Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 30, 2024 | Apr. 22, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Document Quarterly Report | true | |
Entity Central Index Key | 0000853816 | |
Document Transition Report | false | |
Current Fiscal Year End Date | --12-28 | |
Document Period End Date | Mar. 30, 2024 | |
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 | 35,762,038 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity File Number | 0-21238 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 06-1313069 | |
Entity Address, Address Line One | 13410 Sutton Park Drive South | |
Entity Address, City or Town | Jacksonville | |
Entity Address, Postal Zip Code | 32224 | |
City Area Code | 904 | |
Local Phone Number | 398-9400 | |
Entity Address, State or Province | FL |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 30, 2024 | Dec. 30, 2023 |
Current Assets | ||
Cash and cash equivalents | $ 467,671 | $ 481,043 |
Short-term investments | 62,781 | 59,661 |
Trade accounts receivable, less allowance of $11,764 and $11,738 | 723,841 | 743,762 |
Other receivables, including advances to independent contractors, less allowance of $14,310 and $14,010 | 40,535 | 43,339 |
Other current assets | 15,540 | 24,936 |
Total current assets | 1,310,368 | 1,352,741 |
Operating property, less accumulated depreciation and amortization of $442,898 and $436,682 | 279,552 | 284,300 |
Goodwill | 42,381 | 42,275 |
Other assets | 113,540 | 122,530 |
Total assets | 1,745,841 | 1,801,846 |
Current Liabilities | ||
Cash overdraft | 51,674 | 61,541 |
Accounts payable | 384,267 | 395,980 |
Current maturities of long-term debt | 26,730 | 27,876 |
Insurance claims | 40,683 | 41,825 |
Dividends payable | 0 | 71,433 |
Other current liabilities | 86,318 | 76,569 |
Total current liabilities | 589,672 | 675,224 |
Long-term debt, excluding current maturities | 38,496 | 43,264 |
Insurance claims | 59,668 | 58,922 |
Deferred income taxes and other noncurrent liabilities | 40,094 | 40,513 |
Shareholders' Equity | ||
Common stock, $0.01 par value, authorized 160,000,000 shares, issued 68,547,553 and 68,497,324 shares | 685 | 685 |
Additional paid-in capital | 254,192 | 254,642 |
Retained earnings | 2,818,939 | 2,783,645 |
Cost of 32,785,515 and 32,780,651 shares of common stock in treasury | (2,049,070) | (2,048,184) |
Accumulated other comprehensive loss | (6,835) | (6,865) |
Total shareholders' equity | 1,017,911 | 983,923 |
Total liabilities and shareholders' equity | $ 1,745,841 | $ 1,801,846 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 30, 2024 | Dec. 30, 2023 |
Allowance on trade accounts receivable | $ 11,764 | $ 11,738 |
Allowance on other receivables | 14,310 | 14,010 |
Accumulated depreciation and amortization on operating property | $ 442,898 | $ 436,682 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, authorized shares | 160,000,000 | 160,000,000 |
Common stock, issued shares | 68,547,553 | 68,497,324 |
Treasury stock, shares | 32,785,515 | 32,780,651 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 30, 2024 | Apr. 01, 2023 | |
Revenue | $ 1,171,043 | $ 1,435,675 |
Investment income | 3,412 | 1,368 |
Costs and expenses: | ||
Purchased transportation | 905,521 | 1,101,294 |
Commissions to agents | 97,282 | 125,675 |
Other operating costs, net of gains on asset sales/dispositions | 14,859 | 12,378 |
Insurance and claims | 26,268 | 27,647 |
Selling, general and administrative | 56,422 | 53,567 |
Depreciation and amortization | 14,142 | 15,198 |
Total costs and expenses | 1,114,494 | 1,335,759 |
Operating income | 59,961 | 101,284 |
Interest and debt (income) expense | (1,611) | (726) |
Income before income taxes | 61,572 | 102,010 |
Income taxes | 14,476 | 23,815 |
Net income | $ 47,096 | $ 78,195 |
Basic earnings per share | $ 1.32 | $ 2.17 |
Diluted earnings per share | $ 1.32 | $ 2.17 |
Average basic shares outstanding | 35,750,000 | 35,982,000 |
Average diluted shares outstanding | 35,750,000 | 35,982,000 |
Dividends per common share | $ 0.33 | $ 0.3 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 30, 2024 | Apr. 01, 2023 | |
Net income | $ 47,096 | $ 78,195 |
Other comprehensive income (loss): | ||
Unrealized holding gains on available-for-sale investments, net of tax expense of $92 and $306 | 336 | 1,120 |
Foreign currency translation (losses) gains | (306) | 1,711 |
Other comprehensive income | 30 | 2,831 |
Comprehensive income | $ 47,126 | $ 81,026 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 30, 2024 | Apr. 01, 2023 | |
Unrealized holding gains on available-for-sale, investments, net of tax expense | $ 92 | $ 306 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 30, 2024 | Apr. 01, 2023 | |
OPERATING ACTIVITIES | ||
Net income | $ 47,096 | $ 78,195 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 14,142 | 15,198 |
Non-cash interest charges | 66 | 66 |
Provisions for losses on trade and other accounts receivable | 3,854 | 3,199 |
Gains on sales/disposals of operating property | (248) | (1,140) |
Deferred income taxes, net | (1,259) | 758 |
Stock-based compensation | 1,724 | 1,852 |
Changes in operating assets and liabilities: | ||
Decrease in trade and other accounts receivable | 18,871 | 67,776 |
Decrease in other assets | 11,574 | 8,625 |
Decrease in accounts payable | (11,713) | (37,068) |
Increase in other liabilities | 10,497 | 2,640 |
Decrease in insurance claims | (396) | (1,066) |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 94,208 | 139,035 |
INVESTING ACTIVITIES | ||
Sales and maturities of investments | 19,923 | 40,349 |
Purchases of investments | (15,869) | (31,425) |
Purchases of operating property | (9,281) | (6,233) |
Proceeds from sales of operating property | 1,585 | 1,645 |
NET CASH (USED) PROVIDED BY INVESTING ACTIVITIES | (3,642) | 4,336 |
FINANCING ACTIVITIES | ||
Decrease in cash overdraft | (9,867) | (26,758) |
Dividends paid | (83,235) | (82,660) |
Proceeds from exercises of stock options | 0 | 28 |
Taxes paid in lieu of shares issued related to stock-based compensation plans | (3,060) | (8,236) |
Purchases of common stock | 0 | (15,433) |
Principal payments on finance lease obligations | (7,239) | (9,408) |
NET CASH USED BY FINANCING ACTIVITIES | (103,401) | (142,467) |
Effect of exchange rate changes on cash and cash equivalents | (537) | 502 |
(Decrease) increase in cash and cash equivalents | (13,372) | 1,406 |
Cash and cash equivalents at beginning of period | 481,043 | 339,581 |
Cash and cash equivalents at end of period | $ 467,671 | $ 340,987 |
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. 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 | 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. 30, 2023 | 68,497,324 | 32,780,651 | ||||
Beginning Balance at Dec. 30, 2023 | 983,923 | $ 685 | 254,642 | 2,783,645 | $ (2,048,184) | (6,865) |
Net income | 47,096 | 47,096 | ||||
Dividends | (11,802) | (11,802) | ||||
Issuance of stock related to stock-based compensation plans (in shares) | 50,229 | 4,864 | ||||
Issuance of stock related to stock-based compensation plans | (3,060) | (2,174) | $ (886) | |||
Stock-based compensation | 1,724 | 1,724 | ||||
Other comprehensive income | 30 | 30 | ||||
Ending Balance (in shares) at Mar. 30, 2024 | 68,547,553 | 32,785,515 | ||||
Ending Balance at Mar. 30, 2024 | $ 1,017,911 | $ 685 | $ 254,192 | $ 2,818,939 | $ (2,049,070) | $ (6,835) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 30, 2024 | Apr. 01, 2023 | |
Dividends per common share | $ 0.33 | $ 0.3 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 30, 2024 | Apr. 01, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ 47,096 | $ 78,195 |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 30, 2024 | |
Significant Accounting Policies | (1) Significant Accounting Policies Revenue from Contracts with Customers – Disaggregation of Revenue The following table summarizes (i) the percentage of consolidated revenue generated by mode of transportation and (ii) the total amount of truck transportation revenue hauled by BCO Independent Contractors and Truck Brokerage Carriers generated by equipment type during the thirteen-week periods ended March 30, 2024 and April 1, 2023 (dollars in thousands): Thirteen Weeks Ended March 30, 2024 April 1, 2023 Mode Truck – BCO Independent Contractors 39 % 36 % Truck – Truck Brokerage Carriers 53 % 56 % Rail intermodal 2 % 2 % Ocean and air cargo carriers 5 % 4 % Truck Equipment Type Van equipment $ 628,304 $ 755,083 Unsided/platform equipment $ 343,045 $ 377,564 Less-than-truckload $ 25,617 $ 31,558 Other truck transportation (1) $ 71,966 $ 159,503 (1) Includes power-only, expedited, straight truck, cargo van, and miscellaneous other truck transportation revenue generated by the transportation logistics segment. Power-only refers to shipments where the Company furnishes a power unit and an operator but not trailing equipment, which is typically provided by the shipper or consignee. |
Share-Based Payment Arrangement
Share-Based Payment Arrangements | 3 Months Ended |
Mar. 30, 2024 | |
Share-Based Payment Arrangements | (2) Share-based Payment Arrangements As of March 30, 2024, 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”). 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 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): Thirteen Weeks Ended March 30, 2024 April 1, 2023 Total cost of the Plans during the period $ 1,724 $ 1,852 Amount of related income tax benefit recognized during the period (1,152 ) (2,751 ) Net cost of the Plans during the period $ 572 $ (899 ) Included in income tax benefits recognized in the thirteen-week periods ended March 30, 2024 and April 1, 2023 were excess tax benefits from stock-based awards of $729,000 and $2,296,000, respectively. As of March 30, 2024, there were 187,260 shares of the Company’s common stock reserved for issuance under the 2022 DSCP and 2,750,207 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 RSUs Weighted Average Grant Date Fair Value Outstanding at December 30, 2023 132,722 $ 138.93 Granted 102,253 $ 138.86 Vested shares (36,249 ) $ 131.10 Forfeited (2,173 ) $ 148.85 Outstanding at March 30, 2024 196,553 $ 140.23 During the thirteen-week period ended March 30, 2024, the Company granted RSUs with a performance condition and RSUs with a market condition, as further described below. Outstanding RSUs at both December 30, 2023 and March 30, 2024 include RSUs with a performance condition and RSUs with a market condition, as further described below and in the Company’s 2023 Annual Report on Form 10-K. RSUs with a performance condition granted on February 2, 2024 may vest on January 31 of 2027, 2028 and 2029 based on growth in operating income and pre-tax income per diluted share from continuing operations as compared to the results from the 2023 fiscal year. On February 2, 2024, the Company granted 58,268 RSUs that vest based on a market condition. These RSUs may vest based on the achievement of the target Company’s total shareholder return (“TSR”) compound annual growth rate, adjusted to reflect dividends (if any) paid during such periods and capital adjustments as may be necessary, and are eligible to vest annually starting after the sixth anniversary of the grant date and concluding after the tenth anniversary of the grant date. The fair value of this RSU award was determined at the time of grant based on the expected achievement of the market condition. With respect to these RSU awards, the Company reports compensation expense ratably over the service period of the award based on the number of units granted multiplied by the grant date fair value of the RSU. Previously recognized compensation cost would be reversed only if the employee did not complete the requisite service period due to termination of employment. The Company recognized approximately $632,000 and $958,000 of share-based compensation expense related to RSU awards in the thirteen-week periods ended March 30, 2024 and April 1, 2023, respectively. As of March 30, 2024, there was a maximum of $49.3 million of total unrecognized compensation cost related to RSU awards granted under the Plans with an expected average remaining life of approximately 4.5 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 Restricted Stock and Deferred Stock Units The following table summarizes information regarding the Company’s outstanding shares of non-vested restricted stock and Deferred Stock Units (defined below) under the Plans: Number of Shares and Deferred Stock Units Weighted Average Grant Date Fair Value Non-vested at December 30, 2023 46,348 $ 158.38 Granted 25,151 $ 188.78 Vested (16,169 ) $ 152.07 Forfeited (295 ) $ 169.89 Non-vested at March 30, 2024 55,035 $ 174.07 The fair value of each share of non-vested restricted stock issued and Deferred Stock Unit granted under the Plans is based on the fair value of a share of 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, in two equal annual installments on the first and second 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 the recipient’s separation from service from the Board of Directors, or, if earlier, upon a change in control event of the Company. Deferred Stock Units become vested 100% on the first anniversary of the date of the grant. Deferred Stock Units do not represent actual ownership in shares of the Company’s common stock and the recipient does not have voting rights or other incidents of ownership until the shares are issued. However, Deferred Stock Units do contain the right to receive dividend equivalent payments prior to settlement into shares. As of March 30, 2024, there was $7,427,000 of total unrecognized compensation cost related to non-vested shares of restricted stock and Deferred Stock Units granted under the Plans. The unrecognized compensation cost related to these non-vested shares of restricted stock and Deferred Stock Units is expected to be recognized over a weighted average period of 2.2 years. Stock Options The Company had no remaining issued and outstanding vested or unvested stock options or unrecognized compensation costs related to non-vested stock options granted under the Plans as of December 30, 2023 and March 30, 2024. The total intrinsic value of stock options exercised during the thirteen-week period ended April 1, 2023 was $218,000. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 30, 2024 | |
Income Taxes | (3) Income Taxes The provisions for income taxes for the 2024 and 2023 thirteen-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 effective income tax rate for the 2024 thirteen-week period was 23.5%. The effective income tax rate was higher than the statutory federal income tax rate of 21% in the 2024 period primarily attributable to state taxes. The effective income tax rate for the 2023 thirteen-week period was 23.3%. The effective income tax rate was higher than the statutory federal income tax rate of 21% in the 2023 period primarily attributable to state taxes. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 30, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | (4) Earnings Per Share Basic earnings per common share are based on the weighted average number of shares outstanding, which includes outstanding non-vested period ended March 30, 2024, there were no outstanding stock options issued by the Company. For the thirteen-week period ended April 1, 2023, the impact on earnings per share of future compensation expense related to outstanding, unvested time-based awards was greater than the incremental impact of outstanding dilutive stock options, and would therefore have an anti-dilutive effect on earnings per share if included in the calculation of earnings per share. Accordingly, the Company had no reconciling items between the average number of common shares outstanding used to calculate basic earnings per common share and the average number of common shares and common share equivalents outstanding used to calculate diluted earnings per share during each of the 2024 and 2023 thirteen-week periods. Outstanding RSUs were excluded from the calculation of diluted earnings per share for all periods because the performance metric requirements or market condition for vesting had not been satisfied. |
Additional Cash Flow Informatio
Additional Cash Flow Information | 3 Months Ended |
Mar. 30, 2024 | |
Additional Cash Flow Information | (5) Additional Cash Flow Information During the 2024 thirteen-week period, Landstar received income tax refunds, net of income tax payments, of $495,000 and paid interest of $825,000. During the 2023 thirteen-week period, Landstar paid income taxes and interest of $895,000 and $1,030,000, respectively. Landstar acquired operating property by entering into finance leases in the amount of $1,325,000 in the 2024 thirteen-week period. Landstar did not acquire any operating property by entering into finance leases in the 2023 thirteen-week period. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 30, 2024 | |
Segment Information | (6) Segment Information The following table summarizes information about the Company’s reportable business segments as of and for the thirteen-week periods ended March 30, 2024 and April 1, 2023 (in thousands): Thirteen Weeks Ended March 30, 2024 April 1, 2023 Transportation Logistics Insurance Total Transportation Logistics Insurance Total External revenue $ 1,154,532 $ 16,511 $ 1,171,043 $ 1,416,846 $ 18,829 $ 1,435,675 Internal revenue 12,069 12,069 11,961 11,961 Investment income 3,412 3,412 1,368 1,368 Operating income 42,681 17,280 59,961 86,162 15,122 101,284 Expenditures on long-lived assets 9,281 9,281 6,233 6,233 Goodwill 42,381 42,381 41,726 41,726 In the thirteen-week periods ended March 30, 2024 and April 1, 2023, no single customer accounted for more than 10% of the Company’s consolidated revenue. |
Other Comprehensive Income
Other Comprehensive Income | 3 Months Ended |
Mar. 30, 2024 | |
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 thirteen-week period ended March 30, 2024 (in thousands): Unrealized Available-for-Sale Foreign Currency Total Balance as of December 30, 2023 $ (5,010 ) $ (1,855 ) $ (6,865 ) Other comprehensive income (loss) 336 (306 ) 30 Balance as of March 30, 2024 $ (4,674 ) $ (2,161 ) $ (6,835 ) Amounts reclassified from accumulated other comprehensive income to investment income due to the realization of previously unrealized gains and losses in the accompanying consolidated statements of income were not significant for the thirteen-week period ended March 30, 2024. |
Investments
Investments | 3 Months Ended |
Mar. 30, 2024 | |
Investments | (8) Investments Investments include primarily investment-grade corporate bonds, asset-backed securities and U.S. treasury obligations having maturities of up to five years (the “bond portfolio”) and money market investments. Investments in the bond portfolio are reported as available-for-sale available-for-sale non-credit-related non-transferability, The amortized cost and fair values of available-for-sale investments are as follows at March 30, 2024 and December 30, 2023 (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value March 30, 2024 Money market investments $ 8,303 $ — $ — $ 8,303 Asset-backed securities 18,019 2 2,062 15,959 Corporate bonds and direct obligations of government agencies 123,879 143 4,012 120,010 U.S. Treasury obligations 3,832 — 25 3,807 Total $ 154,033 $ 145 $ 6,099 $ 148,079 December 30, 2023 Money market investments $ 16,832 $ — $ — $ 16,832 Asset-backed securities 16,543 — 2,236 14,307 Corporate bonds and direct obligations of government agencies 118,481 279 4,384 114,376 U.S. Treasury obligations 6,287 2 43 6,246 Total $ 158,143 $ 281 $ 6,663 $ 151,761 For those available-for-sale Less than 12 months 12 months or longer Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss March 30, 2024 Asset-backed securities $ — $ — $ 13,975 $ 2,062 $ 13,975 $ 2,062 Corporate bonds and direct obligations of government agencies 22,850 135 82,114 3,877 104,964 4,012 U.S. Treasury obligations — — 2,323 25 2,323 25 Total $ 22,850 $ 135 $ 98,412 $ 5,964 $ 121,262 $ 6,099 December 30, 2023 Asset-backed securities $ — $ — $ 14,307 $ 2,236 $ 14,307 $ 2,236 Corporate bonds and direct obligations of government agencies 3,506 42 86,841 4,342 90,347 4,384 U.S. Treasury obligations — — 2,305 43 2,305 43 Total $ 3,506 $ 42 $ 103,453 $ 6,621 $ 106,959 $ 6,663 The Company believes unrealized losses on investments were primarily caused by rising interest rates rather than changes in credit quality. The Company expects to recover, through collection of all of the contractual cash flows of each security, the amortized cost basis of these securities as it does not intend to sell, and does not anticipate being required to sell, these securities before recovery of the cost basis. For these reasons, no losses have been recognized in the Company’s consolidated statements of income. |
Leases
Leases | 3 Months Ended |
Mar. 30, 2024 | |
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 assets and operating lease liabilities represent leases for facilities maintained in support of the Company’s network of BCO Independent Contractors and office space used to conduct Landstar’s business. These leases do not have significant rent escalation holidays, concessions, leasehold improvement incentives or other build-out clauses. Further, the leases do not contain contingent rent provisions. Landstar also rents certain trailing equipment to supplement the Company-owned trailer fleet under “month-to-month” lease terms, which are not required to be recorded on the balance sheet due to the less than twelve month lease term exemption. Sublease income is primarily comprised of weekly trailing equipment rentals to BCO Independent Contractors. 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 assets and lease liabilities as they are not reasonably certain of exercise. Landstar regularly evaluates the renewal options, and when they are reasonably certain of exercise, Landstar includes the renewal period in the lease term. As most of Landstar’s operating leases do not provide an implicit rate, Landstar utilized its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments. Landstar has a centrally managed treasury function; therefore, based on the applicable lease terms and the current economic environment, the Company applies a portfolio approach for determining the incremental borrowing rate. The components of lease cost for finance leases and operating leases for the thirteen weeks ended March 30, 2024 were (in thousands): Finance leases: Amortization of right-of-use assets $ 4,079 Interest on lease liability 550 Total finance lease cost 4,629 Operating leases: Lease cost 1,040 Variable lease cost — Sublease income (1,407 ) Total net operating lease income (367 ) Total net lease cost $ 4,262 A summary of the lease classification on the Company’s consolidated balance sheet as of March 30, 2024 is as follows (in thousands): Assets: Operating lease right-of-use Other assets $ 1,484 Finance lease assets Operating property, less accumulated depreciation and amortization 97,244 Total lease assets $ 98,728 Liabilities: The following table reconciles the undiscounted cash flows for the finance and operating leases to the finance and operating lease liabilities recorded on the balance sheet at March 30, 2024 (in thousands): Finance Leases Operating Leases 2024 Remainder $ 22,254 $ 629 2025 23,855 547 2026 15,752 213 2027 5,358 176 2028 1,256 49 Thereafter 51 — Total future minimum lease payments 68,526 1,614 Less amount representing interest (1.6% to 6.5%) 3,300 130 Present value of minimum lease payments $ 65,226 $ 1,484 Current maturities of long-term debt 26,730 Long-term debt, excluding current maturities 38,496 Other current liabilities 791 Deferred income taxes and other noncurrent liabilities 693 The weighted average remaining lease term and the weighted average discount rate for finance and operating leases as of March 30, 2024 were: Finance Leases Operating Leases Weighted average remaining lease term (years) 2.8 2.6 Weighted average discount rate 3.2 % 6.5 % |
Debt
Debt | 3 Months Ended |
Mar. 30, 2024 | |
Debt | (10) Debt Other 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 March 30, 2024, 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 | 3 Months Ended |
Mar. 30, 2024 | |
Commitments and Contingencies | (11) Commitments and Contingencies Short-term investments include $62,781,000 in current maturities of investments held by the Company’s insurance segment at March 30, 2024. The non-current portion of the bond portfolio of $85,298,000 is included in other assets. The short-term investments, together with $22,834,000 of non-current investments, provide collateral for the $77,054,000 of letters of credit issued to guarantee payment of insurance claims. As of March 30, 2024, Landstar also had $33,492,000 of additional letters of credit outstanding under the Company’s Credit Agreement. The Company is involved in certain claims and pending litigation arising from the normal conduct of business. Many of these claims are covered in whole or in part by insurance. Based on knowledge of the facts and, in certain cases, opinions of outside counsel, management believes that adequate provisions have been made for probable losses with respect to the resolution of all such claims and pending litigation and that the ultimate outcome, after provisions therefor, will not have a material adverse effect on the financial condition of the Company, but could have a material effect on the results of operations in a given quarter or year. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 30, 2024 | |
Recent Accounting Pronouncements | (12) Recent Accounting Pronouncements Accounting Standards Issued But Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 30, 2024 | |
Revenue from Contracts with Customers – Disaggregation of Revenue | Revenue from Contracts with Customers – Disaggregation of Revenue The following table summarizes (i) the percentage of consolidated revenue generated by mode of transportation and (ii) the total amount of truck transportation revenue hauled by BCO Independent Contractors and Truck Brokerage Carriers generated by equipment type during the thirteen-week periods ended March 30, 2024 and April 1, 2023 (dollars in thousands): Thirteen Weeks Ended March 30, 2024 April 1, 2023 Mode Truck – BCO Independent Contractors 39 % 36 % Truck – Truck Brokerage Carriers 53 % 56 % Rail intermodal 2 % 2 % Ocean and air cargo carriers 5 % 4 % Truck Equipment Type Van equipment $ 628,304 $ 755,083 Unsided/platform equipment $ 343,045 $ 377,564 Less-than-truckload $ 25,617 $ 31,558 Other truck transportation (1) $ 71,966 $ 159,503 (1) Includes power-only, expedited, straight truck, cargo van, and miscellaneous other truck transportation revenue generated by the transportation logistics segment. Power-only refers to shipments where the Company furnishes a power unit and an operator but not trailing equipment, which is typically provided by the shipper or consignee. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 30, 2024 | |
Schedule of Disaggregation of Revenue | The following table summarizes (i) the percentage of consolidated revenue generated by mode of transportation and (ii) the total amount of truck transportation revenue hauled by BCO Independent Contractors and Truck Brokerage Carriers generated by equipment type during the thirteen-week periods ended March 30, 2024 and April 1, 2023 (dollars in thousands): Thirteen Weeks Ended March 30, 2024 April 1, 2023 Mode Truck – BCO Independent Contractors 39 % 36 % Truck – Truck Brokerage Carriers 53 % 56 % Rail intermodal 2 % 2 % Ocean and air cargo carriers 5 % 4 % Truck Equipment Type Van equipment $ 628,304 $ 755,083 Unsided/platform equipment $ 343,045 $ 377,564 Less-than-truckload $ 25,617 $ 31,558 Other truck transportation (1) $ 71,966 $ 159,503 (1) Includes power-only, expedited, straight truck, cargo van, and miscellaneous other truck transportation revenue generated by the transportation logistics segment. Power-only refers to shipments where the Company furnishes a power unit and an operator but not trailing equipment, which is typically provided by the shipper or consignee. |
Share-Based Payment Arrangeme_2
Share-Based Payment Arrangements (Tables) | 3 Months Ended |
Mar. 30, 2024 | |
Amounts Recognized in Financial Statements with Respect to Plans | Amounts recognized in the financial statements with respect to these Plans are as follows (in thousands): Thirteen Weeks Ended March 30, 2024 April 1, 2023 Total cost of the Plans during the period $ 1,724 $ 1,852 Amount of related income tax benefit recognized during the period (1,152 ) (2,751 ) Net cost of the Plans during the period $ 572 $ (899 ) |
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 RSUs Weighted Average Grant Date Fair Value Outstanding at December 30, 2023 132,722 $ 138.93 Granted 102,253 $ 138.86 Vested shares (36,249 ) $ 131.10 Forfeited (2,173 ) $ 148.85 Outstanding at March 30, 2024 196,553 $ 140.23 |
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 restricted stock and Deferred Stock Units (defined below) under the Plans: Number of Shares and Deferred Stock Units Weighted Average Grant Date Fair Value Non-vested at December 30, 2023 46,348 $ 158.38 Granted 25,151 $ 188.78 Vested (16,169 ) $ 152.07 Forfeited (295 ) $ 169.89 Non-vested at March 30, 2024 55,035 $ 174.07 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 30, 2024 | |
Information Regarding Reportable Business Segments | The following table summarizes information about the Company’s reportable business segments as of and for the thirteen-week periods ended March 30, 2024 and April 1, 2023 (in thousands): Thirteen Weeks Ended March 30, 2024 April 1, 2023 Transportation Logistics Insurance Total Transportation Logistics Insurance Total External revenue $ 1,154,532 $ 16,511 $ 1,171,043 $ 1,416,846 $ 18,829 $ 1,435,675 Internal revenue 12,069 12,069 11,961 11,961 Investment income 3,412 3,412 1,368 1,368 Operating income 42,681 17,280 59,961 86,162 15,122 101,284 Expenditures on long-lived assets 9,281 9,281 6,233 6,233 Goodwill 42,381 42,381 41,726 41,726 |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 30, 2024 | |
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 thirteen-week period ended March 30, 2024 (in thousands): Unrealized Available-for-Sale Foreign Currency Total Balance as of December 30, 2023 $ (5,010 ) $ (1,855 ) $ (6,865 ) Other comprehensive income (loss) 336 (306 ) 30 Balance as of March 30, 2024 $ (4,674 ) $ (2,161 ) $ (6,835 ) |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 30, 2024 | |
Amortized Cost and Fair Value of Available-for-Sale Investments | The amortized cost and fair values of available-for-sale investments are as follows at March 30, 2024 and December 30, 2023 (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value March 30, 2024 Money market investments $ 8,303 $ — $ — $ 8,303 Asset-backed securities 18,019 2 2,062 15,959 Corporate bonds and direct obligations of government agencies 123,879 143 4,012 120,010 U.S. Treasury obligations 3,832 — 25 3,807 Total $ 154,033 $ 145 $ 6,099 $ 148,079 December 30, 2023 Money market investments $ 16,832 $ — $ — $ 16,832 Asset-backed securities 16,543 — 2,236 14,307 Corporate bonds and direct obligations of government agencies 118,481 279 4,384 114,376 U.S. Treasury obligations 6,287 2 43 6,246 Total $ 158,143 $ 281 $ 6,663 $ 151,761 |
Schedule of Unrealized Loss on Available-for-Sale Investments | For those available-for-sale Less than 12 months 12 months or longer Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss March 30, 2024 Asset-backed securities $ — $ — $ 13,975 $ 2,062 $ 13,975 $ 2,062 Corporate bonds and direct obligations of government agencies 22,850 135 82,114 3,877 104,964 4,012 U.S. Treasury obligations — — 2,323 25 2,323 25 Total $ 22,850 $ 135 $ 98,412 $ 5,964 $ 121,262 $ 6,099 December 30, 2023 Asset-backed securities $ — $ — $ 14,307 $ 2,236 $ 14,307 $ 2,236 Corporate bonds and direct obligations of government agencies 3,506 42 86,841 4,342 90,347 4,384 U.S. Treasury obligations — — 2,305 43 2,305 43 Total $ 3,506 $ 42 $ 103,453 $ 6,621 $ 106,959 $ 6,663 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 30, 2024 | |
Lease, Cost | The components of lease cost for finance leases and operating leases for the thirteen weeks ended March 30, 2024 were (in thousands): Finance leases: Amortization of right-of-use assets $ 4,079 Interest on lease liability 550 Total finance lease cost 4,629 Operating leases: Lease cost 1,040 Variable lease cost — Sublease income (1,407 ) Total net operating lease income (367 ) Total net lease cost $ 4,262 |
Schedule Of Supplemental Balance Sheet Information Related To Leases | A summary of the lease classification on the Company’s consolidated balance sheet as of March 30, 2024 is as follows (in thousands): Assets: Operating lease right-of-use Other assets $ 1,484 Finance lease assets Operating property, less accumulated depreciation and amortization 97,244 Total lease assets $ 98,728 |
Finance And Operating Lease Maturity | The following table reconciles the undiscounted cash flows for the finance and operating leases to the finance and operating lease liabilities recorded on the balance sheet at March 30, 2024 (in thousands): Finance Leases Operating Leases 2024 Remainder $ 22,254 $ 629 2025 23,855 547 2026 15,752 213 2027 5,358 176 2028 1,256 49 Thereafter 51 — Total future minimum lease payments 68,526 1,614 Less amount representing interest (1.6% to 6.5%) 3,300 130 Present value of minimum lease payments $ 65,226 $ 1,484 Current maturities of long-term debt 26,730 Long-term debt, excluding current maturities 38,496 Other current liabilities 791 Deferred income taxes and other noncurrent liabilities 693 |
Schedule Discount Rate And Lease Term Used In Calculating Lease Liabilities And Assets | The weighted average remaining lease term and the weighted average discount rate for finance and operating leases as of March 30, 2024 were: Finance Leases Operating Leases Weighted average remaining lease term (years) 2.8 2.6 Weighted average discount rate 3.2 % 6.5 % |
Schedule Of Revenue By Major Cu
Schedule Of Revenue By Major Customers By Reporting Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 30, 2024 | Apr. 01, 2023 | ||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 1,171,043 | $ 1,435,675 | |
BCO Independent Contractors – Truck | |||
Disaggregation of Revenue [Line Items] | |||
Percentage of Consolidated Revenue | 39% | 36% | |
Brokerage Carriers - Truck | |||
Disaggregation of Revenue [Line Items] | |||
Percentage of Consolidated Revenue | 53% | 56% | |
Rail Intermodal | |||
Disaggregation of Revenue [Line Items] | |||
Percentage of Consolidated Revenue | 2% | 2% | |
Ocean and air cargo carriers | |||
Disaggregation of Revenue [Line Items] | |||
Percentage of Consolidated Revenue | 5% | 4% | |
BCO Independent Contractor Truck and Brokerage Carriers Truck | Van Equipment | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 628,304 | $ 755,083 | |
BCO Independent Contractor Truck and Brokerage Carriers Truck | Unsided/Platform Equipment | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 343,045 | 377,564 | |
BCO Independent Contractor Truck and Brokerage Carriers Truck | Less than Truckload | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 25,617 | 31,558 | |
BCO Independent Contractor Truck and Brokerage Carriers Truck | Other Truck Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | [1] | $ 71,966 | $ 159,503 |
[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 ($) | 3 Months Ended | |||
Feb. 02, 2024 | Mar. 30, 2024 | Apr. 01, 2023 | Dec. 30, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Excess tax benefit from stock-based awards | $ 729,000 | $ 2,296,000 | ||
Stock awards granted, shares | 58,268 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 0 | |||
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock awards granted, shares | 102,253 | |||
Recognized share-based compensation expense | $ 632,000 | 958,000 | ||
Unrecognized compensation cost, other than options | $ 49,300,000 | |||
Unrecognized compensation cost expected to be recognized over period, years | 4 years 6 months | |||
Non Vested Restricted Stock and Deferred Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock awards granted, shares | 25,151 | |||
Unrecognized compensation cost, other than options | $ 7,427,000 | |||
Unrecognized compensation cost expected to be recognized over period, years | 2 years 2 months 12 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, in two equal annual installments on the first and second 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 the recipient’s 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 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 0 | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 0 | 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 | 2,750,207 | |||
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 | |
Mar. 30, 2024 | Apr. 01, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total cost of the Plans during the period | $ 1,724 | $ 1,852 |
Amount of related income tax benefit recognized during the period | (1,152) | (2,751) |
Net cost of the Plans during the period | $ 572 | $ (899) |
Schedule of Information on Rest
Schedule of Information on Restricted Stock Units (Detail) - $ / shares | 3 Months Ended | |
Feb. 02, 2024 | Mar. 30, 2024 | |
Number of Shares | ||
Granted | 58,268 | |
Restricted Stock Units (RSUs) | ||
Number of Shares | ||
Beginning Balance | 132,722 | |
Granted | 102,253 | |
Vested shares | (36,249) | |
Forfeited | (2,173) | |
Ending Balance | 196,553 | |
Weighted Average Grant Date Fair Value | ||
Beginning Balance | $ 138.93 | |
Granted | 138.86 | |
Vested shares | 131.1 | |
Forfeited | 148.85 | |
Ending Balance | $ 140.23 |
Schedule of Information on Non
Schedule of Information on Non - Vested Restricted Stock Units (Detail) - $ / shares | 3 Months Ended | |
Feb. 02, 2024 | Mar. 30, 2024 | |
Number of Shares and Deferred Stock Units | ||
Granted | 58,268 | |
Non Vested Restricted Stock and Deferred Stock Units | ||
Number of Shares and Deferred Stock Units | ||
Beginning Balance | 46,348 | |
Granted | 25,151 | |
Vested | (16,169) | |
Forfeited | (295) | |
Ending Balance | 55,035 | |
Weighted Average Grant Date Fair Value | ||
Beginning Balance | $ 158.38 | |
Granted | 188.78 | |
Vested | 152.07 | |
Forfeited | 169.89 | |
Ending Balance | $ 174.07 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 3 Months Ended | |
Mar. 30, 2024 | Apr. 01, 2023 | |
Income Taxes [Line Items] | ||
Corporate income tax rate | 21% | 21% |
Estimated annual effective income tax rate | 24.50% | 24.40% |
Effective income tax rate | 23.50% | 23.30% |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) | Mar. 30, 2024 shares |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 0 |
Additional Cash Flow Informat_2
Additional Cash Flow Information - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 30, 2024 | Apr. 01, 2023 | |
Supplemental Cash Flow Information [Abstract] | ||
Income taxes paid | $ 895,000 | |
Income tax refunds received | $ 495,000 | |
Interest paid | 825,000 | $ 1,030,000 |
Right-of-use asset obtained in exchange for finance lease liability | $ 1,325,000 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) - Customer | 3 Months Ended | |
Mar. 30, 2024 | Apr. 01, 2023 | |
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 | ||
Mar. 30, 2024 | Apr. 01, 2023 | Dec. 30, 2023 | |
Segment Reporting Information [Line Items] | |||
Revenue | $ 1,171,043 | $ 1,435,675 | |
Investment income | 3,412 | 1,368 | |
Operating income | 59,961 | 101,284 | |
Expenditures on long-lived assets | 9,281 | 6,233 | |
Goodwill | 42,381 | 41,726 | $ 42,275 |
Related Party | |||
Segment Reporting Information [Line Items] | |||
Revenue | 12,069 | 11,961 | |
Transportation Logistics | |||
Segment Reporting Information [Line Items] | |||
Revenue | 1,154,532 | 1,416,846 | |
Operating income | 42,681 | 86,162 | |
Expenditures on long-lived assets | 9,281 | 6,233 | |
Goodwill | 42,381 | 41,726 | |
Insurance | |||
Segment Reporting Information [Line Items] | |||
Revenue | 16,511 | 18,829 | |
Investment income | 3,412 | 1,368 | |
Operating income | 17,280 | 15,122 | |
Insurance | Related Party | |||
Segment Reporting Information [Line Items] | |||
Revenue | $ 12,069 | $ 11,961 |
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 | |
Mar. 30, 2024 | Apr. 01, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | $ 983,923 | |
Other comprehensive income (loss) | 30 | $ 2,831 |
Ending Balance | 1,017,911 | |
Unrealized Holding (Losses) Gains on Available-for-Sale Securities | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (5,010) | |
Other comprehensive income (loss) | 336 | |
Ending Balance | (4,674) | |
Foreign Currency Translation | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (1,855) | |
Other comprehensive income (loss) | (306) | |
Ending Balance | (2,161) | |
Accumulated Other Comprehensive Income (Loss) | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (6,865) | |
Other comprehensive income (loss) | 30 | |
Ending Balance | $ (6,835) |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 30, 2024 | Dec. 30, 2023 | |
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 | $ (5,954,000) | $ (6,382,000) |
Amortized Cost and Fair Value o
Amortized Cost and Fair Value of Available-for-Sale Investments (Detail) - USD ($) $ in Thousands | Mar. 30, 2024 | Dec. 30, 2023 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 154,033 | $ 158,143 |
Gross Unrealized Gains | 145 | 281 |
Gross Unrealized Losses | 6,099 | 6,663 |
Fair Value | 148,079 | 151,761 |
Money market investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 8,303 | 16,832 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 8,303 | 16,832 |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 18,019 | 16,543 |
Gross Unrealized Gains | 2 | 0 |
Gross Unrealized Losses | 2,062 | 2,236 |
Fair Value | 15,959 | 14,307 |
Corporate bonds and direct obligations of government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 123,879 | 118,481 |
Gross Unrealized Gains | 143 | 279 |
Gross Unrealized Losses | 4,012 | 4,384 |
Fair Value | 120,010 | 114,376 |
U.S. Treasury obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 3,832 | 6,287 |
Gross Unrealized Gains | 0 | 2 |
Gross Unrealized Losses | 25 | 43 |
Fair Value | $ 3,807 | $ 6,246 |
Schedule of Unrealized Loss on
Schedule of Unrealized Loss on Available-for-Sale Investments (Detail) - USD ($) $ in Thousands | Mar. 30, 2024 | Dec. 30, 2023 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale investments with unrealized losses, Less than 12 months, Fair Value | $ 22,850 | $ 3,506 |
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss | 135 | 42 |
Available-for-sale investments with unrealized losses, 12 months or longer, Fair Value | 98,412 | 103,453 |
Available-for-sale investments with unrealized losses, 12 months or longer, Unrealized Loss | 5,964 | 6,621 |
Available-for-sale investments with unrealized losses, Fair Value, Total | 121,262 | 106,959 |
Available-for-sale investments with unrealized losses, Unrealized Loss, Total | 6,099 | 6,663 |
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 | 13,975 | 14,307 |
Available-for-sale investments with unrealized losses, 12 months or longer, Unrealized Loss | 2,062 | 2,236 |
Available-for-sale investments with unrealized losses, Fair Value, Total | 13,975 | 14,307 |
Available-for-sale investments with unrealized losses, Unrealized Loss, Total | 2,062 | 2,236 |
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 | 22,850 | 3,506 |
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss | 135 | 42 |
Available-for-sale investments with unrealized losses, 12 months or longer, Fair Value | 82,114 | 86,841 |
Available-for-sale investments with unrealized losses, 12 months or longer, Unrealized Loss | 3,877 | 4,342 |
Available-for-sale investments with unrealized losses, Fair Value, Total | 104,964 | 90,347 |
Available-for-sale investments with unrealized losses, Unrealized Loss, Total | 4,012 | 4,384 |
U.S. Treasury obligations | ||
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 | 2,323 | 2,305 |
Available-for-sale investments with unrealized losses, 12 months or longer, Unrealized Loss | 25 | 43 |
Available-for-sale investments with unrealized losses, Fair Value, Total | 2,323 | 2,305 |
Available-for-sale investments with unrealized losses, Unrealized Loss, Total | $ 25 | $ 43 |
Leases - Additional Information
Leases - Additional Information (Detail) | Mar. 30, 2024 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 | 3 Months Ended |
Mar. 30, 2024 USD ($) | |
Finance leases: | |
Amortization of right-of-use assets | $ 4,079 |
Interest on lease liability | 550 |
Total finance lease cost | 4,629 |
Operating leases: | |
Lease cost | 1,040 |
Variable lease cost | 0 |
Sublease income | (1,407) |
Total net operating lease income | (367) |
Total net lease cost | $ 4,262 |
Leases - Classification on our
Leases - Classification on our Consolidated Balance Sheet (Detail) $ in Thousands | Mar. 30, 2024 USD ($) |
Operating lease right-of-use assets | $ 1,484 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent |
Finance lease assets | $ 97,244 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, Plant and Equipment, Net |
Total lease assets | $ 98,728 |
Leases - Undiscounted Cash Flow
Leases - Undiscounted Cash Flows for the Finance and Operating Leases (Detail) - USD ($) $ in Thousands | Mar. 30, 2024 | Dec. 30, 2023 |
Operating Leased Assets [Line Items] | ||
2024 Remainder | $ 22,254 | |
2025 | 23,855 | |
2026 | 15,752 | |
2027 | 5,358 | |
2028 | 1,256 | |
Thereafter | 51 | |
Total future minimum lease payments | 68,526 | |
Less amount representing interest (1.6% to 6.5%) | 3,300 | |
Present value of minimum lease payments | 65,226 | |
Current maturities of long-term debt | 26,730 | $ 27,876 |
Long-term debt, excluding current maturities | 38,496 | $ 43,264 |
2024 Remainder | 629 | |
2025 | 547 | |
2026 | 213 | |
2027 | 176 | |
2028 | 49 | |
Thereafter | 0 | |
Total future minimum lease payments | 1,614 | |
Less amount representing interest (1.6% to 6.5%) | 130 | |
Present value of minimum lease payments | 1,484 | |
Operating lease, liability, current | $ 791 | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Current | |
Operating lease, liability, non-current | $ 693 | |
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) | Mar. 30, 2024 |
Maximum | |
Finance lease Interest rate percentage | 6.50% |
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) | Mar. 30, 2024 |
Weighted average remaining lease term (years) | 2 years 9 months 18 days |
Weighted average discount rate | 3.20% |
Weighted average remaining lease term (years) | 2 years 7 months 6 days |
Weighted average discount rate | 6.50% |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Jul. 01, 2022 | Mar. 30, 2024 | Dec. 30, 2023 | |
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, initiation date | Jul. 01, 2022 | ||
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) | Mar. 30, 2024 USD ($) |
Current Investments | Collateral Pledged | |
Commitments and Contingencies Disclosure [Line Items] | |
Investments providing collateral for letters of credit to guarantee insurance claims | $ 62,781,000 |
Non-Current Investments | |
Commitments and Contingencies Disclosure [Line Items] | |
Total non-current investments | 85,298,000 |
Non-Current Investments | Collateral Pledged | |
Commitments and Contingencies Disclosure [Line Items] | |
Investments providing collateral for letters of credit to guarantee insurance claims | 22,834,000 |
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 | $ 77,054,000 |