Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 28, 2020 | Apr. 20, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
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. 28, 2020 | |
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 | 38,370,508 | |
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. 28, 2020 | Dec. 28, 2019 |
Current Assets | ||
Cash and cash equivalents | $ 177,224 | $ 319,515 |
Short-term investments | 33,627 | 32,901 |
Trade accounts receivable, less allowance of $8,536 and $7,284 | 562,528 | 588,549 |
Other receivables, including advances to independent contractors, less allowance of $8,847 and $7,667 | 35,153 | 35,553 |
Other current assets | 7,624 | 21,370 |
Total current assets | 816,156 | 997,888 |
Operating property, less accumulated depreciation and amortization of $286,593 and $280,849 | 276,663 | 285,855 |
Goodwill | 37,182 | 38,508 |
Other assets | 106,432 | 105,460 |
Total assets | 1,236,433 | 1,427,711 |
Current Liabilities | ||
Cash overdraft | 36,002 | 53,878 |
Accounts payable | 272,175 | 271,996 |
Current maturities of long-term debt | 39,944 | 42,632 |
Insurance claims | 50,773 | 44,532 |
Dividends payable | 78,947 | |
Contractor escrow | 24,517 | 24,902 |
Other current liabilities | 41,420 | 36,017 |
Total current liabilities | 464,831 | 552,904 |
Long-term debt, excluding current maturities | 61,977 | 70,212 |
Insurance claims | 33,456 | 33,575 |
Deferred income taxes and other noncurrent liabilities | 49,074 | 49,551 |
Shareholders' Equity | ||
Common stock, $0.01 par value, authorized 160,000,000 shares, issued 68,167,482 and 68,083,419 shares | 682 | 681 |
Additional paid-in capital | 224,973 | 226,123 |
Retained earnings | 1,995,018 | 1,962,161 |
Cost of 29,796,974 and 28,609,926 shares of common stock in treasury | (1,581,885) | (1,465,284) |
Accumulated other comprehensive loss | (11,693) | (2,212) |
Total shareholders' equity | 627,095 | 721,469 |
Total liabilities and shareholders' equity | $ 1,236,433 | $ 1,427,711 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 28, 2020 | Dec. 28, 2019 |
Allowance on trade accounts receivable | $ 8,536 | $ 7,284 |
Allowance on other receivables | 8,847 | 7,667 |
Accumulated depreciation and amortization on operating property | $ 286,593 | $ 280,849 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, authorized shares | 160,000,000 | 160,000,000 |
Common stock, issued shares | 68,167,482 | 68,083,419 |
Treasury stock, shares | 29,796,974 | 28,609,926 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Revenue | $ 927,566 | $ 1,033,000 |
Investment income | 1,167 | 1,138 |
Costs and expenses: | ||
Purchased transportation | 709,257 | 791,755 |
Commissions to agents | 75,376 | 85,671 |
Other operating costs, net of gains on asset sales/dispositions | 8,306 | 8,239 |
Insurance and claims | 24,957 | 14,993 |
Selling, general and administrative | 45,327 | 41,268 |
Depreciation and amortization | 11,505 | 11,316 |
Total costs and expenses | 874,728 | 953,242 |
Operating income | 54,005 | 80,896 |
Interest and debt expense | 952 | 805 |
Income before income taxes | 53,053 | 80,091 |
Income taxes | 12,158 | 16,791 |
Net income | 40,895 | 63,300 |
Less: Net loss attributable to noncontrolling interest | (17) | |
Net income attributable to Landstar System, Inc. and subsidiary | $ 40,895 | $ 63,317 |
Earnings per common share attributable to Landstar System, Inc. and subsidiary | $ 1.04 | $ 1.58 |
Diluted earnings per share attributable to Landstar System, Inc. and subsidiary | $ 1.04 | $ 1.58 |
Average number of shares outstanding: | ||
Earnings per common share | 39,254,000 | 40,161,000 |
Diluted earnings per share | 39,254,000 | 40,166,000 |
Dividends per common share | $ 0.185 | $ 0.165 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Net income attributable to Landstar System, Inc. and subsidiary | $ 40,895 | $ 63,317 |
Other comprehensive (loss) income: | ||
Unrealized holding (losses) gains on available-for-sale investments, net of tax (benefit) expense of $(432), and $272 | (1,579) | 995 |
Foreign currency translation (losses) gains | (7,902) | 554 |
Other comprehensive (loss) income | (9,481) | 1,549 |
Comprehensive income attributable to Landstar System, Inc. and subsidiary | $ 31,414 | $ 64,866 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Unrealized holding (losses) gains on available-for-sale investments, net of tax (benefit) expense | $ (432) | $ 272 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
OPERATING ACTIVITIES | ||
Net income | $ 40,895 | $ 63,300 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization of operating property and intangible assets | 11,505 | 11,316 |
Non-cash interest charges | 63 | 63 |
Provisions for losses on trade and other accounts receivable | 4,122 | 2,150 |
Gains on sales/disposals of operating property | (858) | (876) |
Deferred income taxes, net | 797 | 2,079 |
Stock-based compensation | 631 | 1,938 |
Changes in operating assets and liabilities: | ||
Decrease in trade and other accounts receivable | 21,369 | 84,505 |
Decrease in other assets | 9,987 | 2,229 |
Increase (decrease) in accounts payable | 179 | (40,953) |
Increase (decrease) in other liabilities | 4,404 | (3,776) |
Increase (decrease) in insurance claims | 6,122 | (559) |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 99,216 | 121,416 |
INVESTING ACTIVITIES | ||
Net changes in other short-term investments | 131 | |
Sales and maturities of investments | 7,963 | 25,739 |
Purchases of investments | (8,830) | (26,707) |
Purchases of operating property | (5,799) | (4,576) |
Proceeds from sales of operating property | 2,081 | 2,130 |
NET CASH USED BY INVESTING ACTIVITIES | (4,454) | (3,414) |
FINANCING ACTIVITIES | ||
Decrease in cash overdraft | (17,876) | (13,820) |
Dividends paid | (86,283) | (6,629) |
Proceeds from exercises of stock options | 575 | 319 |
Taxes paid in lieu of shares issued related to stock-based compensation plans | (2,994) | (7,923) |
Purchases of common stock | (115,962) | (12,977) |
Principal payments on finance lease obligations | (10,923) | (11,995) |
Purchase of noncontrolling interest | (600) | |
NET CASH USED BY FINANCING ACTIVITIES | (233,463) | (53,625) |
Effect of exchange rate changes on cash and cash equivalents | (3,590) | 512 |
(Decrease) increase in cash and cash equivalents | (142,291) | 64,889 |
Cash and cash equivalents at beginning of period | 319,515 | 199,736 |
Cash and cash equivalents at end of period | $ 177,224 | $ 264,625 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock at Cost | Accumulated Other Comprehensive (Loss) Income | Non-controlling Interests |
Beginning Balance (in shares) at Dec. 29, 2018 | 67,870,962 | 27,755,001 | |||||
Beginning Balance at Dec. 29, 2018 | $ 689,133 | $ 679 | $ 226,852 | $ 1,841,279 | $ (1,376,111) | $ (5,875) | $ 2,309 |
Net income (loss) | 63,300 | 63,317 | (17) | ||||
Net income | 63,317 | ||||||
Dividends | (6,629) | (6,629) | |||||
Purchases of common stock (in shares) | 124,481 | ||||||
Purchases of common stock | (12,977) | $ (12,977) | |||||
Purchase of noncontrolling interests | (600) | 1,842 | (2,442) | ||||
Issuance of stock related to stock-based compensation plans (in shares) | 176,079 | 5,199 | |||||
Issuance of stock related to stock-based compensation plans | (7,604) | $ 1 | (7,081) | $ (524) | |||
Stock-based compensation | 1,938 | 1,938 | |||||
Other comprehensive (loss) income | 1,699 | 1,549 | 150 | ||||
Ending Balance (in shares) at Mar. 30, 2019 | 68,047,041 | 27,884,681 | |||||
Ending Balance at Mar. 30, 2019 | 728,260 | $ 680 | 223,551 | 1,897,967 | $ (1,389,612) | (4,326) | $ 0 |
Beginning Balance (in shares) at Dec. 28, 2019 | 68,083,419 | 28,609,926 | |||||
Beginning Balance at Dec. 28, 2019 | 721,469 | $ 681 | 226,123 | 1,962,161 | $ (1,465,284) | (2,212) | |
Adoption of accounting standards (Note 11) | Accounting Standards Update 2016-13 | (702) | (702) | |||||
Net income (loss) | 40,895 | ||||||
Net income | 40,895 | 40,895 | |||||
Dividends | (7,336) | (7,336) | |||||
Purchases of common stock (in shares) | 1,178,970 | ||||||
Purchases of common stock | (115,962) | $ (115,962) | |||||
Issuance of stock related to stock-based compensation plans (in shares) | 84,063 | 8,078 | |||||
Issuance of stock related to stock-based compensation plans | (2,419) | $ 1 | (1,781) | $ (639) | |||
Stock-based compensation | 631 | 631 | |||||
Other comprehensive (loss) income | (9,481) | (9,481) | |||||
Ending Balance (in shares) at Mar. 28, 2020 | 68,167,482 | 29,796,974 | |||||
Ending Balance at Mar. 28, 2020 | $ 627,095 | $ 682 | $ 224,973 | $ 1,995,018 | $ (1,581,885) | $ (11,693) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Dividends per common share | $ 0.185 | $ 0.165 |
Business Description
Business Description | 3 Months Ended |
Mar. 30, 2019 | |
Business Description and Basis of Presentation [Text Block] | The consolidated financial statements include the accounts of Landstar System, Inc. and its subsidiary, Landstar System Holdings, Inc., and reflect all adjustments (all of a normal, recurring nature) which are, in the opinion of management, necessary for a fair statement of the results for the periods presented. The preparation of the consolidated financial statements requires the use of management’s estimates. Actual results could differ from those estimates. Landstar System, Inc. and its subsidiary are herein referred to as “Landstar” or the “Company.” Significant intercompany accounts have been eliminated in consolidation. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 28, 2020 | |
Significant Accounting Policies | (1) Significant Accounting Policies Revenue from Contracts with Customers – Disaggregation of Revenue During the thirteen weeks ended March 28, 2020, revenue generated by BCO Independent Contractors, Truck Brokerage Carriers and railroads represented approximately 46%, 46% and 3% respectively, of the Company’s consolidated revenue. Collectively, revenue generated by air and ocean cargo carriers represented approximately 3% of the Company’s consolidated revenue in the thirteen-week period ended March 28, 2020. Included in truck transportation revenue generated by BCO Independent Contractors and Truck Brokerage Carriers during the thirteen-week period ended March 28, 2020 was $545,307,000 hauled via van equipment, $286,328,000 hauled via unsided/platform equipment and $22,941,000 of less-than-truckload. During the thirteen weeks ended March 30, 2019, revenue generated by BCO Independent Contractors, Truck Brokerage Carriers and railroads represented approximately 43%, 49% and 3%, respectively, of the Company’s consolidated revenue. Collectively, revenue generated by air and ocean cargo carriers represented approximately 3% of the Company’s consolidated revenue in the thirteen-week period ended March 30, 2019. Included in truck transportation revenue generated by BCO Independent Contractors and Truck Brokerage Carriers during the thirteen-week period ended March 30, 2019 was $619,014,000 hauled via van equipment, $310,721,000 hauled via unsided/platform equipment and $23,376,000 of less-than-truckload. |
Share-based Payment Arrangement
Share-based Payment Arrangements | 3 Months Ended |
Mar. 28, 2020 | |
Share-based Payment Arrangements | (2) Share-based Payment Arrangements As of March 28, 2020, the Company had two employee equity incentive plans, the 2002 employee stock option and stock incentive plan (the “ESOSIP”) and the 2011 equity incentive plan (the “2011 EIP”). No further grants can be made under the ESOSIP. The Company also has a stock compensation plan for members of its Board of Directors, the Amended and Restated 2013 Directors Stock Compensation Plan (as amended and restated as of May 17, 2016, the “2013 DSCP”). 6,000,000 shares of the Company’s common stock were authorized for issuance under the 2011 EIP and 115,000 shares of the Company’s common stock were authorized for issuance under the 2013 DSCP. The ESOSIP, 2011 EIP and 2013 DSCP are each referred to herein as a “Plan,” and, collectively, as the “Plans.” Amounts recognized in the financial statements with respect to these Plans are as follows (in thousands): Thirteen Weeks Ended March 28, 2020 March 30, 2019 Total cost of the Plans during the period $ 631 $ 1,938 Amount of related income tax benefit recognized during the period (873 ) (3,062 ) Net cost of the Plans during the period $ (242 ) $ (1,124 ) Included in income tax benefits recognized in the thirteen-week periods ended March 28, 2020 and March 30, 2019 were excess tax benefits from stock-based awards of $706,000 and $2,571,000, respectively. Also included in income tax benefits recognized in the thirteen-week periods ended March 28, 2020 and March 30, 2019 were income tax benefits of $12,000 and $16,000, respectively, recognized on disqualifying dispositions of the Company’s common stock by employees who obtained shares of common stock through exercises of incentive stock options. As of March 28, 2020, there were 66,454 shares of the Company’s common stock reserved for issuance under the 2013 DSCP and 3,692,315 shares of the Company’s common stock reserved for issuance in the aggregate under the ESOSIP and 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 28, 2019 198,875 $ 84.37 Granted 59,230 $ 102.70 Shares earned in excess of target (1) 11,648 $ 77.00 Vested shares, including shares earned in excess of target (70,247 ) $ 77.00 Forfeited (10,237 ) $ 100.55 Outstanding at March 28, 2020 189,269 $ 91.51 (1) Represents shares earned in excess of target under the February 2, 2017 RSU awards as actual results exceeded the target under the awards as a result of fiscal year 2019 results. During the thirteen-week period ended March 28, 2020, the Company granted RSUs with a performance condition. Outstanding RSUs at both December 28, 2019 and March 28, 2020 include RSUs with a performance condition and RSUs with a market condition, as further described below and in the Company’s 2019 Annual Report on Form 10-K. RSUs with a performance condition granted on January 31, 2020 may vest on January 31 of 2023, 2024 and 2025 based on growth in operating income and pre-tax diluted The Company recognized approximately ($136,000) and $1,307,000 of share-based compensation (benefit)/expense related to RSU awards in the thirteen-week periods ended March 28, 2020 and March 30, 2019, respectively. As of March 28, 2020, there was a maximum of $35.2 million of total unrecognized compensation cost related to RSU awards granted under the Plans with an expected average remaining life of approximately 3.6 years. With respect to RSU awards with a performance condition, the amount of future compensation expense to be recognized will be determined based on future operating results. Stock Options The following table summarizes information regarding the Company’s outstanding stock options under the Plans: Number of Weighted Average per Weighted Average Term (years) Aggregate Intrinsic Options outstanding at December 28, 2019 44,467 $ 51.24 Exercised (15,767 ) $ 47.50 Options outstanding at March 28, 2020 28,700 $ 53.29 2.3 $ 1,128 Options exercisable at March 28, 2020 28,700 $ 53.29 2.3 $ 1,128 The total intrinsic value of stock options exercised during the thirteen-week periods ended March 28, 2020 and March 30, 2019 was $1,023,000 and $944,000, respectively. As of March 28, 2020, there was no unrecognized compensation cost related to stock options granted under the Plans. 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 64,808 $ 98.24 Granted 20,736 $ 111.73 Vested (19,878 ) $ 97.95 Forfeited (2,351 ) $ 106.34 Non-vested 63,315 $ 102.45 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, or 100% on the first or fifth anniversary of the date of the grant. For restricted stock awards granted under the 2013 DSCP plan, each recipient may elect to defer receipt of shares and instead receive restricted stock units (“Deferred Stock Units”), which represent contingent rights to receive shares of the Company’s common stock on the date of recipient separation 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 28, 2020, there was $5,174,000 of total unrecognized compensation cost related to non-vested non-vested |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 28, 2020 | |
Income Taxes | (3) Income Taxes The provisions for income taxes for the 2020 and 2019 thirteen-week periods were each based on an estimated annual effective income tax rate of 24.2%, adjusted for discrete events, such as benefits resulting from stock-based awards. The effective income tax rate for the 2020 thirteen-week period was 22.9%, which was higher than the statutory federal income tax rate of 21% primarily attributable to state taxes and the meals and entertainment exclusion, partially offset by excess tax benefits realized on stock based awards. The effective income tax rate for the 2019 thirteen-week period was 21.0%, which approximated the statutory federal income tax rate of 21%. The provision for income taxes for the 2019 thirteen-week period was favorably impacted by $2,571,000 of excess tax benefits from stock-based awards, which essentially offset the impact of state taxes and the meals and entertainment exclusion. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 28, 2020 | |
Earnings Per Share | (4) Earnings Per Share Earnings per common share attributable to Landstar System, Inc. and subsidiary are based on the weighted average number of shares outstanding, including outstanding non-vested The following table provides a reconciliation of the average number of common shares outstanding used to calculate earnings per common share attributable to Landstar System, Inc. and subsidiary to the average number of common shares and common share equivalents outstanding used to calculate diluted earnings per share attributable to Landstar System, Inc. and subsidiary (in thousands): Thirteen Weeks Ended March 28, 2020 March 30, 2019 Average number of common shares outstanding 39,254 40,161 Incremental shares from assumed exercises of stock options — 5 Average number of common shares and common share equivalents outstanding 39,254 40,166 For each of the thirteen-week periods ended March 28, 2020 and March 30, 2019, no options outstanding to purchase shares of common stock were antidilutive. Outstanding RSUs were excluded from the calculation of diluted earnings per share attributable to Landstar System, Inc. and subsidiary 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. 28, 2020 | |
Additional Cash Flow Information | (5) Additional Cash Flow Information During the 2020 thirteen-week period, Landstar paid income taxes and interest of $7,000 and $1,079,000, respectively. During the 2019 thirteen-week period, Landstar received income tax refunds, net of income tax payments, of $3,624,000 and paid interest of $1,198,000. Landstar did not acquire any operating property by entering into finance leases in either the 2020 or 2019 thirteen-week periods. Capital expenditures are recorded as cash outflows from investing activities in the consolidated statement of cash flows in the period in which they are paid. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 28, 2020 | |
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 28, 2020 and March 30, 2019 (in thousands): Thirteen Weeks Ended March 28, 2020 March 30, 2019 Transportation Logistics Insurance Total Transportation Logistics Insurance Total External revenue $ 913,884 $ 13,682 $ 927,566 $ 1,018,961 $ 14,039 $ 1,033,000 Internal revenue 9,079 9,079 9,614 9,614 Investment income 1,167 1,167 1,138 1,138 Operating income 55,044 (1,039 ) 54,005 67,583 13,313 80,896 Expenditures on long-lived assets 5,799 5,799 4,576 4,576 Goodwill 37,182 37,182 38,343 38,343 In the thirteen-week periods ended March 28, 2020 and March 30, 2019, no single customer accounted for more than 10% of the Company’s consolidated revenue. |
Other Comprehensive Income
Other Comprehensive Income | 3 Months Ended |
Mar. 28, 2020 | |
Other Comprehensive Income | (7) Other Comprehensive Income The following table presents the components of and changes in accumulated other comprehensive income (loss), net of related income taxes, as of and for the thirteen-week period ended March 28, 2020 (in thousands): Unrealized Available-for-Sale Foreign Total Balance as of December 28, 2019 $ 1,120 $ (3,332 ) $ (2,212 ) Other comprehensive loss (1,579 ) (7,902 ) (9,481 ) Balance as of March 28, 2020 $ (459 ) $ (11,234 ) $ (11,693 ) 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 28, 2020. |
Investments
Investments | 3 Months Ended |
Mar. 28, 2020 | |
Investments | (8) Investments Investments include primarily investment-grade corporate bonds 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-transferability, The amortized cost and fair values of available-for-sale Gross Gross Amortized Cost Unrealized Gains Unrealized Losses Fair Value March 28, 2020 Money market investments $ 15,815 $ — $ — $ 15,815 Asset-backed securities 571 — 48 523 Corporate bonds and direct obligations of government agencies 98,287 1,038 1,710 97,615 U.S. Treasury obligations 2,336 136 — 2,472 Total $ 117,009 $ 1,174 $ 1,758 $ 116,425 December 28, 2019 Money market investments $ 15,691 $ — $ — $ 15,691 Asset-backed securities 572 — 1 571 Corporate bonds and direct obligations of government agencies 97,583 1,465 44 99,004 U.S. Treasury obligations 2,335 12 5 2,342 Total $ 116,181 $ 1,477 $ 50 $ 117,608 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 28, 2020 Asset-backed securities $ 523 $ 48 $ — $ — $ 523 $ 48 Corporate bonds and direct obligations of government agencies 49,348 1,710 — — 49,348 1,710 Total $ 49,871 $ 1,758 $ — $ — $ 49,871 $ 1,758 December 28, 2019 Asset-backed securities $ 571 $ 1 $ — $ — $ 571 $ 1 Corporate bonds and direct obligations of government agencies 8,728 41 4,260 3 12,988 44 U.S. Treasury obligations 1,226 5 — — 1,226 5 Total $ 10,525 $ 47 $ 4,260 $ 3 $ 14,785 $ 50 The Company believes that unrealized losses on investments were primarily due to the widening of credit spreads in the fixed income market related to the coronavirus (“COVID-19”) |
Leases
Leases | 3 Months Ended |
Mar. 28, 2020 | |
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, we apply 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 28, 2020 were (in thousands): Finance leases: Amortization of right-of-use $ 6,151 Interest on lease liability 889 Total finance lease cost 7,040 Operating leases: Lease cost 837 Variable lease cost — Sublease income (1,229 ) Total operating lease (income)/cost (392 ) Total lease cost $ 6,648 A summary of the lease classification on our consolidated balance sheet as of March 28, 2020 is as follows (in thousands): Assets: Operating lease right-of-use Other assets $ 2,554 Finance lease assets Operating property, less accumulated depreciation and amortization 150,273 Total lease assets $ 152,827 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 28, 2020 (in thousands): Finance Leases Operating Leases 2020 Remainder $ 33,862 $ 517 2021 31,278 637 2022 22,123 639 2023 15,100 510 2024 5,156 433 Thereafter — 54 Total future minimum lease payments 107,519 2,790 Less amount representing interest (2.1% to 4.4%) 5,598 236 Present value of minimum lease payments $ 101,921 $ 2,554 Current maturities of long-term debt 39,944 Long-term debt, excluding current maturities 61,977 Other current liabilities 657 Deferred income taxes and other noncurrent liabilities 1,897 The weighted average remaining lease term and the weighted average discount rate for finance and operating leases as of March 28, 2020 were: Finance Leases Operating Leases Weighted average remaining lease term (years) 3.2 4.4 Weighted average discount rate 3.2 % 4.0 % |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 28, 2020 | |
Commitments and Contingencies | (10) Commitments and Contingencies Short-term investments include $33,627,000 in current maturities of investments held by the Company’s insurance segment at March 28, 2020. 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. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 28, 2020 | |
Recent Accounting Pronouncements | (11) Recent Accounting Pronouncements Adoption of New Accounting Standards In June 2016, the FASB issued Accounting Standards Update 2016-13– Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments 2016-13”), 2016-13 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 28, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | (12) Subsequent Events COVID-19 COVID-19 COVID-19 In connection with the impact of the COVID-19 COVID-19 COVID-19 COVID-19 stay-at-home In an effort to support BCO Independent Contractors and independent commission sales agents in the Landstar network, the Company announced that for each load delivered by a BCO Independent Contractor with a confirmed delivery date from April 1, 2020 through April 30, 2020, the Company will pay an extra $50 to both the BCO hauling the load and the Landstar agent dispatching the load. The Company subsequently announced the extension of this program through May 15, 2020. The Company estimates that Landstar BCOs will deliver between 60,000 and 70,000 loads in April 2020 and 30,000 to 35,000 from May 1, 2020 through May 15, 2020. In addition, if a Landstar BCO tests positive for COVID-19 Moreover, the COVID-19 COVID-19 coordination and dispatch services, freight tracking, trailer management and numerous other operational functions. Similarly, the Landstar network includes tens of thousands of truck capacity providers who operate throughout North America without any Landstar truck terminals. Management believes the decentralized nature of our model provides resiliency to Landstar’s freight operations in an environment where social distancing can disrupt centralized business structures. A significant impact to our independent agent network and/or a significant decrease in available truck capacity providers due to illness or government restrictions related to the COVID-19 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 28, 2020 | |
Revenue from Contracts with Customers – Disaggregation of Revenue | Revenue from Contracts with Customers – Disaggregation of Revenue During the thirteen weeks ended March 28, 2020, revenue generated by BCO Independent Contractors, Truck Brokerage Carriers and railroads represented approximately 46%, 46% and 3% respectively, of the Company’s consolidated revenue. Collectively, revenue generated by air and ocean cargo carriers represented approximately 3% of the Company’s consolidated revenue in the thirteen-week period ended March 28, 2020. Included in truck transportation revenue generated by BCO Independent Contractors and Truck Brokerage Carriers during the thirteen-week period ended March 28, 2020 was $545,307,000 hauled via van equipment, $286,328,000 hauled via unsided/platform equipment and $22,941,000 of less-than-truckload. During the thirteen weeks ended March 30, 2019, revenue generated by BCO Independent Contractors, Truck Brokerage Carriers and railroads represented approximately 43%, 49% and 3%, respectively, of the Company’s consolidated revenue. Collectively, revenue generated by air and ocean cargo carriers represented approximately 3% of the Company’s consolidated revenue in the thirteen-week period ended March 30, 2019. Included in truck transportation revenue generated by BCO Independent Contractors and Truck Brokerage Carriers during the thirteen-week period ended March 30, 2019 was $619,014,000 hauled via van equipment, $310,721,000 hauled via unsided/platform equipment and $23,376,000 of less-than-truckload. |
Share-based Payment Arrangeme_2
Share-based Payment Arrangements (Tables) | 3 Months Ended |
Mar. 28, 2020 | |
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 28, 2020 March 30, 2019 Total cost of the Plans during the period $ 631 $ 1,938 Amount of related income tax benefit recognized during the period (873 ) (3,062 ) Net cost of the Plans during the period $ (242 ) $ (1,124 ) |
Summary of Information Regarding Stock Options | The following table summarizes information regarding the Company’s outstanding stock options under the Plans: Number of Weighted Average per Weighted Average Term (years) Aggregate Intrinsic Options outstanding at December 28, 2019 44,467 $ 51.24 Exercised (15,767 ) $ 47.50 Options outstanding at March 28, 2020 28,700 $ 53.29 2.3 $ 1,128 Options exercisable at March 28, 2020 28,700 $ 53.29 2.3 $ 1,128 |
Restricted Stock Units (RSUs) | |
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 28, 2019 198,875 $ 84.37 Granted 59,230 $ 102.70 Shares earned in excess of target (1) 11,648 $ 77.00 Vested shares, including shares earned in excess of target (70,247 ) $ 77.00 Forfeited (10,237 ) $ 100.55 Outstanding at March 28, 2020 189,269 $ 91.51 (1) Represents shares earned in excess of target under the February 2, 2017 RSU awards as actual results exceeded the target under the awards as a result of fiscal year 2019 results. |
Non Vested Restricted Stock and Deferred Stock Units | |
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 64,808 $ 98.24 Granted 20,736 $ 111.73 Vested (19,878 ) $ 97.95 Forfeited (2,351 ) $ 106.34 Non-vested 63,315 $ 102.45 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 28, 2020 | |
Earnings Per Share [Abstract] | |
Reconciliation of Average Number of Common Shares Outstanding to Average Number of Diluted Shares Outstanding | The following table provides a reconciliation of the average number of common shares outstanding used to calculate earnings per common share attributable to Landstar System, Inc. and subsidiary to the average number of common shares and common share equivalents outstanding used to calculate diluted earnings per share attributable to Landstar System, Inc. and subsidiary (in thousands): Thirteen Weeks Ended March 28, 2020 March 30, 2019 Average number of common shares outstanding 39,254 40,161 Incremental shares from assumed exercises of stock options — 5 Average number of common shares and common share equivalents outstanding 39,254 40,166 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 28, 2020 | |
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 28, 2020 and March 30, 2019 (in thousands): Thirteen Weeks Ended March 28, 2020 March 30, 2019 Transportation Logistics Insurance Total Transportation Logistics Insurance Total External revenue $ 913,884 $ 13,682 $ 927,566 $ 1,018,961 $ 14,039 $ 1,033,000 Internal revenue 9,079 9,079 9,614 9,614 Investment income 1,167 1,167 1,138 1,138 Operating income 55,044 (1,039 ) 54,005 67,583 13,313 80,896 Expenditures on long-lived assets 5,799 5,799 4,576 4,576 Goodwill 37,182 37,182 38,343 38,343 |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 28, 2020 | |
Components of and Changes in Accumulated Other Comprehensive Income, Net of Related Income Taxes | The following table presents the components of and changes in accumulated other comprehensive income (loss), net of related income taxes, as of and for the thirteen-week period ended March 28, 2020 (in thousands): Unrealized Available-for-Sale Foreign Total Balance as of December 28, 2019 $ 1,120 $ (3,332 ) $ (2,212 ) Other comprehensive loss (1,579 ) (7,902 ) (9,481 ) Balance as of March 28, 2020 $ (459 ) $ (11,234 ) $ (11,693 ) |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 28, 2020 | |
Amortized Cost and Fair Value of Available-for-Sale Investments | The amortized cost and fair values of available-for-sale Gross Gross Amortized Cost Unrealized Gains Unrealized Losses Fair Value March 28, 2020 Money market investments $ 15,815 $ — $ — $ 15,815 Asset-backed securities 571 — 48 523 Corporate bonds and direct obligations of government agencies 98,287 1,038 1,710 97,615 U.S. Treasury obligations 2,336 136 — 2,472 Total $ 117,009 $ 1,174 $ 1,758 $ 116,425 |
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 28, 2020 Asset-backed securities $ 523 $ 48 $ — $ — $ 523 $ 48 Corporate bonds and direct obligations of government agencies 49,348 1,710 — — 49,348 1,710 Total $ 49,871 $ 1,758 $ — $ — $ 49,871 $ 1,758 December 28, 2019 Asset-backed securities $ 571 $ 1 $ — $ — $ 571 $ 1 Corporate bonds and direct obligations of government agencies 8,728 41 4,260 3 12,988 44 U.S. Treasury obligations 1,226 5 — — 1,226 5 Total $ 10,525 $ 47 $ 4,260 $ 3 $ 14,785 $ 50 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 28, 2020 | |
Lease, Cost [Table Text Block] | The components of lease cost for finance leases and operating leases for the thirteen weeks ended March 28, 2020 were (in thousands): Finance leases: Amortization of right-of-use $ 6,151 Interest on lease liability 889 Total finance lease cost 7,040 Operating leases: Lease cost 837 Variable lease cost — Sublease income (1,229 ) Total operating lease (income)/cost (392 ) Total lease cost $ 6,648 |
Schedule Of Supplemental Balance Sheet In formation Related To Leases [Table Text Block] | A summary of the lease classification on our consolidated balance sheet as of March 28, 2020 is as follows (in thousands): Assets: Operating lease right-of-use Other assets $ 2,554 Finance lease assets Operating property, less accumulated depreciation and amortization 150,273 Total lease assets $ 152,827 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 March 28, 2020 (in thousands): Finance Leases Operating Leases 2020 Remainder $ 33,862 $ 517 2021 31,278 637 2022 22,123 639 2023 15,100 510 2024 5,156 433 Thereafter — 54 Total future minimum lease payments 107,519 2,790 Less amount representing interest (2.1% to 4.4%) 5,598 236 Present value of minimum lease payments $ 101,921 $ 2,554 Current maturities of long-term debt 39,944 Long-term debt, excluding current maturities 61,977 Other current liabilities 657 Deferred income taxes and other noncurrent liabilities 1,897 |
Schedule Discount Rate And Lease Term Used In Calculating Lease Liabilities And Assets [Table Text Block] | The weighted average remaining lease term and the weighted average discount rate for finance and operating leases as of March 28, 2020 were: Finance Leases Operating Leases Weighted average remaining lease term (years) 3.2 4.4 Weighted average discount rate 3.2 % 4.0 % |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 927,566,000 | $ 1,033,000,000 |
BCO Independent Contractor | ||
Disaggregation of Revenue [Line Items] | ||
Consolidated revenue, percentage | 46.00% | 43.00% |
Truck Brokerage Carriers | ||
Disaggregation of Revenue [Line Items] | ||
Consolidated revenue, percentage | 46.00% | 49.00% |
Railroads | ||
Disaggregation of Revenue [Line Items] | ||
Consolidated revenue, percentage | 3.00% | 3.00% |
Air and Ocean Cargo Carriers | ||
Disaggregation of Revenue [Line Items] | ||
Consolidated revenue, percentage | 3.00% | 3.00% |
BCO Independent Contractor and Truck Brokerage Carriers | Van Equipment | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 545,307,000 | $ 619,014,000 |
BCO Independent Contractor and Truck Brokerage Carriers | Unsided/Platform Equipment | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 286,328,000 | 310,721,000 |
BCO Independent Contractor and Truck Brokerage Carriers | Less than Truckload | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 22,941,000 | $ 23,376,000 |
Share-based Payment Arrangeme_3
Share-based Payment Arrangements - Additional Information (Detail) | 3 Months Ended | |
Mar. 28, 2020USD ($)Equityplanshares | Mar. 30, 2019USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of employee equity incentive plans | Equityplan | 2 | |
Income tax benefit realized on disqualifying dispositions of stock acquired by exercise of incentive stock options | $ 12,000 | $ 16,000 |
Excess tax benefit from stock-based awards | 706,000 | 2,571,000 |
Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Recognized share-based compensation (benefit)/expense | (136,000) | 1,307,000 |
Unrecognized compensation cost, other than options | $ 35,200,000 | |
Unrecognized compensation cost expected to be recognized over period, years | 3 years 7 months 6 days | |
Non Vested Restricted Stock and Deferred Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation cost, other than options | $ 5,174,000 | |
Unrecognized compensation cost expected to be recognized over period, years | 2 years 4 months 24 days | |
Terms of award | the Company’s common stock on the date of grant. Shares of non-vested restricted stock are generally subject to vesting in three equal annual installments either on the first, second and third anniversary of the date of the grant or the third, fourth and fifth anniversary of the date of the grant, or 100% on the first or fifth anniversary of the date of the grant. For restricted stock awards granted under the 2013 DSCP plan, each recipient may elect to defer receipt of shares and instead receive restricted stock units (“Deferred Stock Units”), which represent contingent rights to receive shares of the Company’s common stock on the date of recipient separation | |
Employee Stock Option | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total intrinsic value of stock options exercised during periods | $ 1,023,000 | $ 944,000 |
Maximum | Restricted Stock Units (RSUs) | Prior to 2015 grant | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Maximum percentage of target available for common share issuance | 100.00% | |
2011 Equity Incentive Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock authorized for issuance | shares | 6,000,000 | |
2013 Directors Stock Compensation Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock authorized for issuance | shares | 115,000 | |
Common stock reserved for issuance | shares | 66,454 | |
2013 Directors Stock Compensation Plan | Deferred Stock Unit | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock vesting percentage | 100.00% | |
Other Stock Compensation Plans | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock reserved for issuance | shares | 3,692,315 |
Amounts Recognized in Financial
Amounts Recognized in Financial Statements with Respect to Plans (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total cost of the Plans during the period | $ 631 | $ 1,938 |
Amount of related income tax benefit recognized during the period | (873) | (3,062) |
Net cost of the Plans during the period | $ (242) | $ (1,124) |
Schedule of Information on Rest
Schedule of Information on Restricted Stock Units (Detail) - Restricted Stock Units (RSUs) | 3 Months Ended |
Mar. 28, 2020$ / sharesshares | |
Number of Shares | |
Beginning Balance | shares | 198,875 |
Granted | shares | 59,230 |
Shares earned in excess of target | shares | 11,648 |
Vested shares, including shares earned in excess of target | shares | (70,247) |
Forfeited | shares | (10,237) |
Ending Balance | shares | 189,269 |
Weighted Average Grant Date Fair Value | |
Beginning Balance | $ / shares | $ 84.37 |
Granted | $ / shares | 102.70 |
Shares earned in excess of target | $ / shares | 77 |
Vested shares, including shares earned in excess of target | $ / shares | 77 |
Forfeited | $ / shares | 100.55 |
Ending Balance | $ / shares | $ 91.51 |
Summary of Information Regardin
Summary of Information Regarding Stock Options (Detail) $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 28, 2020USD ($)$ / sharesshares | |
Number of Options | |
Beginning Balance, number of options | shares | 44,467 |
Exercised, number of options | shares | (15,767) |
Ending Balance, number of options | shares | 28,700 |
Weighted Average Exercise Price per Share | |
Beginning Balance, Weighted Average Exercise Price per Share | $ / shares | $ 51.24 |
Exercised, Weighted Average Exercise Price per Share | $ / shares | 47.50 |
Ending Balance, Weighted Average Exercise Price per Share | $ / shares | $ 53.29 |
Options Exercisable, Number of Options | |
Options exercisable at the ending, Number of Options | shares | 28,700 |
Options Exercisable, Weighted Average Exercise Price per Share | |
Options exercisable at the ending, Weighted Average Exercise Price per Share | $ / shares | $ 53.29 |
Weighted Average Remaining Contractual Term (years) | |
Options outstanding at March 28, 2020 | 2 years 3 months 18 days |
Options exercisable at March 28, 2020 | 2 years 3 months 18 days |
Aggregate Intrinsic Value | |
Options outstanding at March 28, 2020 | $ | $ 1,128 |
Options exercisable at March 28, 2020 | $ | $ 1,128 |
Schedule of Information on Non
Schedule of Information on Non - Vested Restricted Stock Units (Detail) - Non Vested Restricted Stock and Deferred Stock Units | 3 Months Ended |
Mar. 28, 2020$ / sharesshares | |
Number of Shares and Deferred Stock Units | |
Beginning Balance | shares | 64,808 |
Granted | shares | 20,736 |
Vested | shares | (19,878) |
Forfeited | shares | (2,351) |
Ending Balance | shares | 63,315 |
Weighted Average Grant Date Fair Value | |
Beginning Balance | $ / shares | $ 98.24 |
Granted | $ / shares | 111.73 |
Vested | $ / shares | 97.95 |
Forfeited | $ / shares | 106.34 |
Ending Balance | $ / shares | $ 102.45 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Income Taxes [Line Items] | ||
Corporate income tax rate | 21.00% | 21.00% |
Excess tax benefit from stock-based awards | $ 706,000 | $ 2,571,000 |
Estimated annual effective income tax rate | 24.20% | 24.20% |
Effective income tax rate | 22.90% | 21.00% |
Reconciliation of Average Numbe
Reconciliation of Average Number of Common Shares and Common Share Equivalents Outstanding (Detail) - shares | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||
Average number of common shares outstanding | 39,254,000 | 40,161,000 |
Incremental shares from assumed exercises of stock options | 5,000 | |
Average number of common shares and common share equivalents outstanding | 39,254,000 | 40,166,000 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock options excluded from calculation of diluted earnings per share, antidilutive | 0 | 0 |
Additional Cash Flow Informat_2
Additional Cash Flow Information - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Supplemental Cash Flow Information [Abstract] | ||
Income taxes paid | $ 7,000 | $ 3,624,000 |
Purchase of operating property by finance lease | 0 | 0 |
Interest paid | $ 1,079,000 | $ 1,198,000 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) - Customer | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Segment Reporting Information [Line Items] | ||
Number of customers accounting for 10 percent or more of total revenue | 0 | 0 |
No single customer accounted for benchmark percentage to be considered major customer | 10.00% | 10.00% |
Information Regarding Reportabl
Information Regarding Reportable Business Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Dec. 28, 2019 | |
Segment Reporting Information [Line Items] | |||
External revenue | $ 927,566 | $ 1,033,000 | |
Internal revenue | 9,079 | 9,614 | |
Investment income | 1,167 | 1,138 | |
Operating income | 54,005 | 80,896 | |
Expenditures on long-lived assets | 5,799 | 4,576 | |
Goodwill | 37,182 | 38,343 | $ 38,508 |
Transportation Logistics | |||
Segment Reporting Information [Line Items] | |||
External revenue | 913,884 | 1,018,961 | |
Operating income | 55,044 | 67,583 | |
Expenditures on long-lived assets | 5,799 | 4,576 | |
Goodwill | 37,182 | 38,343 | |
Insurance | |||
Segment Reporting Information [Line Items] | |||
External revenue | 13,682 | 14,039 | |
Internal revenue | 9,079 | 9,614 | |
Investment income | 1,167 | 1,138 | |
Operating income | $ (1,039) | $ 13,313 |
Components of and Changes in Ac
Components of and Changes in Accumulated Other Comprehensive Income, Net of Related Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | $ 721,469 | |
Other comprehensive loss | (9,481) | $ 1,549 |
Ending Balance | 627,095 | |
Unrealized Holding (Losses) Gains on Available-for-Sale Securities | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | 1,120 | |
Other comprehensive loss | (1,579) | |
Ending Balance | (459) | |
Foreign Currency Translation | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (3,332) | |
Other comprehensive loss | (7,902) | |
Ending Balance | (11,234) | |
Accumulated Other Comprehensive Income (Loss) | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (2,212) | |
Other comprehensive loss | (9,481) | |
Ending Balance | $ (11,693) |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 28, 2020 | Dec. 29, 2018 | |
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 | $ (584,000) | $ 1,427,000 |
Amortized Cost and Fair Value o
Amortized Cost and Fair Value of Available-for-Sale Investments (Detail) - USD ($) $ in Thousands | Mar. 28, 2020 | Dec. 28, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 117,009 | $ 116,181 |
Gross Unrealized Gains | 1,174 | 1,477 |
Gross Unrealized Losses | 1,758 | 50 |
Fair Value | 116,425 | 117,608 |
Money market investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 15,815 | 15,691 |
Fair Value | 15,815 | 15,691 |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 571 | 572 |
Gross Unrealized Losses | 48 | 1 |
Fair Value | 523 | 571 |
Corporate bonds and direct obligations of government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 98,287 | 97,583 |
Gross Unrealized Gains | 1,038 | 1,465 |
Gross Unrealized Losses | 1,710 | 44 |
Fair Value | 97,615 | 99,004 |
U.S. Treasury obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,336 | 2,335 |
Gross Unrealized Gains | 136 | 12 |
Gross Unrealized Losses | 5 | |
Fair Value | $ 2,472 | $ 2,342 |
Schedule of Unrealized Loss on
Schedule of Unrealized Loss on Available-for-Sale Investments (Detail) - USD ($) $ in Thousands | Mar. 28, 2020 | Dec. 28, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale investments with unrealized losses, Less than 12 months, Fair Value | $ 49,871 | $ 10,525 |
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss | 1,758 | 47 |
Available-for-sale investments with unrealized losses, 12 months or longer, Fair Value | 4,260 | |
Available-for-sale investments with unrealized losses, 12 months or longer, Unrealized Loss | 3 | |
Available-for-sale investments with unrealized losses, Fair Value, Total | 49,871 | 14,785 |
Available-for-sale investments with unrealized losses, Unrealized Loss, Total | 1,758 | 50 |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale investments with unrealized losses, Less than 12 months, Fair Value | 523 | 571 |
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss | 48 | 1 |
Available-for-sale investments with unrealized losses, Fair Value, Total | 523 | 571 |
Available-for-sale investments with unrealized losses, Unrealized Loss, Total | 48 | 1 |
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 | 49,348 | 8,728 |
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss | 1,710 | 41 |
Available-for-sale investments with unrealized losses, 12 months or longer, Fair Value | 4,260 | |
Available-for-sale investments with unrealized losses, 12 months or longer, Unrealized Loss | 3 | |
Available-for-sale investments with unrealized losses, Fair Value, Total | 49,348 | 12,988 |
Available-for-sale investments with unrealized losses, Unrealized Loss, Total | $ 1,710 | 44 |
U.S. Treasury obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale investments with unrealized losses, Less than 12 months, Fair Value | 1,226 | |
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss | 5 | |
Available-for-sale investments with unrealized losses, Fair Value, Total | 1,226 | |
Available-for-sale investments with unrealized losses, Unrealized Loss, Total | $ 5 |
Leases - Additional Information
Leases - Additional Information (Detail) | Mar. 28, 2020USD ($) |
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. 28, 2020USD ($) | |
Finance leases: | |
Amortization of right-of-use assets | $ 6,151 |
Interest on lease liability | 889 |
Total finance lease cost | 7,040 |
Operating leases: | |
Lease cost | 837 |
Sublease income | (1,229) |
Total operating lease (income)/cost | (392) |
Total lease cost | $ 6,648 |
Leases - Classification on our
Leases - Classification on our Consolidated Balance Sheet (Detail) $ in Thousands | Mar. 28, 2020USD ($) |
Total lease assets | $ 152,827 |
Other Assets [Member] | |
Operating lease right-of-use assets | 2,554 |
Property Plant and Equipment Net [Member] | |
Finance lease assets | $ 150,273 |
Leases - Undiscounted Cash Flow
Leases - Undiscounted Cash Flows for the Finance and Operating Leases (Detail) - USD ($) $ in Thousands | Mar. 28, 2020 | Dec. 28, 2019 |
Operating Leased Assets [Line Items] | ||
2020 Remainder | $ 33,862 | |
2021 | 31,278 | |
2022 | 22,123 | |
2023 | 15,100 | |
2024 | 5,156 | |
Total future minimum lease payments | 107,519 | |
Less amount representing interest (2.1% to 4.4%) | 5,598 | |
Present value of minimum lease payments | 101,921 | |
Current maturities of long-term debt | 39,944 | $ 42,632 |
Long-term debt, excluding current maturities | 61,977 | $ 70,212 |
2020 | 517 | |
2021 | 637 | |
2022 | 639 | |
2023 | 510 | |
2024 | 433 | |
Thereafter | 54 | |
Total future minimum lease payments | 2,790 | |
Less amount representing interest (2.1% to 4.4%) | 236 | |
Present value of minimum lease payments | 2,554 | |
Other current liabilities [Member] | ||
Operating Leased Assets [Line Items] | ||
Operating lease, liability, current | 657 | |
Deferred income taxes and other noncurrent liabilities [Member] | ||
Operating Leased Assets [Line Items] | ||
Operating lease, liability, non-current | $ 1,897 |
Leases - Undiscounted Cash Fl_2
Leases - Undiscounted Cash Flows for the Finance and Operating Leases (Parenthetical) (Details) | Mar. 28, 2020 |
Maximum [Member] | |
Finance lease Interest rate percentage | 4.40% |
Minimum [Member] | |
Finance lease Interest rate percentage | 2.10% |
Leases - Weighted Average Remai
Leases - Weighted Average Remaining Lease Term and the Weighted Average Discount Rate for Finance and Operating leases (Detail) | Mar. 28, 2020 |
Weighted average remaining lease term (years) | 3 years 2 months 12 days |
Weighted average discount rate | 3.20% |
Weighted average remaining lease term (years) | 4 years 4 months 24 days |
Weighted average discount rate | 4.00% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Mar. 28, 2020USD ($) |
Current Investments | Collateral Pledged [Member] | |
Commitments and Contingencies Disclosure [Line Items] | |
Investments providing collateral for letters of credit to guarantee insurance claims | $ 33,627,000 |
Non-Current Investments | |
Commitments and Contingencies Disclosure [Line Items] | |
Total non-current investments | 82,798,000 |
Non-Current Investments | Collateral Pledged [Member] | |
Commitments and Contingencies Disclosure [Line Items] | |
Investments providing collateral for letters of credit to guarantee insurance claims | 34,710,000 |
Revolving Credit Facility | |
Commitments and Contingencies Disclosure [Line Items] | |
Letters of credit outstanding | 34,368,000 |
Guarantee Payment of Insurance Claims | |
Commitments and Contingencies Disclosure [Line Items] | |
Letters of credit outstanding | $ 61,503,000 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements - Additional Information (Detail) - USD ($) | Dec. 29, 2019 | Mar. 28, 2020 |
Accounting Standards Update 2016-13 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Adoption of accounting standards (Note 11) | $ (702,000) | $ (702,000) |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] $ in Thousands | 1 Months Ended | |
Apr. 30, 2020USD ($)loads | May 15, 2020loads | |
BCO Independent Contractor And Landstar Independent Commission Sales Agent [Member] | ||
Subsequent Event [Line Items] | ||
Extra Hauling Charges | $ | $ 50 | |
BCO Independent Contractor [Member] | ||
Subsequent Event [Line Items] | ||
Payment For Covid Ninteen Affected BCOs | $ | $ 2,000 | |
Minimum [Member] | BCO Independent Contractor [Member] | ||
Subsequent Event [Line Items] | ||
Number Of Loads Hauled | loads | 60,000 | 30,000 |
Maximum [Member] | BCO Independent Contractor [Member] | ||
Subsequent Event [Line Items] | ||
Number Of Loads Hauled | loads | 70,000 | 35,000 |