C. H. ROBINSON WORLDWIDE, INC., 10-K filed on 2/19/2021
Annual Report
v3.20.4
Cover - USD ($)
 12 Months Ended
Dec. 31, 2020
Feb. 17, 2021
Jun. 30, 2020
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2020    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 000-23189    
Entity Registrant Name C.H. ROBINSON WORLDWIDE, INC.    
Entity Central Index Key 0001043277    
Document Fiscal Year Focus 2020    
Document Fiscal Period Focus FY    
Amendment Flag false    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 41-1883630    
Entity Address, Address Line One 14701 Charlson Road    
Entity Address, City or Town Eden Prairie    
Entity Address, State or Province MN    
Entity Address, Postal Zip Code 55347    
City Area Code 952    
Local Phone Number 937-8500    
Title of 12(b) Security Common Stock, par value $0.10 per share    
Trading Symbol CHRW    
Security Exchange Name NASDAQ    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Entity Public Float     $ 10,644,657,729
Entity Common Stock, Shares Outstanding   133,815,455  
Documents Incorporated by Reference Portions of the Registrant’s Proxy Statement relating to its Annual Meeting of Stockholders to be held May 6, 2021 (the “Proxy Statement”), are incorporated by reference in Part III.    
v3.20.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 243,796 $ 447,858
Receivables, net of allowance for credit loss of $38,113 and $32,838 2,449,577 1,974,381
Contract assets, net of allowance for credit loss 197,176 132,874
Prepaid expenses and other 51,152 85,005
Total current assets 2,941,701 2,640,118
Property and equipment 478,982 489,976
Accumulated depreciation and amortization (300,033) (281,553)
Net property and equipment 178,949 208,423
Goodwill 1,487,187 1,291,760
Other intangible assets, net of accumulated amortization of $68,249 and $156,879 113,910 90,931
Right-of-use lease assets 319,785 310,860
Deferred tax assets 18,640 13,485
Other assets 84,086 85,483
Total assets 5,144,258 4,641,060
Current liabilities:    
Accounts payable 1,195,099 984,604
Outstanding checks 88,265 78,231
Accrued expenses:    
Compensation 138,460 112,784
Transportation expense 153,574 101,194
Income taxes 43,700 12,354
Other accrued liabilities 154,460 62,706
Current lease liabilities 66,174 61,280
Current portion of debt 0 142,885
Total current liabilities 1,839,732 1,556,038
Long-term debt 1,093,301 1,092,448
Noncurrent lease liabilities 268,572 259,444
Noncurrent income taxes payable 26,015 22,354
Deferred tax liabilities 22,182 39,776
Other long-term liabilities 14,523 270
Total liabilities 3,264,325 2,970,330
Commitments and contingencies
Stockholders’ investment:    
Preferred stock, $0.10 par value, 20,000 shares authorized; no shares issued or outstanding 0 0
Common stock, $0.10 par value, 480,000 shares authorized; 179,232 and 179,380 shares issued, 134,298 and 134,895 outstanding 13,430 13,490
Additional paid-in capital 566,022 546,646
Retained earnings 4,372,833 4,144,834
Accumulated other comprehensive loss (45,998) (76,149)
Treasury stock at cost (44,934 and 44,485 shares) (3,026,354) (2,958,091)
Total stockholders’ investment 1,879,933 1,670,730
Total liabilities and stockholders’ investment $ 5,144,258 $ 4,641,060
v3.20.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Statement of Financial Position [Abstract]    
Receivables, allowance for doubtful accounts $ 38,113 $ 32,838
Other intangible assets, accumulated amortization $ 68,249 $ 156,879
Preferred stock, par value (in dollars per share) $ 0.10 $ 0.10
Preferred stock, authorized (in shares) 20,000,000 20,000,000
Preferred stock, issued (in shares) 0 0
Preferred stock, outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.10 $ 0.10
Common stock, authorized (in shares) 480,000,000 480,000,000
Common stock, issued (in shares) 179,232,000 179,380,000
Common stock, outstanding (in shares) 134,298,000 134,895,000
Treasury stock (in shares) 44,934,000 44,485,000
v3.20.4
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Revenues:      
Total revenues $ 16,207,106 $ 15,309,508 $ 16,631,172
Costs and expenses:      
Personnel expenses 1,242,867 1,298,528 1,343,542
Other selling, general, and administrative expenses 496,122 497,806 449,610
Total costs and expenses 15,533,838 14,519,532 15,719,089
Income from operations 673,268 789,976 912,083
Interest and other expenses (44,937) (47,719) (31,810)
Income before provision for income taxes 628,331 742,257 880,273
Provision for income taxes 121,910 165,289 215,768
Net income 506,421 576,968 664,505
Other comprehensive income (loss) 30,151 (4,214) (53,475)
Comprehensive income $ 536,572 $ 572,754 $ 611,030
Basic net income per share (in dollars per share) $ 3.74 $ 4.21 $ 4.78
Diluted net income per share (in dollars per share) $ 3.72 $ 4.19 $ 4.73
Basic weighted average shares outstanding (in shares) 135,532 136,955 139,010
Dilutive effect of outstanding stock awards (in shares) 641 780 1,395
Diluted weighted average shares outstanding (in shares) 136,173 137,735 140,405
Transportation      
Revenues:      
Total revenues $ 15,147,562 $ 14,322,295 $ 15,515,921
Costs and expenses:      
Purchased services and products 12,834,608 11,839,433 12,922,177
Sourcing      
Revenues:      
Total revenues 1,059,544 987,213 1,115,251
Costs and expenses:      
Purchased services and products $ 960,241 $ 883,765 $ 1,003,760
v3.20.4
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' INVESTMENT - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance $ 1,670,730 $ 1,595,087 $ 1,425,745  
Net income 506,421 576,968 664,505  
Foreign currency translation 30,151 (4,214) (53,475)  
Dividends declared (278,422) (277,727) (265,244)  
Stock issued for employee benefit plans 89,803 47,977 30,018  
Issuance of restricted stock 0 0 0  
Stock-based compensation expense 43,995 39,083 87,791  
Repurchase of common stock (182,745) (306,444) (303,492)  
Ending Balance $ 1,879,933 $ 1,670,730 1,595,087 $ 1,425,745
Cumulative Effect Change - ASU 2014-09       us-gaap:AccountingStandardsUpdate201409Member
Cumulative Effect Change        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance     $ 9,239  
Ending Balance       $ 9,239
Common Stock        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance (in shares) 134,895 137,284 139,542  
Beginning Balance $ 13,490 $ 13,728 $ 13,954  
Stock issued for employee benefit plans (in shares) 1,754 1,017 764  
Stock issued for employee benefit plans $ 175 $ 102 $ 76  
Issuance of restricted stock (in shares) 192 28 297  
Issuance of restricted stock $ 19 $ 3 $ 30  
Stock-based compensation expense (in shares) 0 0 0  
Stock-based compensation expense $ 0 $ 0 $ 0  
Repurchase of common stock (in shares) (2,543) (3,434) (3,319)  
Repurchase of common stock $ (254) $ (343) $ (332)  
Ending Balance (in shares) 134,298 134,895 137,284 139,542
Ending Balance $ 13,430 $ 13,490 $ 13,728 $ 13,954
Additional Paid-in Capital        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance 546,646 521,486 444,280  
Stock issued for employee benefit plans (24,600) (13,920) (10,547)  
Issuance of restricted stock (19) (3) (30)  
Stock-based compensation expense 43,995 39,083 87,783  
Ending Balance 566,022 546,646 521,486 444,280
Retained Earnings        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance 4,144,834 3,845,593 3,437,093  
Net income 506,421 576,968 664,505  
Dividends declared (278,422) (277,727) (265,244)  
Ending Balance 4,372,833 4,144,834 3,845,593 3,437,093
Retained Earnings | Cumulative Effect Change        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance     9,239  
Ending Balance       9,239
Accumulated Other Comprehensive Loss        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance (76,149) (71,935) (18,460)  
Foreign currency translation 30,151 (4,214) (53,475)  
Ending Balance (45,998) (76,149) (71,935) (18,460)
Treasury Stock        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance (2,958,091) (2,713,785) (2,451,122)  
Stock issued for employee benefit plans 114,228 61,795 40,489  
Stock-based compensation expense 0 0 8  
Repurchase of common stock (182,491) (306,101) (303,160)  
Ending Balance $ (3,026,354) $ (2,958,091) $ (2,713,785) $ (2,451,122)
v3.20.4
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' INVESTMENT (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Statement of Stockholders' Equity [Abstract]      
Dividends declared per share (in dollars per share) $ 2.04 $ 2.01 $ 1.88
v3.20.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
OPERATING ACTIVITIES      
Net income $ 506,421 $ 576,968 $ 664,505
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 101,727 100,449 96,729
Provision for credit losses 17,281 5,853 15,634
Stock-based compensation 43,995 39,083 87,791
Deferred income taxes (32,984) (2,407) (15,315)
Excess tax benefit on stock-based compensation (17,581) (8,492) (10,388)
Other operating activities 15,096 (3,830) 1,815
Changes in operating elements, net of effects of acquisitions:      
Receivables (452,145) 208,312 (190,048)
Contract assets (65,454) 26,761 (11,871)
Prepaid expenses and other 27,237 (29,871) 16,029
Accounts payable and outstanding checks 180,272 (17,968) 36,083
Accrued compensation 22,547 (40,757) 47,011
Accrued transportation expense 52,380 (18,626) 25,175
Accrued income taxes 51,916 (12,636) 21,176
Other accrued liabilities 26,503 8,937 7,200
Other assets and liabilities 21,980 3,643 1,370
Net cash provided by operating activities 499,191 835,419 792,896
INVESTING ACTIVITIES      
Purchases of property and equipment (23,133) (36,290) (45,000)
Purchases and development of software (30,876) (34,175) (18,871)
Acquisitions, net of cash acquired (223,230) (59,200) (5,315)
Other investing activities 5,525 16,636 (3,622)
Net cash used for investing activities (271,714) (113,029) (72,808)
FINANCING ACTIVITIES      
Proceeds from stock issued for employee benefit plans 107,657 63,092 51,285
Stock tendered for payment of withholding taxes (17,854) (15,115) (21,264)
Repurchase of common stock (177,514) (309,444) (300,991)
Cash dividends (209,956) (277,786) (265,219)
Proceeds from long-term borrowings 0 1,298,000 591,012
Payments on long-term borrowings 0 (1,505,000) 0
Proceeds from short-term borrowings 1,436,600 185,000 2,674,000
Payments on short-term borrowings (1,579,600) (90,000) (3,384,000)
Net cash used for financing activities (440,667) (651,253) (655,177)
Effect of exchange rates on cash and cash equivalents 9,128 (1,894) (20,186)
Net change in cash and cash equivalents (204,062) 69,243 44,725
Cash and cash equivalents, beginning of year 447,858 378,615 333,890
Cash and cash equivalents, end of year 243,796 447,858 378,615
Supplemental cash flow disclosures      
Cash paid for income taxes 93,070 219,029 215,644
Cash paid for interest 47,518 50,854 47,544
Accrued share repurchases held in other accrued liabilities $ 5,231 $ 0 $ 3,000
v3.20.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION. C.H. Robinson Worldwide, Inc., and our subsidiaries (“the company,” “we,” “us,” or “our”) are a global provider of transportation services and logistics solutions through a network of offices operating in North America, Europe, Asia, Oceania, and South America. The consolidated financial statements include the accounts of C.H. Robinson Worldwide, Inc., and our majority owned and controlled subsidiaries. Our minority interests in subsidiaries are not significant. All intercompany transactions and balances have been eliminated in the consolidated financial statements.
USE OF ESTIMATES. The preparation of financial statements, in conformity with accounting principles generally accepted in the United States, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates have been prepared on the basis of the most current and best information available, and our actual results could differ materially from those estimates.
REVENUE RECOGNITION. At contract inception, we assess the goods and services promised in our contracts with customers and identify our performance obligations to provide distinct goods and services to our customers. We have determined that the following distinct goods and services represent our primary performance obligations.
Transportation and Logistics Services - As a global logistics provider, our primary performance obligation under our customer contracts is to utilize our relationships with a wide variety of transportation companies to efficiently and cost-effectively transport our customers’ freight. Revenue is recognized for these performance obligations as they are satisfied over the contract term, which generally represents the transit period. The transit period can vary based upon the method of transport, generally a number of days for over the road, rail, and air transportation, or several weeks in the case of an ocean shipment. Determining the transit period and how much of it has been completed as of the reporting date may require management to make judgments that affect the timing of revenue recognized. When the customers’ freight reaches its intended destination our performance obligation is complete. Pricing for our services is generally a fixed amount and is typically due within 30 days upon completion of our performance obligation.
We also provide certain value-added logistics services, such as customs brokerage, fee-based managed services, warehousing services, small parcel, and supply chain consulting and optimization services. These services may include one or more performance obligations, which are generally satisfied over the service period as we perform our obligations. The service period may be a very short duration, in the case of customs brokerage and small parcel, or it may be longer in the case of warehousing, managed services, and supply chain consulting and optimization services. Pricing for our services is established in the customer contract and is dependent upon the specific needs of the customer but may be agreed upon at a fixed fee per transaction, labor hour, or service period. Payment is typically due within 30 days upon completion of our performance obligation.
Sourcing Services - We contract with grocery retailers, restaurants, foodservice distributors, and produce wholesalers to provide sourcing services under the trade name Robinson Fresh. Our primary service obligation under these contracts is the buying, selling, and/or marketing of produce including fresh fruits, vegetables, and other value-added perishable items. Revenue is recognized when our performance obligations under these contracts is satisfied at a point in time, generally when the produce is received by our customer. Pricing under these contracts is generally a fixed amount and is typically due within 20 to 30 days upon completion of our performance obligation.
In many cases, as additional performance obligations, we contract to arrange logistics and transportation of the products we buy, sell, and/or market. These performance obligations are satisfied over the contract term consistent with our other transportation and logistics services. The contract period is typically less than one year. Pricing for our services is generally a fixed amount and is typically due within 30 days upon completion of our performance obligation.
Total revenues represent the total dollar value of revenue recognized from contracts with customers for the goods and services we provide. Substantially all of our revenue is attributable to contracts with our customers. Our adjusted gross profits are our total revenues less purchased transportation and related services, including contracted motor carrier, rail, ocean, air, and other costs, and the purchase price and services related to the products we source. Most transactions in our transportation and sourcing businesses are recorded at the gross amount we charge our customers for the service we provide and goods we sell. In these transactions, we are primarily responsible for fulfilling the promise to provide the specified good or service to our customer and we have discretion in establishing the price for the specified good or service. Additionally, in our sourcing business, in some cases we take inventory risk before the specified good has been transferred to our customer. Customs
brokerage, managed services, freight forwarding, and sourcing managed procurement transactions are recorded at the net amount we charge our customers for the service we provide because many of the factors stated above are not present.
CONTRACT ASSETS. Contract assets represent amounts for which we have the right to consideration for the services we have provided while a shipment is still in-transit but for which we have not yet completed our performance obligation or have not yet invoiced our customer. Upon completion of our performance obligations, which can vary in duration based upon the method of transport, and billing our customer these amounts become classified within accounts receivable and are then typically due within 30 days.
ACCRUED TRANSPORTATION EXPENSE. Accrued transportation expense represents amounts we owe to vendors, primarily transportation providers, for the services they have provided while a shipment is still in-transit as of the reporting date.
ALLOWANCE FOR CREDIT LOSSES. Accounts receivable and contract assets are reduced by an allowance for expected credit losses. We determine our allowance for expected credit losses by evaluating two approaches that consider our past credit loss experience, our customers' credit ratings, and other customer-specific and macroeconomic factors. The first approach is pooling our customers by credit rating and applying an expected loss ratio based upon credit rating and number of days the receivable has been outstanding, (i.e., aging approach). The second approach is to compute an expected loss ratio for each credit rating pool based upon our historical write-off experience and apply it to our accounts receivable, (i.e., loss ratio approach). These two approaches are evaluated in consideration of other known information and customer specific and macroeconomic factors, including the price of diesel fuel, for purposes of determining the expected credit loss allowance.
FOREIGN CURRENCY. Most balance sheet accounts of foreign subsidiaries are remeasured and translated at the current exchange rate as of the end of the year. Translation adjustments are recorded in other comprehensive (loss) income. Statement of operations items are translated at the average exchange rate during the year.    
CASH AND CASH EQUIVALENTS. Cash and cash equivalents consist primarily of bank deposits and highly liquid investments with an original maturity of three months or less from the time of purchase. Cash and cash equivalents held outside the United States totaled $230.9 million and $405.1 million as of December 31, 2020 and 2019. The majority of our cash and cash equivalents balance is denominated in U.S. dollars although these balances are frequently held in locations where the U.S. dollar is not the functional currency.
PREPAID EXPENSES AND OTHER. Prepaid expenses and other include such items as software maintenance contracts, insurance premiums, other prepaid operating expenses, and inventories, consisting primarily of produce and related products held for resale.
RIGHT-OF-USE LEASE ASSETS. Right-of-use lease assets are recognized upon lease commencement and represent our right to use an underlying asset for the lease term.
LEASE LIABILITIES. Lease liabilities are recognized at commencement date and represent our obligation to make the lease payments arising from a lease, measured on a discounted basis.
PROPERTY AND EQUIPMENT. Property and equipment are recorded at cost. Maintenance and repair expenditures are charged to expense as incurred. Depreciation is computed using the straight-line method over the estimated lives of the assets. Amortization of leasehold improvements is computed over the shorter of the lease term or the estimated useful lives of the improvements.
We recognized the following depreciation expense (in thousands): 
2020$42,890 
201945,016 
201845,155 
A summary of our property and equipment as of December 31, is as follows (in thousands): 
20202019
Furniture, fixtures, and equipment$286,277 $283,378 
Buildings93,538 112,410 
Corporate aircraft11,461 11,461 
Leasehold improvements67,037 61,539 
Land19,816 20,146 
Construction in progress853 1,042 
Less: accumulated depreciation and amortization(300,033)(281,553)
Net property and equipment$178,949 $208,423 

GOODWILL. Goodwill represents the excess of the cost of acquired businesses over the net of the fair value of identifiable tangible assets and identifiable intangible assets purchased and liabilities assumed. Goodwill is tested for impairment at the reporting unit level (operating segment or one level below an operating segment) on an annual basis (November 30 for us) and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. See Note 2, Goodwill and Other Intangible Assets.
OTHER INTANGIBLE ASSETS. Other intangible assets include definite-lived customer lists, trademarks, non-competition agreements, and indefinite-lived trademarks. The definite-lived intangible assets are being amortized using the straight-line method over their estimated lives. Definite-lived intangible assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The indefinite-lived trademarks are not amortized. Indefinite-lived intangible assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable, or annually, at a minimum. See Note 2, Goodwill and Other Intangible Assets.
OTHER ASSETS. Other assets consist primarily of purchased and internally developed software, and the investments related to our nonqualified deferred compensation plan. We amortize software using the straight-line method over three years. We recognized the following amortization expense of purchased and internally developed software (in thousands): 
2020$22,612 
201917,023 
201814,688 
A summary of our purchased and internally developed software as of December 31, is as follows (in thousands): 
20202019
Purchased software$29,029 $34,026 
Internally developed software127,476 100,894 
Less accumulated amortization(96,891)(83,158)
Net software$59,614 $51,762 

INCOME TAXES. Income taxes are accounted for using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences of temporary differences between the carrying amounts and tax bases of assets and liabilities using enacted rates.
Annual tax provisions include amounts considered sufficient to pay assessments that may result from examination of prior year tax returns; however, the amount ultimately paid upon resolution of issues raised may differ from the amounts accrued.
The financial statement benefits of an uncertain income tax position are recognized when more likely than not, based on the technical merits, the position will be sustained upon examination. Unrecognized tax benefits are, more likely than not, owed to a taxing authority, and the amount of the contingency can be reasonably estimated. Uncertain income tax positions are included in “Accrued income taxes” or “Noncurrent income taxes payable” in the consolidated balance sheets.
COMPREHENSIVE INCOME (LOSS). Comprehensive income (loss) consists primarily of foreign currency translation adjustments. It is presented on our consolidated statements of operations and comprehensive income net of related income tax effects.
STOCK-BASED COMPENSATION. We issue stock awards, including stock options, performance shares, and restricted stock units, to key employees and outside directors. In general, the awards vest over five years, either based on the company’s earnings growth or the passage of time. The related compensation expense for each award is recognized over the appropriate vesting period. The fair value of each share-based payment award is established on the date of grant. For grants of shares and restricted stock units, the fair value is established based on the market price on the date of the grant, discounted for post-vesting holding restrictions. The discounts on outstanding grants vary from 12 percent to 22 percent and are calculated using the Black-Scholes option pricing model-protective put method. Changes in expected volatility and risk-free interest rates are the primary reason for changes in the discount.
For grants of options, we use the Black-Scholes option pricing model to estimate the fair value of share-based payment awards. The determination of the fair value of share-based awards is affected by our stock price and a number of assumptions, including expected volatility, expected term, risk-free interest rate, and dividend yield.
v3.20.4
GOODWILL AND OTHER INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL AND OTHER INTANGIBLE ASSETS
The change in the carrying amount of goodwill is as follows (in thousands):
NASTGlobal ForwardingAll Other and CorporateTotal
December 31, 2018 balance
$1,016,784 $182,029 $60,109 $1,258,922 
Acquisitions— 25,892 7,771 33,663 
Foreign currency translation(1,214)499 (110)(825)
December 31, 2019 balance
1,015,570 208,420 67,770 1,291,760 
Acquisitions176,484 780 — 177,264 
Foreign currency translation11,918 4,782 1,463 18,163 
December 31, 2020 balance
$1,203,972 $213,982 $69,233 $1,487,187 

Goodwill is tested at least annually for impairment on November 30, or more frequently if events or changes in circumstances indicate that the asset might be impaired. We first perform a qualitative assessment to determine whether it is more likely than not that the fair value of our reporting units is less than their respective carrying value (“Step Zero Analysis”). If the Step Zero Analysis indicates it is more likely than not that the fair value of our reporting units is less than their respective carrying value, an additional impairment assessment is performed (“Step One Analysis”). As part of our Step Zero Analysis, we considered the impacts of the novel coronavirus (“COVID-19”) pandemic on financial markets and our business operations and determined that the more likely than not criteria had not been met, and therefore a Step One Analysis was not required.
No goodwill or intangible asset impairment has been recorded in any previous or current period presented. Identifiable intangible assets consisted of the following at December 31 (in thousands): 
20202019
CostAccumulated AmortizationNetCostAccumulated AmortizationNet
Finite-lived intangibles
Customer relationships$171,684 $(67,312)$104,372 $237,335 $(156,879)$80,456 
Trademarks1,875 (937)938 — — — 
Total finite-lived intangibles173,559 (68,249)105,310 237,335 (156,879)80,456 
Indefinite-lived intangibles
Trademarks8,600 — 8,600 10,475 — 10,475 
Total intangibles$182,159 $(68,249)$113,910 $247,810 $(156,879)$90,931 
Amortization expense for other intangible assets was (in thousands): 
2020$36,225 
201938,410 
201836,886 

Finite-lived intangible assets, by reportable segment, as of December 31, 2020, will be amortized over their remaining lives as follows (in thousands):
NASTGlobal ForwardingAll Other and CorporateTotal
2021$8,096 $15,761 $1,607 $25,464 
20228,096 15,761 669 24,526 
20238,096 12,944 669 21,709 
20248,008 3,918 669 12,595 
20257,857 2,616 669 11,142 
Thereafter9,167 426 281 9,874 
Total$105,310 
v3.20.4
FAIR VALUE MEASUREMENT
 12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENT FAIR VALUE MEASUREMENT
Accounting guidance on fair value measurements for certain financial assets and liabilities requires that assets and liabilities carried at fair value be classified and disclosed in one of the following three categories:
•Level 1-Quoted market prices in active markets for identical assets or liabilities.
•Level 2-Observable market-based inputs or unobservable inputs that are corroborated by market data.
•Level 3-Unobservable inputs reflecting the reporting entity’s own assumptions or external inputs from inactive markets.
A financial asset or liability’s classification within the hierarchy is determined based on the lowest level of input that is significant to the fair value measurement.
We had no Level 3 assets or liabilities as of and during the periods ended December 31, 2020, or December 31, 2019. There were no transfers between levels during the period.
v3.20.4
FINANCING ARRANGEMENTS
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
FINANCING ARRANGEMENTS FINANCING ARRANGEMENTS
The components of our short-term and long-term debt and the associated interest rates were as follows (dollars in thousands):
Average interest rate as ofCarrying value as of
December 31, 2020December 31, 2019MaturityDecember 31, 2020December 31, 2019
Revolving credit facility— %— %October 2023$— $— 
Senior Notes, Series A3.97 %3.97 %August 2023175,000 175,000 
Senior Notes, Series B4.26 %4.26 %August 2028150,000 150,000 
Senior Notes, Series C4.60 %4.60 %August 2033175,000 175,000 
Receivables securitization facility (1)
— %2.41 %December 2020— 142,885 
Senior Notes (1)
4.20 %4.20 %April 2028593,301 592,448 
Total debt1,093,301 1,235,333 
Less: Current maturities and short-term borrowing— (142,885)
Long-term debt$1,093,301 $1,092,448 
________________________________ 
(1) Net of unamortized discounts and issuance costs.
SENIOR UNSECURED REVOLVING CREDIT FACILITY
We have a senior unsecured revolving credit facility (the "Credit Agreement") with a total availability of $1 billion and a maturity date of October 24, 2023. Borrowings under the Credit Agreement generally bear interest at a variable rate determined by a pricing schedule or the base rate (which is the highest of (a) the administrative agent's prime rate, (b) the federal funds rate plus 0.50 percent, or (c) the sum of one-month LIBOR plus a specified margin). As of December 31, 2020, the variable rate equaled LIBOR plus 1.13 percent. In addition, there is a commitment fee on the average daily undrawn stated amount under each letter of credit issued under the facility ranging from 0.075 percent to 0.200 percent. The recorded amount of borrowings outstanding approximates fair value because of the short maturity period of the debt; therefore, we consider these borrowings to be a Level 2 financial liability.
The Credit Agreement contains various restrictions and covenants that require us to maintain certain financial ratios, including a maximum leverage ratio of 3.50 to 1.00. The Credit Agreement also contains customary events of default. If an event of default under the Credit Agreement occurs and is continuing, then the administrative agent may declare any outstanding obligations under the Credit Agreement to be immediately due and payable. In addition, if we become the subject of voluntary or involuntary proceedings under any bankruptcy, insolvency, or similar law, then any outstanding obligations under the Credit Agreement will automatically become immediately due and payable.
NOTE PURCHASE AGREEMENT
On August 23, 2013, we entered into a Note Purchase Agreement with certain institutional investors (the “Purchasers”). On August 27, 2013, the Purchasers purchased an aggregate principal amount of $500 million of our Senior Notes, Series A, Senior Notes Series B, and Senior Notes Series C, collectively (the “Notes”). Interest on the Notes is payable semi-annually in arrears. The fair value of the Notes approximated $560.0 million at December 31, 2020. We estimate the fair value of the Notes primarily using an expected present value technique, which is based on observable market inputs using interest rates currently available to companies of similar credit standing for similar terms and remaining maturities, and considering our own risk. If the Notes were recorded at fair value, they would be classified as Level 2.
The Note Purchase Agreement contains various restrictions and covenants that require us to maintain certain financial ratios, including a maximum leverage ratio of 3.00 to 1.00, a minimum interest coverage ratio of 2.00 to 1.00, and a maximum consolidated priority debt to consolidated total asset ratio of 15 percent.
The Note Purchase Agreement provides for customary events of default. The occurrence of an event of default would permit certain Purchasers to declare certain Notes then outstanding to be immediately due and payable. Under the terms of the Note Purchase Agreement, the Notes are redeemable, in whole or in part, at 100 percent of the principal amount being redeemed together with a “make-whole amount” (as defined in the Note Purchase Agreement), and accrued and unpaid interest with respect to each Note. The obligations of the company under the Note Purchase Agreement and the Notes are guaranteed by C.H. Robinson Company, a Delaware corporation and a wholly-owned subsidiary of the company, and by C.H. Robinson Company, Inc., a Minnesota corporation and an indirect wholly-owned subsidiary of the company.
U.S. TRADE ACCOUNTS RECEIVABLE SECURITIZATION
On April 26, 2017, we entered into a receivables purchase agreement and related transaction documents with The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch and Wells Fargo Bank, N.A. to provide a receivables securitization facility (the “Receivables Securitization Facility”). On December 17, 2018, we entered into an amendment on the Receivables Securitization Facility, which changed the lending parties to Wells Fargo Bank, N.A. and Bank of America, N.A. and extended the maturity date from April 26, 2019, to December 17, 2020. The Receivables Securitization Facility was based on the securitization of our U.S. trade accounts receivable and provided funding of up to $250 million. The interest rate on borrowings under the Receivables Securitization Facility were based on 30 day LIBOR plus a margin. There was also a commitment fee we were required to pay on any unused portion of the facility. The Receivables Securitization Facility expired on December 17, 2020, and it was not renewed.
SENIOR NOTES
On April 9, 2018, we issued senior unsecured notes (“Senior Notes”) through a public offering. The Senior Notes bear an annual interest rate of 4.20 percent payable semi-annually on April 15 and October 15, until maturity on April 15, 2028. The proceeds from the Senior Notes were utilized to pay down the balance on our Credit Agreement. Taking into effect the amortization of the original issue discount and all underwriting and issuance expenses, the Senior Notes have an effective yield to maturity of approximately 4.39 percent per annum. The fair value of the Senior Notes, excluding debt discounts and issuance costs, approximated $710.2 million as of December 31, 2020, based primarily on the market prices quoted from external sources. The carrying value of the Senior Notes was $593.3 million as of December 31, 2020. If the Senior Notes were measured at fair value in the financial statements, they would be classified as Level 2 in the fair value hierarchy.
We may redeem the Senior Notes, in whole or in part, at any time and from time to time prior to their maturity at the applicable redemption prices described in the Senior Notes. Upon the occurrence of a “change of control triggering event” as defined in the Senior Notes (generally, a change of control of us accompanied by a reduction in the credit rating for the Senior Notes), we will generally be required to make an offer to repurchase the Senior Notes from holders at 101 percent of their principal amount plus accrued and unpaid interest to the date of repurchase.
The Senior Notes were issued under an indenture that contains covenants imposing certain limitations on our ability to incur liens, enter into sales and leaseback transactions above certain limits; and consolidate, merge, or transfer substantially all of our assets and those of our subsidiaries on a consolidated basis. It also provides for customary events of default (subject in certain cases to customary grace and cure periods), which include among other things nonpayment, breach of covenants in the indenture, and certain events of bankruptcy and insolvency. If an event of default occurs and is continuing with respect to the Senior Notes, the trustee or holders of at least 25 percent in principal amount outstanding of the Senior Notes may declare the principal and the accrued and unpaid interest, if any, on all of the outstanding Senior Notes to be due and payable. These covenants and events of default are subject to a number of important qualifications, limitations, and exceptions that are described in the indenture. The indenture does not contain any financial ratios or specified levels of net worth or liquidity to which we must adhere.

In addition to the above financing agreements we have a $15 million discretionary line of credit with US Bank of which $8.0 million is currently utilized for standby letters of credit related to insurance collateral as of December 31, 2020. These standby letters of credit are renewed annually and were undrawn as of December 31, 2020.
As of December 31, 2020, we were in compliance with all of the covenants under the Credit Agreement, Note Purchase Agreement, and Senior Notes.
v3.20.4
INCOME TAXES
 12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
C.H. Robinson Worldwide, Inc., and its 80 percent (or more) owned U.S. subsidiaries file a consolidated federal income tax return. We file unitary or separate state returns based on state filing requirements. With few exceptions, we are no longer subject to audits of U.S. federal, state and local, or non-U.S. income tax returns before 2013. We are currently under an Internal Revenue Service audit for the 2015-2017 tax years.
In 2019 we removed our assertion that the unremitted earnings of our foreign subsidiaries were permanently reinvested with limited exceptions. If we repatriated all foreign earnings that are still considered to be permanently reinvested, the estimated effect on income taxes payable would be an increase of approximately $2.0 million as of December 31, 2020.
On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) in response to the COVID-19 pandemic. The CARES Act allows for a deferral of the employer share of federal payroll taxes otherwise due through December 31, 2020. Under the act, 50 percent of the deferred amount is due December 31, 2021, and the remaining 50 percent is due December 31, 2022. This provision allows us to defer certain federal payroll deposits and invest this cash back into the business without any interest cost. The CARES Act also provides for a tax credit of up to $5,000 related to wages and health benefits provided to an employee whose work from March 17, 2020, through December 31, 2020, was impacted by COVID-19. Through December 31, 2020, we have recognized a payroll deferral and tax credit of $28.5 million and $0.7 million, respectively, under the CARES Act.
On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act made broad and complex changes to the U.S. tax code, including but not limited to, reducing the U.S. federal corporate tax rate from 35 percent to 21 percent and adding new rules for Global Intangible Low-tax Income (“GILTI”) and Foreign Derived Intangible Income (“FDII”). We have included the tax impact of both GILTI and FDII in our income tax expense for the twelve months ended December 31, 2020 and 2019. The Treasury Department issued final regulatory guidance related to both GILTI and FDII on July 15, 2020. The effective date of these regulations is generally January 1, 2021, absent an election to apply these rules retroactively to a 2018 effective date. We are reviewing these regulations and the potential to elect a 2018 effective date. The impact of this new guidance is not expected to have a material impact on full-year 2020 results.

On September 29, 2020, the Treasury Department issued final and proposed regulations on determining the foreign tax credit, and allocating and apportioning deductions, under the Internal Revenue Code. We are still completing our review of these regulations, but the impact of this new guidance is not expected to have a material impact on our results.

On December 27, 2020, the U.S. government enacted the Consolidated Appropriations Act, 2021. The bill extends several CARES Act provisions, including the employee retention tax credit. It also contains miscellaneous tax provisions effective for tax years beginning after December 31, 2020. The impact of this new guidance does not have a material impact on full-year 2020 results.
Income before provision for income taxes consisted of (in thousands):
202020192018
Domestic$499,384 $649,742 $738,927 
Foreign128,947 92,515 141,346 
Total$628,331 $742,257 $880,273 

A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest and penalties, is as follows (in thousands): 
202020192018
Unrecognized tax benefits, beginning of period$33,938 $31,515 $31,806 
Additions based on tax positions related to the current year3,172 2,212 — 
Additions for tax positions of prior years1,568 2,148 1,662 
Reductions for tax positions of prior years(124)— (263)
Lapse in statute of limitations(2,276)(1,703)(1,394)
Settlements(62)(234)(296)
Unrecognized tax benefits, end of the period$36,216 $33,938 $31,515 

Income tax expense considers amounts that may be needed to cover exposures for open tax years. We do not expect any material impact related to open tax years; however, actual settlements may differ from amounts accrued.
As of December 31, 2020, we had $42.3 million of unrecognized tax benefits and related interest and penalties, all of which would affect our effective tax rate if recognized. We are not aware of any tax positions for which it is reasonably possible that the total amount of unrecognized tax benefit will significantly increase or decrease in the next 12 months. The total liability for unrecognized tax benefits is expected to decrease by approximately $1.8 million in the next 12 months due to lapsing of statutes.
We recognize interest and penalties related to uncertain tax positions in the provision for income taxes. During the years ended December 31, 2020, 2019, and 2018, we recognized approximately $1.0 million in interest and penalties. We had approximately $6.1 million and $6.0 million for the payment of interest and penalties related to uncertain tax positions accrued within noncurrent income taxes payable as of December 31, 2020 and 2019, respectively. These amounts are not included in the reconciliation above.
The components of the provision for income taxes consist of the following for the years ended December 31 (in thousands): 
202020192018
Tax provision:
Federal$99,901 $106,009 $152,627 
State19,825 25,788 38,626 
Foreign40,103 35,899 39,830 
159,829 167,696 231,083 
Deferred provision (benefit):
Federal(28,238)1,554 (11,969)
State(5,749)316 (3,176)
Foreign(3,932)(4,277)(170)
(37,919)(2,407)(15,315)
Total provision$121,910 $165,289 $215,768 

A reconciliation of the provision for income taxes using the statutory federal income tax rate to our effective income tax rate for the years ended December 31, is as follows:  
202020192018
Federal statutory rate21.0 %21.0 %21.0 %
State income taxes, net of federal benefit2.5 2.8 3.3 
Tax Act impact— — 0.4 
Share-based payment awards(2.8)(0.9)(0.7)
Excess foreign tax credits(2.2)(1.5)— 
Foreign1.3 1.7 0.6 
Other(0.4)(0.8)(0.1)
Effective income tax rate19.4 %22.3 %24.5 %
Deferred tax assets (liabilities) are comprised of the following at December 31 (in thousands): 
20202019
Deferred tax assets:
Lease liabilities$82,982 $77,879 
Compensation60,160 54,226 
Accrued expenses39,987 23,179 
Receivables7,810 5,086 
Tax credit carryforward10,464 — 
Other8,574 7,417 
Deferred tax liabilities:
Right-of-use assets(77,513)(75,352)
Intangible assets(81,210)(73,166)
Accrued revenue(18,978)(14,893)
Prepaid assets(5,732)(4,660)
Long-lived assets(12,722)(15,134)
Foreign withholding tax(10,222)(9,259)
Other(7,142)(1,614)
Net deferred tax liabilities$(3,542)$(26,291)

We had foreign net operating loss carryforwards with a tax effect of $11.0 million as of December 31, 2020, and $11.1 million as of December 31, 2019. The net operating loss carryforwards will expire at various dates from 2021 to 2026, with certain jurisdictions having indefinite carryforward terms. We continually monitor and review the foreign net operating loss carryforwards to determine the ability to realize the deferred tax assets associated with the foreign net operating loss carryforwards. As of December 31, 2020 and 2019, we have recorded a valuation allowance of $7.6 million and $8.5 million, respectively, against the deferred tax asset related to the foreign operating loss carryforwards.
v3.20.4
CAPITAL STOCK AND STOCK AWARD PLANS
 12 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]  
CAPITAL STOCK AND STOCK AWARD PLANS CAPITAL STOCK AND STOCK AWARD PLANS
PREFERRED STOCK. Our Certificate of Incorporation authorizes the issuance of 20,000,000 shares of preferred stock, par value $0.10 per share. There are no shares of preferred stock outstanding. The preferred stock may be issued by resolution of our Board of Directors at any time without any action of the stockholders. The Board of Directors may issue the preferred stock in one or more series and fix the designation and relative powers. These include voting powers, preferences, rights, qualifications, limitations, and restrictions of each series. The issuance of any such series may have an adverse effect on the rights of holders of common stock and may impede the completion of a merger, tender offer, or other takeover attempt.
COMMON STOCK. Our Certificate of Incorporation authorizes 480,000,000 shares of common stock, par value $0.10 per share. Subject to the rights of preferred stock, which may from time to time be outstanding, holders of common stock are entitled to receive dividends out of funds legally available, when and if declared by the Board of Directors, and to receive their share of the net assets of the company legally available for distribution upon liquidation or dissolution.
For each share of common stock held, stockholders are entitled to one vote on each matter to be voted on by the stockholders, including the election of directors. Holders of common stock are not entitled to cumulative voting. The stockholders do not have preemptive rights. All outstanding shares of common stock are fully paid and nonassessable.
STOCK AWARD PLANS. Stock-based compensation cost is measured at the grant date based on the value of the award and is recognized as expense as it vests. A summary of our total compensation expense recognized within personnel expenses in our consolidated statements of operations and comprehensive income for stock-based compensation is as follows (in thousands):
202020192018
Stock options$20,162 $16,073 $23,374 
Stock awards20,985 20,170 61,826 
Company expense on ESPP discount2,848 2,840 2,591 
Total stock-based compensation expense$43,995 $39,083 $87,791 
On May 9, 2019, our shareholders approved an amendment and restatement of our 2013 Equity Incentive Plan (the "Plan") to increase the number of shares authorized for award by 4,000,000 shares. The Plan allows us to grant certain stock awards, including stock options at fair market value and performance shares and restricted stock units, to our key employees and outside directors. At the time our shareholders approved adding additional shares to the plan, a maximum of 17,041,803 shares are available to be granted under this plan. Approximately 2,985,595 shares were available for stock awards under this plan as of December 31, 2020. Shares subject to awards that expire or are canceled without delivery of shares or that are settled in cash, generally become available again for issuance under the plan.
We have awarded stock options to certain key employees that vest primarily based on their continued employment. The value of these awards is established by the market price on the date of the grant, discounted for post-vesting holding restrictions, calculated using the Black-Scholes option pricing model and is being expensed over the vesting period of the award. Although participants can exercise options via a stock swap exercise, we do not issue reloads (restoration options) on the grants.
The following schedule summarizes stock option activity in the plans. All outstanding unvested options as of December 31, 2020, relate to time-based grants from 2015 through 2019.
OptionsWeighted
Average
Exercise
Price		Aggregate
Intrinsic
Value
(in thousands)		Average
Remaining
Life
(years)
Outstanding at December 31, 20197,050,192 $75.40 $44,067 6.4
Grants1,661,196 72.74 
Exercised(1,420,655)67.29 
Forfeitures(29,893)77.59 
Outstanding at December 31, 20207,260,840 $76.37 $127,065 6.6
Vested at December 31, 20204,469,665 $74.29 5.6
Exercisable at December 31, 20204,469,665 $74.29 5.6
As of December 31, 2020, unrecognized compensation expense related to stock options was $42.9 million. The amount of future expense to be recognized will be based on the passage of time and the employees' continued employment.
Additional potential dilutive stock options totaling 2,455,138 for 2020 have been excluded from our diluted net income per share calculations because these securities’ exercise prices were anti-dilutive (e.g., greater than the average market price of our common stock).
Information on the intrinsic value of options exercised is as follows (in thousands):
2020$38,551 
201915,862 
201816,209 
The following table summarizes these unvested stock option grants as of December 31, 2020:
First Vesting DateLast Vesting DateOptions
Granted, Net of
Forfeitures		Weighted
Average Grant
Date Fair Value		Unvested Options
December 31, 2017December 31, 20211,236,538 $12.59 236,978 
December 31, 2018December 31, 20221,442,952 14.24 557,792 
December 31, 2019December 31, 20231,155,361 20.11 682,789 
December 31, 2020December 31, 20241,644,977 13.86 1,313,616 
5,479,828 $14.99 2,791,175 
Determining Fair Value
We estimated the fair value of stock options granted using the Black-Scholes option pricing model. We estimate the fair value of restricted shares and units using the Black-Scholes option pricing model-protective put method. A description of significant assumptions used to determine the risk-free interest rate, dividend yield, expected volatility, and expected term are as follows:
Risk-Free Interest Rate-The risk-free interest rate was based on the implied yield available on U.S. Treasury zero-coupon issues at the date of grant with a term equal to the expected term.
Dividend Yield-The dividend yield assumption is based on our history of dividend payouts. 
Expected Volatility-Expected volatility was determined based on the implied volatility of traded options of our stock and the historical volatility of our stock price.
Expected Term-Expected term represents the period that our stock-based awards are expected to be outstanding and was determined based on historical experience and anticipated future exercise patterns, giving consideration to the contractual terms of unexercised stock-based awards.
The fair value per option was estimated using the Black-Scholes option pricing model with the following assumptions: 
2020 Grants2019 Grants2018 Grants
Weighted-average risk-free interest rate1.6%2.1%3.1%
Expected dividend yield2.5%2.0%2.0%
Weighted-average volatility23%25%25%
Expected term (in years)8.916.086.08
Weighted average fair value per option$13.88 $17.52 $20.52 

STOCK AWARDS. We have awarded performance-based and time-based restricted shares and restricted stock units to certain key employees and non-employee directors. Performance-based awards are subject to certain vesting requirements over a five-year period, based on the company’s earnings growth. Time-based awards vest primarily based on the passage of time and the employee's continued employment. The awards also contain restrictions on the awardees’ ability to sell or transfer vested awards for a specified period of time. The fair value of these awards is established based on the market price on the date of grant, discounted for post-vesting holding restrictions. The discounts on outstanding grants vary from 12 percent to 22 percent and are calculated using the Black-Scholes option pricing model-protective put method. Changes in measured stock price volatility and interest rates are the primary reasons for changes in the discount. These grants are being expensed based on the terms of the awards.
The following table summarizes our unvested performance-based restricted shares and restricted stock unit grants as of December 31, 2020: 
Number of Restricted Shares and Restricted Stock UnitsWeighted Average
Grant Date Fair Value
Unvested at December 31, 2019841,793 $68.68 
Granted405,915 59.34 
Vested— — 
Forfeitures(145,497)52.70 
Unvested at December 31, 20201,102,211 $67.29 
The following table summarizes performance based restricted shares and restricted stock units by vesting period: 
First Vesting DateLast Vesting DatePerformance Shares and Stock Units
Granted, Net of
Forfeitures
Weighted
Average Grant
Date Fair Value (1)
Unvested Performance Shares and Restricted Stock Units
December 31, 2017December 31, 2021336,217 $64.91 159,246 
December 31, 2018December 31, 2022308,748 74.26 174,300 
December 31, 2019December 31, 2023364,241 73.81 364,241 
December 31, 2020December 31, 2024404,424 59.34 404,424 
1,413,630 $67.65 1,102,211 
________________________________ 
(1) Amount shown is the weighted average grant date fair value of performance-based restricted shares and restricted stock units granted, net of forfeitures.
We granted an additional 280,255 performance-based restricted stock units on February 3, 2021. These awards had a weighted average grant date fair value of $74.76 and will vest over a three-year period with a first vesting date of December 31, 2021.
The following table summarizes our unvested time-based restricted share and restricted stock unit grants as of December 31, 2020: 
Number of Restricted
Shares and Stock Units		Weighted Average
Grant Date Fair Value
Unvested at December 31, 2019614,441 $68.76 
Granted337,828 59.26 
Vested(304,334)63.69 
Forfeitures(49,896)65.67 
Unvested at December 31, 2020598,039 $60.24 

We granted an additional 619,689 time-based restricted stock units on February 3, 2021. These awards had a weighted average grant date fair value of $71.28 and will vest over a three-year period with a first vesting date of December 31, 2021.
A summary of the fair value of stock awards vested (in thousands): 
2020$20,985 
201920,170 
201861,826 
As of December 31, 2020, there was unrecognized compensation expense of $113.1 million related to previously granted stock awards. The amount of future expense to be recognized will be based on the company’s earnings growth and the continued employment of certain key employees.
EMPLOYEE STOCK PURCHASE PLAN. Our 1997 Employee Stock Purchase Plan allows our employees to contribute up to $10,000 of their annual cash compensation to purchase company stock. Purchase price is determined using the closing price on the last day of the quarter discounted by 15 percent. Shares are vested immediately. The following is a summary of the employee stock purchase plan activity (dollar amounts in thousands): 
Shares Purchased
By Employees		Aggregate Cost
to Employees		Expense Recognized
By the Company
2020236,062 $16,146 $2,848 
2019224,596 16,093 2,840 
2018191,823 14,682 2,591 

SHARE REPURCHASE PROGRAMS. During 2013, our Board of Directors authorized a share repurchase program that allows the Company to repurchase 15,000,000 shares. That program was completed in September 2018. In May 2018, the Board of Directors authorized a share repurchase program that allows the Company to repurchase 15,000,000 shares of our common stock. The activity under these authorizations is as follows (dollar amounts in thousands):
Shares RepurchasedTotal Value of Shares
Repurchased
2018 Repurchases3,319,077 $303,492 
2019 Repurchases3,434,102 306,444 
2020 Repurchases2,542,915 182,745 
As of December 31, 2020, there were 7,789,752 shares remaining for repurchase under the current authorization.
v3.20.4
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
EMPLOYEE BENEFIT PLANS. We offer a defined contribution plan, which qualifies under section 401(k) of the Internal Revenue Code and covers all eligible U.S. employees. We can also elect to make matching contributions to the plan. Annual discretionary contributions may also be made to the plan. Defined contribution plan expense, including matching contributions, was approximately (in thousands): 
2020$18,827 
201942,491 
201843,172 
We contributed a defined contribution match of six percent in 2019 and four percent in 2018. Effective May 22, 2020, we temporarily suspended the employer-matching contribution due to the impacts of the COVID-19 pandemic. The employer-matching contribution was reinstated effective January 1, 2021.
We made a discretionary profit-sharing contribution of two percent of total recognized compensation for eligible participants in 2018. No discretionary profit-sharing contributions were made subsequent to the 2018 contribution.
LEASE COMMITMENTS. We maintain operating leases for office space, warehouses, office equipment, and a small number of intermodal containers. See Note 11, Leases, for further information.
LITIGATION. We are not subject to any pending or threatened litigation other than routine litigation arising in the ordinary course of our business operations, including certain contingent auto liability cases as of December 31, 2020. For some legal proceedings, we have accrued an amount that reflects the aggregate liability deemed probable and estimable, but this amount is not material to our consolidated financial position, results of operations, or cash flows. Because of the preliminary nature of many of these proceedings, the difficulty in ascertaining the applicable facts relating to many of these proceedings, the inconsistent treatment of claims made in many of these proceedings, and the difficulty of predicting the settlement value of many of these proceedings, we are not able to estimate an amount or range of any reasonably possible additional losses. However, based upon our historical experience, the resolution of these proceedings is not expected to have a material effect on our consolidated financial position, results of operations, or cash flows.
v3.20.4
ACQUISITIONS
 12 Months Ended
Dec. 31, 2020
Business Combinations [Abstract]  
ACQUISITIONS ACQUISITIONS
Prime Distribution Services
On March 2, 2020, we acquired all of the outstanding shares of Prime Distribution Services (“Prime Distribution”), a leading provider of retail consolidation services in North America, for $222.7 million in cash. This acquisition adds scale and value-added warehouse capabilities to our retail consolidation platform, adding to our global suite of services.
The following is a summary of the allocation of purchase consideration to the estimated fair value of net assets for the acquisition of Prime Distribution (dollars in thousands):
Current assets$8,879 
Property and equipment7,356 
Right-of-use lease assets35,017 
Other intangible assets55,000 
Goodwill176,484 
Total assets282,736 
Current liabilities12,243 
Lease liabilities35,017 
Deferred tax liabilities12,758 
Net assets acquired$222,718 

Identifiable intangible assets and estimated useful lives are as follows (dollars in thousands):
Estimated Life (years)
Customer relationships7$55,000 
There was $176.5 million of goodwill recorded related to the acquisition of Prime Distribution. The Prime Distribution goodwill is a result of acquiring and retaining the Prime Distribution workforce and expected synergies from integrating its business into ours. Purchase accounting is considered substantially complete. The goodwill will not be deductible for tax purposes. The acquisition was effective as of February 29, 2020, and therefore the results of operations of Prime Distribution have been included as part of the North American Surface Transportation (“NAST”) segment in our consolidated financial statements since March 1, 2020.
Dema Service S.p.A
On May 22, 2019, we acquired all of the outstanding shares of Dema Service S.p.A. (“Dema Service”) to strengthen our existing footprint in Italy. Total purchase consideration, net of cash acquired was $14.2 million, which was paid in cash.
Identifiable intangible assets and estimated useful lives are as follows (dollars in thousands):
Estimated Life (years)
Customer relationships7$4,252 
There was $7.8 million of goodwill recorded related to the acquisition of Dema Service. The Dema Service goodwill is a result of acquiring and retaining the Dema Service workforce and expected synergies from integrating its business into ours. Purchase accounting is considered final. No goodwill was recognized for Italian tax purposes from the acquisition. The results of operations of Dema Service have been included as part of the All Other and Corporate segment in our consolidated financial statements since May 23, 2019.
The Space Cargo Group
On February 28, 2019, we acquired all of the outstanding shares of The Space Cargo Group (“Space Cargo”) for the purpose of expanding our presence and capabilities in Spain and Colombia. Total purchase consideration, net of cash acquired, was $45.5 million, which was paid in cash.
Identifiable intangible assets and estimated useful lives are as follows (dollars in thousands):
Estimated Life (years)
Customer relationships7$16,439 
There was $26.7 million of goodwill recorded related to the acquisition of Space Cargo. The Space Cargo goodwill is a result of acquiring and retaining the Space Cargo workforce and expected synergies from integrating its business into ours. Purchase accounting is considered final. No goodwill was recognized for Spanish tax purposes from the acquisition. The results of operations of Space Cargo have been included as part of the Global Forwarding segment in our consolidated financial statements since March 1, 2019.
v3.20.4
SEGMENT REPORTING
 12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
Our reportable segments are based on our method of internal reporting, which generally segregates the segments by service line and the primary services they provide to our customers. The internal reporting of segments is defined, based in part, on the reporting and review process used by our chief operating decision maker ("CODM"), our Chief Executive Officer. The accounting policies of our reporting segments are the same as those described in the summary of significant accounting policies. We do not report our intersegment revenues by reportable segment to our CODM and do not believe they are a meaningful metric for evaluating the performance of our reportable segments. We identify two reportable segments as follows:
•North American Surface Transportation: NAST provides freight transportation services across North America through a network of offices in the United States, Canada, and Mexico. The primary services provided by NAST are truckload and less than truckload ("LTL") transportation services.
•Global Forwarding: Global Forwarding provides global logistics services through an international network of offices in North America, Asia, Europe, Oceania, and South America and also contracts with independent agents worldwide. The primary services provided by Global Forwarding include ocean freight services, air freight services, and customs brokerage.
•All Other and Corporate: All Other and Corporate includes our Robinson Fresh and Managed Services segments, as well as Other Surface Transportation outside of North America and other miscellaneous revenues and unallocated corporate expenses. Robinson Fresh provides sourcing services including the buying, selling, and marketing of fresh fruits, vegetables, and other perishable items. Managed Services provides Transportation Management Services, or Managed TMS®. Other Surface Transportation revenues are primarily earned by our Europe Surface Transportation segment. Europe Surface Transportation provides transportation and logistics services including truckload and groupage services across Europe.
Reportable segment information as of, and for the years ended, December 31, 2020, 2019, and 2018 is as follows (dollars in thousands):
NASTGlobal ForwardingAll Other and CorporateConsolidated
Twelve Months Ended December 31, 2020
Total revenues$11,312,553 $3,100,525 $1,794,028 $16,207,106 
Income (loss) from operations508,475 175,513 (10,720)673,268 
Depreciation and amortization25,314 34,550 41,863 101,727 
Total assets (1)
2,946,409 1,392,411 805,438 5,144,258 
Average headcount6,811 4,708 3,600 15,119 
________________________________ 
(1) All cash and cash equivalents and certain owned properties are included in All Other and Corporate.
NASTGlobal ForwardingAll Other and CorporateConsolidated
Twelve Months Ended December 31, 2019
Total revenues$11,283,692 $2,327,913 $1,697,903 $15,309,508 
Income (loss) from operations722,763 80,527 (13,314)789,976 
Depreciation and amortization24,508 36,720 39,221 100,449 
Total assets(1)
2,550,010 1,021,592 1,069,458 4,641,060 
Average headcount7,354 4,766 3,431 15,551 

NASTGlobal ForwardingAll Other and CorporateConsolidated
Twelve Months Ended December 31, 2018
Total revenues$12,346,757 $2,487,744 $1,796,671 $16,631,172 
Income (loss) from operations821,844 91,626 (1,387)912,083 
Depreciation and amortization25,290 35,148 36,291 96,729 
Total assets (1)
2,567,120 969,736 890,556 4,427,412 
Average headcount7,387 4,711 3,106 15,204 
________________________________ 
(1) All cash and cash equivalents and certain owned properties are included in All Other and Corporate.
The following table presents our total revenues (based on location of the customer) and long-lived assets (including intangible and other assets) by geographic regions (in thousands): 
For the year ended December 31,
202020192018
Total revenues
United States$13,896,382 $13,143,522 $14,370,454 
Other locations2,310,724 2,165,986 2,260,718 
Total revenues$16,207,106 $15,309,508 $16,631,172 

As of December 31,
2020(1)
2019(2)
2018
Long-lived assets
United States$551,511 $489,129 $321,766 
Other locations163,860 206,567 83,657 
Total long-lived assets$715,371 $695,696 $405,423 
________________________________ 
(1) Includes $253.4 million and $66.4 million of right-of-use lease assets within the United States and other locations, respectively.
(2) Includes $216.4 million and $94.4 million of right-of-use lease assets within the United States and other locations, respectively.
v3.20.4
REVENUE FROM CONTRACTS WITH CUSTOMERS
 12 Months Ended
Dec. 31, 2020
Revenue from Contract with Customer [Abstract]  
REVENUE FROM CONTRACTS WITH CUSTOMERS REVENUE FROM CONTRACTS WITH CUSTOMERS
A summary of our total revenues disaggregated by major service line and timing of revenue recognition is presented below for each of our reportable segments for the twelve months ended December 31, 2020, 2019, and 2018, as follows (dollars in thousands):
Twelve Months Ended December 31, 2020
NASTGlobal ForwardingAll Other and CorporateTotal
Major service lines:
Transportation and logistics services(1)
$11,312,553 $3,100,525 $734,484 $15,147,562 
Sourcing(2)
— — 1,059,544 1,059,544 
Total
$11,312,553 $3,100,525 $1,794,028 $16,207,106 
Twelve Months Ended December 31, 2019
NASTGlobal ForwardingAll Other and CorporateTotal
Major service lines:
Transportation and logistics services(1)
$11,283,692 $2,327,913 $710,690 $14,322,295 
Sourcing(2)
— — 987,213 987,213 
Total
$11,283,692 $2,327,913 $1,697,903 $15,309,508 
Twelve Months Ended December 31, 2018
NASTGlobal ForwardingAll Other and CorporateTotal
Major service lines:
Transportation and logistics services(1)
$12,346,757 $2,487,744 $681,420 $15,515,921 
Sourcing(2)
— — 1,115,251 1,115,251 
Total
$12,346,757 $2,487,744 $1,796,671 $16,631,172 
________________________________ 
(1) Transportation and logistics services performance obligations are completed over time.
(2) Sourcing performance obligations are completed at a point in time.

We typically do not receive consideration and amounts are not due from our customer prior to the completion of our performance obligations and as such contract liabilities as of December 31, 2020 and 2019, and revenue recognized in the twelve months ended December 31, 2020, 2019, and 2018, resulting from contract liabilities were not significant. Contract assets and accrued expenses – transportation expense fluctuate from period to period primarily based upon shipments in-transit at period end and the timing of customer invoicing.
Approximately 91 percent, 92 percent, and 91 percent of our total revenues for the twelve months ended December 31, 2020, 2019, and 2018, respectively, are attributable to arranging for the transportation of our customers’ freight for which we transfer control and satisfy our performance obligation over the requisite transit period. A days in transit output method is used to measure the progress of our performance as of the reporting date. We determine the transit period based upon the departure date and the delivery date, which may be estimated if delivery has not occurred as of the reporting date. Determining the transit period and how much of it has been completed as of the reporting date may require management to make judgments that affect the timing of revenue recognized. We have determined that revenue recognition over the transit period provides a faithful depiction of the transfer of goods and services to our customer as our obligation is performed over the transit period. The transaction price for our performance obligation under these arrangements is generally fixed and readily determinable upon contract inception and is not contingent upon the occurrence or non-occurrence of another event.
Approximately seven percent, six percent, and seven percent of our total revenues for the twelve months ended December 31, 2020, 2019, and 2018, respectively, are attributable to buying, selling, and/or marketing of produce including fresh fruits, vegetables, and other value-added perishable items. Total revenues for these transactions are recognized at a point in time upon completion of our performance obligation, which is generally when the produce is received by our customer. The transaction price for our performance obligation under these arrangements is generally fixed and readily determinable upon contract inception and is not contingent upon the occurrence or non-occurrence of another event.
Approximately two percent of our total revenues for the twelve months ended December 31, 2020, 2019, and 2018, respectively, are attributable to value-added logistics services, such as customs brokerage, fee-based managed services, warehousing services, small parcel, and supply chain consulting and optimization services. Total revenues for these services are recognized over time as we complete our performance obligation. Transaction price is determined and allocated to these performance obligations at their fixed fee or agreed upon rate multiplied by their associated measure of progress, which may be transactional volumes, labor hours, or time elapsed.
We expense incremental costs of obtaining customer contracts (i.e., sales commissions) due to the short duration of our arrangements as the amortization period of such amounts is expected to be less than one year. These amounts are included within personnel expenses in our consolidated statements of operations and comprehensive income. In addition, we do not disclose the aggregate amount of transaction price allocated to performance obligations that are unsatisfied as of the end of the period, as our contracts have an expected length of one year or less. Finally, for certain of our performance obligations such as fee-based managed services, supply chain consulting and optimization services, and warehousing services, we have recognized revenue in the amount for which we have the right to invoice our customer as we have determined this amount corresponds directly with the value provided to the customer for our performance completed to date.
v3.20.4
LEASES
 12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
LEASES LEASES
We adopted ASU 2016-02, Leases (Topic 842), as of January 1, 2019. Prior period information was not restated and continues to be presented under ASC 840, Leases. We elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed us to not reassess existing contracts to determine if they contain a lease and to carry forward their historical lease classification upon transition. In addition, we have made a policy election to not apply the guidance of ASC 842 to leases with a term of 12 months or less as allowed by the standard. These leases are recognized as expense on a straight-line basis over the lease term.
Adoption of the new standard resulted in the recording of right-of-use lease assets and lease liabilities of $265.4 million and $273.3 million, respectively, as of January 1, 2019. The adoption of this standard did not materially impact our consolidated statements of operations or consolidated statements of cash flows.
We determine if our contractual agreements contain a lease at inception. A lease is identified when a contract allows us the right to control an identified asset for a period of time in exchange for consideration. Our lease agreements consist primarily of operating leases for office space, warehouses, office equipment, and a small number of intermodal containers. We do not have material financing leases. Frequently, we enter into contractual relationships with a wide variety of transportation companies for freight capacity, and utilize those relationships to efficiently and cost-effectively arrange the transport of our customers’ freight. These contracts typically have a term of 12 months or less and do not allow us to direct the use or obtain substantially all of the economic benefits of a specifically identified asset. Accordingly, these agreements are not considered leases.
Our operating leases are included on the consolidated balance sheets as right-of-use lease assets and lease liabilities. A right-of-use lease asset represents our right to use an underlying asset over the term of a lease, while a lease liability represents our obligation to make lease payments arising from the lease. Current and noncurrent lease liabilities are recognized on commencement date at the present value of lease payments, including non-lease components, which consist primarily of common area maintenance charges. Right-of-use lease assets are also recognized on the commencement date as the total lease liability plus prepaid rents and less any deferred rent liability that existed under ASC 840, Leases, upon transition. As our leases typically do not provide an implicit rate, we use our fully collateralized incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The incremental borrowing rate is influenced by market interest rates, our credit rating, and lease term and as such, may differ for individual leases.
Our lease agreements typically do not contain variable lease payments, residual value guarantees, purchase options, or restrictive covenants. Many of our leases include the option to renew for a period of months to several years. The term of our leases may include the option to renew when it is reasonably certain that we will exercise that option although these occurrences are seldom. We have lease agreements with lease components (e.g., payments for rent) and non-lease components (e.g., payments for common area maintenance and parking), which are all accounted for as a single lease component.
Information regarding lease expense, remaining lease term, discount rate, and other select lease information is presented below as of December 31, 2020 and 2019, and for the twelve months ended December 31, 2020 and 2019 (dollars in thousands):
Twelve Months Ended December 31,
Lease Costs20202019
Operating lease expense$86,451 $68,489 
Short-term lease expense15,130 11,440 
Total lease expense$101,581 $79,929 

Twelve Months Ended December 31,
Other Lease Information20202019
Operating cash outflows from operating leases$74,177 $66,489 
Right-of-use lease assets obtained in exchange for new lease liabilities(1)
95,005 101,966 

As of December 31,
Lease Term and Discount Rate20202019
Weighted average remaining lease term (in years)(1)
6.87.8
Weighted average discount rate3.2 %3.4 %
________________________________ 
(1) The weighted average remaining lease term is significantly impacted by a 15-year lease related to office space in Chicago, IL, that commenced in 2018. Excluding this lease, the weighted average remaining lease term of our agreements is 4.7 years.

The maturity of lease liabilities as of December 31, 2020, were as follows (in thousands):
Maturity of Lease LiabilitiesOperating Leases
2021$75,624 
202269,980 
202357,597 
202439,547 
202529,935 
Thereafter104,455 
Total lease payments377,138 
Less: Interest(42,392)
Present value of lease liabilities
$334,746 
v3.20.4
CREDIT LOSSES
 12 Months Ended
Dec. 31, 2020
Credit Loss [Abstract]  
ALLOWANCE FOR CREDIT LOSSES ALLOWANCE FOR CREDIT LOSSES
We adopted ASU 2016-13, Financial Instruments (Topic 326), as of January 1, 2020. Prior period information was not restated and continues to be presented under guidance effective for those periods. This ASU changes how entities measure credit losses for certain financial assets including accounts receivable by replacing the historical “incurred loss” approach with an “expected loss” model. We have updated our significant accounting policy for allowance for credit losses as described in Note 1, Summary of Significant Accounting Policies.
Our allowance for credit losses is computed using a number of factors including our past credit loss experience, the aging of amounts due from our customers, and our customers' credit ratings, in addition to other customer specific factors. We have also assessed the current macroeconomic environment, including the impact of the COVID-19 pandemic, to determine our ending allowance for credit losses for both accounts receivable and contract assets. The allowance for credit losses on contract assets was not significant.
A rollforward of our allowance for credit losses on our accounts receivable balance is presented below for the twelve months ended December 31, 2020:
Balance, December 31, 2019$32,838 
Provision16,130 
Write-offs(10,855)
Balance, December 31, 2020$38,113 

Recoveries of amounts previously written off were not significant for the twelve months ended December 31, 2020.
v3.20.4
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS
 12 Months Ended
Dec. 31, 2020
Stockholders' Equity Note [Abstract]  
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSSAccumulated other comprehensive loss is included in the Stockholders’ investment on our consolidated balance sheets. The recorded balance at December 31, 2020 and 2019, was $46.0 million and $76.1 million, respectively, and is comprised solely of foreign currency adjustments, net of related income tax effects. Other comprehensive income was $30.2 million for the twelve months ended December 31, 2020, driven primarily by fluctuations in the Australian Dollar and Singapore Dollar, net of related income tax effects of $2.5 million. Other comprehensive loss was $4.2 million for the twelve months ended December 31, 2019, driven primarily by fluctuations in the Chinese Yuan.
v3.20.4
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
 12 Months Ended
Dec. 31, 2020
Accounting Standards Update and Change in Accounting Principle [Abstract]  
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
RECENTLY ADOPTED ACCOUNTING STANDARDS
In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and in November 2018 issued a subsequent amendment, ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses. This update changes how entities measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The update replaces the historical “incurred loss” approach with an “expected loss” model for instruments measured at amortized cost. The update affects loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope of this amendment that have the contractual right to receive cash. We adopted this standard on January 1, 2020. We have updated our allowance for credit losses, formerly described as our allowance for doubtful accounts, significant accounting policy as a result of adopting the new standard. For additional information, see Note 1, Summary of Significant Accounting Policies. The impact of adoption was not material to our consolidated financial position, results of operations, or cash flows.
RECENTLY ISSUED ACCOUNTING STANDARDS
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional practical expedients to simplify accounting for reference rate reform. Amongst other practical expedients, the update allows for contract modifications due to reference rate reform for certain receivables and debt contracts to be accounted for by prospectively adjusting the effective interest rate. The amendments in this ASU are effective for all entities beginning on March 12, 2020, and companies may elect to apply the amendments prospectively through December 31, 2022. The Company is currently evaluating the effects that adoption of this guidance will have on our consolidated financial statements.
v3.20.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
BASIS OF PRESENTATION BASIS OF PRESENTATION. C.H. Robinson Worldwide, Inc., and our subsidiaries (“the company,” “we,” “us,” or “our”) are a global provider of transportation services and logistics solutions through a network of offices operating in North America, Europe, Asia, Oceania, and South America. The consolidated financial statements include the accounts of C.H. Robinson Worldwide, Inc., and our majority owned and controlled subsidiaries. Our minority interests in subsidiaries are not significant. All intercompany transactions and balances have been eliminated in the consolidated financial statements.
USE OF ESTIMATES USE OF ESTIMATES. The preparation of financial statements, in conformity with accounting principles generally accepted in the United States, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates have been prepared on the basis of the most current and best information available, and our actual results could differ materially from those estimates.
REVENUE RECOGNITION
REVENUE RECOGNITION. At contract inception, we assess the goods and services promised in our contracts with customers and identify our performance obligations to provide distinct goods and services to our customers. We have determined that the following distinct goods and services represent our primary performance obligations.
Transportation and Logistics Services - As a global logistics provider, our primary performance obligation under our customer contracts is to utilize our relationships with a wide variety of transportation companies to efficiently and cost-effectively transport our customers’ freight. Revenue is recognized for these performance obligations as they are satisfied over the contract term, which generally represents the transit period. The transit period can vary based upon the method of transport, generally a number of days for over the road, rail, and air transportation, or several weeks in the case of an ocean shipment. Determining the transit period and how much of it has been completed as of the reporting date may require management to make judgments that affect the timing of revenue recognized. When the customers’ freight reaches its intended destination our performance obligation is complete. Pricing for our services is generally a fixed amount and is typically due within 30 days upon completion of our performance obligation.
We also provide certain value-added logistics services, such as customs brokerage, fee-based managed services, warehousing services, small parcel, and supply chain consulting and optimization services. These services may include one or more performance obligations, which are generally satisfied over the service period as we perform our obligations. The service period may be a very short duration, in the case of customs brokerage and small parcel, or it may be longer in the case of warehousing, managed services, and supply chain consulting and optimization services. Pricing for our services is established in the customer contract and is dependent upon the specific needs of the customer but may be agreed upon at a fixed fee per transaction, labor hour, or service period. Payment is typically due within 30 days upon completion of our performance obligation.
Sourcing Services - We contract with grocery retailers, restaurants, foodservice distributors, and produce wholesalers to provide sourcing services under the trade name Robinson Fresh. Our primary service obligation under these contracts is the buying, selling, and/or marketing of produce including fresh fruits, vegetables, and other value-added perishable items. Revenue is recognized when our performance obligations under these contracts is satisfied at a point in time, generally when the produce is received by our customer. Pricing under these contracts is generally a fixed amount and is typically due within 20 to 30 days upon completion of our performance obligation.
In many cases, as additional performance obligations, we contract to arrange logistics and transportation of the products we buy, sell, and/or market. These performance obligations are satisfied over the contract term consistent with our other transportation and logistics services. The contract period is typically less than one year. Pricing for our services is generally a fixed amount and is typically due within 30 days upon completion of our performance obligation.
Total revenues represent the total dollar value of revenue recognized from contracts with customers for the goods and services we provide. Substantially all of our revenue is attributable to contracts with our customers. Our adjusted gross profits are our total revenues less purchased transportation and related services, including contracted motor carrier, rail, ocean, air, and other costs, and the purchase price and services related to the products we source. Most transactions in our transportation and sourcing businesses are recorded at the gross amount we charge our customers for the service we provide and goods we sell. In these transactions, we are primarily responsible for fulfilling the promise to provide the specified good or service to our customer and we have discretion in establishing the price for the specified good or service. Additionally, in our sourcing business, in some cases we take inventory risk before the specified good has been transferred to our customer. Customs
brokerage, managed services, freight forwarding, and sourcing managed procurement transactions are recorded at the net amount we charge our customers for the service we provide because many of the factors stated above are not present.
CONTRACT ASSETS CONTRACT ASSETS. Contract assets represent amounts for which we have the right to consideration for the services we have provided while a shipment is still in-transit but for which we have not yet completed our performance obligation or have not yet invoiced our customer. Upon completion of our performance obligations, which can vary in duration based upon the method of transport, and billing our customer these amounts become classified within accounts receivable and are then typically due within 30 days.
ACCRUED TRANSPORTATION EXPENSE ACCRUED TRANSPORTATION EXPENSE. Accrued transportation expense represents amounts we owe to vendors, primarily transportation providers, for the services they have provided while a shipment is still in-transit as of the reporting date.
ALLOWANCE FOR DOUBTFUL ACCOUNTS ALLOWANCE FOR CREDIT LOSSES. Accounts receivable and contract assets are reduced by an allowance for expected credit losses. We determine our allowance for expected credit losses by evaluating two approaches that consider our past credit loss experience, our customers' credit ratings, and other customer-specific and macroeconomic factors. The first approach is pooling our customers by credit rating and applying an expected loss ratio based upon credit rating and number of days the receivable has been outstanding, (i.e., aging approach). The second approach is to compute an expected loss ratio for each credit rating pool based upon our historical write-off experience and apply it to our accounts receivable, (i.e., loss ratio approach). These two approaches are evaluated in consideration of other known information and customer specific and macroeconomic factors, including the price of diesel fuel, for purposes of determining the expected credit loss allowance.
FOREIGN CURRENCY FOREIGN CURRENCY. Most balance sheet accounts of foreign subsidiaries are remeasured and translated at the current exchange rate as of the end of the year. Translation adjustments are recorded in other comprehensive (loss) income. Statement of operations items are translated at the average exchange rate during the year.
CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS. Cash and cash equivalents consist primarily of bank deposits and highly liquid investments with an original maturity of three months or less from the time of purchase.
PREPAID EXPENSES AND OTHER PREPAID EXPENSES AND OTHER. Prepaid expenses and other include such items as software maintenance contracts, insurance premiums, other prepaid operating expenses, and inventories, consisting primarily of produce and related products held for resale.
RIGHT-OF-USE LEASE ASSETS AND LEASE LIABILITIES
RIGHT-OF-USE LEASE ASSETS. Right-of-use lease assets are recognized upon lease commencement and represent our right to use an underlying asset for the lease term.
LEASE LIABILITIES. Lease liabilities are recognized at commencement date and represent our obligation to make the lease payments arising from a lease, measured on a discounted basis.
PROPERTY AND EQUIPMENT PROPERTY AND EQUIPMENT. Property and equipment are recorded at cost. Maintenance and repair expenditures are charged to expense as incurred. Depreciation is computed using the straight-line method over the estimated lives of the assets. Amortization of leasehold improvements is computed over the shorter of the lease term or the estimated useful lives of the improvements.
GOODWILL GOODWILL. Goodwill represents the excess of the cost of acquired businesses over the net of the fair value of identifiable tangible assets and identifiable intangible assets purchased and liabilities assumed. Goodwill is tested for impairment at the reporting unit level (operating segment or one level below an operating segment) on an annual basis (November 30 for us) and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value.
OTHER INTANGIBLE ASSETS OTHER INTANGIBLE ASSETS. Other intangible assets include definite-lived customer lists, trademarks, non-competition agreements, and indefinite-lived trademarks. The definite-lived intangible assets are being amortized using the straight-line method over their estimated lives. Definite-lived intangible assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The indefinite-lived trademarks are not amortized. Indefinite-lived intangible assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable, or annually, at a minimum.
OTHER ASSETS OTHER ASSETS. Other assets consist primarily of purchased and internally developed software, and the investments related to our nonqualified deferred compensation plan. We amortize software using the straight-line method over three years.
INCOME TAXES
INCOME TAXES. Income taxes are accounted for using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences of temporary differences between the carrying amounts and tax bases of assets and liabilities using enacted rates.
Annual tax provisions include amounts considered sufficient to pay assessments that may result from examination of prior year tax returns; however, the amount ultimately paid upon resolution of issues raised may differ from the amounts accrued.
The financial statement benefits of an uncertain income tax position are recognized when more likely than not, based on the technical merits, the position will be sustained upon examination. Unrecognized tax benefits are, more likely than not, owed to a taxing authority, and the amount of the contingency can be reasonably estimated. Uncertain income tax positions are included in “Accrued income taxes” or “Noncurrent income taxes payable” in the consolidated balance sheets.
COMPREHENSIVE INCOME (LOSS) COMPREHENSIVE INCOME (LOSS). Comprehensive income (loss) consists primarily of foreign currency translation adjustments. It is presented on our consolidated statements of operations and comprehensive income net of related income tax effects.
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION. We issue stock awards, including stock options, performance shares, and restricted stock units, to key employees and outside directors. In general, the awards vest over five years, either based on the company’s earnings growth or the passage of time. The related compensation expense for each award is recognized over the appropriate vesting period. The fair value of each share-based payment award is established on the date of grant. For grants of shares and restricted stock units, the fair value is established based on the market price on the date of the grant, discounted for post-vesting holding restrictions. The discounts on outstanding grants vary from 12 percent to 22 percent and are calculated using the Black-Scholes option pricing model-protective put method. Changes in expected volatility and risk-free interest rates are the primary reason for changes in the discount.
For grants of options, we use the Black-Scholes option pricing model to estimate the fair value of share-based payment awards. The determination of the fair value of share-based awards is affected by our stock price and a number of assumptions, including expected volatility, expected term, risk-free interest rate, and dividend yield.
FAIR VALUE MEASUREMENT FAIR VALUE MEASUREMENT
Accounting guidance on fair value measurements for certain financial assets and liabilities requires that assets and liabilities carried at fair value be classified and disclosed in one of the following three categories:
•Level 1-Quoted market prices in active markets for identical assets or liabilities.
•Level 2-Observable market-based inputs or unobservable inputs that are corroborated by market data.
•Level 3-Unobservable inputs reflecting the reporting entity’s own assumptions or external inputs from inactive markets.
A financial asset or liability’s classification within the hierarchy is determined based on the lowest level of input that is significant to the fair value measurement.
RECENTLY ISSUED ACCOUNTING PRNOUNCEMENTS RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
RECENTLY ADOPTED ACCOUNTING STANDARDS
In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and in November 2018 issued a subsequent amendment, ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses. This update changes how entities measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The update replaces the historical “incurred loss” approach with an “expected loss” model for instruments measured at amortized cost. The update affects loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope of this amendment that have the contractual right to receive cash. We adopted this standard on January 1, 2020. We have updated our allowance for credit losses, formerly described as our allowance for doubtful accounts, significant accounting policy as a result of adopting the new standard. For additional information, see Note 1, Summary of Significant Accounting Policies. The impact of adoption was not material to our consolidated financial position, results of operations, or cash flows.
RECENTLY ISSUED ACCOUNTING STANDARDS
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional practical expedients to simplify accounting for reference rate reform. Amongst other practical expedients, the update allows for contract modifications due to reference rate reform for certain receivables and debt contracts to be accounted for by prospectively adjusting the effective interest rate. The amendments in this ASU are effective for all entities beginning on March 12, 2020, and companies may elect to apply the amendments prospectively through December 31, 2022. The Company is currently evaluating the effects that adoption of this guidance will have on our consolidated financial statements
v3.20.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Schedule of Property and Equipment and Depreciation Expense
We recognized the following depreciation expense (in thousands): 
2020$42,890 
201945,016 
201845,155 
A summary of our property and equipment as of December 31, is as follows (in thousands): 
20202019
Furniture, fixtures, and equipment$286,277 $283,378 
Buildings93,538 112,410 
Corporate aircraft11,461 11,461 
Leasehold improvements67,037 61,539 
Land19,816 20,146 
Construction in progress853 1,042 
Less: accumulated depreciation and amortization(300,033)(281,553)
Net property and equipment$178,949 $208,423 
Schedule of Amortization Expense of Software We recognized the following amortization expense of purchased and internally developed software (in thousands): 
2020$22,612 
201917,023 
201814,688 
Schedule of Purchased and Internally Developed Software
A summary of our purchased and internally developed software as of December 31, is as follows (in thousands): 
20202019
Purchased software$29,029 $34,026 
Internally developed software127,476 100,894 
Less accumulated amortization(96,891)(83,158)
Net software$59,614 $51,762 
v3.20.4
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)
 12 Months Ended
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill The change in the carrying amount of goodwill is as follows (in thousands):
NASTGlobal ForwardingAll Other and CorporateTotal
December 31, 2018 balance
$1,016,784 $182,029 $60,109 $1,258,922 
Acquisitions— 25,892 7,771 33,663 
Foreign currency translation(1,214)499 (110)(825)
December 31, 2019 balance
1,015,570 208,420 67,770 1,291,760 
Acquisitions176,484 780 — 177,264 
Foreign currency translation11,918 4,782 1,463 18,163 
December 31, 2020 balance
$1,203,972 $213,982 $69,233 $1,487,187 
Schedule of Intangible Assets Identifiable intangible assets consisted of the following at December 31 (in thousands): 
20202019
CostAccumulated AmortizationNetCostAccumulated AmortizationNet
Finite-lived intangibles
Customer relationships$171,684 $(67,312)$104,372 $237,335 $(156,879)$80,456 
Trademarks1,875 (937)938 — — — 
Total finite-lived intangibles173,559 (68,249)105,310 237,335 (156,879)80,456 
Indefinite-lived intangibles
Trademarks8,600 — 8,600 10,475 — 10,475 
Total intangibles$182,159 $(68,249)$113,910 $247,810 $(156,879)$90,931 
Schedule of Amortization Expense
Amortization expense for other intangible assets was (in thousands): 
2020$36,225 
201938,410 
201836,886 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
Finite-lived intangible assets, by reportable segment, as of December 31, 2020, will be amortized over their remaining lives as follows (in thousands):
NASTGlobal ForwardingAll Other and CorporateTotal
2021$8,096 $15,761 $1,607 $25,464 
20228,096 15,761 669 24,526 
20238,096 12,944 669 21,709 
20248,008 3,918 669 12,595 
20257,857 2,616 669 11,142 
Thereafter9,167 426 281 9,874 
Total$105,310 
v3.20.4
FINANCING ARRANGEMENTS (Tables)
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Schedule of Components of Short-term and Long-term Debt
The components of our short-term and long-term debt and the associated interest rates were as follows (dollars in thousands):
Average interest rate as ofCarrying value as of
December 31, 2020December 31, 2019MaturityDecember 31, 2020December 31, 2019
Revolving credit facility— %— %October 2023$— $— 
Senior Notes, Series A3.97 %3.97 %August 2023175,000 175,000 
Senior Notes, Series B4.26 %4.26 %August 2028150,000 150,000 
Senior Notes, Series C4.60 %4.60 %August 2033175,000 175,000 
Receivables securitization facility (1)
— %2.41 %December 2020— 142,885 
Senior Notes (1)
4.20 %4.20 %April 2028593,301 592,448 
Total debt1,093,301 1,235,333 
Less: Current maturities and short-term borrowing— (142,885)
Long-term debt$1,093,301 $1,092,448 
________________________________ 
(1) Net of unamortized discounts and issuance costs.
v3.20.4
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of Income before Provision for Income Taxes
Income before provision for income taxes consisted of (in thousands):
202020192018
Domestic$499,384 $649,742 $738,927 
Foreign128,947 92,515 141,346 
Total$628,331 $742,257 $880,273 
Summary of Reconciliation of Unrecognized Tax Benefits
A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest and penalties, is as follows (in thousands): 
202020192018
Unrecognized tax benefits, beginning of period$33,938 $31,515 $31,806 
Additions based on tax positions related to the current year3,172 2,212 — 
Additions for tax positions of prior years1,568 2,148 1,662 
Reductions for tax positions of prior years(124)— (263)
Lapse in statute of limitations(2,276)(1,703)(1,394)
Settlements(62)(234)(296)
Unrecognized tax benefits, end of the period$36,216 $33,938 $31,515 
Schedule of Components of Provision for Income Taxes
The components of the provision for income taxes consist of the following for the years ended December 31 (in thousands): 
202020192018
Tax provision:
Federal$99,901 $106,009 $152,627 
State19,825 25,788 38,626 
Foreign40,103 35,899 39,830 
159,829 167,696 231,083 
Deferred provision (benefit):
Federal(28,238)1,554 (11,969)
State(5,749)316 (3,176)
Foreign(3,932)(4,277)(170)
(37,919)(2,407)(15,315)
Total provision$121,910 $165,289 $215,768 
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation of the provision for income taxes using the statutory federal income tax rate to our effective income tax rate for the years ended December 31, is as follows:  
202020192018
Federal statutory rate21.0 %21.0 %21.0 %
State income taxes, net of federal benefit2.5 2.8 3.3 
Tax Act impact— — 0.4 
Share-based payment awards(2.8)(0.9)(0.7)
Excess foreign tax credits(2.2)(1.5)— 
Foreign1.3 1.7 0.6 
Other(0.4)(0.8)(0.1)
Effective income tax rate19.4 %22.3 %24.5 %
Schedule of Deferred Tax Assets and Liabilities
Deferred tax assets (liabilities) are comprised of the following at December 31 (in thousands): 
20202019
Deferred tax assets:
Lease liabilities$82,982 $77,879 
Compensation60,160 54,226 
Accrued expenses39,987 23,179 
Receivables7,810 5,086 
Tax credit carryforward10,464 — 
Other8,574 7,417 
Deferred tax liabilities:
Right-of-use assets(77,513)(75,352)
Intangible assets(81,210)(73,166)
Accrued revenue(18,978)(14,893)
Prepaid assets(5,732)(4,660)
Long-lived assets(12,722)(15,134)
Foreign withholding tax(10,222)(9,259)
Other(7,142)(1,614)
Net deferred tax liabilities$(3,542)$(26,291)
v3.20.4
CAPITAL STOCK AND STOCK AWARD PLANS (Tables)
 12 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense A summary of our total compensation expense recognized within personnel expenses in our consolidated statements of operations and comprehensive income for stock-based compensation is as follows (in thousands):
202020192018
Stock options$20,162 $16,073 $23,374 
Stock awards20,985 20,170 61,826 
Company expense on ESPP discount2,848 2,840 2,591 
Total stock-based compensation expense$43,995 $39,083 $87,791 
Schedule of Stock Option Activity
The following schedule summarizes stock option activity in the plans. All outstanding unvested options as of December 31, 2020, relate to time-based grants from 2015 through 2019.
OptionsWeighted
Average
Exercise
Price		Aggregate
Intrinsic
Value
(in thousands)		Average
Remaining
Life
(years)
Outstanding at December 31, 20197,050,192 $75.40 $44,067 6.4
Grants1,661,196 72.74 
Exercised(1,420,655)67.29 
Forfeitures(29,893)77.59 
Outstanding at December 31, 20207,260,840 $76.37 $127,065 6.6
Vested at December 31, 20204,469,665 $74.29 5.6
Exercisable at December 31, 20204,469,665 $74.29 5.6
Schedule of Intrinsic Value of Options Exercised
Information on the intrinsic value of options exercised is as follows (in thousands):
2020$38,551 
201915,862 
201816,209 
Schedule of Unvested Stock Option Grants
The following table summarizes these unvested stock option grants as of December 31, 2020:
First Vesting DateLast Vesting DateOptions
Granted, Net of
Forfeitures		Weighted
Average Grant
Date Fair Value		Unvested Options
December 31, 2017December 31, 20211,236,538 $12.59 236,978 
December 31, 2018December 31, 20221,442,952 14.24 557,792 
December 31, 2019December 31, 20231,155,361 20.11 682,789 
December 31, 2020December 31, 20241,644,977 13.86 1,313,616 
5,479,828 $14.99 2,791,175 
Schedule of Option Pricing Model Valuation Assumptions
The fair value per option was estimated using the Black-Scholes option pricing model with the following assumptions: 
2020 Grants2019 Grants2018 Grants
Weighted-average risk-free interest rate1.6%2.1%3.1%
Expected dividend yield2.5%2.0%2.0%
Weighted-average volatility23%25%25%
Expected term (in years)8.916.086.08
Weighted average fair value per option$13.88 $17.52 $20.52 
Schedule of Performance Based Restricted Shares and Restricted Stock Units
The following table summarizes our unvested performance-based restricted shares and restricted stock unit grants as of December 31, 2020: 
Number of Restricted Shares and Restricted Stock UnitsWeighted Average
Grant Date Fair Value
Unvested at December 31, 2019841,793 $68.68 
Granted405,915 59.34 
Vested— — 
Forfeitures(145,497)52.70 
Unvested at December 31, 20201,102,211 $67.29 
The following table summarizes performance based restricted shares and restricted stock units by vesting period: 
First Vesting DateLast Vesting DatePerformance Shares and Stock Units
Granted, Net of
Forfeitures
Weighted
Average Grant
Date Fair Value (1)
Unvested Performance Shares and Restricted Stock Units
December 31, 2017December 31, 2021336,217 $64.91 159,246 
December 31, 2018December 31, 2022308,748 74.26 174,300 
December 31, 2019December 31, 2023364,241 73.81 364,241 
December 31, 2020December 31, 2024404,424 59.34 404,424 
1,413,630 $67.65 1,102,211 
________________________________ 
(1) Amount shown is the weighted average grant date fair value of performance-based restricted shares and restricted stock units granted, net of forfeitures.
Schedule of Unvested Time-Based Restricted Share and Restricted Stock Unit Grants
The following table summarizes our unvested time-based restricted share and restricted stock unit grants as of December 31, 2020: 
Number of Restricted
Shares and Stock Units		Weighted Average
Grant Date Fair Value
Unvested at December 31, 2019614,441 $68.76 
Granted337,828 59.26 
Vested(304,334)63.69 
Forfeitures(49,896)65.67 
Unvested at December 31, 2020598,039 $60.24 
Schedule of Fair Value Stock Awards Vested
A summary of the fair value of stock awards vested (in thousands): 
2020$20,985 
201920,170 
201861,826 
Schedule of Employee Stock Purchase Plan Activity The following is a summary of the employee stock purchase plan activity (dollar amounts in thousands): 
Shares Purchased
By Employees		Aggregate Cost
to Employees		Expense Recognized
By the Company
2020236,062 $16,146 $2,848 
2019224,596 16,093 2,840 
2018191,823 14,682 2,591 
Schedule of Share Repurchase Program Activity The activity under these authorizations is as follows (dollar amounts in thousands):
Shares RepurchasedTotal Value of Shares
Repurchased
2018 Repurchases3,319,077 $303,492 
2019 Repurchases3,434,102 306,444 
2020 Repurchases2,542,915 182,745 
v3.20.4
COMMITMENTS AND CONTINGENCIES (Tables)
 12 Months Ended
Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Defined Contribution Plan Expense Defined contribution plan expense, including matching contributions, was approximately (in thousands): 
2020$18,827 
201942,491 
201843,172 
v3.20.4
ACQUISITIONS (Tables)
 12 Months Ended
Dec. 31, 2020
Prime Distribution  
Business Acquisition [Line Items]  
Schedule of Allocation of Purchase Consideration to Estimated Fair Value of Net Assets
The following is a summary of the allocation of purchase consideration to the estimated fair value of net assets for the acquisition of Prime Distribution (dollars in thousands):
Current assets$8,879 
Property and equipment7,356 
Right-of-use lease assets35,017 
Other intangible assets55,000 
Goodwill176,484 
Total assets282,736 
Current liabilities12,243 
Lease liabilities35,017 
Deferred tax liabilities12,758 
Net assets acquired$222,718 
Schedule of Identifiable Intangible Assets and Estimated Useful Lives
Identifiable intangible assets and estimated useful lives are as follows (dollars in thousands):
Estimated Life (years)
Customer relationships7$55,000 
Dema Service  
Business Acquisition [Line Items]  
Schedule of Identifiable Intangible Assets and Estimated Useful Lives
Identifiable intangible assets and estimated useful lives are as follows (dollars in thousands):
Estimated Life (years)
Customer relationships7$4,252 
Space Cargo  
Business Acquisition [Line Items]  
Schedule of Identifiable Intangible Assets and Estimated Useful Lives
Identifiable intangible assets and estimated useful lives are as follows (dollars in thousands):
Estimated Life (years)
Customer relationships7$16,439 
v3.20.4
SEGMENT REPORTING (Tables)
 12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]  
Summary of Segment Information
Reportable segment information as of, and for the years ended, December 31, 2020, 2019, and 2018 is as follows (dollars in thousands):
NASTGlobal ForwardingAll Other and CorporateConsolidated
Twelve Months Ended December 31, 2020
Total revenues$11,312,553 $3,100,525 $1,794,028 $16,207,106 
Income (loss) from operations508,475 175,513 (10,720)673,268 
Depreciation and amortization25,314 34,550 41,863 101,727 
Total assets (1)
2,946,409 1,392,411 805,438 5,144,258 
Average headcount6,811 4,708 3,600 15,119 
________________________________ 
(1) All cash and cash equivalents and certain owned properties are included in All Other and Corporate.
NASTGlobal ForwardingAll Other and CorporateConsolidated
Twelve Months Ended December 31, 2019
Total revenues$11,283,692 $2,327,913 $1,697,903 $15,309,508 
Income (loss) from operations722,763 80,527 (13,314)789,976 
Depreciation and amortization24,508 36,720 39,221 100,449 
Total assets(1)
2,550,010 1,021,592 1,069,458 4,641,060 
Average headcount7,354 4,766 3,431 15,551 

NASTGlobal ForwardingAll Other and CorporateConsolidated
Twelve Months Ended December 31, 2018
Total revenues$12,346,757 $2,487,744 $1,796,671 $16,631,172 
Income (loss) from operations821,844 91,626 (1,387)912,083 
Depreciation and amortization25,290 35,148 36,291 96,729 
Total assets (1)
2,567,120 969,736 890,556 4,427,412 
Average headcount7,387 4,711 3,106 15,204 
________________________________ 
(1) All cash and cash equivalents and certain owned properties are included in All Other and Corporate.
Schedule of Total Revenues and Long-Lived Assets by Geographic Regions
The following table presents our total revenues (based on location of the customer) and long-lived assets (including intangible and other assets) by geographic regions (in thousands): 
For the year ended December 31,
202020192018
Total revenues
United States$13,896,382 $13,143,522 $14,370,454 
Other locations2,310,724 2,165,986 2,260,718 
Total revenues$16,207,106 $15,309,508 $16,631,172 

As of December 31,
2020(1)
2019(2)
2018
Long-lived assets
United States$551,511 $489,129 $321,766 
Other locations163,860 206,567 83,657 
Total long-lived assets$715,371 $695,696 $405,423 
________________________________ 
(1) Includes $253.4 million and $66.4 million of right-of-use lease assets within the United States and other locations, respectively.
(2) Includes $216.4 million and $94.4 million of right-of-use lease assets within the United States and other locations, respectively.
v3.20.4
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)
 12 Months Ended
Dec. 31, 2020
Revenue from Contract with Customer [Abstract]  
Schedule of Total Revenues Disaggregated by Major Service Line and Timing of Revenue Recognition
A summary of our total revenues disaggregated by major service line and timing of revenue recognition is presented below for each of our reportable segments for the twelve months ended December 31, 2020, 2019, and 2018, as follows (dollars in thousands):
Twelve Months Ended December 31, 2020
NASTGlobal ForwardingAll Other and CorporateTotal
Major service lines:
Transportation and logistics services(1)
$11,312,553 $3,100,525 $734,484 $15,147,562 
Sourcing(2)
— — 1,059,544 1,059,544 
Total
$11,312,553 $3,100,525 $1,794,028 $16,207,106 
Twelve Months Ended December 31, 2019
NASTGlobal ForwardingAll Other and CorporateTotal
Major service lines:
Transportation and logistics services(1)
$11,283,692 $2,327,913 $710,690 $14,322,295 
Sourcing(2)
— — 987,213 987,213 
Total
$11,283,692 $2,327,913 $1,697,903 $15,309,508 
Twelve Months Ended December 31, 2018
NASTGlobal ForwardingAll Other and CorporateTotal
Major service lines:
Transportation and logistics services(1)
$12,346,757 $2,487,744 $681,420 $15,515,921 
Sourcing(2)
— — 1,115,251 1,115,251 
Total
$12,346,757 $2,487,744 $1,796,671 $16,631,172 
________________________________ 
(1) Transportation and logistics services performance obligations are completed over time.
(2) Sourcing performance obligations are completed at a point in time.
v3.20.4
LEASES (Tables)
 12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Schedule of Lease Expense, Remaining Lease Terms, Discount Rate and Other Information
Information regarding lease expense, remaining lease term, discount rate, and other select lease information is presented below as of December 31, 2020 and 2019, and for the twelve months ended December 31, 2020 and 2019 (dollars in thousands):
Twelve Months Ended December 31,
Lease Costs20202019
Operating lease expense$86,451 $68,489 
Short-term lease expense15,130 11,440 
Total lease expense$101,581 $79,929 

Twelve Months Ended December 31,
Other Lease Information20202019
Operating cash outflows from operating leases$74,177 $66,489 
Right-of-use lease assets obtained in exchange for new lease liabilities(1)
95,005 101,966 

As of December 31,
Lease Term and Discount Rate20202019
Weighted average remaining lease term (in years)(1)
6.87.8
Weighted average discount rate3.2 %3.4 %
________________________________ 
(1) The weighted average remaining lease term is significantly impacted by a 15-year lease related to office space in Chicago, IL, that commenced in 2018. Excluding this lease, the weighted average remaining lease term of our agreements is 4.7 years.
Schedule of Maturity of Lease Liabilities
The maturity of lease liabilities as of December 31, 2020, were as follows (in thousands):
Maturity of Lease LiabilitiesOperating Leases
2021$75,624 
202269,980 
202357,597 
202439,547 
202529,935 
Thereafter104,455 
Total lease payments377,138 
Less: Interest(42,392)
Present value of lease liabilities
$334,746 
v3.20.4
CREDIT LOSSES (Tables)
 12 Months Ended
Dec. 31, 2020
Credit Loss [Abstract]  
Schedule of Allowance for Credit Loss on Accounts Receivable
A rollforward of our allowance for credit losses on our accounts receivable balance is presented below for the twelve months ended December 31, 2020:
Balance, December 31, 2019$32,838 
Provision16,130 
Write-offs(10,855)
Balance, December 31, 2020$38,113 
v3.20.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Significant Accounting Policies [Line Items]    
Cash and cash equivalents $ 243,796 $ 447,858
Stock Awards    
Significant Accounting Policies [Line Items]    
Stock award vesting period (in years) 5 years  
Restricted shares and restricted stock units | Minimum    
Significant Accounting Policies [Line Items]    
Shares and restricted units grants, discount for post-vesting holding restrictions (percent) 12.00%  
Restricted shares and restricted stock units | Maximum    
Significant Accounting Policies [Line Items]    
Shares and restricted units grants, discount for post-vesting holding restrictions (percent) 22.00%  
Software    
Significant Accounting Policies [Line Items]    
Estimated useful life (in years) 3 years  
Held outside the United States    
Significant Accounting Policies [Line Items]    
Cash and cash equivalents $ 230,900 $ 405,100
Transportation services    
Significant Accounting Policies [Line Items]    
General payment terms upon completion of performance obligation 30 days  
Value-added logistics services    
Significant Accounting Policies [Line Items]    
General payment terms upon completion of performance obligation 30 days  
Sourcing Services | Minimum    
Significant Accounting Policies [Line Items]    
General payment terms upon completion of performance obligation 20 days  
Sourcing Services | Maximum    
Significant Accounting Policies [Line Items]    
General payment terms upon completion of performance obligation 30 days  
Logistics and Transportation    
Significant Accounting Policies [Line Items]    
General payment terms upon completion of performance obligation 30 days  
Typical contract period, maximum (in years) 1 year  
v3.20.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Depreciation Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Accounting Policies [Abstract]      
Depreciation expense $ 42,890 $ 45,016 $ 45,155
v3.20.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of Property and Equipment (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Property, Plant and Equipment [Line Items]    
Property and equipment $ 478,982 $ 489,976
Less: accumulated depreciation and amortization (300,033) (281,553)
Net property and equipment 178,949 208,423
Furniture, fixtures, and equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment 286,277 283,378
Buildings    
Property, Plant and Equipment [Line Items]    
Property and equipment 93,538 112,410
Corporate aircraft    
Property, Plant and Equipment [Line Items]    
Property and equipment 11,461 11,461
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property and equipment 67,037 61,539
Land    
Property, Plant and Equipment [Line Items]    
Property and equipment 19,816 20,146
Construction in progress    
Property, Plant and Equipment [Line Items]    
Property and equipment $ 853 $ 1,042
v3.20.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Amortization Expense of Purchased and Internally Developed Software (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Accounting Policies [Abstract]      
Amortization of purchased and internally developed software $ 22,612 $ 17,023 $ 14,688
v3.20.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of Purchased and Internally Developed Software (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Software [Line Items]    
Less accumulated amortization $ (96,891) $ (83,158)
Net software 59,614 51,762
Purchased software    
Software [Line Items]    
Software 29,029 34,026
Internally developed software    
Software [Line Items]    
Software $ 127,476 $ 100,894
v3.20.4
GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]      
Goodwill or intangible asset impairment $ 0 $ 0 $ 0
v3.20.4
GOODWILL AND OTHER INTANGIBLE ASSETS - Change in the Carrying Amount of Goodwill (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Goodwill [Roll Forward]    
Beginning balance $ 1,291,760 $ 1,258,922
Acquisitions 177,264 33,663
Foreign currency translation 18,163 (825)
Ending balance 1,487,187 1,291,760
NAST    
Goodwill [Roll Forward]    
Beginning balance 1,015,570 1,016,784
Acquisitions 176,484 0
Foreign currency translation 11,918 (1,214)
Ending balance 1,203,972 1,015,570
Global Forwarding    
Goodwill [Roll Forward]    
Beginning balance 208,420 182,029
Acquisitions 780 25,892
Foreign currency translation 4,782 499
Ending balance 213,982 208,420
All Other and Corporate    
Goodwill [Roll Forward]    
Beginning balance 67,770 60,109
Acquisitions 0 7,771
Foreign currency translation 1,463 (110)
Ending balance $ 69,233 $ 67,770
v3.20.4
GOODWILL AND OTHER INTANGIBLE ASSETS - Summary of Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Finite-lived intangibles    
Finite-lived intangibles, cost $ 173,559 $ 237,335
Accumulated Amortization (68,249) (156,879)
Total finite-lived intangible assets 105,310 80,456
Indefinite-lived intangibles    
Total intangibles, Cost 182,159 247,810
Total intangibles, Net 113,910 90,931
Trademarks    
Indefinite-lived intangibles    
Indefinite-lived intangibles 8,600 10,475
Customer relationships    
Finite-lived intangibles    
Finite-lived intangibles, cost 171,684 237,335
Accumulated Amortization (67,312) (156,879)
Total finite-lived intangible assets 104,372 80,456
Trademarks    
Finite-lived intangibles    
Finite-lived intangibles, cost 1,875 0
Accumulated Amortization (937) 0
Total finite-lived intangible assets $ 938 $ 0
v3.20.4
GOODWILL AND OTHER INTANGIBLE ASSETS - Amortization Expense of Other Intangible Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]      
Amortization expense $ 36,225 $ 38,410 $ 36,886
v3.20.4
GOODWILL AND OTHER INTANGIBLE ASSETS - Estimated Amortization Expense of Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Estimated amortization expense    
2021 $ 25,464  
2022 24,526  
2023 21,709  
2024 12,595  
2025 11,142  
Thereafter 9,874  
Total finite-lived intangible assets 105,310 $ 80,456
NAST    
Estimated amortization expense    
2021 8,096  
2022 8,096  
2023 8,096  
2024 8,008  
2025 7,857  
Thereafter 9,167  
Global Forwarding    
Estimated amortization expense    
2021 15,761  
2022 15,761  
2023 12,944  
2024 3,918  
2025 2,616  
Thereafter 426  
All Other and Corporate    
Estimated amortization expense    
2021 1,607  
2022 669  
2023 669  
2024 669  
2025 669  
Thereafter $ 281  
v3.20.4
FAIR VALUE MEASUREMENT - Narrative (Details) - Level 3 - USD ($)
Dec. 31, 2020
Dec. 31, 2019
Level 3 Fair Value    
Assets at fair value $ 0 $ 0
Liabilities at fair value $ 0 $ 0
v3.20.4
FINANCING ARRANGEMENTS - Components of Short-term and Long-term Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Debt Instrument [Line Items]    
Carrying value $ 1,093,301 $ 1,235,333
Less: Current maturities and short-term borrowing 0 (142,885)
Long-term debt $ 1,093,301 $ 1,092,448
Line of credit | Revolving credit facility    
Debt Instrument [Line Items]    
Average interest rate (percent) 0.00% 0.00%
Carrying value $ 0 $ 0
Senior Notes | Series A Notes    
Debt Instrument [Line Items]    
Average interest rate (percent) 3.97% 3.97%
Carrying value $ 175,000 $ 175,000
Senior Notes | Series B Notes    
Debt Instrument [Line Items]    
Average interest rate (percent) 4.26% 4.26%
Carrying value $ 150,000 $ 150,000
Senior Notes | Series C Notes    
Debt Instrument [Line Items]    
Average interest rate (percent) 4.60% 4.60%
Carrying value $ 175,000 $ 175,000
Secured Debt | Receivables securitization facility    
Debt Instrument [Line Items]    
Average interest rate (percent) 0.00% 2.41%
Carrying value $ 0 $ 142,885
Unsecured Debt | Senior Notes    
Debt Instrument [Line Items]    
Average interest rate (percent) 4.20% 4.20%
Carrying value $ 593,301 $ 592,448
v3.20.4
FINANCING ARRANGEMENTS - Narrative (Details)
 12 Months Ended
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 17, 2018
USD ($)
Aug. 27, 2013
USD ($)
Debt Instrument [Line Items]        
Carrying value $ 1,093,301,000 $ 1,235,333,000    
Line of credit | US Bank        
Debt Instrument [Line Items]        
Maximum borrowing capacity 15,000,000      
Standby letters of credit | US Bank        
Debt Instrument [Line Items]        
Line of credit utilized for standby letters of credit related to insurance collateral 8,000,000.0      
Line of credit | Revolving credit facility        
Debt Instrument [Line Items]        
Maximum borrowing capacity $ 1,000,000,000      
Maximum leverage ratio 3.50      
Carrying value $ 0 0    
Line of credit | Revolving credit facility | Minimum        
Debt Instrument [Line Items]        
Commitment fee (percent) 0.075%      
Line of credit | Revolving credit facility | Maximum        
Debt Instrument [Line Items]        
Commitment fee (percent) 0.20%      
Line of credit | Revolving credit facility | Federal Funds Rate        
Debt Instrument [Line Items]        
Basis spread on variable rate (percent) 0.50%      
Line of credit | Revolving credit facility | LIBOR        
Debt Instrument [Line Items]        
Basis spread on variable rate (percent) 1.13%      
Senior Notes        
Debt Instrument [Line Items]        
Debt fair value $ 560,000,000.0      
Senior Notes | Note Purchase Agreement        
Debt Instrument [Line Items]        
Maximum leverage ratio 3.00      
Debt instrument principal amount       $ 500,000,000
Minimum interest coverage ratio 2.00      
Maximum priority debt to total assets ratio (percent) 15.00%      
Debt instrument, redemption price (percent) 100.00%      
Secured Debt | Receivables securitization facility        
Debt Instrument [Line Items]        
Carrying value $ 0 142,885,000    
Secured Debt | Receivables securitization facility | Wells Fargo Bank N.A. and Bank of America N.A.        
Debt Instrument [Line Items]        
Maximum borrowing capacity     $ 250,000,000  
Unsecured Debt | Senior Notes        
Debt Instrument [Line Items]        
Debt fair value $ 710,200,000      
Debt instrument, redemption price (percent) 101.00%      
Debt instrument annual interest rate (percent) 4.20%      
Debt Instrument effective yield (percent) 4.39%      
Carrying value $ 593,301,000 $ 592,448,000    
Threshold for holders of principal outstanding to declare principal and unpaid interest payable (percent) 25.00%      
v3.20.4
INCOME TAXES - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Income Taxes [Line Items]      
Estimated effect on income taxes payable if permanently reinvested foreign earnings were repatriated $ 2.0    
Payroll tax deferral, CARES Act 28.5    
Payroll tax credit, CARES Act 0.7    
Unrecognized tax benefits and related interest and penalties, all of which would affect our effective tax rate if recognized 42.3    
Expected decrease in unrecognized tax benefits in next twelve months due to lapsing statutes 1.8    
Interest and penalties recognized 1.0 $ 1.0 $ 1.0
Interest and penalties accrued 6.1 6.0  
Foreign net operating loss carryforwards tax effect 11.0 11.1  
Foreign operating loss carryforwards      
Income Taxes [Line Items]      
Valuation allowance against deferred tax asset $ 7.6 $ 8.5  
v3.20.4
INCOME TAXES - Income Before Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Income Tax Disclosure [Abstract]      
Domestic $ 499,384 $ 649,742 $ 738,927
Foreign 128,947 92,515 141,346
Income before provision for income taxes $ 628,331 $ 742,257 $ 880,273
v3.20.4
INCOME TAXES - Reconciliation of Unrecognized Tax Benefits, excluding Interest and Penalties (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Reconciliation of Unrecognized Tax Benefits      
Unrecognized tax benefits, beginning of period $ 33,938 $ 31,515 $ 31,806
Additions based on tax positions related to the current year 3,172 2,212 0
Additions for tax positions of prior years 1,568 2,148 1,662
Reductions for tax positions of prior years (124) 0 (263)
Lapse in statute of limitations (2,276) (1,703) (1,394)
Settlements (62) (234) (296)
Unrecognized tax benefits, end of the period $ 36,216 $ 33,938 $ 31,515
v3.20.4
INCOME TAXES - Components of the Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Tax provision:      
Federal $ 99,901 $ 106,009 $ 152,627
State 19,825 25,788 38,626
Foreign 40,103 35,899 39,830
Current tax provision 159,829 167,696 231,083
Deferred provision (benefit):      
Federal (28,238) 1,554 (11,969)
State (5,749) 316 (3,176)
Foreign (3,932) (4,277) (170)
Deferred tax provision (benefit) (37,919) (2,407) (15,315)
Total provision $ 121,910 $ 165,289 $ 215,768
v3.20.4
INCOME TAXES - Reconciliation of the Provision for Income Taxes using Statutory Federal Income Tax Rate to the Effective Income Tax Rate (Details)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Income Tax Disclosure [Abstract]      
Federal statutory rate 21.00% 21.00% 21.00%
State income taxes, net of federal benefit 2.50% 2.80% 3.30%
Tax Act impact 0.00% 0.00% 0.40%
Share-based payment awards (2.80%) (0.90%) (0.70%)
Excess foreign tax credits (2.20%) (1.50%) 0.00%
Foreign 1.30% 1.70% 0.60%
Other (0.40%) (0.80%) (0.10%)
Effective income tax rate 19.40% 22.30% 24.50%
v3.20.4
INCOME TAXES - Deferred Tax Assets (Liabilities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Deferred tax assets:    
Lease liabilities $ 82,982 $ 77,879
Compensation 60,160 54,226
Accrued expenses 39,987 23,179
Receivables 7,810 5,086
Tax credit carryforward 10,464 0
Other 8,574 7,417
Deferred tax liabilities:    
Right-of-use assets (77,513) (75,352)
Intangible assets (81,210) (73,166)
Accrued revenue (18,978) (14,893)
Prepaid assets (5,732) (4,660)
Long-lived assets (12,722) (15,134)
Foreign withholding tax (10,222) (9,259)
Other (7,142) (1,614)
Net deferred tax liabilities $ (3,542) $ (26,291)
v3.20.4
CAPITAL STOCK AND STOCK AWARD PLANS - Narrative (Details)
$ / shares in Units, $ in Millions
 12 Months Ended
May 09, 2019
shares
Dec. 31, 2020
USD ($)
vote
$ / shares
shares
Dec. 31, 2019
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Preferred stock, authorized (in shares)   20,000,000 20,000,000
Preferred stock, par value (in dollars per share) | $ / shares   $ 0.10 $ 0.10
Preferred stock, outstanding (in shares)   0 0
Common stock, authorized (in shares)   480,000,000 480,000,000
Common stock, par value (in dollars per share) | $ / shares   $ 0.10 $ 0.10
Entitled vote for each share of common stock (vote) | vote   1  
Increase in number of shares authorized for award (in shares) 4,000,000    
Maximum number of shares that can be granted under stock plan (in shares) 17,041,803    
Shares available for stock awards (in shares)   2,985,595  
Unrecognized compensation expense related to stock options | $   $ 42.9  
Stock options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Antidilutive securities excluded from computation of earnings per share (in shares)   2,455,138  
Performance-based restricted shares and restricted stock units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock award vesting period (in years)   5 years  
Restricted shares and restricted stock units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Unrecognized compensation expense related to stock awards | $   $ 113.1  
Restricted shares and restricted stock units | Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Restricted shares and restricted stock unit grants, discount for post-vesting holding restrictions (percent)   12.00%  
Restricted shares and restricted stock units | Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Restricted shares and restricted stock unit grants, discount for post-vesting holding restrictions (percent)   22.00%  
v3.20.4
CAPITAL STOCK AND STOCK AWARD PLANS - Total Compensation Expense Recognized in Statements of Operations for Stock-Based Compensation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation expense $ 43,995 $ 39,083 $ 87,791
Stock options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation expense 20,162 16,073 23,374
Stock awards      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation expense 20,985 20,170 61,826
Company expense on ESPP discount      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation expense $ 2,848 $ 2,840 $ 2,591
v3.20.4
CAPITAL STOCK AND STOCK AWARD PLANS - Stock Option Activity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Options    
Outstanding, beginning balance (in shares) 7,050,192  
Grants (in shares) 1,661,196  
Exercised (in shares) (1,420,655)  
Forfeitures (in shares) (29,893)  
Outstanding, ending balance (in shares) 7,260,840 7,050,192
Vested (in shares) 4,469,665  
Exercisable (in shares) 4,469,665  
Weighted Average Exercise Price    
Outstanding, beginning balance (in dollars per share) $ 75.40  
Grants (in dollars per share) 72.74  
Exercised (in dollars per share) 67.29  
Terminated (in dollars per share) 77.59  
Outstanding, ending balance (in dollars per share) 76.37 $ 75.40
Vested (in dollars per share) 74.29  
Exercisable (in dollars per share) $ 74.29  
Aggregate Intrinsic Value (in thousands)    
Outstanding, aggregate intrinsic value $ 127,065 $ 44,067
Average Remaining Life (years)    
Outstanding, average remaining life (in years) 6 years 7 months 6 days 6 years 4 months 24 days
Vested, average remaining life (in years) 5 years 7 months 6 days  
Exercisable, average remaining life (in years) 5 years 7 months 6 days  
v3.20.4
CAPITAL STOCK AND STOCK AWARD PLANS - Intrinsic Value of Options Exercised (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Share-based Payment Arrangement [Abstract]      
Intrinsic value of options exercised $ 38,551 $ 15,862 $ 16,209
v3.20.4
CAPITAL STOCK AND STOCK AWARD PLANS - Stock Options Grants by First Vesting Date (Details)
 12 Months Ended
Dec. 31, 2020
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Options granted, net of forfeitures (in shares) 5,479,828
Weighted average grant date fair value (in dollars per share) | $ / shares $ 14.99
Unvested options (in shares) 2,791,175
First Vesting Date Dec 31 2017  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Options granted, net of forfeitures (in shares) 1,236,538
Weighted average grant date fair value (in dollars per share) | $ / shares $ 12.59
Unvested options (in shares) 236,978
First Vesting Date Dec 31 2018  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Options granted, net of forfeitures (in shares) 1,442,952
Weighted average grant date fair value (in dollars per share) | $ / shares $ 14.24
Unvested options (in shares) 557,792
First Vesting Date Dec 31 2019  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Options granted, net of forfeitures (in shares) 1,155,361
Weighted average grant date fair value (in dollars per share) | $ / shares $ 20.11
Unvested options (in shares) 682,789
First Vesting Date Dec 31 2020  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Options granted, net of forfeitures (in shares) 1,644,977
Weighted average grant date fair value (in dollars per share) | $ / shares $ 13.86
Unvested options (in shares) 1,313,616
v3.20.4
CAPITAL STOCK AND STOCK AWARD PLANS - Assumptions Used in Estimating the Fair Value Per Option (Details) - Stock options - $ / shares
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Fair Value Assumptions and Methodology      
Weighted-average risk-free interest rate (percent) 1.60% 2.10% 3.10%
Expected dividend yield (percent) 2.50% 2.00% 2.00%
Weighted-average volatility (percent) 23.00% 25.00% 25.00%
Expected term (in years) 8 years 10 months 28 days 6 years 29 days 6 years 29 days
Weighted average fair value per option (in dollars per share) $ 13.88 $ 17.52 $ 20.52
v3.20.4
CAPITAL STOCK AND STOCK AWARD PLANS - Unvested Performance-Based Restricted Shares and Restricted Stock Units (Details) - Performance-based restricted shares and restricted stock units
 12 Months Ended
Dec. 31, 2020
$ / shares
shares
Number of Restricted Shares and Restricted Stock Units  
Unvested, beginning balance (in shares) | shares 841,793
Granted (in shares) | shares 405,915
Vested (in shares) | shares 0
Forfeitures (in shares) | shares (145,497)
Unvested, ending balance (in shares) | shares 1,102,211
Weighted Average Grant Date Fair Value  
Unvested, beginning balance (in dollars per share) | $ / shares $ 68.68
Granted (in dollars per share) | $ / shares 59.34
Vested (in dollars per share) | $ / shares 0
Forfeitures (in dollars per share) | $ / shares 52.70
Unvested, ending balance (in dollars per share) | $ / shares $ 67.29
v3.20.4
CAPITAL STOCK AND STOCK AWARD PLANS - Performance-Based Shares and Units by First Vesting Date (Details) - $ / shares
 12 Months Ended
Feb. 03, 2021
Dec. 31, 2020
Dec. 31, 2019
Performance-based restricted shares and restricted stock units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Performance shares and stock units granted, net of forfeitures (in shares)   1,413,630  
Weighted average grant date fair value (in dollars per share)   $ 67.65  
Unvested performance shares and restricted stock units (in shares)   1,102,211 841,793
Granted (in shares)   405,915  
Weighted average grant date fair value (in dollars per share)   $ 59.34  
Stock award vesting period (in years)   5 years  
Performance-based restricted shares and restricted stock units | First Vesting Date Dec 31 2017      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Performance shares and stock units granted, net of forfeitures (in shares)   336,217  
Weighted average grant date fair value (in dollars per share)   $ 64.91  
Unvested performance shares and restricted stock units (in shares)   159,246  
Performance-based restricted shares and restricted stock units | First Vesting Date Dec 31 2018      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Performance shares and stock units granted, net of forfeitures (in shares)   308,748  
Weighted average grant date fair value (in dollars per share)   $ 74.26  
Unvested performance shares and restricted stock units (in shares)   174,300  
Performance-based restricted shares and restricted stock units | First Vesting Date Dec 31 2019      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Performance shares and stock units granted, net of forfeitures (in shares)   364,241  
Weighted average grant date fair value (in dollars per share)   $ 73.81  
Unvested performance shares and restricted stock units (in shares)   364,241  
Performance-based restricted shares and restricted stock units | First Vesting Date Dec 31 2020      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Performance shares and stock units granted, net of forfeitures (in shares)   404,424  
Weighted average grant date fair value (in dollars per share)   $ 59.34  
Unvested performance shares and restricted stock units (in shares)   404,424  
Performance-based restricted stock units | First Vesting Date Dec 31 2021 | Subsequent event      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Granted (in shares) 280,255    
Weighted average grant date fair value (in dollars per share) $ 74.76    
Stock award vesting period (in years) 3 years    
v3.20.4
CAPITAL STOCK AND STOCK AWARD PLANS - Unvested Time-Based Restricted Shares and Restricted Stock Units (Details) - $ / shares
 12 Months Ended
Feb. 03, 2021
Dec. 31, 2020
Time-based restricted shares and restricted stock units    
Number of Restricted Shares and Stock Units    
Unvested, beginning balance (in shares)   614,441
Granted (in shares)   337,828
Vested (in shares)   (304,334)
Forfeitures (in shares)   (49,896)
Unvested, ending balance (in shares)   598,039
Weighted Average Grant Date Fair Value    
Unvested, beginning balance (in dollars per share)   $ 68.76
Granted (in dollars per share)   59.26
Vested (in dollars per share)   63.69
Forfeitures (in dollars per share)   65.67
Unvested, ending balance (in dollars per share)   $ 60.24
Time-based restricted stock units | Subsequent event    
Number of Restricted Shares and Stock Units    
Granted (in shares) 619,689  
Weighted Average Grant Date Fair Value    
Granted (in dollars per share) $ 71.28  
Stock award vesting period (in years) 3 years  
v3.20.4
CAPITAL STOCK AND STOCK AWARD PLANS - Fair Value of Full Value Stock Awards Vested (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Full Value Awards      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Fair value of awards vested $ 20,985 $ 20,170 $ 61,826
v3.20.4
CAPITAL STOCK AND STOCK AWARD PLANS - Employee Stock Purchase Plan Activity (Details) - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expense Recognized by the Company $ 43,995,000 $ 39,083,000 $ 87,791,000
Company expense on ESPP discount      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expense Recognized by the Company $ 2,848,000 $ 2,840,000 $ 2,591,000
1997 Employee Stock Purchase Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Shares Purchased by Employees (in shares) 236,062 224,596 191,823
Aggregate Costs to Employees $ 16,146,000 $ 16,093,000 $ 14,682,000
Maximum employee contribution to purchase company stock $ 10,000    
Discount rate used to determine purchase price (percent) 15.00%    
1997 Employee Stock Purchase Plan | Company expense on ESPP discount      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expense Recognized by the Company $ 2,848,000 $ 2,840,000 $ 2,591,000
v3.20.4
CAPITAL STOCK AND STOCK AWARD PLANS - Share Repurchase Programs Activity (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
May 31, 2018
Dec. 31, 2013
Share Repurchases [Line Items]          
Total Value of Shares Repurchased $ 182,745 $ 306,444 $ 303,492    
Share Repurchase Programs          
Share Repurchases [Line Items]          
Shares Repurchased (in shares) 2,542,915 3,434,102 3,319,077    
Total Value of Shares Repurchased $ 182,745 $ 306,444 $ 303,492    
2013 Repurchase Program          
Share Repurchases [Line Items]          
Number of shares authorized to be repurchased (in shares)         15,000,000
2018 Repurchase Program          
Share Repurchases [Line Items]          
Number of shares authorized to be repurchased (in shares)       15,000,000  
Shares remaining for repurchase under authorization (in shares) 7,789,752        
v3.20.4
COMMITMENTS AND CONTINGENCIES - Defined Contribution Plan Expense, including Matching Contributions (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]      
Defined contribution plan expense $ 18,827 $ 42,491 $ 43,172
v3.20.4
COMMITMENTS AND CONTINGENCIES - Narrative (Details)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]    
Defined contribution match 6.00% 4.00%
Discretionary profit-sharing contribution   2.00%
v3.20.4
ACQUISITIONS - Narrative (Details) - USD ($)
 12 Months Ended
Mar. 02, 2020
May 22, 2019
Feb. 28, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Business Acquisition [Line Items]            
Total purchase consideration net of cash acquired       $ 223,230,000 $ 59,200,000 $ 5,315,000
Goodwill recorded in acquisition       $ 177,264,000 $ 33,663,000  
Prime Distribution            
Business Acquisition [Line Items]            
Cash consideration for acquisition $ 222,700,000          
Goodwill recorded in acquisition $ 176,500,000          
Dema Service            
Business Acquisition [Line Items]            
Total purchase consideration net of cash acquired   $ 14,200,000        
Goodwill recorded in acquisition   7,800,000        
Goodwill recognized for foreign tax purposes   $ 0        
Space Cargo            
Business Acquisition [Line Items]            
Total purchase consideration net of cash acquired     $ 45,500,000      
Goodwill recorded in acquisition     26,700,000      
Goodwill recognized for foreign tax purposes     $ 0      
v3.20.4
ACQUISITIONS - Allocation of Purchase Consideration (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Mar. 02, 2020
Dec. 31, 2019
Dec. 31, 2018
Business Acquisition [Line Items]        
Goodwill $ 1,487,187   $ 1,291,760 $ 1,258,922
Prime Distribution        
Business Acquisition [Line Items]        
Current assets   $ 8,879    
Property and equipment   7,356    
Right-of-use lease assets   35,017    
Other intangible assets   55,000    
Goodwill   176,484    
Total assets   282,736    
Current liabilities   12,243    
Lease liabilities   35,017    
Deferred tax liabilities   12,758    
Net assets acquired   $ 222,718    
v3.20.4
ACQUISITIONS - Identifiable Intangible Assets and Estimated Useful Lives (Details) - USD ($)
$ in Thousands
Mar. 02, 2020
May 22, 2019
Feb. 28, 2019
Prime Distribution      
Business Acquisition [Line Items]      
Identifiable intangible assets $ 55,000    
Customer relationships | Prime Distribution      
Business Acquisition [Line Items]      
Estimated Life (years) 7 years    
Identifiable intangible assets $ 55,000    
Customer relationships | Dema Service      
Business Acquisition [Line Items]      
Estimated Life (years)   7 years  
Identifiable intangible assets   $ 4,252  
Customer relationships | Space Cargo      
Business Acquisition [Line Items]      
Estimated Life (years)     7 years
Identifiable intangible assets     $ 16,439
v3.20.4
SEGMENT REPORTING - Narrative (Details)
 12 Months Ended
Dec. 31, 2020
segment
Segment Reporting [Abstract]  
Number of reportable segments (segment) 2
v3.20.4
SEGMENT REPORTING - Summary of Segment Information (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
USD ($)
employee
Dec. 31, 2019
USD ($)
employee
Dec. 31, 2018
USD ($)
employee
Segment Reporting Information [Line Items]      
Total revenues $ 16,207,106 $ 15,309,508 $ 16,631,172
Income (loss) from operations 673,268 789,976 912,083
Depreciation and amortization 101,727 100,449 96,729
Total assets $ 5,144,258 $ 4,641,060 $ 4,427,412
Average headcount (employee) | employee 15,119 15,551 15,204
NAST      
Segment Reporting Information [Line Items]      
Total revenues $ 11,312,553 $ 11,283,692 $ 12,346,757
Income (loss) from operations 508,475 722,763 821,844
Depreciation and amortization 25,314 24,508 25,290
Total assets $ 2,946,409 $ 2,550,010 $ 2,567,120
Average headcount (employee) | employee 6,811 7,354 7,387
Global Forwarding      
Segment Reporting Information [Line Items]      
Total revenues $ 3,100,525 $ 2,327,913 $ 2,487,744
Income (loss) from operations 175,513 80,527 91,626
Depreciation and amortization 34,550 36,720 35,148
Total assets $ 1,392,411 $ 1,021,592 $ 969,736
Average headcount (employee) | employee 4,708 4,766 4,711
All Other and Corporate      
Segment Reporting Information [Line Items]      
Total revenues $ 1,794,028 $ 1,697,903 $ 1,796,671
Income (loss) from operations (10,720) (13,314) (1,387)
Depreciation and amortization 41,863 39,221 36,291
Total assets $ 805,438 $ 1,069,458 $ 890,556
Average headcount (employee) | employee 3,600 3,431 3,106
v3.20.4
SEGMENT REPORTING - Total Revenues Based on Location of the Customer and Long-Lived Assets by Geographic Regions (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Total revenues      
Revenues $ 16,207,106 $ 15,309,508 $ 16,631,172
Long-lived assets      
Total long-lived assets 715,371 695,696 405,423
Right-of-use lease assets 319,785 310,860  
United States      
Total revenues      
Revenues 13,896,382 13,143,522 14,370,454
Long-lived assets      
Total long-lived assets 551,511 489,129 321,766
Right-of-use lease assets 253,400 216,400  
Other locations      
Total revenues      
Revenues 2,310,724 2,165,986 2,260,718
Long-lived assets      
Total long-lived assets 163,860 206,567 $ 83,657
Right-of-use lease assets $ 66,400 $ 94,400  
v3.20.4
REVENUE FROM CONTRACTS WITH CUSTOMERS - Total Revenues Disaggregated by Major Service Line and Timing of Recognition (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Disaggregation of Revenue [Line Items]      
Total revenues $ 16,207,106 $ 15,309,508 $ 16,631,172
NAST      
Disaggregation of Revenue [Line Items]      
Total revenues 11,312,553 11,283,692 12,346,757
Global Forwarding      
Disaggregation of Revenue [Line Items]      
Total revenues 3,100,525 2,327,913 2,487,744
All Other and Corporate      
Disaggregation of Revenue [Line Items]      
Total revenues 1,794,028 1,697,903 1,796,671
Operating Segments | NAST      
Disaggregation of Revenue [Line Items]      
Total revenues 11,312,553 11,283,692 12,346,757
Operating Segments | Global Forwarding      
Disaggregation of Revenue [Line Items]      
Total revenues 3,100,525 2,327,913 2,487,744
Operating Segments | All Other and Corporate      
Disaggregation of Revenue [Line Items]      
Total revenues 1,794,028 1,697,903 1,796,671
Transportation      
Disaggregation of Revenue [Line Items]      
Total revenues 15,147,562 14,322,295 15,515,921
Transportation | Performance obligations completed over time      
Disaggregation of Revenue [Line Items]      
Total revenues 15,147,562 14,322,295 15,515,921
Transportation | Operating Segments | NAST | Performance obligations completed over time      
Disaggregation of Revenue [Line Items]      
Total revenues 11,312,553 11,283,692 12,346,757
Transportation | Operating Segments | Global Forwarding | Performance obligations completed over time      
Disaggregation of Revenue [Line Items]      
Total revenues 3,100,525 2,327,913 2,487,744
Transportation | Operating Segments | All Other and Corporate | Performance obligations completed over time      
Disaggregation of Revenue [Line Items]      
Total revenues 734,484 710,690 681,420
Sourcing      
Disaggregation of Revenue [Line Items]      
Total revenues 1,059,544 987,213 1,115,251
Sourcing | Performance obligations completed at a point in time      
Disaggregation of Revenue [Line Items]      
Total revenues 1,059,544 987,213 1,115,251
Sourcing | Operating Segments | NAST | Performance obligations completed at a point in time      
Disaggregation of Revenue [Line Items]      
Total revenues 0 0 0
Sourcing | Operating Segments | Global Forwarding | Performance obligations completed at a point in time      
Disaggregation of Revenue [Line Items]      
Total revenues 0 0 0
Sourcing | Operating Segments | All Other and Corporate | Performance obligations completed at a point in time      
Disaggregation of Revenue [Line Items]      
Total revenues $ 1,059,544 $ 987,213 $ 1,115,251
v3.20.4
REVENUE FROM CONTRACTS WITH CUSTOMERS - Narrative (Details) - Product Concentration Risk - Revenue
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Transportation services      
Disaggregation of Revenue [Line Items]      
Percentage of revenues attributable to services 91.00% 92.00% 91.00%
Sourcing      
Disaggregation of Revenue [Line Items]      
Percentage of revenues attributable to services 7.00% 6.00% 7.00%
Value-added logistics services      
Disaggregation of Revenue [Line Items]      
Percentage of revenues attributable to services 2.00% 2.00% 2.00%
v3.20.4
LEASES - Narrative (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Jan. 01, 2019
Lessee, Lease, Description [Line Items]      
Right-of-use assets $ 319,785 $ 310,860  
Lease liabilities $ 334,746    
ASU 2016-02      
Lessee, Lease, Description [Line Items]      
Right-of-use assets     $ 265,400
Lease liabilities     $ 273,300
v3.20.4
LEASES - Lease Data (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Lease Costs      
Operating lease expense $ 86,451 $ 68,489  
Short-term lease expense 15,130 11,440  
Total lease expense 101,581 79,929  
Other Lease Information      
Operating cash flows from operating leases 74,177 66,489  
Right-of-use lease assets obtained in exchange for new lease liabilities $ 95,005 $ 101,966  
Lease Term and Discount Rate      
Weighted average remaining lease term (in years) 6 years 9 months 18 days 7 years 9 months 18 days  
Weighted average discount rate (percent) 3.20% 3.40%  
Weighted average remaining lease term, excluding Chicago office space (in years) 4 years 8 months 12 days    
Chicago office space      
Lease Term and Discount Rate      
Lease term (in years)     15 years
v3.20.4
LEASES - Maturity of Lease Liabilities (Details)
$ in Thousands
Dec. 31, 2020
USD ($)
Maturity of Lease Liabilities  
2021 $ 75,624
2022 69,980
2023 57,597
2024 39,547
2025 29,935
Thereafter 104,455
Total lease payments 377,138
Less: Interest (42,392)
Present value of lease liabilities $ 334,746
v3.20.4
CREDIT LOSSES (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
USD ($)
Rollforward of Allowance for Credit Loss  
Allowance for credit loss, beginning balance $ 32,838
Provision 16,130
Write-offs (10,855)
Allowance for credit loss, ending balance $ 38,113
v3.20.4
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Stockholders' Equity Note [Abstract]      
Accumulated other comprehensive loss $ 45,998 $ 76,149  
Other comprehensive income (loss) 30,151 $ (4,214) $ (53,475)
Other comprehensive income, related income tax effects $ 2,500