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Correction of Immaterial Errors | 6 Months Ended
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Jun. 30, 2021
Accounting Changes And Error Corrections [Abstract] |
Correction of Immaterial Errors | Note 9. Correction of Immaterial Errors Beginning in the first quarter 2019, the Company made changes to its process and presentation of freight services revenue and directly related transportation operating expenses with the objective that at each reporting level (reporting entity, segment and consolidated level) the gross revenue and associated directly related operating expenses be representative of the location where the services were performed, the operating expenses were incurred and where the revenues were earned. During the second quarter 2021, management identified and corrected certain immaterial errors in the Company’s historical financial statements primarily related to this process that was utilized through the first quarter of 2021. The process missed an intercompany elimination of revenues and an equal and offsetting amount of directly related transportation expenses, principally impacting airfreight services in North Asia. The errors overstated revenues and directly related transportation operating expenses by equal amounts in the consolidated statements of earnings. The errors had no impact on operating income, net earnings, and earnings per share nor any other financial statement amount. Further, the errors had no impact on the balance sheets, statements of shareholders’ equity, other comprehensive income and cash flows. These errors do not affect any of the metrics used to calculate or evaluate management’s compensation and had no impact on bonuses, commissions, share-based compensation or any other employee remuneration. Historical amounts have been revised and are presented on a comparable basis. The below tables present the effect of the correction for the following periods:
|  | Three Months ended Mar 31, 2021 |
|  | As Reported |  |  | Adjustments |  |  | As Corrected |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Airfreight services |  | $ | 1,476,961 |  |  | $ | (151,046 | ) |  | $ | 1,325,915 |
Ocean freight and ocean services |  |  | 958,178 |  |  |  | (4,266 | ) |  |  | 953,912 |
Customs brokerage and other services |  |  | 922,401 |  |  |  | (3,408 | ) |  |  | 918,993 |
Total revenues1 |  |  | 3,357,540 |  |  |  | (158,720 | ) |  |  | 3,198,820 |
Directly related transportation operating expenses: |  |  |  |  |  |  |  |  |  |  |  |
Airfreight services |  | $ | 1,105,590 |  |  | $ | (151,046 | ) |  | $ | 954,544 |
Ocean freight and ocean services |  |  | 746,701 |  |  |  | (4,266 | ) |  |  | 742,435 |
Customs brokerage and other services |  |  | 553,713 |  |  |  | (3,408 | ) |  |  | 550,305 |
Total directly related transportation operating expenses1 |  |  | 2,406,004 |  |  |  | (158,720 | ) |  |  | 2,247,284 |
1The North Asia business segment accounts for 73% of total adjustments.
|  | Three Months ended June 30, 2020 |
|  | As Reported |  |  | Adjustments |  |  | As Corrected |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Airfreight services |  | $ | 1,434,590 |  |  | $ | (164,936 | ) |  | $ | 1,269,654 |
Ocean freight and ocean services |  |  | 491,712 |  |  |  | (2,327 | ) |  |  | 489,385 |
Customs brokerage and other services |  |  | 654,330 |  |  |  | (2,291 | ) |  |  | 652,039 |
Total revenues1 |  |  | 2,580,632 |  |  |  | (169,554 | ) |  |  | 2,411,078 |
Directly related transportation operating expenses: |  |  |  |  |  |  |  |  |  |  |  |
Airfreight services |  | $ | 1,097,073 |  |  | $ | (164,936 | ) |  | $ | 932,137 |
Ocean freight and ocean services |  |  | 363,599 |  |  |  | (2,327 | ) |  |  | 361,272 |
Customs brokerage and other services |  |  | 370,369 |  |  |  | (2,291 | ) |  |  | 368,078 |
Total directly related transportation operating expenses1 |  |  | 1,831,041 |  |  |  | (169,554 | ) |  |  | 1,661,487 |
1The North Asia business segment accounts for 78% of total adjustments.
|  | Six Months ended June 30, 2020 |
|  | As Reported |  |  | Adjustments |  |  | As Corrected |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Airfreight services |  | $ | 2,143,629 |  |  | $ | (218,377 | ) |  | $ | 1,925,252 |
Ocean freight and ocean services |  |  | 985,139 |  |  |  | (4,414 | ) |  |  | 980,725 |
Customs brokerage and other services |  |  | 1,353,728 |  |  |  | (4,860 | ) |  |  | 1,348,868 |
Total revenues1 |  |  | 4,482,496 |  |  |  | (227,651 | ) |  |  | 4,254,845 |
Directly related transportation operating expenses: |  |  |  |  |  |  |  |  |  |  |  |
Airfreight services |  | $ | 1,617,242 |  |  | $ | (218,377 | ) |  | $ | 1,398,865 |
Ocean freight and ocean services |  |  | 730,082 |  |  |  | (4,414 | ) |  |  | 725,668 |
Customs brokerage and other services |  |  | 770,445 |  |  |  | (4,860 | ) |  |  | 765,585 |
Total directly related transportation operating expenses1 |  |  | 3,117,769 |  |  |  | (227,651 | ) |  |  | 2,890,118 |
1The North Asia business segment accounts for 76% of total adjustments.

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- Definition The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22644-107794 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -URI http://asc.fasb.org/topic&trid=2122394 + Details
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