-----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, SOophiVXSWrUQekTzdi6q3Y68gFHVIn9K3S8v2J1mUCgHtR3uMcQNylB8tDVAbXL XqI848Ij9SzgmE9znI4rDw== 0000950170-99-001056.txt : 19990630 0000950170-99-001056.hdr.sgml : 19990630 ACCESSION NUMBER: 0000950170-99-001056 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: 99654123 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 A 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 A 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 A: We have audited the accompanying statements of net assets available for plan benefits of Ryder System, Inc. Employee Savings Plan A 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 A STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS DECEMBER 31, 1998 AND 1997
1998 1997 ------------ ------------ Assets Investments: Short-term money market instruments $ 5,619,021 4,801,205 Investment contracts, at contract value 36,967,583 37,736,421 Mutual funds (cost: 1998 - $59,750,030; 1997 - $53,174,980) 77,300,464 64,110,059 Ryder System, Inc. Common Stock (cost: 1998 - $13,482,657; 1997 - $11,682,070) 11,371,980 12,480,570 Participant loans receivable 10,052,871 9,969,129 ------------ ------------ Total investments 141,311,919 129,097,384 Contributions receivable and other 410,592 131,922 ------------ ------------ Total assets 141,722,511 129,229,306 Other liabilities -- 12,158 ------------ ------------ Net assets available for plan benefits $141,722,511 129,217,148 ============ ============
The accompanying notes are an integral part of these financial statements. 3 RYDER SYSTEM, INC. EMPLOYEE SAVINGS PLAN A 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 $ 6,197,254 11,531,257 Dividends 4,962,178 3,689,771 Interest 3,218,564 3,338,167 ------------ ------------ Net investment income 14,377,996 18,559,195 ------------ ------------ Contributions: Employer 2,620,077 2,365,977 Employee 8,560,986 8,157,097 ------------ ------------ Total contributions 11,181,063 10,523,074 ------------ ------------ Total additions 25,559,059 29,082,269 ------------ ------------ Deductions from net assets attributed to: Distributions to plan participants 11,252,436 17,826,782 Transfers to other plans 1,631,926 6,390,776 Administrative expenses 169,334 236,925 ------------ ------------ Total deductions 13,053,696 24,454,483 ------------ ------------ Net increase 12,505,363 4,627,786 Net assets available for plan benefits: Beginning of year 129,217,148 124,589,362 ------------ ------------ End of year $141,722,511 129,217,148 ============ ============
The accompanying notes are an integral part of these financial statements. 4 RYDER SYSTEM, INC. EMPLOYEE SAVINGS PLAN A NOTES TO FINANCIAL STATEMENTS 1. DESCRIPTION OF PLAN The following description of the Ryder System, Inc. Employee Savings Plan A (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, 1984, 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 non-salaried employee of Ryder System, Inc. (the "Company") is immediately eligible to participate in the Plan. Prior to October 1, 1998, to participate in the Plan, an employee of the Company had to meet certain eligibility requirements related to employment date, age and service hours. In general, non-salaried employees of the Company and participating affiliates 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. Begining January 1, 1998, 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 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. Beginning January 1, 1998, 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 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 $52,523 from forfeited nonvested accounts. At December 31, 1998, forfeited nonvested accounts available to reduce future employer contributions totaled $193,851. 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. 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 $389,787 and $242,269, 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. 6 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 provides 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 plan 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 amonts 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 $11,371,980 12,480,570 Fidelity Equity-Income Fund 17,382,113 16,117,961 Putnam Voyager Fund A 35,259,915 29,345,351 Fidelity Contrafund 13,289,456 10,664,928 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 in 1998 and 1997 were 5.5% and 6.1%, respectively. At December 31, 1998 and 1997, the fair value of the underlying assets of the synthetic GICs and the value of the related "wrapper" contracts were $19,054,730 and $(150,508), respectively and $6,776,583 and $(33,246), 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 fund's 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 in 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 was as follows: 1998 1997 ----- ----- Fund A 6,382 2,957 Fund B 5,432 4,180 Fund C 2,799 2,172 Fund D 4,075 3,136 Fund E 2,466 1,821 Fund F 1,864 1,458 Fund G 510 282 Fund H 308 169 Fund I 212 97 Fund J 292 58 Fund K 625 156 Fund L 456 98 Fund M 512 124 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 ------------------------------------------------------------------ Investments: Short-term money market instruments $ - 5,619,021 - - - Investment contracts, at contract value - 36,967,583 - - - Mutual funds - - 17,382,113 35,259,915 13,289,456 Ryder System, Inc. Common Stock 11,371,980 - - - - Participant loans receivable - - - - - ------------------------------------------------------------------ Total investments 11,371,980 42,586,604 17,382,113 35,259,915 13,289,456 Contributions receivable and other 410,497 90 27 53 22 ------------------------------------------------------------------ Net assets available for plan benefits $ 11,782,477 42,586,694 17,382,140 35,259,968 13,289,478 ================================================================== Participant units outstanding 1,400,490 42,586,604 312,909 1,608,573 234,010 ================================================================== Participant unit investment value $ 8.12 1.00 55.55 21.92 56.79 ================================================================== ASSETS FUND F FUND G FUND H FUND I FUND J FUND K FUND L ---------------------------------------------------------------------------- Investments: Short-term money market instruments - - - - - - - Investment contracts, at contract value - - - - - - - Mutual funds 5,651,326 1,098,080 490,594 393,191 545,802 1,586,608 899,600 Ryder System, Inc. Common Stock - - - - - - - Participant loans receivable - - - - - - - ---------------------------------------------------------------------------- Total investments 5,651,326 1,098,080 490,594 393,191 545,802 1,586,608 899,600 Contributions receivable and other 13 3 3 2 1 5 2 ---------------------------------------------------------------------------- Net assets available for plan benefits 5,651,339 1,098,083 490,597 393,193 545,803 1,586,613 899,602 ============================================================================ Participant units outstanding 318,924 58,784 28,211 31,915 49,528 36,092 28,316 ============================================================================ Participant unit investment value 17.72 18.68 17.39 12.32 11.02 43.96 31.77 ============================================================================ ASSETS FUND M LOANS TOTAL ------------------------------------ Investments: Short-term money market instruments - - 5,619,021 Investment contracts, at contract value - - 36,967,583 Mutual funds 703,779 - 77,300,464 Ryder System, Inc. Common Stock - - 11,371,980 Participant loans receivable - 10,052,871 10,052,871 ------------------------------------ Total investments 703,779 10,052,871 141,311,919 Contributions receivable and other 3 (129) 410,592 ------------------------------------ Net assets available for plan benefits 703,782 10,052,742 141,722,511 ==================================== Participant units outstanding 13,794 ========= Participant unit investment value 51.02 =========
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 instruments $ - 4,801,205 - - - Investment contract, at contract value - 37,736,421 - - - Mutual funds - - 16,117,961 29,345,351 10,664,928 Ryder System, Inc. Common Stock 12,480,570 - - - - Participant loans receivable - - - - - -------------------------------------------------------------------- Total investments 12,480,570 42,537,626 16,117,961 29,345,351 10,664,928 Contributions receivable and other 16,974 73,577 20,290 42,056 17,965 -------------------------------------------------------------------- Total assets 12,497,544 42,611,203 16,138,251 29,387,407 10,682,893 Other liabilities 1,013 6,079 1,226 2,401 819 -------------------------------------------------------------------- Net assets available for plan benefits $ 12,496,531 42,605,124 16,137,025 29,385,006 10,682,074 ==================================================================== Participant units outstanding 1,246,810 42,537,626 307,536 1,540,438 228,714 ==================================================================== Participant unit investment value $ 10.02 1.00 52.47 19.08 46.70 ==================================================================== ASSETS FUND F FUND G FUND H FUND I FUND J FUND K FUND L ------------------------------------------------------------------------- Investments: Short-term money market instruments - - - - - - - Investment contract, at contract value - - - - - - - Mutual funds 5,703,196 705,618 379,591 207,491 47,147 537,567 183,656 Ryder System, Inc. Common Stock - - - - - - - Participant loans receivable - - - - - - - ------------------------------------------------------------------------- Total investments 5,703,196 705,618 379,591 207,491 47,147 537,567 183,656 Contributions receivable and other 12,121 2,639 1,516 962 187 655 515 ------------------------------------------------------------------------- Total assets 5,715,317 708,257 381,107 208,453 47,334 538,222 184,171 Other liabilities 480 63 38 23 2 12 1 ------------------------------------------------------------------------- Net assets available for plan benefits 5,714,837 708,194 381,069 208,430 47,332 538,210 184,170 ========================================================================= Participant units outstanding 353,577 38,183 20,686 17,035 4,369 15,368 7,733 ========================================================================= Participant unit investment value 16.16 18.55 18.42 12.24 10.83 35.02 23.82 ========================================================================= ASSETS FUND M LOANS TOTAL ------------------------------------- Investments: Short-term money market instruments - - 4,801,205 Investment contract, at contract value - - 37,736,421 Mutual funds 217,553 - 64,110,059 Ryder System, Inc. Common Stock - - 12,480,570 Participant loans receivable - 9,969,129 9,969,129 ------------------------------------- Total investments 217,553 9,969,129 129,097,384 Contributions receivable and other 368 (57,903) 131,922 ------------------------------------- Total assets 217,921 9,911,226 129,229,306 Other liabilities 1 - 12,158 ------------------------------------- Net assets available for plan benefits 217,920 9,911,226 129,217,148 ===================================== Participant units outstanding 5,022 ========= Participant unit investment value 43.39 =========
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 $ (2,524,826) -- 974,959 4,522,865 2,220,423 Dividends -- -- 987,499 2,361,748 982,221 Interest -- 2,503,163 -- -- -- --------------------------------------------------------------------------- Net investment income (2,524,826) 2,503,163 1,962,458 6,884,613 3,202,644 --------------------------------------------------------------------------- Contributions: Employer 2,559,660 41,712 5,731 8,632 2,407 Employee 742,325 2,910,727 889,111 1,803,186 813,361 --------------------------------------------------------------------------- Total contributions 3,301,985 2,952,439 894,842 1,811,818 815,768 --------------------------------------------------------------------------- Participant loan repayments 402,218 1,621,416 499,061 914,651 361,776 --------------------------------------------------------------------------- Total additions 1,179,377 7,077,018 3,356,361 9,611,082 4,380,188 --------------------------------------------------------------------------- Deductions from net assets attributed to: Distributions to plan participants 746,689 4,100,670 900,760 1,949,439 1,021,430 Transfers to other plans 148,566 529,438 158,805 341,550 204,848 Administrative expenses 7,604 112,831 7,431 7,884 10,841 Loans to participants 627,361 2,023,825 633,561 1,143,329 431,219 Interfund transfers 363,211 328,684 410,689 293,918 104,446 --------------------------------------------------------------------------- Total deductions 1,893,431 7,095,448 2,111,246 3,736,120 1,772,784 --------------------------------------------------------------------------- Net increase (decrease) (714,054) (18,430) 1,245,115 5,874,962 2,607,404 Net assets available for plan benefits: Beginning of year 12,496,531 42,605,124 16,137,025 29,385,006 10,682,074 --------------------------------------------------------------------------- End of year $ 11,782,477 42,586,694 17,382,140 35,259,968 13,289,478 ===========================================================================
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 543,050 2,017 (22,174) (844) 2,552 Dividends 226,568 152,289 88,429 27,836 12,345 Interest -- -- -- -- -- ----------------------------------------------------------------------------- Net investment income 769,618 154,306 66,255 26,992 14,897 ----------------------------------------------------------------------------- Contributions: Employer 394 (818) (1,261) 1,229 756 Employee 484,105 173,318 111,604 89,212 71,557 ----------------------------------------------------------------------------- Total contributions 484,499 172,500 110,343 90,441 72,313 ----------------------------------------------------------------------------- Participant loan repayments 210,613 44,214 15,834 12,562 3,158 ----------------------------------------------------------------------------- Total additions 1,464,730 371,020 192,432 129,995 90,368 ----------------------------------------------------------------------------- Deductions from net assets attributed to: Distributions to plan participants 670,572 54,731 34,967 11,919 9,934 Transfers to other plans 183,587 17,057 1,077 3,428 504 Administrative expenses 11,681 2,896 1,897 1,232 721 Loans to participants 242,934 65,671 26,174 14,124 2,757 Interfund transfers 419,454 (159,224) 18,789 (85,471) (422,019) ----------------------------------------------------------------------------- Total deductions 1,528,228 (18,869) 82,904 (54,768) (408,103) ----------------------------------------------------------------------------- Net increase (decrease) (63,498) 389,889 109,528 184,763 498,471 Net assets available for plan benefits: Beginning of year 5,714,837 708,194 381,069 208,430 47,332 ----------------------------------------------------------------------------- End of year 5,651,339 1,098,083 490,597 393,193 545,803 =============================================================================
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 275,612 135,865 67,755 -- 6,197,254 Dividends 25,563 52,642 45,038 -- 4,962,178 Interest -- -- -- 715,401 3,218,564 --------------------------------------------------------------------------- Net investment income 301,175 188,507 112,793 715,401 14,377,996 --------------------------------------------------------------------------- Contributions: Employer 352 628 655 -- 2,620,077 Employee 216,103 100,566 155,811 -- 8,560,986 --------------------------------------------------------------------------- Total contributions 216,455 101,194 156,466 -- 11,181,063 --------------------------------------------------------------------------- Participant loan repayments 62,067 22,543 25,818 (4,195,931) -- --------------------------------------------------------------------------- Total additions 579,697 312,244 295,077 (3,480,530) 25,559,059 --------------------------------------------------------------------------- Deductions from net assets attributed to: Distributions to plan participants 34,741 7,969 33,093 1,675,522 11,252,436 Transfers to other plans 42,095 691 280 -- 1,631,926 Administrative expenses 3,752 279 285 -- 169,334 Loans to participants 55,962 14,207 16,444 (5,297,568) -- Interfund transfers (605,256) (426,334) (240,887) -- -- --------------------------------------------------------------------------- Total deductions (468,706) (403,188) (190,785) (3,622,046) 13,053,696 --------------------------------------------------------------------------- Net increase (decrease) 1,048,403 715,432 485,862 141,516 12,505,363 Net assets available for plan benefits: Beginning of year 538,210 184,170 217,920 9,911,226 129,217,148 --------------------------------------------------------------------------- End of year 1,586,613 899,602 703,782 10,052,742 141,722,511 ===========================================================================
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 $ 2,252,114 - 2,887,139 4,718,038 1,302,883 Dividends - - 703,239 1,741,482 876,911 Interest 4,241 2,730,396 (79) 2,798 2,598 ----------------------------------------------------------------- Net investment income 2,256,355 2,730,396 3,590,299 6,462,318 2,182,392 ----------------------------------------------------------------- Contributions: Employer 199,692 1,082,625 212,249 450,885 195,195 Employee 716,703 3,052,395 848,608 1,805,939 815,684 ----------------------------------------------------------------- Total contributions 916,395 4,135,020 1,060,857 2,256,824 1,010,879 ----------------------------------------------------------------- Participant loan repayments 346,980 1,517,122 422,003 817,978 312,672 ----------------------------------------------------------------- Total additions 3,519,730 8,382,538 5,073,159 9,537,120 3,505,943 ----------------------------------------------------------------- Deductions from net assets attributed to: Distributions to plan participants 1,812,957 7,228,883 1,443,754 3,915,276 1,197,043 Transfers to other plans 628,080 1,348,144 589,636 1,936,246 642,962 Administrative expenses 16,773 135,987 21,699 40,047 12,558 Loans to participants 700,075 2,112,039 726,672 1,325,835 430,959 Interfund transfers 467,358 1,011,186 (988,182) 1,182,965 (465,825) ----------------------------------------------------------------- Total deductions 3,625,243 11,836,239 1,793,579 8,400,369 1,817,697 ----------------------------------------------------------------- Net increase (decrease) (105,513) (3,453,701) 3,279,580 1,136,751 1,688,246 Net assets available for plan benefits: Beginning of year 12,602,044 46,058,825 12,857,445 28,248,255 8,993,828 ----------------------------------------------------------------- End of year $ 12,496,531 42,605,124 16,137,025 29,385,006 10,682,074 =================================================================
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 315,883 48,438 32,259 9,311 731 Dividends 204,145 71,656 27,812 8,592 860 Interest 1,213 93 78 19 12 ------------------------------------------------- Net investment income 521,241 120,187 60,149 17,922 1,603 ------------------------------------------------- Contributions: Employer 130,973 40,632 25,102 14,844 1,415 Employee 545,040 146,668 86,670 53,849 11,610 ------------------------------------------------- Total contributions 676,013 187,300 111,772 68,693 13,025 ------------------------------------------------- Participant loan repayments 214,910 20,708 8,499 7,454 967 ------------------------------------------------- Total additions 1,412,164 328,195 180,420 94,069 15,595 ------------------------------------------------- Deductions from net assets attributed to: Distributions to plan participants 737,436 60,605 20,203 14,321 156 Transfers to other plans 416,950 130,307 132,144 36,250 2,009 Administrative expenses 7,106 1,143 671 510 48 Loans to participants 268,052 48,911 16,587 20,445 2,000 Interfund transfers (54,520) (93,217) (69,215) (61,877) (35,950) ------------------------------------------------- Total deductions 1,375,024 147,749 100,390 9,649 (31,737) ------------------------------------------------- Net increase (decrease) 37,140 180,446 80,030 84,420 47,332 Net assets available for plan benefits: Beginning of year 5,677,697 527,748 301,039 124,010 - ------------------------------------------------- End of year 5,714,837 708,194 381,069 208,430 47,332 =================================================
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 17,121 (32,761) (19,899) - 11,531,257 Dividends 5,134 31,161 18,779 - 3,689,771 Interest 67 97 60 596,574 3,338,167 ------------------------------------------------------ Net investment income 22,322 (1,503) (1,060) 596,574 18,559,195 ------------------------------------------------------ Contributions: Employer 4,908 2,659 4,798 - 2,365,977 Employee 35,313 18,723 19,895 - 8,157,097 ------------------------------------------------------ Total contributions 40,221 21,382 24,693 - 10,523,074 ------------------------------------------------------ Participant loan repayments 8,964 16,592 5,004 (3,699,853) - ------------------------------------------------------ Total additions 71,507 36,471 28,637 (3,103,279) 29,082,269 ------------------------------------------------------ Deductions from net assets attributed to: Distributions to plan participants - 466 10,884 1,384,798 17,826,782 Transfers to other plans 39,712 16,697 1,678 469,961 6,390,776 Administrative expenses 330 37 16 - 236,925 Loans to participants 15,019 3,633 566 (5,670,793) - Interfund transfers (521,764) (168,532) (202,427) - - ------------------------------------------------------ Total deductions (466,703) (147,699) (189,283) (3,816,034) 24,454,483 ------------------------------------------------------ Net increase (decrease) 538,210 184,170 217,920 712,755 4,627,786 Net assets available for plan benefits: Beginning of year - - - 9,198,471 124,589,362 ------------------------------------------------------ End of year 538,210 184,170 217,920 9,911,226 129,217,148 ======================================================
13 5. TRANSFERS TO OTHER PLANS The Company also sponsors the Ryder System, Inc. Employee Savings Plan B ("Plan B") for salaried employees and the Ryder Student Transportation Services, Inc. Retirement/Savings Plan for part-time employees of Ryder Student Transportation Services, Inc. ("RSTS Plan"). Account balances of non-salaried employees in the Plan, who are subsequently promoted to a salaried position or transferred to Ryder Student Transportation Services, Inc., are, in turn, transferred to Plan B or the RSTS Plan, respectively. Transfers to Plan B for 1998 and 1997 amounted to $475,778 and $2,138,084, respectively. Transfers to the RSTS plan for 1998 and 1997 amounted to $34,090 and $0, 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 $1,122,058 and $4,252,692 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. 14 9. ADMINISTRATIVE EXPENSES Administrative expenses are paid by the participants. At its discretion, the Company may elect to pay some administrative and marketing expenses. 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 $ 141,722,511 129,217,148 Amounts allocated to withdrawing participants (389,787) (242,269) ------------- ------------- Net assets available for benefits per the Form 5500 $ 141,332,724 128,974,879 ============= ============= 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 $ 11,252,436 Add: Amounts allocated to withdrawing participants at December 31, 1998 389,787 Less: Amounts allocated to withdrawing participants at December 31, 1997 242,269 ------------ Benefits paid to participants per the Form 5500 $ 11,399,954 ============ 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 A: We consent to incorporation by reference in the Registration Statement (No. 33-58001) 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 A 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 A 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 A 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* 1,400,490 $13,482,657 11,371,980 Fidelity Short-Term Interest Fund* 5,619,021 5,619,021 5,619,021 Fidelity Equity-Income Fund* 312,909 15,836,569 17,382,113 Putnam Voyager Fund A 1,608,573 21,830,001 35,259,915 Fidelity Contrafund* 234,010 11,299,542 13,289,456 Fidelity Diversified International Fund* 318,924 5,421,253 5,651,326 Fidelity Asset Manager Growth Fund* 58,784 1,117,289 1,098,080 Fidelity Asset Manager Fund* 28,211 516,318 490,594 Fidelity Asset Manager Income Fund* 31,915 395,400 393,191 Fidelity U.S. Bond Index Fund* 49,528 543,006 545,802 Spartan U.S. Equity Index Fund* 36,092 1,340,585 1,586,608 Fidelity Aggressive Growth Fund* 28,316 796,938 899,600 Fidelity Growth Company Fund* 13,794 653,129 703,779 Participant Loans 10,052,871 - 10,052,871 ----------- ----------- $78,851,708 104,344,336 =========== =========== * 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 $ 1,495,166 1,495,166 1,521,465 AIG Life Insurance Co. GIC-898 7.08% 6/30/99 720,834 720,834 734,540 Allstate Life Insurance Co. 6006 6.87% 4/02/01 1,373,027 1,373,027 1,429,081 Continental Assurance Co. MBIA/CNA 2400 6.04% 6/30/99 951,896 951,896 956,830 Continental Assurance Co. GP-12917 5.17% 3/31/99 1,330,931 1,330,931 1,331,399 Continental Assurance Co. GP-24037-006 6.04% 12/31/99 1,094,924 1,094,924 1,107,430 John Hancock Mutual Life Insurance Co. 7747 8.02% 9/30/99 1,106,077 1,106,077 1,128,583 John Hancock Mutual Life Insurance Co. 8613 7.21% 10/02/00 1,221,683 1,221,683 1,272,104 Metropolitan Life GAC 24757 6.42% 12/31/99 1,564,521 1,564,521 1,591,514 Monumental Life Insurance Co. BDA00626FR-00 7.03% 3/31/00 1,110,820 1,110,820 1,148,914 New York Life GA30317 6.29% 6/30/99 379,177 379,177 381,521 New York Life GA30317002 6.44% 8/16/99 888,215 888,215 895,778 Pacific Life Insurance Co. G-26167.01 4.20% 1/19/99 526,666 526,666 525,570 Principal Life Insurance Co. 42,112,901 5.95% 9/29/00 486,485 486,485 492,442 Principal Life Insurance Co. 42,112,902 7.05% 12/31/99 1,445,120 1,445,120 1,486,438 Prudential Insurance Co. of America 007819 211 5.77% 7/31/00 1,458,996 1,458,996 1,467,721 Transamerica Occidental Life Insurance Co. 51214 7.10% 3/31/99 908,823 908,823 913,228 SYNTHETIC GUARANTEED INVESTMENT CONTRACTS: AIG Financial Products Corp. 163083 6.48% 1/15/99 1,745,900 1,745,900 1,787,117 Chase Manhattan Bank 401,078 5.95% 1/15/99 1,392,159 1,392,159 1,419,241 Chase Manhattan Bank 401,266 4.55% 2/16/99 1,465,882 1,465,882 1,450,021 Deutsche Bank FID-RYD-1 5.75% 1/15/99 1,547,502 1,547,502 1,546,655 Monumental Life Insurance Co. BDA00367TR-03 5.86% 1/15/99 1,044,350 1,044,350 1,044,539 Monumental Life Insurance Co. BDA00367TR-04 4.73% 10/15/01 1,403,235 1,403,235 1,392,574 Monumental Life Insurance Co. BDA00367TR-02 6.16% 1/15/99 1,719,264 1,719,264 1,740,814 Morgan Guaranty RYDER01A 6.02% 1/15/99 1,399,974 1,399,974 1,413,692 Morgan Guaranty RYDER02 5.98% 1/15/99 1,104,465 1,104,465 1,112,222 State Street Bank 98,052 5.87% 1/15/99 1,053,145 1,053,145 1,054,064 Transamerica Life Insurance and Annuity Co. 76710 6.34% 1/25/99 1,391,728 1,391,728 1,424,280 Union Bank of Switzerland 2340 6.40% 1/6/99 1,748,732 1,748,732 1,779,133 Westdeutsche Landesbank WLB6007 5.97% 1/15/99 1,887,886 1,887,886 1,890,378 ---------- ---------- ---------- $36,967,583 36,967,583 37,439,288 ========== ========== ==========
18 EX-99.2 4 EXHIBIT 99.2 RYDER SYSTEM, INC. EMPLOYEE SAVINGS PLAN A 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 SALES GAIN --------- ----------- --------- --------- --------- Ryder System, Inc. Common Stock Fund* 252 $ 4,903,713 250 $ 3,076,964 $ 493,343 Fidelity Short-term Interest Fund* 256 10,988,047 250 10,939,069 - Putnam Voyager Fund A 252 6,797,638 249 5,405,939 1,622,665 * Represents a Party-in-Interest
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