Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 26, 2022 | Apr. 18, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Document Quarterly Report | true | |
Entity Central Index Key | 0000853816 | |
Document Transition Report | false | |
Current Fiscal Year End Date | --12-31 | |
Document Period End Date | Mar. 26, 2022 | |
Entity Registrant Name | LANDSTAR SYSTEM, INC. | |
Entity Filer Category | Large Accelerated Filer | |
Trading Symbol | LSTR | |
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NASDAQ | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 37,127,333 | |
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. 26, 2022 | Dec. 25, 2021 |
Current Assets | ||
Cash and cash equivalents | $ 146,025 | $ 215,522 |
Short-term investments | 35,679 | 35,778 |
Trade accounts receivable, less allowance of $7,940 and $7,074 | 1,223,123 | 1,154,314 |
Other receivables, including advances to independent contractors, less allowance of $8,838 and $8,125 | 123,231 | 101,124 |
Other current assets | 10,441 | 16,162 |
Total current assets | 1,538,499 | 1,522,900 |
Operating property, less accumulated depreciation and amortization of $356,988 and $344,099 | 307,044 | 317,386 |
Goodwill | 40,945 | 40,768 |
Other assets | 159,325 | 164,411 |
Total assets | 2,045,813 | 2,045,465 |
Current Liabilities | ||
Cash overdraft | 96,215 | 116,478 |
Accounts payable | 626,337 | 604,130 |
Current maturities of long-term debt | 34,983 | 36,561 |
Insurance claims | 52,644 | 46,896 |
Dividends payable | 75,387 | |
Accrued income taxes | 50,280 | 18,403 |
Other current liabilities | 89,793 | 112,128 |
Total current liabilities | 950,252 | 1,009,983 |
Long-term debt, excluding current maturities | 137,289 | 75,243 |
Insurance claims | 51,132 | 49,509 |
Deferred income taxes and other noncurrent liabilities | 50,991 | 48,720 |
Shareholders' Equity | ||
Common stock, $0.01 par value, authorized 160,000,000 shares, issued 68,370,151 and 68,232,975 shares | 684 | 682 |
Additional paid-in capital | 248,230 | 255,148 |
Retained earnings | 2,432,699 | 2,317,184 |
Cost of 31,242,818 and 30,539,235 shares of common stock in treasury | (1,816,149) | (1,705,601) |
Accumulated other comprehensive loss | (9,315) | (5,403) |
Total shareholders' equity | 856,149 | 862,010 |
Total liabilities and shareholders' equity | $ 2,045,813 | $ 2,045,465 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 26, 2022 | Dec. 25, 2021 |
Allowance on trade accounts receivable | $ 7,940 | $ 7,074 |
Allowance on other receivables | 8,838 | 8,125 |
Accumulated depreciation and amortization on operating property | $ 356,988 | $ 344,099 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, authorized shares | 160,000,000 | 160,000,000 |
Common stock, issued shares | 68,370,151 | 68,232,975 |
Treasury stock, shares | 31,242,818 | 30,539,235 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 26, 2022 | Mar. 27, 2021 | |
Revenue | $ 1,970,599 | $ 1,287,534 |
Investment income | 721 | 684 |
Costs and expenses: | ||
Purchased transportation | 1,550,330 | 998,285 |
Commissions to agents | 149,778 | 100,009 |
Other operating costs, net of gains on asset sales/dispositions | 11,141 | 7,642 |
Insurance and claims | 30,768 | 21,505 |
Selling, general and administrative | 52,713 | 45,408 |
Depreciation and amortization | 13,757 | 12,101 |
Total costs and expenses | 1,808,487 | 1,184,950 |
Operating income | 162,833 | 103,268 |
Interest and debt expense | 1,123 | 1,042 |
Income before income taxes | 161,710 | 102,226 |
Income taxes | 36,871 | 24,986 |
Net income | $ 124,839 | $ 77,240 |
Diluted earnings per share | $ 3.34 | $ 2.01 |
Average diluted shares outstanding | 37,418,000 | 38,404,000 |
Dividends per common share | $ 0.25 | $ 0.21 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 26, 2022 | Mar. 27, 2021 | |
Net income | $ 124,839 | $ 77,240 |
Other comprehensive loss: | ||
Unrealized holding losses on available-for-sale investments, net of tax benefits of $1,421 and $147 | (5,187) | (534) |
Foreign currency translation gains (losses) | 1,275 | (420) |
Other comprehensive loss | (3,912) | (954) |
Comprehensive income | $ 120,927 | $ 76,286 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 26, 2022 | Mar. 27, 2021 | |
Unrealized holding losses on available-for-sale investments, net of tax (benefit) expense | $ 1,421 | $ 147 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 26, 2022 | Mar. 27, 2021 | |
OPERATING ACTIVITIES | ||
Net income | $ 124,839 | $ 77,240 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 13,757 | 12,101 |
Non-cash interest charges | 112 | 112 |
Provisions for losses on trade and other accounts receivable | 2,626 | 547 |
Gains on sales/disposals of operating property | (165) | (24) |
Deferred income taxes, net | 1,324 | (1,110) |
Stock-based compensation | 1,995 | 4,029 |
Changes in operating assets and liabilities: | ||
(Increase) decrease in trade and other accounts receivable | (93,542) | 33,440 |
Decrease in other assets | 2,531 | 6,175 |
Increase in accounts payable | 22,207 | 33,935 |
Increase in other liabilities | 11,910 | 13,008 |
Increase (decrease) in insurance claims | 7,371 | (109,562) |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 94,965 | 69,891 |
INVESTING ACTIVITIES | ||
Sales and maturities of investments | 12,420 | 7,957 |
Purchases of investments | (13,428) | (8,716) |
Purchases of operating property | (3,609) | (4,076) |
Proceeds from sales of operating property | 643 | 500 |
NET CASH USED BY INVESTING ACTIVITIES | (3,974) | (4,335) |
FINANCING ACTIVITIES | ||
(Decrease) increase in cash overdraft | (20,263) | 6 |
Dividends paid | (84,711) | (84,837) |
Proceeds from exercises of stock options | 56 | 77 |
Taxes paid in lieu of shares issued related to stock-based compensation plans | (10,183) | (1,241) |
Borrowings on revolving credit facility | 70,000 | 0 |
Purchases of common stock | (109,332) | 0 |
Principal payments on finance lease obligations | (9,532) | (9,778) |
NET CASH USED BY FINANCING ACTIVITIES | (163,965) | (95,773) |
Effect of exchange rate changes on cash and cash equivalents | 815 | 252 |
Decrease in cash, cash equivalents and restricted cash | (72,159) | (29,965) |
Cash, cash equivalents and restricted cash at beginning of period | 219,571 | 249,354 |
Cash, cash equivalents and restricted cash at end of period | $ 147,412 | $ 219,389 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock at Cost | Accumulated Other Comprehensive Loss |
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 | (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. 25, 2021 | 68,232,975 | 30,539,235 | ||||
Beginning Balance at Dec. 25, 2021 | 862,010 | $ 682 | 255,148 | 2,317,184 | $ (1,705,601) | (5,403) |
Net income | 124,839 | 124,839 | ||||
Dividends | (9,324) | (9,324) | ||||
Purchases of common stock (in shares) | 693,550 | |||||
Purchases of common stock | (109,332) | $ (109,332) | ||||
Issuance of stock related to stock-based compensation plans (in shares) | 137,176 | 10,033 | ||||
Issuance of stock related to stock-based compensation plans | (10,127) | $ 2 | (8,913) | $ (1,216) | ||
Stock-based compensation | 1,995 | 1,995 | ||||
Other comprehensive loss | (3,912) | (3,912) | ||||
Ending Balance (in shares) at Mar. 26, 2022 | 68,370,151 | 31,242,818 | ||||
Ending Balance at Mar. 26, 2022 | $ 856,149 | $ 684 | $ 248,230 | $ 2,432,699 | $ (1,816,149) | $ (9,315) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 26, 2022 | Mar. 27, 2021 | |
Dividends per common share | $ 0.25 | $ 0.21 |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 26, 2022 | |
Significant Accounting Policies | (1) Significant Accounting Policies Revenue from Contracts with Customers – Disaggregation of Revenue The following table summarizes (i) the percentage of consolidated revenue generated by mode of transportation and (ii) the total amount of truck transportation revenue hauled by BCO Independent Contractors and Truck Brokerage Carriers generated by equipment type during the thirteen-week periods ended March 26, 2022 and March 27, 2021 (dollars in thousands): Thirteen Weeks Ended Mode March 26, 2022 March 27, 2021 Truck – BCO Independent Contractors 37 % 44 % Truck – Truck Brokerage Carriers 52 % 49 % Rail intermodal 2 % 2 % Ocean and air cargo carriers 8 % 4 % Truck Equipment Type Van equipment $ 1,081,206 $ 729,402 Unsided/platform equipment $ 408,757 $ 297,485 Less-than-truckload $ 33,720 $ 25,670 Other truck transportation (1) $ 227,601 $ 140,932 (1) Includes power-only, expedited, straight truck, cargo van, and miscellaneous other truck transportation revenue generated by the transportation logistics segment. Power-only refers to shipments where the Company furnishes a power unit and an operator but not trailing equipment, which is typically provided by the shipper or consignee. |
Share-based Payment Arrangement
Share-based Payment Arrangements | 3 Months Ended |
Mar. 26, 2022 | |
Share-based Payment Arrangements | (2) Share-based Payment Arrangements As of March 26, 2022, the Company has an employee equity incentive plan, the 2011 equity incentive plan (the “2011 EIP”). The Company also has a stock compensation plan for members of its Board of Directors, the 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 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 26, 2022 March 27, 2021 Total cost of the Plans during the period $ 1,995 $ 4,029 Amount of related income tax benefit recognized during the period (3,360 ) (1,341 ) Net cost of the Plans during the period $ (1,365 ) $ 2,688 Included in income tax benefits recognized in the thirteen-week periods ended March 26, 2022 and March 27, 2021 were excess tax benefits from stock-based awards of $2,869,000 and $343,000, respectively. As of March 26, 2022, there were 56,502 shares of the Company’s common stock reserved for issuance under the 2013 DSCP and 3,230,826 shares of the Company’s common stock reserved for issuance under the 2011 EIP. Restricted Stock Units The following table summarizes information regarding the Company’s outstanding restricted stock unit (“RSU”) awards with either a performance condition or a market condition under the Plans: Number of Weighted Average Grant Date Outstanding at December 25, 2021 209,399 $ 102.90 Granted 49,405 $ 139.78 Shares earned in excess of target (1) 91,497 $ 92.58 Vested shares, including shares earned in excess of target (174,366 ) $ 96.14 Forfeited (15,044 ) $ 103.31 Outstanding at March 26, 2022 160,891 $ 115.64 (1) Represents additional shares earned under each of the February 2, 2017; February 2, 2018 and February 1, 2019 RSU awards as fiscal year 2021 financial results exceeded target performance level. During the thirteen-week period ended March 26, 2022, the Company granted RSUs with a performance condition. Outstanding RSUs at both December 25, 2021 and March 26, 2022 include RSUs with a performance condition and RSUs with a market condition, as further described below and in the Company’s 2021 Annual Report on Form 10-K. RSUs with a performance condition granted on January 28, 2022 may vest on January 31 of 2025, 2026 and 2027 based on growth in operating income and pre-tax The Company recognized approximately $ 1,301,000 and $3,223,000 of share-based compensation expense related to RSU awards in the thirteen-week periods ended March 26, 2022 and March 27, 2021, respectively. As of March 26, 2022, there was a maximum of $27.3 million of total unrecognized compensation cost related to RSU awards granted under the Plans with an expected average remaining life of approximately 3.9 years. With respect to RSU awards with a performance condition, the amount of future compensation expense to be recognized will be determined based on future operating results. Non-vested The following table summarizes information regarding the Company’s outstanding shares of non-vested Number of Shares and Deferred Weighted Average Grant Date Fair Value Non-vested 56,436 $ 125.16 Granted 17,008 $ 152.44 Vested (21,500 ) $ 110.16 Forfeited (2,302 ) $ 108.59 Non-vested 49,642 $ 141.77 The fair value of each share of non-vested non-vested As of March 26, 2022, there was $5,555,000 of total unrecognized compensation cost related to non-vested non-vested Stock Options The following table summarizes information regarding the Company’s outstanding stock options under the Plans: Number of Weighted Average Weighted Average Aggregate Intrinsic Options outstanding at December 25, 2021 8,570 $ 55.42 Exercised (3,500 ) $ 54.01 Options outstanding at March 26, 2022 5,070 $ 56.40 0.8 $ 495 Options exercisable at March 26, 2022 5,070 $ 56.40 0.8 $ 495 The total intrinsic value of stock options exercised during the thirteen-week periods ended March 26, 2022 and March 27, 2021 was $369,000 and $521,000, respectively. As of March 26, 2022, there was no unrecognized compensation cost related to stock options granted under the Plans. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 26, 2022 | |
Income Taxes | (3) Income Taxes The provisions for income taxes for the 2022 and 2021 thirteen-week periods were based on an estimated annual effective income tax rate of 24.5% and 24.4 %, respectively, adjusted for discrete events, such as benefits resulting from stock-based awards. The estimated annual effective income tax rate was higher than the statutory federal income tax rate % in both periods primarily attributable to state taxes and non-deductible %, which was lower than the estimated annual effective income tax rate of 24.5%, primarily attributable to excess tax benefits realized on stock-based awards. The effective income tax rate for the 2021 thirteen-week period o % was equal to the estimated annual effective income tax rate during the 2021 period. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 26, 2022 | |
Earnings Per Share | (4) Earnings Per Share Earnings per common share are based on the weighted average number of shares outstanding, including outstanding non-vested non-vested For each of the thirteen-week periods ended March 26, 2022 and March 27, 2021, no options outstanding to purchase shares of common stock were antidilutive. Outstanding RSUs were excluded from the calculation of diluted earnings per share for all periods because the performance metric requirements or market condition for vesting had not been satisfied. |
Additional Cash Flow Informatio
Additional Cash Flow Information | 3 Months Ended |
Mar. 26, 2022 | |
Additional Cash Flow Information | (5) Additional Cash Flow Information During the 2022 thirteen-week period, Landstar paid income taxes and interest of $2,031,000 and $1,029,000, respectively. During the 2021 thirteen-week period, Landstar paid income taxes and interest of $353,000 and $983,000, respectively. Landstar did not acquire any operating property by entering into finance leases in either the 2022 or 2021 thirteen-week periods. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 26, 2022 | |
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 26, 2022 and March 27, 2021 (in thousands): Thirteen Weeks Ended March 26, 2022 March 27, 2021 Transportation Logistics Insurance Total Transportation Logistics Insurance Total External revenue $ 1,951,339 $ 19,260 $ 1,970,599 $ 1,270,499 $ 17,035 $ 1,287,534 Internal revenue 12,884 12,884 9,534 9,534 Investment income 721 721 684 684 Operating income 151,946 10,887 162,833 89,732 13,536 103,268 Expenditures on long-lived assets 3,609 3,609 4,076 4,076 Goodwill 40,945 40,945 40,732 40,732 In the thirteen-week periods ended March 26, 2022 and March 27, 2021, no single customer accounted for more than 10% of the Company’s consolidated revenue. |
Other Comprehensive Income
Other Comprehensive Income | 3 Months Ended |
Mar. 26, 2022 | |
Other Comprehensive Income | (7) Other Comprehensive Income The following table presents the components of and changes in accumulated other comprehensive income (loss), net of related income taxes, as of and for the thirteen-week period ended March 26, 2022 (in thousands): Unrealized Available-for-Sale Foreign Total Balance as of December 25, 2021 $ 113 $ (5,516 ) $ (5,403 ) Other comprehensive (loss) income (5,187 ) 1,275 (3,912 ) Balance as of March 26, 2022 $ (5,074 ) $ (4,241 ) $ (9,315 ) 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 26, 2022. |
Investments
Investments | 3 Months Ended |
Mar. 26, 2022 | |
Investments | (8) Investments Investments include primarily investment-grade corporate bonds and asset-backed securities having maturities of up to five years (the “bond portfolio”) and money market investments. Investments in the bond portfolio are reported as available-for-sale available-for-sale non-transferability, The amortized cost and fair values of available-for-sale Amortized Gross Gross Fair Value March 26, 2022 Money market investments $ 14,913 $ — $ — $ 14,913 Asset-backed securities 21,259 — 1,435 19,824 Corporate bonds and direct obligations of government agencies 133,645 212 5,203 128,654 U.S. Treasury obligations 2,342 — 38 2,304 Total $ 172,159 $ 212 $ 6,676 $ 165,695 December 25, 2021 Money market investments $ 8,750 $ — $ — $ 8,750 Asset-backed securities 22,441 — 346 22,095 Corporate bonds and direct obligations of government agencies 137,916 1,406 966 138,356 U.S. Treasury obligations 2,342 50 — 2,392 Total $ 171,449 $ 1,456 $ 1,312 $ 171,593 For those available-for-sale Less than 12 months 12 months or longer Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss March 26, 2022 Asset-backed securities $ 19,824 $ 1,435 $ — $ — $ 19,824 $ 1,435 Corporate bonds and direct obligations of government agencies 96,962 4,768 4,147 435 101,109 5,203 U.S. Treasury obligations 2,304 38 — — 2,304 38 Total $ 119,090 $ 6,241 $ 4,147 $ 435 $ 123,237 $ 6,676 December 25, 2021 Asset-backed securities $ 22,095 $ 346 $ — $ — $ 22,095 $ 346 Corporate bonds and direct obligations of 72,526 966 — — 72,526 966 Total $ 94,621 $ 1,312 $ — $ — $ 94,621 $ 1,312 The Company believes unrealized losses on investments were primarily caused by rising interest rates rather than changes in credit quality. The Company expects to recover, through collection of all of the contractual cash flows of each security, the amortized cost basis of these securities as it does not intend to sell, and does not anticipate being required to sell, these securities before recovery of the cost basis. For these reasons, no losses have been recognized in the Company’s consolidated statements of income. |
Leases
Leases | 3 Months Ended |
Mar. 26, 2022 | |
Leases | (9) Leases Landstar’s right-of-use build-out “month-to-month” Most of Landstar’s operating leases include one or more options to renew. The exercise of lease renewal options is typically at Landstar’s sole discretion, and, as such, the majority of renewals to extend the lease terms are not included in the right-of-use As most of Landstar’s operating leases do not provide an implicit rate, Landstar utilized its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments. Landstar has a centrally managed treasury function; therefore, based on the applicable lease terms and the current economic environment, the Company applies a portfolio approach for determining the incremental borrowing rate. The components of lease cost for finance leases and operating leases for the thirteen weeks ended March 26, 2022 were (in thousands): Finance leases: Amortization of right-of-use $ 5,327 Interest on lease liability 700 Total finance lease cost 6,027 Operating leases: Lease cost 926 Variable lease cost — Sublease income (1,213 ) Total net operating lease income (287 ) Total net lease cost $ 5,740 A summary of the lease classification on our consolidated balance sheet as of March 26, 2022 is as follows (in thousands): Assets: Operating lease right-of-use Other assets $ 1,916 Finance lease assets Operating property, less accumulated depreciation and amortization 137,818 Total lease assets $ 139,734 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 26, 2022 (in thousands): Finance Leases Operating Leases 2022 Remainder $ 28,777 $ 583 2023 31,916 638 2024 22,045 534 2025 15,820 282 2026 7,668 — Thereafter — — Total future minimum lease payments 106,226 2,037 Less amount representing interest (1.6% to 4.4%) 3,954 121 Present value of minimum lease payments $ 102,272 $ 1,916 Current maturities of long-term debt 34,983 Long-term debt, excluding current maturities 67,289 Other current liabilities 744 Deferred income taxes and other noncurrent liabilities 1,172 The weighted average remaining lease term and the weighted average discount rate for finance and operating leases as of March 26, 2022 were: Finance Leases Operating Leases Weighted average remaining lease term (years) 3.4 3.4 Weighted average discount rate 2.5 % 4.0 % |
Debt
Debt | 3 Months Ended |
Mar. 26, 2022 | |
Debt | (10) Debt In addition to the finance lease obligations as presented on the consolidated balance sheets, the Company had $70,000,000 in outstanding debt as of March 26, 2022, consisting of borrowings under the Company’s revolving credit facility. The Company had no 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 March 26, 2022, the weighted average interest rate on borrowings outstanding was 1.66%. 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 | 3 Months Ended |
Mar. 26, 2022 | |
Commitments and Contingencies | (11) Commitments and Contingencies Short-term investments include $34,292,000 in current maturities of investments and $1,387,000 in restricted cash held by the Company’s insurance segment at March 26, 2022. The non-current non-current The Company is involved in certain claims and pending litigation arising from the normal conduct of business. Many of these claims are covered in whole or in part by insurance. Based on knowledge of the facts and, in certain cases, opinions of outside counsel, management believes that adequate provisions have been made for probable losses with respect to the resolution of all such claims and pending litigation and that the ultimate outcome, after provisions therefor, will not have a material adverse effect on the financial condition of the Company, but could have a material effect on the results of operations in a given quarter or year. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 26, 2022 | |
Revenue from Contracts with Customers – Disaggregation of Revenue | Revenue from Contracts with Customers – Disaggregation of Revenue The following table summarizes (i) the percentage of consolidated revenue generated by mode of transportation and (ii) the total amount of truck transportation revenue hauled by BCO Independent Contractors and Truck Brokerage Carriers generated by equipment type during the thirteen-week periods ended March 26, 2022 and March 27, 2021 (dollars in thousands): Thirteen Weeks Ended Mode March 26, 2022 March 27, 2021 Truck – BCO Independent Contractors 37 % 44 % Truck – Truck Brokerage Carriers 52 % 49 % Rail intermodal 2 % 2 % Ocean and air cargo carriers 8 % 4 % Truck Equipment Type Van equipment $ 1,081,206 $ 729,402 Unsided/platform equipment $ 408,757 $ 297,485 Less-than-truckload $ 33,720 $ 25,670 Other truck transportation (1) $ 227,601 $ 140,932 (1) Includes power-only, expedited, straight truck, cargo van, and miscellaneous other truck transportation revenue generated by the transportation logistics segment. Power-only refers to shipments where the Company furnishes a power unit and an operator but not trailing equipment, which is typically provided by the shipper or consignee. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 26, 2022 | |
Schedule of Disaggregation of Revenue | The following table summarizes (i) the percentage of consolidated revenue generated by mode of transportation and (ii) the total amount of truck transportation revenue hauled by BCO Independent Contractors and Truck Brokerage Carriers generated by equipment type during the thirteen-week periods ended March 26, 2022 and March 27, 2021 (dollars in thousands): Thirteen Weeks Ended Mode March 26, 2022 March 27, 2021 Truck – BCO Independent Contractors 37 % 44 % Truck – Truck Brokerage Carriers 52 % 49 % Rail intermodal 2 % 2 % Ocean and air cargo carriers 8 % 4 % Truck Equipment Type Van equipment $ 1,081,206 $ 729,402 Unsided/platform equipment $ 408,757 $ 297,485 Less-than-truckload $ 33,720 $ 25,670 Other truck transportation (1) $ 227,601 $ 140,932 (1) Includes power-only, expedited, straight truck, cargo van, and miscellaneous other truck transportation revenue generated by the transportation logistics segment. Power-only refers to shipments where the Company furnishes a power unit and an operator but not trailing equipment, which is typically provided by the shipper or consignee. |
Share-based Payment Arrangeme_2
Share-based Payment Arrangements (Tables) | 3 Months Ended |
Mar. 26, 2022 | |
Amounts Recognized in Financial Statements with Respect to Plans | Amounts recognized in the financial statements with respect to these Plans are as follows (in thousands): Thirteen Weeks Ended March 26, 2022 March 27, 2021 Total cost of the Plans during the period $ 1,995 $ 4,029 Amount of related income tax benefit recognized during the period (3,360 ) (1,341 ) Net cost of the Plans during the period $ (1,365 ) $ 2,688 |
Schedule of Information on Restricted Stock Units | The following table summarizes information regarding the Company’s outstanding restricted stock unit (“RSU”) awards with either a performance condition or a market condition under the Plans: Number of Weighted Average Grant Date Outstanding at December 25, 2021 209,399 $ 102.90 Granted 49,405 $ 139.78 Shares earned in excess of target (1) 91,497 $ 92.58 Vested shares, including shares earned in excess of target (174,366 ) $ 96.14 Forfeited (15,044 ) $ 103.31 Outstanding at March 26, 2022 160,891 $ 115.64 (1) Represents additional shares earned under each of the February 2, 2017; February 2, 2018 and February 1, 2019 RSU awards as fiscal year 2021 financial results exceeded target performance level. |
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 Weighted Average Grant Date Fair Value Non-vested 56,436 $ 125.16 Granted 17,008 $ 152.44 Vested (21,500 ) $ 110.16 Forfeited (2,302 ) $ 108.59 Non-vested 49,642 $ 141.77 |
Summary of Information Regarding Stock Options | The following table summarizes information regarding the Company’s outstanding stock options under the Plans: Number of Weighted Average Weighted Average Aggregate Intrinsic Options outstanding at December 25, 2021 8,570 $ 55.42 Exercised (3,500 ) $ 54.01 Options outstanding at March 26, 2022 5,070 $ 56.40 0.8 $ 495 Options exercisable at March 26, 2022 5,070 $ 56.40 0.8 $ 495 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 26, 2022 | |
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 26, 2022 and March 27, 2021 (in thousands): Thirteen Weeks Ended March 26, 2022 March 27, 2021 Transportation Logistics Insurance Total Transportation Logistics Insurance Total External revenue $ 1,951,339 $ 19,260 $ 1,970,599 $ 1,270,499 $ 17,035 $ 1,287,534 Internal revenue 12,884 12,884 9,534 9,534 Investment income 721 721 684 684 Operating income 151,946 10,887 162,833 89,732 13,536 103,268 Expenditures on long-lived assets 3,609 3,609 4,076 4,076 Goodwill 40,945 40,945 40,732 40,732 |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 26, 2022 | |
Components of and Changes in Accumulated Other Comprehensive Income, Net of Related Income Taxes | The following table presents the components of and changes in accumulated other comprehensive income (loss), net of related income taxes, as of and for the thirteen-week period ended March 26, 2022 (in thousands): Unrealized Available-for-Sale Foreign Total Balance as of December 25, 2021 $ 113 $ (5,516 ) $ (5,403 ) Other comprehensive (loss) income (5,187 ) 1,275 (3,912 ) Balance as of March 26, 2022 $ (5,074 ) $ (4,241 ) $ (9,315 ) |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 26, 2022 | |
Amortized Cost and Fair Value of Available-for-Sale Investments | The amortized cost and fair values of available-for-sale Amortized Gross Gross Fair Value March 26, 2022 Money market investments $ 14,913 $ — $ — $ 14,913 Asset-backed securities 21,259 — 1,435 19,824 Corporate bonds and direct obligations of government agencies 133,645 212 5,203 128,654 U.S. Treasury obligations 2,342 — 38 2,304 Total $ 172,159 $ 212 $ 6,676 $ 165,695 December 25, 2021 Money market investments $ 8,750 $ — $ — $ 8,750 Asset-backed securities 22,441 — 346 22,095 Corporate bonds and direct obligations of government agencies 137,916 1,406 966 138,356 U.S. Treasury obligations 2,342 50 — 2,392 Total $ 171,449 $ 1,456 $ 1,312 $ 171,593 |
Schedule of Unrealized Loss on Available-for-Sale Investments | For those available-for-sale Less than 12 months 12 months or longer Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss March 26, 2022 Asset-backed securities $ 19,824 $ 1,435 $ — $ — $ 19,824 $ 1,435 Corporate bonds and direct obligations of government agencies 96,962 4,768 4,147 435 101,109 5,203 U.S. Treasury obligations 2,304 38 — — 2,304 38 Total $ 119,090 $ 6,241 $ 4,147 $ 435 $ 123,237 $ 6,676 December 25, 2021 Asset-backed securities $ 22,095 $ 346 $ — $ — $ 22,095 $ 346 Corporate bonds and direct obligations of 72,526 966 — — 72,526 966 Total $ 94,621 $ 1,312 $ — $ — $ 94,621 $ 1,312 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 26, 2022 | |
Lease, Cost [Table Text Block] | The components of lease cost for finance leases and operating leases for the thirteen weeks ended March 26, 2022 were (in thousands): Finance leases: Amortization of right-of-use $ 5,327 Interest on lease liability 700 Total finance lease cost 6,027 Operating leases: Lease cost 926 Variable lease cost — Sublease income (1,213 ) Total net operating lease income (287 ) Total net lease cost $ 5,740 |
Schedule Of Supplemental Balance Sheet Information Related To Leases [Table Text Block] | A summary of the lease classification on our consolidated balance sheet as of March 26, 2022 is as follows (in thousands): Assets: Operating lease right-of-use Other assets $ 1,916 Finance lease assets Operating property, less accumulated depreciation and amortization 137,818 Total lease assets $ 139,734 |
Finance And Operating Lease Maturity [Table Text Block] | Liabilities: The following table reconciles the undiscounted cash flows for the finance and operating leases to the finance and operating lease liabilities recorded on the balance sheet at March 26, 2022 (in thousands): Finance Leases Operating Leases 2022 Remainder $ 28,777 $ 583 2023 31,916 638 2024 22,045 534 2025 15,820 282 2026 7,668 — Thereafter — — Total future minimum lease payments 106,226 2,037 Less amount representing interest (1.6% to 4.4%) 3,954 121 Present value of minimum lease payments $ 102,272 $ 1,916 Current maturities of long-term debt 34,983 Long-term debt, excluding current maturities 67,289 Other current liabilities 744 Deferred income taxes and other noncurrent liabilities 1,172 |
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 26, 2022 were: Finance Leases Operating Leases Weighted average remaining lease term (years) 3.4 3.4 Weighted average discount rate 2.5 % 4.0 % |
Schedule Of Revenue By Major Cu
Schedule Of Revenue By Major Customers By Reporting Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 26, 2022 | Mar. 27, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 1,970,599 | $ 1,287,534 |
BCO Independent Contractors – Truck | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of Consolidated Revenue | 37.00% | 44.00% |
Brokerage Carriers - Truck | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of Consolidated Revenue | 52.00% | 49.00% |
Rail Intermodal | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of Consolidated Revenue | 2.00% | 2.00% |
Ocean and air cargo carriers | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of Consolidated Revenue | 8.00% | 4.00% |
BCO Independent Contractor Truck and Brokerage Carriers Truck | Van Equipment | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 1,081,206 | $ 729,402 |
BCO Independent Contractor Truck and Brokerage Carriers Truck | Unsided/Platform Equipment | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 408,757 | 297,485 |
BCO Independent Contractor Truck and Brokerage Carriers Truck | Less than Truckload | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 33,720 | 25,670 |
BCO Independent Contractor Truck and Brokerage Carriers Truck | Other Truck Transportation | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 227,601 | $ 140,932 |
Share-based Payment Arrangeme_3
Share-based Payment Arrangements - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 26, 2022 | Mar. 27, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Excess tax benefit from stock-based awards | $ 2,869,000 | $ 343,000 |
Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Recognized share-based compensation (benefit)/expense | 1,301,000 | 3,223,000 |
Unrecognized compensation cost, other than options | $ 27,300,000 | |
Unrecognized compensation cost expected to be recognized over period, years | 3 years 10 months 24 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 | $ 5,555,000 | |
Unrecognized compensation cost expected to be recognized over period, years | 2 years 4 months 24 days | |
Terms of award | Company’s common stock on the date of grant. Shares of non-vested restricted stock are generally subject to vesting in three equal annual installments either on the first, second and third anniversary of the date of the grant or the third, fourth and fifth anniversary of the date of the grant, or 100% on the first or fifth anniversary of the date of the grant. For restricted stock awards granted under the 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 | $ 369,000 | $ 521,000 |
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 reserved for issuance | 3,230,826 | |
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 | 56,502 | |
2013 Directors Stock Compensation Plan | Deferred Stock Unit | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock vesting percentage | 100.00% |
Amounts Recognized in Financial
Amounts Recognized in Financial Statements with Respect to Plans (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 26, 2022 | Mar. 27, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total cost of the Plans during the period | $ 1,995 | $ 4,029 |
Amount of related income tax benefit recognized during the period | (3,360) | (1,341) |
Net cost of the Plans during the period | $ (1,365) | $ 2,688 |
Schedule of Information on Rest
Schedule of Information on Restricted Stock Units (Detail) - Restricted Stock Units (RSUs) | 3 Months Ended |
Mar. 26, 2022$ / sharesshares | |
Number of Shares | |
Beginning Balance | shares | 209,399 |
Granted | shares | 49,405 |
Shares earned in excess of target | shares | 91,497 |
Vested shares, including shares earned in excess of target | shares | (174,366) |
Forfeited | shares | (15,044) |
Ending Balance | shares | 160,891 |
Weighted Average Grant Date Fair Value | |
Beginning Balance | $ / shares | $ 102.90 |
Granted | $ / shares | 139.78 |
Shares earned in excess of target | $ / shares | 92.58 |
Vested shares, including shares earned in excess of target | $ / shares | 96.14 |
Forfeited | $ / shares | 103.31 |
Ending Balance | $ / shares | $ 115.64 |
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. 26, 2022$ / sharesshares | |
Number of Shares and Deferred Stock Units | |
Beginning Balance | shares | 56,436 |
Granted | shares | 17,008 |
Vested | shares | (21,500) |
Forfeited | shares | (2,302) |
Ending Balance | shares | 49,642 |
Weighted Average Grant Date Fair Value | |
Beginning Balance | $ / shares | $ 125.16 |
Granted | $ / shares | 152.44 |
Vested | $ / shares | 110.16 |
Forfeited | $ / shares | 108.59 |
Ending Balance | $ / shares | $ 141.77 |
Summary of Information Regardin
Summary of Information Regarding Stock Options (Detail) $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 26, 2022USD ($)$ / sharesshares | |
Number of Options | |
Beginning Balance, number of options | shares | 8,570 |
Exercised, number of options | shares | (3,500) |
Ending Balance, number of options | shares | 5,070 |
Weighted Average Exercise Price per Share | |
Beginning Balance, Weighted Average Exercise Price per Share | $ / shares | $ 55.42 |
Exercised, Weighted Average Exercise Price per Share | $ / shares | 54.01 |
Ending Balance, Weighted Average Exercise Price per Share | $ / shares | $ 56.40 |
Options Exercisable, Number of Options | |
Options exercisable at the ending, Number of Options | shares | 5,070 |
Options Exercisable, Weighted Average Exercise Price per Share | |
Options exercisable at the ending, Weighted Average Exercise Price per Share | $ / shares | $ 56.40 |
Weighted Average Remaining Contractual Term (years) | |
Options outstanding at March 26, 2022 | 9 months 18 days |
Options exercisable at March 26, 2022 | 9 months 18 days |
Aggregate Intrinsic Value | |
Options outstanding at March 26, 2022 | $ | $ 495 |
Options exercisable at March 26, 2022 | $ | $ 495 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 3 Months Ended | |
Mar. 26, 2022 | Mar. 27, 2021 | |
Income Taxes [Line Items] | ||
Corporate income tax rate | 21.00% | 21.00% |
Estimated annual effective income tax rate | 24.50% | 24.40% |
Effective income tax rate | 22.80% | 24.40% |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 26, 2022 | Mar. 27, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock options excluded from calculation of diluted earnings per share, antidilutive | 0 | 0 |
Additional Cash Flow Informat_2
Additional Cash Flow Information - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 26, 2022 | Mar. 27, 2021 | |
Supplemental Cash Flow Information [Abstract] | ||
Income taxes paid | $ 2,031,000 | $ 353,000 |
Interest paid | 1,029,000 | 983,000 |
Capital Lease Obligations Incurred | $ 0 | $ 0 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) - Customer | 3 Months Ended | |
Mar. 26, 2022 | Mar. 27, 2021 | |
Segment Reporting Information [Line Items] | ||
Number of customers accounting for 10 percent or more of total revenue | 0 | 0 |
No single customer accounted for benchmark percentage to be considered major customer | 10.00% | 10.00% |
Information Regarding Reportabl
Information Regarding Reportable Business Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 26, 2022 | Mar. 27, 2021 | Dec. 25, 2021 | |
Segment Reporting Information [Line Items] | |||
External revenue | $ 1,970,599 | $ 1,287,534 | |
Internal revenue | 12,884 | 9,534 | |
Investment income | 721 | 684 | |
Operating income | 162,833 | 103,268 | |
Expenditures on long-lived assets | 3,609 | 4,076 | |
Goodwill | 40,945 | 40,732 | $ 40,768 |
Transportation Logistics | |||
Segment Reporting Information [Line Items] | |||
External revenue | 1,951,339 | 1,270,499 | |
Operating income | 151,946 | 89,732 | |
Expenditures on long-lived assets | 3,609 | 4,076 | |
Goodwill | 40,945 | 40,732 | |
Insurance | |||
Segment Reporting Information [Line Items] | |||
External revenue | 19,260 | 17,035 | |
Internal revenue | 12,884 | 9,534 | |
Investment income | 721 | 684 | |
Operating income | $ 10,887 | $ 13,536 |
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. 26, 2022 | Mar. 27, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | $ 862,010 | |
Other comprehensive (loss) income | (3,912) | $ (954) |
Ending Balance | 856,149 | |
Unrealized Holding Gains (Losses) on Available-for-Sale Securities | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | 113 | |
Other comprehensive (loss) income | (5,187) | |
Ending Balance | (5,074) | |
Foreign Currency Translation | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (5,516) | |
Other comprehensive (loss) income | 1,275 | |
Ending Balance | (4,241) | |
Accumulated Other Comprehensive Income (Loss) | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (5,403) | |
Other comprehensive (loss) income | (3,912) | |
Ending Balance | $ (9,315) |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 26, 2022 | Dec. 25, 2021 | |
Debt Securities, Available-for-sale [Line Items] | ||
Investments maximum maturity period | 5 years | |
Unrealized gain (loss), net of unrealized gains/losses, on the investments in the bond portfolio | $ (6,464,000) | $ 144,000 |
Amortized Cost and Fair Value o
Amortized Cost and Fair Value of Available-for-Sale Investments (Detail) - USD ($) $ in Thousands | Mar. 26, 2022 | Dec. 25, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 172,159 | $ 171,449 |
Gross Unrealized Gains | 212 | 1,456 |
Gross Unrealized Losses | 6,676 | 1,312 |
Fair Value | 165,695 | 171,593 |
Money market investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 14,913 | 8,750 |
Fair Value | 14,913 | 8,750 |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 21,259 | 22,441 |
Gross Unrealized Losses | 1,435 | 346 |
Fair Value | 19,824 | 22,095 |
Corporate bonds and direct obligations of government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 133,645 | 137,916 |
Gross Unrealized Gains | 212 | 1,406 |
Gross Unrealized Losses | 5,203 | 966 |
Fair Value | 128,654 | 138,356 |
U.S. Treasury obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,342 | 2,342 |
Gross Unrealized Gains | 50 | |
Gross Unrealized Losses | 38 | |
Fair Value | $ 2,304 | $ 2,392 |
Schedule of Unrealized Loss on
Schedule of Unrealized Loss on Available-for-Sale Investments (Detail) - USD ($) $ in Thousands | Mar. 26, 2022 | Dec. 25, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale investments with unrealized losses, Less than 12 months, Fair Value | $ 119,090 | $ 94,621 |
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss | 6,241 | 1,312 |
Available-for-sale investments with unrealized losses, 12 months or longer, Fair Value | 4,147 | |
Available-for-sale investments with unrealized losses, 12 months or longer, Unrealized Loss | 435 | |
Available-for-sale investments with unrealized losses, Fair Value, Total | 123,237 | 94,621 |
Available-for-sale investments with unrealized losses, Unrealized Loss, Total | 6,676 | 1,312 |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale investments with unrealized losses, Less than 12 months, Fair Value | 19,824 | 22,095 |
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss | 1,435 | 346 |
Available-for-sale investments with unrealized losses, Fair Value, Total | 19,824 | 22,095 |
Available-for-sale investments with unrealized losses, Unrealized Loss, Total | 1,435 | 346 |
Corporate bonds and direct obligations of government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale investments with unrealized losses, Less than 12 months, Fair Value | 96,962 | 72,526 |
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss | 4,768 | 966 |
Available-for-sale investments with unrealized losses, 12 months or longer, Fair Value | 4,147 | |
Available-for-sale investments with unrealized losses, 12 months or longer, Unrealized Loss | 435 | |
Available-for-sale investments with unrealized losses, Fair Value, Total | 101,109 | 72,526 |
Available-for-sale investments with unrealized losses, Unrealized Loss, Total | 5,203 | $ 966 |
U.S. Treasury obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale investments with unrealized losses, Less than 12 months, Fair Value | 2,304 | |
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss | 38 | |
Available-for-sale investments with unrealized losses, Fair Value, Total | 2,304 | |
Available-for-sale investments with unrealized losses, Unrealized Loss, Total | $ 38 |
Leases - Additional Information
Leases - Additional Information (Detail) | Mar. 26, 2022USD ($) |
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. 26, 2022USD ($) | |
Finance leases: | |
Amortization of right-of-use assets | $ 5,327 |
Interest on lease liability | 700 |
Total finance lease cost | 6,027 |
Operating leases: | |
Lease cost | 926 |
Sublease income | (1,213) |
Total net operating lease income | (287) |
Total net lease cost | $ 5,740 |
Leases - Classification on our
Leases - Classification on our Consolidated Balance Sheet (Detail) $ in Thousands | Mar. 26, 2022USD ($) |
Total lease assets | $ 139,734 |
Other Assets [Member] | |
Operating lease right-of-use assets | 1,916 |
Property Plant and Equipment Net [Member] | |
Finance lease assets | $ 137,818 |
Leases - Undiscounted Cash Flow
Leases - Undiscounted Cash Flows for the Finance and Operating Leases (Detail) - USD ($) $ in Thousands | Mar. 26, 2022 | Dec. 25, 2021 |
Operating Leased Assets [Line Items] | ||
2022 Remainder | $ 28,777 | |
2023 | 31,916 | |
2024 | 22,045 | |
2025 | 15,820 | |
2026 | 7,668 | |
Total future minimum lease payments | 106,226 | |
Less amount representing interest (1.6% to 4.4%) | 3,954 | |
Present value of minimum lease payments | 102,272 | |
Current maturities of long-term debt | 34,983 | $ 36,561 |
Long-term debt, excluding current maturities | 67,289 | |
2022 Remainder | 583 | |
2023 | 638 | |
2024 | 534 | |
2025 | 282 | |
2026 | 0 | |
Total future minimum lease payments | 2,037 | |
Less amount representing interest (1.6% to 4.4%) | 121 | |
Present value of minimum lease payments | 1,916 | |
Other current liabilities [Member] | ||
Operating Leased Assets [Line Items] | ||
Operating lease, liability, current | 744 | |
Deferred income taxes and other noncurrent liabilities [Member] | ||
Operating Leased Assets [Line Items] | ||
Operating lease, liability, non-current | $ 1,172 |
Leases - Undiscounted Cash Fl_2
Leases - Undiscounted Cash Flows for the Finance and Operating Leases (Parenthetical) (Details) | Mar. 26, 2022 |
Maximum [Member] | |
Finance lease Interest rate percentage | 4.40% |
Minimum [Member] | |
Finance lease Interest rate percentage | 1.60% |
Leases - Weighted Average Remai
Leases - Weighted Average Remaining Lease Term and the Weighted Average Discount Rate for Finance and Operating leases (Detail) | Mar. 26, 2022 |
Weighted average remaining lease term (years) | 3 years 4 months 24 days |
Weighted average discount rate | 2.50% |
Weighted average remaining lease term (years) | 3 years 4 months 24 days |
Weighted average discount rate | 4.00% |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | Aug. 18, 2020 | Mar. 26, 2022 | Dec. 25, 2021 |
Debt Instrument [Line Items] | |||
Debt Outstanding Excluding Capital Lease Obligations | $ 70,000,000 | ||
Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Debt Outstanding Excluding Capital Lease Obligations | $ 0 | ||
Credit facility, initiation date | Aug. 18, 2020 | ||
Credit facility, borrowing capacity | 250,000,000 | ||
Credit facility, maximum borrowing capacity | $ 400,000,000 | ||
Credit facility, debt covenants compliance | The Company is currently in compliance with all of the debt covenants under the Credit Agreement. | ||
Weighted average interest rate on borrowings outstanding | 1.66% | ||
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) | Mar. 26, 2022USD ($) |
Current Investments | Collateral Pledged [Member] | |
Commitments and Contingencies Disclosure [Line Items] | |
Investments providing collateral for letters of credit to guarantee insurance claims | $ 34,292,000 |
Restricted cash | 1,387,000 |
Non-Current Investments | |
Commitments and Contingencies Disclosure [Line Items] | |
Total non-current investments | 131,403,000 |
Non-Current Investments | Collateral Pledged [Member] | |
Commitments and Contingencies Disclosure [Line Items] | |
Investments providing collateral for letters of credit to guarantee insurance claims | 44,463,000 |
Revolving Credit Facility | |
Commitments and Contingencies Disclosure [Line Items] | |
Letters of credit outstanding | 33,170,000 |
Guarantee Payment of Insurance Claims | |
Commitments and Contingencies Disclosure [Line Items] | |
Letters of credit outstanding | $ 72,267,000 |