Expeditors International of Washington (EXPD) 10-Q 4 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Nov. 01, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
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		169,403,822
Entity File Number	0-13468
Entity Tax Identification Number	91-1069248
Entity Address, Address Line One	1015 Third Avenue
Entity Address, City or Town	Seattle
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98104
City Area Code	206
Local Phone Number	674-3400
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, par value $0.01 per share
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	WA
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current Assets:
Cash and cash equivalents	$ 1,820,106	$ 1,527,791
Accounts receivable, less allowance for credit loss of $7,285 at September 30, 2021 and $5,579 at December 31, 2020	3,330,398	1,998,055
Deferred contract costs	841,689	327,448
Other	119,346	110,250
Total current assets	6,111,539	3,963,544
Property and equipment, less accumulated depreciation and amortization of $533,450 at September 30, 2021 and $516,988 at December 31, 2020	491,577	506,425
Operating lease right-of-use assets	448,228	432,723
Goodwill	7,927	7,927
Other assets, net	17,112	16,884
Total assets	7,076,383	4,927,503
Current Liabilities:
Accounts payable	1,806,977	1,136,859
Accrued liabilities, primarily salaries and related costs	342,151	257,021
Contract liabilities	977,660	379,722
Current portion of operating lease liabilities	81,362	74,004
Federal, state and foreign income taxes	67,332	45,437
Total current liabilities	3,275,482	1,893,043
Noncurrent portion of operating lease liabilities	374,658	364,185
Deferred federal and state income taxes, net	5,651	7,048
Commitments and contingencies
Shareholders’ Equity:
Preferred stock, none issued	0	0
Common stock, par value $0.01 per share. Issued and outstanding: 169,392 shares at September 30, 2021 and 169,294 shares at December 31, 2020	1,694	1,693
Additional paid-in capital	74,925	157,496
Retained earnings	3,463,539	2,600,201
Accumulated other comprehensive loss	(122,800)	(99,753)
Total shareholders’ equity	3,417,358	2,659,637
Noncontrolling interest	3,234	3,590
Total equity	3,420,592	2,663,227
Total liabilities and equity	$ 7,076,383	$ 4,927,503

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Accounts receivable, allowance for credit loss	$ 7,285	$ 5,579
Property and equipment, accumulated depreciation	$ 533,450	$ 516,988
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares issued	169,392	169,294
Common stock, shares outstanding	169,392	169,294

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands		3 Months Ended			9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020		Sep. 30, 2021		Sep. 30, 2020
Revenues:
Revenue from Contract with Customer, Excluding Assessed Tax		$ 4,319,261	$ 2,348,713	[1]	$ 11,127,174	[1]	$ 6,603,558	[1]
Operating Expenses:
Direct Operating Costs	[2]	3,185,490	1,614,334	[1]	8,031,407	[1]	4,504,452	[1]
Salaries and related		519,611	373,613		1,452,902		1,110,760
Rent and occupancy		46,730	42,484		137,376		126,383
Depreciation and amortization		12,753	15,851		38,415		42,620
Selling and promotion		4,237	2,945		10,479		14,301
Other		60,803	47,541		170,798		146,416
Total operating expenses		3,829,624	2,096,768		9,841,377		5,944,932
Operating income		489,637	251,945		1,285,797		658,626
Other Income (Expense):
Interest income		2,462	1,504		6,596		8,870
Other, net		733	980		6,382		5,161
Other income, net		3,195	2,484		12,978		14,031
Earnings before income taxes		492,832	254,429		1,298,775		672,657
Income tax expense		132,922	62,710		333,941		173,968
Net earnings		359,910	191,719		964,834		498,689
Less net earnings attributable to the noncontrolling interest		842	412		2,174		1,169
Net earnings attributable to shareholders		$ 359,068	$ 191,307		$ 962,660		$ 497,520
Diluted earnings attributable to shareholders per share		$ 2.09	$ 1.12		$ 5.61		$ 2.92
Basic earnings attributable to shareholders per share		$ 2.12	$ 1.14		$ 5.68		$ 2.96
Weighted average diluted shares outstanding		171,565	170,735		171,549		170,539
Weighted average basic shares outstanding		169,633	168,310		169,398		167,942
Airfreight services
Revenues:
Revenue from Contract with Customer, Excluding Assessed Tax		$ 1,628,115	$ 983,199		$ 4,477,599		$ 2,908,451
Operating Expenses:
Direct Operating Costs		1,244,381	723,340		3,335,253		2,122,205
Ocean freight and ocean services
Revenues:
Revenue from Contract with Customer, Excluding Assessed Tax		1,598,597	609,816		3,651,059		1,590,541
Operating Expenses:
Direct Operating Costs		1,254,334	452,028		2,859,020		1,177,696
Customs brokerage and other services
Revenues:
Revenue from Contract with Customer, Excluding Assessed Tax		1,092,549	755,698		2,998,516		2,104,566
Operating Expenses:
Direct Operating Costs		$ 686,775	$ 438,966		$ 1,837,134		$ 1,204,551
[1]	See Note 9 - Correction of Immaterial Errors.
[2]	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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net earnings	$ 359,910	$ 191,719	$ 964,834	$ 498,689
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments, net of income tax (benefit) expense of ($1,592) and $4,200 for the three months ended September 30, 2021 and 2020 and ($4,764) and $226 for the nine months ended September 30, 2021 and 2020	(16,908)	17,429	(23,946)	(5,010)
Other comprehensive (loss) income	(16,908)	17,429	(23,946)	(5,010)
Comprehensive income	343,002	209,148	940,888	493,679
Less comprehensive income (loss) attributable to the noncontrolling interest	668	(36)	1,275	253
Comprehensive income attributable to shareholders	$ 342,334	$ 209,184	$ 939,613	$ 493,426

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Other Comprehensive Income Loss Tax Parenthetical Disclosures [Abstract]
Foreign currency translation adjustments, tax (benefit) expense	$ (1,592)	$ 4,200	$ (4,764)	$ 226

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Operating Activities:
Net earnings	$ 359,910	$ 191,719	$ 964,834	$ 498,689
Adjustments to reconcile net earnings to net cash from operating activities:
Provisions for losses on accounts receivable	3,739	398	6,028	4,607
Deferred income tax (benefit) expense	(7,658)	(1,276)	2,343	2,872
Stock compensation expense	15,204	12,297	57,298	45,091
Depreciation and amortization	12,753	15,851	38,415	42,620
Other, net	626	2,919	1,523	3,470
Changes in operating assets and liabilities:
Increase in accounts receivable	(714,300)	(106,065)	(1,377,997)	(274,440)
Increase in accounts payable and accrued liabilities	436,343	94,232	769,525	201,929
Increase in deferred contract costs	(328,932)	(81,486)	(550,572)	(99,887)
Increase in contract liabilities	381,192	91,638	635,286	112,244
Increase (decrease) in income taxes payable, net	33,378	(41,286)	32,022	(10,644)
Increase in other, net	(14,884)	(17,373)	(15,208)	(13,242)
Net cash from operating activities	177,371	161,568	563,497	513,309
Investing Activities:
Purchase of property and equipment	(9,870)	(9,178)	(24,800)	(37,419)
Other, net	(157)	1,174	(53)	963
Net cash from investing activities	(10,027)	(8,004)	(24,853)	(36,456)
Financing Activities:
Proceeds from borrowing on lines of credit, net	7,479	31	7,568	11
Proceeds from issuance of common stock	56,965	121,430	99,433	174,016
Repurchases of common stock	(76,595)		(225,064)	(314,225)
Dividends paid			(98,387)	(86,815)
Payments for taxes related to net share settlement of equity awards	(4)		(15,172)	(10,566)
Distribution to noncontrolling interest	(1,631)		(1,631)
Net cash from financing activities	(13,786)	121,461	(233,253)	(237,579)
Effect of exchange rate changes on cash and cash equivalents	(7,573)	10,030	(13,076)	(4,255)
Change in cash and cash equivalents	145,985	285,055	292,315	235,019
Cash and cash equivalents at beginning of period	1,674,121	1,180,455	1,527,791	1,230,491
Cash and cash equivalents at end of period	1,820,106	1,465,510	1,820,106	1,465,510
Taxes Paid:
Income taxes	$ 104,617	$ 106,434	$ 295,153	$ 180,242

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	163,450		$ 40	163,410				163,450
Shares issued under employee stock plans (in shares)			4,009
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	45,091			45,091				45,091
Net earnings	498,689				497,520			497,520		1,169
Other comprehensive income loss	(5,010)						(4,094)	(4,094)		(916)
Dividends paid	(86,815)			1,000	(87,815)			(86,815)
Balance at Sep. 30, 2020	2,504,473		$ 1,692	145,924	2,489,694		(135,281)	2,502,029		2,444
Balance (in shares) at Sep. 30, 2020			169,231
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
Increase (Decrease) in Equity [Roll Forward]
Shares issued under employee stock plans	121,430		$ 24	121,406				121,430
Shares issued under employee stock plans (in shares)			2,415
Stock compensation expense	12,297			12,297				12,297
Net earnings	191,719				191,307			191,307		412
Other comprehensive income loss	17,429						17,877	17,877		(448)
Balance at Sep. 30, 2020	2,504,473		$ 1,692	145,924	2,489,694		(135,281)	2,502,029		2,444
Balance (in shares) at Sep. 30, 2020			169,231
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	$ 84,261		$ 21	84,240				84,261
Shares issued under employee stock plans (in shares)			2,136
Shares repurchased under provisions of stock repurchase plan	(225,064)		$ (20)	(225,044)				(225,064)
Shares repurchased under provisions of stock repurchase plan (in shares)			(2,038)
Stock compensation expense	57,298			57,298				57,298
Net earnings	964,834				962,660			962,660		2,174
Other comprehensive income loss	(23,946)						(23,047)	(23,047)		(899)
Dividends paid	(98,387)			935	(99,322)			(98,387)
Distribution to noncontrolling interest	(1,631)									(1,631)
Balance at Sep. 30, 2021	$ 3,420,592		$ 1,694	74,925	3,463,539		(122,800)	3,417,358		3,234
Balance (in shares) at Sep. 30, 2021	169,392		169,392
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
Increase (Decrease) in Equity [Roll Forward]
Shares issued under employee stock plans	56,961		$ 8	56,953				56,961
Shares issued under employee stock plans (in shares)			836
Shares repurchased under provisions of stock repurchase plan	(76,595)		$ (6)	(76,589)				(76,595)
Shares repurchased under provisions of stock repurchase plan (in shares)			(613)
Stock compensation expense	15,204			15,204				15,204
Net earnings	359,910				359,068			359,068		842
Other comprehensive income loss	(16,908)						(16,734)	(16,734)		(174)
Distribution to noncontrolling interest	(1,631)									(1,631)
Balance at Sep. 30, 2021	$ 3,420,592		$ 1,694	$ 74,925	$ 3,463,539		$ (122,800)	$ 3,417,358		$ 3,234
Balance (in shares) at Sep. 30, 2021	169,392		169,392

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Statement Of Stockholders Equity [Abstract]
Dividends paid, per share	$ 0.58	$ 0.52

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 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 reclassified to conform to the current year presentation, including revisions 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 June 30, 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 $7,285 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	9 Months Ended
	Sep. 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. During the nine months ended September 30, 2021 and 2020, the Company awarded 307 and 511 restricted stock units (RSUs), respectively. The RSUs were granted at a weighted-average fair value of $113.82 in 2021 and $74.21 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 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 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 and 698 and 677 shares were issued in the three and nine months ended September 30, 2021 and 2020, respectively. The fair value of the employee stock purchase rights granted was $28.55 and $23.26 per share in 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	9 Months Ended
	Sep. 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 nine months ended September 30, 2021 and 2020, there was no BEAT expense and GILTI expense was insignificant. The Company’s consolidated effective income tax rate was 27.0% and 25.7%, respectively, for the three and nine months ended September 30, 2021 as compared to 24.6% and 25.9% for the comparable periods in 2020. Both of the nine-month periods ended September 30, 2021 and 2020 benefited from significant share-based compensation tax deductions which reduced the effective tax rates in those periods. In 2021, these benefits were primarily realized during the three-month period ended June 30, while in 2020, they principally occurred during the three-month period ended September 30. 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 in the foreseeable future 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 nine months ended September 30, 2021 and 2020.

Basic and Diluted Earnings per

Basic and Diluted Earnings per Share	9 Months Ended
	Sep. 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 September 30, Net earnings attributable to shareholders Weighted average shares Earnings per share 2021 Basic earnings attributable to shareholders $ 359,068 169,633 $ 2.12 Effect of dilutive potential common shares — 1,932 — Diluted earnings attributable to shareholders $ 359,068 171,565 $ 2.09 2020 Basic earnings attributable to shareholders $ 191,307 168,310 $ 1.14 Effect of dilutive potential common shares — 2,425 — Diluted earnings attributable to shareholders $ 191,307 170,735 $ 1.12 Nine months ended September 30, Net earnings attributable to shareholders Weighted average shares Earnings per share 2021 Basic earnings attributable to shareholders $ 962,660 169,398 $ 5.68 Effect of dilutive potential common shares — 2,151 — Diluted earnings attributable to shareholders $ 962,660 171,549 $ 5.61 2020 Basic earnings attributable to shareholders $ 497,520 167,942 $ 2.96 Effect of dilutive potential common shares — 2,597 — Diluted earnings attributable to shareholders $ 497,520 170,539 $ 2.92 Substantially all outstanding potential common shares as of September 30, 2021 and 2020 were dilutive.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 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 nine months ended September 30, 2021, 2,038 shares were repurchased at an average price of $110.45 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. Subsequent to the end of the third quarter of 2021, on November 1, 2021, the Board of Directors declared a semi-annual dividend of $0.58 per share payable on December 15, 2021 to shareholders of record as of December 1, 2021.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 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: September 30, 2021 December 31, 2020 Cost Fair Value Cost Fair Value Cash and Cash Equivalents: Cash and overnight deposits $ 959,848 $ 959,848 $ 602,112 $ 602,112 Corporate commercial paper 795,587 795,643 872,287 872,350 Time deposits 64,671 64,671 53,392 53,392 Total cash and cash equivalents $ 1,820,106 $ 1,820,162 $ 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	9 Months Ended
	Sep. 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 September 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	9 Months Ended
	Sep. 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 September 30, 2021: Revenues $ 1,134,096 116,404 54,303 1,690,381 538,780 564,810 221,777 (1,290 ) 4,319,261 Directly related cost of transportation and other expenses 1 $ 661,515 63,031 34,216 1,417,283 445,970 389,208 174,733 (466 ) 3,185,490 Salaries and other operating expenses 2 $ 238,943 33,077 14,759 141,109 54,003 126,475 36,598 (830 ) 644,134 Operating income $ 233,638 20,296 5,328 131,989 38,807 49,127 10,446 6 489,637 Identifiable assets at period end $ 3,417,496 256,638 110,406 1,558,109 457,615 990,123 328,671 (42,675 ) 7,076,383 Capital expenditures $ 6,001 248 175 435 351 2,254 406 — 9,870 Equity $ 2,451,584 93,084 37,087 368,535 129,941 258,805 123,304 (41,748 ) 3,420,592 For the three months ended September 30, 2020: Revenues 3 $ 686,243 77,414 39,193 795,155 259,069 359,107 133,447 (915 ) 2,348,713 Directly related cost of transportation and other expenses 1,3 $ 379,586 44,196 23,361 632,858 192,175 242,384 100,301 (527 ) 1,614,334 Salaries and other operating expenses 2 $ 197,749 25,325 12,359 81,876 39,926 96,658 28,925 (384 ) 482,434 Operating income $ 108,908 7,893 3,473 80,421 26,968 20,065 4,221 (4 ) 251,945 Identifiable assets at period end $ 2,336,071 163,943 76,173 689,525 231,771 642,124 228,423 (9,476 ) 4,358,554 Capital expenditures $ 4,703 483 180 1,075 665 1,780 292 — 9,178 Equity $ 1,791,658 77,915 31,324 246,557 97,564 185,352 110,714 (36,611 ) 2,504,473 UNITED STATES OTHER NORTH AMERICA LATIN AMERICA NORTH ASIA SOUTH ASIA EUROPE MIDDLE EAST, AFRICA AND INDIA ELIMI- NATIONS CONSOLI- DATED For the nine months ended September 30, 2021: Revenues 3 $ 3,007,053 311,986 146,148 4,208,811 1,306,264 1,576,092 574,469 (3,649 ) 11,127,174 Directly related cost of transportation and other expenses 1,3 $ 1,731,032 175,392 86,868 3,471,453 1,051,133 1,072,973 444,132 (1,576 ) 8,031,407 Salaries and other operating expenses 2 $ 718,762 90,114 41,871 354,841 146,214 359,338 100,899 (2,069 ) 1,809,970 Operating income $ 557,259 46,480 17,409 382,517 108,917 143,781 29,438 (4 ) 1,285,797 Identifiable assets at period end $ 3,417,496 256,638 110,406 1,558,109 457,615 990,123 328,671 (42,675 ) 7,076,383 Capital expenditures $ 11,931 434 300 1,192 1,462 7,908 1,573 — 24,800 Equity $ 2,451,584 93,084 37,087 368,535 129,941 258,805 123,304 (41,748 ) 3,420,592 For the nine months ended September 30, 2020: Revenues 3 $ 1,975,874 232,324 114,637 2,277,027 642,302 1,024,127 340,000 (2,733 ) 6,603,558 Directly related cost of transportation and other expenses 1,3 $ 1,108,164 130,300 69,828 1,792,933 463,690 692,872 248,088 (1,423 ) 4,504,452 Salaries and other operating expenses 2 $ 631,396 74,320 36,220 236,480 109,018 274,269 80,063 (1,286 ) 1,440,480 Operating income $ 236,314 27,704 8,589 247,614 69,594 56,986 11,849 (24 ) 658,626 Identifiable assets at period end $ 2,336,071 163,943 76,173 689,525 231,771 642,124 228,423 (9,476 ) 4,358,554 Capital expenditures $ 28,276 1,692 498 1,785 1,035 3,418 715 — 37,419 Equity $ 1,791,658 77,915 31,324 246,557 97,564 185,352 110,714 (36,611 ) 2,504,473 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 See Note 9 - Correction of Immaterial Errors. The Company’s consolidated financial results in the three and nine months ended September 30, 2021 and 2020 were each significantly impacted by the effects of the global pandemic in divergent ways. In all quarters 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 and third quarters 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 September 30, 2021 and 2020, the People's Republic of China, including Hong Kong, represented 32% and 27%, respectively, of the Company’s total revenues and 21% and 26%, respectively, of the total operating income. For the nine months ended September 30, 2021 and 2020, the People's Republic of China, including Hong Kong, represented 30% and 28%, respectively, of the Company’s total revenues and 23% and 30%, respectively, of the total operating income.

Correction of Immaterial Errors

Correction of Immaterial Errors	9 Months Ended
	Sep. 30, 2021
Accounting Changes And Error Corrections [Abstract]
Correction of Immaterial Errors	Note 9. Correction of Immaterial Errors Beginning in the first quarter of 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 of 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 September 30, 2020 As Reported Adjustments As Corrected Revenues: Airfreight services $ 1,093,550 $ (110,351 ) $ 983,199 Ocean freight and ocean services 612,858 (3,042 ) 609,816 Customs brokerage and other services 758,389 (2,691 ) 755,698 Total revenues 1 2,464,797 (116,084 ) 2,348,713 Directly related transportation operating expenses: Airfreight services $ 833,689 $ (110,349 ) $ 723,340 Ocean freight and ocean services 455,072 (3,044 ) 452,028 Customs brokerage and other services 441,657 (2,691 ) 438,966 Total directly related transportation operating expenses 1 1,730,418 (116,084 ) 1,614,334 1 The North Asia business segment accounts for 76% of total adjustments. Nine Months ended September 30, 2020 As Reported Adjustments As Corrected Revenues: Airfreight services $ 3,237,179 $ (328,728 ) $ 2,908,451 Ocean freight and ocean services 1,597,997 (7,456 ) 1,590,541 Customs brokerage and other services 2,112,117 (7,551 ) 2,104,566 Total revenues 1 6,947,293 (343,735 ) 6,603,558 Directly related transportation operating expenses: Airfreight services $ 2,450,931 $ (328,726 ) $ 2,122,205 Ocean freight and ocean services 1,185,154 (7,458 ) 1,177,696 Customs brokerage and other services 1,212,102 (7,551 ) 1,204,551 Total directly related transportation operating expenses 1 4,848,187 (343,735 ) 4,504,452 1 The North Asia business segment accounts for 76% of total adjustments.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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 reclassified to conform to the current year presentation, including revisions 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 June 30, 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 $7,285 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 nine months ended September 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)	9 Months Ended
	Sep. 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 September 30, Net earnings attributable to shareholders Weighted average shares Earnings per share 2021 Basic earnings attributable to shareholders $ 359,068 169,633 $ 2.12 Effect of dilutive potential common shares — 1,932 — Diluted earnings attributable to shareholders $ 359,068 171,565 $ 2.09 2020 Basic earnings attributable to shareholders $ 191,307 168,310 $ 1.14 Effect of dilutive potential common shares — 2,425 — Diluted earnings attributable to shareholders $ 191,307 170,735 $ 1.12 Nine months ended September 30, Net earnings attributable to shareholders Weighted average shares Earnings per share 2021 Basic earnings attributable to shareholders $ 962,660 169,398 $ 5.68 Effect of dilutive potential common shares — 2,151 — Diluted earnings attributable to shareholders $ 962,660 171,549 $ 5.61 2020 Basic earnings attributable to shareholders $ 497,520 167,942 $ 2.96 Effect of dilutive potential common shares — 2,597 — Diluted earnings attributable to shareholders $ 497,520 170,539 $ 2.92

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 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: September 30, 2021 December 31, 2020 Cost Fair Value Cost Fair Value Cash and Cash Equivalents: Cash and overnight deposits $ 959,848 $ 959,848 $ 602,112 $ 602,112 Corporate commercial paper 795,587 795,643 872,287 872,350 Time deposits 64,671 64,671 53,392 53,392 Total cash and cash equivalents $ 1,820,106 $ 1,820,162 $ 1,527,791 $ 1,527,854

Business Segment Information (T

Business Segment Information (Tables)	9 Months Ended
	Sep. 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 September 30, 2021: Revenues $ 1,134,096 116,404 54,303 1,690,381 538,780 564,810 221,777 (1,290 ) 4,319,261 Directly related cost of transportation and other expenses 1 $ 661,515 63,031 34,216 1,417,283 445,970 389,208 174,733 (466 ) 3,185,490 Salaries and other operating expenses 2 $ 238,943 33,077 14,759 141,109 54,003 126,475 36,598 (830 ) 644,134 Operating income $ 233,638 20,296 5,328 131,989 38,807 49,127 10,446 6 489,637 Identifiable assets at period end $ 3,417,496 256,638 110,406 1,558,109 457,615 990,123 328,671 (42,675 ) 7,076,383 Capital expenditures $ 6,001 248 175 435 351 2,254 406 — 9,870 Equity $ 2,451,584 93,084 37,087 368,535 129,941 258,805 123,304 (41,748 ) 3,420,592 For the three months ended September 30, 2020: Revenues 3 $ 686,243 77,414 39,193 795,155 259,069 359,107 133,447 (915 ) 2,348,713 Directly related cost of transportation and other expenses 1,3 $ 379,586 44,196 23,361 632,858 192,175 242,384 100,301 (527 ) 1,614,334 Salaries and other operating expenses 2 $ 197,749 25,325 12,359 81,876 39,926 96,658 28,925 (384 ) 482,434 Operating income $ 108,908 7,893 3,473 80,421 26,968 20,065 4,221 (4 ) 251,945 Identifiable assets at period end $ 2,336,071 163,943 76,173 689,525 231,771 642,124 228,423 (9,476 ) 4,358,554 Capital expenditures $ 4,703 483 180 1,075 665 1,780 292 — 9,178 Equity $ 1,791,658 77,915 31,324 246,557 97,564 185,352 110,714 (36,611 ) 2,504,473 UNITED STATES OTHER NORTH AMERICA LATIN AMERICA NORTH ASIA SOUTH ASIA EUROPE MIDDLE EAST, AFRICA AND INDIA ELIMI- NATIONS CONSOLI- DATED For the nine months ended September 30, 2021: Revenues 3 $ 3,007,053 311,986 146,148 4,208,811 1,306,264 1,576,092 574,469 (3,649 ) 11,127,174 Directly related cost of transportation and other expenses 1,3 $ 1,731,032 175,392 86,868 3,471,453 1,051,133 1,072,973 444,132 (1,576 ) 8,031,407 Salaries and other operating expenses 2 $ 718,762 90,114 41,871 354,841 146,214 359,338 100,899 (2,069 ) 1,809,970 Operating income $ 557,259 46,480 17,409 382,517 108,917 143,781 29,438 (4 ) 1,285,797 Identifiable assets at period end $ 3,417,496 256,638 110,406 1,558,109 457,615 990,123 328,671 (42,675 ) 7,076,383 Capital expenditures $ 11,931 434 300 1,192 1,462 7,908 1,573 — 24,800 Equity $ 2,451,584 93,084 37,087 368,535 129,941 258,805 123,304 (41,748 ) 3,420,592 For the nine months ended September 30, 2020: Revenues 3 $ 1,975,874 232,324 114,637 2,277,027 642,302 1,024,127 340,000 (2,733 ) 6,603,558 Directly related cost of transportation and other expenses 1,3 $ 1,108,164 130,300 69,828 1,792,933 463,690 692,872 248,088 (1,423 ) 4,504,452 Salaries and other operating expenses 2 $ 631,396 74,320 36,220 236,480 109,018 274,269 80,063 (1,286 ) 1,440,480 Operating income $ 236,314 27,704 8,589 247,614 69,594 56,986 11,849 (24 ) 658,626 Identifiable assets at period end $ 2,336,071 163,943 76,173 689,525 231,771 642,124 228,423 (9,476 ) 4,358,554 Capital expenditures $ 28,276 1,692 498 1,785 1,035 3,418 715 — 37,419 Equity $ 1,791,658 77,915 31,324 246,557 97,564 185,352 110,714 (36,611 ) 2,504,473 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 See Note 9 - Correction of Immaterial Errors.

Correction Of Immaterial Erro_2

Correction Of Immaterial Errors (Table)	9 Months Ended
	Sep. 30, 2021
Accounting Changes And Error Corrections [Abstract]
Schedule of Effect of the Correction	The below tables present the effect of the correction for the following periods: Three Months ended September 30, 2020 As Reported Adjustments As Corrected Revenues: Airfreight services $ 1,093,550 $ (110,351 ) $ 983,199 Ocean freight and ocean services 612,858 (3,042 ) 609,816 Customs brokerage and other services 758,389 (2,691 ) 755,698 Total revenues 1 2,464,797 (116,084 ) 2,348,713 Directly related transportation operating expenses: Airfreight services $ 833,689 $ (110,349 ) $ 723,340 Ocean freight and ocean services 455,072 (3,044 ) 452,028 Customs brokerage and other services 441,657 (2,691 ) 438,966 Total directly related transportation operating expenses 1 1,730,418 (116,084 ) 1,614,334 1 The North Asia business segment accounts for 76% of total adjustments. Nine Months ended September 30, 2020 As Reported Adjustments As Corrected Revenues: Airfreight services $ 3,237,179 $ (328,728 ) $ 2,908,451 Ocean freight and ocean services 1,597,997 (7,456 ) 1,590,541 Customs brokerage and other services 2,112,117 (7,551 ) 2,104,566 Total revenues 1 6,947,293 (343,735 ) 6,603,558 Directly related transportation operating expenses: Airfreight services $ 2,450,931 $ (328,726 ) $ 2,122,205 Ocean freight and ocean services 1,185,154 (7,458 ) 1,177,696 Customs brokerage and other services 1,212,102 (7,551 ) 1,204,551 Total directly related transportation operating expenses 1 4,848,187 (343,735 ) 4,504,452 1 The North Asia business segment accounts for 76% of total adjustments.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Accounts receivable, allowance for credit loss	$ 7,285	$ 5,579

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) - $ / shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 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	511
Share-based compensation arrangement by share-based payment award, equity Instruments other than options, grants in period. Weighted average fair value			$ 113.82	$ 74.21
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			100.00%	100.00%
Restricted Stock Units (RSUs) | Non-Employee Directors
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation arrangement by share- based payment award equity instruments other than options grants in period			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
Share-based compensation arrangement by share-based payment award, award vesting percentage			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	698	677	698	677
Fair value of the employee stock purchase rights granted			$ 28.55	$ 23.26

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Taxes [Line Items]
Income tax expense	$ 132,922	$ 62,710	$ 333,941	$ 173,968
Effective income tax rate reconciliation, percent	27.00%	24.60%	25.70%	25.90%
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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Net Earnings Attributable to Shareholders
Basic earnings attributable to shareholders	$ 359,068	$ 191,307	$ 962,660	$ 497,520
Diluted earnings attributable to shareholders	$ 359,068	$ 191,307	$ 962,660	$ 497,520
Weighted Average Shares
Weighted average basic shares outstanding	169,633	168,310	169,398	167,942
Effect of dilutive potential common shares	1,932	2,425	2,151	2,597
Weighted average diluted shares outstanding	171,565	170,735	171,549	170,539
Earnings Per Share
Basic earnings attributable to shareholders per share	$ 2.12	$ 1.14	$ 5.68	$ 2.96
Diluted earnings attributable to shareholders per share	$ 2.09	$ 1.12	$ 5.61	$ 2.92

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - $ / shares shares in Thousands	May 04, 2021	May 05, 2020	Nov. 01, 2021	Sep. 30, 2021	Sep. 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
Subsequent Event
Class of Stock [Line Items]
Date of declaration of dividends			Nov. 1, 2021
Dividend declared per share			$ 0.58
Date of dividend payment			Dec. 15, 2021
Dividends payable to shareholders date of record			Dec. 1, 2021
Discretionary Plan
Class of Stock [Line Items]
Expected common stock shares outstanding				160,000
Shares repurchased				2,038	4,400
Average price per share				$ 110.45	$ 71.41

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Cost
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash and cash equivalents	$ 1,820,106	$ 1,527,791
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash and cash equivalents	1,820,162	1,527,854
Cash and Overnight Deposits | Cost
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash and cash equivalents	959,848	602,112
Cash and Overnight Deposits | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash and cash equivalents	959,848	602,112
Corporate Commercial Paper | Cost
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash and cash equivalents	795,587	872,287
Corporate Commercial Paper | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash and cash equivalents	795,643	872,350
Time Deposits | Cost
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash and cash equivalents	64,671	53,392
Time Deposits | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash and cash equivalents	$ 64,671	$ 53,392

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, 2021	Sep. 30, 2020		Sep. 30, 2021		Sep. 30, 2020		Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		$ 4,319,261	$ 2,348,713	[1]	$ 11,127,174	[1]	$ 6,603,558	[1]
Directly related cost of transportation and other expenses	[2]	3,185,490	1,614,334	[1]	8,031,407	[1]	4,504,452	[1]
Salaries and other operating expenses	[3]	644,134	482,434		1,809,970		1,440,480
Operating income		489,637	251,945		1,285,797		658,626
Identifiable assets at period end		7,076,383	4,358,554		7,076,383		4,358,554			$ 4,927,503
Capital expenditures		9,870	9,178		24,800		37,419
Equity		3,420,592	2,504,473		3,420,592		2,504,473		$ 3,083,651	$ 2,663,227	$ 2,161,598	$ 2,197,219
Operating Segments | United States Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		1,134,096	686,243	[1]	3,007,053	[1]	1,975,874	[1]
Directly related cost of transportation and other expenses	[2]	661,515	379,586	[1]	1,731,032	[1]	1,108,164	[1]
Salaries and other operating expenses	[3]	238,943	197,749		718,762		631,396
Operating income		233,638	108,908		557,259		236,314
Identifiable assets at period end		3,417,496	2,336,071		3,417,496		2,336,071
Capital expenditures		6,001	4,703		11,931		28,276
Equity		2,451,584	1,791,658		2,451,584		1,791,658
Operating Segments | Other North America Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		116,404	77,414	[1]	311,986	[1]	232,324	[1]
Directly related cost of transportation and other expenses	[2]	63,031	44,196	[1]	175,392	[1]	130,300	[1]
Salaries and other operating expenses	[3]	33,077	25,325		90,114		74,320
Operating income		20,296	7,893		46,480		27,704
Identifiable assets at period end		256,638	163,943		256,638		163,943
Capital expenditures		248	483		434		1,692
Equity		93,084	77,915		93,084		77,915
Operating Segments | Latin America Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		54,303	39,193	[1]	146,148	[1]	114,637	[1]
Directly related cost of transportation and other expenses	[2]	34,216	23,361	[1]	86,868	[1]	69,828	[1]
Salaries and other operating expenses	[3]	14,759	12,359		41,871		36,220
Operating income		5,328	3,473		17,409		8,589
Identifiable assets at period end		110,406	76,173		110,406		76,173
Capital expenditures		175	180		300		498
Equity		37,087	31,324		37,087		31,324
Operating Segments | North Asia Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		1,690,381	795,155	[1]	4,208,811	[1]	2,277,027	[1]
Directly related cost of transportation and other expenses	[2]	1,417,283	632,858	[1]	3,471,453	[1]	1,792,933	[1]
Salaries and other operating expenses	[3]	141,109	81,876		354,841		236,480
Operating income		131,989	80,421		382,517		247,614
Identifiable assets at period end		1,558,109	689,525		1,558,109		689,525
Capital expenditures		435	1,075		1,192		1,785
Equity		368,535	246,557		368,535		246,557
Operating Segments | South Asia Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		538,780	259,069	[1]	1,306,264	[1]	642,302	[1]
Directly related cost of transportation and other expenses	[2]	445,970	192,175	[1]	1,051,133	[1]	463,690	[1]
Salaries and other operating expenses	[3]	54,003	39,926		146,214		109,018
Operating income		38,807	26,968		108,917		69,594
Identifiable assets at period end		457,615	231,771		457,615		231,771
Capital expenditures		351	665		1,462		1,035
Equity		129,941	97,564		129,941		97,564
Operating Segments | Europe Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		564,810	359,107	[1]	1,576,092	[1]	1,024,127	[1]
Directly related cost of transportation and other expenses	[2]	389,208	242,384	[1]	1,072,973	[1]	692,872	[1]
Salaries and other operating expenses	[3]	126,475	96,658		359,338		274,269
Operating income		49,127	20,065		143,781		56,986
Identifiable assets at period end		990,123	642,124		990,123		642,124
Capital expenditures		2,254	1,780		7,908		3,418
Equity		258,805	185,352		258,805		185,352
Operating Segments | Middle East Africa and India Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		221,777	133,447	[1]	574,469	[1]	340,000	[1]
Directly related cost of transportation and other expenses	[2]	174,733	100,301	[1]	444,132	[1]	248,088	[1]
Salaries and other operating expenses	[3]	36,598	28,925		100,899		80,063
Operating income		10,446	4,221		29,438		11,849
Identifiable assets at period end		328,671	228,423		328,671		228,423
Capital expenditures		406	292		1,573		715
Equity		123,304	110,714		123,304		110,714
Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		(1,290)	(915)	[1]	(3,649)	[1]	(2,733)	[1]
Directly related cost of transportation and other expenses	[2]	(466)	(527)	[1]	(1,576)	[1]	(1,423)	[1]
Salaries and other operating expenses	[3]	(830)	(384)		(2,069)		(1,286)
Operating income		6	(4)		(4)		(24)
Identifiable assets at period end		(42,675)	(9,476)		(42,675)		(9,476)
Equity		$ (41,748)	$ (36,611)		$ (41,748)		$ (36,611)
[1]	See Note 9 - Correction of Immaterial Errors.
[2]	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.
[3]	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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues
Concentration Risk [Line Items]
Concentration percentage	32.00%	27.00%	30.00%	28.00%
Operating Income
Concentration Risk [Line Items]
Concentration percentage	21.00%	26.00%	23.00%	30.00%

Correction of Immaterial Erro_3

Correction of Immaterial Errors - Schedule of Effect of the Correction (Details) - USD ($) $ in Thousands		3 Months Ended			9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020		Sep. 30, 2021		Sep. 30, 2020
Error Corrections And Prior Period Adjustments Immaterial Corrections [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		$ 4,319,261	$ 2,348,713	[1]	$ 11,127,174	[1]	$ 6,603,558	[1]
Operating Expenses:
Direct Operating Costs	[2]	3,185,490	1,614,334	[1]	8,031,407	[1]	4,504,452	[1]
Previously Reported [Member]
Error Corrections And Prior Period Adjustments Immaterial Corrections [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	[3]		2,464,797				6,947,293
Operating Expenses:
Direct Operating Costs	[3]		1,730,418				4,848,187
Revision of Prior Period, Error Correction, Adjustment [Member]
Error Corrections And Prior Period Adjustments Immaterial Corrections [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	[3]		(116,084)				(343,735)
Operating Expenses:
Direct Operating Costs	[3]		(116,084)				(343,735)
Revision of Prior Period, Error Correction, As Corrected [Member]
Error Corrections And Prior Period Adjustments Immaterial Corrections [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	[3]		2,348,713				6,603,558
Operating Expenses:
Direct Operating Costs	[3]		1,614,334				4,504,452
Airfreight services
Error Corrections And Prior Period Adjustments Immaterial Corrections [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		1,628,115	983,199		4,477,599		2,908,451
Operating Expenses:
Direct Operating Costs		1,244,381	723,340		3,335,253		2,122,205
Airfreight services | Previously Reported [Member]
Error Corrections And Prior Period Adjustments Immaterial Corrections [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			1,093,550				3,237,179
Operating Expenses:
Direct Operating Costs			833,689				2,450,931
Airfreight services | Revision of Prior Period, Error Correction, Adjustment [Member]
Error Corrections And Prior Period Adjustments Immaterial Corrections [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			(110,351)				(328,728)
Operating Expenses:
Direct Operating Costs			(110,349)				(328,726)
Airfreight services | Revision of Prior Period, Error Correction, As Corrected [Member]
Error Corrections And Prior Period Adjustments Immaterial Corrections [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			983,199				2,908,451
Operating Expenses:
Direct Operating Costs			723,340				2,122,205
Ocean freight and ocean services
Error Corrections And Prior Period Adjustments Immaterial Corrections [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		1,598,597	609,816		3,651,059		1,590,541
Operating Expenses:
Direct Operating Costs		1,254,334	452,028		2,859,020		1,177,696
Ocean freight and ocean services | Previously Reported [Member]
Error Corrections And Prior Period Adjustments Immaterial Corrections [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			612,858				1,597,997
Operating Expenses:
Direct Operating Costs			455,072				1,185,154
Ocean freight and ocean services | Revision of Prior Period, Error Correction, Adjustment [Member]
Error Corrections And Prior Period Adjustments Immaterial Corrections [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			(3,042)				(7,456)
Operating Expenses:
Direct Operating Costs			(3,044)				(7,458)
Ocean freight and ocean services | Revision of Prior Period, Error Correction, As Corrected [Member]
Error Corrections And Prior Period Adjustments Immaterial Corrections [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			609,816				1,590,541
Operating Expenses:
Direct Operating Costs			452,028				1,177,696
Customs brokerage and other services
Error Corrections And Prior Period Adjustments Immaterial Corrections [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		1,092,549	755,698		2,998,516		2,104,566
Operating Expenses:
Direct Operating Costs		$ 686,775	438,966		$ 1,837,134		1,204,551
Customs brokerage and other services | Previously Reported [Member]
Error Corrections And Prior Period Adjustments Immaterial Corrections [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			758,389				2,112,117
Operating Expenses:
Direct Operating Costs			441,657				1,212,102
Customs brokerage and other services | Revision of Prior Period, Error Correction, Adjustment [Member]
Error Corrections And Prior Period Adjustments Immaterial Corrections [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			(2,691)				(7,551)
Operating Expenses:
Direct Operating Costs			(2,691)				(7,551)
Customs brokerage and other services | Revision of Prior Period, Error Correction, As Corrected [Member]
Error Corrections And Prior Period Adjustments Immaterial Corrections [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			755,698				2,104,566
Operating Expenses:
Direct Operating Costs			$ 438,966				$ 1,204,551
[1]	See Note 9 - Correction of Immaterial Errors.
[2]	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.
[3]	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	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
North Asia [Member] | Revenues [Member] | Geographic Concentration Risk | Revision of Prior Period, Error Correction, Adjustment [Member]
Error Corrections And Prior Period Adjustments Immaterial Corrections [Line Items]
Concentration percentage	76.00%	76.00%