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Correction of Immaterial Errors | 12 Months Ended
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Dec. 31, 2021
Accounting Changes And Error Corrections [Abstract] |
Correction of Immaterial Errors |
N OTE 11. | CORRECTION OF IMMATERIAL ERRORS
Beginning in the first quarter of 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 of 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 table presents the effect of the correction for the following periods:
|  | Year ended December 31, 2020 |  |  | Year ended December 31, 2019 |
|  | As reported |  |  | Adjustments |  |  | As corrected |  |  | As reported |  |  | Adjustments |  |  | As corrected |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Airfreight services |  | $ | 4,784,402 |  |  | $ | 510,376 |  |  | $ | 4,274,026 |  |  | $ | 2,929,882 |  |  | $ | 188,944 |  |  | $ | 2,740,938 |
Ocean freight and ocean services |  |  | 2,353,247 |  |  |  | 10,903 |  |  |  | 2,342,344 |  |  |  | 2,217,554 |  |  |  | 29,405 |  |  |  | 2,188,149 |
Customs brokerage and other services |  |  | 2,978,832 |  |  |  | 10,809 |  |  |  | 2,968,023 |  |  |  | 3,027,990 |  |  |  | 14,660 |  |  |  | 3,013,330 |
Total revenues1 |  |  | 10,116,481 |  |  |  | 532,088 |  |  |  | 9,584,393 |  |  |  | 8,175,426 |  |  |  | 233,009 |  |  |  | 7,942,417 |
Directly related transportation operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Airfreight services |  |  | 3,679,185 |  |  |  | 510,377 |  |  |  | 3,168,808 |  |  |  | 2,143,999 |  |  |  | 188,945 |  |  |  | 1,955,054 |
Ocean freight and ocean services |  |  | 1,762,754 |  |  |  | 10,904 |  |  |  | 1,751,850 |  |  |  | 1,613,646 |  |  |  | 29,406 |  |  |  | 1,584,240 |
Customs brokerage and other services |  |  | 1,746,851 |  |  |  | 10,807 |  |  |  | 1,736,044 |  |  |  | 1,781,313 |  |  |  | 14,658 |  |  |  | 1,766,655 |
Total directly related transportation operating expenses1 |  | $ | 7,188,790 |  |  | $ | 532,088 |  |  | $ | 6,656,702 |  |  | $ | 5,538,958 |  |  | $ | 233,009 |  |  | $ | 5,305,949 |
| 1 | The North Asia business segment accounts for 78% and 73% of total adjustments, respectively.

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- Definition The entire disclosure for reporting error correction. + 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=124431687&loc=d3e22644-107794 + Details
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