Expeditors International of Washington (EXPD) 10-Q 5 Nov 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Nov. 01, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
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		139,975,871
Entity File Number	001-41871
Entity Tax Identification Number	91-1069248
Entity Address, Address Line One	Sterling Plaza 2
Entity Address, Address Line Two	3rd Floor
Entity Address, Address Line Three	3545 Factoria Blvd. SE
Entity Address, City or Town	Bellevue
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98006
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	NYSE
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, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 1,293,173	$ 1,512,883
Accounts receivable, less allowance for credit loss of $5,903 at September 30, 2024 and $6,550 at December 31, 2023	2,176,959	1,532,599
Deferred contract costs	431,640	218,807
Other	181,273	170,907
Total current assets	4,083,045	3,435,196
Property and equipment, less accumulated depreciation and amortization of $624,562 at September 30, 2024 and $597,473 at December 31, 2023	468,594	479,225
Operating lease right-of-use assets	525,810	516,280
Goodwill	7,927	7,927
Deferred federal and state income taxes, net	69,789	63,690
Other assets, net	15,752	21,491
Total assets	5,170,917	4,523,809
Current Liabilities:
Accounts payable	1,240,174	860,856
Accrued liabilities, primarily salaries and related costs	470,723	447,336
Contract liabilities	532,289	280,909
Current portion of operating lease liabilities	106,832	99,749
Federal, state and foreign income taxes	25,728	15,562
Total current liabilities	2,375,746	1,704,412
Noncurrent portion of operating lease liabilities	436,001	427,984
Commitments and contingencies
Shareholders’ Equity:
Preferred stock, none issued	0	0
Common stock, par value $0.01 per share. Issued and outstanding: 139,971 at September 30, 2024 and 143,866 at December 31, 2023	1,400	1,439
Additional paid-in capital	4,307	0
Retained earnings	2,540,978	2,580,968
Accumulated other comprehensive loss	(189,978)	(192,057)
Total shareholders’ equity	2,356,707	2,390,350
Noncontrolling interest	2,463	1,063
Total equity	2,359,170	2,391,413
Total liabilities and equity	$ 5,170,917	$ 4,523,809

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit loss	$ 5,903	$ 6,550
Property and equipment, accumulated depreciation	$ 624,562	$ 597,473
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares issued	139,971	143,866
Common stock, shares outstanding	139,971	143,866

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Revenue from Contract with Customer, Excluding Assessed Tax		$ 3,000,131	$ 2,190,001	$ 7,645,810	$ 7,022,342
Operating Expenses:
Directly related cost of transportation and other expenses	[1]	2,093,964	1,402,111	5,166,652	4,540,396
Salaries and related		450,308	412,505	1,289,901	1,290,911
Rent and occupancy		61,024	58,387	181,873	174,224
Depreciation and amortization		15,774	15,607	45,914	46,374
Selling and promotion		7,589	6,149	22,366	18,847
Other		69,948	79,173	198,885	211,055
Total operating expenses		2,698,607	1,973,932	6,905,591	6,281,807
Operating income		301,524	216,069	740,219	740,535
Other Income (Expense):
Interest income		9,917	17,156	36,699	53,723
Other, net		973	(1,334)	4,599	4,394
Other income, net		10,890	15,822	41,298	58,117
Earnings before income taxes		312,414	231,891	781,517	798,652
Income tax expense		82,488	61,048	206,040	206,018
Net earnings		229,926	170,843	575,477	592,634
Less net earnings (losses) attributable to the noncontrolling interest		352	(510)	1,282	(1,530)
Net earnings attributable to shareholders		$ 229,574	$ 171,353	$ 574,195	$ 594,164
Diluted earnings attributable to shareholders per share		$ 1.63	$ 1.16	$ 4.04	$ 3.92
Basic earnings attributable to shareholders per share		$ 1.63	$ 1.16	$ 4.06	$ 3.95
Weighted average diluted shares outstanding		141,027	148,001	142,288	151,619
Weighted average basic shares outstanding		140,417	147,099	141,540	150,543
Airfreight services
Revenues:
Revenue from Contract with Customer, Excluding Assessed Tax		$ 986,950	$ 724,331	$ 2,606,647	$ 2,380,405
Operating Expenses:
Directly related cost of transportation and other expenses		740,356	516,519	1,923,115	1,707,568
Ocean freight and ocean services
Revenues:
Revenue from Contract with Customer, Excluding Assessed Tax		1,017,618	560,281	2,240,079	1,851,389
Operating Expenses:
Directly related cost of transportation and other expenses		783,827	387,670	1,675,931	1,277,159
Customs brokerage and other services
Revenues:
Revenue from Contract with Customer, Excluding Assessed Tax		995,563	905,389	2,799,084	2,790,548
Operating Expenses:
Directly related cost of transportation and other expenses		$ 569,781	$ 497,922	$ 1,567,606	$ 1,555,669
[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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net earnings	$ 229,926	$ 170,843	$ 575,477	$ 592,634
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments, net of income tax expense (benefit) of $930 and $(928) for the three months ended Septermber 30, 2024 and 2023 and $(610) and $(7,025) for the nine months ended September 30, 2024 and 2023	28,584	(15,027)	2,197	(10,797)
Other comprehensive income (loss)	28,584	(15,027)	2,197	(10,797)
Comprehensive income	258,510	155,816	577,674	581,837
Less comprehensive income (loss) attributable to the noncontrolling interest	457	(478)	1,400	(1,820)
Comprehensive income attributable to shareholders	$ 258,053	$ 156,294	$ 576,274	$ 583,657

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Other Comprehensive Income (Loss), Tax, Parenthetical Disclosure [Abstract]
Foreign currency translation adjustments, tax expense (benefit)	$ 930	$ (928)	$ (610)	$ (7,025)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating Activities:
Net earnings	$ 229,926	$ 170,843	$ 575,477	$ 592,634
Adjustments to reconcile net earnings to net cash from operating activities:
Provisions for (recoveries) losses on accounts receivable	(582)	1,411	1,456	2,316
Deferred income tax benefit	(1,057)	(6,418)	(5,680)	(7,942)
Stock compensation expense	9,760	15,879	47,836	46,962
Depreciation and amortization	15,774	15,607	45,914	46,374
Other, net	162	2,673	4,032	6,396
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable	(301,167)	(53,722)	(647,794)	629,205
Increase (decrease) in accounts payable and accrued liabilities	107,535	40,919	402,818	(311,990)
(Increase) decrease in deferred contract costs	(30,657)	(56,917)	(216,977)	28,870
Increase (decrease) in contract liabilities	50,527	74,701	254,902	(33,549)
Increase (decrease) in income taxes payable, net	20,331	(4,017)	13,163	(97,743)
Increase in other, net	(10,580)	(10,979)	(1,502)	(6,695)
Net cash from operating activities	89,972	189,980	473,645	894,838
Investing Activities:
Purchase of property and equipment	(12,291)	(7,993)	(30,415)	(28,600)
Other, net	(225)	10	(62)	(209)
Net cash from investing activities	(12,516)	(7,983)	(30,477)	(28,809)
Financing Activities:
Proceeds from borrowings on lines of credit	10,636	8,404	14,762	26,953
Payments on borrowings on lines of credit	(191)	(1,491)	(20,300)	(33,636)
Proceeds from issuance of common stock	53,256	61,841	67,734	80,305
Repurchases of common stock	(140,031)	(298,103)	(602,855)	(1,199,294)
Dividends paid	0	0	(102,638)	(102,263)
Payments for taxes related to net share settlement of equity awards	0	0	(15,348)	(19,501)
Net cash from financing activities	(76,330)	(229,349)	(658,645)	(1,247,436)
Effect of exchange rate changes on cash and cash equivalents	20,194	(11,807)	(4,233)	(13,296)
Change in cash and cash equivalents	21,320	(59,159)	(219,710)	(394,703)
Cash and cash equivalents at beginning of period	1,271,853	1,698,587	1,512,883	2,034,131
Cash and cash equivalents at end of period	1,293,173	1,639,428	1,293,173	1,639,428
Taxes Paid:
Income taxes	$ 63,046	$ 61,603	$ 196,649	$ 306,059

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
Beginning of period at Dec. 31, 2022		$ 1,543	$ 139	$ 3,310,892	$ (202,553)	$ 3,110,021	$ 3,514
Beginning of period (in shares) at Dec. 31, 2022		154,313
Increase (Decrease) in Equity [Roll Forward]
Shares issued under employee stock plans, net		$ 16	60,788
Shares issued under employee stock plans, net (in shares)		1,595
Shares repurchased under provisions of stock repurchase plan		$ (105)	(109,137)	(1,100,159)
Shares repurchased under provisions of stock repurchase plan (in shares)		(10,522)
Stock compensation expense			46,962
Net earnings (losses)	$ 592,634			594,164			(1,530)
Other comprehensive income (loss)	(10,797)				(10,507)		(290)
Dividend and dividend equivalents paid			1,248	(103,511)
End of period at Sep. 30, 2023	2,491,474	$ 1,454	0	2,701,386	(213,060)	2,489,780	1,694
End of period (in shares) at Sep. 30, 2023		145,386
Beginning of period at Jun. 30, 2023		$ 1,472	0	2,752,461	(198,001)	2,555,932	2,172
Beginning of period (in shares) at Jun. 30, 2023		147,222
Increase (Decrease) in Equity [Roll Forward]
Shares issued under employee stock plans, net		$ 7	61,834
Shares issued under employee stock plans, net (in shares)		727
Shares repurchased under provisions of stock repurchase plan		$ (25)	(77,713)	(222,428)
Shares repurchased under provisions of stock repurchase plan (in shares)		(2,563)
Stock compensation expense			15,879
Net earnings (losses)	170,843			171,353			(510)
Other comprehensive income (loss)	(15,027)				(15,059)		32
Dividend and dividend equivalents paid			0	0
End of period at Sep. 30, 2023	2,491,474	$ 1,454	0	2,701,386	(213,060)	2,489,780	1,694
End of period (in shares) at Sep. 30, 2023		145,386
Beginning of period at Dec. 31, 2023	$ 2,391,413	$ 1,439	0	2,580,968	(192,057)	2,390,350	1,063
Beginning of period (in shares) at Dec. 31, 2023	143,866	143,866
Increase (Decrease) in Equity [Roll Forward]
Shares issued under employee stock plans, net		$ 12	52,374
Shares issued under employee stock plans, net (in shares)		1,162
Shares repurchased under provisions of stock repurchase plan		$ (51)	(96,930)	(510,520)
Shares repurchased under provisions of stock repurchase plan (in shares)		(5,057)
Stock compensation expense			47,836
Net earnings (losses)	$ 575,477			574,195			1,282
Other comprehensive income (loss)	2,197				2,079		118
Dividend and dividend equivalents paid			1,027	(103,665)
End of period at Sep. 30, 2024	$ 2,359,170	$ 1,400	4,307	2,540,978	(189,978)	2,356,707	2,463
End of period (in shares) at Sep. 30, 2024	139,971	139,971
Beginning of period at Jun. 30, 2024		$ 1,406	7,732	2,385,740	(218,457)	2,176,421	2,006
Beginning of period (in shares) at Jun. 30, 2024		140,633
Increase (Decrease) in Equity [Roll Forward]
Shares issued under employee stock plans, net		$ 6	53,251
Shares issued under employee stock plans, net (in shares)		520
Shares repurchased under provisions of stock repurchase plan		$ (12)	(66,436)	(74,336)
Shares repurchased under provisions of stock repurchase plan (in shares)		(1,182)
Stock compensation expense			9,760
Net earnings (losses)	$ 229,926			229,574			352
Other comprehensive income (loss)	28,584				28,479		105
Dividend and dividend equivalents paid			0	0
End of period at Sep. 30, 2024	$ 2,359,170	$ 1,400	$ 4,307	$ 2,540,978	$ (189,978)	$ 2,356,707	$ 2,463
End of period (in shares) at Sep. 30, 2024	139,971	139,971

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 229,574	$ 171,353	$ 574,195	$ 594,164

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
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	9 Months Ended
	Sep. 30, 2024
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, healthcare, 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 February 23, 2024. 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 of other income (expense) in the condensed consolidated statement of earnings. 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, 2024. 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 Sea Waybill 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 $ 5,903 as of September 30, 2024 and $ 6,550 as of December 31, 2023 . 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. F. Recent Accounting Pronouncements Improvements to Reportable Segment Disclosures In November 2023, the Financial Accounting Standards Board (FASB) issued an Accounting Standard Update (ASU) which makes improvements to reportable segment disclosures, by requiring, among other things, the disclosure in interim periods about a reportable segment’s profit or loss and assets that are currently required annually, and disclosures of significant segment expenses and profit and loss measures provided to the chief operating decision maker. The ASU does not change how the Company identifies its operating segments. The Company expects to adopt this standard in its 2024 annual report on Form 10-K and for interim periods starting on January 1, 2025, including retrospective presentation to all prior periods presented in the financial statements. The Company is currently evaluating the impact of this ASU on its segment disclosures and expects no impact on its consolidated financial statements, cash flows and financial condition. Improvements to Income Tax Disclosures In December 2023, the FASB issued an ASU which expands income tax disclosures by requiring the disclosure, on an annual basis, of a tabular rate reconciliation using both percentages and currency amounts, broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, disclosure is required of income taxes paid, net of refunds received, disaggregated by federal, state/local, and foreign and by jurisdiction if the amount is at least 5% of total income tax payments, net of refunds received. This standard will become effective for the Company on January 1, 2025. The Company may apply this ASU prospectively by providing the revised disclosures for the period ending December 31, 2025 and continuing to provide the pre-ASU disclosures for the prior periods or may apply the amendments retrospectively by providing the revised disclosures for all periods presented. The Company expects this ASU to only impact its disclosures with no impacts to its consolidated financial statements, cash flows and financial condition .

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2024
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, 2024 and 2023, the Company awarded 334 and 342 restricted stock units (RSUs), respectively. The RSUs were granted at a weighted-average fair value of $ 114.90 in 2024 and $ 113.29 in 2023. 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 both 2024 and 2023, 14 fully vested restricted stock awards were granted to non-employee directors, respectively. The Company also awarded 78 performance stock units (PSUs) in both 2024 and 2023. The PSUs were granted at a weighted-average fair value of $ 114.90 in 2024 and $ 113.24 in 2023 . Outstanding PSUs include performance conditions to be finally measured in 2024, 2025 and 2026. 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 487 and 640 shares were issued in the three and nine months ended September 30, 2024 and 2023, respectively. The fair value of the employee stock purchase rights granted was $ 27.97 and $ 31.56 per share in 2024 and 2023, 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, 2024
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 2024. 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 significantly 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, included in other income (expense) and recognizes penalties in other operating expenses. The Company’s consolidated effective income tax rate was 26.4 % for both the three and nine months ended September 30, 2024, as compared to 26.3 % and 25.8 % in the comparable periods of 2023. For the three and nine months ended September 30, 2024, and 2023, 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 our foreign operations. The Company has no liability as of September 30, 2024, 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, 2024
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 RSUs. 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, Nine months ended September 30, 2024 2023 2024 2023 Numerator: Net earnings attributable to shareholders $ 229,574 171,353 574,195 $ 594,164 Denominator: Weighted-average basic shares outstanding 140,417 147,099 141,540 150,543 Effect of dilutive share-based awards 610 902 748 1,076 Weighted-average diluted shares 141,027 148,001 142,288 151,619 Basic earnings per share $ 1.63 $ 1.16 $ 4.06 $ 3.95 Diluted earnings per share $ 1.63 $ 1.16 $ 4.04 $ 3.92 For the three and nine months ended September 30, 2024, 729 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, 2023, 818 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, 2024
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 19, 2024 to authorize repurchases down from 140,000 to 130,000 shares. This authorization has no expiration date. During the nine months ended September 30, 2024, there were 5,057 shares repurchased at an average price of $ 119.21 per share, compared to 10,522 shares repurchased at an average price of $ 113.97 during the same period in 2023. Accumulated other comprehensive loss consisted entirely of foreign currency translation adjustments, net of related income tax effects, for all the periods presented. On May 6, 2024 , the Board of Directors declared a semi-annual dividend of $ .73 per share payable on June 17, 2024 to shareholders of record as of June 3, 2024 . 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 . Subsequent to the end of the third quarter of 2024, on November 4, 2024 , the Board of Directors declared a semi-annual dividend of $ 0.73 per share payable on December 16, 2024 to shareholders of record as of December 2, 2024 .

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2024
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, 2024 December 31, 2023 Cost Fair Value Cost Fair Value Cash and Cash Equivalents: Cash and overnight deposits $ 679,063 $ 679,063 $ 601,207 $ 601,207 Corporate commercial paper 542,625 543,240 854,929 856,033 Time deposits and money market funds 71,485 71,485 56,747 56,747 Total cash and cash equivalents $ 1,293,173 $ 1,293,788 $ 1,512,883 $ 1,513,987 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, 2024
Loss Contingency [Abstract]
Contingencies	Note 7. Contingencies The Company is involved in claims, lawsuits, government investigations, income, transfer pricing 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, 2024
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, 2024: Revenues $ 854,679 114,264 61,981 914,417 445,308 433,660 177,145 ( 1,323 ) 3,000,131 Directly related cost of transportation 1 $ 443,930 67,626 38,973 763,781 369,905 279,235 131,098 ( 584 ) 2,093,964 Salaries and other operating expenses 2 $ 253,452 35,261 18,605 86,566 51,307 126,917 33,283 ( 748 ) 604,643 Operating income $ 157,297 11,377 4,403 64,070 24,096 27,508 12,764 9 301,524 Identifiable assets at period end $ 2,611,417 192,370 108,985 727,724 376,283 863,840 319,627 ( 29,329 ) 5,170,917 Capital expenditures $ 9,299 198 101 296 839 1,548 10 — 12,291 Equity $ 1,628,893 35,825 42,670 221,519 124,387 182,515 164,665 ( 41,304 ) 2,359,170 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 UNITED OTHER LATIN NORTH SOUTH EUROPE MIDDLE ELIMI- CONSOLI- For the nine months ended September 30, 2024: Revenues $ 2,385,392 331,837 151,787 2,096,709 960,970 1,241,432 481,600 ( 3,917 ) 7,645,810 Directly related cost of transportation 1 $ 1,270,981 199,710 88,077 1,702,401 757,167 796,205 353,839 ( 1,728 ) 5,166,652 Salaries and other operating expenses 2 $ 772,835 102,684 49,920 224,588 135,303 363,718 92,099 ( 2,208 ) 1,738,939 Operating income $ 341,576 29,443 13,790 169,720 68,500 81,509 35,662 19 740,219 Identifiable assets at period end $ 2,611,417 192,370 108,985 727,724 376,283 863,840 319,627 ( 29,329 ) 5,170,917 Capital expenditures $ 17,775 2,172 383 933 2,938 4,860 1,354 — 30,415 Equity $ 1,628,893 35,825 42,670 221,519 124,387 182,515 164,665 ( 41,304 ) 2,359,170 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 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_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
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, healthcare, 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 February 23, 2024. 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 of other income (expense) in the condensed consolidated statement of earnings.
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, 2024. 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 Sea Waybill 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 $ 5,903 as of September 30, 2024 and $ 6,550 as of December 31, 2023 . 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.
Recent Accounting Pronouncements	F. Recent Accounting Pronouncements Improvements to Reportable Segment Disclosures In November 2023, the Financial Accounting Standards Board (FASB) issued an Accounting Standard Update (ASU) which makes improvements to reportable segment disclosures, by requiring, among other things, the disclosure in interim periods about a reportable segment’s profit or loss and assets that are currently required annually, and disclosures of significant segment expenses and profit and loss measures provided to the chief operating decision maker. The ASU does not change how the Company identifies its operating segments. The Company expects to adopt this standard in its 2024 annual report on Form 10-K and for interim periods starting on January 1, 2025, including retrospective presentation to all prior periods presented in the financial statements. The Company is currently evaluating the impact of this ASU on its segment disclosures and expects no impact on its consolidated financial statements, cash flows and financial condition. Improvements to Income Tax Disclosures In December 2023, the FASB issued an ASU which expands income tax disclosures by requiring the disclosure, on an annual basis, of a tabular rate reconciliation using both percentages and currency amounts, broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, disclosure is required of income taxes paid, net of refunds received, disaggregated by federal, state/local, and foreign and by jurisdiction if the amount is at least 5% of total income tax payments, net of refunds received. This standard will become effective for the Company on January 1, 2025. The Company may apply this ASU prospectively by providing the revised disclosures for the period ending December 31, 2025 and continuing to provide the pre-ASU disclosures for the prior periods or may apply the amendments retrospectively by providing the revised disclosures for all periods presented. The Company expects this ASU to only impact its disclosures with no impacts to its consolidated financial statements, cash flows and financial condition .
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 RSUs. 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, 2024
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, Nine months ended September 30, 2024 2023 2024 2023 Numerator: Net earnings attributable to shareholders $ 229,574 171,353 574,195 $ 594,164 Denominator: Weighted-average basic shares outstanding 140,417 147,099 141,540 150,543 Effect of dilutive share-based awards 610 902 748 1,076 Weighted-average diluted shares 141,027 148,001 142,288 151,619 Basic earnings per share $ 1.63 $ 1.16 $ 4.06 $ 3.95 Diluted earnings per share $ 1.63 $ 1.16 $ 4.04 $ 3.92

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2024
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, 2024 December 31, 2023 Cost Fair Value Cost Fair Value Cash and Cash Equivalents: Cash and overnight deposits $ 679,063 $ 679,063 $ 601,207 $ 601,207 Corporate commercial paper 542,625 543,240 854,929 856,033 Time deposits and money market funds 71,485 71,485 56,747 56,747 Total cash and cash equivalents $ 1,293,173 $ 1,293,788 $ 1,512,883 $ 1,513,987

Business Segment Information (T

Business Segment Information (Tables)	9 Months Ended
	Sep. 30, 2024
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, 2024: Revenues $ 854,679 114,264 61,981 914,417 445,308 433,660 177,145 ( 1,323 ) 3,000,131 Directly related cost of transportation 1 $ 443,930 67,626 38,973 763,781 369,905 279,235 131,098 ( 584 ) 2,093,964 Salaries and other operating expenses 2 $ 253,452 35,261 18,605 86,566 51,307 126,917 33,283 ( 748 ) 604,643 Operating income $ 157,297 11,377 4,403 64,070 24,096 27,508 12,764 9 301,524 Identifiable assets at period end $ 2,611,417 192,370 108,985 727,724 376,283 863,840 319,627 ( 29,329 ) 5,170,917 Capital expenditures $ 9,299 198 101 296 839 1,548 10 — 12,291 Equity $ 1,628,893 35,825 42,670 221,519 124,387 182,515 164,665 ( 41,304 ) 2,359,170 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 UNITED OTHER LATIN NORTH SOUTH EUROPE MIDDLE ELIMI- CONSOLI- For the nine months ended September 30, 2024: Revenues $ 2,385,392 331,837 151,787 2,096,709 960,970 1,241,432 481,600 ( 3,917 ) 7,645,810 Directly related cost of transportation 1 $ 1,270,981 199,710 88,077 1,702,401 757,167 796,205 353,839 ( 1,728 ) 5,166,652 Salaries and other operating expenses 2 $ 772,835 102,684 49,920 224,588 135,303 363,718 92,099 ( 2,208 ) 1,738,939 Operating income $ 341,576 29,443 13,790 169,720 68,500 81,509 35,662 19 740,219 Identifiable assets at period end $ 2,611,417 192,370 108,985 727,724 376,283 863,840 319,627 ( 29,329 ) 5,170,917 Capital expenditures $ 17,775 2,172 383 933 2,938 4,860 1,354 — 30,415 Equity $ 1,628,893 35,825 42,670 221,519 124,387 182,515 164,665 ( 41,304 ) 2,359,170 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 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, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Accounts receivable, allowance for credit loss	$ 5,903	$ 6,550

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) - $ / shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
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			334	342
Share-based compensation arrangement by share-based payment award, equity Instruments other than options, grants in period. Weighted average fair value			$ 114.9	$ 113.29
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 Awards | 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	14
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	78
Share-based compensation arrangement by share-based payment award, equity Instruments other than options, grants in period. Weighted average fair value			$ 114.9	$ 113.24
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	487	640	487	640
Fair value of the employee stock purchase rights granted	$ 27.97	$ 31.56	$ 27.97	$ 31.56

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Income Taxes [Line Items]
Effective income tax rate reconciliation, percent	26.40%	26.30%	26.40%	25.80%
Income tax expense	$ 82,488	$ 61,048	$ 206,040	$ 206,018
Corporate alternative minimum tax based on financial statement income			15%
Income tax liability	25,728		$ 25,728		$ 15,562
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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net earnings attributable to shareholders	$ 229,574	$ 171,353	$ 574,195	$ 594,164
Denominator:
Weighted average basic shares outstanding	140,417	147,099	141,540	150,543
Effect of dilutive share-based awards	610	902	748	1,076
Weighted-average diluted shares	141,027	148,001	142,288	151,619
Basic earnings per share	$ 1.63	$ 1.16	$ 4.06	$ 3.95
Diluted earnings per share	$ 1.63	$ 1.16	$ 4.04	$ 3.92

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share Reconciliation [Abstract]
Antidilutive securities excluded from computation of earnings per share	729	818	729	818

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - $ / shares shares in Thousands				9 Months Ended
	Nov. 04, 2024	May 06, 2024	May 01, 2023	Sep. 30, 2024	Sep. 30, 2023	Feb. 19, 2024	Dec. 31, 2023
O 2024 H1 Dividends
Class of Stock [Line Items]
Date of declaration of dividends		May 06, 2024
Dividend declared per share				$ 0.73
Date of dividend payment		Jun. 17, 2024
Dividends payable to shareholders date of record		Jun. 03, 2024
O 2023 H1 Dividends
Class of Stock [Line Items]
Date of declaration of dividends			May 01, 2023
Dividend declared per share					$ 0.69
Date of dividend payment			Jun. 15, 2023
Dividends payable to shareholders date of record			Jun. 01, 2023
Subsequent Event | O 2024 H2 1 Dividends [Member]
Class of Stock [Line Items]
Date of declaration of dividends	Nov. 04, 2024
Dividend declared per share	$ 0.73
Date of dividend payment	Dec. 16, 2024
Dividends payable to shareholders date of record	Dec. 02, 2024
Discretionary Plan
Class of Stock [Line Items]
Expected common stock shares issued and outstanding						130,000	140,000
Shares repurchased				5,057	10,522
Average price per share				$ 119.21	$ 113.97

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Cost
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash and cash equivalents	$ 1,293,173	$ 1,512,883
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash and cash equivalents	1,293,788	1,513,987
Cash and Overnight Deposits | Cost
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash and cash equivalents	679,063	601,207
Cash and Overnight Deposits | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash and cash equivalents	679,063	601,207
Corporate Commercial Paper | Cost
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash and cash equivalents	542,625	854,929
Corporate Commercial Paper | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash and cash equivalents	543,240	856,033
Time deposits and money market funds | Cost
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash and cash equivalents	71,485	56,747
Time deposits and money market funds | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash and cash equivalents	$ 71,485	$ 56,747

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		$ 3,000,131	$ 2,190,001	$ 7,645,810	$ 7,022,342
Directly related cost of transportation and other expenses	[1]	2,093,964	1,402,111	5,166,652	4,540,396
Salaries and other operating expenses	[2]	604,643	571,821	1,738,939	1,741,411
Operating income		301,524	216,069	740,219	740,535
Identifiable assets at period end		5,170,917	4,578,121	5,170,917	4,578,121	$ 4,523,809
Capital expenditures		12,291	7,993	30,415	28,600
Equity		2,359,170	2,491,474	2,359,170	2,491,474	$ 2,391,413
Operating Segments | United States Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		854,679	784,503	2,385,392	2,535,945
Directly related cost of transportation and other expenses	[1]	443,930	421,432	1,270,981	1,387,511
Salaries and other operating expenses	[2]	253,452	261,323	772,835	785,282
Operating income		157,297	101,748	341,576	363,152
Identifiable assets at period end		2,611,417	2,572,404	2,611,417	2,572,404
Capital expenditures		9,299	3,762	17,775	15,829
Equity		1,628,893	1,797,123	1,628,893	1,797,123
Operating Segments | Other North America Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		114,264	106,293	331,837	326,398
Directly related cost of transportation and other expenses	[1]	67,626	63,671	199,710	201,984
Salaries and other operating expenses	[2]	35,261	38,275	102,684	108,892
Operating income		11,377	4,347	29,443	15,522
Identifiable assets at period end		192,370	200,711	192,370	200,711
Capital expenditures		198	302	2,172	932
Equity		35,825	46,264	35,825	46,264
Operating Segments | Latin America Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		61,981	47,327	151,787	151,994
Directly related cost of transportation and other expenses	[1]	38,973	28,409	88,077	90,139
Salaries and other operating expenses	[2]	18,605	16,405	49,920	52,172
Operating income		4,403	2,513	13,790	9,683
Identifiable assets at period end		108,985	110,708	108,985	110,708
Capital expenditures		101	84	383	360
Equity		42,670	54,096	42,670	54,096
Operating Segments | North Asia Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		914,417	515,340	2,096,709	1,607,788
Directly related cost of transportation and other expenses	[1]	763,781	398,681	1,702,401	1,238,996
Salaries and other operating expenses	[2]	86,566	66,546	224,588	205,976
Operating income		64,070	50,113	169,720	162,816
Identifiable assets at period end		727,724	512,746	727,724	512,746
Capital expenditures		296	168	933	1,110
Equity		221,519	225,229	221,519	225,229
Operating Segments | South Asia Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		445,308	207,006	960,970	631,001
Directly related cost of transportation and other expenses	[1]	369,905	145,292	757,167	437,392
Salaries and other operating expenses	[2]	51,307	42,138	135,303	132,984
Operating income		24,096	19,576	68,500	60,625
Identifiable assets at period end		376,283	217,018	376,283	217,018
Capital expenditures		839	409	2,938	744
Equity		124,387	91,712	124,387	91,712
Operating Segments | Europe Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		433,660	410,904	1,241,432	1,386,284
Directly related cost of transportation and other expenses	[1]	279,235	263,524	796,205	924,592
Salaries and other operating expenses	[2]	126,917	120,436	363,718	373,004
Operating income		27,508	26,944	81,509	88,688
Identifiable assets at period end		863,840	726,729	863,840	726,729
Capital expenditures		1,548	1,369	4,860	6,688
Equity		182,515	154,617	182,515	154,617
Operating Segments | Middle East Africa and India Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		177,145	119,849	481,600	386,524
Directly related cost of transportation and other expenses	[1]	131,098	81,643	353,839	261,482
Salaries and other operating expenses	[2]	33,283	27,351	92,099	85,003
Operating income		12,764	10,855	35,662	40,039
Identifiable assets at period end		319,627	260,619	319,627	260,619
Capital expenditures		10	1,899	1,354	2,937
Equity		164,665	161,882	164,665	161,882
Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		(1,323)	(1,221)	(3,917)	(3,592)
Directly related cost of transportation and other expenses	[1]	(584)	(541)	(1,728)	(1,700)
Salaries and other operating expenses	[2]	(748)	(653)	(2,208)	(1,902)
Operating income		9	(27)	19	10
Identifiable assets at period end		(29,329)	(22,814)	(29,329)	(22,814)
Capital expenditures		0	0	0	0
Equity		$ (41,304)	$ (39,449)	$ (41,304)	$ (39,449)
[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.