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10-Q Filing

LANDSTAR SYSTEM INC CIK: 853816 Q1 2021
Filing Information
Form Type 10-Q
Accession Number 0001193125-21-144263
Period End Date 20210331
Filing Date 20210430
Fiscal Year 2021
Fiscal Period Q1
XBRL Instance d160741d10q_htm.xml
Balance Sheet 70 line items
Line Item Tag Value Unit Period
Allowance on trade accounts receivable AllowanceForDoubtfulAccountsReceivableCurrent $8.67M USD Point-in-time
Allowance on trade accounts receivable AllowanceForDoubtfulAccountsReceivableCurrent $7.09M USD Point-in-time
Allowance on other receivables AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables $6.71M USD Point-in-time
Allowance on other receivables AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables $7.24M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $219.39M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $319.51M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $249.35M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $177.22M USD Point-in-time
Accumulated depreciation and amortization on operating property AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $309.46M USD Point-in-time
Accumulated depreciation and amortization on operating property AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $299.41M USD Point-in-time
Short-term investments ShortTermInvestments $41.38M 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
Short-term investments ShortTermInvestments $41.41M USD Point-in-time
Trade accounts receivable, less allowance of $7,095 and $8,670 ReceivablesNetCurrent $824.87M USD Point-in-time
Common stock, authorized shares CommonStockSharesAuthorized 160.00M shares Point-in-time
Common stock, authorized shares CommonStockSharesAuthorized 160.00M shares Point-in-time
Trade accounts receivable, less allowance of $7,095 and $8,670 ReceivablesNetCurrent $764.17M USD Point-in-time
Common stock, issued shares CommonStockSharesIssued 68.18M shares Point-in-time
Common stock, issued shares CommonStockSharesIssued 68.21M shares Point-in-time
Other receivables, including advances to independent contractors, less allowance of $6,711 and $7,239 OtherReceivables $40.07M USD Point-in-time
Other receivables, including advances to independent contractors, less allowance of $6,711 and $7,239 OtherReceivables $134.76M USD Point-in-time
Other current assets OtherAssetsCurrent $11.58M USD Point-in-time
Treasury stock, shares TreasuryStockShares 29.80M shares Point-in-time
Treasury stock, shares TreasuryStockShares 29.80M shares Point-in-time
Other current assets OtherAssetsCurrent $18.52M USD Point-in-time
Total current assets AssetsCurrent $1.14B USD Point-in-time
Total current assets AssetsCurrent $1.21B USD Point-in-time
Operating property, less accumulated depreciation and amortization of $309,464 and $299,407 PropertyPlantAndEquipmentNet $288.04M USD Point-in-time
Operating property, less accumulated depreciation and amortization of $309,464 and $299,407 PropertyPlantAndEquipmentNet $297.00M USD Point-in-time
Goodwill Goodwill $40.95M USD Point-in-time
Goodwill Goodwill $37.18M USD Point-in-time
Goodwill Goodwill $40.73M USD Point-in-time
Other assets OtherAssetsNoncurrent $108.37M USD Point-in-time
Other assets OtherAssetsNoncurrent $107.68M USD Point-in-time
Total assets Assets $1.57B USD Point-in-time
Total assets Assets $1.65B USD Point-in-time
Cash overdraft BankOverdrafts $74.75M USD Point-in-time
Cash overdraft BankOverdrafts $74.75M USD Point-in-time
Accounts payable AccountsPayableCurrent $380.50M USD Point-in-time
Accounts payable AccountsPayableCurrent $414.44M USD Point-in-time
Current maturities of long-term debt FinanceLeaseLiabilityCurrent $32.80M USD Point-in-time
Current maturities of long-term debt FinanceLeaseLiabilityCurrent $35.41M USD Point-in-time
Insurance claims SelfInsuranceReserveCurrent $39.23M USD Point-in-time
Insurance claims SelfInsuranceReserveCurrent $149.77M USD Point-in-time
Dividends payable DividendsPayableCurrent $76.77M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $101.44M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $88.92M USD Point-in-time
Total current liabilities LiabilitiesCurrent $806.14M USD Point-in-time
Total current liabilities LiabilitiesCurrent $662.66M USD Point-in-time
Long-term debt, excluding current maturities FinanceLeaseLiabilityNoncurrent $58.20M USD Point-in-time
Long-term debt, excluding current maturities FinanceLeaseLiabilityNoncurrent $65.36M USD Point-in-time
Insurance claims SelfInsuranceReserveNoncurrent $39.85M USD Point-in-time
Insurance claims SelfInsuranceReserveNoncurrent $38.87M USD Point-in-time
Deferred income taxes and other noncurrent liabilities DeferredIncomeTaxesAndOtherLiabilitiesNoncurrent $50.84M USD Point-in-time
Deferred income taxes and other noncurrent liabilities DeferredIncomeTaxesAndOtherLiabilitiesNoncurrent $51.60M USD Point-in-time
Common stock, $0.01 par value, authorized 160,000,000 shares, issued 68,212,296 and 68,183,702 shares CommonStockValue $682.00K USD Point-in-time
Common stock, $0.01 par value, authorized 160,000,000 shares, issued 68,212,296 and 68,183,702 shares CommonStockValue $682.00K USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $228.88M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $232.60M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $2.05B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $2.12B USD Point-in-time
Cost of 29,803,726 and 29,797,639 shares of common stock in treasury TreasuryStockValue $1.58B USD Point-in-time
Cost of 29,803,726 and 29,797,639 shares of common stock in treasury TreasuryStockValue $1.58B USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-2.00M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-2.95M USD Point-in-time
Total shareholders' equity StockholdersEquity $762.92M USD Point-in-time
Total shareholders' equity StockholdersEquity $691.84M USD Point-in-time
Total liabilities and shareholders' equity LiabilitiesAndStockholdersEquity $1.65B USD Point-in-time
Total liabilities and shareholders' equity LiabilitiesAndStockholdersEquity $1.57B USD Point-in-time
Income Statement 34 line items
Line Item Tag Value Unit Period
Revenue RevenueFromContractWithCustomerExcludingAssessedTax $927.57M USD 1 Quarter
Revenue RevenueFromContractWithCustomerExcludingAssessedTax $1.29B USD 1 Quarter
Investment income InterestIncomeOperating $684.00K USD 1 Quarter
Investment income InterestIncomeOperating $1.17M USD 1 Quarter
Purchased transportation PurchasedTransportationCosts $709.26M USD 1 Quarter
Purchased transportation PurchasedTransportationCosts $998.28M USD 1 Quarter
Commissions to agents SalesCommissionsAndFees $100.01M USD 1 Quarter
Commissions to agents SalesCommissionsAndFees $75.38M USD 1 Quarter
Other operating costs, net of gains on asset sales/dispositions OtherCostAndExpenseOperating $8.31M USD 1 Quarter
Other operating costs, net of gains on asset sales/dispositions OtherCostAndExpenseOperating $7.64M USD 1 Quarter
Insurance and claims OperatingInsuranceAndClaimsCostsProduction $21.50M USD 1 Quarter
Insurance and claims OperatingInsuranceAndClaimsCostsProduction $24.96M USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $45.33M USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $45.41M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $12.10M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $11.51M USD 1 Quarter
Total costs and expenses CostsAndExpenses $874.73M USD 1 Quarter
Total costs and expenses CostsAndExpenses $1.18B USD 1 Quarter
Operating income OperatingIncomeLoss $54.01M USD 1 Quarter
Operating income OperatingIncomeLoss $103.27M USD 1 Quarter
Interest and debt expense InterestAndDebtExpense $1.04M USD 1 Quarter
Interest and debt expense InterestAndDebtExpense $952.00K USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $102.23M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $53.05M USD 1 Quarter
Income taxes IncomeTaxExpenseBenefit $12.16M USD 1 Quarter
Income taxes IncomeTaxExpenseBenefit $24.99M USD 1 Quarter
Net income ProfitLoss $40.90M USD 1 Quarter
Net income ProfitLoss $77.24M USD 1 Quarter
Diluted earnings per share EarningsPerShareDiluted $1.04 USD 1 Quarter
Diluted earnings per share EarningsPerShareDiluted $2.01 USD 1 Quarter
Average diluted shares outstanding WeightedAverageNumberOfDilutedSharesOutstanding 39.25M shares 1 Quarter
Average diluted shares outstanding WeightedAverageNumberOfDilutedSharesOutstanding 38.40M shares 1 Quarter
Dividends per common share CommonStockDividendsPerShareDeclared $0.21 USD 1 Quarter
Dividends per common share CommonStockDividendsPerShareDeclared $0.18 USD 1 Quarter
Cash Flow Statement 62 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $40.90M USD 1 Quarter
Net income ProfitLoss $77.24M USD 1 Quarter
Depreciation and amortization of operating property and intangible assets DepreciationAndAmortization $12.10M USD 1 Quarter
Depreciation and amortization of operating property and intangible assets DepreciationAndAmortization $11.51M USD 1 Quarter
Non-cash interest charges AmortizationOfFinancingCosts $63.00K USD 1 Quarter
Non-cash interest charges AmortizationOfFinancingCosts $112.00K USD 1 Quarter
Provisions for losses on trade and other accounts receivable ProvisionForDoubtfulAccounts $4.12M USD 1 Quarter
Provisions for losses on trade and other accounts receivable ProvisionForDoubtfulAccounts $547.00K USD 1 Quarter
Gains on sales/disposals of operating property GainLossOnSaleOfPropertyPlantEquipment $24.00K USD 1 Quarter
Gains on sales/disposals of operating property GainLossOnSaleOfPropertyPlantEquipment $858.00K USD 1 Quarter
Deferred income taxes, net IncreaseDecreaseInDeferredIncomeTaxes $1.11M USD 1 Quarter
Deferred income taxes, net IncreaseDecreaseInDeferredIncomeTaxes $-797.00K USD 1 Quarter
Stock-based compensation ShareBasedCompensation $631.00K USD 1 Quarter
Stock-based compensation ShareBasedCompensation $4.03M USD 1 Quarter
Decrease in trade and other accounts receivable IncreaseDecreaseInReceivables $-33.44M USD 1 Quarter
Decrease in trade and other accounts receivable IncreaseDecreaseInReceivables $-21.37M USD 1 Quarter
Decrease in other assets IncreaseDecreaseInOtherOperatingAssets $-9.99M USD 1 Quarter
Decrease in other assets IncreaseDecreaseInOtherOperatingAssets $-6.17M USD 1 Quarter
Increase in accounts payable IncreaseDecreaseInAccountsPayable $33.94M USD 1 Quarter
Increase in accounts payable IncreaseDecreaseInAccountsPayable $179.00K USD 1 Quarter
Increase in other liabilities IncreaseDecreaseInOtherOperatingLiabilities $4.40M USD 1 Quarter
Increase in other liabilities IncreaseDecreaseInOtherOperatingLiabilities $13.01M USD 1 Quarter
(Decrease) increase in insurance claims IncreaseDecreaseInInsuranceLiabilities $6.12M USD 1 Quarter
(Decrease) increase in insurance claims IncreaseDecreaseInInsuranceLiabilities $-109.56M USD 1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES NetCashProvidedByUsedInOperatingActivities $69.89M USD 1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES NetCashProvidedByUsedInOperatingActivities $99.22M USD 1 Quarter
Net changes in other short-term investments IncreaseDecreaseInRestrictedCashAndInvestments $-131.00K USD 1 Quarter
Sales and maturities of investments ProceedsFromSaleAndMaturityOfMarketableSecurities $7.96M USD 1 Quarter
Sales and maturities of investments ProceedsFromSaleAndMaturityOfMarketableSecurities $7.96M USD 1 Quarter
Purchases of investments PaymentsToAcquireMarketableSecurities $8.83M USD 1 Quarter
Purchases of investments PaymentsToAcquireMarketableSecurities $8.72M USD 1 Quarter
Purchases of operating property PaymentsToAcquirePropertyPlantAndEquipment $4.08M USD 1 Quarter
Purchases of operating property PaymentsToAcquirePropertyPlantAndEquipment $5.80M USD 1 Quarter
Proceeds from sales of operating property ProceedsFromSaleOfPropertyPlantAndEquipment $500.00K USD 1 Quarter
Proceeds from sales of operating property ProceedsFromSaleOfPropertyPlantAndEquipment $2.08M USD 1 Quarter
NET CASH USED BY INVESTING ACTIVITIES NetCashProvidedByUsedInInvestingActivities $-4.33M USD 1 Quarter
NET CASH USED BY INVESTING ACTIVITIES NetCashProvidedByUsedInInvestingActivities $-4.45M USD 1 Quarter
Increase (decrease) in cash overdraft ProceedsFromRepaymentsOfBankOverdrafts $6.00K USD 1 Quarter
Increase (decrease) in cash overdraft ProceedsFromRepaymentsOfBankOverdrafts $-17.88M USD 1 Quarter
Dividends paid PaymentsOfDividends $86.28M USD 1 Quarter
Dividends paid PaymentsOfDividends $84.84M USD 1 Quarter
Proceeds from exercises of stock options ProceedsFromStockOptionsExercised $77.00K USD 1 Quarter
Proceeds from exercises of stock options ProceedsFromStockOptionsExercised $575.00K USD 1 Quarter
Taxes paid in lieu of shares issued related to stock-based compensation plans PaymentsRelatedToTaxWithholdingForShareBasedCompensation $2.99M USD 1 Quarter
Taxes paid in lieu of shares issued related to stock-based compensation plans PaymentsRelatedToTaxWithholdingForShareBasedCompensation $1.24M USD 1 Quarter
Purchases of common stock PaymentsForRepurchaseOfCommonStock $115.96M USD 1 Quarter
Principal payments on finance lease obligations RepaymentsOfLongTermDebtAndCapitalSecurities $9.78M USD 1 Quarter
Principal payments on finance lease obligations RepaymentsOfLongTermDebtAndCapitalSecurities $10.92M USD 1 Quarter
NET CASH USED BY FINANCING ACTIVITIES NetCashProvidedByUsedInFinancingActivities $-233.46M USD 1 Quarter
NET CASH USED BY FINANCING ACTIVITIES NetCashProvidedByUsedInFinancingActivities $-95.77M USD 1 Quarter
Effect of exchange rate changes on cash and cash equivalents EffectOfExchangeRateOnCashAndCashEquivalents $252.00K USD 1 Quarter
Effect of exchange rate changes on cash and cash equivalents EffectOfExchangeRateOnCashAndCashEquivalents $-3.59M USD 1 Quarter
Decrease in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-29.96M USD 1 Quarter
Decrease in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-142.29M USD 1 Quarter
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $219.39M USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $319.51M USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $249.35M USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $177.22M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $219.39M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $319.51M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $249.35M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $177.22M USD Point-in-time
Stockholders Equity 21 line items
Line Item Tag Value Unit Period
Dividends per common share CommonStockDividendsPerShareDeclared $0.21 USD 1 Quarter
Dividends per common share CommonStockDividendsPerShareDeclared $0.18 USD 1 Quarter
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $627.10M USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $721.47M USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $691.84M USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $762.92M USD Point-in-time
Net income ProfitLoss $40.90M USD 1 Quarter
Net income ProfitLoss $77.24M USD 1 Quarter
Dividends DividendsCommonStockCash $7.34M USD 1 Quarter
Dividends DividendsCommonStockCash $8.07M USD 1 Quarter
Purchases of common stock TreasuryStockValueAcquiredCostMethod $115.96M USD 1 Quarter
Issuance of stock related to stock-based compensation plans StockIssuedDuringPeriodValueShareBasedCompensation $-1.16M USD 1 Quarter
Issuance of stock related to stock-based compensation plans StockIssuedDuringPeriodValueShareBasedCompensation $-2.42M USD 1 Quarter
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $4.03M USD 1 Quarter
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $631.00K USD 1 Quarter
Other comprehensive (loss) income OtherComprehensiveIncomeLossNetOfTax $-954.00K USD 1 Quarter
Other comprehensive (loss) income OtherComprehensiveIncomeLossNetOfTax $-9.48M USD 1 Quarter
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $627.10M USD Point-in-time
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $721.47M USD Point-in-time
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $691.84M USD Point-in-time
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $762.92M USD Point-in-time
Comprehensive Income 12 line items
Line Item Tag Value Unit Period
Unrealized holding losses on available-for-sale investments, net of tax benefit OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax $432.00K USD 1 Quarter
Net income NetIncomeLoss $40.90M USD 1 Quarter
Net income NetIncomeLoss $77.24M USD 1 Quarter
Unrealized holding losses on available-for-sale investments, net of tax benefit OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax $147.00K USD 1 Quarter
Unrealized holding losses on available-for-sale investments, net of tax benefits of $147 and $432 OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $-534.00K USD 1 Quarter
Unrealized holding losses on available-for-sale investments, net of tax benefits of $147 and $432 OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $-1.58M USD 1 Quarter
Foreign currency translation losses OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $-7.90M USD 1 Quarter
Foreign currency translation losses OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $-420.00K USD 1 Quarter
Other comprehensive loss OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-954.00K USD 1 Quarter
Other comprehensive loss OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-9.48M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $76.29M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $31.41M USD 1 Quarter

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

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