Business Segment Information

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Business Segment Information

Note 8. Business Segment Information

The Company is organized functionally in geographic operating segments. Accordingly, management focuses its attention on revenues, directly related cost of transportation and other expenses for each of the Company’s three primary sources of revenue, salaries and other operating expenses, operating income, identifiable assets, capital expenditures and equity generated in each of these geographical areas when evaluating the effectiveness of geographic management. Transactions among the Company’s various offices are conducted using the same arms-length pricing methodologies the Company uses when its offices transact business with independent agents. Certain costs are allocated among the segments based on the relative value of the underlying services, which can include allocation based on actual costs incurred or estimated cost plus a profit margin.

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

	UNITED STATES		OTHER NORTH AMERICA		LATIN AMERICA		NORTH ASIA		SOUTH ASIA		EUROPE		MIDDLE EAST, AFRICA AND INDIA		ELIMI- NATIONS			CONSOLI- DATED
For the three months ended September 30, 2024:
Revenues	$	854,679		114,264		61,981		914,417		445,308		433,660		177,145		(1,323	)		3,000,131
Directly related cost of transportation    and other expenses1	$	443,930		67,626		38,973		763,781		369,905		279,235		131,098		(584	)		2,093,964
Salaries and other operating expenses2	$	253,452		35,261		18,605		86,566		51,307		126,917		33,283		(748	)		604,643
Operating income	$	157,297		11,377		4,403		64,070		24,096		27,508		12,764		9			301,524
Identifiable assets at period end	$	2,611,417		192,370		108,985		727,724		376,283		863,840		319,627		(29,329	)		5,170,917
Capital expenditures	$	9,299		198		101		296		839		1,548		10		—			12,291
Equity	$	1,628,893		35,825		42,670		221,519		124,387		182,515		164,665		(41,304	)		2,359,170
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	$	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
	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, 2024:
Revenues	$	2,385,392		331,837		151,787		2,096,709		960,970		1,241,432		481,600		(3,917	)		7,645,810
Directly related cost of transportation    and other expenses1	$	1,270,981		199,710		88,077		1,702,401		757,167		796,205		353,839		(1,728	)		5,166,652
Salaries and other operating expenses2	$	772,835		102,684		49,920		224,588		135,303		363,718		92,099		(2,208	)		1,738,939
Operating income	$	341,576		29,443		13,790		169,720		68,500		81,509		35,662		19			740,219
Identifiable assets at period end	$	2,611,417		192,370		108,985		727,724		376,283		863,840		319,627		(29,329	)		5,170,917
Capital expenditures	$	17,775		2,172		383		933		2,938		4,860		1,354		—			30,415
Equity	$	1,628,893		35,825		42,670		221,519		124,387		182,515		164,665		(41,304	)		2,359,170
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

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.