0000746515-12-000002.txt : 20120221 0000746515-12-000002.hdr.sgml : 20120220 20120221132050 ACCESSION NUMBER: 0000746515-12-000002 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20120221 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20120221 DATE AS OF CHANGE: 20120221 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EXPEDITORS INTERNATIONAL OF WASHINGTON INC CENTRAL INDEX KEY: 0000746515 STANDARD INDUSTRIAL CLASSIFICATION: ARRANGEMENT OF TRANSPORTATION OF FREIGHT & CARGO [4731] IRS NUMBER: 911069248 STATE OF INCORPORATION: WA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-13468 FILM NUMBER: 12626036 BUSINESS ADDRESS: STREET 1: 1015 THIRD AVENUE 12TH FLOOR CITY: SEATTLE STATE: WA ZIP: 98104 BUSINESS PHONE: 2066743400 MAIL ADDRESS: STREET 1: 1015 THIRD AVENUE 12TH FLOOR CITY: SEATTLE STATE: WA ZIP: 98104 8-K 1 a20114qer8-k.htm FORM 8-K 2011 4Q ER 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: February 21, 2012
(Date of earliest event reported)


EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
(Exact name of registrant as specified in its charter)
Washington
 
000-13468
 
91-1069248
(State or other jurisdiction of
 
(Commission File No.)
(IRS Employer Identification Number)
incorporation or organization)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1015 Third Avenue, 12th Floor, Seattle, Washington
98104
 
(Address of principal executive offices)
 
(Zip Code)
 
 
 
 
 
 
 
 
(206) 674-3400
 
 
 
(Registrant's telephone number, including area code)
 
 
 
 
 
 
 
 
N/A
 
 
 
(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:
o
 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
 
 
o
 
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
 
 
o
 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
 
 
o
 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 
 
 
 








Item 2.02 Results of Operations and Financial Condition.

The following information is furnished pursuant to Item 2.02, “Results of Operations and Financial Condition.”

On February 21, 2012, Expeditors International of Washington, Inc., a Washington corporation, issued a press release announcing fourth quarter 2011 financial results. A copy of the press release is furnished as Exhibit 99.1 to this report.

Item 9.01 Financial Statements and Exhibits.

(d)     The following items are filed as exhibits to this report:
         
99.1     Press release, dated February 21, 2012 issued by Expeditors International of Washington, Inc.







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.

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.




February 21, 2012         /s/ BRADLEY S. POWELL
Bradley S. Powell, Senior Vice President and Chief Financial Officer



 EX-99.1 2 a20114qerexhibit991.htm EXHIBIT 99.1 2011 4Q ER Exhibit 99.1
Exhibit 99.1

EARNINGS RELEASE
By:    Expeditors International of Washington, Inc.
1015 Third Avenue, Suite 1200
Seattle, Washington 98104

CONTACTS:
R. Jordan Gates                    Bradley S. Powell
President and Chief Operating Officer        Chief Financial Officer
(206) 674-3427         (206) 674-3412
FOR IMMEDIATE RELEASE
_____________________________________________________________________________________________
EXPEDITORS REPORTS FOURTH QUARTER 2011 EPS OF $.43 PER SHARE 1 
    
SEATTLE, WASHINGTON - February 21, 2012, Expeditors International of Washington, Inc. (NASDAQ:EXPD) today announced net earnings attributable to shareholders of $92,843,000 for the fourth quarter of 2011, as compared with $96,502,000 for the same quarter of 2010, a decrease of (4)%. Net revenues for the fourth quarter of 2011 increased 5% to $476,155,000 as compared with $453,362,000 reported for the fourth quarter of 2010. Total revenues and operating income were $1,501,914,000 and $155,064,000 in 2011, as compared with $1,582,135,000 and $148,572,000 for the same quarter of 2010, a decrease of (5)% and an increase of 4%, respectively. Diluted net earnings attributable to shareholders per share for the fourth quarter were $.43, as compared with $.45 for the same quarter in 2010, a decrease of (4)%.
    
For the year ended December 31, 2011, net earnings attributable to shareholders was $385,679,000, as compared with $344,172,000 in 2010, an increase of 12%. Net revenues for the year increased to $1,896,477,000 from $1,692,786,000 for 2010, up 12%. Total revenues and operating income for the year were $6,150,498,000 and $618,327,000 in 2011, as compared with $5,967,573,000 and $547,230,000 for the same period in 2010, increases of 3% and 13%, respectively. Diluted net earnings attributable to shareholders per share for the year ended December 31, 2011 were $1.79, as compared with $1.59 for the same period of 2010, an increase of 13%.
    
“From a strategic perspective, our 2011 fourth quarter financial results showed all the things we think are important,” said Peter J. Rose, Chairman and Chief Executive Officer.“ Operating income as a percentage of net revenue, at 32.6%, remained well above 30% for the seventh straight quarter while salaries as a percentage of net revenue were very much in line with our historical expectations. All in all, we think the things we can control most, we controlled best. From a tactical perspective, however, we would like to have seen stronger freight volumes as the customary real peak season surge never materialized. The lack of a peak season created irregular demand throughout the quarter. While this resulted in some intermittent spot buying opportunities in both the air and ocean freight markets, ultimately they were not sufficient to compensate for relatively weaker freight demand. Despite this quarters unpredictable shipping patterns, we still managed to grow both net revenue and operating income 5% and 4% respectively. That's something we take great comfort in. For the year ended 2011, net revenue and operating income increased 12% and 13% respectively. That is the kind of annual performance we don't feel particularly compelled to apologize for…particularly in these times,” Rose continued.

"Our third quarter 2011 earnings release highlighted our concerns about global trends for the remainder for 2011 and 2012. While 2011 was a record year, and we are generally optimistic about 2012, the underlying flow of goods both in the global economy and throughout our network in January still give us some cause to reiterate those concerns in the near term. That said, given the outstanding talents and abilities of our people and the support of both our customers and service providers, we remain very confident that we have the wherewithal to successfully address any near term challenges that may occur by staying true to our proven, long-term values and objectives," concluded Rose.

Expeditors is a global logistics company headquartered in Seattle, Washington. The company employs trained professionals in 185 full-service offices and 64 satellite locations located on six continents linked into a seamless worldwide network through an integrated information management system. Services include air and ocean freight forwarding, vendor consolidation, customs clearance, marine insurance, distribution and other value added international logistics services.

________________________
1 Diluted earnings attributable to shareholders per share.
NOTE: See Disclaimer on Forward-Looking Statements on the following page of this release.

Expeditors International of Washington, Inc.
4th Quarter 2011 Earnings Release, February 21, 2012

Financial Highlights for the Three months and Years ended December 31, 2011 and 2010 (Unaudited)
(in 000's of US dollars except share data)
 
Three months ended December 31,
 
 
 
Years ended December 31,
 
 
 
2011
 
2010
 
% Increase (Decrease)
 
2011
 
2010
 
% Increase
Revenues
$
1,501,914

 
$
1,582,135

 
(5)%
 
$
6,150,498

 
$
5,967,573

 
3%
Net revenues
$
476,155

 
$
453,362

 
5%
 
$
1,896,477

 
$
1,692,786

 
12%
Operating income
$
155,064

 
$
148,572

 
4%
 
$
618,327

 
$
547,230

 
13%
Net earnings attributable to shareholders
$
92,843

 
$
96,502

 
(4)%
 
$
385,679

 
$
344,172

 
12%
Diluted earnings attributable to shareholders
$
.43

 
$
.45

 
(4)%
 
$
1.79

 
$
1.59

 
13%
Basic earnings attributable to shareholders
$
.44

 
$
.45

 
(2)%
 
$
1.82

 
$
1.62

 
12%
Diluted weighted average shares outstanding
214,159,723

 
216,587,468

 
 
 
215,033,580

 
216,446,656

 
 
Basic weighted average shares outstanding
211,988,482

 
212,217,035

 
 
 
212,117,511

 
212,283,966

 
 
   
 
Employee headcount as of December 31,
 
2011
 
2010
North America
4,666

 
4,400

Asia Pacific
4,083

 
3,864

Europe and Africa
2,262
 
2,074

Middle East
1,250

 
1,169

South America
645

 
607

Information Systems
558

 
559

Corporate
228

 
197

Total
13,692

 
12,870

  
 
 
Year-over-year percentage increase (decrease) in:
 
 
Airfreight kilos
 
Ocean freight FEU
2011
 
 
 
 
October
 
(14
)%
 
2
%
November
 
(6
)%
 
1
%
December
 
(9
)%
 
7
%
Quarter
 
(10
)%
 
3
%

During the fourth quarter of 2011, the Company closed one satellite office in Detroit-Ambassador Bridge, United States.



Disclaimer on Forward-Looking Statements:
Certain portions of this release contain forward-looking statements which are based on certain assumptions and expectations of future events that are subject to risks and uncertainties, including comments on future ability to maintain operating income as a percentage of net revenue over 30%, ability to benefit in the future from spot buying opportunities, ability to grow net revenue and operating income, changes in consumer confidence in freight volumes, and ability to succeed in 2012, both from a near and long-term perspective. Actual future results and trends may differ materially from historical results or those projected in any forward-looking statements depending on a variety of factors including, but not limited to, our ability to maintain consistent and stable operating results, future success of our business model, ability to perpetuate profits, changes in customer demand for Expeditors’ services caused by a general economic slow-down, customers’ inventory build-up, decreased consumer confidence, volatility in equity markets, energy prices, political changes, regulatory actions or changes or the unpredictable acts of competitors and other risks, risk factors and uncertainties detailed in our Annual Report as updated by our reports on Form 10-Q, filed with the Securities and Exchange Commission.

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands, except share data)
(Unaudited)
 
 
December 31,
2011
 
December 31, 2010
Assets
 
 
 
Current Assets:
 
 
 
Cash and cash equivalents
$
1,294,356

 
$
1,084,465

Short-term investments
472

 
524

Accounts receivable, net
934,752

 
1,003,884

Deferred Federal and state income taxes
10,415

 
8,706

Other current assets
46,888

 
42,776

Total current assets
2,286,883

 
2,140,355

Property and equipment, net
538,806

 
498,648

Goodwill, net
7,927

 
7,927

Other intangibles, net
2,630

 
3,716

Other assets, net
30,581

 
28,533

 
$
2,866,827

 
$
2,679,179

Liabilities and Equity
 
 
 
Current Liabilities:
 
 
 
Accounts payable
606,628

 
652,161

Accrued expenses, primarily salaries and related costs
169,445

 
177,869

Federal, state and foreign income taxes
20,072

 
31,948

Total current liabilities
796,145

 
861,978

Deferred Federal and state income taxes
60,613

 
69,047

Commitments and contingencies
 
 
 
Shareholders’ Equity:
 
 
 
Preferred stock; none issued
—

 
—

Common stock, par value $.01 per share; issued and outstanding 212,003,662 shares at December 31, 2011 and 212,047,774 shares at December 31, 2010
2,120

 
2,120

Additional paid-in capital
13,260

 
13,412

Retained earnings
1,991,222

 
1,717,249

Accumulated other comprehensive (loss) income
(2,964
)
 
8,125

Total shareholders’ equity
2,003,638

 
1,740,906

Noncontrolling interest
6,431

 
7,248

Total equity
2,010,069

 
1,748,154

 
$
2,866,827

 
$
2,679,179



21-February-2012        Expeditors International of Washington, Inc.                    Page 3 of 6


EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings
(In thousands, except share data)
(Unaudited)
 
 
Three months ended
 
Twelve months ended
 
December 31,
 
December 31,
 
2011
 
2010
 
2011
 
2010
Revenues:
 
 
 
 
 
 
 
Airfreight services
$
705,744

 
$
778,009

 
$
2,893,474

 
$
2,821,828

Ocean freight and ocean services
441,102

 
481,263

 
1,878,595

 
1,955,400

Customs brokerage and other services
355,068

 
322,863

 
1,378,429

 
1,190,345

Total revenues
1,501,914

 
1,582,135

 
6,150,498

 
5,967,573

Operating Expenses:
 
 
 
 
 
 
 
Airfreight consolidation
534,159

 
604,309

 
2,193,122

 
2,181,598

Ocean freight consolidation
333,567

 
379,250

 
1,443,170

 
1,569,877

Customs brokerage and other services
158,033

 
145,214

 
617,729

 
523,312

Salaries and related costs
247,917

 
237,822

 
993,358

 
894,132

Rent and occupancy costs
20,578

 
19,988

 
84,665

 
77,209

Depreciation and amortization
9,146

 
9,310

 
36,776

 
36,900

Selling and promotion
10,447

 
9,593

 
38,974

 
32,055

Other
33,003

 
28,077

 
124,377

 
105,260

Total operating expenses
1,346,850

 
1,433,563

 
5,532,171

 
5,420,343

Operating income
155,064

 
148,572

 
618,327

 
547,230

 
 
 
 
 
 
 
 
Interest income
2,715

 
2,064

 
10,235

 
7,002

Interest expense
(248
)
 
(198
)
 
(970
)
 
(576
)
Other, net
(2,330
)
 
1,181

 
10,436

 
10,412

Other income (expense), net
137

 
3,047

 
19,701

 
16,838

Earnings before income taxes
155,201

 
151,619

 
638,028

 
564,068

Income tax expense
62,061

 
55,171

 
251,785

 
219,863

Net earnings
93,140

 
96,448

 
386,243

 
344,205

Less net earnings (losses) attributable to the noncontrolling interest
297

 
(54
)
 
564

 
33

Net earnings attributable to shareholders
$
92,843

 
$
96,502

 
$
385,679

 
$
344,172

Diluted earnings attributable to shareholders per share
$
.43

 
$
.45

 
$
1.79

 
$
1.59

Basic earnings attributable to shareholders per share
$
.44

 
$
.45

 
$
1.82

 
$
1.62

Dividends declared and paid per common share
$
.25

 
$
.20

 
$
.50

 
$
.40

Weighted average diluted shares outstanding
214,159,723

 
216,587,468

 
215,033,580

 
216,446,656

Weighted average basic shares outstanding
211,988,482

 
212,217,035

 
212,117,511

 
212,283,966



21-February-2012        Expeditors International of Washington, Inc.                    Page 4 of 6

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(In thousands) (Unaudited)
 
Three months ended
 
Twelve months ended
 
December 31,
 
December 31,
 
2011
 
2010
 
2011
 
2010
Operating Activities:
 
 
 
 
 
 
 
Net earnings
$
93,140

 
$
96,448

 
$
386,243

 
$
344,205

Adjustments to reconcile net earnings to net cash provided by operating activities:
 
 
 
 
 
 
 
Provision for losses on accounts receivable
166

 
305

 
1,327

 
3,414

Deferred income tax expense (benefit)
5,598

 
8,048

 
(4,065
)
 
10,569

Excess tax benefits from stock plans
(232
)
 
(12,274
)
 
(5,300
)
 
(23,863
)
Stock compensation expense
10,832

 
10,696

 
44,278

 
43,743

Depreciation and amortization
9,146

 
9,310

 
36,776

 
36,900

Loss (gain) on sale of assets
414

 
140

 
360

 
(321
)
Other
308

 
304

 
2,136

 
1,536

Changes in operating assets and liabilities:
 
 
 
 
 
 
 
Decrease (increase) in accounts receivable
58,717

 
77,947

 
46,915

 
(188,823
)
(Increase) decrease in other current assets
(1,620
)
 
1,484

 
(7,483
)
 
(1,475
)
(Decrease) increase in accounts payable and accrued expenses
(54,879
)
 
(60,302
)
 
(40,819
)
 
130,138

(Decrease) increase in income taxes payable, net
(13,654
)
 
2,725

 
(3,237
)
 
39,495

Net cash provided by operating activities
107,936

 
134,831

 
457,131

 
395,518

Investing Activities:
 
 
 
 
 
 
 
Decrease in short-term investments
6

 
81

 
29

 
188

Purchase of property and equipment
(19,261
)
 
(15,755
)
 
(78,115
)
 
(42,408
)
Proceeds from sale of property and equipment
84

 
92

 
193

 
360

Prepayment on long-term leases, net
—

 
—

 
(936
)
 
—

Other
253

 
(632
)
 
(1,510
)
 
(319
)
Net cash used in investing activities
(18,918
)
 
(16,214
)
 
(80,339
)
 
(42,179
)
Financing Activities:
 
 
 
 
 
 
 
Proceeds from issuance of common stock
2,055

 
38,826

 
56,646

 
99,784

Repurchases of common stock
(3,499
)
 
(106,862
)
 
(112,071
)
 
(246,312
)
Excess tax benefits from stock plans
232

 
12,274

 
5,300

 
23,863

Dividends paid
(52,997
)
 
(42,475
)
 
(106,011
)
 
(84,872
)
Distribution to noncontrolling interest
(133
)
 
(88
)
 
(955
)
 
(1,051
)
Net cash used in financing activities
(54,342
)
 
(98,325
)
 
(157,091
)
 
(208,588
)
Effect of exchange rate changes on cash and cash equivalents
(1,134
)
 
6,947

 
(9,810
)
 
13,785

Increase in cash and cash equivalents
33,542

 
27,239

 
209,891

 
158,536

Cash and cash equivalents at beginning of period
1,260,814

 
1,057,226

 
1,084,465

 
925,929

Cash and cash equivalents at end of period
$
1,294,356

 
$
1,084,465

 
$
1,294,356

 
$
1,084,465

Interest and taxes paid:
 
 
 
 
 
 
 
Interest
$
231

 
$
57

 
$
296

 
$
110

Income taxes
83,454

 
42,369

 
266,621

 
171,618



21-February-2012        Expeditors International of Washington, Inc.                    Page 5 of 6

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Business Segment Information
(In thousands) (Unaudited)
 
UNITED
STATES
 
OTHER
NORTH
AMERICA
 
LATIN
AMERICA
 
ASIA
PACIFIC
 
EUROPE and
AFRICA
 
MIDDLE
EAST and
INDIA
 
ELIMI-
NATIONS
 
CONSOLI-
DATED
Three months ended December 31, 2011:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues from unaffiliated customers
$
383,830

 
48,839

 
19,490

 
761,092

 
218,074

 
70,589

 
—

 
1,501,914

Transfers between geographic areas
24,639

 
2,641

 
5,356

 
10,159

 
10,570

 
4,592

 
(57,957
)
 
—

Total revenues
$
408,469

 
51,480

 
24,846

 
771,251

 
228,644

 
75,181

 
(57,957
)
 
1,501,914

Net revenues
$
183,381

 
24,367

 
14,673

 
150,262

 
76,950

 
26,522

 
—

 
476,155

Operating income
$
41,652

 
10,314

 
5,056

 
68,971

 
19,048

 
10,023

 
—

 
155,064

Identifiable assets
$
1,521,657

 
86,020

 
48,221

 
667,171

 
401,518

 
141,379

 
861

 
2,866,827

Capital expenditures
$
8,404

 
199

 
166

 
8,760

 
1,288

 
444

 
—

 
19,261

Depreciation and amortization
$
5,222

 
208

 
226

 
1,605

 
1,400

 
485

 
—

 
9,146

Equity
$
1,285,812

 
49,571

 
27,346

 
448,613

 
145,998

 
85,605

 
(32,876
)
 
2,010,069

Three months ended December 31, 2010:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues from unaffiliated customers
$
368,584

 
43,083

 
19,010

 
867,844

 
203,958

 
79,656

 
—

 
1,582,135

Transfers between geographic areas
26,804

 
3,114

 
4,850

 
8,976

 
11,371

 
4,266

 
(59,381
)
 
—

Total revenues
$
395,388

 
46,197

 
23,860

 
876,820

 
215,329

 
83,922

 
(59,381
)
 
1,582,135

Net revenues
$
177,438

 
20,322

 
13,509

 
146,191

 
72,528

 
23,374

 
—

 
453,362

Operating income
$
45,968

 
7,204

 
4,830

 
64,006

 
19,245

 
7,319

 
—

 
148,572

Identifiable assets
$
1,343,098

 
95,298

 
51,326

 
612,085

 
432,019

 
144,043

 
1,310

 
2,679,179

Capital expenditures
$
4,991

 
157

 
332

 
1,776

 
7,968

 
531

 
—

 
15,755

Depreciation and amortization
$
5,372

 
321

 
241

 
1,885

 
940

 
551

 
—

 
9,310

Equity
$
1,089,053

 
46,601

 
27,462

 
371,610

 
160,428

 
84,456

 
(31,456
)
 
1,748,154

Twelve months ended December 31, 2011:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues from unaffiliated customers
$
1,540,477

 
189,843

 
82,312

 
3,144,641

 
891,185

 
302,040

 
—

 
6,150,498

Transfers between geographic areas
101,738

 
11,095

 
21,222

 
40,012

 
43,359

 
17,897

 
(235,323
)
 
—

Total revenues
$
1,642,215

 
200,938

 
103,534

 
3,184,653

 
934,544

 
319,937

 
(235,323
)
 
6,150,498

Net revenues
$
732,299

 
90,432

 
59,968

 
605,151

 
307,471

 
101,156

 
—

 
1,896,477

Operating income
$
210,702

 
29,209

 
19,151

 
258,952

 
72,248

 
28,065

 
—

 
618,327

Identifiable assets
$
1,521,657

 
86,020

 
48,221

 
667,171

 
401,518

 
141,379

 
861

 
2,866,827

Capital expenditures
$
23,219

 
1,122

 
628

 
25,295

 
25,856

 
1,995

 
—

 
78,115

Depreciation and amortization
$
20,037

 
1,038

 
999

 
7,243

 
5,414

 
2,045

 
—

 
36,776

Equity
$
1,285,812

 
49,571

 
27,346

 
448,613

 
145,998

 
85,605

 
(32,876
)
 
2,010,069

Twelve months ended December 31, 2010:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues from unaffiliated customers
$
1,348,259

 
163,750

 
74,327

 
3,349,960

 
729,022

 
302,255

 
—

 
5,967,573

Transfers between geographic areas
99,547

 
10,836

 
16,932

 
32,837

 
40,778

 
16,184

 
(217,114
)
 
—

Total revenues
$
1,447,806

 
174,586

 
91,259

 
3,382,797

 
769,800

 
318,439

 
(217,114
)
 
5,967,573

Net revenues
$
666,669

 
77,079

 
50,937

 
543,869

 
264,663

 
89,569

 
—

 
1,692,786

Operating income
$
198,393

 
23,521

 
15,985

 
222,944

 
63,115

 
23,272

 
—

 
547,230

Identifiable assets
$
1,343,098

 
95,298

 
51,326

 
612,085

 
432,019

 
144,043

 
1,310

 
2,679,179

Capital expenditures
$
18,128

 
574

 
1,320

 
5,743

 
14,383

 
2,260

 
—

 
42,408

Depreciation and amortization
$
20,125

 
1,344

 
880

 
7,511

 
4,661

 
2,379

 
—

 
36,900

Equity
$
1,089,053

 
46,601

 
27,462

 
371,610

 
160,428

 
84,456

 
(31,456
)
 
1,748,154



21-February-2012        Expeditors International of Washington, Inc.                    Page 6 of 6
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