Recent Accounting Pronouncements (Tables)

12 Months Ended

Dec. 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 Fiscal Year ended December 29, 2018
	As Reported		Balances Without Adoption of ASU 2014-09		Effect of Change Higher/(Lower)
Income statement
Revenues
Transportation	$	4,562,796	$	4,562,193	$	603
Insurance		52,348		52,348		—
Costs and expenses
Purchased transportation		3,569,961		3,569,371		590
Commissions to agents		378,002		378,011		(9	)
Income taxes		73,168		73,163		5
Net income attributable to Landstar System, Inc. and subsidiary		255,281		255,264		17

	December 29, 2018
	As Reported		Balances Without Adoption of ASU 2014-09		Effect of Change Higher/(Lower)
Balance Sheet
Assets
Trade accounts receivable, net	$	691,604	$	681,122	$	10,482
Other current assets		16,287		16,761		(474	)
Liabilities
Accounts payable		314,134		304,916		9,218
Equity
Retained earnings		1,841,279		1,840,489		790