v3.26.1
Business Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Business Segment Information

Note 8. Business Segment Information

The Company is organized functionally in geographic operating segments. Accordingly, when evaluating the effectiveness of geographic segments, management focuses its attention on revenues, directly related cost of transportation and other expenses for each of the Company’s three primary sources of revenues, as well as, salaries and related costs, other operating expenses, depreciation and amortization, operating income, identifiable assets, capital expenditures and equity generated in each of these geographical areas. The President and Chief Executive Officer was determined to be the Chief Operating Decision Maker (CODM), as in his capacity he is responsible for setting company strategies and initiatives, establishing company policies, allocating company resources and assessing the performance of the Company’s business segments. Operating income is the primary measure of business segments' profit or loss that is most consistent with the measurement principles of U.S. GAAP and no items below operating income are allocated to segments. The CODM uses operating income to review financial performance, progress of the Company's strategic initiatives and to determine compensation of segment managers. Transactions among the Company’s various offices are conducted using the same arm's-length pricing methodologies the Company uses when its offices transact business with independent agents. Certain costs are allocated among the segments based on the relative value of the underlying services, which can include allocation based on actual costs incurred or estimated cost plus a profit margin. There were no significant changes to allocate or measure expenses used to determine segment profit or loss.

Financial information regarding the Company’s operations by geographic area is as follows:

 

 

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, 2026:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$1,164,252

141,860

 

68,181

 

817,046

 

568,779

 

519,885

 

225,216

 

(2,884)

 

3,502,335

Directly related cost of transportation
   and other expenses1

 

$666,578

89,325

 

39,879

 

670,698

 

449,872

 

336,532

 

166,068

 

(2,112)

 

2,416,840

Salaries and related costs

 

$328,706

24,597

 

12,690

 

45,558

 

37,556

 

99,696

 

24,895

 

-

 

573,698

Other operating expenses2

 

$(504)

16,705

 

10,276

 

40,834

 

32,091

 

49,880

 

13,670

 

(773)

 

162,179

Operating income

 

$169,472

11,233

 

5,336

 

59,956

 

49,260

 

33,777

 

20,583

 

1

 

349,618

Identifiable assets at period end

 

$2,499,046

199,633

 

136,582

 

580,755

 

518,374

 

858,781

 

350,672

 

(8,933)

 

5,134,910

Capital expenditures

 

$6,240

796

 

186

 

282

 

775

 

2,563

 

1,149

 

-

 

11,991

Depreciation and amortization

 

$7,133

515

 

248

 

1,184

 

737

 

2,095

 

783

 

-

 

12,695

Equity

 

$1,270,494

58,576

 

61,342

 

175,652

 

205,374

 

320,189

 

190,235

 

(160,789)

 

2,121,073

For the three months ended June 30, 2025:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$877,325

108,128

 

66,904

 

636,785

 

359,531

 

449,712

 

155,458

 

(1,958)

 

2,651,885

Directly related cost of transportation
   and other expenses1

 

$454,354

67,428

 

40,945

 

507,413

 

277,355

 

293,878

 

113,243

 

(1,259)

 

1,753,357

Salaries and related costs

 

$266,018

20,205

 

11,030

 

36,686

 

28,567

 

88,913

 

19,917

 

-

 

471,336

Other operating expenses2

 

$31,859

16,726

 

9,745

 

36,820

 

28,117

 

41,878

 

15,015

 

(704)

 

179,456

Operating income

 

$125,094

3,769

 

5,184

 

55,866

 

25,492

 

25,043

 

7,283

 

5

 

247,736

Identifiable assets at period end

 

$2,554,090

186,248

 

105,069

 

523,858

 

354,318

 

789,514

 

286,466

 

(13,082)

 

4,786,481

Capital expenditures

 

$6,146

257

 

274

 

4,545

 

1,189

 

1,928

 

1,536

 

-

 

15,875

Depreciation and amortization

 

$7,896

499

 

253

 

1,176

 

622

 

2,791

 

610

 

-

 

13,847

Equity

 

$1,475,449

57,602

 

37,810

 

192,012

 

119,338

 

191,551

 

162,159

 

(38,638)

 

2,197,283

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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, 2026:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$2,118,829

271,494

 

127,176

 

1,419,962

 

991,955

 

968,759

 

392,374

 

(5,252)

 

6,285,297

Directly related cost of transportation
   and other expenses1

 

$1,157,712

170,618

 

73,421

 

1,152,422

 

774,117

 

618,601

 

284,840

 

(3,740)

 

4,227,991

Salaries and related costs

 

$610,875

47,589

 

24,082

 

82,546

 

69,233

 

193,350

 

45,594

 

-

 

1,073,269

Other operating expenses2

 

$36,023

31,439

 

18,829

 

75,959

 

59,697

 

92,649

 

26,493

 

(1,498)

 

339,591

Operating income

 

$314,219

21,848

 

10,844

 

109,035

 

88,908

 

64,159

 

35,447

 

(14)

 

644,446

Identifiable assets at period end

 

$2,499,046

199,633

 

136,582

 

580,755

 

518,374

 

858,781

 

350,672

 

(8,933)

 

5,134,910

Capital expenditures

 

$13,808

1,047

 

335

 

1,082

 

1,813

 

4,662

 

1,856

 

-

 

24,603

Depreciation and amortization

 

$14,386

1,015

 

494

 

2,526

 

1,565

 

5,010

 

1,574

 

-

 

26,570

Equity

 

$1,270,494

58,576

 

61,342

 

175,652

 

205,374

 

320,189

 

190,235

 

(160,789)

 

2,121,073

For the six months ended June 30, 2025:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$1,731,774

224,613

 

129,293

 

1,331,793

 

724,108

 

872,507

 

308,330

 

(4,114)

 

5,318,304

Directly related cost of transportation
   and other expenses1

 

$906,271

140,621

 

77,380

 

1,061,907

 

558,850

 

565,594

 

222,091

 

(2,682)

 

3,530,032

Salaries and related costs

 

$524,107

39,797

 

21,468

 

77,047

 

56,639

 

170,462

 

39,753

 

-

 

929,273

Other operating expenses2

 

$54,407

31,554

 

19,659

 

74,566

 

51,402

 

85,237

 

30,043

 

(1,463)

 

345,405

Operating income

 

$246,989

12,641

 

10,786

 

118,273

 

57,217

 

51,214

 

16,443

 

31

 

513,594

Identifiable assets at period end

 

$2,554,090

186,248

 

105,069

 

523,858

 

354,318

 

789,514

 

286,466

 

(13,082)

 

4,786,481

Capital expenditures

 

$14,553

483

 

499

 

5,050

 

2,063

 

3,084

 

3,295

 

-

 

29,027

Depreciation and amortization

 

$16,834

996

 

504

 

2,232

 

1,192

 

5,437

 

1,256

 

-

 

28,451

Equity

 

$1,475,449

57,602

 

37,810

 

192,012

 

119,338

 

191,551

 

162,159

 

(38,638)

 

2,197,283

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.

2Other operating expenses totals rent and occupancy, depreciation and amortization, selling and promotion and other as shown in the condensed consolidated statements of earnings.