Cover Page
Cover Page - shares | 6 Months Ended | |
Jul. 01, 2023 | Jul. 24, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Document Quarterly Report | true | |
Entity Central Index Key | 0000853816 | |
Document Transition Report | false | |
Current Fiscal Year End Date | --12-30 | |
Document Period End Date | Jul. 01, 2023 | |
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 | 35,946,472 | |
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 | Jul. 01, 2023 | Dec. 31, 2022 |
Current Assets | ||
Cash and cash equivalents | $ 360,528 | $ 339,581 |
Short-term investments | 58,574 | 53,955 |
Trade accounts receivable, less allowance of $12,715 and $12,121 | 848,839 | 967,793 |
Other receivables, including advances to independent contractors, less allowance of $13,673 and $10,579 | 64,079 | 56,235 |
Other current assets | 41,667 | 21,826 |
Total current assets | 1,373,687 | 1,439,390 |
Operating property, less accumulated depreciation and amortization of $417,364 and $393,274 | 297,066 | 314,990 |
Goodwill | 42,166 | 41,220 |
Other assets | 124,846 | 136,279 |
Total assets | 1,837,765 | 1,931,879 |
Current Liabilities | ||
Cash overdraft | 57,216 | 92,953 |
Accounts payable | 478,688 | 527,372 |
Current maturities of long-term debt | 31,560 | 36,175 |
Insurance claims | 45,160 | 50,836 |
Dividends payable | 0 | 71,854 |
Other current liabilities | 80,202 | 98,945 |
Total current liabilities | 692,826 | 878,135 |
Long-term debt, excluding current maturities | 53,149 | 67,225 |
Insurance claims | 57,240 | 58,268 |
Deferred income taxes and other noncurrent liabilities | 40,989 | 41,030 |
Shareholders' Equity | ||
Common stock, $0.01 par value, authorized 160,000,000 shares, issued 68,497,324 and 68,382,310 shares | 685 | 684 |
Additional paid-in capital | 253,486 | 258,487 |
Retained earnings | 2,759,128 | 2,635,960 |
Cost of 32,550,852 and 32,455,300 shares of common stock in treasury | (2,009,327) | (1,992,886) |
Accumulated other comprehensive loss | (10,411) | (15,024) |
Total shareholders' equity | 993,561 | 887,221 |
Total liabilities and shareholders' equity | $ 1,837,765 | $ 1,931,879 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jul. 01, 2023 | Dec. 31, 2022 |
Allowance on trade accounts receivable | $ 12,715 | $ 12,121 |
Allowance on other receivables | 13,673 | 10,579 |
Accumulated depreciation and amortization on operating property | $ 417,364 | $ 393,274 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, authorized shares | 160,000,000 | 160,000,000 |
Common stock, issued shares | 68,497,324 | 68,382,310 |
Treasury stock, shares | 32,550,852 | 32,455,300 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2023 | Jun. 25, 2022 | Jul. 01, 2023 | Jun. 25, 2022 | |
Revenue | $ 1,373,857 | $ 1,975,064 | $ 2,809,532 | $ 3,945,663 |
Investment income | 2,484 | 586 | 3,852 | 1,307 |
Costs and expenses: | ||||
Purchased transportation | 1,053,197 | 1,545,688 | 2,154,491 | 3,096,018 |
Commissions to agents | 122,478 | 161,856 | 248,153 | 311,634 |
Other operating costs, net of gains on asset sales/dispositions | 13,462 | 10,381 | 25,840 | 21,522 |
Insurance and claims | 29,784 | 34,052 | 57,431 | 64,820 |
Selling, general and administrative | 54,529 | 58,967 | 108,096 | 111,680 |
Depreciation and amortization | 14,941 | 14,288 | 30,139 | 28,045 |
Total costs and expenses | 1,288,391 | 1,825,232 | 2,624,150 | 3,633,719 |
Operating income | 87,950 | 150,418 | 189,234 | 313,251 |
Interest and debt (income) expense | (307) | 1,105 | (1,033) | 2,228 |
Income before income taxes | 88,257 | 149,313 | 190,267 | 311,023 |
Income taxes | 21,698 | 36,758 | 45,513 | 73,629 |
Net income | $ 66,559 | $ 112,555 | $ 144,754 | $ 237,394 |
Diluted earnings per share | $ 1.85 | $ 3.05 | $ 4.03 | $ 6.39 |
Average diluted shares outstanding | 35,941,000 | 36,905,000 | 35,962,000 | 37,162,000 |
Dividends per common share | $ 0.3 | $ 0.25 | $ 0.6 | $ 0.5 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2023 | Jun. 25, 2022 | Jul. 01, 2023 | Jun. 25, 2022 | |
Net income | $ 66,559 | $ 112,555 | $ 144,754 | $ 237,394 |
Other comprehensive income (loss): | ||||
Unrealized holding gains (losses) on available-for-sale investments, net of tax expense (benefit) of $214, ($2,025), ($92) and ($604) | (338) | (2,204) | 782 | (7,391) |
Foreign currency translation gains (losses) | 2,120 | (802) | 3,831 | 473 |
Other comprehensive income (loss) | 1,782 | (3,006) | 4,613 | (6,918) |
Comprehensive income | $ 68,341 | $ 109,549 | $ 149,367 | $ 230,476 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2023 | Jun. 25, 2022 | Jul. 01, 2023 | Jun. 25, 2022 | |
Unrealized holding gains (losses) on available-for-sale investments, net of tax expense (benefit) | $ (92) | $ (604) | $ 214 | $ (2,025) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 01, 2023 | Jun. 25, 2022 | |
OPERATING ACTIVITIES | ||
Net income | $ 144,754 | $ 237,394 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 30,139 | 28,045 |
Non-cash interest charges | 132 | 224 |
Provisions for losses on trade and other accounts receivable | 7,268 | 6,359 |
Gains on sales/disposals of operating property | (2,884) | (1,213) |
Deferred income taxes, net | (1,178) | 5,999 |
Stock-based compensation | 3,126 | 5,810 |
Changes in operating assets and liabilities: | ||
Decrease (increase) in trade and other accounts receivable | 103,842 | (82,233) |
Increase in other assets | (20,258) | (42,742) |
(Decrease) increase in accounts payable | (48,684) | 66,404 |
Decrease in other liabilities | (17,820) | (25,265) |
(Decrease) increase in insurance claims | (6,704) | 10,869 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 191,733 | 209,651 |
INVESTING ACTIVITIES | ||
Sales and maturities of investments | 63,602 | 21,918 |
Purchases of investments | (55,507) | (23,883) |
Purchases of operating property | (12,631) | (7,467) |
Proceeds from sales of operating property | 4,582 | 2,358 |
Purchase of non-marketable securities | 0 | (4,999) |
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES | 46 | (12,073) |
FINANCING ACTIVITIES | ||
Decrease in cash overdraft | (35,737) | (2,875) |
Dividends paid | (93,440) | (93,968) |
Proceeds from exercises of stock options | 28 | 56 |
Taxes paid in lieu of shares issued related to stock-based compensation plans | (9,162) | (10,269) |
Purchases of common stock | (15,433) | (212,632) |
Principal payments on finance lease obligations | (18,691) | (19,051) |
NET CASH USED BY FINANCING ACTIVITIES | (172,435) | (338,739) |
Effect of exchange rate changes on cash and cash equivalents | 1,603 | (190) |
Increase (decrease) in cash, cash equivalents and restricted cash | 20,947 | (141,351) |
Cash, cash equivalents and restricted cash at beginning of period | 339,581 | 219,571 |
Cash and cash equivalents at end of period | $ 360,528 | $ 78,220 |
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. 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 income (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) |
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 | 237,394 | |||||
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) |
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) | $ 0 | 0 | $ (86) | ||
Stock-based compensation | 3,815 | 3,815 | ||||
Other comprehensive income (loss) | (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) |
Beginning Balance (in shares) at Dec. 31, 2022 | 68,382,310 | 32,455,300 | ||||
Beginning Balance at Dec. 31, 2022 | 887,221 | $ 684 | 258,487 | 2,635,960 | $ (1,992,886) | (15,024) |
Net income | 78,195 | 78,195 | ||||
Dividends | (10,806) | (10,806) | ||||
Purchases of common stock (in shares) | 89,661 | |||||
Purchases of common stock | (15,433) | $ (15,433) | ||||
Issuance of stock related to stock-based compensation plans (in shares) | 101,653 | 5,891 | ||||
Issuance of stock related to stock-based compensation plans | (8,208) | $ 1 | (7,201) | $ (1,008) | ||
Stock-based compensation | 1,852 | 1,852 | ||||
Other comprehensive income (loss) | 2,831 | 2,831 | ||||
Ending Balance (in shares) at Apr. 01, 2023 | 68,483,963 | 32,550,852 | ||||
Ending Balance at Apr. 01, 2023 | 935,652 | $ 685 | 253,138 | 2,703,349 | $ (2,009,327) | (12,193) |
Beginning Balance (in shares) at Dec. 31, 2022 | 68,382,310 | 32,455,300 | ||||
Beginning Balance at Dec. 31, 2022 | 887,221 | $ 684 | 258,487 | 2,635,960 | $ (1,992,886) | (15,024) |
Net income | 144,754 | |||||
Ending Balance (in shares) at Jul. 01, 2023 | 68,497,324 | 32,550,852 | ||||
Ending Balance at Jul. 01, 2023 | 993,561 | $ 685 | 253,486 | 2,759,128 | $ (2,009,327) | (10,411) |
Beginning Balance (in shares) at Apr. 01, 2023 | 68,483,963 | 32,550,852 | ||||
Beginning Balance at Apr. 01, 2023 | 935,652 | $ 685 | 253,138 | 2,703,349 | $ (2,009,327) | (12,193) |
Net income | 66,559 | 66,559 | ||||
Dividends | (10,780) | (10,780) | ||||
Issuance of stock related to stock-based compensation plans (in shares) | 13,361 | |||||
Issuance of stock related to stock-based compensation plans | (926) | (926) | ||||
Stock-based compensation | 1,274 | 1,274 | ||||
Other comprehensive income (loss) | 1,782 | 1,782 | ||||
Ending Balance (in shares) at Jul. 01, 2023 | 68,497,324 | 32,550,852 | ||||
Ending Balance at Jul. 01, 2023 | $ 993,561 | $ 685 | $ 253,486 | $ 2,759,128 | $ (2,009,327) | $ (10,411) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||||
Jul. 01, 2023 | Apr. 01, 2023 | Jun. 25, 2022 | Mar. 26, 2022 | Jul. 01, 2023 | Jun. 25, 2022 | |
Dividends per common share | $ 0.3 | $ 0.3 | $ 0.25 | $ 0.25 | $ 0.6 | $ 0.5 |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jul. 01, 2023 | |
Significant Accounting Policies | (1) Significant Accounting Policies Revenue from Contracts with Customers – Disaggregation of Revenue The following table summarizes (i) the percentage of consolidated revenue generated by mode of transportation and (ii) the total amount of truck transportation revenue hauled by BCO Independent Contractors and Truck Brokerage Carriers generated by equipment type during the twenty-six-week and thirteen-week periods ended July 1, 2023 and June 25, 2022 (dollars in thousands): Twenty Six Weeks Ended Thirteen Weeks Ended July 1, 2023 June 25, 2022 July 1, 2023 June 25, 2022 Truck – BCO Independent Contractors 37 % 36 % 38 % 35 % Truck – Truck Brokerage Carriers 55 % 53 % 53 % 54 % Rail intermodal 2 % 2 % 2 % 2 % Ocean and air cargo carriers 5 % 8 % 5 % 8 % Truck Equipment Type Van equipment $ 1,458,124 $ 2,108,143 $ 703,041 $ 1,026,938 Unsided/platform equipment $ 772,336 $ 883,032 $ 394,772 $ 474,274 Less-than-truckload $ 62,673 $ 70,651 $ 31,115 $ 36,931 Other truck transportation (1) $ 277,520 $ 436,656 $ 118,017 $ 209,055 (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 | 6 Months Ended |
Jul. 01, 2023 | |
Share-based Payment Arrangements | (2) Share-based Payment Arrangements As of July 1, 2023, 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”). 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. 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): Twenty Six Weeks Ended Thirteen Weeks Ended July 1, 2023 June 25, 2022 July 1, 2023 June 25, 2022 Total cost of the Plans during the period $ 3,126 $ 5,810 $ 1,274 $ 3,815 Amount of related income tax benefit recognized during the period (3,592 ) (4,270 ) (841 ) (910 ) Net cost of the Plans during the period $ (466 ) $ 1,540 $ 433 $ 2,905 Included in income tax benefits recognized in the twenty-six-week As of July 1, 2023, there were 187,260 shares of the Company’s common stock reserved for issuance under the 2022 DSCP and 3,011,856 shares of the Company’s common stock reserved for issuance under the 2011 EIP. Restricted Stock Units The following table summarizes information regarding the Company’s outstanding restricted stock unit (“RSU”) awards with either a performance condition or a market condition under the Plans: Number of Weighted Average Grant Date Fair Value Outstanding at December 31, 2022 151,780 $ 115.80 Granted 41,317 $ 165.14 Shares earned in excess of target (1) 79,176 $ 98.39 Vested shares, including shares earned in excess of target (137,861 ) $ 97.97 Forfeited (554 ) $ 136.18 Outstanding at July 1, 2023 133,858 $ 139.01 (1) Represents additional shares earned under the February 1, 2019 and January 31, 2020 RSU awards as fiscal year 2022 financial results exceeded target performance level and under the April 24, 2018 and July 1, 2019 RSU awards as total shareholder return during the applicable performance period exceeded target performance level under each of those awards. During the twenty-six-week 10-K. RSUs with a performance condition granted on February 3, 2023 may vest on January 31 of 2026, 2027 and 2028 based on growth in operating income and pre-tax The Company recognized approximately twenty-six-week million of total unrecognized compensation cost related to RSU awards granted under the Plans with an expected average remaining life of approximately 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 47,795 $ 138.30 Granted 22,714 $ 179.32 Vested (23,640 ) $ 138.23 Non-vested 46,869 $ 158.22 The fair value of each share of non-vested non-vested As of July 1, 2023, there was $5,691,000 of total unrecognized compensation cost related to non-vested non-vested Stock Options All 1,900 stock options outstanding and exercisable at December 31, 2022 were exercised at an exercise price of $56.40 as of January 31, 2023, following which the Company had no remaining issued and outstanding vested or unvested stock options. The total intrinsic value of stock options exercised during the twenty-six-week As of July 1, 2023, there was no unrecognized compensation cost related to non-vested |
Income Taxes
Income Taxes | 6 Months Ended |
Jul. 01, 2023 | |
Income Taxes | (3) Income Taxes The provisions for income taxes for the 2023 and 2022 twenty-six-week non-deductible non-deductible twenty-six-week twenty-six-week |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jul. 01, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | (4) Earnings Per Share Earnings per common share are based on the weighted average number of shares outstanding, including outstanding non-vested twenty-six-week non-vested For each of the twenty-six-week |
Additional Cash Flow Informatio
Additional Cash Flow Information | 6 Months Ended |
Jul. 01, 2023 | |
Additional Cash Flow Information | (5) Additional Cash Flow Information During the 2023 twenty-six-week twenty-six-week twenty-six-week twenty-six-week |
Segment Information
Segment Information | 6 Months Ended |
Jul. 01, 2023 | |
Segment Information | (6) Segment Information The following table summarizes information about the Company’s reportable business segments as of and for the twenty-six-week Twenty Six Weeks Ended July 1, 2023 June 25, 2022 Transportation Logistics Insurance Total Transportation Logistics Insurance Total External revenue $ 2,772,439 $ 37,093 $ 2,809,532 $ 3,906,558 $ 39,105 $ 3,945,663 Internal revenue 52,178 52,178 52,870 52,870 Investment income 3,852 3,852 1,307 1,307 Operating income 158,853 30,381 189,234 291,890 21,361 313,251 Expenditures on long-lived assets 12,631 12,631 7,467 7,467 Goodwill 42,166 42,166 40,977 40,977 Thirteen Weeks Ended July 1, 2023 June 25, 2022 Transportation Logistics Insurance Total Transportation Logistics Insurance Total External revenue $ 1,355,593 $ 18,264 $ 1,373,857 $ 1,955,219 $ 19,845 $ 1,975,064 Internal revenue 40,217 40,217 39,986 39,986 Investment income 2,484 2,484 586 586 Operating income 72,691 15,259 87,950 139,944 10,474 150,418 Expenditures on long-lived assets 6,398 6,398 3,858 3,858 In twenty- six |
Other Comprehensive Income
Other Comprehensive Income | 6 Months Ended |
Jul. 01, 2023 | |
Other Comprehensive Income | (7) Other Comprehensive Income The following table presents the components of and changes in accumulated other comprehensive (loss) income, net of related income taxes, as of and for the twenty-six-week Unrealized Holding (Losses) Gains on Available-for-Sale Securities Foreign Currency Total Balance as of December 31, 2022 $ (8,449 ) $ (6,575 ) $ (15,024 ) Other comprehensive income 782 3,831 4,613 Balance as of July 1, 2023 $ (7,667 ) $ (2,744 ) $ (10,411 ) Amounts reclassified from accumulated other comprehensive income to investment income due to the realization of previously unrealized gains and losses in the accompanying consolidated statements of income were not significant for the twenty-six-week |
Investments
Investments | 6 Months Ended |
Jul. 01, 2023 | |
Investments | (8) Investments Investments include primarily investment-grade corporate bonds, U.S. treasury obligations and asset-backed securities having maturities of up to five years (the “bond portfolio”) and money market investments. Investments in the bond portfolio are reported as available-for-sale available-for-sale non-credit-related non-transferability, The amortized cost and fair values of available-for-sale Amortized Gross Gross Fair Value July 1, 2023 Money market investments $ 6,264 $ — $ — $ 6,264 Asset-backed securities 17,639 — 2,705 14,934 Corporate bonds and direct obligations of government agencies 121,137 1 6,962 114,176 U.S. Treasury obligations 16,058 1 102 15,957 Total $ 161,098 $ 2 $ 9,769 $ 151,331 December 31, 2022 Money market investments $ 21,910 $ — $ — $ 21,910 Asset-backed securities 18,905 — 2,889 16,016 Corporate bonds and direct obligations of government agencies 126,134 1 7,775 118,360 U.S. Treasury obligations 2,344 — 100 2,244 Total $ 169,293 $ 1 $ 10,764 $ 158,530 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 July 1, 2023 Asset-backed securities $ — $ — $ 14,934 $ 2,705 $ 14,934 $ 2,705 Corporate bonds and direct obligations of government agencies 19,035 262 93,141 6,700 112,176 6,962 U.S. Treasury obligations 6,223 14 2,259 88 8,482 102 Total $ 25,258 $ 276 $ 110,334 $ 9,493 $ 135,592 $ 9,769 December 31, 2022 Asset-backed securities $ — $ — $ 16,016 $ 2,889 $ 16,016 $ 2,889 Corporate bonds and direct obligations of government agencies 54,031 1,516 62,390 6,259 116,421 7,775 U.S. Treasury obligations 2,244 100 — — 2,244 100 Total $ 56,275 $ 1,616 $ 78,406 $ 9,148 $ 134,681 $ 10,764 The Company believes unrealized losses on investments were primarily caused by rising interest rates rather than changes in credit quality. The Company expects to recover, through collection of all of the contractual cash flows of each security, the amortized cost basis of these securities as it does not intend to sell, and does not anticipate being required to sell, these securities before recovery of the cost basis. For these reasons, no losses have been recognized in the Company’s consolidated statements of income. |
Leases
Leases | 6 Months Ended |
Jul. 01, 2023 | |
Leases | (9) Leases Landstar’s noncancelable leases are primarily comprised of finance leases for the acquisition of new trailing equipment. Each finance lease for the acquisition of trailing equipment is a five year lease with a $1 purchase option for the applicable equipment at lease expiration. Substantially all of Landstar’s operating lease right-of-use build-out “month-to-month” Most of Landstar’s operating leases include one or more options to renew. The exercise of lease renewal options is typically at Landstar’s sole discretion, and, as such, the majority of renewals to extend the lease terms are not included in the right-of-use As most of Landstar’s operating leases do not provide an implicit rate, Landstar utilized its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments. Landstar has a centrally managed treasury function; therefore, based on the applicable lease terms and the current economic environment, the Company applies a portfolio approach for determining the incremental borrowing rate. The components of lease cost for finance leases and operating leases for the twenty six weeks ended July 1, 2023 were (in thousands): Finance leases: Amortization of right-of-use $ 10,445 Interest on lease liability 1,452 Total finance lease cost 11,897 Operating leases: Lease cost 1,751 Variable lease cost — Sublease income (2,626 ) Total net operating lease income (875 ) Total net lease cost $ 11,022 A summary of the lease classification on our consolidated balance sheet as of July 1, 2023 is as follows (in thousands): Assets: Operating lease right-of-use Other assets $ 1,766 Finance lease assets Operating property, less accumulated depreciation and amortization 125,947 Total lease assets $ 127,713 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 July 1, 2023 (in thousands): Finance Leases Operating Leases 2023 Remainder $ 18,669 $ 430 2024 28,843 735 2025 22,658 456 2026 14,530 128 2027 4,115 128 Thereafter — 50 Total future minimum lease payments 88,815 1,927 Less amount representing interest (1.6% to 6.0%) 4,106 161 Present value of minimum lease payments $ 84,709 $ 1,766 Current maturities of long-term debt 31,560 Long-term debt, excluding current maturities 53,149 Other current liabilities 800 Deferred income taxes and other noncurrent liabilities 966 The weighted average remaining lease term and the weighted average discount rate for finance and operating leases as of July 1, 2023 were: Finance Leases Operating Leases Weighted average remaining lease term (years) 3.1 2.9 Weighted average discount rate 3.0 % 6.0 % |
Debt
Debt | 6 Months Ended |
Jul. 01, 2023 | |
Debt | (10) Debt Other than the finance lease obligations as presented on the consolidated balance sheets, the Company had no outstanding debt as of July 1, 2023 and December 31, 2022. On July 1, 2022, Landstar entered into a second amended and restated credit agreement with a bank syndicate led by JPMorgan Chase Bank, N.A., as administrative agent (the “Credit Agreement”). The Credit Agreement, which matures July 1, 2027, provides for borrowing capacity in the form of a revolving credit facility of $300,000,000, $45,000,000 of which may be utilized in the form of letters of credit. The Credit Agreement also includes an “accordion” feature providing for a possible increase of up to an aggregate amount of borrowing capacity of $600,000,000. As of July 1, 2023, the Company had no borrowings outstanding under 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 | 6 Months Ended |
Jul. 01, 2023 | |
Commitments and Contingencies | (11) Commitments and Contingencies Short-term investments include $58,574,000 in current maturities of investments held by the Company’s insurance segment at July 1, 2023. 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) | 6 Months Ended |
Jul. 01, 2023 | |
Revenue from Contracts with Customers – Disaggregation of Revenue | Revenue from Contracts with Customers – Disaggregation of Revenue The following table summarizes (i) the percentage of consolidated revenue generated by mode of transportation and (ii) the total amount of truck transportation revenue hauled by BCO Independent Contractors and Truck Brokerage Carriers generated by equipment type during the twenty-six-week and thirteen-week periods ended July 1, 2023 and June 25, 2022 (dollars in thousands): Twenty Six Weeks Ended Thirteen Weeks Ended July 1, 2023 June 25, 2022 July 1, 2023 June 25, 2022 Truck – BCO Independent Contractors 37 % 36 % 38 % 35 % Truck – Truck Brokerage Carriers 55 % 53 % 53 % 54 % Rail intermodal 2 % 2 % 2 % 2 % Ocean and air cargo carriers 5 % 8 % 5 % 8 % Truck Equipment Type Van equipment $ 1,458,124 $ 2,108,143 $ 703,041 $ 1,026,938 Unsided/platform equipment $ 772,336 $ 883,032 $ 394,772 $ 474,274 Less-than-truckload $ 62,673 $ 70,651 $ 31,115 $ 36,931 Other truck transportation (1) $ 277,520 $ 436,656 $ 118,017 $ 209,055 (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) | 6 Months Ended |
Jul. 01, 2023 | |
Schedule of Disaggregation of Revenue | The following table summarizes (i) the percentage of consolidated revenue generated by mode of transportation and (ii) the total amount of truck transportation revenue hauled by BCO Independent Contractors and Truck Brokerage Carriers generated by equipment type during the twenty-six-week and thirteen-week periods ended July 1, 2023 and June 25, 2022 (dollars in thousands): Twenty Six Weeks Ended Thirteen Weeks Ended July 1, 2023 June 25, 2022 July 1, 2023 June 25, 2022 Truck – BCO Independent Contractors 37 % 36 % 38 % 35 % Truck – Truck Brokerage Carriers 55 % 53 % 53 % 54 % Rail intermodal 2 % 2 % 2 % 2 % Ocean and air cargo carriers 5 % 8 % 5 % 8 % Truck Equipment Type Van equipment $ 1,458,124 $ 2,108,143 $ 703,041 $ 1,026,938 Unsided/platform equipment $ 772,336 $ 883,032 $ 394,772 $ 474,274 Less-than-truckload $ 62,673 $ 70,651 $ 31,115 $ 36,931 Other truck transportation (1) $ 277,520 $ 436,656 $ 118,017 $ 209,055 (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) | 6 Months Ended |
Jul. 01, 2023 | |
Amounts Recognized in Financial Statements with Respect to Plans | Amounts recognized in the financial statements with respect to these Plans are as follows (in thousands): Twenty Six Weeks Ended Thirteen Weeks Ended July 1, 2023 June 25, 2022 July 1, 2023 June 25, 2022 Total cost of the Plans during the period $ 3,126 $ 5,810 $ 1,274 $ 3,815 Amount of related income tax benefit recognized during the period (3,592 ) (4,270 ) (841 ) (910 ) Net cost of the Plans during the period $ (466 ) $ 1,540 $ 433 $ 2,905 |
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 Fair Value Outstanding at December 31, 2022 151,780 $ 115.80 Granted 41,317 $ 165.14 Shares earned in excess of target (1) 79,176 $ 98.39 Vested shares, including shares earned in excess of target (137,861 ) $ 97.97 Forfeited (554 ) $ 136.18 Outstanding at July 1, 2023 133,858 $ 139.01 (1) Represents additional shares earned under the February 1, 2019 and January 31, 2020 RSU awards as fiscal year 2022 financial results exceeded target performance level and under the April 24, 2018 and July 1, 2019 RSU awards as total shareholder return during the applicable performance period exceeded target performance level under each of those awards. |
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 47,795 $ 138.30 Granted 22,714 $ 179.32 Vested (23,640 ) $ 138.23 Non-vested 46,869 $ 158.22 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jul. 01, 2023 | |
Information Regarding Reportable Business Segments | The following table summarizes information about the Company’s reportable business segments as of and for the twenty-six-week Twenty Six Weeks Ended July 1, 2023 June 25, 2022 Transportation Logistics Insurance Total Transportation Logistics Insurance Total External revenue $ 2,772,439 $ 37,093 $ 2,809,532 $ 3,906,558 $ 39,105 $ 3,945,663 Internal revenue 52,178 52,178 52,870 52,870 Investment income 3,852 3,852 1,307 1,307 Operating income 158,853 30,381 189,234 291,890 21,361 313,251 Expenditures on long-lived assets 12,631 12,631 7,467 7,467 Goodwill 42,166 42,166 40,977 40,977 Thirteen Weeks Ended July 1, 2023 June 25, 2022 Transportation Logistics Insurance Total Transportation Logistics Insurance Total External revenue $ 1,355,593 $ 18,264 $ 1,373,857 $ 1,955,219 $ 19,845 $ 1,975,064 Internal revenue 40,217 40,217 39,986 39,986 Investment income 2,484 2,484 586 586 Operating income 72,691 15,259 87,950 139,944 10,474 150,418 Expenditures on long-lived assets 6,398 6,398 3,858 3,858 |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 6 Months Ended |
Jul. 01, 2023 | |
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 (loss) income, net of related income taxes, as of and for the twenty-six-week Unrealized Holding (Losses) Gains on Available-for-Sale Securities Foreign Currency Total Balance as of December 31, 2022 $ (8,449 ) $ (6,575 ) $ (15,024 ) Other comprehensive income 782 3,831 4,613 Balance as of July 1, 2023 $ (7,667 ) $ (2,744 ) $ (10,411 ) |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jul. 01, 2023 | |
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 July 1, 2023 Money market investments $ 6,264 $ — $ — $ 6,264 Asset-backed securities 17,639 — 2,705 14,934 Corporate bonds and direct obligations of government agencies 121,137 1 6,962 114,176 U.S. Treasury obligations 16,058 1 102 15,957 Total $ 161,098 $ 2 $ 9,769 $ 151,331 December 31, 2022 Money market investments $ 21,910 $ — $ — $ 21,910 Asset-backed securities 18,905 — 2,889 16,016 Corporate bonds and direct obligations of government agencies 126,134 1 7,775 118,360 U.S. Treasury obligations 2,344 — 100 2,244 Total $ 169,293 $ 1 $ 10,764 $ 158,530 |
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 July 1, 2023 Asset-backed securities $ — $ — $ 14,934 $ 2,705 $ 14,934 $ 2,705 Corporate bonds and direct obligations of government agencies 19,035 262 93,141 6,700 112,176 6,962 U.S. Treasury obligations 6,223 14 2,259 88 8,482 102 Total $ 25,258 $ 276 $ 110,334 $ 9,493 $ 135,592 $ 9,769 December 31, 2022 Asset-backed securities $ — $ — $ 16,016 $ 2,889 $ 16,016 $ 2,889 Corporate bonds and direct obligations of government agencies 54,031 1,516 62,390 6,259 116,421 7,775 U.S. Treasury obligations 2,244 100 — — 2,244 100 Total $ 56,275 $ 1,616 $ 78,406 $ 9,148 $ 134,681 $ 10,764 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jul. 01, 2023 | |
Lease, Cost [Table Text Block] | The components of lease cost for finance leases and operating leases for the twenty six weeks ended July 1, 2023 were (in thousands): Finance leases: Amortization of right-of-use $ 10,445 Interest on lease liability 1,452 Total finance lease cost 11,897 Operating leases: Lease cost 1,751 Variable lease cost — Sublease income (2,626 ) Total net operating lease income (875 ) Total net lease cost $ 11,022 |
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 July 1, 2023 is as follows (in thousands): Assets: Operating lease right-of-use Other assets $ 1,766 Finance lease assets Operating property, less accumulated depreciation and amortization 125,947 Total lease assets $ 127,713 Liabilities: |
Finance And Operating Lease Maturity [Table Text Block] | The following table reconciles the undiscounted cash flows for the finance and operating leases to the finance and operating lease liabilities recorded on the balance sheet at July 1, 2023 (in thousands): Finance Leases Operating Leases 2023 Remainder $ 18,669 $ 430 2024 28,843 735 2025 22,658 456 2026 14,530 128 2027 4,115 128 Thereafter — 50 Total future minimum lease payments 88,815 1,927 Less amount representing interest (1.6% to 6.0%) 4,106 161 Present value of minimum lease payments $ 84,709 $ 1,766 Current maturities of long-term debt 31,560 Long-term debt, excluding current maturities 53,149 Other current liabilities 800 Deferred income taxes and other noncurrent liabilities 966 |
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 July 1, 2023 were: Finance Leases Operating Leases Weighted average remaining lease term (years) 3.1 2.9 Weighted average discount rate 3.0 % 6.0 % |
Schedule Of Revenue By Major Cu
Schedule Of Revenue By Major Customers By Reporting Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 01, 2023 | Jun. 25, 2022 | Jul. 01, 2023 | Jun. 25, 2022 | ||
Disaggregation of Revenue [Line Items] | |||||
Revenue | $ 1,373,857 | $ 1,975,064 | $ 2,809,532 | $ 3,945,663 | |
BCO Independent Contractors – Truck | |||||
Disaggregation of Revenue [Line Items] | |||||
Percentage of Consolidated Revenue | 38% | 35% | 37% | 36% | |
Brokerage Carriers - Truck | |||||
Disaggregation of Revenue [Line Items] | |||||
Percentage of Consolidated Revenue | 53% | 54% | 55% | 53% | |
Rail Intermodal | |||||
Disaggregation of Revenue [Line Items] | |||||
Percentage of Consolidated Revenue | 2% | 2% | 2% | 2% | |
Ocean and air cargo carriers | |||||
Disaggregation of Revenue [Line Items] | |||||
Percentage of Consolidated Revenue | 5% | 8% | 5% | 8% | |
BCO Independent Contractor Truck and Brokerage Carriers Truck | Van Equipment | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | $ 703,041 | $ 1,026,938 | $ 1,458,124 | $ 2,108,143 | |
BCO Independent Contractor Truck and Brokerage Carriers Truck | Unsided/Platform Equipment | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 394,772 | 474,274 | 772,336 | 883,032 | |
BCO Independent Contractor Truck and Brokerage Carriers Truck | Less than Truckload | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 31,115 | 36,931 | 62,673 | 70,651 | |
BCO Independent Contractor Truck and Brokerage Carriers Truck | Other Truck Transportation | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | [1] | $ 118,017 | $ 209,055 | $ 277,520 | $ 436,656 |
[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_3
Share-based Payment Arrangements - Additional Information (Detail) - USD ($) | 6 Months Ended | |||
Jan. 31, 2023 | Jul. 01, 2023 | Jun. 25, 2022 | Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Excess tax benefit from stock-based awards | $ 2,825,000 | $ 2,844,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,900 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 1,900 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 56.4 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 56.4 | |||
Issued and outstanding vested | 0 | |||
Issued and outstanding unvested | 0 | |||
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Recognized share-based compensation expense | 1,294,000 | 4,203,000 | ||
Unrecognized compensation cost, other than options | $ 29,800,000 | |||
Unrecognized compensation cost expected to be recognized over period, years | 3 years 8 months 12 days | |||
Non Vested Restricted Stock and Deferred Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost, other than options | $ 5,691,000 | |||
Unrecognized compensation cost expected to be recognized over period, years | 2 years 1 month 6 days | |||
Terms of award | the Company’s common stock on the date of grant. Shares of non-vested restricted stock are generally subject to vesting in three equal annual installments either on the first, second and third anniversary of the date of the grant or the third, fourth and fifth anniversary of the date of the grant, or 100% on the first, third 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 | $ 218,000 | $ 369,000 | ||
Unrecognized compensation cost, stock options | $ 0 | |||
Maximum | Restricted Stock Units (RSUs) | ||||
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 authorized for issuance | 6,000,000 | |||
Common stock reserved for issuance | 3,011,856 | |||
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 | 187,260 | |||
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 | 6 Months Ended | ||
Jul. 01, 2023 | Jun. 25, 2022 | Jul. 01, 2023 | Jun. 25, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total cost of the Plans during the period | $ 1,274 | $ 3,815 | $ 3,126 | $ 5,810 |
Amount of related income tax benefit recognized during the period | (841) | (910) | (3,592) | (4,270) |
Net cost of the Plans during the period | $ 433 | $ 2,905 | $ (466) | $ 1,540 |
Schedule of Information on Rest
Schedule of Information on Restricted Stock Units (Detail) - Restricted Stock Units (RSUs) | 6 Months Ended |
Jul. 01, 2023 $ / shares shares | |
Number of Shares | |
Beginning Balance | shares | 151,780 |
Granted | shares | 41,317 |
Shares earned in excess of target | shares | 79,176 |
Vested shares, including shares earned in excess of target | shares | (137,861) |
Forfeited | shares | (554) |
Ending Balance | shares | 133,858 |
Weighted Average Grant Date Fair Value | |
Beginning Balance | $ / shares | $ 115.8 |
Granted | $ / shares | 165.14 |
Shares earned in excess of target | $ / shares | 98.39 |
Vested shares, including shares earned in excess of target | $ / shares | 97.97 |
Forfeited | $ / shares | 136.18 |
Ending Balance | $ / shares | $ 139.01 |
Schedule of Information on Non
Schedule of Information on Non - Vested Restricted Stock Units (Detail) - Non Vested Restricted Stock and Deferred Stock Units | 6 Months Ended |
Jul. 01, 2023 $ / shares shares | |
Number of Shares and Deferred Stock Units | |
Beginning Balance | shares | 47,795 |
Granted | shares | 22,714 |
Vested | shares | (23,640) |
Ending Balance | shares | 46,869 |
Weighted Average Grant Date Fair Value | |
Beginning Balance | $ / shares | $ 138.3 |
Granted | $ / shares | 179.32 |
Vested | $ / shares | 138.23 |
Ending Balance | $ / shares | $ 158.22 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 6 Months Ended | |
Jul. 01, 2023 | Jun. 25, 2022 | |
Income Taxes [Line Items] | ||
Corporate income tax rate | 21% | 21% |
Estimated annual effective income tax rate | 24.40% | 24.50% |
Effective income tax rate | 23.90% | 23.70% |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended |
Jun. 25, 2022 | Jul. 01, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock options excluded from calculation of diluted earnings per share, antidilutive | 0 | 0 |
Additional Cash Flow Informat_2
Additional Cash Flow Information - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Jul. 01, 2023 | Jun. 25, 2022 | |
Supplemental Cash Flow Information [Abstract] | ||
Income taxes paid | $ 47,818,000 | $ 95,730,000 |
Interest paid | $ 1,957,000 | 2,098,000 |
Right-of-use asset obtained in exchange for finance lease liability | $ 18,073,000,000 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) - Customer | 6 Months Ended | |
Jul. 01, 2023 | Jun. 25, 2022 | |
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 | 6 Months Ended | |||
Jul. 01, 2023 | Jun. 25, 2022 | Jul. 01, 2023 | Jun. 25, 2022 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | |||||
Revenue | $ 1,373,857 | $ 1,975,064 | $ 2,809,532 | $ 3,945,663 | |
Investment income | 2,484 | 586 | 3,852 | 1,307 | |
Operating income | 87,950 | 150,418 | 189,234 | 313,251 | |
Expenditures on long-lived assets | 6,398 | 3,858 | 12,631 | 7,467 | |
Goodwill | 42,166 | 40,977 | 42,166 | 40,977 | $ 41,220 |
Internal revenue [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 40,217 | 39,986 | 52,178 | 52,870 | |
Transportation Logistics | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 1,355,593 | 1,955,219 | 2,772,439 | 3,906,558 | |
Operating income | 72,691 | 139,944 | 158,853 | 291,890 | |
Expenditures on long-lived assets | 6,398 | 3,858 | 12,631 | 7,467 | |
Goodwill | 42,166 | 40,977 | 42,166 | 40,977 | |
Insurance | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 18,264 | 19,845 | 37,093 | 39,105 | |
Investment income | 2,484 | 586 | 3,852 | 1,307 | |
Operating income | 15,259 | 10,474 | 30,381 | 21,361 | |
Insurance | Internal revenue [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | $ 40,217 | $ 39,986 | $ 52,178 | $ 52,870 |
Other Comprehensive Income - Co
Other Comprehensive Income - Components of and Changes in Accumulated Other Comprehensive (Loss) Income, Net of Related Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2023 | Jun. 25, 2022 | Jul. 01, 2023 | Jun. 25, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | $ 887,221 | |||
Other comprehensive income | $ 1,782 | $ (3,006) | 4,613 | $ (6,918) |
Ending Balance | 993,561 | 993,561 | ||
Unrealized Holding (Losses) Gains on Available-for-Sale Securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (8,449) | |||
Other comprehensive income | 782 | |||
Ending Balance | (7,667) | (7,667) | ||
Foreign Currency Translation | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (6,575) | |||
Other comprehensive income | 3,831 | |||
Ending Balance | (2,744) | (2,744) | ||
Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (15,024) | |||
Other comprehensive income | 4,613 | |||
Ending Balance | $ (10,411) | $ (10,411) |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Jul. 01, 2023 | Dec. 31, 2022 | |
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 | $ (9,767,000) | $ (10,763,000) |
Amortized Cost and Fair Value o
Amortized Cost and Fair Value of Available-for-Sale Investments (Detail) - USD ($) $ in Thousands | Jul. 01, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 161,098 | $ 169,293 |
Gross Unrealized Gains | 2 | 1 |
Gross Unrealized Losses | 9,769 | 10,764 |
Fair Value | 151,331 | 158,530 |
Money market investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 6,264 | 21,910 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 6,264 | 21,910 |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 17,639 | 18,905 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 2,705 | 2,889 |
Fair Value | 14,934 | 16,016 |
Corporate bonds and direct obligations of government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 121,137 | 126,134 |
Gross Unrealized Gains | 1 | 1 |
Gross Unrealized Losses | 6,962 | 7,775 |
Fair Value | 114,176 | 118,360 |
U.S. Treasury obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 16,058 | 2,344 |
Gross Unrealized Gains | 1 | 0 |
Gross Unrealized Losses | 102 | 100 |
Fair Value | $ 15,957 | $ 2,244 |
Schedule of Unrealized Loss on
Schedule of Unrealized Loss on Available-for-Sale Investments (Detail) - USD ($) $ in Thousands | Jul. 01, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale investments with unrealized losses, Less than 12 months, Fair Value | $ 25,258 | $ 56,275 |
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss | 276 | 1,616 |
Available-for-sale investments with unrealized losses, 12 months or longer, Fair Value | 110,334 | 78,406 |
Available-for-sale investments with unrealized losses, 12 months or longer, Unrealized Loss | 9,493 | 9,148 |
Available-for-sale investments with unrealized losses, Fair Value, Total | 135,592 | 134,681 |
Available-for-sale investments with unrealized losses, Unrealized Loss, Total | 9,769 | 10,764 |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale investments with unrealized losses, Less than 12 months, Fair Value | 0 | 0 |
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss | 0 | 0 |
Available-for-sale investments with unrealized losses, 12 months or longer, Fair Value | 14,934 | 16,016 |
Available-for-sale investments with unrealized losses, 12 months or longer, Unrealized Loss | 2,705 | 2,889 |
Available-for-sale investments with unrealized losses, Fair Value, Total | 14,934 | 16,016 |
Available-for-sale investments with unrealized losses, Unrealized Loss, Total | 2,705 | 2,889 |
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 | 19,035 | 54,031 |
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss | 262 | 1,516 |
Available-for-sale investments with unrealized losses, 12 months or longer, Fair Value | 93,141 | 62,390 |
Available-for-sale investments with unrealized losses, 12 months or longer, Unrealized Loss | 6,700 | 6,259 |
Available-for-sale investments with unrealized losses, Fair Value, Total | 112,176 | 116,421 |
Available-for-sale investments with unrealized losses, Unrealized Loss, Total | 6,962 | 7,775 |
U.S. Treasury obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale investments with unrealized losses, Less than 12 months, Fair Value | 6,223 | 2,244 |
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss | 14 | 100 |
Available-for-sale investments with unrealized losses, 12 months or longer, Fair Value | 2,259 | 0 |
Available-for-sale investments with unrealized losses, 12 months or longer, Unrealized Loss | 88 | 0 |
Available-for-sale investments with unrealized losses, Fair Value, Total | 8,482 | 2,244 |
Available-for-sale investments with unrealized losses, Unrealized Loss, Total | $ 102 | $ 100 |
Leases - Additional Information
Leases - Additional Information (Detail) | Jul. 01, 2023 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 | 6 Months Ended |
Jul. 01, 2023 USD ($) | |
Finance leases: | |
Amortization of right-of-use assets | $ 10,445 |
Interest on lease liability | 1,452 |
Total finance lease cost | 11,897 |
Operating leases: | |
Lease cost | 1,751 |
Variable lease cost | 0 |
Sublease income | (2,626) |
Total net operating lease income | (875) |
Total net lease cost | $ 11,022 |
Leases - Classification on our
Leases - Classification on our Consolidated Balance Sheet (Detail) $ in Thousands | Jul. 01, 2023 USD ($) |
Total lease assets | $ 127,713 |
Other Assets | |
Operating lease right-of-use assets | 1,766 |
Property Plant and Equipment Net | |
Finance lease assets | $ 125,947 |
Leases - Undiscounted Cash Flow
Leases - Undiscounted Cash Flows for the Finance and Operating Leases (Detail) - USD ($) $ in Thousands | Jul. 01, 2023 | Dec. 31, 2022 |
Operating Leased Assets [Line Items] | ||
2023 Remainder | $ 18,669 | |
2024 | 28,843 | |
2025 | 22,658 | |
2026 | 14,530 | |
2027 | 4,115 | |
Thereafter | 0 | |
Total future minimum lease payments | 88,815 | |
Less amount representing interest (1.6% to 6.0%) | 4,106 | |
Present value of minimum lease payments | 84,709 | |
Current maturities of long-term debt | 31,560 | $ 36,175 |
Long-term debt, excluding current maturities | 53,149 | $ 67,225 |
2023 Remainder | 430 | |
2024 | 735 | |
2025 | 456 | |
2026 | 128 | |
2027 | 128 | |
Thereafter | 50 | |
Total future minimum lease payments | 1,927 | |
Less amount representing interest (1.6% to 6.0%) | 161 | |
Present value of minimum lease payments | 1,766 | |
Operating lease, liability, current | $ 800 | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Current | |
Operating lease, liability, non-current | $ 966 | |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Deferred Income Taxes and Other Liabilities, Noncurrent |
Leases - Undiscounted Cash Fl_2
Leases - Undiscounted Cash Flows for the Finance and Operating Leases (Parenthetical) (Detail) | Jul. 01, 2023 |
Maximum | |
Finance lease Interest rate percentage | 6% |
Minimum | |
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) | Jul. 01, 2023 |
Weighted average remaining lease term (years) | 3 years 1 month 6 days |
Weighted average discount rate | 3% |
Weighted average remaining lease term (years) | 2 years 10 months 24 days |
Weighted average discount rate | 6% |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | 6 Months Ended | ||
Jul. 01, 2022 | Jul. 01, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | |||
Debt Outstanding Excluding Capital Lease Obligations | $ 0 | $ 0 | |
Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Debt Outstanding Excluding Capital Lease Obligations | $ 0 | ||
Credit facility, borrowing capacity | $ 45,000,000 | ||
Credit facility, maximum borrowing capacity | $ 600,000,000 | ||
Credit facility, debt covenants compliance | The Company is currently in compliance with all of the debt covenants under the Credit Agreement. | ||
Additional overnight secured financing rate | 0.10% | ||
Revolving Credit Facility | Minimum | |||
Debt Instrument [Line Items] | |||
Credit facility, unused credit commitment fee | 0.20% | ||
Credit facility event of default, minimum percentage that a person or group should acquire outstanding capital stock | 35% | ||
Revolving Credit Facility | Minimum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||
Debt Instrument [Line Items] | |||
Borrowings, basis spread on variable rate | 1.25% | ||
Revolving Credit Facility | Minimum | Base Rate | |||
Debt Instrument [Line Items] | |||
Borrowings, basis spread on variable rate | 0.25% | ||
Revolving Credit Facility | Maximum | |||
Debt Instrument [Line Items] | |||
Credit facility, borrowing capacity | $ 300,000,000 | ||
Credit facility, unused credit commitment fee | 0.30% | ||
Maximum Leverage ratio beyond which amount of cash dividends and other distributions to stockholders is limited | 250% | ||
Revolving Credit Facility | Maximum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||
Debt Instrument [Line Items] | |||
Borrowings, basis spread on variable rate | 2% | ||
Revolving Credit Facility | Maximum | Base Rate | |||
Debt Instrument [Line Items] | |||
Borrowings, basis spread on variable rate | 1% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Jul. 01, 2023 USD ($) |
Current Investments | Collateral Pledged | |
Commitments and Contingencies Disclosure [Line Items] | |
Investments providing collateral for letters of credit to guarantee insurance claims | $ 58,574,000 |
Non-Current Investments | |
Commitments and Contingencies Disclosure [Line Items] | |
Total non-current investments | 92,757,000 |
Non-Current Investments | Collateral Pledged | |
Commitments and Contingencies Disclosure [Line Items] | |
Investments providing collateral for letters of credit to guarantee insurance claims | 26,500,000 |
Revolving Credit Facility | |
Commitments and Contingencies Disclosure [Line Items] | |
Letters of credit outstanding | 33,492,000 |
Guarantee Payment of Insurance Claims | |
Commitments and Contingencies Disclosure [Line Items] | |
Letters of credit outstanding | $ 76,567,000 |