Business Segment Information

3 Months Ended

Mar. 31, 2025

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 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 when evaluating the effectiveness of geographic management. 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 March 31, 2025:
Revenues	$	854,449		116,485		62,389		695,008		364,577		422,795		152,872		(2,156	)		2,666,419
Directly related cost of transportation    and other expenses1	$	451,917		73,193		36,435		554,494		281,495		271,716		108,848		(1,423	)		1,776,675
Salaries and related costs	$	258,089		19,592		10,438		40,361		28,072		81,549		19,836		—			457,937
Other operating expenses2	$	22,548		14,828		9,914		37,746		23,285		43,359		15,028		(759	)		165,949
Operating income	$	121,895		8,872		5,602		62,407		31,725		26,171		9,160		26			265,858
Identifiable assets at period end	$	2,588,265		177,996		107,290		503,899		348,424		772,342		277,677		(19,243	)		4,756,650
Capital expenditures	$	8,407		226		225		505		874		1,156		1,759		—			13,152
Depreciation and amortization	$	8,938		497		251		1,056		570		2,646		646		—			14,604
Equity	$	1,481,145		50,613		46,120		273,084		145,611		169,589		164,036		(42,695	)		2,287,503
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 related costs	$	233,313		18,906		8,847		34,942		22,917		77,572		16,665		—			413,162
Other operating expenses2	$	22,395		14,178		7,917		32,318		17,995		39,516		11,799		(658	)		145,460
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
Depreciation and amortization	$	9,020		497		289		1,093		548		2,970		744		—			15,161
Equity	$	1,531,497		26,143		55,173		185,824		118,194		162,346		160,237		(41,749	)		2,197,665

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.