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Condensed Consolidated Statements of Earnings - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Revenues:    
Revenue from Contract with Customer, Excluding Assessed Tax [1] $ 1,901,864 $ 2,020,051
Operating Expenses:    
Direct Operating Costs [2] 1,286,728 1,365,937
Salaries and related 342,040 356,910
Rent and occupancy 42,524 41,523
Depreciation and amortization 12,660 13,393
Selling and promotion 8,243 11,076
Other 50,614 43,611
Total operating expenses 1,742,809 1,832,450
Operating income 159,055 187,601
Other Income (Expense):    
Interest income 4,807 6,106
Other, net 3,384 1,665
Other income, net 8,191 7,771
Earnings before income taxes 167,246 195,372
Income tax expense 44,464 55,261
Net earnings 122,782 140,111
Less net earnings attributable to the noncontrolling interest 438 412
Net earnings attributable to shareholders $ 122,344 $ 139,699
Diluted earnings attributable to shareholders per share $ 0.71 $ 0.80
Basic earnings attributable to shareholders per share $ 0.73 $ 0.81
Weighted average diluted shares outstanding 171,450 175,388
Weighted average basic shares outstanding 168,735 171,818
Airfreight services    
Revenues:    
Revenue from Contract with Customer, Excluding Assessed Tax $ 709,039 $ 714,901
Operating Expenses:    
Direct Operating Costs 520,169 509,210
Ocean freight and ocean services    
Revenues:    
Revenue from Contract with Customer, Excluding Assessed Tax 493,427 568,641
Operating Expenses:    
Direct Operating Costs 366,483 420,331
Customs brokerage and other services    
Revenues:    
Revenue from Contract with Customer, Excluding Assessed Tax 699,398 736,509
Operating Expenses:    
Direct Operating Costs $ 400,076 $ 436,396
[1] Beginning in the second quarter of 2019, the Company revised its process to record the transfer, between its geographic operating segments, of revenues and the directly related cost of transportation and other expenses for freight service transactions between Company origin and destination locations. This change better aligns revenue reporting with the location where the services are performed, as well as the transactional reporting being developed as part of the Company’s new accounting systems and processes. The change in presentation had no impact on consolidated or segment operating income. The impact of these changes on reported segment revenues was immaterial and first quarter 2019 segment revenues have not been revised.
[2] Directly related cost of transportation and other expenses totals operating expenses from airfreight services, ocean freight and ocean services and customs brokerage and other services as shown in the condensed consolidated statements of earnings