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10-Q Filing

LANDSTAR SYSTEM INC CIK: 853816 Q1 2022
Filing Information
Form Type 10-Q
Accession Number 0001193125-22-133032
Period End Date 20220331
Filing Date 20220429
Fiscal Year 2022
Fiscal Period Q1
XBRL Instance d339967d10q_htm.xml
Balance Sheet 70 line items
Line Item Tag Value Unit Period
Allowance on trade accounts receivable AllowanceForDoubtfulAccountsReceivableCurrent $7.94M USD Point-in-time
Allowance on trade accounts receivable AllowanceForDoubtfulAccountsReceivableCurrent $7.07M USD Point-in-time
Allowance on other receivables AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables $8.12M USD Point-in-time
Allowance on other receivables AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables $8.84M USD Point-in-time
Accumulated depreciation and amortization on operating property AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $356.99M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $146.03M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $215.52M USD Point-in-time
Accumulated depreciation and amortization on operating property AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $344.10M USD Point-in-time
Short-term investments ShortTermInvestments $35.78M 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 $35.68M 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 $7,940 and $7,074 ReceivablesNetCurrent $1.15B USD Point-in-time
Trade accounts receivable, less allowance of $7,940 and $7,074 ReceivablesNetCurrent $1.22B USD Point-in-time
Common stock, issued shares CommonStockSharesIssued 68.23M shares Point-in-time
Other receivables, including advances to independent contractors, less allowance of $8,838 and $8,125 OtherReceivables $101.12M USD Point-in-time
Common stock, issued shares CommonStockSharesIssued 68.37M shares Point-in-time
Other receivables, including advances to independent contractors, less allowance of $8,838 and $8,125 OtherReceivables $123.23M USD Point-in-time
Treasury stock, shares TreasuryStockShares 30.54M shares Point-in-time
Treasury stock, shares TreasuryStockShares 31.24M shares Point-in-time
Other current assets OtherAssetsCurrent $16.16M USD Point-in-time
Other current assets OtherAssetsCurrent $10.44M USD Point-in-time
Total current assets AssetsCurrent $1.52B USD Point-in-time
Total current assets AssetsCurrent $1.54B USD Point-in-time
Operating property, less accumulated depreciation and amortization of $356,988 and $344,099 PropertyPlantAndEquipmentNet $317.39M USD Point-in-time
Operating property, less accumulated depreciation and amortization of $356,988 and $344,099 PropertyPlantAndEquipmentNet $307.04M USD Point-in-time
Goodwill Goodwill $40.77M USD Point-in-time
Goodwill Goodwill $40.73M USD Point-in-time
Goodwill Goodwill $40.95M USD Point-in-time
Other assets OtherAssetsNoncurrent $159.32M USD Point-in-time
Other assets OtherAssetsNoncurrent $164.41M USD Point-in-time
Total assets Assets $2.05B USD Point-in-time
Total assets Assets $2.05B USD Point-in-time
Cash overdraft BankOverdrafts $96.22M USD Point-in-time
Cash overdraft BankOverdrafts $116.48M USD Point-in-time
Accounts payable AccountsPayableCurrent $604.13M USD Point-in-time
Accounts payable AccountsPayableCurrent $626.34M USD Point-in-time
Current maturities of long-term debt FinanceLeaseLiabilityCurrent $34.98M USD Point-in-time
Current maturities of long-term debt FinanceLeaseLiabilityCurrent $36.56M USD Point-in-time
Insurance claims SelfInsuranceReserveCurrent $52.64M USD Point-in-time
Insurance claims SelfInsuranceReserveCurrent $46.90M USD Point-in-time
Dividends payable DividendsPayableCurrent $75.39M USD Point-in-time
Accrued income taxes AccruedIncomeTaxesCurrent $50.28M USD Point-in-time
Accrued income taxes AccruedIncomeTaxesCurrent $18.40M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $89.79M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $112.13M USD Point-in-time
Total current liabilities LiabilitiesCurrent $1.01B USD Point-in-time
Total current liabilities LiabilitiesCurrent $950.25M USD Point-in-time
Long-term debt, excluding current maturities LongTermDebtAndCapitalLeaseObligations $75.24M USD Point-in-time
Long-term debt, excluding current maturities LongTermDebtAndCapitalLeaseObligations $137.29M USD Point-in-time
Insurance claims SelfInsuranceReserveNoncurrent $51.13M USD Point-in-time
Insurance claims SelfInsuranceReserveNoncurrent $49.51M USD Point-in-time
Deferred income taxes and other noncurrent liabilities DeferredIncomeTaxesAndOtherLiabilitiesNoncurrent $48.72M USD Point-in-time
Deferred income taxes and other noncurrent liabilities DeferredIncomeTaxesAndOtherLiabilitiesNoncurrent $50.99M USD Point-in-time
Common stock, $0.01 par value, authorized 160,000,000 shares, issued 68,370,151 and 68,232,975 shares CommonStockValue $684.00K USD Point-in-time
Common stock, $0.01 par value, authorized 160,000,000 shares, issued 68,370,151 and 68,232,975 shares CommonStockValue $682.00K USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $248.23M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $255.15M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $2.32B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $2.43B USD Point-in-time
Cost of 31,242,818 and 30,539,235 shares of common stock in treasury TreasuryStockValue $1.82B USD Point-in-time
Cost of 31,242,818 and 30,539,235 shares of common stock in treasury TreasuryStockValue $1.71B USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-5.40M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-9.31M USD Point-in-time
Total shareholders' equity StockholdersEquity $856.15M USD Point-in-time
Total shareholders' equity StockholdersEquity $862.01M USD Point-in-time
Total liabilities and shareholders' equity LiabilitiesAndStockholdersEquity $2.05B USD Point-in-time
Total liabilities and shareholders' equity LiabilitiesAndStockholdersEquity $2.05B USD Point-in-time
Income Statement 34 line items
Line Item Tag Value Unit Period
Revenue RevenueFromContractWithCustomerExcludingAssessedTax $1.97B USD 1 Quarter
Revenue RevenueFromContractWithCustomerExcludingAssessedTax $1.29B USD 1 Quarter
Investment income InterestIncomeOperating $721.00K USD 1 Quarter
Investment income InterestIncomeOperating $684.00K USD 1 Quarter
Purchased transportation PurchasedTransportationCosts $998.28M USD 1 Quarter
Purchased transportation PurchasedTransportationCosts $1.55B USD 1 Quarter
Commissions to agents SalesCommissionsAndFees $100.01M USD 1 Quarter
Commissions to agents SalesCommissionsAndFees $149.78M USD 1 Quarter
Other operating costs, net of gains on asset sales/dispositions OtherCostAndExpenseOperating $11.14M USD 1 Quarter
Other operating costs, net of gains on asset sales/dispositions OtherCostAndExpenseOperating $7.64M USD 1 Quarter
Insurance and claims OperatingInsuranceAndClaimsCostsProduction $30.77M USD 1 Quarter
Insurance and claims OperatingInsuranceAndClaimsCostsProduction $21.50M USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $45.41M USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $52.71M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $12.10M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $13.76M USD 1 Quarter
Total costs and expenses CostsAndExpenses $1.18B USD 1 Quarter
Total costs and expenses CostsAndExpenses $1.81B USD 1 Quarter
Operating income OperatingIncomeLoss $103.27M USD 1 Quarter
Operating income OperatingIncomeLoss $162.83M USD 1 Quarter
Interest and debt expense InterestAndDebtExpense $1.12M USD 1 Quarter
Interest and debt expense InterestAndDebtExpense $1.04M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $102.23M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $161.71M USD 1 Quarter
Income taxes IncomeTaxExpenseBenefit $36.87M USD 1 Quarter
Income taxes IncomeTaxExpenseBenefit $24.99M USD 1 Quarter
Net income ProfitLoss $77.24M USD 1 Quarter
Net income ProfitLoss $124.84M USD 1 Quarter
Diluted earnings per share EarningsPerShareDiluted $3.34 USD 1 Quarter
Diluted earnings per share EarningsPerShareDiluted $2.01 USD 1 Quarter
Average diluted shares outstanding WeightedAverageNumberOfDilutedSharesOutstanding 37.42M 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 $0.25 USD 1 Quarter
Cash Flow Statement 64 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $77.24M USD 1 Quarter
Net income ProfitLoss $124.84M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $12.10M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $13.76M USD 1 Quarter
Non-cash interest charges AmortizationOfFinancingCosts $112.00K USD 1 Quarter
Non-cash interest charges AmortizationOfFinancingCosts $112.00K USD 1 Quarter
Provisions for losses on trade and other accounts receivable ProvisionForDoubtfulAccounts $547.00K USD 1 Quarter
Provisions for losses on trade and other accounts receivable ProvisionForDoubtfulAccounts $2.63M USD 1 Quarter
Gains on sales/disposals of operating property GainLossOnSaleOfPropertyPlantEquipment $165.00K USD 1 Quarter
Gains on sales/disposals of operating property GainLossOnSaleOfPropertyPlantEquipment $24.00K USD 1 Quarter
Deferred income taxes, net IncreaseDecreaseInDeferredIncomeTaxes $1.11M USD 1 Quarter
Deferred income taxes, net IncreaseDecreaseInDeferredIncomeTaxes $-1.32M USD 1 Quarter
Stock-based compensation ShareBasedCompensation $4.03M USD 1 Quarter
Stock-based compensation ShareBasedCompensation $2.00M USD 1 Quarter
(Increase) decrease in trade and other accounts receivable IncreaseDecreaseInReceivables $-33.44M USD 1 Quarter
(Increase) decrease in trade and other accounts receivable IncreaseDecreaseInReceivables $93.54M USD 1 Quarter
Decrease in other assets IncreaseDecreaseInOtherOperatingAssets $-6.17M USD 1 Quarter
Decrease in other assets IncreaseDecreaseInOtherOperatingAssets $-2.53M USD 1 Quarter
Increase in accounts payable IncreaseDecreaseInAccountsPayable $22.21M USD 1 Quarter
Increase in accounts payable IncreaseDecreaseInAccountsPayable $33.94M USD 1 Quarter
Increase in other liabilities IncreaseDecreaseInOtherOperatingLiabilities $13.01M USD 1 Quarter
Increase in other liabilities IncreaseDecreaseInOtherOperatingLiabilities $11.91M USD 1 Quarter
Increase (decrease) in insurance claims IncreaseDecreaseInInsuranceLiabilities $7.37M USD 1 Quarter
Increase (decrease) 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 $94.97M USD 1 Quarter
Sales and maturities of investments ProceedsFromSaleAndMaturityOfMarketableSecurities $12.42M USD 1 Quarter
Sales and maturities of investments ProceedsFromSaleAndMaturityOfMarketableSecurities $7.96M USD 1 Quarter
Purchases of investments PaymentsToAcquireMarketableSecurities $13.43M 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 $3.61M USD 1 Quarter
Proceeds from sales of operating property ProceedsFromSaleOfPropertyPlantAndEquipment $643.00K USD 1 Quarter
Proceeds from sales of operating property ProceedsFromSaleOfPropertyPlantAndEquipment $500.00K USD 1 Quarter
NET CASH USED BY INVESTING ACTIVITIES NetCashProvidedByUsedInInvestingActivities $-4.33M USD 1 Quarter
NET CASH USED BY INVESTING ACTIVITIES NetCashProvidedByUsedInInvestingActivities $-3.97M USD 1 Quarter
(Decrease) increase in cash overdraft ProceedsFromRepaymentsOfBankOverdrafts $6.00K USD 1 Quarter
(Decrease) increase in cash overdraft ProceedsFromRepaymentsOfBankOverdrafts $-20.26M USD 1 Quarter
Dividends paid PaymentsOfDividends $84.71M USD 1 Quarter
Dividends paid PaymentsOfDividends $84.84M USD 1 Quarter
Proceeds from exercises of stock options ProceedsFromStockOptionsExercised $56.00K USD 1 Quarter
Proceeds from exercises of stock options ProceedsFromStockOptionsExercised $77.00K USD 1 Quarter
Taxes paid in lieu of shares issued related to stock-based compensation plans PaymentsRelatedToTaxWithholdingForShareBasedCompensation $1.24M USD 1 Quarter
Taxes paid in lieu of shares issued related to stock-based compensation plans PaymentsRelatedToTaxWithholdingForShareBasedCompensation $10.18M USD 1 Quarter
Borrowings on revolving credit facility ProceedsFromLongTermLinesOfCredit - USD 1 Quarter
Borrowings on revolving credit facility ProceedsFromLongTermLinesOfCredit $70.00M USD 1 Quarter
Purchases of common stock PaymentsForRepurchaseOfCommonStock $109.33M USD 1 Quarter
Purchases of common stock PaymentsForRepurchaseOfCommonStock - USD 1 Quarter
Principal payments on finance lease obligations RepaymentsOfLongTermDebtAndCapitalSecurities $9.53M USD 1 Quarter
Principal payments on finance lease obligations RepaymentsOfLongTermDebtAndCapitalSecurities $9.78M USD 1 Quarter
NET CASH USED BY FINANCING ACTIVITIES NetCashProvidedByUsedInFinancingActivities $-95.77M USD 1 Quarter
NET CASH USED BY FINANCING ACTIVITIES NetCashProvidedByUsedInFinancingActivities $-163.97M 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 $815.00K USD 1 Quarter
Decrease in cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-72.16M USD 1 Quarter
Decrease in cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-29.96M USD 1 Quarter
Cash, cash equivalents and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $147.41M USD Point-in-time
Cash, cash equivalents and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $219.57M USD Point-in-time
Cash, cash equivalents and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $219.39M USD Point-in-time
Cash, cash equivalents and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $249.35M USD Point-in-time
Cash, cash equivalents and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $147.41M USD Point-in-time
Cash, cash equivalents and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $219.57M USD Point-in-time
Cash, cash equivalents and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $219.39M USD Point-in-time
Cash, cash equivalents and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $249.35M 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 $0.25 USD 1 Quarter
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $762.92M USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $856.15M USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $691.84M USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $862.01M USD Point-in-time
Net income ProfitLoss $77.24M USD 1 Quarter
Net income ProfitLoss $124.84M USD 1 Quarter
Dividends DividendsCommonStockCash $9.32M USD 1 Quarter
Dividends DividendsCommonStockCash $8.07M USD 1 Quarter
Purchases of common stock TreasuryStockValueAcquiredCostMethod $109.33M USD 1 Quarter
Issuance of stock related to stock-based compensation plans StockIssuedDuringPeriodValueShareBasedCompensation $-10.13M USD 1 Quarter
Issuance of stock related to stock-based compensation plans StockIssuedDuringPeriodValueShareBasedCompensation $-1.16M USD 1 Quarter
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $2.00M USD 1 Quarter
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $4.03M USD 1 Quarter
Other comprehensive loss OtherComprehensiveIncomeLossNetOfTax $-954.00K USD 1 Quarter
Other comprehensive loss OtherComprehensiveIncomeLossNetOfTax $-3.91M USD 1 Quarter
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $762.92M USD Point-in-time
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $856.15M USD Point-in-time
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $691.84M USD Point-in-time
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $862.01M USD Point-in-time
Comprehensive Income 12 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $124.84M USD 1 Quarter
Unrealized holding losses on available-for-sale investments, net of tax (benefit) expense OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax $147.00K USD 1 Quarter
Unrealized holding losses on available-for-sale investments, net of tax (benefit) expense OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax $1.42M USD 1 Quarter
Net income NetIncomeLoss $77.24M USD 1 Quarter
Unrealized holding losses on available-for-sale investments, net of tax benefits of $1,421 and $147 OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $-534.00K USD 1 Quarter
Unrealized holding losses on available-for-sale investments, net of tax benefits of $1,421 and $147 OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $-5.19M USD 1 Quarter
Foreign currency translation gains (losses) OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $1.27M USD 1 Quarter
Foreign currency translation gains (losses) OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $-420.00K USD 1 Quarter
Other comprehensive loss OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-3.91M USD 1 Quarter
Other comprehensive loss OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-954.00K USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $76.29M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $120.93M USD 1 Quarter

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

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