Business Segment Information

3 Months Ended

Mar. 31, 2024

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, 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 other operating expenses2	$	255,708		33,084		16,764		67,260		40,912		117,088		28,464		(658	)		558,622
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
Equity	$	1,531,497		26,143		55,173		185,824		118,194		162,346		160,237		(41,749	)		2,197,665
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

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.