Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Schedule of Components of Income Tax Expense

Income tax expense (benefit) includes the following components:



	Federal			State		Foreign	Total
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
2015
Current	$	95,046		16,973		147,174	259,193
Deferred	17,631			368		—	17,999
	$	112,677		17,341		147,174	277,192
2014
Current	$	93,345		17,093		127,567	238,005
Deferred	(6,023		)	(553	)	—	(6,576	)
	$	87,322		16,540		127,567	231,429

Schedule of Effective Income Tax Rate Reconciliation

Income tax expense differs from amounts computed by applying the United States Federal income tax rate of 35% to earnings before income taxes as a result of the following:



	2016		2015	2014
Computed “expected” tax expense	$	240,400	257,841	213,811
Increase in income taxes resulting from:
State income taxes, net of Federal income tax benefit	9,759		11,272	10,751
Nondeductible stock compensation expense, net	3,629		5,241	8,069
Other, net	535		2,838	(1,202	)
	$	254,323	277,192	231,429

Schedule of U.S. and Foreign Components of Income Before Income Tax Expense/(Benefit)

The components of earnings before income taxes are as follows:



	2016		2015	2014
United States	$	243,754	236,932	211,588
Foreign	443,102		499,757	399,301
	$	686,856	736,689	610,889

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,	2016		2015
Deferred Tax Assets:
Accrued third party obligations, deductible for taxes upon economic performance	$	15,153	14,473
Provision for doubtful accounts receivable	497		1,041
Excess of financial statement over tax depreciation	10,650		10,349
Deductible stock compensation expense, net	21,758		18,910
Foreign currency translation adjustment	57,207		44,519
Retained liability for cargo claims	1,178		1,350
Total gross deferred tax assets	106,443		90,642
Deferred Tax Liabilities:
Unremitted foreign earnings, net of related foreign tax credits	120,170		100,170
Total gross deferred tax liabilities	$	120,170	100,170
Net deferred tax liabilities	$	13,727	9,528