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GENERAL | 9 Months Ended
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Sep. 30, 2020
Accounting Changes and Error Corrections [Abstract] |
GENERAL | GENERAL Interim Financial Statements The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of Ryder System, Inc. (Ryder) and all entities in which Ryder has a controlling voting interest (subsidiaries) and variable interest entities (VIE) required to be consolidated in accordance with generally accepted accounting principles in the United States (U.S. GAAP). The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with the accounting policies described in our 2019 Annual Report on Form 10-K and should be read in conjunction with the Consolidated Financial Statements and notes thereto. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. In the opinion of management, all adjustments, including normal recurring accruals, considered necessary for a fair statement have been included and the disclosures herein are adequate. The operating results for interim periods are not necessarily indicative of the results that can be expected for a full year. The coronavirus (COVID-19) pandemic has negatively impacted several areas of our businesses. In our Fleet Management Solutions (FMS) business segment, we experienced lower demand for commercial rental and declines in the used vehicle market through the second quarter (refer to Note 5, "Revenue Earning Equipment," for additional information on residual value estimate changes in the first half of 2020 and trends related to used vehicle sales). During the third quarter, we have started to experience a steady recovery in these areas as compared to the second quarter. In our Supply Chain Solutions (SCS) business segment, we experienced a deterioration in customer activity during the first half of 2020, primarily due to the temporary shutdowns in the automotive industry, which restarted their operations during the second quarter and are now generally operating at above pre-COVID-19 levels. In addition, we have experienced a decline in our sales growth opportunities in all of our businesses. Throughout the year, we established additional credit loss reserves due to our expectations for COVID-19-related payment activity as a result of increased bankruptcies or insolvencies, or a delay in payments (refer to Note 4, "Receivables," for further information on credit loss reserves). We have attempted to mitigate the adverse impacts from the pandemic through cost reduction measures throughout the year, including lower discretionary and overhead spending, and a reduction in capital expenditures, as well as temporary employee furloughs which primarily occurred in the second quarter. In addition, we took planned actions at the end of the second quarter to reduce headcount, primarily in our North American and U.K. FMS operations. In October 2020, we announced a one-time, special recognition and retention bonus of approximately $30 million for our front-line employees in recognition of the work performed during the pandemic. The bonus will be paid to non-incentive compensation plan eligible employees and recognized in earnings in the fourth quarter. Depending on the extent and duration of the pandemic and the related economic impacts, it may have a further impact on our business and financial results, as well as on significant judgments and estimates, including those related to goodwill and other asset impairments, residual values and other depreciation assumptions, deferred income taxes and annual effective tax rates, variable revenue considerations, the valuation of our pension plans, and allowance for credit losses.

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