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Commitments and Contingencies | 3 Months Ended
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Apr. 01, 2023
Commitments and Contingencies |
(11) | Commitments and Contingencies
Short-term investments include $47,168,000 in current maturities of investments held by the Company’s insurance segment at April 1, 2023. The non-current portion of the bond portfolio of $103,775,000 is included in other assets. The short-term investments, together with $37,906,000 of non-current investments, provide collateral for the $76,567,000 of letters of credit issued to guarantee payment of insurance claims. As of April 1, 2023, Landstar also had $33,492,000 of additional letters of credit outstanding under the Company’s Credit Agreement. The Company is involved in certain claims and pending litigation arising from the normal conduct of business. Many of these 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 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.

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