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Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

Income tax expense (benefit) includes the following components:

			Federal				State				Foreign				Total
	2024
	Current		$	64,040			$	35,032			$	189,233			$	288,305
	Deferred			(2,746	)			(2,392	)			—				(5,138	)
			$	61,294			$	32,640			$	189,233			$	283,167
	2023
	Current		$	87,461			$	24,481			$	174,223			$	286,165
	Deferred			(20,795	)			(2,121	)			—				(22,916	)
			$	66,666			$	22,360			$	174,223			$	263,249
	2022
	Current		$	149,840			$	63,140			$	295,546			$	508,526
	Deferred			(27,904	)			(5,336	)			—				(33,240	)
			$	121,936			$	57,804			$	295,546			$	475,286

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

The components of earnings before income taxes are as follows:

			2024				2023				2022
	United States		$	514,125			$	512,682			$	987,186
	Foreign			580,675				502,346				848,705
			$	1,094,800			$	1,015,028			$	1,835,891

Schedule of Effective Income Tax Rate Reconciliation

Income tax expense differs from amounts computed by applying the United States Federal income tax rate of 21% when compared to earnings before income taxes as a result of the following:

			2024				2023				2022
	Computed “expected” tax expense		$	229,908			$	213,156			$	385,537
	Increase (decrease) in income taxes resulting from:
	Effect of foreign taxes			22,146				27,711				32,293
	State income taxes, net of Federal income tax benefit			25,787				17,665				45,665
	Nondeductible executive compensation			4,327				4,965				8,019
	Stock compensation expense, net			2,215				(1,321	)			454
	Other, net			(1,216	)			1,073				3,318
			$	283,167			$	263,249			$	475,286

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences and tax credits that give rise to significant portions of deferred tax assets and deferred tax liabilities are as follows:

	Years ended December 31,		2024				2023
	Deferred Tax Assets:
	Deductible stock compensation expense, net		$	6,243			$	7,199
	Operating lease liabilities			95,895				75,659
	Capitalized R&D expenses			54,969				39,723
	Accrued third party obligations, deductible for taxes upon economic performance			6,382				10,878
	Excess of financial statement over tax depreciation			13,679				12,532
	Foreign currency translation adjustments			17,198				15,400
	Retained liability for cargo claims			1,391				1,040
	Provision for credit losses on accounts receivable			1,672				856
	Total gross deferred tax assets			197,429				163,287
	Deferred Tax Liabilities:
	Unremitted foreign earnings, net of related foreign tax credits			36,583				28,275
	Operating lease assets			90,175				71,322
	Total gross deferred tax liabilities			126,758				99,597
	Net deferred tax assets		$	70,671			$	63,690

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Topic 740
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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