Business Segment Information | NOTE 10. BUSINESS SEGMENT INFORMATION Financial information regarding 2022, 2021 and 2020 operations by the Company’s designated geographic areas is as follows: UNITED OTHER LATIN NORTH SOUTH EUROPE MIDDLE ELIMINATIONS CONSOLIDATED 2022 Revenues $ 4,869,364 517,662 257,721 5,810,088 2,144,034 2,471,456 1,005,489 ( 4,530 ) 17,071,284 Directly related cost of transportation and other expenses 1 $ 2,943,232 310,206 160,273 4,853,902 1,751,187 1,768,102 791,887 ( 1,892 ) 12,576,897 Salaries and other operating expenses 2 $ 944,050 188,192 72,177 504,805 238,658 573,598 151,069 ( 2,533 ) 2,670,016 Operating income 3 $ 982,082 19,264 25,271 451,381 154,189 129,756 62,533 ( 105 ) 1,824,371 Identifiable assets at period end $ 3,070,697 209,516 123,003 675,022 316,777 938,660 283,872 ( 27,113 ) 5,590,434 Capital expenditures $ 56,411 2,954 937 2,976 1,543 17,868 4,135 — 86,824 Depreciation and amortization $ 35,461 1,892 1,123 4,682 1,966 9,640 2,574 — 57,338 Equity $ 2,246,417 31,132 56,416 274,703 136,944 263,278 145,269 ( 40,624 ) 3,113,535 2021 Revenues $ 4,344,825 440,226 209,161 6,363,054 2,046,569 2,258,911 865,509 ( 4,738 ) 16,523,517 Directly related cost of transportation and other expenses 1 $ 2,491,947 245,842 125,940 5,295,612 1,666,792 1,558,705 675,303 ( 1,986 ) 12,058,155 Salaries and other operating expenses 2 $ 1,019,236 123,147 57,779 515,703 204,574 494,760 143,581 ( 2,744 ) 2,556,036 Operating income $ 833,642 71,237 25,442 551,739 175,203 205,446 46,625 ( 8 ) 1,909,326 Identifiable assets at period end $ 3,699,748 265,872 122,327 1,587,659 572,980 1,089,963 350,843 ( 79,463 ) 7,609,929 Capital expenditures $ 19,527 983 471 1,786 2,057 9,507 1,916 — 36,247 Depreciation and amortization $ 29,826 1,780 1,079 5,047 1,965 9,228 2,387 — 51,312 Equity $ 2,599,804 111,952 41,743 224,765 140,129 294,348 123,598 ( 38,348 ) 3,497,991 2020 Revenues $ 2,776,537 325,878 156,163 3,425,510 961,989 1,455,746 486,331 ( 3,761 ) 9,584,393 Directly related cost of transportation and other expenses 1 $ 1,568,452 190,326 93,249 2,744,264 711,004 992,357 359,002 ( 1,952 ) 6,656,702 Salaries and other operating expenses 2 $ 877,117 100,687 48,114 332,978 149,269 375,900 104,968 ( 1,779 ) 1,987,254 Operating income $ 330,968 34,865 14,800 348,268 101,716 87,489 22,361 ( 30 ) 940,437 Identifiable assets at period end $ 2,532,324 186,204 85,085 876,856 272,106 752,589 240,984 ( 18,645 ) 4,927,503 Capital expenditures $ 31,604 1,886 564 2,202 2,264 6,394 2,629 — 47,543 Depreciation and amortization $ 37,081 1,946 1,194 4,961 1,876 8,029 1,872 — 56,959 Equity $ 1,928,945 67,243 32,273 241,155 121,411 196,637 114,369 ( 38,806 ) 2,663,227 1. Directly 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 consolidated statements of earnings. 2. Salaries and other operating expenses totals salaries and related, rent and occupancy, depreciation and amortization, selling and promotion and other as shown in the consolidated statements of earnings. 3. In 2022, Other North America operating income includes charges of $ 22 million related to non-income tax contingencies. Other than the United States, only the People’s Republic of China, including Hong Kong, represented more than 10 % of the Company’s total revenue, total operating income, total identifiable assets or equity in any period presented as noted in the table below. 2022 2021 2020 Revenues 27 % 31 % 29 % Operating income 19 % 22 % 29 % Identifiable assets at year end 10 % 17 % 14 % Equity 7 % 4 % 6 % |