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Business Segment Information | 9 Months Ended
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Sep. 30, 2018
Segment Reporting [Abstract] |
Business Segment Information | Business Segment Information The Company is organized functionally in geographic operating segments. Accordingly, management focuses its attention on revenues, net revenues 1, operating income, identifiable assets, capital expenditures, depreciation and amortization and equity generated in each of these geographical areas when evaluating the effectiveness of geographic management. Transactions among the Company’s various offices are conducted using the same arms-length pricing methodologies the Company uses when its offices transact business with independent agents. Certain costs are allocated among the segments based on the relative value of the underlying services, which can include allocation based on actual costs incurred or estimated cost plus a profit margin. Financial information regarding the Company’s operations by geographic area is as follows:
(in thousands) | UNITED STATES |  | OTHER NORTH AMERICA |  | LATIN AMERICA |  | NORTH ASIA |  | SOUTH ASIA |  | EUROPE |  | MIDDLE EAST, AFRICA AND INDIA |  | ELIMI- NATIONS |  | CONSOLI- DATED
Three months ended September 30, 2018: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from unaffiliated customers | $ | 597,183 |  |  | 88,877 |  |  | 39,389 |  |  | 741,997 |  |  | 198,537 |  |  | 312,724 |  |  | 112,240 |  |  | — |  |  | 2,090,947 |
Transfers between geographic areas | 31,860 |  |  | 3,998 |  |  | 4,054 |  |  | 6,592 |  |  | 6,855 |  |  | 14,488 |  |  | 5,807 |  |  | (73,654 | ) |  | — |
Total revenues | $ | 629,043 |  |  | 92,875 |  |  | 43,443 |  |  | 748,589 |  |  | 205,392 |  |  | 327,212 |  |  | 118,047 |  |  | (73,654 | ) |  | 2,090,947 |
Net revenues 1 | $ | 283,807 |  |  | 34,411 |  |  | 15,808 |  |  | 146,890 |  |  | 47,166 |  |  | 99,794 |  |  | 34,055 |  |  | (617 | ) |  | 661,314 |
Operating income | $ | 79,567 |  |  | 10,476 |  |  | 2,409 |  |  | 72,823 |  |  | 15,543 |  |  | 15,658 |  |  | 6,671 |  |  | 7 |  |  | 203,154 |
Identifiable assets at period end | $ | 1,694,556 |  |  | 174,402 |  |  | 53,322 |  |  | 540,465 |  |  | 156,887 |  |  | 508,855 |  |  | 212,817 |  |  | (6,504 | ) |  | 3,334,800 |
Capital expenditures | $ | 6,889 |  |  | 301 |  |  | 227 |  |  | 1,280 |  |  | 910 |  |  | 751 |  |  | 1,375 |  |  | — |  |  | 11,733 |
Depreciation and amortization | $ | 8,185 |  |  | 497 |  |  | 375 |  |  | 1,319 |  |  | 554 |  |  | 1,958 |  |  | 447 |  |  | — |  |  | 13,335 |
Equity | $ | 1,334,952 |  |  | 66,399 |  |  | 25,663 |  |  | 197,939 |  |  | 86,048 |  |  | 157,973 |  |  | 119,718 |  |  | (31,360 | ) |  | 1,957,332 |
Three months ended September 30, 2017: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from unaffiliated customers | $ | 476,575 |  |  | 65,544 |  |  | 24,181 |  |  | 686,915 |  |  | 170,225 |  |  | 273,606 |  |  | 105,120 |  |  | — |  |  | 1,802,166 |
Transfers between geographic areas | 26,888 |  |  | 2,782 |  |  | 3,679 |  |  | 5,253 |  |  | 5,681 |  |  | 10,302 |  |  | 5,318 |  |  | (59,903 | ) |  | — |
Total revenues | $ | 503,463 |  |  | 68,326 |  |  | 27,860 |  |  | 692,168 |  |  | 175,906 |  |  | 283,908 |  |  | 110,438 |  |  | (59,903 | ) |  | 1,802,166 |
Net revenues 1 | $ | 257,030 |  |  | 30,664 |  |  | 14,710 |  |  | 138,667 |  |  | 41,411 |  |  | 85,390 |  |  | 29,956 |  |  | 1,314 |  |  | 599,142 |
Operating income | $ | 74,645 |  |  | 9,215 |  |  | 2,652 |  |  | 72,070 |  |  | 11,697 |  |  | 11,124 |  |  | 5,495 |  |  | (3 | ) |  | 186,895 |
Identifiable assets at period end | $ | 1,636,293 |  |  | 100,651 |  |  | 52,238 |  |  | 446,826 |  |  | 143,893 |  |  | 473,509 |  |  | 212,210 |  |  | 3,261 |  |  | 3,068,881 |
Capital expenditures | $ | 7,398 |  |  | 263 |  |  | 2,436 |  |  | 589 |  |  | 390 |  |  | 23,138 |  |  | 248 |  |  | — |  |  | 34,462 |
Depreciation and amortization | $ | 7,905 |  |  | 405 |  |  | 310 |  |  | 1,313 |  |  | 569 |  |  | 1,309 |  |  | 461 |  |  | — |  |  | 12,272 |
Equity | $ | 1,345,266 |  |  | 52,212 |  |  | 25,709 |  |  | 231,831 |  |  | 102,477 |  |  | 139,688 |  |  | 119,649 |  |  | (35,751 | ) |  | 1,981,081 |
(in thousands) | UNITED STATES |  | OTHER NORTH AMERICA |  | LATIN AMERICA |  | NORTH ASIA |  | SOUTH ASIA |  | EUROPE |  | MIDDLE EAST, AFRICA AND INDIA |  | ELIMI- NATIONS |  | CONSOLI- DATED
Nine months ended September 30, 2018: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from unaffiliated customers | $ | 1,699,323 |  |  | 245,670 |  |  | 110,808 |  |  | 2,046,670 |  |  | 539,833 |  |  | 934,466 |  |  | 325,998 |  |  | — |  |  | 5,902,768 |
Transfers between geographic areas | 91,546 |  |  | 11,536 |  |  | 11,362 |  |  | 18,735 |  |  | 20,237 |  |  | 43,501 |  |  | 16,591 |  |  | (213,508 | ) |  | — |
Total revenues | $ | 1,790,869 |  |  | 257,206 |  |  | 122,170 |  |  | 2,065,405 |  |  | 560,070 |  |  | 977,967 |  |  | 342,589 |  |  | (213,508 | ) |  | 5,902,768 |
Net revenues 1 | $ | 832,872 |  |  | 99,607 |  |  | 46,476 |  |  | 424,681 |  |  | 136,458 |  |  | 300,800 |  |  | 100,381 |  |  | (1,577 | ) |  | 1,939,698 |
Operating income | $ | 212,843 |  |  | 29,571 |  |  | 7,480 |  |  | 213,105 |  |  | 44,049 |  |  | 51,894 |  |  | 20,599 |  |  | 15 |  |  | 579,556 |
Identifiable assets at period end | $ | 1,694,556 |  |  | 174,402 |  |  | 53,322 |  |  | 540,465 |  |  | 156,887 |  |  | 508,855 |  |  | 212,817 |  |  | (6,504 | ) |  | 3,334,800 |
Capital expenditures | $ | 16,092 |  |  | 4,020 |  |  | 899 |  |  | 2,623 |  |  | 1,934 |  |  | 9,167 |  |  | 2,907 |  |  | — |  |  | 37,642 |
Depreciation and amortization | $ | 25,397 |  |  | 1,368 |  |  | 1,138 |  |  | 3,998 |  |  | 1,679 |  |  | 5,889 |  |  | 1,364 |  |  | — |  |  | 40,833 |
Equity | $ | 1,334,952 |  |  | 66,399 |  |  | 25,663 |  |  | 197,939 |  |  | 86,048 |  |  | 157,973 |  |  | 119,718 |  |  | (31,360 | ) |  | 1,957,332 |
Nine months ended September 30, 2017: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from unaffiliated customers | $ | 1,354,811 |  |  | 187,997 |  |  | 69,747 |  |  | 1,873,393 |  |  | 475,163 |  |  | 764,596 |  |  | 293,870 |  |  | — |  |  | 5,019,577 |
Transfers between geographic areas | 79,356 |  |  | 8,246 |  |  | 11,073 |  |  | 15,139 |  |  | 16,520 |  |  | 29,288 |  |  | 15,316 |  |  | (174,938 | ) |  | — |
Total revenues | $ | 1,434,167 |  |  | 196,243 |  |  | 80,820 |  |  | 1,888,532 |  |  | 491,683 |  |  | 793,884 |  |  | 309,186 |  |  | (174,938 | ) |  | 5,019,577 |
Net revenues 1 | $ | 737,842 |  |  | 84,630 |  |  | 43,634 |  |  | 371,459 |  |  | 117,634 |  |  | 242,244 |  |  | 89,973 |  |  | 2,964 |  |  | 1,690,380 |
Operating income | $ | 191,256 |  |  | 26,583 |  |  | 8,349 |  |  | 183,515 |  |  | 37,434 |  |  | 36,189 |  |  | 17,928 |  |  | (5 | ) |  | 501,249 |
Identifiable assets at period end | $ | 1,636,293 |  |  | 100,651 |  |  | 52,238 |  |  | 446,826 |  |  | 143,893 |  |  | 473,509 |  |  | 212,210 |  |  | 3,261 |  |  | 3,068,881 |
Capital expenditures | $ | 19,492 |  |  | 1,066 |  |  | 3,648 |  |  | 2,492 |  |  | 1,172 |  |  | 38,717 |  |  | 1,016 |  |  | — |  |  | 67,603 |
Depreciation and amortization | $ | 23,389 |  |  | 1,163 |  |  | 930 |  |  | 3,995 |  |  | 1,656 |  |  | 3,707 |  |  | 1,401 |  |  | — |  |  | 36,241 |
Equity | $ | 1,345,266 |  |  | 52,212 |  |  | 25,709 |  |  | 231,831 |  |  | 102,477 |  |  | 139,688 |  |  | 119,649 |  |  | (35,751 | ) |  | 1,981,081 |
_______________________ 1 Net revenues are a non-GAAP measure calculated as revenues less directly related operating expenses attributable to the Company's principal services. The Company's management believes that net revenues are a better measure than total revenues when evaluating the Company's operating segment performance since total revenues earned as a freight consolidator include the carriers' charges for carrying the shipment, whereas revenues earned in other capacities include primarily the commissions and fees earned by the Company. Net revenue is one of the Company's primary operational and financial measures and demonstrates the Company's ability to concentrate and leverage purchasing power through effective consolidation of shipments from customers utilizing a variety of transportation carriers and optimal routings. The following table presents the calculation of consolidated net revenues:
| Three months ended |  | Nine months ended
| September 30, |  | September 30,
| 2018 |  | 2017 |  | 2018 |  | 2017
Total revenues | $ | 2,090,947 |  |  | $ | 1,802,166 |  |  | $ | 5,902,768 |  |  | $ | 5,019,577 |
Expenses: |  |  |  |  |  |  |
Airfreight services | 620,554 |  |  | 547,595 |  |  | 1,727,383 |  |  | 1,490,417 |
Ocean freight and ocean services | 435,313 |  |  | 411,061 |  |  | 1,199,887 |  |  | 1,163,051 |
Customs brokerage and other services | 373,766 |  |  | 244,368 |  |  | 1,035,800 |  |  | 675,729 |
Net revenues | $ | 661,314 |  |  | $ | 599,142 |  |  | $ | 1,939,698 |  |  | $ | 1,690,380 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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