Landstar System (LSTR) 10-Q 29 Apr 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 26, 2022	Apr. 18, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Document Quarterly Report	true
Entity Central Index Key	0000853816
Document Transition Report	false
Current Fiscal Year End Date	--12-31
Document Period End Date	Mar. 26, 2022
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		37,127,333
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity File Number	0-21238
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	06-1313069
Entity Address, Address Line One	13410 Sutton Park Drive South
Entity Address, City or Town	Jacksonville
Entity Address, Postal Zip Code	32224
City Area Code	904
Local Phone Number	398-9400
Entity Address, State or Province	FL

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 26, 2022	Dec. 25, 2021
Current Assets
Cash and cash equivalents	$ 146,025	$ 215,522
Short-term investments	35,679	35,778
Trade accounts receivable, less allowance of $7,940 and $7,074	1,223,123	1,154,314
Other receivables, including advances to independent contractors, less allowance of $8,838 and $8,125	123,231	101,124
Other current assets	10,441	16,162
Total current assets	1,538,499	1,522,900
Operating property, less accumulated depreciation and amortization of $356,988 and $344,099	307,044	317,386
Goodwill	40,945	40,768
Other assets	159,325	164,411
Total assets	2,045,813	2,045,465
Current Liabilities
Cash overdraft	96,215	116,478
Accounts payable	626,337	604,130
Current maturities of long-term debt	34,983	36,561
Insurance claims	52,644	46,896
Dividends payable		75,387
Accrued income taxes	50,280	18,403
Other current liabilities	89,793	112,128
Total current liabilities	950,252	1,009,983
Long-term debt, excluding current maturities	137,289	75,243
Insurance claims	51,132	49,509
Deferred income taxes and other noncurrent liabilities	50,991	48,720
Shareholders' Equity
Common stock, $0.01 par value, authorized 160,000,000 shares, issued 68,370,151 and 68,232,975 shares	684	682
Additional paid-in capital	248,230	255,148
Retained earnings	2,432,699	2,317,184
Cost of 31,242,818 and 30,539,235 shares of common stock in treasury	(1,816,149)	(1,705,601)
Accumulated other comprehensive loss	(9,315)	(5,403)
Total shareholders' equity	856,149	862,010
Total liabilities and shareholders' equity	$ 2,045,813	$ 2,045,465

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 26, 2022	Dec. 25, 2021
Allowance on trade accounts receivable	$ 7,940	$ 7,074
Allowance on other receivables	8,838	8,125
Accumulated depreciation and amortization on operating property	$ 356,988	$ 344,099
Common stock, par value	$ 0.01	$ 0.01
Common stock, authorized shares	160,000,000	160,000,000
Common stock, issued shares	68,370,151	68,232,975
Treasury stock, shares	31,242,818	30,539,235

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2022	Mar. 27, 2021
Revenue	$ 1,970,599	$ 1,287,534
Investment income	721	684
Costs and expenses:
Purchased transportation	1,550,330	998,285
Commissions to agents	149,778	100,009
Other operating costs, net of gains on asset sales/dispositions	11,141	7,642
Insurance and claims	30,768	21,505
Selling, general and administrative	52,713	45,408
Depreciation and amortization	13,757	12,101
Total costs and expenses	1,808,487	1,184,950
Operating income	162,833	103,268
Interest and debt expense	1,123	1,042
Income before income taxes	161,710	102,226
Income taxes	36,871	24,986
Net income	$ 124,839	$ 77,240
Diluted earnings per share	$ 3.34	$ 2.01
Average diluted shares outstanding	37,418,000	38,404,000
Dividends per common share	$ 0.25	$ 0.21

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2022	Mar. 27, 2021
Net income	$ 124,839	$ 77,240
Other comprehensive loss:
Unrealized holding losses on available-for-sale investments, net of tax benefits of $1,421 and $147	(5,187)	(534)
Foreign currency translation gains (losses)	1,275	(420)
Other comprehensive loss	(3,912)	(954)
Comprehensive income	$ 120,927	$ 76,286

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2022	Mar. 27, 2021
Unrealized holding losses on available-for-sale investments, net of tax (benefit) expense	$ 1,421	$ 147

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2022	Mar. 27, 2021
OPERATING ACTIVITIES
Net income	$ 124,839	$ 77,240
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	13,757	12,101
Non-cash interest charges	112	112
Provisions for losses on trade and other accounts receivable	2,626	547
Gains on sales/disposals of operating property	(165)	(24)
Deferred income taxes, net	1,324	(1,110)
Stock-based compensation	1,995	4,029
Changes in operating assets and liabilities:
(Increase) decrease in trade and other accounts receivable	(93,542)	33,440
Decrease in other assets	2,531	6,175
Increase in accounts payable	22,207	33,935
Increase in other liabilities	11,910	13,008
Increase (decrease) in insurance claims	7,371	(109,562)
NET CASH PROVIDED BY OPERATING ACTIVITIES	94,965	69,891
INVESTING ACTIVITIES
Sales and maturities of investments	12,420	7,957
Purchases of investments	(13,428)	(8,716)
Purchases of operating property	(3,609)	(4,076)
Proceeds from sales of operating property	643	500
NET CASH USED BY INVESTING ACTIVITIES	(3,974)	(4,335)
FINANCING ACTIVITIES
(Decrease) increase in cash overdraft	(20,263)	6
Dividends paid	(84,711)	(84,837)
Proceeds from exercises of stock options	56	77
Taxes paid in lieu of shares issued related to stock-based compensation plans	(10,183)	(1,241)
Borrowings on revolving credit facility	70,000	0
Purchases of common stock	(109,332)	0
Principal payments on finance lease obligations	(9,532)	(9,778)
NET CASH USED BY FINANCING ACTIVITIES	(163,965)	(95,773)
Effect of exchange rate changes on cash and cash equivalents	815	252
Decrease in cash, cash equivalents and restricted cash	(72,159)	(29,965)
Cash, cash equivalents and restricted cash at beginning of period	219,571	249,354
Cash, cash equivalents and restricted cash at end of period	$ 147,412	$ 219,389

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Treasury Stock at Cost	Accumulated Other Comprehensive Loss
Beginning Balance (in shares) at Dec. 26, 2020		68,183,702			29,797,639
Beginning Balance at Dec. 26, 2020	$ 691,835	$ 682	$ 228,875	$ 2,046,238	$ (1,581,961)	$ (1,999)
Net income	77,240			77,240
Dividends	(8,067)			(8,067)
Issuance of stock related to stock-based compensation plans (in shares)		28,594			6,087
Issuance of stock related to stock-based compensation plans	(1,164)		(307)		$ (857)
Stock-based compensation	4,029		4,029
Other comprehensive loss	(954)					(954)
Ending Balance (in shares) at Mar. 27, 2021		68,212,296			29,803,726
Ending Balance at Mar. 27, 2021	762,919	$ 682	232,597	2,115,411	$ (1,582,818)	(2,953)
Beginning Balance (in shares) at Dec. 25, 2021		68,232,975			30,539,235
Beginning Balance at Dec. 25, 2021	862,010	$ 682	255,148	2,317,184	$ (1,705,601)	(5,403)
Net income	124,839			124,839
Dividends	(9,324)			(9,324)
Purchases of common stock (in shares)					693,550
Purchases of common stock	(109,332)				$ (109,332)
Issuance of stock related to stock-based compensation plans (in shares)		137,176			10,033
Issuance of stock related to stock-based compensation plans	(10,127)	$ 2	(8,913)		$ (1,216)
Stock-based compensation	1,995		1,995
Other comprehensive loss	(3,912)					(3,912)
Ending Balance (in shares) at Mar. 26, 2022		68,370,151			31,242,818
Ending Balance at Mar. 26, 2022	$ 856,149	$ 684	$ 248,230	$ 2,432,699	$ (1,816,149)	$ (9,315)

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 26, 2022	Mar. 27, 2021
Dividends per common share	$ 0.25	$ 0.21

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 26, 2022
Significant Accounting Policies	(1) Significant Accounting Policies Revenue from Contracts with Customers – Disaggregation of Revenue The following table summarizes (i) the percentage of consolidated revenue generated by mode of transportation and (ii) the total amount of truck transportation revenue hauled by BCO Independent Contractors and Truck Brokerage Carriers generated by equipment type during the thirteen-week periods ended March 26, 2022 and March 27, 2021 (dollars in thousands): Thirteen Weeks Ended Mode March 26, 2022 March 27, 2021 Truck – BCO Independent Contractors 37 % 44 % Truck – Truck Brokerage Carriers 52 % 49 % Rail intermodal 2 % 2 % Ocean and air cargo carriers 8 % 4 % Truck Equipment Type Van equipment $ 1,081,206 $ 729,402 Unsided/platform equipment $ 408,757 $ 297,485 Less-than-truckload $ 33,720 $ 25,670 Other truck transportation (1) $ 227,601 $ 140,932 (1) Includes power-only, expedited, straight truck, cargo van, and miscellaneous other truck transportation revenue generated by the transportation logistics segment. Power-only refers to shipments where the Company furnishes a power unit and an operator but not trailing equipment, which is typically provided by the shipper or consignee.

Share-based Payment Arrangement

Share-based Payment Arrangements	3 Months Ended
	Mar. 26, 2022
Share-based Payment Arrangements	(2) Share-based Payment Arrangements As of March 26, 2022, 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): Thirteen Weeks Ended March 26, 2022 March 27, 2021 Total cost of the Plans during the period $ 1,995 $ 4,029 Amount of related income tax benefit recognized during the period (3,360 ) (1,341 ) Net cost of the Plans during the period $ (1,365 ) $ 2,688 Included in income tax benefits recognized in the thirteen-week periods ended March 26, 2022 and March 27, 2021 were excess tax benefits from stock-based awards of $2,869,000 and $343,000, respectively. As of March 26, 2022, there were 56,502 shares of the Company’s common stock reserved for issuance under the 2013 DSCP and 3,230,826 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 Outstanding at December 25, 2021 209,399 $ 102.90 Granted 49,405 $ 139.78 Shares earned in excess of target (1) 91,497 $ 92.58 Vested shares, including shares earned in excess of target (174,366 ) $ 96.14 Forfeited (15,044 ) $ 103.31 Outstanding at March 26, 2022 160,891 $ 115.64 (1) Represents additional shares earned under each of the February 2, 2017; February 2, 2018 and February 1, 2019 RSU awards as fiscal year 2021 financial results exceeded target performance level. During the thirteen-week period ended March 26, 2022, the Company granted RSUs with a performance condition. Outstanding RSUs at both December 25, 2021 and March 26, 2022 include RSUs with a performance condition and RSUs with a market condition, as further described below and in the Company’s 2021 Annual Report on Form 10-K. RSUs with a performance condition granted on January 28, 2022 may vest on January 31 of 2025, 2026 and 2027 based on growth in operating income and pre-tax The Company recognized approximately $ 1,301,000 and $3,223,000 of share-based compensation expense related to RSU awards in the thirteen-week periods ended March 26, 2022 and March 27, 2021, respectively. As of March 26, 2022, there was a maximum of $27.3 million of total unrecognized compensation cost related to RSU awards granted under the Plans with an expected average remaining life of approximately 3.9 years. With respect to RSU awards with a performance condition, the amount of future compensation expense to be recognized will be determined based on future operating results. Non-vested The following table summarizes information regarding the Company’s outstanding shares of non-vested Number of Shares and Deferred Weighted Average Grant Date Fair Value Non-vested 56,436 $ 125.16 Granted 17,008 $ 152.44 Vested (21,500 ) $ 110.16 Forfeited (2,302 ) $ 108.59 Non-vested 49,642 $ 141.77 The fair value of each share of non-vested non-vested As of March 26, 2022, there was $5,555,000 of total unrecognized compensation cost related to non-vested non-vested Stock Options The following table summarizes information regarding the Company’s outstanding stock options under the Plans: Number of Weighted Average Weighted Average Aggregate Intrinsic Options outstanding at December 25, 2021 8,570 $ 55.42 Exercised (3,500 ) $ 54.01 Options outstanding at March 26, 2022 5,070 $ 56.40 0.8 $ 495 Options exercisable at March 26, 2022 5,070 $ 56.40 0.8 $ 495 The total intrinsic value of stock options exercised during the thirteen-week periods ended March 26, 2022 and March 27, 2021 was $369,000 and $521,000, respectively. As of March 26, 2022, there was no unrecognized compensation cost related to stock options granted under the Plans.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 26, 2022
Income Taxes	(3) Income Taxes The provisions for income taxes for the 2022 and 2021 thirteen-week periods were based on an estimated annual effective income tax rate of 24.5% and 24.4 %, respectively, adjusted for discrete events, such as benefits resulting from stock-based awards. The estimated annual effective income tax rate was higher than the statutory federal income tax rate % in both periods primarily attributable to state taxes and non-deductible %, which was lower than the estimated annual effective income tax rate of 24.5%, primarily attributable to excess tax benefits realized on stock-based awards. The effective income tax rate for the 2021 thirteen-week period o % was equal to the estimated annual effective income tax rate during the 2021 period.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 26, 2022
Earnings Per Share	(4) Earnings Per Share Earnings per common share are based on the weighted average number of shares outstanding, including outstanding non-vested non-vested For each of the thirteen-week periods ended March 26, 2022 and March 27, 2021, no options outstanding to purchase shares of common stock were antidilutive. Outstanding RSUs were excluded from the calculation of diluted earnings per share for all periods because the performance metric requirements or market condition for vesting had not been satisfied.

Additional Cash Flow Informatio

Additional Cash Flow Information	3 Months Ended
	Mar. 26, 2022
Additional Cash Flow Information	(5) Additional Cash Flow Information During the 2022 thirteen-week period, Landstar paid income taxes and interest of $2,031,000 and $1,029,000, respectively. During the 2021 thirteen-week period, Landstar paid income taxes and interest of $353,000 and $983,000, respectively. Landstar did not acquire any operating property by entering into finance leases in either the 2022 or 2021 thirteen-week periods.

Segment Information

Segment Information	3 Months Ended
	Mar. 26, 2022
Segment Information	(6) Segment Information The following table summarizes information about the Company’s reportable business segments as of and for the thirteen-week periods ended March 26, 2022 and March 27, 2021 (in thousands): Thirteen Weeks Ended March 26, 2022 March 27, 2021 Transportation Logistics Insurance Total Transportation Logistics Insurance Total External revenue $ 1,951,339 $ 19,260 $ 1,970,599 $ 1,270,499 $ 17,035 $ 1,287,534 Internal revenue 12,884 12,884 9,534 9,534 Investment income 721 721 684 684 Operating income 151,946 10,887 162,833 89,732 13,536 103,268 Expenditures on long-lived assets 3,609 3,609 4,076 4,076 Goodwill 40,945 40,945 40,732 40,732 In the thirteen-week periods ended March 26, 2022 and March 27, 2021, no single customer accounted for more than 10% of the Company’s consolidated revenue.

Other Comprehensive Income

Other Comprehensive Income	3 Months Ended
	Mar. 26, 2022
Other Comprehensive Income	(7) Other Comprehensive Income The following table presents the components of and changes in accumulated other comprehensive income (loss), net of related income taxes, as of and for the thirteen-week period ended March 26, 2022 (in thousands): Unrealized Available-for-Sale Foreign Total Balance as of December 25, 2021 $ 113 $ (5,516 ) $ (5,403 ) Other comprehensive (loss) income (5,187 ) 1,275 (3,912 ) Balance as of March 26, 2022 $ (5,074 ) $ (4,241 ) $ (9,315 ) Amounts reclassified from accumulated other comprehensive income to investment income due to the realization of previously unrealized gains and losses in the accompanying consolidated statements of income were not significant for the thirteen-week period ended March 26, 2022.

Investments

Investments	3 Months Ended
	Mar. 26, 2022
Investments	(8) 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-transferability, The amortized cost and fair values of available-for-sale Amortized Gross Gross Fair Value March 26, 2022 Money market investments $ 14,913 $ — $ — $ 14,913 Asset-backed securities 21,259 — 1,435 19,824 Corporate bonds and direct obligations of government agencies 133,645 212 5,203 128,654 U.S. Treasury obligations 2,342 — 38 2,304 Total $ 172,159 $ 212 $ 6,676 $ 165,695 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 For those available-for-sale Less than 12 months 12 months or longer Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss March 26, 2022 Asset-backed securities $ 19,824 $ 1,435 $ — $ — $ 19,824 $ 1,435 Corporate bonds and direct obligations of government agencies 96,962 4,768 4,147 435 101,109 5,203 U.S. Treasury obligations 2,304 38 — — 2,304 38 Total $ 119,090 $ 6,241 $ 4,147 $ 435 $ 123,237 $ 6,676 December 25, 2021 Asset-backed securities $ 22,095 $ 346 $ — $ — $ 22,095 $ 346 Corporate bonds and direct obligations of 72,526 966 — — 72,526 966 Total $ 94,621 $ 1,312 $ — $ — $ 94,621 $ 1,312 The Company believes unrealized losses on investments were primarily caused by rising interest rates rather than changes in credit quality. The Company expects to recover, through collection of all of the contractual cash flows of each security, the amortized cost basis of these securities as it does not intend to sell, and does not anticipate being required to sell, these securities before recovery of the cost basis. For these reasons, no losses have been recognized in the Company’s consolidated statements of income.

Leases

Leases	3 Months Ended
	Mar. 26, 2022
Leases	(9) Leases Landstar’s 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 for the thirteen weeks ended March 26, 2022 were (in thousands): Finance leases: Amortization of right-of-use $ 5,327 Interest on lease liability 700 Total finance lease cost 6,027 Operating leases: Lease cost 926 Variable lease cost — Sublease income (1,213 ) Total net operating lease income (287 ) Total net lease cost $ 5,740 A summary of the lease classification on our consolidated balance sheet as of March 26, 2022 is as follows (in thousands): Assets: Operating lease right-of-use Other assets $ 1,916 Finance lease assets Operating property, less accumulated depreciation and amortization 137,818 Total lease assets $ 139,734 Liabilities: The following table reconciles the undiscounted cash flows for the finance and operating leases to the finance and operating lease liabilities recorded on the balance sheet at March 26, 2022 (in thousands): Finance Leases Operating Leases 2022 Remainder $ 28,777 $ 583 2023 31,916 638 2024 22,045 534 2025 15,820 282 2026 7,668 — Thereafter — — Total future minimum lease payments 106,226 2,037 Less amount representing interest (1.6% to 4.4%) 3,954 121 Present value of minimum lease payments $ 102,272 $ 1,916 Current maturities of long-term debt 34,983 Long-term debt, excluding current maturities 67,289 Other current liabilities 744 Deferred income taxes and other noncurrent liabilities 1,172 The weighted average remaining lease term and the weighted average discount rate for finance and operating leases as of March 26, 2022 were: Finance Leases Operating Leases Weighted average remaining lease term (years) 3.4 3.4 Weighted average discount rate 2.5 % 4.0 %

Debt

Debt	3 Months Ended
	Mar. 26, 2022
Debt	(10) Debt In addition to the finance lease obligations as presented on the consolidated balance sheets, the Company had $70,000,000 in outstanding debt as of March 26, 2022, consisting of borrowings under the Company’s revolving credit facility. The Company had no 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 March 26, 2022, the weighted average interest rate on borrowings outstanding was 1.66%. The Credit Agreement contains a number of covenants that limit, among other things, the incurrence of additional indebtedness. The Company is required to, among other things, maintain a minimum Fixed Charge Coverage Ratio, as defined in the Credit Agreement, and maintain a Leverage Ratio, as defined in the Credit Agreement, below a specified maximum. The Credit Agreement provides for a restriction on cash dividends and other distributions to stockholders on the Company’s capital stock to the extent there is a default under the Credit Agreement. In addition, the Credit Agreement under certain circumstances limits the amount of such cash dividends and other distributions to stockholders to the extent that, after giving effect to any payment made to effect such cash dividend or other distribution, the Leverage Ratio would exceed 2.5 The interest rates on borrowings under the revolving credit facility are typically tied to short-term interest rates that adjust monthly and, as such, carrying value approximates fair value. Interest rates on borrowings under finance leases approximate the interest rates that would currently be available to the Company under similar terms and, as such, carrying value approximates fair value.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 26, 2022
Commitments and Contingencies	(11) Commitments and Contingencies Short-term investments include $34,292,000 in current maturities of investments and $1,387,000 in restricted cash held by the Company’s insurance segment at March 26, 2022. The non-current non-current The Company is involved in certain claims and pending litigation arising from the normal conduct of business. Many of these claims are covered in whole or in part by insurance. Based on knowledge of the facts and, in certain cases, opinions of outside counsel, management believes that adequate provisions have been made for probable losses with respect to the resolution of all such claims and pending litigation and that the ultimate outcome, after provisions therefor, will not have a material adverse effect on the financial condition of the Company, but could have a material effect on the results of operations in a given quarter or year.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 26, 2022
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 thirteen-week periods ended March 26, 2022 and March 27, 2021 (dollars in thousands): Thirteen Weeks Ended Mode March 26, 2022 March 27, 2021 Truck – BCO Independent Contractors 37 % 44 % Truck – Truck Brokerage Carriers 52 % 49 % Rail intermodal 2 % 2 % Ocean and air cargo carriers 8 % 4 % Truck Equipment Type Van equipment $ 1,081,206 $ 729,402 Unsided/platform equipment $ 408,757 $ 297,485 Less-than-truckload $ 33,720 $ 25,670 Other truck transportation (1) $ 227,601 $ 140,932 (1) Includes power-only, expedited, straight truck, cargo van, and miscellaneous other truck transportation revenue generated by the transportation logistics segment. Power-only refers to shipments where the Company furnishes a power unit and an operator but not trailing equipment, which is typically provided by the shipper or consignee.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 26, 2022
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 thirteen-week periods ended March 26, 2022 and March 27, 2021 (dollars in thousands): Thirteen Weeks Ended Mode March 26, 2022 March 27, 2021 Truck – BCO Independent Contractors 37 % 44 % Truck – Truck Brokerage Carriers 52 % 49 % Rail intermodal 2 % 2 % Ocean and air cargo carriers 8 % 4 % Truck Equipment Type Van equipment $ 1,081,206 $ 729,402 Unsided/platform equipment $ 408,757 $ 297,485 Less-than-truckload $ 33,720 $ 25,670 Other truck transportation (1) $ 227,601 $ 140,932 (1) Includes power-only, expedited, straight truck, cargo van, and miscellaneous other truck transportation revenue generated by the transportation logistics segment. Power-only refers to shipments where the Company furnishes a power unit and an operator but not trailing equipment, which is typically provided by the shipper or consignee.

Share-based Payment Arrangeme_2

Share-based Payment Arrangements (Tables)	3 Months Ended
	Mar. 26, 2022
Amounts Recognized in Financial Statements with Respect to Plans	Amounts recognized in the financial statements with respect to these Plans are as follows (in thousands): Thirteen Weeks Ended March 26, 2022 March 27, 2021 Total cost of the Plans during the period $ 1,995 $ 4,029 Amount of related income tax benefit recognized during the period (3,360 ) (1,341 ) Net cost of the Plans during the period $ (1,365 ) $ 2,688
Schedule of Information on Restricted Stock Units	The following table summarizes information regarding the Company’s outstanding restricted stock unit (“RSU”) awards with either a performance condition or a market condition under the Plans: Number of Weighted Average Grant Date Outstanding at December 25, 2021 209,399 $ 102.90 Granted 49,405 $ 139.78 Shares earned in excess of target (1) 91,497 $ 92.58 Vested shares, including shares earned in excess of target (174,366 ) $ 96.14 Forfeited (15,044 ) $ 103.31 Outstanding at March 26, 2022 160,891 $ 115.64 (1) Represents additional shares earned under each of the February 2, 2017; February 2, 2018 and February 1, 2019 RSU awards as fiscal year 2021 financial results exceeded target performance level.
Schedule of Information on Non-Vested Restricted Stock and Deferred Stock Units	The following table summarizes information regarding the Company’s outstanding shares of non-vested Number of Shares and Deferred Weighted Average Grant Date Fair Value Non-vested 56,436 $ 125.16 Granted 17,008 $ 152.44 Vested (21,500 ) $ 110.16 Forfeited (2,302 ) $ 108.59 Non-vested 49,642 $ 141.77
Summary of Information Regarding Stock Options	The following table summarizes information regarding the Company’s outstanding stock options under the Plans: Number of Weighted Average Weighted Average Aggregate Intrinsic Options outstanding at December 25, 2021 8,570 $ 55.42 Exercised (3,500 ) $ 54.01 Options outstanding at March 26, 2022 5,070 $ 56.40 0.8 $ 495 Options exercisable at March 26, 2022 5,070 $ 56.40 0.8 $ 495

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 26, 2022
Information Regarding Reportable Business Segments	The following table summarizes information about the Company’s reportable business segments as of and for the thirteen-week periods ended March 26, 2022 and March 27, 2021 (in thousands): Thirteen Weeks Ended March 26, 2022 March 27, 2021 Transportation Logistics Insurance Total Transportation Logistics Insurance Total External revenue $ 1,951,339 $ 19,260 $ 1,970,599 $ 1,270,499 $ 17,035 $ 1,287,534 Internal revenue 12,884 12,884 9,534 9,534 Investment income 721 721 684 684 Operating income 151,946 10,887 162,833 89,732 13,536 103,268 Expenditures on long-lived assets 3,609 3,609 4,076 4,076 Goodwill 40,945 40,945 40,732 40,732

Other Comprehensive Income (Tab

Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 26, 2022
Components of and Changes in Accumulated Other Comprehensive Income, Net of Related Income Taxes	The following table presents the components of and changes in accumulated other comprehensive income (loss), net of related income taxes, as of and for the thirteen-week period ended March 26, 2022 (in thousands): Unrealized Available-for-Sale Foreign Total Balance as of December 25, 2021 $ 113 $ (5,516 ) $ (5,403 ) Other comprehensive (loss) income (5,187 ) 1,275 (3,912 ) Balance as of March 26, 2022 $ (5,074 ) $ (4,241 ) $ (9,315 )

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 26, 2022
Amortized Cost and Fair Value of Available-for-Sale Investments	The amortized cost and fair values of available-for-sale Amortized Gross Gross Fair Value March 26, 2022 Money market investments $ 14,913 $ — $ — $ 14,913 Asset-backed securities 21,259 — 1,435 19,824 Corporate bonds and direct obligations of government agencies 133,645 212 5,203 128,654 U.S. Treasury obligations 2,342 — 38 2,304 Total $ 172,159 $ 212 $ 6,676 $ 165,695 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
Schedule of Unrealized Loss on Available-for-Sale Investments	For those available-for-sale Less than 12 months 12 months or longer Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss March 26, 2022 Asset-backed securities $ 19,824 $ 1,435 $ — $ — $ 19,824 $ 1,435 Corporate bonds and direct obligations of government agencies 96,962 4,768 4,147 435 101,109 5,203 U.S. Treasury obligations 2,304 38 — — 2,304 38 Total $ 119,090 $ 6,241 $ 4,147 $ 435 $ 123,237 $ 6,676 December 25, 2021 Asset-backed securities $ 22,095 $ 346 $ — $ — $ 22,095 $ 346 Corporate bonds and direct obligations of 72,526 966 — — 72,526 966 Total $ 94,621 $ 1,312 $ — $ — $ 94,621 $ 1,312

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 26, 2022
Lease, Cost [Table Text Block]	The components of lease cost for finance leases and operating leases for the thirteen weeks ended March 26, 2022 were (in thousands): Finance leases: Amortization of right-of-use $ 5,327 Interest on lease liability 700 Total finance lease cost 6,027 Operating leases: Lease cost 926 Variable lease cost — Sublease income (1,213 ) Total net operating lease income (287 ) Total net lease cost $ 5,740
Schedule Of Supplemental Balance Sheet Information Related To Leases [Table Text Block]	A summary of the lease classification on our consolidated balance sheet as of March 26, 2022 is as follows (in thousands): Assets: Operating lease right-of-use Other assets $ 1,916 Finance lease assets Operating property, less accumulated depreciation and amortization 137,818 Total lease assets $ 139,734
Finance And Operating Lease Maturity [Table Text Block]	Liabilities: The following table reconciles the undiscounted cash flows for the finance and operating leases to the finance and operating lease liabilities recorded on the balance sheet at March 26, 2022 (in thousands): Finance Leases Operating Leases 2022 Remainder $ 28,777 $ 583 2023 31,916 638 2024 22,045 534 2025 15,820 282 2026 7,668 — Thereafter — — Total future minimum lease payments 106,226 2,037 Less amount representing interest (1.6% to 4.4%) 3,954 121 Present value of minimum lease payments $ 102,272 $ 1,916 Current maturities of long-term debt 34,983 Long-term debt, excluding current maturities 67,289 Other current liabilities 744 Deferred income taxes and other noncurrent liabilities 1,172
Schedule Discount Rate And Lease Term Used In Calculating Lease Liabilities And Assets [Table Text Block]	The weighted average remaining lease term and the weighted average discount rate for finance and operating leases as of March 26, 2022 were: Finance Leases Operating Leases Weighted average remaining lease term (years) 3.4 3.4 Weighted average discount rate 2.5 % 4.0 %

Schedule Of Revenue By Major Cu

Schedule Of Revenue By Major Customers By Reporting Segments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2022	Mar. 27, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 1,970,599	$ 1,287,534
BCO Independent Contractors – Truck
Disaggregation of Revenue [Line Items]
Percentage of Consolidated Revenue	37.00%	44.00%
Brokerage Carriers - Truck
Disaggregation of Revenue [Line Items]
Percentage of Consolidated Revenue	52.00%	49.00%
Rail Intermodal
Disaggregation of Revenue [Line Items]
Percentage of Consolidated Revenue	2.00%	2.00%
Ocean and air cargo carriers
Disaggregation of Revenue [Line Items]
Percentage of Consolidated Revenue	8.00%	4.00%
BCO Independent Contractor Truck and Brokerage Carriers Truck | Van Equipment
Disaggregation of Revenue [Line Items]
Revenue	$ 1,081,206	$ 729,402
BCO Independent Contractor Truck and Brokerage Carriers Truck | Unsided/Platform Equipment
Disaggregation of Revenue [Line Items]
Revenue	408,757	297,485
BCO Independent Contractor Truck and Brokerage Carriers Truck | Less than Truckload
Disaggregation of Revenue [Line Items]
Revenue	33,720	25,670
BCO Independent Contractor Truck and Brokerage Carriers Truck | Other Truck Transportation
Disaggregation of Revenue [Line Items]
Revenue	$ 227,601	$ 140,932

Share-based Payment Arrangeme_3

Share-based Payment Arrangements - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 26, 2022	Mar. 27, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Excess tax benefit from stock-based awards	$ 2,869,000	$ 343,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized share-based compensation (benefit)/expense	1,301,000	3,223,000
Unrecognized compensation cost, other than options	$ 27,300,000
Unrecognized compensation cost expected to be recognized over period, years	3 years 10 months 24 days
Non Vested Restricted Stock and Deferred Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, other than options	$ 5,555,000
Unrecognized compensation cost expected to be recognized over period, years	2 years 4 months 24 days
Terms of award	Company’s common stock on the date of grant. Shares of non-vested restricted stock are generally subject to vesting in three equal annual installments either on the first, second and third anniversary of the date of the grant or the third, fourth and fifth anniversary of the date of the grant, or 100% on the first or fifth anniversary of the date of the grant. For restricted stock awards granted under the 2013 DSCP plan, each recipient may elect to defer receipt of shares and instead receive restricted stock units (“Deferred Stock Units”), which represent contingent rights to receive shares of the Company’s common stock on the date of recipient separation
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total intrinsic value of stock options exercised during periods	$ 369,000	$ 521,000
Maximum | Restricted Stock Units (RSUs) | Prior to 2015 grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum percentage of target available for common share issuance	100.00%
2011 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance	3,230,826
2011 Equity Incentive Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized for issuance	6,000,000
2013 Directors Stock Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized for issuance	115,000
Common stock reserved for issuance	56,502
2013 Directors Stock Compensation Plan | Deferred Stock Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock vesting percentage	100.00%

Amounts Recognized in Financial

Amounts Recognized in Financial Statements with Respect to Plans (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2022	Mar. 27, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total cost of the Plans during the period	$ 1,995	$ 4,029
Amount of related income tax benefit recognized during the period	(3,360)	(1,341)
Net cost of the Plans during the period	$ (1,365)	$ 2,688

Schedule of Information on Rest

Schedule of Information on Restricted Stock Units (Detail) - Restricted Stock Units (RSUs)	3 Months Ended
	Mar. 26, 2022$ / sharesshares
Number of Shares
Beginning Balance | shares	209,399
Granted | shares	49,405
Shares earned in excess of target | shares	91,497
Vested shares, including shares earned in excess of target | shares	(174,366)
Forfeited | shares	(15,044)
Ending Balance | shares	160,891
Weighted Average Grant Date Fair Value
Beginning Balance | $ / shares	$ 102.90
Granted | $ / shares	139.78
Shares earned in excess of target | $ / shares	92.58
Vested shares, including shares earned in excess of target | $ / shares	96.14
Forfeited | $ / shares	103.31
Ending Balance | $ / shares	$ 115.64

Schedule of Information on Non

Schedule of Information on Non - Vested Restricted Stock Units (Detail) - Non Vested Restricted Stock and Deferred Stock Units	3 Months Ended
	Mar. 26, 2022$ / sharesshares
Number of Shares and Deferred Stock Units
Beginning Balance | shares	56,436
Granted | shares	17,008
Vested | shares	(21,500)
Forfeited | shares	(2,302)
Ending Balance | shares	49,642
Weighted Average Grant Date Fair Value
Beginning Balance | $ / shares	$ 125.16
Granted | $ / shares	152.44
Vested | $ / shares	110.16
Forfeited | $ / shares	108.59
Ending Balance | $ / shares	$ 141.77

Summary of Information Regardin

Summary of Information Regarding Stock Options (Detail) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 26, 2022USD ($)$ / sharesshares
Number of Options
Beginning Balance, number of options | shares	8,570
Exercised, number of options | shares	(3,500)
Ending Balance, number of options | shares	5,070
Weighted Average Exercise Price per Share
Beginning Balance, Weighted Average Exercise Price per Share | $ / shares	$ 55.42
Exercised, Weighted Average Exercise Price per Share | $ / shares	54.01
Ending Balance, Weighted Average Exercise Price per Share | $ / shares	$ 56.40
Options Exercisable, Number of Options
Options exercisable at the ending, Number of Options | shares	5,070
Options Exercisable, Weighted Average Exercise Price per Share
Options exercisable at the ending, Weighted Average Exercise Price per Share | $ / shares	$ 56.40
Weighted Average Remaining Contractual Term (years)
Options outstanding at March 26, 2022	9 months 18 days
Options exercisable at March 26, 2022	9 months 18 days
Aggregate Intrinsic Value
Options outstanding at March 26, 2022 | $	$ 495
Options exercisable at March 26, 2022 | $	$ 495

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	3 Months Ended
	Mar. 26, 2022	Mar. 27, 2021
Income Taxes [Line Items]
Corporate income tax rate	21.00%	21.00%
Estimated annual effective income tax rate	24.50%	24.40%
Effective income tax rate	22.80%	24.40%

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended
	Mar. 26, 2022	Mar. 27, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options excluded from calculation of diluted earnings per share, antidilutive	0	0

Additional Cash Flow Informat_2

Additional Cash Flow Information - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 26, 2022	Mar. 27, 2021
Supplemental Cash Flow Information [Abstract]
Income taxes paid	$ 2,031,000	$ 353,000
Interest paid	1,029,000	983,000
Capital Lease Obligations Incurred	$ 0	$ 0

Segment Information - Additiona

Segment Information - Additional Information (Detail) - Customer	3 Months Ended
	Mar. 26, 2022	Mar. 27, 2021
Segment Reporting Information [Line Items]
Number of customers accounting for 10 percent or more of total revenue	0	0
No single customer accounted for benchmark percentage to be considered major customer	10.00%	10.00%

Information Regarding Reportabl

Information Regarding Reportable Business Segments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2022	Mar. 27, 2021	Dec. 25, 2021
Segment Reporting Information [Line Items]
External revenue	$ 1,970,599	$ 1,287,534
Internal revenue	12,884	9,534
Investment income	721	684
Operating income	162,833	103,268
Expenditures on long-lived assets	3,609	4,076
Goodwill	40,945	40,732	$ 40,768
Transportation Logistics
Segment Reporting Information [Line Items]
External revenue	1,951,339	1,270,499
Operating income	151,946	89,732
Expenditures on long-lived assets	3,609	4,076
Goodwill	40,945	40,732
Insurance
Segment Reporting Information [Line Items]
External revenue	19,260	17,035
Internal revenue	12,884	9,534
Investment income	721	684
Operating income	$ 10,887	$ 13,536

Components of and Changes in Ac

Components of and Changes in Accumulated Other Comprehensive Income, Net of Related Income Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2022	Mar. 27, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	$ 862,010
Other comprehensive (loss) income	(3,912)	$ (954)
Ending Balance	856,149
Unrealized Holding Gains (Losses) on Available-for-Sale Securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	113
Other comprehensive (loss) income	(5,187)
Ending Balance	(5,074)
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(5,516)
Other comprehensive (loss) income	1,275
Ending Balance	(4,241)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(5,403)
Other comprehensive (loss) income	(3,912)
Ending Balance	$ (9,315)

Investments - Additional Inform

Investments - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 26, 2022	Dec. 25, 2021
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	$ (6,464,000)	$ 144,000

Amortized Cost and Fair Value o

Amortized Cost and Fair Value of Available-for-Sale Investments (Detail) - USD ($) $ in Thousands	Mar. 26, 2022	Dec. 25, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 172,159	$ 171,449
Gross Unrealized Gains	212	1,456
Gross Unrealized Losses	6,676	1,312
Fair Value	165,695	171,593
Money market investments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	14,913	8,750
Fair Value	14,913	8,750
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	21,259	22,441
Gross Unrealized Losses	1,435	346
Fair Value	19,824	22,095
Corporate bonds and direct obligations of government agencies
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	133,645	137,916
Gross Unrealized Gains	212	1,406
Gross Unrealized Losses	5,203	966
Fair Value	128,654	138,356
U.S. Treasury obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,342	2,342
Gross Unrealized Gains		50
Gross Unrealized Losses	38
Fair Value	$ 2,304	$ 2,392

Schedule of Unrealized Loss on

Schedule of Unrealized Loss on Available-for-Sale Investments (Detail) - USD ($) $ in Thousands	Mar. 26, 2022	Dec. 25, 2021
Debt Securities, Available-for-sale [Line Items]
Available-for-sale investments with unrealized losses, Less than 12 months, Fair Value	$ 119,090	$ 94,621
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss	6,241	1,312
Available-for-sale investments with unrealized losses, 12 months or longer, Fair Value	4,147
Available-for-sale investments with unrealized losses, 12 months or longer, Unrealized Loss	435
Available-for-sale investments with unrealized losses, Fair Value, Total	123,237	94,621
Available-for-sale investments with unrealized losses, Unrealized Loss, Total	6,676	1,312
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale investments with unrealized losses, Less than 12 months, Fair Value	19,824	22,095
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss	1,435	346
Available-for-sale investments with unrealized losses, Fair Value, Total	19,824	22,095
Available-for-sale investments with unrealized losses, Unrealized Loss, Total	1,435	346
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	96,962	72,526
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss	4,768	966
Available-for-sale investments with unrealized losses, 12 months or longer, Fair Value	4,147
Available-for-sale investments with unrealized losses, 12 months or longer, Unrealized Loss	435
Available-for-sale investments with unrealized losses, Fair Value, Total	101,109	72,526
Available-for-sale investments with unrealized losses, Unrealized Loss, Total	5,203	$ 966
U.S. Treasury obligations
Debt Securities, Available-for-sale [Line Items]
Available-for-sale investments with unrealized losses, Less than 12 months, Fair Value	2,304
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss	38
Available-for-sale investments with unrealized losses, Fair Value, Total	2,304
Available-for-sale investments with unrealized losses, Unrealized Loss, Total	$ 38

Leases - Additional Information

Leases - Additional Information (Detail)	Mar. 26, 2022USD ($)
Leases Disclosure [Line Items]
Finance Lease Option to Purchase Option Value	$ 1
Lessee, Finance Lease, Term of Contract	5 years

Leases - Components of Lease Co

Leases - Components of Lease Cost for Finance Leases and Operating Leases (Detail) $ in Thousands	3 Months Ended
	Mar. 26, 2022USD ($)
Finance leases:
Amortization of right-of-use assets	$ 5,327
Interest on lease liability	700
Total finance lease cost	6,027
Operating leases:
Lease cost	926
Sublease income	(1,213)
Total net operating lease income	(287)
Total net lease cost	$ 5,740

Leases - Classification on our

Leases - Classification on our Consolidated Balance Sheet (Detail) $ in Thousands	Mar. 26, 2022USD ($)
Total lease assets	$ 139,734
Other Assets [Member]
Operating lease right-of-use assets	1,916
Property Plant and Equipment Net [Member]
Finance lease assets	$ 137,818

Leases - Undiscounted Cash Flow

Leases - Undiscounted Cash Flows for the Finance and Operating Leases (Detail) - USD ($) $ in Thousands	Mar. 26, 2022	Dec. 25, 2021
Operating Leased Assets [Line Items]
2022 Remainder	$ 28,777
2023	31,916
2024	22,045
2025	15,820
2026	7,668
Total future minimum lease payments	106,226
Less amount representing interest (1.6% to 4.4%)	3,954
Present value of minimum lease payments	102,272
Current maturities of long-term debt	34,983	$ 36,561
Long-term debt, excluding current maturities	67,289
2022 Remainder	583
2023	638
2024	534
2025	282
2026	0
Total future minimum lease payments	2,037
Less amount representing interest (1.6% to 4.4%)	121
Present value of minimum lease payments	1,916
Other current liabilities [Member]
Operating Leased Assets [Line Items]
Operating lease, liability, current	744
Deferred income taxes and other noncurrent liabilities [Member]
Operating Leased Assets [Line Items]
Operating lease, liability, non-current	$ 1,172

Leases - Undiscounted Cash Fl_2

Leases - Undiscounted Cash Flows for the Finance and Operating Leases (Parenthetical) (Details)	Mar. 26, 2022
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)	Mar. 26, 2022
Weighted average remaining lease term (years)	3 years 4 months 24 days
Weighted average discount rate	2.50%
Weighted average remaining lease term (years)	3 years 4 months 24 days
Weighted average discount rate	4.00%

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($)	Aug. 18, 2020	Mar. 26, 2022	Dec. 25, 2021
Debt Instrument [Line Items]
Debt Outstanding Excluding Capital Lease Obligations		$ 70,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Debt Outstanding Excluding Capital Lease Obligations			$ 0
Credit facility, initiation date	Aug. 18, 2020
Credit facility, borrowing capacity		250,000,000
Credit facility, maximum borrowing capacity		$ 400,000,000
Credit facility, debt covenants compliance		The Company is currently in compliance with all of the debt covenants under the Credit Agreement.
Weighted average interest rate on borrowings outstanding		1.66%
Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Credit facility, unused credit commitment fee		0.25%
Credit facility event of default, minimum percentage that a person or group should acquire outstanding capital stock		35.00%
Revolving Credit Facility | Minimum | Eurodollar [Member]
Debt Instrument [Line Items]
Borrowings, basis spread on variable rate		1.25%
Revolving Credit Facility | Minimum | Base Rate [Member]
Debt Instrument [Line Items]
Borrowings, basis spread on variable rate		0.25%
Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Credit facility, unused credit commitment fee		0.35%
Maximum Leverage ratio beyond which amount of cash dividends and other distributions to stockholders is limited		250.00%
Revolving Credit Facility | Maximum | Eurodollar [Member]
Debt Instrument [Line Items]
Borrowings, basis spread on variable rate		2.00%
Revolving Credit Facility | Maximum | Base Rate [Member]
Debt Instrument [Line Items]
Borrowings, basis spread on variable rate		1.00%
Letter of Credit
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity		$ 35,000,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	Mar. 26, 2022USD ($)
Current Investments | Collateral Pledged [Member]
Commitments and Contingencies Disclosure [Line Items]
Investments providing collateral for letters of credit to guarantee insurance claims	$ 34,292,000
Restricted cash	1,387,000
Non-Current Investments
Commitments and Contingencies Disclosure [Line Items]
Total non-current investments	131,403,000
Non-Current Investments | Collateral Pledged [Member]
Commitments and Contingencies Disclosure [Line Items]
Investments providing collateral for letters of credit to guarantee insurance claims	44,463,000
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