Expeditors International of Washington (EXPD) 10-Q 5 Aug 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Aug. 02, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Trading Symbol	EXPD
Entity Registrant Name	EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
Entity Central Index Key	0000746515
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		169,891,158
Entity File Number	0-13468
Entity Tax Identification Number	91-1069248
Entity Address, Address Line One	1015 Third Avenue
Entity Address, City or Town	Seattle
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98104
City Area Code	206
Local Phone Number	674-3400
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, par value $0.01 per share
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	WA
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current Assets:
Cash and cash equivalents	$ 1,674,121	$ 1,527,791
Accounts receivable, less allowance for credit loss of $6,104 at June 30, 2021 and $5,579 at December 31, 2020	2,647,516	1,998,055
Deferred contract costs	534,692	327,448
Other	128,933	110,250
Total current assets	4,985,262	3,963,544
Property and equipment, less accumulated depreciation and amortization of $534,790 at June 30, 2021 and $516,988 at December 31, 2020	499,282	506,425
Operating lease right-of-use assets	443,708	432,723
Goodwill	7,927	7,927
Other assets, net	16,992	16,884
Total assets	5,953,171	4,927,503
Current Liabilities:
Accounts payable	1,408,572	1,136,859
Accrued expenses, primarily salaries and related costs	319,696	257,021
Contract liabilities	619,140	379,722
Current portion of operating lease liabilities	80,210	74,004
Federal, state and foreign income taxes	57,608	45,437
Total current liabilities	2,485,226	1,893,043
Noncurrent portion of operating lease liabilities	370,333	364,185
Deferred federal and state income taxes, net	13,961	7,048
Commitments and contingencies
Shareholders’ Equity:
Preferred stock, none issued	0	0
Common stock, par value $0.01 per share. Issued and outstanding: 169,169 shares at June 30, 2021 and 169,294 shares at December 31, 2020	1,692	1,693
Additional paid-in capital	79,357	157,496
Retained earnings	3,104,471	2,600,201
Accumulated other comprehensive loss	(106,066)	(99,753)
Total shareholders’ equity	3,079,454	2,659,637
Noncontrolling interest	4,197	3,590
Total equity	3,083,651	2,663,227
Total liabilities and equity	$ 5,953,171	$ 4,927,503

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Accounts receivable, allowance for credit loss	$ 6,104	$ 5,579
Property and equipment, accumulated depreciation	$ 534,790	$ 516,988
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares issued	169,169	169,294
Common stock, shares outstanding	169,169	169,294

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues:
Revenue from Contract with Customer, Excluding Assessed Tax		$ 3,609,093	$ 2,411,078	$ 6,807,913	$ 4,254,845
Operating Expenses:
Direct Operating Costs	[1]	2,598,633	1,661,487	4,845,917	2,890,118
Salaries and related		481,186	395,107	933,291	737,147
Rent and occupancy		45,366	41,375	90,646	83,899
Depreciation and amortization		12,675	14,109	25,662	26,769
Selling and promotion		3,172	3,113	6,242	11,356
Other		57,416	48,261	109,995	98,875
Total operating expenses		3,198,448	2,163,452	6,011,753	3,848,164
Operating income		410,645	247,626	796,160	406,681
Other Income (Expense):
Interest income		2,188	2,559	4,134	7,366
Other, net		2,649	797	5,649	4,181
Other income, net		4,837	3,356	9,783	11,547
Earnings before income taxes		415,482	250,982	805,943	418,228
Income tax expense		98,508	66,794	201,019	111,258
Net earnings		316,974	184,188	604,924	306,970
Less net earnings attributable to the noncontrolling interest		602	319	1,332	757
Net earnings attributable to shareholders		$ 316,372	$ 183,869	$ 603,592	$ 306,213
Diluted earnings attributable to shareholders per share		$ 1.84	$ 1.09	$ 3.52	$ 1.80
Basic earnings attributable to shareholders per share		$ 1.87	$ 1.10	$ 3.57	$ 1.83
Weighted average diluted shares outstanding		171,677	169,290	171,660	170,382
Weighted average basic shares outstanding		169,210	166,767	169,140	167,751
Airfreight services
Revenues:
Revenue from Contract with Customer, Excluding Assessed Tax		$ 1,523,569	$ 1,269,654	$ 2,849,484	$ 1,925,252
Operating Expenses:
Direct Operating Costs		1,136,328	932,137	2,090,872	1,398,865
Ocean freight and ocean services
Revenues:
Revenue from Contract with Customer, Excluding Assessed Tax		1,098,550	489,385	2,052,462	980,725
Operating Expenses:
Direct Operating Costs		862,251	361,272	1,604,686	725,668
Customs brokerage and other services
Revenues:
Revenue from Contract with Customer, Excluding Assessed Tax		986,974	652,039	1,905,967	1,348,868
Operating Expenses:
Direct Operating Costs		$ 600,054	$ 368,078	$ 1,150,359	$ 765,585
[1]	Directly related cost of transportation and other expenses totals operating expenses from airfreight services, ocean freight and ocean services and customs brokerage and other services as shown in the condensed consolidated statements of earnings.

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net earnings	$ 316,974	$ 184,188	$ 604,924	$ 306,970
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments, net of income taxes expense (benefit) of $221 and $(5,148) for the three months ended June 30, 2021 and 2020 and $(3,172) and $(3,974) for the six months ended June 30, 2021 and 2020.	9,159	16,410	(7,038)	(22,439)
Other comprehensive income (loss)	9,159	16,410	(7,038)	(22,439)
Comprehensive income	326,133	200,598	597,886	284,531
Less comprehensive income attributable to the noncontrolling interest	341	141	607	289
Comprehensive income attributable to shareholders	$ 325,792	$ 200,457	$ 597,279	$ 284,242

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Other Comprehensive Income Loss Tax Parenthetical Disclosures [Abstract]
Foreign currency translation adjustments, tax (benefit) expense	$ 221	$ (5,148)	$ (3,172)	$ (3,974)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Operating Activities:
Net earnings	$ 316,974	$ 184,188	$ 604,924	$ 306,970
Adjustments to reconcile net earnings to net cash from operating activities:
Provisions for losses on accounts receivable	1,090	2,389	2,289	4,209
Deferred income tax expense	1,850	9,287	10,001	4,148
Stock compensation expense	30,909	21,638	42,094	32,794
Depreciation and amortization	12,675	14,109	25,662	26,769
Other, net	346	118	897	551
Changes in operating assets and liabilities:
Increase in accounts receivable	(410,783)	(185,055)	(663,697)	(168,375)
Increase in accounts payable and accrued expenses	100,118	106,760	333,271	107,677
Increase in deferred contract costs	(150,382)	(2,333)	(221,640)	(18,401)
Increase (decrease) in contract liabilities	174,504	(595)	254,094	20,606
(Decrease) increase in income taxes payable, net	(47,994)	20,154	(1,356)	30,642
Decrease (increase) in other, net	1,164	16,061	(324)	4,131
Net cash from operating activities	30,471	186,721	386,215	351,721
Investing Activities:
Purchase of property and equipment	(6,539)	(22,114)	(14,930)	(28,241)
Other, net	138	(68)	104	(211)
Net cash from investing activities	(6,401)	(22,182)	(14,826)	(28,452)
Financing Activities:
Proceeds from issuance of common stock	22,711	29,187	42,468	52,586
Repurchases of common stock	(62,472)	(30,985)	(148,469)	(314,225)
Dividends paid	(98,387)	(86,815)	(98,387)	(86,815)
Payments for taxes related to net share settlement of equity awards	(13,893)	(9,170)	(15,168)	(10,566)
Net cash from financing activities	(152,041)	(97,783)	(219,556)	(359,020)
Effect of exchange rate changes on cash and cash equivalents	8,699	1,726	(5,503)	(14,285)
Change in cash and cash equivalents	(119,272)	68,482	146,330	(50,036)
Cash and cash equivalents at beginning of period	1,793,393	1,111,973	1,527,791	1,230,491
Cash and cash equivalents at end of period	1,674,121	1,180,455	1,674,121	1,180,455
Taxes Paid:
Income taxes	$ 143,959	$ 38,504	$ 190,536	$ 73,808

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional paid-in capital	Retained earnings	Retained earningsCumulative Effect, Period of Adoption, Adjustment	Accumulated other comprehensive loss	Total shareholders' equity	Total shareholders' equityCumulative Effect, Period of Adoption, Adjustment	Noncontrolling interest
Balance at Dec. 31, 2019	$ 2,197,219	$ 6,074	$ 1,696	$ 3,203	$ 2,321,316	$ 6,074	$ (131,187)	$ 2,195,028	$ 6,074	$ 2,191
Balance (in shares) at Dec. 31, 2019			169,622
Increase (Decrease) in Equity [Roll Forward]
Shares issued under employee stock plans	42,020		$ 16	42,004				42,020
Shares issued under employee stock plans (in shares)			1,594
Shares repurchased under provisions of stock repurchase plan	(314,225)		$ (44)	(66,780)	(247,401)			(314,225)
Shares repurchased under provisions of stock repurchase plan (in shares)			(4,400)
Stock compensation expense	32,794			32,794				32,794
Net earnings	306,970				306,213			306,213		757
Other comprehensive income (loss)	(22,439)						(21,971)	(21,971)		(468)
Dividends paid	(86,815)			1,000	(87,815)			(86,815)
Balance at Jun. 30, 2020	2,161,598		$ 1,668	12,221	2,298,387		(153,158)	2,159,118		2,480
Balance (in shares) at Jun. 30, 2020			166,816
Balance at Mar. 31, 2020	2,037,145		$ 1,662	682	2,202,208		(169,746)	2,034,806		2,339
Balance (in shares) at Mar. 31, 2020			166,193
Increase (Decrease) in Equity [Roll Forward]
Shares issued under employee stock plans	20,017		$ 10	20,007				20,017
Shares issued under employee stock plans (in shares)			1,023
Shares repurchased under provisions of stock repurchase plan	(30,985)		$ (4)	(30,981)				(30,985)
Shares repurchased under provisions of stock repurchase plan (in shares)			(400)
Stock compensation expense	21,638			21,638				21,638
Net earnings	184,188				183,869			183,869		319
Other comprehensive income (loss)	16,410						16,588	16,588		(178)
Dividends paid	(86,815)			875	(87,690)			(86,815)
Balance at Jun. 30, 2020	2,161,598		$ 1,668	12,221	2,298,387		(153,158)	2,159,118		2,480
Balance (in shares) at Jun. 30, 2020			166,816
Balance at Dec. 31, 2020	$ 2,663,227		$ 1,693	157,496	2,600,201		(99,753)	2,659,637		3,590
Balance (in shares) at Dec. 31, 2020	169,294		169,294
Increase (Decrease) in Equity [Roll Forward]
Shares issued under employee stock plans	$ 27,300		$ 13	27,287				27,300
Shares issued under employee stock plans (in shares)			1,300
Shares repurchased under provisions of stock repurchase plan	(148,469)		$ (14)	(148,455)				(148,469)
Shares repurchased under provisions of stock repurchase plan (in shares)			(1,425)
Stock compensation expense	42,094			42,094				42,094
Net earnings	604,924				603,592			603,592		1,332
Other comprehensive income (loss)	(7,038)						(6,313)	(6,313)		(725)
Dividends paid	(98,387)			935	(99,322)			(98,387)
Balance at Jun. 30, 2021	$ 3,083,651		$ 1,692	79,357	3,104,471		(106,066)	3,079,454		4,197
Balance (in shares) at Jun. 30, 2021	169,169		169,169
Balance at Mar. 31, 2021	$ 2,878,650		$ 1,688	101,269	2,887,323		(115,486)	2,874,794		3,856
Balance (in shares) at Mar. 31, 2021			168,808
Increase (Decrease) in Equity [Roll Forward]
Shares issued under employee stock plans	8,818		$ 9	8,809				8,818
Shares issued under employee stock plans (in shares)			861
Shares repurchased under provisions of stock repurchase plan	(62,472)		$ (5)	(62,467)				(62,472)
Shares repurchased under provisions of stock repurchase plan (in shares)			(500)
Stock compensation expense	30,909			30,909				30,909
Net earnings	316,974				316,372			316,372		602
Other comprehensive income (loss)	9,159						9,420	9,420		(261)
Dividends paid	(98,387)			837	(99,224)			(98,387)
Balance at Jun. 30, 2021	$ 3,083,651		$ 1,692	$ 79,357	$ 3,104,471		$ (106,066)	$ 3,079,454		$ 4,197
Balance (in shares) at Jun. 30, 2021	169,169		169,169

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement Of Stockholders Equity [Abstract]
Dividends paid, per share	$ 0.58	$ 0.52	$ 0.58	$ 0.52

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
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, 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 19, 2021. 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 revised to correct for immaterial errors. See Note 9 for further information. 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. The Company's three principal services are the revenue categories presented in the condensed consolidated statements of earnings: 1) airfreight services, 2) ocean freight and ocean services, and 3) customs brokerage and other services. The Company typically satisfies its performance obligations as services are rendered over time. A typical shipment would include services rendered at origin, such as pick-up and delivery to port, freight services from origin to destination port and destination services, such as customs clearance and final delivery. The Company measures the performance of its obligations as services are completed over the life of a shipment, including services at origin, freight and destination. The Company fulfills nearly all of its performance obligations within a one to two month-period and contracts with customers have an original expected duration of less than one year. The Company satisfied nearly all performance obligations for the contract liabilities recorded as of March 31, 2021. 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. 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 leveraging historical credit loss information and including considerations of the current economic environment. Additional allowances may be necessary in the future if changes in economic conditions are significan t $6,104 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 provides, self-insured liabilities, accrual of various tax liabilities including estimates associated with the U.S. enacted Tax Cuts and Jobs Act (the 2017 Tax Act), 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. Actual results could be materially different from the estimated provisions and accruals recorded.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2021
Share Based Compensation [Abstract]
Share-Based Compensation	Note 2. Share-Based Compensation The Company has historically granted the majority of its share-based awards during the second quarter of each fiscal year. In the second quarter of 2021 and 2020, the Company awarded 307 and 459 restricted stock units (RSUs), respectively. The RSUs were granted at a weighted-average fair value of $113.82 in 2021 and $72.90 in 2020. The RSUs vest annually over 3 years based on continued employment and are settled upon vesting in shares of the Company's common stock on a one-for-one basis. The value of an RSU award is based on the Company's stock price on the date of grant. Additionally, in the second quarter of 2021 and 2020, 13 and 19 fully vested RSUs were granted to non-employee directors, respectively. The Company also awarded 75 and 95 performance stock units (PSUs) in the second quarter of 2021 and 2020, respectively. Outstanding PSUs include performance conditions to be finally measured in 2021, 2022 and 2023. The final number of PSUs will be determined using an adjustment factor of up to 2 times or down to 0.5 of the targeted PSU grant. If the minimum performance thresholds are not achieved, no shares will be issued. Each PSU will convert to one share of the Company's common stock upon vesting. The grant of employee stock purchase rights and the issuance of shares under the employee stock purchase plan are made in the third quarter of each fiscal year. No shares were issued in the three and six months ended June 30, 2021 and 2020, respectively. The Company recognizes stock compensation expense based on the fair value of awards granted to employees and directors under the Company’s Amended 2017 Plan and employee stock purchase rights plans. This expense, adjusted for expected performance and forfeitures, is recognized in net earnings on a straight-line basis over the service periods as salaries and related costs on the condensed consolidated statements of earnings. Restricted stock units (RSUs) and performance share units (PSUs) awarded to certain employees meeting specific retirement eligibility criteria at the time of grant are expensed immediately as there is no substantive service period associated with those awards.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Note 3. Income Taxes During 2020 the Internal Revenue Service (IRS) and the U.S. Department of Treasury (Treasury) issued additional guidelines and clarifying regulations related to the implementation of the 2017 Tax Act. It is possible that additional guidance could be issued in future periods. As this guidance is issued, the Company will evaluate the information to determine whether any additional adjustments to its tax provisions are required. The 2017 Tax Act included 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 and for Base Erosion and Anti-Abuse Tax (BEAT) under which taxes are imposed on certain base eroding payments to affiliated foreign companies. The Company treats BEAT and GILTI as components of current income tax expense. For the three and six months ended June 30, 2021 and 2020, there was no BEAT expense and GILTI expense was insignificant. The Company’s consolidated effective income tax rate was 23.7% and 24.9%, respectively, for the three and six months ended June 30, 2021 as compared to 26.6% for both comparable periods in 2020. The three and six months ended June 30, 2021, effective tax rate benefited from increased tax deductions related to share-based compensation and a favorable adjustment to the deferred tax liability required for unremitted foreign earnings when compared to the same periods in 2020. The effect of higher average tax rates related to our international subsidiaries, when compared to U.S. federal and state tax rates, were partially offset by U.S. foreign tax credits and U.S. income tax deductions for Foreign-derived intangible income (FDII). The Company is subject to taxation in various states and many foreign tax jurisdictions including the People’s Republic of China, Hong Kong, Taiwan, Vietnam, India, Mexico, Canada, Netherlands and the United Kingdom. The Company believes that its tax positions, including intercompany transfer pricing policies, are reasonable and consistently applied. The Company is under, or may be subject to, audit or examination and assessments by the relevant authorities in respect to these and any other jurisdictions primarily for years 2009 and thereafter. Sometimes audits result in proposed assessments where the ultimate resolution could result in significant additional tax, penalties and interest payments being required. The Company establishes liabilities when, despite its belief that the tax return positions are appropriate and consistent with tax law, it concludes that it may not be successful in realizing the tax position. In evaluating a tax position, the Company determines whether it is more likely than not that the position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position and in consultation with qualified tax advisors. The total amount of the Company’s tax contingencies may increase in 2021. In addition, changes in state, federal, and foreign tax laws, including transfer pricing and changes in interpretations of these laws may increase the Company’s existing tax contingencies. The timing of the resolution of income tax examinations can be highly uncertain, and the amounts ultimately paid including interest and penalties, if any, upon resolution of the issues raised by the taxing authorities may differ from the amounts recorded. It is reasonably possible that within the next twelve months the Company may undergo further audits and examinations by various tax authorities and possibly may reach resolution related to income tax examinations in one or more jurisdictions. These assessments or settlements could result in changes to the Company’s contingencies related to positions on tax filings in future years. The estimate of any ultimate tax liability contains assumptions based on experiences, judgments about potential actions by taxing jurisdictions as well as judgments about the likely outcome of issues that have been raised by the taxing jurisdiction. Any interest and penalties expensed in relation to the underpayment of income taxes were insignificant for the three and six months ended June 30, 2021 and 2020.

Basic and Diluted Earnings per

Basic and Diluted Earnings per Share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Basic and Diluted Earnings per Share	Note 4. Basic and Diluted Earnings per Share Diluted earnings attributable to shareholders per share is computed using the weighted average number of common shares and dilutive potential common shares outstanding. Dilutive potential shares represent outstanding stock options, including purchase options under the Company's employee stock purchase plan, and unvested restricted stock units. Basic earnings attributable to shareholders per share is calculated using the weighted average number of common shares outstanding without taking into consideration dilutive potential common shares outstanding. The following table reconciles the numerator and the denominator of the basic and diluted per share computations for earnings attributable to shareholders: Three months ended June 30, Net earnings attributable to shareholders Weighted average shares Earnings per share 2021 Basic earnings attributable to shareholders $ 316,372 169,210 $ 1.87 Effect of dilutive potential common shares — 2,467 — Diluted earnings attributable to shareholders $ 316,372 171,677 $ 1.84 2020 Basic earnings attributable to shareholders $ 183,869 166,767 $ 1.10 Effect of dilutive potential common shares — 2,523 — Diluted earnings attributable to shareholders $ 183,869 169,290 $ 1.09 Six months ended June 30, Net earnings attributable to shareholders Weighted average shares Earnings per share 2021 Basic earnings attributable to shareholders $ 603,592 169,140 $ 3.57 Effect of dilutive potential common shares — 2,520 — Diluted earnings attributable to shareholders $ 603,592 171,660 $ 3.52 2020 Basic earnings attributable to shareholders $ 306,213 167,751 $ 1.83 Effect of dilutive potential common shares — 2,631 — Diluted earnings attributable to shareholders $ 306,213 170,382 $ 1.80 Substantially all outstanding potential common shares as of June 30, 2021 and 2020 were dilutive.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2021
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 down to 160,000 shares. During the six months ended June 30, 2021, 1,425 shares were repurchased at an average price of $104.20 Accumulated other comprehensive loss consisted entirely of foreign currency translation adjustments, net of related income tax effects, for all the periods presented. On May 4, 2021, the Board of Directors declared a semi-annual dividend of $0.58 per share payable on June 15, 2021 to shareholders of record as of June 1, 2021. On May 5, 2020, the Board of Directors declared a semi-annual dividend of $0.52 per share payable on June 15, 2020 to shareholders of record as of June 1, 2020.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Note 6. Fair Value of Financial Instruments The Company’s financial instruments, other than cash, consist primarily of cash equivalents, accounts receivable, accounts payable and accrued expenses. The carrying value of these financial instruments approximates their fair value. All highly liquid investments with a maturity of three months or less at date of purchase are considered to be cash equivalents. Cash and cash equivalents consist of the following: June 30, 2021 December 31, 2020 Cost Fair Value Cost Fair Value Cash and Cash Equivalents: Cash and overnight deposits $ 761,806 $ 761,806 $ 602,112 $ 602,112 Corporate commercial paper 845,471 845,527 872,287 872,350 Time deposits 66,844 66,844 53,392 53,392 Total cash and cash equivalents $ 1,674,121 $ 1,674,177 $ 1,527,791 $ 1,527,854 The fair value of corporate commercial paper and time deposits is based on the use of market interest rates for identical or similar assets (Level 2 fair value measurement).

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2021
Loss Contingency [Abstract]
Contingencies	Note 7. Contingencies The Company is involved in claims, lawsuits, government investigations and other legal matters that arise in the ordinary course of business and are subject to inherent uncertainties. Currently, in management's opinion and based upon advice from legal advisors, none of these matters are expected to have a significant effect on the Company's operations, cash flows or financial position. As of June 30, 2021, the amounts accrued for these claims, lawsuits, government investigations and other legal matters are not significant to the Company's operations, cash flows or financial position. At this time, the Company is unable to estimate any additional loss or range of reasonably possible losses, if any, beyond the amounts recorded, that might result from the resolution of these matters.

Business Segment Information

Business Segment Information	6 Months Ended
	Jun. 30, 2021
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 STATES OTHER NORTH AMERICA LATIN AMERICA NORTH ASIA SOUTH ASIA EUROPE MIDDLE EAST, AFRICA AND INDIA ELIMI- NATIONS CONSOLI- DATED For the three months ended June 30, 2021: Revenues $ 997,567 101,465 46,981 1,309,382 417,718 544,949 192,186 (1,155 ) 3,609,093 Directly related cost of transportation and other expenses 1 $ 566,882 59,311 25,952 1,086,641 335,219 376,856 148,290 (518 ) 2,598,633 Salaries and other operating expenses 2 $ 241,121 31,300 14,735 106,812 49,046 123,408 34,026 (633 ) 599,815 Operating income $ 189,564 10,854 6,294 115,929 33,453 44,685 9,870 (4 ) 410,645 Identifiable assets at period end $ 2,972,363 196,558 102,296 1,114,475 377,370 929,706 291,406 (31,003 ) 5,953,171 Capital expenditures $ 2,905 64 72 400 532 2,100 466 — 6,539 Equity $ 2,163,114 80,802 36,316 318,111 146,583 255,006 128,148 (44,429 ) 3,083,651 For the three months ended June 30, 2020: Revenues $ 639,226 73,679 37,553 984,715 217,152 358,060 101,571 (878 ) 2,411,078 Directly related cost of transportation and other expenses 1 $ 354,619 40,814 22,701 775,572 153,194 242,170 72,868 (451 ) 1,661,487 Salaries and other operating expenses 2 $ 207,703 25,283 12,112 97,171 39,184 95,757 25,188 (433 ) 501,965 Operating income $ 76,904 7,582 2,740 111,972 24,774 20,133 3,515 6 247,626 Identifiable assets at period end $ 1,886,463 170,873 72,912 669,335 213,007 581,988 221,381 (5,782 ) 3,810,177 Capital expenditures $ 19,076 1,148 216 385 182 993 114 — 22,114 Equity $ 1,399,124 71,165 29,758 306,022 108,777 168,060 116,279 (37,587 ) 2,161,598 UNITED STATES OTHER NORTH AMERICA LATIN AMERICA NORTH ASIA SOUTH ASIA EUROPE MIDDLE EAST, AFRICA AND INDIA ELIMI- NATIONS CONSOLI- DATED For the six months ended June 30, 2021: Revenues $ 1,872,957 195,582 91,845 2,518,430 767,484 1,011,282 352,692 (2,359 ) 6,807,913 Directly related cost of transportation and other expenses 1 $ 1,069,517 112,361 52,652 2,054,170 605,163 683,765 269,399 (1,110 ) 4,845,917 Salaries and other operating expenses2 $ 479,819 57,037 27,112 213,732 92,211 232,863 64,301 (1,239 ) 1,165,836 Operating income $ 323,621 26,184 12,081 250,528 70,110 94,654 18,992 (10 ) 796,160 Identifiable assets at period end $ 2,972,363 196,558 102,296 1,114,475 377,370 929,706 291,406 (31,003 ) 5,953,171 Capital expenditures $ 5,930 186 125 757 1,111 5,654 1,167 — 14,930 Equity $ 2,163,114 80,802 36,316 318,111 146,583 255,006 128,148 (44,429 ) 3,083,651 For the six months ended June 30, 2020: Revenues $ 1,289,631 154,910 75,444 1,481,872 383,233 665,020 206,553 (1,818 ) 4,254,845 Directly related cost of transportation and other expenses 1 $ 728,578 86,104 46,467 1,160,075 271,515 450,488 147,787 (896 ) 2,890,118 Salaries and other operating expenses2 $ 433,647 48,995 23,861 154,604 69,092 177,611 51,138 (902 ) 958,046 Operating income $ 127,406 19,811 5,116 167,193 42,626 36,921 7,628 (20 ) 406,681 Identifiable assets at period end $ 1,886,463 170,873 72,912 669,335 213,007 581,988 221,381 (5,782 ) 3,810,177 Capital expenditures $ 23,573 1,209 318 710 370 1,638 423 — 28,241 Equity $ 1,399,124 71,165 29,758 306,022 108,777 168,060 116,279 (37,587 ) 2,161,598 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. 3 The Company’s consolidated financial results in the three and six months ended June 30, 2021 and 2020 were each significantly impacted by the effects of the global pandemic in divergent ways. In the first and second quarter of 2021, the Company experienced strong volumes and high average sell and buy rates as a result of imbalances between demand and carrier capacity and continuing effects of disruptions in supply chains originating in measures to combat the pandemic in 2020. This is in contrast with slower activity in North Asia in the first quarter of 2020 as the pandemic resulted in temporary closures and limited operations in the Company’s China offices. Shipments were also rerouted or delayed by customers and service providers as they were taking their own precautionary measures. This was followed by significant increases in airfreight services revenues and related expenses, in the second quarter of 2020, as a result of demand for time-sensitive delivery of technology equipment and medical equipment and supplies from China, which combined with reductions in airfreight supply resulted in significantly higher average buy and sell rates. These impacts are affecting all of the Company’s geographical segments and most notably the year-over-year comparability of the North Asia segment. For the three months ended June 30, 2021 and 2020, the People's Republic of China, including Hong Kong, represented 29% and 34%, respectively, of the Company’s total revenues and 22% and 38%, respectively, of the total operating income. For the six months ended June 30, 2021 and 2020, the People's Republic of China, including Hong Kong, represented 29% of the Company’s total revenues and 24% and 33%, respectively, of the total operating income.

Correction of Immaterial Errors

Correction of Immaterial Errors	6 Months Ended
	Jun. 30, 2021
Accounting Changes And Error Corrections [Abstract]
Correction of Immaterial Errors	Note 9. Correction of Immaterial Errors Beginning in the first quarter 2019, the Company made changes to its process and presentation of freight services revenue and directly related transportation operating expenses with the objective that at each reporting level (reporting entity, segment and consolidated level) the gross revenue and associated directly related operating expenses be representative of the location where the services were performed, the operating expenses were incurred and where the revenues were earned. During the second quarter 2021, management identified and corrected certain immaterial errors in the Company’s historical financial statements primarily related to this process that was utilized through the first quarter of 2021. The process missed an intercompany elimination of revenues and an equal and offsetting amount of directly related transportation expenses, principally impacting airfreight services in North Asia. The errors overstated revenues and directly related transportation operating expenses by equal amounts in the consolidated statements of earnings. The errors had no impact on operating income, net earnings, and earnings per share nor any other financial statement amount. Further, the errors had no impact on the balance sheets, statements of shareholders’ equity, other comprehensive income and cash flows. These errors do not affect any of the metrics used to calculate or evaluate management’s compensation and had no impact on bonuses, commissions, share-based compensation or any other employee remuneration. Historical amounts have been revised and are presented on a comparable basis. The below tables present the effect of the correction for the following periods: Three Months ended Mar 31, 2021 As Reported Adjustments As Corrected Revenues: Airfreight services $ 1,476,961 $ (151,046 ) $ 1,325,915 Ocean freight and ocean services 958,178 (4,266 ) 953,912 Customs brokerage and other services 922,401 (3,408 ) 918,993 Total revenues 1 3,357,540 (158,720 ) 3,198,820 Directly related transportation operating expenses: Airfreight services $ 1,105,590 $ (151,046 ) $ 954,544 Ocean freight and ocean services 746,701 (4,266 ) 742,435 Customs brokerage and other services 553,713 (3,408 ) 550,305 Total directly related transportation operating expenses 1 2,406,004 (158,720 ) 2,247,284 1 Three Months ended June 30, 2020 As Reported Adjustments As Corrected Revenues: Airfreight services $ 1,434,590 $ (164,936 ) $ 1,269,654 Ocean freight and ocean services 491,712 (2,327 ) 489,385 Customs brokerage and other services 654,330 (2,291 ) 652,039 Total revenues 1 2,580,632 (169,554 ) 2,411,078 Directly related transportation operating expenses: Airfreight services $ 1,097,073 $ (164,936 ) $ 932,137 Ocean freight and ocean services 363,599 (2,327 ) 361,272 Customs brokerage and other services 370,369 (2,291 ) 368,078 Total directly related transportation operating expenses 1 1,831,041 (169,554 ) 1,661,487 1 Six Months ended June 30, 2020 As Reported Adjustments As Corrected Revenues: Airfreight services $ 2,143,629 $ (218,377 ) $ 1,925,252 Ocean freight and ocean services 985,139 (4,414 ) 980,725 Customs brokerage and other services 1,353,728 (4,860 ) 1,348,868 Total revenues 1 4,482,496 (227,651 ) 4,254,845 Directly related transportation operating expenses: Airfreight services $ 1,617,242 $ (218,377 ) $ 1,398,865 Ocean freight and ocean services 730,082 (4,414 ) 725,668 Customs brokerage and other services 770,445 (4,860 ) 765,585 Total directly related transportation operating expenses 1 3,117,769 (227,651 ) 2,890,118 1

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
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, 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 19, 2021. 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 revised to correct for immaterial errors. See Note 9 for further information.
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. The Company's three principal services are the revenue categories presented in the condensed consolidated statements of earnings: 1) airfreight services, 2) ocean freight and ocean services, and 3) customs brokerage and other services. The Company typically satisfies its performance obligations as services are rendered over time. A typical shipment would include services rendered at origin, such as pick-up and delivery to port, freight services from origin to destination port and destination services, such as customs clearance and final delivery. The Company measures the performance of its obligations as services are completed over the life of a shipment, including services at origin, freight and destination. The Company fulfills nearly all of its performance obligations within a one to two month-period and contracts with customers have an original expected duration of less than one year. The Company satisfied nearly all performance obligations for the contract liabilities recorded as of March 31, 2021.
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.
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 leveraging historical credit loss information and including considerations of the current economic environment. Additional allowances may be necessary in the future if changes in economic conditions are significan t $6,104 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 provides, self-insured liabilities, accrual of various tax liabilities including estimates associated with the U.S. enacted Tax Cuts and Jobs Act (the 2017 Tax Act), 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. Actual results could be materially different from the estimated provisions and accruals recorded.
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 2017 Plan and employee stock purchase rights plans. This expense, adjusted for expected performance and forfeitures, is recognized in net earnings on a straight-line basis over the service periods as salaries and related costs on the condensed consolidated statements of earnings. Restricted stock units (RSUs) and performance share units (PSUs) awarded to certain employees meeting specific retirement eligibility criteria at the time of grant are expensed immediately as there is no substantive service period associated with those awards.
Income Tax	During 2020 the Internal Revenue Service (IRS) and the U.S. Department of Treasury (Treasury) issued additional guidelines and clarifying regulations related to the implementation of the 2017 Tax Act. It is possible that additional guidance could be issued in future periods. As this guidance is issued, the Company will evaluate the information to determine whether any additional adjustments to its tax provisions are required. The 2017 Tax Act included 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 and for Base Erosion and Anti-Abuse Tax (BEAT) under which taxes are imposed on certain base eroding payments to affiliated foreign companies. The Company treats BEAT and GILTI as components of current income tax expense. For the three and six months ended June 30, 2021 and 2020, there was no BEAT expense and GILTI expense was insignificant.
Earnings Per Share	Diluted earnings attributable to shareholders per share is computed using the weighted average number of common shares and dilutive potential common shares outstanding. Dilutive potential shares represent outstanding stock options, including purchase options under the Company's employee stock purchase plan, and unvested restricted stock units. Basic earnings attributable to shareholders per share is calculated using the weighted average number of common shares outstanding without taking into consideration dilutive potential common shares outstanding.
Cash Equivalents	The Company’s financial instruments, other than cash, consist primarily of cash equivalents, accounts receivable, accounts payable and accrued expenses. The carrying value of these financial instruments approximates their fair value. All highly liquid investments with a maturity of three months or less at date of purchase are considered to be cash equivalents.
Segment Reporting	The Company is organized functionally in geographic operating segments. Accordingly, management focuses its attention on revenues, directly related cost of transportation and other expenses for each of the Company’s three primary sources of revenue, salaries and other operating expenses, operating income, identifiable assets, capital expenditures and equity generated in each of these geographical areas when evaluating the effectiveness of geographic management. Transactions among the Company’s various offices are conducted using the same arms-length pricing methodologies the Company uses when its offices transact business with independent agents. Certain costs are allocated among the segments based on the relative value of the underlying services, which can include allocation based on actual costs incurred or estimated cost plus a profit margin .

Basic and Diluted Earnings pe_2

Basic and Diluted Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table reconciles the numerator and the denominator of the basic and diluted per share computations for earnings attributable to shareholders: Three months ended June 30, Net earnings attributable to shareholders Weighted average shares Earnings per share 2021 Basic earnings attributable to shareholders $ 316,372 169,210 $ 1.87 Effect of dilutive potential common shares — 2,467 — Diluted earnings attributable to shareholders $ 316,372 171,677 $ 1.84 2020 Basic earnings attributable to shareholders $ 183,869 166,767 $ 1.10 Effect of dilutive potential common shares — 2,523 — Diluted earnings attributable to shareholders $ 183,869 169,290 $ 1.09 Six months ended June 30, Net earnings attributable to shareholders Weighted average shares Earnings per share 2021 Basic earnings attributable to shareholders $ 603,592 169,140 $ 3.57 Effect of dilutive potential common shares — 2,520 — Diluted earnings attributable to shareholders $ 603,592 171,660 $ 3.52 2020 Basic earnings attributable to shareholders $ 306,213 167,751 $ 1.83 Effect of dilutive potential common shares — 2,631 — Diluted earnings attributable to shareholders $ 306,213 170,382 $ 1.80

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Cash and Cash Equivalents by Balance Sheet Grouping	Cash and cash equivalents consist of the following: June 30, 2021 December 31, 2020 Cost Fair Value Cost Fair Value Cash and Cash Equivalents: Cash and overnight deposits $ 761,806 $ 761,806 $ 602,112 $ 602,112 Corporate commercial paper 845,471 845,527 872,287 872,350 Time deposits 66,844 66,844 53,392 53,392 Total cash and cash equivalents $ 1,674,121 $ 1,674,177 $ 1,527,791 $ 1,527,854

Business Segment Information (T

Business Segment Information (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Schedule of Segment Reporting Information by Segment	Financial information regarding the Company’s operations by geographic area is as follows: UNITED STATES OTHER NORTH AMERICA LATIN AMERICA NORTH ASIA SOUTH ASIA EUROPE MIDDLE EAST, AFRICA AND INDIA ELIMI- NATIONS CONSOLI- DATED For the three months ended June 30, 2021: Revenues $ 997,567 101,465 46,981 1,309,382 417,718 544,949 192,186 (1,155 ) 3,609,093 Directly related cost of transportation and other expenses 1 $ 566,882 59,311 25,952 1,086,641 335,219 376,856 148,290 (518 ) 2,598,633 Salaries and other operating expenses 2 $ 241,121 31,300 14,735 106,812 49,046 123,408 34,026 (633 ) 599,815 Operating income $ 189,564 10,854 6,294 115,929 33,453 44,685 9,870 (4 ) 410,645 Identifiable assets at period end $ 2,972,363 196,558 102,296 1,114,475 377,370 929,706 291,406 (31,003 ) 5,953,171 Capital expenditures $ 2,905 64 72 400 532 2,100 466 — 6,539 Equity $ 2,163,114 80,802 36,316 318,111 146,583 255,006 128,148 (44,429 ) 3,083,651 For the three months ended June 30, 2020: Revenues $ 639,226 73,679 37,553 984,715 217,152 358,060 101,571 (878 ) 2,411,078 Directly related cost of transportation and other expenses 1 $ 354,619 40,814 22,701 775,572 153,194 242,170 72,868 (451 ) 1,661,487 Salaries and other operating expenses 2 $ 207,703 25,283 12,112 97,171 39,184 95,757 25,188 (433 ) 501,965 Operating income $ 76,904 7,582 2,740 111,972 24,774 20,133 3,515 6 247,626 Identifiable assets at period end $ 1,886,463 170,873 72,912 669,335 213,007 581,988 221,381 (5,782 ) 3,810,177 Capital expenditures $ 19,076 1,148 216 385 182 993 114 — 22,114 Equity $ 1,399,124 71,165 29,758 306,022 108,777 168,060 116,279 (37,587 ) 2,161,598 UNITED STATES OTHER NORTH AMERICA LATIN AMERICA NORTH ASIA SOUTH ASIA EUROPE MIDDLE EAST, AFRICA AND INDIA ELIMI- NATIONS CONSOLI- DATED For the six months ended June 30, 2021: Revenues $ 1,872,957 195,582 91,845 2,518,430 767,484 1,011,282 352,692 (2,359 ) 6,807,913 Directly related cost of transportation and other expenses 1 $ 1,069,517 112,361 52,652 2,054,170 605,163 683,765 269,399 (1,110 ) 4,845,917 Salaries and other operating expenses2 $ 479,819 57,037 27,112 213,732 92,211 232,863 64,301 (1,239 ) 1,165,836 Operating income $ 323,621 26,184 12,081 250,528 70,110 94,654 18,992 (10 ) 796,160 Identifiable assets at period end $ 2,972,363 196,558 102,296 1,114,475 377,370 929,706 291,406 (31,003 ) 5,953,171 Capital expenditures $ 5,930 186 125 757 1,111 5,654 1,167 — 14,930 Equity $ 2,163,114 80,802 36,316 318,111 146,583 255,006 128,148 (44,429 ) 3,083,651 For the six months ended June 30, 2020: Revenues $ 1,289,631 154,910 75,444 1,481,872 383,233 665,020 206,553 (1,818 ) 4,254,845 Directly related cost of transportation and other expenses 1 $ 728,578 86,104 46,467 1,160,075 271,515 450,488 147,787 (896 ) 2,890,118 Salaries and other operating expenses2 $ 433,647 48,995 23,861 154,604 69,092 177,611 51,138 (902 ) 958,046 Operating income $ 127,406 19,811 5,116 167,193 42,626 36,921 7,628 (20 ) 406,681 Identifiable assets at period end $ 1,886,463 170,873 72,912 669,335 213,007 581,988 221,381 (5,782 ) 3,810,177 Capital expenditures $ 23,573 1,209 318 710 370 1,638 423 — 28,241 Equity $ 1,399,124 71,165 29,758 306,022 108,777 168,060 116,279 (37,587 ) 2,161,598 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. 3

Correction Of Immaterial Erro_2

Correction Of Immaterial Errors (Table)	6 Months Ended
	Jun. 30, 2021
Quantifying Prior Year Misstatements Corrected In Current Year Financial Statements [Abstract]
Schedule of Effect of the Correction	The below tables present the effect of the correction for the following periods: Three Months ended Mar 31, 2021 As Reported Adjustments As Corrected Revenues: Airfreight services $ 1,476,961 $ (151,046 ) $ 1,325,915 Ocean freight and ocean services 958,178 (4,266 ) 953,912 Customs brokerage and other services 922,401 (3,408 ) 918,993 Total revenues 1 3,357,540 (158,720 ) 3,198,820 Directly related transportation operating expenses: Airfreight services $ 1,105,590 $ (151,046 ) $ 954,544 Ocean freight and ocean services 746,701 (4,266 ) 742,435 Customs brokerage and other services 553,713 (3,408 ) 550,305 Total directly related transportation operating expenses 1 2,406,004 (158,720 ) 2,247,284 1 Three Months ended June 30, 2020 As Reported Adjustments As Corrected Revenues: Airfreight services $ 1,434,590 $ (164,936 ) $ 1,269,654 Ocean freight and ocean services 491,712 (2,327 ) 489,385 Customs brokerage and other services 654,330 (2,291 ) 652,039 Total revenues 1 2,580,632 (169,554 ) 2,411,078 Directly related transportation operating expenses: Airfreight services $ 1,097,073 $ (164,936 ) $ 932,137 Ocean freight and ocean services 363,599 (2,327 ) 361,272 Customs brokerage and other services 370,369 (2,291 ) 368,078 Total directly related transportation operating expenses 1 1,831,041 (169,554 ) 1,661,487 1 Six Months ended June 30, 2020 As Reported Adjustments As Corrected Revenues: Airfreight services $ 2,143,629 $ (218,377 ) $ 1,925,252 Ocean freight and ocean services 985,139 (4,414 ) 980,725 Customs brokerage and other services 1,353,728 (4,860 ) 1,348,868 Total revenues 1 4,482,496 (227,651 ) 4,254,845 Directly related transportation operating expenses: Airfreight services $ 1,617,242 $ (218,377 ) $ 1,398,865 Ocean freight and ocean services 730,082 (4,414 ) 725,668 Customs brokerage and other services 770,445 (4,860 ) 765,585 Total directly related transportation operating expenses 1 3,117,769 (227,651 ) 2,890,118 1

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Accounts receivable, allowance for credit loss	$ 6,104	$ 5,579

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) - $ / shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
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	307	459
Share-based compensation arrangement by share-based payment award, equity Instruments other than options, grants in period. Weighted average fair value	$ 113.82	$ 72.90
Share-based compensation arrangement by share-based payment award, award vesting period	3 years	3 years
Number of common stock issued per unit based award upon vesting	100.00%	100.00%
Non-Employee Directors 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	13	19
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	75	95
Number of common stock issued per unit based award upon vesting	100.00%	100.00%
Maximum adjustment factor	200.00%	200.00%
Minimum adjustment factor	50.00%	50.00%
Minimum shares issued	0	0
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock issued during period, shares, employee stock purchase plans	0	0	0	0

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Taxes [Line Items]
Income tax expense	$ 98,508	$ 66,794	$ 201,019	$ 111,258
Effective income tax rate reconciliation, percent	23.70%	26.60%	24.90%	26.60%
Base Erosion and Anti-Abuse Tax
Income Taxes [Line Items]
Income tax expense	$ 0	$ 0	$ 0	$ 0

Basic and Diluted Earnings pe_3

Basic and Diluted Earnings per Share - Numerator and Denominator of the Basic and Diluted Per Share Computations for Earnings Attributable to Shareholders Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Net Earnings Attributable to Shareholders
Basic earnings attributable to shareholders	$ 316,372	$ 183,869	$ 603,592	$ 306,213
Diluted earnings attributable to shareholders	$ 316,372	$ 183,869	$ 603,592	$ 306,213
Weighted Average Shares
Weighted average basic shares outstanding	169,210	166,767	169,140	167,751
Effect of dilutive potential common shares	2,467	2,523	2,520	2,631
Weighted average diluted shares outstanding	171,677	169,290	171,660	170,382
Earnings Per Share
Basic earnings attributable to shareholders per share	$ 1.87	$ 1.10	$ 3.57	$ 1.83
Diluted earnings attributable to shareholders per share	$ 1.84	$ 1.09	$ 3.52	$ 1.80

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - $ / shares shares in Thousands	May 04, 2021	May 05, 2020	Jun. 30, 2021	Jun. 30, 2020
Class of Stock [Line Items]
Date of declaration of dividends	May 4, 2021	May 5, 2020
Dividend declared per share	$ 0.58	$ 0.52
Date of dividend payment	Jun. 15, 2021	Jun. 15, 2020
Dividends payable to shareholders date of record	Jun. 1, 2021	Jun. 1, 2020
Discretionary Plan
Class of Stock [Line Items]
Expected common stock shares issued and outstanding			160,000
Shares repurchased			1,425	4,400
Average price per share			$ 104.20	$ 71.41

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Cost
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash and cash equivalents	$ 1,674,121	$ 1,527,791
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash and cash equivalents	1,674,177	1,527,854
Cash and Overnight Deposits | Cost
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash and cash equivalents	761,806	602,112
Cash and Overnight Deposits | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash and cash equivalents	761,806	602,112
Corporate Commercial Paper | Cost
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash and cash equivalents	845,471	872,287
Corporate Commercial Paper | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash and cash equivalents	845,527	872,350
Time Deposits | Cost
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash and cash equivalents	66,844	53,392
Time Deposits | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash and cash equivalents	$ 66,844	$ 53,392

Business Segment Information -

Business Segment Information - Financial Information Regarding Company's Operations by Geographic Area (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		$ 3,609,093	$ 2,411,078	$ 6,807,913	$ 4,254,845
Directly related cost of transportation and other expenses	[1]	2,598,633	1,661,487	4,845,917	2,890,118
Salaries and other operating expenses	[2]	599,815	501,965	1,165,836	958,046
Operating income		410,645	247,626	796,160	406,681
Identifiable assets at period end		5,953,171	3,810,177	5,953,171	3,810,177		$ 4,927,503
Capital expenditures		6,539	22,114	14,930	28,241
Equity		3,083,651	2,161,598	3,083,651	2,161,598	$ 2,878,650	$ 2,663,227	$ 2,037,145	$ 2,197,219
Operating Segments | United States Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		997,567	639,226	1,872,957	1,289,631
Directly related cost of transportation and other expenses	[1]	566,882	354,619	1,069,517	728,578
Salaries and other operating expenses	[2]	241,121	207,703	479,819	433,647
Operating income		189,564	76,904	323,621	127,406
Identifiable assets at period end		2,972,363	1,886,463	2,972,363	1,886,463
Capital expenditures		2,905	19,076	5,930	23,573
Equity		2,163,114	1,399,124	2,163,114	1,399,124
Operating Segments | Other North America Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		101,465	73,679	195,582	154,910
Directly related cost of transportation and other expenses	[1]	59,311	40,814	112,361	86,104
Salaries and other operating expenses	[2]	31,300	25,283	57,037	48,995
Operating income		10,854	7,582	26,184	19,811
Identifiable assets at period end		196,558	170,873	196,558	170,873
Capital expenditures		64	1,148	186	1,209
Equity		80,802	71,165	80,802	71,165
Operating Segments | Latin America Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		46,981	37,553	91,845	75,444
Directly related cost of transportation and other expenses	[1]	25,952	22,701	52,652	46,467
Salaries and other operating expenses	[2]	14,735	12,112	27,112	23,861
Operating income		6,294	2,740	12,081	5,116
Identifiable assets at period end		102,296	72,912	102,296	72,912
Capital expenditures		72	216	125	318
Equity		36,316	29,758	36,316	29,758
Operating Segments | North Asia Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		1,309,382	984,715	2,518,430	1,481,872
Directly related cost of transportation and other expenses	[1]	1,086,641	775,572	2,054,170	1,160,075
Salaries and other operating expenses	[2]	106,812	97,171	213,732	154,604
Operating income		115,929	111,972	250,528	167,193
Identifiable assets at period end		1,114,475	669,335	1,114,475	669,335
Capital expenditures		400	385	757	710
Equity		318,111	306,022	318,111	306,022
Operating Segments | South Asia Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		417,718	217,152	767,484	383,233
Directly related cost of transportation and other expenses	[1]	335,219	153,194	605,163	271,515
Salaries and other operating expenses	[2]	49,046	39,184	92,211	69,092
Operating income		33,453	24,774	70,110	42,626
Identifiable assets at period end		377,370	213,007	377,370	213,007
Capital expenditures		532	182	1,111	370
Equity		146,583	108,777	146,583	108,777
Operating Segments | Europe Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		544,949	358,060	1,011,282	665,020
Directly related cost of transportation and other expenses	[1]	376,856	242,170	683,765	450,488
Salaries and other operating expenses	[2]	123,408	95,757	232,863	177,611
Operating income		44,685	20,133	94,654	36,921
Identifiable assets at period end		929,706	581,988	929,706	581,988
Capital expenditures		2,100	993	5,654	1,638
Equity		255,006	168,060	255,006	168,060
Operating Segments | Middle East Africa and India Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		192,186	101,571	352,692	206,553
Directly related cost of transportation and other expenses	[1]	148,290	72,868	269,399	147,787
Salaries and other operating expenses	[2]	34,026	25,188	64,301	51,138
Operating income		9,870	3,515	18,992	7,628
Identifiable assets at period end		291,406	221,381	291,406	221,381
Capital expenditures		466	114	1,167	423
Equity		128,148	116,279	128,148	116,279
Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		(1,155)	(878)	(2,359)	(1,818)
Directly related cost of transportation and other expenses	[1]	(518)	(451)	(1,110)	(896)
Salaries and other operating expenses	[2]	(633)	(433)	(1,239)	(902)
Operating income		(4)	6	(10)	(20)
Identifiable assets at period end		(31,003)	(5,782)	(31,003)	(5,782)
Equity		$ (44,429)	$ (37,587)	$ (44,429)	$ (37,587)
[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.

Business Segment Information _2

Business Segment Information - Additional Information (Detail) - People's Republic of China, including Hong Kong - Geographic Concentration Risk	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues
Concentration Risk [Line Items]
Concentration percentage	29.00%	34.00%	29.00%	29.00%
Operating Income
Concentration Risk [Line Items]
Concentration percentage	22.00%	38.00%	24.00%	33.00%

Correction of Immaterial Erro_3

Correction of Immaterial Errors - Schedule of Effect of the Correction (Details) - USD ($) $ in Thousands		3 Months Ended					6 Months Ended
		Jun. 30, 2021	Mar. 31, 2021		Jun. 30, 2020		Jun. 30, 2021	Jun. 30, 2020
Quantifying Misstatement In Current Year Financial Statements [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		$ 3,609,093			$ 2,411,078		$ 6,807,913	$ 4,254,845
Operating Expenses:
Direct Operating Costs	[1]	2,598,633			1,661,487		4,845,917	2,890,118
As Reported [Member]
Quantifying Misstatement In Current Year Financial Statements [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			$ 3,357,540	[2]	2,580,632	[3]		4,482,496	[4]
Operating Expenses:
Direct Operating Costs			2,406,004	[2]	1,831,041	[3]		3,117,769	[4]
Adjustment [Member]
Quantifying Misstatement In Current Year Financial Statements [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			(158,720)	[2]	(169,554)	[3]		(227,651)	[4]
Operating Expenses:
Direct Operating Costs			(158,720)	[2]	(169,554)	[3]		(227,651)	[4]
As Corrected [Member]
Quantifying Misstatement In Current Year Financial Statements [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			3,198,820	[2]	2,411,078	[3]		4,254,845	[4]
Operating Expenses:
Direct Operating Costs			2,247,284	[2]	1,661,487	[3]		2,890,118	[4]
Airfreight services
Quantifying Misstatement In Current Year Financial Statements [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		1,523,569			1,269,654		2,849,484	1,925,252
Operating Expenses:
Direct Operating Costs		1,136,328			932,137		2,090,872	1,398,865
Airfreight services | As Reported [Member]
Quantifying Misstatement In Current Year Financial Statements [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			1,476,961		1,434,590			2,143,629
Operating Expenses:
Direct Operating Costs			1,105,590		1,097,073			1,617,242
Airfreight services | Adjustment [Member]
Quantifying Misstatement In Current Year Financial Statements [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			(151,046)		(164,936)			(218,377)
Operating Expenses:
Direct Operating Costs			(151,046)		(164,936)			(218,377)
Airfreight services | As Corrected [Member]
Quantifying Misstatement In Current Year Financial Statements [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			1,325,915		1,269,654			1,925,252
Operating Expenses:
Direct Operating Costs			954,544		932,137			1,398,865
Ocean freight and ocean services
Quantifying Misstatement In Current Year Financial Statements [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		1,098,550			489,385		2,052,462	980,725
Operating Expenses:
Direct Operating Costs		862,251			361,272		1,604,686	725,668
Ocean freight and ocean services | As Reported [Member]
Quantifying Misstatement In Current Year Financial Statements [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			958,178		491,712			985,139
Operating Expenses:
Direct Operating Costs			746,701		363,599			730,082
Ocean freight and ocean services | Adjustment [Member]
Quantifying Misstatement In Current Year Financial Statements [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			(4,266)		(2,327)			(4,414)
Operating Expenses:
Direct Operating Costs			(4,266)		(2,327)			(4,414)
Ocean freight and ocean services | As Corrected [Member]
Quantifying Misstatement In Current Year Financial Statements [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			953,912		489,385			980,725
Operating Expenses:
Direct Operating Costs			742,435		361,272			725,668
Customs brokerage and other services
Quantifying Misstatement In Current Year Financial Statements [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		986,974			652,039		1,905,967	1,348,868
Operating Expenses:
Direct Operating Costs		$ 600,054			368,078		$ 1,150,359	765,585
Customs brokerage and other services | As Reported [Member]
Quantifying Misstatement In Current Year Financial Statements [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			922,401		654,330			1,353,728
Operating Expenses:
Direct Operating Costs			553,713		370,369			770,445
Customs brokerage and other services | Adjustment [Member]
Quantifying Misstatement In Current Year Financial Statements [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			(3,408)		(2,291)			(4,860)
Operating Expenses:
Direct Operating Costs			(3,408)		(2,291)			(4,860)
Customs brokerage and other services | As Corrected [Member]
Quantifying Misstatement In Current Year Financial Statements [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			918,993		652,039			1,348,868
Operating Expenses:
Direct Operating Costs			$ 550,305		$ 368,078			$ 765,585
[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]	The North Asia business segment accounts for 73% of total adjustments.
[3]	The North Asia business segment accounts for 78% of total adjustments.
[4]	The North Asia business segment accounts for 76% of total adjustments.

Correction of Immaterial Erro_4

Correction of Immaterial Errors - Schedule of Effect of the Correction (Parenthetical) (Details)	3 Months Ended		6 Months Ended
	Mar. 31, 2021	Jun. 30, 2020	Jun. 30, 2020
Adjustment [Member] | North Asia [Member]
Quantifying Misstatement In Current Year Financial Statements [Line Items]
Concentration percentage	73.00%	78.00%	76.00%