Business Segment Information

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Business Segment Information

Note 8. Business Segment Information

The Company is organized functionally in geographic operating segments. Accordingly, when evaluating the effectiveness of geographic segments, management focuses its attention on revenues, directly related cost of transportation and other expenses for each of the Company’s three primary sources of revenues, as well as, salaries and related costs, other operating expenses, depreciation and amortization, operating income, identifiable assets, capital expenditures and equity generated in each of these geographical areas. The President and Chief Executive Officer was determined to be the CODM, as in his capacity he is responsible for setting company strategies and initiatives, establishing company policies, allocating company resources and assessing the performance of the Company’s business segments. Operating income is the primary measure of business segments' profit or loss that is most consistent with the measurement principles of U.S.GAAP and no items below operating income are allocated to segments. The CODM uses operating income to review financial performance, progress of the Company's strategic initiatives and to determine compensation of segment managers. 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. There were no significant changes to allocate or measure expenses used to determine segment profit or loss.

Financial information regarding the Company’s operations by geographic area is as follows:

	UNITED STATES		OTHER NORTH AMERICA		LATIN AMERICA		NORTH ASIA		SOUTH ASIA		EUROPE		MIDDLE EAST, AFRICA AND INDIA		ELIMI- NATIONS			CONSOLI- DATED
For the three months ended June 30, 2025:
Revenues	$	877,325		108,128		66,904		636,785		359,531		449,712		155,458		(1,958	)		2,651,885
Directly related cost of transportation    and other expenses1	$	454,354		67,428		40,945		507,413		277,355		293,878		113,243		(1,259	)		1,753,357
Salaries and related costs	$	266,018		20,205		11,030		36,686		28,567		88,913		19,917		—			471,336
Other operating expenses2	$	31,859		16,726		9,745		36,820		28,117		41,878		15,015		(704	)		179,456
Operating income	$	125,094		3,769		5,184		55,866		25,492		25,043		7,283		5			247,736
Identifiable assets at period end	$	2,554,090		186,248		105,069		523,858		354,318		789,514		286,466		(13,082	)		4,786,481
Capital expenditures	$	6,146		257		274		4,545		1,189		1,928		1,536		—			15,875
Depreciation and amortization	$	7,896		499		253		1,176		622		2,791		610		—			13,847
Equity	$	1,475,449		57,602		37,810		192,012		119,338		191,551		162,159		(38,638	)		2,197,283
For the three months ended June 30, 2024:
Revenues	$	779,170		110,723		45,314		637,351		287,943		409,455		170,349		(1,304	)		2,439,001
Directly related cost of transportation    and other expenses1	$	423,102		65,374		24,640		512,146		223,238		262,451		128,949		(492	)		1,639,408
Salaries and related costs	$	238,974		19,976		8,860		35,955		24,463		80,088		18,115		—			426,431
Other operating expenses2	$	24,701		14,363		5,691		34,807		18,621		39,625		12,237		(802	)		149,243
Operating income	$	92,393		11,010		6,123		54,443		21,621		27,291		11,048		(10	)		223,919
Identifiable assets at period end	$	2,566,053		173,764		93,967		626,892		336,598		738,068		284,672		(31,673	)		4,788,341
Capital expenditures	$	2,948		575		129		355		1,955		1,094		887		—			7,943
Depreciation and amortization	$	9,106		535		278		1,098		419		2,784		759		—			14,979
Equity	$	1,546,936		32,700		41,135		163,913		129,886		151,165		153,155		(40,463	)		2,178,427
	UNITED STATES		OTHER NORTH AMERICA		LATIN AMERICA		NORTH ASIA		SOUTH ASIA		EUROPE		MIDDLE EAST, AFRICA AND INDIA		ELIMI- NATIONS			CONSOLI- DATED
For the six months ended June 30, 2025:
Revenues	$	1,731,774		224,613		129,293		1,331,793		724,108		872,507		308,330		(4,114	)		5,318,304
Directly related cost of transportation    and other expenses1	$	906,271		140,621		77,380		1,061,907		558,850		565,594		222,091		(2,682	)		3,530,032
Salaries and related costs	$	524,107		39,797		21,468		77,047		56,639		170,462		39,753		—			929,273
Other operating expenses2	$	54,407		31,554		19,659		74,566		51,402		85,237		30,043		(1,463	)		345,405
Operating income	$	246,989		12,641		10,786		118,273		57,217		51,214		16,443		31			513,594
Identifiable assets at period end	$	2,554,090		186,248		105,069		523,858		354,318		789,514		286,466		(13,082	)		4,786,481
Capital expenditures	$	14,553		483		499		5,050		2,063		3,084		3,295		—			29,027
Depreciation and amortization	$	16,834		996		504		2,232		1,192		5,437		1,256		—			28,451
Equity	$	1,475,449		57,602		37,810		192,012		119,338		191,551		162,159		(38,638	)		2,197,283
For the six months ended June 30, 2024:
Revenues	$	1,530,713		217,573		89,806		1,182,292		515,662		807,772		304,455		(2,594	)		4,645,679
Directly related cost of transportation    and other expenses1	$	827,051		132,084		49,104		938,620		387,262		516,970		222,741		(1,144	)		3,072,688
Salaries and related costs	$	472,287		38,882		17,707		70,897		47,380		157,660		34,780		—			839,593
Other operating expenses2	$	47,096		28,541		13,608		67,125		36,616		79,141		24,036		(1,460	)		294,703
Operating income	$	184,279		18,066		9,387		105,650		44,404		54,001		22,898		10			438,695
Identifiable assets at period end	$	2,566,053		173,764		93,967		626,892		336,598		738,068		284,672		(31,673	)		4,788,341
Capital expenditures	$	8,476		1,974		282		637		2,099		3,312		1,344		—			18,124
Depreciation and amortization	$	18,126		1,032		567		2,191		967		5,754		1,503		—			30,140
Equity	$	1,546,936		32,700		41,135		163,913		129,886		151,165		153,155		(40,463	)		2,178,427

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.

2Other operating expenses totals rent and occupancy, depreciation and amortization, selling and promotion and other as shown in the consolidated statements of earnings.