Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 27, 2014 | Oct. 20, 2014 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 27-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'LSTR | ' |
Entity Registrant Name | 'LANDSTAR SYSTEM INC | ' |
Entity Central Index Key | '0000853816 | ' |
Current Fiscal Year End Date | '--12-27 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 44,737,295 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 27, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents | $140,591 | $180,302 |
Short-term investments | 37,664 | 34,939 |
Trade accounts receivable, less allowance of $4,687 and $3,773 | 455,478 | 378,732 |
Other receivables, including advances to independent contractors, less allowance of $3,449 and $4,253 | 12,355 | 73,903 |
Deferred income taxes and other current assets | 16,322 | 14,592 |
Total current assets | 662,410 | 682,468 |
Operating property, less accumulated depreciation and amortization of $157,379 and $157,985 | 203,568 | 177,329 |
Goodwill | 31,134 | 31,134 |
Other assets | 83,113 | 79,765 |
Total assets | 980,225 | 970,696 |
Current Liabilities | ' | ' |
Cash overdraft | 32,232 | 27,780 |
Accounts payable | 203,203 | 157,796 |
Current maturities of long-term debt | 34,619 | 27,567 |
Insurance claims | 29,153 | 92,280 |
Other current liabilities | 43,120 | 70,237 |
Total current liabilities | 342,327 | 375,660 |
Long-term debt, excluding current maturities | 80,507 | 73,938 |
Insurance claims | 23,293 | 24,171 |
Deferred income taxes and other noncurrent liabilities | 38,426 | 42,446 |
Shareholders' Equity | ' | ' |
Common stock, $0.01 par value, authorized 160,000,000 shares, issued 67,211,626 and 67,017,858 shares | 672 | 670 |
Additional paid-in capital | 186,097 | 179,807 |
Retained earnings | 1,264,811 | 1,173,044 |
Cost of 22,474,331 and 21,528,693 shares of common stock in treasury | -955,613 | -899,028 |
Accumulated other comprehensive loss | -295 | -12 |
Total shareholders' equity | 495,672 | 454,481 |
Total liabilities and shareholders' equity | $980,225 | $970,696 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 27, 2014 | Dec. 28, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance on trade accounts receivable | $4,687 | $3,773 |
Allowance on other receivables | 3,449 | 4,253 |
Accumulated depreciation and amortization on operating property | $157,379 | $157,985 |
Common stock, par value | $0.01 | $0.01 |
Common stock, authorized shares | 160,000,000 | 160,000,000 |
Common stock, issued shares | 67,211,626 | 67,017,858 |
Treasury stock, shares | 22,474,331 | 21,528,693 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Revenue | $819,320 | $675,535 | $2,321,960 | $1,972,805 |
Investment income | 332 | 366 | 1,027 | 1,111 |
Costs and expenses: | ' | ' | ' | ' |
Purchased transportation | 633,596 | 518,141 | 1,792,560 | 1,512,677 |
Commissions to agents | 64,631 | 53,630 | 181,196 | 156,377 |
Other operating costs, net of gains on asset dispositions | 6,521 | 6,011 | 19,350 | 15,396 |
Insurance and claims | 12,026 | 13,335 | 37,732 | 36,907 |
Selling, general and administrative | 36,215 | 30,990 | 108,567 | 94,967 |
Depreciation and amortization | 7,086 | 7,180 | 20,419 | 20,743 |
Total costs and expenses | 760,075 | 629,287 | 2,159,824 | 1,837,067 |
Operating income | 59,577 | 46,614 | 163,163 | 136,849 |
Interest and debt expense | 774 | 856 | 2,260 | 2,367 |
Income from continuing operations before income taxes | 58,803 | 45,758 | 160,903 | 134,482 |
Income taxes | 22,048 | 17,255 | 60,585 | 50,736 |
Income from continuing operations | 36,755 | 28,503 | 100,318 | 83,746 |
Income from discontinued operations, net of income taxes | ' | 743 | ' | 2,706 |
Net income | $36,755 | $29,246 | $100,318 | $86,452 |
Earnings per common share: | ' | ' | ' | ' |
Income from continuing operations | $0.82 | $0.62 | $2.23 | $1.81 |
Income from discontinued operations | ' | $0.02 | ' | $0.06 |
Earnings per common share | $0.82 | $0.64 | $2.23 | $1.87 |
Diluted earnings per share: | ' | ' | ' | ' |
Income from continuing operations | $0.82 | $0.62 | $2.22 | $1.81 |
Income from discontinued operations | ' | $0.02 | ' | $0.06 |
Diluted earnings per share | $0.82 | $0.64 | $2.22 | $1.87 |
Average number of shares outstanding: | ' | ' | ' | ' |
Earnings per common share | 44,713,000 | 45,708,000 | 45,018,000 | 46,156,000 |
Diluted earnings per share | 44,937,000 | 45,856,000 | 45,222,000 | 46,323,000 |
Dividends per common share | $0.07 | ' | $0.19 | ' |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Net income | $36,755 | $29,246 | $100,318 | $86,452 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Unrealized holding gains (losses) on available-for-sale investments, net of tax benefit (expense) of ($19), $341, $106 and $(98) | -194 | 179 | 35 | -620 |
Foreign currency translation (losses) gains | -61 | 126 | -318 | -384 |
Other comprehensive (loss) income | -255 | 305 | -283 | -1,004 |
Comprehensive income | $36,500 | $29,551 | $100,035 | $85,448 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Unrealized holding gains (losses) on available-for-sale investments, tax benefit (expense) | $106 | ($98) | ($19) | $341 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 |
OPERATING ACTIVITIES OF CONTINUING OPERATIONS | ' | ' |
Net income | $100,318 | $86,452 |
Adjustments to reconcile net income to net cash provided by operating activities of continuing operations: | ' | ' |
Discontinued operations | ' | -2,706 |
Depreciation and amortization of operating property | 20,419 | 20,743 |
Non-cash interest charges | 164 | 164 |
Provisions for losses on trade and other accounts receivable | 3,823 | 2,445 |
Gains on sales/disposals of operating property | -1,955 | -2,933 |
Deferred income taxes, net | -3,346 | 4,730 |
Stock-based compensation | 4,218 | 4,133 |
Changes in operating assets and liabilities, net of discontinued operations: | ' | ' |
Increase in trade and other accounts receivable | -19,021 | -16,293 |
Increase in other assets | -2,427 | -2,032 |
Increase in accounts payable | 45,407 | 8,246 |
Decrease in other liabilities | -10,998 | -4,231 |
Increase (decrease) in insurance claims | -64,005 | 26,575 |
NET CASH PROVIDED BY OPERATING ACTIVITIES OF CONTINUING OPERATIONS | 72,597 | 125,293 |
INVESTING ACTIVITIES OF CONTINUING OPERATIONS | ' | ' |
Net change in other short-term investments | -4,979 | -4,091 |
Sales and maturities of investments | 25,027 | 33,265 |
Purchases of investments | -26,425 | -44,596 |
Purchases of operating property | -9,131 | -4,800 |
Proceeds from sales of operating property | 6,160 | 8,662 |
NET CASH USED BY INVESTING ACTIVITIES OF CONTINUING OPERATIONS | -9,348 | -11,560 |
FINANCING ACTIVITIES OF CONTINUING OPERATIONS | ' | ' |
Increase (decrease) in cash overdraft | 4,452 | -3,144 |
Dividends paid | -24,472 | ' |
Proceeds from exercises of stock options | 2,974 | 2,253 |
Taxes paid in lieu of shares issued related to stock-based compensation plans | -2,419 | -1,767 |
Excess tax effect on stock option exercises | 1,327 | 343 |
Purchases of common stock | -56,393 | -46,603 |
Principal payments on long-term debt and capital lease obligations | -28,111 | -44,002 |
NET CASH USED BY FINANCING ACTIVITIES OF CONTINUING OPERATIONS | -102,642 | -92,920 |
Cash flows from discontinued operations: | ' | ' |
Operating activities of discontinued operations | ' | 6,514 |
Investing activities of discontinued operations | ' | -66 |
Financing activities of discontinued operations | ' | -3,609 |
Net cash provided by discontinued operations | ' | 2,839 |
Effect of exchange rate changes on cash and cash equivalents | -318 | -384 |
Increase (decrease) in cash and cash equivalents | -39,711 | 23,268 |
Cash and cash equivalents at beginning of period | 180,302 | 74,284 |
Cash and cash equivalents at end of period | $140,591 | $97,552 |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Shareholders Equity (USD $) | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock at Cost | Accumulated Other Comprehensive Loss |
In Thousands, except Share data | ||||||
Beginning Balance at Dec. 28, 2013 | $454,481 | $670 | $179,807 | $1,173,044 | ($899,028) | ($12) |
Beginning Balance (in shares) at Dec. 28, 2013 | ' | 67,017,858 | ' | ' | 21,528,693 | ' |
Net income | 100,318 | ' | ' | 100,318 | ' | ' |
Dividends | -8,551 | ' | ' | -8,551 | ' | ' |
Purchases of common stock (in shares) | ' | ' | ' | ' | 939,872 | ' |
Purchases of common stock | -56,393 | ' | ' | ' | -56,393 | ' |
Issuance of stock related to stock-based compensation plans, including excess tax effect (in shares) | ' | 193,768 | ' | ' | 5,766 | ' |
Issuance of stock related to stock-based compensation plans, including excess tax effect | 1,882 | 2 | 2,072 | ' | -192 | ' |
Stock-based compensation | 4,218 | ' | 4,218 | ' | ' | ' |
Other comprehensive loss | -283 | ' | ' | ' | ' | -283 |
Ending Balance at Sep. 27, 2014 | $495,672 | $672 | $186,097 | $1,264,811 | ($955,613) | ($295) |
Ending Balance (in shares) at Sep. 27, 2014 | ' | 67,211,626 | ' | ' | 22,474,331 | ' |
Consolidated_Statement_of_Chan1
Consolidated Statement of Changes in Shareholders Equity (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended |
Sep. 27, 2014 | Sep. 27, 2014 | |
Dividends, per share | $0.07 | $0.19 |
Discontinued_Operations
Discontinued Operations | 9 Months Ended | ||||||||
Sep. 27, 2014 | |||||||||
Discontinued Operations | ' | ||||||||
-1 | Discontinued Operations | ||||||||
On December 28, 2013, the Company completed the sale of Landstar Supply Chain Solutions, Inc., a Delaware corporation, including its wholly owned subsidiary, Landstar Supply Chain Solutions LLC (collectively, “LSCS”), which was part of the Company’s Transportation Logistics segment, to XPO Logistics, Inc. (“XPO”). XPO paid a purchase price of $87.0 million in cash as consideration for LSCS. The net assets of LSCS acquired by XPO were $32.5 million. Direct transaction costs related to the transaction, primarily legal and other professional fees and payments made to certain executives of LSCS in connection with the transaction, were approximately $2.4 million. Net of income taxes of $19.1 million, the sale resulted in a gain on the sale of discontinued operations of $33.0 million, or $0.71 per diluted share in fiscal year 2013. There were no interest costs or corporate overhead expenses allocated in the gain calculation. Prior year operating results of LSCS have been reclassified in the consolidated financial statements to discontinued operations. | |||||||||
The following table summarizes specific financial components of discontinued operations presented in the consolidated statements of income for the thirty-nine-week and thirteen-week periods ended September 28, 2013 (in thousands): | |||||||||
Thirty Nine Weeks Ended | Thirteen Weeks Ended | ||||||||
Revenue | $ | 15,377 | $ | 4,986 | |||||
Income from discontinued operations before income taxes | 4,330 | 1,166 | |||||||
Income taxes on income from discontinued operations | (1,624 | ) | (423 | ) | |||||
Income from discontinued operations, net of income taxes | $ | 2,706 | $ | 743 | |||||
Sharebased_Payment_Arrangement
Share-based Payment Arrangements | 9 Months Ended | ||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||
Share-based Payment Arrangements | ' | ||||||||||||||||
-2 | Share-based Payment Arrangements | ||||||||||||||||
As of September 27, 2014, the Company had two employee equity incentive plans, the 2002 employee stock option and stock incentive plan (the “ESOSIP”) and the 2011 equity incentive plan (the “2011 EIP”). No further grants can be made under the ESOSIP. The Company also has two stock compensation plans for members of its Board of Directors, the 2003 Directors Stock Compensation Plan (the “2003 DSCP”) and the 2013 Directors Stock Compensation Plan (the “2013 DSCP”). The provisions of the 2013 DSCP are substantially similar to the provisions of the 2003 DSCP. 115,000 shares of the Company’s common stock were authorized for issuance under the 2013 DSCP. The ESOSIP, 2011 EIP, 2003 DSCP and 2013 DSCP are each referred to herein as a “Plan,” and, collectively, as the “Plans.” Amounts recognized in the financial statements with respect to these Plans are as follows (in thousands): | |||||||||||||||||
Thirty Nine Weeks Ended | Thirteen Weeks Ended | ||||||||||||||||
September 27, | September 28, | September 27, | September 28, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Total cost of the Plans during the period | $ | 4,218 | $ | 4,133 | $ | 1,419 | $ | 1,141 | |||||||||
Amount of related income tax benefit recognized during the period | (2,230 | ) | (1,294 | ) | (953 | ) | (315 | ) | |||||||||
Net cost of the Plans during the period | $ | 1,988 | $ | 2,839 | $ | 466 | $ | 826 | |||||||||
Included in income tax benefits recognized in the thirty-nine-week periods ended September 27, 2014 and September 28, 2013 were income tax benefits of $583,000 and $478,000, respectively, recognized on disqualifying dispositions of the Company’s common stock by employees who obtained shares of common stock through exercises of incentive stock options. Included in income tax benefits recognized in the thirteen-week periods ended September 27, 2014 and September 28, 2013 were income tax benefits of $119,000 and $61,000, respectively, recognized on disqualifying dispositions of the Company’s common stock by employees who obtained shares of common stock through exercises of incentive stock options. | |||||||||||||||||
As of September 27, 2014, there were 95,531 shares of the Company’s common stock reserved for issuance under the 2013 DSCP and 6,078,033 shares of the Company’s common stock reserved for issuance in the aggregate under the ESOSIP and 2011 EIP. | |||||||||||||||||
Stock Options | |||||||||||||||||
The fair value of each option grant on its grant date was calculated using the Black-Scholes option pricing model with the following weighted average assumptions for grants made in the 2014 and 2013 thirty-nine-week periods: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Expected volatility | 26 | % | 32 | % | |||||||||||||
Expected dividend yield | 0.43 | % | 0.41 | % | |||||||||||||
Risk-free interest rate | 1.5 | % | 0.75 | % | |||||||||||||
Expected lives (in years) | 4 | 4 | |||||||||||||||
The Company utilizes historical data, including exercise patterns and employee departure behavior, in estimating the term that options will be outstanding. Expected volatility was based on historical volatility and other factors, such as expected changes in volatility arising from planned changes to the Company’s business, if any. The risk-free interest rate was based on the yield of zero coupon U.S. Treasury bonds for terms that approximated the terms of the options granted. The weighted average grant date fair value of stock options granted during the thirty-nine-week periods ended September 27, 2014 and September 28, 2013 was $12.70 per share and $14.21 per share, respectively. | |||||||||||||||||
The following table summarizes information regarding the Company’s outstanding stock options under the Plans: | |||||||||||||||||
Number of | Weighted Average | Weighted Average | Aggregate Intrinsic | ||||||||||||||
Options | Exercise Price | Remaining | Value (000s) | ||||||||||||||
per Share | Contractual | ||||||||||||||||
Term (years) | |||||||||||||||||
Options outstanding at December 28, 2013 | 1,454,816 | $ | 44.55 | ||||||||||||||
Granted | 1,000 | $ | 58.06 | ||||||||||||||
Exercised | (462,545 | ) | $ | 41.18 | |||||||||||||
Forfeited | (65,800 | ) | $ | 47.47 | |||||||||||||
Options outstanding at September 27, 2014 | 927,471 | $ | 46.04 | 5.6 | $ | 24,162 | |||||||||||
Options exercisable at September 27, 2014 | 531,221 | $ | 43.72 | 4.4 | $ | 15,072 | |||||||||||
The total intrinsic value of stock options exercised during the thirty-nine-week periods ended September 27, 2014 and September 28, 2013 was $9,421,000 and $6,021,000, respectively. | |||||||||||||||||
As of September 27, 2014, there was $3,384,000 of total unrecognized compensation cost related to non-vested stock options granted under the Plans. The unrecognized compensation cost related to these non-vested options is expected to be recognized over a weighted average period of 2.4 years. | |||||||||||||||||
Non-vested Restricted Stock | |||||||||||||||||
The fair value of each share of non-vested restricted stock issued under the Plans is based on the fair value of a share of the Company’s common stock on the date of grant. | |||||||||||||||||
The following table summarizes information regarding the Company’s outstanding non-vested restricted stock under the Plans: | |||||||||||||||||
Number of | Weighted Average | ||||||||||||||||
Shares | Grant Date | ||||||||||||||||
Fair Value | |||||||||||||||||
Outstanding at December 28, 2013 | 38,193 | $ | 46.75 | ||||||||||||||
Granted | 7,124 | $ | 63.17 | ||||||||||||||
Vested | (19,196 | ) | $ | 41.85 | |||||||||||||
Forfeited | (2,768 | ) | $ | 54.2 | |||||||||||||
Outstanding at September 27, 2014 | 23,353 | $ | 54.9 | ||||||||||||||
As of September 27, 2014, there was $943,000 of total unrecognized compensation cost related to non-vested shares of restricted stock granted under the Plans. The unrecognized compensation cost related to these non-vested shares of restricted stock is expected to be recognized over a weighted average period of 2.1 years. | |||||||||||||||||
Restricted Stock Units | |||||||||||||||||
The fair value of a restricted stock unit (“RSU”) is determined based on the market value of the Company’s common stock on the date of grant, discounted for lack of marketability for a minimum post-vesting holding requirement. The discount rate due to lack of marketability used for RSU award grants during both thirty-nine-week periods ended September 27, 2014 and September 28, 2013 was 7%. | |||||||||||||||||
The following table summarizes information regarding the Company’s outstanding RSU awards under the Plans: | |||||||||||||||||
Number of | Weighted Average | ||||||||||||||||
Units | Grant Date | ||||||||||||||||
Fair Value | |||||||||||||||||
Outstanding at December 28, 2013 | 308,007 | $ | 49.63 | ||||||||||||||
Granted | 146,000 | $ | 53.11 | ||||||||||||||
Vested | (24,641 | ) | $ | 51.47 | |||||||||||||
Forfeited | (3,736 | ) | $ | 49.53 | |||||||||||||
Outstanding at September 27, 2014 | 425,630 | $ | 50.72 | ||||||||||||||
RSU awards have contractual lives of three or five years from the date of grant. In general, for RSUs with five-year contractual lives, the number of RSUs that vest is determined annually, for each year in the five-year period from date of grant, by multiplying the number of RSUs granted by the sum of (a) the average of the percentage change (positive or negative) in operating income and diluted earnings per share in each of the five years as compared to operating income and diluted earnings per share reported in the base year (base year being the year immediately preceding the year in which the RSUs were granted), plus (b) 5%, rounded to the nearest whole number, less (c) the number of RSUs from that grant that have previously vested. For RSUs granted in 2014, the number of RSUs that vest will be determined annually, for each year in the five-year period from date of grant, by multiplying the number of RSUs granted by the sum of (a) the average of the percentage change (positive or negative) in operating income and diluted earnings per share in each of the five years as compared to the results from continuing operations in the 2013 fiscal year (that is the average of the change in operating income and diluted earnings per share for the year ended as compared to the 2013 fiscal year results from continuing operations, which reflects the treatment of Landstar Supply Chain Solutions, Inc. and its wholly owned subsidiary, Landstar Supply Chain Solutions LLC as a discontinued operation effective December 28, 2013) plus (b) 5%, rounded to the nearest whole number, less (c) the number of RSUs from that grant that have previously vested. On January 23, 2013, the Company granted 100,000 RSUs to the Company’s Chairman and Chief Executive Officer. These 100,000 RSUs have three-year contractual lives with vesting dates of January 31 of 2014, 2015, and 2016, with the number of RSUs that vest on each vesting date determined by multiplying 100,000 by the sum of (1) the percentage increase in operating income in the most recently completed fiscal year as compared to the results from the immediately preceding fiscal year, plus (2) the percentage increase in diluted earnings per share in the most recently completed fiscal year as compared to the results from the preceding fiscal year. The Company reports compensation expense over the life of the award based on an estimated number of shares that will vest over the life of the award, multiplied by the fair value of a RSU. The Company recognized approximately $2,434,000 and $1,332,000 of share-based compensation expense related to RSU awards in the thirty-nine-week periods ended September 27, 2014 and September 28, 2013, respectively. As of September 27, 2014, there was a maximum of $19.2 million of total unrecognized compensation cost related to RSU awards granted under the Plans with an expected average remaining life of approximately 3.1 years. The amount of future compensation expense to be recognized will be determined based on future operating results. |
Income_Taxes
Income Taxes | 9 Months Ended | |
Sep. 27, 2014 | ||
Income Taxes | ' | |
-3 | Income Taxes | |
The provisions for income taxes for both the 2014 and 2013 thirty-nine-week periods were based on estimated annual effective income tax rates of 38.2%, adjusted for discrete events, such as benefits resulting from disqualifying dispositions of the Company’s common stock by employees who obtained the stock through exercises of incentive stock options. The effective income tax rates on income from continuing operations for the 2014 and 2013 thirty-nine-week periods were each 37.7%, which were higher than the statutory federal income tax rate primarily as a result of state taxes, the meals and entertainment exclusion and non-deductible stock-based compensation. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
-4 | Earnings Per Share | ||||||||||||||||
Earnings per common share are based on the weighted average number of shares outstanding, including outstanding non-vested restricted stock. Diluted earnings per share are based on the weighted average number of common shares outstanding plus the incremental shares that would have been outstanding upon the assumed exercise of all dilutive stock options. | |||||||||||||||||
The following table provides a reconciliation of the average number of common shares outstanding used to calculate earnings per common share to the average number of common shares and common share equivalents outstanding used to calculate diluted earnings per share (in thousands): | |||||||||||||||||
Thirty Nine Weeks Ended | Thirteen Weeks Ended | ||||||||||||||||
September 27, | September 28, | September 27, | September 28, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Average number of common shares outstanding | 45,018 | 46,156 | 44,713 | 45,708 | |||||||||||||
Incremental shares from assumed exercises of stock options | 204 | 167 | 224 | 148 | |||||||||||||
Average number of common shares and common share equivalents outstanding | 45,222 | 46,323 | 44,937 | 45,856 | |||||||||||||
For each of the thirty-nine-week and thirteen-week periods ended September 27, 2014, no options outstanding to purchase shares of common stock were antidilutive. For each of the thirty-nine-week and thirteen-week periods ended September 28, 2013, there were 149,000 options outstanding to purchase shares of common stock excluded from the calculation of diluted earnings per share because they were antidilutive. Outstanding RSUs were excluded from the calculation of diluted earnings per share for all periods because the performance metric requirements for vesting had not been satisfied. |
Additional_Cash_Flow_Informati
Additional Cash Flow Information | 9 Months Ended | |
Sep. 27, 2014 | ||
Additional Cash Flow Information | ' | |
-5 | Additional Cash Flow Information | |
During the 2014 thirty-nine-week period, Landstar paid income taxes and interest of $76,834,000 and $2,303,000, respectively. During the 2013 thirty-nine-week period, Landstar paid income taxes and interest of $44,966,000 and $2,347,000, respectively. Landstar acquired operating property by entering into capital leases in the amount of $41,732,000 and $47,917,000 in the 2014 and 2013 thirty-nine-week periods, respectively. |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||||||||||
Segment Information | ' | ||||||||||||||||||||||||
-6 | Segment Information | ||||||||||||||||||||||||
The following table summarizes information about the Company’s reportable business segments as of and for the thirty-nine-week and thirteen-week periods ended September 27, 2014 and September 28, 2013 (in thousands): | |||||||||||||||||||||||||
Thirty Nine Weeks Ended | |||||||||||||||||||||||||
September 27, 2014 | September 28, 2013 | ||||||||||||||||||||||||
Transportation | Insurance | Total | Transportation | Insurance | Total | ||||||||||||||||||||
Logistics | Logistics | ||||||||||||||||||||||||
External revenue from continuing operations | $ | 2,292,982 | $ | 28,978 | $ | 2,321,960 | $ | 1,945,572 | $ | 27,233 | $ | 1,972,805 | |||||||||||||
Investment income | 1,027 | 1,027 | 1,111 | 1,111 | |||||||||||||||||||||
Internal revenue | 22,373 | 22,373 | 22,808 | 22,808 | |||||||||||||||||||||
Operating income from continuing operations | 143,828 | 19,335 | 163,163 | 116,861 | 19,988 | 136,849 | |||||||||||||||||||
Expenditures on long-lived assets from continuing operations | 9,131 | 9,131 | 4,800 | 4,800 | |||||||||||||||||||||
Goodwill | 31,134 | 31,134 | 57,470 | 57,470 | |||||||||||||||||||||
Thirteen Weeks Ended | |||||||||||||||||||||||||
September 27, 2014 | September 28, 2013 | ||||||||||||||||||||||||
Transportation | Insurance | Total | Transportation | Insurance | Total | ||||||||||||||||||||
Logistics | Logistics | ||||||||||||||||||||||||
External revenue from continuing operations | $ | 809,309 | $ | 10,011 | $ | 819,320 | $ | 666,404 | $ | 9,131 | $ | 675,535 | |||||||||||||
Investment income | 332 | 332 | 366 | 366 | |||||||||||||||||||||
Internal revenue | 5,791 | 5,791 | 5,999 | 5,999 | |||||||||||||||||||||
Operating income from continuing operations | 51,626 | 7,951 | 59,577 | 41,040 | 5,574 | 46,614 | |||||||||||||||||||
Expenditures on long-lived assets from continuing operations | 7,777 | 7,777 | 2,056 | 2,056 | |||||||||||||||||||||
Included in goodwill in the Transportation Logistics segment at September 28, 2013 is goodwill of $26,336,000 relating to the LSCS discontinued operations. | |||||||||||||||||||||||||
In the thirty-nine-week and thirteen-week periods ended September 27, 2014 and September 28, 2013, no single customer accounted for more than 10% of the Company’s consolidated revenue. |
Other_Comprehensive_Income
Other Comprehensive Income | 9 Months Ended | ||||||||||||
Sep. 27, 2014 | |||||||||||||
Other Comprehensive Income | ' | ||||||||||||
-7 | Other Comprehensive Income | ||||||||||||
The following table presents the components of and changes in accumulated other comprehensive income, net of related income taxes, as of and for the thirty-nine-week period ended September 27, 2014 (in thousands): | |||||||||||||
Unrealized Gains | Foreign Currency | Total | |||||||||||
on Available-for- | Translation | ||||||||||||
Sale Securities | |||||||||||||
Balance as of December 28, 2013 | $ | 244 | $ | (256 | ) | $ | (12 | ) | |||||
Other comprehensive income (loss) | 35 | (318 | ) | (283 | ) | ||||||||
Balance as of September 27, 2014 | $ | 279 | $ | (574 | ) | $ | (295 | ) | |||||
Amounts reclassified from accumulated other comprehensive income to investment income due to the realization of previously unrealized gains and losses in the accompanying consolidated statements of income were not significant for the thirty-nine-week period ended September 27, 2014. |
Investments
Investments | 9 Months Ended | ||||||||||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||||||||||
Investments | ' | ||||||||||||||||||||||||
-8 | Investments | ||||||||||||||||||||||||
Investments include primarily investment-grade corporate bonds and U.S. Treasury obligations having maturities of up to five years (the “bond portfolio”). Investments in the bond portfolio are reported as available-for-sale and are carried at fair value. Investments maturing less than one year from the balance sheet date are included in short-term investments and investments maturing more than one year from the balance sheet date are included in other assets in the consolidated balance sheets. Management performs an analysis of the nature of the unrealized losses on available-for-sale investments to determine whether such losses are other-than-temporary. Unrealized losses, representing the excess of the purchase price of an investment over its fair value as of the end of a period, considered to be other-than-temporary, are to be included as a charge in the statement of income, while unrealized losses considered to be temporary are to be included as a component of shareholders’ equity. Investments whose values are based on quoted market prices in active markets are classified within Level 1. Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, are classified within Level 2. As Level 2 investments include positions that are not traded in active markets, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information. Any transfers between levels are recognized as of the beginning of any reporting period. Fair value of the bond portfolio was determined using Level 1 inputs related to U.S. Treasury obligations and money market investments and Level 2 inputs related to investment-grade corporate bonds, asset-backed securities and direct obligations of government agencies. Unrealized gains, net of unrealized losses, on the investments in the bond portfolio were $432,000 and $378,000 at September 27, 2014 and December 28, 2013, respectively. | |||||||||||||||||||||||||
The amortized cost and fair values of available-for-sale investments are as follows at September 27, 2014 and December 28, 2013 (in thousands): | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
September 27, 2014 | |||||||||||||||||||||||||
Money market investments | $ | 1,168 | $ | — | $ | — | $ | 1,168 | |||||||||||||||||
Asset-backed securities | 5,450 | 3 | 55 | 5,398 | |||||||||||||||||||||
Corporate bonds and direct obligations of government agencies | 76,924 | 689 | 221 | 77,392 | |||||||||||||||||||||
U.S. Treasury obligations | 19,516 | 24 | 8 | 19,532 | |||||||||||||||||||||
Total | $ | 103,058 | $ | 716 | $ | 284 | $ | 103,490 | |||||||||||||||||
December 28, 2013 | |||||||||||||||||||||||||
Money market investments | $ | 2,499 | $ | — | $ | — | $ | 2,499 | |||||||||||||||||
Asset-backed securities | 4,350 | 19 | 72 | 4,297 | |||||||||||||||||||||
Corporate bonds and direct obligations of government agencies | 76,786 | 783 | 370 | 77,199 | |||||||||||||||||||||
U.S. Treasury obligations | 18,524 | 31 | 13 | 18,542 | |||||||||||||||||||||
Total | $ | 102,159 | $ | 833 | $ | 455 | $ | 102,537 | |||||||||||||||||
For those available-for-sale investments with unrealized losses at September 27, 2014 and December 28, 2013, the following table summarizes the duration of the unrealized loss (in thousands): | |||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||||
September 27, 2014 | |||||||||||||||||||||||||
Asset-backed securities | $ | 2,652 | $ | 13 | $ | 2,445 | $ | 42 | $ | 5,097 | $ | 55 | |||||||||||||
Corporate bonds and direct obligations of government agencies | 13,264 | 59 | 11,385 | 162 | 24,649 | 221 | |||||||||||||||||||
U.S. Treasury obligations | — | — | 760 | 8 | 760 | 8 | |||||||||||||||||||
Total | $ | 15,916 | 72 | $ | 14,590 | $ | 212 | $ | 30,506 | $ | 284 | ||||||||||||||
December 28, 2013 | |||||||||||||||||||||||||
Asset -backed securities | $ | 3,429 | $ | 72 | $ | — | $ | — | $ | 3,429 | $ | 72 | |||||||||||||
Corporate bonds and direct obligations of government agencies | 22,169 | 370 | — | — | 22,169 | 370 | |||||||||||||||||||
U.S. Treasury obligations | 757 | 13 | — | — | 757 | 13 | |||||||||||||||||||
Total | $ | 26,355 | $ | 455 | $ | — | $ | — | $ | 26,355 | $ | 455 | |||||||||||||
The Company believes that unrealized losses on investments were primarily caused by rising interest rates rather than changes in credit quality. The Company expects to recover the amortized cost basis of these securities as it does not intend to sell, and does not anticipate being required to sell, these securities before recovery of the cost basis. For these reasons, the Company does not consider the unrealized losses on these securities to be other-than-temporary at September 27, 2014. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | |
Sep. 27, 2014 | ||
Commitments and Contingencies | ' | |
-9 | Commitments and Contingencies | |
Short-term investments include $32,685,000 in current maturities of investments and $4,979,000 of cash equivalents held by the Company’s insurance segment at September 27, 2014. The non-current portion of the bond portfolio of $70,805,000 is included in other assets. The short-term investments, together with $35,318,000 of non-current investments, provide collateral for the $66,182,000 of letters of credit issued to guarantee payment of insurance claims. As of September 27, 2014, Landstar also had $33,045,000 of additional letters of credit outstanding under the Company’s Credit Agreement. | ||
As further described in periodic and current reports previously filed by the Company with the Securities and Exchange Commission (the “SEC”), in connection with an accident (the “Accident”) that occurred in February 2007 involving a BCO Independent Contractor leased to Landstar Ranger, Inc., a trial court in Cobb County, Georgia entered an amended judgment on May 28, 2013 against Landstar Ranger, Inc., Landstar System Holdings, Inc. and Landstar System, Inc. (the “Landstar Defendants”) awarding the plaintiffs an aggregate sum of approximately $55.2 million plus post-judgment interest at the rate of 6.25% per annum from and after September 23, 2011 (the “Damage Award”). As previously disclosed in the Company’s Quarterly Report on Form 10-Q for its 2014 second quarter, while an Appeal of the Damage Award was pending before the Court of Appeals of the State of Georgia, on July 9, 2014, the plaintiffs and the Landstar Defendants entered into an agreement in principle providing for the settlement of all claims of the plaintiffs against the Landstar Defendants. Pursuant to the settlement and release agreement executed by the parties on August 13, 2014, all sums payable to the plaintiffs under such agreement have been paid in full and the plaintiffs have released and discharged the Landstar Defendants from all liability arising out of the Accident. | ||
Under the terms of the commercial trucking insurance program that Landstar had in place in 2007, Landstar retained liability for up to $5 million with respect to the Accident giving rise to the Damage Award. The Company recorded a $5 million charge representing its self-insured retention in respect of this Accident in the consolidated financial results of the Company in the 2007 first quarter. Third party insurance and/or reinsurance policies provided coverage to the Landstar Defendants for all amounts related to the Accident in excess of such retained liability, including all related out-of-pocket expenses, such as the costs of an appeal bond and interest. No assurances can be given regarding the impact of the Damage Award or the settlement thereof on the premiums charged by the Company’s third party insurers from time to time for commercial trucking insurance. | ||
The Company is involved in certain claims and pending litigation, including those described herein, 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. |
Change_in_Accounting_Estimate
Change in Accounting Estimate | 9 Months Ended | ||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||
Change in Accounting Estimate | ' | ||||||||||||||||
-10 | Change in Accounting Estimate | ||||||||||||||||
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. | |||||||||||||||||
The following table summarizes the effect of the increase in the cost of insurance claims resulting from unfavorable development of prior year self-insured claims estimates on operating income, income from continuing operations and earnings per share from continuing operations amounts in the consolidated statements of income for the thirty-nine-week and thirteen-week periods ended September 27, 2014 and September 28, 2013 (in thousands, except per share amounts): | |||||||||||||||||
Thirty Nine Weeks Ended | Thirteen Weeks Ended | ||||||||||||||||
September 27, | September 28, | September 27, | September 28, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Operating income | $ | 7,119 | $ | 8,236 | $ | 372 | $ | 3,592 | |||||||||
Income from continuing operations | 4,400 | 5,090 | 230 | 2,220 | |||||||||||||
Earnings per share from continuing operations | $ | 0.1 | $ | 0.11 | $ | 0.01 | $ | 0.05 | |||||||||
Diluted earnings per share from continuing operations | $ | 0.1 | $ | 0.11 | $ | 0.01 | $ | 0.05 |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended | |
Sep. 27, 2014 | ||
Recent Accounting Pronouncements | ' | |
-11 | Recent Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update 2014-09 - Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 is a comprehensive revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. ASU 2014-09 is effective for the first interim period within annual reporting periods beginning after December 15, 2016, and early adoption is not permitted. ASU 2014-09 is not expected to have a material impact on the Company’s financial statements. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | ||||||||
Sep. 27, 2014 | |||||||||
Summary of Specific Financial Components of Discontinued Operations | ' | ||||||||
The following table summarizes specific financial components of discontinued operations presented in the consolidated statements of income for the thirty-nine-week and thirteen-week periods ended September 28, 2013 (in thousands): | |||||||||
Thirty Nine Weeks Ended | Thirteen Weeks Ended | ||||||||
Revenue | $ | 15,377 | $ | 4,986 | |||||
Income from discontinued operations before income taxes | 4,330 | 1,166 | |||||||
Income taxes on income from discontinued operations | (1,624 | ) | (423 | ) | |||||
Income from discontinued operations, net of income taxes | $ | 2,706 | $ | 743 | |||||
Sharebased_Payment_Arrangement1
Share-based Payment Arrangements (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||
Amounts Recognized in Financial Statements with Respect to Plans | ' | ||||||||||||||||
Amounts recognized in the financial statements with respect to these Plans are as follows (in thousands): | |||||||||||||||||
Thirty Nine Weeks Ended | Thirteen Weeks Ended | ||||||||||||||||
September 27, | September 28, | September 27, | September 28, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Total cost of the Plans during the period | $ | 4,218 | $ | 4,133 | $ | 1,419 | $ | 1,141 | |||||||||
Amount of related income tax benefit recognized during the period | (2,230 | ) | (1,294 | ) | (953 | ) | (315 | ) | |||||||||
Net cost of the Plans during the period | $ | 1,988 | $ | 2,839 | $ | 466 | $ | 826 | |||||||||
Weighted Average Assumptions for Option Grants | ' | ||||||||||||||||
The fair value of each option grant on its grant date was calculated using the Black-Scholes option pricing model with the following weighted average assumptions for grants made in the 2014 and 2013 thirty-nine-week periods: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Expected volatility | 26 | % | 32 | % | |||||||||||||
Expected dividend yield | 0.43 | % | 0.41 | % | |||||||||||||
Risk-free interest rate | 1.5 | % | 0.75 | % | |||||||||||||
Expected lives (in years) | 4 | 4 | |||||||||||||||
Summary of Information Regarding Stock Options | ' | ||||||||||||||||
The following table summarizes information regarding the Company’s outstanding stock options under the Plans: | |||||||||||||||||
Number of | Weighted Average | Weighted Average | Aggregate Intrinsic | ||||||||||||||
Options | Exercise Price | Remaining | Value (000s) | ||||||||||||||
per Share | Contractual | ||||||||||||||||
Term (years) | |||||||||||||||||
Options outstanding at December 28, 2013 | 1,454,816 | $ | 44.55 | ||||||||||||||
Granted | 1,000 | $ | 58.06 | ||||||||||||||
Exercised | (462,545 | ) | $ | 41.18 | |||||||||||||
Forfeited | (65,800 | ) | $ | 47.47 | |||||||||||||
Options outstanding at September 27, 2014 | 927,471 | $ | 46.04 | 5.6 | $ | 24,162 | |||||||||||
Options exercisable at September 27, 2014 | 531,221 | $ | 43.72 | 4.4 | $ | 15,072 | |||||||||||
Non-vested Restricted Stock | ' | ||||||||||||||||
Schedule of Information on Non-Vested Restricted Stock | ' | ||||||||||||||||
The following table summarizes information regarding the Company’s outstanding non-vested restricted stock under the Plans: | |||||||||||||||||
Number of | Weighted Average | ||||||||||||||||
Shares | Grant Date | ||||||||||||||||
Fair Value | |||||||||||||||||
Outstanding at December 28, 2013 | 38,193 | $ | 46.75 | ||||||||||||||
Granted | 7,124 | $ | 63.17 | ||||||||||||||
Vested | (19,196 | ) | $ | 41.85 | |||||||||||||
Forfeited | (2,768 | ) | $ | 54.2 | |||||||||||||
Outstanding at September 27, 2014 | 23,353 | $ | 54.9 | ||||||||||||||
Restricted Stock Units (RSUs) | ' | ||||||||||||||||
Schedule of Information on Restricted Stock Units | ' | ||||||||||||||||
The following table summarizes information regarding the Company’s outstanding RSU awards under the Plans: | |||||||||||||||||
Number of | Weighted Average | ||||||||||||||||
Units | Grant Date | ||||||||||||||||
Fair Value | |||||||||||||||||
Outstanding at December 28, 2013 | 308,007 | $ | 49.63 | ||||||||||||||
Granted | 146,000 | $ | 53.11 | ||||||||||||||
Vested | (24,641 | ) | $ | 51.47 | |||||||||||||
Forfeited | (3,736 | ) | $ | 49.53 | |||||||||||||
Outstanding at September 27, 2014 | 425,630 | $ | 50.72 | ||||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||
Reconciliation of Average Number of Common Shares Outstanding to Average Number of Diluted Shares Outstanding | ' | ||||||||||||||||
The following table provides a reconciliation of the average number of common shares outstanding used to calculate earnings per common share to the average number of common shares and common share equivalents outstanding used to calculate diluted earnings per share (in thousands): | |||||||||||||||||
Thirty Nine Weeks Ended | Thirteen Weeks Ended | ||||||||||||||||
September 27, | September 28, | September 27, | September 28, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Average number of common shares outstanding | 45,018 | 46,156 | 44,713 | 45,708 | |||||||||||||
Incremental shares from assumed exercises of stock options | 204 | 167 | 224 | 148 | |||||||||||||
Average number of common shares and common share equivalents outstanding | 45,222 | 46,323 | 44,937 | 45,856 | |||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||||||||||
Information Regarding Reportable Business Segments | ' | ||||||||||||||||||||||||
The following table summarizes information about the Company’s reportable business segments as of and for the thirty-nine-week and thirteen-week periods ended September 27, 2014 and September 28, 2013 (in thousands): | |||||||||||||||||||||||||
Thirty Nine Weeks Ended | |||||||||||||||||||||||||
September 27, 2014 | September 28, 2013 | ||||||||||||||||||||||||
Transportation | Insurance | Total | Transportation | Insurance | Total | ||||||||||||||||||||
Logistics | Logistics | ||||||||||||||||||||||||
External revenue from continuing operations | $ | 2,292,982 | $ | 28,978 | $ | 2,321,960 | $ | 1,945,572 | $ | 27,233 | $ | 1,972,805 | |||||||||||||
Investment income | 1,027 | 1,027 | 1,111 | 1,111 | |||||||||||||||||||||
Internal revenue | 22,373 | 22,373 | 22,808 | 22,808 | |||||||||||||||||||||
Operating income from continuing operations | 143,828 | 19,335 | 163,163 | 116,861 | 19,988 | 136,849 | |||||||||||||||||||
Expenditures on long-lived assets from continuing operations | 9,131 | 9,131 | 4,800 | 4,800 | |||||||||||||||||||||
Goodwill | 31,134 | 31,134 | 57,470 | 57,470 | |||||||||||||||||||||
Thirteen Weeks Ended | |||||||||||||||||||||||||
September 27, 2014 | September 28, 2013 | ||||||||||||||||||||||||
Transportation | Insurance | Total | Transportation | Insurance | Total | ||||||||||||||||||||
Logistics | Logistics | ||||||||||||||||||||||||
External revenue from continuing operations | $ | 809,309 | $ | 10,011 | $ | 819,320 | $ | 666,404 | $ | 9,131 | $ | 675,535 | |||||||||||||
Investment income | 332 | 332 | 366 | 366 | |||||||||||||||||||||
Internal revenue | 5,791 | 5,791 | 5,999 | 5,999 | |||||||||||||||||||||
Operating income from continuing operations | 51,626 | 7,951 | 59,577 | 41,040 | 5,574 | 46,614 | |||||||||||||||||||
Expenditures on long-lived assets from continuing operations | 7,777 | 7,777 | 2,056 | 2,056 |
Other_Comprehensive_Income_Tab
Other Comprehensive Income (Tables) | 9 Months Ended | ||||||||||||
Sep. 27, 2014 | |||||||||||||
Components of and Changes in Accumulated Other Comprehensive Income, Net of Related Income Taxes | ' | ||||||||||||
The following table presents the components of and changes in accumulated other comprehensive income, net of related income taxes, as of and for the thirty-nine-week period ended September 27, 2014 (in thousands): | |||||||||||||
Unrealized Gains | Foreign Currency | Total | |||||||||||
on Available-for- | Translation | ||||||||||||
Sale Securities | |||||||||||||
Balance as of December 28, 2013 | $ | 244 | $ | (256 | ) | $ | (12 | ) | |||||
Other comprehensive income (loss) | 35 | (318 | ) | (283 | ) | ||||||||
Balance as of September 27, 2014 | $ | 279 | $ | (574 | ) | $ | (295 | ) | |||||
Investments_Tables
Investments (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||||||||||
Amortized Cost and Fair Value of Available for Sale Investments | ' | ||||||||||||||||||||||||
The amortized cost and fair values of available-for-sale investments are as follows at September 27, 2014 and December 28, 2013 (in thousands): | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
September 27, 2014 | |||||||||||||||||||||||||
Money market investments | $ | 1,168 | $ | — | $ | — | $ | 1,168 | |||||||||||||||||
Asset-backed securities | 5,450 | 3 | 55 | 5,398 | |||||||||||||||||||||
Corporate bonds and direct obligations of government agencies | 76,924 | 689 | 221 | 77,392 | |||||||||||||||||||||
U.S. Treasury obligations | 19,516 | 24 | 8 | 19,532 | |||||||||||||||||||||
Total | $ | 103,058 | $ | 716 | $ | 284 | $ | 103,490 | |||||||||||||||||
December 28, 2013 | |||||||||||||||||||||||||
Money market investments | $ | 2,499 | $ | — | $ | — | $ | 2,499 | |||||||||||||||||
Asset-backed securities | 4,350 | 19 | 72 | 4,297 | |||||||||||||||||||||
Corporate bonds and direct obligations of government agencies | 76,786 | 783 | 370 | 77,199 | |||||||||||||||||||||
U.S. Treasury obligations | 18,524 | 31 | 13 | 18,542 | |||||||||||||||||||||
Total | $ | 102,159 | $ | 833 | $ | 455 | $ | 102,537 | |||||||||||||||||
Schedule of Unrealized Loss on Available for Sale Investments | ' | ||||||||||||||||||||||||
For those available-for-sale investments with unrealized losses at September 27, 2014 and December 28, 2013, the following table summarizes the duration of the unrealized loss (in thousands): | |||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||||
September 27, 2014 | |||||||||||||||||||||||||
Asset-backed securities | $ | 2,652 | $ | 13 | $ | 2,445 | $ | 42 | $ | 5,097 | $ | 55 | |||||||||||||
Corporate bonds and direct obligations of government agencies | 13,264 | 59 | 11,385 | 162 | 24,649 | 221 | |||||||||||||||||||
U.S. Treasury obligations | — | — | 760 | 8 | 760 | 8 | |||||||||||||||||||
Total | $ | 15,916 | 72 | $ | 14,590 | $ | 212 | $ | 30,506 | $ | 284 | ||||||||||||||
December 28, 2013 | |||||||||||||||||||||||||
Asset -backed securities | $ | 3,429 | $ | 72 | $ | — | $ | — | $ | 3,429 | $ | 72 | |||||||||||||
Corporate bonds and direct obligations of government agencies | 22,169 | 370 | — | — | 22,169 | 370 | |||||||||||||||||||
U.S. Treasury obligations | 757 | 13 | — | — | 757 | 13 | |||||||||||||||||||
Total | $ | 26,355 | $ | 455 | $ | — | $ | — | $ | 26,355 | $ | 455 | |||||||||||||
Change_in_Accounting_Estimate_
Change in Accounting Estimate (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||
Effect of Increase in Cost of Insurance and Claims | ' | ||||||||||||||||
The following table summarizes the effect of the increase in the cost of insurance claims resulting from unfavorable development of prior year self-insured claims estimates on operating income, income from continuing operations and earnings per share from continuing operations amounts in the consolidated statements of income for the thirty-nine-week and thirteen-week periods ended September 27, 2014 and September 28, 2013 (in thousands, except per share amounts): | |||||||||||||||||
Thirty Nine Weeks Ended | Thirteen Weeks Ended | ||||||||||||||||
September 27, | September 28, | September 27, | September 28, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Operating income | $ | 7,119 | $ | 8,236 | $ | 372 | $ | 3,592 | |||||||||
Income from continuing operations | 4,400 | 5,090 | 230 | 2,220 | |||||||||||||
Earnings per share from continuing operations | $ | 0.1 | $ | 0.11 | $ | 0.01 | $ | 0.05 | |||||||||
Diluted earnings per share from continuing operations | $ | 0.1 | $ | 0.11 | $ | 0.01 | $ | 0.05 |
Discontinued_Operations_Additi
Discontinued Operations - Additional Information (Detail) (USD $) | 12 Months Ended |
Dec. 28, 2013 | |
Discontinued Operations [Line Items] | ' |
Proceeds from sale of discontinued operations | $87,000,000 |
Value of net assets sold | 32,500,000 |
Direct transaction costs | 2,400,000 |
Gain on the sale of discontinued operations, income taxes | 19,100,000 |
Gain on sale of discontinued operations, net of income taxes | 33,000,000 |
Gain on sale of discontinued operations, per diluted share | $0.71 |
Interest costs allocated in gain calculation | 0 |
Corporate overhead expenses allocated in gain calculation | $0 |
Summary_of_Specific_Financial_
Summary of Specific Financial Components of Discontinued Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 28, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Revenue | $4,986 | $15,377 |
Income from discontinued operations before income taxes | 1,166 | 4,330 |
Income taxes on income from discontinued operations | -423 | -1,624 |
Income from discontinued operations, net of income taxes | $743 | $2,706 |
Share_Based_Payment_Arrangemen
Share Based Payment Arrangements - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | |||||||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 28, 2013 | Jan. 23, 2013 | Sep. 27, 2014 | Jan. 23, 2013 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | |
EquityPlan | 2013 Directors Stock Compensation Plan | Restricted Stock Units (RSUs) | Restricted Stock Units (RSUs) | Restricted Stock Units (RSUs) | Restricted Stock Units (RSUs) | Restricted Stock Units (RSUs) | Other Stock Compensation Plans | Employee Stock Option | Employee Stock Option | Non-vested Restricted Stock | ||||
CompensationPlan | Chairman and Chief Executive Officer | Maximum | Maximum | |||||||||||
Chairman and Chief Executive Officer | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of employee equity incentive plans | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of board of director stock compensation plans | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock authorized for issuance | ' | ' | ' | ' | 115,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax benefit realized on disqualifying dispositions of stock acquired by exercise of incentive stock options | $119,000 | $61,000 | $583,000 | $478,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock reserved for issuance | ' | ' | ' | ' | 95,531 | ' | ' | ' | ' | ' | 6,078,033 | ' | ' | ' |
The weighted average grant date fair value of stock options granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12.70 | $14.21 | ' |
Total intrinsic value of stock options exercised during periods | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,421,000 | 6,021,000 | ' |
Unrecognized compensation cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,384,000 | ' | ' |
Unrecognized compensation cost expected to be recognized over period, years | ' | ' | ' | ' | ' | '3 years 1 month 6 days | ' | ' | ' | ' | ' | '2 years 4 months 24 days | ' | '2 years 1 month 6 days |
Unrecognized compensation cost | ' | ' | ' | ' | ' | ' | ' | ' | 19,200,000 | ' | ' | ' | ' | 943,000 |
Discount rate on stock awards | ' | ' | ' | ' | ' | 7.00% | 7.00% | ' | ' | ' | ' | ' | ' | ' |
RSU awards vesting period | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '3 years | ' | ' | ' | ' |
Percentage used in calculation to determine vesting | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Awards issued | ' | ' | ' | ' | ' | 146,000 | ' | 100,000 | ' | ' | ' | ' | ' | 7,124 |
Recognized share-based compensation expense | ' | ' | ' | ' | ' | $2,434,000 | $1,332,000 | ' | ' | ' | ' | ' | ' | ' |
Amounts_Recognized_in_Financia
Amounts Recognized in Financial Statements with Respect to Plans (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Total cost of the Plans during the period | $1,419 | $1,141 | $4,218 | $4,133 |
Amount of related income tax benefit recognized during the period | -953 | -315 | -2,230 | -1,294 |
Net cost of the Plans during the period | $466 | $826 | $1,988 | $2,839 |
Weighted_Average_Assumptions_f
Weighted Average Assumptions for Option Grants (Detail) | 9 Months Ended | |
Sep. 27, 2014 | Sep. 28, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Expected volatility | 26.00% | 32.00% |
Expected dividend yield | 0.43% | 0.41% |
Risk-free interest rate | 1.50% | 0.75% |
Expected lives (in years) | '4 years | '4 years |
Summary_of_Information_Regardi
Summary of Information Regarding Stock Options (Detail) (USD $) | 9 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 27, 2014 |
Number of Options | ' |
Beginning Balance, number of options | 1,454,816 |
Granted, number of options | 1,000 |
Exercised, number of options | -462,545 |
Forfeited, number of options | -65,800 |
Ending Balance, number of options | 927,471 |
Options exercisable at the ending, Number of Options | 531,221 |
Weighted Average Exercise Price per Share | ' |
Beginning Balance, Weighted Average Exercise Price per Share | $44.55 |
Granted, Weighted Average Exercise Price per Share | $58.06 |
Exercised, Weighted Average Exercise Price per Share | $41.18 |
Forfeited, Weighted Average Exercise Price per Share | $47.47 |
Ending Balance, Weighted Average Exercise Price per Share | $46.04 |
Options exercisable at September 27, 2014 | $43.72 |
Weighted Average Remaining Contractual Term (years) | ' |
Options outstanding at September 27, 2014 | '5 years 7 months 6 days |
Options exercisable at September 27, 2014 | '4 years 4 months 24 days |
Aggregate Intrinsic Value | ' |
Options outstanding at September 27, 2014 | $24,162 |
Options exercisable at September 27, 2014 | $15,072 |
Schedule_of_Information_on_Non
Schedule of Information on Non-Vested Restricted Stock (Detail) (Non-vested Restricted Stock, USD $) | 9 Months Ended |
Sep. 27, 2014 | |
Non-vested Restricted Stock | ' |
Number of Shares | ' |
Beginning Balance | 38,193 |
Granted | 7,124 |
Vested | -19,196 |
Forfeited | -2,768 |
Ending Balance | 23,353 |
Weighted Average Grant Date Fair Value | ' |
Beginning Balance | $46.75 |
Granted | $63.17 |
Vested | $41.85 |
Forfeited | $54.20 |
Ending Balance | $54.90 |
Schedule_of_Information_on_Res
Schedule of Information on Restricted Stock Units (Detail) (Restricted Stock Units (RSUs), USD $) | 9 Months Ended |
Sep. 27, 2014 | |
Restricted Stock Units (RSUs) | ' |
Number of Shares | ' |
Beginning Balance | 308,007 |
Granted | 146,000 |
Vested | -24,641 |
Forfeited | -3,736 |
Ending Balance | 425,630 |
Weighted Average Grant Date Fair Value | ' |
Beginning Balance | $49.63 |
Granted | $53.11 |
Vested | $51.47 |
Forfeited | $49.53 |
Ending Balance | $50.72 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) | 9 Months Ended | 12 Months Ended | |
Sep. 27, 2014 | Sep. 28, 2013 | Dec. 27, 2014 | |
Scenario, Forecast | |||
Income Taxes [Line Items] | ' | ' | ' |
Effective income tax rate | 37.70% | 37.70% | 38.20% |
Reconciliation_of_Average_Numb
Reconciliation of Average Number of Common Shares and Common Share Equivalents Outstanding (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ' | ' | ' | ' |
Average number of common shares outstanding | 44,713,000 | 45,708,000 | 45,018,000 | 46,156,000 |
Incremental shares from assumed exercises of stock options | 224,000 | 148,000 | 204,000 | 167,000 |
Average number of common shares and common share equivalents outstanding | 44,937,000 | 45,856,000 | 45,222,000 | 46,323,000 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Stock options excluded from calculation of diluted earnings per share, antidilutive | 0 | 149,000 | 0 | 149,000 |
Additional_Cash_Flow_Informati1
Additional Cash Flow Information - Additional Information (Detail) (USD $) | 9 Months Ended | |
Sep. 27, 2014 | Sep. 28, 2013 | |
Supplemental Cash Flow Information [Abstract] | ' | ' |
Income taxes paid | $76,834,000 | $44,966,000 |
Interest paid | 2,303,000 | 2,347,000 |
Acquired operating property by capital leases | $41,732,000 | $47,917,000 |
Information_Regarding_Reportab
Information Regarding Reportable Business Segments (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Dec. 28, 2013 | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
External revenue from continuing operations | $819,320,000 | $675,535,000 | $2,321,960,000 | $1,972,805,000 | ' |
Investment income | 332,000 | 366,000 | 1,027,000 | 1,111,000 | ' |
Internal revenue | 5,791,000 | 5,999,000 | 22,373,000 | 22,808,000 | ' |
Operating income from continuing operations | 59,577,000 | 46,614,000 | 163,163,000 | 136,849,000 | ' |
Expenditures on long-lived assets from continuing operations | 7,777,000 | 2,056,000 | 9,131,000 | 4,800,000 | ' |
Goodwill | 31,134,000 | 57,470,000 | 31,134,000 | 57,470,000 | 31,134,000 |
Transportation Logistics | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
External revenue from continuing operations | 809,309,000 | 666,404,000 | 2,292,982,000 | 1,945,572,000 | ' |
Operating income from continuing operations | 51,626,000 | 41,040,000 | 143,828,000 | 116,861,000 | ' |
Expenditures on long-lived assets from continuing operations | 7,777,000 | 2,056,000 | 9,131,000 | 4,800,000 | ' |
Goodwill | 31,134,000 | 57,470,000 | 31,134,000 | 57,470,000 | ' |
Insurance | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
External revenue from continuing operations | 10,011,000 | 9,131,000 | 28,978,000 | 27,233,000 | ' |
Investment income | 332,000 | 366,000 | 1,027,000 | 1,111,000 | ' |
Internal revenue | 5,791,000 | 5,999,000 | 22,373,000 | 22,808,000 | ' |
Operating income from continuing operations | $7,951,000 | $5,574,000 | $19,335,000 | $19,988,000 | ' |
Segment_Information_Additional
Segment Information - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Dec. 28, 2013 | |
Customer | Customer | Customer | Customer | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Goodwill | $31,134,000 | $57,470,000 | $31,134,000 | $57,470,000 | $31,134,000 |
Disclosure of major customers | ' | ' | 'No single customer accounted for more than 10% of the Company's consolidated revenue | ' | ' |
Number of customers accounting for 10 percent or more of total revenue | 0 | 0 | 0 | 0 | ' |
No single customer accounted for benchmark percentage to be considered major customer | 10.00% | 10.00% | 10.00% | 10.00% | ' |
Transportation Logistics | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Goodwill | 31,134,000 | 57,470,000 | 31,134,000 | 57,470,000 | ' |
Transportation Logistics | Discontinued Operations | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Goodwill | ' | $26,336,000 | ' | $26,336,000 | ' |
Components_of_and_Changes_in_A
Components of and Changes in Accumulated Other Comprehensive Income, Net of Related Income Taxes (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | ($12) | ' |
Other comprehensive income (loss) | -255 | 305 | -283 | -1,004 |
Ending Balance | -295 | ' | -295 | ' |
Unrealized Gains on Available-for-Sale Securities | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | 244 | ' |
Other comprehensive income (loss) | ' | ' | 35 | ' |
Ending Balance | 279 | ' | 279 | ' |
Foreign Currency Translation | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | -256 | ' |
Other comprehensive income (loss) | ' | ' | -318 | ' |
Ending Balance | ($574) | ' | ($574) | ' |
Investments_Additional_Informa
Investments - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 27, 2014 | Dec. 28, 2013 | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Investments maximum maturity period | '5 years | '5 years |
Unrealized gains, net of unrealized losses, on the investments in the bond portfolio | $432,000 | $378,000 |
Amortized_Cost_and_Fair_Value_
Amortized Cost and Fair Value of Available for Sale Investments (Detail) (USD $) | Sep. 27, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | $103,058 | $102,159 |
Gross Unrealized Gains | 716 | 833 |
Gross Unrealized Losses | 284 | 455 |
Fair Value | 103,490 | 102,537 |
Money market investments | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 1,168 | 2,499 |
Fair Value | 1,168 | 2,499 |
Asset-backed securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 5,450 | 4,350 |
Gross Unrealized Gains | 3 | 19 |
Gross Unrealized Losses | 55 | 72 |
Fair Value | 5,398 | 4,297 |
Corporate bonds and direct obligations of government agencies | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 76,924 | 76,786 |
Gross Unrealized Gains | 689 | 783 |
Gross Unrealized Losses | 221 | 370 |
Fair Value | 77,392 | 77,199 |
U.S. Treasury Obligations | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 19,516 | 18,524 |
Gross Unrealized Gains | 24 | 31 |
Gross Unrealized Losses | 8 | 13 |
Fair Value | $19,532 | $18,542 |
Schedule_of_Unrealized_Loss_on
Schedule of Unrealized Loss on Available for Sale Investments (Detail) (USD $) | Sep. 27, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale investments with unrealized losses, Less than 12 months, Fair Value | $15,916 | $26,355 |
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss | 72 | 455 |
Available-for-sale investments with unrealized losses, 12 months or longer, Fair Value | 14,590 | ' |
Available-for-sale investments with unrealized losses, 12 months or longer, Unrealized Loss | 212 | ' |
Available-for-sale investments with unrealized losses, Fair Value, Total | 30,506 | 26,355 |
Available-for-sale investments with unrealized losses, Unrealized Loss, Total | 284 | 455 |
Asset-backed securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale investments with unrealized losses, Less than 12 months, Fair Value | 2,652 | 3,429 |
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss | 13 | 72 |
Available-for-sale investments with unrealized losses, 12 months or longer, Fair Value | 2,445 | ' |
Available-for-sale investments with unrealized losses, 12 months or longer, Unrealized Loss | 42 | ' |
Available-for-sale investments with unrealized losses, Fair Value, Total | 5,097 | 3,429 |
Available-for-sale investments with unrealized losses, Unrealized Loss, Total | 55 | 72 |
Corporate bonds and direct obligations of government agencies | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale investments with unrealized losses, Less than 12 months, Fair Value | 13,264 | 22,169 |
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss | 59 | 370 |
Available-for-sale investments with unrealized losses, 12 months or longer, Fair Value | 11,385 | ' |
Available-for-sale investments with unrealized losses, 12 months or longer, Unrealized Loss | 162 | ' |
Available-for-sale investments with unrealized losses, Fair Value, Total | 24,649 | 22,169 |
Available-for-sale investments with unrealized losses, Unrealized Loss, Total | 221 | 370 |
U.S. Treasury Obligations | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale investments with unrealized losses, Less than 12 months, Fair Value | ' | 757 |
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss | ' | 13 |
Available-for-sale investments with unrealized losses, 12 months or longer, Fair Value | 760 | ' |
Available-for-sale investments with unrealized losses, 12 months or longer, Unrealized Loss | 8 | ' |
Available-for-sale investments with unrealized losses, Fair Value, Total | 760 | 757 |
Available-for-sale investments with unrealized losses, Unrealized Loss, Total | $8 | $13 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 12 Months Ended | |||||||
28-May-13 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | 28-May-13 | Dec. 31, 2007 | Mar. 31, 2007 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | |
Revolving Credit Facility | Post-judgment Interest | Damage Award | Damage Award | Guarantee Payment Of Insurance Claims | Current Investments | Non-Current Investments | ||||||
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments providing collateral for letters of credit to guarantee insurance claims | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $32,685,000 | $35,318,000 |
Cash equivalents providing collateral for letters of credit to guarantee insurance claims | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,979,000 | ' |
Total non-current investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70,805,000 |
Letters of credit outstanding | ' | ' | ' | ' | ' | 33,045,000 | ' | ' | ' | 66,182,000 | ' | ' |
Aggregate damage awarded | 55,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Post-judgment interest rate | ' | ' | ' | ' | ' | ' | 6.25% | ' | ' | ' | ' | ' |
Retained liability of self-insurance program | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' |
Operating insurance and claims costs, production | ' | $12,026,000 | $13,335,000 | $37,732,000 | $36,907,000 | ' | ' | $5,000,000 | ' | ' | ' | ' |
Effect_of_Increase_in_Cost_of_
Effect of Increase in Cost of Insurance and Claims (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' |
Operating income | $59,577 | $46,614 | $163,163 | $136,849 |
Income from continuing operations | 36,755 | 28,503 | 100,318 | 83,746 |
Earnings per share from continuing operations | $0.82 | $0.62 | $2.23 | $1.81 |
Diluted earnings per share from continuing operations | $0.82 | $0.62 | $2.22 | $1.81 |
Development of Prior Year Self Insured Claims Estimates | ' | ' | ' | ' |
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' |
Operating income | 372 | 3,592 | 7,119 | 8,236 |
Income from continuing operations | $230 | $2,220 | $4,400 | $5,090 |
Earnings per share from continuing operations | $0.01 | $0.05 | $0.10 | $0.11 |
Diluted earnings per share from continuing operations | $0.01 | $0.05 | $0.10 | $0.11 |