Note 8. Business Segment Information The Company is organized functionally in geographic operating segments. Accordingly, management focuses its attention on revenues, directly related cost of transportation and other expenses for each of the Companys three primary sources of revenue, salaries and other operating expenses, operating income, identifiable assets, capital expenditures and equity generated in each of these geographical areas when evaluating the effectiveness of geographic management. Transactions among the Companys various offices are conducted using the same arms-length pricing methodologies the Company uses when its offices transact business with independent agents. Certain costs are allocated among the segments based on the relative value of the underlying services, which can include allocation based on actual costs incurred or estimated cost plus a profit margin. Financial information regarding the Companys operations by geographic area is as follows: UNITED STATES OTHER NORTH AMERICA LATIN AMERICA NORTH ASIA SOUTH ASIA EUROPE MIDDLE EAST, AFRICA AND INDIA ELIMI- NATIONS CONSOLI- DATED For the three months ended March 31, 2020: Revenues 1 $ 650,407 81,831 37,890 537,955 169,042 320,640 105,039 (940 ) 1,901,864 Directly related cost of transportation and other expenses 2 $ 373,961 45,890 23,765 425,301 121,282 221,998 74,976 (445 ) 1,286,728 Salaries and other operating expenses 3 $ 225,944 23,712 11,749 57,433 29,908 81,854 25,950 (469 ) 456,081 Operating income $ 50,502 12,229 2,376 55,221 17,852 16,788 4,113 (26 ) 159,055 Identifiable assets at period end $ 1,858,250 135,810 68,402 512,808 179,508 554,831 200,382 (24 ) 3,509,967 Capital expenditures $ 4,497 61 102 325 188 645 309  6,127 Equity $ 1,369,580 63,378 28,020 237,255 102,001 159,222 113,349 (35,660 ) 2,037,145 For the three months ended March 31, 2019: Revenues 1 $ 659,784 91,410 34,179 632,853 177,179 312,690 112,675 (719 ) 2,020,051 Directly related cost of transportation and other expenses 2 $ 367,355 56,241 19,116 498,646 129,810 215,895 79,503 (629 ) 1,365,937 Salaries and other operating expenses 3 $ 218,416 24,209 12,427 68,427 31,462 82,843 28,811 (82 ) 466,513 Operating income $ 74,013 10,960 2,636 65,780 15,907 13,952 4,361 (8 ) 187,601 Identifiable assets at period end $ 1,906,278 175,034 71,168 511,589 174,512 579,924 234,195 (9,788 ) 3,642,912 Capital expenditures $ 6,915 228 93 344 176 982 697  9,435 Equity $ 1,401,450 82,170 28,581 238,518 114,290 165,718 126,953 (32,246 ) 2,125,434 1 Beginning in the second quarter of 2019, the Company revised its process to record the transfer, between its geographic operating segments, of revenues and the directly related cost of transportation and other 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 Companys new accounting systems and processes. The change in presentation had no impact on consolidated or segment operating income. The impact of these changes on reported segment revenues was immaterial and first quarter 2019 segment revenues have not been revised. 2 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 condensed consolidated statements of earnings. 3 Salaries 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 Companys consolidated financial results in the first quarter 2020 were significantly impacted by the effects of the Novel Coronavirus (COVID-19) pandemic and are expected to be further impacted in the remainder of 2020. In the first quarter of 2020, North Asia and United States experienced the most significant declines in results due to the disruptions of trade to and from China, which impacted overall freight movement around the globe. Factories in China experienced extended closures and many airlines cancelled flights to and from China. Additionally, ocean carriers have reduced their capacity by anchoring vessels and skipping ports due to the decline in demand. As a result, starting in January certain of the Companys central China offices experienced temporary closures and limited operations and shipments were rerouted or delayed by customers and service providers taking their own precautionary measures. Also, available airfreight capacity was reduced affecting the ability to efficiently route customers freight. In the first quarter 2020 and 2019, the People's Republic of China, including Hong Kong, represented 23% and 27%, respectively, of the Companys total revenues and 25% and 29%, respectively, of the Companys total operating income.