frozen for participants who did not
meet certain grandfathering criteria. Almost 70% of active participants ceased
accruing benefits under the plan. These impacted employees began
participating in a new enhanced defined contribution plan.
►Effective 1/1/10, the Canadian pension plan will be frozen for participants who do
not meet certain grandfathering criteria. Impacted employees will participate in a
new enhanced defined contribution plan.
►Reductions in pension expense from these plan changes is expected to be offset
by costs associated with the new enhanced defined contribution plans.
2/19/2009 Proprietary and Confidential 5
7. Accounting Fundamentals
Guiding literature - SFAS 87 for expense purposes; SFAS 158 for balance sheet
presentation
Delayed Recognition - changes in pension obligation and the value of net assets
are recognized in earnings systematically and gradually over future periods
Net Reporting of Expense - consequences of events and transactions
(compensation element, interest cost, investment return) are recorded as a
single net expense
Offsetting of Assets and Liabilities - value of pension assets and liabilities to
participants (funded status) shown net on the balance sheet
Assumptions-Based Expense Calculation - discount rate, pension earnings rate,
salary progression rate
2/19/2009 Proprietary and Confidential 7
8. Accounting Fundamentals
Pension Assumptions
Discount Rate - rate that discounts expected future cash benefit payments to a
present value.
► Rate determined from models that match the expected benefit payments underlying the
liability to coupons and maturities from a hypothetical portfolio of high quality corporate
bonds.
► Rate considered in determining 2009 pension expense of our primary U.S. Plan is
6.25% vs. 6.35% in 2008. Average rate for international plans is 6.77% vs. 5.64% in
2008.
Pension Earnings Rate - long-term expected rate of return on assets based on
asset allocation, current returns and expected reinvestment rates.
► Rate considered in determining 2009 pension expense for our primary U.S. Plan is
7.90% vs. 8.40% in 2008. Average rate for international plans is 7.25% vs. 7.50% in
2008.
► Rate includes impact of investment management and other fees.
2/19/2009 Proprietary and Confidential 8
9. Accounting Fundamentals
Pension Assumptions
Salary Progression Rate – annual rate of growth based on expected compensation
until retirement, including all salary increase components (merit, promotion, equity,
overtime and inflation).
► Rate used to produce our 12/31/2008 pension liability valuation and 2009 pension
expense, for our primary U.S. plan, remained at 4.0% based on actuarial review of
historical experience.
► Assumption less significant now that U.S. Plan is frozen with limited active participants.
Retirement and Mortality Rate – retirement rate based on actual plan experience;
mortality rate based on standard actuarial tables.
► Mortality assumptions used to produce our 12/31/2008 pension liability valuation and
2009 pension expense, for our primary U.S. plan, were unchanged from prior year. In
the previous year, assumptions were updated to reflect more current actuarial tables.
Mortality assumptions in the international plans were updated in 2008 to reflect more
current actuarial tables.
2/19/2009 Proprietary and Confidential 9
11. Funded Status
Ryder System, Inc. and Subsidiaries
Funded Status and Balance Sheet Impact of Pension
(Amounts in millions)
2008 2007 2006
Projected benefit obligations (PBO) at 12/31 $ 1,477.5 1,522.5 1,531.6
Fair value of Plan assets at 12/31 975.5 1,521.4 1,417.3
Funded status $ (502.0) (1.1) (114.3)
Non-current asset $ 5.2 41.1 -
Current liability (2.5) (2.3) (2.0)
Non-current liability (504.7) (39.9) (112.3)
$ (502.0) (1.1) (114.3)
Unrecognized net actuarial loss * $ 753.8 237.9 318.5
Actuarial Assumptions U.S. Plan:
Discount Rate 6.25% 6.35% 6.00%
Salary Progression Rate 4.00% 4.00% 4.00%
Gain and Loss Amortization (in years) 28.4 8.4 8.4
* Actuarial losses are amortized to earnings over the average remaining service life of active participants or the
remaining life expectancy of inactive participants if all or almost all of the plan’s participants are inactive. The
delayed recognition of actuarial losses drives future volatility.
2/19/2009 Proprietary and Confidential 11
12. Funded Status
Consolidated Funded Status
(Amounts in millions)
2008 2007 2006
U.S. Qualified Plan $ (465.2) 20.0 (53.3)
U.S. Non Qualified Plan (36.8) (33.3) (33.0)
International Plans 0.0 12.2 (28.0)
Total Consolidated Funded Status $ (502.0) (1.1) (114.3)
Percent Funded 66% 100% 93%
2/19/2009 Proprietary and Confidential 12
13. Funded Status
U.S. Qualified Pension Plan
12/31/08 12/31/07
(Dollars in millions)
(1)
$ 747.4 1,158.5
Fair Value of Assets (FVA)
(2)
1,212.6 1,138.5
PV of Liability (PBO)
$ (465.2) 20.0
SFAS 87 Funded Status
62% 102%
Percent Funded
(1) Actual return on plan assets was approximately (31)% for 2008.
(2) Discount rate was 6.25% at 12/31/08 (6.35% at 12/31/07).
2/19/2009 Proprietary and Confidential 13
14. Funded Status
Pension Assets
Under Ryder’s application of SFAS 87, pension assets are measured at
the end of each reporting year (December 31)
► Point-in-time valuation
► Reflects fair market value
► Not market-related (smoothed) value which is another accepted method under
SFAS 87
The fair market value of pension assets changes from year to year as a
result of the following items:
► Actual returns earned on plan assets
► Contributions to the plan
► Benefit payments to retirees
► Payment of plan expenses
2/19/2009 Proprietary and Confidential 14
15. Funded Status
Pension Liabilities
Projected Benefit Obligation (PBO) measures the present value of expected
future benefit payments to plan participants including future salary increases
► Point-in-time valuation (year-end unless interim assessment required)
► Based on service to date of valuation
► Based on selected discount rate
Discount rate based on actuarial models that match expected timing of
expected benefit payments to coupons and maturities from a hypothetical
portfolio of high quality (Aa or better) corporate bonds at the end of each
reporting year (December 31).
Future benefit payments are based on current plan provisions and are
impacted by the following assumptions:
► Salary progression rate
► Retirement age
► Mortality, Disability, Turnover, etc.
2/19/2009 Proprietary and Confidential 15
16. Funded Status
Historical Consolidated Funded Status
170
150
150
130
% 121
110
100
96
90 93
83
80 78
74
70
66
50
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Note: All years as of 12/31
2/19/2009 Proprietary and Confidential 16
17. Funded Status
Historical Funded Status-U.S. Only
170
158
150
128
130
%
110
100
100
97
90
87
83 81
77
70
62
50
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Note: All years as of 12/31
2/19/2009 Proprietary and Confidential 17
19. Pension Investment Strategies & Results
The purpose of the pension fund is to accumulate sufficient assets to
meet the Plan’s future payment obligations (liabilities).
Ryder’s Investment Committee oversees the asset management and
investment activities of our pension plans. Responsibilities include:
► Establishing and maintaining a broad asset allocation strategy
► Building investment structure within asset classes to ensure diversification
► Retaining and monitoring investment managers
► Evaluating performance of plans
Assets are accumulated largely through investment returns; investment
returns are maximized through asset allocation; asset allocation is
structured to produce the required long-term returns within a risk-
controlled framework.
Allocation of assets is largely a function of the time horizon for future
liability payments and expected return/risk characteristics for the various
asset classes. Investment allocations are subject to change at any time.
2/19/2009 Proprietary and Confidential 19
20. Pension Investment Strategies & Results
Asset Allocation Strategy
Ryder’s U.S. Pension asset allocation and approved ranges* are as follows:
12/31/07 12/31/08 Target
Allocation Allocation Range
► U.S. Equity 44% 37% 37% - 47%
► Non-U.S. Equity 16% 14% 8% - 18%
► U.S. Fixed Income 22% 32% 21% - 31%
► Tactical Asset Allocation (TAA**) 15% 13% 10% - 20%
► Venture Capital (fund of funds) 2% 3% 0% - 5%
► Cash <1% <1%
100% 100%
* Asset allocation ranges are approved and managed by the Ryder Investment Committee. Long-term strategy is to manage to the mid-point of
the target range.
** The TAA account was invested 100% in U.S. equity (S&P 500 Index Fund) as of 12/31/08. Investment allocations are subject to change at
any time.
2/19/2009 Proprietary and Confidential 20
21. Pension Investment Strategies & Results
Asset Return History
25 25
15 15
8.4%
7.9%
5 5
%
% 6.1%
-5 -5
-15 -15
-25 -25
-35 -35
2001 2002 2003 2004 2005 2006 2007 2008 2009
Annual Actual Asset Return
Current Expected Long Term Return on Assets
Rolling 15-Year Compound Annual Return
2/19/2009 Proprietary and Confidential 21
23. Pension Contribution
Annual U.S. cash contribution requirements were historically
determined under Employee Retirement Income Security Act (ERISA).
In 2006, the Pension Protection Act (PPA) was passed which amended
ERISA for the purpose of strengthening pension funding and helping
the Pension Benefit Guarantee Corporation (PBGC) remain solvent.
Annual U.S. cash contribution requirements are determined by two sets
of rules under the current PPA.
► Minimum Funding Requirements - sufficient contributions to cover normal
costs for the period and the amount to amortize funding shortfalls (if liability
exceeds assets) over 7 years.
● Additional contribution requirements if funded status falls below certain thresholds
and plan considered “at-risk” (75% for 2009 and 80% for 2010).
● At-risk status also requires additional participant notification and reporting.
► PBGC – flat dollar amount (per participant) for all plans PLUS variable
premium requirements for all less than 100% funded (under PPA, no
exemptions).
2/19/2009 Proprietary and Confidential 23
24. Pension Contribution
Contribution requirements are determined primarily by the following
factors:
► Actual return on plan assets
► Discount rate applied to expected plan payouts – based on corporate bond
yield curve
► Salary growth, retirement age and turnover
► Mortality – table issued by IRS and updated every 10 years
► Funded status
The Internal Revenue Code allows annual contributions greater than
PPA minimum funding requirements, thus a range of contributions is
possible
► IRS is also considering a one-time election to change the method of calculating
pension assets used in determining contributions.
► Proposed change allows for a smoothing of asset values versus a point-in-time
valuation.
► If approved, the election would reduce required pension contributions in 2009
and 2010.
2/19/2009 Proprietary and Confidential 24
25. Pension Contribution
Under PPA minimum funding rules, Ryder will be required to make annual contributions
for at least the next five years. Ryder may elect to make voluntary contributions earlier
than required and in amounts greater than the minimum requirements. The 2009 forecast
assumes $73 million of U.S. voluntary contributions in addition to the minimum
requirements for a total of $100 million.
The following table presents Ryder’s estimated funding requirements:
Contribution
Minimum Contribution Requirements to Avoid
(1), (2) (1), (2)
Requirements quot;At-Riskquot; Status
Current Proposed Current Proposed
Regulations Regulations Regulations Regulations
($ in millions)
Present value over 5 years
U.S. Qualified Plan $ 423 $ 405 $ 458 $ 452
2009 Calendar Year
U.S. Qualified Plan $ 8 $ - $ 201 $ 113
Global $ 27 $ 18 $ 219 $ 131
2009 PPA Funded Status 60% 66% 75% 75%
(1) Based on a discount rate of 6.25% and return on assets of 7.90%
(2) The level of future contributions will change based on plan asset performance
2/19/2009 Proprietary and Confidential 25
27. Pension Expense
Consolidated Pension Expense History
Years Ended December 31:
(Amounts in millions)
2008 2007 2006 2005
(1)
Service cost $ 26.6 40.1 42.6 37.3
Interest cost 92.4 86.6 82.5 76.5
Expected return on plan assets (120.6) (118.5) (99.5) (90.7)
Canadian curtailment gain (3.6) - - -
(1)
Recognized net actuarial loss 5.9 19.4 33.6 30.0
Amortization of prior service cost (2.5) (2.9) 6.3 1.4
Pension expense, excluding union plans (1.8) 24.7 65.5 54.5
Union-administered plans 4.9 4.8 4.9 4.7
Net pension expense $ 3.1 29.5 70.4 59.2
U.S. Actuarial Assumptions:
Discount rate 6.35% 6.00% 5.73% 5.90%
Salary progression rate 4.00% 4.00% 4.00% 4.00%
Expected return on Plan assets 8.40% 8.50% 8.50% 8.50%
(1)
Gain and loss amortization in years 28.4 8.4 8.4 8.5
(1) Change due to U.S. pension freeze
2/19/2009 Proprietary and Confidential 27
28. Pension Expense
Detail of Consolidated Pension
Expense History
Years Ended December 31:
(Amounts in millions)
2008 2007 2006 2005
U.S. Qualified Plan $ (8.9) 7.9 41.6 36.2
U.S. Non Qualified Plan 3.3 3.3 4.6 3.3
International Plans 3.8 13.5 19.3 15.0
Union Administered Plans 4.9 4.8 4.9 4.7
Net Pension Expense $ 3.1 29.5 70.4 59.2
2/19/2009 Proprietary and Confidential 28
29. Pension Expense
Service Cost
(Amounts in millions) 2008 2007
• Service cost is
determined as the
Company-administered plans:
actuarial present value of
Service cost $ 26.6 $ 40.1 benefits for employee
Interest cost 92.4 86.6 service during the period
Expected return on plan assets (120.6) (118.5) • Amount is impacted by:
Canadian curtailment gain (3.6) -
1) Discount Rate
Recognized net actuarial loss 5.9 19.4
2) Number of
Amortization of prior service credit (2.5) (2.9) employees
Pension expense, excluding union plans (1.8) 24.7
3) Expected lives /
Union-administered plans 4.9 4.8 retirement period
of employees
Net pension expense $ 3.1 $ 29.5
2/19/2009 Proprietary and Confidential 29
30. Pension Expense
Interest Cost
(Amounts in millions) 2008 2007
• Interest cost
Company-administered plans:
represents the
Service cost $ 26.6 $ 40.1
increase in the
Interest cost 92.4 86.6 projected benefit
Expected return on plan assets (120.6) (118.5) obligation due to the
passage of time
Canadian curtailment gain (3.6) -
Recognized net actuarial loss 5.9 19.4
• Amount is measured
Amortization of prior service credit (2.5) (2.9) by accrual of interest
cost at assumed
Pension expense, excluding union plans (1.8) 24.7
discount rate
Union-administered plans 4.9 4.8
Net pension expense $ 3.1 $ 29.5
2/19/2009 Proprietary and Confidential 30
31. Pension Expense
Expected Return on Assets
• Return on Plan assets
(Amounts in millions) 2008 2007
represents the assumed
change in the fair value of
Company-administered plans:
Plan assets during the
Service cost $ 26.6 $ 40.1 year, after considering plan
contributions and
Interest cost 92.4 86.6
distributions
Expected return on plan assets (120.6) (118.5)
Canadian curtailment gain (3.6) - • Average long-term
expected rate of return of:
Recognized net actuarial loss 5.9 19.4
Amortization of prior service credit (2.5) (2.9) 2001 9.25%
2002 8.75%
Pension expense, excluding union plans (1.8) 24.7
2003-2007 8.50%
Union-administered plans 4.9 4.8
2008 8.40%
Net pension expense $ 3.1 $ 29.5
2/19/2009 Proprietary and Confidential 31
32. Pension Expense
Canadian Curtailment Gain
(Amounts in millions) 2008 2007
• Gain recognized in Q3-08
upon amendment to freeze
Company-administered plans:
Canadian plan effective on
Service cost $ 26.6 $ 40.1
1/1/2010
Interest cost 92.4 86.6
• SFAS 88 is guiding
Expected return on plan assets (120.6) (118.5)
literature
Canadian curtailment gain (3.6) -
• Represents the write-off of
Recognized net actuarial loss 5.9 19.4
unrecognized prior service
Amortization of prior service credit (2.5) (2.9)
credits associated with
Pension expense, excluding union plans (1.8) 24.7
years of service no longer
Union-administered plans 4.9 4.8 expected to be rendered.
Net pension expense $ 3.1 $ 29.5
2/19/2009 Proprietary and Confidential 32
33. Pension Expense
Actuarial Gain / Loss
• Actuarial gains or losses
include changes in pension
(Amounts in millions) 2008 2007 assets or obligations
resulting from experience
different than that assumed
Company-administered plans:
or changes in assumptions
Service cost $ 26.6 $ 40.1
• G/L recognized over time
Interest cost 92.4 86.6
Expected return on plan assets (120.6) (118.5) • G/L recognition is subject to
a “corridor” which is
Canadian curtailment gain (3.6) -
generally 10% of the greater
Recognized net actuarial loss 5.9 19.4
of pension obligations ($1.5
Amortization of prior service credit (2.5) (2.9)
billion at 12/31/08) or assets
Pension expense, excluding union plans (1.8) 24.7 ($976 million at 12/31/08)
Union-administered plans 4.9 4.8
• Corridor at 12/31/08 was
Net pension expense $ 3.1 $ 29.5 $148 million
• For U.S. plan, in light of plan
freeze, gains and losses are
recognized over average
remaining life expectancy of
plan participants (28.4 years
in 2008)
2/19/2009 Proprietary and Confidential 33
34. Pension Expense
Prior Service Credit
(Amounts in millions) 2008 2007
• Prior Service Credit
Company-administered plans:
represents the cost of
Service cost $ 26.6 $ 40.1
retroactive benefit
Interest cost 92.4 86.6
reductions made in a
Expected return on plan assets (120.6) (118.5) Plan amendment
Canadian curtailment gain (3.6) -
• Recognized over the
Recognized net actuarial loss 5.9 19.4 anticipated future service
Amortization of prior service credit (2.5) (2.9) period of employees
affected
Pension expense, excluding union plans (1.8) 24.7
Union-administered plans 4.9 4.8
Net pension expense $ 3.1 $ 29.5
2/19/2009 Proprietary and Confidential 34
35. Pension Expense
Sensitivity Analysis - U.S. Qualified Pension Plan
2008 Pension
Assumption Change Expense
Expected Long-Term Return on Assets 8.40% +/- 0.25% -/+ $ 2 Million
Actual 2008 Asset Returns vs. Expected +/- 0.25% -/+ $ 0.4 Million
Contributions at beginning of year + $ 25 Million - $ 2 Million
Discount Rate 6.35% +/- 0.25% -/+ $ 0.5 Million
Salary Progression Rate 4.00% +/- 0.50% +/- $ 0.5 Million
2/19/2009 Proprietary and Confidential 35
36. Pension Expense
2009 Expectations - U.S. Qualified Pension Plan
Estimate Actual Actual
(Amounts in millions) 2009 2008 2007
U.S. Qualified Pension Plan
Service cost $ 12.6 12.8 23.4
Interest cost 74.9 71.8 67.1
Expected return on plan assets (59.6) (94.9) (93.0)
Net amortization 18.3 1.4 10.4
Pension expense $ 46.2 (8.9) 7.9
Actuarial Assumptions:
Discount rate 6.25% 6.35% 6.00%
Salary progression rate 4.00% 4.00% 4.00%
Expected return on Plan assets 7.90% 8.40% 8.50%
2/19/2009 Proprietary and Confidential 36
37. Pension Expense
2009 Expectations - Consolidated Pension Expense
(Amounts in millions) Estimate Actual Actual
2009 2008 2007
U.S. Qualified Plan $ 46.2 (8.9) 7.9
U.S. Non Qualified Plan 3.4 3.3 3.3
International Plans 10.7 3.8 13.5
Union Administered Plans 4.9 4.9 4.8
Net Pension Expense $ 65.2 3.1 29.5
2/19/2009 Proprietary and Confidential 37
38. Pension Expense
Drivers of the Change in 2009 Consolidated
Pension Expense
(Amounts in millions)
2008 Pension Expense $ 3
U.S. Qualified Plan Adjustments:
Lower than Assumed Return on Assets in 2008 (-31.5% vs 8.40%) 52
Reduction in Asset Return Assumption (7.90% vs 8.40%) 4
Benefit of 2009 Pension Contributions (3)
Decrease in Discount Rate (from 6.35% to 6.25%) -
Other 2
Total U.S. Qualified Plan Adjustments 55
U.S. Non-Qualified / International and Union Plans' Adjustments* 7
Total Adjustments 62
2009 Estimated Pension Expense $ 65
* Primarily lower 2008 asset returns partially offset by increase in discount rate and FX.
2/19/2009 Proprietary and Confidential 38
40. Pension Equity Charges
SFAS 158 requires the funded status of a defined benefit plan be
recognized in the balance sheet.
► Funded Status = Fair value of plan assets compared to PBO
► Overfunded Plan → Balance sheet asset
► Underfunded Plan → Balance sheet liability
► Year-end (December 31 for Ryder) calculation in conjunction with actuarial
valuation
SFAS 158 requires the changes in funded status be recognized through
comprehensive income.
► Relates to actuarial gains/losses and prior service costs/credits that arise during
the period but are not recognized in pension expense
► Changes are recognized net of tax
► Accumulated changes in other comprehensive income are presented within
shareholders’ equity
2/19/2009 Proprietary and Confidential 40
41. Pension Equity Charges
Impact to Ryder
Negative asset returns from 2000-2002 and 2008 have led to significant
unrecognized actuarial losses since 12/31/02. Following is a summary of net
pension equity charges since 2002:
Year Cumulative Equity Charge
2002 $229M
2003 $187M
2004 $189M
2005 $221M
2006 $201M
2007 $148M
2008 $480M
Required charge to equity increased substantially in 2008 because of
significant negative asset returns.
Global revolving credit facility includes a covenant to maintain a ratio of debt
to consolidated tangible net worth, as defined, of less than or equal to 300%.
► Pension equity charge is included in debt covenant calculation.
► Ratio at 12/31/08 was 181%.
► Ryder continues to be in compliance with the debt covenant.
2/19/2009 Proprietary and Confidential 41
43. Conclusions
Ryder has frozen U.S. and Canadian pension plans to most active
employees.
Pension expense is sensitive to expected long-term asset returns versus
actual returns as well as interest rate changes.
► Difference between actual and expected asset returns and the impact of
interest rate changes are required to be amortized in order to smooth
recognition of gains and losses
Plan cash contributions can lower pension expense.
Pension expense for all plans (especially our primary U.S. plan) is
expected to significantly increase in 2009 over 2008.
► Driven by impact of 2008 asset returns that were substantially below
assumed return rates
2/19/2009 Proprietary and Confidential 43
44. Conclusions
At year end 2008, the plans were 66% funded. The funded status is
negative $502M.
Minimum pension funding requirements are manageable relative to free
cash flow – pending regulation changes may reduce contribution
requirements in the near-term.
► Pension contributions to avoid “at-risk” status (75% funded) are substantially
higher than the minimum funding requirement in the near-term.
Underfunded status results in a charge to equity (cumulative $480M at
12/31/08).
Pension charge to equity does not affect earnings or current
compliance with the debt covenant.
2/19/2009 Proprietary and Confidential 44