Expeditors International of Washington (EXPD) 10-K 15 Mar 22 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2021	Mar. 08, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
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 Well-known Seasoned Issuer	Yes
Entity Public Float			$ 21,309,503,040
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		167,398,064
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 $.01 per share
ICFR Auditor Attestation Flag	true
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	WA
Document Annual Report	true
Document Transition Report	false
Documents Incorporated by Reference [Text Block]	Portions of the definitive proxy statement for the Registrant’s Annual Meeting of Shareholders to be held on May 3, 2022 are incorporated by reference into Part III of this Form 10-K.
Auditor Name	KPMG, LLP
Auditor Firm ID	185
Auditor Location	Seattle, WA, USA

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current Assets:
Cash and cash equivalents	$ 1,728,692	$ 1,527,791
Accounts receivable, net	3,810,286	1,998,055
Deferred contract costs	987,266	327,448
Other	108,801	110,250
Total current assets	6,635,045	3,963,544
Property and equipment, net	487,870	506,425
Operating lease right-of-use assets	459,158	432,723
Goodwill	7,927	7,927
Deferred federal and state income taxes, net	729
Other assets, net	19,200	16,884
Total assets	7,609,929	4,927,503
Current Liabilities:
Accounts payable	2,012,461	1,136,859
Accrued expenses, primarily salaries and related costs	403,625	257,021
Contract liabilities	1,142,026	379,722
Current portion of operating lease liabilities	82,019	74,004
Federal, state and foreign income taxes	86,166	45,437
Total current liabilities	3,726,297	1,893,043
Noncurrent portion of operating lease liabilities	385,641	364,185
Deferred federal and state income taxes, net		7,048
Commitments and contingencies
Shareholders’ Equity:
Preferred stock, par value $0.01 per share, authorized 2,000 shares; none issued
Common stock, par value $0.01 per share, authorized 640,000. Issued and outstanding: 167,210 shares and 169,294 shares at December 31, 2021 and 2020, respectively	1,672	1,693
Additional paid-in capital	3,160	157,496
Retained earnings	3,620,008	2,600,201
Accumulated other comprehensive loss	(130,414)	(99,753)
Total shareholders’ equity	3,494,426	2,659,637
Noncontrolling interest	3,565	3,590
Total equity	3,497,991	2,663,227
Total liabilities and equity	$ 7,609,929	$ 4,927,503

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Dec. 31, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, authorized	2,000	2,000
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	640,000	640,000
Common stock, shares issued	167,210	169,294
Common stock, shares outstanding	167,210	169,294

Consolidated Statements of Earn

Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues:
Revenue from Contract with Customer, Excluding Assessed Tax	[1]	$ 16,523,517	$ 9,584,393	$ 7,942,417
Operating Expenses:
Directly related cost of transportation and other expenses	[1],[2]	12,058,155	6,656,702	5,305,949
Salaries and related costs		2,062,351	1,538,104	1,422,315
Rent and occupancy costs		186,287	169,863	166,182
Depreciation and amortization		51,312	56,959	50,950
Selling and promotion		16,026	18,436	44,002
Other		240,060	203,892	186,327
Total operating expenses		14,614,191	8,643,956	7,175,725
Operating income		1,909,326	940,437	766,692
Other Income (Expense):
Interest income		8,807	10,415	22,803
Other, net		6,483	5,712	6,299
Other income, net		15,290	16,127	29,102
Earnings before income taxes		1,924,616	956,564	795,794
Income tax expense		505,771	258,350	203,778
Net earnings		1,418,845	698,214	592,016
Less net earnings attributable to the noncontrolling interest		3,353	2,074	1,621
Net earnings attributable to shareholders		$ 1,415,492	$ 696,140	$ 590,395
Diluted earnings attributable to shareholders per share		$ 8.27	$ 4.07	$ 3.39
Basic earnings attributable to shareholders per share		$ 8.37	$ 4.14	$ 3.45
Weighted average diluted shares outstanding		171,250	170,896	174,209
Weighted average basic shares outstanding		169,145	168,333	170,899
Airfreight services
Revenues:
Revenue from Contract with Customer, Excluding Assessed Tax		$ 6,771,402	$ 4,274,026	$ 2,740,938
Operating Expenses:
Directly related cost of transportation and other expenses		5,067,380	3,168,808	1,955,054
Ocean freight and ocean services
Revenues:
Revenue from Contract with Customer, Excluding Assessed Tax		5,545,818	2,342,344	2,188,149
Operating Expenses:
Directly related cost of transportation and other expenses		4,364,160	1,751,850	1,584,240
Customs brokerage and other services
Revenues:
Revenue from Contract with Customer, Excluding Assessed Tax		4,206,297	2,968,023	3,013,330
Operating Expenses:
Directly related cost of transportation and other expenses		$ 2,626,615	$ 1,736,044	$ 1,766,655
[1]	See Note 11 – 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 consolidated statements of earnings.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net earnings	$ 1,418,845	$ 698,214	$ 592,016
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments, net of tax (benefit) expense of ($5,275) in 2021, $4,254 in 2020, and $25,731 in 2019	(32,408)	30,759	(26,553)
Reclassification adjustment for foreign currency realized losses, net of tax of $145 in 2019			535
Other comprehensive (loss) income	(32,408)	30,759	(26,018)
Comprehensive income	1,386,437	728,973	565,998
Less comprehensive income attributable to the noncontrolling interest	1,606	1,399	1,309
Comprehensive income attributable to shareholders	$ 1,384,831	$ 727,574	$ 564,689

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other Comprehensive Income Loss Tax Parenthetical Disclosures [Abstract]
Foreign currency translation adjustments, tax expense (benefit)	$ (5,275)	$ 4,254	$ 25,731
Reclassification Adjustment from foreign currency realized losses, tax			$ (145)

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Common StockCumulative Effect, Period of Adoption, Adjustment	Additional paid-in capital	Additional paid-in capitalCumulative Effect, Period of Adoption, Adjustment	Retained earnings	Retained earningsCumulative Effect, Period of Adoption, Adjustment	Accumulated other comprehensive loss	Accumulated other comprehensive lossCumulative Effect, Period of Adoption, Adjustment	Total shareholders' equity	Total shareholders' equityCumulative Effect, Period of Adoption, Adjustment	Noncontrolling interest	Noncontrolling interestCumulative Effect, Period of Adoption, Adjustment
Balance at Dec. 31, 2018	$ 1,987,720		$ 1,716		$ 1,896		$ 2,088,707		$ (105,481)		$ 1,986,838		$ 882
Balance (in shares) at Dec. 31, 2018			171,582
Increase (Decrease) in Equity [Roll Forward]
Shares issued under employee stock plans	141,571		$ 34		141,537		0		0		141,571		0
Shares issued under employee stock plans (in shares)			3,377
Shares repurchased under provisions of stock repurchase plan	(389,060)		$ (54)		(202,176)		(186,830)		0		(389,060)		0
Share repurchased under provisions of stock repurchase plan (in shares)			(5,337)
Stock compensation expense	61,543		$ 0		61,543		0		0		61,543		0
Net earnings	592,016		0		0		590,395		0		590,395		1,621
Other comprehensive income (loss)	(26,018)		0		0		0		(25,706)		(25,706)		(312)
Dividends paid	(170,553)		0		403		(170,956)		0		(170,553)		0
Balance at Dec. 31, 2019	2,197,219	$ 6,074	$ 1,696	$ 0	3,203	$ 0	2,321,316	$ 6,074	(131,187)	$ 0	2,195,028	$ 6,074	2,191	$ 0
Balance (in shares) at Dec. 31, 2019			169,622	0
Increase (Decrease) in Equity [Roll Forward]
Shares issued under employee stock plans	175,779		$ 43		175,736		0		0		175,779		0
Shares issued under employee stock plans (in shares)			4,272
Shares repurchased under provisions of stock repurchase plan	(332,387)		$ (46)		(84,941)		(247,400)		0		(332,387)		0
Share repurchased under provisions of stock repurchase plan (in shares)			(4,600)
Stock compensation expense	62,498		$ 0		62,498		0		0		62,498		0
Net earnings	698,214		0		0		696,140		0		696,140		2,074
Other comprehensive income (loss)	30,759		0		0		0		31,434		31,434		(675)
Dividends paid	(174,929)		0		1,000		(175,929)		0		(174,929)		0
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	$ 90,933		$ 23		90,910		0		0		90,933		0
Shares issued under employee stock plans (in shares)			2,294
Shares repurchased under provisions of stock repurchase plan	(514,594)		$ (44)		(315,565)		(198,985)		0		(514,594)		0
Share repurchased under provisions of stock repurchase plan (in shares)			(4,378)
Stock compensation expense	69,385		$ 0		69,385		0		0		69,385		0
Net earnings	1,418,845		0		0		1,415,492		0		1,415,492		3,353
Other comprehensive income (loss)	(32,408)		0		0		0		(30,661)		(30,661)		(1,747)
Dividends paid	(195,766)		0		934		(196,700)		0		(195,766)		0
Distribution to noncontrolling interest	(1,631)		0		0		0		0		0		(1,631)
Balance at Dec. 31, 2021	$ 3,497,991		$ 1,672		$ 3,160		$ 3,620,008		$ (130,414)		$ 3,494,426		$ 3,565
Balance (in shares) at Dec. 31, 2021	167,210		167,210

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement Of Stockholders Equity [Abstract]
Dividends paid, per share	$ 1.16	$ 1.04	$ 1

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating Activities:
Net earnings	$ 1,418,845	$ 698,214	$ 592,016
Adjustments to reconcile net earnings to net cash from operating activities:
Provisions for losses (recoveries) on accounts receivable	7,540	5,584	(1)
Deferred income tax (benefit) expense	(3,690)	8,371	4,482
Stock compensation expense	69,385	62,498	61,543
Depreciation and amortization	51,312	56,959	50,950
Other, net	3,790	3,960	941
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable	(1,869,827)	(647,193)	265,919
Increase (decrease) in accounts payable and accrued expenses	1,041,805	430,452	(182,233)
(Increase) decrease in deferred contract costs	(700,273)	(189,447)	28,811
Increase (decrease) in contract liabilities	803,837	217,699	(37,097)
Increase (decrease) in income taxes payable, net	57,867	8,502	(18,472)
(Increase) decrease in other, net	(12,097)	(630)	4,830
Net cash from operating activities	868,494	654,969	771,689
Investing Activities:
Purchase of property and equipment	(36,247)	(47,543)	(47,022)
Other, net	(398)	1,516	1,007
Net cash from investing activities	(36,645)	(46,027)	(46,015)
Financing Activities:
Proceeds from borrowing on lines of credit, net	7,512	43	246
Proceeds from issuance of common stock	106,105	186,345	148,245
Repurchases of common stock	(514,594)	(332,387)	(389,060)
Dividends paid	(195,766)	(174,929)	(170,553)
Payments for taxes related to net share settlement of equity awards	(15,172)	(10,566)	(6,674)
Distribution to noncontrolling interest	(1,631)	0	0
Net cash from financing activities	(613,546)	(331,494)	(417,796)
Effect of exchange rate changes on cash and cash equivalents	(17,402)	19,852	(1,122)
Change in cash and cash equivalents	200,901	297,300	306,756
Cash and cash equivalents at beginning of period	1,527,791	1,230,491	923,735
Cash and cash equivalents at end of period	1,728,692	1,527,791	1,230,491
Supplemental Cash Flow Information:
Cash paid for income taxes	$ 442,549	$ 239,849	$ 222,083

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 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, electronics, high technology, industrial and manufacturing companies around the world. International trade is influenced by many factors, including economic and political conditions in the United States and abroad, currency exchange rates, laws and policies relating to tariffs, trade restrictions, foreign investments and taxation. Periodically, governments consider a variety of changes to tariffs and trade restrictions and accords. The Company cannot predict the outcome of ongoing proposals or negotiations, nor can the Company predict the effects adoption of any such proposal will have on the Company’s business. Doing business in foreign locations also subjects the Company to a variety of risks and considerations not normally encountered by domestic enterprises. In addition to being influenced by governmental policies and inter-governmental disputes concerning international trade, the Company’s business may also be affected by political developments and changes in government personnel or policies as well as economic turbulence, natural disasters and pandemics, political unrest and security concerns in the nations and on the shipping lanes in which it does business and the future impact that these events may have on international trade, oil prices and security costs. The consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission in accordance with accounting principles generally accepted in the United States (U.S. GAAP). The consolidated financial statements include the accounts of the Company and its subsidiaries stated in U.S. dollars, the Company’s reporting currency. In addition, the consolidated financial statements also include the accounts of operating entities where the Company maintains a parent-subsidiary relationship through unilateral control over assets and operations together with responsibility for payment of all liabilities, notwithstanding a lack of technical majority ownership of the subsidiary's common stock. 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 11 for further information. B. | Cash Equivalents All highly liquid investments with a maturity of three months or less at date of purchase are considered to be cash equivalents. C. | Accounts Receivable Effective January 1, 2020, the Company adopted a new accounting standard update related to the measurement of credit losses on financial instruments. The Company determined that this new guidance is applicable to its accounts receivable, which are short term and for which the Company has not historically experienced significant credit losses. The adoption had an immaterial effect on the Company’s consolidated financial statements and disclosures. The Company adopted this standard using the modified retrospective transition method resulting in a $6 million adjustment to the opening balance of retained earnings and an $8 million reduction to the opening balance of allowance for credit loss. Under this new standard, the valuation allowance reduces a financial asset’s balance for credit losses expected to be incurred over the assets contractual term. 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 significant enough to affect expected credit losses. D. | Long-Lived Assets, Depreciation and Amortization Property and equipment are recorded at cost and are depreciated or amortized on the straight-line method over the shorter of the assets’ estimated useful lives or lease terms. Useful lives for major categories of property and equipment are as follows: Buildings and land improvements 30 to 40 years Building improvements 3 to 10 years Furniture, fixtures, equipment and purchased software 3 to 10 years Expenditures for maintenance, repairs, and replacements of minor items are charged to earnings as incurred. Major upgrades and improvements that extend the life of the asset are capitalized. Upon disposition, the cost and related accumulated depreciation are removed from the accounts and the resulting gain or loss is included in income for the period. For the years ended December 31, 2021 and 2020, the Company performed the required goodwill annual impairment test during the fourth quarter and determined that no impairment had occurred. E. | 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 on the consolidated statement of earnings. Additionally, the Company elected to apply the short-term lease exemption for leases with a non-cancelable period of twelve months or less and has chosen not to separate non-lease components from lease components and instead to account for each as a single lease component. F. | Revenues and Revenue Recognition The Company provides global logistics services, including air and ocean freight consolidation and forwarding, customs brokerage, warehousing and distribution, purchase order management, vendor consolidation, time-definite transportation services, temperature-controlled transit, cargo insurance, specialized cargo monitoring and tracking and other logistics solutions. As a non-asset-based carrier, the Company does not own transportation assets. 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 Consolidated Statements of Earnings: 1) airfreight services, 2) ocean freight and ocean services, and 3) customs brokerage and other services. The most significant drivers of changes in gross revenues and related transportation expenses are volume, sell rates and buy rates. Volume has a similar effect on the change in both gross revenues and related transportation expenses in each of the Company's three primary sources of revenue. The major portion of the Company's air and ocean freight revenues are generated by purchasing transportation services on a wholesale basis from direct (asset-based) carriers and then reselling those services to customers on a retail basis. The rate billed to our customers (the sell rate) is recognized as revenues and the rate we pay to the carrier (the buy rate) is recognized in operating expenses as the directly related cost of transportation and other expenses. Revenue is recognized upon transfer of control of promised services to customers, which occurs over time. The Company has determined that in general each shipment transaction or service order constitutes a separate contract with the customer. However, when the Company provides multiple services to a customer, different contracts may be present for different services. The Company combines the contracts, which form a single performance obligation, and accounts for the contracts as a single contract when certain criteria are met. 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. This method of measurement of progress depicts the pattern of the Company's actual performance under the contracts with the customer. There are no significant judgments involved in measuring the progress of the performance obligations. Amounts allocated to the services for each performance obligation are typically based on standalone selling prices. The Company does not have significant variable consideration in its contracts. Taxes assessed concurrently with a specific revenue-producing transaction that are collected by the Company from a customer are excluded from revenue. Typically, the transaction price for each of the Company's services are quoted as separate components; however, customers on occasion will request an all-inclusive rate for a set of services known in the industry as “door-to-door service.” This means that the customer is billed a single rate for all services from pickup at origin to delivery at destination. In these instances, the transaction price is allocated to each service on a relative selling price basis. 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 generally has an unconditional right to consideration when the services are initiated or soon thereafter. The amount due from the customer is recorded as accounts receivable. The amounts related to services that are not yet completed at the reporting date are presented as contract liabilities, with corresponding direct costs to fulfill the performance obligation that will be satisfied in the future presented as deferred contract costs. The Company generally does not incur incremental costs to obtain the contract with the customer. The Company may incur costs to fulfill the contract with the customers, such as set-up costs. However, the amount incurred is insignificant to the Company’s consolidated financial statements. The Company evaluates whether amounts billed to customers should be reported as gross or net revenue. Generally, revenue is recorded on a gross basis when the Company is primarily responsible for fulfilling the promise to provide the services, when it assumes risk of loss, when it has discretion in setting the prices for the services to the customers, and when the Company has the ability to direct the use of the services provided by the third party. In most cases we act as an indirect carrier. When acting as an indirect carrier, we issue a House Airway Bill (HAWB), a House Ocean Bill of Lading (HOBL) or a House Seaway Bill to customers as the contract of carriage. In turn, when the freight is physically tendered to a direct carrier, we receive a contract of carriage known as a Master Airway Bill for airfreight shipments and a Master Ocean Bill of Lading for ocean shipments. When revenue is recorded on a net basis, the amounts earned are determined using a fixed fee, a per unit of activity fee or a combination thereof. For revenues earned in other capacities, for instance, when we do not issue a HAWB, a HOBL, or a House Seaway Bill or otherwise act solely as an agent for the shipper, only the commissions and fees earned for such services are included in revenues. In these transactions, we are not a principal and report only commissions and fees earned in revenue. The Company disaggregates its revenues by its three primary service categories in the consolidated financial statements: airfreight, ocean freight and ocean services and customs brokerage and other. Revenues by geographic location are presented within business segment information in Note 10. G. | Income Taxes Income taxes are accounted for under the asset and liability method of accounting. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributed to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, the tax effect of loss carryforwards and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Earnings of the Company's foreign subsidiaries are not considered to be indefinitely reinvested outside of the United States. A valuation allowance is established when necessary to reduce deferred tax assets to amounts expected to be realized. The Company recognizes interest expense related to unrecognized tax benefits or underpayment of income taxes in interest expense and recognizes penalties in operating expenses. The Tax Cuts and Jobs Act ( 2017 Tax Act ) significantly changed U.S. corporate income tax laws, including among other things, the creation of a territorial tax system. The 2017 Tax Act include s 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 discrete adjustments as components of current income tax expense. H | Net Earnings Attributable to Shareholders per Common 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 common shares represent outstanding stock options, stock purchase rights 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. I. | Stock Plans The Company maintains several equity incentive plans under which the Company has granted stock options, director restricted stock, restricted stock units (RSUs), performance stock units (PSUs) and employee stock purchase rights to employees or directors. The Company recognizes stock compensation expense based on the fair value of awards at the grant date. This expense, adjusted for expected forfeitures, is recognized in net earnings on a straight-line basis over the service periods as a component of salaries and related costs. Expense for PSU awards is recognized over the service period when it is probable the performance goal will be achieved and based on the most probable outcome of performance conditions at the reporting date. RSUs and PSUs awarded to certain employees meeting specific retirement eligibility criteria at the time of grant are expensed immediately, as there is no substantive service period associated with those awards. J. | Foreign Currency Foreign currency amounts attributable to foreign operations have been translated into U.S. dollars using year-end exchange rates for assets and liabilities, historical rates for equity, and weighted average rates for revenues and expenses. Currency fluctuations are a normal operating factor in the conduct of the Company’s business and foreign exchange transaction gains and losses are included in revenues and operating expenses. Also, the Company is exposed to foreign currency exchange fluctuations on monetary assets and liabilities denominated in currencies that are not the local functional currency. Foreign exchange gains and losses on such balances are recognized in net earnings within customs brokerage and other services costs. Net foreign currency losses in 2021, 2020 and 2019 were $11,806, $25,398 and $9,251, respectively. The Company follows a policy of accelerating international currency settlements to manage its foreign exchange exposure. Accordingly, the Company enters into foreign currency hedging transactions only in limited locations where there are regulatory or commercial limitations on the Company’s ability to move money freely. Such hedging activity during 2021, 2020 and 2019 was insignificant. The Company had no foreign currency derivatives outstanding at December 31, 2021 and 2020. K. | Comprehensive Income Comprehensive income consists of net earnings and other gains and losses affecting equity that, under U.S. GAAP, are excluded from net earnings. For the Company, these consist of foreign currency translation gains and losses, net of related income tax effects and comprehensive income or loss attributable to the noncontrolling interests. Upon the complete or substantially complete liquidation of the Company's investment in a foreign entity, cumulative translation adjustments are recorded as reclassification adjustments in other comprehensive income and recognized in net earnings. Accumulated other comprehensive loss consisted entirely of foreign currency translation adjustments, net of related income tax effects, as of December 31, 2021 and 2020. L. | 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, depreciation and amortization 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. M. | 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 income and non-income tax liabilities including estimates associated with the 2017 Tax Act, accrual of loss contingencies, the allocation of the purchase price in a business combination, 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.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	NOTE 2. 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. Cash and cash equivalents consist of the following: December 31, 2021 December 31, 2020 Cost Fair Value Cost Fair Value Cash and cash equivalents: Cash and overnight deposits $ 1,241,565 $ 1,241,565 $ 602,112 $ 602,112 Corporate commercial paper 423,261 423,279 872,287 872,350 Time deposits 63,866 63,866 53,392 53,392 Total cash and cash equivalents $ 1,728,692 $ 1,728,710 $ 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).

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2021
Property Plant And Equipment [Abstract]
PROPERTY AND EQUIPMENT	NOTE 3 . PROPERTY AND EQUIPMENT The components of property and equipment are as follows: 2021 2020 Land $ 147,310 $ 150,030 Buildings and leasehold improvements 494,797 492,747 Furniture, fixtures, equipment and purchased software 382,676 379,344 Construction in progress 4,764 1,292 Property and equipment, at cost 1,029,547 1,023,413 Less accumulated depreciation and amortization 541,677 516,988 Property and equipment, net $ 487,870 $ 506,425

Leases

Leases	12 Months Ended
	Dec. 31, 2021
Lessee Disclosure [Abstract]
Leases	NOTE 4 . LEASES The Company enters into lease agreements primarily for office and warehouse space in all districts where it conducts business. As of December 31, 2021, all of the Company's leases are operating leases. Lease terms are either on a month-to-month basis or terminate at various times through 2040. The Company also has two long-term operating lease arrangements to use land, for which the usage rights were entirely prepaid. Usage rights for those arrangements are recognized in rent expense over the lease terms up to 2057. Lease cost for the twelve months ended December 31, 2021, 2020, and 2019 is recorded under rent and occupancy expenses in the consolidated statements of earnings and is comprised of the following: 2021 2020 2019 Operating lease cost $ 98,219 $ 91,436 $ 81,912 Variable lease cost 39,607 26,857 25,843 Total lease cost $ 137,826 $ 118,293 $ 107,755 Variable lease cost includes short-term lease expenses, which are insignificant. Maturities of lease liabilities as of December 31, 2021 are as follows: 2022 $ 97,047 2023 89,583 2024 73,346 2025 66,112 2026 51,708 Thereafter 153,090 Total minimum lease payments 530,886 Less imputed interest 63,226 Lease liability $ 467,660 The weighted-average remaining lease term and weighted-average discount rate are as follows: 2021 2020 Weighted-average remaining lease term (in years) 7.45 7.86 Weighted-average discount rate 3.71 % 4.08 % Other information related to the Company's operating leases are as follows: 2021 2020 2019 Right-of-use assets obtained in exchange for new operating lease liabilities $ 117,409 $ 109,515 $ 103,788 Cash paid for amounts included in the measurement of lease liabilities $ 95,804 $ 90,101 $ 79,040

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2021
Stockholders Equity Note [Abstract]
Shareholders' Equity	NOTE 5 . SHAREHOLDERS’ EQUITY A. | Stock Repurchase Plans The Company has a Discretionary Stock Repurchase Plan, originally approved by the Board of Directors in November 2001 and amended from time to time, under which management as of December 31, 2021 is authorized to repurchase shares down to 160,000 shares of common stock outstanding. The Company had a Non-Discretionary Stock Repurchase Plan, originally approved by the Board of Directors in November 1993, under which management was authorized to repurchase up to 40,000 shares of the Company’s common stock in the open market with the proceeds received from the exercise of employee stock options and the Employee Stock Purchase Plan. Since March 31, 2019, all shares authorized under this plan have been repurchased and no further shares are available for future repurchases. Cumulative shares repurchased since inception of the plans were 122,969. B. | Omnibus Incentive Plan On May 5, 2020, the shareholders approved the Company's Amended and Restated 2017 Omnibus Incentive Plan (Amended 2017 Plan), which made available 5,500 shares of the Company's common stock in aggregate to be issued under any award type allowed by the Amended 2017 Plan. The RSUs granted in 2021, 2020 and 2019 generally vest annually over three 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 Amended 2017 Plan also provides for annual equity awards to non-employee directors. The Amended 2017 Plan provides for an annual grant of equity awards to each participant with a fair market value that may not exceed $600, or $800 with respect to the Chairman of the Board. Restricted shares granted to non-employee directors in 2021, 2020 and 2019 vest at the time of grant and there were no unvested restricted shares as of December 31, 2021. In 2021, 12 fully vested RSUs with a weighted average grant date fair value per share of $113.82 were granted to non-employee directors. The following table summarizes information about RSUs and restricted shares: Number of shares Weighted average grant date fair value Outstanding at December 31, 2020 965 $ 73.92 RSUs granted 327 $ 113.82 RSUs vested (477 ) $ 74.16 RSUs forfeited (21 ) $ 83.42 Outstanding at December 31, 2021 794 $ 89.74 In 2021, 2020 and 2019, the Company also awarded 75, 95 and 96 PSUs, respectively, under the Amended 2017 Plan. Outstanding PSUs include performance conditions to be finally measured based on financial results at December 31, 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, depending on the degree of achievement of the designated performance targets. 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. At December 31, 2021, there were 173 shares of PSUs unvested at target levels, with a weighted-average grant date fair value of $90.77. At December 31, 2021, 200 PSUs with a grant date fair value of $75.73 became vested based on satisfaction of performance goals but had not settled. RSUs and PSUs granted under the Amended 2017 Plan have dividend equivalent rights, which entitle holders of RSUs and PSUs to the same dividend value per share as holders of common stock. Dividend equivalent rights are subject to the same vesting and other terms and conditions as the corresponding unvested RSUs and PSUs and are accumulated and paid in shares when the underlying awards vest. At December 31, 2021, there are approximately 2,567 shares available for grant under the Amended 2017 Plan. When restrictions on employee RSUs or PSUs lapse the Company derives a tax deduction in certain countries based on the fair market value of the award upon vesting and subject to the limits allowed under each jurisdiction’s tax regulations. Until vesting, a deferred tax asset is recognized and measured based on the fair value of the award at the date of grant (consistent with measurement for stock compensation expense). Any excess or shortfall in the tax deduction resulting from the difference between fair market value of the award between the date of grant and the date of vesting is recognized in income tax expense upon vesting. C. | Stock Option Plans Historically, the Company granted stock options under stock option plans approved annually by shareholders. Those plans generally allowed for the grant of qualified and non-qualified grants and outstanding options expire no more than ten years from the date of grant. Upon the exercise of non-qualified stock options and disqualifying dispositions of incentive stock options, the Company derives a tax deduction measured by the excess of the market value over the option price at the date of exercise or disqualifying disposition. The portion of the benefit from the deduction, which equals the estimated fair value of the options (previously recognized as compensation expense) is recorded as a credit to the deferred tax asset for non-qualified stock options and is recorded as a credit to current tax expense for any disqualified dispositions of incentive stock options. For disqualifying dispositions, when the amount of the tax deduction is less than the cumulative amount of compensation expense recognized for the award, the amount credited to current tax expense is limited to the tax benefit associated with the tax deduction. The following table summarizes information about stock options: Number of shares Weighted average exercise price per share Weighted average remaining contractual life Aggregate intrinsic value Outstanding at December 31, 2020 3,553 $ 44.49 Options granted — $ — Options exercised (1,220 ) $ 45.28 Options forfeited — $ — Options canceled (4 ) $ 51.32 Outstanding at December 31, 2021 2,329 $ 44.07 2.95 $ 210,128 Exercisable at December 31, 2021 2,329 $ 44.07 2.95 $ 210,128 D. | Stock Purchase Plan In May 2002, the shareholders approved the Company’s 2002 Employee Stock Purchase Plan (the 2002 Plan), which became effective August 1, 2002. As last amended in May 2019, the Company’s 2002 Plan provides for 15,305 shares of the Company’s common stock to be reserved for issuance upon exercise of purchase rights granted to employees who elect to participate through regular payroll deductions beginning August 1 of each year. The purchase rights are exercisable on July 31 of the following year at a price equal to the lesser of (1) 85% of the fair market value of the Company’s stock on the last trading day in July or (2) 85% of the fair market value of the Company’s stock on the first trading day in August of the preceding year. A total of 13,523 shares have been issued under the 2002 Plan since inception and $33,073 has been withheld from employees at December 31, 2021 in connection with the plan year ending July 31, 2022. E. | Share-Based Compensation Expense The fair value of employee stock purchase rights granted under the 2002 Plan is estimated on the date of grant using the Black-Scholes Model with the following assumptions: For the years ended December 31, 2021 2020 2019 Dividend yield 1.10 % 1.40 % 1.40 % Volatility 20 % 32 % 23 % Risk-free interest rates 0.08 % 0.15 % 1.96 % Expected life (years) 1 1 1 Weighted average fair value $ 28.55 $ 23.26 $ 17.03 The Company’s expected volatility assumptions are based on the historical volatility of the Company’s stock over a period of time commensurate to the expected life. The expected life assumption is based on the one-year offering period. The risk-free interest rate for the expected term of the option is based on the corresponding yield curve in effect at the time of grant for U.S. Treasury bonds having the same term as the expected life of the option. The expected dividend yield is based on the Company’s historical experience. The forfeiture assumption used to calculate compensation expense is primarily based on historical pre-vesting employee forfeiture patterns. The compensation expense for employee RSUs and PSUs is based on the fair market value of the Company’s share of common stock on the date of grant. RSUs and PSUs awarded in 2021, 2020 and 2019 were granted at a weighted-average grant date fair value of $113.82, $74.00 and $75.73, respectively. The total intrinsic value of options exercised during the years ended December 31, 2021, 2020 and 2019 was approximately $82 million, $117 million and $79 million, respectively. As of December 31, 2021, the total unrecognized compensation cost related to stock awards is $52 million and the weighted average period over which that cost is expected to be recognized is 1.6 years. Shares issued as a result of stock option exercises, restricted stock awards, vested RSUs, vested PSUs and employee stock plan purchases are issued as new shares outstanding by the Company.

Basic and Diluted Earnings per

Basic and Diluted Earnings per Share	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Basic and Diluted Earnings per Share	NOTE 6 . BASIC AND DILUTED EARNINGS PER SHARE Diluted earnings attributable to shareholders per share is computed using the weighted average number of common shares and dilutive potential common shares outstanding. Dilutive potential shares represent outstanding stock options, including purchase options under the Company's employee stock purchase plan and unvested RSUs. Basic earnings attributable to shareholders per share is calculated using the weighted average number of common shares outstanding without taking into consideration dilutive potential common shares outstanding. The following table reconciles the numerator and the denominator of the basic and diluted per share computations for earnings attributable to shareholders. Net earnings attributable to shareholders Weighted average shares Earnings per share 2021 Basic earnings attributable to shareholders $ 1,415,492 169,145 $ 8.37 Effect of dilutive potential common shares — 2,105 — Diluted earnings attributable to shareholders $ 1,415,492 171,250 $ 8.27 2020 Basic earnings attributable to shareholders $ 696,140 168,333 $ 4.14 Effect of dilutive potential common shares — 2,563 — Diluted earnings attributable to shareholders $ 696,140 170,896 $ 4.07 2019 Basic earnings attributable to shareholders $ 590,395 170,899 $ 3.45 Effect of dilutive potential common shares — 3,310 — Diluted earnings attributable to shareholders $ 590,395 174,209 $ 3.39 Substantially all outstanding potential common shares in 2021, 2020 and 2019 were dilutive.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 7 . INCOME TAXES Income tax expense (benefit) includes the following components: Federal State Foreign Total 2021 Current $ 126,840 $ 54,484 $ 328,137 $ 509,461 Deferred (3,981 ) 291 — (3,690 ) $ 122,859 $ 54,775 $ 328,137 $ 505,771 2020 Current $ 37,551 $ 18,432 $ 193,996 $ 249,979 Deferred 8,440 (69 ) — 8,371 $ 45,991 $ 18,363 $ 193,996 $ 258,350 2019 Current $ 35,324 $ 13,711 $ 150,261 $ 199,296 Deferred 3,149 1,333 — 4,482 $ 38,473 $ 15,044 $ 150,261 $ 203,778 The components of earnings before income taxes are as follows: 2021 2020 2019 United States $ 823,009 $ 325,009 $ 327,878 Foreign 1,101,607 631,555 467,916 $ 1,924,616 $ 956,564 $ 795,794 Income tax expense differs from amounts computed by applying the United States Federal income tax rate of 21% when compared to earnings before income taxes as a result of the following: 2021 2020 2019 Computed “expected” tax expense $ 404,169 $ 200,879 $ 167,117 Increase (decrease) in income taxes resulting from: Effect of foreign taxes 46,644 48,584 26,599 State income taxes, net of Federal income tax benefit 43,272 14,507 11,885 Nondeductible executive compensation 8,981 4,324 2,838 Stock compensation expense, net (6,238 ) (8,461 ) (2,689 ) Other, net 8,943 (1,483 ) (1,972 ) $ 505,771 $ 258,350 $ 203,778 The Company's effective tax rate in 2021, 2020 and 2019 benefited from significant share-based compensation deductions. In 2021, 2020 and 2019, the Company also benefited from U.S. Federal tax credits totaling $27.9 million, $16.7 million and $15.7 million, respectively, principally because of withholding taxes related to the Company's foreign operations, as well as U.S. income tax deductions for Foreign-derived intangible income (FDII) of $22.6 million, $10.0 million and $9.0 million, respectively. These amounts were partially offset by the effect of higher foreign tax rates of the Company's international subsidiaries, when compared to the U.S. Federal income tax rate of 21%, as well as certain expenses that are no longer deductible under the 2017 Tax Act, including certain executive compensation in excess of amounts allowed. The Company treats BEAT and GILTI as components of current income tax expense. For the years 2021, 2020 and 2019, there was no BEAT expense and GILTI expense was insignificant. The tax effects of temporary differences and tax credits that give rise to significant portions of deferred tax assets and deferred tax liabilities are as follows: Years ended December 31, 2021 2020 Deferred Tax Assets: Deductible stock compensation expense, net $ 11,291 $ 14,265 Operating lease liabilities 67,065 52,223 Accrued third party obligations, deductible for taxes upon economic performance 6,504 6,242 Excess of financial statement over tax depreciation 9,182 8,123 Foreign currency translation adjustments 8,729 4,604 Retained liability for cargo claims 1,430 1,128 Provision for credit losses on accounts receivable 2,168 954 Total gross deferred tax assets 106,369 87,539 Deferred Tax Liabilities: Unremitted foreign earnings, net of related foreign tax credits 41,560 43,805 Operating lease assets 64,080 49,865 Deferred contract costs — 917 Total gross deferred tax liabilities 105,640 94,587 Net deferred tax (liabilities) assets $ 729 $ (7,048 ) Based on management’s review of the Company’s tax positions, the Company had no significant unrecognized tax benefits as of December 31, 2021 and 2020. The Company is subject to taxation in various states and many foreign jurisdictions including the People’s Republic of China, including Hong Kong, Taiwan, Vietnam, India, Mexico, Canada, Netherlands and the United Kingdom. The Company believes that its tax positions, including intercompany transfer pricing policies, are reasonable and consistent with established transfer pricing methodologies and norms. ometimes 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 2022. In addition, changes in state, federal, and foreign tax laws and changes, 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 years ended December 31, 2021, 2020 and 2019.

Commitments

Commitments	12 Months Ended
	Dec. 31, 2021
Commitments [Abstract]
Commitments	NOTE 8 . COMMITMENTS A. | Unconditional Purchase Obligations The Company enters into short-term unconditional purchase obligations with asset-based providers reserving space on a guaranteed basis. The pricing of these obligations varies to some degree with market conditions. Historically, the Company has met these obligations in the normal course of business within one year. In the regular course of business, the Company also enters into agreements with service providers to maintain or operate equipment, facilities or software that can be longer than one year. We also regularly have contractual obligations for specific projects related to improvements of our owned or leased facilities and information technology infrastructure. Purchase obligations outstanding as of December 31, 2021 totaled $300 million. B. | Employee Benefits The Company has employee savings plans under which the Company provides a discretionary matching contribution. In 2021, 2020 and 2019, the Company’s contributions under the plans were $22,587, $20,713, and $19,624, respectively. C. | Credit Arrangements Certain of the Company’s foreign subsidiaries maintain bank lines of credit for short-term working capital purposes. A few of these credit lines are supported by standby letters of credit issued by a United States bank, or guarantees issued by the Company to the foreign banks issuing the credit line. At December 31, 2021, borrowings under these credit lines were not significant and the Company was contingently liable for approximately $67,296 under outstanding standby letters of credit and guarantees. At December 31, 2021, the Company was in compliance with all restrictive covenants of these credit lines and the associated credit facilities. The standby letters of credit and guarantees relate to obligations of the Company’s foreign subsidiaries for credit extended in the ordinary course of business by direct carriers, primarily airlines, and for duty and tax deferrals available from governmental entities responsible for customs and value-added-tax (VAT) taxation. The total underlying amounts due and payable for transportation and governmental excise taxes are properly recorded as obligations in the books of the respective foreign subsidiaries, and there would be no need to record additional expense in the unlikely event the parent company were to be required to perform.

Contingencies

Contingencies	12 Months Ended
	Dec. 31, 2021
Loss Contingency [Abstract]
Contingencies	NOTE 9 . 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 December 31, 2021, the amounts recorded 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, including potential claims resulting from a cyber-attack in February 2022.

Business Segment Information

Business Segment Information	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Business Segment Information	NOTE 10. BUSINESS SEGMENT INFORMATION Financial information regarding 2021, 2020 and 2019 operations by the Company’s designated geographic areas is as follows: UNITED STATES OTHER NORTH AMERICA LATIN AMERICA NORTH ASIA SOUTH ASIA EUROPE MIDDLE EAST, AFRICA AND INDIA ELIM-INATIONS CONSOL-IDATED 2021 Revenues 3 $ 4,344,825 440,226 209,161 6,363,054 2,046,569 2,258,911 865,509 (4,738 ) 16,523,517 Directly related cost of transportation and other expenses 1, 3 $ 2,491,947 245,842 125,940 5,295,612 1,666,792 1,558,705 675,303 (1,986 ) 12,058,155 Salaries and other operating expenses 2 $ 1,019,236 123,147 57,779 515,703 204,574 494,760 143,581 (2,744 ) 2,556,036 Operating income $ 833,642 71,237 25,442 551,739 175,203 205,446 46,625 (8 ) 1,909,326 Identifiable assets at period end $ 3,699,748 265,872 122,327 1,587,659 572,980 1,089,963 350,843 (79,463 ) 7,609,929 Capital expenditures $ 19,527 983 471 1,786 2,057 9,507 1,916 — 36,247 Depreciation and amortization $ 29,826 1,780 1,079 5,047 1,965 9,228 2,387 — 51,312 Equity $ 2,599,804 111,952 41,743 224,765 140,129 294,348 123,598 (38,348 ) 3,497,991 2020 Revenues 3 $ 2,776,537 325,878 156,163 3,425,510 961,989 1,455,746 486,331 (3,761 ) 9,584,393 Directly related cost of transportation and other expenses 1, 3 $ 1,568,452 190,326 93,249 2,744,264 711,004 992,357 359,002 (1,952 ) 6,656,702 Salaries and other operating expenses 2 $ 877,117 100,687 48,114 332,978 149,269 375,900 104,968 (1,779 ) 1,987,254 Operating income $ 330,968 34,865 14,800 348,268 101,716 87,489 22,361 (30 ) 940,437 Identifiable assets at period end $ 2,532,324 186,204 85,085 876,856 272,106 752,589 240,984 (18,645 ) 4,927,503 Capital expenditures $ 31,604 1,886 564 2,202 2,264 6,394 2,629 — 47,543 Depreciation and amortization $ 37,081 1,946 1,194 4,961 1,876 8,029 1,872 — 56,959 Equity $ 1,928,945 67,243 32,273 241,155 121,411 196,637 114,369 (38,806 ) 2,663,227 2019 Revenues 3 $ 2,720,923 345,800 151,972 2,323,959 725,039 1,239,026 439,064 (3,366 ) 7,942,417 Directly related cost of transportation and other expenses 1, 3 $ 1,537,671 203,764 89,067 1,800,065 526,506 843,325 307,574 (2,023 ) 5,305,949 Salaries and other operating expenses 2 $ 859,946 101,654 55,512 271,594 127,478 342,073 112,844 (1,325 ) 1,869,776 Operating income $ 323,306 40,382 7,393 252,300 71,055 53,628 18,646 (18 ) 766,692 Identifiable assets at period end $ 1,978,307 153,813 72,677 538,526 178,336 551,576 219,953 (1,304 ) 3,691,884 Capital expenditures $ 28,666 2,353 1,556 1,767 1,558 9,231 1,891 — 47,022 Depreciation and amortization $ 31,049 1,881 1,489 5,263 1,912 7,398 1,958 — 50,950 Equity $ 1,521,059 65,100 29,148 247,725 94,727 159,308 114,726 (34,574 ) 2,197,219 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 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 consolidated statements of earnings. 3 See Note 11 – Correction of Immaterial Errors. Other than the United States, only the People’s Republic of China, including Hong Kong, represented more than 10% 2021 2020 2019 Revenues 1 31 % 29 % 25 % Operating income 22 % 29 % 27 % Identifiable assets at year end 17 % 14 % 12 % Equity 4 % 6 % 9 % 1

Correction of Immaterial Errors

Correction of Immaterial Errors	12 Months Ended
	Dec. 31, 2021
Accounting Changes And Error Corrections [Abstract]
Correction of Immaterial Errors	N OTE 11 . 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 table presents the effect of the correction for the following periods: Year ended December 31, 2020 Year ended December 31, 2019 As reported Adjustments As corrected As reported Adjustments As corrected Revenues: Airfreight services $ 4,784,402 $ 510,376 $ 4,274,026 $ 2,929,882 $ 188,944 $ 2,740,938 Ocean freight and ocean services 2,353,247 10,903 2,342,344 2,217,554 29,405 2,188,149 Customs brokerage and other services 2,978,832 10,809 2,968,023 3,027,990 14,660 3,013,330 Total revenues 1 10,116,481 532,088 9,584,393 8,175,426 233,009 7,942,417 Directly related transportation operating expenses: Airfreight services 3,679,185 510,377 3,168,808 2,143,999 188,945 1,955,054 Ocean freight and ocean services 1,762,754 10,904 1,751,850 1,613,646 29,406 1,584,240 Customs brokerage and other services 1,746,851 10,807 1,736,044 1,781,313 14,658 1,766,655 Total directly related transportation operating expenses 1 $ 7,188,790 $ 532,088 $ 6,656,702 $ 5,538,958 $ 233,009 $ 5,305,949 1 The North Asia business segment accounts for 78% and 73% of total adjustments, respectively.

Subsequent Event

Subsequent Event	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Event	N OTE 12 . SUBSEQUENT EVENT On February 20, 2022, management determined that the Company was the subject of a targeted cyber-attack. Upon discovering the incident, the Company shut down most of its operating systems globally to manage the safety of its overall global systems environment. The Company had limited ability to conduct operations during this time, including but not limited to arranging for shipments of freight or managing customs and distribution activities for our customers’ shipments. The situation is evolving and while the Company has partially

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 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, electronics, high technology, industrial and manufacturing companies around the world. International trade is influenced by many factors, including economic and political conditions in the United States and abroad, currency exchange rates, laws and policies relating to tariffs, trade restrictions, foreign investments and taxation. Periodically, governments consider a variety of changes to tariffs and trade restrictions and accords. The Company cannot predict the outcome of ongoing proposals or negotiations, nor can the Company predict the effects adoption of any such proposal will have on the Company’s business. Doing business in foreign locations also subjects the Company to a variety of risks and considerations not normally encountered by domestic enterprises. In addition to being influenced by governmental policies and inter-governmental disputes concerning international trade, the Company’s business may also be affected by political developments and changes in government personnel or policies as well as economic turbulence, natural disasters and pandemics, political unrest and security concerns in the nations and on the shipping lanes in which it does business and the future impact that these events may have on international trade, oil prices and security costs. The consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission in accordance with accounting principles generally accepted in the United States (U.S. GAAP). The consolidated financial statements include the accounts of the Company and its subsidiaries stated in U.S. dollars, the Company’s reporting currency. In addition, the consolidated financial statements also include the accounts of operating entities where the Company maintains a parent-subsidiary relationship through unilateral control over assets and operations together with responsibility for payment of all liabilities, notwithstanding a lack of technical majority ownership of the subsidiary's common stock. 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 11 for further information.
Cash Equivalents	B. | Cash Equivalents All highly liquid investments with a maturity of three months or less at date of purchase are considered to be cash equivalents.
Accounts Receivable	C. | Accounts Receivable Effective January 1, 2020, the Company adopted a new accounting standard update related to the measurement of credit losses on financial instruments. The Company determined that this new guidance is applicable to its accounts receivable, which are short term and for which the Company has not historically experienced significant credit losses. The adoption had an immaterial effect on the Company’s consolidated financial statements and disclosures. The Company adopted this standard using the modified retrospective transition method resulting in a $6 million adjustment to the opening balance of retained earnings and an $8 million reduction to the opening balance of allowance for credit loss. Under this new standard, the valuation allowance reduces a financial asset’s balance for credit losses expected to be incurred over the assets contractual term. 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 significant enough to affect expected credit losses.
Long-Lived Assets, Depreciation and Amortization	D. | Long-Lived Assets, Depreciation and Amortization Property and equipment are recorded at cost and are depreciated or amortized on the straight-line method over the shorter of the assets’ estimated useful lives or lease terms. Useful lives for major categories of property and equipment are as follows: Buildings and land improvements 30 to 40 years Building improvements 3 to 10 years Furniture, fixtures, equipment and purchased software 3 to 10 years Expenditures for maintenance, repairs, and replacements of minor items are charged to earnings as incurred. Major upgrades and improvements that extend the life of the asset are capitalized. Upon disposition, the cost and related accumulated depreciation are removed from the accounts and the resulting gain or loss is included in income for the period. For the years ended December 31, 2021 and 2020, the Company performed the required goodwill annual impairment test during the fourth quarter and determined that no impairment had occurred.
Leases	E. | 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 on the consolidated statement of earnings. Additionally, the Company elected to apply the short-term lease exemption for leases with a non-cancelable period of twelve months or less and has chosen not to separate non-lease components from lease components and instead to account for each as a single lease component.
Revenue and Revenue Recognition	F. | Revenues and Revenue Recognition The Company provides global logistics services, including air and ocean freight consolidation and forwarding, customs brokerage, warehousing and distribution, purchase order management, vendor consolidation, time-definite transportation services, temperature-controlled transit, cargo insurance, specialized cargo monitoring and tracking and other logistics solutions. As a non-asset-based carrier, the Company does not own transportation assets. 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 Consolidated Statements of Earnings: 1) airfreight services, 2) ocean freight and ocean services, and 3) customs brokerage and other services. The most significant drivers of changes in gross revenues and related transportation expenses are volume, sell rates and buy rates. Volume has a similar effect on the change in both gross revenues and related transportation expenses in each of the Company's three primary sources of revenue. The major portion of the Company's air and ocean freight revenues are generated by purchasing transportation services on a wholesale basis from direct (asset-based) carriers and then reselling those services to customers on a retail basis. The rate billed to our customers (the sell rate) is recognized as revenues and the rate we pay to the carrier (the buy rate) is recognized in operating expenses as the directly related cost of transportation and other expenses. Revenue is recognized upon transfer of control of promised services to customers, which occurs over time. The Company has determined that in general each shipment transaction or service order constitutes a separate contract with the customer. However, when the Company provides multiple services to a customer, different contracts may be present for different services. The Company combines the contracts, which form a single performance obligation, and accounts for the contracts as a single contract when certain criteria are met. 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. This method of measurement of progress depicts the pattern of the Company's actual performance under the contracts with the customer. There are no significant judgments involved in measuring the progress of the performance obligations. Amounts allocated to the services for each performance obligation are typically based on standalone selling prices. The Company does not have significant variable consideration in its contracts. Taxes assessed concurrently with a specific revenue-producing transaction that are collected by the Company from a customer are excluded from revenue. Typically, the transaction price for each of the Company's services are quoted as separate components; however, customers on occasion will request an all-inclusive rate for a set of services known in the industry as “door-to-door service.” This means that the customer is billed a single rate for all services from pickup at origin to delivery at destination. In these instances, the transaction price is allocated to each service on a relative selling price basis. 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 generally has an unconditional right to consideration when the services are initiated or soon thereafter. The amount due from the customer is recorded as accounts receivable. The amounts related to services that are not yet completed at the reporting date are presented as contract liabilities, with corresponding direct costs to fulfill the performance obligation that will be satisfied in the future presented as deferred contract costs. The Company generally does not incur incremental costs to obtain the contract with the customer. The Company may incur costs to fulfill the contract with the customers, such as set-up costs. However, the amount incurred is insignificant to the Company’s consolidated financial statements. The Company evaluates whether amounts billed to customers should be reported as gross or net revenue. Generally, revenue is recorded on a gross basis when the Company is primarily responsible for fulfilling the promise to provide the services, when it assumes risk of loss, when it has discretion in setting the prices for the services to the customers, and when the Company has the ability to direct the use of the services provided by the third party. In most cases we act as an indirect carrier. When acting as an indirect carrier, we issue a House Airway Bill (HAWB), a House Ocean Bill of Lading (HOBL) or a House Seaway Bill to customers as the contract of carriage. In turn, when the freight is physically tendered to a direct carrier, we receive a contract of carriage known as a Master Airway Bill for airfreight shipments and a Master Ocean Bill of Lading for ocean shipments. When revenue is recorded on a net basis, the amounts earned are determined using a fixed fee, a per unit of activity fee or a combination thereof. For revenues earned in other capacities, for instance, when we do not issue a HAWB, a HOBL, or a House Seaway Bill or otherwise act solely as an agent for the shipper, only the commissions and fees earned for such services are included in revenues. In these transactions, we are not a principal and report only commissions and fees earned in revenue. The Company disaggregates its revenues by its three primary service categories in the consolidated financial statements: airfreight, ocean freight and ocean services and customs brokerage and other. Revenues by geographic location are presented within business segment information in Note 10.
Income Taxes	G. | Income Taxes Income taxes are accounted for under the asset and liability method of accounting. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributed to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, the tax effect of loss carryforwards and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Earnings of the Company's foreign subsidiaries are not considered to be indefinitely reinvested outside of the United States. A valuation allowance is established when necessary to reduce deferred tax assets to amounts expected to be realized. The Company recognizes interest expense related to unrecognized tax benefits or underpayment of income taxes in interest expense and recognizes penalties in operating expenses. The Tax Cuts and Jobs Act ( 2017 Tax Act ) significantly changed U.S. corporate income tax laws, including among other things, the creation of a territorial tax system. The 2017 Tax Act include s 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 discrete adjustments as components of current income tax expense.
Net Earnings Attributable to Shareholders per Common Share	H | Net Earnings Attributable to Shareholders per Common 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 common shares represent outstanding stock options, stock purchase rights 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. Diluted earnings attributable to shareholders per share is computed using the weighted average number of common shares and dilutive potential common shares outstanding. Dilutive potential shares represent outstanding stock options, including purchase options under the Company's employee stock purchase plan and unvested RSUs. Basic earnings attributable to shareholders per share is calculated using the weighted average number of common shares outstanding without taking into consideration dilutive potential common shares outstanding.
Stock Plans	I. | Stock Plans The Company maintains several equity incentive plans under which the Company has granted stock options, director restricted stock, restricted stock units (RSUs), performance stock units (PSUs) and employee stock purchase rights to employees or directors. The Company recognizes stock compensation expense based on the fair value of awards at the grant date. This expense, adjusted for expected forfeitures, is recognized in net earnings on a straight-line basis over the service periods as a component of salaries and related costs. Expense for PSU awards is recognized over the service period when it is probable the performance goal will be achieved and based on the most probable outcome of performance conditions at the reporting date. RSUs and PSUs awarded to certain employees meeting specific retirement eligibility criteria at the time of grant are expensed immediately, as there is no substantive service period associated with those awards.
Foreign Currency	J. | Foreign Currency Foreign currency amounts attributable to foreign operations have been translated into U.S. dollars using year-end exchange rates for assets and liabilities, historical rates for equity, and weighted average rates for revenues and expenses. Currency fluctuations are a normal operating factor in the conduct of the Company’s business and foreign exchange transaction gains and losses are included in revenues and operating expenses. Also, the Company is exposed to foreign currency exchange fluctuations on monetary assets and liabilities denominated in currencies that are not the local functional currency. Foreign exchange gains and losses on such balances are recognized in net earnings within customs brokerage and other services costs. Net foreign currency losses in 2021, 2020 and 2019 were $11,806, $25,398 and $9,251, respectively. The Company follows a policy of accelerating international currency settlements to manage its foreign exchange exposure. Accordingly, the Company enters into foreign currency hedging transactions only in limited locations where there are regulatory or commercial limitations on the Company’s ability to move money freely. Such hedging activity during 2021, 2020 and 2019 was insignificant. The Company had no foreign currency derivatives outstanding at December 31, 2021 and 2020.
Comprehensive Income	K. | Comprehensive Income Comprehensive income consists of net earnings and other gains and losses affecting equity that, under U.S. GAAP, are excluded from net earnings. For the Company, these consist of foreign currency translation gains and losses, net of related income tax effects and comprehensive income or loss attributable to the noncontrolling interests. Upon the complete or substantially complete liquidation of the Company's investment in a foreign entity, cumulative translation adjustments are recorded as reclassification adjustments in other comprehensive income and recognized in net earnings. Accumulated other comprehensive loss consisted entirely of foreign currency translation adjustments, net of related income tax effects, as of December 31, 2021 and 2020.
Segment Reporting	L. | 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, depreciation and amortization 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.
Use of Estimates	M. | 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 income and non-income tax liabilities including estimates associated with the 2017 Tax Act, accrual of loss contingencies, the allocation of the purchase price in a business combination, 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.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Schedule of Useful Lives for Property and Equipment	Useful lives for major categories of property and equipment are as follows: Buildings and land improvements 30 to 40 years Building improvements 3 to 10 years Furniture, fixtures, equipment and purchased software 3 to 10 years

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 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: December 31, 2021 December 31, 2020 Cost Fair Value Cost Fair Value Cash and cash equivalents: Cash and overnight deposits $ 1,241,565 $ 1,241,565 $ 602,112 $ 602,112 Corporate commercial paper 423,261 423,279 872,287 872,350 Time deposits 63,866 63,866 53,392 53,392 Total cash and cash equivalents $ 1,728,692 $ 1,728,710 $ 1,527,791 $ 1,527,854

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2021
Property Plant And Equipment [Abstract]
Schedule of Property and Equipment	The components of property and equipment are as follows: 2021 2020 Land $ 147,310 $ 150,030 Buildings and leasehold improvements 494,797 492,747 Furniture, fixtures, equipment and purchased software 382,676 379,344 Construction in progress 4,764 1,292 Property and equipment, at cost 1,029,547 1,023,413 Less accumulated depreciation and amortization 541,677 516,988 Property and equipment, net $ 487,870 $ 506,425

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2021
Lessee Disclosure [Abstract]
Lease, Cost	Lease cost for the twelve months ended December 31, 2021, 2020, and 2019 is recorded under rent and occupancy expenses in the consolidated statements of earnings and is comprised of the following: 2021 2020 2019 Operating lease cost $ 98,219 $ 91,436 $ 81,912 Variable lease cost 39,607 26,857 25,843 Total lease cost $ 137,826 $ 118,293 $ 107,755
Lessee, Operating Lease, Liability, Maturity	Maturities of lease liabilities as of December 31, 2021 are as follows: 2022 $ 97,047 2023 89,583 2024 73,346 2025 66,112 2026 51,708 Thereafter 153,090 Total minimum lease payments 530,886 Less imputed interest 63,226 Lease liability $ 467,660
Schedule of Weighted-average Remaining Lease Term and Weighted-average Discount Rate	The weighted-average remaining lease term and weighted-average discount rate are as follows: 2021 2020 Weighted-average remaining lease term (in years) 7.45 7.86 Weighted-average discount rate 3.71 % 4.08 %
Other Information Related to Leases	Other information related to the Company's operating leases are as follows: 2021 2020 2019 Right-of-use assets obtained in exchange for new operating lease liabilities $ 117,409 $ 109,515 $ 103,788 Cash paid for amounts included in the measurement of lease liabilities $ 95,804 $ 90,101 $ 79,040

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Award Activity	The following table summarizes information about RSUs and restricted shares: Number of shares Weighted average grant date fair value Outstanding at December 31, 2020 965 $ 73.92 RSUs granted 327 $ 113.82 RSUs vested (477 ) $ 74.16 RSUs forfeited (21 ) $ 83.42 Outstanding at December 31, 2021 794 $ 89.74
Schedule of Stock Option Activity	The following table summarizes information about stock options: Number of shares Weighted average exercise price per share Weighted average remaining contractual life Aggregate intrinsic value Outstanding at December 31, 2020 3,553 $ 44.49 Options granted — $ — Options exercised (1,220 ) $ 45.28 Options forfeited — $ — Options canceled (4 ) $ 51.32 Outstanding at December 31, 2021 2,329 $ 44.07 2.95 $ 210,128 Exercisable at December 31, 2021 2,329 $ 44.07 2.95 $ 210,128
Shared-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Method Used	The fair value of employee stock purchase rights granted under the 2002 Plan is estimated on the date of grant using the Black-Scholes Model with the following assumptions: For the years ended December 31, 2021 2020 2019 Dividend yield 1.10 % 1.40 % 1.40 % Volatility 20 % 32 % 23 % Risk-free interest rates 0.08 % 0.15 % 1.96 % Expected life (years) 1 1 1 Weighted average fair value $ 28.55 $ 23.26 $ 17.03

Basic and Diluted Earnings pe_2

Basic and Diluted Earnings per Share (Tables)	12 Months Ended
	Dec. 31, 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. Net earnings attributable to shareholders Weighted average shares Earnings per share 2021 Basic earnings attributable to shareholders $ 1,415,492 169,145 $ 8.37 Effect of dilutive potential common shares — 2,105 — Diluted earnings attributable to shareholders $ 1,415,492 171,250 $ 8.27 2020 Basic earnings attributable to shareholders $ 696,140 168,333 $ 4.14 Effect of dilutive potential common shares — 2,563 — Diluted earnings attributable to shareholders $ 696,140 170,896 $ 4.07 2019 Basic earnings attributable to shareholders $ 590,395 170,899 $ 3.45 Effect of dilutive potential common shares — 3,310 — Diluted earnings attributable to shareholders $ 590,395 174,209 $ 3.39

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense	Income tax expense (benefit) includes the following components: Federal State Foreign Total 2021 Current $ 126,840 $ 54,484 $ 328,137 $ 509,461 Deferred (3,981 ) 291 — (3,690 ) $ 122,859 $ 54,775 $ 328,137 $ 505,771 2020 Current $ 37,551 $ 18,432 $ 193,996 $ 249,979 Deferred 8,440 (69 ) — 8,371 $ 45,991 $ 18,363 $ 193,996 $ 258,350 2019 Current $ 35,324 $ 13,711 $ 150,261 $ 199,296 Deferred 3,149 1,333 — 4,482 $ 38,473 $ 15,044 $ 150,261 $ 203,778
Schedule of U.S. and Foreign Components of Income Before Income Tax Expense/(Benefit)	The components of earnings before income taxes are as follows: 2021 2020 2019 United States $ 823,009 $ 325,009 $ 327,878 Foreign 1,101,607 631,555 467,916 $ 1,924,616 $ 956,564 $ 795,794
Schedule of Effective Income Tax Rate Reconciliation	Income tax expense differs from amounts computed by applying the United States Federal income tax rate of 21% when compared to earnings before income taxes as a result of the following: 2021 2020 2019 Computed “expected” tax expense $ 404,169 $ 200,879 $ 167,117 Increase (decrease) in income taxes resulting from: Effect of foreign taxes 46,644 48,584 26,599 State income taxes, net of Federal income tax benefit 43,272 14,507 11,885 Nondeductible executive compensation 8,981 4,324 2,838 Stock compensation expense, net (6,238 ) (8,461 ) (2,689 ) Other, net 8,943 (1,483 ) (1,972 ) $ 505,771 $ 258,350 $ 203,778
Schedule of Deferred Tax Assets and Liabilities	The tax effects of temporary differences and tax credits that give rise to significant portions of deferred tax assets and deferred tax liabilities are as follows: Years ended December 31, 2021 2020 Deferred Tax Assets: Deductible stock compensation expense, net $ 11,291 $ 14,265 Operating lease liabilities 67,065 52,223 Accrued third party obligations, deductible for taxes upon economic performance 6,504 6,242 Excess of financial statement over tax depreciation 9,182 8,123 Foreign currency translation adjustments 8,729 4,604 Retained liability for cargo claims 1,430 1,128 Provision for credit losses on accounts receivable 2,168 954 Total gross deferred tax assets 106,369 87,539 Deferred Tax Liabilities: Unremitted foreign earnings, net of related foreign tax credits 41,560 43,805 Operating lease assets 64,080 49,865 Deferred contract costs — 917 Total gross deferred tax liabilities 105,640 94,587 Net deferred tax (liabilities) assets $ 729 $ (7,048 )

Business Segment Information (T

Business Segment Information (Tables)	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Financial information regarding 2021, 2020 and 2019 operations by the Company’s designated geographic areas is as follows: UNITED STATES OTHER NORTH AMERICA LATIN AMERICA NORTH ASIA SOUTH ASIA EUROPE MIDDLE EAST, AFRICA AND INDIA ELIM-INATIONS CONSOL-IDATED 2021 Revenues 3 $ 4,344,825 440,226 209,161 6,363,054 2,046,569 2,258,911 865,509 (4,738 ) 16,523,517 Directly related cost of transportation and other expenses 1, 3 $ 2,491,947 245,842 125,940 5,295,612 1,666,792 1,558,705 675,303 (1,986 ) 12,058,155 Salaries and other operating expenses 2 $ 1,019,236 123,147 57,779 515,703 204,574 494,760 143,581 (2,744 ) 2,556,036 Operating income $ 833,642 71,237 25,442 551,739 175,203 205,446 46,625 (8 ) 1,909,326 Identifiable assets at period end $ 3,699,748 265,872 122,327 1,587,659 572,980 1,089,963 350,843 (79,463 ) 7,609,929 Capital expenditures $ 19,527 983 471 1,786 2,057 9,507 1,916 — 36,247 Depreciation and amortization $ 29,826 1,780 1,079 5,047 1,965 9,228 2,387 — 51,312 Equity $ 2,599,804 111,952 41,743 224,765 140,129 294,348 123,598 (38,348 ) 3,497,991 2020 Revenues 3 $ 2,776,537 325,878 156,163 3,425,510 961,989 1,455,746 486,331 (3,761 ) 9,584,393 Directly related cost of transportation and other expenses 1, 3 $ 1,568,452 190,326 93,249 2,744,264 711,004 992,357 359,002 (1,952 ) 6,656,702 Salaries and other operating expenses 2 $ 877,117 100,687 48,114 332,978 149,269 375,900 104,968 (1,779 ) 1,987,254 Operating income $ 330,968 34,865 14,800 348,268 101,716 87,489 22,361 (30 ) 940,437 Identifiable assets at period end $ 2,532,324 186,204 85,085 876,856 272,106 752,589 240,984 (18,645 ) 4,927,503 Capital expenditures $ 31,604 1,886 564 2,202 2,264 6,394 2,629 — 47,543 Depreciation and amortization $ 37,081 1,946 1,194 4,961 1,876 8,029 1,872 — 56,959 Equity $ 1,928,945 67,243 32,273 241,155 121,411 196,637 114,369 (38,806 ) 2,663,227 2019 Revenues 3 $ 2,720,923 345,800 151,972 2,323,959 725,039 1,239,026 439,064 (3,366 ) 7,942,417 Directly related cost of transportation and other expenses 1, 3 $ 1,537,671 203,764 89,067 1,800,065 526,506 843,325 307,574 (2,023 ) 5,305,949 Salaries and other operating expenses 2 $ 859,946 101,654 55,512 271,594 127,478 342,073 112,844 (1,325 ) 1,869,776 Operating income $ 323,306 40,382 7,393 252,300 71,055 53,628 18,646 (18 ) 766,692 Identifiable assets at period end $ 1,978,307 153,813 72,677 538,526 178,336 551,576 219,953 (1,304 ) 3,691,884 Capital expenditures $ 28,666 2,353 1,556 1,767 1,558 9,231 1,891 — 47,022 Depreciation and amortization $ 31,049 1,881 1,489 5,263 1,912 7,398 1,958 — 50,950 Equity $ 1,521,059 65,100 29,148 247,725 94,727 159,308 114,726 (34,574 ) 2,197,219 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 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 consolidated statements of earnings. 3 See Note 11 – Correction of Immaterial Errors.
Schedule of Revenues Operating Income and Long-lived Assets Attributed to Material Foreign Countries	Other than the United States, only the People’s Republic of China, including Hong Kong, represented more than 10% 2021 2020 2019 Revenues 1 31 % 29 % 25 % Operating income 22 % 29 % 27 % Identifiable assets at year end 17 % 14 % 12 % Equity 4 % 6 % 9 % 1

Correction of Immaterial Erro_2

Correction of Immaterial Errors (Tables)	12 Months Ended
	Dec. 31, 2021
Accounting Changes And Error Corrections [Abstract]
Schedule of Effect of the Correction	The below table presents the effect of the correction for the following periods: Year ended December 31, 2020 Year ended December 31, 2019 As reported Adjustments As corrected As reported Adjustments As corrected Revenues: Airfreight services $ 4,784,402 $ 510,376 $ 4,274,026 $ 2,929,882 $ 188,944 $ 2,740,938 Ocean freight and ocean services 2,353,247 10,903 2,342,344 2,217,554 29,405 2,188,149 Customs brokerage and other services 2,978,832 10,809 2,968,023 3,027,990 14,660 3,013,330 Total revenues 1 10,116,481 532,088 9,584,393 8,175,426 233,009 7,942,417 Directly related transportation operating expenses: Airfreight services 3,679,185 510,377 3,168,808 2,143,999 188,945 1,955,054 Ocean freight and ocean services 1,762,754 10,904 1,751,850 1,613,646 29,406 1,584,240 Customs brokerage and other services 1,746,851 10,807 1,736,044 1,781,313 14,658 1,766,655 Total directly related transportation operating expenses 1 $ 7,188,790 $ 532,088 $ 6,656,702 $ 5,538,958 $ 233,009 $ 5,305,949 1 The North Asia business segment accounts for 78% and 73% of total adjustments, respectively.

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2020	Dec. 31, 2018
Significant Accounting Policy [Line Items]
Accounts receivable, allowance for credit loss	$ 6,686,000	$ 5,579,000
Cumulative effect of accounting change	3,497,991,000	2,663,227,000	$ 2,197,219,000		$ 1,987,720,000
Impairment of goodwill	0	0
Net foreign currency gains (losses)	$ (11,806,000)	$ (25,398,000)	(9,251,000)
Cumulative Effect, Period of Adoption, Adjustment
Significant Accounting Policy [Line Items]
Cumulative effect of accounting change			$ 6,074,000
Accounting Standards Update 2016-13 | Cumulative Effect, Period of Adoption, Adjustment
Significant Accounting Policy [Line Items]
Accounts receivable, allowance for credit loss				$ (8,000,000)
Cumulative effect of accounting change				$ 6,000,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Useful Lives for Major Categories of Property and Equipment (Detail)	12 Months Ended
	Dec. 31, 2021
Buildings and Land Improvements | Minimum
Property Plant And Equipment [Line Items]
Property and equipment, useful life	30 years
Buildings and Land Improvements | Maximum
Property Plant And Equipment [Line Items]
Property and equipment, useful life	40 years
Building Improvements | Minimum
Property Plant And Equipment [Line Items]
Property and equipment, useful life	3 years
Building Improvements | Maximum
Property Plant And Equipment [Line Items]
Property and equipment, useful life	10 years
Furniture, Fixtures, Equipment and Purchased Software | Minimum
Property Plant And Equipment [Line Items]
Property and equipment, useful life	3 years
Furniture, Fixtures, Equipment and Purchased Software | Maximum
Property Plant And Equipment [Line Items]
Property and equipment, useful life	10 years

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	$ 1,728,692	$ 1,527,791
Cost
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash and cash equivalents	1,728,692	1,527,791
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash and cash equivalents	1,728,710	1,527,854
Cash and Overnight Deposits | Cost
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	1,241,565	602,112
Cash and Overnight Deposits | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	1,241,565	602,112
Corporate Commercial Paper | Cost
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash and cash equivalents	423,261	872,287
Corporate Commercial Paper | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash and cash equivalents	423,279	872,350
Time Deposits | Cost
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash and cash equivalents	63,866	53,392
Time Deposits | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash and cash equivalents	$ 63,866	$ 53,392

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property Plant And Equipment [Abstract]
Land	$ 147,310	$ 150,030
Buildings and leasehold improvements	494,797	492,747
Furniture, fixtures, equipment and purchased software	382,676	379,344
Construction in progress	4,764	1,292
Property and equipment, at cost	1,029,547	1,023,413
Less accumulated depreciation and amortization	541,677	516,988
Property and equipment, net	$ 487,870	$ 506,425

Leases - Lease Cost (Detail)

Leases - Lease Cost (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Lessee Disclosure [Abstract]
Operating lease cost	$ 98,219	$ 91,436	$ 81,912
Variable lease cost	39,607	26,857	25,843
Total lease cost	$ 137,826	$ 118,293	$ 107,755

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities (Detail) $ in Thousands	Dec. 31, 2021USD ($)
Lessee Disclosure [Abstract]
2022	$ 97,047
2023	89,583
2024	73,346
2025	66,112
2026	51,708
Thereafter	153,090
Total minimum lease payments	530,886
Less imputed interest	63,226
Lease liability	$ 467,660

Leases - Weighted-Average Remai

Leases - Weighted-Average Remaining Lease Term and Weighted-Average Discount (Detail)	Dec. 31, 2021	Dec. 31, 2020
Lessee Disclosure [Abstract]
Weighted-average remaining lease term (in years)	7 years 5 months 12 days	7 years 10 months 9 days
Weighted-average discount rate	3.71%	4.08%

Leases - Other Information Rela

Leases - Other Information Related to Operating Leases (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Lessee Disclosure [Abstract]
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 117,409	$ 109,515	$ 103,788
Cash paid for amounts included in the measurement of lease liabilities	$ 95,804	$ 90,101	$ 79,040

Shareholders' Equity - Stock Re

Shareholders' Equity - Stock Repurchase Plans- Additional Information (Detail) shares in Thousands	Dec. 31, 2021shares
Discretionary Plan
Class of Stock [Line Items]
Expected common stock shares issued and outstanding	160,000

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	May 05, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2016	Dec. 31, 2020	Dec. 31, 2020
Class of Stock [Line Items]
Cumulative shares repurchased							122,969
Issuance of shares under stock purchase plan						13,523
Total intrinsic value of options exercised		$ 82,000	$ 117,000	$ 79,000
Total unrecognized share-based compensation cost		$ 52,000
Unrecognized share-based compensation cost, weighted average period		1 year 7 months 6 days
The Amended 2017 Plan
Class of Stock [Line Items]
Shares authorized for grant	5,500
Weighted average fair value of award granted during the period		$ 113.82	$ 74	$ 75.73
Shares available for granting of awards		2,567
The Amended 2017 Plan | Upper End | Director
Class of Stock [Line Items]
Fair value of annual equity award grant per participant		$ 600
The Amended 2017 Plan | Upper End | Board of Directors Chairman
Class of Stock [Line Items]
Fair value of annual equity award grant per participant		$ 800
Restricted Stock Units (RSUs)
Class of Stock [Line Items]
Award vesting period	3 years
Number of common stock issued per unit based award upon vesting		100.00%
Weighted average fair value of award granted during the period		$ 113.82
Shares granted		327
Weighted average grant date fair value of shares unvested		$ 89.74	$ 73.92			$ 73.92	$ 73.92
Number of unsettled shares, vested		477
Weighted average grant date fair value of shares vested		$ 74.16
Restricted Shares
Class of Stock [Line Items]
Weighted average fair value of award granted during the period		$ 113.82
Number of shares, unvested		0
Shares granted		12
Performance Shares
Class of Stock [Line Items]
Number of common stock issued per unit based award upon vesting		100.00%
Number of shares, unvested		173
Shares granted		75	95	96
Maximum Adjustment Factor		200.00%
Minimum Adjustment Factor		50.00%
Shares issued if minimum performance thresholds are not achieved		0
Weighted average grant date fair value of shares unvested		$ 90.77
Number of unsettled shares, vested		200
Weighted average grant date fair value of shares vested		$ 75.73
Employee Stock Option Plan | Upper End
Class of Stock [Line Items]
Maximum contractual term					10 years
Employee Stock Purchase Plan
Class of Stock [Line Items]
Shares authorized for grant		15,305
Purchase price percentage of fair market value		85.00%
Amount withheld employee stock purchase plan		$ 33,073
Non-Discretionary Plan
Class of Stock [Line Items]
Number of shares authorized for repurchase		40,000
Remaining number of shares authorized for repurchase		0

Shareholder's Equity - Summary

Shareholder's Equity - Summary of Information about RSUs (Detail) - Restricted Stock Units (RSUs) shares in Thousands	12 Months Ended
	Dec. 31, 2021$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at December 31, 2020 | shares	965
RSUs granted | shares	327
RSUs vested | shares	(477)
RSUs forfeited | shares	(21)
Outstanding at December 31, 2021 | shares	794
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Outstanding at December 31, 2020 | $ / shares	$ 73.92
RSUs granted | $ / shares	113.82
RSUs vested | $ / shares	74.16
RSUs forfeited | $ / shares	83.42
Outstanding at December 31, 2021 | $ / shares	$ 89.74

Shareholders' Equity - Summary

Shareholders' Equity - Summary of Information about Stock Options (Detail) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)$ / sharesshares
Number of shares - Stock Option
Outstanding at December?31, 2020, beginning balance	3,553
Options granted	0
Options exercised	(1,220)
Options forfeited	0
Options canceled	(4)
Outstanding at December?31, 2021, ending balance	2,329
Exercisable at December 31, 2021	2,329
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning Balance | $ / shares	$ 44.49
Options granted | $ / shares	0
Options exercised | $ / shares	45.28
Options canceled | $ / shares	51.32
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance | $ / shares	44.07
Exercisable at December 31, 2021 | $ / shares	$ 44.07
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Outstanding at December 31, 2021	2 years 11 months 12 days
Exercisable at December 31, 2021	2 years 11 months 12 days
Outstanding at December 31, 2021 | $	$ 210,128
Exercisable at December 31, 2021 | $	$ 210,128

Shareholders' Equity - Assumpti

Shareholders' Equity - Assumptions to Estimate Fair Value of Employee Stock Purchase Rights on Date of Grant Using Black Scholes Option Pricing Model (Detail) - Employee Stock Purchase Plan - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	1.10%	1.40%	1.40%
Volatility	20.00%	32.00%	23.00%
Risk-free interest rates	0.08%	0.15%	1.96%
Expected life (years)	1 year	1 year	1 year
Weighted average fair value	$ 28.55	$ 23.26	$ 17.03

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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net Earnings Attributable to Shareholders
Basic earnings attributable to shareholders	$ 1,415,492	$ 696,140	$ 590,395
Diluted earnings attributable to shareholders	$ 1,415,492	$ 696,140	$ 590,395
Weighted Average Shares
Weighted average basic shares outstanding	169,145	168,333	170,899
Effect of dilutive potential common shares	2,105	2,563	3,310
Weighted average diluted shares outstanding	171,250	170,896	174,209
Earnings Per Share [Abstract]
Basic earnings attributable to shareholders per share	$ 8.37	$ 4.14	$ 3.45
Diluted earnings attributable to shareholders per share	$ 8.27	$ 4.07	$ 3.39

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Taxes [Line Items]
Effective income tax rate reconciliation, at federal statutory income tax rate, percent	21.00%	21.00%	21.00%
Effective Income Tax Rate Reconciliation, Tax Credit, Other, Amount	$ 27.9	$ 16.7	$ 15.7
Income tax refunds received			4
Foreign Derived Intangible Income (FDII)
Income Taxes [Line Items]
Effective Income Tax Rate Reconciliation, Deduction, Other, Amount	$ 22.6	$ 10	$ 9

Income Taxes - Components of In

Income Taxes - Components of Income Tax Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Federal
Current	$ 126,840	$ 37,551	$ 35,324
Deferred	(3,981)	8,440	3,149
Federal income tax expense, total	122,859	45,991	38,473
State
Current	54,484	18,432	13,711
Deferred	291	(69)	1,333
State and local income tax expense, total	54,775	18,363	15,044
Foreign
Current	328,137	193,996	150,261
Deferred	0	0	0
Foreign income tax expense, total	328,137	193,996	150,261
Total
Current	509,461	249,979	199,296
Deferred	(3,690)	8,371	4,482
Income tax expense	$ 505,771	$ 258,350	$ 203,778

Income Taxes - Components of Ea

Income Taxes - Components of Earnings Before Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments [Abstract]
United States	$ 823,009	$ 325,009	$ 327,878
Foreign	1,101,607	631,555	467,916
Earnings before income taxes	$ 1,924,616	$ 956,564	$ 795,794

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Income Tax Expense Computed by Applying the United States Federal Income Tax Rate (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Expense Benefit Continuing Operations Income Tax Reconciliation [Abstract]
Computed “expected” tax expense	$ 404,169	$ 200,879	$ 167,117
Increase (decrease) in income taxes resulting from:
Effect of foreign taxes	46,644	48,584	26,599
State income taxes, net of Federal income tax benefit	43,272	14,507	11,885
Nondeductible executive compensation	8,981	4,324	2,838
Stock compensation expense, net	(6,238)	(8,461)	(2,689)
Other, net	8,943	(1,483)	(1,972)
Income tax expense	$ 505,771	$ 258,350	$ 203,778

Income Taxes - Components of De

Income Taxes - Components of Deferred Taxes (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred Tax Assets:
Deductible stock compensation expense, net	$ 11,291	$ 14,265
Operating lease liabilities	67,065	52,223
Accrued third party obligations, deductible for taxes upon economic performance	6,504	6,242
Excess of financial statement over tax depreciation	9,182	8,123
Foreign currency translation adjustments	8,729	4,604
Retained liability for cargo claims	1,430	1,128
Provision for credit losses on accounts receivable	2,168	954
Total gross deferred tax assets	106,369	87,539
Deferred Tax Liabilities:
Unremitted foreign earnings, net of related foreign tax credits	41,560	43,805
Operating lease assets	64,080	49,865
Deferred contract costs	0	917
Total gross deferred tax liabilities	105,640	94,587
Net deferred tax (liabilities) assets		$ (7,048)
Net deferred tax (liabilities) assets	$ 729

Commitments - Additional Inform

Commitments - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Commitments And Contingencies Disclosure [Line Items]
Committed purchase obligations	$ 300,000
Contribution by employer for employee saving plan	22,587	$ 20,713	$ 19,624
Standby Letters of Credit
Commitments And Contingencies Disclosure [Line Items]
Off-Balance Sheet, Credit Loss, Liability	$ 67,296

Business Segment Information -

Business Segment Information - Financial Information Regarding Company's Operations by Geographic Area (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	[1]	$ 16,523,517	$ 9,584,393	$ 7,942,417
Directly related cost of transportation and other expenses	[1],[2]	12,058,155	6,656,702	5,305,949
Salaries and other operating expenses	[3]	2,556,036	1,987,254	1,869,776
Operating income		1,909,326	940,437	766,692
Identifiable assets at period end		7,609,929	4,927,503	3,691,884
Capital expenditures		36,247	47,543	47,022
Depreciation and amortization		51,312	56,959	50,950
Equity		3,497,991	2,663,227	2,197,219	$ 1,987,720
Operating Segments | United States Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	[1]	4,344,825	2,776,537	2,720,923
Directly related cost of transportation and other expenses	[1],[2]	2,491,947	1,568,452	1,537,671
Salaries and other operating expenses	[3]	1,019,236	877,117	859,946
Operating income		833,642	330,968	323,306
Identifiable assets at period end		3,699,748	2,532,324	1,978,307
Capital expenditures		19,527	31,604	28,666
Depreciation and amortization		29,826	37,081	31,049
Equity		2,599,804	1,928,945	1,521,059
Operating Segments | Other North America Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	[1]	440,226	325,878	345,800
Directly related cost of transportation and other expenses	[1],[2]	245,842	190,326	203,764
Salaries and other operating expenses	[3]	123,147	100,687	101,654
Operating income		71,237	34,865	40,382
Identifiable assets at period end		265,872	186,204	153,813
Capital expenditures		983	1,886	2,353
Depreciation and amortization		1,780	1,946	1,881
Equity		111,952	67,243	65,100
Operating Segments | Latin America Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	[1]	209,161	156,163	151,972
Directly related cost of transportation and other expenses	[1],[2]	125,940	93,249	89,067
Salaries and other operating expenses	[3]	57,779	48,114	55,512
Operating income		25,442	14,800	7,393
Identifiable assets at period end		122,327	85,085	72,677
Capital expenditures		471	564	1,556
Depreciation and amortization		1,079	1,194	1,489
Equity		41,743	32,273	29,148
Operating Segments | North Asia Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	[1]	6,363,054	3,425,510	2,323,959
Directly related cost of transportation and other expenses	[1],[2]	5,295,612	2,744,264	1,800,065
Salaries and other operating expenses	[3]	515,703	332,978	271,594
Operating income		551,739	348,268	252,300
Identifiable assets at period end		1,587,659	876,856	538,526
Capital expenditures		1,786	2,202	1,767
Depreciation and amortization		5,047	4,961	5,263
Equity		224,765	241,155	247,725
Operating Segments | South Asia Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	[1]	2,046,569	961,989	725,039
Directly related cost of transportation and other expenses	[1],[2]	1,666,792	711,004	526,506
Salaries and other operating expenses	[3]	204,574	149,269	127,478
Operating income		175,203	101,716	71,055
Identifiable assets at period end		572,980	272,106	178,336
Capital expenditures		2,057	2,264	1,558
Depreciation and amortization		1,965	1,876	1,912
Equity		140,129	121,411	94,727
Operating Segments | Europe Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	[1]	2,258,911	1,455,746	1,239,026
Directly related cost of transportation and other expenses	[1],[2]	1,558,705	992,357	843,325
Salaries and other operating expenses	[3]	494,760	375,900	342,073
Operating income		205,446	87,489	53,628
Identifiable assets at period end		1,089,963	752,589	551,576
Capital expenditures		9,507	6,394	9,231
Depreciation and amortization		9,228	8,029	7,398
Equity		294,348	196,637	159,308
Operating Segments | Middle East Africa and India Segment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	[1]	865,509	486,331	439,064
Directly related cost of transportation and other expenses	[1],[2]	675,303	359,002	307,574
Salaries and other operating expenses	[3]	143,581	104,968	112,844
Operating income		46,625	22,361	18,646
Identifiable assets at period end		350,843	240,984	219,953
Capital expenditures		1,916	2,629	1,891
Depreciation and amortization		2,387	1,872	1,958
Equity		123,598	114,369	114,726
Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	[1]	(4,738)	(3,761)	(3,366)
Directly related cost of transportation and other expenses	[1],[2]	(1,986)	(1,952)	(2,023)
Salaries and other operating expenses	[3]	(2,744)	(1,779)	(1,325)
Operating income		(8)	(30)	(18)
Identifiable assets at period end		(79,463)	(18,645)	(1,304)
Equity		$ (38,348)	$ (38,806)	$ (34,574)
[1]	See Note 11 – 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 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 consolidated statements of earnings.

Business Segment Information _2

Business Segment Information - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Minimum | Geographic Concentration Risk | Revenue, Operating Income, Identifiable Assets or Equity | Peoples Republic Of China Including Hong Kong
Concentration Risk [Line Items]
Concentration percentage	10.00%	10.00%	10.00%

Business Segment Information _3

Business Segment Information - People's Republic of China, including Hong Kong - Geographic Concentration Risk (Detail) - Peoples Republic Of China Including Hong Kong - Geographic Concentration Risk		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues
Concentration Risk [Line Items]
Concentration percentage	[1]	31.00%	29.00%	25.00%
Operating Income
Concentration Risk [Line Items]
Concentration percentage		22.00%	29.00%	27.00%
Identifiable assets at year end
Concentration Risk [Line Items]
Concentration percentage		17.00%	14.00%	12.00%
Equity
Concentration Risk [Line Items]
Concentration percentage		4.00%	6.00%	9.00%
[1]	See Note 11 – Correction of Immaterial Errors

Correction of Immaterial Erro_3

Correction of Immaterial Errors - Schedule of Effect of the Correction (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Error Corrections And Prior Period Adjustments Immaterial Corrections [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	[1]	$ 16,523,517	$ 9,584,393	$ 7,942,417
Operating Expenses:
Directly related cost of transportation and other expenses	[1],[2]	12,058,155	6,656,702	5,305,949
Previously Reported [Member]
Error Corrections And Prior Period Adjustments Immaterial Corrections [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	[3]		10,116,481	8,175,426
Operating Expenses:
Directly related cost of transportation and other expenses	[3]		7,188,790	5,538,958
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]		532,088	233,009
Operating Expenses:
Directly related cost of transportation and other expenses	[3]		532,088	233,009
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]		9,584,393	7,942,417
Operating Expenses:
Directly related cost of transportation and other expenses	[3]		6,656,702	5,305,949
Airfreight services
Error Corrections And Prior Period Adjustments Immaterial Corrections [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		6,771,402	4,274,026	2,740,938
Operating Expenses:
Directly related cost of transportation and other expenses		5,067,380	3,168,808	1,955,054
Airfreight services | Previously Reported [Member]
Error Corrections And Prior Period Adjustments Immaterial Corrections [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			4,784,402	2,929,882
Operating Expenses:
Directly related cost of transportation and other expenses			3,679,185	2,143,999
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			510,376	188,944
Operating Expenses:
Directly related cost of transportation and other expenses			510,377	188,945
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			4,274,026	2,740,938
Operating Expenses:
Directly related cost of transportation and other expenses			3,168,808	1,955,054
Ocean freight and ocean services
Error Corrections And Prior Period Adjustments Immaterial Corrections [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		5,545,818	2,342,344	2,188,149
Operating Expenses:
Directly related cost of transportation and other expenses		4,364,160	1,751,850	1,584,240
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			2,353,247	2,217,554
Operating Expenses:
Directly related cost of transportation and other expenses			1,762,754	1,613,646
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			10,903	29,405
Operating Expenses:
Directly related cost of transportation and other expenses			10,904	29,406
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			2,342,344	2,188,149
Operating Expenses:
Directly related cost of transportation and other expenses			1,751,850	1,584,240
Customs brokerage and other services
Error Corrections And Prior Period Adjustments Immaterial Corrections [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		4,206,297	2,968,023	3,013,330
Operating Expenses:
Directly related cost of transportation and other expenses		$ 2,626,615	1,736,044	1,766,655
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			2,978,832	3,027,990
Operating Expenses:
Directly related cost of transportation and other expenses			1,746,851	1,781,313
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			10,809	14,660
Operating Expenses:
Directly related cost of transportation and other expenses			10,807	14,658
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			2,968,023	3,013,330
Operating Expenses:
Directly related cost of transportation and other expenses			$ 1,736,044	$ 1,766,655
[1]	See Note 11 – 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 consolidated statements of earnings.
[3]	The North Asia business segment accounts for 78% and 73% of total adjustments, respectively.

Correction of Immaterial Erro_4

Correction of Immaterial Errors - Schedule of Effect of the Correction (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
North Asia [Member] | Revenues [Member] | Revision of Prior Period, Error Correction, Adjustment [Member] | Geographic Concentration Risk
Error Corrections And Prior Period Adjustments Immaterial Corrections [Line Items]
Concentration percentage	78.00%	73.00%