Recent Accounting Pronouncements (Tables)

9 Months Ended

Sep. 29, 2018

Accounting Standards Update 2014-09

Adoption of New Accounting Standards

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 Thirty Nine Weeks ended September 29, 2018
	As Reported		Balances Without Adoption of ASU 2014-09		Effect of Change Higher/(Lower)
Income statement
Revenues
Transportation	$	3,394,298	$	3,390,242	$	4,056
Insurance		38,495		38,495		—
Costs and expenses
Purchased transportation		2,658,710		2,655,491		3,219
Commissions to agents		275,828		275,538		290
Income taxes		56,279		56,145		134
Net income attributable to Landstar System, Inc. and subsidiary		187,025		186,612		413

	September 29, 2018
	As Reported		Balances Without Adoption of ASU 2014-09		Effect of Change Higher/(Lower)
Balance Sheet
Assets
Trade accounts receivable, net	$	702,183	$	688,248	$	13,935
Other current assets		24,191		24,794		(603	)
Liabilities
Accounts payable		313,728		301,582		12,146
Equity
Retained earnings		1,779,680		1,778,494		1,186