Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

Income tax expense (benefit) includes the following components:

	Federal			State			Foreign		Total
2023
Current	$	87,461		$	24,481		$	174,223	$	286,165
Deferred		(20,795	)		(2,121	)		—		(22,916	)
	$	66,666		$	22,360		$	174,223	$	263,249
2022
Current	$	149,840		$	63,140		$	295,546	$	508,526
Deferred		(27,904	)		(5,336	)		—		(33,240	)
	$	121,936		$	57,804		$	295,546	$	475,286
2021
Current	$	126,840		$	54,484		$	328,137	$	509,461
Deferred		(3,981	)		291			—		(3,690	)
	$	122,859		$	54,775		$	328,137	$	505,771

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

The components of earnings before income taxes are as follows:

	2023		2022		2021
United States	$	512,682	$	987,186	$	823,009
Foreign		502,346		848,705		1,101,607
	$	1,015,028	$	1,835,891	$	1,924,616

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% when compared to earnings before income taxes as a result of the following:

	2023			2022		2021
Computed “expected” tax expense	$	213,156		$	385,537	$	404,169
Increase (decrease) in income taxes resulting from:
Effect of foreign taxes		27,711			32,293		46,644
State income taxes, net of Federal income tax benefit		17,665			45,665		43,272
Nondeductible executive compensation		4,965			8,019		8,981
Stock compensation expense, net		(1,321	)		454		(6,238	)
Other, net		1,073			3,318		8,943
	$	263,249		$	475,286	$	505,771

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,	2023		2022
Deferred Tax Assets:
Deductible stock compensation expense, net	$	7,199	$	9,707
Operating lease liabilities		75,659		72,506
Capitalized R&D expenses		39,723		23,246
Accrued third party obligations, deductible for taxes upon economic performance		10,878		9,601
Excess of financial statement over tax depreciation		12,532		10,280
Foreign currency translation adjustments		15,400		12,184
Retained liability for cargo claims		1,040		1,592
Provision for credit losses on accounts receivable		856		3,550
Total gross deferred tax assets		163,287		142,666
Deferred Tax Liabilities:
Unremitted foreign earnings, net of related foreign tax credits		28,275		36,542
Operating lease assets		71,322		68,675
Total gross deferred tax liabilities		99,597		105,217
Net deferred tax assets	$	63,690	$	37,449