Landstar System (LSTR) 10-Q 30 Jul 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 26, 2021	Jul. 19, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Document Quarterly Report	true
Entity Central Index Key	0000853816
Document Transition Report	false
Current Fiscal Year End Date	--12-25
Document Period End Date	Jun. 26, 2021
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		38,275,799
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. 26, 2021	Dec. 26, 2020
Current Assets
Cash and cash equivalents	$ 186,404	$ 249,354
Short-term investments	52,560	41,375
Trade accounts receivable, less allowance of $6,199 and $8,670	902,950	764,169
Other receivables, including advances to independent contractors, less allowance of $6,843 and $7,239	49,819	134,757
Other current assets	41,533	18,520
Total current assets	1,233,266	1,208,175
Operating property, less accumulated depreciation and amortization of $321,181 and $299,407	281,016	296,996
Goodwill	40,973	40,949
Other assets	147,958	107,679
Total assets	1,703,213	1,653,799
Current Liabilities
Cash overdraft	70,554	74,748
Accounts payable	481,711	380,505
Current maturities of long-term debt	30,450	35,415
Insurance claims	41,854	149,774
Dividends payable		76,770
Other current liabilities	95,646	88,925
Total current liabilities	720,215	806,137
Long-term debt, excluding current maturities	51,181	65,359
Insurance claims	43,053	38,867
Deferred income taxes and other noncurrent liabilities	58,591	51,601
Shareholders' Equity
Common stock, $0.01 par value, authorized 160,000,000 shares, issued 68,229,800 and 68,183,702 shares	682	682
Additional paid-in capital	238,422	228,875
Retained earnings	2,199,637	2,046,238
Cost of 29,954,081 and 29,797,639 shares of common stock in treasury	(1,606,716)	(1,581,961)
Accumulated other comprehensive loss	(1,852)	(1,999)
Total shareholders' equity	830,173	691,835
Total liabilities and shareholders' equity	$ 1,703,213	$ 1,653,799

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 26, 2021	Dec. 26, 2020
Allowance on trade accounts receivable	$ 6,199	$ 8,670
Allowance on other receivables	6,843	7,239
Accumulated depreciation and amortization on operating property	$ 321,181	$ 299,407
Common stock, par value	$ 0.01	$ 0.01
Common stock, authorized shares	160,000,000	160,000,000
Common stock, issued shares	68,229,880	68,183,702
Treasury stock, shares	29,954,081	29,797,639

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 26, 2021	Jun. 27, 2020	Jun. 26, 2021	Jun. 27, 2020
Revenue	$ 1,570,718	$ 823,514	$ 2,858,252	$ 1,751,080
Investment income	748	835	1,432	2,002
Costs and expenses:
Purchased transportation	1,228,241	635,133	2,226,526	1,344,390
Commissions to agents	121,693	75,266	221,702	150,642
Other operating costs, net of gains on asset sales/dispositions	8,903	7,368	16,545	15,674
Insurance and claims	24,124	19,751	45,629	44,708
Selling, general and administrative	54,114	40,601	99,522	85,928
Depreciation and amortization	12,143	11,467	24,244	22,972
Impairment of intangible and other assets	0	2,582	0	2,582
Total costs and expenses	1,449,218	792,168	2,634,168	1,666,896
Operating income	122,248	32,181	225,516	86,186
Interest and debt expense	967	976	2,009	1,928
Income before income taxes	121,281	31,205	223,507	84,258
Income taxes	28,987	6,951	53,973	19,109
Net income	$ 92,294	$ 24,254	$ 169,534	$ 65,149
Diluted earnings per share	$ 2.40	$ 0.63	$ 4.41	$ 1.68
Average diluted shares outstanding	38,402,000	38,379,000	38,403,000	38,816,000
Dividends per common share	$ 0.210	$ 0.185	$ 0.420	$ 0.370

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 26, 2021	Jun. 27, 2020	Jun. 26, 2021	Jun. 27, 2020
Net income	$ 92,294	$ 24,254	$ 169,534	$ 65,149
Other comprehensive income (loss):
Unrealized holding (losses) gains on available-for-sale investments, net of tax (benefit) expense of ($243), $338, ($96) and $770	(349)	2,816	(883)	1,237
Foreign currency translation gains (losses)	1,450	1,732	1,030	(6,170)
Other comprehensive income (loss)	1,101	4,548	147	(4,933)
Comprehensive income	$ 93,395	$ 28,802	$ 169,681	$ 60,216

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 26, 2021	Jun. 27, 2020	Jun. 26, 2021	Jun. 27, 2020
Unrealized holding losses on available-for-sale investments, net of tax (benefit) expense	$ (96)	$ 770	$ (243)	$ 338

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 26, 2021	Jun. 27, 2020
OPERATING ACTIVITIES
Net income	$ 169,534	$ 65,149
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of operating property and intangible assets	24,244	22,972
Non-cash interest charges	224	126
Provisions for losses on trade and other accounts receivable	1,393	6,528
Gains on sales/disposals of operating property	(766)	(1,812)
Impairment of intangible and other assets	0	2,582
Deferred income taxes, net	6,240	6,228
Stock-based compensation	10,893	1,201
Changes in operating assets and liabilities:
(Increase) decrease in trade and other accounts receivable	(55,236)	99,601
Increase in other assets	(24,704)	(24,809)
Increase (decrease) in accounts payable	101,206	(31)
Increase in other liabilities	7,882	10,231
(Decrease) increase in insurance claims	(103,734)	10,419
NET CASH PROVIDED BY OPERATING ACTIVITIES	137,176	198,385
INVESTING ACTIVITIES
Net changes in other short-term investments	0	131
Sales and maturities of investments	17,242	14,897
Purchases of investments	(68,366)	(16,382)
Purchases of operating property	(9,000)	(17,676)
Proceeds from sales of operating property	1,438	4,465
Consideration paid for acquisition	0	(2,701)
NET CASH USED BY INVESTING ACTIVITIES	(58,686)	(17,266)
FINANCING ACTIVITIES
Decrease in cash overdraft	(4,194)	(18,344)
Dividends paid	(92,905)	(93,382)
Proceeds from exercises of stock options	77	614
Taxes paid in lieu of shares issued related to stock-based compensation plans	(2,341)	(3,280)
Purchases of common stock	(23,837)	(115,962)
Principal payments on finance lease obligations	(19,143)	(21,958)
Payment of deferred consideration	(168)	0
NET CASH USED BY FINANCING ACTIVITIES	(142,511)	(252,312)
Effect of exchange rate changes on cash and cash equivalents	1,071	(2,851)
Decrease in cash and cash equivalents	(62,950)	(74,044)
Cash and cash equivalents at beginning of period	249,354	319,515
Cash and cash equivalents at end of period	$ 186,404	$ 245,471

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
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)
Beginning Balance (Accounting Standards Update 2016-13) at Dec. 28, 2019	(702)			(702)
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)
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)
Beginning Balance (Accounting Standards Update 2016-13) at Dec. 28, 2019	(702)			(702)
Net income	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	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)	$ 0	(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)
Beginning Balance (in shares) at Dec. 26, 2020		68,183,702			29,797,639
Beginning Balance at Dec. 26, 2020	691,835	$ 682	228,875	2,046,238	$ (1,581,961)	(1,999)
Net income	77,240			77,240
Dividends	(8,067)			(8,067)
Issuance of stock related to stock-based compensation plans (in shares)		28,594			6,087
Issuance of stock related to stock-based compensation plans	(1,164)		(307)		$ (857)
Stock-based compensation	4,029		4,029
Other comprehensive (loss) income	(954)					(954)
Ending Balance (in shares) at Mar. 27, 2021		68,212,296			29,803,726
Ending Balance at Mar. 27, 2021	762,919	$ 682	232,597	2,115,411	$ (1,582,818)	(2,953)
Beginning Balance (in shares) at Dec. 26, 2020		68,183,702			29,797,639
Beginning Balance at Dec. 26, 2020	691,835	$ 682	228,875	2,046,238	$ (1,581,961)	(1,999)
Net income	169,534
Ending Balance (in shares) at Jun. 26, 2021		68,229,880			29,954,081
Ending Balance at Jun. 26, 2021	830,173	$ 682	238,422	2,199,637	$ (1,606,716)	(1,852)
Beginning Balance (in shares) at Mar. 27, 2021		68,212,296			29,803,726
Beginning Balance at Mar. 27, 2021	762,919	$ 682	232,597	2,115,411	$ (1,582,818)	(2,953)
Net income	92,294			92,294
Dividends	(8,068)			(8,068)
Purchases of common stock (in shares)					150,000,000
Purchases of common stock	(23,837)				$ (23,837)
Issuance of stock related to stock-based compensation plans (in shares)		17,584			355
Issuance of stock related to stock-based compensation plans	(1,100)		(1,039)		$ (61)
Stock-based compensation	6,864		6,864
Other comprehensive (loss) income	1,101					1,101
Ending Balance (in shares) at Jun. 26, 2021		68,229,880			29,954,081
Ending Balance at Jun. 26, 2021	$ 830,173	$ 682	$ 238,422	$ 2,199,637	$ (1,606,716)	$ (1,852)

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended				6 Months Ended
	Jun. 26, 2021	Mar. 27, 2021	Jun. 27, 2020	Mar. 28, 2020	Jun. 26, 2021	Jun. 27, 2020
Dividends per common share	$ 0.210	$ 0.21	$ 0.185	$ 0.185	$ 0.420	$ 0.370

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 26, 2021
Significant Accounting Policies	(1) Significant Accounting Policies Revenue from Contracts with Customers – Disaggregation of Revenue The following table summarizes (i) the percentage of consolidated revenue generated by mode of transportation and (ii) the total amount of truck transportation revenue hauled by BCO Independent Contractors and Truck Brokerage Carriers generated by equipment type during the twenty-six-week and thirteen-week periods ended June 26, 2021 and June 27, 2020 (dollars in thousands): Twenty Six Weeks Ended Thirteen Weeks Ended Mode June 26, 2021 June 27, 2020 June 26, 2021 June 27, 2020 Truck – BCO Independent Contractors 42 % 46 % 41 % 46 % Truck – Truck Brokerage Carriers 50 % 46 % 51 % 46 % Rail intermodal 3 % 3 % 3 % 3 % Ocean and air cargo carriers 4 % 3 % 4 % 4 % Truck Equipment Type Van equipment $ 1,798,061 $ 1,028,334 $ 970,874 $ 483,027 Unsided/platform equipment $ 784,883 $ 533,716 $ 444,251 $ 247,388 Less-than-truckload $ 54,732 $ 45,859 $ 29,062 $ 22,918

Share-based Payment Arrangement

Share-based Payment Arrangements	6 Months Ended
	Jun. 26, 2021
Share-based Payment Arrangements	(2) Share-based Payment Arrangements As of June 26, 2021, the Company has an employee equity incentive plan, the 2011 equity incentive plan (the “2011 EIP”). 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”). Twenty Six Weeks Ended Thirteen Weeks Ended June 26, 2021 June 27, 2020 June 26, 2021 June 27, 2020 Total cost of the Plans during the period $ 10,893 $ 1,201 $ 6,864 $ 570 Amount of related income tax benefit recognized during the period (3,717 ) (1,135 ) (2,376 ) (262 ) Net cost of the Plans during the period $ 7,176 $ 66 $ 4,488 $ 308 Included in income tax benefits recognized in the twenty-six-week As of June 26, 2021, there were 56,782 shares of the Company’s common stock reserved for issuance under the 2013 DSCP and 3,499,568 shares of the Company’s common stock reserved for issuance under the 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 RSUs Fair Value Outstanding at December 26, 2020 183,213 $ 93.44 Granted 45,864 $ 128.93 Shares earned in excess of target (1) 7,132 $ 31.97 Vested shares (24,600 ) $ 59.85 Outstanding at June 26, 2021 211,609 $ 102.97 (1) Represents shares earned in excess of target under the May 1, 2015 RSU award as total shareholder return exceeded the target under the award. During the twenty-six-week 10-K. RSUs with a performance condition granted on January 29, 2021 may vest on January 31 of 2024, 2025 and 2026 based on growth in operating income and pre-tax non-cash The Company recognized approximately $9,249,000 and ($308,000) of share-based compensation expense/(benefit) related to RSU awards in the twenty-six-week Non-vested The following table summarizes information regarding the Company’s outstanding shares of non-vested Units Number of Shares and Deferred Stock Weighted Average Grant Date Fair Value Non-vested 60,440 $ 103.65 Granted 26,351 $ 150.20 Vested (29,055 ) $ 104.35 Non-vested 57,736 $ 124.55 The fair value of each share of non-vested non-vested 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 June 26, 2021, there was $ of total unrecognized compensation cost related to non-vested shares of restricted stock and Deferred Stock Units granted under the Plans. The unrecognized compensation cost related to these non-vested shares of restricted stock and Deferred Stock Units is expected to be recognized over a weighted average period of years. Stock Options The following table summarizes information regarding the Company’s outstanding stock options under the Plans: Number of Options Weighted Weighted Average Remaining Term (years) Aggregate Intrinsic Value (000s) Options outstanding at December 26, 2020 17,650 $ 54.16 Exercised (5,280 ) $ 51.83 Options outstanding at June 26, 2021 12,370 $ 55.15 1.3 $ 1,304 Options exercisable at June 26, 2021 12,370 $ 55.15 1.3 $ 1,304 The total intrinsic value of stock options exercised during the twenty-six-week periods ended June 26, 2021 and June 27, 2020 was $ and $ , respectively. As of June 26, 2021, there was no unrecognized compensation cost related to stock options granted under the Plans.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 26, 2021
Income Taxes	(3) Income Taxes The provisions for income taxes for the 2021 and 2020 twenty-six-week twenty-six-week nondeductible twenty-six-week

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 26, 2021
Earnings Per Share	(4) Earnings Per Share Earnings per common share are based on the weighted average number of shares outstanding, including outstanding non-vested twenty-six-week non-vested For each of the twenty-six-week

Additional Cash Flow Informatio

Additional Cash Flow Information	6 Months Ended
	Jun. 26, 2021
Additional Cash Flow Information	(5) Additional Cash Flow Information During the 2021 twenty-six-week twenty-six-week twenty-six-week twenty-six-week

Segment Information

Segment Information	6 Months Ended
	Jun. 26, 2021
Segment Information	(6) Segment Information The following table summarizes information about the Company’s reportable business segments as of and for the twenty-six-week and thirteen-week periods ended June 26, 2021 and June 27, 2020 (in thousands): Twenty Six Weeks Ended June 26, 2021 June 27, 2020 Transportation Logistics Insurance Total Transportation Logistics Insurance Total External revenue $ 2,823,557 $ 34,695 $ 2,858,252 $ 1,723,682 $ 27,398 $ 1,751,080 Internal revenue 43,495 43,495 35,834 35,834 Investment income 1,432 1,432 2,002 2,002 Operating income 199,960 25,556 225,516 76,518 9,668 86,186 Expenditures on long-lived assets 9,000 9,000 17,676 17,676 Goodwill 40,973 40,973 40,071 40,071 Thirteen Weeks Ended June 26, 2021 June 27, 2020 Transportation Logistics Insurance Total Transportation Logistics Insurance Total External revenue $ 1,553,058 $ 17,660 $ 1,570,718 $ 809,798 $ 13,716 $ 823,514 Internal revenue 33,961 33,961 26,755 26,755 Investment income 748 748 835 835 Operating income 110,228 12,020 122,248 21,474 10,707 32,181 Expenditures on long-lived assets 4,924 4,924 11,877 11,877 In the twenty-six-week

Other Comprehensive Income

Other Comprehensive Income	6 Months Ended
	Jun. 26, 2021
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 twenty-six-week Unrealized Available-for-Sale Foreign Currency Total Balance as of December 26, 2020 $ 2,808 $ (4,807 ) $ (1,999 ) Other comprehensive (loss) gain (883 ) 1,030 147 Balance as of June 26, 2021 $ 1,925 $ (3,777 ) $ (1,852 ) 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. 26, 2021
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 and are carried at fair value. Investments maturing less than one year from the balance sheet date are included in short-term investments and investments maturing more than one year from the balance sheet date are included in other assets in the consolidated balance sheets. Management performs an analysis of the nature of the unrealized losses on available-for-sale investments to determine whether an allowance for credit loss is necessary. Unrealized losses, representing the excess of the purchase price of an investment over its fair value as of the end of a period, considered to be a result of credit-related factors, are to be included as a charge in the statement of income, while unrealized losses considered to be a result of noncredit-related factors are to be included as a component of shareholders’ equity. Investments whose values are based on quoted market prices in active markets are classified within Level 1. Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, are classified within Level 2. As Level 2 investments include positions that are not traded in active markets, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information. Any transfers between levels are recognized as of the beginning of any reporting period. Fair value of the bond portfolio was determined using Level 1 inputs related to U.S. Treasury obligations and money market investments and Level 2 inputs related to investment-grade corporate bonds, asset-backed securities and direct obligations of government agencies. Unrealized gains, net of unrealized losses, on the investments in the bond portfolio were at December 26, 2020, respectively. The amortized cost and fair values of available-for-sale Gross Gross Amortized Cost Unrealized Gains Unrealized Losses Fair Value June 26, 2021 Money market investments $ 24,649 $ — $ — $ 24,649 Asset-backed securities 564 — — 564 Corporate bonds and direct obligations of government agencies 142,542 2,602 238 144,906 U.S. Treasury obligations 2,340 88 — 2,428 Total $ 170,095 $ 2,690 $ 238 $ 172,547 December 26, 2020 Money market investments $ 17,867 $ — $ — $ 17,867 Asset-backed securities 567 — 26 541 Corporate bonds and direct obligations of government agencies 98,241 3,551 72 101,720 U.S. Treasury obligations 2,338 125 — 2,463 Total $ 119,013 $ 3,676 $ 98 $ 122,591 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 26, 2021 Corporate bonds and direct obligations of government agencies $ 52,720 $ 238 $ — $ — $ 52,720 $ 238 December 26, 2020 Asset-backed securities $ 541 $ 26 $ — $ — $ 541 $ 26 Corporate bonds and direct obligations of government agencies 2,681 72 — — 2,681 72 Total $ 3,222 $ 98 $ — $ — $ 3,222 $ 98 The Company believes unrealized losses on investments were primarily caused by rising interest rates rather than changes in credit quality. 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. 26, 2021
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 twenty six weeks ended June 26, 2021 were (in thousands): Finance leases: Amortization of right-of-use $ 10,714 Interest on lease liability 1,379 Total finance lease cost 12,093 Operating leases: Lease cost 1,740 Variable lease cost — Sublease income (2,476 ) Total net operating lease income (736 ) Total net lease cost $ 11,357 A summary of the lease classification on our consolidated balance sheet as of June 26, 2021 is as follows (in thousands): Assets: Operating lease right-of-use Other assets $ 2,332 Finance lease assets Operating property, less accumulated depreciation and amortization 123,613 Total lease assets $ 125,945 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 26, 2021 (in thousands): Finance Leases Operating Leases 2021 Remainder $ 17,399 $ 384 2022 28,746 702 2023 21,735 615 2024 11,827 529 2025 5,580 284 Thereafter — — Total future minimum lease payments 85,287 2,514 Less amount representing interest (1.9% to 4.4%) 3,656 182 Present value of minimum lease payments $ 81,631 $ 2,332 Current maturities of long-term debt 30,450 Long-term debt, excluding current maturities 51,181 Other current liabilities 724 Deferred income taxes and other noncurrent liabilities 1,608 The weighted average remaining lease term and the weighted average discount rate for finance and operating leases as of June 26, 2021 were: Finance Leases Operating Leases Weighted average remaining lease term (years) 3.1 3.7 Weighted average discount rate 3.0 % 4.0 %

Debt

Debt	6 Months Ended
	Jun. 26, 2021
Debt	(10) Debt Other than the finance lease obligations as presented on the consolidated balance sheets, the Company had no outstanding debt as of June 26, 2021 and December 26, 2020. On August 18, 2020, Landstar entered into an amended and restated credit agreement with a syndicate of banks and JPMorgan Chase Bank, N.A., as administrative agent (the “Credit Agreement”). The Credit Agreement, which matures on August 18, 2023, provides $250,000,000 of borrowing capacity in the form of a revolving credit facility, $35,000,000 of which may be utilized in the form of letters of credit. The Credit Agreement includes an “accordion” feature providing for a possible increase up to an aggregate borrowing capacity of $400,000,000. The revolving credit loans under the Credit Agreement, at the option of Landstar, bear interest at (i) the Eurocurrency rate plus an applicable margin ranging from 1.25% to 2.00%, or (ii) an alternate base rate plus an applicable margin ranging from 0.25% to 1.00%, in each case with the applicable margin determined based upon the Company’s Leverage Ratio, as defined in the Credit Agreement, at the end of the most recent applicable fiscal quarter for which financial statements have been delivered. The revolving credit facility bears a commitment fee, payable quarterly in arrears, of 0.25% to 0.35%, based on the Company’s Leverage Ratio at the end of the most recent applicable fiscal quarter for which financial statements have been delivered. As of June 26, 2021 and December 26, 2020, the Company had no borrowings outstanding under the Credit Agreement. The Credit Agreement contains a number of covenants that limit, among other things, the incurrence of additional indebtedness. The Company is required to, among other things, maintain a minimum Fixed Charge Coverage Ratio, as defined in the Credit Agreement, and maintain a Leverage Ratio, as defined in the Credit Agreement, below a specified maximum. The Credit Agreement provides for a restriction on cash dividends and other distributions to stockholders on the Company’s capital stock to the extent there is a default under the Credit Agreement. In addition, the Credit Agreement under certain circumstances limits the amount of such cash dividends and other distributions to stockholders to the extent that, after giving effect to any payment made to effect such cash dividend or other distribution, the Leverage Ratio would exceed 2.5 The interest rates on borrowings under the revolving credit facility are typically tied to short-term interest rates that adjust monthly and, as such, carrying value approximates fair value. Interest rates on borrowings under finance leases approximate the interest rates that would currently be available to the Company under similar terms and, as such, carrying value approximates fair value.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 26, 2021
Commitments and Contingencies	(11) Commitments and Contingencies Short-term investments include $52,560,000 in current maturities of investments held by the Company’s insurance segment at June 26, 2021. 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.

Change in Accounting Estimate f

Change in Accounting Estimate for Self-Insured Claims	6 Months Ended
	Jun. 26, 2021
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 adverse effect of the increase in the cost of insurance claims resulting from unfavorable development of prior year self-insured claims estimates on operating income, net income and earnings per share set forth in the consolidated statements of income for the twenty-six-week Twenty Six Weeks Ended Thirteen Weeks Ended June 26, 2021 June 27, 2020 June 26, 2021 June 27, 2020 Operating income $ 980 $ 5,039 $ 1,272 $ 2,816 Net income $ 741 $ 3,820 $ 962 $ 2,135 Diluted earnings per share $ 0.02 $ 0.10 $ 0.03 $ 0.06

Impairment of Intangible and Ot

Impairment of Intangible and Other Assets	6 Months Ended
	Jun. 26, 2021
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 As previously disclosed in Item 1A. Risk Factors in the Company’s Form 10-Q for the 2020 first quarter, negative macroeconomic trends in Mexico during the first half of 2020, including issues in the international oil and gas sector, caused significant disruptions in the Mexican economy. Accordingly, management performed impairment tests of the carrying values of certain assets that primarily related to intra-Mexico business acquired as a part of the Fletes Avella acquisition. The impairment tests resulted in an impairment charge as the negative macroeconomic trends in Mexico caused financial projections as of the end of the 2020 second quarter relating to these intangible assets to be substantially below those originally anticipated at the acquisition date. There was corresponding goodwill impairment charge recorded as the fair value of the Company’s Mexico and cross-border reporting unit significantly exceeded its carrying value as of June 27, 2020. The fair value of the Company’s Mexico and cross-border reporting unit continues to significantly exceed its carrying value as of June 26, 2021.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 26, 2021
Revenue from Contracts with Customers – Disaggregation of Revenue	Revenue from Contracts with Customers – Disaggregation of Revenue The following table summarizes (i) the percentage of consolidated revenue generated by mode of transportation and (ii) the total amount of truck transportation revenue hauled by BCO Independent Contractors and Truck Brokerage Carriers generated by equipment type during the twenty-six-week and thirteen-week periods ended June 26, 2021 and June 27, 2020 (dollars in thousands): Twenty Six Weeks Ended Thirteen Weeks Ended Mode June 26, 2021 June 27, 2020 June 26, 2021 June 27, 2020 Truck – BCO Independent Contractors 42 % 46 % 41 % 46 % Truck – Truck Brokerage Carriers 50 % 46 % 51 % 46 % Rail intermodal 3 % 3 % 3 % 3 % Ocean and air cargo carriers 4 % 3 % 4 % 4 % Truck Equipment Type Van equipment $ 1,798,061 $ 1,028,334 $ 970,874 $ 483,027 Unsided/platform equipment $ 784,883 $ 533,716 $ 444,251 $ 247,388 Less-than-truckload $ 54,732 $ 45,859 $ 29,062 $ 22,918

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 26, 2021
Schedule of Disaggregation of Revenue	The following table summarizes (i) the percentage of consolidated revenue generated by mode of transportation and (ii) the total amount of truck transportation revenue hauled by BCO Independent Contractors and Truck Brokerage Carriers generated by equipment type during the twenty-six-week and thirteen-week periods ended June 26, 2021 and June 27, 2020 (dollars in thousands): Twenty Six Weeks Ended Thirteen Weeks Ended Mode June 26, 2021 June 27, 2020 June 26, 2021 June 27, 2020 Truck – BCO Independent Contractors 42 % 46 % 41 % 46 % Truck – Truck Brokerage Carriers 50 % 46 % 51 % 46 % Rail intermodal 3 % 3 % 3 % 3 % Ocean and air cargo carriers 4 % 3 % 4 % 4 % Truck Equipment Type Van equipment $ 1,798,061 $ 1,028,334 $ 970,874 $ 483,027 Unsided/platform equipment $ 784,883 $ 533,716 $ 444,251 $ 247,388 Less-than-truckload $ 54,732 $ 45,859 $ 29,062 $ 22,918

Share-based Payment Arrangeme_2

Share-based Payment Arrangements (Tables)	6 Months Ended
	Jun. 26, 2021
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 26, 2021 June 27, 2020 June 26, 2021 June 27, 2020 Total cost of the Plans during the period $ 10,893 $ 1,201 $ 6,864 $ 570 Amount of related income tax benefit recognized during the period (3,717 ) (1,135 ) (2,376 ) (262 ) Net cost of the Plans during the period $ 7,176 $ 66 $ 4,488 $ 308
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 RSUs Fair Value Outstanding at December 26, 2020 183,213 $ 93.44 Granted 45,864 $ 128.93 Shares earned in excess of target (1) 7,132 $ 31.97 Vested shares (24,600 ) $ 59.85 Outstanding at June 26, 2021 211,609 $ 102.97 (1) Represents shares earned in excess of target under the May 1, 2015 RSU award as total shareholder return exceeded the target under the award.
Summary of Information Regarding Stock Options	The following table summarizes information regarding the Company’s outstanding stock options under the Plans: Number of Options Weighted Weighted Average Remaining Term (years) Aggregate Intrinsic Value (000s) Options outstanding at December 26, 2020 17,650 $ 54.16 Exercised (5,280 ) $ 51.83 Options outstanding at June 26, 2021 12,370 $ 55.15 1.3 $ 1,304 Options exercisable at June 26, 2021 12,370 $ 55.15 1.3 $ 1,304 The total intrinsic value of stock options exercised during the twenty-six-week periods ended June 26, 2021 and June 27, 2020 was $ and $ , respectively.
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 Units Number of Shares and Deferred Stock Weighted Average Grant Date Fair Value Non-vested 60,440 $ 103.65 Granted 26,351 $ 150.20 Vested (29,055 ) $ 104.35 Non-vested 57,736 $ 124.55

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 26, 2021
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 and thirteen-week periods ended June 26, 2021 and June 27, 2020 (in thousands): Twenty Six Weeks Ended June 26, 2021 June 27, 2020 Transportation Logistics Insurance Total Transportation Logistics Insurance Total External revenue $ 2,823,557 $ 34,695 $ 2,858,252 $ 1,723,682 $ 27,398 $ 1,751,080 Internal revenue 43,495 43,495 35,834 35,834 Investment income 1,432 1,432 2,002 2,002 Operating income 199,960 25,556 225,516 76,518 9,668 86,186 Expenditures on long-lived assets 9,000 9,000 17,676 17,676 Goodwill 40,973 40,973 40,071 40,071 Thirteen Weeks Ended June 26, 2021 June 27, 2020 Transportation Logistics Insurance Total Transportation Logistics Insurance Total External revenue $ 1,553,058 $ 17,660 $ 1,570,718 $ 809,798 $ 13,716 $ 823,514 Internal revenue 33,961 33,961 26,755 26,755 Investment income 748 748 835 835 Operating income 110,228 12,020 122,248 21,474 10,707 32,181 Expenditures on long-lived assets 4,924 4,924 11,877 11,877

Other Comprehensive Income (Tab

Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 26, 2021
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 Currency Total Balance as of December 26, 2020 $ 2,808 $ (4,807 ) $ (1,999 ) Other comprehensive (loss) gain (883 ) 1,030 147 Balance as of June 26, 2021 $ 1,925 $ (3,777 ) $ (1,852 )

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 26, 2021
Amortized Cost and Fair Value of Available-for-Sale Investments	Gross Gross Amortized Cost Unrealized Gains Unrealized Losses Fair Value June 26, 2021 Money market investments $ 24,649 $ — $ — $ 24,649 Asset-backed securities 564 — — 564 Corporate bonds and direct obligations of government agencies 142,542 2,602 238 144,906 U.S. Treasury obligations 2,340 88 — 2,428 Total $ 170,095 $ 2,690 $ 238 $ 172,547 December 26, 2020 Money market investments $ 17,867 $ — $ — $ 17,867 Asset-backed securities 567 — 26 541 Corporate bonds and direct obligations of government agencies 98,241 3,551 72 101,720 U.S. Treasury obligations 2,338 125 — 2,463 Total $ 119,013 $ 3,676 $ 98 $ 122,591
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 26, 2021 Corporate bonds and direct obligations of government agencies $ 52,720 $ 238 $ — $ — $ 52,720 $ 238 December 26, 2020 Asset-backed securities $ 541 $ 26 $ — $ — $ 541 $ 26 Corporate bonds and direct obligations of government agencies 2,681 72 — — 2,681 72 Total $ 3,222 $ 98 $ — $ — $ 3,222 $ 98

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 26, 2021
Lease, Cost [Table Text Block]	The components of lease cost for finance leases and operating leases for the twenty six weeks ended June 26, 2021 were (in thousands): Finance leases: Amortization of right-of-use $ 10,714 Interest on lease liability 1,379 Total finance lease cost 12,093 Operating leases: Lease cost 1,740 Variable lease cost — Sublease income (2,476 ) Total net operating lease income (736 ) Total net lease cost $ 11,357
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 26, 2021 is as follows (in thousands): Assets: Operating lease right-of-use Other assets $ 2,332 Finance lease assets Operating property, less accumulated depreciation and amortization 123,613 Total lease assets $ 125,945 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 June 26, 2021 (in thousands): Finance Leases Operating Leases 2021 Remainder $ 17,399 $ 384 2022 28,746 702 2023 21,735 615 2024 11,827 529 2025 5,580 284 Thereafter — — Total future minimum lease payments 85,287 2,514 Less amount representing interest (1.9% to 4.4%) 3,656 182 Present value of minimum lease payments $ 81,631 $ 2,332 Current maturities of long-term debt 30,450 Long-term debt, excluding current maturities 51,181 Other current liabilities 724 Deferred income taxes and other noncurrent liabilities 1,608
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 26, 2021 were: Finance Leases Operating Leases Weighted average remaining lease term (years) 3.1 3.7 Weighted average discount rate 3.0 % 4.0 %

Change in Accounting Estimate_2

Change in Accounting Estimate for Self-Insured Claims (Tables)	6 Months Ended
	Jun. 26, 2021
Effect of Increase in Cost of Insurance and Claims	The following table summarizes the adverse effect of the increase in the cost of insurance claims resulting from unfavorable development of prior year self-insured claims estimates on operating income, net income and earnings per share set forth in the consolidated statements of income for the twenty-six-week Twenty Six Weeks Ended Thirteen Weeks Ended June 26, 2021 June 27, 2020 June 26, 2021 June 27, 2020 Operating income $ 980 $ 5,039 $ 1,272 $ 2,816 Net income $ 741 $ 3,820 $ 962 $ 2,135 Diluted earnings per share $ 0.02 $ 0.10 $ 0.03 $ 0.06

Schedule Of Revenue By Major Cu

Schedule Of Revenue By Major Customers By Reporting Segments (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 26, 2021	Jun. 27, 2020	Jun. 26, 2021	Jun. 27, 2020
Disaggregation of Revenue [Line Items]
Revenue	$ 1,570,718	$ 823,514	$ 2,858,252	$ 1,751,080
BCO Independent Contractors – Truck
Disaggregation of Revenue [Line Items]
Percentage of Consolidated Revenue	41.00%	46.00%	42.00%	46.00%
Brokerage Carriers - Truck
Disaggregation of Revenue [Line Items]
Percentage of Consolidated Revenue	51.00%	46.00%	50.00%	46.00%
Rail Intermodal
Disaggregation of Revenue [Line Items]
Percentage of Consolidated Revenue	3.00%	3.00%	3.00%	3.00%
Ocean and air cargo carriers
Disaggregation of Revenue [Line Items]
Percentage of Consolidated Revenue	4.00%	4.00%	4.00%	3.00%
BCO Independent Contractor Truck and Brokerage Carriers Truck | Van Equipment
Disaggregation of Revenue [Line Items]
Revenue	$ 970,874	$ 483,027	$ 1,798,061	$ 1,028,334
BCO Independent Contractor Truck and Brokerage Carriers Truck | Unsided/Platform Equipment
Disaggregation of Revenue [Line Items]
Revenue	444,251	247,388	784,883	533,716
BCO Independent Contractor Truck and Brokerage Carriers Truck | Less than Truckload
Disaggregation of Revenue [Line Items]
Revenue	$ 29,062	$ 22,918	$ 54,732	$ 45,859

Share-based Payment Arrangeme_3

Share-based Payment Arrangements - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 26, 2021	Jun. 27, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Excess tax benefit from stock-based awards	$ 1,038,000	$ 829,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized share-based compensation (benefit)/expense	9,249,000	(308,000)
Unrecognized compensation cost, other than options	$ 33,800,000
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	$ 5,626,000
Unrecognized compensation cost expected to be recognized over period, years	2 years 2 months 12 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	$ 521,000	$ 1,071,000
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 | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized for issuance	6,000,000
2013 Directors Stock Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized for issuance	115,000
Common stock reserved for issuance	56,782
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	3,499,568

Amounts Recognized in Financial

Amounts Recognized in Financial Statements with Respect to Plans (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 26, 2021	Jun. 27, 2020	Jun. 26, 2021	Jun. 27, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total cost of the Plans during the period	$ 6,864	$ 570	$ 10,893	$ 1,201
Amount of related income tax benefit recognized during the period	(2,376)	(262)	(3,717)	(1,135)
Net cost of the Plans during the period	$ 4,488	$ 308	$ 7,176	$ 66

Schedule of Information on Rest

Schedule of Information on Restricted Stock Units (Detail) - Restricted Stock Units (RSUs)	6 Months Ended
	Jun. 26, 2021$ / sharesshares
Number of Shares
Beginning Balance | shares	183,213
Granted | shares	45,864
Shares earned in excess of target | shares	7,132
Vested shares | shares	(24,600)
Ending Balance | shares	211,609
Weighted Average Grant Date Fair Value
Beginning Balance | $ / shares	$ 93.44
Granted | $ / shares	128.93
Shares earned in excess of target | $ / shares	31.97
Vested shares | $ / shares	59.85
Ending Balance | $ / shares	$ 102.97

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. 26, 2021$ / sharesshares
Number of Shares and Deferred Stock Units
Beginning Balance | shares	60,440
Granted | shares	26,351
Vested | shares	(29,055)
Ending Balance | shares	57,736
Weighted Average Grant Date Fair Value
Beginning Balance | $ / shares	$ 103.65
Granted | $ / shares	150.20
Vested | $ / shares	104.35
Ending Balance | $ / shares	$ 124.55

Summary of Information Regardin

Summary of Information Regarding Stock Options (Detail) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 26, 2021USD ($)$ / sharesshares
Number of Options
Beginning Balance, number of options | shares	17,650
Exercised, number of options | shares	(5,280)
Ending Balance, number of options | shares	12,370
Weighted Average Exercise Price per Share
Beginning Balance, Weighted Average Exercise Price per Share | $ / shares	$ 54.16
Exercised, Weighted Average Exercise Price per Share | $ / shares	51.83
Ending Balance, Weighted Average Exercise Price per Share | $ / shares	$ 55.15
Options Exercisable, Number of Options
Options exercisable at the ending, Number of Options | shares	12,370
Options Exercisable, Weighted Average Exercise Price per Share
Options exercisable at the ending, Weighted Average Exercise Price per Share | $ / shares	$ 55.15
Weighted Average Remaining Contractual Term (years)
Options outstanding at June 26, 2021	1 year 3 months 18 days
Options exercisable at June 26, 2021	1 year 3 months 18 days
Aggregate Intrinsic Value
Options outstanding at June 26, 2021 | $	$ 1,304
Options exercisable at June 26, 2021 | $	$ 1,304

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	6 Months Ended
	Jun. 26, 2021	Jun. 27, 2020
Income Taxes [Line Items]
Corporate income tax rate	21.00%	21.00%
Estimated annual effective income tax rate	24.40%	24.20%
Effective income tax rate	24.10%	22.70%

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	6 Months Ended
	Jun. 26, 2021	Jun. 27, 2020
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. 26, 2021	Jun. 27, 2020
Supplemental Cash Flow Information [Abstract]
Income taxes paid	$ 51,679,000	$ 16,198,000
Interest paid	1,883,000	2,057,000
Capital Lease Obligations Incurred	$ 0	$ 7,485,000

Segment Information - Additiona

Segment Information - Additional Information (Detail) - Customer	6 Months Ended
	Jun. 26, 2021	Jun. 27, 2020
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. 26, 2021	Jun. 27, 2020	Jun. 26, 2021	Jun. 27, 2020	Dec. 26, 2020
Segment Reporting Information [Line Items]
External revenue	$ 1,570,718	$ 823,514	$ 2,858,252	$ 1,751,080
Internal revenue	33,961	26,755	43,495	35,834
Investment income	748	835	1,432	2,002
Operating income	122,248	32,181	225,516	86,186
Expenditures on long-lived assets	4,924	11,877	9,000	17,676
Goodwill	40,973	40,071	40,973	40,071	$ 40,949
Transportation Logistics
Segment Reporting Information [Line Items]
External revenue	1,553,058	809,798	2,823,557	1,723,682
Operating income	110,228	21,474	199,960	76,518
Expenditures on long-lived assets	4,924	11,877	9,000	17,676
Goodwill	40,973	40,071	40,973	40,071
Insurance
Segment Reporting Information [Line Items]
External revenue	17,660	13,716	34,695	27,398
Internal revenue	33,961	26,755	43,495	35,834
Investment income	748	835	1,432	2,002
Operating income	$ 12,020	$ 10,707	$ 25,556	$ 9,668

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. 26, 2021	Jun. 27, 2020	Jun. 26, 2021	Jun. 27, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance			$ 691,835
Other comprehensive (loss) gain	$ 1,101	$ 4,548	147	$ (4,933)
Ending Balance	830,173		830,173
Unrealized Holding (Losses) Gains on Available-for-Sale Securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance			2,808
Other comprehensive (loss) gain			(883)
Ending Balance	1,925		1,925
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance			(4,807)
Other comprehensive (loss) gain			1,030
Ending Balance	(3,777)		(3,777)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance			(1,999)
Other comprehensive (loss) gain			147
Ending Balance	$ (1,852)		$ (1,852)

Investments - Additional Inform

Investments - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 26, 2021	Dec. 26, 2020
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	$ 2,452,000	$ 3,578,000

Amortized Cost and Fair Value o

Amortized Cost and Fair Value of Available-for-Sale Investments (Detail) - USD ($) $ in Thousands	Jun. 26, 2021	Dec. 26, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 170,095	$ 119,013
Gross Unrealized Gains	2,690	3,676
Gross Unrealized Losses	238	98
Fair Value	172,547	122,591
Money market investments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	24,649	17,867
Fair Value	24,649	17,867
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	564	567
Gross Unrealized Losses		26
Fair Value	564	541
Corporate bonds and direct obligations of government agencies
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	142,542	98,241
Gross Unrealized Gains	2,602	3,551
Gross Unrealized Losses	238	72
Fair Value	144,906	101,720
U.S. Treasury obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,340	2,338
Gross Unrealized Gains	88	125
Fair Value	$ 2,428	$ 2,463

Schedule of Unrealized Loss on

Schedule of Unrealized Loss on Available-for-Sale Investments (Detail) - USD ($) $ in Thousands	Jun. 26, 2021	Dec. 26, 2020
Debt Securities, Available-for-sale [Line Items]
Available-for-sale investments with unrealized losses, Less than 12 months, Fair Value		$ 3,222
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss		98
Available-for-sale investments with unrealized losses, Fair Value, Total		3,222
Available-for-sale investments with unrealized losses, Unrealized Loss, Total		98
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale investments with unrealized losses, Less than 12 months, Fair Value		541
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss		26
Available-for-sale investments with unrealized losses, Fair Value, Total		541
Available-for-sale investments with unrealized losses, Unrealized Loss, Total		26
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	$ 52,720	2,681
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss	238	72
Available-for-sale investments with unrealized losses, Fair Value, Total	52,720	2,681
Available-for-sale investments with unrealized losses, Unrealized Loss, Total	$ 238	$ 72

Leases - Additional Information

Leases - Additional Information (Detail)	Jun. 26, 2021USD ($)
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. 26, 2021USD ($)
Finance leases:
Amortization of right-of-use assets	$ 10,714
Interest on lease liability	1,379
Total finance lease cost	12,093
Operating leases:
Lease cost	1,740
Sublease income	(2,476)
Total net operating lease income	(736)
Total net lease cost	$ 11,357

Leases - Classification on our

Leases - Classification on our Consolidated Balance Sheet (Detail) $ in Thousands	Jun. 26, 2021USD ($)
Total lease assets	$ 125,945
Other Assets [Member]
Operating lease right-of-use assets	2,332
Property Plant and Equipment Net [Member]
Finance lease assets	$ 123,613

Leases - Undiscounted Cash Flow

Leases - Undiscounted Cash Flows for the Finance and Operating Leases (Detail) - USD ($) $ in Thousands	Jun. 26, 2021	Dec. 26, 2020
Operating Leased Assets [Line Items]
2021 Remainder	$ 17,399
2022	28,746
2023	21,735
2024	11,827
2025	5,580
Total future minimum lease payments	85,287
Less amount representing interest (1.9% to 4.4%)	3,656
Present value of minimum lease payments	81,631
Current maturities of long-term debt	30,450	$ 35,415
Long-term debt, excluding current maturities	51,181	$ 65,359
2021 Remainder	384
2022	702
2023	615
2024	529
2025	284
Total future minimum lease payments	2,514
Less amount representing interest (2.1% to 4.4%)	182
Present value of minimum lease payments	2,332
Other current liabilities [Member]
Operating Leased Assets [Line Items]
Operating lease, liability, current	724
Deferred income taxes and other noncurrent liabilities [Member]
Operating Leased Assets [Line Items]
Operating lease, liability, non-current	$ 1,608

Leases - Undiscounted Cash Fl_2

Leases - Undiscounted Cash Flows for the Finance and Operating Leases (Parenthetical) (Details)	Jun. 26, 2021
Maximum [Member]
Finance lease Interest rate percentage	4.40%
Minimum [Member]
Finance lease Interest rate percentage	1.90%

Leases - Weighted Average Remai

Leases - Weighted Average Remaining Lease Term and the Weighted Average Discount Rate for Finance and Operating leases (Detail)	Jun. 26, 2021
Weighted average remaining lease term (years)	3 years 1 month 6 days
Weighted average discount rate	3.00%
Weighted average remaining lease term (years)	3 years 8 months 12 days
Weighted average discount rate	4.00%

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($)	Aug. 18, 2020	Jun. 26, 2021	Dec. 26, 2020
Debt Instrument [Line Items]
Debt Outstanding Excluding Capital Lease Obligations		$ 0	$ 0
Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility, initiation date	Aug. 18, 2020
Credit facility, borrowing capacity		250,000,000
Credit facility, maximum borrowing capacity		400,000,000
Borrowings outstanding		$ 0	$ 0
Credit facility, debt covenants compliance		The Company is currently in compliance with all of the debt covenants under the Credit Agreement.
Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Credit facility, unused credit commitment fee		0.25%
Credit facility event of default, minimum percentage that a person or group should acquire outstanding capital stock		35.00%
Revolving Credit Facility | Minimum | Eurodollar [Member]
Debt Instrument [Line Items]
Borrowings, basis spread on variable rate		1.25%
Revolving Credit Facility | Minimum | Base Rate [Member]
Debt Instrument [Line Items]
Borrowings, basis spread on variable rate		0.25%
Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Credit facility, unused credit commitment fee		0.35%
Maximum Leverage ratio beyond which amount of cash dividends and other distributions to stockholders is limited		250.00%
Revolving Credit Facility | Maximum | Eurodollar [Member]
Debt Instrument [Line Items]
Borrowings, basis spread on variable rate		2.00%
Revolving Credit Facility | Maximum | Base Rate [Member]
Debt Instrument [Line Items]
Borrowings, basis spread on variable rate		1.00%
Letter of Credit
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity		$ 35,000,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	Jun. 26, 2021USD ($)
Current Investments | Collateral Pledged [Member]
Commitments and Contingencies Disclosure [Line Items]
Investments providing collateral for letters of credit to guarantee insurance claims	$ 52,560,000
Non-Current Investments
Commitments and Contingencies Disclosure [Line Items]
Total non-current investments	119,987,000
Non-Current Investments | Collateral Pledged [Member]
Commitments and Contingencies Disclosure [Line Items]
Investments providing collateral for letters of credit to guarantee insurance claims	20,144,000
Revolving Credit Facility
Commitments and Contingencies Disclosure [Line Items]
Letters of credit outstanding	33,579,000
Guarantee Payment of Insurance Claims
Commitments and Contingencies Disclosure [Line Items]
Letters of credit outstanding	$ 65,434,000

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. 26, 2021	Jun. 27, 2020	Jun. 26, 2021	Jun. 27, 2020
Change in Accounting Estimate [Line Items]
Operating income	$ 122,248	$ 32,181	$ 225,516	$ 86,186
Net income	$ 92,294	$ 24,254	$ 169,534	$ 65,149
Diluted earnings per share	$ 2.40	$ 0.63	$ 4.41	$ 1.68
Development of Prior Year Self Insured Claims Estimates
Change in Accounting Estimate [Line Items]
Operating income	$ 1,272	$ 2,816	$ 980	$ 5,039
Net income	$ 962	$ 2,135	$ 741	$ 3,820
Diluted earnings per share	$ 0.03	$ 0.06	$ 0.02	$ 0.10

Impairment of Intangible and _2

Impairment of Intangible and Other Assets - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 26, 2021	Jun. 27, 2020	Jun. 26, 2021	Jun. 27, 2020
Impairment charges of intangible asset	$ 0	$ 2,582,000	$ 0	$ 2,582,000
Goodwill impairment loss			$ 0