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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2019

Retirement Benefits [Abstract]

Schedule of Pension Expense from Continuing Operations

Pension expense from continuing operations was as follows:

		Years ended December 31,
		2019				2018				2017
		(In thousands)
Company-administered plans:
Service cost		$	11,007			$	12,108			$	12,345
Interest cost		84,960				78,234				86,431
Expected return on plan assets		(91,034		)		(101,980		)		(91,062		)
Pension settlement expense		34,974				3,061				—
Amortization of:
Net actuarial loss		30,708				28,593				32,987
Prior service cost		711				550				579
		71,326				20,566				41,280
Union-administered plans		10,582				9,326				15,553
Net pension expense		$	81,908			$	29,892			$	56,833
Company-administered plans:
U.S.		$	75,936			$	28,043			$	43,717
Foreign		(4,610		)		(7,477		)		(2,437		)
		71,326				20,566				41,280
Union-administered plans		10,582				9,326				15,553
		$	81,908			$	29,892			$	56,833

Schedule of Weighted-Average Actuarial Assumptions

The following table sets forth the weighted-average actuarial assumptions used in determining our annual pension expense:

		U.S. Plans Years ended December 31,						Foreign Plans Years ended December 31,
		2019		2018		2017		2019		2018		2017
Discount rate		4.35%		3.70%		4.20%		3.04%		2.70%		3.90%
Rate of increase in compensation levels		3.00%		3.00%		3.00%		3.08%		3.08%		3.10%
Expected long-term rate of return on plan assets		5.40%		5.40%		5.40%		5.36%		5.50%		5.48%
Gain and loss amortization period (years)		22		21		21		24		26		26

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

		U.S. Plans December 31,				Foreign Plans December 31,
		2019		2018		2019		2018
Discount rate		3.30%		4.35%		2.30%		3.04%
Rate of increase in compensation levels		3.00%		3.00%		3.11%		3.08%

Schedule of Benefit Obligations, Assets and Funded Status

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

		2019				2018
		(In thousands)
Change in benefit obligations:
Benefit obligations at January 1		$	2,135,143			$	2,298,902
Service cost		11,007				12,108
Interest cost		84,960				78,234
Actuarial (gain) loss		274,456				(120,934		)
Pension settlement		(102,905		)		—
Benefits paid		(96,290		)		(104,560		)
Foreign currency exchange rate changes		17,709				(28,607		)
Benefit obligations at December 31		2,324,080				2,135,143
Change in plan assets:
Fair value of plan assets at January 1		1,725,543				1,941,330
Actual return on plan assets		348,354				(108,386		)
Employer contribution		72,202				27,741
Benefits paid		(96,290		)		(104,560		)
Pension settlement		(93,049		)		—
Foreign currency exchange rate changes		21,948				(30,582		)
Fair value of plan assets at December 31		1,978,708				1,725,543
Funded status		$	(345,372	)		$	(409,600	)
Funded percent		85		%		81		%

Schedule of 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,
		2019				2018
		(In thousands)
Noncurrent asset		$	72,320			$	51,133
Current liability		(3,863		)		(3,754		)
Noncurrent liability		(413,829		)		(456,979		)
Net amount recognized		$	(345,372	)		$	(409,600	)

Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss

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

		December 31,
		2019				2018
		(In thousands)
Prior service cost		$	13,798			$	14,519
Net actuarial loss		869,907				929,995
Net amount recognized		$	883,705			$	944,514

Schedule of Pension Obligations Greater than Fair Value of Related Plan Assets

As of December 31, 2019 and 2018, our total accumulated benefit obligations, as well as our pension plan obligations (projected benefit obligations (PBO) and accumulated benefit obligations (ABO)) in excess of 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,
		2019				2018				2019				2018				2019				2018
		(In thousands)
Total accumulated benefit obligations		$	1,812,813			$	1,685,270			$	489,135			$	429,640			$	2,301,948			$	2,114,910
Plans with pension obligations in excess of plan assets:
PBO		1,832,786				1,703,847				8,693				6,912				1,841,479				1,710,759
ABO		1,812,813				1,685,270				7,025				5,788				1,819,838				1,691,058
Fair value of plan assets		1,423,787				1,250,032				—				—				1,423,787				1,250,032

Schedule of 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, 2019 and 2018:

		Fair Value Measurements at December 31, 2019
Asset Category		Total				Level 1				Level 2				Level 3
		(In thousands)
Equity securities:
U.S. common collective trusts		$	384,739			$	—			$	384,739			$	—
Foreign common collective trusts		379,717				—				379,717				—
Fixed income securities:
Corporate bonds		84,519				—				84,519				—
Common collective trusts		1,011,515				—				1,011,515				—
Private equity and hedge funds		118,218				—				—				118,218
Total		$	1,978,708			$	—			$	1,860,490			$	118,218

		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

Schedule 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 2019 and 2018: 

		2019				2018
		(In thousands)
Beginning balance at January 1		$	121,836			$	114,593
Return on plan assets:
Relating to assets still held at the reporting date		5,752				6,762
Relating to assets sold during the period		(44		)		(38		)
Purchases, sales, settlements and expenses		(9,326		)		519
Ending balance at December 31		$	118,218			$	121,836

Schedule of 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)
2020	$	107,940
2021	110,416
2022	114,180
2023	117,439
2024	120,585
2025-2029	628,854

Schedule of Multi-Employer Plan

Our participation in these plans is outlined in the table below. Unless otherwise noted, the most recent Pension Protection Act zone status available in 2019 and 2018 is for the plan years ended December 31, 2018 and December 31, 2017, respectively. The zone status is based on information that we received from the 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	2019		2018	FIP/RP Status Pending/ Implemented (1)	2019				2018				2017			Surcharge Imposed
						(In thousands)
Western Conference Teamsters (2)	91-6145047	Green		Green	No	$	3,971			$	3,488			$	3,245		No	01/12/18 to 03/31/21
IAM National (3)	51-6031295	Red		Green	RP Adopted	4,148				3,953				3,891			Yes	10/01/19 to 09/14/23
Automobile Mechanics Local No. 701	36-6042061	Yellow		Yellow	FIP Adopted	1,494				1,435				2,048			Yes	06/01/19 to 05/31/22
Other funds						969				931				915
Total contributions						10,582				9,807				10,099
Pension settlement (benefit) charges						—				(481		)		5,454
Union-administered plans						$	10,582			$	9,326			$	15,553

_____________ 

(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.

(2) The Pension Protection Act zone status is for the plan year ended December 31, 2019.

(3) The Trustees voluntarily elected to put the fund in red status, even though the plan is at least eighty percent funded, and implemented a rehabilitation plan.

Schedule of Asset Classes

The following table presents the asset classes as of December 31, 2019 and 2018:

		December 31,
		2019				2018
		(In thousands)
Cash and cash equivalents		$	18,460			$	15,578
U.S. equity mutual funds		34,035				29,298
Foreign equity mutual funds		8,658				6,678
Fixed income mutual funds		9,800				7,849
Total Investments held in Rabbi Trusts		$	70,953			$	59,403

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