Business Segment Information

3 Months Ended

Mar. 31, 2023

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 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 March 31, 2023:
Revenues	$	945,494		109,850		54,695		582,421		224,127		534,464		142,703		(1,165	)		2,592,589
Directly related cost of transportation    and other expenses1	$	539,957		69,205		32,302		452,342		157,623		372,260		95,949		(536	)		1,719,102
Salaries and other operating expenses2	$	267,683		35,824		19,502		71,140		46,798		127,372		29,832		(633	)		597,518
Operating income	$	137,854		4,821		2,891		58,939		19,706		34,832		16,922		4			275,969
Identifiable assets at period end	$	3,005,502		206,459		119,334		633,970		284,028		844,049		254,458		(15,223	)		5,332,577
Capital expenditures	$	5,444		469		230		590		167		2,983		243		—			10,126
Equity	$	2,284,489		35,977		57,026		317,325		153,321		191,116		154,143		(43,029	)		3,150,368
For the three months ended March 31, 2022:
Revenues	$	1,241,224		104,610		57,707		1,769,016		646,329		575,791		270,681		(1,060	)		4,664,298
Directly related cost of transportation    and other expenses1	$	763,423		64,232		33,857		1,480,093		538,883		417,620		218,100		(97	)		3,516,111
Salaries and other operating expenses2	$	333,649		24,869		13,101		123,113		45,329		109,269		38,042		(945	)		686,427
Operating income	$	144,152		15,509		10,749		165,810		62,117		48,902		14,539		(18	)		461,760
Identifiable assets at period end	$	4,199,798		283,674		147,391		1,329,469		591,672		1,076,451		358,722		(31,184	)		7,955,993
Capital expenditures	$	9,477		1,078		109		531		290		2,058		869					14,412
Equity	$	2,753,888		108,208		52,188		337,802		189,168		317,436		133,250		(42,609	)		3,849,331

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.