Expeditors International of Washington (EXPD) 10-Q 8 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 06, 2019
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Trading Symbol	EXPD
Entity Registrant Name	EXPEDITORS INTERNATIONAL OF WASHINGTON INC
Entity Central Index Key	0000746515
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		171,995,902

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Current Assets:
Cash and cash equivalents	$ 1,189,429	$ 923,735
Accounts receivable, less allowance for doubtful accounts of $12,727 at March 31, 2019 and $15,345 at December 31, 2018	1,353,725	1,581,530
Deferred contract costs	131,535	159,510
Other	54,305	70,041
Total current assets	2,728,994	2,734,816
Property and equipment, less accumulated depreciation and amortization of $457,513 at March 31, 2019 and $446,977 at December 31, 2018	500,853	504,105
Operating lease right-of-use assets	349,140	0
Goodwill	7,927	7,927
Deferred federal and state income taxes, net	37,781	40,465
Other assets, net	18,217	27,246
Total assets	3,642,912	3,314,559
Current Liabilities:
Accounts payable	768,665	902,259
Accrued expenses, primarily salaries and related costs	220,085	215,813
Contract liabilities	157,040	190,343
Current portion of operating lease liabilities	58,635	0
Federal, state and foreign income taxes	23,502	18,424
Total current liabilities	1,227,927	1,326,839
Noncurrent portion of operating lease liabilities	289,551	0
Commitments and contingencies
Shareholders' Equity:
Preferred stock, none issued	0	0
Common stock, par value $0.01 per share. Issued and outstanding 171,648 shares at March 31, 2019 and 171,582 shares at December 31, 2018	1,716	1,716
Additional paid-in capital	3,978	1,896
Retained earnings	2,222,562	2,088,707
Accumulated other comprehensive loss	(103,986)	(105,481)
Total shareholders’ equity	2,124,270	1,986,838
Noncontrolling interest	1,164	882
Total equity	2,125,434	1,987,720
Total liabilities and equity	$ 3,642,912	$ 3,314,559

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 12,727	$ 15,345
Property and equipment, accumulated depreciation	$ 457,513	$ 446,977
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares issued	171,648	171,582
Common stock, shares outstanding	171,648	171,582

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues:
Revenue from Contract with Customer, Excluding Assessed Tax	$ 2,020,051	$ 1,854,262
Operating Expenses:
Salaries and related	356,910	339,895
Rent and occupancy	41,523	36,913
Depreciation and amortization	13,393	13,922
Selling and promotion	11,076	10,965
Other	43,611	41,325
Total operating expenses	1,832,450	1,661,444
Operating income	187,601	192,818
Other Income (Expense):
Interest income	6,106	4,314
Other, net	1,665	624
Other income (expense), net	7,771	4,938
Earnings before income taxes	195,372	197,756
Income tax expense	55,261	61,556
Net earnings	140,111	136,200
Less net earnings attributable to the noncontrolling interest	412	508
Net earnings attributable to shareholders	$ 139,699	$ 135,692
Diluted earnings attributable to shareholders per share	$ 0.80	$ 0.76
Basic earnings attributable to shareholders per share	$ 0.81	$ 0.77
Weighted average diluted shares outstanding	175,388	179,416
Weighted average basic shares outstanding	171,818	175,900
Airfreight services
Revenues:
Revenue from Contract with Customer, Excluding Assessed Tax	$ 714,901	$ 731,227
Operating Expenses:
Direct Operating Costs	509,210	513,504
Ocean freight and ocean services
Revenues:
Revenue from Contract with Customer, Excluding Assessed Tax	568,641	520,883
Operating Expenses:
Direct Operating Costs	420,331	379,418
Customs brokerage and other services
Revenues:
Revenue from Contract with Customer, Excluding Assessed Tax	736,509	602,152
Operating Expenses:
Direct Operating Costs	$ 436,396	$ 325,502

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
Net earnings	$ 140,111	$ 136,200
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments, net of tax of $521 and $5,512 for the three months ended March 31, 2019 and 2018	1,365	8,851
Other comprehensive income	1,365	8,851
Comprehensive income	141,476	145,051
Less comprehensive income attributable to the noncontrolling interest	282	387
Comprehensive income attributable to shareholders	$ 141,194	$ 144,664

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Other Comprehensive Income (Loss), Tax, Parenthetical Disclosures [Abstract]
Foreign currency translation adjustments, tax	$ 521	$ 5,512

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Operating Activities:
Net earnings	$ 140,111	$ 136,200
Adjustments to reconcile net earnings to net cash from operating activities:
Recoveries on accounts receivable	(1,888)	(265)
Deferred income tax expense	2,108	2,853
Stock compensation expense	13,382	11,267
Depreciation and amortization	13,393	13,922
Other, net	189	48
Changes in operating assets and liabilities:
Decrease in accounts receivable	230,477	100,647
Decrease in accounts payable and accrued expenses	(122,283)	(45,844)
Decrease in deferred contract costs	31,259	3,407
Decrease in contract liabilities	(36,725)	(7,401)
Increase in income taxes payable, net	16,993	19,509
Increase (Decrease) in Other Noncurrent Assets and Liabilities, Net	(2,467)	(1,134)
Net cash from operating activities	289,483	235,477
Investing Activities:
Purchase of property and equipment	(9,435)	(13,796)
Other, net	255	(431)
Net cash from investing activities	(9,180)	(14,227)
Financing Activities:
Proceeds from issuance of common stock	27,190	26,397
Repurchases of common stock	(44,334)	(172,360)
Net cash from financing activities	(17,144)	(145,963)
Effect of exchange rate changes on cash and cash equivalents	2,535	6,515
Increase in cash and cash equivalents	265,694	81,802
Cash and cash equivalents at beginning of period	923,735	1,051,099
Cash and cash equivalents at end of period	1,189,429	1,132,901
Taxes Paid:
Income taxes	$ 37,253	$ 38,519

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies A. Basis of Presentation Expeditors International of Washington, Inc. (the Company) is a non-asset based provider of global logistics services operating through a worldwide network of offices and exclusive or non-exclusive agents. The Company’s customers include retailing and wholesaling, electronics, industrial and manufacturing companies around the world. The condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. As a result, certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) have been condensed or omitted. The Company believes that the disclosures made are adequate to make the information presented not misleading. The condensed consolidated financial statements reflect all adjustments, consisting of normal recurring items, which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company's Form 10-K as filed with the Securities and Exchange Commission on February 22, 2019. All significant intercompany accounts and transactions have been eliminated in consolidation. All dollar amounts in the notes are presented in thousands except for per share data or unless otherwise specified. B. Revenue Recognition 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 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. 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 satisfied nearly all performance obligations for the contract liabilities recorded as of December 31, 2018. C. Leases Effective January 1, 2019, the Company adopted new lease accounting guidance using a modified retrospective approach and recognizing a right-of-use (ROU) asset and lease liability on the balance sheet. On January 1, 2019, ROU assets and lease liabilities were recorded for all existing leases exceeding one-year terms and were measured at the present value of lease payments over the remaining lease term. The adoption of this accounting standard resulted in recording ROU assets and lease liabilities for operating leases of $343 million and $340 million , respectively, as of January 1, 2019. The adoption of this standard had no impact on retained earnings on the condensed consolidated balance sheet. In recording the ROU asset and lease liability, the Company elected to apply the following practical expedients: • Package of practical expedients not to reassess: ◦ Whether a contract is or contains a lease, ◦ Historical lease classification, and ◦ Initial direct costs. • Use of hindsight when determining the lease term. Additionally, the Company has elected to apply the short-term lease exemption for leases with a non-cancelable period of twelve months or less and chose not to separate nonlease components from lease components and instead to account for each as a single lease component. The Company determines if an arrangement is a lease at inception. ROU assets represent the Company's right to use an underlying asset for the lease term, and lease liabilities represent the Company's obligation to make lease payments arising from the lease. All ROU assets and lease liabilities are recognized at the commencement date at the present value of lease payments over the lease term. ROU assets are adjusted for lease incentives and initial direct costs. The lease term includes renewal options exercisable at the Company's sole discretion when the Company is reasonably certain to exercise that option. As most of the Company's leases do not have an implicit rate, the Company uses an incremental borrowing rate based on market information available at the commencement date to determine the present value. Certain of our leases include variable payments, which may vary based upon changes in facts or circumstances after the start of the lease. We exclude variable payments from lease ROU assets and lease liabilities, to the extent not considered fixed, and instead expense variable payments as incurred. Lease expense is recognized on a straight-line basis over the lease term and is included in rent and occupancy expenses on the condensed consolidated statement of earnings. D. Accounts Receivable The Company maintains an allowance for doubtful accounts, which is reviewed at least monthly for estimated losses resulting from the inability of its customers to make required payments for services and advances. Additional allowances may be necessary in the future if the ability of customers to pay deteriorates. The Company has recorded an allowance for doubtful accounts in the amounts of $12,727 as of March 31, 2019 and $15,345 as of December 31, 2018 . Additions and write-offs have not been significant in the periods presented. E. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of the assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. The Company uses estimates primarily in the following areas: accounts receivable valuation, accrual of costs related to ancillary services the Company provides, accrual of liabilities for the portion of the related exposure that the Company has self-insured, accrual of various tax liabilities including estimates associated with the U.S. enacted Tax Cuts and Jobs Act (the 2017 Tax Act), accrual of loss contingencies, calculation of share-based compensation expense and estimates related to determining the lease term when measuring ROU assets and lease liabilities. Actual results could be materially different from the estimated provisions and accruals recorded. F. Recent Accounting Pronouncement In June 2016, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (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.

Leases

Leases	3 Months Ended
	Mar. 31, 2019
Lessee Disclosure [Abstract]
Lessee, Operating Leases	Leases The Company enters into lease agreements primarily for office and warehouse space in all districts where it conducts business. As of March 31, 2019 , all of the Company's leases are operating leases. Lease cost for the quarter ended March 31, 2019 were all recorded under rent and occupancy expenses on the condensed consolidated statement of earnings and comprised of the following: Operating lease cost $ 19,955 Variable lease cost 6,394 Total lease cost $ 26,349 Variable lease cost includes shorter-term lease expenses, which are insignificant. Maturities of lease liabilities as of March 31, 2019 are as follows: 2019 $ 55,196 2020 67,926 2021 58,219 2022 52,367 2023 43,512 Thereafter 142,322 Total minimum lease payments 419,542 Less imputed interest 71,356 Lease liability $ 348,186 At December 31, 2018 , the last balance sheet presented before the adoption of the new accounting standard Topic 842 Leases , future minimum annual lease payments under all noncancelable leases were as follows: 2019 $ 75,227 2020 62,974 2021 47,552 2022 38,352 2023 26,580 Thereafter 67,140 $ 317,825 Other information related to the Company's operating leases as of and for the period ended March 31, 2019 are as follows: Right-of-use assets obtained in exchange for new operating lease liabilities $ 18,636 Cash paid for amounts included in the measurement of lease liabilities $ 19,246 Weighted-average remaining lease term (in years) 7.51 Weighted-average discount rate 4.99 %

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2019
Share-based Compensation [Abstract]
Share-Based Compensation	Share-Based Compensation The Company has historically granted the majority of its share-based awards during the second quarter of each fiscal year. In the three-month periods ended March 31, 2019 and 2018 , the Company did not grant any share-based awards. The grant of employee stock purchase rights and the issuance of shares under the employee stock purchase plan are made in the third quarter of each fiscal year. No shares were issued in the three-month periods ended March 31, 2019 and 2018 . The Company recognizes stock compensation expense based on the fair value of awards granted to employees and directors under the Company’s omnibus incentive, stock option, director restricted stock and employee stock purchase rights plans. This expense, adjusted for expected forfeitures, is recognized in net earnings on a straight-line basis over the service periods as salaries and related costs. Restricted stock unit 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.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
INCOME TAXES	Income Taxes In December 2017, the 2017 Tax Act was enacted in the United States. Beginning January 1, 2018, foreign earnings of the Company's international subsidiaries are generally exempt from U.S. Federal income tax upon repatriation. Notwithstanding these changes, certain non-U.S. withholding taxes and foreign exchange gains and losses will continue to be applicable upon the repatriation of foreign earnings. During 2018 and 2019, the Internal Revenue Service (IRS) and the U.S. Department of Treasury (Treasury) issued additional guidelines and clarifying regulations related to the implementation of the 2017 Tax Act. The Company expects that additional guidance will continue to be issued in future periods. As this guidance is issued, the Company will continue to evaluate the information to determine whether any additional adjustments to its tax provisions are required. 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 components of current income tax expense. Income tax expense for the three-month periods ended March 31, 2019 and 2018 had no tax expense related to GILTI or BEAT. In February 2018, the FASB issued amended guidance for reporting comprehensive income to reflect changes resulting from the 2017 Tax Act. The amendment, which had an effective date of January 1, 2019, 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. The Company's consolidated effective income tax rate was 28.3% for the three -month period ended March 31, 2019 , as compared to 31.1% for the comparable period in 2018 . The effective tax rate in 2019 benefited from share-based compensation deductions as a result of stock option exercises occurring during the quarter that were partially offset by certain expenses that are no longer deductible under the 2017 Tax Act. The effect of higher average foreign tax rates of the Company's international subsidiaries, when compared to the U.S. federal and state tax rates, were partially offset by available U.S foreign tax credits principally as a result of withholding taxes related to its foreign operations and U.S. income tax deductions for Foreign-derived intangible income (FDII). As discussed above, some elements of the recorded impacts of the 2017 Tax Act could be impacted by further legislative action as well as additional interpretations and guidance issued by the IRS or Treasury. As a result, the amount of income tax recorded in the future may differ, possibly materially. For further information and discussion of the potential impact of the 2017 Tax Act, refer to Note 5 to the consolidated financial statements in the Company's 2018 Annual Report on Form 10-K.

Basic and Diluted Earnings per

Basic and Diluted Earnings per Share	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Basic and Diluted Earnings per Share	Basic and Diluted Earnings per Share Diluted earnings attributable to shareholders per share is computed using the weighted average number of common shares and dilutive potential common shares outstanding. Dilutive potential shares represent outstanding stock options, including purchase options under the Company's employee stock purchase plan, and unvested restricted stock units. Basic earnings attributable to shareholders per share is calculated using the weighted average number of common shares outstanding without taking into consideration dilutive potential common shares outstanding. The following table reconciles the numerator and the denominator of the basic and diluted per share computations for earnings attributable to shareholders: Three months ended March 31, (Amounts in thousands, except per share amounts) Net earnings attributable to shareholders Weighted average shares Earnings per share 2019 Basic earnings attributable to shareholders $ 139,699 171,818 $ 0.81 Effect of dilutive potential common shares — 3,570 — Diluted earnings attributable to shareholders $ 139,699 175,388 $ 0.80 2018 Basic earnings attributable to shareholders $ 135,692 175,900 $ 0.77 Effect of dilutive potential common shares — 3,516 — Diluted earnings attributable to shareholders $ 135,692 179,416 $ 0.76

Components of Equity

Components of Equity	3 Months Ended
	Mar. 31, 2019
Stockholders' Equity Note [Abstract]
Components of Equity	Components of Equity The components of equity for the three months ended March 31, 2019 and 2018 are as follows: Common Stock Shares Par value Additional Retained Accumulated Total Noncontrolling Total Balance at December 31, 2018 171,582 $ 1,716 1,896 2,088,707 (105,481 ) 1,986,838 882 1,987,720 Exercise of stock options and release of restricted shares 654 6 27,184 — — 27,190 — 27,190 Shares repurchased under provisions of stock repurchase plans (588 ) (6 ) (38,484 ) (5,844 ) — (44,334 ) — (44,334 ) Stock compensation expense — — 13,382 — — 13,382 — 13,382 Net earnings — — — 139,699 — 139,699 412 140,111 Other comprehensive income (loss) — — — — 1,495 1,495 (130 ) 1,365 Balance at March 31, 2019 171,648 $ 1,716 3,978 2,222,562 (103,986 ) 2,124,270 1,164 2,125,434 Balance at December 31, 2017 176,374 $ 1,764 546 2,063,512 (73,964 ) 1,991,858 2,515 1,994,373 Cumulative effect of accounting change — — — (22,357 ) — (22,357 ) (105 ) (22,462 ) Exercise of stock options and release of restricted shares 596 6 26,391 — — 26,397 — 26,397 Shares repurchased under provisions of stock repurchase plans (2,662 ) (27 ) (37,006 ) (135,327 ) — (172,360 ) — (172,360 ) Stock compensation expense — — 11,267 — — 11,267 — 11,267 Net earnings — — — 135,692 — 135,692 508 136,200 Other comprehensive income (loss) — — — — 8,972 8,972 (121 ) 8,851 Balance at March 31, 2018 174,308 $ 1,743 1,198 2,041,520 (64,992 ) 1,979,469 2,797 1,982,266 The Company has a Non-Discretionary Stock Repurchase Plan to repurchase shares from the proceeds of stock option exercises and employee stock purchases. During the three-month periods ended March 31, 2019 and 2018 , 88 and 446 shares were repurchased at an average price of $74.03 and $65.68 per share, respectively. As of March 31, 2019 , all shares authorized for repurchase under this plan have been repurchased. The Company also has a Discretionary Stock Repurchase Plan approved by the Board of Directors that authorizes management to reduce issued and outstanding stock down to 160 million shares of common stock. During the three -month period ended March 31, 2019 , 500 shares were repurchased at an average price of $75.64 per share, compared to 2,216 shares at an average price of $64.58 per share during the same period in 2018 . Accumulated other comprehensive loss consisted entirely of foreign currency translation adjustments, net of related income tax effects, for all the periods presented. Subsequent to the end of the first quarter, on May 7, 2019 , the Board of Directors declared a semi-annual dividend of $0.50 per share payable on June 17, 2019 to shareholders of record as of June 3, 2019 .

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company’s financial instruments, other than cash, consist primarily of cash equivalents, accounts receivable, accounts payable and accrued expenses. The carrying value of these financial instruments approximates their fair value. All highly liquid investments with a maturity of three months or less at date of purchase are considered to be cash equivalents. Cash and cash equivalents consist of the following: March 31, 2019 December 31, 2018 Cost Fair Value Cost Fair Value Cash and Cash Equivalents: Cash and overnight deposits $ 460,584 $ 460,584 $ 427,307 $ 427,307 Corporate commercial paper 692,669 693,248 467,300 467,760 Time deposits 36,176 36,176 29,128 29,128 Total cash and cash equivalents $ 1,189,429 $ 1,190,008 $ 923,735 $ 924,195 The fair value of corporate commercial paper and time deposits is based on the use of market interest rates for identical or similar assets (Level 2 fair value measurement).

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2019
Loss Contingency [Abstract]
Contingencies	Contingencies The Company is involved in claims, lawsuits, government investigations and other legal matters that arise in the ordinary course of business and are subject to inherent uncertainties. Currently, in management's opinion and based upon advice from legal advisors, none of these matters are expected to have a significant effect on the Company's operations, cash flows or financial position. As of March 31, 2019 , the amounts accrued for these claims, lawsuits, government investigations and other legal matters are not significant to the Company's operations, cash flows or financial position. At this time, the Company is unable to estimate any additional loss or range of reasonably possible losses, if any, beyond the amounts recorded, that might result from the resolution of these matters.

Business Segment Information

Business Segment Information	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Business Segment Information	Business Segment Information The Company is organized functionally in geographic operating segments. Accordingly, management focuses its attention on revenues, net revenues 1 , operating income, identifiable assets, capital expenditures, depreciation and amortization and equity generated in each of these geographical areas when evaluating the effectiveness of geographic management. Transactions among the Company’s various offices are conducted using the same arms-length pricing methodologies the Company uses when its offices transact business with independent agents. Certain costs are allocated among the segments based on the relative value of the underlying services, which can include allocation based on actual costs incurred or estimated cost plus a profit margin. Financial information regarding the Company’s operations by geographic area is as follows: (in thousands) UNITED STATES OTHER NORTH AMERICA LATIN AMERICA NORTH ASIA SOUTH ASIA EUROPE MIDDLE EAST, AFRICA AND INDIA ELIMI- NATIONS CONSOLI- DATED Three months ended March 31, 2019: Revenues from unaffiliated customers $ 681,424 85,103 35,949 617,000 171,930 320,049 108,596 — 2,020,051 Transfers between geographic areas 2 (21,640 ) 6,307 (1,770 ) 15,853 5,249 (7,359 ) 4,079 (719 ) — Total revenues $ 659,784 91,410 34,179 632,853 177,179 312,690 112,675 (719 ) 2,020,051 Net revenues 1 $ 292,429 35,169 15,063 134,207 47,369 96,795 33,172 (90 ) 654,114 Operating income $ 74,013 10,960 2,636 65,780 15,907 13,952 4,361 (8 ) 187,601 Identifiable assets at period end $ 1,906,278 175,034 71,168 511,589 174,512 579,924 234,195 (9,788 ) 3,642,912 Capital expenditures $ 6,915 228 93 344 176 982 697 — 9,435 Depreciation and amortization $ 8,222 467 432 1,407 536 1,831 498 — 13,393 Equity $ 1,401,450 82,170 28,581 238,518 114,290 165,718 126,953 (32,246 ) 2,125,434 Three months ended March 31, 2018: Revenues from unaffiliated customers $ 534,869 76,525 32,722 630,572 168,600 305,792 105,182 — 1,854,262 Transfers between geographic areas 28,881 3,562 3,387 6,017 6,550 14,188 5,355 (67,940 ) — Total revenues $ 563,750 80,087 36,109 636,589 175,150 319,980 110,537 (67,940 ) 1,854,262 Net revenues 1 $ 277,185 30,447 14,745 137,208 44,406 98,635 33,201 11 635,838 Operating income $ 69,648 9,018 2,370 69,923 15,132 19,278 7,438 11 192,818 Identifiable assets at period end $ 1,558,181 165,368 55,036 542,965 153,411 533,012 208,173 (3,665 ) 3,212,481 Capital expenditures $ 3,171 1,528 505 784 329 7,191 288 — 13,796 Depreciation and amortization $ 8,765 398 368 1,376 583 1,976 456 — 13,922 Equity $ 1,247,522 68,050 27,226 278,651 105,642 160,038 128,487 (33,350 ) 1,982,266 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. 2 During the quarter ended March 31, 2019, the Company revised the process used to record the transfer, between its geographic operating segments, of revenues and the directly related cost of transportation expenses for freight service transactions between Company origin and destination locations. There were no changes for services rendered at the origin, such as pick-up and delivery to port, nor for services rendered at the destination, such as customs clearance and final delivery. The change in process had no impact on reported segment net revenues or operating income nor on reported consolidated revenues or expenses. Prior year segment revenues have not been revised. The following table presents the calculation of consolidated net revenues: Three months ended March 31, 2019 2018 Total revenues $ 2,020,051 $ 1,854,262 Expenses: Airfreight services 509,210 513,504 Ocean freight and ocean services 420,331 379,418 Customs brokerage and other services 436,396 325,502 Net revenues $ 654,114 $ 635,838

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Basis of Presentation, Policy	The condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. As a result, certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) have been condensed or omitted. The Company believes that the disclosures made are adequate to make the information presented not misleading. The condensed consolidated financial statements reflect all adjustments, consisting of normal recurring items, which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company's Form 10-K as filed with the Securities and Exchange Commission on February 22, 2019. All significant intercompany accounts and transactions have been eliminated in consolidation. All dollar amounts in the notes are presented in thousands except for per share data or unless otherwise specified.
Revenue Recognition, Policy	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 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. 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 satisfied nearly all performance obligations for the contract liabilities recorded as of December 31, 2018.
Leases, Policy	Effective January 1, 2019, the Company adopted new lease accounting guidance using a modified retrospective approach and recognizing a right-of-use (ROU) asset and lease liability on the balance sheet. On January 1, 2019, ROU assets and lease liabilities were recorded for all existing leases exceeding one-year terms and were measured at the present value of lease payments over the remaining lease term. The adoption of this accounting standard resulted in recording ROU assets and lease liabilities for operating leases of $343 million and $340 million , respectively, as of January 1, 2019. The adoption of this standard had no impact on retained earnings on the condensed consolidated balance sheet. In recording the ROU asset and lease liability, the Company elected to apply the following practical expedients: • Package of practical expedients not to reassess: ◦ Whether a contract is or contains a lease, ◦ Historical lease classification, and ◦ Initial direct costs. • Use of hindsight when determining the lease term. Additionally, the Company has elected to apply the short-term lease exemption for leases with a non-cancelable period of twelve months or less and chose not to separate nonlease components from lease components and instead to account for each as a single lease component. The Company determines if an arrangement is a lease at inception. ROU assets represent the Company's right to use an underlying asset for the lease term, and lease liabilities represent the Company's obligation to make lease payments arising from the lease. All ROU assets and lease liabilities are recognized at the commencement date at the present value of lease payments over the lease term. ROU assets are adjusted for lease incentives and initial direct costs. The lease term includes renewal options exercisable at the Company's sole discretion when the Company is reasonably certain to exercise that option. As most of the Company's leases do not have an implicit rate, the Company uses an incremental borrowing rate based on market information available at the commencement date to determine the present value. Certain of our leases include variable payments, which may vary based upon changes in facts or circumstances after the start of the lease. We exclude variable payments from lease ROU assets and lease liabilities, to the extent not considered fixed, and instead expense variable payments as incurred. Lease expense is recognized on a straight-line basis over the lease term and is included in rent and occupancy expenses on the condensed consolidated statement of earnings.
Accounts Receivable, Policy	The Company maintains an allowance for doubtful accounts, which is reviewed at least monthly for estimated losses resulting from the inability of its customers to make required payments for services and advances. Additional allowances may be necessary in the future if the ability of customers to pay deteriorates. The Company has recorded an allowance for doubtful accounts in the amounts of $12,727 as of March 31, 2019 and $15,345 as of December 31, 2018 . Additions and write-offs have not been significant in the periods presented.
Use of Estimates, Policy	The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of the assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. The Company uses estimates primarily in the following areas: accounts receivable valuation, accrual of costs related to ancillary services the Company provides, accrual of liabilities for the portion of the related exposure that the Company has self-insured, accrual of various tax liabilities including estimates associated with the U.S. enacted Tax Cuts and Jobs Act (the 2017 Tax Act), accrual of loss contingencies, calculation of share-based compensation expense and estimates related to determining the lease term when measuring ROU assets and lease liabilities. Actual results could be materially different from the estimated provisions and accruals recorded.
New Accounting Pronouncements, Policy	In June 2016, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (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.
Stock Plans, Policy	The Company recognizes stock compensation expense based on the fair value of awards granted to employees and directors under the Company’s omnibus incentive, stock option, director restricted stock and employee stock purchase rights plans. This expense, adjusted for expected forfeitures, is recognized in net earnings on a straight-line basis over the service periods as salaries and related costs. Restricted stock unit 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.
Income Taxes, Policy	In December 2017, the 2017 Tax Act was enacted in the United States. Beginning January 1, 2018, foreign earnings of the Company's international subsidiaries are generally exempt from U.S. Federal income tax upon repatriation. Notwithstanding these changes, certain non-U.S. withholding taxes and foreign exchange gains and losses will continue to be applicable upon the repatriation of foreign earnings. During 2018 and 2019, the Internal Revenue Service (IRS) and the U.S. Department of Treasury (Treasury) issued additional guidelines and clarifying regulations related to the implementation of the 2017 Tax Act. The Company expects that additional guidance will continue to be issued in future periods. As this guidance is issued, the Company will continue to evaluate the information to determine whether any additional adjustments to its tax provisions are required. 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 components of current income tax expense. Income tax expense for the three-month periods ended March 31, 2019 and 2018 had no tax expense related to GILTI or BEAT. In February 2018, the FASB issued amended guidance for reporting comprehensive income to reflect changes resulting from the 2017 Tax Act. The amendment, which had an effective date of January 1, 2019, 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.
Earnings Per Share, Policy	Diluted earnings attributable to shareholders per share is computed using the weighted average number of common shares and dilutive potential common shares outstanding. Dilutive potential shares represent outstanding stock options, including purchase options under the Company's employee stock purchase plan, and unvested restricted stock units. Basic earnings attributable to shareholders per share is calculated using the weighted average number of common shares outstanding without taking into consideration dilutive potential common shares outstanding.
Cash Equivalents, Policy	All highly liquid investments with a maturity of three months or less at date of purchase are considered to be cash equivalents.
Segment Reporting, Policy	The Company is organized functionally in geographic operating segments. Accordingly, management focuses its attention on revenues, net revenues 1 , operating income, identifiable assets, capital expenditures, depreciation and amortization and equity generated in each of these geographical areas when evaluating the effectiveness of geographic management. Transactions among the Company’s various offices are conducted using the same arms-length pricing methodologies the Company uses when its offices transact business with independent agents. Certain costs are allocated among the segments based on the relative value of the underlying services, which can include allocation based on actual costs incurred or estimated cost plus a profit margin.

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Lessee Disclosure [Abstract]
Lease, Cost	Lease cost for the quarter ended March 31, 2019 were all recorded under rent and occupancy expenses on the condensed consolidated statement of earnings and comprised of the following: Operating lease cost $ 19,955 Variable lease cost 6,394 Total lease cost $ 26,349 Variable lease cost includes shorter-term lease expenses, which are insignificant.
Lessee, Operating Lease, Liability, Maturity	Maturities of lease liabilities as of March 31, 2019 are as follows: 2019 $ 55,196 2020 67,926 2021 58,219 2022 52,367 2023 43,512 Thereafter 142,322 Total minimum lease payments 419,542 Less imputed interest 71,356 Lease liability $ 348,186
Schedule of Future Minimum Rental Payments for Operating Leases	At December 31, 2018 , the last balance sheet presented before the adoption of the new accounting standard Topic 842 Leases , future minimum annual lease payments under all noncancelable leases were as follows: 2019 $ 75,227 2020 62,974 2021 47,552 2022 38,352 2023 26,580 Thereafter 67,140 $ 317,825
Other information related to leases	Other information related to the Company's operating leases as of and for the period ended March 31, 2019 are as follows: Right-of-use assets obtained in exchange for new operating lease liabilities $ 18,636 Cash paid for amounts included in the measurement of lease liabilities $ 19,246 Weighted-average remaining lease term (in years) 7.51 Weighted-average discount rate 4.99 %

Basic and Diluted Earnings pe_2

Basic and Diluted Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table reconciles the numerator and the denominator of the basic and diluted per share computations for earnings attributable to shareholders: Three months ended March 31, (Amounts in thousands, except per share amounts) Net earnings attributable to shareholders Weighted average shares Earnings per share 2019 Basic earnings attributable to shareholders $ 139,699 171,818 $ 0.81 Effect of dilutive potential common shares — 3,570 — Diluted earnings attributable to shareholders $ 139,699 175,388 $ 0.80 2018 Basic earnings attributable to shareholders $ 135,692 175,900 $ 0.77 Effect of dilutive potential common shares — 3,516 — Diluted earnings attributable to shareholders $ 135,692 179,416 $ 0.76

Components of Equity (Tables)

Components of Equity (Tables)	3 Months Ended
	Mar. 31, 2019
Stockholders' Equity Note [Abstract]
Schedule of Components of Equity Disclosure	The components of equity for the three months ended March 31, 2019 and 2018 are as follows: Common Stock Shares Par value Additional Retained Accumulated Total Noncontrolling Total Balance at December 31, 2018 171,582 $ 1,716 1,896 2,088,707 (105,481 ) 1,986,838 882 1,987,720 Exercise of stock options and release of restricted shares 654 6 27,184 — — 27,190 — 27,190 Shares repurchased under provisions of stock repurchase plans (588 ) (6 ) (38,484 ) (5,844 ) — (44,334 ) — (44,334 ) Stock compensation expense — — 13,382 — — 13,382 — 13,382 Net earnings — — — 139,699 — 139,699 412 140,111 Other comprehensive income (loss) — — — — 1,495 1,495 (130 ) 1,365 Balance at March 31, 2019 171,648 $ 1,716 3,978 2,222,562 (103,986 ) 2,124,270 1,164 2,125,434 Balance at December 31, 2017 176,374 $ 1,764 546 2,063,512 (73,964 ) 1,991,858 2,515 1,994,373 Cumulative effect of accounting change — — — (22,357 ) — (22,357 ) (105 ) (22,462 ) Exercise of stock options and release of restricted shares 596 6 26,391 — — 26,397 — 26,397 Shares repurchased under provisions of stock repurchase plans (2,662 ) (27 ) (37,006 ) (135,327 ) — (172,360 ) — (172,360 ) Stock compensation expense — — 11,267 — — 11,267 — 11,267 Net earnings — — — 135,692 — 135,692 508 136,200 Other comprehensive income (loss) — — — — 8,972 8,972 (121 ) 8,851 Balance at March 31, 2018 174,308 $ 1,743 1,198 2,041,520 (64,992 ) 1,979,469 2,797 1,982,266

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Schedule of Fair value of Cash and Cash Equivalents by Balance Sheet Grouping	Cash and cash equivalents consist of the following: March 31, 2019 December 31, 2018 Cost Fair Value Cost Fair Value Cash and Cash Equivalents: Cash and overnight deposits $ 460,584 $ 460,584 $ 427,307 $ 427,307 Corporate commercial paper 692,669 693,248 467,300 467,760 Time deposits 36,176 36,176 29,128 29,128 Total cash and cash equivalents $ 1,189,429 $ 1,190,008 $ 923,735 $ 924,195

Business Segment Information (T

Business Segment Information (Tables)	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Financial information regarding the Company’s operations by geographic area is as follows: (in thousands) UNITED STATES OTHER NORTH AMERICA LATIN AMERICA NORTH ASIA SOUTH ASIA EUROPE MIDDLE EAST, AFRICA AND INDIA ELIMI- NATIONS CONSOLI- DATED Three months ended March 31, 2019: Revenues from unaffiliated customers $ 681,424 85,103 35,949 617,000 171,930 320,049 108,596 — 2,020,051 Transfers between geographic areas 2 (21,640 ) 6,307 (1,770 ) 15,853 5,249 (7,359 ) 4,079 (719 ) — Total revenues $ 659,784 91,410 34,179 632,853 177,179 312,690 112,675 (719 ) 2,020,051 Net revenues 1 $ 292,429 35,169 15,063 134,207 47,369 96,795 33,172 (90 ) 654,114 Operating income $ 74,013 10,960 2,636 65,780 15,907 13,952 4,361 (8 ) 187,601 Identifiable assets at period end $ 1,906,278 175,034 71,168 511,589 174,512 579,924 234,195 (9,788 ) 3,642,912 Capital expenditures $ 6,915 228 93 344 176 982 697 — 9,435 Depreciation and amortization $ 8,222 467 432 1,407 536 1,831 498 — 13,393 Equity $ 1,401,450 82,170 28,581 238,518 114,290 165,718 126,953 (32,246 ) 2,125,434 Three months ended March 31, 2018: Revenues from unaffiliated customers $ 534,869 76,525 32,722 630,572 168,600 305,792 105,182 — 1,854,262 Transfers between geographic areas 28,881 3,562 3,387 6,017 6,550 14,188 5,355 (67,940 ) — Total revenues $ 563,750 80,087 36,109 636,589 175,150 319,980 110,537 (67,940 ) 1,854,262 Net revenues 1 $ 277,185 30,447 14,745 137,208 44,406 98,635 33,201 11 635,838 Operating income $ 69,648 9,018 2,370 69,923 15,132 19,278 7,438 11 192,818 Identifiable assets at period end $ 1,558,181 165,368 55,036 542,965 153,411 533,012 208,173 (3,665 ) 3,212,481 Capital expenditures $ 3,171 1,528 505 784 329 7,191 288 — 13,796 Depreciation and amortization $ 8,765 398 368 1,376 583 1,976 456 — 13,922 Equity $ 1,247,522 68,050 27,226 278,651 105,642 160,038 128,487 (33,350 ) 1,982,266
Schedule of Net Revenues Calculation	The following table presents the calculation of consolidated net revenues: Three months ended March 31, 2019 2018 Total revenues $ 2,020,051 $ 1,854,262 Expenses: Airfreight services 509,210 513,504 Ocean freight and ocean services 420,331 379,418 Customs brokerage and other services 436,396 325,502 Net revenues $ 654,114 $ 635,838

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating Lease, Right-of-Use Asset	$ 349,140		$ 0
Operating Lease, Liability	348,186
Accounts receivable, allowance for doubtful accounts	$ 12,727		$ 15,345
Accounting Standards Update 2016-02 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating Lease, Right-of-Use Asset		$ 343,000
Operating Lease, Liability		$ 340,000

Leases (Detail)

Leases (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Lease, Cost [Abstract]
Operating lease cost	$ 19,955
Variable lease cost	6,394
Total lease cost	26,349
Operating Lease Liabilities, Payments, Due, Rolling Maturity [Abstract]
2019	55,196
2020	67,926
2021	58,219
2022	52,367
2023	43,512
Thereafter	142,322
Total minimum lease payments	419,542
Less imputed interest	71,356
Lease liability	348,186
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2019		$ 75,227
2020		62,974
2021		47,552
2022		38,352
2023		26,580
Thereafter		67,140
Operating Leases, Future Minimum Payments Due		$ 317,825
Supplemental Cash Flow Information Related to Leases [Abstract]
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	18,636
Cash paid for amounts included in measurement of lease liabilities	$ 19,246
Operating Lease, Weighted Average Discount Rate, Percent	4.99%
Weighted-average remaining lease term [Abstract]
Operating Lease, Weighted Average Remaining Lease Term	7 years 6 months 4 days

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Share-based Compensation [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	0	0
Stock Issued During Period, Shares, Employee Stock Purchase Plans	0	0

Income Taxes Income Taxes - Add

Income Taxes Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Taxes [Line Items]
Income tax expense	$ 55,261,000	$ 61,556,000
Effective income tax rate reconciliation, percent	28.30%	31.10%
Base Erosion and Anti-Abuse Tax
Income Taxes [Line Items]
Income tax expense	$ 0	$ 0
Global Intangible Low-Taxed Income
Income Taxes [Line Items]
Income tax expense	$ 0	$ 0

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
	Mar. 31, 2019	Mar. 31, 2018
Net Earnings Attributable to Shareholders
Basic earnings attributable to shareholders	$ 139,699	$ 135,692
Diluted earnings attributable to shareholders	$ 139,699	$ 135,692
Weighted Average Shares
Weighted average basic shares outstanding	171,818	175,900
Effect of dilutive potential common shares	3,570	3,516
Weighted average diluted shares outstanding	175,388	179,416
Earnings Per Share
Basic earnings attributable to shareholders per share	$ 0.81	$ 0.77
Diluted earnings attributable to shareholders per share	$ 0.80	$ 0.76

Components of Equity (Detail)

Components of Equity (Detail) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, shares, outstanding	171,648		171,582
Beginning balance	$ 1,987,720	$ 1,994,373
Cumulative effect of accounting change		(22,462)
Exercise of stock options and release of restricted shares	27,190	26,397
Shares repurchased under provisions of stock repurchase plans	(44,334)	(172,360)
Stock compensation expense	13,382	11,267
Net earnings	140,111	136,200
Other comprehensive (loss) income	1,365	8,851
Ending balance	2,125,434	1,982,266
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(105,481)	(73,964)
Other comprehensive (loss) income	1,495	8,972
Ending balance	(103,986)	(64,992)
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	2,088,707	2,063,512
Cumulative effect of accounting change		(22,357)
Shares repurchased under provisions of stock repurchase plans	(5,844)	(135,327)
Net earnings	139,699	135,692
Ending balance	2,222,562	2,041,520
Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	1,896	546
Exercise of stock options and release of restricted shares	27,184	26,391
Shares repurchased under provisions of stock repurchase plans	(38,484)	(37,006)
Stock compensation expense	13,382	11,267
Ending balance	$ 3,978	$ 1,198
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, shares, outstanding	171,648	174,308	171,582	176,374
Beginning balance	$ 1,716	$ 1,764
Exercise of stock options and release of restricted shares (In shares)	654	596
Exercise of stock options and release of restricted shares	$ 6	$ 6
Shares repurchased under provisions of stock repurchase plans, shares	(588)	(2,662)
Shares repurchased under provisions of stock repurchase plans	$ (6)	$ (27)
Ending balance	1,716	1,743
Shareholders' Equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	1,986,838	1,991,858
Cumulative effect of accounting change		(22,357)
Exercise of stock options and release of restricted shares	27,190	26,397
Shares repurchased under provisions of stock repurchase plans	(44,334)	(172,360)
Stock compensation expense	13,382	11,267
Net earnings	139,699	135,692
Other comprehensive (loss) income	1,495	8,972
Ending balance	2,124,270	1,979,469
Noncontrolling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	882	2,515
Cumulative effect of accounting change		(105)
Net earnings	412	508
Other comprehensive (loss) income	(130)	(121)
Ending balance	$ 1,164	$ 2,797

Components Of Equity - Addition

Components Of Equity - Additional Information (Detail) - $ / shares shares in Thousands	May 07, 2019	Mar. 31, 2019	Mar. 31, 2018
Class of Stock [Line Items]
Expected common stock shares issued and outstanding		160,000
Non-Discretionary Plan
Class of Stock [Line Items]
Shares repurchased		88	446
Average price per share		$ 74.03	$ 65.68
Discretionary Plan
Class of Stock [Line Items]
Shares repurchased		500	2,216
Average price per share		$ 75.64	$ 64.58
Subsequent Event
Class of Stock [Line Items]
Date of declaration of dividends	May 7, 2019
Dividend declared per share	$ 0.50
Date of dividend payment	Jun. 17, 2019
Dividends payable to shareholders date of record	Jun. 3, 2019

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash and cash equivalents	$ 1,189,429	$ 923,735	$ 1,132,901	$ 1,051,099
Cost
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash and cash equivalents	1,189,429	923,735
Cost | Cash and Cash Equivalents
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and overnight deposits	460,584	427,307
Corporate commercial paper	692,669	467,300
Time deposits	36,176	29,128
Fair Value | Cash and Cash Equivalents
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and overnight deposits	460,584	427,307
Corporate commercial paper	693,248	467,760
Time deposits	36,176	29,128
Total cash and cash equivalents	$ 1,190,008	$ 924,195

Business Segment Information -

Business Segment Information - Financial Information Regarding Company's Operations by Geographic Area (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		$ 2,020,051	$ 1,854,262
Net revenues	[1]	654,114	635,838
Operating income		187,601	192,818
Identifiable assets at period end		3,642,912	3,212,481	$ 3,314,559
Capital expenditures		9,435	13,796
Depreciation and amortization		13,393	13,922
Equity		2,125,434	1,982,266	$ 1,987,720	$ 1,994,373
United States Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		681,424	534,869
Other North America Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		85,103	76,525
Latin America Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		35,949	32,722
North Asia Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		617,000	630,572
South Asia Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		171,930	168,600
Europe Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		320,049	305,792
Middle East Africa And India Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		108,596	105,182
Geography Eliminations | United States Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		(21,640)	28,881
Geography Eliminations | Other North America Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		6,307	3,562
Geography Eliminations | Latin America Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		(1,770)	3,387
Geography Eliminations | North Asia Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		15,853	6,017
Geography Eliminations | South Asia Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		5,249	6,550
Geography Eliminations | Europe Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		(7,359)	14,188
Geography Eliminations | Middle East Africa And India Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		4,079	5,355
Operating Segments | United States Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		659,784	563,750
Net revenues	[1]	292,429	277,185
Operating income		74,013	69,648
Identifiable assets at period end		1,906,278	1,558,181
Capital expenditures		6,915	3,171
Depreciation and amortization		8,222	8,765
Equity		1,401,450	1,247,522
Operating Segments | Other North America Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		91,410	80,087
Net revenues	[1]	35,169	30,447
Operating income		10,960	9,018
Identifiable assets at period end		175,034	165,368
Capital expenditures		228	1,528
Depreciation and amortization		467	398
Equity		82,170	68,050
Operating Segments | Latin America Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		34,179	36,109
Net revenues	[1]	15,063	14,745
Operating income		2,636	2,370
Identifiable assets at period end		71,168	55,036
Capital expenditures		93	505
Depreciation and amortization		432	368
Equity		28,581	27,226
Operating Segments | North Asia Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		632,853	636,589
Net revenues	[1]	134,207	137,208
Operating income		65,780	69,923
Identifiable assets at period end		511,589	542,965
Capital expenditures		344	784
Depreciation and amortization		1,407	1,376
Equity		238,518	278,651
Operating Segments | South Asia Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		177,179	175,150
Net revenues	[1]	47,369	44,406
Operating income		15,907	15,132
Identifiable assets at period end		174,512	153,411
Capital expenditures		176	329
Depreciation and amortization		536	583
Equity		114,290	105,642
Operating Segments | Europe Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		312,690	319,980
Net revenues	[1]	96,795	98,635
Operating income		13,952	19,278
Identifiable assets at period end		579,924	533,012
Capital expenditures		982	7,191
Depreciation and amortization		1,831	1,976
Equity		165,718	160,038
Operating Segments | Middle East Africa And India Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		112,675	110,537
Net revenues	[1]	33,172	33,201
Operating income		4,361	7,438
Identifiable assets at period end		234,195	208,173
Capital expenditures		697	288
Depreciation and amortization		498	456
Equity		126,953	128,487
Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		(719)	(67,940)
Net revenues	[1]	(90)	11
Operating income		(8)	11
Identifiable assets at period end		(9,788)	(3,665)
Equity		$ (32,246)	$ (33,350)
[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 - Net Revenues Calculation (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Schedule of Net Revenues Calculation [Line Items]
Total revenues		$ 2,020,051	$ 1,854,262
Expenses [Abstract]
Net revenues	[1]	654,114	635,838
Airfreight services
Schedule of Net Revenues Calculation [Line Items]
Total revenues		714,901	731,227
Expenses [Abstract]
Direct Operating Costs		509,210	513,504
Ocean freight and ocean services
Schedule of Net Revenues Calculation [Line Items]
Total revenues		568,641	520,883
Expenses [Abstract]
Direct Operating Costs		420,331	379,418
Customs brokerage and other services
Schedule of Net Revenues Calculation [Line Items]
Total revenues		736,509	602,152
Expenses [Abstract]
Direct Operating Costs		$ 436,396	$ 325,502
[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.