8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report:  August 2, 2022 (Date of earliest event reported)

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.

(Exact name of registrant as specified in its charter)

Washington	000-13468	91-1069248
(State or other jurisdiction of incorporation or organization)	(Commission File No.)	(IRS Employer Identification Number)
1015 Third Avenue, Seattle, Washington	(206) 674-3400	98104
(Address of principal executive offices)	(Registrant's telephone number, including area code)	(Zip Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	EXPD	NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On August 2, 2022, Expeditors International of Washington, Inc., a Washington corporation, issued a press release announcing second quarter 2022 financial results.  A copy of the press release is furnished as Exhibit 99.1 to this report.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) The following items are filed as exhibits to this report:

99.1	Press release, dated August 2, 2022 issued by Expeditors International of Washington, Inc.
104	Cover Page Interactive Data File (embedded within the Inline XBRL 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.
August 2, 2022	/S/ Bradley S. Powell
	Bradley S. Powell, Senior Vice President and Chief Financial Officer

EX-99.1

Exhibit 99.1

EARNINGS RELEASE

By:	Expeditors International of Washington, Inc.
	1015 Third Avenue
	Seattle, Washington 98104
	CONTACTS:
	Jeffrey S. Musser	Bradley S. Powell	Geoffrey Buscher
	President and Chief Executive Officer	Senior Vice President and Chief Financial Officer	Director – Investor Relations
	(206) 674-3433	(206) 674-3412	(206) 892-4510

FOR IMMEDIATE RELEASE

EXPEDITORS REPORTS SECOND QUARTER 2022 EPS OF $2.27

SEATTLE, WASHINGTON - August 2, 2022, Expeditors International of Washington, Inc. (NASDAQ:EXPD) today announced second quarter 2022 financial results including the following highlights compared to the same quarter of 2021:

• Diluted Net Earnings Attributable to Shareholders per share (EPS¹) increased 23% to $2.27

• Net Earnings Attributable to Shareholders increased 19% to $378 million

• Operating Income increased 23% to $506 million

• Revenues increased 28% to $4.6 billion

• Airfreight tonnage volume and ocean container volume decreased 17% and 11%, respectively

“This was the strongest second quarter in our company’s history, even while our air and ocean volumes were soft compared to a year ago,” said Jeffrey S. Musser, President and Chief Executive Officer. “During the second quarter we continued the recovery from the February cyber-attack and re-established digital connections with many of our customers, which limited our ability to move cargo through our systems. We also experienced a significant drop in volumes in China due to the various lockdowns that resulted in factories not operating and cargo being unavailable to ship. We believe the volume changes are primarily related to timing of our recovery from the cyber-attack, our significant market presence in China, as well as a slowing economy and an overall drop in demand. We simply cannot say enough about the quality of our employees and their commitment to our customers over the last couple of years. Our experiences during the pandemic and recovery from the cyber-attack have tested the will of our staff, as well as the strength and commitment of our service providers and customers.

“Looking at the current environment, our perspective is that there is a great deal of uncertainty in the marketplace. Buy and sell rates have come down from their peaks but remain elevated and out of balance by historical standards. We see signs that the global economy has started to slow and that capacity is no longer severely constrained relative to demand that has also come down from earlier peaks. Nevertheless, airline belly capacity in many markets has not bounced back and we continued to access additional capacity by using air charters to meet shipper demand. Ocean transit times continued to be stretched by port congestion and many ongoing shortages of equipment, labor, and warehousing space. Various onshore bottlenecks further impacted many of our ocean and air lanes, in addition to affecting our customs business due to record high drayage, storage, delivery, demurrage, and detention costs at destination. We do not see signs that these conditions are likely to improve significantly any time soon. The unpredictability of COVID restrictions and lockdowns in China, as well as route restrictions and sanctions from the Ukraine conflict, continue to make global shipping a highly challenging business right now. But the strength of our organization and culture is in bringing order to chaos to service the needs of our customers by accessing capacity and delivering solutions despite the many disruptions.”

Bradley S. Powell, Senior Vice President and Chief Financial Officer, added, “All of our products performed well during the quarter and we returned $659 million to shareholders in repurchased stock and dividends. Given the current economic uncertainty and government actions aimed at taming inflation, along with the ongoing challenges

_______________________

¹Diluted earnings attributable to shareholders per share.

NOTE:  See Disclaimer on Forward-Looking Statements in this release.

throughout the global supply chain, we believe that rates will continue to be highly volatile at least through the end of the year, while generally continuing to trend downwards from their highs over the longer-term. We are no strangers to uncertainty and remain highly disciplined and focused on our customers’ need for capacity and solutions. We will continue to explore ways to further enhance our already strong efficiencies as we continue to adapt to the current operating environment.”

Expeditors is a global logistics company headquartered in Seattle, Washington. The Company employs trained professionals in 176 district offices and numerous branch locations located on six continents linked into a seamless worldwide network through an integrated information management system. Services include the consolidation or forwarding of air and ocean freight, customs brokerage, vendor consolidation, cargo insurance, time-definite transportation, order management, warehousing and distribution and customized logistics solutions.

Disclaimer on Forward-Looking Statements:

Certain statements contained in this news release are “forward-looking statements,” based on management’s views with respect to future events and underlying assumptions that involve risks and uncertainties. These forward-looking statements include statements regarding the financial and operational impact of the cyber-attack; the future stabilization of supply/demand imbalance and rate volatility; the continued unsettled operating environment due to uncertain air and ocean capacity; volatile air and ocean pricing and uneven demand for such services; port congestion; equipment imbalances; labor shortages; insufficient warehouse and pier space; trade disruptions; rising fuels costs; the conflict in Ukraine; signs of a slowing economy and drop in demand; and the uneven lifting of the COVID-19 pandemic restrictions around the world. Future financial performance could differ materially because of factors such as: our ability to leverage the strength of our carrier relationships to secure space; the strength of our non-asset-based operating model; our expectation that the supply/demand imbalance, rate volatility, and various on-shore bottlenecks are unlikely to improve any time soon; our ability to fully re-open our offices for return-to-work; our ability to continue to enhance our productivity; our ability to invest in our strategic efforts to explore new areas for profitable growth; our ability to avoid another material cyber-attack; and our ability to remain a strong, healthy, unified and resilient organization. The ongoing impact of the COVID-19 pandemic could have the effect of heightening many of the other risks described in Item 1A of our Annual Report on Form 10-K, including, without limitation, those related to the success of our strategy and desire to maintain historical unitary profitability, our ability to attract and retain customers, our ability to manage costs, interruptions to our information technology systems, the ability of third-party providers to perform and potential litigation as updated by our reports on Form 10-Q, filed with the Securities and Exchange Commission. These and other factors are discussed in the Company’s regulatory filings with the Securities and Exchange Commission, including those in “Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and the Company’s most recent Form 10-Q. The forward-looking statements contained in this news release speak only as of this date and the Company does not assume any obligation to update them except as required by law.

_______________________

¹Diluted earnings attributable to shareholders per share.

NOTE:  See Disclaimer on Forward-Looking Statements in this release.

Expeditors International of Washington, Inc.

Second Quarter 2022 Earnings Release, August 2, 2022

Financial Highlights for the three and six months ended June 30, 2022 and 2021 (Unaudited)

(in 000's of US dollars except per share data)

	Three months ended June 30,					Six months ended June 30,
	2022		2021		% Change	2022		2021		% Change
Revenues	$	4,603,312	$	3,609,093	28%	$	9,267,610	$	6,807,913	36%
Directly related cost of transportation and   other expenses1	$	3,440,948	$	2,598,633	32%	$	6,957,059	$	4,845,917	44%
Salaries and other operating expenses2	$	656,382	$	599,815	9%	$	1,342,809	$	1,165,836	15%
Operating income	$	505,982	$	410,645	23%	$	967,742	$	796,160	22%
Net earnings attributable to shareholders	$	377,805	$	316,372	19%	$	723,914	$	603,592	20%
Diluted earnings attributable to   shareholders per share	$	2.27	$	1.84	23%	$	4.31	$	3.52	22%
Basic earnings attributable to shareholders   per share	$	2.29	$	1.87	22%	$	4.35	$	3.57	22%
Diluted weighted average shares   outstanding		166,474		171,677	(3)%		167,980		171,660	(2)%
Basic weighted average shares outstanding		165,092		169,210	(2)%		166,423		169,140	(2)%

¹ 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.

² Salaries and other operating expenses totals Salaries and related, Rent and occupancy, Depreciation and amortization, Selling and promotion and Other as shown in the Condensed Consolidated Statements of Earnings.

Financial Impact of the Cyber-Attack

In the three and six months ended June 30, 2022, the Company incurred, as a result of our inability to timely process and move shipments through ports, approximately $22 million and $62 million, respectively, in incremental demurrage charges, where the Company has direct liability for this obligation. These costs are recorded in customs brokerage and other services expenses.

Additionally, principally in the first quarter, the Company incurred investigation, recovery, and remediation expenses, including costs to recover its operational and accounting systems and to enhance cybersecurity protections. These costs are primarily comprised of various consulting services including cybersecurity experts, outside legal advisors, and other IT professional expenses. The Company also recorded estimated liabilities for potential shipment-related claims. Total amounts recorded for the items above for the three and six months ended June 30, 2022 were approximately $6 million and $28 million, respectively, and are reported in other operating expenses. The Company does not expect to incur significant capital expenditures as a result of the cyber-attack.

The Company may incur additional expenses which could include third-party expenses, incremental information services costs, legal fees, or indemnities to customers or business partners. When the Company’s operating systems were down, many customers worked with other providers to meet their logistics needs, resulting in lower shipment volumes in the first quarter and to a lesser extent in the second quarter for which the financial impact on revenues and operating income cannot be quantified. Such costs and the ongoing impacts from the down time caused by the cyber-attack could have a further material adverse impact on the Company’s business, revenues, expenses, results of operations, cash flows and reputation. The Company is unable to estimate the ultimate direct and indirect financial impacts of this cyber-attack.

	Employee Full-time Equivalents as of June 30,
	2022		2021
North America		7,752		6,949
Europe		4,127		3,700
North Asia		2,490		2,416
South Asia		1,824		1,671
Middle East, Africa and India		1,543		1,496
Latin America		853		781
Information Systems		1,093		968
Corporate		414		399
Total		20,096		18,380

	Second quarter year-over-year percentage decrease:
2022	Airfreight kilos	Ocean freight FEU
April	(24)%	(13)%
May	(13)%	(11)%
June	(13)%	(10)%
Quarter	(17)%	(11)%

During the three and six months ended June 30, 2022, we repurchased 5 million shares of common stock at $109.81 per share. During the three and six months ended June 30, 2021, we repurchased 0.5 million and 1.4 million shares of common stock at an average price of $124.94 and $104.20 per share, respectively.

Investors may submit written questions via e-mail to: investor@expeditors.com. Questions received by the end of business on August 5, 2022 will be considered in management's 8-K “Responses to Selected Questions.”

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.

AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In thousands, except per share data)

(Unaudited)

	June 30, 2022			December 31, 2021
Assets:
Current Assets:
Cash and cash equivalents	$	1,976,971		$	1,728,692
Accounts receivable, less allowance for credit loss of    $7,636 at June 30, 2022 and $6,686 at December 31, 2021		3,469,833			3,810,286
Deferred contract costs		745,577			987,266
Other		137,768			108,801
Total current assets		6,330,149			6,635,045
Property and equipment, less accumulated depreciation and    amortization of $554,252 at June 30, 2022 and $541,677 at    December 31, 2021		495,328			487,870
Operating lease right-of-use assets		491,630			459,158
Goodwill		7,927			7,927
Deferred federal and state income taxes, net		19,413			729
Other assets, net		16,695			19,200
Total assets	$	7,361,142		$	7,609,929
Liabilities:
Current Liabilities:
Accounts payable		1,914,979			2,012,461
Accrued liabilities, primarily salaries and related costs		473,644			403,625
Contract liabilities		867,467			1,142,026
Current portion of operating lease liabilities		88,112			82,019
Federal, state and foreign income taxes		66,864			86,166
Total current liabilities		3,411,066			3,726,297
Noncurrent portion of operating lease liabilities		414,813			385,641
Commitments and contingencies		—			—
Shareholders’ Equity:
Preferred stock, none issued		—			—
Common stock, par value $0.01 per share. Issued and    outstanding: 162,931 shares at June 30, 2022 and 167,210    shares at December 31, 2021		1,629			1,672
Additional paid-in capital		137			3,160
Retained earnings		3,717,316			3,620,008
Accumulated other comprehensive loss		(193,834	)		(130,414	)
Total shareholders’ equity		3,525,248			3,494,426
Noncontrolling interest		10,015			3,565
Total equity		3,535,263			3,497,991
Total liabilities and equity	$	7,361,142		$	7,609,929

02-August-2022 Expeditors International of Washington, Inc. Page 5 of 2

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.

AND SUBSIDIARIES

Condensed Consolidated Statements of Earnings

(In thousands, except per share data)

(Unaudited)

	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
Revenues:
Airfreight services	$	1,602,566	$	1,523,569	$	3,201,121	$	2,849,484
Ocean freight and ocean services		1,759,646		1,098,550		3,735,892		2,052,462
Customs brokerage and other services		1,241,100		986,974		2,330,597		1,905,967
Total revenues		4,603,312		3,609,093		9,267,610		6,807,913
Operating Expenses:
Airfreight services		1,212,503		1,136,328		2,355,049		2,090,872
Ocean freight and ocean services		1,402,365		862,251		3,002,608		1,604,686
Customs brokerage and other services		826,080		600,054		1,599,402		1,150,359
Salaries and related		508,222		481,186		1,047,162		933,291
Rent and occupancy		51,598		45,366		102,526		90,646
Depreciation and amortization		14,254		12,675		27,229		25,662
Selling and promotion		5,887		3,172		9,935		6,242
Other		76,421		57,416		155,957		109,995
Total operating expenses		4,097,330		3,198,448		8,299,868		6,011,753
Operating income		505,982		410,645		967,742		796,160
Other Income (Expense):
Interest income		2,720		2,188		4,612		4,134
Other, net		106		2,649		7,633		5,649
Other income, net		2,826		4,837		12,245		9,783
Earnings before income taxes		508,808		415,482		979,987		805,943
Income tax expense		126,582		98,508		248,281		201,019
Net earnings		382,226		316,974		731,706		604,924
Less net earnings attributable to the noncontrolling    interest		4,421		602		7,792		1,332
Net earnings attributable to shareholders	$	377,805	$	316,372	$	723,914	$	603,592
Diluted earnings attributable to shareholders per share	$	2.27	$	1.84	$	4.31	$	3.52
Basic earnings attributable to shareholders per share	$	2.29	$	1.87	$	4.35	$	3.57
Weighted average diluted shares outstanding		166,474		171,677		167,980		171,660
Weighted average basic shares outstanding		165,092		169,210		166,423		169,140

02-August-2022 Expeditors International of Washington, Inc. Page 6 of 2

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.

AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

	Three months ended June 30,						Six months ended June 30,
	2022			2021			2022			2021
Operating Activities:
Net earnings	$	382,226		$	316,974		$	731,706		$	604,924
Adjustments to reconcile net earnings to net cash from    operating activities:
Provisions for losses on accounts receivable		4,763			1,090			4,347			2,289
Deferred income tax (benefit) expense		(8,622	)		1,850			(11,858	)		10,001
Stock compensation expense		25,518			30,909			37,121			42,094
Depreciation and amortization		14,254			12,675			27,229			25,662
Other, net		(1,746	)		346			(1,291	)		897
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable		378,291			(410,783	)		245,943			(663,697	)
(Decrease) increase in accounts payable and accrued expenses		(133,171	)		99,944			7,020			333,182
Decrease (increase) in deferred contract costs		37,138			(150,382	)		211,068			(221,640	)
(Decrease) increase in contract liabilities		(45,574	)		174,504			(238,931	)		254,094
Decrease in income taxes payable, net		(93,430	)		(47,994	)		(47,171	)		(1,356	)
(Increase) decrease in other, net		(1,001	)		1,164			7,409			(324	)
Net cash from operating activities		558,646			30,297			972,592			386,126
Investing Activities:
Purchase of property and equipment		(38,158	)		(6,539	)		(52,570	)		(14,930	)
Other, net		(134	)		138			(55	)		104
Net cash from investing activities		(38,292	)		(6,401	)		(52,625	)		(14,826	)
Financing Activities:
Proceeds from borrowing on lines of credit, net		28,571			174			48,061			89
Proceeds from issuance of common stock		5,682			22,711			11,433			42,468
Repurchases of common stock		(549,065	)		(62,472	)		(549,065	)		(148,469	)
Dividends paid		(109,828	)		(98,387	)		(109,828	)		(98,387	)
Payments for taxes related to net share settlement of equity    awards		(11,851	)		(13,893	)		(19,333	)		(15,168	)
Net cash from financing activities		(636,491	)		(151,867	)		(618,732	)		(219,467	)
Effect of exchange rate changes on cash and cash equivalents		(46,518	)		8,699			(52,956	)		(5,503	)
Change in cash and cash equivalents		(162,655	)		(119,272	)		248,279			146,330
Cash and cash equivalents at beginning of period		2,139,626			1,793,393			1,728,692			1,527,791
Cash and cash equivalents at end of period	$	1,976,971		$	1,674,121		$	1,976,971		$	1,674,121
Taxes Paid:
Income taxes	$	236,791		$	143,959		$	314,751		$	190,536

02-August-2022 Expeditors International of Washington, Inc. Page 7 of 2

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.

AND SUBSIDIARIES

Business Segment Information

(In thousands)

(Unaudited)

	UNITED STATES		OTHER NORTH AMERICA		LATIN AMERICA		NORTH ASIA		SOUTH ASIA		EUROPE		MIDDLE EAST, AFRICA AND INDIA		ELIMI- NATIONS			CONSOLI- DATED
For the three months ended June 30, 2022:
Revenues	$	1,265,363		144,988		66,136		1,582,475		611,246		658,307		275,948		(1,151	)		4,603,312
Directly related cost of transportation    and other expenses1	$	797,179		85,806		43,298		1,323,354		507,473		464,399		220,162		(723	)		3,440,948
Salaries and other operating expenses2	$	314,726		31,308		14,496		104,896		38,728		115,394		37,258		(424	)		656,382
Operating income	$	153,458		27,874		8,342		154,225		65,045		78,514		18,528		(4	)		505,982
Identifiable assets at period end	$	3,681,137		304,799		144,303		1,275,808		554,166		1,081,246		365,532		(45,849	)		7,361,142
Capital expenditures	$	26,394		1,038		177		766		436		7,666		1,681		—			38,158
Equity	$	2,435,088		127,428		54,762		307,453		217,437		297,572		134,388		(38,865	)		3,535,263
For the three months ended June 30, 2021:
Revenues	$	997,567		101,465		46,981		1,309,382		417,718		544,949		192,186		(1,155	)		3,609,093
Directly related cost of transportation    and other expenses1	$	566,882		59,311		25,952		1,086,641		335,219		376,856		148,290		(518	)		2,598,633
Salaries and other operating expenses2	$	241,121		31,300		14,735		106,812		49,046		123,408		34,026		(633	)		599,815
Operating income	$	189,564		10,854		6,294		115,929		33,453		44,685		9,870		(4	)		410,645
Identifiable assets at period end	$	2,972,363		196,558		102,296		1,114,475		377,370		929,706		291,406		(31,003	)		5,953,171
Capital expenditures	$	2,905		64		72		400		532		2,100		466		—			6,539
Equity	$	2,163,114		80,802		36,316		318,111		146,583		255,006		128,148		(44,429	)		3,083,651
	UNITED STATES		OTHER NORTH AMERICA		LATIN AMERICA		NORTH ASIA		SOUTH ASIA		EUROPE		MIDDLE EAST, AFRICA AND INDIA		ELIMI- NATIONS			CONSOLI- DATED
For the six months ended June 30, 2022:
Revenues	$	2,506,587		249,598		123,843		3,351,491		1,257,575		1,234,098		546,629		(2,211	)		9,267,610
Directly related cost of transportation    and other expenses1	$	1,560,602		150,038		77,155		2,803,447		1,046,356		882,019		438,262		(820	)		6,957,059
Salaries and other operating expenses2	$	648,375		56,177		27,597		228,009		84,057		224,663		75,300		(1,369	)		1,342,809
Operating income	$	297,610		43,383		19,091		320,035		127,162		127,416		33,067		(22	)		967,742
Identifiable assets at period end	$	3,681,137		304,799		144,303		1,275,808		554,166		1,081,246		365,532		(45,849	)		7,361,142
Capital expenditures	$	35,871		2,116		286		1,297		726		9,724		2,550		—			52,570
Equity	$	2,435,088		127,428		54,762		307,453		217,437		297,572		134,388		(38,865	)		3,535,263
For the six months ended June 30, 2021:
Revenues	$	1,872,957		195,582		91,845		2,518,430		767,484		1,011,282		352,692		(2,359	)		6,807,913
Directly related cost of transportation    and other expenses1	$	1,069,517		112,361		52,652		2,054,170		605,163		683,765		269,399		(1,110	)		4,845,917
Salaries and other operating expenses2	$	479,819		57,037		27,112		213,732		92,211		232,863		64,301		(1,239	)		1,165,836
Operating income	$	323,621		26,184		12,081		250,528		70,110		94,654		18,992		(10	)		796,160
Identifiable assets at period end	$	2,972,363		196,558		102,296		1,114,475		377,370		929,706		291,406		(31,003	)		5,953,171
Capital expenditures	$	5,930		186		125		757		1,111		5,654		1,167		—			14,930
Equity	$	2,163,114		80,802		36,316		318,111		146,583		255,006		128,148		(44,429	)		3,083,651

¹Directly related cost of transportation and other expenses totals operating expenses from Airfreight services, Ocean freight and ocean services and Customs brokerage and other services as shown in the Condensed Consolidated Statements of Earnings.

²Salaries and other operating expenses totals salaries and related, rent and occupancy, depreciation and amortization, selling and promotion and other as shown in the Condensed Consolidated Statements of Earnings.

02-August-2022 Expeditors International of Washington, Inc. Page 8 of 2

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Document and Entity Information	Aug. 02, 2022
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Aug. 02, 2022
Entity Registrant Name	EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
Entity Central Index Key	0000746515
Entity Emerging Growth Company	false
Entity File Number	000-13468
Entity Incorporation, State or Country Code	WA
Entity Tax Identification Number	91-1069248
Entity Address, Address Line One	1015 Third Avenue
Entity Address, City or Town	Seattle
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98104
City Area Code	206
Local Phone Number	674-3400
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	EXPD
Security Exchange Name	NASDAQ