Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 30, 2023 | Jan. 26, 2024 | Jul. 01, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Document Annual Report | true | ||
Entity Central Index Key | 0000853816 | ||
Document Transition Report | false | ||
Current Fiscal Year End Date | --12-30 | ||
Document Period End Date | Dec. 30, 2023 | ||
Entity Registrant Name | Landstar System, Inc. | ||
Entity Filer Category | Large Accelerated Filer | ||
Trading Symbol | LSTR | ||
Title of 12(b) Security | Common Stock | ||
Security Exchange Name | NASDAQ | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 35,716,673 | ||
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 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 6,856,148,000 | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Auditor Firm ID | 185 | ||
Auditor Name | KPMG LLP | ||
Auditor Location | Jacksonville, Florida |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 |
Current Assets | ||
Cash and cash equivalents | $ 481,043 | $ 339,581 |
Short-term investments | 59,661 | 53,955 |
Trade accounts receivable, less allowance of $11,738 and $12,121 | 743,762 | 967,793 |
Other receivables, including advances to independent contractors, less allowance of $14,010 and $10,579 | 43,339 | 56,235 |
Other current assets | 24,936 | 21,826 |
Total current assets | 1,352,741 | 1,439,390 |
Operating property, less accumulated depreciation and amortization of $436,682 and $393,274 | 284,300 | 314,990 |
Goodwill | 42,275 | 41,220 |
Other assets | 122,530 | 136,279 |
Total assets | 1,801,846 | 1,931,879 |
Current Liabilities | ||
Cash overdraft | 61,541 | 92,953 |
Accounts payable | 395,980 | 527,372 |
Current maturities of long-term debt | 27,876 | 36,175 |
Insurance claims | 41,825 | 50,836 |
Dividends payable | 71,433 | 71,854 |
Other current liabilities | 76,569 | 98,945 |
Total current liabilities | 675,224 | 878,135 |
Long-term debt, excluding current maturities | 43,264 | 67,225 |
Insurance claims | 58,922 | 58,268 |
Deferred income taxes and other noncurrent liabilities | 40,513 | 41,030 |
Shareholders' Equity | ||
Common stock, $0.01 par value, authorized 160,000,000 shares, issued 68,497,324 and 68,382,310 shares | 685 | 684 |
Additional paid-in capital | 254,642 | 258,487 |
Retained earnings | 2,783,645 | 2,635,960 |
Cost of 32,780,651 and 32,455,300 shares of common stock in treasury | (2,048,184) | (1,992,886) |
Accumulated other comprehensive loss | (6,865) | (15,024) |
Total shareholders' equity | 983,923 | 887,221 |
Total liabilities and shareholders' equity | $ 1,801,846 | $ 1,931,879 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 |
Allowance on trade accounts receivable | $ 11,738 | $ 12,121 |
Allowance on other receivables | 14,010 | 10,579 |
Accumulated depreciation and amortization on operating property | $ 436,682 | $ 393,274 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, authorized shares | 160,000,000 | 160,000,000 |
Common stock, issued shares | 68,497,324 | 68,382,310 |
Treasury stock, shares | 32,780,651 | 32,455,300 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Revenue | $ 5,303,322 | $ 7,436,562 | $ 6,537,568 |
Investment income | 10,141 | 3,162 | 2,857 |
Costs and expenses: | |||
Purchased transportation | 4,068,262 | 5,804,017 | 5,114,667 |
Commissions to agents | 462,668 | 614,865 | 507,209 |
Other operating costs, net of gains on asset sales/dispositions | 54,191 | 45,192 | 36,531 |
Insurance and claims | 114,241 | 125,835 | 105,463 |
Selling, general and administrative | 211,799 | 221,279 | 221,278 |
Depreciation and amortization | 58,153 | 57,453 | 49,609 |
Total costs and expenses | 4,969,314 | 6,868,641 | 6,034,757 |
Operating income | 344,149 | 571,083 | 505,668 |
Interest and debt (income) expense | (3,946) | 3,620 | 3,976 |
Income before income taxes | 348,095 | 567,463 | 501,692 |
Income taxes | 83,701 | 136,549 | 120,168 |
Net income | $ 264,394 | $ 430,914 | $ 381,524 |
Basic earnings per share | $ 7.36 | $ 11.76 | $ 9.98 |
Diluted earnings per share | $ 7.36 | $ 11.76 | $ 9.98 |
Average basic shares outstanding | 35,920,000 | 36,633,000 | 38,235,000 |
Average diluted shares outstanding | 35,920,000 | 36,633,000 | 38,235,000 |
Dividends per common share | $ 3.26 | $ 3.1 | $ 2.92 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Net income | $ 264,394 | $ 430,914 | $ 381,524 |
Other comprehensive income (loss): | |||
Unrealized holding gains (losses) on available-for-sale investments, net of tax expense (benefit) of $942, ($2,345) and ($739) | 3,439 | (8,562) | (2,695) |
Foreign currency translation gains (losses) | 4,720 | (1,059) | (709) |
Other comprehensive income (loss) | 8,159 | (9,621) | (3,404) |
Comprehensive income | $ 272,553 | $ 421,293 | $ 378,120 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Unrealized holding gains (losses) on available-for-sale investments, net of tax expense (benefit) | $ 942 | $ (2,345) | $ (739) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
OPERATING ACTIVITIES | |||
Net income | $ 264,394 | $ 430,914 | $ 381,524 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 58,153 | 57,453 | 49,609 |
Non-cash interest charges | 263 | 355 | 447 |
Provisions for losses on trade and other accounts receivable | 14,032 | 12,220 | 5,722 |
Gains on sales/disposals of operating property | (4,574) | (2,944) | (1,830) |
Deferred income taxes, net | (7,709) | (5,360) | (3,790) |
Stock-based compensation | 4,282 | 12,399 | 27,537 |
Changes in operating assets and liabilities: | |||
Decrease (increase) in trade and other accounts receivable | 222,895 | 219,190 | (362,234) |
(Increase) decrease in other assets | (2,544) | (5,938) | 4,444 |
(Decrease) increase in accounts payable | (131,392) | (76,758) | 224,125 |
(Decrease) increase in other liabilities | (15,795) | (31,571) | 43,422 |
(Decrease) increase in insurance claims | (8,357) | 12,699 | (92,236) |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 393,648 | 622,659 | 276,740 |
INVESTING ACTIVITIES | |||
Sales and maturities of investments | 112,555 | 41,198 | 31,938 |
Purchases of investments | (101,639) | (40,202) | (84,992) |
Purchases of operating property | (25,688) | (26,005) | (23,261) |
Proceeds from sales of operating property | 8,294 | 5,236 | 2,971 |
Purchase of non-marketable securities | 0 | (4,999) | 0 |
NET CASH USED BY INVESTING ACTIVITIES | (6,478) | (24,772) | (73,344) |
FINANCING ACTIVITIES | |||
(Decrease) increase in cash overdraft | (31,412) | (23,525) | 41,730 |
Dividends paid | (117,130) | (115,671) | (111,961) |
Payment for debt issue costs | 0 | (1,080) | 0 |
Proceeds from exercises of stock options | 28 | 68 | 160 |
Taxes paid in lieu of shares issued related to stock-based compensation plans | (9,185) | (10,428) | (2,342) |
Purchases of common stock | (53,919) | (285,983) | (122,722) |
Principal payments on finance lease obligations | (36,353) | (39,063) | (37,644) |
Payment of deferred consideration | 0 | 0 | (168) |
NET CASH USED BY FINANCING ACTIVITIES | (247,971) | (475,682) | (232,947) |
Effect of exchange rate changes on cash and cash equivalents | 2,263 | (2,195) | (232) |
Increase (decrease) in cash, cash equivalents and restricted cash | 141,462 | 120,010 | (29,783) |
Cash, cash equivalents and restricted cash at beginning of period | 339,581 | 219,571 | 249,354 |
Cash, cash equivalents and restricted cash at end of period | $ 481,043 | $ 339,581 | $ 219,571 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock at Cost | Accumulated Other Comprehensive (Loss) Income |
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 | 381,524 | 381,524 | ||||
Dividends | (110,578) | (110,578) | ||||
Purchases of common stock (in shares) | 733,854 | |||||
Purchases of common stock | (122,722) | $ (122,722) | ||||
Issuance of stock related to stock-based compensation plans (in shares) | 49,273 | 7,742 | ||||
Issuance of stock related to stock-based compensation plans | (2,182) | $ 0 | (1,264) | $ (918) | ||
Stock-based compensation | 27,537 | 27,537 | ||||
Other comprehensive income (loss) | (3,404) | (3,404) | ||||
Ending Balance (in shares) at Dec. 25, 2021 | 68,232,975 | 30,539,235 | ||||
Ending Balance at Dec. 25, 2021 | 862,010 | $ 682 | 255,148 | 2,317,184 | $ (1,705,601) | (5,403) |
Net income | 430,914 | 430,914 | ||||
Dividends | (112,138) | (112,138) | ||||
Purchases of common stock (in shares) | 1,900,826 | |||||
Purchases of common stock | (285,983) | $ (285,983) | ||||
Issuance of stock related to stock-based compensation plans (in shares) | 149,335 | 15,239 | ||||
Issuance of stock related to stock-based compensation plans | (10,360) | $ 2 | (9,060) | $ (1,302) | ||
Stock-based compensation | 12,399 | 12,399 | ||||
Other comprehensive income (loss) | (9,621) | (9,621) | ||||
Ending Balance (in shares) at Dec. 31, 2022 | 68,382,310 | 32,455,300 | ||||
Ending Balance at Dec. 31, 2022 | 887,221 | $ 684 | 258,487 | 2,635,960 | $ (1,992,886) | (15,024) |
Net income | 264,394 | 264,394 | ||||
Dividends | (116,709) | (116,709) | ||||
Purchases of common stock (in shares) | 319,332 | |||||
Purchases of common stock | (54,267) | $ (54,267) | ||||
Issuance of stock related to stock-based compensation plans (in shares) | 115,014 | 6,019 | ||||
Issuance of stock related to stock-based compensation plans | (9,157) | $ 1 | (8,127) | $ (1,031) | ||
Stock-based compensation | 4,282 | 4,282 | ||||
Other comprehensive income (loss) | 8,159 | 8,159 | ||||
Ending Balance (in shares) at Dec. 30, 2023 | 68,497,324 | 32,780,651 | ||||
Ending Balance at Dec. 30, 2023 | $ 983,923 | $ 685 | $ 254,642 | $ 2,783,645 | $ (2,048,184) | $ (6,865) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Dividends per common share | $ 3.26 | $ 3.1 | $ 2.92 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ 264,394 | $ 430,914 | $ 381,524 |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Dec. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 30, 2023 | |
Significant Accounting Policies | (1) Significant Accounting Policies Consolidation The consolidated financial statements include the accounts of Landstar System, Inc. and its subsidiary, Landstar System Holdings, Inc. (“LSHI”). Landstar System, Inc. and its subsidiary are herein referred to as “Landstar” or the “Company.” Significant intercompany accounts have been eliminated in consolidation. Estimates The preparation of the consolidated financial statements requires the use of management’s estimates. Actual results could differ from those estimates. Fiscal Year Landstar’s fiscal year is the 52 or 53 week period ending the last Saturday in December. Revenue Recognition The nature of the Company’s freight transportation services and its performance obligations to customers, regardless of the mode of transportation used to perform such services, relate to the safe and on-time pick-up shipment-by-shipment shipment-by-shipment pre-defined (30-60) pick-up pick-up 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 fiscal years ended December 30, 2023, December 31, 2022 and December 25, 2021 (dollars in thousands): Fiscal Years Ended December 30, 2023 December 31, 2022 December 25, 2021 Mode Truck – BCO Independent Contractors 38 % 35 % 40 % Truck – Truck Brokerage Carriers 53 % 54 % 51 % Rail intermodal 2 % 2 % 2 % Ocean and air cargo carriers 5 % 8 % 5 % Truck Equipment Type Van equipment $ 2,742,281 $ 3,892,085 $ 3,525,830 Unsided/platform equipment $ 1,490,393 $ 1,760,357 $ 1,549,037 Less-than-truckload $ 117,683 $ 142,438 $ 117,505 Other truck transportation (1) $ 479,173 $ 835,959 $ 770,846 (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. Insurance Claim Costs Landstar provides, primarily on an actuarially determined basis, for the estimated costs of cargo, property, casualty, general liability and workers’ compensation claims both reported and for claims incurred but not reported. Landstar retains liability through a self-insured retention for commercial trucking claims up to $5 million per occurrence. Effective May 1, 2019, the Company entered into a three year commercial auto liability insurance arrangement for losses incurred between $5 million and $10 million (the “2019 Initial Excess Policy”) with a third party insurance company. The Company subsequently extended the 2019 Initial Excess Policy for one additional policy year, from May 1, 2022 through April 30, 2023. For commercial trucking claims incurred on or after May 1, 2022 through April 30, 2023, the extended 2019 Initial Excess Policy provides for a limit for a single loss of $5 million, with an aggregate limit of $10 million for the policy period ended April 30, 2023. Effective May 1, 2023, the Company entered into a new three year commercial auto liability insurance arrangement for losses incurred between $ 5 18 thirty-six thirty-six The Company also maintains third party insurance arrangements providing excess coverage for commercial trucking liabilities in excess of These third party arrangements provide coverage on a per occurrence or aggregated basis. The Company from year to year manages the level of its financial exposure to commercial trucking claims in excess Further, the Company retains liability of up to $2,000,000 for each general liability claim, $250,000 for each workers’ compensation claim and $250,000 for each cargo claim. In addition, under reinsurance arrangements by Signature of certain risks of the Company’s BCO Independent Contractors, the Company retains liability of up to $500,000, $1,000,000 or $2,000,000 with respect to certain occupational accident claims and up to $750,000 with respect to certain workers’ compensation claims. Tires Tires purchased as part of trailing equipment are capitalized as part of the cost of the equipment. Replacement tires are charged to expense when placed in service. Cash, Cash Equivalents and Restricted Cash Included in cash and cash equivalents are all investments, except those provided for collateral, with an original maturity of 3 months or less. At December 30, 2023 and December 31, 2022, the Company had no restricted cash held by the Company’s insurance segment. At December 25, 2021, the Company had Financial Instruments The Company’s financial instruments include cash equivalents, short and long-term investments, trade and other accounts receivable, accounts payable, other accrued liabilities, and long-term debt plus current maturities (“Debt”). The carrying value of cash equivalents, trade and other accounts receivable, accounts payable, current insurance claims and other accrued liabilities approximates fair value as the assets and liabilities are short term in nature. Short and long-term investments are carried at fair value as further described in Note 3 in the Company’s consolidated financial statements. The Company’s Debt includes borrowings under the Company’s revolving credit facility, to the extent there are any, plus borrowings relating to finance lease obligations used to finance trailing equipment. 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. Trade and Other Receivables The allowance for doubtful accounts for both trade and other receivables represents management’s estimate of the amount of outstanding receivables that will not be collected. Estimates are used to determine the allowance for doubtful accounts for both trade and other receivables and are generally based on specific identification, historical collection results, current economic trends and changes in payment trends. Following is a summary of the activity in the allowance for doubtful accounts for fiscal years ending December 30, 2023, December 31, 2022 and December 25, 2021 (in thousands): Balance at Beginning of Period Charged to Costs and Expenses Write-offs, Net of Recoveries Balance at End of Period For the Fiscal Year Ended December 30, 2023 Trade receivables $ 12,121 $ 5,704 $ (6,087 ) $ 11,738 Other receivables 11,745 8,325 (4,694 ) 15,376 Other non-current 203 3 — 206 $ 24,069 $ 14,032 $ (10,781 ) $ 27,320 For the Fiscal Year Ended December 31, 2022 Trade receivables $ 7,074 $ 7,354 $ (2,307 ) $ 12,121 Other receivables 9,511 4,863 (2,629 ) 11,745 Other non-current 200 3 — 203 $ 16,785 $ 12,220 $ (4,936 ) $ 24,069 For the Fiscal Year Ended December 25, 2021 Trade receivables $ 8,670 $ 1,735 $ (3,331 ) $ 7,074 Other receivables 8,399 4,050 (2,938 ) 9,511 Other non-current 264 (63 ) (1 ) 200 $ 17,333 $ 5,722 $ (6,270 ) $ 16,785 Operating Property Operating property is recorded at cost. Depreciation is provided on a straight-line basis over the estimated useful lives of the related assets. Buildings and improvements are being depreciated over 30 years. Trailing equipment is being depreciated over 7 to 10 years. Information technology hardware and software is generally being depreciated over 3 to 7 years. Goodwill Goodwill represents the excess of the purchase price paid over the fair value of the net assets of acquired businesses. The Company has two reporting units within the transportation logistics segment that report goodwill. The Company reviews its goodwill balance annually for impairment for each reporting unit, unless circumstances dictate more frequent assessments, and in accordance with ASU 2011-08, Testing Goodwill for Impairment 2011-08 Income Taxes Income tax expense is equal to the current year’s liability for income taxes and a provision for deferred income taxes. Deferred tax assets and liabilities are recorded for the future tax effects attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the enacted tax rates expected to be applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. Share-Based Payments The Company’s share-based payment arrangements include restricted stock units (“RSU”), non-vested non-vested non-vested Earnings Per Share Basic earnings per common share are based on the weighted average number of common shares outstanding, which includes outstanding non-vested For the fiscal years ended December 30, 2023, December 31, 2022 and December 25, 2021, no options outstanding to purchase shares of Common Stock were antidilutive. As of December 30, 2023, there were no outstanding options issued by the Company . Dividends Payable On December 4, 2023, the Company announced that its Board of Directors declared a special cash dividend of $2.00 per share payable on On Foreign Currency Translation Assets and liabilities of the Company’s Canadian and Mexican operations are translated from their functional currency to U.S. dollars using exchange rates in effect at the balance sheet date and revenue and expense accounts are translated at average monthly exchange rates during the period. Adjustments resulting from the translation process are included in accumulated other comprehensive income. Transactional gains and losses arising from receivable and payable balances, including intercompany balances, in the normal course of business that are denominated in a currency other than the functional currency of the operation are recorded in the statements of income when they occur. |
Other Comprehensive Income
Other Comprehensive Income | 12 Months Ended |
Dec. 30, 2023 | |
Other Comprehensive Income | (2) 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 fiscal years ended December 30, 2023, December 31, 2022 and December 25, 2021 (in thousands): Unrealized Available-for-Sale Foreign Currency Total Balance as of December 26, 2020 $ 2,808 $ (4,807 ) $ (1,999 ) Other comprehensive loss (2,695 ) (709 ) (3,404 ) Balance as of December 25, 2021 113 (5,516 ) (5,403 ) Other comprehensive loss (8,562 ) (1,059 ) (9,621 ) Balance as of December 31, 2022 (8,449 ) (6,575 ) $ (15,024 ) Other comprehensive income 3,439 4,720 8,159 Balance as of December 30, 2023 $ (5,010 ) $ (1,855 ) $ (6,865 ) 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 fiscal years ended December 30, 2023, December 31, 2022 and December 25, 2021. |
Investments
Investments | 12 Months Ended |
Dec. 30, 2023 | |
Investments | (3) Investments Investments include primarily investment-grade corporate bonds, asset-backed securities and U.S. T available-for-sale available-for-sale non-credit-related adjusted to reflect illiquidity and/or non-transferability, The amortized cost and fair values of available-for-sale Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 30, 2023 Money market investments $ 16,832 $ — $ — $ 16,832 Asset-backed securities 16,543 — 2,236 14,307 Corporate bonds and direct obligations of government agencies 118,481 279 4,384 114,376 U.S. Treasury obligations 6,287 2 43 6,246 Total $ 158,143 $ 281 $ 6,663 $ 151,761 December 31, 2022 Money market investments $ 21,910 $ — $ — $ 21,910 Asset-backed securities 18,905 — 2,889 16,016 Corporate bonds and direct obligations of government agencies 126,134 1 7,775 118,360 U.S. Treasury obligations 2,344 — 100 2,244 Total $ 169,293 $ 1 $ 10,764 $ 158,530 For those available-for-sale Less than 12 months 12 months or longer Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss December 30, 2023 Asset-backed securities $ — $ — $ 14,307 $ 2,236 $ 14,307 $ 2,236 Corporate bonds and direct obligations of government agencies 3,506 42 86,841 4,342 90,347 4,384 U.S. Treasury obligations — — 2,305 43 2,305 43 Total $ 3,506 $ 42 $ 103,453 $ 6,621 $ 106,959 $ 6,663 December 31, 2022 Asset-backed securities $ — $ — $ 16,016 $ 2,889 $ 16,016 $ 2,889 Corporate bonds and direct obligations of government agencies 54,031 1,516 62,390 6,259 116,421 7,775 U.S. Treasury obligations 2,244 100 — — 2,244 100 Total $ 56,275 $ 1,616 $ 78,406 $ 9,148 $ 134,681 $ 10,764 The Company believes unrealized losses on investments were primarily caused by rising interest rates rather than changes in credit quality. The Company expects to recover, through collection of all of the contractual cash flows of each security, the amortized cost basis of these securities as it does not intend to sell, and does not anticipate being required to sell, these securities before recovery of the cost basis. For these reasons, no losses have been recognized in the Company’s consolidated statements of income. Short-term investments include $59,661,000 in current maturities of investments held by the Company’s insurance segment at December 30, 2023. The non-current non-current Investment income represents the earnings on the insurance segment’s assets. Investment income earned from the assets of the insurance segment are included as a component of operating income as the investment of these assets is critical to providing collateral, liquidity and earnings with respect to the operation of the Company’s insurance programs. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 30, 2023 | |
Income Taxes | (4) Income Taxes The provisions for income taxes consisted of the following (in thousands): Fiscal Years 2023 2022 2021 Current: Federal $ 76,827 $ 116,642 $ 104,640 State 13,305 23,309 18,462 Foreign 1,278 1,958 856 Total current $ 91,410 $ 141,909 $ 123,958 Deferred: Federal $ (8,410 ) $ (3,945 ) $ (3,278 ) State 701 (1,415 ) (512 ) Total deferred $ (7,709 ) $ (5,360 ) $ (3,790 ) Income taxes $ 83,701 $ 136,549 $ 120,168 Temporary differences and carryforwards which gave rise to deferred tax assets and liabilities consisted of the following (in thousands): Dec. 30, 2023 Dec. 31, 2022 Deferred tax assets: Receivable valuations $ 6,616 $ 5,838 Share-based payments 2,550 5,021 Self-insured claims 3,376 3,205 Other 10,412 11,381 Total deferred tax assets $ 22,954 $ 25,445 Deferred tax liabilities: Operating property $ 39,117 $ 49,092 Goodwill 4,107 3,892 Other 3,718 3,895 Total deferred tax liabilities $ 46,942 $ 56,879 Net deferred tax liability $ 23,988 $ 31,434 The following table summarizes the differences between income taxes calculated at the federal income tax rate of 21% on income before income taxes and the provisions for income taxes (in thousands): Fiscal Years 2023 2022 2021 Income taxes at federal income tax rate $ 73,100 $ 119,167 $ 105,355 State income taxes, net of federal income tax benefit 11,250 16,596 14,260 Non-deductible 2,309 3,552 2,946 Meals and entertainment exclusion 520 200 — Share-based payments (2,832 ) (2,958 ) (1,070 ) Research and development credits (1,672 ) (1,526 ) (2,069 ) Other, net 1,026 1,518 746 Income taxes $ 83,701 $ 136,549 $ 120,168 The Company files a consolidated U.S. federal income tax return. The Company or its subsidiaries file state tax returns in the majority of the U.S. state tax jurisdictions. With few exceptions, the Company and its subsidiaries are no longer subject to U.S. federal or state income tax examinations by tax authorities for 2019 and prior years. The Company’s wholly-owned Canadian subsidiary, Landstar Canada, Inc., is subject to Canadian income and other taxes. The Company’s wholly-owned Mexican subsidiaries, Landstar Holdings, S. de R.L.C.V. and Landstar Metro, S.A.P.I. de C.V., are subject to Mexican income and other taxes. The Company’s Canadian and Mexican subsidiaries also may each be subject to U.S. income and other taxes. As of December 30, 2023 and December 31, 2022, the Company had $ and $ , respectively, of net unrecognized tax benefits representing the provision for the uncertainty of certain tax positions plus a component of interest and penalties. Estimated interest and penalties on the provision for the uncertainty of certain tax positions is included in income tax expense. At December 30, 2023 and December 31, 2022, there was $ and $ , respectively, accrued for estimated interest and penalties related to the uncertainty of certain tax positions. The Company does not currently anticipate any significant increase or decrease to the unrecognized tax benefit during fiscal year 2024. The following table summarizes the rollforward of the total amounts of gross unrecognized tax benefits for fiscal years 2023 and 2022 (in thousands): Fiscal Years 2023 2022 Gross unrecognized tax benefits – beginning of the year $ 3,726 $ 2,845 Gross increases related to current year tax positions 953 789 Gross increases related to prior year tax positions 1,570 792 Gross decreases related to prior year tax positions — (83 ) Lapse of statute of limitations (795 ) (617 ) Gross unrecognized tax benefits – end of the year $ 5,454 $ 3,726 Landstar paid income taxes of $92,695,000 in fiscal year 2023, $158,715,000 in fiscal year 2022 and $104,844,000 in fiscal year 2021. |
Operating Property
Operating Property | 12 Months Ended |
Dec. 30, 2023 | |
Operating Property | (5) Operating Property Operating property is summarized as follows (in thousands): Dec. 30, 2023 Dec. 31, 2022 Land $ 16,328 $ 16,328 Buildings and improvements 71,157 69,160 Trailing equipment 491,208 502,322 Information technology hardware and software 132,153 110,626 Other equipment 10,136 9,828 Total operating property, gross 720,982 708,264 Less accumulated depreciation and amortization 436,682 393,274 Total operating property, net $ 284,300 $ 314,990 Included above is $143,542,000 in fiscal year 2023 and $185,609,000 in fiscal year 2022 of operating property under finance leases, $100,188,000 and $137,087,000, respectively, net of accumulated depreciation and amortization. Landstar acquired operating property by entering into finance leases in the amount of $4,093,000 in fiscal year 2023, $30,659,000 in fiscal year 2022 and $48,674,000 in fiscal year 2021. |
Retirement Plan
Retirement Plan | 12 Months Ended |
Dec. 30, 2023 | |
Retirement Plan | (6) Retirement Plan Landstar sponsors an Internal Revenue Code section 401(k) defined contribution plan for the benefit of U.S. domiciled full-time employees who have completed three months of service. Eligible employees make voluntary contributions up to 75% of their base salary, subject to certain limitations. Landstar contributes an amount equal to 100% of the first 3% and 50% of the next 2% of such contributions, subject to certain limitations. The expense for the Company-sponsored defined contribution plan included in selling, general and administrative expense was $2,812,000 in fiscal year 2023, $2,716,000 in fiscal year 2022 and $2,374,000 in fiscal year 2021. |
Debt
Debt | 12 Months Ended |
Dec. 30, 2023 | |
Debt | (7) Debt Other than the finance lease obligations as presented on the consolidated balance sheets, the Company had no outstanding debt as of December 30, 2023 and December 31, 2022. On July 1, 2022, Landstar entered into a second amended and restated credit agreement with a bank syndicate led by JPMorgan Chase Bank, N.A., as administrative agent (the “Credit Agreement”). The Credit Agreement, which matures July 1, 2027, provides for borrowing capacity in the form of a revolving credit facility of $300,000,000, $45,000,000 of which may be utilized in the form of letters of credit. The Credit Agreement also includes an “accordion” feature providing for a possible increase of up to an aggregate amount of borrowing capacity of $600,000,000. As of December 30, 2023, the Company had no borrowings outstanding under the Credit Agreement. The revolving credit loans under the Credit Agreement, at the option of Landstar, bear interest at (i) a forward-looking term rate based on the secured overnight financing rate plus 0.10% and an applicable margin ranging from 1.25% to 2.00%, or (ii) an alternate base rate plus an applicable margin ranging from 0.25% to 1.00%, in each case with the applicable margin determined based upon the Company’s Leverage Ratio, as defined in the Credit Agreement, at the end of the most recent applicable fiscal quarter for which financial statements have been delivered. The revolving credit facility bears a commitment fee, payable quarterly in arrears, of 0.20% to 0.30%, based on the Company’s Leverage Ratio at the end of the most recent applicable fiscal quarter for which financial statements have been delivered. The Credit Agreement contains a number of covenants that limit, among other things, the incurrence of additional indebtedness. The Company is required to, among other things, maintain a minimum fixed charge coverage ratio, as described in the Credit Agreement, and maintain a Leverage Ratio, as defined in the Credit Agreement, below a specified maximum. The Credit Agreement provides for a restriction on cash dividends and other distributions to stockholders on the Company’s capital stock to the extent there is a default under the Credit Agreement. In addition, the Credit Agreement under certain circumstances limits the amount of such cash dividends and other distributions to stockholders to the extent that, after giving effect to any payment made to effect such cash dividend or other distribution, the Leverage Ratio would exceed 2.5 The interest rates on borrowings under the revolving credit facility are typically tied to short-term interest rates and, as such, carrying value approximates fair value. Interest rates on borrowings under finance leases approximate the interest rates that would currently be available to the Company under similar terms and, as such, carrying value approximates fair value. Landstar paid interest of $3,604,000 in fiscal year 2023, $4,151,000 in fiscal year 2022 and $3,715,000 in fiscal year 2021. |
Leases
Leases | 12 Months Ended |
Dec. 30, 2023 | |
Leases | (8) Leases Landstar’s noncancelable leases are primarily comprised of finance leases for the acquisition of new trailing equipment. Each finance lease for the acquisition of trailing equipment is a five year lease with a $1 purchase option for the applicable equipment at lease expiration. Substantially all of Landstar’s operating lease right-of-use build-out “month-to-month” Most of Landstar’s operating leases include one or more options to renew. The exercise of lease renewal options is typically at Landstar’s sole discretion, and, as such, the majority of renewals to extend the lease terms are not included in the right-of-use As most of Landstar’s operating leases do not provide an implicit rate, Landstar utilized its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments. Landstar has a centrally managed treasury function; therefore, based on the applicable lease terms and the current economic environment, the Company applies a portfolio approach for determining the incremental borrowing rate. The components of lease cost for finance leases and operating leases as of December 30, 2023 were (in thousands): Finance leases: Amortization of right-of-use $ 20,258 Interest on lease liability 2,598 Total finance lease cost 22,856 Operating leases: Lease cost 3,603 Variable lease cost — Sublease income (5,456 ) Total net operating lease income (1,853 ) Total net lease cost $ 21,003 Total net operating lease income, net of rent expense under operating leases, was $2,121,000 and $1,632,000 in fiscal years 2022 and 2021, respectively. A summary of the lease classification on the Company’s consolidated balance sheet as of December 30, 2023 is as follows (in thousands): Assets: Operating lease right-of-use Other assets $ 1,695 Finance lease assets Operating property, less accumulated depreciation and amortization 100,188 Total lease assets $ 101,883 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 December 30, 2023 (in thousands): Finance Operating Leases 2024 $ 29,739 $ 857 2025 23,554 544 2026 15,448 213 2027 5,049 176 2028 948 49 Thereafter — — Total future minimum lease payments 74,738 1,839 Less amount representing interest (1.6% to 6.0%) 3,598 144 Present value of minimum lease payments $ 71,140 $ 1,695 Current maturities of long-term debt 27,876 Long-term debt, excluding current maturities 43,264 Other current liabilities 832 Deferred income taxes and other noncurrent liabilities 863 The weighted average remaining lease term and the weighted average discount rate for finance and operating leases as of December 30, 2023 were: Finance Leases Operating Leases Weighted average remaining lease term (years) 2.9 2.7 Weighted average discount rate 3.1 % 6.0 % |
Share-Based Payment Arrangement
Share-Based Payment Arrangements | 12 Months Ended |
Dec. 30, 2023 | |
Share-Based Payment Arrangements | (9) Share-Based Payment Arrangements As of December 30, 2023, the Company has an employee equity incentive plan, the 2011 equity incentive plan (the “2011 EIP”). The Company also has a stock compensation plan for members of its Board of Directors, the 2022 Directors Stock Compensation Plan (the “2022 DSCP”), which replaced the Amended and Restated 2013 Directors Stock Compensation Plan (as amended and restated, the “2013 DSCP”). The provisions of the 2022 DSCP are substantially similar to the provisions of the 2013 DSCP. 6,000,000 shares of the Company’s Common Stock were authorized for issuance under the 2011 EIP and 200,000 shares of the Company’s Common Stock were authorized for issuance under the 2022 DSCP. The 2011 EIP, 2013 DSCP and 2022 DSCP are each referred to herein as a “Plan,” and, collectively, as the “Plans.” Amounts recognized in the financial statements with respect to these Plans are as follows (in thousands): Fiscal Years 2023 2022 2021 Total cost of the Plans during the period $ 4,282 $ 12,399 $ 27,537 Amount of related income tax benefit recognized during the period (3,622 ) (5,199 ) (7,063 ) Net cost of the Plans during the period $ 660 $ 7,200 $ 20,474 Included in income tax benefits recognized in the fiscal years ended December 30, 2023, December 31, 2022 and December 25, 2021 were excess tax benefits from stock-based awards of $2,830,000, $2,948,000 and $1,057,000, respectively. As of December 30, 2023, there were 187,260 shares of the Company’s Common Stock reserved for issuance under the 2022 DSCP and 3,014,145 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 Weighted Average Grant Date Outstanding at December 26, 2020 183,213 $ 93.44 Granted 46,342 $ 128.64 Shares earned in excess of target (1) 7,132 $ 31.97 Vested shares, including shares earned in excess of target (24,600 ) $ 59.85 Forfeited (2,688 ) $ 107.76 Outstanding at December 25, 2021 209,399 $ 102.90 Granted 50,019 $ 139.44 Shares earned in excess of target (2) 91,497 $ 92.58 Vested shares, including shares earned in excess of target (177,146 ) $ 95.48 Forfeited (21,989 ) $ 113.85 Outstanding at December 31, 2022 151,780 $ 115.80 Granted 41,638 $ 164.91 Shares earned in excess of target (3) 79,176 $ 98.39 Vested shares, including shares earned in excess of target (137,861 ) $ 97.97 Forfeited (2,011 ) $ 142.67 Outstanding at December 30, 2023 132,722 $ 138.93 (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. (2) 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 under each such award. (3) Represents additional shares earned (i) under the February 1, 2019 and January 31, 2020 RSU awards as fiscal year 2022 financial results exceeded target performance level and (ii) under the April 24, 2018 and July 1, 2019 RSU awards as total shareholder return during the applicable performance period exceeded target performance level under each of those awards. During fiscal years 2021, 2022 and 2023, the Company granted RSUs with a performance condition. RSUs with a performance condition granted on February 3, 2023 may vest on January 31 of 2026, 2027 and 2028 based on growth in operating income and pre-tax pre-tax pre-tax non-cash The Company recognized approximately $581,000, $9,100,000 and $24,197,000 of share-based compensation expense related to RSU awards in fiscal years 2023, 2022 and 2021, respectively. As of December 30, 2023, there was a maximum of $30.2 million of total unrecognized compensation cost related to RSU awards granted under the Plans with an expected average remaining life of approximately 3.2 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 2011 EIP provides the Compensation Committee of the Board of Directors with the authority to issue shares of Common Stock of the Company, subject to certain vesting and other restrictions on transfer (“restricted stock”). The following table summarizes information regarding the Company’s outstanding shares of non-vested Number of Shares and Deferred Stock Units Weighted Average Fair Value Non-vested 60,440 $ 103.65 Granted 26,351 $ 150.20 Vested (29,055 ) $ 104.35 Forfeited (1,300 ) $ 97.81 Non-vested 56,436 $ 125.16 Granted 25,354 $ 152.54 Vested (27,074 ) $ 122.68 Forfeited (6,921 ) $ 144.45 Non-vested 47,795 $ 138.30 Granted 22,714 $ 179.32 Vested (24,161 ) $ 138.35 Non-vested 46,348 $ 158.38 The fair value of each share of non-vested non-vested As of 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 Stock Options The Company did not grant any stock options during its 2021, 2022 or 2023 fiscal years. Options outstanding under the Plans generally become exercisable in either five equal annual installments commencing on the first anniversary of the date of grant or 100% on the fifth anniversary from the date of grant, subject to acceleration in certain circumstances. All options granted under the Plans expire on the tenth anniversary of the date of grant. Under the Plans, the exercise price of each option equals the fair market value of the Company’s Common Stock on the date of grant. The fair value of each option grant on its grant date was calculated using the Black-Scholes option pricing model. The Company utilized historical data, including exercise patterns and employee departure behavior, in estimating the term that options will be outstanding. Expected volatility was based on historical volatility and other factors, such as expected changes in volatility arising from planned changes to the Company’s business, if any. The risk-free interest rate was based on the yield of zero coupon U.S. Treasury bonds for terms that approximated the terms of the options granted. The following table summarizes information regarding the Company’s outstanding stock options under the Plans: Options Outstanding Options Exercisable Number of Options Weighted Average Exercise Price per Share Number of Options Weighted Average Exercise Price per Share Options at December 26, 2020 17,650 $ 54.16 17,650 $ 54.16 Exercised (9,080 ) $ 52.97 Options at December 25, 2021 8,570 $ 55.42 8,570 $ 55.42 Exercised (6,670 ) $ 55.14 Options at December 31, 2022 1,900 $ 56.40 1,900 $ 56.40 Exercised (1,900 ) $ 56.40 Options at December 30, 2023 — — The total intrinsic value of stock options exercised during fiscal years 2023, 2022 and 2021 was $218,000, $704,000 and $965,000, respectively. As of December 30, 2023, there was no unrecognized compensation cost related to non-vested Directors’ Stock Compensation Plan Directors of the Company who are not employees of the Company (each an “Eligible Director”) are entitled under the 2022 DSCP to receive a grant of such number of restricted shares of the Company’s Common Stock or Deferred Stock Units equal to the quotient of $150,000 divided by the fair market value of a share of Common Stock on the date immediately following the date of each annual meeting of the stockholders of the Company (an “Annual Meeting”). Each eligible Director was previously entitled under the 2013 DSCP to receive a grant of such number of restricted shares of the Company’s Common Stock or Deferred Stock Units equal to the quotient of $110,000 divided by the fair market value of a share of Common Stock on the date immediately following the date of each Annual Meeting. In fiscal year 2023, 5,957 restricted shares were granted to Eligible Directors. In fiscal year 2022, 7,063 restricted shares were granted to Eligible Directors. In fiscal year 2021, 3,804 restricted shares were granted to Eligible Directors. Restricted shares granted in 2021, 2022 and 2023 vest on the date of the next Annual Meeting. During fiscal years 2023, 2022 and 2021, $1,050,000, $964,000 and $669,000, respectively, of compensation cost was recorded for the grant of these restricted shares and Deferred Stock Units. |
Equity
Equity | 12 Months Ended |
Dec. 30, 2023 | |
Equity | (10) Equity On 53,919 , The Company has 2,000,000 shares of preferred stock authorized and unissued. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 30, 2023 | |
Commitments and Contingencies | (11) Commitments and Contingencies At December 30, 2023, in addition to the $77,054,000 letters of credit secured by investments, Landstar had $33,492,000 of letters of credit outstanding under the Company’s Credit Agreement. The Company is involved in certain claims and pending litigation arising from the normal conduct of business. Many of these claims are covered in whole or in part by insurance. Based on knowledge of the facts and, in certain cases, opinions of outside counsel, management believes that adequate provisions have been made for probable losses with respect to the resolution of all such claims and pending litigation and that the ultimate outcome, after provisions therefor, will not have a material adverse effect on the financial condition of the Company, but could have a material effect on the results of operations in a given quarter or year. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 30, 2023 | |
Segment Information | (12) Segment Information Landstar markets its integrated transportation management solutions primarily through independent commission sales agents and exclusively utilizes third party capacity providers to transport customers’ freight. Landstar’s independent commission sales agents enter into contractual arrangements with the Company and are responsible for locating freight, making that freight available to Landstar’s capacity providers and coordinating the transportation of the freight with customers and capacity providers. The Company’s third party capacity providers consist of independent contractors who provide truck capacity to the Company under exclusive lease arrangements (the “BCO Independent Contractors”), unrelated trucking companies who provide truck capacity to the Company under non-exclusive The transportation logistics segment provides a wide range of integrated transportation management solutions. Transportation services offered by the Company include truckload, less-than-truckload and other truck transportation, rail intermodal, air cargo, ocean cargo, expedited ground and air delivery of time-critical freight, heavy-haul/specialized, U.S.-Canada and U.S.-Mexico cross-border, intra-Mexico, intra-Canada, project cargo and customs brokerage. Examples of the industries serviced by the transportation logistics segment include automotive parts and assemblies, consumer durables, building products, metals, chemicals, foodstuffs, heavy machinery, retail, electronics and military equipment. In addition, the transportation logistics segment provides transportation services to other transportation companies, including third party logistics and less-than-truckload service providers. The independent commission sales agents market services provided by the transportation logistics segment. Billings for freight transportation services are typically charged to customers on a per shipment basis for the physical transportation of freight and are referred to as transportation revenue. The results of operations from Landstar Blue and Landstar Metro are presented as part of the Company’s transportation logistics segment. The insurance segment is comprised of Signature Insurance Company (“Signature”), a wholly owned offshore insurance subsidiary, and Risk Management Claim Services, Inc. The insurance segment provides risk and claims management services to certain of Landstar’s operating subsidiaries. In addition, it reinsures certain risks of the Company’s BCO Independent Contractors and provides certain property and casualty insurance directly to certain of Landstar’s operating subsidiaries. Revenue at the insurance segment represents reinsurance premiums from third party insurance companies that provide insurance programs to BCO Independent Contractors where all or a portion of the risk is ultimately borne by Signature. Internal revenue for premiums billed by the insurance segment to the transportation logistics segment is calculated each fiscal period based primarily on an actuarial calculation of historical loss experience and is believed to approximate the cost that would have been incurred by the transportation logistics segment had similar insurance been obtained from an unrelated third party. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Company evaluates a segment’s performance based on operating income. No single customer accounted for more than 10% of the Company’s consolidated revenue in fiscal years 2023, 2022 and 2021. Substantially all of the Company’s revenue is generated in North America, primarily through customers located in the United States. The following tables summarize information about the Company’s reportable business segments as of and for the fiscal years ending December 30, 2023, December 31, 2022 and December 25, 2021 (in thousands): Transportation Insurance Total 2023 External revenue $ 5,230,846 $ 72,476 $ 5,303,322 Internal revenue 67,977 67,977 Investment income 10,141 10,141 Interest and debt (income) expense (3,946 ) (3,946 ) Depreciation and amortization 58,153 58,153 Operating income 288,574 55,575 344,149 Expenditures on long-lived assets 25,688 25,688 Goodwill 42,275 42,275 Finance lease additions 4,093 4,093 Total assets 1,463,236 338,610 1,801,846 2022 External revenue $ 7,358,008 $ 78,554 $ 7,436,562 Internal revenue 79,229 79,229 Investment income 3,162 3,162 Interest and debt expense 3,620 3,620 Depreciation and amortization 57,453 57,453 Operating income 524,500 46,583 571,083 Expenditures on long-lived assets 26,005 26,005 Goodwill 41,220 41,220 Finance lease additions 30,659 30,659 Total assets 1,704,557 227,322 1,931,879 2021 External revenue $ 6,465,711 $ 71,857 $ 6,537,568 Internal revenue 62,558 62,558 Investment income 2,857 2,857 Interest and debt expense 3,976 3,976 Depreciation and amortization 49,609 49,609 Operating income 464,282 41,386 505,668 Expenditures on long-lived assets 23,261 23,261 Goodwill 40,768 40,768 Finance lease additions 48,674 48,674 Total assets 1,736,854 308,611 2,045,465 |
Change in Accounting Estimate f
Change in Accounting Estimate for Self-Insured Claims | 12 Months Ended |
Dec. 30, 2023 | |
Change in Accounting Estimate for Self-Insured Claims | (13) 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 fiscal years ended December 30, 2023, December 31, 2022 and December 25, 2021 (in thousands, except per share amounts): Fiscal Years Ended December 30, 2023 December 31, 2022 December 25, 2021 Operating income $ 6,058 $ 11,331 $ 9,708 Net income $ 4,598 $ 8,570 $ 7,359 Basic and diluted earnings per share $ 0.13 $ 0.23 $ 0.19 The unfavorable development of prior years’ claims in the fiscal year ended December 30, 2023 was primarily attributable to several specific claims. The unfavorable development of prior years’ claims in the fiscal year ended December 31, 2022 was primarily attributable to several specific claims. The unfavorable development of prior years’ claims in the fiscal year ended December 25, 2021 was primarily attributable to five claims. |
Equity Investment
Equity Investment | 12 Months Ended |
Dec. 30, 2023 | |
Equity investment | (14) Equity investment On April 1, 2022, Landstar Investment Holdco, LLC, a newly formed Delaware LLC and wholly owned subsidiary of Landstar System Holdings, Inc., purchased Class A units of Cavnue, LLC, for approximately $4,999,000 in cash consideration. Cavnue, LLC is a privately held company focused on combining technology and road infrastructure to unlock the full potential of connected and autonomous vehicles. This non-controlling non-marketable non-marketable |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 30, 2023 | |
Recent Accounting Pronouncements | (15) Recent Accounting Pronouncements Accounting Standards Issued But Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures 2023-07”), 2023-07 2023-07 In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures 2023-09”), 2023-09 2023-09 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 30, 2023 | |
Consolidation | Consolidation The consolidated financial statements include the accounts of Landstar System, Inc. and its subsidiary, Landstar System Holdings, Inc. (“LSHI”). Landstar System, Inc. and its subsidiary are herein referred to as “Landstar” or the “Company.” Significant intercompany accounts have been eliminated in consolidation. |
Estimates | Estimates The preparation of the consolidated financial statements requires the use of management’s estimates. Actual results could differ from those estimates. |
Fiscal Year | Fiscal Year Landstar’s fiscal year is the 52 or 53 week period ending the last Saturday in December. |
Revenue Recognition | Revenue Recognition The nature of the Company’s freight transportation services and its performance obligations to customers, regardless of the mode of transportation used to perform such services, relate to the safe and on-time pick-up shipment-by-shipment shipment-by-shipment pre-defined (30-60) pick-up pick-up |
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 fiscal years ended December 30, 2023, December 31, 2022 and December 25, 2021 (dollars in thousands): Fiscal Years Ended December 30, 2023 December 31, 2022 December 25, 2021 Mode Truck – BCO Independent Contractors 38 % 35 % 40 % Truck – Truck Brokerage Carriers 53 % 54 % 51 % Rail intermodal 2 % 2 % 2 % Ocean and air cargo carriers 5 % 8 % 5 % Truck Equipment Type Van equipment $ 2,742,281 $ 3,892,085 $ 3,525,830 Unsided/platform equipment $ 1,490,393 $ 1,760,357 $ 1,549,037 Less-than-truckload $ 117,683 $ 142,438 $ 117,505 Other truck transportation (1) $ 479,173 $ 835,959 $ 770,846 (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. |
Insurance Claim Costs | Insurance Claim Costs Landstar provides, primarily on an actuarially determined basis, for the estimated costs of cargo, property, casualty, general liability and workers’ compensation claims both reported and for claims incurred but not reported. Landstar retains liability through a self-insured retention for commercial trucking claims up to $5 million per occurrence. Effective May 1, 2019, the Company entered into a three year commercial auto liability insurance arrangement for losses incurred between $5 million and $10 million (the “2019 Initial Excess Policy”) with a third party insurance company. The Company subsequently extended the 2019 Initial Excess Policy for one additional policy year, from May 1, 2022 through April 30, 2023. For commercial trucking claims incurred on or after May 1, 2022 through April 30, 2023, the extended 2019 Initial Excess Policy provides for a limit for a single loss of $5 million, with an aggregate limit of $10 million for the policy period ended April 30, 2023. Effective May 1, 2023, the Company entered into a new three year commercial auto liability insurance arrangement for losses incurred between $ 5 18 thirty-six thirty-six The Company also maintains third party insurance arrangements providing excess coverage for commercial trucking liabilities in excess of These third party arrangements provide coverage on a per occurrence or aggregated basis. The Company from year to year manages the level of its financial exposure to commercial trucking claims in excess Further, the Company retains liability of up to $2,000,000 for each general liability claim, $250,000 for each workers’ compensation claim and $250,000 for each cargo claim. In addition, under reinsurance arrangements by Signature of certain risks of the Company’s BCO Independent Contractors, the Company retains liability of up to $500,000, $1,000,000 or $2,000,000 with respect to certain occupational accident claims and up to $750,000 with respect to certain workers’ compensation claims. |
Tires | Tires Tires purchased as part of trailing equipment are capitalized as part of the cost of the equipment. Replacement tires are charged to expense when placed in service. |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash Included in cash and cash equivalents are all investments, except those provided for collateral, with an original maturity of 3 months or less. At December 30, 2023 and December 31, 2022, the Company had no restricted cash held by the Company’s insurance segment. At December 25, 2021, the Company had |
Financial Instruments | Financial Instruments The Company’s financial instruments include cash equivalents, short and long-term investments, trade and other accounts receivable, accounts payable, other accrued liabilities, and long-term debt plus current maturities (“Debt”). The carrying value of cash equivalents, trade and other accounts receivable, accounts payable, current insurance claims and other accrued liabilities approximates fair value as the assets and liabilities are short term in nature. Short and long-term investments are carried at fair value as further described in Note 3 in the Company’s consolidated financial statements. The Company’s Debt includes borrowings under the Company’s revolving credit facility, to the extent there are any, plus borrowings relating to finance lease obligations used to finance trailing equipment. 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. |
Trade and Other Receivables | Trade and Other Receivables The allowance for doubtful accounts for both trade and other receivables represents management’s estimate of the amount of outstanding receivables that will not be collected. Estimates are used to determine the allowance for doubtful accounts for both trade and other receivables and are generally based on specific identification, historical collection results, current economic trends and changes in payment trends. Following is a summary of the activity in the allowance for doubtful accounts for fiscal years ending December 30, 2023, December 31, 2022 and December 25, 2021 (in thousands): Balance at Beginning of Period Charged to Costs and Expenses Write-offs, Net of Recoveries Balance at End of Period For the Fiscal Year Ended December 30, 2023 Trade receivables $ 12,121 $ 5,704 $ (6,087 ) $ 11,738 Other receivables 11,745 8,325 (4,694 ) 15,376 Other non-current 203 3 — 206 $ 24,069 $ 14,032 $ (10,781 ) $ 27,320 For the Fiscal Year Ended December 31, 2022 Trade receivables $ 7,074 $ 7,354 $ (2,307 ) $ 12,121 Other receivables 9,511 4,863 (2,629 ) 11,745 Other non-current 200 3 — 203 $ 16,785 $ 12,220 $ (4,936 ) $ 24,069 For the Fiscal Year Ended December 25, 2021 Trade receivables $ 8,670 $ 1,735 $ (3,331 ) $ 7,074 Other receivables 8,399 4,050 (2,938 ) 9,511 Other non-current 264 (63 ) (1 ) 200 $ 17,333 $ 5,722 $ (6,270 ) $ 16,785 |
Operating Property | Operating Property Operating property is recorded at cost. Depreciation is provided on a straight-line basis over the estimated useful lives of the related assets. Buildings and improvements are being depreciated over 30 years. Trailing equipment is being depreciated over 7 to 10 years. Information technology hardware and software is generally being depreciated over 3 to 7 years. |
Goodwill | Goodwill Goodwill represents the excess of the purchase price paid over the fair value of the net assets of acquired businesses. The Company has two reporting units within the transportation logistics segment that report goodwill. The Company reviews its goodwill balance annually for impairment for each reporting unit, unless circumstances dictate more frequent assessments, and in accordance with ASU 2011-08, Testing Goodwill for Impairment 2011-08 |
Income Taxes | Income Taxes Income tax expense is equal to the current year’s liability for income taxes and a provision for deferred income taxes. Deferred tax assets and liabilities are recorded for the future tax effects attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the enacted tax rates expected to be applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. |
Share-Based Payments | Share-Based Payments The Company’s share-based payment arrangements include restricted stock units (“RSU”), non-vested non-vested non-vested |
Earnings Per Share | Earnings Per Share Basic earnings per common share are based on the weighted average number of common shares outstanding, which includes outstanding non-vested For the fiscal years ended December 30, 2023, December 31, 2022 and December 25, 2021, no options outstanding to purchase shares of Common Stock were antidilutive. As of December 30, 2023, there were no outstanding options issued by the Company . |
Dividends Payable | Dividends Payable On December 4, 2023, the Company announced that its Board of Directors declared a special cash dividend of $2.00 per share payable on On |
Foreign Currency Translation | Foreign Currency Translation Assets and liabilities of the Company’s Canadian and Mexican operations are translated from their functional currency to U.S. dollars using exchange rates in effect at the balance sheet date and revenue and expense accounts are translated at average monthly exchange rates during the period. Adjustments resulting from the translation process are included in accumulated other comprehensive income. Transactional gains and losses arising from receivable and payable balances, including intercompany balances, in the normal course of business that are denominated in a currency other than the functional currency of the operation are recorded in the statements of income when they occur. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Schedule of Disaggregation of Revenue | The following table summarizes (i) the percentage of consolidated revenue generated by mode of transportation and (ii) the total amount of truck transportation revenue hauled by BCO Independent Contractors and Truck Brokerage Carriers generated by equipment type during the fiscal years ended December 30, 2023, December 31, 2022 and December 25, 2021 (dollars in thousands): Fiscal Years Ended December 30, 2023 December 31, 2022 December 25, 2021 Mode Truck – BCO Independent Contractors 38 % 35 % 40 % Truck – Truck Brokerage Carriers 53 % 54 % 51 % Rail intermodal 2 % 2 % 2 % Ocean and air cargo carriers 5 % 8 % 5 % Truck Equipment Type Van equipment $ 2,742,281 $ 3,892,085 $ 3,525,830 Unsided/platform equipment $ 1,490,393 $ 1,760,357 $ 1,549,037 Less-than-truckload $ 117,683 $ 142,438 $ 117,505 Other truck transportation (1) $ 479,173 $ 835,959 $ 770,846 (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. |
Summary of Activity in Allowance for Doubtful Accounts | Following is a summary of the activity in the allowance for doubtful accounts for fiscal years ending December 30, 2023, December 31, 2022 and December 25, 2021 (in thousands): Balance at Beginning of Period Charged to Costs and Expenses Write-offs, Net of Recoveries Balance at End of Period For the Fiscal Year Ended December 30, 2023 Trade receivables $ 12,121 $ 5,704 $ (6,087 ) $ 11,738 Other receivables 11,745 8,325 (4,694 ) 15,376 Other non-current 203 3 — 206 $ 24,069 $ 14,032 $ (10,781 ) $ 27,320 For the Fiscal Year Ended December 31, 2022 Trade receivables $ 7,074 $ 7,354 $ (2,307 ) $ 12,121 Other receivables 9,511 4,863 (2,629 ) 11,745 Other non-current 200 3 — 203 $ 16,785 $ 12,220 $ (4,936 ) $ 24,069 For the Fiscal Year Ended December 25, 2021 Trade receivables $ 8,670 $ 1,735 $ (3,331 ) $ 7,074 Other receivables 8,399 4,050 (2,938 ) 9,511 Other non-current 264 (63 ) (1 ) 200 $ 17,333 $ 5,722 $ (6,270 ) $ 16,785 |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Components of and Changes in Accumulated Other Comprehensive Income, Net of Related Income Taxes | The following table presents the components of and changes in accumulated other comprehensive income (loss), net of related income taxes, as of and for the fiscal years ended December 30, 2023, December 31, 2022 and December 25, 2021 (in thousands): Unrealized Available-for-Sale Foreign Currency Total Balance as of December 26, 2020 $ 2,808 $ (4,807 ) $ (1,999 ) Other comprehensive loss (2,695 ) (709 ) (3,404 ) Balance as of December 25, 2021 113 (5,516 ) (5,403 ) Other comprehensive loss (8,562 ) (1,059 ) (9,621 ) Balance as of December 31, 2022 (8,449 ) (6,575 ) $ (15,024 ) Other comprehensive income 3,439 4,720 8,159 Balance as of December 30, 2023 $ (5,010 ) $ (1,855 ) $ (6,865 ) |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Amortized Cost and Fair Value of Available-for-Sale Investments | The amortized cost and fair values of available-for-sale Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 30, 2023 Money market investments $ 16,832 $ — $ — $ 16,832 Asset-backed securities 16,543 — 2,236 14,307 Corporate bonds and direct obligations of government agencies 118,481 279 4,384 114,376 U.S. Treasury obligations 6,287 2 43 6,246 Total $ 158,143 $ 281 $ 6,663 $ 151,761 December 31, 2022 Money market investments $ 21,910 $ — $ — $ 21,910 Asset-backed securities 18,905 — 2,889 16,016 Corporate bonds and direct obligations of government agencies 126,134 1 7,775 118,360 U.S. Treasury obligations 2,344 — 100 2,244 Total $ 169,293 $ 1 $ 10,764 $ 158,530 |
Schedule of Unrealized Loss on Available-for-Sale Investments | For those available-for-sale Less than 12 months 12 months or longer Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss December 30, 2023 Asset-backed securities $ — $ — $ 14,307 $ 2,236 $ 14,307 $ 2,236 Corporate bonds and direct obligations of government agencies 3,506 42 86,841 4,342 90,347 4,384 U.S. Treasury obligations — — 2,305 43 2,305 43 Total $ 3,506 $ 42 $ 103,453 $ 6,621 $ 106,959 $ 6,663 December 31, 2022 Asset-backed securities $ — $ — $ 16,016 $ 2,889 $ 16,016 $ 2,889 Corporate bonds and direct obligations of government agencies 54,031 1,516 62,390 6,259 116,421 7,775 U.S. Treasury obligations 2,244 100 — — 2,244 100 Total $ 56,275 $ 1,616 $ 78,406 $ 9,148 $ 134,681 $ 10,764 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Schedule of Provisions for Income Taxes | The provisions for income taxes consisted of the following (in thousands): Fiscal Years 2023 2022 2021 Current: Federal $ 76,827 $ 116,642 $ 104,640 State 13,305 23,309 18,462 Foreign 1,278 1,958 856 Total current $ 91,410 $ 141,909 $ 123,958 Deferred: Federal $ (8,410 ) $ (3,945 ) $ (3,278 ) State 701 (1,415 ) (512 ) Total deferred $ (7,709 ) $ (5,360 ) $ (3,790 ) Income taxes $ 83,701 $ 136,549 $ 120,168 |
Schedule of Deferred Tax Assets and Liabilities | Temporary differences and carryforwards which gave rise to deferred tax assets and liabilities consisted of the following (in thousands): Dec. 30, 2023 Dec. 31, 2022 Deferred tax assets: Receivable valuations $ 6,616 $ 5,838 Share-based payments 2,550 5,021 Self-insured claims 3,376 3,205 Other 10,412 11,381 Total deferred tax assets $ 22,954 $ 25,445 Deferred tax liabilities: Operating property $ 39,117 $ 49,092 Goodwill 4,107 3,892 Other 3,718 3,895 Total deferred tax liabilities $ 46,942 $ 56,879 Net deferred tax liability $ 23,988 $ 31,434 |
Schedule of Income Taxes Calculated on Income from Before Income Taxes and Provision for Income Taxes | The following table summarizes the differences between income taxes calculated at the federal income tax rate of 21% on income before income taxes and the provisions for income taxes (in thousands): Fiscal Years 2023 2022 2021 Income taxes at federal income tax rate $ 73,100 $ 119,167 $ 105,355 State income taxes, net of federal income tax benefit 11,250 16,596 14,260 Non-deductible 2,309 3,552 2,946 Meals and entertainment exclusion 520 200 — Share-based payments (2,832 ) (2,958 ) (1,070 ) Research and development credits (1,672 ) (1,526 ) (2,069 ) Other, net 1,026 1,518 746 Income taxes $ 83,701 $ 136,549 $ 120,168 |
Schedule for Gross Unrecognized Tax Benefits | The following table summarizes the rollforward of the total amounts of gross unrecognized tax benefits for fiscal years 2023 and 2022 (in thousands): Fiscal Years 2023 2022 Gross unrecognized tax benefits – beginning of the year $ 3,726 $ 2,845 Gross increases related to current year tax positions 953 789 Gross increases related to prior year tax positions 1,570 792 Gross decreases related to prior year tax positions — (83 ) Lapse of statute of limitations (795 ) (617 ) Gross unrecognized tax benefits – end of the year $ 5,454 $ 3,726 |
Operating Property (Tables)
Operating Property (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Schedule of Operating Property | Operating property is summarized as follows (in thousands): Dec. 30, 2023 Dec. 31, 2022 Land $ 16,328 $ 16,328 Buildings and improvements 71,157 69,160 Trailing equipment 491,208 502,322 Information technology hardware and software 132,153 110,626 Other equipment 10,136 9,828 Total operating property, gross 720,982 708,264 Less accumulated depreciation and amortization 436,682 393,274 Total operating property, net $ 284,300 $ 314,990 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Lease, Cost [Table Text Block] | The components of lease cost for finance leases and operating leases as of December 30, 2023 were (in thousands): Finance leases: Amortization of right-of-use $ 20,258 Interest on lease liability 2,598 Total finance lease cost 22,856 Operating leases: Lease cost 3,603 Variable lease cost — Sublease income (5,456 ) Total net operating lease income (1,853 ) Total net lease cost $ 21,003 |
Schedule Of Supplemental Balance Sheet Information Related To Leases [Table Text Block] | A summary of the lease classification on the Company’s consolidated balance sheet as of December 30, 2023 is as follows (in thousands): Assets: Operating lease right-of-use Other assets $ 1,695 Finance lease assets Operating property, less accumulated depreciation and amortization 100,188 Total lease assets $ 101,883 |
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 December 30, 2023 (in thousands): Finance Operating Leases 2024 $ 29,739 $ 857 2025 23,554 544 2026 15,448 213 2027 5,049 176 2028 948 49 Thereafter — — Total future minimum lease payments 74,738 1,839 Less amount representing interest (1.6% to 6.0%) 3,598 144 Present value of minimum lease payments $ 71,140 $ 1,695 Current maturities of long-term debt 27,876 Long-term debt, excluding current maturities 43,264 Other current liabilities 832 Deferred income taxes and other noncurrent liabilities 863 |
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 December 30, 2023 were: Finance Leases Operating Leases Weighted average remaining lease term (years) 2.9 2.7 Weighted average discount rate 3.1 % 6.0 % |
Share-Based Payment Arrangeme_2
Share-Based Payment Arrangements (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Amounts Recognized in Financial Statements with Respect to Plans | Amounts recognized in the financial statements with respect to these Plans are as follows (in thousands): Fiscal Years 2023 2022 2021 Total cost of the Plans during the period $ 4,282 $ 12,399 $ 27,537 Amount of related income tax benefit recognized during the period (3,622 ) (5,199 ) (7,063 ) Net cost of the Plans during the period $ 660 $ 7,200 $ 20,474 |
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 Weighted Average Grant Date Outstanding at December 26, 2020 183,213 $ 93.44 Granted 46,342 $ 128.64 Shares earned in excess of target (1) 7,132 $ 31.97 Vested shares, including shares earned in excess of target (24,600 ) $ 59.85 Forfeited (2,688 ) $ 107.76 Outstanding at December 25, 2021 209,399 $ 102.90 Granted 50,019 $ 139.44 Shares earned in excess of target (2) 91,497 $ 92.58 Vested shares, including shares earned in excess of target (177,146 ) $ 95.48 Forfeited (21,989 ) $ 113.85 Outstanding at December 31, 2022 151,780 $ 115.80 Granted 41,638 $ 164.91 Shares earned in excess of target (3) 79,176 $ 98.39 Vested shares, including shares earned in excess of target (137,861 ) $ 97.97 Forfeited (2,011 ) $ 142.67 Outstanding at December 30, 2023 132,722 $ 138.93 (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. (2) 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 under each such award. (3) Represents additional shares earned (i) under the February 1, 2019 and January 31, 2020 RSU awards as fiscal year 2022 financial results exceeded target performance level and (ii) under the April 24, 2018 and July 1, 2019 RSU awards as total shareholder return during the applicable performance period exceeded target performance level under each of those awards. |
Schedule of Information on Non-Vested Restricted Stock and Deferred Stock Units | The following table summarizes information regarding the Company’s outstanding shares of non-vested Number of Shares and Deferred Stock Units Weighted Average Fair Value Non-vested 60,440 $ 103.65 Granted 26,351 $ 150.20 Vested (29,055 ) $ 104.35 Forfeited (1,300 ) $ 97.81 Non-vested 56,436 $ 125.16 Granted 25,354 $ 152.54 Vested (27,074 ) $ 122.68 Forfeited (6,921 ) $ 144.45 Non-vested 47,795 $ 138.30 Granted 22,714 $ 179.32 Vested (24,161 ) $ 138.35 Non-vested 46,348 $ 158.38 |
Summary of Information Regarding Stock Options | The following table summarizes information regarding the Company’s outstanding stock options under the Plans: Options Outstanding Options Exercisable Number of Options Weighted Average Exercise Price per Share Number of Options Weighted Average Exercise Price per Share Options at December 26, 2020 17,650 $ 54.16 17,650 $ 54.16 Exercised (9,080 ) $ 52.97 Options at December 25, 2021 8,570 $ 55.42 8,570 $ 55.42 Exercised (6,670 ) $ 55.14 Options at December 31, 2022 1,900 $ 56.40 1,900 $ 56.40 Exercised (1,900 ) $ 56.40 Options at December 30, 2023 — — |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Information Regarding Reportable Business Segments | The following tables summarize information about the Company’s reportable business segments as of and for the fiscal years ending December 30, 2023, December 31, 2022 and December 25, 2021 (in thousands): Transportation Insurance Total 2023 External revenue $ 5,230,846 $ 72,476 $ 5,303,322 Internal revenue 67,977 67,977 Investment income 10,141 10,141 Interest and debt (income) expense (3,946 ) (3,946 ) Depreciation and amortization 58,153 58,153 Operating income 288,574 55,575 344,149 Expenditures on long-lived assets 25,688 25,688 Goodwill 42,275 42,275 Finance lease additions 4,093 4,093 Total assets 1,463,236 338,610 1,801,846 2022 External revenue $ 7,358,008 $ 78,554 $ 7,436,562 Internal revenue 79,229 79,229 Investment income 3,162 3,162 Interest and debt expense 3,620 3,620 Depreciation and amortization 57,453 57,453 Operating income 524,500 46,583 571,083 Expenditures on long-lived assets 26,005 26,005 Goodwill 41,220 41,220 Finance lease additions 30,659 30,659 Total assets 1,704,557 227,322 1,931,879 2021 External revenue $ 6,465,711 $ 71,857 $ 6,537,568 Internal revenue 62,558 62,558 Investment income 2,857 2,857 Interest and debt expense 3,976 3,976 Depreciation and amortization 49,609 49,609 Operating income 464,282 41,386 505,668 Expenditures on long-lived assets 23,261 23,261 Goodwill 40,768 40,768 Finance lease additions 48,674 48,674 Total assets 1,736,854 308,611 2,045,465 |
Change in Accounting Estimate_2
Change in Accounting Estimate for Self-Insured Claims (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
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 fiscal years ended December 30, 2023, December 31, 2022 and December 25, 2021 (in thousands, except per share amounts): Fiscal Years Ended December 30, 2023 December 31, 2022 December 25, 2021 Operating income $ 6,058 $ 11,331 $ 9,708 Net income $ 4,598 $ 8,570 $ 7,359 Basic and diluted earnings per share $ 0.13 $ 0.23 $ 0.19 |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | |||
Dec. 30, 2023 USD ($) Segment $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 25, 2021 USD ($) shares | Dec. 26, 2020 shares | |
Significant Accounting Policies [Line Items] | ||||
Number of reporting units | Segment | 2 | |||
Stock options excluded from calculation of diluted earnings per share, antidilutive | shares | 0 | 0 | 0 | |
Dividends payable per share | $ / shares | $ 2 | $ 2 | ||
Dividend payable date | Jan. 19, 2024 | Jan. 20, 2023 | ||
Dividend record date | Jan. 03, 2024 | Jan. 06, 2023 | ||
Dividends payable | $ 71,433,000 | $ 71,854,000 | ||
Dividend announced date | Dec. 04, 2023 | Dec. 06, 2022 | ||
Restricted Cash | $ 0 | $ 0 | $ 4,049,000 | |
Short-term investments | $ 59,661,000 | $ 53,955,000 | $ 35,778,000 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number | shares | 0 | 1,900 | 8,570 | 17,650 |
Weighted average number of shares outstanding, diluted, adjustment | shares | 0 | 0 | 0 | |
Buildings And Improvements | ||||
Significant Accounting Policies [Line Items] | ||||
Depreciated life | 30 years | |||
Trailing Equipment | Maximum | ||||
Significant Accounting Policies [Line Items] | ||||
Depreciated life | 10 years | |||
Trailing Equipment | Minimum | ||||
Significant Accounting Policies [Line Items] | ||||
Depreciated life | 7 years | |||
Hardware And Software | Maximum | ||||
Significant Accounting Policies [Line Items] | ||||
Depreciated life | 7 years | |||
Hardware And Software | Minimum | ||||
Significant Accounting Policies [Line Items] | ||||
Depreciated life | 3 years | |||
Commercial Trucking Claims | ||||
Significant Accounting Policies [Line Items] | ||||
Company retained aggregate liability | $ 10,000,000 | |||
Self insurance excess value maintain third party | 5,000,000 | |||
Commercial Trucking Claims | Initial Excess Policy [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Liability for claims and claims adjustment expense | 18,000,000 | |||
Commercial Trucking Claims | Third Party Insurance [Member] | Excess Coverage Policy [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Self insurance excess value maintain third party | 10,000,000 | |||
Commercial Trucking Claims | Maximum | ||||
Significant Accounting Policies [Line Items] | ||||
Company retained liability per claim | 10,000,000 | $ 10,000,000 | ||
Commercial Trucking Claims | Maximum | Initial Excess Policy [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Company retained aggregate liability | 15,000,000 | 10,000,000 | ||
Commercial Trucking Claims | Minimum | ||||
Significant Accounting Policies [Line Items] | ||||
Company retained liability per claim | 5,000,000 | 5,000,000 | ||
Commercial Trucking Claims | Minimum | Initial Excess Policy [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Company retained aggregate liability | 5,000,000 | $ 5,000,000 | ||
General Liability Claim | ||||
Significant Accounting Policies [Line Items] | ||||
Company retained liability per claim | 2,000,000 | |||
Workers' Compensation Claim | ||||
Significant Accounting Policies [Line Items] | ||||
Company retained liability per claim | 250,000 | |||
Workers' Compensation Claim | BCO Independent Contractor | ||||
Significant Accounting Policies [Line Items] | ||||
Company retained liability per claim | 750,000 | |||
Cargo Claim | ||||
Significant Accounting Policies [Line Items] | ||||
Company retained liability per claim | 250,000 | |||
Occupational Reinsurance Claims One [Member] | BCO Independent Contractor | ||||
Significant Accounting Policies [Line Items] | ||||
Company retained liability per claim | 500,000 | |||
Occupational Reinsurance Claims Two [Member] | BCO Independent Contractor | ||||
Significant Accounting Policies [Line Items] | ||||
Company retained liability per claim | 1,000,000 | |||
Occupational Reinsurance Claims Three [Member] | BCO Independent Contractor | ||||
Significant Accounting Policies [Line Items] | ||||
Company retained liability per claim | $ 2,000,000 |
Schedule Of Revenue By Major Cu
Schedule Of Revenue By Major Customers By Reporting Segments (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | ||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 5,303,322 | $ 7,436,562 | $ 6,537,568 | |
BCO Independent Contractors – Truck | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of Consolidated Revenue | 38% | 35% | 40% | |
Brokerage Carriers - Truck | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of Consolidated Revenue | 53% | 54% | 51% | |
Rail Intermodal | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of Consolidated Revenue | 2% | 2% | 2% | |
Ocean and air cargo carriers | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of Consolidated Revenue | 5% | 8% | 5% | |
BCO Independent Contractor Truck and Brokerage Carriers Truck | Van Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 2,742,281 | $ 3,892,085 | $ 3,525,830 | |
BCO Independent Contractor Truck and Brokerage Carriers Truck | Unsided/Platform Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,490,393 | 1,760,357 | 1,549,037 | |
BCO Independent Contractor Truck and Brokerage Carriers Truck | Less than Truckload | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 117,683 | 142,438 | 117,505 | |
BCO Independent Contractor Truck and Brokerage Carriers Truck | Other Truck Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | [1] | $ 479,173 | $ 835,959 | $ 770,846 |
[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. |
Summary of Activity in Allowanc
Summary of Activity in Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | $ 24,069 | $ 16,785 | $ 17,333 |
Charged to Costs and Expenses | 14,032 | 12,220 | 5,722 |
Write-offs, Net of Recoveries | (10,781) | (4,936) | (6,270) |
Balance at End of Period | 27,320 | 24,069 | 16,785 |
Trade Receivables | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 12,121 | 7,074 | 8,670 |
Charged to Costs and Expenses | 5,704 | 7,354 | 1,735 |
Write-offs, Net of Recoveries | (6,087) | (2,307) | (3,331) |
Balance at End of Period | 11,738 | 12,121 | 7,074 |
Other Receivables | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 11,745 | 9,511 | 8,399 |
Charged to Costs and Expenses | 8,325 | 4,863 | 4,050 |
Write-offs, Net of Recoveries | (4,694) | (2,629) | (2,938) |
Balance at End of Period | 15,376 | 11,745 | 9,511 |
Other Non-Current Receivables | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 203 | 200 | 264 |
Charged to Costs and Expenses | 3 | 3 | (63) |
Write-offs, Net of Recoveries | 0 | 0 | (1) |
Balance at End of Period | $ 206 | $ 203 | $ 200 |
Other Comprehensive Income Comp
Other Comprehensive Income Components of and Changes in Accumulated Other Comprehensive Income, Net of Related Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ 887,221 | ||
Other comprehensive income (loss) | 8,159 | $ (9,621) | $ (3,404) |
Ending Balance | 983,923 | 887,221 | |
Unrealized Holding (Losses) Gains on Available-for-Sale Securities | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (8,449) | 113 | 2,808 |
Other comprehensive income (loss) | 3,439 | (8,562) | (2,695) |
Ending Balance | (5,010) | (8,449) | 113 |
Foreign Currency Translation | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (6,575) | (5,516) | (4,807) |
Other comprehensive income (loss) | 4,720 | (1,059) | (709) |
Ending Balance | (1,855) | (6,575) | (5,516) |
Accumulated Other Comprehensive Income (Loss) | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (15,024) | (5,403) | (1,999) |
Other comprehensive income (loss) | 8,159 | (9,621) | (3,404) |
Ending Balance | $ (6,865) | $ (15,024) | $ (5,403) |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 30, 2023 | Dec. 31, 2022 | |
Debt Securities, Available-for-sale [Line Items] | ||
Investments maximum maturity period | 5 years | |
Unrealized gain (loss), net of unrealized gains/losses, on the investments in the bond portfolio | $ (6,382,000) | $ (10,763,000) |
Guarantee Payment of Insurance Claims | ||
Debt Securities, Available-for-sale [Line Items] | ||
Letters of credit outstanding | 77,054,000 | |
Current Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Investments providing collateral for letters of credit to guarantee insurance claims | 59,661,000 | |
Non-Current Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Investments providing collateral for letters of credit to guarantee insurance claims | 25,955,000 | |
Total non-current investments | $ 92,100,000 |
Amortized Cost and Fair Value o
Amortized Cost and Fair Value of Available-for-Sale Investments (Detail) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 158,143 | $ 169,293 |
Gross Unrealized Gains | 281 | 1 |
Gross Unrealized Losses | 6,663 | 10,764 |
Fair Value | 151,761 | 158,530 |
Money market investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 16,832 | 21,910 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 16,832 | 21,910 |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 16,543 | 18,905 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 2,236 | 2,889 |
Fair Value | 14,307 | 16,016 |
Corporate bonds and direct obligations of government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 118,481 | 126,134 |
Gross Unrealized Gains | 279 | 1 |
Gross Unrealized Losses | 4,384 | 7,775 |
Fair Value | 114,376 | 118,360 |
U.S. Treasury obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 6,287 | 2,344 |
Gross Unrealized Gains | 2 | 0 |
Gross Unrealized Losses | 43 | 100 |
Fair Value | $ 6,246 | $ 2,244 |
Schedule of Unrealized Loss on
Schedule of Unrealized Loss on Available-for-Sale Investments (Detail) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale investments with unrealized losses, Less than 12 months, Fair Value | $ 3,506 | $ 56,275 |
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss | 42 | 1,616 |
Available-for-sale investments with unrealized losses, 12 months or longer, Fair Value | 103,453 | 78,406 |
Available-for-sale investments with unrealized losses, 12 months or longer, Unrealized Loss | 6,621 | 9,148 |
Available-for-sale investments with unrealized losses, Fair Value, Total | 106,959 | 134,681 |
Available-for-sale investments with unrealized losses, Unrealized Loss, Total | 6,663 | 10,764 |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale investments with unrealized losses, Less than 12 months, Fair Value | 0 | 0 |
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss | 0 | 0 |
Available-for-sale investments with unrealized losses, 12 months or longer, Fair Value | 14,307 | 16,016 |
Available-for-sale investments with unrealized losses, 12 months or longer, Unrealized Loss | 2,236 | 2,889 |
Available-for-sale investments with unrealized losses, Fair Value, Total | 14,307 | 16,016 |
Available-for-sale investments with unrealized losses, Unrealized Loss, Total | 2,236 | 2,889 |
Corporate bonds and direct obligations of government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale investments with unrealized losses, Less than 12 months, Fair Value | 3,506 | 54,031 |
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss | 42 | 1,516 |
Available-for-sale investments with unrealized losses, 12 months or longer, Fair Value | 86,841 | 62,390 |
Available-for-sale investments with unrealized losses, 12 months or longer, Unrealized Loss | 4,342 | 6,259 |
Available-for-sale investments with unrealized losses, Fair Value, Total | 90,347 | 116,421 |
Available-for-sale investments with unrealized losses, Unrealized Loss, Total | 4,384 | 7,775 |
U.S. Treasury obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale investments with unrealized losses, Less than 12 months, Fair Value | 0 | 2,244 |
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss | 0 | 100 |
Available-for-sale investments with unrealized losses, 12 months or longer, Fair Value | 2,305 | 0 |
Available-for-sale investments with unrealized losses, 12 months or longer, Unrealized Loss | 43 | 0 |
Available-for-sale investments with unrealized losses, Fair Value, Total | 2,305 | 2,244 |
Available-for-sale investments with unrealized losses, Unrealized Loss, Total | $ 43 | $ 100 |
Schedule of Provision for Incom
Schedule of Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Income Tax Disclosure [Line Items] | |||
Federal, Current | $ 76,827 | $ 116,642 | $ 104,640 |
State, Current | 13,305 | 23,309 | 18,462 |
Foreign, Current | 1,278 | 1,958 | 856 |
Total current | 91,410 | 141,909 | 123,958 |
Federal, Deferred | (8,410) | (3,945) | (3,278) |
State, Deferred | 701 | (1,415) | (512) |
Total deferred | (7,709) | (5,360) | (3,790) |
Income taxes | $ 83,701 | $ 136,549 | $ 120,168 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Income Taxes [Line Items] | |||
Corporate income tax rate | 21% | ||
Net unrecognized tax benefits | $ 4,467,000 | $ 3,046,000 | |
Accrued for estimated interest and penalties | 1,249,000 | 845,000 | |
Income taxes paid | $ 92,695,000 | $ 158,715,000 | $ 104,844,000 |
Schedule of Deferred Tax Assets
Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 |
Income Tax Disclosure [Line Items] | ||
Receivable valuations | $ 6,616 | $ 5,838 |
Share-based payments | 2,550 | 5,021 |
Self-insured claims | 3,376 | 3,205 |
Other | 10,412 | 11,381 |
Total deferred tax assets | 22,954 | 25,445 |
Operating property | 39,117 | 49,092 |
Goodwill | 4,107 | 3,892 |
Other | 3,718 | 3,895 |
Total deferred tax liabilities | 46,942 | 56,879 |
Net deferred tax liability | $ 23,988 | $ 31,434 |
Schedule of Income Taxes Calcul
Schedule of Income Taxes Calculated on Income from Before Income Taxes and Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Income Tax Disclosure [Line Items] | |||
Income taxes at federal income tax rate | $ 73,100 | $ 119,167 | $ 105,355 |
State income taxes, net of federal income tax benefit | 11,250 | 16,596 | 14,260 |
Non-deductible executive compensation | 2,309 | 3,552 | 2,946 |
Meals and entertainment exclusion | 520 | 200 | 0 |
Share-based payments | (2,832) | (2,958) | (1,070) |
Research and development credits | (1,672) | (1,526) | (2,069) |
Other, net | 1,026 | 1,518 | 746 |
Income taxes | $ 83,701 | $ 136,549 | $ 120,168 |
Schedule for Gross Unrecognized
Schedule for Gross Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Line Items] | ||
Gross unrecognized tax benefits – beginning of the year | $ 3,726 | $ 2,845 |
Gross increases related to current year tax positions | 953 | 789 |
Gross increases related to prior year tax positions | 1,570 | 792 |
Gross decreases related to prior year tax positions | 0 | (83) |
Lapse of statute of limitations | (795) | (617) |
Gross unrecognized tax benefits – end of the year | $ 5,454 | $ 3,726 |
Operating Property (Detail)
Operating Property (Detail) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Land | $ 16,328 | $ 16,328 |
Buildings and improvements | 71,157 | 69,160 |
Trailing equipment | 491,208 | 502,322 |
Information technology hardware and software | 132,153 | 110,626 |
Other equipment | 10,136 | 9,828 |
Total operating property, gross | 720,982 | 708,264 |
Less accumulated depreciation and amortization | 436,682 | 393,274 |
Total operating property, net | $ 284,300 | $ 314,990 |
Operating Property - Additional
Operating Property - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Finance leased assets gross | $ 143,542,000 | $ 185,609,000 | |
Finance leases balance sheet assets by major class net. | 100,188,000 | 137,087,000 | |
Finance leases | $ 4,093,000 | $ 30,659,000 | $ 48,674,000 |
Retirement Plan - Additional In
Retirement Plan - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Retirement Plans [Line Items] | |||
Defined contribution plan maximum employee contribution as a percentage of base salary | 75% | ||
Expense for the Company-sponsored defined contribution plan | $ 2,812,000 | $ 2,716,000 | $ 2,374,000 |
First 3% of Contributions on Defined Contribution Plan | |||
Retirement Plans [Line Items] | |||
Defined contribution plan employer contribution as a percentage of base salary | 100% | ||
Next 2% of Contributions on Defined Contribution Plan | |||
Retirement Plans [Line Items] | |||
Defined contribution plan employer contribution as a percentage of base salary | 50% | ||
Threshold to determine company matching percentage | 2% |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Jul. 01, 2022 | Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Debt Instrument [Line Items] | ||||
Debt Outstanding Excluding Capital Lease Obligations | $ 0 | $ 0 | ||
Interest paid | $ 3,604,000 | $ 4,151,000 | $ 3,715,000 | |
Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Credit facility, initiation date | Jul. 01, 2022 | |||
Credit facility, borrowing capacity | $ 45,000,000 | |||
Credit facility, maximum borrowing capacity | $ 600,000,000 | |||
Credit facility, debt covenants compliance | The Company is currently in compliance with all of the debt covenants under the Credit Agreement. | |||
Additional overnight secured financing rate | 0.10% | |||
Revolving Credit Facility | Minimum | ||||
Debt Instrument [Line Items] | ||||
Credit facility, unused credit commitment fee | 0.20% | |||
Credit facility event of default, minimum percentage that a person or group should acquire outstanding capital stock | 35% | |||
Revolving Credit Facility | Minimum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||
Debt Instrument [Line Items] | ||||
Borrowings, basis spread on variable rate | 1.25% | |||
Revolving Credit Facility | Minimum | Base Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Borrowings, basis spread on variable rate | 0.25% | |||
Revolving Credit Facility | Maximum | ||||
Debt Instrument [Line Items] | ||||
Credit facility, borrowing capacity | $ 300,000,000 | |||
Credit facility, unused credit commitment fee | 0.30% | |||
Maximum Leverage ratio beyond which amount of cash dividends and other distributions to stockholders is limited | 250% | |||
Revolving Credit Facility | Maximum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||
Debt Instrument [Line Items] | ||||
Borrowings, basis spread on variable rate | 2% | |||
Revolving Credit Facility | Maximum | Base Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Borrowings, basis spread on variable rate | 1% |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 25, 2021 | Dec. 30, 2023 | |
Leases Disclosure [Line Items] | |||
Finance Lease Option to Purchase Option Value | $ 1 | ||
Lessee, Finance Lease, Term of Contract | 5 years | ||
Sublease rent income, net of rent expense | $ 2,121,000 | $ 1,632,000 |
Leases - Components of Lease Co
Leases - Components of Lease Cost for Finance Leases and Operating Leases (Detail) $ in Thousands | 12 Months Ended |
Dec. 30, 2023 USD ($) | |
Finance leases: | |
Amortization of right-of-use assets | $ 20,258 |
Interest on lease liability | 2,598 |
Total finance lease cost | 22,856 |
Operating leases: | |
Lease cost | 3,603 |
Variable lease cost | 0 |
Sublease income | (5,456) |
Total net operating lease income | (1,853) |
Total net lease cost | $ 21,003 |
Leases - Classification on our
Leases - Classification on our Consolidated Balance Sheet (Detail) $ in Thousands | Dec. 30, 2023 USD ($) |
Operating lease right-of-use assets | $ 1,695 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent |
Finance lease assets | $ 100,188 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, Plant and Equipment, Net |
Total lease assets | $ 101,883 |
Leases - Undiscounted Cash Flow
Leases - Undiscounted Cash Flows for the Finance and Operating Leases (Detail) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 |
Operating Leased Assets [Line Items] | ||
2024 | $ 29,739 | |
2025 | 23,554 | |
2026 | 15,448 | |
2027 | 5,049 | |
2028 | 948 | |
Thereafter | 0 | |
Total future minimum lease payments | 74,738 | |
Less amount representing interest (1.6% to 6.0%) | 3,598 | |
Present value of minimum lease payments | 71,140 | |
Current maturities of long-term debt | 27,876 | $ 36,175 |
Long-term debt, excluding current maturities | 43,264 | $ 67,225 |
2024 | 857 | |
2025 | 544 | |
2026 | 213 | |
2027 | 176 | |
2028 | 49 | |
Thereafter | 0 | |
Total future minimum lease payments | 1,839 | |
Less amount representing interest (1.6% to 6.0%) | 144 | |
Present value of minimum lease payments | 1,695 | |
Operating lease, liability, current | $ 832 | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Current | |
Operating lease, liability, non-current | $ 863 | |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Deferred Income Taxes and Other Liabilities, Noncurrent |
Leases - Undiscounted Cash Fl_2
Leases - Undiscounted Cash Flows for the Finance and Operating Leases (Parenthetical) (Detail) | Dec. 30, 2023 |
Maximum [Member] | |
Finance lease Interest rate percentage | 6% |
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) | Dec. 30, 2023 |
Weighted average remaining lease term (years) | 2 years 10 months 24 days |
Weighted average discount rate | 3.10% |
Weighted average remaining lease term (years) | 2 years 8 months 12 days |
Weighted average discount rate | 6% |
Share-Based Payment Arrangeme_3
Share-Based Payment Arrangements - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Excess tax benefit from stock-based awards | $ 2,830,000 | $ 2,948,000 | $ 1,057,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 0 | 1,900 | 8,570 | 17,650 |
February 2023 Grant | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of target available for common share issuance | 100% | |||
February 2022 Grant | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of target available for common share issuance | 100% | |||
February 2021 Grant | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of target available for common share issuance | 100% | |||
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Discount rate on stock awards | 7% | |||
Recognized share-based compensation expense | $ 581,000 | $ 9,100,000 | $ 24,197,000 | |
Unrecognized compensation cost, other than options | $ 30,200,000 | |||
Unrecognized compensation cost expected to be recognized over period, years | 3 years 2 months 12 days | |||
Non Vested Restricted Stock and Deferred Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost, other than options | $ 3,821,000 | |||
Unrecognized compensation cost expected to be recognized over period, years | 1 year 10 months 24 days | |||
Terms of award | the Company’s Common Stock on the date of grant. Shares of non-vested restricted stock are generally subject to vesting in three equal annual installments either on the first, second and third anniversary of the date of grant or the third, fourth and fifth anniversary of the date of the grant, or 100% on the first, third or fifth anniversary of the date of the grant. For restricted stock awards granted under the 2022 DSCP, each recipient may elect to defer receipt of shares and instead receive restricted stock units (“Deferred Stock Units”), which represent contingent rights to receive shares of the Company’s Common Stock on the date of recipient separation | |||
Directors Stock Compensation Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
FMV of restricted shares granted to Directors upon election | $ 150,000 | $ 150,000 | $ 110,000 | $ 110,000 |
Restricted shares granted | 5,957 | 7,063 | 3,804 | |
Compensation cost on restricted and Deferred Stock Units granted | $ 1,050,000 | $ 964,000 | $ 669,000 | |
Employee Stock Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total intrinsic value of stock options exercised during periods | 218,000 | $ 704,000 | $ 965,000 | |
Unrecognized compensation cost, stock options | $ 0 | |||
Maximum | Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum percentage of target available for common share issuance | 100% | |||
Maximum | Restricted Stock Units (RSUs) | February 2023 Grant | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum percentage of target available for common share issuance | 200% | |||
Maximum | Restricted Stock Units (RSUs) | February 2022 Grant | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum percentage of target available for common share issuance | 200% | |||
Maximum | Restricted Stock Units (RSUs) | February 2021 Grant | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum percentage of target available for common share issuance | 200% | |||
2011 Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock authorized for issuance | 6,000,000 | |||
Common stock reserved for issuance | 3,014,145 | |||
2022 Directors Stock Compensation Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock authorized for issuance | 200,000 | |||
Common stock reserved for issuance | 187,260 | |||
2022 Directors Stock Compensation Plan | Deferred Stock Unit | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock vesting percentage | 100% |
Amounts Recognized in Financial
Amounts Recognized in Financial Statements with Respect to Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total cost of the Plans during the period | $ 4,282 | $ 12,399 | $ 27,537 |
Amount of related income tax benefit recognized during the period | (3,622) | (5,199) | (7,063) |
Net cost of the Plans during the period | $ 660 | $ 7,200 | $ 20,474 |
Schedule of Information on Rest
Schedule of Information on Restricted Stock Units (Detail) - Restricted Stock Units (RSUs) - $ / shares | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Number of Shares | |||
Beginning Balance | 151,780 | 209,399 | 183,213 |
Granted | 41,638 | 50,019 | 46,342 |
Shares earned in excess of target | 79,176 | 91,497 | 7,132 |
Vested shares, including shares earned in excess of target | (137,861) | (177,146) | (24,600) |
Forfeited | (2,011) | (21,989) | (2,688) |
Ending Balance | 132,722 | 151,780 | 209,399 |
Weighted Average Grant Date Fair Value | |||
Beginning Balance | $ 115.8 | $ 102.9 | $ 93.44 |
Granted | 164.91 | 139.44 | 128.64 |
Shares earned in excess of target | 98.39 | 92.58 | 31.97 |
Vested shares, including shares earned in excess of target | 97.97 | 95.48 | 59.85 |
Forfeited | 142.67 | 113.85 | 107.76 |
Ending Balance | $ 138.93 | $ 115.8 | $ 102.9 |
Schedule of Information on Non
Schedule of Information on Non - Vested Restricted Stock Units (Detail) - Non Vested Restricted Stock and Deferred Stock Units - $ / shares | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Number of Shares and Deferred Stock Units | |||
Beginning Balance | 47,795 | 56,436 | 60,440 |
Granted | 22,714 | 25,354 | 26,351 |
Vested | (24,161) | (27,074) | (29,055) |
Forfeited | (6,921) | (1,300) | |
Ending Balance | 46,348 | 47,795 | 56,436 |
Weighted Average Grant Date Fair Value | |||
Beginning Balance | $ 138.3 | $ 125.16 | $ 103.65 |
Granted | 179.32 | 152.54 | 150.2 |
Vested | 138.35 | 122.68 | 104.35 |
Forfeited | 144.45 | 97.81 | |
Ending Balance | $ 158.38 | $ 138.3 | $ 125.16 |
Summary of Information Regardin
Summary of Information Regarding Stock Options (Detail) - $ / shares | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Number of Options | |||
Beginning Balance, number of options | 1,900 | 8,570 | 17,650 |
Exercised, number of options | (1,900) | (6,670) | (9,080) |
Ending Balance, number of options | 0 | 1,900 | 8,570 |
Weighted Average Exercise Price per Share | |||
Beginning Balance, Weighted Average Exercise Price per Share | $ 56.4 | $ 55.42 | $ 54.16 |
Exercised, Weighted Average Exercise Price per Share | $ 56.4 | 55.14 | 52.97 |
Ending Balance, Weighted Average Exercise Price per Share | $ 56.4 | $ 55.42 | |
Options Exercisable, Number of Options | |||
Options exercisable at the beginning, Number of Options | 1,900 | 8,570 | 17,650 |
Options exercisable at the ending, Number of Options | 0 | 1,900 | 8,570 |
Options Exercisable, Weighted Average Exercise Price per Share | |||
Options exercisable at the beginning, Weighted Average Exercise Price per Share | $ 56.4 | $ 55.42 | $ 54.16 |
Options exercisable at the ending, Weighted Average Exercise Price per Share | $ 56.4 | $ 55.42 |
Equity - Additional Information
Equity - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | Dec. 04, 2023 | Dec. 06, 2022 | Dec. 07, 2021 | |
Equity [Line Items] | ||||||
Shares authorized for repurchase | 319,332 | 1,900,826 | 1,912,824 | |||
Remaining shares available for repurchase | 3,000,000 | |||||
Total cost of repurchase of common stock | $ 53,919 | $ 285,983 | $ 122,722 | |||
Preferred stock, shares authorized and unissued | 2,000,000 | |||||
Treasury stock, common, value | $ 54,267 | $ 285,983 | $ 122,722 | |||
Treasury Stock, Common Shares [Member] | ||||||
Equity [Line Items] | ||||||
Common stock repurchased during period, shares | 319,332 | 1,900,826 | 733,854 | |||
Total cost of repurchase of common stock | $ 53,919 | |||||
Treasury stock, common, value | 54,267 | $ 285,983 | $ 122,722 | |||
Accrued excise tax payable | $ 348 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Dec. 30, 2023 USD ($) |
Revolving Credit Facility | |
Commitments and Contingencies Disclosure [Line Items] | |
Letters of credit outstanding | $ 33,492,000 |
Guarantee Payment of Insurance Claims | |
Commitments and Contingencies Disclosure [Line Items] | |
Letters of credit outstanding | $ 77,054,000 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 USD ($) Segment Customer | Dec. 31, 2022 USD ($) Customer | Dec. 25, 2021 USD ($) Customer | |
Segment Reporting Information [Line Items] | |||
External revenue | $ | $ 5,303,322 | $ 7,436,562 | $ 6,537,568 |
Number of segments | Segment | 2 | ||
Number of customers accounting for 10 percent or more of total revenue | Customer | 0 | 0 | 0 |
No single customer accounted for benchmark percentage to be considered major customer | 10% | 10% | 10% |
Information Regarding Reportabl
Information Regarding Reportable Business Segments (Detail) - USD ($) | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Segment Reporting Information [Line Items] | |||
Revenue | $ 5,303,322,000 | $ 7,436,562,000 | $ 6,537,568,000 |
Investment income | 10,141,000 | 3,162,000 | 2,857,000 |
Interest and debt (income) expense | (3,946,000) | 3,620,000 | 3,976,000 |
Depreciation and amortization | 58,153,000 | 57,453,000 | 49,609,000 |
Operating income | 344,149,000 | 571,083,000 | 505,668,000 |
Expenditures on long-lived assets | 25,688,000 | 26,005,000 | 23,261,000 |
Goodwill | 42,275,000 | 41,220,000 | 40,768,000 |
Finance lease additions | 4,093,000 | 30,659,000 | 48,674,000 |
Total assets | 1,801,846,000 | 1,931,879,000 | 2,045,465,000 |
Related Party [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 67,977,000 | 79,229,000 | 62,558,000 |
Transportation Logistics | |||
Segment Reporting Information [Line Items] | |||
Revenue | 5,230,846,000 | 7,358,008,000 | 6,465,711,000 |
Interest and debt (income) expense | (3,946,000) | 3,620,000 | 3,976,000 |
Depreciation and amortization | 58,153,000 | 57,453,000 | 49,609,000 |
Operating income | 288,574,000 | 524,500,000 | 464,282,000 |
Expenditures on long-lived assets | 25,688,000 | 26,005,000 | 23,261,000 |
Goodwill | 42,275,000 | 41,220,000 | 40,768,000 |
Finance lease additions | 4,093,000 | 30,659,000 | 48,674,000 |
Total assets | 1,463,236,000 | 1,704,557,000 | 1,736,854,000 |
Insurance | |||
Segment Reporting Information [Line Items] | |||
Revenue | 72,476,000 | 78,554,000 | 71,857,000 |
Investment income | 10,141,000 | 3,162,000 | 2,857,000 |
Operating income | 55,575,000 | 46,583,000 | 41,386,000 |
Total assets | 338,610,000 | 227,322,000 | 308,611,000 |
Insurance | Related Party [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | $ 67,977,000 | $ 79,229,000 | $ 62,558,000 |
Effect of Increase in Cost of I
Effect of Increase in Cost of Insurance and Claims (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Change in Accounting Estimate [Line Items] | |||
Operating income | $ 344,149 | $ 571,083 | $ 505,668 |
Net income | $ 264,394 | $ 430,914 | $ 381,524 |
Basic earnings per share | $ 7.36 | $ 11.76 | $ 9.98 |
Diluted earnings per share | $ 7.36 | $ 11.76 | $ 9.98 |
Development of Prior Year Self Insured Claims Estimates | |||
Change in Accounting Estimate [Line Items] | |||
Operating income | $ 6,058 | $ 11,331 | $ 9,708 |
Net income | $ 4,598 | $ 8,570 | $ 7,359 |
Basic earnings per share | $ 0.13 | $ 0.23 | $ 0.19 |
Diluted earnings per share | $ 0.13 | $ 0.23 | $ 0.19 |
Equity investment - Additional
Equity investment - Additional Information (Detail) | Apr. 01, 2022 USD ($) |
Cavnue, LLC [Member] | Landstar Investment Holdo LLC [Member] | |
Equity Securities without Readily Determinable Fair Value [Line Items] | |
Equity investment | $ 4,999,000 |