C H ROBINSON WORLDWIDE INC, 10-K filed on 2/28/2018
Annual Report
Document and Entity Information (USD $)
12 Months Ended
Dec. 31, 2017
Feb. 22, 2018
Jun. 30, 2017
Document and Entity Information [Abstract]
 
 
 
Entity Registrant Name
C H ROBINSON WORLDWIDE INC 
 
 
Entity Central Index Key
0001043277 
 
 
Current Fiscal Year End Date
--12-31 
 
 
Entity Filer Category
Large Accelerated Filer 
 
 
Document Type
10-K 
 
 
Document Period End Date
Dec. 31, 2017 
 
 
Document Fiscal Year Focus
2017 
 
 
Document Fiscal Period Focus
FY 
 
 
Amendment Flag
false 
 
 
Trading Symbol
CHRW 
 
 
Entity Common Stock, Shares Outstanding
 
139,748,794 
 
Entity Well-known Seasoned Issuer
Yes 
 
 
Entity Voluntary Filers
No 
 
 
Entity Current Reporting Status
Yes 
 
 
Entity Public Float
 
 
$ 9,616,075,533 
CONSOLIDATED BALANCE SHEETS (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2017
Dec. 31, 2016
Current assets:
 
 
Cash and cash equivalents
$ 333,890 
$ 247,666 
Receivables, net of allowance for doubtful accounts of $42,409 and $39,543
2,113,930 
1,711,191 
Prepaid expenses and other
63,116 
49,245 
Total current assets
2,510,936 
2,008,102 
Property and equipment
497,909 
450,045 
Accumulated depreciation and amortization
(267,583)
(217,092)
Net property and equipment
230,326 
232,953 
Goodwill
1,275,816 
1,232,796 
Other intangible assets, net of accumulated amortization of $122,283 and $87,486
151,585 
167,525 
Deferred tax assets
6,870 
2,250 
Other assets
60,301 
44,132 
Total assets
4,235,834 
3,687,758 
Current liabilities:
 
 
Accounts payable
1,000,305 
839,736 
Outstanding checks
96,359 
82,052 
Accrued expenses–
 
 
Compensation
105,316 
98,107 
Income taxes
12,240 
15,472 
Other accrued liabilities
58,229 
70,351 
Current portion of debt
715,000 
740,000 
Total current liabilities
1,987,449 
1,845,718 
Long-term debt
750,000 
500,000 
Noncurrent income taxes payable
26,684 
18,849 
Deferred tax liabilities
45,355 
65,122 
Other long-term liabilities
601 
222 
Total liabilities
2,810,089 
2,429,911 
Commitments and contingencies
   
   
Stockholders’ investment:
 
 
Preferred stock, $.10 par value, 20,000 shares authorized; no shares issued or outstanding
0 
0 
Common stock, $.10 par value, 480,000 shares authorized; 179,103 and 179,006 shares issued, 139,542 and 141,258 outstanding
13,954 
14,126 
Additional paid-in capital
444,280 
419,280 
Retained earnings
3,437,093 
3,190,578 
Accumulated other comprehensive loss
(18,500)
(61,442)
Treasury stock at cost (39,561 and 37,748 shares)
(2,451,122)
(2,304,695)
Total stockholders’ investment
1,425,745 
1,257,847 
Total liabilities and stockholders’ investment
$ 4,235,834 
$ 3,687,758 
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
In Thousands, except Share data, unless otherwise specified
Dec. 31, 2017
Dec. 31, 2016
Statement of Financial Position [Abstract]
 
 
Receivables, allowance for doubtful accounts
$ 42,409 
$ 39,543 
Other intangible assets, accumulated amortization
$ 122,283 
$ 87,486 
Preferred stock, par value (in dollars per share)
$ 0.10 
$ 0.10 
Preferred stock, shares authorized (in shares)
20,000,000 
20,000,000 
Preferred stock, shares issued (in shares)
0 
0 
Preferred stock, shares outstanding (in shares)
0 
0 
Common stock, par value (in dollars per share)
$ 0.10 
$ 0.10 
Common stock, shares authorized (in shares)
480,000,000 
480,000,000 
Common stock, shares issued (in shares)
179,103,000 
179,006,000 
Common stock shares outstanding (in shares)
139,542,000 
141,258,000 
Treasury stock, shares (in shares)
39,561,000 
37,748,000 
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Revenues:
 
 
 
Transportation
$ 13,502,906 
$ 11,704,745 
$ 11,989,780 
Sourcing
1,366,474 
1,439,668 
1,486,304 
Total revenues
14,869,380 
13,144,413 
13,476,084 
Costs and expenses:
 
 
 
Purchased transportation and related services
11,257,290 
9,549,934 
9,842,271 
Purchased products sourced for resale
1,244,040 
1,316,951 
1,365,333 
Personnel expenses
1,179,527 
1,064,936 
1,051,410 
Other selling, general, and administrative expenses
413,404 
375,061 
358,760 
Total costs and expenses
14,094,261 
12,306,882 
12,617,774 
Income from operations
775,119 
837,531 
858,310 
Interest and other expense
(46,656)
(25,581)
(35,529)
Income before provision for income taxes
728,463 
811,950 
822,781 
Provision for income taxes
223,570 
298,566 
313,082 
Net income
504,893 
513,384 
509,699 
Other comprehensive income/(loss)
42,982 
(23,496)
(9,336)
Comprehensive income
$ 547,875 
$ 489,888 
$ 500,363 
Basic net income per share (in dollars per share)
$ 3.59 
$ 3.60 
$ 3.52 
Diluted net income per share (in dollars per share)
$ 3.57 
$ 3.59 
$ 3.51 
Basic weighted average shares outstanding (in shares)
140,610 
142,706 
144,967 
Dilutive effect of outstanding stock awards (in shares)
772 
285 
382 
Diluted weighted average shares outstanding (in shares)
141,382 
142,991 
145,349 
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' INVESTMENT (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2017
Mar. 31, 2017
Dec. 31, 2016
Mar. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
Beginning Balance
 
$ 1,257,847 
 
$ 1,150,450 
$ 1,257,847 
$ 1,150,450 
$ 1,047,015 
Net income
152,556 
122,080 
122,303 
118,963 
504,893 
513,384 
509,699 
Foreign currency translation adjustment
 
 
 
 
42,982 
(23,496)
(9,336)
Dividends declared, $1.81 in 2017, $1.74 in 2016, and $1.57 in 2015 per share
 
 
 
 
(258,378)
(245,426)
(235,618)
Stock issued for employee benefit plans
 
 
 
 
16,572 
(17,405)
4,188 
Issuance of restricted stock (in shares)
 
 
 
 
1,761,516 
 
 
Issuance of restricted stock
 
 
 
 
0 
0 
0 
Stock-based compensation expense
 
 
 
 
41,814 
38,554 
58,067 
Excess tax benefit on deferred compensation and employee stock plans
 
 
 
 
 
18,462 
8,548 
Repurchase of common stock
 
 
 
 
(179,985)
(176,676)
(232,113)
Ending Balance
1,425,745 
 
1,257,847 
 
1,425,745 
1,257,847 
1,150,450 
Common Stock
 
 
 
 
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
Beginning Balance (in shares)
 
141,258,000 
 
143,455,000 
141,258,000 
143,455,000 
146,458,000 
Beginning Balance
 
14,126 
 
14,345 
14,126 
14,345 
14,646 
Stock issued for employee benefit plans (in shares)
 
 
 
 
612,000 
32,000 
254,000 
Stock issued for employee benefit plans
 
 
 
 
61 
3 
25 
Issuance of restricted stock (in shares)
 
 
 
 
97,000 
221,000 
164,000 
Issuance of restricted stock
 
 
 
 
10 
22 
16 
Stock-based compensation expense (in shares)
 
 
 
 
1,000 
17,000 
 
Stock-based compensation expense
 
 
 
 
 
3 
 
Repurchase of common stock (in shares)
 
 
 
 
(2,426,000)
(2,467,000)
(3,421,000)
Repurchase of common stock
 
 
 
 
(243)
(247)
(342)
Ending Balance (in shares)
139,542,000 
 
141,258,000 
 
139,542,000 
141,258,000 
143,455,000 
Ending Balance
13,954 
 
14,126 
 
13,954 
14,126 
14,345 
Additional Paid-in Capital
 
 
 
 
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
Beginning Balance
 
419,280 
 
379,444 
419,280 
379,444 
321,968 
Stock issued for employee benefit plans
 
 
 
 
(16,760)
(16,121)
(9,095)
Issuance of restricted stock
 
 
 
 
(10)
(22)
(16)
Stock-based compensation expense
 
 
 
 
41,770 
37,517 
58,039 
Excess tax benefit on deferred compensation and employee stock plans
 
 
 
 
 
18,462 
8,548 
Ending Balance
444,280 
 
419,280 
 
444,280 
419,280 
379,444 
Retained Earnings
 
 
 
 
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
Beginning Balance
 
3,190,578 
 
2,922,620 
3,190,578 
2,922,620 
2,648,539 
Net income
 
 
 
 
504,893 
513,384 
509,699 
Dividends declared, $1.81 in 2017, $1.74 in 2016, and $1.57 in 2015 per share
 
 
 
 
(258,378)
(245,426)
(235,618)
Ending Balance
3,437,093 
 
3,190,578 
 
3,437,093 
3,190,578 
2,922,620 
Accumulated Other Comprehensive Loss
 
 
 
 
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
Beginning Balance
 
(61,442)
 
(37,946)
(61,442)
(37,946)
(28,610)
Foreign currency translation adjustment
 
 
 
 
42,982 
(23,496)
(9,336)
Ending Balance
(18,460)
 
(61,442)
 
(18,460)
(61,442)
(37,946)
Treasury Stock
 
 
 
 
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
Beginning Balance
 
(2,304,695)
 
(2,128,013)
(2,304,695)
(2,128,013)
(1,909,528)
Stock issued for employee benefit plans
 
 
 
 
33,271 
(1,287)
13,258 
Stock-based compensation expense
 
 
 
 
44 
1,034 
28 
Repurchase of common stock
 
 
 
 
(179,742)
(176,429)
(231,771)
Ending Balance
$ (2,451,122)
 
$ (2,304,695)
 
$ (2,451,122)
$ (2,304,695)
$ (2,128,013)
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' INVESTMENT (Parenthetical)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Statement of Stockholders' Equity [Abstract]
 
 
 
Dividends declared, per share (in dollars per share)
$ 1.81 
$ 1.74 
$ 1.57 
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
OPERATING ACTIVITIES
 
 
 
Net income
$ 504,893 
$ 513,384 
$ 509,699 
Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
92,977 
74,669 
66,409 
Provision for doubtful accounts
13,489 
5,136 
11,538 
Stock-based compensation
41,805 
37,565 
57,661 
Deferred income taxes
(28,096)
15,009 
(17,095)
Excess tax benefit on stock-based compensation
(13,657)
(18,462)
(8,548)
Other
4,491 
1,907 
7,409 
Changes in operating elements, net of effects of acquisitions:
 
 
 
Receivables
(364,181)
(173,211)
107,560 
Prepaid expenses and other
(9,173)
(6,378)
(228)
Other non-current assets
(19,099)
(3,934)
741 
Accounts payable and outstanding checks
144,041 
115,917 
(53,272)
Accrued compensation
7,209 
(47,570)
18,580 
Accrued income taxes
18,817 
19,921 
13,726 
Other accrued liabilities
(9,515)
(4,545)
4,156 
Net cash provided by operating activities
384,001 
529,408 
718,336 
INVESTING ACTIVITIES
 
 
 
Purchases of property and equipment
(40,122)
(73,452)
(28,115)
Purchases and development of software
(17,823)
(17,985)
(16,527)
Acquisitions, net of cash acquired
(49,068)
(220,203)
(369,833)
Restricted cash
0 
0 
359,388 
Other
(521)
(1,348)
641 
Net cash used for investing activities
(107,534)
(312,988)
(54,446)
FINANCING ACTIVITIES
 
 
 
Proceeds from stock issued for employee benefit plans
38,130 
19,271 
15,557 
Stock tendered for payment of withholding taxes
(21,557)
(36,678)
(11,368)
Repurchase of common stock
(185,485)
(172,925)
(229,863)
Cash dividends
(258,222)
(245,430)
(235,615)
Excess tax benefit on stock-based compensation
0 
18,462 
8,548 
Proceeds from long-term borrowings
250,000 
0 
0 
Proceeds from short-term borrowings
8,784,000 
6,600,000 
6,833,000 
Payments on short-term borrowings
(8,809,000)
(6,310,000)
(6,988,000)
Net cash used for financing activities
(202,134)
(127,300)
(607,741)
Effect of exchange rates on cash
11,891 
(9,683)
(16,860)
Net change in cash and cash equivalents
86,224 
79,437 
39,289 
Cash and cash equivalents, beginning of year
247,666 
168,229 
128,940 
Cash and cash equivalents, end of year
333,890 
247,666 
168,229 
Supplemental cash flow disclosures
 
 
 
Cash paid for income taxes
262,861 
269,187 
311,800 
Cash paid for interest
37,871 
28,908 
28,537 
Accrued share repurchases held in other accrued liabilities
$ 500 
$ 5,988 
$ 2,250 
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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, Australia, New Zealand, 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, and our actual results could differ materially from those estimates.
REVENUE RECOGNITION. Total revenues consist of the total dollar value of goods and services purchased from us by customers. Our net revenues 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. We act principally as the service provider for these transactions and recognize revenue as these services are rendered or goods are delivered. At that time, our obligations to the transactions are completed and collection of receivables is reasonably assured. 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 the primary obligor, we have credit risk, we have discretion to select the supplier, and we have latitude in pricing decisions. Additionally, in our sourcing business, we take loss of inventory risk during shipment and have general inventory risk. Certain transactions in customs brokerage, managed services, freight forwarding, and sourcing 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.
ALLOWANCE FOR DOUBTFUL ACCOUNTS. Accounts receivable are reduced by an allowance for amounts that may become uncollectible in the future. We continuously monitor payments from our customers and maintain a provision for uncollectible accounts based upon our customer aging trends, historical loss experience, and any specific customer collection issues that we have identified.
FOREIGN CURRENCY. Most balance sheet accounts of foreign subsidiaries are translated or remeasured at the current exchange rate as of the end of the year. Statement of operations items are translated at average exchange rates during the year. The resulting translation adjustment is recorded net of tax as a separate component of comprehensive income in our statements of operations and comprehensive income in 2015. In 2016, we asserted that we will indefinitely reinvest earnings of foreign subsidiaries to support expansion of our international businesses and now the translation adjustment is recorded gross of related income tax benefits.
CASH AND CASH EQUIVALENTS. Cash and cash equivalents consist of bank deposits.
PREPAID EXPENSES AND OTHER. Prepaid expenses and other include such items as prepaid rent, software maintenance contracts, insurance premiums, other prepaid operating expenses, and inventories, consisting primarily of produce and related products held for resale.
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): 
2017
 
$
42,817

2016
 
36,212

2015
 
32,412

A summary of our property and equipment as of December 31 is as follows (in thousands): 
 
Useful Lives (in years)
 
2017
 
2016
Furniture, fixtures, and equipment
3 to 12
 
$
277,014

 
$
236,180

Buildings
3 to 30
 
130,712

 
130,050

Corporate aircraft
10
 
11,334

 
11,334

Leasehold improvements
3 to 15
 
50,616

 
40,312

Land
 
 
23,658

 
23,635

Construction in progress
 
 
4,575

 
8,534

Less accumulated depreciation
 
 
(267,583
)
 
(217,092
)
Net property and equipment
 
 
$
230,326

 
$
232,953


GOODWILL. Goodwill represents the excess of the cost of acquired businesses over the net of the fair value of identifiable tangible net 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.
OTHER INTANGIBLE ASSETS. Other intangible assets include definite-lived customer lists, non-competition agreements, and indefinite-lived trademarks. The definite-lived intangible assets are being amortized using the straight-line method over their estimated lives, ranging from 5 to 8 years. 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.
OTHER ASSETS. Other assets include such items as purchased and internally developed software, and the investments related to our nonqualified deferred compensation plan. We amortize software using the straight-line method over 3 years. We recognized the following amortization expense of purchased and internally developed software (in thousands): 
2017
 
$
13,887

2016
 
11,404

2015
 
9,624

A summary of our purchased and internally developed software as of December 31 is as follows (in thousands): 
 
2017
 
2016
Purchased software
$
25,805

 
$
23,753

Internally developed software
55,165

 
51,507

Less accumulated amortization
(54,194
)
 
(47,957
)
Net software
$
26,776

 
$
27,303

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 “Noncurrent income taxes payable” in the consolidated balance sheets.
COMPREHENSIVE INCOME. Our only component of other comprehensive income is foreign currency translation adjustment. It is presented on our consolidated statements of operations and comprehensive income gross of related income tax effects for 2017 and 2016, net of related income tax effects for 2015.
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 15 percent to 21 percent and are calculated using the Black-Scholes option pricing model-protective put method. Changes in measured stock volatility and 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 life, risk-free interest rate, and expected dividends.
GOODWILL AND OTHER INTANGIBLE ASSETS
GOODWILL AND OTHER INTANGIBLE ASSETS
GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill was allocated to each segment based on their relative fair value at November 30, 2016 due to the reorganization of our reporting structure. After that date, we allocate goodwill to reporting units based on the reporting unit expected to benefit from the business combination. The change in the carrying amount of goodwill is as follows (in thousands):
 
 
NAST
 
Global Forwarding
 
Robinson Fresh
 
All Other and Corporate
 
Total
December 31, 2015 balance
 
$
815,639

 
$
142,993

 
$
125,469

 
$
24,236

 
$
1,108,337

Acquisitions
 
97,727

 
17,133

 
15,033

 
2,904

 
132,797

Translation
 
(6,136
)
 
(1,076
)
 
(944
)
 
(182
)
 
(8,338
)
December 31, 2016 balance
 
907,230

 
159,050

 
139,558

 
26,958

 
1,232,796

Acquisitions
 
3,673

 
24,918

 
—

 
—

 
28,591

Translation
 
10,583

 
1,905

 
1,627

 
314

 
14,429

December 31, 2017 balance
 
$
921,486

 
$
185,873

 
$
141,185

 
$
27,272

 
$
1,275,816



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, and additional impairment assessment is performed (“Step One Analysis”). Refer to Critical Accounting Policies and Estimates.

No goodwill impairment has been recorded in any period presented.
Identifiable intangible assets consisted of the following at December 31 (in thousands): 
 
2017
 
2016
 
Cost
 
Accumulated Amortization
 
Net
 
Cost
 
Accumulated Amortization
 
Net
Finite-lived intangibles
 
 
 
 
 
 
 
 
 
 
 
Customer relationships
$
263,093

 
$
(122,103
)
 
$
140,990

 
$
244,036

 
$
(87,199
)
 
$
156,837

Non-competition agreements
300

 
(180
)
 
120

 
500

 
(287
)
 
213

Total finite-lived intangibles
263,393

 
(122,283
)
 
141,110

 
244,536

 
(87,486
)
 
157,050

Indefinite-lived intangibles
 
 
 
 
 
 
 
 
 
 
 
Trademarks
10,475

 
—

 
10,475

 
10,475

 
—

 
10,475

Total intangibles
$
273,868

 
$
(122,283
)
 
$
151,585

 
$
255,011

 
$
(87,486
)
 
$
167,525



Amortization expense for other intangible assets was (in thousands): 
2017
$
36,273

2016
27,053

2015
24,373


Finite-lived intangible assets, by reportable segment, as of December 31, 2017, will be amortized over their remaining lives as follows (in thousands):
 
NAST
 
Global Forwarding
 
Robinson Fresh
 
All Other and Corporate
 
Total
2018
$
7,820

 
$
29,297

 
$
—

 
$
41

 
$
37,158

2019
7,820

 
29,297

 
—

 
—

 
37,117

2020
260

 
26,593

 
—

 
—

 
26,853

2021
260

 
13,072

 
—

 
—

 
13,332

2022
260

 
13,072

 
—

 
—

 
13,332

Thereafter
480

 
12,838

 
—

 
—

 
13,318

Total

 
 
 
 
 
 
 
$
141,110

FAIR VALUE MEASUREMENT
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, 2017, or December 31, 2016. There were no transfers between levels during the period.
FINANCING ARRANGEMENTS
FINANCING ARRANGEMENTS
FINANCING ARRANGEMENTS
Senior Unsecured Revolving Credit Facility
On October 29, 2012, we entered into a senior unsecured revolving credit facility for up to $500 million with a $500 million accordion feature (the “Credit Agreement”), with a syndicate of financial institutions led by U.S. Bank. In December 2014, we amended the credit facility to increase the amount available from $500 million to $900 million and to extend the expiration date from October 2017 to December 2019. This facility allows us to continue to fund working capital, capital expenditures, dividends, and share repurchases.
As of December 31, 2017 and 2016, we had $715 million and $740 million in borrowings outstanding under the Credit Agreement, which is classified as a current liability on the consolidated balance sheets. At December 31, 2017, we had borrowing availability of $185 million. 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.
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, 2017, 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. The weighted average interest rate incurred on borrowings during 2017 was approximately 2.2 percent and at December 31, 2017, was approximately 2.7 percent. The weighted average interest rate incurred on borrowings during 2016 was approximately 1.5 percent and at December 31, 2016, was approximately 1.9 percent.
The Credit Agreement contains various restrictions and covenants. Among other requirements, we may not permit our leverage ratio, as of the end of each of our fiscal quarters, of (i) Consolidated Funded Indebtedness to (ii) Consolidated Total Capitalization to be greater than 0.65 to 1.00. Additionally, as a result of amending the Note Purchase Agreement in February 2015, the ratio of (i) Consolidated Funded Indebtedness to (ii) EBITDA (earnings before interest, taxes, depreciation, and amortization), as of the end of each of our fiscal quarters, may not exceed 3.00 to 1.00. We were in compliance with the financial debt covenants as of December 31, 2017.
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”) named therein (the “Note Purchase Agreement”). Pursuant to the Note Purchase Agreement, the Purchasers purchased, on August 27, 2013, (i) $175 million aggregate principal amount of the company’s 3.97 percent Senior Notes, Series A, due August 27, 2023 (the “Series A Notes”), (ii) $150 million aggregate principal amount of the company’s 4.26 percent Senior Notes, Series B, due August 27, 2028 (the “Series B Notes”), and (iii) $175 million aggregate principal amount of the company’s 4.60 percent Senior Notes, Series C, due August 27, 2033 (the “Series C Notes” and, together with the Series A Notes and the Series B Notes, the “Notes”). Interest on the fixed-rate Notes is payable semi-annually in arrears. We applied the proceeds of the sale of the Notes for share repurchases.
The Note Purchase Agreement contains customary provisions for transactions of this type, including representations and warranties regarding the company and its subsidiaries and various covenants, including covenants that require us to maintain specified financial ratios. The Note Purchase Agreement includes the following financial covenants: we will not permit our leverage ratio, as of the end of each of our fiscal quarters, of (i) Consolidated Funded Indebtedness to (ii) Consolidated Total Capitalization to be greater than 0.65 to 1.00; we will not permit the interest coverage ratio, as of the end of each of our fiscal quarters and for the twelve-month period ending, of (i) Consolidated EBIT (earnings before income taxes) to (ii) Consolidated Interest Expense to be less than 2.00 to 1.00; we will not permit, as of the end of each of our fiscal quarters, Consolidated Priority Debt to exceed 15% of Consolidated Total Assets. The Note Purchase Agreement was amended in February 2015 to conform its financial covenants to be consistent with the amended Credit Agreement. As a result of amending the Note Purchase Agreement in February 2015, the ratio of (i) Consolidated Funded Indebtedness to (ii) EBITDA (earnings before interest, taxes, depreciation, and amortization), as of the end of each of our fiscal quarters, may not exceed 3.00 to 1.00. We were in compliance with the financial debt covenants as of December 31, 2017.
The Note Purchase Agreement provides for customary events of default, generally with corresponding grace periods, including, without limitation, payment defaults with respect to the Notes, covenant defaults, cross-defaults to other agreements evidencing indebtedness of the company or its subsidiaries, certain judgments against the company or its subsidiaries, and events of bankruptcy involving the company or its material subsidiaries. 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,” and accrued and unpaid interest (as defined in the Note Purchase Agreement) 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.
The Notes were issued by the company to such initial Purchasers in a private placement in reliance on Section 4(2) of the Securities Act of 1933, as amended. The Notes will not be and have not been registered under the Securities Act and may not be offered or sold in the United States, absent registration or an applicable exemption from registration requirements.
The fair value of long-term debt was approximately $546.6 million at December 31, 2017, and $528.0 million at December 31, 2016. We estimate the fair value of our debt 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 credit risk. If our long-term debt was recorded at fair value, it would be classified as Level 2.
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, National Association to provide a receivables securitization facility (the “Receivables Securitization Facility”). The Receivables Securitization Facility is based on the securitization of our U.S. trade accounts receivable and provides funding of up to $250 million. The borrowings outstanding under the Receivables Securitization Facility were $250 million as of December 31, 2017, and are classified as long-term debt on the condensed consolidated balance sheets. The borrowings under the Receivables Securitization Facility were used to pay down amounts previously outstanding on the Credit Agreement. The interest rate on borrowings under the Receivables Securitization Facility is based on the asset-backed commercial paper rate plus a margin or 30 day LIBOR plus a margin for a combined rate of 2.0 percent for the year ended December 31, 2017. The Receivables Securitization Facility expires on April 26, 2019, unless extended by the parties. There is a commitment fee we are required to pay on any unused portion of the facility.
The Receivables Securitization Facility contains various customary affirmative and negative covenants, and it also contains customary default and termination provisions which provide for acceleration of amounts owed under the Receivables Securitization Facility upon the occurrence of certain specified events including, but not limited to, the failure to pay yield, fees, and other amounts due, defaults on certain other indebtedness, failure to discharge certain judgments, insolvency events, change in control, and exceeding certain financial ratios designed to capture events negatively affecting the overall credit quality of the receivables.
The recorded amount of borrowings outstanding on the Receivables Securitization Facility approximates fair value because it can be redeemed on short notice and the interest rate floats, therefore, we consider these borrowings to be a Level 2 financial liability.
As of December 31, 2017, we were in compliance with all of the covenants under the Credit Agreement, Note Purchase Agreement, and Receivables Securitization Facility.
INCOME TAXES
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.

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 makes 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 requiring companies to pay a one-time transition tax on certain unrepatriated earnings of foreign subsidiaries.

The SEC staff issued Staff Accounting Bulletin (“SAB”) 118, which provides guidance on accounting for the tax effects of the Tax Act. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under Accounting Standards Codification (“ASC”) 740. In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the Tax Act for which the accounting under ASC 740 is complete. To the extent that a company’s accounting for certain income tax effects of the Tax Act is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements.

In connection with our initial analysis of the impact of the Tax Act, we have recorded a discrete net tax benefit of $12.1 million in the year ended December 31, 2017. The net benefit consists of a benefit for the revaluation of deferred tax assets and liabilities of $22.9 million, a net expense for one-time impacts of the Tax Act of $6.8 million, and an expense for transition taxes of $4.0 million. We have not yet completed our accounting for the income tax effects of certain elements of the Tax Act but we were able to make reasonable estimates for elements in which our analysis is not complete and have therefore recorded provisional adjustments. These items include our revaluation of deferred tax assets and liabilities and the expense for transition taxes.

During 2017, we recorded a net tax benefit of $19.7 million due to deductions under Section 199 of the Internal Revenue Code.
During the first quarter of 2017, we adopted ASU 2016-09, Compensation - Stock Compensation (Topic 718). The adoption of ASU 2016-09 prospectively impacts the recording of income taxes related to share-based payment awards in our consolidated financial position and results of operations, as well as the operating and financing cash flows on the consolidated statements of cash flows. This adoption resulted in a net tax benefit of $13.7 million during the year.

During the first quarter of 2016, we asserted that we will indefinitely reinvest earnings of foreign subsidiaries to support expansion of our international business. In 2017, our indefinite reinvestment strategy, with respect to unremitted earnings of our foreign subsidiaries provided an approximate $3.7 million benefit to our provision for income taxes related to current year earnings. If we repatriated all foreign earnings, the estimated effect on income taxes payable would be an increase of approximately $12.1 million as of December 31, 2017. 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 2010.

Income before provision for income taxes consisted of (in thousands):
 
 
2017
 
2016
 
2015
Domestic
 
$
638,718

 
$
710,931

 
$
729,390

Foreign
 
89,745

 
101,019

 
93,391

Total
 
$
728,463

 
$
811,950

 
$
822,781


A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest and penalties, is as follows (in thousands): 
 
2017
 
2016
 
2015
Unrecognized tax benefits, beginning of period
$
12,268

 
$
13,271

 
$
18,274

Additions based on tax positions related to the current year
4,014

 
—

 
1,520

Additions for tax positions of prior years
16,713

 
55

 
—

Reductions for tax positions of prior years
—

 
(211
)
 
(810
)
Lapse in statute of limitations
(1,189
)
 
(847
)
 
(5,188
)
Settlements
—

 
—

 
(525
)
Unrecognized tax benefits, end of the period
$
31,806

 
$
12,268

 
$
13,271


As of December 31, 2017, we had $38.6 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.
Income tax expense considers amounts which 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.
We recognize interest and penalties related to uncertain tax positions in the provision for income taxes. During the years ended December 31, 2017, 2016, and 2015, we recognized approximately $0.7 million $0.9 million, and $1.2 million in interest and penalties. We had approximately $6.8 million and $6.6 million for the payment of interest and penalties accrued within noncurrent income taxes payable as of December 31, 2017 and 2016. 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): 
 
2017
 
2016
 
2015
Tax provision:
 
 
 
 
 
Federal
$
189,708

 
$
222,685

 
$
259,793

State
29,320

 
31,786

 
37,129

Foreign
32,638

 
29,086

 
33,255

 
251,666

 
283,557

 
330,177

Deferred provision (benefit):
 
 
 
 
 
Federal
(21,389
)
 
13,936

 
(14,559
)
State
(3,048
)
 
1,986

 
(2,074
)
Foreign
(3,659
)
 
(913
)
 
(462
)
 
(28,096
)
 
15,009

 
(17,095
)
Total provision
$
223,570

 
$
298,566

 
$
313,082



Our provision for income taxes decreased by $19.7 million due to the benefit of deductions under section 199 of the Internal Revenue Code, by $13.7 million due to our adoption of ASU 2016-09, and $12.1 million due to the impact of the Tax Act.
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:  
 
2017
 
2016
 
2015
Federal statutory rate
35.0
 %
 
35.0
 %
 
35.0
%
State income taxes, net of federal benefit
2.6

 
2.7

 
2.8

Tax Act impact
(1.7
)
 
—

 
—

Section 199 deduction
(2.8
)
 
—

 
—

ASU 2016-09 adoption
(1.9
)
 
—

 
—

Other
(0.5
)
 
(0.9
)
 
0.3

Effective income tax rate
30.7
 %
 
36.8
 %
 
38.1
%


Deferred tax assets (liabilities) are comprised of the following at December 31 (in thousands): 
 
2017
 
2016
Deferred tax assets:
 
 
 
Compensation
$
52,538

 
$
80,338

Receivables
8,819

 
13,471

Other
7,892

 
11,433

Deferred tax liabilities:
 
 
 
Intangible assets
(81,932
)
 
(131,698
)
Prepaid assets
(8,247
)
 
(14,540
)
Long-lived assets
(15,465
)
 
(21,268
)
Other
(2,090
)
 
(608
)
Net deferred tax liabilities
$
(38,485
)
 
$
(62,872
)


The Tax Act reduces the corporate tax rate to 21 percent, effective January 1, 2018. Consequently, we have recorded a provisional decrease related to deferred tax assets and deferred tax liabilities of $34.4 million and $57.3 million, respectively.

We had foreign net operating loss carryforwards with a tax effect of $10.9 million as of December 31, 2017, and $9.0 million as of December 31, 2016. The net operating loss carryforwards will expire at various dates from 2018 to 2025, with certain jurisdictions having indefinite carryforward terms. A full valuation allowance has been established for these net operating loss carryforwards due to the uncertainty of the use of the tax benefit in future periods.
CAPITAL STOCK AND STOCK AWARD PLANS
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 $.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 in our consolidated statements of operations and comprehensive income for stock-based compensation is as follows (in thousands):
 
2017
 
2016
 
2015
Stock options
$
10,109

 
$
9,178

 
$
14,607

Stock awards
29,217

 
25,912

 
40,785

Company expense on ESPP discount
2,479

 
2,475

 
2,269

Total stock-based compensation expense
$
41,805

 
$
37,565

 
$
57,661


On May 12, 2016, our shareholders approved an amendment to and restatement of our 2013 Equity Incentive Plan, which allows us to grant certain stock awards, including stock options at fair market value and restricted shares and restricted stock units, to our key employees and outside directors. A maximum of 13,041,803 shares can be granted under this plan. Approximately 2,920,099 shares were available for stock awards under this plan as of December 31, 2017. 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 performance-based stock options to certain key employees. These options are subject to certain vesting requirements over a five-year period, based on the company’s earnings growth. Any options remaining unvested at the end of the five-year vesting period are forfeited to the company. Although participants can exercise options via a stock swap exercise, we do not issue reloads (restoration options) on the grants.
The fair value of these options is established based on the market price on the date of grant, discounted for post-vesting holding restrictions, calculated using the Black-Scholes option pricing model. 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. As of December 31, 2017, unrecognized compensation expense related to stock options was $58.4 million. The amount of future expense to be recognized will be based on the company’s earnings growth and certain other conditions.
The following schedule summarizes stock option activity in the plans. All outstanding unvested options as of December 31, 2017, relate to performance-based grants from 2013 and 2014 and time-based grants from 2015 through 2017.
 
Options
 
Weighted
Average
Exercise
Price
 
Aggregate
Intrinsic
Value
(in thousands)
 
Average
Remaining
Life
(years)
Outstanding at December 31, 2016
7,007,923

 
$
67.00

 
$
43,875

 
7.7
Grants
1,452,765

 
87.11

 
 
 
 
Exercised
(388,135
)
 
63.81

 
 
 
 
Terminated
(690,481
)
 
62.17

 
 
 
 
Outstanding at December 31, 2017
7,382,072

 
$
71.58

 
$
129,295

 
7.6
 
 
 
 
 
 
 
 
Vested at December 31, 2017
2,990,514

 
$
65.79

 
 
 
6.3
Exercisable at December 31, 2017
2,990,514

 
$
65.79

 
 
 
6.3

Additional potential dilutive stock options totaling 1,357,290 for 2017 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):
2017
$
6,026

2016
981

2015
400


The following table summarizes performance based options by vesting period:
First Vesting Date
 
Last Vesting Date
 
Options
Granted, Net of
Forfeitures
 
Weighted
Average Grant
Date Fair Value
 
Unvested Options
December 31, 2014
 
December 31, 2018
 
1,412,773

 
11.83

 
403,149

December 31, 2015
 
December 31, 2019
 
1,271,223

 
14.17

 
682,926

 
 
 
 
2,683,996

 
$
12.94

 
1,086,075


We issued no performance-based options in 2015, 2016, or 2017. 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 and is being expensed over the vesting period of the award. The following table summarizes these unvested stock option grants as of December 31, 2017:
First Vesting Date
 
Last Vesting Date
 
Options
Granted, Net of
Forfeitures
 
Weighted
Average Grant
Date Fair Value
 
Unvested Options
December 31, 2016
 
December 31, 2020
 
1,423,053

 
$
12.66

 
855,984

December 31, 2017
 
December 31, 2021
 
1,253,169

 
$
12.60

 
1,003,429

December 31, 2018
 
December 31, 2022
 
1,446,070

 
$
14.24

 
1,446,070

 
 
 
 
4,122,292

 
$
13.20

 
3,305,483


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 estimate the expected volatility, risk-free interest rate, and expected terms is as follows:
Expected Volatility-Expected volatility was determined based on implied volatility of our traded options and historical volatility of our stock price.
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.
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: 
 
2017 Grants
 
2016 Grants
 
2015 Grants
Risk-free interest rate
2.27-2.28%

 
2.13-2.14%

 
1.95-1.96%

Dividend per share (quarterly amounts)
$0.45-0.46

 
$0.43-0.45

 
$0.38-0.43

Expected volatility factor
19.0-21.5%

 
20.0-21.5%

 
22.0-24.0%

Expected option term
6.20 years

 
6.26 years

 
6.29 years

Weighted average fair value per option
$
14.23

 
$
12.60

 
$
12.68


FULL VALUE AWARDS. We have awarded performance-based restricted shares and restricted stock units to certain key employees and non-employee directors. These awards are subject to certain vesting requirements over a five-year period, based on the company’s earnings growth. 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 15 percent to 21 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, 2017: 
 
Number of 
Shares and Restricted Stock Units
 
Weighted Average
Grant Date Fair Value
Unvested at December 31, 2016
1,245,175

 
$
55.90

Granted
310,071

 
74.14

Vested
(121,030
)
 
55.77

Forfeitures
(218,757
)
 
49.51

Unvested at December 31, 2017
1,215,459

 
$
61.71


The following table summarizes performance based restricted shares and restricted stock units by vesting period: 
First Vesting Date
 
Last Vesting Date
 
Performance Shares and Stock Units
Granted, Net of
Forfeitures
 
Weighted
Average Grant
Date Fair Value (1)
 
Unvested Performance Shares and Restricted Stock Units
December 31, 2014
 
December 31, 2018
 
387,587

 
$
46.50

 
109,784

December 31, 2015
 
December 31, 2019
 
329,596

 
60.80

 
175,904

December 31, 2016
 
December 31, 2020
 
392,990

 
51.88

 
309,300

December 31, 2017
 
December 31, 2021
 
343,014

 
64.91

 
312,142

December 31, 2018
 
December 31, 2022
 
308,329

 
74.19

 
308,329

 
 
 
 
1,761,516

 
$
58.71

 
1,215,459

________________________ 
(1)
Amount shown is the weighted average grant date fair value of performance shares and restricted stock units granted, net of forfeitures.
We have also awarded time-based restricted shares and restricted stock units 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 and is being expensed over the vesting period of the award. The following table summarizes these unvested restricted share and restricted stock unit grants as of December 31, 2017: 
 
Number of Restricted
Shares and Stock Units
 
Weighted Average
Grant Date Fair Value
Unvested at December 31, 2016
1,240,156

 
$
56.70

Granted
280,097

 
74.17

Vested
(386,859
)
 
54.39

Forfeitures
(75,944
)
 
56.41

Unvested at December 31, 2017
1,057,450

 
$
62.20


We have also issued to certain key employees and non-employee directors restricted stock units which are fully vested upon issuance. These units contain restrictions on the awardees’ ability to sell or transfer vested units for a specified period of time. The fair value of these units is established using the same method discussed above. These grants have been expensed during the year they were earned.
A summary of the fair value of full value awards vested (in thousands): 
2017
$
29,217

2016
25,912

2015
40,785


As of December 31, 2017, there was unrecognized compensation expense of $140.8 million related to previously granted full value 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
2017
 
215,613

 
$
14,048

 
$
2,479

2016
 
225,241

 
14,032

 
2,475

2015
 
228,103

 
13,045

 
2,269



SHARE REPURCHASE PROGRAMS. During 2013, our Board of Directors increased the number of shares authorized to be repurchased by 15,000,000 shares (the “2013 Program”). The activity under this authorization is as follows (dollar amounts in thousands):
 
 
Shares Repurchased
 
Total Value of Shares
Repurchased
2013 Program
 
 
 
 
2013 Repurchases
 
930,075

 
$
57,689

2014 Repurchases
 
3,763,583

 
239,037

2015 Repurchases
 
3,420,681

 
232,113

2016 Repurchases
 
2,467,097

 
176,676

2017 Repurchases
 
2,426,407

 
179,985


As of December 31, 2017, there were 1,992,157 shares remaining for repurchase under the 2013 authorization.
COMMITMENTS AND CONTINGENCIES
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): 
2017
$
27,530

2016
25,740

2015
46,507


We have committed to a defined contribution match of four percent of eligible compensation in 2018. We contributed a defined contribution match of four percent in 2017, 2016, and 2015.
NONQUALIFIED DEFERRED COMPENSATION PLAN. All restricted shares vested but not yet delivered, as well as a deferred share award granted to our CEO, are held within this plan.
LEASE COMMITMENTS. We lease certain facilities and equipment under operating leases. Information regarding our lease expense is as follows (in thousands): 
2017
$
60,864

2016
55,170

2015
56,210


Minimum future lease commitments under noncancelable lease agreements in excess of one year as of December 31, 2017, are as follows (in thousands):
2018
$
51,273

2019
46,172

2020
39,825

2021
29,851

2022
22,807

Thereafter
92,797

Total
$
282,725


In addition to minimum lease payments, we are typically responsible under our lease agreements to pay our pro rata share of maintenance expenses, common charges, and real estate taxes of the buildings in which we lease space.
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 16 contingent auto liability cases as of December 31, 2017. 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.
ACQUISITIONS
ACQUISITIONS
ACQUISITIONS
On August 31, 2017, we acquired all of the outstanding shares of Milgram & Company Ltd. ("Milgram") for the purpose of expanding our global presence and bringing additional capabilities and expertise to our portfolio. Total purchase consideration, net of cash acquired, was $47.3 million, which was paid in cash. We used advances under the Credit Agreement to fund part of the cash consideration.
Identifiable intangible assets and estimated useful lives are as follows (dollars in thousands):
 
Estimated Life (years)
 
 
Customer relationships
7
 
$
14,004


There was $28.6 million of goodwill recorded related to the acquisition of Milgram. The Milgram goodwill is a result of acquiring and retaining the Milgram existing workforce and expected synergies from integrating its business into ours. Purchase accounting is considered preliminary, subject to revision primarily related to certain income tax related balances expected to be finalized in 2018. The goodwill is not deductible for tax purposes. The results of operations of Milgram have been included in our consolidated financial statements since September 1, 2017. Pro forma financial information for prior periods is not presented because we believe the acquisition to be not material to our consolidated results.
On September 30, 2016, we acquired all of the outstanding stock of APC Logistics (“APC”) for the purpose of expanding our global presence and bringing additional capabilities and expertise to the company’s portfolio. Total purchase consideration was $229.4 million, which was paid in cash. We used advances under the Credit Agreement to fund part of the cash consideration. The following is a summary of the allocation of purchase price consideration to the estimated fair value of net assets for the acquisition of APC (in thousands):
Cash and cash equivalents
$
10,181

Receivables
37,190

Other current assets
2,609

Property and equipment
1,696

Identifiable intangible assets
78,842

Goodwill
132,797

Other noncurrent assets
70

Long term deferred tax asset
814

Total assets
264,199

 
 
Accounts payable
(22,147
)
Accrued expenses
(12,700
)
Net assets acquired
$
229,352



Identifiable intangible assets and estimated useful lives are as follows (dollars in thousands):
 
Estimated Life (years)
 
 
Customer relationships
7
 
$
78,842


The APC goodwill is a result of acquiring and retaining the APC existing workforce and expected synergies from integrating their business into ours. Purchase accounting is considered final. The goodwill will not be deductible for tax purposes. The results of operations of APC have been included in our consolidated financial statements since October 1, 2016. Pro forma financial information for prior periods is not presented because we believe the acquisition to be not material to our consolidated results.
On January 1, 2015, we acquired all of the outstanding stock of Freightquote.com, Inc., (“Freightquote”) for the purpose of enhancing our less than truckload (“LTL”) and truckload businesses and expanding our ecommerce capabilities. Total purchase consideration was $398.6 million, which was paid in cash. We used advances under the Credit Agreement to fund part of the cash consideration. The following is a summary of the allocation of purchase consideration to the estimated fair value of net assets for the acquisition of Freightquote (in thousands):
Cash and cash equivalents
$
29,302

Receivables
56,228

Other current assets
2,395

Property and equipment
43,687

Identifiable intangible assets
37,800

Goodwill
287,220

Trademarks
8,600

Other noncurrent assets
3,421

Total assets
468,653

 
 
Accounts payable
(44,622
)
Accrued expenses
(5,485
)
Other liabilities
(19,939
)
Net assets acquired
$
398,607



Following are the details of the purchase price allocated to the intangible assets acquired (dollars in thousands):
 
Estimated Life (years)
 
 
Customer relationships
5
 
$
37,500

Noncompete agreements
5
 
300

Total identifiable intangible assets
 
 
$
37,800


We also acquired a trademark valued at $8.6 million, which has been determined to be indefinite-lived. The Freightquote goodwill is a result of acquiring and retaining the Freightquote existing workforce and expected synergies from integrating their business into ours. Purchase accounting is considered final. The goodwill will not be deductible for tax purposes. The results of operations of Freightquote have been included in our consolidated financial statements since the acquisition date of January 1, 2015.
SEGMENT REPORTING
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. We identify three 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 include truckload, LTL, and intermodal.
•
Global Forwarding: Global Forwarding provides global logistics services through an international network of offices in North America, Asia, Europe, Australia, New Zealand, 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.
•
Robinson Fresh: Robinson Fresh provides sourcing services under the trade name of Robinson Fresh. Our sourcing services primarily include the buying, selling, and marketing of fresh fruits, vegetables, and other perishable items. Robinson Fresh sources products from around the world and has a physical presence in North America, Europe, Asia, and South America. This segment often provides the logistics and transportation of the products they sell, in addition to temperature controlled transportation services for its customers.
•
All Other and Corporate: All Other and Corporate includes our Managed Services segment, as well as Other Surface Transportation outside of North America and other miscellaneous revenues and unallocated corporate expenses. Managed Services provides Transportation Management Services, or Managed TMS®. Other Surface Transportation revenues are primarily earned by Europe Surface Transportation. Europe Surface Transportation provides services similar to NAST across Europe.
The internal reporting of segments is defined, based in part, on the reporting and review process used by our chief operating decision maker, our Chief Executive Officer. The accounting policies of our reporting segments are the same as those described in the summary of significant accounting policies. Segment information for prior years has been retroactively recast to align with current year presentation. Segment information as of, and for the years ended, December 31, 2017, 2016, and 2015 is as follows (dollars in thousands):

Twelve months ended December 31, 2017
 
 
 
 
 
 
 
 
 
 
NAST
 
Global Forwarding
 
Robinson Fresh
 
All Other and Corporate
 
Eliminations
 
Consolidated
Revenues
$
9,728,810

 
$
2,140,987

 
$
2,415,740

 
$
583,843

 
$
—

 
$
14,869,380

  Intersegment revenues (1)
462,390

 
30,198

 
167,292

 
18,174

 
(678,054
)
 
—

Total Revenues
$
10,191,200

 
$
2,171,185

 
$
2,583,032

 
$
602,017

 
$
(678,054
)
 
$
14,869,380

 
 
 
 
 
 
 
 
 
 
 
 
Net Revenues
$
1,525,064

 
$
485,280

 
$
226,059

 
$
131,647

 
$
—

 
$
2,368,050

Operating Income
628,110

 
91,842

 
53,374

 
1,793

 
—

 
775,119

Depreciation and amortization
23,230

 
33,308

 
4,730

 
31,709

 
—

 
92,977

Total assets (2)
2,277,252

 
821,182

 
434,080

 
703,320

 
—

 
4,235,834

Average headcount
6,907

 
4,310

 
957

 
2,513

 
—

 
14,687

 
 
 
 
 
 
 
 
 
 
 
 
Twelve months ended December 31, 2016
 
 
 
 
 
 
 
 
 
 
NAST
 
Global Forwarding
 
Robinson Fresh
 
All Other and Corporate
 
Eliminations
 
Consolidated
Revenues
$
8,737,716

 
$
1,574,686

 
$
2,344,131

 
$
487,880

 
$
—

 
$
13,144,413

  Intersegment revenues (1)
298,438

 
30,311

 
119,403

 
2,211

 
(450,363
)
 
—

Total Revenues
$
9,036,154

 
$
1,604,997

 
$
2,463,534

 
$
490,091

 
$
(450,363
)
 
$
13,144,413

 
 
 
 
 
 
 
 
 
 
 
 
Net Revenues
$
1,524,355

 
$
397,537

 
$
234,794

 
$
120,842

 
$
—

 
$
2,277,528

Operating Income
674,436

 
80,931

 
75,757

 
6,407

 
—

 
837,531

Depreciation and amortization
22,126

 
23,099

 
3,782

 
25,662

 
—

 
74,669

Total assets (2)
2,088,611

 
703,741

 
376,654

 
518,752

 
—

 
3,687,758

Average headcount
6,773

 
3,673

 
942

 
2,282

 
—

 
13,670

 
 
 
 
 
 
 
 
 
 
 
 
Twelve months ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
NAST
 
Global Forwarding
 
Robinson Fresh
 
All Other and Corporate
 
Eliminations
 
Consolidated
Revenues
$
8,968,349

 
$
1,639,944

 
$
2,395,440

 
$
472,351

 
$
—

 
$
13,476,084

  Intersegment revenues (1)
271,557

 
19,102

 
89,033

 
2,107

 
(381,799
)
 
—

Total Revenues
$
9,239,906

 
$
1,659,046

 
$
2,484,473

 
$
474,458

 
$
(381,799
)
 
$
13,476,084

 
 
 
 
 
 
 
 
 
 
 
 
Net Revenues
$
1,564,917

 
$
365,467

 
$
235,334

 
$
102,762

 
$
—

 
$
2,268,480

Operating Income/(Loss)
718,329

 
76,081

 
81,332

 
(17,432
)
 
—

 
858,310

Depreciation and amortization
21,846

 
20,790

 
2,927

 
20,846

 
—

 
66,409

Total assets (2)
1,878,203

 
556,606

 
346,728

 
402,821

 
—

 
3,184,358

Average headcount
6,575

 
3,381

 
892

 
2,054

 
—

 
12,902

__________________________

(1) Intersegment revenues represent the sales between our segments and are eliminated to reconcile to our consolidated results.
(2) 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,
 
2017
 
2016
 
2015
Total revenues
 
 
 
 
 
United States
$
12,865,087

 
$
11,749,602

 
$
12,097,633

Other locations
2,004,293

 
1,394,811

 
1,378,451

Total revenues
$
14,869,380

 
$
13,144,413

 
$
13,476,084

 
 
As of December 31,
 
2017
 
2016
 
2015
Long-lived assets
 
 
 
 
 
United States
$
335,072

 
$
348,299

 
$
320,445

Other locations
107,140

 
96,311

 
24,878

Total long-lived assets
$
442,212

 
$
444,610

 
$
345,323

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS
Accumulated other comprehensive loss is included in the Stockholders’ investment on our consolidated balance sheets. The recorded balance at December 31, 2017, and December 31, 2016, was $18.5 million and $61.4 million, respectively, and is comprised solely of foreign currency translation adjustment.
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers,” and in August 2015 issued ASU 2015-14, which amended the standard as to effective date. The new comprehensive revenue recognition standard will supersede all existing revenue recognition guidance under U.S. GAAP. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to a customer in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The standard requires more detailed disclosures to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. We adopted this new standard effective January 1, 2018 under the modified retrospective transition method with a cumulative adjustment to retained earnings of approximately $10 million.

The adoption of this standard will change the timing of revenue recognition for most of our transportation business from at delivery to over the transit period as our performance obligation is completed. Due to the short transit period of many of our performance obligations, we do not expect this change to have a material impact on our results of operations, financial position, or cash flows once implemented.

The new standard will expand our existing revenue recognition disclosures upon adoption beginning in the first quarter of 2018. In addition, we have identified certain customer contracts in our sourcing business that will change from a principal to an agent relationship under the new standard. This will cause the revenue associated with these contracts to be recognized at the net amount we charge our customers but will have no impact on income from operations.
In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This update requires a lessee to recognize on the balance sheet a liability to make lease payments and a corresponding right-of-use asset. The guidance also requires certain qualitative and quantitative disclosures about the amount, timing, and uncertainty of cash flows arising from leases. This update is effective for annual and interim periods beginning after December 15, 2018, which will require us to adopt these provisions in the first quarter of 2019 using a modified retrospective approach. Early adoption is permitted, although we do not plan to adopt early. We have obligations under lease agreements for facilities and equipment, which are classified as operating leases under the existing lease standard. While we are still evaluating the impact ASU 2016-02 will have on our consolidated results of operations, financial condition, and cash flows, our financial statements will reflect an increase in both assets and liabilities due to the requirement to recognize right-of-use assets and lease liabilities on the consolidated balance sheets for our facility and equipment leases. See Note 7 to our consolidated financial statements which presents our operating lease commitments as of December 31, 2017.

In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718). This update was issued as part of the FASB’s simplification initiative and affects all entities that issue share-based payment awards to their employees. The amendments in this update cover such areas as the recognition of excess tax benefits and deficiencies, the classification of those excess tax benefits on the statement of cash flows, and accounting policy election for forfeitures, the amount an employer can withhold to cover income taxes and still qualify for equity classification, and the classification of those taxes paid on the statement of cash flows. This update is effective for annual and interim periods beginning after December 15, 2016. During the first quarter of 2017, we adopted ASU 2016-09, Compensation - Stock Compensation (Topic 718). The adoption of ASU 2016-09 prospectively impacts the recording of income taxes related to share-based payment awards in our consolidated statement of financial position and results of operations, as well as the operating and financing cash flows on the consolidated statements of cash flows. The magnitude of such impacts are dependent on our future grants of stock-based compensation, our future stock price in relation to the fair value of awards on grant date, and the exercise behavior of our option holders. We prospectively adopted these provisions in the first quarter of 2017. This adoption resulted in a decrease in our provision for income taxes for the year ended December 31, 2017 of $13.7 million.

In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and other (Topic 350). This update simplifies the accounting for goodwill impairment and removes Step 2 of the goodwill impairment test. Instead, if the carrying amount of a reporting unit exceeds its fair value, any impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. Entities will continue to have the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. The ASU is effective for annual and any interim impairment tests for periods beginning after December 15, 2019. Early adoption is permitted for interim and annual goodwill impairment tests performed after January 1, 2017. We early adopted this ASU for our annual impairment test performed on November 30, 2017. There was no impact resulting from this adoption on our consolidated financial statements.

In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting. This update amends the scope of modification accounting for share-based payment arrangements. The ASU provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting under Topic 718. We adopted this new standard effective January 1, 2018. The amendments in this update will be applied prospectively to awards modified on or after January 1, 2018. The future impact of ASU 2017-09 will depend on the nature of future stock award modifications.

In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects From Accumulated Other Comprehensive Income, which amends existing guidance for reporting comprehensive income to reflect changes resulting from the 2017 Tax Act. The amendment provides the option to reclassify stranded tax effects resulting from the 2017 Tax Act and within accumulated other comprehensive income (AOCI) to retained earnings. New disclosures will be required upon adoption, including the accounting policy for releasing income tax effects from AOCI, whether reclassification of stranded income tax effects is elected, and information about other income tax effect reclassifications. The amendment will become effective for us on January 1, 2019, though early adoption is permitted. We are currently evaluating the impact of adopting this standard on our consolidated financial statements and disclosures.
SUPPLEMENTARY DATA (UNAUDITED)
SUPPLEMENTARY DATA (UNAUDITED)
SUPPLEMENTARY DATA (UNAUDITED)
Our unaudited results of operations for each of the quarters in the years ended December 31, 2017 and 2016, are summarized below (in thousands, except per share data). 
2017
 
March 31 (a)
 
June 30
 
September 30
 
December 31 (b)
Revenues:
 
 
 
 
 
 
 
 
Transportation 
 
$
3,102,043

 
$
3,319,995

 
$
3,433,701

 
$
3,647,167

Sourcing
 
313,082

 
390,023

 
350,750

 
312,619

Total revenues
 
3,415,125

 
3,710,018

 
3,784,451

 
3,959,786

Costs and expenses:
 
 
 
 
 
 
 
 
Purchased transportation and related services
 
2,563,885

 
2,781,355

 
2,869,616

 
3,042,434

Purchased products sourced for resale
 
282,674

 
354,874

 
320,989

 
285,503

Personnel expenses
 
290,504

 
284,220

 
293,204

 
311,599

Other selling, general, and administrative expenses
 
90,104

 
107,749

 
106,177

 
109,374

Total costs and expenses
 
3,227,167

 
3,528,198

 
3,589,986

 
3,748,910

Income from operations
 
187,958

 
181,820

 
194,465

 
210,876

Net income
 
$
122,080

 
$
111,071

 
$
119,186

 
$
152,556

Basic net income per share
 
$
0.86

 
$
0.79

 
$
0.85

 
$
1.09

Diluted net income per share
 
$
0.86

 
$
0.78

 
$
0.85

 
$
1.08

Basic weighted average shares outstanding
 
141,484

 
141,061

 
140,422

 
139,572

Dilutive effect of outstanding stock awards
 
374

 
526

 
600

 
1,152

Diluted weighted average shares outstanding
 
141,858

 
141,587

 
141,022

 
140,724

Market price range of common stock:
 
 
 
 
 
 
 
 
High
 
$
81.16

 
$
78.31

 
$
76.16

 
$
89.89

Low
 
$
72.17

 
$
66.33

 
$
63.41

 
$
74.30

__________________________

(a) Our provision for income taxes decreased in the first quarter of 2017 by $13.7 million due to our adoption of ASU 2016-09.
(b) Our provision for income taxes decreased in the fourth quarter by $19.7 million due to the benefit of deductions under section 199 of the Internal Revenue Code and $12.1 million due to the impact of the Tax Act.
2016
 
March 31
 
June 30
 
September 30
 
December 31
Revenues:
 
 
 
 
 
 
 
 
Transportation 
 
$
2,713,688

 
$
2,881,496

 
$
2,998,583

 
$
3,110,978

Sourcing
 
360,255

 
418,245

 
357,171

 
303,997

Total revenues
 
3,073,943

 
3,299,741

 
3,355,754

 
3,414,975

Costs and expenses:
 
 
 
 
 
 
 
 
Purchased transportation and related services
 
2,179,622

 
2,324,995

 
2,469,939

 
2,575,378

Purchased products sourced for resale
 
330,986

 
380,531

 
327,353

 
278,081

Personnel expenses
 
277,497

 
270,251

 
256,883

 
260,305

Other selling, general, and administrative expenses
 
86,886

 
90,217

 
90,312

 
107,646

Total costs and expenses
 
2,874,991

 
3,065,994

 
3,144,487

 
3,221,410

Income from operations
 
198,952

 
233,747

 
211,267

 
193,565

Net income
 
$
118,963

 
$
143,090

 
$
129,028

 
$
122,303

Basic net income per share
 
$
0.83

 
$
1.00

 
$
0.90

 
$
0.86

Diluted net income per share
 
$
0.83

 
$
1.00

 
$
0.90

 
$
0.86

Basic weighted average shares outstanding
 
143,525

 
142,998

 
142,611

 
141,711

Dilutive effect of outstanding stock awards
 
133

 
218

 
272

 
453

Diluted weighted average shares outstanding
 
143,658

 
143,216

 
142,883

 
142,164

Market price range of common stock:
 
 
 
 
 
 
 
 
High
 
$
75.11

 
$
76.10

 
$
75.69

 
$
77.89

Low
 
$
60.31

 
$
69.84

 
$
66.62

 
$
65.57

SCHEDULE II. VALUATION AND QUALIFYING ACCOUNTS
SCHEDULE II. VALUTAION AND QUALIFYING ACCOUNTS
SCHEDULE II. VALUATION AND QUALIFYING ACCOUNTS
Allowance for Doubtful Accounts
The transactions in the allowance for doubtful accounts for the years ended December 31, were as follows (in thousands): 
 
2017
 
2016
 
2015
Balance, beginning of year
$
39,543

 
$
43,455

 
$
41,051

Provision
13,489

 
5,136

 
11,538

Write-offs
(10,623
)
 
(9,048
)
 
(9,134
)
Balance, end of year
$
42,409

 
$
39,543

 
$
43,455









INDEX TO EXHIBITS
 
 
 
Number
  
Description
2.1
 
 
 
 
2.2
 
 
 
 
3.1
  
 
 
3.2
  
 
 
4.1
  
 
 
†10.1
 
 
 
 
†10.2
  
 
 
10.3
 
 
 
 
10.4
 
 
 
10.5
 
 
 
 
10.6
 
 
 
 
10.7
 
 
 
 
10.8
 
 
 
 
10.9
 
 
 
 
10.10
 
 
 
 
10.11
 
 
 
 
†10.12
  
 
 
†10.13
  
 
 
†10.14
  
 
  
 
Number
  
Description
 
 
 
†10.15
  
 
 
†10.16
  
 
 
 
†10.17
  
 
 
 
†10.18
 
 
 
 
†10.19
 
 
 
 
†10.20
 
 
 
 
†10.21
 
 
 
 
†10.22
 
 
 
†10.23
 
 
 
 
†10.24
 
 
 
 
†10.25
 
 
 
 
*21
  
 
 
*23.1
  
 
 
*24
  
 
 
 
*31.1
  
 
 
*31.2
  
 
 
*32.1
  
 
 
*32.2
  
 
 
*101
  
The following financial statements from our Annual Report on Form 10-K for the year ended December 31, 2017, filed on February 28, 2018, formatted in XBRL: (i) Consolidated Statement of Operations and Comprehensive Income for the years ended December 31, 2017, 2016, and 2015, (ii) Consolidated Balance Sheets as of December 31, 2017 and 2016, (iii) Consolidated Statements of Cash Flows for the years ended December 31, 2017 and 2016, (iv) Consolidated Statements of Stockholders’ Investment for the years ended 2017, 2016, and 2015, and (v) the Notes to the Consolidated Financial Statements, tagged as blocks of text

*
Filed herewith
†
Management contract or compensatory plan or arrangement required to be filed as an exhibit to Form 10-K pursuant to Item 15(c) of the Form 10-K Report
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
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, Australia, New Zealand, 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, and our actual results could differ materially from those estimates.
REVENUE RECOGNITION 
REVENUE RECOGNITION. Total revenues consist of the total dollar value of goods and services purchased from us by customers. Our net revenues 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. We act principally as the service provider for these transactions and recognize revenue as these services are rendered or goods are delivered. At that time, our obligations to the transactions are completed and collection of receivables is reasonably assured. 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 the primary obligor, we have credit risk, we have discretion to select the supplier, and we have latitude in pricing decisions. Additionally, in our sourcing business, we take loss of inventory risk during shipment and have general inventory risk. Certain transactions in customs brokerage, managed services, freight forwarding, and sourcing 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.
ALLOWANCE FOR DOUBTFUL ACCOUNTS 
ALLOWANCE FOR DOUBTFUL ACCOUNTS. Accounts receivable are reduced by an allowance for amounts that may become uncollectible in the future. We continuously monitor payments from our customers and maintain a provision for uncollectible accounts based upon our customer aging trends, historical loss experience, and any specific customer collection issues that we have identified.
FOREIGN CURRENCY 
FOREIGN CURRENCY. Most balance sheet accounts of foreign subsidiaries are translated or remeasured at the current exchange rate as of the end of the year. Statement of operations items are translated at average exchange rates during the year. The resulting translation adjustment is recorded net of tax as a separate component of comprehensive income in our statements of operations and comprehensive income in 2015. In 2016, we asserted that we will indefinitely reinvest earnings of foreign subsidiaries to support expansion of our international businesses and now the translation adjustment is recorded gross of related income tax benefits.
CASH AND CASH EQUIVALENTS 
CASH AND CASH EQUIVALENTS. Cash and cash equivalents consist of bank deposits.
PREPAID EXPENSES AND OTHER 
PREPAID EXPENSES AND OTHER. Prepaid expenses and other include such items as prepaid rent, software maintenance contracts, insurance premiums, other prepaid operating expenses, and inventories, consisting primarily of produce and related products held for resale.
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 net 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.

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, and additional impairment assessment is performed (“Step One Analysis”). Refer to Critical Accounting Policies and Estimates.

OTHER INTANGIBLE ASSETS 
OTHER INTANGIBLE ASSETS. Other intangible assets include definite-lived customer lists, non-competition agreements, and indefinite-lived trademarks. The definite-lived intangible assets are being amortized using the straight-line method over their estimated lives, ranging from 5 to 8 years. 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 include such items as purchased and internally developed software, and the investments related to our nonqualified deferred compensation plan. We amortize software using the straight-line method over 3 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 “Noncurrent income taxes payable” in the consolidated balance sheets.
COMPREHENSIVE INCOME 
COMPREHENSIVE INCOME. Our only component of other comprehensive income is foreign currency translation adjustment. It is presented on our consolidated statements of operations and comprehensive income gross of related income tax effects for 2017 and 2016, net of related income tax effects for 2015.
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 15 percent to 21 percent and are calculated using the Black-Scholes option pricing model-protective put method. Changes in measured stock volatility and 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 life, risk-free interest rate, and expected dividends.
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

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers,” and in August 2015 issued ASU 2015-14, which amended the standard as to effective date. The new comprehensive revenue recognition standard will supersede all existing revenue recognition guidance under U.S. GAAP. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to a customer in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The standard requires more detailed disclosures to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. We adopted this new standard effective January 1, 2018 under the modified retrospective transition method with a cumulative adjustment to retained earnings of approximately $10 million.

The adoption of this standard will change the timing of revenue recognition for most of our transportation business from at delivery to over the transit period as our performance obligation is completed. Due to the short transit period of many of our performance obligations, we do not expect this change to have a material impact on our results of operations, financial position, or cash flows once implemented.

The new standard will expand our existing revenue recognition disclosures upon adoption beginning in the first quarter of 2018. In addition, we have identified certain customer contracts in our sourcing business that will change from a principal to an agent relationship under the new standard. This will cause the revenue associated with these contracts to be recognized at the net amount we charge our customers but will have no impact on income from operations.
In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This update requires a lessee to recognize on the balance sheet a liability to make lease payments and a corresponding right-of-use asset. The guidance also requires certain qualitative and quantitative disclosures about the amount, timing, and uncertainty of cash flows arising from leases. This update is effective for annual and interim periods beginning after December 15, 2018, which will require us to adopt these provisions in the first quarter of 2019 using a modified retrospective approach. Early adoption is permitted, although we do not plan to adopt early. We have obligations under lease agreements for facilities and equipment, which are classified as operating leases under the existing lease standard. While we are still evaluating the impact ASU 2016-02 will have on our consolidated results of operations, financial condition, and cash flows, our financial statements will reflect an increase in both assets and liabilities due to the requirement to recognize right-of-use assets and lease liabilities on the consolidated balance sheets for our facility and equipment leases. See Note 7 to our consolidated financial statements which presents our operating lease commitments as of December 31, 2017.

In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718). This update was issued as part of the FASB’s simplification initiative and affects all entities that issue share-based payment awards to their employees. The amendments in this update cover such areas as the recognition of excess tax benefits and deficiencies, the classification of those excess tax benefits on the statement of cash flows, and accounting policy election for forfeitures, the amount an employer can withhold to cover income taxes and still qualify for equity classification, and the classification of those taxes paid on the statement of cash flows. This update is effective for annual and interim periods beginning after December 15, 2016. During the first quarter of 2017, we adopted ASU 2016-09, Compensation - Stock Compensation (Topic 718). The adoption of ASU 2016-09 prospectively impacts the recording of income taxes related to share-based payment awards in our consolidated statement of financial position and results of operations, as well as the operating and financing cash flows on the consolidated statements of cash flows. The magnitude of such impacts are dependent on our future grants of stock-based compensation, our future stock price in relation to the fair value of awards on grant date, and the exercise behavior of our option holders. We prospectively adopted these provisions in the first quarter of 2017. This adoption resulted in a decrease in our provision for income taxes for the year ended December 31, 2017 of $13.7 million.

In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and other (Topic 350). This update simplifies the accounting for goodwill impairment and removes Step 2 of the goodwill impairment test. Instead, if the carrying amount of a reporting unit exceeds its fair value, any impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. Entities will continue to have the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. The ASU is effective for annual and any interim impairment tests for periods beginning after December 15, 2019. Early adoption is permitted for interim and annual goodwill impairment tests performed after January 1, 2017. We early adopted this ASU for our annual impairment test performed on November 30, 2017. There was no impact resulting from this adoption on our consolidated financial statements.

In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting. This update amends the scope of modification accounting for share-based payment arrangements. The ASU provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting under Topic 718. We adopted this new standard effective January 1, 2018. The amendments in this update will be applied prospectively to awards modified on or after January 1, 2018. The future impact of ASU 2017-09 will depend on the nature of future stock award modifications.

In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects From Accumulated Other Comprehensive Income, which amends existing guidance for reporting comprehensive income to reflect changes resulting from the 2017 Tax Act. The amendment provides the option to reclassify stranded tax effects resulting from the 2017 Tax Act and within accumulated other comprehensive income (AOCI) to retained earnings. New disclosures will be required upon adoption, including the accounting policy for releasing income tax effects from AOCI, whether reclassification of stranded income tax effects is elected, and information about other income tax effect reclassifications. The amendment will become effective for us on January 1, 2019, though early adoption is permitted. We are currently evaluating the impact of adopting this standard on our consolidated financial statements and disclosures.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
Schedule of Depreciation Expense 
We recognized the following depreciation expense (in thousands): 
2017
 
$
42,817

2016
 
36,212

2015
 
32,412

Property, Plant and Equipment 
A summary of our property and equipment as of December 31 is as follows (in thousands): 
 
Useful Lives (in years)
 
2017
 
2016
Furniture, fixtures, and equipment
3 to 12
 
$
277,014

 
$
236,180

Buildings
3 to 30
 
130,712

 
130,050

Corporate aircraft
10
 
11,334

 
11,334

Leasehold improvements
3 to 15
 
50,616

 
40,312

Land
 
 
23,658

 
23,635

Construction in progress
 
 
4,575

 
8,534

Less accumulated depreciation
 
 
(267,583
)
 
(217,092
)
Net property and equipment
 
 
$
230,326

 
$
232,953


Schedule of Amortization Expense of Software 
We recognized the following amortization expense of purchased and internally developed software (in thousands): 
2017
 
$
13,887

2016
 
11,404

2015
 
9,624

Schedule of Other Assets, Noncurrent 
A summary of our purchased and internally developed software as of December 31 is as follows (in thousands): 
 
2017
 
2016
Purchased software
$
25,805

 
$
23,753

Internally developed software
55,165

 
51,507

Less accumulated amortization
(54,194
)
 
(47,957
)
Net software
$
26,776

 
$
27,303

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)
Schedule of Goodwill 
The change in the carrying amount of goodwill is as follows (in thousands):
 
 
NAST
 
Global Forwarding
 
Robinson Fresh
 
All Other and Corporate
 
Total
December 31, 2015 balance
 
$
815,639

 
$
142,993

 
$
125,469

 
$
24,236

 
$
1,108,337

Acquisitions
 
97,727

 
17,133

 
15,033

 
2,904

 
132,797

Translation
 
(6,136
)
 
(1,076
)
 
(944
)
 
(182
)
 
(8,338
)
December 31, 2016 balance
 
907,230

 
159,050

 
139,558

 
26,958

 
1,232,796

Acquisitions
 
3,673

 
24,918

 
—

 
—

 
28,591

Translation
 
10,583

 
1,905

 
1,627

 
314

 
14,429

December 31, 2017 balance
 
$
921,486

 
$
185,873

 
$
141,185

 
$
27,272

 
$
1,275,816

Schedule of Intangible Assets 
Identifiable intangible assets consisted of the following at December 31 (in thousands): 
 
2017
 
2016
 
Cost
 
Accumulated Amortization
 
Net
 
Cost
 
Accumulated Amortization
 
Net
Finite-lived intangibles
 
 
 
 
 
 
 
 
 
 
 
Customer relationships
$
263,093

 
$
(122,103
)
 
$
140,990

 
$
244,036

 
$
(87,199
)
 
$
156,837

Non-competition agreements
300

 
(180
)
 
120

 
500

 
(287
)
 
213

Total finite-lived intangibles
263,393

 
(122,283
)
 
141,110

 
244,536

 
(87,486
)
 
157,050

Indefinite-lived intangibles
 
 
 
 
 
 
 
 
 
 
 
Trademarks
10,475

 
—

 
10,475

 
10,475

 
—

 
10,475

Total intangibles
$
273,868

 
$
(122,283
)
 
$
151,585

 
$
255,011

 
$
(87,486
)
 
$
167,525

Schedule of Amortization Expense 
Amortization expense for other intangible assets was (in thousands): 
2017
$
36,273

2016
27,053

2015
24,373

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense 
Finite-lived intangible assets, by reportable segment, as of December 31, 2017, will be amortized over their remaining lives as follows (in thousands):
 
NAST
 
Global Forwarding
 
Robinson Fresh
 
All Other and Corporate
 
Total
2018
$
7,820

 
$
29,297

 
$
—

 
$
41

 
$
37,158

2019
7,820

 
29,297

 
—

 
—

 
37,117

2020
260

 
26,593

 
—

 
—

 
26,853

2021
260

 
13,072

 
—

 
—

 
13,332

2022
260

 
13,072

 
—

 
—

 
13,332

Thereafter
480

 
12,838

 
—

 
—

 
13,318

Total

 
 
 
 
 
 
 
$
141,110

INCOME TAXES (Tables)
Schedule of Income before Income Tax, Domestic and Foreign 
Income before provision for income taxes consisted of (in thousands):
 
 
2017
 
2016
 
2015
Domestic
 
$
638,718

 
$
710,931

 
$
729,390

Foreign
 
89,745

 
101,019

 
93,391

Total
 
$
728,463

 
$
811,950

 
$
822,781

Summary of Income Tax Contingencies 
A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest and penalties, is as follows (in thousands): 
 
2017
 
2016
 
2015
Unrecognized tax benefits, beginning of period
$
12,268

 
$
13,271

 
$
18,274

Additions based on tax positions related to the current year
4,014

 
—

 
1,520

Additions for tax positions of prior years
16,713

 
55

 
—

Reductions for tax positions of prior years
—

 
(211
)
 
(810
)
Lapse in statute of limitations
(1,189
)
 
(847
)
 
(5,188
)
Settlements
—

 
—

 
(525
)
Unrecognized tax benefits, end of the period
$
31,806

 
$
12,268

 
$
13,271

Schedule of Components of Income Tax Expense (Benefit) 
The components of the provision for income taxes consist of the following for the years ended December 31 (in thousands): 
 
2017
 
2016
 
2015
Tax provision:
 
 
 
 
 
Federal
$
189,708

 
$
222,685

 
$
259,793

State
29,320

 
31,786

 
37,129

Foreign
32,638

 
29,086

 
33,255

 
251,666

 
283,557

 
330,177

Deferred provision (benefit):
 
 
 
 
 
Federal
(21,389
)
 
13,936

 
(14,559
)
State
(3,048
)
 
1,986

 
(2,074
)
Foreign
(3,659
)
 
(913
)
 
(462
)
 
(28,096
)
 
15,009

 
(17,095
)
Total provision
$
223,570

 
$
298,566

 
$
313,082

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:  
 
2017
 
2016
 
2015
Federal statutory rate
35.0
 %
 
35.0
 %
 
35.0
%
State income taxes, net of federal benefit
2.6

 
2.7

 
2.8

Tax Act impact
(1.7
)
 
—

 
—

Section 199 deduction
(2.8
)
 
—

 
—

ASU 2016-09 adoption
(1.9
)
 
—

 
—

Other
(0.5
)
 
(0.9
)
 
0.3

Effective income tax rate
30.7
 %
 
36.8
 %
 
38.1
%
Schedule of Deferred Tax Assets and Liabilities 
Deferred tax assets (liabilities) are comprised of the following at December 31 (in thousands): 
 
2017
 
2016
Deferred tax assets:
 
 
 
Compensation
$
52,538

 
$
80,338

Receivables
8,819

 
13,471

Other
7,892

 
11,433

Deferred tax liabilities:
 
 
 
Intangible assets
(81,932
)
 
(131,698
)
Prepaid assets
(8,247
)
 
(14,540
)
Long-lived assets
(15,465
)
 
(21,268
)
Other
(2,090
)
 
(608
)
Net deferred tax liabilities
$
(38,485
)
 
$
(62,872
)
CAPITAL STOCK AND STOCK AWARD PLANS (Tables)
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs 
A summary of our total compensation expense recognized in our consolidated statements of operations and comprehensive income for stock-based compensation is as follows (in thousands):
 
2017
 
2016
 
2015
Stock options
$
10,109

 
$
9,178

 
$
14,607

Stock awards
29,217

 
25,912

 
40,785

Company expense on ESPP discount
2,479

 
2,475

 
2,269

Total stock-based compensation expense
$
41,805

 
$
37,565

 
$
57,661

Schedule of Share-based Compensation, Stock Options, Activity 
The following schedule summarizes stock option activity in the plans. All outstanding unvested options as of December 31, 2017, relate to performance-based grants from 2013 and 2014 and time-based grants from 2015 through 2017.
 
Options
 
Weighted
Average
Exercise
Price
 
Aggregate
Intrinsic
Value
(in thousands)
 
Average
Remaining
Life
(years)
Outstanding at December 31, 2016
7,007,923

 
$
67.00

 
$
43,875

 
7.7
Grants
1,452,765

 
87.11

 
 
 
 
Exercised
(388,135
)
 
63.81

 
 
 
 
Terminated
(690,481
)
 
62.17

 
 
 
 
Outstanding at December 31, 2017
7,382,072

 
$
71.58

 
$
129,295

 
7.6
 
 
 
 
 
 
 
 
Vested at December 31, 2017
2,990,514

 
$
65.79

 
 
 
6.3
Exercisable at December 31, 2017
2,990,514

 
$
65.79

 
 
 
6.3
Schedule of Intrinsic Value of Options Exercised 
Information on the intrinsic value of options exercised is as follows (in thousands):
2017
$
6,026

2016
981

2015
400

Schedule of Share-based Compensation, Activity 
The following table summarizes these unvested stock option grants as of December 31, 2017:
First Vesting Date
 
Last Vesting Date
 
Options
Granted, Net of
Forfeitures
 
Weighted
Average Grant
Date Fair Value
 
Unvested Options
December 31, 2016
 
December 31, 2020
 
1,423,053

 
$
12.66

 
855,984

December 31, 2017
 
December 31, 2021
 
1,253,169

 
$
12.60

 
1,003,429

December 31, 2018
 
December 31, 2022
 
1,446,070

 
$
14.24

 
1,446,070

 
 
 
 
4,122,292

 
$
13.20

 
3,305,483

The following table summarizes performance based restricted shares and restricted stock units by vesting period: 
First Vesting Date
 
Last Vesting Date
 
Performance Shares and Stock Units
Granted, Net of
Forfeitures
 
Weighted
Average Grant
Date Fair Value (1)
 
Unvested Performance Shares and Restricted Stock Units
December 31, 2014
 
December 31, 2018
 
387,587

 
$
46.50

 
109,784

December 31, 2015
 
December 31, 2019
 
329,596

 
60.80

 
175,904

December 31, 2016
 
December 31, 2020
 
392,990

 
51.88

 
309,300

December 31, 2017
 
December 31, 2021
 
343,014

 
64.91

 
312,142

December 31, 2018
 
December 31, 2022
 
308,329

 
74.19

 
308,329

 
 
 
 
1,761,516

 
$
58.71

 
1,215,459

________________________ 
(1)
Amount shown is the weighted average grant date fair value of performance shares and restricted stock units granted, net of forfeitures.
The following table summarizes performance based options by vesting period:
First Vesting Date
 
Last Vesting Date
 
Options
Granted, Net of
Forfeitures
 
Weighted
Average Grant
Date Fair Value
 
Unvested Options
December 31, 2014
 
December 31, 2018
 
1,412,773

 
11.83

 
403,149

December 31, 2015
 
December 31, 2019
 
1,271,223

 
14.17

 
682,926

 
 
 
 
2,683,996

 
$
12.94

 
1,086,075

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions 
The fair value per option was estimated using the Black-Scholes option pricing model with the following assumptions: 
 
2017 Grants
 
2016 Grants
 
2015 Grants
Risk-free interest rate
2.27-2.28%

 
2.13-2.14%

 
1.95-1.96%

Dividend per share (quarterly amounts)
$0.45-0.46

 
$0.43-0.45

 
$0.38-0.43

Expected volatility factor
19.0-21.5%

 
20.0-21.5%

 
22.0-24.0%

Expected option term
6.20 years

 
6.26 years

 
6.29 years

Weighted average fair value per option
$
14.23

 
$
12.60

 
$
12.68

Schedule of Nonvested Restricted Stock Units Activity 
The following table summarizes our unvested performance based restricted shares and restricted stock unit grants as of December 31, 2017: 
 
Number of 
Shares and Restricted Stock Units
 
Weighted Average
Grant Date Fair Value
Unvested at December 31, 2016
1,245,175

 
$
55.90

Granted
310,071

 
74.14

Vested
(121,030
)
 
55.77

Forfeitures
(218,757
)
 
49.51

Unvested at December 31, 2017
1,215,459

 
$
61.71

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity 
The following table summarizes these unvested restricted share and restricted stock unit grants as of December 31, 2017: 
 
Number of Restricted
Shares and Stock Units
 
Weighted Average
Grant Date Fair Value
Unvested at December 31, 2016
1,240,156

 
$
56.70

Granted
280,097

 
74.17

Vested
(386,859
)
 
54.39

Forfeitures
(75,944
)
 
56.41

Unvested at December 31, 2017
1,057,450

 
$
62.20

Schedule Of Fair Value Stock Awards Vested 
A summary of the fair value of full value awards vested (in thousands): 
2017
$
29,217

2016
25,912

2015
40,785

Schedule of Share-based Compensation, 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
2017
 
215,613

 
$
14,048

 
$
2,479

2016
 
225,241

 
14,032

 
2,475

2015
 
228,103

 
13,045

 
2,269

Share Repurchase Program Disclosure 
The activity under this authorization is as follows (dollar amounts in thousands):
 
 
Shares Repurchased
 
Total Value of Shares
Repurchased
2013 Program
 
 
 
 
2013 Repurchases
 
930,075

 
$
57,689

2014 Repurchases
 
3,763,583

 
239,037

2015 Repurchases
 
3,420,681

 
232,113

2016 Repurchases
 
2,467,097

 
176,676

2017 Repurchases
 
2,426,407

 
179,985

COMMITMENTS AND CONTINGENCIES (Tables)
Schedule of Costs of Retirement Plans 
Defined contribution plan expense, including matching contributions, was approximately (in thousands): 
2017
$
27,530

2016
25,740

2015
46,507

Schedule of Lease Expenses 
Information regarding our lease expense is as follows (in thousands): 
2017
$
60,864

2016
55,170

2015
56,210

Operating Leases of Lessee Disclosure 
Minimum future lease commitments under noncancelable lease agreements in excess of one year as of December 31, 2017, are as follows (in thousands):
2018
$
51,273

2019
46,172

2020
39,825

2021
29,851

2022
22,807

Thereafter
92,797

Total
$
282,725

ACQUISITIONS (Tables)
Schedule of Finite-Lived Intangible Assets by Major Class 
Identifiable intangible assets and estimated useful lives are as follows (dollars in thousands):
 
Estimated Life (years)
 
 
Customer relationships
7
 
$
78,842

Identifiable intangible assets and estimated useful lives are as follows (dollars in thousands):
 
Estimated Life (years)
 
 
Customer relationships
7
 
$
14,004

Following are the details of the purchase price allocated to the intangible assets acquired (dollars in thousands):
 
Estimated Life (years)
 
 
Customer relationships
5
 
$
37,500

Noncompete agreements
5
 
300

Total identifiable intangible assets
 
 
$
37,800

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed 
The following is a summary of the allocation of purchase price consideration to the estimated fair value of net assets for the acquisition of APC (in thousands):
Cash and cash equivalents
$
10,181

Receivables
37,190

Other current assets
2,609

Property and equipment
1,696

Identifiable intangible assets
78,842

Goodwill
132,797

Other noncurrent assets
70

Long term deferred tax asset
814

Total assets
264,199

 
 
Accounts payable
(22,147
)
Accrued expenses
(12,700
)
Net assets acquired
$
229,352

The following is a summary of the allocation of purchase consideration to the estimated fair value of net assets for the acquisition of Freightquote (in thousands):
Cash and cash equivalents
$
29,302

Receivables
56,228

Other current assets
2,395

Property and equipment
43,687

Identifiable intangible assets
37,800

Goodwill
287,220

Trademarks
8,600

Other noncurrent assets
3,421

Total assets
468,653

 
 
Accounts payable
(44,622
)
Accrued expenses
(5,485
)
Other liabilities
(19,939
)
Net assets acquired
$
398,607

SEGMENT REPORTING (Tables)
Summary of Segment Information 
Segment information as of, and for the years ended, December 31, 2017, 2016, and 2015 is as follows (dollars in thousands):

Twelve months ended December 31, 2017
 
 
 
 
 
 
 
 
 
 
NAST
 
Global Forwarding
 
Robinson Fresh
 
All Other and Corporate
 
Eliminations
 
Consolidated
Revenues
$
9,728,810

 
$
2,140,987

 
$
2,415,740

 
$
583,843

 
$
—

 
$
14,869,380

  Intersegment revenues (1)
462,390

 
30,198

 
167,292

 
18,174

 
(678,054
)
 
—

Total Revenues
$
10,191,200

 
$
2,171,185

 
$
2,583,032

 
$
602,017

 
$
(678,054
)
 
$
14,869,380

 
 
 
 
 
 
 
 
 
 
 
 
Net Revenues
$
1,525,064

 
$
485,280

 
$
226,059

 
$
131,647

 
$
—

 
$
2,368,050

Operating Income
628,110

 
91,842

 
53,374

 
1,793

 
—

 
775,119

Depreciation and amortization
23,230

 
33,308

 
4,730

 
31,709

 
—

 
92,977

Total assets (2)
2,277,252

 
821,182

 
434,080

 
703,320

 
—

 
4,235,834

Average headcount
6,907

 
4,310

 
957

 
2,513

 
—

 
14,687

 
 
 
 
 
 
 
 
 
 
 
 
Twelve months ended December 31, 2016
 
 
 
 
 
 
 
 
 
 
NAST
 
Global Forwarding
 
Robinson Fresh
 
All Other and Corporate
 
Eliminations
 
Consolidated
Revenues
$
8,737,716

 
$
1,574,686

 
$
2,344,131

 
$
487,880

 
$
—

 
$
13,144,413

  Intersegment revenues (1)
298,438

 
30,311

 
119,403

 
2,211

 
(450,363
)
 
—

Total Revenues
$
9,036,154

 
$
1,604,997

 
$
2,463,534

 
$
490,091

 
$
(450,363
)
 
$
13,144,413

 
 
 
 
 
 
 
 
 
 
 
 
Net Revenues
$
1,524,355

 
$
397,537

 
$
234,794

 
$
120,842

 
$
—

 
$
2,277,528

Operating Income
674,436

 
80,931

 
75,757

 
6,407

 
—

 
837,531

Depreciation and amortization
22,126

 
23,099

 
3,782

 
25,662

 
—

 
74,669

Total assets (2)
2,088,611

 
703,741

 
376,654

 
518,752

 
—

 
3,687,758

Average headcount
6,773

 
3,673

 
942

 
2,282

 
—

 
13,670

 
 
 
 
 
 
 
 
 
 
 
 
Twelve months ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
NAST
 
Global Forwarding
 
Robinson Fresh
 
All Other and Corporate
 
Eliminations
 
Consolidated
Revenues
$
8,968,349

 
$
1,639,944

 
$
2,395,440

 
$
472,351

 
$
—

 
$
13,476,084

  Intersegment revenues (1)
271,557

 
19,102

 
89,033

 
2,107

 
(381,799
)
 
—

Total Revenues
$
9,239,906

 
$
1,659,046

 
$
2,484,473

 
$
474,458

 
$
(381,799
)
 
$
13,476,084

 
 
 
 
 
 
 
 
 
 
 
 
Net Revenues
$
1,564,917

 
$
365,467

 
$
235,334

 
$
102,762

 
$
—

 
$
2,268,480

Operating Income/(Loss)
718,329

 
76,081

 
81,332

 
(17,432
)
 
—

 
858,310

Depreciation and amortization
21,846

 
20,790

 
2,927

 
20,846

 
—

 
66,409

Total assets (2)
1,878,203

 
556,606

 
346,728

 
402,821

 
—

 
3,184,358

Average headcount
6,575

 
3,381

 
892

 
2,054

 
—

 
12,902

__________________________

(1) Intersegment revenues represent the sales between our segments and are eliminated to reconcile to our consolidated results.
(2) All cash and cash equivalents and certain owned properties are included in All Other and Corporate.
Schedule Of 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,
 
2017
 
2016
 
2015
Total revenues
 
 
 
 
 
United States
$
12,865,087

 
$
11,749,602

 
$
12,097,633

Other locations
2,004,293

 
1,394,811

 
1,378,451

Total revenues
$
14,869,380

 
$
13,144,413

 
$
13,476,084

 
 
As of December 31,
 
2017
 
2016
 
2015
Long-lived assets
 
 
 
 
 
United States
$
335,072

 
$
348,299

 
$
320,445

Other locations
107,140

 
96,311

 
24,878

Total long-lived assets
$
442,212

 
$
444,610

 
$
345,323

SUPPLEMENTARY DATA (UNAUDITED) (Tables)
Schedule of Quarterly Financial Information
Our unaudited results of operations for each of the quarters in the years ended December 31, 2017 and 2016, are summarized below (in thousands, except per share data). 
2017
 
March 31 (a)
 
June 30
 
September 30
 
December 31 (b)
Revenues:
 
 
 
 
 
 
 
 
Transportation 
 
$
3,102,043

 
$
3,319,995

 
$
3,433,701

 
$
3,647,167

Sourcing
 
313,082

 
390,023

 
350,750

 
312,619

Total revenues
 
3,415,125

 
3,710,018

 
3,784,451

 
3,959,786

Costs and expenses:
 
 
 
 
 
 
 
 
Purchased transportation and related services
 
2,563,885

 
2,781,355

 
2,869,616

 
3,042,434

Purchased products sourced for resale
 
282,674

 
354,874

 
320,989

 
285,503

Personnel expenses
 
290,504

 
284,220

 
293,204

 
311,599

Other selling, general, and administrative expenses
 
90,104

 
107,749

 
106,177

 
109,374

Total costs and expenses
 
3,227,167

 
3,528,198

 
3,589,986

 
3,748,910

Income from operations
 
187,958

 
181,820

 
194,465

 
210,876

Net income
 
$
122,080

 
$
111,071

 
$
119,186

 
$
152,556

Basic net income per share
 
$
0.86

 
$
0.79

 
$
0.85

 
$
1.09

Diluted net income per share
 
$
0.86

 
$
0.78

 
$
0.85

 
$
1.08

Basic weighted average shares outstanding
 
141,484

 
141,061

 
140,422

 
139,572

Dilutive effect of outstanding stock awards
 
374

 
526

 
600

 
1,152

Diluted weighted average shares outstanding
 
141,858

 
141,587

 
141,022

 
140,724

Market price range of common stock:
 
 
 
 
 
 
 
 
High
 
$
81.16

 
$
78.31

 
$
76.16

 
$
89.89

Low
 
$
72.17

 
$
66.33

 
$
63.41

 
$
74.30

__________________________

(a) Our provision for income taxes decreased in the first quarter of 2017 by $13.7 million due to our adoption of ASU 2016-09.
(b) Our provision for income taxes decreased in the fourth quarter by $19.7 million due to the benefit of deductions under section 199 of the Internal Revenue Code and $12.1 million due to the impact of the Tax Act.
2016
 
March 31
 
June 30
 
September 30
 
December 31
Revenues:
 
 
 
 
 
 
 
 
Transportation 
 
$
2,713,688

 
$
2,881,496

 
$
2,998,583

 
$
3,110,978

Sourcing
 
360,255

 
418,245

 
357,171

 
303,997

Total revenues
 
3,073,943

 
3,299,741

 
3,355,754

 
3,414,975

Costs and expenses:
 
 
 
 
 
 
 
 
Purchased transportation and related services
 
2,179,622

 
2,324,995

 
2,469,939

 
2,575,378

Purchased products sourced for resale
 
330,986

 
380,531

 
327,353

 
278,081

Personnel expenses
 
277,497

 
270,251

 
256,883

 
260,305

Other selling, general, and administrative expenses
 
86,886

 
90,217

 
90,312

 
107,646

Total costs and expenses
 
2,874,991

 
3,065,994

 
3,144,487

 
3,221,410

Income from operations
 
198,952

 
233,747

 
211,267

 
193,565

Net income
 
$
118,963

 
$
143,090

 
$
129,028

 
$
122,303

Basic net income per share
 
$
0.83

 
$
1.00

 
$
0.90

 
$
0.86

Diluted net income per share
 
$
0.83

 
$
1.00

 
$
0.90

 
$
0.86

Basic weighted average shares outstanding
 
143,525

 
142,998

 
142,611

 
141,711

Dilutive effect of outstanding stock awards
 
133

 
218

 
272

 
453

Diluted weighted average shares outstanding
 
143,658

 
143,216

 
142,883

 
142,164

Market price range of common stock:
 
 
 
 
 
 
 
 
High
 
$
75.11

 
$
76.10

 
$
75.69

 
$
77.89

Low
 
$
60.31

 
$
69.84

 
$
66.62

 
$
65.57

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Depreciation Expense (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Accounting Policies [Abstract]
 
 
 
Depreciation expense
$ 42,817 
$ 36,212 
$ 32,412 
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of Property and Equipment (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Property, Plant and Equipment [Line Items]
 
 
Property and equipment
$ 497,909 
$ 450,045 
Less accumulated depreciation
(267,583)
(217,092)
Net property and equipment
230,326 
232,953 
Furniture, fixtures, and equipment
 
 
Property, Plant and Equipment [Line Items]
 
 
Property and equipment
277,014 
236,180 
Furniture, fixtures, and equipment |
Minimum
 
 
Property, Plant and Equipment [Line Items]
 
 
Useful Lives (in years)
3 years 
 
Furniture, fixtures, and equipment |
Maximum
 
 
Property, Plant and Equipment [Line Items]
 
 
Useful Lives (in years)
12 years 
 
Buildings
 
 
Property, Plant and Equipment [Line Items]
 
 
Property and equipment
130,712 
130,050 
Buildings |
Minimum
 
 
Property, Plant and Equipment [Line Items]
 
 
Useful Lives (in years)
3 years 
 
Buildings |
Maximum
 
 
Property, Plant and Equipment [Line Items]
 
 
Useful Lives (in years)
30 years 
 
Corporate aircraft
 
 
Property, Plant and Equipment [Line Items]
 
 
Useful Lives (in years)
10 years 
 
Property and equipment
11,334 
11,334 
Leasehold improvements
 
 
Property, Plant and Equipment [Line Items]
 
 
Property and equipment
50,616 
40,312 
Leasehold improvements |
Minimum
 
 
Property, Plant and Equipment [Line Items]
 
 
Useful Lives (in years)
3 years 
 
Leasehold improvements |
Maximum
 
 
Property, Plant and Equipment [Line Items]
 
 
Useful Lives (in years)
15 years 
 
Land
 
 
Property, Plant and Equipment [Line Items]
 
 
Property and equipment
23,658 
23,635 
Construction in progress
 
 
Property, Plant and Equipment [Line Items]
 
 
Property and equipment
$ 4,575 
$ 8,534 
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details)
12 Months Ended
Dec. 31, 2017
Stock Option
 
Significant Accounting Policies [Line Items]
 
Stock award, vesting period
5 years 
Full Value Awards
 
Significant Accounting Policies [Line Items]
 
Stock award, vesting period
5 years 
Software
 
Significant Accounting Policies [Line Items]
 
Intangible assets, estimated lives
3 years 
Minimum
 
Significant Accounting Policies [Line Items]
 
Intangible assets, estimated lives
5 years 
Minimum |
Full Value Awards
 
Significant Accounting Policies [Line Items]
 
Restricted shares and restricted units grants, discount for post-vesting holding restrictions
15.00% 
Maximum
 
Significant Accounting Policies [Line Items]
 
Intangible assets, estimated lives
8 years 
Maximum |
Full Value Awards
 
Significant Accounting Policies [Line Items]
 
Restricted shares and restricted units grants, discount for post-vesting holding restrictions
21.00% 
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Amortization Expense of Purchased and Internally Developed Software (Details) (Software, USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Software
 
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
 
Amortization expense
$ 13,887 
$ 11,404 
$ 9,624 
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of Purchased and Internally Developed Software (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2017
Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
 
 
Less accumulated amortization
$ (122,283)
$ (87,486)
Net
141,110 
157,050 
Software
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Less accumulated amortization
(54,194)
(47,957)
Net
26,776 
27,303 
Software |
Purchased software
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Software
25,805 
23,753 
Software |
Internally developed software
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Software
$ 55,165 
$ 51,507 
GOODWILL AND OTHER INTANGIBLE ASSETS - Change in the Carrying Amount of Goodwill (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Goodwill [Roll Forward]
 
 
Balance, beginning of year
$ 1,232,796 
$ 1,108,337 
Acquisitions
28,591 
132,797 
Translation
14,429 
(8,338)
Balance, end of year
1,275,816 
1,232,796 
NAST
 
 
Goodwill [Roll Forward]
 
 
Balance, beginning of year
907,230 
815,639 
Acquisitions
3,673 
97,727 
Translation
10,583 
(6,136)
Balance, end of year
921,486 
907,230 
Global Forwarding
 
 
Goodwill [Roll Forward]
 
 
Balance, beginning of year
159,050 
142,993 
Acquisitions
24,918 
17,133 
Translation
1,905 
(1,076)
Balance, end of year
185,873 
159,050 
Robinson Fresh
 
 
Goodwill [Roll Forward]
 
 
Balance, beginning of year
139,558 
125,469 
Acquisitions
0 
15,033 
Translation
1,627 
(944)
Balance, end of year
141,185 
139,558 
All Other and Corporate
 
 
Goodwill [Roll Forward]
 
 
Balance, beginning of year
26,958 
24,236 
Acquisitions
0 
2,904 
Translation
314 
(182)
Balance, end of year
$ 27,272 
$ 26,958 
GOODWILL AND OTHER INTANGIBLE ASSETS - Summary of Intangible Assets (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2017
Dec. 31, 2016
Finite-lived intangibles
 
 
Finite-lived intangibles, Cost
$ 263,393 
$ 244,536 
Accumulated Amortization
(122,283)
(87,486)
Net
141,110 
157,050 
Indefinite-lived intangibles
 
 
Total intangibles, Cost
273,868 
255,011 
Total intangibles, Net
151,585 
167,525 
Trademarks
 
 
Indefinite-lived intangibles
 
 
Indefinite-lived intangibles
10,475 
10,475 
Customer relationships
 
 
Finite-lived intangibles
 
 
Finite-lived intangibles, Cost
263,093 
244,036 
Accumulated Amortization
(122,103)
(87,199)
Net
140,990 
156,837 
Noncompete agreements
 
 
Finite-lived intangibles
 
 
Finite-lived intangibles, Cost
300 
500 
Accumulated Amortization
(180)
(287)
Net
$ 120 
$ 213 
GOODWILL AND OTHER INTANGIBLE ASSETS - Amortization Expense of Other Intangible Assets (Details) (Other Intangible Assets, USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Other Intangible Assets
 
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
 
Amortization expense
$ 36,273 
$ 27,053 
$ 24,373 
GOODWILL AND OTHER INTANGIBLE ASSETS - Estimated Amortization Expense on Intangible Assets (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2017
Dec. 31, 2016
Estimated amortization expense
 
 
2018
$ 37,158 
 
2019
37,117 
 
2020
26,853 
 
2021
13,332 
 
2022
13,332 
 
Thereafter
13,318 
 
Net
141,110 
157,050 
NAST
 
 
Estimated amortization expense
 
 
2018
7,820 
 
2019
7,820 
 
2020
260 
 
2021
260 
 
2022
260 
 
Thereafter
480 
 
Global Forwarding
 
 
Estimated amortization expense
 
 
2018
29,297 
 
2019
29,297 
 
2020
26,593 
 
2021
13,072 
 
2022
13,072 
 
Thereafter
12,838 
 
Robinson Fresh
 
 
Estimated amortization expense
 
 
2018
0 
 
2019
0 
 
2020
0 
 
2021
0 
 
2022
0 
 
Thereafter
0 
 
All Other and Corporate
 
 
Estimated amortization expense
 
 
2018
41 
 
2019
0 
 
2020
0 
 
2021
0 
 
2022
0 
 
Thereafter
$ 0 
 
FAIR VALUE MEASUREMENT - Additional Information (Details) (Level 3, USD $)
Dec. 31, 2017
Dec. 31, 2016
Level 3
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Liabilities and assets at fair value
$ 0 
$ 0 
FINANCING ARRANGEMENTS - Additional Information (Details) (USD $)
12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2017
Level 2
Dec. 31, 2016
Level 2
Dec. 31, 2017
Senior Unsecured Revolving Credit Facility 2017 Term Loan
Unsecured Debt
Dec. 31, 2016
Senior Unsecured Revolving Credit Facility 2017 Term Loan
Unsecured Debt
Dec. 31, 2014
Senior Unsecured Revolving Credit Facility 2017 Term Loan
Unsecured Debt
Oct. 29, 2012
Senior Unsecured Revolving Credit Facility 2017 Term Loan
Unsecured Debt
Dec. 31, 2017
Senior Unsecured Revolving Credit Facility 2017 Term Loan
Unsecured Debt
Current Liability
Dec. 31, 2016
Senior Unsecured Revolving Credit Facility 2017 Term Loan
Unsecured Debt
Current Liability
Dec. 31, 2017
Senior Unsecured Revolving Credit Facility 2017 Term Loan
Unsecured Debt
Federal Funds Rate
Dec. 31, 2017
Senior Unsecured Revolving Credit Facility 2017 Term Loan
Unsecured Debt
London Interbank Offered Rate (LIBOR)
Aug. 23, 2013
Series A Notes
Senior Notes
Aug. 23, 2013
Series B Notes
Senior Notes
Aug. 23, 2013
Series C Notes
Senior Notes
Dec. 31, 2017
Note Purchase Agreement
Senior Notes
Dec. 31, 2017
Receivables Securitization Facility
Secured Debt
The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch and Wells Fargo Bank, National Association
Apr. 26, 2017
Receivables Securitization Facility
Secured Debt
The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch and Wells Fargo Bank, National Association
Dec. 31, 2017
Receivables Securitization Facility
Line of Credit
London Interbank Offered Rate (LIBOR)
Secured Debt
The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch and Wells Fargo Bank, National Association
Debt Instrument [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Line of credit facility, maximum borrowing capacity
 
 
 
 
 
 
$ 900,000,000 
$ 500,000,000 
 
 
 
 
 
 
 
 
 
$ 250,000,000.0 
 
Additional borrowing capacity credit facility
 
 
 
 
 
 
 
500,000,000 
 
 
 
 
 
 
 
 
 
 
 
Current portion of debt
715,000,000 
740,000,000 
 
 
 
 
 
 
715,000,000 
740,000,000 
 
 
 
 
 
 
 
 
 
Borrowing availability
 
 
 
 
185,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt instrument, basis spread on variable rate
 
 
 
 
 
 
 
 
 
 
0.50% 
1.125% 
 
 
 
 
 
 
1.95% 
Debt instrument, interest rate during period
 
 
 
 
2.20% 
1.50% 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt, weighted average interest rate
 
 
 
 
2.70% 
1.90% 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt instrument, covenant, leverage ratio, minimum
 
 
 
 
0.65 
 
 
 
 
 
 
 
 
 
 
0.65 
 
 
 
Debt instrument, covenant, leverage debt to EBITDA ratio, maximum
 
 
 
 
3.00 
 
 
 
 
 
 
 
 
 
 
3.00 
 
 
 
Debt instrument, face amount
 
 
 
 
 
 
 
 
 
 
 
 
175,000,000 
150,000,000 
175,000,000 
 
 
 
 
Debt instrument, interest rate, stated percentage
 
 
 
 
 
 
 
 
 
 
 
 
3.97% 
4.26% 
4.60% 
 
 
 
 
Debt instrument, interest expense ratio, maximum
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2.00 
 
 
 
Debt instrument, priority debt, percentage
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
15.00% 
 
 
 
Debt instrument, redemption price, percentage
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
100.00% 
 
 
 
Long-term debt fair value
 
 
546,600,000 
528,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Borrowing outstanding
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 250,000,000 
 
 
INCOME TAXES - Additional Information (Details) (USD $)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
 
 
 
Tax Cuts and Jobs Act of 2017, Provisional income tax benefit
$ 12,100,000 
 
 
Tax Cuts and Jobs Act, deferred tax assets and liabilities, income tax benefit
22,900,000 
 
 
Tax Cuts and Jobs Act, other impact, provisional income tax expense
6,800,000 
 
 
Tax Cuts and Jobs Act, transition tax, income tax expense
4,000,000 
 
 
Tax benefit for qualified production activity
19,700,000 
 
 
Provision for income taxes
223,570,000 
298,566,000 
313,082,000 
Tax benefit related to earnings from foreign subsidiaries
3,700,000 
 
 
Increase in income tax payable due to repatriation of foreign earnings
12,100,000 
 
 
Unrecognized tax benefits and related interest and penalties, all of which would affect our effective tax rate if recognized
38,600,000 
 
 
Interest and penalties recognized
700,000 
900,000 
1,200,000 
Interest and penalties accrued
6,800,000 
6,600,000 
 
Tax Cuts and Jobs Act, Change in Tax Rate, deferred tax asset, decrease in provision
(34,400,000)
 
 
Tax Cuts and Jobs Act, Change in Tax Rate, deferred tax liability, income tax benefit
57,300,000 
 
 
Foreign net operating loss carryforwards tax effect
10,900,000 
9,000,000 
 
Accounting Standards Update 2016-09
 
 
 
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
 
 
 
Provision for income taxes
$ 13,700,000 
 
 
INCOME TAXES - Schedule of Earnings Before Income Tax Expense (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Income Tax Disclosure [Abstract]
 
 
 
Domestic
$ 638,718 
$ 710,931 
$ 729,390 
Foreign
89,745 
101,019 
93,391 
Income before provision for income taxes
$ 728,463 
$ 811,950 
$ 822,781 
INCOME TAXES - Reconciliation of Unrecognized Tax Benefits, Excluding Interest and Penalties (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
 
 
 
Unrecognized tax benefits, beginning of period
$ 12,268 
$ 13,271 
$ 18,274 
Additions based on tax positions related to the current year
4,014 
0 
1,520 
Additions for tax positions of prior years
16,713 
55 
0 
Reductions for tax positions of prior years
0 
(211)
(810)
Lapse in statute of limitations
(1,189)
(847)
(5,188)
Settlements
0 
0 
(525)
Unrecognized tax benefits, end of the period
$ 31,806 
$ 12,268 
$ 13,271 
INCOME TAXES - Components of the Provision for Income Taxes (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Tax provision:
 
 
 
Federal
$ 189,708 
$ 222,685 
$ 259,793 
State
29,320 
31,786 
37,129 
Foreign
32,638 
29,086 
33,255 
Current income tax expense (benefit), total
251,666 
283,557 
330,177 
Deferred provision (benefit):
 
 
 
Federal
(21,389)
13,936 
(14,559)
State
(3,048)
1,986 
(2,074)
Foreign
(3,659)
(913)
(462)
Deferred provision (benefit), total
(28,096)
15,009 
(17,095)
Total provision
$ 223,570 
$ 298,566 
$ 313,082 
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, 2017
Dec. 31, 2016
Dec. 31, 2015
Income Tax Disclosure [Abstract]
 
 
 
Federal statutory rate
35.00% 
35.00% 
35.00% 
State income taxes, net of federal benefit
2.60% 
2.70% 
2.80% 
Tax Act impact
(1.70%)
0.00% 
0.00% 
Section 199 deduction
(2.80%)
0.00% 
0.00% 
ASU 2016-09 adoption
(1.90%)
0.00% 
0.00% 
Other
(0.50%)
(0.90%)
0.30% 
Effective income tax rate
30.70% 
36.80% 
38.10% 
INCOME TAXES - Deferred Tax Assets (Liabilities) (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2017
Dec. 31, 2016
Deferred tax assets:
 
 
Compensation
$ 52,538 
$ 80,338 
Receivables
8,819 
13,471 
Other
7,892 
11,433 
Deferred tax liabilities:
 
 
Intangible assets
(81,932)
(131,698)
Prepaid assets
(8,247)
(14,540)
Long-lived assets
(15,465)
(21,268)
Other
(2,090)
(608)
Net deferred tax liabilities
$ (38,485)
$ (62,872)
CAPITAL STOCK AND STOCK AWARD PLANS - Additional Information (Details) (USD $)
12 Months Ended 12 Months Ended 12 Months Ended
Dec. 31, 2017
vote
Dec. 31, 2016
Dec. 31, 2017
2013 Program
Dec. 31, 2013
2013 Program
Dec. 31, 2017
Stock Option
May 12, 2016
Stock Option
Dec. 31, 2017
Performance Shares
Dec. 31, 2016
Performance Shares
Dec. 31, 2015
Performance Shares
Dec. 31, 2017
Full Value Awards
Dec. 31, 2017
Full Value Awards
Minimum
Dec. 31, 2017
Full Value Awards
Maximum
Compensation Related Costs Share Based Payments Disclosure [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
Preferred stock, shares authorized (in shares)
20,000,000 
20,000,000 
 
 
 
 
 
 
 
 
 
 
Preferred stock, par value (in dollars per share)
$ 0.10 
$ 0.10 
 
 
 
 
 
 
 
 
 
 
Preferred stock, shares outstanding (in shares)
0 
0 
 
 
 
 
 
 
 
 
 
 
Common stock, shares authorized (in shares)
480,000,000 
480,000,000 
 
 
 
 
 
 
 
 
 
 
Common stock, par value (in dollars per share)
$ 0.10 
$ 0.10 
 
 
 
 
 
 
 
 
 
 
Entitled vote for each share of Common Stock (vote)
1 
 
 
 
 
 
 
 
 
 
 
 
Maximum shares that can be granted under stock plan (in shares)
 
 
 
 
 
13,041,803 
 
 
 
 
 
 
Shares available for stock awards (in shares)
 
 
 
 
2,920,099 
 
 
 
 
 
 
 
Stock award, vesting period
 
 
 
 
5 years 
 
 
 
 
5 years 
 
 
Unrecognized compensation expense
 
 
 
 
$ 58,400,000 
 
 
 
 
$ 140,800,000 
 
 
Antidilutive securities excluded from computation of earnings per share (in shares)
1,357,290 
 
 
 
 
 
 
 
 
 
 
 
Options issued during period (in shares)
 
 
 
 
 
 
0 
0 
0 
 
 
 
Restricted shares and restricted units grants, discount for post-vesting holding restrictions
 
 
 
 
 
 
 
 
 
 
15.00% 
21.00% 
Maximum employee contribution to purchase company stock
$ 10,000 
 
 
 
 
 
 
 
 
 
 
 
Discount rate used to determine the purchase price
15.00% 
 
 
 
 
 
 
 
 
 
 
 
Number of shares authorized to be repurchased (in shares)
 
 
 
15,000,000 
 
 
 
 
 
 
 
 
Shares remaining for repurchase under authorization (in shares)
 
 
1,992,157 
 
 
 
 
 
 
 
 
 
CAPITAL STOCK AND STOCK AWARD PLANS - Summary of Total Compensation Expense Recognized in Statements of Operations for Stock-Based Compensation (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Stock-based compensation expense
$ 41,805 
$ 37,565 
$ 57,661 
Stock options
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Stock-based compensation expense
10,109 
9,178 
14,607 
Stock awards
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Stock-based compensation expense
29,217 
25,912 
40,785 
Company expense on ESPP discount
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Stock-based compensation expense
$ 2,479 
$ 2,475 
$ 2,269 
CAPITAL STOCK AND STOCK AWARD PLANS - Summary of Stock Option Activity (Details) (USD $)
In Thousands, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Options
 
 
Outstanding, Beginning Balance (in shares)
7,007,923 
 
Grants (in shares)
1,452,765 
 
Exercised (in shares)
(388,135)
 
Terminated (in shares)
(690,481)
 
Outstanding, Ending Balance (in shares)
7,382,072 
7,007,923 
Vested (in shares)
2,990,514 
 
Exercisable (in shares)
2,990,514 
 
Weighted Average Exercise Price
 
 
Outstanding, Beginning Balance (in dollars per share)
$ 67.00 
 
Grants (in dollars per share)
$ 87.11 
 
Exercised (in dollars per share)
$ 63.81 
 
Terminated (in dollars per share)
$ 62.17 
 
Outstanding, Ending Balance (in dollars per share)
$ 71.58 
$ 67.00 
Vested (in dollars per share)
$ 65.79 
 
Exercisable (in dollars per share)
$ 65.79 
 
Aggregate Intrinsic Value (in thousands)
 
 
Aggregate Intrinsic Value, outstanding options
$ 129,295 
$ 43,875 
Average Remaining Life (years)
 
 
Average Remaining Life, outstanding options
7 years 7 months 6 days 
7 years 8 months 12 days 
Vested
6 years 3 months 19 days 
 
Exercisable
6 years 3 months 19 days 
 
CAPITAL STOCK AND STOCK AWARD PLANS - Intrinsic Value of Options Exercised (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
 
 
 
Intrinsic value
$ 6,026 
$ 981 
$ 400 
CAPITAL STOCK AND STOCK AWARD PLANS - Summary of Stock Options Grants by First Vesting Date (Details) (USD $)
12 Months Ended
Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Options Granted, Net of Forfeitures (in shares)
4,122,292 
Weighted Average Grant Date Fair Value (in dollars per share)
$ 13.20 
Unvested Options (in shares)
3,305,483 
December 31, 2016
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Options Granted, Net of Forfeitures (in shares)
1,423,053 
Weighted Average Grant Date Fair Value (in dollars per share)
$ 12.66 
Unvested Options (in shares)
855,984 
December 31, 2017
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Options Granted, Net of Forfeitures (in shares)
1,253,169 
Weighted Average Grant Date Fair Value (in dollars per share)
$ 12.60 
Unvested Options (in shares)
1,003,429 
December 31, 2018
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Options Granted, Net of Forfeitures (in shares)
1,446,070 
Weighted Average Grant Date Fair Value (in dollars per share)
$ 14.24 
Unvested Options (in shares)
1,446,070 
Performance Shares
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Options Granted, Net of Forfeitures (in shares)
2,683,996 
Weighted Average Grant Date Fair Value (in dollars per share)
$ 12.94 
Unvested Options (in shares)
1,086,075 
Performance Shares |
December 31, 2014
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Options Granted, Net of Forfeitures (in shares)
1,412,773 
Weighted Average Grant Date Fair Value (in dollars per share)
$ 11.83 
Unvested Options (in shares)
403,149 
Performance Shares |
December 31, 2015
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Options Granted, Net of Forfeitures (in shares)
1,271,223 
Weighted Average Grant Date Fair Value (in dollars per share)
$ 14.17 
Unvested Options (in shares)
682,926 
CAPITAL STOCK AND STOCK AWARD PLANS - Assumptions Used in Estimating the Fair Value Per Option (Details)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Risk-free interest rate, minimum
2.27% 
2.13% 
1.95% 
Risk-free interest rate, maximum
2.28% 
2.14% 
1.96% 
Expected volatilty factor, minimum
19.00% 
20.00% 
22.00% 
Expected volatility factor maximum
21.50% 
21.50% 
24.00% 
Expected option term
6 years 2 months 12 days 
6 years 3 months 4 days 
6 years 3 months 15 days 
Weighted average fair value per option (in dollars per share)
$ 14.23 
$ 12.60 
$ 12.68 
Minimum
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Dividend per share (quarterly amounts) (in dollars per share)
$ 0.45 
$ 0.43 
$ 0.38 
Maximum
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Dividend per share (quarterly amounts) (in dollars per share)
$ 0.46 
$ 0.45 
$ 0.43 
CAPITAL STOCK AND STOCK AWARD PLANS - Summary of Nonvested Performance-Based Restricted Stock Grants (Details) (USD $)
12 Months Ended
Dec. 31, 2017
Number of Shares and Restricted Stock Units
 
Unvested, Ending Balance (in shares)
1,215,459 
Weighted Average Grant Date Fair Value
 
Unvested, Ending Balance (in dollars per share)
$ 58.71 
Performance Based Restricted Stock and Restricted Stock Units
 
Number of Shares and Restricted Stock Units
 
Unvested, Beginning Balance (in shares)
1,245,175 
Granted (in shares)
310,071 
Vested (in shares)
(121,030)
Forfeitures (in shares)
(218,757)
Unvested, Ending Balance (in shares)
1,215,459 
Weighted Average Grant Date Fair Value
 
Unvested, Beginning Balance (in dollars per share)
$ 55.90 
Granted (in dollars per share)
$ 74.14 
Vested (in dollars per share)
$ 55.77 
Forfeitures (in dollars per share)
$ 49.51 
Unvested, Ending Balance (in dollars per share)
$ 61.71 
CAPITAL STOCK AND STOCK AWARD PLANS - Summary of Performance Based Shares and Units by First Vesting Date (Details) (USD $)
12 Months Ended
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)
1,761,516 
Weighted average grant date fair value (in dollars per share)
$ 58.71 
Unvested performance shares and restricted stock units (in shares)
1,215,459 
December 31, 2014
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Performance shares and stock units granted, net of forfeitures (in shares)
387,587 
Weighted average grant date fair value (in dollars per share)
$ 46.50 
Unvested performance shares and restricted stock units (in shares)
109,784 
December 31, 2015
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Performance shares and stock units granted, net of forfeitures (in shares)
329,596 
Weighted average grant date fair value (in dollars per share)
$ 60.80 
Unvested performance shares and restricted stock units (in shares)
175,904 
December 31, 2016
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Performance shares and stock units granted, net of forfeitures (in shares)
392,990 
Weighted average grant date fair value (in dollars per share)
$ 51.88 
Unvested performance shares and restricted stock units (in shares)
309,300 
December 31, 2017
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Performance shares and stock units granted, net of forfeitures (in shares)
343,014 
Weighted average grant date fair value (in dollars per share)
$ 64.91 
Unvested performance shares and restricted stock units (in shares)
312,142 
December 31, 2018
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Performance shares and stock units granted, net of forfeitures (in shares)
308,329 
Weighted average grant date fair value (in dollars per share)
$ 74.19 
Unvested performance shares and restricted stock units (in shares)
308,329 
CAPITAL STOCK AND STOCK AWARD PLANS - Summary of Nonvested Restricted Stock Grants (Details) (USD $)
12 Months Ended
Dec. 31, 2017
Number of Restricted Shares and Stock Units
 
Unvested, Ending Balance (in shares)
1,215,459 
Weighted Average Grant Date Fair Value
 
Unvested, Ending Balance (in dollars per share)
$ 58.71 
Restricted Stock and Restricted Stock Units
 
Number of Restricted Shares and Stock Units
 
Unvested, Beginning Balance (in shares)
1,240,156 
Granted (in shares)
280,097 
Vested (in shares)
(386,859)
Forfeitures (in shares)
(75,944)
Unvested, Ending Balance (in shares)
1,057,450 
Weighted Average Grant Date Fair Value
 
Unvested, Beginning Balance (in dollars per share)
$ 56.70 
Granted (in dollars per share)
$ 74.17 
Vested (in dollars per share)
$ 54.39 
Forfeitures (in dollars per share)
$ 56.41 
Unvested, Ending Balance (in dollars per share)
$ 62.20 
CAPITAL STOCK AND STOCK AWARD PLANS - Summary of Fair Value of Full Value Stock Vested (Details) (Full Value Awards, USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Full Value Awards
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Fair value
$ 29,217 
$ 25,912 
$ 40,785 
CAPITAL STOCK AND STOCK AWARD PLANS - Summary of Employee Stock Purchase Plan Activity (Details) (USD $)
In Thousands, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Shares Purchased By Employees (in shares)
215,613 
225,241 
228,103 
Aggregate Cost to Employees
$ 14,048 
$ 14,032 
$ 13,045 
Expense Recognized By the Company
41,805 
37,565 
57,661 
Company expense on ESPP discount
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Expense Recognized By the Company
$ 2,479 
$ 2,475 
$ 2,269 
CAPITAL STOCK AND STOCK AWARD PLANS - Share Repurchase Programs Activity (Details) (USD $)
In Thousands, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Compensation Related Costs Share Based Payments Disclosure [Line Items]
 
 
 
 
 
Total Value of Shares Repurchased
$ 179,985 
$ 176,676 
$ 232,113 
 
 
2013 Program
 
 
 
 
 
Compensation Related Costs Share Based Payments Disclosure [Line Items]
 
 
 
 
 
Shares Repurchased (in shares)
2,426,407 
2,467,097 
3,420,681 
3,763,583 
930,075 
Total Value of Shares Repurchased
$ 179,985 
$ 176,676 
$ 232,113 
$ 239,037 
$ 57,689 
COMMITMENTS AND CONTINGENCIES - Profit-Sharing Plan Expense, Including Matching Contributions (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
 
 
 
Profit-sharing plan expense
$ 27,530 
$ 25,740 
$ 46,507 
COMMITMENTS AND CONTINGENCIES - Additional Information (Details)
12 Months Ended
Dec. 31, 2017
case
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2018
Subsequent Event
Loss Contingencies [Line Items]
 
 
 
 
Defined contribution match
4.00% 
4.00% 
4.00% 
4.00% 
Pending litigation claims, number (case)
16 
 
 
 
COMMITMENTS AND CONTINGENCIES - Lease Expense (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
 
 
 
Lease expense
$ 60,864 
$ 55,170 
$ 56,210 
COMMITMENTS AND CONTINGENCIES - Minimum Future Lease Commitments Under Noncancelable Lease Agreements (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
 
2018
$ 51,273 
2019
46,172 
2020
39,825 
2021
29,851 
2022
22,807 
Thereafter
92,797 
Total
$ 282,725 
ACQUISITIONS - Additional Information (Details) (USD $)
12 Months Ended 0 Months Ended 12 Months Ended 0 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Aug. 31, 2017
Milgram & Company Ltd.
Dec. 31, 2017
Milgram & Company Ltd.
Sep. 30, 2016
APC Logistics
Jan. 1, 2015
Freightquote
Jan. 1, 2015
Freightquote
Trademarks
Business Acquisition [Line Items]
 
 
 
 
 
 
 
 
Purchase consideration, net of cash acquired
$ 49,068,000 
$ 220,203,000 
$ 369,833,000 
$ 47,300,000 
 
 
 
 
Goodwill recorded in acquisition
28,591,000 
132,797,000 
 
 
28,600,000 
 
 
 
Payments to acquire business
 
 
 
 
 
229,400,000 
398,600,000 
 
Indefinite-lived intangible assets acquired
 
 
 
 
 
 
 
$ 8,600,000 
ACQUISITIONS - Summary of Identifiable Intangible Assets and Estimated Useful Lives (Details) (USD $)
In Thousands, unless otherwise specified
0 Months Ended 0 Months Ended 0 Months Ended 0 Months Ended
Aug. 31, 2017
Milgram & Company Ltd.
Customer relationships
Aug. 31, 2017
Milgram & Company Ltd.
Customer relationships
Sep. 30, 2016
APC Logistics
Sep. 30, 2016
APC Logistics
Customer relationships
Sep. 30, 2016
APC Logistics
Customer relationships
Jan. 1, 2015
Freightquote
Jan. 1, 2015
Freightquote
Customer relationships
Jan. 1, 2015
Freightquote
Customer relationships
Jan. 1, 2015
Freightquote
Noncompete agreements
Jan. 1, 2015
Freightquote
Noncompete agreements
Business Acquisition [Line Items]
 
 
 
 
 
 
 
 
 
 
Estimated Life (years)
7 years 
 
 
7 years 
 
 
5 years 
 
5 years 
 
Identifiable intangible assets
 
$ 14,004 
$ 78,842 
 
$ 78,842 
$ 37,800 
 
$ 37,500 
 
$ 300 
ACQUISITIONS - Summary of Purchase Allocation (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Sep. 30, 2016
APC Logistics
Jan. 1, 2015
Freightquote
Business Acquisition [Line Items]
 
 
 
 
 
Cash and cash equivalents
 
 
 
$ 10,181 
$ 29,302 
Receivables
 
 
 
37,190 
56,228 
Other current assets
 
 
 
2,609 
 
Other current assets
 
 
 
 
2,395 
Property and equipment
 
 
 
1,696 
43,687 
Identifiable intangible assets
 
 
 
78,842 
37,800 
Goodwill
1,275,816 
1,232,796 
1,108,337 
132,797 
287,220 
Trademarks
 
 
 
 
8,600 
Other noncurrent assets
 
 
 
70 
3,421 
Long term deferred tax asset
 
 
 
814 
 
Total assets
 
 
 
264,199 
468,653 
Accounts payable
 
 
 
(22,147)
(44,622)
Accrued expenses
 
 
 
(12,700)
(5,485)
Other liabilities
 
 
 
 
(19,939)
Net assets acquired
 
 
 
$ 229,352 
$ 398,607 
SEGMENT REPORTING - Additional Information (Details)
12 Months Ended
Dec. 31, 2017
segment
Segment Reporting [Abstract]
 
Number of reportable segments (segment)
3 
SEGMENT REPORTING - Summary of Segment Information (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total Revenues
$ 3,959,786 
$ 3,784,451 
$ 3,710,018 
$ 3,415,125 
$ 3,414,975 
$ 3,355,754 
$ 3,299,741 
$ 3,073,943 
$ 14,869,380 
$ 13,144,413 
$ 13,476,084 
Net Revenues
 
 
 
 
 
 
 
 
2,368,050 
2,277,528 
2,268,480 
Operating Income
210,876 
194,465 
181,820 
187,958 
193,565 
211,267 
233,747 
198,952 
775,119 
837,531 
858,310 
Depreciation and amortization
 
 
 
 
 
 
 
 
92,977 
74,669 
66,409 
Total assets
4,235,834 
 
 
 
3,687,758 
 
 
 
4,235,834 
3,687,758 
3,184,358 
Weighted Average
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Average headcount (employee)
 
 
 
 
 
 
 
 
14,687 
13,670 
12,902 
NAST
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total Revenues
 
 
 
 
 
 
 
 
10,191,200 
9,036,154 
9,239,906 
Net Revenues
 
 
 
 
 
 
 
 
1,525,064 
1,524,355 
1,564,917 
Operating Income
 
 
 
 
 
 
 
 
628,110 
674,436 
718,329 
Depreciation and amortization
 
 
 
 
 
 
 
 
23,230 
22,126 
21,846 
Total assets
2,277,252 
 
 
 
2,088,611 
 
 
 
2,277,252 
2,088,611 
1,878,203 
NAST |
Weighted Average
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Average headcount (employee)
 
 
 
 
 
 
 
 
6,907 
6,773 
6,575 
Global Forwarding
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total Revenues
 
 
 
 
 
 
 
 
2,171,185 
1,604,997 
1,659,046 
Net Revenues
 
 
 
 
 
 
 
 
485,280 
397,537 
365,467 
Operating Income
 
 
 
 
 
 
 
 
91,842 
80,931 
76,081 
Depreciation and amortization
 
 
 
 
 
 
 
 
33,308 
23,099 
20,790 
Total assets
821,182 
 
 
 
703,741 
 
 
 
821,182 
703,741 
556,606 
Global Forwarding |
Weighted Average
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Average headcount (employee)
 
 
 
 
 
 
 
 
4,310 
3,673 
3,381 
Robinson Fresh
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total Revenues
 
 
 
 
 
 
 
 
2,583,032 
2,463,534 
2,484,473 
Net Revenues
 
 
 
 
 
 
 
 
226,059 
234,794 
235,334 
Operating Income
 
 
 
 
 
 
 
 
53,374 
75,757 
81,332 
Depreciation and amortization
 
 
 
 
 
 
 
 
4,730 
3,782 
2,927 
Total assets
434,080 
 
 
 
376,654 
 
 
 
434,080 
376,654 
346,728 
Robinson Fresh |
Weighted Average
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Average headcount (employee)
 
 
 
 
 
 
 
 
957 
942 
892 
All Other and Corporate
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total Revenues
 
 
 
 
 
 
 
 
602,017 
490,091 
474,458 
Net Revenues
 
 
 
 
 
 
 
 
131,647 
120,842 
102,762 
Operating Income
 
 
 
 
 
 
 
 
1,793 
6,407 
(17,432)
Depreciation and amortization
 
 
 
 
 
 
 
 
31,709 
25,662 
20,846 
Total assets
703,320 
 
 
 
518,752 
 
 
 
703,320 
518,752 
402,821 
All Other and Corporate |
Weighted Average
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Average headcount (employee)
 
 
 
 
 
 
 
 
2,513 
2,282 
2,054 
Operating Segments
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total Revenues
 
 
 
 
 
 
 
 
14,869,380 
13,144,413 
13,476,084 
Operating Segments |
NAST
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total Revenues
 
 
 
 
 
 
 
 
9,728,810 
8,737,716 
8,968,349 
Operating Segments |
Global Forwarding
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total Revenues
 
 
 
 
 
 
 
 
2,140,987 
1,574,686 
1,639,944 
Operating Segments |
Robinson Fresh
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total Revenues
 
 
 
 
 
 
 
 
2,415,740 
2,344,131 
2,395,440 
Operating Segments |
All Other and Corporate
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total Revenues
 
 
 
 
 
 
 
 
583,843 
487,880 
472,351 
Eliminations
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total Revenues
 
 
 
 
 
 
 
 
(678,054)
(450,363)
(381,799)
Eliminations |
NAST
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total Revenues
 
 
 
 
 
 
 
 
462,390 
298,438 
271,557 
Eliminations |
Global Forwarding
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total Revenues
 
 
 
 
 
 
 
 
30,198 
30,311 
19,102 
Eliminations |
Robinson Fresh
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total Revenues
 
 
 
 
 
 
 
 
167,292 
119,403 
89,033 
Eliminations |
All Other and Corporate
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total Revenues
 
 
 
 
 
 
 
 
$ 18,174 
$ 2,211 
$ 2,107 
SEGMENT REPORTING - Total Revenues Based on Location of the Customer and Long-Lived Assets by Geographic Regions (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Total revenues
 
 
 
 
 
 
 
 
 
 
 
Total Revenues
$ 3,959,786 
$ 3,784,451 
$ 3,710,018 
$ 3,415,125 
$ 3,414,975 
$ 3,355,754 
$ 3,299,741 
$ 3,073,943 
$ 14,869,380 
$ 13,144,413 
$ 13,476,084 
Long-lived assets
 
 
 
 
 
 
 
 
 
 
 
Total long-lived assets
442,212 
 
 
 
444,610 
 
 
 
442,212 
444,610 
345,323 
United States
 
 
 
 
 
 
 
 
 
 
 
Total revenues
 
 
 
 
 
 
 
 
 
 
 
Total Revenues
 
 
 
 
 
 
 
 
12,865,087 
11,749,602 
12,097,633 
Long-lived assets
 
 
 
 
 
 
 
 
 
 
 
Total long-lived assets
335,072 
 
 
 
348,299 
 
 
 
335,072 
348,299 
320,445 
Other locations
 
 
 
 
 
 
 
 
 
 
 
Total revenues
 
 
 
 
 
 
 
 
 
 
 
Total Revenues
 
 
 
 
 
 
 
 
2,004,293 
1,394,811 
1,378,451 
Long-lived assets
 
 
 
 
 
 
 
 
 
 
 
Total long-lived assets
$ 107,140 
 
 
 
$ 96,311 
 
 
 
$ 107,140 
$ 96,311 
$ 24,878 
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2017
Dec. 31, 2016
Accumulated other comprehensive loss [Abstract]
 
 
Accumulated other comprehensive loss
$ (18,500)
$ (61,442)
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS - Additional Information (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2017
Accounting Standards Update 2016-09
Jan. 1, 2018
Difference between Revenue Guidance in Effect before and after Topic 606
Accounting Standards Update 2014-09
Pro Forma
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
 
 
 
 
 
Retained earnings
$ 3,437,093 
$ 3,190,578 
 
 
$ 10,000 
Excess tax benefit on stock-based compensation
$ 13,657 
$ 18,462 
$ 8,548 
$ 13,700 
 
SUPPLEMENTARY DATA (UNAUDITED) - Summary of Unaudited Results of Operations for Each Quarter (Details) (USD $)
Share data in Thousands, except Per Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Revenues:
 
 
 
 
 
 
 
 
 
 
 
Transportation
$ 3,647,167,000 
$ 3,433,701,000 
$ 3,319,995,000 
$ 3,102,043,000 
$ 3,110,978,000 
$ 2,998,583,000 
$ 2,881,496,000 
$ 2,713,688,000 
$ 13,502,906,000 
$ 11,704,745,000 
$ 11,989,780,000 
Sourcing
312,619,000 
350,750,000 
390,023,000 
313,082,000 
303,997,000 
357,171,000 
418,245,000 
360,255,000 
1,366,474,000 
1,439,668,000 
1,486,304,000 
Total revenues
3,959,786,000 
3,784,451,000 
3,710,018,000 
3,415,125,000 
3,414,975,000 
3,355,754,000 
3,299,741,000 
3,073,943,000 
14,869,380,000 
13,144,413,000 
13,476,084,000 
Costs and expenses:
 
 
 
 
 
 
 
 
 
 
 
Purchased transportation and related services
3,042,434,000 
2,869,616,000 
2,781,355,000 
2,563,885,000 
2,575,378,000 
2,469,939,000 
2,324,995,000 
2,179,622,000 
11,257,290,000 
9,549,934,000 
9,842,271,000 
Purchased products sourced for resale
285,503,000 
320,989,000 
354,874,000 
282,674,000 
278,081,000 
327,353,000 
380,531,000 
330,986,000 
1,244,040,000 
1,316,951,000 
1,365,333,000 
Personnel expenses
311,599,000 
293,204,000 
284,220,000 
290,504,000 
260,305,000 
256,883,000 
270,251,000 
277,497,000 
1,179,527,000 
1,064,936,000 
1,051,410,000 
Other selling, general, and administrative expenses
109,374,000 
106,177,000 
107,749,000 
90,104,000 
107,646,000 
90,312,000 
90,217,000 
86,886,000 
413,404,000 
375,061,000 
358,760,000 
Total costs and expenses
3,748,910,000 
3,589,986,000 
3,528,198,000 
3,227,167,000 
3,221,410,000 
3,144,487,000 
3,065,994,000 
2,874,991,000 
14,094,261,000 
12,306,882,000 
12,617,774,000 
Income from operations
210,876,000 
194,465,000 
181,820,000 
187,958,000 
193,565,000 
211,267,000 
233,747,000 
198,952,000 
775,119,000 
837,531,000 
858,310,000 
Net income
152,556,000 
119,186,000 
111,071,000 
122,080,000 
122,303,000 
129,028,000 
143,090,000 
118,963,000 
504,893,000 
513,384,000 
509,699,000 
Basic net income per share (in dollars per share)
$ 1.09 
$ 0.85 
$ 0.79 
$ 0.86 
$ 0.86 
$ 0.90 
$ 1.00 
$ 0.83 
$ 3.59 
$ 3.60 
$ 3.52 
Diluted net income per share (in dollars per share)
$ 1.08 
$ 0.85 
$ 0.78 
$ 0.86 
$ 0.86 
$ 0.90 
$ 1.00 
$ 0.83 
$ 3.57 
$ 3.59 
$ 3.51 
Basic weighted average shares outstanding (in shares)
139,572 
140,422 
141,061 
141,484 
141,711 
142,611 
142,998 
143,525 
140,610 
142,706 
144,967 
Dilutive effect of outstanding stock awards (in shares)
1,152 
600 
526 
374 
453 
272 
218 
133 
772 
285 
382 
Diluted weighted average shares outstanding (in shares)
140,724 
141,022 
141,587 
141,858 
142,164 
142,883 
143,216 
143,658 
141,382 
142,991 
145,349 
Market price range of common stock:
 
 
 
 
 
 
 
 
 
 
 
High (in dollars per share)
$ 89.89 
$ 76.16 
$ 78.31 
$ 81.16 
$ 77.89 
$ 75.69 
$ 76.10 
$ 75.11 
 
 
 
Low (in dollars per share)
$ 74.30 
$ 63.41 
$ 66.33 
$ 72.17 
$ 65.57 
$ 66.62 
$ 69.84 
$ 60.31 
 
 
 
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Provision for income taxes
 
 
 
 
 
 
 
 
223,570,000 
298,566,000 
313,082,000 
Tax benefit for qualified production activity
 
 
 
 
 
 
 
 
19,700,000 
 
 
Tax Cuts and Jobs Act of 2017, Provisional income tax benefit
 
 
 
 
 
 
 
 
12,100,000 
 
 
Accounting Standards Update 2016-09
 
 
 
 
 
 
 
 
 
 
 
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Provision for income taxes
 
 
 
 
 
 
 
 
$ 13,700,000 
 
 
SCHEDULE II. VALUATION AND QUALIFYING ACCOUNTS - Transactions in the Allowance for Doubtful Accounts (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Movement in Valuation Allowances and Reserves [Roll Forward]
 
 
 
Balance, beginning of year
$ 39,543 
$ 43,455 
$ 41,051 
Provision
13,489 
5,136 
11,538 
Write-offs
(10,623)
(9,048)
(9,134)
Balance, end of year
$ 42,409 
$ 39,543 
$ 43,455