8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 07, 2023

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.

(Exact name of Registrant as Specified in Its Charter)

Washington	000-13468	91-1069248
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
1015 Third Avenue
Seattle, Washington		98104
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s Telephone Number, Including Area Code: 206 674-3400

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	EXPD	Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

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. ☐

Item 2.02 Results of Operations and Financial Condition.

On November 7, 2023, Expeditors International of Washington, Inc., a Washington corporation, issued a press release announcing September 30, 2023 financial results. A copy of the press release is furnished as Exhibit 99.1 to this report.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) The following items are filed as exhibits to this report:

99.1	Press release, dated November 7, 2023 issued by Expeditors International of Washington, Inc.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

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 hereunto duly authorized.

			EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
Date:	November 7, 2023	By:	/S/ Bradley S. Powell
			Bradley S. Powell, Senior Vice President and Chief Financial Officer

EX-99.1

Exhibit 99.1

EARNINGS RELEASE

By:	Expeditors International of Washington, Inc.
	1015 Third Avenue
	Seattle, Washington 98104
	CONTACTS:
	Jeffrey S. Musser	Bradley S. Powell	Geoffrey Buscher
	President and Chief Executive Officer	Senior Vice President and Chief Financial Officer	Director - Investor Relations
	(206) 674-3433	(206) 674-3412	(206) 892-4510

FOR IMMEDIATE RELEASE

EXPEDITORS REPORTS THIRD QUARTER 2023 EPS OF $1.16

SEATTLE, WASHINGTON - November 7, 2023, Expeditors International of Washington, Inc. (NASDAQ:EXPD) today announced third quarter 2023 financial results including the following comparisons to the same quarter of 2022:

•Diluted Net Earnings Attributable to Shareholders per share (EPS1) decreased 54% to $1.16

•Net Earnings Attributable to Shareholders decreased 59% to $171 million

•Operating Income decreased 59% to $216 million

•Revenues decreased 50% to $2.2 billion

•Airfreight tonnage volume decreased 14% and ocean container volume decreased 15%

“As expected, the deceleration in demand that we have seen since the second half of 2022 continued in the comparable third quarter of 2023,” said Jeffrey S. Musser, President and Chief Executive Officer. “Additionally, rates generally remained soft while capacity exceeded demand in most lanes. The shipping industry has been undergoing a great unwinding of so many of the drivers that led up to the massive mismatch of supply and demand that occurred during the pandemic. As a result, air and ocean capacity is now mostly plentiful and at rates that remain well below the pandemic period. We have also experienced declines in the number of customs brokerage transactions we handled, even as we benefited from lower costs resulting from the gradual clearing of pandemic-related port congestion. In addition, shippers continue to pivot back to ocean freight to reduce costs in an uncertain economy. We have seen shippers generally move smaller volumes in a marketplace that is defined by inflation, high energy costs, an increasingly tentative consumer, and now significant and growing geopolitical uncertainty.

“While we have been through many industry cycles of expansion and contraction before, the pace and extent of this unwinding has been as unpredictable and disruptive as the dislocations that drove our market to such unprecedented peaks in pricing and volumes. We are meeting these conditions head-on and have been re-balancing operations for an environment that is now more like the way things were prior to the COVID disruptions. We have made very deliberate efforts to control costs and to carefully manage our headcount; we do not know how long this cycle of cautious demand and soft rates will last in this uncertain economic environment. While not all markets are soft and rates have even increased in certain lanes, we have yet to see signs of a widespread improvement in rates. Nevertheless, we are encouraged by indications that tonnage and volumes are perhaps flattening or improving. While we continue to adjust for the current environment, we also need to be prepared for the longer term when pricing and capacity conditions stabilize and demand begins to consistently trend higher.”

_______________________

1Diluted earnings attributable to shareholders per share.

NOTE: See Disclaimer on Forward-Looking Statements in this release.

Bradley S. Powell, Senior Vice President and Chief Financial Officer, added, “As the market recalibrates, we are encouraged that both tonnage and volumes increased from the June quarter, marking the first sequential quarterly growth in both tons and volumes since the third quarter of 2022. So long as the economic environment remains uncertain, we will continue to focus on aligning headcount and overhead expenses commensurate with our transactions and volumes. We remain dedicated to improving efficiency, while also preparing for the time when demand shows signs of a sustained recovery. Since December 31, we have decreased headcount by 8%. We also continue to be very mindful of our strong cash position, having now returned more than $2 billion to shareholders in repurchased stock and dividends over the past 12 months.”

Mr. Powell noted that other overhead expenses increased $18 million in the quarter, primarily a result of $14 million in expenses related to indirect tax and other contingencies, compared to a recovery of $11 million in the third quarter of 2022 of costs incurred earlier that year as a result of the February 2022 cyber-attack.

Expeditors is a global logistics company headquartered in Seattle, Washington. The Company employs trained professionals in 176 district offices and numerous branch locations located on six continents linked into a seamless worldwide network through an integrated information management system. Services include the consolidation or forwarding of air and ocean freight, customs brokerage, vendor consolidation, cargo insurance, time-definite transportation, order management, warehousing and distribution and customized logistics solutions.

Disclaimer on Forward-Looking Statements:

Certain statements contained in this news release are “forward-looking statements,” based on management’s views with respect to future events and underlying assumptions that involve risks and uncertainties. These forward-looking statements include statements regarding indications that tonnage and volumes are perhaps flattening or improving; our uncertain short-term outlook; a normalized supply chain; shippers pivoting from air freight to ocean freight; falling rates that remain well below the pandemic period; declining volumes; plentiful and in some cases excess air and ocean capacity; shipper uncertainty given the current economic outlook; rising inflation, energy and financing costs; and signs of a slowing economy and drop in demand. Future financial performance could differ materially because of factors such as: our ability to thoughtfully control our headcount and exert other efforts to align our costs; our ability to re-balance operations for an environment that is now more like the way things were prior to the COVID disruptions; our ability to improve our efficiency; our ability to predict when operating conditions may eventually stabilize and demand and volumes begin to recover and grow; our ability to leverage the strength of our carrier relationships; the strength of our non-asset-based operating model; our ability to align expenses with revenues and to enhance our productivity; our ability to maintain our existing accounts and gain new business; our ability to invest in our strategic efforts to explore new areas for profitable growth; and our ability to remain a strong, healthy, unified and resilient organization. The normalizing of the supply chain at the end of the pandemic, along with the current uncertainty in the global economy, could have the effect of heightening many of the other risks described in Item 1A of our Annual Report on Form 10-K, including, without limitation, those related to the success of our strategy and desire to maintain historical unitary profitability, our ability to attract and retain customers, our ability to manage costs, interruptions to our information technology systems, the ability of third-party providers to perform and potential litigation as updated by our reports on Form 10-Q, filed with the Securities and Exchange Commission. These and other factors are discussed in the Company’s regulatory filings with the Securities and Exchange Commission, including those in “Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 and the Company’s most recent Form 10-Q. The forward-looking statements contained in this news release speak only as of this date and the Company does not assume any obligation to update them except as required by law.

_______________________

1Diluted earnings attributable to shareholders per share.

NOTE: See Disclaimer on Forward-Looking Statements in this release.

Expeditors International of Washington, Inc.

Third Quarter 2023 Earnings Release, November 7, 2023

Financial Highlights for the three months ended September 30, 2023 and 2022 (Unaudited)

(in 000's of US dollars except share data)

	Three months ended September 30,					Nine months ended September 30,
	2023		2022		% Change	2023		2022		% Change
Revenues	$	2,190,001	$	4,362,146	(50)%	$	7,022,342	$	13,629,756	(48)%
Directly related cost of transportation and other expenses 1	$	1,402,111	$	3,194,273	(56)%	$	4,540,396	$	10,151,332	(55)%
Salaries and other operating expenses2	$	571,821	$	640,950	(11)%	$	1,741,411	$	1,983,759	(12)%
Operating income 3	$	216,069	$	526,923	(59)%	$	740,535	$	1,494,665	(50)%
Net earnings attributable to shareholders	$	171,353	$	414,209	(59)%	$	594,164	$	1,138,123	(48)%
Diluted earnings attributable to shareholders per share	$	1.16	$	2.54	(54)%	$	3.92	$	6.84	(43)%
Basic earnings attributable to shareholders per share	$	1.16	$	2.56	(55)%	$	3.95	$	6.90	(43)%
Diluted weighted average shares outstanding		148,001		163,250			151,619		166,398
Basic weighted average shares outstanding		147,099		162,029			150,543		164,944

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. In the three months ended September 30, 2023, includes $14 million of expense related to indirect tax and other contingencies.

3Operating income in the three months ended September 30, 2022 includes recoveries of $18 million of expense related to the Company's global systems downtime and investigation, recovery and remediation efforts caused by a targeted cyber-attack that occurred in the first quarter of 2022. In the nine months ended September 30, 2022, operating income includes $70 million in expenses incurred as a result of the cyber-attack. In the three and nine months ended September 30, 2023, amounts related to the cyber-attack recorded in Operating Income were insignificant.

During the three and nine months ended September 30, 2023, we repurchased 2.6 million and 10.5 million shares of common stock at an average price of $116.29 and $113.97 per share. During the three and nine months ended September 30, 2022 we repurchased 4.5 million and 9.5 million shares of common stock at an average price of $103.56 and $106.84 per share.

	Employee Full-time Equivalents as of
	September 30, 2023		December 31, 2022		September 30, 2022
North America		6,975		7,778		7,819
Europe		3,811		4,228		4,167
North Asia		2,290		2,448		2,485
South Asia		1,709		1,851		1,843
Middle East, Africa and India		1,440		1,540		1,538
Latin America		753		859		852
Information Systems		1,239		1,173		1,144
Corporate		408		425		421
Total		18,625		20,302		20,269

	Third quarter year-over-year percentage decrease in:
2023	Airfreight kilos	Ocean freight FEU
July	(15)%	(14)%
August	(15)%	(15)%
September	(12)%	(17)%
Quarter	(14)%	(15)%

Investors may submit written questions via e-mail to: investor@expeditors.com. Questions received by the end of business on November 10, 2023 will be considered in management's 8-K “Responses to Selected Questions.”

___________________________________

NOTE: See Disclaimer on Forward-Looking Statements in this release.

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.

AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In thousands, except per share data)

(Unaudited)

	September 30, 2023			December 31, 2022
Assets:
Current Assets:
Cash and cash equivalents	$	1,639,428		$	2,034,131
Accounts receivable, less allowance for credit loss of     $5,724 at September 30, 2023 and $9,466 at December 31, 2022		1,458,983			2,107,645
Deferred contract costs		223,768			257,545
Other		189,737			118,696
Total current assets		3,511,916			4,518,017
Property and equipment, less accumulated depreciation and     amortization $579,961 at September 30, 2023 and $567,758 at December 31, 2022		480,924			501,916
Operating lease right-of-use assets		506,981			507,503
Goodwill		7,927			7,927
Deferred federal and state income taxes, net		50,796			37,449
Other assets, net		19,577			17,622
Total assets	$	4,578,121		$	5,590,434
Liabilities:
Current Liabilities:
Accounts payable	$	846,461		$	1,108,996
Accrued liabilities, primarily salaries and related costs		423,685			479,262
Contract liabilities		283,797			323,101
Current portion of operating lease liabilities		99,876			95,621
Federal, state and foreign income taxes		13,226			47,075
Total current liabilities		1,667,045			2,054,055
Noncurrent portion of operating lease liabilities		419,602			422,844
Commitments and contingencies
Shareholders’ Equity:
Preferred stock, none issued		—			—
Common stock, par value $0.01 per share. Issued and outstanding:     145,386 shares at September 30, 2023 and 154,313 shares at December 31, 2022		1,454			1,543
Additional paid-in capital		—			139
Retained earnings		2,701,386			3,310,892
Accumulated other comprehensive loss		(213,060	)		(202,553	)
Total shareholders’ equity		2,489,780			3,110,021
Noncontrolling interest		1,694			3,514
Total equity		2,491,474			3,113,535
Total liabilities and equity	$	4,578,121		$	5,590,434

8-November-2023 Expeditors International of Washington, Inc. Page 4 of 7

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.

AND SUBSIDIARIES

Condensed Consolidated Statements of Earnings

(In thousands, except per share data)

(Unaudited)

	Three months ended September 30,						Nine months ended September 30,
	2023			2022			2023			2022
Revenues:
Airfreight services	$	724,331		$	1,480,955		$	2,380,405		$	4,682,076
Ocean freight and ocean services		560,281			1,684,579			1,851,389			5,420,471
Customs brokerage and other services		905,389			1,196,612			2,790,548			3,527,209
Total revenues		2,190,001			4,362,146			7,022,342			13,629,756
Operating Expenses:
Airfreight services		516,519			1,104,812			1,707,568			3,459,861
Ocean freight and ocean services		387,670			1,343,355			1,277,159			4,345,963
Customs brokerage and other services		497,922			746,106			1,555,669			2,345,508
Salaries and related		412,505			499,341			1,290,911			1,546,503
Rent and occupancy		58,387			52,715			174,224			155,241
Depreciation and amortization		15,607			15,187			46,374			42,416
Selling and promotion		6,149			6,239			18,847			16,174
Other		79,173			67,468			211,055			223,425
Total operating expenses		1,973,932			3,835,223			6,281,807			12,135,091
Operating income		216,069			526,923			740,535			1,494,665
Other Income (Expense):
Interest income		17,156			7,835			53,723			12,447
Interest expense		(1,601	)		(470	)		(4,641	)		(1,031	)
Other, net		267			568			9,035			8,762
Other income, net		15,822			7,933			58,117			20,178
Earnings before income taxes		231,891			534,856			798,652			1,514,843
Income tax expense		61,048			120,694			206,018			368,975
Net earnings		170,843			414,162			592,634			1,145,868
Less net (losses) earnings attributable to the noncontrolling    interest		(510	)		(47	)		(1,530	)		7,745
Net earnings attributable to shareholders	$	171,353		$	414,209		$	594,164		$	1,138,123
Diluted earnings attributable to shareholders per share	$	1.16		$	2.54		$	3.92		$	6.84
Basic earnings attributable to shareholders per share	$	1.16		$	2.56		$	3.95		$	6.90
Weighted average diluted shares outstanding		148,001			163,250			151,619			166,398
Weighted average basic shares outstanding		147,099			162,029			150,543			164,944

8-November-2023 Expeditors International of Washington, Inc. Page 5 of 7

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.

AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

	Three months ended September 30,						Nine months ended September 30,
	2023			2022			2023			2022
Operating Activities:
Net earnings	$	170,843		$	414,162		$	592,634		$	1,145,868
Adjustments to reconcile net earnings to net cash from operating activities:
Provisions for losses on accounts receivable		1,411			5,570			2,316			9,917
Deferred income tax benefit		(6,418	)		(3,070	)		(7,942	)		(14,928	)
Stock compensation expense		15,879			14,175			46,962			51,296
Depreciation and amortization		15,607			15,187			46,374			42,416
Other, net		2,673			1,435			6,396			144
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable		(53,722	)		634,421			629,205			880,364
Increase (decrease) in accounts payable and accrued liabilities		40,919			(350,922	)		(311,990	)		(343,902	)
(Increase) decrease in deferred contract costs		(56,917	)		226,087			28,870			437,155
Increase (decrease) in contract liabilities		74,701			(249,895	)		(33,549	)		(488,826	)
Decrease in income taxes payable, net		(4,017	)		(31,397	)		(97,743	)		(78,568	)
(Increase) decrease in other, net		(10,979	)		(5,369	)		(6,695	)		2,040
Net cash from operating activities		189,980			670,384			894,838			1,642,976
Investing Activities:
Purchase of property and equipment		(7,993	)		(15,928	)		(28,600	)		(68,498	)
Other, net		10			(590	)		(209	)		(645	)
Net cash from investing activities		(7,983	)		(16,518	)		(28,809	)		(69,143	)
Financing Activities:
Payments on borrowings on lines of credit		(1,491	)		(21,117	)		(33,636	)		(29,601	)
Proceeds from borrowings on lines of credit		8,404			—			26,953			56,545
Proceeds from issuance of common stock		61,841			61,885			80,305			73,318
Repurchases of common stock		(298,103	)		(469,041	)		(1,199,294	)		(1,018,106	)
Dividends Paid		—			—			(102,263	)		(109,828	)
Payments for taxes related to net share settlement of equity awards		—			—			(19,501	)		(19,333	)
Distribution to noncontrolling interest		—			(543	)		—			(543	)
Net cash from financing activities		(229,349	)		(428,816	)		(1,247,436	)		(1,047,548	)
Effect of exchange rate changes on cash and cash equivalents		(11,807	)		(47,487	)		(13,296	)		(100,443	)
Change in cash and cash equivalents		(59,159	)		177,563			(394,703	)		425,842
Cash and cash equivalents at beginning of period		1,698,587			1,976,971			2,034,131			1,728,692
Cash and cash equivalents at end of period	$	1,639,428		$	2,154,534		$	1,639,428		$	2,154,534
Taxes Paid:
Income taxes	$	61,603		$	150,960		$	306,059		$	465,711

8-November-2023 Expeditors International of Washington, Inc. Page 6 of 7

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.

AND SUBSIDIARIES

Business Segment Information

(In thousands)

(Unaudited)

	UNITED STATES		OTHER NORTH AMERICA		LATIN AMERICA		NORTH ASIA		SOUTH ASIA		EUROPE		MIDDLE EAST, AFRICA AND INDIA		ELIMI- NATIONS			CONSOLI- DATED
For the three months ended September 30, 2023:
Revenues	$	784,503		106,293		47,327		515,340		207,006		410,904		119,849		(1,221	)		2,190,001
Directly related cost of transportation and other expenses1	$	421,432		63,671		28,409		398,681		145,292		263,524		81,643		(541	)		1,402,111
Salaries and other operating expenses2	$	261,323		38,275		16,405		66,546		42,138		120,436		27,351		(653	)		571,821
Operating income (loss)	$	101,748		4,347		2,513		50,113		19,576		26,944		10,855		(27	)		216,069
Identifiable assets at period end	$	2,572,404		200,711		110,708		512,746		217,018		726,729		260,619		(22,814	)		4,578,121
Capital expenditures	$	3,762		302		84		168		409		1,369		1,899		—			7,993
Equity	$	1,797,123		46,264		54,096		225,229		91,712		154,617		161,882		(39,449	)		2,491,474
For the three months ended September 30, 2022:
Revenues	$	1,244,515		140,622		68,057		1,489,331		518,780		637,411		264,518		(1,088	)		4,362,146
Directly related cost of transportation and other expenses1	$	742,826		80,116		41,638		1,250,872		416,817		453,248		209,248		(492	)		3,194,273
Salaries and other operating expenses2	$	314,442		30,151		15,057		98,758		37,577		109,308		36,181		(524	)		640,950
Operating income	$	187,247		30,355		11,362		139,701		64,386		74,855		19,089		(72	)		526,923
Identifiable assets at period end	$	3,553,279		272,527		137,472		915,895		421,148		1,020,756		322,160		(35,711	)		6,607,526
Capital expenditures	$	9,278		556		419		581		426		3,619		1,049		—			15,928
Equity	$	2,430,632		129,346		59,494		304,496		180,855		289,595		140,147		(43,172	)		3,491,393

	UNITED STATES		OTHER NORTH AMERICA		LATIN AMERICA		NORTH ASIA		SOUTH ASIA		EUROPE		MIDDLE EAST, AFRICA AND INDIA		ELIMI- NATIONS			CONSOLI- DATED
For the nine months ended September 30, 2023:
Revenues	$	2,535,945		326,398		151,994		1,607,788		631,001		1,386,284		386,524		(3,592	)		7,022,342
Directly related cost of transportation and other expenses1	$	1,387,511		201,984		90,139		1,238,996		437,392		924,592		261,482		(1,700	)		4,540,396
Salaries and other operating expenses2	$	785,282		108,892		52,172		205,976		132,984		373,004		85,003		(1,902	)		1,741,411
Operating income	$	363,152		15,522		9,683		162,816		60,625		88,688		40,039		10			740,535
Identifiable assets at period end	$	2,572,404		200,711		110,708		512,746		217,018		726,729		260,619		(22,814	)		4,578,121
Capital expenditures	$	15,829		932		360		1,110		744		6,688		2,937		—			28,600
Equity	$	1,797,123		46,264		54,096		225,229		91,712		154,617		161,882		(39,449	)		2,491,474
For the nine months ended September 30, 2022:
Revenues	$	3,751,102		390,220		191,900		4,840,822		1,776,355		1,871,509		811,147		(3,299	)		13,629,756
Directly related cost of transportation and other expenses1	$	2,303,428		230,154		118,793		4,054,319		1,463,173		1,335,267		647,510		(1,312	)		10,151,332
Salaries and other operating expenses2	$	962,817		86,328		42,654		326,767		121,634		333,971		111,481		(1,893	)		1,983,759
Operating income	$	484,857		73,738		30,453		459,736		191,548		202,271		52,156		(94	)		1,494,665
Identifiable assets at period end	$	3,553,279		272,527		137,472		915,895		421,148		1,020,756		322,160		(35,711	)		6,607,526
Capital expenditures	$	45,149		2,672		705		1,878		1,152		13,343		3,599		—			68,498
Equity	$	2,430,632		129,346		59,494		304,496		180,855		289,595		140,147		(43,172	)		3,491,393

1 Directly related cost of transportation and other expenses totals Operating Expenses from Airfreight services, Ocean freight and ocean services and Customs brokerage and other services as shown in the Condensed Consolidated Statements of Earnings.

2 Salaries and other operating expenses totals Salaries and related, Rent and occupancy, Depreciation and amortization, Selling and promotion and Other as shown in the Condensed Consolidated Statements of Earnings.

8-November-2023 Expeditors International of Washington, Inc. Page 7 of 7

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Document And Entity Information	Nov. 07, 2023
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Nov. 07, 2023
Entity Registrant Name	EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
Entity Central Index Key	0000746515
Entity Emerging Growth Company	false
Securities Act File Number	000-13468
Entity Incorporation, State or Country Code	WA
Entity Tax Identification Number	91-1069248
Entity Address, Address Line One	1015 Third Avenue
Entity Address, City or Town	Seattle
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98104
City Area Code	206
Local Phone Number	674-3400
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	EXPD
Security Exchange Name	NASDAQ