Recent Accounting Pronouncements (Tables)

3 Months Ended

Mar. 31, 2018

Accounting Standards Update 2014-09

The cumulative effect of the changes made to our consolidated December 31, 2017 balance sheet for the adoption of ASU 2014-09 was as follows (in thousands):


	Balance at December 30, 2017		Adjustments Due to ASU 2014-09			Balance at December 31, 2017
Balance Sheet
Assets
Trade accounts receivable	$	631,164	$	9,879		$	641,043
Other current assets, net		14,394		(469	)		13,925

Liabilities
Accounts payable		285,132		8,637			293,769

Equity
Retained earnings		1,611,158		773			1,611,931

In accordance with the new revenue standard requirements, the impact of adoption on our consolidated income statement and balance sheet was as follows (in thousands):


	For the period ended March 31, 2018
	As Reported		Balances Without Adoption of ASU 2014-09		Effect of Change Higher/(Lower)
Income statement
Revenues
Transportation	$	1,035,640	$	1,033,445	$	2,195
Insurance		12,286		12,286		—

Costs and expenses
Purchased transportation		810,297		808,561		1,736
Commissions to agents		82,125		81,974		151
Income taxes		16,880		16,805		75
Net income attributable to Landstar System, Inc. and subsidiary		57,517		57,284		233

	March 31, 2018
	As Reported		Balances Without Adoption of ASU 2014-09		Effect of Change Higher/(Lower)
Balance Sheet
Assets
Trade accounts receivable, net	$	631,828	$	619,754	$	12,074

Liabilities
Accounts payable		282,480		271,956		10,524
Other current liabilities		62,206		61,662		544

Equity
Retained earnings		1,663,140		1,662,134		1,006