| Statement Of Financial Position Classified (USD $) | ||
| In Thousands | Jun. 30, 2009
| Dec. 31, 2008
|
| CURRENT ASSETS: | ||
| Cash and cash equivalents | $356,871 | $494,743 |
| Available-for-sale securities | 592 | 2,644 |
| Receivables, net of allowance for doubtful accounts of $30,950 and $29,263 | 920,686 | 828,884 |
| Deferred tax asset | 8,124 | 5,413 |
| Prepaid expenses and other | 30,602 | 16,187 |
| Total current assets | 1,316,875 | 1,347,871 |
| PROPERTY AND EQUIPMENT, net | 111,795 | 104,088 |
| GOODWILL | 334,586 | 324,704 |
| INTANGIBLE AND OTHER ASSETS, net | 23,559 | 24,225 |
| LONG TERM DEFERRED TAX ASSET | 16,856 | 14,833 |
| Total assets | 1,803,671 | 1,815,721 |
| CURRENT LIABILITIES: | ||
| Accounts payable and outstanding checks | 595,440 | 568,758 |
| Accrued expenses: | ||
| Compensation and profit-sharing contribution | 59,179 | 93,431 |
| Other accrued liabilities | 35,434 | 35,464 |
| Total current liabilities | 690,053 | 697,653 |
| LONG TERM LIABILITIES: | ||
| Non current income taxes payable | 11,324 | 9,887 |
| Nonqualified deferred compensation obligation | 985 | 960 |
| Total liabilities | 702,362 | 708,500 |
| STOCKHOLDERS' INVESTMENT: | ||
| Preferred stock, $0.10 par value, 20,000 shares authorized; no shares issued or outstanding | 0 | 0 |
| Common stock, $0.10 par value, 480,000 shares authorized; 176,128 shares issued; 168,538 and 170,437 shares outstanding | 16,854 | 17,044 |
| Retained earnings | 1,302,555 | 1,207,428 |
| Additional paid-in capital | 169,659 | 177,486 |
| Accumulated other comprehensive (loss) income | (1,548) | 2,165 |
| Treasury stock at cost (7,590 and 5,691 shares) | (386,211) | (296,902) |
| Total stockholders' investment | 1,101,309 | 1,107,221 |
| Total liabilities and stockholders' investment | $1,803,671 | $1,815,721 |
| Statement Of Financial Position Classified (Parenthetical) (USD $) | ||
| In Thousands, except Per Share data | Jun. 30, 2009
| Dec. 31, 2008
|
| Receivables, allowance for doubtful accounts | $30,950 | $29,263 |
| Preferred stock, par value | 0.1 | 0.1 |
| Preferred stock, shares authorized | 20,000 | 20,000 |
| Preferred stock, shares issued | 0 | 0 |
| Preferred stock, shares outstanding | 0 | 0 |
| Common stock, par value | 0.1 | 0.1 |
| Common stock, shares authorized | 480,000 | 480,000 |
| Common stock, shares issued | 176,128 | 176,128 |
| Common stock, shares outstanding | 168,538 | 170,437 |
| Treasury stock, shares | 7,590 | 5,691 |
| Statement Of Income Alternative (USD $) | ||||
| In Thousands, except Per Share data | 3 Months Ended
Jun. 30, 2009 | 3 Months Ended
Jun. 30, 2008 | 6 Months Ended
Jun. 30, 2009 | 6 Months Ended
Jun. 30, 2008 |
| REVENUES: | ||||
| Transportation | $1,487,577 | $1,927,354 | $2,806,103 | $3,568,966 |
| Sourcing | 427,010 | 380,933 | 786,144 | 712,230 |
| Information Services | 11,433 | 13,419 | 21,773 | 25,722 |
| Total revenues | 1,926,020 | 2,321,706 | 3,614,020 | 4,306,918 |
| COSTS AND EXPENSES: | ||||
| Purchased transportation and related services | 1,181,354 | 1,629,872 | 2,202,186 | 2,972,811 |
| Purchased products sourced for resale | 392,962 | 350,648 | 721,527 | 654,892 |
| Personnel expenses | 151,743 | 146,521 | 304,966 | 300,275 |
| Other selling, general, and administrative expenses | 50,077 | 50,159 | 98,089 | 98,357 |
| Total costs and expenses | 1,776,136 | 2,177,200 | 3,326,768 | 4,026,335 |
| INCOME FROM OPERATIONS | 149,884 | 144,506 | 287,252 | 280,583 |
| INVESTMENT AND OTHER INCOME | 729 | 1,709 | 1,219 | 4,183 |
| INCOME BEFORE PROVISION FOR INCOME TAXES | 150,613 | 146,215 | 288,471 | 284,766 |
| PROVISION FOR INCOME TAXES | 58,360 | 55,797 | 110,835 | 108,030 |
| NET INCOME | 92,253 | 90,418 | 177,636 | 176,736 |
| OTHER COMPREHENSIVE INCOME (LOSS): | ||||
| Foreign currency translation adjustment | 3,441 | 3,646 | (3,716) | 5,985 |
| COMPREHENSIVE INCOME | $95,694 | $94,064 | $173,920 | $182,721 |
| BASIC NET INCOME PER SHARE | 0.55 | 0.53 | 1.05 | 1.04 |
| DILUTED NET INCOME PER SHARE | 0.54 | 0.52 | 1.04 | 1.02 |
| BASIC WEIGHTED AVERAGE SHARES OUTSTANDING | 167,972 | 169,731 | 168,422 | 169,794 |
| DILUTIVE EFFECT OF OUTSTANDING STOCK AWARDS | 1,612 | 3,752 | 1,667 | 3,953 |
| DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING | 169,584 | 173,483 | 170,089 | 173,747 |
| Statement Of Cash Flows Indirect (USD $) | ||
| In Thousands | 6 Months Ended
Jun. 30, 2009 | 6 Months Ended
Jun. 30, 2008 |
| OPERATING ACTIVITIES | ||
| Net income | $177,636 | $176,736 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Stock-based compensation | 11,667 | 12,596 |
| Depreciation and amortization | 14,654 | 15,370 |
| Provision for doubtful accounts | 9,908 | 5,658 |
| Other non-cash (income) expense | (4,671) | 5,559 |
| Changes in operating elements: | ||
| Receivables | (97,188) | (242,772) |
| Prepaid expenses and other | (14,480) | (5,010) |
| Accounts payable and outstanding checks | 20,511 | 139,852 |
| Accrued compensation and profit-sharing contribution | (32,458) | (41,104) |
| Other accrued liabilities | 758 | (3,700) |
| Net cash provided by operating activities | 86,337 | 63,185 |
| INVESTING ACTIVITIES | ||
| Purchases of property and equipment | (20,025) | (11,053) |
| Purchases of available-for-sale-securities | 0 | (110,317) |
| Sales/maturities of available-for-sale-securities | 2,146 | 187,777 |
| Cash paid for acquisitions | (12,412) | (9,915) |
| Other | 39 | 651 |
| Net cash (used for) provided by investing activities | (30,252) | 57,143 |
| FINANCING ACTIVITIES | ||
| Proceeds from stock issued for employee benefit plans | 13,073 | 17,120 |
| Repurchase of common stock | (126,884) | (95,468) |
| Excess tax benefit on stock-based compensation plans | 4,226 | 8,506 |
| Cash dividends | (80,848) | (75,803) |
| Net cash used for financing activities | (190,433) | (145,645) |
| Effect of exchange rates on cash | (3,524) | 5,145 |
| Net change in cash and cash equivalents | (137,872) | (20,172) |
| CASH AND CASH EQUIVALENTS, beginning of period | 494,743 | 338,885 |
| CASH AND CASH EQUIVALENTS, end of period | $356,871 | $318,713 |
| Notes to Financial Statements | |
| 6 Months Ended
Jun. 30, 2009 USD / shares | |
| Notes to Financial Statements [Abstract] | |
| 1. General | 1. General Basis of Presentation C.H. Robinson Worldwide, Inc. and our subsidiaries (the company, we, us, or our) are a global provider of multimodal transportation services and logistics solutions through a network of 233 branch offices operating in North America, Europe, Asia, South America, Australia, and the Middle East. The condensed consolidated financial statements include the accounts of C.H. Robinson Worldwide, Inc. and our majority owned and controlled subsidiaries. Our minority interests in subsidiaries are not significant. All intercompany transactions and balances have been eliminated in the condensed consolidated financial statements. The condensed consolidated financial statements, which are unaudited, have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). In our opinion, these financial statements include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the results of operations for the interim periods presented. Interim results are not necessarily indicative of results for a full year. Consistent with SEC rules and regulations, we have condensed or omitted certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States. You should read the condensed consolidated financial statements and related notes in conjunction with the consolidated financial statements and notes in our Annual Report on Form 10-K for the year ended December31, 2008. |
| 2. New Accounting Pronouncements | 2. New Accounting Pronouncements In December 2007, the Financial Accounting Standards Board (FASB) issued Statement of Financial Standard (SFAS) No.141R, Business Combinations. SFAS No.141R establishes principles and requirements for how the acquirer of a business recognizes and measures in its financial statements the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquiree. The statement also provides guidance for recognizing and measuring the goodwill acquired in the business combination and determines what information to disclose to enable users of the financial statements to evaluate the nature and financial effects of the business combination. We have adopted SFAS No.141R as of January1, 2009 and applied it to the acquisition discussed in Note 8. SFAS No.141R did not have any impact on our financial statements upon adoption. In May 2009, the FASB issued SFAS No.165, Subsequent Events. This standard is intended to establish general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued or are available to be issued. Specifically, this standard sets forth the period after the balance sheet date during which management of a reporting entity should evaluate events or transactions that may occur for potential recognition or disclosure in the financial statements, the circumstances under which an entity should recognize events or transactions occurring after the balance sheet date in its financial statements, and the disclosures that an entity should make about events or transactions that occurred after the balance sheet date.SFAS No.165 was effective for us during the quarter ended June30, 2009.The adoption of SFAS No.165 did not have a material impact on the consolidated financial statements.We evaluated events and transactions for potential recognition or disclosure in the financial statements through the date of this filing. See Note 9. In April 2009, the FASB issued FASB Staff Position FAS No.107-1 and Accounting Principles Board (APB) Opinion No.28-1 (FSP FAS No.107-1 and APB No.28-1), Interim Disclosures about Fair Value of Financial Instruments, which amends SFAS No.107, Disclosures about Fair Value of Financial Instruments, and requires disclosures about the fair value of financial instruments for interim reporting periods of publicly traded companies as well as in annual financial statements. FSP FAS No.107-1 and APB No.28-1 also amend APB Opinion No.28, Interim Financial Reporting, to require those disclosures in summarized financial information at interim reporting periods. FSP FAS No.107-1 and APB No.28-1 was effective for us during the quarter ended June30, 2009. We have adopted FSP FAS No.107-1 and APB No.28-1 and provided the required disclosure in Note 5. In May 2008, FASB issued SFAS No.162, The Hierarchy of Generally Accepted Accounting Principles. This standard is intended to improve financial reporting by identifying a consistent framework, or hierarchy, for selecting accounting principles to be used in preparing financial statements that are presented in conformity with generally accept |
| 3. Goodwill and Intangible Assets | 3. Goodwill and Intangible Assets The change in the carrying amount of goodwill for the period ended June30, 2009 is as follows (in thousands): Balance December31, 2008 $ 324,704 Acquisition 9,984 Foreign currency translation (102 ) Balance June30, 2009 $ 334,586 A summary of our other intangible assets, which include primarily non-competition agreements and customer relationships, is as follows (in thousands): June30, 2009 December31, 2008 Gross $ 36,462 $ 35,869 Accumulated amortization (22,857 ) (20,969 ) Net $ 13,605 $ 14,900 Amortization expense for the six months ended June30, 2009 and 2008 for other intangible assets was $3.3 million and $2.9 million. Estimated amortization expense for each of the five succeeding fiscal years based on the intangible assets at June30, 2009 is as follows (in thousands): Remainder of 2009 $ 3,424 2010 3,469 2011 2,448 2012 1,715 2013 1,502 2014 1,047 Total $ 13,605 |
| 4. Litigation | 4. Litigation Gender Discrimination LawsuitAs we previously disclosed, certain gender discrimination class claims were settled in 2006. The settlement was within our insurance coverage limits, and was fully funded by insurance. Although the gender class settlement was fully funded by insurance, those insurers reserved the right to seek a court ruling that a portion of the settlement was not covered under their policies, and also to dispute payment of certain defense costs incurred in that litigation. Insurance coverage litigation between us and one of our insurance carriers concerning these issues and insurance coverage for individual lawsuits that were not part of the class settlement has been pending in Minnesota State Court. Recent court rulings have determined that the gender class settlement payment was appropriately covered under applicable policies, and that the insurance carrier has a duty to reimburse reasonable defense costs in the gender class action in all but two of the individual lawsuits. This ruling is being appealed by the insurance carrier. The settlement of the gender discrimination class claims did not include claims of putative class members who subsequently filed individual Equal Employment Opportunity Commission (EEOC) charges after the denial of class status. Fifty-four of those EEOC claimants filed lawsuits. Fifty-three of those suits have been settled or dismissed. The settlement amounts were not material to our financial position or results of operations. We are vigorously defending the remaining lawsuit. Accident LitigationOn March20, 2009 a jury in Will County, Illinois entered a verdict of $23.75 million against us, a federally authorized motor carrier with which we contracted, and the motor carriers driver. The award was entered in favor of three named plaintiffs following a consolidated trial, stemming from an accident that occurred on April1, 2004. The motor carrier and the driver both admitted that at the time of the accident the driver was acting as an agent for the motor carrier, and that the load was being transported according to the terms of our contract with the motor carrier. Our contract clearly defined the motor carrier as an independent contractor. The verdict has the effect of holding us vicariously liable for the damages caused by the admitted negligence of the motor carrier and its driver. There were no claims that our selection or retention of the motor carrier was negligent. Given our prior experience with claims of this nature, we believe the court erred in allowing theses claims to be considered by a jury. As a result we are vigorously pursuing all available legal avenues by which we may obtain relief from the verdict. On April17, 2009, as provided under Illinois law, we filed a post-trial motion. In that motion we have requested the entry of an order granting judgment in our favor not withstanding the verdict, due to the fact that the evidence presented to the jury was legally insufficient to support the verdict. In the alternative we have requested that the verdict be set aside and that a new trial be ordered due to numerous prejudicial trial errors which denied us a fair tria |
| 5. Fair Value Measurement | 5. Fair Value Measurement We adopted SFAS No.157 as of January1, 2008. This standard defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. SFAS No.157 establishes a valuation hierarchy for disclosure of the inputs to valuation used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based upon our own assumptions used to measure assets and liabilities at fair value. A financial asset or liabilitys classification within the hierarchy is determined based on the lowest level of input that is significant to the fair value measurement. The following table presents information as of June30, 2009, about our financial assets that are measured at fair value on a recurring basis, according to the valuation techniques we used to determine their fair values. QuotedPricesin ActiveMarkets (Level 1) Other Observable Inputs (Level 2) TotalFair Value Cash and cash equivalents $ 356,871 $ $ 356,871 Debt securities- Available-for-sale: State and municipal obligations 592 592 Total assets at fair value $ 356,871 $ 592 $ 357,463 The carrying value of cash and cash equivalents approximates fair value as maturities are three months or less. The estimated fair values of debt securities held as available-for-sale are based on quoted market prices and/or other market data for the same or comparable instruments and the transactions in establishing the prices. |
| 6. Stock Award Plans | 6. Stock Award Plans Stock-based compensation cost is measured at the grant date based on the value of the award and is recognized as expense over the vesting period. Total compensation expense recognized in our statements of operations for stock-based compensation awards was $6.0 million and $4.3 million for the three months ended June 30, 2009 and 2008 and $11.7 million and $12.6 million for the six months ended June30, 2009 and 2008. Our 1997 Omnibus Stock Plan allows us to grant certain stock awards, including stock options at fair market value and restricted shares and units, to our key employees and outside directors. A maximum of 28,000,000 shares can be granted under this plan; approximately 8,660,000 shares were available for stock awards as of June30, 2009, which cover stock options and restricted stock awards. Awards that expire or are cancelled without delivery of shares generally become available for issuance under the plans. Stock OptionsThe contractual lives of all options as originally granted are ten years. Options vested over a five-year period from the date of grant, with none vesting the first year and one quarter vesting each year after that. Recipients are able to exercise options using a stock swap which results in a new, fully-vested restoration option with a grant price established based on the date of the swap and a remaining contractual life equal to the remaining life of the original option. Options issued to non-employee directors vest immediately. The fair value per option is established using the Black-Scholes option pricing model, with the resulting expense being recorded over the vesting period of the award. Other than restoration options, we have not issued any new stock options since 2003. As of June30, 2009, there was no unrecognized compensation expense related to stock options since all outstanding options were fully vested. Restricted Stock AwardsWe have awarded performance-based restricted shares and restricted units to certain key employees and non-employee directors. These restricted shares and restricted units are subject to certain vesting requirements over a five-year period, based on the operating performance of the company. The awards also contain restrictions on the awardees ability to sell or transfer vested shares or units for a specified period of time. The fair value of these shares is established based on the market price on the date of grant, discounted for post-vesting holding restrictions. The discounts have varied from 12 percent to 22 percent and are calculated using the Black-Scholes option pricing model. Increased stock price volatility is the primary reason that the discount increased. These grants are being expensed based on the terms of the awards. We have also awarded to certain key employees restricted shares and units that vest primarily based on continued employment. The value of these awards is established by the market price on the date of the grant and is being expensed over the vesting period of the award. As of June30, 2009, there was unrecognized compensation expense of $119.3 million related to previously granted restricted equity. The amount of future exp |
| 7. Income Taxes | 7. Income Taxes C.H. Robinson Worldwide, Inc. and its 80 percent (or more) owned U.S. subsidiaries file a consolidated federal income tax return. We file unitary or separate state returns based on state filing requirements. With few exceptions, we are no longer subject to audits of U.S. federal, state and local, or non-U.S. income tax returns before 2005. Our effective income tax rate was 38.7 percent for the second quarter of 2009 and 38.2 percent for the second quarter of 2008. The effective income tax rate for both periods is greater than the statutory federal income tax rate primarily due to state income taxes, net of federal benefit. |
| 8. Acquisition | 8. Acquisition On June12, 2009, we acquired the operating subsidiaries of Walker Logistics Overseas, Ltd. (Walker). Walker is a leading international freight forwarder headquartered in London. Walker is a global, fully integrated import and export door-to-door provider specializing in air freight, ocean freight, warehousing, courier, and logistics solutions. Its customers are primarily in electronics, telecommunications, medical, sporting goods, and military industries. The majority of their revenues are from air and ocean freight. The acquisition of Walker fit one of our key strategic initiatives to continue to build our global forwarding network. The Walker acquisition strengthens our position in the United Kingdom and builds additional airfreight capabilities. This acquisition also gives us increased exposure to the Asia-European Union trade lane. This acquisition added less than $0.01 to our diluted earnings per share for the quarter and did not have a material impact on our results of operations or our financial position. |
| 9. Subsequent Events | 9. Subsequent Events On July7, 2009, we acquired certain assets of International Trade Commerce, Inc. (ITC). ITC is a United States customs brokerage company specializing in warehousing and distribution and cross-border services between the United States and Mexico. ITC is headquartered in Laredo, Texas and has approximately 40 employees and staff. We do not expect this acquisition to have a material impact on our results of operations or financial position. |
| Document Information | |
| 6 Months Ended
Jun. 30, 2009 USD / shares | |
| Document Information [Text Block] | |
| Document Type | 10-Q |
| Amendment Flag | false |
| Amendment Description | N.A. |
| Document Period End Date | 2009-06-30 |
| Entity Information (USD $) | |||
| 6 Months Ended
Jun. 30, 2009 | Aug. 06, 2009
| Jun. 30, 2008
| |
| Entity [Text Block] | |||
| Trading Symbol | CHRW | ||
| Entity Registrant Name | C H ROBINSON WORLDWIDE INC | ||
| Entity Central Index Key | 0001043277 | ||
| Current Fiscal Year End Date | --12-31 | ||
| Entity Well-known Seasoned Issuer | Yes | ||
| Entity Current Reporting Status | Yes | ||
| Entity Voluntary Filers | No | ||
| Entity Filer Category | Large Accelerated Filer | ||
| Entity Common Stock, Shares Outstanding | 168,379,966 | ||
| Entity Public Float | $8,972,627,000 |
