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Recent Accounting Pronouncements (Tables) | 12 Months Ended
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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 |

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