Expeditors International of Washington, Inc. (NASDAQ:EXPD) today announced third quarter 2019 financial results including the following highlights compared to the same quarter of 2018:
- Diluted Net Earnings Attributable to Shareholders per share (EPS1) remained constant at $0.92
- Net Earnings Attributable to Shareholders decreased 2% to $160 million
- Operating Income increased 2% to $207 million
- Revenues decreased 1% to $2.1 billion
- Airfreight tonnage volume decreased 7% and ocean container volume decreased 2%
“The third quarter presented challenges that were not unexpected in terms of growth in the global economy and ongoing trade disputes that extend well beyond just the United States and China,” said Jeffrey S. Musser, President and Chief Executive Officer. “We saw volumes drop in our air and ocean products but believe this was consistent with the overall market. In addition to volume changes, we also believe the market experienced corresponding changes in buy/sell rates and we were adept at negotiating in the changing pricing environment.
“We’ve always believed that a true global network of offices is critical to achieving success in the supply chain, and that played out as expected with outsized growth in regions where business has transitioned. Further, the trade environment has placed an increased need for products such as customs brokerage, and our results show that we continue to execute well in this area. A broad range of solutions, technology and expertise has never been more important to help mitigate the uncertainty and ambiguity of the current marketplace.
“Our focus on providing an extremely high level of service, coupled with deep knowledge and expertise, remains a winning strategy. We can’t execute this strategy without our global team and, as always, we are incredibly thankful for their effort and dedication.”
Bradley S. Powell, Senior Vice President and Chief Financial Officer, added, “We again demonstrated strong performance in our customs brokerage, Transcon, ocean forwarding, and order management businesses during the quarter. In addition, we boosted our operating efficiency by paying close attention to costs across our global network.” Mr. Powell also noted that the Company’s effective tax rate was 24.9% in the quarter, compared to 21.8% in the third quarter of 2018. The three-month period ended 2018 benefited from required discrete adjustments as a result of interpretations issued related to the 2017 Tax Act for foreign tax credits earned as a result of withholding taxes paid on repatriated foreign earnings and a state income tax refund that settled during the quarter in 2018.
Expeditors is a global logistics company headquartered in Seattle, Washington. The Company employs trained professionals in 176 district offices and numerous branch locations located on six continents linked into a seamless worldwide network through an integrated information management system. Services include the consolidation or forwarding of air and ocean freight, customs brokerage, vendor consolidation, cargo insurance, time-definite transportation, order management, warehousing and distribution and customized logistics solutions.
_______________________ |
1Diluted earnings attributable to shareholders per share. |
NOTE: See Disclaimer on Forward-Looking Statements on the following page of this release. |
Expeditors International of Washington, Inc. | ||||||||||||||||||||||||
Third Quarter 2019 Earnings Release, November 5, 2019 | ||||||||||||||||||||||||
Financial Highlights for the three and nine months ended September 30, 2019 and 2018 (Unaudited) | ||||||||||||||||||||||||
(in 000's of US dollars except per share data) | ||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||
2019 | 2018 | %
| 2019 | 2018 | %
| |||||||||||||||||||
Revenues | $ | 2,074,855 | $ | 2,090,947 | (1)% | $ | 6,130,485 | $ | 5,902,768 | 4% | ||||||||||||||
Directly related cost of transportation and other expenses1 | $ | 1,400,499 | $ | 1,429,633 | (2)% | $ | 4,140,320 | $ | 3,963,070 | 4% | ||||||||||||||
Salaries and other operating expenses2 | $ | 467,806 | $ | 458,160 | 2% | $ | 1,403,813 | $ | 1,360,142 | 3% | ||||||||||||||
Operating income | $ | 206,550 | $ | 203,154 | 2% | $ | 586,352 | $ | 579,556 | 1% | ||||||||||||||
Net earnings attributable to shareholders | $ | 160,221 | $ | 162,692 | (2)% | $ | 453,069 | $ | 438,989 | 3% | ||||||||||||||
Diluted earnings attributable to shareholders per share | $ | 0.92 | $ | 0.92 | —% | $ | 2.60 | $ | 2.46 | 6% | ||||||||||||||
Basic earnings attributable to shareholders per share | $ | 0.94 | $ | 0.94 | —% | $ | 2.65 | $ | 2.51 | 6% | ||||||||||||||
Diluted weighted average shares outstanding | 173,483 | 177,173 | 174,463 | 178,447 | ||||||||||||||||||||
Basic weighted average shares outstanding | 170,415 | 173,394 | 171,084 | 174,675 | ||||||||||||||||||||
| _____________________ |
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. |
2Salaries and other operating expenses totals Salaries and related, Rent and occupancy, Depreciation and amortization, Selling and promotion and Other as shown in the Condensed Consolidated Statements of Earnings. |
The three and nine months ended September 30, 2019 include the effect of changing our presentation of certain import services from a net to a gross basis and our revised presentation of destination services, which increased revenues and directly related operating expenses in customs brokerage and other services but did not change operating income.
During the three and nine months ended September 30, 2019, we repurchased 0.9 million and 4.1 million shares of common stock at an average price of $69.51 and $72.60 per share, respectively. During the three and nine months ended September 30, 2018, we repurchased 2.0 million and 7.8 million shares of common stock at an average price of $73.47 and $71.58 per share, respectively.
Employee Full-time Equivalents
| ||||||||
2019 | 2018 | |||||||
North America | 6,861 | 6,635 | ||||||
Europe | 3,427 | 3,270 | ||||||
North Asia | 2,483 | 2,655 | ||||||
South Asia | 1,674 | 1,640 | ||||||
Middle East, Africa and India | 1,565 | 1,478 | ||||||
Latin America | 860 | 831 | ||||||
Information Systems | 939 | 904 | ||||||
Corporate | 383 | 351 | ||||||
Total | 18,192 | 17,764 | ||||||
Third quarter year-over-year
| ||||||||
Airfreight
| Ocean freight
| |||||||
2019 | ||||||||
July | (5)% | 2% | ||||||
August | (9)% | (1)% | ||||||
September | (9)% | (7)% | ||||||
Quarter | (7)% | (2)% | ||||||
| ___________________ |
Investors may submit written questions via e-mail to: investor@expeditors.com. Questions received by the end of business on November 8, 2019 will be considered in management's 8-K “Responses to Selected Questions.” |
Disclaimer on Forward-Looking Statements:
Certain portions of this release contain forward-looking statements, which are based on certain assumptions and expectations of future events that are subject to risks and uncertainties, including our ability to maintain a differentiated, knowledgeable workforce; the impact of the 2017 Tax Act and related interpretations on our effective tax rate; and risk factors and uncertainties detailed in our Annual Report as updated by our reports on Form 10-Q, filed with the Securities and Exchange Commission.
| EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. | ||||||||
AND SUBSIDIARIES | ||||||||
Condensed Consolidated Balance Sheets | ||||||||
(In thousands, except per share data) | ||||||||
(Unaudited) | ||||||||
September 30,
| December 31,
| |||||||
Assets: | ||||||||
Current Assets: | ||||||||
Cash and cash equivalents | $ | 1,215,970 | $ | 923,735 | ||||
Accounts receivable, less allowance for doubtful accounts of $11,853 at September 30, 2019 and $15,345 at December 31, 2018 | 1,319,032 | 1,581,530 | ||||||
Deferred contract costs | 130,690 | 159,510 | ||||||
Other | 103,521 | 70,041 | ||||||
Total current assets | 2,769,213 | 2,734,816 | ||||||
Property and equipment, less accumulated depreciation and amortization of $468,059 at September 30, 2019 and $446,977 at December 31, 2018 | 494,153 | 504,105 | ||||||
Operating lease right-of-use assets | 374,231 | — | ||||||
Goodwill | 7,927 | 7,927 | ||||||
Deferred federal and state income taxes, net | 44,351 | 40,465 | ||||||
Other assets, net | 16,578 | 27,246 | ||||||
Total assets | $ | 3,706,453 | $ | 3,314,559 | ||||
Liabilities: | ||||||||
Current Liabilities: | ||||||||
Accounts payable | $ | 744,002 | $ | 902,259 | ||||
Accrued expenses, primarily salaries and related costs | 207,752 | 215,813 | ||||||
Contract liabilities | 152,717 | 190,343 | ||||||
Current portion of operating lease liabilities | 61,842 | — | ||||||
Federal, state and foreign income taxes | 17,273 | 18,424 | ||||||
Total current liabilities | 1,183,586 | 1,326,839 | ||||||
Noncurrent portion of operating lease liabilities | 313,580 | — | ||||||
Commitments and contingencies | ||||||||
Shareholders’ Equity: | ||||||||
Preferred stock, none issued | — | — | ||||||
Common stock, par value $0.01 per share. Issued and outstanding: 170,243 shares at September 30, 2019 and 171,582 shares at December 31, 2018 | 1,702 | 1,716 | ||||||
Additional paid-in capital | 23,301 | 1,896 | ||||||
Retained earnings | 2,301,156 | 2,088,707 | ||||||
Accumulated other comprehensive loss | (118,774 | ) | (105,481 | ) | ||||
Total shareholders’ equity | 2,207,385 | 1,986,838 | ||||||
Noncontrolling interest | 1,902 | 882 | ||||||
Total equity | 2,209,287 | 1,987,720 | ||||||
Total liabilities and equity | $ | 3,706,453 | $ | 3,314,559 | ||||
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. | ||||||||||||||||
AND SUBSIDIARIES | ||||||||||||||||
Condensed Consolidated Statements of Earnings | ||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three months ended
| Nine months ended
| |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Revenues: | ||||||||||||||||
Airfreight services | $ | 715,450 | $ | 833,338 | $ | 2,171,928 | $ | 2,366,326 | ||||||||
Ocean freight and ocean services | 585,374 | 585,810 | 1,697,824 | 1,636,701 | ||||||||||||
Customs brokerage and other services | 774,031 | 671,799 | 2,260,733 | 1,899,741 | ||||||||||||
Total revenues | 2,074,855 | 2,090,947 | 6,130,485 | 5,902,768 | ||||||||||||
Operating Expenses: | ||||||||||||||||
Airfreight services | 522,868 | 620,554 | 1,574,717 | 1,727,383 | ||||||||||||
Ocean freight and ocean services | 424,215 | 435,313 | 1,234,845 | 1,199,887 | ||||||||||||
Customs brokerage and other services | 453,416 | 373,766 | 1,330,758 | 1,035,800 | ||||||||||||
Salaries and related | 356,331 | 351,577 | 1,069,592 | 1,042,420 | ||||||||||||
Rent and occupancy | 41,987 | 38,202 | 124,407 | 113,186 | ||||||||||||
Depreciation and amortization | 12,386 | 13,335 | 38,456 | 40,833 | ||||||||||||
Selling and promotion | 10,133 | 10,632 | 32,852 | 32,385 | ||||||||||||
Other | 46,969 | 44,414 | 138,506 | 131,318 | ||||||||||||
Total operating expenses | 1,868,305 | 1,887,793 | 5,544,133 | 5,323,212 | ||||||||||||
Operating income | 206,550 | 203,154 | 586,352 | 579,556 | ||||||||||||
Other Income (Expense): | ||||||||||||||||
Interest income | 5,501 | 4,704 | 18,123 | 14,171 | ||||||||||||
Other, net | 1,895 | 566 | 5,822 | 2,357 | ||||||||||||
Other income (expense), net | 7,396 | 5,270 | 23,945 | 16,528 | ||||||||||||
Earnings before income taxes | 213,946 | 208,424 | 610,297 | 596,084 | ||||||||||||
Income tax expense | 53,319 | 45,357 | 156,029 | 155,871 | ||||||||||||
Net earnings | 160,627 | 163,067 | 454,268 | 440,213 | ||||||||||||
Less net earnings attributable to the noncontrolling interest | 406 | 375 | 1,199 | 1,224 | ||||||||||||
Net earnings attributable to shareholders | $ | 160,221 | $ | 162,692 | $ | 453,069 | $ | 438,989 | ||||||||
Diluted earnings attributable to shareholders per share | $ | 0.92 | $ | 0.92 | $ | 2.60 | $ | 2.46 | ||||||||
Basic earnings attributable to shareholders per share | $ | 0.94 | $ | 0.94 | $ | 2.65 | $ | 2.51 | ||||||||
Weighted average diluted shares outstanding | 173,483 | 177,173 | 174,463 | 178,447 | ||||||||||||
Weighted average basic shares outstanding | 170,415 | 173,394 | 171,084 | 174,675 | ||||||||||||
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. | ||||||||||||||||
AND SUBSIDIARIES | ||||||||||||||||
Condensed Consolidated Statements of Cash Flows | ||||||||||||||||
(In thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three months ended
| Nine months ended
| |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Operating Activities: | ||||||||||||||||
Net earnings | $ | 160,627 | $ | 163,067 | $ | 454,268 | $ | 440,213 | ||||||||
Adjustments to reconcile net earnings to net cash from operating activities: | ||||||||||||||||
Provisions for losses on accounts receivable | 757 | 1,969 | 453 | 2,232 | ||||||||||||
Deferred income tax benefit | (5,822 | ) | (23,610 | ) | (17 | ) | (17,522 | ) | ||||||||
Stock compensation expense | 12,155 | 13,902 | 49,361 | 43,171 | ||||||||||||
Depreciation and amortization | 12,386 | 13,335 | 38,456 | 40,833 | ||||||||||||
Other, net | 652 | 666 | 812 | 770 | ||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||
Decrease (increase) in accounts receivable | 43,885 | (210,092 | ) | 246,175 | (156,321 | ) | ||||||||||
(Decrease) increase in accounts payable and accrued expenses | (58,816 | ) | 115,629 | (141,199 | ) | 127,860 | ||||||||||
Decrease (increase) in deferred contract costs | 10,301 | (34,623 | ) | 28,550 | (51,235 | ) | ||||||||||
(Decrease) increase in contract liabilities | (13,211 | ) | 36,256 | (36,933 | ) | 49,149 | ||||||||||
(Decrease) increase in income taxes payable, net | (671 | ) | 9,292 | (33,284 | ) | (9,258 | ) | |||||||||
(Decrease) increase in other, net | (744 | ) | 930 | 47 | 862 | |||||||||||
Net cash from operating activities | 161,499 | 86,721 | 606,689 | 470,754 | ||||||||||||
Investing Activities: | ||||||||||||||||
Purchase of property and equipment | (15,521 | ) | (11,733 | ) | (37,943 | ) | (37,642 | ) | ||||||||
Other, net | 232 | 1,109 | 1,525 | (886 | ) | |||||||||||
Net cash from investing activities | (15,289 | ) | (10,624 | ) | (36,418 | ) | (38,528 | ) | ||||||||
Financing Activities: | ||||||||||||||||
Proceeds from issuance of common stock | 60,713 | 47,806 | 120,190 | 169,566 | ||||||||||||
Repurchases of common stock | (61,999 | ) | (147,828 | ) | (296,922 | ) | (555,760 | ) | ||||||||
Dividends Paid | — | — | (85,184 | ) | (79,180 | ) | ||||||||||
Payments for taxes related to net share settlement of equity awards | — | — | (6,674 | ) | (3,215 | ) | ||||||||||
Distributions to noncontrolling interest | — | (633 | ) | — | (633 | ) | ||||||||||
Purchase of noncontrolling interest | — | (613 | ) | — | (613 | ) | ||||||||||
Net cash from financing activities | (1,286 | ) | (101,268 | ) | (268,590 | ) | (469,835 | ) | ||||||||
Effect of exchange rate changes on cash and cash equivalents | (11,604 | ) | (5,071 | ) | (9,446 | ) | (22,878 | ) | ||||||||
Change in cash and cash equivalents | 133,320 | (30,242 | ) | 292,235 | (60,487 | ) | ||||||||||
Cash and cash equivalents at beginning of period | 1,082,650 | 1,020,854 | 923,735 | 1,051,099 | ||||||||||||
Cash and cash equivalents at end of period | $ | 1,215,970 | $ | 990,612 | $ | 1,215,970 | $ | 990,612 | ||||||||
Taxes Paid: | ||||||||||||||||
Income taxes | $ | 61,201 | $ | 59,313 | $ | 196,169 | $ | 183,444 | ||||||||
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. | ||||||||||||||||||||||||||||||||||||
AND SUBSIDIARIES | ||||||||||||||||||||||||||||||||||||
Business Segment Information | ||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||
UNITED STATES | OTHER NORTH AMERICA | LATIN AMERICA | NORTH ASIA | SOUTH ASIA | EUROPE | MIDDLE EAST, AFRICA AND INDIA | ELIMI-
| CONSOLI-
| ||||||||||||||||||||||||||||
For the three months ended September 30, 2019: | ||||||||||||||||||||||||||||||||||||
Revenues1 | $ | 692,229 | 88,088 | 38,341 | 624,351 | 196,569 | 320,769 | 115,397 | (889 | ) | 2,074,855 | |||||||||||||||||||||||||
Directly related cost of transportation and other expenses2 | $ | 389,254 | 51,420 | 22,990 | 489,195 | 145,345 | 221,149 | 81,592 | (446 | ) | 1,400,499 | |||||||||||||||||||||||||
Salaries and other operating expenses3 | $ | 210,767 | 25,731 | 14,547 | 70,410 | 32,482 | 86,156 | 28,151 | (438 | ) | 467,806 | |||||||||||||||||||||||||
Operating income | $ | 92,208 | 10,937 | 804 | 64,746 | 18,742 | 13,464 | 5,654 | (5 | ) | 206,550 | |||||||||||||||||||||||||
Identifiable assets at period end | $ | 2,059,345 | 128,336 | 72,029 | 489,322 | 164,976 | 563,289 | 226,657 | 2,499 | 3,706,453 | ||||||||||||||||||||||||||
Capital expenditures | $ | 7,644 | 513 | 833 | 523 | 631 | 5,119 | 258 | — | 15,521 | ||||||||||||||||||||||||||
Equity | $ | 1,578,682 | 60,526 | 27,217 | 216,061 | 77,733 | 169,450 | 111,355 | (31,737 | ) | 2,209,287 | |||||||||||||||||||||||||
For the three months ended September 30, 2018: | ||||||||||||||||||||||||||||||||||||
Revenues1 | $ | 629,043 | 92,875 | 43,443 | 748,589 | 205,392 | 327,212 | 118,047 | (73,654 | ) | 2,090,947 | |||||||||||||||||||||||||
Directly related cost of transportation and other expenses2 | $ | 345,236 | 58,464 | 27,635 | 601,699 | 158,226 | 227,418 | 83,992 | (73,037 | ) | 1,429,633 | |||||||||||||||||||||||||
Salaries and other operating expenses3 | $ | 204,240 | 23,935 | 13,399 | 74,067 | 31,623 | 84,136 | 27,384 | (624 | ) | 458,160 | |||||||||||||||||||||||||
Operating income | $ | 79,567 | 10,476 | 2,409 | 72,823 | 15,543 | 15,658 | 6,671 | 7 | 203,154 | ||||||||||||||||||||||||||
Identifiable assets at period end | $ | 1,694,556 | 174,402 | 53,322 | 540,465 | 156,887 | 508,855 | 212,817 | (6,504 | ) | 3,334,800 | |||||||||||||||||||||||||
Capital expenditures | $ | 6,889 | 301 | 227 | 1,280 | 910 | 751 | 1,375 | — | 11,733 | ||||||||||||||||||||||||||
Equity | $ | 1,334,952 | 66,399 | 25,663 | 197,939 | 86,048 | 157,973 | 119,718 | (31,360 | ) | 1,957,332 | |||||||||||||||||||||||||
UNITED STATES | OTHER NORTH AMERICA | LATIN AMERICA | NORTH ASIA | SOUTH ASIA | EUROPE | MIDDLE EAST, AFRICA AND INDIA | ELIMI-
| CONSOLI-
| ||||||||||||||||||||||||||||
For the nine months ended September 30, 2019: | ||||||||||||||||||||||||||||||||||||
Revenues1 | $ | 2,033,088 | 265,035 | 111,277 | 1,879,155 | 555,128 | 952,790 | 336,383 | (2,371 | ) | 6,130,485 | |||||||||||||||||||||||||
Directly related cost of transportation and other expenses2 | $ | 1,142,701 | 157,997 | 64,149 | 1,475,395 | 407,642 | 657,720 | 236,184 | (1,468 | ) | 4,140,320 | |||||||||||||||||||||||||
Salaries and other operating expenses3 | $ | 636,243 | 76,283 | 41,342 | 208,781 | 97,324 | 258,339 | 86,385 | (884 | ) | 1,403,813 | |||||||||||||||||||||||||
Operating income | $ | 254,144 | 30,755 | 5,786 | 194,979 | 50,162 | 36,731 | 13,814 | (19 | ) | 586,352 | |||||||||||||||||||||||||
Identifiable assets at period end | $ | 2,059,345 | 128,336 | 72,029 | 489,322 | 164,976 | 563,289 | 226,657 | 2,499 | 3,706,453 | ||||||||||||||||||||||||||
Capital expenditures | $ | 23,544 | 1,509 | 1,071 | 1,167 | 1,235 | 8,015 | 1,402 | — | 37,943 | ||||||||||||||||||||||||||
Equity | $ | 1,578,682 | 60,526 | 27,217 | 216,061 | 77,733 | 169,450 | 111,355 | (31,737 | ) | 2,209,287 | |||||||||||||||||||||||||
For the nine months ended
| ||||||||||||||||||||||||||||||||||||
Revenues1 | $ | 1,790,869 | 257,206 | 122,170 | 2,065,405 | 560,070 | 977,967 | 342,589 | (213,508 | ) | 5,902,768 | |||||||||||||||||||||||||
Directly related cost of transportation and other expenses2 | $ | 957,997 | 157,599 | 75,694 | 1,640,724 | 423,612 | 677,167 | 242,208 | (211,931 | ) | 3,963,070 | |||||||||||||||||||||||||
Salaries and other operating expenses3 | $ | 620,029 | 70,036 | 38,996 | 211,576 | 92,409 | 248,906 | 79,782 | (1,592 | ) | 1,360,142 | |||||||||||||||||||||||||
Operating income | $ | 212,843 | 29,571 | 7,480 | 213,105 | 44,049 | 51,894 | 20,599 | 15 | 579,556 | ||||||||||||||||||||||||||
Identifiable assets at period end | $ | 1,694,556 | 174,402 | 53,322 | 540,465 | 156,887 | 508,855 | 212,817 | (6,504 | ) | 3,334,800 | |||||||||||||||||||||||||
Capital expenditures | $ | 16,092 | 4,020 | 899 | 2,623 | 1,934 | 9,167 | 2,907 | — | 37,642 | ||||||||||||||||||||||||||
Equity | $ | 1,334,952 | 66,399 | 25,663 | 197,939 | 86,048 | 157,973 | 119,718 | (31,360 | ) | 1,957,332 | |||||||||||||||||||||||||
1In 2019, the Company revised its process to record the transfer, between its geographic operating segments, of revenues and the directly related cost of transportation expenses for freight service transactions between Company origin and destination locations. This change better aligns revenue reporting with the location where the services are performed, as well as the transactional reporting being developed as part of the Company’s new accounting systems and processes. Prior year segment revenues have not been revised. The change in presentation had no impact on consolidated or segment operating income. The 2019 results also include the effect of changing the presentation of certain import services from a net to a gross basis, which increased segment revenues and directly related operating expenses but did not change operating income. The impact of these changes on reported segment revenues was immaterial and prior year segment revenues have not been revised. |
2Directly 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. |
3Salaries and other operating expenses totals Salaries and related, Rent and occupancy, Depreciation and amortization, Selling and promotion and Other as shown in the Condensed Consolidated Statements of Earnings. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20191105005348/en/
Contacts:
President and Chief Executive Officer
(206) 674-3433
