Expeditors International of Washington Inc (EXPD)

Debt-to-capital ratio

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Long-term debt	US$ in thousands	—	—	—	—	—
Total stockholders’ equity	US$ in thousands	2,390,350	3,110,020	3,494,430	2,659,640	2,195,030
Debt-to-capital ratio		0.00	0.00	0.00	0.00	0.00

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $—K ÷ ($—K + $2,390,350K)
= 0.00

The debt-to-capital ratio for Expeditors International Of Washington, Inc. has consistently been 0.00 for the past five years, including at the end of fiscal year 2023. This indicates that the company has not used any debt to finance its operations and investments relative to its capital structure during this period. A debt-to-capital ratio of 0.00 typically suggests that the company is relying on equity financing rather than debt, which can be viewed positively as it indicates a strong financial position with minimal financial risk associated with debt obligations. The stable and low debt-to-capital ratio may reflect the company's conservative financial strategy and prudent capital management.