Expeditors International of Washington (EXPD) 10-Q 9 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 04, 2018
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	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		174,680,101

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Current Assets:
Cash and cash equivalents	$ 1,132,901	$ 1,051,099
Accounts receivable, less allowance for doubtful accounts of $12,688 at March 31, 2018 and $12,858 at December 31, 2017	1,326,168	1,414,741
Deferred contract costs	120,861	0
Other	58,161	75,612
Total current assets	2,638,091	2,541,452
Property and equipment, less accumulated depreciation and amortization of $433,280 at March 31, 2018 and $420,282 at December 31, 2017	531,068	525,203
Goodwill	7,927	7,927
Deferred Federal and state income taxes, net	7,402	13,207
Other assets, net	27,993	29,219
Total assets	3,212,481	3,117,008
Current Liabilities:
Accounts payable	812,200	866,305
Accrued expenses, primarily salaries and related costs	222,212	206,320
Contract liabilities	147,236	0
Federal, state and foreign income taxes	17,233	20,494
Total current liabilities	1,198,881	1,093,119
Noncurrent Federal income taxes payable	31,334	29,516
Commitments and contingencies
Shareholders' Equity:
Preferred stock, none issued	0	0
Common stock, par value $0.01 per share. Issued and outstanding 174,308 shares at March 31, 2018 and 176,374 shares at December 31, 2017	1,743	1,764
Additional paid-in capital	1,198	546
Retained earnings	2,041,520	2,063,512
Accumulated other comprehensive loss	(64,992)	(73,964)
Total shareholders’ equity	1,979,469	1,991,858
Noncontrolling interest	2,797	2,515
Total equity	1,982,266	1,994,373
Total liabilities and equity	$ 3,212,481	$ 3,117,008

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 12,688	$ 12,858
Property and equipment, accumulated depreciation	$ 433,280	$ 420,282
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares issued	174,308	176,374
Common stock, shares outstanding	174,308	176,374

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues:
Revenue from Contract with Customer, Excluding Assessed Tax	$ 1,854,262	$ 1,545,132
Operating Expenses:
Airfreight services	513,504	443,404
Ocean freight and ocean services	379,418	366,063
Customs brokerage and other services	325,502	208,060
Salaries and related costs	339,895	292,580
Rent and occupancy costs	36,913	28,130
Depreciation and amortization	13,922	11,927
Selling and promotion	10,965	10,915
Other	41,325	37,939
Total operating expenses	1,661,444	1,399,018
Operating income	192,818	146,114
Other Income (Expense):
Interest income	4,314	2,741
Other, net	624	298
Other income (expense), net	4,938	3,039
Earnings before income taxes	197,756	149,153
Income tax expense	61,556	55,586
Net earnings	136,200	93,567
Less net earnings attributable to the noncontrolling interest	508	303
Net earnings attributable to shareholders	$ 135,692	$ 93,264
Diluted earnings attributable to shareholders per share	$ 0.76	$ 0.51
Basic earnings attributable to shareholders per share	$ 0.77	$ 0.52
Weighted average diluted shares outstanding	179,416	182,094
Weighted average basic shares outstanding	175,900	180,062
Airfreight services
Revenues:
Revenue from Contract with Customer, Excluding Assessed Tax	$ 731,227	$ 615,545
Ocean freight and ocean services
Revenues:
Revenue from Contract with Customer, Excluding Assessed Tax	520,883	493,759
Customs brokerage and other services
Revenues:
Revenue from Contract with Customer, Excluding Assessed Tax	$ 602,152	$ 435,828

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement of Comprehensive Income [Abstract]
Net earnings	$ 136,200	$ 93,567
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments, net of tax of $5,512 and $4,876 for the three months ended March 31, 2018 and 2017	8,851	8,860
Other comprehensive income	8,851	8,860
Comprehensive income	145,051	102,427
Less comprehensive income attributable to the noncontrolling interest	387	249
Comprehensive income attributable to shareholders	$ 144,664	$ 102,178

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Other Comprehensive Income (Loss), Tax, Parenthetical Disclosures [Abstract]
Foreign currency translation adjustments, tax	$ 5,512	$ 4,876

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Operating Activities:
Net earnings	$ 136,200	$ 93,567
Adjustments to reconcile net earnings to net cash from operating activities:
(Recoveries) provision for losses on accounts receivable	(265)	931
Deferred income tax expense	2,853	5,593
Stock compensation expense	11,267	10,623
Depreciation and amortization	13,922	11,927
Other, net	48	(351)
Changes in operating assets and liabilities:
Decrease in accounts receivable	100,647	75,454
Decrease in accounts payable and accrued expenses	(45,844)	(18,324)
Decrease in deferred contract costs	3,407	0
Decrease in contract liabilities	(7,401)	0
Increase in income taxes payable, net	19,509	19,824
Decrease (increase) in other current assets	1,134	(3,565)
Net cash from operating activities	235,477	195,679
Investing Activities:
Purchase of property and equipment	(13,796)	(12,761)
Other, net	(431)	(671)
Net cash from investing activities	(14,227)	(13,432)
Financing Activities:
Proceeds from issuance of common stock	26,397	45,365
Repurchases of common stock	(172,360)	(53,908)
Net cash from financing activities	(145,963)	(8,543)
Effect of exchange rate changes on cash and cash equivalents	6,515	7,904
Increase in cash and cash equivalents	81,802	181,608
Cash and cash equivalents at beginning of period	1,051,099	974,435
Cash and cash equivalents at end of period	1,132,901	1,156,043
Taxes Paid:
Income taxes	$ 38,519	$ 29,146

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2018
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, 2018. 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. Revenue Recognition Effective January 1, 2018, revenue is recognized upon transfer of control of promised services to customers, which occurs over time. The Company has determined that in general each shipment transaction or service order constitutes a separate contract with the customer. However, when the Company provides multiple services to a customer, different contracts may be present for different services. The Company combines the contracts, which form a single performance obligation, and accounts for the contracts as a single contract when certain criteria are met. The Company typically satisfies its performance obligations as services are rendered over time. A typical shipment would include services rendered at origin, such as pick-up and delivery to port, freight services from origin to destination port and destination services, such as customs clearance and final delivery. The Company measures the performance of its obligations as services are completed over the life of a shipment, including services at origin, freight and destination. This method of measurement of progress depicts the pattern of the Company's actual performance under the contracts with the customer. There are no significant judgments involved in measuring the progress of the performance obligations. Amounts allocated to the services for each performance obligation are typically based on standalone selling prices. The Company does not have significant variable consideration in its contracts. Taxes assessed concurrently with a specific revenue-producing transaction that are collected by the Company from a customer are excluded from revenue. Typically, transaction prices for each of the Company's services are quoted as separate components; however, customers on occasion will request an all-inclusive rate for a set of services known in the industry as “door-to-door service.” This means that the customer is billed a single rate for all services from pickup at origin to delivery at destination. In these instances, the transaction price is allocated to each service on a relative selling price basis. The Company fulfills nearly all of its performance obligations within a one to two month-period and contracts with customers have an original expected duration of less than one year. The Company generally has an unconditional right to consideration when the services are initiated or soon thereafter. The amount due from the customer is recorded as accounts receivable. The amounts related to services that are not yet completed at the reporting date are presented as contract liabilities, with corresponding direct costs to fulfill the performance obligation that will be satisfied in the future presented as deferred contract costs. The Company generally does not incur incremental costs to obtain the contract with the customer. The Company may incur costs to fulfill the contract with the customers, such as set-up costs. However, the amount incurred is insignificant to the Company’s consolidated financial statements. The Company evaluates whether amounts billed to customers should be reported as gross or net revenue. Generally, revenue is recorded on a gross basis when the Company is primarily responsible for fulfilling the promise to provide the services, when it assumes risk of loss (e.g., limited liability loss/damage), when it has discretion in setting the prices for the services to the customers, and the Company has the ability to direct the use of the services provided by the third party. C. 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 customers to pay deteriorates. The Company has recorded an allowance for doubtful accounts in the amounts of $12,688 as of March 31, 2018 and $12,858 as of December 31, 2017 . Additions and write-offs have not been significant in the periods presented. D. 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 disclosures 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 that the Company has self-insured, accrual of various tax liabilities including provisional estimates associated with the U.S. enacted Tax Cuts and Jobs Act (the 2017 Tax Act), accrual of loss contingencies and calculation of share-based compensation expense. Actual results could be materially different from the estimated provisions and accruals recorded. E. Recent Accounting Pronouncements Leases In February 2016, the Financial Accounting Standards Board (FASB) issued an Accounting Standard Update (ASU) changing the accounting for leases and includes a requirement to record all leases exceeding one year on the consolidated balance sheet as assets and liabilities. The new lease standard is expected to be adopted using a modified retrospective transition and will be effective for the Company beginning on January 1, 2019. Adoption will impact the consolidated balance sheets as future minimum lease payments under noncancelable leases totaled approximately $253 million as of March 31, 2018 . The Company is currently evaluating its existing lease portfolio, including accumulating all of the necessary information required to properly evaluate and account for the leases under this new standard. Additionally, the Company has begun the implementation of an enterprise-wide lease management system that, along with accompanying process changes, will assist in the accounting and internal control changes necessary to meet the reporting and disclosure requirements of the new standard when it becomes effective. Taxes In February 2018, the FASB issued an ASU, which amends existing guidance for reporting comprehensive income to reflect changes resulting from the 2017 Tax Act. The amendment provides the option to reclassify stranded tax effects resulting from the 2017 Tax Act within accumulated other comprehensive income (AOCI) to retained earnings. New disclosures will be required upon adoption, including the accounting policy for releasing income tax effects from AOCI, whether reclassification of stranded income tax effects is elected, and information about other income tax effect reclassifications. The amendment will become effective for the Company on January 1, 2019, though early adoption is permitted. The Company is currently evaluating the impact of adopting this standard on its consolidated financial statements and disclosures.

Revenues

Revenues	3 Months Ended
	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer	Revenues Effective January 1, 2018, the Company adopted Topic 606 Revenue from Contracts with Customers (Topic 606). The adoption of Topic 606 did not materially impact the Company's revenue recognition policy. The Company adopted the standard using the modified retrospective transition method applied to those contracts not completed as of January 1, 2018, resulting in a $22 million adjustment to the opening balance of retained earnings and the recording of deferred contract costs and contract liabilities of $135 million and $165 million , respectively. The Company satisfied nearly all performance obligations for the contract liabilities recorded upon adoption at January 1, 2018 and recognized the corresponding revenues and costs during the first quarter. In conjunction with the adoption of Topic 606, the Company also changed its presentation of certain warehouse and distribution revenues from a net to a gross basis, which increased customs brokerage and other services revenues and operating expenses by approximately $50 million in the first quarter of 2018. Comparative prior year information has not been adjusted and continues to be reported under the Company's historical revenue recognition policies described in Note 1.E to the Company's Form 10-K as filed on February 23, 2018. The Company disaggregates its revenues by its three primary service categories in the consolidated financial statements: airfreight, ocean freight and ocean services and customs brokerage and other. Revenues by geographic location are presented within business segment information in Note 9.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2018
Share-based Compensation [Abstract]
Share-Based Compensation	Share-Based Compensation Historically, the Company has provided compensation benefits by granting share-based awards to its employees and its directors. The Company has historically granted the majority of its share-based awards during the second quarter of each fiscal year, and no options or restricted stock units were granted in the three months ended March 31, 2018 and 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 three-month periods ended March 31, 2018 and 2017. 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. Total stock compensation expense and the total related tax benefit recognized are as follows: Three months ended March 31, 2018 2017 Stock compensation expense $ 11,267 $ 10,623 Recognized tax benefit $ 1,517 $ 2,213

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2018
Income Tax Disclosure [Abstract]
INCOME TAXES	Income Taxes During the fourth quarter of 2017, the 2017 Tax Act was enacted in the United States. Among its many provisions, the 2017 Tax Act imposed a mandatory one-time transition tax on undistributed international earnings (Transition Tax), reduced the U.S. corporate income tax rate from 35% to 21% and created a territorial tax system. As a result of the enactment of the 2017 Tax Act, the Company recognized a provisional net income tax benefit of $39 million in 2017. Prospectively, foreign earnings of the Company's international subsidiaries will be exempt from U.S. Federal income tax upon repatriation. Notwithstanding these changes, certain non-U.S. withholding taxes and foreign exchange gains and losses will continue to be applicable upon the future repatriation of foreign earnings. During the first quarter of 2018, the Company recorded additional provisional tax expense of $1.8 million associated with the Transition Tax reflecting additional guidance issued during the period. The Company expects that the Internal Revenue Service (IRS) will continue to issue additional guidance in the subsequent quarters of 2018 related to the 2017 Tax Act. As this guidance is issued, the Company will evaluate the information to determine whether any additional adjustments to its provisional tax provisions are required. Provisional amounts include any changes as a result of future guidance and interpretations to be issued and any indirect impacts required to be recorded, including for example amounts recorded for state income taxes. The 2017 Tax Act included provisions for Global Intangible Low-Taxed Income (GILTI) under which taxes on foreign income are imposed on the excess of a deemed return on tangible assets of certain foreign subsidiaries and for Base Erosion and Anti-Abuse Tax (BEAT) under which taxes are imposed on certain base eroding payments to affiliated foreign companies. Consistent with U.S. GAAP, the Company will treat BEAT as discrete adjustments to the income tax provision when incurred in future periods for which no deferred taxes are required to be provided and has made an accounting policy election to treat GILTI taxes in a similar manner. No provision for income taxes related to GILTI or BEAT has been recorded. The components of the provisional net income tax benefit recorded in 2017 and the first quarter of 2018 are based on the then currently best available information. Additional information needs to be prepared, obtained and/or analyzed to determine the final amounts. The provisional tax expense for the mandatory repatriation of undistributed international earnings will require further analysis of certain foreign exchange gains or losses, substantiation of foreign tax credits, as well as estimated cash and cash equivalents of the Company's foreign subsidiaries. The provisional tax benefit for the remeasurement of deferred taxes will require additional information necessary for the preparation of the Company's U.S. federal tax return, and further analysis and interpretation of certain provisions of the 2017 Tax Act impacting deferred taxes, for example 100% expensing of qualified assets, could impact the Company's recorded deferred tax balances. The tax effects for these items will be recorded in subsequent quarters of 2018, as discrete adjustments to the income tax provision, once complete. The Company elected to adopt the Securities and Exchange Commission issued guidance that allows for a measurement period, not to exceed one year after the enactment date of the 2017 Tax Act, to finalize the recording of the related tax impacts. The Company will finalize its tax positions and calculations when it files its 2017 U.S. tax returns. At that point, the Company will conclude finally whether any further adjustments are required to its net current and deferred tax accounts in the U.S. as of December 31, 2017, as well as to the provisional liability associated with the Transition Tax. The Company's consolidated effective income tax rate was 31.1% for the quarter ended March 31, 2018 as compared to 37.3% for the comparable period in 2017. The lower effective tax rate in 2018 was principally due to the lower U.S. federal tax rate that resulted from the 2017 Tax Act and share-based compensation deductions, partially offset by certain expenses that are no longer deductible. As discussed, the recorded impacts of the 2017 Tax Act are provisional and the final amount may differ, possibly materially, due to, among other things, changes in estimates, interpretations and assumptions the Company has made, changes in IRS interpretations, the issuance of new guidance, legislative actions, changes in accounting standards or related interpretations in response to the 2017 Tax Act and future actions by states within the United States that have not currently adopted the 2017 Tax Act. For further information and discussion of the potential impact of the 2017 Tax Act, refer to “Item 1A. Risk Factors”, Note 5 to the consolidated financial statements and “Critical Accounting Estimates,” in the Company's 2017 Annual Report on Form 10-K.

Basic and Diluted Earnings per

Basic and Diluted Earnings per Share	3 Months Ended
	Mar. 31, 2018
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 March 31, (Amounts in thousands, except per share amounts) Net earnings attributable to shareholders Weighted average shares Earnings per share 2018 Basic earnings attributable to shareholders $ 135,692 175,900 $ 0.77 Effect of dilutive potential common shares — 3,516 — Diluted earnings attributable to shareholders $ 135,692 179,416 $ 0.76 2017 Basic earnings attributable to shareholders $ 93,264 180,062 $ 0.52 Effect of dilutive potential common shares — 2,032 — Diluted earnings attributable to shareholders $ 93,264 182,094 $ 0.51 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 March 31, 2018 2017 Shares — 3,751

Components of Equity

Components of Equity	3 Months Ended
	Mar. 31, 2018
Stockholders' Equity Note [Abstract]
Components of Equity	Components of Equity The components of equity for the three months ended March 31, 2018 and 2017 are as follows: Shareholders’ equity Noncontrolling interest Total equity Balance at December 31, 2017 $ 1,991,858 2,515 1,994,373 Cumulative effect of accounting change (22,357 ) (105 ) (22,462 ) Exercise of stock options 26,397 — 26,397 Shares repurchased under provisions of stock repurchase plans (172,360 ) — (172,360 ) Stock compensation expense 11,267 — 11,267 Net earnings 135,692 508 136,200 Other comprehensive income (loss) 8,972 (121 ) 8,851 Balance at March 31, 2018 $ 1,979,469 2,797 1,982,266 Balance at December 31, 2016 $ 1,844,638 2,575 1,847,213 Exercise of stock options 45,365 — 45,365 Shares repurchased under provisions of stock repurchase plans (53,908 ) — (53,908 ) Stock compensation expense 10,623 — 10,623 Net earnings 93,264 303 93,567 Other comprehensive income (loss) 8,914 (54 ) 8,860 Balance at March 31, 2017 $ 1,948,896 2,824 1,951,720 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 three-month periods ended March 31, 2018 and 2017 , 445 and 954 shares were repurchased at an average price of $65.68 and $56.49 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. During the three -month period ended March 31, 2018 , 2,216 shares were repurchased at an average price of $64.58 per share. No shares were repurchased during the three-month period ended March 31, 2017. Accumulated other comprehensive loss consisted entirely of foreign currency translation adjustments, net of related income tax effects, for all the periods presented. Subsequent to the end of the first quarter, on May 8, 2018 , the Board of Directors declared a semi-annual dividend of $0.45 per share payable on June 15, 2018 to shareholders of record as of June 1, 2018 .

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2018
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: March 31, 2018 December 31, 2017 Cost Fair Value Cost Fair Value Cash and Cash Equivalents: Cash and overnight deposits $ 452,028 452,028 383,021 383,021 Corporate commercial paper 643,085 644,225 635,345 635,919 Time deposits 37,788 37,788 32,733 32,733 Total cash and cash equivalents $ 1,132,901 1,134,041 1,051,099 1,051,673 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	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 , 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	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018: Revenues from unaffiliated customers $ 534,869 76,525 32,722 630,572 168,600 305,792 105,182 — 1,854,262 Transfers between geographic areas 28,881 3,562 3,387 6,017 6,550 14,188 5,355 (67,940 ) — Total revenues $ 563,750 80,087 36,109 636,589 175,150 319,980 110,537 (67,940 ) 1,854,262 Net revenues 1 $ 277,185 30,447 14,745 137,208 44,406 98,635 33,201 11 635,838 Operating income $ 69,648 9,018 2,370 69,923 15,132 19,278 7,438 11 192,818 Identifiable assets at period end $ 1,558,181 165,368 55,036 542,965 153,411 533,012 208,173 (3,665 ) 3,212,481 Capital expenditures $ 3,171 1,528 505 784 329 7,191 288 — 13,796 Depreciation and amortization $ 8,765 398 368 1,376 583 1,976 456 — 13,922 Equity $ 1,247,522 68,050 27,226 278,651 105,642 160,038 128,487 (33,350 ) 1,982,266 Three months ended March 31, 2017: Revenues from unaffiliated customers $ 426,019 59,899 22,103 566,428 147,240 231,457 91,986 — 1,545,132 Transfers between geographic areas 24,313 2,639 3,635 5,051 5,431 9,322 4,964 (55,355 ) — Total revenues $ 450,332 62,538 25,738 571,479 152,671 240,779 96,950 (55,355 ) 1,545,132 Net revenues 1 $ 230,785 25,793 14,916 111,833 37,995 75,958 29,731 594 527,605 Operating income $ 52,346 5,051 3,451 53,352 13,224 11,646 7,043 1 146,114 Identifiable assets at period end $ 1,536,520 106,068 50,344 514,509 122,765 379,853 188,098 4,562 2,902,719 Capital expenditures $ 5,242 234 255 1,240 373 5,078 339 — 12,761 Depreciation and amortization $ 7,753 372 320 1,320 531 1,171 460 — 11,927 Equity $ 1,192,601 51,812 27,248 371,152 105,726 118,211 119,627 (34,657 ) 1,951,720 _______________________ 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 March 31, 2018 2017 Total revenues $ 1,854,262 $ 1,545,132 Expenses: Airfreight services 513,504 443,404 Ocean freight and ocean services 379,418 366,063 Customs brokerage and other services 325,502 208,060 Net revenues $ 635,838 $ 527,605

Summary of Significant Accoun17

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
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, 2018. 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.
Revenue Recognition, Policy	Effective January 1, 2018, revenue is recognized upon transfer of control of promised services to customers, which occurs over time. The Company has determined that in general each shipment transaction or service order constitutes a separate contract with the customer. However, when the Company provides multiple services to a customer, different contracts may be present for different services. The Company combines the contracts, which form a single performance obligation, and accounts for the contracts as a single contract when certain criteria are met. The Company typically satisfies its performance obligations as services are rendered over time. A typical shipment would include services rendered at origin, such as pick-up and delivery to port, freight services from origin to destination port and destination services, such as customs clearance and final delivery. The Company measures the performance of its obligations as services are completed over the life of a shipment, including services at origin, freight and destination. This method of measurement of progress depicts the pattern of the Company's actual performance under the contracts with the customer. There are no significant judgments involved in measuring the progress of the performance obligations. Amounts allocated to the services for each performance obligation are typically based on standalone selling prices. The Company does not have significant variable consideration in its contracts. Taxes assessed concurrently with a specific revenue-producing transaction that are collected by the Company from a customer are excluded from revenue. Typically, transaction prices for each of the Company's services are quoted as separate components; however, customers on occasion will request an all-inclusive rate for a set of services known in the industry as “door-to-door service.” This means that the customer is billed a single rate for all services from pickup at origin to delivery at destination. In these instances, the transaction price is allocated to each service on a relative selling price basis. The Company fulfills nearly all of its performance obligations within a one to two month-period and contracts with customers have an original expected duration of less than one year. The Company generally has an unconditional right to consideration when the services are initiated or soon thereafter. The amount due from the customer is recorded as accounts receivable. The amounts related to services that are not yet completed at the reporting date are presented as contract liabilities, with corresponding direct costs to fulfill the performance obligation that will be satisfied in the future presented as deferred contract costs. The Company generally does not incur incremental costs to obtain the contract with the customer. The Company may incur costs to fulfill the contract with the customers, such as set-up costs. However, the amount incurred is insignificant to the Company’s consolidated financial statements. The Company evaluates whether amounts billed to customers should be reported as gross or net revenue. Generally, revenue is recorded on a gross basis when the Company is primarily responsible for fulfilling the promise to provide the services, when it assumes risk of loss (e.g., limited liability loss/damage), when it has discretion in setting the prices for the services to the customers, and the Company has the ability to direct the use of the services provided by the third party.
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 customers to pay deteriorates. The Company has recorded an allowance for doubtful accounts in the amounts of $12,688 as of March 31, 2018 and $12,858 as of December 31, 2017 . 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 disclosures 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 that the Company has self-insured, accrual of various tax liabilities including provisional estimates associated with the U.S. enacted Tax Cuts and Jobs Act (the 2017 Tax Act), accrual of loss contingencies and calculation of share-based compensation expense. Actual results could be materially different from the estimated provisions and accruals recorded.
New Accounting Pronouncements, Policy	Leases In February 2016, the Financial Accounting Standards Board (FASB) issued an Accounting Standard Update (ASU) changing the accounting for leases and includes a requirement to record all leases exceeding one year on the consolidated balance sheet as assets and liabilities. The new lease standard is expected to be adopted using a modified retrospective transition and will be effective for the Company beginning on January 1, 2019. Adoption will impact the consolidated balance sheets as future minimum lease payments under noncancelable leases totaled approximately $253 million as of March 31, 2018 . The Company is currently evaluating its existing lease portfolio, including accumulating all of the necessary information required to properly evaluate and account for the leases under this new standard. Additionally, the Company has begun the implementation of an enterprise-wide lease management system that, along with accompanying process changes, will assist in the accounting and internal control changes necessary to meet the reporting and disclosure requirements of the new standard when it becomes effective. Taxes In February 2018, the FASB issued an ASU, which amends existing guidance for reporting comprehensive income to reflect changes resulting from the 2017 Tax Act. The amendment provides the option to reclassify stranded tax effects resulting from the 2017 Tax Act within accumulated other comprehensive income (AOCI) to retained earnings. New disclosures will be required upon adoption, including the accounting policy for releasing income tax effects from AOCI, whether reclassification of stranded income tax effects is elected, and information about other income tax effect reclassifications. The amendment will become effective for the Company on January 1, 2019, though early adoption is permitted. The Company is currently evaluating the impact of adopting this standard on its consolidated financial statements and disclosures.
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.
Income Taxes, Policy	The 2017 Tax Act included provisions for Global Intangible Low-Taxed Income (GILTI) under which taxes on foreign income are imposed on the excess of a deemed return on tangible assets of certain foreign subsidiaries and for Base Erosion and Anti-Abuse Tax (BEAT) under which taxes are imposed on certain base eroding payments to affiliated foreign companies. Consistent with U.S. GAAP, the Company will treat BEAT as discrete adjustments to the income tax provision when incurred in future periods for which no deferred taxes are required to be provided and has made an accounting policy election to treat GILTI taxes in a similar manner. No provision for income taxes related to GILTI or BEAT has been recorded.
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)	3 Months Ended
	Mar. 31, 2018
Share-based Compensation [Abstract]
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 March 31, 2018 2017 Stock compensation expense $ 11,267 $ 10,623 Recognized tax benefit $ 1,517 $ 2,213

Basic and Diluted Earnings pe19

Basic and Diluted Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2018
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 March 31, (Amounts in thousands, except per share amounts) Net earnings attributable to shareholders Weighted average shares Earnings per share 2018 Basic earnings attributable to shareholders $ 135,692 175,900 $ 0.77 Effect of dilutive potential common shares — 3,516 — Diluted earnings attributable to shareholders $ 135,692 179,416 $ 0.76 2017 Basic earnings attributable to shareholders $ 93,264 180,062 $ 0.52 Effect of dilutive potential common shares — 2,032 — Diluted earnings attributable to shareholders $ 93,264 182,094 $ 0.51
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 March 31, 2018 2017 Shares — 3,751

Components of Equity (Tables)

Components of Equity (Tables)	3 Months Ended
	Mar. 31, 2018
Stockholders' Equity Note [Abstract]
Schedule of Components of Equity Disclosure	The components of equity for the three months ended March 31, 2018 and 2017 are as follows: Shareholders’ equity Noncontrolling interest Total equity Balance at December 31, 2017 $ 1,991,858 2,515 1,994,373 Cumulative effect of accounting change (22,357 ) (105 ) (22,462 ) Exercise of stock options 26,397 — 26,397 Shares repurchased under provisions of stock repurchase plans (172,360 ) — (172,360 ) Stock compensation expense 11,267 — 11,267 Net earnings 135,692 508 136,200 Other comprehensive income (loss) 8,972 (121 ) 8,851 Balance at March 31, 2018 $ 1,979,469 2,797 1,982,266 Balance at December 31, 2016 $ 1,844,638 2,575 1,847,213 Exercise of stock options 45,365 — 45,365 Shares repurchased under provisions of stock repurchase plans (53,908 ) — (53,908 ) Stock compensation expense 10,623 — 10,623 Net earnings 93,264 303 93,567 Other comprehensive income (loss) 8,914 (54 ) 8,860 Balance at March 31, 2017 $ 1,948,896 2,824 1,951,720

Fair Value of Financial Instr21

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2018
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: March 31, 2018 December 31, 2017 Cost Fair Value Cost Fair Value Cash and Cash Equivalents: Cash and overnight deposits $ 452,028 452,028 383,021 383,021 Corporate commercial paper 643,085 644,225 635,345 635,919 Time deposits 37,788 37,788 32,733 32,733 Total cash and cash equivalents $ 1,132,901 1,134,041 1,051,099 1,051,673

Business Segment Information (T

Business Segment Information (Tables)	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018: Revenues from unaffiliated customers $ 534,869 76,525 32,722 630,572 168,600 305,792 105,182 — 1,854,262 Transfers between geographic areas 28,881 3,562 3,387 6,017 6,550 14,188 5,355 (67,940 ) — Total revenues $ 563,750 80,087 36,109 636,589 175,150 319,980 110,537 (67,940 ) 1,854,262 Net revenues 1 $ 277,185 30,447 14,745 137,208 44,406 98,635 33,201 11 635,838 Operating income $ 69,648 9,018 2,370 69,923 15,132 19,278 7,438 11 192,818 Identifiable assets at period end $ 1,558,181 165,368 55,036 542,965 153,411 533,012 208,173 (3,665 ) 3,212,481 Capital expenditures $ 3,171 1,528 505 784 329 7,191 288 — 13,796 Depreciation and amortization $ 8,765 398 368 1,376 583 1,976 456 — 13,922 Equity $ 1,247,522 68,050 27,226 278,651 105,642 160,038 128,487 (33,350 ) 1,982,266 Three months ended March 31, 2017: Revenues from unaffiliated customers $ 426,019 59,899 22,103 566,428 147,240 231,457 91,986 — 1,545,132 Transfers between geographic areas 24,313 2,639 3,635 5,051 5,431 9,322 4,964 (55,355 ) — Total revenues $ 450,332 62,538 25,738 571,479 152,671 240,779 96,950 (55,355 ) 1,545,132 Net revenues 1 $ 230,785 25,793 14,916 111,833 37,995 75,958 29,731 594 527,605 Operating income $ 52,346 5,051 3,451 53,352 13,224 11,646 7,043 1 146,114 Identifiable assets at period end $ 1,536,520 106,068 50,344 514,509 122,765 379,853 188,098 4,562 2,902,719 Capital expenditures $ 5,242 234 255 1,240 373 5,078 339 — 12,761 Depreciation and amortization $ 7,753 372 320 1,320 531 1,171 460 — 11,927 Equity $ 1,192,601 51,812 27,248 371,152 105,726 118,211 119,627 (34,657 ) 1,951,720
Schedule of Net Revenues Calculation	The following table presents the calculation of consolidated net revenues: Three months ended March 31, 2018 2017 Total revenues $ 1,854,262 $ 1,545,132 Expenses: Airfreight services 513,504 443,404 Ocean freight and ocean services 379,418 366,063 Customs brokerage and other services 325,502 208,060 Net revenues $ 635,838 $ 527,605

Summary of Significant Accoun23

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 12,688	$ 12,858
Operating Leases, Future Minimum Payments Due	$ 253,000

Revenues - Additional Informati

Revenues - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Jan. 01, 2018	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets	$ 22,462
Deferred contract costs	120,861			$ 0
Contract liabilities	147,236			$ 0
Revenue from Contract with Customer, Excluding Assessed Tax	1,854,262	$ 1,545,132
Cost of Customs brokerage and other services	1,661,444	1,399,018
Customs brokerage and other services
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	602,152	$ 435,828
Prospective Change in Presentation Gross vs. Net | Customs brokerage and other services
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	50,000
Cost of Customs brokerage and other services	$ 50,000
Revenue Accounting Standards Update
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets			$ 22,462
Deferred contract costs			135,000
Contract liabilities			$ 165,000

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Share-based Compensation [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	0	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	0	0
Stock Issued During Period, Shares, Employee Stock Purchase Plans	0	0

Share-Based Compensation - Stoc

Share-Based Compensation - Stock Compensation Expense and Total Related Tax Benefit Recognized (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock compensation expense	$ 11,267	$ 10,623
Recognized tax benefit	$ 1,517	$ 2,213

Income Taxes Income Taxes - Add

Income Taxes Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Income Taxes [Line Items]
Income Tax Expense (Benefit)	$ 61,556		$ 55,586
Effective Income Tax Rate Reconciliation, Percent	31.10%		37.30%
Tax Cuts and Jobs Act - Provisional
Income Taxes [Line Items]
Income Tax Expense (Benefit)		$ (39,000)
Transition Tax For Accumulated Foreign Earnings
Income Taxes [Line Items]
Income Tax Expense (Benefit)	$ 1,800
UNITED STATES
Income Taxes [Line Items]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%		35.00%

Basic and Diluted Earnings pe28

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
	Mar. 31, 2018	Mar. 31, 2017
Net Earnings Attributable to Shareholders
Basic earnings attributable to shareholders	$ 135,692	$ 93,264
Diluted earnings attributable to shareholders	$ 135,692	$ 93,264
Weighted Average Shares
Weighted average basic shares outstanding	175,900	180,062
Effect of dilutive potential common shares	3,516	2,032
Weighted average diluted shares outstanding	179,416	182,094
Earnings Per Share
Basic earnings attributable to shareholders per share	$ 0.77	$ 0.52
Diluted earnings attributable to shareholders per share	$ 0.76	$ 0.51

Basic and Diluted Earnings pe29

Basic and Diluted Earnings per Share - Shares Excluded from Computation of Diluted earnings Per Share (Detail) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Earnings Per Share [Abstract]
Shares	0	3,751

Components of Equity (Detail)

Components of Equity (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	$ 1,994,373	$ 1,847,213
Cumulative effect of accounting change	(22,462)
Exercise of stock options	26,397	45,365
Shares repurchased under provisions of stock repurchase plans	(172,360)	(53,908)
Stock compensation expense	11,267	10,623
Net earnings	136,200	93,567
Other comprehensive income (loss)	8,851	8,860
Ending Balance	1,982,266	1,951,720
Shareholders' Equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	1,991,858	1,844,638
Cumulative effect of accounting change	(22,357)
Exercise of stock options	26,397	45,365
Shares repurchased under provisions of stock repurchase plans	(172,360)	(53,908)
Stock compensation expense	11,267	10,623
Net earnings	135,692	93,264
Other comprehensive income (loss)	8,972	8,914
Ending Balance	1,979,469	1,948,896
Noncontrolling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	2,515	2,575
Cumulative effect of accounting change	(105)
Net earnings	508	303
Other comprehensive income (loss)	(121)	(54)
Ending Balance	$ 2,797	$ 2,824

Components Of Equity - Addition

Components Of Equity - Additional Information (Detail) - $ / shares shares in Thousands	May 08, 2018	Mar. 31, 2018	Mar. 31, 2017
Non-Discretionary Plan
Class of Stock [Line Items]
Shares repurchased		445	954
Average price per share		$ 65.68	$ 56.49
Discretionary Plan
Class of Stock [Line Items]
Shares repurchased		2,216	0
Average price per share		$ 64.58
Expected common stock shares issued and outstanding		170,000
Subsequent Event
Class of Stock [Line Items]
Date of declaration of dividends	May 8, 2018
Dividend declared per share	$ 0.45
Date of dividend payment	Jun. 15, 2018
Dividends payable to shareholders date of record	Jun. 1, 2018

Fair Value of Financial Instr32

Fair Value of Financial Instruments - Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash and cash equivalents	$ 1,132,901	$ 1,051,099	$ 1,156,043	$ 974,435
Cost
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash and cash equivalents	1,132,901	1,051,099
Cost | Cash and Cash Equivalents
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and overnight deposits	452,028	383,021
Corporate commercial paper	643,085	635,345
Time deposits	37,788	32,733
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash and cash equivalents	1,134,041	1,051,673
Fair Value | Cash and Cash Equivalents
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and overnight deposits	452,028	383,021
Corporate commercial paper	644,225	635,919
Time deposits	$ 37,788	$ 32,733

Business Segment Information -

Business Segment Information - Financial Information Regarding Company's Operations by Geographic Area (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		$ 1,854,262	$ 1,545,132
Net revenues	[1]	635,838	527,605
Operating income		192,818	146,114
Identifiable assets at period end		3,212,481	2,902,719	$ 3,117,008
Capital expenditures		13,796	12,761
Depreciation and amortization		13,922	11,927
Equity		1,982,266	1,951,720	$ 1,994,373	$ 1,847,213
United States Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		534,869	426,019
Other North America Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		76,525	59,899
Latin America Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		32,722	22,103
North Asia Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		630,572	566,428
South Asia Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		168,600	147,240
Europe Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		305,792	231,457
Middle East Africa And India Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		105,182	91,986
Geography Eliminations | United States Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		28,881	24,313
Geography Eliminations | Other North America Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		3,562	2,639
Geography Eliminations | Latin America Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		3,387	3,635
Geography Eliminations | North Asia Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		6,017	5,051
Geography Eliminations | South Asia Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		6,550	5,431
Geography Eliminations | Europe Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		14,188	9,322
Geography Eliminations | Middle East Africa And India Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		5,355	4,964
Operating Segments | United States Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		563,750	450,332
Net revenues	[1]	277,185	230,785
Operating income		69,648	52,346
Identifiable assets at period end		1,558,181	1,536,520
Capital expenditures		3,171	5,242
Depreciation and amortization		8,765	7,753
Equity		1,247,522	1,192,601
Operating Segments | Other North America Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		80,087	62,538
Net revenues	[1]	30,447	25,793
Operating income		9,018	5,051
Identifiable assets at period end		165,368	106,068
Capital expenditures		1,528	234
Depreciation and amortization		398	372
Equity		68,050	51,812
Operating Segments | Latin America Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		36,109	25,738
Net revenues	[1]	14,745	14,916
Operating income		2,370	3,451
Identifiable assets at period end		55,036	50,344
Capital expenditures		505	255
Depreciation and amortization		368	320
Equity		27,226	27,248
Operating Segments | North Asia Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		636,589	571,479
Net revenues	[1]	137,208	111,833
Operating income		69,923	53,352
Identifiable assets at period end		542,965	514,509
Capital expenditures		784	1,240
Depreciation and amortization		1,376	1,320
Equity		278,651	371,152
Operating Segments | South Asia Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		175,150	152,671
Net revenues	[1]	44,406	37,995
Operating income		15,132	13,224
Identifiable assets at period end		153,411	122,765
Capital expenditures		329	373
Depreciation and amortization		583	531
Equity		105,642	105,726
Operating Segments | Europe Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		319,980	240,779
Net revenues	[1]	98,635	75,958
Operating income		19,278	11,646
Identifiable assets at period end		533,012	379,853
Capital expenditures		7,191	5,078
Depreciation and amortization		1,976	1,171
Equity		160,038	118,211
Operating Segments | Middle East Africa And India Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		110,537	96,950
Net revenues	[1]	33,201	29,731
Operating income		7,438	7,043
Identifiable assets at period end		208,173	188,098
Capital expenditures		288	339
Depreciation and amortization		456	460
Equity		128,487	119,627
Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		(67,940)	(55,355)
Net revenues	[1]	11	594
Operating income		11	1
Identifiable assets at period end		(3,665)	4,562
Equity		$ (33,350)	$ (34,657)
[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 34

Business Segment Information - Net Revenues Calculation (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Segment Reporting [Abstract]
Total revenues		$ 1,854,262	$ 1,545,132
Expenses [Abstract]
Airfreight services		513,504	443,404
Ocean freight and ocean services		379,418	366,063
Customs brokerage and other services		325,502	208,060
Net revenues	[1]	$ 635,838	$ 527,605
[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.