Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

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