Landstar System (LSTR) 10-Q 1 May 20 2020 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 28, 2020	Apr. 20, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Document Quarterly Report	true
Entity Central Index Key	0000853816
Document Transition Report	false
Current Fiscal Year End Date	--12-28
Document Period End Date	Mar. 28, 2020
Entity Registrant Name	LANDSTAR SYSTEM INC
Entity Filer Category	Large Accelerated Filer
Trading Symbol	LSTR
Title of 12(b) Security	Common Stock
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		38,370,508
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity File Number	0-21238
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	06-1313069
Entity Address, Address Line One	13410 Sutton Park Drive South
Entity Address, City or Town	Jacksonville
Entity Address, Postal Zip Code	32224
City Area Code	904
Local Phone Number	398-9400
Entity Address, State or Province	FL

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 28, 2020	Dec. 28, 2019
Current Assets
Cash and cash equivalents	$ 177,224	$ 319,515
Short-term investments	33,627	32,901
Trade accounts receivable, less allowance of $8,536 and $7,284	562,528	588,549
Other receivables, including advances to independent contractors, less allowance of $8,847 and $7,667	35,153	35,553
Other current assets	7,624	21,370
Total current assets	816,156	997,888
Operating property, less accumulated depreciation and amortization of $286,593 and $280,849	276,663	285,855
Goodwill	37,182	38,508
Other assets	106,432	105,460
Total assets	1,236,433	1,427,711
Current Liabilities
Cash overdraft	36,002	53,878
Accounts payable	272,175	271,996
Current maturities of long-term debt	39,944	42,632
Insurance claims	50,773	44,532
Dividends payable		78,947
Contractor escrow	24,517	24,902
Other current liabilities	41,420	36,017
Total current liabilities	464,831	552,904
Long-term debt, excluding current maturities	61,977	70,212
Insurance claims	33,456	33,575
Deferred income taxes and other noncurrent liabilities	49,074	49,551
Shareholders' Equity
Common stock, $0.01 par value, authorized 160,000,000 shares, issued 68,167,482 and 68,083,419 shares	682	681
Additional paid-in capital	224,973	226,123
Retained earnings	1,995,018	1,962,161
Cost of 29,796,974 and 28,609,926 shares of common stock in treasury	(1,581,885)	(1,465,284)
Accumulated other comprehensive loss	(11,693)	(2,212)
Total shareholders' equity	627,095	721,469
Total liabilities and shareholders' equity	$ 1,236,433	$ 1,427,711

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 28, 2020	Dec. 28, 2019
Allowance on trade accounts receivable	$ 8,536	$ 7,284
Allowance on other receivables	8,847	7,667
Accumulated depreciation and amortization on operating property	$ 286,593	$ 280,849
Common stock, par value	$ 0.01	$ 0.01
Common stock, authorized shares	160,000,000	160,000,000
Common stock, issued shares	68,167,482	68,083,419
Treasury stock, shares	29,796,974	28,609,926

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Revenue	$ 927,566	$ 1,033,000
Investment income	1,167	1,138
Costs and expenses:
Purchased transportation	709,257	791,755
Commissions to agents	75,376	85,671
Other operating costs, net of gains on asset sales/dispositions	8,306	8,239
Insurance and claims	24,957	14,993
Selling, general and administrative	45,327	41,268
Depreciation and amortization	11,505	11,316
Total costs and expenses	874,728	953,242
Operating income	54,005	80,896
Interest and debt expense	952	805
Income before income taxes	53,053	80,091
Income taxes	12,158	16,791
Net income	40,895	63,300
Less: Net loss attributable to noncontrolling interest		(17)
Net income attributable to Landstar System, Inc. and subsidiary	$ 40,895	$ 63,317
Earnings per common share attributable to Landstar System, Inc. and subsidiary	$ 1.04	$ 1.58
Diluted earnings per share attributable to Landstar System, Inc. and subsidiary	$ 1.04	$ 1.58
Average number of shares outstanding:
Earnings per common share	39,254,000	40,161,000
Diluted earnings per share	39,254,000	40,166,000
Dividends per common share	$ 0.185	$ 0.165

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Net income attributable to Landstar System, Inc. and subsidiary	$ 40,895	$ 63,317
Other comprehensive (loss) income:
Unrealized holding (losses) gains on available-for-sale investments, net of tax (benefit) expense of $(432), and $272	(1,579)	995
Foreign currency translation (losses) gains	(7,902)	554
Other comprehensive (loss) income	(9,481)	1,549
Comprehensive income attributable to Landstar System, Inc. and subsidiary	$ 31,414	$ 64,866

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Unrealized holding (losses) gains on available-for-sale investments, net of tax (benefit) expense	$ (432)	$ 272

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
OPERATING ACTIVITIES
Net income	$ 40,895	$ 63,300
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of operating property and intangible assets	11,505	11,316
Non-cash interest charges	63	63
Provisions for losses on trade and other accounts receivable	4,122	2,150
Gains on sales/disposals of operating property	(858)	(876)
Deferred income taxes, net	797	2,079
Stock-based compensation	631	1,938
Changes in operating assets and liabilities:
Decrease in trade and other accounts receivable	21,369	84,505
Decrease in other assets	9,987	2,229
Increase (decrease) in accounts payable	179	(40,953)
Increase (decrease) in other liabilities	4,404	(3,776)
Increase (decrease) in insurance claims	6,122	(559)
NET CASH PROVIDED BY OPERATING ACTIVITIES	99,216	121,416
INVESTING ACTIVITIES
Net changes in other short-term investments	131
Sales and maturities of investments	7,963	25,739
Purchases of investments	(8,830)	(26,707)
Purchases of operating property	(5,799)	(4,576)
Proceeds from sales of operating property	2,081	2,130
NET CASH USED BY INVESTING ACTIVITIES	(4,454)	(3,414)
FINANCING ACTIVITIES
Decrease in cash overdraft	(17,876)	(13,820)
Dividends paid	(86,283)	(6,629)
Proceeds from exercises of stock options	575	319
Taxes paid in lieu of shares issued related to stock-based compensation plans	(2,994)	(7,923)
Purchases of common stock	(115,962)	(12,977)
Principal payments on finance lease obligations	(10,923)	(11,995)
Purchase of noncontrolling interest		(600)
NET CASH USED BY FINANCING ACTIVITIES	(233,463)	(53,625)
Effect of exchange rate changes on cash and cash equivalents	(3,590)	512
(Decrease) increase in cash and cash equivalents	(142,291)	64,889
Cash and cash equivalents at beginning of period	319,515	199,736
Cash and cash equivalents at end of period	$ 177,224	$ 264,625

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Treasury Stock at Cost	Accumulated Other Comprehensive (Loss) Income	Non-controlling Interests
Beginning Balance (in shares) at Dec. 29, 2018		67,870,962			27,755,001
Beginning Balance at Dec. 29, 2018	$ 689,133	$ 679	$ 226,852	$ 1,841,279	$ (1,376,111)	$ (5,875)	$ 2,309
Net income (loss)	63,300			63,317			(17)
Net income	63,317
Dividends	(6,629)			(6,629)
Purchases of common stock (in shares)					124,481
Purchases of common stock	(12,977)				$ (12,977)
Purchase of noncontrolling interests	(600)		1,842				(2,442)
Issuance of stock related to stock-based compensation plans (in shares)		176,079			5,199
Issuance of stock related to stock-based compensation plans	(7,604)	$ 1	(7,081)		$ (524)
Stock-based compensation	1,938		1,938
Other comprehensive (loss) income	1,699					1,549	150
Ending Balance (in shares) at Mar. 30, 2019		68,047,041			27,884,681
Ending Balance at Mar. 30, 2019	728,260	$ 680	223,551	1,897,967	$ (1,389,612)	(4,326)	$ 0
Beginning Balance (in shares) at Dec. 28, 2019		68,083,419			28,609,926
Beginning Balance at Dec. 28, 2019	721,469	$ 681	226,123	1,962,161	$ (1,465,284)	(2,212)
Adoption of accounting standards (Note 11) | Accounting Standards Update 2016-13	(702)			(702)
Net income (loss)	40,895
Net income	40,895			40,895
Dividends	(7,336)			(7,336)
Purchases of common stock (in shares)					1,178,970
Purchases of common stock	(115,962)				$ (115,962)
Issuance of stock related to stock-based compensation plans (in shares)		84,063			8,078
Issuance of stock related to stock-based compensation plans	(2,419)	$ 1	(1,781)		$ (639)
Stock-based compensation	631		631
Other comprehensive (loss) income	(9,481)					(9,481)
Ending Balance (in shares) at Mar. 28, 2020		68,167,482			29,796,974
Ending Balance at Mar. 28, 2020	$ 627,095	$ 682	$ 224,973	$ 1,995,018	$ (1,581,885)	$ (11,693)

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Dividends per common share	$ 0.185	$ 0.165

Business Description

Business Description	3 Months Ended
	Mar. 30, 2019
Business Description and Basis of Presentation [Text Block]	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.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 28, 2020
Significant Accounting Policies	(1) Significant Accounting Policies Revenue from Contracts with Customers – Disaggregation of Revenue During the thirteen weeks ended March 28, 2020, revenue generated by BCO Independent Contractors, Truck Brokerage Carriers and railroads represented approximately 46%, 46% and 3% respectively, of the Company’s consolidated revenue. Collectively, revenue generated by air and ocean cargo carriers represented approximately 3% of the Company’s consolidated revenue in the thirteen-week period ended March 28, 2020. Included in truck transportation revenue generated by BCO Independent Contractors and Truck Brokerage Carriers during the thirteen-week period ended March 28, 2020 was $545,307,000 hauled via van equipment, $286,328,000 hauled via unsided/platform equipment and $22,941,000 of less-than-truckload. During the thirteen weeks ended March 30, 2019, revenue generated by BCO Independent Contractors, Truck Brokerage Carriers and railroads represented approximately 43%, 49% and 3%, respectively, of the Company’s consolidated revenue. Collectively, revenue generated by air and ocean cargo carriers represented approximately 3% of the Company’s consolidated revenue in the thirteen-week period ended March 30, 2019. Included in truck transportation revenue generated by BCO Independent Contractors and Truck Brokerage Carriers during the thirteen-week period ended March 30, 2019 was $619,014,000 hauled via van equipment, $310,721,000 hauled via unsided/platform equipment and $23,376,000 of less-than-truckload.

Share-based Payment Arrangement

Share-based Payment Arrangements	3 Months Ended
	Mar. 28, 2020
Share-based Payment Arrangements	(2) Share-based Payment Arrangements As of March 28, 2020, 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 Amended and Restated 2013 Directors Stock Compensation Plan (as amended and restated as of May 17, 2016, 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 28, 2020 March 30, 2019 Total cost of the Plans during the period $ 631 $ 1,938 Amount of related income tax benefit recognized during the period (873 ) (3,062 ) Net cost of the Plans during the period $ (242 ) $ (1,124 ) Included in income tax benefits recognized in the thirteen-week periods ended March 28, 2020 and March 30, 2019 were excess tax benefits from stock-based awards of $706,000 and $2,571,000, respectively. Also included in income tax benefits recognized in the thirteen-week periods ended March 28, 2020 and March 30, 2019 were income tax benefits of $12,000 and $16,000, 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, 2020, there were 66,454 shares of the Company’s common stock reserved for issuance under the 2013 DSCP and 3,692,315 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 with either a performance condition or a market condition under the Plans: Number of Weighted Average Grant Date Fair Value Outstanding at December 28, 2019 198,875 $ 84.37 Granted 59,230 $ 102.70 Shares earned in excess of target (1) 11,648 $ 77.00 Vested shares, including shares earned in excess of target (70,247 ) $ 77.00 Forfeited (10,237 ) $ 100.55 Outstanding at March 28, 2020 189,269 $ 91.51 (1) Represents shares earned in excess of target under the February 2, 2017 RSU awards as actual results exceeded the target under the awards as a result of fiscal year 2019 results. During the thirteen-week period ended March 28, 2020, the Company granted RSUs with a performance condition. Outstanding RSUs at both December 28, 2019 and March 28, 2020 include RSUs with a performance condition and RSUs with a market condition, as further described below and in the Company’s 2019 Annual Report on Form 10-K. RSUs with a performance condition granted on January 31, 2020 may vest on January 31 of 2023, 2024 and 2025 based on growth in operating income and pre-tax diluted The Company recognized approximately ($136,000) and $1,307,000 of share-based compensation (benefit)/expense related to RSU awards in the thirteen-week periods ended March 28, 2020 and March 30, 2019, respectively. As of March 28, 2020, there was a maximum of $35.2 million of total unrecognized compensation cost related to RSU awards granted under the Plans with an expected average remaining life of approximately 3.6 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 Weighted Average Term (years) Aggregate Intrinsic Options outstanding at December 28, 2019 44,467 $ 51.24 Exercised (15,767 ) $ 47.50 Options outstanding at March 28, 2020 28,700 $ 53.29 2.3 $ 1,128 Options exercisable at March 28, 2020 28,700 $ 53.29 2.3 $ 1,128 The total intrinsic value of stock options exercised during the thirteen-week periods ended March 28, 2020 and March 30, 2019 was $1,023,000 and $944,000, respectively. As of March 28, 2020, there was no unrecognized compensation cost related to stock options granted under the Plans. Non-vested The following table summarizes information regarding the Company’s outstanding shares of non-vested Number of Shares and Deferred Stock Weighted Average Grant Date Fair Value Non-vested 64,808 $ 98.24 Granted 20,736 $ 111.73 Vested (19,878 ) $ 97.95 Forfeited (2,351 ) $ 106.34 Non-vested 63,315 $ 102.45 The fair value of each share of non-vested restricted stock issued and Deferred Stock Unit granted 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 either on the first, second and third anniversary of the date of the grant or the third, fourth and fifth anniversary of the date of the grant, or 100% on the first or fifth anniversary of the date of the grant. For restricted stock awards granted under the 2013 DSCP plan, each recipient may elect to defer receipt of shares and instead receive restricted stock units (“Deferred Stock Units”), which represent contingent rights to receive shares of the Company’s common stock on the date of recipient separation from service from the Board of Directors, or, if earlier, upon a change in control event of the Company. Deferred Stock Units become vested 100% on the first anniversary of the date of the grant. Deferred Stock Units do not represent actual ownership in shares of the Company’s common stock and the recipient does not have voting rights or other incidents of ownership until the shares are issued. However, Deferred Stock Units do contain the right to receive dividend equivalent payments prior to settlement into shares. As of March 28, 2020, there was $5,174,000 of total unrecognized compensation cost related to non-vested non-vested

Income Taxes

Income Taxes	3 Months Ended
	Mar. 28, 2020
Income Taxes	(3) Income Taxes The provisions for income taxes for the 2020 and 2019 thirteen-week periods were each based on an estimated annual effective income tax rate of 24.2%, adjusted for discrete events, such as benefits resulting from stock-based awards. The effective income tax rate for the 2020 thirteen-week period was 22.9%, which was higher than the statutory federal income tax rate of 21% primarily attributable to state taxes and the meals and entertainment exclusion, partially offset by excess tax benefits realized on stock based awards. The effective income tax rate for the 2019 thirteen-week period was 21.0%, which approximated the statutory federal income tax rate of 21%. The provision for income taxes for the 2019 thirteen-week period was favorably impacted by $2,571,000 of excess tax benefits from stock-based awards, which essentially offset the impact of state taxes and the meals and entertainment exclusion.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 28, 2020
Earnings Per Share	(4) Earnings Per Share Earnings per common share attributable to Landstar System, Inc. and subsidiary are based on the weighted average number of shares outstanding, including outstanding non-vested The following table provides a reconciliation of the average number of common shares outstanding used to calculate earnings per common share attributable to Landstar System, Inc. and subsidiary to the average number of common shares and common share equivalents outstanding used to calculate diluted earnings per share attributable to Landstar System, Inc. and subsidiary (in thousands): Thirteen Weeks Ended March 28, 2020 March 30, 2019 Average number of common shares outstanding 39,254 40,161 Incremental shares from assumed exercises of stock options — 5 Average number of common shares and common share equivalents outstanding 39,254 40,166 For each of the thirteen-week periods ended March 28, 2020 and March 30, 2019, no options outstanding to purchase shares of common stock were antidilutive. Outstanding RSUs were excluded from the calculation of diluted earnings per share attributable to Landstar System, Inc. and subsidiary 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. 28, 2020
Additional Cash Flow Information	(5) Additional Cash Flow Information During the 2020 thirteen-week period, Landstar paid income taxes and interest of $7,000 and $1,079,000, respectively. During the 2019 thirteen-week period, Landstar received income tax refunds, net of income tax payments, of $3,624,000 and paid interest of $1,198,000. Landstar did not acquire any operating property by entering into finance leases in either the 2020 or 2019 thirteen-week periods. Capital expenditures are recorded as cash outflows from investing activities in the consolidated statement of cash flows in the period in which they are paid.

Segment Information

Segment Information	3 Months Ended
	Mar. 28, 2020
Segment Information	(6) 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, 2020 and March 30, 2019 (in thousands): Thirteen Weeks Ended March 28, 2020 March 30, 2019 Transportation Logistics Insurance Total Transportation Logistics Insurance Total External revenue $ 913,884 $ 13,682 $ 927,566 $ 1,018,961 $ 14,039 $ 1,033,000 Internal revenue 9,079 9,079 9,614 9,614 Investment income 1,167 1,167 1,138 1,138 Operating income 55,044 (1,039 ) 54,005 67,583 13,313 80,896 Expenditures on long-lived assets 5,799 5,799 4,576 4,576 Goodwill 37,182 37,182 38,343 38,343 In the thirteen-week periods ended March 28, 2020 and March 30, 2019, 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, 2020
Other Comprehensive Income	(7) Other Comprehensive Income The following table presents the components of and changes in accumulated other comprehensive income (loss), net of related income taxes, as of and for the thirteen-week period ended March 28, 2020 (in thousands): Unrealized Available-for-Sale Foreign Total Balance as of December 28, 2019 $ 1,120 $ (3,332 ) $ (2,212 ) Other comprehensive loss (1,579 ) (7,902 ) (9,481 ) Balance as of March 28, 2020 $ (459 ) $ (11,234 ) $ (11,693 ) 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, 2020.

Investments

Investments	3 Months Ended
	Mar. 28, 2020
Investments	(8) Investments Investments include primarily investment-grade corporate bonds and U.S. Treasury obligations having maturities of up to five years (the “bond portfolio”) and money market investments. Investments in the bond portfolio are reported as available-for-sale available-for-sale non-transferability, The amortized cost and fair values of available-for-sale Gross Gross Amortized Cost Unrealized Gains Unrealized Losses Fair Value March 28, 2020 Money market investments $ 15,815 $ — $ — $ 15,815 Asset-backed securities 571 — 48 523 Corporate bonds and direct obligations of government agencies 98,287 1,038 1,710 97,615 U.S. Treasury obligations 2,336 136 — 2,472 Total $ 117,009 $ 1,174 $ 1,758 $ 116,425 December 28, 2019 Money market investments $ 15,691 $ — $ — $ 15,691 Asset-backed securities 572 — 1 571 Corporate bonds and direct obligations of government agencies 97,583 1,465 44 99,004 U.S. Treasury obligations 2,335 12 5 2,342 Total $ 116,181 $ 1,477 $ 50 $ 117,608 For those available-for-sale Less than 12 months 12 months or longer Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss March 28, 2020 Asset-backed securities $ 523 $ 48 $ — $ — $ 523 $ 48 Corporate bonds and direct obligations of government agencies 49,348 1,710 — — 49,348 1,710 Total $ 49,871 $ 1,758 $ — $ — $ 49,871 $ 1,758 December 28, 2019 Asset-backed securities $ 571 $ 1 $ — $ — $ 571 $ 1 Corporate bonds and direct obligations of government agencies 8,728 41 4,260 3 12,988 44 U.S. Treasury obligations 1,226 5 — — 1,226 5 Total $ 10,525 $ 47 $ 4,260 $ 3 $ 14,785 $ 50 The Company believes that unrealized losses on investments were primarily due to the widening of credit spreads in the fixed income market related to the coronavirus (“COVID-19”)

Leases

Leases	3 Months Ended
	Mar. 28, 2020
Leases	(9) Leases Landstar’s noncancelable leases are primarily comprised of finance leases for the acquisition of new trailing equipment. Each finance lease for the acquisition of trailing equipment is a five year lease with a $1 purchase option for the applicable equipment at lease expiration. Substantially all of Landstar’s operating lease right-of-use build-out “month-to-month” Most of Landstar’s operating leases include one or more options to renew. The exercise of lease renewal options is typically at Landstar’s sole discretion, and, as such, the majority of renewals to extend the lease terms are not included in the right-of-use As most of Landstar’s operating leases do not provide an implicit rate, Landstar utilized its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments. Landstar has a centrally managed treasury function; therefore, based on the applicable lease terms and the current economic environment, we apply a portfolio approach for determining the incremental borrowing rate. The components of lease cost for finance leases and operating leases for the thirteen weeks ended March 28, 2020 were (in thousands): Finance leases: Amortization of right-of-use $ 6,151 Interest on lease liability 889 Total finance lease cost 7,040 Operating leases: Lease cost 837 Variable lease cost — Sublease income (1,229 ) Total operating lease (income)/cost (392 ) Total lease cost $ 6,648 A summary of the lease classification on our consolidated balance sheet as of March 28, 2020 is as follows (in thousands): Assets: Operating lease right-of-use Other assets $ 2,554 Finance lease assets Operating property, less accumulated depreciation and amortization 150,273 Total lease assets $ 152,827 Liabilities: The following table reconciles the undiscounted cash flows for the finance and operating leases to the finance and operating lease liabilities recorded on the balance sheet at March 28, 2020 (in thousands): Finance Leases Operating Leases 2020 Remainder $ 33,862 $ 517 2021 31,278 637 2022 22,123 639 2023 15,100 510 2024 5,156 433 Thereafter — 54 Total future minimum lease payments 107,519 2,790 Less amount representing interest (2.1% to 4.4%) 5,598 236 Present value of minimum lease payments $ 101,921 $ 2,554 Current maturities of long-term debt 39,944 Long-term debt, excluding current maturities 61,977 Other current liabilities 657 Deferred income taxes and other noncurrent liabilities 1,897 The weighted average remaining lease term and the weighted average discount rate for finance and operating leases as of March 28, 2020 were: Finance Leases Operating Leases Weighted average remaining lease term (years) 3.2 4.4 Weighted average discount rate 3.2 % 4.0 %

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 28, 2020
Commitments and Contingencies	(10) Commitments and Contingencies Short-term investments include $33,627,000 in current maturities of investments held by the Company’s insurance segment at March 28, 2020. The non-current non-current 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.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 28, 2020
Recent Accounting Pronouncements	(11) Recent Accounting Pronouncements Adoption of New Accounting Standards In June 2016, the FASB issued Accounting Standards Update 2016-13– Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments 2016-13”), 2016-13

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 28, 2020
Subsequent Events [Abstract]
Subsequent Events	(12) Subsequent Events COVID-19 COVID-19 COVID-19 In connection with the impact of the COVID-19 COVID-19 COVID-19 COVID-19 stay-at-home In an effort to support BCO Independent Contractors and independent commission sales agents in the Landstar network, the Company announced that for each load delivered by a BCO Independent Contractor with a confirmed delivery date from April 1, 2020 through April 30, 2020, the Company will pay an extra $50 to both the BCO hauling the load and the Landstar agent dispatching the load. The Company subsequently announced the extension of this program through May 15, 2020. The Company estimates that Landstar BCOs will deliver between 60,000 and 70,000 loads in April 2020 and 30,000 to 35,000 from May 1, 2020 through May 15, 2020. In addition, if a Landstar BCO tests positive for COVID-19 Moreover, the COVID-19 COVID-19 coordination and dispatch services, freight tracking, trailer management and numerous other operational functions. Similarly, the Landstar network includes tens of thousands of truck capacity providers who operate throughout North America without any Landstar truck terminals. Management believes the decentralized nature of our model provides resiliency to Landstar’s freight operations in an environment where social distancing can disrupt centralized business structures. A significant impact to our independent agent network and/or a significant decrease in available truck capacity providers due to illness or government restrictions related to the COVID-19

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 28, 2020
Revenue from Contracts with Customers – Disaggregation of Revenue	Revenue from Contracts with Customers – Disaggregation of Revenue During the thirteen weeks ended March 28, 2020, revenue generated by BCO Independent Contractors, Truck Brokerage Carriers and railroads represented approximately 46%, 46% and 3% respectively, of the Company’s consolidated revenue. Collectively, revenue generated by air and ocean cargo carriers represented approximately 3% of the Company’s consolidated revenue in the thirteen-week period ended March 28, 2020. Included in truck transportation revenue generated by BCO Independent Contractors and Truck Brokerage Carriers during the thirteen-week period ended March 28, 2020 was $545,307,000 hauled via van equipment, $286,328,000 hauled via unsided/platform equipment and $22,941,000 of less-than-truckload. During the thirteen weeks ended March 30, 2019, revenue generated by BCO Independent Contractors, Truck Brokerage Carriers and railroads represented approximately 43%, 49% and 3%, respectively, of the Company’s consolidated revenue. Collectively, revenue generated by air and ocean cargo carriers represented approximately 3% of the Company’s consolidated revenue in the thirteen-week period ended March 30, 2019. Included in truck transportation revenue generated by BCO Independent Contractors and Truck Brokerage Carriers during the thirteen-week period ended March 30, 2019 was $619,014,000 hauled via van equipment, $310,721,000 hauled via unsided/platform equipment and $23,376,000 of less-than-truckload.

Share-based Payment Arrangeme_2

Share-based Payment Arrangements (Tables)	3 Months Ended
	Mar. 28, 2020
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, 2020 March 30, 2019 Total cost of the Plans during the period $ 631 $ 1,938 Amount of related income tax benefit recognized during the period (873 ) (3,062 ) Net cost of the Plans during the period $ (242 ) $ (1,124 )
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 Weighted Average Term (years) Aggregate Intrinsic Options outstanding at December 28, 2019 44,467 $ 51.24 Exercised (15,767 ) $ 47.50 Options outstanding at March 28, 2020 28,700 $ 53.29 2.3 $ 1,128 Options exercisable at March 28, 2020 28,700 $ 53.29 2.3 $ 1,128
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 with either a performance condition or a market condition under the Plans: Number of Weighted Average Grant Date Fair Value Outstanding at December 28, 2019 198,875 $ 84.37 Granted 59,230 $ 102.70 Shares earned in excess of target (1) 11,648 $ 77.00 Vested shares, including shares earned in excess of target (70,247 ) $ 77.00 Forfeited (10,237 ) $ 100.55 Outstanding at March 28, 2020 189,269 $ 91.51 (1) Represents shares earned in excess of target under the February 2, 2017 RSU awards as actual results exceeded the target under the awards as a result of fiscal year 2019 results.
Non Vested Restricted Stock and Deferred Stock Units
Schedule of Information on Non-Vested Restricted Stock and Deferred Stock Units	The following table summarizes information regarding the Company’s outstanding shares of non-vested Number of Shares and Deferred Stock Weighted Average Grant Date Fair Value Non-vested 64,808 $ 98.24 Granted 20,736 $ 111.73 Vested (19,878 ) $ 97.95 Forfeited (2,351 ) $ 106.34 Non-vested 63,315 $ 102.45

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 28, 2020
Earnings Per Share [Abstract]
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 attributable to Landstar System, Inc. and subsidiary to the average number of common shares and common share equivalents outstanding used to calculate diluted earnings per share attributable to Landstar System, Inc. and subsidiary (in thousands): Thirteen Weeks Ended March 28, 2020 March 30, 2019 Average number of common shares outstanding 39,254 40,161 Incremental shares from assumed exercises of stock options — 5 Average number of common shares and common share equivalents outstanding 39,254 40,166

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 28, 2020
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, 2020 and March 30, 2019 (in thousands): Thirteen Weeks Ended March 28, 2020 March 30, 2019 Transportation Logistics Insurance Total Transportation Logistics Insurance Total External revenue $ 913,884 $ 13,682 $ 927,566 $ 1,018,961 $ 14,039 $ 1,033,000 Internal revenue 9,079 9,079 9,614 9,614 Investment income 1,167 1,167 1,138 1,138 Operating income 55,044 (1,039 ) 54,005 67,583 13,313 80,896 Expenditures on long-lived assets 5,799 5,799 4,576 4,576 Goodwill 37,182 37,182 38,343 38,343

Other Comprehensive Income (Tab

Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 28, 2020
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 (loss), net of related income taxes, as of and for the thirteen-week period ended March 28, 2020 (in thousands): Unrealized Available-for-Sale Foreign Total Balance as of December 28, 2019 $ 1,120 $ (3,332 ) $ (2,212 ) Other comprehensive loss (1,579 ) (7,902 ) (9,481 ) Balance as of March 28, 2020 $ (459 ) $ (11,234 ) $ (11,693 )

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 28, 2020
Amortized Cost and Fair Value of Available-for-Sale Investments	The amortized cost and fair values of available-for-sale Gross Gross Amortized Cost Unrealized Gains Unrealized Losses Fair Value March 28, 2020 Money market investments $ 15,815 $ — $ — $ 15,815 Asset-backed securities 571 — 48 523 Corporate bonds and direct obligations of government agencies 98,287 1,038 1,710 97,615 U.S. Treasury obligations 2,336 136 — 2,472 Total $ 117,009 $ 1,174 $ 1,758 $ 116,425
Schedule of Unrealized Loss on Available-for-Sale Investments	For those available-for-sale Less than 12 months 12 months or longer Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss March 28, 2020 Asset-backed securities $ 523 $ 48 $ — $ — $ 523 $ 48 Corporate bonds and direct obligations of government agencies 49,348 1,710 — — 49,348 1,710 Total $ 49,871 $ 1,758 $ — $ — $ 49,871 $ 1,758 December 28, 2019 Asset-backed securities $ 571 $ 1 $ — $ — $ 571 $ 1 Corporate bonds and direct obligations of government agencies 8,728 41 4,260 3 12,988 44 U.S. Treasury obligations 1,226 5 — — 1,226 5 Total $ 10,525 $ 47 $ 4,260 $ 3 $ 14,785 $ 50

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 28, 2020
Lease, Cost [Table Text Block]	The components of lease cost for finance leases and operating leases for the thirteen weeks ended March 28, 2020 were (in thousands): Finance leases: Amortization of right-of-use $ 6,151 Interest on lease liability 889 Total finance lease cost 7,040 Operating leases: Lease cost 837 Variable lease cost — Sublease income (1,229 ) Total operating lease (income)/cost (392 ) Total lease cost $ 6,648
Schedule Of Supplemental Balance Sheet In formation Related To Leases [Table Text Block]	A summary of the lease classification on our consolidated balance sheet as of March 28, 2020 is as follows (in thousands): Assets: Operating lease right-of-use Other assets $ 2,554 Finance lease assets Operating property, less accumulated depreciation and amortization 150,273 Total lease assets $ 152,827 Liabilities:
Finance And Operating Lease Maturity [Table Text Block]	The following table reconciles the undiscounted cash flows for the finance and operating leases to the finance and operating lease liabilities recorded on the balance sheet at March 28, 2020 (in thousands): Finance Leases Operating Leases 2020 Remainder $ 33,862 $ 517 2021 31,278 637 2022 22,123 639 2023 15,100 510 2024 5,156 433 Thereafter — 54 Total future minimum lease payments 107,519 2,790 Less amount representing interest (2.1% to 4.4%) 5,598 236 Present value of minimum lease payments $ 101,921 $ 2,554 Current maturities of long-term debt 39,944 Long-term debt, excluding current maturities 61,977 Other current liabilities 657 Deferred income taxes and other noncurrent liabilities 1,897
Schedule Discount Rate And Lease Term Used In Calculating Lease Liabilities And Assets [Table Text Block]	The weighted average remaining lease term and the weighted average discount rate for finance and operating leases as of March 28, 2020 were: Finance Leases Operating Leases Weighted average remaining lease term (years) 3.2 4.4 Weighted average discount rate 3.2 % 4.0 %

Significant Accounting Polici_3

Significant Accounting Policies - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Disaggregation of Revenue [Line Items]
Revenue	$ 927,566,000	$ 1,033,000,000
BCO Independent Contractor
Disaggregation of Revenue [Line Items]
Consolidated revenue, percentage	46.00%	43.00%
Truck Brokerage Carriers
Disaggregation of Revenue [Line Items]
Consolidated revenue, percentage	46.00%	49.00%
Railroads
Disaggregation of Revenue [Line Items]
Consolidated revenue, percentage	3.00%	3.00%
Air and Ocean Cargo Carriers
Disaggregation of Revenue [Line Items]
Consolidated revenue, percentage	3.00%	3.00%
BCO Independent Contractor and Truck Brokerage Carriers | Van Equipment
Disaggregation of Revenue [Line Items]
Revenue	$ 545,307,000	$ 619,014,000
BCO Independent Contractor and Truck Brokerage Carriers | Unsided/Platform Equipment
Disaggregation of Revenue [Line Items]
Revenue	286,328,000	310,721,000
BCO Independent Contractor and Truck Brokerage Carriers | Less than Truckload
Disaggregation of Revenue [Line Items]
Revenue	$ 22,941,000	$ 23,376,000

Share-based Payment Arrangeme_3

Share-based Payment Arrangements - Additional Information (Detail)	3 Months Ended
	Mar. 28, 2020USD ($)Equityplanshares	Mar. 30, 2019USD ($)
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	$ 12,000	$ 16,000
Excess tax benefit from stock-based awards	706,000	2,571,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized share-based compensation (benefit)/expense	(136,000)	1,307,000
Unrecognized compensation cost, other than options	$ 35,200,000
Unrecognized compensation cost expected to be recognized over period, years	3 years 7 months 6 days
Non Vested Restricted Stock and Deferred Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, other than options	$ 5,174,000
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 either on the first, second and third anniversary of the date of the grant or the third, fourth and fifth anniversary of the date of the grant, or 100% on the first or fifth anniversary of the date of the grant. For restricted stock awards granted under the 2013 DSCP plan, each recipient may elect to defer receipt of shares and instead receive restricted stock units (“Deferred Stock Units”), which represent contingent rights to receive shares of the Company’s common stock on the date of recipient separation
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total intrinsic value of stock options exercised during periods	$ 1,023,000	$ 944,000
Maximum | 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%
2011 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized for issuance | shares	6,000,000
2013 Directors Stock Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized for issuance | shares	115,000
Common stock reserved for issuance | shares	66,454
2013 Directors Stock Compensation Plan | Deferred Stock Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock vesting percentage	100.00%
Other Stock Compensation Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance | shares	3,692,315

Amounts Recognized in Financial

Amounts Recognized in Financial Statements with Respect to Plans (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total cost of the Plans during the period	$ 631	$ 1,938
Amount of related income tax benefit recognized during the period	(873)	(3,062)
Net cost of the Plans during the period	$ (242)	$ (1,124)

Schedule of Information on Rest

Schedule of Information on Restricted Stock Units (Detail) - Restricted Stock Units (RSUs)	3 Months Ended
	Mar. 28, 2020$ / sharesshares
Number of Shares
Beginning Balance | shares	198,875
Granted | shares	59,230
Shares earned in excess of target | shares	11,648
Vested shares, including shares earned in excess of target | shares	(70,247)
Forfeited | shares	(10,237)
Ending Balance | shares	189,269
Weighted Average Grant Date Fair Value
Beginning Balance | $ / shares	$ 84.37
Granted | $ / shares	102.70
Shares earned in excess of target | $ / shares	77
Vested shares, including shares earned in excess of target | $ / shares	77
Forfeited | $ / shares	100.55
Ending Balance | $ / shares	$ 91.51

Summary of Information Regardin

Summary of Information Regarding Stock Options (Detail) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 28, 2020USD ($)$ / sharesshares
Number of Options
Beginning Balance, number of options | shares	44,467
Exercised, number of options | shares	(15,767)
Ending Balance, number of options | shares	28,700
Weighted Average Exercise Price per Share
Beginning Balance, Weighted Average Exercise Price per Share | $ / shares	$ 51.24
Exercised, Weighted Average Exercise Price per Share | $ / shares	47.50
Ending Balance, Weighted Average Exercise Price per Share | $ / shares	$ 53.29
Options Exercisable, Number of Options
Options exercisable at the ending, Number of Options | shares	28,700
Options Exercisable, Weighted Average Exercise Price per Share
Options exercisable at the ending, Weighted Average Exercise Price per Share | $ / shares	$ 53.29
Weighted Average Remaining Contractual Term (years)
Options outstanding at March 28, 2020	2 years 3 months 18 days
Options exercisable at March 28, 2020	2 years 3 months 18 days
Aggregate Intrinsic Value
Options outstanding at March 28, 2020 | $	$ 1,128
Options exercisable at March 28, 2020 | $	$ 1,128

Schedule of Information on Non

Schedule of Information on Non - Vested Restricted Stock Units (Detail) - Non Vested Restricted Stock and Deferred Stock Units	3 Months Ended
	Mar. 28, 2020$ / sharesshares
Number of Shares and Deferred Stock Units
Beginning Balance | shares	64,808
Granted | shares	20,736
Vested | shares	(19,878)
Forfeited | shares	(2,351)
Ending Balance | shares	63,315
Weighted Average Grant Date Fair Value
Beginning Balance | $ / shares	$ 98.24
Granted | $ / shares	111.73
Vested | $ / shares	97.95
Forfeited | $ / shares	106.34
Ending Balance | $ / shares	$ 102.45

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Income Taxes [Line Items]
Corporate income tax rate	21.00%	21.00%
Excess tax benefit from stock-based awards	$ 706,000	$ 2,571,000
Estimated annual effective income tax rate	24.20%	24.20%
Effective income tax rate	22.90%	21.00%

Reconciliation of Average Numbe

Reconciliation of Average Number of Common Shares and Common Share Equivalents Outstanding (Detail) - shares	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Average number of common shares outstanding	39,254,000	40,161,000
Incremental shares from assumed exercises of stock options		5,000
Average number of common shares and common share equivalents outstanding	39,254,000	40,166,000

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
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 Informat_2

Additional Cash Flow Information - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Supplemental Cash Flow Information [Abstract]
Income taxes paid	$ 7,000	$ 3,624,000
Purchase of operating property by finance lease	0	0
Interest paid	$ 1,079,000	$ 1,198,000

Segment Information - Additiona

Segment Information - Additional Information (Detail) - Customer	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
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%

Information Regarding Reportabl

Information Regarding Reportable Business Segments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019	Dec. 28, 2019
Segment Reporting Information [Line Items]
External revenue	$ 927,566	$ 1,033,000
Internal revenue	9,079	9,614
Investment income	1,167	1,138
Operating income	54,005	80,896
Expenditures on long-lived assets	5,799	4,576
Goodwill	37,182	38,343	$ 38,508
Transportation Logistics
Segment Reporting Information [Line Items]
External revenue	913,884	1,018,961
Operating income	55,044	67,583
Expenditures on long-lived assets	5,799	4,576
Goodwill	37,182	38,343
Insurance
Segment Reporting Information [Line Items]
External revenue	13,682	14,039
Internal revenue	9,079	9,614
Investment income	1,167	1,138
Operating income	$ (1,039)	$ 13,313

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. 28, 2020	Mar. 30, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	$ 721,469
Other comprehensive loss	(9,481)	$ 1,549
Ending Balance	627,095
Unrealized Holding (Losses) Gains on Available-for-Sale Securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	1,120
Other comprehensive loss	(1,579)
Ending Balance	(459)
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(3,332)
Other comprehensive loss	(7,902)
Ending Balance	(11,234)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(2,212)
Other comprehensive loss	(9,481)
Ending Balance	$ (11,693)

Investments - Additional Inform

Investments - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 28, 2020	Dec. 29, 2018
Debt Securities, Available-for-sale [Line Items]
Investments maximum maturity period	5 years
Unrealized gain (loss), net of unrealized gains/losses, on the investments in the bond portfolio	$ (584,000)	$ 1,427,000

Amortized Cost and Fair Value o

Amortized Cost and Fair Value of Available-for-Sale Investments (Detail) - USD ($) $ in Thousands	Mar. 28, 2020	Dec. 28, 2019
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 117,009	$ 116,181
Gross Unrealized Gains	1,174	1,477
Gross Unrealized Losses	1,758	50
Fair Value	116,425	117,608
Money market investments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	15,815	15,691
Fair Value	15,815	15,691
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	571	572
Gross Unrealized Losses	48	1
Fair Value	523	571
Corporate bonds and direct obligations of government agencies
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	98,287	97,583
Gross Unrealized Gains	1,038	1,465
Gross Unrealized Losses	1,710	44
Fair Value	97,615	99,004
U.S. Treasury obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,336	2,335
Gross Unrealized Gains	136	12
Gross Unrealized Losses		5
Fair Value	$ 2,472	$ 2,342

Schedule of Unrealized Loss on

Schedule of Unrealized Loss on Available-for-Sale Investments (Detail) - USD ($) $ in Thousands	Mar. 28, 2020	Dec. 28, 2019
Debt Securities, Available-for-sale [Line Items]
Available-for-sale investments with unrealized losses, Less than 12 months, Fair Value	$ 49,871	$ 10,525
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss	1,758	47
Available-for-sale investments with unrealized losses, 12 months or longer, Fair Value		4,260
Available-for-sale investments with unrealized losses, 12 months or longer, Unrealized Loss		3
Available-for-sale investments with unrealized losses, Fair Value, Total	49,871	14,785
Available-for-sale investments with unrealized losses, Unrealized Loss, Total	1,758	50
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale investments with unrealized losses, Less than 12 months, Fair Value	523	571
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss	48	1
Available-for-sale investments with unrealized losses, Fair Value, Total	523	571
Available-for-sale investments with unrealized losses, Unrealized Loss, Total	48	1
Corporate bonds and direct obligations of government agencies
Debt Securities, Available-for-sale [Line Items]
Available-for-sale investments with unrealized losses, Less than 12 months, Fair Value	49,348	8,728
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss	1,710	41
Available-for-sale investments with unrealized losses, 12 months or longer, Fair Value		4,260
Available-for-sale investments with unrealized losses, 12 months or longer, Unrealized Loss		3
Available-for-sale investments with unrealized losses, Fair Value, Total	49,348	12,988
Available-for-sale investments with unrealized losses, Unrealized Loss, Total	$ 1,710	44
U.S. Treasury obligations
Debt Securities, Available-for-sale [Line Items]
Available-for-sale investments with unrealized losses, Less than 12 months, Fair Value		1,226
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss		5
Available-for-sale investments with unrealized losses, Fair Value, Total		1,226
Available-for-sale investments with unrealized losses, Unrealized Loss, Total		$ 5

Leases - Additional Information

Leases - Additional Information (Detail)	Mar. 28, 2020USD ($)
Leases Disclosure [Line Items]
Finance Lease Option to Purchase Option Value	$ 1
Lessee, Finance Lease, Term of Contract	5 years

Leases - Components of Lease Co

Leases - Components of Lease Cost for Finance Leases and Operating Leases (Detail) $ in Thousands	3 Months Ended
	Mar. 28, 2020USD ($)
Finance leases:
Amortization of right-of-use assets	$ 6,151
Interest on lease liability	889
Total finance lease cost	7,040
Operating leases:
Lease cost	837
Sublease income	(1,229)
Total operating lease (income)/cost	(392)
Total lease cost	$ 6,648

Leases - Classification on our

Leases - Classification on our Consolidated Balance Sheet (Detail) $ in Thousands	Mar. 28, 2020USD ($)
Total lease assets	$ 152,827
Other Assets [Member]
Operating lease right-of-use assets	2,554
Property Plant and Equipment Net [Member]
Finance lease assets	$ 150,273

Leases - Undiscounted Cash Flow

Leases - Undiscounted Cash Flows for the Finance and Operating Leases (Detail) - USD ($) $ in Thousands	Mar. 28, 2020	Dec. 28, 2019
Operating Leased Assets [Line Items]
2020 Remainder	$ 33,862
2021	31,278
2022	22,123
2023	15,100
2024	5,156
Total future minimum lease payments	107,519
Less amount representing interest (2.1% to 4.4%)	5,598
Present value of minimum lease payments	101,921
Current maturities of long-term debt	39,944	$ 42,632
Long-term debt, excluding current maturities	61,977	$ 70,212
2020	517
2021	637
2022	639
2023	510
2024	433
Thereafter	54
Total future minimum lease payments	2,790
Less amount representing interest (2.1% to 4.4%)	236
Present value of minimum lease payments	2,554
Other current liabilities [Member]
Operating Leased Assets [Line Items]
Operating lease, liability, current	657
Deferred income taxes and other noncurrent liabilities [Member]
Operating Leased Assets [Line Items]
Operating lease, liability, non-current	$ 1,897

Leases - Undiscounted Cash Fl_2

Leases - Undiscounted Cash Flows for the Finance and Operating Leases (Parenthetical) (Details)	Mar. 28, 2020
Maximum [Member]
Finance lease Interest rate percentage	4.40%
Minimum [Member]
Finance lease Interest rate percentage	2.10%

Leases - Weighted Average Remai

Leases - Weighted Average Remaining Lease Term and the Weighted Average Discount Rate for Finance and Operating leases (Detail)	Mar. 28, 2020
Weighted average remaining lease term (years)	3 years 2 months 12 days
Weighted average discount rate	3.20%
Weighted average remaining lease term (years)	4 years 4 months 24 days
Weighted average discount rate	4.00%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	Mar. 28, 2020USD ($)
Current Investments | Collateral Pledged [Member]
Commitments and Contingencies Disclosure [Line Items]
Investments providing collateral for letters of credit to guarantee insurance claims	$ 33,627,000
Non-Current Investments
Commitments and Contingencies Disclosure [Line Items]
Total non-current investments	82,798,000
Non-Current Investments | Collateral Pledged [Member]
Commitments and Contingencies Disclosure [Line Items]
Investments providing collateral for letters of credit to guarantee insurance claims	34,710,000
Revolving Credit Facility
Commitments and Contingencies Disclosure [Line Items]
Letters of credit outstanding	34,368,000
Guarantee Payment of Insurance Claims
Commitments and Contingencies Disclosure [Line Items]
Letters of credit outstanding	$ 61,503,000

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements - Additional Information (Detail) - USD ($)	Dec. 29, 2019	Mar. 28, 2020
Accounting Standards Update 2016-13 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Adoption of accounting standards (Note 11)	$ (702,000)	$ (702,000)

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] $ in Thousands	1 Months Ended
	Apr. 30, 2020USD ($)loads	May 15, 2020loads
BCO Independent Contractor And Landstar Independent Commission Sales Agent [Member]
Subsequent Event [Line Items]
Extra Hauling Charges | $	$ 50
BCO Independent Contractor [Member]
Subsequent Event [Line Items]
Payment For Covid Ninteen Affected BCOs | $	$ 2,000
Minimum [Member] | BCO Independent Contractor [Member]
Subsequent Event [Line Items]
Number Of Loads Hauled | loads	60,000	30,000
Maximum [Member] | BCO Independent Contractor [Member]
Subsequent Event [Line Items]
Number Of Loads Hauled | loads	70,000	35,000