Recent Accounting Pronouncements (Tables)

6 Months Ended

Jun. 30, 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, net	$	631,164	$	9,879		$	641,043
Other current assets		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 twenty six weeks ended June 30, 2018
	As Reported		Balances Without Adoption of ASU 2014-09		Effect of Change Higher/(Lower)
Income statement
Revenues
Transportation	$	2,205,561	$	2,201,260	$	4,301
Insurance		25,151		25,151		—

Costs and expenses
Purchased transportation		1,727,237		1,723,814		3,423
Commissions to agents		176,524		176,222		302
Income taxes		36,975		36,834		141
Net income attributable to Landstar System, Inc. and subsidiary		120,040		119,605		435

	June 30, 2018
	As Reported		Balances Without Adoption of ASU 2014-09		Effect of Change Higher/(Lower)
Balance Sheet
Assets
Trade accounts receivable, net	$	688,961	$	674,781	$	14,180
Other current assets		29,553		30,163		(610	)

Liabilities
Accounts payable		311,768		299,406		12,362

Equity
Retained earnings		1,719,475		1,718,267		1,208