Expeditors International of Washington Inc. Files 2023 Annual Report

TL;DR

<b>Expeditors International of Washington Inc. has filed its 2023 10-K annual report detailing financial performance and segment information.</b>

AI Summary

EXPEDITORS INTERNATIONAL OF WASHINGTON INC (EXPD) filed a Annual Report (10-K) with the SEC on February 23, 2024. Expeditors International of Washington Inc. filed its 10-K annual report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. Key financial statement items such as Stockholders' Equity, Retained Earnings, and Accumulated Other Comprehensive Income are reported as of December 31, 2023. The report references specific segments including North Asia, South Asia, EMEA, and Latin America for the fiscal years 2021, 2022, and 2023. Information regarding stock-based compensation, including Performance Shares and Restricted Stock Units, is noted for December 31, 2023.

Why It Matters

For investors and stakeholders tracking EXPEDITORS INTERNATIONAL OF WASHINGTON INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Expeditors' financial health and operational performance for the fiscal year 2023, crucial for investors assessing the company's stability and growth prospects. The detailed segment reporting and financial data allow stakeholders to understand the company's performance across different geographic regions and business lines, highlighting areas of strength and potential concern.

Risk Assessment

Risk Level: medium — EXPEDITORS INTERNATIONAL OF WASHINGTON INC shows moderate risk based on this filing. The filing mentions geographic concentration risk, particularly concerning the People's Republic of China including Hong Kong, indicating potential vulnerability to regional economic or political instability.

Analyst Insight

Investors should review the detailed segment performance and risk factor disclosures to understand the impact of geographic concentration and potential cyber threats on future earnings.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reported period end date)
• 2024-02-23 — Filing Date (Date the report was filed)
• 78 — Public Document Count (Number of documents in the filing)
• 1231 — Fiscal Year End (Standard Industrial Classification fiscal year end)

Key Players & Entities

• EXPEDITORS INTERNATIONAL OF WASHINGTON INC (company) — Filer name
• 2023 (date) — Fiscal year end
• 10-K (document) — Filing type
• SEATTLE (location) — Business address city
• WA (location) — Business address state
• 2066743400 (phone_number) — Business phone
• People's Republic of China Including Hong Kong (location) — Geographic concentration risk
• North Asia (location) — Operating segment

FAQ

Risk Factors

• Geographic Concentration Risk [medium — market]: The company faces risks related to geographic concentration, specifically mentioning the People's Republic of China including Hong Kong.
• Cyber Attack Risk [medium — operational]: The company identifies cyber attacks as a potential risk, impacting brokerage and other services.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-23: Filing Date — Date the 10-K report was officially submitted to the SEC.

Filing Documents

• expd-20231231.htm (10-K) — 2511KB
• expd-ex21_1.htm (EX-21.1) — 71KB
• expd-ex23_1.htm (EX-23.1) — 4KB
• expd-ex31_1.htm (EX-31.1) — 13KB
• expd-ex31_2.htm (EX-31.2) — 13KB
• expd-ex32.htm (EX-32) — 10KB
• expd-ex97.htm (EX-97) — 41KB
• img52093668_0.jpg (GRAPHIC) — 536KB
• img52093668_1.jpg (GRAPHIC) — 216KB
• img52093668_2.jpg (GRAPHIC) — 111KB
• img52093668_3.jpg (GRAPHIC) — 228KB
• 0000950170-24-019394.txt (&nbsp;) — 12385KB
• expd-20231231.xsd (EX-101.SCH) — 1068KB
• expd-20231231_htm.xml (XML) — 2104KB

Business

Business 3 Item 1A

Risk Factors

Risk Factors 17 Item 1B Unresolved Staff Comments 22 Item 1C Cybersecurity 23 Item 2

Properties

Properties 24 Item 3

Legal Proceedings

Legal Proceedings 24 Item 4 Mine Safety Disclosures 24 PART II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 25 Item 6 [Reserved] 27 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 7A

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 39 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 41 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 42 Item 9A

Controls and Procedures

Controls and Procedures 42 Item 9B Other Information 43 Item 9C Disclosures Regarding Foreign Jurisdictions That Prevent Inspections 43 PART III Item 10 Directors, Executive Officers and Corporate Governance 44 Item 11

Executive Compensation

Executive Compensation 44 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 44 Item 13 Certain Relationships and Related Transactions and Director Independence 45 Item 14 Principal Accounting Fees and Services 45 PART IV Item 15 Exhibits, Financial Statement Schedules 46 Item 16 Form 10-K Summary 48

Signatures

Signatures 49 2 . Forward-Lookin g Statements In accordance with the provisions of the Private Securities Litigation Reform Act of 1995, the Company is making readers aware that forward-looking statements, because they relate to future events, are by their very nature subject to many important risk factors that could cause actual results to differ materially from those contained in the forward-looking statements. For additional information about forward-looking statements and for an identification of risk factors and their potential significance, see "Safe Harbor for Forward-Looking Statements Under Private Securities Litigation Reform Act of 1995; Certain Cautionary Statements" immediately preceding Part II, Item 7 "Management's Discussion and Analysis of Financial Condition and Results of Operations" and Item 1A - "Risk Factors" in this report. Forward-looking statements speak only as of the date they were made. The Company undertakes no obligation to update these statements in light of subsequent events or developments. PART I

—B USINESS

ITEM 1—B USINESS Overview Expeditors International of Washington, Inc. (herein referred to as "Expeditors," the "Company," "we," "us," "our") provides a full suite of global logistics services, offering customers a seamless international network of people and integrated information systems to support the movement and strategic positioning of goods. As a third-party logistics provider, we purchase cargo space from carriers (such as airlines, ocean shipping lines, and trucking lines) on a volume basis and resell that space to our customers. We do not compete for overnight courier or small parcel business and do not own aircraft or ships. We provide a broad range of transportation services and customer solutions, such as customs brokerage, order management, time-definite transportation, warehousing and distribution, temperature-controlled transit, cargo insurance, specialized cargo monitoring and tracking, and other customized logistics and consulting solutions. In addition, our Project Cargo unit handles special project shipments that move via a single method or combination of air, ocean, and/or ground transportation and generally require a high level of specialized attention because of the unusual size or nature of what is being shipped. Expeditors' primary services include: Airfreight Services Ocean Freight and Ocean Services Customs Brokerage and Other Services Airfreight Services: Within airfreight, Expeditors typically acts either as a freight consolidator or as an agent for the airline that carries the shipment. Whether acting as a consolidator or agent, we offer our customers routing expertise, familiarity with local business practices, knowledge of export and import documentation and procedures, the ability to arrange for ancillary services and to assist with securing capacity during periods of high demand. Solutions within Airfreight Services include: Airfreight Consolidation: as an airfreight consolidator, Expeditors purchases cargo capac

View Full Filing

View this 10-K filing on SEC EDGAR