Business Segment Information

12 Months Ended

Dec. 31, 2013

Segment Reporting [Abstract]

BUSINESS SEGMENT INFORMATION

BUSINESS SEGMENT INFORMATION

Financial information regarding 2013, 2012 and 2011 operations by the Company’s designated geographic areas is as follows:

	United States		Other North America
2013
Revenues from unaffiliated customers	$	1,561,468	215,968
Transfers between geographic areas	89,570		11,038
Total revenues	$	1,651,038	227,006
Net revenues1	$	770,519	102,864
Operating income	$	195,799	35,224
Identifiable assets at year end	$	1,582,557	104,735
Capital expenditures	$	28,699	1,870
Depreciation and amortization	$	29,569	882
Equity	$	1,330,262	72,772
2012
Revenues from unaffiliated customers	$	1,529,917	201,521
Transfers between geographic areas	94,521		10,476
Total revenues	$	1,624,438	211,997
Net revenues1	$	748,320	95,798
Operating income	$	179,015	32,385
Identifiable assets at year end	$	1,459,425	92,075
Capital expenditures	$	28,088	832
Depreciation and amortization	$	23,678	756
Equity	$	1,197,239	58,071
2011
Revenues from unaffiliated customers	$	1,550,884	189,843
Transfers between geographic areas	101,738		11,095
Total revenues	$	1,652,622	200,938
Net revenues1	$	742,706	90,432
Operating income	$	210,702	29,209
Identifiable assets at year end	$	1,521,657	86,020
Capital expenditures	$	23,219	1,122
Depreciation and amortization	$	20,037	1,038
Equity	$	1,285,812	49,571

	Latin America	Asia Pacific	Europe and Africa	Middle East and India	Eliminations		Consolidated
2013
Revenues from unaffiliated customers	86,050	3,065,412	850,863	300,496	—		6,080,257
Transfers between geographic areas	21,711	46,704	37,463	17,837	(224,323	)	—
Total revenues	107,761	3,112,116	888,326	318,333	(224,323	)	6,080,257
Net revenues1	61,478	563,705	286,018	98,269	—		1,882,853
Operating income	15,734	225,322	52,939	27,055	—		552,073
Identifiable assets at year end	58,027	669,040	445,722	148,626	6,105		3,014,812
Capital expenditures	1,010	17,262	3,148	1,422	—		53,411
Depreciation and amortization	901	8,420	6,244	2,055	—		48,071
Equity	29,590	408,824	196,087	83,174	(34,378	)	2,086,331
2012
Revenues from unaffiliated customers	82,337	3,074,737	817,408	286,295	—		5,992,215
Transfers between geographic areas	18,780	43,721	38,791	18,128	(224,417	)	—
Total revenues	101,117	3,118,458	856,199	304,423	(224,417	)	5,992,215
Net revenues1	57,795	551,361	286,745	95,351	—		1,835,370
Operating income	17,356	216,559	59,314	26,169	—		530,798
Identifiable assets at year end	48,995	776,902	428,053	147,871	804		2,954,125
Capital expenditures	1,301	11,275	4,323	1,807	—		47,626
Depreciation and amortization	873	6,810	5,994	1,829	—		39,940
Equity	29,504	538,710	167,752	74,950	(33,656	)	2,032,570
2011
Revenues from unaffiliated customers	82,312	3,144,752	891,706	302,040	—		6,161,537
Transfers between geographic areas	21,222	40,012	43,359	17,897	(235,323	)	—
Total revenues	103,534	3,184,764	935,065	319,937	(235,323	)	6,161,537
Net revenues1	59,968	605,262	307,992	101,156	—		1,907,516
Operating income	19,151	258,952	72,248	28,065	—		618,327
Identifiable assets at year end	48,221	667,171	401,518	141,379	861		2,866,827
Capital expenditures	628	25,295	25,856	1,995	—		78,115
Depreciation and amortization	999	7,243	5,414	2,045	—		36,776
Equity	27,346	448,613	145,998	85,605	(32,876	)	2,010,069

_______________________

¹Net revenues are a non-GAAP measure calculated as revenues less directly related operations expenses attributable to the Company's principal services. The Company's management believes that net revenues are a better measure than total revenues when evaluating the Company's operating segment performance since total revenues earned as a freight consolidator include the carriers' charges for carrying the shipment, whereas revenues earned in other capacities include primarily the commissions and fees earned by the Company. Net revenue is one of the Company's primary operational and financial measures and demonstrates the Company's ability to concentrate and leverage purchasing power through effective consolidation of shipments from customers utilizing a variety of transportation carriers and optimal routings.

The following table presents the calculation of net revenues:

Years ended December 31,	2013		2012	2011
Revenues:
Total revenues	$	6,080,257	5,992,215	6,161,537
Expenses:
Airfreight services	1,994,374		1,983,696	2,193,122
Ocean freight and ocean services	1,521,340		1,542,170	1,443,170
Customs brokerage and other services	681,690		630,979	617,729
Net revenues	$	1,882,853	1,835,370	1,907,516

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.

	2013		2012		2011
Total revenues	33	%	34	%	34	%
Net revenues	16	%	16	%	18	%
Identifiable assets at year end	14	%	17	%	14	%
Equity	11	%	16	%	13	%