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Consolidated Statements of Earnings - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Revenues:      
Revenue from Contract with Customer, Excluding Assessed Tax [1] $ 8,175,426 $ 8,138,365 $ 6,920,948
Operating Expenses:      
Directly related cost of transportation and other expenses [2] 5,538,958 5,517,992 4,601,759
Salaries and related costs 1,422,315 1,393,259 1,267,120
Rent and occupancy costs 166,182 152,813 119,732
Depreciation and amortization 50,950 54,019 49,310
Selling and promotion 44,002 45,346 44,290
Other 186,327 178,373 138,477
Total operating expenses 7,408,734 7,341,802 6,220,688
Operating income 766,692 796,563 700,260
Other Income (Expense):      
Interest income 22,803 19,153 13,204
Other, net 6,299 2,613 5,131
Other income, net 29,102 21,766 18,335
Earnings before income taxes 795,794 818,329 718,595
Income tax expense 203,778 198,539 228,212
Net earnings 592,016 619,790 490,383
Less net earnings attributable to the noncontrolling interest 1,621 1,591 1,038
Net earnings attributable to shareholders $ 590,395 $ 618,199 $ 489,345
Diluted earnings attributable to shareholders per share $ 3.39 $ 3.48 $ 2.69
Basic earnings attributable to shareholders per share $ 3.45 $ 3.55 $ 2.73
Weighted average diluted shares outstanding 174,209 177,833 181,666
Weighted average basic shares outstanding 170,899 174,133 179,247
Airfreight services      
Revenues:      
Revenue from Contract with Customer, Excluding Assessed Tax $ 2,929,882 $ 3,271,932 $ 2,877,032
Operating Expenses:      
Directly related cost of transportation and other expenses 2,143,999 2,410,793 2,126,761
Ocean freight and ocean services      
Revenues:      
Revenue from Contract with Customer, Excluding Assessed Tax 2,217,554 2,251,754 2,107,045
Operating Expenses:      
Directly related cost of transportation and other expenses 1,613,646 1,664,168 1,543,740
Customs brokerage and other services      
Revenues:      
Revenue from Contract with Customer, Excluding Assessed Tax 3,027,990 2,614,679 1,936,871
Operating Expenses:      
Directly related cost of transportation and other expenses $ 1,781,313 $ 1,443,031 $ 931,258
[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 and other 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 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 operating income. The impact of these changes on reported segment revenues was immaterial and prior year segment revenues have not been revised.
[2] Directly related cost of transportation and other expenses totals operating expenses from airfreight services, ocean freight and ocean services and customs brokerage and other services as shown in the consolidated statements of earnings.