PART I – Financial Information | ||
Page 4 | ||
Page 5 | ||
Page 6 | ||
Page 7 | ||
Page 8 | ||
Page 10 | ||
Page 19 | ||
Page 32 | ||
Page 32 | ||
PART II – Other Information | ||
Page 33 | ||
Page 33 | ||
Page 34 | ||
Page 34 | ||
Page 36 |
EX – 31.1 Section 302 CEO Certification |
EX – 31.2 Section 302 CFO Certification |
EX – 32.1 Section 906 CEO Certification |
EX – 32.2 Section 906 CFO Certification |
September 26, 2020 |
December 28, 2019 |
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ASSETS | ||||||||
Current Assets |
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Cash and cash equivalents |
$ | $ | ||||||
Short-term investments |
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Trade accounts receivable, less allowance of $ |
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Other receivables, including advances to independent contractors, less allowance of $ |
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Other current assets |
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Total current assets |
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Operating property, less accumulated depreciation and amortization of $ |
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Goodwill |
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Other assets |
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Total assets |
$ | $ | ||||||
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LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Current Liabilities |
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Cash overdraft |
$ | $ | ||||||
Accounts payable |
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Current maturities of long-term debt |
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Insurance claims |
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Dividends payable |
— | |||||||
Contractor escrow |
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Other current liabilities |
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Total current liabilities |
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Long-term debt, excluding current maturities |
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Insurance claims |
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Deferred income taxes and other noncurrent liabilities |
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Shareholders’ Equity |
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Common stock, $ |
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Additional paid-in capital |
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Retained earnings |
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Cost of |
( |
) | ( |
) | ||||
Accumulated other comprehensive loss |
( |
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Total shareholders’ equity |
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Total liabilities and shareholders’ equity |
$ | $ | ||||||
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Thirty Nine Weeks Ended |
Thirteen Weeks Ended |
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September 26, 2020 |
September 28, 2019 |
September 26, 2020 |
September 28, 2019 |
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Revenue |
$ | $ | $ | $ | ||||||||||||
Investment income |
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Costs and expenses: |
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Purchased transportation |
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Commissions to agents |
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Other operating costs, net of gains/losses on asset sales/dispositions |
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Insurance and claims |
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Selling, general and administrative |
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Depreciation and amortization |
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Impairment of intangible and other assets |
— | — | — | |||||||||||||
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Total costs and expenses |
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Operating income |
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Interest and debt expense |
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Income before income taxes |
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Income taxes |
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Net income |
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Less: Net loss attributable to noncontrolling interest |
— | ( |
) | — | — | |||||||||||
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Net income attributable to Landstar System, Inc. and subsidiary |
$ | $ | $ | $ | ||||||||||||
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Earnings per common share attributable to Landstar System, Inc. and subsidiary |
$ | $ | $ | $ | ||||||||||||
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Diluted earnings per share attributable to Landstar System, Inc. and subsidiary |
$ | $ | $ | $ | ||||||||||||
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Average number of shares outstanding: |
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Earnings per common share |
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Diluted earnings per share |
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Dividends per common share |
$ | $ | $ | $ | ||||||||||||
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Thirty Nine Weeks Ended |
Thirteen Weeks Ended |
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September 26, 2020 |
September 28, 2019 |
September 26, 2020 |
September 28, 2019 |
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N et income attributable to Landstar System, Inc. and subsidiary |
$ | $ | $ | $ | ||||||||||||
Other comprehensive (loss) income: |
||||||||||||||||
Unrealized holding gains on available-for-sale |
||||||||||||||||
Foreign currency translation (losses) gains |
( |
) | ( |
) | ||||||||||||
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Other comprehensive (loss) income |
( |
) | ( |
) | ||||||||||||
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Comprehensive income attributable to Landstar System, Inc. and subsidiary |
$ | $ | $ | $ | ||||||||||||
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Thirty Nine Weeks Ended |
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September 26, 2020 |
September 28, 2019 |
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OPERATING ACTIVITIES |
||||||||
Net income |
$ | $ | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
Depreciation and amortization of operating property and intangible assets |
||||||||
Non-cash interest charges |
||||||||
Provisions for losses on trade and other accounts receivable |
||||||||
Gains on sales/disposals of operating property |
( |
) | ( |
) | ||||
Impairment of intangible and other assets |
— | |||||||
Deferred income taxes, net |
||||||||
Stock-based compensation |
||||||||
Changes in operating assets and liabilities: |
||||||||
(Increase) decrease in trade and other accounts receivable |
( |
) | ||||||
Increase in other assets |
( |
) | ( |
) | ||||
Increase (decrease) in accounts payable |
( |
) | ||||||
Increase (decrease) in other liabilities |
( |
) | ||||||
Increase in insurance claims |
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NET CASH PROVIDED BY OPERATING ACTIVITIES |
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INVESTING ACTIVITIES |
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Net changes in other short-term investments |
— | |||||||
Sales and maturities of investments |
||||||||
Purchases of investments |
( |
) | ( |
) | ||||
Purchases of operating property |
( |
) | ( |
) | ||||
Proceeds from sales of operating property |
||||||||
Consideration paid for acquisition |
( |
) | — | |||||
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NET CASH USED BY INVESTING ACTIVITIES |
( |
) | ( |
) | ||||
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FINANCING ACTIVITIES |
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Decrease in cash overdraft |
( |
) | ( |
) | ||||
Dividends paid |
( |
) | ( |
) | ||||
Payment for debt issue costs |
( |
) | — | |||||
Proceeds from exercises of stock options |
||||||||
Taxes paid in lieu of shares issued related to stock-based compensation plans |
( |
) | ( |
) | ||||
Purchases of common stock |
( |
) | ( |
) | ||||
Principal payments on finance lease obligations |
( |
) | ( |
) | ||||
Purchase of noncontrolling interest |
— | ( |
) | |||||
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NET CASH USED BY FINANCING ACTIVITIES |
( |
) | ( |
) | ||||
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Effect of exchange rate changes on cash and cash equivalents |
( |
) | ||||||
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(Decrease) increase in cash and cash equivalents |
( |
) | ||||||
Cash and cash equivalents at beginning of period |
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Cash and cash equivalents at end of period |
$ | $ | ||||||
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Common Stock |
Additional Paid-In |
Retained |
Treasury Stock at Cost |
Accumulated Other Comprehensive |
||||||||||||||||||||||||||||
Shares |
Amount |
Capital |
Earnings |
Shares |
Amount |
(Loss) Income |
Total |
|||||||||||||||||||||||||
Balance December 28, 2019 |
$ | $ | $ | $ | ( |
) | $ |
( |
) |
$ | |
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Adoption of accounting standard (Note 15 ) |
( |
( |
) | |||||||||||||||||||||||||||||
Net income |
||||||||||||||||||||||||||||||||
Dividends ($ |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Purchases of common stock |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Issuance of stock related to stock-based compensation plans |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Stock-based compensation |
||||||||||||||||||||||||||||||||
Other comprehensive loss |
( |
) | ( |
) | ||||||||||||||||||||||||||||
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|||||||||||||||||
Balance March 28, 2020 |
$ | $ | $ | $ | ( |
) | $ |
( |
) |
$ | ||||||||||||||||||||||
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Net income |
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Dividends ($ |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Issuance of stock related to stock-based compensation plans |
— | ( |
) | ( |
) | ( |
) | |||||||||||||||||||||||||
Stock-based compensation |
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Other comprehensive income |
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Balance June 27, 2020 |
$ | $ | $ | $ | ( |
) | $ |
( |
) |
$ | ||||||||||||||||||||||
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Net income |
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Dividends ($ |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Issuance of stock related to stock-based compensation plans |
— | ( |
) | |||||||||||||||||||||||||||||
Stock-based compensation |
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Other comprehensive income |
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Balance September 26, 2020 |
$ | $ | $ |
$ | ( |
) | $ |
( |
$ | |||||||||||||||||||||||
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Landstar System, Inc. and Subsidiary Shareholders |
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Common Stock |
Additional Paid-In |
Retained |
Treasury Stock at Cost |
Accumulated Other Comprehensive |
Non-controlling |
|||||||||||||||||||||||||||||||
Shares |
Amount |
Capital |
Earnings |
Shares |
Amount |
(Loss) Income |
Interests |
Total |
||||||||||||||||||||||||||||
Balance December 29, 2018 |
$ | $ | $ | $ | ( |
) | $ |
( |
) |
$ | $ | |
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Net income (loss) |
( |
) | ||||||||||||||||||||||||||||||||||
Dividends ($ share) |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Purchases of common stock |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Purchase of noncontrolling interests |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Issuance of stock related to stock-based compensation plans |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Stock-based compensation |
||||||||||||||||||||||||||||||||||||
Other comprehensive income |
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Balance March 30, 2019 |
$ | $ | $ | |
$ | ( |
) | $ |
( |
) |
$ | $ | ||||||||||||||||||||||||
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Net income |
||||||||||||||||||||||||||||||||||||
Dividends ($ share) |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Purchases of common stock |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Issuance of stock related to stock-based compensation plans |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Stock-based compensation |
||||||||||||||||||||||||||||||||||||
Other comprehensive income |
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|||||||||||||||||||
Balance June 29, 2019 |
$ | $ | $ | $ | ( |
) | $ |
( |
) |
$ | $ | |||||||||||||||||||||||||
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Net income |
||||||||||||||||||||||||||||||||||||
Dividends ($ share) |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Purchases of common stock |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Issuance of stock related to stock-based compensation plans |
— | ( |
) | |||||||||||||||||||||||||||||||||
Stock-based compensation |
||||||||||||||||||||||||||||||||||||
Other comprehensive loss |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
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|||||||||||||||||||
Balance September 28, 2019 |
$ | $ | $ | $ | ( |
) | $ |
( |
) |
$ | $ | |||||||||||||||||||||||||
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(1) |
Significant Accounting Policies |
Thirty Nine Weeks Ended |
Thirteen Weeks Ended |
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Mode |
September 26, 2020 |
September 28, 2019 |
September 26, 2020 |
September 28, 2019 |
||||||||||||
BCO Independent Contractors – |
% | % | % | % | ||||||||||||
Brokerage Carriers - |
% | % | % | % | ||||||||||||
Rail intermodal |
% | % | % | % | ||||||||||||
Ocean and air cargo carriers |
% | % | % | % | ||||||||||||
Equipment Type - Truck |
||||||||||||||||
Van equipment |
$ | |
$ | |
$ | |
$ | |
||||||||
Unsided/platform equipment |
$ | $ | $ | $ | ||||||||||||
Less-than-truckload |
$ | $ | $ | $ |
(2) |
Acquired Business |
(3) |
Share-based Payment Arrangements |
Thirty Nine Weeks Ended |
Thirteen Weeks Ended |
|||||||||||||||
September 26, 2020 |
September 28, 2019 |
September 26, 2020 |
September 28, 2019 |
|||||||||||||
Total cost of the Plans during the period |
$ | $ | $ | |
$ | |
||||||||||
Amount of related income tax benefit recognized during the period |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Net cost of the Plans during the period |
$ |
$ | $ | $ | ||||||||||||
Number of RSUs |
Weighted Average Grant Date Fair Value |
|||||||
Outstanding at December 28, 2019 |
$ | |||||||
Granted |
$ | |
||||||
Shares earned in excess of target (1) |
$ | |||||||
Vested shares, including shares earned in excess of target |
( |
) | $ | |||||
Forfeited |
( |
) | $ | |||||
Outstanding at September 26, 2020 |
$ | |||||||
(1) |
Represents additional shares earned under the February 2, 2017 RSU awards as 2019 financial results exceeded target performance level. |
Number of Options |
Weighted Average Exercise Price per Share |
Weighted Average Remaining Contractual Term (years) |
Aggregate Intrinsic Value (000s) |
|||||||||||||
Options outstanding at December 28, 2019 |
$ | |
||||||||||||||
Exercised |
( |
) | $ | |||||||||||||
Options outstanding at September 26, 2020 |
$ | $ | |
|||||||||||||
Options exercisable at September 26, 2020 |
$ | $ | ||||||||||||||
Number of Shares and Deferred Stock Units |
Weighted Average Grant Date Fair Value |
|||||||
Non-vested at December 28, 2019 |
$ | |||||||
Granted |
$ | |||||||
Vested |
( |
) | $ | |||||
Forfeited |
( |
) | $ | |||||
Non-vested at September 26, 2020 |
$ | |||||||
(4) |
Income Taxes |
(5) |
Earnings Per Share |
(6) |
Additional Cash Flow Information |
(7) |
Segment Information |
Thirty Nine Weeks Ended |
||||||||||||||||||||||||
September 26, 2020 |
September 28, 2019 |
|||||||||||||||||||||||
Transportation Logistics |
Insurance |
Total |
Transportation Logistics |
Insurance |
Total |
|||||||||||||||||||
External revenue |
$ | |
$ | |
$ | |
$ | |
$ | |
$ | |
||||||||||||
Internal revenue |
||||||||||||||||||||||||
Investment income |
||||||||||||||||||||||||
Operating income |
||||||||||||||||||||||||
Expenditures on long-lived assets |
||||||||||||||||||||||||
Goodwill |
Thirteen Weeks Ended |
||||||||||||||||||||||||
September 26, 2020 |
September 28, 2019 |
|||||||||||||||||||||||
Transportation Logistics |
Insurance |
Total |
Transportation Logistics |
Insurance |
Total |
|||||||||||||||||||
External revenue |
$ | |
$ | |
$ | |
$ | |
$ | |
$ | |
||||||||||||
Internal revenue |
||||||||||||||||||||||||
Investment income |
||||||||||||||||||||||||
Operating income |
||||||||||||||||||||||||
Expenditures on long-lived assets |
(8) |
Other Comprehensive Income |
Unrealized Holding Gains on Available-for-Sale Securities |
Foreign Currency Translation |
Total |
||||||||||
Balance as of December 28, 2019 |
$ | |
$ | ( |
) | $ | ( |
) | ||||
Other comprehensive gain (loss) |
( |
) | ( |
) | ||||||||
Balance as of September 26, 2020 |
$ | $ | ( |
) | $ | ( |
) | |||||
(9) |
Investments |
Amortized Cost |
Gross Unrealized Gains |
Gross Unrealized Losses |
Fair Value |
|||||||||||||
September 26, 2020 |
||||||||||||||||
Money market investments |
$ | $ | — | $ | — | $ | ||||||||||
Asset-backed securities |
— | |||||||||||||||
Corporate bonds and direct obligations of government agencies |
||||||||||||||||
U.S. Treasury obligations |
— | |||||||||||||||
Total |
$ | |
$ | |
$ | $ | |
|||||||||
December 28, 2019 |
||||||||||||||||
Money market investments |
$ | $ | — | $ | — | $ | ||||||||||
Asset-backed securities |
— | |||||||||||||||
Corporate bonds and direct obligations of government agencies |
||||||||||||||||
U.S. Treasury obligations |
||||||||||||||||
Total |
$ | $ | $ | $ | ||||||||||||
Less than 12 months |
12 months or longer |
Total |
||||||||||||||||||||||
Fair Value |
Unrealized Loss |
Fair Value |
Unrealized Loss |
Fair Value |
Unrealized Loss |
|||||||||||||||||||
September 26, 2020 |
||||||||||||||||||||||||
Asset-backed securities |
$ | $ | $ | — | $ | — | $ | $ | ||||||||||||||||
Corporate bonds and direct obligations of government agencies |
— | — | ||||||||||||||||||||||
Total |
$ | $ | |
$ | — | $ | — | $ | $ | |
||||||||||||||
December 28, 2019 |
||||||||||||||||||||||||
Asset-backed securities |
$ | $ | $ | — | $ | — | $ | $ | ||||||||||||||||
Corporate bonds and direct obligations of government agencies |
||||||||||||||||||||||||
U.S. Treasury obligations |
— | — | ||||||||||||||||||||||
Total |
$ | |
$ | $ | |
$ | $ | |
$ | |||||||||||||||
(10) |
Leases |
Finance leases: |
||||
Amortization of right-of-use |
$ | |
||
Interest on lease liability |
||||
Total finance lease cost |
||||
Operating leases: |
||||
Lease cost |
||||
Variable lease cost |
— | |||
Sublease income |
( |
) | ||
Total net operating lease income |
( |
) | ||
Total net lease cost |
$ | |||
Operating lease right-of-use assets |
Other assets | $ | ||||||
Finance lease assets |
Operating property, less accumulated depreciation and amortization | |||||||
Total lease assets |
$ | |||||||
Finance Leases |
Operating Leases |
|||||||
2020 Remainder |
$ | |
$ | |||||
2021 |
||||||||
2022 |
||||||||
2023 |
||||||||
2024 |
||||||||
Thereafter |
||||||||
Total future minimum lease payments |
||||||||
Less amount representing interest ( |
||||||||
Present value of minimum lease payments |
$ | $ | ||||||
Current maturities of long-term debt |
||||||||
Long-term debt, excluding current maturities |
||||||||
Other current liabilities |
||||||||
Deferred income taxes and other noncurrent liabilities |
Finance Leases |
Operating Leases |
|||||||
Weighted average remaining lease term (years) |
||||||||
Weighted average discount rate |
% | % |
(11) |
Debt |
(12) |
Commitments and Contingencies |
(1 3 ) |
Change in Accounting Estimate for Self-Insured Claims |
Thirty Nine Weeks Ended |
Thirteen Weeks Ended |
|||||||||||||||
September 26, 2020 |
September 28, 2019 |
September 26, 2020 |
September 28, 2019 |
|||||||||||||
Operating income |
$ | $ | $ | $ | ||||||||||||
Net income attributable to Landstar System, Inc. and subsidiary |
$ | $ | $ | $ |
||||||||||||
Earnings per share attributable to Landstar System, Inc. and subsidiary |
$ | $ | $ | $ | ||||||||||||
Diluted earnings per share attributable to Landstar System, Inc. and subsidiary |
$ | $ | $ | $ |
(14) |
Impairment of Intangible and Other Assets |
(1 5 ) |
Recent Accounting Pronouncements |
(1 6 ) |
Subsequent Event |
Thirty Nine Weeks Ended |
Thirteen Weeks Ended |
|||||||||||||||
September 26, 2020 |
September 28, 2019 |
September 26, 2020 |
September 28, 2019 |
|||||||||||||
Revenue generated through (in thousands): |
||||||||||||||||
Truck transportation |
||||||||||||||||
Truckload: |
||||||||||||||||
Van equipment |
$ | 1,694,916 | $ | 1,799,421 | $ | 666,582 | $ | 575,042 | ||||||||
Unsided/platform equipment |
848,187 | 980,615 | 314,471 | 331,787 | ||||||||||||
Less-than-truckload |
70,984 | 73,475 | 25,125 | 25,367 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total truck transportation |
2,614,087 | 2,853,511 | 1,006,178 | 932,196 | ||||||||||||
Rail intermodal |
81,747 | 87,555 | 30,432 | 28,970 | ||||||||||||
Ocean and air cargo carriers |
89,002 | 89,258 | 31,752 | 30,365 | ||||||||||||
Other (1) |
51,790 | 59,374 | 17,184 | 20,127 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 2,836,626 | $ | 3,089,698 | $ | 1,085,546 | $ | 1,011,658 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Revenue on loads hauled via BCO Independent Contractors included in total truck transportation |
$ | 1,312,003 | $ | 1,390,135 | $ | 502,224 | $ | 466,207 | ||||||||
Number of loads: |
||||||||||||||||
Truck transportation |
||||||||||||||||
Truckload: |
||||||||||||||||
Van equipment |
946,117 | 1,014,572 | 345,598 | 327,671 | ||||||||||||
Unsided/platform equipment |
356,670 | 391,112 | 125,548 | 130,192 | ||||||||||||
Less-than-truckload |
119,533 | 115,616 | 41,454 | 41,067 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total truck transportation |
1,422,320 | 1,521,300 | 512,600 | 498,930 | ||||||||||||
Rail intermodal |
33,410 | 35,370 | 11,900 | 11,490 | ||||||||||||
Ocean and air cargo carriers |
22,720 | 22,150 | 8,290 | 7,340 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
1,478,450 | 1,578,820 | 532,790 | 517,760 | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Loads hauled via BCO Independent Contractors included in total truck transportation |
693,860 | 722,870 | 250,030 | 239,210 | ||||||||||||
Revenue per load: |
||||||||||||||||
Truck transportation |
||||||||||||||||
Truckload: |
||||||||||||||||
Van equipment |
$ | 1,791 | $ | 1,774 | $ | 1,929 | $ | 1,755 | ||||||||
Unsided/platform equipment |
2,378 | 2,507 | 2,505 | 2,548 | ||||||||||||
Less-than-truckload |
594 | 636 | 606 | 618 | ||||||||||||
Total truck transportation |
1,838 | 1,876 | 1,963 | 1,868 | ||||||||||||
Rail intermodal |
2,447 | 2,475 | 2,557 | 2,521 | ||||||||||||
Ocean and air cargo carriers |
3,917 | 4,030 | 3,830 | 4,137 | ||||||||||||
Revenue per load on loads hauled via BCO Independent Contractors |
$ | 1,891 | $ | 1,923 | $ | 2,009 | $ | 1,949 | ||||||||
Revenue by capacity type (as a % of total revenue): |
||||||||||||||||
Truck capacity providers: |
||||||||||||||||
BCO Independent Contractors |
46 | % | 45 | % | 46 | % | 46 | % | ||||||||
Truck Brokerage Carriers |
46 | % | 47 | % | 46 | % | 46 | % | ||||||||
Rail intermodal |
3 | % | 3 | % | 3 | % | 3 | % | ||||||||
Ocean and air cargo carriers |
3 | % | 3 | % | 3 | % | 3 | % | ||||||||
Other |
2 | % | 2 | % | 2 | % | 2 | % |
(1) |
Includes primarily reinsurance premium revenue generated by the insurance segment and intra-Mexico transportation services revenue generated by Landstar Metro. |
September 26, 2020 |
September 28, 2019 |
|||||||
BCO Independent Contractors |
9,866 | 9,738 | ||||||
Truck Brokerage Carriers: |
||||||||
Approved and active (1) |
41,246 | 39,963 | ||||||
Other approved |
22,181 | 16,984 | ||||||
|
|
|
|
|||||
63,427 | 56,947 | |||||||
|
|
|
|
|||||
Total available truck capacity providers |
73,293 | 66,685 | ||||||
|
|
|
|
|||||
Trucks provided by BCO Independent Contractors |
10,571 | 10,441 |
(1) |
Active refers to Truck Brokerage Carriers who moved at least one load in the 180 days immediately preceding the fiscal quarter end. |
Thirty Nine Weeks Ended |
Thirteen Weeks Ended |
|||||||||||||||
September 26, 2020 |
September 28, 2019 |
September 26, 2020 |
September 28, 2019 |
|||||||||||||
Revenue |
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||
Purchased transportation |
77.0 | 76.6 | 77.3 | 76.6 | ||||||||||||
Commissions to agents |
8.3 | 8.3 | 7.9 | 8.4 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Gross profit margin |
14.7 | % | 15.1 | % | 14.8 | % | 15.1 | % | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Gross profit |
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||
Investment income |
0.7 | 0.8 | 0.4 | 0.9 | ||||||||||||
Indirect costs and expenses: |
||||||||||||||||
Other operating costs, net of gains/losses on asset sales/dispositions |
5.5 | 6.1 | 4.6 | 6.8 | ||||||||||||
Insurance and claims |
16.0 | 11.9 | 13.6 | 15.7 | ||||||||||||
Selling, general and administrative |
29.9 | 25.9 | 24.1 | 25.0 | ||||||||||||
Depreciation and amortization |
8.2 | 7.1 | 7.0 | 7.0 | ||||||||||||
Impairment of intangible and other assets |
0.6 | — | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total costs and expenses |
60.2 | 51.0 | 49.3 | 54.6 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Operating margin |
40.4 | % | 49.8 | % | 51.2 | % | 46.3 | % | ||||||||
|
|
|
|
|
|
|
|
+ | Management contract or compensatory plan or arrangement |
* | Filed herewith |
** | Furnished herewith |
LANDSTAR SYSTEM, INC. | ||||||
Date: October 30, 2020 | /s/ James B. Gattoni | |||||
James B. Gattoni | ||||||
President and | ||||||
Chief Executive Officer | ||||||
Date: October 30, 2020 | /s/ L. Kevin Stout | |||||
L. Kevin Stout | ||||||
Vice President and Chief | ||||||
Financial Officer |