Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

Income tax expense (benefit) includes the following components:

	Federal			State			Foreign		Total
2020
Current	$	37,551		$	18,432		$	193,996	$	249,979
Deferred		8,440			(69	)		—		8,371
	$	45,991		$	18,363		$	193,996	$	258,350
2019
Current	$	35,324		$	13,711		$	150,261	$	199,296
Deferred		3,149			1,333			—		4,482
	$	38,473		$	15,044		$	150,261	$	203,778
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

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

The components of earnings before income taxes are as follows:

	2020		2019		2018
United States	$	325,009	$	327,878	$	313,178
Foreign		631,555		467,916		505,151
	$	956,564	$	795,794	$	818,329

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:

	2020			2019			2018
Computed “expected” tax expense	$	200,879		$	167,117		$	171,849
Increase (decrease) in income taxes resulting from:
Effect of foreign taxes		48,584			26,599			16,445
State income taxes, net of Federal income tax benefit		14,507			11,885			8,682
Nondeductible executive compensation		4,324			2,838			3,126
Stock compensation expense, net		(8,461	)		(2,689	)		(3,860	)
Other, net		(1,483	)		(1,972	)		2,297
	$	258,350		$	203,778		$	198,539

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,	2020			2019
Deferred Tax Assets:
Deductible stock compensation expense, net	$	14,265		$	18,569
Operating lease liabilities		52,223			52,966
Accrued third party obligations, deductible for taxes upon economic performance		6,242			5,333
Excess of financial statement over tax depreciation		8,123			5,802
Foreign currency translation adjustments		4,604			9,248
Retained liability for cargo claims		1,128			1,006
Provision for credit losses on accounts receivable		954			916
Total gross deferred tax assets		87,539			93,840
Deferred Tax Liabilities:
Unremitted foreign earnings, net of related foreign tax credits		43,805			31,615
Operating lease assets		49,865			52,351
Deferred contract costs		917			1,840
Total gross deferred tax liabilities		94,587			85,806
Net deferred tax (liabilities) assets	$	(7,048	)	$	8,034