Delaware | 41-1883630 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, par value | CHRW | The |
Large accelerated filer | Accelerated filer | Non-accelerated filer | Smaller reporting company | |||||||||||||||||||||||||
☐ | ||||||||||||||||||||||||||||
Emerging growth company | ☐ |
PART I | Page | |||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 1B. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II | ||||||||
Item | ||||||||
Item 6. | ||||||||
Item 7. | ||||||||
Item 7A. | ||||||||
Item 8. | ||||||||
Item 9. | ||||||||
Item 9A. | ||||||||
Item 9B. | ||||||||
Item 9C. | ||||||||
PART III | ||||||||
Item 10. | ||||||||
Item 11. | ||||||||
Item 12. | ||||||||
Item 13. | ||||||||
Item 14. | ||||||||
PART IV | ||||||||
Item 15. | ||||||||
Item 16. | ||||||||
For the years ended December 31, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
Revenues: | ||||||||||||
Transportation | $ | 13,502,906 | $ | 11,704,745 | $ | 11,989,780 | ||||||
Sourcing | 1,366,474 | 1,439,668 | 1,486,304 | |||||||||
Total revenues | 14,869,380 | 13,144,413 | 13,476,084 | |||||||||
Costs and expenses: | ||||||||||||
Purchased transportation and related services | 11,257,290 | 9,549,934 | 9,842,271 | |||||||||
Purchased products sourced for resale | 1,244,040 | 1,316,951 | 1,365,333 | |||||||||
Total costs and expenses | 12,501,330 | 10,866,885 | 11,207,604 | |||||||||
Net revenues | $ | 2,368,050 | $ | 2,277,528 | $ | 2,268,480 |
2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||
Truckload | $ | 1,229,999 | $ | 1,257,191 | $ | 1,316,533 | $ | 1,190,372 | $ | 1,065,315 | |||||||||
LTL | 407,012 | 381,817 | 360,706 | 258,884 | 239,477 | ||||||||||||||
Intermodal | 29,145 | 33,482 | 41,054 | 40,631 | 39,084 | ||||||||||||||
Ocean | 290,630 | 244,276 | 223,643 | 208,422 | 187,671 | ||||||||||||||
Air | 100,761 | 82,167 | 79,096 | 79,125 | 73,089 | ||||||||||||||
Customs | 70,952 | 50,509 | 43,929 | 41,575 | 36,578 | ||||||||||||||
Other Logistics Services | 117,117 | 105,369 | 82,548 | 73,097 | 67,931 | ||||||||||||||
Total | $ | 2,245,616 | $ | 2,154,811 | $ | 2,147,509 | $ | 1,892,106 | $ | 1,709,145 |
2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||
Truckload | $ | 1,280,629 | $ | 1,071,873 | $ | 1,348,878 | $ | 1,445,916 | $ | 1,229,999 | |||||||||||||||||||
LTL | 523,365 | 457,290 | 477,348 | 471,275 | 407,012 | ||||||||||||||||||||||||
Ocean | 711,223 | 350,094 | 308,367 | 312,952 | 290,630 | ||||||||||||||||||||||||
Air | 225,286 | 151,443 | 106,777 | 120,540 | 100,761 | ||||||||||||||||||||||||
Customs | 100,539 | 87,095 | 91,828 | 88,515 | 70,952 | ||||||||||||||||||||||||
Other Logistics Services | 210,958 | 195,159 | 149,664 | 154,546 | 146,262 | ||||||||||||||||||||||||
Total | $ | 3,052,000 | $ | 2,312,954 | $ | 2,482,862 | $ | 2,593,744 | $ | 2,245,616 |
North America | Europe | Asia | Oceania | South America | Total | |||||||||||||||||||||||||||||||||
Network employees | 10,133 | 1,799 | 1,950 | 409 | 263 | 14,554 | ||||||||||||||||||||||||||||||||
Shared services employees | 1,856 | 186 | 214 | 33 | 34 | 2,323 | ||||||||||||||||||||||||||||||||
Total Employees | 11,989 | 1,985 | 2,164 | 442 | 297 | 16,877 | ||||||||||||||||||||||||||||||||
Contractors | 1,689 | 38 | 343 | 54 | 58 | 2,182 |
Women on Board of Directors | 30 | % | |||
U.S. Racial and Ethnic Minorities on Board of Directors | 10 | % | |||
Women in Workforce | 48 | % | |||
Management Positions Held by Women | 45 | % | |||
Leadership Positions Held by Women | 26 | % | |||
U.S. Racial and Ethnic Minorities in Workforce | 28 | % | |||
Management Positions Held by U.S. Racial and Ethnic Minorities | 22 | % | |||
Leadership Positions Held by U.S. Racial and Ethnic Minorities | 10 | % | |||
External Hires - Women | 49 | % | |||
External Hires - U.S. Racial and Ethnic Minorities | 40 | % |
Name | Age | Position | ||||||||||||
Robert C. Biesterfeld, Jr. | 46 | President and Chief Executive Officer | ||||||||||||
Ben G. Campbell | 56 | Chief Legal Officer and Secretary | ||||||||||||
Michael Castagnetto | 45 | President of Robinson Fresh | ||||||||||||
Jeroen Eijsink | 49 | President of C.H. Robinson Europe | ||||||||||||
Angela K. Freeman | 54 | Chief Human Resources and ESG Officer | ||||||||||||
Jordan T. Kass | 49 | President of Managed Services | ||||||||||||
Michael W. Neill | 51 | Chief Technology Officer | ||||||||||||
Christopher J. O’Brien | 53 | Chief Commercial Officer | ||||||||||||
Mac Pinkerton | 48 | President of NAST | ||||||||||||
Arun Rajan | 53 | Chief Product Officer | ||||||||||||
Michael J. Short | 51 | President of Global Freight Forwarding | ||||||||||||
Michael P. Zechmeister | 55 | Chief Financial Officer |
ITEM 1A. RISK FACTORS |
ITEM 1B. UNRESOLVED STAFF COMMENTS |
ITEM 2. PROPERTIES |
ITEM 3. LEGAL PROCEEDINGS |
ITEM 4. MINE SAFETY DISCLOSURES |
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES |
Total Number of Shares Purchased (a) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (a) | Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs (b) | |||||||||
October 1, 2017-October 31, 2017 | 573,266 | $ | 77.49 | 567,793 | 2,086,508 | |||||||
November 1, 2017-November 30, 2017 | 41,124 | 80.30 | 37,307 | 2,049,201 | ||||||||
December 1, 2017-December 31, 2017 | 58,011 | 87.60 | 57,044 | 1,992,157 | ||||||||
Fourth quarter 2017 | 672,401 | $ | 78.53 | 662,144 | 1,992,157 |
Total Number of Shares Purchased (1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs (2) | ||||||||||||||||||||
October 2021 | 530,521 | $ | 94.66 | 527,120 | 2,668,385 | ||||||||||||||||||
November 2021 | 319,867 | 94.56 | 311,005 | 2,357,380 | |||||||||||||||||||
December 2021 | 725,257 | 101.77 | 721,992 | 21,635,388 | |||||||||||||||||||
Fourth quarter 2021 | 1,575,645 | $ | 97.91 | 1,560,117 | 21,635,388 |
December 31, | December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | ||||||||||||||||||||||||||||||||||||||||||
C.H. Robinson Worldwide, Inc. | $ | 100.00 | 94.59 | 124.24 | 105.33 | 127.44 | 158.69 | C.H. Robinson Worldwide, Inc. | $ | 100.00 | $ | 124.53 | $ | 120.03 | $ | 114.38 | $ | 140.70 | $ | 164.87 | |||||||||||||||||||||||||||||||||
S&P 500 | $ | 100.00 | 132.39 | 150.51 | 152.59 | 170.84 | 208.14 | S&P 500 | 100.00 | 121.83 | 116.49 | 153.17 | 181.35 | 233.41 | |||||||||||||||||||||||||||||||||||||||
S&P Midcap 400 | $ | 100.00 | 133.50 | 146.54 | 143.35 | 173.08 | 201.20 | S&P Midcap 400 | 100.00 | 116.24 | 103.36 | 130.44 | 148.26 | 184.96 | |||||||||||||||||||||||||||||||||||||||
NASDAQ Transportation | $ | 100.00 | 133.76 | 187.65 | 162.30 | 193.79 | 248.92 | ||||||||||||||||||||||||||||||||||||||||||||||
Nasdaq Transportation | Nasdaq Transportation | 100.00 | 123.35 | 110.84 | 133.75 | 137.58 | 165.72 |
STATEMENT OF OPERATIONS DATA | |||||||||||||||||||
Year Ended December 31, | 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||
Total revenues | $ | 14,869,380 | $ | 13,144,413 | $ | 13,476,084 | $ | 13,470,067 | $ | 12,752,076 | |||||||||
Net revenues | 2,368,050 | 2,277,528 | 2,268,480 | 2,007,652 | 1,836,095 | ||||||||||||||
Income from operations | 775,119 | 837,531 | 858,310 | 748,418 | 682,650 | ||||||||||||||
Net income | 504,893 | 513,384 | 509,699 | 449,711 | 415,904 | ||||||||||||||
Net income per share | |||||||||||||||||||
Basic | $ | 3.59 | $ | 3.60 | $ | 3.52 | $ | 3.06 | $ | 2.65 | |||||||||
Diluted | $ | 3.57 | $ | 3.59 | $ | 3.51 | $ | 3.05 | $ | 2.65 | |||||||||
Weighted average number of shares outstanding (in thousands) | |||||||||||||||||||
Basic | 140,610 | 142,706 | 144,967 | 147,202 | 156,915 | ||||||||||||||
Diluted | 141,382 | 142,991 | 145,349 | 147,542 | 157,080 | ||||||||||||||
Dividends per share | $ | 1.81 | $ | 1.74 | $ | 1.57 | $ | 1.43 | $ | 1.40 | |||||||||
BALANCE SHEET DATA | |||||||||||||||||||
As of December 31, | |||||||||||||||||||
Working capital | $ | 523,487 | $ | 162,384 | $ | 282,101 | $ | 529,599 | $ | 394,504 | |||||||||
Total assets | 4,235,834 | 3,687,758 | 3,184,358 | 3,214,338 | 2,802,818 | ||||||||||||||
Current portion of debt | 715,000 | 740,000 | 450,000 | 605,000 | 375,000 | ||||||||||||||
Long-term notes payable | 750,000 | 500,000 | 500,000 | 500,000 | 500,000 | ||||||||||||||
Stockholders’ investment | 1,425,745 | 1,257,847 | 1,150,450 | 1,047,015 | 939,724 | ||||||||||||||
OPERATING DATA | |||||||||||||||||||
As of December 31, | |||||||||||||||||||
Employees | 15,074 | 14,125 | 13,159 | 11,521 | 11,676 |
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Twelve Months Ended December 31, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||
Transportation | $ | 22,046,574 | $ | 15,147,562 | $ | 14,322,295 | |||||||||||||||||||||||||||||
Sourcing | 1,055,564 | 1,059,544 | 987,213 | ||||||||||||||||||||||||||||||||
Total revenues | 23,102,138 | 16,207,106 | 15,309,508 | ||||||||||||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||||
Purchased transportation and related services | 18,994,574 | 12,834,608 | 11,839,433 | ||||||||||||||||||||||||||||||||
Purchased products sourced for resale | 955,475 | 960,241 | 883,765 | ||||||||||||||||||||||||||||||||
Direct internally developed software amortization | 20,208 | 16,634 | 11,492 | ||||||||||||||||||||||||||||||||
Total direct costs | 19,970,257 | 13,811,483 | 12,734,690 | ||||||||||||||||||||||||||||||||
Gross profit / Gross profit margin | 3,131,881 | 13.6 | % | 2,395,623 | 14.8 | % | 2,574,818 | 16.8 | % | ||||||||||||||||||||||||||
Plus: Direct internally developed software amortization | 20,208 | 16,634 | 11,492 | ||||||||||||||||||||||||||||||||
Adjusted gross profit / Adjusted gross profit margin | $ | 3,152,089 | 13.6 | % | $ | 2,412,257 | 14.9 | % | $ | 2,586,310 | 16.9 | % |
Twelve Months Ended December 31, | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Total revenues | $ | 23,102,138 | $ | 16,207,106 | $ | 15,309,508 | ||||||||||||||
Operating income | 1,082,108 | 673,268 | 789,976 | |||||||||||||||||
Operating margin | 4.7 | % | 4.2 | % | 5.2 | % | ||||||||||||||
Adjusted gross profit | $ | 3,152,089 | $ | 2,412,257 | $ | 2,586,310 | ||||||||||||||
Operating income | 1,082,108 | 673,268 | 789,976 | |||||||||||||||||
Adjusted operating margin | 34.3 | % | 27.9 | % | 30.5 | % |
For the years ended December 31, | 2017 | 2016 | Change | 2015 | Change | ||||||||||||
Transportation | $ | 13,502,906 | $ | 11,704,745 | 15.4 | % | $ | 11,989,780 | (2.4 | )% | |||||||
Sourcing | 1,366,474 | 1,439,668 | (5.1 | )% | 1,486,304 | (3.1 | )% | ||||||||||
Total | $ | 14,869,380 | $ | 13,144,413 | 13.1 | % | $ | 13,476,084 | (2.5 | )% |
For the years ended December 31, | 2017 | 2016 | 2015 | |||||
Transportation | 16.6 | % | 18.4 | % | 17.9 | % | ||
Sourcing | 9.0 | % | 8.5 | % | 8.1 | % | ||
Total | 15.9 | % | 17.3 | % | 16.8 | % |
For the years ended December 31, | 2017 | 2016 | Change | 2015 | Change | ||||||||||||
Net revenues: | |||||||||||||||||
Transportation | |||||||||||||||||
Truckload | $ | 1,229,999 | $ | 1,257,191 | (2.2 | )% | $ | 1,316,533 | (4.5 | )% | |||||||
LTL (1) | 407,012 | 381,817 | 6.6 | % | 360,706 | 5.9 | % | ||||||||||
Intermodal | 29,145 | 33,482 | (13.0 | )% | 41,054 | (18.4 | )% | ||||||||||
Ocean | 290,630 | 244,276 | 19.0 | % | 223,643 | 9.2 | % | ||||||||||
Air | 100,761 | 82,167 | 22.6 | % | 79,096 | 3.9 | % | ||||||||||
Customs | 70,952 | 50,509 | 40.5 | % | 43,929 | 15.0 | % | ||||||||||
Other Logistics Services | 117,117 | 105,369 | 11.1 | % | 82,548 | 27.6 | % | ||||||||||
Total Transportation | 2,245,616 | 2,154,811 | 4.2 | % | 2,147,509 | 0.3 | % | ||||||||||
Sourcing | 122,434 | 122,717 | (0.2 | )% | 120,971 | 1.4 | % | ||||||||||
Total | $ | 2,368,050 | $ | 2,277,528 | 4.0 | % | $ | 2,268,480 | 0.4 | % |
For the years ended December 31, | 2017 | 2016 | 2015 | |||||
Net revenues | 100.0 | % | 100.0 | % | 100.0 | % | ||
Operating expenses: | ||||||||
Personnel expenses | 49.8 | % | 46.8 | % | 46.3 | % | ||
Other selling, general, and administrative expenses | 17.5 | % | 16.4 | % | 15.8 | % | ||
Total operating expenses | 67.3 | % | 63.2 | % | 62.2 | % | ||
Income from operations | 32.7 | % | 36.8 | % | 37.8 | % | ||
Interest and other expense | (2.0 | )% | (1.1 | )% | (1.6 | )% | ||
Income before provision for income taxes | 30.8 | % | 35.7 | % | 36.3 | % | ||
Provision for income taxes | 9.4 | % | 13.1 | % | 13.8 | % | ||
Net income | 21.3 | % | 22.5 | % | 22.5 | % |
Twelve Months Ended December 31, | ||||||||||||||||||||||||||||||||
2021 | 2020 | % change | 2019 | % change | ||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
Transportation | $ | 22,046,574 | $ | 15,147,562 | 45.5 | % | $ | 14,322,295 | 5.8 | % | ||||||||||||||||||||||
Sourcing | 1,055,564 | 1,059,544 | (0.4) | % | 987,213 | 7.3 | % | |||||||||||||||||||||||||
Total revenues | 23,102,138 | 16,207,106 | 42.5 | % | 15,309,508 | 5.9 | % | |||||||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||||||
Purchased transportation and related services | $ | 18,994,574 | $ | 12,834,608 | 48.0 | % | $ | 11,839,433 | 8.4 | % | ||||||||||||||||||||||
Purchased products sourced for resale | 955,475 | 960,241 | (0.5) | % | 883,765 | 8.7 | % | |||||||||||||||||||||||||
Personnel expenses | 1,543,610 | 1,242,867 | 24.2 | % | 1,298,528 | (4.3) | % | |||||||||||||||||||||||||
Other selling, general, and administrative expenses | 526,371 | 496,122 | 6.1 | % | 497,806 | (0.3) | % | |||||||||||||||||||||||||
Total costs and expenses | 22,020,030 | 15,533,838 | 41.8 | % | 14,519,532 | 7.0 | % | |||||||||||||||||||||||||
Income from operations | 1,082,108 | 673,268 | 60.7 | % | 789,976 | (14.8) | % | |||||||||||||||||||||||||
Interest and other expense | (59,817) | (44,937) | 33.1 | % | (47,719) | (5.8) | % | |||||||||||||||||||||||||
Income before provision for income taxes | 1,022,291 | 628,331 | 62.7 | % | 742,257 | (15.3) | % | |||||||||||||||||||||||||
Provision for income taxes | 178,046 | 121,910 | 46.0 | % | 165,289 | (26.2) | % | |||||||||||||||||||||||||
Net income | $ | 844,245 | $ | 506,421 | 66.7 | % | $ | 576,968 | (12.2) | % | ||||||||||||||||||||||
Diluted net income per share | $ | 6.31 | $ | 3.72 | 69.6 | % | $ | 4.19 | (11.2) | % | ||||||||||||||||||||||
Average headcount | 15,761 | 15,119 | 4.2 | % | 15,551 | (2.8) | % | |||||||||||||||||||||||||
Adjusted gross profit margin percentage(1) | ||||||||||||||||||||||||||||||||
Transportation | 13.8% | 15.3% | (150 bps) | 17.3% | (200 bps) | |||||||||||||||||||||||||||
Sourcing | 9.5% | 9.4% | 10 bps | 10.5% | (110 bps) | |||||||||||||||||||||||||||
Total adjusted gross profit margin | 13.6% | 14.9% | (130 bps) | 16.9% | (200 bps) |
NAST | Global Forwarding | Robinson Fresh | All Other and Corporate | Eliminations | Consolidated | ||||||||||||||||||
Twelve months ended December 31, 2017 | |||||||||||||||||||||||
Revenues | $ | 9,728,810 | $ | 2,140,987 | $ | 2,415,740 | $ | 583,843 | $ | — | $ | 14,869,380 | |||||||||||
Intersegment revenues | 462,390 | 30,198 | 167,292 | 18,174 | (678,054 | ) | — | ||||||||||||||||
Total Revenues | 10,191,200 | 2,171,185 | 2,583,032 | 602,017 | (678,054 | ) | 14,869,380 | ||||||||||||||||
Net Revenues | 1,525,064 | 485,280 | 226,059 | 131,647 | — | 2,368,050 | |||||||||||||||||
Operating Income | 628,110 | 91,842 | 53,374 | 1,793 | — | 775,119 | |||||||||||||||||
Twelve months ended December 31, 2016 | |||||||||||||||||||||||
Revenues | $ | 8,737,716 | $ | 1,574,686 | $ | 2,344,131 | $ | 487,880 | $ | — | $ | 13,144,413 | |||||||||||
Intersegment revenues | 298,438 | 30,311 | 119,403 | 2,211 | (450,363 | ) | — | ||||||||||||||||
Total Revenues | 9,036,154 | 1,604,997 | 2,463,534 | 490,091 | (450,363 | ) | 13,144,413 | ||||||||||||||||
Net Revenues | 1,524,355 | 397,537 | 234,794 | 120,842 | — | 2,277,528 | |||||||||||||||||
Operating Income | 674,436 | 80,931 | 75,757 | 6,407 | — | 837,531 | |||||||||||||||||
Twelve months ended December 31, 2015 | |||||||||||||||||||||||
Revenues | $ | 8,968,349 | $ | 1,639,944 | $ | 2,395,440 | $ | 472,351 | $ | — | $ | 13,476,084 | |||||||||||
Intersegment revenues | 271,557 | 19,102 | 89,033 | 2,107 | (381,799 | ) | — | ||||||||||||||||
Total Revenues | 9,239,906 | 1,659,046 | 2,484,473 | 474,458 | (381,799 | ) | 13,476,084 | ||||||||||||||||
Net Revenues | 1,564,917 | 365,467 | 235,334 | 102,762 | — | 2,268,480 | |||||||||||||||||
Operating Income/(Loss) | 718,329 | 76,081 | 81,332 | (17,432 | ) | — | 858,310 |
Twelve Months Ended December 31, | |||||||||||||||||||||||||||||
(dollars in thousands) | 2021 | 2020 | % change | 2019 | % change | ||||||||||||||||||||||||
Total revenues | $ | 14,507,917 | $ | 11,312,553 | 28.2 | % | $ | 11,283,692 | 0.3 | % | |||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||
Purchased transportation and related services | 12,714,964 | 9,795,462 | 29.8 | % | 9,486,323 | 3.3 | % | ||||||||||||||||||||||
Personnel expenses | 779,435 | 624,358 | 24.8 | % | 698,187 | (10.6) | % | ||||||||||||||||||||||
Other selling, general, and administrative expenses | 428,167 | 384,258 | 11.4 | % | 376,419 | 2.1 | % | ||||||||||||||||||||||
Total costs and expenses | 13,922,566 | 10,804,078 | 28.9 | % | 10,560,929 | 2.3 | % | ||||||||||||||||||||||
Income from operations | $ | 585,351 | $ | 508,475 | 15.1 | % | $ | 722,763 | (29.6) | % | |||||||||||||||||||
Twelve Months Ended December 31, | |||||||||||||||||||||||||||||
2021 | 2020 | % change | 2019 | % change | |||||||||||||||||||||||||
Average headcount | 6,764 | 6,811 | (0.7) | % | 7,354 | (7.4) | % | ||||||||||||||||||||||
Service line volume statistics | |||||||||||||||||||||||||||||
Truckload | 2.5 | % | — | % | |||||||||||||||||||||||||
LTL | 8.0 | % | 9.5 | % | |||||||||||||||||||||||||
Adjusted gross profits(1) | |||||||||||||||||||||||||||||
Truckload | $ | 1,192,644 | $ | 981,420 | 21.5 | % | $ | 1,275,199 | (23.0) | % | |||||||||||||||||||
LTL | 517,500 | 452,033 | 14.5 | % | 471,616 | (4.2) | % | ||||||||||||||||||||||
Other | 82,809 | 83,638 | (1.0) | % | 50,554 | 65.4 | % | ||||||||||||||||||||||
Total adjusted gross profits | $ | 1,792,953 | $ | 1,517,091 | 18.2 | % | $ | 1,797,369 | (15.6) | % |
Twelve Months Ended December 31, | |||||||||||||||||||||||||||||
(dollars in thousands) | 2021 | 2020 | % change | 2019 | % change | ||||||||||||||||||||||||
Total revenues | $ | 6,729,790 | $ | 3,100,525 | 117.1 | % | $ | 2,327,913 | 33.2 | % | |||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||
Purchased transportation and related services | 5,656,249 | 2,471,537 | 128.9 | % | 1,793,937 | 37.8 | % | ||||||||||||||||||||||
Personnel expenses | 368,563 | 281,048 | 31.1 | % | 276,255 | 1.7 | % | ||||||||||||||||||||||
Other selling, general, and administrative expenses | 194,222 | 172,427 | 12.6 | % | 177,194 | (2.7) | % | ||||||||||||||||||||||
Total costs and expenses | 6,219,034 | 2,925,012 | 112.6 | % | 2,247,386 | 30.2 | % | ||||||||||||||||||||||
Income from operations | $ | 510,756 | $ | 175,513 | 191.0 | % | $ | 80,527 | 118.0 | % | |||||||||||||||||||
Twelve Months Ended December 31, | |||||||||||||||||||||||||||||
2021 | 2020 | % change | 2019 | % change | |||||||||||||||||||||||||
Average headcount | 5,071 | 4,708 | 7.7 | % | 4,766 | (1.2) | % | ||||||||||||||||||||||
Service line volume statistics | |||||||||||||||||||||||||||||
Ocean | 17.0 | % | 0.5 | % | |||||||||||||||||||||||||
Air(1) | 45.5 | % | 11.0 | % | |||||||||||||||||||||||||
Customs | 13.5 | % | (3.5) | % | |||||||||||||||||||||||||
Adjusted gross profits(2) | |||||||||||||||||||||||||||||
Ocean | $ | 710,845 | $ | 349,868 | 103.2 | % | $ | 308,068 | 13.6 | % | |||||||||||||||||||
Air | 221,906 | 146,056 | 51.9 | % | 101,991 | 43.2 | % | ||||||||||||||||||||||
Customs | 100,540 | 87,092 | 15.4 | % | 91,833 | (5.2) | % | ||||||||||||||||||||||
Other | 40,250 | 45,972 | (12.4) | % | 32,084 | 43.3 | % | ||||||||||||||||||||||
Total adjusted gross profits | $ | 1,073,541 | $ | 628,988 | 70.7 | % | $ | 533,976 | 17.8 | % |
Twelve Months Ended December 31, | |||||||||||||||||||||||||||||
(dollars in thousands) | 2021 | 2020 | % change | 2019 | % change | ||||||||||||||||||||||||
Total revenues | $ | 1,864,431 | $ | 1,794,028 | 3.9 | % | $ | 1,697,903 | 5.7 | % | |||||||||||||||||||
Income from operations | (13,999) | (10,720) | N/M | (13,314) | N/M | ||||||||||||||||||||||||
Adjusted gross profits(1) | |||||||||||||||||||||||||||||
Robinson Fresh | 107,543 | 105,700 | 1.7 | % | 109,183 | (3.2) | % | ||||||||||||||||||||||
Managed Services | 105,064 | 94,828 | 10.8 | % | 83,365 | 13.8 | % | ||||||||||||||||||||||
Other Surface Transportation | 72,988 | 65,650 | 11.2 | % | 62,417 | 5.2 | % | ||||||||||||||||||||||
Total adjusted gross profits | $ | 285,595 | $ | 266,178 | 7.3 | % | $ | 254,965 | 4.4 | % |
Description | Carrying Value as of December 31, 2021 | Borrowing Capacity | Maturity | |||||||||||||||||
Revolving credit facility | $ | 525,000 | $ | 1,000,000 | October 2023 | |||||||||||||||
Receivables securitization facility(1)(2) | 299,481 | 500,000 | November 2023 | |||||||||||||||||
Senior Notes, Series A | 175,000 | 175,000 | August 2023 | |||||||||||||||||
Senior Notes, Series B | 150,000 | 150,000 | August 2028 | |||||||||||||||||
Senior Notes, Series C | 175,000 | 175,000 | August 2033 | |||||||||||||||||
Senior Notes (1) | 594,168 | 600,000 | April 2028 | |||||||||||||||||
Total debt | $ | 1,918,649 | $ | 2,600,000 |
Twelve months ended December 31, | 2021 | 2020 | % change | 2019 | % change | ||||||||||||||||||||||||
Sources (uses) of cash: | |||||||||||||||||||||||||||||
Cash provided by operating activities | $ | 94,955 | $ | 499,191 | (81.0) | % | $ | 835,419 | (40.2) | % | |||||||||||||||||||
Capital expenditures | (70,922) | (54,009) | (70,465) | ||||||||||||||||||||||||||
Acquisitions | (14,750) | (223,230) | (59,200) | ||||||||||||||||||||||||||
Other investing activities | — | 5,525 | 16,636 | ||||||||||||||||||||||||||
Cash used for investing activities | (85,672) | (271,714) | (68.5) | % | (113,029) | 140.4 | % | ||||||||||||||||||||||
Repurchase of common stock | (581,756) | (177,514) | (309,444) | ||||||||||||||||||||||||||
Cash dividends | (277,321) | (209,956) | (277,786) | ||||||||||||||||||||||||||
Net borrowings (repayments) on debt | 822,701 | (143,000) | (112,000) | ||||||||||||||||||||||||||
Other financing activities | 43,949 | 89,803 | 47,977 | ||||||||||||||||||||||||||
Net cash provided by (used for) financing activities | 7,573 | (440,667) | N/M | (651,253) | (32.3) | % | |||||||||||||||||||||||
Effect of exchange rates on cash and cash equivalents | (3,239) | 9,128 | (1,894) | ||||||||||||||||||||||||||
Net change in cash and cash equivalents | $ | 13,617 | $ | (204,062) | $ | 69,243 |
2022 | 2023 | 2024 | 2025 | 2026 | Thereafter | Total | |||||||||||||||||||||||||||||||||||
Borrowings under credit agreements | $ | 525,000 | $ | 300,000 | $ | — | $ | — | $ | — | $ | — | $ | 825,000 | |||||||||||||||||||||||||||
Senior notes (1) | 25,200 | 25,200 | 25,200 | 25,200 | 25,200 | 632,550 | 758,550 | ||||||||||||||||||||||||||||||||||
Long-term notes payable(1) | 21,388 | 196,388 | 14,440 | 14,440 | 14,440 | 394,130 | 655,226 | ||||||||||||||||||||||||||||||||||
Maturity of lease liabilities(2) | 74,600 | 69,277 | 48,819 | 36,461 | 26,678 | 86,859 | 342,694 | ||||||||||||||||||||||||||||||||||
Purchase obligations(3) | 163,758 | 51,781 | 28,691 | 1,996 | 330 | — | 246,556 | ||||||||||||||||||||||||||||||||||
Total | $ | 809,946 | $ | 642,646 | $ | 117,150 | $ | 78,097 | $ | 66,648 | $ | 1,113,539 | $ | 2,828,026 |
2018 | 2019 | 2020 | 2021 | 2022 | Thereafter | Total | |||||||||||||||||||||
Borrowings under credit agreements | $ | 715,000 | $ | 250,000 | $ | — | $ | — | $ | — | $ | — | $ | 965,000 | |||||||||||||
Long-term notes payable(1) | 21,388 | 21,388 | 21,388 | 21,388 | 21,388 | 633,838 | 740,778 | ||||||||||||||||||||
Operating leases(2) | 51,273 | 46,172 | 39,825 | 29,851 | 22,807 | 92,797 | 282,725 | ||||||||||||||||||||
Purchase obligations(3) | 81,133 | 21,058 | 12,433 | 9,869 | 98 | 392 | 124,983 | ||||||||||||||||||||
Total | $ | 868,794 | $ | 338,618 | $ | 73,646 | $ | 61,108 | $ | 44,293 | $ | 727,027 | $ | 2,113,486 |
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA |
December 31, | |||||||
2017 | 2016 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 333,890 | $ | 247,666 | |||
Receivables, net of allowance for doubtful accounts of $42,409 and $39,543 | 2,113,930 | 1,711,191 | |||||
Prepaid expenses and other | 63,116 | 49,245 | |||||
Total current assets | 2,510,936 | 2,008,102 | |||||
Property and equipment | 497,909 | 450,045 | |||||
Accumulated depreciation and amortization | (267,583 | ) | (217,092 | ) | |||
Net property and equipment | 230,326 | 232,953 | |||||
Goodwill | 1,275,816 | 1,232,796 | |||||
Other intangible assets, net of accumulated amortization of $122,283 and $87,486 | 151,585 | 167,525 | |||||
Deferred tax assets | 6,870 | 2,250 | |||||
Other assets | 60,301 | 44,132 | |||||
Total assets | $ | 4,235,834 | $ | 3,687,758 | |||
LIABILITIES AND STOCKHOLDERS’ INVESTMENT | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 1,000,305 | $ | 839,736 | |||
Outstanding checks | 96,359 | 82,052 | |||||
Accrued expenses– | |||||||
Compensation | 105,316 | 98,107 | |||||
Income taxes | 12,240 | 15,472 | |||||
Other accrued liabilities | 58,229 | 70,351 | |||||
Current portion of debt | 715,000 | 740,000 | |||||
Total current liabilities | 1,987,449 | 1,845,718 | |||||
Long-term debt | 750,000 | 500,000 | |||||
Noncurrent income taxes payable | 26,684 | 18,849 | |||||
Deferred tax liabilities | 45,355 | 65,122 | |||||
Other long-term liabilities | 601 | 222 | |||||
Total liabilities | 2,810,089 | 2,429,911 | |||||
Commitments and contingencies | |||||||
Stockholders’ investment: | |||||||
Preferred stock, $.10 par value, 20,000 shares authorized; no shares issued or outstanding | — | — | |||||
Common stock, $.10 par value, 480,000 shares authorized; 179,103 and 179,006 shares issued, 139,542 and 141,258 outstanding | 13,954 | 14,126 | |||||
Additional paid-in capital | 444,280 | 419,280 | |||||
Retained earnings | 3,437,093 | 3,190,578 | |||||
Accumulated other comprehensive loss | (18,460 | ) | (61,442 | ) | |||
Treasury stock at cost (39,561 and 37,748 shares) | (2,451,122 | ) | (2,304,695 | ) | |||
Total stockholders’ investment | 1,425,745 | 1,257,847 | |||||
Total liabilities and stockholders’ investment | $ | 4,235,834 | $ | 3,687,758 |
December 31, | |||||||||||
2021 | 2020 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 257,413 | $ | 243,796 | |||||||
Receivables, net of allowance for credit loss of $41,542 and $38,113 | 3,963,487 | 2,449,577 | |||||||||
Contract assets, net of allowance for credit loss | 453,660 | 197,176 | |||||||||
Prepaid expenses and other | 129,593 | 51,152 | |||||||||
Total current assets | 4,804,153 | 2,941,701 | |||||||||
Property and equipment | 442,112 | 478,982 | |||||||||
Accumulated depreciation and amortization | (302,281) | (300,033) | |||||||||
Net property and equipment | 139,831 | 178,949 | |||||||||
Goodwill | 1,484,754 | 1,487,187 | |||||||||
Other intangible assets, net of accumulated amortization of $88,302 and $68,249 | 89,606 | 113,910 | |||||||||
Right-of-use lease assets | 292,559 | 319,785 | |||||||||
Deferred tax assets | 124,900 | 18,640 | |||||||||
Other assets | 92,309 | 84,086 | |||||||||
Total assets | $ | 7,028,112 | $ | 5,144,258 | |||||||
LIABILITIES AND STOCKHOLDERS’ INVESTMENT | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 1,813,473 | $ | 1,195,099 | |||||||
Outstanding checks | 105,828 | 88,265 | |||||||||
Accrued expenses: | |||||||||||
Compensation | 201,421 | 138,460 | |||||||||
Transportation expense | 342,778 | 153,574 | |||||||||
Income taxes | 100,265 | 43,700 | |||||||||
Other accrued liabilities | 171,266 | 154,460 | |||||||||
Current lease liabilities | 66,311 | 66,174 | |||||||||
Current portion of debt | 525,000 | — | |||||||||
Total current liabilities | 3,326,342 | 1,839,732 | |||||||||
Long-term debt | 1,393,649 | 1,093,301 | |||||||||
Noncurrent lease liabilities | 241,369 | 268,572 | |||||||||
Noncurrent income taxes payable | 28,390 | 26,015 | |||||||||
Deferred tax liabilities | 16,113 | 22,182 | |||||||||
Other long-term liabilities | 315 | 14,523 | |||||||||
Total liabilities | 5,006,178 | 3,264,325 | |||||||||
Commitments and contingencies | 0 | 0 | |||||||||
Stockholders’ investment: | |||||||||||
Preferred stock, $0.10 par value, 20,000 shares authorized; no shares issued or outstanding | — | — | |||||||||
Common stock, $0.10 par value, 480,000 shares authorized; 179,206 and 179,232 shares issued, 129,186 and 134,298 outstanding | 12,919 | 13,430 | |||||||||
Additional paid-in capital | 673,628 | 566,022 | |||||||||
Retained earnings | 4,936,861 | 4,372,833 | |||||||||
Accumulated other comprehensive loss | (61,134) | (45,998) | |||||||||
Treasury stock at cost (50,020 and 44,934 shares) | (3,540,340) | (3,026,354) | |||||||||
Total stockholders’ investment | 2,021,934 | 1,879,933 | |||||||||
Total liabilities and stockholders’ investment | $ | 7,028,112 | $ | 5,144,258 |
For the years ended December 31, | For the years ended December 31, | |||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2021 | 2020 | 2019 | |||||||||||||||||||||||
Revenues: | Revenues: | |||||||||||||||||||||||||||
Transportation | $ | 13,502,906 | $ | 11,704,745 | $ | 11,989,780 | Transportation | $ | 22,046,574 | $ | 15,147,562 | $ | 14,322,295 | |||||||||||||||
Sourcing | 1,366,474 | 1,439,668 | 1,486,304 | Sourcing | 1,055,564 | 1,059,544 | 987,213 | |||||||||||||||||||||
Total revenues | 14,869,380 | 13,144,413 | 13,476,084 | Total revenues | 23,102,138 | 16,207,106 | 15,309,508 | |||||||||||||||||||||
Costs and expenses: | Costs and expenses: | |||||||||||||||||||||||||||
Purchased transportation and related services | 11,257,290 | 9,549,934 | 9,842,271 | Purchased transportation and related services | 18,994,574 | 12,834,608 | 11,839,433 | |||||||||||||||||||||
Purchased products sourced for resale | 1,244,040 | 1,316,951 | 1,365,333 | Purchased products sourced for resale | 955,475 | 960,241 | 883,765 | |||||||||||||||||||||
Personnel expenses | 1,179,527 | 1,064,936 | 1,051,410 | Personnel expenses | 1,543,610 | 1,242,867 | 1,298,528 | |||||||||||||||||||||
Other selling, general, and administrative expenses | 413,404 | 375,061 | 358,760 | Other selling, general, and administrative expenses | 526,371 | 496,122 | 497,806 | |||||||||||||||||||||
Total costs and expenses | 14,094,261 | 12,306,882 | 12,617,774 | Total costs and expenses | 22,020,030 | 15,533,838 | 14,519,532 | |||||||||||||||||||||
Income from operations | 775,119 | 837,531 | 858,310 | Income from operations | 1,082,108 | 673,268 | 789,976 | |||||||||||||||||||||
Interest and other expense | (46,656 | ) | (25,581 | ) | (35,529 | ) | ||||||||||||||||||||||
Interest and other expenses | Interest and other expenses | (59,817) | (44,937) | (47,719) | ||||||||||||||||||||||||
Income before provision for income taxes | 728,463 | 811,950 | 822,781 | Income before provision for income taxes | 1,022,291 | 628,331 | 742,257 | |||||||||||||||||||||
Provision for income taxes | 223,570 | 298,566 | 313,082 | Provision for income taxes | 178,046 | 121,910 | 165,289 | |||||||||||||||||||||
Net income | 504,893 | 513,384 | 509,699 | Net income | 844,245 | 506,421 | 576,968 | |||||||||||||||||||||
Other comprehensive income/(loss) | 42,982 | (23,496 | ) | (9,336 | ) | |||||||||||||||||||||||
Other comprehensive (loss) income | Other comprehensive (loss) income | (15,136) | 30,151 | (4,214) | ||||||||||||||||||||||||
Comprehensive income | $ | 547,875 | $ | 489,888 | $ | 500,363 | Comprehensive income | $ | 829,109 | $ | 536,572 | $ | 572,754 | |||||||||||||||
Basic net income per share | $ | 3.59 | $ | 3.60 | $ | 3.52 | Basic net income per share | $ | 6.37 | $ | 3.74 | $ | 4.21 | |||||||||||||||
Diluted net income per share | $ | 3.57 | $ | 3.59 | $ | 3.51 | Diluted net income per share | $ | 6.31 | $ | 3.72 | $ | 4.19 | |||||||||||||||
Basic weighted average shares outstanding | 140,610 | 142,706 | 144,967 | Basic weighted average shares outstanding | 132,482 | 135,532 | 136,955 | |||||||||||||||||||||
Dilutive effect of outstanding stock awards | 772 | 285 | 382 | Dilutive effect of outstanding stock awards | 1,352 | 641 | 780 | |||||||||||||||||||||
Diluted weighted average shares outstanding | 141,382 | 142,991 | 145,349 | Diluted weighted average shares outstanding | 133,834 | 136,173 | 137,735 |
Common Shares Outstanding | Amount | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total Stockholders’ Investment | ||||||||||||||||||||
Balance December 31, 2014 | 146,458 | $ | 14,646 | $ | 321,968 | $ | 2,648,539 | $ | (28,610 | ) | $ | (1,909,528 | ) | $ | 1,047,015 | |||||||||||
Net income | 509,699 | 509,699 | ||||||||||||||||||||||||
Foreign currency translation adjustment | (9,336 | ) | (9,336 | ) | ||||||||||||||||||||||
Dividends declared, $1.57 per share | (235,618 | ) | (235,618 | ) | ||||||||||||||||||||||
Stock issued for employee benefit plans | 254 | 25 | (9,095 | ) | 13,258 | 4,188 | ||||||||||||||||||||
Issuance of restricted stock | 164 | 16 | (16 | ) | — | |||||||||||||||||||||
Stock-based compensation expense | 58,039 | 28 | 58,067 | |||||||||||||||||||||||
Excess tax benefit on deferred compensation and employee stock plans | 8,548 | 8,548 | ||||||||||||||||||||||||
Repurchase of common stock | (3,421 | ) | (342 | ) | (231,771 | ) | (232,113 | ) | ||||||||||||||||||
Balance December 31, 2015 | 143,455 | 14,345 | 379,444 | 2,922,620 | (37,946 | ) | (2,128,013 | ) | 1,150,450 | |||||||||||||||||
Net income | 513,384 | 513,384 | ||||||||||||||||||||||||
Foreign currency translation adjustment | (23,496 | ) | (23,496 | ) | ||||||||||||||||||||||
Dividends declared, $1.74 per share | (245,426 | ) | (245,426 | ) | ||||||||||||||||||||||
Stock issued for employee benefit plans | 32 | 3 | (16,121 | ) | (1,287 | ) | (17,405 | ) | ||||||||||||||||||
Issuance of restricted stock | 221 | 22 | (22 | ) | — | |||||||||||||||||||||
Stock-based compensation expense | 17 | 3 | 37,517 | 1,034 | 38,554 | |||||||||||||||||||||
Excess tax benefit on deferred compensation and employee stock plans | 18,462 | 18,462 | ||||||||||||||||||||||||
Repurchase of common stock | (2,467 | ) | (247 | ) | (176,429 | ) | (176,676 | ) | ||||||||||||||||||
Balance December 31, 2016 | 141,258 | 14,126 | 419,280 | 3,190,578 | (61,442 | ) | (2,304,695 | ) | 1,257,847 | |||||||||||||||||
Net income | 504,893 | 504,893 | ||||||||||||||||||||||||
Foreign currency translation adjustment | 42,982 | 42,982 | ||||||||||||||||||||||||
Dividends declared, $1.81 per share | (258,378 | ) | (258,378 | ) | ||||||||||||||||||||||
Stock issued for employee benefit plans | 612 | 61 | (16,760 | ) | 33,271 | 16,572 | ||||||||||||||||||||
Issuance of restricted stock | 97 | 10 | (10 | ) | — | |||||||||||||||||||||
Stock-based compensation expense | 1 | 41,770 | 44 | 41,814 | ||||||||||||||||||||||
Repurchase of common stock | (2,426 | ) | (243 | ) | (179,742 | ) | (179,985 | ) | ||||||||||||||||||
Balance December 31, 2017 | 139,542 | $ | 13,954 | $ | 444,280 | $ | 3,437,093 | $ | (18,460 | ) | $ | (2,451,122 | ) | $ | 1,425,745 |
Common Shares Outstanding | Amount | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total Stockholders’ Investment | |||||||||||||||||||||||||||||||||||
Balance December 31, 2018 | 137,284 | $ | 13,728 | $ | 521,486 | $ | 3,845,593 | $ | (71,935) | $ | (2,713,785) | $ | 1,595,087 | ||||||||||||||||||||||||||||
Net income | 576,968 | 576,968 | |||||||||||||||||||||||||||||||||||||||
Foreign currency adjustments | (4,214) | (4,214) | |||||||||||||||||||||||||||||||||||||||
Dividends declared, $2.01 per share | (277,727) | (277,727) | |||||||||||||||||||||||||||||||||||||||
Stock issued for employee benefit plans | 1,017 | 102 | (13,920) | 61,795 | 47,977 | ||||||||||||||||||||||||||||||||||||
Issuance of restricted stock | 28 | 3 | (3) | — | |||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 39,083 | — | 39,083 | ||||||||||||||||||||||||||||||||||||
Repurchase of common stock | (3,434) | (343) | (306,101) | (306,444) | |||||||||||||||||||||||||||||||||||||
Balance December 31, 2019 | 134,895 | 13,490 | 546,646 | 4,144,834 | (76,149) | (2,958,091) | 1,670,730 | ||||||||||||||||||||||||||||||||||
Net income | 506,421 | 506,421 | |||||||||||||||||||||||||||||||||||||||
Foreign currency adjustments | 30,151 | 30,151 | |||||||||||||||||||||||||||||||||||||||
Dividends declared, $2.04 per share | (278,422) | (278,422) | |||||||||||||||||||||||||||||||||||||||
Stock issued for employee benefit plans | 1,754 | 175 | (24,600) | 114,228 | 89,803 | ||||||||||||||||||||||||||||||||||||
Issuance of restricted stock | 192 | 19 | (19) | — | |||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 43,995 | — | 43,995 | ||||||||||||||||||||||||||||||||||||
Repurchase of common stock | (2,543) | (254) | (182,491) | (182,745) | |||||||||||||||||||||||||||||||||||||
Balance December 31, 2020 | 134,298 | 13,430 | 566,022 | 4,372,833 | (45,998) | (3,026,354) | 1,879,933 | ||||||||||||||||||||||||||||||||||
Net income | 844,245 | 844,245 | |||||||||||||||||||||||||||||||||||||||
Foreign currency adjustments | (15,136) | (15,136) | |||||||||||||||||||||||||||||||||||||||
Dividends declared, $2.08 per share | (280,217) | (280,217) | |||||||||||||||||||||||||||||||||||||||
Stock issued for employee benefit plans | 1,068 | 107 | (22,374) | 66,216 | 43,949 | ||||||||||||||||||||||||||||||||||||
Issuance of restricted stock, net of forfeitures | (26) | (3) | 3 | — | |||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 129,977 | — | 129,977 | ||||||||||||||||||||||||||||||||||||
Repurchase of common stock | (6,154) | (615) | (580,202) | (580,817) | |||||||||||||||||||||||||||||||||||||
Balance December 31, 2021 | 129,186 | $ | 12,919 | $ | 673,628 | $ | 4,936,861 | $ | (61,134) | $ | (3,540,340) | $ | 2,021,934 |
For the year ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||
Net income | $ | 844,245 | $ | 506,421 | $ | 576,968 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | 91,259 | 101,727 | 100,449 | ||||||||||||||
Provision for credit losses | 10,649 | 17,281 | 5,853 | ||||||||||||||
Stock-based compensation | 129,977 | 43,995 | 39,083 | ||||||||||||||
Deferred income taxes | (110,188) | (32,984) | (2,407) | ||||||||||||||
Excess tax benefit on stock-based compensation | (13,101) | (17,581) | (8,492) | ||||||||||||||
Other operating activities | 1,915 | 15,096 | (3,830) | ||||||||||||||
Changes in operating elements, net of effects of acquisitions: | |||||||||||||||||
Receivables | (1,547,545) | (452,145) | 208,312 | ||||||||||||||
Contract assets | (257,728) | (65,454) | 26,761 | ||||||||||||||
Prepaid expenses and other | (43,819) | 27,237 | (29,871) | ||||||||||||||
Accounts payable and outstanding checks | 660,028 | 180,272 | (17,968) | ||||||||||||||
Accrued compensation | 63,912 | 22,547 | (40,757) | ||||||||||||||
Accrued transportation expense | 189,204 | 52,380 | (18,626) | ||||||||||||||
Accrued income taxes | 72,665 | 51,916 | (12,636) | ||||||||||||||
Other accrued liabilities | 1,607 | 26,503 | 8,937 | ||||||||||||||
Other assets and liabilities | 1,875 | 21,980 | 3,643 | ||||||||||||||
Net cash provided by operating activities | 94,955 | 499,191 | 835,419 | ||||||||||||||
INVESTING ACTIVITIES | |||||||||||||||||
Purchases of property and equipment | (34,197) | (23,133) | (36,290) | ||||||||||||||
Purchases and development of software | (36,725) | (30,876) | (34,175) | ||||||||||||||
Acquisitions, net of cash acquired | (14,750) | (223,230) | (59,200) | ||||||||||||||
Other investing activities | — | 5,525 | 16,636 | ||||||||||||||
Net cash used for investing activities | (85,672) | (271,714) | (113,029) | ||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||
Proceeds from stock issued for employee benefit plans | 70,669 | 107,657 | 63,092 | ||||||||||||||
Stock tendered for payment of withholding taxes | (26,720) | (17,854) | (15,115) | ||||||||||||||
Repurchase of common stock | (581,756) | (177,514) | (309,444) | ||||||||||||||
Cash dividends | (277,321) | (209,956) | (277,786) | ||||||||||||||
Proceeds from long-term borrowings | 300,000 | — | 1,298,000 | ||||||||||||||
Payments on long-term borrowings | (2,048) | — | (1,505,000) | ||||||||||||||
Proceeds from short-term borrowings | 3,728,000 | 1,436,600 | 185,000 | ||||||||||||||
Payments on short-term borrowings | (3,203,251) | (1,579,600) | (90,000) | ||||||||||||||
Net cash provided by (used for) financing activities | 7,573 | (440,667) | (651,253) | ||||||||||||||
Effect of exchange rates on cash and cash equivalents | (3,239) | 9,128 | (1,894) | ||||||||||||||
Net change in cash and cash equivalents | 13,617 | (204,062) | 69,243 | ||||||||||||||
Cash and cash equivalents, beginning of year | 243,796 | 447,858 | 378,615 | ||||||||||||||
Cash and cash equivalents, end of year | $ | 257,413 | $ | 243,796 | $ | 447,858 | |||||||||||
Supplemental cash flow disclosures | |||||||||||||||||
Cash paid for income taxes | $ | 227,427 | $ | 93,070 | $ | 219,029 | |||||||||||
Cash paid for interest | 51,367 | 47,518 | 50,854 | ||||||||||||||
Accrued share repurchases held in other accrued liabilities | 4,293 | 5,231 | — |
For the year ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
OPERATING ACTIVITIES | |||||||||||
Net income | $ | 504,893 | $ | 513,384 | $ | 509,699 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 92,977 | 74,669 | 66,409 | ||||||||
Provision for doubtful accounts | 13,489 | 5,136 | 11,538 | ||||||||
Stock-based compensation | 41,805 | 37,565 | 57,661 | ||||||||
Deferred income taxes | (28,096 | ) | 15,009 | (17,095 | ) | ||||||
Excess tax benefit on stock-based compensation | (13,657 | ) | (18,462 | ) | (8,548 | ) | |||||
Other | 4,491 | 1,907 | 7,409 | ||||||||
Changes in operating elements, net of effects of acquisitions: | |||||||||||
Receivables | (364,181 | ) | (173,211 | ) | 107,560 | ||||||
Prepaid expenses and other | (9,173 | ) | (6,378 | ) | (228 | ) | |||||
Other non-current assets | (19,099 | ) | (3,934 | ) | 741 | ||||||
Accounts payable and outstanding checks | 144,041 | 115,917 | (53,272 | ) | |||||||
Accrued compensation | 7,209 | (47,570 | ) | 18,580 | |||||||
Accrued income taxes | 18,817 | 19,921 | 13,726 | ||||||||
Other accrued liabilities | (9,515 | ) | (4,545 | ) | 4,156 | ||||||
Net cash provided by operating activities | 384,001 | 529,408 | 718,336 | ||||||||
INVESTING ACTIVITIES | |||||||||||
Purchases of property and equipment | (40,122 | ) | (73,452 | ) | (28,115 | ) | |||||
Purchases and development of software | (17,823 | ) | (17,985 | ) | (16,527 | ) | |||||
Acquisitions, net of cash acquired | (49,068 | ) | (220,203 | ) | (369,833 | ) | |||||
Restricted cash | — | — | 359,388 | ||||||||
Other | (521 | ) | (1,348 | ) | 641 | ||||||
Net cash used for investing activities | (107,534 | ) | (312,988 | ) | (54,446 | ) | |||||
FINANCING ACTIVITIES | |||||||||||
Proceeds from stock issued for employee benefit plans | 38,130 | 19,271 | 15,557 | ||||||||
Stock tendered for payment of withholding taxes | (21,557 | ) | (36,678 | ) | (11,368 | ) | |||||
Repurchase of common stock | (185,485 | ) | (172,925 | ) | (229,863 | ) | |||||
Cash dividends | (258,222 | ) | (245,430 | ) | (235,615 | ) | |||||
Excess tax benefit on stock-based compensation | — | 18,462 | 8,548 | ||||||||
Proceeds from long-term borrowings | 250,000 | — | — | ||||||||
Proceeds from short-term borrowings | 8,784,000 | 6,600,000 | 6,833,000 | ||||||||
Payments on short-term borrowings | (8,809,000 | ) | (6,310,000 | ) | (6,988,000 | ) | |||||
Net cash used for financing activities | (202,134 | ) | (127,300 | ) | (607,741 | ) | |||||
Effect of exchange rates on cash | 11,891 | (9,683 | ) | (16,860 | ) | ||||||
Net change in cash and cash equivalents | 86,224 | 79,437 | 39,289 | ||||||||
Cash and cash equivalents, beginning of year | 247,666 | 168,229 | 128,940 | ||||||||
Cash and cash equivalents, end of year | $ | 333,890 | $ | 247,666 | $ | 168,229 | |||||
Supplemental cash flow disclosures | |||||||||||
Cash paid for income taxes | $ | 262,861 | $ | 269,187 | $ | 311,800 | |||||
Cash paid for interest | $ | 37,871 | $ | 28,908 | $ | 28,537 | |||||
Accrued share repurchases held in other accrued liabilities | $ | 500 | $ | 5,988 | $ | 2,250 |
2021 | $ | 39,790 | ||||||
2020 | 42,890 | |||||||
2019 | 45,016 |
2017 | $ | 42,817 | ||
2016 | 36,212 | |||
2015 | 32,412 |
2021 | 2020 | ||||||||||||||||
Furniture, fixtures, and equipment | $ | 292,224 | $ | 286,277 | |||||||||||||
Buildings (1) | 60,059 | 93,538 | |||||||||||||||
Corporate aircraft (1) | — | 11,461 | |||||||||||||||
Leasehold improvements | 70,630 | 67,037 | |||||||||||||||
Land | 11,014 | 19,816 | |||||||||||||||
Construction in progress | 8,185 | 853 | |||||||||||||||
Less: accumulated depreciation and amortization | (302,281) | (300,033) | |||||||||||||||
Net property and equipment | $ | 139,831 | $ | 178,949 |
Useful Lives (in years) | 2017 | 2016 | |||||||
Furniture, fixtures, and equipment | 3 to 12 | $ | 277,014 | $ | 236,180 | ||||
Buildings | 3 to 30 | 130,712 | 130,050 | ||||||
Corporate aircraft | 10 | 11,334 | 11,334 | ||||||
Leasehold improvements | 3 to 15 | 50,616 | 40,312 | ||||||
Land | 23,658 | 23,635 | |||||||
Construction in progress | 4,575 | 8,534 | |||||||
Less accumulated depreciation | (267,583 | ) | (217,092 | ) | |||||
Net property and equipment | $ | 230,326 | $ | 232,953 |
2021 | $ | 25,975 | ||||||
2020 | 22,612 | |||||||
2019 | 17,023 |
2017 | $ | 13,887 | ||
2016 | 11,404 | |||
2015 | 9,624 |
2021 | 2020 | ||||||||||
Purchased software | $ | 30,312 | $ | 29,029 | |||||||
Internally developed software | 153,983 | 127,476 | |||||||||
Less accumulated amortization | (114,183) | (96,891) | |||||||||
Net software | $ | 70,112 | $ | 59,614 |
2017 | 2016 | ||||||
Purchased software | $ | 25,805 | $ | 23,753 | |||
Internally developed software | 55,165 | 51,507 | |||||
Less accumulated amortization | (54,194 | ) | (47,957 | ) | |||
Net software | $ | 26,776 | $ | 27,303 |
NAST | Global Forwarding | All Other and Corporate | Total | ||||||||||||||||||||
December 31, 2019 balance | $ | 1,015,570 | $ | 208,420 | $ | 67,770 | $ | 1,291,760 | |||||||||||||||
Acquisitions | 176,484 | 780 | — | 177,264 | |||||||||||||||||||
Foreign currency translation | 11,918 | 4,782 | 1,463 | 18,163 | |||||||||||||||||||
December 31, 2020 balance | 1,203,972 | 213,982 | 69,233 | 1,487,187 | |||||||||||||||||||
Acquisitions | 243 | — | 10,754 | 10,997 | |||||||||||||||||||
Foreign currency translation | (7,882) | (3,591) | (1,957) | (13,430) | |||||||||||||||||||
December 31, 2021 balance | $ | 1,196,333 | $ | 210,391 | $ | 78,030 | $ | 1,484,754 |
NAST | Global Forwarding | Robinson Fresh | All Other and Corporate | Total | ||||||||||||||||
December 31, 2015 balance | $ | 815,639 | $ | 142,993 | $ | 125,469 | $ | 24,236 | $ | 1,108,337 | ||||||||||
Acquisitions | 97,727 | 17,133 | 15,033 | 2,904 | 132,797 | |||||||||||||||
Translation | (6,136 | ) | (1,076 | ) | (944 | ) | (182 | ) | (8,338 | ) | ||||||||||
December 31, 2016 balance | 907,230 | 159,050 | 139,558 | 26,958 | 1,232,796 | |||||||||||||||
Acquisitions | 3,673 | 24,918 | — | — | 28,591 | |||||||||||||||
Translation | 10,583 | 1,905 | 1,627 | 314 | 14,429 | |||||||||||||||
December 31, 2017 balance | $ | 921,486 | $ | 185,873 | $ | 141,185 | $ | 27,272 | $ | 1,275,816 |
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Cost | Accumulated Amortization | Net | Cost | Accumulated Amortization | Net | ||||||||||||||||||||||||||||||
Finite-lived intangibles | |||||||||||||||||||||||||||||||||||
Customer relationships | $ | 169,308 | $ | (88,302) | $ | 81,006 | $ | 171,684 | $ | (67,312) | $ | 104,372 | |||||||||||||||||||||||
Trademarks | — | — | — | 1,875 | (937) | 938 | |||||||||||||||||||||||||||||
Total finite-lived intangibles | 169,308 | (88,302) | 81,006 | 173,559 | (68,249) | 105,310 | |||||||||||||||||||||||||||||
Indefinite-lived intangibles | |||||||||||||||||||||||||||||||||||
Trademarks | 8,600 | — | 8,600 | 8,600 | — | 8,600 | |||||||||||||||||||||||||||||
Total intangibles | $ | 177,908 | $ | (88,302) | $ | 89,606 | $ | 182,159 | $ | (68,249) | $ | 113,910 |
2017 | 2016 | ||||||||||||||||||||||
Cost | Accumulated Amortization | Net | Cost | Accumulated Amortization | Net | ||||||||||||||||||
Finite-lived intangibles | |||||||||||||||||||||||
Customer relationships | $ | 263,093 | $ | (122,103 | ) | $ | 140,990 | $ | 244,036 | $ | (87,199 | ) | $ | 156,837 | |||||||||
Non-competition agreements | 300 | (180 | ) | 120 | 500 | (287 | ) | 213 | |||||||||||||||
Total finite-lived intangibles | 263,393 | (122,283 | ) | 141,110 | 244,536 | (87,486 | ) | 157,050 | |||||||||||||||
Indefinite-lived intangibles | |||||||||||||||||||||||
Trademarks | 10,475 | — | 10,475 | 10,475 | — | 10,475 | |||||||||||||||||
Total intangibles | $ | 273,868 | $ | (122,283 | ) | $ | 151,585 | $ | 255,011 | $ | (87,486 | ) | $ | 167,525 |
2021 | $ | 25,494 | |||
2020 | 36,225 | ||||
2019 | 38,410 |
2017 | $ | 36,273 | |
2016 | 27,053 | ||
2015 | 24,373 |
NAST | Global Forwarding | All Other and Corporate | Total | ||||||||||||||||||||
2022 | $ | 8,096 | $ | 14,954 | $ | 1,137 | $ | 24,187 | |||||||||||||||
2023 | 8,096 | 12,285 | 1,137 | 21,518 | |||||||||||||||||||
2024 | 7,986 | 3,702 | 1,137 | 12,825 | |||||||||||||||||||
2025 | 7,857 | 2,409 | 1,137 | 11,403 | |||||||||||||||||||
2026 | 7,857 | 391 | 777 | 9,025 | |||||||||||||||||||
Thereafter | 1,310 | — | 738 | 2,048 | |||||||||||||||||||
Total | $ | 81,006 |
NAST | Global Forwarding | Robinson Fresh | All Other and Corporate | Total | |||||||||||||||
2018 | $ | 7,820 | $ | 29,297 | $ | — | $ | 41 | $ | 37,158 | |||||||||
2019 | 7,820 | 29,297 | — | — | 37,117 | ||||||||||||||
2020 | 260 | 26,593 | — | — | 26,853 | ||||||||||||||
2021 | 260 | 13,072 | — | — | 13,332 | ||||||||||||||
2022 | 260 | 13,072 | — | — | 13,332 | ||||||||||||||
Thereafter | 480 | 12,838 | — | — | 13,318 | ||||||||||||||
Total | $ | 141,110 |
Average interest rate as of | Carrying value as of | |||||||||||||||||||||||||||||||
December 31, 2021 | December 31, 2020 | Maturity | December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||
Revolving credit facility | 1.23 | % | — | % | October 2023 | $ | 525,000 | $ | — | |||||||||||||||||||||||
Senior Notes, Series A | 3.97 | % | 3.97 | % | August 2023 | 175,000 | 175,000 | |||||||||||||||||||||||||
Senior Notes, Series B | 4.26 | % | 4.26 | % | August 2028 | 150,000 | 150,000 | |||||||||||||||||||||||||
Senior Notes, Series C | 4.60 | % | 4.60 | % | August 2033 | 175,000 | 175,000 | |||||||||||||||||||||||||
Receivables securitization facility (1) | 0.73 | % | — | % | November 2023 | 299,481 | — | |||||||||||||||||||||||||
Senior Notes (1) | 4.20 | % | 4.20 | % | April 2028 | 594,168 | 593,301 | |||||||||||||||||||||||||
Total debt | 1,918,649 | 1,093,301 | ||||||||||||||||||||||||||||||
Less: Current maturities and short-term borrowing | (525,000) | — | ||||||||||||||||||||||||||||||
Long-term debt | $ | 1,393,649 | $ | 1,093,301 |
2021 | 2020 | 2019 | |||||||||||||||
Domestic | $ | 566,847 | $ | 499,384 | $ | 649,742 | |||||||||||
Foreign | 455,444 | 128,947 | 92,515 | ||||||||||||||
Total | $ | 1,022,291 | $ | 628,331 | $ | 742,257 |
2017 | 2016 | 2015 | ||||||||||
Domestic | $ | 638,718 | $ | 710,931 | $ | 729,390 | ||||||
Foreign | 89,745 | 101,019 | 93,391 | |||||||||
Total | $ | 728,463 | $ | 811,950 | $ | 822,781 |
2021 | 2020 | 2019 | |||||||||||||||
Unrecognized tax benefits, beginning of period | $ | 36,216 | $ | 33,938 | $ | 31,515 | |||||||||||
Additions based on tax positions related to the current year | 3,530 | 3,172 | 2,212 | ||||||||||||||
Additions for tax positions of prior years | 1,919 | 1,568 | 2,148 | ||||||||||||||
Reductions for tax positions of prior years | (2,431) | (124) | — | ||||||||||||||
Lapse in statute of limitations | (1,932) | (2,276) | (1,703) | ||||||||||||||
Settlements | — | (62) | (234) | ||||||||||||||
Unrecognized tax benefits, end of the period | $ | 37,302 | $ | 36,216 | $ | 33,938 |
2017 | 2016 | 2015 | |||||||||
Unrecognized tax benefits, beginning of period | $ | 12,268 | $ | 13,271 | $ | 18,274 | |||||
Additions based on tax positions related to the current year | 4,014 | — | 1,520 | ||||||||
Additions for tax positions of prior years | 16,713 | 55 | — | ||||||||
Reductions for tax positions of prior years | — | (211 | ) | (810 | ) | ||||||
Lapse in statute of limitations | (1,189 | ) | (847 | ) | (5,188 | ) | |||||
Settlements | — | — | (525 | ) | |||||||
Unrecognized tax benefits, end of the period | $ | 31,806 | $ | 12,268 | $ | 13,271 |
2021 | 2020 | 2019 | |||||||||||||||
Tax provision: | |||||||||||||||||
Federal | $ | 165,218 | $ | 99,901 | $ | 106,009 | |||||||||||
State | 36,718 | 19,825 | 25,788 | ||||||||||||||
Foreign | 85,654 | 40,103 | 35,899 | ||||||||||||||
287,590 | 159,829 | 167,696 | |||||||||||||||
Deferred provision (benefit): | |||||||||||||||||
Federal | (90,960) | (28,238) | 1,554 | ||||||||||||||
State | (16,176) | (5,749) | 316 | ||||||||||||||
Foreign | (2,408) | (3,932) | (4,277) | ||||||||||||||
(109,544) | (37,919) | (2,407) | |||||||||||||||
Total provision | $ | 178,046 | $ | 121,910 | $ | 165,289 |
2017 | 2016 | 2015 | |||||||||
Tax provision: | |||||||||||
Federal | $ | 189,708 | $ | 222,685 | $ | 259,793 | |||||
State | 29,320 | 31,786 | 37,129 | ||||||||
Foreign | 32,638 | 29,086 | 33,255 | ||||||||
251,666 | 283,557 | 330,177 | |||||||||
Deferred provision (benefit): | |||||||||||
Federal | (21,389 | ) | 13,936 | (14,559 | ) | ||||||
State | (3,048 | ) | 1,986 | (2,074 | ) | ||||||
Foreign | (3,659 | ) | (913 | ) | (462 | ) | |||||
(28,096 | ) | 15,009 | (17,095 | ) | |||||||
Total provision | $ | 223,570 | $ | 298,566 | $ | 313,082 |
2021 | 2020 | 2019 | |||||||||||||||
Federal statutory rate | 21.0 | % | 21.0 | % | 21.0 | % | |||||||||||
State income taxes, net of federal benefit | 1.7 | 2.5 | 2.8 | ||||||||||||||
Share-based payment awards | (0.6) | (2.8) | (0.9) | ||||||||||||||
Excess foreign tax credits | (0.4) | (2.2) | (1.5) | ||||||||||||||
Other U.S. tax credits and incentives | (3.3) | (1.4) | (0.9) | ||||||||||||||
Foreign | (1.2) | 1.3 | 1.7 | ||||||||||||||
Other | 0.2 | 1.0 | 0.1 | ||||||||||||||
Effective income tax rate | 17.4 | % | 19.4 | % | 22.3 | % |
2017 | 2016 | 2015 | ||||||
Federal statutory rate | 35.0 | % | 35.0 | % | 35.0 | % | ||
State income taxes, net of federal benefit | 2.6 | 2.7 | 2.8 | |||||
Tax Act impact | (1.7 | ) | — | — | ||||
Section 199 deduction | (2.8 | ) | — | — | ||||
ASU 2016-09 adoption | (1.9 | ) | — | — | ||||
Other | (0.5 | ) | (0.9 | ) | 0.3 | |||
Effective income tax rate | 30.7 | % | 36.8 | % | 38.1 | % |
2021 | 2020 | ||||||||||
Deferred tax assets: | |||||||||||
Lease liabilities | $ | 60,846 | $ | 82,982 | |||||||
Compensation | 71,770 | 60,160 | |||||||||
Accrued expenses | 92,936 | 39,987 | |||||||||
Foreign affiliate prepayment | 88,399 | — | |||||||||
Other | 22,925 | 26,848 | |||||||||
Deferred tax liabilities: | |||||||||||
Right-of-use assets | (56,044) | (77,513) | |||||||||
Intangible assets | (79,198) | (81,210) | |||||||||
Accrued revenue | (47,255) | (18,978) | |||||||||
Prepaid assets | (14,021) | (5,732) | |||||||||
Long-lived assets | (10,387) | (12,722) | |||||||||
Foreign withholding tax | (11,917) | (10,222) | |||||||||
Other | (9,267) | (7,142) | |||||||||
Net deferred tax assets (liabilities) | $ | 108,787 | $ | (3,542) |
2017 | 2016 | ||||||
Deferred tax assets: | |||||||
Compensation | $ | 52,538 | $ | 80,338 | |||
Receivables | 8,819 | 13,471 | |||||
Other | 7,892 | 11,433 | |||||
Deferred tax liabilities: | |||||||
Intangible assets | (81,932 | ) | (131,698 | ) | |||
Prepaid assets | (8,247 | ) | (14,540 | ) | |||
Long-lived assets | (15,465 | ) | (21,268 | ) | |||
Other | (2,090 | ) | (608 | ) | |||
Net deferred tax liabilities | $ | (38,485 | ) | $ | (62,872 | ) |
2017 | 2016 | 2015 | |||||||||
Stock options | $ | 10,109 | $ | 9,178 | $ | 14,607 | |||||
Stock awards | 29,217 | 25,912 | 40,785 | ||||||||
Company expense on ESPP discount | 2,479 | 2,475 | 2,269 | ||||||||
Total stock-based compensation expense | $ | 41,805 | $ | 37,565 | $ | 57,661 |
2021 | 2020 | 2019 | |||||||||||||||
Stock options | $ | 16,128 | $ | 20,162 | $ | 16,073 | |||||||||||
Stock awards | 110,701 | 20,985 | 20,170 | ||||||||||||||
Company expense on ESPP discount | 3,148 | 2,848 | 2,840 | ||||||||||||||
Total stock-based compensation expense | $ | 129,977 | $ | 43,995 | $ | 39,083 |
Options | Weighted Average Exercise Price | Aggregate Intrinsic Value (in thousands) | Average Remaining Life (years) | |||||||||
Outstanding at December 31, 2016 | 7,007,923 | $ | 67.00 | $ | 43,875 | 7.7 | ||||||
Grants | 1,452,765 | 87.11 | ||||||||||
Exercised | (388,135 | ) | 63.81 | |||||||||
Terminated | (690,481 | ) | 62.17 | |||||||||
Outstanding at December 31, 2017 | 7,382,072 | $ | 71.58 | $ | 129,295 | 7.6 | ||||||
Vested at December 31, 2017 | 2,990,514 | $ | 65.79 | 6.3 | ||||||||
Exercisable at December 31, 2017 | 2,990,514 | $ | 65.79 | 6.3 |
2017 | $ | 6,026 | |
2016 | 981 | ||
2015 | 400 |
First Vesting Date | Last Vesting Date | Options Granted, Net of Forfeitures | Weighted Average Grant Date Fair Value | Unvested Options | ||||||||
December 31, 2014 | December 31, 2018 | 1,412,773 | 11.83 | 403,149 | ||||||||
December 31, 2015 | December 31, 2019 | 1,271,223 | 14.17 | 682,926 | ||||||||
2,683,996 | $ | 12.94 | 1,086,075 |
Options | Weighted Average Exercise Price | Aggregate Intrinsic Value (in thousands) | Average Remaining Life (years) | ||||||||||||||||||||
Outstanding at December 31, 2020 | 7,260,840 | $ | 76.37 | $ | 127,065 | 6.6 | |||||||||||||||||
Exercised | (748,198) | 71.95 | |||||||||||||||||||||
Forfeitures | (18,778) | 76.03 | |||||||||||||||||||||
Outstanding at December 31, 2021 | 6,493,864 | $ | 76.88 | $ | 199,682 | 5.8 | |||||||||||||||||
Vested at December 31, 2021 | 4,789,677 | $ | 76.08 | 5.2 | |||||||||||||||||||
Exercisable at December 31, 2021 | 4,789,677 | $ | 76.08 | 5.2 |
2021 | $ | 20,427 | |||
2020 | 38,551 | ||||
2019 | 15,862 |
First Vesting Date | Last Vesting Date | Options Granted, Net of Forfeitures | Weighted Average Grant Date Fair Value(1) | Unvested Options | ||||||||||||||||||||||
December 31, 2018 | December 31, 2022 | 1,441,636 | $ | 14.25 | 276,353 | |||||||||||||||||||||
December 31, 2019 | December 31, 2023 | 1,154,019 | 20.12 | 451,674 | ||||||||||||||||||||||
December 31, 2020 | December 31, 2024 | 1,638,791 | 13.87 | 976,160 | ||||||||||||||||||||||
4,234,446 | $ | 15.70 | 1,704,187 |
First Vesting Date | Last Vesting Date | Options Granted, Net of Forfeitures | Weighted Average Grant Date Fair Value | Unvested Options | ||||||||
December 31, 2016 | December 31, 2020 | 1,423,053 | $ | 12.66 | 855,984 | |||||||
December 31, 2017 | December 31, 2021 | 1,253,169 | $ | 12.60 | 1,003,429 | |||||||
December 31, 2018 | December 31, 2022 | 1,446,070 | $ | 14.24 | 1,446,070 | |||||||
4,122,292 | $ | 13.20 | 3,305,483 |
2020 Grants | 2019 Grants | ||||||||||
Weighted-average risk-free interest rate | 1.6% | 2.1% | |||||||||
Expected dividend yield | 2.5% | 2.0% | |||||||||
Weighted-average volatility | 23% | 25% | |||||||||
Expected term (in years) | 8.91 | 6.08 | |||||||||
Weighted average fair value per option | $ | 13.88 | $ | 17.52 |
2017 Grants | 2016 Grants | 2015 Grants | |||||||||
Risk-free interest rate | 2.27-2.28% | 2.13-2.14% | 1.95-1.96% | ||||||||
Dividend per share (quarterly amounts) | $0.45-0.46 | $0.43-0.45 | $0.38-0.43 | ||||||||
Expected volatility factor | 19.0-21.5% | 20.0-21.5% | 22.0-24.0% | ||||||||
Expected option term | 6.20 years | 6.26 years | 6.29 years | ||||||||
Weighted average fair value per option | $ | 14.23 | $ | 12.60 | $ | 12.68 |
Number of Restricted Shares and Restricted Stock Units | Weighted Average Grant Date Fair Value | ||||||||||
Unvested at December 31, 2020 | 1,102,211 | $ | 67.29 | ||||||||
Granted(1) | 292,993 | 74.92 | |||||||||
Performance-based grant adjustment(2) | 29,147 | 67.13 | |||||||||
Vested | (980,188) | 67.37 | |||||||||
Forfeitures | (36,521) | 71.10 | |||||||||
Unvested at December 31, 2021 | 407,642 | $ | 72.21 |
Number of Shares and Restricted Stock Units | Weighted Average Grant Date Fair Value | |||||
Unvested at December 31, 2016 | 1,245,175 | $ | 55.90 | |||
Granted | 310,071 | 74.14 | ||||
Vested | (121,030 | ) | 55.77 | |||
Forfeitures | (218,757 | ) | 49.51 | |||
Unvested at December 31, 2017 | 1,215,459 | $ | 61.71 |
First Vesting Date | Last Vesting Date | Performance Shares and Stock Units Granted, Net of Forfeitures | Weighted Average Grant Date Fair Value (1) | Unvested Performance Shares and Restricted Stock Units | ||||||||||||||||||||||
December 31, 2019 | December 31, 2023 | 354,005 | $ | 73.79 | 70,756 | |||||||||||||||||||||
December 31, 2020 | December 31, 2024 | 401,548 | 59.34 | 80,268 | ||||||||||||||||||||||
December 31, 2021 | December 31, 2025 | 285,765 | 74.91 | 256,618 | ||||||||||||||||||||||
1,041,318 | $ | 68.53 | 407,642 |
First Vesting Date | Last Vesting Date | Performance Shares and Stock Units Granted, Net of Forfeitures | Weighted Average Grant Date Fair Value (1) | Unvested Performance Shares and Restricted Stock Units | ||||||||
December 31, 2014 | December 31, 2018 | 387,587 | $ | 46.50 | 109,784 | |||||||
December 31, 2015 | December 31, 2019 | 329,596 | 60.80 | 175,904 | ||||||||
December 31, 2016 | December 31, 2020 | 392,990 | 51.88 | 309,300 | ||||||||
December 31, 2017 | December 31, 2021 | 343,014 | 64.91 | 312,142 | ||||||||
December 31, 2018 | December 31, 2022 | 308,329 | 74.19 | 308,329 | ||||||||
1,761,516 | $ | 58.71 | 1,215,459 |
Number of Restricted Shares and Stock Units | Weighted Average Grant Date Fair Value | |||||
Unvested at December 31, 2016 | 1,240,156 | $ | 56.70 | |||
Granted | 280,097 | 74.17 | ||||
Vested | (386,859 | ) | 54.39 | |||
Forfeitures | (75,944 | ) | 56.41 | |||
Unvested at December 31, 2017 | 1,057,450 | $ | 62.20 |
Number of Restricted Shares and Stock Units | Weighted Average Grant Date Fair Value | ||||||||||
Unvested at December 31, 2020 | 598,039 | $ | 60.24 | ||||||||
Granted | 666,311 | 72.09 | |||||||||
Vested | (439,695) | 69.29 | |||||||||
Forfeitures | (61,174) | 68.12 | |||||||||
Unvested at December 31, 2021 | 763,481 | $ | 69.42 |
2017 | $ | 29,217 | |
2016 | 25,912 | ||
2015 | 40,785 |
2021 | $ | 110,701 | |||
2020 | 20,985 | ||||
2019 | 20,170 |
Shares Purchased By Employees | Aggregate Cost to Employees | Expense Recognized By the Company | |||||||||||||||
2021 | 220,970 | $ | 17,838 | $ | 3,148 | ||||||||||||
2020 | 236,062 | 16,146 | 2,848 | ||||||||||||||
2019 | 224,596 | 16,093 | 2,840 |
Shares Purchased By Employees | Aggregate Cost to Employees | Expense Recognized By the Company | |||||||||
2017 | 215,613 | $ | 14,048 | $ | 2,479 | ||||||
2016 | 225,241 | 14,032 | 2,475 | ||||||||
2015 | 228,103 | 13,045 | 2,269 |
Shares Repurchased | Total Value of Shares Repurchased | ||||||||||
2019 Repurchases | 3,434,102 | $ | 306,444 | ||||||||
2020 Repurchases | 2,542,915 | 182,745 | |||||||||
2021 Repurchases | 6,154,364 | 580,818 |
Shares Repurchased | Total Value of Shares Repurchased | ||||||
2013 Program | |||||||
2013 Repurchases | 930,075 | $ | 57,689 | ||||
2014 Repurchases | 3,763,583 | 239,037 | |||||
2015 Repurchases | 3,420,681 | 232,113 | |||||
2016 Repurchases | 2,467,097 | 176,676 | |||||
2017 Repurchases | 2,426,407 | 179,985 |
2021 | $ | 48,714 | |||
2020 | 18,827 | ||||
2019 | 42,491 |
2017 | $ | 27,530 | |
2016 | 25,740 | ||
2015 | 46,507 |
2017 | $ | 60,864 | |
2016 | 55,170 | ||
2015 | 56,210 |
2018 | $ | 51,273 | |
2019 | 46,172 | ||
2020 | 39,825 | ||
2021 | 29,851 | ||
2022 | 22,807 | ||
Thereafter | 92,797 | ||
Total | $ | 282,725 |
Estimated Life (years) | |||||
Customer relationships | 7 | $ | 14,004 |
Estimated Life (years) | |||||||||||
Customer relationships | 7 | $ | 3,942 |
Cash and cash equivalents | $ | 10,181 | |
Receivables | 37,190 | ||
Other current assets | 2,609 | ||
Property and equipment | 1,696 | ||
Identifiable intangible assets | 78,842 | ||
Goodwill | 132,797 | ||
Other noncurrent assets | 70 | ||
Long term deferred tax asset | 814 | ||
Total assets | 264,199 | ||
Accounts payable | (22,147 | ) | |
Accrued expenses | (12,700 | ) | |
Net assets acquired | $ | 229,352 |
Estimated Life (years) | |||||
Customer relationships | 7 | $ | 78,842 |
Cash and cash equivalents | $ | 29,302 | |
Receivables | 56,228 | ||
Other current assets | 2,395 | ||
Property and equipment | 43,687 | ||
Identifiable intangible assets | 37,800 | ||
Goodwill | 287,220 | ||
Trademarks | 8,600 | ||
Other noncurrent assets | 3,421 | ||
Total assets | 468,653 | ||
Accounts payable | (44,622 | ) | |
Accrued expenses | (5,485 | ) | |
Other liabilities | (19,939 | ) | |
Net assets acquired | $ | 398,607 |
Current assets | $ | 8,879 | |||
Property and equipment | 7,356 | ||||
Right-of-use lease assets | 35,017 | ||||
Other intangible assets | 55,000 | ||||
Goodwill | 176,727 | ||||
Total assets | 282,979 | ||||
Current liabilities | 12,243 | ||||
Lease liabilities | 35,017 | ||||
Deferred tax liabilities | 13,001 | ||||
Net assets acquired | $ | 222,718 |
Estimated Life (years) | |||||
Customer relationships | 5 | $ | 37,500 | ||
Noncompete agreements | 5 | 300 | |||
Total identifiable intangible assets | $ | 37,800 |
Estimated Life (years) | |||||||||||
Customer relationships | 7 | $ | 55,000 |
Estimated Life (years) | |||||||||||
Customer relationships | 7 | $ | 4,252 |
Estimated Life (years) | |||||||||||
Customer relationships | 7 | $ | 16,439 |
NAST | Global Forwarding | All Other and Corporate | Consolidated | ||||||||||||||||||||
Twelve Months Ended December 31, 2021 | |||||||||||||||||||||||
Total revenues | $ | 14,507,917 | $ | 6,729,790 | $ | 1,864,431 | $ | 23,102,138 | |||||||||||||||
Income (loss) from operations | 585,351 | 510,756 | (13,999) | 1,082,108 | |||||||||||||||||||
Depreciation and amortization | 26,243 | 22,823 | 42,193 | 91,259 | |||||||||||||||||||
Total assets (1) | 3,349,578 | 2,843,239 | 835,295 | 7,028,112 | |||||||||||||||||||
Average headcount | 6,764 | 5,071 | 3,926 | 15,761 |
NAST | Global Forwarding | All Other and Corporate | Consolidated | ||||||||||||||||||||
Twelve Months Ended December 31, 2020 | |||||||||||||||||||||||
Total revenues | $ | 11,312,553 | $ | 3,100,525 | $ | 1,794,028 | $ | 16,207,106 | |||||||||||||||
Income (loss) from operations | 508,475 | 175,513 | (10,720) | 673,268 | |||||||||||||||||||
Depreciation and amortization | 25,314 | 34,550 | 41,863 | 101,727 | |||||||||||||||||||
Total assets(1) | 2,946,409 | 1,392,411 | 805,438 | 5,144,258 | |||||||||||||||||||
Average headcount | 6,811 | 4,708 | 3,600 | 15,119 |
Twelve months ended December 31, 2017 | |||||||||||||||||||||||
NAST | Global Forwarding | Robinson Fresh | All Other and Corporate | Eliminations | Consolidated | ||||||||||||||||||
Revenues | $ | 9,728,810 | $ | 2,140,987 | $ | 2,415,740 | $ | 583,843 | $ | — | $ | 14,869,380 | |||||||||||
Intersegment revenues (1) | 462,390 | 30,198 | 167,292 | 18,174 | (678,054 | ) | — | ||||||||||||||||
Total Revenues | $ | 10,191,200 | $ | 2,171,185 | $ | 2,583,032 | $ | 602,017 | $ | (678,054 | ) | $ | 14,869,380 | ||||||||||
Net Revenues | $ | 1,525,064 | $ | 485,280 | $ | 226,059 | $ | 131,647 | $ | — | $ | 2,368,050 | |||||||||||
Operating Income | 628,110 | 91,842 | 53,374 | 1,793 | — | 775,119 | |||||||||||||||||
Depreciation and amortization | 23,230 | 33,308 | 4,730 | 31,709 | — | 92,977 | |||||||||||||||||
Total assets (2) | 2,277,252 | 821,182 | 434,080 | 703,320 | — | 4,235,834 | |||||||||||||||||
Average headcount | 6,907 | 4,310 | 957 | 2,513 | — | 14,687 | |||||||||||||||||
Twelve months ended December 31, 2016 | |||||||||||||||||||||||
NAST | Global Forwarding | Robinson Fresh | All Other and Corporate | Eliminations | Consolidated | ||||||||||||||||||
Revenues | $ | 8,737,716 | $ | 1,574,686 | $ | 2,344,131 | $ | 487,880 | $ | — | $ | 13,144,413 | |||||||||||
Intersegment revenues (1) | 298,438 | 30,311 | 119,403 | 2,211 | (450,363 | ) | — | ||||||||||||||||
Total Revenues | $ | 9,036,154 | $ | 1,604,997 | $ | 2,463,534 | $ | 490,091 | $ | (450,363 | ) | $ | 13,144,413 | ||||||||||
Net Revenues | $ | 1,524,355 | $ | 397,537 | $ | 234,794 | $ | 120,842 | $ | — | $ | 2,277,528 | |||||||||||
Operating Income | 674,436 | 80,931 | 75,757 | 6,407 | — | 837,531 | |||||||||||||||||
Depreciation and amortization | 22,126 | 23,099 | 3,782 | 25,662 | — | 74,669 | |||||||||||||||||
Total assets (2) | 2,088,611 | 703,741 | 376,654 | 518,752 | — | 3,687,758 | |||||||||||||||||
Average headcount | 6,773 | 3,673 | 942 | 2,282 | — | 13,670 | |||||||||||||||||
Twelve months ended December 31, 2015 | |||||||||||||||||||||||
NAST | Global Forwarding | Robinson Fresh | All Other and Corporate | Eliminations | Consolidated | ||||||||||||||||||
Revenues | $ | 8,968,349 | $ | 1,639,944 | $ | 2,395,440 | $ | 472,351 | $ | — | $ | 13,476,084 | |||||||||||
Intersegment revenues (1) | 271,557 | 19,102 | 89,033 | 2,107 | (381,799 | ) | — | ||||||||||||||||
Total Revenues | $ | 9,239,906 | $ | 1,659,046 | $ | 2,484,473 | $ | 474,458 | $ | (381,799 | ) | $ | 13,476,084 | ||||||||||
Net Revenues | $ | 1,564,917 | $ | 365,467 | $ | 235,334 | $ | 102,762 | $ | — | $ | 2,268,480 | |||||||||||
Operating Income/(Loss) | 718,329 | 76,081 | 81,332 | (17,432 | ) | — | 858,310 | ||||||||||||||||
Depreciation and amortization | 21,846 | 20,790 | 2,927 | 20,846 | — | 66,409 | |||||||||||||||||
Total assets (2) | 1,878,203 | 556,606 | 346,728 | 402,821 | — | 3,184,358 | |||||||||||||||||
Average headcount | 6,575 | 3,381 | 892 | 2,054 | — | 12,902 |
NAST | Global Forwarding | All Other and Corporate | Consolidated | ||||||||||||||||||||
Twelve Months Ended December 31, 2019 | |||||||||||||||||||||||
Total revenues | $ | 11,283,692 | $ | 2,327,913 | $ | 1,697,903 | $ | 15,309,508 | |||||||||||||||
Income (loss) from operations | 722,763 | 80,527 | (13,314) | 789,976 | |||||||||||||||||||
Depreciation and amortization | 24,508 | 36,720 | 39,221 | 100,449 | |||||||||||||||||||
Total assets (1) | 2,550,010 | 1,021,592 | 1,069,458 | 4,641,060 | |||||||||||||||||||
Average headcount | 7,354 | 4,766 | 3,431 | 15,551 |
For the year ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Total revenues | |||||||||||||||||
United States | $ | 19,494,969 | $ | 13,896,382 | $ | 13,143,522 | |||||||||||
Other locations | 3,607,169 | 2,310,724 | 2,165,986 | ||||||||||||||
Total revenues | $ | 23,102,138 | $ | 16,207,106 | $ | 15,309,508 |
As of December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Long-lived assets | |||||||||||||||||
United States | $ | 587,339 | $ | 551,511 | $ | 489,129 | |||||||||||
Other locations | 151,866 | 163,860 | 206,567 | ||||||||||||||
Total long-lived assets | $ | 739,205 | $ | 715,371 | $ | 695,696 |
For the year ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Total revenues | |||||||||||
United States | $ | 12,865,087 | $ | 11,749,602 | $ | 12,097,633 | |||||
Other locations | 2,004,293 | 1,394,811 | 1,378,451 | ||||||||
Total revenues | $ | 14,869,380 | $ | 13,144,413 | $ | 13,476,084 |
As of December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Long-lived assets | |||||||||||
United States | $ | 335,072 | $ | 348,299 | $ | 320,445 | |||||
Other locations | 107,140 | 96,311 | 24,878 | ||||||||
Total long-lived assets | $ | 442,212 | $ | 444,610 | $ | 345,323 |
Twelve Months Ended December 31, 2021 | |||||||||||||||||||||||
NAST | Global Forwarding | All Other and Corporate | Total | ||||||||||||||||||||
Major service lines: | |||||||||||||||||||||||
Transportation and logistics services(1) | $ | 14,507,917 | $ | 6,729,790 | $ | 808,867 | $ | 22,046,574 | |||||||||||||||
Sourcing(2) | — | — | 1,055,564 | 1,055,564 | |||||||||||||||||||
Total | $ | 14,507,917 | $ | 6,729,790 | $ | 1,864,431 | $ | 23,102,138 | |||||||||||||||
Twelve Months Ended December 31, 2020 | |||||||||||||||||||||||
NAST | Global Forwarding | All Other and Corporate | Total | ||||||||||||||||||||
Major service lines: | |||||||||||||||||||||||
Transportation and logistics services(1) | $ | 11,312,553 | $ | 3,100,525 | $ | 734,484 | $ | 15,147,562 | |||||||||||||||
Sourcing(2) | — | — | 1,059,544 | 1,059,544 | |||||||||||||||||||
Total | $ | 11,312,553 | $ | 3,100,525 | $ | 1,794,028 | $ | 16,207,106 | |||||||||||||||
Twelve Months Ended December 31, 2019 | |||||||||||||||||||||||
NAST | Global Forwarding | All Other and Corporate | Total | ||||||||||||||||||||
Major service lines: | |||||||||||||||||||||||
Transportation and logistics services(1) | $ | 11,283,692 | $ | 2,327,913 | $ | 710,690 | $ | 14,322,295 | |||||||||||||||
Sourcing(2) | — | — | 987,213 | 987,213 | |||||||||||||||||||
Total | $ | 11,283,692 | $ | 2,327,913 | $ | 1,697,903 | $ | 15,309,508 |
Twelve Months Ended December 31, | ||||||||||||||
Lease Costs | 2021 | 2020 | ||||||||||||
Operating lease expense | $ | 85,521 | $ | 86,451 | ||||||||||
Short-term lease expense | 8,307 | 15,130 | ||||||||||||
Total lease expense | $ | 93,828 | $ | 101,581 |
Twelve Months Ended December 31, | |||||||||||
Other Lease Information | 2021 | 2020 | |||||||||
Operating cash outflows from operating leases | $ | 85,244 | $ | 74,177 | |||||||
Right-of-use lease assets obtained in exchange for new lease liabilities(1) | 52,931 | 95,005 |
As of December 31, | |||||||||||
Lease Term and Discount Rate | 2021 | 2020 | |||||||||
Weighted average remaining lease term (in years)(1) | 6.4 | 6.8 | |||||||||
Weighted average discount rate | 3.0 | % | 3.2 | % |
Maturity of Lease Liabilities | Operating Leases | |||||||
2022 | $ | 74,600 | ||||||
2023 | 69,277 | |||||||
2024 | 48,819 | |||||||
2025 | 36,461 | |||||||
2026 | 26,678 | |||||||
Thereafter | 86,859 | |||||||
Total lease payments | 342,694 | |||||||
Less: Interest | (35,014) | |||||||
Present value of lease liabilities | $ | 307,680 |
Balance, December 31, 2020 | $ | 38,113 | |||
Provision | 9,405 | ||||
Write-offs | (5,976) | ||||
Balance, December 31, 2021 | $ | 41,542 |
2017 | March 31 (a) | June 30 | September 30 | December 31 (b) | ||||||||||||
Revenues: | ||||||||||||||||
Transportation | $ | 3,102,043 | $ | 3,319,995 | $ | 3,433,701 | $ | 3,647,167 | ||||||||
Sourcing | 313,082 | 390,023 | 350,750 | 312,619 | ||||||||||||
Total revenues | 3,415,125 | 3,710,018 | 3,784,451 | 3,959,786 | ||||||||||||
Costs and expenses: | ||||||||||||||||
Purchased transportation and related services | 2,563,885 | 2,781,355 | 2,869,616 | 3,042,434 | ||||||||||||
Purchased products sourced for resale | 282,674 | 354,874 | 320,989 | 285,503 | ||||||||||||
Personnel expenses | 290,504 | 284,220 | 293,204 | 311,599 | ||||||||||||
Other selling, general, and administrative expenses | 90,104 | 107,749 | 106,177 | 109,374 | ||||||||||||
Total costs and expenses | 3,227,167 | 3,528,198 | 3,589,986 | 3,748,910 | ||||||||||||
Income from operations | 187,958 | 181,820 | 194,465 | 210,876 | ||||||||||||
Net income | $ | 122,080 | $ | 111,071 | $ | 119,186 | $ | 152,556 | ||||||||
Basic net income per share | $ | 0.86 | $ | 0.79 | $ | 0.85 | $ | 1.09 | ||||||||
Diluted net income per share | $ | 0.86 | $ | 0.78 | $ | 0.85 | $ | 1.08 | ||||||||
Basic weighted average shares outstanding | 141,484 | 141,061 | 140,422 | 139,572 | ||||||||||||
Dilutive effect of outstanding stock awards | 374 | 526 | 600 | 1,152 | ||||||||||||
Diluted weighted average shares outstanding | 141,858 | 141,587 | 141,022 | 140,724 | ||||||||||||
Market price range of common stock: | ||||||||||||||||
High | $ | 81.16 | $ | 78.31 | $ | 76.16 | $ | 89.89 | ||||||||
Low | $ | 72.17 | $ | 66.33 | $ | 63.41 | $ | 74.30 |
2016 | March 31 | June 30 | September 30 | December 31 | ||||||||||||
Revenues: | ||||||||||||||||
Transportation | $ | 2,713,688 | $ | 2,881,496 | $ | 2,998,583 | $ | 3,110,978 | ||||||||
Sourcing | 360,255 | 418,245 | 357,171 | 303,997 | ||||||||||||
Total revenues | 3,073,943 | 3,299,741 | 3,355,754 | 3,414,975 | ||||||||||||
Costs and expenses: | ||||||||||||||||
Purchased transportation and related services | 2,179,622 | 2,324,995 | 2,469,939 | 2,575,378 | ||||||||||||
Purchased products sourced for resale | 330,986 | 380,531 | 327,353 | 278,081 | ||||||||||||
Personnel expenses | 277,497 | 270,251 | 256,883 | 260,305 | ||||||||||||
Other selling, general, and administrative expenses | 86,886 | 90,217 | 90,312 | 107,646 | ||||||||||||
Total costs and expenses | 2,874,991 | 3,065,994 | 3,144,487 | 3,221,410 | ||||||||||||
Income from operations | 198,952 | 233,747 | 211,267 | 193,565 | ||||||||||||
Net income | $ | 118,963 | $ | 143,090 | $ | 129,028 | $ | 122,303 | ||||||||
Basic net income per share | $ | 0.83 | $ | 1.00 | $ | 0.90 | $ | 0.86 | ||||||||
Diluted net income per share | $ | 0.83 | $ | 1.00 | $ | 0.90 | $ | 0.86 | ||||||||
Basic weighted average shares outstanding | 143,525 | 142,998 | 142,611 | 141,711 | ||||||||||||
Dilutive effect of outstanding stock awards | 133 | 218 | 272 | 453 | ||||||||||||
Diluted weighted average shares outstanding | 143,658 | 143,216 | 142,883 | 142,164 | ||||||||||||
Market price range of common stock: | ||||||||||||||||
High | $ | 75.11 | $ | 76.10 | $ | 75.69 | $ | 77.89 | ||||||||
Low | $ | 60.31 | $ | 69.84 | $ | 66.62 | $ | 65.57 |
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE |
ITEM 9A. CONTROLS AND PROCEDURES |
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE |
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS |
Plan Category | Number of Securities to Be Issued Upon Exercise of Outstanding Options, Warrants, and Rights | Weighted Average Exercise Price of Outstanding Options, Warrants, and Rights | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in the First Column) | |||||||
Equity compensation plans approved by security holders (1) | 10,600,204 | $ | 71.58 | 2,920,099 | ||||||
Equity compensation plans not approved by security holders | — | — | — | |||||||
Total | 10,600,204 | $ | 71.58 | 2,920,099 |
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE |
ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES |
2017 | 2016 | 2015 | |||||||||
Balance, beginning of year | $ | 39,543 | $ | 43,455 | $ | 41,051 | |||||
Provision | 13,489 | 5,136 | 11,538 | ||||||||
Write-offs | (10,623 | ) | (9,048 | ) | (9,134 | ) | |||||
Balance, end of year | $ | 42,409 | $ | 39,543 | $ | 43,455 |
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†10.20 | ||||||||
†10.21 | ||||||||
†10.22 | ||||||||
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*†10.24 | ||||||||
*†10.25 | ||||||||
*†10.26 | ||||||||
*21 | ||||||||
*23.1 | ||||||||
*24 | ||||||||
*31.1 | ||||||||
*31.2 | ||||||||
*32.1 | ||||||||
*32.2 | ||||||||
*101 | The following financial statements from our Annual Report on Form 10-K for the year ended December 31, |
text. | ||||||||
The cover page from the Current Report on Form 10-K formatted in Inline XBRL |
Filed herewith | |||||
† | Management contract or compensatory plan or arrangement required to be filed as an exhibit to Form 10-K pursuant to Item 15(c) of the Form 10-K Report |
C.H. ROBINSON WORLDWIDE, INC. | ||||||||||
By: | /s/ BEN G. CAMPBELL | |||||||||
Ben G. Campbell | ||||||||||
Chief Legal Officer and Secretary |
Signature | Title | |||||||
/s/ | Chief Executive Officer | |||||||
/s/ | Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) | |||||||
* | ||||||||
Scott P. Anderson | ||||||||
* | Director | |||||||
Kermit Crawford | ||||||||
* | Director | |||||||
Wayne M. Fortun | ||||||||
* | Director | |||||||
Timothy C. Gokey | ||||||||
* | Director | |||||||
Mary J. Steele Guilfoile | ||||||||
* | Director | |||||||
Jodee Kozlak | ||||||||
* | Director | |||||||
Brian P. Short | ||||||||
* | Director | |||||||
James B. Stake | ||||||||
* | Director | |||||||
Paula Tolliver | ||||||||
*By: | /s/ BEN G. CAMPBELL | |||||||
Ben G. Campbell | ||||||||
Attorney-in-Fact |