Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 25, 2021 | Feb. 11, 2022 | Jun. 26, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Document Annual Report | true | ||
Entity Central Index Key | 0000853816 | ||
Document Transition Report | false | ||
Current Fiscal Year End Date | --12-25 | ||
Document Period End Date | Dec. 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 | 37,294,677 | ||
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 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 6,102,555,000 | ||
ICFR Auditor Attestation Flag | true | ||
Auditor Firm ID | 185 | ||
Auditor Name | KPMG LLP | ||
Auditor Location | Jacksonville, Florida |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 25, 2021 | Dec. 26, 2020 |
Current Assets | ||
Cash and cash equivalents | $ 215,522 | $ 249,354 |
Short-term investments | 35,778 | 41,375 |
Trade accounts receivable, less allowance of $7,074 and $8,670 | 1,154,314 | 764,169 |
Other receivables, including advances to independent contractors, less allowance of $8,125 and $7,239 | 101,124 | 134,757 |
Other current assets | 16,162 | 18,520 |
Total current assets | 1,522,900 | 1,208,175 |
Operating property, less accumulated depreciation and amortization of $344,099 and $299,407 | 317,386 | 296,996 |
Goodwill | 40,768 | 40,949 |
Other assets | 164,411 | 107,679 |
Total assets | 2,045,465 | 1,653,799 |
Current Liabilities | ||
Cash overdraft | 116,478 | 74,748 |
Accounts payable | 604,130 | 380,505 |
Current maturities of long-term debt | 36,561 | 35,415 |
Insurance claims | 46,896 | 149,774 |
Dividends payable | 75,387 | 76,770 |
Other current liabilities | 130,531 | 88,925 |
Total current liabilities | 1,009,983 | 806,137 |
Long-term debt, excluding current maturities | 75,243 | 65,359 |
Insurance claims | 49,509 | 38,867 |
Deferred income taxes and other noncurrent liabilities | 48,720 | 51,601 |
Shareholders' Equity | ||
Common stock, $0.01 par value, authorized 160,000,000 shares, issued 68,232,975 and 68,183,702 shares | 682 | 682 |
Additional paid-in capital | 255,148 | 228,875 |
Retained earnings | 2,317,184 | 2,046,238 |
Cost of 30,539,235 and 29,797,639 shares of common stock in treasury | (1,705,601) | (1,581,961) |
Accumulated other comprehensive loss | (5,403) | (1,999) |
Total shareholders' equity | 862,010 | 691,835 |
Total liabilities and shareholders' equity | $ 2,045,465 | $ 1,653,799 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 25, 2021 | Dec. 26, 2020 |
Allowance on trade accounts receivable | $ 7,074 | $ 8,670 |
Allowance on other receivables | 8,125 | 7,239 |
Accumulated depreciation and amortization on operating property | $ 344,099 | $ 299,407 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, authorized shares | 160,000,000 | 160,000,000 |
Common stock, issued shares | 68,232,975 | 68,183,702 |
Treasury stock, shares | 30,539,235 | 29,797,639 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Revenue | $ 6,537,568 | $ 4,132,981 | $ 4,084,577 |
Investment income | 2,857 | 3,399 | 5,041 |
Costs and expenses: | |||
Purchased transportation | 5,114,667 | 3,192,850 | 3,127,474 |
Commissions to agents | 507,209 | 340,780 | 342,226 |
Other operating costs, net of gains on asset sales/dispositions | 36,531 | 30,463 | 37,274 |
Insurance and claims | 105,463 | 87,773 | 80,319 |
Selling, general and administrative | 221,278 | 167,633 | 158,953 |
Depreciation and amortization | 49,609 | 45,855 | 44,468 |
Impairment of intangible and other assets | 0 | 2,582 | 0 |
Commission program termination costs | 0 | 15,494 | 0 |
Total costs and expenses | 6,034,757 | 3,883,430 | 3,790,714 |
Operating income | 505,668 | 252,950 | 298,904 |
Interest and debt expense | 3,976 | 3,953 | 3,141 |
Income before income taxes | 501,692 | 248,997 | 295,763 |
Income taxes | 120,168 | 56,891 | 68,060 |
Net income | 381,524 | 192,106 | 227,703 |
Less: Net loss attributable to noncontrolling interest | 0 | 0 | (17) |
Net income attributable to Landstar System, Inc. and subsidiary | $ 381,524 | $ 192,106 | $ 227,720 |
Diluted earnings per share attributable to Landstar System, Inc. and subsidiary | $ 9.98 | $ 4.98 | $ 5.72 |
Average diluted shares outstanding | 38,235,000 | 38,602,000 | 39,786,000 |
Dividends per common share | $ 2.92 | $ 2.79 | $ 2.70 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Net income attributable to Landstar System, Inc. and subsidiary | $ 381,524 | $ 192,106 | $ 227,720 |
Other comprehensive (loss) income: | |||
Unrealized holding (losses) gains on available-for-sale investments, net of tax (benefit) expense of ($739), $463, $561 | (2,695) | 1,688 | 2,050 |
Foreign currency translation (losses) gains | (709) | (1,475) | 1,613 |
Other comprehensive (loss) income | (3,404) | 213 | 3,663 |
Comprehensive income attributable to Landstar System, Inc. and subsidiary | $ 378,120 | $ 192,319 | $ 231,383 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Unrealized holding (losses) gains on available-for-sale investments, tax (benefit) expense | $ (739) | $ 463 | $ 561 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
OPERATING ACTIVITIES | |||
Net income | $ 381,524 | $ 192,106 | $ 227,703 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization of operating property and intangible assets | 49,609 | 45,855 | 44,468 |
Non-cash interest charges | 447 | 334 | 253 |
Provisions for losses on trade and other accounts receivable | 5,722 | 9,415 | 9,831 |
Gains on sales/disposals of operating property | (1,830) | (2,576) | (1,016) |
Impairment of intangible and other assets | 0 | 2,582 | 0 |
Deferred income taxes, net | (3,790) | 1,130 | 4,767 |
Stock-based compensation | 27,537 | 4,639 | 4,236 |
Changes in operating assets and liabilities: | |||
(Increase) decrease in trade and other accounts receivable | (362,234) | (285,169) | 81,415 |
Decrease (increase) in other assets | 4,444 | (4,719) | (11,395) |
Increase (decrease) in accounts payable | 224,125 | 108,090 | (42,138) |
Increase (decrease) in other liabilities | 43,422 | 28,496 | (17,786) |
(Decrease) increase in insurance claims | (92,236) | 110,534 | 7,502 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 276,740 | 210,717 | 307,840 |
INVESTING ACTIVITIES | |||
Net change in other short-term investments | 0 | 131 | (131) |
Sales and maturities of investments | 31,938 | 22,632 | 62,922 |
Purchases of investments | (84,992) | (25,550) | (65,922) |
Purchases of operating property | (23,261) | (30,626) | (19,416) |
Proceeds from sales of operating property | 2,971 | 7,760 | 3,991 |
Consideration paid for acquisition | 0 | (2,766) | 0 |
NET CASH USED BY INVESTING ACTIVITIES | (73,344) | (28,419) | (18,556) |
FINANCING ACTIVITIES | |||
Increase (decrease) in cash overdraft | 41,730 | 20,870 | (1,461) |
Dividends paid | (111,961) | (109,504) | (27,891) |
Payment for debt issue costs | 0 | (1,132) | 0 |
Proceeds from exercises of stock options | 160 | 725 | 1,056 |
Taxes paid in lieu of shares issued related to stock-based compensation plans | (2,342) | (3,326) | (8,456) |
Purchases of common stock | (122,722) | (115,962) | (88,578) |
Principal payments on finance lease obligations | (37,644) | (43,703) | (44,635) |
Purchase of noncontrolling interest | 0 | 0 | (600) |
Payment of deferred consideration | (168) | 0 | 0 |
NET CASH USED BY FINANCING ACTIVITIES | (232,947) | (252,032) | (170,565) |
Effect of exchange rate changes on cash and cash equivalents | (232) | (427) | 1,060 |
(Decrease) increase in cash, cash equivalents and and restricted cash | (29,783) | (70,161) | 119,779 |
Cash, cash equivalents and restricted cash at beginning of period | 249,354 | 319,515 | 199,736 |
Cash, cash equivalents and restricted cash at end of period | $ 219,571 | $ 249,354 | $ 319,515 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock | Additional Paid-In Capital | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment [Member] | Treasury Stock at Cost | Accumulated Other Comprehensive (Loss) Income | Non-controlling Interests |
Beginning Balance (in shares) at Dec. 29, 2018 | 67,870,962 | 27,755,001 | |||||||
Beginning Balance at Dec. 29, 2018 | $ 689,133 | $ 679 | $ 226,852 | $ 1,841,279 | $ (1,376,111) | $ (5,875) | $ 2,309 | ||
Net income (loss) | 227,703 | 227,720 | (17) | ||||||
Dividends | (106,838) | (106,838) | |||||||
Purchases of common stock (in shares) | 849,068 | ||||||||
Purchases of common stock | (88,578) | $ (88,578) | |||||||
Purchase noncontrolling interests | (600) | 1,842 | (2,442) | ||||||
Issuance of stock related to stock-based compensation plans (in shares) | 212,457 | 5,857 | |||||||
Issuance of stock related to stock-based compensation plans | (7,400) | $ 2 | (6,807) | $ (595) | |||||
Stock-based compensation | 4,236 | 4,236 | |||||||
Other comprehensive (loss) income | 3,813 | 3,663 | 150 | ||||||
Ending Balance (in shares) at Dec. 28, 2019 | 68,083,419 | 28,609,926 | |||||||
Ending Balance at Dec. 28, 2019 | 721,469 | $ 681 | 226,123 | 1,962,161 | $ (1,465,284) | (2,212) | 0 | ||
Net income (loss) | 192,106 | 192,106 | |||||||
Dividends | (107,327) | (107,327) | |||||||
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) | 100,283 | 8,743 | |||||||
Issuance of stock related to stock-based compensation plans | (2,601) | $ 1 | (1,887) | $ (715) | |||||
Stock-based compensation | 4,639 | 4,639 | |||||||
Other comprehensive (loss) income | 213 | 213 | 0 | ||||||
Ending Balance (in shares) at Dec. 26, 2020 | 68,183,702 | 29,797,639 | |||||||
Ending Balance at Dec. 26, 2020 | 691,835 | $ (702) | $ 682 | 228,875 | 2,046,238 | $ (702) | $ (1,581,961) | (1,999) | 0 |
Net income (loss) | 381,524 | 381,524 | |||||||
Dividends | (110,578) | (110,578) | |||||||
Purchases of common stock (in shares) | 733,854 | ||||||||
Purchases of common stock | (122,722) | $ (122,722) | |||||||
Issuance of stock related to stock-based compensation plans (in shares) | 49,273 | 7,742 | |||||||
Issuance of stock related to stock-based compensation plans | (2,182) | $ 0 | (1,264) | $ (918) | |||||
Stock-based compensation | 27,537 | 27,537 | |||||||
Other comprehensive (loss) income | (3,404) | (3,404) | 0 | ||||||
Ending Balance (in shares) at Dec. 25, 2021 | 68,232,975 | 30,539,235 | |||||||
Ending Balance at Dec. 25, 2021 | $ 862,010 | $ 682 | $ 255,148 | $ 2,317,184 | $ (1,705,601) | $ (5,403) | $ 0 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares | 12 Months Ended | |||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | Dec. 28, 2019 | |
Dividends per common share | $ 2.92 | $ 2.79 | $ 2.70 | $ 2.70 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 25, 2021 | |
Significant Accounting Policies | (1) Significant Accounting Policies Consolidation The consolidated financial statements include the accounts of Landstar System, Inc. and its subsidiary, Landstar System Holdings, Inc. (“LSHI”). Landstar System, Inc. and its subsidiary are herein referred to as “Landstar” or the “Company.” Significant intercompany accounts have been eliminated in consolidation. Estimates The preparation of the consolidated financial statements requires the use of management’s estimates. Actual results could differ from those estimates. Fiscal Year Landstar’s fiscal year is the 52 or 53 week period ending the last Saturday in December. Revenue Recognition The nature of the Company’s freight transportation services and its performance obligations to customers, regardless of the mode of transportation used to perform such services, relate to the safe and on-time pick-up shipment-by-shipment shipment-by-shipment pre-defined (30-60) pick-up pick-up 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 fiscal years ended December 25, 2021, December 26, 2020 and December 28, 2019 (dollars in thousands): Fiscal Years Ended Mode December 25, 2021 December 26, 2020 December 28, 2019 Truck – BCO Independent Contractors 40 % 45 % 45 % Truck – Truck Brokerage Carriers 51 % 47 % 47 % Rail intermodal 2 % 3 % 3 % Ocean and air cargo carriers 5 % 3 % 3 % Truck Equipment Type Van equipment $ 3,525,830 $ 2,192,254 $ 2,095,345 Unsided/platform equipment $ 1,549,037 $ 1,119,272 $ 1,254,781 Less-than-truckload $ 117,505 $ 97,546 $ 98,324 Other truck transportation (1) $ 770,846 $ 406,709 $ 316,879 (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. Insurance Claim Costs Landstar provides, primarily on an actuarially determined basis, for the estimated costs of cargo, property, casualty, general liability and workers’ compensation claims both reported and for claims incurred but not reported. For periods prior to May 1, 2019, Landstar retains liability for commercial trucking claims up to $5 million per occurrence and maintains various third party insurance arrangements for liabilities in excess of its $ million self-insured retention. Effective May 1, 2019, the Company entered into a new three year commercial auto liability insurance arrangement for losses incurred between $ million and $ million (the “Initial Excess Policy”) with a third party insurance company. For commercial trucking claims incurred on or after May 1, 2019 through April 30, 2022, the Initial Excess Policy provides for a limit for a single loss of $ million , with an aggregate limit of $ million for each policy year, an aggregate limit of $ million for the thirty-six month term ended April 30, 2022, and options to increase such aggregate limits for pre-established amounts of additional premium. If aggregate losses under the Initial Excess Policy exceed either the annual aggregate limit or the aggregate limit for the three year period ending April 30, 2022, and the Company did not elect to increase such aggregate limits for a pre-established amount of additional premium, Landstar would retain liability of up to $ million per occurrence, inclusive of its $ million self-insured retention for commercial trucking claims during the remainder of the applicable policy year(s). Moreover, as a result of the Company’s aggregate loss experience since it entered into the Initial Excess Policy, the Initial Excess Policy required the Company to pay additional premium relating to its existing coverage up to a pre-established maximum amount of $ million , which was provided for in insurance and claims costs for the Company’s 2020 fiscal first quarter. o o million . These third party arrangements provide coverage on a per occurrence or aggregated basis. In recent years, the Company has increased the level of its financial exposure to commercial trucking claims in excess of $10 million , including through the use of additional self-insurance, deductibles, aggregate loss limits, quota shares and other arrangements with third party insurance companies, based on the availability of coverage within certain excess insurance coverage layers and estimated cost differentials between proposed premiums from third party insurance companies and historical and actuarially projected losses experienced by the Company at various levels of excess insurance coverage . In addition, third party insurance arrangements providing excess coverage for commercial trucking liabilities in excess of Landstar’s self-insured retention generally require that the Company fund settlement payments to claimants and seek reimbursement from the Company’s third party insurance providers, as applicable. In connection with settlements of claims in excess of the Company’s $ million self-insured retention, the Company accrues for such anticipated settlement payments and records a corresponding receivable for amounts the Company expects to collect from its third party insurance providers following the payment of such settlement amounts. On the Company’s consolidated balance sheet as of December 26, 2020, the Company had an aggregate accrual of current liabilities in insurance claims for anticipated payments of settlement amounts above our self-insured retention of $ , and a corresponding amount of current assets included in other receivables. Those insurance claims in excess of the Company’s self-insured retention were paid, and full collection from the Company’s excess insurers occurred, during the Company’s 2021 first fiscal quarter. Further, the Company retains liability of up to $1,000,000 for each general liability claim, up to $250,000 for each workers’ compensation claim and up to $250,000 for each cargo claim. In addition, under reinsurance arrangements by Signature of certain risks of the Company’s BCO Independent Contractors, the Company retains liability of up to $500,000, $1,000,000 or $2,000,000 with respect to certain occupational accident claims and up to $750,000 with respect to certain workers’ compensation claims. Tires Tires purchased as part of trailing equipment are capitalized as part of the cost of the equipment. Replacement tires are charged to expense when placed in service. Cash, Cash Equivalents and Restricted Cash Included in cash and cash equivalents are all investments, except those provided for collateral, with an original maturity of 3 months or less. Financial Instruments The Company’s financial instruments include cash equivalents, short and long-term investments, trade and other accounts receivable, accounts payable, other accrued liabilities, and long-term debt plus current maturities (“Debt”). The carrying value of cash equivalents, trade and other accounts receivable, accounts payable, current insurance claims and other accrued liabilities approximates fair value as the assets and liabilities are short term in nature. Short and long-term investments are carried at fair value as further described in Note 4 in the Company’s consolidated financial statements. The Company’s Debt includes borrowings under the Company’s revolving credit facility, to the extent there are any, plus borrowings relating to finance lease obligations used to finance trailing equipment. 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. Trade and Other Receivables The allowance for doubtful accounts for both trade and other receivables represents management’s estimate of the amount of outstanding receivables that will not be collected. Estimates are used to determine the allowance for doubtful accounts for both trade and other receivables and are generally based on specific identification, historical collection results, current economic trends and changes in payment trends. Following is a summary of the activity in the allowance for doubtful accounts for fiscal years ending December 25, 2021, December 26, 2020 and December 28, 2019 (in thousands): Balance at Beginning of Period Charged to Costs and Expenses Write-offs, Net of Recoveries Balance at End of Period For the Fiscal Year Ended December 25, 2021 Trade receivables $ 8,670 $ 1,735 $ (3,331 ) $ 7,074 Other receivables 8,399 4,050 (2,938 ) 9,511 Other non-current 264 (63 ) (1 ) 200 $ 17,333 $ 5,722 $ (6,270 ) $ 16,785 For the Fiscal Year Ended December 26, 2020 Trade receivables $ 7,284 $ 6,121 $ (4,735 ) $ 8,670 Other receivables 8,806 3,291 (3,698 ) 8,399 Other non-current 260 3 1 264 $ 16,350 $ 9,415 $ (8,432 ) $ 17,333 For the Fiscal Year Ended December 28, 2019 Trade receivables $ 6,413 $ 4,309 $ (3,438 ) $ 7,284 Other receivables 7,211 5,518 (3,923 ) 8,806 Other non-current 256 4 — 260 $ 13,880 $ 9,831 $ (7,361 ) $ 16,350 Operating Property Operating property is recorded at cost. Depreciation is provided on a straight-line basis over the estimated useful lives of the related assets. Buildings and improvements are being depreciated over 30 years. Trailing equipment is being depreciated over 7 to 10 years. Information technology hardware and software is generally being depreciated over 3 to 7 years. Goodwill Goodwill represents the excess of the purchase price paid over the fair value of the net assets of acquired businesses. The Company has two reporting units within the transportation logistics segment that report goodwill. The Company reviews its goodwill balance annually for impairment for each reporting unit, unless circumstances dictate more frequent assessments, and in accordance with ASU 2011-08, Testing Goodwill for Impairment 2011-08 Income Taxes Income tax expense is equal to the current year’s liability for income taxes and a provision for deferred income taxes. Deferred tax assets and liabilities are recorded for the future tax effects attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the enacted tax rates expected to be applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. Share-Based Payments The Company’s share-based payment arrangements include restricted stock units (“RSU”), non-vested award based on an estimated number of units that will vest over the life of the award, multiplied by the fair value of an RSU. The fair value of an RSU with a market condition is determined at the time of grant based on the expected achievement of the market condition at the end of each vesting period. With respect to RSU awards with a market condition, the Company recognizes compensation expense ratably over the requisite service period under an award based on the fair market value of the award at the time of grant, regardless of whether the market condition is satisfied. Previously recognized compensation cost would be reversed, however, if the employee terminated employment prior to completing such requisite service period. The Company estimates the fair value of stock option awards on the date of grant using the Black-Scholes pricing model and recognizes compensation cost for stock option awards expected to vest on a straight-line basis over the requisite service period for the entire award. Forfeitures are estimated at grant date based on historical experience and anticipated employee turnover. The fair values of each share of non-vested non-vested e Earnings Per Share Earnings per common share attributable to Landstar System, Inc. and subsidiary are based on the weighted average number of shares outstanding, including outstanding non-vested non-vested For the fiscal years ended December 25, 2021, December 26, 2020 and December 28, 2019, 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. Dividends Payable On December 7, 2021, the Company announced that its Board of Directors declared a special cash dividend of $2.00 per share payable on January 21, 2022, to stockholders of record of its Common Stock as of January 7, 2022. Dividends payable of $75,387,000 related to this special dividend were included in current liabilities in the consolidated balance sheet at December 25, 2021. On December 8, 2020, the Company announced that its Board of Directors declared a special cash dividend of $2.00 per share payable on January 22, 2021, to stockholders of record of its Common Stock as of January 8, 2021. Dividends payable of $76,770,000 related to this special dividend were included in current liabilities in the consolidated balance sheet at December 26, 2020. Foreign Currency Translation Assets and liabilities of the Company’s Canadian and Mexican operations are translated from their functional currency to U.S. dollars using exchange rates in effect at the balance sheet date and revenue and expense accounts are translated at average monthly exchange rates during the period. Adjustments resulting from the translation process are included in accumulated other comprehensive income. Transactional gains and losses arising from receivable and payable balances, including intercompany balances, in the normal course of business that are denominated in a currency other than the functional currency of the operation are recorded in the statements of income when they occur. |
Acquired Business
Acquired Business | 12 Months Ended |
Dec. 25, 2021 | |
Acquired Business | (2) Acquired Business On May 6, 2020, the Company formed a new subsidiary that was subsequently renamed Landstar Blue, LLC (“Landstar Blue”). Landstar Blue arranges truckload brokerage services with a focus on the contract services market. Landstar Blue also helps the Company to develop and test digital technologies and processes for the benefit of all Landstar independent commission sales agents. On June 15, 2020, Landstar Blue completed the acquisition of an independent agent of the Company whose business focused on truckload brokerage services. Cash consideration paid for the acquisition was approximately $ ,000. In addition, the Company assumed approximately $ in liabilities consisting of additional contingent purchase price, of which $ ,000 was remitted during the Company’s 2021 second fiscal quarter. The resulting goodwill arising from the acquisition was approximately $ . With respect to this goodwill, 100% is expected to be deductible by th e U tions for Landstar Blue are presented as part of the Company’s transportations logistics segment. Transaction costs for the acquisition were insignificant. |
Other Comprehensive Income
Other Comprehensive Income | 12 Months Ended |
Dec. 25, 2021 | |
Other Comprehensive Income | (3) Other Comprehensive Income The following table presents the components of and changes in accumulated other comprehensive income attributable to Landstar System, Inc. and subsidiary, net of related income taxes, as of and for the fiscal years ended December 25, 2021, December 26, 2020 and December 28, 2019 (in thousands): Unrealized Available-for-Sale Foreign Total Balance as of December 29, 2018 $ (930 ) $ (4,945 ) $ (5,875 ) Other comprehensive income 2,050 1,613 3,663 Balance as of December 28, 2019 1,120 (3,332 ) (2,212 ) Other comprehensive income (loss) 1,688 (1,475 ) 213 Balance as of December 26, 2020 2,808 (4,807 ) (1,999 ) Other comprehensive loss (2,695 ) (709 ) (3,404 ) Balance as of December 25, 2021 $ 113 $ (5,516 ) $ (5,403 ) 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 fiscal years ended December 25, 2021, December 26, 2020 and December 28, 2019 |
Investments
Investments | 12 Months Ended |
Dec. 25, 2021 | |
Investments | (4) Investments Investments include primarily investment-grade corporate bonds and asset-backed securities 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-credit-related non-transferability, The amortized cost and fair values of available-for-sale Amortized Cost Gross Gains Gross Losses Fair Value December 25, 2021 Money market investments $ 8,750 $ — $ — $ 8,750 Asset-backed securities 22,441 — 346 22,095 Corporate bonds and direct obligations of government agencies 137,916 1,406 966 138,356 U.S. Treasury obligations 2,342 50 — 2,392 Total $ 171,449 $ 1,456 $ 1,312 $ 171,593 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 December 25, 2021 Asset-backed securities $ 22,095 $ 346 $ — $ — $ 22,095 $ 346 Corporate bonds and direct obligations of government agencies 72,526 966 — — 72,526 966 Total $ 94,621 $ 1,312 $ — $ — $ 94,621 $ 1,312 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 l o Short-term investments include $31,729,000 in current maturities of investments and $ 4,049,000 cash held by the Company’s insurance segment at December , . The non-current portion of the bond portfolio of $ is included in other assets. The short-term investments, together with $ of non-current investments, provide collateral for the $ of letters of credit issued to guarantee payment of insurance claims. Investment income represents the earnings on the insurance segment’s assets. Investment income earned from the assets of the insurance segment are included as a component of operating income as the investment of these assets is critical to providing collateral, liquidity and earnings with respect to the operation of the Company’s insurance programs. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 25, 2021 | |
Income Taxes | (5) Income Taxes The provisions for income taxes consisted of the following (in thousands): Fiscal Years 2021 2020 2019 Current: Federal $ 104,640 $ 47,955 $ 52,422 State 18,462 7,249 10,367 Foreign 856 557 504 Total current $ 123,958 $ 55,761 $ 63,293 Deferred: Federal $ (3,278 ) $ 1,523 $ 4,212 State (512 ) (393 ) 555 Total deferred $ (3,790 ) $ 1,130 $ 4,767 Income taxes $ 120,168 $ 56,891 $ 68,060 Temporary differences and carryforwards which gave rise to deferred tax assets and liabilities consisted of the following (in thousands): Dec. 25, 2021 Dec. 26, 2020 Deferred tax assets: Receivable valuations $ 4,112 $ 4,286 Share-based payments 7,000 2,020 Self-insured claims 3,696 3,613 Other 10,354 6,056 Total deferred tax assets $ 25,162 $ 15,975 Deferred tax liabilities: Operating property $ 57,903 $ 52,014 Goodwill 3,958 3,772 Other 2,409 3,087 Total deferred tax liabilities $ 64,270 $ 58,873 Net deferred tax liability $ 39,108 $ 42,898 The following table summarizes the differences between income taxes calculated at the federal income tax rates of 21% on income before income taxes and the provisions for income taxes (in thousands): Fiscal Years 2021 2020 2019 Income taxes at federal income tax rate $ 105,355 $ 52,289 $ 62,110 State income taxes, net of federal income tax benefit 14,260 5,375 8,876 Non-deductible 2,946 96 — Meals and entertainment exclusion — 326 644 Share-based payments (1,070 ) (977 ) (3,093 ) Research and development credits (2,069 ) (717 ) (714 ) Other, net 746 499 237 Income taxes $ 120,168 $ 56,891 $ 68,060 The Company files a consolidated U.S. federal income tax return. The Company or its subsidiaries file state tax returns in the majority of the U.S. state tax jurisdictions. With few exceptions, the Company and its subsidiaries are no longer subject to U.S. federal or state income tax examinations by tax authorities for 2017 and prior years. The Company’s wholly-owned Canadian subsidiary, Landstar Canada, Inc., is subject to Canadian income and other taxes. The Company’s wholly-owned Mexican subsidiaries, Landstar Holdings, S. de R.L.C.V. and Landstar Metro, S.A.P.I. de C.V., are subject to Mexican income and other taxes. The Company’s Canadian and Mexican subsidiaries also may each be subject to U.S. income and other taxes. As of December 25, 2021 and December 26, 2020, the Company had $2,344,000 and $2,030,000, respectively, of net unrecognized tax benefits representing the provision for the uncertainty of certain tax positions plus a component of interest and penalties. Estimated interest and penalties on the provision for the uncertainty of certain tax positions is included in income tax expense. At December 25, 2021 and December 26, 2020, there was $658,000 and $648,000, respectively, accrued for estimated interest and penalties related to the uncertainty of certain tax positions. The Company does not currently anticipate any significant increase or decrease to the unrecognized tax benefit during fiscal year 2022. The following table summarizes the rollforward of the total amounts of gross unrecognized tax benefits for fiscal years 2021 and 2020 (in thousands): Fiscal Years 2021 2020 Gross unrecognized tax benefits – beginning of the year $ 2,585 $ 3,014 Gross increases related to current year tax positions 782 349 Gross increases related to prior year tax positions 315 232 Gross decreases related to prior year tax positions (17 ) — Lapse of statute of limitations (820 ) (1,010 ) Gross unrecognized tax benefits – end of the year $ 2,845 $ 2,585 Landstar paid income taxes of $104,844,000 in fiscal year 2021, $47,589,000 in fiscal year 2020 and $67,317,000 in fiscal year 2019. |
Operating Property
Operating Property | 12 Months Ended |
Dec. 25, 2021 | |
Operating Property | (6) Operating Property Operating property is summarized as follows (in thousands): Dec. 25, 2021 Dec. 26, 2020 Land $ 16,328 $ 16,328 Buildings and improvements 65,034 64,314 Trailing equipment 479,300 433,400 Information technology hardware and software 91,115 72,560 Other equipment 9,708 9. 801 Total operating property, gross 661,485 596,403 Less accumulated depreciation and amortization 344,099 299,407 Total operating property, net $ 317,386 $ 296,996 Included above is $189,053,000 in fiscal year 2021 and $199,045,000 in fiscal year 2020 of operating property under finance leases, $143,227,000 and $139,259,000, respectively, net of accumulated depreciation and amortization. Landstar acquired operating property by entering into finance leases in the amount of $48,674,000 in fiscal year 2021, $31,633,000 in fiscal year 2020 and $29,054,000 in fiscal year 2019. |
Retirement Plan
Retirement Plan | 12 Months Ended |
Dec. 25, 2021 | |
Retirement Plan | (7) Retirement Plan Landstar sponsors an Internal Revenue Code section 401(k) defined contribution plan for the benefit of U.S. domiciled full-time employees who have completed six months of service. The Company reduced the employee service requirement to three months of service as of January 1, 2022. Eligible employees make voluntary contributions up to 75% of their base salary, subject to certain limitations. Landstar contributes an amount equal to 100% of the first 3% and 50% of the next 2% of such contributions, subject to certain limitations. The expense for the Company-sponsored defined contribution plan included in selling, general and administrative expense was $2,374,000 in fiscal year 2021, $2,417,000 in fiscal year 2020 and $2,427,000 in fiscal year 2019. |
Debt
Debt | 12 Months Ended |
Dec. 25, 2021 | |
Debt | (8) Debt Other than the finance lease obligations as presented on the consolidated balance sheets, the Company had no outstanding debt as of December 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 December 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. Landstar paid interest of $3,715,000 in fiscal year 2021, $3,915,000 in fiscal year 2020 and $4,439,000 in fiscal year 2019. |
Leases
Leases | 12 Months Ended |
Dec. 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 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, the Company applies a portfolio approach for determining the incremental borrowing rate. The components of lease cost for finance leases and operating leases as of December 25, 2021 were (in thousands): Finance leases: Amortization of right-of-use $ 21,205 Interest on lease liability 2,694 Total finance lease cost 23,899 Operating leases: Lease cost 3,529 Variable lease cost — Sublease income (5,161 ) Total net operating lease income (1,632 ) Total net lease cost $ 22,267 Total net operating lease income, net of rent expense under operating leases, was $1,620,000 in fiscal year 2020. Total rent expense, net of sublease rent income, under operating leases was $490,000 in fiscal year 2019. A summary of the lease classification on the Company’s consolidated balance sheet as of December , is as follows (in thousands): Assets: Operating lease right-of-use Other assets $ 2,051 Finance lease assets Operating property, less accumulated depreciation and amortization 143,227 Total lease assets $ 145,278 Liabilities: The following table reconciles the undiscounted cash flows for the finance and operating leases to the finance and operating Finance Leases Operating Leases 2022 $ 38,983 $ 763 2023 31,973 627 2024 22,070 522 2025 15,823 276 2026 7,668 — Thereafter — — Total future minimum lease payments 116,517 2,188 Less amount representing interest (1.6% to 4.4%) 4,713 137 Present value of minimum lease payments $ 111,804 $ 2,051 Current maturities of long-term debt 36,561 Long-term debt, excluding current maturities 75,243 Other 747 Deferred 1,304 The weighted average remaining lease term and the weighted average discount rate for finance and operating leases as of December 25, 2021 were: Finance Leases Operating Leases Weighted average remaining lease term (years) 3.6 3.2 Weighted average discount rate 2.6 % 4.0 % |
Share-Based Payment Arrangement
Share-Based Payment Arrangements | 12 Months Ended |
Dec. 25, 2021 | |
Share-Based Payment Arrangements | (10) Share-Based Payment Arrangements As of December 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): Fiscal Years 2021 2020 2019 Total cost of the Plans during the period $ 27,537 $ 4,639 $ 4,236 Amount of related income tax benefit recognized during the period (7,063 ) (2,114 ) (4,130 ) Net cost of the Plans during the period $ 20,474 $ 2,525 $ 106 Included in income tax benefits recognized in the fiscal years ended December 25, 2021, December 26, 2020 and December 28, 2019 were excess tax benefits from stock-based awards of $1,057,000, $941,000 and $3,019,000, respectively. As of December 25, 2021, there were 56,782 shares of the Company’s Common Stock reserved for issuance under the 2013 DSCP and 3,502,816 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 Fair Outstanding at December 29, 2018 292,345 $ 66.31 Granted 68,820 $ 89.34 Shares earned in excess of target (1) 71,172 $ 54.78 Vested shares, including shares earned in excess of target (226,981 ) $ 53.27 Forfeited (6,481 ) $ 86.60 Outstanding at December 28, 2019 198,875 $ 84.37 Granted 59,967 $ 102.58 Shares earned in excess of target (2) 11,648 $ 77.00 Vested shares, including shares earned in excess of target (76,290 ) $ 73.44 Forfeited (10,987 ) $ 100.55 Outstanding at December 26, 2020 183,213 $ 93.44 Granted 46,342 $ 128.64 Shares earned in excess of target (3) 7,132 $ 31.97 Vested shares, including shares earned in excess of target (24,600 ) $ 59.85 Forfeited (2,688 ) $ 107.76 Outstanding at December 25, 2021 209,399 $ 102.90 (1) Represents additional shares earned under both the January 27, 2015 and January 29, 2016 RSU awards as fiscal year 2018 financial results exceeded target performance level and under the May 1, 2015 RSU award as total shareholder return exceeded the target under the award. (2) Represents additional shares earned under the February 2, 2017 RSU awards as fiscal year 2019 financial results exceeded target performance level. (3) 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 fiscal years 2019, 2020 and 2021, the Company granted RSUs with a performance condition. During fiscal year 2019, the Company also issued RSUs with a market condition, as further described below. 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 pre-tax During fiscal year 2019, the Company granted 9,725 RSUs that vest based on a market condition. The RSUs granted in 2019 may vest on June 30 of 2023, 2024 and 2025 based on the Company’s total shareholder return (“TSR”) compound annual growth rate over the vesting periods, adjusted to reflect dividends (if any) paid during such periods and capital adjustments as may be necessary. The maximum number of common shares available for issuance under each grant equals 150% of the number of RSUs granted. The fair value of each RSU award was determined at the time of grant based on the expected achievement of the market condition at the end of each vesting period. With respect to these RSU awards, the Company reports compensation expense ratably over the life of the award based on an estimated number of units that will vest over the life of the award, multiplied by the fair value of the RSU. Previously recognized compensation cost would be reversed only if the employee terminated employment prior to completing the requisite service period. The Company recognized approximately $24,197,000, $1,602,000 and $1,557,000 of share-based compensation expense related to RSU awards in fiscal years 2021, 2020 and 2019, respectively. As of December 25, 2021, there was a maximum of $18.3 million of total unrecognized compensation cost related to RSU awards granted under the Plans with an expected average remaining life of approximately 3.3 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 2011 EIP provides the Compensation Committee of the Board of Directors with the authority to issue shares of Common Stock of the Company, subject to certain vesting and other restrictions on transfer (“restricted stock”). The following table summarizes information regarding the Company’s outstanding shares of non-vested Number Shares and Deferred Stock Units Weighted Average Fair Value Non-vested 55,987 $ 93.66 Granted 30,338 $ 102.76 Vested (21,517 ) $ 92.70 Non-vested 64,808 $ 98.24 Granted 26,604 $ 111.88 Vested (28,621 ) $ 98.83 Forfeited (2,351 ) $ 106.34 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 As of December 25, 2021, there was $3,880,000 of total unrecognized compensation cost related to non-vested non-vested Stock Options The Company did not grant any stock options during its 2019, 2020 or 2021 fiscal years. Options outstanding under the Plans generally become exercisable in either five equal annual installments commencing on the first anniversary of the date of grant or 100% on the fifth anniversary from the date of grant, subject to acceleration in certain circumstances. All options granted under the Plans expire on the tenth anniversary of the date of grant. Under the Plans, the exercise price of each option equals the fair market value of the Company’s Common Stock on the date of grant. The fair value of each option grant on its grant date was calculated using the Black-Scholes option pricing model. The Company utilized historical data, including exercise patterns and employee departure behavior, in estimating the term that options will be outstanding. Expected volatility was based on historical volatility and other factors, such as expected changes in volatility arising from planned changes to the Company’s business, if any. The risk-free interest rate was based on the yield of zero coupon U.S. Treasury bonds for terms that approximated the terms of the options granted. The following table summarizes information regarding the Company’s outstanding stock options under the Plans: Options Outstanding Options Exercisable Number of Options Weighted Average Exercise Price per Share Number of Options Weighted Average Exercise Price per Share Options at December 29, 2018 89,114 $ 50.44 88,114 $ 50.35 Exercised (44,647 ) $ 49.64 Options at December 28, 2019 44,467 $ 51.24 44,467 $ 51.24 Exercised (26,817 ) $ 49.31 Options at December 26, 2020 17,650 $ 54.16 17,650 $ 54.16 Exercised (9,080 ) $ 52.97 Options at December 25, 2021 8,570 $ 55.42 8,570 $ 55.42 The following tables summarize stock options outstanding and exercisable at December 25, 2021: Options Outstanding Range of Exercise Prices Per Share Number Outstanding Weighted Average Remaining Contractual Term (years) Weighted Average Exercise Price per Share $ 51.99 - $ 56.40 8,570 0.9 $ 55.42 Options Exercisable Range of Exercise Prices Per Share Number Exercisable Weighted Average Remaining Contractual Term (years) Weighted Average Exercise Price per Share $ 51.99 - $ 56.40 8,570 0.9 $ 55.42 At December 25, 2021, the total intrinsic value of options outstanding and exercisable was $1,001,000. The total intrinsic value of stock options exercised during fiscal years 2021, 2020 and 2019 was $965,000, $1,846,000 and $2,683,000, respectively. As of December 25, 2021, there was no unrecognized compensation cost related to non-vested Directors’ Stock Compensation Plan Directors of the Company who are not employees of the Company (each an “Eligible Director”) are entitled under the 2013 DSCP to receive a grant of such number of restricted shares of the Company’s Common Stock or Deferred Stock Units equal to the quotient of $110,000 divided by the fair market value of a share of Common Stock on the date immediately following the date of each annual meeting of the stockholders of the Company (an “Annual Meeting”). In fiscal year 2021, 3,804 restricted shares were granted to Eligible Directors. In fiscal year 2020, 4,890 restricted shares and 978 Deferred Stock Units were granted to Eligible Directors. In fiscal year 2019, 5,240 restricted shares and 1,048 Deferred Stock Units were granted to Eligible Directors. Restricted shares and Deferred Stock Units granted in 2019, 2020 and 2021 vest on the date of the next Annual Meeting. During fiscal years 2021, 2020 and 2019, $669,000, $660,000 and $660,000, respectively, of compensation cost was recorded for the grant of these restricted shares and Deferred Stock Units. |
Equity
Equity | 12 Months Ended |
Dec. 25, 2021 | |
Equity | (11) Equity On December 7, 2021, the Landstar System, Inc. Board of Directors authorized the Company to purchase up to 1,912,824 additional shares of the Company’s Common Stock from time to time in the open market and in privately negotiated transactions. On December 9, 2019, the Landstar System, Inc. Board of Directors authorized the Company to purchase up to 1,849,068 shares of the Company’s Common Stock from time to time in the open market and in privately negotiated transactions. As of December 25, 2021, the Company had authorization to purchase in the aggregate up to 3,000,000 shares of its Common Stock under these programs. No specific expiration date has been assigned to the December 7, 2021 or December 9, 2019 authorizations. During fiscal year 2021, Landstar purchased a total of 733,854 shares of its Common Stock at a total cost of $122,722,000 pursuant to its previously announced stock purchase program. The Company has 2,000,000 shares of preferred stock authorized and unissued. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 25, 2021 | |
Commitments and Contingencies | (12) Commitments and Contingencies At December 25, 2021, in addition to the $72,267,000 letters of credit secured by investments, Landstar had $33,170,000 of letters of credit outstanding under the Company’s Credit Agreement. The Company is involved in certain claims and pending litigation arising from the normal conduct of business. Many of these claims are covered in whole or in part by insurance. Based on knowledge of the facts and, in certain cases, opinions of outside counsel, management believes that adequate provisions have been made for probable losses with respect to the resolution of all such claims and pending litigation and that the ultimate outcome, after provisions therefor, will not have a material adverse effect on the financial condition of the Company, but could have a material effect on the results of operations in a given quarter or year. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 25, 2021 | |
Segment Information | (13) Segment Information Landstar markets its integrated transportation management solutions primarily through independent commission sales agents and exclusively utilizes third party capacity providers to transport customers’ freight. Landstar’s independent commission sales agents enter into contractual arrangements with the Company and are responsible for locating freight, making that freight available to Landstar’s capacity providers and coordinating the transportation of the freight with customers and capacity providers. The Company’s third party capacity providers consist of independent contractors who provide truck capacity to the Company under exclusive lease arrangements (the “BCO Independent Contractors”), unrelated trucking companies who provide truck capacity to the Company under non-exclusive The transportation logistics segment provides a wide range of integrated transportation management solutions. Transportation services offered by the Company include truckload, less-than-truckload and other truck transportation, rail intermodal, air cargo, ocean cargo, expedited ground and air delivery of time-critical freight, heavy-haul/specialized, U.S.-Canada and U.S.-Mexico cross-border, intra-Mexico, intra-Canada, project cargo and customs brokerage. Examples of the industries serviced by the transportation logistics segment include automotive parts and assemblies, consumer durables, building products, metals, chemicals, foodstuffs, heavy machinery, retail, electronics and military equipment. In addition, the transportation logistics segment provides transportation services to other transportation companies, including third party logistics and less-than-truckload service providers. The independent commission sales agents market services provided by the transportation logistics segment. Billings for freight transportation services are typically charged to customers on a per shipment basis for the physical transportation of freight and are referred to as transportation revenue. The results of operations from Landstar Blue and Landstar Metro are presented as part of the Company’s transportation logistics segment. The insurance segment is comprised of Signature Insurance Company (“Signature”), a wholly owned offshore insurance subsidiary, and Risk Management Claim Services, Inc. The insurance segment provides risk and claims management services to certain of Landstar’s operating subsidiaries. In addition, it reinsures certain risks of the Company’s BCO Independent Contractors and provides certain property and casualty insurance directly to certain of Landstar’s operating subsidiaries. Revenue at the insurance segment represents reinsurance premiums from third party insurance companies that provide insurance programs to BCO Independent Contractors where all or a portion of the risk is ultimately borne by Signature. Internal revenue for premiums billed by the insurance segment to the transportation logistics segment is calculated each fiscal period based primarily on an actuarial calculation of historical loss experience and is believed to approximate the cost that would have been incurred by the transportation logistics segment had similar insurance been obtained from an unrelated third party. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Company evaluates a segment’s performance based on operating income. No single customer accounted for more than 10% of the Company’s consolidated revenue in fiscal years 2021, 2020 and 2019. Substantially all of the Company’s revenue is generated in North America, primarily through customers located in the United States. The following tables summarize information about the Company’s reportable business segments as of and for the fiscal years ending December 25, 2021, December 26, 2020 and December 28, 2019 (in thousands): Transportation Insurance Total 2021 External revenue $ 6,465,711 $ 71,857 $ 6,537,568 Internal revenue 62,558 62,558 Investment income 2,857 2,857 Interest and debt expense 3,976 3,976 Depreciation and amortization 49,609 49,609 Operating income 464,282 41,386 505,668 Expenditures on long-lived assets 23,261 23,261 Goodwill 40,768 40,768 Finance lease additions 48,674 48,674 Total assets 1,736,854 308,611 2,045,465 2020 External revenue $ 4,076,519 $ 56,462 $ 4,132,981 Internal revenue 54,003 54,003 Investment income 3,399 3,399 Interest and debt expense 3,953 3,953 Depreciation and amortization 45,855 45,855 Operating income 221,210 31,740 252,950 Expenditures on long-lived assets 30,626 30,626 Goodwill 40,949 40,949 Finance lease additions 31,633 31,633 Total assets 1,301,991 351,808 1,653,799 2019 External revenue $ 4,028,336 $ 56,241 $ 4,084,577 Internal revenue 46,587 46,587 Investment income 5,041 5,041 Interest and debt expense 3,141 3,141 Depreciation and amortization 44,468 44,468 Operating income 258,742 40,162 298,904 Expenditures on long-lived assets 19,416 19,416 Goodwill 38,508 38,508 Finance lease additions 29,054 29,054 Total assets 1,168,944 258,767 1,427,711 |
Change in Accounting Estimate f
Change in Accounting Estimate for Self-Insured Claims | 12 Months Ended |
Dec. 25, 2021 | |
Change in Accounting Estimate for Self-Insured Claims | (14) 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 attributable to Landstar System, Inc. and subsidiary and earnings per share attributable to Landstar System, Inc. and subsidiary set forth in the consolidated statements of income for the fiscal years ended December 25, 2021, December 26, 2020 and December 28, 2019 (in thousands, except per share amounts): Fiscal Years Ended December 25, 2021 December 26, 2020 December 28, 2019 Operating income $ 9,708 $ 9,196 $ 16,679 Net income attributable to Landstar System, Inc. and subsidiary $ 7,359 $ 6,989 $ 12,683 Diluted earnings per share attributable to Landstar System, Inc. and subsidiary $ 0.19 $ 0.18 $ 0.32 The unfavorable development of prior years’ claims in the fiscal year ended December 25, 2021 was primarily attributable to five claims. The unfavorable development of prior years’ claims in fiscal years ended December 26, 2020 and December 28, 2019 was attributable in each year to several specific claims as well as actuarially determined adjustments to prior year commercial trucking loss estimates. |
Impairment of Intangible and Ot
Impairment of Intangible and Other Assets | 12 Months Ended |
Dec. 25, 2021 | |
Impairment of Intangible and Other Assets | (15) Impairment of Intangible and Other Assets During the 2020 second fiscal quarter, the Company recorded a non-cash |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 25, 2021 | |
Recent Accounting Pronouncements | (16) Recent Accounting Pronouncements Adoption of New Accounting Standards In June 2016, the FASB issued Accounting Standards Update 2016-13– Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments 2016-13”), 2016-13 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 25, 2021 | |
Consolidation | Consolidation The consolidated financial statements include the accounts of Landstar System, Inc. and its subsidiary, Landstar System Holdings, Inc. (“LSHI”). Landstar System, Inc. and its subsidiary are herein referred to as “Landstar” or the “Company.” Significant intercompany accounts have been eliminated in consolidation. |
Estimates | Estimates The preparation of the consolidated financial statements requires the use of management’s estimates. Actual results could differ from those estimates. |
Fiscal Year | Fiscal Year Landstar’s fiscal year is the 52 or 53 week period ending the last Saturday in December. |
Revenue Recognition | Revenue Recognition The nature of the Company’s freight transportation services and its performance obligations to customers, regardless of the mode of transportation used to perform such services, relate to the safe and on-time pick-up shipment-by-shipment shipment-by-shipment pre-defined (30-60) pick-up pick-up |
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 fiscal years ended December 25, 2021, December 26, 2020 and December 28, 2019 (dollars in thousands): Fiscal Years Ended Mode December 25, 2021 December 26, 2020 December 28, 2019 Truck – BCO Independent Contractors 40 % 45 % 45 % Truck – Truck Brokerage Carriers 51 % 47 % 47 % Rail intermodal 2 % 3 % 3 % Ocean and air cargo carriers 5 % 3 % 3 % Truck Equipment Type Van equipment $ 3,525,830 $ 2,192,254 $ 2,095,345 Unsided/platform equipment $ 1,549,037 $ 1,119,272 $ 1,254,781 Less-than-truckload $ 117,505 $ 97,546 $ 98,324 Other truck transportation (1) $ 770,846 $ 406,709 $ 316,879 (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. |
Insurance Claim Costs | Insurance Claim Costs Landstar provides, primarily on an actuarially determined basis, for the estimated costs of cargo, property, casualty, general liability and workers’ compensation claims both reported and for claims incurred but not reported. For periods prior to May 1, 2019, Landstar retains liability for commercial trucking claims up to $5 million per occurrence and maintains various third party insurance arrangements for liabilities in excess of its $ million self-insured retention. Effective May 1, 2019, the Company entered into a new three year commercial auto liability insurance arrangement for losses incurred between $ million and $ million (the “Initial Excess Policy”) with a third party insurance company. For commercial trucking claims incurred on or after May 1, 2019 through April 30, 2022, the Initial Excess Policy provides for a limit for a single loss of $ million , with an aggregate limit of $ million for each policy year, an aggregate limit of $ million for the thirty-six month term ended April 30, 2022, and options to increase such aggregate limits for pre-established amounts of additional premium. If aggregate losses under the Initial Excess Policy exceed either the annual aggregate limit or the aggregate limit for the three year period ending April 30, 2022, and the Company did not elect to increase such aggregate limits for a pre-established amount of additional premium, Landstar would retain liability of up to $ million per occurrence, inclusive of its $ million self-insured retention for commercial trucking claims during the remainder of the applicable policy year(s). Moreover, as a result of the Company’s aggregate loss experience since it entered into the Initial Excess Policy, the Initial Excess Policy required the Company to pay additional premium relating to its existing coverage up to a pre-established maximum amount of $ million , which was provided for in insurance and claims costs for the Company’s 2020 fiscal first quarter. o o million . These third party arrangements provide coverage on a per occurrence or aggregated basis. In recent years, the Company has increased the level of its financial exposure to commercial trucking claims in excess of $10 million , including through the use of additional self-insurance, deductibles, aggregate loss limits, quota shares and other arrangements with third party insurance companies, based on the availability of coverage within certain excess insurance coverage layers and estimated cost differentials between proposed premiums from third party insurance companies and historical and actuarially projected losses experienced by the Company at various levels of excess insurance coverage . In addition, third party insurance arrangements providing excess coverage for commercial trucking liabilities in excess of Landstar’s self-insured retention generally require that the Company fund settlement payments to claimants and seek reimbursement from the Company’s third party insurance providers, as applicable. In connection with settlements of claims in excess of the Company’s $ million self-insured retention, the Company accrues for such anticipated settlement payments and records a corresponding receivable for amounts the Company expects to collect from its third party insurance providers following the payment of such settlement amounts. On the Company’s consolidated balance sheet as of December 26, 2020, the Company had an aggregate accrual of current liabilities in insurance claims for anticipated payments of settlement amounts above our self-insured retention of $ , and a corresponding amount of current assets included in other receivables. Those insurance claims in excess of the Company’s self-insured retention were paid, and full collection from the Company’s excess insurers occurred, during the Company’s 2021 first fiscal quarter. Further, the Company retains liability of up to $1,000,000 for each general liability claim, up to $250,000 for each workers’ compensation claim and up to $250,000 for each cargo claim. In addition, under reinsurance arrangements by Signature of certain risks of the Company’s BCO Independent Contractors, the Company retains liability of up to $500,000, $1,000,000 or $2,000,000 with respect to certain occupational accident claims and up to $750,000 with respect to certain workers’ compensation claims. |
Tires | Tires Tires purchased as part of trailing equipment are capitalized as part of the cost of the equipment. Replacement tires are charged to expense when placed in service. |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash Included in cash and cash equivalents are all investments, except those provided for collateral, with an original maturity of 3 months or less. |
Financial Instruments | Financial Instruments The Company’s financial instruments include cash equivalents, short and long-term investments, trade and other accounts receivable, accounts payable, other accrued liabilities, and long-term debt plus current maturities (“Debt”). The carrying value of cash equivalents, trade and other accounts receivable, accounts payable, current insurance claims and other accrued liabilities approximates fair value as the assets and liabilities are short term in nature. Short and long-term investments are carried at fair value as further described in Note 4 in the Company’s consolidated financial statements. The Company’s Debt includes borrowings under the Company’s revolving credit facility, to the extent there are any, plus borrowings relating to finance lease obligations used to finance trailing equipment. 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. |
Trade and Other Receivables | Trade and Other Receivables The allowance for doubtful accounts for both trade and other receivables represents management’s estimate of the amount of outstanding receivables that will not be collected. Estimates are used to determine the allowance for doubtful accounts for both trade and other receivables and are generally based on specific identification, historical collection results, current economic trends and changes in payment trends. Following is a summary of the activity in the allowance for doubtful accounts for fiscal years ending December 25, 2021, December 26, 2020 and December 28, 2019 (in thousands): Balance at Beginning of Period Charged to Costs and Expenses Write-offs, Net of Recoveries Balance at End of Period For the Fiscal Year Ended December 25, 2021 Trade receivables $ 8,670 $ 1,735 $ (3,331 ) $ 7,074 Other receivables 8,399 4,050 (2,938 ) 9,511 Other non-current 264 (63 ) (1 ) 200 $ 17,333 $ 5,722 $ (6,270 ) $ 16,785 For the Fiscal Year Ended December 26, 2020 Trade receivables $ 7,284 $ 6,121 $ (4,735 ) $ 8,670 Other receivables 8,806 3,291 (3,698 ) 8,399 Other non-current 260 3 1 264 $ 16,350 $ 9,415 $ (8,432 ) $ 17,333 For the Fiscal Year Ended December 28, 2019 Trade receivables $ 6,413 $ 4,309 $ (3,438 ) $ 7,284 Other receivables 7,211 5,518 (3,923 ) 8,806 Other non-current 256 4 — 260 $ 13,880 $ 9,831 $ (7,361 ) $ 16,350 |
Operating Property | Operating Property Operating property is recorded at cost. Depreciation is provided on a straight-line basis over the estimated useful lives of the related assets. Buildings and improvements are being depreciated over 30 years. Trailing equipment is being depreciated over 7 to 10 years. Information technology hardware and software is generally being depreciated over 3 to 7 years. |
Goodwill | Goodwill Goodwill represents the excess of the purchase price paid over the fair value of the net assets of acquired businesses. The Company has two reporting units within the transportation logistics segment that report goodwill. The Company reviews its goodwill balance annually for impairment for each reporting unit, unless circumstances dictate more frequent assessments, and in accordance with ASU 2011-08, Testing Goodwill for Impairment 2011-08 |
Income Taxes | Income Taxes Income tax expense is equal to the current year’s liability for income taxes and a provision for deferred income taxes. Deferred tax assets and liabilities are recorded for the future tax effects attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the enacted tax rates expected to be applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. |
Share-Based Payments | Share-Based Payments The Company’s share-based payment arrangements include restricted stock units (“RSU”), non-vested award based on an estimated number of units that will vest over the life of the award, multiplied by the fair value of an RSU. The fair value of an RSU with a market condition is determined at the time of grant based on the expected achievement of the market condition at the end of each vesting period. With respect to RSU awards with a market condition, the Company recognizes compensation expense ratably over the requisite service period under an award based on the fair market value of the award at the time of grant, regardless of whether the market condition is satisfied. Previously recognized compensation cost would be reversed, however, if the employee terminated employment prior to completing such requisite service period. The Company estimates the fair value of stock option awards on the date of grant using the Black-Scholes pricing model and recognizes compensation cost for stock option awards expected to vest on a straight-line basis over the requisite service period for the entire award. Forfeitures are estimated at grant date based on historical experience and anticipated employee turnover. The fair values of each share of non-vested non-vested e |
Earnings Per Share | Earnings Per Share Earnings per common share attributable to Landstar System, Inc. and subsidiary are based on the weighted average number of shares outstanding, including outstanding non-vested non-vested For the fiscal years ended December 25, 2021, December 26, 2020 and December 28, 2019, 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. |
Dividends Payable | Dividends Payable On December 7, 2021, the Company announced that its Board of Directors declared a special cash dividend of $2.00 per share payable on January 21, 2022, to stockholders of record of its Common Stock as of January 7, 2022. Dividends payable of $75,387,000 related to this special dividend were included in current liabilities in the consolidated balance sheet at December 25, 2021. On December 8, 2020, the Company announced that its Board of Directors declared a special cash dividend of $2.00 per share payable on January 22, 2021, to stockholders of record of its Common Stock as of January 8, 2021. Dividends payable of $76,770,000 related to this special dividend were included in current liabilities in the consolidated balance sheet at December 26, 2020. |
Foreign Currency Translation | Foreign Currency Translation Assets and liabilities of the Company’s Canadian and Mexican operations are translated from their functional currency to U.S. dollars using exchange rates in effect at the balance sheet date and revenue and expense accounts are translated at average monthly exchange rates during the period. Adjustments resulting from the translation process are included in accumulated other comprehensive income. Transactional gains and losses arising from receivable and payable balances, including intercompany balances, in the normal course of business that are denominated in a currency other than the functional currency of the operation are recorded in the statements of income when they occur. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 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 fiscal years ended December 25, 2021, December 26, 2020 and December 28, 2019 (dollars in thousands): Fiscal Years Ended Mode December 25, 2021 December 26, 2020 December 28, 2019 Truck – BCO Independent Contractors 40 % 45 % 45 % Truck – Truck Brokerage Carriers 51 % 47 % 47 % Rail intermodal 2 % 3 % 3 % Ocean and air cargo carriers 5 % 3 % 3 % Truck Equipment Type Van equipment $ 3,525,830 $ 2,192,254 $ 2,095,345 Unsided/platform equipment $ 1,549,037 $ 1,119,272 $ 1,254,781 Less-than-truckload $ 117,505 $ 97,546 $ 98,324 Other truck transportation (1) $ 770,846 $ 406,709 $ 316,879 (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. |
Summary of Activity in Allowance for Doubtful Accounts | Following is a summary of the activity in the allowance for doubtful accounts for fiscal years ending December 25, 2021, December 26, 2020 and December 28, 2019 (in thousands): Balance at Beginning of Period Charged to Costs and Expenses Write-offs, Net of Recoveries Balance at End of Period For the Fiscal Year Ended December 25, 2021 Trade receivables $ 8,670 $ 1,735 $ (3,331 ) $ 7,074 Other receivables 8,399 4,050 (2,938 ) 9,511 Other non-current 264 (63 ) (1 ) 200 $ 17,333 $ 5,722 $ (6,270 ) $ 16,785 For the Fiscal Year Ended December 26, 2020 Trade receivables $ 7,284 $ 6,121 $ (4,735 ) $ 8,670 Other receivables 8,806 3,291 (3,698 ) 8,399 Other non-current 260 3 1 264 $ 16,350 $ 9,415 $ (8,432 ) $ 17,333 For the Fiscal Year Ended December 28, 2019 Trade receivables $ 6,413 $ 4,309 $ (3,438 ) $ 7,284 Other receivables 7,211 5,518 (3,923 ) 8,806 Other non-current 256 4 — 260 $ 13,880 $ 9,831 $ (7,361 ) $ 16,350 |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 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 attributable to Landstar System, Inc. and subsidiary, net of related income taxes, as of and for the fiscal years ended December 25, 2021, December 26, 2020 and December 28, 2019 (in thousands): Unrealized Available-for-Sale Foreign Total Balance as of December 29, 2018 $ (930 ) $ (4,945 ) $ (5,875 ) Other comprehensive income 2,050 1,613 3,663 Balance as of December 28, 2019 1,120 (3,332 ) (2,212 ) Other comprehensive income (loss) 1,688 (1,475 ) 213 Balance as of December 26, 2020 2,808 (4,807 ) (1,999 ) Other comprehensive loss (2,695 ) (709 ) (3,404 ) Balance as of December 25, 2021 $ 113 $ (5,516 ) $ (5,403 ) |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Amortized Cost and Fair Value of Available-for-Sale Investments | The amortized cost and fair values of available-for-sale Amortized Cost Gross Gains Gross Losses Fair Value December 25, 2021 Money market investments $ 8,750 $ — $ — $ 8,750 Asset-backed securities 22,441 — 346 22,095 Corporate bonds and direct obligations of government agencies 137,916 1,406 966 138,356 U.S. Treasury obligations 2,342 50 — 2,392 Total $ 171,449 $ 1,456 $ 1,312 $ 171,593 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 December 25, 2021 Asset-backed securities $ 22,095 $ 346 $ — $ — $ 22,095 $ 346 Corporate bonds and direct obligations of government agencies 72,526 966 — — 72,526 966 Total $ 94,621 $ 1,312 $ — $ — $ 94,621 $ 1,312 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 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Schedule of Provisions for Income Taxes | The provisions for income taxes consisted of the following (in thousands): Fiscal Years 2021 2020 2019 Current: Federal $ 104,640 $ 47,955 $ 52,422 State 18,462 7,249 10,367 Foreign 856 557 504 Total current $ 123,958 $ 55,761 $ 63,293 Deferred: Federal $ (3,278 ) $ 1,523 $ 4,212 State (512 ) (393 ) 555 Total deferred $ (3,790 ) $ 1,130 $ 4,767 Income taxes $ 120,168 $ 56,891 $ 68,060 |
Schedule of Deferred Tax Assets and Liabilities | Temporary differences and carryforwards which gave rise to deferred tax assets and liabilities consisted of the following (in thousands): Dec. 25, 2021 Dec. 26, 2020 Deferred tax assets: Receivable valuations $ 4,112 $ 4,286 Share-based payments 7,000 2,020 Self-insured claims 3,696 3,613 Other 10,354 6,056 Total deferred tax assets $ 25,162 $ 15,975 Deferred tax liabilities: Operating property $ 57,903 $ 52,014 Goodwill 3,958 3,772 Other 2,409 3,087 Total deferred tax liabilities $ 64,270 $ 58,873 Net deferred tax liability $ 39,108 $ 42,898 |
Schedule of Income Taxes Calculated on Income from Continuing Operations Before Income Taxes and Provision for Income Taxes | The following table summarizes the differences between income taxes calculated at the federal income tax rates of 21% on income before income taxes and the provisions for income taxes (in thousands): Fiscal Years 2021 2020 2019 Income taxes at federal income tax rate $ 105,355 $ 52,289 $ 62,110 State income taxes, net of federal income tax benefit 14,260 5,375 8,876 Non-deductible 2,946 96 — Meals and entertainment exclusion — 326 644 Share-based payments (1,070 ) (977 ) (3,093 ) Research and development credits (2,069 ) (717 ) (714 ) Other, net 746 499 237 Income taxes $ 120,168 $ 56,891 $ 68,060 |
Schedule for Gross Unrecognized Tax Benefits | The following table summarizes the rollforward of the total amounts of gross unrecognized tax benefits for fiscal years 2021 and 2020 (in thousands): Fiscal Years 2021 2020 Gross unrecognized tax benefits – beginning of the year $ 2,585 $ 3,014 Gross increases related to current year tax positions 782 349 Gross increases related to prior year tax positions 315 232 Gross decreases related to prior year tax positions (17 ) — Lapse of statute of limitations (820 ) (1,010 ) Gross unrecognized tax benefits – end of the year $ 2,845 $ 2,585 |
Operating Property (Tables)
Operating Property (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Schedule of Operating Property | Operating property is summarized as follows (in thousands): Dec. 25, 2021 Dec. 26, 2020 Land $ 16,328 $ 16,328 Buildings and improvements 65,034 64,314 Trailing equipment 479,300 433,400 Information technology hardware and software 91,115 72,560 Other equipment 9,708 9. 801 Total operating property, gross 661,485 596,403 Less accumulated depreciation and amortization 344,099 299,407 Total operating property, net $ 317,386 $ 296,996 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Lease, Cost [Table Text Block] | The components of lease cost for finance leases and operating leases as of December 25, 2021 were (in thousands): Finance leases: Amortization of right-of-use $ 21,205 Interest on lease liability 2,694 Total finance lease cost 23,899 Operating leases: Lease cost 3,529 Variable lease cost — Sublease income (5,161 ) Total net operating lease income (1,632 ) Total net lease cost $ 22,267 |
Schedule Of Supplemental Balance Sheet In formation Related To Leases [Table Text Block] | A summary of the lease classification on the Company’s consolidated balance sheet as of December , is as follows (in thousands): Assets: Operating lease right-of-use Other assets $ 2,051 Finance lease assets Operating property, less accumulated depreciation and amortization 143,227 Total lease assets $ 145,278 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 Finance Leases Operating Leases 2022 $ 38,983 $ 763 2023 31,973 627 2024 22,070 522 2025 15,823 276 2026 7,668 — Thereafter — — Total future minimum lease payments 116,517 2,188 Less amount representing interest (1.6% to 4.4%) 4,713 137 Present value of minimum lease payments $ 111,804 $ 2,051 Current maturities of long-term debt 36,561 Long-term debt, excluding current maturities 75,243 Other 747 Deferred 1,304 |
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 December 25, 2021 were: Finance Leases Operating Leases Weighted average remaining lease term (years) 3.6 3.2 Weighted average discount rate 2.6 % 4.0 % |
Share-Based Payment Arrangeme_2
Share-Based Payment Arrangements (Tables) | 12 Months Ended |
Dec. 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): Fiscal Years 2021 2020 2019 Total cost of the Plans during the period $ 27,537 $ 4,639 $ 4,236 Amount of related income tax benefit recognized during the period (7,063 ) (2,114 ) (4,130 ) Net cost of the Plans during the period $ 20,474 $ 2,525 $ 106 |
Summary of Information Regarding Stock Options | The following table summarizes information regarding the Company’s outstanding stock options under the Plans: Options Outstanding Options Exercisable Number of Options Weighted Average Exercise Price per Share Number of Options Weighted Average Exercise Price per Share Options at December 29, 2018 89,114 $ 50.44 88,114 $ 50.35 Exercised (44,647 ) $ 49.64 Options at December 28, 2019 44,467 $ 51.24 44,467 $ 51.24 Exercised (26,817 ) $ 49.31 Options at December 26, 2020 17,650 $ 54.16 17,650 $ 54.16 Exercised (9,080 ) $ 52.97 Options at December 25, 2021 8,570 $ 55.42 8,570 $ 55.42 |
Schedule of Information on Restricted Stock Units | The following table summarizes information regarding the Company’s outstanding restricted stock unit (“RSU”) awards with either a performance condition or a market condition under the Plans: Number of Weighted Average Grant Date Fair Outstanding at December 29, 2018 292,345 $ 66.31 Granted 68,820 $ 89.34 Shares earned in excess of target (1) 71,172 $ 54.78 Vested shares, including shares earned in excess of target (226,981 ) $ 53.27 Forfeited (6,481 ) $ 86.60 Outstanding at December 28, 2019 198,875 $ 84.37 Granted 59,967 $ 102.58 Shares earned in excess of target (2) 11,648 $ 77.00 Vested shares, including shares earned in excess of target (76,290 ) $ 73.44 Forfeited (10,987 ) $ 100.55 Outstanding at December 26, 2020 183,213 $ 93.44 Granted 46,342 $ 128.64 Shares earned in excess of target (3) 7,132 $ 31.97 Vested shares, including shares earned in excess of target (24,600 ) $ 59.85 Forfeited (2,688 ) $ 107.76 Outstanding at December 25, 2021 209,399 $ 102.90 (1) Represents additional shares earned under both the January 27, 2015 and January 29, 2016 RSU awards as fiscal year 2018 financial results exceeded target performance level and under the May 1, 2015 RSU award as total shareholder return exceeded the target under the award. (2) Represents additional shares earned under the February 2, 2017 RSU awards as fiscal year 2019 financial results exceeded target performance level. (3) 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 Stock Options Outstanding and Exercisable | The following tables summarize stock options outstanding and exercisable at December 25, 2021: Options Outstanding Range of Exercise Prices Per Share Number Outstanding Weighted Average Remaining Contractual Term (years) Weighted Average Exercise Price per Share $ 51.99 - $ 56.40 8,570 0.9 $ 55.42 Options Exercisable Range of Exercise Prices Per Share Number Exercisable Weighted Average Remaining Contractual Term (years) Weighted Average Exercise Price per Share $ 51.99 - $ 56.40 8,570 0.9 $ 55.42 |
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 Shares and Deferred Stock Units Weighted Average Fair Value Non-vested 55,987 $ 93.66 Granted 30,338 $ 102.76 Vested (21,517 ) $ 92.70 Non-vested 64,808 $ 98.24 Granted 26,604 $ 111.88 Vested (28,621 ) $ 98.83 Forfeited (2,351 ) $ 106.34 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) | 12 Months Ended |
Dec. 25, 2021 | |
Information Regarding Reportable Business Segments | The following tables summarize information about the Company’s reportable business segments as of and for the fiscal years ending December 25, 2021, December 26, 2020 and December 28, 2019 (in thousands): Transportation Insurance Total 2021 External revenue $ 6,465,711 $ 71,857 $ 6,537,568 Internal revenue 62,558 62,558 Investment income 2,857 2,857 Interest and debt expense 3,976 3,976 Depreciation and amortization 49,609 49,609 Operating income 464,282 41,386 505,668 Expenditures on long-lived assets 23,261 23,261 Goodwill 40,768 40,768 Finance lease additions 48,674 48,674 Total assets 1,736,854 308,611 2,045,465 2020 External revenue $ 4,076,519 $ 56,462 $ 4,132,981 Internal revenue 54,003 54,003 Investment income 3,399 3,399 Interest and debt expense 3,953 3,953 Depreciation and amortization 45,855 45,855 Operating income 221,210 31,740 252,950 Expenditures on long-lived assets 30,626 30,626 Goodwill 40,949 40,949 Finance lease additions 31,633 31,633 Total assets 1,301,991 351,808 1,653,799 2019 External revenue $ 4,028,336 $ 56,241 $ 4,084,577 Internal revenue 46,587 46,587 Investment income 5,041 5,041 Interest and debt expense 3,141 3,141 Depreciation and amortization 44,468 44,468 Operating income 258,742 40,162 298,904 Expenditures on long-lived assets 19,416 19,416 Goodwill 38,508 38,508 Finance lease additions 29,054 29,054 Total assets 1,168,944 258,767 1,427,711 |
Change in Accounting Estimate_2
Change in Accounting Estimate for Self-Insured Claims (Tables) | 12 Months Ended |
Dec. 25, 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 attributable to Landstar System, Inc. and subsidiary and earnings per share attributable to Landstar System, Inc. and subsidiary set forth in the consolidated statements of income for the fiscal years ended December 25, 2021, December 26, 2020 and December 28, 2019 (in thousands, except per share amounts): Fiscal Years Ended December 25, 2021 December 26, 2020 December 28, 2019 Operating income $ 9,708 $ 9,196 $ 16,679 Net income attributable to Landstar System, Inc. and subsidiary $ 7,359 $ 6,989 $ 12,683 Diluted earnings per share attributable to Landstar System, Inc. and subsidiary $ 0.19 $ 0.18 $ 0.32 |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | |||
Dec. 25, 2021USD ($)Segment$ / sharesshares | Dec. 26, 2020USD ($)$ / sharesshares | Dec. 28, 2019shares | Jun. 26, 2021USD ($) | |
Significant Accounting Policies [Line Items] | ||||
Number of reporting units | Segment | 2 | |||
Stock options excluded from calculation of diluted earnings per share, antidilutive | shares | 0 | 0 | 0 | |
Dividends payable per share | $ / shares | $ 2 | $ 2 | ||
Dividend payable date | Jan. 21, 2022 | Jan. 22, 2021 | ||
Dividend record date | Jan. 7, 2022 | Jan. 8, 2021 | ||
Dividends payable | $ 75,387,000 | $ 76,770,000 | ||
Dividend announced date | Dec. 7, 2021 | Dec. 8, 2020 | ||
Self Insurance Reserve, Current | $ 46,896,000 | $ 149,774,000 | ||
Restricted Cash | 4,049,000 | |||
Short-term investments | $ 35,778,000 | 41,375,000 | ||
Buildings And Improvements | ||||
Significant Accounting Policies [Line Items] | ||||
Depreciated life | 30 years | |||
Trailing Equipment | Maximum | ||||
Significant Accounting Policies [Line Items] | ||||
Depreciated life | 10 years | |||
Trailing Equipment | Minimum | ||||
Significant Accounting Policies [Line Items] | ||||
Depreciated life | 7 years | |||
Hardware And Software | Maximum | ||||
Significant Accounting Policies [Line Items] | ||||
Depreciated life | 7 years | |||
Hardware And Software | Minimum | ||||
Significant Accounting Policies [Line Items] | ||||
Depreciated life | 3 years | |||
Commercial Trucking Claims | ||||
Significant Accounting Policies [Line Items] | ||||
Company retained aggregate liability | $ 10,000,000 | |||
Self insurance excess value maintain third party | 5,000,000 | |||
Commercial Trucking Claims | Initial Excess Policy [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Company retained liability per claim | 5,000,000 | |||
Additional premium | 3,500,000 | |||
Commercial Trucking Claims | Third Party Insurance [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Self insurance excess value maintain third party | 5,000,000 | |||
Commercial Trucking Claims | Third Party Insurance [Member] | Excess Coverage Policy [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Self insurance excess value maintain third party | 10,000,000 | |||
Commercial Trucking Claims | Retained Liability Maximum In Aggregate For Three Year Policy From May 1 2019 To April 30 2022 [Member] | Initial Excess Policy [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Company retained aggregate liability | 10,000,000 | |||
Commercial Trucking Claims | Maximum | ||||
Significant Accounting Policies [Line Items] | ||||
Company retained liability per claim | 10,000,000 | |||
Commercial Trucking Claims | Maximum | Initial Excess Policy [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Company retained aggregate liability | 15,000,000 | |||
Commercial Trucking Claims | Maximum | Additional Retained Liability, Maximum in Aggregate, for three year policy that goes May 1, 2019 through April 30, 2022 | ||||
Significant Accounting Policies [Line Items] | ||||
Company retained term aggregate | 20,000,000 | |||
Commercial Trucking Claims | Minimum | ||||
Significant Accounting Policies [Line Items] | ||||
Company retained liability per claim | 5,000,000 | |||
Commercial Trucking Claims | Minimum | Initial Excess Policy [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Company retained aggregate liability | 5,000,000 | |||
Commercial Trucking Claims | Minimum | Third Party Insurance [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Company retained liability per claim | 5,000,000 | |||
Commercial Trucking Claims | Other Assets [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Claims receivable from third party insurance companies in excess of self insurance retention | 104,000,000 | |||
Self Insurance Reserve, Current | $ 104,000,000 | $ 104,000,000 | ||
General Liability Claim | ||||
Significant Accounting Policies [Line Items] | ||||
Company retained liability per claim | 1,000,000 | |||
Workers' Compensation Claim | ||||
Significant Accounting Policies [Line Items] | ||||
Company retained liability per claim | 250,000 | |||
Workers' Compensation Claim | BCO Independent Contractor | ||||
Significant Accounting Policies [Line Items] | ||||
Company retained liability per claim | 750,000 | |||
Cargo Claim | ||||
Significant Accounting Policies [Line Items] | ||||
Company retained liability per claim | 250,000 | |||
Occupational Reinsurance Claims One [Member] | BCO Independent Contractor | ||||
Significant Accounting Policies [Line Items] | ||||
Company retained liability per claim | 500,000 | |||
Occupational Reinsurance Claims Two [Member] | BCO Independent Contractor | ||||
Significant Accounting Policies [Line Items] | ||||
Company retained liability per claim | 1,000,000 | |||
Occupational Reinsurance Claims Three [Member] | BCO Independent Contractor | ||||
Significant Accounting Policies [Line Items] | ||||
Company retained liability per claim | $ 2,000,000 |
Schedule Of Revenue By Major Cu
Schedule Of Revenue By Major Customers By Reporting Segments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 6,537,568 | $ 4,132,981 | $ 4,084,577 |
BCO Independent Contractors – Truck | |||
Disaggregation of Revenue [Line Items] | |||
Percentage of Consolidated Revenue | 40.00% | 45.00% | 45.00% |
Brokerage Carriers - Truck | |||
Disaggregation of Revenue [Line Items] | |||
Percentage of Consolidated Revenue | 51.00% | 47.00% | 47.00% |
Rail Intermodal | |||
Disaggregation of Revenue [Line Items] | |||
Percentage of Consolidated Revenue | 2.00% | 3.00% | 3.00% |
Ocean and air cargo carriers | |||
Disaggregation of Revenue [Line Items] | |||
Percentage of Consolidated Revenue | 5.00% | 3.00% | 3.00% |
BCO Independent Contractor Truck and Brokerage Carriers Truck | Van Equipment | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 3,525,830 | $ 2,192,254 | $ 2,095,345 |
BCO Independent Contractor Truck and Brokerage Carriers Truck | Unsided/Platform Equipment | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 1,549,037 | 1,119,272 | 1,254,781 |
BCO Independent Contractor Truck and Brokerage Carriers Truck | Less than Truckload | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 117,505 | 97,546 | 98,324 |
BCO Independent Contractor Truck and Brokerage Carriers Truck | Other Truck Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 770,846 | $ 406,709 | $ 316,879 |
Summary of Activity in Allowanc
Summary of Activity in Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | $ 17,333 | $ 16,350 | $ 13,880 |
Charged to Costs and Expenses | 5,722 | 9,415 | 9,831 |
Write-offs, Net of Recoveries | (6,270) | (8,432) | (7,361) |
Balance at End of Period | 16,785 | 17,333 | 16,350 |
Trade Receivables | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 8,670 | 7,284 | 6,413 |
Charged to Costs and Expenses | 1,735 | 6,121 | 4,309 |
Write-offs, Net of Recoveries | (3,331) | (4,735) | (3,438) |
Balance at End of Period | 7,074 | 8,670 | 7,284 |
Other Receivables | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 8,399 | 8,806 | 7,211 |
Charged to Costs and Expenses | 4,050 | 3,291 | 5,518 |
Write-offs, Net of Recoveries | (2,938) | (3,698) | (3,923) |
Balance at End of Period | 9,511 | 8,399 | 8,806 |
Other Non-Current Receivables | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 264 | 260 | 256 |
Charged to Costs and Expenses | (63) | 3 | 4 |
Write-offs, Net of Recoveries | (1) | 1 | 0 |
Balance at End of Period | $ 200 | $ 264 | $ 260 |
Acquired Business - Additional
Acquired Business - Additional Information (Detail) - USD ($) | Jun. 15, 2020 | Jun. 26, 2021 | Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 |
Purchase consideration | $ 2,766,000 | $ 0 | $ 2,766,000 | $ 0 | |
Contigent consideration liability remitted | $ 168,000 | $ 168,000 | $ 0 | $ 0 | |
Goodwill Purchase | $ 2,871,000 | ||||
Income tax rate deduction | 100.00% | ||||
Business combination, recognized identifiable assets acquired and liabilities assumed, liabilities | $ 200,000 |
Components of and Changes in Ac
Components of and Changes in Accumulated Other Comprehensive Income, Net of Related Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ 691,835 | ||
Other comprehensive income (loss) | (3,404) | $ 213 | $ 3,663 |
Ending Balance | 862,010 | 691,835 | |
Unrealized Holding (Losses) Gains on Available-for-Sale Securities | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 2,808 | 1,120 | (930) |
Other comprehensive income (loss) | (2,695) | 1,688 | 2,050 |
Ending Balance | 113 | 2,808 | 1,120 |
Foreign Currency Translation | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (4,807) | (3,332) | (4,945) |
Other comprehensive income (loss) | (709) | (1,475) | 1,613 |
Ending Balance | (5,516) | (4,807) | (3,332) |
Accumulated Other Comprehensive Income (Loss) | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (1,999) | (2,212) | (5,875) |
Other comprehensive income (loss) | (3,404) | 213 | 3,663 |
Ending Balance | $ (5,403) | $ (1,999) | $ (2,212) |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 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 | $ 144,000 | $ 3,578,000 |
Insurance [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Restricted Cash and Cash Equivalents | 4,049,000 | |
Guarantee Payment of Insurance Claims | ||
Debt Securities, Available-for-sale [Line Items] | ||
Letters of credit outstanding | 72,267,000 | |
Current Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Investments providing collateral for letters of credit to guarantee insurance claims | 31,729,000 | |
Non-Current Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Investments providing collateral for letters of credit to guarantee insurance claims | 44,069,000 | |
Total non-current investments | $ 139,864,000 |
Amortized Cost and Fair Value o
Amortized Cost and Fair Value of Available-for-Sale Investments (Detail) - USD ($) $ in Thousands | Dec. 25, 2021 | Dec. 26, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 171,449 | $ 119,013 |
Gross Unrealized Gains | 1,456 | 3,676 |
Gross Unrealized Losses | 1,312 | 98 |
Fair Value | 171,593 | 122,591 |
Money market investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 8,750 | 17,867 |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Fair Value | 8,750 | 17,867 |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 22,441 | 567 |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 346 | 26 |
Fair Value | 22,095 | 541 |
Corporate bonds and direct obligations of government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 137,916 | 98,241 |
Gross Unrealized Gains | 1,406 | 3,551 |
Gross Unrealized Losses | 966 | 72 |
Fair Value | 138,356 | 101,720 |
U.S. Treasury obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,342 | 2,338 |
Gross Unrealized Gains | 50 | 125 |
Gross Unrealized Losses | 0 | |
Fair Value | $ 2,392 | $ 2,463 |
Schedule of Unrealized Loss on
Schedule of Unrealized Loss on Available-for-Sale Investments (Detail) - USD ($) $ in Thousands | Dec. 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 | $ 94,621 | $ 3,222 |
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss | 1,312 | 98 |
Available-for-sale investments with unrealized losses, 12 months or longer, Fair Value | 0 | |
Available-for-sale investments with unrealized losses, 12 months or longer, Unrealized Loss | 0 | |
Available-for-sale investments with unrealized losses, Fair Value, Total | 94,621 | 3,222 |
Available-for-sale investments with unrealized losses, Unrealized Loss, Total | 1,312 | 98 |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale investments with unrealized losses, Less than 12 months, Fair Value | 22,095 | 541 |
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss | 346 | 26 |
Available-for-sale investments with unrealized losses, 12 months or longer, Fair Value | 0 | |
Available-for-sale investments with unrealized losses, 12 months or longer, Unrealized Loss | 0 | |
Available-for-sale investments with unrealized losses, Fair Value, Total | 22,095 | 541 |
Available-for-sale investments with unrealized losses, Unrealized Loss, Total | 346 | 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 | 72,526 | 2,681 |
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss | 966 | 72 |
Available-for-sale investments with unrealized losses, 12 months or longer, Fair Value | 0 | |
Available-for-sale investments with unrealized losses, 12 months or longer, Unrealized Loss | 0 | |
Available-for-sale investments with unrealized losses, Fair Value, Total | 72,526 | 2,681 |
Available-for-sale investments with unrealized losses, Unrealized Loss, Total | $ 966 | $ 72 |
Schedule of Provision for Incom
Schedule of Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Income Tax Disclosure [Line Items] | |||
Federal, Current | $ 104,640 | $ 47,955 | $ 52,422 |
State, Current | 18,462 | 7,249 | 10,367 |
Foreign, Current | 856 | 557 | 504 |
Total current | 123,958 | 55,761 | 63,293 |
Federal, Deferred | (3,278) | 1,523 | 4,212 |
State, Deferred | (512) | (393) | 555 |
Total deferred | (3,790) | 1,130 | 4,767 |
Income taxes | $ 120,168 | $ 56,891 | $ 68,060 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Income Taxes [Line Items] | |||
Corporate income tax rate | 21.00% | ||
Net unrecognized tax benefits | $ 2,344,000 | $ 2,030,000 | |
Accrued for estimated interest and penalties | 658,000 | 648,000 | |
Income taxes paid | $ 104,844,000 | $ 47,589,000 | $ 67,317,000 |
Schedule of Deferred Tax Assets
Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 25, 2021 | Dec. 26, 2020 |
Income Tax Disclosure [Line Items] | ||
Receivable valuations | $ 4,112 | $ 4,286 |
Share-based payments | 7,000 | 2,020 |
Self-insured claims | 3,696 | 3,613 |
Other | 10,354 | 6,056 |
Total deferred tax assets | 25,162 | 15,975 |
Operating property | 57,903 | 52,014 |
Goodwill | 3,958 | 3,772 |
Other | 2,409 | 3,087 |
Total deferred tax liabilities | 64,270 | 58,873 |
Net deferred tax liability | $ 39,108 | $ 42,898 |
Schedule of Income Taxes Calcul
Schedule of Income Taxes Calculated on Income from Continuing Operations Before Income Taxes and Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Income Tax Disclosure [Line Items] | |||
Income taxes at federal income tax rate | $ 105,355 | $ 52,289 | $ 62,110 |
State income taxes, net of federal income tax benefit | 14,260 | 5,375 | 8,876 |
Non-deductible executive compensation | 2,946 | 96 | 0 |
Meals and entertainment exclusion | 0 | 326 | 644 |
Share-based payments | (1,070) | (977) | (3,093) |
Research and development credits | (2,069) | (717) | (714) |
Other, net | 746 | 499 | 237 |
Income taxes | $ 120,168 | $ 56,891 | $ 68,060 |
Schedule for Gross Unrecognized
Schedule for Gross Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 25, 2021 | Dec. 26, 2020 | |
Income Tax Disclosure [Line Items] | ||
Gross unrecognized tax benefits – beginning of the year | $ 2,585 | $ 3,014 |
Gross increases related to current year tax positions | 782 | 349 |
Gross increases related to prior year tax positions | 315 | 232 |
Gross decreases related to prior year tax positions | (17) | 0 |
Lapse of statute of limitations | (820) | (1,010) |
Gross unrecognized tax benefits – end of the year | $ 2,845 | $ 2,585 |
Operating Property (Detail)
Operating Property (Detail) - USD ($) $ in Thousands | Dec. 25, 2021 | Dec. 26, 2020 |
Property, Plant and Equipment [Line Items] | ||
Land | $ 16,328 | $ 16,328 |
Buildings and improvements | 65,034 | 64,314 |
Trailing equipment | 479,300 | 433,400 |
Information technology hardware and software | 91,115 | 72,560 |
Other equipment | 9,708 | 9,801 |
Total operating property, gross | 661,485 | 596,403 |
Less accumulated depreciation and amortization | 344,099 | 299,407 |
Total operating property, net | $ 317,386 | $ 296,996 |
Operating Property - Additional
Operating Property - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Finance leased assets gross | $ 189,053,000 | $ 199,045,000 | |
Finance leases balance sheet assets by major class net. | 143,227,000 | 139,259,000 | |
Finance leases | $ 48,674,000 | $ 31,633,000 | $ 29,054,000 |
Retirement Plan - Additional In
Retirement Plan - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Retirement Plans [Line Items] | |||
Defined contribution plan maximum employee contribution as a percentage of base salary | 75.00% | ||
Expense for the Company-sponsored defined contribution plan | $ 2,374,000 | $ 2,417,000 | $ 2,427,000 |
First 3% of Contributions on Defined Contribution Plan | |||
Retirement Plans [Line Items] | |||
Defined contribution plan employer contribution as a percentage of base salary | 100.00% | ||
Threshold to determine company matching percentage | 3.00% | ||
Next 2% of Contributions on Defined Contribution Plan | |||
Retirement Plans [Line Items] | |||
Defined contribution plan employer contribution as a percentage of base salary | 50.00% | ||
Threshold to determine company matching percentage | 2.00% |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | Aug. 18, 2020 | Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 |
Debt Instrument [Line Items] | ||||
Debt Outstanding Excluding Capital Lease Obligations | $ 0 | $ 0 | ||
Interest paid | 3,715,000 | $ 3,915,000 | $ 4,439,000 | |
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 | |||
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 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 25, 2021 | |
Leases Disclosure [Line Items] | |||
Finance Lease Option to Purchase Option Value | $ 1 | ||
Lessee, Finance Lease, Term of Contract | 5 years | ||
Sublease rent income, net of rent expense | $ 1,620,000 | $ (490,000) |
Leases - Components of Lease Co
Leases - Components of Lease Cost for Finance Leases and Operating Leases (Detail) $ in Thousands | 12 Months Ended |
Dec. 25, 2021USD ($) | |
Finance leases: | |
Amortization of right-of-use assets | $ 21,205 |
Interest on lease liability | 2,694 |
Total finance lease cost | 23,899 |
Operating leases: | |
Lease cost | 3,529 |
Variable lease cost | 0 |
Sublease income | (5,161) |
Total net operating lease income | (1,632) |
Total net lease cost | $ 22,267 |
Leases - Classification on our
Leases - Classification on our Consolidated Balance Sheet (Detail) $ in Thousands | Dec. 25, 2021USD ($) |
Total lease assets | $ 145,278 |
Other Assets [Member] | |
Operating lease right-of-use assets | 2,051 |
Property Plant and Equipment Net [Member] | |
Finance lease assets | $ 143,227 |
Leases - Undiscounted Cash Flow
Leases - Undiscounted Cash Flows for the Finance and Operating Leases (Detail) - USD ($) $ in Thousands | Dec. 25, 2021 | Dec. 26, 2020 |
Operating Leased Assets [Line Items] | ||
2022 | $ 38,983 | |
2023 | 31,973 | |
2024 | 22,070 | |
2025 | 15,823 | |
2026 | 7,668 | |
Total future minimum lease payments | 116,517 | |
Less amount representing interest (1.6% to 4.4%) | 4,713 | |
Present value of minimum lease payments | 111,804 | |
Current maturities of long-term debt | 36,561 | $ 35,415 |
Long-term debt, excluding current maturities | 75,243 | $ 65,359 |
2022 | 763 | |
2023 | 627 | |
2024 | 522 | |
2025 | 276 | |
2026 | 0 | |
Total future minimum lease payments | 2,188 | |
Less amount representing interest (1.6% to 4.4%) | 137 | |
Present value of minimum lease payments | $ 2,051 | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Operating lease, liability, current | |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Operating lease, liability, non-current | |
Other current liabilities [Member] | ||
Operating Leased Assets [Line Items] | ||
Operating lease, liability, current | $ 747 | |
Deferred income taxes and other noncurrent liabilities [Member] | ||
Operating Leased Assets [Line Items] | ||
Operating lease, liability, non-current | $ 1,304 |
Leases - Undiscounted Cash Fl_2
Leases - Undiscounted Cash Flows for the Finance and Operating Leases (Parenthetical) (Details) | Dec. 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) | Dec. 25, 2021 |
Weighted average remaining lease term (years) | 3 years 7 months 6 days |
Weighted average discount rate | 2.60% |
Weighted average remaining lease term (years) | 3 years 2 months 12 days |
Weighted average discount rate | 4.00% |
Share-Based Payment Arrangeme_3
Share-Based Payment Arrangements - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Accounting Standards Update 2016-09 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Excess tax benefit from stock-based awards | $ 1,057,000 | $ 941,000 | $ 3,019,000 |
February 2021 Grant | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of target available for common share issuance | 100.00% | ||
February 2020 Grant | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of target available for common share issuance | 100.00% | ||
February 2019 Grant | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of target available for common share issuance | 100.00% | ||
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum percentage of target available for common share issuance | 150.00% | ||
Discount rate on stock awards | 7.00% | ||
Stock awards granted, shares | 46,342 | 59,967 | 68,820 |
Recognized share-based compensation expense | $ 24,197,000 | $ 1,602,000 | $ 1,557,000 |
Unrecognized compensation cost, other than options | $ 18,300,000 | ||
Unrecognized compensation cost expected to be recognized over period, years | 3 years 3 months 18 days | ||
Non Vested Restricted Stock and Deferred Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock awards granted, shares | 26,351 | 26,604 | 30,338 |
Unrecognized compensation cost, other than options | $ 3,880,000 | ||
Unrecognized compensation cost expected to be recognized over period, years | 1 year 10 months 24 days | ||
Terms of award | the Company’s Common Stock on the date of grant. Shares of non-vested restricted stock are generally subject to vesting in three equal annual installments either on the first, second and third anniversary of the date of 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 | ||
Directors Stock Compensation Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
FMV of restricted shares granted to Directors upon election | $ 110,000 | $ 110,000 | $ 110,000 |
Restricted shares granted | 4,890 | 5,240 | |
Compensation cost on restricted and Deferred Stock Units granted | $ 669,000 | $ 660,000 | 660,000 |
Employee Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options outstanding, intrinsic value | 1,001,000 | ||
Total intrinsic value of stock options exercised during periods | 965,000 | $ 1,846,000 | $ 2,683,000 |
Unrecognized compensation cost, stock options | $ 0 | ||
Deferred Stock Units D S Us [Member] | Director [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock awards granted, shares | 978 | 1,048 | |
Maximum | Restricted Stock Units (RSUs) | February 2021 Grant | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum percentage of target available for common share issuance | 200.00% | ||
Maximum | Restricted Stock Units (RSUs) | February 2020 Grant | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum percentage of target available for common share issuance | 200.00% | ||
Maximum | Restricted Stock Units (RSUs) | February 2019 Grant | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum percentage of target available for common share issuance | 200.00% | ||
Maximum | Restricted Stock Units (RSUs) | Prior to 2015 grant | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum percentage of target available for common share issuance | 100.00% | ||
2011 Equity Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock authorized for issuance | 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 | 3,502,816 | ||
Market Condition | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock awards granted, shares | 9,725 |
Amounts Recognized in Financial
Amounts Recognized in Financial Statements with Respect to Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total cost of the Plans during the period | $ 27,537 | $ 4,639 | $ 4,236 |
Amount of related income tax benefit recognized during the period | (7,063) | (2,114) | (4,130) |
Net cost of the Plans during the period | $ 20,474 | $ 2,525 | $ 106 |
Schedule of Information on Rest
Schedule of Information on Restricted Stock Units (Detail) - Restricted Stock Units (RSUs) - $ / shares | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Number of Shares | |||
Beginning Balance | 183,213 | 198,875 | 292,345 |
Granted | 46,342 | 59,967 | 68,820 |
Shares earned in excess of target | 7,132 | 11,648 | 71,172 |
Vested shares, including shares earned in excess of target | (24,600) | (76,290) | (226,981) |
Forfeited | (2,688) | (10,987) | (6,481) |
Ending Balance | 209,399 | 183,213 | 198,875 |
Weighted Average Grant Date Fair Value | |||
Beginning Balance | $ 93.44 | $ 84.37 | $ 66.31 |
Granted | 128.64 | 102.58 | 89.34 |
Shares earned in excess of target | 31.97 | 77 | 54.78 |
Vested shares, including shares earned in excess of target | 59.85 | 73.44 | 53.27 |
Forfeited | 107.76 | 100.55 | 86.60 |
Ending Balance | $ 102.90 | $ 93.44 | $ 84.37 |
Summary of Information Regardin
Summary of Information Regarding Stock Options (Detail) - $ / shares | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Number of Options | |||
Beginning Balance, number of options | 17,650 | 44,467 | 89,114 |
Exercised, number of options | (9,080) | (26,817) | (44,647) |
Ending Balance, number of options | 8,570 | 17,650 | 44,467 |
Weighted Average Exercise Price per Share | |||
Beginning Balance, Weighted Average Exercise Price per Share | $ 54.16 | $ 51.24 | $ 50.44 |
Exercised, Weighted Average Exercise Price per Share | 52.97 | 49.31 | 49.64 |
Ending Balance, Weighted Average Exercise Price per Share | $ 55.42 | $ 54.16 | $ 51.24 |
Options Exercisable, Number of Options | |||
Options exercisable at the beginning, Number of Options | 17,650 | 44,467 | 88,114 |
Options exercisable at the ending, Number of Options | 8,570 | 17,650 | 44,467 |
Options Exercisable, Weighted Average Exercise Price per Share | |||
Options exercisable at the beginning, Weighted Average Exercise Price per Share | $ 54.16 | $ 51.24 | $ 50.35 |
Options exercisable at the ending, Weighted Average Exercise Price per Share | $ 55.42 | $ 54.16 | $ 51.24 |
Summary Stock Options Outstandi
Summary Stock Options Outstanding and Exercisable (Detail) | 12 Months Ended |
Dec. 25, 2021$ / sharesshares | |
Range One | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Minimum Exercise Price | $ 51.99 |
Maximum Exercise Price | $ 56.40 |
Options Outstanding | shares | 8,570 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 10 months 24 days |
Options Outstanding, Weighted Average Exercise Price per Share | $ 55.42 |
Range Three | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Minimum Exercise Price | 51.99 |
Maximum Exercise Price | $ 56.40 |
Options Exercisable | shares | 8,570 |
Options Exercisable, Weighted Average Contractual Life (Years) | 10 months 24 days |
Options Exercisable, Weighted Average Exercise Price | $ 55.42 |
Schedule of Information on Non
Schedule of Information on Non - Vested Restricted Stock Units (Detail) - Non Vested Restricted Stock and Deferred Stock Units - $ / shares | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Number of Shares and Deferred Stock Units | |||
Beginning Balance | 60,440 | 64,808 | 55,987 |
Granted | 26,351 | 26,604 | 30,338 |
Vested | (29,055) | (28,621) | (21,517) |
Forfeited | (1,300) | (2,351) | |
Ending Balance | 56,436 | 60,440 | 64,808 |
Weighted Average Grant Date Fair Value | |||
Beginning Balance | $ 103.65 | $ 98.24 | $ 93.66 |
Granted | 150.20 | 111.88 | 102.76 |
Vested | 104.35 | 98.83 | 92.70 |
Forfeited | 97.81 | 106.34 | |
Ending Balance | $ 125.16 | $ 103.65 | $ 98.24 |
Equity - Additional Information
Equity - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | Dec. 07, 2021 | |
Equity [Line Items] | ||||
Shares authorized for repurchase | 1,849,068 | 1,912,824 | ||
Remaining shares available for repurchase | 3,000,000 | |||
Total cost of repurchase of common stock | $ 122,722 | $ 115,962 | $ 88,578 | |
Preferred stock, shares authorized and unissued | 2,000,000 | |||
Treasury Stock | ||||
Equity [Line Items] | ||||
Common stock repurchased during period, shares | 733,854 | 1,178,970 | 849,068 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Dec. 25, 2021USD ($) |
Revolving Credit Facility | |
Commitments and Contingencies Disclosure [Line Items] | |
Letters of credit outstanding | $ 33,170,000 |
Guarantee Payment of Insurance Claims | |
Commitments and Contingencies Disclosure [Line Items] | |
Letters of credit outstanding | $ 72,267,000 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 25, 2021USD ($)CustomerSegment | Dec. 26, 2020USD ($)Customer | Dec. 28, 2019USD ($)Customer | |
Segment Reporting Information [Line Items] | |||
External revenue | $ | $ 6,537,568 | $ 4,132,981 | $ 4,084,577 |
Number of segments | Segment | 2 | ||
Number of customers accounting for 10 percent or more of total revenue | Customer | 0 | 0 | 0 |
No single customer accounted for benchmark percentage to be considered major customer | 10.00% | 10.00% | 10.00% |
Information Regarding Reportabl
Information Regarding Reportable Business Segments (Detail) - USD ($) | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Segment Reporting Information [Line Items] | |||
External revenue | $ 6,537,568,000 | $ 4,132,981,000 | $ 4,084,577,000 |
Internal revenue | 62,558,000 | 54,003,000 | 46,587,000 |
Investment income | 2,857,000 | 3,399,000 | 5,041,000 |
Interest and debt expense | 3,976,000 | 3,953,000 | 3,141,000 |
Depreciation and amortization | 49,609,000 | 45,855,000 | 44,468,000 |
Operating income | 505,668,000 | 252,950,000 | 298,904,000 |
Expenditures on long-lived assets | 23,261,000 | 30,626,000 | 19,416,000 |
Goodwill | 40,768,000 | 40,949,000 | 38,508,000 |
Finance lease additions | 48,674,000 | 31,633,000 | 29,054,000 |
Total assets | 2,045,465,000 | 1,653,799,000 | 1,427,711,000 |
Transportation Logistics | |||
Segment Reporting Information [Line Items] | |||
External revenue | 6,465,711,000 | 4,076,519,000 | 4,028,336,000 |
Interest and debt expense | 3,976,000 | 3,953,000 | 3,141,000 |
Depreciation and amortization | 49,609,000 | 45,855,000 | 44,468,000 |
Operating income | 464,282,000 | 221,210,000 | 258,742,000 |
Expenditures on long-lived assets | 23,261,000 | 30,626,000 | 19,416,000 |
Goodwill | 40,768,000 | 40,949,000 | 38,508,000 |
Finance lease additions | 48,674,000 | 31,633,000 | 29,054,000 |
Total assets | 1,736,854,000 | 1,301,991,000 | 1,168,944,000 |
Insurance | |||
Segment Reporting Information [Line Items] | |||
External revenue | 71,857,000 | 56,462,000 | 56,241,000 |
Internal revenue | 62,558,000 | 54,003,000 | 46,587,000 |
Investment income | 2,857,000 | 3,399,000 | 5,041,000 |
Operating income | 41,386,000 | 31,740,000 | 40,162,000 |
Total assets | $ 308,611,000 | $ 351,808,000 | $ 258,767,000 |
Effect of Increase in Cost of I
Effect of Increase in Cost of Insurance and Claims (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Change in Accounting Estimate [Line Items] | |||
Operating income | $ 505,668 | $ 252,950 | $ 298,904 |
Net income attributable to Landstar System, Inc. and subsidiary | $ 381,524 | $ 192,106 | $ 227,720 |
Diluted earnings per share attributable to Landstar System, Inc. and subsidiary | $ 9.98 | $ 4.98 | $ 5.72 |
Development of Prior Year Self Insured Claims Estimates | |||
Change in Accounting Estimate [Line Items] | |||
Operating income | $ 9,708 | $ 9,196 | $ 16,679 |
Net income attributable to Landstar System, Inc. and subsidiary | $ 7,359 | $ 6,989 | $ 12,683 |
Diluted earnings per share attributable to Landstar System, Inc. and subsidiary | $ 0.19 | $ 0.18 | $ 0.32 |
Impairment of Intangible and _2
Impairment of Intangible and Other Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 27, 2020 | Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Impairment charges of intangible asset | $ 2,582 | $ 0 | $ 2,582 | $ 0 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements - Additional Information (Detail) | Dec. 29, 2019USD ($) |
Accounting Standards Update 2016-13 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Adoption of accounting standards (Note 16) | $ 702,000 |