Expeditors International of Washington (EXPD) 10-Q 8 Aug 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Aug. 03, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
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		147,897,176
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	Jun. 30, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 1,698,587	$ 2,034,131
Accounts Receivable, less allowance for credit loss of $5,802 at June 30, 2023 and $9,466 at December 31,2022	1,423,622	2,107,645
Deferred contract costs	175,723	257,545
Other	184,614	118,696
Total current assets	3,482,546	4,518,017
Property and equipment, less accumulated depreciation and amortization of $590,490 at June 30,2023 and $567,758 at December 31,2022	494,539	501,916
Operating lease right-of-use assets	514,958	507,503
Goodwill	7,927	7,927
Deferred federal and state income taxes, net	43,550	37,449
Other assets, net	20,520	17,622
Total assets	4,564,040	5,590,434
Current Liabilities:
Accounts payable	815,514	1,108,996
Accrued liabilities, primarily salaries and related costs	422,134	479,262
Contract liabilities	218,561	323,101
Current portion of operating lease liabilities	99,962	95,621
Federal, state and foreign income taxes	22,936	47,075
Total current liabilities	1,579,107	2,054,055
Noncurrent portion of operating lease liabilities	426,829	422,844
Commitments and contingencies
Shareholders’ Equity:
Preferred stock, none issued	0	0
Common stock, par value $0.01 per share. Issued and outstanding: 147,222 shares at June 30, 2023 and 154,313 shares at December 31, 2022	1,472	1,543
Additional paid-in capital	0	139
Retained earnings	2,752,461	3,310,892
Accumulated other comprehensive loss	(198,001)	(202,553)
Total shareholders’ equity	2,555,932	3,110,021
Noncontrolling interest	2,172	3,514
Total equity	2,558,104	3,113,535
Total liabilities and equity	$ 4,564,040	$ 5,590,434

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit loss	$ 5,802	$ 9,466
Property and equipment, accumulated depreciation	$ 590,490	$ 567,758
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares issued	147,222	154,313
Common stock, shares outstanding	147,222	154,313

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Revenue from Contract with Customer, Excluding Assessed Tax		$ 2,239,752	$ 4,603,312	$ 4,832,341	$ 9,267,610
Operating Expenses:
Directly related cost of transportation and other expenses	[1]	1,419,182	3,440,948	3,138,284	6,957,059
Salaries and related		428,558	508,222	878,406	1,047,162
Rent and occupancy		58,205	51,598	115,837	102,526
Depreciation and amortization		15,506	14,254	30,767	27,229
Selling and promotion		6,314	5,887	12,698	9,935
Other		63,489	76,421	131,882	155,957
Total operating expenses		1,991,255	4,097,330	4,307,875	8,299,868
Operating income		248,497	505,982	524,466	967,742
Other Income (Expense):
Interest income		17,792	2,720	36,567	4,612
Interest Expense		(395)	(58)	(3,040)	(561)
Other, net		289	164	8,768	8,194
Other income, net		17,686	2,826	42,295	12,245
Earnings before income taxes		266,183	508,808	566,761	979,987
Income tax expense		70,390	126,582	144,970	248,281
Net earnings		195,793	382,226	421,791	731,706
Less net (losses) earnings attributable to the noncontrolling interest		(1,007)	4,421	(1,020)	7,792
Net earnings attributable to shareholders		$ 196,800	$ 377,805	$ 422,811	$ 723,914
Diluted earnings attributable to shareholders per share		$ 1.3	$ 2.27	$ 2.75	$ 4.31
Basic earnings attributable to shareholders per share		$ 1.31	$ 2.29	$ 2.78	$ 4.35
Weighted average diluted shares outstanding		151,563	166,474	153,516	167,980
Weighted average basic shares outstanding		150,435	165,092	152,291	166,423
Airfreight services
Revenues:
Revenue from Contract with Customer, Excluding Assessed Tax		$ 751,171	$ 1,602,566	$ 1,656,074	$ 3,201,121
Operating Expenses:
Directly related cost of transportation and other expenses		525,027	1,212,503	1,191,049	2,355,049
Ocean freight and ocean services
Revenues:
Revenue from Contract with Customer, Excluding Assessed Tax		593,801	1,759,646	1,291,108	3,735,892
Operating Expenses:
Directly related cost of transportation and other expenses		405,807	1,402,365	889,489	3,002,608
Customs brokerage and other services
Revenues:
Revenue from Contract with Customer, Excluding Assessed Tax		894,780	1,241,100	1,885,159	2,330,597
Operating Expenses:
Directly related cost of transportation and other expenses		$ 488,349	$ 826,080	$ 1,057,747	$ 1,599,402
[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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net earnings	$ 195,793	$ 382,226	$ 421,791	$ 731,706
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments, net of income tax benefits of $1,828 and $6,281 for the three months ended June 30, 2023 and 2022 and $6,096 and $7,781 for the six months ended June 30, 2023 and 2022	(7,523)	(56,750)	4,230	(64,762)
Other comprehensive (loss) income	(7,523)	(56,750)	4,230	(64,762)
Comprehensive income	188,270	325,476	426,021	666,944
Less comprehensive (loss) income attributable to the noncontrolling interest	(1,027)	4,076	(1,342)	6,450
Comprehensive income attributable to shareholders	$ 189,297	$ 321,400	$ 427,363	$ 660,494

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Other Comprehensive Income (Loss), Tax, Parenthetical Disclosure [Abstract]
Foreign currency translation adjustments, tax benefits	$ 1,828	$ 6,281	$ 6,096	$ 7,781

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating Activities:
Net earnings	$ 195,793	$ 382,226	$ 421,791	$ 731,706
Adjustments to reconcile net earnings to net cash from operating activities:
Provisions for (recoveries) losses on accounts receivable	(167)	4,763	905	4,347
Deferred income tax benefit	(3,560)	(8,622)	(1,524)	(11,858)
Stock compensation expense	18,595	25,518	31,083	37,121
Depreciation and amortization	15,506	14,254	30,767	27,229
Other, net	2,564	(1,746)	3,723	(1,291)
Changes in operating assets and liabilities:
Decrease in accounts receivable	174,321	378,291	682,927	245,943
(Decrease) increase in accounts payable and accrued liabilities	(149,986)	(133,171)	(352,909)	7,020
Decrease in deferred contract costs	18,166	37,138	85,787	211,068
Decrease in contract liabilities	(23,803)	(45,574)	(108,250)	(238,931)
Decrease in income taxes payable, net	(93,817)	(93,430)	(93,726)	(47,171)
Decrease (increase) in other, net	4,834	(1,001)	4,284	7,409
Net cash from operating activities	158,446	558,646	704,858	972,592
Investing Activities:
Purchase of property and equipment	(10,481)	(38,158)	(20,607)	(52,570)
Other, net	(794)	(134)	(219)	(55)
Net cash from investing activities	(11,275)	(38,292)	(20,826)	(52,625)
Financing Activities:
Payments on borrowings on lines of credit	(5,743)	(5,382)	(32,145)	(8,484)
Proceeds from borrowings on lines of credit	7,054	33,953	18,549	56,545
Proceeds from issuance of common stock	9,176	5,682	18,464	11,433
Repurchases of common stock	(687,689)	(549,065)	(901,191)	(549,065)
Dividends paid	(102,263)	(109,828)	(102,263)	(109,828)
Payments for taxes related to net share settlement of equity awards	(12,056)	(11,851)	(19,501)	(19,333)
Net cash from financing activities	(791,521)	(636,491)	(1,018,087)	(618,732)
Effect of exchange rate changes on cash and cash equivalents	(7,857)	(46,518)	(1,489)	(52,956)
Change in cash and cash equivalents	(652,207)	(162,655)	(335,544)	248,279
Cash and cash equivalents at beginning of period	2,350,794	2,139,626	2,034,131	1,728,692
Cash and cash equivalents at end of period	1,698,587	1,976,971	1,698,587	1,976,971
Taxes Paid:
Income taxes	$ 173,670	$ 236,791	$ 244,456	$ 314,751

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	(7,900)	$ 7	(7,907)	0	0	(7,900)	0
Shares issued under employee stock plans, net of tax withholding for net settlement (in shares)		721
Shares repurchased under provisions of stock repurchase plans	(549,065)	$ (50)	(33,401)	(515,614)	0	(549,065)	0
Shares repurchased under provisions of stock repurchase plans (in shares)		(5,000)
Stock compensation expense	37,121	$ 0	37,121	0	0	37,121	0
Net earnings	731,706	0	0	723,914	0	723,914	7,792
Other comprehensive income (loss)	(64,762)	0	0	0	(63,420)	(63,420)	(1,342)
Dividends and dividend equivalents paid	(109,828)	0	1,164	(110,992)	0	(109,828)	0
Balance at Jun. 30, 2022	3,535,263	$ 1,629	137	3,717,316	(193,834)	3,525,248	10,015
Balance (in shares) at Jun. 30, 2022		162,931
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
Increase (Decrease) in Equity [Roll Forward]
Shares issued under employee stock plans, net of tax withholding for net settlement	(6,169)	$ 4	(6,173)	0	0	(6,169)	0
Shares issued under employee stock plans, net of tax withholding for net settlement (in shares)		454
Shares repurchased under provisions of stock repurchase plans	(549,065)	$ (50)	(33,401)	(515,614)	0	(549,065)	0
Shares repurchased under provisions of stock repurchase plans (in shares)		(5,000)
Stock compensation expense	25,518	$ 0	25,518	0	0	25,518	0
Net earnings	382,226	0	0	377,805	0	377,805	4,421
Other comprehensive income (loss)	(56,750)	0	0	0	(56,405)	(56,405)	(345)
Dividends and dividend equivalents paid	(109,828)	0	850	(110,678)	0	(109,828)	0
Balance at Jun. 30, 2022	3,535,263	$ 1,629	137	3,717,316	(193,834)	3,525,248	10,015
Balance (in shares) at Jun. 30, 2022		162,931
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	$ (1,037)	$ 9	(1,046)	0	0	(1,037)	0
Shares issued under employee stock plans, net of tax withholding for net settlement (in shares)		868
Shares repurchased under provisions of stock repurchase plans	(909,235)	$ (80)	(31,424)	(877,731)	0	(909,235)	0
Shares repurchased under provisions of stock repurchase plans (in shares)		(7,959)
Stock compensation expense	31,083	$ 0	31,083	0	0	31,083	0
Net earnings	421,791	0	0	422,811	0	422,811	(1,020)
Other comprehensive income (loss)	4,230	0	0	0	4,552	4,552	(322)
Dividends and dividend equivalents paid	(102,263)	0	1,248	(103,511)	0	(102,263)	0
Balance at Jun. 30, 2023	$ 2,558,104	$ 1,472	0	2,752,461	(198,001)	2,555,932	2,172
Balance (in shares) at Jun. 30, 2023	147,222	147,222
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
Increase (Decrease) in Equity [Roll Forward]
Shares issued under employee stock plans, net of tax withholding for net settlement	(2,881)	$ 5	(2,886)	0	0	(2,881)	0
Shares issued under employee stock plans, net of tax withholding for net settlement (in shares)		510
Shares repurchased under provisions of stock repurchase plans	(693,985)	$ (60)	(16,615)	(677,310)	0	(693,985)	0
Shares repurchased under provisions of stock repurchase plans (in shares)		(6,000)
Stock compensation expense	18,595	$ 0	18,595	0	0	18,595	0
Net earnings	195,793	0	0	196,800	0	196,800	(1,007)
Other comprehensive income (loss)	(7,523)	0	0	0	(7,503)	(7,503)	(20)
Dividends and dividend equivalents paid	(102,263)	0	906	(103,169)	0	(102,263)	0
Balance at Jun. 30, 2023	$ 2,558,104	$ 1,472	$ 0	$ 2,752,461	$ (198,001)	$ 2,555,932	$ 2,172
Balance (in shares) at Jun. 30, 2023	147,222	147,222

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 196,800	$ 377,805	$ 422,811	$ 723,914

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 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 to break out the components of other income, net, and the condensed consolidated statements of cash flows to break out the proceeds and payments from borrowings of lines of credit separately. 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 March 31, 2023. 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 $ 5,802 as of June 30, 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 and accrual of loss contingencies, calculation of share-based compensation expense and estimates related to determining the lease term and discount rate when measuring ROU assets and lease liabilities.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Share-Based Compensation	Note 2. Share-Based Compensation The Company has historically granted the majority of its share-based awards during the second quarter of each fiscal year. In the second quarter of 2023 and 2022, the Company awarded 340 and 345 restricted stock units (RSUs), respectively. The RSUs were granted at a weighted-average fair value of $ 113.24 in 2023 and $ 102.65 in 2022. The RSUs vest annually over 3 years based on continued employment and are settled upon vesting in shares of the Company's common stock on a one -for- one basis. The value of an RSU award is based on the Company's stock price on the date of grant. Additionally, in the second quarter of 2023 and 2022, 14 and 16 fully vested RSUs were granted to non-employee directors, respectively. The Company also awarded 78 and 84 performance stock units (PSUs) in the second quarter of 2023 and 2022, respectively. Outstanding PSUs include performance conditions to be finally measured in 2023, 2024 and 2025. The final number of PSUs will be determined using an adjustment factor of up to 2 times or down to 0.5 of the targeted PSU grant. If the minimum performance thresholds are not achieved, no shares will be issued. Each PSU will convert to one share of the Company's common stock upon vesting. The grant of employee stock purchase rights and the issuance of shares under the employee stock purchase plan are made in the third quarter of each fiscal year. No shares were issued in the three and six months ended June 30, 2023 and 2022, respectively. The Company recognizes stock compensation expense based on the fair value of awards granted to employees and directors under the Company’s Amended and Restated 2017 Omnibus Plan and employee stock purchase rights plans. This expense, adjusted for expected performance and forfeitures, is recognized in net earnings on a straight-line basis over the service periods as salaries and related costs on the condensed consolidated statements of earnings. Restricted stock units (RSUs) and performance share units (PSUs) awarded to certain employees meeting specific retirement eligibility criteria at the time of grant are expensed immediately as there is no substantive service period associated with those awards.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Note 3. 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 GILTI as a discrete adjustment as a component 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, 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 26.4 % and 25.6 % for the three and six months ended June 30, 2023, as compared to 24.9 % and 25.3 % in the comparable periods of 2022. For the three and six months ended June 30, 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 June 30, 2023, the Company was negatively impacted by higher foreign income tax expense that exceeded available U.S. Federal foreign tax credits, principally from withholding taxes related to the Company’s foreign operations. 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 three and six months ended June 2023, was insignificant. Some elements of the recorded impacts of the Inflation Reduction Act could be impacted by further legislative action as well as additional interpretations and guidance issued by the Internal Revenue Service or Treasury which could impact the estimates of the amounts recorded for BMT in the future.

Basic and Diluted Earnings per

Basic and Diluted Earnings per Share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Basic and Diluted Earnings per Share	Note 4. 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 June 30, Net earnings Weighted Earnings per 2023 Basic earnings attributable to shareholders $ 196,800 150,435 $ 1.31 Effect of dilutive potential common shares — 1,128 — Diluted earnings attributable to shareholders $ 196,800 151,563 $ 1.30 2022 Basic earnings attributable to shareholders $ 377,805 165,092 $ 2.29 Effect of dilutive potential common shares — 1,382 — Diluted earnings attributable to shareholders $ 377,805 166,474 $ 2.27 Six months ended June 30, Net earnings Weighted Earnings per 2023 Basic earnings attributable to shareholders $ 422,811 152,291 $ 2.78 Effect of dilutive potential common shares — 1,225 — Diluted earnings attributable to shareholders $ 422,811 153,516 $ 2.75 2022 Basic earnings attributable to shareholders $ 723,914 166,423 $ 4.35 Effect of dilutive potential common shares — 1,557 — Diluted earnings attributable to shareholders $ 723,914 167,980 $ 4.31 Substantially all outstanding potential common shares as of June 30, 2023 were dilutive. For the three and six months ended June 30, 2022, 945 potential shares were excluded from the computation of diluted earnings per share because the effect would have been antidilutive.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2023
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Note 5. 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 six months ended June 30, 2023, there were 7,959 shares repurchased at an average price of $ 113.23 per share, compared to 5,000 shares repurchased at an average price of $ 109.81 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. 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 . On May 2, 2022 , the Board of Directors declared a semi-annual dividend of $ .67 per share payable on June 15, 2022 to shareholders of record as of June 1, 2022 .

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Note 6. 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: June 30, 2023 December 31, 2022 Cost Fair Value Cost Fair Value Cash and Cash Equivalents: Cash and overnight deposits $ 906,927 $ 906,927 $ 1,038,903 $ 1,038,903 Corporate commercial paper 769,027 769,964 977,887 978,325 Time deposits and money market funds 22,633 22,633 17,341 17,341 Total cash and cash equivalents $ 1,698,587 $ 1,699,524 $ 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	6 Months Ended
	Jun. 30, 2023
Loss Contingency [Abstract]
Contingencies	Note 7. 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	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Business Segment Information	Note 8. 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 June 30, 2023: Revenues $ 805,948 110,255 49,972 510,027 199,868 440,916 123,972 ( 1,206 ) 2,239,752 Directly related cost of transportation 1 $ 426,121 69,108 29,428 387,973 134,477 288,808 83,890 ( 623 ) 1,419,182 Salaries and other operating expenses 2 $ 256,277 34,793 16,265 68,290 44,048 125,196 27,820 ( 616 ) 572,073 Operating income $ 123,550 6,354 4,279 53,764 21,343 26,912 12,262 33 248,497 Identifiable assets at period end $ 2,553,553 192,362 115,458 495,229 213,026 748,449 258,849 ( 12,886 ) 4,564,040 Capital expenditures $ 6,623 161 46 352 168 2,336 795 — 10,481 Equity $ 1,873,220 45,252 59,289 220,638 93,476 146,174 158,133 ( 38,078 ) 2,558,104 For the three months ended June 30, 2022: Revenues $ 1,265,363 144,988 66,136 1,582,475 611,246 658,307 275,948 ( 1,151 ) 4,603,312 Directly related cost of transportation 1 $ 797,179 85,806 43,298 1,323,354 507,473 464,399 220,162 ( 723 ) 3,440,948 Salaries and other operating expenses 2 $ 314,726 31,308 14,496 104,896 38,728 115,394 37,258 ( 424 ) 656,382 Operating income $ 153,458 27,874 8,342 154,225 65,045 78,514 18,528 ( 4 ) 505,982 Identifiable assets at period end $ 3,681,137 304,799 144,303 1,275,808 554,166 1,081,246 365,532 ( 45,849 ) 7,361,142 Capital expenditures $ 26,394 1,038 177 766 436 7,666 1,681 — 38,158 Equity $ 2,435,088 127,428 54,762 307,453 217,437 297,572 134,388 ( 38,865 ) 3,535,263 UNITED OTHER LATIN NORTH SOUTH EUROPE MIDDLE ELIMI- CONSOLI- For the six months ended June 30, 2023: Revenues $ 1,751,442 220,105 104,667 1,092,448 423,995 975,380 266,675 ( 2,371 ) 4,832,341 Directly related cost of transportation 1 $ 966,078 138,313 61,730 840,315 292,100 661,068 179,839 ( 1,159 ) 3,138,284 Salaries and other operating expenses 2 $ 523,960 70,617 35,767 139,430 90,846 252,568 57,652 ( 1,249 ) 1,169,591 Operating income $ 261,404 11,175 7,170 112,703 41,049 61,744 29,184 37 524,466 Identifiable assets at period end $ 2,553,553 192,362 115,458 495,229 213,026 748,449 258,849 ( 12,886 ) 4,564,040 Capital expenditures $ 12,067 630 276 942 335 5,319 1,038 — 20,607 Equity $ 1,873,220 45,252 59,289 220,638 93,476 146,174 158,133 ( 38,078 ) 2,558,104 For the six months ended June 30, 2022: Revenues $ 2,506,587 249,598 123,843 3,351,491 1,257,575 1,234,098 546,629 ( 2,211 ) 9,267,610 Directly related cost of transportation 1 $ 1,560,602 150,038 77,155 2,803,447 1,046,356 882,019 438,262 ( 820 ) 6,957,059 Salaries and other operating expenses 2 $ 648,375 56,177 27,597 228,009 84,057 224,663 75,300 ( 1,369 ) 1,342,809 Operating income $ 297,610 43,383 19,091 320,035 127,162 127,416 33,067 ( 22 ) 967,742 Identifiable assets at period end $ 3,681,137 304,799 144,303 1,275,808 554,166 1,081,246 365,532 ( 45,849 ) 7,361,142 Capital expenditures $ 35,871 2,116 286 1,297 726 9,724 2,550 — 52,570 Equity $ 2,435,088 127,428 54,762 307,453 217,437 297,572 134,388 ( 38,865 ) 3,535,263 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	6 Months Ended
	Jun. 30, 2023
Unusual or Infrequent Items, or Both [Abstract]
Cyber-Attack	Note 9. 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. For the three and six months ended June 30, 2022 , the Company incurred, as a result of its inability to timely process and move shipments through ports during the downtime, approximately $ 20 million and $ 62 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. For the three and six months ended June 30, 2022 , the total amount recorded for these items was approximately $ 6 million and $ 26 million. Amounts are recorded in other operating expenses. In the first and second 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)	6 Months Ended
	Jun. 30, 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 to break out the components of other income, net, and the condensed consolidated statements of cash flows to break out the proceeds and payments from borrowings of lines of credit separately.
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 March 31, 2023. 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 $ 5,802 as of June 30, 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 and accrual of loss contingencies, calculation of share-based compensation expense and estimates related to determining the lease term and discount rate when measuring ROU assets and lease liabilities.
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 GILTI as a discrete adjustment as a component 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)	6 Months Ended
	Jun. 30, 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 June 30, Net earnings Weighted Earnings per 2023 Basic earnings attributable to shareholders $ 196,800 150,435 $ 1.31 Effect of dilutive potential common shares — 1,128 — Diluted earnings attributable to shareholders $ 196,800 151,563 $ 1.30 2022 Basic earnings attributable to shareholders $ 377,805 165,092 $ 2.29 Effect of dilutive potential common shares — 1,382 — Diluted earnings attributable to shareholders $ 377,805 166,474 $ 2.27 Six months ended June 30, Net earnings Weighted Earnings per 2023 Basic earnings attributable to shareholders $ 422,811 152,291 $ 2.78 Effect of dilutive potential common shares — 1,225 — Diluted earnings attributable to shareholders $ 422,811 153,516 $ 2.75 2022 Basic earnings attributable to shareholders $ 723,914 166,423 $ 4.35 Effect of dilutive potential common shares — 1,557 — Diluted earnings attributable to shareholders $ 723,914 167,980 $ 4.31

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 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: June 30, 2023 December 31, 2022 Cost Fair Value Cost Fair Value Cash and Cash Equivalents: Cash and overnight deposits $ 906,927 $ 906,927 $ 1,038,903 $ 1,038,903 Corporate commercial paper 769,027 769,964 977,887 978,325 Time deposits and money market funds 22,633 22,633 17,341 17,341 Total cash and cash equivalents $ 1,698,587 $ 1,699,524 $ 2,034,131 $ 2,034,569

Business Segment Information (T

Business Segment Information (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2023: Revenues $ 805,948 110,255 49,972 510,027 199,868 440,916 123,972 ( 1,206 ) 2,239,752 Directly related cost of transportation 1 $ 426,121 69,108 29,428 387,973 134,477 288,808 83,890 ( 623 ) 1,419,182 Salaries and other operating expenses 2 $ 256,277 34,793 16,265 68,290 44,048 125,196 27,820 ( 616 ) 572,073 Operating income $ 123,550 6,354 4,279 53,764 21,343 26,912 12,262 33 248,497 Identifiable assets at period end $ 2,553,553 192,362 115,458 495,229 213,026 748,449 258,849 ( 12,886 ) 4,564,040 Capital expenditures $ 6,623 161 46 352 168 2,336 795 — 10,481 Equity $ 1,873,220 45,252 59,289 220,638 93,476 146,174 158,133 ( 38,078 ) 2,558,104 For the three months ended June 30, 2022: Revenues $ 1,265,363 144,988 66,136 1,582,475 611,246 658,307 275,948 ( 1,151 ) 4,603,312 Directly related cost of transportation 1 $ 797,179 85,806 43,298 1,323,354 507,473 464,399 220,162 ( 723 ) 3,440,948 Salaries and other operating expenses 2 $ 314,726 31,308 14,496 104,896 38,728 115,394 37,258 ( 424 ) 656,382 Operating income $ 153,458 27,874 8,342 154,225 65,045 78,514 18,528 ( 4 ) 505,982 Identifiable assets at period end $ 3,681,137 304,799 144,303 1,275,808 554,166 1,081,246 365,532 ( 45,849 ) 7,361,142 Capital expenditures $ 26,394 1,038 177 766 436 7,666 1,681 — 38,158 Equity $ 2,435,088 127,428 54,762 307,453 217,437 297,572 134,388 ( 38,865 ) 3,535,263 UNITED OTHER LATIN NORTH SOUTH EUROPE MIDDLE ELIMI- CONSOLI- For the six months ended June 30, 2023: Revenues $ 1,751,442 220,105 104,667 1,092,448 423,995 975,380 266,675 ( 2,371 ) 4,832,341 Directly related cost of transportation 1 $ 966,078 138,313 61,730 840,315 292,100 661,068 179,839 ( 1,159 ) 3,138,284 Salaries and other operating expenses 2 $ 523,960 70,617 35,767 139,430 90,846 252,568 57,652 ( 1,249 ) 1,169,591 Operating income $ 261,404 11,175 7,170 112,703 41,049 61,744 29,184 37 524,466 Identifiable assets at period end $ 2,553,553 192,362 115,458 495,229 213,026 748,449 258,849 ( 12,886 ) 4,564,040 Capital expenditures $ 12,067 630 276 942 335 5,319 1,038 — 20,607 Equity $ 1,873,220 45,252 59,289 220,638 93,476 146,174 158,133 ( 38,078 ) 2,558,104 For the six months ended June 30, 2022: Revenues $ 2,506,587 249,598 123,843 3,351,491 1,257,575 1,234,098 546,629 ( 2,211 ) 9,267,610 Directly related cost of transportation 1 $ 1,560,602 150,038 77,155 2,803,447 1,046,356 882,019 438,262 ( 820 ) 6,957,059 Salaries and other operating expenses 2 $ 648,375 56,177 27,597 228,009 84,057 224,663 75,300 ( 1,369 ) 1,342,809 Operating income $ 297,610 43,383 19,091 320,035 127,162 127,416 33,067 ( 22 ) 967,742 Identifiable assets at period end $ 3,681,137 304,799 144,303 1,275,808 554,166 1,081,246 365,532 ( 45,849 ) 7,361,142 Capital expenditures $ 35,871 2,116 286 1,297 726 9,724 2,550 — 52,570 Equity $ 2,435,088 127,428 54,762 307,453 217,437 297,572 134,388 ( 38,865 ) 3,535,263 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	Jun. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Accounts receivable, allowance for credit loss	$ 5,802	$ 9,466

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) - $ / shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation arrangement by share- based payment award equity instruments other than options grants in period	340	345
Share-based compensation arrangement by share-based payment award, equity Instruments other than options, grants in period. Weighted average fair value	$ 113.24	$ 102.65
Share-based compensation arrangement by share-based payment award, award vesting period	3 years	3 years
Share-based compensation arrangement by share-based payment award, award vesting percentage	100%	100%
Restricted Stock Units (RSUs) | Non-Employee Directors
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation arrangement by share- based payment award equity instruments other than options grants in period	14	16
Performance Stock Units (PSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation arrangement by share- based payment award equity instruments other than options grants in period	78	84
Share-based compensation arrangement by share-based payment award, award vesting percentage	100%	100%
Maximum adjustment factor	200%	200%
Minimum adjustment factor	50%	50%
Minimum shares issued	0	0
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock issued during period, shares, employee stock purchase plans	0	0	0	0

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Taxes [Line Items]
Effective income tax rate reconciliation, percent	26.40%	24.90%	25.60%	25.30%
Income tax expense	$ 70,390	$ 126,582	$ 144,970	$ 248,281
Corporate alternative minimum tax based on financial statement income	15%		15%
Base Erosion and Anti-Abuse Tax
Income Taxes [Line Items]
Income tax expense	$ 0	$ 0	$ 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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net Earnings Attributable to Shareholders
Basic earnings attributable to shareholders	$ 196,800	$ 377,805	$ 422,811	$ 723,914
Diluted earnings attributable to shareholders	$ 196,800	$ 377,805	$ 422,811	$ 723,914
Weighted Average Shares
Weighted average basic shares outstanding	150,435	165,092	152,291	166,423
Effect of dilutive potential common shares	1,128	1,382	1,225	1,557
Weighted average diluted shares outstanding	151,563	166,474	153,516	167,980
Earnings Per Share [Abstract]
Basic earnings attributable to shareholders per share	$ 1.31	$ 2.29	$ 2.78	$ 4.35
Diluted earnings attributable to shareholders per share	$ 1.3	$ 2.27	$ 2.75	$ 4.31

Basic and Diluted Earnings pe_4

Basic and Diluted Earnings per Share - Additional Information (Details) - shares shares in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022
Earnings Per Share Reconciliation [Abstract]
Antidilutive securities excluded from computation of earnings per share	945	945

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - $ / shares			6 Months Ended
	May 01, 2023	May 02, 2022	Jun. 30, 2023	Jun. 30, 2022	Feb. 20, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Date of declaration of dividends	May 01, 2023	May 02, 2022
Dividend declared per share	$ 0.69	$ 0.67
Date of dividend payment	Jun. 15, 2023	Jun. 15, 2022
Dividends payable to shareholders date of record	Jun. 01, 2023	Jun. 01, 2022
Discretionary Plan
Class of Stock [Line Items]
Expected common stock shares issued and outstanding					140,000	150,000
Shares repurchased			7,959	5,000
Average price per share			$ 113.23	$ 109.81

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Cost
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash and cash equivalents	$ 1,698,587	$ 2,034,131
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash and cash equivalents	1,699,524	2,034,569
Cash and Overnight Deposits | Cost
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash and cash equivalents	906,927	1,038,903
Cash and Overnight Deposits | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash and cash equivalents	906,927	1,038,903
Corporate Commercial Paper | Cost
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash and cash equivalents	769,027	977,887
Corporate Commercial Paper | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash and cash equivalents	769,964	978,325
Time deposits and money market funds | Cost
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash and cash equivalents	22,633	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	$ 22,633	$ 17,341

Business Segment Information -

Business Segment Information - Financial Information Regarding Company's Operations by Geographic Area (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		$ 2,239,752	$ 4,603,312	$ 4,832,341	$ 9,267,610
Directly related cost of transportation and other expenses	[1]	1,419,182	3,440,948	3,138,284	6,957,059
Salaries and other operating expenses	[2]	572,073	656,382	1,169,591	1,342,809
Operating income		248,497	505,982	524,466	967,742
Identifiable assets at period end		4,564,040	7,361,142	4,564,040	7,361,142		$ 5,590,434
Capital expenditures		10,481	38,158	20,607	52,570
Equity		2,558,104	3,535,263	2,558,104	3,535,263	$ 3,150,368	$ 3,113,535	$ 3,849,331	$ 3,497,991
Operating Segments | United States Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		805,948	1,265,363	1,751,442	2,506,587
Directly related cost of transportation and other expenses	[1]	426,121	797,179	966,078	1,560,602
Salaries and other operating expenses	[2]	256,277	314,726	523,960	648,375
Operating income		123,550	153,458	261,404	297,610
Identifiable assets at period end		2,553,553	3,681,137	2,553,553	3,681,137
Capital expenditures		6,623	26,394	12,067	35,871
Equity		1,873,220	2,435,088	1,873,220	2,435,088
Operating Segments | Other North America Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		110,255	144,988	220,105	249,598
Directly related cost of transportation and other expenses	[1]	69,108	85,806	138,313	150,038
Salaries and other operating expenses	[2]	34,793	31,308	70,617	56,177
Operating income		6,354	27,874	11,175	43,383
Identifiable assets at period end		192,362	304,799	192,362	304,799
Capital expenditures		161	1,038	630	2,116
Equity		45,252	127,428	45,252	127,428
Operating Segments | Latin America Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		49,972	66,136	104,667	123,843
Directly related cost of transportation and other expenses	[1]	29,428	43,298	61,730	77,155
Salaries and other operating expenses	[2]	16,265	14,496	35,767	27,597
Operating income		4,279	8,342	7,170	19,091
Identifiable assets at period end		115,458	144,303	115,458	144,303
Capital expenditures		46	177	276	286
Equity		59,289	54,762	59,289	54,762
Operating Segments | North Asia Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		510,027	1,582,475	1,092,448	3,351,491
Directly related cost of transportation and other expenses	[1]	387,973	1,323,354	840,315	2,803,447
Salaries and other operating expenses	[2]	68,290	104,896	139,430	228,009
Operating income		53,764	154,225	112,703	320,035
Identifiable assets at period end		495,229	1,275,808	495,229	1,275,808
Capital expenditures		352	766	942	1,297
Equity		220,638	307,453	220,638	307,453
Operating Segments | South Asia Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		199,868	611,246	423,995	1,257,575
Directly related cost of transportation and other expenses	[1]	134,477	507,473	292,100	1,046,356
Salaries and other operating expenses	[2]	44,048	38,728	90,846	84,057
Operating income		21,343	65,045	41,049	127,162
Identifiable assets at period end		213,026	554,166	213,026	554,166
Capital expenditures		168	436	335	726
Equity		93,476	217,437	93,476	217,437
Operating Segments | Europe Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		440,916	658,307	975,380	1,234,098
Directly related cost of transportation and other expenses	[1]	288,808	464,399	661,068	882,019
Salaries and other operating expenses	[2]	125,196	115,394	252,568	224,663
Operating income		26,912	78,514	61,744	127,416
Identifiable assets at period end		748,449	1,081,246	748,449	1,081,246
Capital expenditures		2,336	7,666	5,319	9,724
Equity		146,174	297,572	146,174	297,572
Operating Segments | Middle East Africa and India Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		123,972	275,948	266,675	546,629
Directly related cost of transportation and other expenses	[1]	83,890	220,162	179,839	438,262
Salaries and other operating expenses	[2]	27,820	37,258	57,652	75,300
Operating income		12,262	18,528	29,184	33,067
Identifiable assets at period end		258,849	365,532	258,849	365,532
Capital expenditures		795	1,681	1,038	2,550
Equity		158,133	134,388	158,133	134,388
Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		(1,206)	(1,151)	(2,371)	(2,211)
Directly related cost of transportation and other expenses	[1]	(623)	(723)	(1,159)	(820)
Salaries and other operating expenses	[2]	(616)	(424)	(1,249)	(1,369)
Operating income		33	(4)	37	(22)
Identifiable assets at period end		(12,886)	(45,849)	(12,886)	(45,849)
Capital expenditures		0	0	0	0
Equity		$ (38,078)	$ (38,865)	$ (38,078)	$ (38,865)
[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		6 Months Ended		17 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023
Unusual Or Infrequent Item [Line Items]
Directly related cost of transportation and other expenses	[1]	$ 1,419,182	$ 3,440,948	$ 3,138,284	$ 6,957,059
Cyber-Attack
Unusual Or Infrequent Item [Line Items]
Other additional expenses			6,000		26,000	$ 60,000
Cyber-Attack | Brokerage and Other Services
Unusual Or Infrequent Item [Line Items]
Directly related cost of transportation and other expenses			$ 20,000		$ 62,000
[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.