QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
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☑ |
Accelerated filer |
☐ | |||
Non-accelerated filer |
☐ |
Smaller reporting company |
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Emerging growth company |
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Page 4 |
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Page 5 |
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Page 6 |
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Page 7 |
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Page 8 |
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Page 10 |
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Page 18 |
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Page 31 |
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Page 32 |
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Page 32 |
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Page 33 |
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Page 35 |
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Page 35 |
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Page 37 |
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June 27, 2020 |
December 28, 2019 |
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ASSETS |
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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 |
$ | |
$ | |
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||
Current Liabilities |
||||||||
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 |
||||||||
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 |
( |
) | ( |
) | ||||
Total shareholders’ equity |
|
|
||||||
Total liabilities and shareholders’ equity |
$ | |
$ | |
||||
Twenty Six Weeks Ended |
Thirteen Weeks Ended |
|||||||||||||||
June 27, 2020 |
June 29, 2019 |
June 27, 2020 |
June 29, 2019 |
|||||||||||||
Revenue |
$ | |
$ | |
$ | |
$ | |
||||||||
Investment income |
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|
||||||||||||
Costs and expenses: |
||||||||||||||||
Purchased transportation |
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Commissions to agents |
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||||||||||||
Other operating costs, net of gains 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 |
|
— |
|
— |
||||||||||||
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 |
— |
( |
) | — |
— |
|||||||||||
Net income attributable to Landstar System, Inc. and subsidiary |
$ | |
$ | |
$ | |
$ | |
||||||||
Earnings per common share attributable to Landstar System, Inc. and subsidiary |
$ | |
$ | |
$ | |
$ | |
||||||||
Diluted earnings per share attributable to Landstar System, Inc. and subsidiary |
$ | |
$ | |
$ | |
$ | |
||||||||
Average number of shares outstanding: |
||||||||||||||||
Earnings per common share |
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|
||||||||||||
Diluted earnings per share |
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|
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|
||||||||||||
Dividends per common share |
$ | |
$ | |
$ | |
$ | |
||||||||
Twenty Six Weeks Ended |
Thirteen Weeks Ended |
|||||||||||||||
June 27, 2020 |
June 29, 2019 |
June 27, 2020 |
June 29, 2019 |
|||||||||||||
Net income attributable to Landstar System, Inc. and subsidiary |
$ | |
$ | |
$ | |
$ | |
||||||||
Other comprehensive (loss) income: |
||||||||||||||||
Unrealized holding gains on available-for-sale |
||||||||||||||||
tax expense of $ |
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|
||||||||||||
Foreign currency translation (losses) gains |
( |
) | |
|
|
|||||||||||
Other comprehensive (loss) income |
( |
) | |
|
|
|||||||||||
Comprehensive income attributable to Landstar System, Inc. and subsidiary |
$ | |
$ | |
$ | |
$ | |
||||||||
|
|
|
|
|
|
|
|
Twenty Six Weeks Ended |
||||||||
June 27, 2020 |
June 29, 2019 |
|||||||
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 |
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|
||||||
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 |
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|
||||||
Stock-based compensation |
|
|
||||||
Changes in operating assets and liabilities: |
||||||||
Decrease in trade and other accounts receivable |
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|
||||||
Increase in other assets |
( |
) | ( |
) | ||||
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 |
||||||||
Net changes in other short-term investments |
|
— |
||||||
Sales and maturities of investments |
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|
||||||
Purchases of investments |
( |
) | ( |
) | ||||
Purchases of operating property |
( |
) | ( |
) | ||||
Proceeds from sales of operating property |
|
|
||||||
Consideration paid for acquisition |
( |
) | — |
|||||
NET CASH USED BY INVESTING ACTIVITIES |
( |
) | ( |
) | ||||
FINANCING ACTIVITIES |
||||||||
Decrease in cash overdraft |
( |
) | ( |
) | ||||
Dividends paid |
( |
) | ( |
) | ||||
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 |
— |
( |
) | |||||
NET CASH USED BY FINANCING ACTIVITIES |
( |
) | ( |
) | ||||
Effect of exchange rate changes on cash and cash equivalents |
( |
) | |
|||||
(Decrease) increase in cash and cash equivalents |
( |
) | |
|||||
Cash and cash equivalents at beginning of period |
|
|
||||||
Cash and cash equivalents at end of period |
$ | |
$ | |
||||
|
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 |
|
$ |
|
$ |
|
$ |
|
|
$ |
( |
) |
$ |
( |
) |
|
|
|
|
$ |
|
||||||||||||||||
Adoption of accounting standard (Note 1 4 ) |
( |
) |
|
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|
( |
) | ||||||||||||||||||||||||||||
Net income |
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|
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Dividends ($ per share) |
( |
) |
|
|
|
|
( |
) | ||||||||||||||||||||||||||||
Purchases of common stock |
|
( |
) |
|
|
|
|
( |
) | |||||||||||||||||||||||||||
Issuance of stock related to stock-based compensation plans |
|
|
( |
) |
|
( |
) |
|
|
|
|
( |
) | |||||||||||||||||||||||
Stock-based compensation |
|
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|
||||||||||||||||||||||||||||||
Other comprehensive loss |
( |
) |
|
|
|
|
( |
) | ||||||||||||||||||||||||||||
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|
|
|
|
|
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|
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|||||||||||||||||||
Balance March 28, 2020 |
|
$ |
|
$ |
|
$ |
|
|
$ |
( |
) |
$ |
( |
) |
|
|
|
|
$ |
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Net income |
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|
||||||||||||||||||||||||||||||
Dividends ($ per share) |
( |
) |
|
|
|
|
( |
) | ||||||||||||||||||||||||||||
Issuance of stock related to stock-based compensation plans |
|
— |
( |
) |
|
( |
) |
|
|
|
|
( |
) | |||||||||||||||||||||||
Stock-based compensation |
|
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|
||||||||||||||||||||||||||||||
Other comprehensive income |
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||||||||||||||||||||||||||||||
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|||||||||||||||||||
Balance June 27, 2020 |
|
$ |
|
$ |
|
$ |
|
|
$ |
( |
) |
$ |
( |
) |
|
|
|
|
$ |
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|
Landstar System, Inc. and Subsidiary Shareholders |
||||||||||||||||||||||||||||||||||||
Common Stock |
Additional Paid-In Capital |
Retained Earnings |
Treasury Stock at Cost |
Accumulated Other Comprehensive (Loss) Income |
Non-controlling Interests |
|||||||||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Total |
||||||||||||||||||||||||||||||||
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|
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|
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|
|
|
|
|
|
|
|
|
|
Balance December 29, 2018 |
|
$ |
|
$ |
|
$ |
|
|
$ |
( |
) |
$ |
( |
) |
$ |
|
$ |
|
||||||||||||||||||
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| ||||||
Net income (loss) |
|
( |
) |
|
||||||||||||||||||||||||||||||||
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| ||||||
Dividends ($ per share) |
( |
) |
( |
) | ||||||||||||||||||||||||||||||||
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| ||||||
Purchases of common stock |
|
( |
) |
( |
) | |||||||||||||||||||||||||||||||
|
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|
|
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|
|
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|
| ||||||
Purchase of noncontrolling interests |
|
( |
) |
( |
) | |||||||||||||||||||||||||||||||
|
|
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|
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|
| |||
Issuance of stock related to stock-based compensation plans |
|
|
( |
) |
|
( |
) |
( |
) | |||||||||||||||||||||||||||
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| |||
Stock-based compensation |
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||||||||||||||||||||||||||||||||||
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| ||||||
Other comprehensive income |
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|||||||||||||||||||||||||||||||||
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|
Balance March 30, 2019 |
|
$ |
|
$ |
|
$ |
|
|
$ |
( |
) |
$ |
( |
) |
$ |
|
$ |
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| |||||||
Net income |
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| |||||||
Dividends ($ per share) |
( |
) |
( |
) | ||||||||||||||||||||||||||||||||
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| ||||||
Purchases of common stock |
|
( |
) |
( |
) | |||||||||||||||||||||||||||||||
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| ||||||
Issuance of stock related to stock-based compensation plans |
|
|
( |
) |
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( |
) |
( |
) | |||||||||||||||||||||||||||
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| |||||||
Stock-based compensation |
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| |||||||
Other comprehensive income |
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|
Balance June 29, 2019 |
|
$ |
|
$ |
|
$ |
|
|
$ |
( |
) |
$ |
( |
) |
$ |
|
$ |
|
||||||||||||||||||
(1) |
Significant Accounting Policies |
(2) |
Acquired Business |
(3) |
Share-based Payment Arrangements |
Twenty Six Weeks Ended |
Thirteen Weeks Ended |
|||||||||||||||
June 27, 2020 |
June 29, 2019 |
June 27, 2020 |
June 29, 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 June 27, 2020 |
$ | |||||||
(1) |
Represents shares earned in excess of target under the February 2, 2017 RSU awards as actual results exceeded the target under the awards as a result of fiscal year 2019 results. |
Number of Options |
Weighted Average Exercise Price per |
Weighted Average Remaining Contractual Term (years) |
Aggregate Intrinsic Value (000s) |
|||||||||||||
Options outstanding at December 28, 2019 |
|
$ | |
|||||||||||||
Exercised |
( |
) | $ | |
||||||||||||
Options outstanding at June 27, 2020 |
|
$ | |
|
$ | |
||||||||||
Options exercisable at June 27, 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 June 27, 2020 |
|
$ | |
|||||
(4) |
Income Taxes |
(5) |
Earnings Per Share |
(6) |
Additional Cash Flow Information |
(7) |
Segment Information |
Twenty Six Weeks Ended |
||||||||||||||||||||||||
June 27, 2020 |
June 29, 2019 |
|||||||||||||||||||||||
Transportation Logistics |
Insurance |
Total |
Transportation Logistics |
Insurance |
Total |
|||||||||||||||||||
External revenue |
$ | |
$ | |
$ |
|
$ | |
$ | |
$ |
|
||||||||||||
Internal revenue |
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|
|
|
||||||||||||||||||||
Investment income |
|
|
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|
||||||||||||||||||||
Operating income |
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|
||||||||||||||||||
Expenditures on long-lived assets |
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|
|
||||||||||||||||||||
Goodwill |
|
|
|
|
||||||||||||||||||||
Thirteen Weeks Ended |
||||||||||||||||||||||||
June 27, 2020 |
June 29, 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 Translation |
Total |
||||||||||
Balance as of December 28, 2019 |
$ | |
$ | ( |
) | $ |
( |
) | ||||
Other comprehensive gain (loss) |
|
( |
) | ( |
) | |||||||
Balance as of June 27, 2020 |
$ | |
$ | ( |
) | $ | ( |
) | ||||
(9) |
Investments |
Amortized Cost |
Gross Unrealized Gains |
Gross Unrealized Losses |
Fair Value |
|||||||||||||
June 27, 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 obligation s |
|
|
|
|
||||||||||||
Total |
$ | |
$ | |
$ | |
$ |
|
||||||||
Less than 12 months |
12 months or longer |
Total |
||||||||||||||||||||||
Fair Value |
Unrealized Loss |
Fair Value |
Unrealized Loss |
Fair Value |
Unrealized Loss |
|||||||||||||||||||
June 27, 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 obligation s |
|
|
— |
— |
|
|
||||||||||||||||||
Total |
$ |
|
$ | |
$ |
|
$ | |
$ |
|
$ | |
||||||||||||
Finance leases: |
||||
Amortization of right-of-use assets |
$ |
|
||
Interest on lease liability |
|
|||
Total finance lease cost |
|
|||
Operating leases: |
||||
Lease cost |
|
|||
Variable lease cost |
— |
|||
Sublease income |
( |
) | ||
Total operating lease (income)/cost |
( |
) | ||
Total lease cost |
$ |
|
||
Operating lease right-of-use assets |
Other assets |
$ | |
|||
Finance lease asset s |
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 liabilitie s |
|
|||||||
Deferred income taxes and other noncurrent liabilities |
|
Finance |
Operating |
|||||||
Weighted average remaining lease term (years) |
|
|
||||||
Weighted average discount rate |
|
% | |
% |
(11) |
Commitments and Contingencies |
(12) |
Change in Accounting Estimate for Self-Insured Claims |
Twenty Six Weeks Ended |
Thirteen Weeks Ended |
|||||||||||||||
June 27, 2020 |
June 29, 2019 |
June 27, 2020 |
June 29, 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 |
$ |
$ |
$ |
$ |
(13) |
Impairment of Intangible and Other Assets |
(1 4 ) |
Recent Accounting Pronouncements |
Twenty Six Weeks Ended |
Thirteen Weeks Ended |
|||||||||||||||
June 27, 2020 |
June 29, 2019 |
June 27, 2020 |
June 29, 2019 |
|||||||||||||
Revenue generated through (in thousands): |
||||||||||||||||
Truck transportation |
||||||||||||||||
Truckload: |
||||||||||||||||
Van equipment |
$ | 1,028,334 | $ | 1,224,379 | $ | 483,027 | $ | 605,365 | ||||||||
Unsided/platform equipment |
533,716 | 648,828 | 247,388 | 338,107 | ||||||||||||
Less-than-truckload |
45,859 | 48,108 | 22,918 | 24,732 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total truck transportation |
1,607,909 | 1,921,315 | 753,333 | 968,204 | ||||||||||||
Rail intermodal |
51,315 | 58,585 | 23,186 | 28,570 | ||||||||||||
Ocean and air cargo carriers |
57,250 | 58,893 | 30,663 | 28,224 | ||||||||||||
Other (1) |
34,606 | 39,247 | 16,332 | 20,042 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ 1,751,080 |
$ 2,078,040 |
$ 823,514 |
$ 1,045,040 |
|||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Revenue on loads hauled via BCO Independent Contractors included in total truck transportation |
$ | 809,779 | $ | 923,928 | $ | 378,500 | $ | 474,620 | ||||||||
Number of loads: |
||||||||||||||||
Truck transportation |
||||||||||||||||
Truckload: |
||||||||||||||||
Van equipment |
600,519 | 686,901 | 285,174 | 345,080 | ||||||||||||
Unsided/platform equipment |
231,122 | 260,920 | 110,533 | 135,750 | ||||||||||||
Less-than-truckload |
78,079 | 74,549 | 39,723 | 39,240 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total truck transportation |
909,720 | 1,022,370 | 435,430 | 520,070 | ||||||||||||
Rail intermodal |
21,510 | 23,880 | 9,970 | 11,420 | ||||||||||||
Ocean and air cargo carriers |
14,430 | 14,810 | 7,360 | 7,300 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
945,660 |
1,061,060 |
452,760 |
538,790 |
|||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Loads hauled via BCO Independent Contractors included in total truck transportation |
443,830 | 483,660 | 210,430 | 248,810 | ||||||||||||
Revenue per load: |
||||||||||||||||
Truck transportation |
||||||||||||||||
Truckload: |
||||||||||||||||
Van equipment |
$ | 1,712 | $ | 1,782 | $ | 1,694 | $ | 1,754 | ||||||||
Unsided/platform equipment |
2,309 | 2,487 | 2,238 | 2,491 | ||||||||||||
Less-than-truckload |
587 | 645 | 577 | 630 | ||||||||||||
Total truck transportation |
1,767 | 1,879 | 1,730 | 1,862 | ||||||||||||
Rail intermodal |
2,386 | 2,453 | 2,326 | 2,502 | ||||||||||||
Ocean and air cargo carriers |
3,967 | 3,977 | 4,166 | 3,866 | ||||||||||||
Revenue per load on loads hauled via BCO Independent Contractors |
$ | 1,825 | $ | 1,910 | $ | 1,799 | $ | 1,908 | ||||||||
Revenue by capacity type (as a % of total revenue): |
||||||||||||||||
Truck capacity providers: |
||||||||||||||||
BCO Independent Contractors |
46 | % | 44 | % | 46 | % | 45 | % | ||||||||
Truck Brokerage Carriers |
46 | % | 48 | % | 46 | % | 47 | % | ||||||||
Rail intermodal |
3 | % | 3 | % | 3 | % | 3 | % | ||||||||
Ocean and air cargo carriers |
3 | % | 3 | % | 4 | % | 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. |
June 27, 2020 |
June 29, 2019 |
|||||||
BCO Independent Contractors |
9,632 | 9,879 | ||||||
Truck Brokerage Carriers: |
||||||||
Approved and active (1) |
37,600 | 40,097 | ||||||
Other approved |
16,365 | 17,790 | ||||||
|
|
|
|
|||||
53,965 |
57,887 |
|||||||
|
|
|
|
|||||
Total available truck capacity providers |
63,597 | 67,766 | ||||||
|
|
|
|
|||||
Trucks provided by BCO Independent Contractors |
10,299 | 10,587 |
(1) |
Active refers to Truck Brokerage Carriers who moved at least one load in the 180 days immediately preceding the fiscal quarter end. |
Twenty Six Weeks Ended |
Thirteen Weeks Ended |
|||||||||||||||
June 27, 2020 |
June 29, 2019 |
June 27, 2020 |
June 29, 2019 |
|||||||||||||
Revenue |
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||
Purchased transportation |
76.8 | 76.6 | 77.1 | 76.5 | ||||||||||||
Commissions to agents |
8.6 | 8.3 | 9.1 | 8.4 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Gross profit margin |
14.6 | % | 15.1 | % | 13.7 | % | 15.1 | % | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Gross profit |
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||
Investment income |
0.8 | 0.8 | 0.7 | 0.8 | ||||||||||||
Indirect costs and expenses: |
||||||||||||||||
Other operating costs, net of gains on asset sales/dispositions |
6.1 | 5.8 | 6.6 | 6.2 | ||||||||||||
Insurance and claims |
17.5 | 10.0 | 17.5 | 10.3 | ||||||||||||
Selling, general and administrative |
33.6 | 26.3 | 35.9 | 26.1 | ||||||||||||
Depreciation and amortization |
9.0 | 7.1 | 10.1 | 7.0 | ||||||||||||
Impairment of intangible and other assets |
1.0 | — | 2.3 | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total costs and expenses |
67.1 | 49.2 | 72.3 | 49.7 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Operating margin |
33.7 | % | 51.6 | % | 28.4 | % | 51.2 | % | ||||||||
|
|
|
|
|
|
|
|
Exhibit No. |
Description | |
(10) | Material Contracts. | |
10.1+ | Landstar System, Inc. 2011 Equity Incentive Plan, as amended through March 12, 2020 (Incorporated by reference to Appendix A to the Registrant’s Definitive Proxy Statement filed on April 6, 2020 (Commission File No. 0-21238)) | |
(31) | Certifications Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
31.1 * | Chief Executive Officer certification, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
31.2 * | Chief Financial Officer certification, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
(32) | Certifications Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
32.1 ** | Chief Executive Officer certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
32.2 ** | Chief Financial Officer certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
101.INS* | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |
101.SCH* | Inline XBRL Taxonomy Extension Schema Document | |
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB* | Inline XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
104* | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
+ | Management contract or compensatory plan or arrangement |
* | Filed herewith |
** | Furnished herewith |
LANDSTAR SYSTEM, INC. | ||
Date: July 31, 2020 | /s/ James B. Gattoni | |
James B. Gattoni | ||
President and | ||
Chief Executive Officer | ||
Date: July 31, 2020 | /s/ L. Kevin Stout | |
L. Kevin Stout | ||
Vice President and Chief | ||
Financial Officer |