Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 24, 2022 | Oct. 17, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Document Quarterly Report | true | |
Entity Central Index Key | 0000853816 | |
Document Transition Report | false | |
Current Fiscal Year End Date | --12-31 | |
Document Period End Date | Sep. 24, 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 | 35,925,265 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity File Number | 0-21238 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 06-1313069 | |
Entity Address, Address Line One | 13410 Sutton Park Drive South | |
Entity Address, City or Town | Jacksonville | |
Entity Address, Postal Zip Code | 32224 | |
City Area Code | 904 | |
Local Phone Number | 398-9400 | |
Entity Address, State or Province | FL |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 24, 2022 | Dec. 25, 2021 |
Current Assets | ||
Cash and cash equivalents | $ 177,796 | $ 215,522 |
Short-term investments | 50,637 | 35,778 |
Trade accounts receivable, less allowance of $10,464 and $7,074 | 1,133,681 | 1,154,314 |
Other receivables, including advances to independent contractors, less allowance of $9,877 and $8,125 | 87,241 | 101,124 |
Other current assets | 35,493 | 16,162 |
Total current assets | 1,484,848 | 1,522,900 |
Operating property, less accumulated depreciation and amortization of $383,458 and $344,099 | 321,585 | 317,386 |
Goodwill | 41,004 | 40,768 |
Other assets | 141,103 | 164,411 |
Total assets | 1,988,540 | 2,045,465 |
Current Liabilities | ||
Cash overdraft | 97,686 | 116,478 |
Accounts payable | 644,054 | 604,130 |
Current maturities of long-term debt | 37,375 | 36,561 |
Insurance claims | 58,131 | 46,896 |
Dividends payable | 75,387 | |
Other current liabilities | 104,272 | 130,531 |
Total current liabilities | 941,518 | 1,009,983 |
Long-term debt, excluding current maturities | 72,095 | 75,243 |
Insurance claims | 55,765 | 49,509 |
Deferred income taxes and other noncurrent liabilities | 45,989 | 48,720 |
Shareholders' Equity | ||
Common stock, $0.01 par value, authorized 160,000,000 shares, issued 68,380,565 and 68,232,975 shares | 684 | 682 |
Additional paid-in capital | 255,486 | 255,148 |
Retained earnings | 2,625,290 | 2,317,184 |
Cost of 32,455,300 and 30,539,235 shares of common stock in treasury | (1,992,886) | (1,705,601) |
Accumulated other comprehensive loss | (15,401) | (5,403) |
Total shareholders' equity | 873,173 | 862,010 |
Total liabilities and shareholders' equity | $ 1,988,540 | $ 2,045,465 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 24, 2022 | Dec. 25, 2021 |
Allowance on trade accounts receivable | $ 10,464 | $ 7,074 |
Allowance on other receivables | 9,877 | 8,125 |
Accumulated depreciation and amortization on operating property | $ 383,458 | $ 344,099 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, authorized shares | 160,000,000 | 160,000,000 |
Common stock, issued shares | 68,380,565 | 68,232,975 |
Treasury stock, shares | 32,455,300 | 30,539,235 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 24, 2022 | Sep. 25, 2021 | |
Revenue | $ 1,816,132 | $ 1,734,299 | $ 5,761,795 | $ 4,592,551 |
Investment income | 716 | 706 | 2,023 | 2,138 |
Costs and expenses: | ||||
Purchased transportation | 1,416,323 | 1,356,671 | 4,512,341 | 3,583,197 |
Commissions to agents | 154,125 | 135,295 | 465,759 | 356,997 |
Other operating costs, net of gains on asset sales/dispositions | 13,356 | 10,572 | 34,878 | 27,117 |
Insurance and claims | 31,445 | 29,569 | 96,265 | 75,198 |
Selling, general and administrative | 53,519 | 59,198 | 165,199 | 158,720 |
Depreciation and amortization | 14,582 | 12,288 | 42,627 | 36,532 |
Total costs and expenses | 1,683,350 | 1,603,593 | 5,317,069 | 4,237,761 |
Operating income | 133,498 | 131,412 | 446,749 | 356,928 |
Interest and debt expense | 1,047 | 965 | 3,275 | 2,974 |
Income before income taxes | 132,451 | 130,447 | 443,474 | 353,954 |
Income taxes | 32,233 | 31,772 | 105,862 | 85,745 |
Net income | $ 100,218 | $ 98,675 | $ 337,612 | $ 268,209 |
Diluted earnings per share | $ 2.76 | $ 2.58 | $ 9.15 | $ 7 |
Average diluted shares outstanding | 36,334,000 | 38,218,000 | 36,886,000 | 38,342,000 |
Dividends per common share | $ 0.3 | $ 0.25 | $ 0.8 | $ 0.67 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 24, 2022 | Sep. 25, 2021 | |
Net income | $ 100,218 | $ 98,675 | $ 337,612 | $ 268,209 |
Other comprehensive (loss) income: | ||||
Unrealized holding losses on available-for-sale investments, net of tax benefit of $2,461, $347, $436 and $104 | (1,596) | (377) | (8,987) | (1,260) |
Foreign currency translation (losses) gains | (1,484) | (710) | (1,011) | 320 |
Other comprehensive loss | (3,080) | (1,087) | (9,998) | (940) |
Comprehensive income | $ 97,138 | $ 97,588 | $ 327,614 | $ 267,269 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 24, 2022 | Sep. 25, 2021 | |
Unrealized holding losses on available-for-sale investments, net of tax benefit | $ 436 | $ 104 | $ 2,461 | $ 347 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 24, 2022 | Sep. 25, 2021 | |
OPERATING ACTIVITIES | ||
Net income | $ 337,612 | $ 268,209 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 42,627 | 36,532 |
Non-cash interest charges | 290 | 336 |
Provisions for losses on trade and other accounts receivable | 8,346 | 3,884 |
Gains on sales/disposals of operating property | (1,290) | (1,259) |
Deferred income taxes, net | (2,597) | 4,948 |
Stock-based compensation | 9,409 | 18,717 |
Changes in operating assets and liabilities: | ||
Decrease (increase) in trade and other accounts receivable | 26,170 | (224,503) |
Increase in other assets | (17,669) | (3,822) |
Increase in accounts payable | 39,924 | 167,880 |
(Decrease) increase in other liabilities | (23,932) | 22,837 |
Increase (decrease) in insurance claims | 17,491 | (76,769) |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 436,381 | 216,990 |
INVESTING ACTIVITIES | ||
Sales and maturities of investments | 27,568 | 25,521 |
Purchases of investments | (30,490) | (77,649) |
Purchases of operating property | (21,096) | (18,561) |
Proceeds from sales of operating property | 2,669 | 2,047 |
Purchase of non-marketable securities | (4,999) | |
NET CASH USED BY INVESTING ACTIVITIES | (26,348) | (68,642) |
FINANCING ACTIVITIES | ||
(Decrease) increase in cash overdraft | (18,792) | 14,210 |
Dividends paid | (104,893) | (102,463) |
Payment for debt issue costs | (1,080) | |
Proceeds from exercises of stock options | 56 | 134 |
Taxes paid in lieu of shares issued related to stock-based compensation plans | (10,427) | (2,342) |
Purchases of common stock | (285,983) | (50,230) |
Principal payments on finance lease obligations | (29,075) | (26,513) |
Payment of deferred consideration | (168) | |
NET CASH USED BY FINANCING ACTIVITIES | (450,194) | (167,372) |
Effect of exchange rate changes on cash and cash equivalents | (1,614) | 234 |
Decrease in cash, cash equivalents and restricted cash | (41,775) | (18,790) |
Cash, cash equivalents and restricted cash at beginning of period | 219,571 | 249,354 |
Cash and cash equivalents at end of period | $ 177,796 | $ 230,564 |
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) Income |
Beginning Balance (in shares) at Dec. 26, 2020 | 68,183,702 | 29,797,639 | ||||
Beginning Balance at Dec. 26, 2020 | $ 691,835 | $ 682 | $ 228,875 | $ 2,046,238 | $ (1,581,961) | $ (1,999) |
Net income | 77,240 | 77,240 | ||||
Dividends | (8,067) | (8,067) | ||||
Issuance of stock related to stock-based compensation plans (in shares) | 28,594 | 6,087 | ||||
Issuance of stock related to stock-based compensation plans | (1,164) | (307) | $ (857) | |||
Stock-based compensation | 4,029 | 4,029 | ||||
Other comprehensive (loss) income | (954) | (954) | ||||
Ending Balance (in shares) at Mar. 27, 2021 | 68,212,296 | 29,803,726 | ||||
Ending Balance at Mar. 27, 2021 | 762,919 | $ 682 | 232,597 | 2,115,411 | $ (1,582,818) | (2,953) |
Beginning Balance (in shares) at Dec. 26, 2020 | 68,183,702 | 29,797,639 | ||||
Beginning Balance at Dec. 26, 2020 | 691,835 | $ 682 | 228,875 | 2,046,238 | $ (1,581,961) | (1,999) |
Net income | 268,209 | |||||
Ending Balance (in shares) at Sep. 25, 2021 | 68,231,013 | 30,122,427 | ||||
Ending Balance at Sep. 25, 2021 | 899,690 | $ 682 | 246,302 | 2,288,754 | $ (1,633,109) | (2,939) |
Beginning Balance (in shares) at Mar. 27, 2021 | 68,212,296 | 29,803,726 | ||||
Beginning Balance at Mar. 27, 2021 | 762,919 | $ 682 | 232,597 | 2,115,411 | $ (1,582,818) | (2,953) |
Net income | 92,294 | 92,294 | ||||
Dividends | (8,068) | (8,068) | ||||
Purchases of common stock (in shares) | 150,000 | |||||
Purchases of common stock | (23,837) | $ (23,837) | ||||
Issuance of stock related to stock-based compensation plans (in shares) | 17,584 | 355 | ||||
Issuance of stock related to stock-based compensation plans | (1,100) | (1,039) | $ (61) | |||
Stock-based compensation | 6,864 | 6,864 | ||||
Other comprehensive (loss) income | 1,101 | 1,101 | ||||
Ending Balance (in shares) at Jun. 26, 2021 | 68,229,880 | 29,954,081 | ||||
Ending Balance at Jun. 26, 2021 | 830,173 | $ 682 | 238,422 | 2,199,637 | $ (1,606,716) | (1,852) |
Net income | 98,675 | 98,675 | ||||
Dividends | (9,558) | (9,558) | ||||
Purchases of common stock (in shares) | 167,046 | |||||
Purchases of common stock | (26,393) | $ (26,393) | ||||
Issuance of stock related to stock-based compensation plans (in shares) | 1,133 | 1,300 | ||||
Issuance of stock related to stock-based compensation plans | 56 | $ 0 | 56 | $ 0 | ||
Stock-based compensation | 7,824 | 7,824 | ||||
Other comprehensive (loss) income | (1,087) | (1,087) | ||||
Ending Balance (in shares) at Sep. 25, 2021 | 68,231,013 | 30,122,427 | ||||
Ending Balance at Sep. 25, 2021 | 899,690 | $ 682 | 246,302 | 2,288,754 | $ (1,633,109) | (2,939) |
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) income | (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) |
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 | 337,612 | |||||
Ending Balance (in shares) at Sep. 24, 2022 | 68,380,565 | 32,455,300 | ||||
Ending Balance at Sep. 24, 2022 | 873,173 | $ 684 | 255,486 | 2,625,290 | $ (1,992,886) | (15,401) |
Beginning Balance (in shares) at Mar. 26, 2022 | 68,370,151 | 31,242,818 | ||||
Beginning Balance at Mar. 26, 2022 | 856,149 | $ 684 | 248,230 | 2,432,699 | $ (1,816,149) | (9,315) |
Net income | 112,555 | 112,555 | ||||
Dividends | (9,257) | (9,257) | ||||
Purchases of common stock (in shares) | 703,211 | |||||
Purchases of common stock | (103,300) | $ (103,300) | ||||
Issuance of stock related to stock-based compensation plans (in shares) | 6,783 | 587 | ||||
Issuance of stock related to stock-based compensation plans | (86) | $ (86) | ||||
Stock-based compensation | 3,815 | 3,815 | ||||
Other comprehensive (loss) income | (3,006) | (3,006) | ||||
Ending Balance (in shares) at Jun. 25, 2022 | 68,376,934 | 31,946,616 | ||||
Ending Balance at Jun. 25, 2022 | 856,870 | $ 684 | 252,045 | 2,535,997 | $ (1,919,535) | (12,321) |
Net income | 100,218 | 100,218 | ||||
Dividends | (10,925) | (10,925) | ||||
Purchases of common stock (in shares) | 504,065 | |||||
Purchases of common stock | (73,351) | $ (73,351) | ||||
Issuance of stock related to stock-based compensation plans (in shares) | 3,631 | 4,619 | ||||
Issuance of stock related to stock-based compensation plans | (158) | $ 0 | (158) | $ 0 | ||
Stock-based compensation | 3,599 | 3,599 | ||||
Other comprehensive (loss) income | (3,080) | (3,080) | ||||
Ending Balance (in shares) at Sep. 24, 2022 | 68,380,565 | 32,455,300 | ||||
Ending Balance at Sep. 24, 2022 | $ 873,173 | $ 684 | $ 255,486 | $ 2,625,290 | $ (1,992,886) | $ (15,401) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||||||
Sep. 24, 2022 | Jun. 25, 2022 | Mar. 26, 2022 | Sep. 25, 2021 | Jun. 26, 2021 | Mar. 27, 2021 | Sep. 24, 2022 | Sep. 25, 2021 | |
Dividends per common share | $ 0.3 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.21 | $ 0.21 | $ 0.8 | $ 0.67 |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 24, 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 thirty-nine-week and thirteen-week periods ended September 24, 2022 and September 25, 2021 (dollars in thousands): Thirty Nine Weeks Ended Thirteen Weeks Ended Mode September 24, 2022 September 25, 2021 September 24, 2022 September 25, 2021 Truck – BCO Independent Contractors 35 % 41 % 35 % 40 % Truck – Truck Brokerage Carriers 53 % 50 % 53 % 51 % Rail intermodal 2 % 3 % 2 % 3 % Ocean and air cargo carriers 8 % 4 % 9 % 5 % Truck Equipment Type Van equipment $ 3,022,297 $ 2,502,025 $ 914,154 $ 918,115 Unsided/platform equipment $ 1,336,956 $ 1,112,358 $ 453,924 $ 422,979 Less-than-truckload $ 105,994 $ 85,551 $ 35,343 $ 30,819 Other truck transportation (1) $ 632,001 $ 518,472 $ 195,345 $ 208,817 (1) Includes power-only, expedited, straight truck, cargo van, and miscellaneous other truck transportation revenue generated by the transportation logistics segment. Power-only refers to shipments where the Company furnishes a power unit and an operator but not trailing equipment, which is typically provided by the shipper or consignee. |
Share-based Payment Arrangement
Share-based Payment Arrangements | 9 Months Ended |
Sep. 24, 2022 | |
Share-based Payment Arrangements | (2) Share-based Payment Arrangements As of September 24, 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 2022 Directors Stock Compensation Plan (the “2022 DSCP”), which replaced the Amended and Restated 2013 Directors Stock Compensation Plan (as amended and restated, the “2013 DSCP”). At the Company’s 2022 Annual Meeting of Stockholders held on May 11, 2022, the Company’s stockholders approved the 2022 DSCP. The provisions of the 2022 DSCP are substantially similar to the provisions of the 2013 DSCP. 6,000,000 shares of the Company’s common stock were authorized for issuance under the 2011 EIP, and 200,000 shares of the Company’s common stock were authorized for issuance under the 2022 DSCP. No further grants can be made under the 2013 DSCP, including 56,502 shares of the Company’s common stock previously reserved for issuance, but not issued, under the 2013 DSCP. The 2011 EIP, 2013 DSCP and 2022 DSCP are each referred to herein as a “Plan,” and, collectively, as the “Plans.” Amounts recognized in the financial statements with respect to these Plans are as follows (in thousands): Thirty Nine Weeks Ended Thirteen Weeks Ended September 24, 2022 September 25, 2021 September 24, 2022 September 25, 2021 Total cost of the Plans during the period $ 9,409 $ 18,717 $ 3,599 $ 7,824 Amount of related income tax benefit recognized during the period (5,219 ) (5,636 ) (949 ) (1,919 ) Net cost of the Plans during the period $ 4,190 $ 13,081 $ 2,650 $ 5,905 Included in income tax benefits recognized in the thirty-nine-week periods ended September 24, 2022 and September 25, 2021 were excess tax benefits from stock-based awards of $2,910,000 and $1,039,000 respectively. As of September 24, 2022, there were 193,217 shares of the Company’s common stock reserved for issuance under the 2022 DSCP and 3,245,251 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 49,825 $ 139.54 Shares earned in excess of target (1) 91,497 $ 92.58 Vested shares, including shares earned in excess of target (177,146 ) $ 95.48 Forfeited (21,989 ) $ 113.85 Outstanding at September 24, 2022 151,586 $ 115.80 (1) Represents additional shares earned under each of the February 2, 2017 , , under each such award. During the thirty-nine-week period ended September 24, 2022, the Company granted RSUs with a performance condition. Outstanding RSUs at both December 25, 2021 and September 24, 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 $7,035,000 and $16,223,000 of share-based compensation expense related to RSU awards in the thirty-nine-week periods ended September 24, 2022 and September 25, 2021, respectively. As of September 24, 2022, there was a maximum of $19.7 million of total unrecognized compensation cost related to RSU awards granted under the Plans with an expected average remaining life of approximately 3.6 years. With respect to RSU awards with a performance condition, the amount of future compensation expense to be recognized will be determined based on future operating results. Non-vested The following table summarizes information regarding the Company’s outstanding shares of non-vested Number of Shares and Deferred Stock Weighted Average Grant Date Fair Value Non-vested 56,436 $ 125.16 Granted 25,354 $ 152.54 Vested (27,074 ) $ 122.68 Forfeited (6,921 ) $ 144.45 Non-vested 47,795 $ 138.30 The fair value of each share of non-vested non-vested As of September 24, 2022, there was $4,375,000 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 (4,100 ) $ 54.36 Options outstanding at September 24, 2022 4,470 $ 56.40 0.4 $ 386 Options exercisable at September 24, 2022 4,470 $ 56.40 0.4 $ 386 The total intrinsic value of stock options exercised during the thirty-nine-week periods ended September 24, 2022 and September 25, 2021 was $429,000 and $644,000, respectively. As of September 24, 2022, there was no unrecognized compensation cost related to stock options granted under the Plans. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 24, 2022 | |
Income Taxes | (3) Income Taxes The provisions for income taxes for the 2022 and 2021 thirty-nine-week periods were based on estimated annual effective income tax rates 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 of 21% in both periods primarily attributable to state taxes and non-deductible |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 24, 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 thirty-nine-week periods ended September 24, 2022 and September 25, 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 | 9 Months Ended |
Sep. 24, 2022 | |
Additional Cash Flow Information | (5) Additional Cash Flow Information During the 2022 thirty-nine-week period, Landstar paid income taxes and interest of $125,690,000 and $3,101,000, respectively. During the 2021 thirty-nine-week period, Landstar paid income taxes and interest of $71,823,000 and $2,780,000, respectively. Landstar acquired operating property by entering into finance leases in the amount of $26,741,000 and $23,080,000 in the 2022 and 2021 thirty-nine-week periods, respectively. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 24, 2022 | |
Segment Information | (6) Segment Information The following table summarizes information about the Company’s reportable business segments as of and for the thirty-nine-week and thirteen-week periods ended September 24, 2022 and September 25, 2021: Thirty Nine Weeks Ended September 24, 2022 September 25, 2021 Transportation Logistics Insurance Total Transportation Logistics Insurance Total External revenue $ 5,702,959 $ 58,836 $ 5,761,795 $ 4,539,561 $ 52,990 $ 4,592,551 Internal revenue 65,753 65,753 53,028 53,028 Investment income 2,023 2,023 2,138 2,138 Operating income 412,054 34,695 446,749 323,370 33,558 356,928 Expenditures on long-lived assets 21,096 21,096 18,561 18,561 Goodwill 41,004 41,004 40,980 40,980 Thirteen Weeks Ended September 24, 2022 September 25, 2021 Transportation Logistics Insurance Total Transportation Logistics Insurance Total External revenue $ 1,796,401 $ 19,731 $ 1,816,132 $ 1,716,004 $ 18,295 $ 1,734,299 Internal revenue 12,883 12,883 9,533 9,533 Investment income 716 716 706 706 Operating income 120,164 13,334 133,498 123,410 8,002 131,412 Expenditures on long-lived assets 13,629 13,629 9,561 9,561 In the thirty-nine-week periods ended September 24, 2022 and September 25, 2021, no single customer accounted for more than 10% of the Company’s consolidated revenue. |
Other Comprehensive Income
Other Comprehensive Income | 9 Months Ended |
Sep. 24, 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 thirty-nine-week period ended September 24, 2022 (in thousands): Unrealized Available-for-Sale Foreign Currency Total Balance as of December 25, 2021 $ 113 $ (5,516 ) $ (5,403 ) Other comprehensive loss (8,987 ) (1,011 ) (9,998 ) Balance as of September 24, 2022 $ (8,874 ) $ (6,527 ) $ (15,401 ) Amounts reclassified from accumulated other comprehensive income to investment income due to the realization of previously unrealized gains and losses in the accompanying consolidated statements of income were not significant for the thirty-nine-week period ended September 24, 2022. |
Investments
Investments | 9 Months Ended |
Sep. 24, 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 Gross Gross Amortized Cost Unrealized Gains Unrealized Losses Fair Value September 24, 2022 Money market investments $ 22,062 $ — $ — $ 22,062 Asset-backed securities 19,742 — 2,666 17,076 Corporate bonds and direct obligations of government agencies 129,250 — 8,536 120,714 U.S. Treasury obligations 2,344 — 102 2,242 Total $ 173,398 $ — $ 11,304 $ 162,094 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 September 24, 2022 Asset-backed securities $ 3,224 $ 453 $ 13,852 $ 2,213 $ 17,076 $ 2,666 Corporate bonds and direct obligations of government agencies 68,854 2,732 51,860 5,804 120,714 8,536 U.S. Treasury obligations 2,242 102 — — 2,242 102 Total $ 74,320 $ 3,287 $ 65,712 $ 8,017 $ 140,032 $ 11,304 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 The Company believes unrealized losses on investments were primarily caused by rising interest rates rather than changes in credit quality. The Company expects to recover, through collection of all of the contractual cash flows of each security, the amortized cost basis of these securities as it does not intend to sell, and does not anticipate being required to sell, these securities before recovery of the cost basis. For these reasons, no losses have been recognized in the Company’s consolidated statements of income. |
Leases
Leases | 9 Months Ended |
Sep. 24, 2022 | |
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 These leases do not have significant rent escalation holidays, concessions, leasehold improvement incentives or other 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 thirty nine weeks ended September 24, 2022 were (in thousands): Finance leases: Amortization of right-of-use $ 16,455 Interest on lease liability 2,117 Total finance lease cost 18,572 Operating leases: Lease cost 2,587 Variable lease cost — Sublease income (3,711 ) Total net operating lease income (1,124 ) Total net lease cost $ 17,448 A summary of the lease classification on our consolidated balance sheet as of September 24, 2022 is as follows (in thousands): Assets: Operating lease right-of-use Other assets $ 1,628 Finance lease assets Operating property, less accumulated depreciation and amortization 146,903 Total lease assets $ 148,531 Liabilities: The following table reconciles the undiscounted cash flows for the finance and operating leases to the finance and operating lease liabilities recorded on the balance sheet at September 24, 2022 (in thousands): Finance Leases Operating Leases 2022 Remainder $ 10,680 $ 194 2023 37,822 705 2024 27,969 542 2025 21,771 285 2026 13,633 — Thereafter 3,214 — Total future minimum lease payments 115,089 1,726 Less amount representing interest (1.6% to 4.6%) 5,619 98 Present value of minimum lease payments $ 109,470 $ 1,628 Current maturities of long-term debt 37,375 Long-term debt, excluding current maturities 72,095 Other current liabilities 715 Deferred income taxes and other noncurrent liabilities 913 The weighted average remaining lease term and the weighted average discount rate for finance and operating leases as of September 24, 2022 were: Finance Leases Operating Leases Weighted average remaining lease term (years) 3.5 2.6 Weighted average discount rate 2.9 % 4.5 % |
Debt
Debt | 9 Months Ended |
Sep. 24, 2022 | |
Debt | (10) Debt Other than finance lease obligations as presented on the consolidated balance sheets, the Company had no outstanding debt as of September 24, 2022 and December 25, 2021. 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 “First Amended and Restated Credit Agreement”). As previously disclosed in a Form 8-K The Second Amended and Restated Credit Agreement, which superseded and replaced the First Amended and Restated Credit Agreement, is referred to herein as the “Credit Agreement.” As of September 24, 2022, there were no borrowings outstanding under the revolving credit facility of the Credit Agreement. The revolving credit loans under the Credit Agreement, at the option of Landstar, bear interest at (i) a forward-looking term rate based on the secured overnight financing rate plus 0.10% and 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 0.20% to 0.30%, based on the Company’s Leverage Ratio at the end of the most recent applicable fiscal quarter for which financial statements have been delivered. 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 described 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 and, as such, carrying value approximates fair value. Interest rates on borrowings under finance leases approximate the interest rates that would currently be available to the Company under similar terms and, as such, carrying value approximates fair value. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 24, 2022 | |
Commitments and Contingencies | (11) Commitments and Contingencies Short-term investments include $50,637,000 in current maturities of investments held by the Company’s insurance segment at September 24, 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. |
Equity Investment
Equity Investment | 9 Months Ended |
Sep. 24, 2022 | |
Equity Securities without Readily Determinable Fair Value, Annual Amount [Abstract] | |
Equity investment | (12) Equity investment On April 1, 2022, Landstar Investment Holdco, LLC, a newly formed Delaware LLC and wholly owned subsidiary of Landstar System Holdings, Inc., purchased Class A units of Cavnue, LLC, for approximately $4,999,000 in cash consideration. Cavnue, LLC is a privately held company focused on combining technology and road infrastructure to unlock the full potential of connected and autonomous vehicles. This non-controlling non-marketable non-marketable |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 24, 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 thirty-nine-week and thirteen-week periods ended September 24, 2022 and September 25, 2021 (dollars in thousands): Thirty Nine Weeks Ended Thirteen Weeks Ended Mode September 24, 2022 September 25, 2021 September 24, 2022 September 25, 2021 Truck – BCO Independent Contractors 35 % 41 % 35 % 40 % Truck – Truck Brokerage Carriers 53 % 50 % 53 % 51 % Rail intermodal 2 % 3 % 2 % 3 % Ocean and air cargo carriers 8 % 4 % 9 % 5 % Truck Equipment Type Van equipment $ 3,022,297 $ 2,502,025 $ 914,154 $ 918,115 Unsided/platform equipment $ 1,336,956 $ 1,112,358 $ 453,924 $ 422,979 Less-than-truckload $ 105,994 $ 85,551 $ 35,343 $ 30,819 Other truck transportation (1) $ 632,001 $ 518,472 $ 195,345 $ 208,817 (1) Includes power-only, expedited, straight truck, cargo van, and miscellaneous other truck transportation revenue generated by the transportation logistics segment. Power-only refers to shipments where the Company furnishes a power unit and an operator but not trailing equipment, which is typically provided by the shipper or consignee. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 24, 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 thirty-nine-week and thirteen-week periods ended September 24, 2022 and September 25, 2021 (dollars in thousands): Thirty Nine Weeks Ended Thirteen Weeks Ended Mode September 24, 2022 September 25, 2021 September 24, 2022 September 25, 2021 Truck – BCO Independent Contractors 35 % 41 % 35 % 40 % Truck – Truck Brokerage Carriers 53 % 50 % 53 % 51 % Rail intermodal 2 % 3 % 2 % 3 % Ocean and air cargo carriers 8 % 4 % 9 % 5 % Truck Equipment Type Van equipment $ 3,022,297 $ 2,502,025 $ 914,154 $ 918,115 Unsided/platform equipment $ 1,336,956 $ 1,112,358 $ 453,924 $ 422,979 Less-than-truckload $ 105,994 $ 85,551 $ 35,343 $ 30,819 Other truck transportation (1) $ 632,001 $ 518,472 $ 195,345 $ 208,817 (1) Includes power-only, expedited, straight truck, cargo van, and miscellaneous other truck transportation revenue generated by the transportation logistics segment. Power-only refers to shipments where the Company furnishes a power unit and an operator but not trailing equipment, which is typically provided by the shipper or consignee. |
Share-based Payment Arrangeme_2
Share-based Payment Arrangements (Tables) | 9 Months Ended |
Sep. 24, 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): Thirty Nine Weeks Ended Thirteen Weeks Ended September 24, 2022 September 25, 2021 September 24, 2022 September 25, 2021 Total cost of the Plans during the period $ 9,409 $ 18,717 $ 3,599 $ 7,824 Amount of related income tax benefit recognized during the period (5,219 ) (5,636 ) (949 ) (1,919 ) Net cost of the Plans during the period $ 4,190 $ 13,081 $ 2,650 $ 5,905 |
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 49,825 $ 139.54 Shares earned in excess of target (1) 91,497 $ 92.58 Vested shares, including shares earned in excess of target (177,146 ) $ 95.48 Forfeited (21,989 ) $ 113.85 Outstanding at September 24, 2022 151,586 $ 115.80 (1) Represents additional shares earned under each of the February 2, 2017 , , under each such award. |
Schedule of Information on Non-Vested Restricted Stock and Deferred Stock Units | The following table summarizes information regarding the Company’s outstanding shares of non-vested Number of Shares and Deferred Stock Weighted Average Grant Date Fair Value Non-vested 56,436 $ 125.16 Granted 25,354 $ 152.54 Vested (27,074 ) $ 122.68 Forfeited (6,921 ) $ 144.45 Non-vested 47,795 $ 138.30 |
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 (4,100 ) $ 54.36 Options outstanding at September 24, 2022 4,470 $ 56.40 0.4 $ 386 Options exercisable at September 24, 2022 4,470 $ 56.40 0.4 $ 386 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 24, 2022 | |
Information Regarding Reportable Business Segments | The following table summarizes information about the Company’s reportable business segments as of and for the thirty-nine-week and thirteen-week periods ended September 24, 2022 and September 25, 2021: Thirty Nine Weeks Ended September 24, 2022 September 25, 2021 Transportation Logistics Insurance Total Transportation Logistics Insurance Total External revenue $ 5,702,959 $ 58,836 $ 5,761,795 $ 4,539,561 $ 52,990 $ 4,592,551 Internal revenue 65,753 65,753 53,028 53,028 Investment income 2,023 2,023 2,138 2,138 Operating income 412,054 34,695 446,749 323,370 33,558 356,928 Expenditures on long-lived assets 21,096 21,096 18,561 18,561 Goodwill 41,004 41,004 40,980 40,980 Thirteen Weeks Ended September 24, 2022 September 25, 2021 Transportation Logistics Insurance Total Transportation Logistics Insurance Total External revenue $ 1,796,401 $ 19,731 $ 1,816,132 $ 1,716,004 $ 18,295 $ 1,734,299 Internal revenue 12,883 12,883 9,533 9,533 Investment income 716 716 706 706 Operating income 120,164 13,334 133,498 123,410 8,002 131,412 Expenditures on long-lived assets 13,629 13,629 9,561 9,561 |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 24, 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 thirty-nine-week period ended September 24, 2022 (in thousands): Unrealized Available-for-Sale Foreign Currency Total Balance as of December 25, 2021 $ 113 $ (5,516 ) $ (5,403 ) Other comprehensive loss (8,987 ) (1,011 ) (9,998 ) Balance as of September 24, 2022 $ (8,874 ) $ (6,527 ) $ (15,401 ) |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 24, 2022 | |
Amortized Cost and Fair Value of Available-for-Sale Investments | The amortized cost and fair values of available-for-sale Gross Gross Amortized Cost Unrealized Gains Unrealized Losses Fair Value September 24, 2022 Money market investments $ 22,062 $ — $ — $ 22,062 Asset-backed securities 19,742 — 2,666 17,076 Corporate bonds and direct obligations of government agencies 129,250 — 8,536 120,714 U.S. Treasury obligations 2,344 — 102 2,242 Total $ 173,398 $ — $ 11,304 $ 162,094 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 September 24, 2022 Asset-backed securities $ 3,224 $ 453 $ 13,852 $ 2,213 $ 17,076 $ 2,666 Corporate bonds and direct obligations of government agencies 68,854 2,732 51,860 5,804 120,714 8,536 U.S. Treasury obligations 2,242 102 — — 2,242 102 Total $ 74,320 $ 3,287 $ 65,712 $ 8,017 $ 140,032 $ 11,304 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 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 24, 2022 | |
Lease, Cost [Table Text Block] | The components of lease cost for finance leases and operating leases for the thirty nine weeks ended September 24, 2022 were (in thousands): Finance leases: Amortization of right-of-use $ 16,455 Interest on lease liability 2,117 Total finance lease cost 18,572 Operating leases: Lease cost 2,587 Variable lease cost — Sublease income (3,711 ) Total net operating lease income (1,124 ) Total net lease cost $ 17,448 |
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 September 24, 2022 is as follows (in thousands): Assets: Operating lease right-of-use Other assets $ 1,628 Finance lease assets Operating property, less accumulated depreciation and amortization 146,903 Total lease assets $ 148,531 |
Finance And Operating Lease Maturity [Table Text Block] | Liabilities: The following table reconciles the undiscounted cash flows for the finance and operating leases to the finance and operating lease liabilities recorded on the balance sheet at September 24, 2022 (in thousands): Finance Leases Operating Leases 2022 Remainder $ 10,680 $ 194 2023 37,822 705 2024 27,969 542 2025 21,771 285 2026 13,633 — Thereafter 3,214 — Total future minimum lease payments 115,089 1,726 Less amount representing interest (1.6% to 4.6%) 5,619 98 Present value of minimum lease payments $ 109,470 $ 1,628 Current maturities of long-term debt 37,375 Long-term debt, excluding current maturities 72,095 Other current liabilities 715 Deferred income taxes and other noncurrent liabilities 913 |
Schedule Discount Rate And Lease Term Used In Calculating Lease Liabilities And Assets [Table Text Block] | The weighted average remaining lease term and the weighted average discount rate for finance and operating leases as of September 24, 2022 were: Finance Leases Operating Leases Weighted average remaining lease term (years) 3.5 2.6 Weighted average discount rate 2.9 % 4.5 % |
Schedule Of Revenue By Major Cu
Schedule Of Revenue By Major Customers By Reporting Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 24, 2022 | Sep. 25, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 1,816,132 | $ 1,734,299 | $ 5,761,795 | $ 4,592,551 |
BCO Independent Contractors – Truck | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of consolidated revenue | 35% | 40% | 35% | 41% |
Brokerage Carriers - Truck | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of consolidated revenue | 53% | 51% | 53% | 50% |
Rail Intermodal | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of consolidated revenue | 2% | 3% | 2% | 3% |
Ocean and air cargo carriers | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of consolidated revenue | 9% | 5% | 8% | 4% |
BCO Independent Contractor Truck and Brokerage Carriers Truck | Van Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 914,154 | $ 918,115 | $ 3,022,297 | $ 2,502,025 |
BCO Independent Contractor Truck and Brokerage Carriers Truck | Unsided/Platform Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 453,924 | 422,979 | 1,336,956 | 1,112,358 |
BCO Independent Contractor Truck and Brokerage Carriers Truck | Less than Truckload | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 35,343 | 30,819 | 105,994 | 85,551 |
BCO Independent Contractor Truck and Brokerage Carriers Truck | Other Truck Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 195,345 | $ 208,817 | $ 632,001 | $ 518,472 |
Share-based Payment Arrangeme_3
Share-based Payment Arrangements - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Sep. 24, 2022 | Sep. 25, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Excess tax benefit from stock-based awards | $ 2,910,000 | $ 1,039,000 |
Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Recognized share-based compensation (benefit)/expense | 7,035,000 | 16,223,000 |
Unrecognized compensation cost, other than options | $ 19,700,000 | |
Unrecognized compensation cost expected to be recognized over period, years | 3 years 7 months 6 days | |
Non Vested Restricted Stock and Deferred Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation cost, other than options | $ 4,375,000 | |
Unrecognized compensation cost expected to be recognized over period, years | 1 year 10 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 2022 DSCP, 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 | $ 429,000 | $ 644,000 |
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% | |
2011 Equity Incentive Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock reserved for issuance | 3,245,251 | |
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 previously reserved for issuance | 56,502 | |
Number of shares available for grant | 0 | |
2022 Directors Stock Compensation Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock authorized for issuance | 200,000 | |
Common stock reserved for issuance | 193,217 | |
2022 Directors Stock Compensation Plan | Deferred Stock Unit | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock vesting percentage | 100% |
Amounts Recognized in Financial
Amounts Recognized in Financial Statements with Respect to Plans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 24, 2022 | Sep. 25, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total cost of the Plans during the period | $ 3,599 | $ 7,824 | $ 9,409 | $ 18,717 |
Amount of related income tax benefit recognized during the period | (949) | (1,919) | (5,219) | (5,636) |
Net cost of the Plans during the period | $ 2,650 | $ 5,905 | $ 4,190 | $ 13,081 |
Schedule of Information on Rest
Schedule of Information on Restricted Stock Units (Detail) - Restricted Stock Units (RSUs) | 9 Months Ended |
Sep. 24, 2022 $ / shares shares | |
Number of Shares | |
Beginning Balance | shares | 209,399 |
Granted | shares | 49,825 |
Shares earned in excess of target | shares | 91,497 |
Vested shares, including shares earned in excess of target | shares | (177,146) |
Forfeited | shares | (21,989) |
Ending Balance | shares | 151,586 |
Weighted Average Grant Date Fair Value | |
Beginning Balance | $ / shares | $ 102.9 |
Granted | $ / shares | 139.54 |
Shares earned in excess of target | $ / shares | 92.58 |
Vested shares, including shares earned in excess of target | $ / shares | 95.48 |
Forfeited | $ / shares | 113.85 |
Ending Balance | $ / shares | $ 115.8 |
Schedule of Information on Non
Schedule of Information on Non - Vested Restricted Stock Units (Detail) - Non Vested Restricted Stock and Deferred Stock Units | 9 Months Ended |
Sep. 24, 2022 $ / shares shares | |
Number of Shares and Deferred Stock Units | |
Beginning Balance | shares | 56,436 |
Granted | shares | 25,354 |
Vested | shares | (27,074) |
Forfeited | shares | (6,921) |
Ending Balance | shares | 47,795 |
Weighted Average Grant Date Fair Value | |
Beginning Balance | $ / shares | $ 125.16 |
Granted | $ / shares | 152.54 |
Vested | $ / shares | 122.68 |
Forfeited | $ / shares | 144.45 |
Ending Balance | $ / shares | $ 138.3 |
Summary of Information Regardin
Summary of Information Regarding Stock Options (Detail) $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 24, 2022 USD ($) $ / shares shares | |
Number of Options | |
Beginning Balance, number of options | shares | 8,570 |
Exercised, number of options | shares | (4,100) |
Ending Balance, number of options | shares | 4,470 |
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 | 54.36 |
Ending Balance, Weighted Average Exercise Price per Share | $ / shares | $ 56.4 |
Options Exercisable, Number of Options | |
Options exercisable at the ending, Number of Options | shares | 4,470 |
Options Exercisable, Weighted Average Exercise Price per Share | |
Options exercisable at the ending, Weighted Average Exercise Price per Share | $ / shares | $ 56.4 |
Weighted Average Remaining Contractual Term (years) | |
Options outstanding at September 24, 2022 | 4 months 24 days |
Options exercisable at September 24, 2022 | 4 months 24 days |
Aggregate Intrinsic Value | |
Options outstanding at September 24, 2022 | $ | $ 386 |
Options exercisable at September 24, 2022 | $ | $ 386 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 9 Months Ended | |
Sep. 24, 2022 | Sep. 25, 2021 | |
Income Taxes [Line Items] | ||
Corporate income tax rate | 21% | 21% |
Estimated annual effective income tax rate | 24.50% | 24.40% |
Effective income tax rate | 23.90% | 24.20% |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 9 Months Ended | |
Sep. 24, 2022 | Sep. 25, 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 ($) | 9 Months Ended | |
Sep. 24, 2022 | Sep. 25, 2021 | |
Supplemental Cash Flow Information [Abstract] | ||
Income taxes paid | $ 125,690,000 | $ 71,823,000 |
Interest paid | 3,101,000 | 2,780,000 |
Capital Lease Obligations Incurred | $ 26,741,000 | $ 23,080,000 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) - Customer | 9 Months Ended | |
Sep. 24, 2022 | Sep. 25, 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% | 10% |
Information Regarding Reportabl
Information Regarding Reportable Business Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 24, 2022 | Sep. 25, 2021 | Dec. 25, 2021 | |
Segment Reporting Information [Line Items] | |||||
External revenue | $ 1,816,132 | $ 1,734,299 | $ 5,761,795 | $ 4,592,551 | |
Internal revenue | 12,883 | 9,533 | 65,753 | 53,028 | |
Investment income | 716 | 706 | 2,023 | 2,138 | |
Operating income | 133,498 | 131,412 | 446,749 | 356,928 | |
Expenditures on long-lived assets | 13,629 | 9,561 | 21,096 | 18,561 | |
Goodwill | 41,004 | 40,980 | 41,004 | 40,980 | $ 40,768 |
Transportation Logistics | |||||
Segment Reporting Information [Line Items] | |||||
External revenue | 1,796,401 | 1,716,004 | 5,702,959 | 4,539,561 | |
Operating income | 120,164 | 123,410 | 412,054 | 323,370 | |
Expenditures on long-lived assets | 13,629 | 9,561 | 21,096 | 18,561 | |
Goodwill | 41,004 | 40,980 | 41,004 | 40,980 | |
Insurance | |||||
Segment Reporting Information [Line Items] | |||||
External revenue | 19,731 | 18,295 | 58,836 | 52,990 | |
Internal revenue | 12,883 | 9,533 | 65,753 | 53,028 | |
Investment income | 716 | 706 | 2,023 | 2,138 | |
Operating income | $ 13,334 | $ 8,002 | $ 34,695 | $ 33,558 |
Components of and Changes in Ac
Components of and Changes in Accumulated Other Comprehensive Income, Net of Related Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 24, 2022 | Sep. 25, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | $ 862,010 | |||
Other comprehensive loss | $ (3,080) | $ (1,087) | (9,998) | $ (940) |
Ending Balance | 873,173 | 873,173 | ||
Unrealized Holding Gains (Losses) on Available-for-Sale Securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 113 | |||
Other comprehensive loss | (8,987) | |||
Ending Balance | (8,874) | (8,874) | ||
Foreign Currency Translation | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (5,516) | |||
Other comprehensive loss | (1,011) | |||
Ending Balance | (6,527) | (6,527) | ||
Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (5,403) | |||
Other comprehensive loss | (9,998) | |||
Ending Balance | $ (15,401) | $ (15,401) |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Sep. 24, 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 | $ (11,304,000) | $ 144,000 |
Amortized Cost and Fair Value o
Amortized Cost and Fair Value of Available-for-Sale Investments (Detail) - USD ($) $ in Thousands | Sep. 24, 2022 | Dec. 25, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 173,398 | $ 171,449 |
Gross Unrealized Gains | 0 | 1,456 |
Gross Unrealized Losses | 11,304 | 1,312 |
Fair Value | 162,094 | 171,593 |
Money market investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 22,062 | 8,750 |
Fair Value | 22,062 | 8,750 |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 19,742 | 22,441 |
Gross Unrealized Losses | 2,666 | 346 |
Fair Value | 17,076 | 22,095 |
Corporate bonds and direct obligations of government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 129,250 | 137,916 |
Gross Unrealized Gains | 1,406 | |
Gross Unrealized Losses | 8,536 | 966 |
Fair Value | 120,714 | 138,356 |
U.S. Treasury obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,344 | 2,342 |
Gross Unrealized Gains | 50 | |
Gross Unrealized Losses | 102 | |
Fair Value | $ 2,242 | $ 2,392 |
Schedule of Unrealized Loss on
Schedule of Unrealized Loss on Available-for-Sale Investments (Detail) - USD ($) $ in Thousands | Sep. 24, 2022 | Dec. 25, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale investments with unrealized losses, Less than 12 months, Fair Value | $ 74,320 | $ 94,621 |
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss | 3,287 | 1,312 |
Available-for-sale investments with unrealized losses, 12 months or longer, Fair Value | 65,712 | |
Available-for-sale investments with unrealized losses, 12 months or longer, Unrealized Loss | 8,017 | |
Available-for-sale investments with unrealized losses, Fair Value, Total | 140,032 | 94,621 |
Available-for-sale investments with unrealized losses, Unrealized Loss, Total | 11,304 | 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 | 3,224 | 22,095 |
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss | 453 | 346 |
Available-for-sale investments with unrealized losses, 12 months or longer, Fair Value | 13,852 | |
Available-for-sale investments with unrealized losses, 12 months or longer, Unrealized Loss | 2,213 | |
Available-for-sale investments with unrealized losses, Fair Value, Total | 17,076 | 22,095 |
Available-for-sale investments with unrealized losses, Unrealized Loss, Total | 2,666 | 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 | 68,854 | 72,526 |
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss | 2,732 | 966 |
Available-for-sale investments with unrealized losses, 12 months or longer, Fair Value | 51,860 | |
Available-for-sale investments with unrealized losses, 12 months or longer, Unrealized Loss | 5,804 | |
Available-for-sale investments with unrealized losses, Fair Value, Total | 120,714 | 72,526 |
Available-for-sale investments with unrealized losses, Unrealized Loss, Total | 8,536 | $ 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 | 2,242 | |
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss | 102 | |
Available-for-sale investments with unrealized losses, Fair Value, Total | 2,242 | |
Available-for-sale investments with unrealized losses, Unrealized Loss, Total | $ 102 |
Leases - Additional Information
Leases - Additional Information (Detail) | Sep. 24, 2022 USD ($) |
Leases Disclosure [Line Items] | |
Finance Lease Option to Purchase Option Value | $ 1 |
Lessee, Finance Lease, Term of Contract | 5 years |
Leases - Components of Lease Co
Leases - Components of Lease Cost for Finance Leases and Operating Leases (Detail) $ in Thousands | 9 Months Ended |
Sep. 24, 2022 USD ($) | |
Finance leases: | |
Amortization of right-of-use assets | $ 16,455 |
Interest on lease liability | 2,117 |
Total finance lease cost | 18,572 |
Operating leases: | |
Lease cost | 2,587 |
Sublease income | (3,711) |
Total net operating lease income | (1,124) |
Total net lease cost | $ 17,448 |
Leases - Classification on our
Leases - Classification on our Consolidated Balance Sheet (Detail) $ in Thousands | Sep. 24, 2022 USD ($) |
Total lease assets | $ 148,531 |
Other Assets [Member] | |
Operating lease right-of-use assets | 1,628 |
Property Plant and Equipment Net [Member] | |
Finance lease assets | $ 146,903 |
Leases - Undiscounted Cash Flow
Leases - Undiscounted Cash Flows for the Finance and Operating Leases (Detail) - USD ($) $ in Thousands | Sep. 24, 2022 | Dec. 25, 2021 |
Operating Leased Assets [Line Items] | ||
2022 Remainder | $ 10,680 | |
2023 | 37,822 | |
2024 | 27,969 | |
2025 | 21,771 | |
2026 | 13,633 | |
Thereafter | 3,214 | |
Total future minimum lease payments | 115,089 | |
Less amount representing interest (1.6% to 4.4%) | 5,619 | |
Present value of minimum lease payments | 109,470 | |
Current maturities of long-term debt | 37,375 | $ 36,561 |
Long-term debt, excluding current maturities | 72,095 | |
2022 Remainder | 194 | |
2023 | 705 | |
2024 | 542 | |
2025 | 285 | |
2026 | 0 | |
Total future minimum lease payments | 1,726 | |
Less amount representing interest (1.6% to 4.6%) | 98 | |
Present value of minimum lease payments | 1,628 | |
Other current liabilities [Member] | ||
Operating Leased Assets [Line Items] | ||
Operating lease, liability, current | 715 | |
Deferred income taxes and other noncurrent liabilities [Member] | ||
Operating Leased Assets [Line Items] | ||
Operating lease, liability, non-current | $ 913 |
Leases - Undiscounted Cash Fl_2
Leases - Undiscounted Cash Flows for the Finance and Operating Leases (Parenthetical) (Details) | Sep. 24, 2022 |
Maximum [Member] | |
Finance lease Interest rate percentage | 4.60% |
Minimum [Member] | |
Finance lease Interest rate percentage | 1.60% |
Leases - Weighted Average Remai
Leases - Weighted Average Remaining Lease Term and the Weighted Average Discount Rate for Finance and Operating leases (Detail) | Sep. 24, 2022 |
Weighted average remaining lease term (years) | 3 years 6 months |
Weighted average discount rate | 2.90% |
Weighted average remaining lease term (years) | 2 years 7 months 6 days |
Weighted average discount rate | 4.50% |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | 9 Months Ended | |||
Jul. 01, 2022 | Aug. 18, 2020 | Sep. 24, 2022 | Dec. 25, 2021 | |
Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Debt Outstanding Excluding Capital Lease Obligations | $ 0 | $ 0 | ||
Credit facility, initiation date | Aug. 18, 2020 | |||
Credit facility, debt covenants compliance | The Company is currently in compliance with all of the debt covenants under the Credit Agreement. | |||
Revolving Credit Facility | Second Amended and Restated Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility, maximum borrowing capacity | $ 600,000,000 | |||
Additional overnight secured financing rate | 0.10% | |||
Revolving Credit Facility | Minimum | ||||
Debt Instrument [Line Items] | ||||
Credit facility event of default, minimum percentage that a person or group should acquire outstanding capital stock | 35% | |||
Revolving Credit Facility | Minimum | Second Amended and Restated Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility, unused credit commitment fee | 0.20% | |||
Revolving Credit Facility | Minimum | Eurodollar [Member] | Second Amended and Restated Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Borrowings, basis spread on variable rate | 1.25% | |||
Revolving Credit Facility | Minimum | Base Rate [Member] | Second Amended and Restated Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Borrowings, basis spread on variable rate | 0.25% | |||
Revolving Credit Facility | Maximum | ||||
Debt Instrument [Line Items] | ||||
Maximum Leverage ratio beyond which amount of cash dividends and other distributions to stockholders is limited | 250% | |||
Revolving Credit Facility | Maximum | Second Amended and Restated Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility, borrowing capacity | $ 300,000,000 | |||
Credit facility, unused credit commitment fee | 0.30% | |||
Revolving Credit Facility | Maximum | Eurodollar [Member] | Second Amended and Restated Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Borrowings, basis spread on variable rate | 2% | |||
Revolving Credit Facility | Maximum | Base Rate [Member] | Second Amended and Restated Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Borrowings, basis spread on variable rate | 1% | |||
Letter of Credit | Second Amended and Restated Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility, borrowing capacity | $ 45,000,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Sep. 24, 2022 USD ($) |
Current Investments | Collateral Pledged [Member] | |
Commitments and Contingencies Disclosure [Line Items] | |
Investments providing collateral for letters of credit to guarantee insurance claims | $ 50,637,000 |
Non-Current Investments | |
Commitments and Contingencies Disclosure [Line Items] | |
Total non-current investments | 111,457,000 |
Non-Current Investments | Collateral Pledged [Member] | |
Commitments and Contingencies Disclosure [Line Items] | |
Investments providing collateral for letters of credit to guarantee insurance claims | 34,437,000 |
Revolving Credit Facility | |
Commitments and Contingencies Disclosure [Line Items] | |
Letters of credit outstanding | 33,493,000 |
Guarantee Payment of Insurance Claims | |
Commitments and Contingencies Disclosure [Line Items] | |
Letters of credit outstanding | $ 76,567,000 |
Equity investment - Additional
Equity investment - Additional Information (Detail) | Apr. 01, 2022 USD ($) |
Cavnue, LLC [Member] | Landstar Investment Holdo LLC [Member] | |
Equity Securities without Readily Determinable Fair Value [Line Items] | |
Equity investment | $ 4,999,000 |