Expeditors International of Washington (EXPD) 10-Q 4 May 23 2023 Q1 Quarterly report Financial data

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.