Expeditors International 2002 Annual Report
Financial Charts
Financial Highlights
Balance Sheets
Earnings
Shareholders' Equity
Cash Flows
Notes
Auditors' Report
Managements' Discussion & Analysis
Directors & Officers
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Corporate Information
Hard Work
Letter to Shareholders - English
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Consolidated Balance Sheets
In thousands
except share data
    December 31, 2002     2001  

   

   
 
             
Current Assets:            
Cash and cash equivalents $ 211,859     218,677  
Short-term investments   87     57  
Accounts receivable, less allowance for doubtful            
  accounts of $12,135 in 2002 and $10,410 in 2001   385,864     283,414  
Other   7,676     9,109  



   
 
  Total current assets   605,486     511,257  



   
 
             
Property and Equipment:            
Buildings and leasehold improvements   112,512     89,179  
Furniture, fixtures, equipment and purchased software   120,487     111,585  
Vehicles   3,514     3,685  



   
 
    236,513     204,449  
Less accumulated depreciation and amortization   113,683     100,611  



   
 
    122,830     103,838  
Land   82,136     20,007  



   
 
Net property and equipment   204,966     123,845  
Goodwill, net   5,299     5,299  
Deferred Federal and state income taxes   11,008     12,156  
Other assets, net   53,189     35,880  



   
 
  $ 879,948     688,437  
 

   
 
Current Liabilities:            
Short-term debt $ 1,319     1,706  
Accounts payable   248,302     195,826  
Accrued expenses, primarily salaries and related costs   79,847     59,843  
Deferred Federal and state income taxes   9,678     7,651  
Federal, state, and foreign income taxes   16,990     8,788  



   
 
  Total current liabilities   356,136     273,814  



   
 
             
Shareholders’ Equity:            
Preferred stock, par value $.01 per share            
  Authorized 2,000,000 shares; none issued        
Common stock, par value $.01 per share            
  Authorized 320,000,000 shares;            
  issued and outstanding 104,220,940 shares            
  at December 31, 2002 and 103,223,708 shares            
  at December 31, 2001            
    1,042     1,032  
Additional paid-in capital   21,701     15,588  
Retained earnings   512,036     411,992  
Accumulated other comprehensive loss   (10,967 )   (13,989 )



   
 
    Total shareholders’ equity   523,812     414,623  



   
 
Commitments and contingencies            
  $ 879,948     688,437  
 

   
 

Note: All share and per share amounts have been adjusted to reflect a 2-for-1 stock split effected in June 2002.

See accompanying notes to consolidated financial statements.

 


© 2003 Expeditors International of Washington, Inc.