-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, V4mwpct54kG/P2ImiGRbA42cOoWMO10WYHlO1E+VNLOxGE0alN7z4lGZAo9JyJXe KpKPpBXZL7d5qjmcZQRZyQ== 0000950170-99-001055.txt : 19990630 0000950170-99-001055.hdr.sgml : 19990630 ACCESSION NUMBER: 0000950170-99-001055 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19981231 FILED AS OF DATE: 19990629 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RYDER SYSTEM INC CENTRAL INDEX KEY: 0000085961 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-AUTO RENTAL & LEASING (NO DRIVERS) [7510] IRS NUMBER: 590739250 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 001-04364 FILM NUMBER: 99654120 BUSINESS ADDRESS: STREET 1: 3600 NW 82ND AVE CITY: MIAMI STATE: FL ZIP: 33166 BUSINESS PHONE: 3055003283 MAIL ADDRESS: STREET 1: 3600 NW 82 AVENUE CITY: MIAMI STATE: FL ZIP: 33166 11-K 1 FORM 11-K (Mark one) [X] ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED] For the fiscal year ended December 31, 1998 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED] For the transition period from _______________ to _______________________. Commission file number # 001-04364 RYDER SYSTEM, INC. EMPLOYEE SAVINGS PLAN B Ryder System, Inc. 3600 N.W. 82 Avenue Miami, Florida 33166 REQUIRED INFORMATION -------------------- FINANCIAL STATEMENTS PAGE NO. - -------------------- -------- \bullet\ Independent Auditors' Report 2 \bullet\ Statements of Net Assets Available for Plan Benefits December 31, 1998 and 1997 3 \bullet\ Statements of Changes in Net Assets Available for Plan Benefits for the years ended December 31, 1998 and 1997 4 \bullet\ Notes to Financial Statements 5 EXHIBITS - -------- \bullet\ Exhibit Index 16 \bullet\ Independent Auditors' Consent 17 \bullet\ Item 27A - Schedule of Assets Held for Investment Purposes December 31, 1998 18 \bullet\ Item 27d - Schedule of Reportable Transactions for the year ended December 31, 1998 19 SIGNATURE --------- Pursuant to the requirements of the Securities Exchange Act of 1934, the Ryder System, Inc. Retirement Committee has duly caused this annual report to be signed by the undersigned thereunto duly authorized. RYDER SYSTEM, INC. EMPLOYEE SAVINGS PLAN B Date: June 28, 1999 By: /s/ EDWIN A. HUSTON -------------------------------- Edwin A. Huston Vice Chairman INDEPENDENT AUDITORS' REPORT The Participants and Administrator Ryder System, Inc. Employee Savings Plan B: We have audited the accompanying statements of net assets available for plan benefits of Ryder System, Inc. Employee Savings Plan B as of December 31, 1998 and 1997, and the related statements of changes in net assets available for plan benefits for the years then ended. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for plan benefits as of December 31, 1998 and 1997 and the changes in net assets available for plan benefits for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental Schedule of Assets Held for Investment Purposes and Schedule of Reportable Transactions are presented for the purpose of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. These supplemental schedules are the responsibility of the Plan's management. The supplemental schedules have been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. /s/ KPMG LLP Miami, Florida June 25, 1999 2 RYDER SYSTEM, INC. EMPLOYEE SAVINGS PLAN B STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS DECEMBER 31, 1998 AND 1997
1998 1997 ------------ ------------ Assets Investments: Short-term money market instruments $ 9,897,307 8,144,729 Investment contracts, at contract value 65,112,633 64,010,849 Mutual funds (cost: 1998 - $186,523,784; 1997 - $169,040,578) 231,190,147 194,160,365 Ryder System, Inc. Common Stock (cost: 1998 - $27,729,937; 1997 - $19,765,503) 31,363,088 30,527,106 Participant loans receivable 17,817,309 18,433,772 ------------ ------------ Total investments 355,380,484 315,276,821 Contributions receivable and other 1,777,244 2,711 ------------ ------------ Total assets 357,157,728 315,279,532 Other liabilities -- 10,363 ------------ ------------ Net assets available for plan benefits $357,157,728 315,269,169 ============ ============
The accompanying notes are an integral part of these financial statements. 3 RYDER SYSTEM, INC. EMPLOYEE SAVINGS PLAN B STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997 1998 1997 ------------ ------------ Additions to net assets attributed to: Investment income: Net appreciation in fair value of investments $ 20,907,698 32,314,424 Dividends 15,047,175 11,316,278 Interest 5,547,665 5,964,011 ------------ ------------ Net investment income 41,502,538 49,594,713 ------------ ------------ Contributions: Employer 9,594,288 7,938,931 Employee 27,737,457 26,180,507 ------------ ------------ Total contributions 37,331,745 34,119,438 ------------ ------------ Total additions 78,834,283 83,714,151 ------------ ------------ Deductions from net assets attributed to: Distributions to plan participants 29,861,884 28,779,477 Transfers to other plans 6,758,823 19,493,788 Administrative expenses 325,017 506,336 ------------ ------------ Total deductions 36,945,724 48,779,601 ------------ ------------ Net increase 41,888,559 34,934,550 Net assets available for plan benefits: Beginning of year 315,269,169 280,334,619 ------------ ------------ End of year $357,157,728 315,269,169 ============ ============ The accompanying notes are an integral part of these financial statements. 4 RYDER SYSTEM, INC. EMPLOYEE SAVINGS PLAN B NOTES TO FINANCIAL STATEMENTS 1. DESCRIPTION OF PLAN The following description of the Ryder System, Inc. Employee Savings Plan B (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 ("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. Effective July 1, 1997, Fidelity Management Trust Co. became the Plan's trustee and recordkeeper. Prior to July 1, 1997, State Street Bank & Trust Company was the Plan's trustee and recordkeeper. ELIGIBILITY. Participation in the Plan is voluntary. Effective October 1, 1998, any salaried employee of Ryder System, Inc. (the "Company") or any Ryder Integrated Logistics field hourly employee is immediately eligible to participate in the Plan. Prior to October 1, 1998, to participate in the Plan, an employee of the Company or of Ryder Integrated Logistics had to meet certain eligibility requirements related to employment date, age and service hours. In general, salaried employees of the Company and participating affiliates, as well as, field hourly employees of Ryder Integrated Logistics are eligible to participate in the Plan. However, an employee who is in a unit of employees represented by a collective bargaining agent is excluded from participation in the Plan unless the unit has negotiated coverage under the Plan. In addition, employees eligible to participate under another Company sponsored qualified savings plan, will be excluded from participation in the Plan. CONTRIBUTIONS. Participants may elect to contribute to the Plan by having their compensation reduced by a minimum of 1% of compensation up to a maximum of the lesser of a) 10% or 15% of compensation, depending on an individual's annual salary level, b) $10,000 ($9,500 prior to January 1, 1998), or c) such other amount as shall be determined by the Plan Administrator from time to time. Participants can also elect a direct rollover of an existing balance from a tax-qualified retirement or savings plan into the Plan. If a participant meets certain requirements related to employment date, age, and service hours, the Company will contribute to the participant's account. Beginning January 1, 1998, the Company contributions are automatically allocated to the Ryder System, Inc. Common Stock Fund and will remain there until the participant terminates employment or reaches age 55, whichever comes first. Prior to January 1, 1998, the Company contributions were allocated based on the participants' investment elections. 5 Beginning January 1, 1998, for salaried employees, the Company matches 50% of the employee's annual contribution not to exceed the greater of (1) 50% of the first $1,200 in contributions for any plan year, or, (2) 50% of the first 4% (6% if the Company meets its EVA goal) of the employee's compensation for any plan year. In 1998, the Company did not meet its EVA goal; therefore, the Company did not make an additional match. Beginning January 1, 1999, the Company has revised the additional EVA match component so that participants will receive a pro-rata portion of the EVA match based on the portion of the EVA goal attained. Prior to January 1, 1998, the Company match for salaried employees was 50% of employees annual contribution not to exceed the greater of (1) 50% of the first $1,200 in contributions for any plan year or (2) 50% of the first 3% of the employee's compensation for any plan year. Once a Ryder Integrated Logistics field hourly employee meets certain requirements related to employment date, age, and service hours, the Company will make a basic contribution of $400, whether or not the employee contributes to the Plan. If the employee contributes to the Plan, the Company will match the first $300 at 100% and match the next $800 at 50% (100% if the Company meets its EVA goal). In 1998, the Company did not meet its EVA goal; therefore, the Company did not make an additional match. Beginning January 1, 1999, the Company has revised the additional EVA match component so that participants will receive a pro-rata portion of the EVA match based on the portion of the EVA goal attained. Prior to January 1, 1998, the additional match based on the Company meeting its EVA goal was not a component of the Company contribution for Ryder Integrated Logistics field hourly employees. PARTICIPANT ACCOUNTS. Each participant's account is credited with the participant's contribution and allocations of (a) the Company's contribution and, (b) Plan earnings, and charged with an allocation of administrative expenses. Allocations are based on participant earnings or account balances, as defined. Earnings are currently allocated on a daily basis. The benefit to which a participant is entitled is the benefit that can be provided from the participant's vested account. Forfeited balances of terminated participants' nonvested accounts are used to reduce future Company contributions. In 1998, employer contributions were reduced by $147,518 from forfeited nonvested accounts. At December 31, 1998, forfeited nonvested accounts available to reduce future employee contributions totalled $502,985. 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. At retirement age, a participant becomes fully vested in the Company contributions and the earnings attributable to such contributions. INVESTMENT OPTIONS. Participants may elect to contribute to any of thirteen investment options. Participants may transfer among funds on a daily basis. Note 4 provides a description of each investment option and a summary of net assets available for plan benefits and changes in net assets available for plan benefits for each investment fund of the Plan as of and for the years ended December 31, 1998 and 1997. PARTICIPANT LOANS. Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of their account balance. Loan transactions are treated as a transfer to (from) the investment fund from (to) the Participant Loans fund. Loan terms range from 1-5 years or up to 10 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 rate, which is comparable to those of most major lending institutions. Interest rates vary depending on the current prime interest rate. Principal and interest is paid ratably through payroll deductions. All principal and interest payments are allocated to the 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. 6 DISTRIBUTIONS. On termination of service, if a participant's account balance is greater than $5,000 ($3,500 prior to January 1, 1998), a participant's account is distributed to the participant in the form of a single lump-sum payment upon receipt of participant's consent. Terminated participants whose account balance is less than $5,000 ($3,500 prior to January 1, 1998) receive automatic distributions. As of December 31, 1998 and 1997, amounts allocated to accounts of terminated persons who have not yet been paid totaled $1,191,535 and $888,782, respectively. A participant may request a withdrawal of all or a portion of his elective contribution account balance if he can demonstrate financial hardship. The Plan's recordkeeper approves the request, based on the direction of the Plan Administrator, and the amount withdrawn cannot be subsequently repaid to 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 Plan Administrator has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these financial statements in conformity with generally accepted accounting principles. Actual results could differ from those estimates. INVESTMENTS. Short-term money market instruments are stated at cost which approximates fair value. Investments in fully benefit-responsive insurance company and bank guaranteed investment contracts (GICs) are stated at contract value, which represents cost plus accrued interest. Investments in synthetic GICs (investments for which the Plan owns certain fixed income securities and the contract issuer provider a "wrapper" contract that guarantees a fixed rate of return and provides benefit responsiveness) are also stated at contract value, which is equal to the fair value of the underlying collateral plus the benefit responsive wrap value. Mutual funds are valued at quoted market prices, which represent the net asset value of the securities held in such funds. The Company common stock is valued at its quoted market price. Participant loans receivable are stated at fair value. 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 benefits the net appreciation (depreciation) in the fair value of its investments which consists of the related gains or losses and the unrealized appreciation (depreciation) on those investments. Dividends on Company common stock and mutual funds are recorded on the record date. Interest income is recorded on the accrual basis. PAYMENT OF BENEFITS. Benefits are recognized when paid. RECLASSIFICATIONS. Certain prior year amounts have been reclassified to conform with current year presentation. 3. INVESTMENTS The Plan held the following individual investments whose aggregate fair value equaled or exceeded 5% of the Plan's net assets at December 31, 1998 and 1997: 1998 1997 ---- ---- Ryder System, Inc. Common Stock Fund $31,363,088 30,527,106 Fidelity Equity-Income Fund 46,366,100 45,634,229 Putnam Voyager Fund A 89,431,572 77,112,394 Fidelity Contrafund 47,625,900 37,325,151 Fidelity Diversified International Fund 19,144,830 19,471,258 7 4. PLAN INVESTMENT FUNDS Investment Fund A ("Fund A") - Fund A is invested in Ryder System, Inc. common stock, which is purchased on a regular and continuous basis. Dividends are automatically reinvested in the common stock. Ownership is measured in units of the fund instead of shares of stock. Investment Fund B ("Fund B") - Fund B, the Managed Interest Income Fund, may be invested in short-term money market instruments through the Fidelity Short-Term Interest Fund and contracts with insurance companies, banks and other financial institutions. Fund B continues to maintain investments in fully benefit-responsive traditional and synthetic guaranteed investment contracts with various insurance companies, banks, and financial institutions. The average yield for the Managed Interest Income Fund was 6.2% in both 1998 and 1997. The weighted average crediting interest rates for the investment contracts for 1998 and 1997 were 5.5% and 6.1%, respectively. At December 31, 1998, the fair value of the underlying assets of the synthetic GICs and the value of the related "wrapper" contracts were $33,561,938 and $(265,100), respectively and $11,495,752 and $(56,398) at December 31, 1997, respectively. Prior to July 1, 1997, the holdings in this fund, which included a short-term interest income fund and fully benefit-responsive guaranteed investment contracts, were managed by State Street Bank. Investment Fund C ("Fund C") - Fund C, the Fidelity Equity-Income Fund, normally invests in income-producing equity securities, mainly large cap stocks, but may invest in other types of equity and debt securities. The fund may invest in securities of domestic and foreign issuers. Prior to July 1, 1997, Fund C was invested in the Lord Abbett Affiliated Fund. Investment Fund D ("Fund D") - Fund D, the Putnam Voyager Fund A, invests primarily in common stocks of both well-known, established companies, as well as smaller, less well-known companies. Investments are diversified across many different types of companies and industries. The fund may also invest in bonds. Since Plan inception, this fund has been invested solely in shares of the Putnam Voyager Fund A. Investment Fund E ("Fund E") - Fund E, the Fidelity Contrafund, invests primarily in common stock of domestic and foreign issuers that are selling below book value. Prior to July 1, 1997, holdings in this fund were invested in shares of the Mutual Series Fund, Inc., Qualified Income Fund. Investment Fund F ("Fund F") - Fund F, the Fidelity Diversified International Fund, normally invests at least 65% of total assets in foreign securities. The fund may be invested in all types of securities, including stocks and debt securities of companies and governments of all nations. Prior to July 1, 1997, holdings in this fund were invested in the Templeton Foreign Fund. Investment Fund G ("Fund G") - Fund G, the Fidelity Asset Manager Growth Fund, invests in all basic types of U.S. and foreign investments: stocks, bonds, and short-term/money market instruments. The funds more aggressive approach focuses on stocks and will generally aim for the following combination: 70% stocks, 25% bonds, and 5% short-term/money market class. Prior to July 1, 1997, holdings in this fund were invested in the Life Solutions Growth Fund managed by State Street Bank. Investment Fund H ("Fund H") - Fund H, the Fidelity Asset Manager Fund, invests in all basic types of U.S. and foreign investments: stocks, bonds, and short-term/money market instruments. The fund will generally aim for the following combination: 50% stocks, 40% bonds, and 10% short-term/money market class. Prior to July 1, 1997, holdings in this fund were invested the Life Solutions Balanced Growth Fund managed by State Street Bank. Investment Fund I ("Fund I") - Fund I, the Fidelity Asset Manager Income Fund, invests in all basic types of U.S. and foreign investments: stocks, bonds, and short-term/money market instruments. The fund focuses on bonds and short-term/money market instruments and aims for the following combination: 20% stock, 50% bonds, and 30% short-term/money market class. Prior to July 1, 1997, holdings in this fund were invested in the Life Solutions Income & Growth Fund managed by State Street Bank. 8 Investment Fund J ("Fund J") - Fund J, the Fidelity U.S. Bond Index Fund, was added as an investment option in the Plan effective July 1, 1997. The fund purchases investment-grade securities with maturities of at least one year including U.S. Treasury and U.S. or government securities, corporate bonds, asset-backed and mortgage-backed securities, and U.S. dollar denominated foreign securities. Investment Fund K ("Fund K") - Fund K, the Spartan U.S. Equity Index Fund, was added as an investment option in the Plan effective July 1, 1997. The fund invests in the 500 companies that make up the Standard & Poor's 500 Index and in other securities that are based on the value of the index. The fund's manager focuses on duplicating the composition and performance of a specific market index as opposed to a strategy of selecting attractive stocks. Investment Fund L ("Fund L") - Fund L, the Fidelity Aggressive Growth Fund (formerly known as Fidelity Emerging Growth Fund), was added as an investment option in the Plan effective July 1, 1997. The fund focuses on investment in stocks of medium-sized companies, but may invest substantially in larger or smaller companies. The fund invests in companies that are believed to offer the potential for accelerated earnings or revenue growth. This fund carries a "short-term trading fee", which is charged to discourage short-term buying and selling of fund shares. Currently the fee is 0.75% of the value of the shares sold. Investment Fund M ("Fund M") - Fund M, the Fidelity Growth Company Fund, was added as an investment option in the Plan effective July 1, 1997. The fund invests primarily in common stocks of domestic and foreign issuers. The fund invests in companies with earnings or gross sales that indicate the potential for above-average growth. The number of participants' accounts in each of the funds at December 31, 1998 and 1997 is as follows: 1998 1997 ---- ---- Fund A 14,039 3,968 Fund B 12,129 9,626 Fund C 5,218 3,916 Fund D 7,142 5,424 Fund E 5,084 3,699 Fund F 4,062 3,136 Fund G 1,529 916 Fund H 912 555 Fund I 508 238 Fund J 662 170 Fund K 1,740 547 Fund L 1,431 421 Fund M 1,487 510 The following schedules summarize the net assets available for plan benefits and changes in net assets available for plan benefits for each investment fund of the Plan as of and for the years ended December 31, 1998 and 1997. 9 NET ASSETS AVAILABLE FOR PLAN BENEFITS DECEMBER 31, 1998
ASSETS FUND A FUND B FUND C FUND D FUND E FUND F FUND G -------------------------------------------------------------------------------------------- Investments: Short-term money market investments $ -- 9,897,307 -- -- -- -- -- Investment contracts -- 65,112,633 -- -- -- -- -- Mutual funds -- -- 46,366,100 89,431,572 47,625,900 19,144,830 4,663,010 Ryder System, Inc. Common Stock 31,363,088 -- -- -- -- -- -- Participant loans receivable -- -- -- -- -- -- -- -------------------------------------------------------------------------------------------- Total investments 31,363,088 75,009,940 46,366,100 89,431,572 47,625,900 19,144,830 4,663,010 Contributions receivable and other 1,775,869 327 189 311 184 109 59 -------------------------------------------------------------------------------------------- Net assets available for plan benefits $33,138,957 75,010,267 46,366,289 89,431,883 47,626,084 19,144,939 4,663,069 ============================================================================================ Participant units outstanding 3,862,449 75,009,940 834,673 4,079,907 838,632 1,080,408 249,626 ============================================================================================ Participant unit investment value $ 8.12 1.00 55.55 21.92 56.79 17.72 18.68 ============================================================================================
ASSETS FUND H FUND I FUND J FUND K FUND L FUND M LOANS -------------------------------------------------------------------------------------------- Investments: Short-term money market investments -- -- -- -- -- -- -- Investment contracts -- -- -- -- -- -- -- Mutual funds 2,907,602 1,242,244 2,582,011 9,133,413 4,412,366 3,681,099 -- Ryder System, Inc. Common Stock -- -- -- -- -- -- -- Participant loans receivable -- -- -- -- -- -- 17,817,309 -------------------------------------------------------------------------------------------- Total investments 2,907,602 1,242,244 2,582,011 9,133,413 4,412,366 3,681,099 17,817,309 Contributions receivable and other 28 11 17 63 34 43 -- -------------------------------------------------------------------------------------------- Net assets available for plan benefits 2,907,630 1,242,255 2,582,028 9,133,476 4,412,400 3,681,142 17,817,309 ============================================================================================ Participant units outstanding 167,200 100,831 234,302 207,766 138,885 72,150 =============================================================================== Participant unit investment value 17.39 12.32 11.02 43.96 31.77 51.02 ===============================================================================
ASSETS TOTAL ----------- Investments: Short-term money market investments 9,897,307 Investment contracts 65,112,633 Mutual funds 231,190,147 Ryder System, Inc. Common Stock 31,363,088 Participant loans receivable 17,817,309 ----------- Total investments 355,380,484 Contributions receivable and other 1,777,244 ----------- Net assets available for plan benefits 357,157,728 =========== Participant units outstanding Participant unit investment value
10
NET ASSETS AVAILABLE FOR PLAN BENEFITS DECEMBER 31, 1997 ASSETS FUND A FUND B FUND C FUND D FUND E ------------------------------------------------------------------ Investments: Short-term money market investments $ -- 8,144,729 -- -- -- Investment contracts -- 64,010,849 -- -- -- Mutual funds -- -- 45,634,229 77,112,394 37,325,151 Ryder System, Inc. Common Stock 30,527,106 -- -- -- -- Participant loans receivable -- -- -- -- -- ------------------------------------------------------------------ Total investments 30,527,106 72,155,578 45,634,229 77,112,394 37,325,151 Contributions receivable and other 256 570 289 562 327 ------------------------------------------------------------------ Total assets 30,527,362 72,156,148 45,634,518 77,112,956 37,325,478 Other liabilities 953 4,003 1,211 2,374 1,018 ------------------------------------------------------------------ Net assets available for plan benefits $ 30,526,409 72,152,145 45,633,307 77,110,582 37,324,460 ================================================================== Participant units outstanding 3,046,661 72,155,578 870,716 4,047,894 800,454 ================================================================== Participant unit investment value $ 10.02 1.00 52.41 19.05 46.63 ==================================================================
ASSETS FUND F FUND G FUND H FUND I FUND J ------------------------------------------------------------- Investments: Short-term money market investments -- -- -- -- -- Investment contracts -- -- -- -- -- Mutual funds 19,471,258 3,461,220 2,352,997 1,063,219 1,173,124 Ryder System, Inc. Common Stock -- -- -- -- -- Participant loans receivable -- -- -- -- -- ------------------------------------------------------------- Total investments 19,471,258 3,461,220 2,352,997 1,063,219 1,173,124 Contributions receivable and other 223 90 50 13 6 ------------------------------------------------------------- Total assets 19,471,481 3,461,310 2,353,047 1,063,232 1,173,130 Other liabilities 574 99 65 24 2 ------------------------------------------------------------- Net assets available for plan benefits 19,470,907 3,461,211 2,352,982 1,063,208 1,173,128 ============================================================= Participant units outstanding 1,207,146 187,295 128,229 87,292 108,723 ============================================================= Participant unit investment value 16.13 18.48 18.35 12.18 10.79 =============================================================
ASSETS FUND K FUND L FUND M LOANS TOTAL --------------------------------------------------------------- Investments: Short-term money market investments -- -- -- -- 8,144,729 Investment contracts -- -- -- -- 64,010,849 Mutual funds 3,489,172 1,430,811 1,646,790 -- 194,160,365 Ryder System, Inc. Common Stock -- -- -- -- 30,527,106 Participant loans receivable -- -- -- 18,433,772 18,433,772 --------------------------------------------------------------- Total investments 3,489,172 1,430,811 1,646,790 18,433,772 315,276,821 Contributions receivable and other 26 16 20 263 2,711 --------------------------------------------------------------- Total assets 3,489,198 1,430,827 1,646,810 18,434,035 315,279,532 Other liabilities 20 19 1 -- 10,363 --------------------------------------------------------------- Net assets available for plan benefits 3,489,178 1,430,808 1,646,809 18,434,035 315,269,169 =============================================================== Participant units outstanding 99,748 60,245 38,015 =================================== Participant unit investment value 34.98 23.75 43.32 ===================================
11
CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS FOR THE YEAR ENDED DECEMBER 31, 1998 FUND A FUND B FUND C FUND D FUND E -------------------------------------------------------------------------- Additions to net assets attributed to: Investment income: Net appreciation (depreciation) in fair value of investments $ (5,857,575) -- 2,688,786 11,672,229 7,813,590 Dividends -- -- 2,723,434 6,018,267 3,515,976 Interest -- 4,295,362 -- -- -- -------------------------------------------------------------------------- Net investment income (5,857,575) 4,295,362 5,412,220 17,690,496 11,329,566 -------------------------------------------------------------------------- Contributions: Employer 9,043,264 379,486 37,127 47,659 33,163 Employee 2,656,432 5,972,132 3,445,868 5,672,402 3,350,235 -------------------------------------------------------------------------- Total contributions 11,699,696 6,351,618 3,482,995 5,720,061 3,383,398 -------------------------------------------------------------------------- Participant loan repayments 911,596 2,220,612 1,006,412 1,887,584 968,828 -------------------------------------------------------------------------- Total additions 6,753,717 12,867,592 9,901,627 25,298,141 15,681,792 -------------------------------------------------------------------------- Deductions from net assets attributed to: Distributions to plan participants 2,084,077 8,455,086 3,287,836 6,013,065 2,748,934 Transfers to other plans 495,778 1,047,172 1,645,634 2,612,024 442,189 Administrative expenses 8,873 204,948 11,882 16,026 21,279 Loans to participants 1,231,795 2,624,552 1,238,609 2,186,103 1,075,518 Interfund transfers 320,646 (2,322,288) 2,984,684 2,149,622 1,092,248 -------------------------------------------------------------------------- Total deductions 4,141,169 10,009,470 9,168,645 12,976,840 5,380,168 -------------------------------------------------------------------------- Net increase (decrease) 2,612,548 2,858,122 732,982 12,321,301 10,301,624 Net assets available for plan benefits: Beginning of year 30,526,409 72,152,145 45,633,307 77,110,582 37,324,460 -------------------------------------------------------------------------- End of year $ 33,138,957 75,010,267 46,366,289 89,431,883 47,626,084 ==========================================================================
FUND F FUND G FUND H FUND I FUND J --------------------------------------------------------------------------- Additions to net assets attributed to: Investment income: Net appreciation (depreciation) in fair value of investments 1,882,245 29,842 (121,080) 8,980 39,536 Dividends 736,072 648,208 521,739 111,658 127,596 Interest -- -- -- -- -- --------------------------------------------------------------------------- Net investment income 2,618,317 678,050 400,659 120,638 167,132 --------------------------------------------------------------------------- Contributions: Employer 18,859 789 (1,097) (255) 5,157 Employee 1,983,439 1,069,580 514,232 204,092 317,724 --------------------------------------------------------------------------- Total contributions 2,002,298 1,070,369 513,135 203,837 322,881 --------------------------------------------------------------------------- Participant loan repayments 619,449 128,844 63,131 25,598 24,630 --------------------------------------------------------------------------- Total additions 5,240,064 1,877,263 976,925 350,073 514,643 --------------------------------------------------------------------------- Deductions from net assets attributed to: Distributions to plan participants 2,057,799 432,746 202,658 268,058 106,729 Transfers to other plans 442,647 68,771 39,244 46 (89) Administrative expenses 26,115 10,401 6,634 3,163 2,148 Loans to participants 561,967 195,850 91,305 67,217 33,709 Interfund transfers 2,477,504 (32,363) 82,436 (167,458) (1,036,754) --------------------------------------------------------------------------- Total deductions 5,566,032 675,405 422,277 171,026 (894,257) --------------------------------------------------------------------------- Net increase (decrease) (325,968) 1,201,858 554,648 179,047 1,408,900 Net assets available for plan benefits: Beginning of year 19,470,907 3,461,211 2,352,982 1,063,208 1,173,128 --------------------------------------------------------------------------- End of year 19,144,939 4,663,069 2,907,630 1,242,255 2,582,028 ===========================================================================
CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS FOR THE YEAR ENDED DECEMBER 31, 1998 FUND K FUND L FUND M LOAN FUND TOTAL -------------------------------------------------------------------------- Additions to net assets attributed to: Investment income: Net appreciation (depreciation) in fair value of investments 1,555,289 786,141 409,715 -- 20,907,698 Dividends 142,977 261,198 240,050 -- 15,047,175 Interest -- -- -- 1,252,303 5,547,665 -------------------------------------------------------------------------- Net investment income 1,698,266 1,047,339 649,765 1,252,303 41,502,538 -------------------------------------------------------------------------- Contributions: Employer 12,932 6,461 10,743 -- 9,594,288 Employee 1,145,217 616,049 790,055 -- 27,737,457 -------------------------------------------------------------------------- Total contributions 1,158,149 622,510 800,798 -- 37,331,745 -------------------------------------------------------------------------- Participant loan repayments 216,619 86,111 88,258 (8,247,672) -- -------------------------------------------------------------------------- Total additions 3,073,034 1,755,960 1,538,821 (6,995,369) 78,834,283 -------------------------------------------------------------------------- Deductions from net assets attributed to: Distributions to plan participants 317,277 364,237 172,851 3,350,531 29,861,884 Transfers to other plans (42,788) (7,101) 15,296 -- 6,758,823 Administrative expenses 11,360 1,275 913 -- 325,017 Loans to participants 216,031 98,776 107,742 (9,729,174) -- Interfund transfers (3,073,144) (1,682,819) (792,314) -- -- -------------------------------------------------------------------------- Total deductions (2,571,264) (1,225,632) (495,512) (6,378,643) 36,945,724 -------------------------------------------------------------------------- Net increase (decrease) 5,644,298 2,981,592 2,034,333 (616,726) 41,888,559 Net assets available for plan benefits: Beginning of year 3,489,178 1,430,808 1,646,809 18,434,035 315,269,169 -------------------------------------------------------------------------- End of year 9,133,476 4,412,400 3,681,142 17,817,309 357,157,728 ==========================================================================
12
CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS FOR THE YEAR ENDED DECEMBER 31, 1997 FUND A FUND B FUND C FUND D FUND E --------------------------------------------------------------------- Additions to net assets attributed to: Investment income: Net appreciation (depreciation) in fair value of investments $ 6,061,447 -- 7,809,248 12,631,750 4,618,417 Dividends -- -- 1,965,701 4,567,501 3,049,472 Interest 9,386 4,747,549 (2,984) 2,922 9,747 --------------------------------------------------------------------- Net investment income 6,070,833 4,747,549 9,771,965 17,202,173 7,677,636 --------------------------------------------------------------------- Contributions: Employer 778,187 3,338,619 670,429 1,372,702 727,811 Employee 2,768,182 6,191,035 3,128,733 6,003,018 3,491,449 --------------------------------------------------------------------- Total contributions 3,546,369 9,529,654 3,799,162 7,375,720 4,219,260 --------------------------------------------------------------------- Participant loan repayments 887,393 2,242,896 925,618 1,857,094 949,313 --------------------------------------------------------------------- Total additions 10,504,595 16,520,099 14,496,745 26,434,987 12,846,209 --------------------------------------------------------------------- Deductions from net assets attributed to: Distributions to plan participants 2,153,016 10,859,062 2,869,495 6,089,997 2,573,513 Transfers to other plans 2,054,591 5,319,000 2,997,692 5,392,947 2,165,605 Administrative expenses 41,927 208,651 57,934 108,157 49,205 Loans to participants 1,331,232 3,086,552 1,387,796 2,466,877 1,171,623 Interfund transfers 4,286,005 3,482,172 (5,052,895) 6,726,219 (1,294,287) --------------------------------------------------------------------- Total deductions 9,866,771 22,955,437 2,260,022 20,784,197 4,665,659 --------------------------------------------------------------------- Net increase (decrease) 637,824 (6,435,338) 12,236,723 5,650,790 8,180,550 Net assets available for plan benefits: Beginning of year 29,888,585 78,587,483 33,396,584 71,459,792 29,143,910 --------------------------------------------------------------------- End of year $30,526,409 72,152,145 45,633,307 77,110,582 37,324,460 =====================================================================
FUND F FUND G FUND H FUND I FUND J ---------------------------------------------------------------------- Additions to net assets attributed to: Investment income: Net appreciation (depreciation) in fair value of investments 1,112,285 230,010 164,371 29,365 11,839 Dividends 698,244 348,767 168,272 42,945 15,060 Interest 4,897 868 554 139 4 ---------------------------------------------------------------------- Net investment income 1,815,426 579,645 333,197 72,449 26,903 ---------------------------------------------------------------------- Contributions: Employer 514,879 221,601 146,230 47,961 11,821 Employee 2,351,285 892,864 493,640 135,020 58,375 ---------------------------------------------------------------------- Total contributions 2,866,164 1,114,465 639,870 182,981 70,196 ---------------------------------------------------------------------- Participant loan repayments 589,314 59,783 33,326 17,397 10,896 ---------------------------------------------------------------------- Total additions 5,270,904 1,753,893 1,006,393 272,827 107,995 ---------------------------------------------------------------------- Deductions from net assets attributed to: Distributions to plan participants 1,501,923 180,808 192,525 70,416 -- Transfers to other plans 1,389,359 88,471 (58,127) (16,324) 9,115 Administrative expenses 26,655 5,692 3,784 1,382 129 Loans to participants 629,943 138,848 79,857 41,622 7,644 Interfund transfers (32,420) (419,235) (417,325) (496,262) (1,082,021) ---------------------------------------------------------------------- Total deductions 3,515,460 (5,416) (199,286) (399,166) (1,065,133) ---------------------------------------------------------------------- Net increase (decrease) 1,755,444 1,759,309 1,205,679 671,993 1,173,128 Net assets available for plan benefits: Beginning of year 17,715,463 1,701,902 1,147,303 391,215 -- ---------------------------------------------------------------------- End of year 19,470,907 3,461,211 2,352,982 1,063,208 1,173,128 ======================================================================
CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS FOR THE YEAR ENDED DECEMBER 31, 1997 FUND K FUND L FUND M LOAN FUND TOTAL ---------------------------------------------------------------------- Additions to net assets attributed to: Investment income: Net appreciation (depreciation) in fair value of investments 111,983 (300,574) (165,717) -- 32,314,424 Dividends 31,993 277,610 150,713 -- 11,316,278 Interest 37 18 15 1,190,859 5,964,011 ---------------------------------------------------------------------- Net investment income 144,013 (22,946) (14,989) 1,190,859 49,594,713 ---------------------------------------------------------------------- Contributions: Employer 43,632 27,133 37,926 -- 7,938,931 Employee 279,993 172,879 214,034 -- 26,180,507 ---------------------------------------------------------------------- Total contributions 323,625 200,012 251,960 -- 34,119,438 ---------------------------------------------------------------------- Participant loan repayments 47,008 21,601 28,694 (7,670,333) -- ---------------------------------------------------------------------- Total additions 514,646 198,667 265,665 (6,479,474) 83,714,151 ---------------------------------------------------------------------- Deductions from net assets attributed to: Distributions to plan participants 7,736 4,849 8,125 2,268,012 28,779,477 Transfers to other plans (14,835) 45,577 (323) 121,040 19,493,788 Administrative expenses 1,428 1,334 58 -- 506,336 Loans to participants 24,386 19,604 14,195 (10,400,179) -- Interfund transfers (2,993,247) (1,303,505) (1,403,199) -- -- ---------------------------------------------------------------------- Total deductions (2,974,532) (1,232,141) (1,381,144) (8,011,127) 48,779,601 ---------------------------------------------------------------------- Net increase (decrease) 3,489,178 1,430,808 1,646,809 1,531,653 34,934,550 Net assets available for plan benefits: Beginning of year -- -- -- 16,902,382 280,334,619 ---------------------------------------------------------------------- End of year 3,489,178 1,430,808 1,646,809 18,434,035 315,269,169 ======================================================================
13 5. TRANSFERS TO OTHER PLANS The Company also sponsors the Ryder System, Inc. Employee Savings Plan A for non-salaried employees. Account balances of non-salaried employees in Plan A, who are subsequently promoted to a salaried position, are, in turn, transferred to the Plan. Transfers to the Plan for 1998 and 1997 amounted to $475,779 and $2,138,084, respectively. Due to the sale of the Company's automotive carrier and consumer truck rental businesses, as well as the out-sourcing of various information technology functions, plan assets of $7,234,602 and $21,631,872 were transferred from the Plan to other plans in 1998 and 1997, respectively. 6. RELATED PARTY TRANSACTIONS The Plan holds shares of Ryder System, Inc. common stock and recorded dividend income, net realized gains on sale and net unrealized appreciation in value of these securities. Certain Plan investments are/were shares of mutual funds managed by Fidelity Management Company or State Street Bank. These fund managers are/were affiliated with the Plan's current/former trustee and, therefore, these transactions qualify as party-in-interest. 7. PLAN TERMINATION While it has not expressed any intention to do so, the Company may amend or terminate the Plan at any time. In the event of termination, Plan assets are payable to each participant in a lump sum equal to the balance in the participant's account. 8. TAX STATUS OF THE PLAN The Plan qualifies as a profit sharing plan under Section 401(a) of the Internal Revenue Code of 1986, as amended, (the "Code") and also qualifies as a cash or deferred arrangement under Section 401(k) of the Code and, therefore, is exempt from federal income taxes under Section 501(a) of the Code. A favorable tax determination letter obtained was dated August 26, 1996. Under a plan qualified pursuant to Sections 401(a) and (k) of the Code, participants generally will not be taxed on contributions or matching contributions, or earnings thereon, until such amounts are distributed to participants or their beneficiaries under the Plan. The tax-deferred contributions and matching contributions are deductible by the Company for tax purposes when those contributions are made, subject to certain limitations set forth in Section 404 of the Code. Participants or their beneficiaries will be taxed, at ordinary income tax rates, on the amount they receive as a distribution from the Plan, at the time they receive the distribution. However, if the participant or beneficiary receives a lump sum payment of the balance under the Plan in a single taxable year, and the distribution is made by reason of death, disability or termination of employment of the participant, or after the participant has attained age 59 1/2, then certain special tax rules may be applicable. 9. ADMINISTRATIVE EXPENSES Administrative expenses are paid by the participants. At its discretion, the Company may elect to pay some administrative and marketing expenses. 14 10. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500 The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500: DECEMBER 31, -------------------------------- 1998 1997 ------------ ------------- Net assets available for benefits per the financial statements $ 357,157,728 315,269,169 Amounts allocated to withdrawing participants (1,191,535) (888,782) ------------ ------------- Net assets available for benefits per the Form 5500 $ 355,966,193 314,380,387 ============= ============= The following is a reconciliation of benefits paid to participants per the financial statements to the Form 5500: YEAR ENDED DECEMBER 31, 1998 ----------------- Benefits paid to participants per the financial statements $ 29,861,884 Add: Amounts allocated to withdrawing participants at December 31, 1998 1,191,535 Less: Amounts allocated to withdrawing participants at December 31, 1997 888,782 ------------- Benefits paid to participants per the Form 5500 $ 30,164,637 ============= Amounts allocated to withdrawing participants are recorded on the Form 5500 for benefit claims that have been processed and approved for payment prior to December 31 but not yet paid as of that date. 11. YEAR 2000 PREPAREDNESS (UNAUDITED) The Year 2000 issue is the result of information systems, including computer systems and software products, using two digits rather than four to indicate the applicable year. The operations and records of the Plan are dependent on the information systems of the Company, Plan trustee/recordkeeper, and various other service providers, which are outside the Plan administrator's scope of control such as financial institutions and government functions. Therefore, the Plan could be adversely affected if these information systems do not properly process date-related information from and after January 1, 2000. Both the Company and Plan trustee/recordkeeper have indicated that they are: (1) currently in the remediation and testing phases of their Year 2000 readiness plans with testing expected to continue until late 1999, and (2) developing and refining contingency plans for their respective information systems and processes. The Plan administrator will continue to monitor their progress and can make no assurances that the Plan will not be materially impacted by potential Year 2000 failure. In addition, the Plan administrator cannot reasonably predict the possible exposure and impact of Year 2000 failure on the Plan resulting from other service providers, which are outside the scope of its control. 15 EXHIBIT INDEX EXHIBIT DESCRIPTION - ------- ----------- 23.1 Independent Auditors' Consent 99.1 Item 27A - Schedule of Assets Held for Investment Purposes - December 31, 1998 99.2 Item 27d - Schedule of Reportable Transactions for the year ended December 31, 1998 16 EX-23.1 2 EXHIBIT 23.1 INDEPENDENT AUDITORS' CONSENT The Participants and Administrator Ryder System, Inc. Employee Savings Plan B: We consent to incorporation by reference in the Registration Statement (No. 33-58003) on Form S-8 of Ryder System, Inc. of our report dated June 25, 1999, relating to the statements of net assets available for plan benefits of the Ryder System, Inc. Employee Savings Plan B as of December 31, 1998 and 1997, the related statements of changes in net assets available for plan benefits for the years then ended, and the supplemental Schedule of Assets Held for Investment Purposes as of December 31, 1998, and Schedule of Reportable Transactions for the year ended December 31, 1998, which report appears in the December 31, 1998 annual report on Form 11-K of the Ryder System, Inc. Employee Savings Plan B filed by Ryder System, Inc. /s/ KPMG LLP Miami, Florida June 25, 1999 17 EX-99.1 3 EXHIBIT 99.1 RYDER SYSTEM, INC. EMPLOYEE SAVINGS PLAN B ITEM 27A - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES DECEMBER 31, 1998
NUMBER OF SHARES, UNITS OR PRINCIPAL MARKET ISSUER AMOUNTS COST VALUE - ---------------------------------------- ------------- ------------ ------------ Ryder System, Inc. Common Stock Fund* 3,862,449 $ 27,729,937 31,363,088 Fidelity Short-Term Interest Fund* 9,897,307 9,897,307 9,897,307 Fidelity Equity-Income Fund* 834,673 42,433,958 46,366,100 Putnam Voyager Fund A 4,079,907 58,553,586 89,431,572 Fidelity Contrafund* 838,632 40,600,574 47,625,900 Fidelity Diversified International Fund* 1,080,408 18,369,414 19,144,830 Fidelity Asset Manager Growth* 249,626 4,750,197 4,663,010 Fidelity Asset Manager* 167,200 3,056,720 2,907,602 Fidelity Asset Manager Income* 100,831 1,243,424 1,242,244 Fidelity U.S. Bond Index Fund* 234,302 2,538,841 2,582,011 Spartan U.S. Equity Index Fund* 207,766 7,648,886 9,133,413 Fidelity Aggressive Growth Fund* 138,885 3,897,074 4,412,366 Fidelity Growth Company Fund* 72,150 3,431,110 3,681,099 Participant Loans 17,817,309 -- 17,817,309 ------------ ----------- $224,151,028 290,267,851 ============ =========== * Represents a Party-in-Interest
NUMBER OF SHARES, UNITS OR PRINCIPAL CONTRACT MARKET INVESTMENT CONTRACTS AMOUNTS VALUE VALUE - --------------------------------------------------------------------------------------- ------------- ----------- --------- TRADITIONAL GUARANTEED INVESTMENT CONTRACTS: Aetna Life Insurance Co. 014162 7.85% 9/30/99 $ 2,633,502 2,633,502 2,679,824 AIG Life Insurance Co. GIC-898 7.08% 6/30/99 1,269,636 1,269,636 1,293,777 Allstate Life Insurance Co. 6006 6.87% 4/02/01 2,418,373 2,418,373 2,517,104 Continental Assurance Co. MBIA/CNA 24000 6.04% 6/30/99 1,676,616 1,676,616 1,685,306 Continental Assurance Co. GP-12917 5.17% 3/31/99 2,344,227 2,344,227 2,345,052 Continental Assurance Co. GP-24037-006 6.04% 12/31/99 1,928,538 1,928,538 1,950,565 John Hancock Mutual Life Insurance Co. 7747 8.02% 9/30/99 1,948,182 1,948,182 1,987,824 John Hancock Mutual Life Insurance Co. 8613 7.21% 10/02/00 2,151,805 2,151,805 2,240,614 Metropolitan Life GAC 24757 6.42% 12/31/99 2,755,661 2,755,661 2,803,204 Monumental Life Insurance Co. BDA00626FR-00 7.03% 3/31/00 1,956,536 1,956,536 2,023,634 New York Life GA30317 6.29% 6/30/99 667,862 667,862 671,989 New York Life GA30317002 6.44% 8/16/99 1,564,452 1,564,452 1,577,774 Pacific Life Insurance Co. G-26167.01 4.20% 1/19/99 927,640 927,640 925,710 Principal Life Insurance Co. 42,112,901 5.95% 9/29/00 856,868 856,868 867,359 Principal Life Insurance Co. 42,112,902 7.05% 12/31/99 2,545,354 2,545,354 2,618,128 Prudential Insurance Co. of America 007819 211 5.77% 7/31/00 2,569,794 2,569,794 2,585,162 Transamerica Occidental Life Insurance Co. 51214 7.10% 3/31/99 1,600,749 1,600,749 1,608,509 SYNTHETIC GUARANTEED INVESTMENT CONTACTS: AIG Financial Products Corp. 163083 6.48% 1/15/99 3,075,131 3,075,131 3,147,728 Chase Manhattan Bank 401,078 5.95% 1/15/99 2,452,071 2,452,071 2,499,772 Chase Manhattan Bank 401,266 4.55% 2/16/99 2,581,922 2,581,922 2,553,987 Deutsche Bank FID-RYD-1 5.75% 1/15/99 2,725,684 2,725,684 2,724,192 Monumental Life Insurance Co. BDA00367TR-03 5.86% 1/15/99 1,839,459 1,839,459 1,839,793 Monumental Life Insurance Co. BDA00367TR-04 4.73% 10/15/01 2,471,579 2,471,579 2,452,802 Monumental Life Insurance Co. BDA00367TR-02 6.16% 1/15/99 3,028,216 3,028,216 3,066,173 Morgan Guaranty RYDER01A 6.02% 1/15/99 2,465,835 2,465,835 2,489,998 Morgan Guaranty RYDER02 5.98% 1/15/99 1,945,342 1,945,342 1,959,006 State Street Bank 98,052 5.87% 1/15/99 1,854,951 1,854,951 1,856,569 Transamerica Life Insurance and Annuity Co. 76710 6.34% 1/25/99 2,451,312 2,451,312 2,508,647 Union Bank of Switzerland 2340 6.40% 1/6/99 3,080,118 3,080,118 3,133,665 Westdeutsche Landesbank WLB6007 5.97% 1/15/99 3,325,218 3,325,218 3,329,606 ----------- ----------- ---------- $65,112,633 65,112,633 65,943,473 =========== =========== ==========
18 EX-99.2 4 EXHIBIT 99.2 RYDER SYSTEM, INC. EMPLOYEE SAVINGS PLAN B ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 1998
NUMBER OF COST OF NUMBER OF PROCEEDS REALIZED PURCHASES PURCHASES SALES FROM SALE GAIN --------- ----------- --------- ----------- ---------- Ryder System, Inc. Common Stock Fund* 252 $18,862,590 252 $10,393,217 $1,577,412 Managed Interest Income Fund* 257 34,853,044 252 31,998,682 -- Fidelity Equity-Income Fund* 252 12,304,740 250 14,261,656 818,259 Putnam Voyager Fund A 252 20,227,049 251 19,580,099 5,373,535 Fidelity Contrafund* 252 13,874,556 250 11,387,396 633,749 * Represents a Party-in-Interest
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