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10-Q Filing

LANDSTAR SYSTEM INC CIK: 853816 Q1 2023
Filing Information
Form Type 10-Q
Accession Number 0001193125-23-136738
Period End Date 20230331
Filing Date 20230505
Fiscal Year 2023
Fiscal Period Q1
XBRL Instance d436547d10q_htm.xml
Balance Sheet 69 line items
Line Item Tag Value Unit Period
Allowance on trade accounts receivable AllowanceForDoubtfulAccountsReceivableCurrent $12.12M USD Point-in-time
Allowance on trade accounts receivable AllowanceForDoubtfulAccountsReceivableCurrent $12.58M USD Point-in-time
Allowance on other receivables AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables $11.76M USD Point-in-time
Allowance on other receivables AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables $10.58M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $339.58M USD Point-in-time
Accumulated depreciation and amortization on operating property AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $393.27M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $340.99M USD Point-in-time
Accumulated depreciation and amortization on operating property AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $406.65M USD Point-in-time
Short-term investments ShortTermInvestments $47.17M USD Point-in-time
Short-term investments ShortTermInvestments $53.95M 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
Trade accounts receivable, less allowance of $12,577 and $12,121 ReceivablesNetCurrent $899.81M USD Point-in-time
Common stock, authorized shares CommonStockSharesAuthorized 160.00M shares Point-in-time
Trade accounts receivable, less allowance of $12,577 and $12,121 ReceivablesNetCurrent $967.79M USD Point-in-time
Other receivables, including advances to independent contractors, less allowance of $11,758 and $10,579 OtherReceivables $53.24M USD Point-in-time
Common stock, issued shares CommonStockSharesIssued 68.48M shares Point-in-time
Common stock, issued shares CommonStockSharesIssued 68.38M shares Point-in-time
Other receivables, including advances to independent contractors, less allowance of $11,758 and $10,579 OtherReceivables $56.23M USD Point-in-time
Treasury stock, shares TreasuryStockShares 32.55M shares Point-in-time
Treasury stock, shares TreasuryStockShares 32.46M shares Point-in-time
Other current assets OtherAssetsCurrent $12.68M USD Point-in-time
Other current assets OtherAssetsCurrent $21.83M USD Point-in-time
Total current assets AssetsCurrent $1.35B USD Point-in-time
Total current assets AssetsCurrent $1.44B USD Point-in-time
Operating property, less accumulated depreciation and amortization of $406,648 and $393,274 PropertyPlantAndEquipmentNet $314.99M USD Point-in-time
Operating property, less accumulated depreciation and amortization of $406,648 and $393,274 PropertyPlantAndEquipmentNet $306.22M USD Point-in-time
Goodwill Goodwill $41.73M USD Point-in-time
Goodwill Goodwill $40.95M USD Point-in-time
Goodwill Goodwill $41.22M USD Point-in-time
Other assets OtherAssetsNoncurrent $136.02M USD Point-in-time
Other assets OtherAssetsNoncurrent $136.28M USD Point-in-time
Total assets Assets $1.84B USD Point-in-time
Total assets Assets $1.93B USD Point-in-time
Cash overdraft BankOverdrafts $66.19M USD Point-in-time
Cash overdraft BankOverdrafts $92.95M USD Point-in-time
Accounts payable AccountsPayableCurrent $527.37M USD Point-in-time
Accounts payable AccountsPayableCurrent $490.30M USD Point-in-time
Current maturities of long-term debt FinanceLeaseLiabilityCurrent $36.17M USD Point-in-time
Current maturities of long-term debt FinanceLeaseLiabilityCurrent $33.80M USD Point-in-time
Insurance claims SelfInsuranceReserveCurrent $50.84M USD Point-in-time
Insurance claims SelfInsuranceReserveCurrent $50.06M USD Point-in-time
Dividends payable DividendsPayableCurrent - USD Point-in-time
Dividends payable DividendsPayableCurrent $71.85M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $98.94M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $100.98M USD Point-in-time
Total current liabilities LiabilitiesCurrent $741.34M USD Point-in-time
Total current liabilities LiabilitiesCurrent $878.13M USD Point-in-time
Long-term debt, excluding current maturities FinanceLeaseLiabilityNoncurrent $60.19M USD Point-in-time
Long-term debt, excluding current maturities FinanceLeaseLiabilityNoncurrent $67.22M USD Point-in-time
Insurance claims SelfInsuranceReserveNoncurrent $57.97M USD Point-in-time
Insurance claims SelfInsuranceReserveNoncurrent $58.27M USD Point-in-time
Deferred income taxes and other noncurrent liabilities DeferredIncomeTaxesAndOtherLiabilitiesNoncurrent $42.70M USD Point-in-time
Deferred income taxes and other noncurrent liabilities DeferredIncomeTaxesAndOtherLiabilitiesNoncurrent $41.03M USD Point-in-time
Common stock, $0.01 par value, authorized 160,000,000 shares, issued 68,483,963 and 68,382,310 shares CommonStockValue $685.00K USD Point-in-time
Common stock, $0.01 par value, authorized 160,000,000 shares, issued 68,483,963 and 68,382,310 shares CommonStockValue $684.00K USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $258.49M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $253.14M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $2.64B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $2.70B USD Point-in-time
Cost of 32,550,852 and 32,455,300 shares of common stock in treasury TreasuryStockValue $2.01B USD Point-in-time
Cost of 32,550,852 and 32,455,300 shares of common stock in treasury TreasuryStockValue $1.99B USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-15.02M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-12.19M USD Point-in-time
Total shareholders' equity StockholdersEquity $935.65M USD Point-in-time
Total shareholders' equity StockholdersEquity $887.22M USD Point-in-time
Total liabilities and shareholders' equity LiabilitiesAndStockholdersEquity $1.84B USD Point-in-time
Total liabilities and shareholders' equity LiabilitiesAndStockholdersEquity $1.93B USD Point-in-time
Income Statement 34 line items
Line Item Tag Value Unit Period
Revenue RevenueFromContractWithCustomerExcludingAssessedTax $1.97B USD 1 Quarter
Revenue RevenueFromContractWithCustomerExcludingAssessedTax $1.44B USD 1 Quarter
Investment income InterestIncomeOperating $1.37M USD 1 Quarter
Investment income InterestIncomeOperating $721.00K USD 1 Quarter
Purchased transportation PurchasedTransportationCosts $1.55B USD 1 Quarter
Purchased transportation PurchasedTransportationCosts $1.10B USD 1 Quarter
Commissions to agents SalesCommissionsAndFees $149.78M USD 1 Quarter
Commissions to agents SalesCommissionsAndFees $125.67M 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 $12.38M USD 1 Quarter
Insurance and claims OperatingInsuranceAndClaimsCostsProduction $30.77M USD 1 Quarter
Insurance and claims OperatingInsuranceAndClaimsCostsProduction $27.65M USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $52.71M USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $53.57M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $13.76M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $15.20M USD 1 Quarter
Total costs and expenses CostsAndExpenses $1.81B USD 1 Quarter
Total costs and expenses CostsAndExpenses $1.34B USD 1 Quarter
Operating income OperatingIncomeLoss $162.83M USD 1 Quarter
Operating income OperatingIncomeLoss $101.28M USD 1 Quarter
Interest and debt (income) expense InterestAndDebtIncomeExpense $-726.00K USD 1 Quarter
Interest and debt (income) expense InterestAndDebtIncomeExpense $1.12M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $102.01M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $161.71M USD 1 Quarter
Income taxes IncomeTaxExpenseBenefit $23.82M USD 1 Quarter
Income taxes IncomeTaxExpenseBenefit $36.87M USD 1 Quarter
Net income ProfitLoss $78.19M 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 $2.17 USD 1 Quarter
Average diluted shares outstanding WeightedAverageNumberOfDilutedSharesOutstanding 35.98M shares 1 Quarter
Average diluted shares outstanding WeightedAverageNumberOfDilutedSharesOutstanding 37.42M shares 1 Quarter
Dividends per common share CommonStockDividendsPerShareDeclared $0.25 USD 1 Quarter
Dividends per common share CommonStockDividendsPerShareDeclared $0.30 USD 1 Quarter
Cash Flow Statement 64 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $78.19M USD 1 Quarter
Net income ProfitLoss $124.84M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $13.76M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $15.20M USD 1 Quarter
Non-cash interest charges AmortizationOfFinancingCosts $66.00K USD 1 Quarter
Non-cash interest charges AmortizationOfFinancingCosts $112.00K USD 1 Quarter
Provisions for losses on trade and other accounts receivable ProvisionForDoubtfulAccounts $3.20M 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 $1.14M USD 1 Quarter
Deferred income taxes, net IncreaseDecreaseInDeferredIncomeTaxes $-1.32M USD 1 Quarter
Deferred income taxes, net IncreaseDecreaseInDeferredIncomeTaxes $-758.00K USD 1 Quarter
Stock-based compensation ShareBasedCompensation $2.00M USD 1 Quarter
Stock-based compensation ShareBasedCompensation $1.85M USD 1 Quarter
Decrease (increase) in trade and other accounts receivable IncreaseDecreaseInReceivables $93.54M USD 1 Quarter
Decrease (increase) in trade and other accounts receivable IncreaseDecreaseInReceivables $-67.78M USD 1 Quarter
Decrease in other assets IncreaseDecreaseInOtherOperatingAssets $-8.62M USD 1 Quarter
Decrease in other assets IncreaseDecreaseInOtherOperatingAssets $-2.53M USD 1 Quarter
(Decrease) increase in accounts payable IncreaseDecreaseInAccountsPayable $-37.07M USD 1 Quarter
(Decrease) increase in accounts payable IncreaseDecreaseInAccountsPayable $22.21M USD 1 Quarter
Increase in other liabilities IncreaseDecreaseInOtherOperatingLiabilities $2.64M USD 1 Quarter
Increase in other liabilities IncreaseDecreaseInOtherOperatingLiabilities $11.91M USD 1 Quarter
(Decrease) increase in insurance claims IncreaseDecreaseInInsuranceLiabilities $7.37M USD 1 Quarter
(Decrease) increase in insurance claims IncreaseDecreaseInInsuranceLiabilities $-1.07M USD 1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES NetCashProvidedByUsedInOperatingActivities $94.97M USD 1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES NetCashProvidedByUsedInOperatingActivities $139.03M USD 1 Quarter
Sales and maturities of investments ProceedsFromSaleAndMaturityOfMarketableSecurities $40.35M USD 1 Quarter
Sales and maturities of investments ProceedsFromSaleAndMaturityOfMarketableSecurities $12.42M USD 1 Quarter
Purchases of investments PaymentsToAcquireMarketableSecurities $31.43M USD 1 Quarter
Purchases of investments PaymentsToAcquireMarketableSecurities $13.43M USD 1 Quarter
Purchases of operating property PaymentsToAcquirePropertyPlantAndEquipment $6.23M USD 1 Quarter
Purchases of operating property PaymentsToAcquirePropertyPlantAndEquipment $3.61M USD 1 Quarter
Proceeds from sales of operating property ProceedsFromSaleOfPropertyPlantAndEquipment $1.65M USD 1 Quarter
Proceeds from sales of operating property ProceedsFromSaleOfPropertyPlantAndEquipment $643.00K USD 1 Quarter
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES NetCashProvidedByUsedInInvestingActivities $-3.97M USD 1 Quarter
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES NetCashProvidedByUsedInInvestingActivities $4.34M USD 1 Quarter
Decrease in cash overdraft ProceedsFromRepaymentsOfBankOverdrafts $-26.76M USD 1 Quarter
Decrease in cash overdraft ProceedsFromRepaymentsOfBankOverdrafts $-20.26M USD 1 Quarter
Dividends paid PaymentsOfDividends $84.71M USD 1 Quarter
Dividends paid PaymentsOfDividends $82.66M USD 1 Quarter
Proceeds from exercises of stock options ProceedsFromStockOptionsExercised $56.00K USD 1 Quarter
Proceeds from exercises of stock options ProceedsFromStockOptionsExercised $28.00K USD 1 Quarter
Taxes paid in lieu of shares issued related to stock-based compensation plans PaymentsRelatedToTaxWithholdingForShareBasedCompensation $8.24M 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 $70.00M USD 1 Quarter
Borrowings on revolving credit facility ProceedsFromLongTermLinesOfCredit - USD 1 Quarter
Purchases of common stock PaymentsForRepurchaseOfCommonStock $15.43M USD 1 Quarter
Purchases of common stock PaymentsForRepurchaseOfCommonStock $109.33M USD 1 Quarter
Principal payments on finance lease obligations RepaymentsOfLongTermDebtAndCapitalSecurities $9.41M USD 1 Quarter
Principal payments on finance lease obligations RepaymentsOfLongTermDebtAndCapitalSecurities $9.53M USD 1 Quarter
NET CASH USED BY FINANCING ACTIVITIES NetCashProvidedByUsedInFinancingActivities $-163.97M USD 1 Quarter
NET CASH USED BY FINANCING ACTIVITIES NetCashProvidedByUsedInFinancingActivities $-142.47M USD 1 Quarter
Effect of exchange rate changes on cash and cash equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $502.00K USD 1 Quarter
Effect of exchange rate changes on cash and cash equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $815.00K USD 1 Quarter
Increase (decrease) in cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-72.16M USD 1 Quarter
Increase (decrease) in cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $1.41M 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 $339.58M USD Point-in-time
Cash, cash equivalents and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $340.99M 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 $339.58M USD Point-in-time
Cash, cash equivalents and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $340.99M USD Point-in-time
Stockholders Equity 22 line items
Line Item Tag Value Unit Period
Dividends per common share CommonStockDividendsPerShareDeclared $0.25 USD 1 Quarter
Dividends per common share CommonStockDividendsPerShareDeclared $0.30 USD 1 Quarter
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $935.65M USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $862.01M USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $887.22M USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $856.15M USD Point-in-time
Net income ProfitLoss $78.19M USD 1 Quarter
Net income ProfitLoss $124.84M USD 1 Quarter
Dividends DividendsCommonStockCash $10.81M USD 1 Quarter
Dividends DividendsCommonStockCash $9.32M USD 1 Quarter
Purchases of common stock TreasuryStockValueAcquiredCostMethod $15.43M USD 1 Quarter
Purchases of common stock TreasuryStockValueAcquiredCostMethod $109.33M USD 1 Quarter
Issuance of stock related to stock-based compensation plans StockIssuedDuringPeriodValueShareBasedCompensation $-8.21M USD 1 Quarter
Issuance of stock related to stock-based compensation plans StockIssuedDuringPeriodValueShareBasedCompensation $-10.13M USD 1 Quarter
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $2.00M USD 1 Quarter
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $1.85M USD 1 Quarter
Other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTax $-3.91M USD 1 Quarter
Other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTax $2.83M USD 1 Quarter
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $935.65M USD Point-in-time
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $862.01M USD Point-in-time
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $887.22M USD Point-in-time
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $856.15M USD Point-in-time
Comprehensive Income 12 line items
Line Item Tag Value Unit Period
Unrealized holding gains (losses) on available-for-sale investments, net of tax expense (benefit) OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax $306.00K USD 1 Quarter
Net income NetIncomeLoss $124.84M USD 1 Quarter
Unrealized holding gains (losses) on available-for-sale investments, net of tax expense (benefit) OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax $-1.42M USD 1 Quarter
Net income NetIncomeLoss $78.19M USD 1 Quarter
Unrealized holding gains (losses) on available-for-sale investments, net of tax expense (benefit) of $306 and ($1,421) OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $-5.19M USD 1 Quarter
Unrealized holding gains (losses) on available-for-sale investments, net of tax expense (benefit) of $306 and ($1,421) OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $1.12M USD 1 Quarter
Foreign currency translation gains OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $1.27M USD 1 Quarter
Foreign currency translation gains OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $1.71M USD 1 Quarter
Other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-3.91M USD 1 Quarter
Other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $2.83M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $120.93M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $81.03M USD 1 Quarter

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

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