C H ROBINSON WORLDWIDE INC, 10-K filed on 2/29/2016
Annual Report
Document and Entity Information (USD $)
12 Months Ended
Dec. 31, 2015
Feb. 24, 2016
Jun. 30, 2015
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, 2015 
 
 
Document Fiscal Year Focus
2015 
 
 
Document Fiscal Period Focus
FY 
 
 
Amendment Flag
false 
 
 
Trading Symbol
CHRW 
 
 
Entity Common Stock, Shares Outstanding
 
143,242,681 
 
Entity Well-known Seasoned Issuer
Yes 
 
 
Entity Voluntary Filers
No 
 
 
Entity Current Reporting Status
Yes 
 
 
Entity Public Float
 
 
$ 9,031,044,026 
CONSOLIDATED BALANCE SHEETS (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Current assets:
 
 
Cash and cash equivalents
$ 168,229 
$ 128,940 
Restricted cash
0 
359,388 
Receivables, net of allowance for doubtful accounts of $43,455 and $41,051
1,505,620 
1,571,591 
Deferred tax asset
16,788 
7,746 
Prepaid expenses and other
40,061 
37,794 
Total current assets
1,730,698 
2,105,459 
Property and equipment
379,139 
313,688 
Accumulated depreciation and amortization
(188,265)
(161,217)
Net property and equipment
190,874 
152,471 
Goodwill
1,108,337 
825,038 
Other intangible assets, net of accumulated amortization of $61,405 and $36,917
120,242 
98,330 
Other assets
34,207 
33,040 
Total assets
3,184,358 
3,214,338 
Current liabilities:
 
 
Accounts payable
697,585 
716,654 
Outstanding checks
86,298 
78,601 
Accrued expenses–
 
 
Compensation and profit-sharing contribution
146,666 
125,624 
Income taxes
12,573 
4,616 
Other accrued liabilities
55,475 
45,365 
Current portion of debt
450,000 
605,000 
Total current liabilities
1,448,597 
1,575,860 
Long-term debt
500,000 
500,000 
Noncurrent income taxes payable
19,634 
24,279 
Deferred tax liabilities
65,460 
66,961 
Other long-term liabilities
217 
223 
Total liabilities
2,033,908 
2,167,323 
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; 178,784 and 178,621 shares issued, 143,455 and 146,458 outstanding
14,345 
14,646 
Additional paid-in capital
379,444 
321,968 
Retained earnings
2,922,620 
2,648,539 
Accumulated other comprehensive loss
(37,946)
(28,610)
Treasury stock at cost (35,329 and 32,163 shares)
(2,128,013)
(1,909,528)
Total stockholders’ investment
1,150,450 
1,047,015 
Total liabilities and stockholders’ investment
$ 3,184,358 
$ 3,214,338 
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
In Thousands, except Share data, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Statement of Financial Position [Abstract]
 
 
Receivables, allowance for doubtful accounts
$ 43,455 
$ 41,051 
Other intangible assets, accumulated amortization
$ 61,405 
$ 36,917 
Preferred stock, par value
$ 0.10 
$ 0.10 
Preferred stock, shares authorized
20,000,000 
20,000,000 
Preferred stock, shares issued
0 
0 
Preferred stock, shares outstanding
0 
0 
Common stock, par value
$ 0.10 
$ 0.10 
Common stock, shares authorized
480,000,000 
480,000,000 
Common stock, shares issued
178,784,000 
178,621,000 
Common stock shares outstanding
143,455,000 
146,458,000 
Treasury stock, shares
35,329,000 
32,163,000 
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Revenues:
 
 
 
Transportation
$ 11,989,780 
$ 11,936,512 
$ 11,082,942 
Sourcing
1,486,304 
1,533,555 
1,669,134 
Total revenues
13,476,084 
13,470,067 
12,752,076 
Costs and expenses:
 
 
 
Purchased transportation and related services
9,842,271 
10,044,406 
9,373,797 
Purchased products sourced for resale
1,365,333 
1,418,009 
1,542,184 
Personnel expenses
1,051,410 
939,021 
826,661 
Other selling, general, and administrative expenses
358,760 
320,213 
326,784 
Total costs and expenses
12,617,774 
12,721,649 
12,069,426 
Income from operations
858,310 
748,418 
682,650 
Interest and other expense
(35,529)
(24,987)
(9,289)
Income before provision for income taxes
822,781 
723,431 
673,361 
Provision for income taxes
313,082 
273,720 
257,457 
Net income
509,699 
449,711 
415,904 
Other comprehensive loss
(9,336)
(17,990)
(1,275)
Comprehensive income
$ 500,363 
$ 431,721 
$ 414,629 
Basic net income per share (in dollars per share)
$ 3.52 
$ 3.06 
$ 2.65 
Diluted net income per share (in dollars per share)
$ 3.51 
$ 3.05 
$ 2.65 
Basic weighted average shares outstanding (in shares)
144,967 
147,202 
156,915 
Dilutive effect of outstanding stock awards (in shares)
382 
340 
165 
Diluted weighted average shares outstanding (in shares)
145,349 
147,542 
157,080 
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' INVESTMENT (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2015
Mar. 31, 2015
Dec. 31, 2014
Mar. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
Beginning Balance
 
$ 1,047,015 
 
$ 939,724 
$ 1,047,015 
$ 939,724 
$ 1,504,372 
Net income
126,583 
106,476 
112,947 
93,187 
509,699 
449,711 
415,904 
Foreign currency translation adjustment
 
 
 
 
(9,336)
(17,990)
(1,275)
Dividends declared, $1.57 in 2015, $1.43 in 2014 and $1.40 in 2013 per share
 
 
 
 
(235,618)
(215,005)
(220,300)
Stock issued for employee benefit plans
 
 
 
 
4,188 
(667)
(34,978)
Stock-based compensation expense
 
 
 
 
58,067 
47,721 
9,096 
Excess tax benefit on deferred compensation and employee stock plans
 
 
 
 
8,548 
7,558 
27,209 
Repurchase of common stock
 
 
 
 
(232,113)
(164,037)
(760,304)
Ending Balance
1,150,450 
 
1,047,015 
 
1,150,450 
1,047,015 
939,724 
Common Stock
 
 
 
 
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
Beginning Balance (in shares)
 
146,458,000 
 
150,197,000 
146,458,000 
150,197,000 
161,327,000 
Beginning Balance
 
14,646 
 
15,020 
14,646 
15,020 
16,133 
Stock issued for employee benefit plans (in shares)
 
 
 
 
254,000 
405,000 
263,000 
Stock issued for employee benefit plans
 
 
 
 
25 
40 
26 
Issuance of restricted stock (in shares)
 
 
 
 
164,000 
(410,000)
335,000 
Issuance of restricted stock
 
 
 
 
16 
(41)
34 
Stock-based compensation expense (in shares)
 
 
 
 
 
30,000 
30,000 
Stock-based compensation expense
 
 
 
 
 
3 
3 
Repurchase of common stock (in shares)
 
 
 
 
(3,421,000)
(3,764,000)
(11,758,000)
Repurchase of common stock
 
 
 
 
(342)
(376)
(1,176)
Ending Balance (in shares)
143,455,000 
 
146,458,000 
 
143,455,000 
146,458,000 
150,197,000 
Ending Balance
14,345 
 
14,646 
 
14,345 
14,646 
15,020 
Additional Paid-in Capital
 
 
 
 
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
Beginning Balance
 
321,968 
 
217,894 
321,968 
217,894 
303,479 
Stock issued for employee benefit plans
 
 
 
 
(9,095)
(24,644)
(45,106)
Issuance of restricted stock
 
 
 
 
(16)
41 
(34)
Stock-based compensation expense
 
 
 
 
58,039 
46,119 
7,346 
Excess tax benefit on deferred compensation and employee stock plans
 
 
 
 
8,548 
7,558 
27,209 
Repurchase of common stock
 
 
 
 
 
75,000 
(75,000)
Ending Balance
379,444 
 
321,968 
 
379,444 
321,968 
217,894 
Retained Earnings
 
 
 
 
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
Beginning Balance
 
2,648,539 
 
2,413,833 
2,648,539 
2,413,833 
2,218,229 
Net income
 
 
 
 
509,699 
449,711 
415,904 
Dividends declared, $1.57 in 2015, $1.43 in 2014 and $1.40 in 2013 per share
 
 
 
 
(235,618)
(215,005)
(220,300)
Ending Balance
2,922,620 
 
2,648,539 
 
2,922,620 
2,648,539 
2,413,833 
Accumulated Other Comprehensive Loss
 
 
 
 
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
Beginning Balance
 
(28,610)
 
(10,620)
(28,610)
(10,620)
(9,345)
Foreign currency translation adjustment
 
 
 
 
(9,336)
(17,990)
(1,275)
Ending Balance
(37,946)
 
(28,610)
 
(37,946)
(28,610)
(10,620)
Treasury Stock
 
 
 
 
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
Beginning Balance
 
(1,909,528)
 
(1,696,403)
(1,909,528)
(1,696,403)
(1,024,124)
Stock issued for employee benefit plans
 
 
 
 
13,258 
23,937 
10,102 
Stock-based compensation expense
 
 
 
 
28 
1,599 
1,747 
Repurchase of common stock
 
 
 
 
(231,771)
(238,661)
(684,128)
Ending Balance
$ (2,128,013)
 
$ (1,909,528)
 
$ (2,128,013)
$ (1,909,528)
$ (1,696,403)
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' INVESTMENT (Parenthetical)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Statement of Stockholders' Equity [Abstract]
 
 
 
Dividends declared, per share
$ 1.57 
$ 1.43 
$ 1.40 
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
OPERATING ACTIVITIES
 
 
 
Net income
$ 509,699 
$ 449,711 
$ 415,904 
Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
66,409 
57,009 
56,882 
Provision for doubtful accounts
11,538 
15,092 
15,587 
Stock-based compensation
57,661 
47,861 
9,094 
Gain on divestiture
0 
(1,848)
0 
Deferred income taxes
(17,095)
(3,117)
25,226 
Other
7,409 
710 
314 
Other long-term liabilities
0 
0 
5 
Changes in operating elements, net of effects of acquisitions:
 
 
 
Receivables
107,560 
(137,102)
(87,316)
Prepaid expenses and other
(228)
6,294 
(5,254)
Other non-current assets
741 
380 
0 
Accounts payable and outstanding checks
(53,272)
40,251 
47,488 
Accrued compensation and profit-sharing contribution
18,580 
40,236 
(15,097)
Accrued income taxes
5,178 
(4,370)
(105,857)
Other accrued liabilities
4,156 
2,319 
(9,199)
Net cash provided by operating activities
718,336 
513,426 
347,777 
INVESTING ACTIVITIES
 
 
 
Purchases of property and equipment
(28,115)
(22,364)
(40,354)
Purchases and development of software
(16,527)
(7,138)
(7,852)
Acquisitions, net of cash acquired
(369,833)
0 
19,126 
Restricted cash
359,388 
(359,388)
0 
Other
641 
(6)
221 
Net cash used for investing activities
(54,446)
(388,896)
(28,859)
FINANCING ACTIVITIES
 
 
 
Proceeds from stock issued for employee benefit plans
15,557 
11,942 
15,166 
Stock tendered for payment of withholding taxes
(11,368)
(12,604)
(50,144)
Payment of contingent purchase price
0 
0 
(927)
Repurchase of common stock
(229,863)
(164,041)
(757,305)
Cash dividends
(235,615)
(215,008)
(220,257)
Excess tax benefit on stock-based compensation
8,548 
7,558 
27,209 
Proceeds from short-term borrowings
6,833,000 
4,823,000 
4,165,023 
Payments on short-term borrowings
(6,988,000)
(4,593,000)
(4,043,669)
Debt issuance costs
0 
(1,484)
0 
Proceeds from long-term borrowings
0 
0 
500,000 
Net cash used for financing activities
(607,741)
(143,637)
(364,904)
Effect of exchange rates on cash
(16,860)
(14,000)
(1,986)
Net change in cash and cash equivalents
39,289 
(33,107)
(47,972)
Cash and cash equivalents, beginning of year
128,940 
162,047 
210,019 
Cash and cash equivalents, end of year
168,229 
128,940 
162,047 
Cash paid for income taxes
311,800 
271,979 
313,799 
Cash paid for interest
$ 28,537 
$ 27,066 
$ 3,875 
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, 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. We had previously reported Payment Services revenues separately from Transportation revenues. The prior year amounts have been combined to conform with the current period presentation. This change in presentation had no effect on our prior year consolidated results of operations, financial condition, or cash flows.
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. We are also required to disclose contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Our ultimate results could differ 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.
SEGMENT REPORTING AND GEOGRAPHIC INFORMATION. We operate in the transportation and logistics industry. We provide a wide range of products and services to our customers and contract carriers, including transportation services, produce sourcing, freight consolidation, contract warehousing, and information services. Each of these is a significant component to optimizing logistics solutions for our customers.
These services are performed throughout our network of offices, as an integrated offering for which our customers are typically provided a single invoice. Our network of offices work together to complete transactions and collectively meet the needs of our customers. For large multi-location customers, we often coordinate our efforts in one location and rely on multiple locations to deliver specific geographic or modal needs. As an example, approximately 49 percent of our truckload transactions are shared transactions between offices. In addition, our methodology of providing services is very similar across all locations. The majority of our global network operates on a common technology platform that is used to match customer needs with supplier capabilities, to collaborate with other locations, and to utilize centralized support resources to complete all facets of the transaction. Accordingly, our chief operating decision maker analyzes our business as a single segment, relying on net revenues and operating income across our network of offices as the primary performance measures.
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,
 
2015
 
2014
 
2013
Total revenues
 
 
 
 
 
United States
$
12,097,633

 
$
11,800,140

 
$
11,140,163

Other locations
1,378,451

 
1,669,927

 
1,611,913

Total revenues
$
13,476,084

 
$
13,470,067

 
$
12,752,076

 
 
December 31,
 
2015
 
2014
 
2013
Long-lived assets
 
 
 
 
 
United States
$
320,445

 
$
257,587

 
$
284,693

Other locations
24,878

 
26,254

 
24,567

Total long-lived assets
$
345,323

 
$
283,841

 
$
309,260



CASH AND CASH EQUIVALENTS. Cash and cash equivalents consist of bank deposits.
RESTRICTED CASH. On December 31, 2014, we funded $359.4 million of the purchase price for the acquisition of Freightquote into an escrow account pursuant to the purchase agreement, pending the effective date of closing of the acquisition, which occurred on January 1, 2015.
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 of 3 to 30 years. 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): 
2015
$
32,412

2014
29,340

2013
27,757


A summary of our property and equipment as of December 31 is as follows (in thousands): 
 
2015
 
2014
Furniture, fixtures, and equipment
$
200,215

 
$
180,233

Buildings
110,056

 
79,981

Corporate aircraft
11,334

 
11,334

Leasehold improvements
28,178

 
25,545

Land
23,759

 
14,983

Construction in progress
5,597

 
1,612

Less accumulated depreciation
(188,265
)
 
(161,217
)
Net property and equipment
$
190,874

 
$
152,471



GOODWILL AND OTHER INTANGIBLE ASSETS. Goodwill is the difference between the purchase price of a company and the fair market value of the acquired company’s net identifiable assets. Other intangible assets include definite-lived customer lists, contract carrier lists, and 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 3 to 8 years. The indefinite-lived trademarks are not amortized. Goodwill is not amortized, but is tested for impairment using a fair value approach. Goodwill is tested for impairment annually or more frequently if events warrant. Intangible assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. 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): 
2015
 
$
9,624

2014
 
8,921

2013
 
8,759



A summary of our purchased and internally developed software as of December 31 is as follows (in thousands): 
 
2015
 
2014
Purchased software
$
23,569

 
$
21,872

Internally developed software
40,796

 
27,429

Less accumulated amortization
(42,930
)
 
(35,369
)
Net software
$
21,435

 
$
13,932


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.
Provisions are made for U.S. taxes on undistributed earnings of foreign subsidiaries and related companies.
COMPREHENSIVE INCOME. Comprehensive income includes any changes in the equity of an enterprise from transactions and other events and circumstances from non-owner sources. Our only component of other comprehensive income is foreign currency translation adjustment. It is presented on our consolidated statements of operations and comprehensive income.
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 fair value of each share-based payment award is established on the date of grant. For grants of performance 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 17 percent to 22 percent and are calculated using the Black-Scholes option pricing model. 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
The change in the carrying amount of goodwill is as follows (in thousands): 
 
2015
 
2014
Balance, beginning of year
$
825,038

 
$
829,073

Acquisitions
287,220

 
—

Translation
(3,921
)
 
(4,035
)
Balance, end of year
$
1,108,337

 
$
825,038


We complete an impairment test on goodwill annually. The fair value of the enterprise-wide reporting unit substantially exceeds the book value; therefore we have determined that there is no goodwill impairment as of December 31, 2015 or any previous periods presented.
A summary of our other intangible assets, with finite lives, which include primarily customer relationships and non-competition agreements, as of December 31 is as follows (in thousands): 
 
2015
 
2014
Gross
$
171,172

 
$
133,372

Accumulated amortization
(61,405
)
 
(36,917
)
Net
$
109,767

 
$
96,455



Other intangible assets, with indefinite lives, as of December 31 is as follows (in thousands): 
 
2015
 
2014
Trademarks
$
10,475

 
$
1,875



Amortization expense for other intangible assets was (in thousands): 
2015
$
24,373

2014
18,748

2013
20,128



Intangible assets at December 31, 2015, will be amortized over the next five years, and that expense is as follows (in thousands):
2016
$
24,368

2017
24,309

2018
23,785

2019
23,785

2020
13,520

Thereafter
—

Total
$
109,767

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 December 31, 2015 or December 31, 2014.
FINANCING ARRANGEMENTS
FINANCING ARRANGEMENTS
FINANCING ARRANGEMENTS
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. The purpose of this facility was to partially fund the acquisition of Phoenix International Freight Services, Ltd. (“Phoenix”) and to allow us to continue to fund working capital, capital expenditures, dividends, and share repurchases. 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.
As of December 31, 2015 and 2014, we had $450.0 million and $605.0 million in borrowings outstanding under the Credit Agreement, which is classified as a current liability on the consolidated balance sheets. 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, 2015, 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 2015 was approximately 1.3 percent and at December 31, 2015, was approximately 1.6 percent. The weighted average interest rate incurred on borrowings during 2014 was approximately 1.7 percent and at December 31, 2014, was approximately 1.3 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. 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, 2015.
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.
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) $175,000,000 aggregate principal amount of the company’s 3.97 percent Senior Notes, Series A, due August 27, 2023 (the “Series A Notes”), (ii) $150,000,000 aggregate principal amount of the company’s 4.26 percent Senior Notes, Series B, due August 27, 2028 (the “Series B Notes”), and (iii) $175,000,000 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. See Note 9.
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 revolving credit facility. 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 all of the financial debt covenants as of December 31, 2015.
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% 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 approximated carrying value of $522.2 million at December 31, 2015, and $500.0 million at December 31, 2014. 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.
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. 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 2009.
A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest and penalties, is as follows (in thousands): 
 
2015
 
2014
 
2013
Unrecognized tax benefits, beginning of period
$
18,274

 
$
16,897

 
$
16,788

Additions based on tax positions related to the current year
1,520

 
2,002

 
1,572

Additions for tax positions of prior years
—

 
839

 
1,105

Reductions for tax positions of prior years
(810
)
 
(183
)
 
(1,464
)
Lapse in statute of limitations
(5,188
)
 
(1,281
)
 
(238
)
Settlements
(525
)
 
—

 
(866
)
Unrecognized tax benefits, end of the period
$
13,271

 
$
18,274

 
$
16,897


As of December 31, 2015, we had $19.6 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, 2015, 2014, and 2013, we recognized approximately $1.2 million, $1.5 million, and $1.2 million in interest and penalties. We had approximately $6.4 million and $5.7 million for the payment of interest and penalties accrued within noncurrent income taxes payable as of December 31, 2015 and 2014. 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): 
 
2015
 
2014
 
2013
Tax provision:
 
 
 
 
 
Federal
$
259,793

 
$
224,468

 
$
180,351

State
37,129

 
32,110

 
26,351

Foreign
33,255

 
20,259

 
25,529

 
330,177

 
276,837

 
232,231

Deferred provision (benefit):
 
 
 
 
 
Federal
(14,559
)
 
(5,302
)
 
24,877

State
(2,074
)
 
(755
)
 
3,623

Foreign
(462
)
 
2,940

 
(3,274
)
 
(17,095
)
 
(3,117
)
 
25,226

Total provision
$
313,082

 
$
273,720

 
$
257,457



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: 
 
2015
 
2014
 
2013
Federal statutory rate
35.0
%
 
35.0
%
 
35.0
%
State income taxes, net of federal benefit
2.8

 
2.8

 
2.9

Other
0.3

 
—

 
0.3

 
38.1
%
 
37.8
%
 
38.2
%

Deferred tax assets (liabilities) are comprised of the following at December 31 (in thousands): 
 
2015
 
2014
Deferred tax assets:
 
 
 
Compensation
$
91,729

 
$
78,516

Receivables
16,243

 
13,397

Other
9,242

 
8,103

Deferred tax liabilities:
 
 
 
Intangible assets
(133,375
)
 
(115,761
)
Prepaid assets
(13,418
)
 
(10,808
)
Long-lived assets
(18,666
)
 
(19,018
)
Undistributed earnings of foreign subsidiaries
—

 
(13,616
)
Other
(427
)
 
(28
)
Net deferred tax (liabilities) assets
$
(48,672
)
 
$
(59,215
)

We had foreign net operating loss carryforwards with a tax effect of $8.0 million as of December 31, 2015 and $8.3 million as of December 31, 2014. 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):
 
2015
 
2014
 
2013
Stock options
$
14,607

 
$
9,243

 
$
5

Stock awards
40,785

 
36,510

 
6,808

Company expense on ESPP discount
2,269

 
2,108

 
2,281

Total stock-based compensation expense
$
57,661

 
$
47,861

 
$
9,094


On May 9, 2013, our shareholders approved our 2013 Equity Incentive Plan, which allows us to grant certain stock awards, including stock options at fair market value and performance shares and restricted stock units, to our key employees and outside directors. A maximum of 3,400,000 shares, plus the shares remaining available for future grants under the 1997 Plan as of May 9, 2013, can be granted under this plan. Approximately 715,064 shares were available for stock awards as of December 31, 2015. 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 made after 2003.
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, 2015, unrecognized compensation expense related to stock options was $55.1 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, 2015, relate to the performance-based grants from 2011 through 2015. 
 
Options
 
Weighted
Average
Exercise
Price
 
Aggregate
Intrinsic
Value
(in thousands)
 
Average
Remaining
Life
(years)
Outstanding at December 31, 2014
4,704,620

 
$
65.40

 
$
44,644

 
8.1
Grants
1,493,388

 
63.80

 


 

Exercised
(40,337
)
 
62.30

 


 

Terminated
(6,810
)
 
66.99

 


 

Outstanding at December 31, 2015
6,150,861

 
$
65.03

 
$
—

 
8.1
 
 
 
 
 
 
 
 
Vested at December 31, 2015
1,991,263

 
$
64.49

 
$
—

 
7.3
Exercisable at December 31, 2015
1,991,263

 
$
64.49

 
$
—

 
7.3

Additional potential dilutive stock options totaling 125,797 for 2015 and 218,932 for 2013 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):
2015
$
400

2014
4

2013
7,640



The following table summarizes performance-based options by year of grant:
Year of grant
 
First vesting date
 
Last vesting date
 
Options
granted, net of
forfeitures
 
Weighted
average grant
date fair value
 
Unvested options
2011
 
December 31, 2012
 
December 31, 2016
 
894,254

 
$
15.72

 
352,850

2012
 
December 31, 2013
 
December 31, 2017
 
1,143,939

 
13.15

 
725,564

2013
 
December 31, 2014
 
December 31, 2018
 
1,405,906

 
11.83

 
702,953

2014
 
December 31, 2015
 
December 31, 2019
 
1,278,231

 
14.17

 
958,674

 
 
 
 
 
 
4,722,330

 
$
13.52

 
2,740,041


We issued no performance-based options in 2015. 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, 2015: 
Year of grant
 
First vesting date
 
Last vesting date
 
Options
granted, net of
forfeitures
 
Weighted
average grant
date fair value
 
Unvested options
2015
 
December 31, 2016
 
December 31, 2020
 
1,428,531

 
$
12.66

 
1,428,531



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: 
 
2015 Grants
 
2014 Grants
 
2013 Grants
Risk-free interest rate
1.95-1.96%

 
1.93-1.96%

 
.18-1.94%

Dividend per share (quarterly amounts)
$0.38-0.43

 
$0.35-0.38

 
$0.35

Expected volatility factor
22.0-24.0%

 
22.0-25.0%

 
25.0-27.5%

Expected option term
6.29 years

 
6.3 years

 
.01-6.3 years

Weighted average fair value per option
$
12.68

 
$
14.23

 
$
11.73


FULL VALUE AWARDS. We have awarded performance 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 17 percent to 22 percent and are calculated using the Black-Scholes option pricing model-protective put method. Changes in measured stock price volatility and interest rates are the primary reasons for changes in the discount. These grants are being expensed based on the terms of the awards.
The following table summarizes our unvested performance shares and restricted stock unit grants as of December 31, 2015: 
 
Number of Performance
Shares and Restricted Stock Units
 
Weighted Average
Grant Date Fair Value
Unvested at December 31, 2014
1,536,154

 
$
54.67

Granted
407,019

 
52.08

Vested
(492,129
)
 
55.27

Forfeitures
(179,004
)
 
62.13

Unvested at December 31, 2015
1,272,040

 
$
52.56


The following table summarizes performance shares and restricted stock units by year of grant: 
Year of grant
 
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
2011
 
December 31, 2012
 
December 31, 2016
 
569,854

 
$
53.72

 
222,243

2012
 
December 31, 2013
 
December 31, 2017
 
331,780

 
48.65

 
209,022

2013
 
December 31, 2014
 
December 31, 2018
 
395,016

 
46.45

 
197,510

2014
 
December 31, 2015
 
December 31, 2019
 
337,154

 
60.56

 
252,866

2015
 
December 31, 2016
 
December 31, 2020
 
390,400

 
51.88

 
390,400

 
 
 
 
 
 
2,024,204

 
$
52.56

 
1,272,041

________________________ 
(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 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, 2015: 
 
Number of Restricted
Shares and Stock Units
 
Weighted Average
Grant Date Fair Value
Unvested at December 31, 2014
954,124

 
$
52.12

Granted
482,222

 
51.93

Vested
(237,563
)
 
48.87

Forfeitures
(71,261
)
 
52.62

Unvested at December 31, 2015
1,127,522

 
$
52.69


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): 
2015
$
40,785

2014
36,510

2013
6,808


As of December 31, 2015, there was unrecognized compensation expense of $127.4 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 certain other conditions.
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
2015
 
228,103

 
$
13,045

 
$
2,269

2014
 
231,564

 
11,943

 
2,108

2013
 
259,730

 
12,928

 
2,281


SHARE REPURCHASE PROGRAMS. During 2012, our Board of Directors authorized a stock repurchase program that allowed management to repurchase up to 10,000,000 shares. The activity under that program for each of the periods reported is as follows (dollar amounts in thousands): 
 
 
Shares repurchased
 
Total value of shares
repurchased
2012 Program
 
 
 
 
2013 Purchases
 
10,000,000

 
$
579,853


As of December 31, 2013, there were no shares remaining for repurchase under the 2012 authorization. During 2013, our Board of Directors increased the number of shares authorized to be repurchased by 15,000,000 shares. The activity under this authorization is as follows (dollar amounts in thousands):
 
 
Shares repurchased
 
Total value of shares
repurchased
2013 Program
 
 
 
 
2013 Purchases
 
930,075

 
$
57,689

2014 Purchases
 
3,763,583

 
239,037

2015 Purchases
 
3,420,681

 
232,113


As of December 31, 2015, there were 6,885,661 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. Annual profit-sharing contributions are determined by us, in accordance with the provisions of the plan. We can also elect to make matching contributions to the plan. Defined contribution plan expense, including matching contributions, was approximately (in thousands): 
2015
$
46,507

2014
30,112

2013
19,907


We have committed to a defined contribution match of four percent of eligible compensation in 2016.
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): 
2015
$
56,210

2014
56,871

2013
54,753



Minimum future lease commitments under noncancelable lease agreements in excess of one year as of December 31, 2015, are as follows (in thousands): 
2016
$
43,888

2017
39,108

2018
31,349

2019
27,842

2020
22,437

Thereafter
108,845

Total
$
273,469


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 26 contingent auto liability cases as of December 31, 2015. 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 January 1, 2015, we acquired all of the outstanding stock of Freightquote.com, Inc. (“Freightquote”) for the purpose of enhancing our less than truckload 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 in C.H. Robinson. Purchase accounting is considered final. The goodwill will not be deductible for tax purposes.
On an unaudited pro forma basis, assuming the Freightquote acquisition had closed on January 1, 2014, the results of C.H. Robinson including Freightquote, would have resulted in the following (in thousands):
 
Twelve Months Ended December 31, 2014
 
C.H. Robinson
 
Freightquote
 
Combined
 
As Reported
 
Operations
 
Pro Forma
Total revenues
$
13,470,067

 
$
623,245

 
$
14,093,312

Income from operations
748,418

 
24,131

 
772,549


Freightquote pro forma financial information includes the following adjustments for the twelve months ended December 31, 2014 (in thousands):
Additional amortization expense on identifiable intangible assets
$
(7,560
)
Contractual changes in compensation
1,973

Additional compensation paid by sellers
2,627

Accounting policy changes
1,303

Third party advisory fees paid by sellers
5,355

Other
2,196


The pro forma consolidated information was prepared for comparative purposes only and includes certain adjustments, as noted above. The adjustments are estimates based on currently available information, and actual amounts may have differed from these estimates. They do not reflect the effect of costs or synergies that would have been expected to result from the integration of the acquisition. The pro forma information does not purport to be indicative of the results of operations that actually would have resulted had the acquisition occurred at the beginning of each period presented or of future results of the consolidated entity. The results of operations and financial condition of Freightquote have been included in our consolidated financial statements since the acquisition date of January 1, 2015.
ACCELERATED SHARE REPURCHASE
ACCELERATED SHARE REPURCHASE
ACCELERATED SHARE REPURCHASE
On August 24, 2013, we entered into two letter agreements with unrelated third party financial institutions to repurchase an aggregate of $500.0 million of our outstanding common stock (the “ASR agreements”). The total aggregate number of shares repurchased pursuant to these agreements was determined based on the volume-weighted average price of our common stock during the purchase period, less a fixed discount of 0.94%. Under the ASR agreements, we paid $500.0 million to the financial institutions and received 6.1 million shares of common stock with a fair value of $350.0 million during the third quarter of 2013, which represented approximately 70 percent of the total shares expected to be repurchased under the agreements. One of the two financial institutions terminated their ASR agreement and delivered 1.2 million shares on December 13, 2013. We recorded this transaction as an increase in treasury stock of $425.0 million, and recorded the remaining $75.0 million as a decrease to additional paid in capital on our consolidated balance sheet as of December 31, 2013. In accordance with the terms of the other ASR agreement, we had the option to settle our delivery obligation, if any, in cash or shares and we may be required to settle in cash in very limited circumstances. We accounted for the variable component of shares to be delivered under the ASR agreements as a forward contract indexed to our common stock, which met all of the applicable criteria for equity classification, and therefore, was not accounted for as a derivative instrument, but instead was also accounted for as a component of equity. The remaining ASR agreement continued to meet those requirements for equity classification as of December 31, 2013. In February 2014, the remaining ASR agreement was terminated. Approximately 1.2 million shares were delivered as final settlement of the remaining agreement. We reclassified the $75.0 million recorded in additional paid in capital to treasury stock during the first quarter of 2014.
The delivery of 7.3 million shares of our common stock reduced our outstanding shares used to determine our weighted average shares outstanding for purposes of calculating basic and diluted earnings per share for the 12 months ended December 31, 2014 and December 31, 2013. These shares, along with the 1.2 million shares received in February 2014, reduced our outstanding shares used to determine our weighted average shares outstanding for the purposes of calculating basic and diluted earnings per share for the 12 months ended December 31, 2014. We evaluated the ASR agreement for the potential dilutive effects of any shares remaining to be received upon settlement and determined that the additional shares would be anti-dilutive, and therefore were not included in our EPS calculation for the twelve months ended December 31, 2013.
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, 2015 and December 31, 2014, was $37.9 million and $28.6 million, respectively. Accumulated other comprehensive loss is comprised solely of foreign currency translation adjustment net of tax at December 31, 2015 and 2014.
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
In May 2014, the Financial Accounting Standards Board (“FASB”) issued a final standard on revenue recognition from contracts with customers. The new standard sets forth a single comprehensive model for recognizing and reporting revenue. The new standard is effective for annual reporting periods after December 15, 2017, and permits the use of either a retrospective or a cumulative effect transition method. We are evaluating the effect of the new standard on our consolidated financial statements and related disclosures, and have not yet selected a transition method or determined the impact of this standard on our consolidated financial statements.
In November 2015, FASB issued Accounting Standards Update (“ASU”) 2015-17, “Balance Sheet Classification of Deferred Taxes.” ASU 2015-17 requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. ASU 2015-17 is effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted. We are evaluating the effect of the new standard on our consolidated financial statements and related disclosures, and have not yet selected a transition method or determined the impact of this standard on our consolidated financial statements.
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, 2015 and 2014, are summarized below (in thousands, except per share data). 
2015
 
March 31
 
June 30
 
September 30
 
December 31
Revenues:
 
 
 
 
 
 
 
 
Transportation (1)
 
$
2,947,257

 
$
3,130,722

 
$
3,044,500

 
$
2,867,301

Sourcing
 
353,633

 
414,366

 
374,753

 
343,552

Total revenues
 
3,300,890

 
3,545,088

 
3,419,253

 
3,210,853

Costs and expenses:
 
 
 
 
 
 
 
 
Purchased transportation and related services (1)
 
2,452,112

 
2,582,374

 
2,484,409

 
2,323,376

Purchased products sourced for resale
 
323,668

 
378,696

 
346,269

 
316,700

Personnel expenses
 
255,144

 
263,999

 
264,077

 
268,190

Other selling, general, and administrative expenses
 
88,041

 
90,924

 
91,787

 
88,008

Total costs and expenses
 
3,118,965

 
3,315,993

 
3,186,542

 
2,996,274

Income from operations
 
181,925

 
229,095

 
232,711

 
214,579

Net income
 
$
106,476

 
$
137,208

 
$
139,432

 
$
126,583

Basic net income per share
 
$
0.73

 
$
0.94

 
$
0.96

 
$
0.88

Diluted net income per share
 
$
0.73

 
$
0.94

 
$
0.96

 
$
0.88

Basic weighted average shares outstanding
 
146,204

 
145,515

 
144,578

 
143,484

Dilutive effect of outstanding stock awards
 
179

 
164

 
204

 
660

Diluted weighted average shares outstanding
 
146,383

 
145,679

 
144,782

 
144,144

Market price range of common stock:
 
 
 
 
 
 
 
 
High
 
$
76.18

 
$
73.09

 
$
71.50

 
$
73.34

Low
 
$
67.11

 
$
61.46

 
$
61.64

 
$
59.71

 
2014
 
March 31
 
June 30
 
September 30
 
December 31
Revenues:
 
 
 
 
 
 
 
 
Transportation (1)
 
$
2,806,777

 
$
3,042,102

 
$
3,073,382

 
$
3,014,251

Sourcing
 
335,808

 
460,816

 
393,980

 
342,951

Total revenues
 
3,142,585

 
3,502,918

 
3,467,362

 
3,357,202

Costs and expenses:
 
 
 
 
 
 
 
 
Purchased transportation and related services (1)
 
2,376,388

 
2,555,959

 
2,575,619

 
2,536,440

Purchased products sourced for resale
 
308,962

 
425,922

 
364,179

 
318,946

Personnel expenses
 
220,297

 
238,986

 
244,621

 
235,117

Other selling, general, and administrative expenses
 
79,967

 
81,669

 
79,606

 
78,971

Total costs and expenses
 
2,985,614

 
3,302,536

 
3,264,025

 
3,169,474

Income from operations
 
156,971

 
200,382

 
203,337

 
187,728

Net income
 
$
93,187

 
$
118,596

 
$
124,981

 
$
112,947

Basic net income per share
 
$
0.63

 
$
0.80

 
$
0.85

 
$
0.77

Diluted net income per share
 
$
0.63

 
$
0.80

 
$
0.85

 
$
0.77

Basic weighted average shares outstanding
 
148,517

 
147,826

 
146,646

 
145,856

Dilutive effect of outstanding stock awards
 
491

 
148

 
210

 
794

Diluted weighted average shares outstanding
 
149,008

 
147,974

 
146,856

 
146,650

Market price range of common stock:
 
 
 
 
 
 
 
 
High
 
$
60.31

 
$
64.09

 
$
69.50

 
$
77.49

Low
 
$
50.21

 
$
51.10

 
$
63.09

 
$
63.42

(1) We previously reported revenues and costs from the fees we earn from our cash advance option offered to our contract carriers separately from Transportation revenues. Starting in the first quarter of 2015, on a retrospective basis, we report these payment services revenues and costs as a part of Transportation total revenues and costs.
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): 
 
2015
 
2014
 
2013
Balance, beginning of year
$
41,051

 
$
39,292

 
$
34,560

Provision
11,538

 
15,092

 
15,587

Write-offs
(9,134
)
 
(13,333
)
 
(10,855
)
Balance, end of year
$
43,455

 
$
41,051

 
$
39,292

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, 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. We had previously reported Payment Services revenues separately from Transportation revenues. The prior year amounts have been combined to conform with the current period presentation. This change in presentation had no effect on our prior year consolidated results of operations, financial condition, or cash flows.
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. We are also required to disclose contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Our ultimate results could differ 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.
SEGMENT REPORTING AND GEOGRAPHIC INFORMATION 
SEGMENT REPORTING AND GEOGRAPHIC INFORMATION. We operate in the transportation and logistics industry. We provide a wide range of products and services to our customers and contract carriers, including transportation services, produce sourcing, freight consolidation, contract warehousing, and information services. Each of these is a significant component to optimizing logistics solutions for our customers.
These services are performed throughout our network of offices, as an integrated offering for which our customers are typically provided a single invoice. Our network of offices work together to complete transactions and collectively meet the needs of our customers. For large multi-location customers, we often coordinate our efforts in one location and rely on multiple locations to deliver specific geographic or modal needs. As an example, approximately 49 percent of our truckload transactions are shared transactions between offices. In addition, our methodology of providing services is very similar across all locations. The majority of our global network operates on a common technology platform that is used to match customer needs with supplier capabilities, to collaborate with other locations, and to utilize centralized support resources to complete all facets of the transaction. Accordingly, our chief operating decision maker analyzes our business as a single segment, relying on net revenues and operating income across our network of offices as the primary performance measures.
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 of 3 to 30 years. Amortization of leasehold improvements is computed over the shorter of the lease term or the estimated useful lives of the improvements.
GOODWILL AND OTHER INTANGIBLE ASSETS 
GOODWILL AND OTHER INTANGIBLE ASSETS. Goodwill is the difference between the purchase price of a company and the fair market value of the acquired company’s net identifiable assets. Other intangible assets include definite-lived customer lists, contract carrier lists, and 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 3 to 8 years. The indefinite-lived trademarks are not amortized. Goodwill is not amortized, but is tested for impairment using a fair value approach. Goodwill is tested for impairment annually or more frequently if events warrant. Intangible assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.
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.
Provisions are made for U.S. taxes on undistributed earnings of foreign subsidiaries and related companies.
COMPREHENSIVE INCOME 
COMPREHENSIVE INCOME. Comprehensive income includes any changes in the equity of an enterprise from transactions and other events and circumstances from non-owner sources. Our only component of other comprehensive income is foreign currency translation adjustment. It is presented on our consolidated statements of operations and comprehensive income.
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 fair value of each share-based payment award is established on the date of grant. For grants of performance 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 17 percent to 22 percent and are calculated using the Black-Scholes option pricing model. 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.
RECENTLY ISSUED ACCOUNTING PRNOUNCEMENTS 
In May 2014, the Financial Accounting Standards Board (“FASB”) issued a final standard on revenue recognition from contracts with customers. The new standard sets forth a single comprehensive model for recognizing and reporting revenue. The new standard is effective for annual reporting periods after December 15, 2017, and permits the use of either a retrospective or a cumulative effect transition method. We are evaluating the effect of the new standard on our consolidated financial statements and related disclosures, and have not yet selected a transition method or determined the impact of this standard on our consolidated financial statements.
In November 2015, FASB issued Accounting Standards Update (“ASU”) 2015-17, “Balance Sheet Classification of Deferred Taxes.” ASU 2015-17 requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. ASU 2015-17 is effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted. We are evaluating the effect of the new standard on our consolidated financial statements and related disclosures, and have not yet selected a transition method or determined the impact of this standard on our consolidated financial statements.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
Schedule Of Revenues From External Customers And Long Lived Assets By Geographical Areas Table 
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,
 
2015
 
2014
 
2013
Total revenues
 
 
 
 
 
United States
$
12,097,633

 
$
11,800,140

 
$
11,140,163

Other locations
1,378,451

 
1,669,927

 
1,611,913

Total revenues
$
13,476,084

 
$
13,470,067

 
$
12,752,076

 
 
December 31,
 
2015
 
2014
 
2013
Long-lived assets
 
 
 
 
 
United States
$
320,445

 
$
257,587

 
$
284,693

Other locations
24,878

 
26,254

 
24,567

Total long-lived assets
$
345,323

 
$
283,841

 
$
309,260

Schedule of Depreciation Expense 
We recognized the following depreciation expense (in thousands): 
2015
$
32,412

2014
29,340

2013
27,757

Property, Plant and Equipment 
A summary of our property and equipment as of December 31 is as follows (in thousands): 
 
2015
 
2014
Furniture, fixtures, and equipment
$
200,215

 
$
180,233

Buildings
110,056

 
79,981

Corporate aircraft
11,334

 
11,334

Leasehold improvements
28,178

 
25,545

Land
23,759

 
14,983

Construction in progress
5,597

 
1,612

Less accumulated depreciation
(188,265
)
 
(161,217
)
Net property and equipment
$
190,874

 
$
152,471

Schedule of Amortization Expense of Software 
We recognized the following amortization expense of purchased and internally developed software (in thousands): 
2015
 
$
9,624

2014
 
8,921

2013
 
8,759

Schedule of Other Assets, Noncurrent 
A summary of our purchased and internally developed software as of December 31 is as follows (in thousands): 
 
2015
 
2014
Purchased software
$
23,569

 
$
21,872

Internally developed software
40,796

 
27,429

Less accumulated amortization
(42,930
)
 
(35,369
)
Net software
$
21,435

 
$
13,932

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)
Schedule of Goodwill 
The change in the carrying amount of goodwill is as follows (in thousands): 
 
2015
 
2014
Balance, beginning of year
$
825,038

 
$
829,073

Acquisitions
287,220

 
—

Translation
(3,921
)
 
(4,035
)
Balance, end of year
$
1,108,337

 
$
825,038

Schedule of Finite-Lived Intangible Assets by Major Class 
A summary of our other intangible assets, with finite lives, which include primarily customer relationships and non-competition agreements, as of December 31 is as follows (in thousands): 
 
2015
 
2014
Gross
$
171,172

 
$
133,372

Accumulated amortization
(61,405
)
 
(36,917
)
Net
$
109,767

 
$
96,455

Schedule of Indefinite-lived Intangible Assets by Major Class 
Other intangible assets, with indefinite lives, as of December 31 is as follows (in thousands): 
 
2015
 
2014
Trademarks
$
10,475

 
$
1,875

Schedule of Amortization Expense 
Amortization expense for other intangible assets was (in thousands): 
2015
$
24,373

2014
18,748

2013
20,128

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense 
Intangible assets at December 31, 2015, will be amortized over the next five years, and that expense is as follows (in thousands):
2016
$
24,368

2017
24,309

2018
23,785

2019
23,785

2020
13,520

Thereafter
—

Total
$
109,767

INCOME TAXES (Tables)
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): 
 
2015
 
2014
 
2013
Unrecognized tax benefits, beginning of period
$
18,274

 
$
16,897

 
$
16,788

Additions based on tax positions related to the current year
1,520

 
2,002

 
1,572

Additions for tax positions of prior years
—

 
839

 
1,105

Reductions for tax positions of prior years
(810
)
 
(183
)
 
(1,464
)
Lapse in statute of limitations
(5,188
)
 
(1,281
)
 
(238
)
Settlements
(525
)
 
—

 
(866
)
Unrecognized tax benefits, end of the period
$
13,271

 
$
18,274

 
$
16,897

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): 
 
2015
 
2014
 
2013
Tax provision:
 
 
 
 
 
Federal
$
259,793

 
$
224,468

 
$
180,351

State
37,129

 
32,110

 
26,351

Foreign
33,255

 
20,259

 
25,529

 
330,177

 
276,837

 
232,231

Deferred provision (benefit):
 
 
 
 
 
Federal
(14,559
)
 
(5,302
)
 
24,877

State
(2,074
)
 
(755
)
 
3,623

Foreign
(462
)
 
2,940

 
(3,274
)
 
(17,095
)
 
(3,117
)
 
25,226

Total provision
$
313,082

 
$
273,720

 
$
257,457

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: 
 
2015
 
2014
 
2013
Federal statutory rate
35.0
%
 
35.0
%
 
35.0
%
State income taxes, net of federal benefit
2.8

 
2.8

 
2.9

Other
0.3

 
—

 
0.3

 
38.1
%
 
37.8
%
 
38.2
%
Schedule of Deferred Tax Assets and Liabilities 
Deferred tax assets (liabilities) are comprised of the following at December 31 (in thousands): 
 
2015
 
2014
Deferred tax assets:
 
 
 
Compensation
$
91,729

 
$
78,516

Receivables
16,243

 
13,397

Other
9,242

 
8,103

Deferred tax liabilities:
 
 
 
Intangible assets
(133,375
)
 
(115,761
)
Prepaid assets
(13,418
)
 
(10,808
)
Long-lived assets
(18,666
)
 
(19,018
)
Undistributed earnings of foreign subsidiaries
—

 
(13,616
)
Other
(427
)
 
(28
)
Net deferred tax (liabilities) assets
$
(48,672
)
 
$
(59,215
)
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):
 
2015
 
2014
 
2013
Stock options
$
14,607

 
$
9,243

 
$
5

Stock awards
40,785

 
36,510

 
6,808

Company expense on ESPP discount
2,269

 
2,108

 
2,281

Total stock-based compensation expense
$
57,661

 
$
47,861

 
$
9,094

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, 2015, relate to the performance-based grants from 2011 through 2015. 
 
Options
 
Weighted
Average
Exercise
Price
 
Aggregate
Intrinsic
Value
(in thousands)
 
Average
Remaining
Life
(years)
Outstanding at December 31, 2014
4,704,620

 
$
65.40

 
$
44,644

 
8.1
Grants
1,493,388

 
63.80

 


 

Exercised
(40,337
)
 
62.30

 


 

Terminated
(6,810
)
 
66.99

 


 

Outstanding at December 31, 2015
6,150,861

 
$
65.03

 
$
—

 
8.1
 
 
 
 
 
 
 
 
Vested at December 31, 2015
1,991,263

 
$
64.49

 
$
—

 
7.3
Exercisable at December 31, 2015
1,991,263

 
$
64.49

 
$
—

 
7.3
Schedule of Intrinsic Value of Options Exercised 
Information on the intrinsic value of options exercised is as follows (in thousands):
2015
$
400

2014
4

2013
7,640

Schedule of Share-based Compensation, Activity 
The following table summarizes performance-based options by year of grant:
Year of grant
 
First vesting date
 
Last vesting date
 
Options
granted, net of
forfeitures
 
Weighted
average grant
date fair value
 
Unvested options
2011
 
December 31, 2012
 
December 31, 2016
 
894,254

 
$
15.72

 
352,850

2012
 
December 31, 2013
 
December 31, 2017
 
1,143,939

 
13.15

 
725,564

2013
 
December 31, 2014
 
December 31, 2018
 
1,405,906

 
11.83

 
702,953

2014
 
December 31, 2015
 
December 31, 2019
 
1,278,231

 
14.17

 
958,674

 
 
 
 
 
 
4,722,330

 
$
13.52

 
2,740,041

The following table summarizes performance shares and restricted stock units by year of grant: 
Year of grant
 
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
2011
 
December 31, 2012
 
December 31, 2016
 
569,854

 
$
53.72

 
222,243

2012
 
December 31, 2013
 
December 31, 2017
 
331,780

 
48.65

 
209,022

2013
 
December 31, 2014
 
December 31, 2018
 
395,016

 
46.45

 
197,510

2014
 
December 31, 2015
 
December 31, 2019
 
337,154

 
60.56

 
252,866

2015
 
December 31, 2016
 
December 31, 2020
 
390,400

 
51.88

 
390,400

 
 
 
 
 
 
2,024,204

 
$
52.56

 
1,272,041

________________________ 
(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 these unvested stock option grants as of December 31, 2015: 
Year of grant
 
First vesting date
 
Last vesting date
 
Options
granted, net of
forfeitures
 
Weighted
average grant
date fair value
 
Unvested options
2015
 
December 31, 2016
 
December 31, 2020
 
1,428,531

 
$
12.66

 
1,428,531

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: 
 
2015 Grants
 
2014 Grants
 
2013 Grants
Risk-free interest rate
1.95-1.96%

 
1.93-1.96%

 
.18-1.94%

Dividend per share (quarterly amounts)
$0.38-0.43

 
$0.35-0.38

 
$0.35

Expected volatility factor
22.0-24.0%

 
22.0-25.0%

 
25.0-27.5%

Expected option term
6.29 years

 
6.3 years

 
.01-6.3 years

Weighted average fair value per option
$
12.68

 
$
14.23

 
$
11.73

Schedule of Nonvested Restricted Stock Units Activity 
The following table summarizes our unvested performance shares and restricted stock unit grants as of December 31, 2015: 
 
Number of Performance
Shares and Restricted Stock Units
 
Weighted Average
Grant Date Fair Value
Unvested at December 31, 2014
1,536,154

 
$
54.67

Granted
407,019

 
52.08

Vested
(492,129
)
 
55.27

Forfeitures
(179,004
)
 
62.13

Unvested at December 31, 2015
1,272,040

 
$
52.56

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, 2015: 
 
Number of Restricted
Shares and Stock Units
 
Weighted Average
Grant Date Fair Value
Unvested at December 31, 2014
954,124

 
$
52.12

Granted
482,222

 
51.93

Vested
(237,563
)
 
48.87

Forfeitures
(71,261
)
 
52.62

Unvested at December 31, 2015
1,127,522

 
$
52.69

Schedule Of Fair Value Stock Awards Vested 
A summary of the fair value of full value awards vested (in thousands): 
2015
$
40,785

2014
36,510

2013
6,808

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
2015
 
228,103

 
$
13,045

 
$
2,269

2014
 
231,564

 
11,943

 
2,108

2013
 
259,730

 
12,928

 
2,281

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 Purchases
 
930,075

 
$
57,689

2014 Purchases
 
3,763,583

 
239,037

2015 Purchases
 
3,420,681

 
232,113

The activity under that program for each of the periods reported is as follows (dollar amounts in thousands): 
 
 
Shares repurchased
 
Total value of shares
repurchased
2012 Program
 
 
 
 
2013 Purchases
 
10,000,000

 
$
579,853

COMMITMENTS AND CONTINGENCIES (Tables)
Schedule of Costs of Retirement Plans 
Defined contribution plan expense, including matching contributions, was approximately (in thousands): 
2015
$
46,507

2014
30,112

2013
19,907

Schedule of Lease Expenses 
Information regarding our lease expense is as follows (in thousands): 
2015
$
56,210

2014
56,871

2013
54,753

Operating Leases of Lessee Disclosure 
Minimum future lease commitments under noncancelable lease agreements in excess of one year as of December 31, 2015, are as follows (in thousands): 
2016
$
43,888

2017
39,108

2018
31,349

2019
27,842

2020
22,437

Thereafter
108,845

Total
$
273,469

ACQUISITIONS (Tables)
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed 
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

Business Acquisition, Pro Forma Information 
On an unaudited pro forma basis, assuming the Freightquote acquisition had closed on January 1, 2014, the results of C.H. Robinson including Freightquote, would have resulted in the following (in thousands):
 
Twelve Months Ended December 31, 2014
 
C.H. Robinson
 
Freightquote
 
Combined
 
As Reported
 
Operations
 
Pro Forma
Total revenues
$
13,470,067

 
$
623,245

 
$
14,093,312

Income from operations
748,418

 
24,131

 
772,549

Business Acquisition, Pro Forma Information, Adjustments 
Freightquote pro forma financial information includes the following adjustments for the twelve months ended December 31, 2014 (in thousands):
Additional amortization expense on identifiable intangible assets
$
(7,560
)
Contractual changes in compensation
1,973

Additional compensation paid by sellers
2,627

Accounting policy changes
1,303

Third party advisory fees paid by sellers
5,355

Other
2,196

SUPPLEMENTARY DATA (Tables)
Schedule of Quarterly Financial Information
Our unaudited results of operations for each of the quarters in the years ended December 31, 2015 and 2014, are summarized below (in thousands, except per share data). 
2015
 
March 31
 
June 30
 
September 30
 
December 31
Revenues:
 
 
 
 
 
 
 
 
Transportation (1)
 
$
2,947,257

 
$
3,130,722

 
$
3,044,500

 
$
2,867,301

Sourcing
 
353,633

 
414,366

 
374,753

 
343,552

Total revenues
 
3,300,890

 
3,545,088

 
3,419,253

 
3,210,853

Costs and expenses:
 
 
 
 
 
 
 
 
Purchased transportation and related services (1)
 
2,452,112

 
2,582,374

 
2,484,409

 
2,323,376

Purchased products sourced for resale
 
323,668

 
378,696

 
346,269

 
316,700

Personnel expenses
 
255,144

 
263,999

 
264,077

 
268,190

Other selling, general, and administrative expenses
 
88,041

 
90,924

 
91,787

 
88,008

Total costs and expenses
 
3,118,965

 
3,315,993

 
3,186,542

 
2,996,274

Income from operations
 
181,925

 
229,095

 
232,711

 
214,579

Net income
 
$
106,476

 
$
137,208

 
$
139,432

 
$
126,583

Basic net income per share
 
$
0.73

 
$
0.94

 
$
0.96

 
$
0.88

Diluted net income per share
 
$
0.73

 
$
0.94

 
$
0.96

 
$
0.88

Basic weighted average shares outstanding
 
146,204

 
145,515

 
144,578

 
143,484

Dilutive effect of outstanding stock awards
 
179

 
164

 
204

 
660

Diluted weighted average shares outstanding
 
146,383

 
145,679

 
144,782

 
144,144

Market price range of common stock:
 
 
 
 
 
 
 
 
High
 
$
76.18

 
$
73.09

 
$
71.50

 
$
73.34

Low
 
$
67.11

 
$
61.46

 
$
61.64

 
$
59.71

 
2014
 
March 31
 
June 30
 
September 30
 
December 31
Revenues:
 
 
 
 
 
 
 
 
Transportation (1)
 
$
2,806,777

 
$
3,042,102

 
$
3,073,382

 
$
3,014,251

Sourcing
 
335,808

 
460,816

 
393,980

 
342,951

Total revenues
 
3,142,585

 
3,502,918

 
3,467,362

 
3,357,202

Costs and expenses:
 
 
 
 
 
 
 
 
Purchased transportation and related services (1)
 
2,376,388

 
2,555,959

 
2,575,619

 
2,536,440

Purchased products sourced for resale
 
308,962

 
425,922

 
364,179

 
318,946

Personnel expenses
 
220,297

 
238,986

 
244,621

 
235,117

Other selling, general, and administrative expenses
 
79,967

 
81,669

 
79,606

 
78,971

Total costs and expenses
 
2,985,614

 
3,302,536

 
3,264,025

 
3,169,474

Income from operations
 
156,971

 
200,382

 
203,337

 
187,728

Net income
 
$
93,187

 
$
118,596

 
$
124,981

 
$
112,947

Basic net income per share
 
$
0.63

 
$
0.80

 
$
0.85

 
$
0.77

Diluted net income per share
 
$
0.63

 
$
0.80

 
$
0.85

 
$
0.77

Basic weighted average shares outstanding
 
148,517

 
147,826

 
146,646

 
145,856

Dilutive effect of outstanding stock awards
 
491

 
148

 
210

 
794

Diluted weighted average shares outstanding
 
149,008

 
147,974

 
146,856

 
146,650

Market price range of common stock:
 
 
 
 
 
 
 
 
High
 
$
60.31

 
$
64.09

 
$
69.50

 
$
77.49

Low
 
$
50.21

 
$
51.10

 
$
63.09

 
$
63.42

(1) We previously reported revenues and costs from the fees we earn from our cash advance option offered to our contract carriers separately from Transportation revenues. Starting in the first quarter of 2015, on a retrospective basis, we report these payment services revenues and costs as a part of Transportation total revenues and costs.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended 0 Months Ended 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2015
Software
Dec. 31, 2015
Minimum
Dec. 31, 2015
Maximum
Dec. 31, 2014
Freightquote
Dec. 31, 2015
Truckload Transactions
Dec. 31, 2015
Stock Option
Significant Accounting Policies [Line Items]
 
 
 
 
 
 
 
 
 
Percentage of truckload transactions that are shared transactions between branches
 
 
 
 
 
 
 
49.00% 
 
Restricted cash
$ (359,388)
$ 359,388 
$ 0 
 
 
 
$ 359,400 
 
 
Property and equipment, estimated lives (in years)
 
 
 
 
3 years 
30 years 
 
 
 
Intangible assets, estimated lives (in years)
 
 
 
3 years 
3 years 
8 years 
 
 
 
Stock award, vesting period (in years)
 
 
 
 
 
 
 
 
5 years 
Restricted shares and restricted units grants, discount for post-vesting holding restrictions (percent)
 
 
 
 
17.00% 
22.00% 
 
 
 
Property and equipment, depreciation method
Depreciation is computed using the straight-line method over the estimated lives of the assets of 3 to 30 years. 
 
 
 
 
 
 
 
 
Intangible assets, amortization method
 
 
 
We amortize software using the straight-line method over 3 years. 
 
 
 
 
 
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Total Revenues Based on Location of the Customer and Long-Lived Assets by Geographic Regions (Detail) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total revenues
$ 3,210,853 
$ 3,419,253 
$ 3,545,088 
$ 3,300,890 
$ 3,357,202 
$ 3,467,362 
$ 3,502,918 
$ 3,142,585 
$ 13,476,084 
$ 13,470,067 
$ 12,752,076 
Total long-lived assets
345,323 
 
 
 
283,841 
 
 
 
345,323 
283,841 
309,260 
United States
 
 
 
 
 
 
 
 
 
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total revenues
 
 
 
 
 
 
 
 
12,097,633 
11,800,140 
11,140,163 
Total long-lived assets
320,445 
 
 
 
257,587 
 
 
 
320,445 
257,587 
284,693 
Other Locations
 
 
 
 
 
 
 
 
 
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total revenues
 
 
 
 
 
 
 
 
1,378,451 
1,669,927 
1,611,913 
Total long-lived assets
$ 24,878 
 
 
 
$ 26,254 
 
 
 
$ 24,878 
$ 26,254 
$ 24,567 
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Depreciation Expense (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Accounting Policies [Abstract]
 
 
 
Depreciation expense
$ 32,412 
$ 29,340 
$ 27,757 
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Summary of Property and Equipment (Detail) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Accounting Policies [Abstract]
 
 
Furniture, fixtures, and equipment
$ 200,215 
$ 180,233 
Buildings
110,056 
79,981 
Corporate aircraft
11,334 
11,334 
Leasehold improvements
28,178 
25,545 
Land
23,759 
14,983 
Construction in progress
5,597 
1,612 
Less accumulated depreciation
(188,265)
(161,217)
Net property and equipment
$ 190,874 
$ 152,471 
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Amortization Expense of Purchased and Internally Developed Software (Detail) (Software, USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Software
 
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
 
Amortization expense
$ 9,624 
$ 8,921 
$ 8,759 
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Summary of Purchased and Internally Developed Software (Detail) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
 
 
Less accumulated amortization
$ (61,405)
$ (36,917)
Net software
109,767 
 
Software
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Less accumulated amortization
(42,930)
(35,369)
Net software
21,435 
13,932 
Software |
Purchased software
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Software
23,569 
21,872 
Software |
Internally developed software
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Software
$ 40,796 
$ 27,429 
GOODWILL AND OTHER INTANGIBLE ASSETS Change in the Carrying Amount of Goodwill (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Goodwill [Roll Forward]
 
 
Balance, beginning of year
$ 825,038 
$ 829,073 
Acquisitions
287,220 
0 
Translation
(3,921)
(4,035)
Balance, end of year
$ 1,108,337 
$ 825,038 
GOODWILL AND OTHER INTANGIBLE ASSETS Summary of Other Intangible Assets, with Finite Lives (Detail) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
 
 
Accumulated amortization
$ (61,405)
$ (36,917)
Net
109,767 
 
Other Intangible Assets
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Gross
171,172 
133,372 
Accumulated amortization
(61,405)
(36,917)
Net
$ 109,767 
$ 96,455 
GOODWILL AND OTHER INTANGIBLE ASSETS Other Intangible Assets, with Indefinite Lives (Detail) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
 
 
Trademarks
$ 10,475 
$ 1,875 
GOODWILL AND OTHER INTANGIBLE ASSETS Amortization Expense of Other Intangible Assets (Detail) (Other Intangible Assets, USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Other Intangible Assets
 
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
 
Amortization expense
$ 24,373 
$ 18,748 
$ 20,128 
GOODWILL AND OTHER INTANGIBLE ASSETS Estimated Amortization Expense on Intangible Assets (Detail) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Estimated amortization expense
 
2016
$ 24,368 
2017
24,309 
2018
23,785 
2019
23,785 
2020
13,520 
Thereafter
0 
Net
$ 109,767 
FINANCING ARRANGEMENTS Additional Information (Detail) (USD $)
12 Months Ended 12 Months Ended 12 Months Ended
Dec. 31, 2015
Level 2
Dec. 31, 2014
Level 2
Dec. 31, 2015
Unsecured Debt
Senior Unsecured Revolving Credit Facility 2017 Term Loan
Dec. 31, 2014
Unsecured Debt
Senior Unsecured Revolving Credit Facility 2017 Term Loan
Feb. 28, 2015
Unsecured Debt
Senior Unsecured Revolving Credit Facility 2017 Term Loan
Oct. 29, 2012
Unsecured Debt
Senior Unsecured Revolving Credit Facility 2017 Term Loan
Dec. 31, 2015
Unsecured Debt
Senior Unsecured Revolving Credit Facility 2017 Term Loan
Federal Funds Rate
Dec. 31, 2015
Unsecured Debt
Senior Unsecured Revolving Credit Facility 2017 Term Loan
LIBOR Rate Option
Dec. 31, 2015
Unsecured Debt
Senior Unsecured Revolving Credit Facility 2017 Term Loan
London Interbank Offered Rate (LIBOR)
Dec. 31, 2015
Unsecured Debt
Senior Unsecured Revolving Credit Facility 2017 Term Loan
Current Liability
Dec. 31, 2014
Unsecured Debt
Senior Unsecured Revolving Credit Facility 2017 Term Loan
Current Liability
Aug. 23, 2013
Senior Notes
Series A Notes
Aug. 23, 2013
Senior Notes
Series B Notes
Aug. 23, 2013
Senior Notes
Series C Notes
Dec. 31, 2015
Senior Notes
Note Purchase Agreement
Feb. 28, 2015
Senior Notes
Note Purchase Agreement
Debt Instrument [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Line of credit facility, maximum borrowing capacity
 
 
 
$ 900,000,000 
 
$ 500,000,000 
 
 
 
 
 
 
 
 
 
 
Additional borrowing capacity credit facility
 
 
 
 
 
500,000,000 
 
 
 
 
 
 
 
 
 
 
Borrowing outstanding
 
 
 
 
 
 
 
 
 
450,000,000 
605,000,000 
 
 
 
 
 
Debt instrument, basis spread on variable rate
 
 
 
 
 
 
0.50% 
 
1.125% 
 
 
 
 
 
 
 
Debt instrument, interest rate during period
 
 
1.30% 
1.70% 
 
 
 
 
 
 
 
 
 
 
 
 
Debt, weighted average interest rate
 
 
1.60% 
1.30% 
 
 
 
 
 
 
 
 
 
 
 
 
Debt instrument, covenant, leverage ratio, minimum
 
 
0.65 
 
 
 
 
 
 
 
 
 
 
 
0.65 
 
Debt instrument, covenant, leverage ratio, maximum
 
 
1.00 
 
 
 
 
 
 
 
 
 
 
 
1.00 
 
Debt instrument, covenant, leverage debt to EBITDA ratio, maximum
 
 
 
 
3.00 
 
 
 
 
 
 
 
 
 
 
3.00 
Debt instrument, covenant, leverage debt to EBITDA ratio, minimum
 
 
 
 
1.00 
 
 
 
 
 
 
 
 
 
 
1.00 
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, interest expense ratio, minimum
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1.00 
 
Debt instrument, priority debt, percentage
 
 
 
 
 
 
 
 
 
 
 
 
 
 
15.00% 
 
Debt instrument, redemption price, percentage
 
 
 
 
 
 
 
 
 
 
 
 
 
 
100.00% 
 
Long-term debt fair value
$ 522,200,000 
$ 500,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt instrument, description of variable rate basis
 
 
 
 
 
 
 
One-month LIBOR 
 
 
 
 
 
 
 
 
INCOME TAXES Reconciliation of Unrecognized Tax Benefits, Excluding Interest and Penalties (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
 
 
 
Unrecognized tax benefits, beginning of period
$ 18,274 
$ 16,897 
$ 16,788 
Additions based on tax positions related to the current year
1,520 
2,002 
1,572 
Additions for tax positions of prior years
0 
839 
1,105 
Reductions for tax positions of prior years
(810)
(183)
(1,464)
Lapse in statute of limitations
(5,188)
(1,281)
(238)
Settlements
(525)
0 
(866)
Unrecognized tax benefits, end of the period
$ 13,271 
$ 18,274 
$ 16,897 
INCOME TAXES Components of the Provision for Income Taxes (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Tax provision:
 
 
 
Federal
$ 259,793 
$ 224,468 
$ 180,351 
State
37,129 
32,110 
26,351 
Foreign
33,255 
20,259 
25,529 
Current income tax expense (benefit), total
330,177 
276,837 
232,231 
Deferred provision (benefit):
 
 
 
Federal
(14,559)
(5,302)
24,877 
State
(2,074)
(755)
3,623 
Foreign
(462)
2,940 
(3,274)
Deferred provision (benefit):
(17,095)
(3,117)
25,226 
Total provision
$ 313,082 
$ 273,720 
$ 257,457 
INCOME TAXES Reconciliation of the Provision for Income Taxes using Statutory Federal Income Tax Rate to the Effective Income Tax Rate (Detail)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Income Tax Disclosure [Abstract]
 
 
 
Federal statutory rate
35.00% 
35.00% 
35.00% 
State income taxes, net of federal benefit
2.80% 
2.80% 
2.90% 
Other
0.30% 
0.00% 
0.30% 
Effective income tax rate, continuing operations, total
38.10% 
37.80% 
38.20% 
INCOME TAXES Deferred Tax Assets (Liabilities) (Detail) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Deferred tax assets:
 
 
Compensation
$ 91,729 
$ 78,516 
Receivables
16,243 
13,397 
Other
9,242 
8,103 
Deferred tax liabilities:
 
 
Intangible assets
(133,375)
(115,761)
Prepaid assets
(13,418)
(10,808)
Long-lived assets
(18,666)
(19,018)
Undistributed earnings of foreign subsidiaries
0 
(13,616)
Other
(427)
(28)
Net deferred tax (liabilities) assets
$ (48,672)
$ (59,215)
INCOME TAXES - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Income Tax Disclosure [Abstract]
 
 
 
Unrecognized tax benefits and related interest and penalties, all of which would affect our effective tax rate if recognized
$ 19.6 
 
 
Interest and penalties recognized
1.2 
1.5 
1.2 
Interest and penalties accrued
6.4 
5.7 
 
Foreign net operating loss carryforwards tax effect
$ 8.0 
$ 8.3 
 
CAPITAL STOCK AND STOCK AWARD PLANS - Additional Information (Detail) (USD $)
12 Months Ended
Dec. 31, 2015
Vote
Dec. 31, 2013
Dec. 31, 2014
Compensation Related Costs Share Based Payments Disclosure [Line Items]
 
 
 
Preferred stock, shares authorized
20,000,000 
 
20,000,000 
Preferred stock, par value
$ 0.10 
 
$ 0.10 
Common stock, shares authorized
480,000,000 
 
480,000,000 
Common stock, par value
$ 0.10 
 
$ 0.10 
Entitled vote for each share of Common Stock
1 
 
 
Antidilutive securities excluded from computation of earnings per share, amount
125,797 
218,932 
 
Maximum employee contribution to purchase company stock
$ 10,000 
 
 
Discount rate used to determine the purchase price
15.00% 
 
 
Stock award, vesting rights
These options are subject to certain vesting requirements over a five-year period, based on the company’s earnings growth. 
 
 
2012 Program
 
 
 
Compensation Related Costs Share Based Payments Disclosure [Line Items]
 
 
 
Repurchase program, number of additional shares authorized for repurchase (up to)
10,000,000 
 
 
Shares remaining for repurchase under authorization
 
0 
 
2013 Program
 
 
 
Compensation Related Costs Share Based Payments Disclosure [Line Items]
 
 
 
Number of shares authorized to be repurchased
 
15,000,000 
 
Shares remaining for repurchase under authorization
6,885,661 
 
 
Stock Option
 
 
 
Compensation Related Costs Share Based Payments Disclosure [Line Items]
 
 
 
Maximum shares that can be granted under stock plan
3,400,000 
 
 
Shares available for stock awards
715,064 
 
 
Stock award, vesting period (in years)
5 years 
 
 
Unrecognized compensation expense
55,100,000 
 
 
Full Value Awards
 
 
 
Compensation Related Costs Share Based Payments Disclosure [Line Items]
 
 
 
Stock award, vesting period (in years)
5 years 
 
 
Unrecognized compensation expense
$ 127,400,000 
 
 
Restricted stock awards, discount for post-vesting holding restriction, lower limit
17.00% 
 
 
Restricted stock awards, discount for post-vesting holding restriction, upper limit
22.00% 
 
 
CAPITAL STOCK AND STOCK AWARD PLANS Summary of Total Compensation Expense Recognized in Statements of Operations for Stock-Based Compensation (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Stock-based compensation expense
$ 57,661 
$ 47,861 
$ 9,094 
Stock options
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Stock-based compensation expense
14,607 
9,243 
5 
Stock awards
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Stock-based compensation expense
40,785 
36,510 
6,808 
Company expense on ESPP discount
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Stock-based compensation expense
$ 2,269 
$ 2,108 
$ 2,281 
CAPITAL STOCK AND STOCK AWARD PLANS Summary of Stock Option Activity (Detail) (USD $)
In Thousands, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Options Outstanding - Number of Shares [Roll Forward]
 
 
Outstanding, Beginning Balance (in shares)
4,704,620 
 
Grants (in shares)
1,493,388 
 
Exercised (in shares)
(40,337)
 
Terminated (in shares)
(6,810)
 
Outstanding, Ending Balance (in shares)
6,150,861 
4,704,620 
Vested (in shares)
1,991,263 
 
Exercisable (in shares)
1,991,263 
 
Options Outstanding - Weighted Average Exercise Price [Roll Forward]
 
 
Outstanding, Beginning Balance (in dollars per share)
$ 65.40 
 
Grants (in dollars per share)
$ 63.80 
 
Exercised (in dollars per share)
$ 62.30 
 
Terminated (in dollars per share)
$ 66.99 
 
Outstanding, Ending Balance (in dollars per share)
$ 65.03 
$ 65.40 
Vested (in dollars per share)
$ 64.49 
 
Exercisable (in dollars per share)
$ 64.49 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Aggregate Intrinsic Value [Roll Forward]
 
 
Aggregate Intrinsic Value, outstanding options
$ 0 
$ 44,644 
Vested at December 31, 2015
0 
 
Exercisable at December 31, 2015
$ 0 
 
Share Based Compensation Arrangement By Share Based Payment Award Options Weighted Average Remaining Contractual Term [Roll Forward]
 
 
Average Remaining Life, outstanding options (in years)
8 years 1 month 6 days 
8 years 1 month 6 days 
Vested (in years)
7 years 3 months 18 days 
 
Exercisable (in years)
7 years 3 months 18 days 
 
CAPITAL STOCK AND STOCK AWARD PLANS Intrinsic Value of Options Exercised (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
 
 
 
Intrinsic value
$ 400 
$ 4 
$ 7,640 
CAPITAL STOCK AND STOCK AWARD PLANS Summary of Stock Options Grants by Year of Grant (Detail) (USD $)
12 Months Ended
Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Options granted, net of forfeitures
4,722,330 
Weighted average grant date fair value
$ 13.52 
Unvested options
2,740,041 
2011
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Options granted, net of forfeitures
894,254 
Weighted average grant date fair value
$ 15.72 
Unvested options
352,850 
2012
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Options granted, net of forfeitures
1,143,939 
Weighted average grant date fair value
$ 13.15 
Unvested options
725,564 
2013
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Options granted, net of forfeitures
1,405,906 
Weighted average grant date fair value
$ 11.83 
Unvested options
702,953 
2014
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Options granted, net of forfeitures
1,278,231 
Weighted average grant date fair value
$ 14.17 
Unvested options
958,674 
2015
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Options granted, net of forfeitures
1,428,531 
Weighted average grant date fair value
$ 12.66 
Unvested options
1,428,531 
CAPITAL STOCK AND STOCK AWARD PLANS Assumptions Used in Estimating the Fair Value Per Option (Detail)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Risk-free interest rate, minimum
1.95% 
1.93% 
0.18% 
Risk-free interest rate, maximum
1.96% 
1.96% 
1.94% 
Dividend per share (quarterly amounts)
 
 
$ 0.35 
Expected volatilty factor, minimum
22.00% 
22.00% 
25.00% 
Expected volatility factor maximum
24.00% 
25.00% 
27.50% 
Expected option term
6 years 3 months 15 days 
6 years 3 months 18 days 
 
Weighted average fair value per option
$ 12.68 
$ 14.23 
$ 11.73 
Minimum
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Dividend per share (quarterly amounts)
$ 0.38 
$ 0.35 
 
Expected option term
 
 
4 days 
Maximum
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Dividend per share (quarterly amounts)
$ 0.43 
$ 0.38 
 
Expected option term
 
 
6 years 3 months 18 days 
CAPITAL STOCK AND STOCK AWARD PLANS Summary of Nonvested Performance-Based Restricted Stock Grants (Detail) (USD $)
12 Months Ended
Dec. 31, 2015
Nonvested Restricted Shares and Units - Number of Shares and Units [Roll Forward]
 
Unvested, Ending Balance (in shares)
1,272,041 
Nonvested Restricted Shares and Units - Weighted Average Grant Date Fair Value [Roll Forward]
 
Unvested, Ending Balance (in dollars per share)
$ 52.56 1
Performance Based Restricted Stock and Restricted Stock Units
 
Nonvested Restricted Shares and Units - Number of Shares and Units [Roll Forward]
 
Unvested, Beginning Balance (in shares)
1,536,154 
Granted (in shares)
407,019 
Vested (in shares)
(492,129)
Forfeitures (in shares)
(179,004)
Unvested, Ending Balance (in shares)
1,272,040 
Nonvested Restricted Shares and Units - Weighted Average Grant Date Fair Value [Roll Forward]
 
Unvested, Beginning Balance (in dollars per share)
$ 54.67 
Granted (in dollars per share)
$ 52.08 
Vested (in dollars per share)
$ 55.27 
Forfeitures (in dollars per share)
$ 62.13 
Unvested, Ending Balance (in dollars per share)
$ 52.56 
CAPITAL STOCK AND STOCK AWARD PLANS Summary of Performance Based Shares and Units by Year of Grant (Detail) (USD $)
12 Months Ended
Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Performance shares and stock units granted, net of forfeitures
2,024,204 
Weighted average grant date fair value (1)
$ 52.56 1
Unvested performance shares and restricted stock units
1,272,041 
2011
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Performance shares and stock units granted, net of forfeitures
569,854 
Weighted average grant date fair value (1)
$ 53.72 1
Unvested performance shares and restricted stock units
222,243 
2012
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Performance shares and stock units granted, net of forfeitures
331,780 
Weighted average grant date fair value (1)
$ 48.65 1
Unvested performance shares and restricted stock units
209,022 
2013
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Performance shares and stock units granted, net of forfeitures
395,016 
Weighted average grant date fair value (1)
$ 46.45 1
Unvested performance shares and restricted stock units
197,510 
2014
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Performance shares and stock units granted, net of forfeitures
337,154 
Weighted average grant date fair value (1)
$ 60.56 1
Unvested performance shares and restricted stock units
252,866 
2015
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Performance shares and stock units granted, net of forfeitures
390,400 
Weighted average grant date fair value (1)
$ 51.88 
Unvested performance shares and restricted stock units
390,400 
CAPITAL STOCK AND STOCK AWARD PLANS Summary of Nonvested Restricted Stock Grants (Detail) (USD $)
12 Months Ended
Dec. 31, 2015
Nonvested Restricted Shares and Units - Number of Shares and Units [Roll Forward]
 
Unvested, Ending Balance (in shares)
1,272,041 
Nonvested Restricted Shares and Units - Weighted Average Grant Date Fair Value [Roll Forward]
 
Unvested, Ending Balance (in dollars per share)
$ 52.56 1
Restricted Stock and Restricted Stock Units
 
Nonvested Restricted Shares and Units - Number of Shares and Units [Roll Forward]
 
Unvested, Beginning Balance (in shares)
954,124 
Granted (in shares)
482,222 
Vested (in shares)
(237,563)
Forfeitures (in shares)
(71,261)
Unvested, Ending Balance (in shares)
1,127,522 
Nonvested Restricted Shares and Units - Weighted Average Grant Date Fair Value [Roll Forward]
 
Unvested, Beginning Balance (in dollars per share)
$ 52.12 
Granted (in dollars per share)
$ 51.93 
Vested (in dollars per share)
$ 48.87 
Forfeitures (in dollars per share)
$ 52.62 
Unvested, Ending Balance (in dollars per share)
$ 52.69 
CAPITAL STOCK AND STOCK AWARD PLANS Summary of Fair Value of Full Value Stock Vested (Detail) (Full Value Awards, USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Full Value Awards
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Fair value
$ 40,785 
$ 36,510 
$ 6,808 
CAPITAL STOCK AND STOCK AWARD PLANS Summary of Employee Stock Purchase Plan Activity (Detail) (USD $)
In Thousands, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Shares purchased by employees
228,103 
231,564 
259,730 
Aggregate cost to employees
$ 13,045 
$ 11,943 
$ 12,928 
Expense recognized by the company
57,661 
47,861 
9,094 
Company expense on ESPP discount
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Expense recognized by the company
$ 2,269 
$ 2,108 
$ 2,281 
CAPITAL STOCK AND STOCK AWARD PLANS Share Repurchase Programs Activity (Detail) (USD $)
In Thousands, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Compensation Related Costs Share Based Payments Disclosure [Line Items]
 
 
 
Total value of shares repurchased
$ 232,113 
$ 164,037 
$ 760,304 
2012 Program
 
 
 
Compensation Related Costs Share Based Payments Disclosure [Line Items]
 
 
 
Shares repurchased
 
 
10,000,000 
Total value of shares repurchased
 
 
579,853 
2013 Program
 
 
 
Compensation Related Costs Share Based Payments Disclosure [Line Items]
 
 
 
Shares repurchased
3,420,681 
3,763,583 
930,075 
Total value of shares repurchased
$ 232,113 
$ 239,037 
$ 57,689 
COMMITMENTS AND CONTINGENCIES Profit-Sharing Plan Expense, Including Matching Contributions (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Commitments and Contingencies Disclosure [Abstract]
 
 
 
Profit-sharing plan expense
$ 46,507 
$ 30,112 
$ 19,907 
COMMITMENTS AND CONTINGENCIES Lease Expense (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Commitments and Contingencies Disclosure [Abstract]
 
 
 
Lease expense
$ 56,210 
$ 56,871 
$ 54,753 
COMMITMENTS AND CONTINGENCIES Minimum Future Lease Commitments Under Noncancelable Lease Agreements (Detail) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
 
2016
$ 43,888 
2017
39,108 
2018
31,349 
2019
27,842 
2020
22,437 
Thereafter
108,845 
Total
$ 273,469 
COMMITMENTS AND CONTINGENCIES - Additional Information (Detail)
12 Months Ended
Dec. 31, 2015
case
Commitments and Contingencies Disclosure [Abstract]
 
Defined contribution match
4.00% 
Pending litigation claims, number
26 
ACQUISITIONS - Additional Information (Detail) (Freightquote, USD $)
In Millions, unless otherwise specified
0 Months Ended
Jan. 1, 2015
Business Acquisition [Line Items]
 
Payments to acquire business
$ 398.6 
Trademarks
 
Business Acquisition [Line Items]
 
Indefinite-lived Intangible Assets Acquired
$ 8.6 
ACQUISITIONS Identifiable Intangible Assets and Estimated Useful Lives (Detail) (USD $)
In Thousands, unless otherwise specified
0 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Jan. 1, 2015
Freightquote
Jan. 1, 2015
Customer Relationships
Freightquote
Jan. 1, 2015
Noncompete Agreements
Freightquote
Business Acquisition [Line Items]
 
 
 
 
 
 
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
1,108,337 
825,038 
829,073 
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 
 
 
Estimated Life (years)
 
 
 
 
5 years 
5 years 
Finite-lived intangible assets acquired
 
 
 
 
37,500 
300 
Total identifiable intangible assets
 
 
 
$ 37,800 
 
 
ACQUISITIONS - Business Acquisition, Pro Forma Infomration (Detail) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Business Acquisition [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Revenues
$ 3,210,853 
$ 3,419,253 
$ 3,545,088 
$ 3,300,890 
$ 3,357,202 
$ 3,467,362 
$ 3,502,918 
$ 3,142,585 
$ 13,476,084 
$ 13,470,067 
$ 12,752,076 
Revenue, pro forma
 
 
 
 
 
 
 
 
 
14,093,312 
 
Income from operations
214,579 
232,711 
229,095 
181,925 
187,728 
203,337 
200,382 
156,971 
858,310 
748,418 
682,650 
Income from operations, pro forma
 
 
 
 
 
 
 
 
 
772,549 
 
Freightquote
 
 
 
 
 
 
 
 
 
 
 
Business Acquisition [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
 
623,245 
 
Income from operations
 
 
 
 
 
 
 
 
 
$ 24,131 
 
ACQUISITIONS - Business Acquisition, Pro Forma Infomration, Adjustments (Details) (Freightquote, USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Freightquote
 
Business Acquisition [Line Items]
 
Additional amortization expense on identifiable intangible assets
$ (7,560)
Contractual changes in compensation
1,973 
Additional compensation paid by sellers
2,627 
Accounting policy changes
1,303 
Third party advisory fees paid by sellers
5,355 
Other
$ 2,196 
ACCELERATED SHARE REPURCHASE (Details) (USD $)
0 Months Ended 12 Months Ended 0 Months Ended 1 Months Ended 3 Months Ended 12 Months Ended
Aug. 24, 2013
agreement
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Dec. 13, 2013
Accelerated Share Repurchase
Feb. 28, 2014
Accelerated Share Repurchase
Mar. 31, 2014
Accelerated Share Repurchase
Sep. 30, 2013
Accelerated Share Repurchase
Dec. 31, 2014
Accelerated Share Repurchase
Dec. 31, 2013
Accelerated Share Repurchase
Aug. 24, 2013
Accelerated Share Repurchase
Subsequent Event [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Number of letter agreements
2 
 
 
 
 
 
 
 
 
 
 
Accelerated share repurchases, settlement payment
 
 
 
 
 
 
 
 
 
 
$ 500,000,000 
Accelerated share repurchases, pursuant discount percentage
 
 
 
 
 
 
 
 
 
 
0.94% 
Shares repurchased
 
 
 
 
1,200,000 
1,200,000 
 
6,100,000 
7,300,000 
7,300,000 
 
Treasury stock value
 
232,113,000 
164,037,000 
760,304,000 
 
 
 
350,000,000 
 
425,000,000 
 
Value of stock repurchased as percentage of total amount of shares estimated under accelerated share repurchase agreement
 
 
 
 
 
 
 
70.00% 
 
 
 
Accelerated share repurchase program adjustment
 
 
 
 
 
 
$ 75,000,000 
 
 
$ 75,000,000 
 
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS (Detail) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Accumulated other comprehensive loss [Abstract]
 
 
Accumulated other comprehensive loss
$ (37,946)
$ (28,610)
SUPPLEMENTARY DATA (UNAUDITED) Summary of Unaudited Results of Operations for Each Quarter (Detail) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Revenues:
 
 
 
 
 
 
 
 
 
 
 
Transportation
$ 2,867,301 
$ 3,044,500 
$ 3,130,722 
$ 2,947,257 
$ 3,014,251 
$ 3,073,382 
$ 3,042,102 
$ 2,806,777 
$ 11,989,780 
$ 11,936,512 
$ 11,082,942 
Sourcing
343,552 
374,753 
414,366 
353,633 
342,951 
393,980 
460,816 
335,808 
1,486,304 
1,533,555 
1,669,134 
Total revenues
3,210,853 
3,419,253 
3,545,088 
3,300,890 
3,357,202 
3,467,362 
3,502,918 
3,142,585 
13,476,084 
13,470,067 
12,752,076 
Costs and expenses:
 
 
 
 
 
 
 
 
 
 
 
Purchased transportation and related services
2,323,376 
2,484,409 
2,582,374 
2,452,112 
2,536,440 
2,575,619 
2,555,959 
2,376,388 
9,842,271 
10,044,406 
9,373,797 
Purchased products sourced for resale
316,700 
346,269 
378,696 
323,668 
318,946 
364,179 
425,922 
308,962 
1,365,333 
1,418,009 
1,542,184 
Personnel expenses
268,190 
264,077 
263,999 
255,144 
235,117 
244,621 
238,986 
220,297 
1,051,410 
939,021 
826,661 
Other selling, general, and administrative expenses
88,008 
91,787 
90,924 
88,041 
78,971 
79,606 
81,669 
79,967 
358,760 
320,213 
326,784 
Total costs and expenses
2,996,274 
3,186,542 
3,315,993 
3,118,965 
3,169,474 
3,264,025 
3,302,536 
2,985,614 
12,617,774 
12,721,649 
12,069,426 
Income from operations
214,579 
232,711 
229,095 
181,925 
187,728 
203,337 
200,382 
156,971 
858,310 
748,418 
682,650 
Net income
$ 126,583 
$ 139,432 
$ 137,208 
$ 106,476 
$ 112,947 
$ 124,981 
$ 118,596 
$ 93,187 
$ 509,699 
$ 449,711 
$ 415,904 
Basic net income per share (in dollars per share)
$ 0.88 
$ 0.96 
$ 0.94 
$ 0.73 
$ 0.77 
$ 0.85 
$ 0.80 
$ 0.63 
$ 3.52 
$ 3.06 
$ 2.65 
Diluted net income per share (in dollars per share)
$ 0.88 
$ 0.96 
$ 0.94 
$ 0.73 
$ 0.77 
$ 0.85 
$ 0.80 
$ 0.63 
$ 3.51 
$ 3.05 
$ 2.65 
Basic weighted average shares outstanding (in shares)
143,484 
144,578 
145,515 
146,204 
145,856 
146,646 
147,826 
148,517 
144,967 
147,202 
156,915 
Dilutive effect of outstanding stock awards (in shares)
660 
204 
164 
179 
794 
210 
148 
491 
382 
340 
165 
Diluted weighted average shares outstanding (in shares)
144,144 
144,782 
145,679 
146,383 
146,650 
146,856 
147,974 
149,008 
145,349 
147,542 
157,080 
Market price range of common stock:
 
 
 
 
 
 
 
 
 
 
 
High (in dollars per share)
$ 73.34 
$ 71.50 
$ 73.09 
$ 76.18 
$ 77.49 
$ 69.50 
$ 64.09 
$ 60.31 
 
 
 
Low (in dollars per share)
$ 59.71 
$ 61.64 
$ 61.46 
$ 67.11 
$ 63.42 
$ 63.09 
$ 51.10 
$ 50.21 
 
 
 
SCHEDULE II. VALUATION AND QUALIFYING ACCOUNTS Transactions in the Allowance for Doubtful Accounts (Detail) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Movement in Valuation Allowances and Reserves [Roll Forward]
 
 
 
Balance, beginning of year
$ 41,051 
$ 39,292 
$ 34,560 
Provision
11,538 
15,092 
15,587 
Write-offs
(9,134)
(13,333)
(10,855)
Balance, end of year
$ 43,455 
$ 41,051 
$ 39,292