Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 28, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | EXPD | |
Entity Registrant Name | EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. | |
Entity Central Index Key | 0000746515 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 152,792,181 | |
Entity File Number | 0-13468 | |
Entity Tax Identification Number | 91-1069248 | |
Entity Address, Address Line One | 1015 Third Avenue | |
Entity Address, City or Town | Seattle | |
Entity Address, State or Province | WA | |
Entity Address, Postal Zip Code | 98104 | |
City Area Code | 206 | |
Local Phone Number | 674-3400 | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Security Exchange Name | NASDAQ | |
Entity Incorporation, State or Country Code | WA | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current Assets: | ||
Cash and cash equivalents | $ 2,350,794 | $ 2,034,131 |
Accounts receivable, less allowance for credit loss of $8,358 at March 31, 2023 and $9,466 at December 31, 2022 | 1,604,467 | 2,107,645 |
Deferred contract costs | 195,670 | 257,545 |
Other | 106,080 | 118,696 |
Total current assets | 4,257,011 | 4,518,017 |
Property and equipment, less accumulated depreciation and amortization of $577,841 at March 31, 2023 and $567,757 at December 31, 2022 | 500,482 | 501,916 |
Operating lease right-of-use assets | 509,019 | 507,503 |
Goodwill | 7,927 | 7,927 |
Deferred federal and state income taxes, net | 38,093 | 37,449 |
Other assets, net | 20,045 | 17,622 |
Total assets | 5,332,577 | 5,590,434 |
Current Liabilities: | ||
Accounts payable | 950,907 | 1,108,996 |
Accrued liabilities, primarily salaries and related costs | 432,816 | 479,262 |
Contract liabilities | 244,667 | 323,101 |
Current portion of operating lease liabilities | 98,469 | 95,621 |
Federal, state and foreign income taxes | 33,197 | 47,075 |
Total current liabilities | 1,760,056 | 2,054,055 |
Noncurrent portion of operating lease liabilities | 422,153 | 422,844 |
Commitments and contingencies | ||
Shareholders’ Equity: | ||
Preferred stock, none issued | 0 | 0 |
Common stock, par value $0.01 per share. Issued and outstanding: 152,712 shares at March 31,2023 and 154,313 shares at December 31, 2022 | 1,527 | 1,543 |
Additional paid-in capital | 0 | 139 |
Retained earnings | 3,336,140 | 3,310,892 |
Accumulated other comprehensive loss | (190,498) | (202,553) |
Total shareholders’ equity | 3,147,169 | 3,110,021 |
Noncontrolling interest | 3,199 | 3,514 |
Total equity | 3,150,368 | 3,113,535 |
Total liabilities and equity | $ 5,332,577 | $ 5,590,434 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Statement Of Financial Position [Abstract] | ||
Accounts receivable, allowance for credit loss | $ 8,358 | $ 9,466 |
Property and equipment, accumulated depreciation | $ 577,841 | $ 567,757 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares issued | 152,712 | 154,313 |
Common stock, shares outstanding | 152,712 | 154,313 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Revenues: | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 2,592,589 | $ 4,664,298 | |
Operating Expenses: | |||
Directly related cost of transportation and other expenses | [1] | 1,719,102 | 3,516,111 |
Salaries and related | 449,848 | 538,940 | |
Rent and occupancy | 57,632 | 50,928 | |
Depreciation and amortization | 15,261 | 12,975 | |
Selling and promotion | 6,384 | 4,048 | |
Other | 68,393 | 79,536 | |
Total operating expenses | 2,316,620 | 4,202,538 | |
Operating income | 275,969 | 461,760 | |
Other Income (Expense): | |||
Interest income | 18,775 | 1,892 | |
Interest Expense | (2,645) | (503) | |
Other, net | 8,479 | 8,030 | |
Other income, net | 24,609 | 9,419 | |
Earnings before income taxes | 300,578 | 471,179 | |
Income tax expense | 74,580 | 121,699 | |
Net earnings | 225,998 | 349,480 | |
Less net (losses) earnings attributable to the noncontrolling interest | (13) | 3,371 | |
Net earnings attributable to shareholders | $ 226,011 | $ 346,109 | |
Diluted earnings attributable to shareholders per share | $ 1.45 | $ 2.05 | |
Basic earnings attributable to shareholders per share | $ 1.47 | $ 2.07 | |
Weighted average diluted shares outstanding | 155,472 | 169,216 | |
Weighted average basic shares outstanding | 154,164 | 167,499 | |
Airfreight services | |||
Revenues: | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 904,903 | $ 1,598,555 | |
Operating Expenses: | |||
Directly related cost of transportation and other expenses | 666,022 | 1,142,546 | |
Ocean freight and ocean services | |||
Revenues: | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 697,307 | 1,976,246 | |
Operating Expenses: | |||
Directly related cost of transportation and other expenses | 483,682 | 1,600,243 | |
Customs brokerage and other services | |||
Revenues: | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 990,379 | 1,089,497 | |
Operating Expenses: | |||
Directly related cost of transportation and other expenses | $ 569,398 | $ 773,322 | |
[1] Directly related cost of transportation and other expenses totals operating expenses from airfreight services, ocean freight and ocean services and customs brokerage and other services as shown in the condensed consolidated statements of earnings. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net earnings | $ 225,998 | $ 349,480 |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation adjustments, net of income tax benefits of $4,268 and $1,500 for the three months ended March 31, 2023 and 2022 | 11,753 | (8,012) |
Other comprehensive income (loss) | 11,753 | (8,012) |
Comprehensive income | 237,751 | 341,468 |
Less comprehensive (loss) income attributable to the noncontrolling interest | (315) | 2,374 |
Comprehensive income attributable to shareholders | $ 238,066 | $ 339,094 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Other Comprehensive Income Loss Tax Parenthetical Disclosures [Abstract] | ||
Foreign currency translation adjustments, tax benefit | $ 4,268 | $ 1,500 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating Activities: | ||
Net earnings | $ 225,998 | $ 349,480 |
Adjustments to reconcile net earnings to net cash from operating activities: | ||
Provisions for losses (recoveries) on accounts receivable | 1,072 | (416) |
Deferred income tax expense (benefit) | 2,036 | (3,236) |
Stock compensation expense | 12,488 | 11,603 |
Depreciation and amortization | 15,261 | 12,975 |
Other, net | 1,159 | 455 |
Changes in operating assets and liabilities: | ||
Decrease (increase) in accounts receivable | 508,606 | (132,348) |
(Decrease) increase in accounts payable and accrued liabilities | (202,923) | 140,191 |
Decrease in deferred contract costs | 67,621 | 173,930 |
Decrease in contract liabilities | (84,447) | (193,357) |
Increase in income taxes payable, net | 91 | 46,259 |
(Increase) decrease in other, net | (550) | 8,410 |
Net cash from operating activities | 546,412 | 413,946 |
Investing Activities: | ||
Purchase of property and equipment | (10,126) | (14,412) |
Other, net | 575 | 79 |
Net cash from investing activities | (9,551) | (14,333) |
Financing Activities: | ||
Payments on borrowings on lines of credit | (26,402) | (3,102) |
Proceeds from borrowings on lines of credit | 11,495 | 22,592 |
Proceeds from issuance of common stock | 9,288 | 5,751 |
Repurchases of common stock | (213,502) | 0 |
Payments for taxes related to net share settlement of equity awards | (7,445) | (7,482) |
Net cash from financing activities | (226,566) | 17,759 |
Effect of exchange rate changes on cash and cash equivalents | 6,368 | (6,438) |
Change in cash and cash equivalents | 316,663 | 410,934 |
Cash and cash equivalents at beginning of period | 2,034,131 | 1,728,692 |
Cash and cash equivalents at end of period | 2,350,794 | 2,139,626 |
Taxes Paid: | ||
Income taxes | $ 70,786 | $ 77,960 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Total shareholders' equity | Noncontrolling interest |
Balance at Dec. 31, 2021 | $ 3,497,991 | $ 1,672 | $ 3,160 | $ 3,620,008 | $ (130,414) | $ 3,494,426 | $ 3,565 |
Balance (in shares) at Dec. 31, 2021 | 167,210 | ||||||
Increase (Decrease) in Equity [Roll Forward] | |||||||
Shares issued under employee stock plans, net of tax withholding for net settlement | (1,731) | $ 3 | (1,734) | 0 | 0 | (1,731) | 0 |
Shares issued under employee stock plans, net of tax withholding for net settlement (in shares) | 267 | ||||||
Shares repurchased under provisions of stock repurchase plan | 0 | $ 0 | 0 | 0 | 0 | 0 | 0 |
Shares repurchased under provisions of stock repurchase plan (in shares) | 0 | ||||||
Stock compensation expense | 11,603 | $ 0 | 11,603 | 0 | 0 | 11,603 | 0 |
Net earnings | 349,480 | 0 | 0 | 346,109 | 0 | 346,109 | 3,371 |
Other comprehensive income (loss) | (8,012) | 0 | 0 | 0 | (7,015) | (7,015) | (997) |
Dividends and dividend equivalents paid | 0 | 0 | 314 | (314) | 0 | 0 | 0 |
Balance at Mar. 31, 2022 | 3,849,331 | $ 1,675 | 13,343 | 3,965,803 | (137,429) | 3,843,392 | 5,939 |
Balance (in shares) at Mar. 31, 2022 | 167,477 | ||||||
Balance at Dec. 31, 2022 | $ 3,113,535 | $ 1,543 | 139 | 3,310,892 | (202,553) | 3,110,021 | 3,514 |
Balance (in shares) at Dec. 31, 2022 | 154,313 | 154,313 | |||||
Increase (Decrease) in Equity [Roll Forward] | |||||||
Shares issued under employee stock plans, net of tax withholding for net settlement | $ 1,844 | $ 4 | 1,840 | 0 | 0 | 1,844 | 0 |
Shares issued under employee stock plans, net of tax withholding for net settlement (in shares) | 358 | ||||||
Shares repurchased under provisions of stock repurchase plan | (215,250) | $ (20) | (14,809) | (200,421) | 0 | (215,250) | 0 |
Shares repurchased under provisions of stock repurchase plan (in shares) | (1,959) | ||||||
Stock compensation expense | 12,488 | $ 0 | 12,488 | 0 | 0 | 12,488 | 0 |
Net earnings | 225,998 | 0 | 0 | 226,011 | 0 | 226,011 | (13) |
Other comprehensive income (loss) | 11,753 | 0 | 0 | 0 | 12,055 | 12,055 | (302) |
Dividends and dividend equivalents paid | 0 | 0 | 342 | (342) | 0 | 0 | 0 |
Balance at Mar. 31, 2023 | $ 3,150,368 | $ 1,527 | $ 0 | $ 3,336,140 | $ (190,498) | $ 3,147,169 | $ 3,199 |
Balance (in shares) at Mar. 31, 2023 | 152,712 | 152,712 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1. Summary of Significant Accounting Policies A. Basis of Presentation Expeditors International of Washington, Inc. (the Company) is a non-asset based provider of global logistics services operating through a worldwide network of offices and exclusive or non-exclusive agents. The Company’s customers include retailing and wholesaling, electronics, high technology, industrial and manufacturing companies around the world. The condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. As a result, certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) have been condensed or omitted. The Company believes that the disclosures made are adequate to make the information presented not misleading. The condensed consolidated financial statements reflect all adjustments, consisting of normal recurring items, which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company's Form 10-K as filed with the Securities and Exchange Commission on March 1, 2023. All significant intercompany accounts and transactions have been eliminated in consolidation. All dollar amounts in the notes are presented in thousands except for per share data or unless otherwise specified. Certain prior year amounts have been reclassified to conform to the current year presentation, including revisions to the condensed consolidated statement of earnings and condensed consolidated statements of cash flows. B. Revenue Recognition The Company derives its revenues by entering into agreements that are generally comprised of a single performance obligation, which is that freight is shipped for and received by the customer. Each performance obligation is comprised of one or more of the Company’s services. The Company's three principal services are the revenue categories presented in the condensed consolidated statements of earnings: 1) airfreight services, 2) ocean freight and ocean services, and 3) customs brokerage and other services. The Company typically satisfies its performance obligations as services are rendered over time. A typical shipment would include services rendered at origin, such as pick-up and delivery to port, freight services from origin to destination port and destination services, such as customs clearance and final delivery. The Company measures the performance of its obligations as services are completed over the life of a shipment, including services at origin, freight and destination. The Company fulfills nearly all of its performance obligations within a one to two month-period and contracts with customers have an original expected duration of less than one year. The Company satisfied nearly all performance obligations for the contract liabilities recorded as of December 31, 2022. The Company evaluates whether amounts billed to customers should be reported as revenues on a gross or net basis. Generally, revenue is recorded on a gross basis when the Company is primarily responsible for fulfilling the promise to provide the services, when it assumes the risk of loss, when it has discretion in setting the prices for the services to the customers, and when the Company has the ability to direct the use of the services provided by the third party. When revenue is recorded on a net basis, the amounts earned are determined using a fixed fee, a per unit of activity fee or a combination thereof. For revenues earned in other capacities, for instance, when the Company does not issue a House Airway Bill (HAWB), a House Ocean Bill of Lading (HOBL) or a House Seaway Bill or otherwise act solely as an agent for the shipper, only the commissions and fees earned for such services are included in revenues. In these transactions, the Company is not a principal and reports only the commissions and fees earned in revenues. C. Leases The Company determines if an arrangement is a lease at inception. Right-of-use (ROU) assets represent the Company's right to use an underlying asset for the lease term, and lease liabilities represent the Company's obligation to make lease payments arising from the lease. All ROU assets and lease liabilities are recognized at the commencement date at the present value of lease payments over the lease term. ROU assets are adjusted for lease incentives and initial direct costs. The lease term includes renewal options exercisable at the Company's sole discretion when the Company is reasonably certain to exercise that option. As the Company's leases generally do not have an implicit rate, the Company uses an estimated incremental borrowing rate based on market information available at the commencement date to determine the present value. Certain of our leases include variable payments, which may vary based upon changes in facts or circumstances after the start of the lease. The Company excludes variable payments from ROU assets and lease liabilities to the extent not considered fixed, and instead expenses variable payments as incurred. Lease expense is recognized on a straight-line basis over the lease term and is included in rent and occupancy expenses in the condensed consolidated statement of earnings. Additionally, the Company elected to apply the short-term lease exemption for leases with a non-cancelable period of twelve months or less and has chosen not to separate non-lease components from lease components and instead to account for each as a single lease component. D. Accounts Receivable The Company’s trade accounts receivable present similar credit risk characteristics and the allowance for credit loss is estimated on a collective basis, using a credit loss-rate method that uses historical credit loss information and considers the current economic environment. Additional allowances may be necessary in the future if changes in economic conditions are significant enough to affect expected credit losses. The Company has recorded an allowance for credit loss in the amounts of $ 8,358 as of March 31, 2023 and $ 9,466 as of December 31, 2022 . Additions and write-offs have not been significant in the periods presented. E. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of the assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. The Company uses estimates primarily in the following areas: accounts receivable valuation, accrual of costs related to ancillary services the Company performs, typically at the destination location, self-insured liabilities, accrual of various tax liabilities, accrual of loss contingencies, including estimates for ongoing and potential claims as a result of the downtime caused by the cyber-attack in 2022, calculation of share-based compensation expense and estimates related to determining the lease term and discount rate when measuring ROU assets and lease liabilities. See Note 8 for further information on estimates related to the cyber-attack. Actual results could be materially different from the estimated provisions and accruals recorded. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 2. Income Taxes U.S. corporate income tax laws and regulations include a territorial tax framework and provisions for Global Intangible Low-Taxed Income (GILTI) under which taxes on foreign income are imposed on the excess of a deemed return on tangible assets of certain foreign subsidiaries, Base Erosion and Anti-Abuse Tax (BEAT) under which taxes are imposed on certain base eroding payments to affiliated foreign companies as well as U.S. income tax deductions for Foreign-derived intangible income (FDII). The Company treats BEAT and GILTI as discrete adjustments as components of current income tax expense. Earnings of the Company's foreign subsidiaries are not considered to be indefinitely reinvested outside of the United States. The Company is subject to taxation in various states and many foreign jurisdictions including the People’s Republic of China, including Hong Kong, Taiwan, Vietnam, India, Mexico, Canada, Netherlands and the United Kingdom. The Company believes that its tax positions, including intercompany transfer pricing policies, are reasonable and consistent with established transfer pricing methodologies and norms. The Company is under, or may be subject to, audit or examination and assessments by the relevant authorities in respect to these and any other jurisdictions primarily for years 2009 and thereafter. Sometimes audits result in proposed assessments where the ultimate resolution could result in significant additional tax, penalties and interest payments being required. The Company establishes liabilities when, despite its belief that the tax return positions are appropriate and consistent with tax law, it concludes that it may not be successful in realizing the tax position. In evaluating a tax position, the Company determines whether it is more likely than not that the position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position and in consultation with qualified legal and tax advisors. The total amount of the Company’s tax contingencies may increase in 2023. In addition, changes in state, federal, and foreign tax laws and changes, including transfer pricing and changes in interpretations of these laws may increase the Company’s existing tax contingencies. The timing of the resolution of income tax examinations can be highly uncertain, and the amounts ultimately paid including interest and penalties, if any, upon resolution of the issues raised by the taxing authorities may differ from the amounts recorded. It is reasonably possible that within the next twelve months the Company may undergo further audits and examinations by various tax authorities and possibly may reach resolution related to income tax examinations in one or more jurisdictions. These assessments or settlements could result in changes to the Company’s contingencies related to positions on tax filings in future years. The estimate of any ultimate tax liability contains assumptions based on experiences, judgments about potential actions by taxing jurisdictions as well as judgments about the likely outcome of issues that have been raised by the taxing jurisdiction. The Company cannot currently provide an estimate of the range of possible outcomes. The Company recognizes interest expense related to unrecognized tax benefits or underpayment of income taxes in interest expense and recognizes penalties in operating expenses. The Company’s consolidated effective income tax rate was 24.8 % for the three months ended March 31, 2023, as compared to 25.8 % to the comparable period in 2022. For the three month periods ended March 31, 2023 and 2022 there was no BEAT expense and GILTI expense was insignificant. Both periods benefited from U.S. income tax deductions for FDII. For the quarter ended March 31, 2023, the Company benefited from higher U.S. Federal tax credits, principally because of withholding taxes related to the Company’s foreign operations compared to the same period in 2022. The impact of the 15 % corporate alternative minimum tax based on financial statement income (BMT), which became effective in 2023 in the U.S., under the Inflation Reduction Act for the quarter ended March 31, 2023, was insignificant. |
Basic and Diluted Earnings per
Basic and Diluted Earnings per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Earnings per Share | Note 3. Basic and Diluted Earnings per Share Diluted earnings attributable to shareholders per share is computed using the weighted average number of common shares and dilutive potential common shares outstanding. Dilutive potential shares represent outstanding stock options, including purchase options under the Company's employee stock purchase plan, and unvested restricted stock units. Basic earnings attributable to shareholders per share is calculated using the weighted average number of common shares outstanding without taking into consideration dilutive potential common shares outstanding. The following table reconciles the numerator and the denominator of the basic and diluted per share computations for earnings attributable to shareholders: Three months ended March 31, Net earnings Weighted Earnings per 2023 Basic earnings attributable to shareholders $ 226,011 154,164 $ 1.47 Effect of dilutive potential common shares — 1,308 — Diluted earnings attributable to shareholders $ 226,011 155,472 $ 1.45 2022 Basic earnings attributable to shareholders $ 346,109 167,499 $ 2.07 Effect of dilutive potential common shares — 1,717 — Diluted earnings attributable to shareholders $ 346,109 169,216 $ 2.05 Substantially all outstanding potential common shares as of March 31, 2023 and 2022 were dilutive. |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2023 | |
Stockholders Equity Note [Abstract] | |
Shareholders' Equity | Note 4. Shareholders' Equity The Company has a Discretionary Stock Repurchase Plan approved by the Board of Directors that authorizes management to reduce issued and outstanding common stock. The Board of Directors last amended the plan on February 20, 2023 to authorize repurchases down from 150,000 to 140,000 shares. This authorization has no expiration date. During the three months ended March 31, 2023, there were 1,959 shares repurchased at an average price of $ 108.98 per share, compared to no shares repurchased during the same period in 2022. Accumulated other comprehensive loss consisted entirely of foreign currency translation adjustments, net of related income tax effects, for all the periods presented. Subsequent to the end of the first quarter of 2023, on May 1, 2023 , the Board of Directors declared a semi-annual dividend of $ .69 per share payable on June 15, 2023 to shareholders of record as of June 1, 2023 . |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 5. Fair Value of Financial Instruments The Company’s financial instruments, other than cash, consist primarily of cash equivalents, accounts receivable, accounts payable and accrued expenses. The carrying value of these financial instruments approximates their fair value. All highly liquid investments with a maturity of three months or less at date of purchase are considered to be cash equivalents. Cash and cash equivalents consist of the following: March 31, 2023 December 31, 2022 Cost Fair Value Cost Fair Value Cash and Cash Equivalents: Cash and overnight deposits $ 1,269,306 $ 1,269,306 $ 1,038,903 $ 1,038,903 Corporate commercial paper 1,052,261 1,054,334 977,887 978,325 Time deposits and money market funds 29,227 29,227 17,341 17,341 Total cash and cash equivalents $ 2,350,794 $ 2,352,867 $ 2,034,131 $ 2,034,569 The fair value of corporate commercial paper and time deposits is based on the use of market interest rates for identical or similar assets (Level 2 fair value measurement). |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Loss Contingency [Abstract] | |
Contingencies | Note 6. Contingencies The Company is involved in claims, lawsuits, government investigations and other legal matters that arise in the ordinary course of business and are subject to inherent uncertainties. Currently, in management's opinion and based upon advice from legal and tax advisors, none of these matters are expected to have a significant effect on the Company's operations, cash flows or financial position. The changes in the amounts recorded for claims, lawsuits, government investigations and other legal matters are not significant to the Company's operations, cash flows or financial position. At this time, the Company is unable to estimate any additional loss or range of reasonably possible losses, if any, beyond the amounts recorded, that might result from the resolution of these matters. |
Business Segment Information
Business Segment Information | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Business Segment Information | Note 7. Business Segment Information The Company is organized functionally in geographic operating segments. Accordingly, management focuses its attention on revenues, directly related cost of transportation and other expenses for each of the Company’s three primary sources of revenue, salaries and other operating expenses, operating income, identifiable assets, capital expenditures and equity generated in each of these geographical areas when evaluating the effectiveness of geographic management. Transactions among the Company’s various offices are conducted using the same arms-length pricing methodologies the Company uses when its offices transact business with independent agents. Certain costs are allocated among the segments based on the relative value of the underlying services, which can include allocation based on actual costs incurred or estimated cost plus a profit margin. Financial information regarding the Company’s operations by geographic area is as follows: UNITED OTHER LATIN NORTH SOUTH EUROPE MIDDLE ELIMI- CONSOLI- For the three months ended March 31, 2023: Revenues $ 945,494 109,850 54,695 582,421 224,127 534,464 142,703 ( 1,165 ) 2,592,589 Directly related cost of transportation 1 $ 539,957 69,205 32,302 452,342 157,623 372,260 95,949 ( 536 ) 1,719,102 Salaries and other operating expenses 2 $ 267,683 35,824 19,502 71,140 46,798 127,372 29,832 ( 633 ) 597,518 Operating income $ 137,854 4,821 2,891 58,939 19,706 34,832 16,922 4 275,969 Identifiable assets at period end $ 3,005,502 206,459 119,334 633,970 284,028 844,049 254,458 ( 15,223 ) 5,332,577 Capital expenditures $ 5,444 469 230 590 167 2,983 243 — 10,126 Equity $ 2,284,489 35,977 57,026 317,325 153,321 191,116 154,143 ( 43,029 ) 3,150,368 For the three months ended March 31, 2022: Revenues $ 1,241,224 104,610 57,707 1,769,016 646,329 575,791 270,681 ( 1,060 ) 4,664,298 Directly related cost of transportation 1 $ 763,423 64,232 33,857 1,480,093 538,883 417,620 218,100 ( 97 ) 3,516,111 Salaries and other operating expenses 2 $ 333,649 24,869 13,101 123,113 45,329 109,269 38,042 ( 945 ) 686,427 Operating income $ 144,152 15,509 10,749 165,810 62,117 48,902 14,539 ( 18 ) 461,760 Identifiable assets at period end $ 4,199,798 283,674 147,391 1,329,469 591,672 1,076,451 358,722 ( 31,184 ) 7,955,993 Capital expenditures $ 9,477 1,078 109 531 290 2,058 869 14,412 Equity $ 2,753,888 108,208 52,188 337,802 189,168 317,436 133,250 ( 42,609 ) 3,849,331 1 Directly related cost of transportation and other expenses totals operating expenses from airfreight services, ocean freight and ocean services and customs brokerage and other services as shown in the condensed consolidated statements of earnings. 2 Salaries and other operating expenses totals salaries and related, rent and occupancy, depreciation and amortization, selling and promotion and other as shown in the condensed consolidated statements of earnings. |
Cyber-Attack
Cyber-Attack | 3 Months Ended |
Mar. 31, 2023 | |
Extraordinary And Unusual Items [Abstract] | |
Cyber-Attack | Note 8. Cyber-Attack In the first quarter of 2022, the Company was the subject of a targeted cyber-attack, which resulted in having to shut down most the Company's connectivity, operating and accounting systems globally for a period of approximately three weeks to manage the safety of its overall global systems environment. In the first quarter of 2022, the Company incurred, as a result of its inability to timely process and move shipments through ports during the downtime, approximately $ 42 million in incremental demurrage charges, net of recoveries, where the Company has direct liability for this obligation. These costs are recorded in customs brokerage and other services expenses. The Company incurred investigation, recovery, and remediation expenses, including costs to recover its operational and accounting systems and to enhance cybersecurity protections. The Company also recorded estimated liabilities for potential shipment-related claims. In the first quarter of 2022, the total amount recorded for these items was approximately $ 20 million. Amounts are recorded in other operating expenses. In the first quarter of 2023, incremental charges recorded related to the cyber-attack were insignificant. Since the cyber-attack, the company incurred cumulative additional expenses of $ 60 million, net of recoveries and adjustments to prior estimates, and experienced a loss of revenues that cannot be quantified as a result of this attack. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | A. Basis of Presentation Expeditors International of Washington, Inc. (the Company) is a non-asset based provider of global logistics services operating through a worldwide network of offices and exclusive or non-exclusive agents. The Company’s customers include retailing and wholesaling, electronics, high technology, industrial and manufacturing companies around the world. The condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. As a result, certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) have been condensed or omitted. The Company believes that the disclosures made are adequate to make the information presented not misleading. The condensed consolidated financial statements reflect all adjustments, consisting of normal recurring items, which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company's Form 10-K as filed with the Securities and Exchange Commission on March 1, 2023. All significant intercompany accounts and transactions have been eliminated in consolidation. All dollar amounts in the notes are presented in thousands except for per share data or unless otherwise specified. Certain prior year amounts have been reclassified to conform to the current year presentation, including revisions to the condensed consolidated statement of earnings and condensed consolidated statements of cash flows. |
Revenue Recognition | B. Revenue Recognition The Company derives its revenues by entering into agreements that are generally comprised of a single performance obligation, which is that freight is shipped for and received by the customer. Each performance obligation is comprised of one or more of the Company’s services. The Company's three principal services are the revenue categories presented in the condensed consolidated statements of earnings: 1) airfreight services, 2) ocean freight and ocean services, and 3) customs brokerage and other services. The Company typically satisfies its performance obligations as services are rendered over time. A typical shipment would include services rendered at origin, such as pick-up and delivery to port, freight services from origin to destination port and destination services, such as customs clearance and final delivery. The Company measures the performance of its obligations as services are completed over the life of a shipment, including services at origin, freight and destination. The Company fulfills nearly all of its performance obligations within a one to two month-period and contracts with customers have an original expected duration of less than one year. The Company satisfied nearly all performance obligations for the contract liabilities recorded as of December 31, 2022. The Company evaluates whether amounts billed to customers should be reported as revenues on a gross or net basis. Generally, revenue is recorded on a gross basis when the Company is primarily responsible for fulfilling the promise to provide the services, when it assumes the risk of loss, when it has discretion in setting the prices for the services to the customers, and when the Company has the ability to direct the use of the services provided by the third party. When revenue is recorded on a net basis, the amounts earned are determined using a fixed fee, a per unit of activity fee or a combination thereof. For revenues earned in other capacities, for instance, when the Company does not issue a House Airway Bill (HAWB), a House Ocean Bill of Lading (HOBL) or a House Seaway Bill or otherwise act solely as an agent for the shipper, only the commissions and fees earned for such services are included in revenues. In these transactions, the Company is not a principal and reports only the commissions and fees earned in revenues. |
Leases | C. Leases The Company determines if an arrangement is a lease at inception. Right-of-use (ROU) assets represent the Company's right to use an underlying asset for the lease term, and lease liabilities represent the Company's obligation to make lease payments arising from the lease. All ROU assets and lease liabilities are recognized at the commencement date at the present value of lease payments over the lease term. ROU assets are adjusted for lease incentives and initial direct costs. The lease term includes renewal options exercisable at the Company's sole discretion when the Company is reasonably certain to exercise that option. As the Company's leases generally do not have an implicit rate, the Company uses an estimated incremental borrowing rate based on market information available at the commencement date to determine the present value. Certain of our leases include variable payments, which may vary based upon changes in facts or circumstances after the start of the lease. The Company excludes variable payments from ROU assets and lease liabilities to the extent not considered fixed, and instead expenses variable payments as incurred. Lease expense is recognized on a straight-line basis over the lease term and is included in rent and occupancy expenses in the condensed consolidated statement of earnings. Additionally, the Company elected to apply the short-term lease exemption for leases with a non-cancelable period of twelve months or less and has chosen not to separate non-lease components from lease components and instead to account for each as a single lease component. |
Accounts Receivable | D. Accounts Receivable The Company’s trade accounts receivable present similar credit risk characteristics and the allowance for credit loss is estimated on a collective basis, using a credit loss-rate method that uses historical credit loss information and considers the current economic environment. Additional allowances may be necessary in the future if changes in economic conditions are significant enough to affect expected credit losses. The Company has recorded an allowance for credit loss in the amounts of $ 8,358 as of March 31, 2023 and $ 9,466 as of December 31, 2022 . Additions and write-offs have not been significant in the periods presented. |
Use of Estimates | E. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of the assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. The Company uses estimates primarily in the following areas: accounts receivable valuation, accrual of costs related to ancillary services the Company performs, typically at the destination location, self-insured liabilities, accrual of various tax liabilities, accrual of loss contingencies, including estimates for ongoing and potential claims as a result of the downtime caused by the cyber-attack in 2022, calculation of share-based compensation expense and estimates related to determining the lease term and discount rate when measuring ROU assets and lease liabilities. See Note 8 for further information on estimates related to the cyber-attack. Actual results could be materially different from the estimated provisions and accruals recorded. |
Income Tax | U.S. corporate income tax laws and regulations include a territorial tax framework and provisions for Global Intangible Low-Taxed Income (GILTI) under which taxes on foreign income are imposed on the excess of a deemed return on tangible assets of certain foreign subsidiaries, Base Erosion and Anti-Abuse Tax (BEAT) under which taxes are imposed on certain base eroding payments to affiliated foreign companies as well as U.S. income tax deductions for Foreign-derived intangible income (FDII). The Company treats BEAT and GILTI as discrete adjustments as components of current income tax expense. Earnings of the Company's foreign subsidiaries are not considered to be indefinitely reinvested outside of the United States. The Company recognizes interest expense related to unrecognized tax benefits or underpayment of income taxes in interest expense and recognizes penalties in operating expenses. |
Earnings Per Share | Diluted earnings attributable to shareholders per share is computed using the weighted average number of common shares and dilutive potential common shares outstanding. Dilutive potential shares represent outstanding stock options, including purchase options under the Company's employee stock purchase plan, and unvested restricted stock units. Basic earnings attributable to shareholders per share is calculated using the weighted average number of common shares outstanding without taking into consideration dilutive potential common shares outstanding. |
Cash Equivalents | The Company’s financial instruments, other than cash, consist primarily of cash equivalents, accounts receivable, accounts payable and accrued expenses. The carrying value of these financial instruments approximates their fair value. All highly liquid investments with a maturity of three months or less at date of purchase are considered to be cash equivalents. |
Segment Reporting | The Company is organized functionally in geographic operating segments. Accordingly, management focuses its attention on revenues, directly related cost of transportation and other expenses for each of the Company’s three primary sources of revenue, salaries and other operating expenses, operating income, identifiable assets, capital expenditures and equity generated in each of these geographical areas when evaluating the effectiveness of geographic management. Transactions among the Company’s various offices are conducted using the same arms-length pricing methodologies the Company uses when its offices transact business with independent agents. Certain costs are allocated among the segments based on the relative value of the underlying services, which can include allocation based on actual costs incurred or estimated cost plus a profit margin. |
Basic and Diluted Earnings pe_2
Basic and Diluted Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table reconciles the numerator and the denominator of the basic and diluted per share computations for earnings attributable to shareholders: Three months ended March 31, Net earnings Weighted Earnings per 2023 Basic earnings attributable to shareholders $ 226,011 154,164 $ 1.47 Effect of dilutive potential common shares — 1,308 — Diluted earnings attributable to shareholders $ 226,011 155,472 $ 1.45 2022 Basic earnings attributable to shareholders $ 346,109 167,499 $ 2.07 Effect of dilutive potential common shares — 1,717 — Diluted earnings attributable to shareholders $ 346,109 169,216 $ 2.05 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Cash and Cash Equivalents by Balance Sheet Grouping | Cash and cash equivalents consist of the following: March 31, 2023 December 31, 2022 Cost Fair Value Cost Fair Value Cash and Cash Equivalents: Cash and overnight deposits $ 1,269,306 $ 1,269,306 $ 1,038,903 $ 1,038,903 Corporate commercial paper 1,052,261 1,054,334 977,887 978,325 Time deposits and money market funds 29,227 29,227 17,341 17,341 Total cash and cash equivalents $ 2,350,794 $ 2,352,867 $ 2,034,131 $ 2,034,569 |
Business Segment Information (T
Business Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information by Segment | Financial information regarding the Company’s operations by geographic area is as follows: UNITED OTHER LATIN NORTH SOUTH EUROPE MIDDLE ELIMI- CONSOLI- For the three months ended March 31, 2023: Revenues $ 945,494 109,850 54,695 582,421 224,127 534,464 142,703 ( 1,165 ) 2,592,589 Directly related cost of transportation 1 $ 539,957 69,205 32,302 452,342 157,623 372,260 95,949 ( 536 ) 1,719,102 Salaries and other operating expenses 2 $ 267,683 35,824 19,502 71,140 46,798 127,372 29,832 ( 633 ) 597,518 Operating income $ 137,854 4,821 2,891 58,939 19,706 34,832 16,922 4 275,969 Identifiable assets at period end $ 3,005,502 206,459 119,334 633,970 284,028 844,049 254,458 ( 15,223 ) 5,332,577 Capital expenditures $ 5,444 469 230 590 167 2,983 243 — 10,126 Equity $ 2,284,489 35,977 57,026 317,325 153,321 191,116 154,143 ( 43,029 ) 3,150,368 For the three months ended March 31, 2022: Revenues $ 1,241,224 104,610 57,707 1,769,016 646,329 575,791 270,681 ( 1,060 ) 4,664,298 Directly related cost of transportation 1 $ 763,423 64,232 33,857 1,480,093 538,883 417,620 218,100 ( 97 ) 3,516,111 Salaries and other operating expenses 2 $ 333,649 24,869 13,101 123,113 45,329 109,269 38,042 ( 945 ) 686,427 Operating income $ 144,152 15,509 10,749 165,810 62,117 48,902 14,539 ( 18 ) 461,760 Identifiable assets at period end $ 4,199,798 283,674 147,391 1,329,469 591,672 1,076,451 358,722 ( 31,184 ) 7,955,993 Capital expenditures $ 9,477 1,078 109 531 290 2,058 869 14,412 Equity $ 2,753,888 108,208 52,188 337,802 189,168 317,436 133,250 ( 42,609 ) 3,849,331 1 Directly related cost of transportation and other expenses totals operating expenses from airfreight services, ocean freight and ocean services and customs brokerage and other services as shown in the condensed consolidated statements of earnings. 2 Salaries and other operating expenses totals salaries and related, rent and occupancy, depreciation and amortization, selling and promotion and other as shown in the condensed consolidated statements of earnings. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Accounting Policies [Abstract] | ||
Accounts receivable, allowance for credit loss | $ 8,358 | $ 9,466 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Taxes [Line Items] | ||
Effective income tax rate reconciliation, percent | 24.80% | 25.80% |
Income tax expense | $ 74,580 | $ 121,699 |
Corporate alternative minimum tax based on financial statement income | 15% | |
Base Erosion and Anti-Abuse Tax | ||
Income Taxes [Line Items] | ||
Income tax expense | $ 0 | $ 0 |
Basic and Diluted Earnings pe_3
Basic and Diluted Earnings per Share - Numerator and Denominator of the Basic and Diluted Per Share Computations for Earnings Attributable to Shareholders Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net Earnings Attributable to Shareholders | ||
Basic earnings attributable to shareholders | $ 226,011 | $ 346,109 |
Diluted earnings attributable to shareholders | $ 226,011 | $ 346,109 |
Weighted Average Shares | ||
Weighted average basic shares outstanding | 154,164 | 167,499 |
Effect of dilutive potential common shares | 1,308 | 1,717 |
Weighted average diluted shares outstanding | 155,472 | 169,216 |
Earnings Per Share [Abstract] | ||
Basic earnings attributable to shareholders per share | $ 1.47 | $ 2.07 |
Diluted earnings attributable to shareholders per share | $ 1.45 | $ 2.05 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - $ / shares | 3 Months Ended | ||||
May 01, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Feb. 20, 2023 | Dec. 31, 2022 | |
Subsequent Event | |||||
Class of Stock [Line Items] | |||||
Date of declaration of dividends | May 01, 2023 | ||||
Dividend declared per share | $ 0.69 | ||||
Date of dividend payment | Jun. 15, 2023 | ||||
Dividends payable to shareholders date of record | Jun. 01, 2023 | ||||
Discretionary Plan | |||||
Class of Stock [Line Items] | |||||
Expected common stock shares issued and outstanding | 140,000 | 150,000 | |||
Shares repurchased | 1,959 | 0 | |||
Average price per share | $ 108.98 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Cost | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total cash and cash equivalents | $ 2,350,794 | $ 2,034,131 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total cash and cash equivalents | 2,352,867 | 2,034,569 |
Cash and Overnight Deposits | Cost | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total cash and cash equivalents | 1,269,306 | 1,038,903 |
Cash and Overnight Deposits | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total cash and cash equivalents | 1,269,306 | 1,038,903 |
Corporate Commercial Paper | Cost | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total cash and cash equivalents | 1,052,261 | 977,887 |
Corporate Commercial Paper | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total cash and cash equivalents | 1,054,334 | 978,325 |
Time deposits and money market funds | Cost | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total cash and cash equivalents | 29,227 | 17,341 |
Time deposits and money market funds | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total cash and cash equivalents | $ 29,227 | $ 17,341 |
Business Segment Information -
Business Segment Information - Financial Information Regarding Company's Operations by Geographic Area (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Segment Reporting Information [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 2,592,589 | $ 4,664,298 | |||
Directly related cost of transportation and other expenses | [1] | 1,719,102 | 3,516,111 | ||
Salaries and other operating expenses | [2] | 597,518 | 686,427 | ||
Operating income | 275,969 | 461,760 | |||
Identifiable assets at period end | 5,332,577 | 7,955,993 | $ 5,590,434 | ||
Capital expenditures | 10,126 | 14,412 | |||
Depreciation and amortization | 15,261 | 12,975 | |||
Equity | 3,150,368 | 3,849,331 | $ 3,113,535 | $ 3,497,991 | |
Operating Segments | United States Segment | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 945,494 | 1,241,224 | |||
Directly related cost of transportation and other expenses | [1] | 539,957 | 763,423 | ||
Salaries and other operating expenses | [2] | 267,683 | 333,649 | ||
Operating income | 137,854 | 144,152 | |||
Identifiable assets at period end | 3,005,502 | 4,199,798 | |||
Capital expenditures | 5,444 | 9,477 | |||
Equity | 2,284,489 | 2,753,888 | |||
Operating Segments | Other North America Segment | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 109,850 | 104,610 | |||
Directly related cost of transportation and other expenses | [1] | 69,205 | 64,232 | ||
Salaries and other operating expenses | [2] | 35,824 | 24,869 | ||
Operating income | 4,821 | 15,509 | |||
Identifiable assets at period end | 206,459 | 283,674 | |||
Capital expenditures | 469 | 1,078 | |||
Equity | 35,977 | 108,208 | |||
Operating Segments | Latin America Segment | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 54,695 | 57,707 | |||
Directly related cost of transportation and other expenses | [1] | 32,302 | 33,857 | ||
Salaries and other operating expenses | [2] | 19,502 | 13,101 | ||
Operating income | 2,891 | 10,749 | |||
Identifiable assets at period end | 119,334 | 147,391 | |||
Capital expenditures | 230 | 109 | |||
Equity | 57,026 | 52,188 | |||
Operating Segments | North Asia Segment | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 582,421 | 1,769,016 | |||
Directly related cost of transportation and other expenses | [1] | 452,342 | 1,480,093 | ||
Salaries and other operating expenses | [2] | 71,140 | 123,113 | ||
Operating income | 58,939 | 165,810 | |||
Identifiable assets at period end | 633,970 | 1,329,469 | |||
Capital expenditures | 590 | 531 | |||
Equity | 317,325 | 337,802 | |||
Operating Segments | South Asia Segment | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 224,127 | 646,329 | |||
Directly related cost of transportation and other expenses | [1] | 157,623 | 538,883 | ||
Salaries and other operating expenses | [2] | 46,798 | 45,329 | ||
Operating income | 19,706 | 62,117 | |||
Identifiable assets at period end | 284,028 | 591,672 | |||
Capital expenditures | 167 | 290 | |||
Equity | 153,321 | 189,168 | |||
Operating Segments | Europe Segment | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 534,464 | 575,791 | |||
Directly related cost of transportation and other expenses | [1] | 372,260 | 417,620 | ||
Salaries and other operating expenses | [2] | 127,372 | 109,269 | ||
Operating income | 34,832 | 48,902 | |||
Identifiable assets at period end | 844,049 | 1,076,451 | |||
Capital expenditures | 2,983 | 2,058 | |||
Equity | 191,116 | 317,436 | |||
Operating Segments | Middle East Africa and India Segment | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 142,703 | 270,681 | |||
Directly related cost of transportation and other expenses | [1] | 95,949 | 218,100 | ||
Salaries and other operating expenses | [2] | 29,832 | 38,042 | ||
Operating income | 16,922 | 14,539 | |||
Identifiable assets at period end | 254,458 | 358,722 | |||
Capital expenditures | 243 | 869 | |||
Equity | 154,143 | 133,250 | |||
Intersegment Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | (1,165) | (1,060) | |||
Directly related cost of transportation and other expenses | [1] | (536) | (97) | ||
Salaries and other operating expenses | [2] | (633) | (945) | ||
Operating income | 4 | (18) | |||
Identifiable assets at period end | (15,223) | (31,184) | |||
Capital expenditures | 0 | ||||
Equity | $ (43,029) | $ (42,609) | |||
[1] Directly related cost of transportation and other expenses totals operating expenses from airfreight services, ocean freight and ocean services and customs brokerage and other services as shown in the condensed consolidated statements of earnings. Salaries and other operating expenses totals salaries and related, rent and occupancy, depreciation and amortization, selling and promotion and other as shown in the condensed consolidated statements of earnings. |
Cyber Attack - Additional Infor
Cyber Attack - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 14 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | ||
Unusual Or Infrequent Item [Line Items] | ||||
Directly related cost of transportation and other expenses | [1] | $ 1,719,102 | $ 3,516,111 | |
Cyber-Attack | ||||
Unusual Or Infrequent Item [Line Items] | ||||
Other additional expenses | 20,000 | $ 60,000 | ||
Cyber-Attack | Brokerage and Other Services | ||||
Unusual Or Infrequent Item [Line Items] | ||||
Directly related cost of transportation and other expenses | $ 42,000 | |||
[1] Directly related cost of transportation and other expenses totals operating expenses from airfreight services, ocean freight and ocean services and customs brokerage and other services as shown in the condensed consolidated statements of earnings. |