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10-Q Filing

LANDSTAR SYSTEM INC CIK: 853816 Q1 2011
Filing Information
Form Type 10-Q
Accession Number 0000950123-11-041476
Period End Date 20110331
Filing Date 20110429
Fiscal Year 2011
Fiscal Period Q1
XBRL Instance lstr-20110326.xml
Filing Contents
Balance Sheet 71 line items
Line Item Tag Value Unit Period
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $45.23M USD Point-in-time
Allowance on trade accounts receivable AllowanceForDoubtfulAccountsReceivableCurrent $5.32M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $44.71M USD Point-in-time
Allowance on trade accounts receivable AllowanceForDoubtfulAccountsReceivableCurrent $5.53M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $82.49M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $85.72M USD Point-in-time
Allowance on other receivables AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables $5.02M USD Point-in-time
Allowance on other receivables AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables $5.51M USD Point-in-time
Short-term investments ShortTermInvestments $30.76M USD Point-in-time
Short-term investments ShortTermInvestments $23.27M USD Point-in-time
Accumulated depreciation and amortization on operating property AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $142.33M USD Point-in-time
Trade accounts receivable, less allowance of $ 5,525 and $5,324 ReceivablesNetCurrent $307.35M USD Point-in-time
Trade accounts receivable, less allowance of $ 5,525 and $5,324 ReceivablesNetCurrent $344.46M USD Point-in-time
Accumulated depreciation and amortization on operating property AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $137.83M USD Point-in-time
Other receivables, including advances to independent contractors, less allowance of $5,018 and $5,511 OtherReceivables $23.94M USD Point-in-time
Other receivables, including advances to independent contractors, less allowance of $5,018 and $5,511 OtherReceivables $30.97M USD Point-in-time
Deferred income taxes and other current assets OtherAssetsCurrent $15.22M USD Point-in-time
Deferred income taxes and other current assets OtherAssetsCurrent $21.65M USD Point-in-time
Common stock, par value CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Common stock, par value CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Common stock, authorized shares CommonStockSharesAuthorized 160.00M shares Point-in-time
Total current assets AssetsCurrent $466.63M USD Point-in-time
Total current assets AssetsCurrent $420.92M USD Point-in-time
Common stock, authorized shares CommonStockSharesAuthorized 160.00M shares Point-in-time
Operating property, less accumulated depreciation and amortization of $142,330 and $137,830 PropertyPlantAndEquipmentNet $132.65M USD Point-in-time
Common stock, issued shares CommonStockSharesIssued 66.55M shares Point-in-time
Common stock, issued shares CommonStockSharesIssued 66.54M shares Point-in-time
Operating property, less accumulated depreciation and amortization of $142,330 and $137,830 PropertyPlantAndEquipmentNet $127.96M USD Point-in-time
Goodwill Goodwill $57.47M USD Point-in-time
Treasury stock, shares TreasuryStockShares 18.68M shares Point-in-time
Goodwill Goodwill $57.47M USD Point-in-time
Treasury stock, shares TreasuryStockShares 18.67M shares Point-in-time
Other assets OtherAssetsNoncurrent $72.85M USD Point-in-time
Other assets OtherAssetsNoncurrent $62.37M USD Point-in-time
Total assets Assets $683.88M USD Point-in-time
Total assets Assets $714.43M USD Point-in-time
Cash overdraft BankOverdrafts $23.41M USD Point-in-time
Cash overdraft BankOverdrafts $24.88M USD Point-in-time
Accounts payable AccountsPayableCurrent $137.30M USD Point-in-time
Accounts payable AccountsPayableCurrent $160.70M USD Point-in-time
Current maturities of long-term debt LongTermDebtAndCapitalLeaseObligationsCurrent $22.17M USD Point-in-time
Current maturities of long-term debt LongTermDebtAndCapitalLeaseObligationsCurrent $19.88M USD Point-in-time
Insurance claims InsuranceClaimsCurrent $43.03M USD Point-in-time
Insurance claims InsuranceClaimsCurrent $40.22M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $53.78M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $55.07M USD Point-in-time
Total current liabilities LiabilitiesCurrent $278.35M USD Point-in-time
Total current liabilities LiabilitiesCurrent $302.09M USD Point-in-time
Long-term debt, excluding current maturities LongTermDebtAndCapitalLeaseObligations $99.44M USD Point-in-time
Long-term debt, excluding current maturities LongTermDebtAndCapitalLeaseObligations $95.71M USD Point-in-time
Insurance claims InsuranceClaimsNoncurrent $31.63M USD Point-in-time
Insurance claims InsuranceClaimsNoncurrent $31.47M USD Point-in-time
Deferred income taxes DeferredTaxLiabilitiesNoncurrent $23.66M USD Point-in-time
Deferred income taxes DeferredTaxLiabilitiesNoncurrent $22.57M USD Point-in-time
Common stock, $0.01 par value, authorized 160,000,000 shares, issued 66,554,156 and 66,535,169 shares CommonStockValue $666.00K USD Point-in-time
Common stock, $0.01 par value, authorized 160,000,000 shares, issued 66,554,156 and 66,535,169 shares CommonStockValue $665.00K USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $169.27M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $161.54M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $862.36M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $844.13M USD Point-in-time
Cost of 18,675,959 and 18,674,902 shares of common stock in treasury TreasuryStockValue $763.18M USD Point-in-time
Cost of 18,675,959 and 18,674,902 shares of common stock in treasury TreasuryStockValue $763.22M USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax $1.09M USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax $881.00K USD Point-in-time
Total Landstar System, Inc. and subsidiary shareholders' equity StockholdersEquity $262.44M USD Point-in-time
Total Landstar System, Inc. and subsidiary shareholders' equity StockholdersEquity $251.76M USD Point-in-time
Noncontrolling interest MinorityInterest $-797.00K USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $250.97M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $262.44M USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $714.43M USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $683.88M USD Point-in-time
Income Statement 42 line items
Line Item Tag Value Unit Period
Revenue CargoAndFreightRevenue $571.99M USD 1 Quarter
Revenue CargoAndFreightRevenue $548.09M USD 1 Quarter
Investment income InterestIncomeOperating $285.00K USD 1 Quarter
Investment income InterestIncomeOperating $528.00K USD 1 Quarter
Purchased transportation PurchasedTransportationCosts $431.38M USD 1 Quarter
Purchased transportation PurchasedTransportationCosts $417.20M USD 1 Quarter
Commissions to agents CommissionsToAgents $40.41M USD 1 Quarter
Commissions to agents CommissionsToAgents $44.17M USD 1 Quarter
Other operating costs OtherCostAndExpenseOperating $7.54M USD 1 Quarter
Other operating costs OtherCostAndExpenseOperating $7.94M USD 1 Quarter
Insurance and claims OperatingInsuranceAndClaimsCostsProduction $12.30M USD 1 Quarter
Insurance and claims OperatingInsuranceAndClaimsCostsProduction $11.27M USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $36.84M USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $37.26M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $5.79M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $6.40M USD 1 Quarter
Total costs and expenses CostsAndExpenses $538.42M USD 1 Quarter
Total costs and expenses CostsAndExpenses $520.08M USD 1 Quarter
Operating income OperatingIncomeLoss $28.30M USD 1 Quarter
Operating income OperatingIncomeLoss $34.09M USD 1 Quarter
Interest and debt expense InterestAndDebtExpense $828.00K USD 1 Quarter
Interest and debt expense InterestAndDebtExpense $854.00K USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $27.44M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $33.26M USD 1 Quarter
Income taxes IncomeTaxExpenseBenefit $10.48M USD 1 Quarter
Income taxes IncomeTaxExpenseBenefit $12.71M USD 1 Quarter
Net income ProfitLoss $16.96M USD 1 Quarter
Net income ProfitLoss $20.56M USD 1 Quarter
Less: Net loss attributable to noncontrolling interest NetIncomeLossAttributableToNoncontrollingInterest $-219.00K USD 1 Quarter
Less: Net loss attributable to noncontrolling interest NetIncomeLossAttributableToNoncontrollingInterest $-62.00K USD 1 Quarter
Net income attributable to Landstar System, Inc. and subsidiary NetIncomeLoss $20.62M USD 1 Quarter
Net income attributable to Landstar System, Inc. and subsidiary NetIncomeLoss $17.18M USD 1 Quarter
Earnings per common share attributable to Landstar System, Inc. and subsidiary EarningsPerShareBasic $0.34 USD 1 Quarter
Earnings per common share attributable to Landstar System, Inc. and subsidiary EarningsPerShareBasic $0.43 USD 1 Quarter
Diluted earnings per share attributable to Landstar System, Inc. and subsidiary EarningsPerShareDiluted $0.43 USD 1 Quarter
Diluted earnings per share attributable to Landstar System, Inc. and subsidiary EarningsPerShareDiluted $0.34 USD 1 Quarter
Earnings per common share WeightedAverageNumberOfSharesOutstandingBasic 50.21M shares 1 Quarter
Earnings per common share WeightedAverageNumberOfSharesOutstandingBasic 47.87M shares 1 Quarter
Diluted earnings per share WeightedAverageNumberOfDilutedSharesOutstanding 47.90M shares 1 Quarter
Diluted earnings per share WeightedAverageNumberOfDilutedSharesOutstanding 50.32M shares 1 Quarter
Dividends paid per common share CommonStockDividendsPerShareCashPaid $0.04 USD 1 Quarter
Dividends paid per common share CommonStockDividendsPerShareCashPaid $0.05 USD 1 Quarter
Cash Flow Statement 64 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $16.96M USD 1 Quarter
Net income ProfitLoss $20.56M USD 1 Quarter
Depreciation and amortization of operating property and intangible assets DepreciationAndAmortization $5.79M USD 1 Quarter
Depreciation and amortization of operating property and intangible assets DepreciationAndAmortization $6.40M USD 1 Quarter
Non-cash interest charges AmortizationOfDeferredCharges $55.00K USD 1 Quarter
Non-cash interest charges AmortizationOfDeferredCharges $55.00K USD 1 Quarter
Provisions for losses on trade and other accounts receivable ProvisionForDoubtfulAccounts $1.03M USD 1 Quarter
Provisions for losses on trade and other accounts receivable ProvisionForDoubtfulAccounts $1.23M USD 1 Quarter
Losses on sales/disposals of operating property, net GainLossOnSaleOfPropertyPlantEquipment $-20.00K USD 1 Quarter
Losses on sales/disposals of operating property, net GainLossOnSaleOfPropertyPlantEquipment $-63.00K USD 1 Quarter
Deferred income taxes, net DeferredIncomeTaxExpenseBenefit $-1.07M USD 1 Quarter
Deferred income taxes, net DeferredIncomeTaxExpenseBenefit $-805.00K USD 1 Quarter
Stock-based compensation ShareBasedCompensation $1.19M USD 1 Quarter
Stock-based compensation ShareBasedCompensation $1.21M USD 1 Quarter
Increase in trade and other accounts receivable IncreaseDecreaseInReceivables $22.88M USD 1 Quarter
Increase in trade and other accounts receivable IncreaseDecreaseInReceivables $45.36M USD 1 Quarter
Decrease in other assets IncreaseDecreaseInOtherOperatingAssets $-5.98M USD 1 Quarter
Decrease in other assets IncreaseDecreaseInOtherOperatingAssets $-5.87M USD 1 Quarter
Increase in accounts payable IncreaseDecreaseInAccountsPayable $23.41M USD 1 Quarter
Increase in accounts payable IncreaseDecreaseInAccountsPayable $12.47M USD 1 Quarter
Increase in other liabilities IncreaseDecreaseInOtherOperatingLiabilities $7.49M USD 1 Quarter
Increase in other liabilities IncreaseDecreaseInOtherOperatingLiabilities $1.28M USD 1 Quarter
Increase (decrease) in insurance claims IncreaseDecreaseInInsuranceLiabilities $2.97M USD 1 Quarter
Increase (decrease) in insurance claims IncreaseDecreaseInInsuranceLiabilities $-3.18M USD 1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES NetCashProvidedByUsedInOperatingActivities $16.60M USD 1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES NetCashProvidedByUsedInOperatingActivities $24.11M USD 1 Quarter
Net change in other short-term investments PaymentsForProceedsFromShortTermInvestments $1.24M USD 1 Quarter
Sales and maturities of investments ProceedsFromSaleAndMaturityOfMarketableSecurities $23.87M USD 1 Quarter
Sales and maturities of investments ProceedsFromSaleAndMaturityOfMarketableSecurities $6.08M USD 1 Quarter
Purchases of investments PaymentsToAcquireMarketableSecurities $20.65M USD 1 Quarter
Purchases of investments PaymentsToAcquireMarketableSecurities $6.28M USD 1 Quarter
Purchases of operating property PaymentsToAcquirePropertyPlantAndEquipment $1.81M USD 1 Quarter
Purchases of operating property PaymentsToAcquirePropertyPlantAndEquipment $22.24M USD 1 Quarter
Proceeds from sales of operating property ProceedsFromSaleOfPropertyPlantAndEquipment $300.00K USD 1 Quarter
Proceeds from sales of operating property ProceedsFromSaleOfPropertyPlantAndEquipment $55.00K USD 1 Quarter
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES NetCashProvidedByUsedInInvestingActivities $-23.61M USD 1 Quarter
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES NetCashProvidedByUsedInInvestingActivities $1.71M USD 1 Quarter
Decrease in cash overdraft ProceedsFromRepaymentsOfBankOverdrafts $-1.47M USD 1 Quarter
Decrease in cash overdraft ProceedsFromRepaymentsOfBankOverdrafts $-5.63M USD 1 Quarter
Dividends paid PaymentsOfDividends $2.26M USD 1 Quarter
Dividends paid PaymentsOfDividends $2.39M USD 1 Quarter
Proceeds from exercises of stock options ProceedsFromStockOptionsExercised $159.00K USD 1 Quarter
Proceeds from exercises of stock options ProceedsFromStockOptionsExercised $70.00K USD 1 Quarter
Excess (shortfall) tax effect on stock option exercises ExcessTaxBenefitFromShareBasedCompensationFinancingActivities $9.00K USD 1 Quarter
Excess (shortfall) tax effect on stock option exercises ExcessTaxBenefitFromShareBasedCompensationFinancingActivities $-181.00K USD 1 Quarter
Borrowings on revolving credit facility ProceedsFromLongTermLinesOfCredit $15.00M USD 1 Quarter
Purchases of common stock PaymentsForRepurchaseOfCommonStock $4.51M USD 1 Quarter
Principal payments on capital lease obligations RepaymentsOfLongTermDebtAndCapitalSecurities $6.02M USD 1 Quarter
Principal payments on capital lease obligations RepaymentsOfLongTermDebtAndCapitalSecurities $6.59M USD 1 Quarter
Purchase of noncontrolling interest PaymentsToMinorityShareholders $8.00M USD 1 Quarter
NET CASH USED BY FINANCING ACTIVITIES NetCashProvidedByUsedInFinancingActivities $-18.00M USD 1 Quarter
NET CASH USED BY FINANCING ACTIVITIES NetCashProvidedByUsedInFinancingActivities $-3.82M USD 1 Quarter
Effect of exchange rate changes on cash and cash equivalents EffectOfExchangeRateOnCashAndCashEquivalents $206.00K USD 1 Quarter
Effect of exchange rate changes on cash and cash equivalents EffectOfExchangeRateOnCashAndCashEquivalents $100.00K USD 1 Quarter
Increase (decrease) in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $-3.23M USD 1 Quarter
Increase (decrease) in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $524.00K USD 1 Quarter
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $45.23M USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $44.71M USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $82.49M USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $85.72M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $45.23M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $44.71M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $82.49M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $85.72M USD Point-in-time
Stockholders Equity 14 line items
Line Item Tag Value Unit Period
Dividends per share CommonStockDividendsPerShareCashPaid $0.04 USD 1 Quarter
Dividends per share CommonStockDividendsPerShareCashPaid $0.05 USD 1 Quarter
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $250.97M USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $262.44M USD Point-in-time
Net income (loss) ProfitLoss $16.96M USD 1 Quarter
Net income (loss) ProfitLoss $20.56M USD 1 Quarter
Dividends paid ($ 0.05 per share) DividendsCommonStockCash $2.39M USD 1 Quarter
Purchase of noncontrolling interest PaymentsToAcquireAdditionalInterestInSubsidiaries $8.00M USD 1 Quarter
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $1.21M USD 1 Quarter
Exercises of stock options and issuance of non-vested stock, including shortfall tax effect ExercisesOfStockOptionsAndIssuanceOfNonVestedStockIncludingExcessTaxBenefit $-111.00K USD 1 Quarter
Foreign currency translation OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease $206.00K USD 1 Quarter
Unrealized gain on available-for-sale investments, net of income taxes OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $7.00K USD 1 Quarter
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $250.97M USD Point-in-time
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $262.44M USD Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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