Company Quick10K Filing
Ryder System
Price50.86 EPS3
Shares53 P/E20
MCap2,710 P/FCF2
Net Debt6,730 EBIT371
TEV9,440 TEV/EBIT25
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-31
10-Q 2020-03-31 Filed 2020-05-01
10-K 2019-12-31 Filed 2020-02-27
10-Q 2019-09-30 Filed 2019-10-30
10-Q 2019-06-30 Filed 2019-07-30
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-02-21
10-Q 2018-09-30 Filed 2018-10-26
10-Q 2018-06-30 Filed 2018-07-25
10-Q 2018-03-31 Filed 2018-05-02
10-K 2017-12-31 Filed 2018-02-20
10-Q 2017-09-30 Filed 2017-10-25
10-Q 2017-06-30 Filed 2017-07-26
10-Q 2017-03-31 Filed 2017-04-25
10-K 2016-12-31 Filed 2017-02-14
10-Q 2016-09-30 Filed 2016-10-25
10-Q 2016-06-30 Filed 2016-07-27
10-Q 2016-03-31 Filed 2016-04-26
10-K 2015-12-31 Filed 2016-02-12
10-Q 2015-09-30 Filed 2015-10-22
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-04-22
10-K 2014-12-31 Filed 2015-02-13
10-Q 2014-09-30 Filed 2014-10-22
10-Q 2014-06-30 Filed 2014-07-23
10-Q 2014-03-31 Filed 2014-04-23
10-K 2013-12-31 Filed 2014-02-14
10-Q 2013-09-30 Filed 2013-10-22
10-Q 2013-06-30 Filed 2013-07-23
10-Q 2013-03-31 Filed 2013-04-23
10-K 2012-12-31 Filed 2013-02-14
10-Q 2012-06-30 Filed 2012-07-24
10-Q 2012-03-31 Filed 2012-04-24
10-K 2011-12-31 Filed 2012-02-16
10-Q 2011-09-30 Filed 2011-10-26
10-Q 2011-06-30 Filed 2011-07-27
10-Q 2011-03-31 Filed 2011-04-26
10-K 2010-12-31 Filed 2011-02-15
10-Q 2010-09-30 Filed 2010-10-21
10-Q 2010-06-30 Filed 2010-07-23
10-Q 2010-03-31 Filed 2010-04-21
10-K 2009-12-31 Filed 2010-02-12
8-K 2020-07-29 Earnings, Regulation FD, Exhibits
8-K 2020-05-22
8-K 2020-05-01
8-K 2020-04-29
8-K 2020-04-02
8-K 2020-04-01
8-K 2020-02-13
8-K 2020-02-06
8-K 2019-10-29
8-K 2019-08-29
8-K 2019-07-30
8-K 2019-05-08
8-K 2019-04-30
8-K 2019-03-27
8-K 2019-02-14
8-K 2018-10-26
8-K 2018-09-28
8-K 2018-09-25
8-K 2018-07-25
8-K 2018-05-09
8-K 2018-04-24
8-K 2018-02-16
8-K 2018-02-09
8-K 2018-01-29

R 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 ryderex3112q2020.htm
EX-31.2 ryderex3122q2020.htm
EX-32 ryderex322q2020.htm

Ryder System Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
151296302012201420172020
Assets, Equity
2.31.81.30.90.4-0.12012201420172020
Rev, G Profit, Net Income
0.60.3-0.1-0.4-0.8-1.12012201420172020
Ops, Inv, Fin

r-20200630
2020Q2FALSE--12-310000085961us-gaap:OtherLiabilitiesNoncurrentus-gaap:OtherLiabilitiesNoncurrentus-gaap:AccountsPayableAndOtherAccruedLiabilitiesCurrentus-gaap:AccountsPayableAndOtherAccruedLiabilitiesCurrent00000859612020-01-012020-06-30xbrli:shares00000859612020-06-30iso4217:USD00000859612020-04-012020-06-3000000859612019-04-012019-06-3000000859612019-01-012019-06-300000085961us-gaap:ServiceMember2020-04-012020-06-300000085961us-gaap:ServiceMember2019-04-012019-06-300000085961us-gaap:ServiceMember2020-01-012020-06-300000085961us-gaap:ServiceMember2019-01-012019-06-300000085961r:FuelServicesMember2020-04-012020-06-300000085961r:FuelServicesMember2019-04-012019-06-300000085961r:FuelServicesMember2020-01-012020-06-300000085961r:FuelServicesMember2019-01-012019-06-300000085961r:LeaseandRentalMember2020-04-012020-06-300000085961r:LeaseandRentalMember2019-04-012019-06-300000085961r:LeaseandRentalMember2020-01-012020-06-300000085961r:LeaseandRentalMember2019-01-012019-06-30iso4217:USDxbrli:shares00000859612019-12-3100000859612018-12-3100000859612019-06-300000085961us-gaap:PreferredStockMember2020-03-310000085961us-gaap:CommonStockMember2020-03-310000085961us-gaap:AdditionalPaidInCapitalMember2020-03-310000085961us-gaap:RetainedEarningsMember2020-03-310000085961us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-3100000859612020-03-310000085961us-gaap:RetainedEarningsMember2020-04-012020-06-300000085961us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-04-012020-06-300000085961us-gaap:CommonStockMember2020-04-012020-06-300000085961us-gaap:AdditionalPaidInCapitalMember2020-04-012020-06-300000085961us-gaap:PreferredStockMember2020-06-300000085961us-gaap:CommonStockMember2020-06-300000085961us-gaap:AdditionalPaidInCapitalMember2020-06-300000085961us-gaap:RetainedEarningsMember2020-06-300000085961us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300000085961us-gaap:PreferredStockMember2019-03-310000085961us-gaap:CommonStockMember2019-03-310000085961us-gaap:AdditionalPaidInCapitalMember2019-03-310000085961us-gaap:RetainedEarningsMember2019-03-310000085961us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-03-3100000859612019-03-310000085961us-gaap:RetainedEarningsMember2019-04-012019-06-300000085961us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-04-012019-06-300000085961us-gaap:CommonStockMember2019-04-012019-06-300000085961us-gaap:AdditionalPaidInCapitalMember2019-04-012019-06-300000085961us-gaap:PreferredStockMember2019-06-300000085961us-gaap:CommonStockMember2019-06-300000085961us-gaap:AdditionalPaidInCapitalMember2019-06-300000085961us-gaap:RetainedEarningsMember2019-06-300000085961us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-06-300000085961us-gaap:PreferredStockMember2019-12-310000085961us-gaap:CommonStockMember2019-12-310000085961us-gaap:AdditionalPaidInCapitalMember2019-12-310000085961us-gaap:RetainedEarningsMember2019-12-310000085961us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310000085961srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:RetainedEarningsMember2019-12-310000085961srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310000085961us-gaap:RetainedEarningsMember2020-01-012020-06-300000085961us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-06-300000085961us-gaap:CommonStockMember2020-01-012020-06-300000085961us-gaap:AdditionalPaidInCapitalMember2020-01-012020-06-300000085961us-gaap:PreferredStockMember2018-12-310000085961us-gaap:CommonStockMember2018-12-310000085961us-gaap:AdditionalPaidInCapitalMember2018-12-310000085961us-gaap:RetainedEarningsMember2018-12-310000085961us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-12-310000085961us-gaap:RetainedEarningsMember2019-01-012019-06-300000085961us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-01-012019-06-300000085961us-gaap:CommonStockMember2019-01-012019-06-300000085961us-gaap:AdditionalPaidInCapitalMember2019-01-012019-06-300000085961r:MaintenanceServicesMember2020-04-012020-06-300000085961r:MaintenanceServicesMember2019-04-012019-06-300000085961r:MaintenanceServicesMember2020-01-012020-06-300000085961r:MaintenanceServicesMember2019-01-012019-06-300000085961country:USus-gaap:OperatingSegmentsMemberr:FleetManagementSolutionsMember2020-04-012020-06-300000085961country:USus-gaap:OperatingSegmentsMemberr:SupplyChainSolutionsMember2020-04-012020-06-300000085961country:USus-gaap:OperatingSegmentsMemberr:DedicatedTransportationSolutionsMember2020-04-012020-06-300000085961country:USus-gaap:IntersegmentEliminationMember2020-04-012020-06-300000085961country:US2020-04-012020-06-300000085961country:CAus-gaap:OperatingSegmentsMemberr:FleetManagementSolutionsMember2020-04-012020-06-300000085961country:CAus-gaap:OperatingSegmentsMemberr:SupplyChainSolutionsMember2020-04-012020-06-300000085961country:CAus-gaap:OperatingSegmentsMemberr:DedicatedTransportationSolutionsMember2020-04-012020-06-300000085961country:CAus-gaap:IntersegmentEliminationMember2020-04-012020-06-300000085961country:CA2020-04-012020-06-300000085961us-gaap:OperatingSegmentsMembersrt:EuropeMemberr:FleetManagementSolutionsMember2020-04-012020-06-300000085961us-gaap:OperatingSegmentsMemberr:SupplyChainSolutionsMembersrt:EuropeMember2020-04-012020-06-300000085961us-gaap:OperatingSegmentsMemberr:DedicatedTransportationSolutionsMembersrt:EuropeMember2020-04-012020-06-300000085961us-gaap:IntersegmentEliminationMembersrt:EuropeMember2020-04-012020-06-300000085961srt:EuropeMember2020-04-012020-06-300000085961us-gaap:OperatingSegmentsMembercountry:MXr:FleetManagementSolutionsMember2020-04-012020-06-300000085961us-gaap:OperatingSegmentsMembercountry:MXr:SupplyChainSolutionsMember2020-04-012020-06-300000085961us-gaap:OperatingSegmentsMembercountry:MXr:DedicatedTransportationSolutionsMember2020-04-012020-06-300000085961country:MXus-gaap:IntersegmentEliminationMember2020-04-012020-06-300000085961country:MX2020-04-012020-06-300000085961us-gaap:OperatingSegmentsMemberr:FleetManagementSolutionsMember2020-04-012020-06-300000085961us-gaap:OperatingSegmentsMemberr:SupplyChainSolutionsMember2020-04-012020-06-300000085961us-gaap:OperatingSegmentsMemberr:DedicatedTransportationSolutionsMember2020-04-012020-06-300000085961us-gaap:IntersegmentEliminationMember2020-04-012020-06-300000085961country:USus-gaap:OperatingSegmentsMemberr:FleetManagementSolutionsMember2019-04-012019-06-300000085961country:USus-gaap:OperatingSegmentsMemberr:SupplyChainSolutionsMember2019-04-012019-06-300000085961country:USus-gaap:OperatingSegmentsMemberr:DedicatedTransportationSolutionsMember2019-04-012019-06-300000085961country:USus-gaap:IntersegmentEliminationMember2019-04-012019-06-300000085961country:US2019-04-012019-06-300000085961country:CAus-gaap:OperatingSegmentsMemberr:FleetManagementSolutionsMember2019-04-012019-06-300000085961country:CAus-gaap:OperatingSegmentsMemberr:SupplyChainSolutionsMember2019-04-012019-06-300000085961country:CAus-gaap:OperatingSegmentsMemberr:DedicatedTransportationSolutionsMember2019-04-012019-06-300000085961country:CAus-gaap:IntersegmentEliminationMember2019-04-012019-06-300000085961country:CA2019-04-012019-06-300000085961us-gaap:OperatingSegmentsMembersrt:EuropeMemberr:FleetManagementSolutionsMember2019-04-012019-06-300000085961us-gaap:OperatingSegmentsMemberr:SupplyChainSolutionsMembersrt:EuropeMember2019-04-012019-06-300000085961us-gaap:OperatingSegmentsMemberr:DedicatedTransportationSolutionsMembersrt:EuropeMember2019-04-012019-06-300000085961us-gaap:IntersegmentEliminationMembersrt:EuropeMember2019-04-012019-06-300000085961srt:EuropeMember2019-04-012019-06-300000085961us-gaap:OperatingSegmentsMembercountry:MXr:FleetManagementSolutionsMember2019-04-012019-06-300000085961us-gaap:OperatingSegmentsMembercountry:MXr:SupplyChainSolutionsMember2019-04-012019-06-300000085961us-gaap:OperatingSegmentsMembercountry:MXr:DedicatedTransportationSolutionsMember2019-04-012019-06-300000085961country:MXus-gaap:IntersegmentEliminationMember2019-04-012019-06-300000085961country:MX2019-04-012019-06-300000085961country:SGus-gaap:OperatingSegmentsMemberr:FleetManagementSolutionsMember2019-04-012019-06-300000085961country:SGus-gaap:OperatingSegmentsMemberr:SupplyChainSolutionsMember2019-04-012019-06-300000085961country:SGus-gaap:OperatingSegmentsMemberr:DedicatedTransportationSolutionsMember2019-04-012019-06-300000085961country:SGus-gaap:IntersegmentEliminationMember2019-04-012019-06-300000085961country:SG2019-04-012019-06-300000085961us-gaap:OperatingSegmentsMemberr:FleetManagementSolutionsMember2019-04-012019-06-300000085961us-gaap:OperatingSegmentsMemberr:SupplyChainSolutionsMember2019-04-012019-06-300000085961us-gaap:OperatingSegmentsMemberr:DedicatedTransportationSolutionsMember2019-04-012019-06-300000085961us-gaap:IntersegmentEliminationMember2019-04-012019-06-300000085961country:USus-gaap:OperatingSegmentsMemberr:FleetManagementSolutionsMember2020-01-012020-06-300000085961country:USus-gaap:OperatingSegmentsMemberr:SupplyChainSolutionsMember2020-01-012020-06-300000085961country:USus-gaap:OperatingSegmentsMemberr:DedicatedTransportationSolutionsMember2020-01-012020-06-300000085961country:USus-gaap:IntersegmentEliminationMember2020-01-012020-06-300000085961country:US2020-01-012020-06-300000085961country:CAus-gaap:OperatingSegmentsMemberr:FleetManagementSolutionsMember2020-01-012020-06-300000085961country:CAus-gaap:OperatingSegmentsMemberr:SupplyChainSolutionsMember2020-01-012020-06-300000085961country:CAus-gaap:OperatingSegmentsMemberr:DedicatedTransportationSolutionsMember2020-01-012020-06-300000085961country:CAus-gaap:IntersegmentEliminationMember2020-01-012020-06-300000085961country:CA2020-01-012020-06-300000085961us-gaap:OperatingSegmentsMembersrt:EuropeMemberr:FleetManagementSolutionsMember2020-01-012020-06-300000085961us-gaap:OperatingSegmentsMemberr:SupplyChainSolutionsMembersrt:EuropeMember2020-01-012020-06-300000085961us-gaap:OperatingSegmentsMemberr:DedicatedTransportationSolutionsMembersrt:EuropeMember2020-01-012020-06-300000085961us-gaap:IntersegmentEliminationMembersrt:EuropeMember2020-01-012020-06-300000085961srt:EuropeMember2020-01-012020-06-300000085961us-gaap:OperatingSegmentsMembercountry:MXr:FleetManagementSolutionsMember2020-01-012020-06-300000085961us-gaap:OperatingSegmentsMembercountry:MXr:SupplyChainSolutionsMember2020-01-012020-06-300000085961us-gaap:OperatingSegmentsMembercountry:MXr:DedicatedTransportationSolutionsMember2020-01-012020-06-300000085961country:MXus-gaap:IntersegmentEliminationMember2020-01-012020-06-300000085961country:MX2020-01-012020-06-300000085961country:SGus-gaap:OperatingSegmentsMemberr:FleetManagementSolutionsMember2020-01-012020-06-300000085961country:SGus-gaap:OperatingSegmentsMemberr:SupplyChainSolutionsMember2020-01-012020-06-300000085961country:SGus-gaap:OperatingSegmentsMemberr:DedicatedTransportationSolutionsMember2020-01-012020-06-300000085961country:SGus-gaap:IntersegmentEliminationMember2020-01-012020-06-300000085961country:SG2020-01-012020-06-300000085961country:USus-gaap:OperatingSegmentsMemberr:FleetManagementSolutionsMember2019-01-012019-06-300000085961country:USus-gaap:OperatingSegmentsMemberr:SupplyChainSolutionsMember2019-01-012019-06-300000085961country:USus-gaap:OperatingSegmentsMemberr:DedicatedTransportationSolutionsMember2019-01-012019-06-300000085961country:USus-gaap:IntersegmentEliminationMember2019-01-012019-06-300000085961country:US2019-01-012019-06-300000085961country:CAus-gaap:OperatingSegmentsMemberr:FleetManagementSolutionsMember2019-01-012019-06-300000085961country:CAus-gaap:OperatingSegmentsMemberr:SupplyChainSolutionsMember2019-01-012019-06-300000085961country:CAus-gaap:OperatingSegmentsMemberr:DedicatedTransportationSolutionsMember2019-01-012019-06-300000085961country:CAus-gaap:IntersegmentEliminationMember2019-01-012019-06-300000085961country:CA2019-01-012019-06-300000085961us-gaap:OperatingSegmentsMembersrt:EuropeMemberr:FleetManagementSolutionsMember2019-01-012019-06-300000085961us-gaap:OperatingSegmentsMemberr:SupplyChainSolutionsMembersrt:EuropeMember2019-01-012019-06-300000085961us-gaap:OperatingSegmentsMemberr:DedicatedTransportationSolutionsMembersrt:EuropeMember2019-01-012019-06-300000085961us-gaap:IntersegmentEliminationMembersrt:EuropeMember2019-01-012019-06-300000085961srt:EuropeMember2019-01-012019-06-300000085961us-gaap:OperatingSegmentsMembercountry:MXr:FleetManagementSolutionsMember2019-01-012019-06-300000085961us-gaap:OperatingSegmentsMembercountry:MXr:SupplyChainSolutionsMember2019-01-012019-06-300000085961us-gaap:OperatingSegmentsMembercountry:MXr:DedicatedTransportationSolutionsMember2019-01-012019-06-300000085961country:MXus-gaap:IntersegmentEliminationMember2019-01-012019-06-300000085961country:MX2019-01-012019-06-300000085961country:SGus-gaap:OperatingSegmentsMemberr:FleetManagementSolutionsMember2019-01-012019-06-300000085961country:SGus-gaap:OperatingSegmentsMemberr:SupplyChainSolutionsMember2019-01-012019-06-300000085961country:SGus-gaap:OperatingSegmentsMemberr:DedicatedTransportationSolutionsMember2019-01-012019-06-300000085961country:SGus-gaap:IntersegmentEliminationMember2019-01-012019-06-300000085961country:SG2019-01-012019-06-300000085961us-gaap:OperatingSegmentsMemberr:FleetManagementSolutionsMember2019-01-012019-06-300000085961us-gaap:OperatingSegmentsMemberr:SupplyChainSolutionsMember2019-01-012019-06-300000085961us-gaap:OperatingSegmentsMemberr:DedicatedTransportationSolutionsMember2019-01-012019-06-300000085961us-gaap:IntersegmentEliminationMember2019-01-012019-06-300000085961r:AutomotiveIndustryMemberr:SupplyChainSolutionsMember2020-04-012020-06-300000085961r:AutomotiveIndustryMemberr:SupplyChainSolutionsMember2019-04-012019-06-300000085961r:AutomotiveIndustryMemberr:SupplyChainSolutionsMember2020-01-012020-06-300000085961r:AutomotiveIndustryMemberr:SupplyChainSolutionsMember2019-01-012019-06-300000085961r:TechnologyandHealthcareMemberr:SupplyChainSolutionsMember2020-04-012020-06-300000085961r:TechnologyandHealthcareMemberr:SupplyChainSolutionsMember2019-04-012019-06-300000085961r:TechnologyandHealthcareMemberr:SupplyChainSolutionsMember2020-01-012020-06-300000085961r:TechnologyandHealthcareMemberr:SupplyChainSolutionsMember2019-01-012019-06-300000085961r:SupplyChainSolutionsMemberr:CPGandRetailMember2020-04-012020-06-300000085961r:SupplyChainSolutionsMemberr:CPGandRetailMember2019-04-012019-06-300000085961r:SupplyChainSolutionsMemberr:CPGandRetailMember2020-01-012020-06-300000085961r:SupplyChainSolutionsMemberr:CPGandRetailMember2019-01-012019-06-300000085961r:IndustrialandOtherMemberr:SupplyChainSolutionsMember2020-04-012020-06-300000085961r:IndustrialandOtherMemberr:SupplyChainSolutionsMember2019-04-012019-06-300000085961r:IndustrialandOtherMemberr:SupplyChainSolutionsMember2020-01-012020-06-300000085961r:IndustrialandOtherMemberr:SupplyChainSolutionsMember2019-01-012019-06-300000085961r:SupplyChainSolutionsMember2020-04-012020-06-300000085961r:SupplyChainSolutionsMember2019-04-012019-06-300000085961r:SupplyChainSolutionsMember2020-01-012020-06-300000085961r:SupplyChainSolutionsMember2019-01-012019-06-300000085961r:ChoiceLeaseMember2020-06-300000085961r:ChoiceLeaseMember2019-12-3100000859612019-01-012019-12-310000085961r:HeldForUseFullServiceLeaseMember2020-06-300000085961r:HeldForUseFullServiceLeaseMember2019-12-310000085961r:HeldForUseCommercialRentalMember2020-06-300000085961r:HeldForUseCommercialRentalMember2019-12-310000085961r:HeldForSaleMember2020-06-300000085961r:HeldForSaleMember2019-12-310000085961r:AssetsHeldUnderFinanceLeasesMember2020-06-300000085961r:AssetsHeldUnderFinanceLeasesMember2019-12-3100000859612020-01-012020-03-310000085961srt:RevisionOfPriorPeriodErrorCorrectionAdjustmentMember2020-04-012020-06-300000085961srt:RevisionOfPriorPeriodErrorCorrectionAdjustmentMember2020-01-012020-06-300000085961us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:TrucksMemberus-gaap:FairValueInputsLevel3Member2020-06-300000085961us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:TrucksMemberus-gaap:FairValueInputsLevel3Member2019-12-310000085961us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:TrucksMemberus-gaap:FairValueInputsLevel3Member2020-04-012020-06-300000085961us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:TrucksMemberus-gaap:FairValueInputsLevel3Member2019-04-012019-06-300000085961us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:TrucksMemberus-gaap:FairValueInputsLevel3Member2020-01-012020-06-300000085961us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:TrucksMemberus-gaap:FairValueInputsLevel3Member2019-01-012019-06-300000085961us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Memberr:TractorsMember2020-06-300000085961us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Memberr:TractorsMember2019-12-310000085961us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Memberr:TractorsMember2020-04-012020-06-300000085961us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Memberr:TractorsMember2019-04-012019-06-300000085961us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Memberr:TractorsMember2020-01-012020-06-300000085961us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Memberr:TractorsMember2019-01-012019-06-300000085961us-gaap:FairValueMeasurementsNonrecurringMemberr:TrailersMemberus-gaap:FairValueInputsLevel3Member2020-06-300000085961us-gaap:FairValueMeasurementsNonrecurringMemberr:TrailersMemberus-gaap:FairValueInputsLevel3Member2019-12-310000085961us-gaap:FairValueMeasurementsNonrecurringMemberr:TrailersMemberus-gaap:FairValueInputsLevel3Member2020-04-012020-06-300000085961us-gaap:FairValueMeasurementsNonrecurringMemberr:TrailersMemberus-gaap:FairValueInputsLevel3Member2019-04-012019-06-300000085961us-gaap:FairValueMeasurementsNonrecurringMemberr:TrailersMemberus-gaap:FairValueInputsLevel3Member2020-01-012020-06-300000085961us-gaap:FairValueMeasurementsNonrecurringMemberr:TrailersMemberus-gaap:FairValueInputsLevel3Member2019-01-012019-06-300000085961us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2020-06-300000085961us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2019-12-310000085961us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2020-04-012020-06-300000085961us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2019-04-012019-06-300000085961us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2020-01-012020-06-300000085961us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2019-01-012019-06-300000085961r:FleetManagementSolutionsMember2019-12-310000085961r:SupplyChainSolutionsMember2019-12-310000085961r:DedicatedTransportationSolutionsMember2019-12-310000085961r:FleetManagementSolutionsMember2020-01-012020-06-300000085961r:DedicatedTransportationSolutionsMember2020-01-012020-06-300000085961r:FleetManagementSolutionsMember2020-06-300000085961r:SupplyChainSolutionsMember2020-06-300000085961r:DedicatedTransportationSolutionsMember2020-06-30xbrli:pure0000085961r:FleetManagementSolutionsNorthAmericaReportingUnitMember2020-03-310000085961r:FleetManagementSolutionsNorthAmericaReportingUnitMember2020-06-300000085961us-gaap:TradeNamesMemberr:FleetManagementSolutionsMember2020-06-300000085961r:SupplyChainSolutionsMemberus-gaap:TradeNamesMember2020-06-300000085961r:DedicatedTransportationSolutionsMemberus-gaap:TradeNamesMember2020-06-300000085961r:CentralSupportServicesMemberus-gaap:TradeNamesMember2020-06-300000085961us-gaap:TradeNamesMember2020-06-300000085961us-gaap:CustomerRelationshipsMemberr:FleetManagementSolutionsMember2020-06-300000085961r:SupplyChainSolutionsMemberus-gaap:CustomerRelationshipsMember2020-06-300000085961r:DedicatedTransportationSolutionsMemberus-gaap:CustomerRelationshipsMember2020-06-300000085961r:CentralSupportServicesMemberus-gaap:CustomerRelationshipsMember2020-06-300000085961us-gaap:CustomerRelationshipsMember2020-06-300000085961us-gaap:OtherIntangibleAssetsMemberr:FleetManagementSolutionsMember2020-06-300000085961r:SupplyChainSolutionsMemberus-gaap:OtherIntangibleAssetsMember2020-06-300000085961r:DedicatedTransportationSolutionsMemberus-gaap:OtherIntangibleAssetsMember2020-06-300000085961us-gaap:OtherIntangibleAssetsMemberr:CentralSupportServicesMember2020-06-300000085961us-gaap:OtherIntangibleAssetsMember2020-06-300000085961r:CentralSupportServicesMember2020-06-300000085961us-gaap:TradeNamesMemberr:FleetManagementSolutionsMember2019-12-310000085961r:SupplyChainSolutionsMemberus-gaap:TradeNamesMember2019-12-310000085961r:DedicatedTransportationSolutionsMemberus-gaap:TradeNamesMember2019-12-310000085961r:CentralSupportServicesMemberus-gaap:TradeNamesMember2019-12-310000085961us-gaap:TradeNamesMember2019-12-310000085961us-gaap:CustomerRelationshipsMemberr:FleetManagementSolutionsMember2019-12-310000085961r:SupplyChainSolutionsMemberus-gaap:CustomerRelationshipsMember2019-12-310000085961r:DedicatedTransportationSolutionsMemberus-gaap:CustomerRelationshipsMember2019-12-310000085961r:CentralSupportServicesMemberus-gaap:CustomerRelationshipsMember2019-12-310000085961us-gaap:CustomerRelationshipsMember2019-12-310000085961us-gaap:OtherIntangibleAssetsMemberr:FleetManagementSolutionsMember2019-12-310000085961r:SupplyChainSolutionsMemberus-gaap:OtherIntangibleAssetsMember2019-12-310000085961r:DedicatedTransportationSolutionsMemberus-gaap:OtherIntangibleAssetsMember2019-12-310000085961us-gaap:OtherIntangibleAssetsMemberr:CentralSupportServicesMember2019-12-310000085961us-gaap:OtherIntangibleAssetsMember2019-12-310000085961r:CentralSupportServicesMember2019-12-310000085961srt:MinimumMember2020-01-012020-06-300000085961srt:MaximumMember2020-01-012020-06-300000085961r:UsCommercialPaperLongTermMember2020-06-300000085961r:UsCommercialPaperLongTermMember2019-12-310000085961r:CanadianCommerialPaperMember2020-06-300000085961r:CanadianCommerialPaperMember2019-12-310000085961r:TradeReceivablesProgramMember2020-06-300000085961r:TradeReceivablesProgramMember2019-12-310000085961r:GlobalRevolvingCreditFacilityMember2020-06-300000085961r:GlobalRevolvingCreditFacilityMember2019-12-310000085961r:UnsecuredUsNotesMediumTermNotesLongTermMember2020-06-300000085961r:UnsecuredUsNotesMediumTermNotesLongTermMember2019-12-310000085961r:UnsecuredUsObligationsPrincipallyBankTermLoansLongTermMember2020-06-300000085961r:UnsecuredUsObligationsPrincipallyBankTermLoansLongTermMember2019-12-310000085961r:UnsecuredForeignObligationsLongTermMember2020-06-300000085961r:UnsecuredForeignObligationsLongTermMember2019-12-310000085961r:AssetBackedUSObligationsMember2020-06-300000085961r:AssetBackedUSObligationsMember2019-12-310000085961us-gaap:CapitalLeaseObligationsMember2020-06-300000085961us-gaap:CapitalLeaseObligationsMember2019-12-310000085961us-gaap:FairValueHedgingMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-06-300000085961us-gaap:FairValueHedgingMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2019-12-310000085961r:SeniorFloatingRateUnsecrued364DayUSTermLoanMember2020-01-012020-06-300000085961r:MediumTermNotesDueMarch2020Member2020-06-300000085961r:MediumTermNotesDueMarch2020Member2020-01-012020-06-300000085961r:MediumTermNotesDueJune2025Member2020-06-300000085961r:MediumTermNotesDueJune2025Member2020-01-012020-06-300000085961r:MediumTermNotesDueMay2020Member2020-06-300000085961r:MediumTermNotesDueMay2020Member2020-01-012020-06-300000085961r:MediumTermNotesDueSeptember2025Member2020-06-300000085961r:MediumTermNotesDueSeptember2025Member2020-01-012020-06-300000085961r:UnsecuredForeignTermLoansDueMarch2020Member2020-06-300000085961r:UnsecuredForeignTermLoansDueMarch2020TwoMember2020-06-300000085961r:UnsecuredForeignTermLoans171DueMarch2020And189DueMarch2020Member2020-01-012020-06-300000085961r:TradeReceivablesProgramMember2020-01-012020-06-300000085961r:UnsecuredForeignTermLoansDueFebruary2021Member2020-06-300000085961r:UnsecuredForeignTermLoansDueFebruary2023Member2020-06-300000085961r:UnsecuredForeignTermLoans171DueFebruary2021And189DueFebruary2023Member2020-01-012020-06-300000085961r:AssetBackedUSObligationsMember2020-01-012020-06-300000085961r:UnsecuredForeignTermLoanDueFebruary2021Member2020-06-300000085961r:UnsecuredForeignTermLoanDueFebruary2022Member2020-06-300000085961r:UnsecuredForeignTermLoans294DueFebruary2021And299DueFebruary2022Member2020-01-012020-06-300000085961r:CanadaTermLoanFinanceLeaseObligationsAndOtherRepaymentsMember2020-01-012020-06-300000085961r:UnsecuredForeignTermLoanDueFebruary2023Member2020-06-300000085961r:UnsecuredForeignTermLoanDueFebruary2023Member2020-01-012020-06-30r:instution0000085961r:GlobalRevolvingCreditFacilityMember2020-01-012020-06-300000085961srt:MinimumMemberr:GlobalRevolvingCreditFacilityMember2020-01-012020-06-300000085961srt:MaximumMemberr:GlobalRevolvingCreditFacilityMember2020-01-012020-06-300000085961us-gaap:LetterOfCreditMemberr:GlobalRevolvingCreditFacilityMember2020-06-300000085961r:GlobalRevolvingCreditFacilityMember2020-04-012020-06-3000000859612020-01-3100000859612020-02-290000085961us-gaap:CommonStockMemberr:A2019ShareRepurchaseProgramMember2019-12-310000085961us-gaap:AccumulatedTranslationAdjustmentMember2019-12-310000085961us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-12-310000085961us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-12-310000085961us-gaap:AccumulatedTranslationAdjustmentMember2020-01-012020-06-300000085961us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-01-012020-06-300000085961us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-01-012020-06-300000085961us-gaap:AccumulatedTranslationAdjustmentMember2020-06-300000085961us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-06-300000085961us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-06-300000085961us-gaap:AccumulatedTranslationAdjustmentMember2018-12-310000085961us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2018-12-310000085961us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2018-12-310000085961us-gaap:AccumulatedTranslationAdjustmentMember2019-01-012019-06-300000085961us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-01-012019-06-300000085961us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-01-012019-06-300000085961us-gaap:AccumulatedTranslationAdjustmentMember2019-06-300000085961us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-06-300000085961us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-06-300000085961r:StockOptionAndStockPurchasePlanMember2020-04-012020-06-300000085961r:StockOptionAndStockPurchasePlanMember2019-04-012019-06-300000085961r:StockOptionAndStockPurchasePlanMember2020-01-012020-06-300000085961r:StockOptionAndStockPurchasePlanMember2019-01-012019-06-300000085961r:NonvestedStockMember2020-04-012020-06-300000085961r:NonvestedStockMember2019-04-012019-06-300000085961r:NonvestedStockMember2020-01-012020-06-300000085961r:NonvestedStockMember2019-01-012019-06-300000085961r:PerformanceBasedRestrictedStockMember2020-01-012020-03-310000085961r:TimeVestedRestrictedStockMember2020-01-012020-03-310000085961r:CompanyAdministeredPlanMemberus-gaap:PensionPlansDefinedBenefitMember2020-04-012020-06-300000085961r:CompanyAdministeredPlanMemberus-gaap:PensionPlansDefinedBenefitMember2019-04-012019-06-300000085961r:CompanyAdministeredPlanMemberus-gaap:PensionPlansDefinedBenefitMember2020-01-012020-06-300000085961r:CompanyAdministeredPlanMemberus-gaap:PensionPlansDefinedBenefitMember2019-01-012019-06-300000085961us-gaap:PensionPlansDefinedBenefitMemberr:UnionAdministeredPlanMember2020-04-012020-06-300000085961us-gaap:PensionPlansDefinedBenefitMemberr:UnionAdministeredPlanMember2019-04-012019-06-300000085961us-gaap:PensionPlansDefinedBenefitMemberr:UnionAdministeredPlanMember2020-01-012020-06-300000085961us-gaap:PensionPlansDefinedBenefitMemberr:UnionAdministeredPlanMember2019-01-012019-06-300000085961us-gaap:PensionPlansDefinedBenefitMember2020-04-012020-06-300000085961us-gaap:PensionPlansDefinedBenefitMember2019-04-012019-06-300000085961us-gaap:PensionPlansDefinedBenefitMember2020-01-012020-06-300000085961us-gaap:PensionPlansDefinedBenefitMember2019-01-012019-06-300000085961r:CompanyAdministeredPlanMembercountry:USus-gaap:PensionPlansDefinedBenefitMember2020-04-012020-06-300000085961r:CompanyAdministeredPlanMembercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-04-012019-06-300000085961r:CompanyAdministeredPlanMembercountry:USus-gaap:PensionPlansDefinedBenefitMember2020-01-012020-06-300000085961r:CompanyAdministeredPlanMembercountry:USus-gaap:PensionPlansDefinedBenefitMember2019-01-012019-06-300000085961r:CompanyAdministeredPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2020-04-012020-06-300000085961r:CompanyAdministeredPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2019-04-012019-06-300000085961r:CompanyAdministeredPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2020-01-012020-06-300000085961r:CompanyAdministeredPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2019-01-012019-06-300000085961us-gaap:EmployeeSeveranceMember2020-04-012020-06-300000085961us-gaap:EmployeeSeveranceMember2020-01-012020-06-30r:segment0000085961us-gaap:OperatingSegmentsMemberr:ChoiceLeaseMemberr:FleetManagementSolutionsMember2020-04-012020-06-300000085961us-gaap:OperatingSegmentsMemberr:ChoiceLeaseMemberr:FleetManagementSolutionsMember2019-04-012019-06-300000085961us-gaap:OperatingSegmentsMemberr:ChoiceLeaseMemberr:FleetManagementSolutionsMember2020-01-012020-06-300000085961us-gaap:OperatingSegmentsMemberr:ChoiceLeaseMemberr:FleetManagementSolutionsMember2019-01-012019-06-300000085961us-gaap:OperatingSegmentsMemberr:SelectCareMemberr:FleetManagementSolutionsMember2020-04-012020-06-300000085961us-gaap:OperatingSegmentsMemberr:SelectCareMemberr:FleetManagementSolutionsMember2019-04-012019-06-300000085961us-gaap:OperatingSegmentsMemberr:SelectCareMemberr:FleetManagementSolutionsMember2020-01-012020-06-300000085961us-gaap:OperatingSegmentsMemberr:SelectCareMemberr:FleetManagementSolutionsMember2019-01-012019-06-300000085961us-gaap:OperatingSegmentsMemberr:CommercialRentalMemberr:FleetManagementSolutionsMember2020-04-012020-06-300000085961us-gaap:OperatingSegmentsMemberr:CommercialRentalMemberr:FleetManagementSolutionsMember2019-04-012019-06-300000085961us-gaap:OperatingSegmentsMemberr:CommercialRentalMemberr:FleetManagementSolutionsMember2020-01-012020-06-300000085961us-gaap:OperatingSegmentsMemberr:CommercialRentalMemberr:FleetManagementSolutionsMember2019-01-012019-06-300000085961us-gaap:OperatingSegmentsMemberr:OtherServicesMemberr:FleetManagementSolutionsMember2020-04-012020-06-300000085961us-gaap:OperatingSegmentsMemberr:OtherServicesMemberr:FleetManagementSolutionsMember2019-04-012019-06-300000085961us-gaap:OperatingSegmentsMemberr:OtherServicesMemberr:FleetManagementSolutionsMember2020-01-012020-06-300000085961us-gaap:OperatingSegmentsMemberr:OtherServicesMemberr:FleetManagementSolutionsMember2019-01-012019-06-300000085961r:FuelServicesRevenueMemberus-gaap:OperatingSegmentsMemberr:FleetManagementSolutionsMember2020-04-012020-06-300000085961r:FuelServicesRevenueMemberus-gaap:OperatingSegmentsMemberr:FleetManagementSolutionsMember2019-04-012019-06-300000085961r:FuelServicesRevenueMemberus-gaap:OperatingSegmentsMemberr:FleetManagementSolutionsMember2020-01-012020-06-300000085961r:FuelServicesRevenueMemberus-gaap:OperatingSegmentsMemberr:FleetManagementSolutionsMember2019-01-012019-06-300000085961us-gaap:OperatingSegmentsMemberr:ChoiceLeaseLiabilityInsuranceRevenueMemberr:FleetManagementSolutionsMember2020-04-012020-06-300000085961us-gaap:OperatingSegmentsMemberr:ChoiceLeaseLiabilityInsuranceRevenueMemberr:FleetManagementSolutionsMember2019-04-012019-06-300000085961us-gaap:OperatingSegmentsMemberr:ChoiceLeaseLiabilityInsuranceRevenueMemberr:FleetManagementSolutionsMember2020-01-012020-06-300000085961us-gaap:OperatingSegmentsMemberr:ChoiceLeaseLiabilityInsuranceRevenueMemberr:FleetManagementSolutionsMember2019-01-012019-06-300000085961us-gaap:OperatingSegmentsMemberr:FleetManagementSolutionsMember2020-01-012020-06-300000085961us-gaap:OperatingSegmentsMemberr:SupplyChainSolutionsMember2020-01-012020-06-300000085961us-gaap:OperatingSegmentsMemberr:DedicatedTransportationSolutionsMember2020-01-012020-06-300000085961us-gaap:IntersegmentEliminationMember2020-01-012020-06-300000085961us-gaap:MaterialReconcilingItemsMember2020-04-012020-06-300000085961us-gaap:MaterialReconcilingItemsMember2019-04-012019-06-300000085961us-gaap:MaterialReconcilingItemsMember2020-01-012020-06-300000085961us-gaap:MaterialReconcilingItemsMember2019-01-012019-06-30


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED June 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM                      TO                     
Commission File Number: 1-4364

r-20200630_g1.jpg
RYDER SYSTEM, INC.
(Exact name of registrant as specified in its charter)
Florida59-0739250
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
11690 N.W. 105th Street
Miami,Florida33178(305)500-3726
(Address of principal executive offices, including zip code)(Registrant’s telephone number, including area code)

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockRNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes         No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes         No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes No   
The number of shares of Ryder System, Inc. Common Stock ($0.50 par value per share) outstanding at June 30, 2020 was 53,818,841.




RYDER SYSTEM, INC.
FORM 10-Q QUARTERLY REPORT
TABLE OF CONTENTS
 
  Page No.
 

i


PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
RYDER SYSTEM, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited)
 
 Three months ended June 30,Six months ended June 30,
 2020201920202019
 (In thousands, except per share amounts)
Lease & related maintenance and rental revenues$868,660  $933,833  $1,796,416  $1,833,392  
Services revenue942,267  1,159,100  2,054,455  2,291,148  
Fuel services revenue84,355  152,060  205,717  300,780  
 Total revenues1,895,282  2,244,993  4,056,588  4,425,320  
Cost of lease & related maintenance and rental775,350  687,540  1,593,642  1,351,829  
Cost of services793,353  976,405  1,747,782  1,948,095  
Cost of fuel services77,980  148,363  198,429  291,638  
Other operating expenses29,849  29,663  63,414  63,289  
Selling, general and administrative expenses208,564  226,416  432,683  457,741  
Non-operating pension costs936  6,713  2,157  13,175  
Used vehicle sales, net9,488  18,140  30,172  26,357  
Interest expense67,285  60,759  129,851  116,095  
Miscellaneous (income) loss, net(9,946) (21,911) (1,278) (30,133) 
Restructuring and other items, net37,200  9,836  68,147  16,014  
1,990,059  2,141,924  4,264,999  4,254,100  
Earnings (loss) from continuing operations before income taxes
(94,777) 103,069  (208,411) 171,220  
Provision for (benefit from) income taxes(21,072) 27,617  (25,577) 49,878  
Earnings (loss) from continuing operations(73,705) 75,452  (182,834) 121,342  
Earnings (loss) from discontinued operations, net of tax
(394) (237) (878) (811) 
 Net earnings (loss)$(74,099) $75,215  $(183,712) $120,531  
Earnings (loss) per common share — Basic
Continuing operations$(1.41) $1.44  $(3.50) $2.31  
Discontinued operations(0.01)   (0.02) (0.02) 
Net earnings (loss)$(1.42) $1.43  $(3.52) $2.29  
Earnings (loss) per common share — Diluted
Continuing operations$(1.41) $1.43  $(3.50) $2.30  
Discontinued operations(0.01)   (0.02) (0.02) 
Net earnings (loss)$(1.42) $1.43  $(3.52) $2.28  
See accompanying notes to condensed consolidated financial statements.
Note: EPS amounts may not be additive due to rounding.
1


RYDER SYSTEM, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited)


 Three months ended June 30,Six months ended June 30,
 2020201920202019
 (In thousands)
Net earnings (loss)$(74,099) $75,215  $(183,712) $120,531  
Other comprehensive income (loss):
Changes in currency translation adjustment and other7,878  (7,763) (76,742) 7,999  
Amortization of pension and postretirement items
7,371  7,377  15,150  14,845  
Income tax expense related to amortization of pension and postretirement items
(1,492) (1,381) (3,105) (3,395) 
Amortization of pension and postretirement items, net of tax
5,879  5,996  12,045  11,450  
Change in net actuarial loss and prior service cost
(4,539) (9,440) (4,539) (9,440) 
Income tax benefit related to change in net actuarial loss and prior service cost
1,087  2,237  1,087  2,237  
Change in net actuarial loss and prior service cost, net of taxes
(3,452) (7,203) (3,452) (7,203) 
Other comprehensive income (loss), net of taxes10,305  (8,970) (68,149) 12,246  
Comprehensive income$(63,794) $66,245  $(251,861) $132,777  
See accompanying notes to condensed consolidated financial statements.



2


RYDER SYSTEM, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
 

June 30,
2020
December 31,
2019
 (In thousands, except
share amounts)
Assets:
Current assets:
Cash and cash equivalents$831,469  $73,584  
Receivables, net1,087,639  1,228,490  
Inventories62,282  80,822  
Prepaid expenses and other current assets151,319  179,155  
Total current assets2,132,709  1,562,051  
Revenue earning equipment, net
9,569,839  10,427,664  
Operating property and equipment, net of accumulated depreciation of $1,246,069 and $1,224,216, respectively
913,080  917,799  
Goodwill474,480  475,025  
Intangible assets, net
46,694  50,905  
Sales-type leases and other assets1,071,949  1,041,890  
Total assets$14,208,751  $14,475,334  
Liabilities and shareholders’ equity:
Current liabilities:
Short-term debt and current portion of long-term debt$1,460,604  $1,154,564  
Accounts payable425,686  594,712  
Accrued expenses and other current liabilities869,315  876,077  
Total current liabilities2,755,605  2,625,353  
Long-term debt6,687,096  6,770,224  
Other non-current liabilities1,496,471  1,442,003  
Deferred income taxes1,110,487  1,161,444  
Total liabilities12,049,659  11,999,024  
Commitments and contingencies (Note 17)
Shareholders’ equity:
Preferred stock, no par value per share — authorized, 3,800,917; none outstanding, June 30, 2020 and December 31, 2019
    
Common stock, $0.50 par value per share — authorized, 400,000,000; outstanding, June 30, 2020 — 53,818,841 and December 31, 2019 — 53,278,316
26,909  26,639  
Additional paid-in capital1,113,883  1,108,649  
Retained earnings1,922,940  2,177,513  
Accumulated other comprehensive loss(904,640) (836,491) 
Total shareholders’ equity2,159,092  2,476,310  
Total liabilities and shareholders’ equity$14,208,751  $14,475,334  
See accompanying notes to condensed consolidated financial statements.
3


RYDER SYSTEM, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)


Six months ended June 30,
20202019
(In thousands)
Cash flows from operating activities from continuing operations:
Net earnings (loss)$(183,712) $120,531  
Less: Loss from discontinued operations, net of tax(878) (811) 
Earnings (loss) from continuing operations(182,834) 121,342  
Depreciation expense1,056,171  768,030  
Used vehicle sales, net30,172  26,357  
Non-cash lease expense45,055  46,856  
Non-operating pension costs and share-based compensation expense12,787  28,097  
Other non-cash charges, net74,854  39,557  
Deferred income tax expense (benefit)(36,148) 41,688  
Collections on sales-type leases54,724  63,047  
Changes in operating assets and liabilities, net of acquisitions:
Receivables69,212  8,196  
Inventories18,680  (1,524) 
Prepaid expenses and other assets(7,338) (6,175) 
Accounts payable(54,434) (3,965) 
Accrued expenses and other non-current liabilities17,884  (86,447) 
Net cash provided by operating activities from continuing operations1,098,785  1,045,059  
Cash flows from investing activities from continuing operations:
Purchases of property and revenue earning equipment(704,930) (2,210,761) 
Sales of revenue earning equipment214,189  210,081  
Sales of operating property and equipment4,231  46,189  
Other (5,756)   
Net cash used in investing activities from continuing operations(492,266) (1,954,491) 
Cash flows from financing activities from continuing operations:
Net borrowings (repayments) of commercial paper and revolving credit facilities(457,553) 227,023  
Debt proceeds1,756,497  1,691,906  
Debt repaid(1,064,096) (902,814) 
Dividends on common stock(60,155) (57,651) 
Common stock issued5,542  6,244  
Common stock repurchased(11,924) (21,220) 
Tax withholding on shares settled (4,302) (3,529) 
Debt issuance costs and other items(9,277) (2,920) 
Net cash provided by (used in) financing activities from continuing operations154,732  937,039  
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(3,022) (2,611) 
Increase (decrease) in cash, cash equivalents, and restricted cash from continuing operations
758,229  24,996  
Increase (decrease) in cash, cash equivalents, and restricted cash from discontinued operations
(344) (605) 
Increase (decrease) in cash, cash equivalents, and restricted cash757,885  24,391  
Cash, cash equivalents, and restricted cash at beginning of year73,584  68,111  
Cash, cash equivalents, and restricted cash at end of period$831,469  $92,502  
See accompanying notes to condensed consolidated financial statements.
4


RYDER SYSTEM, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(unaudited)


Three months ended June 30, 2020
 Preferred
Stock
Common StockAdditional
Paid-In Capital
Retained EarningsAccumulated
Other
Comprehensive Loss
 
 AmountSharesParTotal
 (In thousands, except share amounts)
Balance at April 1, 2020$  53,735,964  $26,867  $1,103,928  $2,026,886  $(914,945) $2,242,736  
Comprehensive income—  —  —  —  (74,099) 10,305  (63,794) 
Common stock dividends declared —$0.56 per share
—  —  —  —  (29,847) —  (29,847) 
Common stock issued under employee stock award and stock purchase plans (1)
—  83,145  42  2,428  —  —  2,470  
Benefit plan stock sales (purchases) (2)
—  (268) —  (12) —  —  (12) 
Common stock repurchases—  —  —  —  —  —    
Share-based compensation—  —  —  7,539  —  —  7,539  
Balance at June 30, 2020$  53,818,841  $26,909  $1,113,883  $1,922,940  $(904,640) $2,159,092  

Three months ended June 30, 2019
 Preferred
Stock
Common StockAdditional
Paid-In Capital
Retained EarningsAccumulated
Other
Comprehensive Loss
 
 AmountSharesParTotal
 (In thousands, except share amounts)
Balance at April 1, 2019$  53,300,205  $26,651  $1,086,714