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Consolidated Statements of Earnings - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Revenues:      
Revenue from Contract with Customer, Excluding Assessed Tax [1] $ 10,116,481 $ 8,175,426 $ 8,138,365
Operating Expenses:      
Directly related cost of transportation and other expenses [2] 7,188,790 5,538,958 5,517,992
Salaries and related costs 1,538,104 1,422,315 1,393,259
Rent and occupancy costs 169,863 166,182 152,813
Depreciation and amortization 56,959 50,950 54,019
Selling and promotion 18,436 44,002 45,346
Other 203,892 186,327 178,373
Total operating expenses 9,176,044 7,408,734 7,341,802
Operating income 940,437 766,692 796,563
Other Income (Expense):      
Interest income 10,415 22,803 19,153
Other, net 5,712 6,299 2,613
Other income, net 16,127 29,102 21,766
Earnings before income taxes 956,564 795,794 818,329
Income tax expense 258,350 203,778 198,539
Net earnings 698,214 592,016 619,790
Less net earnings attributable to the noncontrolling interest 2,074 1,621 1,591
Net earnings attributable to shareholders $ 696,140 $ 590,395 $ 618,199
Diluted earnings attributable to shareholders per share $ 4.07 $ 3.39 $ 3.48
Basic earnings attributable to shareholders per share $ 4.14 $ 3.45 $ 3.55
Weighted average diluted shares outstanding 170,896 174,209 177,833
Weighted average basic shares outstanding 168,333 170,899 174,133
Airfreight services      
Revenues:      
Revenue from Contract with Customer, Excluding Assessed Tax $ 4,784,402 $ 2,929,882 $ 3,271,932
Operating Expenses:      
Directly related cost of transportation and other expenses 3,679,185 2,143,999 2,410,793
Ocean freight and ocean services      
Revenues:      
Revenue from Contract with Customer, Excluding Assessed Tax 2,353,247 2,217,554 2,251,754
Operating Expenses:      
Directly related cost of transportation and other expenses 1,762,754 1,613,646 1,664,168
Customs brokerage and other services      
Revenues:      
Revenue from Contract with Customer, Excluding Assessed Tax 2,978,832 3,027,990 2,614,679
Operating Expenses:      
Directly related cost of transportation and other expenses $ 1,746,851 $ 1,781,313 $ 1,443,031
[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.