<SEC-DOCUMENT>0001193125-12-221640.txt : 20120612
<SEC-HEADER>0001193125-12-221640.hdr.sgml : 20120612
<ACCEPTANCE-DATETIME>20120509143640
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-12-221640
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20120509

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LANDSTAR SYSTEM INC
		CENTRAL INDEX KEY:			0000853816
		STANDARD INDUSTRIAL CLASSIFICATION:	TRUCKING (NO LOCAL) [4213]
		IRS NUMBER:				061313069
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1226

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		13410 SUTTON PARK DRIVE SOUTH
		CITY:			JACKSONVILLE
		STATE:			FL
		ZIP:			32224
		BUSINESS PHONE:		9043901234

	MAIL ADDRESS:	
		STREET 1:		LANDSTAR SYSTEM INC
		STREET 2:		13410 SUTTON PARK DRIVE SOUTH
		CITY:			JACKSONVILLE
		STATE:			FL
		ZIP:			32224
</SEC-HEADER>
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<TYPE>CORRESP
<SEQUENCE>1
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">May&nbsp;9, 2012 </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><U>VIA EDGAR AND FEDERAL EXPRESS </U></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ms.&nbsp;Linda Cvrkel </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Branch Chief </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Securities and Exchange Commission
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Division of Corporate Finance </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">100 F
Street, N.E. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Washington, D.C. 20549 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mail Stop 3561 </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Re:</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Landstar System, Inc. </FONT></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Form 10-K for the fiscal year ended December&nbsp;31, 2011 </FONT></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Filed February&nbsp;24, 2012 </FONT></TD></TR></TABLE>
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<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Definitive Proxy Statement on Schedule 14A </FONT></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Filed April&nbsp;12, 2012 </FONT></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">File No. 000-21238 </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dear Ms.&nbsp;Cvrkel:
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">This letter sets forth the responses of Landstar System, Inc. (the &#147;Company&#148;) to the comments contained in your letter, dated
April&nbsp;30, 2012, relating to the to the Company&#146;s Annual Report on Form 10-K for the fiscal year ended December&nbsp;31, 2011 (the &#147;Form 10-K&#148;) filed with the Securities and Exchange Commission (the &#147;Commission&#148;) on
February&nbsp;24, 2012 and the Company&#146;s Definitive Proxy Statement on Schedule 14A filed with the Commission on April&nbsp;12, 2012. The comments of the Commission are set forth in bold/italics and the Company&#146;s responses are set forth in
plain text immediately following each comment. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Note 12-Commitments and Contingencies, page 51 </U></B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>1.</I></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>We note your disclosure indicating that the Company is involved in certain claims and pending litigation, including those described in Note 12,
arising from the normal conduct of business. We also note that based on knowledge of the facts and, in certain cases, opinions of outside counsel, management believes that adequate provisions have been made for probable losses with respect to the
resolution of all such claims and pending litigation and that the ultimate </I></B></FONT></P></TD></TR></TABLE>

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<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>
outcome, after provisions therefore, will not have a material adverse effect on the financial condition of the Company, but could have a material effect on the results of operations in a given
quarter or year. In accordance with ASC 450-20-50, if an exposure to loss exists in excess of the amount accrued, disclosure of the contingency shall be made when there is at least a reasonable possibility that a loss or an additional loss may have
been incurred. The disclosure shall indicate the nature of the contingency and shall give an estimate of the possible loss or range of loss or state that such an estimate cannot be made. In this regard, please tell us and revise your footnote to
comply with the requirements of ASC 450-20-50-4. </I></B></FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Response: </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Overview of Claims </I></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Landstar is a non-asset based provider of freight transportation services and supply chain solutions, with a substantial portion of the
Company&#146;s revenue historically being derived from truckload services. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company&#146;s claim exposure consists of claims directly
related to the transportation of freight (&#147;<U>Transportation Services Claims</U>&#148;) and claims other than those involving the transportation of freight (&#147;<U>Commercial Claims</U>&#148;). </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Transportation Services Claims include (i)&nbsp;commercial trucking claims incurred by independent contractors who provide truckload
capacity to the Company under exclusive lease arrangements (referred to in the Form 10-K as &#147;BCO Independent Contractors&#148;), (ii)&nbsp;claims under insurance programs offered by third party insurers to BCO Independent Contractors that are
re-insured by one of Landstar&#146;s subsidiaries and (iii)&nbsp;general liability, workers compensation and cargo claims. Landstar self-insures or otherwise retains liability on commercial trucking claims up to $5,000,000 per occurrence, general
liability claims up to $1,000,000 per occurrence, workers&#146; compensation claims up to $250,000 per occurrence and cargo claims up to $250,000 per occurrence. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Company accounts for Transportation Services Claims in accordance with generally accepted accounting principles as described in the Company&#146;s Form 10-K under footnote 1 to the financial
statements, &#147;Significant Accounting Policies&#148;. The Company&#146;s aggregate accrual for Transportation Services Claims incurred during any period consists of (i)&nbsp;an accrual for the cost to the Company of claims incurred and reported,
but unpaid, (ii)&nbsp;an estimate of the cost to the Company for claims incurred but not reported and (iii)&nbsp;an estimate of the anticipated cost to the Company due to favorable or unfavorable development of existing claims incurred, all based
upon the facts and circumstances known on the applicable balance sheet date. Such aggregate accrual is determined primarily on an actuarial basis based on historical trends and data. The ultimate resolution of these claims may be for an amount
greater or less than the amount estimated by management. Also see Comment 2 and related response set forth in the SEC comment response letter, dated March&nbsp;31, 2011, from James B. Gattoni to Linda Cvrkel. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">As of December&nbsp;31, 2011, the balance sheet date, and through February&nbsp;24, 2012,
based on knowledge of the facts and, in certain cases, opinions of outside counsel, the accrual for Transportation Services Claims represented management&#146;s best estimate of the ultimate cost to be incurred as of the applicable reporting date.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Commercial Claims include all other claims involving the Company, such as disputes with customers, competitors, vendors, the
Company&#146;s independent commission sales agents and other transportation service providers. As of December&nbsp;31, 2011, and through February&nbsp;24, 2012, based on knowledge of the facts and, in certain cases, opinions of outside counsel, no
provisions had been made for any Commercial Claims, and management&#146;s belief was that the potential for a material loss related to any Commercial Claim was remote. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>Disclosure </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company acknowledges the Staff&#146;s reference to the
following language in Note 12 (Commitments and Contingencies) of the Notes to Consolidated Financial Statements in the 10-K: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:10%;margin-right:10%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>The Company is involved in certain claims and pending litigation, including those described herein, arising from the normal conduct of business. Based on knowledge of the facts and, in certain cases,
opinions of outside counsel, management believes that adequate provisions have been made for probable losses with respect to the resolution of all such claims and pending litigation and that the ultimate outcome, after provisions therefor, will not
have a material adverse effect on the financial condition of the Company, but could have a material effect on the results of operations in a given quarter or year. </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">As described above, as of December&nbsp;31, 2011, and through February&nbsp;24, 2012, although the Company believed that the ultimate outcome of a claim or pending litigation &#147;<I>could have a
material effect on the results of operations in a given quarter or year,</I>&#148; based on knowledge of the facts and, in certain cases, opinions of outside counsel, management believed that the likelihood of such an outcome with respect to any
claim or pending litigation was remote. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">3 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In response to the Staff&#146;s comment, the Company will revise the commitments and
contingencies footnote in future 10-K filings to clarify management&#146;s belief that the potential for a material loss or material additional loss with respect to any claim is remote except as to a specific claim as may be otherwise separately
disclosed in such filing in accordance with ASC 450. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">An example of such disclosure follows: </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:10%;margin-right:10%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>In addition to the matters referred to above, the Company is involved in certain other claims and pending litigation
(&#147;Other Claims&#148;) arising from the normal conduct of business. Many of these Other Claims are covered in whole or in part by insurance. Based on knowledge of the facts and, in certain cases, opinions of outside counsel, management believes
that adequate provisions have been made for probable losses with respect to the resolution of all Other Claims and that the potential of a material loss or material additional loss with respect to any Other Claim in excess of amounts accrued is
remote. </I></FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Definitive Proxy Statement on Schedule 14A</U></B> </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>2.</I></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Please refer to item number 3 on your proxy card for your 2012 annual meeting of stockholders. In future filings, please confirm that you will include an advisory
vote description that is consistent with the Exchange Act Rule 14a-21 requirement for shareholders to be given an advisory vote to approve the compensation paid to a company&#146;s named executive officers, as disclosed pursuant to Item&nbsp;402 of
Regulation SK. For further guidance, please refer to Exchange Act Rules Compliance and Disclosure Interpretation 169.07. </I></B></FONT></TD></TR></TABLE>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Response: </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company acknowledges the
Staff&#146;s comment and reference to Exchange Act Rules Compliance and Disclosure Interpretation 169.07. The Company confirms that it will include in future filings an advisory vote description that is consistent with the Exchange Act Rule 14a-21
requirement for shareholders to be given an advisory vote to approve the compensation paid to a company&#146;s named executive officers, as disclosed pursuant to Item&nbsp;402 of Regulation S-K. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">******** </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company hereby
acknowledges that: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the Company is responsible for the adequacy and accuracy of the disclosure in the filing; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the
filing; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the Company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of
the United States. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">**** </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">If you have any questions regarding this letter, please do not hesitate to call me at (904)&nbsp;390-1224. </FONT></P>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Sincerely,</FONT></TD></TR>
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<TD HEIGHT="16"></TD></TR>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ James B. Gattoni</FONT></TD></TR>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">James B. Gattoni</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Vice
President and Chief Financial Officer</FONT></P></TD></TR>
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 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">4 </FONT></P>

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