Quarterly Results (Unaudited)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

NOTE 11.

QUARTERLY RESULTS (UNAUDITED)

	1st		2nd		3rd		4th
2020
Revenues¹	$	1,901,864		2,580,632		2,464,797		3,169,188
Operating income¹		159,055		247,626		251,945		281,811
Net earnings		122,782		184,188		191,719		199,525
Net earnings attributable to shareholders		122,344		183,869		191,307		198,620
Diluted earnings attributable to shareholders per share		0.71		1.09		1.12		1.16
Basic earnings attributable to shareholders per share		0.73		1.10		1.14		1.17
2019
Revenues²	$	2,020,051		2,035,579		2,074,855		2,044,941
Operating income²		187,601		192,201		206,550		180,340
Net earnings		140,111		153,530		160,627		137,748
Net earnings attributable to shareholders		139,699		153,149		160,221		137,326
Diluted earnings attributable to shareholders per share		0.80		0.88		0.92		0.79
Basic earnings attributable to shareholders per share		0.81		0.90		0.94		0.81

The sum of quarterly per share data may not equal the per share total reported for the year.

During the fourth quarter of 2020, the Company’s services experienced record high airfreight tonnage and ocean volumes and high average sell rates and buy rates, when compared to the third quarter of 2020 and the prior year, as demand grew while capacity shortages persisted in particular on exports from North Asia. In the fourth quarter of 2020, the People's Republic of China, including Hong Kong, represented 34% of the Company’s total revenues and 27% of the Company’s total operating income. Airfreight services revenues accounted for the largest increase at 41% from the third quarter of 2020 to the fourth quarter of 2020 and represented 49% of the Company’s total revenues in the fourth quarter of 2020.

The fourth quarter of 2019 was significantly impacted by declines in results in our China operations due to the slowing of trade to and from China, which impacted overall freight movement around the globe. In the fourth quarter of 2019, the People's Republic of China, including Hong Kong, represented 25% of the Company’s total revenues and the Company’s total operating income.