Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 28, 2015 | Apr. 20, 2015 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 28-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | LSTR | |
Entity Registrant Name | LANDSTAR SYSTEM INC | |
Entity Central Index Key | 853816 | |
Current Fiscal Year End Date | -14 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 44,410,842 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 28, 2015 | Dec. 27, 2014 |
In Thousands, unless otherwise specified | ||
Current Assets | ||
Cash and cash equivalents | $114,887 | $163,944 |
Short-term investments | 37,174 | 37,007 |
Trade accounts receivable, less allowance of $4,248 and $4,338 | 447,696 | 492,642 |
Other receivables, including advances to independent contractors, less allowance of $4,235 and $4,189 | 29,437 | 15,132 |
Deferred income taxes and other current assets | 11,475 | 23,603 |
Total current assets | 640,669 | 732,328 |
Operating property, less accumulated depreciation and amortization of $165,007 and $160,681 | 197,085 | 202,203 |
Goodwill | 31,134 | 31,134 |
Other assets | 78,758 | 78,547 |
Total assets | 947,646 | 1,044,212 |
Current Liabilities | ||
Cash overdraft | 28,410 | 34,629 |
Accounts payable | 196,215 | 220,077 |
Current maturities of long-term debt | 34,432 | 35,064 |
Insurance claims | 24,791 | 24,233 |
Dividends payable | 44,794 | |
Other current liabilities | 42,126 | 51,654 |
Total current liabilities | 325,974 | 410,451 |
Long-term debt, excluding current maturities | 67,671 | 76,257 |
Insurance claims | 22,532 | 21,769 |
Deferred income taxes and other noncurrent liabilities | 47,144 | 47,474 |
Shareholders' Equity | ||
Common stock, $0.01 par value, authorized 160,000,000 shares, issued 67,349,642 and 67,268,817 shares | 673 | 673 |
Additional paid-in capital | 189,525 | 189,012 |
Retained earnings | 1,282,277 | 1,255,374 |
Cost of 22,938,800 and 22,474,331 shares of common stock in treasury | -986,913 | -955,613 |
Accumulated other comprehensive loss | -1,237 | -1,185 |
Total shareholders' equity | 484,325 | 488,261 |
Total liabilities and shareholders' equity | $947,646 | $1,044,212 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 28, 2015 | Dec. 27, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance on trade accounts receivable | $4,248 | $4,338 |
Allowance on other receivables | 4,235 | 4,189 |
Accumulated depreciation and amortization on operating property | $165,007 | $160,681 |
Common stock, par value | $0.01 | $0.01 |
Common stock, authorized shares | 160,000,000 | 160,000,000 |
Common stock, issued shares | 67,349,642 | 67,268,817 |
Treasury stock, shares | 22,938,800 | 22,474,331 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Revenue | $762,380 | $688,197 |
Investment income | 354 | 363 |
Costs and expenses: | ||
Purchased transportation | 587,153 | 530,031 |
Commissions to agents | 59,784 | 52,704 |
Other operating costs, net of gains on asset sales/dispositions | 7,689 | 6,586 |
Insurance and claims | 14,796 | 11,857 |
Selling, general and administrative | 37,248 | 35,600 |
Depreciation and amortization | 7,019 | 6,768 |
Total costs and expenses | 713,689 | 643,546 |
Operating income | 49,045 | 45,014 |
Interest and debt expense | 781 | 768 |
Income before income taxes | 48,264 | 44,246 |
Income taxes | 18,249 | 16,608 |
Net income | $30,015 | $27,638 |
Earnings per common share | $0.67 | $0.61 |
Diluted earnings per share | $0.67 | $0.61 |
Average number of shares outstanding: | ||
Earnings per common share | 44,588,000 | 45,407,000 |
Diluted earnings per share | 44,760,000 | 45,596,000 |
Dividends per common share | $0.07 | $0.06 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Net income | $30,015 | $27,638 |
Other comprehensive income (loss): | ||
Unrealized holding gains on available-for-sale investments, net of tax expense of $125 and $60 | 228 | 110 |
Foreign currency translation losses | -280 | -432 |
Other comprehensive loss | -52 | -322 |
Comprehensive income | $29,963 | $27,316 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Unrealized holding gains on available-for-sale investments, tax expense | $125 | $60 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
OPERATING ACTIVITIES | ||
Net income | $30,015 | $27,638 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization of operating property | 7,019 | 6,768 |
Non-cash interest charges | 55 | 54 |
Provisions for losses on trade and other accounts receivable | 702 | 729 |
Gains on sales/disposals of operating property | -107 | -59 |
Deferred income taxes, net | 885 | -2,088 |
Stock-based compensation | 1,667 | 1,164 |
Changes in operating assets and liabilities: | ||
Decrease (increase) in trade and other accounts receivable | 29,939 | -41,625 |
Decrease (increase) in other assets | 11,216 | -1,560 |
(Decrease) increase in accounts payable | -23,862 | 13,289 |
(Decrease) increase in other liabilities | -9,580 | 8,108 |
Increase in insurance claims | 1,321 | 1,251 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 49,270 | 13,669 |
INVESTING ACTIVITIES | ||
Net change in other short-term investments | -3,249 | |
Sales and maturities of investments | 10,651 | 14,558 |
Purchases of investments | -11,107 | -15,058 |
Purchases of operating property | -2,450 | -732 |
Proceeds from sales of operating property | 656 | 276 |
NET CASH USED BY INVESTING ACTIVITIES | -2,250 | -4,205 |
FINANCING ACTIVITIES | ||
Decrease in cash overdraft | -6,219 | -6,601 |
Dividends paid | -47,906 | -18,641 |
Proceeds from exercises of stock options | 429 | 1,133 |
Taxes paid in lieu of shares issued related to stock-based compensation plans | -2,069 | -1,650 |
Excess tax benefits from stock-based awards | 486 | 505 |
Purchases of common stock | -31,300 | -37,052 |
Principal payments on long-term debt and capital lease obligations | -9,218 | -12,862 |
NET CASH USED BY FINANCING ACTIVITIES | -95,797 | -75,168 |
Effect of exchange rate changes on cash and cash equivalents | -280 | -432 |
Decrease in cash and cash equivalents | -49,057 | -66,136 |
Cash and cash equivalents at beginning of period | 163,944 | 180,302 |
Cash and cash equivalents at end of period | $114,887 | $114,166 |
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. 27, 2014 | $488,261 | $673 | $189,012 | $1,255,374 | ($955,613) | ($1,185) |
Beginning Balance (in shares) at Dec. 27, 2014 | 67,268,817 | 22,474,331 | ||||
Net income | 30,015 | 30,015 | ||||
Dividends | -3,112 | -3,112 | ||||
Purchases of common stock (in shares) | 464,469 | |||||
Purchases of common stock | -31,300 | -31,300 | ||||
Issuance of stock related to stock-based compensation plans, including excess tax effect (in shares) | 80,825 | |||||
Issuance of stock related to stock-based compensation plans, including excess tax effect | -1,154 | -1,154 | ||||
Stock-based compensation | 1,667 | 1,667 | ||||
Other comprehensive loss | -52 | -52 | ||||
Ending Balance at Mar. 28, 2015 | $484,325 | $673 | $189,525 | $1,282,277 | ($986,913) | ($1,237) |
Ending Balance (in shares) at Mar. 28, 2015 | 67,349,642 | 22,938,800 |
Consolidated_Statement_of_Chan1
Consolidated Statement of Changes in Shareholders Equity (Parenthetical) (USD $) | 3 Months Ended | |
Mar. 28, 2015 | Mar. 29, 2014 | |
Dividends per common share | $0.07 | $0.06 |
Sharebased_Payment_Arrangement
Share-based Payment Arrangements | 3 Months Ended | ||||||||||||||||
Mar. 28, 2015 | |||||||||||||||||
Share-based Payment Arrangements | -1 | Share-based Payment Arrangements | |||||||||||||||
As of March 28, 2015, 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 a stock compensation plan for members of its Board of Directors, the 2013 Directors Stock Compensation Plan (the “2013 DSCP”). 115,000 shares of the Company’s common stock were authorized for issuance under the 2013 DSCP. The ESOSIP, 2011 EIP, 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): | |||||||||||||||||
Thirteen Weeks Ended | |||||||||||||||||
March 28, | March 29, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
Total cost of the Plans during the period | $ | 1,667 | $ | 1,164 | |||||||||||||
Amount of related income tax benefit recognized during the period | (701 | ) | (614 | ) | |||||||||||||
Net cost of the Plans during the period | $ | 966 | $ | 550 | |||||||||||||
Included in income tax benefits recognized in the thirteen-week periods ended March 28, 2015 and March 29, 2014 were income tax benefits of $160,000 and $295,000, 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 March 28, 2015, there were 95,531 shares of the Company’s common stock reserved for issuance under the 2013 DSCP and 5,602,419 shares of the Company’s common stock reserved for issuance in the aggregate under the ESOSIP and 2011 EIP. | |||||||||||||||||
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 thirteen-week periods ended March 28, 2015 and March 29, 2014 was 7%. | |||||||||||||||||
The following table summarizes information regarding the Company’s outstanding RSU awards under the Plans: | |||||||||||||||||
Number of | Weighted Average | ||||||||||||||||
RSUs | Grant Date | ||||||||||||||||
Fair Value | |||||||||||||||||
Outstanding at December 27, 2014 | 425,630 | $ | 50.72 | ||||||||||||||
Granted | 91,562 | $ | 57.97 | ||||||||||||||
Vested | (91,382 | ) | $ | 51.98 | |||||||||||||
Outstanding at March 28, 2015 | 425,810 | $ | 52.01 | ||||||||||||||
Restricted stock units vest over a 3 to 5 year period based on varying metrics of growth in operating income and diluted earnings per share either from a base year, being the year immediately preceding the year of grant, or year-over-prior-year growth. At the time of grant, the maximum number of common shares available for issuance under the 2015 grant equals 200% of the number of RSUs granted. The maximum number of common shares available for issuance under grants made prior to 2015 equals 100% of the number of RSUs granted. | |||||||||||||||||
With respect to all RSU awards, 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 $1,158,000 and $641,000 of share-based compensation expense related to RSU awards in the thirteen-week periods ended March 28, 2015 and March 29, 2014, respectively. As of March 28, 2015, there was a maximum of $26,600,000 of total unrecognized compensation cost related to RSU awards granted under the Plans with an expected average remaining life of approximately 3.4 years. The amount of future compensation expense to be recognized will be determined based on future operating results. | |||||||||||||||||
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 27, 2014 | 773,839 | $ | 46.92 | ||||||||||||||
Exercised | (48,700 | ) | $ | 45.52 | |||||||||||||
Forfeited | (1,000 | ) | $ | 52.6 | |||||||||||||
Options outstanding at March 28, 2015 | 724,139 | $ | 47.01 | 5.5 | $ | 13,572 | |||||||||||
Options exercisable at March 28, 2015 | 495,239 | $ | 45.09 | 4.9 | $ | 10,232 | |||||||||||
The total intrinsic value of stock options exercised during the thirteen-week periods ended March 28, 2015 and March 29, 2014 was $1,108,000 and $5,130,000, respectively. | |||||||||||||||||
As of March 28, 2015, there was $2,509,000 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 2.0 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 and shares of non-vested restricted stock are subject to vesting in three equal annual installments or 100% on the fifth anniversary of the date of the grant. | |||||||||||||||||
As of December 27, 2014, there were 23,353 shares of non-vested restricted stock outstanding with a weighted average grant date fair value of $54.90 per share. None of these shares vested or forfeited and no additional restricted stock shares were granted during the thirteen-week period ended March 28, 2015. | |||||||||||||||||
As of March 28, 2015, there was $710,000 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 1.7 years. |
Income_Taxes
Income Taxes | 3 Months Ended | |
Mar. 28, 2015 | ||
Income Taxes | -2 | Income Taxes |
The provisions for income taxes for both the 2015 and 2014 thirteen-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 for the 2015 and 2014 thirteen-week periods were 37.8% and 37.5%, respectively, 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 | 3 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Earnings Per Share | -3 | 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): | |||||||||
Thirteen Weeks Ended | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Average number of common shares outstanding | 44,588 | 45,407 | |||||||
Incremental shares from assumed exercises of stock options | 172 | 189 | |||||||
Average number of common shares and common share equivalents outstanding | 44,760 | 45,596 | |||||||
For the thirteen-week periods ended March 28, 2015 and March 29, 2014, no options outstanding to purchase shares of common stock 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 | 3 Months Ended | |
Mar. 28, 2015 | ||
Additional Cash Flow Information | -4 | Additional Cash Flow Information |
During the 2015 thirteen-week period, Landstar paid income taxes and interest of $669,000 and $794,000, respectively. During the 2014 thirteen-week period, Landstar paid income taxes and interest of $19,792,000 and $784,000, respectively. Landstar did not acquire any operating property by entering into capital leases in the 2015 thirteen-week period. Landstar acquired operating property by entering into capital leases in the amount of $641,000 in the 2014 thirteen-week period. |
Segment_Information
Segment Information | 3 Months Ended | ||||||||||||||||||||||||
Mar. 28, 2015 | |||||||||||||||||||||||||
Segment Information | -5 | Segment Information | |||||||||||||||||||||||
The following table summarizes information about the Company’s reportable business segments as of and for the thirteen-week periods ended March 28, 2015 and March 29, 2014 (in thousands): | |||||||||||||||||||||||||
Thirteen Weeks Ended | |||||||||||||||||||||||||
March 28, 2015 | March 29, 2014 | ||||||||||||||||||||||||
Transportation | Insurance | Total | Transportation | Insurance | Total | ||||||||||||||||||||
Logistics | Logistics | ||||||||||||||||||||||||
External revenue | $ | 751,796 | $ | 10,584 | $ | 762,380 | $ | 678,853 | $ | 9,344 | $ | 688,197 | |||||||||||||
Investment income | 354 | 354 | 363 | 363 | |||||||||||||||||||||
Internal revenue | 6,396 | 6,396 | 5,792 | 5,792 | |||||||||||||||||||||
Operating income | 43,730 | 5,315 | 49,045 | 38,984 | 6,030 | 45,014 | |||||||||||||||||||
Expenditures on long-lived assets | 2,450 | 2,450 | 732 | 732 | |||||||||||||||||||||
Goodwill | 31,134 | 31,134 | 31,134 | 31,134 | |||||||||||||||||||||
In the thirteen-week periods ended March 28, 2015 and March 29, 2014, no single customer accounted for more than 10% of the Company’s consolidated revenue. |
Other_Comprehensive_Income
Other Comprehensive Income | 3 Months Ended | ||||||||||||
Mar. 28, 2015 | |||||||||||||
Other Comprehensive Income | -6 | 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 thirteen-week period ended March 28, 2015 (in thousands): | |||||||||||||
Unrealized | Foreign Currency | Total | |||||||||||
Holding Gain on | Translation | ||||||||||||
Available-for-Sale | |||||||||||||
Securities | |||||||||||||
Balance as of December 27, 2014 | $ | 105 | $ | (1,290 | ) | $ | (1,185 | ) | |||||
Other comprehensive income (loss) | 228 | (280 | ) | (52 | ) | ||||||||
Balance as of March 28, 2015 | $ | 333 | $ | (1,570 | ) | $ | (1,237 | ) | |||||
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 thirteen-week period ended March 28, 2015. |
Investments
Investments | 3 Months Ended | ||||||||||||||||||||||||
Mar. 28, 2015 | |||||||||||||||||||||||||
Investments | -7 | 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 $516,000 and $163,000 at March 28, 2015 and December 27, 2014, respectively. | |||||||||||||||||||||||||
The amortized cost and fair values of available-for-sale investments are as follows at March 28, 2015 and December 27, 2014 (in thousands): | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
March 28, 2015 | |||||||||||||||||||||||||
Money market investments | $ | 1,060 | $ | — | $ | — | $ | 1,060 | |||||||||||||||||
Asset-backed securities | 5,078 | 2 | 22 | 5,058 | |||||||||||||||||||||
Corporate bonds and direct obligations of government agencies | 77,823 | 614 | 87 | 78,350 | |||||||||||||||||||||
U.S. Treasury obligations | 19,651 | 13 | 4 | 19,660 | |||||||||||||||||||||
Total | $ | 103,612 | $ | 629 | $ | 113 | $ | 104,128 | |||||||||||||||||
December 27, 2014 | |||||||||||||||||||||||||
Money market investments | $ | 1,729 | $ | — | $ | — | $ | 1,729 | |||||||||||||||||
Asset-backed securities | 5,106 | 1 | 50 | 5,057 | |||||||||||||||||||||
Corporate bonds and direct obligations of government agencies | 76,964 | 491 | 284 | 77,171 | |||||||||||||||||||||
U.S. Treasury obligations | 19,507 | 14 | 9 | 19,512 | |||||||||||||||||||||
Total | $ | 103,306 | $ | 506 | $ | 343 | $ | 103,469 | |||||||||||||||||
For those available-for-sale investments with unrealized losses at March 28, 2015 and December 27, 2014, 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 | ||||||||||||||||||||
March 28, 2015 | |||||||||||||||||||||||||
Asset-backed securities | $ | 895 | $ | 6 | $ | 2,468 | $ | 16 | $ | 3,363 | $ | 22 | |||||||||||||
Corporate bonds and direct obligations of government agencies | 2,561 | 59 | 6,707 | 28 | 9,268 | 87 | |||||||||||||||||||
U.S. Treasury obligations | 4,903 | 3 | 766 | 1 | 5,669 | 4 | |||||||||||||||||||
Total | $ | 8,359 | 68 | $ | 9,941 | $ | 45 | $ | 18,300 | $ | 113 | ||||||||||||||
December 27, 2014 | |||||||||||||||||||||||||
Asset-backed securities | $ | 2,006 | $ | 13 | $ | 2,447 | $ | 37 | $ | 4,453 | $ | 50 | |||||||||||||
Corporate bonds and direct obligations of government agencies | 19,354 | 135 | 11,373 | 149 | 30,727 | 284 | |||||||||||||||||||
U.S. Treasury obligations | 6,992 | 1 | 760 | 8 | 7,752 | 9 | |||||||||||||||||||
Total | $ | 28,352 | $ | 149 | 14,580 | 194 | $ | 42,932 | $ | 343 | |||||||||||||||
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 March 28, 2015. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | |
Mar. 28, 2015 | ||
Commitments and Contingencies | -8 | Commitments and Contingencies |
Short-term investments include $37,174,000 in current maturities of investments held by the Company’s insurance segment at March 28, 2015. The non-current portion of the bond portfolio of $66,954,000 is included in other assets. The short-term investments, together with $27,059,000 of non-current investments, provide collateral for the $57,810,000 of letters of credit issued to guarantee payment of insurance claims. As of March 28, 2015, Landstar also had $33,033,000 of additional letters of credit outstanding under the Company’s Credit Agreement. | ||
On March 13, 2015, a jury in state court in Maricopa County, Arizona, rendered a verdict (the “Verdict”) of $19,250,000 against Landstar Ranger, Inc. in the matter of Bruno v. Landstar Ranger, Inc., in connection with a tragic vehicular accident that occurred on July 19, 2011, on US-93 north of Kingman, Arizona. The accident involved a tractor-trailer leased to Landstar Ranger, Inc., by a truck owner-operator. The truck had pulled off the highway due to mechanical issues and parked in a designated pull-off area. A pick-up truck driven by the decedent lost control while driving on the highway following a tire tread delamination while the decedent may have been engaged with his cell phone. The pick-up truck hit the right rear portion of the trailer of the tractor-trailer approximately 20 to 25 feet from the fog line of the highway. The accident occurred at approximately 2 p.m. on a clear, dry day. The decedent’s wife, one of his daughters and two friends of the family were in the car at the time of the accident. As a result of the accident, the decedent’s wife, his daughter and one of the friends sustained non-life threatening injuries. In connection with the Verdict, the jury determined that Landstar Ranger, Inc. was responsible for 100% of the liability associated with the accident. | ||
During the trial and prior to the Verdict, the parties entered into an agreement that, among other things, limited the Company’s financial exposure from the possibility of an adverse verdict to $4,500,000 and all parties waived all appellate rights following the trial. As a result of the Verdict and the agreement with the plaintiffs, the Verdict resulted in a pre-tax charge of $4,500,000, or approximately $0.06 per share, to the Company’s financial results from operations for the 2015 first quarter. | ||
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 for Self-Insured Claims | 3 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Change in Accounting Estimate for Self-Insured Claims | -9 | 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. | |||||||||
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, net income and earnings per share amounts in the consolidated statements of income for the thirteen-week periods ended March 28, 2015 and March 29, 2014 (in thousands, except per share amounts): | |||||||||
Thirteen Weeks Ended | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Operating income | $ | 4,641 | $ | 1,891 | |||||
Net income | 2,868 | 1,169 | |||||||
Earnings per share | $ | 0.06 | $ | 0.03 | |||||
Diluted earnings per share | $ | 0.06 | $ | 0.03 | |||||
The unfavorable development of prior years’ claims in the 2015 fiscal period primarily related to impact of the Verdict described in Footnote (8) “Commitments and Contingencies.” |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 3 Months Ended | |
Mar. 28, 2015 | ||
Recent Accounting Pronouncements | -10 | 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. On April 1, 2015, the FASB proposed deferring the effective date by one year to December 15, 2017 for annual reporting periods beginning after that date. The FASB also proposed permitting early adoption of the standard, but not before the original effective date of December 15, 2016. ASU 2014-09 is not expected to have a material impact on the Company’s financial statements. |
Sharebased_Payment_Arrangement1
Share-based Payment Arrangements (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 28, 2015 | |||||||||||||||||
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): | ||||||||||||||||
Thirteen Weeks Ended | |||||||||||||||||
March 28, | March 29, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
Total cost of the Plans during the period | $ | 1,667 | $ | 1,164 | |||||||||||||
Amount of related income tax benefit recognized during the period | (701 | ) | (614 | ) | |||||||||||||
Net cost of the Plans during the period | $ | 966 | $ | 550 | |||||||||||||
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 27, 2014 | 773,839 | $ | 46.92 | ||||||||||||||
Exercised | (48,700 | ) | $ | 45.52 | |||||||||||||
Forfeited | (1,000 | ) | $ | 52.6 | |||||||||||||
Options outstanding at March 28, 2015 | 724,139 | $ | 47.01 | 5.5 | $ | 13,572 | |||||||||||
Options exercisable at March 28, 2015 | 495,239 | $ | 45.09 | 4.9 | $ | 10,232 | |||||||||||
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 | ||||||||||||||||
RSUs | Grant Date | ||||||||||||||||
Fair Value | |||||||||||||||||
Outstanding at December 27, 2014 | 425,630 | $ | 50.72 | ||||||||||||||
Granted | 91,562 | $ | 57.97 | ||||||||||||||
Vested | (91,382 | ) | $ | 51.98 | |||||||||||||
Outstanding at March 28, 2015 | 425,810 | $ | 52.01 |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
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): | ||||||||
Thirteen Weeks Ended | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Average number of common shares outstanding | 44,588 | 45,407 | |||||||
Incremental shares from assumed exercises of stock options | 172 | 189 | |||||||
Average number of common shares and common share equivalents outstanding | 44,760 | 45,596 | |||||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 28, 2015 | |||||||||||||||||||||||||
Information Regarding Reportable Business Segments | The following table summarizes information about the Company’s reportable business segments as of and for the thirteen-week periods ended March 28, 2015 and March 29, 2014 (in thousands): | ||||||||||||||||||||||||
Thirteen Weeks Ended | |||||||||||||||||||||||||
March 28, 2015 | March 29, 2014 | ||||||||||||||||||||||||
Transportation | Insurance | Total | Transportation | Insurance | Total | ||||||||||||||||||||
Logistics | Logistics | ||||||||||||||||||||||||
External revenue | $ | 751,796 | $ | 10,584 | $ | 762,380 | $ | 678,853 | $ | 9,344 | $ | 688,197 | |||||||||||||
Investment income | 354 | 354 | 363 | 363 | |||||||||||||||||||||
Internal revenue | 6,396 | 6,396 | 5,792 | 5,792 | |||||||||||||||||||||
Operating income | 43,730 | 5,315 | 49,045 | 38,984 | 6,030 | 45,014 | |||||||||||||||||||
Expenditures on long-lived assets | 2,450 | 2,450 | 732 | 732 | |||||||||||||||||||||
Goodwill | 31,134 | 31,134 | 31,134 | 31,134 |
Other_Comprehensive_Income_Tab
Other Comprehensive Income (Tables) | 3 Months Ended | ||||||||||||
Mar. 28, 2015 | |||||||||||||
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 thirteen-week period ended March 28, 2015 (in thousands): | ||||||||||||
Unrealized | Foreign Currency | Total | |||||||||||
Holding Gain on | Translation | ||||||||||||
Available-for-Sale | |||||||||||||
Securities | |||||||||||||
Balance as of December 27, 2014 | $ | 105 | $ | (1,290 | ) | $ | (1,185 | ) | |||||
Other comprehensive income (loss) | 228 | (280 | ) | (52 | ) | ||||||||
Balance as of March 28, 2015 | $ | 333 | $ | (1,570 | ) | $ | (1,237 | ) | |||||
Investments_Tables
Investments (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 28, 2015 | |||||||||||||||||||||||||
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 March 28, 2015 and December 27, 2014 (in thousands): | ||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
March 28, 2015 | |||||||||||||||||||||||||
Money market investments | $ | 1,060 | $ | — | $ | — | $ | 1,060 | |||||||||||||||||
Asset-backed securities | 5,078 | 2 | 22 | 5,058 | |||||||||||||||||||||
Corporate bonds and direct obligations of government agencies | 77,823 | 614 | 87 | 78,350 | |||||||||||||||||||||
U.S. Treasury obligations | 19,651 | 13 | 4 | 19,660 | |||||||||||||||||||||
Total | $ | 103,612 | $ | 629 | $ | 113 | $ | 104,128 | |||||||||||||||||
December 27, 2014 | |||||||||||||||||||||||||
Money market investments | $ | 1,729 | $ | — | $ | — | $ | 1,729 | |||||||||||||||||
Asset-backed securities | 5,106 | 1 | 50 | 5,057 | |||||||||||||||||||||
Corporate bonds and direct obligations of government agencies | 76,964 | 491 | 284 | 77,171 | |||||||||||||||||||||
U.S. Treasury obligations | 19,507 | 14 | 9 | 19,512 | |||||||||||||||||||||
Total | $ | 103,306 | $ | 506 | $ | 343 | $ | 103,469 | |||||||||||||||||
Schedule of Unrealized Loss on Available for Sale Investments | For those available-for-sale investments with unrealized losses at March 28, 2015 and December 27, 2014, 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 | ||||||||||||||||||||
March 28, 2015 | |||||||||||||||||||||||||
Asset-backed securities | $ | 895 | $ | 6 | $ | 2,468 | $ | 16 | $ | 3,363 | $ | 22 | |||||||||||||
Corporate bonds and direct obligations of government agencies | 2,561 | 59 | 6,707 | 28 | 9,268 | 87 | |||||||||||||||||||
U.S. Treasury obligations | 4,903 | 3 | 766 | 1 | 5,669 | 4 | |||||||||||||||||||
Total | $ | 8,359 | 68 | $ | 9,941 | $ | 45 | $ | 18,300 | $ | 113 | ||||||||||||||
December 27, 2014 | |||||||||||||||||||||||||
Asset-backed securities | $ | 2,006 | $ | 13 | $ | 2,447 | $ | 37 | $ | 4,453 | $ | 50 | |||||||||||||
Corporate bonds and direct obligations of government agencies | 19,354 | 135 | 11,373 | 149 | 30,727 | 284 | |||||||||||||||||||
U.S. Treasury obligations | 6,992 | 1 | 760 | 8 | 7,752 | 9 | |||||||||||||||||||
Total | $ | 28,352 | $ | 149 | 14,580 | 194 | $ | 42,932 | $ | 343 | |||||||||||||||
Change_in_Accounting_Estimate_1
Change in Accounting Estimate for Self-Insured Claims (Tables) | 3 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
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, net income and earnings per share amounts in the consolidated statements of income for the thirteen-week periods ended March 28, 2015 and March 29, 2014 (in thousands, except per share amounts): | ||||||||
Thirteen Weeks Ended | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Operating income | $ | 4,641 | $ | 1,891 | |||||
Net income | 2,868 | 1,169 | |||||||
Earnings per share | $ | 0.06 | $ | 0.03 | |||||
Diluted earnings per share | $ | 0.06 | $ | 0.03 |
Share_Based_Payment_Arrangemen
Share Based Payment Arrangements - Additional Information (Detail) (USD $) | 3 Months Ended | ||
Mar. 28, 2015 | Mar. 29, 2014 | Dec. 27, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of employee equity incentive plans | 2 | ||
Income tax benefit realized on disqualifying dispositions of stock acquired by exercise of incentive stock options | $160,000 | $295,000 | |
2013 Directors Stock Compensation Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock authorized for issuance | 115,000 | ||
Common stock reserved for issuance | 95,531 | ||
Other Stock Compensation Plans | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock reserved for issuance | 5,602,419 | ||
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Discount rate on stock awards | 7.00% | 7.00% | |
Recognized share-based compensation expense | 1,158,000 | 641,000 | |
Unrecognized compensation cost expected to be recognized over period, years | 3 years 4 months 24 days | ||
Restricted Stock Units outstanding | 425,810 | 425,630 | |
Weighted average grant date value | $52.01 | $50.72 | |
Restricted Stock Units (RSUs) | 2015 grant | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum percentage of target available for common share issuance | 200.00% | ||
Restricted Stock Units (RSUs) | Prior to 2015 grant | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum percentage of target available for common share issuance | 100.00% | ||
Restricted Stock Units (RSUs) | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
RSU awards vesting period | 5 years | ||
Unrecognized compensation cost | 26,600,000 | ||
Restricted Stock Units (RSUs) | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
RSU awards vesting period | 3 years | ||
Employee Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation cost expected to be recognized over period, years | 2 years | ||
Total intrinsic value of stock options exercised during periods | 1,108,000 | 5,130,000 | |
Unrecognized compensation cost | 2,509,000 | ||
Non-vested Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation cost | $710,000 | ||
Unrecognized compensation cost expected to be recognized over period, years | 1 year 8 months 12 days | ||
Terms of award | The Company's common stock on the date of grant and shares of non-vested restricted stock are subject to vesting in three equal annual installments or 100% on the fifth anniversary of the date of the grant. | ||
Restricted Stock Units outstanding | 23,353 | ||
Weighted average grant date value | $54.90 |
Amounts_Recognized_in_Financia
Amounts Recognized in Financial Statements with Respect to Plans (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total cost of the Plans during the period | $1,667 | $1,164 |
Amount of related income tax benefit recognized during the period | -701 | -614 |
Net cost of the Plans during the period | $966 | $550 |
Schedule_of_Information_on_Res
Schedule of Information on Restricted Stock Units (Detail) (Restricted Stock Units (RSUs), USD $) | 3 Months Ended |
Mar. 28, 2015 | |
Restricted Stock Units (RSUs) | |
Number of Shares | |
Beginning Balance | 425,630 |
Granted | 91,562 |
Vested | -91,382 |
Ending Balance | 425,810 |
Weighted Average Grant Date Fair Value | |
Beginning Balance | $50.72 |
Granted | $57.97 |
Vested | $51.98 |
Ending Balance | $52.01 |
Summary_of_Information_Regardi
Summary of Information Regarding Stock Options (Detail) (USD $) | 3 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 28, 2015 |
Number of Options | |
Beginning Balance, number of options | 773,839 |
Exercised, number of options | -48,700 |
Forfeited, number of options | -1,000 |
Ending Balance, number of options | 724,139 |
Options exercisable at the ending, Number of Options | 495,239 |
Weighted Average Exercise Price per Share | |
Beginning Balance, Weighted Average Exercise Price per Share | $46.92 |
Exercised, Weighted Average Exercise Price per Share | $45.52 |
Forfeited, Weighted Average Exercise Price per Share | $52.60 |
Ending Balance, Weighted Average Exercise Price per Share | $47.01 |
Options exercisable at March 28, 2015 | $45.09 |
Weighted Average Remaining Contractual Term (years) | |
Options outstanding at March 28, 2015 | 5 years 6 months |
Options exercisable at March 28, 2015 | 4 years 10 months 24 days |
Aggregate Intrinsic Value | |
Options outstanding at March 28, 2015 | $13,572 |
Options exercisable at March 28, 2015 | $10,232 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |
Mar. 28, 2015 | Mar. 29, 2014 | Dec. 27, 2015 | |
Income Taxes [Line Items] | |||
Effective income tax rate | 37.80% | 37.50% | |
Scenario, Forecast | |||
Income Taxes [Line Items] | |||
Effective income tax rate | 38.20% |
Reconciliation_of_Average_Numb
Reconciliation of Average Number of Common Shares and Common Share Equivalents Outstanding (Detail) | 3 Months Ended | |
Mar. 28, 2015 | Mar. 29, 2014 | |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||
Average number of common shares outstanding | 44,588,000 | 45,407,000 |
Incremental shares from assumed exercises of stock options | 172,000 | 189,000 |
Average number of common shares and common share equivalents outstanding | 44,760,000 | 45,596,000 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) | 3 Months Ended | |
Mar. 28, 2015 | Mar. 29, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock options excluded from calculation of diluted earnings per share, antidilutive | 0 | 0 |
Additional_Cash_Flow_Informati1
Additional Cash Flow Information - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 28, 2015 | Mar. 29, 2014 | |
Supplemental Cash Flow Information [Abstract] | ||
Income taxes paid | $669,000 | $19,792,000 |
Interest paid | 794,000 | 784,000 |
Acquired operating property by capital leases | $0 | $641,000 |
Information_Regarding_Reportab
Information Regarding Reportable Business Segments (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Dec. 27, 2014 |
Segment Reporting Information [Line Items] | |||
External revenue | $762,380 | $688,197 | |
Investment income | 354 | 363 | |
Internal revenue | 6,396 | 5,792 | |
Operating income | 49,045 | 45,014 | |
Expenditures on long-lived assets | 2,450 | 732 | |
Goodwill | 31,134 | 31,134 | 31,134 |
Transportation Logistics | |||
Segment Reporting Information [Line Items] | |||
External revenue | 751,796 | 678,853 | |
Operating income | 43,730 | 38,984 | |
Expenditures on long-lived assets | 2,450 | 732 | |
Goodwill | 31,134 | 31,134 | |
Insurance | |||
Segment Reporting Information [Line Items] | |||
External revenue | 10,584 | 9,344 | |
Investment income | 354 | 363 | |
Internal revenue | 6,396 | 5,792 | |
Operating income | $5,315 | $6,030 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 3 Months Ended |
Mar. 28, 2015 | |
Segment Reporting Information [Line Items] | |
Customers representing greater than 10% of consolidated revenue | No single customer accounted for more than 10% of the Company's consolidated revenue. |
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 | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | ($1,185) | |
Other comprehensive income (loss) | -52 | -322 |
Ending Balance | -1,237 | |
Unrealized Holding Gain on Available-for-Sale Securities | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | 105 | |
Other comprehensive income (loss) | 228 | |
Ending Balance | 333 | |
Foreign Currency Translation | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | -1,290 | |
Other comprehensive income (loss) | -280 | |
Ending Balance | ($1,570) |
Investments_Additional_Informa
Investments - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 28, 2015 | Dec. 27, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Investments maximum maturity period | 5 years | |
Unrealized gains, net of unrealized losses, on the investments in the bond portfolio | $516,000 | $163,000 |
Amortized_Cost_and_Fair_Value_
Amortized Cost and Fair Value of Available for Sale Investments (Detail) (USD $) | Mar. 28, 2015 | Dec. 27, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $103,612 | $103,306 |
Gross Unrealized Gains | 629 | 506 |
Gross Unrealized Losses | 113 | 343 |
Fair Value | 104,128 | 103,469 |
Money market investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,060 | 1,729 |
Fair Value | 1,060 | 1,729 |
Asset-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 5,078 | 5,106 |
Gross Unrealized Gains | 2 | 1 |
Gross Unrealized Losses | 22 | 50 |
Fair Value | 5,058 | 5,057 |
Corporate bonds and direct obligations of government agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 77,823 | 76,964 |
Gross Unrealized Gains | 614 | 491 |
Gross Unrealized Losses | 87 | 284 |
Fair Value | 78,350 | 77,171 |
U.S. Treasury Obligations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 19,651 | 19,507 |
Gross Unrealized Gains | 13 | 14 |
Gross Unrealized Losses | 4 | 9 |
Fair Value | $19,660 | $19,512 |
Schedule_of_Unrealized_Loss_on
Schedule of Unrealized Loss on Available for Sale Investments (Detail) (USD $) | Mar. 28, 2015 | Dec. 27, 2014 |
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 | $8,359 | $28,352 |
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss | 68 | 149 |
Available-for-sale investments with unrealized losses, 12 months or longer, Fair Value | 9,941 | 14,580 |
Available-for-sale investments with unrealized losses, 12 months or longer, Unrealized Loss | 45 | 194 |
Available-for-sale investments with unrealized losses, Fair Value, Total | 18,300 | 42,932 |
Available-for-sale investments with unrealized losses, Unrealized Loss, Total | 113 | 343 |
Asset-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale investments with unrealized losses, Less than 12 months, Fair Value | 895 | 2,006 |
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss | 6 | 13 |
Available-for-sale investments with unrealized losses, 12 months or longer, Fair Value | 2,468 | 2,447 |
Available-for-sale investments with unrealized losses, 12 months or longer, Unrealized Loss | 16 | 37 |
Available-for-sale investments with unrealized losses, Fair Value, Total | 3,363 | 4,453 |
Available-for-sale investments with unrealized losses, Unrealized Loss, Total | 22 | 50 |
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 | 2,561 | 19,354 |
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss | 59 | 135 |
Available-for-sale investments with unrealized losses, 12 months or longer, Fair Value | 6,707 | 11,373 |
Available-for-sale investments with unrealized losses, 12 months or longer, Unrealized Loss | 28 | 149 |
Available-for-sale investments with unrealized losses, Fair Value, Total | 9,268 | 30,727 |
Available-for-sale investments with unrealized losses, Unrealized Loss, Total | 87 | 284 |
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 | 4,903 | 6,992 |
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss | 3 | 1 |
Available-for-sale investments with unrealized losses, 12 months or longer, Fair Value | 766 | 760 |
Available-for-sale investments with unrealized losses, 12 months or longer, Unrealized Loss | 1 | 8 |
Available-for-sale investments with unrealized losses, Fair Value, Total | 5,669 | 7,752 |
Available-for-sale investments with unrealized losses, Unrealized Loss, Total | $4 | $9 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 0 Months Ended | |
Mar. 13, 2015 | Mar. 28, 2015 | |
Bruno v. Landstar Ranger, Inc. | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Verdict against Landstar Ranger, Inc. in the matter of Bruno v. Landstar Ranger Inc. | $19,250,000 | |
Verdict percentage of liability | 100.00% | |
Agreed limited financial exposure | 4,500,000 | |
Verdict, Pre-tax charge | 4,500,000 | |
Cost of an adverse verdict, per share | $0.06 | |
Current Investments | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Investments providing collateral for letters of credit to guarantee insurance claims | 37,174,000 | |
Non-Current Investments | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Investments providing collateral for letters of credit to guarantee insurance claims | 27,059,000 | |
Total non-current investments | 66,954,000 | |
Revolving Credit Facility | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Letters of credit outstanding | 33,033,000 | |
Guarantee Payment Of Insurance Claims | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Letters of credit outstanding | $57,810,000 |
Effect_of_Increase_in_Cost_of_
Effect of Increase in Cost of Insurance and Claims (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Change in Accounting Estimate [Line Items] | ||
Operating income | $49,045 | $45,014 |
Net income | 30,015 | 27,638 |
Earnings per share | $0.67 | $0.61 |
Diluted earnings per share | $0.67 | $0.61 |
Development of Prior Year Self Insured Claims Estimates | ||
Change in Accounting Estimate [Line Items] | ||
Operating income | 4,641 | 1,891 |
Net income | $2,868 | $1,169 |
Earnings per share | $0.06 | $0.03 |
Diluted earnings per share | $0.06 | $0.03 |