Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2018

Retirement Benefits [Abstract]

Pension expense from continuing operations

Pension expense from continuing operations was as follows:

	Years ended December 31,
	2018			2017		2016
	(In thousands)
Company-administered plans:
Service cost	$	12,108		12,345		12,977
Interest cost	78,234			86,431		94,476
Expected return on plan assets	(101,980		)	(91,062	)	(90,588	)
Pension settlement expense	3,061			—		—
Amortization of:
Net actuarial loss	28,593			32,987		31,777
Prior service cost	550			579		2,976
	20,566			41,280		51,618
Union-administered plans	9,326			15,553		9,597
Net pension expense	$	29,892		56,833		61,215
Company-administered plans:
U.S.	$	28,043		43,717		53,319
Foreign	(7,477		)	(2,437	)	(1,701	)
	20,566			41,280		51,618
Union-administered plans	9,326			15,553		9,597
	$	29,892		56,833		61,215

Summary of weighted-average actuarial assumptions

The following table sets forth the weighted-average actuarial assumptions used for Ryder’s pension plans in determining annual pension expense:

	U.S. Plans Years ended December 31,			Foreign Plans Years ended December 31,
	2018	2017	2016	2018	2017	2016
Discount rate	3.70%	4.20%	4.50%	2.70%	3.90%	3.70%
Rate of increase in compensation levels	3.00%	3.00%	3.00%	3.08%	3.10%	3.10%
Expected long-term rate of return on plan assets	5.40%	5.40%	5.85%	5.50%	5.48%	5.44%
Gain and loss amortization period (years)	21	21	23	26	26	27

The following table sets forth the weighted-average actuarial assumptions used in determining funded status:

	U.S. Plans December 31,		Foreign Plans December 31,
	2018	2017	2018	2017
Discount rate	4.35%	3.70%	3.04%	2.70%
Rate of increase in compensation levels	3.00%	3.00%	3.08%	3.10%

Summary of benefit obligations, assets and funded status

The following table sets forth the benefit obligations, assets and funded status associated with our pension plans:

	December 31,
	2018			2017
	(In thousands)
Change in benefit obligations:
Benefit obligations at January 1	$	2,298,902		2,228,762
Service cost	12,108			12,345
Interest cost	78,234			86,431
Actuarial (gain) loss	(120,934		)	100,905
Pension annuity settlement	—			(66,423	)
Benefits paid	(104,560		)	(104,054	)
Foreign currency exchange rate changes	(28,607		)	40,936
Benefit obligations at December 31	2,135,143			2,298,902
Change in plan assets:
Fair value of plan assets at January 1	1,941,330			1,787,075
Actual return on plan assets	(108,386		)	244,916
Employer contribution	27,741			41,219
Benefits paid	(104,560		)	(104,054	)
Pension annuity settlement	—			(71,299	)
Foreign currency exchange rate changes	(30,582		)	43,473
Fair value of plan assets at December 31	1,725,543			1,941,330
Funded status	$	(409,600	)	(357,572	)
Funded percent	81		%	84	%

Amounts recognized in the Consolidated Balance Sheets

The funded status of our pension plans was presented in the Consolidated Balance Sheets as follows:

	December 31,
	2018			2017
	(In thousands)
Noncurrent asset	$	51,133		58,708
Current liability	(3,754		)	(3,863	)
Noncurrent liability	(456,979		)	(412,417	)
Net amount recognized	$	(409,600	)	(357,572	)

Amounts recognized in accumulated other comprehensive loss (pre-tax)

Amounts recognized in accumulated other comprehensive loss (pre-tax) consisted of:

	December 31,
	2018		2017
	(In thousands)
Prior service cost	$	14,519	11,135
Net actuarial loss	929,995		878,386
Net amount recognized	$	944,514	889,521

Summary of pension obligations greater than fair value of related plan assets

At December 31, 2018 and 2017, our accumulated benefit obligations, as well as, our pension obligations (accumulated benefit obligations (ABO), and projected benefit obligations (PBO)), greater than the fair value of the related plan assets for our U.S. and foreign plans were as follows:

	U.S. Plans December 31,			Foreign Plans December 31,		Total December 31,
	2018		2017	2018	2017	2018	2017
	(In thousands)
Total accumulated benefit obligations	$	1,685,270	1,781,882	429,640	492,864	2,114,910	2,274,746
Plans with pension obligations in excess of plan assets:
PBO	1,703,847		1,804,260	6,912	7,802	1,710,759	1,812,062
ABO	1,685,270		1,781,882	5,788	6,502	1,691,058	1,788,384
Fair value of plan assets	1,250,032		1,395,790	—	—	1,250,032	1,395,790

Fair value of each major category of pension plan assets and the level of inputs used to measure fair value

The following table presents the fair value of each major category of pension plan assets and the level of inputs used to measure fair value as of December 31, 2018 and 2017:

	Fair Value Measurements at December 31, 2018
Asset Category	Total		Level 1	Level 2	Level 3
	(In thousands)
Equity securities:
U.S. common collective trusts	$	315,741	—	315,741	—
Foreign common collective trusts	352,040		—	352,040	—
Fixed income securities:
Corporate bonds	79,155		—	79,155	—
Common collective trusts	856,771		—	856,771	—
Private equity and hedge funds	121,836		—	—	121,836
Total	$	1,725,543	—	1,603,707	$	121,836

	Fair Value Measurements at December 31, 2017
Asset Category	Total		Level 1	Level 2	Level 3
	(In thousands)
Equity securities:
U.S. common collective trusts	$	443,405	—	443,405	—
Foreign common collective trusts	458,111		—	458,111	—
Fixed income securities:
Corporate bonds	85,117		—	85,117	—
Common collective trusts	840,104		—	840,104	—
Private equity and hedge funds	114,593		—	—	114,593
Total	$	1,941,330	—	1,826,737	114,593

Summary of changes in fair value of the pension plans Level 3 assets

The following table presents a summary of changes in the fair value of the pension plans’ Level 3 assets for the years ended December 31, 2018 and 2017:

	2018			2017
	(In thousands)
Beginning balance at January 1	$	114,593		102,884
Return on plan assets:
Relating to assets still held at the reporting date	6,762			10,795
Relating to assets sold during the period	(38		)	(405	)
Purchases, sales, settlements and expenses	519			1,319
Ending balance at December 31	$	121,836		114,593

Pension benefits expected to be paid

The following table details pension benefits expected to be paid in each of the next five fiscal years and in aggregate for the five fiscal years thereafter:

	(In thousands)
2019	$	104,596
2020	107,603
2021	112,469
2022	116,601
2023	120,086
2024-2028	639,201

Schedule of multi-employer plan

Among other factors, plans in the red zone are generally less than sixty-five percent funded, plans in the yellow zone are less than eighty percent funded, and plans in the green zone are at least eighty percent funded.

		Pension Protection Act Zone Status			Ryder Contributions							Expiration Date(s) of Collective-Bargaining Agreement(s)
Pension Fund	Employer Identification Number	2018	2017	FIP/RP Status Pending/ Implemented (1)	2018			2017	2016		Surcharge Imposed
					(Dollars in thousands)
Western Conference Teamsters	91-6145047	Green	Green	No	$	3,488		3,245	2,613		No	01/12/18 to 03/31/21
IAM National	51-6031295	Green	Green	No	3,953			3,891	4,162		No	03/31/17 to 11/30/19
Automobile Mechanics Local No. 701	36-6042061	Yellow	Yellow	FIP Adopted	1,435			2,048	2,201		Yes	10/31/17 to 05/31/19
Other funds					931			915	760
Total contributions					9,807			10,099	9,736
Pension settlement (benefit) charges					(481		)	5,454	(139	)
Union-administered plans					$	9,326		15,553	9,597

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(1) The “FIP/RP Status Pending/Implemented” column indicates plans for which a financial improvement plan (FIP) or a rehabilitation plan (RP) is either pending or has been implemented.