Expeditors International of Washington Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Expeditors International of Washington Inc. filed its Q1 2024 10-Q, detailing financial positions and segment performance.</b>

AI Summary

EXPEDITORS INTERNATIONAL OF WASHINGTON INC (EXPD) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Expeditors International of Washington Inc. filed a 10-Q report for the period ending March 31, 2024. The filing includes data related to various financial statement line items and operating segments. Key dates mentioned include March 31, 2024, December 31, 2023, and March 31, 2023, for balance sheet and segment reporting. Specific segments like EMEA, North Asia, and Other North America are referenced for reporting periods in 2023 and 2024. Financial instruments such as Commercial Paper and Bank Time Deposits are noted with fair value disclosures.

Why It Matters

For investors and stakeholders tracking EXPEDITORS INTERNATIONAL OF WASHINGTON INC, this filing contains several important signals. This 10-Q filing provides a quarterly update on the company's financial health and operational performance, crucial for investors to assess recent trends. The detailed segment reporting allows stakeholders to understand the performance drivers across different geographical regions and service lines.

Risk Assessment

Risk Level: low — EXPEDITORS INTERNATIONAL OF WASHINGTON INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not indicate any immediate or significant new risks or negative developments.

Analyst Insight

Monitor the detailed segment performance and financial instrument disclosures in the full 10-Q to understand the drivers of Q1 2024 results.

Key Numbers

• 2024-03-31 — Conformed Period of Report (Reporting period end date)
• 2024-05-09 — Filed As Of Date (Date the filing was submitted)
• 2023-12-31 — Previous Year End Date (Reference date for comparative financial data)
• 2023-03-31 — Prior Year Quarter End Date (Reference date for comparative financial data)

Key Players & Entities

• EXPEDITORS INTERNATIONAL OF WASHINGTON INC (company) — Filer
• 0000746515 (company) — Central Index Key
• 2024-03-31 (date) — Conformed Period of Report
• 2024-05-09 (date) — Filed as of date
• 1015 THIRD AVENUE (address) — Business Address Street 1
• SEATTLE (address) — Business Address City
• WA (address) — Business Address State
• 98104 (address) — Business Address Zip

FAQ

Industry Context

Expeditors International operates in the transportation and freight forwarding industry, a sector sensitive to global trade volumes and economic conditions.

Regulatory Implications

The filing is a standard quarterly report (10-Q) required by the SEC under the Securities Exchange Act of 1934.

What Investors Should Do

1. Review the full 10-Q document for detailed financial statements and management's discussion and analysis.
2. Analyze segment performance data to identify growth or decline in specific service lines (e.g., Airfreight, Ocean Freight).
3. Examine disclosures related to financial instruments and fair value measurements for any potential impacts.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q
• 2024-05-09: Filing Date — Date the 10-Q was officially submitted to the SEC
• 2024-05-06: Subsequent Event — A significant event occurring after the balance sheet date but before the filing date

Year-Over-Year Comparison

This filing represents the first quarterly report for fiscal year 2024, following the 2023 annual report.

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share EXPD New York Stock Excha

Filing Documents

• expd-20240331.htm (10-Q) — 1114KB
• expd-ex31_1.htm (EX-31.1) — 12KB
• expd-ex31_2.htm (EX-31.2) — 12KB
• expd-ex32.htm (EX-32) — 8KB
• 0000950170-24-056466.txt (&nbsp;) — 4475KB
• expd-20240331.xsd (EX-101.SCH) — 533KB
• expd-20240331_htm.xml (XML) — 765KB

FINANCI AL INFORMATION

PART I. FINANCI AL INFORMATION

Financ ial Statements

Item 1. Financ ial Statements EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. AND SUBSIDIARIES Condensed Consolida ted Balance Sheets (In thousands, except per share data) (Unaudited) March 31, 2024 December 31, 2023 Assets: Current Assets: Cash and cash equivalents $ 1,370,456 $ 1,512,883 Accounts receivable, less allowance for credit loss of $ 6,382 at March 31, 2024 and $ 6,550 at December 31, 2023 1,572,356 1,532,599 Deferred contract costs 277,771 218,807 Other 153,111 170,907 Total current assets 3,373,694 3,435,196 Property and equipment, less accumulated depreciation and amortization of $ 604,458 at March 31, 2024 and $ 597,473 at December 31, 2023 470,055 479,225 Operating lease right-of-use assets 551,682 516,280 Goodwill 7,927 7,927 Deferred federal and state income taxes, net 64,408 63,690 Other assets, net 20,502 21,491 Total assets $ 4,488,268 $ 4,523,809 Liabilities: Current Liabilities: Accounts payable 927,129 860,856 Accrued liabilities, primarily salaries and related costs 433,599 447,336 Contract liabilities 344,552 280,909 Current portion of operating lease liabilities 100,673 99,749 Federal, state and foreign income taxes 20,388 15,562 Total current liabilities 1,826,341 1,704,412 Noncurrent portion of operating lease liabilities 464,262 427,984 Commitments and contingencies Shareholders' Equity: Preferred stock, none issued — — Common stock, par value $ 0.01 per share. Issued and outstanding: 141,119 shares at March 31, 2024 and 143,866 shares at December 31, 2023 1,411 1,439 Additional paid-in capital — — Retained earnings 2,401,525 2,580,968 Accumulated other comprehensive loss ( 207,474 ) ( 192,057 ) Total shareholders' equity 2,195,462 2,390,350 Noncontrolling interest 2,203 1,063 Total equity 2,197,665 2,391,413 Total liabilities and equity $ 4

View Full Filing

View this 10-Q filing on SEC EDGAR