Discontinued Operations

12 Months Ended

Dec. 28, 2013

Discontinued Operations

(2)    Discontinued Operations

On December 28, 2013, the Company completed the sale of Landstar Supply Chain Solutions, Inc., a Delaware corporation, including its wholly owned subsidiary, Landstar Supply Chain Solutions LLC (collectively, “LSCS”), which was part of the Company’s Transportation Logistics segment, to XPO Logistics, Inc. (“XPO”). XPO paid a purchase price of $87 million in cash (the “Purchase Price”) as consideration for its acquisition of LSCS. The Purchase Price is subject to customary post-closing adjustments. The operating results of LSCS along with the gain on sale are reported in the consolidated financial statements as discontinued operations. The sale resulted in a gain on the sale of discontinued operations of $33 million, or $0.71 per diluted share.

The following tables summarize the discontinued operations activity in the consolidated statements of income and cash flows for the fiscal years ended December 28, 2013, December 29, 2012 and December 31, 2011 (in thousands):

	Fiscal Year
	2013		2012		2011
Revenue	$	21,173	$	22,621	$	20,708
Income from discontinued operations before income taxes		6,673		5,120		2,477
Gain on sale of discontinued operations before income taxes		52,174		—		—
Income from discontinued operations before income taxes		58,847		5,120		2,477
Income taxes on income from discontinued operations		2,615		1,905		1,013
Income taxes on gain on sale of discontinued operations		19,145		—		—
Income from discontinued operations, net of income taxes	$	37,087	$	3,215	$	1,464