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Change in Accounting Estimate for Self-Insured Claims | 12 Months Ended
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Dec. 28, 2024
Change in Accounting Estimate for Self-Insured Claims | (13) Change in Accounting Estimate for Self-Insured Claims Landstar provides for the estimated costs of self-insured claims primarily on an actuarial basis. The amount recorded for the estimated liability for claims incurred is based upon the facts and circumstances known on the applicable balance sheet date. The ultimate resolution of these claims may be for an amount greater or less than the amount estimated by management. The Company continually revises its existing claim estimates as new or revised information becomes available on the status of each claim. Historically, the Company has experienced both favorable and unfavorable development of prior years’ claims estimates within its various programs. The following table summarizes the adverse effect of the increase in the cost of insurance claims resulting from unfavorable development of prior year self-insured claims estimates on operating income, net income and earnings per share set forth in the consolidated statements of income for the fiscal years ended December 28, 2024, December 30, 2023 and December 31, 2022 (in thousands, except per share amounts):
|  | Fiscal Years Ended |
|  | December 28, 2024 |  |  | December 30, 2023 |  |  | December 31, 2022 |
Operating income |  | $ | 8,824 |  |  | $ | 6,058 |  |  | $ | 11,331 |
Net income |  | $ | 6,794 |  |  | $ | 4,598 |  |  | $ | 8,570 |
Basic and diluted earnings per share |  | $ | 0.19 |  |  | $ | 0.13 |  |  | $ | 0.23 |
The unfavorable development of prior years’ claims in the fiscal years ended December 28, 2024, December 30, 2023 and December 31, 2022 was primarily attributable in each year to several specific claims.

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- Definition The entire disclosure for reporting change in accounting estimate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-4 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-1 + Details
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