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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended March 31, 2024
OR
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☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number: 001-41871
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
(Exact name of registrant as specified in its charter)
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Washington |
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91-1069248 |
(State or other jurisdiction of incorporation or organization) |
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(IRS Employer Identification Number) |
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1015 Third Avenue, Seattle, Washington |
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98104 |
(Address of principal executive offices) |
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(Zip Code) |
(Registrant’s telephone number, including area code): (206) 674-3400
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
Common Stock, par value $0.01 per share |
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EXPD |
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New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
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Large accelerated filer |
☒ |
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Accelerated filer |
☐ |
Non-accelerated filer |
☐ |
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Smaller reporting company |
☐ |
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Emerging growth company |
☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
At May 3, 2024, the number of shares outstanding of the issuer’s common stock was 141,252,246.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands, except per share data)
(Unaudited)
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March 31,
2024 |
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December 31,
2023 |
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Assets: |
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Current Assets: |
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Cash and cash equivalents |
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$ |
1,370,456 |
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|
$ |
1,512,883 |
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Accounts receivable, less allowance for credit loss of
$6,382 at March 31, 2024 and $6,550 at December 31, 2023 |
|
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1,572,356 |
|
|
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1,532,599 |
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Deferred contract costs |
|
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277,771 |
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|
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218,807 |
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Other |
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153,111 |
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170,907 |
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Total current assets |
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3,373,694 |
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3,435,196 |
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Property and equipment, less accumulated depreciation and amortization
of $604,458 at March 31, 2024 and $597,473 at December 31, 2023 |
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470,055 |
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479,225 |
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Operating lease right-of-use assets |
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551,682 |
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516,280 |
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Goodwill |
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7,927 |
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7,927 |
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Deferred federal and state income taxes, net |
|
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64,408 |
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63,690 |
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Other assets, net |
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20,502 |
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|
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21,491 |
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Total assets |
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$ |
4,488,268 |
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$ |
4,523,809 |
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Liabilities: |
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Current Liabilities: |
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Accounts payable |
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927,129 |
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860,856 |
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Accrued liabilities, primarily salaries and related costs |
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433,599 |
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447,336 |
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Contract liabilities |
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344,552 |
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280,909 |
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Current portion of operating lease liabilities |
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100,673 |
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|
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99,749 |
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Federal, state and foreign income taxes |
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20,388 |
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|
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15,562 |
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Total current liabilities |
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1,826,341 |
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|
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1,704,412 |
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Noncurrent portion of operating lease liabilities |
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464,262 |
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427,984 |
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Commitments and contingencies |
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Shareholders’ Equity: |
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Preferred stock, none issued |
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— |
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— |
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Common stock, par value $0.01 per share. Issued and outstanding: 141,119
shares at March 31, 2024 and 143,866 shares at December 31, 2023 |
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1,411 |
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1,439 |
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Additional paid-in capital |
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— |
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— |
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Retained earnings |
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2,401,525 |
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2,580,968 |
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Accumulated other comprehensive loss |
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(207,474 |
) |
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(192,057 |
) |
Total shareholders’ equity |
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2,195,462 |
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2,390,350 |
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Noncontrolling interest |
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2,203 |
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1,063 |
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Total equity |
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2,197,665 |
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|
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2,391,413 |
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Total liabilities and equity |
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$ |
4,488,268 |
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$ |
4,523,809 |
|
See accompanying notes to condensed consolidated financial statements.
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings
(In thousands, except per share data)
(Unaudited)
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Three months ended March 31, |
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2024 |
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2023 |
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Revenues: |
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Airfreight services |
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$ |
759,374 |
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$ |
904,903 |
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Ocean freight and ocean services |
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570,786 |
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697,307 |
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Customs brokerage and other services |
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876,518 |
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990,379 |
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Total revenues |
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2,206,678 |
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2,592,589 |
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Operating Expenses: |
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Airfreight services |
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537,591 |
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666,022 |
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Ocean freight and ocean services |
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413,983 |
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483,682 |
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Customs brokerage and other services |
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481,706 |
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569,398 |
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Salaries and related |
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413,162 |
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449,848 |
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Rent and occupancy |
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61,252 |
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57,632 |
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Depreciation and amortization |
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15,161 |
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15,261 |
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Selling and promotion |
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6,779 |
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6,384 |
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Other |
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62,268 |
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68,393 |
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Total operating expenses |
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1,991,902 |
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2,316,620 |
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Operating income |
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214,776 |
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275,969 |
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Other Income (Expense): |
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Interest income |
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14,878 |
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18,775 |
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Other, net |
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3,528 |
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5,834 |
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Other income, net |
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18,406 |
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24,609 |
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Earnings before income taxes |
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233,182 |
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300,578 |
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Income tax expense |
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62,782 |
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74,580 |
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Net earnings |
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170,400 |
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225,998 |
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Less net earnings (losses) attributable to the noncontrolling interest |
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1,248 |
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(13 |
) |
Net earnings attributable to shareholders |
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$ |
169,152 |
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$ |
226,011 |
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Diluted earnings attributable to shareholders per share |
|
$ |
1.17 |
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$ |
1.45 |
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Basic earnings attributable to shareholders per share |
|
$ |
1.18 |
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$ |
1.47 |
|
Weighted average diluted shares outstanding |
|
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144,125 |
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|
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155,472 |
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Weighted average basic shares outstanding |
|
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143,194 |
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|
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154,164 |
|
See accompanying notes to condensed consolidated financial statements.
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income
(In thousands)
(Unaudited)
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Three months ended March 31, |
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2024 |
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2023 |
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Net earnings |
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$ |
170,400 |
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$ |
225,998 |
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Other comprehensive (loss) income, net of tax: |
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Foreign currency translation adjustments, net of income tax benefits of $3,013 and $4,268 for the three months ended March 31, 2024 and 2023 |
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(15,525 |
) |
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11,753 |
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Other comprehensive (loss) income |
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(15,525 |
) |
|
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11,753 |
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Comprehensive income |
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154,875 |
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|
|
237,751 |
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Less comprehensive income (loss) attributable to the noncontrolling interest |
|
|
1,140 |
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|
|
(315 |
) |
Comprehensive income attributable to shareholders |
|
$ |
153,735 |
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$ |
238,066 |
|
See accompanying notes to condensed consolidated financial statements.
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
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Three months ended March 31, |
|
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2024 |
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2023 |
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Operating Activities: |
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Net earnings |
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$ |
170,400 |
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$ |
225,998 |
|
Adjustments to reconcile net earnings to net cash from
operating activities: |
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Provisions for losses on accounts receivable |
|
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394 |
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|
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1,072 |
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Deferred income tax expense |
|
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2,294 |
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|
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2,036 |
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Stock compensation expense |
|
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12,372 |
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12,488 |
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Depreciation and amortization |
|
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15,161 |
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15,261 |
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Other, net |
|
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1,985 |
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1,159 |
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Changes in operating assets and liabilities: |
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(Increase) decrease in accounts receivable |
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(60,542 |
) |
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508,606 |
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Increase (decrease) in accounts payable and accrued liabilities |
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83,591 |
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(202,923 |
) |
(Increase) decrease in deferred contract costs |
|
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(64,062 |
) |
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67,621 |
|
Increase (decrease) in contract liabilities |
|
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69,308 |
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|
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(84,447 |
) |
Decrease in income taxes payable, net |
|
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22,686 |
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|
|
91 |
|
Increase (decrease) in other, net |
|
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3,317 |
|
|
|
(550 |
) |
Net cash from operating activities |
|
|
256,904 |
|
|
|
546,412 |
|
Investing Activities: |
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|
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Purchase of property and equipment |
|
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(10,181 |
) |
|
|
(10,126 |
) |
Other, net |
|
|
97 |
|
|
|
575 |
|
Net cash from investing activities |
|
|
(10,084 |
) |
|
|
(9,551 |
) |
Financing Activities: |
|
|
|
|
|
|
Proceeds from borrowings on lines of credit |
|
|
44 |
|
|
|
11,495 |
|
Payments on borrowings on lines of credit |
|
|
(17,286 |
) |
|
|
(26,402 |
) |
Proceeds from issuance of common stock |
|
|
8,029 |
|
|
|
9,288 |
|
Repurchases of common stock |
|
|
(360,524 |
) |
|
|
(213,502 |
) |
Payments for taxes related to net share settlement of equity
awards |
|
|
(5,185 |
) |
|
|
(7,445 |
) |
Net cash from financing activities |
|
|
(374,922 |
) |
|
|
(226,566 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
|
(14,325 |
) |
|
|
6,368 |
|
Change in cash and cash equivalents |
|
|
(142,427 |
) |
|
|
316,663 |
|
Cash and cash equivalents at beginning of period |
|
|
1,512,883 |
|
|
|
2,034,131 |
|
Cash and cash equivalents at end of period |
|
$ |
1,370,456 |
|
|
$ |
2,350,794 |
|
Taxes Paid: |
|
|
|
|
|
|
Income taxes |
|
$ |
36,864 |
|
|
$ |
70,786 |
|
See accompanying notes to condensed consolidated financial statements.
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Equity
(In thousands)
(Unaudited)
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended March 31, 2024
and 2023 |
|
Shares |
|
|
Par
value |
|
|
Additional
paid-in
capital |
|
|
Retained
earnings |
|
|
Accumulated
other
comprehensive
loss |
|
|
Total
shareholders’
equity |
|
|
Noncontrolling
interest |
|
|
Total
equity |
|
Balance at December 31, 2023 |
|
|
143,866 |
|
|
|
1,439 |
|
|
|
- |
|
|
|
2,580,968 |
|
|
|
(192,057 |
) |
|
|
2,390,350 |
|
|
|
1,063 |
|
|
|
2,391,413 |
|
Shares issued under employee stock plans, net
of tax withholding for net settlement |
|
|
253 |
|
|
|
2 |
|
|
|
2,842 |
|
|
|
— |
|
|
|
— |
|
|
|
2,844 |
|
|
|
— |
|
|
|
2,844 |
|
Shares repurchased under provisions of
stock repurchase plan |
|
|
(3,000 |
) |
|
|
(30 |
) |
|
|
(15,508 |
) |
|
|
(348,301 |
) |
|
|
— |
|
|
|
(363,839 |
) |
|
|
— |
|
|
|
(363,839 |
) |
Stock compensation expense |
|
|
— |
|
|
|
— |
|
|
|
12,372 |
|
|
|
— |
|
|
|
— |
|
|
|
12,372 |
|
|
|
— |
|
|
|
12,372 |
|
Net earnings |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
169,152 |
|
|
|
— |
|
|
|
169,152 |
|
|
|
1,248 |
|
|
|
170,400 |
|
Other comprehensive loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(15,417 |
) |
|
|
(15,417 |
) |
|
|
(108 |
) |
|
|
(15,525 |
) |
Dividends and dividend equivalents paid |
|
|
— |
|
|
|
— |
|
|
|
294 |
|
|
|
(294 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Balance at March 31, 2024 |
|
|
141,119 |
|
|
|
1,411 |
|
|
|
— |
|
|
|
2,401,525 |
|
|
|
(207,474 |
) |
|
|
2,195,462 |
|
|
|
2,203 |
|
|
|
2,197,665 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2022 |
|
|
154,313 |
|
|
|
1,543 |
|
|
|
139 |
|
|
|
3,310,892 |
|
|
|
(202,553 |
) |
|
|
3,110,021 |
|
|
|
3,514 |
|
|
|
3,113,535 |
|
Shares issued under employee stock plans, net
of tax withholding for net settlement |
|
|
358 |
|
|
|
4 |
|
|
|
1,840 |
|
|
|
— |
|
|
|
— |
|
|
|
1,844 |
|
|
|
— |
|
|
|
1,844 |
|
Shares repurchased under provisions of
stock repurchase plan |
|
|
(1,959 |
) |
|
|
(20 |
) |
|
|
(14,809 |
) |
|
|
(200,421 |
) |
|
|
— |
|
|
|
(215,250 |
) |
|
|
— |
|
|
|
(215,250 |
) |
Stock compensation expense |
|
|
— |
|
|
|
— |
|
|
|
12,488 |
|
|
|
— |
|
|
|
— |
|
|
|
12,488 |
|
|
|
— |
|
|
|
12,488 |
|
Net earnings (loss) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
226,011 |
|
|
|
— |
|
|
|
226,011 |
|
|
|
(13 |
) |
|
|
225,998 |
|
Other comprehensive income (loss) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
12,055 |
|
|
|
12,055 |
|
|
|
(302 |
) |
|
|
11,753 |
|
Dividends and dividend equivalents paid |
|
|
— |
|
|
|
— |
|
|
|
342 |
|
|
|
(342 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Balance at March 31, 2023 |
|
|
152,712 |
|
|
$ |
1,527 |
|
|
$ |
— |
|
|
$ |
3,336,140 |
|
|
$ |
(190,498 |
) |
|
$ |
3,147,169 |
|
|
$ |
3,199 |
|
|
$ |
3,150,368 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to condensed consolidated financial statements.
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(In thousands, except per share data)
(Unaudited)
Note 1. Summary of Significant Accounting Policies
Expeditors International of Washington, Inc. (the Company) is a non-asset based provider of global logistics services operating through a worldwide network of offices and exclusive or non-exclusive agents. The Company’s customers include retailing and wholesaling, electronics, high technology, industrial and manufacturing companies around the world.
The condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. As a result, certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) have been condensed or omitted. The Company believes that the disclosures made are adequate to make the information presented not misleading. The condensed consolidated financial statements reflect all adjustments, consisting of normal recurring items, which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company's Form 10-K as filed with the Securities and Exchange Commission on February 23, 2024.
All significant intercompany accounts and transactions have been eliminated in consolidation. All dollar amounts in the notes are presented in thousands except for per share data or unless otherwise specified. Certain prior year amounts have been reclassified to conform to the current year presentation of other income (expense) in the condensed consolidated statement of earnings.
The Company derives its revenues by entering into agreements that are generally comprised of a single performance obligation, which is that freight is shipped for and received by the customer. Each performance obligation is comprised of one or more of the Company’s services. The Company's three principal services are the revenue categories presented in the condensed consolidated statements of earnings: 1) airfreight services, 2) ocean freight and ocean services, and 3) customs brokerage and other services.
The Company typically satisfies its performance obligations as services are rendered over time. A typical shipment would include services rendered at origin, such as pick-up and delivery to port, freight services from origin to destination port and destination services, such as customs clearance and final delivery. The Company measures the performance of its obligations as services are completed over the life of a shipment, including services at origin, freight and destination. The Company fulfills nearly all of its performance obligations within a one to two month-period and contracts with customers have an original expected duration of less than one year. The Company satisfied nearly all performance obligations for the contract liabilities recorded as of December 31, 2023.
The Company evaluates whether amounts billed to customers should be reported as revenues on a gross or net basis. Generally, revenue is recorded on a gross basis when the Company is primarily responsible for fulfilling the promise to provide the services, when it assumes the risk of loss, when it has discretion in setting the prices for the services to the customers, and when the Company has the ability to direct the use of the services provided by the third party. When revenue is recorded on a net basis, the amounts earned are determined using a fixed fee, a per unit of activity fee or a combination thereof. For revenues earned in other capacities, for instance, when the Company does not issue a House Airway Bill (HAWB), a House Ocean Bill of Lading (HOBL) or a House Sea Waybill or otherwise act solely as an agent for the shipper, only the commissions and fees earned for such services are included in revenues. In these transactions, the Company is not a principal and reports only the commissions and fees earned in revenues.
The Company determines if an arrangement is a lease at inception. Right-of-use (ROU) assets represent the Company's right to use an underlying asset for the lease term, and lease liabilities represent the Company's obligation to make lease payments arising from the lease. All ROU assets and lease liabilities are recognized at the commencement date at the present value of lease payments over the lease term. ROU assets are adjusted for lease incentives and initial direct costs. The lease term includes renewal options exercisable at the Company's sole discretion when the Company is reasonably certain to exercise that option. As the Company's leases generally do not have an implicit rate, the Company uses an estimated incremental borrowing rate based on market information available at the commencement date to determine the present value. Certain of our leases include variable payments, which may vary based upon changes in facts or circumstances after the start of the lease. The Company excludes variable payments from ROU assets and lease liabilities to the extent not considered fixed, and instead expenses variable payments as incurred. Lease expense is recognized on a straight-line basis over the lease term and is included in rent and occupancy expenses in the condensed consolidated statement of earnings.
Additionally, the Company elected to apply the short-term lease exemption for leases with a non-cancelable period of twelve months or less and has chosen not to separate non-lease components from lease components and instead to account for each as a single lease component.
The Company’s trade accounts receivable present similar credit risk characteristics and the allowance for credit loss is estimated on a collective basis, using a credit loss-rate method that uses historical credit loss information and considers the current economic environment. Additional allowances may be necessary in the future if changes in economic conditions are significant enough to affect expected credit losses. The Company has recorded an allowance for credit loss in the amounts of $6,382 as of March 31, 2024 and $6,550 as of December 31, 2023. Additions and write-offs have not been significant in the periods presented.
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of the assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. The Company uses estimates primarily in the following areas: accounts receivable valuation, accrual of costs related to ancillary services the Company performs, typically at the destination location, self-insured liabilities, accrual of various tax liabilities and accrual of loss contingencies, calculation of share-based compensation expense and estimates related to determining the lease term and discount rate when measuring ROU assets and lease liabilities.
F. Recent Accounting Pronouncements
Improvements to Reportable Segment Disclosures
In November 2023, the Financial Accounting Standards Board (FASB) issued an Accounting Standard Update (ASU) which makes improvements to reportable segment disclosures, by requiring, among other things, the disclosure in interim periods about a reportable segment’s profit or loss and assets that are currently required annually, and disclosures of significant segment expenses and profit and loss measures provided to the chief operating decision maker. The ASU does not change how the Company identifies its operating segments. The Company expects to adopt this standard in its 2024 annual report on Form 10-K and for interim periods starting on January 1, 2025, including retrospective presentation to all prior periods presented in the financial statements. The Company is currently evaluating the impact of this ASU on its segment disclosures and expects no impact on its consolidated financial statements, cash flows and financial condition.
Improvements to Income Tax Disclosures
In December 2023, the FASB issued an ASU which expands income tax disclosures by requiring the disclosure, on an annual basis, of a tabular rate reconciliation using both percentages and currency amounts, broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, disclosure is required of income taxes paid, net of refunds received, disaggregated by federal, state/local, and foreign and by jurisdiction if the amount is at least 5% of total income tax payments, net of refunds received. This standard will become effective for the Company on January 1, 2025. The Company may apply this ASU prospectively by providing the revised disclosures for the period ending December 31, 2025 and continuing to provide the pre-ASU disclosures for the prior periods or may apply the amendments retrospectively by providing the revised disclosures for all period presented. The Company expects this ASU to only impact its disclosures with no impacts to its consolidated financial statements, cash flows and financial condition.
Note 2. Income Taxes
U.S. corporate income tax laws and regulations include a territorial tax framework and provisions for Global Intangible Low-Taxed Income (GILTI) under which taxes on foreign income are imposed on the excess of a deemed return on tangible assets of certain foreign subsidiaries, Base Erosion and Anti-Abuse Tax (BEAT) under which taxes are imposed on certain base eroding payments to affiliated foreign companies as well as U.S. income tax deductions for Foreign-derived intangible income (FDII). The Company treats GILTI as a discrete adjustment as a component of current income tax expense. Earnings of the Company's foreign subsidiaries are not considered to be indefinitely reinvested outside of the United States.
The Company is subject to taxation in various states and many foreign jurisdictions including the People’s Republic of China, including Hong Kong, Taiwan, Vietnam, India, Mexico, Brazil, Canada, Netherlands and the United Kingdom. The Company believes that its tax positions, including intercompany transfer pricing policies, are reasonable and consistent with established transfer pricing methodologies and norms. The Company is under, or may be subject to, audit or examination and assessments by the relevant authorities in respect to these and any other jurisdictions primarily for years 2009 and thereafter. Sometimes audits result in proposed assessments where the ultimate resolution could result in significant additional tax, penalties and interest payments being required. The Company establishes liabilities when, despite its belief that the tax filing positions are appropriate and consistent with tax law, it concludes that it may not be successful in realizing the tax position. In evaluating a tax position, the Company determines whether it is more likely than not that the position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position and in consultation with qualified legal and tax advisors.
The total amount of the Company’s tax contingencies may increase in 2024. In addition, changes in state, federal, and foreign tax laws, including transfer pricing and changes in interpretations of these laws, may increase the Company’s existing tax contingencies. The timing of the resolution of income tax examinations can be highly uncertain, and the amounts ultimately paid including interest and penalties, if any, upon resolution of the issues raised by the taxing authorities may differ from the amounts recorded. It is reasonably possible that within the next twelve months the Company or its subsidiaries will undergo further audits and examinations by various tax authorities and possibly may reach resolution related to income tax and indirect tax examinations in one or more jurisdictions. These assessments or settlements could result in changes to the Company’s contingencies related to positions on tax filings in future years. The estimate of any ultimate tax liability contains assumptions based on experiences, judgments about potential actions by taxing jurisdictions as well as judgments about the likely outcome of issues that have been raised by the taxing jurisdiction. The Company cannot currently provide an estimate of the range of possible outcomes.
The Company recognizes interest expense related to unrecognized tax benefits or underpayment of income taxes in interest expense and recognizes penalties in operating expenses.
The Company’s consolidated effective income tax rate was 26.9% for the three months ended March 31, 2024, as compared to 24.8% in the comparable period of 2023. For the three months ended March 31, 2024, and 2023, there was no BEAT expense and GILTI expense was insignificant. Though both periods benefited from U.S. income tax deductions for FDII as well as available U.S. Federal foreign tax credits principally from withholding taxes related to our foreign operations, the Company was negatively impacted by higher foreign income tax expense that exceeded available U.S. Federal foreign tax credits in the three months ended March 31, 2024, when compared to the same period in the prior year. The Company has no liability as of March 31, 2024, for the 15% corporate alternative minimum tax based on financial statement income (BMT), which became effective in 2023 in the U.S., under the Inflation Reduction Act. Some elements of the recorded impacts of the Inflation Reduction Act could be impacted by further legislative action as well as additional interpretations and guidance issued by the Internal Revenue Service or Treasury which could impact the estimates of the amounts the Company would be required to record for BMT in the future.
Note 3. Basic and Diluted Earnings per Share
Diluted earnings attributable to shareholders per share is computed using the weighted average number of common shares and dilutive potential common shares outstanding. Dilutive potential shares represent outstanding stock options, including purchase options under the Company's employee stock purchase plan, and unvested restricted stock units. Basic earnings attributable to shareholders per share is calculated using the weighted average number of common shares outstanding without taking into consideration dilutive potential common shares outstanding.
The following table reconciles the numerator and the denominator of the basic and diluted per share computations for earnings attributable to shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31, |
|
|
|
Net earnings
attributable to
shareholders |
|
|
Weighted
average
shares |
|
|
Earnings per
share |
|
2024 |
|
|
|
|
|
|
|
|
|
Basic earnings attributable to shareholders |
|
$ |
169,152 |
|
|
|
143,194 |
|
|
$ |
1.18 |
|
Effect of dilutive potential common shares |
|
|
— |
|
|
|
931 |
|
|
|
— |
|
Diluted earnings attributable to shareholders |
|
$ |
169,152 |
|
|
|
144,125 |
|
|
$ |
1.17 |
|
2023 |
|
|
|
|
|
|
|
|
|
Basic earnings attributable to shareholders |
|
$ |
226,011 |
|
|
|
154,164 |
|
|
$ |
1.47 |
|
Effect of dilutive potential common shares |
|
|
— |
|
|
|
1,308 |
|
|
|
— |
|
Diluted earnings attributable to shareholders |
|
$ |
226,011 |
|
|
|
155,472 |
|
|
$ |
1.45 |
|
Substantially all outstanding potential common shares as of March 31, 2024 and 2023 were dilutive.
Note 4. Shareholders' Equity
The Company has a Discretionary Stock Repurchase Plan approved by the Board of Directors that authorizes management to reduce issued and outstanding common stock. The Board of Directors last amended the plan on February 19, 2024 to authorize repurchases down from 140,000 to 130,000 shares. This authorization has no expiration date. During the three months ended March 31, 2024, there were 3,000 shares repurchased at an average price of $120.17 per share, compared to 1,959 shares repurchased at an average price of $108.98 during the same period in 2023.
Accumulated other comprehensive loss consisted entirely of foreign currency translation adjustments, net of related income tax effects, for all the periods presented.
Subsequent to the end of the first quarter of 2024, on May 6, 2024, the Board of Directors declared a semi-annual dividend of $.73 per share payable on June 17, 2024 to shareholders of record as of June 3, 2024.
Note 5. Fair Value of Financial Instruments
The Company’s financial instruments, other than cash, consist primarily of cash equivalents, accounts receivable, accounts payable and accrued expenses. The carrying value of these financial instruments approximates their fair value. All highly liquid investments with a maturity of three months or less at date of purchase are considered to be cash equivalents.
Cash and cash equivalents consist of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2024 |
|
|
December 31, 2023 |
|
|
|
Cost |
|
|
Fair Value |
|
|
Cost |
|
|
Fair Value |
|
Cash and Cash Equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and overnight deposits |
|
$ |
651,078 |
|
|
$ |
651,078 |
|
|
$ |
601,207 |
|
|
$ |
601,207 |
|
Corporate commercial paper |
|
|
660,933 |
|
|
|
661,574 |
|
|
|
854,929 |
|
|
|
856,033 |
|
Time deposits and money market funds |
|
|
58,445 |
|
|
|
58,445 |
|
|
|
56,747 |
|
|
|
56,747 |
|
Total cash and cash equivalents |
|
$ |
1,370,456 |
|
|
$ |
1,371,097 |
|
|
$ |
1,512,883 |
|
|
$ |
1,513,987 |
|
The fair value of corporate commercial paper and time deposits is based on the use of market interest rates for identical or similar assets (Level 2 fair value measurement).
Note 6. Contingencies
The Company is involved in claims, lawsuits, government investigations, income and indirect tax audits and other legal matters that arise in the ordinary course of business and are subject to inherent uncertainties. Currently, in management's opinion and based upon advice from legal and tax advisors, none of these matters are expected to have a material effect on the Company's operations, cash flows or financial position. The changes in the amounts recorded for claims, lawsuits, government investigations and other legal matters are not significant to the Company's operations, cash flows or financial position. At this time, the Company is unable to estimate any additional loss or range of reasonably possible losses, if any, beyond the amounts recorded, that might result from the resolution of these matters.
Note 7. Business Segment Information
The Company is organized functionally in geographic operating segments. Accordingly, management focuses its attention on revenues, directly related cost of transportation and other expenses for each of the Company’s three primary sources of revenue, salaries and other operating expenses, operating income, identifiable assets, capital expenditures and equity generated in each of these geographical areas when evaluating the effectiveness of geographic management. Transactions among the Company’s various offices are conducted using the same arms-length pricing methodologies the Company uses when its offices transact business with independent agents. Certain costs are allocated among the segments based on the relative value of the underlying services, which can include allocation based on actual costs incurred or estimated cost plus a profit margin.
Financial information regarding the Company’s operations by geographic area is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNITED
STATES |
|
OTHER
NORTH
AMERICA |
|
|
LATIN
AMERICA |
|
|
NORTH
ASIA |
|
|
SOUTH
ASIA |
|
|
EUROPE |
|
|
MIDDLE
EAST,
AFRICA
AND
INDIA |
|
|
ELIMI-
NATIONS |
|
|
CONSOLI-
DATED |
|
For the three months ended March 31, 2024: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
751,543 |
|
|
106,850 |
|
|
|
44,492 |
|
|
|
544,941 |
|
|
|
227,719 |
|
|
|
398,317 |
|
|
|
134,106 |
|
|
|
(1,290 |
) |
|
|
2,206,678 |
|
Directly related cost of transportation
and other expenses1 |
|
$ |
403,949 |
|
|
66,710 |
|
|
|
24,464 |
|
|
|
426,474 |
|
|
|
164,024 |
|
|
|
254,519 |
|
|
|
93,792 |
|
|
|
(652 |
) |
|
|
1,433,280 |
|
Salaries and other operating expenses2 |
|
$ |
255,708 |
|
|
33,084 |
|
|
|
16,764 |
|
|
|
67,260 |
|
|
|
40,912 |
|
|
|
117,088 |
|
|
|
28,464 |
|
|
|
(658 |
) |
|
|
558,622 |
|
Operating income |
|
$ |
91,886 |
|
|
7,056 |
|
|
|
3,264 |
|
|
|
51,207 |
|
|
|
22,783 |
|
|
|
26,710 |
|
|
|
11,850 |
|
|
|
20 |
|
|
|
214,776 |
|
Identifiable assets at period end |
|
$ |
2,424,540 |
|
|
177,571 |
|
|
|
105,151 |
|
|
|
504,704 |
|
|
|
265,621 |
|
|
|
755,569 |
|
|
|
284,325 |
|
|
|
(29,213 |
) |
|
|
4,488,268 |
|
Capital expenditures |
|
$ |
5,528 |
|
|
1,399 |
|
|
|
153 |
|
|
|
282 |
|
|
|
144 |
|
|
|
2,218 |
|
|
|
457 |
|
|
|
— |
|
|
|
10,181 |
|
Equity |
|
$ |
1,531,497 |
|
|
26,143 |
|
|
|
55,173 |
|
|
|
185,824 |
|
|
|
118,194 |
|
|
|
162,346 |
|
|
|
160,237 |
|
|
|
(41,749 |
) |
|
|
2,197,665 |
|
For the three months ended March 31, 2023: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
945,494 |
|
|
109,850 |
|
|
|
54,695 |
|
|
|
582,421 |
|
|
|
224,127 |
|
|
|
534,464 |
|
|
|
142,703 |
|
|
|
(1,165 |
) |
|
|
2,592,589 |
|
Directly related cost of transportation
and other expenses1 |
|
$ |
539,957 |
|
|
69,205 |
|
|
|
32,302 |
|
|
|
452,342 |
|
|
|
157,623 |
|
|
|
372,260 |
|
|
|
95,949 |
|
|
|
(536 |
) |
|
|
1,719,102 |
|
Salaries and other operating expenses2 |
|
$ |
267,683 |
|
|
35,824 |
|
|
|
19,502 |
|
|
|
71,140 |
|
|
|
46,798 |
|
|
|
127,372 |
|
|
|
29,832 |
|
|
|
(633 |
) |
|
|
597,518 |
|
Operating income |
|
$ |
137,854 |
|
|
4,821 |
|
|
|
2,891 |
|
|
|
58,939 |
|
|
|
19,706 |
|
|
|
34,832 |
|
|
|
16,922 |
|
|
|
4 |
|
|
|
275,969 |
|
Identifiable assets at period end |
|
$ |
3,005,502 |
|
|
206,459 |
|
|
|
119,334 |
|
|
|
633,970 |
|
|
|
284,028 |
|
|
|
844,049 |
|
|
|
254,458 |
|
|
|
(15,223 |
) |
|
|
5,332,577 |
|
Capital expenditures |
|
$ |
5,444 |
|
|
469 |
|
|
|
230 |
|
|
|
590 |
|
|
|
167 |
|
|
|
2,983 |
|
|
|
243 |
|
|
|
— |
|
|
|
10,126 |
|
Equity |
|
$ |
2,284,489 |
|
|
35,977 |
|
|
|
57,026 |
|
|
|
317,325 |
|
|
|
153,321 |
|
|
|
191,116 |
|
|
|
154,143 |
|
|
|
(43,029 |
) |
|
|
3,150,368 |
|
1Directly related cost of transportation and other expenses totals operating expenses from airfreight services, ocean freight and ocean services and customs brokerage and other services as shown in the condensed consolidated statements of earnings.
2Salaries and other operating expenses totals salaries and related, rent and occupancy, depreciation and amortization, selling and promotion and other as shown in the condensed consolidated statements of earnings.
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Safe Harbor for Forward-Looking Statements Under Private Securities Litigation Reform Act Of 1995; Certain Cautionary Statements
Certain portions of this report on Form 10-Q including the sections entitled "Overview," "Summary of First Quarter 2024," "Industry Trends, Trade Conditions and Competition," "Seasonality," "Critical Accounting Estimates," "Results of Operations," "Income tax expense," "Currency and Other Risk Factors" and "Liquidity and Capital Resources" contain forward-looking statements. Words such as "will likely result," "expects", "are expected to," "would expect," "would not expect," "will continue," "is anticipated," "estimate," "project," "plan," "believe," "probable," "reasonably possible," "may," "could," "should," "would," "intends," "foreseeable future" or similar expressions are intended to identify such forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, any statements that refer to projections of future financial performance, our anticipated growth and trends in the Company's businesses, signs of a slowing economy and drop in demand, future supply chain and transportation disruptions and other characterizations of disruptive events or circumstances are forward-looking statements. In addition, forward-looking statements are subject to certain risks and uncertainties, including risks associated with tax audits and other contingencies, that could cause actual results to differ materially from our historical experience and our present expectations or projections. These statements must be considered in connection with the discussion of the important factors that could cause actual results to differ materially from the forward-looking statements. Attention should be given to the risk factors identified and discussed in Part I, Item 1A in the Company’s annual report on Form 10-K filed on February 23, 2024 and in Part II, Item 1A in this report. Management believes that these forward-looking statements are reasonable as of this filing date and we do not assume any obligations to update these statements except as required by law.
Overview
Expeditors International of Washington, Inc. (herein referred to as "Expeditors," the "Company," "we," "us," "our") provides a full suite of global logistics services. Our services include 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 supply chain solutions. We do not compete for overnight courier or small parcel business. As a non-asset based carrier, we do not own or operate transportation assets.
We derive our revenues by entering into agreements that are generally comprised of a single performance obligation, which is that freight is shipped for and received by our customer. Each performance obligation is comprised of one or more of the Company's services. We typically satisfy our 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. Our three principal services are the revenue categories presented in our financial statements: 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 our three primary sources of revenue.
We generate the major portion of our air and ocean freight revenues by purchasing transportation services on a volume basis from direct (asset-based) carriers and then reselling that space to our customers. 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. By consolidating shipments from multiple customers and concentrating our buying power, we are able to negotiate favorable buy rates from the direct carriers, while at the same time offering lower sell rates than customers would otherwise be able to negotiate themselves.
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 Sea Waybill 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.
Customs brokerage and other services involve providing services at destination, such as helping customers clear shipments through customs by preparing and filing required documentation, calculating, and providing for payment of duties and other taxes on behalf of customers as well as arranging for any required inspections by governmental agencies, and import services such as arranging for local pick up, storage and delivery at destination. These are complicated functions requiring technical knowledge of customs rules and regulations in the multitude of countries in
which we have offices. We also provide other value-added services at destination, such as warehousing and distribution, time-definitive transportation services and consulting.
We manage our company along five geographic areas of responsibility: Americas; North Asia; South Asia; Europe; and Middle East, Africa and India (MAIR). Each area is divided into sub-regions that are composed of operating units with individual profit and loss responsibility. Our business involves shipments between operating units and typically touches more than one geographic area. The nature of the international logistics business necessitates a high degree of communication and cooperation among operating units. Because of this inter-relationship between operating units, it is very difficult to examine any one geographic area and draw meaningful conclusions as to its contribution to our overall success on a stand-alone basis.
Our operating units share revenue using the same arms-length pricing methodologies that we use when our 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. Our strategy closely links compensation with operating unit profitability, which includes shared revenues and allocated costs. Therefore, individual success is closely linked to cooperation with other operating units within our network. The mix of services varies by segment based primarily on the import or export orientation of local operations in each of our regions.
Summary of First Quarter 2024
The significant impacts are discussed within “Results of Operations” and summarized below.
•Volumes transacted in airfreight and ocean freight services were up compared to a slow first quarter in 2023.
•Average buy and sell rates are lower than in the first quarter of 2023 as available capacity for transportation continues to exceed demand.
•As a result of rate trends above, revenues and expenses in airfreight and ocean services were significantly down compared to the first quarter of 2023.
•Net earnings to shareholders decreased 25% from the first quarter of 2023 and increased 7% from the fourth quarter of 2023.
•Cash from operations was $257 million and we returned $361 million to shareholders in common stock repurchases.
Industry Trends, Trade Conditions and Competition
We operate in over 60 countries in the competitive global logistics industry and our activities are closely tied to the global economy. 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 investment and taxation. Periodically, governments consider a variety of changes to tariffs and impose trade restrictions and accords. Currently, the United States and China have increased concerns affecting certain imports and exports and are considering additional tariffs. We cannot predict the outcome of changes in tariffs, or interpretations, and trade restrictions and accords and the effects they will have on our business. As governments implement restrictions on imports and exports, manufacturers may change sourcing patterns, to the extent possible, and, over time, may shift manufacturing to other countries. Doing business in foreign locations also subjects us 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, our business may also be negatively affected by political developments and changes in government personnel or policies in the United States and other countries, as well as economic turbulence, political unrest and security concerns in the nations and on the trade shipping lanes in which we conduct business and the future impact that these events may have on international trade, oil prices and security costs. We do not have employees, assets, or operations in Russia, Ukraine, Israel, the Gaza Strip or the West Bank. While limited, any shipment activity is conducted with independent agents in those countries in compliance with all applicable trade sanctions, laws and regulations.
Our ability to provide services to our customers is highly dependent on good working relationships with a variety of entities, including airlines, ocean carrier lines and ground transportation providers, as well as governmental agencies. We select and engage with best-in-class, compliance-focused, efficiently run, growth-oriented partners, based upon defined value elements and are intentional in our relationship and performance management activity, reinforcing success by awarding service providers who consistently achieve at the highest levels with additional business. We consider our current working relationships with these entities to be satisfactory. However, changes in the financial stability and operating capabilities and capacity of asset-based carriers, capacity allotments available from carriers, governmental regulation or deregulation efforts, modernization of the regulations governing customs brokerage, and/or changes in governmental restrictions, quota restrictions or trade accords could affect our business in unpredictable ways. When the market experiences seasonal peaks or any sort of disruption, the carriers often increase their pricing suddenly. This carrier behavior creates pricing volatility that could impact Expeditors' ability to maintain historical unitary profitability.
The global economic and trade environments remain uncertain, including inflation remaining higher than historical levels, greater volatility in oil prices, high interest rates and the conflicts in the Middle East and Ukraine. Starting in the second quarter of 2022 and continuing through most of 2023, we saw a slowdown in the global economy and a softening of customer demand resulting in declines in average buy and sell rates. As demand remains soft, available transportation capacity continues to exceed demand. These conditions could result in further declines in average sell and buy rates in 2024. We also expect that pricing volatility will continue as carriers adapt to lower demand, changing fuel prices, security risks and react to governmental trade policies and other regulations. Additionally, we cannot predict the direct or indirect impact that further changes in and purchasing behavior, such as online shopping, could have on our business. Some customers have begun shifting manufacturing to other countries in response to governments implementing higher tariffs on imports, to reduce their supply chain risks, and in response to pandemic disruptions or geopolitical risks, which could negatively impact us.
Seasonality
Historically, our operating results have been subject to seasonal demand trends with the first quarter being the weakest and the third and fourth quarters being the strongest; however, there is no assurance that this seasonal trend will occur in the future or to what degree it will be impacted by a slowing economy. This historical pattern has been the result of, or influenced by, numerous factors, including weather patterns, national holidays, consumer demand, new product launches, just-in-time inventory models, economic conditions, pandemics, governmental policies and inter-governmental disputes and a myriad of other similar and subtle forces.
A significant portion of our revenues is derived from customers in the retail and technology industries whose shipping patterns are tied closely to consumer demand, and from customers in industries whose shipping patterns are dependent upon just-in-time production schedules. Therefore, the timing of our revenues is, to a large degree, impacted by factors out of our control, such as a sudden change in consumer demand for retail goods, changes in trade tariffs, product launches, disruptions in supply-chains and/or manufacturing production delays. Additionally, many customers ship a significant portion of their goods at or near the end of a quarter and, therefore, we may not learn of a shortfall in revenues until late in a quarter.
To the extent that a shortfall in revenues or earnings was not expected by securities analysts or investors, any such shortfall from levels predicted by securities analysts or investors could have an immediate and adverse effect on the trading price of our stock. We cannot accurately forecast many of these factors, nor can we estimate accurately the relative influence of any particular factor and, as a result, there can be no assurance that historical patterns will continue in future periods.
Critical Accounting Estimates
The preparation of consolidated financial statements in accordance with accounting principles generally accepted in the United States requires us to make estimates and judgments. We base our estimates on historical experience and on assumptions that we believe are reasonable. Our critical accounting estimates are discussed in Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" section of our annual report on Form 10-K for the year ended December 31, 2023, filed on February 23, 2024 to the critical accounting estimates previously disclosed in that report.
Results of Operations
The following table shows the revenues, the directly related cost of transportation and other expenses for our principal services and our overhead expenses for the three months ended March 31, 2024 and 2023, including the respective percentage changes comparing 2024 and 2023.
The table and the accompanying discussion and analysis should be read in conjunction with the condensed consolidated financial statements and related notes thereto in this quarterly report.
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31, |
(in thousands) |
|
2024 |
|
|
2023 |
|
|
Percentage
change |
Airfreight services: |
|
|
|
|
|
|
|
|
Revenues |
|
$ |
759,374 |
|
|
$ |
904,903 |
|
|
(16)% |
Expenses |
|
|
537,591 |
|
|
|
666,022 |
|
|
(19) |
Ocean freight services and ocean services: |
|
|
|
|
|
|
|
|
Revenues |
|
|
570,786 |
|
|
|
697,307 |
|
|
(18) |
Expenses |
|
|
413,983 |
|
|
|
483,682 |
|
|
(14) |
Customs brokerage and other services: |
|
|
|
|
|
|
|
|
Revenues |
|
|
876,518 |
|
|
|
990,379 |
|
|
(11) |
Expenses |
|
|
481,706 |
|
|
|
569,398 |
|
|
(15) |
Overhead expenses: |
|
|
|
|
|
|
|
|
Salaries and related costs |
|
|
413,162 |
|
|
|
449,848 |
|
|
(8) |
Other |
|
|
145,460 |
|
|
|
147,670 |
|
|
(1) |
Total overhead expenses |
|
|
558,622 |
|
|
|
597,518 |
|
|
(7) |
Operating income |
|
|
214,776 |
|
|
|
275,969 |
|
|
(22) |
Other income, net |
|
|
18,406 |
|
|
|
24,609 |
|
|
(25) |
Earnings before income taxes |
|
|
233,182 |
|
|
|
300,578 |
|
|
(22) |
Income tax expense |
|
|
62,782 |
|
|
|
74,580 |
|
|
(16) |
Net earnings |
|
|
170,400 |
|
|
|
225,998 |
|
|
(25) |
Less net earnings (losses) attributable to the
noncontrolling interest |
|
|
1,248 |
|
|
|
(13 |
) |
|
|
Net earnings attributable to shareholders |
|
$ |
169,152 |
|
|
$ |
226,011 |
|
|
(25)% |
Airfreight services:
Airfreight services revenues and expenses decreased 16% and 19%, respectively, during the three months ended March 31, 2024, as compared with the same period in 2023, due to 22% and 24% decreases in average sell and buy rates, respectively, offset by a 4% increase in tonnage. Average sell rates decreased as a result of lower buy rates driven by declining market rates. Buy rates declined due to residual impacts from supply chain congestion in the first quarter of 2023 and as available capacity continues to exceed demand. Tonnage improved in 2024 as a result of increased market demand compared to a slow first quarter in 2023.
Average sell and buy rates decreased in almost all regions with most significant decreases on exports out of North America, South Asia and Europe during the three months ended March 31, 2024 due to excess available capacity over demand. The tonnage increase was driven by exports out of South Asia, Europe and India.
Buy rates and sell rates stabilized in the fourth quarter of 2023 as compared to 2021 and 2022 as supply chain operations normalized. However, seasonal demand, impact from disruptions in the ocean market due to security concerns and variable demand for airfreight capacity from e-commerce business cause volatility in average buy rates on certain lanes. Additionally, continued uncertainty in the economy including the impacts of inflation and interest rates together with the attractive ocean transportation rates are expected to continue to negatively affect demand for airfreight services which could reduce our volumes or average sell rates. These conditions could result in further decreases in our revenues, expenses and operating income. We are unable to predict how these uncertainties and any future disruptions will affect our operations or financial results prospectively.
Ocean freight and ocean services:
Ocean freight consolidation, direct ocean forwarding, and order management are the three basic services that constitute and are collectively referred to as ocean freight and ocean services. Ocean freight and ocean services revenues and expense decreased 18% and 14%, respectively, for the three months ended March 31, 2024 as compared with the same period in 2023. The largest component of our ocean freight and ocean services revenue is derived from ocean freight consolidation, which represented 65% and 71% of ocean freight and ocean services revenue for the three months ended March 31, 2024 and 2023, respectively.
Ocean freight consolidation revenues and expenses decreased 25% and 18%, respectively for the three months ended March 31, 2024, as compared with the same period in 2023, primarily due to 26% and 20% decreases in average sell and buy rates, respectively, offset by a 2% increase in containers shipped. Revenue and expense per container decreased as a result of excess capacity as demand remained soft due to uncertainty in the economy. As supply chain congestion cleared and excess available capacity exceeded demand, average buy rates continued to decline throughout 2023. Sell rate reductions exceeded buy rate declines in all regions to adjust to market conditions. Demand is expected to remain soft which could result in lower buy and sell rates.
North Asia ocean freight and ocean services revenues and expenses increased 4% and 11%, respectively, for the three months ended March 31, 2024, compared to the same period in 2023, primarily due to a 7% increase in containers shipped.
Direct ocean freight forwarding revenues and expenses decreased 12% and 11%, respectively, for the three months ended March 31, 2024, principally due to lower volumes and lower rates for ancillary services in the United States. Order management revenues and expenses increased 17% and 16%, respectively, for the three months ended March 31, 2024, due to increases in volumes from new and existing customers.
Buy rates and sell rates started declining in the second half of 2022, decreased sharply beginning in the fourth quarter of 2022 and through 2023. As global economic conditions remain uncertain and carriers add new vessels, available capacity may continue to exceed demand and may depress sell and buy rates into 2024. We also expect that pricing volatility will continue as carriers adapt to fluctuations in fuel prices, new regulations, security risks and manage available capacity. As customers seek lower pricing and react to governmental trade policies and other regulations, this could result in further decreases in our revenues and operating income.
Customs brokerage and other services:
Customs brokerage and other services revenues decreased 11% and expenses decreased 15% for the three months ended March 31, 2024, respectively, as compared with the same period in 2023, primarily due to declining demand for ancillary services, principally in North America.
Import services including charges at ports such as detention, drayage, terminal charges and delivery decreased significantly as compared to the first quarter of 2023 that still had residual effects from the supply chain congestion. Road freight, warehousing and distribution services also declined due to lower volumes and decreased trucking, storage and labor costs. While customers continue to value our brokerage services due to changing tariffs and increasing complexity in the declaration process, some customers are opting to use multiple customs brokerage service providers to reduce their risk. Customers continue to seek knowledgeable customs brokers with sophisticated computerized capabilities critical to an overall logistics management program that are necessary to rapidly respond to changes in the regulatory and security environment. Should international trade slow, volumes shipped and pricing could further negatively impact our revenues and expenses.
Overhead expenses:
Salaries and related costs decreased 8% for the three months ended March 31, 2024, as compared with the same period in 2023, principally due to decreases in commissions and bonuses earned from lower revenues and operating income and a 7% decrease in headcount, partially offset by increases in base salaries.
Historically, the relatively consistent relationship between salaries and operating income has been the result of a compensation philosophy that has been maintained since the inception of our company: offer a modest base salary and the opportunity to share in a fixed and determinable percentage of the operating profit of the business unit controlled by each key employee. Using this compensation model, changes in individual incentive compensation occur in proportion to changes in our operating income, creating an alignment between branch and corporate performance and shareholder interests.
Our management compensation programs have always been incentive-based and performance driven. Total bonuses to field and executive management for the three months ended March 31, 2024, decreased 22% when compared to the same period in 2023, primarily due to the 22% decrease in operating income.
Because our management incentive compensation programs are also cumulative, generally no management bonuses can be paid unless the relevant business unit is, from inception, cumulatively profitable. Any operating losses must be offset in their entirety by operating profits before management is eligible for a bonus. Executive management, in limited circumstances, makes exceptions at the branch operating unit level. Since the most significant portion of management compensation comes from the incentive bonus programs, we believe that this cumulative feature is a disincentive to excessive risk taking by our managers. The outcome of any higher risk transactions, such as overriding established credit limits, would be known in a relatively short time frame. Management believes that when the potential and certain impact on the bonus is fully considered in light of the short operating cycle of our services, the potential for short-term gains that could be generated by engaging in risky business practices is sufficiently mitigated to discourage excessive and inappropriate risk taking. Management believes that both the stability and the long-term growth in revenues, operating income and net earnings are a result of the incentives inherent in our compensation programs.
Other overhead expenses decreased 1%, or $2 million for the three months ended March 31, 2024, as compared with the same period in 2023 as increases in rent and technology related expenses were offset by $7 million in lower indirect taxes.
So long as the economic environment remains uncertain, we will be focused on aligning headcount and our overhead expenses commensurate with our transactional volumes. We expect to continue to enhance the effectiveness and security of our systems and deploy additional protection technologies and processes which will result in increased expenses in the future. We will also continue to make important investments in people, processes and technology, as well as to invest in our strategic efforts to explore new areas for profitable growth.
Income tax expense:
Our consolidated effective income tax rate was 26.9% for the three months ended March 31, 2024, as compared to 24.8% in the comparable period of 2023. For the three months ended March 31, 2024, and 2023, there was no BEAT expense and GILTI expense was insignificant. Though both periods benefited from U.S. income tax deductions for FDII as well as available U.S. Federal foreign tax credits principally from withholding taxes related to our foreign operations, we were negatively impacted by higher foreign income tax expense that exceeded available U.S. Federal foreign tax credits in the three months ended March 31, 2024, when compared to the same period in the prior year. We have no liability as of March 31, 2024, for the 15% corporate alternative minimum tax based on financial statement income (BMT), which became effective in 2023 in the U.S., under the Inflation Reduction Act. Some elements of the recorded impacts of the Inflation Reduction Act could be impacted by further legislative action as well as additional interpretations and guidance issued by the Internal Revenue Service or Treasury which could impact the estimates of the amounts we would be required to record for BMT in the future.
Currency and Other Risk Factors
The nature of our worldwide operations necessitates transacting in a multitude of currencies other than the U.S. dollar. That exposes us to the inherent risks of volatile international currency markets and governmental interference. Some of the countries where we maintain offices and/or have agency relationships maintain strict currency control regulations that influence our ability to hedge foreign currency exposure. We try to compensate for these exposures by accelerating international currency settlements among our offices and agents. We may enter into foreign currency hedging transactions where there are regulatory or commercial limitations on our ability to move money freely around the world or the short-term financial outlook in any country is such that hedging is the most time-sensitive way to mitigate short-term exchange losses. Any such hedging activity during the three months ended March 31, 2024 and 2023 was insignificant. We had no foreign currency derivatives outstanding at March 31, 2024 and December 31, 2023. For the three months ended March 31, 2024, net foreign currency gains were approximately $7 million compared to net foreign currency losses of approximately $3 million in the same period in 2023.
Historically, our business has not been adversely affected by inflation. Beginning in 2021 and continuing through 2024, many countries including the United States experienced increasing levels of inflation. As a result our business continues to experience rising labor costs, service provider rate increases, higher rent and occupancy and other expenses. While buy rates for freight transportation capacity started declining in the second half of 2022, purchase prices for labor and other expenditures have continued to increase. Due to the high degree of competition in the marketplace we may not be able to increase our prices to our customers to offset this inflationary pressure, which could lead to an erosion in our margins and operating income in the future. Conversely, raising our prices to keep pace with inflationary pressure may result in a decrease in volume and customer demand for our services. As we are not required to purchase or maintain extensive property and equipment and have not otherwise incurred substantial interest rate-sensitive indebtedness, we currently have limited direct exposure to increased costs resulting from increases in interest rates.
There is uncertainty as to how future regulatory requirements and volatility in oil prices will continue to impact future buy rates. Because fuel is an integral part of carriers' costs and impacts both our buy rates and sell rates, we would expect our revenues and costs to be impacted as carriers adjust rates for the effect of changing fuel prices. To the extent that future fuel prices increase, and we are unable to pass through the increase to our customers, fuel price increases could adversely affect our operating income.
Liquidity and Capital Resources
Our principal source of liquidity is cash and cash equivalents and cash generated from operating activities. Net cash provided by operating activities for the three months ended March 31, 2024 was $257 million as compared with $546 million for the same period in 2023. The decrease of $289 million for the three months ended March 31, 2024, was primarily due to lower net earnings and changes in working capital, principally as a result of the excess of customer collections over customer billings in the first quarter of 2023. At March 31, 2024, working capital was $1,547 million, including cash and cash equivalents of $1,370 million. Other than our recorded lease liabilities, we had no long-term obligations or debt at March 31, 2024. Management believes that our current cash position and operating cash flows will be sufficient to meet our capital and liquidity requirements for at least the next 12 months and thereafter for the foreseeable future, including meeting any contingent liabilities related to standby letters of credit and other obligations.
As a customs broker, we make significant cash advances for a select group of our credit-worthy customers. These cash advances are for customer obligations such as the payment of duties and taxes to customs authorities in various countries throughout the world. Increases in duty rates could result in increases in the amounts we advance on behalf of our customers. Cash advances are a “pass through” and are not recorded as a component of revenue and expense. The billings of such advances to customers are accounted for as a direct increase in accounts receivable from the customer and a corresponding increase in accounts payable to governmental customs authorities. As a result of these “pass through” billings, the conventional Days Sales Outstanding or DSO calculation does not directly measure collection efficiency. For customers that meet certain criteria, we have agreed to extend payment terms beyond our customary terms. Management believes that it has established effective credit control procedures, and historically has experienced relatively insignificant collection problems.
Our business historically has been subject to seasonal fluctuations, and this is expected to continue in the future. Cash flows fluctuate as a result of this seasonality. Historically, the first quarter shows an excess of customer collections over customer billings. This results in positive cash flow. The increased activity associated with periods of higher demand (typically commencing late second or early third quarter and continuing well into the fourth quarter) causes an excess of customer billings over customer collections. This cyclical growth in customer receivables consumes available cash. However, there is no assurance that this seasonal trend will occur in the future or to what degree it will continue to be impacted in 2023 by the softening of the global economy.
Cash used in investing activities for the three months ended March 31, 2024 and 2023 was $10 million, primarily for capital expenditures. Capital expenditures in the three months ended March 31, 2024 were primarily related to continuing investments in building and leasehold improvements and technology and facilities equipment. Total anticipated capital expenditures in 2024 are currently estimated to be $100 million. This includes routine capital expenditures, leasehold and building improvements and investments in technology.
Cash used in financing activities during the three months ended March 31, 2024 was $375 million as compared with $227 million for the same period in 2023. We use the proceeds from stock option exercises and available cash to repurchase our common stock on the open market to reduce outstanding shares. During the three months ended March 31, 2024, we used cash to repurchase 3.0 million shares of common stock, compared to 2.0 million shares of common stock during the same period in 2023.
We follow established guidelines relating to credit quality, diversification and maturities of our investments to preserve principal and maintain liquidity. Historically, our investment portfolio has not been adversely impacted by disruptions occurring in the credit markets. However, there can be no assurance that our investment portfolio will not be adversely affected in the future.
We cannot predict what further impact ongoing uncertainties in the global economy, inflation, rising interest rates, and political conflicts and uncertainty, may have on our operating results, freight volumes, pricing, amounts advanced on behalf of our customers, changes in consumer demand, carrier stability and capacity, customers’ abilities to pay or changes in competitors' behavior.
We maintain international unsecured 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 March 31, 2024, borrowings under these credit lines were $35 million and we were contingently liable for $85 million from standby letters of credit and guarantees. The standby letters of credit and guarantees primarily relate to obligations of our 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 excises are properly recorded as obligations in the accounting records of the respective foreign subsidiaries, and there would be no need to record additional expense in the unlikely event the parent company is required to perform.
Our foreign subsidiaries regularly remit dividends to the U.S. parent company after evaluating their working capital requirements and funds necessary to finance local capital expenditures. In some cases, our ability to repatriate funds from foreign operations may be subject to foreign exchange controls. At March 31, 2024, cash and cash equivalent balances of $573 million were held by our non-United States subsidiaries, of which $12 million was held in banks in the United States. Earnings of our foreign subsidiaries are not considered to be indefinitely reinvested outside of the United States.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
We are exposed to market risks in the ordinary course of our business. These risks are primarily related to foreign exchange risk and changes in short-term interest rates. The potential impact of our exposure to these risks is presented below:
Foreign Exchange Risk
We conduct business in many different countries and currencies. Our business often results in billings issued in a country and currency that differs from that where the expenses related to the service are incurred. In the ordinary course of business, we create numerous intercompany transactions and may have receivables, payables and currencies that are not denominated in the local functional currency. This brings foreign exchange risk to our earnings. The principal foreign exchange risks to which Expeditors is exposed include Chinese Yuan, Indian Rupee, Euro, Mexican Peso, Canadian Dollar and British Pound.
Foreign exchange rate sensitivity analysis can be quantified by estimating the impact on our earnings as a result of hypothetical changes in the value of the U.S. dollar, our functional currency, relative to the other currencies in which we transact business. All other things being equal, an average 10% weakening of the U.S. dollar, throughout the three months ended March 31, 2024, would have had the effect of raising operating income by approximately $14 million. An average 10% strengthening of the U.S. dollar, for the same period, would have the effect of reducing operating income by approximately $11 million. This analysis does not take into account changes in shipping patterns based upon this hypothetical currency fluctuation. For example, a weakening in the U.S. dollar would be expected to increase exports from the United States and decrease imports into the United States over some relevant period of time, but the exact effect of this change cannot be quantified without making speculative assumptions.
We currently do not use derivative financial instruments to manage foreign currency risk and only enter into foreign currency hedging transactions in limited locations where regulatory or commercial limitations restrict our ability to move money freely. Any such hedging activity throughout the three months ended March 31, 2024 and 2023 was insignificant. For the three months ended March 31, 2024, net foreign currency gains were approximately $7 million compared to approximately $3 million of net losses during the same period in 2023. We had no foreign currency derivatives outstanding at March 31, 2024 and December 31, 2023. We instead follow a policy of accelerating international currency settlements to manage foreign exchange risk relative to intercompany billings. As of March 31, 2024, we had approximately $62 million of net unsettled intercompany transactions. The majority of intercompany billings are resolved within 30 days.
Interest Rate Risk
At March 31, 2024, we had cash and cash equivalents of $1,370 million of which $719 million was invested at various short-term market interest rates. We had no long-term debt at March 31, 2024. A hypothetical change in the interest rate of 10 basis points at March 31, 2024 would not have a significant impact on our earnings. In management’s opinion, there has been no material change in our interest rate risk exposure in the first quarter of 2024.
Item 4. Controls and Procedures
We carried out an evaluation, under the supervision and with the participation of our management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in the Exchange Act Rule 13a-15(e)) as of the end of the period covered by this report. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective as of the end of the period covered by this report due to material weaknesses in internal control over financial reporting that were disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023.
Management concluded that unauthorized changes to custom databases could have gone undetected as a control to review and authorize direct changes to databases that support several key operational and accounting systems excluded certain database changes from review, and as such did not operate effectively as designed. In addition, the system logic used to record direct database changes excluded certain changes from being captured within the change logs used as the basis for population of the manual review. These control deficiencies related to personnel without specific training and experience to fulfill internal control responsibilities related to information technology general controls over custom databases resulting in an ineffective information and communication process that identifies and assesses the source of and controls necessary to ensure the reliability of information used in financial reporting. As a consequence of these control deficiencies, the Company concluded that it did not effectively design, implement and operate process-level controls across its financial reporting processes.
In light of the material weaknesses, management performed additional analysis and other procedures to ensure that our consolidated financial statements were prepared in accordance with U.S. generally accepted accounting principles (GAAP). Accordingly, management believes that the consolidated financial statements included in this Quarterly Report on Form 10-Q fairly present, in all material respects, our financial position, results of operations, and cash flows as of and for the periods presented, in accordance with U.S. GAAP.
Remediation
As previously described in Part II, Item 9A of our Annual Report on Form 10-K for the year ended December 31, 2023, we have taken steps to remediate the identified material weaknesses, including:
•Increasing the number of qualified personnel involved in the remediation process and the design and implementation of IT controls;
•Performing supplemental procedures and implementing certain enhancements designed to strengthen IT program change management processes;
•Conducting supplemental review procedures for direct database changes until the improvements are fully in place and operating;
•Improving entity wide risk assessments conducted to identify relevant process risk points, IT systems and the information used in the operation of controls; and
•Conducting additional training relative to information technology in the operation of controls.
The material weaknesses will not be considered fully remediated, until the applicable controls operate for a sufficient period of time and management has concluded, through testing, that these controls are operating effectively. We expect that necessary enhancements and remediation of these material weaknesses will be completed in 2024.
Changes in Internal Controls
Except for on-going remediation related to the material weaknesses, there were no changes in our internal control over financial reporting that occurred during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
We are developing a new accounting system, which is being implemented on a worldwide basis over the next several years. This system is expected to improve the efficiency of certain financial and transactional processes and reporting. This transition affects the processes that constitute our internal control over financial reporting and requires testing for operating effectiveness.
An internal control system, no matter how well-conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of such internal controls are met. Further, the design of an internal control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all internal control systems, no evaluation of controls can provide absolute assurance that all of our control issues and instances of fraud, if any, have been detected.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
Expeditors is involved in claims, lawsuits, government investigations, income and indirect tax audits and other legal matters that arise in the ordinary course of business and are subject to inherent uncertainties. Currently, in management's opinion and based upon advice from legal and tax advisors, none of these matters are expected to have a material effect on our operations, cash flows or financial position. As of March 31, 2024, the amounts recorded for claims, lawsuits, government investigations and other legal matters are not significant to our operations, cash flows or financial position. At this time, we are 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.
Item 1A. Risk Factors
In addition to the other information set forth in this report, careful consideration should be given to the risk factors under Item 1A Risk Factors in our Annual Report on Form 10-K filed on February 23, 2024. There have been no material changes in Expeditors' risk factors from those disclosed under Item 1A Risk Factors in our annual report on Form 10-K filed on February 23, 2024.
Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities
ISSUER PURCHASES OF EQUITY SECURITIES
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period |
|
Total number
of shares
purchased |
|
|
Average price
paid per share |
|
|
Total number
of shares
purchased as
part of publicly
announced
plans |
|
|
Maximum
number of
shares that may
yet be
purchased
under the plans |
|
January 1-31, 2024 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3,888 |
|
February 1-29, 2024 |
|
|
992 |
|
|
$ |
118.11 |
|
|
|
992 |
|
|
|
13,122 |
|
March 1-31, 2024 |
|
|
2,008 |
|
|
|
121.19 |
|
|
|
2,008 |
|
|
|
11,119 |
|
Total |
|
|
3,000 |
|
|
$ |
120.17 |
|
|
|
3,000 |
|
|
|
11,119 |
|
In November 2001, Expeditors' Board of Directors authorized a Discretionary Stock Repurchase Plan for the purpose of repurchasing our common stock in the open market to reduce the issued and outstanding stock down to 200 million outstanding shares. Subsequently, the Board of Directors has from time to time increased the amount of our common stock that may be repurchased. On February 19, 2024, the Board of Directors last authorized repurchases from 140 million shares of common stock down to 130 million outstanding shares of common stock. The maximum number of shares available for repurchase under this plan will increase as the total number of outstanding shares increases. This authorization has no expiration date.
Item 3. Defaults Upon Senior Securities
Not applicable.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
(c)During the quarterly period ended March 31, 2024, no director or officer adopted or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement.
Item 6. Exhibits
Exhibits required by Item 601 of Regulation S-K.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. |
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May 9, 2024 |
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/s/ JEFFREY S. MUSSER |
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Jeffrey S. Musser, President, Chief Executive Officer and Director |
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|
May 9, 2024 |
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/s/ BRADLEY S. POWELL |
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|
Bradley S. Powell, Senior Vice President and Chief Financial Officer |
EXHIBIT 31.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
PURSUANT TO SECTION 302 OF THE
SARBANES-OXLEY ACT OF 2002
I, Jeffrey S. Musser, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Expeditors International of Washington, Inc.;
2.Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;
3.Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this quarterly report based on such evaluation; and
d)Disclosed in this quarterly report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: May 9, 2024
|
/s/ JEFFREY S. MUSSER |
Jeffrey S. Musser President, Chief Executive Officer and Director |
EXHIBIT 31.2
CERTIFICATION OF CHIEF FINANCIAL OFFICER
PURSUANT TO SECTION 302 OF THE
SARBANES-OXLEY ACT OF 2002
I, Bradley S. Powell, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Expeditors International of Washington, Inc.;
2.Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;
3.Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this quarterly report based on such evaluation; and
d)Disclosed in this quarterly report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: May 9, 2024
|
/s/ BRADLEY S. POWELL |
Bradley S. Powell Senior Vice President and Chief Financial Officer |
EXHIBIT 32
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Expeditors International of Washington, Inc. (the “Company”) on Form 10-Q for the quarter ended March 31, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), we, Jeffrey S. Musser, President, Chief Executive Officer and Director, and Bradley S. Powell, Senior Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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May 9, 2024 |
/s/ JEFFREY S. MUSSER |
Jeffrey S. Musser President, Chief Executive Officer and Director |
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May 9, 2024 |
/s/ BRADLEY S. POWELL |
Bradley S. Powell Senior Vice President and Chief Financial Officer |
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v3.24.1.u1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
| Current Assets: |
|
|
| Cash and cash equivalents |
$ 1,370,456
|
$ 1,512,883
|
| Accounts receivable, less allowance for credit loss of $6,382 at March 31, 2024 and $6,550 at December 31, 2023 |
1,572,356
|
1,532,599
|
| Deferred contract costs |
277,771
|
218,807
|
| Other |
153,111
|
170,907
|
| Total current assets |
3,373,694
|
3,435,196
|
| Property and equipment, less accumulated depreciation and amortization of $604,458 at March 31, 2024 and $597,473 at December 31, 2023 |
470,055
|
479,225
|
| Operating lease right-of-use assets |
551,682
|
516,280
|
| Goodwill |
7,927
|
7,927
|
| Deferred federal and state income taxes, net |
64,408
|
63,690
|
| Other assets, net |
20,502
|
21,491
|
| Total assets |
4,488,268
|
4,523,809
|
| Current Liabilities: |
|
|
| Accounts payable |
927,129
|
860,856
|
| Accrued liabilities, primarily salaries and related costs |
433,599
|
447,336
|
| Contract liabilities |
344,552
|
280,909
|
| Current portion of operating lease liabilities |
100,673
|
99,749
|
| Federal, state and foreign income taxes |
20,388
|
15,562
|
| Total current liabilities |
1,826,341
|
1,704,412
|
| Noncurrent portion of operating lease liabilities |
464,262
|
427,984
|
| Commitments and contingencies |
|
|
| Shareholders’ Equity: |
|
|
| Preferred stock, none issued |
0
|
0
|
| Common stock, par value $0.01 per share. Issued and outstanding: 141,119 shares at March 31, 2024 and 143,866 shares at December 31, 2023 |
1,411
|
1,439
|
| Additional paid-in capital |
0
|
0
|
| Retained earnings |
2,401,525
|
2,580,968
|
| Accumulated other comprehensive loss |
(207,474)
|
(192,057)
|
| Total shareholders’ equity |
2,195,462
|
2,390,350
|
| Noncontrolling interest |
2,203
|
1,063
|
| Total equity |
2,197,665
|
2,391,413
|
| Total liabilities and equity |
$ 4,488,268
|
$ 4,523,809
|
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.1.u1
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
shares in Thousands, $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
| Statement of Financial Position [Abstract] |
|
|
| Accounts receivable, allowance for credit loss |
$ 6,382
|
$ 6,550
|
| Property and equipment, accumulated depreciation |
$ 604,458
|
$ 597,473
|
| Preferred stock, shares issued |
0
|
0
|
| Common stock, par value |
$ 0.01
|
$ 0.01
|
| Common stock, shares issued |
141,119
|
143,866
|
| Common stock, shares outstanding |
141,119
|
143,866
|
| X |
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v3.24.1.u1
Condensed Consolidated Statements of Earnings - USD ($)
shares in Thousands, $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
| Revenues: |
|
|
|
| Revenue from Contract with Customer, Excluding Assessed Tax |
|
$ 2,206,678
|
$ 2,592,589
|
| Operating Expenses: |
|
|
|
| Directly related cost of transportation and other expenses |
[1] |
1,433,280
|
1,719,102
|
| Salaries and related |
|
413,162
|
449,848
|
| Rent and occupancy |
|
61,252
|
57,632
|
| Depreciation and amortization |
|
15,161
|
15,261
|
| Selling and promotion |
|
6,779
|
6,384
|
| Other |
|
62,268
|
68,393
|
| Total operating expenses |
|
1,991,902
|
2,316,620
|
| Operating income |
|
214,776
|
275,969
|
| Other Income (Expense): |
|
|
|
| Interest income |
|
14,878
|
18,775
|
| Other, net |
|
3,528
|
5,834
|
| Other income, net |
|
18,406
|
24,609
|
| Earnings before income taxes |
|
233,182
|
300,578
|
| Income tax expense |
|
62,782
|
74,580
|
| Net earnings |
|
170,400
|
225,998
|
| Less net earnings (losses) attributable to the noncontrolling interest |
|
1,248
|
(13)
|
| Net earnings attributable to shareholders |
|
$ 169,152
|
$ 226,011
|
| Diluted earnings attributable to shareholders per share |
|
$ 1.17
|
$ 1.45
|
| Basic earnings attributable to shareholders per share |
|
$ 1.18
|
$ 1.47
|
| Weighted average diluted shares outstanding |
|
144,125
|
155,472
|
| Weighted average basic shares outstanding |
|
143,194
|
154,164
|
| Airfreight services |
|
|
|
| Revenues: |
|
|
|
| Revenue from Contract with Customer, Excluding Assessed Tax |
|
$ 759,374
|
$ 904,903
|
| Operating Expenses: |
|
|
|
| Directly related cost of transportation and other expenses |
|
537,591
|
666,022
|
| Ocean freight and ocean services |
|
|
|
| Revenues: |
|
|
|
| Revenue from Contract with Customer, Excluding Assessed Tax |
|
570,786
|
697,307
|
| Operating Expenses: |
|
|
|
| Directly related cost of transportation and other expenses |
|
413,983
|
483,682
|
| Customs brokerage and other services |
|
|
|
| Revenues: |
|
|
|
| Revenue from Contract with Customer, Excluding Assessed Tax |
|
876,518
|
990,379
|
| Operating Expenses: |
|
|
|
| Directly related cost of transportation and other expenses |
|
$ 481,706
|
$ 569,398
|
|
|
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v3.24.1.u1
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
| Statement of Comprehensive Income [Abstract] |
|
|
| Net earnings |
$ 170,400
|
$ 225,998
|
| Other comprehensive (loss) income, net of tax: |
|
|
| Foreign currency translation adjustments, net of income tax benefits of $3,013 and $4,268 for the three months ended March 31, 2024 and 2023 |
(15,525)
|
11,753
|
| Other comprehensive (loss) income |
(15,525)
|
11,753
|
| Comprehensive income |
154,875
|
237,751
|
| Less comprehensive income (loss) attributable to the noncontrolling interest |
1,140
|
(315)
|
| Comprehensive income attributable to shareholders |
$ 153,735
|
$ 238,066
|
| X |
- DefinitionAmount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
| Operating Activities: |
|
|
| Net earnings |
$ 170,400
|
$ 225,998
|
| Adjustments to reconcile net earnings to net cash from operating activities: |
|
|
| Provisions for losses on accounts receivable |
394
|
1,072
|
| Deferred income tax expense |
2,294
|
2,036
|
| Stock compensation expense |
12,372
|
12,488
|
| Depreciation and amortization |
15,161
|
15,261
|
| Other, net |
1,985
|
1,159
|
| Changes in operating assets and liabilities: |
|
|
| (Increase) decrease in accounts receivable |
(60,542)
|
508,606
|
| Increase (decrease) in accounts payable and accrued liabilities |
83,591
|
(202,923)
|
| (Increase) decrease in deferred contract costs |
(64,062)
|
67,621
|
| Increase (decrease) in contract liabilities |
69,308
|
(84,447)
|
| Decrease in income taxes payable, net |
22,686
|
91
|
| Increase (decrease) in other, net |
3,317
|
(550)
|
| Net cash from operating activities |
256,904
|
546,412
|
| Investing Activities: |
|
|
| Purchase of property and equipment |
(10,181)
|
(10,126)
|
| Other, net |
97
|
575
|
| Net cash from investing activities |
(10,084)
|
(9,551)
|
| Financing Activities: |
|
|
| Proceeds from borrowings on lines of credit |
44
|
11,495
|
| Payments on borrowings on lines of credit |
(17,286)
|
(26,402)
|
| Proceeds from issuance of common stock |
8,029
|
9,288
|
| Repurchases of common stock |
(360,524)
|
(213,502)
|
| Payments for taxes related to net share settlement of equity awards |
(5,185)
|
(7,445)
|
| Net cash from financing activities |
(374,922)
|
(226,566)
|
| Effect of exchange rate changes on cash and cash equivalents |
(14,325)
|
6,368
|
| Change in cash and cash equivalents |
(142,427)
|
316,663
|
| Cash and cash equivalents at beginning of period |
1,512,883
|
2,034,131
|
| Cash and cash equivalents at end of period |
1,370,456
|
2,350,794
|
| Taxes Paid: |
|
|
| Income taxes |
$ 36,864
|
$ 70,786
|
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-URI https://asc.fasb.org//1943274/2147482740/230-10-45-15
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| X |
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-Topic 805
-SubTopic 50
-Name Accounting Standards Codification
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-Paragraph 1
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 235
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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| X |
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-Name Accounting Standards Codification
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-Topic 235
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 65
-Paragraph 1
-Subparagraph (f)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
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-Section 55
-Paragraph 11
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 205
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147480767/946-205-45-3
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 7
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(16))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
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Reference 29: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Paragraph 31
-Publisher FASB
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
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-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1
Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
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Reference 33: http://www.xbrl.org/2003/role/exampleRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 4J
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481175/810-10-55-4J
Reference 34: http://www.xbrl.org/2003/role/exampleRef
-Topic 810
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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-Section 45
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-Subparagraph (a)
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 230
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-Section 45
-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147482740/230-10-45-2
Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
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-URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A
Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
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-Paragraph 1A
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-Topic 326
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(5))
-Publisher FASB
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-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org//1943274/2147482740/230-10-45-15
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-Name Accounting Standards Codification
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-Paragraph 28
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|
v3.24.1.u1
Condensed Consolidated Statements of Equity - USD ($)
shares in Thousands, $ in Thousands |
Total |
Common Stock |
Additional paid-in capital |
Retained earnings |
Accumulated other comprehensive loss |
Total shareholders' equity |
Noncontrolling interest |
| Balance at Dec. 31, 2022 |
$ 3,113,535
|
$ 1,543
|
$ 139
|
$ 3,310,892
|
$ (202,553)
|
$ 3,110,021
|
$ 3,514
|
| Balance (in shares) at Dec. 31, 2022 |
|
154,313
|
|
|
|
|
|
| Increase (Decrease) in Equity [Roll Forward] |
|
|
|
|
|
|
|
| Shares issued under employee stock plans, net of tax withholding for net settlement |
1,844
|
$ 4
|
1,840
|
0
|
0
|
1,844
|
0
|
| Shares issued under employee stock plans, net of tax withholding for net settlement (in shares) |
|
358
|
|
|
|
|
|
| Shares repurchased under provisions of stock repurchase plan |
(215,250)
|
$ (20)
|
(14,809)
|
(200,421)
|
0
|
(215,250)
|
0
|
| Shares repurchased under provisions of stock repurchase plan (in shares) |
|
(1,959)
|
|
|
|
|
|
| Stock compensation expense |
12,488
|
$ 0
|
12,488
|
0
|
0
|
12,488
|
0
|
| Net earnings (loss) |
225,998
|
0
|
0
|
226,011
|
0
|
226,011
|
(13)
|
| Other comprehensive income (loss) |
11,753
|
0
|
0
|
0
|
12,055
|
12,055
|
(302)
|
| Dividends and dividend equivalents paid |
0
|
0
|
342
|
(342)
|
0
|
0
|
0
|
| Balance at Mar. 31, 2023 |
3,150,368
|
$ 1,527
|
0
|
3,336,140
|
(190,498)
|
3,147,169
|
3,199
|
| Balance (in shares) at Mar. 31, 2023 |
|
152,712
|
|
|
|
|
|
| Balance at Dec. 31, 2023 |
$ 2,391,413
|
$ 1,439
|
0
|
2,580,968
|
(192,057)
|
2,390,350
|
1,063
|
| Balance (in shares) at Dec. 31, 2023 |
143,866
|
143,866
|
|
|
|
|
|
| Increase (Decrease) in Equity [Roll Forward] |
|
|
|
|
|
|
|
| Shares issued under employee stock plans, net of tax withholding for net settlement |
$ 2,844
|
$ 2
|
2,842
|
0
|
0
|
2,844
|
0
|
| Shares issued under employee stock plans, net of tax withholding for net settlement (in shares) |
|
253
|
|
|
|
|
|
| Shares repurchased under provisions of stock repurchase plan |
(363,839)
|
$ (30)
|
(15,508)
|
(348,301)
|
0
|
(363,839)
|
0
|
| Shares repurchased under provisions of stock repurchase plan (in shares) |
|
(3,000)
|
|
|
|
|
|
| Stock compensation expense |
12,372
|
$ 0
|
12,372
|
0
|
0
|
12,372
|
0
|
| Net earnings (loss) |
170,400
|
0
|
0
|
169,152
|
0
|
169,152
|
1,248
|
| Other comprehensive income (loss) |
(15,525)
|
0
|
0
|
0
|
(15,417)
|
(15,417)
|
(108)
|
| Dividends and dividend equivalents paid |
0
|
0
|
294
|
(294)
|
0
|
0
|
0
|
| Balance at Mar. 31, 2024 |
$ 2,197,665
|
$ 1,411
|
$ 0
|
$ 2,401,525
|
$ (207,474)
|
$ 2,195,462
|
$ 2,203
|
| Balance (in shares) at Mar. 31, 2024 |
141,119
|
141,119
|
|
|
|
|
|
| X |
- DefinitionAmount of increase to additional paid-in capital (APIC) for recognition of cost for award under share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 20
-Section 55
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481089/718-20-55-13
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 20
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481089/718-20-55-12
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v3.24.1.u1
Summary of Significant Accounting Policies
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Accounting Policies [Abstract] |
|
| Summary of Significant Accounting Policies |
Note 1. Summary of Significant Accounting Policies Expeditors International of Washington, Inc. (the Company) is a non-asset based provider of global logistics services operating through a worldwide network of offices and exclusive or non-exclusive agents. The Company’s customers include retailing and wholesaling, electronics, high technology, industrial and manufacturing companies around the world. The condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. As a result, certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) have been condensed or omitted. The Company believes that the disclosures made are adequate to make the information presented not misleading. The condensed consolidated financial statements reflect all adjustments, consisting of normal recurring items, which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company's Form 10-K as filed with the Securities and Exchange Commission on February 23, 2024. All significant intercompany accounts and transactions have been eliminated in consolidation. All dollar amounts in the notes are presented in thousands except for per share data or unless otherwise specified. Certain prior year amounts have been reclassified to conform to the current year presentation of other income (expense) in the condensed consolidated statement of earnings. The Company derives its revenues by entering into agreements that are generally comprised of a single performance obligation, which is that freight is shipped for and received by the customer. Each performance obligation is comprised of one or more of the Company’s services. The Company's three principal services are the revenue categories presented in the condensed consolidated statements of earnings: 1) airfreight services, 2) ocean freight and ocean services, and 3) customs brokerage and other services. The Company typically satisfies its performance obligations as services are rendered over time. A typical shipment would include services rendered at origin, such as pick-up and delivery to port, freight services from origin to destination port and destination services, such as customs clearance and final delivery. The Company measures the performance of its obligations as services are completed over the life of a shipment, including services at origin, freight and destination. The Company fulfills nearly all of its performance obligations within a one to two month-period and contracts with customers have an original expected duration of less than one year. The Company satisfied nearly all performance obligations for the contract liabilities recorded as of December 31, 2023. The Company evaluates whether amounts billed to customers should be reported as revenues on a gross or net basis. Generally, revenue is recorded on a gross basis when the Company is primarily responsible for fulfilling the promise to provide the services, when it assumes the risk of loss, when it has discretion in setting the prices for the services to the customers, and when the Company has the ability to direct the use of the services provided by the third party. When revenue is recorded on a net basis, the amounts earned are determined using a fixed fee, a per unit of activity fee or a combination thereof. For revenues earned in other capacities, for instance, when the Company does not issue a House Airway Bill (HAWB), a House Ocean Bill of Lading (HOBL) or a House Sea Waybill or otherwise act solely as an agent for the shipper, only the commissions and fees earned for such services are included in revenues. In these transactions, the Company is not a principal and reports only the commissions and fees earned in revenues. The Company determines if an arrangement is a lease at inception. Right-of-use (ROU) assets represent the Company's right to use an underlying asset for the lease term, and lease liabilities represent the Company's obligation to make lease payments arising from the lease. All ROU assets and lease liabilities are recognized at the commencement date at the present value of lease payments over the lease term. ROU assets are adjusted for lease incentives and initial direct costs. The lease term includes renewal options exercisable at the Company's sole discretion when the Company is reasonably certain to exercise that option. As the Company's leases generally do not have an implicit rate, the Company uses an estimated incremental borrowing rate based on market information available at the commencement date to determine the present value. Certain of our leases include variable payments, which may vary based upon changes in facts or circumstances after the start of the lease. The Company excludes variable payments from ROU assets and lease liabilities to the extent not considered fixed, and instead expenses variable payments as incurred. Lease expense is recognized on a straight-line basis over the lease term and is included in rent and occupancy expenses in the condensed consolidated statement of earnings. Additionally, the Company elected to apply the short-term lease exemption for leases with a non-cancelable period of twelve months or less and has chosen not to separate non-lease components from lease components and instead to account for each as a single lease component. The Company’s trade accounts receivable present similar credit risk characteristics and the allowance for credit loss is estimated on a collective basis, using a credit loss-rate method that uses historical credit loss information and considers the current economic environment. Additional allowances may be necessary in the future if changes in economic conditions are significant enough to affect expected credit losses. The Company has recorded an allowance for credit loss in the amounts of $6,382 as of March 31, 2024 and $6,550 as of December 31, 2023. Additions and write-offs have not been significant in the periods presented. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of the assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. The Company uses estimates primarily in the following areas: accounts receivable valuation, accrual of costs related to ancillary services the Company performs, typically at the destination location, self-insured liabilities, accrual of various tax liabilities and accrual of loss contingencies, calculation of share-based compensation expense and estimates related to determining the lease term and discount rate when measuring ROU assets and lease liabilities. F. Recent Accounting Pronouncements Improvements to Reportable Segment Disclosures In November 2023, the Financial Accounting Standards Board (FASB) issued an Accounting Standard Update (ASU) which makes improvements to reportable segment disclosures, by requiring, among other things, the disclosure in interim periods about a reportable segment’s profit or loss and assets that are currently required annually, and disclosures of significant segment expenses and profit and loss measures provided to the chief operating decision maker. The ASU does not change how the Company identifies its operating segments. The Company expects to adopt this standard in its 2024 annual report on Form 10-K and for interim periods starting on January 1, 2025, including retrospective presentation to all prior periods presented in the financial statements. The Company is currently evaluating the impact of this ASU on its segment disclosures and expects no impact on its consolidated financial statements, cash flows and financial condition. Improvements to Income Tax Disclosures In December 2023, the FASB issued an ASU which expands income tax disclosures by requiring the disclosure, on an annual basis, of a tabular rate reconciliation using both percentages and currency amounts, broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, disclosure is required of income taxes paid, net of refunds received, disaggregated by federal, state/local, and foreign and by jurisdiction if the amount is at least 5% of total income tax payments, net of refunds received. This standard will become effective for the Company on January 1, 2025. The Company may apply this ASU prospectively by providing the revised disclosures for the period ending December 31, 2025 and continuing to provide the pre-ASU disclosures for the prior periods or may apply the amendments retrospectively by providing the revised disclosures for all period presented. The Company expects this ASU to only impact its disclosures with no impacts to its consolidated financial statements, cash flows and financial condition. |
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v3.24.1.u1
Income Taxes
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Income Taxes |
Note 2. Income Taxes U.S. corporate income tax laws and regulations include a territorial tax framework and provisions for Global Intangible Low-Taxed Income (GILTI) under which taxes on foreign income are imposed on the excess of a deemed return on tangible assets of certain foreign subsidiaries, Base Erosion and Anti-Abuse Tax (BEAT) under which taxes are imposed on certain base eroding payments to affiliated foreign companies as well as U.S. income tax deductions for Foreign-derived intangible income (FDII). The Company treats GILTI as a discrete adjustment as a component of current income tax expense. Earnings of the Company's foreign subsidiaries are not considered to be indefinitely reinvested outside of the United States. The Company is subject to taxation in various states and many foreign jurisdictions including the People’s Republic of China, including Hong Kong, Taiwan, Vietnam, India, Mexico, Brazil, Canada, Netherlands and the United Kingdom. The Company believes that its tax positions, including intercompany transfer pricing policies, are reasonable and consistent with established transfer pricing methodologies and norms. The Company is under, or may be subject to, audit or examination and assessments by the relevant authorities in respect to these and any other jurisdictions primarily for years 2009 and thereafter. Sometimes audits result in proposed assessments where the ultimate resolution could result in significant additional tax, penalties and interest payments being required. The Company establishes liabilities when, despite its belief that the tax filing positions are appropriate and consistent with tax law, it concludes that it may not be successful in realizing the tax position. In evaluating a tax position, the Company determines whether it is more likely than not that the position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position and in consultation with qualified legal and tax advisors. The total amount of the Company’s tax contingencies may increase in 2024. In addition, changes in state, federal, and foreign tax laws, including transfer pricing and changes in interpretations of these laws, may increase the Company’s existing tax contingencies. The timing of the resolution of income tax examinations can be highly uncertain, and the amounts ultimately paid including interest and penalties, if any, upon resolution of the issues raised by the taxing authorities may differ from the amounts recorded. It is reasonably possible that within the next twelve months the Company or its subsidiaries will undergo further audits and examinations by various tax authorities and possibly may reach resolution related to income tax and indirect tax examinations in one or more jurisdictions. These assessments or settlements could result in changes to the Company’s contingencies related to positions on tax filings in future years. The estimate of any ultimate tax liability contains assumptions based on experiences, judgments about potential actions by taxing jurisdictions as well as judgments about the likely outcome of issues that have been raised by the taxing jurisdiction. The Company cannot currently provide an estimate of the range of possible outcomes. The Company recognizes interest expense related to unrecognized tax benefits or underpayment of income taxes in interest expense and recognizes penalties in operating expenses. The Company’s consolidated effective income tax rate was 26.9% for the three months ended March 31, 2024, as compared to 24.8% in the comparable period of 2023. For the three months ended March 31, 2024, and 2023, there was no BEAT expense and GILTI expense was insignificant. Though both periods benefited from U.S. income tax deductions for FDII as well as available U.S. Federal foreign tax credits principally from withholding taxes related to our foreign operations, the Company was negatively impacted by higher foreign income tax expense that exceeded available U.S. Federal foreign tax credits in the three months ended March 31, 2024, when compared to the same period in the prior year. The Company has no liability as of March 31, 2024, for the 15% corporate alternative minimum tax based on financial statement income (BMT), which became effective in 2023 in the U.S., under the Inflation Reduction Act. Some elements of the recorded impacts of the Inflation Reduction Act could be impacted by further legislative action as well as additional interpretations and guidance issued by the Internal Revenue Service or Treasury which could impact the estimates of the amounts the Company would be required to record for BMT in the future.
|
| X |
- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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-Paragraph 1
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v3.24.1.u1
Basic and Diluted Earnings per Share
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Earnings Per Share [Abstract] |
|
| Basic and Diluted Earnings per Share |
Note 3. Basic and Diluted Earnings per Share Diluted earnings attributable to shareholders per share is computed using the weighted average number of common shares and dilutive potential common shares outstanding. Dilutive potential shares represent outstanding stock options, including purchase options under the Company's employee stock purchase plan, and unvested restricted stock units. Basic earnings attributable to shareholders per share is calculated using the weighted average number of common shares outstanding without taking into consideration dilutive potential common shares outstanding. The following table reconciles the numerator and the denominator of the basic and diluted per share computations for earnings attributable to shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31, |
|
|
|
Net earnings
attributable to
shareholders |
|
|
Weighted
average
shares |
|
|
Earnings per
share |
|
2024 |
|
|
|
|
|
|
|
|
|
Basic earnings attributable to shareholders |
|
$ |
169,152 |
|
|
|
143,194 |
|
|
$ |
1.18 |
|
Effect of dilutive potential common shares |
|
|
— |
|
|
|
931 |
|
|
|
— |
|
Diluted earnings attributable to shareholders |
|
$ |
169,152 |
|
|
|
144,125 |
|
|
$ |
1.17 |
|
2023 |
|
|
|
|
|
|
|
|
|
Basic earnings attributable to shareholders |
|
$ |
226,011 |
|
|
|
154,164 |
|
|
$ |
1.47 |
|
Effect of dilutive potential common shares |
|
|
— |
|
|
|
1,308 |
|
|
|
— |
|
Diluted earnings attributable to shareholders |
|
$ |
226,011 |
|
|
|
155,472 |
|
|
$ |
1.45 |
|
Substantially all outstanding potential common shares as of March 31, 2024 and 2023 were dilutive.
|
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v3.24.1.u1
Shareholders' Equity
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Stockholders' Equity Note [Abstract] |
|
| Shareholders' Equity |
Note 4. Shareholders' Equity The Company has a Discretionary Stock Repurchase Plan approved by the Board of Directors that authorizes management to reduce issued and outstanding common stock. The Board of Directors last amended the plan on February 19, 2024 to authorize repurchases down from 140,000 to 130,000 shares. This authorization has no expiration date. During the three months ended March 31, 2024, there were 3,000 shares repurchased at an average price of $120.17 per share, compared to 1,959 shares repurchased at an average price of $108.98 during the same period in 2023. Accumulated other comprehensive loss consisted entirely of foreign currency translation adjustments, net of related income tax effects, for all the periods presented. Subsequent to the end of the first quarter of 2024, on May 6, 2024, the Board of Directors declared a semi-annual dividend of $.73 per share payable on June 17, 2024 to shareholders of record as of June 3, 2024.
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- DefinitionThe entire disclosure for equity. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (h)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13
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-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
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-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13
Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13
Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14
Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14
Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16
Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18
Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18
Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18
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v3.24.1.u1
Fair Value of Financial Instruments
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Fair Value of Financial Instruments |
Note 5. Fair Value of Financial Instruments The Company’s financial instruments, other than cash, consist primarily of cash equivalents, accounts receivable, accounts payable and accrued expenses. The carrying value of these financial instruments approximates their fair value. All highly liquid investments with a maturity of three months or less at date of purchase are considered to be cash equivalents. Cash and cash equivalents consist of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2024 |
|
|
December 31, 2023 |
|
|
|
Cost |
|
|
Fair Value |
|
|
Cost |
|
|
Fair Value |
|
Cash and Cash Equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and overnight deposits |
|
$ |
651,078 |
|
|
$ |
651,078 |
|
|
$ |
601,207 |
|
|
$ |
601,207 |
|
Corporate commercial paper |
|
|
660,933 |
|
|
|
661,574 |
|
|
|
854,929 |
|
|
|
856,033 |
|
Time deposits and money market funds |
|
|
58,445 |
|
|
|
58,445 |
|
|
|
56,747 |
|
|
|
56,747 |
|
Total cash and cash equivalents |
|
$ |
1,370,456 |
|
|
$ |
1,371,097 |
|
|
$ |
1,512,883 |
|
|
$ |
1,513,987 |
|
The fair value of corporate commercial paper and time deposits is based on the use of market interest rates for identical or similar assets (Level 2 fair value measurement).
|
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| X |
- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2
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v3.24.1.u1
Contingencies
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Loss Contingency [Abstract] |
|
| Contingencies |
Note 6. Contingencies The Company is involved in claims, lawsuits, government investigations, income and indirect tax audits and other legal matters that arise in the ordinary course of business and are subject to inherent uncertainties. Currently, in management's opinion and based upon advice from legal and tax advisors, none of these matters are expected to have a material effect on the Company's operations, cash flows or financial position. The changes in the amounts recorded for claims, lawsuits, government investigations and other legal matters are not significant to the Company's operations, cash flows or financial position. At this time, the Company is unable to estimate any additional loss or range of reasonably possible losses, if any, beyond the amounts recorded, that might result from the resolution of these matters.
|
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- DefinitionThe entire disclosure for loss and gain contingencies. Describes any existing condition, situation, or set of circumstances involving uncertainty as of the balance sheet date (or prior to issuance of the financial statements) as to a probable or reasonably possible loss incurred by an entity that will ultimately be resolved when one or more future events occur or fail to occur, and typically discloses the amount of loss recorded or a range of possible loss, or an assertion that no reasonable estimate can be made. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 5.Y.Q2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480102/450-20-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483076/450-20-50-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 5.Y.Q4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480102/450-20-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//450-20/tableOfContent
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483076/450-20-50-4
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483076/450-20-50-9
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//450-30/tableOfContent
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
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v3.24.1.u1
Business Segment Information
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Segment Reporting [Abstract] |
|
| Business Segment Information |
Note 7. Business Segment Information The Company is organized functionally in geographic operating segments. Accordingly, management focuses its attention on revenues, directly related cost of transportation and other expenses for each of the Company’s three primary sources of revenue, salaries and other operating expenses, operating income, identifiable assets, capital expenditures and equity generated in each of these geographical areas when evaluating the effectiveness of geographic management. Transactions among the Company’s various offices are conducted using the same arms-length pricing methodologies the Company uses when its offices transact business with independent agents. Certain costs are allocated among the segments based on the relative value of the underlying services, which can include allocation based on actual costs incurred or estimated cost plus a profit margin. Financial information regarding the Company’s operations by geographic area is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNITED
STATES |
|
OTHER
NORTH
AMERICA |
|
|
LATIN
AMERICA |
|
|
NORTH
ASIA |
|
|
SOUTH
ASIA |
|
|
EUROPE |
|
|
MIDDLE
EAST,
AFRICA
AND
INDIA |
|
|
ELIMI-
NATIONS |
|
|
CONSOLI-
DATED |
|
For the three months ended March 31, 2024: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
751,543 |
|
|
106,850 |
|
|
|
44,492 |
|
|
|
544,941 |
|
|
|
227,719 |
|
|
|
398,317 |
|
|
|
134,106 |
|
|
|
(1,290 |
) |
|
|
2,206,678 |
|
Directly related cost of transportation
and other expenses1 |
|
$ |
403,949 |
|
|
66,710 |
|
|
|
24,464 |
|
|
|
426,474 |
|
|
|
164,024 |
|
|
|
254,519 |
|
|
|
93,792 |
|
|
|
(652 |
) |
|
|
1,433,280 |
|
Salaries and other operating expenses2 |
|
$ |
255,708 |
|
|
33,084 |
|
|
|
16,764 |
|
|
|
67,260 |
|
|
|
40,912 |
|
|
|
117,088 |
|
|
|
28,464 |
|
|
|
(658 |
) |
|
|
558,622 |
|
Operating income |
|
$ |
91,886 |
|
|
7,056 |
|
|
|
3,264 |
|
|
|
51,207 |
|
|
|
22,783 |
|
|
|
26,710 |
|
|
|
11,850 |
|
|
|
20 |
|
|
|
214,776 |
|
Identifiable assets at period end |
|
$ |
2,424,540 |
|
|
177,571 |
|
|
|
105,151 |
|
|
|
504,704 |
|
|
|
265,621 |
|
|
|
755,569 |
|
|
|
284,325 |
|
|
|
(29,213 |
) |
|
|
4,488,268 |
|
Capital expenditures |
|
$ |
5,528 |
|
|
1,399 |
|
|
|
153 |
|
|
|
282 |
|
|
|
144 |
|
|
|
2,218 |
|
|
|
457 |
|
|
|
— |
|
|
|
10,181 |
|
Equity |
|
$ |
1,531,497 |
|
|
26,143 |
|
|
|
55,173 |
|
|
|
185,824 |
|
|
|
118,194 |
|
|
|
162,346 |
|
|
|
160,237 |
|
|
|
(41,749 |
) |
|
|
2,197,665 |
|
For the three months ended March 31, 2023: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
945,494 |
|
|
109,850 |
|
|
|
54,695 |
|
|
|
582,421 |
|
|
|
224,127 |
|
|
|
534,464 |
|
|
|
142,703 |
|
|
|
(1,165 |
) |
|
|
2,592,589 |
|
Directly related cost of transportation
and other expenses1 |
|
$ |
539,957 |
|
|
69,205 |
|
|
|
32,302 |
|
|
|
452,342 |
|
|
|
157,623 |
|
|
|
372,260 |
|
|
|
95,949 |
|
|
|
(536 |
) |
|
|
1,719,102 |
|
Salaries and other operating expenses2 |
|
$ |
267,683 |
|
|
35,824 |
|
|
|
19,502 |
|
|
|
71,140 |
|
|
|
46,798 |
|
|
|
127,372 |
|
|
|
29,832 |
|
|
|
(633 |
) |
|
|
597,518 |
|
Operating income |
|
$ |
137,854 |
|
|
4,821 |
|
|
|
2,891 |
|
|
|
58,939 |
|
|
|
19,706 |
|
|
|
34,832 |
|
|
|
16,922 |
|
|
|
4 |
|
|
|
275,969 |
|
Identifiable assets at period end |
|
$ |
3,005,502 |
|
|
206,459 |
|
|
|
119,334 |
|
|
|
633,970 |
|
|
|
284,028 |
|
|
|
844,049 |
|
|
|
254,458 |
|
|
|
(15,223 |
) |
|
|
5,332,577 |
|
Capital expenditures |
|
$ |
5,444 |
|
|
469 |
|
|
|
230 |
|
|
|
590 |
|
|
|
167 |
|
|
|
2,983 |
|
|
|
243 |
|
|
|
— |
|
|
|
10,126 |
|
Equity |
|
$ |
2,284,489 |
|
|
35,977 |
|
|
|
57,026 |
|
|
|
317,325 |
|
|
|
153,321 |
|
|
|
191,116 |
|
|
|
154,143 |
|
|
|
(43,029 |
) |
|
|
3,150,368 |
|
1Directly related cost of transportation and other expenses totals operating expenses from airfreight services, ocean freight and ocean services and customs brokerage and other services as shown in the condensed consolidated statements of earnings. 2Salaries and other operating expenses totals salaries and related, rent and occupancy, depreciation and amortization, selling and promotion and other as shown in the condensed consolidated statements of earnings. |
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| X |
- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
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v3.24.1.u1
Summary of Significant Accounting Policies (Policies)
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Accounting Policies [Abstract] |
|
| Basis of Presentation |
Expeditors International of Washington, Inc. (the Company) is a non-asset based provider of global logistics services operating through a worldwide network of offices and exclusive or non-exclusive agents. The Company’s customers include retailing and wholesaling, electronics, high technology, industrial and manufacturing companies around the world. The condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. As a result, certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) have been condensed or omitted. The Company believes that the disclosures made are adequate to make the information presented not misleading. The condensed consolidated financial statements reflect all adjustments, consisting of normal recurring items, which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company's Form 10-K as filed with the Securities and Exchange Commission on February 23, 2024. All significant intercompany accounts and transactions have been eliminated in consolidation. All dollar amounts in the notes are presented in thousands except for per share data or unless otherwise specified. Certain prior year amounts have been reclassified to conform to the current year presentation of other income (expense) in the condensed consolidated statement of earnings.
|
| Revenue Recognition |
The Company derives its revenues by entering into agreements that are generally comprised of a single performance obligation, which is that freight is shipped for and received by the customer. Each performance obligation is comprised of one or more of the Company’s services. The Company's three principal services are the revenue categories presented in the condensed consolidated statements of earnings: 1) airfreight services, 2) ocean freight and ocean services, and 3) customs brokerage and other services. The Company typically satisfies its performance obligations as services are rendered over time. A typical shipment would include services rendered at origin, such as pick-up and delivery to port, freight services from origin to destination port and destination services, such as customs clearance and final delivery. The Company measures the performance of its obligations as services are completed over the life of a shipment, including services at origin, freight and destination. The Company fulfills nearly all of its performance obligations within a one to two month-period and contracts with customers have an original expected duration of less than one year. The Company satisfied nearly all performance obligations for the contract liabilities recorded as of December 31, 2023. The Company evaluates whether amounts billed to customers should be reported as revenues on a gross or net basis. Generally, revenue is recorded on a gross basis when the Company is primarily responsible for fulfilling the promise to provide the services, when it assumes the risk of loss, when it has discretion in setting the prices for the services to the customers, and when the Company has the ability to direct the use of the services provided by the third party. When revenue is recorded on a net basis, the amounts earned are determined using a fixed fee, a per unit of activity fee or a combination thereof. For revenues earned in other capacities, for instance, when the Company does not issue a House Airway Bill (HAWB), a House Ocean Bill of Lading (HOBL) or a House Sea Waybill or otherwise act solely as an agent for the shipper, only the commissions and fees earned for such services are included in revenues. In these transactions, the Company is not a principal and reports only the commissions and fees earned in revenues.
|
| Leases |
The Company determines if an arrangement is a lease at inception. Right-of-use (ROU) assets represent the Company's right to use an underlying asset for the lease term, and lease liabilities represent the Company's obligation to make lease payments arising from the lease. All ROU assets and lease liabilities are recognized at the commencement date at the present value of lease payments over the lease term. ROU assets are adjusted for lease incentives and initial direct costs. The lease term includes renewal options exercisable at the Company's sole discretion when the Company is reasonably certain to exercise that option. As the Company's leases generally do not have an implicit rate, the Company uses an estimated incremental borrowing rate based on market information available at the commencement date to determine the present value. Certain of our leases include variable payments, which may vary based upon changes in facts or circumstances after the start of the lease. The Company excludes variable payments from ROU assets and lease liabilities to the extent not considered fixed, and instead expenses variable payments as incurred. Lease expense is recognized on a straight-line basis over the lease term and is included in rent and occupancy expenses in the condensed consolidated statement of earnings. Additionally, the Company elected to apply the short-term lease exemption for leases with a non-cancelable period of twelve months or less and has chosen not to separate non-lease components from lease components and instead to account for each as a single lease component.
|
| Accounts Receivable |
The Company’s trade accounts receivable present similar credit risk characteristics and the allowance for credit loss is estimated on a collective basis, using a credit loss-rate method that uses historical credit loss information and considers the current economic environment. Additional allowances may be necessary in the future if changes in economic conditions are significant enough to affect expected credit losses. The Company has recorded an allowance for credit loss in the amounts of $6,382 as of March 31, 2024 and $6,550 as of December 31, 2023. Additions and write-offs have not been significant in the periods presented.
|
| Use of Estimates |
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of the assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. The Company uses estimates primarily in the following areas: accounts receivable valuation, accrual of costs related to ancillary services the Company performs, typically at the destination location, self-insured liabilities, accrual of various tax liabilities and accrual of loss contingencies, calculation of share-based compensation expense and estimates related to determining the lease term and discount rate when measuring ROU assets and lease liabilities.
|
| Recent Accounting Pronouncements |
F. Recent Accounting Pronouncements Improvements to Reportable Segment Disclosures In November 2023, the Financial Accounting Standards Board (FASB) issued an Accounting Standard Update (ASU) which makes improvements to reportable segment disclosures, by requiring, among other things, the disclosure in interim periods about a reportable segment’s profit or loss and assets that are currently required annually, and disclosures of significant segment expenses and profit and loss measures provided to the chief operating decision maker. The ASU does not change how the Company identifies its operating segments. The Company expects to adopt this standard in its 2024 annual report on Form 10-K and for interim periods starting on January 1, 2025, including retrospective presentation to all prior periods presented in the financial statements. The Company is currently evaluating the impact of this ASU on its segment disclosures and expects no impact on its consolidated financial statements, cash flows and financial condition. Improvements to Income Tax Disclosures In December 2023, the FASB issued an ASU which expands income tax disclosures by requiring the disclosure, on an annual basis, of a tabular rate reconciliation using both percentages and currency amounts, broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, disclosure is required of income taxes paid, net of refunds received, disaggregated by federal, state/local, and foreign and by jurisdiction if the amount is at least 5% of total income tax payments, net of refunds received. This standard will become effective for the Company on January 1, 2025. The Company may apply this ASU prospectively by providing the revised disclosures for the period ending December 31, 2025 and continuing to provide the pre-ASU disclosures for the prior periods or may apply the amendments retrospectively by providing the revised disclosures for all period presented. The Company expects this ASU to only impact its disclosures with no impacts to its consolidated financial statements, cash flows and financial condition.
|
| Income Tax |
U.S. corporate income tax laws and regulations include a territorial tax framework and provisions for Global Intangible Low-Taxed Income (GILTI) under which taxes on foreign income are imposed on the excess of a deemed return on tangible assets of certain foreign subsidiaries, Base Erosion and Anti-Abuse Tax (BEAT) under which taxes are imposed on certain base eroding payments to affiliated foreign companies as well as U.S. income tax deductions for Foreign-derived intangible income (FDII). The Company treats GILTI as a discrete adjustment as a component of current income tax expense. Earnings of the Company's foreign subsidiaries are not considered to be indefinitely reinvested outside of the United States.
|
| Earnings Per Share |
Diluted earnings attributable to shareholders per share is computed using the weighted average number of common shares and dilutive potential common shares outstanding. Dilutive potential shares represent outstanding stock options, including purchase options under the Company's employee stock purchase plan, and unvested restricted stock units. Basic earnings attributable to shareholders per share is calculated using the weighted average number of common shares outstanding without taking into consideration dilutive potential common shares outstanding.
|
| Cash Equivalents |
The Company’s financial instruments, other than cash, consist primarily of cash equivalents, accounts receivable, accounts payable and accrued expenses. The carrying value of these financial instruments approximates their fair value. All highly liquid investments with a maturity of three months or less at date of purchase are considered to be cash equivalents.
|
| Segment Reporting |
The Company is organized functionally in geographic operating segments. Accordingly, management focuses its attention on revenues, directly related cost of transportation and other expenses for each of the Company’s three primary sources of revenue, salaries and other operating expenses, operating income, identifiable assets, capital expenditures and equity generated in each of these geographical areas when evaluating the effectiveness of geographic management. Transactions among the Company’s various offices are conducted using the same arms-length pricing methodologies the Company uses when its offices transact business with independent agents. Certain costs are allocated among the segments based on the relative value of the underlying services, which can include allocation based on actual costs incurred or estimated cost plus a profit margin.
|
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-SubTopic 10
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-SubTopic 10
-Section 50
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-SubTopic 10
-Topic 275
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482861/275-10-50-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-SubTopic 10
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-SubTopic 10
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-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
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-Topic 275
-Publisher FASB
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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v3.24.1.u1
Basic and Diluted Earnings per Share (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Earnings Per Share [Abstract] |
|
| Schedule of Earnings Per Share, Basic and Diluted |
The following table reconciles the numerator and the denominator of the basic and diluted per share computations for earnings attributable to shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31, |
|
|
|
Net earnings
attributable to
shareholders |
|
|
Weighted
average
shares |
|
|
Earnings per
share |
|
2024 |
|
|
|
|
|
|
|
|
|
Basic earnings attributable to shareholders |
|
$ |
169,152 |
|
|
|
143,194 |
|
|
$ |
1.18 |
|
Effect of dilutive potential common shares |
|
|
— |
|
|
|
931 |
|
|
|
— |
|
Diluted earnings attributable to shareholders |
|
$ |
169,152 |
|
|
|
144,125 |
|
|
$ |
1.17 |
|
2023 |
|
|
|
|
|
|
|
|
|
Basic earnings attributable to shareholders |
|
$ |
226,011 |
|
|
|
154,164 |
|
|
$ |
1.47 |
|
Effect of dilutive potential common shares |
|
|
— |
|
|
|
1,308 |
|
|
|
— |
|
Diluted earnings attributable to shareholders |
|
$ |
226,011 |
|
|
|
155,472 |
|
|
$ |
1.45 |
|
|
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-Topic 260
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v3.24.1.u1
Fair Value of Financial Instruments (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Schedule of Fair Value of Cash and Cash Equivalents by Balance Sheet Grouping |
Cash and cash equivalents consist of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2024 |
|
|
December 31, 2023 |
|
|
|
Cost |
|
|
Fair Value |
|
|
Cost |
|
|
Fair Value |
|
Cash and Cash Equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and overnight deposits |
|
$ |
651,078 |
|
|
$ |
651,078 |
|
|
$ |
601,207 |
|
|
$ |
601,207 |
|
Corporate commercial paper |
|
|
660,933 |
|
|
|
661,574 |
|
|
|
854,929 |
|
|
|
856,033 |
|
Time deposits and money market funds |
|
|
58,445 |
|
|
|
58,445 |
|
|
|
56,747 |
|
|
|
56,747 |
|
Total cash and cash equivalents |
|
$ |
1,370,456 |
|
|
$ |
1,371,097 |
|
|
$ |
1,512,883 |
|
|
$ |
1,513,987 |
|
|
| X |
- DefinitionTabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
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v3.24.1.u1
Business Segment Information (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Segment Reporting [Abstract] |
|
| Schedule of Segment Reporting Information, by Segment |
Financial information regarding the Company’s operations by geographic area is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNITED
STATES |
|
OTHER
NORTH
AMERICA |
|
|
LATIN
AMERICA |
|
|
NORTH
ASIA |
|
|
SOUTH
ASIA |
|
|
EUROPE |
|
|
MIDDLE
EAST,
AFRICA
AND
INDIA |
|
|
ELIMI-
NATIONS |
|
|
CONSOLI-
DATED |
|
For the three months ended March 31, 2024: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
751,543 |
|
|
106,850 |
|
|
|
44,492 |
|
|
|
544,941 |
|
|
|
227,719 |
|
|
|
398,317 |
|
|
|
134,106 |
|
|
|
(1,290 |
) |
|
|
2,206,678 |
|
Directly related cost of transportation
and other expenses1 |
|
$ |
403,949 |
|
|
66,710 |
|
|
|
24,464 |
|
|
|
426,474 |
|
|
|
164,024 |
|
|
|
254,519 |
|
|
|
93,792 |
|
|
|
(652 |
) |
|
|
1,433,280 |
|
Salaries and other operating expenses2 |
|
$ |
255,708 |
|
|
33,084 |
|
|
|
16,764 |
|
|
|
67,260 |
|
|
|
40,912 |
|
|
|
117,088 |
|
|
|
28,464 |
|
|
|
(658 |
) |
|
|
558,622 |
|
Operating income |
|
$ |
91,886 |
|
|
7,056 |
|
|
|
3,264 |
|
|
|
51,207 |
|
|
|
22,783 |
|
|
|
26,710 |
|
|
|
11,850 |
|
|
|
20 |
|
|
|
214,776 |
|
Identifiable assets at period end |
|
$ |
2,424,540 |
|
|
177,571 |
|
|
|
105,151 |
|
|
|
504,704 |
|
|
|
265,621 |
|
|
|
755,569 |
|
|
|
284,325 |
|
|
|
(29,213 |
) |
|
|
4,488,268 |
|
Capital expenditures |
|
$ |
5,528 |
|
|
1,399 |
|
|
|
153 |
|
|
|
282 |
|
|
|
144 |
|
|
|
2,218 |
|
|
|
457 |
|
|
|
— |
|
|
|
10,181 |
|
Equity |
|
$ |
1,531,497 |
|
|
26,143 |
|
|
|
55,173 |
|
|
|
185,824 |
|
|
|
118,194 |
|
|
|
162,346 |
|
|
|
160,237 |
|
|
|
(41,749 |
) |
|
|
2,197,665 |
|
For the three months ended March 31, 2023: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
945,494 |
|
|
109,850 |
|
|
|
54,695 |
|
|
|
582,421 |
|
|
|
224,127 |
|
|
|
534,464 |
|
|
|
142,703 |
|
|
|
(1,165 |
) |
|
|
2,592,589 |
|
Directly related cost of transportation
and other expenses1 |
|
$ |
539,957 |
|
|
69,205 |
|
|
|
32,302 |
|
|
|
452,342 |
|
|
|
157,623 |
|
|
|
372,260 |
|
|
|
95,949 |
|
|
|
(536 |
) |
|
|
1,719,102 |
|
Salaries and other operating expenses2 |
|
$ |
267,683 |
|
|
35,824 |
|
|
|
19,502 |
|
|
|
71,140 |
|
|
|
46,798 |
|
|
|
127,372 |
|
|
|
29,832 |
|
|
|
(633 |
) |
|
|
597,518 |
|
Operating income |
|
$ |
137,854 |
|
|
4,821 |
|
|
|
2,891 |
|
|
|
58,939 |
|
|
|
19,706 |
|
|
|
34,832 |
|
|
|
16,922 |
|
|
|
4 |
|
|
|
275,969 |
|
Identifiable assets at period end |
|
$ |
3,005,502 |
|
|
206,459 |
|
|
|
119,334 |
|
|
|
633,970 |
|
|
|
284,028 |
|
|
|
844,049 |
|
|
|
254,458 |
|
|
|
(15,223 |
) |
|
|
5,332,577 |
|
Capital expenditures |
|
$ |
5,444 |
|
|
469 |
|
|
|
230 |
|
|
|
590 |
|
|
|
167 |
|
|
|
2,983 |
|
|
|
243 |
|
|
|
— |
|
|
|
10,126 |
|
Equity |
|
$ |
2,284,489 |
|
|
35,977 |
|
|
|
57,026 |
|
|
|
317,325 |
|
|
|
153,321 |
|
|
|
191,116 |
|
|
|
154,143 |
|
|
|
(43,029 |
) |
|
|
3,150,368 |
|
1Directly related cost of transportation and other expenses totals operating expenses from airfreight services, ocean freight and ocean services and customs brokerage and other services as shown in the condensed consolidated statements of earnings. 2Salaries and other operating expenses totals salaries and related, rent and occupancy, depreciation and amortization, selling and promotion and other as shown in the condensed consolidated statements of earnings.
|
| X |
- DefinitionTabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-25
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
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- DefinitionAmount of allowance for credit loss on accounts receivable, classified as current. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(4))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479344/326-20-45-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
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v3.24.1.u1
Basic and Diluted Earnings per Share - Numerator and Denominator of the Basic and Diluted Per Share Computations for Earnings Attributable to Shareholders Per Share (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
| Net Earnings Attributable to Shareholders |
|
|
| Basic earnings attributable to shareholders |
$ 169,152
|
$ 226,011
|
| Diluted earnings attributable to shareholders |
$ 169,152
|
$ 226,011
|
| Weighted Average Shares |
|
|
| Weighted average basic shares outstanding |
143,194
|
154,164
|
| Effect of dilutive potential common shares |
931
|
1,308
|
| Weighted average diluted shares outstanding |
144,125
|
155,472
|
| Earnings Per Share [Abstract] |
|
|
| Basic earnings attributable to shareholders per share |
$ 1.18
|
$ 1.47
|
| Diluted earnings attributable to shareholders per share |
$ 1.17
|
$ 1.45
|
| X |
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-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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-Section 55
-Paragraph 15
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
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-Paragraph 7
-Subparagraph (a)
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
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-Section 45
-Paragraph 2
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
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-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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v3.24.1.u1
Shareholders' Equity - Additional Information (Detail) - $ / shares
shares in Thousands |
|
3 Months Ended |
|
|
May 06, 2024 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Feb. 19, 2024 |
Dec. 31, 2023 |
| Subsequent Event |
|
|
|
|
|
| Class of Stock [Line Items] |
|
|
|
|
|
| Date of declaration of dividends |
May 06, 2024
|
|
|
|
|
| Dividend declared per share |
$ 0.73
|
|
|
|
|
| Date of dividend payment |
Jun. 17, 2024
|
|
|
|
|
| Dividends payable to shareholders date of record |
Jun. 03, 2024
|
|
|
|
|
| Discretionary Plan |
|
|
|
|
|
| Class of Stock [Line Items] |
|
|
|
|
|
| Expected common stock shares issued and outstanding |
|
|
|
130,000
|
140,000
|
| Shares repurchased |
|
3,000
|
1,959
|
|
|
| Average price per share |
|
$ 120.17
|
$ 108.98
|
|
|
| X |
- DefinitionNumber of shares of common stock issued and outstanding over which shares can be repurchased under a repurchase plan.
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 3
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Publisher FASB
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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v3.24.1.u1
Fair Value of Financial Instruments - Cash and Cash Equivalents (Detail) - USD ($)
$ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
| Cost |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Total cash and cash equivalents |
$ 1,370,456
|
$ 1,512,883
|
| Fair Value |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Total cash and cash equivalents |
1,371,097
|
1,513,987
|
| Cash and Overnight Deposits | Cost |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Total cash and cash equivalents |
651,078
|
601,207
|
| Cash and Overnight Deposits | Fair Value |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Total cash and cash equivalents |
651,078
|
601,207
|
| Corporate Commercial Paper | Cost |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Total cash and cash equivalents |
660,933
|
854,929
|
| Corporate Commercial Paper | Fair Value |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Total cash and cash equivalents |
661,574
|
856,033
|
| Time deposits and money market funds | Cost |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Total cash and cash equivalents |
58,445
|
56,747
|
| Time deposits and money market funds | Fair Value |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Total cash and cash equivalents |
$ 58,445
|
$ 56,747
|
| X |
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v3.24.1.u1
Business Segment Information - Financial Information Regarding Company's Operations by Geographic Area (Detail) - USD ($)
$ in Thousands |
3 Months Ended |
|
|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
| Segment Reporting Information [Line Items] |
|
|
|
|
|
| Revenue from Contract with Customer, Excluding Assessed Tax |
|
$ 2,206,678
|
$ 2,592,589
|
|
|
| Directly related cost of transportation and other expenses |
[1] |
1,433,280
|
1,719,102
|
|
|
| Salaries and other operating expenses |
[2] |
558,622
|
597,518
|
|
|
| Operating income |
|
214,776
|
275,969
|
|
|
| Identifiable assets at period end |
|
4,488,268
|
5,332,577
|
$ 4,523,809
|
|
| Capital expenditures |
|
10,181
|
10,126
|
|
|
| Equity |
|
2,197,665
|
3,150,368
|
$ 2,391,413
|
$ 3,113,535
|
| Operating Segments | United States Segment |
|
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
|
| Revenue from Contract with Customer, Excluding Assessed Tax |
|
751,543
|
945,494
|
|
|
| Directly related cost of transportation and other expenses |
[1] |
403,949
|
539,957
|
|
|
| Salaries and other operating expenses |
[2] |
255,708
|
267,683
|
|
|
| Operating income |
|
91,886
|
137,854
|
|
|
| Identifiable assets at period end |
|
2,424,540
|
3,005,502
|
|
|
| Capital expenditures |
|
5,528
|
5,444
|
|
|
| Equity |
|
1,531,497
|
2,284,489
|
|
|
| Operating Segments | Other North America Segment |
|
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
|
| Revenue from Contract with Customer, Excluding Assessed Tax |
|
106,850
|
109,850
|
|
|
| Directly related cost of transportation and other expenses |
[1] |
66,710
|
69,205
|
|
|
| Salaries and other operating expenses |
[2] |
33,084
|
35,824
|
|
|
| Operating income |
|
7,056
|
4,821
|
|
|
| Identifiable assets at period end |
|
177,571
|
206,459
|
|
|
| Capital expenditures |
|
1,399
|
469
|
|
|
| Equity |
|
26,143
|
35,977
|
|
|
| Operating Segments | Latin America Segment |
|
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
|
| Revenue from Contract with Customer, Excluding Assessed Tax |
|
44,492
|
54,695
|
|
|
| Directly related cost of transportation and other expenses |
[1] |
24,464
|
32,302
|
|
|
| Salaries and other operating expenses |
[2] |
16,764
|
19,502
|
|
|
| Operating income |
|
3,264
|
2,891
|
|
|
| Identifiable assets at period end |
|
105,151
|
119,334
|
|
|
| Capital expenditures |
|
153
|
230
|
|
|
| Equity |
|
55,173
|
57,026
|
|
|
| Operating Segments | North Asia Segment |
|
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
|
| Revenue from Contract with Customer, Excluding Assessed Tax |
|
544,941
|
582,421
|
|
|
| Directly related cost of transportation and other expenses |
[1] |
426,474
|
452,342
|
|
|
| Salaries and other operating expenses |
[2] |
67,260
|
71,140
|
|
|
| Operating income |
|
51,207
|
58,939
|
|
|
| Identifiable assets at period end |
|
504,704
|
633,970
|
|
|
| Capital expenditures |
|
282
|
590
|
|
|
| Equity |
|
185,824
|
317,325
|
|
|
| Operating Segments | South Asia Segment |
|
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
|
| Revenue from Contract with Customer, Excluding Assessed Tax |
|
227,719
|
224,127
|
|
|
| Directly related cost of transportation and other expenses |
[1] |
164,024
|
157,623
|
|
|
| Salaries and other operating expenses |
[2] |
40,912
|
46,798
|
|
|
| Operating income |
|
22,783
|
19,706
|
|
|
| Identifiable assets at period end |
|
265,621
|
284,028
|
|
|
| Capital expenditures |
|
144
|
167
|
|
|
| Equity |
|
118,194
|
153,321
|
|
|
| Operating Segments | Europe Segment |
|
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
|
| Revenue from Contract with Customer, Excluding Assessed Tax |
|
398,317
|
534,464
|
|
|
| Directly related cost of transportation and other expenses |
[1] |
254,519
|
372,260
|
|
|
| Salaries and other operating expenses |
[2] |
117,088
|
127,372
|
|
|
| Operating income |
|
26,710
|
34,832
|
|
|
| Identifiable assets at period end |
|
755,569
|
844,049
|
|
|
| Capital expenditures |
|
2,218
|
2,983
|
|
|
| Equity |
|
162,346
|
191,116
|
|
|
| Operating Segments | Middle East Africa and India Segment |
|
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
|
| Revenue from Contract with Customer, Excluding Assessed Tax |
|
134,106
|
142,703
|
|
|
| Directly related cost of transportation and other expenses |
[1] |
93,792
|
95,949
|
|
|
| Salaries and other operating expenses |
[2] |
28,464
|
29,832
|
|
|
| Operating income |
|
11,850
|
16,922
|
|
|
| Identifiable assets at period end |
|
284,325
|
254,458
|
|
|
| Capital expenditures |
|
457
|
243
|
|
|
| Equity |
|
160,237
|
154,143
|
|
|
| Intersegment Eliminations |
|
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
|
| Revenue from Contract with Customer, Excluding Assessed Tax |
|
(1,290)
|
(1,165)
|
|
|
| Directly related cost of transportation and other expenses |
[1] |
(652)
|
(536)
|
|
|
| Salaries and other operating expenses |
[2] |
(658)
|
(633)
|
|
|
| Operating income |
|
20
|
4
|
|
|
| Identifiable assets at period end |
|
(29,213)
|
(15,223)
|
|
|
| Capital expenditures |
|
0
|
0
|
|
|
| Equity |
|
$ (41,749)
|
$ (43,029)
|
|
|
|
|
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-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
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-Section 45
-Paragraph 25
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-25
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-12
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(12))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(8))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(18))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
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Expeditors International... (NASDAQ:EXPD)
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From Apr 2024 to May 2024
Expeditors International... (NASDAQ:EXPD)
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From May 2023 to May 2024
