Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 03, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
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 | 145,389,371 | |
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 | Sep. 30, 2023 | Dec. 31, 2022 |
Current Assets: | ||
Cash and cash equivalents | $ 1,639,428 | $ 2,034,131 |
Accounts Receivable, less allowance for credit loss of $5,724 at September 30, 2023 and $9,466 at December 31, 2022 | 1,458,983 | 2,107,645 |
Deferred contract costs | 223,768 | 257,545 |
Other | 189,737 | 118,696 |
Total current assets | 3,511,916 | 4,518,017 |
Property and equipment, less accumulated depreciation and amortization of $579,961 at September 30, 2023 and $567,758 at December 31, 2022 | 480,924 | 501,916 |
Operating lease right-of-use assets | 506,981 | 507,503 |
Goodwill | 7,927 | 7,927 |
Deferred federal and state income taxes, net | 50,796 | 37,449 |
Other assets, net | 19,577 | 17,622 |
Total assets | 4,578,121 | 5,590,434 |
Current Liabilities: | ||
Accounts payable | 846,461 | 1,108,996 |
Accrued liabilities, primarily salaries and related costs | 423,685 | 479,262 |
Contract liabilities | 283,797 | 323,101 |
Current portion of operating lease liabilities | 99,876 | 95,621 |
Federal, state and foreign income taxes | 13,226 | 47,075 |
Total current liabilities | 1,667,045 | 2,054,055 |
Noncurrent portion of operating lease liabilities | 419,602 | 422,844 |
Commitments and contingencies | ||
Shareholders’ Equity: | ||
Preferred stock, none issued | 0 | 0 |
Common stock, par value $0.01 per share. Issued and outstanding: 145,386 shares at September 30, 2023 and 154,313 shares at December 31, 2022 | 1,454 | 1,543 |
Additional paid-in capital | 0 | 139 |
Retained earnings | 2,701,386 | 3,310,892 |
Accumulated other comprehensive loss | (213,060) | (202,553) |
Total shareholders’ equity | 2,489,780 | 3,110,021 |
Noncontrolling interest | 1,694 | 3,514 |
Total equity | 2,491,474 | 3,113,535 |
Total liabilities and equity | $ 4,578,121 | $ 5,590,434 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for credit loss | $ 5,724 | $ 9,466 |
Property and equipment, accumulated depreciation | $ 579,961 | $ 567,758 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares issued | 145,386 | 154,313 |
Common stock, shares outstanding | 145,386 | 154,313 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Revenues: | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 2,190,001 | $ 4,362,146 | $ 7,022,342 | $ 13,629,756 | |
Operating Expenses: | |||||
Directly related cost of transportation and other expenses | [1] | 1,402,111 | 3,194,273 | 4,540,396 | 10,151,332 |
Salaries and related | 412,505 | 499,341 | 1,290,911 | 1,546,503 | |
Rent and occupancy | 58,387 | 52,715 | 174,224 | 155,241 | |
Depreciation and amortization | 15,607 | 15,187 | 46,374 | 42,416 | |
Selling and promotion | 6,149 | 6,239 | 18,847 | 16,174 | |
Other | 79,173 | 67,468 | 211,055 | 223,425 | |
Total operating expenses | 1,973,932 | 3,835,223 | 6,281,807 | 12,135,091 | |
Operating income | 216,069 | 526,923 | 740,535 | 1,494,665 | |
Other Income (Expense): | |||||
Interest income | 17,156 | 7,835 | 53,723 | 12,447 | |
Interest Expense | (1,601) | (470) | (4,641) | (1,031) | |
Other, net | 267 | 568 | 9,035 | 8,762 | |
Other income, net | 15,822 | 7,933 | 58,117 | 20,178 | |
Earnings before income taxes | 231,891 | 534,856 | 798,652 | 1,514,843 | |
Income tax expense | 61,048 | 120,694 | 206,018 | 368,975 | |
Net earnings | 170,843 | 414,162 | 592,634 | 1,145,868 | |
Less net (losses) earnings attributable to the noncontrolling interest | (510) | (47) | (1,530) | 7,745 | |
Net earnings attributable to shareholders | $ 171,353 | $ 414,209 | $ 594,164 | $ 1,138,123 | |
Diluted earnings attributable to shareholders per share | $ 1.16 | $ 2.54 | $ 3.92 | $ 6.84 | |
Basic earnings attributable to shareholders per share | $ 1.16 | $ 2.56 | $ 3.95 | $ 6.9 | |
Weighted average diluted shares outstanding | 148,001 | 163,250 | 151,619 | 166,398 | |
Weighted average basic shares outstanding | 147,099 | 162,029 | 150,543 | 164,944 | |
Airfreight services | |||||
Revenues: | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 724,331 | $ 1,480,955 | $ 2,380,405 | $ 4,682,076 | |
Operating Expenses: | |||||
Directly related cost of transportation and other expenses | 516,519 | 1,104,812 | 1,707,568 | 3,459,861 | |
Ocean freight and ocean services | |||||
Revenues: | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 560,281 | 1,684,579 | 1,851,389 | 5,420,471 | |
Operating Expenses: | |||||
Directly related cost of transportation and other expenses | 387,670 | 1,343,355 | 1,277,159 | 4,345,963 | |
Customs brokerage and other services | |||||
Revenues: | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 905,389 | 1,196,612 | 2,790,548 | 3,527,209 | |
Operating Expenses: | |||||
Directly related cost of transportation and other expenses | $ 497,922 | $ 746,106 | $ 1,555,669 | $ 2,345,508 | |
[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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings | $ 170,843 | $ 414,162 | $ 592,634 | $ 1,145,868 |
Other comprehensive loss, net of tax: | ||||
Foreign currency translation adjustments, net of income tax benefits of $928 and $5,648 for the three months ended September 30, 2023 and 2022 and $7,025 and $13,429 for the nine months ended September 30, 2023 and 2022 | (15,027) | (64,507) | (10,797) | (129,269) |
Other comprehensive loss | (15,027) | (64,507) | (10,797) | (129,269) |
Comprehensive income | 155,816 | 349,655 | 581,837 | 1,016,599 |
Less comprehensive (loss) income attributable to the noncontrolling interest | (478) | (259) | (1,820) | 6,191 |
Comprehensive income attributable to shareholders | $ 156,294 | $ 349,914 | $ 583,657 | $ 1,010,408 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Other Comprehensive Income (Loss), Tax, Parenthetical Disclosure [Abstract] | ||||
Foreign currency translation adjustments, tax benefits | $ 928 | $ 5,648 | $ 7,025 | $ 13,429 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Operating Activities: | ||||
Net earnings | $ 170,843 | $ 414,162 | $ 592,634 | $ 1,145,868 |
Adjustments to reconcile net earnings to net cash from operating activities: | ||||
Provisions for losses on accounts receivable | 1,411 | 5,570 | 2,316 | 9,917 |
Deferred income tax benefit | (6,418) | (3,070) | (7,942) | (14,928) |
Stock compensation expense | 15,879 | 14,175 | 46,962 | 51,296 |
Depreciation and amortization | 15,607 | 15,187 | 46,374 | 42,416 |
Other, net | 2,673 | 1,435 | 6,396 | 144 |
Changes in operating assets and liabilities: | ||||
(Increase) decrease in accounts receivable | (53,722) | 634,421 | 629,205 | 880,364 |
Increase (decrease) in accounts payable and accrued liabilities | 40,919 | (350,922) | (311,990) | (343,902) |
(Increase) decrease in deferred contract costs | (56,917) | 226,087 | 28,870 | 437,155 |
Increase (decrease) in contract liabilities | 74,701 | (249,895) | (33,549) | (488,826) |
Decrease in income taxes payable, net | (4,017) | (31,397) | (97,743) | (78,568) |
(Increase) decrease in other, net | (10,979) | (5,369) | (6,695) | 2,040 |
Net cash from operating activities | 189,980 | 670,384 | 894,838 | 1,642,976 |
Investing Activities: | ||||
Purchase of property and equipment | (7,993) | (15,928) | (28,600) | (68,498) |
Other, net | 10 | (590) | (209) | (645) |
Net cash from investing activities | (7,983) | (16,518) | (28,809) | (69,143) |
Financing Activities: | ||||
Payments on borrowings on lines of credit | (1,491) | (21,117) | (33,636) | (29,601) |
Proceeds from borrowings on lines of credit | 8,404 | 0 | 26,953 | 56,545 |
Proceeds from issuance of common stock | 61,841 | 61,885 | 80,305 | 73,318 |
Repurchases of common stock | (298,103) | (469,041) | (1,199,294) | (1,018,106) |
Dividends paid | 0 | 0 | (102,263) | (109,828) |
Payments for taxes related to net share settlement of equity awards | 0 | 0 | (19,501) | (19,333) |
Distribution to noncontrolling interest | 0 | (543) | 0 | (543) |
Net cash from financing activities | (229,349) | (428,816) | (1,247,436) | (1,047,548) |
Effect of exchange rate changes on cash and cash equivalents | (11,807) | (47,487) | (13,296) | (100,443) |
Change in cash and cash equivalents | (59,159) | 177,563 | (394,703) | 425,842 |
Cash and cash equivalents at beginning of period | 1,698,587 | 1,976,971 | 2,034,131 | 1,728,692 |
Cash and cash equivalents at end of period | 1,639,428 | 2,154,534 | 1,639,428 | 2,154,534 |
Taxes Paid: | ||||
Income taxes | $ 61,603 | $ 150,960 | $ 306,059 | $ 465,711 |
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 | 53,984 | $ 14 | 53,970 | 0 | 0 | 53,984 | 0 |
Shares issued under employee stock plans, net of tax withholding for net settlement (in shares) | 1,447 | ||||||
Shares repurchased under provisions of stock repurchase plans | (1,018,106) | $ (95) | (109,472) | (908,539) | 0 | (1,018,106) | 0 |
Shares repurchased under provisions of stock repurchase plans (in shares) | (9,529) | ||||||
Stock compensation expense | 51,296 | $ 0 | 51,296 | 0 | 0 | 51,296 | 0 |
Net earnings | 1,145,868 | 0 | 0 | 1,138,123 | 0 | 1,138,123 | 7,745 |
Other comprehensive income (loss) | (129,269) | 0 | 0 | 0 | (127,715) | (127,715) | (1,554) |
Dividends and dividend equivalents paid | (109,828) | 0 | 1,164 | (110,992) | 0 | (109,828) | 0 |
Distribution to noncontrolling interest | (543) | 0 | 0 | 0 | 0 | 0 | (543) |
Balance at Sep. 30, 2022 | 3,491,393 | $ 1,591 | 118 | 3,738,600 | (258,129) | 3,482,180 | 9,213 |
Balance (in shares) at Sep. 30, 2022 | 159,128 | ||||||
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 | ||||||
Increase (Decrease) in Equity [Roll Forward] | |||||||
Shares issued under employee stock plans, net of tax withholding for net settlement | 61,884 | $ 7 | 61,877 | 0 | 0 | 61,884 | 0 |
Shares issued under employee stock plans, net of tax withholding for net settlement (in shares) | 726 | ||||||
Shares repurchased under provisions of stock repurchase plans | (469,041) | $ (45) | (76,071) | (392,925) | 0 | (469,041) | 0 |
Shares repurchased under provisions of stock repurchase plans (in shares) | (4,529) | ||||||
Stock compensation expense | 14,175 | $ 0 | 14,175 | 0 | 0 | 14,175 | 0 |
Net earnings | 414,162 | 0 | 0 | 414,209 | 0 | 414,209 | (47) |
Other comprehensive income (loss) | (64,507) | 0 | 0 | 0 | (64,295) | (64,295) | (212) |
Distribution to noncontrolling interest | (543) | 0 | 0 | 0 | 0 | 0 | (543) |
Balance at Sep. 30, 2022 | 3,491,393 | $ 1,591 | 118 | 3,738,600 | (258,129) | 3,482,180 | 9,213 |
Balance (in shares) at Sep. 30, 2022 | 159,128 | ||||||
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 | $ 60,804 | $ 16 | 60,788 | 0 | 0 | 60,804 | 0 |
Shares issued under employee stock plans, net of tax withholding for net settlement (in shares) | 1,595 | ||||||
Shares repurchased under provisions of stock repurchase plans | (1,209,401) | $ (105) | (109,137) | (1,100,159) | 0 | (1,209,401) | 0 |
Shares repurchased under provisions of stock repurchase plans (in shares) | (10,522) | ||||||
Stock compensation expense | 46,962 | $ 0 | 46,962 | 0 | 0 | 46,962 | 0 |
Net earnings | 592,634 | 0 | 0 | 594,164 | 0 | 594,164 | (1,530) |
Other comprehensive income (loss) | (10,797) | 0 | 0 | 0 | (10,507) | (10,507) | (290) |
Dividends and dividend equivalents paid | (102,263) | 0 | 1,248 | (103,511) | 0 | (102,263) | 0 |
Balance at Sep. 30, 2023 | $ 2,491,474 | $ 1,454 | 0 | 2,701,386 | (213,060) | 2,489,780 | 1,694 |
Balance (in shares) at Sep. 30, 2023 | 145,386 | 145,386 | |||||
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 | ||||||
Increase (Decrease) in Equity [Roll Forward] | |||||||
Shares issued under employee stock plans, net of tax withholding for net settlement | 61,841 | $ 7 | 61,834 | 0 | 0 | 61,841 | 0 |
Shares issued under employee stock plans, net of tax withholding for net settlement (in shares) | 727 | ||||||
Shares repurchased under provisions of stock repurchase plans | (300,166) | $ (25) | (77,713) | (222,428) | 0 | (300,166) | 0 |
Shares repurchased under provisions of stock repurchase plans (in shares) | (2,563) | ||||||
Stock compensation expense | 15,879 | $ 0 | 15,879 | 0 | 0 | 15,879 | 0 |
Net earnings | 170,843 | 0 | 0 | 171,353 | 0 | 171,353 | (510) |
Other comprehensive income (loss) | (15,027) | 0 | 0 | 0 | (15,059) | (15,059) | 32 |
Balance at Sep. 30, 2023 | $ 2,491,474 | $ 1,454 | $ 0 | $ 2,701,386 | $ (213,060) | $ 2,489,780 | $ 1,694 |
Balance (in shares) at Sep. 30, 2023 | 145,386 | 145,386 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 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. 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 June 30, 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 $ 5,724 as of September 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 | 9 Months Ended |
Sep. 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 nine months ended September 30, 2023 and 2022, the Company awarded 342 and 345 restricted stock units (RSUs), respectively. The RSUs were granted at a weighted-average fair value of $ 113.29 in 2023 and $ 102.65 in 2022. The RSUs typically 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 2023 and 2022, 14 and 16 fully vested restricted shares were granted to non-employee directors, respectively. The Company also awarded 78 and 84 performance stock units (PSUs) in 2023 and 2022, respectively. The PSUs were granted at a weighted-average fair value of $ 113.24 in 2023 and $ 102.65 in 2022. Outstanding PSUs include performance conditions to be finally measured at the end of 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 and 640 and 650 shares were issued in the three and nine months ended September 30, 2023 and 2022, respectively. The fair value of the employee stock purchase rights granted was $ 31.56 and 27.07 per share in 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. RSUs and 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 | 9 Months Ended |
Sep. 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, Brazil, 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 filing 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 or its subsidiaries will undergo further audits and examinations by various tax authorities and possibly may reach resolution related to income tax and indirect 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 26.3 % and 25.8 % for the three and nine months ended September 30, 2023, as compared to 22.6 % and 24.4 % in the comparable periods of 2022. For the three and nine months ended September 30, 2023 and 2022, there was no BEAT expense and GILTI expense was insignificant. All periods benefited from U.S. income tax deductions for FDII as well as available U.S. Federal foreign tax credits principally from withholding taxes related to the Company’s foreign operations. Proportionately, the 2022 benefits from FDII and foreign tax credits exceeded the 2023 amounts recorded for the first nine months of the year. The Company has no liability as of September 30, 2023, for 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. 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 the Company would be required to record for BMT in the future. |
Basic and Diluted Earnings per
Basic and Diluted Earnings per Share | 9 Months Ended |
Sep. 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 September 30, Net earnings Weighted Earnings per 2023 Basic earnings attributable to shareholders $ 171,353 147,099 $ 1.16 Effect of dilutive potential common shares — 902 — Diluted earnings attributable to shareholders $ 171,353 148,001 $ 1.16 2022 Basic earnings attributable to shareholders $ 414,209 162,029 $ 2.56 Effect of dilutive potential common shares — 1,221 — Diluted earnings attributable to shareholders $ 414,209 163,250 $ 2.54 Nine months ended September 30, Net earnings Weighted Earnings per 2023 Basic earnings attributable to shareholders $ 594,164 150,543 $ 3.95 Effect of dilutive potential common shares — 1,076 — Diluted earnings attributable to shareholders $ 594,164 151,619 $ 3.92 2022 Basic earnings attributable to shareholders $ 1,138,123 164,944 $ 6.90 Effect of dilutive potential common shares — 1,454 — Diluted earnings attributable to shareholders $ 1,138,123 166,398 $ 6.84 For the three and nine months ended September 30, 2023, 818 potential common shares were excluded from the computation of diluted earnings per share because the effect would have been antidilutive. For the three and nine months ended September 30, 2022, 976 potential common shares were excluded from the computation of diluted earnings per share because the effect would have been antidilutive. |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Sep. 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 nine months ended September 30, 2023, there were 10,522 shares repurchased at an average price of $ 113.97 per share, compared to 9,529 shares repurchased at an average price of $ 106.84 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 . Subsequent to the end of the third quarter of 2023, on November 6, 2023 , the Board of Directors declared a semi-annual dividend of $ 0.69 per share payable on December 15, 2023 to shareholders of record as of December 1, 2023 . |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 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: September 30, 2023 December 31, 2022 Cost Fair Value Cost Fair Value Cash and Cash Equivalents: Cash and overnight deposits $ 669,854 $ 669,854 $ 1,038,903 $ 1,038,903 Corporate commercial paper 906,505 907,645 977,887 978,325 Time deposits and money market funds 63,069 63,069 17,341 17,341 Total cash and cash equivalents $ 1,639,428 $ 1,640,568 $ 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 | 9 Months Ended |
Sep. 30, 2023 | |
Loss Contingency [Abstract] | |
Contingencies | Note 7. Contingencies The Company is involved in claims, lawsuits, government investigations, income and indirect tax audits 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 material 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 | 9 Months Ended |
Sep. 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 September 30, 2023: Revenues $ 784,503 106,293 47,327 515,340 207,006 410,904 119,849 ( 1,221 ) 2,190,001 Directly related cost of transportation 1 $ 421,432 63,671 28,409 398,681 145,292 263,524 81,643 ( 541 ) 1,402,111 Salaries and other operating expenses 2 $ 261,323 38,275 16,405 66,546 42,138 120,436 27,351 ( 653 ) 571,821 Operating income $ 101,748 4,347 2,513 50,113 19,576 26,944 10,855 ( 27 ) 216,069 Identifiable assets at period end $ 2,572,404 200,711 110,708 512,746 217,018 726,729 260,619 ( 22,814 ) 4,578,121 Capital expenditures $ 3,762 302 84 168 409 1,369 1,899 — 7,993 Equity $ 1,797,123 46,264 54,096 225,229 91,712 154,617 161,882 ( 39,449 ) 2,491,474 For the three months ended September 30, 2022: Revenues $ 1,244,515 140,622 68,057 1,489,331 518,780 637,411 264,518 ( 1,088 ) 4,362,146 Directly related cost of transportation 1 $ 742,826 80,116 41,638 1,250,872 416,817 453,248 209,248 ( 492 ) 3,194,273 Salaries and other operating expenses 2 $ 314,442 30,151 15,057 98,758 37,577 109,308 36,181 ( 524 ) 640,950 Operating income $ 187,247 30,355 11,362 139,701 64,386 74,855 19,089 ( 72 ) 526,923 Identifiable assets at period end $ 3,553,279 272,527 137,472 915,895 421,148 1,020,756 322,160 ( 35,711 ) 6,607,526 Capital expenditures $ 9,278 556 419 581 426 3,619 1,049 — 15,928 Equity $ 2,430,632 129,346 59,494 304,496 180,855 289,595 140,147 ( 43,172 ) 3,491,393 UNITED OTHER LATIN NORTH SOUTH EUROPE MIDDLE ELIMI- CONSOLI- For the nine months ended September 30, 2023: Revenues $ 2,535,945 326,398 151,994 1,607,788 631,001 1,386,284 386,524 ( 3,592 ) 7,022,342 Directly related cost of transportation 1 $ 1,387,511 201,984 90,139 1,238,996 437,392 924,592 261,482 ( 1,700 ) 4,540,396 Salaries and other operating expenses 2 $ 785,282 108,892 52,172 205,976 132,984 373,004 85,003 ( 1,902 ) 1,741,411 Operating income $ 363,152 15,522 9,683 162,816 60,625 88,688 40,039 10 740,535 Identifiable assets at period end $ 2,572,404 200,711 110,708 512,746 217,018 726,729 260,619 ( 22,814 ) 4,578,121 Capital expenditures $ 15,829 932 360 1,110 744 6,688 2,937 — 28,600 Equity $ 1,797,123 46,264 54,096 225,229 91,712 154,617 161,882 ( 39,449 ) 2,491,474 For the nine months ended September 30, 2022: Revenues $ 3,751,102 390,220 191,900 4,840,822 1,776,355 1,871,509 811,147 ( 3,299 ) 13,629,756 Directly related cost of transportation 1 $ 2,303,428 230,154 118,793 4,054,319 1,463,173 1,335,267 647,510 ( 1,312 ) 10,151,332 Salaries and other operating expenses 2 $ 962,817 86,328 42,654 326,767 121,634 333,971 111,481 ( 1,893 ) 1,983,759 Operating income $ 484,857 73,738 30,453 459,736 191,548 202,271 52,156 ( 94 ) 1,494,665 Identifiable assets at period end $ 3,553,279 272,527 137,472 915,895 421,148 1,020,756 322,160 ( 35,711 ) 6,607,526 Capital expenditures $ 45,149 2,672 705 1,878 1,152 13,343 3,599 — 68,498 Equity $ 2,430,632 129,346 59,494 304,496 180,855 289,595 140,147 ( 43,172 ) 3,491,393 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 | 9 Months Ended |
Sep. 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 nine months ended September 30, 2022, the Company incurred, as a result of its inability to timely process and move shipments through ports during the downtime, approximately $ 55 million in estimated incremental demurrage charges, net of recoveries, where the Company has direct liability for this obligation. In the third quarter of 2022, the Company revised earlier estimates of these costs downward by $ 7 million. 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 re corded estimated liabilities for potential shipment-related claims. For the nine months ended September 30, 2022, the total amount recorded for estimated potential shipment-related claims was approximately $ 15 million. In the third quarter of 2022 the Company reduced the estimated liability for claims by approximately $ 11 million. These costs are recorded in other operating expenses. In the first three quarters of 2023, incremental charges recorded related to the cyber-attack were insignificant. Since the cyber-attack, the company incurred cumulative additional expenses of $ 59 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. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 171,353 | $ 414,209 | $ 594,164 | $ 1,138,123 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Sep. 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 Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 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. |
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 June 30, 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 $ 5,724 as of September 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. |
Stock Plans | 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. RSUs and 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 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. |
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) | 9 Months Ended |
Sep. 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 September 30, Net earnings Weighted Earnings per 2023 Basic earnings attributable to shareholders $ 171,353 147,099 $ 1.16 Effect of dilutive potential common shares — 902 — Diluted earnings attributable to shareholders $ 171,353 148,001 $ 1.16 2022 Basic earnings attributable to shareholders $ 414,209 162,029 $ 2.56 Effect of dilutive potential common shares — 1,221 — Diluted earnings attributable to shareholders $ 414,209 163,250 $ 2.54 Nine months ended September 30, Net earnings Weighted Earnings per 2023 Basic earnings attributable to shareholders $ 594,164 150,543 $ 3.95 Effect of dilutive potential common shares — 1,076 — Diluted earnings attributable to shareholders $ 594,164 151,619 $ 3.92 2022 Basic earnings attributable to shareholders $ 1,138,123 164,944 $ 6.90 Effect of dilutive potential common shares — 1,454 — Diluted earnings attributable to shareholders $ 1,138,123 166,398 $ 6.84 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 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: September 30, 2023 December 31, 2022 Cost Fair Value Cost Fair Value Cash and Cash Equivalents: Cash and overnight deposits $ 669,854 $ 669,854 $ 1,038,903 $ 1,038,903 Corporate commercial paper 906,505 907,645 977,887 978,325 Time deposits and money market funds 63,069 63,069 17,341 17,341 Total cash and cash equivalents $ 1,639,428 $ 1,640,568 $ 2,034,131 $ 2,034,569 |
Business Segment Information (T
Business Segment Information (Tables) | 9 Months Ended |
Sep. 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 September 30, 2023: Revenues $ 784,503 106,293 47,327 515,340 207,006 410,904 119,849 ( 1,221 ) 2,190,001 Directly related cost of transportation 1 $ 421,432 63,671 28,409 398,681 145,292 263,524 81,643 ( 541 ) 1,402,111 Salaries and other operating expenses 2 $ 261,323 38,275 16,405 66,546 42,138 120,436 27,351 ( 653 ) 571,821 Operating income $ 101,748 4,347 2,513 50,113 19,576 26,944 10,855 ( 27 ) 216,069 Identifiable assets at period end $ 2,572,404 200,711 110,708 512,746 217,018 726,729 260,619 ( 22,814 ) 4,578,121 Capital expenditures $ 3,762 302 84 168 409 1,369 1,899 — 7,993 Equity $ 1,797,123 46,264 54,096 225,229 91,712 154,617 161,882 ( 39,449 ) 2,491,474 For the three months ended September 30, 2022: Revenues $ 1,244,515 140,622 68,057 1,489,331 518,780 637,411 264,518 ( 1,088 ) 4,362,146 Directly related cost of transportation 1 $ 742,826 80,116 41,638 1,250,872 416,817 453,248 209,248 ( 492 ) 3,194,273 Salaries and other operating expenses 2 $ 314,442 30,151 15,057 98,758 37,577 109,308 36,181 ( 524 ) 640,950 Operating income $ 187,247 30,355 11,362 139,701 64,386 74,855 19,089 ( 72 ) 526,923 Identifiable assets at period end $ 3,553,279 272,527 137,472 915,895 421,148 1,020,756 322,160 ( 35,711 ) 6,607,526 Capital expenditures $ 9,278 556 419 581 426 3,619 1,049 — 15,928 Equity $ 2,430,632 129,346 59,494 304,496 180,855 289,595 140,147 ( 43,172 ) 3,491,393 UNITED OTHER LATIN NORTH SOUTH EUROPE MIDDLE ELIMI- CONSOLI- For the nine months ended September 30, 2023: Revenues $ 2,535,945 326,398 151,994 1,607,788 631,001 1,386,284 386,524 ( 3,592 ) 7,022,342 Directly related cost of transportation 1 $ 1,387,511 201,984 90,139 1,238,996 437,392 924,592 261,482 ( 1,700 ) 4,540,396 Salaries and other operating expenses 2 $ 785,282 108,892 52,172 205,976 132,984 373,004 85,003 ( 1,902 ) 1,741,411 Operating income $ 363,152 15,522 9,683 162,816 60,625 88,688 40,039 10 740,535 Identifiable assets at period end $ 2,572,404 200,711 110,708 512,746 217,018 726,729 260,619 ( 22,814 ) 4,578,121 Capital expenditures $ 15,829 932 360 1,110 744 6,688 2,937 — 28,600 Equity $ 1,797,123 46,264 54,096 225,229 91,712 154,617 161,882 ( 39,449 ) 2,491,474 For the nine months ended September 30, 2022: Revenues $ 3,751,102 390,220 191,900 4,840,822 1,776,355 1,871,509 811,147 ( 3,299 ) 13,629,756 Directly related cost of transportation 1 $ 2,303,428 230,154 118,793 4,054,319 1,463,173 1,335,267 647,510 ( 1,312 ) 10,151,332 Salaries and other operating expenses 2 $ 962,817 86,328 42,654 326,767 121,634 333,971 111,481 ( 1,893 ) 1,983,759 Operating income $ 484,857 73,738 30,453 459,736 191,548 202,271 52,156 ( 94 ) 1,494,665 Identifiable assets at period end $ 3,553,279 272,527 137,472 915,895 421,148 1,020,756 322,160 ( 35,711 ) 6,607,526 Capital expenditures $ 45,149 2,672 705 1,878 1,152 13,343 3,599 — 68,498 Equity $ 2,430,632 129,346 59,494 304,496 180,855 289,595 140,147 ( 43,172 ) 3,491,393 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 | Sep. 30, 2023 | Dec. 31, 2022 |
Accounting Policies [Abstract] | ||
Accounts receivable, allowance for credit loss | $ 5,724 | $ 9,466 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - $ / shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 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 | 342 | 345 | ||
Share-based compensation arrangement by share-based payment award, equity Instruments other than options, grants in period. Weighted average fair value | $ 113.29 | $ 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, 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 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 | 640 | 650 | 640 | 650 |
Fair value of the employee stock purchase rights granted | $ 31.56 | $ 27.07 | $ 31.56 | $ 27.07 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Income Taxes [Line Items] | |||||
Effective income tax rate reconciliation, percent | 26.30% | 22.60% | 25.80% | 24.40% | |
Income tax expense | $ 61,048 | $ 120,694 | $ 206,018 | $ 368,975 | |
Corporate alternative minimum tax based on financial statement income | 15% | ||||
Income tax liability | 13,226 | $ 13,226 | $ 47,075 | ||
Base Erosion and Anti-Abuse Tax | |||||
Income Taxes [Line Items] | |||||
Income tax expense | 0 | $ 0 | 0 | $ 0 | |
Corporate Alternative Minimum Tax | |||||
Income Taxes [Line Items] | |||||
Income tax liability | $ 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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net Earnings Attributable to Shareholders | ||||
Basic earnings attributable to shareholders | $ 171,353 | $ 414,209 | $ 594,164 | $ 1,138,123 |
Diluted earnings attributable to shareholders | $ 171,353 | $ 414,209 | $ 594,164 | $ 1,138,123 |
Weighted Average Shares | ||||
Weighted average basic shares outstanding | 147,099 | 162,029 | 150,543 | 164,944 |
Effect of dilutive potential common shares | 902 | 1,221 | 1,076 | 1,454 |
Weighted average diluted shares outstanding | 148,001 | 163,250 | 151,619 | 166,398 |
Earnings Per Share [Abstract] | ||||
Basic earnings attributable to shareholders per share | $ 1.16 | $ 2.56 | $ 3.95 | $ 6.9 |
Diluted earnings attributable to shareholders per share | $ 1.16 | $ 2.54 | $ 3.92 | $ 6.84 |
Basic and Diluted Earnings pe_4
Basic and Diluted Earnings per Share - Additional Information (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share Reconciliation [Abstract] | ||||
Antidilutive securities excluded from computation of earnings per share | 818 | 976 | 818 | 976 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - $ / shares shares in Thousands | 9 Months Ended | ||||||
Nov. 06, 2023 | May 01, 2023 | May 02, 2022 | Sep. 30, 2023 | Sep. 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 | |||||
Subsequent Event | |||||||
Class of Stock [Line Items] | |||||||
Date of declaration of dividends | Nov. 06, 2023 | ||||||
Dividend declared per share | $ 0.69 | ||||||
Date of dividend payment | Dec. 15, 2023 | ||||||
Dividends payable to shareholders date of record | Dec. 01, 2023 | ||||||
Discretionary Plan | |||||||
Class of Stock [Line Items] | |||||||
Expected common stock shares issued and outstanding | 140,000 | 150,000 | |||||
Shares repurchased | 10,522 | 9,529 | |||||
Average price per share | $ 113.97 | $ 106.84 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Cost | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total cash and cash equivalents | $ 1,639,428 | $ 2,034,131 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total cash and cash equivalents | 1,640,568 | 2,034,569 |
Cash and Overnight Deposits | Cost | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total cash and cash equivalents | 669,854 | 1,038,903 |
Cash and Overnight Deposits | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total cash and cash equivalents | 669,854 | 1,038,903 |
Corporate Commercial Paper | Cost | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total cash and cash equivalents | 906,505 | 977,887 |
Corporate Commercial Paper | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total cash and cash equivalents | 907,645 | 978,325 |
Time deposits and money market funds | Cost | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total cash and cash equivalents | 63,069 | 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 | $ 63,069 | $ 17,341 |
Business Segment Information -
Business Segment Information - Financial Information Regarding Company's Operations by Geographic Area (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | ||
Segment Reporting Information [Line Items] | |||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 2,190,001 | $ 4,362,146 | $ 7,022,342 | $ 13,629,756 | |||||
Directly related cost of transportation and other expenses | [1] | 1,402,111 | 3,194,273 | 4,540,396 | 10,151,332 | ||||
Salaries and other operating expenses | [2] | 571,821 | 640,950 | 1,741,411 | 1,983,759 | ||||
Operating income | 216,069 | 526,923 | 740,535 | 1,494,665 | |||||
Identifiable assets at period end | 4,578,121 | 6,607,526 | 4,578,121 | 6,607,526 | $ 5,590,434 | ||||
Capital expenditures | 7,993 | 15,928 | 28,600 | 68,498 | |||||
Equity | 2,491,474 | 3,491,393 | 2,491,474 | 3,491,393 | $ 2,558,104 | $ 3,113,535 | $ 3,535,263 | $ 3,497,991 | |
Operating Segments | United States Segment | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 784,503 | 1,244,515 | 2,535,945 | 3,751,102 | |||||
Directly related cost of transportation and other expenses | [1] | 421,432 | 742,826 | 1,387,511 | 2,303,428 | ||||
Salaries and other operating expenses | [2] | 261,323 | 314,442 | 785,282 | 962,817 | ||||
Operating income | 101,748 | 187,247 | 363,152 | 484,857 | |||||
Identifiable assets at period end | 2,572,404 | 3,553,279 | 2,572,404 | 3,553,279 | |||||
Capital expenditures | 3,762 | 9,278 | 15,829 | 45,149 | |||||
Equity | 1,797,123 | 2,430,632 | 1,797,123 | 2,430,632 | |||||
Operating Segments | Other North America Segment | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 106,293 | 140,622 | 326,398 | 390,220 | |||||
Directly related cost of transportation and other expenses | [1] | 63,671 | 80,116 | 201,984 | 230,154 | ||||
Salaries and other operating expenses | [2] | 38,275 | 30,151 | 108,892 | 86,328 | ||||
Operating income | 4,347 | 30,355 | 15,522 | 73,738 | |||||
Identifiable assets at period end | 200,711 | 272,527 | 200,711 | 272,527 | |||||
Capital expenditures | 302 | 556 | 932 | 2,672 | |||||
Equity | 46,264 | 129,346 | 46,264 | 129,346 | |||||
Operating Segments | Latin America Segment | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 47,327 | 68,057 | 151,994 | 191,900 | |||||
Directly related cost of transportation and other expenses | [1] | 28,409 | 41,638 | 90,139 | 118,793 | ||||
Salaries and other operating expenses | [2] | 16,405 | 15,057 | 52,172 | 42,654 | ||||
Operating income | 2,513 | 11,362 | 9,683 | 30,453 | |||||
Identifiable assets at period end | 110,708 | 137,472 | 110,708 | 137,472 | |||||
Capital expenditures | 84 | 419 | 360 | 705 | |||||
Equity | 54,096 | 59,494 | 54,096 | 59,494 | |||||
Operating Segments | North Asia Segment | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 515,340 | 1,489,331 | 1,607,788 | 4,840,822 | |||||
Directly related cost of transportation and other expenses | [1] | 398,681 | 1,250,872 | 1,238,996 | 4,054,319 | ||||
Salaries and other operating expenses | [2] | 66,546 | 98,758 | 205,976 | 326,767 | ||||
Operating income | 50,113 | 139,701 | 162,816 | 459,736 | |||||
Identifiable assets at period end | 512,746 | 915,895 | 512,746 | 915,895 | |||||
Capital expenditures | 168 | 581 | 1,110 | 1,878 | |||||
Equity | 225,229 | 304,496 | 225,229 | 304,496 | |||||
Operating Segments | South Asia Segment | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 207,006 | 518,780 | 631,001 | 1,776,355 | |||||
Directly related cost of transportation and other expenses | [1] | 145,292 | 416,817 | 437,392 | 1,463,173 | ||||
Salaries and other operating expenses | [2] | 42,138 | 37,577 | 132,984 | 121,634 | ||||
Operating income | 19,576 | 64,386 | 60,625 | 191,548 | |||||
Identifiable assets at period end | 217,018 | 421,148 | 217,018 | 421,148 | |||||
Capital expenditures | 409 | 426 | 744 | 1,152 | |||||
Equity | 91,712 | 180,855 | 91,712 | 180,855 | |||||
Operating Segments | Europe Segment | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 410,904 | 637,411 | 1,386,284 | 1,871,509 | |||||
Directly related cost of transportation and other expenses | [1] | 263,524 | 453,248 | 924,592 | 1,335,267 | ||||
Salaries and other operating expenses | [2] | 120,436 | 109,308 | 373,004 | 333,971 | ||||
Operating income | 26,944 | 74,855 | 88,688 | 202,271 | |||||
Identifiable assets at period end | 726,729 | 1,020,756 | 726,729 | 1,020,756 | |||||
Capital expenditures | 1,369 | 3,619 | 6,688 | 13,343 | |||||
Equity | 154,617 | 289,595 | 154,617 | 289,595 | |||||
Operating Segments | Middle East Africa and India Segment | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 119,849 | 264,518 | 386,524 | 811,147 | |||||
Directly related cost of transportation and other expenses | [1] | 81,643 | 209,248 | 261,482 | 647,510 | ||||
Salaries and other operating expenses | [2] | 27,351 | 36,181 | 85,003 | 111,481 | ||||
Operating income | 10,855 | 19,089 | 40,039 | 52,156 | |||||
Identifiable assets at period end | 260,619 | 322,160 | 260,619 | 322,160 | |||||
Capital expenditures | 1,899 | 1,049 | 2,937 | 3,599 | |||||
Equity | 161,882 | 140,147 | 161,882 | 140,147 | |||||
Intersegment Eliminations | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | (1,221) | (1,088) | (3,592) | (3,299) | |||||
Directly related cost of transportation and other expenses | [1] | (541) | (492) | (1,700) | (1,312) | ||||
Salaries and other operating expenses | [2] | (653) | (524) | (1,902) | (1,893) | ||||
Operating income | (27) | (72) | 10 | (94) | |||||
Identifiable assets at period end | (22,814) | (35,711) | (22,814) | (35,711) | |||||
Capital expenditures | 0 | 0 | 0 | 0 | |||||
Equity | $ (39,449) | $ (43,172) | $ (39,449) | $ (43,172) | |||||
[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 | 9 Months Ended | 20 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | ||
Unusual Or Infrequent Item [Line Items] | ||||||
Directly related cost of transportation and other expenses | [1] | $ 1,402,111 | $ 3,194,273 | $ 4,540,396 | $ 10,151,332 | |
Cyber-Attack | ||||||
Unusual Or Infrequent Item [Line Items] | ||||||
Increase(decrease) in estimated liabilities for potential claims | (11,000) | |||||
Other additional expenses | 15,000 | $ 59,000 | ||||
Cyber-Attack | Brokerage and Other Services | ||||||
Unusual Or Infrequent Item [Line Items] | ||||||
Directly related cost of transportation and other expenses | $ 55,000 | |||||
Increase(decrease) in estimated liabilities for potential claims | $ (7,000) | |||||
[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. |