Landstar System (LSTR) 10-Q 31 Jul 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 27, 2020	Jul. 20, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Document Quarterly Report	true
Entity Central Index Key	0000853816
Document Transition Report	false
Current Fiscal Year End Date	--12-26
Document Period End Date	Jun. 27, 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		38,379,459
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	Jun. 27, 2020	Dec. 28, 2019
Current Assets
Cash and cash equivalents	$ 245,471	$ 319,515
Short-term investments	36,274	32,901
Trade accounts receivable, less allowance of $8,580 and $7,284	489,182	588,549
Other receivables, including advances to independent contractors, less allowance of $9,241 and $7,667	27,861	35,553
Other current assets	41,564	21,370
Total current assets	840,352	997,888
Operating property, less accumulated depreciation and amortization of $288,055 and $280,849	284,794	285,855
Goodwill	40,071	38,508
Other assets	106,893	105,460
Total assets	1,272,110	1,427,711
Current Liabilities
Cash overdraft	35,534	53,878
Accounts payable	273,324	271,996
Current maturities of long-term debt	38,219	42,632
Insurance claims	53,764	44,532
Dividends payable		78,947
Contractor escrow	25,774	24,902
Other current liabilities	46,845	36,017
Total current liabilities	473,460	552,904
Long-term debt, excluding current maturities	60,152	70,212
Insurance claims	34,762	33,575
Deferred income taxes and other noncurrent liabilities	54,615	49,551
Shareholders' Equity
Common stock, $0.01 par value, authorized 160,000,000 shares, issued 68,176,787 and 68,083,419 shares	682	681
Additional paid-in capital	225,332	226,123
Retained earnings	2,012,173	1,962,161
Cost of 29,797,328 and 28,609,926 shares of common stock in treasury	(1,581,921)	(1,465,284)
Accumulated other comprehensive loss	(7,145)	(2,212)
Total shareholders' equity	649,121	721,469
Total liabilities and shareholders' equity	$ 1,272,110	$ 1,427,711

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 27, 2020	Dec. 28, 2019
Allowance on trade accounts receivable	$ 8,580	$ 7,284
Allowance on other receivables	9,241	7,667
Accumulated depreciation and amortization on operating property	$ 288,055	$ 280,849
Common stock, par value	$ 0.01	$ 0.01
Common stock, authorized shares	160,000,000	160,000,000
Common stock, issued shares	68,176,787	68,083,419
Treasury stock, shares	29,797,328	28,609,926

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2020	Jun. 29, 2019	Jun. 27, 2020	Jun. 29, 2019
Revenue	$ 823,514	$ 1,045,040	$ 1,751,080	$ 2,078,040
Investment income	835	1,283	2,002	2,421
Costs and expenses:
Purchased transportation	635,133	799,371	1,344,390	1,591,126
Commissions to agents	75,266	87,623	150,642	173,294
Other operating costs, net of gains on asset sales/dispositions	7,368	9,861	15,674	18,100
Insurance and claims	19,751	16,286	44,708	31,279
Selling, general and administrative	40,601	41,297	85,928	82,565
Depreciation and amortization	11,467	11,034	22,972	22,350
Impairment of intangible and other assets	2,582		2,582
Total costs and expenses	792,168	965,472	1,666,896	1,918,714
Operating income	32,181	80,851	86,186	161,747
Interest and debt expense	976	709	1,928	1,514
Income before income taxes	31,205	80,142	84,258	160,233
Income taxes	6,951	19,042	19,109	35,833
Net income	24,254	61,100	65,149	124,400
Less: Net loss attributable to noncontrolling interest				(17)
Net income attributable to Landstar System, Inc. and subsidiary	$ 24,254	$ 61,100	$ 65,149	$ 124,417
Earnings per common share attributable to Landstar System, Inc. and subsidiary	$ 0.63	$ 1.53	$ 1.68	$ 3.11
Diluted earnings per share attributable to Landstar System, Inc. and subsidiary	$ 0.63	$ 1.53	$ 1.68	$ 3.11
Average number of shares outstanding:
Earnings per common share	38,379,000	39,945,000	38,816,000	40,053,000
Diluted earnings per share	38,379,000	39,945,000	38,816,000	40,053,000
Dividends per common share	$ 0.185	$ 0.165	$ 0.370	$ 0.330

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2020	Jun. 29, 2019	Jun. 27, 2020	Jun. 29, 2019
Net income attributable to Landstar System, Inc. and subsidiary	$ 24,254	$ 61,100	$ 65,149	$ 124,417
Other comprehensive (loss) income:
Unrealized holding gains on available-for-sale investments, net of tax expense of $338, $494, $770 and $222	2,816	810	1,237	1,805
Foreign currency translation (losses) gains	1,732	571	(6,170)	1,125
Other comprehensive (loss) income	4,548	1,381	(4,933)	2,930
Comprehensive income attributable to Landstar System, Inc. and subsidiary	$ 28,802	$ 62,481	$ 60,216	$ 127,347

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2020	Jun. 29, 2019	Jun. 27, 2020	Jun. 29, 2019
Unrealized holding gains on available-for-sale investments, net of tax expense	$ 770	$ 222	$ 338	$ 494

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 27, 2020	Jun. 29, 2019
OPERATING ACTIVITIES
Net income	$ 65,149	$ 124,400
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of operating property and intangible assets	22,972	22,350
Non-cash interest charges	126	126
Provisions for losses on trade and other accounts receivable	6,528	4,194
Gains on sales/disposals of operating property	(1,812)	(1,219)
Impairment of intangible and other assets	2,582
Deferred income taxes, net	6,228	5,060
Stock-based compensation	1,201	3,368
Changes in operating assets and liabilities:
Decrease in trade and other accounts receivable	99,601	89,820
Increase in other assets	(24,809)	(22,808)
Decrease in accounts payable	(31)	(28,565)
Increase (decrease) in other liabilities	10,231	(14,315)
Increase in insurance claims	10,419	1,665
NET CASH PROVIDED BY OPERATING ACTIVITIES	198,385	184,076
INVESTING ACTIVITIES
Net changes in other short-term investments	131
Sales and maturities of investments	14,897	41,345
Purchases of investments	(16,382)	(42,812)
Purchases of operating property	(17,676)	(9,224)
Proceeds from sales of operating property	4,465	3,219
Consideration paid for acquisition	(2,701)
NET CASH USED BY INVESTING ACTIVITIES	(17,266)	(7,472)
FINANCING ACTIVITIES
Decrease in cash overdraft	(18,344)	(11,719)
Dividends paid	(93,382)	(13,257)
Proceeds from exercises of stock options	614	343
Taxes paid in lieu of shares issued related to stock-based compensation plans	(3,280)	(8,438)
Purchases of common stock	(115,962)	(69,729)
Principal payments on finance lease obligations	(21,958)	(23,658)
Purchase of noncontrolling interest		(600)
NET CASH USED BY FINANCING ACTIVITIES	(252,312)	(127,058)
Effect of exchange rate changes on cash and cash equivalents	(2,851)	930
(Decrease) increase in cash and cash equivalents	(74,044)	50,476
Cash and cash equivalents at beginning of period	319,515	199,736
Cash and cash equivalents at end of period	$ 245,471	$ 250,212

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)
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. 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)	124,400
Ending Balance (in shares) at Jun. 29, 2019		68,064,877			28,435,182
Ending Balance at Jun. 29, 2019	728,300	$ 681	224,550	1,952,439	$ (1,446,425)	(2,945)	0
Beginning Balance (in shares) at Mar. 30, 2019		68,047,041			27,884,681
Beginning Balance at Mar. 30, 2019	728,260	$ 680	223,551	1,897,967	$ (1,389,612)	(4,326)	0
Net income (loss)	61,100			61,100
Dividends	(6,628)			(6,628)
Purchases of common stock (in shares)					549,929
Purchases of common stock	(56,752)				$ (56,752)
Issuance of stock related to stock-based compensation plans (in shares)		17,836			572
Issuance of stock related to stock-based compensation plans	(491)	$ 1	(431)		$ (61)
Stock-based compensation	1,430		1,430
Other comprehensive (loss) income	1,381					1,381
Ending Balance (in shares) at Jun. 29, 2019		68,064,877			28,435,182
Ending Balance at Jun. 29, 2019	728,300	$ 681	224,550	1,952,439	$ (1,446,425)	(2,945)	$ 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 14) | Accounting Standards Update 2016-13	(702)			(702)
Net income (loss)	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)
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)
Net income (loss)	65,149
Ending Balance (in shares) at Jun. 27, 2020		68,176,787			29,797,328
Ending Balance at Jun. 27, 2020	649,121	$ 682	225,332	2,012,173	$ (1,581,921)	(7,145)
Beginning Balance (in shares) at Mar. 28, 2020		68,167,482			29,796,974
Beginning Balance at Mar. 28, 2020	627,095	$ 682	224,973	1,995,018	$ (1,581,885)	(11,693)
Net income (loss)	24,254			24,254
Dividends	(7,099)			(7,099)
Issuance of stock related to stock-based compensation plans (in shares)		9,305			354
Issuance of stock related to stock-based compensation plans	(247)		(211)		$ (36)
Stock-based compensation	570		570
Other comprehensive (loss) income	4,548					4,548
Ending Balance (in shares) at Jun. 27, 2020		68,176,787			29,797,328
Ending Balance at Jun. 27, 2020	$ 649,121	$ 682	$ 225,332	$ 2,012,173	$ (1,581,921)	$ (7,145)

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended				6 Months Ended
	Jun. 27, 2020	Mar. 28, 2020	Jun. 29, 2019	Mar. 30, 2019	Jun. 27, 2020	Jun. 29, 2019
Dividends per common share	$ 0.185	$ 0.185	$ 0.165	$ 0.165	$ 0.370	$ 0.330

Business Description

Business Description	6 Months Ended
	Jun. 27, 2020
Business Description and Basis of Presentation [Text Block]	The consolidated financial statements include the accounts of Landstar System, Inc. and its subsidiary

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 27, 2020
Significant Accounting Policies	(1) Significant Accounting Policies Revenue from Contracts with Customers – Disaggregation of Revenue During the twenty six weeks ended June 27, 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 twenty-six-week twenty-six-week twenty-six-week twenty-six-week During the thirteen weeks ended June 27, 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 4% of the Company’s consolidated revenue in the thirteen-week period ended June 27, 2020. Included in truck transportation revenue generated by BCO Independent Contractors and Truck Brokerage Carriers during the thirteen-week period ended June 27, 2020 was $483,027,000 hauled via van equipment, $247,388,000 hauled via unsided/platform equipment and $22,918,000 of less-than-truckload. During the thirteen weeks ended June 29, 2019, revenue generated by BCO Independent Contractors, Truck Brokerage Carriers and railroads represented approximately 45%, 47% 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 June 29, 2019. Included in truck transportation revenue generated by BCO Independent Contractors and Truck Brokerage Carriers during the thirteen-week period ended June 29, 2019 was $605,365,000 hauled via van equipment, $338,107,000 hauled via unsided/platform equipment and $24,732,000 of less-than-truckload.

Acquired Business

Acquired Business	6 Months Ended
	Jun. 27, 2020
Acquired Business	(2) Acquired Business On May 6, 2020, Landstar System Holdings, Inc. formed a new subsidiary that was subsequently renamed Landstar Blue, LLC (“Landstar Blue”). Landstar Blue arranges truckload brokerage services while helping the Company to develop and test digital technologies and processes for the benefit of all Landstar independent commission sales agents. On June 15, 2020, Landstar Blue completed the acquisition of an independent agent of the Company whose business focused on truckload brokerage services. Cash consideration paid for the acquisition was approximately $ , 000 . In addition, the Company assumed approximately $200,000 in liabilities consisting of additional contingent purchase price. The resulting goodwill arising from the acquisition was approximately . With respect to this goodwill, 100% is expected to be deductible by the Company for U.S. income tax purposes. Pro fo r

Share-based Payment Arrangement

Share-based Payment Arrangements	6 Months Ended
	Jun. 27, 2020
Share-based Payment Arrangements	(3) Share-based Payment Arrangements As of June 27, 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): Twenty Six Weeks Ended Thirteen Weeks Ended June 27, 2020 June 29, 2019 June 27, 2020 June 29, 2019 Total cost of the Plans during the period $ 1,201 $ 3,368 $ 570 $ 1,430 Amount of related income tax benefit recognized during the period (1,135 ) (3,734 ) (262 ) (672 ) Net cost of the Plans during the period $ 66 $ (366 ) $ 308 $ 758 Included in income tax benefits recognized in the twenty-six-week As of June 27, 2020, there were 60,586 shares of the Company’s common stock reserved for issuance under the 2013 DSCP and 3,683,524 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 Outstanding at December 28, 2019 198,875 $ 84.37 Granted 59,478 $ 102.66 Shares earned in excess of target (1) 11,648 $ 77.00 Vested shares, including shares earned in excess of target (76,290 ) $ 73.44 Forfeited (10,987 ) $ 100.55 Outstanding at June 27, 2020 182,724 $ 93.44 (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 twenty-six-week 10-K. RSUs with a performance condition granted on January 31, 2020 may vest on January pre-tax The Company recognized approximately ($308,000) and $2,062,000 of share-based compensation (benefit)/expense related to RSU awards in the twenty-six-week Stock Options The following table summarizes information regarding the Company’s outstanding stock options under the Plans: Number of Weighted Average Weighted Average Aggregate Intrinsic Options outstanding at December 28, 2019 44,467 $ 51.24 Exercised (16,517 ) $ 47.70 Options outstanding at June 27, 2020 27,950 $ 53.33 2.1 $ 1,514 Options exercisable at June 27, 2020 27,950 $ 53.33 2.1 $ 1,514 The total intrinsic value of stock options exercised during the twenty-six-week As of June 27, 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 26,604 $ 111.88 Vested (27,619 ) $ 98.91 Forfeited (2,351 ) $ 106.34 Non-vested 61,442 $ 103.54 The fair value of each share of non-vested non-vested As of June 27, 2020, there was $4,841,000 of total unrecognized compensation cost related to non-vested non-vested

Income Taxes

Income Taxes	6 Months Ended
	Jun. 27, 2020
Income Taxes	(4) Income Taxes The provisions for income taxes for the 2020 and 2019 twenty-six-week twenty-six-week attributable to state taxes and the meals and entertainment exclusion, partially offset by state tax refunds and excess tax benefits realized on stock - based awards. The effective income tax rate for the 2019 twenty-six-week on stock - twenty-six-week

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 27, 2020
Earnings Per Share	(5) 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 restricted stock and outstanding Deferred Stock Units. Diluted earnings per share attributable to Landstar System, Inc. and subsidiary are based on the weighted average number of common shares and Deferred Stock Units outstanding plus the incremental shares that would have been outstanding upon the assumed exercise of all dilutive stock options. During the 2020 and 2019 twenty-six-week and thirteen-week periods , shares of exceeded For each of the twenty-six-week

Additional Cash Flow Informatio

Additional Cash Flow Information	6 Months Ended
	Jun. 27, 2020
Additional Cash Flow Information	(6) Additional Cash Flow Information During the 2020 twenty-six-week twenty-six-week twenty-six-week twenty-six-week twenty-six-week $ a

Segment Information

Segment Information	6 Months Ended
	Jun. 27, 2020
Segment Information	(7) Segment Information The following table summarizes information about the Company’s reportable business segments as of and for the twenty-six-week Twenty Six Weeks Ended June 27, 2020 June 29, 2019 Transportation Logistics Insurance Total Transportation Logistics Insurance Total External revenue $ 1,723,682 $ 27,398 $ 1,751,080 $ 2,049,777 $ 28,263 $ 2,078,040 Internal revenue 35,834 35,834 27,367 27,367 Investment income 2,002 2,002 2,421 2,421 Operating income 76,518 9,668 86,186 135,919 25,828 161,747 Expenditures on long-lived assets 17,676 17,676 9,224 9,224 Goodwill 40,071 40,071 38,407 38,407 Thirteen Weeks Ended June 27, 2020 June 29, 2019 Transportation Logistics Insurance Total Transportation Logistics Insurance Total External revenue $ 809,798 $ 13,716 $ 823,514 $ 1,030,816 $ 14,224 $ 1,045,040 Internal revenue 26,755 26,755 17,753 17,753 Investment income 835 835 1,283 1,283 Operating income 21,474 10,707 32,181 68,336 12,515 80,851 Expenditures on long-lived assets 11,877 11,877 4,648 4,648 In the twenty-six-week

Other Comprehensive Income

Other Comprehensive Income	6 Months Ended
	Jun. 27, 2020
Other Comprehensive Income	(8) 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 twenty-six-week Unrealized Available-for-Sale Foreign Total Balance as of December 28, 2019 $ 1,120 $ (3,332 ) $ (2,212 ) Other comprehensive gain (loss) 1,237 (6,170 ) (4,933 ) Balance as of June 27, 2020 $ 2,357 $ (9,502 ) $ (7,145 ) 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 twenty-six-week

Investments

Investments	6 Months Ended
	Jun. 27, 2020
Investments	(9) 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 Amortized Gross Gross Fair June 27, 2020 Money market investments $ 14,038 $ — $ — $ 14,038 Asset-backed securities 569 — 84 485 Corporate bonds and direct obligations of government agencies 100,722 3,261 316 103,667 U.S. Treasury obligations 2,337 141 — 2,478 Total $ 117,666 $ 3,402 $ 400 $ 120,668 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 obligation s 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 June 27, 2020 Asset-backed securities $ 485 $ 84 $ — $ — $ 485 $ 84 Corporate bonds and direct obligations of government agencies 4,937 316 — — 4,937 316 Total $ 5,422 $ 400 $ — $ — $ 5,422 $ 400 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 obligation s 1,226 5 — — 1,226 5 Total $ 10,525 $ 47 $ 4,260 $ 3 $ 14,785 $ 50 The Company expects to recover, through collection of all of the contractual cash flows of each security, 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, no losses have been recognized in the Company’s consolidated statements of income.

Leases

Leases	6 Months Ended
	Jun. 27, 2020
Leases	(10) 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 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 twenty six weeks ended June 27, 2020 were (in thousands): Finance leases: Amortization of right-of-use $ 12,372 Interest on lease liability 1,689 Total finance lease cost 14,061 Operating leases: Lease cost 1,518 Variable lease cost — Sublease income (2,413 ) Total operating lease (income)/cost (895 ) Total lease cost $ 13,166 A summary of the lease classification on our consolidated balance sheet as of June 27, 2020 is as follows (in thousands): Assets: Operating lease right-of-use Other assets $ 2,462 Finance lease asset s Operating property, less accumulated depreciation and amortization 151,518 Total lease assets $ 153,980 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 June 27, 2020 (in thousands): Finance Leases Operating Leases 2020 Remainder $ 22,849 $ 340 2021 32,858 643 2022 23,709 645 2023 16,686 515 2024 6,742 448 Thereafter 793 92 Total future minimum lease payments 103,637 2,683 Less amount representing interest (2.1% to 4.4%) 5,266 221 Present value of minimum lease payments $ 98,371 $ 2,462 Current maturities of long-term debt 38,219 Long-term debt, excluding current maturities 60,152 Other current liabilitie s 648 Deferred income taxes and other noncurrent liabilities 1,814 The weighted average remaining lease term and the weighted average discount rate for finance and operating leases as of June 27, 2020 were: Finance Operating Weighted average remaining lease term (years) 3.2 4.3 Weighted average discount rate 3.2 % 4.0 %

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 27, 2020
Commitments and Contingencies	(11) Commitments and Contingencies Short-term investments include $36,274,000 in current maturities of investments held by the Company’s insurance segment at June 27, 2020. The non-current non-current On January 25, 2019, a purported class action was filed in the Superior Court of the State of California for the County of San Bernardino against Landstar System, Inc. and Landstar Ranger, Inc. (together, the “Defendants”). The complaint purported to bring this action on behalf of Hany Tanious, as an individual, and “all owner operators who performed work for the Defendants, and who were classified as independent contractors, during the four years preceding the filing of this action through the present.” The complaint asserted claims based on the alleged misclassification of Mr. Tanious as an independent contractor and alleged violations under California law relating to overtime, minimum wage, meal and rest breaks, failure to reimburse certain expenses, wage statements, waiting time and unfair competition. Mr. Tanious was a truck owner-operator and formerly an independent contractor who was a party to an independent contractor operating agreement with Landstar Ranger, Inc. On June 11, 2019, the Defendants filed a Notice of Removal that resulted in the removal of the case from state court to federal court, where it was assigned to Judge Dale S. Fischer of the United State District Court for the Central District of California. On August 22, 2019, the Court issued an order, among other things, striking all class allegations from the complaint and stating that this matter would proceed as an individual action. On June 15, 2020, the Court issued an order granting the Defendants’ motion to transfer venue to the United States District Court for the Middle District of Florida, where the matter was assigned to Judge Marcia Morales Howard. On June 24, 2020, the Court, sua sponte 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	6 Months Ended
	Jun. 27, 2020
Change in Accounting Estimate for Self-Insured Claims	(12) 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 attributable to Landstar System, Inc. and subsidiary and earnings per share attributable to Landstar System, Inc. and subsidiary set forth in the consolidated statements of income for the twenty-six-week Twenty Six Weeks Ended Thirteen Weeks Ended June 27, 2020 June 29, 2019 June 27, 2020 June 29, 2019 Operating income $ 5,039 $ 2,900 $ 2,816 $ 1,493 Net income attributable to Landstar System, Inc. and subsidiary $ 3,820 $ 2,198 $ 2,135 $ 1,131 Earnings per share attributable to Landstar System, Inc. and subsidiary $ 0.10 $ 0.05 $ 0.06 $ 0.03 Diluted earnings per share attributable to Landstar System, Inc. and subsidiary $ 0.10 $ 0.05 $ 0.06 $ 0.03

Impairment of Intangible and Ot

Impairment of Intangible and Other Assets	6 Months Ended
	Jun. 27, 2020
Impairment of Intangible and Other Assets	(13) Impairment of Intangible and Other Assets During the 2020 second fiscal quarter, the Company recorded a non-cash ,000 10-Q e $ , as the negative macroeconomic trends in Mexico have caused current financial projections relating to these intangible assets to be substantially below those originally anticipat e

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Jun. 27, 2020
Recent Accounting Pronouncements	(1 4 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

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 27, 2020
Revenue from Contracts with Customers – Disaggregation of Revenue	Revenue from Contracts with Customers – Disaggregation of Revenue During the twenty six weeks ended June 27, 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 twenty-six-week twenty-six-week twenty-six-week twenty-six-week During the thirteen weeks ended June 27, 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 4% of the Company’s consolidated revenue in the thirteen-week period ended June 27, 2020. Included in truck transportation revenue generated by BCO Independent Contractors and Truck Brokerage Carriers during the thirteen-week period ended June 27, 2020 was $483,027,000 hauled via van equipment, $247,388,000 hauled via unsided/platform equipment and $22,918,000 of less-than-truckload. During the thirteen weeks ended June 29, 2019, revenue generated by BCO Independent Contractors, Truck Brokerage Carriers and railroads represented approximately 45%, 47% 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 June 29, 2019. Included in truck transportation revenue generated by BCO Independent Contractors and Truck Brokerage Carriers during the thirteen-week period ended June 29, 2019 was $605,365,000 hauled via van equipment, $338,107,000 hauled via unsided/platform equipment and $24,732,000 of less-than-truckload.

Share-based Payment Arrangeme_2

Share-based Payment Arrangements (Tables)	6 Months Ended
	Jun. 27, 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): Twenty Six Weeks Ended Thirteen Weeks Ended June 27, 2020 June 29, 2019 June 27, 2020 June 29, 2019 Total cost of the Plans during the period $ 1,201 $ 3,368 $ 570 $ 1,430 Amount of related income tax benefit recognized during the period (1,135 ) (3,734 ) (262 ) (672 ) Net cost of the Plans during the period $ 66 $ (366 ) $ 308 $ 758
Summary of Information Regarding Stock Options	The following table summarizes information regarding the Company’s outstanding stock options under the Plans: Number of Weighted Average Weighted Average Aggregate Intrinsic Options outstanding at December 28, 2019 44,467 $ 51.24 Exercised (16,517 ) $ 47.70 Options outstanding at June 27, 2020 27,950 $ 53.33 2.1 $ 1,514 Options exercisable at June 27, 2020 27,950 $ 53.33 2.1 $ 1,514
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 Outstanding at December 28, 2019 198,875 $ 84.37 Granted 59,478 $ 102.66 Shares earned in excess of target (1) 11,648 $ 77.00 Vested shares, including shares earned in excess of target (76,290 ) $ 73.44 Forfeited (10,987 ) $ 100.55 Outstanding at June 27, 2020 182,724 $ 93.44 (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 26,604 $ 111.88 Vested (27,619 ) $ 98.91 Forfeited (2,351 ) $ 106.34 Non-vested 61,442 $ 103.54

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 27, 2020
Information Regarding Reportable Business Segments	The following table summarizes information about the Company’s reportable business segments as of and for the twenty-six-week Twenty Six Weeks Ended June 27, 2020 June 29, 2019 Transportation Logistics Insurance Total Transportation Logistics Insurance Total External revenue $ 1,723,682 $ 27,398 $ 1,751,080 $ 2,049,777 $ 28,263 $ 2,078,040 Internal revenue 35,834 35,834 27,367 27,367 Investment income 2,002 2,002 2,421 2,421 Operating income 76,518 9,668 86,186 135,919 25,828 161,747 Expenditures on long-lived assets 17,676 17,676 9,224 9,224 Goodwill 40,071 40,071 38,407 38,407 Thirteen Weeks Ended June 27, 2020 June 29, 2019 Transportation Logistics Insurance Total Transportation Logistics Insurance Total External revenue $ 809,798 $ 13,716 $ 823,514 $ 1,030,816 $ 14,224 $ 1,045,040 Internal revenue 26,755 26,755 17,753 17,753 Investment income 835 835 1,283 1,283 Operating income 21,474 10,707 32,181 68,336 12,515 80,851 Expenditures on long-lived assets 11,877 11,877 4,648 4,648

Other Comprehensive Income (Tab

Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 27, 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 twenty-six-week Unrealized Available-for-Sale Foreign Total Balance as of December 28, 2019 $ 1,120 $ (3,332 ) $ (2,212 ) Other comprehensive gain (loss) 1,237 (6,170 ) (4,933 ) Balance as of June 27, 2020 $ 2,357 $ (9,502 ) $ (7,145 )

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 27, 2020
Amortized Cost and Fair Value of Available-for-Sale Investments	The amortized cost and fair values of available-for-sale Amortized Gross Gross Fair June 27, 2020 Money market investments $ 14,038 $ — $ — $ 14,038 Asset-backed securities 569 — 84 485 Corporate bonds and direct obligations of government agencies 100,722 3,261 316 103,667 U.S. Treasury obligations 2,337 141 — 2,478 Total $ 117,666 $ 3,402 $ 400 $ 120,668 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 obligation s 2,335 12 5 2,342 Total $ 116,181 $ 1,477 $ 50 $ 117,608
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 June 27, 2020 Asset-backed securities $ 485 $ 84 $ — $ — $ 485 $ 84 Corporate bonds and direct obligations of government agencies 4,937 316 — — 4,937 316 Total $ 5,422 $ 400 $ — $ — $ 5,422 $ 400 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 obligation s 1,226 5 — — 1,226 5 Total $ 10,525 $ 47 $ 4,260 $ 3 $ 14,785 $ 50

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 27, 2020
Lease, Cost [Table Text Block]	The components of lease cost for finance leases and operating leases for the twenty six weeks ended June 27, 2020 were (in thousands): Finance leases: Amortization of right-of-use $ 12,372 Interest on lease liability 1,689 Total finance lease cost 14,061 Operating leases: Lease cost 1,518 Variable lease cost — Sublease income (2,413 ) Total operating lease (income)/cost (895 ) Total lease cost $ 13,166
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 June 27, 2020 is as follows (in thousands): Assets: Operating lease right-of-use Other assets $ 2,462 Finance lease asset s Operating property, less accumulated depreciation and amortization 151,518 Total lease assets $ 153,980
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 June 27, 2020 (in thousands): Finance Leases Operating Leases 2020 Remainder $ 22,849 $ 340 2021 32,858 643 2022 23,709 645 2023 16,686 515 2024 6,742 448 Thereafter 793 92 Total future minimum lease payments 103,637 2,683 Less amount representing interest (2.1% to 4.4%) 5,266 221 Present value of minimum lease payments $ 98,371 $ 2,462 Current maturities of long-term debt 38,219 Long-term debt, excluding current maturities 60,152 Other current liabilitie s 648 Deferred income taxes and other noncurrent liabilities 1,814
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 June 27, 2020 were: Finance Operating Weighted average remaining lease term (years) 3.2 4.3 Weighted average discount rate 3.2 % 4.0 %

Change in Accounting Estimate_2

Change in Accounting Estimate for Self-Insured Claims (Tables)	6 Months Ended
	Jun. 27, 2020
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 attributable to Landstar System, Inc. and subsidiary and earnings per share attributable to Landstar System, Inc. and subsidiary set forth in the consolidated statements of income for the twenty-six-week Twenty Six Weeks Ended Thirteen Weeks Ended June 27, 2020 June 29, 2019 June 27, 2020 June 29, 2019 Operating income $ 5,039 $ 2,900 $ 2,816 $ 1,493 Net income attributable to Landstar System, Inc. and subsidiary $ 3,820 $ 2,198 $ 2,135 $ 1,131 Earnings per share attributable to Landstar System, Inc. and subsidiary $ 0.10 $ 0.05 $ 0.06 $ 0.03 Diluted earnings per share attributable to Landstar System, Inc. and subsidiary $ 0.10 $ 0.05 $ 0.06 $ 0.03

Significant Accounting Polici_3

Significant Accounting Policies - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 27, 2020	Jun. 29, 2019	Jun. 27, 2020	Jun. 29, 2019
Disaggregation of Revenue [Line Items]
Revenue	$ 823,514,000	$ 1,045,040,000	$ 1,751,080,000	$ 2,078,040,000
BCO Independent Contractor
Disaggregation of Revenue [Line Items]
Consolidated revenue, percentage	46.00%	45.00%	46.00%	44.00%
Truck Brokerage Carriers
Disaggregation of Revenue [Line Items]
Consolidated revenue, percentage	46.00%	47.00%	46.00%	48.00%
Railroads
Disaggregation of Revenue [Line Items]
Consolidated revenue, percentage	3.00%	3.00%	3.00%	3.00%
Air and Ocean Cargo Carriers
Disaggregation of Revenue [Line Items]
Consolidated revenue, percentage	4.00%	3.00%	3.00%	3.00%
BCO Independent Contractor and Truck Brokerage Carriers | Van Equipment
Disaggregation of Revenue [Line Items]
Revenue	$ 483,027,000	$ 605,365,000	$ 1,028,334,000	$ 1,224,379,000
BCO Independent Contractor and Truck Brokerage Carriers | Unsided/Platform Equipment
Disaggregation of Revenue [Line Items]
Revenue	247,388,000	338,107,000	533,716,000	648,828,000
BCO Independent Contractor and Truck Brokerage Carriers | Less than Truckload
Disaggregation of Revenue [Line Items]
Revenue	$ 22,918,000	$ 24,732,000	$ 45,859,000	$ 48,108,000

Acquired Business - Additional

Acquired Business - Additional Information (Detail) - USD ($)	Jun. 15, 2020	Jun. 27, 2020
Purchase consideration	$ 2,701,000	$ 2,701,000
Business combination, recognized identifiable assets acquired and liabilities assumed, liabilities	200,000
Goodwill Purchase	$ 2,807,000
Income tax rate deduction	100.00%

Share-based Payment Arrangeme_3

Share-based Payment Arrangements - Additional Information (Detail)	6 Months Ended
	Jun. 27, 2020USD ($)Equityplanshares	Jun. 29, 2019USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of employee equity incentive plans | Equityplan	2
Excess tax benefit from stock-based awards	$ 829,000	$ 2,871,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized share-based compensation (benefit)/expense	(308,000)	2,062,000
Unrecognized compensation cost, other than options	$ 35,300,000
Unrecognized compensation cost expected to be recognized over period, years	3 years 3 months 18 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	$ 4,841,000
Unrecognized compensation cost expected to be recognized over period, years	2 years 1 month 6 days
Terms of award	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	$ 1,071,000	$ 1,269,000
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	60,586
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	3,683,524

Amounts Recognized in Financial

Amounts Recognized in Financial Statements with Respect to Plans (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2020	Jun. 29, 2019	Jun. 27, 2020	Jun. 29, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total cost of the Plans during the period	$ 570	$ 1,430	$ 1,201	$ 3,368
Amount of related income tax benefit recognized during the period	(262)	(672)	(1,135)	(3,734)
Net cost of the Plans during the period	$ 308	$ 758	$ 66	$ (366)

Schedule of Information on Rest

Schedule of Information on Restricted Stock Units (Detail) - Restricted Stock Units (RSUs)	6 Months Ended
	Jun. 27, 2020$ / sharesshares
Number of Shares
Beginning Balance | shares	198,875
Granted | shares	59,478
Shares earned in excess of target | shares	11,648
Vested shares, including shares earned in excess of target | shares	(76,290)
Forfeited | shares	(10,987)
Ending Balance | shares	182,724
Weighted Average Grant Date Fair Value
Beginning Balance | $ / shares	$ 84.37
Granted | $ / shares	102.66
Shares earned in excess of target | $ / shares	77
Vested shares, including shares earned in excess of target | $ / shares	73.44
Forfeited | $ / shares	100.55
Ending Balance | $ / shares	$ 93.44

Summary of Information Regardin

Summary of Information Regarding Stock Options (Detail) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 27, 2020USD ($)$ / sharesshares
Number of Options
Beginning Balance, number of options | shares	44,467
Exercised, number of options | shares	(16,517)
Ending Balance, number of options | shares	27,950
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	47.70
Ending Balance, Weighted Average Exercise Price per Share | $ / shares	$ 53.33
Options Exercisable, Number of Options
Options exercisable at the ending, Number of Options | shares	27,950
Options Exercisable, Weighted Average Exercise Price per Share
Options exercisable at the ending, Weighted Average Exercise Price per Share | $ / shares	$ 53.33
Weighted Average Remaining Contractual Term (years)
Options outstanding at June 27, 2020	2 years 1 month 6 days
Options exercisable at June 27, 2020	2 years 1 month 6 days
Aggregate Intrinsic Value
Options outstanding at June 27, 2020 | $	$ 1,514
Options exercisable at June 27, 2020 | $	$ 1,514

Schedule of Information on Non

Schedule of Information on Non - Vested Restricted Stock Units (Detail) - Non Vested Restricted Stock and Deferred Stock Units	6 Months Ended
	Jun. 27, 2020$ / sharesshares
Number of Shares and Deferred Stock Units
Beginning Balance | shares	64,808
Granted | shares	26,604
Vested | shares	(27,619)
Forfeited | shares	(2,351)
Ending Balance | shares	61,442
Weighted Average Grant Date Fair Value
Beginning Balance | $ / shares	$ 98.24
Granted | $ / shares	111.88
Vested | $ / shares	98.91
Forfeited | $ / shares	106.34
Ending Balance | $ / shares	$ 103.54

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 27, 2020	Jun. 29, 2019
Income Taxes [Line Items]
Corporate income tax rate	21.00%	21.00%
Excess tax benefit from stock-based awards	$ 829,000	$ 2,871,000
Estimated annual effective income tax rate	24.20%	24.20%
Effective income tax rate	22.70%	22.40%

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	6 Months Ended
	Jun. 27, 2020	Jun. 29, 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 ($)	6 Months Ended
	Jun. 27, 2020	Jun. 29, 2019
Supplemental Cash Flow Information [Abstract]
Income taxes paid	$ 16,198,000	$ 39,180,000
Acquired operating property by accruing in accounts payable	1,440,000	0
Interest paid	2,057,000	$ 2,286,000
Capital Lease Obligations Incurred	$ 7,485,000

Segment Information - Additiona

Segment Information - Additional Information (Detail) - Customer	6 Months Ended
	Jun. 27, 2020	Jun. 29, 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		6 Months Ended
	Jun. 27, 2020	Jun. 29, 2019	Jun. 27, 2020	Jun. 29, 2019	Dec. 28, 2019
Segment Reporting Information [Line Items]
External revenue	$ 823,514	$ 1,045,040	$ 1,751,080	$ 2,078,040
Internal revenue	26,755	17,753	35,834	27,367
Investment income	835	1,283	2,002	2,421
Operating income	32,181	80,851	86,186	161,747
Expenditures on long-lived assets	11,877	4,648	17,676	9,224
Goodwill	40,071	38,407	40,071	38,407	$ 38,508
Transportation Logistics
Segment Reporting Information [Line Items]
External revenue	809,798	1,030,816	1,723,682	2,049,777
Operating income	21,474	68,336	76,518	135,919
Expenditures on long-lived assets	11,877	4,648	17,676	9,224
Goodwill	40,071	38,407	40,071	38,407
Insurance
Segment Reporting Information [Line Items]
External revenue	13,716	14,224	27,398	28,263
Internal revenue	26,755	17,753	35,834	27,367
Investment income	835	1,283	2,002	2,421
Operating income	$ 10,707	$ 12,515	$ 9,668	$ 25,828

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		6 Months Ended
	Jun. 27, 2020	Jun. 29, 2019	Jun. 27, 2020	Jun. 29, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	$ 627,095		$ 721,469
Other comprehensive loss	4,548	$ 1,381	(4,933)	$ 2,930
Ending Balance	649,121		649,121
Unrealized Holding (Losses) Gains on Available-for-Sale Securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance			1,120
Other comprehensive loss			1,237
Ending Balance	2,357		2,357
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance			(3,332)
Other comprehensive loss			(6,170)
Ending Balance	(9,502)		(9,502)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(11,693)		(2,212)
Other comprehensive loss			(4,933)
Ending Balance	$ (7,145)		$ (7,145)

Investments - Additional Inform

Investments - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 27, 2020	Dec. 28, 2019
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	$ 3,002,000	$ 1,427,000

Amortized Cost and Fair Value o

Amortized Cost and Fair Value of Available-for-Sale Investments (Detail) - USD ($) $ in Thousands	Jun. 27, 2020	Dec. 28, 2019
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 117,666	$ 116,181
Gross Unrealized Gains	3,402	1,477
Gross Unrealized Losses	400	50
Fair Value	120,668	117,608
Money market investments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	14,038	15,691
Fair Value	14,038	15,691
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	569	572
Gross Unrealized Losses	84	1
Fair Value	485	571
Corporate bonds and direct obligations of government agencies
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	100,722	97,583
Gross Unrealized Gains	3,261	1,465
Gross Unrealized Losses	316	44
Fair Value	103,667	99,004
U.S. Treasury obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,337	2,335
Gross Unrealized Gains	141	12
Gross Unrealized Losses		5
Fair Value	$ 2,478	$ 2,342

Schedule of Unrealized Loss on

Schedule of Unrealized Loss on Available-for-Sale Investments (Detail) - USD ($) $ in Thousands	Jun. 27, 2020	Dec. 28, 2019
Debt Securities, Available-for-sale [Line Items]
Available-for-sale investments with unrealized losses, Less than 12 months, Fair Value	$ 5,422	$ 10,525
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss	400	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	5,422	14,785
Available-for-sale investments with unrealized losses, Unrealized Loss, Total	400	50
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale investments with unrealized losses, Less than 12 months, Fair Value	485	571
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss	84	1
Available-for-sale investments with unrealized losses, Fair Value, Total	485	571
Available-for-sale investments with unrealized losses, Unrealized Loss, Total	84	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	4,937	8,728
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss	316	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	4,937	12,988
Available-for-sale investments with unrealized losses, Unrealized Loss, Total	$ 316	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)	Jun. 27, 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	6 Months Ended
	Jun. 27, 2020USD ($)
Finance leases:
Amortization of right-of-use assets	$ 12,372
Interest on lease liability	1,689
Total finance lease cost	14,061
Operating leases:
Lease cost	1,518
Sublease income	(2,413)
Total operating lease (income)/cost	(895)
Total lease cost	$ 13,166

Leases - Classification on our

Leases - Classification on our Consolidated Balance Sheet (Detail) $ in Thousands	Jun. 27, 2020USD ($)
Total lease assets	$ 153,980
Other Assets [Member]
Operating lease right-of-use assets	2,462
Property Plant and Equipment Net [Member]
Finance lease assets	$ 151,518

Leases - Undiscounted Cash Flow

Leases - Undiscounted Cash Flows for the Finance and Operating Leases (Detail) - USD ($) $ in Thousands	Jun. 27, 2020	Dec. 28, 2019
Operating Leased Assets [Line Items]
2020 Remainder	$ 22,849
2021	32,858
2022	23,709
2023	16,686
2024	6,742
Thereafter	793
Total future minimum lease payments	103,637
Less amount representing interest (2.1% to 4.4%)	5,266
Present value of minimum lease payments	98,371
Current maturities of long-term debt	38,219	$ 42,632
Long-term debt, excluding current maturities	60,152	$ 70,212
2020	340
2021	643
2022	645
2023	515
2024	448
Thereafter	92
Total future minimum lease payments	2,683
Less amount representing interest (2.1% to 4.4%)	221
Present value of minimum lease payments	2,462
Other current liabilities [Member]
Operating Leased Assets [Line Items]
Operating lease, liability, current	648
Deferred income taxes and other noncurrent liabilities [Member]
Operating Leased Assets [Line Items]
Operating lease, liability, non-current	$ 1,814

Leases - Undiscounted Cash Fl_2

Leases - Undiscounted Cash Flows for the Finance and Operating Leases (Parenthetical) (Details)	Jun. 27, 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)	Jun. 27, 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 3 months 18 days
Weighted average discount rate	4.00%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	Jun. 27, 2020USD ($)
Current Investments | Collateral Pledged [Member]
Commitments and Contingencies Disclosure [Line Items]
Investments providing collateral for letters of credit to guarantee insurance claims	$ 36,274,000
Non-Current Investments
Commitments and Contingencies Disclosure [Line Items]
Total non-current investments	84,394,000
Non-Current Investments | Collateral Pledged [Member]
Commitments and Contingencies Disclosure [Line Items]
Investments providing collateral for letters of credit to guarantee insurance claims	32,063,000
Revolving Credit Facility
Commitments and Contingencies Disclosure [Line Items]
Letters of credit outstanding	34,156,000
Guarantee Payment of Insurance Claims
Commitments and Contingencies Disclosure [Line Items]
Letters of credit outstanding	$ 61,503,000

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		6 Months Ended
	Jun. 27, 2020	Jun. 29, 2019	Jun. 27, 2020	Jun. 29, 2019
Change in Accounting Estimate [Line Items]
Operating income	$ 32,181	$ 80,851	$ 86,186	$ 161,747
Net income attributable to Landstar System, Inc. and subsidiary	$ 24,254	$ 61,100	$ 65,149	$ 124,417
Earnings per share attributable to Landstar System, Inc. and subsidiary	$ 0.63	$ 1.53	$ 1.68	$ 3.11
Diluted earnings per share attributable to Landstar System, Inc. and subsidiary	$ 0.63	$ 1.53	$ 1.68	$ 3.11
Development of Prior Year Self Insured Claims Estimates
Change in Accounting Estimate [Line Items]
Operating income	$ 2,816	$ 1,493	$ 5,039	$ 2,900
Net income attributable to Landstar System, Inc. and subsidiary	$ 2,135	$ 1,131	$ 3,820	$ 2,198
Earnings per share attributable to Landstar System, Inc. and subsidiary	$ 0.06	$ 0.03	$ 0.10	$ 0.05
Diluted earnings per share attributable to Landstar System, Inc. and subsidiary	$ 0.06	$ 0.03	$ 0.10	$ 0.05

Impairment of Intangible and _2

Impairment of Intangible and Other Assets - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 27, 2020	Jun. 27, 2020
Impairment charges of intangible asset	$ 2,582	$ 2,582

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 14)	$ (702,000)	$ (702,000)