QUARTERLY REPORT ON FORM 10-Q

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Fnngx9f+Q4oMfpAncaVqwbO578eqteYZWFf4g0Afe9Cf+nxGXcc1x9iFSFSh7bDv a0wxoTMw3OKNZleH8WVzQA== 0001193125-10-112978.txt : 20100507 0001193125-10-112978.hdr.sgml : 20100507 20100507163921 ACCESSION NUMBER: 0001193125-10-112978 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20100331 FILED AS OF DATE: 20100507 DATE AS OF CHANGE: 20100507 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: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-13468 FILM NUMBER: 10812965 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 10-Q 1 d10q.htm QUARTERLY REPORT ON FORM 10-Q QUARTERLY REPORT ON FORM 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2010

¨	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 0-13468

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.

(Exact name of registrant as specified in its charter)


Washington		91-1069248
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification Number)

1015 Third Avenue, 12^th Floor, Seattle, Washington		98104
(Address of principal executive offices)		(Zip Code)

(206) 674-3400

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):


Large accelerated filer x	Accelerated filer ¨	Non-accelerated filer ¨	Smaller reporting company ¨
		(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ¨ No x

At May 3, 2010, the number of shares outstanding of the issuer’s Common Stock was 212,888,523.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.

AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In thousands, except share data)

(Unaudited)


	March 31, 2010			December 31, 2009
Current Assets:
Cash and cash equivalents	$	1,041,648		$	925,929
Short-term investments		713			655
Accounts receivable, less allowance for doubtful accounts of $15,081 at March 31, 2010 and $14,235 at December 31, 2009		817,936			810,369
Deferred Federal and state income taxes		8,494			8,338
Other		24,158			42,539

Total current assets		1,892,949			1,787,830
Property and equipment, less accumulated depreciation and amortization of $263,694 at March 31, 2010 and $264,372 at December 31, 2009		488,983			495,701
Goodwill, net		7,927			7,927
Other intangibles, net		4,541			4,938
Other assets, net		27,679			27,326

Total assets	$	2,422,079		$	2,323,722


Current Liabilities:
Accounts payable		567,885			546,675
Accrued expenses, primarily salaries and related costs		162,133			145,545
Federal, state and foreign income taxes		18,419			16,166

Total current liabilities		748,437			708,386
Deferred Federal and state income taxes		44,706			53,989
Commitments and contingencies

Shareholders’ Equity:
Preferred stock, none issued.		0			0
Common stock, par value $.01 per share.
Issued and outstanding 212,569,202 shares at March 31, 2010, and 212,025,494 shares at December 31, 2009		2,126			2,120
Additional paid-in capital		27,671			18,265
Retained earnings		1,593,265			1,532,018
Accumulated other comprehensive (loss) income		(2,515	)		604

Total shareholders’ equity		1,620,547			1,553,007
Noncontrolling interest		8,389			8,340

Total equity		1,628,936			1,561,347

Total liabilities and equity	$	2,422,079		$	2,323,722

See accompanying notes to condensed consolidated financial statements.

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.

AND SUBSIDIARIES

Condensed Consolidated Statements of Earnings

(In thousands, except share data)

(Unaudited)


	Three months ended March 31,
	2010			2009
Revenues:
Airfreight services	$	559,383		$	374,456
Ocean freight and ocean services		381,244			318,634
Customs brokerage and other services		260,482			219,595


Total revenues		1,201,109			912,685

Operating Expenses:
Airfreight consolidation		427,342			250,369
Ocean freight consolidation		301,090			238,226
Customs brokerage and other services		110,854			87,575
Salaries and related costs		199,848			187,209
Rent and occupancy costs		19,227			18,724
Depreciation and amortization		9,395			9,958
Selling and promotion		7,035			6,222
Other		25,777			22,928


Total operating expenses		1,100,568			821,211


Operating income		100,541			91,474

Other Income (Expense):
Interest income		1,775			3,606
Interest expense		(87	)		(15	)
Other, net		609			4,553


Other income, net		2,297			8,144


Earnings before income taxes		102,838			99,618
Income tax expense		41,528			40,249


Net earnings		61,310			59,369

Less: net earnings attributable to the noncontrolling interest		63			109

Net earnings attributable to shareholders	$	61,247		$	59,260


Diluted earnings attributable to shareholders per share	$	.28		$	.27


Basic earnings attributable to shareholders per share	$	.29		$	.28


Weighted average diluted shares outstanding		216,630,436			216,319,959


Weighted average basic shares outstanding		212,192,710			212,100,504

See accompanying notes to condensed consolidated financial statements.

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.

AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)


	Three months ended March 31,
	2010			2009
Operating Activities:
Net earnings	$	61,310		$	59,369
Adjustments to reconcile net earnings to net cash provided by operating activities:
Provision for losses on accounts receivable		2,443			2,644
Deferred income tax (benefit) expense		(7,728	)		6,451
Excess tax benefits from stock plans		(4,012	)		(3,062	)
Stock compensation expense		11,198			6,900
Depreciation and amortization		9,395			9,958
Gain on sale of assets		(295	)		(4	)
Other		478			362
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable		(12,965	)		153,964
Increase in other current assets		(1,811	)		(15	)
Increase (decrease) in accounts payable and accrued expenses		43,169			(80,170	)
Increase in income taxes payable, net		25,941			15,885


Net cash provided by operating activities		127,123			172,282


Investing Activities:
(Increase) decrease in short-term investments		(36	)		44
Purchase of property and equipment		(7,582	)		(8,656	)
Proceeds from sale of property and equipment		59			44
Other		(188	)		(1,482	)


Net cash used in investing activities		(7,747	)		(10,050	)


Financing Activities:
Proceeds from issuance of common stock		12,220			8,536
Repurchases of common stock		(18,019	)		(19,212	)
Excess tax benefits from stock plans		4,012			3,062
Purchase of noncontrolling interest		0			(2,122	)


Net cash used in financing activities		(1,787	)		(9,736	)


Effect of exchange rate changes on cash and cash equivalents		(1,870	)		(9,845	)


Increase in cash and cash equivalents		115,719			142,651
Cash and cash equivalents at beginning of period		925,929			741,028


Cash and cash equivalents at end of period	$	1,041,648		$	883,679


Interest and Taxes Paid:
Interest	$	87		$	15
Income taxes		19,996			15,364

See accompanying notes to condensed consolidated financial statements.

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(in thousands, except share data)

(Unaudited)

Note 1. Summary of Significant Accounting Policies

A. Basis of Presentation

Expeditors International of Washington, Inc. (“the Company”) is a non-asset based provider of global logistics services operating through a worldwide network of offices, international service centers and exclusive or non-exclusive agents. The Company’s customers include retailing and wholesaling, electronics, and manufacturing companies around the world.

The condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. As a result, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) have been condensed or omitted. The Company believes that the disclosures made are adequate to make the information presented not misleading. The condensed consolidated financial statements reflect all adjustments, consisting of normal recurring items, which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Form 10-K as filed with the Securities and Exchange Commission on February 26, 2010.

All significant intercompany accounts and transactions have been eliminated in consolidation.

Certain 2009 amounts have been reclassified to conform with the 2010 presentation.

B. Accounts Receivable

The Company maintains an allowance for doubtful accounts, which is reviewed at least monthly for estimated losses resulting from the inability of its customers to make required payments for services and advances. Additional allowances may be necessary in the future if the ability of its customers to pay deteriorates. The Company has recorded accounts receivable allowances in the amounts of $15,081 as of March 31, 2010 and $14,235 as of December 31, 2009. Additions and write-offs have not been significant in the periods presented.

C. Comprehensive Income

Comprehensive income consists of net income and other gains and losses affecting equity that, under U.S. GAAP, are excluded from net income. For the Company, these consist of foreign currency translation adjustments, net of related income tax effects, and comprehensive income attributable to the noncontrolling interests.

D. Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of the assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates.

E. Recent Accounting Pronouncements

In October 2009, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2009–No. 13 “Multiple-Deliverable Revenue Arrangements”, which amends Accounting Standards Codification Topic 605 –“Revenue Recognition”. This update provides amendments to the criteria for separating deliverables, measuring and allocating arrangement consideration to one or more units of accounting. This update establishes a selling price hierarchy for determining the selling price of a deliverable. ASU 2009–No. 13 is effective for revenue arrangements entered into or materially modified in fiscal years beginning on or after June 15, 2010. The Company is required to and plans to adopt the provisions of this update beginning in the first quarter of 2011. The Company is currently assessing the impact of the adoption of ASU 2009–No. 13.

Note 2. Income Taxes

The Company or one of its subsidiaries files income tax returns in the U.S. federal jurisdiction and various state, local and foreign jurisdictions. The Company is no longer subject to U.S. federal income tax examinations by tax authorities for years prior to 2006. With respect to state and local jurisdictions and countries outside of the United States, with limited exceptions, the Company and its subsidiaries are no longer subject to income tax audits for years prior to 2001. In the normal course of business, the Company is subject to examination by taxing authorities throughout the world. Although the outcome of tax audits is always uncertain, the Company believes that adequate amounts of tax, interest and penalties have been provided for any adjustments that may result from these open tax years.

Any interest and penalties expensed in relation to the underpayment of income taxes were insignificant for the three months ended March 31, 2010 and 2009. Based on management’s review of the Company’s tax positions, the Company had no significant unrecognized tax benefits as of March 31, 2010 and December 31, 2009.

Note 3. Share-Based Compensation

The Company provides compensation benefits by granting stock options and employee stock purchase rights to its employees and restricted shares to its directors. The Company recognizes compensation expense based on the estimated fair value of options awarded under its stock option and employee stock purchase rights plans. The stock compensation expense, adjusted for expected forfeitures, is recognized on a straight-line basis over the vesting period. The forfeiture assumption used to calculate compensation expense is primarily based on historical pre-vesting employee forfeiture patterns. The Company’s annual grant of option awards generally takes place during the second quarter of each fiscal year and no grants were made in the quarters ended March 31, 2010 and 2009. The grant of employee stock purchase rights and the issuance of shares under the employee stock purchase plan are generally made in the third quarter of each fiscal year and none were issued in the quarters ended March 31, 2010 and 2009.

Total stock compensation expense and the total related tax benefit are recognized as follows:


	For the three months ended March 31,
	2010		2009
Stock compensation expense	$	11,198	6,900
Recognized tax benefit		57	77

Note 4. Basic and Diluted Earnings per Share

The following table reconciles the numerator and the denominator of the basic and diluted per share computations for earnings attributable to shareholders per share:


	Three months ended March 31,
(Amounts in thousands, except share and per share amounts)	Net earnings attributable to shareholders		Weighted average shares	Earnings per share
2010
Basic earnings attributable to shareholders	$	61,247	212,192,710	.29
Effect of dilutive potential common shares		—	4,437,726	—

Dilutive earnings attributable to shareholders	$	61,247	216,630,436	.28

2009
Basic earnings attributable to shareholders	$	59,260	212,100,504	.28
Effect of dilutive potential common shares		—	4,219,455	—

Dilutive earnings attributable to shareholders	$	59,260	216,319,959	.27

The following shares have been excluded from the computation of diluted earnings per share because the effect would have been antidilutive:


	For the three months ended March 31,
	2010	2009
Shares	8,609,930	6,690,423

Note 5. Components of Equity and Comprehensive Income

The components of equity and comprehensive income for the three months ended March 31, 2010 and 2009 are as follows:


	Shareholders' equity			Non controlling interest		Total equity
Balance at December 31, 2009	$	1,553,007		8,340		1,561,347
Exercise of stock options		12,220		—		12,220
Shares repurchased under provisions of stock repurchase plans		(18,019	)	—		(18,019	)
Stock compensation expense		11,198		—		11,198
Tax benefits from stock plans		4,012		—		4,012
Comprehensive Income:
Net earnings		61,247		63		61,310
Foreign currency translation adjustments, net of tax of $1,711		(3,118	)	(14	)	(3,132	)

Total comprehensive income		58,129		49		58,178

Balance at March 31, 2010	$	1,620,547		8,389		1,628,936


	Shareholders' equity			Non controlling interest		Total equity
Balance at December 31, 2008	$	1,366,418		17,498		1,383,916
Exercise of stock options		8,536		—		8,536
Shares repurchased under provisions of stock repurchase plans		(19,212	)	—		(19,212	)
Stock compensation expense		6,900		—		6,900
Tax benefits from stock plans		3,062		—		3,062
Purchase of noncontrolling interest		(281	)	(186	)	(467	)
Comprehensive Income:
Net earnings		59,260		109		59,369
Foreign currency translation adjustments, net of tax of $6,305		(11,496	)	(16	)	(11,512	)

Total comprehensive income		47,764		93		47,857

Distributions or declaration of dividends to noncontrolling interest⁽¹⁾		—		(8,058	)	(8,058	)

Balance at March 31, 2009	$	1,413,187		9,347		1,422,534

⁽¹⁾Amount of earnings owed to the noncontrolling interest at the time their ownership interest was purchased. These earnings, reclassified from noncontrolling interest to accounts payable, were distributed in periods subsequent to the effective date of the purchase, including $1,655 paid during the quarter ended March 31, 2009.

Subsequent to the end of the quarter, on May 5, 2010, the Board of Directors declared a semi-annual cash dividend of $0.20 per share payable on June 15, 2010 to shareholders of record as of June 1, 2010.

Note 6. Fair Value of Financial Instruments

The Company’s financial instruments, other than cash, consist primarily of cash equivalents, short-term investments, accounts receivable, accounts payable and accrued expenses. The carrying value of these financial instruments approximates their fair value. Cash equivalents consist of highly liquid investments with a maturity of three months or less at date of purchase. Short term investments have a maturity of greater than three months at date of purchase. Cash, cash equivalents and short-term investments consist of the following:


	March 31, 2010				December 31, 2009
	Cost		Fair Value		Cost		Fair Value
Cash and Cash Equivalents:
Cash and overnight deposits	$	404,037	$	404,037	$	387,612	$	387,612
Corporate commercial paper		581,189		581,297		489,557		489,626
Time deposits		56,422		56,422		48,760		48,760

Total cash and cash equivalents		1,041,648		1,041,756		925,929		925,998

Short-Term Investments:
Time deposits		713		713		655		655

Total	$	1,042,361	$	1,042,469	$	926,584	$	926,653

The fair value of corporate commercial paper is based on the use of market interest rates for identical or similar assets.

Note 7. Contingencies

On October 10, 2007, the U. S. Department of Justice (DOJ) issued a subpoena ordering the Company to produce certain information and records relating to an investigation of alleged anti-competitive behavior amongst air cargo freight forwarders. The Company has retained the services of a law firm to assist in complying with the DOJ’s subpoena. As part of this process, the Company has met with and continues to co-operate with the DOJ. The Company expects to incur additional costs during the course of this ongoing investigation, which could include fines and/or penalties if the DOJ concludes that the Company has engaged in anti-competitive behavior and such fines and/or penalties could have a material impact on the Company’s financial position, results of operations and operating cash flows.

On January 3, 2008, the Company was named as a defendant, with seven other European and North American-based global logistics providers, in a Federal antitrust class action lawsuit filed in the United States District Court of the Eastern District of New York, Precision Associates, Inc. et al v. Panalpina World Transport, No. 08-CV0042. On July 21, 2009, the plaintiffs filed an amended complaint adding a number of new third party defendants and various claims which they assert to violate the Sherman Act. The plaintiffs’ amended complaint, which purports to be brought on behalf of a class of customers (and has not yet been certified), asserts claims that the defendants engaged in price fixing regarding eight discrete surcharges in violation of the Sherman Act. The allegations concerning the Company relate to two of these surcharges. The amended complaint seeks unspecified damages and injunctive relief. The Company believes that these allegations are without merit and intends to vigorously defend itself. On August 13, 2009, the Company filed a motion to dismiss the amended complaint for failure to state a claim. Plaintiffs filed their opposition to the Company’s motion on January 30, 2010, to which the Company filed a reply, and the motion is currently pending before the Court.

On June 18, 2008, the European Commission (EC) issued a request for information to the Company’s UK subsidiary, Expeditors International (UK) Ltd., requesting certain information relating to an ongoing investigation of freight forwarders. The Company replied to the request. On February 18, 2009, the EC issued another request for information to the same subsidiary requesting certain additional information in connection with the EC’s ongoing investigation of freight forwarders. The Company replied to the request. On February 10, 2010, the Company and its Hong Kong subsidiary, Expeditors Hong Kong Limited, received a Statement of Objections (SO) from the EC. The SO initiates a proceeding against the Company alleging anti-competitive behavior contrary to European Union rules on competition. Specific to the Company, the allegations in the SO are limited to the period from August 2005 to June 2006 and only concern airfreight trade lanes between South China/Hong Kong and the European Economic Area. The Company responded to the allegations in the SO on April 12, 2010. The Company intends to vigorously defend itself against the allegations. The Company expects to incur additional costs during the course of this ongoing proceeding, which could include administrative fines if the EC concludes that the Company has engaged in anti-competitive behavior and such fines could have a material impact on the Company’s financial position, results of operations and operating cash flows.

The Company has incurred $600 and less than $100 for the three months ended March 31, 2010 and 2009, respectively, in legal and associated costs on the above matters. Since the beginning of these proceedings in 2007, the Company has incurred approximately $15 million in legal and associated costs on the above matters. At this time the Company is unable to estimate the range of loss or damages, if any, that might result as an outcome of any of these proceedings. These government investigations and the related litigation matters are subject to inherent uncertainties, and unfavorable rulings could occur. An unfavorable ruling could include substantial monetary damages and, in matters in which injunctive relief or other conduct remedies are sought, an injunction or other order relating to business conduct. Were unfavorable final outcomes to occur, the Company’s business, results of operations, financial position, and overall trends could be materially harmed.

The Company is involved in other claims and lawsuits which arise in the ordinary course of business, none of which currently, in management’s opinion, will have a significant effect on the Company’s operations or financial position.

Note 8. Business Segment Information

The Company is organized functionally in geographic operating segments. Accordingly, management focuses its attention on revenues, net revenues, operating income, identifiable assets, capital expenditures, depreciation and amortization and equity generated in each of these geographical areas when evaluating the effectiveness of geographic management. The Company charges its subsidiaries and affiliates for services rendered in the United States on a cost recovery basis. 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.

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


(in thousands)	UNITED STATES		OTHER NORTH AMERICA	LATIN AMERICA	ASIA	EUROPE and AFRICA	MIDDLE EAST and INDIA	AUSTRAL- ASIA	ELIMI- NATIONS		CONSOLI- DATED
Three months ended March 31, 2010:
Revenues from unaffiliated customers	$	286,936	35,612	16,296	618,889	161,845	63,232	18,299	—		1,201,109
Transfers between geographic areas		18,743	1,809	3,661	4,777	7,933	3,576	2,333	(42,832	)	—

Total revenues	$	305,679	37,421	19,957	623,666	169,778	66,808	20,632	(42,832	)	1,201,109

Net revenues	$	146,905	16,422	11,518	95,995	59,923	19,946	11,114	—		361,823
Operating income	$	38,174	3,899	3,531	35,889	11,854	4,325	2,869	—		100,541
Identifiable assets at quarter end	$	1,249,106	75,890	44,236	488,232	392,163	128,524	41,339	2,589		2,422,079
Capital expenditures	$	4,474	176	277	626	1,221	744	64	—		7,582
Depreciation and amortization	$	5,022	353	205	1,712	1,312	607	184	—		9,395
Equity	$	1,006,340	43,773	20,618	339,108	148,484	74,499	27,352	(31,238	)	1,628,936


Three months ended March 31, 2009:
Revenues from unaffiliated customers	$	236,328	29,767	16,131	428,282	132,865	57,112	12,200	—		912,685
Transfers between geographic areas		18,508	1,882	3,441	3,732	6,773	3,567	2,302	(40,205	)	—

Total revenues	$	254,836	31,649	19,572	432,014	139,638	60,679	14,502	(40,205	)	912,685

Net revenues	$	131,147	16,199	10,513	94,698	54,118	21,074	8,766	—		336,515
Operating income	$	30,636	4,339	2,365	38,227	8,771	4,339	2,797	—		91,474
Identifiable assets at quarter end	$	1,002,406	65,796	35,452	482,508	332,538	113,795	23,232	(905	)	2,054,822
Capital expenditures	$	6,095	149	231	543	1,086	340	212	—		8,656
Depreciation and amortization	$	5,310	326	238	1,933	1,406	594	151	—		9,958
Equity	$	799,897	35,366	26,771	375,994	131,995	62,794	13,781	(24,064	)	1,422,534

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS UNDER PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995; CERTAIN CAUTIONARY STATEMENTS

Certain portions of this report on Form 10-Q including the section entitled “Currency and Other Risk Factors” and “Liquidity and Capital Resources” contain forward-looking statements, which must be considered in connection with the discussion of the important factors that could cause actual results to differ materially from the forward-looking statements. In addition to risk factors identified elsewhere in this report, attention should be given to the factors identified and discussed in the report on Form 10-K filed on February 26, 2010.

EXECUTIVE SUMMARY

Expeditors International of Washington, Inc. is engaged in the business of global logistics management, including international freight forwarding and consolidation, for both air and ocean freight. The Company acts as a customs broker in all domestic offices, and in many of its international offices. The Company also provides additional services for its customers including value-added distribution, purchase order management, vendor consolidation and other logistics solutions. The Company does not compete for overnight courier or small parcel business. The Company does not own or operate aircraft or steamships.

International trade is influenced by many factors, including economic and political conditions in the United States and abroad, currency exchange rates, and laws and policies relating to tariffs, trade restrictions, foreign investments and taxation. Periodically, governments consider a variety of changes to current tariffs and trade restrictions. The Company cannot predict which, if any, of these proposals may be adopted, nor can the Company predict the effects the adoption of any such proposal will have on the Company’s business. Doing business in foreign locations also

subjects the Company to a variety of risks and considerations not normally encountered by domestic enterprises. In addition to being influenced by governmental policies concerning international trade, the Company’s business may also be affected by political developments and changes in government personnel or policies, as well as economic turbulence or security concerns in the nations in which it does business. The global logistics services industry is intensely competitive and is expected to remain so for the foreseeable future. Consistent with current economic conditions, the Company’s pricing continues to be pressured by customers and service providers.

The Company derives its revenues from three principal sources: 1) airfreight services, 2) ocean freight and ocean services, and 3) customs brokerage and other services. These are the revenue categories presented in the financial statements.

As a non-asset based carrier, the Company does not own transportation assets. Rather, the Company generates the major portion of its air and ocean freight revenues by purchasing transportation services from direct (asset-based) carriers and reselling those services to its customers. The difference between the rate billed to customers (the sell rate), and the rate paid to the carrier (the buy rate) is termed “net revenue” or “yield.” By consolidating shipments from multiple customers and concentrating its buying power, the Company is able to negotiate favorable buy rates from the direct carriers, while at the same time offering lower sell rates than customers would otherwise be able to negotiate themselves. In the first quarter of 2010, buy rates continued to be challenging as demand increased while carriers limited overall capacity. The combination of reduced capacity, price volatility and fewer shipping options offered by carriers continues to challenge the Company’s ability to maintain historical unitary profitability.

Customs brokerage and other services involves providing services at destination, such as helping customers clear shipments through customs by preparing required documentation, calculating and providing for payment of duties and other taxes on behalf of the customers as well as arranging for any required inspections by governmental agencies, and arranging for delivery. This is a complicated function requiring technical knowledge of customs rules and regulations in the multitude of countries in which the Company has offices.

The Company’s ability to provide services to its customers is highly dependent on good working relationships with a variety of entities including airlines, ocean steamship lines, and governmental agencies. The significance of maintaining acceptable working relationships with governmental agencies and asset-based providers involved in global trade has gained increased importance as a result of ongoing concern over terrorism. As each carrier labors to comply with governmental regulations implementing security policies and procedures, inherent conflicts emerge which can and do affect global trade to some degree. A good reputation helps to develop practical working understandings that will effectively meet security requirements while minimizing potential international trade obstacles. The Company considers its current working relationships with these entities to be satisfactory. However, airline and ocean steamship line industries have incurred significant losses in recent years as a result of the global economic downturn and many carriers are highly leveraged with debt. This situation has required the Company to be increasingly selective in which carriers to utilize. Further changes in the financial stability, operating capabilities and capacity of asset-based carriers, space allotments available from carriers, governmental regulation or deregulation efforts, “modernization” of the regulations governing customs brokerage, and/or changes in governmental quota restrictions could affect the Company’s business in unpredictable ways.

Historically, the Company’s operating results have been subject to a seasonal trend when measured on a quarterly basis. The first quarter has traditionally been the weakest and the third and fourth quarters have traditionally been the strongest. This pattern is the result of, or is influenced by, numerous factors including weather patterns, national holidays, consumer demand, economic conditions and a myriad of other similar and subtle forces. In addition, this historical quarterly trend has been influenced by the growth and diversification of the Company’s international network and service offerings. The Company cannot accurately forecast many of these factors nor can the Company estimate accurately the relative influence of any particular factor and, as a result, there can be no assurance that historical patterns, if any, will continue in future periods.

Primarily as a result of the global economic downturn that started in the second half of 2008, the Company’s air and ocean volumes were at exceptionally low levels in the first quarter of 2009. In the fourth quarter of 2009, the Company’s air and ocean volumes began to improve and this trend continued through the first quarter of 2010. At this point in time, the Company cannot predict whether this trend will continue or the potential impact of any global economic recovery.

A significant portion of the Company’s revenues are derived from customers in retail industries whose shipping patterns are tied closely to consumer demand, and from customers in industries whose shipping patterns are dependent upon just-in-time production schedules. Therefore, the timing of the Company’s revenues are, to a large degree, impacted by factors out of the Company’s control, such as a sudden change in consumer demand for retail goods and/or manufacturing production delays. Additionally, many customers ship a significant portion of their goods at or near the end of a quarter, and therefore, the Company may not learn of a shortfall in revenues until late in a quarter. To the extent that a shortfall in revenues or earnings was not expected by securities analysts, any such shortfall from levels predicted by securities analysts could have an immediate and adverse effect on the trading price of the Company’s stock.

In terms of the opportunities, challenges and risks that management is focused on in 2010, the Company operates in 60 countries throughout the world in the competitive global logistics industry and Company activities are tied directly to the global economy. From the inception of the Company, management has believed that the elements required for a successful global service organization can only be assured through recruiting, training, and ultimately retaining superior personnel. The Company’s greatest challenge is now and always has been perpetuating a consistent global culture which demands:

•

Total dedication, first and foremost, to providing superior customer service;

•

Aggressive marketing of all of the Company’s service offerings;

•

Ongoing development of key employees and management personnel via formal and informal means;

•

Creation of unlimited advancement opportunities for employees dedicated to hard work, personal growth and continuous improvement;

•

Individual commitment to the identification and mentoring of successors for every key position so that when inevitable change is required, a qualified and well-trained internal candidate is ready to step forward; and

•

Continuous identification, design and implementation of system solutions, both technological and otherwise, to meet and exceed the needs of our customers while simultaneously delivering tools to make our employees more efficient and more effective.

The Company reinforces these values with a compensation system that rewards employees for profitably managing the things they can control. This compensation system has been in place since the Company became a publicly traded entity. There is no limit to how much a key manager can be compensated for success. The Company believes in a “real world” environment in every operating unit where individuals are not sheltered from the profit implications of their decisions. If these decisions result in operating losses, these losses must be made up from future operating profits, in the aggregate, before any cash incentive compensation can be earned. At the same time, the Company insists on continued focus on such things as accounts receivable collection, cash flow management and credit soundness in an attempt to insulate managers from the sort of catastrophic errors that might end a career.

Any failure to perpetuate this unique culture on a self-sustained basis throughout the Company, provides a greater threat to the Company’s continued success than any external force, which would be largely beyond our control. Consequently, management spends the majority of its time focused on creating an environment where employees can learn and develop while also building systems and taking preventative action to reduce exposure to negative events. The Company strongly believes that it is nearly impossible to predict events that, in the aggregate, could have a positive or a negative impact on future operations. As a result our focus is on building and maintaining a global culture of well-trained employees and managers that are prepared to identify and react to subtle changes as they develop and thereby help the Company adapt and thrive as major trends emerge.

Critical Accounting Estimates

Management believes that the nature of the Company’s business is such that there are few complex measurement issues or challenges in accounting for operations.

While judgments and estimates are a necessary component of any system of accounting, the Company’s use of estimates is limited primarily to the following areas that in the aggregate are not a major component of the Company’s statement of earnings:

•

accounts receivable valuation;

•

the useful lives of long-term assets;

•

the accrual of costs related to ancillary services the Company provides;

•

establishment of adequate insurance liabilities for the portion of the freight related exposure which the Company has self-insured;

•

accrual of various tax liabilities; and

•

calculation of share-based compensation expense.

These estimates, other than the calculation of share-based compensation expense, are not highly uncertain and have not historically been subject to significant change. Management believes that the methods utilized in all of these areas are non-aggressive in approach and consistent in application. Management believes that there are limited, if any, alternative accounting principles or methods which could be applied to the Company’s transactions. While the use of estimates means that actual future results may be different from those contemplated by the estimates, the Company believes that alternative principles and methods used for making such estimates would not produce materially different results than those reported.

As described in Note 3 in the condensed consolidated financial statements in this quarterly report, the Company accounts for share-based compensation based on an estimate of the fair value of options granted to employees and directors under the Company’s stock option and employee stock purchase plans. The stock compensation expense, adjusted for expected forfeitures, is recognized on a straight-line basis over the vesting period.

Determining the appropriate option pricing model to use to estimate stock compensation expense requires judgment. Any option pricing model requires assumptions that are subjective and these assumptions also require judgment. Examples include assumptions about long-term stock price volatility, employee exercise patterns, pre-vesting option forfeitures, post-vesting option terminations, future interest rates and dividend yields. The Company uses the Black-Scholes model for estimating the fair value of stock options.

For the three month periods ended March 31, 2010 and 2009, no options were granted by the Company.

Management believes that the assumptions used are appropriate based upon the Company’s historical and currently expected future experience. Looking to future events, management has been strongly influenced by historical patterns which may not be valid predictors of future developments and any future deviation may be material.

The Company’s expected volatility assumptions are based on the historical volatility of the Company’s stock. The expected life assumption is primarily based on historical employee exercise patterns and employee post-vesting termination behavior. The risk-free interest rate for the expected term of the option is based on the corresponding yield curve in effect at the time of grant for U.S. Treasury bonds having the same term as the expected life of the option, i.e. a ten year bond rate is used for valuing an option with a ten year expected life. The expected dividend yield is based on the Company’s historical experience. The forfeiture rate used to calculate compensation expense is primarily based on historical pre-vesting employee forfeiture patterns.

The use of different assumptions would result in different amounts of stock compensation expense. Keeping all other variables constant, the indicated change in each of the assumptions below increases or decreases the fair value of an option (and the resulting stock compensation expense), as follows:


Assumption	Change in assumption	Impact of fair value of options
Expected volatility	Higher	Higher
Expected life of option	Higher	Higher
Risk-free interest rate	Higher	Higher
Expected dividend yield	Higher	Lower

The fair value of an option is more significantly impacted by changes in the expected volatility and expected life assumptions. The pre-vesting forfeitures assumption is ultimately adjusted to the actual forfeiture rate. Therefore, changes in the forfeitures assumption would not impact the total amount of expense ultimately recognized over the vesting period. Different forfeitures assumptions would only impact the timing of expense recognition over the vesting period. Estimated forfeitures will be reassessed in subsequent periods and may change based on new facts and circumstances.

Results of Operations

The following table shows the consolidated net revenues (revenues less transportation expenses) attributable to the Company’s principal services and the Company’s expenses for the three-month periods ended March 31, 2010 and 2009, expressed as percentages of net revenues. Management believes that net revenues are a better measure than total revenues of the relative importance of the Company’s principal services since total revenues earned by the Company as a freight consolidator include the carriers’ charges to the Company for carrying the shipment whereas revenues earned by the Company in its other capacities include only the commissions and fees actually earned by the Company.

The table and the accompanying discussion and analysis should be read in conjunction with the condensed consolidated financial statements and related notes thereto which appear elsewhere in this quarterly report.


	Three months ended March 31,
	2010				2009
	Amount		Percent of net revenues		Amount		Percent of net revenues
	(Amounts in thousands)
Net Revenues:
Airfreight services	$	132,041	37	%	$	124,087	37	%
Ocean freight and ocean services		80,154	22			80,408	24
Customs brokerage and other services		149,628	41			132,020	39

Net revenues		361,823	100			336,515	100

Overhead Expenses:
Salaries and related costs		199,848	55			187,209	56
Other		61,434	17			57,832	17

Total overhead expenses		261,282	72			245,041	73

Operating income		100,541	28			91,474	27
Other income, net		2,297	0			8,144	3

Earnings before income taxes		102,838	28			99,618	30
Income tax expense		41,528	11			40,249	12

Net earnings		61,310	17			59,369	18
Less: net earnings attributable to noncontrolling interest		63	0			109	0

Net earnings attributable to shareholders	$	61,247	17	%	$	59,260	18	%

Airfreight services net revenues increased 6% for the three-month period ended March 31, 2010, as compared with the same period for 2009. The increase in global airfreight services net revenues was primarily due to a 41% increase in airfreight tonnage offset by a 33% decrease in net revenue per kilo. North America, Asia and Europe airfreight export tonnage increased 42%, 48% and 29%, respectively, for the first quarter of 2010 as compared with the same period in 2009. Whereas, airfreight services net revenue increased 23% and 9% in North America and Europe, respectively, Asia’s decreased 7% primarily due to lower net revenue per kilo in the first quarter of 2010 as compared with the same period in 2009.

The increase in airfreight tonnage is primarily due to improvements in the global economy which began in the fourth quarter of 2009. During the first quarter of 2009, net revenue per kilo was higher than historical levels as the Company benefited from favorable buying opportunities that existed in a number of short-term spot markets. Net revenue per kilo in the first quarter of 2010 was lower as spot market buying opportunities were not available because carriers continued to limit capacity even as demand increased, which increased buy rates. In contrast to the first quarter of 2009, net revenue per kilo in the first quarter of 2010 was more in line with the Company’s historical experience.

Ocean freight and ocean services net revenues remained constant for the three-month period ended March 31, 2010, as compared with the same period for 2009. North America and Europe ocean freight net revenues decreased approximately 6% and 3%, respectively, for the first quarter of 2010 as compared with the same period in 2009. Asia ocean freight net revenues increased 8% for the first quarter of 2010 as compared with the same period in 2009.

Ocean freight net revenues are comprised of three basic services: ocean freight consolidation, direct ocean forwarding and order management. The majority of the Company’s ocean freight net revenue is derived from ocean freight consolidation which represented 49% and 55% of ocean freight net revenue for the three-month periods ended March 31, 2010 and 2009, respectively.

Ocean freight consolidation net revenue decreased 12%, for the first quarter of 2010 as compared with the same period in 2009, primarily due to a 23% decrease in net revenue per container, partially offset by a 15% increase in volume as measured in terms of forty-foot container equivalent units (FEUs). Direct ocean forwarding and order management, which are primarily fee-based, increased 7% and 26%, respectively, for the first quarter of 2010 as compared with the same period in 2009 primarily due to an increase in volume.

The increase in ocean volumes is primarily due to an improvement in the global economy which began in the fourth quarter of 2009. Similar to the airfreight market, in the first quarter of 2009, net revenue per container was higher than historical levels as the Company benefited from favorable buying opportunities that existed in a number of short-term spot markets. Net revenue per container in the first quarter of 2010 was lower as spot market buying opportunities were not available because steamship lines continued to limit capacity even as demand increased, which increased buy rates. In contrast to the first quarter of 2009, net revenue per container in the first quarter of 2010 was more in line with the Company’s historical experience.

Customs brokerage and other services net revenues increased 13% for the three-month period ended March 31, 2010, as compared with the same period for 2009, primarily as a result of increases in air and ocean freight volumes. Customers continue to seek out customs brokers with sophisticated computerized capabilities critical to an overall logistics management program, including rapid responses to changes in the regulatory and security environment.

Salaries and related costs increased 7% during the three-month period ended March 31, 2010, as compared with the same period in 2009, primarily as a result of larger bonuses earned from achieving a higher operating income and higher stock compensation expense.

The effects of including stock-based compensation expense in salaries and related costs are as follows:


	Three months ended March 31,
	2010			2009
Salaries and related costs	$	199,848		$	187,209
As a % of net revenue		55.2	%		55.6	%
Stock compensation expense	$	11,198		$	6,900
As a % of salaries and related costs		5.6	%		3.7	%
As a % of net revenue		3.1	%		2.1	%

Excluding stock compensation expense, salaries and related costs as a percentage of net revenue decreased 144 basis points for the three months ended March 31, 2010, as compared with the same period for 2009. Stock compensation expense increased 62% for the three-month period ended March 31, 2010, as compared with the same period for 2009, primarily a result of a $4 million “true up” credit recorded in the first quarter of 2009 for the difference between the higher actual pre-vesting forfeiture experience and the pre-vesting forfeiture assumptions used to calculate stock option expense. The net impact on salaries and related costs was $3 million after consideration of the effect on bonuses.

Historically, the relatively consistent relationship between salaries and net revenues is the result of a compensation philosophy that has been maintained since the inception of the Company: offer a modest base salary and the opportunity to share in a fixed and determinable percentage of the operating profit of the business unit controlled by each key employee. Using this compensation model, changes in individual incentive compensation will occur in proportion to changes in Company profits, creating a direct alignment between corporate performance and shareholder interests. The Company’s management incentive compensation programs have always been incentive-based and performance driven and there is no built-in bias that favors or enriches management in a manner inconsistent with overall corporate performance.

Because the Company’s management incentive compensation programs are also cumulative, no management bonuses can be paid unless the relevant business unit is, from inception, cumulatively profitable. Any operating losses must have been offset in their entirety by operating profits before management is eligible for a bonus. Since the most significant portion of management compensation comes from the incentive bonus programs, the Company believes that this cumulative feature is a disincentive to excessive risk taking by its managers. Due to the nature of the Company’s services, it has a short operating cycle. The outcome of any higher risk transactions, such as overriding established credit limits, would be known in a relatively short time frame. Management believes that when the potential and certain impact on the bonus is fully considered in light of this short operating cycle, the potential for short term gains that could be generated by engaging in risky business practices is sufficiently mitigated to discourage excessive and inappropriate risk taking. Management believes that both the stability and the long term growth in revenues, net revenues and net earnings are a result of the incentives inherent in the Company’s compensation program.

Other overhead expenses increased 6% for the three-month period ended March 31, 2010, as compared with the same period in 2009, primarily as a result of higher business taxes and increased travel and legal expenses. Legal and related expenses during this same period increased approximately $600, primarily attributable to preparing the Company’s response to a Statement of Objections issued by the European Commission as described further in Part II—Item 1 on this report on Form 10-Q entitled “Legal Proceedings”. The Company believes that legal and related expenses will continue to increase in 2010 as compared to 2009 primarily as a result of responding to the Statement of Objections. The Company will continue to incur legal costs, which could be substantial and include judgments, fines and/or penalties, until these proceedings are concluded. Further, the Company periodically conducts reviews of the operations and procedures of its offices worldwide relating to compliance with applicable laws and regulations. If the governmental regulatory agencies conclude that the Company has engaged in anti-competitive behavior or in the event of an adverse judgment in the class action lawsuit, such judgments, fines and/or penalties could have a material impact on the Company’s financial condition, results of operations and operating cash flows. Other overhead expenses as a percentage of net revenues remained constant for the three-month period ended 2010, as compared with the same period in 2009.

Other income, net, decreased as a percentage of net revenues for the three-month period ended March 31, 2010 due to lower interest income and foreign exchange losses in 2010 compared to foreign exchange gains in 2009.

The Company pays income taxes in the United States and other jurisdictions, as well as other taxes which are typically included in costs of operations. The Company’s consolidated effective income tax rate remained constant at approximately 40.4% for the three-month periods ended March 31, 2010 and 2009.

Currency and Other Risk Factors

International air/ocean freight forwarding and customs brokerage are intensively competitive and are expected to remain so for the foreseeable future. There are a large number of entities competing in the international logistics industry; however, the Company’s primary competition is confined to a relatively small number of companies within this group. Historically, the industry has experienced consolidations into larger firms striving for stronger and more complete multinational and multi-service networks. However, regional and local broker/forwarders remain a competitive force.

The primary competitive factors in the international logistics industry continue to be price and quality of service, including reliability, responsiveness, expertise, convenience, and scope of operations. The Company emphasizes quality customer service and believes that its prices are competitive with those of others in the industry. Larger customers utilize more sophisticated and efficient procedures for the management of the logistics supply chain by embracing strategies such as just-in-time inventory management. The Company believes that this trend has resulted in customers using fewer service providers with greater technological capacity and more consistent global coverage. Accordingly, sophisticated computerized customer service capabilities and a stable worldwide network have become significant factors in attracting and retaining customers.

Developing these systems and a worldwide network has added a considerable indirect cost to the services provided to customers. Smaller and middle-tier competitors, in general, do not have the resources available to develop customized systems and a worldwide network.

The nature of the Company’s worldwide operations necessitates the Company dealing with a multitude of currencies other than the U.S. dollar. This results in the Company being exposed to the inherent risks of the international currency markets and governmental interference. Some of the countries where the Company maintains offices and/or agency relationships have strict currency control regulations which influence the Company’s ability to hedge foreign currency exposure. The Company tries to compensate for these exposures by accelerating international currency settlements among its offices or agents. The Company enters into foreign currency hedging transactions only in limited locations where there are regulatory or commercial limitations on the Company’s ability to move money freely around the world or the short-term financial outlook in any country is such that hedging is the most time-sensitive way to avoid short-term exchange losses. Any such hedging activity during the three months ended March 31, 2010 and 2009 was insignificant. During the three months ended March 31, 2010 and 2009, the Company incurred net foreign exchange losses of approximately $2 million and gains of approximately $3 million, respectively. The Company had no foreign currency derivatives outstanding at March 31, 2010 and December 31, 2009.

Geographic Coverage

During the first quarter of 2010, the Company opened one satellite office in Rome, Italy.

Acquisitions - Historically, growth through aggressive acquisition has proven to be a challenge for many of the Company’s competitors and typically involves the purchase of significant “goodwill,” the value of which can be realized in large measure only by retaining the customers and profit margins of the acquired business. As a result, the Company has pursued a strategy emphasizing organic growth supplemented by certain strategic acquisitions, where future economic benefit significantly exceeds the “goodwill” recorded in the transaction.

Internal Growth - Management believes that a comparison of “same store” results is critical in the evaluation of the quality and extent of the Company’s internally generated growth. This “same store” analysis isolates the financial contributions from offices that have been included in the Company’s operating results for at least one full year. The table below presents “same store” comparisons for the first quarter of 2010 (which is the measure of any increase or decrease from the same period of 2009) and for the first quarter of 2009 (which measures growth over 2008).


	For the three months ended March 31,
	2010		2009
Net revenue	7	%	(10	)%
Operating income	10	%	(13	)%

Liquidity and Capital Resources

The Company’s principal source of liquidity is cash generated from operating activities. Net cash provided by operating activities for the three months ended March 31, 2010, was approximately $127 million, as compared with $172 million for the same period in 2009. This $45 million decrease is principally due to changes in working capital accounts. At March 31, 2010, working capital was $1,145 million, including cash, cash equivalents and short-term investments of $1,042 million. The Company had no long-term debt at March 31, 2010.

The Company’s business is subject to seasonal fluctuations. Cash flow fluctuates as a result of this seasonality. Historically, the first quarter shows an excess of customer collections over customer billings. This results in positive cash flow. The increased activity associated with peak season (typically commencing late second or early third quarter) causes an excess of customer billings over customer collections. This cyclical growth in customer receivables consumes available cash.

As a customs broker, the Company makes significant 5-10 business day cash advances for certain of its customers’ obligations such as the payment of duties to the Customs and Border Protection of the Department of Homeland Security. These advances are made as an accommodation for a select group of credit-worthy customers. Cash advances are a “pass through” and are not recorded as a component of revenue or expense. The billings of such advances to customers are accounted for as a direct increase in accounts receivable to the customer and a corresponding increase in accounts payable to governmental customs authorities. As a result of these “pass through” billings, the conventional Days Sales Outstanding or DSO calculation does not directly measure collection efficiency.

Cash used in investing activities for the three months ended March 31, 2010 and 2009 was $8 million and $10 million, respectively. The largest use of cash in investing activities is cash paid for capital expenditures. The Company does have need, on occasion, to purchase buildings to house staff and to facilitate the staging of customers’ freight. The Company routinely invests in technology, office furniture and equipment and leasehold improvements. In the first quarter of 2010, the Company made capital expenditures of $8 million, as compared with $9 million for the same period in 2009. Capital expenditures in the first quarter of 2010 and 2009 related primarily to investments in technology, office furniture and equipment, building improvements and leasehold improvements. Total capital expenditures in 2010 are currently estimated to be $90 million. This includes normal capital expenditures as noted above plus additional real estate development.

Cash used in financing activities during the first quarter of 2010 was $2 million as compared with $10 million during the first quarter of 2009. The Company uses the proceeds from stock option exercises to repurchase the Company’s stock on the open market. The Company follows a policy of repurchasing stock to limit growth in issued and outstanding shares as a result of stock option exercises. The decrease in cash used in financing activities during the first quarter of 2010 compared with the same period in 2009 is primarily the result of this policy and a larger number of stock option exercises in the first quarter of 2010 when compared to the same period in 2009.

The Company follows established guidelines relating to credit quality, diversification and maturities of its investments to preserve principal and maintain liquidity. The Company’s investment portfolio has not been adversely impacted by the disruptions in the credit markets. However, there can be no assurance that the Company’s investment portfolio will not be adversely affected in the future.

The Company cannot forecast the impact that ongoing uncertainties in the global economy will have on its operating results. Management believes that the Company has effective credit control procedures, and historically has experienced relatively insignificant collection problems. The Company cannot predict what fallout any of these economic uncertainties may have on freight volumes, changes in consumer demand, supplier stability and capacity or on customers’ abilities to pay.

The Company maintains international unsecured bank lines of credit. At March 31, 2010, the international bank lines of credit totaled $25 million. In addition, the Company maintains a bank facility with its U.K. bank for $11 million which is available for issuances of standby letters of credit. At March 31, 2010, the Company had no amounts outstanding on these lines of credit, but was contingently liable for $81 million from standby letters of credit and guarantees. The standby letters of credit and guarantees relate to obligations of the Company’s foreign subsidiaries for credit extended in the ordinary course of business by direct carriers, primarily airlines, and for duty and tax deferrals available from governmental entities responsible for customs and value-added-tax (VAT) taxation. The total underlying amounts due and payable for transportation and governmental excises are properly recorded as obligations in the books of the respective foreign subsidiaries, and there would be no need to record additional expense in the unlikely event the parent company were to be required to perform.

Management believes that the Company’s current cash position, bank financing arrangements, and operating cash flows will be sufficient to meet its capital and liquidity requirements for the foreseeable future, including meeting any contingent liabilities related to standby letters of credit and other obligations.

In some cases, the Company’s ability to repatriate funds from foreign operations may be subject to foreign exchange controls. At March 31, 2010, cash and cash equivalent balances of $511 million were held by the Company’s non-United States subsidiaries, of which $69 million was held in banks in the United States.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

The Company is exposed to market risks in the ordinary course of its business. These risks are primarily related to foreign exchange risk and changes in short-term interest rates. The potential impact of the Company’s exposure to these risks is presented below:

Foreign Exchange Risk

The Company conducts business in many different countries and currencies. The Company’s business often results in revenue billings issued in a country and currency which differs from that where the expenses related to the service are incurred. In the ordinary course of business, the Company creates numerous intercompany transactions. This brings a market risk to the Company’s earnings.

Foreign exchange rate sensitivity analysis can be quantified by estimating the impact on the Company’s earnings as a result of hypothetical changes in the value of the U.S. dollar, the Company’s functional currency, relative to the other currencies in which the Company transacts business. All other things being equal, an average 10% weakening of the U.S. dollar, throughout the three months ended March 31, 2010, would have had the effect of raising operating income approximately $7 million. An average 10% strengthening of the U.S. dollar, for the same period, would have the effect of reducing operating income approximately $6 million. This analysis does not take in to account changes in shipping patterns based upon this hypothetical currency fluctuation. For example, a weakening in the U.S. dollar would be expected to increase exports from the United States and decrease imports into the United States over some relevant period of time, but the exact effect of this change cannot be quantified without making speculative assumptions.

As of March 31, 2010, the Company had less than $3 million of net unsettled intercompany transactions. The Company currently does not use derivative financial instruments to manage foreign currency risk and only enters into foreign currency hedging transactions in limited locations where regulatory or commercial limitations restrict the Company’s ability to move money freely. Any such hedging activity during the three months ended March 31, 2010, was insignificant. During the three months ended March 31, 2010 and 2009, the Company incurred net foreign exchange losses of approximately $2 million and gains of approximately $3 million, respectively. The Company had no foreign currency derivatives outstanding at March 31, 2010 and December 31, 2009. The Company instead follows a policy of accelerating international currency settlements to manage foreign exchange risk relative to intercompany billings. The majority of intercompany billings are resolved within 30 days and intercompany billings arising in the normal course of business are fully settled within 90 days.

Interest Rate Risk

At March 31, 2010, the Company had cash and cash equivalents and short-term investments of $1,042 million, of which $638 million was invested at various short-term market interest rates. The Company had no short-term borrowings at March 31, 2010. A hypothetical change in the interest rate of 10 basis points would not have a significant impact on the Company’s earnings.

In management’s opinion, there has been no material change in the Company’s market risk exposure in the first quarter of 2010.

Item 4. Controls and Procedures

Evaluation of Controls and Procedures

The Company carried out an evaluation, under the supervision and with the participation of its management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company’s “disclosure controls and procedures” (as defined in the Exchange Act Rule 13a-15(e)) as of the end of the period covered by this report. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective.

Changes in Internal Controls

There were no changes in the Company’s internal control over financial reporting that occurred during the most recent fiscal quarter that have materially affected or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

We have confidence in the Company’s internal controls and procedures. Nevertheless, the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, does not expect that the Company’s disclosure procedures and controls or the Company’s internal controls will prevent all errors or intentional fraud. An internal control system, no matter how well-conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of such internal controls are met. Further, the design of an internal control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all internal control systems, no evaluation of controls can provide absolute assurance that all the Company’s control issues and instances of fraud, if any, have been detected.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

The Company is involved in other claims and lawsuits which arise in the ordinary course business, none of which currently, in management’s opinion, will have a significant effect on the Company’s operations or financial position.

Item 1A. Risk Factors

There have been no material changes in the Company’s risk factors from those disclosed in the report on Form 10-K filed on or about February 26, 2010.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

ISSUER PURCHASES OF EQUITY SECURITIES


Period	Total number of shares purchased	Average price paid per share		Total number of shares purchased as part of publicly announced plans or programs	Maximum number of shares that may yet be purchased under the plans or programs
January 1-31, 2010	0	$	0	0	32,460,534
February 1-28, 2010	221,831		36.21	221,831	32,441,423
March 1-31, 2010	270,847		36.87	270,847	32,700,631

Total	492,678	$	36.57	492,678	32,700,631

In November 1993, the Company’s Board of Directors authorized a Non-Discretionary Stock Repurchase Plan for the purpose of repurchasing the Company’s common stock in the open market with the proceeds received from the exercise of stock options. This plan was amended in February 2001 to increase the authorization to repurchase up to 20 million shares of the Company’s common stock. On February 9, 2009, the Plan was further amended to increase the authorization to repurchase up to 40 million shares. This authorization has no expiration date. This plan was disclosed in the Company’s report on Form 10-K filed March 31, 1995. In the first quarter of 2010, 234,132 shares of common stock were repurchased under the Non-Discretionary Stock Repurchase Plan.

In November 2001, under a Discretionary Stock Repurchase Plan, the Company’s Board of Directors authorized the repurchase of such shares as may be necessary to reduce the issued and outstanding stock to 200 million shares of common stock. The maximum number of shares available for repurchase under this plan will increase as the total number of outstanding shares increases. This authorization has no expiration date. This plan was announced on November 13, 2001. In the first quarter of 2010, 258,546 shares of common stock were repurchased under the Discretionary Stock Repurchase Plan. These discretionary repurchases were made to limit the growth in the number of issued and outstanding shares resulting from stock option exercises.

Item 5. Other Information

(a)	Not applicable.

(b)	Not applicable.

Item 6. Exhibits

Exhibits required by Item 601 of Regulation S-K.


Exhibit Number		Description
31.1		Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2		Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32		Certification pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS		Instance Document

101.SCH		XBRL Taxonomy Extension Schema Document

101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document

101.LAB		XBRL Taxonomy Extension Label Linkbase Document

101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document

101.DEF		XBRL Taxonomy Extension Definition Linkbase Document

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.

May 7, 2010				/s/ PETER J. ROSE
				Peter J. Rose, Chairman and Chief Executive Officer

May 7, 2010				/s/ BRADLEY S. POWELL
				Bradley S. Powell, Chief Financial Officer

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.

AND SUBSIDIARIES

Form 10-Q Index and Exhibits

March 31, 2010


Exhibit Number		Description
31.1		Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2		Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32		Certification pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS		Instance Document

101.SCH		XBRL Taxonomy Extension Schema Document

101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document

101.LAB		XBRL Taxonomy Extension Label Linkbase Document

101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document

101.DEF		XBRL Taxonomy Extension Definition Linkbase Document

EX-31.1 2 dex311.htm CERTIFICATION OF CEO PURSUANT TO SECTION 302 CERTIFICATION OF CEO PURSUANT TO SECTION 302

EXHIBIT 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, Peter J. Rose, certify that:

I have reviewed this quarterly report on Form 10-Q of Expeditors International of Washington, Inc.;

Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this quarterly report based on such evaluation; and

Disclosed in this quarterly report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 7, 2010

/s/ PETER J. ROSE

Peter J. Rose

Chairman and Chief Executive Officer

EX-31.2 3 dex312.htm CERTIFICATION OF CFO PURSUANT TO SECTION 302 CERTIFICATION OF CFO PURSUANT TO SECTION 302

EXHIBIT 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, Bradley S. Powell, certify that:

I have reviewed this quarterly report on Form 10-Q of Expeditors International of Washington, Inc.;

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 7, 2010

/s/ BRADLEY S. POWELL

Bradley S. Powell

Chief Financial Officer

EX-32 4 dex32.htm CERTIFICATION PURSUANT TO SECTION 906 CERTIFICATION PURSUANT TO SECTION 906

EXHIBIT 32

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Expeditors International of Washington, Inc. (the “Company”) on Form 10-Q for the quarter ended March 31, 2010, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), we, Peter J. Rose, Chairman and Chief Executive Officer, and Bradley S. Powell, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


May 7, 2010				/s/ Peter J. Rose
				Peter J. Rose
				Chairman and Chief Executive Officer

May 7, 2010				/s/ Bradley S. Powell
				Bradley S. Powell
				Chief Financial Officer

EX-101.INS 5 expd-20100331.xml XBRL INSTANCE DOCUMENT 212888523

883679000

1041648000

567885000

162133000

817936000

263694000

-2515000

27671000

2422079000

1892949000

18419000

15081000

0.01

212569202

2126000

8494000

44706000

7927000

4541000

2422079000

748437000

8389000

24158000

27679000

488983000

1593265000

713000

1620547000

1628936000

741028000

925929000

546675000

145545000

810369000

264372000

604000

18265000

2323722000

1787830000

16166000

14235000

0.01

212025494

2120000

8338000

53989000

7927000

4938000

2323722000

708386000

8340000

42539000

27326000

495701000

1532018000

655000

1553007000

1561347000

142651000

362000

821211000

6451000

9958000

0.28

0.27

-9845000

3062000

4000

99618000

15364000

40249000

-153964000

-80170000

15000

3606000

187209000

-9736000

-10050000

172282000

59260000

109000

8144000

91474000

22928000

4553000

1482000

-44000

19212000

8656000

44000

8536000

59369000

2644000

912685000

6222000

6900000

216319959

212100504

15885000 374456000 318634000 250369000 238226000 219595000 87575000 18724000 2122000 --12-31 EXPD EXPEDITORS INTERNATIONAL OF WASHINGTON INC Q1 2010 2010-03-31 10-Q 0000746515 Large Accelerated Filer false

115719000

478000

1100568000

-7728000

9395000

<div> Note 3. Share-Based Compensation The Company provides compensation benefits by granting stock options and employee stock purchase rights to its employees and restricted shares to its directors. The Company recognizes compensation expense based on the estimated fair value of options awarded under its stock option and employee stock purchase rights plans. The stock compensation expense, adjusted for expected forfeitures, is recognized on a straight-line basis over the vesting period. The forfeiture assumption used to calculate compensation expense is primarily based on historical pre-vesting employee forfeiture patterns. The Company’s annual grant of option awards generally takes place during the second quarter of each fiscal year and no grants were made in the quarters ended March 31, 2010 and 2009. The grant of employee stock purchase rights and the issuance of shares under the employee stock purchase plan are generally made in the third quarter of each fiscal year and none were issued in the quarters ended March 31, 2010 and 2009. Total stock compensation expense and the total related tax benefit are recognized as follows:   <table cellspacing="0" cellpadding="0" width="68%" align="center" border="0"> <tr> <td width="77%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap" align="center" colspan="4">For the three months  ended March 31,</td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center" colspan="2">2010</td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center">2009</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Stock compensation expense </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">11,198</td> <td valign="bottom">  </td> <td valign="bottom" align="right">6,900</td> </tr> <tr> <td valign="top"> Recognized tax benefit </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">57</td> <td valign="bottom">  </td> <td valign="bottom" align="right">77</td> </tr> </table> </div>

0.29

0.28

<div> Note 4. Basic and Diluted Earnings per Share The following table reconciles the numerator and the denominator of the basic and diluted per share computations for earnings attributable to shareholders per share:   <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="66%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center" colspan="6">Three months ended March 31,</td> </tr> <tr> <td valign="bottom" nowrap="nowrap"> (Amounts in thousands, except share and per share amounts) </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center" colspan="2">Net earnings attributable to shareholders</td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center">Weighted average shares</td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center">Earnings per share</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> 2010 </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> </tr> <tr> <td valign="top"> Basic earnings attributable to shareholders </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">61,247</td> <td valign="bottom">  </td> <td valign="bottom" align="right">212,192,710</td> <td valign="bottom">  </td> <td valign="bottom" align="right">.29</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Effect of dilutive potential common shares </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom">  </td> <td valign="bottom" align="right">4,437,726</td> <td valign="bottom">  </td> <td valign="bottom" align="right">—  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> </tr> <tr> <td valign="top"> Dilutive earnings attributable to shareholders </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">61,247</td> <td valign="bottom">  </td> <td valign="bottom" align="right">216,630,436</td> <td valign="bottom">  </td> <td valign="bottom" align="right">.28</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> 2009 </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> </tr> <tr> <td valign="top"> Basic earnings attributable to shareholders </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">59,260</td> <td valign="bottom">  </td> <td valign="bottom" align="right">212,100,504</td> <td valign="bottom">  </td> <td valign="bottom" align="right">.28</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Effect of dilutive potential common shares </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom">  </td> <td valign="bottom" align="right">4,219,455</td> <td valign="bottom">  </td> <td valign="bottom" align="right">—  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> </tr> <tr> <td valign="top"> Dilutive earnings attributable to shareholders </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">59,260</td> <td valign="bottom">  </td> <td valign="bottom" align="right">216,319,959</td> <td valign="bottom">  </td> <td valign="bottom" align="right">.27</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> </tr> </table> The following shares have been excluded from the computation of diluted earnings per share because the effect would have been antidilutive:   <table cellspacing="0" cellpadding="0" width="68%" align="center" border="0"> <tr> <td width="74%"></td> <td valign="bottom" width="3%"></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center" colspan="3">For the three months  ended March 31,</td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center">2010</td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center">2009</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Shares </td> <td valign="bottom">  </td> <td valign="bottom" align="right">8,609,930</td> <td valign="bottom">  </td> <td valign="bottom" align="right">6,690,423</td> </tr> </table>   </div>

-1870000

4012000

<div> Note 6. Fair Value of Financial Instruments The Company’s financial instruments, other than cash, consist primarily of cash equivalents, short-term investments, accounts receivable, accounts payable and accrued expenses. The carrying value of these financial instruments approximates their fair value. Cash equivalents consist of highly liquid investments with a maturity of three months or less at date of purchase. Short term investments have a maturity of greater than three months at date of purchase. Cash, cash equivalents and short-term investments consist of the following:   <table cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr> <td width="60%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center" colspan="5">March 31, 2010</td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center" colspan="5">December 31, 2009</td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center" colspan="2">Cost</td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center" colspan="2">Fair Value</td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center" colspan="2">Cost</td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center" colspan="2">Fair Value</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Cash and Cash Equivalents: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr> <td valign="top"> Cash and overnight deposits </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">404,037</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">404,037</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">387,612</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">387,612</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Corporate commercial paper </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">581,189</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">581,297</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">489,557</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">489,626</td> </tr> <tr> <td valign="top"> Time deposits </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">56,422</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">56,422</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">48,760</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">48,760</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Total cash and cash equivalents </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,041,648</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,041,756</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">925,929</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">925,998</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> </tr> <tr> <td valign="top"> Short-Term Investments: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Time deposits </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">713</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">713</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">655</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">655</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> </tr> <tr> <td valign="top"> Total </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,042,361</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,042,469</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">926,584</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">926,653</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> </tr> </table> The fair value of corporate commercial paper is based on the use of market interest rates for identical or similar assets. </div>

295000

102838000

19996000

41528000

12965000

43169000

1811000

87000

1775000

199848000

<div> Note 7. Contingencies On October 10, 2007, the U. S. Department of Justice (DOJ) issued a subpoena ordering the Company to produce certain information and records relating to an investigation of alleged anti-competitive behavior amongst air cargo freight forwarders. The Company has retained the services of a law firm to assist in complying with the DOJ’s subpoena. As part of this process, the Company has met with and continues to co-operate with the DOJ. The Company expects to incur additional costs during the course of this ongoing investigation, which could include fines and/or penalties if the DOJ concludes that the Company has engaged in anti-competitive behavior and such fines and/or penalties could have a material impact on the Company’s financial position, results of operations and operating cash flows. On January 3, 2008, the Company was named as a defendant, with seven other European and North American-based global logistics providers, in a Federal antitrust class action lawsuit filed in the United States District Court of the Eastern District of New York, Precision Associates, Inc. et al v. Panalpina World Transport, No. 08-CV0042. On July 21, 2009, the plaintiffs filed an amended complaint adding a number of new third party defendants and various claims which they assert to violate the Sherman Act. The plaintiffs’ amended complaint, which purports to be brought on behalf of a class of customers (and has not yet been certified), asserts claims that the defendants engaged in price fixing regarding eight discrete surcharges in violation of the Sherman Act. The allegations concerning the Company relate to two of these surcharges. The amended complaint seeks unspecified damages and injunctive relief. The Company believes that these allegations are without merit and intends to vigorously defend itself. On August 13, 2009, the Company filed a motion to dismiss the amended complaint for failure to state a claim. Plaintiffs filed their opposition to the Company’s motion on January 30, 2010, to which the Company filed a reply, and the motion is currently pending before the Court. On June 18, 2008, the European Commission (EC) issued a request for information to the Company’s UK subsidiary, Expeditors International (UK) Ltd., requesting certain information relating to an ongoing investigation of freight forwarders. The Company replied to the request. On February 18, 2009, the EC issued another request for information to the same subsidiary requesting certain additional information in connection with the EC’s ongoing investigation of freight forwarders. The Company replied to the request. On February 10, 2010, the Company and its Hong Kong subsidiary, Expeditors Hong Kong Limited, received a Statement of Objections (SO) from the EC. The SO initiates a proceeding against the Company alleging anti-competitive behavior contrary to European Union rules on competition. Specific to the Company, the allegations in the SO are limited to the period from August 2005 to June 2006 and only concern airfreight trade lanes between South China/Hong Kong and the European Economic Area. The Company responded to the allegations in the SO on April 12, 2010. The Company intends to vigorously defend itself against the allegations. The Company expects to incur additional costs during the course of this ongoing proceeding, which could include administrative fines if the EC concludes that the Company has engaged in anti-competitive behavior and such fines could have a material impact on the Company’s financial position, results of operations and operating cash flows. The Company has incurred $600 and less than $100 for the three months ended March 31, 2010 and 2009, respectively, in legal and associated costs on the above matters. Since the beginning of these proceedings in 2007, the Company has incurred approximately $15 million in legal and associated costs on the above matters. At this time the Company is unable to estimate the range of loss or damages, if any, that might result as an outcome of any of these proceedings. These government investigations and the related litigation matters are subject to inherent uncertainties, and unfavorable rulings could occur. An unfavorable ruling could include substantial monetary damages and, in matters in which injunctive relief or other conduct remedies are sought, an injunction or other order relating to business conduct. Were unfavorable final outcomes to occur, the Company’s business, results of operations, financial position, and overall trends could be materially harmed. The Company is involved in other claims and lawsuits which arise in the ordinary course of business, none of which currently, in management’s opinion, will have a significant effect on the Company’s operations or financial position. </div>

-1787000

-7747000

127123000

61247000

63000

2297000

100541000

25777000

609000

188000

36000

18019000

7582000

59000

12220000

61310000

2443000

1201109000

<div> Note 8. Business Segment Information The Company is organized functionally in geographic operating segments. Accordingly, management focuses its attention on revenues, net revenues, operating income, identifiable assets, capital expenditures, depreciation and amortization and equity generated in each of these geographical areas when evaluating the effectiveness of geographic management. The Company charges its subsidiaries and affiliates for services rendered in the United States on a cost recovery basis. 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. Financial information regarding the Company’s operations by geographic area are as follows:   <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="30%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> </tr> <tr> <td valign="bottom" nowrap="nowrap"> (in thousands) </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center" colspan="2">UNITED STATES</td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center">OTHER NORTH AMERICA</td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center">LATIN AMERICA</td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center">ASIA</td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap" align="center">EUROPE and AFRICA</td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap" align="center">MIDDLE EAST and INDIA</td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap" align="center">AUSTRAL- ASIA</td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center">ELIMI- NATIONS</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center">CONSOLI- DATED</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Three months ended March 31, 2010: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> </tr> <tr> <td valign="top"> Revenues from unaffiliated customers </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">286,936</td> <td valign="bottom">  </td> <td valign="bottom" align="right">35,612</td> <td valign="bottom">  </td> <td valign="bottom" align="right">16,296</td> <td valign="bottom">  </td> <td valign="bottom" align="right">618,889</td> <td valign="bottom">  </td> <td valign="bottom" align="right">161,845</td> <td valign="bottom">  </td> <td valign="bottom" align="right">63,232</td> <td valign="bottom">  </td> <td valign="bottom" align="right">18,299</td> <td valign="bottom">  </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,201,109</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Transfers between geographic areas </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">18,743</td> <td valign="bottom">  </td> <td valign="bottom" align="right">1,809</td> <td valign="bottom">  </td> <td valign="bottom" align="right">3,661</td> <td valign="bottom">  </td> <td valign="bottom" align="right">4,777</td> <td valign="bottom">  </td> <td valign="bottom" align="right">7,933</td> <td valign="bottom">  </td> <td valign="bottom" align="right">3,576</td> <td valign="bottom">  </td> <td valign="bottom" align="right">2,333</td> <td valign="bottom">  </td> <td valign="bottom" align="right">(42,832</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> </tr> <tr> <td valign="top"> Total revenues </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">305,679</td> <td valign="bottom">  </td> <td valign="bottom" align="right">37,421</td> <td valign="bottom">  </td> <td valign="bottom" align="right">19,957</td> <td valign="bottom">  </td> <td valign="bottom" align="right">623,666</td> <td valign="bottom">  </td> <td valign="bottom" align="right">169,778</td> <td valign="bottom">  </td> <td valign="bottom" align="right">66,808</td> <td valign="bottom">  </td> <td valign="bottom" align="right">20,632</td> <td valign="bottom">  </td> <td valign="bottom" align="right">(42,832</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,201,109</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Net revenues </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">146,905</td> <td valign="bottom">  </td> <td valign="bottom" align="right">16,422</td> <td valign="bottom">  </td> <td valign="bottom" align="right">11,518</td> <td valign="bottom">  </td> <td valign="bottom" align="right">95,995</td> <td valign="bottom">  </td> <td valign="bottom" align="right">59,923</td> <td valign="bottom">  </td> <td valign="bottom" align="right">19,946</td> <td valign="bottom">  </td> <td valign="bottom" align="right">11,114</td> <td valign="bottom">  </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">361,823</td> </tr> <tr> <td valign="top"> Operating income </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">38,174</td> <td valign="bottom">  </td> <td valign="bottom" align="right">3,899</td> <td valign="bottom">  </td> <td valign="bottom" align="right">3,531</td> <td valign="bottom">  </td> <td valign="bottom" align="right">35,889</td> <td valign="bottom">  </td> <td valign="bottom" align="right">11,854</td> <td valign="bottom">  </td> <td valign="bottom" align="right">4,325</td> <td valign="bottom">  </td> <td valign="bottom" align="right">2,869</td> <td valign="bottom">  </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">100,541</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Identifiable assets at quarter end </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,249,106</td> <td valign="bottom">  </td> <td valign="bottom" align="right">75,890</td> <td valign="bottom">  </td> <td valign="bottom" align="right">44,236</td> <td valign="bottom">  </td> <td valign="bottom" align="right">488,232</td> <td valign="bottom">  </td> <td valign="bottom" align="right">392,163</td> <td valign="bottom">  </td> <td valign="bottom" align="right">128,524</td> <td valign="bottom">  </td> <td valign="bottom" align="right">41,339</td> <td valign="bottom">  </td> <td valign="bottom" align="right">2,589</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,422,079</td> </tr> <tr> <td valign="top"> Capital expenditures </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">4,474</td> <td valign="bottom">  </td> <td valign="bottom" align="right">176</td> <td valign="bottom">  </td> <td valign="bottom" align="right">277</td> <td valign="bottom">  </td> <td valign="bottom" align="right">626</td> <td valign="bottom">  </td> <td valign="bottom" align="right">1,221</td> <td valign="bottom">  </td> <td valign="bottom" align="right">744</td> <td valign="bottom">  </td> <td valign="bottom" align="right">64</td> <td valign="bottom">  </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7,582</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Depreciation and amortization </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">5,022</td> <td valign="bottom">  </td> <td valign="bottom" align="right">353</td> <td valign="bottom">  </td> <td valign="bottom" align="right">205</td> <td valign="bottom">  </td> <td valign="bottom" align="right">1,712</td> <td valign="bottom">  </td> <td valign="bottom" align="right">1,312</td> <td valign="bottom">  </td> <td valign="bottom" align="right">607</td> <td valign="bottom">  </td> <td valign="bottom" align="right">184</td> <td valign="bottom">  </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">9,395</td> </tr> <tr> <td valign="top"> Equity </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,006,340</td> <td valign="bottom">  </td> <td valign="bottom" align="right">43,773</td> <td valign="bottom">  </td> <td valign="bottom" align="right">20,618</td> <td valign="bottom">  </td> <td valign="bottom" align="right">339,108</td> <td valign="bottom">  </td> <td valign="bottom" align="right">148,484</td> <td valign="bottom">  </td> <td valign="bottom" align="right">74,499</td> <td valign="bottom">  </td> <td valign="bottom" align="right">27,352</td> <td valign="bottom">  </td> <td valign="bottom" align="right">(31,238</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,628,936</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> </tr> <tr> <td height="8"></td> <td colspan="3" height="8"></td> <td colspan="2" height="8"></td> <td colspan="2" height="8"></td> <td colspan="2" height="8"></td> <td colspan="2" height="8"></td> <td colspan="2" height="8"></td> <td colspan="2" height="8"></td> <td colspan="3" height="8"></td> <td colspan="2" height="8"></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Three months ended March 31, 2009: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> </tr> <tr> <td valign="top"> Revenues from unaffiliated customers </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">236,328</td> <td valign="bottom">  </td> <td valign="bottom" align="right">29,767</td> <td valign="bottom">  </td> <td valign="bottom" align="right">16,131</td> <td valign="bottom">  </td> <td valign="bottom" align="right">428,282</td> <td valign="bottom">  </td> <td valign="bottom" align="right">132,865</td> <td valign="bottom">  </td> <td valign="bottom" align="right">57,112</td> <td valign="bottom">  </td> <td valign="bottom" align="right">12,200</td> <td valign="bottom">  </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">912,685</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Transfers between geographic areas </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">18,508</td> <td valign="bottom">  </td> <td valign="bottom" align="right">1,882</td> <td valign="bottom">  </td> <td valign="bottom" align="right">3,441</td> <td valign="bottom">  </td> <td valign="bottom" align="right">3,732</td> <td valign="bottom">  </td> <td valign="bottom" align="right">6,773</td> <td valign="bottom">  </td> <td valign="bottom" align="right">3,567</td> <td valign="bottom">  </td> <td valign="bottom" align="right">2,302</td> <td valign="bottom">  </td> <td valign="bottom" align="right">(40,205</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> </tr> <tr> <td valign="top"> Total revenues </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">254,836</td> <td valign="bottom">  </td> <td valign="bottom" align="right">31,649</td> <td valign="bottom">  </td> <td valign="bottom" align="right">19,572</td> <td valign="bottom">  </td> <td valign="bottom" align="right">432,014</td> <td valign="bottom">  </td> <td valign="bottom" align="right">139,638</td> <td valign="bottom">  </td> <td valign="bottom" align="right">60,679</td> <td valign="bottom">  </td> <td valign="bottom" align="right">14,502</td> <td valign="bottom">  </td> <td valign="bottom" align="right">(40,205</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">912,685</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Net revenues </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">131,147</td> <td valign="bottom">  </td> <td valign="bottom" align="right">16,199</td> <td valign="bottom">  </td> <td valign="bottom" align="right">10,513</td> <td valign="bottom">  </td> <td valign="bottom" align="right">94,698</td> <td valign="bottom">  </td> <td valign="bottom" align="right">54,118</td> <td valign="bottom">  </td> <td valign="bottom" align="right">21,074</td> <td valign="bottom">  </td> <td valign="bottom" align="right">8,766</td> <td valign="bottom">  </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">336,515</td> </tr> <tr> <td valign="top"> Operating income </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">30,636</td> <td valign="bottom">  </td> <td valign="bottom" align="right">4,339</td> <td valign="bottom">  </td> <td valign="bottom" align="right">2,365</td> <td valign="bottom">  </td> <td valign="bottom" align="right">38,227</td> <td valign="bottom">  </td> <td valign="bottom" align="right">8,771</td> <td valign="bottom">  </td> <td valign="bottom" align="right">4,339</td> <td valign="bottom">  </td> <td valign="bottom" align="right">2,797</td> <td valign="bottom">  </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">91,474</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Identifiable assets at quarter end </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,002,406</td> <td valign="bottom">  </td> <td valign="bottom" align="right">65,796</td> <td valign="bottom">  </td> <td valign="bottom" align="right">35,452</td> <td valign="bottom">  </td> <td valign="bottom" align="right">482,508</td> <td valign="bottom">  </td> <td valign="bottom" align="right">332,538</td> <td valign="bottom">  </td> <td valign="bottom" align="right">113,795</td> <td valign="bottom">  </td> <td valign="bottom" align="right">23,232</td> <td valign="bottom">  </td> <td valign="bottom" align="right">(905</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,054,822</td> </tr> <tr> <td valign="top"> Capital expenditures </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">6,095</td> <td valign="bottom">  </td> <td valign="bottom" align="right">149</td> <td valign="bottom">  </td> <td valign="bottom" align="right">231</td> <td valign="bottom">  </td> <td valign="bottom" align="right">543</td> <td valign="bottom">  </td> <td valign="bottom" align="right">1,086</td> <td valign="bottom">  </td> <td valign="bottom" align="right">340</td> <td valign="bottom">  </td> <td valign="bottom" align="right">212</td> <td valign="bottom">  </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8,656</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Depreciation and amortization </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">5,310</td> <td valign="bottom">  </td> <td valign="bottom" align="right">326</td> <td valign="bottom">  </td> <td valign="bottom" align="right">238</td> <td valign="bottom">  </td> <td valign="bottom" align="right">1,933</td> <td valign="bottom">  </td> <td valign="bottom" align="right">1,406</td> <td valign="bottom">  </td> <td valign="bottom" align="right">594</td> <td valign="bottom">  </td> <td valign="bottom" align="right">151</td> <td valign="bottom">  </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">9,958</td> </tr> <tr> <td valign="top"> Equity </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">799,897</td> <td valign="bottom">  </td> <td valign="bottom" align="right">35,366</td> <td valign="bottom">  </td> <td valign="bottom" align="right">26,771</td> <td valign="bottom">  </td> <td valign="bottom" align="right">375,994</td> <td valign="bottom">  </td> <td valign="bottom" align="right">131,995</td> <td valign="bottom">  </td> <td valign="bottom" align="right">62,794</td> <td valign="bottom">  </td> <td valign="bottom" align="right">13,781</td> <td valign="bottom">  </td> <td valign="bottom" align="right">(24,064</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,422,534</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> </tr> </table> </div>

7035000

11198000

216630436

212192710

25941000 559383000 381244000 427342000 301090000 <div> Note 1. Summary of Significant Accounting Policies A. Basis of Presentation Expeditors International of Washington, Inc. (“the Company”) is a non-asset based provider of global logistics services operating through a worldwide network of offices, international service centers and exclusive or non-exclusive agents. The Company’s customers include retailing and wholesaling, electronics, and manufacturing companies around the world. The condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. As a result, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) have been condensed or omitted. The Company believes that the disclosures made are adequate to make the information presented not misleading. The condensed consolidated financial statements reflect all adjustments, consisting of normal recurring items, which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Form 10-K as filed with the Securities and Exchange Commission on February 26, 2010. All significant intercompany accounts and transactions have been eliminated in consolidation. Certain 2009 amounts have been reclassified to conform with the 2010 presentation. B. Accounts Receivable The Company maintains an allowance for doubtful accounts, which is reviewed at least monthly for estimated losses resulting from the inability of its customers to make required payments for services and advances. Additional allowances may be necessary in the future if the ability of its customers to pay deteriorates. The Company has recorded accounts receivable allowances in the amounts of $15,081 as of March 31, 2010 and $14,235 as of December 31, 2009. Additions and write-offs have not been significant in the periods presented. C. Comprehensive Income Comprehensive income consists of net income and other gains and losses affecting equity that, under U.S. GAAP, are excluded from net income. For the Company, these consist of foreign currency translation adjustments, net of related income tax effects, and comprehensive income attributable to the noncontrolling interests. D. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of the assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. E. Recent Accounting Pronouncements In October 2009, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2009–No. 13 “Multiple-Deliverable Revenue Arrangements”, which amends Accounting Standards Codification Topic 605 –“Revenue Recognition”. This update provides amendments to the criteria for separating deliverables, measuring and allocating arrangement consideration to one or more units of accounting. This update establishes a selling price hierarchy for determining the selling price of a deliverable. ASU 2009–No. 13 is effective for revenue arrangements entered into or materially modified in fiscal years beginning on or after June 15, 2010. The Company is required to and plans to adopt the provisions of this update beginning in the first quarter of 2011. The Company is currently assessing the impact of the adoption of ASU 2009–No. 13. </div> <div> Note 5. Components of Equity and Comprehensive Income The components of equity and comprehensive income for the three months ended March 31, 2010 and 2009 are as follows:   <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="73%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap" align="center" colspan="2">Shareholders' equity</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap" align="center">Non controlling interest</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap" align="center">Total equity</td> <td valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Balance at December 31, 2009 </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,553,007</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8,340</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,561,347</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td valign="top"> Exercise of stock options </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">12,220</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">12,220</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Shares repurchased under provisions of stock repurchase plans </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(18,019</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(18,019</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr> <td valign="top"> Stock compensation expense </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11,198</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11,198</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Tax benefits from stock plans </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4,012</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4,012</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td valign="top"> Comprehensive Income: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Net earnings </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">61,247</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">63</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">61,310</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td valign="top"> Foreign currency translation adjustments, net of tax of $1,711 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(3,118</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(14</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(3,132</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td> </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Total comprehensive income </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">58,129</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">49</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">58,178</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td> </td> </tr> <tr> <td valign="top"> Balance at March 31, 2010 </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,620,547</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8,389</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,628,936</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td> </td> </tr> </table>   <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="72%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap" align="center" colspan="2">Shareholders' equity</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap" align="center">Non controlling interest</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap" align="center">Total equity</td> <td valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Balance at December 31, 2008 </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,366,418</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">17,498</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,383,916</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td valign="top"> Exercise of stock options </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8,536</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8,536</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Shares repurchased under provisions of stock repurchase plans </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(19,212</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(19,212</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr> <td valign="top"> Stock compensation expense </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6,900</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6,900</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Tax benefits from stock plans </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,062</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,062</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td valign="top"> Purchase of noncontrolling interest </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(281</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(186</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(467</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Comprehensive Income: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr> <td valign="top"> Net earnings </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">59,260</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">109</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">59,369</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Foreign currency translation adjustments, net of tax of $6,305 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(11,496</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(16</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(11,512</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td> </td> </tr> <tr> <td valign="top"> Total comprehensive income </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">47,764</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">93</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">47,857</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td> </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Distributions or declaration of dividends to noncontrolling interest(1) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(8,058</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(8,058</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td> </td> </tr> <tr> <td valign="top"> Balance at March 31, 2009 </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,413,187</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">9,347</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,422,534</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td> </td> </tr> </table>   (1) Amount of earnings owed to the noncontrolling interest at the time their ownership interest was purchased. These earnings, reclassified from noncontrolling interest to accounts payable, were distributed in periods subsequent to the effective date of the purchase, including $1,655 paid during the quarter ended March 31, 2009. Subsequent to the end of the quarter, on May 5, 2010, the Board of Directors declared a semi-annual cash dividend of $0.20 per share payable on June 15, 2010 to shareholders of record as of June 1, 2010. </div> 260482000 110854000 19227000 0 0000746515 2010-01-01 2010-03-31 0000746515 2009-01-01 2009-03-31 0000746515 2009-01-01 2009-12-31 0000746515 2009-12-31 0000746515 2008-12-31 0000746515 2010-03-31 0000746515 2009-03-31 0000746515 2010-05-03 shares iso4217:USD iso4217:USD shares

EX-101.SCH 6 expd-20100331.xsd XBRL TAXONOMY EXTENSION SCHEMA 101 - Document - Document and Entity Information link:calculationLink link:presentationLink link:definitionLink 103 - Statement - Condensed Consolidated Balance Sheets link:calculationLink link:presentationLink link:definitionLink 104 - Statement - Condensed Consolidated Balance Sheets (Parenthetical) link:calculationLink link:presentationLink link:definitionLink 105 - Statement - Condensed Consolidated Statements of Earnings link:calculationLink link:presentationLink link:definitionLink 106 - Statement - Condensed Consolidated Statements of Cash Flows link:calculationLink link:presentationLink link:definitionLink 107 - Disclosure - Summary of Significant Accounting Policies link:calculationLink link:presentationLink link:definitionLink 108 - Disclosure - Income Taxes link:calculationLink link:presentationLink link:definitionLink 109 - Disclosure - Share-Based Compensation link:calculationLink link:presentationLink link:definitionLink 110 - Disclosure - Basic and Diluted Earnings per Share link:calculationLink link:presentationLink link:definitionLink 111 - Disclosure - Components of Equity and Comprehensive Income link:calculationLink link:presentationLink link:definitionLink 112 - Disclosure - Fair Value of Financial Instruments link:calculationLink link:presentationLink link:definitionLink 113 - Disclosure - Contingencies link:calculationLink link:presentationLink link:definitionLink 114 - Disclosure - Business Segment Information link:calculationLink link:presentationLink link:definitionLink 115 - Disclosure - Common Domain Members link:calculationLink link:presentationLink link:definitionLink EX-101.CAL 7 expd-20100331_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 8 expd-20100331_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 9 expd-20100331_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Accounts payable Accounts receivable, less allowance for doubtful accounts of $15,081 at March 31, 2010 and $14,235 at December 31, 2009 Federal, state and foreign income taxes Accrued expenses, primarily salaries and related costs Property and equipment, accumulated depreciation and amortization Accumulated other comprehensive (loss) income Additional paid-in capital Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities, Other Other Adjustments to reconcile net earnings to net cash provided by operating activities: Aggregate revenue earned during the accounting period as a freight consolidator or as an agent for the airline for moving shipments by air on behalf of customers, including fees earned for ancillary services provided to customers such as preparation of shipping and customs documentation, packing, crating and insurance services, negotiation of letters of credit, and preparation of documentation to comply with local export laws. Airfreight services Accounts receivable, allowance for doubtful accounts Amendment Flag Total assets Total assets Total current assets Total current assets Current Assets: This element may be used to describe the nature of the entity's business and to describe all significant accounting policies of the reporting entity. Summary of Significant Accounting Policies Cash and cash equivalents Cash and cash equivalents at end of period Cash and cash equivalents at beginning of period Increase in cash and cash equivalents Increase in cash and cash equivalents Commitments and contingencies Common stock, par value Common stock, Issued Common stock, outstanding Common stock, par value $.01 per share. Issued and outstanding 212,569,202 shares at March 31, 2010, and 212,025,494 shares at December 31, 2009 Costs incurred and directly related to providing airfreight services, primarily transportation costs. Airfreight consolidation Costs incurred and directly related to providing import and other destination services. Cost of Customs brokerage and other services Customs brokerage and other services Costs incurred and directly related to providing ocean freight services, primarily transportation costs, and other ocean services. Ocean freight consolidation Total operating expenses Total operating expenses Operating Expenses: Current Fiscal Year End Date Aggregate revenue earned during the accounting period for services provided as a customs broker, assisting importers to clear shipments through customs by preparing required documentation, calculating and providing payment of duties on behalf of the importer, arranging for any required inspections by governmental agencies, and arranging for delivery. This category also includes additional services provided at destination such as warehousing and product distribution, time definite transportation and inventory management. Customs brokerage and other services, Revenue Customs brokerage and other services Deferred income tax (benefit) expense Deferred Tax Assets, Net, Current Deferred Federal and state income taxes Deferred Tax Liabilities, Noncurrent Deferred Federal and state income taxes Depreciation and amortization Share-Based Compensation Document - Document and Entity Information [Abstract] Document - Document and Entity Information [Abstract] Document Fiscal Period Focus Document Fiscal Year Focus Document Period End Date Document Type Basic earnings attributable to shareholders per share Diluted earnings attributable to shareholders per share Basic and Diluted Earnings per Share Effect of exchange rate changes on cash and cash equivalents Entity Central Index Key Entity Common Stock, Shares Outstanding Entity [Domain] Entity Filer Category Entity Registrant Name Disclosures related to accounts comprising equity, including shareholders' equity and equity attributable to Noncontrolling interest. Includes: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (6) dividend restric tions and accumulated preferred dividends in arrears (in aggregate and per share amount); (7) retained earnings appropriations or restrictions, such as dividend restrictions; (8) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; and (9) deferred compensation related to issuance of capital stock. Components of Equity and Comprehensive Income Excess tax benefits from stock plans Excess Tax Benefit from Share-based Compensation, Operating Activities Excess tax benefits from stock plans Fair Value of Financial Instruments Gain on sale of assets Gain on sale of assets Goodwill, net Earnings before income taxes Earnings before income taxes Income Statement [Abstract] Income Tax Disclosure [Text Block] Income Taxes Income Taxes Paid Income taxes Income tax expense (Increase) decrease in accounts receivable (Increase) decrease in accounts receivable Increase (decrease) in accounts payable and accrued expenses The net change during the period in the amount of cash payments due to or cash receipts due from taxing authorities for taxes that are based on the reporting entity's earnings. Increase in income taxes payable, net Changes in operating assets and liabilities: Increase in other current assets Increase in other current assets Other intangibles, net Interest Expense Interest expense Interest Interest income Salaries and related costs Legal Entity [Axis] Total liabilities and equity Total liabilities and equity Total current liabilities Total current liabilities Current Liabilities: Contingencies Noncontrolling interest Net cash used in financing activities Net cash used in financing activities Financing Activities: Net cash used in investing activities Net cash used in investing activities Investing Activities: Net cash provided by operating activities Net cash provided by operating activities Operating Activities: Net earnings attributable to shareholders Net earnings attributable to shareholders Less: net earnings attributable to the noncontrolling interest Other income, net Other income, net Notes to Financial Statements [Abstract] Notes to Financial Statements [Abstract] Aggregate revenue earned during the accounting period as an ocean transportation intermediary or as an ocean forwarder for moving shipments by ocean on behalf of customers, including fees earned for ancillary services provided to customers such as preparing documentation, procuring insurance, arranging for packing and crating services, and providing consultation. This category also includes fees earned for providing order management services - origin consolidation, vendor management, container management, document management, destination management and PO/SKU visibility through a web based and server based application. Ocean freight and ocean services Operating income Operating income Other Assets, Current Other Other assets, net Other Cost and Expense, Operating Other Other, net Other Income (Expense): Parent Company [Member] Payments for (Proceeds from) Other Investing Activities Other (Increase) decrease in short-term investments (Increase) decrease in short-term investments Repurchases of common stock Repurchases of common stock Purchase of property and equipment Purchase of property and equipment Preferred stock, issued Preferred stock, none issued. Proceeds from sale of property and equipment Proceeds from issuance of common stock Net earnings Net earnings Property and equipment, less accumulated depreciation and amortization of $263,694 at March 31, 2010 and $264,372 at December 31, 2009 Provision for losses on accounts receivable The cash outflow to return capital to noncontrolled interest, which generally occurs when noncontrolling shareholders reduce their ownership stake (in a subsidiary of the entity). This category also includes earnings distributed to noncontrolling shareholders subsequent to the purchase of the interests of the noncontrolling shareholders. Purchase of Noncontrolling Interest Purchase of noncontrolling interest Rental and other occupancy expenses incurred for leased properties and other assets, including equipment, which has not been recognized in costs and expenses directly related to revenues. Other occupancy expenses include primarily real estate taxes, property related insurance expense, utilities and building maintenance costs. Rent and occupancy costs Retained earnings Total revenues Total revenues Revenues: Business Segment Information Selling and promotion Stock compensation expense Short-term investments Statement [Line Items] Statement of Cash Flows [Abstract] Statement of Financial Position [Abstract] Statement [Table] Total shareholders' equity Total shareholders' equity Total equity Total equity Shareholders' Equity: Interest and Taxes Paid: Trading Symbol Weighted average diluted shares outstanding Weighted average basic shares outstanding EX-101.PRE 10 expd-20100331_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 11 R11.xml IDEA: Fair Value of Financial Instruments 2.0.0.10 false Fair Value of Financial Instruments 112 - Disclosure - Fair Value of Financial Instruments true false false false 1 usd $ false false iso4217_USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 iso4217_USD_per_shares Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares 0 shares Standard http://www.xbrl.org/2003/instance shares 0 5 Fair Value of Financial Instruments 3 us-gaap_FairValueDisclosuresTextBlock us-gaap true na duration string No definition available. false false false false false false false false false false false false 1 false false false false 0 0 <div> Note 6. Fair Value of Financial Instruments The Company’s financial instruments, other than cash, consist primarily of cash equivalents, short-term investments, accounts receivable, accounts payable and accrued expenses. The carrying value of these financial instruments approximates their fair value. Cash equivalents consist of highly liquid investments with a maturity of three months or less at date of purchase. Short term investments have a maturity of greater than three months at date of purchase. Cash, cash equivalents and short-term investments consist of the following:   <table cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr> <td width="60%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center" colspan="5">March 31, 2010</td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center" colspan="5">December 31, 2009</td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center" colspan="2">Cost</td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center" colspan="2">Fair Value</td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center" colspan="2">Cost</td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center" colspan="2">Fair Value</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Cash and Cash Equivalents: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr> <td valign="top"> Cash and overnight deposits </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">404,037</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">404,037</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">387,612</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">387,612</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Corporate commercial paper </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">581,189</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">581,297</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">489,557</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">489,626</td> </tr> <tr> <td valign="top"> Time deposits </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">56,422</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">56,422</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">48,760</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">48,760</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Total cash and cash equivalents </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,041,648</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,041,756</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">925,929</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">925,998</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> </tr> <tr> <td valign="top"> Short-Term Investments: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Time deposits </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">713</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">713</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">655</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">655</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> </tr> <tr> <td valign="top"> Total </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,042,361</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,042,469</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">926,584</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">926,653</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> </tr> </table> The fair value of corporate commercial paper is based on the use of market interest rates for identical or similar assets. </div> Note 6. Fair Value of Financial Instruments The Company’s financial instruments, other than cash, consist primarily of cash equivalents, short-term false false false This item represents the complete disclosure regarding the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the Company is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risk is are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15B -Subparagraph a, b Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 3, 10, 14, 15 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44A, 44B Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32, 33, 34 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15C, 15D Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15A -Subparagraph a-d Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 159 -Paragraph 17-22, 27, 28 false false 1 1 false UnKnown UnKnown UnKnown false true XML 12 R10.xml IDEA: Components of Equity and Comprehensive Income 2.0.0.10 false Components of Equity and Comprehensive Income 111 - Disclosure - Components of Equity and Comprehensive Income true false false false 1 usd $ false false iso4217_USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 iso4217_USD_per_shares Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares 0 shares Standard http://www.xbrl.org/2003/instance shares 0 5 Components of Equity and Comprehensive Income 3 expd_EquityShareBasedCompensationAndEarningsPerShareDisclosureTextBlock expd false na duration string Disclosures related to accounts comprising equity, including shareholders' equity and equity attributable to Noncontrolling... false false false false false false false false false false false false 1 false false false false 0 0 <div> Note 5. Components of Equity and Comprehensive Income The components of equity and comprehensive income for the three months ended March 31, 2010 and 2009 are as follows:   <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="73%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap" align="center" colspan="2">Shareholders' equity</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap" align="center">Non controlling interest</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap" align="center">Total equity</td> <td valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Balance at December 31, 2009 </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,553,007</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8,340</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,561,347</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td valign="top"> Exercise of stock options </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">12,220</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">12,220</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Shares repurchased under provisions of stock repurchase plans </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(18,019</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(18,019</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr> <td valign="top"> Stock compensation expense </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11,198</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11,198</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Tax benefits from stock plans </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4,012</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4,012</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td valign="top"> Comprehensive Income: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Net earnings </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">61,247</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">63</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">61,310</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td valign="top"> Foreign currency translation adjustments, net of tax of $1,711 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(3,118</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(14</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(3,132</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td> </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Total comprehensive income </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">58,129</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">49</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">58,178</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td> </td> </tr> <tr> <td valign="top"> Balance at March 31, 2010 </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,620,547</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8,389</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,628,936</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td> </td> </tr> </table>   <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="72%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap" align="center" colspan="2">Shareholders' equity</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap" align="center">Non controlling interest</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap" align="center">Total equity</td> <td valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Balance at December 31, 2008 </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,366,418</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">17,498</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,383,916</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td valign="top"> Exercise of stock options </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8,536</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8,536</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Shares repurchased under provisions of stock repurchase plans </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(19,212</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(19,212</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr> <td valign="top"> Stock compensation expense </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6,900</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6,900</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Tax benefits from stock plans </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,062</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,062</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr> <td valign="top"> Purchase of noncontrolling interest </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(281</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(186</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(467</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Comprehensive Income: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr> <td valign="top"> Net earnings </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">59,260</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">109</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">59,369</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Foreign currency translation adjustments, net of tax of $6,305 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(11,496</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(16</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(11,512</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td> </td> </tr> <tr> <td valign="top"> Total comprehensive income </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">47,764</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">93</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">47,857</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td> </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Distributions or declaration of dividends to noncontrolling interest(1) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(8,058</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(8,058</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td> </td> </tr> <tr> <td valign="top"> Balance at March 31, 2009 </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,413,187</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">9,347</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,422,534</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td> </td> </tr> </table>   (1) Amount of earnings owed to the noncontrolling interest at the time their ownership interest was purchased. These earnings, reclassified from noncontrolling interest to accounts payable, were distributed in periods subsequent to the effective date of the purchase, including $1,655 paid during the quarter ended March 31, 2009. Subsequent to the end of the quarter, on May 5, 2010, the Board of Directors declared a semi-annual cash dividend of $0.20 per share payable on June 15, 2010 to shareholders of record as of June 1, 2010. </div> Note 5. Components of Equity and Comprehensive Income The components of equity and comprehensive income for the three months ended March 31, 2010 and false false false Disclosures related to accounts comprising equity, including shareholders' equity and equity attributable to Noncontrolling interest. Includes: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (6) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (7) retained earnings appropriations or restrictions, such as dividend restriction s; (8) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; and (9) deferred compensation related to issuance of capital stock. No authoritative reference available. false false 1 1 false UnKnown UnKnown UnKnown false true XML 13 R8.xml IDEA: Share-Based Compensation 2.0.0.10 false Share-Based Compensation 109 - Disclosure - Share-Based Compensation true false false false 1 usd $ false false iso4217_USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 iso4217_USD_per_shares Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares 0 shares Standard http://www.xbrl.org/2003/instance shares 0 5 Share-Based Compensation 3 us-gaap_DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock us-gaap true na duration string No definition available. false false false false false false false false false false false false 1 false false false false 0 0 <div> Note 3. Share-Based Compensation The Company provides compensation benefits by granting stock options and employee stock purchase rights to its employees and restricted shares to its directors. The Company recognizes compensation expense based on the estimated fair value of options awarded under its stock option and employee stock purchase rights plans. The stock compensation expense, adjusted for expected forfeitures, is recognized on a straight-line basis over the vesting period. The forfeiture assumption used to calculate compensation expense is primarily based on historical pre-vesting employee forfeiture patterns. The Company’s annual grant of option awards generally takes place during the second quarter of each fiscal year and no grants were made in the quarters ended March 31, 2010 and 2009. The grant of employee stock purchase rights and the issuance of shares under the employee stock purchase plan are generally made in the third quarter of each fiscal year and none were issued in the quarters ended March 31, 2010 and 2009. Total stock compensation expense and the total related tax benefit are recognized as follows:   <table cellspacing="0" cellpadding="0" width="68%" align="center" border="0"> <tr> <td width="77%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap" align="center" colspan="4">For the three months  ended March 31,</td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center" colspan="2">2010</td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center">2009</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Stock compensation expense </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">11,198</td> <td valign="bottom">  </td> <td valign="bottom" align="right">6,900</td> </tr> <tr> <td valign="top"> Recognized tax benefit </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">57</td> <td valign="bottom">  </td> <td valign="bottom" align="right">77</td> </tr> </table> </div> Note 3. Share-Based Compensation The Company provides compensation benefits by granting stock options and employee stock purchase rights to its employees and false false false Disclosure of components of a stock option or other award plan under which share-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from share-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from share-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 64, 65, A240 false false 1 1 false UnKnown UnKnown UnKnown false true XML 14 R12.xml IDEA: Contingencies 2.0.0.10 false Contingencies 113 - Disclosure - Contingencies true false false false 1 usd $ false false iso4217_USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 iso4217_USD_per_shares Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares 0 shares Standard http://www.xbrl.org/2003/instance shares 0 5 Contingencies 3 us-gaap_LossContingencyDisclosures us-gaap true na duration string No definition available. false false false false false false false false false false false false 1 false false false false 0 0 <div> Note 7. Contingencies On October 10, 2007, the U. S. Department of Justice (DOJ) issued a subpoena ordering the Company to produce certain information and records relating to an investigation of alleged anti-competitive behavior amongst air cargo freight forwarders. The Company has retained the services of a law firm to assist in complying with the DOJ’s subpoena. As part of this process, the Company has met with and continues to co-operate with the DOJ. The Company expects to incur additional costs during the course of this ongoing investigation, which could include fines and/or penalties if the DOJ concludes that the Company has engaged in anti-competitive behavior and such fines and/or penalties could have a material impact on the Company’s financial position, results of operations and operating cash flows. On January 3, 2008, the Company was named as a defendant, with seven other European and North American-based global logistics providers, in a Federal antitrust class action lawsuit filed in the United States District Court of the Eastern District of New York, Precision Associates, Inc. et al v. Panalpina World Transport, No. 08-CV0042. On July 21, 2009, the plaintiffs filed an amended complaint adding a number of new third party defendants and various claims which they assert to violate the Sherman Act. The plaintiffs’ amended complaint, which purports to be brought on behalf of a class of customers (and has not yet been certified), asserts claims that the defendants engaged in price fixing regarding eight discrete surcharges in violation of the Sherman Act. The allegations concerning the Company relate to two of these surcharges. The amended complaint seeks unspecified damages and injunctive relief. The Company believes that these allegations are without merit and intends to vigorously defend itself. On August 13, 2009, the Company filed a motion to dismiss the amended complaint for failure to state a claim. Plaintiffs filed their opposition to the Company’s motion on January 30, 2010, to which the Company filed a reply, and the motion is currently pending before the Court. On June 18, 2008, the European Commission (EC) issued a request for information to the Company’s UK subsidiary, Expeditors International (UK) Ltd., requesting certain information relating to an ongoing investigation of freight forwarders. The Company replied to the request. On February 18, 2009, the EC issued another request for information to the same subsidiary requesting certain additional information in connection with the EC’s ongoing investigation of freight forwarders. The Company replied to the request. On February 10, 2010, the Company and its Hong Kong subsidiary, Expeditors Hong Kong Limited, received a Statement of Objections (SO) from the EC. The SO initiates a proceeding against the Company alleging anti-competitive behavior contrary to European Union rules on competition. Specific to the Company, the allegations in the SO are limited to the period from August 2005 to June 2006 and only concern airfreight trade lanes between South China/Hong Kong and the European Economic Area. The Company responded to the allegations in the SO on April 12, 2010. The Company intends to vigorously defend itself against the allegations. The Company expects to incur additional costs during the course of this ongoing proceeding, which could include administrative fines if the EC concludes that the Company has engaged in anti-competitive behavior and such fines could have a material impact on the Company’s financial position, results of operations and operating cash flows. The Company has incurred $600 and less than $100 for the three months ended March 31, 2010 and 2009, respectively, in legal and associated costs on the above matters. Since the beginning of these proceedings in 2007, the Company has incurred approximately $15 million in legal and associated costs on the above matters. At this time the Company is unable to estimate the range of loss or damages, if any, that might result as an outcome of any of these proceedings. These government investigations and the related litigation matters are subject to inherent uncertainties, and unfavorable rulings could occur. An unfavorable ruling could include substantial monetary damages and, in matters in which injunctive relief or other conduct remedies are sought, an injunction or other order relating to business conduct. Were unfavorable final outcomes to occur, the Company’s business, results of operations, financial position, and overall trends could be materially harmed. The Company is involved in other claims and lawsuits which arise in the ordinary course of business, none of which currently, in management’s opinion, will have a significant effect on the Company’s operations or financial position. </div> Note 7. Contingencies On October 10, 2007, the U. S. Department of Justice (DOJ) issued a subpoena ordering the Company to produce certain information false false false Excluding environmental contingencies, warranties and unconditional purchase obligations (all of which have their own elements in this taxonomy), describes any existing condition, situation, or set of circumstances involving uncertainty as of the balance sheet date (or prior to issuance of the financial statements) as to a probable or reasonably possible loss incurred by an entity that will ultimately be resolved when one or more future events occur or fail to occur, and typically discloses the amount of loss recorded or a range of possible loss, or an assertion that no reasonable estimate can be made. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 14 -Paragraph 3 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 5 -Paragraph 9, 10, 11, 12 false false 1 1 false UnKnown UnKnown UnKnown false true XML 15 R3.xml IDEA: Condensed Consolidated Balance Sheets (Parenthetical) 2.0.0.10 false Condensed Consolidated Balance Sheets (Parenthetical) (USD $) 104 - Statement - Condensed Consolidated Balance Sheets (Parenthetical) true false In Thousands, except Share data false false 1 usd $ false false iso4217_USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 iso4217_USD_per_shares Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares 0 shares Standard http://www.xbrl.org/2003/instance shares 0 false 2 usd $ false false iso4217_USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 iso4217_USD_per_shares Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares 0 shares Standard http://www.xbrl.org/2003/instance shares 0 5 Accounts receivable, allowance for doubtful accounts 3 us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent us-gaap true credit instant monetary No definition available. false false false false false false false false false false false false 1 true true false false 15081000 15081 false false false 2 true true false false 14235000 14235 false false false A valuation allowance for trade and other receivables due to an Entity within one year (or the normal operating cycle, whichever is longer) that are expected to be uncollectible. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 4 -Article 5 false 6 Property and equipment, accumulated depreciation and amortization 3 us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment us-gaap true credit instant monetary No definition available. false false false false false false false false false false false false 1 true true false false 263694000 263694 false false false 2 true true false false 264372000 264372 false false false The cumulative amount of depreciation, depletion and amortization (related to property, plant and equipment, but not including land) that has been recognized in the income statement. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 5 -Subparagraph c Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 14 -Article 5 false 7 Preferred stock, issued 3 us-gaap_PreferredStockSharesIssued us-gaap true na instant shares No definition available. false false false false false false false false false false false false 1 false true false false 0 0 false false false 2 false true false false 0 0 false false false Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29 -Article 5 false 8 Common stock, par value 3 us-gaap_CommonStockParOrStatedValuePerShare us-gaap true na instant decimal No definition available. false false false false false false false false false false false true 1 true true false false 0.01 0.01 false false false 2 true true false false 0.01 0.01 false false false Face amount or stated value of common stock per share; generally not indicative of the fair market value per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 4 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 30 -Article 5 false 9 Common stock, Issued 3 us-gaap_CommonStockSharesIssued us-gaap true na instant shares No definition available. false false false false false false false false false false false false 1 false true false false 212569202 212569202.00 false false false 2 false true false false 212025494 212025494.00 false false false Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 30 -Article 5 false 10 Common stock, outstanding 3 us-gaap_CommonStockSharesOutstanding us-gaap true na instant shares No definition available. false false false false false false false false false false false false 1 false true false false 212569202 212569202.00 false false false 2 false true false false 212025494 212025494.00 false false false Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Excludes common shares repurchased by the entity and held as Treasury shares. Shares outstanding equals shares issued minus shares held in treasury. Does not include common shares that have been repurchased. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 10 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 30 -Article 5 false false 2 6 false Thousands NoRounding Hundreds false true XML 16 R4.xml IDEA: Condensed Consolidated Statements of Earnings 2.0.0.10 false Condensed Consolidated Statements of Earnings (USD $) 105 - Statement - Condensed Consolidated Statements of Earnings true false In Thousands, except Share data false false 1 usd $ false false iso4217_USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 iso4217_USD_per_shares Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares 0 shares Standard http://www.xbrl.org/2003/instance shares 0 false 2 usd $ false false iso4217_USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 iso4217_USD_per_shares Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares 0 shares Standard http://www.xbrl.org/2003/instance shares 0 5 Revenues: 3 us-gaap_RevenuesAbstract us-gaap true na duration string No definition available. false false false false false true false false false false false false 1 false false false false 0 0 false false false 2 false false false false 0 0 false false false No definition available. false 6 Airfreight services 4 expd_AirfreightRevenue expd false credit duration monetary Aggregate revenue earned during the accounting period as a freight consolidator or as an agent for the airline for moving... false false false false false false false false false false false false 1 true true false false 559383000 559383 false false false 2 true true false false 374456000 374456 false false false Aggregate revenue earned during the accounting period as a freight consolidator or as an agent for the airline for moving shipments by air on behalf of customers, including fees earned for ancillary services provided to customers such as preparation of shipping and customs documentation, packing, crating and insurance services, negotiation of letters of credit, and preparation of documentation to comply with local export laws. No authoritative reference available. false 7 Ocean freight and ocean services 4 expd_OceanFreightAndOceanServicesRevenue expd false credit duration monetary Aggregate revenue earned during the accounting period as an ocean transportation intermediary or as an ocean forwarder for... false false false false false false false false false false false false 1 false true false false 381244000 381244 false false false 2 false true false false 318634000 318634 false false false Aggregate revenue earned during the accounting period as an ocean transportation intermediary or as an ocean forwarder for moving shipments by ocean on behalf of customers, including fees earned for ancillary services provided to customers such as preparing documentation, procuring insurance, arranging for packing and crating services, and providing consultation. This category also includes fees earned for providing order management services - origin consolidation, vendor management, container management, document management, destination management and PO/SKU visibility through a web based and server based application. No authoritative reference available. false 8 Customs brokerage and other services 4 expd_CustomsBrokerageAndOtherServicesRevenue expd false credit duration monetary Aggregate revenue earned during the accounting period for services provided as a customs broker, assisting importers to clear... false false false false false false false false false false false verboselabel false 1 false true false false 260482000 260482 false false false 2 false true false false 219595000 219595 false false false Aggregate revenue earned during the accounting period for services provided as a customs broker, assisting importers to clear shipments through customs by preparing required documentation, calculating and providing payment of duties on behalf of the importer, arranging for any required inspections by governmental agencies, and arranging for delivery. This category also includes additional services provided at destination such as warehousing and product distribution, time definite transportation and inventory management. No authoritative reference available. false 9 Total revenues 4 us-gaap_Revenues us-gaap true credit duration monetary No definition available. false false false false false false false false false false false totallabel false 1 false true false false 1201109000 1201109 false false false 2 false true false false 912685000 912685 false false false Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 1 -Article 5 true 10 Operating Expenses: 3 us-gaap_CostsAndExpensesAbstract us-gaap true na duration string No definition available. false false false false false true false false false false false false 1 false false false false 0 0 false false false 2 false false false false 0 0 false false false No definition available. false 11 Airfreight consolidation 4 expd_CostOFAirfreightConsolidation expd false debit duration monetary Costs incurred and directly related to providing airfreight services, primarily transportation costs. false false false false false false false false false false false false 1 false true false false 427342000 427342 false false false 2 false true false false 250369000 250369 false false false Costs incurred and directly related to providing airfreight services, primarily transportation costs. No authoritative reference available. false 12 Ocean freight consolidation 4 expd_CostOfOceanFreightConsolidation expd false debit duration monetary Costs incurred and directly related to providing ocean freight services, primarily transportation costs, and other ocean... false false false false false false false false false false false false 1 false true false false 301090000 301090 false false false 2 false true false false 238226000 238226 false false false Costs incurred and directly related to providing ocean freight services, primarily transportation costs, and other ocean services. No authoritative reference available. false 13 Customs brokerage and other services 4 expd_CostOfCustomsBrokerageAndOtherServices expd false debit duration monetary Costs incurred and directly related to providing import and other destination services. false false false false false false false false false false false verboselabel false 1 false true false false 110854000 110854 false false false 2 false true false false 87575000 87575 false false false Costs incurred and directly related to providing import and other destination services. No authoritative reference available. false 14 Salaries and related costs 4 us-gaap_LaborAndRelatedExpense us-gaap true debit duration monetary No definition available. false false false false false false false false false false false false 1 false true false false 199848000 199848 false false false 2 false true false false 187209000 187209 false false false The aggregate amount of expenditures for salaries, wages, profit sharing and incentive compensation, and other employee benefits, including share-based compensation, and pension and other postretirement benefit expense. No authoritative reference available. false 15 Rent and occupancy costs 4 expd_RentAndOccupancyCosts expd false debit duration monetary Rental and other occupancy expenses incurred for leased properties and other assets, including equipment, which has not been... false false false false false false false false false false false false 1 false true false false 19227000 19227 false false false 2 false true false false 18724000 18724 false false false Rental and other occupancy expenses incurred for leased properties and other assets, including equipment, which has not been recognized in costs and expenses directly related to revenues. Other occupancy expenses include primarily real estate taxes, property related insurance expense, utilities and building maintenance costs. No authoritative reference available. false 16 Depreciation and amortization 4 us-gaap_DepreciationAndAmortization us-gaap true debit duration monetary No definition available. false false false false false false false false false false false false 1 false true false false 9395000 9395 false false false 2 false true false false 9958000 9958 false false false The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 5 false 17 Selling and promotion 4 us-gaap_SellingAndMarketingExpense us-gaap true debit duration monetary No definition available. false false false false false false false false false false false false 1 false true false false 7035000 7035 false false false 2 false true false false 6222000 6222 false false false The aggregate total amount of expenses directly related to the marketing or selling of products or services. No authoritative reference available. false 18 Other 4 us-gaap_OtherCostAndExpenseOperating us-gaap true debit duration monetary No definition available. false false false false false false false false false false false verboselabel false 1 false true false false 25777000 25777 false false false 2 false true false false 22928000 22928 false false false The total amount of other operating cost and expense items that are associated with the entity's normal revenue producing operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 3 -Article 5 false 19 Total operating expenses 4 us-gaap_CostsAndExpenses us-gaap true debit duration monetary No definition available. false false false false false false false false false false false totallabel false 1 false true false false 1100568000 1100568 false false false 2 false true false false 821211000 821211 false false false Total costs of sales and operating expenses for the period. No authoritative reference available. true 20 Operating income 3 us-gaap_OperatingIncomeLoss us-gaap true credit duration monetary No definition available. false false false false false false false false false false false totallabel false 1 false true false false 100541000 100541 false false false 2 false true false false 91474000 91474 false false false The net result for the period of deducting operating expenses from operating revenues. No authoritative reference available. true 21 Other Income (Expense): 3 us-gaap_OtherNonoperatingIncomeExpenseAbstract us-gaap true na duration string No definition available. false false false false false true false false false false false false 1 false false false false 0 0 false false false 2 false false false false 0 0 false false false No definition available. false 22 Interest income 4 us-gaap_InvestmentIncomeInterest us-gaap true credit duration monetary No definition available. false false false false false false false false false false false false 1 false true false false 1775000 1775 false false false 2 false true false false 3606000 3606 false false false Income derived from investments in debt securities and on cash and cash equivalents the earnings of which reflect the time value of money or transactions in which the payments are for the use or forbearance of money. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 115 -Paragraph 14 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 7 -Article 5 false 23 Interest expense 4 us-gaap_InterestExpense us-gaap true debit duration monetary No definition available. false false false false false false false false false false true negated false 1 false true false false -87000 -87 false false false 2 false true false false -15000 -15 false false false The cost of borrowed funds accounted for as interest that was charged against earnings during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 34 -Paragraph 21 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher OTS -Name Federal Regulation (FR) -Number Title 12 -Chapter V -Section 563c.102 -Paragraph 9 -Subsection II Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 9 -Article 9 false 24 Other, net 4 us-gaap_OtherNonoperatingIncomeExpense us-gaap true credit duration monetary No definition available. false false false false false false false false false false false false 1 false true false false 609000 609 false false false 2 false true false false 4553000 4553 false false false The net amount of other nonoperating income and expense, which does not qualify for separate disclosure on the income statement under materiality guidelines. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 9 -Article 5 false 25 Other income, net 4 us-gaap_NonoperatingIncomeExpense us-gaap true credit duration monetary No definition available. false false false false false false false false false false false totallabel false 1 false true false false 2297000 2297 false false false 2 false true false false 8144000 8144 false false false The aggregate amount of income (expense) from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business). Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 7 -Article 5 true 26 Earnings before income taxes 3 us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments us-gaap true credit duration monetary No definition available. false false false false false false false false false false false totallabel false 1 false true false false 102838000 102838 false false false 2 false true false false 99618000 99618 false false false Sum of operating profit and nonoperating income (expense) before income (loss) from equity method investments, income taxes, extraordinary items, cumulative effects of changes in accounting principles, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Subparagraph 1(i) -Article 4 true 27 Income tax expense 3 us-gaap_IncomeTaxExpenseBenefit us-gaap true debit duration monetary No definition available. false false false false false false false false false false false false 1 false true false false 41528000 41528 false false false 2 false true false false 40249000 40249 false false false The sum of the current income tax expense (benefit) and the deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 45 -Subparagraph a, b false 28 Net earnings 3 us-gaap_ProfitLoss us-gaap true credit duration monetary No definition available. false false false false false false false false false false false totallabel false 1 false true false false 61310000 61310 false false false 2 false true false false 59369000 59369 false false false The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph A1, A4, A5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 5 -Subparagraph b Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 29 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 38 -Subparagraph a Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 38 -Subparagraph c(1) true 29 Less: net earnings attributable to the noncontrolling interest 3 us-gaap_NetIncomeLossAttributableToNoncontrollingInterest us-gaap true debit duration monetary No definition available. false false false false false false false false false false false false 1 false true false false 63000 63 false false false 2 false true false false 109000 109 false false false The portion of net income (loss) attributable to the noncontrolling interest (if any) deducted in order to derive the portion attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 38 -Subparagraph a Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 38 -Subparagraph c(1) Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph A1, A4, A5 false 30 Net earnings attributable to shareholders 3 us-gaap_NetIncomeLoss us-gaap true credit duration monetary No definition available. false false false false false false false false false false false totallabel false 1 true true false false 61247000 61247 false false false 2 true true false false 59260000 59260 false false false The portion of consolidated profit or loss for the period, net of income taxes, which is attributable to the parent. If the entity does not present consolidated financial statements, the amount of profit or loss for the period, net of income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 19 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 38 -Subparagraph d Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph A7 -Appendix A Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 38 -Subparagraph a Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 20 -Article 9 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 130 -Paragraph 10, 15 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Emerging Issues Task Force (EITF) -Number 87-21 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28, 29, 30 true 31 Diluted earnings attributable to shareholders per share 3 us-gaap_EarningsPerShareDiluted us-gaap true na duration decimal No definition available. false false false false false false false false false false false true 1 true true false false 0.28 0.28 false false false 2 true true false false 0.27 0.27 false false false The amount of net income or loss for the period per each share of common stock and dilutive common stock equivalents outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 11, 12, 36 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 20 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 18 -Article 7 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 21 -Article 9 false 32 Basic earnings attributable to shareholders per share 3 us-gaap_EarningsPerShareBasic us-gaap true na duration decimal No definition available. false false false false false false false false false false false true 1 true true false false 0.29 0.29 false false false 2 true true false false 0.28 0.28 false false false The amount of net income or loss for the period per each share of common stock outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 21 -Article 9 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 36, 37, 38 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 20 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 18 -Article 7 false 33 Weighted average diluted shares outstanding 3 us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding us-gaap true na duration shares No definition available. false false false false false false false false false false false false 1 false true false false 216630436 216630436.00 false false false 2 false true false false 216319959 216319959.00 false false false The average number of shares issued and outstanding that are used in calculating diluted EPS, determined based on the timing of issuance of shares in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 40 -Subparagraph a Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 8 false 34 Weighted average basic shares outstanding 3 us-gaap_WeightedAverageNumberOfSharesOutstandingBasic us-gaap true na duration shares No definition available. false false false false false false false false false false false false 1 false true false false 212192710 212192710.00 false false false 2 false true false false 212100504 212100504.00 false false false Number of [basic] shares, after adjustment for contingently issuable shares and other shares not deemed outstanding, determined by relating the portion of time within a reporting period that common shares have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 171 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 40 -Subparagraph a Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 8 false false 2 30 false Thousands NoRounding Hundreds false true ZIP 17 0001193125-10-112978-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001193125-10-112978-xbrl.zip M4$L#!!0````(`/&$ISQF#M_CM3X``.X%`P`1`!P`97AP9"TR,#$P,#,S,2YX M;6Q55`D``X9ZY$N&>N1+=7@+``$$)0X```0Y`0``[%U;<^.XL7YWE?\#CG)V M*ZF2;-Y%>G8VY>O&=68LQU9V-WF9HDC(9H8B%)#R);_^-$!*O(B41$FD)2WW M8<#K1J/1^`@T?_KKV\A%+YCZ#O$^M\03H86P9Q';\9X^MR9^Q_0MQVDA M/S`]VW2)AS^WWK'?^NO/QT<__4^G@]#UU2_G#ZCGN8Z'T6WG*PZH\X9^M["+ MJ1G`)8\]:V%T1:S)"'M!&PU,']N(>.CWBXGKZ^L)MI], MVB&\PA.+C$Y1IS-K[=<0Z1G23I03-7GG@4P\^PQ)\E"1M*'=$77!Z"@#$W<& MIH0[NH150]"LKJ78R<%T2A(Z@=0>L+XIF@G"GZOU+%R?B= M.D_/`?JS]1_[G M5D)R=OF$T*=3J%<^=2+%M<*29^RNNZ`\-/V=:796GEU(E7^5>6G1,(Q3?G=: MU/&)(HG=16#"$K.Z?2>O9B@JGO[^],(/[-PGX'K.$_AM;*>$@`O8=@)"?6YVK%\%.2[OX2

;X-+K/6M([@IQH*2I1^.0\MNA.K@X2]_*?I,3%?MYC_$;^,\'[ M./\9?B/G&5;$SG1G9`+::7@S533(+:J&18,6C`J$^+APSWQN/0]XB+B1GC$( MGUN^,QJ[S)3X-9-:3)K5A@-_XIGBX><6Z_3.M&=/WGQ[C=&R^D`\#<4"&SR[ M]@(G>+\DHQ'Q'@-B?7]\-BGV>Y.`NU9PM\@B7H#?@@>.D[C?[J]%594Z\)_( MO-+?!4&0OCWVK[X)W[@$JB!_`W<]\9SP&9_7V$(VMIR1Z4)W"JV?)5'2=5V5 MY)].5X,10HZ,[.S2])_//9O]<_V?B?-BNF!V_GEP:5+Z#J5_-=T)+H=<,)CN M4\@C[_+M'X]72?@=N?6SKLM:UX`*?CHMA:ER,4(36E4,45!$3=$WE>/N"^:1PYX.8`THGV/[BF`/'=0('^S5@%35)E.4L MUGP<^7I]P!:&C@"I[G!0`V)=[!JREJO=/"ASH">CBS M/\"VSD>$!LY_^?5[2L:8!N_WKND%<(_9W'A4L8"2)FN&DA5P*[`+E=$+GC$% M%P=U/V//=UXPQ&-DA+\0WP==]H9]\ZU*F3N2*LZ-F#+@,I+9$)2`(DSWWG3L M6^_2'#N!Z5;::UVM*Z8ER`>10>K[&*+=*H$IDB1DIH.PU3PD=;@Y/VZ&/`QB6?;.\QY?'0-F7Y!M[KVWQH)K5^%DX$,1$-+(=5*$<8 MQ-WZ/G3JQMB+PDA5,R1!R@6<;'\)R$T"WJTA+0YWXY*5AX0`-#WS9QM/0[O" M0PS6;,-P#1U,31&*DIF^%^`H!)P(O^Z(9U6/6E&Z@E8$.Q=-&OLOA-BOCEOI M)-LUI&X*XK31-)1;#RSUR0%O-E/W]9OE3ICQU@%3496TZUT%4%J$A,(A@.,& M_DQ<&U.?!7/!>]T1PS(\A>AK&&]=15?D;A'>UG$-8Z$8F:)*A* MVK,OFWKF[\.2+9QI[QE#0KSS(*#.8!*PU4Z?,`<"$E#BNE"DCOD`I-*S#-9V M4%?/0^NB5&9>%@5I8_ZV$CJ]C!B&I!K2QG3Z-FCH:19*PE=$J,F:G,ONCZ8A"[KUB4Y8X\[1$(O MEF6W2>@<[$74KB"IBJ%\&`F]3:05D=`E?9DHI?U&321TR?A$EM.A]P>1T"5C M5MG(D&5UD-#E,'X8"5T.IF)D#."C2>C-(X9Z2>B25B'HLJX5P:V`A"[K#I2T MTZJ6A"YIJA*,^[I)Z)+FV)4SKQYK)*%7G4(_@H0NI\:/(:'+.DZU*Z3?WWT< M"5TRWE9E21#3;K]^$KKDFEM-KQ"J)Z'+ZE2%=>+ND]!EI=)$>2FUO@42&F)C M)^Q$1IA"<2B*/0OF1`9Y=1%E34T)^>8[9Y[C?FX%L"*>;1M?3-#">LPA;/5, ML>GC*QS^NSH&H_Q>;%@!:VK:F93!EF64_CV)1@33/51P&^"1WR>P'!O;%^__\!EUT!NS0T;0"^=6X+SPZ(1/996J0=8RW$^5DF0M MT.>V=_TVQIZ/2_BR->3487$H9KH[TW[^8BM!Z4!9^/>2LH,UU:+5E(QI+D.3 MQ1YSP!GJMU+8AJ%FE[:%0-*(IW/@E)BY,'W'VBK61:R1I,>0$5>4SK#3Q`\08/2_?W55J(!U#S[Q,*@,M(]2; MA<$!F6\7V(-P*;BA9#3M,6RS%P(PJKFIW3B>":XKZ8ZJ]:E"QJEN!'5=J7.< M\*Y*G0,UPQY!H,RFFYYWY?ACXO,W)[UAV=699K.D4SN,+Z: M@(B1K,3S+_"04)SPZ-F5/XR`="UA[/<5!\\L(%EC$;"63]?$+%U5FV1Y*N45 MLG=FU8:'JJPI.6+/6B^`%@43DA6HEU`6Q*ZPHX"*4RR3EFHG=:/5^,7,H M;#5$5`I:-?A[D33FN.T%L+9+@:ZC[\QH M+HTN(QSQR+1?PGKJ\$JZJ*1#FT(8F3=HZ3*5VXDA*MTTT!P$.2_Y&'T6LV>S M9RK%*DF&E',HI@!*#NB/,06%OZG(HE[1'B`LY&NA&T+!VU@8VWS%Q*NHV[6+ M2L8-E@2WDF2;O>=:9\+*#-02N`H%>L#C";6>(13N#1/;D*KM'2/<`94K20&@ M?`'ZY-R"%3G%(+\]8=V':UA3Z)JJY<(OA#/W7CKN+-,%0;>P/WN=X9XQI]5A M+9"';V.$\A5W@9J)1?,QS.$<.D$-`4UV7W_<\!R@%X>EULO9RUKM_*3-]WTA MDNS^A!?L32KVWX8H:7KV*%S8;N8].>;Q%-CF5Y-^Q\R+US%1:E)F8UDQCNS> MB#Q>N5JLS!;3^R/R,*1Q_H99$D5LG[_`Q/^$[R:C`::]8?369H,-O44"%.SH MU631,%0C!E\2V$I2S3VUI;=Z1;N4^;I362I3/JQ0(I92+X?,2G"_I?8XK44* M35.4K80E`?O

\FO,MH7/;S$=,7Q\)^ M+5A%79.5&.L>!+HV>JB=Q/+=TD\G[B.7;V+D=394;;E2+(ATDI:\0LZYD M93`78TFBGO@!&?D7E'SGXW5^-=I9((7C$Q_%;$-?[9<]5&\1UU:Z:[8%E MB!(B/&`O'!;69&QZUCO?*%,Y@YL8G[D`$@#O9RN9#R"G8**18JC+H,1)4Z/M MTC>.;YGN/[%)KSW[BB65+@=V=J3]9[@O=60QS(5:5'OP^/Z/:N?_UP=]Z_ M[=V=?T&]&_3;^>/?;N]^Z??NX-YE,B-LNO$8VC1I=ZBD<%_?#5PK:]LQOK]' MVB^LN:AQUD.;->C=_^#Y?8>YQIC87U745313659SA=>[;Q&\?%]!)$?R)T_::_ MF/0)(U@A1AGG;<3K3>)(-12C.`>MV-P,7+/LNB%N?PAN#H>MI2JL;1-OR8P= MHMH55\D`L6^;>$MFY^FF2?%:-_%N:1MY1NPEN\@WVSIX M'-Q.MROE'S"M>_-P.=R&;@9V"MN'KZ"B<\E_H3B:'$_1\<4\HVEW(SO7B/ MRT0$\_FK2>T^"';AEN?H8^?YHQM\LIV7'Y^"3\='[,<8^<$[2^S_]?SAE]N[ M3K]W?X9$??SV"457+GK]?N_K&1+&;RWV''MJ",U/'[SIW?4[-^=?;[_\\PSU MG1&8^AU^10]D9'HMY#O_Q6Q/\/3)`?OCCL#D+I\@+F6'BWE\E%0&WDZF#YS MRIJ;_1@O`:_E8_^$^M>_]SNW=U?7=_TSI/S0BNM93YS^,T8,M.F]'Q^-0]?$ MQDV"W!N$N]M\-'A'3RS:8X29S]^RD#'?AXA,#V3'H[%+WC&.[DU?@R`:?L\D M((A5,BW%'T(L=>.%3#=A733M)SM@%'R[VJ@!$9XP")/'@B0!@FM1[3I[#LQ MX$,1>R\VXM/[T'0H>N&G^\@PQLT,$NY.(-B@QT>LW:1@'.(2L<:,IS_YT1R- M/_WI[5Q@"@51HG=0"2U&^-K(Y),&@T0HOVI%/X;8"6!L^6WD^,=',T&Y,"9B M@39KL<._F0-2.CXB+S#A,3FC%X!HS=?KK'CH[A9/K^9!2-&'J`1U#"&OQ M0W"Y,#F$,07E4<=]CY7Z#`$_@0XS701.HS-M=Z:CN$UXW`Q@;>:E.S!2%`QG MXQ,S`6\"57&KBOLE[!8``!,X%\T@F';H0NE1+P'-7#!G?#L;2G1P\'-12_OQT2I-D=&6&HAKL#CHUR3COH" MC)^5I.&.-;"LMZF'"U6=&'BF#P;-\K7X9^5%YU)R_(^W_[HN5L54\IGBL[7S M'3@(5BJN/S8M_HTMF.K9[[%IV]/?KXX=/']N:?H/+62ZSI/WN65A1HZTT("` MDZ.L5)2FOC;GC[=[?XPF^1.`SM5Y"6J=4""@(SB!@N?'=Y2_6?I@2CBUI( MQP'>614%[V'J^N'F+,(L"2XH:\="8CH6NB$TE@O&6/('Q8F?(VCGV8]_P[S-?,^" M4&E`T>GZOB&#<][%+0K2&KOV%61'4G;LB,VWZS:(WNBI:UI1C#6M%4T>(> M(C`!_.GR\OKZYJ:5J\2`C!,WLE/:E^L;F=%/,K,W!VXM.&ZG$N6)Y%\PMG MW5JM86'E927^W[+-36V1Y4;-BZ;='0/W9L52B>UC8$87-?_F&CX2$./R$T M/3Z8M,#'0F[83-J]V"'0W>):FQ<,J7&HG?$=E$(M5.<;,@[ M`/CCHW#]3Z>OE'Q.8GB3$7MM1.B,UK"Q1T:.QZ^1(;\TB%5B1RIAFO"C3+&C M\20(#Y'7.146V;BY`\2,3,1GF1XAKVAA,!B]V$%-&**8@](44:=J6.5;"V MK;5>?S%G$C(FLY^U]7_VQF2!'T2LMK)[XG:MZ3JZ<;\A,F&6_1S%-FH,%>% MTQ!RH4=8S]_N.B\WTP'[8\+^F-&SDYE\.^;V"BK?;K%=@%H?AIUFR\)%7^[ M!19.!,W-$;MLI7M()FMB6U(.ESV31DM&E[RZAE/=8QA/).AI\QTR2@0 MSGDX+VPK$@D@G#XMZ?8D7R4"'D.SR/LAEW%.[V4"G2RPP-:2MRM]V5M(.5 M<+.NS?J39/,1+1@S@!O'2D7P%JXZ.%FY?,D1U?`Q%>^BL#N'::>#UZMH?IK% MKVGF`S7Q:Q._;AJ_:FU-%F!".MS)Z$1:LIEEW^8;&=R=32;@`;8]X6Q8\TZ MNWN@]FR]Q)[,TGS17L.&YOMHJ`W-U]!\.Q`FJ49;T@Z7`N,TGR"T54$Y6!E+ MATD[/FTU--]NV-4?F.:31.MJ.K!2MC0?`W-MQ^8=CIX;6B^)GZMGN:383(R MU"6O,J#XX,L&5.?!QF+@E78:]DXMIQ_2Q;2N!,UV5[ M9ENNC6\P/\\C[Z['5]$X_&8Y3_9@AE\MG^:UC/K6B:E[WRU_S+-<@L889F> MP$RQV-WGAR7)Y0`CHR3I%[`LK(()\R.I]AND1Y',=N&TGQ8#E:/",S.,C MJ'9"G>`]1`&+'12N<1"AR(5AB\P`V2SW+-R?9CMEF91!-XCIYO@H62OG%4R4 MK/2)8C.8]D"JA;AFZ(M9U9=A)V6%8NK,[Y&X0Z-<&C,Z96_H#$/:.N%4#V= MT=2_1OW-HGL!>:-N:YE9D`SYP-;D%2CN"J8O]OV_K.[67K4W!EY)&@[V98V# MM>:M:2F.C_:;%RRS\=XC.H^/K+QF/A.L+LO'S83^4,WGRF"TA;DW3IDVJBS46?8 MNQWVYHH->JL49U[%M%=$CHF-/I4V`A31B:SSWNQ3'B'.5_LQBMD51?;HKY; M6WH/1:^2<4@SR&[H5=&-MKICWU(X%+UJR]))[?22@]U$![[&V`U;4;6V(AU2 M-->H]8#5JNCM[HZ=R_JCJ'7?CDLUQW,;81MAZS@]O44Z0JXDF.3?;[:F++;% MWRXE=G4U\66%4XO8%A2QK2F[]0')P]%L5]VM3(V'H%E#4MO&LBSGC5[7T^NR M3\DV<683C33"-L+.NXUH\IJMRWQ4PB=/C^%= M&6TMM65-/"Y=P<4JFB'Q%=_J$(-26NK^FY]V6'/U:FI9=):[4%8V"3C;<1M MQVTYNWE2]XT%&39?&:YCGB:IND!E^.C^(0+X@=W:Z%G;./'C_ MBH-G8M^F$SI5I@)1D'193VFA1M'R=`H5QC;3)+-;ELQ..HD]5ZC`XR/>)QSB M\K=^'YZ^#D79ZQ#S0,3C/LH!J__+?MHVE?Q>@_V%AM(`#K%U>HJ3VI8!B.Z]N4]M?Y+S@_110U$IF2Y$J M#SM^?_TW,\M+ER4GEBPM6!2()?&8:^?:V1G2;9].^Z?-QD@,041]]E<:>?'0 MF8"RXPP$"J["'U".P18T&]5;LKYT.5R@1X,0[@G&V$@^ M'?R%?>.3D-[)LE=BV[<"-O'5F7B!7"IL\$C?.2F(?B2[3<)+V:-PHIA-`:P( MGV5HF@T(?,8N=+"`IMDK"%X"5((\`Z6L(<0N>T2B,$V`7J)H^_8)5C\H_SX^ M(N:RP9T/.IV:XW]UQ90>PNG:'%5\HH>M_&:(CZWSEU@@K.3#I%I!6K43K#` M33]EEY)1H"$-P#?(+ M;YSIUTBM[MEBN[5F`^T/20$V#SME[W(O#!!PQ@+?FMV0M>J,Q+T'&,J%NZ= M)W(_=TGF%LN=,\3U60&XV4B#2+@A?/$_>#7>.Y#-9D'826)7=(E#J)N-U9W0 MGNL&/F725QA_$=\XWG"[3D^WV[67^#S%VU>`=B%ENO;N]VNP7K+6.:6+4"Q M`&HD0-R`@_3O9=#+&K&"2W:-K5\_%DU:M^Q8&EV[-8_`YK!MBM:-;"\+3^C) MYK(?/&?@^3MHZVSJ=G=#_)X"4BMGLKI5 M@EU>A77[E='K?;\VMS.12SL'YP!F$$4OP1 M[:D8[HYHH[UJPB7`[%'00=\K(=2P"][&2A-AR(+G.T7HA3^W[8L8VMLDN MJ.,=2QX#3[PM9N$,XZ)KI%CTN99&,@@)CL74R=PX_/KW]^` MMQ^#_@5G$>.8:0CN(J/&TAA/5'TJ\!3!6Q^F+C:MIJ``7,(1!B]Y4$G]SN'> M.',O\0$A_)#UXO;&Q4@RQ_?%&-PP'"UV@N/1.+)L<\#`=$!ADD02P1C#!V\ M"/NACT-P_P5N>:#K^>`@A'-1Z9U#'=<1,O3PX)=81/>`+EW#O.=!XB:HPD! M%5,#=,`!W^YCLW49#Y["729=35SRIRR'O9OCQ+IF7H8KX;N0JP&D+")`)]3 M]E`/I&+U@A0CIA`^G(1DD3Q3@:OG,4&O747`T\95:9`D>&0?%T%F.P><.T M8%(9/1)40+J0^L?/4!Y"WCO/O<.+?8P":&X<]I07%#G_!%0OHP5O5-`"H:=K MLY!L'E41C)VQC"N>8BCV9T_A]2M>Z)9SYZ@_/$@@91'@/3@;/B^=I8[95?\ M/!S@6<@84^OXL$C3R59YN9F6YPY'?OCP+0'D[B8`XC+_W0E2)WJLQ!^TRCNS M@O<`W`B<":XLP!4,QPA",N")3'8T&S$$[4$V\.`BC8`2CDP'7841"&)O`D2' M:.E$9LG'?C@`HOKAV$.%01D,"M>CF!.SV?LLO81L3Z(4;;3OX$@`F6B"%1>G M$!9@KFJ8):::C9DT#`-#E,!+$\`AS=>58!=.#`(0E+_"]TB=_X;1WQ!.WH"B M\6)\!;A:(;">$CI@J$^9`)7AL_M3=@.AI3\%T6"?,?7!;B,GB>`)]Q_%59R MA%KGY.P_FF89I^PZ`.7H5ZAL9%&>)//4!]V2>-1G'DX'C$B0Q[29'@[TRV M[P?R!"G&C`A[`+##RHR&I#T>2\[$4G'FZ3@@GS>)LW4KWRDS8:(4CZPBM"\ M$R1]X"#(">NY":D-8$T!6W5QL`7H]0"DV,A_L8$&68F"6\V=";.6&0, M]8_TL"E4=$1)LM&L]I]-H$FR_"4B#RJ!)O5,U`(4R!XH@ M`Q'MXXNSW+LCTOR34E(0>5AUW)YBR:<_RDT'H"L&%N"#A)C,IGA()J!!WQY_ M^N,-^Y`,3WG^(KO2_S$BFN("Y>\AKCX1,(I"]EY3X>S&(9B4H M(U>V`"[."L($9`U1[=#M;`5Y8E@,%5HLP1P1VTZA/(R0P"(6UBX?%=G,W2 M>KG/]@Q9`6JRBA"83FTOW.=AO``;[(Z1)PTLY7U[!/LB]$V0Y9JE(S,BJ M9X$&!">T7T$:[;A__:8<47QQ)E'H7P-Y@&CD"CC2FQ;2>HX=G'%$.J2$$E4D M_3KG9[+"S41/.T(.`37R54$^!\I>BCF^4#K]=&<80'PD-;@[MQ)XI@0K6CG; M6@.@<0,HWSK;@.OT@NSG2CI9T0`-00YE!PO@FYR_`#?ZX M[Z![/!#)`YK5/A@`<-S.[L"1^:DD?:[ABG5_`<\+)X!$+Q+.C'B@/(#?0YH\ M`W4Y3NA-@2GVZ)B2%')7(QBVJ]%@;`0Q1%N=7M MY+'#$&N%4-HRQCB#$!@'7$M(U_8!1.DH#%#[D!-9NHJE^-%BE,OU1"Y0+(R MJPW6S`]Z"Z3#\_W,3BR#C3T%6B^AM0#K`X]0SNX7@W-(\9PMQCLR22/'2< MGHD(^"&Z]F#[,L^5XZ+(-!_NO))2RO9>,9X,JOO%5)^PC`BTPF&9CJDE/9F" M&8L6%\I+.M]`?,S[9^8NPXP4[,R^.AAI?%2Q(XTY`RY][308.?=A1,B"BB=. MR`48ND!VH%+`%J^1EY#\41X$S5V""QPX`$(F$C0B%9^>A"<'#_XD5;/$T<= M,1EA@V(9IBZ2$"+RO&P@ICB+4^B8WXMF/K^)B]QTAABM@K"@$EFLX0BR`I[, M,N5A2"9-2W>_,6/E!3)A![HASXE5M]\%#<-]RI#,I+TP;%O@YG-WKE?O(,SN M-%R)!,=2W&2E'>\>/\5B>+GSV;HG>GMNRVESP#9"2.X0[1"A=MO:"$E@&V$ MT[G`.M&6S?,33!:._87[BO+[<MT;BUPHW_T$6+TDB;Q!2M72M^$5>)T8 MJH0^&J.=['':"[1^'G!SN$'`D;-%/F<7NY^&T9VC_BHP9J&]GKUFZV("5[>L MV:J!)2#,P8A6!R>O]8)\#_>Z=.^W2=16NSU+U:=`60+TZ\B"K747@=Y0'FYD MK5O\/HQNI.]5=GTB%TK=KTSNYW_3-@V0HPZ(6$CI%V5T9OV)C@M`VLE/A]% M/@3Z>H1YSC#H)]]1"+\A;\";6H7)"H"6(W`;]MQ_4B\2-[2+CA'##FJ7VJV. ML13\E>#,05]EEN,#HC>8<8J2QQL?'%%4#_"485YV\2C-<>$S<%Z`A]D%EZ_ M;3?'0!:L@KX`8@'0D9?LP)TQ]07@LAZX@^.=A.DA&J9^7\VW7.EF6 M.0_A2DAF8?Z(^]WIUMU83=?G3%'^XEEP^F,$@EJ`[0>Z/#=G^HYB&L3F5S M_ET62#<;&?'89;FU116DF>=.3-ANM,/>S436<(AEZ"43_'EFU8B%$4@&'1%@CV_\HO M!)UR:S;&(J"")\JN",>]W'%:PQ]8GUM.SA3L!5>0S2X+A)H),>8"9HEP8 MW%XA5TF#"I6JA,\V\YN-A7-4!/9HY/E>?NJS+!O#!)>(BM5[``1B(L74$< M3N+&V"8%7O$XZ5>E5-4=.+DIY.PI.V)`PUY$4@(X+A9NC#+^0$,N!#&Q5YD ML^%$D_C$%\$XN:,"OQU0L<)0ZS8H>V,D@`D%T17+RG>T&PD&7QEDI'V)SW` M&QF-0@6$#=:==GWE5-[[/+>%6;SJ5G->2;(R"UK)D0T>Q%Y!4.<2K+C>CS@S=,[MX> M@57X<6'\]8`RRWA9M9O#S&GQ['93^W'3E@WY+<;.Y[W]8L]OW[0(3YHN\_? MIE5_H8@?`!-\/9(_KNLS]7GR_/;WT!]=:;)+VSM/O:#4$E@? M%H,%B]]LZ`KMM$_.;/.)U;19U>$FUUQNB$HOJ#J+WTG$3U>7MQ?G]#%B/TF@ M^[>]VXO^4W0\0-J]$+VN;W^[^/@$:4HJOL#+KJX_WOZVJY?U_KSX>'G6J]F^ MC#@?>K>75S4G]H`3O?[EX5-FSJ9NAU(7GSY>WUR4Z(!UG!75WGLEQ&PGQ/SS M\OS\P\6N-,!%KW_[!.,@8P7P8;JXE/_]F/OP\FT]FVCUDMA9O-UNXM= M&R(M==>=R5MM=2,1@YL\^[8,GCG^8[ZRSIT;Y3UX[[/D3ZTD67[.`)T3Y&M M8:IAJF':.4Q++,.S@-X9J'N]9T.3BXOC5XLV3(F0_54W9TRMQ>VVPL%LFUN& MNM&LWN7=EKKAK&U@,D+=D$^WN[S=[BB+GVWSCJ8N>H;&;87WGNJ0?1^W7O8] M-M_/"4M7-RSJMGBWJZYPMKJ\:ZB[48LI)4OAE`N$7+JE+'IU M0>5K)YRQWGJ=>MCK39?KN1YWM0.W!2GI<+VMKA8R>4?AHG63MTQUMY3,EMKG M84`]M]1=>18W#75=;X-W;'5%L_;=7ELW:!IO66M4^X&EXBX7^Q,S)VDV_DF= M!$1MKNH';RM;.Y97:YKZ@;2;?`3NIJRZ%D6-Q0^M&YU.DJ?FS6[!M=MA;-T M1H>W#(7]6)V;IKJNGL%;SX^Q:G_NV52V#(-KZ\I;]SH;=R8G230;U5$2M<>V MCS49W[5?MR6RC1X9K"Y6-F2]V\AJ%R52-OJ]PGDIL8V=KZL88>J=V MYVIW;DL,Z')S72WP7N??+F@B:^VD;<-@:)K-34OA/423M]LJ^VK<5O@8@VGB M!KZZ^.E6AULF_ZVQ2V%JU"--C=;ZCKF>@/A65WPDT06^/.BO5>S&#W#QZSM5&??76 M7A@NV=XYP#_V'AH]:MIS2^)J@U##4,-0Q;`?4E`-SK='L]I?&UTDFFS4U# MW6RGT>5M6^$]7)OK"A]MXP.-]:5A1TP?KJ)1YO5+7UIM;FN<'6(;G`(.Y1% MKRZB>.TB"A`PN_.\,HI]C^OK&8VO7?7%6RKO;O..POZ"R:UU?2H.&KNVPD?3 M;:6+@DS>4CC,,KBIJ2N9QY;&OZ$`OZZYJ&48 MKQ_'US,:M^UTMBS>4;@7F:ESVUW4%OO\E9;W:#!,@VN=Q17S>[W'Y^(?K! MX&=K2@^`U2W>JD/V.F3?X<;+OD?F]83&&J@:J!JH`P!JB2788HA>3VBL8_87 MBQITKEOJ;H1AO:'"AZMUC;=T=3=INQ:WN^J&M"V+ZPHWIC!TKBG'J\8RO=#I$TPQN3R>T6Z!+E87/;/% M+86['UH=0^G36:8)^"E<5/K)BP_=6,0PU1Z>NAQMRZIV5Z,H&$]Z[KY+'N= M@:N',N[B^&:PEI45[CJV5"X&TW+4G=K&"CCL)A@\+3)@R%&^S4J;=7S\K; MK6?VBM_SS%L]E7'G9I.;NKKJUU1X4O,W#.(X&-QTWC55=N=43GWNNJ6P>DM M=0.HVIU[[9U4WFVM4>E[G8"KIS)N2S+:W2[O%S$88(7JG!YL6$K73YEMEN\ MJ[+1-\$=53CC;6.%F,KLX^V.NJOOV+"X9C^;??7.Z,:QFH%E$<^L<-OW=@-U M(\`:IAJF&J;]A6F)"7@6T#L#=4;U_Y1@T7#E\]"[QT__^BF-3\:.,_VY+\83 M$20?Q10W-H+QN1>[?ABGD;@57Y-W?NC^_6NSP=B_RAM\'Z[K!<,_G>AO@?=< M8(5++)@+Y@AN^BA&;X]$Z'^YN=!;+>,$_M,U73OY/\#,^-_/?_2U;X8\(UF MFOH7[8BE@2=O\N+0,O3VET_]\R,V%XW?1K6S-;<'\5\%5PS,%[ MYT3BG1.+X5DXP=_E;LXV8=5UO=N9!78I$+.`?J:1C&+8NQ>1,Q97Z60@HNO1 MN>>G\"T](;Y.DSAQ@B$>[/MN#&)Z9!5X[>A70[=M4[-,NP3^F8!MA-7"74`< MS]T:3H;>-=JZMA:GY6!)C,37Z?#GR\#%J1/B7,A_+X-+.E]YZWP5,3;,V9< M&:VNI9-<;01+!>R>%XTB0CD;GK95.%NMKMDQ2T`7WEZ![-H53O!>_@IKF3[V M173ON2+>!:QF1S%3%34L%:C?I;$7B#@^%[$;>5/\%9C3!\/HC3S7"9>ZX9I M@$;@!NYW/1$7YNM;4?H5#69F+Y\SE:[9&>_)'>"H7OA!(_E MU^>_O&DV@!@."\+@A$Z/L0$Z(FP:A??>4$3XAK$?#N!=?CCVXL1S8Q9GJ_9 M"(M.`LE=%;C.WC40QCYPP>XF04B@0]_XS/"T0COX,RKPM]L9(]B;`A?N$D4!H`5IY^!]NG(<9,TDEX4O@%DFSF`'?RT4)S`V9$7.('K`4/!C4D$^OXH)`ZK"]'$,UU;42P]E#U9AZB<<9"`"3@7`N%$838JZC8PR0`Q=1L#(OX(P;!@&M\ M_S'G\Q#^6(Y<@9(7-!L.**YH"!<)]N`E(^E(IL"SUUO"E@R$#,0;'PZ_"ZF MB7PZ!%SX__:NMCEM70E_9X;_H,FT,STS#M@8$VC3 MSB0A;3FG)\EMTGL_9HPMBD_!YEAV2/_]W97D%P@D(8V#3=5IIX%8TNYJ]>C1 M2EK#ES^HD"%OH9D`,6@+;$3`Q!-J(SG-67EC=PCI"`<&S%(3D.`?&%+\>TV4 M110`Z!EJT>8]#H7]BW^&&YN["FW_8@&)P3&S9+90M>&FT%KT^@D$S%8!_ M_$5LT-N;0,&D_:4A5J\E8XQD0XS`WX]T&,9@V:R^5@??;F_HI<:N(_`YEC$- MV=F.'#9RN`H+1_@&0-L1^).-/AA94^B42(YX)T\;2ZWZB01`8.X]?IHT7L1F M&&<3F3!,J`:C!?0#'$@\PSLW'IMEJ,UI=;WN)'P2`27P$)O!L>D2JQR%<9 MC4(@`]^$?^B-B)7!G,\K"%.8!30:Q9/481-0]!!=;SPZAR[$>_J`U@Q@&X09 MPVR#12G`ZY1[+\P&C#()?PBO_)WFV-'@WD/@-)$@YEZ4YSW)3!'"S.'QF=S^ M5`):T^XFSRQ[-Z@R"P_);M`-06[3%7""0FGK!Q<2UP?Q7AU#4002)U)1>X( M!6+`D@^!.PAQ[N038F;,L8V:XN2,EDF&>9AZ15X:V7@R0M`&KPQ+T[L&PB4T M_K<=.N-,)],0P,=1XY71UEJF)9ZLU_K0`L9WEI_6>^"=TA8";N8`NG0?FP< MDSC?#OE[1W-XE7&:0(&))"C< M"V#](3.<\?X+H%]"\ET.V'1XV:,1#SE=QKG8WPI M@A[AR(TD#2<&T$?!4U)7%O##RR5#`6#@4C!90C2)NH[X/U\IM(SIMC7%P' M)&0":E.9-\2RN46ZQ:>IR"82S M/&=.\3V9)X0S`R^(IS,!5GQ)(=Q:<,V0;^`@KJ:(0!4YHO!P>`)[$X6;MEJ MA!L=70;ISGX0"$O#L-T>7W_[@DW.V;C+?G04-8ICIQB>/=_V-E`G6\OM]6`[@/@Y"8+)GH[55["P=4A'M_MF^_RDB2-0K\&0!-X ML#'7)M(@((6Q4%#&W9@408P8B=P.\H_0LR6/$]@"HKF9AC`;3(%0RO'"<0%8 MDR.>LS.MQ63D4H%.V$#@\W#;%&8F'JX7Y"B+CBR":,FO/8&(U`MT"_.9NLU3OE@/2:"A'3I81CS=EX!&-B7WU9U<+UFF$B>Q:R')%7C5XA,]H.%>B7J"3S$BB-@+&E>, MR[O#YWY\S,X&_/62V[G1IS"7[W_#?6=VB%:A5W0D#^SXOC!EO9O'HV\#U7P M'/LU5H-[!8S@9#$D[,H]<2VK+_M.C0A:)FIQ`D4SM5;271D?Q+T(2L6:&M'` MQ8#??2M"'!`BVHIK9%QFLK>;6X9;(7^(\KZ]NCNG='U"[KN`$XR&,>YDRK"_Q M+%\7W6RQ]3_FTE-QAXD?4^7CU\\@I9X\,.GT):/:R][IQ.@8_MY,-L4(HQ% M&.2SPSB8@-,#GYL%3/PJ)$VA$,UN>ZV!O1<_]_T<51;40<_46OCR8_DG2I6Z=/O/IB6::F MZQO?.U4WOS=.Y/.$'%CRIO[<\<`2U?.G\M]Z_^6AH[']Q&@<.#\P!-L/&:^ MHYA<$F=N::V6P@R5%&7'.Z":?EXQVBUNX>#N81PZ8WY8F>_4X[FG7(1=X'ON M,1&35SA?Y/5^HZOIQL8IB=7U?H7OE>B`:OEWJ9GX920V[[+]/ID+G^WJVRC+ MX<&H1F;O[A9(86"ZFIU0#7]O&)4_,J^)4/JTQ$>%^'[F1015'MHOV[#41D MXVS]VW;ORJ&(@G'EYCL6`E^Z-2$.A-U_VJD,6+V5QPHX4;"3`A9'6\PBA@!F MXJ'R:&GI';_)*5C:WJ[6!6;I+L;/SV"67BS3WY":^>V;:9GXN(%(+"'S>^ M`XF7'N&_5X9V8S(D:R`^_D"W:9F&%N.GNSN/LX;0V7`+M!Q-W^M=#DV:%0> M[MW.O;M+HE8M4(VGW1?OC"5Y&Q2/!".K:YFM+:\7_X;K$[:RL0OXY1C2W?^^JT=,U24>;"+=W5 MS[B&2_ASUVM9V[\@LEM6[IJ5,.$N0N3=$[HLJ]UU^,=(. MI7MIJ70OMW+ZLI5NIREQYZAT+R^<[J5[GV'5LO_7ETEF MIZ.UMWU&X7=8D!YH[>I=IF>F36S:VH]H^KK_G)AMLKWLJ50H56]`%;E($-= M3E)NOO-73%6VE]B_!NCI[6V?3MO=X^RGA7_JVRO2B(_A4I.EI/K]RMI8[3\15KI>MN;>IZ9W)<&H'(@H%%=NOF/A[XLD&(+OPEWSVE>%W$4N M(5O=%1?52[E^K!QBT)O&$?B`D!8K[G4F=BAB%X$(^)Z M-YY+?9>1'C\YO>FPF37K%F<:O_?TZ]7@Y.C+_M'7P:?SMZ2H M65>Q)T5)BMJJ:,Q6'(/SR8K53N;0YWF'9L.6U)VS`UHUNYA6WE)KZ>9JJ< ML"_ASZV69IF5"SE6C6JH;5UG7N^_ALI4O)27G"TO\-^E>?P=WUU^_(E\'9 MZ?[GT\&GST`\NOC;->GL](8UBR296JG-[`GB\.\NCOK]P=FG50E4GP`/+QZ> M>9J8`L6.ID'LXT&;>BTY,$F".74Q@!6-Z5(0BR0Q+&!S_-<1U(T_>&&]%LQ] M&KQ-\N>FMN,I#DT&N1J3!E-#V9JH$SL1GS1AXTB-?[ZK5U[8$XMN.@K%"C M_1.=3R-S^!UQDZ`RH"7/)6XX77PW,8944".!#^K]S)2SQ'L%-/[4<6"' MO$C?@RZ,@I`ED5"PBDT8G7K[MN_'N!UKLW$:%N4'N?1&2R?0281AEI6D,PG> MSO\S]FG6I"';Q.YCN>2K6`LT&X`(-O^P5(SW@J'?WPM-D`D_'3;I[\KS M4O\+\?HJR>YK`%'OGLJ7?:"AOR9OL><2<#BD%[1V^AX$C@_/M1KA!SRRDYB M!HC+CL/@!PWM[Q0J.`>SA9-:WR.Q[XE"'@O:+>/@^MME?X]`!WA3 M>\+>[^V;>Q]:';W=!6?4I8/E"FO1<"B\]%#Y0I5PC#TKM7.?$HD7(Z?`4W MQU\[3CR#1>A/K!@D7NMUD$F\4H!<@(FE^7.1V<+P#=(<](61,A'Q)"R"LE M(9Z[D22\,KK1S#"Y"?XC(`0(?(#$#AC.@6`&D?1[&VS.9_/&XPZC>_!3?-D M\!?("7\.VAW+L`Z;6;&DXN9"S8<"_K-V6`2(U@>\_X!"[>L&_#UL9M^F#P(^ MY1XS]TT#JW9S#QTV1&;9_ZP=3SUU6\RC99 MG7<+'S9SLJ>J'S9OA^$$?O@_4$L#!!0````(`/&$ISSX1ZT@P``!R9```5 M`!P`97AP9"TR,#$P,#,S,5]C86PN>&UL550)``.&>N1+AGKD2W5X"P`!!"4. M```$.0$``.U=W7/B.!)_WZK]'WSLRUW5$LC'S$Y2D]TB)-E53D(+,U=2]; MQFY`-T9B)3L)]]=?RP;,AV7+`2+O9=A0EI2_UHM]8=:RN??7L>!\PQ<$$8O M:\='S9H#U&,^HO=5KW]W5?OOUQQ\^_Z->=YR;Z]];7:=#`T+!N:L_ M0,C)J_/-@P"X&X+SY+XRRL93I^T&7A2X(?;KW!/ZO>\^-F1__H.?O7MJGOO MG!P=.\XH#"<7C<;+R\L1^$.7UUG<^9''Q@W'J=<70_^1<'GA?#PZ._JP_)LN MBZA_X9R<#LY./@[\^O&GYGG]K.]"O>^>0/W3"7PX;W[T?O'._.5F;0X)?SYR MCLV;Q\UZ\T.]^?&I>7S1/+LX.__W"CF;3#D9CD+GG]Z_D!I)99,5D?SLW%'O MR&D%@=.5I,+I@@#^#/[1KM@)@L'!4_%96T)_FN?!T>,#QO8]VEC3EC[\0WAON>-8.S6"16A2[V5AKSK;'Y^?GC?BW";4@%R+N MY9YYL6PT&'24%/G^IRL+K^J'Y_43X^/7H5?^U4.^)FS`+HP<&(>+L+I!"YK M@HPG`=1FWXTX#"YK\#KQ8W$W3Y/V/UTS+QH##>>?+O5O:$C"Z1T=,#Z.N:\Y MLO^OW;L5&-@7^"1D7,1%LY4MB%I&UK=-K9E_BY9.'_V0E0].4QG<$LHSAIQ M@TW3$J)WL,1A,1S@[U`P\7-QM`0N`4 M->$9ML.RV=T^F&Z[8G0;L!=Q1WW"P0NW8WJSNYTQ_86%()[88HH7HXJK2.#N ML0U"(^3B9SW%O5[9$AQYCV7ABW/0R,0HMEZ9`'Q"/8#K^%5P+SO;X"[)T;> M05")2J$5OB;""YB(..Q'$+D#O0/0=-C.H#?"E7\E78LV&T^`BGB7;G'NTN%L MVJ8IS:,[E=^U7ESN[T@`^)?$9IQQ7R@ ME5_C;=\+:`?LO(/0;EW"_W"#:&G\/>VL^2.]`]1[)D2;Q5LWAD#3)39VBC-G MF'<`V8.A_.S"A'')PKZU7&>\G<'&)31F])J-74(?8-S'@/$-8+)ZF;'HI4&M MC&E76$4X0'WIK"??RKYV''8D3#36N-@W:YJA1,P&,H)3NC)X("-)QE?G<#;V M;"!TDI+(,1-2-2'KCN1`>1Y`X)P\8V,'\_KS>-9_/C3[.L_9PZ70-/I]@-H M1UQ&`?/A`K$">)4M?(-2#D-G$)!`>@;_P"D$4HE#0FX9P M3]P^"5"[-2%DT)N$$(WE+@!^!P-A+GT#B-TS"X3&0MS0\J3&>`0E<#]6+ M.;B^'^]"N!^Y!'6I[4Y(B&_`I:"VAS[0D`H5-PFOS3,7,$6$QQJK,2#' M+#^D4_WL!M+S:(5ME_,I^ARQ5ZF`H-?6'+38%^F%Z";EHE@G,\;P-0P`U<'' M?2'1CD)[EM>B"C"6]O^/BU\88O),^[Y"@.[/0 M@IM7+XCD250!\UI-C0%;4@2991K=,0"'Z.)`.@`%78K`J`\E=VE3RC!T(9 MC\.I$##45K&\06:,X=CSTC'"&8158+IPK\RF-<;Z(Y_MW87&-HO2(-ML`CR< M/@;R[('Z$0%1Z.A,5"]$>/A M$_#Q'7W&W23.B"E@9):8US73%7),&WR@L%JX@8\RNPCHZTPY0?A3)K\L3D MML-HR%F`_`P++,...E\(9RE?U^K-Y^P-EX(Z:<#\94D9S#.,,RX$^-ILUYP5D+4O\,_XTX22VD9>UDYH3"62. M39XNJKH\C?)%.POAP`V=9938)\.`9A>A)""/C\$T`J/:H'RN&D;RC5O=AFL M9B(GG>+C`P?[2ND6$\."&O^L4>^?2`,.=FQE+(9P<$.2N&39%^L`>I;@YG M&7Q6FB3=MBV:YK>`+\Z?IJ(X<#W8552R$-B)1;NB.E>890[6C_!3';'(T&M# M5ATVIZ@M,OFE4&=5":2H+5)OO1T@,[68XK4HQ-;#NWEHF8U,36`ZNL04@Q M6Q1]ZV'6R=6F\"VPS6GO&R536JZ+8K6=YM-S?>(ED5DD:G?GX@VCRM3`;W% MZAHT>CJC2WCG&[>QRIUE+%9F"R_^;-%^(#'T]6%9Z`;YXHHG+'(JQVTR$ MG=NT\S:C@@7$G]V.W.0CO\'N>!JT(Q&RL;CB[#MP=P@83\6;:0_X,_%@_9BL M3,L=S7V66[1OR>64""U49R(O]2-KX@H&C,-2W+9N MH!#+:B^)/7R`<,3\XM/O]^3`L)B1^=D"NP**WK+JP%E%;;)"+Q;TC!]U,=X* ME4%VYU.>2++@?%]);J[.SNTSCEK=A3C4R!>[@M@8\QC\IM1P?,J3358W:)" MI'P_YB!C#\G.KF1/.=KEYI^)R["LLLD;;S\4<,]T&EFKA1R55XYRR"+TFP% MIW0$4S]PP5]>(:>JB5D@9?6\H)')D\T_3DZM$2PDQ79!9HL2^:8/`^C4.# MK#6836BPBC1>]BHQ+7YMKD818A.`(GMP^7>0.I:ODCD-C.:^5#&ES&+II!ZL MK`/0`YV7-;"RLE(3=G%Q\I2RSST1;ZZE268A=.ML`Y6EE[JS&YNFL?4DP= MU'FFRLK#!W0^?ZOE:49!K)[Q+-"H2L+(0S+,B<8,;6H/,%-':M8U%U&/E M^7`APC>DGA3GP/62Z(H$%^]Z'W%I9-%H2^UJ275$G=DCS792JL;)Z+"?_ MMUI-4]86'D%0!/EIN>E/>LN%IOYN%6U^X[^@=6UM?IR"_C?%11/U=Q95G/ M12["YXR"("NOM"D!:IWG6'FS30E9N\IEN\MM)JOC-A_^-O?NVW^BV48HW63D MZPZ9%$^L"^@S>R2^3ICNHT],LHY[SS-!.5Q-OPIY!6%ANEI>2)[CFPOQC"GR M\/L=LV)OIST"JT1!Q<`=>0?KQLIT8?Q%KR7CBTSC9YM+[5>=&!4V^W_M MV78P;@8#W$HZ@YM7;R2?1._B?M.AV3JEP%6J"W-`7]$,"-2E/9]E>J@:WQ`.`97JH`LPN3".#K>`SF#IQG6,O#2($#RM^/I%)!KL4H;F>R8#35((Q\.@/E&WCJBE+M'JH!4RJ1 MY"VG1C:+^`"+>G?+Y#.1?W85%^XUB_KA(`KF[JF:;763G7BMCXO]0^N"AEX; M@X_$9D6IJG+@;&S=55OR"&N54%H^T-6/A.S)P%ENE%6E@+M24"9L9&5[VAM MZ!R6=941!:5(I2/C]=JS3(]"2N/V;<4A8:/;^>)_'9RV3!;VL%XQLDINFD M65K6#I%I5AK3M!%)<$V/E4^S;"67+X@1%&?=![RNJ#):5=[RW M75(Z5T5MNOR]G3PZEL4%\(/>K7LN7K5RBOGVTFT9.61XI[Z02N=;FF,XC;[ MWTPV>M5<5EZ"?YNH-(O%MKL?_^Z7&[ZP$'!_73Q0O+CL(XB02BZ@=<@/$XF M,VO>(T-!L23`7>B(?%+SP'Q4%Q/R,M5(+.C50.SF"4TP5[`1,2ANLRF/'8& MV7YEBW-YA)',TS2EF:4`6B\N]ZN+;_YF_B/PF/4(<.JZ,,R;'5-1MC(/(` MXS[P'.E];L@1^JCM^,/_`%!+`P04````"`#QA<\Q9I8&A42``#G+`$`%0`< M`&5X<&0M,C`Q,#`S,S%?9&5F+GAM;%54"0`#AGKD2X9ZY$MU>`L``00E#@`` M!#D!``#M7=UOXS82?R_0_T'GOMP!=9R/W6T3;%HX7X5QN^O`27N]>UDP$NWP M5A9=2DKB^^MO,F6;8D494NF:@/]<8>4O,;DC-#SG#T\=>WJ6N]8.83ZEUV M3HZ..Q;V;.H0;W+9^?VAVW^X'@PZO_[R_7QBA@)L/:(WZM'IW+K!8^1`+JU/A'OVQ/R\8\6_[]CP5=_7HT^ M6:=')Y;U'`2SBU[O]?7U"#L3Q+HTZOO(IM.>976[RR?_$3-Y87TX>G?T?O67 M$0T]Y\(Z/1N_._TP=KHG/Q^?=]\](=Q]0J>X^_,I?G]^_,'^R7[GK#:[9AA% M_#G`.#0_/CGN'K_O'G]X/#ZY.'YW\>[\/VOD=#9G9/(<6'^W_P'40,J;K$GD M1VO@V4=6WW6M$2?UK1'V,7O!SE'2E9O(P@Y>_YE9P7^VQ-SCRB;]#OL]Z" ML//]=U9,?/'FD[4&KV<+\I/>GY\_/=C/>(JZQ/,#Y-EK#7EG>4U/SL_/>]&O MJ]3`AQ,LR5?9>M^+?XRI?7+A1\_\1.U(D@IP+"$%_ZN[(.ORK[HGI]VSDZ,W MW^G\PA_XD5$7C_#8BCB^".8S?-GQR73FXD[RW3/#X\L.?ILYT>`+[-I%OD_&!#M;P%#L>,]`[A'# MVPQB=Z#9QP0&[FU0`-50>X[P:8>3`37O!N6++=U<'T-??[USZZ@\\AS!L M![LQG>VN,J:_T`#[CW0YQ,NG^E>A#[K8]V^P;S,RX^/>]YP',O%@Y&WD!7W; M!I,1@(V[IRZQ"?2#WX(KE]K?MH!;$R-[$%0\IWZDI?N,(6^2#-L\I;E'<_Y=_Q4QIQ[95,W;'L1Y MBY@'<]:_QRSBIA[!B)^R#XA_A6#&!>,!5GZ#M[H74`7L[$%H=XBP/Y`;KCR_ M)LTJ?](>H'ZBOG]-(]4-^Z7Y"AN5XI0\9@\@'_"$?X[PC#+.0MVS7.5YE<&& M)32EW@V=(N)]QM,GV%YN`2:OEX1%Q&Q5+@6;HL5VB^^&WD?,(]?M6$G'JWPN M6Q$OZ#EDVDMH>KQ!C?S`HT`-@1+J.GB,0C!PF_SO+LB!\=K?$,>@![#M_EQM_R MKBK>KT<\`!>@;M8>[?)3#LIRY94\!ASX6&RAWPO][@2A&9?>><^#>1/]Y6#" M97C>/3Y)SC9^@^^]H$;AW-TYZ+)X@DN>L+N92?[>T\'B]8A#S+VND$R.\(3X,!&\X`N:YLWK7#(M M#'_"$^3&[/3?2)ZVZ2HA4WL!LMO-ME,ODZ/2\$[P0/XYR:W$D+]3#^B)W=S M@B(M$R$1X;XG^83Y^HFS,-UG]?LICZC'VVSBPXG(MN$M]3;=N4M!DS.I4. MZ>)A5"A'BS('L\L.[$*/CN$_:!)YTQ=\=XN=RT[`0IQ^"?M]<'-OW:@'<-/C M77''FH&59##[+SNG'2OT`0:-SI11;6+8V(B4%TC6M"Y$<71\R@5A**8-?ST% M=68P(';EH)[=P#@,JYT"N_]PQ<>,!8A,I%'US'(;&F MO4<$YM(UFI$`;9YW%%'K8]_W<2`Z]DI^U,QTFIC MG:=V]CV'?_#LI!?D\A2.?G"-&)N#%Q6EYPB@J+75!PW\%Q)$2F$;/,8PRQW0T/&D+_0L9"V:`&/%TGZAGJV);^9 M-D"_4>J\$E=DI98_:V-PP%,Z)@0A:2!-A"?B1<=3<"ZQ`S[(M8S M9-H8CO8;JYG#F$3F"ZT2_FTVEB_9XF=+'1L\B@ULDUGF`7S>Y??__$VMJ'/#A5/@6U7\$'V1->E1U6KRD^+!D`F)0,J8\^V&"6E! MRA#E\1X3DH24H4K/GTS(%U)&FK=I,2%?2'W6BK`U-VVH>/N>MRPW8\@F)!&5 M1BH3&22UPE.)MKNNGAE=P[IL";[K5T;;K")JKL.GADAF4E.4 MS77VU%`6Q\Q3K,WU]=2P%J:9+&>-M?34_6&JCUJ2R5C:BJZ>L@\Q=HFHU>: MCYG4M1QYKSNAN;$1=,YU&3OLV[19!/A4KDTV8.M6R["9.14/$UV>.L6CTJD M.Y54DSWGVB=2V23^5&Q-=L_K%IOL!KYQ-^+>+DSM_2D?F_]%WPM/"P5Y!)5UK^^N MB^O25_YF@CO;FCX%(Q#-QM4+KBV4ZJ/)MRX@,DY9-$\=B?^'Z9K6PQEC;HY[(LKD2DU:6\#E,G059@QD@;Z)RGTIDQ(RRL-5S2B33YCV@IB M?O4=74EZAQKPT+=[S[Z\JI1KE'V+`__F:Y^P,T;?QU/1K9"LL8P7'![14A>S4PH MF&^25:W:5&/QA]1'W7!-!;6M=`&8_/-4E?()[8`0#YM8UB_(6X8",\>1-0: M:UDLPF5WX'/$V4$A<#B<\3?MPJ3PK_"8,KR2(KX9+8%9M-Y+'"KXC(-GZA3? M<-TG!YK%#,PGNX>^`/B?2AB%IGQ9-(T`D_0K;7J32RNQCR6)(%-TR%Y/IJ M:Z`GRF!6CW!T$B$7NX"X/3>6R_@+#EE(1#M.DTS6-WAG7Y?O1!AAYB`\"Y MX3S+%X&8OA(?"_ZC23%]5EG5Y299!'J7>8C)\QY!N&);\B?B7 M-=$+I.P\+VC44#`%^S_%QCJKZ8#[)5D@P25J)L1]F)]880PA)`_V!XLQQ_:%& MM_?-[+\B%P,[_9?HG.I+R`_DA^/D>$$U#Z5L+TV#F^%0=HY4K@]]L:ZBLU0> M!U)%9@0HR^'57:Z;T+TO23:XHB+"<%X%=!%QR`F1.&5!U?@ZYD0AB\SEM)( MA?98?,5@95Z;"25SRF"5[\=-J)E3!FTV%&M"H9QRN_/UDA6BHW3MI7-JQKT1 M\3"A@LSV<(O.HDRH[,]>B7@S76I1(<:2Q7JOZ]AI_E:2<=?`57@C(X6K^ MN\]+RB^W"7T[("]1ZR6;8>3C&QQ_ED(HZ$+C[;2X;L#QA&8AL]KQC6B`NLL%E[W6['.VOC M,9B7X?CVS7Y&W@2/P`8-O?PY)D._4IP&BR#$'.XLBKT]MHO@-G#YN#8?>#?%G2:&_X7A1S#\7 MJKR-_GN%V.=%=07,;U+I9'?--`V\15&A14`K+2XDN2]:HH\&0DW>H<6M0>9= M4Z4Q2SNKY"Y"]MDKTRG[.F&U-@T:EJ5J2NI1%WC9)3IH$DB^+E(E+--TBHVU MWT66ZKL5DO8>K%R>_V3.9M"=8>H1`<&@"Q8_EMTU#30<3ANAY'-Z\``D-N- MKRCIH%6]]Q+=&``R.U&MI''7N#/12=X=Y0!OS;&3A1.CTRP^L(MVTO3X.:_ MZ+H,U-P>F@!SA&)/<;<\C/L#+^-4R^4)X3#2G?K8;7&3 M2G;R]TO]H50U1JV-OOO9N0>-`N$B/5?+L_D!+0WXBMB-IS-XJQIY"XBZP-O M3-DTCL7(74;5UOJR2NH,+&^D`$HTF0F7RO)HIPF7TO1I!R:4-]A.,HI)#"94.-@^BKFQH\L] M_3.AU$%%$E`XCC>A0$(UTM@Q2=$^@J["4KQ\-2$T@O5S)@R2/:RS=L+Q6% M'`!5BF.99I0\J!:L4C"A";41JA(&&4"C";45AUZ8BS'DPHOE"-:,HD<9E0 M6V'[K)[BP@3&^:W;'SA5>-IB0F&':N17)FU.>\6'MNQ4Y84O=E@:S77I=T(O M-4:'4SACFVW/X535'?=\W!:I2[9ZV]HD;-N#-7YU/`S?6A%6V=:JY/"EF3 MJWBH55.TS(UR&5YYU9WC.V3IK&BN`[P3V(T[PBE>-==VSR5QOM``PSXF,<[( M72X%_RKT00WX_@WV;49F22['`YEX9$QL?GX2Q[I`Q]U3E]A@SQ^!ERN7G^A7 MD4&[$P/)`U:S:W?JK[W8V.;8KN?8MAO0)GHI%6@.[6FVA^JW-,:T+8WT#?'Y MB@@9WM)TU5%=)(^I?-4D;=):K-9BM1:K^19+;?VW1NG0C5(Z[$DAVDQ&4)\Q M?J(8[\[F4T2T.V_(N;HMV-5X\C7<54_I;66K;5LK:4YUK)R+=,:V$,WL)L% M_?6;2C%'^:I3-^:K]9\M>;+'/,E6?FM(3IX0Q2]KDO@M7A.]MTZ.QY2"N)K M%;"1$V6KH-?6F+7&K#5FS3=FE6F1UN0=NLF[0X1%F7#I^&^;+5A3I)SE:^B MY&U:T]6:KM9T-=]T6J`UC`=NF'BU[CBES!/L&?/5Z9!+5;I@%2Y1'+Y&E+2 M0+]J;^U1:X\:8(]DBZHU1H=NC![B&3S",UXPT9OLSWQ@R2B@@%"E.AI7Z5 MW]JIUDXUP$XI+;/68!V&PH'M#846^$!9:@?4>LB-L1G$OHX'WO\$4_(Q_#'_P%0 M2P,$%`````@`\82G/#\_JDI;(```4&0!`!4`'`!E>'!D+3(P,3`P,S,Q7VQA M8BYX;6Q55`D``X9ZY$N&>N1+=7@+``$$)0X```0Y`0``W5U[;^,XDO]_@?T. MO+X%)@'LO/JQD]Z9/>31602;G@1)9F_O!H>!+-$V;V3)2TI)/)_^JD@];9&2 M'(=4'S"8CNTB657\5?%9Q1_^XV41DB?!8NC']\='QR](S3RXX!%LQ_?_?PP M/GNXN+Y^]Q]__>,??OBW\9B0+Y=_.[LGMU'((DJNQU]IPMD+^:=/0\J]A))' M[R6.XL6W'@3&@IRPZ+?)IZ@(X+_#T@W]^0DX-C0N9)LOQ\>/C\_'Q` M@YG'Q[&L]\"/%X>$C,=%J_]0#'XFGPX^''RL_G(?IU'PF9R\GWXX^30-QL?? M'YV./TP\.IYX)W3\_0G]>'KTR?^S_R&H%KO@U$N@1A(`TU#\Z/AH?/1Q?/3I M\>CX\]&'SQ]._[M&'B]7G,WF"=GS]X$:2+%(31LC[WASGANS_^@2CBSR^"U0H\O\_) MCP__^?7FP9_3A3=FD4B\R\5Q,J:BAZ?GIX>RE\5M6"?A:SE)O:E;CHP2+04 M^&FC#`%KX?0R.JA7_/OGY'D.CG^^NB%EE#@Y3,9YYWE)5 M$B)6\ZK>'2KVY)<(WQJ#]"6A48`UJV^QO$%1JGK4L:P4JXW]6H4A:COFC2(G MRI@8%0?K?$/MIX^3Z82"+NO)4W">E%RCF-DKPY M>2/[UJ(#POFD;S&/J^D#:^G%P:_A!`LL0B!'QT2C\<\/[_Z:$Y.E MHOY!55WC]HS7]>UQ/V\:_FQA-Z,X]&,PJF4RKG$^Y?&B575YVW$G$0]=H^2> M^I0](5L_T:0;5AJ+.$!,$Q]MN.%%F1$)J1#$"\/X&3THF<:4)AN4-&4PV]79`V,Z%!Z!4-8#X5C@B,YS"K M0F0!("F;183).DB"E3A&E+D?UN!DD-\UEFZ8-V$A2UA'+#70V\?2)A-Z;X?T MA+XL:22H&)$E9PN/LW!%A!?"'U1(A'$:X@2(^+%(A@`M?;I M5.@E7<)`P^2D&OX.?YQ%@5GBY@G['?Y_1V/EY0GJSOHN@1^^_OE"T71B3N MIGJ[P-T)SQJ@G=[M3AG$Y%PS]>N ME]ZB3>^;&?\M[LP]$F\<%D1N"SJ\0@JD[_@9^G?EA6/%1=^RBL:_#P0@]TY MR#1VNML>ZF>>]&49R,/)H_>9M>$WOYXQ/L7]PWER3Y]HE-(UG&F(=HSP((8) M.VA(KC,[<:##Z&S&Y7$=P%/226#B`C_EB#WP;?FF/7X$#;,8%ON">"2K'Y9% MD8A#%J`"?R'/T;$FP%[8:55[@BSRR9$X1EB+N-,4](Z#V+ M@S>9H#1YRWX8N@=;CP4V;S1`]CD,K=T)T?E%W%_#([)ML\,VK93>]5A\W! MM@]C?.&K7\_`;P7HNZY";[;6 M_YN_6P#=1J,Z0.4T!(E<0$6K/H1!LQCN_),0-!$Z^U8_VO0HLD5-SS[&"0R8 MGB1YDZ$RP0:,_G7L&?-0]6ZM.9Z2O8=`ZYEPO16(>?>PKF@&@<3?< MV@6G:7C<$&H84&W;-VFD=07=EIV+C(JH,FYW'4PZUN)B]^O^\U3``E:(2RI\ MSI;9<>\#FT5LRGP\X"U6R7>P&O8!6(_T)3F'-GYK6ER]JC[;NPFO85;G=^8, MUO(AE1.QA;>"M3])A5JX![(9^`W#B(O23G%Q3)^`FJ6K+X39)Q)%?5U3P M-""BYRV>Y'QEE<&:W$\K8=?5+66U]=OH-6'=+'`_1`0L%(/2LB>4W.5NB[ M,1B,?]J%3H;.W`#$UC%?_!>R),7XE[867+A<;X"=O_AA1M[B_W6AQ;.C&D M&VMPXUMNP.$?M"S^)L:H-C"_1(%IWO0FXN!-9EC5H6DJ)MY0OH?$XXD3"2=T MQB(\V##+:6OVT,OJK.)[@H:F`>YDSJ_CGQ./4$OJ?JW%PPT53CW)\U\:5": MDQ%Y?\:FBVE=EKF4SJWAF<'9;G\&';DSPWBQ8.JX$AF.Y62#1CC5P!(Z#+24 MLFEL9E9THT!92H&O6LXI\KKU1PUL'33@%%]Q])#`C/7.X[?\`0-9`CG^@#D\ MS#VN]>X=2EK&60L[!JS%$1%8%$]D.7G"4JY1UK%7UI'610=#0)OD1EP+D991 MNOHNK5&[0565A4Y(4J0#@5&3NC70V1!T.'"Y31.,G,?K&ET[K%K$)7`J?'1" M3US2#PI"#5U@Q-&ZW$,`DW'W8YW,#6B,2^3F`8O\Z>#H&%?%1#F#S(').=/ M%321D^.3T<=/IZ.3HQ-%3:#I-5U(J0\.ODX^G#ZH4(YJ(!I7:]J,+GMPEJS M;7\1B^3VJKSS`E?`./63<%5$IB9Q M=E-.WFC;O+]5#6U-N!<)W"A7E]1D4OEG?)MU%"YE>97R9UM?'>"8K&SW2[R M[NQC>J'N/I[S^#?O1F%59"\U?Z0P4';)^TEG5A,UN[,AVVD)E7%.>5X51Z(,!<%`9`[HJ&V0PFX8).;0F69K%L)J,)`>A#$CU9:X' MF:ZJ5DE`0P:DJP,BKZ4"0.DLYBOBA2+.XD]Q9[7,S-@S:2^]L\B3I\]3NS:-=7)9R==.`<;\/B35JS M.YM.(!8`QMMZ((B62#0"),MC4A6SE6VI%>(DF4#EKY9)00>2A+@#L!JLA= M#H9@()5$LIAOJ:N5-!=S8RJ-O'2QETI!E;UL,":SE4C?A-T8\:8Q'KTV'%I0 MF5EV+:&LMG?U):S:C98-+;X&FD2X0Q_4`666W!V6F/##62+S(`^#J:QGRA6&L^D>A?WO8&8Q_F='XY MTK&I/@3W;.JAU0J(K_D5?V/W=VH(4EI90]G&\P6&SF]M>7DE"?G3ATHJ%BO M_AN?0O'3&OIG$?+0!O:LI,>58+((JX.>EH5GI_TF(4=`%CP]D;5$I)T`I MFN\($WD@.""0;"BZ&2)U,9T"Y"Z/^-<<&#?3609'K?$V:&2NP_4QL5'!Z[#8 M%-`I!ZA)4-WR)\M0P#;;.MYI''=W575K?=R(8.S%>^7+UV'DT)RPGFKVG= M3&MQ]=G(@`8#\KAP$>V!<11BX7F,:>J"X3]5H8 M#(HN69@FVBA8';5#)&4LZ/R)^O5;1M-:CYCP5-7%8!#5MJ>FIW>(JK9]+N6C M<`V=(RRO08+H86@@,NY>F85W!Z3IE/K)[?3+BS_'O;-[F$_=1LWI4G3=VJ< MFW#KP9<&@:HO#-<H(Q^,J];>\5C;(=#G;]&H-K'U5YV3VK?:<+H`)[H77 M44!?_DY7#5/B9CI+\_'&QG5P4UN%&3&1U`3(7.&Q]4.3C9^M`D>U M:8;(+XK(R=F#3GGU3J](X;![KUA(^45V=UNK\3J5UMAD)2U!8K=8:-9M'0P-PNWD MV![GL,E& M)Q,OQ,>0U$MJ];Q/+^?F'WA:9].'N5/>N/DBU.$QBTMM@?R%[)_NU5^ZS MMF6,$/7\.?%##)#"U.+Y"VY-3X-GER-59GK9W`+UETFP00CMOM_/:;!0F?(^ M7[8X5S%X2&I!XCB'%B$!D`C3RQ. M1;C$3=E$;[CB$%U>+-8@N8OLI:]TWT,BE,]"L^KNJ;L!9IHRA'9MVR!RV' MQ[V93\:XDB:$HCXI72K%S7S4_$RSJXG[6YL+BXM[4BC[G9J7V#4$H_>R[D MR;H";35+&U7]]5_`;`W_!J\ZLQU53G(,'?P@9_!AYU!+-PN;AWBLU._5'%7KL.G&'K;[`RNHF% MN(V`MV4LY`[`[=3X;JVYC$5L&1G18`O+X$&V\$)KEV\,+JU9W];`6S90R<, M5>VA76QW]A#'P3,+M8C+?[:)\JQ-'1ZRGT>X)>04!FNJJ_5X509GG:M6^8@\ M'/W52S4I#/39B!]'XIQ.8TXKV3.^LBCF,M1'[:_"TKE>BUIG?Z7)')]6>J+9 MQIVF+VUR8!&B%L72S6?SK;V);@UPO[5ZFC-B/GMZ<26HW!@AE5?9+MC'+N[ MAWQ?N"5+J([:NAO98$'_BA_"N2!W'&?:4>N;2&R6US%J`/;M)\"=BEC'3S,? M9A#AQE!9B/R"Q8@L]S:1V1VRSKQF"$X>#.$-NW`(I[8Z#BSF.Z9=PZE0O( MJZ8[`(,@G7-0=V%W(!.5C=YOA&Y%(/=HS7)/9UN=;7VQ1NT"O7466F$QA/2, M+`S$L9WO481=8W1G3P&TOKP3O M490/1A?7N7A1@Z/=0_="6K2U_EA=L\">JAJ@7=ZI.UF8(\WW>4J#2OZ]WA`Q M5C8(2S5QV/:P^UX.YOT:FO-;;=E-,ZQT$$^0O[/NP&]59T[N66\V7YEAO03 M;4P(UEK&]@WA-H9TC]O@-5:Y!<"X\9+<@\^N3Y7U6#+,TO<+"!O]L9< M?2]=[S+[7I[-@WN1F?#5[4V9Z1\O6LIY,M3L)03O/JK;#+%JBU-,A2^O',O; MY=^)XA:DY2M^6RJU,&E07G4#,[=E9\<>O>!>7,OKI(4!C3W%98@+=3NT?1.Q M:P5.QQ@=5[I;I.5%\O+MG7PL>2L'2E3M\IZM]_YK'#J8AH11G<.6]'=/E MA8Z%W:S@:,.[C&+\C>1')ZL<&Z3`XMS("]%NO2J<2A927XK@].$_.\^%]> MLBB9EIL1G8I:M:IV?G2/STG,L:("X?QJ19]^J6.NHQ)<(DZ>J&8[8_K.K%'9 MQ5&U::W+4E3YQB]K8_VL@WA#.5Z-IT$5$@=(-1ZL)(A]+C^ M1&5-#(=]G5_D4&NTG#.M_C7D5C'0S$.;)V#.XM^ZKL.$8.4SN!RXTUB?A8% M]RJ\TCRB:8@M0J69`]T;#%[H<=QO4J'?GY4/KCN$C-FC5<18Q#62:J-&QC& M0Y7OX>R%->7=7J>PE&!CK5D-'"15GNK_%R1TEEY'H\D\IT:3/.X\1+E-!%B4 M69ZRC`_J_J#.4MNV?0:+;P8WWVO;)-54ENXN9YK21!KKK`CM&I.L8LAF`L MYC$U MV)CE=`:;]=@533=MD%F$R'K;&F!H4IZYA(A.N55@-$KG#`[XU+$GYG<\QM16 MP?GJ9X'/A7=/HM.C`HL0ZLZ5#EQX<0>OW:1"O@F?9];"@_X=)0#9=JKF3C9; M9M0?E%4#ZZF?;\#T6J:%6U0T2%-LF486)2HI>)S.([?OP.W@.HQYIX9?M0G_ MBA&CJ0+W,&W@JJM797G1H8X8%F1S;(H&4'8P09U^O@'3VV[$,%4T2%-L#0G/ M43KL$:-#!VX'UT&/&-US%?:HP#U,NR?=[SJ,JN"3%;5"\7#'#4LR>?8)#NF M$>RIHV_`!+<;.4P5#=(D6T:.IG2?0QPY.G3@=G`=S,A1)M;1]WF%QB[8RH8- M+K#3PZ#.7/S;BF#1/#:!LH;\-4F'`>JSBD(?X_J6=LL6??]Z7!E'%^:T5XN$ M^"S#+48E,]U#.\L8.MNULVLQK=01MJR,<2Q;?YVJ.>WB94=4RTQ(.H%UHT MH2`6?/=;L&W-.-J`4C,"HZ0[B5/_4ZH>(R+W-)%$C;=?+AK=NQZNTL:4]3 M$RI?$BKS:Y=E6W+IO8EYNA/'2JAX=\05P>(=E;$3@[CUJ1==<8K/2&%.%/SX M0/D3\ZFXIT\T2M=]>N=BMDVB`T\:$)T5STEQ12/PT1:)G%8P`I-/@/'E@JR MN'4BZ:":"9U[X51FC$A%`OZ0U]XOFU(J[NX,M5V1HZ;W:4 MO4>&;>/W8",B#57E!^1QS@3QLV.),)\UJLB536$4N5+;S(FZFTGX6, M8_B-S?#9.F@F#EF0"0$]&<35(B.DD&^"U;_-A:]_?=857=66D7![FX/'_[^ M,WEB@LD;8RL`"(_3&>B4/--)EHD#9%':"S[8KD,LZ?<+.?@V-XR;A5D55'U M()[\)E>^,[?:PV\5?K6K&IQ-JV_KLQ_#9D@3I<6I=$/SK1ML^EBSMY]#[Y9? M6Y-G`QRJTV:=<.Y@C"L0%7ENOL+?0&@3Q!NM&U=4BG)$,EI7J53[<>T4OEH8 MU-#;+,\0P(L[+UWQ6Z%U`^&2`2.O0S%CO<%C%K6P&--0K<(N8CE5JCR4Y]01;B&+<]BW0&<#_289W1I!WVW@EDV M#6&KG=5AN,Y>^ZH=A!THCEHN70L/!A^EY79=WH=H5_W=`?= M,X=W'DXF\!'0+UH]94N)I1K^K6)TBL&IK78$A1DHR4_**(G;Z,8]!R%3`Z M&1VB0R7HO8KY'8]]2@/YYI,$=O=;\'UKL8JJ7JQI$9?E,<;]VKV\(IFY>)_D M+FWS?JZC5&F[D=GY1')+;-;MK;\FAF:+#_.8)X^4+]J?8.Q3@WL;;&KWU,. M`FL8XS%4%L2A?3_9G=79E-Q99J0VL$JM9H:@D7>TR5`9@Y=U-1'%A2"\(T!F32@G.[>8S/_'^E MC%,P\R#%898:$YBWEW-@-5IF='/%K#\09DN.2\-D5632DA<@'-N.'8%L6U`K MUIH,RP=_8#%5+.J4I<]H#WTL6U$F^:_4%;%J,E@L=LO("RA&/")/43N'4 MJOH:CLP2#P1`__#"C1MN)DIGD)'-=\5%$?CNQ4Q"Y8M7SHW5K#8#DB(14" MXPS21:HR[0=TR:G/U"5T^7CI`E]U_%U]`6[P3R>?WH\^G7X@7D^`BKFY/WQ MB&"4AR2'GS^,WO_Y!'^^I+X\4\LHCDX=H[UO]=P:E:R2^1B'$`<7<7\,DXG MR30-\Z=7]8C1%[&+7"T?>N2J(OP+P2_@5N&@WLWNDNGK,'+K(F=A%K=%9N1 MG<_NY6Q'635QI#AC5R9(B9.DVD8/V,\$J=)RB/X6KXQB=]4HKME^C%5Y8@\ MSQFXMAF-/?"$`.D_)0+^)I&ZQ'AU40%T$0PGPQF5/&2?P,Q3'."F:-WF^4 M[.$+T42D$\&R.VI#/12#^;NF^.4BB#U@`D5KUBK$S<8%/@[?%Z1A;-OJSL M'N+G7&1?V&HSG((T9;]7MT?7ONL1YJ>!>70:J=R< MDV,FE;&`V7Y)_I!(7+N;7T9X5B:'R@="AP'R$CAX/I@L(UG$?M=I6J4SSI M67>`L[C'7D[/WK]J-J3!N MO8C.9LKW5(;>!E^RH?.L7.AQEO9I%>Z"M=V\=FA4AG`.P)6YA@\P! M(%MB$7(RI]$'.G4V=?PP(@H>Z`RG:_<4#G/-4P!@A!,FJ@(4>3'P7T"U;Z.(Z.\[N"#>TKGN"C%T!O@IVE=W$)L M$S:-'.@@@^>L>%9<$.9K4Z>X,6J\AAF]L`[QTCGDPG5L18_P@H?!Q1%T#1@8 M7F1`D:[N!N8!U_"G%A^;A#;1L=&ZUHMDA.07)"62UFE$I5[#-60T"^@>%[=3 M3$Y^%<;/;0LE8Q$76&G@HQ4U\91@(2)+.4Y)V:TE:E0\]+#0UUK7VG09U:,>Q0^XMV'MOY51"Z0)5MN'^/T#.YM0+%[TQG(.B!=+D,Y M_7"?%<.?]JLXV.I6V"OAM+VH=95>?(0YM'O#A&[CP6N`5TORZJ(;6',MX$ M@E$L0A]^?>0>FLW#:C&)UWMT\W<+,-IH5#=!4#1$$;F`AU9]"(!F M,9QYF?^43QC0X.R)LE"O(>N0NUOTT0D8';ZI,1]:['H=7JR MI@%57@OQ5#4D4.75^E!@+$)>@TN'M&5O5AW3-OH:&GHWN#SW!//[`413AWOD M-C/6%;<3)/XV4&ONQ0Z8-6A=6,F]`W4!Y_A$_R!#^S`A_\#4$L#!!0````( M`/&$ISQ0:!`#VQ(``#%B`0`5`!P`97AP9"TR,#$P,#,S,5]P&UL550) M``.&>N1+AGKD2W5X"P`!!"4.```$.0$``.U=WW/B.!)^WZK]'[CLRUW5$I+, MCYU,S>P6(_IWWH&F$`4?#XY/ST[:8'`11X,QI]/?GMH=Q]Z_?[)+S]_ M_]VGO[7;K=;-]:_=86L0^#``K7[["P@Q?&W]X0(?8"<$K4?G%05H.F_=8T!` M$#HA;;AU!X,_GQP"?FRQ_WLM^M4?5\.[UL7I>:LU"7E%'AC![=1 MW/JIBZ:=5JO=7C[[]T3,CZWWIV]/WZW^,D11X'UL7;P9O;UX/_+:YQ_.+MMO MGQS0?G(N0/O#!7AW>?;>_AV_N_^@I6E15F5-)S^V^H%[VNKZ?FO(BI+6D.H!/P/O M-&W3W71HIH/R.>3%?BO3]@_17CW`G8.JT84!")W#7K+&BJJ>7UY>=N)?D]($?B1QW?(C74C(6"+6X+] MU5X4:[.OVN<7[3?GIZ_$._F9/?`31CX8@E$KEN%C.)^!SR<$3F<^.$F_FV`P M^GP"7F=>K.ZS-TG]'ZZ1&TVIB2T^G<"["4(8SOO!".%I+/U)B[7_V["_!H.V M!3P8(DQB(PM3F^VPLAVI9CN["M]/>LZW!]I#`'O,8'0+`_K6H./?(P+94WJ^ M0P@<0>!M`4.RX0,#N7P&Y9\ M<_L0NN>0R:V/7D@_\"`&;KB;T/GF:A/ZPH!>43+5[Q\KF"!U=";D&Q,5P MQMY[-_`>X#B@;]YU@K#KNG02".F\=8]\Z$+:#G@-KWSD_KD%W#T)<@!%)29% MI^%K2%P?D0B#_2A"^`#`,T>.Q@]3&C/OV+4HH>F,Q"0>)3N8NP$X_2US;,R M]\Z1]TEM^0 M;=\=J`9Q#J"T6P?BWQT_6GG^GD96\9,.`/4.$=)#\=!-?:#YBABUXA0\Y@`@ M'\"8?0[!#&$FPKZM7.9YM<&F76B@FLT=6#P!4R?J,.X!9BB5E(19RM>+7-J MUV2E>$#@,;:>?,L:J]GOB6@>JC_4"_^M:ETGA,HEO?&2^>X#M/P/]\DO^] MHT+$7H09\[^EMN7X_P8.O@F\:VJ!!=)RBU83/&^#[)MO,B^Q^T1"[#`6OB9< M]?I*5+V0+%$@G9P@\F[I=Z1`U_RR&HC.WKV0CIMQJR0#**0K?:Q!5N^ M_)"L$D4RQ7[/1GA0+>0A_@'NU&8X3YYK%>2J&X0S"&;&X(PJ_.MCC%193 M(O`=&#M^(D[W%1:-P9LE]B(F\,/E-YMBIE]_2U85F7?F!/.$#VZ(RJI3.PE M!:<\%?3I/S>5+"BH7NA'Y\G?M&!.(27V^X@=-GH^S=/R"^PWO7?ERN^@]= MO"ZN@]U%0_2?.>=A?6^D-:-,`]/6/I]M=YO MJ7R`6J!:IY$9J@NC46WXTQFL-T;#XK@I&;RWC8"70_0_>A`>ARKGH&[])H>/RERR7"<[-G\4)7.@.G(^.J;)W" M59D,JQ'$9V)DTND^=S:VAO6\8249XJ7+E MTS@8K3<8[CTG,**UN'6,@S!"Z`STRDKR"4@U!81240'`%O&:P#2"D* M3GG5$.Z@\P1]:MV2$`KJX0032.?]E=O$$[H/(BF=&"8@(#`9Y#HFD4%4(,9 MCC2^<`JM:(.KN?!9'2\=R"UI9XS@Z&SN4Q65EJ=^(2`D+=:FOZH6+B2'K!6 M1@]1.;O>XK+1&/2_0YTVCRY^5"=AG^TMC2)GOTDQO7ET_8EYP MB?!25>U&M5C_QV'4E@8]T$^=2334.-.;HOK:8#(/$(J1/7S\M20GT$%92! M^`#>+V#]DN``>&)GBNF3.#8(9+AQ@4%=1"Z=.(L+FN#8BJC5/^44H8BTHJ M%!O-``[G]SX[8!9X;&">,3).YTFN_((JRH`,04@Y%%@>;EE9TJ#,$+J0!T>B MHKJ@I0G"X2/`TW[P3`?!V$GBA2X5%54?;97;WC`A1Q@V;MDII6JJAZ8ZM@W M.6$EV:5.?#(O2S](G8Q[=CJ)6D$88O@4A4RYCXA-M"@(,?I/.,2+E13XX8K MI[0'UOH0E3N+PM7-U0U&R;5$,\+;I%$73XIF!+M)@Q1O$YH1^B8-5KAPF8N" M2PO?)?V?VBIR17,1=,>K'JYF?JJNF1"%CJ^G7FPLNDFQ MZ.6+=D7#_F9HBQDAEY6Q\J(OS`C!W`IN4;R,&?&8U>`7^LB-+,A(W+YJ@=W MFLI4:%@LIQ"B>%4Q0ZHS59=#FNT^9JATYN1RJ.3V6S/$YIY/=DPR2":>SYE M?=Q9Q=0L7EQ-&Z+9+-.0SFQ+#F=Y-$V&]KA'J2SY);W3[V%-:]V$`CJRCJ^W MZ[)OY>1CHS/-Z.W^[%LSW!,JF8+T]I;VK2"90)U,5WJ[77LWIJJGNS+%Z9UX M8-^$Y.V#PTE;?O6:CYV-].IS@OUNQMN_B?I3[?G.W91K4]5KY^U88&YVJO M`=4)E96)2?_M@_AU!EYWRM[L_^+ON0O>G&BEVII7=P33]]$+NPOH%N%K%#V% MH\C/!ZV4G":MU(8.!P&I<0YP;,=>S'L7?0Y`&5JZ@`K22W2)R3^C8?REII M?<3GYZN5JG"@K7JD@<5';SRN[AS.F66TP;@4O<86[Q>BRAQ-X$O5JVJL)D9YFC ML.$?<'0MJJ$,QN:5LE<.@2X'0'%9;42_AGX46/<_58+G?;(DSAEC: M)PVHBH<4.40+&:EURJ M9,#FE58L/M5].H5<@0",N#E[>55)BB,[225AROV>BF%XBXL-M%D20(2;G%U MJ?"<)X1IIQR">+E-K'9.8;N?)M;Q5Q!F8QY'M>ME]!!UATP[U=M1!YFVD,Q? M3!HFL[@3\,O7PM%7G2Y&LMF?$OQJ5`+:/D$`3),.=&%+\[C]=- MBL;%XH(DVO&0S%/3;%:&RKW M],H6V=GNGLPFDADQ--70BC9^S(B.J8BW?#LN%RS3N#P-,BHK6P$R(\)&VC@X MC-&,$)LJ[U.X$69&G$T5N"+^9T:RORIHQ4L2N6Q_1SVPY6,%=IH9EY'O@GQCWS.7Q;)PK-IT$&,Y8S^N$U## MBL,O&J>KLN5L,])B;H]?"OH6KHW&,US9\N22YA>$J)J17;,4F=3&H!EI-DNQ M2@YU)P&H^/[0$WJUD8,Y!+CGF4 MYBW+''+)-0W&?-#@UUQRPJ,T,VXDJ2D9"B43["\C%W)!8_RM6\1`FAEL'* M\`OR`!ZE37"/=N12`38(9+HW;DIF/AF(E:,@>%Q.10==YQ=$>TC;W MD#:[;O361R^D3^T.`TK9E>4@]/X;I>R7S?%4KEBECV@(Z(3OPOC2S&Q:?$1, M=$J=GB'5P]7\-\NXUIZ;%TWA,]QUO_84^&$%^WWF>K2.6:P=H92$H2YET>I M.RDM=P=OH2;DZC87VK<+WQA-MSS0G9+J]DC\SN>.Q^-Z-PY&-V\NA,G&(,AG6`'0;%-<7!5:L>4.>^ MB5<7T#G'>4V7BM@BV\5`AZ+/0$!B:TE39^T.@/Q7LU.;1J@BH+)>&=5%+6I M3!6_4IMD7&007$,R2]-E#4:+6_0H8KKJ#]<#PB[E(0C_&8IE>NS9W]8)%` M4=WFQ1`P:`W.[-BAK2#;0\@&]V&"7H>!65@WI$7?>O"&)`]>]%SB`D!>7UU.9[22S(,>GFJYZ:UF5 M%O2`&6?CI[()$KP4%6Y@1IIZA7R&A"U=YJ_XX(O-KU++`L3] M.D6W4VRBDRM,B9HGX$5&Q'!@D'9C!0QA])5^9:X&2EF#J6O'7<%Y1+7&'PF M^%#O@<<S,AY<[C>+95)1N>8_T.IJF2/.Y=VQW;<[?2\YT#57,@QATG/M2+ MJK+QFTM;I)7FFI]V4?Y/R M5E5+L)%+6W64HZ5DQI5,62+FS%'6+'X#5!X<'HWOEVLFT+;IPH[2;PFJ`R MZ:#+3&4ZDV.9R%US+UL1A_7:C'E:HZL6W5QTL4IR?CWKB#K[6#O!W MPGNJ&-D()WB5Q0"ZFRG--CQEU9.KB)"#9V0:T!<#&=I$.,#'`=P!%VVPI@$ M!="I[1[YT7,^9'!8!M]H.>Z=C7,W&8<$;-ND&&)P_E]=,GY MKR%Q?40B#+9DLDWA?95R.19IK7A2%5:Q!-826$M@+8&U!-826`WV)L336XZC M-NZ@H^6WC>&WF06GMS7ECB!T,68Q`;;FQ?AJF?.?(FYS!^ M>:E?T545HY/%7B;IMK\:`@. MK:I!3P6TJX96+;>UW-9R6\MM+;>UW%9UC&\=DZ1EP#JB:C`#OG4@CL]A9^:X M[:$U[\VNY75#!TE-+3RT]M?34TM-FTU/1G&&Y MJ8ZH&LQ-'\"8?0[!C%UG&HR;'R9@"$FU_$YS?B?1<3C\2:F>@9H::NEK9:V M6MI::=BR_%5+5,;SU^3RF3X2,;$=.FT4)9/'?:()X<`^L?_`5!+`P04```` M"`#QA<\KP8>V^<&``"+,0``$0`<`&5X<&0M,C`Q,#`S,S$N>'-D550)``.& M>N1+AGKD2W5X"P`!!"4.```$.0$``.U:;6_:.A3^/FG_P3>?-FDAT+<-U&ZB M=)V0NK:";IKNE\DD!["6V)GMM.7?WV,G@4`A#91)0Y<[+HQ"<@]2,<'/G$:M[A#@O@@8'YTYW_INN]_I=IU/'U^_.OW'=0GY?/&EW2,W M/&0<2-?]"EJR1_+#AQ`DU4#NZ/@(IJ0OC^&B+XC`ZH@((3'^>]W)0:Q`R MUCIN>=[#PT,-@A&5KK!P-5]$'B&N.S7V/?6K14YJ1[7CXIN>2'C0(@>'PZ.# MDV'@-C[4F^[1@(([H`?@?CB`XV;]Q'_O'P5%M8X$JA&1!.@KJM<;=;=^[-9/ M[NJ-5OVH==3\=TYF!`GD/ M02V#4C83!!/-U9E3"/[AL";DR$/?UY+MAX',F1S&N9)KG/H M,:XTY3X45-"C7R4:YK4AI&CDB4KF5J/9;'KV;4$:'N-@3A@?0,"TD,K29])3 M/SQL+$01ZE2T:%C+WU9D$Z4JRV^>Q#'C0Y'=X@.3PI84(=RA_\1)K_ISSXS#73 MDRY:D9&U[1"&M%22G/J5>Q;`D'%F(VC4&\0EN7KQ$J%(BD48?>(L(B>(# M_X9_M-<^#?TDM(I7>)\I9Q)EBK'$$<7U!IHSSU;K94]S@K;&6Q\=MB5V,[QD M',A:1ZD/P;0:D_EBZF\I1)%QJ`9IF<37BW`,^0>;4(N>3/GV]L]V=7(QIE= M1-`.-4B.4=S#2E:?2I;3>%R-QJF((F)(/E/)<5VV'ZL5Z>M0-;X,Q8/J\H!) M\/5^IYEM-WL@E]Q@BQ5O8$EA!X+32H.S'MD[,DGB<%]Q78#R)8N->VT> M]-F(8_OT==MW\=]@<8QTHW MI'26SYMA?XRKFG/S^T)'1#'V7QME6TK1]EHGLQD;NG$/&L_4!FL707;-EM> M.,TGG<+`N1:/%(WNBVBC(LH74K<@;6;7+H?5`7$-NJ+Q"ES+>[ZPL6)F;- MD$.3&&3^Y[DS4C^G3`]63%8>;!(X0NFB"U8B^;QF+9&`N"3_<%UKZM(O-" MPABMXQXDFV_V];-1_5Q2)K_3,"GPM?YRLARDG/6#1=8-&+%HAO6I-:19:6E_ MI]NOC;C^DHHA3LWL^8&[D\9%4EN@2AG.7#IV,[1]DO_#?ELP\C\[\'L9`F MF2]H[E6@RAD^>C+I9WM,DF'O?UO2#C.;I'@%RBC'^%:`!R87PN$R@GYWC) MU(H0),4@&K$4N'K5 MV+]F)XX9P!/M^0-2_-"_COA[D>NMZL/1#A:JVU@OJ(TMAJ>Q#J&:`[`US7H2GBEOPQ3S9U)P"V#5>XX.D=XJUP)?M"Q/IR MYK29'$HP7_CTX!YXDIT%FF'Z<\F[M+G8+WA:N)X`3>6DBTM,_,ZA`YPQT9] M?>8,:6B;AQ7$IL)$<&=5@T1FGW:D[P;IB>Z9XTNS0'((9R&V0M,&&_#";-5%ZE+9V_V3!;6TA+1RA]Y$N,^0]K2O5=;8B6Y7Y?.X=N9J(0GKJ14S@<^PY2W+ M0QK#'VYCV_H!W&9A&V!_7Z?OL#JW[F6 M5'X5X;^HWHOMV70J<[NZMU62WHF^=IM(?XP5>3.\%EB27.,F,S1$<`VX02PR M^KSH3D3<,P?JAC,_B1%\8J;GXB)EQ?N_<(">>NG^!2__`U!+`0(>`Q0````( M`/&$ISQF#M_CM3X``.X%`P`1`!@```````$```"D@0````!E>'!D+3(P,3`P M,S,Q+GAM;%54!0`#AGKD2W5X"P`!!"4.```$.0$``%!+`0(>`Q0````(`/&$ MISSX1ZT@P``!R9```5`!@```````$```"D@0`_``!E>'!D+3(P,3`P,S,Q M7V-A;"YX;6Q55`4``X9ZY$MU>`L``00E#@``!#D!``!02P$"'@,4````"`#Q MA<\Q9I8&A42``#G+`$`%0`8```````!````I(%Y2P``97AP9"TR,#$P,#,S M,5]D968N>&UL550%``.&>N1+=7@+``$$)0X```0Y`0``4$L!`AX#%`````@` M\82G/#\_JDI;(```4&0!`!4`&````````0```2!W5T``&5X<&0M,C`Q,#`S M,S%?;&%B+GAM;%54!0`#AGKD2W5X"P`!!"4.```$.0$``%!+`0(>`Q0````( M`/&$ISQ0:!`#VQ(``#%B`0`5`!@```````$```"D@8=^``!E>'!D+3(P,3`P M,S,Q7W!R92YX;6Q55`4``X9ZY$MU>`L``00E#@``!#D!``!02P$"'@,4```` M"`#QA<\KP8>V^<&``"+,0``$0`8```````!````I(&QD0``97AP9"TR,#$P M,#,S,2YX`L``00E#@``!#D!``!02P4&``````8`!@`: )`@``XY@````` ` end XML 18 R9.xml IDEA: Basic and Diluted Earnings per Share 2.0.0.10 false Basic and Diluted Earnings per Share 110 - Disclosure - Basic and Diluted Earnings per Share true false false false 1 usd $ false false iso4217_USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 iso4217_USD_per_shares Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares 0 shares Standard http://www.xbrl.org/2003/instance shares 0 5 Basic and Diluted Earnings per Share 3 us-gaap_EarningsPerShareTextBlock us-gaap true na duration string No definition available. false false false false false false false false false false false false 1 false false false false 0 0 <div> Note 4. Basic and Diluted Earnings per Share The following table reconciles the numerator and the denominator of the basic and diluted per share computations for earnings attributable to shareholders per share:   <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="66%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center" colspan="6">Three months ended March 31,</td> </tr> <tr> <td valign="bottom" nowrap="nowrap"> (Amounts in thousands, except share and per share amounts) </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center" colspan="2">Net earnings attributable to shareholders</td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center">Weighted average shares</td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center">Earnings per share</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> 2010 </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> </tr> <tr> <td valign="top"> Basic earnings attributable to shareholders </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">61,247</td> <td valign="bottom">  </td> <td valign="bottom" align="right">212,192,710</td> <td valign="bottom">  </td> <td valign="bottom" align="right">.29</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Effect of dilutive potential common shares </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom">  </td> <td valign="bottom" align="right">4,437,726</td> <td valign="bottom">  </td> <td valign="bottom" align="right">—  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> </tr> <tr> <td valign="top"> Dilutive earnings attributable to shareholders </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">61,247</td> <td valign="bottom">  </td> <td valign="bottom" align="right">216,630,436</td> <td valign="bottom">  </td> <td valign="bottom" align="right">.28</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> 2009 </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> </tr> <tr> <td valign="top"> Basic earnings attributable to shareholders </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">59,260</td> <td valign="bottom">  </td> <td valign="bottom" align="right">212,100,504</td> <td valign="bottom">  </td> <td valign="bottom" align="right">.28</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Effect of dilutive potential common shares </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom">  </td> <td valign="bottom" align="right">4,219,455</td> <td valign="bottom">  </td> <td valign="bottom" align="right">—  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> </tr> <tr> <td valign="top"> Dilutive earnings attributable to shareholders </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">59,260</td> <td valign="bottom">  </td> <td valign="bottom" align="right">216,319,959</td> <td valign="bottom">  </td> <td valign="bottom" align="right">.27</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> </tr> </table> The following shares have been excluded from the computation of diluted earnings per share because the effect would have been antidilutive:   <table cellspacing="0" cellpadding="0" width="68%" align="center" border="0"> <tr> <td width="74%"></td> <td valign="bottom" width="3%"></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center" colspan="3">For the three months  ended March 31,</td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center">2010</td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center">2009</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Shares </td> <td valign="bottom">  </td> <td valign="bottom" align="right">8,609,930</td> <td valign="bottom">  </td> <td valign="bottom" align="right">6,690,423</td> </tr> </table>   </div> Note 4. Basic and Diluted Earnings per Share The following table reconciles the numerator and the denominator of the basic and diluted per share computations false false false This element may be used to capture the complete disclosure pertaining to an entity's earnings per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 40 false false 1 1 false UnKnown UnKnown UnKnown false true XML 19 R6.xml IDEA: Summary of Significant Accounting Policies 2.0.0.10 false Summary of Significant Accounting Policies 107 - Disclosure - Summary of Significant Accounting Policies true false false false 1 usd $ false false iso4217_USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 iso4217_USD_per_shares Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares 0 shares Standard http://www.xbrl.org/2003/instance shares 0 5 Summary of Significant Accounting Policies 3 expd_BusinessDescriptionAndSignificantAccountingPoliciesTextBlock expd false na duration string This element may be used to describe the nature of the entity's business and to describe all significant accounting policies... false false false false false false false false false false false false 1 false false false false 0 0 <div> Note 1. Summary of Significant Accounting Policies A. Basis of Presentation Expeditors International of Washington, Inc. (“the Company”) is a non-asset based provider of global logistics services operating through a worldwide network of offices, international service centers and exclusive or non-exclusive agents. The Company’s customers include retailing and wholesaling, electronics, and manufacturing companies around the world. The condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. As a result, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) have been condensed or omitted. The Company believes that the disclosures made are adequate to make the information presented not misleading. The condensed consolidated financial statements reflect all adjustments, consisting of normal recurring items, which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Form 10-K as filed with the Securities and Exchange Commission on February 26, 2010. All significant intercompany accounts and transactions have been eliminated in consolidation. Certain 2009 amounts have been reclassified to conform with the 2010 presentation. B. Accounts Receivable The Company maintains an allowance for doubtful accounts, which is reviewed at least monthly for estimated losses resulting from the inability of its customers to make required payments for services and advances. Additional allowances may be necessary in the future if the ability of its customers to pay deteriorates. The Company has recorded accounts receivable allowances in the amounts of $15,081 as of March 31, 2010 and $14,235 as of December 31, 2009. Additions and write-offs have not been significant in the periods presented. C. Comprehensive Income Comprehensive income consists of net income and other gains and losses affecting equity that, under U.S. GAAP, are excluded from net income. For the Company, these consist of foreign currency translation adjustments, net of related income tax effects, and comprehensive income attributable to the noncontrolling interests. D. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of the assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. E. Recent Accounting Pronouncements In October 2009, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2009–No. 13 “Multiple-Deliverable Revenue Arrangements”, which amends Accounting Standards Codification Topic 605 –“Revenue Recognition”. This update provides amendments to the criteria for separating deliverables, measuring and allocating arrangement consideration to one or more units of accounting. This update establishes a selling price hierarchy for determining the selling price of a deliverable. ASU 2009–No. 13 is effective for revenue arrangements entered into or materially modified in fiscal years beginning on or after June 15, 2010. The Company is required to and plans to adopt the provisions of this update beginning in the first quarter of 2011. The Company is currently assessing the impact of the adoption of ASU 2009–No. 13. </div> Note 1. Summary of Significant Accounting Policies A. Basis of Presentation Expeditors International of Washington, Inc. (“the false false false This element may be used to describe the nature of the entity's business and to describe all significant accounting policies of the reporting entity. No authoritative reference available. false false 1 1 false UnKnown UnKnown UnKnown false true XML 20 R5.xml IDEA: Condensed Consolidated Statements of Cash Flows 2.0.0.10 false Condensed Consolidated Statements of Cash Flows (USD $) 106 - Statement - Condensed Consolidated Statements of Cash Flows true false In Thousands false false 1 usd $ false false iso4217_USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 iso4217_USD_per_shares Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares 0 shares Standard http://www.xbrl.org/2003/instance shares 0 false 2 usd $ false false iso4217_USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 iso4217_USD_per_shares Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares 0 shares Standard http://www.xbrl.org/2003/instance shares 0 5 Operating Activities: 3 us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract us-gaap true na duration string No definition available. false false false false false true false false false false false false 1 false false false false 0 0 false false false 2 false false false false 0 0 false false false The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities include all transactions and events that are not defined as investing or financing activities. Operating activities generally involve producing and delivering goods and providing services. Cash flows from operating activities are generally the cash effects of transactions and other events that enter into the determination of net income. false 6 Net earnings 4 us-gaap_ProfitLoss us-gaap true credit duration monetary No definition available. false false false false false false false false false false false false 1 true true false false 61310000 61310 false false false 2 true true false false 59369000 59369 false false false The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph A1, A4, A5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 5 -Subparagraph b Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 29 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 38 -Subparagraph a Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 38 -Subparagraph c(1) false 7 Adjustments to reconcile net earnings to net cash provided by operating activities: 4 us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract us-gaap true na duration string No definition available. false false false false false true false false false false false false 1 false false false false 0 0 false false false 2 false false false false 0 0 false false false No definition available. false 8 Provision for losses on accounts receivable 5 us-gaap_ProvisionForDoubtfulAccounts us-gaap true debit duration monetary No definition available. false false false false false false false false false false false false 1 false true false false 2443000 2443 false false false 2 false true false false 2644000 2644 false false false Amount of the current period expense charged against operations, the offset which is generally to the allowance for doubtful accounts for the purpose of reducing receivables, including notes receivable, to an amount that approximates their net realizable value (the amount expected to be collected). Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 5 -Article 5 false 9 Deferred income tax (benefit) expense 5 us-gaap_DeferredIncomeTaxesAndTaxCredits us-gaap true debit duration monetary No definition available. false false false false false false false false false false false false 1 false true false false -7728000 -7728 false false false 2 false true false false 6451000 6451 false false false The net amount of deferred income taxes and income tax credits less the tax benefit from exercise of stock options. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 false 10 Excess tax benefits from stock plans 5 us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities us-gaap true credit duration monetary No definition available. false false false false false false false false false false true negated false 1 false true false false -4012000 -4012 false false false 2 false true false false -3062000 -3062 false false false Reductions in the entity's income taxes that arise when compensation cost (from non-qualified share-based compensation) recognized on the entity's tax return exceeds compensation cost from share-based compensation recognized in financial statements. This element reduces net cash provided by operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph A96 false 11 Stock compensation expense 5 us-gaap_ShareBasedCompensation us-gaap true debit duration monetary No definition available. false false false false false false false false false false false false 1 false true false false 11198000 11198 false false false 2 false true false false 6900000 6900 false false false The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock options, amortization of restricted stock, and adjustment for officers compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 false 12 Depreciation and amortization 5 us-gaap_DepreciationAndAmortization us-gaap true debit duration monetary No definition available. false false false false false false false false false false false false 1 false true false false 9395000 9395 false false false 2 false true false false 9958000 9958 false false false The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 5 false 13 Gain on sale of assets 5 us-gaap_GainLossOnDispositionOfAssets us-gaap true credit duration monetary No definition available. false false false false false false false false false false true negated false 1 false true false false -295000 -295 false false false 2 false true false false -4000 -4 false false false The gains and losses included in earnings resulting from the sale or disposal of tangible assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 144 -Paragraph 47 false 14 Other 5 us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesOther us-gaap true debit duration monetary No definition available. false false false false false false false false false false false verboselabel false 1 false true false false 478000 478 false false false 2 false true false false 362000 362 false false false Transactions that do not result in cash inflows or outflows in the period in which they occur, but affect net income and thus are removed when calculating net cash flow from operating activities using the indirect cash flow method. This element is used when there is not a more specific and appropriate element. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 false 15 Changes in operating assets and liabilities: 5 us-gaap_IncreaseDecreaseInOperatingCapitalAbstract us-gaap true na duration string No definition available. false false false false false true false false false false false false 1 false false false false 0 0 false false false 2 false false false false 0 0 false false false No definition available. false 16 (Increase) decrease in accounts receivable 6 us-gaap_IncreaseDecreaseInAccountsAndOtherReceivables us-gaap true credit duration monetary No definition available. false false false false false false false false false false true negated false 1 false true false false -12965000 -12965 false false false 2 false true false false 153964000 153964 false false false The net change during the reporting period in the amount due from customers for the credit sale of goods and services; includes accounts receivable and other types of receivables. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 false 17 Increase in other current assets 6 us-gaap_IncreaseDecreaseInOtherOperatingAssets us-gaap true credit duration monetary No definition available. false false false false false false false false false false true negated false 1 false true false false -1811000 -1811 false false false 2 false true false false -15000 -15 false false false The net change during the reporting period in other operating assets not otherwise defined in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 false 18 Increase (decrease) in accounts payable and accrued expenses 6 us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities us-gaap true debit duration monetary No definition available. false false false false false false false false false false false false 1 false true false false 43169000 43169 false false false 2 false true false false -80170000 -80170 false false false The net change during the reporting period in the aggregate amount of obligations and expenses incurred but not paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 false 19 Increase in income taxes payable, net 6 expd_IncreaseDecreaseInIncomeTaxesNet expd false debit duration monetary The net change during the period in the amount of cash payments due to or cash receipts due from taxing authorities for taxes... false false false false false false false false false false false false 1 false true false false 25941000 25941 false false false 2 false true false false 15885000 15885 false false false The net change during the period in the amount of cash payments due to or cash receipts due from taxing authorities for taxes that are based on the reporting entity's earnings. No authoritative reference available. false 20 Net cash provided by operating activities 4 us-gaap_NetCashProvidedByUsedInOperatingActivities us-gaap true na duration monetary No definition available. false false false false false false false false false false false totallabel false 1 false true false false 127123000 127123 false false false 2 false true false false 172282000 172282 false false false The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 26 true 21 Investing Activities: 3 us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract us-gaap true na duration string No definition available. false false false false false true false false false false false false 1 false false false false 0 0 false false false 2 false false false false 0 0 false false false No definition available. false 22 (Increase) decrease in short-term investments 4 us-gaap_PaymentsForProceedsFromShortTermInvestments us-gaap true credit duration monetary No definition available. false false false false false false false false false false true negated false 1 false true false false -36000 -36 false false false 2 false true false false 44000 44 false false false The net amount paid (received) by the reporting entity through acquisition (sale/maturities) of short-term investments with an original maturity that is three months or less which qualify for treatment as an investing activity based on management's intention and intended by management to be liquidated, if necessary, within the current operating cycle. Includes cash flows from securities classified as trading securities that were acquired for reasons other than sale in the short-term. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 13 false 23 Purchase of property and equipment 4 us-gaap_PaymentsToAcquireProductiveAssets us-gaap true credit duration monetary No definition available. false false false false false false false false false false true negated false 1 false true false false -7582000 -7582 false false false 2 false true false false -8656000 -8656 false false false The cash outflow for purchases of and capital improvements on property, plant and equipment (capital expenditures), software, and other intangible assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 15 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 17 -Subparagraph c false 24 Proceeds from sale of property and equipment 4 us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment us-gaap true debit duration monetary No definition available. false false false false false false false false false false false false 1 false true false false 59000 59 false false false 2 false true false false 44000 44 false false false The cash inflow from the sale of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 15 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 16 -Subparagraph c false 25 Other 4 us-gaap_PaymentsForProceedsFromOtherInvestingActivities us-gaap true credit duration monetary No definition available. false false false false false false false false false false true negated false 1 false true false false -188000 -188 false false false 2 false true false false -1482000 -1482 false false false The net cash outflow (inflow) from other investing activities. This element is used when there is not a more specific and appropriate element in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 15 false 26 Net cash used in investing activities 4 us-gaap_NetCashProvidedByUsedInInvestingActivities us-gaap true debit duration monetary No definition available. false false false false false false false false false false false totallabel false 1 false true false false -7747000 -7747 false false false 2 false true false false -10050000 -10050 false false false The net cash inflow (outflow) from investing activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 26 true 27 Financing Activities: 3 us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract us-gaap true na duration string No definition available. false false false false false true false false false false false false 1 false false false false 0 0 false false false 2 false false false false 0 0 false false false No definition available. false 28 Proceeds from issuance of common stock 4 us-gaap_ProceedsFromStockPlans us-gaap true debit duration monetary No definition available. false false false false false false false false false false false false 1 false true false false 12220000 12220 false false false 2 false true false false 8536000 8536 false false false The cash inflow associated with the amount received from the stock plan during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 18 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 19 -Subparagraph a false 29 Repurchases of common stock 4 us-gaap_PaymentsForRepurchaseOfCommonStock us-gaap true credit duration monetary No definition available. false false false false false false false false false false true negated false 1 false true false false -18019000 -18019 false false false 2 false true false false -19212000 -19212 false false false The cash outflow to reacquire common stock during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 18 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 20 -Subparagraph a false 30 Excess tax benefits from stock plans 4 us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities us-gaap true debit duration monetary No definition available. false false false false false false false false false false false false 1 false true false false 4012000 4012 false false false 2 false true false false 3062000 3062 false false false Reductions in the entity's income taxes that arise when compensation cost (from non-qualified share-based compensation) recognized on the entity's tax return exceeds compensation cost from share-based compensation recognized in financial statements. This element represents the cash inflow reported in the enterprise's financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph A240 -Subparagraph i Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Emerging Issues Task Force (EITF) -Number 00-15 -Paragraph 3 false 31 Purchase of noncontrolling interest 4 expd_PurchaseOfNoncontrollingInterest expd false credit duration monetary The cash outflow to return capital to noncontrolled interest, which generally occurs when noncontrolling shareholders reduce... false false false false false false false false false false true negated false 1 false true false false 0 0 false false false 2 false true false false -2122000 -2122 false false false The cash outflow to return capital to noncontrolled interest, which generally occurs when noncontrolling shareholders reduce their ownership stake (in a subsidiary of the entity). This category also includes earnings distributed to noncontrolling shareholders subsequent to the purchase of the interests of the noncontrolling shareholders. No authoritative reference available. false 32 Net cash used in financing activities 4 us-gaap_NetCashProvidedByUsedInFinancingActivities us-gaap true debit duration monetary No definition available. false false false false false false false false false false false totallabel false 1 false true false false -1787000 -1787 false false false 2 false true false false -9736000 -9736 false false false The net cash inflow (outflow) from financing activity for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 26 true 33 Effect of exchange rate changes on cash and cash equivalents 3 us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents us-gaap true debit duration monetary No definition available. false false false false false false false false false false false false 1 false true false false -1870000 -1870 false false false 2 false true false false -9845000 -9845 false false false The effect of exchange rate changes on cash balances held in foreign currencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 25 false 34 Increase in cash and cash equivalents 3 us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease us-gaap true na duration monetary No definition available. false false false false false false false false false false false totallabel false 1 false true false false 115719000 115719 false false false 2 false true false false 142651000 142651 false false false The net change between the beginning and ending balance of cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 26 true 35 Cash and cash equivalents at beginning of period 3 us-gaap_CashAndCashEquivalentsAtCarryingValue us-gaap true debit instant monetary No definition available. false false false false false false false false true false false periodstartlabel false 1 false true false false 925929000 925929 false false false 2 false true false false 741028000 741028 false false false Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased th ree years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 7, 26 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 8, 9 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 7 -Footnote 1 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 1 -Article 5 false 36 Cash and cash equivalents at end of period 3 us-gaap_CashAndCashEquivalentsAtCarryingValue us-gaap true debit instant monetary No definition available. false false false false false false false false false true false periodendlabel false 1 false true false false 1041648000 1041648 false false false 2 false true false false 883679000 883679 false false false Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased th ree years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 7, 26 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 8, 9 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 7 -Footnote 1 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 1 -Article 5 false 37 Interest and Taxes Paid: 3 us-gaap_SupplementalCashFlowInformationAbstract us-gaap true na duration string No definition available. false false false false false true false false false false false false 1 false false false false 0 0 false false false 2 false false false false 0 0 false false false No definition available. false 38 Interest 4 us-gaap_InterestPaid us-gaap true credit duration monetary No definition available. false false false false false false false false false false false false 1 false true false false 87000 87 false false false 2 false true false false 15000 15 false false false The amount of cash paid during the current period for interest owed on money borrowed; includes amount of interest capitalized Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 29 false 39 Income taxes 4 us-gaap_IncomeTaxesPaid us-gaap true credit duration monetary No definition available. false false false false false false false false false false false verboselabel false 1 true true false false 19996000 19996 false false false 2 true true false false 15364000 15364 false false false The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 29 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 27 -Subparagraph f false false 2 35 false Thousands UnKnown UnKnown false true XML 21 defnref.xml IDEA: XBRL DOCUMENT No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Disclosures related to accounts comprising equity, including shareholders' equity and equity attributable to Noncontrolling interest. Includes: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (6) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (7) retained earnings appropriations or restrictions, such as dividend restrictions; (8) im pact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; and (9) deferred compensation related to issuance of capital stock. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Aggregate revenue earned during the accounting period as an ocean transportation intermediary or as an ocean forwarder for moving shipments by ocean on behalf of customers, including fees earned for ancillary services provided to customers such as preparing documentation, procuring insurance, arranging for packing and crating services, and providing consultation. This category also includes fees earned for providing order management services - origin consolidation, vendor management, container management, document management, destination management and PO/SKU visibility through a web based and server based application. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. The net change during the period in the amount of cash payments due to or cash receipts due from taxing authorities for taxes that are based on the reporting entity's earnings. No authoritative reference available. No authoritative reference available. No authoritative reference available. Costs incurred and directly related to providing ocean freight services, primarily transportation costs, and other ocean services. No authoritative reference available. This element may be used to describe the nature of the entity's business and to describe all significant accounting policies of the reporting entity. No authoritative reference available. No authoritative reference available. No authoritative reference available. Costs incurred and directly related to providing import and other destination services. No authoritative reference available. Costs incurred and directly related to providing airfreight services, primarily transportation costs. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. The cash outflow to return capital to noncontrolled interest, which generally occurs when noncontrolling shareholders reduce their ownership stake (in a subsidiary of the entity). This category also includes earnings distributed to noncontrolling shareholders subsequent to the purchase of the interests of the noncontrolling shareholders. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Aggregate revenue earned during the accounting period for services provided as a customs broker, assisting importers to clear shipments through customs by preparing required documentation, calculating and providing payment of duties on behalf of the importer, arranging for any required inspections by governmental agencies, and arranging for delivery. This category also includes additional services provided at destination such as warehousing and product distribution, time definite transportation and inventory management. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Rental and other occupancy expenses incurred for leased properties and other assets, including equipment, which has not been recognized in costs and expenses directly related to revenues. Other occupancy expenses include primarily real estate taxes, property related insurance expense, utilities and building maintenance costs. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Aggregate revenue earned during the accounting period as a freight consolidator or as an agent for the airline for moving shipments by air on behalf of customers, including fees earned for ancillary services provided to customers such as preparation of shipping and customs documentation, packing, crating and insurance services, negotiation of letters of credit, and preparation of documentation to comply with local export laws. No authoritative reference available. XML 22 R13.xml IDEA: Business Segment Information 2.0.0.10 false Business Segment Information 114 - Disclosure - Business Segment Information true false false false 1 usd $ false false iso4217_USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 iso4217_USD_per_shares Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares 0 shares Standard http://www.xbrl.org/2003/instance shares 0 5 Business Segment Information 3 us-gaap_SegmentReportingDisclosureTextBlock us-gaap true na duration string No definition available. false false false false false false false false false false false false 1 false false false false 0 0 <div> Note 8. Business Segment Information The Company is organized functionally in geographic operating segments. Accordingly, management focuses its attention on revenues, net revenues, operating income, identifiable assets, capital expenditures, depreciation and amortization and equity generated in each of these geographical areas when evaluating the effectiveness of geographic management. The Company charges its subsidiaries and affiliates for services rendered in the United States on a cost recovery basis. 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. Financial information regarding the Company’s operations by geographic area are as follows:   <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="30%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> </tr> <tr> <td valign="bottom" nowrap="nowrap"> (in thousands) </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center" colspan="2">UNITED STATES</td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center">OTHER NORTH AMERICA</td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center">LATIN AMERICA</td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center">ASIA</td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap" align="center">EUROPE and AFRICA</td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap" align="center">MIDDLE EAST and INDIA</td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap" align="center">AUSTRAL- ASIA</td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center">ELIMI- NATIONS</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center">CONSOLI- DATED</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Three months ended March 31, 2010: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> </tr> <tr> <td valign="top"> Revenues from unaffiliated customers </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">286,936</td> <td valign="bottom">  </td> <td valign="bottom" align="right">35,612</td> <td valign="bottom">  </td> <td valign="bottom" align="right">16,296</td> <td valign="bottom">  </td> <td valign="bottom" align="right">618,889</td> <td valign="bottom">  </td> <td valign="bottom" align="right">161,845</td> <td valign="bottom">  </td> <td valign="bottom" align="right">63,232</td> <td valign="bottom">  </td> <td valign="bottom" align="right">18,299</td> <td valign="bottom">  </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,201,109</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Transfers between geographic areas </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">18,743</td> <td valign="bottom">  </td> <td valign="bottom" align="right">1,809</td> <td valign="bottom">  </td> <td valign="bottom" align="right">3,661</td> <td valign="bottom">  </td> <td valign="bottom" align="right">4,777</td> <td valign="bottom">  </td> <td valign="bottom" align="right">7,933</td> <td valign="bottom">  </td> <td valign="bottom" align="right">3,576</td> <td valign="bottom">  </td> <td valign="bottom" align="right">2,333</td> <td valign="bottom">  </td> <td valign="bottom" align="right">(42,832</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> </tr> <tr> <td valign="top"> Total revenues </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">305,679</td> <td valign="bottom">  </td> <td valign="bottom" align="right">37,421</td> <td valign="bottom">  </td> <td valign="bottom" align="right">19,957</td> <td valign="bottom">  </td> <td valign="bottom" align="right">623,666</td> <td valign="bottom">  </td> <td valign="bottom" align="right">169,778</td> <td valign="bottom">  </td> <td valign="bottom" align="right">66,808</td> <td valign="bottom">  </td> <td valign="bottom" align="right">20,632</td> <td valign="bottom">  </td> <td valign="bottom" align="right">(42,832</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,201,109</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Net revenues </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">146,905</td> <td valign="bottom">  </td> <td valign="bottom" align="right">16,422</td> <td valign="bottom">  </td> <td valign="bottom" align="right">11,518</td> <td valign="bottom">  </td> <td valign="bottom" align="right">95,995</td> <td valign="bottom">  </td> <td valign="bottom" align="right">59,923</td> <td valign="bottom">  </td> <td valign="bottom" align="right">19,946</td> <td valign="bottom">  </td> <td valign="bottom" align="right">11,114</td> <td valign="bottom">  </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">361,823</td> </tr> <tr> <td valign="top"> Operating income </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">38,174</td> <td valign="bottom">  </td> <td valign="bottom" align="right">3,899</td> <td valign="bottom">  </td> <td valign="bottom" align="right">3,531</td> <td valign="bottom">  </td> <td valign="bottom" align="right">35,889</td> <td valign="bottom">  </td> <td valign="bottom" align="right">11,854</td> <td valign="bottom">  </td> <td valign="bottom" align="right">4,325</td> <td valign="bottom">  </td> <td valign="bottom" align="right">2,869</td> <td valign="bottom">  </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">100,541</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Identifiable assets at quarter end </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,249,106</td> <td valign="bottom">  </td> <td valign="bottom" align="right">75,890</td> <td valign="bottom">  </td> <td valign="bottom" align="right">44,236</td> <td valign="bottom">  </td> <td valign="bottom" align="right">488,232</td> <td valign="bottom">  </td> <td valign="bottom" align="right">392,163</td> <td valign="bottom">  </td> <td valign="bottom" align="right">128,524</td> <td valign="bottom">  </td> <td valign="bottom" align="right">41,339</td> <td valign="bottom">  </td> <td valign="bottom" align="right">2,589</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,422,079</td> </tr> <tr> <td valign="top"> Capital expenditures </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">4,474</td> <td valign="bottom">  </td> <td valign="bottom" align="right">176</td> <td valign="bottom">  </td> <td valign="bottom" align="right">277</td> <td valign="bottom">  </td> <td valign="bottom" align="right">626</td> <td valign="bottom">  </td> <td valign="bottom" align="right">1,221</td> <td valign="bottom">  </td> <td valign="bottom" align="right">744</td> <td valign="bottom">  </td> <td valign="bottom" align="right">64</td> <td valign="bottom">  </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7,582</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Depreciation and amortization </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">5,022</td> <td valign="bottom">  </td> <td valign="bottom" align="right">353</td> <td valign="bottom">  </td> <td valign="bottom" align="right">205</td> <td valign="bottom">  </td> <td valign="bottom" align="right">1,712</td> <td valign="bottom">  </td> <td valign="bottom" align="right">1,312</td> <td valign="bottom">  </td> <td valign="bottom" align="right">607</td> <td valign="bottom">  </td> <td valign="bottom" align="right">184</td> <td valign="bottom">  </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">9,395</td> </tr> <tr> <td valign="top"> Equity </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,006,340</td> <td valign="bottom">  </td> <td valign="bottom" align="right">43,773</td> <td valign="bottom">  </td> <td valign="bottom" align="right">20,618</td> <td valign="bottom">  </td> <td valign="bottom" align="right">339,108</td> <td valign="bottom">  </td> <td valign="bottom" align="right">148,484</td> <td valign="bottom">  </td> <td valign="bottom" align="right">74,499</td> <td valign="bottom">  </td> <td valign="bottom" align="right">27,352</td> <td valign="bottom">  </td> <td valign="bottom" align="right">(31,238</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,628,936</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> </tr> <tr> <td height="8"></td> <td colspan="3" height="8"></td> <td colspan="2" height="8"></td> <td colspan="2" height="8"></td> <td colspan="2" height="8"></td> <td colspan="2" height="8"></td> <td colspan="2" height="8"></td> <td colspan="2" height="8"></td> <td colspan="3" height="8"></td> <td colspan="2" height="8"></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Three months ended March 31, 2009: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> </tr> <tr> <td valign="top"> Revenues from unaffiliated customers </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">236,328</td> <td valign="bottom">  </td> <td valign="bottom" align="right">29,767</td> <td valign="bottom">  </td> <td valign="bottom" align="right">16,131</td> <td valign="bottom">  </td> <td valign="bottom" align="right">428,282</td> <td valign="bottom">  </td> <td valign="bottom" align="right">132,865</td> <td valign="bottom">  </td> <td valign="bottom" align="right">57,112</td> <td valign="bottom">  </td> <td valign="bottom" align="right">12,200</td> <td valign="bottom">  </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">912,685</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Transfers between geographic areas </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">18,508</td> <td valign="bottom">  </td> <td valign="bottom" align="right">1,882</td> <td valign="bottom">  </td> <td valign="bottom" align="right">3,441</td> <td valign="bottom">  </td> <td valign="bottom" align="right">3,732</td> <td valign="bottom">  </td> <td valign="bottom" align="right">6,773</td> <td valign="bottom">  </td> <td valign="bottom" align="right">3,567</td> <td valign="bottom">  </td> <td valign="bottom" align="right">2,302</td> <td valign="bottom">  </td> <td valign="bottom" align="right">(40,205</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> </tr> <tr> <td valign="top"> Total revenues </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">254,836</td> <td valign="bottom">  </td> <td valign="bottom" align="right">31,649</td> <td valign="bottom">  </td> <td valign="bottom" align="right">19,572</td> <td valign="bottom">  </td> <td valign="bottom" align="right">432,014</td> <td valign="bottom">  </td> <td valign="bottom" align="right">139,638</td> <td valign="bottom">  </td> <td valign="bottom" align="right">60,679</td> <td valign="bottom">  </td> <td valign="bottom" align="right">14,502</td> <td valign="bottom">  </td> <td valign="bottom" align="right">(40,205</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">912,685</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Net revenues </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">131,147</td> <td valign="bottom">  </td> <td valign="bottom" align="right">16,199</td> <td valign="bottom">  </td> <td valign="bottom" align="right">10,513</td> <td valign="bottom">  </td> <td valign="bottom" align="right">94,698</td> <td valign="bottom">  </td> <td valign="bottom" align="right">54,118</td> <td valign="bottom">  </td> <td valign="bottom" align="right">21,074</td> <td valign="bottom">  </td> <td valign="bottom" align="right">8,766</td> <td valign="bottom">  </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">336,515</td> </tr> <tr> <td valign="top"> Operating income </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">30,636</td> <td valign="bottom">  </td> <td valign="bottom" align="right">4,339</td> <td valign="bottom">  </td> <td valign="bottom" align="right">2,365</td> <td valign="bottom">  </td> <td valign="bottom" align="right">38,227</td> <td valign="bottom">  </td> <td valign="bottom" align="right">8,771</td> <td valign="bottom">  </td> <td valign="bottom" align="right">4,339</td> <td valign="bottom">  </td> <td valign="bottom" align="right">2,797</td> <td valign="bottom">  </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">91,474</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Identifiable assets at quarter end </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,002,406</td> <td valign="bottom">  </td> <td valign="bottom" align="right">65,796</td> <td valign="bottom">  </td> <td valign="bottom" align="right">35,452</td> <td valign="bottom">  </td> <td valign="bottom" align="right">482,508</td> <td valign="bottom">  </td> <td valign="bottom" align="right">332,538</td> <td valign="bottom">  </td> <td valign="bottom" align="right">113,795</td> <td valign="bottom">  </td> <td valign="bottom" align="right">23,232</td> <td valign="bottom">  </td> <td valign="bottom" align="right">(905</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,054,822</td> </tr> <tr> <td valign="top"> Capital expenditures </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">6,095</td> <td valign="bottom">  </td> <td valign="bottom" align="right">149</td> <td valign="bottom">  </td> <td valign="bottom" align="right">231</td> <td valign="bottom">  </td> <td valign="bottom" align="right">543</td> <td valign="bottom">  </td> <td valign="bottom" align="right">1,086</td> <td valign="bottom">  </td> <td valign="bottom" align="right">340</td> <td valign="bottom">  </td> <td valign="bottom" align="right">212</td> <td valign="bottom">  </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8,656</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Depreciation and amortization </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">5,310</td> <td valign="bottom">  </td> <td valign="bottom" align="right">326</td> <td valign="bottom">  </td> <td valign="bottom" align="right">238</td> <td valign="bottom">  </td> <td valign="bottom" align="right">1,933</td> <td valign="bottom">  </td> <td valign="bottom" align="right">1,406</td> <td valign="bottom">  </td> <td valign="bottom" align="right">594</td> <td valign="bottom">  </td> <td valign="bottom" align="right">151</td> <td valign="bottom">  </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">9,958</td> </tr> <tr> <td valign="top"> Equity </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">799,897</td> <td valign="bottom">  </td> <td valign="bottom" align="right">35,366</td> <td valign="bottom">  </td> <td valign="bottom" align="right">26,771</td> <td valign="bottom">  </td> <td valign="bottom" align="right">375,994</td> <td valign="bottom">  </td> <td valign="bottom" align="right">131,995</td> <td valign="bottom">  </td> <td valign="bottom" align="right">62,794</td> <td valign="bottom">  </td> <td valign="bottom" align="right">13,781</td> <td valign="bottom">  </td> <td valign="bottom" align="right">(24,064</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,422,534</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td> </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> </tr> </table> </div> Note 8. Business Segment Information The Company is organized functionally in geographic operating segments. Accordingly, management focuses its false false false This element may be used to capture the complete disclosure of reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10% or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 131 false false 1 1 false UnKnown UnKnown UnKnown false true XML 23 R1.xml IDEA: Document and Entity Information 2.0.0.10 false Document and Entity Information 101 - Document - Document and Entity Information true false false false 1 usd $ false false iso4217_USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 iso4217_USD_per_shares Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares 0 shares Standard http://www.xbrl.org/2003/instance shares 0 false 2 usd $ false false shares Standard http://www.xbrl.org/2003/instance shares 0 5 Document Type 3 dei_DocumentType dei false na duration na No definition available. false false false false false false false false false false false false 1 false false false false 0 0 10-Q 10-Q false false false 2 false false false false 0 0 false false false The type of document being provided (such as 10-K, 10-Q, N-1A, etc). The document type should be limited to the same value as the supporting SEC submission type. The acceptable values are as follows: S-1, S-3, S-4, S-11, F-1, F-3, F-4, F-9, F-10, 6-K, 8-K, 10, 10-K, 10-Q, 20-F, 40-F, N-1A, 485BPOS, NCSR, N-Q, and Other. No authoritative reference available. false 6 Amendment Flag 3 dei_AmendmentFlag dei false na duration na No definition available. false false false false false false false false false false false false 1 false false false false 0 0 false false false false false 2 false false false false 0 0 false false false If the value is true, then the document as an amendment to previously-filed/accepted document. No authoritative reference available. false 7 Document Period End Date 3 dei_DocumentPeriodEndDate dei false na duration date No definition available. false false false false false false false false false false false false 1 false false false false 0 0 2010-03-31 2010-03-31 false false false 2 false false false false 0 0 false false false The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements this will be the filing date. The format of the date is CCYY-MM-DD. No authoritative reference available. false 8 Document Fiscal Year Focus 3 dei_DocumentFiscalYearFocus dei false na duration positiveinteger No definition available. false false false false false false false false false false false false 1 false true false false 2010 2010 false false false 2 false false false false 0 0 false false false This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No authoritative reference available. false 9 Document Fiscal Period Focus 3 dei_DocumentFiscalPeriodFocus dei false na duration na No definition available. false false false false false false false false false false false false 1 false false false false 0 0 Q1 Q1 false false false 2 false false false false 0 0 false false false This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No authoritative reference available. false 10 Trading Symbol 3 dei_TradingSymbol dei false na duration normalizedstring No definition available. false false false false false false false false false false false false 1 false false false false 0 0 EXPD EXPD false false false 2 false false false false 0 0 false false false Trading symbol of an instrument as listed on an exchange. No authoritative reference available. false 11 Entity Registrant Name 3 dei_EntityRegistrantName dei false na duration normalizedstring No definition available. false false false false false false false false false false false false 1 false false false false 0 0 EXPEDITORS INTERNATIONAL OF WASHINGTON INC EXPEDITORS INTERNATIONAL OF WASHINGTON INC false false false 2 false false false false 0 0 false false false The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation 12B -Number 240 -Section 12b -Subsection 1 false 12 Entity Central Index Key 3 dei_EntityCentralIndexKey dei false na duration na No definition available. false false false false false false false false false false false false 1 false false false false 0 0 0000746515 0000746515 false false false 2 false false false false 0 0 false false false A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation 12B -Number 240 -Section 12b -Subsection 1 false 13 Current Fiscal Year End Date 3 dei_CurrentFiscalYearEndDate dei false na duration monthday No definition available. false false false false false false false false false false false false 1 false false false false 0 0 --12-31 --12-31 false false false 2 false false false false 0 0 false false false End date of current fiscal year in the format --MM-DD. No authoritative reference available. false 14 Entity Filer Category 3 dei_EntityFilerCategory dei false na duration na No definition available. false false false false false false false false false false false false 1 false false false false 0 0 Large Accelerated Filer Large Accelerated Filer false false false 2 false false false false 0 0 false false false Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, or (4) Smaller Reporting Company. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. No authoritative reference available. false 15 Entity Common Stock, Shares Outstanding 3 dei_EntityCommonStockSharesOutstanding dei false na instant shares No definition available. false false false false false false false false false false false false 1 false false false false 0 0 false false false 2 false true false false 212888523 212888523 false false false Indicate number of shares outstanding of each of registrant's classes of common stock, as of latest practicable date. Where multiple classes exist define each class by adding class of stock items such as Common Class A [Member], Common Class B [Member] onto the Instrument [Domain] of the Entity Listings, Instrument No authoritative reference available. false false 2 11 false UnKnown NoRounding UnKnown false true XML 24 R2.xml IDEA: Condensed Consolidated Balance Sheets 2.0.0.10 false Condensed Consolidated Balance Sheets (USD $) 103 - Statement - Condensed Consolidated Balance Sheets true false In Thousands false false 1 usd $ false false iso4217_USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 iso4217_USD_per_shares Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares 0 shares Standard http://www.xbrl.org/2003/instance shares 0 false 2 usd $ false false 5 Current Assets: 3 us-gaap_AssetsCurrentAbstract us-gaap true na duration string No definition available. false false false false false true false false false false false false 1 false false false false 0 0 false false false 2 false false false false 0 0 false false false No definition available. false 6 Cash and cash equivalents 4 us-gaap_CashAndCashEquivalentsAtCarryingValue us-gaap true debit instant monetary No definition available. false false false false false false false false false false false false 1 true true false false 1041648000 1041648 false false false 2 true true false false 925929000 925929 false false false Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased th ree years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 7, 26 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 8, 9 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 7 -Footnote 1 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 1 -Article 5 false 7 Short-term investments 4 us-gaap_ShortTermInvestments us-gaap true debit instant monetary No definition available. false false false false false false false false false false false false 1 false true false false 713000 713 false false false 2 false true false false 655000 655 false false false Investments which are intended to be sold in the short term (usually less than one year or the normal operating cycle, whichever is longer) including trading securities, available-for-sale securities, held-to-maturity securities, and other short-term investments not otherwise listed in the existing taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 1 -Subparagraph g -Article 7 false 8 Accounts receivable, less allowance for doubtful accounts of $15,081 at March 31, 2010 and $14,235 at December 31, 2009 4 us-gaap_AccountsReceivableNetCurrent us-gaap true debit instant monetary No definition available. false false false false false false false false false false false false 1 false true false false 817936000 817936 false false false 2 false true false false 810369000 810369 false false false Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 3 -Subparagraph a(1) -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 4 -Article 5 false 9 Deferred Federal and state income taxes 4 us-gaap_DeferredTaxAssetsNetCurrent us-gaap true debit instant monetary No definition available. false false false false false false false false false false false verboselabel false 1 false true false false 8494000 8494 false false false 2 false true false false 8338000 8338 false false false The current portion of the aggregate tax effects as of the balance sheet date of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws; after deducting the allocated valuation allowance, if any, to reduce such amount to net realizable value. Deferred tax liabilities and assets shall be classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, shall be classified according to the expected reversal date of the temporary difference. An unrecognized tax benefit that is directly related to a position taken in a tax year that results in a net operating los s carryforward should be presented as a reduction of the related deferred tax asset. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 41, 42, 43 false 10 Other 4 us-gaap_OtherAssetsCurrent us-gaap true debit instant monetary No definition available. false false false false false false false false false false false verboselabel false 1 false true false false 24158000 24158 false false false 2 false true false false 42539000 42539 false false false Aggregate carrying amount, as of the balance sheet date, of current assets not separately presented elsewhere in the balance sheet. Current assets are expected to be realized or consumed within one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 8 -Article 5 false 11 Total current assets 4 us-gaap_AssetsCurrent us-gaap true debit instant monetary No definition available. false false false false false false false false false false false totallabel false 1 false true false false 1892949000 1892949 false false false 2 false true false false 1787830000 1787830 false false false Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 9 -Article 5 true 12 Property and equipment, less accumulated depreciation and amortization of $263,694 at March 31, 2010 and $264,372 at December 31, 2009 3 us-gaap_PropertyPlantAndEquipmentNet us-gaap true debit instant monetary No definition available. false false false false false false false false false false false false 1 false true false false 488983000 488983 false false false 2 false true false false 495701000 495701 false false false Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. Examples include land, buildings, and production equipment. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 13 -Subparagraph a -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 12 -Paragraph 5 -Subparagraph b, c Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 8 -Article 7 false 13 Goodwill, net 3 us-gaap_Goodwill us-gaap true debit instant monetary No definition available. false false false false false false false false false false false false 1 false true false false 7927000 7927 false false false 2 false true false false 7927000 7927 false false false Carrying amount as of the balance sheet date, which is the cumulative amount paid, adjusted for any amortization recognized prior to adoption of FAS 142 and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 142 -Paragraph 43 false 14 Other intangibles, net 3 us-gaap_IntangibleAssetsNetExcludingGoodwill us-gaap true debit instant monetary No definition available. false false false false false false false false false false false false 1 false true false false 4541000 4541 false false false 2 false true false false 4938000 4938 false false false Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 142 -Paragraph 42, 45 false 15 Other assets, net 3 us-gaap_OtherAssetsNoncurrent us-gaap true debit instant monetary No definition available. false false false false false false false false false false false false 1 false true false false 27679000 27679 false false false 2 false true false false 27326000 27326 false false false Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet due to materiality considerations. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 17 -Article 5 false 16 Total assets 3 us-gaap_Assets us-gaap true debit instant monetary No definition available. false false false false false false false false false false false totallabel false 1 false true false false 2422079000 2422079 false false false 2 false true false false 2323722000 2323722 false false false Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Concepts (CON) -Number 6 -Paragraph 25 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 18 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 12 -Article 7 true 17 Current Liabilities: 3 us-gaap_LiabilitiesCurrentAbstract us-gaap true na duration string No definition available. false false false false false true false false false false false false 1 false false false false 0 0 false false false 2 false false false false 0 0 false false false No definition available. false 18 Accounts payable 4 us-gaap_AccountsPayableCurrent us-gaap true credit instant monetary No definition available. false false false false false false false false false false false false 1 false true false false 567885000 567885 false false false 2 false true false false 546675000 546675 false false false Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19 -Subparagraph a -Article 5 false 19 Accrued expenses, primarily salaries and related costs 4 us-gaap_AccruedLiabilitiesCurrent us-gaap true credit instant monetary No definition available. false false false false false false false false false false false false 1 false true false false 162133000 162133 false false false 2 false true false false 145545000 145545 false false false Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 20 -Article 5 false 20 Federal, state and foreign income taxes 4 us-gaap_AccruedIncomeTaxesCurrent us-gaap true credit instant monetary No definition available. false false false false false false false false false false false false 1 false true false false 18419000 18419 false false false 2 false true false false 16166000 16166 false false false Carrying amount as of the balance sheet date of the unpaid sum of the known and estimated amounts payable to satisfy all currently due domestic and foreign income tax obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 15 -Subparagraph b(1) -Article 7 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 15 -Article 9 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 20 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 48 -Paragraph 15, 21 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Section Appendix E -Paragraph 289 false 21 Total current liabilities 4 us-gaap_LiabilitiesCurrent us-gaap true credit instant monetary No definition available. false false false false false false false false false false false totallabel false 1 false true false false 748437000 748437 false false false 2 false true false false 708386000 708386 false false false Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 21 -Article 5 true 22 Deferred Federal and state income taxes 3 us-gaap_DeferredTaxLiabilitiesNoncurrent us-gaap true credit instant monetary No definition available. false false false false false false false false false false false verboselabel false 1 false true false false 44706000 44706 false false false 2 false true false false 53989000 53989 false false false Represents the noncurrent portion of deferred tax liabilities, which result from applying the applicable tax rate to net taxable temporary differences pertaining to each jurisdiction to which the entity is obligated to pay income tax. A noncurrent taxable temporary difference is a difference between the tax basis and the carrying amount of a noncurrent asset or liability in the financial statements prepared in accordance with generally accepted accounting principles. In a classified statement of financial position, an enterprise shall separate deferred tax liabilities and assets into a current amount and a noncurrent amount. Deferred tax liabilities and assets shall be classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, shall be classified according to the expected reversal date of the temporary difference. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 41, 42 false 23 Commitments and contingencies 3 us-gaap_CommitmentsAndContingencies2009 us-gaap true na duration string No definition available. false false false false false false false false false false false false 1 false false false false 0 0     false false false 2 false false false false 0 0     false false false Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. This caption alerts the reader that one or more notes to the financial statements disclose pertinent information about the entity's commitments and contingencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 19 -Article 7 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 5 -Paragraph 8, 9 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 25 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 17 -Article 9 false 24 Shareholders' Equity: 3 us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract us-gaap true na duration string No definition available. false false false false false true false false false false false false 1 false false false false 0 0 false false false 2 false false false false 0 0 false false false No definition available. false 25 Preferred stock, none issued. 4 us-gaap_PreferredStockValue us-gaap true credit instant monetary No definition available. false false false false false false false false false false false false 1 false true false false 0 0 false false false 2 false true false false 0 0 false false false Dollar value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) whether issued at par value, no par or stated value. This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 3, 4, 5, 6, 7, 8 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 10 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29 -Article 5 false 26 Common stock, par value $.01 per share. Issued and outstanding 212,569,202 shares at March 31, 2010, and 212,025,494 shares at December 31, 2009 4 us-gaap_CommonStockValue us-gaap true credit instant monetary No definition available. false false false false false false false false false false false false 1 false true false false 2126000 2126 false false false 2 false true false false 2120000 2120 false false false Dollar value of issued common stock whether issued at par value, no par or stated value. This item includes treasury stock repurchased by the entity. Note: elements for number of common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 30 -Article 5 false 27 Additional paid-in capital 4 us-gaap_AdditionalPaidInCapital us-gaap true credit instant monetary No definition available. false false false false false false false false false false false false 1 false true false false 27671000 27671 false false false 2 false true false false 18265000 18265 false false false Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of APIC associated with common AND preferred stock. For APIC associated with only common stock, use the element Additional Paid In Capital, Common Stock. For APIC associated with only preferred stock, use the element Additional Paid In Capital, Preferred Stock. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 31 -Article 5 false 28 Retained earnings 4 us-gaap_RetainedEarningsAccumulatedDeficit us-gaap true credit instant monetary No definition available. false false false false false false false false false false false false 1 false true false false 1593265000 1593265 false false false 2 false true false false 1532018000 1532018 false false false The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 10 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 31 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 false 29 Accumulated other comprehensive (loss) income 4 us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax us-gaap true credit instant monetary No definition available. false false false false false false false false false false false false 1 false true false false -2515000 -2515 false false false 2 false true false false 604000 604 false false false Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at fiscal year-end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, and unrealized gains and losses on certain investments in debt and equity securities as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 10 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 130 -Paragraph 14, 17, 26 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 31 -Article 5 false 30 Total shareholders' equity 4 us-gaap_StockholdersEquity us-gaap true credit instant monetary No definition available. false false false false false false false false false false false totallabel false 1 false true false false 1620547000 1620547 false false false 2 false true false false 1553007000 1553007 false false false Total of all Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph A3 -Appendix A Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30, 31 -Article 5 true 31 Noncontrolling interest 4 us-gaap_MinorityInterest us-gaap true credit instant monetary No definition available. false false false false false false false false false false false false 1 false true false false 8389000 8389 false false false 2 false true false false 8340000 8340 false false false Total of all Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 27 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 20 -Article 7 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 26 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 38 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph A3 -Appendix A false 32 Total equity 4 us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest us-gaap true credit instant monetary No definition available. false false false false false false false false false false false totallabel false 1 false true false false 1628936000 1628936 false false false 2 false true false false 1561347000 1561347 false false false Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest), if any. The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 25 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 26 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph A3 -Appendix A true 33 Total liabilities and equity 3 us-gaap_LiabilitiesAndStockholdersEquity us-gaap true credit instant monetary No definition available. false false false false false false false false false false false totallabel false 1 true true false false 2422079000 2422079 false false false 2 true true false false 2323722000 2323722 false false false Total of all Liabilities and Stockholders' Equity items. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 32 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 25 -Article 7 true false 2 29 false Thousands UnKnown UnKnown false true XML 25 FilingSummary.xml IDEA: XBRL DOCUMENT 2.0.0.10 true Sheet 101 - Document - Document and Entity Information Document and Entity Information http://www.expeditors.com/taxonomy/role/DocumentDocumentandEntityInformation false R1.xml false Sheet 103 - Statement - Condensed Consolidated Balance Sheets Condensed Consolidated Balance Sheets http://www.expeditors.com/taxonomy/role/StatementOfFinancialPositionClassified false R2.xml false Sheet 104 - Statement - Condensed Consolidated Balance Sheets (Parenthetical) Condensed Consolidated Balance Sheets (Parenthetical) http://www.expeditors.com/taxonomy/role/StatementOfFinancialPositionClassifiedParenthetical false R3.xml false Sheet 105 - Statement - Condensed Consolidated Statements of Earnings Condensed Consolidated Statements of Earnings http://www.expeditors.com/taxonomy/role/StatementOfIncomeAlternative false R4.xml false Sheet 106 - Statement - Condensed Consolidated Statements of Cash Flows Condensed Consolidated Statements of Cash Flows http://www.expeditors.com/taxonomy/role/StatementOfCashFlowsIndirect false R5.xml false Sheet 107 - Disclosure - Summary of Significant Accounting Policies Summary of Significant Accounting Policies http://www.expeditors.com/taxonomy/role/NotesToFinancialStatementsBusinessDescriptionAndSignificantAccountingPoliciesTextBlock false R6.xml false Sheet 108 - Disclosure - Income Taxes Income Taxes http://www.expeditors.com/taxonomy/role/NotesToFinancialStatementsIncomeTaxDisclosureTextBlock false R7.xml false Sheet 109 - Disclosure - Share-Based Compensation Share-Based Compensation http://www.expeditors.com/taxonomy/role/NotesToFinancialStatementsDisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock false R8.xml false Sheet 110 - Disclosure - Basic and Diluted Earnings per Share Basic and Diluted Earnings per Share http://www.expeditors.com/taxonomy/role/NotesToFinancialStatementsEarningsPerShareTextBlock false R9.xml false Sheet 111 - Disclosure - Components of Equity and Comprehensive Income Components of Equity and Comprehensive Income http://www.expeditors.com/taxonomy/role/NotesToFinancialStatementsEquityShareBasedCompensationAndEarningsPerShareDisclosureTextBlock false R10.xml false Sheet 112 - Disclosure - Fair Value of Financial Instruments Fair Value of Financial Instruments http://www.expeditors.com/taxonomy/role/NotesToFinancialStatementsFairValueDisclosuresTextBlock false R11.xml false Sheet 113 - Disclosure - Contingencies Contingencies http://www.expeditors.com/taxonomy/role/NotesToFinancialStatementsLossContingencyDisclosures false R12.xml false Sheet 114 - Disclosure - Business Segment Information Business Segment Information http://www.expeditors.com/taxonomy/role/NotesToFinancialStatementsSegmentReportingDisclosureTextBlock false R13.xml false Book All Reports All Reports false 1 8 0 0 3 103 false false eol_PE1552----1010-Q0002_STD_90_20090331_0 52 eol_PE1552----1010-Q0002_STD_0_20100331_0 31 eol_PE1552----1010-Q0002_STD_365_20091231_0 1 eol_PE1552----1010-Q0002_STD_0_20090331_0 1 eol_PE1552----1010-Q0002_STD_90_20100331_0 71 eol_PE1552----1010-Q0002_STD_0_20100503_0 1 eol_PE1552----1010-Q0002_STD_0_20081231_0 1 eol_PE1552----1010-Q0002_STD_0_20091231_0 31 true true EXCEL 26 Financial_Report.xls IDEA: XBRL DOCUMENT begin 644 Financial_Report.xls MT,\1X&Q&N$`````````````````````/@`#`/[_"0`&```````````````! M`````0``````````$```=`````$```#^``````````#_ M____________ M M M M M M M M M_]_O_P,````$````!0````8````'```` M"`````D````````"P````P````-````#@````\````0````$0```!(````3 M````%````!4````6````%P```!@````9````&@```!L````<````'0```!X` M```?````(````"$````B````(P```"0````E````)@```"<````H````0`` M`"H````K````+````"T````N````+P```#`````Q````,@```#,````T```` M-0```#8````W````.````#D````Z````.P```#P````]````/@```#\```!` M````00```$(```!#````1````$4```!&````1P```$@```!)````2@```$L` M``!,````30```$X```!/````4````%$```!2````4P```%0```!5````5@`` M`%<```!8````60```%H```!;````7````%T```!>````7P```&````!A```` M8@```&,```!D````90```&8```!G````:````&D```!J````:P```&P```!M M````;@```&\```!P````<0```'(```!S````_O[^ M_______________________U(`;P!O`'0`(`!% M`&X`=`!R`'D````````````````````````````````````````````````` M```````````6``4`\"```````````````````````````````` M`````````&`41Z4E[LH!=0```$`!````````5P!O`'(`:P!B`&\`;P!K```` M```````````````````````````````````````````````````````````` M`!(``@#_\````````````````````````````````````` M```````````"````U>,````````%`%,`=0!M`&T`80!R`'D`20!N`&8`;P!R M`&T`80!T`&D`;P!N``````````````````````````````````````"`0$` M```#````_P`````````````````````````````````````````````` M``````"```````````4`1`!O`&,`=0!M`&4`;@!T`%,`=0!M`&T`80!R`'D` M20!N`&8`;P!R`&T`80!T`&D`;P!N```````````````X``(`______ M`````````````````````````````````````````````````@````` M````````"0@0```&!0!&&,T'P8````8"``#A``(`L`3!``(```#B````7`!P M``<``'-S:'AB!$T`"``D``$B`"0`(@`C`"P`(P`C`#``+@`P`#`` M7P`I`#L`6P!2`&4`9`!=`%P```@`"(`)``B`",`+``C`",`,``N`#``,`!< M`"``0`>!'$`@`V``%?`"@`(@`D`"(`@`@`",`+``C`",`,`!?`"D`.P!? M`"@`(@`D`"(`@`@`%P```@`",`+``C`",`,`!<`"``0`[`%\```B`"0` M(@`J`"``(@`M`"(`7P`I`#L`7P`H`"``0`!?`"``0`>!%\`0`M``%?`"@` M@`@`",`+``C`",`,`!?`"D`.P!?`"@`@`@`%P```@`",`+``C`",`,`!< M`"``0`[`%\```J`"``(@`M`"(`7P`I`#L`7P`H`"``0`!?`"``0`>!($` M+``^``%?`"@`(@`D`"(`@`@`",`+``C`",`,``N`#``,`!?`"D`.P!?`"@` M(@`D`"(`@`@`%P```@`",`+``C`",`,``N`#``,`!<`"``0`[`%\```B M`"0`(@`J`"``(@`M`"(`/P`_`%\`0`[`%\```@`$``7P`@`"D`'@1O`"L` M-0`!7P`H`"H`(``C`"P`(P`C`#``+@`P`#``7P`I`#L`7P`H`"H`(`!<`"@` M(``C`"P`(P`C`#``+@`P`#``7``@`"D`.P!?`"@`@`@`"(`+0`B`#\`/P!? M`"D`.P!?`"@`(`!``%\`(``I`!X$'P"D``T``2,`+``C`",`,``[`"@`(P`L M`",`(P`P`"D`'@0C`4`#P`!)``C`"P`(P`C`#``.P`H`"0`(P`L`",`(P`P M`"D`'@0O`8`%0`!)``C`"P`(P`C`#``+@`C`",`.P`H`"0`(P`L`",`(P`P M`"X`(P`C`"D`X``4``````#U_R```````````````,`@X``4``$```#U_R`` M`/0``````````$$@X``4``$```#U_R```/0``````````$$@X``4``(```#U M_R```/0``````````$$@X``4``(```#U_R```/0``````````$$@X``4```` M``#U_R```/0``````````$$@X``4``````#U_R```/0``````````$$@X``4 M``````#U_R```/0``````````$$@X``4``````#U_R```/0``````````$$@ MX``4``````#U_R```/0``````````$$@X``4``````#U_R```/0````````` M`$$@X``4``````#U_R```/0``````````$$@X``4``````#U_R```/0````` M`````$$@X``4``````#U_R```/0``````````$$@X``4``````#U_R```/0` M`````````$$@X``4```````!`"```````````````,`@X``4``$`P#U_R`` M`/@``````````$$@X``4``$`0#U_R```/@``````````$$@X``4``$`+`#U M_R```/@``````````$$@X``4``$`@#U_R```/@``````````$$@X``4``$` M"0#U_R```/@``````````$$@X``4``4````!`"````@``````````,`@X``4 M``4````!`"@``!@``````````,`@X``4``4````!`"H``!@``````````,`@ MX``4```````!`"@``!```````````,`@X``4```````)`"`````````````` M`,`@X``4```````)`"@``!```````````,`@X``4```````)``@``!`````` M`````,`@X``4````I``!`"````0``````````,`@X``4````I0`!`"````0` M`````````,`@X``4``8`I``!`"````P``````````,`@X``4``8`I0`!`"`` M``P``````````,`@X``4````I@`!`"````0``````````,`@DP($``"``/^3 M`@0`$(`#_Y,"!``1@`;_DP($`!`!/^3`@0`$X`'_Y,"!``4@`7_8`$"```` MA0!&``:U`````!\!1`!O`&,`=0!M`&4`;@!T`"``80!N`&0`(`!%`&X`=`!I M`'0`>0`@`$D`;@!F`&\`<@!M`&$`=`!I`&\`;@"%`$8`U[@`````'P%#`&\` M;@!D`&4`;@!S`&4`9``@`$,`;P!N`',`;P!L`&D`9`!A`'0`90!D`"``0@!A M`&P`80!N`&,`90`@`(4`1@#`!E`',`A0`X`/O8`````!@!4P!H M`&$`<@!E`"T`0@!A`',`90!D`"``0P!O`&T`<`!E`&X`0`@`$D` M;@!F`&\`<@!M`&$`=`!I`&\`;@`?``$S`"``30!O`&X`=`!H`',`(`!%`&X` M9`!E`&0`#0``$T`80!R`"X`(``S`#$`+``@`#(`,``Q`#``#0```\``4T` M80!Y`"X`(``P`#,`+``@`#(`,``Q`#``#0```T``40`;P!C`'4`;0!E`&X` M=``@`%0`>0!P`&4`!``!,0`P`"T`40`.``%!`&T`90!N`&0`;0!E`&X`=``@ M`$8`;`!A`&<`!0`!9@!A`&P``!P`&4`;@!S M`&4``!E`',`&0`!5`!O`'0`80!L`"``8P!U M`'(`<@!E`&X`=``@`&P`:0!A`&(`:0!L`&D`=`!I`&4`0`<``%4`&\`=`!A`&P`(`!L`&D`80!B`&D`;`!I`'0`:0!E`',`(`!A`&X` M9``@`&4`<0!U`&D`=`!Y`#T``4,`;P!N`&0`90!N`',`90!D`"``0P!O`&X` M`!C`&4` M<`!T`"``4P!H`&$`<@!E`"``9`!A`'0`80`/``%-`&$`<@`N`"``,P`Q`"P` M(``R`#``,0`P``T`"@`/``%$`&4`8P`N`"``,P`Q`"P`(``R`#``,``Y``T` M"@`T``%!`&,`8P!O`'4`;@!T`',`(`!R`&4`8P!E`&D`=@!A`&(`;`!E`"P` M(`!A`&P`;`!O`'<`80!N`&,`90`@`&8`;P!R`"``9`!O`'4`8@!T`&8`=0!L M`"``80!C`&,`;P!U`&X`=`!S`$$``5``<@!O`'``90!R`'0`>0`@`&$`;@!D M`"``90!Q`'4`:0!P`&T`90!N`'0`+``@`&$`8P!C`'4`;0!U`&P`80!T`&4` M9``@`&0`90!P`'(`90!C`&D`80!T`&D`;P!N`"``80!N`&0`(`!A`&T`;P!R M`'0`:0!Z`&$`=`!I`&\`;@`7``%0`'(`90!F`&4`<@!R`&4`9``@`',`=`!O M`&,`:P`L`"``:0!S`',`=0!E`&0`%P`!0P!O`&T`;0!O`&X`(`!S`'0`;P!C M`&L`+``@`'``80!R`"``=@!A`&P`=0!E`!0``4,`;P!M`&T`;P!N`"```!P`&4`;@!S`&4`0`@`&,`;P!S`'0`@!A`'0`:0!O`&X`%0`!4P!E`&P` M;`!I`&X`9P`@`&$`;@!D`"``<`!R`&\`;0!O`'0`:0!O`&X`&``!5`!O`'0` M80!L`"``;P!P`&4`<@!A`'0`:0!N`&<`(`!E`'@`<`!E`&X``!C`&4``!E`',`(`!P`&$`>0!A`&(`;`!E`"P`(`!N`&4`=``I``%.`&4`=``@`&,` M80!S`&@`(`!P`'(`;P!V`&D`9`!E`&0`(`!B`'D`(`!O`'``90!R`&$`=`!I M`&X`9P`@`&$`8P!T`&D`=@!I`'0`:0!E`',`%0`!20!N`'8`90!S`'0`:0!N M`&<`(`!!`&,`=`!I`'8`:0!T`&D`90!S`#H`+0`!`!)`&X`8P!R`&4`80!S M`&4`0`@`&0`90!C`'(`90!A`',`90`@`&D`;@`@`',`:`!O`'(`=``M`'0` M90!R`&T`(`!I`&X`=@!E`',`=`!M`&4`;@!T`',`(@`!4`!U`'(`8P!H`&$` M0`@`&$`;@!D`"``90!Q`'4` M:0!P`&T`90!N`'0`)0`!3@!E`'0`(`!C`&$``!E M`',`@`!4P!U`&T`;0!A`'(`>0`@`&\`9@`@`%,`:0!G`&X`:0!F`&D`8P!A M`&X`=``@`$$`8P!C`&\`=0!N`'0`:0!N`&<`(`!0`&\`;`!I`&,`:0!E`',` M@`P!#0`-`$X`;P!T`&4`(``Q`"X`4P!U`&T`;0!A`'(`>0`@`&\`9@`@`%,` M:0!G`&X`:0!F`&D`8P!A`&X`=``@`$$`8P`\`!L@`6,`;P!U`&X`=`!I`&X` M9P`@`%``;P!L`&D`8P!I`&4``!C`&P`=0!S`&D`=@!E`"`` M80!G`&4`;@!T`',`+@`@`%0`:`!E`"``0P!O`&T`<`!A`&X`>0!S`"``8P!U M`',`=`!O`&T`90!R`',`(`!I`&X`8P!L`'4`9`!E`"``<@!E`'0`80!I`&P` M:0!N`&<`(`!A`&X`9``@`'<`:`!O`&P`90!S`&$`;`!I`&X`9P`L`"``90!L M`&4`8P!T`'(`;P!N`&D`8P!S`"P`(`!A`&X`9``@`&T`80!N`'4`9@!A`&,` M=`!U`'(`:0!N`&<`(`!C`&\`;0!P`&$`;@!I`&4``!C`&@`80!N`&<`90`@`$,`;P!M`&T`:0!S`',` M:0!O`&X`+@!!`',`(`!A`"``<@!E`',`=0!L`'0`+``@`&,`90!R`'0`80!I M`&X`(`!I`&X`9@!O`'(`;0!A`'0`:0!O`&X`(`!A`&X`9``@`&8`;P!O`'0` M;@!O`'0`90`@`&0`:0!S`&,`;`!O`',`=0!R`&4`0`@`&D`;@!C`&P`=0!D`&4`9``@`&D`;@`@`&8`:0!N`&$`;@!C`&D` M80!L`"``0`@`&$`8P!C`&4`<`!T`&4`9``@`&D`;@`@`'0`:`!E`"`` M50!N`&D`=`!E`&0`(`!3`'0`80!T`&4`0`@`'0`;P`@`&$`(`!F`&$`:0!R M`"``0!S M`"``1@!O`'(`;0`Q`#``+0!+`"``80!S`"``9@!I`&P`90!D`"``=P!I`'0` M:``@`'0`:`!E`"``4P!E`&,`=0!R`&D`=`!I`&4`0`R`#8`+``@`#(`,``Q`#``+@`@``T`#0`@`$$`;`!L M`"``0!M`&4`;@!T`',`(`!F`&\`<@`@`',`90!R`'8`:0!C`&4`0`@`&(`90`@`&X`90!C M`&4`0`@`&\`9@`@`&D`=`!S`"``8P!U M`',`=`!O`&T`90!R`',`(`!T`&\`(`!P`&$`>0`@`&0`90!T`&4`<@!I`&\` M<@!A`'0`90!S`"X`(`!4`&@`90`@`$,`;P!M`'``80!N`'D`(`!H`&$`0`@`'0`<@!A`&X```@`&4` M9@!F`&4`8P!T`',`+``@`&$`;@!D`"``8P!O`&T`<`!R`&4`:`!E`&X``!E`',` M?P0!#0`-`$X`;P!T`&4`(``R`"X`20!N`&,`;P!M`&4`(`!4`&$`>`!E`',` M(``-``T`(`!4`&@`90`@`$,`;P!M`'``80!N`'D`(`!O`'(`(`!O`&X`90`@ M`&\`9@`@`&D`=`!S`"````@`&$`=0!T`&@`;P!R`&D`=`!I`&4`0!E`&$`<@!S`"``<`!R`&D`;P!R`"``=`!O`"``,@`P`#``-@`N`"`` M5P!I`'0`:``@`'(`90!S`'``90!C`'0`(`!T`&\`(`!S`'0`80!T`&4`(`!A M`&X`9``@`&P`;P!C`&$`;``@`&H`=0!R`&D`0!E`&$`<@!S`"``<`!R M`&D`;P!R`"``=`!O`"``,@`P`#``,0`N`"``20!N`"``=`!H`&4`(`!N`&\` M<@!M`&$`;``@`&,`;P!U`'(`0!E`&$` M<@!S`"X`(``-``T`#0`@`$$`;@!Y`"``:0!N`'0`90!R`&4``!P`&4`;@!S`&4`9``@`&D` M;@`@`'(`90!L`&$`=`!I`&\`;@`@`'0`;P`@`'0`:`!E`"``=0!N`&0`90!R M`'``80!Y`&T`90!N`'0`(`!O`&8`(`!I`&X`8P!O`&T`90`@`'0`80!X`&4` M0!S`"``=`!A`'@`(`!P`&\`0!E`&4`(`!S`'0` M;P!C`&L`(`!P`'4`<@!C`&@`80!S`&4`(`!R`&D`9P!H`'0`0`@`'(` M90!C`&\`9P!N`&D`>@!E`',`(`!C`&\`;0!P`&4`;@!S`&$`=`!I`&\`;@`@ M`&4`>`!P`&4`;@!S`&4`(`!B`&$`@!E`&0`(`!O`&X`(`!A`"``0!S`"``80!N`&X`=0!A`&P`(`!G`'(`80!N`'0`(`!O`&8`(`!O`'`` M=`!I`&\`;@`@`&$`=P!A`'(`9`!S`"``9P!E`&X`90!R`&$`;`!L`'D`(`!T M`&$`:P!E`',`(`!P`&P`80!C`&4`(`!D`'4`<@!I`&X`9P`@`'0`:`!E`"`` M0!E`&$`<@`@`&$`;@!D`"``;@!O`"``9P!R`&$` M;@!T`',`(`!W`&4`<@!E`"``;0!A`&0`90`@`&D`;@`@`'0`:`!E`"``<0!U M`&$`<@!T`&4`<@!S`"``90!N`&0`90!D`"``30!A`'(`8P!H`#,`,0`L`"`` M,@`P`#$`,``@`&$`;@!D`"``,@`P`#``.0`N`"``5`!H`&4`(`!G`'(`80!N M`'0`(`!O`&8`(`!E`&T`<`!L`&\`>0!E`&4`(`!S`'0`;P!C`&L`(`!P`'4` M<@!C`&@`80!S`&4`(`!R`&D`9P!H`'0`0!E`&$`<@`@`&$`;@!D`"``;@!O`&X`90`@`'<`90!R`&4`(`!I`',```@`&(` M90!N`&4`9@!I`'0`(`!A`'(`90`@`'(`90!C`&\`9P!N`&D`>@!E`&0`(`!A M`',`(`!F`&\`;`!L`&\`=P!S`#H`(``-``T`#0`)`"``"0`)`"``"0`)``T` M#0`)`"``"0!&`&\`<@!T`&@`90!T`&@`<@!E`&4`;0!O`&X`=`!H`',`(`!E M`&X`9`!E`&0`(`!-`&$`<@!C`&@`,P`Q`"P`(``@``T`#0`)`"``"0`R`#`` M,0`P`"``"0`)`#(`,``P`#D`(``@``T`#0`-`%,`=`!O`&,`:P`@`&,`;P!M M`'``90!N`',`80!T`&D`;P!N`"``90!X`'``90!N`',`90`@`"``"0`)`"0` M(``)`#$`,0`L`#$`.0`X`"``"0`)`#8`+``Y`#``,``@`"``#0`-``T`4@!E M`&,`;P!G`&X`:0!Z`&4`9``@`'0`80!X`"``8@!E`&X`90!F`&D`=``@`"`` M"0`)`"``"0`U`#<`(``)``D`-P`W`"``(``@`"0``4(`80!S`&D`8P`@`&$` M;@!D`"``1`!I`&P`=0!T`&4`9``@`$4`80!R`&X`:0!N`&<``!C`&4`<`!T`',`:`!A`'(`90!A`&X`9`!P`&4`<@!S`&@`80!R`&4` M80!M`&\`=0!N`'0`0`@`&$`;@!D`"``0P!O`&T`<`!R`&4`:`!E`&X`0`@`&$` M;@!D`"``8P!O`&T`<`!R`&4`:`!E`&X`0`@``D` M"0`@``D`3@!O`&X`8P!O`&X`=`!R`&\`;`!L`&D`;@!G`"``:0!N`'0`90!R M`&4`0`@``D` M#0`-``T`0@!A`&P`80!N`&,`90`@`&$`=``@`$0`90!C`&4`;0!B`&4`<@`S M`#$`+``@`#(`,``P`#D`(``@``D`"0`D`"``"0`Q`"P`-0`U`#,`+``P`#`` M-P`@``D`"0`@``D`.``L`#,`-``P`"``"0`)`"``"0`Q`"P`-0`V`#$`+``S M`#0`-P`@``D`#0`-``T`10!X`&4`<@!C`&D``!P`&4`;@!S`&4`(``@``D`"0`@``D`,0`Q`"P`,0`Y`#@` M(``)``D`(``)``D`(``)``D`,0`Q`"P`,0`Y`#@`(``)``T`#0`-`%0`80!X M`"``8@!E`&X`90!F`&D`=`!S`"``9@!R`&\`;0`@`',`=`!O`&,`:P`@`'`` M;`!A`&X`0`@``D`"0`@``D`3@!O`&X`8P!O`&X`=`!R`&\`;`!L`&D`;@!G`"``:0!N M`'0`90!R`&4`0`@``D`#0`-``T`0@!A`&P`80!N`&,`90`@`&$`=``@`$0`90!C`&4`;0!B M`&4`<@`S`#$`+``@`#(`,``P`#@`(``@``D`"0`D`"``"0`Q`"P`,P`V`#8` M+``T`#$`.``@``D`"0`@``D`,0`W`"P`-``Y`#@`(``)``D`(``)`#$`+``S M`#@`,P`L`#D`,0`V`"``"0`-``T`#0!%`'@`90!R`&,`:0!S`&4`(`!O`&8` M(`!S`'0`;P!C`&L`(`!O`'``=`!I`&\`;@!S`"``(``)``D`(``)`#@`+``U M`#,`-@`@``D`"0`@``D`"0`@``D`"0`X`"P`-0`S`#8`(``)``T`#0`-`%,` M:`!A`'(`90!S`"``<@!E`'``=0!R`&,`:`!A`',`90!D`"``=0!N`&0`90!R M`"``<`!R`&\`=@!I`',`:0!O`&X``!P`&4`;@!S`&4`(``@``D`"0`@``D`-@`L M`#D`,``P`"``"0`)`"``"0`)`"``"0`)`#8`+``Y`#``,``@``D`#0`-``T` M5`!A`'@`(`!B`&4`;@!E`&8`:0!T`',`(`!F`'(`;P!M`"``0!A`&(`;`!E`"P`(`!W`&4`<@!E M`"``9`!I`',`=`!R`&D`8@!U`'0`90!D`"``:0!N`"``<`!E`'(`:0!O`&0` M0`@`&\`9@`@`&,`80!S`&@`(`!E`'$`=0!I`'8`80!L`&4`;@!T`',` M+``@`',`:`!O`'(`=``M`'0`90!R`&T`(`!I`&X`=@!E`',`=`!M`&4`;@!T M`',`+``@`&$`8P!C`&\`=0!N`'0``!I`&T`80!T`&4`0`@`&4`>`!P`&4`8P!T`',`(`!T`&\` M(`!I`&X`8P!U`'(`(`!A`&0`9`!I`'0`:0!O`&X`80!L`"``8P!O`',`=`!S M`"``9`!U`'(`:0!N`&<`(`!T`&@`90`@`&,`;P!U`'(`0`@`'<`80!S`"``;@!A`&T`90!D M`"``80!S`"``80`@`&0`90!F`&4`;@!D`&$`;@!T`"P`(`!W`&D`=`!H`"`` M0`@`&0`90!F`&4`;@!D`&$`;@!T`',`(`!A`&X`9``@ M`'8`80!R`&D`;P!U`',`(`!C`&P`80!I`&T`0!E`'0`(`!B`&4` M90!N`"``8P!E`'(`=`!I`&8`:0!E`&0`0`L`"``80!S`',`90!R`'0``!I`&X`9P`@`'(`90!G`&$`<@!D`&D`;@!G`"``90!I`&<`:`!T`"`` M9`!I`',`8P!R`&4`=`!E`"``0`@`'(`90!L`&$`=`!E`"``=`!O`"``=`!W`&\`(`!O`&8`(`!T`&@`90!S M`&4`(`!S`'4`<@!C`&@`80!R`&<`90!S`"X`(`!4`&@`90`@`&$`;0!E`&X` M9`!E`&0`(`!C`&\`;0!P`&P`80!I`&X`=``@`',`90!E`&L`0`@`&8`:0!L`&4`9``@ M`&$`(`!M`&\`=`!I`&\`;@`@`'0`;P`@`&0`:0!S`&T`:0!S`',`(`!T`&@` M90`@`&$`;0!E`&X`9`!E`&0`(`!C`&\`;0!P`&P`80!I`&X`=``@`&8`;P!R M`"``9@!A`&D`;`!U`'(`90`@`'0`;P`@`',`=`!A`'0`90`@`&$`(`!C`&P` M80!I`&T`+@`@`%``;`!A`&D`;@!T`&D`9@!F`',`(`!F`&D`;`!E`&0`(`!T M`&@`90!I`'(`(`!O`'``<`!O`',`:0!T`&D`;P!N`"``=`!O`"``=`!H`&4` M(`!#`&\`;0!P`&$`;@!Y`',`(`!M`&\`=`!I`&\`;@`@`&\`;@`@`$H`80!N M`'4`80!R`'D`,P`P`"P`(``R`#``,0`P`"P`(`!T`&\`(`!W`&@`:0!C`&@` M(`!T`&@`90`@`$,`;P!M`'``80!N`'D`(`!F`&D`;`!E`&0`(`!A`"``<@!E M`'``;`!Y`"P`(`!A`&X`9``@`'0`:`!E`"``;0!O`'0`:0!O`&X`(`!I`',` M(`!C`'4`<@!R`&4`;@!T`&P`>0`@`'``90!N`&0`:0!N`&<`(`!B`&4`9@!O M`'(`90`@`'0`:`!E`"``0P!O`'4`<@!T`"X`(``-``T`(`!/`&X`(`!`'4` M;@!E`#$`.``L`"``,@`P`#``.``L`"``=`!H`&4`(`!%`'4`<@!O`'``90!A M`&X`(`!#`&\`;0!M`&D`0!S`"`` M50!+`"``0`L`"``10!X`'``90!D`&D`=`!O M`'(`0`@`&$`;`!L`&4`9P!I`&X`9P`@`&$`;@!T`&D`+0!C`&\` M;0!P`&4`=`!I`'0`:0!V`&4`(`!B`&4`:`!A`'8`:0!O`'(`(`!C`&\`;@!T M`'(`80!R`'D`(`!T`&\`(`!%`'4`<@!O`'``90!A`&X`(`!5`&X`:0!O`&X` M(`!R`'4`;`!E`',`(`!O`&X`(`!C`&\`;0!P`&4`=`!I`'0`:0!O`&X`+@`@ M`%,`<`!E`&,`:0!F`&D`8P`@`'0`;P`@`'0`:`!E`"``0P!O`&T`<`!A`&X` M>0`L`"``=`!H`&4`(`!A`&P`;`!E`&<`80!T`&D`;P!N`',`(`!I`&X`(`!T M`&@`90`@`%,`3P`@`&$`<@!E`"``;`!I`&T`:0!T`&4`9``@`'0`;P`@`'0` M:`!E`"``<`!E`'(`:0!O`&0`(`!F`'(`;P!M`"``00!U`&<`=0!S`'0`(``R M`#``,``U`"``=`!O`"``2@!U`&X`90`@`#(`,``P`#8`(`!A`&X`9``@`&\` M;@!L`'D`(`!C`&\`;@!C`&4`<@!N`"``80!I`'(`9@!R`&4`:0!G`&@`=``@ M`'0`<@!A`&0`90`@`&P`80!N`&4`0`@`&D`0`@`&<` M90!N`&4`<@!A`'0`90!D`"``:0!N`"``90!A`&,`:``@`&\`9@`@`'0`:`!E M`',`90`@`&<`90!O`&<`<@!A`'``:`!I`&,`80!L`"``80!R`&4`80!S`"`` M=P!H`&4`;@`@`&4`=@!A`&P`=0!A`'0`:0!N`&<`(`!T`&@`90`@`&4`9@!F M`&4`8P!T`&D`=@!E`&X`90!S`',`(`!O`&8`(`!G`&4`;P!G`'(`80!P`&@` M:0!C`"``;0!A`&X`80!G`&4`;0!E`&X`=``N`%0`:`!E`"``0P!O`&T`<`!A M`&X`>0`@`&,`:`!A`'(`9P!E`',`(`!I`'0`0`@`&(`80!S`&D`0`@`'4`@!A`'0` M:0!O`&X`(``@``D`"0`D`"``"0`U`"P`,``R`#(`(``)``D`,P`U`#,`(``) M``D`,@`P`#4`(``)``D`,0`L`#<`,0`R`"``"0`)`#$`+``S`#$`,@`@``D` M"0`V`#``-P`@``D`"0`Q`#@`-``@``D`"0`@``D`"0`@``D`.0`L`#,`.0`U M`"``(``-``T`#0!%`'$`=0!I`'0`>0`@`"``"0`)`"0`(``)`#$`+``P`#`` M-@`L`#,`-``P`"``"0`)`#0`,P`L`#<`-P`S`"``"0`)`#(`,``L`#8`,0`X M`"``"0`)`#,`,P`Y`"P`,0`P`#@`(``)``D`,0`T`#@`+``T`#@`-``@``D` M"0`W`#0`+``T`#D`.0`@``D`"0`R`#<`+``S`#4`,@`@``D`"0`H`#,`,0`L M`#(`,P`X`"``"0`I`"``"0`)`#$`+``V`#(`.``L`#D`,P`V`"``(``-``T` M"0`@``D`"0`@`"``"0`)`"``(``)``D`(``@``D`"0`@`"``"0`)`"``(``) M``D`(``@``D`"0`@`"``"0`)`"``(``)``D`(``)``T`#0`)`"``"0`)`"`` M"0`)`"``"0`)`"``"0`)``T`#0`-`%0`:`!R`&4`90`@`&T`;P!N`'0`:`!S M`"``90!N`&0`90!D`"``30!A`'(`8P`\`+D'`6@`,P`Q`"P`(``R`#``,``Y M`#H`(``@``D`"0`@``D`"0`@``D`"0`@``D`"0`@``D`"0`@``D`"0`@``D` M"0`@``D`"0`@``D`"0`@``D`"0`-``T`#0!2`&4`=@!E`&X`=0!E`',`(`!F M`'(`;P!M`"``=0!N`&$`9@!F`&D`;`!I`&$`=`!E`&0`(`!C`'4``!P`&4`;@!D M`&D`=`!U`'(`90!S`"``(``)``D`)``@``D`-@`L`#``.0`U`"``"0`)`#$` M-``Y`"``"0`)`#(`,P`Q`"``"0`)`#4`-``S`"``"0`)`#$`+``P`#@`-@`@ M``D`"0`S`#0`,``@``D`"0`R`#$`,@`@``D`"0`@``D`"0`@``D`.``L`#8` M-0`V`"``(``-``T`#0!$`&4`<`!R`&4`8P!I`&$`=`!I`&\`;@`@`&$`;@!D M`"``80!M`&\`<@!T`&D`>@!A`'0`:0!O`&X`(``@``D`"0`D`"``"0`U`"P` M,P`Q`#``(``)``D`,P`R`#8`(``)``D`,@`S`#@`(``)``D`,0`L`#D`,P`S M`"``"0`)`#$`+``T`#``-@`@``D`"0`U`#D`-``@``D`"0`Q`#4`,0`@``D` M"0`@``D`"0`@``D`.0`L`#D`-0`X`"``_P"2``@`&PP```P```!%#0``-@$` M`(4.``!V`@``)Q```!@$``!9$@``2@8``&T4``!>"```+Q<``"`+```C&0`` M%`T``",;```4#P``\1P``.(0``"-'@``?A(``,,?``"T$P``KR(```6```W M)0``!D``+\G``"P&P``+2H``!X>``#T1```Q1@``'IV```-"@``"@````D( M$```!A``1AC-!\&````&`@``"P(4````````````#0````````!VN```#0`" M``$`#``"`&0`#P`"``$`$0`"````$``(`/RI\=)-8E`_7P`"``$`@`"```` MP`"````@@`"``$`@``(````````````)0($````_P"!``(`P004````%0`` M`(,``@```(0``@```$`(@`)`&0``0`!``$`1@!8`E@"````````X#\````` M``#@/P$`50`"``@`?0`,``````"V/`\````$`'T`#``!``(`MA@/````!`!] M``P``P#_`"0)#P````0```(.```````-```````#````"`(0`````````/\` M```````!#P`(`A```0````(`_P````````$/``@"$``"`````0#_```````` M`0\`"`(0``,````!`/\````````!#P`(`A``!`````$`_P````````$/``@" M$``%`````0#_`````````0\`"`(0``8````!`/\````````!#P`(`A``!P`` M``$`_P````````$/``@"$``(`````0#_`````````0\`"`(0``D````!`/\` M```````!#P`(`A``"@````$`_P````````$/``@"$``+`````0#_```````` M`0\`"`(0``P````"`/\````````!#P#]``H``````!<```````$"!@`!```` M%P#]``H``0`!`!<``0```/T`"@`!``(`%P`"````_0```(````8``,```#] M``H``@`!`!L`!````/T`"@`#````&``%````_0```,``0`;``8```#]``H` M!````!@`!P```/T`"@`$``$`&P`(````_0```4````8``D```!^`@H`!0`! M`!P``&B?0/T`"@`&````&``````_0```8``0`;``L```#]``H`!P```!@` M#````/T`"@`'``$`&P`-````_0```@````8``X```#]``H`"``!`!L`#P`` M`/T`"@`)````&``0````_0```D``0`;`!$```#]``H`"@```!@`$@```/T` M"@```$`&P`3````_0```L````8`!0```#]``H`"P`!`!L`%0```/T`"@`, M````&``6````?@(``P``@`<`"ZOP3+7`!X`;`(``/``#@`F`!P`'``<`!P` M'``<`!P`'``<`!P`/@(2`+8&`````$`````````````````!`!D`&0`'0`/ M``,````````!`````````.\`!@```#<````````"0@0```&$`!&&,T'P8`` M``8"```+`A0````````````?`````````%?````-``(``0`,``(`9``/``(` M`0`1``(````0``@`_GQTDUB4#]?``(``0`J``(````K``(```""``(``0"` M``@````````````E`@0```#_`($``@#!!!0````5````@P`"````A``"```` MH0`B``D`9``!``$``0!&`%@"6`(```````#@/P```````.`_`0!5``(`"`!] M``P``````+8\#P````0`?0`,``$``@"V&`\````$`'T`#``#`/\`)`D/```` M!````@X``````!\```````,````(`A``````````_P````````$/``@"$``! M`````@#_`````````0\`"`(0``(``````/\````````!#P`(`A```P````(` M_P````````$/``@"$``$`````@#_`````````0\`"`(0``4````"`/\````` M```!#P`(`A``!@````(`_P````````$/``@"$``'`````@#_`````````0\` M"`(0``@````"`/\````````!#P`(`A``"0````(`_P````````$/``@"$`` M`````@#_`````````0\`"`(0``L````"`/\````````!#P`(`A``#`````(` M_P````````$/``@"$``-`````@#_`````````0\`"`(0``X``````/\````` M```!#P`(`A``#P````(`_P````````$/``@"$``0`````@#_`````````0\` M"`(0`!$````"`/\````````!#P`(`A``$@````(`_P````````$/``@"$``3 M`````@#_`````````0\`"`(0`!0````"`/\````````!#P`(`A``%0`````` M_P````````$/``@"$``6`````@#_`````````0\`"`(0`!<````"`/\````` M```!#P`(`A``&`````(`_P````````$/``@"$``9`````@#_`````````0\` M"`(0`!H````"`/\````````!#P`(`A``&P````(`_P````````$/``@"$``< M`````@#_`````````0\`"`(0`!T````"`/\````````!#P`(`A``'@````(` M_P````````$/`/T`"@``````%P`7````_0```$````7`!@```#]``H``0`! M`!<``0```/T`"@`!``(`%P`9````_0```(````6`!H```#]``H``P```!@` M&P```+T`$@`#``$`'0#@R2]!'0"F@S@``@#]``H`!````!@`'````+T`$@`$ M``$`'```2(9`'```>(1``@#]``H`!0```!@`'0```+T`$@`%``$`'``@]BA! M'``&=C$``@#]``H`!@```!@`'@```+T`$@`&``$`'```E\!`'```21``@#]``H`"````!@` M(````+T`$@`(``$`'@!6B7,`'@#:'FT``@#]``H`"0```!@`(0```+T`$@`) M``$`'`!`%:N+0`>`$2> M)4$"`/T`"@`3````&``>````O0`2`!,``0`<`$#4Y4`<`!``(`_0` M`!P````8`#0```"]`!(`'``!`!P`@&+`0!P``$K`0`(`_0``!T````8`#4` M``"]`!(`'0`!`!X`"-LX01X`#DQ?``(`_0``!X````8`#8```"]`!(`'@`! M`!\`_M23`!\`M2-``(`UP!"`'P&``!8`@X`@`.`"0`)``D`"0`)``D`"0` M)``D`"0`)``.`"0`)``D`"0`)``J``X`)``D`"0`)``D`"0`)``D`#X"$@"V M``````!```````````````"@``0`9`!D`!T`#P`#`````````0````````#O M``8````W````"@````D($```!A``1AC-!\&````&`@``"P(4```````````` M"`````````"0PP``#0`"``$`#``"`&0`#P`"``$`$0`"````$``(`/RI\=)- M8E`_7P`"``$`@`"````P`"````@@`"``$`@``(````````````)0($```` M_P"!``(`P004````%0```(,``@```(0``@```$`(@`)`&0``0`!``$`1@!8 M`E@"````````X#\```````#@/P$`50`"``@`?0`,``````"V/`\````$`'T` M#``!``(`MA@/````!`!]``P``P#_`"0)#P````0```(.```````(```````# M````"`(0`````````/\````````!#P`(`A```0````(`_P````````$/``@" M$``"`````@#_`````````0\`"`(0``,````"`/\````````!#P`(`A``!``` M``(`_P````````$/``@"$``%`````@#_`````````0\`"`(0``8````"`/\` M```````!#P`(`A``!P````(`_P````````$/`/T`"@``````%P`W````_0` M``$````7`#@```#]``H``0`!`!<`.0```/T`"@`!``(`%P`Z````_0```(` M```8`#L```"]`!(``@`!`!T`@'3-0!T`@,W+0`(`_0```,````8`#P```"] M`!(``P`!`!T`.!@001T`T"(000(`_0```0````8`#T```"]`!(`!``!`!P` M`````!P```````(`_0```4````8`#X```"]`!(`!0`!`"```0#P/R```0#P M/P(`_0```8````8`#\```"]`!(`!@`!`!P`RC&N,AP`6@-,@(`_0```<` M```8`$````"]`!(`!P`!`!P`RC&N,AP`6@-,@(`UP`4`+`!``",``X`@`D M`"0`)``D`"0`/@(2`+8``````$`````````````````!`!D`&0`'0`/``,` M```````!`````````.\`!@```#<````````"0@0```&$`!&&,T'P8````8" M```+`A0````````````@`````````+'+```-``(``0`,``(`9``/``(``0`1 M``(````0``@`_GQTDUB4#]?``(``0`J``(````K``(```""``(``0"```@` M```````````E`@0```#_`($``@#!!!0````5````@P`"````A``"````H0`B M``D`9``!``$``0!&`%@"6`(```````#@/P```````.`_`0!5``(`"`!]``P` M`````+8\#P````0`?0`,``$``@"V&`\````$`'T`#``#`/\`)`D/````!``` M`@X``````"````````,````(`A``````````_P````````$/``@"$``!```` M`@#_`````````0\`"`(0``(``````/\````````!#P`(`A```P````(`_P`` M``````$/``@"$``$`````@#_`````````0\`"`(0``4````"`/\````````! M#P`(`A``!@````(`_P````````$/``@"$``'``````#_`````````0\`"`(0 M``@````"`/\````````!#P`(`A``"0````(`_P````````$/``@"$`````` M`@#_`````````0\`"`(0``L````"`/\````````!#P`(`A``#`````(`_P`` M``````$/``@"$``-`````@#_`````````0\`"`(0``X````"`/\````````! M#P`(`A``#P````(`_P````````$/``@"$``0`````@#_`````````0\`"`(0 M`!$````"`/\````````!#P`(`A``$@``````_P````````$/``@"$``3```` M`@#_`````````0\`"`(0`!0````"`/\````````!#P`(`A``%0````(`_P`` M``````$/``@"$``6`````@#_`````````0\`"`(0`!<````"`/\````````! M#P`(`A``&`````(`_P````````$/``@"$``9`````@#_`````````0\`"`(0 M`!H````"`/\````````!#P`(`A``&P````(`_P````````$/``@"$``<```` M`@#_`````````0\`"`(0`!T````"`/\````````!#P`(`A``'@````(`_P`` M``````$/``@"$``?`````@#_`````````0\`_0````````7`$$```#]``H` M`0```!<`.````/T`"@`!``$`%P`!````_0```$``@`7`$(```#]``H``@`` M`!8`0P```/T`"@`#````&`!$````O0`2``,``0`=`%XD(@`=`.#:%D$"`/T` M"@`$````&`!%````O0`2``0``0`<`/!$%T$<`AR$T$"`/T`"@`%````&`!& M````O0`2``4``0`<`!#,#T$<`%C."D$"`/T`"@`&````&`!'````O0`2``8` M`0`>`%9/20`>`+:T-P`"`/T`"@`'````%@!(````_0```@````8`$D```"] M`!(`"``!`!P`.!4:01P`")`.00(`_0```D````8`$H```"]`!(`"0`!`!P` MB&`201P`D!0-00(`_0```H````8`$8```"]`!(`"@`!`!P`8!#[0!P`<&'U M0`(`_0```L````8`$L```"]`!(`"P`!`!P`0&4(01P`2-H&00(`_0```P` M```8`$P```"]`!(`#``!`!P`P,;20!P``$G20`(`_0```T````8`$T```"] M`!(`#0`!`!P`@%G"0!P``'/#0`(`_0```X````8`$X```"]`!(`#@`!`!P` M`'N[0!P``$ZX0`(`_0```\````8`!\```"]`!(`#P`!`!P`0"S90!P``&36 M0`(`_0``!`````8`$\```"]`!(`$``!`!X`&,LP01X`;A\R``(`_0``!$` M```8`%````"]`!(`$0`!`!X`T(OX0!X`(%7V0`(`_0``!(````6`%$```#] M``H`$P```!@`4@```+T`$@`3``$`'```O)M`'```+Q``@#]``H`%````!@` M4P```+T`$@`4``$`'```P%7`'````"[``@#]``H`%0```!@`5````+T`$@`5 M``$`'```"(-`'```R;%``@#]``H`%@```!@`50```+T`$@`6``$`'@``\J%` M'@``T+]``@#]``H`%P```!@`5@```+T`$@`7``$`'@!@&_E`'@`@4OA``@#] M``H`&````!@`5P```+T`$@`8``$`'```1^1`'``@I^-``@#]``H`&0```!@` M6````+T`$@`9``$`'@#`[^U`'@`@_>Q``@#]``H`&@```!@`60```+T`$@`: M``$`'```@$]`'```0%M``@#]``H`&P```!@`6@```+T`$@`;``$`'P#@Y^U` M'P"`[^Q``@#]``H`'````!@`6P````,"#@`<``$`(`#L4;@>A>O1/WX""@`< M``(`(``!`#M`_0``!T````8`%P````#`@X`'0`!`"``C\+U%R/TC\#`@X` M'0`"`"``[%&X'H7KT3_]``H`'@```!@`70```+T`$@`>``$`'`"2$J8S'`!> M'Y,S`@#]``H`'P```!@`7@```+T`$@`?``$`'``:-YO<`<``#HP,`"`/T`"@`5````&`!P````O0`2`!4``0`< M``"`34`<````1D`"`/T`"@`6````&``?````O0`2`!8``0`<``"`9\`<```H ME\`"`/T`"@`7````&`!Q````O0`2`!<``0`>``!#OL`>``"AP\`"`/T`"@`8 M````%@!R````_0``!D````8`',```"]`!(`&0`!`!P``-['0!P``S`0`(` M_0``!H````8`'0```"]`!(`&@`!`!P`P)C1P!P``,/2P`(`_0``!L````8 M`&0```"]`!(`&P`!`!P``%BO0!P``.RG0`(`_0``!P````8`'4```"]`!(` M'``!`!P``````!P``)2@P`(`_0``!T````8`'8```"]`!(`'0`!`!X``.R; MP!X```3#P`(`_0``!X````8`'<```"]`!(`'@`!`!P``#B=P!P`@#K#P`(` M_0``!\````8`'@```"]`!(`'P`!`!X`<$#\0!X`V&D!00(`UP!$`((&``!L M`@X`@`.`"0`#@`D`"0`)``D`"0`)``D``X`)``D`"0`)``D``X`)``D`"0` M)``D``X`)``D`"0`)``D`"0`"`(0`"`````"`/\````````!#P`(`A``(0`` M``(`_P````````$/``@"$``B``````#_`````````0\`"`(0`",````"`/\` M```````!#P`(`A``)`````(`_P````````$/`/T`"@`@````&`!Y````O0`2 M`"```0`<`:#.``<`$B=)D$"`/T`"@`A````&`!Z````O0`2`"$``0`<`.#) M+T$<`'[O-0`"`/T`"@`B````%@![````_0``",````8`'P```"]`!(`(P`! M`!P``,!50!P````N0`(`_0``"0````8`'T```"]`!(`)``!`!T``(?30!T` M``+.0`(`UP`.``(!``!0`"0`)``.`"0`/@(2`+8``````$`````````````` M```!`!D`&0`'0`/``,````````!`````````.\`!@```#<````````"0@0 M```&$`!&&,T'P8````8"```+`A0````````````#`````````-_6```-``(` M`0`,``(`9``/``(``0`1``(````0``@`_GQTDUB4#]?``(``0`J``(````K M``(```""``(``0"```@````````````E`@0```#_`($``@#!!!0````5```` M@P`"````A``"````H0`B``D`9``!``$``0!&`%@"6`(```````#@/P`````` M`.`_`0!5``(`"`!]``P``````+8\#P````0`?0`,``$``0"V&`\````$`'T` M#``"`/\`)`D/````!````@X```````,```````(````(`A``````````_P`` M``````$/``@"$``!`````0#_`````````0\`"`(0``(````!`/\````````! M#P#]``H``````!<`?@````$"!@`!````%P#]``H``0`!`!<``0```/T`"@`" M````&`!^````_0```(``0`;`'\```#7``H`?@```"@`#@`8`#X"$@"V```` M``!```````````````"@``0`9`!D`!T`#P`#`````````0````````#O``8` M```W````"@````D($```!A``1AC-!\&````&`@``"P(4`````````````P`` M``````"NV```#0`"``$`#``"`&0`#P`"``$`$0`"````$``(`/RI\=)-8E`_ M7P`"``$`@`"````P`"````@@`"``$`@``(````````````)0($````_P"! M``(`P004````%0```(,``@```(0``@```$`(@`)`&0``0`!``$`1@!8`E@" M````````X#\```````#@/P$`50`"``@`?0`,``````"V/`\````$`'T`#``! M``$`MA@/````!`!]``P``@#_`"0)#P````0```(.```````#```````"```` M"`(0`````````/\````````!#P`(`A```0````$`_P````````$/``@"$``" M`````0#_`````````0\`_0````````7`(`````!`@8``0```!<`_0```$` M`0`7``$```#]``H``@```!@`@````/T`"@`"``$`&P"!````UP``'X````H M``X`&``^`A(`M@``````0```````````````H``$`&0`9``=``\``P`````` M``$`````````[P`&````-P````H````)"!````80`$88S0?!@```!@(```L" M%`````````````,`````````?=H```T``@`!``P``@!D``\``@`!`!$``@`` M`!``"`#\J?'236)0/U\``@`!`"H``@```"L``@```((``@`!`(``"``````` M`````"4"!````/\`@0`"`,$$%````!4```"#``(```"$``(```"A`"(`"0!D M``$``0`!`$8`6`)8`@```````.`_````````X#\!`%4``@`(`'T`#``````` MMCP/````!`!]``P``0`!`+88#P````0`?0`,``(`_P`D"0\````$```"#@`` M`````P```````@````@"$`````````#_`````````0\`"`(0``$````!`/\` M```````!#P`(`A```@````$`_P````````$/`/T`"@``````%P""`````0(& M``$````7`/T`"@`!``$`%P`!````_0```(````8`((```#]``H``@`!`!L` M@P```-<`"@!^``````.`!@`/@(2`+8``````$`````````````````!`!D M`&0`'0`/``,````````!`````````.\`!@```#<````````"0@0```&$`!& M&,T'P8````8"```+`A0````````````#`````````$S<```-``(``0`,``(` M9``/``(``0`1``(````0``@`_GQTDUB4#]?``(``0`J``(````K``(```"" M``(``0"```@````````````E`@0```#_`($``@#!!!0````5````@P`"```` MA``"````H0`B``D`9``!``$``0!&`%@"6`(```````#@/P```````.`_`0!5 M``(`"`!]``P``````+8\#P````0`?0`,``$``0"V&`\````$`'T`#``"`/\` M)`D/````!````@X```````,```````(````(`A``````````_P````````$/ M``@"$``!`````0#_`````````0\`"`(0``(````!`/\````````!#P#]``H` M`````!<`A`````$"!@`!````%P#]``H``0`!`!<``0```/T`"@`"````&`"$ M````_0```(``0`;`(4```#7``H`?@```"@`#@`8`#X"$@"V``````!````` M``````````"@``0`9`!D`!T`#P`#`````````0````````#O``8````W```` M"@````D($```!A``1AC-!\&````&`@``"P(4`````````````P`````````; MW@``#0`"``$`#``"`&0`#P`"``$`$0`"````$``(`/RI\=)-8E`_7P`"``$` M@`"````P`"````@@`"``$`@``(````````````)0($````_P"!``(`P004 M````%0```(,``@```(0``@```$`(@`)`&0``0`!``$`1@!8`E@"```````` MX#\```````#@/P$`50`"``@`?0`,``````"V/`\````$`'T`#``!``$`MA@/ M````!`!]``P``@#_`"0)#P````0```(.```````#```````"````"`(0```` M`````/\````````!#P`(`A```0````$`_P````````$/``@"$``"`````0#_ M`````````0\`_0````````7`(8````!`@8``0```!<`_0```$``0`7``$` M``#]``H``@```!@`A@```/T`"@`"``$`&P"'````UP``'X````H``X`&``^ M`A(`M@``````0```````````````H``$`&0`9``=``\``P````````$````` M````[P`&````-P````H````)"!````80`$88S0?!@```!@(```L"%``````` M``````,`````````ZM\```T``@`!``P``@!D``\``@`!`!$``@```!``"`#\ MJ?'236)0/U\``@`!`"H``@```"L``@```((``@`!`(``"````````````"4" M!````/\`@0`"`,$$%````!4```"#``(```"$``(```"A`"(`"0!D``$``0`! M`$8`6`)8`@```````.`_````````X#\!`%4``@`(`'T`#```````MCP/```` M!`!]``P``0`!`+88#P````0`?0`,``(`_P`D"0\````$```"#@```````P`` M`````@````@"$`````````#_`````````0\`"`(0``$````!`/\````````! M#P`(`A```@````$`_P````````$/`/T`"@``````%P"(`````0(&``$````7 M`/T`"@`!``$`%P`!````_0```(````8`(@```#]``H``@`!`!L`B0```-<` M"@!^``````.`!@`/@(2`+8``````$`````````````````!`!D`&0`'0`/ M``,````````!`````````.\`!@```#<````````"0@0```&$`!&&,T'P8`` M``8"```+`A0````````````#`````````+GA```-``(``0`,``(`9``/``(` M`0`1``(````0``@`_GQTDUB4#]?``(``0`J``(````K``(```""``(``0"` M``@````````````E`@0```#_`($``@#!!!0````5````@P`"````A``"```` MH0`B``D`9``!``$``0!&`%@"6`(```````#@/P```````.`_`0!5``(`"`!] M``P``````+8\#P````0`?0`,``$``0"V&`\````$`'T`#``"`/\`)`D/```` M!````@X```````,```````(````(`A``````````_P````````$/``@"$``! M`````0#_`````````0\`"`(0``(````!`/\````````!#P#]``H``````!<` MB@````$"!@`!````%P#]``H``0`!`!<``0```/T`"@`"````&`"````_0`* M``(``0`;`(L```#7``H`?@```"@`#@`8`#X"$@"V``````!````````````` M``"@``0`9`!D`!T`#P`#`````````0````````#O``8````W````"@````D( M$```!A``1AC-!\&````&`@``"P(4`````````````P````````"(XP``#0`" M``$`#``"`&0`#P`"``$`$0`"````$``(`/RI\=)-8E`_7P`"``$`@`"```` MP`"````@@`"``$`@``(````````````)0($````_P"!``(`P004````%0`` M`(,``@```(0``@```$`(@`)`&0``0`!``$`1@!8`E@"````````X#\````` M``#@/P$`50`"``@`?0`,``````"V/`\````$`'T`#``!``$`MA@/````!`!] M``P``@#_`"0)#P````0```(.```````#```````"````"`(0`````````/\` M```````!#P`(`A```0````$`_P````````$/``@"$``"`````0#_```````` M`0\`_0````````7`(P````!`@8``0```!<`_0```$``0`7``$```#]``H` M`@```!@`C````/T`"@`"``$`&P"-````UP``'X````H``X`&``^`A(`M@`` M````0```````````````H``$`&0`9``=``\``P````````$`````````[P`& M````-P````H````````````````````````````````````````````````` M`````````````0```/[_\#````!````/[_ M____ M M M M M M M M M M_^_P``!0("```````````````` M```````!````X(6?\OE/:!"KD0@`*R>SV3````!0`````P````$````H```` M````@#`````$````.````````````````@```+`$```3````"00``!\````( M`````!B`'(`;````/[_```%`@(```````````````````````(` M```"U XML 27 R7.xml IDEA: Income Taxes 2.0.0.10 false Income Taxes 108 - Disclosure - Income Taxes true false false false 1 usd $ false false iso4217_USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 iso4217_USD_per_shares Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares 0 shares Standard http://www.xbrl.org/2003/instance shares 0 5 Income Taxes 3 us-gaap_IncomeTaxDisclosureTextBlock us-gaap true na duration string No definition available. false false false false false false false false false false false verboselabel false 1 false false false false 0 0 <div> Note 2. Income Taxes The Company or one of its subsidiaries files income tax returns in the U.S. federal jurisdiction and various state, local and foreign jurisdictions. The Company is no longer subject to U.S. federal income tax examinations by tax authorities for years prior to 2006. With respect to state and local jurisdictions and countries outside of the United States, with limited exceptions, the Company and its subsidiaries are no longer subject to income tax audits for years prior to 2001. In the normal course of business, the Company is subject to examination by taxing authorities throughout the world. Although the outcome of tax audits is always uncertain, the Company believes that adequate amounts of tax, interest and penalties have been provided for any adjustments that may result from these open tax years.   Any interest and penalties expensed in relation to the underpayment of income taxes were insignificant for the three months ended March 31, 2010 and 2009. Based on management’s review of the Company’s tax positions, the Company had no significant unrecognized tax benefits as of March 31, 2010 and December 31, 2009. </div> Note 2. Income Taxes The Company or one of its subsidiaries files income tax returns in the U.S. federal jurisdiction and various state, local and false false false Description containing the entire income tax disclosure. Examples include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 false false 1 1 false UnKnown UnKnown UnKnown false true -----END PRIVACY-ENHANCED MESSAGE-----