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10-Q Filing

LANDSTAR SYSTEM INC CIK: 853816 Q1 2012
Filing Information
Form Type 10-Q
Accession Number 0001193125-12-223983
Period End Date 20120331
Filing Date 20120510
Fiscal Year 2012
Fiscal Period Q1
XBRL Instance lstr-20120331.xml
Balance Sheet 69 line items
Line Item Tag Value Unit Period
Allowance on trade accounts receivable AllowanceForDoubtfulAccountsReceivableCurrent $6.90M USD Point-in-time
Allowance on trade accounts receivable AllowanceForDoubtfulAccountsReceivableCurrent $6.59M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $45.23M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $44.71M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $80.90M USD Point-in-time
Allowance on other receivables AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables $5.37M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $53.61M USD Point-in-time
Allowance on other receivables AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables $5.38M USD Point-in-time
Short-term investments ShortTermInvestments $27.94M USD Point-in-time
Accumulated depreciation and amortization on operating property AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $149.47M USD Point-in-time
Short-term investments ShortTermInvestments $31.58M USD Point-in-time
Accumulated depreciation and amortization on operating property AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $145.80M USD Point-in-time
Trade accounts receivable, less allowance of $6,896 and $6,591 ReceivablesNetCurrent $368.38M USD Point-in-time
Trade accounts receivable, less allowance of $6,896 and $6,591 ReceivablesNetCurrent $377.99M USD Point-in-time
Common stock, par value CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Other receivables, including advances to independent contractors, less allowance of $5,365 and $5,384 OtherReceivables $53.26M USD Point-in-time
Other receivables, including advances to independent contractors, less allowance of $5,365 and $5,384 OtherReceivables $60.24M 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
Deferred income taxes and other current assets OtherAssetsCurrent $21.31M USD Point-in-time
Deferred income taxes and other current assets OtherAssetsCurrent $13.60M USD Point-in-time
Common stock, authorized shares CommonStockSharesAuthorized 160.00M shares Point-in-time
Total current assets AssetsCurrent $551.79M USD Point-in-time
Total current assets AssetsCurrent $537.02M USD Point-in-time
Common stock, issued shares CommonStockSharesIssued 66.60M shares Point-in-time
Common stock, issued shares CommonStockSharesIssued 66.83M shares Point-in-time
Treasury stock, shares TreasuryStockShares 19.88M shares Point-in-time
Treasury stock, shares TreasuryStockShares 19.88M shares Point-in-time
Operating property, less accumulated depreciation and amortization of $149,465 and $145,804 PropertyPlantAndEquipmentNet $142.15M USD Point-in-time
Operating property, less accumulated depreciation and amortization of $149,465 and $145,804 PropertyPlantAndEquipmentNet $144.73M USD Point-in-time
Goodwill Goodwill $57.47M USD Point-in-time
Goodwill Goodwill $57.47M USD Point-in-time
Goodwill Goodwill $57.47M USD Point-in-time
Other assets OtherAssetsNoncurrent $72.50M USD Point-in-time
Other assets OtherAssetsNoncurrent $57.04M USD Point-in-time
Total assets Assets $811.73M USD Point-in-time
Total assets Assets $808.45M USD Point-in-time
Cash overdraft BankOverdrafts $25.91M USD Point-in-time
Cash overdraft BankOverdrafts $22.75M USD Point-in-time
Accounts payable AccountsPayableCurrent $163.31M USD Point-in-time
Accounts payable AccountsPayableCurrent $165.85M USD Point-in-time
Current maturities of long-term debt LongTermDebtAndCapitalLeaseObligationsCurrent $17.21M USD Point-in-time
Current maturities of long-term debt LongTermDebtAndCapitalLeaseObligationsCurrent $15.71M USD Point-in-time
Insurance claims SelfInsuranceReserveCurrent $76.62M USD Point-in-time
Insurance claims SelfInsuranceReserveCurrent $72.53M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $43.50M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $48.06M USD Point-in-time
Total current liabilities LiabilitiesCurrent $331.11M USD Point-in-time
Total current liabilities LiabilitiesCurrent $320.34M USD Point-in-time
Long-term debt, excluding current maturities LongTermDebtAndCapitalLeaseObligations $99.52M USD Point-in-time
Long-term debt, excluding current maturities LongTermDebtAndCapitalLeaseObligations $115.13M USD Point-in-time
Insurance claims SelfInsuranceReserveNoncurrent $25.05M USD Point-in-time
Insurance claims SelfInsuranceReserveNoncurrent $27.49M USD Point-in-time
Deferred income taxes and other noncurrent liabilities OtherLiabilitiesNoncurrent $38.47M USD Point-in-time
Deferred income taxes and other noncurrent liabilities OtherLiabilitiesNoncurrent $34.13M USD Point-in-time
Common stock, $0.01 par value, authorized 160,000,000 shares, issued 66,833,233 and 66,602,486 shares CommonStockValue $668.00K USD Point-in-time
Common stock, $0.01 par value, authorized 160,000,000 shares, issued 66,833,233 and 66,602,486 shares CommonStockValue $666.00K USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $165.71M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $168.83M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $971.43M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $947.16M USD Point-in-time
Cost of 19,882,431 and 19,882,289 shares of common stock in treasury TreasuryStockValue $813.68M USD Point-in-time
Cost of 19,882,431 and 19,882,289 shares of common stock in treasury TreasuryStockValue $813.69M USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax $1.11M USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax $727.00K USD Point-in-time
Total shareholders' equity StockholdersEquity $328.35M USD Point-in-time
Total shareholders' equity StockholdersEquity $300.58M USD Point-in-time
Total liabilities and shareholders' equity LiabilitiesAndStockholdersEquity $808.45M USD Point-in-time
Total liabilities and shareholders' equity LiabilitiesAndStockholdersEquity $811.73M USD Point-in-time
Income Statement 41 line items
Line Item Tag Value Unit Period
Revenue Revenues $571.99M USD 1 Quarter
Revenue Revenues $649.02M USD 1 Quarter
Investment income InterestIncomeOperating $528.00K USD 1 Quarter
Investment income InterestIncomeOperating $387.00K USD 1 Quarter
Purchased transportation PurchasedTransportationCosts $492.92M USD 1 Quarter
Purchased transportation PurchasedTransportationCosts $431.38M USD 1 Quarter
Commissions to agents SalesCommissionsAndFees $50.23M USD 1 Quarter
Commissions to agents SalesCommissionsAndFees $44.17M USD 1 Quarter
Other operating costs OtherCostAndExpenseOperating $7.94M USD 1 Quarter
Other operating costs OtherCostAndExpenseOperating $6.47M USD 1 Quarter
Insurance and claims OperatingInsuranceAndClaimsCostsProduction $11.10M USD 1 Quarter
Insurance and claims OperatingInsuranceAndClaimsCostsProduction $11.27M USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $37.26M USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $38.80M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $6.40M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $6.74M USD 1 Quarter
Total costs and expenses CostsAndExpenses $606.26M USD 1 Quarter
Total costs and expenses CostsAndExpenses $538.42M USD 1 Quarter
Operating income OperatingIncomeLoss $34.09M USD 1 Quarter
Operating income OperatingIncomeLoss $43.15M USD 1 Quarter
Interest and debt expense InterestAndDebtExpense $724.00K USD 1 Quarter
Interest and debt expense InterestAndDebtExpense $828.00K USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $33.26M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $42.43M USD 1 Quarter
Income taxes IncomeTaxExpenseBenefit $12.71M USD 1 Quarter
Income taxes IncomeTaxExpenseBenefit $15.58M USD 1 Quarter
Net income ProfitLoss $20.56M USD 1 Quarter
Net income ProfitLoss $26.85M 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 $26.85M USD 1 Quarter
Earnings per common share attributable to Landstar System, Inc. and subsidiary EarningsPerShareBasic $0.57 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 $0.57 USD 1 Quarter
Diluted earnings per share attributable to Landstar System, Inc. and subsidiary EarningsPerShareDiluted $0.43 USD 1 Quarter
Earnings per common share WeightedAverageNumberOfSharesOutstandingBasic 47.87M shares 1 Quarter
Earnings per common share WeightedAverageNumberOfSharesOutstandingBasic 46.80M shares 1 Quarter
Diluted earnings per share WeightedAverageNumberOfDilutedSharesOutstanding 47.90M shares 1 Quarter
Diluted earnings per share WeightedAverageNumberOfDilutedSharesOutstanding 47.06M shares 1 Quarter
Dividends paid per common share CommonStockDividendsPerShareCashPaid $0.06 USD 1 Quarter
Dividends paid per common share CommonStockDividendsPerShareCashPaid $0.05 USD 1 Quarter
Cash Flow Statement 61 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $20.56M USD 1 Quarter
Net income ProfitLoss $26.85M USD 1 Quarter
Depreciation and amortization of operating property and intangible assets DepreciationAndAmortization $6.40M USD 1 Quarter
Depreciation and amortization of operating property and intangible assets DepreciationAndAmortization $6.74M USD 1 Quarter
Non-cash interest charges AmortizationOfDeferredCharges $55.00K USD 1 Quarter
Non-cash interest charges AmortizationOfDeferredCharges $54.00K USD 1 Quarter
Provisions for losses on trade and other accounts receivable ProvisionForDoubtfulAccounts $1.23M USD 1 Quarter
Provisions for losses on trade and other accounts receivable ProvisionForDoubtfulAccounts $923.00K USD 1 Quarter
Losses (gains) on sales/disposals of operating property, net GainLossOnSaleOfPropertyPlantEquipment $-63.00K USD 1 Quarter
Losses (gains) on sales/disposals of operating property, net GainLossOnSaleOfPropertyPlantEquipment $213.00K USD 1 Quarter
Deferred income taxes, net IncreaseDecreaseInDeferredIncomeTaxes $-5.13M USD 1 Quarter
Deferred income taxes, net IncreaseDecreaseInDeferredIncomeTaxes $1.07M USD 1 Quarter
Stock-based compensation ShareBasedCompensation $1.21M USD 1 Quarter
Stock-based compensation ShareBasedCompensation $1.52M USD 1 Quarter
Increase in trade and other accounts receivable IncreaseDecreaseInReceivables $17.51M USD 1 Quarter
Increase in trade and other accounts receivable IncreaseDecreaseInReceivables $45.36M USD 1 Quarter
Decrease in other assets IncreaseDecreaseInOtherOperatingAssets $-3.46M 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 $2.54M USD 1 Quarter
Increase (decrease) in other liabilities IncreaseDecreaseInOtherOperatingLiabilities $-3.05M USD 1 Quarter
Increase (decrease) in other liabilities IncreaseDecreaseInOtherOperatingLiabilities $1.28M USD 1 Quarter
Increase (decrease) in insurance claims IncreaseDecreaseInInsuranceLiabilities $-6.54M USD 1 Quarter
Increase (decrease) in insurance claims IncreaseDecreaseInInsuranceLiabilities $2.97M USD 1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES NetCashProvidedByUsedInOperatingActivities $16.60M USD 1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES NetCashProvidedByUsedInOperatingActivities $19.91M USD 1 Quarter
Sales and maturities of investments ProceedsFromSaleAndMaturityOfMarketableSecurities $8.91M USD 1 Quarter
Sales and maturities of investments ProceedsFromSaleAndMaturityOfMarketableSecurities $23.87M USD 1 Quarter
Purchases of investments PaymentsToAcquireMarketableSecurities $20.65M USD 1 Quarter
Purchases of investments PaymentsToAcquireMarketableSecurities $26.21M USD 1 Quarter
Purchases of operating property PaymentsToAcquirePropertyPlantAndEquipment $1.03M USD 1 Quarter
Purchases of operating property PaymentsToAcquirePropertyPlantAndEquipment $1.81M USD 1 Quarter
Proceeds from sales of operating property ProceedsFromSaleOfPropertyPlantAndEquipment $1.07M USD 1 Quarter
Proceeds from sales of operating property ProceedsFromSaleOfPropertyPlantAndEquipment $300.00K USD 1 Quarter
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES NetCashProvidedByUsedInInvestingActivities $-17.25M 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 $-3.15M USD 1 Quarter
Dividends paid PaymentsOfDividends $2.57M USD 1 Quarter
Dividends paid PaymentsOfDividends $2.39M USD 1 Quarter
Proceeds from exercises of stock options ProceedsFromStockOptionsExercised $723.00K USD 1 Quarter
Proceeds from exercises of stock options ProceedsFromStockOptionsExercised $70.00K USD 1 Quarter
Excess (shortfall) tax effect on stock option exercises ExcessTaxBenefitFromShareBasedCompensationFinancingActivities $864.00K USD 1 Quarter
Excess (shortfall) tax effect on stock option exercises ExcessTaxBenefitFromShareBasedCompensationFinancingActivities $-181.00K USD 1 Quarter
Principal payments on long-term debt and capital lease obligations RepaymentsOfLongTermDebtAndCapitalSecurities $6.02M USD 1 Quarter
Principal payments on long-term debt and capital lease obligations RepaymentsOfLongTermDebtAndCapitalSecurities $26.01M 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 $-30.15M USD 1 Quarter
Effect of exchange rate changes on cash and cash equivalents EffectOfExchangeRateOnCashAndCashEquivalents $204.00K USD 1 Quarter
Effect of exchange rate changes on cash and cash equivalents EffectOfExchangeRateOnCashAndCashEquivalents $206.00K USD 1 Quarter
Increase (decrease) in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $-27.29M 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 $80.90M USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $53.61M 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 $80.90M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $53.61M USD Point-in-time
Stockholders Equity 15 line items
Line Item Tag Value Unit Period
Dividends paid, per share CommonStockDividendsPerShareCashPaid $0.06 USD 1 Quarter
Dividends paid, per share CommonStockDividendsPerShareCashPaid $0.05 USD 1 Quarter
Beginning Balance StockholdersEquity $328.35M USD Point-in-time
Beginning Balance StockholdersEquity $300.58M USD Point-in-time
Net income ProfitLoss $20.56M USD 1 Quarter
Net income ProfitLoss $26.85M USD 1 Quarter
Dividends paid ($0.055 per share) DividendsCommonStockCash $2.57M USD 1 Quarter
Exercises of stock options and vesting of non-vested stock, including excess tax effect ExercisesOfStockOptionsAndIssuanceOfNonVestedStockIncludingExcessTaxBenefit $1.59M USD 1 Quarter
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $1.52M USD 1 Quarter
Foreign currency translation OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease $204.00K 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
Unrealized gain on available-for-sale investments, net of income taxes OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $182.00K USD 1 Quarter
Ending Balance StockholdersEquity $328.35M USD Point-in-time
Ending Balance StockholdersEquity $300.58M USD Point-in-time
Comprehensive Income 12 line items
Line Item Tag Value Unit Period
Other Comprehensive Income (Loss), Available-for-sale Securities, Tax OtherComprehensiveIncomeAvailableForSaleSecuritiesTax $100.00K 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 $26.85M USD 1 Quarter
Other Comprehensive Income (Loss), Available-for-sale Securities, Tax OtherComprehensiveIncomeAvailableForSaleSecuritiesTax $4.00K USD 1 Quarter
Unrealized holding gains on available-for-sale investments, net of tax expense of $100 and $4 OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $7.00K USD 1 Quarter
Unrealized holding gains on available-for-sale investments, net of tax expense of $100 and $4 OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $182.00K USD 1 Quarter
Foreign currency translation gains OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease $204.00K USD 1 Quarter
Foreign currency translation gains OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease $206.00K USD 1 Quarter
Other comprehensive income OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease $213.00K USD 1 Quarter
Other comprehensive income OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease $386.00K USD 1 Quarter
Comprehensive income attributable to Landstar System, Inc. and subsidiary ComprehensiveIncomeNetOfTax $27.23M USD 1 Quarter
Comprehensive income attributable to Landstar System, Inc. and subsidiary ComprehensiveIncomeNetOfTax $20.83M USD 1 Quarter

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

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