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10-Q Filing

EXPEDITORS INTERNATIONAL OF WASHINGTON INC CIK: 746515 Q1 2016
Filing Information
Form Type 10-Q
Accession Number 0000746515-16-000063
Period End Date 20160331
Filing Date 20160504
Fiscal Year 2016
Fiscal Period Q1
XBRL Instance expd-20160331.xml
Filing Contents
Balance Sheet 65 line items
Line Item Tag Value Unit Period
Accounts receivable, allowance for doubtful accounts AllowanceForDoubtfulAccountsReceivableCurrent $8.92M USD Point-in-time
Accounts receivable, allowance for doubtful accounts AllowanceForDoubtfulAccountsReceivableCurrent $7.82M USD Point-in-time
Property and equipment, accumulated depreciation AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $396.50M USD Point-in-time
Property and equipment, accumulated depreciation AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $385.02M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $1.01B USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $1.03B USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $807.80M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $927.11M USD Point-in-time
Preferred stock, shares issued PreferredStockSharesIssued 0.00 shares Point-in-time
Accounts receivable, less allowance for doubtful accounts of $8,919 at March 31, 2016 and $7,820 at December 31, 2015 AccountsReceivableNetCurrent $1.11B USD Point-in-time
Accounts receivable, less allowance for doubtful accounts of $8,919 at March 31, 2016 and $7,820 at December 31, 2015 AccountsReceivableNetCurrent $1.01B USD Point-in-time
Preferred stock, shares issued PreferredStockSharesIssued 0.00 shares Point-in-time
Deferred Federal and state income taxes DeferredTaxAssetsNetCurrent $18.20M USD Point-in-time
Common stock, par value CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Common stock, par value CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Deferred Federal and state income taxes DeferredTaxAssetsNetCurrent $16.86M USD Point-in-time
Common stock, shares issued CommonStockSharesIssued 181.56M shares Point-in-time
Common stock, shares issued CommonStockSharesIssued 182.07M shares Point-in-time
Other PrepaidExpenseAndOtherAssetsCurrent $44.69M USD Point-in-time
Other PrepaidExpenseAndOtherAssetsCurrent $56.45M USD Point-in-time
Common stock, shares outstanding CommonStockSharesOutstanding 181.56M shares Point-in-time
Common stock, shares outstanding CommonStockSharesOutstanding 182.07M shares Point-in-time
Total current assets AssetsCurrent $2.09B USD Point-in-time
Total current assets AssetsCurrent $1.99B USD Point-in-time
Property and equipment, less accumulated depreciation and amortization of $396,497 at March 31, 2016 and $385,023 at December 31, 2015 PropertyPlantAndEquipmentNet $524.72M USD Point-in-time
Property and equipment, less accumulated depreciation and amortization of $396,497 at March 31, 2016 and $385,023 at December 31, 2015 PropertyPlantAndEquipmentNet $526.94M USD Point-in-time
Goodwill Goodwill $7.93M USD Point-in-time
Goodwill Goodwill $7.93M USD Point-in-time
Other assets, net PrepaidExpenseAndOtherAssetsNoncurrent $56.42M USD Point-in-time
Other assets, net PrepaidExpenseAndOtherAssetsNoncurrent $57.40M USD Point-in-time
Total assets Assets $2.58B USD Point-in-time
Total assets Assets $2.94B USD Point-in-time
Total assets Assets $2.68B USD Point-in-time
Accounts payable AccountsPayableCurrent $645.30M USD Point-in-time
Accounts payable AccountsPayableCurrent $623.70M USD Point-in-time
Accrued expenses, primarily salaries and related costs AccruedLiabilitiesCurrent $202.28M USD Point-in-time
Accrued expenses, primarily salaries and related costs AccruedLiabilitiesCurrent $186.57M USD Point-in-time
Federal, state and foreign income taxes AccruedIncomeTaxesCurrent $29.50M USD Point-in-time
Federal, state and foreign income taxes AccruedIncomeTaxesCurrent $28.43M USD Point-in-time
Total current liabilities LiabilitiesCurrent $861.37M USD Point-in-time
Total current liabilities LiabilitiesCurrent $854.41M USD Point-in-time
Deferred Federal and state income taxes DeferredTaxLiabilitiesNoncurrent $42.82M USD Point-in-time
Deferred Federal and state income taxes DeferredTaxLiabilitiesNoncurrent $26.39M USD Point-in-time
Commitments and contingencies CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies CommitmentsAndContingencies - USD Point-in-time
Preferred stock, none issued PreferredStockValue - USD Point-in-time
Preferred stock, none issued PreferredStockValue - USD Point-in-time
Common stock, par value $0.01 per share. Issued and outstanding 181,562 shares at March 31, 2016 and 182,067 shares at December 31, 2015 CommonStockValue $1.82M USD Point-in-time
Common stock, par value $0.01 per share. Issued and outstanding 181,562 shares at March 31, 2016 and 182,067 shares at December 31, 2015 CommonStockValue $1.82M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $31.00K USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $3.85M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $1.85B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $1.77B USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax $-81.24M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax $-71.77M USD Point-in-time
Total shareholders equity StockholdersEquity $1.69B USD Point-in-time
Total shareholders equity StockholdersEquity $1.78B USD Point-in-time
Noncontrolling interest MinorityInterest $2.68M USD Point-in-time
Noncontrolling interest MinorityInterest $3.26M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.87B USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.93B USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.78B USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.69B USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $2.58B USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $2.68B USD Point-in-time
Income Statement 52 line items
Line Item Tag Value Unit Period
Airfreight services AirfreightRevenue $560.85M USD 1 Quarter
Airfreight services AirfreightRevenue $707.44M USD 1 Quarter
Ocean freight and ocean services OceanFreightAndOceanServicesRevenue $565.72M USD 1 Quarter
Ocean freight and ocean services OceanFreightAndOceanServicesRevenue $454.19M USD 1 Quarter
Customs brokerage and other services CustomsBrokerageAndOtherServicesRevenue $404.37M USD 1 Quarter
Customs brokerage and other services CustomsBrokerageAndOtherServicesRevenue $403.43M USD 1 Quarter
Total revenues Revenues $1.68B USD 1 Quarter
Total revenues Revenues $1.42B USD 1 Quarter
Airfreight services CostOfAirfreightConsolidation $513.00M USD 1 Quarter
Airfreight services CostOfAirfreightConsolidation $388.78M USD 1 Quarter
Ocean freight and ocean services CostOfOceanFreightConsolidation $445.46M USD 1 Quarter
Ocean freight and ocean services CostOfOceanFreightConsolidation $323.02M USD 1 Quarter
Customs brokerage and other services CostOfCustomsBrokerageAndOtherServices $189.61M USD 1 Quarter
Customs brokerage and other services CostOfCustomsBrokerageAndOtherServices $189.58M USD 1 Quarter
Salaries and related costs LaborAndRelatedExpense $278.88M USD 1 Quarter
Salaries and related costs LaborAndRelatedExpense $283.36M USD 1 Quarter
Rent and occupancy costs OccupancyNet $25.39M USD 1 Quarter
Rent and occupancy costs OccupancyNet $26.86M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $11.53M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $11.33M USD 1 Quarter
Selling and promotion SellingAndMarketingExpense $9.25M USD 1 Quarter
Selling and promotion SellingAndMarketingExpense $9.43M USD 1 Quarter
Other OtherCostAndExpenseOperating $35.56M USD 1 Quarter
Other OtherCostAndExpenseOperating $34.27M USD 1 Quarter
Total operating expenses CostsAndExpenses $1.51B USD 1 Quarter
Total operating expenses CostsAndExpenses $1.27B USD 1 Quarter
Operating income OperatingIncomeLoss $168.88M USD 1 Quarter
Operating income OperatingIncomeLoss $151.83M USD 1 Quarter
Interest income InvestmentIncomeInterest $2.73M USD 1 Quarter
Interest income InvestmentIncomeInterest $2.78M USD 1 Quarter
Other, net OtherNonoperatingIncomeExpense $879.00K USD 1 Quarter
Other, net OtherNonoperatingIncomeExpense $34.00K USD 1 Quarter
Other income, net NonoperatingIncomeExpense $2.77M USD 1 Quarter
Other income, net NonoperatingIncomeExpense $3.66M USD 1 Quarter
Earnings before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $171.65M USD 1 Quarter
Earnings before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $155.48M USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $58.44M USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $64.32M USD 1 Quarter
Net earnings ProfitLoss $97.05M USD 1 Quarter
Net earnings ProfitLoss $107.33M USD 1 Quarter
Less net earnings attributable to the noncontrolling interest NetIncomeLossAttributableToNoncontrollingInterest $628.00K USD 1 Quarter
Less net earnings attributable to the noncontrolling interest NetIncomeLossAttributableToNoncontrollingInterest $463.00K USD 1 Quarter
Net earnings attributable to shareholders NetIncomeLoss $96.58M USD 1 Quarter
Net earnings attributable to shareholders NetIncomeLoss $106.70M USD 1 Quarter
Diluted earnings attributable to shareholders per share EarningsPerShareDiluted $0.55 USD 1 Quarter
Diluted earnings attributable to shareholders per share EarningsPerShareDiluted $0.53 USD 1 Quarter
Basic earnings attributable to shareholders per share EarningsPerShareBasic $0.53 USD 1 Quarter
Basic earnings attributable to shareholders per share EarningsPerShareBasic $0.56 USD 1 Quarter
Weighted average diluted shares outstanding WeightedAverageNumberOfDilutedSharesOutstanding 192.71M shares 1 Quarter
Weighted average diluted shares outstanding WeightedAverageNumberOfDilutedSharesOutstanding 183.02M shares 1 Quarter
Weighted average basic shares outstanding WeightedAverageNumberOfSharesOutstandingBasic 191.63M shares 1 Quarter
Weighted average basic shares outstanding WeightedAverageNumberOfSharesOutstandingBasic 182.01M shares 1 Quarter
Cash Flow Statement 58 line items
Line Item Tag Value Unit Period
Net earnings ProfitLoss $97.05M USD 1 Quarter
Net earnings ProfitLoss $107.33M USD 1 Quarter
Provision for losses on accounts receivable ProvisionForDoubtfulAccounts $277.00K USD 1 Quarter
Provision for losses on accounts receivable ProvisionForDoubtfulAccounts $578.00K USD 1 Quarter
Deferred income tax expense DeferredIncomeTaxExpenseBenefit $11.94M USD 1 Quarter
Deferred income tax expense DeferredIncomeTaxExpenseBenefit $9.90M USD 1 Quarter
Excess tax benefits from stock plans ExcessTaxBenefitFromShareBasedCompensationOperatingActivities $1.48M USD 1 Quarter
Excess tax benefits from stock plans ExcessTaxBenefitFromShareBasedCompensationOperatingActivities - USD 1 Quarter
Stock compensation expense ShareBasedCompensation $10.83M USD 1 Quarter
Stock compensation expense ShareBasedCompensation $9.91M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $11.53M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $11.33M USD 1 Quarter
Other OtherNoncashIncomeExpense $-36.00K USD 1 Quarter
Other OtherNoncashIncomeExpense $-86.00K USD 1 Quarter
Decrease (increase) in accounts receivable IncreaseDecreaseInAccountsAndOtherReceivables $46.79M USD 1 Quarter
Decrease (increase) in accounts receivable IncreaseDecreaseInAccountsAndOtherReceivables $-112.71M USD 1 Quarter
(Decrease) increase in accounts payable and accrued expenses IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $14.89M USD 1 Quarter
(Decrease) increase in accounts payable and accrued expenses IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-15.34M USD 1 Quarter
Increase in income taxes payable, net IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable $10.93M USD 1 Quarter
Increase in income taxes payable, net IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable $23.13M USD 1 Quarter
(Increase) decrease in other current assets IncreaseDecreaseInOtherOperatingAssets $-3.57M USD 1 Quarter
(Increase) decrease in other current assets IncreaseDecreaseInOtherOperatingAssets $2.06M USD 1 Quarter
Net cash from operating activities NetCashProvidedByUsedInOperatingActivities $134.39M USD 1 Quarter
Net cash from operating activities NetCashProvidedByUsedInOperatingActivities $235.95M USD 1 Quarter
Purchase of short-term investments PaymentsToAcquireShortTermInvestments $52.00K USD 1 Quarter
Purchase of short-term investments PaymentsToAcquireShortTermInvestments $22.00K USD 1 Quarter
Proceeds from maturities of short-term investments ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities $40.30M USD 1 Quarter
Proceeds from maturities of short-term investments ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities $17.00K USD 1 Quarter
Purchase of property and equipment PaymentsToAcquireProductiveAssets $14.04M USD 1 Quarter
Purchase of property and equipment PaymentsToAcquireProductiveAssets $9.45M USD 1 Quarter
Other, net PaymentsForProceedsFromOtherInvestingActivities $-198.00K USD 1 Quarter
Other, net PaymentsForProceedsFromOtherInvestingActivities $524.00K USD 1 Quarter
Net cash from investing activities NetCashProvidedByUsedInInvestingActivities $31.03M USD 1 Quarter
Net cash from investing activities NetCashProvidedByUsedInInvestingActivities $-14.59M USD 1 Quarter
Proceeds from issuance of common stock ProceedsFromStockPlans $35.05M USD 1 Quarter
Proceeds from issuance of common stock ProceedsFromStockPlans $41.63M USD 1 Quarter
Repurchases of common stock PaymentsForRepurchaseOfCommonStock $77.37M USD 1 Quarter
Repurchases of common stock PaymentsForRepurchaseOfCommonStock $70.29M USD 1 Quarter
Excess tax benefits from stock plans ExcessTaxBenefitFromShareBasedCompensationFinancingActivities $1.48M USD 1 Quarter
Excess tax benefits from stock plans ExcessTaxBenefitFromShareBasedCompensationFinancingActivities - USD 1 Quarter
Distributions to noncontrolling interest PaymentsOfDividendsMinorityInterest $857.00K USD 1 Quarter
Distributions to noncontrolling interest PaymentsOfDividendsMinorityInterest - USD 1 Quarter
Net cash from financing activities NetCashProvidedByUsedInFinancingActivities $-41.70M USD 1 Quarter
Net cash from financing activities NetCashProvidedByUsedInFinancingActivities $-28.66M USD 1 Quarter
Effect of exchange rate changes on cash and cash equivalents EffectOfExchangeRateOnCashAndCashEquivalents $13.42M USD 1 Quarter
Effect of exchange rate changes on cash and cash equivalents EffectOfExchangeRateOnCashAndCashEquivalents $-17.69M USD 1 Quarter
Increase in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $106.04M USD 1 Quarter
Increase in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $206.12M USD 1 Quarter
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $1.01B USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $1.03B USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $807.80M USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $927.11M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $1.01B USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $1.03B USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $807.80M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $927.11M USD Point-in-time
Income taxes IncomeTaxesPaidNet $28.26M USD 1 Quarter
Income taxes IncomeTaxesPaidNet $37.98M USD 1 Quarter
Comprehensive Income 14 line items
Line Item Tag Value Unit Period
Foreign currency translation adjustments, tax OtherComprehensiveIncomeForeignCurrencyTranslationGainLossArisingDuringPeriodTax $-10.56M USD 1 Quarter
Net earnings ProfitLoss $97.05M USD 1 Quarter
Foreign currency translation adjustments, tax OtherComprehensiveIncomeForeignCurrencyTranslationGainLossArisingDuringPeriodTax $5.19M USD 1 Quarter
Net earnings ProfitLoss $107.33M USD 1 Quarter
Foreign currency translation adjustments, net of tax of $5,187 and $10,560 for the three months ended March 31, 2016 and 2015 OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax $9.58M USD 1 Quarter
Foreign currency translation adjustments, net of tax of $5,187 and $10,560 for the three months ended March 31, 2016 and 2015 OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax $-19.61M USD 1 Quarter
Other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTax $9.58M USD 1 Quarter
Other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTax $-19.61M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $87.73M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $106.63M USD 1 Quarter
Less comprehensive income attributable to the noncontrolling interest ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $577.00K USD 1 Quarter
Less comprehensive income attributable to the noncontrolling interest ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $297.00K USD 1 Quarter
Comprehensive income attributable to shareholders ComprehensiveIncomeNetOfTax $106.05M USD 1 Quarter
Comprehensive income attributable to shareholders ComprehensiveIncomeNetOfTax $87.43M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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