Expeditors International of Washington (EXPD) 10-Q 4 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 01, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	EXPEDITORS INTERNATIONAL OF WASHINGTON INC
Entity Central Index Key	746,515
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Trading Symbol	EXPD
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		181,052,055

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Current Assets:
Cash and cash equivalents	$ 980,264	$ 807,796
Accounts receivable, less allowance for doubtful accounts of $8,938 at June 30, 2016 and $7,820 at December 31, 2015	1,051,373	1,112,260
Deferred Federal and state income taxes	19,683	16,861
Other	75,525	56,453
Total current assets	2,126,845	1,993,370
Property and equipment, less accumulated depreciation and amortization of $400,396 at June 30, 2016 and $385,023 at December 31, 2015	540,737	524,724
Goodwill	7,927	7,927
Other assets, net	31,629	56,417
Total assets	2,707,138	2,582,438
Current Liabilities:
Accounts payable	642,056	645,304
Accrued expenses, primarily salaries and related costs	225,821	186,571
Federal, state and foreign income taxes	26,149	29,498
Total current liabilities	894,026	861,373
Deferred Federal and state income taxes	33,607	26,389
Commitments and contingencies
Shareholders' Equity:
Preferred stock, none issued	0	0
Common stock, par value $0.01 per share. Issued and outstanding 180,841 shares at June 30, 2016 and 182,067 shares at December 31, 2015	1,808	1,821
Additional paid-in capital	184	31
Retained earnings	1,855,935	1,771,379
Accumulated other comprehensive loss	(82,012)	(81,238)
Total shareholders’ equity	1,775,915	1,691,993
Noncontrolling interest	3,590	2,683
Total equity	1,779,505	1,694,676
Total liabilities and equity	$ 2,707,138	$ 2,582,438

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 8,938	$ 7,820
Property and equipment, accumulated depreciation	$ 400,396	$ 385,023
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares issued	180,841	182,067
Common stock, shares outstanding	180,841	182,067

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues:
Airfreight services	$ 582,093	$ 693,812	$ 1,142,946	$ 1,401,256
Ocean freight and ocean services	464,692	576,772	918,884	1,142,489
Customs brokerage and other services	428,379	420,969	831,806	825,334
Total revenues	1,475,164	1,691,553	2,893,636	3,369,079
Operating Expenses:
Airfreight services	403,419	506,988	792,196	1,019,989
Ocean freight and ocean services	323,699	433,356	646,719	878,812
Customs brokerage and other services	194,929	199,068	384,535	388,651
Salaries and related costs	293,532	287,065	576,887	565,943
Rent and occupancy costs	27,079	24,971	53,938	50,359
Depreciation and amortization	11,642	11,420	22,971	22,949
Selling and promotion	10,251	10,529	19,683	19,776
Other	31,749	35,440	66,017	71,001
Total operating expenses	1,296,300	1,508,837	2,562,946	3,017,480
Operating income	178,864	182,716	330,690	351,599
Other Income (Expense):
Interest income	2,890	2,636	5,669	5,368
Other, net	1,603	3,804	2,482	3,838
Other income, net	4,493	6,440	8,151	9,206
Earnings before income taxes	183,357	189,156	338,841	360,805
Income tax expense	66,918	70,827	125,355	135,144
Net earnings	116,439	118,329	213,486	225,661
Less net earnings attributable to the noncontrolling interest	387	569	850	1,197
Net earnings attributable to shareholders	$ 116,052	$ 117,760	$ 212,636	$ 224,464
Diluted earnings attributable to shareholders per share	$ 0.63	$ 0.61	$ 1.16	$ 1.17
Basic earnings attributable to shareholders per share	0.64	0.62	1.17	1.17
Dividends declared and paid per common share	$ 0.40	$ 0.36	$ 0.40	$ 0.36
Weighted average diluted shares outstanding	183,132	191,918	183,110	192,426
Weighted average basic shares outstanding	181,753	190,679	181,882	191,151

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statement of Comprehensive Income [Abstract]
Net earnings	$ 116,439	$ 118,329	$ 213,486	$ 225,661
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments, net of tax of $5,612 and $2,363 for the three months ended June 30, 2016 and 2015 and $424 and $8,197 for the six months ended June 30, 2016 and 2015	(10,297)	4,216	(717)	(15,389)
Other comprehensive (loss) income	(10,297)	4,216	(717)	(15,389)
Comprehensive income	106,142	122,545	212,769	210,272
Less comprehensive income attributable to the noncontrolling interest	330	472	907	769
Comprehensive income attributable to shareholders	$ 105,812	$ 122,073	$ 211,862	$ 209,503

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Other Comprehensive Income (Loss), Tax, Parenthetical Disclosures [Abstract]
Foreign currency translation adjustments, tax	$ (5,612)	$ 2,363	$ (424)	$ (8,197)

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Operating Activities:
Net earnings	$ 116,439	$ 118,329	$ 213,486	$ 225,661
Adjustments to reconcile net earnings to net cash from operating activities:
Provision for losses on accounts receivable	562	584	1,140	861
Deferred income tax (benefit) expense	(6,115)	8,986	3,781	20,923
Excess tax benefits from stock plans	(132)	(366)	(132)	(1,846)
Stock compensation expense	12,957	11,663	23,788	21,570
Depreciation and amortization	11,642	11,420	22,971	22,949
Other	(6)	27	30	113
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable	(48,344)	63,234	64,366	16,444
Increase in accounts payable and accrued expenses	51,422	8,038	36,078	22,933
Decrease in income taxes payable, net	(34,734)	(39,000)	(23,809)	(15,868)
Decrease (increase) in other current assets	1,361	(1,187)	(694)	2,382
Net cash from operating activities	105,052	181,728	341,005	316,122
Investing Activities:
Purchase of short-term investments	(2)	(46,986)	(54)	(47,008)
Proceeds from maturities of short-term investments	0	0	17	40,296
Purchase of property and equipment	(13,279)	(12,912)	(27,314)	(22,357)
Other, net	4,416	(14)	3,892	184
Net cash from investing activities	(8,865)	(59,912)	(23,459)	(28,885)
Financing Activities:
Proceeds from issuance of common stock	48,488	25,047	90,123	60,095
Repurchases of common stock	(96,115)	(128,137)	(166,407)	(205,505)
Excess tax benefits from stock plans	132	366	132	1,846
Dividends paid	(73,000)	(68,781)	(73,000)	(68,781)
Distributions to noncontrolling interest	0	0	0	(857)
Net cash from financing activities	(120,495)	(171,505)	(149,152)	(213,202)
Effect of exchange rate changes on cash and cash equivalents	(9,345)	2,272	4,074	(15,415)
(Decrease) increase in cash and cash equivalents	(33,653)	(47,417)	172,468	58,620
Cash and cash equivalents at beginning of period	1,013,917	1,033,144	807,796	927,107
Cash and cash equivalents at end of period	980,264	985,727	980,264	985,727
Taxes Paid:
Income taxes	$ 108,369	$ 101,389	$ 146,353	$ 129,650

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies A. Basis of Presentation Expeditors International of Washington, Inc. (the Company) is a non-asset based provider of global logistics services operating through a worldwide network of offices and exclusive or non-exclusive agents. The Company’s customers include retailing and wholesaling, electronics, industrial and manufacturing companies around the world. The condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. As a result, certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) have been condensed or omitted. The Company believes that the disclosures made are adequate to make the information presented not misleading. The condensed consolidated financial statements reflect all adjustments, consisting of normal recurring items, which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company's Form 10-K as filed with the Securities and Exchange Commission on February 25, 2016. All significant intercompany accounts and transactions have been eliminated in consolidation. All dollar amounts in the notes are presented in thousands except for per share data or unless otherwise specified. B. Accounts Receivable The Company maintains an allowance for doubtful accounts, which is reviewed at least monthly for estimated losses resulting from the inability of its customers to make required payments for services and advances. Additional allowances may be necessary in the future if the ability of its customers to pay deteriorates. The Company has recorded an allowance for doubtful accounts in the amounts of $8,938 as of June 30, 2016 and $7,820 as of December 31, 2015 . Additions and write-offs have not been significant in the periods presented. C. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of the assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. The Company uses estimates primarily in the following areas: accounts receivable valuation, accrual of costs related to ancillary services the Company provides, accrual of liabilities for the portion of the related exposure which the Company has self-insured, accrual of various tax liabilities, accrual of loss contingencies and calculation of share-based compensation expense. Actual results could differ from those estimates.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2016
Share-based Compensation [Abstract]
Share-Based Compensation	Share-Based Compensation The Company provides compensation benefits by granting stock options and employee stock purchase rights to its employees and restricted shares to its directors. On May 3, 2016 , the shareholders approved the 2016 Stock Option Plan, which made available 3 million shares of the Company's common stock for purchase upon exercise of options granted. The Company has historically granted the majority of its options during the second quarter of each fiscal year and 2,972 and 2,920 options were granted in the six months ended June 30, 2016 and 2015 , respectively. Stock options granted under the 2016 Stock Option Plan vest over three years from the date of grant as compared to five years for options granted in prior years. The grant of employee stock purchase rights and the issuance of shares under the employee stock purchase plan are made in the third quarter of each fiscal year and none were issued in the six-month periods ended June 30, 2016 and 2015 . In the second quarter of 2016 and 2015, respectively, 41 and 34 fully vested shares were granted to non-employee directors. The Company recognizes stock compensation expense based on an estimate of the fair value of awards granted to employees and directors under the Company’s stock option, director restricted stock and employee stock purchase rights plans. This expense, adjusted for expected forfeitures, is recognized in net earnings on a straight-line basis over the stock awards' vesting periods as salaries and related costs. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: Six months ended June 30, 2016 2015 Dividend yield 1.70 % 1.60 % Volatility - stock option plans 24 - 25% 31 % Risk free interest rates 1.31 % 1.79 % Expected life (years) - stock option plans 5.50 - 6.50 6.41 - 7.47 Weighted average fair value of stock options granted during the period $ 9.57 $ 13.42 Total stock compensation expense and the total related tax benefit recognized are as follows: Three months ended Six months ended June 30, June 30, 2016 2015 2016 2015 Stock compensation expense $ 12,957 $ 11,663 $ 23,788 $ 21,570 Recognized tax benefit $ 2,049 $ 1,491 $ 3,779 $ 2,734

Basic and Diluted Earnings per

Basic and Diluted Earnings per Share	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Basic and Diluted Earnings per Share	Basic and Diluted Earnings per Share The following table reconciles the numerator and the denominator of the basic and diluted per share computations for earnings attributable to shareholders: Three months ended June 30, (Amounts in thousands, except per share amounts) Net earnings attributable to shareholders Weighted average shares Earnings per share 2016 Basic earnings attributable to shareholders $ 116,052 181,753 $ 0.64 Effect of dilutive potential common shares — 1,379 — Diluted earnings attributable to shareholders $ 116,052 183,132 $ 0.63 2015 Basic earnings attributable to shareholders $ 117,760 190,679 $ 0.62 Effect of dilutive potential common shares — 1,239 — Diluted earnings attributable to shareholders $ 117,760 191,918 $ 0.61 Six months ended June 30, (Amounts in thousands, except per share amounts) Net earnings attributable to shareholders Weighted average shares Earnings per share 2016 Basic earnings attributable to shareholders $ 212,636 181,882 $ 1.17 Effect of dilutive potential common shares — 1,228 — Diluted earnings attributable to shareholders $ 212,636 183,110 $ 1.16 2015 Basic earnings attributable to shareholders $ 224,464 191,151 $ 1.17 Effect of dilutive potential common shares — 1,275 — Diluted earnings attributable to shareholders $ 224,464 192,426 $ 1.17 The following potential common shares have been excluded from the computation of diluted earnings per share because the effect would have been antidilutive: Three months ended Six months ended June 30, June 30, 2016 2015 2016 2015 Shares 9,602 8,407 10,632 10,519

Components of Equity

Components of Equity	6 Months Ended
	Jun. 30, 2016
Stockholders' Equity Note [Abstract]
Components of Equity	Components of Equity The components of equity for the six months ended June 30, 2016 and 2015 are as follows: Shareholders’ equity Noncontrolling interest Total equity Balance at December 31, 2015 $ 1,691,993 2,683 1,694,676 Exercise of stock options 90,123 — 90,123 Shares repurchased under provisions of stock repurchase plans (166,407 ) — (166,407 ) Stock compensation expense 23,788 — 23,788 Tax deficiency from stock plans, net (2,444 ) — (2,444 ) Net earnings 212,636 850 213,486 Other comprehensive (loss) income (774 ) 57 (717 ) Dividends paid ($0.40 per share) (73,000 ) — (73,000 ) Balance at June 30, 2016 $ 1,775,915 3,590 1,779,505 Balance at December 31, 2014 $ 1,868,408 3,200 1,871,608 Exercise of stock options 60,095 — 60,095 Shares repurchased under provisions of stock repurchase plans (205,505 ) — (205,505 ) Stock compensation expense 21,570 — 21,570 Tax benefits from stock plans, net 1,331 — 1,331 Net earnings 224,464 1,197 225,661 Other comprehensive loss (14,961 ) (428 ) (15,389 ) Dividends paid ($0.36 per share) (68,781 ) — (68,781 ) Distributions to noncontrolling interest — (857 ) (857 ) Balance at June 30, 2015 $ 1,886,621 3,112 1,889,733 The Company has a Non-Discretionary Stock Repurchase Plan to repurchase shares from the proceeds of stock option exercises and employee stock purchases. During the six-month periods ended June 30, 2016 and 2015 , 1,654 and 1,183 shares were repurchased at an average price of $48.85 and $47.06 per share, respectively. The Company also has a Discretionary Stock Repurchase Plan approved by the Board of Directors that authorizes management to reduce issued and outstanding stock. On May 3, 2016 , the Board of Directors amended the plan to further authorize repurchases from 180 million down to 170 million shares of common stock. During the six -month periods ended June 30, 2016 and 2015 , 1,759 and 3,133 shares were repurchased at an average price of $48.65 and $47.82 per share, respectively. Accumulated other comprehensive loss consisted entirely of foreign currency translation adjustments, net of related income tax effects, for all the periods presented. On May 3, 2016 , the Board of Directors declared a semi-annual dividend of $0.40 per share payable on June 15, 2016 to shareholders of record as of June 1, 2016 . On May 6, 2015 , the Board of Directors declared a semi-annual cash dividend of $0.36 per share payable on June 15, 2015 to shareholders of record as of June 1, 2015 .

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company’s financial instruments, other than cash, consist primarily of cash equivalents, short-term investments, accounts receivable, accounts payable and accrued expenses. The carrying value of these financial instruments approximates their fair value. All highly liquid investments with a maturity of three months or less at date of purchase are considered to be cash equivalents. Short-term investments have a maturity of greater than three months at date of purchase. Cash, cash equivalents and short-term investments consist of the following: June 30, 2016 December 31, 2015 Cost Fair Value Cost Fair Value Cash and Cash Equivalents: Cash and overnight deposits $ 451,445 451,445 445,582 445,582 Corporate commercial paper 478,146 478,183 302,433 302,480 Time deposits 50,673 50,673 59,781 59,781 Total cash and cash equivalents 980,264 980,301 807,796 807,843 Short-Term Investments: Time deposits 71 71 40 40 Total $ 980,335 980,372 807,836 807,883 The fair value of corporate commercial paper and time deposits is based on the use of market interest rates for identical or similar assets (Level 2 fair value measurement).

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2016
Loss Contingency [Abstract]
Contingencies	Contingencies The Company is involved in claims, lawsuits, government investigations and other legal matters that arise in the ordinary course of business and are subject to inherent uncertainties. Currently, in management's opinion and based upon advice from legal advisors, none of these matters are expected to have a significant effect on the Company's operations, cash flows or financial position. As of June 30, 2016 , the amounts accrued for these claims, lawsuits, government investigations and other legal matters are not significant to the Company's operations or financial position. At this time, the Company is unable to estimate any additional loss or range of reasonably possible losses, if any, beyond the amounts recorded, that might result from the resolution of these matters.

Business Segment Information

Business Segment Information	6 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Business Segment Information	Business Segment Information The Company is organized functionally in geographic operating segments. Accordingly, management focuses its attention on revenues, net revenues 1 , operating income, identifiable assets, capital expenditures, depreciation and amortization and equity generated in each of these geographical areas when evaluating the effectiveness of geographic management. Transactions among the Company’s various offices are conducted using the same arms-length pricing methodologies the Company uses when its offices transact business with independent agents. Certain costs are allocated among the segments based on the relative value of the underlying services, which can include allocation based on actual costs incurred or estimated cost plus a profit margin. Financial information regarding the Company’s operations by geographic area is as follows: (in thousands) UNITED STATES OTHER NORTH AMERICA LATIN AMERICA NORTH ASIA SOUTH ASIA EUROPE MIDDLE EAST, AFRICA AND INDIA ELIMI- NATIONS CONSOLI- DATED Three months ended June 30, 2016: Revenues from unaffiliated customers $ 417,735 56,674 21,169 517,489 151,890 229,882 80,325 — 1,475,164 Transfers between geographic areas 28,973 2,671 4,187 5,385 6,326 10,097 5,507 (63,146 ) — Total revenues $ 446,708 59,345 25,356 522,874 158,216 239,979 85,832 (63,146 ) 1,475,164 Net revenues 1 $ 232,860 30,815 14,468 122,117 46,257 77,639 28,975 (14 ) 553,117 Operating income $ 67,214 9,600 3,836 61,721 18,354 11,838 6,315 (14 ) 178,864 Identifiable assets at period end $ 1,363,352 84,358 58,570 471,832 118,352 378,859 225,877 5,938 2,707,138 Capital expenditures $ 8,778 445 317 678 351 2,140 570 — 13,279 Depreciation and amortization $ 7,366 380 288 1,388 543 1,188 489 — 11,642 Equity $ 1,069,876 38,638 39,482 309,557 78,668 133,387 141,315 (31,418 ) 1,779,505 Three months ended June 30, 2015: Revenues from unaffiliated customers $ 449,622 58,739 24,314 649,901 184,862 239,953 84,162 — 1,691,553 Transfers between geographic areas 32,486 3,685 5,403 5,427 6,473 10,716 5,112 (69,302 ) — Total revenues $ 482,108 62,424 29,717 655,328 191,335 250,669 89,274 (69,302 ) 1,691,553 Net revenues 1 $ 229,353 30,576 17,485 124,491 46,944 76,607 26,685 — 552,141 Operating income $ 68,547 10,437 5,441 60,597 16,140 15,587 5,967 — 182,716 Identifiable assets at period end $ 1,381,755 103,613 57,711 572,425 141,344 448,475 219,280 7,772 2,932,375 Capital expenditures $ 7,711 1,656 569 475 989 921 591 — 12,912 Depreciation and amortization $ 7,339 310 248 1,379 548 1,176 420 — 11,420 Equity $ 1,075,703 59,374 38,447 344,479 118,175 166,569 124,564 (37,578 ) 1,889,733 (in thousands) UNITED STATES OTHER NORTH AMERICA LATIN AMERICA NORTH ASIA SOUTH ASIA EUROPE MIDDLE EAST, AFRICA AND INDIA ELIMI- NATIONS CONSOLI- DATED Six months ended June 30, 2016: Revenues from unaffiliated customers $ 825,561 108,780 41,233 1,014,721 288,308 451,779 163,254 — 2,893,636 Transfers between geographic areas 55,007 5,371 7,788 10,481 12,132 20,458 10,901 (122,138 ) — Total revenues $ 880,568 114,151 49,021 1,025,202 300,440 472,237 174,155 (122,138 ) 2,893,636 Net revenues 1 $ 453,558 58,193 28,201 232,908 85,775 152,180 59,382 (11 ) 1,070,186 Operating income $ 115,419 16,891 7,688 116,939 34,045 24,091 15,628 (11 ) 330,690 Identifiable assets at period end $ 1,363,352 84,358 58,570 471,832 118,352 378,859 225,877 5,938 2,707,138 Capital expenditures $ 16,915 756 802 1,763 1,006 4,259 1,813 — 27,314 Depreciation and amortization $ 14,698 744 541 2,707 1,055 2,286 940 — 22,971 Equity $ 1,069,876 38,638 39,482 309,557 78,668 133,387 141,315 (31,418 ) 1,779,505 Six months ended June 30, 2015: Revenues from unaffiliated customers $ 893,803 113,533 48,395 1,295,345 366,243 482,039 169,721 — 3,369,079 Transfers between geographic areas 60,161 6,499 10,180 11,124 12,388 20,353 10,179 (130,884 ) — Total revenues $ 953,964 120,032 58,575 1,306,469 378,631 502,392 179,900 (130,884 ) 3,369,079 Net revenues 1 $ 448,956 61,254 34,044 241,896 89,144 152,495 53,838 — 1,081,627 Operating income $ 127,728 21,528 10,797 117,653 30,020 30,658 13,215 — 351,599 Identifiable assets at period end $ 1,381,755 103,613 57,711 572,425 141,344 448,475 219,280 7,772 2,932,375 Capital expenditures $ 14,036 1,944 1,186 765 1,308 2,069 1,049 — 22,357 Depreciation and amortization $ 14,732 602 516 2,778 1,078 2,422 821 — 22,949 Equity $ 1,075,703 59,374 38,447 344,479 118,175 166,569 124,564 (37,578 ) 1,889,733 _______________________ 1 Net revenues are a non-GAAP measure calculated as revenues less directly related operations expenses attributable to the Company's principal services. The Company's management believes that net revenues are a better measure than total revenues when evaluating the Company's operating segment performance since total revenues earned as a freight consolidator include the carriers' charges for carrying the shipment, whereas revenues earned in other capacities include primarily the commissions and fees earned by the Company. Net revenue is one of the Company's primary operational and financial measures and demonstrates the Company's ability to concentrate and leverage purchasing power through effective consolidation of shipments from customers utilizing a variety of transportation carriers and optimal routings. The following table presents the calculation of consolidated net revenues: Three months ended Six months ended June 30, June 30, 2016 2015 2016 2015 Total revenues $ 1,475,164 $ 1,691,553 $ 2,893,636 $ 3,369,079 Expenses: Airfreight services 403,419 506,988 792,196 1,019,989 Ocean freight and ocean services 323,699 433,356 646,719 878,812 Customs brokerage and other services 194,929 199,068 384,535 388,651 Net revenues $ 553,117 $ 552,141 $ 1,070,186 $ 1,081,627

Summary of Significant Accoun15

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Basis of Presentation, Policy	The condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. As a result, certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) have been condensed or omitted. The Company believes that the disclosures made are adequate to make the information presented not misleading. The condensed consolidated financial statements reflect all adjustments, consisting of normal recurring items, which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company's Form 10-K as filed with the Securities and Exchange Commission on February 25, 2016. All significant intercompany accounts and transactions have been eliminated in consolidation. All dollar amounts in the notes are presented in thousands except for per share data or unless otherwise specified.
Accounts Receivable, Policy	The Company maintains an allowance for doubtful accounts, which is reviewed at least monthly for estimated losses resulting from the inability of its customers to make required payments for services and advances. Additional allowances may be necessary in the future if the ability of its customers to pay deteriorates. The Company has recorded an allowance for doubtful accounts in the amounts of $8,938 as of June 30, 2016 and $7,820 as of December 31, 2015 . Additions and write-offs have not been significant in the periods presented.
Use of Estimates, Policy	The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of the assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. The Company uses estimates primarily in the following areas: accounts receivable valuation, accrual of costs related to ancillary services the Company provides, accrual of liabilities for the portion of the related exposure which the Company has self-insured, accrual of various tax liabilities, accrual of loss contingencies and calculation of share-based compensation expense. Actual results could differ from those estimates.
Stock Plans, Policy	The Company recognizes stock compensation expense based on an estimate of the fair value of awards granted to employees and directors under the Company’s stock option, director restricted stock and employee stock purchase rights plans. This expense, adjusted for expected forfeitures, is recognized in net earnings on a straight-line basis over the stock awards' vesting periods as salaries and related costs.
Cash Equivalents, Policy	All highly liquid investments with a maturity of three months or less at date of purchase are considered to be cash equivalents.
Short-term Investments, Policy	Short-term investments have a maturity of greater than three months at date of purchase.
Segment Reporting, Policy	The Company is organized functionally in geographic operating segments. Accordingly, management focuses its attention on revenues, net revenues 1 , operating income, identifiable assets, capital expenditures, depreciation and amortization and equity generated in each of these geographical areas when evaluating the effectiveness of geographic management. Transactions among the Company’s various offices are conducted using the same arms-length pricing methodologies the Company uses when its offices transact business with independent agents. Certain costs are allocated among the segments based on the relative value of the underlying services, which can include allocation based on actual costs incurred or estimated cost plus a profit margin.

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2016
Share-based Compensation [Abstract]
Assumptions to Estimate Fair Value of Option Grant on Date of Grant Using Black Scholes Option Pricing Model	The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: Six months ended June 30, 2016 2015 Dividend yield 1.70 % 1.60 % Volatility - stock option plans 24 - 25% 31 % Risk free interest rates 1.31 % 1.79 % Expected life (years) - stock option plans 5.50 - 6.50 6.41 - 7.47 Weighted average fair value of stock options granted during the period $ 9.57 $ 13.42
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs	Total stock compensation expense and the total related tax benefit recognized are as follows: Three months ended Six months ended June 30, June 30, 2016 2015 2016 2015 Stock compensation expense $ 12,957 $ 11,663 $ 23,788 $ 21,570 Recognized tax benefit $ 2,049 $ 1,491 $ 3,779 $ 2,734

Basic and Diluted Earnings pe17

Basic and Diluted Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table reconciles the numerator and the denominator of the basic and diluted per share computations for earnings attributable to shareholders: Three months ended June 30, (Amounts in thousands, except per share amounts) Net earnings attributable to shareholders Weighted average shares Earnings per share 2016 Basic earnings attributable to shareholders $ 116,052 181,753 $ 0.64 Effect of dilutive potential common shares — 1,379 — Diluted earnings attributable to shareholders $ 116,052 183,132 $ 0.63 2015 Basic earnings attributable to shareholders $ 117,760 190,679 $ 0.62 Effect of dilutive potential common shares — 1,239 — Diluted earnings attributable to shareholders $ 117,760 191,918 $ 0.61 Six months ended June 30, (Amounts in thousands, except per share amounts) Net earnings attributable to shareholders Weighted average shares Earnings per share 2016 Basic earnings attributable to shareholders $ 212,636 181,882 $ 1.17 Effect of dilutive potential common shares — 1,228 — Diluted earnings attributable to shareholders $ 212,636 183,110 $ 1.16 2015 Basic earnings attributable to shareholders $ 224,464 191,151 $ 1.17 Effect of dilutive potential common shares — 1,275 — Diluted earnings attributable to shareholders $ 224,464 192,426 $ 1.17
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following potential common shares have been excluded from the computation of diluted earnings per share because the effect would have been antidilutive: Three months ended Six months ended June 30, June 30, 2016 2015 2016 2015 Shares 9,602 8,407 10,632 10,519

Components of Equity (Tables)

Components of Equity (Tables)	6 Months Ended
	Jun. 30, 2016
Stockholders' Equity Note [Abstract]
Schedule of Components of Equity Disclosure	The components of equity for the six months ended June 30, 2016 and 2015 are as follows: Shareholders’ equity Noncontrolling interest Total equity Balance at December 31, 2015 $ 1,691,993 2,683 1,694,676 Exercise of stock options 90,123 — 90,123 Shares repurchased under provisions of stock repurchase plans (166,407 ) — (166,407 ) Stock compensation expense 23,788 — 23,788 Tax deficiency from stock plans, net (2,444 ) — (2,444 ) Net earnings 212,636 850 213,486 Other comprehensive (loss) income (774 ) 57 (717 ) Dividends paid ($0.40 per share) (73,000 ) — (73,000 ) Balance at June 30, 2016 $ 1,775,915 3,590 1,779,505 Balance at December 31, 2014 $ 1,868,408 3,200 1,871,608 Exercise of stock options 60,095 — 60,095 Shares repurchased under provisions of stock repurchase plans (205,505 ) — (205,505 ) Stock compensation expense 21,570 — 21,570 Tax benefits from stock plans, net 1,331 — 1,331 Net earnings 224,464 1,197 225,661 Other comprehensive loss (14,961 ) (428 ) (15,389 ) Dividends paid ($0.36 per share) (68,781 ) — (68,781 ) Distributions to noncontrolling interest — (857 ) (857 ) Balance at June 30, 2015 $ 1,886,621 3,112 1,889,733

Fair Value of Financial Instr19

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Schedule of Fair value of Cash and Cash Equivalents by Balance Sheet Grouping	Cash, cash equivalents and short-term investments consist of the following: June 30, 2016 December 31, 2015 Cost Fair Value Cost Fair Value Cash and Cash Equivalents: Cash and overnight deposits $ 451,445 451,445 445,582 445,582 Corporate commercial paper 478,146 478,183 302,433 302,480 Time deposits 50,673 50,673 59,781 59,781 Total cash and cash equivalents 980,264 980,301 807,796 807,843 Short-Term Investments: Time deposits 71 71 40 40 Total $ 980,335 980,372 807,836 807,883

Business Segment Information (T

Business Segment Information (Tables)	6 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Financial information regarding the Company’s operations by geographic area is as follows: (in thousands) UNITED STATES OTHER NORTH AMERICA LATIN AMERICA NORTH ASIA SOUTH ASIA EUROPE MIDDLE EAST, AFRICA AND INDIA ELIMI- NATIONS CONSOLI- DATED Three months ended June 30, 2016: Revenues from unaffiliated customers $ 417,735 56,674 21,169 517,489 151,890 229,882 80,325 — 1,475,164 Transfers between geographic areas 28,973 2,671 4,187 5,385 6,326 10,097 5,507 (63,146 ) — Total revenues $ 446,708 59,345 25,356 522,874 158,216 239,979 85,832 (63,146 ) 1,475,164 Net revenues 1 $ 232,860 30,815 14,468 122,117 46,257 77,639 28,975 (14 ) 553,117 Operating income $ 67,214 9,600 3,836 61,721 18,354 11,838 6,315 (14 ) 178,864 Identifiable assets at period end $ 1,363,352 84,358 58,570 471,832 118,352 378,859 225,877 5,938 2,707,138 Capital expenditures $ 8,778 445 317 678 351 2,140 570 — 13,279 Depreciation and amortization $ 7,366 380 288 1,388 543 1,188 489 — 11,642 Equity $ 1,069,876 38,638 39,482 309,557 78,668 133,387 141,315 (31,418 ) 1,779,505 Three months ended June 30, 2015: Revenues from unaffiliated customers $ 449,622 58,739 24,314 649,901 184,862 239,953 84,162 — 1,691,553 Transfers between geographic areas 32,486 3,685 5,403 5,427 6,473 10,716 5,112 (69,302 ) — Total revenues $ 482,108 62,424 29,717 655,328 191,335 250,669 89,274 (69,302 ) 1,691,553 Net revenues 1 $ 229,353 30,576 17,485 124,491 46,944 76,607 26,685 — 552,141 Operating income $ 68,547 10,437 5,441 60,597 16,140 15,587 5,967 — 182,716 Identifiable assets at period end $ 1,381,755 103,613 57,711 572,425 141,344 448,475 219,280 7,772 2,932,375 Capital expenditures $ 7,711 1,656 569 475 989 921 591 — 12,912 Depreciation and amortization $ 7,339 310 248 1,379 548 1,176 420 — 11,420 Equity $ 1,075,703 59,374 38,447 344,479 118,175 166,569 124,564 (37,578 ) 1,889,733 (in thousands) UNITED STATES OTHER NORTH AMERICA LATIN AMERICA NORTH ASIA SOUTH ASIA EUROPE MIDDLE EAST, AFRICA AND INDIA ELIMI- NATIONS CONSOLI- DATED Six months ended June 30, 2016: Revenues from unaffiliated customers $ 825,561 108,780 41,233 1,014,721 288,308 451,779 163,254 — 2,893,636 Transfers between geographic areas 55,007 5,371 7,788 10,481 12,132 20,458 10,901 (122,138 ) — Total revenues $ 880,568 114,151 49,021 1,025,202 300,440 472,237 174,155 (122,138 ) 2,893,636 Net revenues 1 $ 453,558 58,193 28,201 232,908 85,775 152,180 59,382 (11 ) 1,070,186 Operating income $ 115,419 16,891 7,688 116,939 34,045 24,091 15,628 (11 ) 330,690 Identifiable assets at period end $ 1,363,352 84,358 58,570 471,832 118,352 378,859 225,877 5,938 2,707,138 Capital expenditures $ 16,915 756 802 1,763 1,006 4,259 1,813 — 27,314 Depreciation and amortization $ 14,698 744 541 2,707 1,055 2,286 940 — 22,971 Equity $ 1,069,876 38,638 39,482 309,557 78,668 133,387 141,315 (31,418 ) 1,779,505 Six months ended June 30, 2015: Revenues from unaffiliated customers $ 893,803 113,533 48,395 1,295,345 366,243 482,039 169,721 — 3,369,079 Transfers between geographic areas 60,161 6,499 10,180 11,124 12,388 20,353 10,179 (130,884 ) — Total revenues $ 953,964 120,032 58,575 1,306,469 378,631 502,392 179,900 (130,884 ) 3,369,079 Net revenues 1 $ 448,956 61,254 34,044 241,896 89,144 152,495 53,838 — 1,081,627 Operating income $ 127,728 21,528 10,797 117,653 30,020 30,658 13,215 — 351,599 Identifiable assets at period end $ 1,381,755 103,613 57,711 572,425 141,344 448,475 219,280 7,772 2,932,375 Capital expenditures $ 14,036 1,944 1,186 765 1,308 2,069 1,049 — 22,357 Depreciation and amortization $ 14,732 602 516 2,778 1,078 2,422 821 — 22,949 Equity $ 1,075,703 59,374 38,447 344,479 118,175 166,569 124,564 (37,578 ) 1,889,733
Schedule of Net Revenues Calculation	The following table presents the calculation of consolidated net revenues: Three months ended Six months ended June 30, June 30, 2016 2015 2016 2015 Total revenues $ 1,475,164 $ 1,691,553 $ 2,893,636 $ 3,369,079 Expenses: Airfreight services 403,419 506,988 792,196 1,019,989 Ocean freight and ocean services 323,699 433,356 646,719 878,812 Customs brokerage and other services 194,929 199,068 384,535 388,651 Net revenues $ 553,117 $ 552,141 $ 1,070,186 $ 1,081,627

Summary of Significant Accoun21

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 8,938	$ 7,820

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	May 03, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted			2,972	2,920
Issuance of shares under stock purchase plan			0	0
Stock Option Plan 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share authorized for grant					3,000
Directors' Restricted Stock Plan 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share granted to independent directors	41	34
Upper end | Stock Option Plan 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Upper end | Employee Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		5 years

Share-Based Compensation - Assu

Share-Based Compensation - Assumptions to Estimate Fair Value of Option Grant on Date of Grant Using Black Scholes Option Pricing Model (Detail) - $ / shares	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	1.70%	1.60%
Risk free interest rates	1.31%	1.79%
Weighted average fair value of stock options granted during the period	$ 9.57	$ 13.42
Employee Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility lower end - stock option plans	24.00%	31.00%
Volatility upper end - stock option plans	25.00%	31.00%
Employee Stock Option Plan | Lower end
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life (years) - stock option plans	5 years 6 months	6 years 4 months 29 days
Employee Stock Option Plan | Upper end
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life (years) - stock option plans	6 years 6 months	7 years 5 months 21 days

Share-Based Compensation - Stoc

Share-Based Compensation - Stock Compensation Expense and Total Related Tax Benefit Recognized (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock compensation expense	$ 12,957	$ 11,663	$ 23,788	$ 21,570
Recognized tax benefit	$ 2,049	$ 1,491	$ 3,779	$ 2,734

Basic and Diluted Earnings pe25

Basic and Diluted Earnings per Share - Numerator and Denominator of the Basic and Diluted Per Share Computations for Earnings Attributable to Shareholders Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Net Earnings Attributable to Shareholders
Basic earnings attributable to shareholders	$ 116,052	$ 117,760	$ 212,636	$ 224,464
Diluted earnings attributable to shareholders	$ 116,052	$ 117,760	$ 212,636	$ 224,464
Weighted Average Shares
Weighted average basic shares outstanding	181,753	190,679	181,882	191,151
Effect of dilutive potential common shares	1,379	1,239	1,228	1,275
Weighted average diluted shares outstanding	183,132	191,918	183,110	192,426
Earnings Per Share
Basic earnings attributable to shareholders per share	$ 0.64	$ 0.62	$ 1.17	$ 1.17
Diluted earnings attributable to shareholders per share	$ 0.63	$ 0.61	$ 1.16	$ 1.17

Basic and Diluted Earnings pe26

Basic and Diluted Earnings per Share - Shares Excluded from Computation of Diluted earnings Per Share (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Earnings Per Share [Abstract]
Shares	9,602	8,407	10,632	10,519

Components of Equity (Detail)

Components of Equity (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance			$ 1,694,676	$ 1,871,608
Exercise of stock options			90,123	60,095
Shares repurchased under provisions of stock repurchase plans			(166,407)	(205,505)
Stock compensation expense			23,788	21,570
Tax deficiency from stock plans, net			(2,444)	1,331
Net earnings	$ 116,439	$ 118,329	213,486	225,661
Other comprehensive income (loss)	(10,297)	4,216	(717)	(15,389)
Dividends paid			(73,000)	(68,781)
Distributions to noncontrolling interest				(857)
Ending Balance	1,779,505	1,889,733	1,779,505	1,889,733
Shareholders' Equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance			1,691,993	1,868,408
Exercise of stock options			90,123	60,095
Shares repurchased under provisions of stock repurchase plans			(166,407)	(205,505)
Stock compensation expense			23,788	21,570
Tax deficiency from stock plans, net			(2,444)	1,331
Net earnings			212,636	224,464
Other comprehensive income (loss)			(774)	(14,961)
Dividends paid			(73,000)	(68,781)
Ending Balance	1,775,915	1,886,621	1,775,915	1,886,621
Noncontrolling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance			2,683	3,200
Net earnings			850	1,197
Other comprehensive income (loss)			57	(428)
Distributions to noncontrolling interest				(857)
Ending Balance	$ 3,590	$ 3,112	$ 3,590	$ 3,112

Components Of Equity - Addition

Components Of Equity - Additional Information (Detail) - $ / shares shares in Thousands	May 03, 2016	May 06, 2015	Jun. 30, 2016	Jun. 30, 2015	May 02, 2016
Class of Stock [Line Items]
Date of declaration of dividends	May 3, 2016	May 6, 2015
Dividend declared per share	$ 0.40	$ 0.36
Date of dividend payment	Jun. 15, 2016	Jun. 15, 2015
Dividends payable to shareholders date of record	Jun. 1, 2016	Jun. 1, 2015
Non-Discretionary Plan
Class of Stock [Line Items]
Shares repurchased			1,654	1,183
Average price per share			$ 48.85	$ 47.06
Discretionary Plan
Class of Stock [Line Items]
Shares repurchased			1,759	3,133
Average price per share			$ 48.65	$ 47.82
Expected common stock shares issued and outstanding	170,000				180,000

Fair Value of Financial Instr29

Fair Value of Financial Instruments - Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash and cash equivalents	$ 980,264	$ 1,013,917	$ 807,796	$ 985,727	$ 1,033,144	$ 927,107
Cost
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash and cash equivalents	980,264		807,796
Total	980,335		807,836
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	980,372		807,883
Cash and Cash Equivalents | Cost
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and overnight deposits	451,445		445,582
Corporate commercial paper	478,146		302,433
Time deposits	50,673		59,781
Cash and Cash Equivalents | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and overnight deposits	451,445		445,582
Corporate commercial paper	478,183		302,480
Time deposits	50,673		59,781
Total cash and cash equivalents	980,301		807,843
Short-term Investments | Cost
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Time deposits	71		40
Short-term Investments | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Time deposits	$ 71		$ 40

Business Segment Information -

Business Segment Information - Financial Information Regarding Company's Operations by Geographic Area (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Total revenues		$ 1,475,164	$ 1,691,553	$ 2,893,636	$ 3,369,079
Net revenues	[1]	553,117	552,141	1,070,186	1,081,627
Operating income		178,864	182,716	330,690	351,599
Identifiable assets at period end		2,707,138	2,932,375	2,707,138	2,932,375	$ 2,582,438
Capital expenditures		13,279	12,912	27,314	22,357
Depreciation and amortization		11,642	11,420	22,971	22,949
Equity		1,779,505	1,889,733	1,779,505	1,889,733	$ 1,694,676	$ 1,871,608
United States Segment
Segment Reporting Information [Line Items]
Total revenues		417,735	449,622	825,561	893,803
Other North America Segment
Segment Reporting Information [Line Items]
Total revenues		56,674	58,739	108,780	113,533
Latin America Segment
Segment Reporting Information [Line Items]
Total revenues		21,169	24,314	41,233	48,395
North Asia Segment
Segment Reporting Information [Line Items]
Total revenues		517,489	649,901	1,014,721	1,295,345
South Asia Segment
Segment Reporting Information [Line Items]
Total revenues		151,890	184,862	288,308	366,243
Europe Segment
Segment Reporting Information [Line Items]
Total revenues		229,882	239,953	451,779	482,039
Middle East Africa And India Segment
Segment Reporting Information [Line Items]
Total revenues		80,325	84,162	163,254	169,721
Geography Eliminations | United States Segment
Segment Reporting Information [Line Items]
Total revenues		28,973	32,486	55,007	60,161
Geography Eliminations | Other North America Segment
Segment Reporting Information [Line Items]
Total revenues		2,671	3,685	5,371	6,499
Geography Eliminations | Latin America Segment
Segment Reporting Information [Line Items]
Total revenues		4,187	5,403	7,788	10,180
Geography Eliminations | North Asia Segment
Segment Reporting Information [Line Items]
Total revenues		5,385	5,427	10,481	11,124
Geography Eliminations | South Asia Segment
Segment Reporting Information [Line Items]
Total revenues		6,326	6,473	12,132	12,388
Geography Eliminations | Europe Segment
Segment Reporting Information [Line Items]
Total revenues		10,097	10,716	20,458	20,353
Geography Eliminations | Middle East Africa And India Segment
Segment Reporting Information [Line Items]
Total revenues		5,507	5,112	10,901	10,179
Operating Segments | United States Segment
Segment Reporting Information [Line Items]
Total revenues		446,708	482,108	880,568	953,964
Net revenues	[1]	232,860	229,353	453,558	448,956
Operating income		67,214	68,547	115,419	127,728
Identifiable assets at period end		1,363,352	1,381,755	1,363,352	1,381,755
Capital expenditures		8,778	7,711	16,915	14,036
Depreciation and amortization		7,366	7,339	14,698	14,732
Equity		1,069,876	1,075,703	1,069,876	1,075,703
Operating Segments | Other North America Segment
Segment Reporting Information [Line Items]
Total revenues		59,345	62,424	114,151	120,032
Net revenues	[1]	30,815	30,576	58,193	61,254
Operating income		9,600	10,437	16,891	21,528
Identifiable assets at period end		84,358	103,613	84,358	103,613
Capital expenditures		445	1,656	756	1,944
Depreciation and amortization		380	310	744	602
Equity		38,638	59,374	38,638	59,374
Operating Segments | Latin America Segment
Segment Reporting Information [Line Items]
Total revenues		25,356	29,717	49,021	58,575
Net revenues	[1]	14,468	17,485	28,201	34,044
Operating income		3,836	5,441	7,688	10,797
Identifiable assets at period end		58,570	57,711	58,570	57,711
Capital expenditures		317	569	802	1,186
Depreciation and amortization		288	248	541	516
Equity		39,482	38,447	39,482	38,447
Operating Segments | North Asia Segment
Segment Reporting Information [Line Items]
Total revenues		522,874	655,328	1,025,202	1,306,469
Net revenues	[1]	122,117	124,491	232,908	241,896
Operating income		61,721	60,597	116,939	117,653
Identifiable assets at period end		471,832	572,425	471,832	572,425
Capital expenditures		678	475	1,763	765
Depreciation and amortization		1,388	1,379	2,707	2,778
Equity		309,557	344,479	309,557	344,479
Operating Segments | South Asia Segment
Segment Reporting Information [Line Items]
Total revenues		158,216	191,335	300,440	378,631
Net revenues	[1]	46,257	46,944	85,775	89,144
Operating income		18,354	16,140	34,045	30,020
Identifiable assets at period end		118,352	141,344	118,352	141,344
Capital expenditures		351	989	1,006	1,308
Depreciation and amortization		543	548	1,055	1,078
Equity		78,668	118,175	78,668	118,175
Operating Segments | Europe Segment
Segment Reporting Information [Line Items]
Total revenues		239,979	250,669	472,237	502,392
Net revenues	[1]	77,639	76,607	152,180	152,495
Operating income		11,838	15,587	24,091	30,658
Identifiable assets at period end		378,859	448,475	378,859	448,475
Capital expenditures		2,140	921	4,259	2,069
Depreciation and amortization		1,188	1,176	2,286	2,422
Equity		133,387	166,569	133,387	166,569
Operating Segments | Middle East Africa And India Segment
Segment Reporting Information [Line Items]
Total revenues		85,832	89,274	174,155	179,900
Net revenues	[1]	28,975	26,685	59,382	53,838
Operating income		6,315	5,967	15,628	13,215
Identifiable assets at period end		225,877	219,280	225,877	219,280
Capital expenditures		570	591	1,813	1,049
Depreciation and amortization		489	420	940	821
Equity		141,315	124,564	141,315	124,564
Intersegment Eliminations
Segment Reporting Information [Line Items]
Total revenues		(63,146)	(69,302)	(122,138)	(130,884)
Net revenues	[1]	(14)		(11)
Operating income		(14)		(11)
Identifiable assets at period end		5,938	7,772	5,938	7,772
Equity		$ (31,418)	$ (37,578)	$ (31,418)	$ (37,578)
[1]	Net revenues are a non-GAAP measure calculated as revenues less directly related operations expenses attributable to the Company's principal services. The Company's management believes that net revenues are a better measure than total revenues when evaluating the Company's operating segment performance since total revenues earned as a freight consolidator include the carriers' charges for carrying the shipment, whereas revenues earned in other capacities include primarily the commissions and fees earned by the Company. Net revenue is one of the Company's primary operational and financial measures and demonstrates the Company's ability to concentrate and leverage purchasing power through effective consolidation of shipments from customers utilizing a variety of transportation carriers and optimal routings.

Business Segment Information 31

Business Segment Information - Net Revenues Calculation (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Segment Reporting [Abstract]
Total revenues		$ 1,475,164	$ 1,691,553	$ 2,893,636	$ 3,369,079
Expenses [Abstract]
Airfreight services		403,419	506,988	792,196	1,019,989
Ocean freight and ocean services		323,699	433,356	646,719	878,812
Customs brokerage and other services		194,929	199,068	384,535	388,651
Net revenues	[1]	$ 553,117	$ 552,141	$ 1,070,186	$ 1,081,627
[1]	Net revenues are a non-GAAP measure calculated as revenues less directly related operations expenses attributable to the Company's principal services. The Company's management believes that net revenues are a better measure than total revenues when evaluating the Company's operating segment performance since total revenues earned as a freight consolidator include the carriers' charges for carrying the shipment, whereas revenues earned in other capacities include primarily the commissions and fees earned by the Company. Net revenue is one of the Company's primary operational and financial measures and demonstrates the Company's ability to concentrate and leverage purchasing power through effective consolidation of shipments from customers utilizing a variety of transportation carriers and optimal routings.