Equity

12 Months Ended

Dec. 30, 2023

Equity

(10) Equity

On December 7, 2021, the Landstar System, Inc. Board of Directors authorized the Company to purchase up to 1,912,824 shares of the Company’s Common Stock from time to time in the open market and in privately negotiated transactions. On December 6, 2022, the Landstar System, Inc. Board of Directors authorized the Company to purchase up to 1,900,826 additional shares of the Company’s Common Stock from time to time in the open market and in privately negotiated transactions. On December 4, 2023, the Landstar System, Inc. Board of Directors authorized the Company to purchase up to 319,332 additional shares of its Common Stock from time to time in the open market and in privately negotiated transactions under its share purchase program. As of December 30, 2023, the Company had authorization to purchase in the aggregate up to 3,000,000 shares of its Common Stock under these programs. No specific expiration date has been assigned to the December 7, 2021, December 6, 2022 or December 4, 2023 authorizations. During fiscal year 2023, Landstar purchased a total of 319,332 shares of its Common Stock at a total cost of $54,267,000 pursuant to its previously announced stock purchase program, including $53,919,000 in cash purchases and accrued excise tax of $348,000, which is included in other current liabilities in the consolidated balance sheet at December 30, 2023.

The Company has 2,000,000 shares of preferred stock authorized and unissued.