Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of Components of Income Tax Expense

Income tax expense (benefit) includes the following components:



	Federal			State		Foreign	Total
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
2015
Current	$	95,046		16,973		147,174	259,193
Deferred	17,631			368		—	17,999
	$	112,677		17,341		147,174	277,192

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:



	2017			2016	2015
Computed “expected” tax expense	$	251,508		240,400	257,841
Increase in income taxes resulting from:
State income taxes, net of Federal income tax benefit	12,525			9,759	11,272
Nondeductible stock compensation expense, net	63			3,629	5,241
Enactment of 2017 Tax Act	(13,894		)	—	—
Effect of lower foreign tax rates	(25,374		)	—	—
Other, net	3,384			535	2,838
	$	228,212		254,323	277,192

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

The components of earnings before income taxes are as follows:



	2017		2016	2015
United States	$	276,714	243,754	236,932
Foreign	441,881		443,102	499,757
	$	718,595	686,856	736,689

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,	2017		2016
Deferred Tax Assets:
Accrued third party obligations, deductible for taxes upon economic performance	$	8,075	15,153
Provision for doubtful accounts receivable	628		497
Excess of financial statement over tax depreciation	4,804		10,650
Deductible stock compensation expense, net	17,326		21,758
Foreign currency translation adjustment	24,448		57,207
Retained liability for cargo claims	1,062		1,178
Total gross deferred tax assets	56,343		106,443
Deferred Tax Liabilities:
Unremitted foreign earnings, net of related foreign tax credits	43,136		120,170
Total gross deferred tax liabilities	43,136		120,170
Net deferred tax assets (liabilities)	$	13,207	(13,727	)