XNAS:EXPD Expeditors International of Washington Inc Quarterly Report 10-Q Filing - 6/30/2012

Effective Date 6/30/2012

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2012 2Q 10-Q


 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________
FORM 10-Q
______________________________________
 (Mark One)
x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2012
OR
¨
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to             
Commission File Number: 0-13468
___________________________________________
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
(Exact name of registrant as specified in its charter)
___________________________________________
Washington
  
91-1069248
(State or other jurisdiction of
incorporation or organization)
  
(IRS Employer
Identification Number)
 
 
 
1015 Third Avenue, 12thFloor, Seattle, Washington
  
98104
(Address of principal executive offices)
  
(Zip Code)
(206) 674-3400
(Registrant’s telephone number, including area code)
______________________________________________________

 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x  No  o
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
 
Large accelerated filer
x
 
  
Accelerated filer
¨
 
 
 
 
 
 
Non-accelerated filer
 o
(Do not check if a smaller reporting company)
  
Smaller reporting company
¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x
At August 3, 2012, the number of shares outstanding of the issuer’s Common Stock was 210,542,529.
 




PART I. FINANCIAL INFORMATION
Item 1. Financial Statements

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands, except share data)
(Unaudited)
 
 
June 30,
2012
 
December 31, 2011
Current Assets:
 
 
 
Cash and cash equivalents
$
1,364,247

 
$
1,294,356

Short-term investments
376

 
472

Accounts receivable, less allowance for doubtful accounts of $8,731 at June 30, 2012 and $10,381 at December 31, 2011
983,131

 
934,752

Deferred Federal and state income taxes
10,234

 
10,415

Other
47,409

 
46,888

Total current assets
2,405,397

 
2,286,883

Property and equipment, less accumulated depreciation and amortization of $309,467 at June 30, 2012 and $296,481 at December 31, 2011
546,754

 
538,806

Goodwill and other intangibles, net
10,003

 
10,557

Other assets, net
30,218

 
30,581

Total assets
$
2,992,372

 
$
2,866,827

Current Liabilities:
 
 
 
Accounts payable
672,836

 
606,628

Accrued expenses, primarily salaries and related costs
184,114

 
169,445

Federal, state and foreign income taxes
25,948

 
20,072

Total current liabilities
882,898

 
796,145

Deferred Federal and state income taxes
59,417

 
60,613

 
 
 
 
Commitments and contingencies

 

 
 
 
 
Shareholders’ Equity:
 
 
 
Preferred stock, none issued

 

Common stock, par value $.01 per share. Issued and outstanding 210,503,675 shares at June 30, 2012 and 212,003,662 shares at December 31, 2011
2,105

 
2,120

Additional paid-in capital
1,013

 
13,260

Retained earnings
2,044,682

 
1,991,222

Accumulated other comprehensive loss
(4,345
)
 
(2,964
)
Total shareholders’ equity
2,043,455

 
2,003,638

Noncontrolling interest
6,602

 
6,431

Total equity
2,050,057

 
2,010,069

Total liabilities and equity
$
2,992,372

 
$
2,866,827

See accompanying notes to condensed consolidated financial statements.


2



EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings
(In thousands, except share data)
(Unaudited)
 
 
Three months ended
 
Six months ended
 
June 30,
 
June 30,
 
2012
 
2011
 
2012
 
2011
Revenues:
 
 
 
 
 
 
 
Airfreight services
$
638,541

 
$
749,861

 
$
1,277,453

 
$
1,450,784

Ocean freight and ocean services
518,998

 
486,831

 
953,334

 
926,972

Customs brokerage and other services
347,413

 
344,676

 
685,535

 
664,460

Total revenues
1,504,952

 
1,581,368

 
2,916,322

 
3,042,216

Operating Expenses:
 
 
 
 
 
 
 
Airfreight consolidation
484,311

 
576,280

 
965,354

 
1,100,916

Ocean freight consolidation
413,447

 
377,805

 
745,401

 
717,354

Customs brokerage and other services
153,543

 
154,722

 
305,345

 
297,470

Salaries and related costs
249,925

 
249,114

 
496,057

 
486,929

Rent and occupancy costs
20,853

 
21,354

 
42,029

 
42,735

Depreciation and amortization
9,670

 
9,257

 
19,215

 
18,431

Selling and promotion
8,860

 
10,022

 
17,523

 
19,185

Other
31,940

 
30,539

 
67,724

 
59,691

Total operating expenses
1,372,549

 
1,429,093

 
2,658,648

 
2,742,711

Operating income
132,403

 
152,275

 
257,674

 
299,505

Other Income (Expense):
 
 
 
 
 
 
 
Interest income
3,050

 
2,312

 
6,410

 
4,632

Interest expense
(222
)
 
(229
)
 
(842
)
 
(443
)
Other, net
3,682

 
857

 
4,779

 
1,974

Other income, net
6,510

 
2,940

 
10,347

 
6,163

Earnings before income taxes
138,913

 
155,215

 
268,021

 
305,668

Income tax expense
54,892

 
60,195

 
107,278

 
119,441

Net earnings
84,021

 
95,020

 
160,743

 
186,227

Less net earnings (losses) attributable to the noncontrolling interest
66

 
20

 
81

 
(5
)
Net earnings attributable to shareholders
$
83,955

 
$
95,000

 
$
160,662

 
$
186,232

Diluted earnings attributable to shareholders per share
$
.39

 
$
.44

 
$
.75

 
$
.86

Basic earnings attributable to shareholders per share
$
.40

 
$
.45

 
$
.76

 
$
.88

Dividends declared and paid per common share
$
.28

 
$
.25

 
$
.28

 
$
.25

Weighted average diluted shares outstanding
213,212,912

 
215,659,043

 
213,683,587

 
215,780,230

Weighted average basic shares outstanding
211,724,082

 
212,136,164

 
211,910,872

 
212,112,643

See accompanying notes to condensed consolidated financial statements.



3



EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income
(In thousands)
(Unaudited)

 
Three months ended
 
Six months ended
 
June 30,
 
June 30,
 
2012
 
2011
 
2012
 
2011
Net earnings
$
84,021

 
$
95,020

 
$
160,743

 
$
186,227

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Foreign currency translation adjustments, net of tax of $6,257 and $3,014 for the three months ended June 30, 2012 and 2011, and $758 and $7,855 for the six months ended June 30, 2012 and 2011
(11,453
)
 
5,372

 
(1,291
)
 
14,193

Other comprehensive income (loss)
(11,453
)
 
5,372

 
(1,291
)
 
14,193

Comprehensive income
72,568

 
100,392

 
159,452

 
200,420

Less comprehensive income (loss) attributable to the noncontrolling interest
22

 
(109
)
 
171

 
(146
)
Comprehensive income attributable to shareholders
$
72,546

 
$
100,501

 
$
159,281

 
$
200,566

See accompanying notes to condensed consolidated financial statements.


4



EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
 
Three months ended
 
Six months ended
 
June 30,
 
June 30,
 
2012
 
2011
 
2012
 
2011
Operating Activities:
 
 
 
 
 
 
 
Net earnings
$
84,021

 
$
95,020

 
$
160,743

 
$
186,227

Adjustments to reconcile net earnings to net cash from operating activities:
 
 
 
 
 
 
 
Provision for losses on accounts receivable
(388
)
 
(63
)
 
(855
)
 
1,790

Deferred income tax (benefit) expense
(5,739
)
 
1,601

 
(258
)
 
(335
)
Excess tax benefits from stock plans
(806
)
 
(2,285
)
 
(4,232
)
 
(4,531
)
Stock compensation expense
10,926

 
10,236

 
21,526

 
20,708

Depreciation and amortization
9,670

 
9,257

 
19,215

 
18,431

Gain on sale of assets
(65
)
 
(21
)
 
(130
)
 
(51
)
Other
271

 
311

 
553

 
618

Changes in operating assets and liabilities:
 
 
 
 
 
 
 
Increase in accounts receivable
(63,260
)
 
(14,173
)
 
(50,292
)
 
(7,490
)
Decrease in other current assets
1,642

 
3,896

 
3,566

 
2,481

Increase in accounts payable and accrued expenses
70,674

 
7,943

 
84,233

 
38,130

(Decrease) increase in income taxes payable, net
(14,132
)
 
(33,665
)
 
6,142

 
(88
)
Net cash from operating activities
92,814

 
78,057

 
240,211

 
255,890

Investing Activities:
 
 
 
 
 
 
 
Decrease (increase) in short-term investments, net
15,878

 
(449
)
 
98

 
(538
)
Purchase of property and equipment
(9,814
)
 
(17,110
)
 
(26,902
)
 
(38,235
)
Proceeds from sale of property and equipment
141

 
42

 
253

 
85

Other
(232
)
 
(64
)
 
126

 
(1,506
)
Net cash from investing activities
5,973

 
(17,581
)
 
(26,425
)
 
(40,194
)
Financing Activities:
 
 
 
 
 
 
 
Proceeds from issuance of common stock
7,482

 
15,821

 
20,402

 
23,625

Repurchases of common stock
(84,401
)
 
(45,690
)
 
(106,266
)
 
(65,274
)
Excess tax benefits from stock plans
806

 
2,285

 
4,232

 
4,531

Dividends paid
(59,358
)
 
(53,014
)
 
(59,358
)
 
(53,014
)
Net cash from financing activities
(135,471
)
 
(80,598
)
 
(140,990
)
 
(90,132
)
Effect of exchange rate changes on cash and cash equivalents
(11,984
)
 
7,481

 
(2,905
)
 
15,801

(Decrease) increase in cash and cash equivalents
(48,668
)
 
(12,641
)
 
69,891

 
141,365

Cash and cash equivalents at beginning of period
1,412,915

 
1,238,471

 
1,294,356

 
1,084,465

Cash and cash equivalents at end of period
$
1,364,247

 
$
1,225,830

 
$
1,364,247

 
$
1,225,830

Interest and Taxes Paid:
 
 
 
 
 
 
 
Interest
$
233

 
$
13

 
$
420

 
$
17

Income taxes
77,583

 
91,035

 
104,095

 
117,311

See accompanying notes to condensed consolidated financial statements.

5



EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(in thousands, except share data)
(Unaudited)

Note 1.
Summary of Significant Accounting Policies
A.
Basis of Presentation
Expeditors International of Washington, Inc. (“the Company”) is a non-asset based provider of global logistics services operating through a worldwide network of offices and exclusive or non-exclusive agents. The Company’s customers include retailing and wholesaling, electronics, and manufacturing companies around the world.
The condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. As a result, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) have been condensed or omitted. The Company believes that the disclosures made are adequate to make the information presented not misleading. The condensed consolidated financial statements reflect all adjustments, consisting of normal recurring items, which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Form 10-K as filed with the Securities and Exchange Commission on February 28, 2012. All dollar amounts in the notes are presented in thousands except for share data. All significant intercompany accounts and transactions have been eliminated in consolidation.
B.
Accounts Receivable
The Company maintains an allowance for doubtful accounts, which is reviewed at least monthly for estimated losses resulting from the inability of its customers to make required payments for services and advances. Additional allowances may be necessary in the future if the ability of its customers to pay deteriorates. The Company has recorded an allowance for doubtful accounts in the amounts of $8,731 as of June 30, 2012 and $10,381 as of December 31, 2011. Additions and write-offs have not been significant in the periods presented.
C.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of the assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. The Company uses estimates primarily in the following areas: accounts receivable valuation, accrual of costs related to ancillary services the Company provides, accrual of insurance liabilities for the portion of the freight related exposure which the Company has self-insured, accrual of various tax liabilities, accrual of loss contingencies and calculation of share-based compensation expense. Actual results could differ from those estimates.
D.
Recent Accounting Pronouncements
In June 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2011-No. 05 “Presentation of Comprehensive Income”, which amends Accounting Standards Codification (ASC) Topic 220 -“Comprehensive Income”. This update is intended to increase the prominence of items reported in other comprehensive income by giving the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. The Company adopted the provisions of ASU 2011-No. 05, as amended by ASU 2011-No. 12, beginning in the first quarter of 2012. Accordingly, condensed consolidated statements of comprehensive income were included consecutive to the condensed consolidated statements of earnings. The adoption only had a presentation impact on the Company's consolidated financial statements.
Note 2. Share-Based Compensation
The Company provides compensation benefits by granting stock options and employee stock purchase rights to its employees and restricted shares to its directors. On May 2, 2012, the shareholders approved the 2012 Stock Option Plan ("2012 Plan"), which made available 3,000,000 shares of the Company's common stock for purchase upon exercise of options granted under the 2012 Plan. The Company's annual grant of option awards generally takes place during the second quarter of each fiscal year. For the six months ended June 30, 2012 and 2011, 2,822,990 and 2,998,390 options were granted, respectively. The grant of employee stock purchase rights and the issuance of shares under the employee stock purchase plan are made in the

6



third quarter of each fiscal year and none were issued in the six-month period ended June 30, 2012 and 2011.
The Company recognizes stock compensation expense based on an estimate of the fair value of awards granted to employees and directors under the Company’s stock option, director restricted stock and employee stock purchase rights plans. The expense, adjusted for expected forfeitures, is recognized on a straight-line basis over the stock awards' vesting period. The forfeiture assumption used to calculate compensation expense is primarily based on historical pre-vesting employee forfeiture patterns. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:
 
 
 
 
 
Six months ended June 30,
 
2012
 
2011
Dividend yield
1.30
%
 
0.97
%
Volatility - stock option plans

38 - 39 %

 
38 - 40%

Risk free interest rates
0.89 - 1.43%

 
2.17 - 2.84%

Expected life (years) - stock option plans
5.79 - 7.26

 
5.50 - 7.11

Weighted average fair value of stock options granted during the period
$
13.53

 
$
19.35

    
Total stock compensation expense and the total related tax benefit recognized are as follows:
 
Three months ended
 
Six months ended
 
June 30,
 
June 30,
 
2012
 
2011
 
2012
 
2011
Stock compensation expense
$
10,926

 
$
10,236

 
$
21,526

 
$
20,708

Recognized tax benefit
$
336

 
$
39

 
$
375

 
$
77



7



Note 3. Basic and Diluted Earnings per Share
The following table reconciles the numerator and the denominator of the basic and diluted per share computations for earnings attributable to shareholders per share:
 
Three months ended 
 
June 30,
(Amounts in thousands, except share and per share amounts)
Net earnings
attributable to
shareholders
 
Weighted average
shares
 
Earnings per share
2012
 
 
 
 
 
Basic earnings attributable to shareholders
$
83,955

 
211,724,082

 
$
.40

Effect of dilutive potential common shares

 
1,488,830

 

Diluted earnings attributable to shareholders
$
83,955

 
213,212,912

 
$
.39

2011
 
 
 
 
 
Basic earnings attributable to shareholders
$
95,000

 
212,136,164

 
$
.45

Effect of dilutive potential common shares

 
3,522,879

 

Diluted earnings attributable to shareholders
$
95,000

 
215,659,043

 
$
.44

 
 
 
 
 
 
 
Six months ended
 
June 30,
(Amounts in thousands, except share and per share amounts)
Net earnings
attributable to
shareholders
 
Weighted average
shares
 
Earnings per share
2012
 
 
 
 
 
Basic earnings attributable to shareholders
$
160,662

 
211,910,872

 
$
.76

Effect of dilutive potential common shares

 
1,772,715

 

Diluted earnings attributable to shareholders
$
160,662

 
213,683,587

 
$
.75

2011
 
 
 
 
 
Basic earnings attributable to shareholders
$
186,232

 
212,112,643

 
$
.88

Effect of dilutive potential common shares

 
3,667,587

 

Diluted earnings attributable to shareholders
$
186,232

 
215,780,230

 
$
.86

The following shares have been excluded from the computation of diluted earnings per share because the effect would have been antidilutive:
 
Three months ended
 
Six months ended
 
June 30,
 
June 30,
 
2012
 
2011
 
2012
 
2011
Shares
15,444,641

 
7,413,458

 
15,427,041

 
7,415,063



8



Note 4. Components of Equity
The components of equity for the six months ended 2012 and 2011 are as follows:
 
Shareholders’
equity
 
Noncontrolling
interest
 
Total
equity
Balance at December 31, 2011
$
2,003,638

 
6,431

 
2,010,069

Exercise of stock options
20,402

 

 
20,402

Shares repurchased under provisions of stock repurchase plans
(106,266
)
 

 
(106,266
)
Stock compensation expense
21,526

 

 
21,526

Tax benefits from stock plans
4,232

 

 
4,232

Net earnings
160,662

 
81

 
160,743

Other comprehensive income (loss)
(1,381
)
 
90

 
(1,291
)
Dividends paid ($.28 per share)
(59,358
)
 

 
(59,358
)
Balance at June 30, 2012
$
2,043,455

 
6,602

 
2,050,057

 
 
 
 
 
 
Balance at December 31, 2010
$
1,740,906

 
7,248

 
1,748,154

Exercise of stock options
23,625

 

 
23,625

Shares repurchased under provisions of stock repurchase plans
(65,274
)
 

 
(65,274
)
Stock compensation expense
20,708

 

 
20,708

Tax benefits from stock plans
4,531

 

 
4,531

Net earnings
186,232

 
(5
)
 
186,227

Other comprehensive income (loss)
14,334

 
(141
)
 
14,193

Dividends paid ($.25 per share)
(53,014
)
 

 
(53,014
)
Balance at June 30, 2011
$
1,872,048

 
7,102

 
1,879,150

On May 2, 2012 , the Board of Directors declared a semi-annual cash dividend of $0.28 per share payable on June 15, 2012 to shareholders of record as of June 1, 2012. On May 4, 2011, the Board of Directors declared a semi-annual cash dividend of $0.25 per share payable on June 15, 2011 to shareholders of record as of June 1, 2011.
Note 5. Fair Value of Financial Instruments
The Company’s financial instruments, other than cash, consist primarily of cash equivalents, short-term investments, accounts receivable, accounts payable and accrued expenses. The carrying value of these financial instruments approximates their fair value. Cash equivalents consist of highly liquid investments with a maturity of three months or less at date of purchase. Short term investments have a maturity of greater than three months at date of purchase. Cash, cash equivalents and short-term investments consist of the following:
 
June 30, 2012
 
December 31, 2011
 
Cost
 
Fair Value
 
Cost
 
Fair Value
Cash and Cash Equivalents:
 
 
 
 
 
 
 
Cash and overnight deposits
$
498,782

 
$
498,782

 
$
445,586

 
$
445,586

Corporate commercial paper
804,782

 
805,080

 
791,729

 
791,902

Time deposits
60,683

 
60,683

 
57,041

 
57,041

Total cash and cash equivalents
1,364,247

 
1,364,545

 
1,294,356

 
1,294,529

Short-Term Investments:
 
 
 
 
 
 
 
Time deposits
376

 
376

 
472

 
472

Total
$
1,364,623

 
$
1,364,921

 
$
1,294,828

 
$
1,295,001

The fair value of corporate commercial paper is based on the use of market interest rates for identical or similar assets.

9



Note 6. Contingencies
On October 10, 2007, the U. S. Department of Justice (DOJ) issued a subpoena ordering the Company to produce certain information and records relating to an investigation of alleged anti-competitive behavior amongst air cargo freight forwarders. As part of this process, the Company has met with and continues to co-operate with the DOJ. The Company may incur additional costs during the course of this ongoing investigation, which could include fines and/or penalties if the DOJ concludes that the Company has engaged in anti-competitive behavior and such fines and/or penalties could have a material impact on the Company's results of operations and operating cash flows for any particular quarter or year.
On April 19, 2012, the Company received a federal grand jury subpoena from the DOJ requiring the production of documents related to the export or re-export by unaffiliated third-parties to end users in a US-embargoed country of products and/or services produced by a U.S. manufacturer. In a related matter, the Company is also responding to an administrative subpoena from the Commerce Department's Bureau of Industry and Security (BIS) requiring the production of documents pertaining to the export or re-export of US-origin goods to the same embargoed country. The Company is co-operating with the DOJ and BIS. If it is determined that the Company or one of its subsidiaries, directly or indirectly, facilitated the export or re-export of these specified products and/or services, the Company may incur fines and/or penalties which could have a material impact on the Company's results of operations and cash flows for any particular quarter or year.
Government investigations are subject to inherent uncertainties, and unfavorable rulings could occur. An unfavorable ruling could include substantial monetary damages and, in matters in which injunctive relief or other conduct remedies are sought, an injunction or other order relating to business conduct. Were unfavorable final outcomes to occur, the Company's results of operations and cash flows for the particular quarter or year could be materially harmed.
The Company is involved in other claims and lawsuits which arise in the ordinary course of business, none of which currently, in management's opinion, are expected to have a significant effect on the Company's operations or financial position. As of June 30, 2012, the amounts accrued for these claims and lawsuits, and the other legal matters described above, are not significant to the Company's operations or financial position. At this time the Company is unable to estimate any additional loss or range of reasonably possible loss, if any, beyond the amounts recorded, that might result from the resolution of these matters.
Note 7. Business Segment Information
The Company is organized functionally in geographic operating segments. Accordingly, management focuses its attention on revenues, net revenues, operating income, identifiable assets, capital expenditures, depreciation and amortization and equity generated in each of these geographical areas when evaluating the effectiveness of geographic management. The Company charges its subsidiaries and affiliates for services rendered in the United States on a cost recovery basis. Transactions among the Company’s various offices are conducted using the same arms-length pricing methodologies the Company uses when its offices transact business with independent agents.


10



Financial information regarding the Company’s operations by geographic area are as follows:
(in thousands)
UNITED
STATES
 
OTHER
NORTH
AMERICA
 
LATIN
AMERICA
 
ASIA
PACIFIC
 
EUROPE and
AFRICA
 
MIDDLE
EAST and
INDIA
 
ELIMI-
NATIONS
 
CONSOLI-
DATED
Three months ended June 30, 2012:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues from unaffiliated customers
$
379,126

 
49,802

 
21,366

 
780,858

 
202,301

 
71,499

 

 
1,504,952

Transfers between geographic areas
22,504

 
2,466

 
4,791

 
11,038

 
9,603

 
4,670

 
(55,072
)
 

Total revenues

XNAS:EXPD Expeditors International of Washington Inc Quarterly Report 10-Q Filling

Expeditors International of Washington Inc XNAS:EXPD Stock - Get Quarterly Report SEC Filing of Expeditors International of Washington Inc XNAS:EXPD stocks, including company profile, shares outstanding, strategy, business segments, operations, officers, consolidated financial statements, financial notes and ownership information.

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XNAS:EXPD Expeditors International of Washington Inc Quarterly Report 10-Q Filing - 6/30/2012
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