Landstar System (LSTR) 10-Q 29 Apr 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 26, 2016	Apr. 18, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 26, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Trading Symbol	LSTR
Entity Registrant Name	LANDSTAR SYSTEM INC
Entity Central Index Key	853,816
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		42,326,371

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 26, 2016	Dec. 26, 2015
Current Assets
Cash and cash equivalents	$ 156,284	$ 114,520
Short-term investments	61,140	48,823
Trade accounts receivable, less allowance of $4,777 and $4,327	383,057	462,699
Other receivables, including advances to independent contractors, less allowance of $4,373 and $4,143	28,778	18,472
Other current assets	7,529	11,604
Total current assets	636,788	656,118
Operating property, less accumulated depreciation and amortization of $185,236 and $182,591	228,474	225,927
Goodwill	31,134	31,134
Other assets	61,096	78,339
Total assets	957,492	991,518
Current Liabilities
Cash overdraft	30,073	35,609
Accounts payable	172,035	223,709
Current maturities of long-term debt	43,148	42,499
Insurance claims	22,026	19,757
Other current liabilities	54,786	47,963
Total current liabilities	322,068	369,537
Long-term debt, excluding current maturities	81,385	81,793
Insurance claims	21,493	21,477
Deferred income taxes and other noncurrent liabilities	50,157	52,474
Shareholders' Equity
Common stock, $0.01 par value, authorized 160,000,000 shares, issued 67,473,450 and 67,391,616 shares	675	674
Additional paid-in capital	195,667	195,841
Retained earnings	1,415,763	1,389,975
Cost of 25,147,079 and 24,972,079 shares of common stock in treasury	(1,126,993)	(1,116,765)
Accumulated other comprehensive loss	(2,723)	(3,488)
Total shareholders' equity	482,389	466,237
Total liabilities and shareholders' equity	$ 957,492	$ 991,518

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 26, 2016	Dec. 26, 2015
Allowance on trade accounts receivable	$ 4,777	$ 4,327
Allowance on other receivables	4,373	4,143
Accumulated depreciation and amortization on operating property	$ 185,236	$ 182,591
Common stock, par value	$ 0.01	$ 0.01
Common stock, authorized shares	160,000,000	160,000,000
Common stock, issued shares	67,473,450	67,391,616
Treasury stock, shares	25,147,079	24,972,079

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2016	Mar. 28, 2015
Revenue	$ 711,644	$ 762,380
Investment income	380	354
Costs and expenses:
Purchased transportation	540,328	587,153
Commissions to agents	59,092	59,784
Other operating costs, net of gains on asset sales/dispositions	7,407	7,689
Insurance and claims	14,213	14,796
Selling, general and administrative	34,614	37,248
Depreciation and amortization	8,438	7,019
Total costs and expenses	664,092	713,689
Operating income	47,932	49,045
Interest and debt expense	889	781
Income before income taxes	47,043	48,264
Income taxes	17,859	18,249
Net income	$ 29,184	$ 30,015
Earnings per common share	$ 0.69	$ 0.67
Diluted earnings per share	$ 0.69	$ 0.67
Average number of shares outstanding:
Earnings per common share	42,395,000	44,588,000
Diluted earnings per share	42,489,000	44,760,000
Dividends per common share	$ 0.08	$ 0.07

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2016	Mar. 28, 2015
Net income	$ 29,184	$ 30,015
Other comprehensive income (loss):
Unrealized holding gains on available-for-sale investments, net of tax expenses of $100 and $125	182	228
Foreign currency translation gains (losses)	583	(280)
Other comprehensive income (loss)	765	(52)
Comprehensive income	$ 29,949	$ 29,963

Consolidated Statements of Com6

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2016	Mar. 28, 2015
Unrealized holding gains on available-for-sale investments, tax expense	$ 100	$ 125

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2016	Mar. 28, 2015
OPERATING ACTIVITIES
Net income	$ 29,184	$ 30,015
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of operating property	8,438	7,019
Non-cash interest charges	54	55
Provisions for losses on trade and other accounts receivable	1,494	702
Gains on sales/disposals of operating property	(874)	(107)
Deferred income taxes, net	2,682	885
Stock-based compensation	1,100	1,667
Changes in operating assets and liabilities:
Decrease in trade and other accounts receivable	67,842	29,939
Decrease in other assets	9,783	11,216
Decrease in accounts payable	(51,674)	(23,862)
Increase (decrease) in other liabilities	1,724	(9,580)
Increase in insurance claims	2,285	1,321
NET CASH PROVIDED BY OPERATING ACTIVITIES	72,038	49,270
INVESTING ACTIVITIES
Sales and maturities of investments	10,636	10,651
Purchases of investments	(11,190)	(11,107)
Purchases of operating property	(828)	(2,450)
Proceeds from sales of operating property	2,273	656
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES	891	(2,250)
FINANCING ACTIVITIES
Decrease in cash overdraft	(5,536)	(6,219)
Dividends paid	(3,396)	(47,906)
Proceeds from exercises of stock options	105	429
Taxes paid in lieu of shares issued related to stock-based compensation plans	(1,527)	(2,069)
Excess tax benefits from stock-based awards	149	486
Purchases of common stock	(10,228)	(31,300)
Principal payments on capital lease obligations	(11,315)	(9,218)
NET CASH USED BY FINANCING ACTIVITIES	(31,748)	(95,797)
Effect of exchange rate changes on cash and cash equivalents	583	(280)
Increase (decrease) in cash and cash equivalents	41,764	(49,057)
Cash and cash equivalents at beginning of period	114,520	163,944
Cash and cash equivalents at end of period	$ 156,284	$ 114,887

Consolidated Statement of Chang

Consolidated Statement of Changes in Shareholders Equity - 3 months ended Mar. 26, 2016 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Treasury Stock at Cost	Accumulated Other Comprehensive Income (Loss)
Beginning Balance (in shares) at Dec. 26, 2015		67,391,616			24,972,079
Beginning Balance at Dec. 26, 2015	$ 466,237	$ 674	$ 195,841	$ 1,389,975	$ (1,116,765)	$ (3,488)
Net income	29,184			29,184
Dividends	(3,396)			(3,396)
Purchases of common stock (in shares)					175,000
Purchases of common stock	(10,228)				$ (10,228)
Issuance of stock related to stock-based compensation plans, including excess tax effect (in shares)		81,834
Issuance of stock related to stock-based compensation plans, including excess tax effect	(1,273)	$ 1	(1,274)
Stock-based compensation	1,100		1,100
Other comprehensive income	765					765
Ending Balance (in shares) at Mar. 26, 2016		67,473,450			25,147,079
Ending Balance at Mar. 26, 2016	$ 482,389	$ 675	$ 195,667	$ 1,415,763	$ (1,126,993)	$ (2,723)

Consolidated Statement of Chan9

Consolidated Statement of Changes in Shareholders Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 26, 2016	Mar. 28, 2015
Dividends per common share	$ 0.08	$ 0.07

Business Description

Business Description	3 Months Ended
	Mar. 26, 2016
Business Description	The consolidated financial statements include the accounts of Landstar System, Inc. and its subsidiary, Landstar System Holdings, Inc., and reflect all adjustments (all of a normal, recurring nature) which are, in the opinion of management, necessary for a fair statement of the results for the periods presented. The preparation of the consolidated financial statements requires the use of management’s estimates. Actual results could differ from those estimates. Landstar System, Inc. and its subsidiary are herein referred to as “Landstar” or the “Company.” Significant intercompany accounts have been eliminated in consolidation. During the first fiscal quarter of 2016, we adopted Accounting Standards Update 2015-17 – Balance Sheet Classification of Deferred Taxes (“ASU 2015-17”) on a retrospective basis. As required by ASU 2015-17, all deferred tax assets and liabilities are classified as noncurrent in our consolidated balance sheets, which is a change from our historical presentation, whereby certain of our deferred tax assets and liabilities were classified as current and the remainder were classified as noncurrent. Upon adoption of ASU 2015-17, current deferred tax assets of $6,552,000 in our December 26, 2015 consolidated balance sheet were reclassified as noncurrent.

Share-based Payment Arrangement

Share-based Payment Arrangements	3 Months Ended
	Mar. 26, 2016
Share-based Payment Arrangements	(1) Share-based Payment Arrangements As of March 26, 2016, 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”). 6,000,000 shares of the Company’s common stock were authorized for issuance under the 2011 EIP and 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 26, 2016 March 28, 2015 Total cost of the Plans during the period $ 1,100 $ 1,667 Amount of related income tax benefit recognized during the period (471 ) (701 ) Net cost of the Plans during the period $ 629 $ 966 Included in income tax benefits recognized in the thirteen-week periods ended March 26, 2016 and March 28, 2015 were income tax benefits of $113,000 and $160,000, 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 26, 2016, there were 94,334 shares of the Company’s common stock reserved for issuance under the 2013 DSCP and 5,209,751 shares of the Company’s common stock reserved for issuance in the aggregate under the ESOSIP and 2011 EIP. Restricted Stock Units The following table summarizes information regarding the Company’s outstanding restricted stock unit (“RSU”) awards under the Plans: Number of Weighted Average Grant Date Fair Value Outstanding at December 26, 2015 444,157 $ 51.10 Granted 79,484 $ 51.59 Vested (81,344 ) $ 53.08 Forfeited (49,364 ) $ 53.53 Outstanding at March 26, 2016 392,933 $ 50.49 During the thirteen-week period ended March 26, 2016, the Company granted RSUs with a performance condition. RSUs with a performance condition granted on January 29, 2016 may vest on January 31 of 2019, 2020 and 2021 based on growth in operating income and diluted earnings per share from continuing operations as compared to the results from the 2015 fiscal year. Outstanding RSUs at both December 26, 2015 and March 26, 2016 include RSUs with a performance condition and RSUs with a market condition, as further described below. RSUs with a performance condition vest over a 5 year period from the date of grant based on growth in operating income and diluted earnings per share as compared to a base year, being the year immediately preceding the year of grant. At the time of grant, the maximum number of common shares available for issuance under the January 29, 2016 and January 27, 2015 grants 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. The fair value of an RSU with a performance condition was 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 with a performance condition for all periods was 7%. With respect to RSU awards with a performance condition, the Company reports compensation expense over the life of the award based on an estimated number of units that will vest over the life of the award, multiplied by the fair value of an RSU. On May 1, 2015, the Company granted 20,000 RSUs that vest based on a market condition. These RSUs may vest on April 30 of 2019, 2020 and 2021 based on the Company’s total shareholder return (“TSR”) compound annual growth rate over the vesting periods, adjusted to reflect dividends (if any) paid during such periods and capital adjustments as may be necessary. The maximum number of common shares available for issuance under the May 1, 2015 grant equals 150% of the number of RSUs granted. The fair value of this RSU award was determined at the time of grant based on the expected achievement of the market condition at the end of each vesting period. With respect to these RSU awards with a market condition, compensation expense is recognized ratably over the requisite service period under an award based on the fair market value of the award at the time of grant, regardless of whether the market condition is satisfied. Previously recognized compensation cost would be reversed, however, if the employee terminated employment prior to completing such requisite service period. The Company recognized approximately $640,000 and $1,158,000 of share-based compensation expense related to RSU awards in the thirteen-week periods ended March 26, 2016 and March 28, 2015, respectively. As of March 26, 2016, there was a maximum of $28.2 million of total unrecognized compensation cost related to RSU awards granted under the Plans with an expected average remaining life of approximately 3.4 years. With respect to RSU awards with a performance condition, 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 per Share Weighted Average Term (years) Aggregate Intrinsic Options outstanding at December 26, 2015 637,221 $ 47.24 Exercised (28,900 ) $ 45.57 Forfeited (2,400 ) $ 52.50 Options outstanding at March 26, 2016 605,921 $ 47.30 4.9 $ 11,748 Options exercisable at March 26, 2016 507,521 $ 45.99 4.6 $ 10,505 The total intrinsic value of stock options exercised during the thirteen-week periods ended March 26, 2016 and March 28, 2015 was $409,000 and $1,108,000, respectively. As of March 26, 2016, there was $1,096,000 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 1.3 years. 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 Fair Value Outstanding at December 26, 2015 18,060 $ 54.36 Granted 18,271 $ 55.47 Outstanding at March 26, 2016 36,331 $ 54.92 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. Shares of non-vested restricted stock are generally subject to vesting in three equal annual installments or 100% on the third or fifth anniversary of the date of the grant. As of March 26, 2016, there was $1,217,000 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 2.4 years.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 26, 2016
Income Taxes	(2) Income Taxes The provisions for income taxes for both the 2016 and 2015 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 2016 and 2015 thirteen-week periods were 38.0% and 37.8%, 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. During the first fiscal quarter of 2016, the Company adopted Accounting Standards Update 2015-17 – Balance Sheet Classification of Deferred Taxes (“ASU 2015-17”), which requires an entity to present deferred tax assets and deferred tax liabilities as noncurrent in a classified balance sheet. As of December 26, 2015, the Company reclassified $6,552,000 of current deferred tax assets to noncurrent to conform to the current year presentation and this amount is now included in deferred income taxes and other noncurrent liabilities on the consolidated balance sheets.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 26, 2016
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 26, 2016 March 28, 2015 Average number of common shares outstanding 42,395 44,588 Incremental shares from assumed exercises of stock options 94 172 Average number of common shares and common share equivalents outstanding 42,489 44,760 For each of the thirteen-week periods ended March 26, 2016 and March 28, 2015, 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 or market condition for vesting had not been satisfied.

Additional Cash Flow Informatio

Additional Cash Flow Information	3 Months Ended
	Mar. 26, 2016
Additional Cash Flow Information	(4) Additional Cash Flow Information During the 2016 thirteen-week period, Landstar paid income taxes and interest of $209,000 and $913,000, respectively. During the 2015 thirteen-week period, Landstar paid income taxes and interest of $669,000 and $794,000, respectively. Landstar acquired operating property by entering into capital leases in the amount of $11,556,000 in the 2016 thirteen-week period. Landstar did not acquire any operating property by entering into capital leases in the 2015 thirteen-week period.

Segment Information

Segment Information	3 Months Ended
	Mar. 26, 2016
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 26, 2016 and March 28, 2015 (in thousands): Thirteen Weeks Ended March 26, 2016 March 28, 2015 Transportation Logistics Insurance Total Transportation Logistics Insurance Total External revenue $ 700,100 $ 11,544 $ 711,644 $ 751,796 $ 10,584 $ 762,380 Investment income 380 380 354 354 Internal revenue 7,231 7,231 6,396 6,396 Operating income 39,625 8,307 47,932 43,730 5,315 49,045 Expenditures on long-lived assets 828 828 2,450 2,450 Goodwill 31,134 31,134 31,134 31,134 In the thirteen-week periods ended March 26, 2016 and March 28, 2015, no single customer accounted for more than 10% of the Company’s consolidated revenue.

Other Comprehensive Income

Other Comprehensive Income	3 Months Ended
	Mar. 26, 2016
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 26, 2016 (in thousands): Unrealized Available-for-Sale Foreign Currency Total Balance as of December 26, 2015 $ (94 ) $ (3,394 ) $ (3,488 ) Other comprehensive income 182 583 765 Balance as of March 26, 2016 $ 88 $ (2,811 ) $ (2,723 ) 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 26, 2016.

Investments

Investments	3 Months Ended
	Mar. 26, 2016
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 $137,000 at March 26, 2016, while unrealized losses, net of unrealized gains, on the investments in the bond portfolio were $145,000 at December 26, 2015. The amortized cost and fair values of available-for-sale investments are as follows at March 26, 2016 and December 26, 2015 (in thousands): Amortized Gross Gross Fair Value March 26, 2016 Money market investments $ 8,526 $ — $ — $ 8,526 Asset-backed securities 4,519 2 61 4,460 Corporate bonds and direct obligations of government agencies 76,398 327 137 76,588 U.S. Treasury obligations 19,210 10 4 19,216 Total $ 108,653 $ 339 $ 202 $ 108,790 December 26, 2015 Money market investments $ 7,594 $ — $ — $ 7,594 Asset-backed securities 4,523 1 58 4,466 Corporate bonds and direct obligations of government agencies 76,839 190 270 76,759 U.S. Treasury obligations 19,273 5 13 19,265 Total $ 108,229 $ 196 $ 341 $ 108,084 For those available-for-sale investments with unrealized losses at March 26, 2016 and December 26, 2015, the following table summarizes the duration of the unrealized loss (in thousands): Less than 12 months 12 months or longer Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized March 26, 2016 Asset-backed securities $ 1,684 $ 11 $ 2,428 $ 50 $ 4,112 $ 61 Corporate bonds and direct obligations of government agencies 20,974 51 3,868 86 24,842 137 U.S. Treasury obligations 12,042 4 — — 12,042 4 Total $ 34,700 $ 66 $ 6,296 $ 136 $ 40,996 $ 202 December 26, 2015 Asset-backed securities $ 4,422 $ 58 $ — $ — $ 4,422 $ 58 Corporate bonds and direct obligations of government agencies 39,276 217 562 53 39,838 270 U.S. Treasury obligations 15,093 13 — — 15,093 13 Total $ 58,791 $ 288 $ 562 $ 53 $ 59,353 $ 341 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 26, 2016.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 26, 2016
Commitments and Contingencies	(8) Commitments and Contingencies Short-term investments include $61,140,000 in current maturities of investments held by the Company’s insurance segment at March 26, 2016. The non-current portion of the bond portfolio of $47,650,000 is included in other assets. The short-term investments, together with $4,815,000 of non-current investments, provide collateral for the $59,360,000 of letters of credit issued to guarantee payment of insurance claims. As of March 26, 2016, Landstar also had $32,757,000 of additional letters of credit outstanding under the Company’s Credit Agreement. The Company is involved in certain claims and pending litigation arising from the normal conduct of business. Many of these claims are covered in whole or in part by insurance. Based on knowledge of the facts and, in certain cases, opinions of outside counsel, management believes that adequate provisions have been made for probable losses with respect to the resolution of all such claims and pending litigation and that the ultimate outcome, after provisions therefor, will not have a material adverse effect on the financial condition of the Company, but could have a material effect on the results of operations in a given quarter or year.

Change in Accounting Estimate f

Change in Accounting Estimate for Self-Insured Claims	3 Months Ended
	Mar. 26, 2016
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 26, 2016 and March 28, 2015 (in thousands, except per share amounts): Thirteen Weeks Ended March 26, 2016 March 28, 2015 Operating income $ 2,078 $ 4,641 Net income 1,284 2,868 Earnings per share $ 0.03 $ 0.06 Diluted earnings per share $ 0.03 $ 0.06 The unfavorable development of prior years’ claims in the thirteen-week period ended March 28, 2015 primarily related to the impact of the March 13, 2015 verdict further described in reports previously filed by the Company with the Securities and Exchange Commission.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 26, 2016
Recent Accounting Pronouncements	(10) Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) 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 July 9, 2015, the FASB approved deferring the effective date by one year to December 15, 2017 for annual reporting periods beginning after that date. The FASB also approved 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. In November 2015, the FASB issued ASU 2015-17 – Balance Sheet Classification of Deferred Taxes. The Company has adopted this guidance during the first fiscal quarter of 2016 and applied it retrospectively. The prior period presented has been reclassified to conform to the current year presentation. See Note 2, Income Taxes, for further information. In February 2016, the FASB issued Accounting Standards Update 2016-02 – Leases (“ASU 2016-02”). ASU 2016-02 requires a company to recognize a right-of-use asset and lease liability for the obligation to make lease payments measured at the present value of the lease payments for all leases with terms greater than twelve months. Companies are required to use a modified retrospective transition approach to recognize leases at the beginning of the earliest period presented. ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2018, and interim periods therein, and early adoption is permitted. ASU 2016-02 is not expected to have a material impact on the Company’s financial statements. In March 2016, the FASB issued Accounting Standards Update 2016-09 – Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”), which is intended to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for annual periods beginning after December 15, 2016, and interim periods therein. The Company is currently evaluating the impact of ASU 2016-09 on its financial statements.

Share-based Payment Arrangeme21

Share-based Payment Arrangements (Tables)	3 Months Ended
	Mar. 26, 2016
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 26, 2016 March 28, 2015 Total cost of the Plans during the period $ 1,100 $ 1,667 Amount of related income tax benefit recognized during the period (471 ) (701 ) Net cost of the Plans during the period $ 629 $ 966
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 per Share Weighted Average Term (years) Aggregate Intrinsic Options outstanding at December 26, 2015 637,221 $ 47.24 Exercised (28,900 ) $ 45.57 Forfeited (2,400 ) $ 52.50 Options outstanding at March 26, 2016 605,921 $ 47.30 4.9 $ 11,748 Options exercisable at March 26, 2016 507,521 $ 45.99 4.6 $ 10,505
Restricted Stock Units (RSUs)
Schedule of Information on Restricted Stock Units	The following table summarizes information regarding the Company’s outstanding restricted stock unit (“RSU”) awards under the Plans: Number of Weighted Average Grant Date Fair Value Outstanding at December 26, 2015 444,157 $ 51.10 Granted 79,484 $ 51.59 Vested (81,344 ) $ 53.08 Forfeited (49,364 ) $ 53.53 Outstanding at March 26, 2016 392,933 $ 50.49
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 Fair Value Outstanding at December 26, 2015 18,060 $ 54.36 Granted 18,271 $ 55.47 Outstanding at March 26, 2016 36,331 $ 54.92

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 26, 2016
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 26, 2016 March 28, 2015 Average number of common shares outstanding 42,395 44,588 Incremental shares from assumed exercises of stock options 94 172 Average number of common shares and common share equivalents outstanding 42,489 44,760

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 26, 2016
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 26, 2016 and March 28, 2015 (in thousands): Thirteen Weeks Ended March 26, 2016 March 28, 2015 Transportation Logistics Insurance Total Transportation Logistics Insurance Total External revenue $ 700,100 $ 11,544 $ 711,644 $ 751,796 $ 10,584 $ 762,380 Investment income 380 380 354 354 Internal revenue 7,231 7,231 6,396 6,396 Operating income 39,625 8,307 47,932 43,730 5,315 49,045 Expenditures on long-lived assets 828 828 2,450 2,450 Goodwill 31,134 31,134 31,134 31,134

Other Comprehensive Income (Tab

Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 26, 2016
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 26, 2016 (in thousands): Unrealized Available-for-Sale Foreign Currency Total Balance as of December 26, 2015 $ (94 ) $ (3,394 ) $ (3,488 ) Other comprehensive income 182 583 765 Balance as of March 26, 2016 $ 88 $ (2,811 ) $ (2,723 )

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 26, 2016
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 26, 2016 and December 26, 2015 (in thousands): Amortized Gross Gross Fair Value March 26, 2016 Money market investments $ 8,526 $ — $ — $ 8,526 Asset-backed securities 4,519 2 61 4,460 Corporate bonds and direct obligations of government agencies 76,398 327 137 76,588 U.S. Treasury obligations 19,210 10 4 19,216 Total $ 108,653 $ 339 $ 202 $ 108,790 December 26, 2015 Money market investments $ 7,594 $ — $ — $ 7,594 Asset-backed securities 4,523 1 58 4,466 Corporate bonds and direct obligations of government agencies 76,839 190 270 76,759 U.S. Treasury obligations 19,273 5 13 19,265 Total $ 108,229 $ 196 $ 341 $ 108,084
Schedule of Unrealized Loss on Available for Sale Investments	For those available-for-sale investments with unrealized losses at March 26, 2016 and December 26, 2015, the following table summarizes the duration of the unrealized loss (in thousands): Less than 12 months 12 months or longer Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized March 26, 2016 Asset-backed securities $ 1,684 $ 11 $ 2,428 $ 50 $ 4,112 $ 61 Corporate bonds and direct obligations of government agencies 20,974 51 3,868 86 24,842 137 U.S. Treasury obligations 12,042 4 — — 12,042 4 Total $ 34,700 $ 66 $ 6,296 $ 136 $ 40,996 $ 202 December 26, 2015 Asset-backed securities $ 4,422 $ 58 $ — $ — $ 4,422 $ 58 Corporate bonds and direct obligations of government agencies 39,276 217 562 53 39,838 270 U.S. Treasury obligations 15,093 13 — — 15,093 13 Total $ 58,791 $ 288 $ 562 $ 53 $ 59,353 $ 341

Change in Accounting Estimate26

Change in Accounting Estimate for Self-Insured Claims (Tables)	3 Months Ended
	Mar. 26, 2016
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 26, 2016 and March 28, 2015 (in thousands, except per share amounts): Thirteen Weeks Ended March 26, 2016 March 28, 2015 Operating income $ 2,078 $ 4,641 Net income 1,284 2,868 Earnings per share $ 0.03 $ 0.06 Diluted earnings per share $ 0.03 $ 0.06

Business Description - Addition

Business Description - Additional Information (Detail) - USD ($)	Mar. 26, 2016	Dec. 26, 2015
New Accounting Pronouncement, Early Adoption [Line Items]
Other current assets	$ 7,529,000	$ 11,604,000
Deferred income taxes and other noncurrent liabilities	$ 50,157,000	52,474,000
Adjustments for New Accounting Principle, Early Adoption | Scenario Previously Reported
New Accounting Pronouncement, Early Adoption [Line Items]
Other current assets		6,552,000
Adjustments for New Accounting Principle, Early Adoption | Restatement Adjustment
New Accounting Pronouncement, Early Adoption [Line Items]
Deferred income taxes and other noncurrent liabilities		$ (6,552,000)

Share Based Payment Arrangement

Share Based Payment Arrangements - Additional Information (Detail)	Jan. 29, 2016	May. 01, 2015shares	Mar. 26, 2016USD ($)EquityPlanshares	Mar. 28, 2015USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of employee equity incentive plans | EquityPlan			2
Income tax benefit realized on disqualifying dispositions of stock acquired by exercise of incentive stock options | $			$ 113,000	$ 160,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Discount rate on stock awards			7.00%
Stock awards granted			79,484
Recognized share-based compensation expense | $			$ 640,000	1,158,000
Unrecognized compensation cost expected to be recognized over period, years			3 years 4 months 24 days
Restricted Stock Units (RSUs) | May 2015 Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards granted		20,000
Restricted Stock Units (RSUs) | January 2016 Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSU awards vesting period	5 years
Restricted Stock Units (RSUs) | Prior to 2016 Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSU awards vesting period	5 years
Restricted Stock Units (RSUs) | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, other than options | $			$ 28,200,000
Restricted Stock Units (RSUs) | Maximum | May 2015 Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum percentage of target available for common share issuance		150.00%
Restricted Stock Units (RSUs) | Maximum | January 2016 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) | Maximum | January 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) | Maximum | 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%
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost expected to be recognized over period, years			1 year 3 months 18 days
Total intrinsic value of stock options exercised during periods | $			$ 409,000	$ 1,108,000
Unrecognized compensation cost | $			$ 1,096,000
Non-vested Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards granted			18,271
Unrecognized compensation cost, other than options | $			$ 1,217,000
Unrecognized compensation cost expected to be recognized over period, years			2 years 4 months 24 days
Terms of award			The Company's common stock on the date of grant. Shares of non-vested restricted stock are generally subject to vesting in three equal annual installments or 100% on the third or fifth anniversary of the date of the grant.
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			94,334
2011 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized for issuance			6,000,000
Other Stock Compensation Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance			5,209,751

Amounts Recognized in Financial

Amounts Recognized in Financial Statements with Respect to Plans (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2016	Mar. 28, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total cost of the Plans during the period	$ 1,100	$ 1,667
Amount of related income tax benefit recognized during the period	(471)	(701)
Net cost of the Plans during the period	$ 629	$ 966

Schedule of Information on Rest

Schedule of Information on Restricted Stock Units (Detail) - Restricted Stock Units (RSUs)	3 Months Ended
	Mar. 26, 2016$ / sharesshares
Number of Shares
Beginning Balance | shares	444,157
Granted | shares	79,484
Vested | shares	(81,344)
Forfeited | shares	(49,364)
Ending Balance | shares	392,933
Weighted Average Grant Date Fair Value
Beginning Balance | $ / shares	$ 51.10
Granted | $ / shares	51.59
Vested | $ / shares	53.08
Forfeited | $ / shares	53.53
Ending Balance | $ / shares	$ 50.49

Summary of Information Regardin

Summary of Information Regarding Stock Options (Detail) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 26, 2016USD ($)$ / sharesshares
Number of Options
Beginning Balance, number of options | shares	637,221
Exercised, number of options | shares	(28,900)
Forfeited, number of options | shares	(2,400)
Ending Balance, number of options | shares	605,921
Options exercisable at the ending, Number of Options | shares	507,521
Weighted Average Exercise Price per Share
Beginning Balance, Weighted Average Exercise Price per Share | $ / shares	$ 47.24
Exercised, Weighted Average Exercise Price per Share | $ / shares	45.57
Forfeited, Weighted Average Exercise Price per Share | $ / shares	52.50
Ending Balance, Weighted Average Exercise Price per Share | $ / shares	47.30
Options exercisable at March 26, 2016 | $ / shares	$ 45.99
Weighted Average Remaining Contractual Term (years)
Options outstanding at March 26, 2016	4 years 10 months 24 days
Options exercisable at March 26, 2016	4 years 7 months 6 days
Aggregate Intrinsic Value
Options outstanding at March 26, 2016 | $	$ 11,748
Options exercisable at March 26, 2016 | $	$ 10,505

Schedule of Information on Non

Schedule of Information on Non - Vested Restricted Stock Units (Detail) - Non-vested Restricted Stock	3 Months Ended
	Mar. 26, 2016$ / sharesshares
Number of Shares
Beginning Balance | shares	18,060
Granted | shares	18,271
Ending Balance | shares	36,331
Weighted Average Grant Date Fair Value
Beginning Balance | $ / shares	$ 54.36
Granted | $ / shares	55.47
Ending Balance | $ / shares	$ 54.92

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 26, 2016	Mar. 28, 2015	Dec. 31, 2016	Dec. 26, 2015
Income Taxes [Line Items]
Effective income tax rate	38.00%	37.80%
Other current assets	$ 7,529,000			$ 11,604,000
Deferred income taxes and other noncurrent liabilities	$ 50,157,000			52,474,000
Scenario, Forecast
Income Taxes [Line Items]
Effective income tax rate			38.20%
Scenario Previously Reported | Adjustments for New Accounting Principle, Early Adoption
Income Taxes [Line Items]
Other current assets				6,552,000
Restatement Adjustment | Adjustments for New Accounting Principle, Early Adoption
Income Taxes [Line Items]
Deferred income taxes and other noncurrent liabilities				$ (6,552,000)

Reconciliation of Average Numbe

Reconciliation of Average Number of Common Shares and Common Share Equivalents Outstanding (Detail) - shares	3 Months Ended
	Mar. 26, 2016	Mar. 28, 2015
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Average number of common shares outstanding	42,395,000	44,588,000
Incremental shares from assumed exercises of stock options	94,000	172,000
Average number of common shares and common share equivalents outstanding	42,489,000	44,760,000

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended
	Mar. 26, 2016	Mar. 28, 2015
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 Informat36

Additional Cash Flow Information - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 26, 2016	Mar. 28, 2015
Supplemental Cash Flow Information [Abstract]
Income taxes paid	$ 209,000	$ 669,000
Interest paid	913,000	794,000
Acquired operating property by capital leases	$ 11,556,000	$ 0

Information Regarding Reportabl

Information Regarding Reportable Business Segments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2016	Mar. 28, 2015	Dec. 26, 2015
Segment Reporting Information [Line Items]
External revenue	$ 711,644	$ 762,380
Investment income	380	354
Internal revenue	7,231	6,396
Operating income	47,932	49,045
Expenditures on long-lived assets	828	2,450
Goodwill	31,134	31,134	$ 31,134
Transportation Logistics
Segment Reporting Information [Line Items]
External revenue	700,100	751,796
Operating income	39,625	43,730
Expenditures on long-lived assets	828	2,450
Goodwill	31,134	31,134
Insurance
Segment Reporting Information [Line Items]
External revenue	11,544	10,584
Investment income	380	354
Internal revenue	7,231	6,396
Operating income	$ 8,307	$ 5,315

Segment Information - Additiona

Segment Information - Additional Information (Detail) - Customer	3 Months Ended
	Mar. 26, 2016	Mar. 28, 2015
Segment Reporting Information [Line Items]
Number of customers accounting for 10 percent or more of total revenue	0	0
No single customer accounted for benchmark percentage to be considered major customer	10.00%	10.00%

Components of and Changes in Ac

Components of and Changes in Accumulated Other Comprehensive Income, Net of Related Income Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2016	Mar. 28, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	$ (3,488)
Other comprehensive income	765	$ (52)
Ending Balance	(2,723)
Unrealized Holding Gains (Losses) on Available-for-Sale Securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(94)
Other comprehensive income	182
Ending Balance	88
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(3,394)
Other comprehensive income	583
Ending Balance	$ (2,811)

Investments - Additional Inform

Investments - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 26, 2016	Dec. 26, 2015
Schedule of Available-for-sale Securities [Line Items]
Investments maximum maturity period	5 years
Unrealized (loss) gain, net of unrealized gains/losses, on the investments in the bond portfolio	$ 137,000	$ (145,000)

Amortized Cost and Fair Value o

Amortized Cost and Fair Value of Available for Sale Investments (Detail) - USD ($) $ in Thousands	Mar. 26, 2016	Dec. 26, 2015
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 108,653	$ 108,229
Gross Unrealized Gains	339	196
Gross Unrealized Losses	202	341
Fair Value	108,790	108,084
Money market investments
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	8,526	7,594
Fair Value	8,526	7,594
Asset-backed securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	4,519	4,523
Gross Unrealized Gains	2	1
Gross Unrealized Losses	61	58
Fair Value	4,460	4,466
Corporate bonds and direct obligations of government agencies
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	76,398	76,839
Gross Unrealized Gains	327	190
Gross Unrealized Losses	137	270
Fair Value	76,588	76,759
U.S. Treasury Obligations
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	19,210	19,273
Gross Unrealized Gains	10	5
Gross Unrealized Losses	4	13
Fair Value	$ 19,216	$ 19,265

Schedule of Unrealized Loss on

Schedule of Unrealized Loss on Available for Sale Investments (Detail) - USD ($) $ in Thousands	Mar. 26, 2016	Dec. 26, 2015
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale investments with unrealized losses, Less than 12 months, Fair Value	$ 34,700	$ 58,791
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss	66	288
Available-for-sale investments with unrealized losses, 12 months or longer, Fair Value	6,296	562
Available-for-sale investments with unrealized losses, 12 months or longer, Unrealized Loss	136	53
Available-for-sale investments with unrealized losses, Fair Value, Total	40,996	59,353
Available-for-sale investments with unrealized losses, Unrealized Loss, Total	202	341
Asset-backed securities
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale investments with unrealized losses, Less than 12 months, Fair Value	1,684	4,422
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss	11	58
Available-for-sale investments with unrealized losses, 12 months or longer, Fair Value	2,428
Available-for-sale investments with unrealized losses, 12 months or longer, Unrealized Loss	50
Available-for-sale investments with unrealized losses, Fair Value, Total	4,112	4,422
Available-for-sale investments with unrealized losses, Unrealized Loss, Total	61	58
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	20,974	39,276
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss	51	217
Available-for-sale investments with unrealized losses, 12 months or longer, Fair Value	3,868	562
Available-for-sale investments with unrealized losses, 12 months or longer, Unrealized Loss	86	53
Available-for-sale investments with unrealized losses, Fair Value, Total	24,842	39,838
Available-for-sale investments with unrealized losses, Unrealized Loss, Total	137	270
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	12,042	15,093
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss	4	13
Available-for-sale investments with unrealized losses, Fair Value, Total	12,042	15,093
Available-for-sale investments with unrealized losses, Unrealized Loss, Total	$ 4	$ 13

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	Mar. 26, 2016USD ($)
Revolving Credit Facility
Commitments and Contingencies Disclosure [Line Items]
Letters of credit outstanding	$ 32,757,000
Guarantee Payment Of Insurance Claims
Commitments and Contingencies Disclosure [Line Items]
Letters of credit outstanding	59,360,000
Current Investments
Commitments and Contingencies Disclosure [Line Items]
Investments providing collateral for letters of credit to guarantee insurance claims	61,140,000
Non-Current Investments
Commitments and Contingencies Disclosure [Line Items]
Investments providing collateral for letters of credit to guarantee insurance claims	4,815,000
Total non-current investments	$ 47,650,000

Effect of Increase in Cost of I

Effect of Increase in Cost of Insurance and Claims (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 26, 2016	Mar. 28, 2015
Change in Accounting Estimate [Line Items]
Operating income	$ 47,932	$ 49,045
Net income	$ 29,184	$ 30,015
Earnings per share	$ 0.69	$ 0.67
Diluted earnings per share	$ 0.69	$ 0.67
Development of Prior Year Self Insured Claims Estimates
Change in Accounting Estimate [Line Items]
Operating income	$ 2,078	$ 4,641
Net income	$ 1,284	$ 2,868
Earnings per share	$ 0.03	$ 0.06
Diluted earnings per share	$ 0.03	$ 0.06