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Condensed Consolidated Statements of Earnings - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Revenues:        
Revenue from Contract with Customer, Excluding Assessed Tax [1] $ 2,035,579 $ 1,957,559 $ 4,055,630 $ 3,811,821
Operating Expenses:        
Salaries and related 356,351 350,948 713,261 690,843
Rent and occupancy 40,897 38,071 82,420 74,984
Depreciation and amortization 12,677 13,576 26,070 27,498
Selling and promotion 11,643 10,788 22,719 21,753
Other 47,926 45,579 91,537 86,904
Total operating expenses 1,843,378 1,773,975 3,675,828 3,435,419
Operating income 192,201 183,584 379,802 376,402
Other Income (Expense):        
Interest income 6,516 5,153 12,622 9,467
Other, net 2,262 1,167 3,927 1,791
Other income (expense), net 8,778 6,320 16,549 11,258
Earnings before income taxes 200,979 189,904 396,351 387,660
Income tax expense 47,449 48,958 102,710 110,514
Net earnings 153,530 140,946 293,641 277,146
Less net earnings attributable to the noncontrolling interest 381 341 793 849
Net earnings attributable to shareholders $ 153,149 $ 140,605 $ 292,848 $ 276,297
Diluted earnings attributable to shareholders per share $ 0.88 $ 0.79 $ 1.67 $ 1.54
Basic earnings attributable to shareholders per share $ 0.90 $ 0.80 $ 1.71 $ 1.58
Weighted average diluted shares outstanding 174,466 178,603 174,953 179,120
Weighted average basic shares outstanding 171,003 174,754 171,425 175,324
Airfreight services        
Revenues:        
Revenue from Contract with Customer, Excluding Assessed Tax $ 741,577 $ 801,761 $ 1,456,478 $ 1,532,988
Operating Expenses:        
Direct Operating Costs 542,639 593,325 1,051,849 1,106,829
Ocean freight and ocean services        
Revenues:        
Revenue from Contract with Customer, Excluding Assessed Tax 543,809 530,008 1,112,450 1,050,891
Operating Expenses:        
Direct Operating Costs 390,299 385,156 810,630 764,574
Customs brokerage and other services        
Revenues:        
Revenue from Contract with Customer, Excluding Assessed Tax 750,193 625,790 1,486,702 1,227,942
Operating Expenses:        
Direct Operating Costs $ 440,946 $ 336,532 $ 877,342 $ 662,034
[1] In 2019, the Company revised its process to record the transfer, between its geographic operating segments, of revenues and the directly related cost of transportation expenses for freight service transactions between Company origin and destination locations. This change better aligns revenue reporting with the location where the services are performed, as well as the transactional reporting being developed as part of the Company’s new accounting systems and processes. The change in presentation had no impact on consolidated or segment net revenues or operating income. The 2019 results also include the effect of changing the presentation of certain import services from a net to a gross basis, which increased segment revenues and directly related operating expenses but did not change net revenues. The impact of these changes on reported segment revenues was immaterial and prior year segment revenues have not been revised.