Expeditors International of Washington (EXPD) 10-Q 8 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 04, 2017
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, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		180,738,046

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Current Assets:
Cash and cash equivalents	$ 1,114,910	$ 974,435
Accounts receivable, less allowance for doubtful accounts of $10,504 at June 30, 2017 and $9,247 at December 31, 2016	1,215,278	1,190,130
Other	164,128	54,014
Total current assets	2,494,316	2,218,579
Property and equipment, less accumulated depreciation and amortization of $405,043 at June 30, 2017 and $406,652 at December 31, 2016	490,776	536,572
Goodwill	7,927	7,927
Other assets, net	29,737	27,793
Total assets	3,022,756	2,790,871
Current Liabilities:
Accounts payable	774,941	726,571
Accrued expenses, primarily salaries and related costs	211,376	185,502
Federal, state and foreign income taxes	21,329	17,858
Total current liabilities	1,007,646	929,931
Deferred Federal and state income taxes	36,473	13,727
Commitments and contingencies
Shareholders' Equity:
Preferred stock, none issued	0	0
Common stock, par value $0.01 per share. Issued and outstanding 179,637 shares at June 30, 2017 and 179,857 shares at December 31, 2016	1,796	1,799
Additional paid-in capital	11,152	2,642
Retained earnings	2,049,403	1,944,789
Accumulated other comprehensive loss	(86,507)	(104,592)
Total shareholders’ equity	1,975,844	1,844,638
Noncontrolling interest	2,793	2,575
Total equity	1,978,637	1,847,213
Total liabilities and equity	$ 3,022,756	$ 2,790,871

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 10,504	$ 9,247
Property and equipment, accumulated depreciation	$ 405,043	$ 406,652
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares issued	179,637	179,857
Common stock, shares outstanding	179,637	179,857

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues:
Airfreight services	$ 671,868	$ 582,093	$ 1,287,413	$ 1,142,946
Ocean freight and ocean services	528,585	464,692	1,022,344	918,884
Customs brokerage and other services	471,826	428,379	907,654	831,806
Total revenues	1,672,279	1,475,164	3,217,411	2,893,636
Operating Expenses:
Airfreight services	499,418	403,419	942,822	792,196
Ocean freight and ocean services	385,927	323,699	751,990	646,719
Customs brokerage and other services	223,301	194,929	431,361	384,535
Salaries and related costs	318,529	293,532	611,109	576,887
Rent and occupancy costs	29,163	27,079	57,293	53,938
Depreciation and amortization	12,042	11,642	23,969	22,971
Selling and promotion	10,953	10,251	21,868	19,683
Other	24,706	31,749	62,645	66,017
Total operating expenses	1,504,039	1,296,300	2,903,057	2,562,946
Operating income	168,240	178,864	314,354	330,690
Other Income (Expense):
Interest income	3,380	2,890	6,121	5,669
Other, net	2,190	1,603	2,488	2,482
Other income (expense), net	5,570	4,493	8,609	8,151
Earnings before income taxes	173,810	183,357	322,963	338,841
Income tax expense	65,055	66,918	120,641	125,355
Net earnings	108,755	116,439	202,322	213,486
Less net (loss) earnings attributable to the noncontrolling interest	(96)	387	207	850
Net earnings attributable to shareholders	$ 108,851	$ 116,052	$ 202,115	$ 212,636
Diluted earnings attributable to shareholders per share	$ 0.60	$ 0.63	$ 1.11	$ 1.16
Basic earnings attributable to shareholders per share	0.60	0.64	1.12	1.17
Common Stock, Dividends, Per Share, Cash Paid	$ 0.42	$ 0.40	$ 0.42	$ 0.40
Weighted average diluted shares outstanding	182,033	183,132	182,091	183,110
Weighted average basic shares outstanding	180,012	181,753	180,037	181,882

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Statement of Comprehensive Income [Abstract]
Net earnings	$ 108,755	$ 116,439	$ 202,322	$ 213,486
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments, net of tax of $5,016 and $5,612 for the three months ended June 30, 2017 and 2016 and $9,892 and $424 for the six months ended June 30, 2017 and 2016	9,236	(10,297)	18,096	(717)
Other comprehensive income (loss)	9,236	(10,297)	18,096	(717)
Comprehensive income	117,991	106,142	220,418	212,769
Less comprehensive (loss) income attributable to the noncontrolling interest	(31)	330	218	907
Comprehensive income attributable to shareholders	$ 118,022	$ 105,812	$ 220,200	$ 211,862

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Other Comprehensive Income (Loss), Tax, Parenthetical Disclosures [Abstract]
Foreign currency translation adjustments, tax	$ 5,016	$ (5,612)	$ 9,892	$ (424)

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Operating Activities:
Net earnings	$ 108,755	$ 116,439	$ 202,322	$ 213,486
Adjustments to reconcile net earnings to net cash from operating activities:
Provision for losses on accounts receivable	515	562	1,446	1,140
Deferred income tax expense (benefit)	7,261	(6,115)	12,854	3,781
Stock compensation expense	17,203	12,957	27,826	23,788
Depreciation and amortization	12,042	11,642	23,969	22,971
Other, net	(174)	(6)	(525)	30
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable	(73,142)	(48,344)	2,312	64,366
Increase in accounts payable and accrued expenses	52,623	51,422	34,299	36,078
Decrease in income taxes payable, net	(47,159)	(34,734)	(27,335)	(23,809)
Increase (decrease) in other current assets	3,290	1,361	(275)	(694)
Net cash from operating activities	81,214	105,184	276,893	341,137
Investing Activities:
Purchase of property and equipment	(20,380)	(13,279)	(33,141)	(27,314)
Other, net	40	4,414	(631)	3,855
Net cash from investing activities	(20,340)	(8,865)	(33,772)	(23,459)
Financing Activities:
Proceeds from issuance of common stock	51,501	48,488	96,866	90,123
Repurchases of common stock	(84,052)	(96,115)	(137,960)	(166,407)
Dividends paid	(75,726)	(73,000)	(75,726)	(73,000)
Net cash from financing activities	(108,277)	(120,627)	(116,820)	(149,284)
Effect of exchange rate changes on cash and cash equivalents	6,270	(9,345)	14,174	4,074
(Decrease) increase in cash and cash equivalents	(41,133)	(33,653)	140,475	172,468
Cash and cash equivalents at beginning of period	1,156,043	1,013,917	974,435	807,796
Cash and cash equivalents at end of period	1,114,910	980,264	1,114,910	980,264
Taxes Paid:
Income taxes	$ 103,508	$ 108,369	$ 132,654	$ 146,353

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2017
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 23, 2017. 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. Certain prior year amounts have been reclassified to conform to the 2017 presentation. 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 $10,504 as of June 30, 2017 and $9,247 as of December 31, 2016 . 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, 2017
Share-based Compensation [Abstract]
Share-Based Compensation	Share-Based Compensation The Company has historically granted the majority of its share-based awards during the second quarter of each fiscal year. On May 2, 2017 , shareholders approved the 2017 Omnibus Incentive Plan (2017 Plan), which made available 2.5 million shares of the Company's common stock in aggregate to be issued under any award type allowed by the 2017 Plan. In the second quarter of 2017, the Company awarded 583 restricted stock units (RSU) under the 2017 Plan to certain employees at a weighted-average grant date fair value of $54.04 . The RSU vest annually over 3 years based on continued employment and are settled upon vesting in shares of the Company's common stock on a one -for-one basis. The value of an RSU grant is based on the Company's stock price on the date of grant. Additionally, in the second quarter of 2017 and 2016 , respectively, 38 and 41 fully vested shares were granted to non-employee directors. The Company also awarded 23 performance stock units (PSU) under the 2017 Plan. The PSU include performance conditions and a time-based vesting component. The final number of PSU will be determined using an adjustment factor of up to two times each PSU granted, depending on the degree of achievement of the designated performance targets. If the minimum performance thresholds are not achieved, no shares will be issued. Each PSU will convert to one share of the Company's common stock upon vesting. RSU and PSU granted under the 2017 Plan have dividend equivalent rights, which entitle holders of RSU and PSU to the same dividend value per share as holders of common stock. Dividend equivalent rights are subject to the same vesting and other terms and conditions as the corresponding unvested RSU and PSU and are accumulated and paid in shares when the underlying awards vest. Under the 2016 Stock Option Plan, 2,972 options were granted in the six months ended June 30, 2016 , vesting over 3 years from the date of grant. The Company does not plan to grant stock options in 2017. 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, 2017 and 2016 . 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 omnibus incentive, 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 service periods as salaries and related costs. RSU awards to certain employees meeting specific retirement eligibility criteria at the time of grant are expensed immediately, as there is no substantive service period associated with those awards. Approximately $4 million of stock compensation expense was recognized in the three and six-month periods ended June 30, 2017 for RSU grants meeting retirement eligibility criteria. Beginning on January 1, 2017, the Company adopted accounting guidance requiring that, prospectively, excess tax benefits and deficiencies be recorded in income tax expense for vesting of RSU, stock option exercises, cancellations and disqualifying dispositions of employee stock purchase plan shares. Also, the Company has elected to continue to estimate forfeitures expected to occur in determining compensation cost to be recognized in each period. The fair value of each stock option grant was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: Six months ended June 30, 2016 Dividend yield 1.70 % Volatility - stock option plans 24 - 25% Risk free interest rates 1.31 % Expected life (years) - stock option plans 5.50 - 6.50 Weighted average fair value of stock options granted during the period $ 9.57 Total stock compensation expense and the total related tax benefit recognized are as follows: Three months ended Six months ended June 30, June 30, 2017 2016 2017 2016 Stock compensation expense $ 17,203 $ 12,957 $ 27,826 $ 23,788 Recognized tax benefit $ 3,663 $ 2,049 $ 5,876 $ 3,779

Basic and Diluted Earnings per

Basic and Diluted Earnings per Share	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Basic and Diluted Earnings per Share	Basic and Diluted Earnings per Share Diluted earnings attributable to shareholders per share is computed using the weighted average number of common shares and dilutive potential common shares outstanding. Dilutive potential shares represent outstanding stock options, including purchase options under the Company's employee stock purchase plan and unvested restricted stock units. Basic earnings attributable to shareholders per share is calculated using the weighted average number of common shares outstanding without taking into consideration dilutive potential common shares outstanding. 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 2017 Basic earnings attributable to shareholders $ 108,851 180,012 $ 0.60 Effect of dilutive potential common shares — 2,021 — Diluted earnings attributable to shareholders $ 108,851 182,033 $ 0.60 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 Six months ended June 30, (Amounts in thousands, except per share amounts) Net earnings attributable to shareholders Weighted average shares Earnings per share 2017 Basic earnings attributable to shareholders $ 202,115 180,037 $ 1.12 Effect of dilutive potential common shares — 2,054 — Diluted earnings attributable to shareholders $ 202,115 182,091 $ 1.11 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 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, 2017 2016 2017 2016 Shares 3,002 9,602 3,001 10,632

Components of Equity

Components of Equity	6 Months Ended
	Jun. 30, 2017
Stockholders' Equity Note [Abstract]
Components of Equity	Components of Equity The components of equity for the six months ended June 30, 2017 and 2016 are as follows: Shareholders’ equity Noncontrolling interest Total equity Balance at December 31, 2016 $ 1,844,638 2,575 1,847,213 Exercise of stock options 96,866 — 96,866 Shares repurchased under provisions of stock repurchase plans (137,960 ) — (137,960 ) Stock compensation expense 27,826 — 27,826 Net earnings 202,115 207 202,322 Other comprehensive income 18,085 11 18,096 Dividends paid ($0.42 per share) (75,726 ) — (75,726 ) Balance at June 30, 2017 $ 1,975,844 2,793 1,978,637 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 benefits 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 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, 2017 and 2016 , 1,651 and 1,654 shares were repurchased at an average price of $55.74 and $48.85 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 down to 170 million shares of common stock. 831 shares were repurchased during the six -month period ended June 30, 2017 at an average price of $55.27 per share, and 1,759 shares were repurchased at an average price of $48.65 per share during the same period in 2016. Accumulated other comprehensive loss consisted entirely of foreign currency translation adjustments, net of related income tax effects, for all the periods presented. On May 2, 2017 , the Board of Directors declared a semi-annual dividend of $0.42 per share payable on June 15, 2017 to shareholders of record as of June 1, 2017 . 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 .

Assets Held for Sale Assets Hel

Assets Held for Sale Assets Held for Sale	6 Months Ended
	Jun. 30, 2017
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract]
Assets Held for Sale	Note 5. Assets Held for Sale In January 2017, the Company formally approved a plan to sell land and buildings located in Miami, Florida. The decision to sell these assets was largely based upon changes in local operational requirements and the Company's intended use of the property. The net book value of the property assets is $80 million , and is reported within the United States segment. In May 2017, the Company entered into an agreement for the sale that was subsequently terminated. The Company continues to market the land and buildings at a selling price which, after selling costs, is expected to exceed the net book value. As of June 30, 2017 , these assets are being reported as held for sale and are classified in other current assets.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2017
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, 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. Cash and cash equivalents consist of the following: June 30, 2017 December 31, 2016 Cost Fair Value Cost Fair Value Cash and Cash Equivalents: Cash and overnight deposits $ 496,126 496,126 406,787 406,787 Corporate commercial paper 573,722 574,037 507,777 507,889 Time deposits 45,062 45,062 59,871 59,871 Total cash and cash equivalents $ 1,114,910 1,115,225 974,435 974,547 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, 2017
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, 2017 , the amounts accrued for these claims, lawsuits, government investigations and other legal matters are not significant to the Company's operations, cash flows 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, 2017
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, 2017: Revenues from unaffiliated customers $ 452,217 62,554 23,463 620,050 157,698 259,533 96,764 — 1,672,279 Transfers between geographic areas 28,155 2,825 3,759 4,835 5,408 9,664 5,034 (59,680 ) — Total revenues $ 480,372 65,379 27,222 624,885 163,106 269,197 101,798 (59,680 ) 1,672,279 Net revenues 1 $ 250,027 28,173 14,008 120,959 38,228 80,896 30,286 1,056 563,633 Operating income $ 64,265 12,317 2,246 58,093 12,513 13,419 5,390 (3 ) 168,240 Identifiable assets at period end $ 1,487,582 129,830 48,064 576,655 129,002 437,628 207,191 6,804 3,022,756 Capital expenditures $ 6,852 569 957 663 409 10,501 429 — 20,380 Depreciation and amortization $ 7,731 386 300 1,362 556 1,227 480 — 12,042 Equity $ 1,147,962 61,957 24,320 402,211 117,077 135,726 124,628 (35,244 ) 1,978,637 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 $ 1,343,669 84,358 58,570 471,832 118,352 378,859 225,877 5,938 2,687,455 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 (in thousands) UNITED OTHER LATIN NORTH ASIA SOUTH ASIA EUROPE MIDDLE EAST, AFRICA AND INDIA ELIMI- CONSOLI- Six months ended June 30, 2017: Revenues from unaffiliated customers $ 878,236 122,453 45,566 1,186,478 304,938 490,990 188,750 — 3,217,411 Transfers between geographic areas 52,468 5,464 7,394 9,886 10,839 18,986 9,998 (115,035 ) — Total revenues $ 930,704 127,917 52,960 1,196,364 315,777 509,976 198,748 (115,035 ) 3,217,411 Net revenues 1 $ 480,812 53,966 28,924 232,792 76,223 156,854 60,017 1,650 1,091,238 Operating income $ 116,611 17,368 5,697 111,445 25,737 25,065 12,433 (2 ) 314,354 Identifiable assets at period end $ 1,487,582 129,830 48,064 576,655 129,002 437,628 207,191 6,804 3,022,756 Capital expenditures $ 12,094 803 1,212 1,903 782 15,579 768 — 33,141 Depreciation and amortization $ 15,484 758 620 2,682 1,087 2,398 940 — 23,969 Equity $ 1,147,962 61,957 24,320 402,211 117,077 135,726 124,628 (35,244 ) 1,978,637 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 $ 1,343,669 84,358 58,570 471,832 118,352 378,859 225,877 5,938 2,687,455 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 _______________________ 1 Net revenues are a non-GAAP measure calculated as revenues less directly related operating 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, 2017 2016 2017 2016 Total revenues $ 1,672,279 $ 1,475,164 $ 3,217,411 $ 2,893,636 Expenses: Airfreight services 499,418 403,419 942,822 792,196 Ocean freight and ocean services 385,927 323,699 751,990 646,719 Customs brokerage and other services 223,301 194,929 431,361 384,535 Net revenues $ 563,633 $ 553,117 $ 1,091,238 $ 1,070,186

Summary of Significant Accoun16

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2017
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 23, 2017. 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 $10,504 as of June 30, 2017 and $9,247 as of December 31, 2016 . 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 omnibus incentive, 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 service periods as salaries and related costs. RSU awards to certain employees meeting specific retirement eligibility criteria at the time of grant are expensed immediately, as there is no substantive service period associated with those awards.
New Accounting Pronouncements, Policy	Beginning on January 1, 2017, the Company adopted accounting guidance requiring that, prospectively, excess tax benefits and deficiencies be recorded in income tax expense for vesting of RSU, stock option exercises, cancellations and disqualifying dispositions of employee stock purchase plan shares. Also, the Company has elected to continue to estimate forfeitures expected to occur in determining compensation cost to be recognized in each period.
Earnings Per Share, Policy	Diluted earnings attributable to shareholders per share is computed using the weighted average number of common shares and dilutive potential common shares outstanding. Dilutive potential shares represent outstanding stock options, including purchase options under the Company's employee stock purchase plan and unvested restricted stock units. Basic earnings attributable to shareholders per share is calculated using the weighted average number of common shares outstanding without taking into consideration dilutive potential common shares outstanding.
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.
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, 2017
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 stock option grant was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: Six months ended June 30, 2016 Dividend yield 1.70 % Volatility - stock option plans 24 - 25% Risk free interest rates 1.31 % Expected life (years) - stock option plans 5.50 - 6.50 Weighted average fair value of stock options granted during the period $ 9.57
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, 2017 2016 2017 2016 Stock compensation expense $ 17,203 $ 12,957 $ 27,826 $ 23,788 Recognized tax benefit $ 3,663 $ 2,049 $ 5,876 $ 3,779

Basic and Diluted Earnings pe18

Basic and Diluted Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2017
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 2017 Basic earnings attributable to shareholders $ 108,851 180,012 $ 0.60 Effect of dilutive potential common shares — 2,021 — Diluted earnings attributable to shareholders $ 108,851 182,033 $ 0.60 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 Six months ended June 30, (Amounts in thousands, except per share amounts) Net earnings attributable to shareholders Weighted average shares Earnings per share 2017 Basic earnings attributable to shareholders $ 202,115 180,037 $ 1.12 Effect of dilutive potential common shares — 2,054 — Diluted earnings attributable to shareholders $ 202,115 182,091 $ 1.11 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
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, 2017 2016 2017 2016 Shares 3,002 9,602 3,001 10,632

Components of Equity (Tables)

Components of Equity (Tables)	6 Months Ended
	Jun. 30, 2017
Stockholders' Equity Note [Abstract]
Schedule of Components of Equity Disclosure	The components of equity for the six months ended June 30, 2017 and 2016 are as follows: Shareholders’ equity Noncontrolling interest Total equity Balance at December 31, 2016 $ 1,844,638 2,575 1,847,213 Exercise of stock options 96,866 — 96,866 Shares repurchased under provisions of stock repurchase plans (137,960 ) — (137,960 ) Stock compensation expense 27,826 — 27,826 Net earnings 202,115 207 202,322 Other comprehensive income 18,085 11 18,096 Dividends paid ($0.42 per share) (75,726 ) — (75,726 ) Balance at June 30, 2017 $ 1,975,844 2,793 1,978,637 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 benefits 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

Fair Value of Financial Instr20

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Schedule of Fair value of Cash and Cash Equivalents by Balance Sheet Grouping	Cash and cash equivalents consist of the following: June 30, 2017 December 31, 2016 Cost Fair Value Cost Fair Value Cash and Cash Equivalents: Cash and overnight deposits $ 496,126 496,126 406,787 406,787 Corporate commercial paper 573,722 574,037 507,777 507,889 Time deposits 45,062 45,062 59,871 59,871 Total cash and cash equivalents $ 1,114,910 1,115,225 974,435 974,547

Business Segment Information (T

Business Segment Information (Tables)	6 Months Ended
	Jun. 30, 2017
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, 2017: Revenues from unaffiliated customers $ 452,217 62,554 23,463 620,050 157,698 259,533 96,764 — 1,672,279 Transfers between geographic areas 28,155 2,825 3,759 4,835 5,408 9,664 5,034 (59,680 ) — Total revenues $ 480,372 65,379 27,222 624,885 163,106 269,197 101,798 (59,680 ) 1,672,279 Net revenues 1 $ 250,027 28,173 14,008 120,959 38,228 80,896 30,286 1,056 563,633 Operating income $ 64,265 12,317 2,246 58,093 12,513 13,419 5,390 (3 ) 168,240 Identifiable assets at period end $ 1,487,582 129,830 48,064 576,655 129,002 437,628 207,191 6,804 3,022,756 Capital expenditures $ 6,852 569 957 663 409 10,501 429 — 20,380 Depreciation and amortization $ 7,731 386 300 1,362 556 1,227 480 — 12,042 Equity $ 1,147,962 61,957 24,320 402,211 117,077 135,726 124,628 (35,244 ) 1,978,637 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 $ 1,343,669 84,358 58,570 471,832 118,352 378,859 225,877 5,938 2,687,455 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 (in thousands) UNITED OTHER LATIN NORTH ASIA SOUTH ASIA EUROPE MIDDLE EAST, AFRICA AND INDIA ELIMI- CONSOLI- Six months ended June 30, 2017: Revenues from unaffiliated customers $ 878,236 122,453 45,566 1,186,478 304,938 490,990 188,750 — 3,217,411 Transfers between geographic areas 52,468 5,464 7,394 9,886 10,839 18,986 9,998 (115,035 ) — Total revenues $ 930,704 127,917 52,960 1,196,364 315,777 509,976 198,748 (115,035 ) 3,217,411 Net revenues 1 $ 480,812 53,966 28,924 232,792 76,223 156,854 60,017 1,650 1,091,238 Operating income $ 116,611 17,368 5,697 111,445 25,737 25,065 12,433 (2 ) 314,354 Identifiable assets at period end $ 1,487,582 129,830 48,064 576,655 129,002 437,628 207,191 6,804 3,022,756 Capital expenditures $ 12,094 803 1,212 1,903 782 15,579 768 — 33,141 Depreciation and amortization $ 15,484 758 620 2,682 1,087 2,398 940 — 23,969 Equity $ 1,147,962 61,957 24,320 402,211 117,077 135,726 124,628 (35,244 ) 1,978,637 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 $ 1,343,669 84,358 58,570 471,832 118,352 378,859 225,877 5,938 2,687,455 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
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, 2017 2016 2017 2016 Total revenues $ 1,672,279 $ 1,475,164 $ 3,217,411 $ 2,893,636 Expenses: Airfreight services 499,418 403,419 942,822 792,196 Ocean freight and ocean services 385,927 323,699 751,990 646,719 Customs brokerage and other services 223,301 194,929 431,361 384,535 Net revenues $ 563,633 $ 553,117 $ 1,091,238 $ 1,070,186

Summary of Significant Accoun22

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 10,504	$ 9,247

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017USD ($)$ / sharesshares	Jun. 30, 2016shares	Jun. 30, 2017USD ($)shares	Jun. 30, 2016shares	May 02, 2017shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, Employee Stock Purchase Plans			0	0
Omnibus Incentive Plan 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized					2,500,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	583,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares	$ 54.04
Number of common stock issued per unit based award upon vesting	1
Directors' Restricted Stock Plan 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	38,000	41,000
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	23,000
Number of common stock issued per unit based award upon vesting	1
Maximum Adjustment Factor	2
Minimum Adjustment Factor	0
Stock Option Plan 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures				2,972,000
Retirement-Eligible Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Stock or Unit Expense | $	$ 4		$ 4
Upper end | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Upper end | Stock Option Plan 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period				3 years

Share-Based Compensation Share-

Share-Based Compensation Share-Based Compensation - Assumption to Estimate Fair Value of Options Grant on Date of Grant Using Black Scholes Option Pricing Model (Details)	6 Months Ended
	Jun. 30, 2016$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate	1.70%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	1.31%
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 9.57
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum	24.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum	25.00%
Employee Stock Option | Lower end
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term	5 years 6 months
Employee Stock Option | Upper end
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term	6 years 6 months

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, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock compensation expense	$ 17,203	$ 12,957	$ 27,826	$ 23,788
Recognized tax benefit	$ 3,663	$ 2,049	$ 5,876	$ 3,779

Basic and Diluted Earnings pe26

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, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Net Earnings Attributable to Shareholders
Basic earnings attributable to shareholders	$ 108,851	$ 116,052	$ 202,115	$ 212,636
Diluted earnings attributable to shareholders	$ 108,851	$ 116,052	$ 202,115	$ 212,636
Weighted Average Shares
Weighted average basic shares outstanding	180,012	181,753	180,037	181,882
Effect of dilutive potential common shares	2,021	1,379	2,054	1,228
Weighted average diluted shares outstanding	182,033	183,132	182,091	183,110
Earnings Per Share
Basic earnings attributable to shareholders per share	$ 0.60	$ 0.64	$ 1.12	$ 1.17
Diluted earnings attributable to shareholders per share	$ 0.60	$ 0.63	$ 1.11	$ 1.16

Basic and Diluted Earnings pe27

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, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Earnings Per Share [Abstract]
Shares	3,002	9,602	3,001	10,632

Components of Equity (Detail)

Components of Equity (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance			$ 1,847,213	$ 1,694,676
Exercise of stock options			96,866	90,123
Shares repurchased under provisions of stock repurchase plans			(137,960)	(166,407)
Stock compensation expense			27,826	23,788
Tax benefits from stock plans, net				(2,444)
Net earnings	$ 108,755	$ 116,439	202,322	213,486
Other comprehensive income (loss)	9,236	(10,297)	18,096	(717)
Dividends paid			75,726	73,000
Ending Balance	1,978,637	1,779,505	1,978,637	1,779,505
Shareholders' Equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance			1,844,638	1,691,993
Exercise of stock options			96,866	90,123
Shares repurchased under provisions of stock repurchase plans			(137,960)	(166,407)
Stock compensation expense			27,826	23,788
Tax benefits from stock plans, net				(2,444)
Net earnings			202,115	212,636
Other comprehensive income (loss)			18,085	(774)
Dividends paid			75,726	73,000
Ending Balance	1,975,844	1,775,915	1,975,844	1,775,915
Noncontrolling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance			2,575	2,683
Net earnings			207	850
Other comprehensive income (loss)			11	57
Ending Balance	$ 2,793	$ 3,590	$ 2,793	$ 3,590

Components Of Equity - Addition

Components Of Equity - Additional Information (Detail) - $ / shares shares in Thousands	May 02, 2017	May 03, 2016	Jun. 30, 2017	Jun. 30, 2016
Class of Stock [Line Items]
Date of declaration of dividends	May 2, 2017	May 3, 2016
Dividend declared per share	$ 0.42	$ 0.40
Date of dividend payment	Jun. 15, 2017	Jun. 15, 2016
Dividends payable to shareholders date of record	Jun. 1, 2017	Jun. 1, 2016
Non-Discretionary Plan
Class of Stock [Line Items]
Shares repurchased			1,651	1,654
Average price per share			$ 55.74	$ 48.85
Discretionary Plan
Class of Stock [Line Items]
Shares repurchased			831	1,759
Average price per share			$ 55.27	$ 48.65
Expected common stock shares issued and outstanding			170,000

Assets Held for Sale Assets H30

Assets Held for Sale Assets Held for Sale (Detail) $ in Millions	Jun. 30, 2017USD ($)
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract]
Assets Held for Sale, Net Book Value, Current	$ 80

Fair Value of Financial Instr31

Fair Value of Financial Instruments - Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash and cash equivalents	$ 1,114,910	$ 1,156,043	$ 974,435	$ 980,264	$ 1,013,917	$ 807,796
Cost
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash and cash equivalents	1,114,910		974,435
Cost | Cash and Cash Equivalents
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and overnight deposits	496,126		406,787
Corporate commercial paper	573,722		507,777
Time deposits	45,062		59,871
Fair Value | Cash and Cash Equivalents
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and overnight deposits	496,126		406,787
Corporate commercial paper	574,037		507,889
Time deposits	45,062		59,871
Total cash and cash equivalents	$ 1,115,225		$ 974,547

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, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Total revenues		$ 1,672,279	$ 1,475,164	$ 3,217,411	$ 2,893,636
Net revenues	[1]	563,633	553,117	1,091,238	1,070,186
Operating income		168,240	178,864	314,354	330,690
Identifiable assets at period end		3,022,756	2,687,455	3,022,756	2,687,455	$ 2,790,871
Capital expenditures		20,380	13,279	33,141	27,314
Depreciation and amortization		12,042	11,642	23,969	22,971
Equity		1,978,637	1,779,505	1,978,637	1,779,505	$ 1,847,213	$ 1,694,676
United States Segment
Segment Reporting Information [Line Items]
Total revenues		452,217	417,735	878,236	825,561
Other North America Segment
Segment Reporting Information [Line Items]
Total revenues		62,554	56,674	122,453	108,780
Latin America Segment
Segment Reporting Information [Line Items]
Total revenues		23,463	21,169	45,566	41,233
North Asia Segment
Segment Reporting Information [Line Items]
Total revenues		620,050	517,489	1,186,478	1,014,721
South Asia Segment
Segment Reporting Information [Line Items]
Total revenues		157,698	151,890	304,938	288,308
Europe Segment
Segment Reporting Information [Line Items]
Total revenues		259,533	229,882	490,990	451,779
Middle East Africa And India Segment
Segment Reporting Information [Line Items]
Total revenues		96,764	80,325	188,750	163,254
Geography Eliminations | United States Segment
Segment Reporting Information [Line Items]
Total revenues		28,155	28,973	52,468	55,007
Geography Eliminations | Other North America Segment
Segment Reporting Information [Line Items]
Total revenues		2,825	2,671	5,464	5,371
Geography Eliminations | Latin America Segment
Segment Reporting Information [Line Items]
Total revenues		3,759	4,187	7,394	7,788
Geography Eliminations | North Asia Segment
Segment Reporting Information [Line Items]
Total revenues		4,835	5,385	9,886	10,481
Geography Eliminations | South Asia Segment
Segment Reporting Information [Line Items]
Total revenues		5,408	6,326	10,839	12,132
Geography Eliminations | Europe Segment
Segment Reporting Information [Line Items]
Total revenues		9,664	10,097	18,986	20,458
Geography Eliminations | Middle East Africa And India Segment
Segment Reporting Information [Line Items]
Total revenues		5,034	5,507	9,998	10,901
Operating Segments | United States Segment
Segment Reporting Information [Line Items]
Total revenues		480,372	446,708	930,704	880,568
Net revenues	[1]	250,027	232,860	480,812	453,558
Operating income		64,265	67,214	116,611	115,419
Identifiable assets at period end		1,487,582	1,343,669	1,487,582	1,343,669
Capital expenditures		6,852	8,778	12,094	16,915
Depreciation and amortization		7,731	7,366	15,484	14,698
Equity		1,147,962	1,069,876	1,147,962	1,069,876
Operating Segments | Other North America Segment
Segment Reporting Information [Line Items]
Total revenues		65,379	59,345	127,917	114,151
Net revenues	[1]	28,173	30,815	53,966	58,193
Operating income		12,317	9,600	17,368	16,891
Identifiable assets at period end		129,830	84,358	129,830	84,358
Capital expenditures		569	445	803	756
Depreciation and amortization		386	380	758	744
Equity		61,957	38,638	61,957	38,638
Operating Segments | Latin America Segment
Segment Reporting Information [Line Items]
Total revenues		27,222	25,356	52,960	49,021
Net revenues	[1]	14,008	14,468	28,924	28,201
Operating income		2,246	3,836	5,697	7,688
Identifiable assets at period end		48,064	58,570	48,064	58,570
Capital expenditures		957	317	1,212	802
Depreciation and amortization		300	288	620	541
Equity		24,320	39,482	24,320	39,482
Operating Segments | North Asia Segment
Segment Reporting Information [Line Items]
Total revenues		624,885	522,874	1,196,364	1,025,202
Net revenues	[1]	120,959	122,117	232,792	232,908
Operating income		58,093	61,721	111,445	116,939
Identifiable assets at period end		576,655	471,832	576,655	471,832
Capital expenditures		663	678	1,903	1,763
Depreciation and amortization		1,362	1,388	2,682	2,707
Equity		402,211	309,557	402,211	309,557
Operating Segments | South Asia Segment
Segment Reporting Information [Line Items]
Total revenues		163,106	158,216	315,777	300,440
Net revenues	[1]	38,228	46,257	76,223	85,775
Operating income		12,513	18,354	25,737	34,045
Identifiable assets at period end		129,002	118,352	129,002	118,352
Capital expenditures		409	351	782	1,006
Depreciation and amortization		556	543	1,087	1,055
Equity		117,077	78,668	117,077	78,668
Operating Segments | Europe Segment
Segment Reporting Information [Line Items]
Total revenues		269,197	239,979	509,976	472,237
Net revenues	[1]	80,896	77,639	156,854	152,180
Operating income		13,419	11,838	25,065	24,091
Identifiable assets at period end		437,628	378,859	437,628	378,859
Capital expenditures		10,501	2,140	15,579	4,259
Depreciation and amortization		1,227	1,188	2,398	2,286
Equity		135,726	133,387	135,726	133,387
Operating Segments | Middle East Africa And India Segment
Segment Reporting Information [Line Items]
Total revenues		101,798	85,832	198,748	174,155
Net revenues	[1]	30,286	28,975	60,017	59,382
Operating income		5,390	6,315	12,433	15,628
Identifiable assets at period end		207,191	225,877	207,191	225,877
Capital expenditures		429	570	768	1,813
Depreciation and amortization		480	489	940	940
Equity		124,628	141,315	124,628	141,315
Intersegment Eliminations
Segment Reporting Information [Line Items]
Total revenues		(59,680)	(63,146)	(115,035)	(122,138)
Net revenues	[1]	1,056	(14)	1,650	(11)
Operating income		(3)	(14)	(2)	(11)
Identifiable assets at period end		6,804	5,938	6,804	5,938
Equity		$ (35,244)	$ (31,418)	$ (35,244)	$ (31,418)
[1]	Net revenues are a non-GAAP measure calculated as revenues less directly related operating 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 33

Business Segment Information - Net Revenues Calculation (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Segment Reporting [Abstract]
Total revenues		$ 1,672,279	$ 1,475,164	$ 3,217,411	$ 2,893,636
Expenses [Abstract]
Airfreight services		499,418	403,419	942,822	792,196
Ocean freight and ocean services		385,927	323,699	751,990	646,719
Customs brokerage and other services		223,301	194,929	431,361	384,535
Net revenues	[1]	$ 563,633	$ 553,117	$ 1,091,238	$ 1,070,186
[1]	Net revenues are a non-GAAP measure calculated as revenues less directly related operating 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.