Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 19, 2019 | Jun. 30, 2018 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | EXPD | ||
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 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 171,669,558 | ||
Entity Public Float | $ 12,614,798,720 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current Assets: | ||
Cash and cash equivalents | $ 923,735 | $ 1,051,099 |
Accounts receivable, less allowance for doubtful accounts of $15,345 in 2018 and $12,858 in 2017 | 1,581,530 | 1,414,741 |
Deferred contract costs | 159,510 | 0 |
Other | 70,041 | 75,612 |
Total current assets | 2,734,816 | 2,541,452 |
Property and equipment, net | 504,105 | 525,203 |
Goodwill | 7,927 | 7,927 |
Deferred Federal and state income taxes, net | 40,465 | 13,207 |
Other assets, net | 27,246 | 29,219 |
Total assets | 3,314,559 | 3,117,008 |
Current Liabilities: | ||
Accounts payable | 902,259 | 866,305 |
Accrued expenses, primarily salaries and related costs | 215,813 | 206,320 |
Contract liabilities | 190,343 | 0 |
Federal, state and foreign income taxes | 18,424 | 20,494 |
Total current liabilities | 1,326,839 | 1,093,119 |
Noncurrent Federal income tax payable | 0 | 29,516 |
Commitments and contingencies | ||
Shareholders’ Equity: | ||
Preferred stock, par value $0.01 per share, authorized 2,000 shares; none issued | 0 | 0 |
Common stock, par value $0.01 per share, authorized 640,000 shares; issued and outstanding 171,582 shares at December 31, 2018 and 176,374 shares at December 31, 2017 | 1,716 | 1,764 |
Additional paid-in capital | 1,896 | 546 |
Retained earnings | 2,088,707 | 2,063,512 |
Accumulated other comprehensive loss | (105,481) | (73,964) |
Total shareholders’ equity | 1,986,838 | 1,991,858 |
Noncontrolling interest | 882 | 2,515 |
Total equity | 1,987,720 | 1,994,373 |
Total liabilities and equity | $ 3,314,559 | $ 3,117,008 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 15,345 | $ 12,858 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, authorized | 2,000 | 2,000 |
Preferred stock, issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, authorized | 640,000 | 640,000 |
Common stock, issued | 171,582 | 176,374 |
Common stock, outstanding | 171,582 | 176,374 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues: | |||
Revenues | $ 8,138,365 | $ 6,920,948 | $ 6,098,037 |
Operating Expenses: | |||
Salaries and related costs | 1,393,259 | 1,267,120 | 1,157,635 |
Rent and occupancy costs | 152,813 | 119,732 | 108,812 |
Depreciation and amortization | 54,019 | 49,310 | 46,796 |
Selling and promotion | 45,346 | 44,290 | 41,763 |
Other | 178,373 | 138,477 | 138,867 |
Total operating expenses | 7,341,802 | 6,220,688 | 5,427,874 |
Operating income | 796,563 | 700,260 | 670,163 |
Other Income (Expense): | |||
Interest income | 19,153 | 13,204 | 11,580 |
Other, net | 2,613 | 5,131 | 5,113 |
Other income, net | 21,766 | 18,335 | 16,693 |
Earnings before income taxes | 818,329 | 718,595 | 686,856 |
Income tax expense | 198,539 | 228,212 | 254,323 |
Net earnings | 619,790 | 490,383 | 432,533 |
Less net earnings attributable to the noncontrolling interest | 1,591 | 1,038 | 1,726 |
Net earnings attributable to shareholders | $ 618,199 | $ 489,345 | $ 430,807 |
Diluted earnings attributable to shareholders per share | $ 3.48 | $ 2.69 | $ 2.36 |
Basic earnings attributable to shareholders per share | $ 3.55 | $ 2.73 | $ 2.38 |
Weighted average diluted shares outstanding | 177,833 | 181,666 | 182,704 |
Weighted average basic shares outstanding | 174,133 | 179,247 | 181,282 |
Airfreight services | |||
Revenues: | |||
Revenues | $ 3,271,932 | $ 2,877,032 | $ 2,453,347 |
Operating Expenses: | |||
Direct Operating Costs | 2,410,793 | 2,126,761 | 1,752,167 |
Ocean freight and ocean services | |||
Revenues: | |||
Revenues | 2,251,754 | 2,107,045 | 1,917,494 |
Operating Expenses: | |||
Direct Operating Costs | 1,664,168 | 1,543,740 | 1,378,699 |
Customs brokerage and other services | |||
Revenues: | |||
Revenues | 2,614,679 | 1,936,871 | 1,727,196 |
Operating Expenses: | |||
Direct Operating Costs | $ 1,443,031 | $ 931,258 | $ 803,135 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net earnings | $ 619,790 | $ 490,383 | $ 432,533 |
Other comprehensive (loss) income, net of tax: | |||
Foreign currency translation adjustments, net of tax of $13,364 in 2018, $16,761 in 2017 and $12,867 in 2016 | (32,390) | 30,434 | (23,743) |
Other comprehensive (loss) income | (32,390) | 30,434 | (23,743) |
Comprehensive income | 587,400 | 520,817 | 408,790 |
Less comprehensive income attributable to the noncontrolling interest | 718 | 844 | 1,337 |
Comprehensive income attributable to shareholders | $ 586,682 | $ 519,973 | $ 407,453 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Comprehensive Income (Loss), Tax, Parenthetical Disclosures [Abstract] | |||
Foreign currency translation adjustments, tax | $ (13,364) | $ 16,761 | $ (12,687) |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income (loss) | Total shareholders' equity | Noncontrolling interest |
Balance (in shares) at Dec. 31, 2015 | 182,067 | ||||||
Balance at Dec. 31, 2015 | $ 1,694,676 | $ 1,821 | $ 31 | $ 1,771,379 | $ (81,238) | $ 1,691,993 | $ 2,683 |
Increase (Decrease) in Equity [Roll Forward] | |||||||
Exercise of stock options and release of restricted shares (in shares) | 3,769 | ||||||
Exercise of stock options and release of restricted shares | 157,177 | $ 38 | 157,139 | 157,177 | |||
Issuance of shares under stock purchase plan (in shares) | 703 | ||||||
Issuance of shares under stock purchase plan | 28,136 | $ 7 | 28,129 | 28,136 | |||
Shares repurchased under provisions of stock repurchase plans (in shares) | (6,682) | ||||||
Shares repurchased under provisions of stock repurchase plans | (337,658) | $ (67) | (225,317) | (112,274) | (337,658) | ||
Stock compensation expense | 45,217 | 45,217 | 45,217 | ||||
Tax benefits from stock plans, net | (2,664) | (2,664) | (2,664) | ||||
Net earnings | 432,533 | 430,807 | 430,807 | 1,726 | |||
Other comprehensive income (loss) | (23,743) | (23,354) | (23,354) | (389) | |||
Dividends paid | (145,123) | (145,123) | (145,123) | ||||
Purchase of noncontrolling interest | (3) | 107 | 107 | (110) | |||
Distributions of dividends to noncontrolling interest | (1,335) | (1,335) | |||||
Balance (in shares) at Dec. 31, 2016 | 179,857 | ||||||
Balance at Dec. 31, 2016 | 1,847,213 | $ 1,799 | 2,642 | 1,944,789 | (104,592) | 1,844,638 | 2,575 |
Increase (Decrease) in Equity [Roll Forward] | |||||||
Exercise of stock options and release of restricted shares (in shares) | 4,058 | ||||||
Exercise of stock options and release of restricted shares | 176,325 | $ 40 | 176,285 | 176,325 | |||
Issuance of shares under stock purchase plan (in shares) | 682 | ||||||
Issuance of shares under stock purchase plan | 28,767 | $ 7 | 28,760 | 28,767 | |||
Shares repurchased under provisions of stock repurchase plans (in shares) | (8,223) | ||||||
Shares repurchased under provisions of stock repurchase plans | (478,258) | $ (82) | (258,049) | (220,127) | (478,258) | ||
Stock compensation expense | 50,908 | 50,908 | 50,908 | ||||
Net earnings | 490,383 | 489,345 | 489,345 | 1,038 | |||
Other comprehensive income (loss) | 30,434 | 30,628 | 30,628 | (194) | |||
Dividends paid | (150,495) | (150,495) | (150,495) | ||||
Distributions of dividends to noncontrolling interest | $ (904) | (904) | |||||
Balance (in shares) at Dec. 31, 2017 | 176,374 | 176,374 | |||||
Balance at Dec. 31, 2017 | $ 1,994,373 | $ 1,764 | 546 | 2,063,512 | (73,964) | 1,991,858 | 2,515 |
Increase (Decrease) in Equity [Roll Forward] | |||||||
Exercise of stock options and release of restricted shares (in shares) | 3,589 | ||||||
Exercise of stock options and release of restricted shares | 146,193 | $ 36 | 146,157 | 146,193 | |||
Issuance of shares under stock purchase plan (in shares) | 666 | ||||||
Issuance of shares under stock purchase plan | 33,291 | $ 6 | 33,285 | 33,291 | |||
Shares repurchased under provisions of stock repurchase plans (in shares) | (9,047) | ||||||
Shares repurchased under provisions of stock repurchase plans | (647,898) | $ (90) | (234,160) | (413,648) | (647,898) | ||
Stock compensation expense | 56,147 | 56,147 | 56,147 | ||||
Net earnings | 619,790 | 618,199 | 618,199 | 1,591 | |||
Other comprehensive income (loss) | (32,390) | (31,517) | (31,517) | (873) | |||
Dividends paid | (156,840) | 159 | (156,999) | (156,840) | |||
Purchase of noncontrolling interest | (688) | (238) | (238) | (450) | |||
Distributions of dividends to noncontrolling interest | $ (1,796) | (1,796) | |||||
Balance (in shares) at Dec. 31, 2018 | 171,582 | 171,582 | |||||
Balance at Dec. 31, 2018 | $ 1,987,720 | $ 1,716 | $ 1,896 | 2,088,707 | $ (105,481) | 1,986,838 | 882 |
Increase (Decrease) in Equity [Roll Forward] | |||||||
Cumulative effect of accounting change | $ (22,462) | $ (22,357) | $ (22,357) | $ (105) |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends paid, per share | $ 0.90 | $ 0.84 | $ 0.80 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Activities: | |||
Net earnings | $ 619,790 | $ 490,383 | $ 432,533 |
Adjustments to reconcile net earnings to net cash from operating activities: | |||
Provision for losses on accounts receivable | 3,808 | 5,356 | 2,607 |
Deferred income tax (benefit) expense | (12,031) | (43,695) | 15,835 |
Stock compensation expense | 56,147 | 50,908 | 45,217 |
Depreciation and amortization | 54,019 | 49,310 | 46,796 |
Other | 647 | (4,382) | (3,540) |
Changes in operating assets and liabilities: | |||
Increase in accounts receivable | (214,971) | (184,771) | (102,297) |
Increase in accounts payable and accrued expenses | 86,036 | 114,631 | 102,716 |
Increase in deferred contract costs | (42,097) | 0 | 0 |
Increase in contract liabilities | 43,928 | 0 | 0 |
(Decrease) increase in income taxes payable, net | (19,691) | 16,264 | (12,370) |
(Increase) decrease in other current assets | (2,781) | (5,365) | 1,988 |
Net cash from operating activities | 572,804 | 488,639 | 529,485 |
Investing Activities: | |||
Purchase of short-term investments | (27) | (12) | (54) |
Proceeds from maturities of short-term investments | 59 | 12 | 17 |
Purchase of property and equipment | (47,474) | (95,016) | (59,316) |
Proceeds from sale of property and equipment | 215 | 84,405 | 229 |
Other, net | (1,172) | (1,074) | 5,928 |
Net cash from investing activities | (48,399) | (11,685) | (53,196) |
Financing Activities: | |||
Proceeds from issuance of common stock | 182,732 | 205,092 | 185,313 |
Repurchases of common stock | (647,898) | (478,258) | (337,658) |
Dividends paid | (156,840) | (150,495) | (145,123) |
Payments Related to Tax Withholding for Share-based Compensation | (3,248) | 0 | 0 |
Payments to Noncontrolling Interests | (688) | 0 | 0 |
Distributions to noncontrolling interest | (1,796) | (904) | (1,335) |
Net cash from financing activities | (627,738) | (424,565) | (298,803) |
Effect of exchange rate changes on cash and cash equivalents | (24,031) | 24,275 | (10,847) |
(Decrease) increase in cash and cash equivalents | (127,364) | 76,664 | 166,639 |
Cash and cash equivalents at beginning of year | 1,051,099 | 974,435 | 807,796 |
Cash and cash equivalents at end of year | 923,735 | 1,051,099 | 974,435 |
Supplemental Cash Flow Information: | |||
Cash paid for income taxes | $ 239,255 | $ 249,704 | $ 254,312 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 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. International trade is influenced by many factors, including economic and political conditions in the United States and abroad, currency exchange rates and currency control regulations, regulatory environments, cargo and other security concerns, laws and policies relating to tariffs, trade and quota restrictions, foreign investments and taxation. Periodically, governments consider a variety of changes to current tariffs and trade restrictions and accords. The Company cannot predict which, if any, of these proposals may be adopted, nor can the Company predict the effects adoption of any such proposal will have on the Company’s business. Doing business in foreign locations also subjects the Company to a variety of risks and considerations not normally encountered by domestic enterprises. In addition to being influenced by governmental policies concerning international trade and commerce, the Company’s business may also be affected by political developments and changes in government personnel or policies as well as economic turbulence, political unrest and security concerns in the nations in which it does business and the future impact that these events may have on international trade including impact on oil prices. The consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission in accordance with accounting principles generally accepted in the United States (U.S. GAAP). The consolidated financial statements include the accounts of the Company and its subsidiaries stated in U.S. dollars, the Company’s reporting currency. In addition, the consolidated financial statements also include the accounts of operating entities where the Company maintains a parent-subsidiary relationship through unilateral control over assets and operations together with responsibility for payment of all liabilities, notwithstanding a lack of technical majority ownership of the subsidiary's common stock. 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. | Cash Equivalents All highly liquid investments with a maturity of three months or less at date of purchase are considered to be cash equivalents. 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 its customers to pay deteriorates. The Company has recorded an allowance for doubtful accounts in the amounts of $15,345 , $12,858 and $9,247 as of December 31, 2018 , 2017 and 2016 , respectively. Additions and write-offs have not been significant in any of these years. D. | Long-Lived Assets, Depreciation and Amortization Property and equipment are recorded at cost and are depreciated or amortized on the straight-line method over the shorter of the assets’ estimated useful lives or lease terms. Useful lives for major categories of property and equipment are as follows: Buildings and land improvements 30 to 40 years Building improvements 3 to 10 years Furniture, fixtures, equipment and purchased software 3 to 10 years Expenditures for maintenance, repairs, and replacements of minor items are charged to earnings as incurred. Major upgrades and improvements that extend the life of the asset are capitalized. Upon disposition, the cost and related accumulated depreciation are removed from the accounts and the resulting gain or loss is included in income for the period. For the years ended December 31, 2018 and 2017 , the Company performed the required goodwill annual impairment test during the fourth quarter and determined that no impairment had occurred. E. | Revenues and Revenue Recognition The Company provides global logistics services, including air and ocean freight consolidation and forwarding, customs brokerage, warehousing and distribution, purchase order management, vendor consolidation, time-definite transportation services, temperature-controlled transit, cargo insurance, specialized cargo monitoring and tracking and other logistics solutions. As a non-asset based carrier, the Company does not own transportation assets. The Company derives its revenues by entering into agreements that are generally comprised of a single performance obligation, which is that freight is shipped for and received by the customer. The Company's three principal services are the revenue categories presented in the Consolidated Statements of Earnings: 1) airfreight services, 2) ocean freight and ocean services, and 3) customs brokerage and other services. The most significant drivers of changes in gross revenues and related transportation expenses are volume, sell rates and buy rates. Volume has a similar effect on the change in both gross revenues and related transportation expenses in each of the Company's three primary sources of revenue. The major portion of the Company's air and ocean freight revenues are generated by purchasing transportation services on a wholesale basis from direct (asset-based) carriers and then reselling those services to customers on a retail basis. The difference between the rate the Company bills its customers (the sell rate) and rate the Company pays the carrier (the buy rate) is termed "net revenue" (a non-GAAP measure), "yield" or "margin." 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, the transaction price 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, when it has discretion in setting the prices for the services to the customers, and when the Company has the ability to direct the use of the services provided by the third party. F. | Income Taxes Income taxes are accounted for under the asset and liability method of accounting. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributed to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, the tax effect of loss carryforwards and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Earnings of the Company's foreign subsidiaries are not considered to be indefinitely reinvested outside of the United States. Accordingly, prior to the implementation of the requirements of U.S. tax reform under the Tax Cuts and Jobs Act (2017 Tax Act) in December of 2017, U.S. Federal and State income taxes were provided for all undistributed earnings net of related foreign tax credits. See Note 5 for impacts associated with U.S. tax reform under the 2017 Tax Act. A valuation allowance is established when necessary to reduce deferred tax assets to amounts expected to be realized. The Company recognizes interest expense related to unrecognized tax benefits or underpayment of income taxes in interest expense and recognizes penalties in operating expenses. 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 stock option exercises, cancellations and disqualifying dispositions of employee stock purchase plan shares. G | Net Earnings Attributable to Shareholders per Common 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 common shares represent outstanding stock options, stock purchase rights 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. H. | Stock Plans The Company maintains several equity incentive plans under which the Company has granted stock options, director restricted stocks, restricted stock units (RSU), performance stock units (PSU) and employee stock purchase rights to employees or directors. The Company recognizes stock compensation expense based on the fair value of awards at the grant date. This expense, adjusted for expected forfeitures, is recognized in net earnings on a straight-line basis over the service periods as a component of 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. Expense for PSU awards is recognized over the service period when it is probable the performance goal will be achieved. I. | Foreign Currency Foreign currency amounts attributable to foreign operations have been translated into U.S. dollars using year-end exchange rates for assets and liabilities, historical rates for equity, and weighted average rates for revenues and expenses. Translation adjustments resulting from this process are recorded as components of other comprehensive income until complete or substantially complete liquidation by the Company of its investment in a foreign entity. Currency fluctuations are a normal operating factor in the conduct of the Company’s business and foreign exchange transaction gains and losses are included in revenues and operating expenses. Also, the Company is exposed to foreign currency exchange fluctuations on monetary assets and liabilities denominated in currencies that are not the local functional currency. Foreign exchange gains and losses on such balances are recognized in net earnings within customs brokerage and other services costs. Net foreign currency losses in 2018 and 2017 were $1,853 and $13,315 , respectively, and net foreign currency gains in 2016 were $7,955 . The Company follows a policy of accelerating international currency settlements to manage its foreign exchange exposure. Accordingly, the Company enters into foreign currency hedging transactions only in limited locations where there are regulatory or commercial limitations on the Company’s ability to move money freely. Such hedging activity during 2018 , 2017 , and 2016 was insignificant. The Company had no foreign currency derivatives outstanding at December 31, 2018 and 2017 . J. | Comprehensive Income Comprehensive income consists of net earnings and other gains and losses affecting equity that, under U.S. GAAP, are excluded from net earnings. For the Company, these consist of foreign currency translation gains and losses, net of related income tax effects and comprehensive income or loss attributable to the noncontrolling interests. Upon the complete or substantially complete liquidation of the Company's investment in a foreign entity, cumulative translation adjustments are recorded as reclassification adjustments in other comprehensive income and recognized in net earnings. Accumulated other comprehensive loss consisted entirely of foreign currency translation adjustments, net of related income tax effects, as of December 31, 2018 and 2017 . K. | Segment Reporting The Company is organized functionally in geographic operating segments. Accordingly, management focuses its attention on revenues, net revenues, 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. L. | 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 that the Company has self-insured, accrual of various tax liabilities including estimates associated with 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. M. | Recent Accounting Pronouncements Revenue Recognition 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 $225 million in 2018. Comparative prior year information has not been adjusted and continues to be reported under the Company's historical revenue recognition policies. 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 10. Leases In February 2016, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) changing the accounting for leases and including a requirement to record all leases exceeding one year on the consolidated balance sheet as assets and liabilities. Effective January 1, 2019, the Company will adopt the standard using a modified retrospective transition method and anticipates recording an initial right-of-use asset and lease liability of approximately $370 million , primarily related to the Company's operating leases for office and warehouse space. Upon adoption, the Company has elected to apply practical expedients, which allow the Company to carry forward its historical lease classification, determination of whether a contract contains a lease, not reassess the accounting treatment of initial direct costs and use hindsight in determining lease terms. Additionally, the Company has implemented an enterprise-wide lease management system that, along with accompanying process changes, will assist it 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 provided the option to reclassify stranded tax effects resulting from the 2017 Tax Act within accumulated other comprehensive income (AOCI) to retained earnings. The Company elected to not reclassify stranded income tax effects from AOCI to retained earnings, including those related to implementation of the 2017 Tax Act. New disclosures may be required upon adoption on the effective date of the ASU on January 1, 2019, Credit losses on financial instruments In June 2016, the FASB issued an ASU, which amends existing guidance for the accounting of credit losses on financial instruments. Under the ASU, the Company will record a valuation allowance for credit losses that are expected to be incurred over the financial asset’s contractual term. This standard will be effective for the Company on January 1, 2020 and is not expected to have a material effect on the consolidated financial statements as the new credit loss model will primarily apply to the Company's accounts receivable, which are of short duration and for which the Company has not historically experienced significant credit losses. However, the Company is still evaluating the impact of the new prescribed model compared to its current methodology. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | PROPERTY AND EQUIPMENT The components of property and equipment are as follows: 2018 2017 Land $ 144,521 147,261 Buildings and leasehold improvements 473,663 416,597 Furniture, fixtures, equipment and purchased software 330,316 320,544 Construction in progress 2,582 61,083 Property and equipment, at cost 951,082 945,485 Less accumulated depreciation and amortization 446,977 420,282 Property and equipment, net $ 504,105 525,203 In 2016, the Company completed a land acquisition in Europe, utilizing funds that had been placed in escrow in 2014. Construction of a building on that land was completed in January of 2018. In January 2017, the Company formally approved a plan to sell land and buildings 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 property, which had a net book value of $80 million , was sold in December 2017 for a $4 million gain, which is reported in the United States segment within other operating expenses. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
SHAREHOLDERS' EQUITY | SHAREHOLDERS’ EQUITY A. | Stock Repurchase Plans The Company has a Non-Discretionary Stock Repurchase Plan, originally approved by the Board of Directors in November 1993, under which management is authorized to repurchase up to 40,000 shares of the Company’s common stock in the open market with the proceeds received from the exercise of employee stock options and the Employee Stock Purchase Plan. The Company has a Discretionary Stock Repurchase Plan originally approved by the Board of Directors in November 2001, and amended from time to time under which management as of December 31, 2018 is authorized to repurchase shares down to 160,000 shares of common stock outstanding. The following table summarizes by plan the Company’s repurchasing activity: Cumulative shares repurchased Average price per share Non-Discretionary Plan (1994 through 2018) 39,912 $ 35.20 Discretionary Plan (2001 through 2018) 68,743 $ 44.66 B. | Omnibus Incentive Plan On May 2, 2017, the shareholders approved the Company's 2017 Omnibus Incentive Plan (2017 Plan), which made available 2,500 shares of the Company's common stock in aggregate to be issued under any award type allowed by the 2017 Plan. The RSU granted in 2018 and 2017 vest annually over three 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 following table summarizes information about RSU: Number of shares Weighted average grant date fair value Outstanding at December 31, 2017 581 $ 54.11 RSU granted 466 $ 69.58 RSU vested (193 ) $ 54.17 RSU forfeited (20 ) $ 60.78 Outstanding at December 31, 2018 834 $ 62.51 In 2018 and 2017 , the Company also awarded 18 and 23 PSU, respectively, under the 2017 Plan. The PSU include performance conditions to be finally measured based on the financial results in 2020 and 2019, respectively. The final number of PSU will be determined using an adjustment factor of up to 2 times or down to 0.5 of the targeted PSU grant, 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. At December 31, 2018, assuming target levels are achieved for PSU, there are 1,431 shares available for grant under the 2017 plan. When restrictions on RSU or PSU lapse the Company derives a tax deduction in certain countries based on the fair market value of the award upon vesting. Until vesting, a deferred tax asset is recognized and measured based on the fair value of the award at the date of grant (consistent with measurement for stock compensation expense). Any excess or shortfall in the tax deduction resulting from the difference between fair market value of the award between the date of grant and the date of vesting is recognized in income tax expense upon vesting. C. | Stock Option Plans Historically, the Company granted stock options under stock option plans approved annually by shareholders. Those plans generally allowed for the grant of qualified and non-qualified grants and outstanding options expire no more than ten years from the date of grant. Stock options granted in 2016 vest over three years from the date of grant as compared to five years for options granted in prior years. Stock options were last granted in 2016 under the Company's 2016 stock options plan. No additional shares can be granted under any of the Company's stock option plans other than the 2017 Plan. Upon the exercise of non-qualified stock options and disqualifying dispositions of incentive stock options, the Company derives a tax deduction measured by the excess of the market value over the option price at the date of exercise or disqualifying disposition. The portion of the benefit from the deduction, which equals the estimated fair value of the options (previously recognized as compensation expense) is recorded as a credit to the deferred tax asset for non-qualified stock options and is recorded as a credit to current tax expense for any disqualified dispositions of incentive stock options. For disqualifying dispositions, when the amount of the tax deduction is less than the cumulative amount of compensation expense recognized for the award, the amount credited to current tax expense is limited to the tax benefit associated with the tax deduction. All of the tax benefit received upon option exercise for the tax deduction in excess of the estimated fair value of the options was credited to additional paid-in capital prior to 2017. Commencing in 2017, in connection with the new requirements and adoption of accounting guidance issued in March 2016, these tax amounts are no longer recorded in additional paid-in capital and instead are reflected as components of income tax expense. The following table summarizes information about stock options: Number of shares Weighted average exercise price per share Weighted average remaining contractual life Aggregate intrinsic value Outstanding at December 31, 2017 12,961 $ 44.36 Options granted — $ — Options exercised (3,422 ) $ 43.68 Options forfeited (152 ) $ 45.68 Options canceled (34 ) $ 43.36 Outstanding at December 31, 2018 9,353 $ 44.60 5.13 $ 219,719 Exercisable at December 31, 2018 6,570 $ 43.89 4.55 $ 158,995 D. | Stock Purchase Plan In May 2002, the shareholders approved the Company’s 2002 Employee Stock Purchase Plan (the 2002 Plan), which became effective August 1, 2002. The Company’s amended 2002 Plan provides for 12,305 shares of the Company’s common stock to be reserved for issuance upon exercise of purchase rights granted to employees who elect to participate through regular payroll deductions beginning August 1 of each year. The purchase rights are exercisable on July 31 of the following year at a price equal to the lesser of (1) 85% of the fair market value of the Company’s stock on the last trading day in July or (2) 85% of the fair market value of the Company’s stock on the first trading day in August of the preceding year. A total of 11,562 shares have been issued under the 2002 Plan since inception and $18,646 has been withheld from employees at December 31, 2018 in connection with the plan year ending July 31, 2019. E. | Director Restricted Stock Plan On May 7, 2014 , the shareholders approved the Company’s 2014 Directors’ Restricted Stock Plan (the 2014 Directors’ Plan), which provides for annual awards of restricted stock to non-employee directors and makes 250 shares of the Company’s common stock available for grant. The plan provides for an annual grant of restricted stock awards with a fair market value equal to $200 to each participant on May 20 of each year. There are 81 shares available for grant under this plan as of December 31, 2018 , and no shares can be granted under this plan after June 1, 2019. Each restricted stock award under the 2014 Directors’ Plan vests either at the time of grant or with a vesting schedule, as determined by the Compensation Committee of the Board of Directors. Restricted shares granted in 2016, 2017 and 2018 vested at the time of grant and there were no unvested restricted shares as of December 31, 2018 . In 2018, restricted shares totaling 25 were granted with a fair value per share of $ 72.19 . Restricted shares entitle the grantees to all shareholder rights, including cash dividends and transfer rights once vested. F. | Share-Based Compensation Expense The fair value of each option grant is estimated on the date of grant using the Black-Scholes Model with the following assumptions: For the years ended December 31, 2018 2017 2016 Dividend yield 1.30 % 1.50 % 1.70 % Volatility – stock option plans — — 24 - 25% Volatility – stock purchase rights plans 22 % 14 % 20 % Risk-free interest rates 1.30 % 1.22 % 0.51 - 1.42% Expected life (years) – stock option plans — — 5.5 - 6.5 Expected life (years) – stock purchase rights plans 1 1 1 Weighted average fair value of stock options granted during the period $ — $ — $ 9.57 Weighted average fair value of stock purchase rights granted during the period $ 17.49 $ 11.69 $ 10.99 The Company’s expected volatility assumptions are based on the historical volatility of the Company’s stock over a period of time commensurate to the expected life. The expected life assumption is primarily based on historical employee exercise patterns and employee post-vesting termination behavior. The risk-free interest rate for the expected term of the option is based on the corresponding yield curve in effect at the time of grant for U.S. Treasury bonds having the same term as the expected life of the option. The expected dividend yield is based on the Company’s historical experience. The forfeiture assumption used to calculate compensation expense is primarily based on historical pre-vesting employee forfeiture patterns. The compensation expense for RSU and PSU is based on the fair market value of the Company’s share of common stock on the date of grant. RSU and PSU awarded in 2018 and 2017 were granted at a weighted-average grant date fair value of $69.58 and $54.11 , respectively. The total intrinsic value of options exercised during the years ended December 31, 2018 , 2017 and 2016 was approximately $92 million , $55 million and $29 million , respectively. As of December 31, 2018 , the total unrecognized compensation cost related to stock awards is $56 million and the weighted average period over which that cost is expected to be recognized is 1.6 years. Shares issued as a result of stock option exercises, restricted stock awards, vested RSU, vested PSU and employee stock plan purchases are issued as new shares outstanding by the Company. |
Basic and Diluted Earnings Per
Basic and Diluted Earnings Per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
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 RSU. 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. Net earnings attributable to shareholders Weighted average shares Earnings per share 2018 Basic earnings attributable to shareholders $ 618,199 174,133 $ 3.55 Effect of dilutive potential common shares — 3,700 — Diluted earnings attributable to shareholders $ 618,199 177,833 $ 3.48 2017 Basic earnings attributable to shareholders $ 489,345 179,247 $ 2.73 Effect of dilutive potential common shares — 2,419 — Diluted earnings attributable to shareholders $ 489,345 181,666 $ 2.69 2016 Basic earnings attributable to shareholders $ 430,807 181,282 $ 2.38 Effect of dilutive potential common shares — 1,422 — Diluted earnings attributable to shareholders $ 430,807 182,704 $ 2.36 Substantially all outstanding potential common shares shares in 2018 and 2017 were dilutive. In 2016, 9.2 million of potential common shares were excluded from the computation of diluted earnings per share because the effect would have been antidilutive. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES On December 22, 2017, the United States enacted the 2017 Tax Act. The 2017 Tax Act, which is also commonly referred to as “U.S. tax reform”, significantly changes U.S. corporate income tax laws by, among other things, reducing the U.S. corporate income tax rate from 35% to 21% starting in 2018 and creates a territorial tax system with a one-time mandatory tax on the undistributed foreign earnings of the Company's non-U.S. subsidiaries. As a result, the Company recorded a net income tax benefit of $13.9 million during the fourth quarter of 2017. This amount, which reduced income tax expense, consisted of three components: i. $116.2 million of deferred income tax benefit resulting from the remeasurement of net deferred tax liabilities based on the new lower U.S. income tax rate, ii. $70.2 million provisional estimate of deferred income tax expense for the reversal of net deferred tax asset provided for foreign income tax credits in excess of unremitted foreign earnings (after adjustment of the unremitted foreign earnings liability to reflect the lower U.S. tax rate) to transition to the territorial tax system, and iii. $32.1 million of current income tax expense relating to the provisional estimate of the one-time mandatory tax (Transition Tax) on undistributed earnings of the Company's non-U.S. subsidiaries. In addition, as a result of the transition to a territorial tax system in the U.S., the effective tax rate for the year ended December 31, 2017 included a $25.4 million income tax benefit, as foreign tax rates were lower than the 2017 U.S. corporate income tax rate of 35%. Given the significance of the legislation, the Securities and Exchange Commission staff issued Staff Accounting Bulletin No. 118 (SAB 118), which allowed registrants to record provisional amounts of income tax during a one-year “measurement period.” Provisional amounts included any changes as a result of further guidance and interpretations issued in the future and also included any indirect impacts required to be recorded, including for example amounts recorded for state income taxes. December 2018 marked the end of the provisional measurement period for purposes of SAB 118. As such, the Company has completed the analysis based on current legislative updates relating to the 2017 Tax Act, which resulted in an increase of $1 million to the Transition Tax obligation initially recorded in 2017. In 2018 the Company reclassified its provisional liability from a long-term liability to a current obligation, offsetting its prepaid income tax balance, as a result of guidance issued by the IRS. The Company also decreased its provisional foreign tax credits on repatriated earnings initially recorded at December 31, 2017, by $3.6 million during 2018 based on additional guidance and clarifications issued. 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. The Company treats BEAT and GILTI as discrete adjustments to the income tax provision when incurred. Income tax expense (benefit) includes the following components: Federal State Foreign Total 2018 Current $ 45,996 13,262 151,312 210,570 Deferred (9,759 ) (2,272 ) — (12,031 ) $ 36,237 10,990 151,312 198,539 2017 Current $ 101,821 20,490 149,596 271,907 Deferred (42,474 ) (1,221 ) — (43,695 ) $ 59,347 19,269 149,596 228,212 2016 Current $ 85,330 16,082 137,076 238,488 Deferred 16,903 (1,068 ) — 15,835 $ 102,233 15,014 137,076 254,323 Income tax expense differs from amounts computed by applying the United States Federal income tax rate of 21% in 2018 and 35% in 2017 and 2016 when compared to earnings before income taxes as a result of the following: 2018 2017 2016 Computed “expected” tax expense $ 171,849 251,508 240,400 Increase (decrease) in income taxes resulting from: Effect of foreign taxes 19,008 (25,374 ) — State income taxes, net of Federal income tax benefit 8,682 12,525 9,759 Nondeductible executive compensation 3,126 — — Stock compensation expense, net (3,860 ) 63 3,629 Enactment of 2017 Tax Act — (13,894 ) — Other, net (266 ) 3,384 535 $ 198,539 228,212 254,323 In addition to the lower US federal tax rate that resulted from the 2017 Tax Act, the Company's effective tax rate in 2018 benefited from significant share-based compensation deductions, US Federal tax credits totaling $20.3 million , principally as a result of withholding taxes related to the Company's foreign operations, and US income tax deductions for Foreign-derived intangible income (FDII) of $4.8 million . These amounts were partially offset by the effect of higher foreign tax rates of the Company's international subsidiaries, when compared to the US Federal income tax rate of 21%, as well as certain expenses that are no longer deductible under the 2017 Tax Act, including certain executive compensation in excess of amounts allowed. The components of earnings before income taxes are as follows: 2018 2017 2016 United States $ 313,178 276,714 243,754 Foreign 505,151 441,881 443,102 $ 818,329 718,595 686,856 The tax effects of temporary differences and tax credits that give rise to significant portions of deferred tax assets and deferred tax liabilities are as follows: Years ended December 31, 2018 2017 Deferred Tax Assets: Accrued third party obligations, deductible for taxes upon economic performance $ 7,726 8,075 Provision for doubtful accounts receivable 1,443 628 Excess of financial statement over tax depreciation 5,134 4,804 Deductible stock compensation expense, net 19,011 17,326 Foreign currency translation adjustments 37,299 24,448 Retained liability for cargo claims 1,025 1,062 Total gross deferred tax assets 71,638 56,343 Deferred Tax Liabilities: Unremitted foreign earnings, net of related foreign tax credits 31,173 43,136 Total gross deferred tax liabilities 31,173 43,136 Net deferred tax assets $ 40,465 13,207 Based on management’s review of the Company’s tax positions, the Company had no significant unrecognized tax benefits as of December 31, 2018 and 2017 . The Company or one of its subsidiaries files income tax returns in the U.S. federal jurisdiction and various state, local and foreign jurisdictions. The Company is no longer subject to U.S. federal income tax examinations by tax authorities for years prior to 2015. With respect to state and local jurisdictions and countries outside of the United States, with limited exceptions, the Company and its subsidiaries are no longer subject to income tax audits for years prior to 2001. In the normal course of business, the Company is subject to examination by taxing authorities throughout the world. The outcome of a tax audit is always uncertain. Although the Company records estimates for additional tax expense, as well as interest and penalties that could arise from certain tax audits, the final resolution of these audits could differ materially from the estimates recorded by the Company. Any interest and penalties expensed in relation to the underpayment of income taxes were insignificant for the years ended December 31, 2018 , 2017 and 2016 . |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 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. Cash and cash equivalents consist of the following: December 31, 2018 December 31, 2017 Cost Fair Value Cost Fair Value Cash and cash equivalents: Cash and overnight deposits $ 427,307 427,307 383,021 383,021 Corporate commercial paper 467,300 467,760 635,345 635,919 Time deposits 29,128 29,128 32,733 32,733 Total cash and cash equivalents 923,735 924,195 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). |
Credit Arrangements
Credit Arrangements | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
CREDIT ARRANGEMENTS | CREDIT ARRANGEMENTS Certain of the Company’s foreign subsidiaries maintain bank lines of credit for short-term working capital purposes. A few of these credit lines are supported by standby letters of credit issued by a United States bank, or guarantees issued by the Company to the foreign banks issuing the credit line. At December 31, 2018 , the Company was contingently liable for approximately $67,579 under outstanding standby letters of credit and guarantees. At December 31, 2018 , the Company was in compliance with all restrictive covenants of these credit lines and the associated credit facilities. The standby letters of credit and guarantees relate to obligations of the Company’s foreign subsidiaries for credit extended in the ordinary course of business by direct carriers, primarily airlines, and for duty and tax deferrals available from governmental entities responsible for customs and value-added-tax (VAT) taxation. The total underlying amounts due and payable for transportation and governmental excise taxes are properly recorded as obligations in the books of the respective foreign subsidiaries, and there would be no need to record additional expense in the unlikely event the parent company were to be required to perform. |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2018 | |
Commitments [Abstract] | |
Commitments Disclosure | COMMITMENTS A. | Leases The Company occupies office and warehouse facilities under terms of operating leases expiring up to 2032 . The Company also has two long-term operating lease arrangements to use land, for which the usage rights were entirely prepaid. Usage rights for those arrangements are recognized in rent expense over the lease terms up to 2057 . Total rent expense for all operating leases in 2018 , 2017 and 2016 was $89,377 , $68,920 and $62,294 , respectively. At December 31, 2018 , future minimum annual lease payments under all noncancelable leases are as follows: 2019 $ 75,227 2020 62,974 2021 47,552 2022 38,352 2023 26,580 Thereafter 67,140 $ 317,825 B. | Unconditional Purchase Obligations The Company enters into short-term unconditional purchase obligations with asset-based providers reserving space on a guaranteed basis. The pricing of these obligations varies to some degree with market conditions. Historically, the Company has met these obligations in the normal course of business within one year. Purchase obligations outstanding as of December 31, 2018 totaled $49,912 . In the regular course of business, the Company also enters into agreements with service providers to maintain or operate equipment, facilities or software that can be longer than one year. We also regularly have contractual obligations for specific projects related to improvements of our owned or leased facilities and information technology infrastructure. C. | Employee Benefits The Company has employee savings plans under which the Company provides a discretionary matching contribution. In 2017, the Company increased its 401(k) matching contribution. In 2018 , 2017 and 2016 , the Company’s contributions under the plans were $19,600 , $18,210 , and $9,681 , respectively. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 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 December 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 | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
BUSINESS SEGMENT INFORMATION | BUSINESS SEGMENT INFORMATION Financial information regarding 2018 , 2017 and 2016 operations by the Company’s designated geographic areas is as follows: United States Other North America 2018 Revenues from unaffiliated customers $ 2,336,681 340,122 Transfers between geographic areas 143,131 15,680 Total revenues $ 2,479,812 355,802 Net revenues 1 $ 1,126,888 139,049 Operating income $ 310,071 44,099 Identifiable assets at year end $ 1,689,950 161,604 Capital expenditures $ 21,732 4,259 Depreciation and amortization $ 33,511 1,847 Equity $ 1,339,673 72,941 2017 Revenues from unaffiliated customers $ 1,851,395 256,359 Transfers between geographic areas 111,163 11,827 Total revenues $ 1,962,558 268,186 Net revenues 1 $ 1,008,841 119,071 Operating income $ 277,821 38,131 Identifiable assets at year end $ 1,595,140 151,181 Capital expenditures $ 28,212 1,563 Depreciation and amortization $ 32,017 1,546 Equity $ 1,337,568 60,705 2016 Revenues from unaffiliated customers $ 1,683,006 226,561 Transfers between geographic areas 106,076 10,778 Total revenues $ 1,789,082 237,339 Net revenues 1 $ 918,110 119,492 Operating income $ 250,715 32,530 Identifiable assets at year end $ 1,455,722 104,804 Capital expenditures $ 39,531 1,727 Depreciation and amortization $ 29,939 1,479 Equity $ 1,166,582 46,448 Latin America North Asia South Asia Europe Middle East, Africa and India Elimi- nations Consoli- dated 2018 Revenues from unaffiliated customers 141,196 2,860,876 748,858 1,268,757 441,875 — 8,138,365 Transfers between geographic areas 15,658 25,446 29,005 61,608 22,196 (312,724 ) — Total revenues 156,854 2,886,322 777,863 1,330,365 464,071 (312,724 ) 8,138,365 Net revenues 1 62,813 570,496 185,938 403,416 133,862 (2,089 ) 2,620,373 Operating income 8,843 281,481 60,882 65,446 25,731 10 796,563 Identifiable assets at year end 53,542 533,071 152,646 513,744 206,367 3,635 3,314,559 Capital expenditures 1,042 3,057 2,182 10,815 4,387 — 47,474 Depreciation and amortization 1,508 5,309 2,257 7,727 1,860 — 54,019 Equity 26,007 200,371 100,706 157,003 123,228 (32,209 ) 1,987,720 2017 Revenues from unaffiliated customers 97,096 2,576,971 661,878 1,072,028 405,221 — 6,920,948 Transfers between geographic areas 14,766 21,405 22,999 43,296 20,848 (246,304 ) — Total revenues 111,862 2,598,376 684,877 1,115,324 426,069 (246,304 ) 6,920,948 Net revenues 1 58,199 509,235 163,450 335,702 121,267 3,424 2,319,189 Operating income 9,964 248,422 53,057 48,491 24,365 9 700,260 Identifiable assets at year end 55,431 458,152 137,279 501,711 215,495 2,619 3,117,008 Capital expenditures 4,612 3,756 1,688 53,954 1,231 — 95,016 Depreciation and amortization 1,277 5,326 2,215 5,068 1,861 — 49,310 Equity 26,546 240,721 94,516 142,971 123,600 (32,254 ) 1,994,373 2016 Revenues from unaffiliated customers 84,665 2,242,670 603,980 918,561 338,594 — 6,098,037 Transfers between geographic areas 15,037 21,212 24,251 41,102 21,876 (240,332 ) — Total revenues 99,702 2,263,882 628,231 959,663 360,470 (240,332 ) 6,098,037 Net revenues 1 56,066 471,275 171,033 304,429 123,335 296 2,164,036 Operating income 13,321 230,777 64,967 42,195 35,672 (14 ) 670,163 Identifiable assets at year end 49,231 511,851 120,300 351,960 190,902 6,101 2,790,871 Capital expenditures 1,038 3,889 3,038 7,554 2,539 — 59,316 Depreciation and amortization 1,187 5,455 2,177 4,576 1,983 — 46,796 Equity 27,164 327,672 91,983 108,430 112,633 (33,699 ) 1,847,213 _______________________ 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 net revenues: Years ended December 31, 2018 2017 2016 Revenues: Total revenues $ 8,138,365 6,920,948 6,098,037 Expenses: Airfreight services 2,410,793 2,126,761 1,752,167 Ocean freight and ocean services 1,664,168 1,543,740 1,378,699 Customs brokerage and other services 1,443,031 931,258 803,135 Net revenues $ 2,620,373 2,319,189 2,164,036 Other than the United States, only the People’s Republic of China, including Hong Kong, represented more than 10% of the Company’s total revenue, net revenue, total identifiable assets or equity in any period presented as noted in the table below. 2018 2017 2016 Total revenues 29 % 31 % 31 % Net revenues 18 % 18 % 18 % Identifiable assets at year end 14 % 11 % 15 % Equity 8 % 8 % 13 % |
Quarterly Results (Unaudited)
Quarterly Results (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY RESULTS (UNAUDITED) | QUARTERLY RESULTS (UNAUDITED) 1st 2nd 3rd 4th 2018 Revenues $ 1,854,262 1,957,559 2,090,947 2,235,597 Net revenues 635,838 642,546 661,314 680,675 Net earnings 136,200 140,946 163,067 179,577 Net earnings attributable to shareholders 135,692 140,605 162,692 179,210 Diluted earnings attributable to shareholders per share 0.76 0.79 0.92 1.02 Basic earnings attributable to shareholders per share 0.77 0.80 0.94 1.04 2017 Revenues $ 1,545,132 1,672,279 1,802,166 1,901,371 Net revenues 527,605 563,633 599,142 628,809 Net earnings 93,567 108,755 120,606 167,455 Net earnings attributable to shareholders 93,264 108,851 120,263 166,967 Diluted earnings attributable to shareholders per share 0.51 0.60 0.66 0.92 Basic earnings attributable to shareholders per share 0.52 0.60 0.67 0.94 Net earnings in the fourth quarter of 2017 include a $39 million net income tax benefit that resulted from the effect of the 2017 Tax Act as described in Note 5. This amount is composed of the remeasurement of net deferred tax liabilities and assets based on the new lower U.S. corporate tax rate, the recording of a provisional estimate of the one-time mandatory tax on the undistributed earnings of the Company's non-U.S. subsidiaries and the provisional effects of the transition to a territorial tax system in the U.S. The sum of quarterly per share data may not equal the per share total reported for the year. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation, Policy | The consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission in accordance with accounting principles generally accepted in the United States (U.S. GAAP). The consolidated financial statements include the accounts of the Company and its subsidiaries stated in U.S. dollars, the Company’s reporting currency. In addition, the consolidated financial statements also include the accounts of operating entities where the Company maintains a parent-subsidiary relationship through unilateral control over assets and operations together with responsibility for payment of all liabilities, notwithstanding a lack of technical majority ownership of the subsidiary's common stock. 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. |
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. |
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 $15,345 , $12,858 and $9,247 as of December 31, 2018 , 2017 and 2016 , respectively. Additions and write-offs have not been significant in any of these years. |
Property and Equipment, Policy | Property and equipment are recorded at cost and are depreciated or amortized on the straight-line method over the shorter of the assets’ estimated useful lives or lease terms. Useful lives for major categories of property and equipment are as follows: Buildings and land improvements 30 to 40 years Building improvements 3 to 10 years Furniture, fixtures, equipment and purchased software 3 to 10 years Expenditures for maintenance, repairs, and replacements of minor items are charged to earnings as incurred. Major upgrades and improvements that extend the life of the asset are capitalized. Upon disposition, the cost and related accumulated depreciation are removed from the accounts and the resulting gain or loss is included in income for the period. |
Goodwill, Policy | For the years ended December 31, 2018 and 2017 , the Company performed the required goodwill annual impairment test during the fourth quarter and determined that no impairment had occurred. |
Revenues and 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, the transaction price 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, when it has discretion in setting the prices for the services to the customers, and when the Company has the ability to direct the use of the services provided by the third party. |
Income Taxes, Policy | Income taxes are accounted for under the asset and liability method of accounting. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributed to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, the tax effect of loss carryforwards and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Earnings of the Company's foreign subsidiaries are not considered to be indefinitely reinvested outside of the United States. Accordingly, prior to the implementation of the requirements of U.S. tax reform under the Tax Cuts and Jobs Act (2017 Tax Act) in December of 2017, U.S. Federal and State income taxes were provided for all undistributed earnings net of related foreign tax credits. See Note 5 for impacts associated with U.S. tax reform under the 2017 Tax Act. A valuation allowance is established when necessary to reduce deferred tax assets to amounts expected to be realized. The Company recognizes interest expense related to unrecognized tax benefits or underpayment of income taxes in interest expense and recognizes penalties in operating expenses. 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 stock option exercises, cancellations and disqualifying dispositions of employee stock purchase plan shares. |
Net Earnings Attributable to Shareholders per Common 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 common shares represent outstanding stock options, stock purchase rights 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. |
Stock Plans, Policy | The Company maintains several equity incentive plans under which the Company has granted stock options, director restricted stocks, restricted stock units (RSU), performance stock units (PSU) and employee stock purchase rights to employees or directors. The Company recognizes stock compensation expense based on the fair value of awards at the grant date. This expense, adjusted for expected forfeitures, is recognized in net earnings on a straight-line basis over the service periods as a component of 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. Expense for PSU awards is recognized over the service period when it is probable the performance goal will be achieved. |
Foreign Currency, Policy | Foreign currency amounts attributable to foreign operations have been translated into U.S. dollars using year-end exchange rates for assets and liabilities, historical rates for equity, and weighted average rates for revenues and expenses. Translation adjustments resulting from this process are recorded as components of other comprehensive income until complete or substantially complete liquidation by the Company of its investment in a foreign entity. Currency fluctuations are a normal operating factor in the conduct of the Company’s business and foreign exchange transaction gains and losses are included in revenues and operating expenses. Also, the Company is exposed to foreign currency exchange fluctuations on monetary assets and liabilities denominated in currencies that are not the local functional currency. Foreign exchange gains and losses on such balances are recognized in net earnings within customs brokerage and other services costs. Net foreign currency losses in 2018 and 2017 were $1,853 and $13,315 , respectively, and net foreign currency gains in 2016 were $7,955 . The Company follows a policy of accelerating international currency settlements to manage its foreign exchange exposure. Accordingly, the Company enters into foreign currency hedging transactions only in limited locations where there are regulatory or commercial limitations on the Company’s ability to move money freely. Such hedging activity during 2018 , 2017 , and 2016 was insignificant. The Company had no foreign currency derivatives outstanding at December 31, 2018 and 2017 . |
Comprehensive Income, Policy | Comprehensive income consists of net earnings and other gains and losses affecting equity that, under U.S. GAAP, are excluded from net earnings. For the Company, these consist of foreign currency translation gains and losses, net of related income tax effects and comprehensive income or loss attributable to the noncontrolling interests. Upon the complete or substantially complete liquidation of the Company's investment in a foreign entity, cumulative translation adjustments are recorded as reclassification adjustments in other comprehensive income and recognized in net earnings. Accumulated other comprehensive loss consisted entirely of foreign currency translation adjustments, net of related income tax effects, as of December 31, 2018 and 2017 . |
Segment Reporting, Policy | The Company is organized functionally in geographic operating segments. Accordingly, management focuses its attention on revenues, net revenues, 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. |
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 that the Company has self-insured, accrual of various tax liabilities including estimates associated with 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 | Revenue Recognition 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 $225 million in 2018. Comparative prior year information has not been adjusted and continues to be reported under the Company's historical revenue recognition policies. 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 10. Leases In February 2016, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) changing the accounting for leases and including a requirement to record all leases exceeding one year on the consolidated balance sheet as assets and liabilities. Effective January 1, 2019, the Company will adopt the standard using a modified retrospective transition method and anticipates recording an initial right-of-use asset and lease liability of approximately $370 million , primarily related to the Company's operating leases for office and warehouse space. Upon adoption, the Company has elected to apply practical expedients, which allow the Company to carry forward its historical lease classification, determination of whether a contract contains a lease, not reassess the accounting treatment of initial direct costs and use hindsight in determining lease terms. Additionally, the Company has implemented an enterprise-wide lease management system that, along with accompanying process changes, will assist it 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 provided the option to reclassify stranded tax effects resulting from the 2017 Tax Act within accumulated other comprehensive income (AOCI) to retained earnings. The Company elected to not reclassify stranded income tax effects from AOCI to retained earnings, including those related to implementation of the 2017 Tax Act. New disclosures may be required upon adoption on the effective date of the ASU on January 1, 2019, Credit losses on financial instruments In June 2016, the FASB issued an ASU, which amends existing guidance for the accounting of credit losses on financial instruments. Under the ASU, the Company will record a valuation allowance for credit losses that are expected to be incurred over the financial asset’s contractual term. This standard will be effective for the Company on January 1, 2020 and is not expected to have a material effect on the consolidated financial statements as the new credit loss model will primarily apply to the Company's accounts receivable, which are of short duration and for which the Company has not historically experienced significant credit losses. However, the Company is still evaluating the impact of the new prescribed model compared to its current methodology. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Useful Lives for Property and Equipment | Useful lives for major categories of property and equipment are as follows: Buildings and land improvements 30 to 40 years Building improvements 3 to 10 years Furniture, fixtures, equipment and purchased software 3 to 10 years |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | The components of property and equipment are as follows: 2018 2017 Land $ 144,521 147,261 Buildings and leasehold improvements 473,663 416,597 Furniture, fixtures, equipment and purchased software 330,316 320,544 Construction in progress 2,582 61,083 Property and equipment, at cost 951,082 945,485 Less accumulated depreciation and amortization 446,977 420,282 Property and equipment, net $ 504,105 525,203 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Cumulative Repurchasing Activity by Plan | The following table summarizes by plan the Company’s repurchasing activity: Cumulative shares repurchased Average price per share Non-Discretionary Plan (1994 through 2018) 39,912 $ 35.20 Discretionary Plan (2001 through 2018) 68,743 $ 44.66 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | The following table summarizes information about RSU: Number of shares Weighted average grant date fair value Outstanding at December 31, 2017 581 $ 54.11 RSU granted 466 $ 69.58 RSU vested (193 ) $ 54.17 RSU forfeited (20 ) $ 60.78 Outstanding at December 31, 2018 834 $ 62.51 |
Schedule of Stock Option Activity | The following table summarizes information about stock options: Number of shares Weighted average exercise price per share Weighted average remaining contractual life Aggregate intrinsic value Outstanding at December 31, 2017 12,961 $ 44.36 Options granted — $ — Options exercised (3,422 ) $ 43.68 Options forfeited (152 ) $ 45.68 Options canceled (34 ) $ 43.36 Outstanding at December 31, 2018 9,353 $ 44.60 5.13 $ 219,719 Exercisable at December 31, 2018 6,570 $ 43.89 4.55 $ 158,995 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Method Used | The fair value of each option grant is estimated on the date of grant using the Black-Scholes Model with the following assumptions: For the years ended December 31, 2018 2017 2016 Dividend yield 1.30 % 1.50 % 1.70 % Volatility – stock option plans — — 24 - 25% Volatility – stock purchase rights plans 22 % 14 % 20 % Risk-free interest rates 1.30 % 1.22 % 0.51 - 1.42% Expected life (years) – stock option plans — — 5.5 - 6.5 Expected life (years) – stock purchase rights plans 1 1 1 Weighted average fair value of stock options granted during the period $ — $ — $ 9.57 Weighted average fair value of stock purchase rights granted during the period $ 17.49 $ 11.69 $ 10.99 |
Basic and Diluted Earnings Pe_2
Basic and Diluted Earnings Per Share (Tables) | 12 Months Ended |
Dec. 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. Net earnings attributable to shareholders Weighted average shares Earnings per share 2018 Basic earnings attributable to shareholders $ 618,199 174,133 $ 3.55 Effect of dilutive potential common shares — 3,700 — Diluted earnings attributable to shareholders $ 618,199 177,833 $ 3.48 2017 Basic earnings attributable to shareholders $ 489,345 179,247 $ 2.73 Effect of dilutive potential common shares — 2,419 — Diluted earnings attributable to shareholders $ 489,345 181,666 $ 2.69 2016 Basic earnings attributable to shareholders $ 430,807 181,282 $ 2.38 Effect of dilutive potential common shares — 1,422 — Diluted earnings attributable to shareholders $ 430,807 182,704 $ 2.36 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense | Income tax expense (benefit) includes the following components: Federal State Foreign Total 2018 Current $ 45,996 13,262 151,312 210,570 Deferred (9,759 ) (2,272 ) — (12,031 ) $ 36,237 10,990 151,312 198,539 2017 Current $ 101,821 20,490 149,596 271,907 Deferred (42,474 ) (1,221 ) — (43,695 ) $ 59,347 19,269 149,596 228,212 2016 Current $ 85,330 16,082 137,076 238,488 Deferred 16,903 (1,068 ) — 15,835 $ 102,233 15,014 137,076 254,323 |
Schedule of Effective Income Tax Rate Reconciliation | Income tax expense differs from amounts computed by applying the United States Federal income tax rate of 21% in 2018 and 35% in 2017 and 2016 when compared to earnings before income taxes as a result of the following: 2018 2017 2016 Computed “expected” tax expense $ 171,849 251,508 240,400 Increase (decrease) in income taxes resulting from: Effect of foreign taxes 19,008 (25,374 ) — State income taxes, net of Federal income tax benefit 8,682 12,525 9,759 Nondeductible executive compensation 3,126 — — Stock compensation expense, net (3,860 ) 63 3,629 Enactment of 2017 Tax Act — (13,894 ) — Other, net (266 ) 3,384 535 $ 198,539 228,212 254,323 |
Schedule of U.S. and Foreign Components of Income Before Income Tax Expense/(Benefit) | The components of earnings before income taxes are as follows: 2018 2017 2016 United States $ 313,178 276,714 243,754 Foreign 505,151 441,881 443,102 $ 818,329 718,595 686,856 |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences and tax credits that give rise to significant portions of deferred tax assets and deferred tax liabilities are as follows: Years ended December 31, 2018 2017 Deferred Tax Assets: Accrued third party obligations, deductible for taxes upon economic performance $ 7,726 8,075 Provision for doubtful accounts receivable 1,443 628 Excess of financial statement over tax depreciation 5,134 4,804 Deductible stock compensation expense, net 19,011 17,326 Foreign currency translation adjustments 37,299 24,448 Retained liability for cargo claims 1,025 1,062 Total gross deferred tax assets 71,638 56,343 Deferred Tax Liabilities: Unremitted foreign earnings, net of related foreign tax credits 31,173 43,136 Total gross deferred tax liabilities 31,173 43,136 Net deferred tax assets $ 40,465 13,207 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 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: December 31, 2018 December 31, 2017 Cost Fair Value Cost Fair Value Cash and cash equivalents: Cash and overnight deposits $ 427,307 427,307 383,021 383,021 Corporate commercial paper 467,300 467,760 635,345 635,919 Time deposits 29,128 29,128 32,733 32,733 Total cash and cash equivalents 923,735 924,195 1,051,099 1,051,673 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments [Abstract] | |
Schedule of Minimum Lease Payments | At December 31, 2018 , future minimum annual lease payments under all noncancelable leases are as follows: 2019 $ 75,227 2020 62,974 2021 47,552 2022 38,352 2023 26,580 Thereafter 67,140 $ 317,825 |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Financial information regarding 2018 , 2017 and 2016 operations by the Company’s designated geographic areas is as follows: United States Other North America 2018 Revenues from unaffiliated customers $ 2,336,681 340,122 Transfers between geographic areas 143,131 15,680 Total revenues $ 2,479,812 355,802 Net revenues 1 $ 1,126,888 139,049 Operating income $ 310,071 44,099 Identifiable assets at year end $ 1,689,950 161,604 Capital expenditures $ 21,732 4,259 Depreciation and amortization $ 33,511 1,847 Equity $ 1,339,673 72,941 2017 Revenues from unaffiliated customers $ 1,851,395 256,359 Transfers between geographic areas 111,163 11,827 Total revenues $ 1,962,558 268,186 Net revenues 1 $ 1,008,841 119,071 Operating income $ 277,821 38,131 Identifiable assets at year end $ 1,595,140 151,181 Capital expenditures $ 28,212 1,563 Depreciation and amortization $ 32,017 1,546 Equity $ 1,337,568 60,705 2016 Revenues from unaffiliated customers $ 1,683,006 226,561 Transfers between geographic areas 106,076 10,778 Total revenues $ 1,789,082 237,339 Net revenues 1 $ 918,110 119,492 Operating income $ 250,715 32,530 Identifiable assets at year end $ 1,455,722 104,804 Capital expenditures $ 39,531 1,727 Depreciation and amortization $ 29,939 1,479 Equity $ 1,166,582 46,448 Latin America North Asia South Asia Europe Middle East, Africa and India Elimi- nations Consoli- dated 2018 Revenues from unaffiliated customers 141,196 2,860,876 748,858 1,268,757 441,875 — 8,138,365 Transfers between geographic areas 15,658 25,446 29,005 61,608 22,196 (312,724 ) — Total revenues 156,854 2,886,322 777,863 1,330,365 464,071 (312,724 ) 8,138,365 Net revenues 1 62,813 570,496 185,938 403,416 133,862 (2,089 ) 2,620,373 Operating income 8,843 281,481 60,882 65,446 25,731 10 796,563 Identifiable assets at year end 53,542 533,071 152,646 513,744 206,367 3,635 3,314,559 Capital expenditures 1,042 3,057 2,182 10,815 4,387 — 47,474 Depreciation and amortization 1,508 5,309 2,257 7,727 1,860 — 54,019 Equity 26,007 200,371 100,706 157,003 123,228 (32,209 ) 1,987,720 2017 Revenues from unaffiliated customers 97,096 2,576,971 661,878 1,072,028 405,221 — 6,920,948 Transfers between geographic areas 14,766 21,405 22,999 43,296 20,848 (246,304 ) — Total revenues 111,862 2,598,376 684,877 1,115,324 426,069 (246,304 ) 6,920,948 Net revenues 1 58,199 509,235 163,450 335,702 121,267 3,424 2,319,189 Operating income 9,964 248,422 53,057 48,491 24,365 9 700,260 Identifiable assets at year end 55,431 458,152 137,279 501,711 215,495 2,619 3,117,008 Capital expenditures 4,612 3,756 1,688 53,954 1,231 — 95,016 Depreciation and amortization 1,277 5,326 2,215 5,068 1,861 — 49,310 Equity 26,546 240,721 94,516 142,971 123,600 (32,254 ) 1,994,373 2016 Revenues from unaffiliated customers 84,665 2,242,670 603,980 918,561 338,594 — 6,098,037 Transfers between geographic areas 15,037 21,212 24,251 41,102 21,876 (240,332 ) — Total revenues 99,702 2,263,882 628,231 959,663 360,470 (240,332 ) 6,098,037 Net revenues 1 56,066 471,275 171,033 304,429 123,335 296 2,164,036 Operating income 13,321 230,777 64,967 42,195 35,672 (14 ) 670,163 Identifiable assets at year end 49,231 511,851 120,300 351,960 190,902 6,101 2,790,871 Capital expenditures 1,038 3,889 3,038 7,554 2,539 — 59,316 Depreciation and amortization 1,187 5,455 2,177 4,576 1,983 — 46,796 Equity 27,164 327,672 91,983 108,430 112,633 (33,699 ) 1,847,213 |
Schedule of Net Revenues Calculation | The following table presents the calculation of net revenues: Years ended December 31, 2018 2017 2016 Revenues: Total revenues $ 8,138,365 6,920,948 6,098,037 Expenses: Airfreight services 2,410,793 2,126,761 1,752,167 Ocean freight and ocean services 1,664,168 1,543,740 1,378,699 Customs brokerage and other services 1,443,031 931,258 803,135 Net revenues $ 2,620,373 2,319,189 2,164,036 |
Schedule of Revenues and Long-lived Assets Attributed to Material Foreign Countries | Other than the United States, only the People’s Republic of China, including Hong Kong, represented more than 10% of the Company’s total revenue, net revenue, total identifiable assets or equity in any period presented as noted in the table below. 2018 2017 2016 Total revenues 29 % 31 % 31 % Net revenues 18 % 18 % 18 % Identifiable assets at year end 14 % 11 % 15 % Equity 8 % 8 % 13 % |
Quarterly Results (Unaudited) (
Quarterly Results (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information Table | 1st 2nd 3rd 4th 2018 Revenues $ 1,854,262 1,957,559 2,090,947 2,235,597 Net revenues 635,838 642,546 661,314 680,675 Net earnings 136,200 140,946 163,067 179,577 Net earnings attributable to shareholders 135,692 140,605 162,692 179,210 Diluted earnings attributable to shareholders per share 0.76 0.79 0.92 1.02 Basic earnings attributable to shareholders per share 0.77 0.80 0.94 1.04 2017 Revenues $ 1,545,132 1,672,279 1,802,166 1,901,371 Net revenues 527,605 563,633 599,142 628,809 Net earnings 93,567 108,755 120,606 167,455 Net earnings attributable to shareholders 93,264 108,851 120,263 166,967 Diluted earnings attributable to shareholders per share 0.51 0.60 0.66 0.92 Basic earnings attributable to shareholders per share 0.52 0.60 0.67 0.94 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2019 | Jan. 01, 2018 | |
Accounting Policies [Abstract] | |||||||||||||
Accounts receivable, allowance for doubtful accounts | $ 15,345 | $ 12,858 | $ 15,345 | $ 12,858 | $ 9,247 | ||||||||
Net foreign currency gains (losses) | (1,853) | (13,315) | 7,955 | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Deferred contract costs | 159,510 | 0 | 159,510 | 0 | $ 135,000 | ||||||||
Revenues | 2,235,597 | $ 2,090,947 | $ 1,957,559 | $ 1,854,262 | 1,901,371 | $ 1,802,166 | $ 1,672,279 | $ 1,545,132 | 8,138,365 | 6,920,948 | 6,098,037 | ||
Costs and Expenses | 7,341,802 | 6,220,688 | 5,427,874 | ||||||||||
Contract liabilities | $ 190,343 | $ 0 | 190,343 | 0 | 165,000 | ||||||||
Customs brokerage and other services | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Revenues | 2,614,679 | $ 1,936,871 | $ 1,727,196 | ||||||||||
Prospective Change in Presentation Gross vs Net | Customs brokerage and other services | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Revenues | 225,000 | ||||||||||||
Costs and Expenses | $ 225,000 | ||||||||||||
Revenue Accounting Standards Update | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 22,000 | ||||||||||||
Leases Accounting Standards Update | Scenario, Forecast | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Operating Lease, Right-of-Use Asset | $ 370,000 | ||||||||||||
Operating Lease, Liability | $ 370,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Useful Lives for Major Categories of Property and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Buildings | Lower end | |
Property and Equipment [Line Items] | |
Property and equipment, useful life | 30 years |
Buildings | Upper end | |
Property and Equipment [Line Items] | |
Property and equipment, useful life | 40 years |
Building Improvements | Lower end | |
Property and Equipment [Line Items] | |
Property and equipment, useful life | 3 years |
Building Improvements | Upper end | |
Property and Equipment [Line Items] | |
Property and equipment, useful life | 10 years |
Furniture, Fixtures, Equipment And Purchased Software | Lower end | |
Property and Equipment [Line Items] | |
Property and equipment, useful life | 3 years |
Furniture, Fixtures, Equipment And Purchased Software | Upper end | |
Property and Equipment [Line Items] | |
Property and equipment, useful life | 10 years |
Property and Equipment (Detail)
Property and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Property and Equipment [Line Items] | ||
Land | $ 144,521 | $ 147,261 |
Buildings and leasehold improvements | 473,663 | 416,597 |
Furniture, fixtures, equipment and purchased software | 330,316 | 320,544 |
Construction in progress | 2,582 | 61,083 |
Property and equipment, at cost | 951,082 | 945,485 |
Less accumulated depreciation and amortization | 446,977 | 420,282 |
Property and equipment, net | $ 504,105 | $ 525,203 |
Property and Equipment Property
Property and Equipment Property and Equipment - Additional Information (Details) - Miami, Florida - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 01, 2017 | |
Long Lived Assets Held-for-sale [Line Items] | ||
Real Estate Held-for-sale | $ 80 | |
Gain on Disposition of Assets | $ 4 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | 36 Months Ended | 199 Months Ended | ||||
Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / shares | Apr. 30, 2016 | Dec. 31, 2018USD ($)shares | May 02, 2017shares | May 07, 2014shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Issuance of shares under stock purchase plan | 11,562 | ||||||
Total intrinsic value of options exercised | $ | $ 92,000 | $ 55,000 | $ 29,000 | ||||
Total unrecognized share-based compensation cost | $ | $ 56,000 | $ 56,000 | |||||
Unrecognized share-based compensation cost, weighted average period | 1 year 7 months 6 days | ||||||
2017 Omnibus Incentive Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares authorized for grant | 2,500 | ||||||
Shares available for granting of awards | 1,431 | 1,431 | |||||
2017 Omnibus Incentive Plan | Upper end | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period | 3 years | 3 years | |||||
Restricted Stock Units (RSUs) | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Grants in Period | 466 | ||||||
Number of common stock issued per unit based award upon vesting | 1 | ||||||
Weighted average fair value of award granted during the period | $ / shares | $ 69.58 | $ 54.11 | |||||
Performance Shares | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Grants in Period | 18 | 23 | |||||
Maximum Adjustment Factor | 2 | ||||||
Minimum Adjustment Factor | 0.5 | ||||||
Minimum Shares Issued | 0 | ||||||
Number of common stock issued per unit based award upon vesting | 1 | ||||||
Weighted average fair value of award granted during the period | $ / shares | $ 69.58 | $ 54.11 | |||||
Employee Stock Option Plan | Upper end | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period | 3 years | 5 years | |||||
Maximum contractual term | 10 years | ||||||
Employee Stock Purchase Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares authorized for grant | 12,305 | 12,305 | |||||
Purchase price percentage of fair market value | 85.00% | ||||||
Amount withheld employee stock purchase plan | $ | $ 18,646 | $ 18,646 | |||||
Weighted average fair value of award granted during the period | $ / shares | $ 17.49 | $ 11.69 | $ 10.99 | ||||
Directors' Restricted Stock Plan 2014 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares authorized for grant | 250 | ||||||
Grants in Period | 25 | ||||||
Shares available for granting of awards | 81 | 81 | |||||
Fair value of annual grant per participant of restricted stock awards | $ | $ 200 | ||||||
Unvested restricted shares | 0 | 0 | |||||
Weighted average fair value of award granted during the period | $ / shares | $ 72.19 | ||||||
Non-Discretionary Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares authorized for repurchase | 40,000 | 40,000 | |||||
Discretionary Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Expected common stock shares issued and outstanding | 160,000 | 160,000 |
Shareholders' Equity - Company'
Shareholders' Equity - Company's Repurchasing Activity by Repurchase Plan (Detail) - $ / shares shares in Thousands | 216 Months Ended | 300 Months Ended |
Dec. 31, 2018 | Dec. 31, 2018 | |
Non-Discretionary Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Cumulative shares repurchased | 39,912 | |
Average price per share | $ 35.20 | |
Discretionary Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Cumulative shares repurchased | 68,743 | |
Average price per share | $ 44.66 |
Shareholder's Equity - Summary
Shareholder's Equity - Summary of Information about RSUs (Detail) - Restricted Stock Units (RSUs) - $ / shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Oustanding at December 31, 2016 | $ 54.11 | |
RSU granted | 69.58 | $ 54.11 |
RSU vested | 54.17 | |
RSU forfeited | 60.78 | |
Outstanding at December 31, 2017 | $ 62.51 | $ 54.11 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Outstanding at December 31, 2016 | 581 | |
RSU granted | 466 | |
RSU vested | (193) | |
RSU forfeited | (20) | |
Outstanding at December 31, 2017 | 834 | 581 |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Information about Stock Options (Detail) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($)$ / sharesshares | |
Number of shares - Stock Option | |
Outstanding Beginning Balance | shares | 12,961 |
Options granted | shares | 0 |
Options exercised | shares | (3,422) |
Options forfeited | shares | (152) |
Options canceled | shares | (34) |
Outstanding Ending Balance | shares | 9,353 |
Exercisable at December 31, 2017 | shares | 6,570 |
Weighted average exercise price per share - Stock Option | |
Outstanding Beginning Balance | $ / shares | $ 44.36 |
Options granted | $ / shares | 0 |
Options exercised | $ / shares | 43.68 |
Options forfeited | $ / shares | 45.68 |
Options cancelled | $ / shares | 43.36 |
Outstanding Ending Balance | $ / shares | 44.60 |
Exercisable at December 31, 2017 | $ / shares | $ 43.89 |
Weighted average remaining contractual life - Stock Option | |
Outstanding at December 31, 2017 | 5 years 1 month 18 days |
Exercisable at December 31, 2017 | 4 years 6 months 17 days |
Aggregate intrinsic value - Stock Option | |
Outstanding at December 31, 2017 | $ | $ 219,719 |
Exercisable at December 31, 2017 | $ | $ 158,995 |
Shareholders_ Equity - Assumpti
Shareholders’ Equity - Assumptions to Estimate Fair Value of Option Grant on Date of Grant Using Black Scholes Option Pricing Model (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 1.70% | ||
Risk free interest rates lower end | 0.51% | ||
Risk free interest rates upper end | 1.42% | ||
Weighted average fair value of stock options granted during the period | $ 9.57 | ||
Employee Stock Option Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Volatility lower end - stock option plans | 24.00% | ||
Volatility upper end - stock option plans | 25.00% | ||
Employee Stock Option Plan | Lower end | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life (years) | 5 years 6 months | ||
Employee Stock Option Plan | Upper end | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life (years) | 6 years 6 months | ||
Employee Stock Purchase Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 1.30% | 1.50% | |
Volatility - stock purchase rights plans | 22.00% | 14.00% | 20.00% |
Risk free interest rate | 1.30% | 1.22% | |
Expected life (years) | 1 year | 1 year | 1 year |
Weighted average fair value of stock purchase rights granted during the period | $ 17.49 | $ 11.69 | $ 10.99 |
Basic and Diluted Earnings Pe_3
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 | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net Earnings Attributable to Shareholders | |||||||||||
Basic earnings attributable to shareholders | $ 618,199 | $ 489,345 | $ 430,807 | ||||||||
Diluted earnings attributable to shareholders | $ 618,199 | $ 489,345 | $ 430,807 | ||||||||
Weighted Average Shares | |||||||||||
Weighted average basic shares outstanding | 174,133 | 179,247 | 181,282 | ||||||||
Effect of dilutive potential common shares | 3,700 | 2,419 | 1,422 | ||||||||
Weighted average diluted shares outstanding | 177,833 | 181,666 | 182,704 | ||||||||
Earnings Per Share | |||||||||||
Basic earnings attributable to shareholders per share | $ 1.04 | $ 0.94 | $ 0.80 | $ 0.77 | $ 0.94 | $ 0.67 | $ 0.60 | $ 0.52 | $ 3.55 | $ 2.73 | $ 2.38 |
Diluted earnings attributable to shareholders per share | $ 1.02 | $ 0.92 | $ 0.79 | $ 0.76 | $ 0.92 | $ 0.66 | $ 0.60 | $ 0.51 | $ 3.48 | $ 2.69 | $ 2.36 |
Basic and Diluted Earnings Pe_4
Basic and Diluted Earnings Per Share - Shares Excluded From Computation of Diluted earnings Per Share (Detail) shares in Millions | 12 Months Ended |
Dec. 31, 2016shares | |
Earnings Per Share [Abstract] | |
Shares | 9.2 |
Income Taxes Income Taxes - Add
Income Taxes Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Line Items] | |||
Effective income tax rate reconciliation, at federal statutory income tax rate, percent | 21.00% | 35.00% | 35.00% |
Net income tax benefit | $ 0 | $ 13,894 | $ 0 |
Income tax benefit from lower foreign tax rates | (19,008) | 25,374 | $ 0 |
Effective Income Tax Rate Reconciliation, Tax Credit, Other, Amount | 20,300 | ||
Tax Cuts and Jobs Act | |||
Income Taxes [Line Items] | |||
Deferred income tax benefit from change in tax rate | 116,200 | ||
Tax Cuts and Jobs Act - Provisional | |||
Income Taxes [Line Items] | |||
Net income tax benefit | 13,900 | ||
Deferred tax asset reversal, foreign income tax credits | 70,200 | ||
Current income tax expense, mandatory tax on undistributed earnings | 32,100 | ||
Income tax benefit from lower foreign tax rates | $ 25,400 | ||
Tax Cut and Jobs Act Adjustment | |||
Income Taxes [Line Items] | |||
Deferred tax asset reversal, foreign income tax credits | 3,600 | ||
Current income tax expense, mandatory tax on undistributed earnings | 1,000 | ||
Foreign Derived Intangible Income (FDII) | |||
Income Taxes [Line Items] | |||
Effective Income Tax Rate Reconciliation, Deduction, Other, Amount | $ 4,800 |
Income Taxes - Components of I
Income Taxes - Components of Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Federal | |||
Current | $ 45,996 | $ 101,821 | $ 85,330 |
Deferred | (9,759) | (42,474) | 16,903 |
Federal income tax expense, total | 36,237 | 59,347 | 102,233 |
State | |||
Current | 13,262 | 20,490 | 16,082 |
Deferred | (2,272) | (1,221) | (1,068) |
State and local income tax expense, total | 10,990 | 19,269 | 15,014 |
Foreign | |||
Current | 151,312 | 149,596 | 137,076 |
Deferred | 0 | 0 | 0 |
Foreign income tax expense, total | 151,312 | 149,596 | 137,076 |
Total | |||
Current | 210,570 | 271,907 | 238,488 |
Deferred | (12,031) | (43,695) | 15,835 |
Income tax expense | $ 198,539 | $ 228,212 | $ 254,323 |
Income Taxes - Reconciliation
Income Taxes - Reconciliation of Income Tax Expense Computed by Applying the United States Federal Income Tax Rate (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Federal statutory income tax rate | 21.00% | 35.00% | 35.00% |
Computed “expected” tax expense | $ 171,849 | $ 251,508 | $ 240,400 |
Increase (decrease) in income taxes resulting from: | |||
Effect of foreign taxes | 19,008 | (25,374) | 0 |
State income taxes, net of Federal income tax benefit | 8,682 | 12,525 | 9,759 |
Nondeductible executive compensation | 3,126 | ||
Stock compensation expense, net | (3,860) | 63 | 3,629 |
Enactment of 2017 Tax Act | 0 | (13,894) | 0 |
Other, net | (266) | 3,384 | 535 |
Income tax expense | $ 198,539 | $ 228,212 | $ 254,323 |
Income Taxes - Components of E
Income Taxes - Components of Earnings Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest [Abstract] | |||
United States | $ 313,178 | $ 276,714 | $ 243,754 |
Foreign | 505,151 | 441,881 | 443,102 |
Earnings before income taxes | $ 818,329 | $ 718,595 | $ 686,856 |
Income Taxes - Components of D
Income Taxes - Components of Deferred Taxes (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred Tax Assets: | ||
Accrued third party obligations, deductible for taxes upon economic performance | $ 7,726 | $ 8,075 |
Provision for doubtful accounts receivable | 1,443 | 628 |
Excess of financial statement over tax depreciation | 5,134 | 4,804 |
Deductible stock compensation expense, net | 19,011 | 17,326 |
Foreign currency translation adjustments | 37,299 | 24,448 |
Retained liability for cargo claims | 1,025 | 1,062 |
Total gross deferred tax assets | 71,638 | 56,343 |
Deferred Tax Liabilities: | ||
Unremitted foreign earnings, net of related foreign tax credits | 31,173 | 43,136 |
Total gross deferred tax liabilities | 31,173 | 43,136 |
Net Deferred tax assets | $ 40,465 | $ 13,207 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total cash and cash equivalents | $ 923,735 | $ 1,051,099 | $ 974,435 | $ 807,796 |
Cost | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total cash and cash equivalents | 923,735 | 1,051,099 | ||
Fair Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total cash and cash equivalents | 924,195 | 1,051,673 | ||
Cash and Cash Equivalents | Cost | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and overnight deposits | 427,307 | 383,021 | ||
Corporate commercial paper | 467,300 | 635,345 | ||
Time deposits | 29,128 | 32,733 | ||
Cash and Cash Equivalents | Fair Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and overnight deposits | 427,307 | 383,021 | ||
Corporate commercial paper | 467,760 | 635,919 | ||
Time deposits | $ 29,128 | $ 32,733 |
Credit Arrangements - Additiona
Credit Arrangements - Additional Information (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Line of Credit Facility [Abstract] | |
Standby letters of credit | $ 67,579 |
Commitments - Additional Inform
Commitments - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Commitments Disclosure [Line Items] | |||
Rent expense | $ 89,377 | $ 68,920 | $ 62,294 |
Short term committed purchase obligations | 49,912 | ||
Contribution by employer for employee saving plan | $ 19,600 | $ 18,210 | $ 9,681 |
Buildings | |||
Commitments Disclosure [Line Items] | |||
Terms of operating leases expiring year | Dec. 31, 2032 | ||
Land | |||
Commitments Disclosure [Line Items] | |||
Terms of operating leases expiring year | Dec. 31, 2057 |
Commitments - Future Minimum An
Commitments - Future Minimum Annual Lease Payments Under All Leases (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
Future minimum annual Lease payments due in 2019 | $ 75,227 |
Future minimum annual Lease payments due in 2020 | 62,974 |
Future minimum annual Lease payments due in 2021 | 47,552 |
Future minimum annual Lease payments due in 2022 | 38,352 |
Future minimum annual Lease payments due in 2023 | 26,580 |
Future minimum annual Lease payments due Thereafter | 67,140 |
Operating Leases, Future Minimum Payments Due, Total | $ 317,825 |
Business Segment Information -
Business Segment Information - Financial Information Regarding Company's Operations by Geographic Area (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total revenues | $ 2,235,597 | $ 2,090,947 | $ 1,957,559 | $ 1,854,262 | $ 1,901,371 | $ 1,802,166 | $ 1,672,279 | $ 1,545,132 | $ 8,138,365 | $ 6,920,948 | $ 6,098,037 | |||||
Net revenues | 680,675 | $ 661,314 | $ 642,546 | $ 635,838 | 628,809 | $ 599,142 | $ 563,633 | $ 527,605 | 2,620,373 | [1] | 2,319,189 | [1] | 2,164,036 | [1] | ||
Operating income | 796,563 | 700,260 | 670,163 | |||||||||||||
Identifiable assets at year end | 3,314,559 | 3,117,008 | 3,314,559 | 3,117,008 | 2,790,871 | |||||||||||
Capital expenditures | 47,474 | 95,016 | 59,316 | |||||||||||||
Depreciation and amortization | 54,019 | 49,310 | 46,796 | |||||||||||||
Equity | 1,987,720 | 1,994,373 | 1,987,720 | 1,994,373 | 1,847,213 | $ 1,694,676 | ||||||||||
United States Segment | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total revenues | 2,336,681 | 1,851,395 | 1,683,006 | |||||||||||||
Other North America Segment | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total revenues | 340,122 | 256,359 | 226,561 | |||||||||||||
Latin America Segment | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total revenues | 141,196 | 97,096 | 84,665 | |||||||||||||
North Asia Segment | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total revenues | 2,860,876 | 2,576,971 | 2,242,670 | |||||||||||||
South Asia Segment | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total revenues | 748,858 | 661,878 | 603,980 | |||||||||||||
Europe Segment | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total revenues | 1,268,757 | 1,072,028 | 918,561 | |||||||||||||
Middle East Africa And India Segment | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total revenues | 441,875 | 405,221 | 338,594 | |||||||||||||
Geography Eliminations | United States Segment | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total revenues | (143,131) | (111,163) | (106,076) | |||||||||||||
Geography Eliminations | Other North America Segment | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total revenues | (15,680) | (11,827) | (10,778) | |||||||||||||
Geography Eliminations | Latin America Segment | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total revenues | (15,658) | (14,766) | (15,037) | |||||||||||||
Geography Eliminations | North Asia Segment | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total revenues | (25,446) | (21,405) | (21,212) | |||||||||||||
Geography Eliminations | South Asia Segment | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total revenues | (29,005) | (22,999) | (24,251) | |||||||||||||
Geography Eliminations | Europe Segment | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total revenues | (61,608) | (43,296) | (41,102) | |||||||||||||
Geography Eliminations | Middle East Africa And India Segment | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total revenues | (22,196) | (20,848) | (21,876) | |||||||||||||
Operating Segments | United States Segment | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total revenues | 2,479,812 | 1,962,558 | 1,789,082 | |||||||||||||
Net revenues | [1] | 1,126,888 | 1,008,841 | 918,110 | ||||||||||||
Operating income | 310,071 | 277,821 | 250,715 | |||||||||||||
Identifiable assets at year end | 1,689,950 | 1,595,140 | 1,689,950 | 1,595,140 | 1,455,722 | |||||||||||
Capital expenditures | 21,732 | 28,212 | 39,531 | |||||||||||||
Depreciation and amortization | 33,511 | 32,017 | 29,939 | |||||||||||||
Equity | 1,339,673 | 1,337,568 | 1,339,673 | 1,337,568 | 1,166,582 | |||||||||||
Operating Segments | Other North America Segment | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total revenues | 355,802 | 268,186 | 237,339 | |||||||||||||
Net revenues | [1] | 139,049 | 119,071 | 119,492 | ||||||||||||
Operating income | 44,099 | 38,131 | 32,530 | |||||||||||||
Identifiable assets at year end | 161,604 | 151,181 | 161,604 | 151,181 | 104,804 | |||||||||||
Capital expenditures | 4,259 | 1,563 | 1,727 | |||||||||||||
Depreciation and amortization | 1,847 | 1,546 | 1,479 | |||||||||||||
Equity | 72,941 | 60,705 | 72,941 | 60,705 | 46,448 | |||||||||||
Operating Segments | Latin America Segment | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total revenues | 156,854 | 111,862 | 99,702 | |||||||||||||
Net revenues | [1] | 62,813 | 58,199 | 56,066 | ||||||||||||
Operating income | 8,843 | 9,964 | 13,321 | |||||||||||||
Identifiable assets at year end | 53,542 | 55,431 | 53,542 | 55,431 | 49,231 | |||||||||||
Capital expenditures | 1,042 | 4,612 | 1,038 | |||||||||||||
Depreciation and amortization | 1,508 | 1,277 | 1,187 | |||||||||||||
Equity | 26,007 | 26,546 | 26,007 | 26,546 | 27,164 | |||||||||||
Operating Segments | North Asia Segment | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total revenues | 2,886,322 | 2,598,376 | 2,263,882 | |||||||||||||
Net revenues | [1] | 570,496 | 509,235 | 471,275 | ||||||||||||
Operating income | 281,481 | 248,422 | 230,777 | |||||||||||||
Identifiable assets at year end | 533,071 | 458,152 | 533,071 | 458,152 | 511,851 | |||||||||||
Capital expenditures | 3,057 | 3,756 | 3,889 | |||||||||||||
Depreciation and amortization | 5,309 | 5,326 | 5,455 | |||||||||||||
Equity | 200,371 | 240,721 | 200,371 | 240,721 | 327,672 | |||||||||||
Operating Segments | South Asia Segment | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total revenues | 777,863 | 684,877 | 628,231 | |||||||||||||
Net revenues | [1] | 185,938 | 163,450 | 171,033 | ||||||||||||
Operating income | 60,882 | 53,057 | 64,967 | |||||||||||||
Identifiable assets at year end | 152,646 | 137,279 | 152,646 | 137,279 | 120,300 | |||||||||||
Capital expenditures | 2,182 | 1,688 | 3,038 | |||||||||||||
Depreciation and amortization | 2,257 | 2,215 | 2,177 | |||||||||||||
Equity | 100,706 | 94,516 | 100,706 | 94,516 | 91,983 | |||||||||||
Operating Segments | Europe Segment | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total revenues | 1,330,365 | 1,115,324 | 959,663 | |||||||||||||
Net revenues | [1] | 403,416 | 335,702 | 304,429 | ||||||||||||
Operating income | 65,446 | 48,491 | 42,195 | |||||||||||||
Identifiable assets at year end | 513,744 | 501,711 | 513,744 | 501,711 | 351,960 | |||||||||||
Capital expenditures | 10,815 | 53,954 | 7,554 | |||||||||||||
Depreciation and amortization | 7,727 | 5,068 | 4,576 | |||||||||||||
Equity | 157,003 | 142,971 | 157,003 | 142,971 | 108,430 | |||||||||||
Operating Segments | Middle East Africa And India Segment | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total revenues | 464,071 | 426,069 | 360,470 | |||||||||||||
Net revenues | [1] | 133,862 | 121,267 | 123,335 | ||||||||||||
Operating income | 25,731 | 24,365 | 35,672 | |||||||||||||
Identifiable assets at year end | 206,367 | 215,495 | 206,367 | 215,495 | 190,902 | |||||||||||
Capital expenditures | 4,387 | 1,231 | 2,539 | |||||||||||||
Depreciation and amortization | 1,860 | 1,861 | 1,983 | |||||||||||||
Equity | 123,228 | 123,600 | 123,228 | 123,600 | 112,633 | |||||||||||
Intersegment Eliminations | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total revenues | (312,724) | (246,304) | (240,332) | |||||||||||||
Net revenues | [1] | (2,089) | 3,424 | 296 | ||||||||||||
Operating income | 10 | 9 | (14) | |||||||||||||
Identifiable assets at year end | 3,635 | 2,619 | 3,635 | 2,619 | 6,101 | |||||||||||
Equity | $ (32,209) | $ (32,254) | $ (32,209) | $ (32,254) | $ (33,699) | |||||||||||
[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 Bu
Business Segment Information Business Segment Information - Net Revenues Calculation (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||||
Schedule of Net Revenues Calculation [Line Items] | ||||||||||||||
Total revenues | $ 2,235,597 | $ 2,090,947 | $ 1,957,559 | $ 1,854,262 | $ 1,901,371 | $ 1,802,166 | $ 1,672,279 | $ 1,545,132 | $ 8,138,365 | $ 6,920,948 | $ 6,098,037 | |||
Net revenues | $ 680,675 | $ 661,314 | $ 642,546 | $ 635,838 | $ 628,809 | $ 599,142 | $ 563,633 | $ 527,605 | 2,620,373 | [1] | 2,319,189 | [1] | 2,164,036 | [1] |
Airfreight services | ||||||||||||||
Schedule of Net Revenues Calculation [Line Items] | ||||||||||||||
Total revenues | 3,271,932 | 2,877,032 | 2,453,347 | |||||||||||
Direct Operating Costs | 2,410,793 | 2,126,761 | 1,752,167 | |||||||||||
Ocean freight and ocean services | ||||||||||||||
Schedule of Net Revenues Calculation [Line Items] | ||||||||||||||
Total revenues | 2,251,754 | 2,107,045 | 1,917,494 | |||||||||||
Direct Operating Costs | 1,664,168 | 1,543,740 | 1,378,699 | |||||||||||
Customs brokerage and other services | ||||||||||||||
Schedule of Net Revenues Calculation [Line Items] | ||||||||||||||
Total revenues | 2,614,679 | 1,936,871 | 1,727,196 | |||||||||||
Direct Operating Costs | $ 1,443,031 | $ 931,258 | $ 803,135 | |||||||||||
[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 _2
Business Segment Information - People's Republic of China Including Hong Kong Percentage Share of the Company's Total Revenue, Net Revenue, Total Identifiable Assets or Equity (Detail) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Total revenues | People's Republic of China, including Hong Kong | |||
Concentration Risk [Line Items] | |||
Concentration percentage | 29.00% | 31.00% | 31.00% |
Net revenues | People's Republic of China, including Hong Kong | |||
Concentration Risk [Line Items] | |||
Concentration percentage | 18.00% | 18.00% | 18.00% |
Identifiable assets at year end | People's Republic of China, including Hong Kong | |||
Concentration Risk [Line Items] | |||
Concentration percentage | 14.00% | 11.00% | 15.00% |
Equity | People's Republic of China, including Hong Kong | |||
Concentration Risk [Line Items] | |||
Concentration percentage | 8.00% | 8.00% | 13.00% |
Lower end | Geographic Concentration Risk | |||
Concentration Risk [Line Items] | |||
Concentration percentage | 10.00% | 10.00% | 10.00% |
Quarterly Results (Unaudited)_2
Quarterly Results (Unaudited) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||||
Selected Quarterly Financial Information [Abstract] | ||||||||||||||
Revenues | $ 2,235,597 | $ 2,090,947 | $ 1,957,559 | $ 1,854,262 | $ 1,901,371 | $ 1,802,166 | $ 1,672,279 | $ 1,545,132 | $ 8,138,365 | $ 6,920,948 | $ 6,098,037 | |||
Net revenues | 680,675 | 661,314 | 642,546 | 635,838 | 628,809 | 599,142 | 563,633 | 527,605 | 2,620,373 | [1] | 2,319,189 | [1] | 2,164,036 | [1] |
Net earnings | 179,577 | 163,067 | 140,946 | 136,200 | 167,455 | 120,606 | 108,755 | 93,567 | 619,790 | 490,383 | 432,533 | |||
Net earnings attributable to shareholders | $ 179,210 | $ 162,692 | $ 140,605 | $ 135,692 | $ 166,967 | $ 120,263 | $ 108,851 | $ 93,264 | $ 618,199 | $ 489,345 | $ 430,807 | |||
Diluted earnings attributable to shareholders per share | $ 1.02 | $ 0.92 | $ 0.79 | $ 0.76 | $ 0.92 | $ 0.66 | $ 0.60 | $ 0.51 | $ 3.48 | $ 2.69 | $ 2.36 | |||
Basic earnings attributable to shareholders per share | $ 1.04 | $ 0.94 | $ 0.80 | $ 0.77 | $ 0.94 | $ 0.67 | $ 0.60 | $ 0.52 | $ 3.55 | $ 2.73 | $ 2.38 | |||
[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. |
Quarterly Results Quarterly Res
Quarterly Results Quarterly Results (Unaudited) - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Effect of Fourth Quarter Events [Line Items] | ||||
Net income tax expense (benefit) | $ 198,539 | $ 228,212 | $ 254,323 | |
Tax Cuts and Jobs Act - Provisional | ||||
Effect of Fourth Quarter Events [Line Items] | ||||
Net income tax expense (benefit) | $ (39,000) |