Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 26, 2021 | Jul. 19, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Document Quarterly Report | true | |
Entity Central Index Key | 0000853816 | |
Document Transition Report | false | |
Current Fiscal Year End Date | --12-25 | |
Document Period End Date | Jun. 26, 2021 | |
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 | 38,275,799 | |
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 | Jun. 26, 2021 | Dec. 26, 2020 |
Current Assets | ||
Cash and cash equivalents | $ 186,404 | $ 249,354 |
Short-term investments | 52,560 | 41,375 |
Trade accounts receivable, less allowance of $6,199 and $8,670 | 902,950 | 764,169 |
Other receivables, including advances to independent contractors, less allowance of $6,843 and $7,239 | 49,819 | 134,757 |
Other current assets | 41,533 | 18,520 |
Total current assets | 1,233,266 | 1,208,175 |
Operating property, less accumulated depreciation and amortization of $321,181 and $299,407 | 281,016 | 296,996 |
Goodwill | 40,973 | 40,949 |
Other assets | 147,958 | 107,679 |
Total assets | 1,703,213 | 1,653,799 |
Current Liabilities | ||
Cash overdraft | 70,554 | 74,748 |
Accounts payable | 481,711 | 380,505 |
Current maturities of long-term debt | 30,450 | 35,415 |
Insurance claims | 41,854 | 149,774 |
Dividends payable | 76,770 | |
Other current liabilities | 95,646 | 88,925 |
Total current liabilities | 720,215 | 806,137 |
Long-term debt, excluding current maturities | 51,181 | 65,359 |
Insurance claims | 43,053 | 38,867 |
Deferred income taxes and other noncurrent liabilities | 58,591 | 51,601 |
Shareholders' Equity | ||
Common stock, $0.01 par value, authorized 160,000,000 shares, issued 68,229,800 and 68,183,702 shares | 682 | 682 |
Additional paid-in capital | 238,422 | 228,875 |
Retained earnings | 2,199,637 | 2,046,238 |
Cost of 29,954,081 and 29,797,639 shares of common stock in treasury | (1,606,716) | (1,581,961) |
Accumulated other comprehensive loss | (1,852) | (1,999) |
Total shareholders' equity | 830,173 | 691,835 |
Total liabilities and shareholders' equity | $ 1,703,213 | $ 1,653,799 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 26, 2021 | Dec. 26, 2020 |
Allowance on trade accounts receivable | $ 6,199 | $ 8,670 |
Allowance on other receivables | 6,843 | 7,239 |
Accumulated depreciation and amortization on operating property | $ 321,181 | $ 299,407 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, authorized shares | 160,000,000 | 160,000,000 |
Common stock, issued shares | 68,229,880 | 68,183,702 |
Treasury stock, shares | 29,954,081 | 29,797,639 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 26, 2021 | Jun. 27, 2020 | Jun. 26, 2021 | Jun. 27, 2020 | |
Revenue | $ 1,570,718 | $ 823,514 | $ 2,858,252 | $ 1,751,080 |
Investment income | 748 | 835 | 1,432 | 2,002 |
Costs and expenses: | ||||
Purchased transportation | 1,228,241 | 635,133 | 2,226,526 | 1,344,390 |
Commissions to agents | 121,693 | 75,266 | 221,702 | 150,642 |
Other operating costs, net of gains on asset sales/dispositions | 8,903 | 7,368 | 16,545 | 15,674 |
Insurance and claims | 24,124 | 19,751 | 45,629 | 44,708 |
Selling, general and administrative | 54,114 | 40,601 | 99,522 | 85,928 |
Depreciation and amortization | 12,143 | 11,467 | 24,244 | 22,972 |
Impairment of intangible and other assets | 0 | 2,582 | 0 | 2,582 |
Total costs and expenses | 1,449,218 | 792,168 | 2,634,168 | 1,666,896 |
Operating income | 122,248 | 32,181 | 225,516 | 86,186 |
Interest and debt expense | 967 | 976 | 2,009 | 1,928 |
Income before income taxes | 121,281 | 31,205 | 223,507 | 84,258 |
Income taxes | 28,987 | 6,951 | 53,973 | 19,109 |
Net income | $ 92,294 | $ 24,254 | $ 169,534 | $ 65,149 |
Diluted earnings per share | $ 2.40 | $ 0.63 | $ 4.41 | $ 1.68 |
Average diluted shares outstanding | 38,402,000 | 38,379,000 | 38,403,000 | 38,816,000 |
Dividends per common share | $ 0.210 | $ 0.185 | $ 0.420 | $ 0.370 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 26, 2021 | Jun. 27, 2020 | Jun. 26, 2021 | Jun. 27, 2020 | |
Net income | $ 92,294 | $ 24,254 | $ 169,534 | $ 65,149 |
Other comprehensive income (loss): | ||||
Unrealized holding (losses) gains on available-for-sale investments, net of tax (benefit) expense of ($243), $338, ($96) and $770 | (349) | 2,816 | (883) | 1,237 |
Foreign currency translation gains (losses) | 1,450 | 1,732 | 1,030 | (6,170) |
Other comprehensive income (loss) | 1,101 | 4,548 | 147 | (4,933) |
Comprehensive income | $ 93,395 | $ 28,802 | $ 169,681 | $ 60,216 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 26, 2021 | Jun. 27, 2020 | Jun. 26, 2021 | Jun. 27, 2020 | |
Unrealized holding losses on available-for-sale investments, net of tax (benefit) expense | $ (96) | $ 770 | $ (243) | $ 338 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 26, 2021 | Jun. 27, 2020 | |
OPERATING ACTIVITIES | ||
Net income | $ 169,534 | $ 65,149 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization of operating property and intangible assets | 24,244 | 22,972 |
Non-cash interest charges | 224 | 126 |
Provisions for losses on trade and other accounts receivable | 1,393 | 6,528 |
Gains on sales/disposals of operating property | (766) | (1,812) |
Impairment of intangible and other assets | 0 | 2,582 |
Deferred income taxes, net | 6,240 | 6,228 |
Stock-based compensation | 10,893 | 1,201 |
Changes in operating assets and liabilities: | ||
(Increase) decrease in trade and other accounts receivable | (55,236) | 99,601 |
Increase in other assets | (24,704) | (24,809) |
Increase (decrease) in accounts payable | 101,206 | (31) |
Increase in other liabilities | 7,882 | 10,231 |
(Decrease) increase in insurance claims | (103,734) | 10,419 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 137,176 | 198,385 |
INVESTING ACTIVITIES | ||
Net changes in other short-term investments | 0 | 131 |
Sales and maturities of investments | 17,242 | 14,897 |
Purchases of investments | (68,366) | (16,382) |
Purchases of operating property | (9,000) | (17,676) |
Proceeds from sales of operating property | 1,438 | 4,465 |
Consideration paid for acquisition | 0 | (2,701) |
NET CASH USED BY INVESTING ACTIVITIES | (58,686) | (17,266) |
FINANCING ACTIVITIES | ||
Decrease in cash overdraft | (4,194) | (18,344) |
Dividends paid | (92,905) | (93,382) |
Proceeds from exercises of stock options | 77 | 614 |
Taxes paid in lieu of shares issued related to stock-based compensation plans | (2,341) | (3,280) |
Purchases of common stock | (23,837) | (115,962) |
Principal payments on finance lease obligations | (19,143) | (21,958) |
Payment of deferred consideration | (168) | 0 |
NET CASH USED BY FINANCING ACTIVITIES | (142,511) | (252,312) |
Effect of exchange rate changes on cash and cash equivalents | 1,071 | (2,851) |
Decrease in cash and cash equivalents | (62,950) | (74,044) |
Cash and cash equivalents at beginning of period | 249,354 | 319,515 |
Cash and cash equivalents at end of period | $ 186,404 | $ 245,471 |
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 |
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) |
Beginning Balance (Accounting Standards Update 2016-13) at Dec. 28, 2019 | (702) | (702) | ||||
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) |
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) |
Beginning Balance (Accounting Standards Update 2016-13) at Dec. 28, 2019 | (702) | (702) | ||||
Net income | 65,149 | |||||
Ending Balance (in shares) at Jun. 27, 2020 | 68,176,787 | 29,797,328 | ||||
Ending Balance at Jun. 27, 2020 | 649,121 | $ 682 | 225,332 | 2,012,173 | $ (1,581,921) | (7,145) |
Beginning Balance (in shares) at Mar. 28, 2020 | 68,167,482 | 29,796,974 | ||||
Beginning Balance at Mar. 28, 2020 | 627,095 | $ 682 | 224,973 | 1,995,018 | $ (1,581,885) | (11,693) |
Net income | 24,254 | 24,254 | ||||
Dividends | (7,099) | (7,099) | ||||
Issuance of stock related to stock-based compensation plans (in shares) | 9,305 | 354 | ||||
Issuance of stock related to stock-based compensation plans | (247) | $ 0 | (211) | $ (36) | ||
Stock-based compensation | 570 | 570 | ||||
Other comprehensive (loss) income | 4,548 | 4,548 | ||||
Ending Balance (in shares) at Jun. 27, 2020 | 68,176,787 | 29,797,328 | ||||
Ending Balance at Jun. 27, 2020 | 649,121 | $ 682 | 225,332 | 2,012,173 | $ (1,581,921) | (7,145) |
Beginning Balance (in shares) at Dec. 26, 2020 | 68,183,702 | 29,797,639 | ||||
Beginning Balance at Dec. 26, 2020 | 691,835 | $ 682 | 228,875 | 2,046,238 | $ (1,581,961) | (1,999) |
Net income | 77,240 | 77,240 | ||||
Dividends | (8,067) | (8,067) | ||||
Issuance of stock related to stock-based compensation plans (in shares) | 28,594 | 6,087 | ||||
Issuance of stock related to stock-based compensation plans | (1,164) | (307) | $ (857) | |||
Stock-based compensation | 4,029 | 4,029 | ||||
Other comprehensive (loss) income | (954) | (954) | ||||
Ending Balance (in shares) at Mar. 27, 2021 | 68,212,296 | 29,803,726 | ||||
Ending Balance at Mar. 27, 2021 | 762,919 | $ 682 | 232,597 | 2,115,411 | $ (1,582,818) | (2,953) |
Beginning Balance (in shares) at Dec. 26, 2020 | 68,183,702 | 29,797,639 | ||||
Beginning Balance at Dec. 26, 2020 | 691,835 | $ 682 | 228,875 | 2,046,238 | $ (1,581,961) | (1,999) |
Net income | 169,534 | |||||
Ending Balance (in shares) at Jun. 26, 2021 | 68,229,880 | 29,954,081 | ||||
Ending Balance at Jun. 26, 2021 | 830,173 | $ 682 | 238,422 | 2,199,637 | $ (1,606,716) | (1,852) |
Beginning Balance (in shares) at Mar. 27, 2021 | 68,212,296 | 29,803,726 | ||||
Beginning Balance at Mar. 27, 2021 | 762,919 | $ 682 | 232,597 | 2,115,411 | $ (1,582,818) | (2,953) |
Net income | 92,294 | 92,294 | ||||
Dividends | (8,068) | (8,068) | ||||
Purchases of common stock (in shares) | 150,000,000 | |||||
Purchases of common stock | (23,837) | $ (23,837) | ||||
Issuance of stock related to stock-based compensation plans (in shares) | 17,584 | 355 | ||||
Issuance of stock related to stock-based compensation plans | (1,100) | (1,039) | $ (61) | |||
Stock-based compensation | 6,864 | 6,864 | ||||
Other comprehensive (loss) income | 1,101 | 1,101 | ||||
Ending Balance (in shares) at Jun. 26, 2021 | 68,229,880 | 29,954,081 | ||||
Ending Balance at Jun. 26, 2021 | $ 830,173 | $ 682 | $ 238,422 | $ 2,199,637 | $ (1,606,716) | $ (1,852) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||||
Jun. 26, 2021 | Mar. 27, 2021 | Jun. 27, 2020 | Mar. 28, 2020 | Jun. 26, 2021 | Jun. 27, 2020 | |
Dividends per common share | $ 0.210 | $ 0.21 | $ 0.185 | $ 0.185 | $ 0.420 | $ 0.370 |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 26, 2021 | |
Significant Accounting Policies | (1) Significant Accounting Policies Revenue from Contracts with Customers – Disaggregation of Revenue The following table summarizes (i) the percentage of consolidated revenue generated by mode of transportation and (ii) the total amount of truck transportation revenue hauled by BCO Independent Contractors and Truck Brokerage Carriers generated by equipment type during the twenty-six-week and thirteen-week periods ended June 26, 2021 and June 27, 2020 (dollars in thousands): Twenty Six Weeks Ended Thirteen Weeks Ended Mode June 26, 2021 June 27, 2020 June 26, 2021 June 27, 2020 Truck – BCO Independent Contractors 42 % 46 % 41 % 46 % Truck – Truck Brokerage Carriers 50 % 46 % 51 % 46 % Rail intermodal 3 % 3 % 3 % 3 % Ocean and air cargo carriers 4 % 3 % 4 % 4 % Truck Equipment Type Van equipment $ 1,798,061 $ 1,028,334 $ 970,874 $ 483,027 Unsided/platform equipment $ 784,883 $ 533,716 $ 444,251 $ 247,388 Less-than-truckload $ 54,732 $ 45,859 $ 29,062 $ 22,918 |
Share-based Payment Arrangement
Share-based Payment Arrangements | 6 Months Ended |
Jun. 26, 2021 | |
Share-based Payment Arrangements | (2) Share-based Payment Arrangements As of June 26, 2021, the Company has an employee equity incentive plan, the 2011 equity incentive plan (the “2011 EIP”). The Company also has a stock compensation plan for members of its Board of Directors, the Amended and Restated 2013 Directors Stock Compensation Plan (as amended and restated as of May 17, 2016, the “2013 DSCP”). Twenty Six Weeks Ended Thirteen Weeks Ended June 26, 2021 June 27, 2020 June 26, 2021 June 27, 2020 Total cost of the Plans during the period $ 10,893 $ 1,201 $ 6,864 $ 570 Amount of related income tax benefit recognized during the period (3,717 ) (1,135 ) (2,376 ) (262 ) Net cost of the Plans during the period $ 7,176 $ 66 $ 4,488 $ 308 Included in income tax benefits recognized in the twenty-six-week As of June 26, 2021, there were 56,782 shares of the Company’s common stock reserved for issuance under the 2013 DSCP and 3,499,568 shares of the Company’s common stock reserved for issuance under the 2011 EIP. Restricted Stock Units The following table summarizes information regarding the Company’s outstanding restricted stock unit (“RSU”) awards with either a performance condition or a market condition under the Plans: Number of Weighted Average Grant Date RSUs Fair Value Outstanding at December 26, 2020 183,213 $ 93.44 Granted 45,864 $ 128.93 Shares earned in excess of target (1) 7,132 $ 31.97 Vested shares (24,600 ) $ 59.85 Outstanding at June 26, 2021 211,609 $ 102.97 (1) Represents shares earned in excess of target under the May 1, 2015 RSU award as total shareholder return exceeded the target under the award. During the twenty-six-week 10-K. RSUs with a performance condition granted on January 29, 2021 may vest on January 31 of 2024, 2025 and 2026 based on growth in operating income and pre-tax non-cash The Company recognized approximately $9,249,000 and ($308,000) of share-based compensation expense/(benefit) related to RSU awards in the twenty-six-week Non-vested The following table summarizes information regarding the Company’s outstanding shares of non-vested Units Number of Shares and Deferred Stock Weighted Average Grant Date Fair Value Non-vested 60,440 $ 103.65 Granted 26,351 $ 150.20 Vested (29,055 ) $ 104.35 Non-vested 57,736 $ 124.55 The fair value of each share of non-vested non-vested 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 June 26, 2021, there was $ 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 years. Stock Options The following table summarizes information regarding the Company’s outstanding stock options under the Plans: Number of Options Weighted Weighted Average Remaining Term (years) Aggregate Intrinsic Value (000s) Options outstanding at December 26, 2020 17,650 $ 54.16 Exercised (5,280 ) $ 51.83 Options outstanding at June 26, 2021 12,370 $ 55.15 1.3 $ 1,304 Options exercisable at June 26, 2021 12,370 $ 55.15 1.3 $ 1,304 The total intrinsic value of stock options exercised during the twenty-six-week periods ended June 26, 2021 and June 27, 2020 was $ and $ , respectively. As of June 26, 2021, there was no unrecognized compensation cost related to stock options granted under the Plans. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 26, 2021 | |
Income Taxes | (3) Income Taxes The provisions for income taxes for the 2021 and 2020 twenty-six-week twenty-six-week nondeductible twenty-six-week |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 26, 2021 | |
Earnings Per Share | (4) Earnings Per Share Earnings per common share are based on the weighted average number of shares outstanding, including outstanding non-vested twenty-six-week non-vested For each of the twenty-six-week |
Additional Cash Flow Informatio
Additional Cash Flow Information | 6 Months Ended |
Jun. 26, 2021 | |
Additional Cash Flow Information | (5) Additional Cash Flow Information During the 2021 twenty-six-week twenty-six-week twenty-six-week twenty-six-week |
Segment Information
Segment Information | 6 Months Ended |
Jun. 26, 2021 | |
Segment Information | (6) Segment Information The following table summarizes information about the Company’s reportable business segments as of and for the twenty-six-week and thirteen-week periods ended June 26, 2021 and June 27, 2020 (in thousands): Twenty Six Weeks Ended June 26, 2021 June 27, 2020 Transportation Logistics Insurance Total Transportation Logistics Insurance Total External revenue $ 2,823,557 $ 34,695 $ 2,858,252 $ 1,723,682 $ 27,398 $ 1,751,080 Internal revenue 43,495 43,495 35,834 35,834 Investment income 1,432 1,432 2,002 2,002 Operating income 199,960 25,556 225,516 76,518 9,668 86,186 Expenditures on long-lived assets 9,000 9,000 17,676 17,676 Goodwill 40,973 40,973 40,071 40,071 Thirteen Weeks Ended June 26, 2021 June 27, 2020 Transportation Logistics Insurance Total Transportation Logistics Insurance Total External revenue $ 1,553,058 $ 17,660 $ 1,570,718 $ 809,798 $ 13,716 $ 823,514 Internal revenue 33,961 33,961 26,755 26,755 Investment income 748 748 835 835 Operating income 110,228 12,020 122,248 21,474 10,707 32,181 Expenditures on long-lived assets 4,924 4,924 11,877 11,877 In the twenty-six-week |
Other Comprehensive Income
Other Comprehensive Income | 6 Months Ended |
Jun. 26, 2021 | |
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 twenty-six-week Unrealized Available-for-Sale Foreign Currency Total Balance as of December 26, 2020 $ 2,808 $ (4,807 ) $ (1,999 ) Other comprehensive (loss) gain (883 ) 1,030 147 Balance as of June 26, 2021 $ 1,925 $ (3,777 ) $ (1,852 ) Amounts reclassified from accumulated other comprehensive income to investment income due to the realization of previously unrealized gains and losses in the accompanying consolidated statements of income were not significant for the twenty-six-week |
Investments
Investments | 6 Months Ended |
Jun. 26, 2021 | |
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 and are carried at fair value. Investments maturing less than one year from the balance sheet date are included in short-term investments and investments maturing more than one year from the balance sheet date are included in other assets in the consolidated balance sheets. Management performs an analysis of the nature of the unrealized losses on available-for-sale investments to determine whether an allowance for credit loss is necessary. Unrealized losses, representing the excess of the purchase price of an investment over its fair value as of the end of a period, considered to be a result of credit-related factors, are to be included as a charge in the statement of income, while unrealized losses considered to be a result of noncredit-related factors are to be included as a component of shareholders’ equity. Investments whose values are based on quoted market prices in active markets are classified within Level 1. Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, are classified within Level 2. As Level 2 investments include positions that are not traded in active markets, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information. Any transfers between levels are recognized as of the beginning of any reporting period. Fair value of the bond portfolio was determined using Level 1 inputs related to U.S. Treasury obligations and money market investments and Level 2 inputs related to investment-grade corporate bonds, asset-backed securities and direct obligations of government agencies. Unrealized gains, net of unrealized losses, on the investments in the bond portfolio were at December 26, 2020, respectively. The amortized cost and fair values of available-for-sale Gross Gross Amortized Cost Unrealized Gains Unrealized Losses Fair Value June 26, 2021 Money market investments $ 24,649 $ — $ — $ 24,649 Asset-backed securities 564 — — 564 Corporate bonds and direct obligations of government agencies 142,542 2,602 238 144,906 U.S. Treasury obligations 2,340 88 — 2,428 Total $ 170,095 $ 2,690 $ 238 $ 172,547 December 26, 2020 Money market investments $ 17,867 $ — $ — $ 17,867 Asset-backed securities 567 — 26 541 Corporate bonds and direct obligations of government agencies 98,241 3,551 72 101,720 U.S. Treasury obligations 2,338 125 — 2,463 Total $ 119,013 $ 3,676 $ 98 $ 122,591 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 June 26, 2021 Corporate bonds and direct obligations of government agencies $ 52,720 $ 238 $ — $ — $ 52,720 $ 238 December 26, 2020 Asset-backed securities $ 541 $ 26 $ — $ — $ 541 $ 26 Corporate bonds and direct obligations of government agencies 2,681 72 — — 2,681 72 Total $ 3,222 $ 98 $ — $ — $ 3,222 $ 98 The Company believes unrealized losses on investments were primarily caused by rising interest rates rather than changes in credit quality. The Company expects to recover, through collection of all of the contractual cash flows of each security, the amortized cost basis of these securities as it does not intend to sell, and does not anticipate being required to sell, these securities before recovery of the cost basis. For these reasons, no losses have been recognized in the Company’s consolidated statements of income. |
Leases
Leases | 6 Months Ended |
Jun. 26, 2021 | |
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 twenty six weeks ended June 26, 2021 were (in thousands): Finance leases: Amortization of right-of-use $ 10,714 Interest on lease liability 1,379 Total finance lease cost 12,093 Operating leases: Lease cost 1,740 Variable lease cost — Sublease income (2,476 ) Total net operating lease income (736 ) Total net lease cost $ 11,357 A summary of the lease classification on our consolidated balance sheet as of June 26, 2021 is as follows (in thousands): Assets: Operating lease right-of-use Other assets $ 2,332 Finance lease assets Operating property, less accumulated depreciation and amortization 123,613 Total lease assets $ 125,945 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 June 26, 2021 (in thousands): Finance Leases Operating Leases 2021 Remainder $ 17,399 $ 384 2022 28,746 702 2023 21,735 615 2024 11,827 529 2025 5,580 284 Thereafter — — Total future minimum lease payments 85,287 2,514 Less amount representing interest (1.9% to 4.4%) 3,656 182 Present value of minimum lease payments $ 81,631 $ 2,332 Current maturities of long-term debt 30,450 Long-term debt, excluding current maturities 51,181 Other current liabilities 724 Deferred income taxes and other noncurrent liabilities 1,608 The weighted average remaining lease term and the weighted average discount rate for finance and operating leases as of June 26, 2021 were: Finance Leases Operating Leases Weighted average remaining lease term (years) 3.1 3.7 Weighted average discount rate 3.0 % 4.0 % |
Debt
Debt | 6 Months Ended |
Jun. 26, 2021 | |
Debt | (10) Debt Other than the finance lease obligations as presented on the consolidated balance sheets, the Company had no outstanding debt as of June 26, 2021 and December 26, 2020. On August 18, 2020, Landstar entered into an amended and restated credit agreement with a syndicate of banks and JPMorgan Chase Bank, N.A., as administrative agent (the “Credit Agreement”). The Credit Agreement, which matures on August 18, 2023, provides $250,000,000 of borrowing capacity in the form of a revolving credit facility, $35,000,000 of which may be utilized in the form of letters of credit. The Credit Agreement includes an “accordion” feature providing for a possible increase up to an aggregate borrowing capacity of $400,000,000. The revolving credit loans under the Credit Agreement, at the option of Landstar, bear interest at (i) the Eurocurrency rate plus an applicable margin ranging from 1.25% to 2.00%, or (ii) an alternate base rate plus an applicable margin ranging from 0.25% to 1.00%, in each case with the applicable margin determined based upon the Company’s Leverage Ratio, as defined in the Credit Agreement, at the end of the most recent applicable fiscal quarter for which financial statements have been delivered. The revolving credit facility bears a commitment fee, payable quarterly in arrears, of 0.25% to 0.35%, based on the Company’s Leverage Ratio at the end of the most recent applicable fiscal quarter for which financial statements have been delivered. As of June 26, 2021 and December 26, 2020, the Company had no borrowings outstanding under the Credit Agreement. The Credit Agreement contains a number of covenants that limit, among other things, the incurrence of additional indebtedness. The Company is required to, among other things, maintain a minimum Fixed Charge Coverage Ratio, as defined in the Credit Agreement, and maintain a Leverage Ratio, as defined in the Credit Agreement, below a specified maximum. The Credit Agreement provides for a restriction on cash dividends and other distributions to stockholders on the Company’s capital stock to the extent there is a default under the Credit Agreement. In addition, the Credit Agreement under certain circumstances limits the amount of such cash dividends and other distributions to stockholders to the extent that, after giving effect to any payment made to effect such cash dividend or other distribution, the Leverage Ratio would exceed 2.5 The interest rates on borrowings under the revolving credit facility are typically tied to short-term interest rates that adjust monthly and, as such, carrying value approximates fair value. Interest rates on borrowings under finance leases approximate the interest rates that would currently be available to the Company under similar terms and, as such, carrying value approximates fair value. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 26, 2021 | |
Commitments and Contingencies | (11) Commitments and Contingencies Short-term investments include $52,560,000 in current maturities of investments held by the Company’s insurance segment at June 26, 2021. 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. |
Change in Accounting Estimate f
Change in Accounting Estimate for Self-Insured Claims | 6 Months Ended |
Jun. 26, 2021 | |
Change in Accounting Estimate for Self-Insured Claims | (12) Change in Accounting Estimate for Self-Insured Claims Landstar provides for the estimated costs of self-insured claims primarily on an actuarial basis. The amount recorded for the estimated liability for claims incurred is based upon the facts and circumstances known on the applicable balance sheet date. The ultimate resolution of these claims may be for an amount greater or less than the amount estimated by management. The Company continually revises its existing claim estimates as new or revised information becomes available on the status of each claim. Historically, the Company has experienced both favorable and unfavorable development of prior years’ claims estimates. The following table summarizes the adverse effect of the increase in the cost of insurance claims resulting from unfavorable development of prior year self-insured claims estimates on operating income, net income and earnings per share set forth in the consolidated statements of income for the twenty-six-week Twenty Six Weeks Ended Thirteen Weeks Ended June 26, 2021 June 27, 2020 June 26, 2021 June 27, 2020 Operating income $ 980 $ 5,039 $ 1,272 $ 2,816 Net income $ 741 $ 3,820 $ 962 $ 2,135 Diluted earnings per share $ 0.02 $ 0.10 $ 0.03 $ 0.06 |
Impairment of Intangible and Ot
Impairment of Intangible and Other Assets | 6 Months Ended |
Jun. 26, 2021 | |
Impairment of Intangible and Other Assets | (13) Impairment of Intangible and Other Assets During the 2020 second fiscal quarter, the Company recorded a non-cash As previously disclosed in Item 1A. Risk Factors in the Company’s Form 10-Q for the 2020 first quarter, negative macroeconomic trends in Mexico during the first half of 2020, including issues in the international oil and gas sector, caused significant disruptions in the Mexican economy. Accordingly, management performed impairment tests of the carrying values of certain assets that primarily related to intra-Mexico business acquired as a part of the Fletes Avella acquisition. The impairment tests resulted in an impairment charge as the negative macroeconomic trends in Mexico caused financial projections as of the end of the 2020 second quarter relating to these intangible assets to be substantially below those originally anticipated at the acquisition date. There was corresponding goodwill impairment charge recorded as the fair value of the Company’s Mexico and cross-border reporting unit significantly exceeded its carrying value as of June 27, 2020. The fair value of the Company’s Mexico and cross-border reporting unit continues to significantly exceed its carrying value as of June 26, 2021. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 26, 2021 | |
Revenue from Contracts with Customers – Disaggregation of Revenue | Revenue from Contracts with Customers – Disaggregation of Revenue The following table summarizes (i) the percentage of consolidated revenue generated by mode of transportation and (ii) the total amount of truck transportation revenue hauled by BCO Independent Contractors and Truck Brokerage Carriers generated by equipment type during the twenty-six-week and thirteen-week periods ended June 26, 2021 and June 27, 2020 (dollars in thousands): Twenty Six Weeks Ended Thirteen Weeks Ended Mode June 26, 2021 June 27, 2020 June 26, 2021 June 27, 2020 Truck – BCO Independent Contractors 42 % 46 % 41 % 46 % Truck – Truck Brokerage Carriers 50 % 46 % 51 % 46 % Rail intermodal 3 % 3 % 3 % 3 % Ocean and air cargo carriers 4 % 3 % 4 % 4 % Truck Equipment Type Van equipment $ 1,798,061 $ 1,028,334 $ 970,874 $ 483,027 Unsided/platform equipment $ 784,883 $ 533,716 $ 444,251 $ 247,388 Less-than-truckload $ 54,732 $ 45,859 $ 29,062 $ 22,918 |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 26, 2021 | |
Schedule of Disaggregation of Revenue | The following table summarizes (i) the percentage of consolidated revenue generated by mode of transportation and (ii) the total amount of truck transportation revenue hauled by BCO Independent Contractors and Truck Brokerage Carriers generated by equipment type during the twenty-six-week and thirteen-week periods ended June 26, 2021 and June 27, 2020 (dollars in thousands): Twenty Six Weeks Ended Thirteen Weeks Ended Mode June 26, 2021 June 27, 2020 June 26, 2021 June 27, 2020 Truck – BCO Independent Contractors 42 % 46 % 41 % 46 % Truck – Truck Brokerage Carriers 50 % 46 % 51 % 46 % Rail intermodal 3 % 3 % 3 % 3 % Ocean and air cargo carriers 4 % 3 % 4 % 4 % Truck Equipment Type Van equipment $ 1,798,061 $ 1,028,334 $ 970,874 $ 483,027 Unsided/platform equipment $ 784,883 $ 533,716 $ 444,251 $ 247,388 Less-than-truckload $ 54,732 $ 45,859 $ 29,062 $ 22,918 |
Share-based Payment Arrangeme_2
Share-based Payment Arrangements (Tables) | 6 Months Ended |
Jun. 26, 2021 | |
Amounts Recognized in Financial Statements with Respect to Plans | Amounts recognized in the financial statements with respect to these Plans are as follows (in thousands): Twenty Six Weeks Ended Thirteen Weeks Ended June 26, 2021 June 27, 2020 June 26, 2021 June 27, 2020 Total cost of the Plans during the period $ 10,893 $ 1,201 $ 6,864 $ 570 Amount of related income tax benefit recognized during the period (3,717 ) (1,135 ) (2,376 ) (262 ) Net cost of the Plans during the period $ 7,176 $ 66 $ 4,488 $ 308 |
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 RSUs Fair Value Outstanding at December 26, 2020 183,213 $ 93.44 Granted 45,864 $ 128.93 Shares earned in excess of target (1) 7,132 $ 31.97 Vested shares (24,600 ) $ 59.85 Outstanding at June 26, 2021 211,609 $ 102.97 (1) Represents shares earned in excess of target under the May 1, 2015 RSU award as total shareholder return exceeded the target under the award. |
Summary of Information Regarding Stock Options | The following table summarizes information regarding the Company’s outstanding stock options under the Plans: Number of Options Weighted Weighted Average Remaining Term (years) Aggregate Intrinsic Value (000s) Options outstanding at December 26, 2020 17,650 $ 54.16 Exercised (5,280 ) $ 51.83 Options outstanding at June 26, 2021 12,370 $ 55.15 1.3 $ 1,304 Options exercisable at June 26, 2021 12,370 $ 55.15 1.3 $ 1,304 The total intrinsic value of stock options exercised during the twenty-six-week periods ended June 26, 2021 and June 27, 2020 was $ and $ , respectively. |
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 Units Number of Shares and Deferred Stock Weighted Average Grant Date Fair Value Non-vested 60,440 $ 103.65 Granted 26,351 $ 150.20 Vested (29,055 ) $ 104.35 Non-vested 57,736 $ 124.55 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 26, 2021 | |
Information Regarding Reportable Business Segments | The following table summarizes information about the Company’s reportable business segments as of and for the twenty-six-week and thirteen-week periods ended June 26, 2021 and June 27, 2020 (in thousands): Twenty Six Weeks Ended June 26, 2021 June 27, 2020 Transportation Logistics Insurance Total Transportation Logistics Insurance Total External revenue $ 2,823,557 $ 34,695 $ 2,858,252 $ 1,723,682 $ 27,398 $ 1,751,080 Internal revenue 43,495 43,495 35,834 35,834 Investment income 1,432 1,432 2,002 2,002 Operating income 199,960 25,556 225,516 76,518 9,668 86,186 Expenditures on long-lived assets 9,000 9,000 17,676 17,676 Goodwill 40,973 40,973 40,071 40,071 Thirteen Weeks Ended June 26, 2021 June 27, 2020 Transportation Logistics Insurance Total Transportation Logistics Insurance Total External revenue $ 1,553,058 $ 17,660 $ 1,570,718 $ 809,798 $ 13,716 $ 823,514 Internal revenue 33,961 33,961 26,755 26,755 Investment income 748 748 835 835 Operating income 110,228 12,020 122,248 21,474 10,707 32,181 Expenditures on long-lived assets 4,924 4,924 11,877 11,877 |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 26, 2021 | |
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 twenty-six-week Unrealized Available-for-Sale Foreign Currency Total Balance as of December 26, 2020 $ 2,808 $ (4,807 ) $ (1,999 ) Other comprehensive (loss) gain (883 ) 1,030 147 Balance as of June 26, 2021 $ 1,925 $ (3,777 ) $ (1,852 ) |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 26, 2021 | |
Amortized Cost and Fair Value of Available-for-Sale Investments | Gross Gross Amortized Cost Unrealized Gains Unrealized Losses Fair Value June 26, 2021 Money market investments $ 24,649 $ — $ — $ 24,649 Asset-backed securities 564 — — 564 Corporate bonds and direct obligations of government agencies 142,542 2,602 238 144,906 U.S. Treasury obligations 2,340 88 — 2,428 Total $ 170,095 $ 2,690 $ 238 $ 172,547 December 26, 2020 Money market investments $ 17,867 $ — $ — $ 17,867 Asset-backed securities 567 — 26 541 Corporate bonds and direct obligations of government agencies 98,241 3,551 72 101,720 U.S. Treasury obligations 2,338 125 — 2,463 Total $ 119,013 $ 3,676 $ 98 $ 122,591 |
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 June 26, 2021 Corporate bonds and direct obligations of government agencies $ 52,720 $ 238 $ — $ — $ 52,720 $ 238 December 26, 2020 Asset-backed securities $ 541 $ 26 $ — $ — $ 541 $ 26 Corporate bonds and direct obligations of government agencies 2,681 72 — — 2,681 72 Total $ 3,222 $ 98 $ — $ — $ 3,222 $ 98 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 26, 2021 | |
Lease, Cost [Table Text Block] | The components of lease cost for finance leases and operating leases for the twenty six weeks ended June 26, 2021 were (in thousands): Finance leases: Amortization of right-of-use $ 10,714 Interest on lease liability 1,379 Total finance lease cost 12,093 Operating leases: Lease cost 1,740 Variable lease cost — Sublease income (2,476 ) Total net operating lease income (736 ) Total net lease cost $ 11,357 |
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 June 26, 2021 is as follows (in thousands): Assets: Operating lease right-of-use Other assets $ 2,332 Finance lease assets Operating property, less accumulated depreciation and amortization 123,613 Total lease assets $ 125,945 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 June 26, 2021 (in thousands): Finance Leases Operating Leases 2021 Remainder $ 17,399 $ 384 2022 28,746 702 2023 21,735 615 2024 11,827 529 2025 5,580 284 Thereafter — — Total future minimum lease payments 85,287 2,514 Less amount representing interest (1.9% to 4.4%) 3,656 182 Present value of minimum lease payments $ 81,631 $ 2,332 Current maturities of long-term debt 30,450 Long-term debt, excluding current maturities 51,181 Other current liabilities 724 Deferred income taxes and other noncurrent liabilities 1,608 |
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 June 26, 2021 were: Finance Leases Operating Leases Weighted average remaining lease term (years) 3.1 3.7 Weighted average discount rate 3.0 % 4.0 % |
Change in Accounting Estimate_2
Change in Accounting Estimate for Self-Insured Claims (Tables) | 6 Months Ended |
Jun. 26, 2021 | |
Effect of Increase in Cost of Insurance and Claims | The following table summarizes the adverse effect of the increase in the cost of insurance claims resulting from unfavorable development of prior year self-insured claims estimates on operating income, net income and earnings per share set forth in the consolidated statements of income for the twenty-six-week Twenty Six Weeks Ended Thirteen Weeks Ended June 26, 2021 June 27, 2020 June 26, 2021 June 27, 2020 Operating income $ 980 $ 5,039 $ 1,272 $ 2,816 Net income $ 741 $ 3,820 $ 962 $ 2,135 Diluted earnings per share $ 0.02 $ 0.10 $ 0.03 $ 0.06 |
Schedule Of Revenue By Major Cu
Schedule Of Revenue By Major Customers By Reporting Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 26, 2021 | Jun. 27, 2020 | Jun. 26, 2021 | Jun. 27, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 1,570,718 | $ 823,514 | $ 2,858,252 | $ 1,751,080 |
BCO Independent Contractors – Truck | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of Consolidated Revenue | 41.00% | 46.00% | 42.00% | 46.00% |
Brokerage Carriers - Truck | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of Consolidated Revenue | 51.00% | 46.00% | 50.00% | 46.00% |
Rail Intermodal | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of Consolidated Revenue | 3.00% | 3.00% | 3.00% | 3.00% |
Ocean and air cargo carriers | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of Consolidated Revenue | 4.00% | 4.00% | 4.00% | 3.00% |
BCO Independent Contractor Truck and Brokerage Carriers Truck | Van Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 970,874 | $ 483,027 | $ 1,798,061 | $ 1,028,334 |
BCO Independent Contractor Truck and Brokerage Carriers Truck | Unsided/Platform Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 444,251 | 247,388 | 784,883 | 533,716 |
BCO Independent Contractor Truck and Brokerage Carriers Truck | Less than Truckload | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 29,062 | $ 22,918 | $ 54,732 | $ 45,859 |
Share-based Payment Arrangeme_3
Share-based Payment Arrangements - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Jun. 26, 2021 | Jun. 27, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Excess tax benefit from stock-based awards | $ 1,038,000 | $ 829,000 |
Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Recognized share-based compensation (benefit)/expense | 9,249,000 | (308,000) |
Unrecognized compensation cost, other than options | $ 33,800,000 | |
Unrecognized compensation cost expected to be recognized over period, years | 3 years 3 months 18 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 | $ 5,626,000 | |
Unrecognized compensation cost expected to be recognized over period, years | 2 years 2 months 12 days | |
Terms of award | Company’s common stock on the date of grant. Shares of non-vested restricted stock are generally subject to vesting in three equal annual installments either on the first, second and third anniversary of the date of the grant or the third, fourth and fifth anniversary of the date of the grant, or 100% on the first or fifth anniversary of the date of the grant. For restricted stock awards granted under the 2013 DSCP plan, each recipient may elect to defer receipt of shares and instead receive restricted stock units (“Deferred Stock Units”), which represent contingent rights to receive shares of the Company’s common stock on the date of recipient separation | |
Employee Stock Option | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total intrinsic value of stock options exercised during periods | $ 521,000 | $ 1,071,000 |
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 | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock authorized for issuance | 6,000,000 | |
2013 Directors Stock Compensation Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock authorized for issuance | 115,000 | |
Common stock reserved for issuance | 56,782 | |
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 | 3,499,568 |
Amounts Recognized in Financial
Amounts Recognized in Financial Statements with Respect to Plans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 26, 2021 | Jun. 27, 2020 | Jun. 26, 2021 | Jun. 27, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total cost of the Plans during the period | $ 6,864 | $ 570 | $ 10,893 | $ 1,201 |
Amount of related income tax benefit recognized during the period | (2,376) | (262) | (3,717) | (1,135) |
Net cost of the Plans during the period | $ 4,488 | $ 308 | $ 7,176 | $ 66 |
Schedule of Information on Rest
Schedule of Information on Restricted Stock Units (Detail) - Restricted Stock Units (RSUs) | 6 Months Ended |
Jun. 26, 2021$ / sharesshares | |
Number of Shares | |
Beginning Balance | shares | 183,213 |
Granted | shares | 45,864 |
Shares earned in excess of target | shares | 7,132 |
Vested shares | shares | (24,600) |
Ending Balance | shares | 211,609 |
Weighted Average Grant Date Fair Value | |
Beginning Balance | $ / shares | $ 93.44 |
Granted | $ / shares | 128.93 |
Shares earned in excess of target | $ / shares | 31.97 |
Vested shares | $ / shares | 59.85 |
Ending Balance | $ / shares | $ 102.97 |
Schedule of Information on Non
Schedule of Information on Non - Vested Restricted Stock Units (Detail) - Non Vested Restricted Stock and Deferred Stock Units | 6 Months Ended |
Jun. 26, 2021$ / sharesshares | |
Number of Shares and Deferred Stock Units | |
Beginning Balance | shares | 60,440 |
Granted | shares | 26,351 |
Vested | shares | (29,055) |
Ending Balance | shares | 57,736 |
Weighted Average Grant Date Fair Value | |
Beginning Balance | $ / shares | $ 103.65 |
Granted | $ / shares | 150.20 |
Vested | $ / shares | 104.35 |
Ending Balance | $ / shares | $ 124.55 |
Summary of Information Regardin
Summary of Information Regarding Stock Options (Detail) $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 26, 2021USD ($)$ / sharesshares | |
Number of Options | |
Beginning Balance, number of options | shares | 17,650 |
Exercised, number of options | shares | (5,280) |
Ending Balance, number of options | shares | 12,370 |
Weighted Average Exercise Price per Share | |
Beginning Balance, Weighted Average Exercise Price per Share | $ / shares | $ 54.16 |
Exercised, Weighted Average Exercise Price per Share | $ / shares | 51.83 |
Ending Balance, Weighted Average Exercise Price per Share | $ / shares | $ 55.15 |
Options Exercisable, Number of Options | |
Options exercisable at the ending, Number of Options | shares | 12,370 |
Options Exercisable, Weighted Average Exercise Price per Share | |
Options exercisable at the ending, Weighted Average Exercise Price per Share | $ / shares | $ 55.15 |
Weighted Average Remaining Contractual Term (years) | |
Options outstanding at June 26, 2021 | 1 year 3 months 18 days |
Options exercisable at June 26, 2021 | 1 year 3 months 18 days |
Aggregate Intrinsic Value | |
Options outstanding at June 26, 2021 | $ | $ 1,304 |
Options exercisable at June 26, 2021 | $ | $ 1,304 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 6 Months Ended | |
Jun. 26, 2021 | Jun. 27, 2020 | |
Income Taxes [Line Items] | ||
Corporate income tax rate | 21.00% | 21.00% |
Estimated annual effective income tax rate | 24.40% | 24.20% |
Effective income tax rate | 24.10% | 22.70% |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 6 Months Ended | |
Jun. 26, 2021 | Jun. 27, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock options excluded from calculation of diluted earnings per share, antidilutive | 0 | 0 |
Additional Cash Flow Informat_2
Additional Cash Flow Information - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Jun. 26, 2021 | Jun. 27, 2020 | |
Supplemental Cash Flow Information [Abstract] | ||
Income taxes paid | $ 51,679,000 | $ 16,198,000 |
Interest paid | 1,883,000 | 2,057,000 |
Capital Lease Obligations Incurred | $ 0 | $ 7,485,000 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) - Customer | 6 Months Ended | |
Jun. 26, 2021 | Jun. 27, 2020 | |
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 | 6 Months Ended | |||
Jun. 26, 2021 | Jun. 27, 2020 | Jun. 26, 2021 | Jun. 27, 2020 | Dec. 26, 2020 | |
Segment Reporting Information [Line Items] | |||||
External revenue | $ 1,570,718 | $ 823,514 | $ 2,858,252 | $ 1,751,080 | |
Internal revenue | 33,961 | 26,755 | 43,495 | 35,834 | |
Investment income | 748 | 835 | 1,432 | 2,002 | |
Operating income | 122,248 | 32,181 | 225,516 | 86,186 | |
Expenditures on long-lived assets | 4,924 | 11,877 | 9,000 | 17,676 | |
Goodwill | 40,973 | 40,071 | 40,973 | 40,071 | $ 40,949 |
Transportation Logistics | |||||
Segment Reporting Information [Line Items] | |||||
External revenue | 1,553,058 | 809,798 | 2,823,557 | 1,723,682 | |
Operating income | 110,228 | 21,474 | 199,960 | 76,518 | |
Expenditures on long-lived assets | 4,924 | 11,877 | 9,000 | 17,676 | |
Goodwill | 40,973 | 40,071 | 40,973 | 40,071 | |
Insurance | |||||
Segment Reporting Information [Line Items] | |||||
External revenue | 17,660 | 13,716 | 34,695 | 27,398 | |
Internal revenue | 33,961 | 26,755 | 43,495 | 35,834 | |
Investment income | 748 | 835 | 1,432 | 2,002 | |
Operating income | $ 12,020 | $ 10,707 | $ 25,556 | $ 9,668 |
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 | 6 Months Ended | ||
Jun. 26, 2021 | Jun. 27, 2020 | Jun. 26, 2021 | Jun. 27, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | $ 691,835 | |||
Other comprehensive (loss) gain | $ 1,101 | $ 4,548 | 147 | $ (4,933) |
Ending Balance | 830,173 | 830,173 | ||
Unrealized Holding (Losses) Gains on Available-for-Sale Securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 2,808 | |||
Other comprehensive (loss) gain | (883) | |||
Ending Balance | 1,925 | 1,925 | ||
Foreign Currency Translation | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (4,807) | |||
Other comprehensive (loss) gain | 1,030 | |||
Ending Balance | (3,777) | (3,777) | ||
Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (1,999) | |||
Other comprehensive (loss) gain | 147 | |||
Ending Balance | $ (1,852) | $ (1,852) |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Jun. 26, 2021 | Dec. 26, 2020 | |
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 | $ 2,452,000 | $ 3,578,000 |
Amortized Cost and Fair Value o
Amortized Cost and Fair Value of Available-for-Sale Investments (Detail) - USD ($) $ in Thousands | Jun. 26, 2021 | Dec. 26, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 170,095 | $ 119,013 |
Gross Unrealized Gains | 2,690 | 3,676 |
Gross Unrealized Losses | 238 | 98 |
Fair Value | 172,547 | 122,591 |
Money market investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 24,649 | 17,867 |
Fair Value | 24,649 | 17,867 |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 564 | 567 |
Gross Unrealized Losses | 26 | |
Fair Value | 564 | 541 |
Corporate bonds and direct obligations of government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 142,542 | 98,241 |
Gross Unrealized Gains | 2,602 | 3,551 |
Gross Unrealized Losses | 238 | 72 |
Fair Value | 144,906 | 101,720 |
U.S. Treasury obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,340 | 2,338 |
Gross Unrealized Gains | 88 | 125 |
Fair Value | $ 2,428 | $ 2,463 |
Schedule of Unrealized Loss on
Schedule of Unrealized Loss on Available-for-Sale Investments (Detail) - USD ($) $ in Thousands | Jun. 26, 2021 | Dec. 26, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale investments with unrealized losses, Less than 12 months, Fair Value | $ 3,222 | |
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss | 98 | |
Available-for-sale investments with unrealized losses, Fair Value, Total | 3,222 | |
Available-for-sale investments with unrealized losses, Unrealized Loss, Total | 98 | |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale investments with unrealized losses, Less than 12 months, Fair Value | 541 | |
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss | 26 | |
Available-for-sale investments with unrealized losses, Fair Value, Total | 541 | |
Available-for-sale investments with unrealized losses, Unrealized Loss, Total | 26 | |
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 | $ 52,720 | 2,681 |
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss | 238 | 72 |
Available-for-sale investments with unrealized losses, Fair Value, Total | 52,720 | 2,681 |
Available-for-sale investments with unrealized losses, Unrealized Loss, Total | $ 238 | $ 72 |
Leases - Additional Information
Leases - Additional Information (Detail) | Jun. 26, 2021USD ($) |
Leases Disclosure [Line Items] | |
Finance Lease Option to Purchase Option Value | $ 1 |
Lessee, Finance Lease, Term of Contract | 5 years |
Leases - Components of Lease Co
Leases - Components of Lease Cost for Finance Leases and Operating Leases (Detail) $ in Thousands | 6 Months Ended |
Jun. 26, 2021USD ($) | |
Finance leases: | |
Amortization of right-of-use assets | $ 10,714 |
Interest on lease liability | 1,379 |
Total finance lease cost | 12,093 |
Operating leases: | |
Lease cost | 1,740 |
Sublease income | (2,476) |
Total net operating lease income | (736) |
Total net lease cost | $ 11,357 |
Leases - Classification on our
Leases - Classification on our Consolidated Balance Sheet (Detail) $ in Thousands | Jun. 26, 2021USD ($) |
Total lease assets | $ 125,945 |
Other Assets [Member] | |
Operating lease right-of-use assets | 2,332 |
Property Plant and Equipment Net [Member] | |
Finance lease assets | $ 123,613 |
Leases - Undiscounted Cash Flow
Leases - Undiscounted Cash Flows for the Finance and Operating Leases (Detail) - USD ($) $ in Thousands | Jun. 26, 2021 | Dec. 26, 2020 |
Operating Leased Assets [Line Items] | ||
2021 Remainder | $ 17,399 | |
2022 | 28,746 | |
2023 | 21,735 | |
2024 | 11,827 | |
2025 | 5,580 | |
Total future minimum lease payments | 85,287 | |
Less amount representing interest (1.9% to 4.4%) | 3,656 | |
Present value of minimum lease payments | 81,631 | |
Current maturities of long-term debt | 30,450 | $ 35,415 |
Long-term debt, excluding current maturities | 51,181 | $ 65,359 |
2021 Remainder | 384 | |
2022 | 702 | |
2023 | 615 | |
2024 | 529 | |
2025 | 284 | |
Total future minimum lease payments | 2,514 | |
Less amount representing interest (2.1% to 4.4%) | 182 | |
Present value of minimum lease payments | 2,332 | |
Other current liabilities [Member] | ||
Operating Leased Assets [Line Items] | ||
Operating lease, liability, current | 724 | |
Deferred income taxes and other noncurrent liabilities [Member] | ||
Operating Leased Assets [Line Items] | ||
Operating lease, liability, non-current | $ 1,608 |
Leases - Undiscounted Cash Fl_2
Leases - Undiscounted Cash Flows for the Finance and Operating Leases (Parenthetical) (Details) | Jun. 26, 2021 |
Maximum [Member] | |
Finance lease Interest rate percentage | 4.40% |
Minimum [Member] | |
Finance lease Interest rate percentage | 1.90% |
Leases - Weighted Average Remai
Leases - Weighted Average Remaining Lease Term and the Weighted Average Discount Rate for Finance and Operating leases (Detail) | Jun. 26, 2021 |
Weighted average remaining lease term (years) | 3 years 1 month 6 days |
Weighted average discount rate | 3.00% |
Weighted average remaining lease term (years) | 3 years 8 months 12 days |
Weighted average discount rate | 4.00% |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | Aug. 18, 2020 | Jun. 26, 2021 | Dec. 26, 2020 |
Debt Instrument [Line Items] | |||
Debt Outstanding Excluding Capital Lease Obligations | $ 0 | $ 0 | |
Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Credit facility, initiation date | Aug. 18, 2020 | ||
Credit facility, borrowing capacity | 250,000,000 | ||
Credit facility, maximum borrowing capacity | 400,000,000 | ||
Borrowings outstanding | $ 0 | $ 0 | |
Credit facility, debt covenants compliance | The Company is currently in compliance with all of the debt covenants under the Credit Agreement. | ||
Revolving Credit Facility | Minimum | |||
Debt Instrument [Line Items] | |||
Credit facility, unused credit commitment fee | 0.25% | ||
Credit facility event of default, minimum percentage that a person or group should acquire outstanding capital stock | 35.00% | ||
Revolving Credit Facility | Minimum | Eurodollar [Member] | |||
Debt Instrument [Line Items] | |||
Borrowings, basis spread on variable rate | 1.25% | ||
Revolving Credit Facility | Minimum | Base Rate [Member] | |||
Debt Instrument [Line Items] | |||
Borrowings, basis spread on variable rate | 0.25% | ||
Revolving Credit Facility | Maximum | |||
Debt Instrument [Line Items] | |||
Credit facility, unused credit commitment fee | 0.35% | ||
Maximum Leverage ratio beyond which amount of cash dividends and other distributions to stockholders is limited | 250.00% | ||
Revolving Credit Facility | Maximum | Eurodollar [Member] | |||
Debt Instrument [Line Items] | |||
Borrowings, basis spread on variable rate | 2.00% | ||
Revolving Credit Facility | Maximum | Base Rate [Member] | |||
Debt Instrument [Line Items] | |||
Borrowings, basis spread on variable rate | 1.00% | ||
Letter of Credit | |||
Debt Instrument [Line Items] | |||
Credit facility, maximum borrowing capacity | $ 35,000,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Jun. 26, 2021USD ($) |
Current Investments | Collateral Pledged [Member] | |
Commitments and Contingencies Disclosure [Line Items] | |
Investments providing collateral for letters of credit to guarantee insurance claims | $ 52,560,000 |
Non-Current Investments | |
Commitments and Contingencies Disclosure [Line Items] | |
Total non-current investments | 119,987,000 |
Non-Current Investments | Collateral Pledged [Member] | |
Commitments and Contingencies Disclosure [Line Items] | |
Investments providing collateral for letters of credit to guarantee insurance claims | 20,144,000 |
Revolving Credit Facility | |
Commitments and Contingencies Disclosure [Line Items] | |
Letters of credit outstanding | 33,579,000 |
Guarantee Payment of Insurance Claims | |
Commitments and Contingencies Disclosure [Line Items] | |
Letters of credit outstanding | $ 65,434,000 |
Effect of Increase in Cost of I
Effect of Increase in Cost of Insurance and Claims (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 26, 2021 | Jun. 27, 2020 | Jun. 26, 2021 | Jun. 27, 2020 | |
Change in Accounting Estimate [Line Items] | ||||
Operating income | $ 122,248 | $ 32,181 | $ 225,516 | $ 86,186 |
Net income | $ 92,294 | $ 24,254 | $ 169,534 | $ 65,149 |
Diluted earnings per share | $ 2.40 | $ 0.63 | $ 4.41 | $ 1.68 |
Development of Prior Year Self Insured Claims Estimates | ||||
Change in Accounting Estimate [Line Items] | ||||
Operating income | $ 1,272 | $ 2,816 | $ 980 | $ 5,039 |
Net income | $ 962 | $ 2,135 | $ 741 | $ 3,820 |
Diluted earnings per share | $ 0.03 | $ 0.06 | $ 0.02 | $ 0.10 |
Impairment of Intangible and _2
Impairment of Intangible and Other Assets - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 26, 2021 | Jun. 27, 2020 | Jun. 26, 2021 | Jun. 27, 2020 | |
Impairment charges of intangible asset | $ 0 | $ 2,582,000 | $ 0 | $ 2,582,000 |
Goodwill impairment loss | $ 0 |