Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 25, 2021 | Oct. 18, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Document Quarterly Report | true | |
Entity Central Index Key | 0000853816 | |
Document Transition Report | false | |
Current Fiscal Year End Date | --12-25 | |
Document Period End Date | Sep. 25, 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 | 38,108,586 | |
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 | Sep. 25, 2021 | Dec. 26, 2020 |
Current Assets | ||
Cash and cash equivalents | $ 230,564 | $ 249,354 |
Short-term investments | 36,644 | 41,375 |
Trade accounts receivable, less allowance of $6,543 and $8,670 | 1,010,538 | 764,169 |
Other receivables, including advances to independent contractors, less allowance of $7,696 and $7,239 | 109,007 | 134,757 |
Other current assets | 25,375 | 18,520 |
Total current assets | 1,412,128 | 1,208,175 |
Operating property, less accumulated depreciation and amortization of $332,785 and $299,407 | 301,373 | 296,996 |
Goodwill | 40,980 | 40,949 |
Other assets | 159,561 | 107,679 |
Total assets | 1,914,042 | 1,653,799 |
Current Liabilities | ||
Cash overdraft | 88,958 | 74,748 |
Accounts payable | 548,385 | 380,505 |
Current maturities of long-term debt | 34,617 | 35,415 |
Insurance claims | 64,958 | 149,774 |
Dividends payable | 76,770 | |
Other current liabilities | 110,394 | 88,925 |
Total current liabilities | 847,312 | 806,137 |
Long-term debt, excluding current maturities | 62,724 | 65,359 |
Insurance claims | 46,914 | 38,867 |
Deferred income taxes and other noncurrent liabilities | 57,402 | 51,601 |
Shareholders' Equity | ||
Common stock, $0.01 par value, authorized 160,000,000 shares, issued 68,231,013 and 68,183,702 shares | 682 | 682 |
Additional paid-in capital | 246,302 | 228,875 |
Retained earnings | 2,288,754 | 2,046,238 |
Cost of 30,122,427 and 29,797,639 shares of common stock in treasury | (1,633,109) | (1,581,961) |
Accumulated other comprehensive loss | (2,939) | (1,999) |
Total shareholders' equity | 899,690 | 691,835 |
Total liabilities and shareholders' equity | $ 1,914,042 | $ 1,653,799 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 25, 2021 | Dec. 26, 2020 |
Allowance on trade accounts receivable | $ 6,543 | $ 8,670 |
Allowance on other receivables | 7,696 | 7,239 |
Accumulated depreciation and amortization on operating property | $ 332,785 | $ 299,407 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, authorized shares | 160,000,000 | 160,000,000 |
Common stock, issued shares | 68,231,013 | 68,183,702 |
Treasury stock, shares | 30,122,427 | 29,797,639 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 25, 2021 | Sep. 26, 2020 | Sep. 25, 2021 | Sep. 26, 2020 | |
Revenue | $ 1,734,299 | $ 1,085,546 | $ 4,592,551 | $ 2,836,626 |
Investment income | 706 | 714 | 2,138 | 2,716 |
Costs and expenses: | ||||
Purchased transportation | 1,356,671 | 838,753 | 3,583,197 | 2,183,143 |
Commissions to agents | 135,295 | 85,848 | 356,997 | 236,490 |
Other operating costs, net of gains on asset sales/dispositions | 10,572 | 7,361 | 27,117 | 23,035 |
Insurance and claims | 29,569 | 21,855 | 75,198 | 66,563 |
Selling, general and administrative | 59,198 | 38,851 | 158,720 | 124,779 |
Depreciation and amortization | 12,288 | 11,240 | 36,532 | 34,212 |
Impairment of intangible and other assets | 0 | 0 | 0 | 2,582 |
Total costs and expenses | 1,603,593 | 1,003,908 | 4,237,761 | 2,670,804 |
Operating income | 131,412 | 82,352 | 356,928 | 168,538 |
Interest and debt expense | 965 | 1,008 | 2,974 | 2,936 |
Income before income taxes | 130,447 | 81,344 | 353,954 | 165,602 |
Income taxes | 31,772 | 19,458 | 85,745 | 38,567 |
Net income | $ 98,675 | $ 61,886 | $ 268,209 | $ 127,035 |
Diluted earnings per share | $ 2.58 | $ 1.61 | $ 7 | $ 3.28 |
Average diluted shares outstanding | 38,218,000 | 38,386,000 | 38,342,000 | 38,673,000 |
Dividends per common share | $ 0.25 | $ 0.21 | $ 0.67 | $ 0.58 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 25, 2021 | Sep. 26, 2020 | Sep. 25, 2021 | Sep. 26, 2020 | |
Net income | $ 98,675 | $ 61,886 | $ 268,209 | $ 127,035 |
Other comprehensive (loss) income: | ||||
Unrealized holding (losses) gains on available-for-sale investments, net of tax (benefit) expense of ($347), $413, ($104) and $75 | (377) | 273 | (1,260) | 1,510 |
Foreign currency translation gains (losses) | (710) | 908 | 320 | (5,262) |
Other comprehensive (loss) income | (1,087) | 1,181 | (940) | (3,752) |
Comprehensive income | $ 97,588 | $ 63,067 | $ 267,269 | $ 123,283 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 25, 2021 | Sep. 26, 2020 | Sep. 25, 2021 | Sep. 26, 2020 | |
Unrealized holding losses on available-for-sale investments, net of tax (benefit) expense | $ (104) | $ 75 | $ (347) | $ 413 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 25, 2021 | Sep. 26, 2020 | |
OPERATING ACTIVITIES | ||
Net income | $ 268,209 | $ 127,035 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization of operating property and intangible assets | 36,532 | 34,212 |
Non-cash interest charges | 336 | 222 |
Provisions for losses on trade and other accounts receivable | 3,884 | 7,206 |
Gains on sales/disposals of operating property | (1,259) | (2,295) |
Impairment of intangible and other assets | 0 | 2,582 |
Deferred income taxes, net | 4,948 | 4,758 |
Stock-based compensation | 18,717 | 2,691 |
Changes in operating assets and liabilities: | ||
Increase in trade and other accounts receivable | (224,503) | (62,492) |
Increase in other assets | (3,822) | (13,492) |
Increase in accounts payable | 167,880 | 66,815 |
Increase in other liabilities | 22,837 | 14,050 |
(Decrease) increase in insurance claims | (76,769) | 4,256 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 216,990 | 185,548 |
INVESTING ACTIVITIES | ||
Net changes in other short-term investments | 0 | 131 |
Sales and maturities of investments | 25,521 | 18,795 |
Purchases of investments | (77,649) | (21,102) |
Purchases of operating property | (18,561) | (25,426) |
Proceeds from sales of operating property | 2,047 | 6,623 |
Consideration paid for acquisition | 0 | (2,766) |
NET CASH USED BY INVESTING ACTIVITIES | (68,642) | (23,745) |
FINANCING ACTIVITIES | ||
Increase (decrease) in cash overdraft | 14,210 | (6,419) |
Dividends paid | (102,463) | (101,442) |
Payment for debt issue costs | 0 | (959) |
Proceeds from exercises of stock options | 134 | 676 |
Taxes paid in lieu of shares issued related to stock-based compensation plans | (2,342) | (3,326) |
Purchases of common stock | (50,230) | (115,962) |
Principal payments on finance lease obligations | (26,513) | (33,036) |
Payment of deferred consideration | (168) | 0 |
NET CASH USED BY FINANCING ACTIVITIES | (167,372) | (260,468) |
Effect of exchange rate changes on cash and cash equivalents | 234 | (2,296) |
Decrease in cash and cash equivalents | (18,790) | (100,961) |
Cash and cash equivalents at beginning of period | 249,354 | 319,515 |
Cash and cash equivalents at end of period | $ 230,564 | $ 218,554 |
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 | 127,035 | |||||
Ending Balance (in shares) at Sep. 26, 2020 | 68,181,418 | 29,797,639 | ||||
Ending Balance at Sep. 26, 2020 | 705,634 | $ 682 | 226,878 | 2,065,999 | $ (1,581,961) | (5,964) |
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) | (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) |
Net income | 61,886 | 61,886 | ||||
Dividends | (8,060) | (8,060) | ||||
Issuance of stock related to stock-based compensation plans (in shares) | 4,631 | 311 | ||||
Issuance of stock related to stock-based compensation plans | 16 | 56 | $ (40) | |||
Stock-based compensation | 1,490 | 1,490 | ||||
Other comprehensive (loss) income | 1,181 | 1,181 | ||||
Ending Balance (in shares) at Sep. 26, 2020 | 68,181,418 | 29,797,639 | ||||
Ending Balance at Sep. 26, 2020 | 705,634 | $ 682 | 226,878 | 2,065,999 | $ (1,581,961) | (5,964) |
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 | 268,209 | |||||
Ending Balance (in shares) at Sep. 25, 2021 | 68,231,013 | 30,122,427 | ||||
Ending Balance at Sep. 25, 2021 | 899,690 | $ 682 | 246,302 | 2,288,754 | $ (1,633,109) | (2,939) |
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 | |||||
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) |
Net income | 98,675 | 98,675 | ||||
Dividends | (9,558) | (9,558) | ||||
Purchases of common stock (in shares) | 167,046 | |||||
Purchases of common stock | (26,393) | $ (26,393) | ||||
Issuance of stock related to stock-based compensation plans (in shares) | 1,133 | 1,300 | ||||
Issuance of stock related to stock-based compensation plans | 56 | 56 | ||||
Stock-based compensation | 7,824 | 7,824 | ||||
Other comprehensive (loss) income | (1,087) | (1,087) | ||||
Ending Balance (in shares) at Sep. 25, 2021 | 68,231,013 | 30,122,427 | ||||
Ending Balance at Sep. 25, 2021 | $ 899,690 | $ 682 | $ 246,302 | $ 2,288,754 | $ (1,633,109) | $ (2,939) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||||||
Sep. 25, 2021 | Jun. 26, 2021 | Mar. 27, 2021 | Sep. 26, 2020 | Jun. 27, 2020 | Mar. 28, 2020 | Sep. 25, 2021 | Sep. 26, 2020 | |
Dividends per common share | $ 0.25 | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.185 | $ 0.185 | $ 0.67 | $ 0.58 |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 25, 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 thirty-nine-week and thirteen-week periods ended September 25, 2021 and September 26, 2020 (dollars in thousands): Thirty Nine Weeks Ended Thirteen Weeks Ended September 25, 2021 September 26, 2020 September 25, 2021 September 26, 2020 Mode Truck – BCO Independent Contractors 41 % 46 % 40 % 46 % Truck – Truck Brokerage Carriers 50 % 46 % 51 % 46 % Rail intermodal 3 % 3 % 3 % 3 % Ocean and air cargo carriers 4 % 3 % 5 % 3 % Truck Equipment Type Van equipment $ 2,502,025 $ 1,485,553 $ 918,115 $ 578,166 Unsided/platform equipment $ 1,112,358 $ 807,966 $ 422,979 $ 294,273 Less-than-truckload $ 85,551 $ 70,984 $ 30,819 $ 25,125 Other truck transportation (1) $ 518,472 $ 249,584 $ 208,817 $ 108,614 (1) Includes power-only, expedited, straight truck, cargo van, and miscellaneous other truck transportation revenue generated by the transportation logistics segment. Power-only refers to shipments where the Company furnishes a power unit and an operator but not trailing equipment, which is typically provided by the shipper or consignee. |
Share-based Payment Arrangement
Share-based Payment Arrangements | 9 Months Ended |
Sep. 25, 2021 | |
Share-based Payment Arrangements | (2) Share-based Payment Arrangements As of September 25, 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”). 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 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): Thirty Nine Weeks Ended Thirteen Weeks Ended September 25, September 26, September 25, September 26, 2021 2020 2021 2020 Total cost of the Plans during the period $ 18,717 $ 2,691 $ 7,824 $ 1,490 Amount of related income tax benefit recognized during the period (5,636 ) (1,618 ) (1,919 ) (483 ) Net cost of the Plans during the period $ 13,081 $ 1,073 $ 5,905 $ 1,007 Included in income tax benefits recognized in the thirty-nine-week periods ended September 25, 2021 and September 26, 2020 were excess tax benefits from stock-based awards of $1,039,000 and $927,000, respectively. As of September 25, 2021, there were 56,782 shares of the Company’s common stock reserved for issuance under the 2013 DSCP and 3,505,880 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 46,103 $ 128.78 Shares earned in excess of target (1) 7,132 $ 31.97 Vested shares (24,600 ) $ 59.85 Forfeited (2,688 ) $ 107.76 Outstanding at September 25, 2021 209,160 $ 102.90 (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 thirty-nine-week period ended September 25, 2021, the Company granted RSUs with a performance condition. Outstanding RSUs at both December 26, 2020 and September 25, 2021 include RSUs with a performance condition and RSUs with a market condition, as further described below and in the Company’s 2020 Annual Report on Form 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 $ and $ of share-based compensation expense related to RSU awards in the thirty-nine-week periods ended September , and September , , respectively. As of September , , there was a maximum of $ million of total unrecognized compensation cost related to RSU awards granted under the Plans with an expected average remaining life of approximately years. With respect to RSU awards with a performance condition, the amount of future compensation expense to be recognized will be determined based on future operating results. 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 60,440 $ 103.65 Granted 26,351 $ 150.20 Vested (29,055 ) $ 104.35 Forfeited (1,300 ) $ 97.81 Non-vested 56,436 $ 125.16 The fair value of each share of non-vested non-vested DSCP service from As of September , , 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 Weighted Weighted Aggregate Options outstanding at December 26, 2020 17,650 $ 54.16 Exercised (6,480 ) $ 52.68 Options outstanding at September 25, 2021 11,170 $ 55.02 1.0 $ 1,224 Options exercisable at September 25, 2021 11,170 $ 55.02 1.0 $ 1,224 The total intrinsic value of , and September , was $ and $ , respectively. As of September , , there was no unrecognized compensation cost related to stock options granted under the Plans. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 25, 2021 | |
Income Taxes | (3) Income Taxes The provisions for income taxes for the 2021 and 2020 thirty-nine-week periods were based on estimated annual effective income tax rates of 24.4% and 24.2%, respectively, adjusted for discrete events, such as benefits resulting from stock-based awards. The increase in the estimated annual effective income tax rate was primarily attributable to increased anticipated nondeductible executive compensation during the 2021 period. The effective income tax rate for the 2021 thirty-nine-week period was 24.2%, which was higher than the statutory federal income tax rate of 21% primarily attributable to state taxes and nondeductible executive compensation, partially offset by excess tax benefits realized on stock-based awards. The effective income tax rate for the 2020 thirty-nine-week period was 23.3%, which was higher than the statutory federal income tax rate of 21% primarily attributable to state taxes and the meals and entertainment exclusion, partially offset by excess tax benefits realized on stock-based awards and state tax refunds. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 25, 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 non-vested For each of the thirty-nine-week periods ended September 25, 2021 and September 26, 2020, no options outstanding to purchase shares of common stock were antidilutive. Outstanding RSUs were excluded from the calculation of diluted earnings per share for all periods because the performance metric requirements or market condition for vesting had not been satisfied. |
Additional Cash Flow Informatio
Additional Cash Flow Information | 9 Months Ended |
Sep. 25, 2021 | |
Additional Cash Flow Information | (5) Additional Cash Flow Information During the 2021 thirty-nine-week period, Landstar paid income taxes and interest of $71,823,000 and $2,780,000, respectively. During the 2020 thirty-nine-week period, Landstar paid income taxes and interest of $28,761,000 and $3,087,000, respectively. Landstar acquired operating property by entering into finance leases in the amounts of $23,080,000 and $7,485,000 in the 2021 and 2020 thirty-nine-week periods, respectively. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 25, 2021 | |
Segment Information | (6) Segment Information The following table summarizes information about the Company’s reportable business segments as of and for the thirty-nine-week and thirteen-week periods ended September 25, 2021 and September 26, 2020 (in thousands): Thirty Nine Weeks Ended September 25, 2021 September 26, 2020 Transportation Logistics Insurance Total Transportation Logistics Insurance Total External revenue $ 4,539,561 $ 52,990 $ 4,592,551 $ 2,795,056 $ 41,570 $ 2,836,626 Internal revenue 53,028 53,028 44,912 44,912 Investment income 2,138 2,138 2,716 2,716 Operating income 323,370 33,558 356,928 148,270 20,268 168,538 Expenditures on long-lived assets 18,561 18,561 25,426 25,426 Goodwill 40,980 40,980 40,251 40,251 Thirteen Weeks Ended September 25, 2021 September 26, 2020 Transportation Logistics Insurance Total Transportation Logistics Insurance Total External revenue $ 1,716,004 $ 18,295 $ 1,734,299 $ 1,071,374 $ 14,172 $ 1,085,546 Internal revenue 9,533 9,533 9,078 9,078 Investment income 706 706 714 714 Operating income 123,410 8,002 131,412 71,752 10,600 82,352 Expenditures on long-lived assets 9,561 9,561 7,750 7,750 In the thirty-nine-week and thirteen-week periods ended September 25, 2021 and September 26, 2020, no single customer accounted for more than 10% of the Company’s consolidated revenue. |
Other Comprehensive Income
Other Comprehensive Income | 9 Months Ended |
Sep. 25, 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 thirty-nine-week period ended September 25, 2021 (in thousands): Unrealized Available-for-Sale Foreign Currency Total Balance as of December 26, 2020 $ 2,808 $ (4,807 ) $ (1,999 ) Other comprehensive (loss) gain (1,260 ) 320 (940 ) Balance as of September 25, 2021 $ 1,548 $ (4,487 ) $ (2,939 ) 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 thirty-nine-week period ended September 25, 2021. |
Investments
Investments | 9 Months Ended |
Sep. 25, 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 available-for-sale non-transferability, The amortized cost and fair values of available-for-sale Gross Gross Amortized Cost Unrealized Gains Unrealized Losses Fair Value September 25, 2021 Money market investments $ 12,736 $ — $ — $ 12,736 Asset-backed securities 18,899 4 63 18,840 Corporate bonds and direct obligations of government agencies 136,854 2,209 259 138,804 U.S. Treasury obligations 2,341 80 — 2,421 Total $ 170,830 $ 2,293 $ 322 $ 172,801 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 September 25, 2021 Asset-backed securities $ 12,714 $ 63 $ — $ — $ 12,714 $ 63 Corporate bonds and direct obligations of government agencies 49,442 259 — — 49,442 259 Total $ 62,156 $ 322 $ — $ — $ 62,156 $ 322 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 | 9 Months Ended |
Sep. 25, 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 lease with a $ purchase option for the applicable equipment at lease expiration. Substantially all of Landstar’s operating lease right-of-use assets and operating lease liabilities represent leases for facilities maintained in support of the Company’s network of BCO Independent Contractors and office space used to conduct Landstar’s business. These leases do not have significant rent escalation holidays, concessions, leasehold improvement incentives or other build-out clauses. Further, the leases do not contain contingent rent provisions. Landstar also leases certain trailing equipment to supplement the Company-owned trailer fleet under “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 thirty nine weeks ended September 25, 2021 were (in thousands): Finance leases: Amortization of right-of-use $ 15,967 Interest on lease liability 2,023 Total finance lease cost 17,990 Operating leases: Lease cost 2,623 Variable lease cost — Sublease income (3,720 ) Total net operating lease income (1,097 ) Total net lease cost $ 16,893 A summary of the lease classification on our consolidated balance sheet as of September 25, 2021 is as follows (in thousands): Assets: Operating right-of-use Other assets $ 2,198 Finance lease assets Operating property, less accumulated depreciation and amortization 129,242 Total lease assets $ 131,440 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 September 25, 2021 (in thousands): Finance Leases Operating Leases 2021 Remainder $ 11,454 $ 192 2022 33,585 714 2023 26,573 634 2024 16,665 535 2025 10,418 284 Thereafter 2,916 — Total future minimum lease payments 101,611 2,359 Less amount representing interest (1.6% to 4.4%) 4,270 161 Present value of minimum lease payments $ 97,341 $ 2,198 Current maturities of long-term debt 34,617 Long-term debt, excluding current maturities 62,724 Other current liabilities 713 Deferred income taxes and other noncurrent liabilities 1,485 The weighted average remaining lease term and the weighted average discount rate for finance and operating leases as of September 25, 2021 were: Finance Leases Operating Leases Weighted average remaining lease term (years) 3.5 3.5 Weighted average discount rate 2.7 % 4.0 % |
Debt
Debt | 9 Months Ended |
Sep. 25, 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 September 25, 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 September 25, 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 | 9 Months Ended |
Sep. 25, 2021 | |
Commitments and Contingencies | (11) Commitments and Contingencies Short-term investments include $36,644,000 in current maturities of investments held by the Company’s insurance segment at September 25, 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. |
Impairment of Intangible and Ot
Impairment of Intangible and Other Assets | 9 Months Ended |
Sep. 25, 2021 | |
Impairment of Intangible and Other Assets | (12) Impairment of Intangible and Other Assets During the 2020 second fiscal quarter, the Company recorded a non-cash 10-Q |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 25, 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 thirty-nine-week and thirteen-week periods ended September 25, 2021 and September 26, 2020 (dollars in thousands): Thirty Nine Weeks Ended Thirteen Weeks Ended September 25, 2021 September 26, 2020 September 25, 2021 September 26, 2020 Mode Truck – BCO Independent Contractors 41 % 46 % 40 % 46 % Truck – Truck Brokerage Carriers 50 % 46 % 51 % 46 % Rail intermodal 3 % 3 % 3 % 3 % Ocean and air cargo carriers 4 % 3 % 5 % 3 % Truck Equipment Type Van equipment $ 2,502,025 $ 1,485,553 $ 918,115 $ 578,166 Unsided/platform equipment $ 1,112,358 $ 807,966 $ 422,979 $ 294,273 Less-than-truckload $ 85,551 $ 70,984 $ 30,819 $ 25,125 Other truck transportation (1) $ 518,472 $ 249,584 $ 208,817 $ 108,614 (1) Includes power-only, expedited, straight truck, cargo van, and miscellaneous other truck transportation revenue generated by the transportation logistics segment. Power-only refers to shipments where the Company furnishes a power unit and an operator but not trailing equipment, which is typically provided by the shipper or consignee. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 25, 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 thirty-nine-week and thirteen-week periods ended September 25, 2021 and September 26, 2020 (dollars in thousands): Thirty Nine Weeks Ended Thirteen Weeks Ended September 25, 2021 September 26, 2020 September 25, 2021 September 26, 2020 Mode Truck – BCO Independent Contractors 41 % 46 % 40 % 46 % Truck – Truck Brokerage Carriers 50 % 46 % 51 % 46 % Rail intermodal 3 % 3 % 3 % 3 % Ocean and air cargo carriers 4 % 3 % 5 % 3 % Truck Equipment Type Van equipment $ 2,502,025 $ 1,485,553 $ 918,115 $ 578,166 Unsided/platform equipment $ 1,112,358 $ 807,966 $ 422,979 $ 294,273 Less-than-truckload $ 85,551 $ 70,984 $ 30,819 $ 25,125 Other truck transportation (1) $ 518,472 $ 249,584 $ 208,817 $ 108,614 (1) Includes power-only, expedited, straight truck, cargo van, and miscellaneous other truck transportation revenue generated by the transportation logistics segment. Power-only refers to shipments where the Company furnishes a power unit and an operator but not trailing equipment, which is typically provided by the shipper or consignee. |
Share-based Payment Arrangeme_2
Share-based Payment Arrangements (Tables) | 9 Months Ended |
Sep. 25, 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): Thirty Nine Weeks Ended Thirteen Weeks Ended September 25, September 26, September 25, September 26, 2021 2020 2021 2020 Total cost of the Plans during the period $ 18,717 $ 2,691 $ 7,824 $ 1,490 Amount of related income tax benefit recognized during the period (5,636 ) (1,618 ) (1,919 ) (483 ) Net cost of the Plans during the period $ 13,081 $ 1,073 $ 5,905 $ 1,007 |
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 46,103 $ 128.78 Shares earned in excess of target (1) 7,132 $ 31.97 Vested shares (24,600 ) $ 59.85 Forfeited (2,688 ) $ 107.76 Outstanding at September 25, 2021 209,160 $ 102.90 (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 Weighted Weighted Aggregate Options outstanding at December 26, 2020 17,650 $ 54.16 Exercised (6,480 ) $ 52.68 Options outstanding at September 25, 2021 11,170 $ 55.02 1.0 $ 1,224 Options exercisable at September 25, 2021 11,170 $ 55.02 1.0 $ 1,224 |
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 60,440 $ 103.65 Granted 26,351 $ 150.20 Vested (29,055 ) $ 104.35 Forfeited (1,300 ) $ 97.81 Non-vested 56,436 $ 125.16 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 25, 2021 | |
Information Regarding Reportable Business Segments | The following table summarizes information about the Company’s reportable business segments as of and for the thirty-nine-week and thirteen-week periods ended September 25, 2021 and September 26, 2020 (in thousands): Thirty Nine Weeks Ended September 25, 2021 September 26, 2020 Transportation Logistics Insurance Total Transportation Logistics Insurance Total External revenue $ 4,539,561 $ 52,990 $ 4,592,551 $ 2,795,056 $ 41,570 $ 2,836,626 Internal revenue 53,028 53,028 44,912 44,912 Investment income 2,138 2,138 2,716 2,716 Operating income 323,370 33,558 356,928 148,270 20,268 168,538 Expenditures on long-lived assets 18,561 18,561 25,426 25,426 Goodwill 40,980 40,980 40,251 40,251 Thirteen Weeks Ended September 25, 2021 September 26, 2020 Transportation Logistics Insurance Total Transportation Logistics Insurance Total External revenue $ 1,716,004 $ 18,295 $ 1,734,299 $ 1,071,374 $ 14,172 $ 1,085,546 Internal revenue 9,533 9,533 9,078 9,078 Investment income 706 706 714 714 Operating income 123,410 8,002 131,412 71,752 10,600 82,352 Expenditures on long-lived assets 9,561 9,561 7,750 7,750 |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 25, 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 thirty-nine-week period ended September 25, 2021 (in thousands): Unrealized Available-for-Sale Foreign Currency Total Balance as of December 26, 2020 $ 2,808 $ (4,807 ) $ (1,999 ) Other comprehensive (loss) gain (1,260 ) 320 (940 ) Balance as of September 25, 2021 $ 1,548 $ (4,487 ) $ (2,939 ) |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 25, 2021 | |
Amortized Cost and Fair Value of Available-for-Sale Investments | The amortized cost and fair values of available-for-sale Gross Gross Amortized Cost Unrealized Gains Unrealized Losses Fair Value September 25, 2021 Money market investments $ 12,736 $ — $ — $ 12,736 Asset-backed securities 18,899 4 63 18,840 Corporate bonds and direct obligations of government agencies 136,854 2,209 259 138,804 U.S. Treasury obligations 2,341 80 — 2,421 Total $ 170,830 $ 2,293 $ 322 $ 172,801 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 September 25, 2021 Asset-backed securities $ 12,714 $ 63 $ — $ — $ 12,714 $ 63 Corporate bonds and direct obligations of government agencies 49,442 259 — — 49,442 259 Total $ 62,156 $ 322 $ — $ — $ 62,156 $ 322 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) | 9 Months Ended |
Sep. 25, 2021 | |
Lease, Cost [Table Text Block] | The components of lease cost for finance leases and operating leases for the thirty nine weeks ended September 25, 2021 were (in thousands): Finance leases: Amortization of right-of-use $ 15,967 Interest on lease liability 2,023 Total finance lease cost 17,990 Operating leases: Lease cost 2,623 Variable lease cost — Sublease income (3,720 ) Total net operating lease income (1,097 ) Total net lease cost $ 16,893 |
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 September 25, 2021 is as follows (in thousands): Assets: Operating right-of-use Other assets $ 2,198 Finance lease assets Operating property, less accumulated depreciation and amortization 129,242 Total lease assets $ 131,440 |
Finance And Operating Lease Maturity [Table Text Block] | 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 September 25, 2021 (in thousands): Finance Leases Operating Leases 2021 Remainder $ 11,454 $ 192 2022 33,585 714 2023 26,573 634 2024 16,665 535 2025 10,418 284 Thereafter 2,916 — Total future minimum lease payments 101,611 2,359 Less amount representing interest (1.6% to 4.4%) 4,270 161 Present value of minimum lease payments $ 97,341 $ 2,198 Current maturities of long-term debt 34,617 Long-term debt, excluding current maturities 62,724 Other current liabilities 713 Deferred income taxes and other noncurrent liabilities 1,485 |
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 September 25, 2021 were: Finance Leases Operating Leases Weighted average remaining lease term (years) 3.5 3.5 Weighted average discount rate 2.7 % 4.0 % |
Schedule Of Revenue By Major Cu
Schedule Of Revenue By Major Customers By Reporting Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 25, 2021 | Sep. 26, 2020 | Sep. 25, 2021 | Sep. 26, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 1,734,299 | $ 1,085,546 | $ 4,592,551 | $ 2,836,626 |
BCO Independent Contractors – Truck | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of Consolidated Revenue | 40.00% | 46.00% | 41.00% | 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 | 5.00% | 3.00% | 4.00% | 3.00% |
BCO Independent Contractor Truck and Brokerage Carriers Truck | Van Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 918,115 | $ 578,166 | $ 2,502,025 | $ 1,485,553 |
BCO Independent Contractor Truck and Brokerage Carriers Truck | Unsided/Platform Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 422,979 | 294,273 | 1,112,358 | 807,966 |
BCO Independent Contractor Truck and Brokerage Carriers Truck | Less than Truckload | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 30,819 | 25,125 | 85,551 | 70,984 |
BCO Independent Contractor Truck and Brokerage Carriers Truck | Other Truck Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 208,817 | $ 108,614 | $ 518,472 | $ 249,584 |
Share-based Payment Arrangeme_3
Share-based Payment Arrangements - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Sep. 25, 2021 | Sep. 26, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Excess tax benefit from stock-based awards | $ 1,039,000 | $ 927,000 |
Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Recognized share-based compensation (benefit)/expense | 16,223,000 | 415,000 |
Unrecognized compensation cost, other than options | $ 26,300,000 | |
Unrecognized compensation cost expected to be recognized over period, years | 3 years 2 months 12 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 | $ 4,726,000 | |
Unrecognized compensation cost expected to be recognized over period, years | 2 years | |
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 | $ 644,000 | $ 1,599,000 |
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 reserved for issuance | 3,505,880 | |
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% |
Amounts Recognized in Financial
Amounts Recognized in Financial Statements with Respect to Plans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 25, 2021 | Sep. 26, 2020 | Sep. 25, 2021 | Sep. 26, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total cost of the Plans during the period | $ 7,824 | $ 1,490 | $ 18,717 | $ 2,691 |
Amount of related income tax benefit recognized during the period | (1,919) | (483) | (5,636) | (1,618) |
Net cost of the Plans during the period | $ 5,905 | $ 1,007 | $ 13,081 | $ 1,073 |
Schedule of Information on Rest
Schedule of Information on Restricted Stock Units (Detail) - Restricted Stock Units (RSUs) | 9 Months Ended |
Sep. 25, 2021$ / sharesshares | |
Number of Shares | |
Beginning Balance | shares | 183,213 |
Granted | shares | 46,103 |
Shares earned in excess of target | shares | 7,132 |
Vested shares | shares | (24,600) |
Forfeited | shares | (2,688) |
Ending Balance | shares | 209,160 |
Weighted Average Grant Date Fair Value | |
Beginning Balance | $ / shares | $ 93.44 |
Granted | $ / shares | 128.78 |
Shares earned in excess of target | $ / shares | 31.97 |
Vested shares | $ / shares | 59.85 |
Forfeited | $ / shares | 107.76 |
Ending Balance | $ / shares | $ 102.90 |
Schedule of Information on Non
Schedule of Information on Non - Vested Restricted Stock Units (Detail) - Non Vested Restricted Stock and Deferred Stock Units | 9 Months Ended |
Sep. 25, 2021$ / sharesshares | |
Number of Shares and Deferred Stock Units | |
Beginning Balance | shares | 60,440 |
Granted | shares | 26,351 |
Vested | shares | (29,055) |
Forfeited | shares | (1,300) |
Ending Balance | shares | 56,436 |
Weighted Average Grant Date Fair Value | |
Beginning Balance | $ / shares | $ 103.65 |
Granted | $ / shares | 150.20 |
Vested | $ / shares | 104.35 |
Forfeited | $ / shares | 97.81 |
Ending Balance | $ / shares | $ 125.16 |
Summary of Information Regardin
Summary of Information Regarding Stock Options (Detail) $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 25, 2021USD ($)$ / sharesshares | |
Number of Options | |
Beginning Balance, number of options | shares | 17,650 |
Exercised, number of options | shares | (6,480) |
Ending Balance, number of options | shares | 11,170 |
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 | 52.68 |
Ending Balance, Weighted Average Exercise Price per Share | $ / shares | $ 55.02 |
Options Exercisable, Number of Options | |
Options exercisable at the ending, Number of Options | shares | 11,170 |
Options Exercisable, Weighted Average Exercise Price per Share | |
Options exercisable at the ending, Weighted Average Exercise Price per Share | $ / shares | $ 55.02 |
Weighted Average Remaining Contractual Term (years) | |
Options outstanding at September 25, 2021 | 1 year |
Options exercisable at September 25, 2021 | 1 year |
Aggregate Intrinsic Value | |
Options outstanding at September 25, 2021 | $ | $ 1,224 |
Options exercisable at September 25, 2021 | $ | $ 1,224 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 9 Months Ended | |
Sep. 25, 2021 | Sep. 26, 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 | 24.20% | 23.30% |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 9 Months Ended | |
Sep. 25, 2021 | Sep. 26, 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 ($) | 9 Months Ended | |
Sep. 25, 2021 | Sep. 26, 2020 | |
Supplemental Cash Flow Information [Abstract] | ||
Income taxes paid | $ 71,823,000 | $ 28,761,000 |
Interest paid | 2,780,000 | 3,087,000 |
Capital Lease Obligations Incurred | $ 23,080,000 | $ 7,485,000 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) - Customer | 3 Months Ended | 9 Months Ended | ||
Sep. 25, 2021 | Sep. 26, 2020 | Sep. 25, 2021 | Sep. 26, 2020 | |
Segment Reporting Information [Line Items] | ||||
Number of customers accounting for 10 percent or more of total revenue | 0 | 0 | 0 | 0 |
No single customer accounted for benchmark percentage to be considered major customer | 10.00% | 10.00% | 10.00% | 10.00% |
Information Regarding Reportabl
Information Regarding Reportable Business Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 25, 2021 | Sep. 26, 2020 | Sep. 25, 2021 | Sep. 26, 2020 | Dec. 26, 2020 | |
Segment Reporting Information [Line Items] | |||||
External revenue | $ 1,734,299 | $ 1,085,546 | $ 4,592,551 | $ 2,836,626 | |
Internal revenue | 9,533 | 9,078 | 53,028 | 44,912 | |
Investment income | 706 | 714 | 2,138 | 2,716 | |
Operating income | 131,412 | 82,352 | 356,928 | 168,538 | |
Expenditures on long-lived assets | 9,561 | 7,750 | 18,561 | 25,426 | |
Goodwill | 40,980 | 40,251 | 40,980 | 40,251 | $ 40,949 |
Transportation Logistics | |||||
Segment Reporting Information [Line Items] | |||||
External revenue | 1,716,004 | 1,071,374 | 4,539,561 | 2,795,056 | |
Operating income | 123,410 | 71,752 | 323,370 | 148,270 | |
Expenditures on long-lived assets | 9,561 | 7,750 | 18,561 | 25,426 | |
Goodwill | 40,980 | 40,251 | 40,980 | 40,251 | |
Insurance | |||||
Segment Reporting Information [Line Items] | |||||
External revenue | 18,295 | 14,172 | 52,990 | 41,570 | |
Internal revenue | 9,533 | 9,078 | 53,028 | 44,912 | |
Investment income | 706 | 714 | 2,138 | 2,716 | |
Operating income | $ 8,002 | $ 10,600 | $ 33,558 | $ 20,268 |
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 | 9 Months Ended | ||
Sep. 25, 2021 | Sep. 26, 2020 | Sep. 25, 2021 | Sep. 26, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | $ 691,835 | |||
Other comprehensive (loss) gain | $ (1,087) | $ 1,181 | (940) | $ (3,752) |
Ending Balance | 899,690 | 899,690 | ||
Unrealized Holding Gains (Losses) on Available-for-Sale Securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 2,808 | |||
Other comprehensive (loss) gain | (1,260) | |||
Ending Balance | 1,548 | 1,548 | ||
Foreign Currency Translation | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (4,807) | |||
Other comprehensive (loss) gain | 320 | |||
Ending Balance | (4,487) | (4,487) | ||
Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (1,999) | |||
Other comprehensive (loss) gain | (940) | |||
Ending Balance | $ (2,939) | $ (2,939) |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Sep. 25, 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 | $ 1,971,000 | $ 3,578,000 |
Amortized Cost and Fair Value o
Amortized Cost and Fair Value of Available-for-Sale Investments (Detail) - USD ($) $ in Thousands | Sep. 25, 2021 | Dec. 26, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 170,830 | $ 119,013 |
Gross Unrealized Gains | 2,293 | 3,676 |
Gross Unrealized Losses | 322 | 98 |
Fair Value | 172,801 | 122,591 |
Money market investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 12,736 | 17,867 |
Fair Value | 12,736 | 17,867 |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 18,899 | 567 |
Gross Unrealized Gains | 4 | |
Gross Unrealized Losses | 63 | 26 |
Fair Value | 18,840 | 541 |
Corporate bonds and direct obligations of government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 136,854 | 98,241 |
Gross Unrealized Gains | 2,209 | 3,551 |
Gross Unrealized Losses | 259 | 72 |
Fair Value | 138,804 | 101,720 |
U.S. Treasury obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,341 | 2,338 |
Gross Unrealized Gains | 80 | 125 |
Fair Value | $ 2,421 | $ 2,463 |
Schedule of Unrealized Loss on
Schedule of Unrealized Loss on Available-for-Sale Investments (Detail) - USD ($) $ in Thousands | Sep. 25, 2021 | Dec. 26, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale investments with unrealized losses, Less than 12 months, Fair Value | $ 62,156 | $ 3,222 |
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss | 322 | 98 |
Available-for-sale investments with unrealized losses, Fair Value, Total | 62,156 | 3,222 |
Available-for-sale investments with unrealized losses, Unrealized Loss, Total | 322 | 98 |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale investments with unrealized losses, Less than 12 months, Fair Value | 12,714 | 541 |
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss | 63 | 26 |
Available-for-sale investments with unrealized losses, Fair Value, Total | 12,714 | 541 |
Available-for-sale investments with unrealized losses, Unrealized Loss, Total | 63 | 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 | 49,442 | 2,681 |
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss | 259 | 72 |
Available-for-sale investments with unrealized losses, Fair Value, Total | 49,442 | 2,681 |
Available-for-sale investments with unrealized losses, Unrealized Loss, Total | $ 259 | $ 72 |
Leases - Additional Information
Leases - Additional Information (Detail) | Sep. 25, 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 | 9 Months Ended |
Sep. 25, 2021USD ($) | |
Finance leases: | |
Amortization of right-of-use assets | $ 15,967 |
Interest on lease liability | 2,023 |
Total finance lease cost | 17,990 |
Operating leases: | |
Lease cost | 2,623 |
Sublease income | (3,720) |
Total net operating lease income | (1,097) |
Total net lease cost | $ 16,893 |
Leases - Classification on our
Leases - Classification on our Consolidated Balance Sheet (Detail) $ in Thousands | Sep. 25, 2021USD ($) |
Total lease assets | $ 131,440 |
Other Assets [Member] | |
Operating lease right-of-use assets | 2,198 |
Property Plant and Equipment Net [Member] | |
Finance lease assets | $ 129,242 |
Leases - Undiscounted Cash Flow
Leases - Undiscounted Cash Flows for the Finance and Operating Leases (Detail) - USD ($) $ in Thousands | Sep. 25, 2021 | Dec. 26, 2020 |
Operating Leased Assets [Line Items] | ||
2021 Remainder | $ 11,454 | |
2022 | 33,585 | |
2023 | 26,573 | |
2024 | 16,665 | |
2025 | 10,418 | |
Thereafter | 2,916 | |
Total future minimum lease payments | 101,611 | |
Less amount representing interest (1.9% to 4.4%) | 4,270 | |
Present value of minimum lease payments | 97,341 | |
Current maturities of long-term debt | 34,617 | $ 35,415 |
Long-term debt, excluding current maturities | 62,724 | $ 65,359 |
2021 Remainder | 192 | |
2022 | 714 | |
2023 | 634 | |
2024 | 535 | |
2025 | 284 | |
Thereafter | 0 | |
Total future minimum lease payments | 2,359 | |
Less amount representing interest (2.1% to 4.4%) | 161 | |
Present value of minimum lease payments | 2,198 | |
Other current liabilities [Member] | ||
Operating Leased Assets [Line Items] | ||
Operating lease, liability, current | 713 | |
Deferred income taxes and other noncurrent liabilities [Member] | ||
Operating Leased Assets [Line Items] | ||
Operating lease, liability, non-current | $ 1,485 |
Leases - Undiscounted Cash Fl_2
Leases - Undiscounted Cash Flows for the Finance and Operating Leases (Parenthetical) (Details) | Sep. 25, 2021 |
Maximum [Member] | |
Finance lease Interest rate percentage | 4.40% |
Minimum [Member] | |
Finance lease Interest rate percentage | 1.60% |
Leases - Weighted Average Remai
Leases - Weighted Average Remaining Lease Term and the Weighted Average Discount Rate for Finance and Operating leases (Detail) | Sep. 25, 2021 |
Weighted average remaining lease term (years) | 3 years 6 months |
Weighted average discount rate | 2.70% |
Weighted average remaining lease term (years) | 3 years 6 months |
Weighted average discount rate | 4.00% |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | Aug. 18, 2020 | Sep. 25, 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) | Sep. 25, 2021USD ($) |
Current Investments | Collateral Pledged [Member] | |
Commitments and Contingencies Disclosure [Line Items] | |
Investments providing collateral for letters of credit to guarantee insurance claims | $ 36,644,000 |
Non-Current Investments | |
Commitments and Contingencies Disclosure [Line Items] | |
Total non-current investments | 136,157,000 |
Non-Current Investments | Collateral Pledged [Member] | |
Commitments and Contingencies Disclosure [Line Items] | |
Investments providing collateral for letters of credit to guarantee insurance claims | 40,505,000 |
Revolving Credit Facility | |
Commitments and Contingencies Disclosure [Line Items] | |
Letters of credit outstanding | 33,577,000 |
Guarantee Payment of Insurance Claims | |
Commitments and Contingencies Disclosure [Line Items] | |
Letters of credit outstanding | $ 69,434,000 |
Impairment of Intangible and _2
Impairment of Intangible and Other Assets - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 25, 2021 | Sep. 26, 2020 | Jun. 27, 2020 | Sep. 25, 2021 | Sep. 26, 2020 | |
Impairment charges of intangible asset | $ 0 | $ 0 | $ 2,582,000 | $ 0 | $ 2,582,000 |
Goodwill impairment loss | $ 0 |