11-K 1 ryder201811-kfs.htm 11-K Document
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549



FORM 11-K





(Mark One)

[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2018


OR



[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


For the transition period from __________to __________.

    
Commission file number: 1-4364

 
RYDER SYSTEM, INC. 401(k) SAVINGS PLAN

Ryder System, Inc. 11690 NW 105 Street
Miami, Florida 33178






 
REQUIRED INFORMATION
 
 
 
 
 
 
 
 
 
FINANCIAL STATEMENTS & SUPPLEMENTAL SCHEDULE
    
PAGE NO.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
 
 
 
 
 
EXHIBIT
 
 
 
 
 
 
 
  
 
 
          
 
 
 
 
 
 
 
 
*Other supplemental schedules required by Section 2520-10 of the Department of Labor Rules and Regulations for Reporting and Disclosure under Employee Income Security Act of 1974 have been omitted because they are not applicable.
 




Report of Independent Registered Public Accounting Firm
Plan Administrator and Participants
Ryder System, Inc. 401(k) Savings Plan               
Miami, Florida
Opinion on the Financial Statements
We have audited the accompanying statements of net assets available for benefits of the Ryder System, Inc. 401(k) Savings Plan (the “Plan”) as of December 31, 2018 and 2017, the related statement of changes in net assets available for benefits for the years then ended, and the related notes (collectively, the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2018 and 2017, and the changes in net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risk of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by the Plan’s management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Emphasis of Matter Relating to Plan Merger
 
As discussed in Note 1 to the financial statements, MXD Group, Inc. Retirement Savings Plan was merged into Ryder System, Inc. 401(k) Savings Plan effective December 31, 2018. Our opinion has not been modified with respect to this matter.
Supplemental Information
The supplemental information in the accompanying schedule of assets (held at end of year) as of December 31, 2018 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is presented for the purpose of additional analysis and is not a required part of the financial statements but included supplemental information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole. 
/s/ BDO USA, LLP
We have served as the Plan’s auditor since 2015.
Miami, Florida
June 11, 2019

3


RYDER SYSTEM, INC. 401(k) SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS



 
December 31,
 
2018
 
2017
Assets
 
 
 
Investments at fair value
$
1,007,564,164

 
$
1,119,506,981

Investments at contract value
133,796,827

 
130,490,820

Receivables:
 
 
 
  Notes receivable from participants
35,813,570

 
35,009,755

  Participant contributions
742,639

 
554,430

  Employer contributions
19,425,221

 
20,406,612

  Due from broker
14,126

 
50,057

  Contribution receivable from MXD Plan (Note 1)
13,143,566

 
—

      Total receivables
69,139,122

 
56,020,854

 
 
 
 
       Total assets
1,210,500,113

 
1,306,018,655

 
 
 
 
Liabilities
 
 
 
  Due to broker
66,523

 
88,647

  Other liabilities
232,979

 
75,419

       Total liabilities
299,502

 
164,066

 
 
 
 
Net assets available for plan benefits
$
1,210,200,611

 
$
1,305,854,589

 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.


4


RYDER SYSTEM, INC. 401(k) SAVINGS PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS



 
Years ended December 31,
 
2018
 
2017
Additions to net assets attributed to:
 
 
 
  Investment income:
 
 
 
    Net (depreciation) appreciation in value of investments
$
(114,873,560
)
 
$
188,086,240

    Dividends
25,298,539

 
19,508,191

    Interest
2,461,110

 
2,133,564

        Net investment (loss) income
(87,113,911
)
 
209,727,995

 
 
 
 
  Interest income on notes receivable from participants
1,370,743

 
1,157,738

 
 
 
 
  Contributions:
 
 
 
    Employer
32,592,561

 
31,702,195

    Participants
55,537,897

 
49,633,457

    Participant rollovers
7,229,061

 
5,221,496

        Total contributions
95,359,519

 
86,557,148

 
 
 
 
 
 
 
 
        Total additions
9,616,351

 
297,442,881

 
 
 
 
Deductions from net assets attributed to:
 
 
 
  Benefits paid to plan participants
116,955,353

 
97,542,135

  Administrative expenses
1,458,542

 
1,598,924

        Total deductions
118,413,895

 
99,141,059

 
 
 
 
        Net (decrease) increase
(108,797,544
)
 
198,301,822

        Transfer in from related plan (Note 1)
13,143,566

 
—

 
 
 
 
Net assets available for plan benefits:
 
 
 
  Beginning of year
1,305,854,589

 
1,107,552,767

  End of year
$
1,210,200,611

 
$
1,305,854,589

 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.


5


RYDER SYSTEM, INC. 401(K) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS



1.
Description of Plan

The following description of the Ryder System, Inc. 401(k) Savings Plan (the “Plan”) provides only general information. Participants should refer to the Plan document for a more comprehensive description of the Plan's provisions.

General
The Plan, established January 1, 1993, is a defined contribution plan and, as such, is subject to some, but not all, of the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). It is excluded from coverage under Title IV of ERISA, which generally provides for guaranty and insurance of retirement benefits; and it is not subject to the funding requirements of Title I of ERISA. The Plan is, however, subject to those provisions of Title I and II of ERISA which, among other things, require that each participant be furnished with an annual financial report and a comprehensive description of the participant's rights under the Plan, set minimum standards of responsibility applicable to fiduciaries of the Plan, and establish minimum standards for participation and vesting.

The Plan Administrator is the Ryder System, Inc. Retirement Committee. The Plan's trustee and record-keeper are Fidelity Management Trust Co. and Fidelity Investments Institutional Operations Company, respectively.

Eligibility
Participation in the Plan is voluntary. In general, all employees on the U.S. payroll of Ryder System, Inc. (the “Company”) and its subsidiaries that have adopted the Plan are eligible to participate in the Plan beginning on the first day of the month following completion of a six month period of service. Prior to January 1, 2016, employees were eligible to participate immediately. The following employees or classes of employees are not eligible to participate: (a) an employee who is in a unit of employees represented by a collective bargaining agent is excluded from participation in the Plan unless the unit has negotiated coverage under the Plan; (b) employees eligible to participate under another Company sponsored qualified savings plan; and (c) leased employees.

Contributions
Participant Contributions
Participants may elect to contribute pre-tax dollars to the Plan by having their compensation reduced by a maximum of the lesser of: a) 50% of compensation, b) the IRS limit of $18,500 and $18,000 for 2018 and 2017, respectively, or (c) such other amount as shall be determined by the Company’s Retirement Committee from time to time. Additionally, participants may elect to make after-tax contributions to the Plan.

Participants who reach age 50 during the calendar year may be eligible to make catch-up contributions up to $6,000 in addition to the IRS limit of $18,500 for the year ended December 31, 2018 and $18,000 for the year ended December 31, 2017. Participants can also elect a direct rollover of an existing balance from a tax-qualified retirement or savings plan into the Plan. Participants may elect to contribute to any of twenty- six investment options and may direct the record-keeper to transfer among investment options on a daily basis.

Employer Contributions
If a participant meets certain requirements related to employment date, age and service hours, the Company may contribute to the participant's account. Company contributions are invested in the investment options in the same allocation percentages as each participant’s contributions.

Salaried and non-salaried employees hired prior to January 1, 2016, other than field hourly employees of Ryder Integrated Logistics, Inc. (“RIL”), a wholly-owned subsidiary of the Company and other employee groups as described below, that are not grandfathered into the Ryder System, Inc. Retirement Plan are eligible to receive: (a) Company contributions equal to 3% of eligible pay, even if employees do not make contributions to the Plan and (b) a 50% Company match of participant contributions of up to 5% of eligible pay, subject to IRS limits upon meeting eligibility requirements.

6


RYDER SYSTEM, INC. 401(K) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS



For field hourly employees of RIL hired prior to January 1, 2016, the Company will make a basic contribution of $400 on an annual basis whether or not the employee contributes to the Plan. If the employee contributes to the Plan, in addition to the basic contribution, the Company will match the first $300 at 100% and match the next $800 at 50%.

On January 1, 2011, the Plan was amended to include employees acquired through the Total Logistic Control (“TLC”) acquisition, which was completed on December 31, 2010. The acquired TLC employees who met the requirements and were deemed eligible to participate under TLC’s plan were immediately eligible to receive Company matching contributions under the Plan. The acquired TLC hourly employees are eligible to receive: a) a 100% Company match of participant contributions up to 4% of eligible pay and b) a 50% Company match of participant contributions of the next 2% of eligible pay. The acquired salaried TLC employees are eligible to receive the same benefit as all other salaried employees (defined above). All acquired TLC employees are fully vested in the Company matching contributions.

On January 1, 2016, the Plan was amended for new hires and re-hires. Effective January 1, 2016, matching contributions for new hires and re-hires, regardless of position, shall equal 50% company match of participant contributions up to 6% of eligible pay, subject to IRS limits upon meeting eligibility requirements. In no event will a new hire or re-hire be eligible to receive employer contributions.

Additionally, the amendment replaces the 30% matching contribution up to 5% of eligible pay for the employees acquired through Scully Distribution Services and employees hired into the Company’s Dedicated Contract Carriage (“DCC”) on or after April 1, 2012.

Also on January 1, 2016, effective for plan years beginning with the 2016 plan year, the employer contribution for eligible salaried and non-salaried employees shall be made annually, as soon as practicable, following the last day of the plan year in an amount equal to 3% of the participant’s compensation for the plan year. For field hourly employees of RIL, the $400 company contribution will also be made annually, as soon as practicable, following the last day of the plan year. An employee must be employed by the Company on December 31st of the plan year to be eligible to receive the plan year’s employer contribution. Contributions will be calculated for periods during which a person is eligible during the year.

The Company may make a discretionary matching contribution for salaried and non-salaried employees, other than RIL non-salaried employees. This discretionary matching contribution may be based on the Company’s attainment of specified performance goals. Company contributions are for the benefit of those participants who meet eligibility requirements as defined by the Company’s Retirement Committee. For the years ended December 31, 2018 and 2017, the Company did not make any discretionary matching contributions.

Contributions are subject to certain IRS limits.

On June 15, 2018, the Plan was amended to include employees acquired through the Metro Truck and Tractor Leasing, Inc. (“MTTL”) stock acquisition. Effective June 15, 2018, these employees were subject to the terms of the Plan with the exception of the service and vesting period. Previous MTTL employees who became employed at Ryder System, Inc. were credited with all service as employees of Metro Truck & Tractor Leasing, Inc. and its subsidiaries that were recognized as eligibility and vesting service under the Metro Truck and Tractor Leasing, Inc. 401(k) Plan as of June 15, 2018.








7


RYDER SYSTEM, INC. 401(K) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS



Effective December 31, 2018, the Plan was amended to reflect the merger of the MXD Group, Inc. Retirement Savings Plan ("MXD Plan") with and into the Plan. The assets and liabilities of the MXD Group, Inc. (now Ryder Last Mile or “RLM”) Plan were merged effective December 31, 2018. As a result of the merger, the assets due to the Plan were recorded as a contribution receivable from MXD Plan of $13,143,566 in the Statement of Net Assets Available for Plan Benefit as of December 31, 2018. The contribution receivable is composed of:

Participant contributions
$
7,670,300

Employer contributions
4,764,479

Participant rollovers
708,787

 
$
13,143,566


The acquired RLM employees who met the requirements and were deemed eligible to participate under RLM’s plan were immediately eligible to receive Company matching contributions under the Plan. The acquired RLM employees are eligible to receive a 50% Company match of participant contributions up to 6% of eligible pay. All acquired RLM participants who were employed with MXD Group, Inc. on the plan merger date of December 31, 2018 shall vest in their prior MXD employer contributions based on the MXD vesting schedule:

Number of Years of Vesting Service
Vested Percentage
1
25%
2
50%
3
75%
4
100%

Vesting
Participants are immediately vested in their contributions plus earnings thereon. Upon completion of two years of service, participants vest 25% in the Company contributions and the earnings attributable to such contributions and 25% upon completion of each year thereafter until they are fully vested. Participants will also become fully vested in Company contributions and the earnings attributable to such contributions when they reach age 65, become permanently disabled or upon death while employed by the Company. RIL field hourly employees’ basic Company contributions and the match on the first $300 of participant contributions are immediately fully vested.

Participant Accounts
Each participant's account is credited with the participant's contribution and with allocations of: (a) the Company's contribution and (b) Plan earnings, and charged with an allocation of administrative expenses. Expenses are allocated evenly across all eligible accounts for recordkeeping services. Loan and distribution expenses are charged directly to the respective participant. Trustee fees are allocated to participants’ accounts on a pro-rata basis based on the participant’s account balance. Earnings are currently allocated on a daily basis. The benefit for a participant is the benefit that can be provided from the participant's vested account. Participants forfeit the nonvested portion of their accounts in the Plan upon termination of employment with the Company. Forfeited balances of terminated participants' nonvested accounts are used to reduce future Company contributions. In 2018 and 2017, employer contributions were reduced by $1,448,566 and $1,543,388, respectively, from forfeited nonvested accounts. At December 31, 2018 and 2017, forfeited nonvested accounts available to reduce future employer contributions totaled $200,943 and $10,226, respectively.





8


RYDER SYSTEM, INC. 401(K) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS



Notes Receivable from Participants
Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of their account balance. Loan terms range from 1-5 years or up to 15 years for the purchase of a primary residence. The loans are secured by the balance in the participant's account and accrue interest at a fixed rate which is the prime rate as received from Reuters updated on the first business day of the quarter. The loan’s interest rate is fixed for the life of the loan. Principal and interest is paid ratably through payroll deductions. All principal and interest payments are allocated to the Plan's investment funds based on the participant's investment elections at the time of payment. Loans which are granted and repaid in compliance with the Plan provisions will not be considered distributions to the participant for tax purposes.

Benefits Paid
If a participant leaves the Company, the participant is entitled to receive the vested value of the account balance. If a participant’s vested account value is $1,000 or less, it will be paid as an automatic distribution. As of December 31, 2018 and 2017, there were no automatic distributions pending. If the vested value of the account balance is greater than $1,000, a participant may request an immediate lump-sum payment, or a participant may choose to delay payment to a later date, but not beyond April 1st of the year after the participant reaches age 70 ½. Participants may request a withdrawal of all or a portion of their elective contribution account balance if they can demonstrate financial hardship as defined by the Plan. Such amounts will be considered distributions to the participant for income tax purposes.

2.
Summary of Significant Accounting Policies

Basis of Accounting
The financial statements of the Plan are prepared on the accrual basis of accounting.

Use of Estimates
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Such estimates and assumptions are subject to inherent uncertainties, which may result in actual amounts differing from reported amounts.

Investment Valuation and Income Recognition
Investments are reported at fair value (except for fully benefit-responsive investment contracts, which are reported at contract value). Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See Note 3 for discussion of fair value measurements.

Purchases and sales of securities are recorded on a trade-date basis. The Plan presents in the Statements of Changes in Net Assets Available for Plan Benefits the net appreciation (depreciation) in the fair value of its investments, which consists of the related gains (losses) and the unrealized appreciation (depreciation) on those investments. Dividends on mutual funds and Ryder System, Inc. common stock is recorded on the record date. Interest income is recorded on the accrual basis.

Notes Receivable from Participants
Notes Receivable from Participants is measured at their unpaid principal balance plus any accrued but unpaid interest. Loans in default are recorded as distributions based upon the terms of the plan document and are included in benefits paid to participants. No allowance for credit losses has been recorded as of December 31, 2018 and 2017.





9


RYDER SYSTEM, INC. 401(K) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS



Due to/from broker
Due to/from broker for investment securities purchased/sold include amounts payable or receivable to/from clearing organizations relating to investment security transactions to be settled.

Payment of Benefits
Benefits are recorded when paid.

Administrative Expenses
Trustee fees, management fees and other fund expenses are paid from the assets of the Plan. Loan administrative and origination fees and recordkeeping fees are paid by the participants. Investment related expenses are included in net (depreciation) appreciation in value of investments.

Subsequent Events
The Plan evaluated subsequent events through June 11, 2019, the date the financial statements were available to be issued.

Recently Issued Accounting Pronouncements
In August 2018 the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 improves the disclosure requirements for fair value measurements. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. The Plan is assessing the impact on its disclosures of adopting the updated standard.

3.
Fair Value Measurements

The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs. The three levels of the fair value hierarchy under Topic 820 are described as follows:

Level 1:
Inputs to the valuation methodology are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Plan can access at the measurement date.

Level 2:
Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, such as:

a.
Quoted prices for similar assets or liabilities in active markets
b.
Quoted prices for identical or similar assets or liabilities in inactive markets
c.
Inputs other than quoted prices that are observable for the asset or liability
d.
Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the assets or liability.

Level 3:    Inputs that are unobservable inputs for the asset or liability.






10


RYDER SYSTEM, INC. 401(K) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS



Following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies at December 31, 2018 and 2017.

Mutual funds: valued at quoted market prices, which represent the net asset value of the shares held in such funds. Each of these funds is considered an open ended mutual fund and are valued using a market approach. Fair value is based on a daily net asset value (“NAV”) that can be validated with a sufficient level of observable activity (i.e. purchases and sales at NAV) and therefore the mutual funds have been classified within Level 1 of the fair value hierarchy.

Ryder System, Inc. common stock: valued at the closing price reported on the active market on which the individual security is traded and therefore, has been classified within Level 1 of the fair value hierarchy.

Common collective trusts: valued at the net asset value per unit as determined by the collective trust as of the valuation date, which approximates fair value. Each fund consists of a commingled trust that invests in a diversified portfolio of equity index, fixed income index and/or short-term products. The investment objective of each portfolio is to achieve a high total return until its target retirement date. Thereafter, each portfolio's objective will be to seek high current income and, as a secondary objective, capital appreciation. There are no trading restrictions on these investments. The fund’s fair value is measured as the fair value of the ownership interest in the fund.

Short-term money market instruments: stated at net asset value. The short-term money market instruments are invested in the Colchester Street Fund - Money Market Portfolio: Class I and Fidelity Institutional Money Market Portfolio: Class I fund. The funds invest in money market funds to provide daily liquidity. Fair value is based on the NAV that can be validated with a sufficient level of observable activity (i.e. purchases and sales at NAV).

The following table presents the Plan’s assets at fair value. Classification within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.
 
December 31,
 
2018
 
2017
Investments in the fair value hierarchy: (a)
 
 
 
Mutual funds
$
385,535,581

 
$
437,264,892

Ryder System, Inc. common stock
57,394,319

 
92,331,376

 
442,929,900

 
529,596,268

 
 
 
 
Investments measured at net asset value: (b)
 
 
 
Common collective trusts
560,729,551

 
585,851,691

Short-term money market instruments
3,904,713

 
4,059,022

 
$
1,007,564,164

 
$
1,119,506,981

__________________________________________
(a)
Mutual funds and Ryder System Inc. common stock have been classified within Level 1 of the fair value hierarchy.
(b)
In accordance with Subtopic 820-10, certain investments that were measured at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the statement of net assets available for benefits.

Transfers between Levels
For years ended December 31, 2018 and 2017, there were no significant transfers between Levels 1 and 2 and no transfers in or out of Level 3.






11


RYDER SYSTEM, INC. 401(K) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS



Investments Measured Using the Net Asset Value per Share Practical Expedient
The following table summarizes investments for which fair value is measured using the net asset value per share practical expedient as of December 31, 2018 and 2017, respectively. There are no participant redemption restrictions for these investments: the redemption notice period is applicable only to the Plan.

December 31, 2018
Fair Value
Unfunded Commitments
Redemption Frequency (If Currently Eligible)
Redemption Notice Period
Common collective trusts
$
560,729,551

N/A
Daily
N/A
Short-term money market instruments
$
3,904,713

N/A
Daily
N/A
 
 
 
 
 
December 31, 2017
Fair Value
Unfunded Commitments
Redemption Frequency (If Currently Eligible)
Redemption Notice Period
Common collective trusts
$
585,851,691

N/A
Daily
N/A
Short-term money market instruments
$
4,059,022

N/A
Daily
N/A

4.
Investment Contracts with Insurance Companies

The Interest Income Fund, one of the Plan's investment options, may be invested in short-term money market instruments and in fully benefit-responsive synthetic guaranteed investment contracts with various insurance companies, banks, and financial institutions. The fund is credited with earnings on the underlying investments and charged for participant withdrawals and administrative expenses. The guaranteed investment contract issuer is contractually obligated to repay the principal and a specified interest rate that is guaranteed to the Plan.

As described in Note 2, because the guaranteed investment contracts are fully benefit-responsive, the contract is measured at contract value. Contract value, as reported to the Plan, represents contributions made under the contract, plus earnings, less participant withdrawals and administrative expenses. Participants may ordinarily direct the withdrawal or transfer of all or a portion of the investment at contract value.

There are no reserves against contract value for credit risk of a contract issuer or otherwise. The crediting interest rate is based on a formula agreed upon with the issuer, but it may not be less than zero percent. Such interest rates are reviewed on a quarterly basis for resetting.

Certain events limit the ability of the Plan to transact at contract value with the issuer. These events may be different under each contract. Such events include the following: (1) any substantive modification to the Plan or administration of the Plan that is not consented to by the contract issuer (including complete or partial plan termination or merger with another plan), (2) establishment of a defined contribution plan that competes with the Plan for employee contributions, (3) plan sponsor events, such as divestitures, spin-offs or early retirement programs that cause a significant withdrawal from the Plan, (4) transfer of assets from the fund directly to a competing option and (5) the failure of the Plan to qualify under Section 401(a) or Section 401(k) of the Internal Revenue Code. The Plan administrator does not believe that the occurrence of any of these events, which would limit the Plan’s ability to transact at contract value with participants, is probable.

The guaranteed investment contract does not permit the insurance company to terminate the agreement before the scheduled maturity date. In addition, certain events allow the issuer to terminate the contracts with the Plan and settle at an amount different from contract value. Such events include the following: (1) there is a change in the qualification status of the Plan, (2) if there is a breach of material obligations under the contract and misrepresentations by the contract holder, (3) if there is a failure of the underlying portfolio to conform to the pre-established investment guidelines, (4) if the contract holder assigns its interest in the contract without permission, (5) if the investment manager is terminated and a successor manager acceptable by the wrap issuers is not appointed and (6) the contract holder engages in fraud or deceit related to the wrap contract.

12


RYDER SYSTEM, INC. 401(K) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS



5.
Risks and Uncertainties

The Plan's invested assets ultimately consist of stocks, bonds, fixed income securities, and other investment securities. Investment securities are exposed to various risks, such as interest rate, market and credit risk. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in the value of investment securities, it is at least reasonably possible that changes in risks in the near term would materially affect participants' account balances and the amounts reported in the Statements of Net Assets Available for Plan Benefits and the Statements of Changes in Net Assets Available for Plan Benefits.

The Plan's exposure to a concentration of credit risk is limited by the diversification of investments across twenty- six participant-directed fund elections. Additionally, the investments within each participant-directed fund election are further diversified into varied financial instruments, with the exception of the Ryder System, Inc. common stock fund, which invests in a single security. The Plan's exposure to credit risk on the wrapper contracts is limited to the fair value of the contracts with each company.

6.
Related Party Transactions and Party-In-Interest Transactions

The Plan holds shares of Ryder System, Inc. common stock (1,191,990 and 1,096,963 shares at December 31, 2018 and 2017, respectively), and recorded dividend income ($2,365,619 and $2,067,002 in 2018 and 2017, respectively), net realized gains on sale ($2,162,575 and $4,830,295 in 2018 and 2017, respectively) and net unrealized (depreciation) appreciation in value of these securities (($42,099,529) and $6,403,754 in 2018 and 2017, respectively). Accordingly, these shares qualify as a party-in-interest.

The Plan also holds shares of mutual funds managed by Fidelity Management Company, which are affiliated with the Plan's current trustee. The Plan has recorded dividend income, net realized gains (losses) on sales and net unrealized appreciation (depreciation) in value of these securities. Accordingly, these transactions qualify as a party-in-interest.

Fees incurred by the Plan to Fidelity Management Company for investment management and recordkeeping services amounted to $1,036,511 and $1,130,911 for the years ended December 31, 2018 and 2017, respectively. These fees are recorded as administrative expenses in the accompanying Statements of Changes in Net Assets Available for Plan Benefits.

Notes receivable from participants also qualify as exempt party-in-interest transactions.

7.
Plan Termination

While it has not expressed any intention to do so, the Company has the right under the Plan to amend or terminate the Plan subject to the provisions of ERISA. In the event of termination, Plan assets are payable to each participant in a lump sum equal to the balance in the participant's account, and would become 100 percent vested in their employer contributions.

8.
Tax Status of the Plan

The Plan qualifies as a profit sharing plan under Section 401(a) of the Internal Revenue Code(the "Code") and also qualifies as a cash or deferred arrangement under Section 401(k) of the Code and, therefore, is exempt from federal income taxes under Section 501(a) of the Code.

Under a qualified plan pursuant to Sections 401(a) and (k) of the Code, participants generally will not be taxed on contributions or matching contributions, or earnings thereon, until such amounts are distributed to participants or their beneficiaries under the Plan. For tax purposes, the tax-deferred contributions and matching contributions are deductible by the Company when those contributions are made, subject to certain limitations set forth in Section 404 of the Code.

13


RYDER SYSTEM, INC. 401(K) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS



Participants or their beneficiaries will be taxed, at ordinary income tax rates, on the amount they receive as a distribution from the Plan at the time they receive the distribution. However, if the participant or beneficiary receives a lump sum payment of the balance under the Plan within a taxable year, and the distribution is made by reason of death, disability or termination of employment of the participant, or after the participant has attained age 59 ½, then certain special tax rules may be applicable.

U.S. generally accepted accounting principles require plan management to evaluate tax positions taken by the plan and recognize a tax liability (or asset) if the plan has taken an uncertain position that more likely than not would not be sustained upon examination by the Internal Revenue Service. As of December 31, 2018 and 2017, there are no uncertain tax positions taken or expected to be taken by the Plan. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

9.
Reconciliation of Financial Statements to Form 5500

The following is a reconciliation of net assets available for plan benefits per the financial statements to the Form 5500:

 
December 31,
 
2018
 
2017
Net assets available for plan benefits per the financial statements
$
1,210,200,611

 
$
1,305,854,589

Adjustment for fair value of fully benefit-responsive investment contracts
(1,169,763
)
 
(781,418
)
Adjustment for contributions receivable from MXD plan
(13,143,566
)
 
—

Net assets available for plan benefits per the Form 5500
$
1,195,887,282

 
$
1,305,073,171


The following is a reconciliation of total additions per the financial statements to the Form 5500:

 
December 31,
 
2018
 
2017
Total additions per the financial statements
$
9,616,351

 
$
297,442,881

Prior year adjustment from fair value to contract value
for fully benefit-responsive investment contracts
781,418

 
(119,558
)
Current adjustment from fair value to contract value
for fully benefit-responsive investment contracts
(1,169,763
)
 
(781,418
)
Total income per the Form 5500
$
9,228,006

 
$
296,541,905







14


RYDER SYSTEM, INC. 401(k) SAVINGS PLAN
FORM 5500, SCHEDULE H, LINE 4i
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2018




(a)
 
(b)
 
(c)
 
(d)
 
(e)
 
 
 
 
Description of Investment including Maturity Date, rate of Interest, Par or Maturity Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Identity of Issue, Borrower, Lessor or Similar Party
 
 
Cost
 
Current Value
 
 
 
 
 
 
 
 
 
 
 

 
SHORT-TERM MONEY MARKET INSTRUMENTS:
 

 
 
 
 
 
 

 

 

 
 
 
 
 
 
*
 
COLCHESTER STREET FUND: MONEY MARKET PORTFOLIO:CLASS I
 
-
 
2.170
%
 
**
 
$
3,168,153

*
 
FIDELITY INSTITUTIONAL MONEY MARKET PORTFOLIO:CLASS I
 
-
 
1.720
%
 
**
 
736,560


 
Total Short-Term Money Market Instruments
 

 
 
 
 
 
3,904,713


 

 

 
 
 
 
 
 

 
SYNTHETIC GUARANTEED INVESTMENT CONTRACTS:
 

 
 
 
 
 
 
 
 
FIXED INCOME SECURITIES:
 
 
 
 
 
 
 
 

 
SSGA GOVERNMENT ST INVESTMENT FUND
 
-
 
2.000
%
 
**
 
843,626


 
ABN AMR BNK
 
8/27/2021
 
3.400
%
 
**
 
403,840


 
AIG GLBL FND
 
7/2/2020
 
2.150
%
 
**
 
332,567


 
AIG GLOBAL
 
6/25/2021
 
3.350
%
 
**
 
249,152


 
AT&T INC
 
6/30/2020
 
2.450
%
 
**
 
150,996


 
ABBVIE INC
 
5/14/2020
 
2.500
%
 
**
 
110,293


 
AIR LEASE CORP
 
3/1/2021
 
2.500
%
 
**
 
145,508


 
ALIMENTATION
 
12/13/2019
 
2.350
%
 
**
 
376,908


 
AMOT 2018-1 A2
 
1/17/2023
 
2.700
%
 
**
 
258,336


 
AMOT 2018-2 A
 
5/15/2023
 
3.290
%
 
**
 
321,294


 
AMERICAN ELECTR
 
11/13/2020
 
2.150
%
 
**
 
166,081


 
AMERICAN EXPRESS
 
9/14/2020
 
2.600
%
 
**
 
279,249


 
AMXCA 2017-3 A
 
11/15/2022
 
1.770
%
 
**
 
269,309


 
AMXCA 2017-6 A
 
5/15/2023
 
2.040
%
 
**
 
219,764


 
AMXCA 2018-4 A
 
12/15/2023
 
2.990
%
 
**
 
256,008


 
AMXCA 2018-6 A
 
2/15/2024
 
3.060
%
 
**
 
256,261


 
AMXCA 2017-1 A
 
9/15/2022
 
1.930
%
 
**
 
376,821


 
AMERICAN HONDA FINANC
 
11/13/2019
 
2.000
%
 
**
 
298,455


 
AMERICAN HONDA FIN
 
2/12/2021
 
2.650
%
 
**
 
399,574


 
AMERICAN INTL GRP
 
3/1/2021
 
3.300
%
 
**
 
78,591


 
ANALOG DEVICES
 
1/12/2021
 
2.950
%
 
**
 
301,514


 
ANHUESER-BUSCH
 
2/1/2021
 
2.650
%
 
**
 
150,086


 
AUS & NZ BKG
 
8/19/2020
 
2.125
%
 
**
 
247,932


 
BACCT 2017-A1
 
8/15/2022
 
1.950
%
 
**
 
202,731


 
BACCT 2017-A2
 
1/17/2023
 
1.840
%
 
**
 
294,875


15


RYDER SYSTEM, INC. 401(k) SAVINGS PLAN
FORM 5500, SCHEDULE H, LINE 4i
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2018

(a)
 
(b)
 
(c)
 
(d)
 
(e)
 
 
 
 
Description of Investment including Maturity Date, rate of Interest, Par or Maturity Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Identity of Issue, Borrower, Lessor or Similar Party
 
 
Cost
 
Current Value
 
 
 
 
 
 
 
 
 
 
 

 
BACCT 2018-A1
 
7/17/2023
 
2.700
%
 
**
 
328,213


 
BACCT 2018-A2
 
9/15/2023
 
3.000
%
 
**
 
258,069


 
BAT CAP CORP
 
8/14/2020
 
2.297
%
 
**
 
393,965


 
BAT INTL FIN
 
6/15/2020
 
2.750
%
 
**
 
413,128


 
BB&T CORP
 
2/1/2021
 
2.150
%
 
**
 
395,062


 
BMW US CAP
 
4/6/2020
 
2.150
%
 
**
 
472,823


 
BPCM
 
5/10/2019
 
2.237
%
 
**
 
210,081


 
BP CAPITAL MKT PLC
 
2/13/2020
 
2.315
%
 
**
 
236,050


 
BP CAPITAL MKTS
 
5/3/2019
 
1.676
%
 
**
 
69,850


 
BPCE SA
 
7/15/2019
 
2.500
%
 
**
 
251,922


 
BMWLT 2017-2 A3
 
10/20/2020
 
2.070
%
 
**
 
131,103


 
BMWLT 2018-1 A3
 
7/20/2021
 
3.260
%
 
**
 
115,658


 
BANK OF AMER
 
10/19/2020
 
2.625
%
 
**
 
258,591


 
BK OF AMER
 
12/20/2023
 
3.004
%
 
**
 
437,298


 
BK MONTREAL QUE
 
12/12/2019
 
2.100
%
 
**
 
426,403


 
BARCLAYS BANK
 
1/11/2021
 
2.650
%
 
**
 
793,288


 
BERKSHIRE HATHAWAY
 
1/15/2021
 
2.375
%
 
**
 
259,284


 
BERKSHIRE HATH
 
3/15/2019
 
1.700
%
 
**
 
127,355


 
CBOE HLDGS INC
 
6/28/2019
 
1.950
%
 
**
 
240,779


 
CNH 2018-A A3
 
7/17/2023
 
3.120
%
 
**
 
234,003


 
CVS HEALTH CORP
 
3/9/2023
 
3.700
%
 
**
 
250,187


 
CVS HEALTH CORP
 
3/9/2021
 
3.350
%
 
**
 
201,416


 
CAPITAL ONE FIN
 
5/12/2020
 
2.500
%
 
**
 
247,580


 
COMET 2015-A2
 
3/15/2023
 
2.080
%
 
**
 
76,146


 
COMET 2015-A8
 
8/15/2023
 
2.050
%
 
**
 
183,429


 
COMET 2016-A4
 
6/15/2022
 
1.330
%
 
**
 
284,269


 
COMET 2017-A3
 
1/17/2023
 
2.000
%
 
**
 
272,221


 
COMET 2017-A4
 
7/17/2023
 
1.990
%
 
**
 
395,085


 
COMET 2018-A1
 
2/15/2024
 
3.010
%
 
**
 
170,119


 
CARMX 2015-3 A3
 
5/15/2020
 
1.630
%
 
**
 
13,019


 
CARMX 2016-2 A3
 
2/16/2021
 
1.520
%
 
**
 
66,798


 
CARMX 2017-4 A3
 
10/17/2022
 
2.110
%
 
**
 
109,967


 
CARMX 2017-3 A3
 
4/15/2022
 
1.970
%
 
**
 
101,966


 
CARMX 2018-2 A3
 
1/17/2023
 
2.980
%
 
**
 
141,001


 
CARMX 2018-4 A3
 
9/15/2023
 
3.360
%
 
**
 
165,368


 
CATERPILLAR FINL
 
1/10/2020
 
2.100
%
 
**
 
192,020


 
CHAIT 2016-A2 A
 
6/15/2021
 
1.370
%
 
**
 
358,505


 
CHAIT 2016-A5
 
7/15/2021
 
1.270
%
 
**
 
143,811


 
CISCO SYSTEMS INC
 
9/20/2019
 
1.400
%
 
**
 
288,542


 
CITIGROUP INC
 
2/18/2020
 
2.400
%
 
**
 
619,794


16


RYDER SYSTEM, INC. 401(k) SAVINGS PLAN
FORM 5500, SCHEDULE H, LINE 4i
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2018

(a)
 
(b)
 
(c)
 
(d)
 
(e)
 
 
 
 
Description of Investment including Maturity Date, rate of Interest, Par or Maturity Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Identity of Issue, Borrower, Lessor or Similar Party
 
 
Cost
 
Current Value
 
 
 
 
 
 
 
 
 

 
CITIGROUP INC
 
4/25/2022
 
2.750
%
 
**
 
199,792


 
CCCIT 2016-A1
 
11/19/2021
 
1.750
%
 
**
 
347,992


 
CCCIT 2017-A3
 
4/7/2022
 
1.920
%
 
**
 
302,476


 
CCCIT 2017-A8
 
8/8/2022
 
1.860
%
 
**
 
257,697


 
CCCIT 2018-A1
 
1/20/2023
 
2.490
%
 
**
 
265,814


 
CITIBANK
 
2/12/2021
 
2.850
%
 
**
 
601,160


 
CITIZENS BK MTN
 
12/4/2019
 
2.450
%
 
**
 
298,429


 
CITIZENS BK MTN
 
10/30/2020
 
2.250
%
 
**
 
270,782


 
CITIZENS FINCL
 
7/28/2021
 
2.375
%
 
**
 
25,588


 
COMCAST CORP NEW
 
10/1/2020
 
3.300
%
 
**
 
354,033


 
COMCAST CORP NEW
 
10/1/2021
 
3.450
%
 
**
 
330,959


 
COMPASS BK BIRM
 
6/11/2021
 
3.500
%
 
**
 
249,780


 
CONSOLIDATED EDISON
 
3/15/2020
 
2.000
%
 
**
 
71,458


 
DAIMLER FIN
 
3/2/2020
 
2.250
%
 
**
 
238,540


 
DAIMLER FIN
 
7/5/2019
 
1.500
%
 
**
 
199,499


 
DAIMLER FIN N
 
5/5/2020
 
2.200
%
 
**
 
197,393


 
DAIMLER FIN
 
2/12/2021
 
2.300
%
 
**
 
393,798


 
DEERE JOHN CAP
 
1/8/2021
 
2.350
%
 
**
 
399,002


 
DEERE CAP
 
9/10/2021
 
3.125
%
 
**
 
354,000


 
DIAGEO CAPITAL PLC
 
5/18/2020
 
3.000
%
 
**
 
451,946


 
DIGITAL REALTY
 
10/1/2020
 
3.400
%
 
**
 
197,004


 
DISNEY (WALT)MTN
 
12/1/2022
 
2.350
%
 
**
 
96,338


 
DCENT 2015-A2 A
 
10/17/2022
 
1.900
%
 
**
 
98,706


 
DCENT 2016-A3
 
10/16/2023
 
1.850
%
 
**
 
186,311


 
DCENT 2017-A6
 
2/15/2023
 
1.880
%
 
**
 
193,977


 
DCENT 2018-A5
 
3/15/2024
 
3.320
%
 
**
 
324,369


 
DUKE ENERGY CORP
 
3/15/2023
 
3.050
%
 
**
 
219,038


 
ENTERPRISE PRODS
 
2/15/2021
 
2.800
%
 
**
 
96,958


 
EVERSOURCE ENERGY
 
3/15/2021
 
2.500
%
 
**
 
165,355


 
EXPRESS SCRIPTS
 
11/15/2021
 
4.750
%
 
**
 
108,638


 
EXPRESS SCRIPTS HLD
 
11/30/2020
 
2.600
%
 
**
 
58,198


 
FHLG 15YR #G13598
 
4/1/2020
 
5.000
%
 
**
 
792


 
FHLG 15YR #G15273
 
8/1/2026
 
3.500
%
 
**
 
164,766


 
FHLG 25YR #G05815
 
7/1/2035
 
5.500
%
 
**
 
16,085


 
FHLG #G01665
 
3/1/2034
 
5.500
%
 
**
 
23,578


 
FHLG 15YR #E02787
 
9/1/2025
 
4.000
%
 
**
 
40,596


 
FHLG 15YR #E02867
 
4/1/2026
 
4.000
%
 
**
 
24,095


 
FNR 2017-74 PA
 
11/25/2045
 
3.500
%
 
**
 
406,863


 
FNMA #310105
 
11/1/2034
 
5.500
%
 
**
 
129,650


 
FNMA 15YR #AL8242
 
11/1/2025
 
4.500
%
 
**
 
80,362


 
FNMA 10YR #MA1535
 
8/1/2023
 
2.000
%
 
**
 
123,938


17


RYDER SYSTEM, INC. 401(k) SAVINGS PLAN
FORM 5500, SCHEDULE H, LINE 4i
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2018

(a)
 
(b)
 
(c)
 
(d)
 
(e)
 
 
 
 
Description of Investment including Maturity Date, rate of Interest, Par or Maturity Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Identity of Issue, Borrower, Lessor or Similar Party
 
 
Cost
 
Current Value

 
FIFTH THIRD BNK
 
9/27/2019
 
1.625
%
 
**
 
288,188


 
FIFTH THIRD BAN
 
7/27/2020
 
2.875
%
 
**
 
152,928


 
FITAT 2017-1 A3
 
2/15/2022
 
1.800
%
 
**
 
163,334


 
FORDO 2018-A A3
 
11/15/2022
 
3.030
%
 
**
 
252,457


 
FORDF 2018-1 A1
 
5/15/2023
 
2.950
%
 
**
 
325,551


 
FORDO 2016-C A3
 
3/15/2021
 
1.220
%
 
**
 
103,685


 
FORDO 2017-A A3
 
6/15/2021
 
1.670
%
 
**
 
222,661


 
FORDO 2016-A A3
 
7/15/2020
 
1.390
%
 
**
 
54,199


 
FORDO 16-B A3
 
10/15/2020
 
1.330
%
 
**
 
72,844


 
GE CAP INTL
 
11/15/2020
 
2.342
%
 
**
 
532,407


 
GMALT 2018-2 A3
 
6/21/2021
 
3.060
%
 
**
 
136,922


 
GMCAR 2018-1A A3
 
7/18/2022
 
2.320
%
 
**
 
117,889


 
GENERAL DYNAMICS
 
5/11/2021
 
3.000
%
 
**
 
503,158


 
GENERAL MILLS INC
 
4/16/2021
 
3.200
%
 
**
 
48,067


 
GLAXOSMITHKLINE
 
5/14/2021
 
3.125
%
 
**
 
452,510


 
GOLDMAN SACHS GRP
 
9/15/2020
 
2.750
%
 
**
 
319,226


 
GOLDMAN SAC BK USA
 
6/5/2020
 
3.200
%
 
**
 
121,043


 
GUARDIAN LIFE
 
4/25/2023
 
3.400
%
 
**
 
250,605


 
HSBC HLDNGS
 
3/13/2023
 
3.262
%
 
**
 
296,520


 
HSBC USA INC
 
6/23/2019
 
2.250
%
 
**
 
159,441


 
HOME DEPOT INC
 
3/1/2022
 
3.250
%
 
**
 
405,037


 
HAROT 2016-4 A3
 
12/18/2020
 
1.210
%
 
**
 
94,018


 
HAROT 2017-1 A3
 
7/21/2021
 
1.720
%
 
**
 
112,456


 
HUNT AUTO 16-1 A3
 
11/16/2020
 
1.590
%
 
**
 
57,548


 
HUNTINGTON NATL BK
 
5/14/2021
 
3.250
%
 
**
 
293,504


 
HYUNDAI CAP AM
 
3/19/2020
 
2.600
%
 
**
 
149,172


 
HART 2016-B
 
4/15/2021
 
1.290
%
 
**
 
111,428


 
HART 2018-A
 
7/15/2022
 
2.790
%
 
**
 
163,072


 
HYUNDAI CAP AME
 
2/6/2019
 
2.550
%
 
**
 
222,133


 
HART 2016-A
 
9/15/2020
 
1.560
%
 
**
 
39,613


 
INGERSOLL RAND
 
2/21/2021
 
2.900
%
 
**
 
213,213


 
INTERCONT EXCH
 
12/1/2020
 
2.750
%
 
**
 
49,792


 
JPMORGAN CHASE & CO
 
6/23/2020
 
2.750
%
 
**
 
287,475


 
JPMC CO
 
10/29/2020
 
2.550
%
 
**
 
208,548


 
JPMORGAN CHASE
 
3/22/2019
 
1.850
%
 
**
 
150,332


 
JPMORGAN CHASE
 
6/18/2022
 
3.514
%
 
**
 
301,048


 
MANUFACT &TRADE
 
5/18/2022
 
2.500
%
 
**
 
292,300


 
MANITOBA PROV
 
5/30/2019
 
1.750
%
 
**
 
1,196,864


 
MARSH & MCLENN
 
3/6/2020
 
2.350
%
 
**
 
315,531


 
MARSH & MCLENNAN
 
1/30/2022
 
2.750
%
 
**
 
278,648


 
MASSMUTUAL
 
10/11/2019
 
1.550
%
 
**
 
694,621


18


RYDER SYSTEM, INC. 401(k) SAVINGS PLAN
FORM 5500, SCHEDULE H, LINE 4i
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2018

(a)
 
(b)
 
(c)
 
(d)
 
(e)
 
 
 
 
Description of Investment including Maturity Date, rate of Interest, Par or Maturity Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Identity of Issue, Borrower, Lessor or Similar Party
 
 
Cost
 
Current Value

 
MBALT 2018-A
 
2/16/2021
 
2.410
%
 
**
 
218,242


 
MET LFE GLB
 
9/13/2019
 
1.550
%
 
**
 
208,875


 
MET LIFE GLOB
 
4/8/2022
 
2.650
%
 
**
 
402,056


 
MET LFE GLB
 
6/12/2020
 
2.050
%
 
**
 
265,947


 
MITSUBISHI
 
10/16/2019
 
2.450
%
 
**
 
199,883


 
MITSUBISHI UFJ FI
 
3/1/2021
 
2.950
%
 
**
 
289,928


 
MITSUBISHI UFJ FIN
 
7/26/2021
 
3.535
%
 
**
 
254,515


 
MORGAN STANLEY
 
4/21/2021
 
2.500
%
 
**
 
209,751


 
MORGAN STANLEY
 
11/17/2021
 
2.625
%
 
**
 
342,717


 
MORGAN STANLEY
 
1/27/2020
 
2.650
%
 
**
 
224,833


 
NYS UDC
 
3/15/2022
 
2.550
%
 
**
 
355,280


 
NAROT 2017-A A3
 
8/16/2021
 
1.740
%
 
**
 
136,823


 
NAROT 2016-B A3
 
1/15/2021
 
1.320
%
 
**
 
87,641


 
ONTARIO PROVINCE
 
4/14/2020
 
4.400
%
 
**
 
1,236,325


 
PNC BK PITT MTN
 
11/5/2020
 
2.450
%
 
**
 
247,840


 
PNC BNK PITTSBURGH
 
7/29/2019
 
1.450
%
 
**
 
249,385


 
PNC BANK NA
 
12/9/2021
 
2.550
%
 
**
 
244,275


 
PHILIP MORS INT
 
1/15/2019
 
1.875
%
 
**
 
211,721


 
PHILIP MORRIS
 
2/25/2019
 
1.375
%
 
**
 
290,669


 
PHILIP MORR
 
11/1/2019
 
1.875
%
 
**
 
247,777


 
PRICOA GBL
 
9/13/2019
 
1.450
%
 
**
 
298,068


 
PRICOA GLBL
 
9/21/2022
 
2.450
%
 
**
 
145,983


 
PROTECTIVE LF
 
9/25/2020
 
2.161
%
 
**
 
333,857


 
PUBLIC SERVICE ELE
 
11/15/2022
 
2.650
%
 
**
 
135,172


 
QUEBEC PROVINCE
 
7/29/2020
 
3.500
%
 
**
 
1,232,733


 
REGIONS FINL CORP
 
8/14/2022
 
2.750
%
 
**
 
236,973


 
REGIONS BANK
 
4/1/2021
 
2.750
%
 
**
 
247,588


 
ROCHE HLDGS
 
9/30/2019
 
2.250
%
 
**
 
259,770


 
ROYAL BANK CANADA
 
7/29/2019
 
1.500
%
 
**
 
219,776


 
ROYAL BANK OF CANA
 
10/26/2020
 
2.150
%
 
**
 
395,237


 
SEMPRA ENERGY 2.4% 02/01/20
 
2/1/2020
 
2.400
%
 
**
 
298,932


 
SOUTHERN COMPANY
 
7/1/2019
 
1.850
%
 
**
 
291,265


 
SUMITOMO BKG
 
7/11/2019
 
2.250
%
 
**
 
251,449


 
SUMITOMO MITSUI
 
1/18/2019
 
2.050
%
 
**
 
252,207


 
SUMITOMO MITSUI
 
1/17/2020
 
2.514
%
 
**
 
250,996


 
SUNTRUST BAN
 
8/2/2022
 
3.502
%
 
**
 
151,807


 
SUNTRUST BANKS INC
 
3/3/2021
 
2.900
%
 
**
 
140,115


 
SVENSKA
 
5/24/2021
 
3.350
%
 
**
 
401,144


 
TORONTO DOMINION
 
11/5/2019
 
2.250
%
 
**
 
299,410


 
TORONTO DOM BANK
 
4/7/2021
 
2.125
%
 
**
 
157,354


 
TOYOTA MOTR CRED
 
4/17/2020
 
1.950
%
 
**
 
247,657


19


RYDER SYSTEM, INC. 401(k) SAVINGS PLAN
FORM 5500, SCHEDULE H, LINE 4i
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2018

(a)
 
(b)
 
(c)
 
(d)
 
(e)
 
 
 
 
Description of Investment including Maturity Date, rate of Interest, Par or Maturity Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Identity of Issue, Borrower, Lessor or Similar Party
 
 
Cost
 
Current Value

 
TRANSCANADA
 
11/15/2019
 
2.125
%
 
**
 
402,245


 
UBS AG STAM
 
8/14/2019
 
2.375
%
 
**
 
552,750


 
UBS AG LON
 
6/8/2020
 
2.200
%
 
**
 
246,289


 
UBS AG LON
 
12/1/2020
 
2.450
%
 
**
 
196,671


 
USAOT 2017-1 A3
 
5/17/2021
 
1.700
%
 
**
 
90,396


 
USAA CAPITAL CO
 
7/1/2020
 
3.000
%
 
**
 
405,640


 
USTN
 
3/31/2020
 
1.375
%
 
**
 
13,432,998


 
USTN
 
4/30/2020
 
1.375
%
 
**
 
2,517,624


 
USTN
 
12/31/2020
 
1.750
%
 
**
 
33,823,845


 
USTN
 
11/30/2021
 
1.750
%
 
**
 
11,948,617


 
USTN
 
6/30/2020
 
1.875
%
 
**
 
1,025,691


 
USTN
 
5/15/2020
 
1.500
%
 
**
 
13,464,954


 
USTN
 
7/31/2022
 
1.875
%
 
**
 
3,061,031


 
UNITED TECHNOLOG
 
8/16/2021
 
3.350
%
 
**
 
77,756


 
VALET 2018-1 A3
 
11/21/2022
 
3.020
%
 
**
 
151,167


 
WELLPOINT INC
 
5/15/2022
 
3.125
%
 
**
 
247,313


 
WELLS FARGO & CO MTN
 
7/22/2020
 
2.600
%
 
**
 
671,090


 
WELLS FARGO BANK
 
1/15/2021
 
2.600
%
 
**
 
449,791


 
WELLS FA
 
7/23/2021
 
3.325
%
 
**
 
405,437


 
WESTPAC BANKING
 
11/19/2019
 
4.875
%
 
**
 
439,120


 
WESTPAC BANKING
 
8/19/2019
 
1.600
%
 
**
 
289,126


 
WOART 16-B A3
 
2/15/2022
 
1.300
%
 
**
 
100,157


 
WOART 2016-A A3
 
9/15/2021
 
1.770
%
 
**
 
81,273


 
ZIONS FIRST NATIO
 
8/27/2021
 
3.500
%
 
**
 
274,424

 
 
Total Synthetic Guaranteed Investment Contracts
 
 
 
 
 
 
 
132,627,063

 
 
 
 
 
 
 
 
 
 
 

 
MUTUAL FUNDS:
 
 
 
 
 
 
 
 
*
 
Fidelity Ext Mkt Index
 

 
476,405 shares

 
**
 
25,306,686

*
 
Fidelity Contrafund - Class K
 

 
10,574,259 shares
 
**
 
116,422,598

*
 
Fidelity US Bond Idx
 

 
3,155,613 shares

 
**
 
35,595,316

*
 
Fidelity 500 Index
 

 
642,576 shares

 
**
 
55,968,435

*
 
Fidelity Int'l Index
 

 
158,516 shares

 
**
 
5,762,080


 
MFS Institutional International Equity Fund
 

 
1,935,820 shares

 
**
 
43,343,015


 
JP Morgan Equity Income Select Fund
 

 
4,330,022 shares

 
**
 
68,630,850


 
DFA Emerging Markets Core Equity Fund
 

 
124,531 shares

 
**
 
2,397,230


 
BlackRock Total Return Fund Class K
 

 
669,290 shares

 
**
 
7,509,434


 
VOYA Small Cap Opps
 

 
544,607 shares

 
**
 
24,599,937


 
Total Mutual Funds
 

 


 

 
385,535,581

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

20


RYDER SYSTEM, INC. 401(k) SAVINGS PLAN
FORM 5500, SCHEDULE H, LINE 4i
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2018

(a)
 
(b)
 
(c)
 
(d)
 
(e)
 
 
 
 
Description of Investment including Maturity Date, rate of Interest, Par or Maturity Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Identity of Issue, Borrower, Lessor or Similar Party
 
 
Cost
 
Current Value
 
 
 
 
 
 
 
 
 
 
 
 
 
COMMON COLLECTIVE TRUSTS:
 

 


 

 


*
 
Pyramis Index TD Income T
 

 
322,402 units

 
**
 
4,374,998

*
 
Pyramis Index TD 2005 T
 

 
178,815 units

 
**
 
2,587,466

*
 
Pyramis Index TD 2010 T
 

 
196,068 units

 
**
 
3,033,177

*
 
Pyramis Index TD 2015 T
 

 
861,811 units

 
**
 
13,470,110

*
 
Pyramis Index TD 2020 T
 

 
3,273,604 units

 
**
 
50,478,985

*
 
Pyramis Index TD 2025 T
 

 
4,320,382 units

 
**
 
69,774,182

*
 
Pyramis Index TD 2030 T
 

 
3,776,006 units

 
**
 
60,038,496

*
 
Pyramis Index TD 2035 T
 

 
3,016,883 units

 
**
 
49,778,574

*
 
Pyramis Index TD 2040 T
 

 
2,246,739 units

 
**
 
36,576,916

*
 
Pyramis Index TD 2045 T
 

 
1,918,983 units

 
**
 
31,471,337

*
 
Pyramis Index TD 2050 T
 

 
1,538,709 units

 
**
 
25,050,189

*
 
Pyramis Index TD 2055 T
 

 
963,126 units

 
**
 
16,093,850

*
 
Pyramis Index TD 2060 T
 

 
189,916 units

 
**
 
2,248,615

*
 
Fidelity Growth Co Pool
 

 
10,732,053 units

 

 
195,752,656

 
 
Total Common Collective Trusts
 

 

 

 
560,729,551

 
 
 
 
 
 
 
 
 
 
 
*
 
Ryder System, Inc. common stock
 

 
1,191,990

 
**
 
57,394,319


 
Total investments per net assets available for plan benefits
 

 

 

 
1,140,191,227


 

 

 

 

 


*
 
Notes receivable from participants
 
maturing thru 2034
 
1.5% - 9.5%

 

 
35,813,570


 
   Investments at Fair Value
 

 

 

 
$
1,176,004,797


 

 

 

 

 


*
 
Represents a Party-In-Interest
 

 

 

 


**
 
Indicates a participant directed investment; the cost disclosure is not required.
 

 

 

 


 
 
 
 
 
 
 
 
 
 
 



21




SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Ryder System, Inc. Retirement Committee has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

RYDER SYSTEM, INC. 401(k) SAVINGS PLAN



Date: June 11, 2019
By: /s/ Nicole Turner
 
Nicole Turner
 
Vice President of Compensation and Benefits


22



EXHIBIT INDEX


EXHIBIT
NUMBER                DESCRIPTION



23




CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


Ryder System, Inc. 401(k) Savings Plan
Miami, Florida

We hereby consent to the incorporation by reference in the Registration Statements on Form S-8 (No. 333-231208, No. 333-134113 and No. 333-177285) of Ryder System, Inc. of our report dated June 11, 2019, relating to the financial statements and supplemental schedule of Ryder System, Inc. 401(k) Savings Plan which appear in this Form 11-K for the year ended December 31, 2018.


/s/ BDO USA, LLP
Miami, Florida
June 11, 2019


24