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10-Q Filing

LANDSTAR SYSTEM INC CIK: 853816 Q1 2018
Filing Information
Form Type 10-Q
Accession Number 0001193125-18-152064
Period End Date 20180331
Filing Date 20180504
Fiscal Year 2018
Fiscal Period Q1
XBRL Instance lstr-20180331.xml
Balance Sheet 76 line items
Line Item Tag Value Unit Period
Allowance on trade accounts receivable AllowanceForDoubtfulAccountsReceivableCurrent $6.13M USD Point-in-time
Allowance on trade accounts receivable AllowanceForDoubtfulAccountsReceivableCurrent $6.50M USD Point-in-time
Allowance on other receivables AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables $6.01M USD Point-in-time
Allowance on other receivables AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables $6.80M USD Point-in-time
Accumulated depreciation and amortization on operating property AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $218.70M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $215.47M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $242.42M USD Point-in-time
Accumulated depreciation and amortization on operating property AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $224.04M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $178.90M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $220.60M USD Point-in-time
Common stock, par value CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Short-term investments ShortTermInvestments $39.01M USD Point-in-time
Common stock, par value CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Short-term investments ShortTermInvestments $48.93M USD Point-in-time
Trade accounts receivable, less allowance of $6,496 and $6,131 ReceivablesNetCurrent $631.83M USD Point-in-time
Common stock, authorized shares CommonStockSharesAuthorized 160.00M shares Point-in-time
Trade accounts receivable, less allowance of $6,496 and $6,131 ReceivablesNetCurrent $641.04M USD Point-in-time
Common stock, authorized shares CommonStockSharesAuthorized 160.00M shares Point-in-time
Common stock, issued shares CommonStockSharesIssued 67.84M shares Point-in-time
Common stock, issued shares CommonStockSharesIssued 67.74M shares Point-in-time
Other receivables, including advances to independent contractors, less allowance of $6,796 and $6,012 OtherReceivables $27.88M USD Point-in-time
Other receivables, including advances to independent contractors, less allowance of $6,796 and $6,012 OtherReceivables $24.30M USD Point-in-time
Treasury stock, shares TreasuryStockShares 25.77M shares Point-in-time
Other current assets OtherAssetsCurrent $13.93M USD Point-in-time
Treasury stock, shares TreasuryStockShares 25.75M shares Point-in-time
Other current assets OtherAssetsCurrent $9.37M USD Point-in-time
Total current assets AssetsCurrent $928.70M USD Point-in-time
Total current assets AssetsCurrent $961.20M USD Point-in-time
Operating property, less accumulated depreciation and amortization of $224,042 and $218,700 PropertyPlantAndEquipmentNet $276.01M USD Point-in-time
Operating property, less accumulated depreciation and amortization of $224,042 and $218,700 PropertyPlantAndEquipmentNet $265.54M USD Point-in-time
Goodwill Goodwill $31.13M USD Point-in-time
Goodwill Goodwill $39.36M USD Point-in-time
Goodwill Goodwill $39.06M USD Point-in-time
Other assets OtherAssetsNoncurrent $76.18M USD Point-in-time
Other assets OtherAssetsNoncurrent $86.67M USD Point-in-time
Total assets Assets $1.35B USD Point-in-time
Total assets Assets $1.32B USD Point-in-time
Cash overdraft BankOverdrafts $36.32M USD Point-in-time
Cash overdraft BankOverdrafts $42.24M USD Point-in-time
Accounts payable AccountsPayableCurrent $282.48M USD Point-in-time
Accounts payable AccountsPayableCurrent $293.77M USD Point-in-time
Current maturities of long-term debt CapitalLeaseObligationsCurrent $42.05M USD Point-in-time
Current maturities of long-term debt CapitalLeaseObligationsCurrent $39.93M USD Point-in-time
Insurance claims SelfInsuranceReserveCurrent $39.55M USD Point-in-time
Insurance claims SelfInsuranceReserveCurrent $38.92M USD Point-in-time
Dividends payable DividendsPayableCurrent $62.98M USD Point-in-time
Accrued compensation EmployeeRelatedLiabilitiesCurrent $30.10M USD Point-in-time
Accrued compensation EmployeeRelatedLiabilitiesCurrent $12.46M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $62.21M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $47.21M USD Point-in-time
Total current liabilities LiabilitiesCurrent $548.64M USD Point-in-time
Total current liabilities LiabilitiesCurrent $472.94M USD Point-in-time
Long-term debt, excluding current maturities CapitalLeaseObligationsNoncurrent $73.35M USD Point-in-time
Long-term debt, excluding current maturities CapitalLeaseObligationsNoncurrent $83.06M USD Point-in-time
Insurance claims SelfInsuranceReserveNoncurrent $30.14M USD Point-in-time
Insurance claims SelfInsuranceReserveNoncurrent $30.25M USD Point-in-time
Deferred income taxes and other noncurrent liabilities DeferredIncomeTaxesAndOtherLiabilitiesNoncurrent $36.74M USD Point-in-time
Deferred income taxes and other noncurrent liabilities DeferredIncomeTaxesAndOtherLiabilitiesNoncurrent $37.45M USD Point-in-time
Landstar System, Inc. and subsidiary shareholders' equity Common stock, $0.01 par value, authorized 160,000,000 shares, issued 67,836,164 and 67,740,380 shares CommonStockValue $678.00K USD Point-in-time
Landstar System, Inc. and subsidiary shareholders' equity Common stock, $0.01 par value, authorized 160,000,000 shares, issued 67,836,164 and 67,740,380 shares CommonStockValue $677.00K USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $211.93M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $209.60M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $1.61B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $1.66B USD Point-in-time
Cost of 25,768,669 and 25,749,493 shares of common stock in treasury TreasuryStockValue $1.17B USD Point-in-time
Cost of 25,768,669 and 25,749,493 shares of common stock in treasury TreasuryStockValue $1.17B USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-3.55M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-3.16M USD Point-in-time
Total Landstar System, Inc. and subsidiary shareholders' equity StockholdersEquity $702.74M USD Point-in-time
Total Landstar System, Inc. and subsidiary shareholders' equity StockholdersEquity $650.67M USD Point-in-time
Noncontrolling interest MinorityInterest $3.21M USD Point-in-time
Noncontrolling interest MinorityInterest $3.54M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $706.28M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $653.88M USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $1.35B USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $1.32B USD Point-in-time
Income Statement 41 line items
Line Item Tag Value Unit Period
Revenue Revenues $780.91M USD 1 Quarter
Revenue Revenues $1.05B USD 1 Quarter
Investment income InterestIncomeOperating $861.00K USD 1 Quarter
Investment income InterestIncomeOperating $414.00K USD 1 Quarter
Purchased transportation PurchasedTransportationCosts $595.52M USD 1 Quarter
Purchased transportation PurchasedTransportationCosts $810.30M USD 1 Quarter
Commissions to agents SalesCommissionsAndFees $82.12M USD 1 Quarter
Commissions to agents SalesCommissionsAndFees $63.80M USD 1 Quarter
Other operating costs, net of gains on asset sales/dispositions OtherCostAndExpenseOperating $6.90M USD 1 Quarter
Other operating costs, net of gains on asset sales/dispositions OtherCostAndExpenseOperating $7.60M USD 1 Quarter
Insurance and claims OperatingInsuranceAndClaimsCostsProduction $14.51M USD 1 Quarter
Insurance and claims OperatingInsuranceAndClaimsCostsProduction $17.36M USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $38.32M USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $45.25M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $11.00M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $9.93M USD 1 Quarter
Total costs and expenses CostsAndExpenses $973.63M USD 1 Quarter
Total costs and expenses CostsAndExpenses $728.99M USD 1 Quarter
Operating income OperatingIncomeLoss $52.33M USD 1 Quarter
Operating income OperatingIncomeLoss $75.15M USD 1 Quarter
Interest and debt expense InterestAndDebtExpense $1.08M USD 1 Quarter
Interest and debt expense InterestAndDebtExpense $800.00K USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $51.25M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $74.35M USD 1 Quarter
Income taxes IncomeTaxExpenseBenefit $16.88M USD 1 Quarter
Income taxes IncomeTaxExpenseBenefit $18.87M USD 1 Quarter
Net income ProfitLoss $32.38M USD 1 Quarter
Net income ProfitLoss $57.47M USD 1 Quarter
Less: Net loss attributable to noncontrolling interest NetIncomeLossAttributableToNoncontrollingInterest $-44.00K USD 1 Quarter
Net income attributable to Landstar System, Inc. and subsidiary NetIncomeLoss $57.52M USD 1 Quarter
Net income attributable to Landstar System, Inc. and subsidiary NetIncomeLoss $32.38M USD 1 Quarter
Earnings per common share attributable to Landstar System, Inc. and subsidiary EarningsPerShareBasic $1.37 USD 1 Quarter
Earnings per common share attributable to Landstar System, Inc. and subsidiary EarningsPerShareBasic $0.77 USD 1 Quarter
Diluted earnings per share attributable to Landstar System, Inc. and subsidiary EarningsPerShareDiluted $1.37 USD 1 Quarter
Diluted earnings per share attributable to Landstar System, Inc. and subsidiary EarningsPerShareDiluted $0.77 USD 1 Quarter
Earnings per common share WeightedAverageNumberOfSharesOutstandingBasic 42.04M shares 1 Quarter
Earnings per common share WeightedAverageNumberOfSharesOutstandingBasic 41.88M shares 1 Quarter
Diluted earnings per share WeightedAverageNumberOfDilutedSharesOutstanding 42.10M shares 1 Quarter
Diluted earnings per share WeightedAverageNumberOfDilutedSharesOutstanding 42.00M shares 1 Quarter
Dividends per common share CommonStockDividendsPerShareDeclared $0.09 USD 1 Quarter
Dividends per common share CommonStockDividendsPerShareDeclared $0.15 USD 1 Quarter
Cash Flow Statement 62 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $32.38M USD 1 Quarter
Net income ProfitLoss $57.47M USD 1 Quarter
Depreciation and amortization of operating property and intangible assets DepreciationAndAmortization $11.00M USD 1 Quarter
Depreciation and amortization of operating property and intangible assets DepreciationAndAmortization $9.93M USD 1 Quarter
Non-cash interest charges AmortizationOfDeferredCharges $64.00K USD 1 Quarter
Non-cash interest charges AmortizationOfDeferredCharges $63.00K USD 1 Quarter
Provisions for losses on trade and other accounts receivable ProvisionForDoubtfulAccounts $2.73M USD 1 Quarter
Provisions for losses on trade and other accounts receivable ProvisionForDoubtfulAccounts $1.86M USD 1 Quarter
Gains on sales/disposals of operating property GainLossOnSaleOfPropertyPlantEquipment $463.00K USD 1 Quarter
Gains on sales/disposals of operating property GainLossOnSaleOfPropertyPlantEquipment $852.00K USD 1 Quarter
Deferred income taxes, net IncreaseDecreaseInDeferredIncomeTaxes $709.00K USD 1 Quarter
Deferred income taxes, net IncreaseDecreaseInDeferredIncomeTaxes $757.00K USD 1 Quarter
Stock-based compensation ShareBasedCompensation $3.71M USD 1 Quarter
Stock-based compensation ShareBasedCompensation $994.00K USD 1 Quarter
Decrease in trade and other accounts receivable IncreaseDecreaseInReceivables $-16.43M USD 1 Quarter
Decrease in trade and other accounts receivable IncreaseDecreaseInReceivables $-2.90M USD 1 Quarter
Decrease (increase) in other assets IncreaseDecreaseInOtherOperatingAssets $-4.31M USD 1 Quarter
Decrease (increase) in other assets IncreaseDecreaseInOtherOperatingAssets $174.00K USD 1 Quarter
Decrease in accounts payable IncreaseDecreaseInAccountsPayable $-15.42M USD 1 Quarter
Decrease in accounts payable IncreaseDecreaseInAccountsPayable $-9.13M USD 1 Quarter
(Decrease) increase in other liabilities IncreaseDecreaseInOtherOperatingLiabilities $-191.00K USD 1 Quarter
(Decrease) increase in other liabilities IncreaseDecreaseInOtherOperatingLiabilities $13.36M USD 1 Quarter
Increase in insurance claims IncreaseDecreaseInInsuranceLiabilities $739.00K USD 1 Quarter
Increase in insurance claims IncreaseDecreaseInInsuranceLiabilities $3.70M USD 1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES NetCashProvidedByUsedInOperatingActivitiesContinuingOperations $61.95M USD 1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES NetCashProvidedByUsedInOperatingActivitiesContinuingOperations $72.00M USD 1 Quarter
Sales and maturities of investments ProceedsFromSaleAndMaturityOfMarketableSecurities $23.16M USD 1 Quarter
Sales and maturities of investments ProceedsFromSaleAndMaturityOfMarketableSecurities $12.70M USD 1 Quarter
Purchases of investments PaymentsToAcquireMarketableSecurities $13.40M USD 1 Quarter
Purchases of investments PaymentsToAcquireMarketableSecurities $23.68M USD 1 Quarter
Purchases of operating property PaymentsToAcquirePropertyPlantAndEquipment $3.81M USD 1 Quarter
Purchases of operating property PaymentsToAcquirePropertyPlantAndEquipment $4.98M USD 1 Quarter
Proceeds from sales of operating property ProceedsFromSaleOfPropertyPlantAndEquipment $2.29M USD 1 Quarter
Proceeds from sales of operating property ProceedsFromSaleOfPropertyPlantAndEquipment $1.67M USD 1 Quarter
NET CASH USED BY INVESTING ACTIVITIES NetCashProvidedByUsedInInvestingActivitiesContinuingOperations $-3.84M USD 1 Quarter
NET CASH USED BY INVESTING ACTIVITIES NetCashProvidedByUsedInInvestingActivitiesContinuingOperations $-2.23M USD 1 Quarter
Decrease in cash overdraft ProceedsFromRepaymentsOfBankOverdrafts $-6.88M USD 1 Quarter
Decrease in cash overdraft ProceedsFromRepaymentsOfBankOverdrafts $-5.92M USD 1 Quarter
Dividends paid PaymentsOfDividends $69.29M USD 1 Quarter
Dividends paid PaymentsOfDividends $3.77M USD 1 Quarter
Proceeds from exercises of stock options ProceedsFromStockOptionsExercised $1.72M USD 1 Quarter
Proceeds from exercises of stock options ProceedsFromStockOptionsExercised $979.00K USD 1 Quarter
Taxes paid in lieu of shares issued related to stock-based compensation plans PaymentsRelatedToTaxWithholdingForShareBasedCompensation $339.00K USD 1 Quarter
Taxes paid in lieu of shares issued related to stock-based compensation plans PaymentsRelatedToTaxWithholdingForShareBasedCompensation $2.70M USD 1 Quarter
Purchases of common stock PaymentsForRepurchaseOfCommonStock $1.51M USD 1 Quarter
Principal payments on capital lease obligations RepaymentsOfLongTermDebtAndCapitalSecurities $11.83M USD 1 Quarter
Principal payments on capital lease obligations RepaymentsOfLongTermDebtAndCapitalSecurities $12.41M USD 1 Quarter
Payment of contingent consideration PaymentForContingentConsiderationLiabilityFinancingActivities $985.00K USD 1 Quarter
NET CASH USED BY FINANCING ACTIVITIES NetCashProvidedByUsedInFinancingActivitiesContinuingOperations $-91.27M USD 1 Quarter
NET CASH USED BY FINANCING ACTIVITIES NetCashProvidedByUsedInFinancingActivitiesContinuingOperations $-21.68M USD 1 Quarter
Effect of exchange rate changes on cash and cash equivalents EffectOfExchangeRateOnCashAndCashEquivalents $-318.00K USD 1 Quarter
Effect of exchange rate changes on cash and cash equivalents EffectOfExchangeRateOnCashAndCashEquivalents $137.00K USD 1 Quarter
(Decrease) increase in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $36.57M USD 1 Quarter
(Decrease) increase in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $-21.81M USD 1 Quarter
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $215.47M USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $242.42M USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $178.90M USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $220.60M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $215.47M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $242.42M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $178.90M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $220.60M USD Point-in-time
Stockholders Equity 13 line items
Line Item Tag Value Unit Period
Dividends per common share CommonStockDividendsPerShareDeclared $0.09 USD 1 Quarter
Dividends per common share CommonStockDividendsPerShareDeclared $0.15 USD 1 Quarter
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $706.28M USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $653.88M USD Point-in-time
Net income (loss) ProfitLoss $32.38M USD 1 Quarter
Net income (loss) ProfitLoss $57.47M USD 1 Quarter
Dividends DividendsCommonStockCash $6.31M USD 1 Quarter
Purchases of common stock TreasuryStockValueAcquiredCostMethod $1.51M USD 1 Quarter
Issuance of stock related to stock-based compensation plans StockIssuedDuringPeriodValueShareBasedCompensation $-1.73M USD 1 Quarter
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $3.71M USD 1 Quarter
Other comprehensive (loss) income OtherComprehensiveIncomeLossNetOfTax $-12.00K USD 1 Quarter
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $706.28M USD Point-in-time
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $653.88M USD Point-in-time
Comprehensive Income 12 line items
Line Item Tag Value Unit Period
Unrealized holding (losses) gains on available-for-sale investments, tax (benefit) expense OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax $35.00K USD 1 Quarter
Unrealized holding (losses) gains on available-for-sale investments, tax (benefit) expense OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax $-191.00K USD 1 Quarter
Net income attributable to Landstar System, Inc. and subsidiary NetIncomeLoss $57.52M USD 1 Quarter
Net income attributable to Landstar System, Inc. and subsidiary NetIncomeLoss $32.38M USD 1 Quarter
Unrealized holding (losses) gains on available-for-sale investments, net of tax (benefit) expense of $(191) and $35 OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $64.00K USD 1 Quarter
Unrealized holding (losses) gains on available-for-sale investments, net of tax (benefit) expense of $(191) and $35 OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $-730.00K USD 1 Quarter
Foreign currency translation gains OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $341.00K USD 1 Quarter
Foreign currency translation gains OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $137.00K USD 1 Quarter
Other comprehensive (loss) income OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-389.00K USD 1 Quarter
Other comprehensive (loss) income OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $201.00K USD 1 Quarter
Comprehensive income attributable to Landstar System, Inc. and subsidiary ComprehensiveIncomeNetOfTax $32.58M USD 1 Quarter
Comprehensive income attributable to Landstar System, Inc. and subsidiary ComprehensiveIncomeNetOfTax $57.13M USD 1 Quarter

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

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