UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 11-K




(Mark One)

[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2019


OR



[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


For the transition period from __________to __________.

        
Commission file number: 1-4364

RYDER SYSTEM, INC. 401(k) SAVINGS PLAN

Ryder System, Inc. 11690 NW 105 Street
Miami, Florida 33178







REQUIRED INFORMATION
FINANCIAL STATEMENTS & SUPPLEMENTAL SCHEDULE    PAGE NO.
    
EXHIBIT
  
          
*Other supplemental schedules required by Section 2520-10 of the Department of Labor Rules and Regulations for Reporting and Disclosure under Employee Income Security Act of 1974 have been omitted because they are not applicable.





Report of Independent Registered Public Accounting Firm

Plan Administrator and Participants
Ryder System, Inc. 401(k) Savings Plan
Miami, Florida

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of the Ryder System, Inc. 401(k) Savings Plan (the “Plan”) as of December 31, 2019 and 2018, the related statement of changes in net assets available for benefits for the years then ended, and the related notes (collectively, the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2019 and 2018, and the changes in net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risk of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by the Plan’s management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Supplemental Information

The supplemental information in the accompanying schedule of assets (held at end of year) as of December 31, 2019, has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is presented for the purpose of additional analysis and is not a required part of the financial statements but included supplemental information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.


/s/ BDO USA, LLP
We have served as the Plan’s auditor since 2015.
Miami, Florida
June 16, 2020
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RYDER SYSTEM, INC. 401(k) SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS

December 31,
20192018
Assets
Investments at fair value$1,276,906,633  $1,007,564,164  
Investments at contract value133,429,692  133,796,827  
Receivables:
  Notes receivable from participants37,288,760  35,813,570  
  Participant contributions1,017,618  742,639  
  Employer contributions18,227,720  19,425,221  
  Due from broker214,232  14,126  
  Contribution receivable from MXD Plan (Note 1)—  13,143,566  
      Total receivables56,748,330  69,139,122  
       Total assets1,467,084,655  1,210,500,113  
Liabilities
  Due to broker29,137  66,523  
  Other liabilities417,640  232,979  
       Total liabilities446,777  299,502  
Net assets available for plan benefits$1,466,637,878  $1,210,200,611  
The accompanying notes are an integral part of these financial statements.

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RYDER SYSTEM, INC. 401(k) SAVINGS PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS

Years ended December 31,
20192018
Additions to net assets attributed to:
  Investment income:
    Net appreciation (depreciation) in value of investments$255,691,048  $(114,873,560) 
    Dividends16,694,810  25,298,539  
    Interest3,097,104  2,461,110  
        Net investment income (loss)275,482,962  (87,113,911) 
  Interest income on notes receivable from participants1,631,469  1,370,743  
  Contributions:
    Employer33,251,198  32,592,561  
    Participants62,203,932  55,537,897  
    Participant rollovers6,998,687  7,229,061  
        Total contributions102,453,817  95,359,519  
        Total additions379,568,248  9,616,351  
Deductions from net assets attributed to:
  Benefits paid to plan participants121,726,221  116,955,353  
  Administrative expenses1,404,760  1,458,542  
        Total deductions123,130,981  118,413,895  
        Net increase (decrease)256,437,267  (108,797,544) 
        Transfer in from related plan (Note 1)—  13,143,566  
Net assets available for plan benefits:
  Beginning of year1,210,200,611  1,305,854,589  
  End of year$1,466,637,878  $1,210,200,611  
The accompanying notes are an integral part of these financial statements.

5



RYDER SYSTEM, INC. 401(K) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS


1.Description of Plan

The following description of the Ryder System, Inc. 401(k) Savings Plan (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, 1993, 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, as amended (“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. The Plan's trustee and record-keeper are Fidelity Management Trust Co. and Fidelity Investments Institutional Operations Company, respectively.

Eligibility
Participation in the Plan is voluntary. In general, all employees on the U.S. payroll of Ryder System, Inc. (the “Company”) and its subsidiaries that have adopted the Plan are eligible to participate in the Plan. In June 2019, the Retirement Committee approved an amendment to remove the six month wait for new employees to make their own pre-tax contributions to the Plan. Accordingly, newly hired employees are eligible to participate as soon as administratively practicable after hire. Prior to this, employees were eligible beginning on the first day of the month following completion of a six month period of service. The six month waiting period was lifted for new hires from and after 10/1/2019 with the amendment from June 2019. The following employees or classes of employees are not eligible to participate: (a) 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; (b) employees eligible to participate under another Company sponsored qualified savings plan; and (c) leased employees.

Contributions
Participant Contributions
Participants may elect to contribute pre-tax dollars to the Plan by having their compensation reduced by a maximum of the lesser of: (a) 50% of compensation, (b) the IRS limit of $19,000 and $18,500 for 2019 and 2018, respectively, or (c) such other amount as shall be determined by the Company’s Retirement Committee from time to time. Additionally, participants may elect to make after-tax contributions to the Plan.

Participants who reach age 50 during the calendar year may be eligible to make catch-up contributions up to $6,000 in addition to the IRS limit. Participants can also elect a direct rollover of an existing balance from a tax-qualified retirement or savings plan into the Plan. Participants may elect to contribute to any of twenty- six investment options and may direct the record-keeper to transfer among investment options on a daily basis.

Employer Contributions
If a participant meets certain requirements related to employment date, age and service hours, the Company may contribute to the participant's account. Company contributions are invested in the investment options in the same allocation percentages as each participant’s contributions.

Salaried and non-salaried employees hired prior to January 1, 2016, other than field hourly employees of Ryder Integrated Logistics, Inc. (“RIL”), a wholly-owned subsidiary of the Company and other employee groups as described below, that are not grandfathered into the Ryder System, Inc. Retirement Plan are eligible to receive:
6



RYDER SYSTEM, INC. 401(K) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS

(a) Company contributions equal to 3% of eligible pay, even if employees do not make contributions to the Plan and (b) a 50% Company match of participant contributions of up to 5% of eligible pay, subject to IRS limits upon meeting eligibility requirements.

For field hourly employees of RIL hired prior to January 1, 2016, the Company will make a basic contribution of $400 on an annual basis whether or not the employee contributes to the Plan. If the employee contributes to the Plan, in addition to the basic contribution, the Company will match the first $300 at 100% and match the next $800 at 50%.

On January 1, 2011, the Plan was amended to include employees acquired through the Total Logistic Control (“TLC”) acquisition, which was completed on December 31, 2010. The acquired TLC employees who met the requirements and were deemed eligible to participate under TLC’s plan were immediately eligible to receive Company matching contributions under the Plan. The acquired TLC hourly employees are eligible to receive: a) a 100% Company match of participant contributions up to 4% of eligible pay and b) a 50% Company match of participant contributions of the next 2% of eligible pay. The acquired salaried TLC employees are eligible to receive the same benefit as all other salaried employees (defined above). All acquired TLC employees are fully vested in the Company matching contributions.

On January 1, 2016, the Plan was amended for new hires and re-hires. Effective January 1, 2016, matching contributions for new hires and re-hires, regardless of position, shall equal 50% Company match of participant contributions up to 6% of eligible pay, subject to IRS limits upon meeting eligibility requirements. In no event will a new hire or re-hire be eligible to receive employer contributions.

Additionally, the amendment replaced the 30% matching contribution up to 5% of eligible pay for the employees acquired through Scully Distribution Services and employees hired into the Company’s Dedicated Contract Carriage (“DCC”) on or after April 1, 2012.

Also on January 1, 2016, effective for plan years beginning with the 2016 plan year, the employer contribution for eligible salaried and non-salaried employees shall be made annually, as soon as practicable, following the last day of the plan year in an amount equal to 3% of the participant’s compensation for the plan year. For field hourly employees of RIL, the $400 company contribution will also be made annually, as soon as practicable, following the last day of the plan year. An employee must be employed by the Company on December 31st of the plan year to be eligible to receive the plan year’s employer contribution. Contributions will be calculated for periods during which a person is eligible during the year.

The Company may make a discretionary matching contribution for salaried and non-salaried employees, other than RIL non-salaried employees. This discretionary matching contribution may be based on the Company’s attainment of specified performance goals. Company contributions are for the benefit of those participants who meet eligibility requirements as defined by the Company’s Retirement Committee. For the years ended December 31, 2019 and 2018, the Company did not make any discretionary matching contributions.

Contributions are subject to certain IRS limits.

On June 15, 2018, the Plan was amended to include employees acquired through the Metro Truck and Tractor Leasing, Inc. (“MTTL”) stock acquisition. Effective June 15, 2018, these employees were subject to the terms of the Plan with the exception of the service and vesting period. Previous MTTL employees who became employed at Ryder System, Inc. were credited with all service as employees of Metro Truck & Tractor Leasing, Inc. and its subsidiaries that were recognized as eligibility and vesting service under the Metro Truck and Tractor Leasing, Inc. 401(k) Plan as of June 15, 2018.




7



RYDER SYSTEM, INC. 401(K) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS

Effective December 31, 2018, the Plan was amended to reflect the merger of the MXD Group, Inc. Retirement Savings Plan ("MXD Plan") with and into the Plan. The assets and liabilities of the MXD Group, Inc. (now Ryder Last Mile or “RLM”) Plan were merged effective December 31, 2018. As a result of the merger, the assets due to the Plan were recorded as a contribution receivable from MXD Plan of $13,143,566 in the Statement of Net Assets Available for Plan Benefit as of December 31, 2018. The contribution receivable is composed of:
Participant contributions$7,670,300  
Employer contributions4,764,479  
Participant rollovers708,787  
$13,143,566  

The acquired RLM employees who met the requirements and were deemed eligible to participate under RLM’s plan were immediately eligible to receive Company matching contributions under the Plan. The acquired RLM employees are eligible to receive a 50% Company match of participant contributions up to 6% of eligible pay. All acquired RLM participants who were employed with MXD Group, Inc. on the plan merger date of December 31, 2018 vested in their prior MXD employer contributions based on the MXD vesting schedule:
Number of Years of Vesting ServiceVested Percentage
125%
250%
375%
4100%

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. Participants will also become fully vested in Company contributions and the earnings attributable to such contributions when they reach age 65, become permanently disabled or upon death while employed by the Company. RIL field hourly employees’ basic Company contributions and the match on the first $300 of participant contributions are immediately fully vested.

Participant Accounts
Each participant's account is credited with the participant's contribution and with allocations of: (a) the Company's contribution and (b) Plan earnings, and charged with an allocation of administrative expenses. Expenses are allocated evenly across all eligible accounts for recordkeeping services. Loan and distribution expenses are charged directly to the respective participant. Trustee fees are allocated to participants’ accounts on a pro-rata basis based on the participant’s account balance. Earnings are currently allocated on a daily basis. The benefit for a participant is the benefit that can be provided from the participant's vested account. Participants forfeit the nonvested portion of their accounts in the Plan upon termination of employment with the Company. Forfeited balances of terminated participants' nonvested accounts are used to reduce future Company contributions. In 2019 and 2018, employer contributions were reduced by $1,817,990 and $1,448,566, respectively, from forfeited nonvested accounts. At December 31, 2019 and 2018, forfeited nonvested accounts available to reduce future employer contributions totaled $210,584 and $200,943, respectively.




8



RYDER SYSTEM, INC. 401(K) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS

Notes Receivable from Participants
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 terms range from 1-5 years or up to 15 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 fixed rate which is the prime rate as received from Reuters updated on the first business day of the quarter. The loan’s interest rate is fixed for the life of the loan. 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.

Benefits Paid
If a participant leaves the Company, the participant is entitled to receive the vested value of the account balance. If a participant’s vested account value is $1,000 or less, it will be paid as an automatic distribution. As of December 31, 2019 and 2018, there were no automatic distributions pending. If the vested value of the account balance is greater than $1,000, a participant may request an immediate lump-sum payment, or a participant may choose to delay payment to a later date, but not beyond April 1st of the year after the participant reaches age 70 ½. Participants may request a withdrawal of all or a portion of their elective contribution account balance if they can demonstrate financial hardship as defined by the Plan. Such amounts will be considered distributions to the participant for income tax purposes.

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 preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Such estimates and assumptions are subject to inherent uncertainties, which may result in actual amounts differing from reported amounts.

Investment Valuation and Income Recognition
Investments are reported at fair value (except for fully benefit-responsive investment contracts, which are reported at contract value). Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See Note 3 for discussion of fair value measurements.

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 (losses) and the unrealized appreciation (depreciation) on those investments. Dividends on mutual funds and Ryder System, Inc. common stock is recorded on the record date. Interest income is recorded on the accrual basis.

Notes Receivable from Participants
Notes Receivable from Participants is measured at their unpaid principal balance plus any accrued but unpaid interest. Loans in default are recorded as distributions based upon the terms of the plan document and are included in benefits paid to participants. No allowance for credit losses has been recorded as of December 31, 2019 and 2018.

Due to/from broker
Due to/from broker for investment securities purchased/sold include amounts payable or receivable to/from clearing organizations relating to investment security transactions to be settled.

9



RYDER SYSTEM, INC. 401(K) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS

Payment of Benefits
Benefits are recorded when paid.

Administrative Expenses
Trustee fees, management fees and other fund expenses are paid from the assets of the Plan. Loan administrative and origination fees and recordkeeping fees are paid by the participants. Investment related expenses are included in net (depreciation) appreciation in value of investments.

Subsequent Events
The Plan evaluated subsequent events through June 16, 2020, the date the financial statements were available to be issued. Except for the items discussed below, there were no subsequent events requiring adjustments to the financial statements or disclosures.

On January 30, 2020, the World Health Organization (“WHO”) announced a global health emergency because of a new strain of coronavirus originating in Wuhan, China (the “COVID-19 outbreak”) and the risks to the international community as the virus spreads globally beyond its point of origin. In March 2020, the WHO classified the COVID-19 outbreak as a pandemic, based on the rapid increase in exposure globally.

The full impact of the COVID-19 outbreak continues to evolve as of the date of this report. This pandemic has adversely affected global economic activity and greatly contributed to significant deterioration and instability in financial markets. As a result, the Plan’s investment portfolio has incurred a decline in fair value during the first quarter of 2020, with a subsequent increase in fair value in May 2020. Because the values of the Plan’s individual investments have and will fluctuate in response to changing market conditions, the amount of losses that will be recognized in subsequent periods, if any, and related impact on the Plan’s liquidity cannot be determined at this time.

On March 27, 2020, President Trump signed into law the “Coronavirus Aid, Relief, and Economic Security (CARES) Act.” The CARES Act, among other things, includes several relief provisions available to tax-qualified retirement plans and their participants.

Plan management has evaluated the relief provisions available to plan participants under the CARES Act and has implemented the following provisions: (a) special coronavirus distributions up to $100,000 (b) increase the available loan amount as described in Note 1 to the lesser of $100,000 or 100% of the participant’s vested account balance (c) extend the period for loan repayments, if applicable, up to one year and (d) suspended required minimum distributions for 2020. Participants have withdrawn approximately $5 million in special coronavirus distributions under the CARES Act provision.

Recently Issued Accounting Pronouncements
In August 2018 the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 improves the disclosure requirements for fair value measurements. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. The Plan is assessing the impact on its disclosures of adopting the updated standard.










10



RYDER SYSTEM, INC. 401(K) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS


3.Fair Value Measurements

The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs. The three levels of the fair value hierarchy are described as follows:

Level 1: Inputs to the valuation methodology are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Plan can access at the measurement date.

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, such as:

a.Quoted prices for similar assets or liabilities in active markets
b.Quoted prices for identical or similar assets or liabilities in inactive markets
c.Inputs other than quoted prices that are observable for the asset or liability
d.Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the assets or liability.

Level 3: Inputs that are unobservable inputs for the asset or liability.

Following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies at December 31, 2019 and 2018.

Mutual funds: valued at quoted market prices, which represent the net asset value of the shares held in such funds. Each of these funds is considered an open ended mutual fund and are valued using a market approach. Fair value is based on a daily net asset value (“NAV”) that can be validated with a sufficient level of observable activity (i.e. purchases and sales at NAV) and therefore the mutual funds have been classified within Level 1 of the fair value hierarchy.

Ryder System, Inc. common stock: valued at the closing price reported on the active market on which the individual security is traded and therefore, has been classified within Level 1 of the fair value hierarchy.

Common collective trusts: valued at the net asset value per unit as determined by the collective trust as of the valuation date, which approximates fair value. Each fund consists of a commingled trust that invests in a diversified portfolio of equity index, fixed income index and/or short-term products. The investment objective of each portfolio is to achieve a high total return until its target retirement date. Thereafter, each portfolio's objective will be to seek high current income and, as a secondary objective, capital appreciation. These investments are direct filing entities. The fund’s fair value is measured as the fair value of the ownership interest in the fund.

Short-term money market instruments: stated at net asset value. The short-term money market instruments are invested in the Colchester Street Fund - Money Market Portfolio: Class I and Fidelity Institutional Money Market Portfolio: Class I fund. The funds invest in money market funds to provide daily liquidity. Fair value is based on the NAV that can be validated with a sufficient level of observable activity (i.e. purchases and sales at NAV).


11



RYDER SYSTEM, INC. 401(K) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS


The following table presents the Plan’s assets at fair value. Classification within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.
December 31,
20192018
Investments in the fair value hierarchy: (a)
Mutual funds$462,676,318  $385,535,581  
Ryder System, Inc. common stock62,532,045  57,394,319  
525,208,363  442,929,900  
Investments measured at net asset value: (b)
Common collective trusts748,089,547  560,729,551  
Short-term money market instruments3,608,723  3,904,713  
$1,276,906,633  $1,007,564,164  
__________________________________________
(a)Mutual funds and Ryder System Inc. common stock have been classified within Level 1 of the fair value hierarchy.
(b)In accordance with Subtopic 820-10, certain investments that were measured at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the statement of net assets available for benefits.

Transfers between Levels
For years ended December 31, 2019 and 2018, there were no significant transfers between Levels 1 and 2 and no transfers in or out of Level 3.

Investments Measured Using the Net Asset Value per Share Practical Expedient
The following table summarizes investments for which fair value is measured using the net asset value per share practical expedient as of December 31, 2019 and 2018, respectively. There are no participant redemption restrictions for these investments. The redemption notice period is applicable only to the Plan.

December 31, 2019Fair ValueUnfunded CommitmentsRedemption Frequency (If Currently Eligible)Redemption Notice Period
Common collective trusts$748,089,547  N/ADailyN/A
Short-term money market instruments$3,608,723  N/ADailyN/A
December 31, 2018Fair ValueUnfunded CommitmentsRedemption Frequency (If Currently Eligible)Redemption Notice Period
Common collective trusts$560,729,551  N/ADailyN/A
Short-term money market instruments$3,904,713  N/ADailyN/A

4.Investment Contracts with Insurance Companies

The Interest Income Fund, one of the Plan's investment options, may be invested in short-term money market instruments and in fully benefit-responsive synthetic guaranteed investment contracts with various insurance companies, banks, and financial institutions. The fund is credited with earnings on the underlying investments and charged for participant withdrawals and administrative expenses. The guaranteed investment contract issuer is contractually obligated to repay the principal and a specified interest rate that is guaranteed to the Plan.


12



RYDER SYSTEM, INC. 401(K) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS


As described in Note 2, because the guaranteed investment contracts are fully benefit-responsive, the contract is measured at contract value. Contract value, as reported to the Plan, represents contributions made under the contract, plus earnings, less participant withdrawals and administrative expenses. Participants may ordinarily direct the withdrawal or transfer of all or a portion of the investment at contract value.

There are no reserves against contract value for credit risk of a contract issuer or otherwise. The crediting interest rate is based on a formula agreed upon with the issuer, but it may not be less than zero percent. Such interest rates are reviewed on a quarterly basis for resetting.

Certain events limit the ability of the Plan to transact at contract value with the issuer. These events may be different under each contract. Such events include the following: (1) any substantive modification to the Plan or administration of the Plan that is not consented to by the contract issuer (including complete or partial plan termination or merger with another plan), (2) establishment of a defined contribution plan that competes with the Plan for employee contributions, (3) plan sponsor events, such as divestitures, spin-offs or early retirement programs that cause a significant withdrawal from the Plan, (4) transfer of assets from the fund directly to a competing option and (5) the failure of the Plan to qualify under Section 401(a) or Section 401(k) of the Internal Revenue Code. The Plan administrator does not believe that the occurrence of any of these events, which would limit the Plan’s ability to transact at contract value with participants, is probable.

The guaranteed investment contract does not permit the insurance company to terminate the agreement before the scheduled maturity date. In addition, certain events allow the issuer to terminate the contracts with the Plan and settle at an amount different from contract value. Such events include the following: (1) there is a change in the qualification status of the Plan, (2) if there is a breach of material obligations under the contract and misrepresentations by the contract holder, (3) if there is a failure of the underlying portfolio to conform to the pre-established investment guidelines, (4) if the contract holder assigns its interest in the contract without permission, (5) if the investment manager is terminated and a successor manager acceptable by the wrap issuers is not appointed and (6) the contract holder engages in fraud or deceit related to the wrap contract.

5.Risks and Uncertainties

The Plan's invested assets ultimately consist of stocks, bonds, fixed income securities, and other investment securities. Investment securities are exposed to various risks, such as interest rate, market and credit risk. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in the value of investment securities, it is at least reasonably possible that changes in risks in the near term would materially affect participants' account balances and the amounts reported in the Statements of Net Assets Available for Plan Benefits and the Statements of Changes in Net Assets Available for Plan Benefits.

The Plan's exposure to a concentration of credit risk is limited by the diversification of investments across twenty- six participant-directed fund elections. Additionally, the investments within each participant-directed fund election are further diversified into varied financial instruments, with the exception of the Ryder System, Inc. common stock fund, which invests in a single security. The Plan's exposure to credit risk on the wrapper contracts is limited to the fair value of the contracts with each company.

6.Related Party Transactions and Party-In-Interest Transactions

The Plan holds shares of Ryder System, Inc. common stock (1,151,391 and 1,191,990 shares at December 31, 2019 and 2018, respectively), and recorded dividend income ($2,597,406 and $2,365,619 in 2019 and 2018, respectively), net realized (losses) gains on sale (($1,035,230) and $2,162,575 in 2019 and 2018, respectively) and net unrealized appreciation (depreciation) in value of these securities ($8,745,243 and ($42,099,529) in 2019 and 2018, respectively). Accordingly, these shares qualify as a party-in-interest.



13



RYDER SYSTEM, INC. 401(K) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS


The Plan also holds shares of mutual funds managed by Fidelity Management Company, which are affiliated with the Plan's current trustee. The Plan has recorded dividend income, net realized gains (losses) on sales and net unrealized appreciation (depreciation) in value of these securities. Accordingly, these transactions qualify as a party-in-interest.

Fees incurred by the Plan to Fidelity Management Company for investment management and recordkeeping services amounted to $983,858 and $1,036,511 for the years ended December 31, 2019 and 2018, respectively. These fees are recorded as administrative expenses in the accompanying Statements of Changes in Net Assets Available for Plan Benefits.

Notes receivable from participants also qualify as exempt party-in-interest transactions.

7.Plan Termination

While it has not expressed any intention to do so, the Company has the right under the Plan to amend or terminate the Plan subject to the provisions of ERISA. 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, and would become 100 percent vested in their employer contributions.

8.Tax Status of the Plan

The Plan qualifies as a profit sharing plan under Section 401(a) of the Internal Revenue Code(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.

Under a qualified plan 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. For tax purposes, the tax-deferred contributions and matching contributions are deductible by the Company 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 within a 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 ½, then certain special tax rules may be applicable.

U.S. generally accepted accounting principles require plan management to evaluate tax positions taken by the plan and recognize a tax liability (or asset) if the plan has taken an uncertain position that more likely than not would not be sustained upon examination by the Internal Revenue Service. As of December 31, 2019 and 2018, there are no uncertain tax positions taken or expected to be taken by the Plan. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.










14



RYDER SYSTEM, INC. 401(K) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS


9.Reconciliation of Financial Statements to Form 5500

The following is a reconciliation of net assets available for plan benefits per the financial statements to the Form 5500:
December 31,
20192018
Net assets available for plan benefits per the financial statements$1,466,637,878  $1,210,200,611  
Adjustment for fair value of fully benefit-responsive investment contracts940,585  (1,169,763) 
Adjustment for contributions receivable from MXD plan—  (13,143,566) 
Net assets available for plan benefits per the Form 5500$1,467,578,463  $1,195,887,282  

The following is a reconciliation of total additions per the financial statements to the Form 5500:
December 31,
20192018
Total additions per the financial statements$379,568,248  $9,616,351  
Prior year adjustment from fair value to contract value
for fully benefit-responsive investment contracts
1,169,763  781,418  
Current adjustment from fair value to contract value
for fully benefit-responsive investment contracts
940,585  (1,169,763) 
Total income per the Form 5500$381,678,596  $9,228,006  
December 31,
20192018
Total change in net assets available for plan benefits per financial statements$256,437,267  $(95,653,978) 
Net adjustment from fair value to contract value for fully benefit-responsive investment contracts2,110,348  (388,345) 
Adjustment for transfer of plan assets from MXD plan13,143,566  (13,143,566) 
Total change in net assets available for plan benefits per Form 5500$271,691,181  $(109,185,889) 






15



RYDER SYSTEM, INC. 401(k) SAVINGS PLAN
FORM 5500, SCHEDULE H, LINE 4i
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2019


(a)(b)(c)(d)(e)
Description of Investment including Maturity Date, rate of Interest, Par or Maturity Value
Identity of Issue, Borrower, Lessor or Similar PartyCostCurrent Value
SHORT-TERM MONEY MARKET INSTRUMENTS:
*COLCHESTER STREET FUND: MONEY MARKET PORTFOLIO:CLASS I-1.510 %**$2,920,390  
*FIDELITY INSTITUTIONAL MONEY MARKET PORTFOLIO:CLASS I-2.280 %**688,333  
Total Short-Term Money Market Instruments3,608,723  
SYNTHETIC GUARANTEED INVESTMENT CONTRACTS:
FIXED INCOME SECURITIES:
SSGA GOVERNMENT ST INVESTMENT FUND-2.330 %**1,445,802  
ABN AMRO BANK NV8/27/20213.400 %**413,476  
AIG GLOBAL FDG SR MTN7/2/20202.150 %**337,886  
AIG GLOBAL FDG SR MTN  6/25/20213.350 %**255,598  
AIG GLOBAL FDG SR MTN7/1/20222.300 %**101,651  
AT&T INC6/30/20202.450 %**153,529  
ABBVIE INC5/14/20202.500 %**111,529  
ABBVIE INC11/21/20222.300 %**342,482  
AIR LEASE CORP3/1/20212.500 %**149,888  
ALLY MASTER OWNER TR1/17/20232.700 %**262,157  
ALLY MASTER OWNER TR5/15/20233.290 %**325,076  
ALLY AUTO RECEIVABLES TRUST10/17/20221.930 %**202,151  
ALTRIA GROUP INC2/14/20223.490 %**109,403  
AMERICAN ELECTRIC POWER INC11/13/20202.150 %**169,806  
AMERICAN EXPRESS CO5/20/20222.750 %**336,935  
AMXCA12/15/20232.990 %**259,129  
AMERICAN EXPRESS CR ACC MST TR2/15/20243.060 %**259,979  
AMERICAN EXPRESS CR ACCT MS TR11/15/20242.670 %**348,431  
AMERICAN EXPRESS CR ACCOUNT SECD TR10/15/20242.870 %**113,553  
AMERICAN HONDA FINANCE CORP2/12/20212.650 %**407,688  
AMERICAN HONDA FINANCE CORP1/8/20213.150 %**116,203  
AMERICAN INTERNATIONAL GRP INC3/1/20213.300 %**79,980  
ANALOG DEVICES INC1/12/20212.950 %**306,614  
AON CORP11/15/20222.200 %**76,529  
BA CR CARD TR1/17/20231.840 %**300,217  
16



RYDER SYSTEM, INC. 401(k) SAVINGS PLAN
FORM 5500, SCHEDULE H, LINE 4i
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2019
Description of Investment including Maturity Date, rate of Interest, Par or Maturity Value
Identity of Issue, Borrower, Lessor or Similar PartyCostCurrent Value
BA CR CARD TR7/17/20232.700 %**332,612  
BB&T CORP2/1/20212.150 %**404,651  
BMW US CAPITAL LLC4/6/20202.150 %**478,745  
BPCE SA12/2/20212.750 %**253,957  
BMWLT10/20/20202.070 %**41,428  
BMW VEH LEASE TR7/20/20213.260 %**116,160  
BMW VEHICLE LEASE TRUST TR11/22/20212.840 %**189,667  
BANK OF AMERICA CORPORATION1/20/20233.120 %**279,100  
BANK OF AMERICA CORPORATION12/20/20233.000 %**461,288  
BARCLAYS BANK PLC1/11/20212.650 %**815,123  
BERKSHIRE HATHAWAY ENERGY COMP1/15/20212.380 %**264,194  
BRISTOL-MYERS SQUIBB CO5/16/20222.600 %**268,112  
BRISTOL-MYERS SQUIBB CO7/26/20242.900 %**288,709  
CNH EQUIP TR7/17/20233.120 %**236,017  
CVS HEALTH CORP3/9/20213.350 %**109,869  
CAPITAL ONE FINANCIAL CORP5/12/20202.500 %**251,180  
COMET3/15/20232.080 %**77,124  
CAPITAL ONE MULTI-ASST EXEC TR12/15/20242.840 %**362,646  
CAPITAL ONE NATL ASN MCLEAN VA9/6/20222.150 %**252,104  
CARMAX AUTO OWNER TRUST10/17/20222.110 %**93,339  
CARMX1/17/20232.980 %**141,586  
CARMAX AUTO OWNER TR9/15/20233.360 %**167,542  
CARMAX AUTO OWNER TR3/15/20243.050 %**228,013  
CITIGROUP INC2/18/20202.400 %**625,747  
CITIGROUP INC4/25/20222.750 %**209,164  
CCCIT8/8/20221.860 %**261,922  
CCCIT1/20/20232.490 %**269,776  
CITIBANK NA2/12/20212.850 %**612,410  
CITIBANK NA5/20/20222.840 %**329,978  
CITIZENS BANK NA10/30/20202.250 %**276,571  
CITIZENS FINANCIAL GRP INC7/28/20212.380 %**26,384  
COMCAST CORP NEW10/1/20213.450 %**337,258  
COMPASS BK BIRMINGHAM ALA MTN BE6/11/20213.500 %**254,767  
CREDIT SUISSE AG NY BRNCH11/12/20212.100 %**251,823  
DAIMLER FIN NORTH AMER LLC3/2/20202.250 %**241,844  
DAIMLER FIN NORTH AMER LLC5/5/20202.200 %**200,784  
DAIMLER FIN NORTH AMER LLC2/12/20212.300 %**404,251  
DEERE JOHN CAPITAL CORP1/8/20212.350 %**406,611  
DEERE JOHN CAPITAL CORP MTN9/10/20213.130 %**361,354  
DIAGEO CAPITAL PLC5/18/20203.000 %**453,440  
17



RYDER SYSTEM, INC. 401(k) SAVINGS PLAN
FORM 5500, SCHEDULE H, LINE 4i
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2019
Description of Investment including Maturity Date, rate of Interest, Par or Maturity Value
Identity of Issue, Borrower, Lessor or Similar PartyCostCurrent Value
DISNEY (WALT)MTN12/1/20222.350 %**100,614  
DCENT10/16/20231.850 %**190,214  
DISCOVER CARD EXECUTION NOTE2/15/20231.880 %**197,182  
DISCOVER CARD EXECUTION NT TR3/15/20243.320 %**328,333  
DISCOVER CARD EXECUTION NT TR7/15/20243.040 %**269,635  
DISCOVER CARD EXECUTION NT TR12/15/20232.010 %**400,755  
DOMINION GAS HLDGS LLC11/15/20242.500 %**58,379  
DUKE ENERGY CORP(CAROLINAS LLC3/15/20233.050 %**227,565  
ENTERPRISE PRODS OPER LLC2/15/20212.800 %**98,993  
EVERSOURCE ENERGY3/15/20212.500 %**169,169  
FHLG4/1/20205.000 %**18  
FHLG7/1/20355.500 %**13,978  
FHLG3/1/20345.500 %**20,293  
FHLG4/1/20264.000 %**19,205  
FHLG5/1/20293.000 %**851,828  
FHLG11/1/20282.500 %**776,664  
FEDERAL NAT MTG ASN GTD REM1/25/20431.500 %**175,259  
FANNIE MAE11/25/20453.500 %**370,054  
FEDERAL NAT MTG ASN GTD REM PA2/25/20463.500 %**417,287  
FEDERAL HOME LN MTG MLT CTF GT8/15/20322.000 %**84,472  
FEDERAL HOME LN MTG MLT CTF GT10/15/20322.000 %**88,303  
FNMA11/1/20345.500 %**112,477  
FNMA11/1/20254.500 %**56,300  
FNMA5/1/20294.000 %**756,788  
FNMA12/1/20313.000 %**187,849  
FNMA3/1/20303.000 %**710,927  
FNMA6/1/20333.000 %**320,746  
FNMA9/1/20494.500 %**656,600  
FIFTH THIRD BANCORP7/27/20202.880 %**154,499  
FITAT2/15/20221.800 %**70,960  
FORD CR AUTO LEASE TR2/15/20222.280 %**220,897  
FORD CREDIT FLOORPLAN MASTER5/15/20232.950 %**329,829  
FORDO3/15/20211.220 %**12,354  
FORDO6/15/20211.670 %**54,008  
FOX CORPORATION1/25/20223.670 %**19,916  
GE CAP INTL FDG CO11/15/20202.340 %**552,061  
GNII II6/20/20484.500 %**291,067  
GM FINANCIAL AUTO LEASING TRUST6/21/20213.060 %**122,997  
GMCAR7/18/20222.320 %**109,617  
GM FINANCIAL AUTO LEASING TRUST12/20/20212.980 %**160,547  
GM FINL CONSUMER AUTO RECEIVABLES11/16/20232.970 %**253,744  
18



RYDER SYSTEM, INC. 401(k) SAVINGS PLAN
FORM 5500, SCHEDULE H, LINE 4i
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2019
Description of Investment including Maturity Date, rate of Interest, Par or Maturity Value
Identity of Issue, Borrower, Lessor or Similar PartyCostCurrent Value
GM FINL AUTOMOBILE LEASING TR3/21/20222.670 %**95,793  
GENERAL DYNAMICS CORP5/11/20213.000 %**510,388  
GLAXOSMITHKLINE CAP PLC5/14/20213.130 %**459,518  
GOLDMAN SACHS GROUP INC (THE)9/15/20202.750 %**324,093  
GOLDMAN SACHS GROUP INC (THE)7/24/20232.900 %**133,950  
GUARDIAN LIFE GLOBAL FUNDING4/25/20233.400 %**261,375  
HSBC HOLDINGS PLC3/13/20233.260 %**309,686  
HOME DEPOT INC3/1/20223.250 %**417,443  
HONDA AUTO REC TR12/18/20201.210 %**11,468  
HONDA AUTO RECEIVABLES7/21/20211.720 %**36,825  
HUNTINGTON NATL BK COLUMBUS OH5/14/20213.250 %**299,146  
HYUNDAI CAPITAL AMERICA3/19/20202.600 %**151,197  
HART4/15/20211.290 %**15,464  
HYUNDAI AUTO RECEIVABLES TR2/15/20241.940 %**201,310  
HYUNDAI AUTO LEASE SECURITIZATION TR7/15/20222.790 %**164,323  
INGERSOLL RAND GLB HLDG CO LTD2/21/20212.900 %**217,149  
INTERCONTINENTAL EXCHANGE INC12/1/20202.750 %**50,450  
IBM CORPORATION5/13/20222.850 %**358,896  
JPMORGAN CHASE & CO10/29/20202.550 %**211,868  
JPMORGAN CHASE & CO6/18/20223.510 %**306,830  
JPMORGAN CHASE & CO4/1/20233.210 %**361,038  
JOHN DEERE OWNER TR12/15/20232.210 %**220,648  
KEYBANK NATL ASSN2/1/20223.300 %**260,182  
MANUFACTURERS & TRADERS TR CO5/18/20222.500 %**304,291  
MARSH & MCLENNAN COS INC3/6/20202.350 %**318,486  
MARSH & MCLENNAN COS INC1/30/20222.750 %**288,634  
MARSH & MCLENNAN COS INC12/29/20203.500 %**160,341  
MERCEDES-BENZ AUTO LEASE TRUST10/17/20222.000 %**155,174  
MERCEDES-BENZ AUTO LEASE TR2/16/20212.410 %**114,579  
MERCEDES-BENZ AUTO LEASE TR11/15/20213.100 %**166,719  
MET LIFE GLOB FUNDING I4/8/20222.650 %**418,406  
MET LIFE GLOB FUNDING I6/12/20202.050 %**270,450  
MITSUBISHI UFJ FIN GRP INC3/1/20212.950 %**295,939  
MITSUBISHI UFJ FIN GRP INC7/26/20213.540 %**259,588  
MITSUBISHI UFJ FIN GRP INC7/18/20222.620 %**307,514  
MORGAN STANLEY4/21/20212.500 %**215,648  
MORGAN STANLEY11/17/20212.630 %**355,213  
MORGAN STANLEY1/27/20202.650 %**226,613  
NYS UDC3/15/20222.550 %**363,562  
NAROT8/16/20211.740 %**50,596  
NAROT1/15/20211.320 %**3,017  
19



RYDER SYSTEM, INC. 401(k) SAVINGS PLAN
FORM 5500, SCHEDULE H, LINE 4i
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2019
Description of Investment including Maturity Date, rate of Interest, Par or Maturity Value
Identity of Issue, Borrower, Lessor or Similar PartyCostCurrent Value
ONTARIO PROVINCE4/14/20204.400 %**1,220,245  
PNC BANK NA PITTSBURGH PA11/5/20202.450 %**252,117  
PNC BANK NA12/9/20212.550 %**253,326  
PHILIP MORRIS INTL INC2/18/20222.630 %**101,159  
PHILIP MORRIS INTL INC5/1/20242.880 %**258,323  
PRICOA GLOBAL FDG I MTN9/23/20242.400 %**278,333  
PRICOA GLOBAL FDG I MTN9/21/20222.450 %**152,763  
PROTECTIVE LIFE GLOBAL FDG9/25/20202.160 %**340,440  
PUBLIC SERVICE ELEC & GAS CO11/15/20222.650 %**142,610  
QUEBEC PROVINCE7/29/20203.500 %**1,229,241  
REGIONS FINL CORP NEW8/14/20222.750 %**249,815  
REGIONS FINL CORP NEW8/14/20233.800 %**110,457  
REGIONS BANK OF ALABAMA4/1/20212.750 %**253,751  
SEMPRA ENERGY2/1/20202.400 %**303,020  
SUMITOMO MITSUI BKG CORP1/17/20202.510 %**252,908  
SUNTRUST BANK ATLNTA GA MTN BE8/2/20223.500 %**155,597  
SUNTRUST BANK5/17/20222.800 %**337,273  
SUNTRUST BANKS INC3/3/20212.900 %**142,770  
SVENSKA HANDELSBANKEN AB5/24/20213.350 %**409,181  
TORONTO DOMINION BANK4/7/20212.130 %**161,722  
TOYOTA MOTOR CREDIT CORP4/17/20201.950 %**250,996  
UBS AG LON BRANCH6/8/20202.200 %**250,484  
UBS AG LON BRANCH12/1/20202.450 %**201,091  
USAA AUTO OWNER TRUST5/17/20211.700 %**14,890  
USAA CAPITAL CORP MTN BE7/1/20203.000 %**408,176  
US BANK NA CINCI OH MED TRM BE2/4/20213.000 %**409,631  
UST NOTES8/31/20231.380 %**23,793,526  
UST NOTES7/31/20221.880 %**17,954,765  
UST NOTES11/15/20212.880 %**13,963,802  
UST NOTES12/31/20202.500 %**29,514,088  
VERIZON COMMUNICATIONS INC3/16/20223.130 %**279,469  
VOLKSWAGEN AUTO LN ENHANCED TR11/21/20223.020 %**152,877  
WELLS FARGO & CO NEW7/22/20202.600 %**680,243  
WELLS FARGO BK NATL ASSN7/23/20213.330 %**408,988  
WELLS FARGO BK NA SF CA MTN BE9/9/20222.080 %**453,585  
WORLD OMNI AUTO RECEIVABLES TRUST2/15/20221.300 %**35,760  
WOART9/15/20211.770 %**15,959  
WORLD OMNI AUTO LEASE SECURITY5/16/20222.940 %**147,041  
ZIONS FIRST NATIONAL BANK8/27/20213.500 %**281,578  
ZIONS BANCORP NA3/4/20223.350 %**259,143  
Total Synthetic Guaranteed Investment Contracts134,370,278  
20



RYDER SYSTEM, INC. 401(k) SAVINGS PLAN
FORM 5500, SCHEDULE H, LINE 4i
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2019
Description of Investment including Maturity Date, rate of Interest, Par or Maturity Value
Identity of Issue, Borrower, Lessor or Similar PartyCostCurrent Value
MUTUAL FUNDS:
*Fidelity Ext Mkt Index488,598 shares  **31,802,838  
*Fidelity Contrafund - Class K10,390,163 shares  **142,656,932  
*Fidelity US Bond Idx 3,487,116 shares  **41,531,547  
*Fidelity 500 Index644,354 shares  **72,180,571  
*Fidelity Total Intl Index559,272 shares  **6,946,162  
MFS Institutional International Equity Fund1,901,006 shares  **52,962,030  
JP Morgan Equity Income Select Fund4,252,705 shares  **82,672,576  
DFA Emerging Markets Core Equity Fund146,143 shares  **3,181,523  
Boston TR SMID CAP1,605,706 shares  **28,742,139  
Total Mutual Funds462,676,318  
COMMON COLLECTIVE TRUSTS:
*Pyramis Index TD Income T380,862 units  **5,724,360  
*Pyramis Index TD 2005 T171,444 units  **2,789,397  
*Pyramis Index TD 2010 T201,176 units  **3,562,834  
*Pyramis Index TD 2015 T814,575 units  **14,841,561  
*Pyramis Index TD 2020 T3,120,010 units  **56,908,989  
*Pyramis Index TD 2025 T4,575,136 units  **88,574,634  
*Pyramis Index TD 2030 T4,193,147 units  **81,556,701  
*Pyramis Index TD 2035 T3,332,443 units  **68,781,623  
*Pyramis Index TD 2040 T2,525,701 units  **51,928,418  
*Pyramis Index TD 2045 T2,139,784 units  **44,293,533  
*Pyramis Index TD 2050 T1,799,175 units  **36,991,029  
*Pyramis Index TD 2055 T1,203,524 units  **25,382,324  
*Pyramis Index TD 2060 T367,991 units  **5,501,467  
*Fidelity Growth Co Pool9,948,940 units  252,305,110  
Total Common Collective Trusts748,089,547  
*Ryder System, Inc. common stock 1,151,391  **62,532,045  
Total investments per net assets available for plan benefits1,411,276,911  
*Notes receivable from participantsmaturing thru 20351.5% - 9.5%  37,288,760  
   Investments at Fair Value per the 5500$1,448,565,671  
*Represents a Party-In-Interest
**Indicates a participant directed investment; the cost disclosure is not required.


21





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 on its behalf by the undersigned hereunto duly authorized.

           RYDER SYSTEM, INC. 401(k) SAVINGS PLAN


Date: June 16, 2020By: /s/ Nicole Turner
Nicole Turner
Vice President of Compensation and Benefits

22




EXHIBIT INDEX


EXHIBIT
NUMBER    DESCRIPTION

23.1 Consent of Independent Registered Certified Public Accounting Firm - BDO USA, LLP

23





CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


Ryder System, Inc. 401(k) Savings Plan
Miami, Florida

We hereby consent to the incorporation by reference in the Registration Statement on Form S-8 (No. 333-231208, No. 333-134113 and No. 333-177285) of Ryder System, Inc. of our report dated June 16, 2020, relating to the financial statements and supplemental schedule of Ryder System, Inc. 401(k) Savings Plan which appear in this Form 11-K for the year ended December 31, 2019.

Certified Public Accountants

/s/ BDO USA, LLP

Miami, Florida
June 16, 2020
24