Landstar System Inc. Files 2024 10-K, Details Executive Awards

Ticker: LSTR · Form: 10-K · Filed: 2025-02-24T00:00:00.000Z

Sentiment: neutral

Topics: 10-K, executive-compensation, transportation-logistics

TL;DR

Landstar's 2024 10-K shows execs earned extra stock for hitting performance goals in '21 & '22.

AI Summary

Landstar System Inc. filed its 10-K for the fiscal year ending December 28, 2024. The filing details executive compensation, including additional Restricted Stock Unit (RSU) awards earned in fiscal years 2021 and 2022 due to exceeding financial performance targets and total shareholder return thresholds. The company's business includes various truck transportation services within its transportation logistics segment.

Why It Matters

This filing provides insight into how executive compensation is tied to company performance, potentially influencing future strategic decisions and shareholder value.

Risk Assessment

Risk Level: low — The filing is a standard annual report and does not contain immediate, high-impact negative news.

Key Numbers

2024 — Fiscal Year End (The period covered by the 10-K filing.)
2021 — Fiscal Year (Year for which performance targets were exceeded for RSU awards.)
2022 — Fiscal Year (Year for which performance targets were exceeded for RSU awards.)

Key Players & Entities

Landstar System Inc. (company) — Filer of the 10-K
2024-12-28 (date) — Fiscal year end
2025-02-24 (date) — Filing date
Restricted Stock Unit (RSU) awards (dollar_amount) — Form of executive compensation

FAQ

What specific financial metrics were used to determine the RSU awards for fiscal years 2021 and 2022?

The filing mentions 'financial results exceeded target performance level' and 'total shareholder return during the applicable performance period exceeded target performance level' for RSU awards, but does not specify the exact metrics.

What is the primary business segment of Landstar System Inc. as described in the filing?

The primary business segment mentioned is 'transportation logistics', which includes power-only, expedited, straight truck, cargo van, and miscellaneous other truck transportation revenue.

When was Landstar System Inc. incorporated?

The filing indicates the state of incorporation is Delaware (DE).

What is Landstar System Inc.'s SIC code?

Landstar System Inc.'s Standard Industrial Classification (SIC) code is 4213, which corresponds to 'TRUCKING (NO LOCAL)'.

What is the physical address of Landstar System Inc.'s headquarters?

The business address is 13410 Sutton Park Drive South, Jacksonville, FL 32224.

From the Filing

0001193125-25-033543.txt : 20250224 0001193125-25-033543.hdr.sgml : 20250224 20250224172509 ACCESSION NUMBER: 0001193125-25-033543 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 98 CONFORMED PERIOD OF REPORT: 20241228 FILED AS OF DATE: 20250224 DATE AS OF CHANGE: 20250224 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LANDSTAR SYSTEM INC CENTRAL INDEX KEY: 0000853816 STANDARD INDUSTRIAL CLASSIFICATION: TRUCKING (NO LOCAL) [4213] ORGANIZATION NAME: 01 Energy & Transportation IRS NUMBER: 061313069 STATE OF INCORPORATION: DE FISCAL YEAR END: 1230 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-21238 FILM NUMBER: 25658283 BUSINESS ADDRESS: STREET 1: 13410 SUTTON PARK DRIVE SOUTH CITY: JACKSONVILLE STATE: FL ZIP: 32224 BUSINESS PHONE: 9043989400 MAIL ADDRESS: STREET 1: LANDSTAR SYSTEM INC STREET 2: 13410 SUTTON PARK DRIVE SOUTH CITY: JACKSONVILLE STATE: FL ZIP: 32224 10-K 1 d874247d10k.htm 10-K 10-K Table of Contents false FY 0000853816 Represents additional shares earned (i) under the February 1, 2019 and January 31, 2020 RSU awards as fiscal year 2022 financial results exceeded target performance level and (ii) under the April 24, 2018 and July 1, 2019 RSU awards as total shareholder return during the applicable performance period exceeded target performance level under each of those awards. Represents additional shares earned under each of the February 2, 2017, February 2, 2018 and February 1, 2019 RSU awards, as fiscal year 2021 financial results exceeded target performance level under each such award. Represents additional shares earned under the April 24, 2018 and July 1, 2019 RSU awards as total shareholder return during the applicable performance period exceeded target performance level under each of those awards. Includes power-only, expedited, straight truck, cargo van, and miscellaneous other truck transportation revenue generated by the transportation logistics segment. Power-only refers to shipments where the Company furnishes a power unit and an operator but not trailing equipment, which is typically provided by the shipper or consignee. Interest and debt (income) expense includes (1) interest income earned on cash balances held by the transportation logistics segment of $9,495, $7,811 and $900 in 2024, 2023 and 2022, respectively and (2) consolidated total interest expense of $4,076, $3,865 and $4,520 (1) in 2024, 2023 and 2022, respectively. 0000853816 2023-12-31 2024-12-28 0000853816 2024-12-28 0000853816 2023-12-30 0000853816 2023-01-01 2023-12-30 0000853816 2021-12-26 2022-12-31 0000853816 2021-12-07 0000853816 2022-12-06 0000853816 2023-12-04 0000853816 2024-02-02 2024-02-02 0000853816 2025-01-24 0000853816 2024-06-29 0000853816 2022-12-31 0000853816 2021-12-25 0000853816 2024-01-01 2024-12-28 0000853816 lstr:CorporateBondsCommercialPaperAndDirectObligationsOfGovernmentAgenciesMember 2023-12-30 0000853816 us-gaap:AssetBackedSecuritiesMember 2023-12-30 0000853816 us-gaap:MoneyMarketFundsMember 2023-12-30 0000853816 us-gaap:USTreasurySecuritiesMember 2023-12-30 0000853816 lstr:InitialExcessPolicyMember srt:MinimumMember lstr:CommercialTruckingClaimsMember 2023-12-30 0000853816 lstr:InitialExcessPolicyMember srt:MaximumMember lstr:CommercialTruckingClaimsMember 2023-12-30 0000853816 lstr:S2023ADividendsMember us-gaap:CommonStockMember 2023-12-30 0000853816 lstr:TransportationLogisticsMember 2023-12-30 0000853816 lstr:CorporateBondsCommercialPaperAndDirectObligationsOfGovernmentAgenciesMember 2024-12-28 0000853816 us-gaap:AssetBackedSecuritiesMember 2024-12-28 0000853816 us-gaap:MoneyMarketFundsMember 2024-12-28 0000853816 us-gaap:RevolvingCreditFacilityMember 2024-12-28 0000853816 lstr:GuaranteePaymentOfInsuranceClaimsMember 2024-12-28 0000853816 lstr:TwoThousandAndTwentyTwoDirectorsStockCompensationPlanMember 2024-12-28 0000853816 lstr:TwoThousandElevenEquityIncentivePlanMember 2024-12-28 0000853816 lstr:GeneralLiabilityClaimMember 2024-12-28 0000853816 lstr:BcoIndependentContractorMemb