0001193125-21-144263 | 10-Q | XBRL Viewer

Operating lease
right-of-use
assets

Other assets

Finance lease assets

Operating property, less accumulated depreciation and amortization

Total lease assets

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Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 27, 2021	Apr. 19, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Document Quarterly Report	true
Entity Central Index Key	0000853816
Document Transition Report	false
Current Fiscal Year End Date	--12-25
Document Period End Date	Mar. 27, 2021
Entity Registrant Name	LANDSTAR SYSTEM, INC.
Entity Filer Category	Large Accelerated Filer
Trading Symbol	LSTR
Title of 12(b) Security	Common Stock
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		38,408,570
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity File Number	0-21238
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	06-1313069
Entity Address, Address Line One	13410 Sutton Park Drive South
Entity Address, City or Town	Jacksonville
Entity Address, Postal Zip Code	32224
City Area Code	904
Local Phone Number	398-9400
Entity Address, State or Province	FL

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 27, 2021	Dec. 26, 2020
Current Assets
Cash and cash equivalents	$ 219,389	$ 249,354
Short-term investments	41,407	41,375
Trade accounts receivable, less allowance of $7,095 and $8,670	824,872	764,169
Other receivables, including advances to independent contractors, less allowance of $6,711 and $7,239	40,067	134,757
Other current assets	11,584	18,520
Total current assets	1,137,319	1,208,175
Operating property, less accumulated depreciation and amortization of $309,464 and $299,407	288,041	296,996
Goodwill	40,732	40,949
Other assets	108,373	107,679
Total assets	1,574,465	1,653,799
Current Liabilities
Cash overdraft	74,754	74,748
Accounts payable	414,440	380,505
Current maturities of long-term debt	32,800	35,415
Insurance claims	39,229	149,774
Dividends payable		76,770
Other current liabilities	101,442	88,925
Total current liabilities	662,665	806,137
Long-term debt, excluding current maturities	58,196	65,359
Insurance claims	39,850	38,867
Deferred income taxes and other noncurrent liabilities	50,835	51,601
Shareholders' Equity
Common stock, $0.01 par value, authorized 160,000,000 shares, issued 68,212,296 and 68,183,702 shares	682	682
Additional paid-in capital	232,597	228,875
Retained earnings	2,115,411	2,046,238
Cost of 29,803,726 and 29,797,639 shares of common stock in treasury	(1,582,818)	(1,581,961)
Accumulated other comprehensive loss	(2,953)	(1,999)
Total shareholders' equity	762,919	691,835
Total liabilities and shareholders' equity	$ 1,574,465	$ 1,653,799

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 27, 2021	Dec. 26, 2020
Allowance on trade accounts receivable	$ 7,095	$ 8,670
Allowance on other receivables	6,711	7,239
Accumulated depreciation and amortization on operating property	$ 309,464	$ 299,407
Common stock, par value	$ 0.01	$ 0.01
Common stock, authorized shares	160,000,000	160,000,000
Common stock, issued shares	68,212,296	68,183,702
Treasury stock, shares	29,803,726	29,797,639

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Mar. 27, 2021	Mar. 28, 2020
Revenue	$ 1,287,534	$ 927,566
Investment income	684	1,167
Costs and expenses:
Purchased transportation	998,285	709,257
Commissions to agents	100,009	75,376
Other operating costs, net of gains on asset sales/dispositions	7,642	8,306
Insurance and claims	21,505	24,957
Selling, general and administrative	45,408	45,327
Depreciation and amortization	12,101	11,505
Total costs and expenses	1,184,950	874,728
Operating income	103,268	54,005
Interest and debt expense	1,042	952
Income before income taxes	102,226	53,053
Income taxes	24,986	12,158
Net income	$ 77,240	$ 40,895
Diluted earnings per share	$ 2.01	$ 1.04
Average diluted shares outstanding	38,404,000	39,254,000
Dividends per common share	$ 0.210	$ 0.185

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020
Net income	$ 77,240	$ 40,895
Other comprehensive loss:
Unrealized holding losses on available-for-sale investments, net of tax benefits of $147 and $432	(534)	(1,579)
Foreign currency translation losses	(420)	(7,902)
Other comprehensive loss	(954)	(9,481)
Comprehensive income	$ 76,286	$ 31,414

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020
Unrealized holding losses on available-for-sale investments, net of tax benefit	$ 147	$ 432

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020
OPERATING ACTIVITIES
Net income	$ 77,240	$ 40,895
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of operating property and intangible assets	12,101	11,505
Non-cash interest charges	112	63
Provisions for losses on trade and other accounts receivable	547	4,122
Gains on sales/disposals of operating property	(24)	(858)
Deferred income taxes, net	(1,110)	797
Stock-based compensation	4,029	631
Changes in operating assets and liabilities:
Decrease in trade and other accounts receivable	33,440	21,369
Decrease in other assets	6,175	9,987
Increase in accounts payable	33,935	179
Increase in other liabilities	13,008	4,404
(Decrease) increase in insurance claims	(109,562)	6,122
NET CASH PROVIDED BY OPERATING ACTIVITIES	69,891	99,216
INVESTING ACTIVITIES
Net changes in other short-term investments		131
Sales and maturities of investments	7,957	7,963
Purchases of investments	(8,716)	(8,830)
Purchases of operating property	(4,076)	(5,799)
Proceeds from sales of operating property	500	2,081
NET CASH USED BY INVESTING ACTIVITIES	(4,335)	(4,454)
FINANCING ACTIVITIES
Increase (decrease) in cash overdraft	6	(17,876)
Dividends paid	(84,837)	(86,283)
Proceeds from exercises of stock options	77	575
Taxes paid in lieu of shares issued related to stock-based compensation plans	(1,241)	(2,994)
Purchases of common stock		(115,962)
Principal payments on finance lease obligations	(9,778)	(10,923)
NET CASH USED BY FINANCING ACTIVITIES	(95,773)	(233,463)
Effect of exchange rate changes on cash and cash equivalents	252	(3,590)
Decrease in cash and cash equivalents	(29,965)	(142,291)
Cash and cash equivalents at beginning of period	249,354	319,515
Cash and cash equivalents at end of period	$ 219,389	$ 177,224

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Treasury Stock at Cost	Accumulated Other Comprehensive Loss
Beginning Balance (in shares) at Dec. 28, 2019		68,083,419			28,609,926
Beginning Balance at Dec. 28, 2019	$ 721,469	$ 681	$ 226,123	$ 1,962,161	$ (1,465,284)	$ (2,212)
Beginning Balance (Accounting Standards Update 2016-13) at Dec. 28, 2019	(702)			(702)
Net income	40,895			40,895
Dividends	(7,336)			(7,336)
Purchases of common stock (in shares)					1,178,970
Purchases of common stock	(115,962)				$ (115,962)
Issuance of stock related to stock-based compensation plans (in shares)		84,063			8,078
Issuance of stock related to stock-based compensation plans	(2,419)	$ 1	(1,781)		$ (639)
Stock-based compensation	631		631
Other comprehensive (loss) income	(9,481)					(9,481)
Ending Balance (in shares) at Mar. 28, 2020		68,167,482			29,796,974
Ending Balance at Mar. 28, 2020	627,095	$ 682	224,973	1,995,018	$ (1,581,885)	(11,693)
Beginning Balance (in shares) at Dec. 26, 2020		68,183,702			29,797,639
Beginning Balance at Dec. 26, 2020	691,835	$ 682	228,875	2,046,238	$ (1,581,961)	(1,999)
Net income	77,240			77,240
Dividends	(8,067)			(8,067)
Issuance of stock related to stock-based compensation plans (in shares)		28,594			6,087
Issuance of stock related to stock-based compensation plans	(1,164)		(307)		$ (857)
Stock-based compensation	4,029		4,029
Other comprehensive (loss) income	(954)					(954)
Ending Balance (in shares) at Mar. 27, 2021		68,212,296			29,803,726
Ending Balance at Mar. 27, 2021	$ 762,919	$ 682	$ 232,597	$ 2,115,411	$ (1,582,818)	$ (2,953)

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020
Dividends per common share	$ 0.210	$ 0.185

Significant Accounting Policies

3 Months Ended

Mar. 27, 2021

Significant Accounting Policies

(1)	Significant Accounting Policies

Revenue from Contracts with Customers – Disaggregation of Revenue

The following table summarizes (i) the percentage of consolidated revenue generated by mode of transportation and (ii) the total amount of truck transportation revenue hauled by BCO Independent Contractors and Truck Brokerage

Carriers

generated by equipment type during the thirteen-week periods ended

March 27, 2021

and

March 28, 2020

(dollars in thousands):


	Thirteen Weeks Ended
	March 27, 2021			March 28, 2020
Mode
Truck – BCO Independent Contractors		44	%		46	%
Truck – Truck Brokerage Carriers		49	%		46	%
Rail intermodal		2	%		3	%
Ocean and air cargo carriers		4	%		3	%
Truck Equipment Type
Van equipment	$	827,187		$	545,307
Unsided/platform equipment	$	340,632		$	286,328
Less-than-truckload	$	25,670		$	22,941

Share-based Payment Arrangements

3 Months Ended

Mar. 27, 2021

Share-based Payment Arrangements

(2)	Share-based Payment Arrangements

As of March 27, 2021, the Company had two

employee equity incentive plans, the 2002 employee stock option and stock incentive plan (the “ESOSIP”) and the 2011 equity incentive plan (the “2011 EIP”). No further grants can be made under the ESOSIP and no stock options previously

granted under the ESOSIP are unvested or unexercised as of March 27, 2021. The Company also has a stock compensation plan for members of its Board of Directors, the Amended and Restated 2013 Directors Stock Compensation Plan (as amended and restated as of May 17, 2016, the “2013

DSCP”).

6,000,000

shares of the Company’s common stock were authorized for issuance under the 2011 EIP and

115,000

shares of the Company’s common stock were authorized for issuance under the 2013 DSCP. The ESOSIP, 2011 EIP and 2013 DSCP are each referred to herein as a “Plan,” and, collectively, as the “Plans.”

Amounts recognized in the financial statements with respect to these Plans are as follows (in thousands):


	Thirteen Weeks Ended
	March 27, 2021			March 28, 2020
Total cost of the Plans during the period	$	4,029		$	631
Amount of related income tax benefit recognized during the period		(1,341	)		(873	)

Net cost of the Plans during the period	$	2,688		$	(242	)

Included in income tax benefits recognized in the thirteen-week periods ended March 27, 2021 and March 28, 2020 were excess tax benefits from stock-based awards of $343,000 and $706,000, respectively.

As of March 27, 2021, there were 60,586 shares of the Company’s common stock reserved for issuance under the 2013 DSCP and 3,521,140 shares of the Company’s common stock reserved for issuance under the

2011

EIP.

Restricted Stock Units

The following table summarizes information regarding the Company’s outstanding restricted stock unit (“RSU”) awards with either a performance condition or a market condition under the Plans:


	Number of RSUs			Weighted Average Grant Date Fair Value
Outstanding at December 26, 2020		183,213		$	93.44
Granted		45,707		$	129.03
Vested shares		(9,247	)	$	106.14

Outstanding at March 27, 2021		219,673		$	100.31

During the thirteen-week period ended March 27, 2021, the Company granted RSUs with a performance condition. Outstanding RSUs at both December 26, 2020 and March 27, 2021 include RSUs with a performance condition and RSUs with a market condition, as further described below and in the Company’s 2020 Annual Report on Form 10-K.

RSUs with a performance condition granted on January 29, 2021 may vest on January 31 of 2024, 2025 and 2026 based on growth in operating income and

pre-tax

income per diluted share from continuing operations as compared to the results from the 2020 fiscal year, adjusted to reflect the add back of

non-cash

impairment charges recorded in the Company’s 2020 fiscal year related to certain assets, primarily customer contract and related customer relationship intangible assets, held by the Company’s Mexican subsidiaries.

The Company recognized approximately $3,223,000 and ($136,000) of share-based compensation expense/(benefit) related to RSU awards in the thirteen-week periods ended

March 27, 2021

and March 28, 2020, respectively. As of

March 27, 2021

, there was a maximum of $39.8 million of total unrecognized compensation cost related to RSU awards granted under the Plans with an expected average remaining life of approximately 3.4 years. With respect to RSU awards with a performance condition, the amount of future compensation expense to be recognized will be determined based on future operating results.

Non-vested

Restricted Stock and Deferred Stock Units

The following table summarizes information regarding the Company’s outstanding shares of

non-vested

restricted stock and Deferred Stock Units (defined below) under the Plans:


	Number of Shares and Deferred Stock Units			Weighted Average Grant Date Fair Value
Non-vested at December 26, 2020		60,440		$	103.65
Granted		18,078		$	140.97
Vested		(21,733	)	$	103.39

Non-vested at March 27, 2021		56,785		$	115.63

The fair value of each share of non-vested restricted stock issued and Deferred Stock Unit granted under the Plans is based on the fair value of a share of the Company’s common stock on the date of grant. Shares of non-vested restricted stock are generally subject to vesting in three equal annual installments either on the first, second and third anniversary of the date of the grant or the third, fourth and fifth anniversary of the date of the grant, or 100% on the first or fifth anniversary of the date of the grant. For restricted stock awards granted under the 2013 DSCP plan, each recipient may elect to defer receipt of shares and instead receive restricted stock units (“Deferred Stock Units”), which represent contingent rights to receive shares of the Company’s common stock on the date of recipient separation from service from the Board of Directors, or, if earlier, upon a change in control event of the Company. Deferred Stock Units become vested 100% on the first anniversary of the date of the grant. Deferred Stock Units do not represent actual ownership in shares of the Company’s common stock and the recipient does not have voting rights or other incidents of ownership until the shares are issued. However, Deferred Stock Units do contain the right to receive dividend equivalent payments prior to settlement into shares.

Stock Units granted under the Plans. The unrecognized compensation cost related to these non-vested shares of restricted stock and Deferred Stock Units is expected to be recognized over a weighted average period of 2.4 years.

Stock Options

The following table summarizes information regarding the Company’s outstanding stock options under the Plans:


	Number of Options			Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value (000s)
Options outstanding at December 26, 2020		17,650		$	54.16
Exercised		(5,280	)	$	51.83

Options outstanding at March 27, 2021		12,370		$	55.15		1.6	$	1,411

Options exercisable at March 27, 2021		12,370		$	55.15		1.6	$	1,411

The total intrinsic value of stock options exercised during the thirteen-week periods ended March 27, 2021 and March 28, 2020 was $521,000 and $1,023,000, respectively.

As of March 27, 2021, there was no unrecognized compensation cost related to stock options granted under the Plans.

Income Taxes

3 Months Ended

Mar. 27, 2021

Income Taxes

(3)	Income Taxes

The provisions for income taxes for the 2021 and 2020 thirteen-week periods were based on estimated annual effective income tax rates of 24.4% and 24.2%, respectively, adjusted for discrete events, such as benefits resulting from stock-based awards. The increase in the estimated annual effective income tax rate was primarily attributable to increased anticipated nondeductible executive compensation during the 2021 period. The effective income tax rate for the 2021 thirteen-week period was 24.4%, which was higher than the statutory federal income tax rate of 21% primarily attributable to state taxes and

non-deductible

executive compensation, partially offset by excess tax benefits realized on stock based awards. The effective income tax rate for the 2020 thirteen-week period was 22.9%, which was higher than the statutory federal income tax rate of 21% primarily attributable to state taxes and the meals and entertainment exclusion, partially offset by excess tax benefits realized on stock based awards.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Earnings Per Share

3 Months Ended

Mar. 27, 2021

Earnings Per Share

(4)	Earnings Per Share

Earnings per common share are based on the weighted average number of shares outstanding, including outstanding

non-vested

restricted stock and outstanding Deferred Stock Units. Diluted earnings per share are based on the weighted average number of common shares and Deferred Stock Units outstanding plus the incremental shares that would have been outstanding upon the assumed exercise of all dilutive stock options. During the 2021 and 2020 thirteen-week periods, in reference to the determination of diluted earnings per share, the future compensation cost attributable to outstanding shares of

non-vested

restricted stock exceeded the impact of incremental shares that would have been outstanding upon the assumed exercise of all dilutive stock options.

For each of the thirteen-week periods ended March 27, 2021 and March 28, 2020, no options outstanding to purchase shares of common stock were antidilutive. Outstanding RSUs were excluded from the calculation of diluted earnings per share for all periods because the performance metric requirements or market condition for vesting had not been satisfied.

Additional Cash Flow Information

3 Months Ended

Mar. 27, 2021

Additional Cash Flow Information

(5)	Additional Cash Flow Information

During the 2021 thirteen-week period, Landstar paid income taxes and interest of $353,000 and $983,000, respectively. During the 2020 thirteen-week period, Landstar paid income taxes and interest of $7,000 and $1,079,000, respectively. Landstar did not acquire any operating property by entering into finance leases in either the 2021 or 2020 thirteen-week periods.

Segment Information

3 Months Ended

Mar. 27, 2021

Segment Information

(6)	Segment Information

The following table summarizes information about the Company’s reportable business segments as of and for the thirteen-week periods ended March 27, 2021 and March 28, 2020 (in thousands):


	Thirteen Weeks Ended
	March 27, 2021						March 28, 2020
	Transportation Logistics		Insurance		Total		Transportation Logistics		Insurance			Total
External revenue	$	1,270,499	$	17,035	$	1,287,534	$	913,884	$	13,682		$	927,566
Internal revenue				9,534		9,534				9,079			9,079
Investment income				684		684				1,167			1,167
Operating income		89,732		13,536		103,268		55,044		(1,039	)		54,005
Expenditures on long-lived assets		4,076				4,076		5,799					5,799
Goodwill		40,732				40,732		37,182					37,182

In the thirteen-week periods ended March 27, 2021 and March 28, 2020, no single customer accounted for more than 10% of the Company’s consolidated revenue.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

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-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Other Comprehensive Income

3 Months Ended

Mar. 27, 2021

Other Comprehensive Income

(7)	Other Comprehensive Income

The following table presents the components of and changes in accumulated other comprehensive income (loss), net of related income taxes, as of and for the thirteen-week period ended March 27, 2021 (in thousands):


	Unrealized Holding Gains (Losses) on Available-for-Sale Securities			Foreign Currency Translation			Total
Balance as of December 26, 2020	$	2,808		$	(4,807	)	$	(1,999	)
Other comprehensive loss		(534	)		(420	)		(954	)

Balance as of March 27, 2021	$	2,274		$	(5,227	)	$	(2,953	)

Amounts reclassified from accumulated other comprehensive income to investment income due to the realization of previously unrealized gains and losses in the accompanying consolidated statements of income were not significant for the thirteen-week period ended March 27, 2021.

Investments

3 Months Ended

Mar. 27, 2021

Investments

(8)	Investments

Investments include primarily investment-grade corporate bonds and U.S. Treasury obligations having maturities of up to five years (the “bond portfolio”) and money market investments. Investments in the bond portfolio are reported as

available-for-sale

and are carried at fair value. Investments maturing less than one year from the balance sheet date are included in short-term investments and investments maturing more than one year from the balance sheet date are included in other assets in the consolidated balance sheets. Management performs an analysis of the nature of the unrealized losses on

available-for-sale

investments to determine whether an allowance for credit loss is necessary. Unrealized losses, representing the excess of the purchase price of an investment over its fair value as of the end of a period, considered to be a result of credit-related factors, are to be included as a charge in the statement of income, while unrealized losses considered to be a result of noncredit-related factors are to be included as a component of shareholders’ equity. Investments whose values are based on quoted market prices in active markets are classified within Level 1. Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, are classified within Level 2. As Level 2 investments include positions that are not traded in active markets, valuations may be adjusted to reflect illiquidity and/or

non-transferability,

which are generally based on available market information. Any transfers between levels are recognized as of the beginning of any reporting period. Fair value of the

bond portfolio was determined using Level 1 inputs related to U.S. Treasury obligations and money market investments and Level 2 inputs related to

investment-grade corporate bonds, asset-backed securities and direct obligations of government agencies. Unrealized gains, net of unrealized losses, on the investments in the bond portfolio were $2,897,000 at March 27, 2021 and $3,578,000 at December 26, 2020, respectively.

The amortized cost and fair values of

available-for-sale

investments are as follows at March 27, 2021 and December 26, 2020 (in thousands):


			Gross		Gross
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
March 27, 2021
Money market investments	$	14,731	$	—	$	—	$	14,731
Asset-backed securities		566		—		11		555
Corporate bonds and direct obligations of government agencies		102,075		2,950		144		104,881
U.S. Treasury obligations		2,339		102		—		2,441

Total	$	119,711	$	3,052	$	155	$	122,608

December 26, 2020
Money market investments	$	17,867	$	—	$	—	$	17,867
Asset-backed securities		567		—		26		541
Corporate bonds and direct obligations of government agencies		98,241		3,551		72		101,720
U.S. Treasury obligations		2,338		125		—		2,463

Total	$	119,013	$	3,676	$	98	$	122,591

For those

available-for-sale

investments with unrealized losses at March 27, 2021 and December 26, 2020, the following table summarizes the duration of the unrealized loss (in thousands):


	Less than 12 months				12 months or longer				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
March 27, 2021
Asset-backed securities	$	—	$	—	$	555	$	11	$	555	$	11
Corporate bonds and direct obligations of government agencies		8,596		123		1,255		21		9,851		144

Total	$	8,596	$	123	$	1,810	$	32	$	10,406	$	155

December 26, 2020
Asset-backed securities	$	541	$	26	$	—	$	—	$	541	$	26
Corporate bonds and direct obligations of government agencies		2,681		72		—		—		2,681		72

Total	$	3,222	$	98	$	—	$	—	$	3,222	$	98

The Company believes unrealized losses on investments were primarily caused by rising interest rates rather than changes in credit quality. The Company expects to recover, through collection of all of the contractual cash flows of each security, the amortized cost basis of these securities as it does not intend to sell, and does not anticipate being required to sell, these securities before recovery of the cost basis. For these reasons, no losses have been recognized in the Company’s consolidated statements of income.

Leases

3 Months Ended

Mar. 27, 2021

Leases

(9)

Leases

Landstar’s noncancelable leases are primarily comprised of finance leases for the acquisition of new trailing equipment. Each finance lease for the acquisition of trailing equipment is a five year lease with a $1 purchase option for the applicable equipment at lease expiration. Substantially all of Landstar’s operating lease

right-of-use

assets and operating lease liabilities represent leases for facilities maintained in support of the Company’s network of BCO Independent Contractors and office space used to conduct Landstar’s business. These leases do not have significant rent escalation holidays, concessions, leasehold improvement incentives or other

build-out

clauses. Further, the leases do not contain contingent rent provisions. Landstar also leases certain trailing equipment to supplement the Company-owned trailer fleet under

“month-to-month”

lease terms, which are not required to be recorded on the balance sheet due to the less than twelve month lease term exemption. Sublease income is primarily comprised of weekly trailing equipment rentals to our BCO Independent Contractors.

Most of Landstar’s operating leases include one or more options to renew. The exercise of lease renewal options is typically at Landstar’s sole discretion, and, as such, the majority of renewals to extend the lease terms are not included in the

right-of-use

assets and lease liabilities as they are not reasonably certain of exercise. Landstar regularly evaluates the renewal options, and when they are reasonably certain of exercise, Landstar includes the renewal period in the lease term.

As most of Landstar’s operating leases do not provide an implicit rate, Landstar utilized its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments. Landstar has a centrally managed treasury function; therefore, based on the applicable lease terms and the current economic environment, we apply a portfolio approach for determining the incremental borrowing rate.

The components of lease cost for finance leases and operating leases for the thirteen weeks ended March 27, 2021 were (in thousands):


Finance leases:
Amortization of right-of-use assets	$	5,478
Interest on lease liability		727

Total finance lease cost		6,205
Operating leases:
Lease cost		846
Variable lease cost		—
Sublease income		(1,190	)

Total net operating lease income		(344	)

Total net lease cost	$	5,861

A summary of the lease classification on our consolidated balance sheet as of March 27, 2021 is as follows (in thousands):

Assets:

Liabiliti

The following table reconciles the undiscounted cash flows for the finance and operating leases to the finance and operating lease liabilities recorded on the balance sheet at March 27, 2021 (in thousands)


	Finance Leases		Operating Leases
2021 Remainder	$	27,426	$	564
2022		28,753		686
2023		21,742		600
2024		11,827		516
2025		5,580		275
Thereafter		—		—

Total future minimum lease paym e nts		95,328		2,641
Less amount representing interest (1.9% to 4.4%)		4,332		201

Present value of minimum lease payments	$	90,996	$	2,440

Current maturities of long-term debt		32,800
Long-term debt, excluding current maturities		58,196
Other current liabilities				728
Deferred income taxes and other noncurrent liabilitie s				1,712

The weighted average remaining lease term and the weighted average discount rate for finance and operating leases as of March 27, 2021 were:


	Finance Leases			Operating Leases
Weighted average remaining lease term (years)		3.3			3.9
Weighted average discount rate		3.0	%		4.0	%

Debt

3 Months Ended

Mar. 27, 2021

Debt

(10)

Debt

Other than the finance lease obligations as presented on the consolidated balance sheets, the Company had no outstanding debt as of March 27, 2021 and December 26, 2020.

On August 18, 2020, Landstar entered into an amended and restated credit agreement with a syndicate of banks and JPMorgan Chase Bank, N.A., as administrative agent (the “Credit Agreement”). The Credit Agreement, which matures on August 18, 2023, provides $250,000,000 of borrowing capacity in the form of a revolving credit facility, $35,000,000 of which may be utilized in the form of letters of credit. The Credit Agreement includes an “accordion” feature providing for a possible increase up to an aggregate borrowing capacity of $400,000,000.

The revolving credit loans under the Credit Agreement, at the option of Landstar, bear interest at (i) the Eurocurrency rate plus an applicable margin ranging from 1.25% to 2.00%, or (ii) an alternate base rate plus an applicable margin ranging from 0.25% to 1.00%, in each case with the applicable margin determined based upon the Company’s Leverage Ratio, as defined in the Credit Agreement, at the end of the most recent applicable fiscal quarter for which financial statements have been delivered. The revolving credit facility bears a commitment fee, payable quarterly in arrears, of 0.25% to 0.35%, based on the Company’s Leverage Ratio at the end of the most recent applicable fiscal quarter for which financial statements have been delivered. As of March 27, 2021 and December 26, 2020, the Company had no borrowings outstanding under the Credit Agreement.

The Credit Agreement contains a number of covenants that limit, among other things, the incurrence of additional indebtedness. The Company is required to, among other things, maintain a minimum Fixed Charge Coverage Ratio, as defined in the Credit Agreement, and maintain a Leverage Ratio, as defined in the Credit Agreement, below a specified maximum. The Credit Agreement provides for a restriction on cash dividends and other distributions to stockholders on the Company’s capital stock to the extent there is a default under the Credit Agreement. In addition, the Credit Agreement under certain circumstances limits the amount of such cash dividends and other distributions to stockholders to the extent that, after giving effect to any payment made to effect such cash dividend or other distribution, the Leverage Ratio would exceed 2.5 to 1 on a pro forma basis as of the end of the Company’s most recently completed fiscal quarter. The Credit Agreement provides for an event of default in the event that, among other things, a person or group acquires 35% or more of the outstanding capital stock of the Company or obtains power to elect a majority of the Company’s directors or the directors cease to consist of a majority of Continuing Directors, as defined in the Credit Agreement. None of these covenants are presently considered by management to be materially restrictive to the Company’s operations, capital resources or liquidity. The Company is currently in compliance with all of the debt covenants under the Credit Agreement.

The interest rates on borrowings under the revolving credit facility are typically tied to short-term interest rates that adjust monthly and, as such, carrying value approximates fair value. Interest rates on borrowings under finance leases approximate the interest rates that would currently be available to the Company under similar terms and, as such, carrying value approximates fair value.

Commitments and Contingencies

3 Months Ended

Mar. 27, 2021

Commitments and Contingencies

(11)	Commitments and Contingencies

Short-term investments include $41,407,000 in current maturities of investments held by the Company’s insurance segment at March 27, 2021. The

non-current

portion of the bond portfolio of $81,201,000 is included in other assets. The short-term investments, together with $30,742,000 of

non-current

investments, provide collateral for the $64,934,000 of letters of credit issued to guarantee payment of insurance claims. As of March 27, 2021, Landstar also had $33,620,000 of additional letters of credit outstanding under the Company’s Credit Agreement.

The Company is involved in certain claims and pending litigation arising from the normal conduct of business. Many of these claims are covered in whole or in part by insurance. Based on knowledge of the facts and, in certain cases, opinions of outside counsel, management believes that adequate provisions have been made for probable losses with respect to the resolution of all such claims and pending litigation and that the ultimate outcome, after provisions therefor, will not have a material adverse effect on the financial condition of the Company, but could have a material effect on the results of operations in a given quarter or year.

Significant Accounting Policies (Policies)

3 Months Ended

Mar. 27, 2021

Revenue from Contracts with Customers – Disaggregation of Revenue

Carriers

generated by equipment type during the thirteen-week periods ended

March 27, 2021

and

March 28, 2020

(dollars in thousands):


	Thirteen Weeks Ended
	March 27, 2021			March 28, 2020
Mode
Truck – BCO Independent Contractors		44	%		46	%
Truck – Truck Brokerage Carriers		49	%		46	%
Rail intermodal		2	%		3	%
Ocean and air cargo carriers		4	%		3	%
Truck Equipment Type
Van equipment	$	827,187		$	545,307
Unsided/platform equipment	$	340,632		$	286,328
Less-than-truckload	$	25,670		$	22,941

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130561-203045

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130566-203045

+ Details

Significant Accounting Policies (Tables)

3 Months Ended

Mar. 27, 2021

Schedule of Disaggregation of Revenue

Carriers

generated by equipment type during the thirteen-week periods ended

March 27, 2021

and

March 28, 2020

(dollars in thousands):


	Thirteen Weeks Ended
	March 27, 2021			March 28, 2020
Mode
Truck – BCO Independent Contractors		44	%		46	%
Truck – Truck Brokerage Carriers		49	%		46	%
Rail intermodal		2	%		3	%
Ocean and air cargo carriers		4	%		3	%
Truck Equipment Type
Van equipment	$	827,187		$	545,307
Unsided/platform equipment	$	340,632		$	286,328
Less-than-truckload	$	25,670		$	22,941

Share-based Payment Arrangements (Tables)

3 Months Ended

Mar. 27, 2021

Amounts Recognized in Financial Statements with Respect to Plans

Amounts recognized in the financial statements with respect to these Plans are as follows (in thousands):


	Thirteen Weeks Ended
	March 27, 2021			March 28, 2020
Total cost of the Plans during the period	$	4,029		$	631
Amount of related income tax benefit recognized during the period		(1,341	)		(873	)

Net cost of the Plans during the period	$	2,688		$	(242	)

Summary of Information Regarding Stock Options

The following table summarizes information regarding the Company’s outstanding stock options under the Plans:


	Number of Options			Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value (000s)
Options outstanding at December 26, 2020		17,650		$	54.16
Exercised		(5,280	)	$	51.83

Options outstanding at March 27, 2021		12,370		$	55.15		1.6	$	1,411

Options exercisable at March 27, 2021		12,370		$	55.15		1.6	$	1,411

Restricted Stock Units (RSUs)

Schedule of Information on Restricted Stock Units

The following table summarizes information regarding the Company’s outstanding restricted stock unit (“RSU”) awards with either a performance condition or a market condition under the Plans:


	Number of RSUs			Weighted Average Grant Date Fair Value
Outstanding at December 26, 2020		183,213		$	93.44
Granted		45,707		$	129.03
Vested shares		(9,247	)	$	106.14

Outstanding at March 27, 2021		219,673		$	100.31

Non Vested Restricted Stock and Deferred Stock Units

Schedule of Information on Non-Vested Restricted Stock and Deferred Stock Units

The following table summarizes information regarding the Company’s outstanding shares of

non-vested

restricted stock and Deferred Stock Units (defined below) under the Plans:


	Number of Shares and Deferred Stock Units			Weighted Average Grant Date Fair Value
Non-vested at December 26, 2020		60,440		$	103.65
Granted		18,078		$	140.97
Vested		(21,733	)	$	103.39

Non-vested at March 27, 2021		56,785		$	115.63

Segment Information (Tables)

3 Months Ended

Mar. 27, 2021

Information Regarding Reportable Business Segments

The following table summarizes information about the Company’s reportable business segments as of and for the thirteen-week periods ended March 27, 2021 and March 28, 2020 (in thousands):


	Thirteen Weeks Ended
	March 27, 2021						March 28, 2020
	Transportation Logistics		Insurance		Total		Transportation Logistics		Insurance			Total
External revenue	$	1,270,499	$	17,035	$	1,287,534	$	913,884	$	13,682		$	927,566
Internal revenue				9,534		9,534				9,079			9,079
Investment income				684		684				1,167			1,167
Operating income		89,732		13,536		103,268		55,044		(1,039	)		54,005
Expenditures on long-lived assets		4,076				4,076		5,799					5,799
Goodwill		40,732				40,732		37,182					37,182

Other Comprehensive Income (Tables)

3 Months Ended

Mar. 27, 2021

Components of and Changes in Accumulated Other Comprehensive Income, Net of Related Income Taxes


	Unrealized Holding Gains (Losses) on Available-for-Sale Securities			Foreign Currency Translation			Total
Balance as of December 26, 2020	$	2,808		$	(4,807	)	$	(1,999	)
Other comprehensive loss		(534	)		(420	)		(954	)

Balance as of March 27, 2021	$	2,274		$	(5,227	)	$	(2,953	)

Investments (Tables)

3 Months Ended

Mar. 27, 2021

Amortized Cost and Fair Value of Available-for-Sale Investments


			Gross		Gross
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
March 27, 2021
Money market investments	$	14,731	$	—	$	—	$	14,731
Asset-backed securities		566		—		11		555
Corporate bonds and direct obligations of government agencies		102,075		2,950		144		104,881
U.S. Treasury obligations		2,339		102		—		2,441

Total	$	119,711	$	3,052	$	155	$	122,608

December 26, 2020
Money market investments	$	17,867	$	—	$	—	$	17,867
Asset-backed securities		567		—		26		541
Corporate bonds and direct obligations of government agencies		98,241		3,551		72		101,720
U.S. Treasury obligations		2,338		125		—		2,463

Total	$	119,013	$	3,676	$	98	$	122,591

Schedule of Unrealized Loss on Available-for-Sale Investments

For those

available-for-sale

investments with unrealized losses at March 27, 2021 and December 26, 2020, the following table summarizes the duration of the unrealized loss (in thousands):


	Less than 12 months				12 months or longer				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
March 27, 2021
Asset-backed securities	$	—	$	—	$	555	$	11	$	555	$	11
Corporate bonds and direct obligations of government agencies		8,596		123		1,255		21		9,851		144

Total	$	8,596	$	123	$	1,810	$	32	$	10,406	$	155

December 26, 2020
Asset-backed securities	$	541	$	26	$	—	$	—	$	541	$	26
Corporate bonds and direct obligations of government agencies		2,681		72		—		—		2,681		72

Total	$	3,222	$	98	$	—	$	—	$	3,222	$	98

Leases (Tables)

3 Months Ended

Mar. 27, 2021

Lease, Cost [Table Text Block]

The components of lease cost for finance leases and operating leases for the thirteen weeks ended March 27, 2021 were (in thousands):


Finance leases:
Amortization of right-of-use assets	$	5,478
Interest on lease liability		727

Total finance lease cost		6,205
Operating leases:
Lease cost		846
Variable lease cost		—
Sublease income		(1,190	)

Total net operating lease income		(344	)

Total net lease cost	$	5,861

Schedule Of Supplemental Balance Sheet In formation Related To Leases [Table Text Block]

A summary of the lease classification on our consolidated balance sheet as of March 27, 2021 is as follows (in thousands):Assets:

Finance And Operating Lease Maturity [Table Text Block]


	Finance Leases		Operating Leases
2021 Remainder	$	27,426	$	564
2022		28,753		686
2023		21,742		600
2024		11,827		516
2025		5,580		275
Thereafter		—		—

Total future minimum lease paym e nts		95,328		2,641
Less amount representing interest (1.9% to 4.4%)		4,332		201

Present value of minimum lease payments	$	90,996	$	2,440

Current maturities of long-term debt		32,800
Long-term debt, excluding current maturities		58,196
Other current liabilities				728
Deferred income taxes and other noncurrent liabilitie s				1,712

Schedule Discount Rate And Lease Term Used In Calculating Lease Liabilities And Assets [Table Text Block]

The weighted average remaining lease term and the weighted average discount rate for finance and operating leases as of March 27, 2021 were:


	Finance Leases			Operating Leases
Weighted average remaining lease term (years)		3.3			3.9
Weighted average discount rate		3.0	%		4.0	%

Schedule Of Revenue By Major Customers By Reporting Segments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020
Disaggregation of Revenue [Line Items]
Revenue	$ 1,287,534	$ 927,566
BCO Independent Contractors – Truck
Disaggregation of Revenue [Line Items]
Percentage of Consolidated Revenue	44.00%	46.00%
Brokerage Carriers - Truck
Disaggregation of Revenue [Line Items]
Percentage of Consolidated Revenue	49.00%	46.00%
Rail Intermodal
Disaggregation of Revenue [Line Items]
Percentage of Consolidated Revenue	2.00%	3.00%
Ocean and air cargo carriers
Disaggregation of Revenue [Line Items]
Percentage of Consolidated Revenue	4.00%	3.00%
BCO Independent Contractor Truck and Brokerage Carriers Truck \| Van Equipment
Disaggregation of Revenue [Line Items]
Revenue	$ 827,187	$ 545,307
BCO Independent Contractor Truck and Brokerage Carriers Truck \| Unsided/Platform Equipment
Disaggregation of Revenue [Line Items]
Revenue	340,632	286,328
BCO Independent Contractor Truck and Brokerage Carriers Truck \| Less than Truckload
Disaggregation of Revenue [Line Items]
Revenue	$ 25,670	$ 22,941

Share-based Payment Arrangements - Additional Information (Detail)	3 Months Ended
	Mar. 27, 2021 USD ($) Equityplan shares	Mar. 28, 2020 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of employee equity incentive plans \| Equityplan	2
Excess tax benefit from stock-based awards	$ 343,000	$ 706,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized share-based compensation (benefit)/expense	3,223,000	(136,000)
Unrecognized compensation cost, other than options	$ 39,800,000
Unrecognized compensation cost expected to be recognized over period, years	3 years 4 months 24 days
Non Vested Restricted Stock and Deferred Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, other than options	$ 5,054,000
Unrecognized compensation cost expected to be recognized over period, years	2 years 4 months 24 days
Terms of award	Company’s common stock on the date of grant. Shares of non-vested restricted stock are generally subject to vesting in three equal annual installments either on the first, second and third anniversary of the date of the grant or the third, fourth and fifth anniversary of the date of the grant, or 100% on the first or fifth anniversary of the date of the grant. For restricted stock awards granted under the 2013 DSCP plan, each recipient may elect to defer receipt of shares and instead receive restricted stock units (“Deferred Stock Units”), which represent contingent rights to receive shares of the Company’s common stock on the date of recipient separation
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total intrinsic value of stock options exercised during periods	$ 521,000	$ 1,023,000
Maximum \| Restricted Stock Units (RSUs) \| Prior to 2015 grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum percentage of target available for common share issuance	100.00%
2011 Equity Incentive Plan \| Maximum \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized for issuance \| shares	6,000,000
2013 Directors Stock Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized for issuance \| shares	115,000
Common stock reserved for issuance \| shares	60,586
2013 Directors Stock Compensation Plan \| Deferred Stock Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock vesting percentage	100.00%
Other Stock Compensation Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance \| shares	3,521,140

Amounts Recognized in Financial Statements with Respect to Plans (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total cost of the Plans during the period	$ 4,029	$ 631
Amount of related income tax benefit recognized during the period	(1,341)	(873)
Net cost of the Plans during the period	$ 2,688	$ (242)

Schedule of Information on Restricted Stock Units (Detail) - Restricted Stock Units (RSUs)	3 Months Ended
	Mar. 27, 2021 $ / shares shares
Number of Shares
Beginning Balance \| shares	183,213
Granted \| shares	45,707
Vested shares \| shares	(9,247)
Ending Balance \| shares	219,673
Weighted Average Grant Date Fair Value
Beginning Balance \| $ / shares	$ 93.44
Granted \| $ / shares	129.03
Vested shares \| $ / shares	106.14
Ending Balance \| $ / shares	$ 100.31

Schedule of Information on Non - Vested Restricted Stock Units (Detail) - Non Vested Restricted Stock and Deferred Stock Units	3 Months Ended
	Mar. 27, 2021 $ / shares shares
Number of Shares and Deferred Stock Units
Beginning Balance \| shares	60,440
Granted \| shares	18,078
Vested \| shares	(21,733)
Ending Balance \| shares	56,785
Weighted Average Grant Date Fair Value
Beginning Balance \| $ / shares	$ 103.65
Granted \| $ / shares	140.97
Vested \| $ / shares	103.39
Ending Balance \| $ / shares	$ 115.63

Summary of Information Regarding Stock Options (Detail) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 27, 2021 USD ($) $ / shares shares
Number of Options
Beginning Balance, number of options \| shares	17,650
Exercised, number of options \| shares	(5,280)
Ending Balance, number of options \| shares	12,370
Weighted Average Exercise Price per Share
Beginning Balance, Weighted Average Exercise Price per Share \| $ / shares	$ 54.16
Exercised, Weighted Average Exercise Price per Share \| $ / shares	51.83
Ending Balance, Weighted Average Exercise Price per Share \| $ / shares	$ 55.15
Options Exercisable, Number of Options
Options exercisable at the ending, Number of Options \| shares	12,370
Options Exercisable, Weighted Average Exercise Price per Share
Options exercisable at the ending, Weighted Average Exercise Price per Share \| $ / shares	$ 55.15
Weighted Average Remaining Contractual Term (years)
Options outstanding at March 27, 2021	1 year 7 months 6 days
Options exercisable at March 27, 2021	1 year 7 months 6 days
Aggregate Intrinsic Value
Options outstanding at March 27, 2021 \| $	$ 1,411
Options exercisable at March 27, 2021 \| $	$ 1,411

Income Taxes - Additional Information (Detail)	3 Months Ended
Income Taxes - Additional Information (Detail)	Mar. 27, 2021	Mar. 28, 2020
Income Taxes [Line Items]
Corporate income tax rate	21.00%	21.00%
Estimated annual effective income tax rate	24.40%	24.20%
Effective income tax rate	24.40%	22.90%

Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options excluded from calculation of diluted earnings per share, antidilutive	0	0

Additional Cash Flow Information - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020
Supplemental Cash Flow Information [Abstract]
Income taxes paid	$ 353,000	$ 7,000
Interest paid	983,000	1,079,000
Capital Lease Obligations Incurred	$ 0	$ 0

Segment Information - Additional Information (Detail) - Customer	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020
Segment Reporting Information [Line Items]
Number of customers accounting for 10 percent or more of total revenue	0	0
No single customer accounted for benchmark percentage to be considered major customer	10.00%	10.00%

Information Regarding Reportable Business Segments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020	Dec. 26, 2020
Segment Reporting Information [Line Items]
External revenue	$ 1,287,534	$ 927,566
Internal revenue	9,534	9,079
Investment income	684	1,167
Operating income	103,268	54,005
Expenditures on long-lived assets	4,076	5,799
Goodwill	40,732	37,182	$ 40,949
Transportation Logistics
Segment Reporting Information [Line Items]
External revenue	1,270,499	913,884
Operating income	89,732	55,044
Expenditures on long-lived assets	4,076	5,799
Goodwill	40,732	37,182
Insurance
Segment Reporting Information [Line Items]
External revenue	17,035	13,682
Internal revenue	9,534	9,079
Investment income	684	1,167
Operating income	$ 13,536	$ (1,039)

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (b)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

+ Details

Components of and Changes in Accumulated Other Comprehensive Income, Net of Related Income Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	$ 691,835
Other comprehensive loss	(954)	$ (9,481)
Ending Balance	762,919
Unrealized Holding (Losses) Gains on Available-for-Sale Securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	2,808
Other comprehensive loss	(534)
Ending Balance	2,274
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(4,807)
Other comprehensive loss	(420)
Ending Balance	(5,227)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(1,999)
Other comprehensive loss	(954)
Ending Balance	$ (2,953)

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Investments - Additional Information (Detail) - USD ($)	3 Months Ended
Investments - Additional Information (Detail) - USD ($)	Mar. 27, 2021	Dec. 26, 2020
Debt Securities, Available-for-sale [Line Items]
Investments maximum maturity period	5 years
Unrealized gain (loss), net of unrealized gains/losses, on the investments in the bond portfolio	$ 2,897,000	$ 3,578,000

Amortized Cost and Fair Value of Available-for-Sale Investments (Detail) - USD ($) $ in Thousands	Mar. 27, 2021	Dec. 26, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 119,711	$ 119,013
Gross Unrealized Gains	3,052	3,676
Gross Unrealized Losses	155	98
Fair Value	122,608	122,591
Money market investments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	14,731	17,867
Fair Value	14,731	17,867
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	566	567
Gross Unrealized Losses	11	26
Fair Value	555	541
Corporate bonds and direct obligations of government agencies
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	102,075	98,241
Gross Unrealized Gains	2,950	3,551
Gross Unrealized Losses	144	72
Fair Value	104,881	101,720
U.S. Treasury obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,339	2,338
Gross Unrealized Gains	102	125
Fair Value	$ 2,441	$ 2,463

Schedule of Unrealized Loss on Available-for-Sale Investments (Detail) - USD ($) $ in Thousands	Mar. 27, 2021	Dec. 26, 2020
Debt Securities, Available-for-sale [Line Items]
Available-for-sale investments with unrealized losses, Less than 12 months, Fair Value	$ 8,596	$ 3,222
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss	123	98
Available-for-sale investments with unrealized losses, 12 months or longer, Fair Value	1,810
Available-for-sale investments with unrealized losses, 12 months or longer, Unrealized Loss	32
Available-for-sale investments with unrealized losses, Fair Value, Total	10,406	3,222
Available-for-sale investments with unrealized losses, Unrealized Loss, Total	155	98
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale investments with unrealized losses, Less than 12 months, Fair Value		541
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss		26
Available-for-sale investments with unrealized losses, 12 months or longer, Fair Value	555
Available-for-sale investments with unrealized losses, 12 months or longer, Unrealized Loss	11
Available-for-sale investments with unrealized losses, Fair Value, Total	555	541
Available-for-sale investments with unrealized losses, Unrealized Loss, Total	11	26
Corporate bonds and direct obligations of government agencies
Debt Securities, Available-for-sale [Line Items]
Available-for-sale investments with unrealized losses, Less than 12 months, Fair Value	8,596	2,681
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss	123	72
Available-for-sale investments with unrealized losses, 12 months or longer, Fair Value	1,255
Available-for-sale investments with unrealized losses, 12 months or longer, Unrealized Loss	21
Available-for-sale investments with unrealized losses, Fair Value, Total	9,851	2,681
Available-for-sale investments with unrealized losses, Unrealized Loss, Total	$ 144	$ 72

Leases - Additional Information (Detail)	Mar. 27, 2021 USD ($)
Leases Disclosure [Line Items]
Finance Lease Option to Purchase Option Value	$ 1
Lessee, Finance Lease, Term of Contract	5 years

Leases - Components of Lease Cost for Finance Leases and Operating Leases (Detail) $ in Thousands	3 Months Ended
	Mar. 27, 2021 USD ($)
Finance leases:
Amortization of right-of-use assets	$ 5,478
Interest on lease liability	727
Total finance lease cost	6,205
Operating leases:
Lease cost	846
Sublease income	(1,190)
Total net operating lease income	(344)
Total net lease cost	$ 5,861

Leases - Classification on our Consolidated Balance Sheet (Detail) $ in Thousands	Mar. 27, 2021 USD ($)
Total lease assets	$ 133,910
Other Assets [Member]
Operating lease right-of-use assets	2,440
Property Plant and Equipment Net [Member]
Finance lease assets	$ 131,470

Leases - Undiscounted Cash Flows for the Finance and Operating Leases (Detail) - USD ($) $ in Thousands	Mar. 27, 2021	Dec. 26, 2020
Operating Leased Assets [Line Items]
2021 Remainder	$ 27,426
2022	28,753
2023	21,742
2024	11,827
2025	5,580
Total future minimum lease payments	95,328
Less amount representing interest (1.9% to 4.4%)	4,332
Present value of minimum lease payments	90,996
Current maturities of long-term debt	32,800	$ 35,415
Long-term debt, excluding current maturities	58,196	$ 65,359
2021 Remainder	564
2022	686
2023	600
2024	516
2025	275
Total future minimum lease payments	2,641
Less amount representing interest (2.1% to 4.4%)	201
Present value of minimum lease payments	2,440
Other current liabilities [Member]
Operating Leased Assets [Line Items]
Operating lease, liability, current	728
Deferred income taxes and other noncurrent liabilities [Member]
Operating Leased Assets [Line Items]
Operating lease, liability, non-current	$ 1,712

Leases - Undiscounted Cash Flows for the Finance and Operating Leases (Parenthetical) (Details)	Mar. 27, 2021
Maximum [Member]
Finance lease Interest rate percentage	4.40%
Minimum [Member]
Finance lease Interest rate percentage	1.90%

Leases - Weighted Average Remaining Lease Term and the Weighted Average Discount Rate for Finance and Operating leases (Detail)	Mar. 27, 2021
Weighted average remaining lease term (years)	3 years 3 months 18 days
Weighted average discount rate	3.00%
Weighted average remaining lease term (years)	3 years 10 months 24 days
Weighted average discount rate	4.00%

Debt - Additional Information (Detail) - USD ($)		3 Months Ended
Debt - Additional Information (Detail) - USD ($)	Aug. 18, 2020	Mar. 27, 2021	Dec. 26, 2020
Debt Instrument [Line Items]
Debt Outstanding Excluding Capital Lease Obligations		$ 0	$ 0
Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility, initiation date	Aug. 18, 2020
Credit facility, borrowing capacity		250,000,000
Credit facility, maximum borrowing capacity		400,000,000
Borrowings outstanding		$ 0	$ 0
Credit facility, debt covenants compliance		The Company is currently in compliance with all of the debt covenants under the Credit Agreement.
Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Credit facility, unused credit commitment fee		0.25%
Credit facility event of default, minimum percentage that a person or group should acquire outstanding capital stock		35.00%
Revolving Credit Facility \| Minimum \| Eurodollar [Member]
Debt Instrument [Line Items]
Borrowings, basis spread on variable rate		1.25%
Revolving Credit Facility \| Minimum \| Base Rate [Member]
Debt Instrument [Line Items]
Borrowings, basis spread on variable rate		0.25%
Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Credit facility, unused credit commitment fee		0.35%
Maximum Leverage ratio beyond which amount of cash dividends and other distributions to stockholders is limited		250.00%
Revolving Credit Facility \| Maximum \| Eurodollar [Member]
Debt Instrument [Line Items]
Borrowings, basis spread on variable rate		2.00%
Revolving Credit Facility \| Maximum \| Base Rate [Member]
Debt Instrument [Line Items]
Borrowings, basis spread on variable rate		1.00%
Letter of Credit
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity		$ 35,000,000

Commitments and Contingencies - Additional Information (Detail)	Mar. 27, 2021 USD ($)
Current Investments \| Collateral Pledged [Member]
Commitments and Contingencies Disclosure [Line Items]
Investments providing collateral for letters of credit to guarantee insurance claims	$ 41,407,000
Non-Current Investments
Commitments and Contingencies Disclosure [Line Items]
Total non-current investments	81,201,000
Non-Current Investments \| Collateral Pledged [Member]
Commitments and Contingencies Disclosure [Line Items]
Investments providing collateral for letters of credit to guarantee insurance claims	30,742,000
Revolving Credit Facility
Commitments and Contingencies Disclosure [Line Items]
Letters of credit outstanding	33,620,000
Guarantee Payment of Insurance Claims
Commitments and Contingencies Disclosure [Line Items]
Letters of credit outstanding	$ 64,934,000