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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2018
Retirement Benefits [Abstract] |
Pension expense from continuing operations | Pension expense from continuing operations was as follows:
|  | Years ended December 31,
|  | 2018 |  | 2017 |  | 2016
|  | (In thousands)
Company-administered plans: |  |  |  |  |  |
Service cost |  | $ | 12,108 |  |  | 12,345 |  |  | 12,977 |
Interest cost |  | 78,234 |  |  | 86,431 |  |  | 94,476 |
Expected return on plan assets |  | (101,980 | ) |  | (91,062 | ) |  | (90,588 | )
Pension settlement expense |  | 3,061 |  |  | — |  |  | — |
Amortization of: |  |  |  |  |  |
Net actuarial loss |  | 28,593 |  |  | 32,987 |  |  | 31,777 |
Prior service cost |  | 550 |  |  | 579 |  |  | 2,976 |
|  | 20,566 |  |  | 41,280 |  |  | 51,618 |
Union-administered plans |  | 9,326 |  |  | 15,553 |  |  | 9,597 |
Net pension expense |  | $ | 29,892 |  |  | 56,833 |  |  | 61,215 |
Company-administered plans: |  |  |  |  |  |
U.S. |  | $ | 28,043 |  |  | 43,717 |  |  | 53,319 |
Foreign |  | (7,477 | ) |  | (2,437 | ) |  | (1,701 | )
|  | 20,566 |  |  | 41,280 |  |  | 51,618 |
Union-administered plans |  | 9,326 |  |  | 15,553 |  |  | 9,597 |
|  | $ | 29,892 |  |  | 56,833 |  |  | 61,215 |
Summary of weighted-average actuarial assumptions | The following table sets forth the weighted-average actuarial assumptions used for Ryder’s pension plans in determining annual pension expense:
|  | U.S. Plans Years ended December 31, |  | Foreign Plans Years ended December 31,
|  | 2018 |  | 2017 |  | 2016 |  | 2018 |  | 2017 |  | 2016
Discount rate |  | 3.70% |  | 4.20% |  | 4.50% |  | 2.70% |  | 3.90% |  | 3.70%
Rate of increase in compensation levels |  | 3.00% |  | 3.00% |  | 3.00% |  | 3.08% |  | 3.10% |  | 3.10%
Expected long-term rate of return on plan assets |  | 5.40% |  | 5.40% |  | 5.85% |  | 5.50% |  | 5.48% |  | 5.44%
Gain and loss amortization period (years) |  | 21 |  | 21 |  | 23 |  | 26 |  | 26 |  | 27
The following table sets forth the weighted-average actuarial assumptions used in determining funded status:
|  | U.S. Plans December 31, |  | Foreign Plans December 31,
|  | 2018 |  | 2017 |  | 2018 |  | 2017
Discount rate |  | 4.35% |  | 3.70% |  | 3.04% |  | 2.70%
Rate of increase in compensation levels |  | 3.00% |  | 3.00% |  | 3.08% |  | 3.10%
Summary of benefit obligations, assets and funded status | The following table sets forth the benefit obligations, assets and funded status associated with our pension plans:
|  | December 31,
|  | 2018 |  | 2017
|  | (In thousands)
Change in benefit obligations: |  |  |  |
Benefit obligations at January 1 |  | $ | 2,298,902 |  |  | 2,228,762 |
Service cost |  | 12,108 |  |  | 12,345 |
Interest cost |  | 78,234 |  |  | 86,431 |
Actuarial (gain) loss |  | (120,934 | ) |  | 100,905 |
Pension annuity settlement |  | — |  |  | (66,423 | )
Benefits paid |  | (104,560 | ) |  | (104,054 | )
Foreign currency exchange rate changes |  | (28,607 | ) |  | 40,936 |
Benefit obligations at December 31 |  | 2,135,143 |  |  | 2,298,902 |
Change in plan assets: |  |  |  |
Fair value of plan assets at January 1 |  | 1,941,330 |  |  | 1,787,075 |
Actual return on plan assets |  | (108,386 | ) |  | 244,916 |
Employer contribution |  | 27,741 |  |  | 41,219 |
Benefits paid |  | (104,560 | ) |  | (104,054 | )
Pension annuity settlement |  | — |  |  | (71,299 | )
Foreign currency exchange rate changes |  | (30,582 | ) |  | 43,473 |
Fair value of plan assets at December 31 |  | 1,725,543 |  |  | 1,941,330 |
Funded status |  | $ | (409,600 | ) |  | (357,572 | )
Funded percent |  | 81 | % |  | 84 | %
Amounts recognized in the Consolidated Balance Sheets | The funded status of our pension plans was presented in the Consolidated Balance Sheets as follows:
|  | December 31,
|  | 2018 |  | 2017
|  | (In thousands)
Noncurrent asset |  | $ | 51,133 |  |  | 58,708 |
Current liability |  | (3,754 | ) |  | (3,863 | )
Noncurrent liability |  | (456,979 | ) |  | (412,417 | )
Net amount recognized |  | $ | (409,600 | ) |  | (357,572 | )
Amounts recognized in accumulated other comprehensive loss (pre-tax) | Amounts recognized in accumulated other comprehensive loss (pre-tax) consisted of:
|  | December 31,
|  | 2018 |  | 2017
|  | (In thousands)
Prior service cost |  | $ | 14,519 |  |  | 11,135 |
Net actuarial loss |  | 929,995 |  |  | 878,386 |
Net amount recognized |  | $ | 944,514 |  |  | 889,521 |
Summary of pension obligations greater than fair value of related plan assets | At December 31, 2018 and 2017, our accumulated benefit obligations, as well as, our pension obligations (accumulated benefit obligations (ABO), and projected benefit obligations (PBO)), greater than the fair value of the related plan assets for our U.S. and foreign plans were as follows:
|  | U.S. Plans December 31, |  | Foreign Plans December 31, |  | Total December 31,
|  | 2018 |  | 2017 |  | 2018 |  | 2017 |  | 2018 |  | 2017
|  | (In thousands)
Total accumulated benefit obligations |  | $ | 1,685,270 |  |  | 1,781,882 |  |  | 429,640 |  |  | 492,864 |  |  | 2,114,910 |  |  | 2,274,746 |
Plans with pension obligations in excess of plan assets: |  |  |  |  |  |  |  |  |  |  |  |
PBO |  | 1,703,847 |  |  | 1,804,260 |  |  | 6,912 |  |  | 7,802 |  |  | 1,710,759 |  |  | 1,812,062 |
ABO |  | 1,685,270 |  |  | 1,781,882 |  |  | 5,788 |  |  | 6,502 |  |  | 1,691,058 |  |  | 1,788,384 |
Fair value of plan assets |  | 1,250,032 |  |  | 1,395,790 |  |  | — |  |  | — |  |  | 1,250,032 |  |  | 1,395,790 |
Fair value of each major category of pension plan assets and the level of inputs used to measure fair value | The following table presents the fair value of each major category of pension plan assets and the level of inputs used to measure fair value as of December 31, 2018 and 2017:
|  | Fair Value Measurements at December 31, 2018
Asset Category |  | Total |  | Level 1 |  | Level 2 |  | Level 3
|  | (In thousands)
Equity securities: |  |  |  |  |  |  |  |
U.S. common collective trusts |  | $ | 315,741 |  |  | — |  |  | 315,741 |  |  | — |
Foreign common collective trusts |  | 352,040 |  |  | — |  |  | 352,040 |  |  | — |
Fixed income securities: |  |  |  |  |  |  |  |
Corporate bonds |  | 79,155 |  |  | — |  |  | 79,155 |  |  | — |
Common collective trusts |  | 856,771 |  |  | — |  |  | 856,771 |  |  | — |
Private equity and hedge funds |  | 121,836 |  |  | — |  |  | — |  |  | 121,836 |
Total |  | $ | 1,725,543 |  |  | — |  |  | 1,603,707 |  |  | $ | 121,836 |
|  | Fair Value Measurements at December 31, 2017
Asset Category |  | Total |  | Level 1 |  | Level 2 |  | Level 3
|  | (In thousands)
Equity securities: |  |  |  |  |  |  |  |
U.S. common collective trusts |  | $ | 443,405 |  |  | — |  |  | 443,405 |  |  | — |
Foreign common collective trusts |  | 458,111 |  |  | — |  |  | 458,111 |  |  | — |
Fixed income securities: |  |  |  |  |  |  |  |
Corporate bonds |  | 85,117 |  |  | — |  |  | 85,117 |  |  | — |
Common collective trusts |  | 840,104 |  |  | — |  |  | 840,104 |  |  | — |
Private equity and hedge funds |  | 114,593 |  |  | — |  |  | — |  |  | 114,593 |
Total |  | $ | 1,941,330 |  |  | — |  |  | 1,826,737 |  |  | 114,593 |
Summary of changes in fair value of the pension plans Level 3 assets | The following table presents a summary of changes in the fair value of the pension plans’ Level 3 assets for the years ended December 31, 2018 and 2017:
|  | 2018 |  | 2017
|  | (In thousands)
Beginning balance at January 1 |  | $ | 114,593 |  |  | 102,884 |
Return on plan assets: |  |  |  |
Relating to assets still held at the reporting date |  | 6,762 |  |  | 10,795 |
Relating to assets sold during the period |  | (38 | ) |  | (405 | )
Purchases, sales, settlements and expenses |  | 519 |  |  | 1,319 |
Ending balance at December 31 |  | $ | 121,836 |  |  | 114,593 |
Pension benefits expected to be paid | The following table details pension benefits expected to be paid in each of the next five fiscal years and in aggregate for the five fiscal years thereafter:
| (In thousands)
2019 | $ | 104,596 |
2020 | 107,603 |
2021 | 112,469 |
2022 | 116,601 |
2023 | 120,086 |
2024-2028 | 639,201 |
Schedule of multi-employer plan | Among other factors, plans in the red zone are generally less than sixty-five percent funded, plans in the yellow zone are less than eighty percent funded, and plans in the green zone are at least eighty percent funded.
|  |  |  | Pension Protection Act Zone Status |  |  |  | Ryder Contributions |  |  |  | Expiration Date(s) of Collective-Bargaining Agreement(s)
Pension Fund |  | Employer Identification Number |  | 2018 |  | 2017 |  | FIP/RP Status Pending/ Implemented (1) |  | 2018 |  | 2017 |  | 2016 |  | Surcharge Imposed |
|  |  |  |  |  |  |  |  |  | (Dollars in thousands) |  |  |  |
Western Conference Teamsters |  | 91-6145047 |  | Green |  | Green |  | No |  | $ | 3,488 |  |  | 3,245 |  |  | 2,613 |  |  | No |  | 01/12/18 to 03/31/21
IAM National |  | 51-6031295 |  | Green |  | Green |  | No |  | 3,953 |  |  | 3,891 |  |  | 4,162 |  |  | No |  | 03/31/17 to 11/30/19
Automobile Mechanics Local No. 701 |  | 36-6042061 |  | Yellow |  | Yellow |  | FIP Adopted |  | 1,435 |  |  | 2,048 |  |  | 2,201 |  |  | Yes |  | 10/31/17 to 05/31/19
Other funds |  |  |  |  |  |  |  |  |  | 931 |  |  | 915 |  |  | 760 |  |  |  |  |
Total contributions |  |  |  |  |  |  |  |  |  | 9,807 |  |  | 10,099 |  |  | 9,736 |  |  |  |  |
Pension settlement (benefit) charges |  |  |  |  |  |  |  |  |  | (481 | ) |  | 5,454 |  |  | (139 | ) |  |  |  |
Union-administered plans |  |  |  |  |  |  |  |  |  | $ | 9,326 |  |  | 15,553 |  |  | 9,597 |  |  |  |  |
_____________
(1) | The “FIP/RP Status Pending/Implemented” column indicates plans for which a financial improvement plan (FIP) or a rehabilitation plan (RP) is either pending or has been implemented.

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