0001193125-22-046673 | 10-K | XBRL Viewer

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Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 25, 2021	Dec. 26, 2020	Dec. 28, 2019
OPERATING ACTIVITIES
Net income	$ 381,524	$ 192,106	$ 227,703
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of operating property and intangible assets	49,609	45,855	44,468
Non-cash interest charges	447	334	253
Provisions for losses on trade and other accounts receivable	5,722	9,415	9,831
Gains on sales/disposals of operating property	(1,830)	(2,576)	(1,016)
Impairment of intangible and other assets	0	2,582	0
Deferred income taxes, net	(3,790)	1,130	4,767
Stock-based compensation	27,537	4,639	4,236
Changes in operating assets and liabilities:
(Increase) decrease in trade and other accounts receivable	(362,234)	(285,169)	81,415
Decrease (increase) in other assets	4,444	(4,719)	(11,395)
Increase (decrease) in accounts payable	224,125	108,090	(42,138)
Increase (decrease) in other liabilities	43,422	28,496	(17,786)
(Decrease) increase in insurance claims	(92,236)	110,534	7,502
NET CASH PROVIDED BY OPERATING ACTIVITIES	276,740	210,717	307,840
INVESTING ACTIVITIES
Net change in other short-term investments	0	131	(131)
Sales and maturities of investments	31,938	22,632	62,922
Purchases of investments	(84,992)	(25,550)	(65,922)
Purchases of operating property	(23,261)	(30,626)	(19,416)
Proceeds from sales of operating property	2,971	7,760	3,991
Consideration paid for acquisition	0	(2,766)	0
NET CASH USED BY INVESTING ACTIVITIES	(73,344)	(28,419)	(18,556)
FINANCING ACTIVITIES
Increase (decrease) in cash overdraft	41,730	20,870	(1,461)
Dividends paid	(111,961)	(109,504)	(27,891)
Payment for debt issue costs	0	(1,132)	0
Proceeds from exercises of stock options	160	725	1,056
Taxes paid in lieu of shares issued related to stock-based compensation plans	(2,342)	(3,326)	(8,456)
Purchases of common stock	(122,722)	(115,962)	(88,578)
Principal payments on finance lease obligations	(37,644)	(43,703)	(44,635)
Purchase of noncontrolling interest	0	0	(600)
Payment of deferred consideration	(168)	0	0
NET CASH USED BY FINANCING ACTIVITIES	(232,947)	(252,032)	(170,565)
Effect of exchange rate changes on cash and cash equivalents	(232)	(427)	1,060
(Decrease) increase in cash, cash equivalents and and restricted cash	(29,783)	(70,161)	119,779
Cash, cash equivalents and restricted cash at beginning of period	249,354	319,515	199,736
Cash, cash equivalents and restricted cash at end of period	$ 219,571	$ 249,354	$ 319,515

Commitments and Contingencies - Additional Information (Detail)	Dec. 25, 2021 USD ($)
Revolving Credit Facility
Commitments and Contingencies Disclosure [Line Items]
Letters of credit outstanding	$ 33,170,000
Guarantee Payment of Insurance Claims
Commitments and Contingencies Disclosure [Line Items]
Letters of credit outstanding	$ 72,267,000

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 25, 2021	Dec. 26, 2020	Dec. 28, 2019
Unrealized holding (losses) gains on available-for-sale investments, tax (benefit) expense	$ (739)	$ 463	$ 561

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 25, 2021

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

and delivery of a customer’s freight on a

shipment-by-shipment

basis. Landstar customers are typically invoiced on a

shipment-by-shipment

basis at a

pre-defined

rate, payable thirty to sixty

(30-60)

days after the customer’s receipt of such invoice. Payment terms to customers do not contain a significant financing component and the amount owed by the customer does not contain variable terms, embedded or otherwise. We have determined that revenue recognition over the freight transit period provides a faithful depiction of the transfer of services to the customer as our obligation for which we are primarily responsible for fulfilling is performed over the transit period. Accordingly, transportation revenue billed to a customer for the physical transportation of freight and related direct freight expenses are recognized on a gross basis over the freight transit period as the performance obligation to the customer is satisfied. The Company determines the transit period for a given shipment based upon the

pick-up

date and the delivery date, which may be estimated if delivery has not occurred as of the reporting date. Determining the transit period and how much of it has been completed as of a given reporting date may therefore require management to make judgments that affect the timing of revenue recognized. With respect to shipments with a

pick-up

date in one reporting period and a delivery date in another, the Company recognizes such transportation revenue based on relative transit time in each reporting period. A days in transit output method is used to measure the progress of the performance of the Company’s freight transportation services as of the reporting date and a portion of the total revenue that will be billed to the customer once a load is delivered is recognized in each reporting period based on the percentage of total transit time that has been completed at the end of the applicable reporting period. Reinsurance premiums of the insurance segment are recognized over the period earned, which is usually on a monthly basis. Fuel surcharges billed to customers for freight hauled by independent contractors who provide truck capacity to the Company under exclusive lease arrangements (the “BCO Independent Contractors”) are excluded from revenue and paid in entirety to the BCO Independent Contractors.

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 25, 2021, December 26, 2020 and December 28, 2019 (dollars in thousands):


	Fiscal Years Ended
Mode	December 25, 2021			December 26, 2020			December 28, 2019


Truck – BCO Independent Contractors		40	%		45	%		45	%
Truck – Truck Brokerage Carriers		51	%		47	%		47	%
Rail intermodal		2	%		3	%		3	%
Ocean and air cargo carriers		5	%		3	%		3	%
Truck Equipment Type
Van equipment	$	3,525,830		$	2,192,254		$	2,095,345
Unsided/platform equipment	$	1,549,037		$	1,119,272		$	1,254,781
Less-than-truckload	$	117,505		$	97,546		$	98,324
Other truck transportation (1)	$	770,846		$	406,709		$	316,879

(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.

For periods prior to May 1, 2019, Landstar retains liability for commercial trucking claims up to $5

million

per occurrence and maintains various third party insurance arrangements for liabilities in excess of its $

million

self-insured retention. Effective May 1, 2019, the Company entered into a new three year commercial auto liability insurance arrangement for losses incurred between $

million

and $

million

(the “Initial Excess Policy”) with a third party insurance company. For commercial trucking claims incurred on or after May 1, 2019 through April 30, 2022, the Initial Excess Policy provides for a limit for a single loss of $

million

with an aggregate limit of $

million

for each policy year, an aggregate limit of $

million

for the

thirty-six

month term ended April 30, 2022, and options to increase such aggregate limits for

pre-established

amounts of additional premium. If aggregate losses under the Initial Excess Policy exceed either the annual aggregate limit or the aggregate limit for the three year period ending April 30, 2022, and the Company did not elect to increase such aggregate limits for a

pre-established

amount of additional premium, Landstar would retain liability of up to $

million

per occurrence, inclusive of its $

million

self-insured retention for commercial trucking claims during the remainder of the applicable policy year(s). Moreover, as a result of the Company’s aggregate loss experience since it entered into the Initial Excess Policy, the Initial Excess Policy required the Company to pay additional premium relating to its existing coverage up to a

pre-established

maximum amount of $

3.5

million

which was provided for in insurance and claims costs for the Company’s 2020 fiscal first quarter.

The Company als

maintains third party insurance arrangements providing excess coverage f

r commercial trucking liabilities in excess of $10

million

These third party arrangements provide coverage on a per occurrence or aggregated basis.

In recent years,

the Company

has

increased the level of its financial exposure to commercial trucking claims in excess of $10

million

including through the use of additional self-insurance, deductibles, aggregate loss limits, quota shares and other arrangements with third party insurance companies, based on the availability of coverage within certain excess insurance coverage layers and estimated cost differentials between proposed premiums from third party insurance companies and historical and actuarially projected losses experienced by the Company at various levels of excess insurance coverage

addition, third party insurance arrangements providing excess coverage for commercial trucking liabilities in excess of Landstar’s self-insured retention generally require that the Company fund settlement payments to claimants and seek reimbursement from the Company’s third party insurance providers, as applicable. In connection with settlements of claims in excess of the Company’s $

million self-insured retention, the Company accrues for such anticipated settlement payments and records a corresponding receivable for amounts the Company expects to collect from its third party insurance providers following the payment of such settlement amounts. On the Company’s consolidated balance sheet as of December 26, 2020, the Company had an aggregate accrual of current liabilities in insurance claims for anticipated payments of settlement amounts above our self-insured retention of $

104,000,000

, and a corresponding amount of current assets included in other receivables. Those insurance claims in excess of the Company’s self-insured retention were paid, and full collection from the Company’s excess insurers occurred, during the Company’s 2021 first fiscal quarter.

Further, the Company retains liability of up to $1,000,000 for each general liability claim, up to $250,000 for each workers’ compensation claim and up to $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 25, 2021, the Company had $4,049,000 of restricted cash held by the Company’s insurance segment included in the short-term investments balance of $35,778,000, providing collateral, along with certain other investments as further described in footnote 4, for the letters of credit issued to guarantee payment of insurance claims.

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 4 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 25, 2021, December 26, 2020 and December 28, 2019 (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 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 receivables		264		(63	)		(1	)		200

	$	17,333	$	5,722		$	(6,270	)	$	16,785


For the Fiscal Year Ended December 26, 2020
Trade receivables	$	7,284	$	6,121		$	(4,735	)	$	8,670
Other receivables		8,806		3,291			(3,698	)		8,399
Other non-current receivables		260		3			1			264

	$	16,350	$	9,415		$	(8,432	)	$	17,333


For the Fiscal Year Ended December 28, 2019
Trade receivables	$	6,413	$	4,309		$	(3,438	)	$	7,284
Other receivables		7,211		5,518			(3,923	)		8,806
Other non-current receivables		256		4			—			260

	$	13,880	$	9,831		$	(7,361	)	$	16,350

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

. ASU

2011-08

permits an initial assessment, commonly referred to as “step zero”, of qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount and also provides a basis for determining whether it is necessary to perform the quantitative analysis required by ASC Topic 350. In the fourth fiscal quarter of 2021, the Company performed the qualitative assessment of goodwill and determined it was more likely than not that the fair value of each of its reporting units would be greater than its carrying amount. Therefore, the Company determined it was not necessary to perform the quantitative goodwill impairment test. Furthermore, there has been no historical impairment of the Company’s goodwill.

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

restricted stock, Deferred Stock Units and stock options. The fair value of an RSU with a performance condition is determined based on the market value of the Company’s Common Stock on the date of grant, discounted for lack of marketability for a minimum post-vesting holding requirement. With respect to RSU awards with a performance condition, the Company reports compensation expense ratably over the life of the

award based on an estimated number of units that will vest over the life of the award, multiplied by the fair value of an RSU. The fair value of an RSU with a market condition is determined at the time of grant based on the expected achievement of the market condition at the end of each vesting period. With respect to RSU awards with a market condition, the Company recognizes compensation expense ratably over the requisite service period under an award based on the fair market value of the award at the time of grant, regardless of whether the market condition is satisfied. Previously recognized compensation cost would be reversed, however, if the employee terminated employment prior to completing such requisite service period. The Company estimates the fair value of stock option awards on the date of grant using the Black-Scholes pricing model and recognizes compensation cost for stock option awards expected to vest on a straight-line basis over the requisite service period for the entire award. Forfeitures are estimated at grant date based on historical experience and anticipated employee turnover. The fair values of each share of

non-vested

restricted stock issued and Deferred Stock Unit granted are based on the fair value of a share of the Company’s Common Stock on the date of grant and compensation costs for

non-vested

restricted stock and Deferred Stock Units are recognized on a straight-line basis ov

r the requisite service period for the award.

Earnings Per Share

Earnings per common share attributable to Landstar System, Inc. and subsidiary are based on the weighted average number of shares outstanding, including outstanding

non-vested

restricted stock and outstanding Deferred Stock Units. Diluted earnings per share attributable to Landstar System, Inc. and subsidiary 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 fiscal years ended December 25, 2021, December 26, 2020 and December 28, 2019, in reference to the determination of diluted earnings per share attributable to Landstar System, Inc. and subsidiary, 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 the fiscal years ended December 25, 2021, December 26, 2020 and December 28, 2019, 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.

Dividends Payable

On December 7, 2021, the Company announced that its Board of Directors declared a special cash dividend of $2.00 per share payable on January 21, 2022, to stockholders of record of its Common Stock as of January 7, 2022. Dividends payable of $75,387,000 related to this special dividend were included in current liabilities in the consolidated balance sheet at December 25, 2021.

On December 8, 2020, the Company announced that its Board of Directors declared a special cash dividend of $2.00 per share payable on January 22, 2021, to stockholders of record of its Common Stock as of January 8, 2021. Dividends payable of $76,770,000 related to this special dividend were included in current liabilities in the consolidated balance sheet at December 26, 2020.

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.

Operating Property - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 25, 2021	Dec. 26, 2020	Dec. 28, 2019
Property, Plant and Equipment [Line Items]
Finance leased assets gross	$ 189,053,000	$ 199,045,000
Finance leases balance sheet assets by major class net.	143,227,000	139,259,000
Finance leases	$ 48,674,000	$ 31,633,000	$ 29,054,000

Information Regarding Reportable Business Segments (Detail) - USD ($)	12 Months Ended
	Dec. 25, 2021	Dec. 26, 2020	Dec. 28, 2019
Segment Reporting Information [Line Items]
External revenue	$ 6,537,568,000	$ 4,132,981,000	$ 4,084,577,000
Internal revenue	62,558,000	54,003,000	46,587,000
Investment income	2,857,000	3,399,000	5,041,000
Interest and debt expense	3,976,000	3,953,000	3,141,000
Depreciation and amortization	49,609,000	45,855,000	44,468,000
Operating income	505,668,000	252,950,000	298,904,000
Expenditures on long-lived assets	23,261,000	30,626,000	19,416,000
Goodwill	40,768,000	40,949,000	38,508,000
Finance lease additions	48,674,000	31,633,000	29,054,000
Total assets	2,045,465,000	1,653,799,000	1,427,711,000
Transportation Logistics
Segment Reporting Information [Line Items]
External revenue	6,465,711,000	4,076,519,000	4,028,336,000
Interest and debt expense	3,976,000	3,953,000	3,141,000
Depreciation and amortization	49,609,000	45,855,000	44,468,000
Operating income	464,282,000	221,210,000	258,742,000
Expenditures on long-lived assets	23,261,000	30,626,000	19,416,000
Goodwill	40,768,000	40,949,000	38,508,000
Finance lease additions	48,674,000	31,633,000	29,054,000
Total assets	1,736,854,000	1,301,991,000	1,168,944,000
Insurance
Segment Reporting Information [Line Items]
External revenue	71,857,000	56,462,000	56,241,000
Internal revenue	62,558,000	54,003,000	46,587,000
Investment income	2,857,000	3,399,000	5,041,000
Operating income	41,386,000	31,740,000	40,162,000
Total assets	$ 308,611,000	$ 351,808,000	$ 258,767,000

Investments (Tables)

12 Months Ended

Dec. 25, 2021

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

The amortized cost and fair values of

available-for-sale

investments are as follows at December 25, 2021 and December 26, 2020 (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

December 25, 2021
Money market investments	$	8,750	$	—	$	—	$	8,750
Asset-backed securities		22,441		—		346		22,095
Corporate bonds and direct obligations of government agencies		137,916		1,406		966		138,356
U.S. Treasury obligations		2,342		50		—		2,392

Total	$	171,449	$	1,456	$	1,312	$	171,593

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 December 25, 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

December 25, 2021
Asset-backed securities	$	22,095	$	346	$	—	$	—	$	22,095	$	346
Corporate bonds and direct obligations of government agencies		72,526		966		—		—		72,526		966

Total	$	94,621	$	1,312	$	—	$	—	$	94,621	$	1,312

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

Components of and Changes in Accumulated Other Comprehensive Income, Net of Related Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 25, 2021	Dec. 26, 2020	Dec. 28, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	$ 691,835
Other comprehensive income (loss)	(3,404)	$ 213	$ 3,663
Ending Balance	862,010	691,835
Unrealized Holding (Losses) Gains on Available-for-Sale Securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	2,808	1,120	(930)
Other comprehensive income (loss)	(2,695)	1,688	2,050
Ending Balance	113	2,808	1,120
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(4,807)	(3,332)	(4,945)
Other comprehensive income (loss)	(709)	(1,475)	1,613
Ending Balance	(5,516)	(4,807)	(3,332)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(1,999)	(2,212)	(5,875)
Other comprehensive income (loss)	(3,404)	213	3,663
Ending Balance	$ (5,403)	$ (1,999)	$ (2,212)

- 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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-URI http://asc.fasb.org/extlink&oid=122038336&loc=d3e74512-122707

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

Equity - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 25, 2021	Dec. 26, 2020	Dec. 28, 2019	Dec. 07, 2021
Equity [Line Items]
Shares authorized for repurchase		1,849,068		1,912,824
Remaining shares available for repurchase	3,000,000
Total cost of repurchase of common stock	$ 122,722	$ 115,962	$ 88,578
Preferred stock, shares authorized and unissued	2,000,000
Treasury Stock
Equity [Line Items]
Common stock repurchased during period, shares	733,854	1,178,970	849,068

Impairment of Intangible and Other Assets

12 Months Ended

Dec. 25, 2021

Impairment of Intangible and Other Assets

(15) Impairment of Intangible and Other Assets

During the 2020 second fiscal quarter, the Company recorded a

non-cash

impairment charge of $2,582,000 in respect of certain assets, primarily customer contract and related customer relationship intangible assets, acquired on September 20, 2017, along with substantially all of the other assets of the asset-light transportation logistics business of Fletes Avella, S.A. de C.V. (“Fletes Avella”). During the 2020 second fiscal quarter negative macroeconomic trends in Mexico during the first half of 2020, including issues in the international oil and gas sector, caused significant disruptions in the Mexican economy. Accordingly, management performed impairment tests of the carrying values of certain assets that primarily relate to intra-Mexico business acquired as a part of the Fletes Avella acquisition. The impairment tests resulted in an impairment charge of $2,582,000, as the negative macroeconomic trends in Mexico caused updated financial projections as of the end of the 2020 second quarter relating to these intangible assets to be substantially below those originally anticipated at the acquisition date. There was no corresponding goodwill impairment charge recorded as the fair value of the Company’s Mexico and cross-border reporting unit continues to significantly exceed its carrying value as of December 25, 2021.

Summary of Activity in Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 25, 2021	Dec. 26, 2020	Dec. 28, 2019
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Period	$ 17,333	$ 16,350	$ 13,880
Charged to Costs and Expenses	5,722	9,415	9,831
Write-offs, Net of Recoveries	(6,270)	(8,432)	(7,361)
Balance at End of Period	16,785	17,333	16,350
Trade Receivables
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Period	8,670	7,284	6,413
Charged to Costs and Expenses	1,735	6,121	4,309
Write-offs, Net of Recoveries	(3,331)	(4,735)	(3,438)
Balance at End of Period	7,074	8,670	7,284
Other Receivables
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Period	8,399	8,806	7,211
Charged to Costs and Expenses	4,050	3,291	5,518
Write-offs, Net of Recoveries	(2,938)	(3,698)	(3,923)
Balance at End of Period	9,511	8,399	8,806
Other Non-Current Receivables
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Period	264	260	256
Charged to Costs and Expenses	(63)	3	4
Write-offs, Net of Recoveries	(1)	1	0
Balance at End of Period	$ 200	$ 264	$ 260

Change in Accounting Estimate for Self-Insured Claims (Tables)

12 Months Ended

Dec. 25, 2021

Effect of Increase in Cost of Insurance and Claims

The following table summarizes the adverse effect of the increase in the cost of insurance claims resulting from unfavorable development of prior year self-insured claims estimates on operating income, net income attributable to Landstar System, Inc. and subsidiary and earnings per share attributable to Landstar System, Inc. and subsidiary set forth in the consolidated statements of income for the fiscal years ended December 25, 2021, December 26, 2020 and December 28, 2019 (in thousands, except per share amounts):


	Fiscal Years Ended
	December 25, 2021		December 26, 2020		December 28, 2019

Operating income	$	9,708	$	9,196	$	16,679
Net income attributable to Landstar System, Inc. and subsidiary	$	7,359	$	6,989	$	12,683

Diluted earnings per share attributable to Landstar System, Inc. and subsidiary	$	0.19	$	0.18	$	0.32

Significant Accounting Policies

12 Months Ended

Dec. 25, 2021

Significant Accounting Policies

(1) Significant Accounting Policies

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

on-time

pick-up

and delivery of a customer’s freight on a

shipment-by-shipment

basis. Landstar customers are typically invoiced on a

shipment-by-shipment

basis at a

pre-defined

rate, payable thirty to sixty

(30-60)

pick-up

Revenue from Contracts with Customers – Disaggregation of Revenue


	Fiscal Years Ended
Mode	December 25, 2021			December 26, 2020			December 28, 2019


Truck – BCO Independent Contractors		40	%		45	%		45	%
Truck – Truck Brokerage Carriers		51	%		47	%		47	%
Rail intermodal		2	%		3	%		3	%
Ocean and air cargo carriers		5	%		3	%		3	%
Truck Equipment Type
Van equipment	$	3,525,830		$	2,192,254		$	2,095,345
Unsided/platform equipment	$	1,549,037		$	1,119,272		$	1,254,781
Less-than-truckload	$	117,505		$	97,546		$	98,324
Other truck transportation (1)	$	770,846		$	406,709		$	316,879

(1)

Insurance Claim Costs

For periods prior to May 1, 2019, Landstar retains liability for commercial trucking claims up to $5

million

per occurrence and maintains various third party insurance arrangements for liabilities in excess of its $

million

self-insured retention. Effective May 1, 2019, the Company entered into a new three year commercial auto liability insurance arrangement for losses incurred between $

million

and $

million

with an aggregate limit of $

million

for each policy year, an aggregate limit of $

million

for the

thirty-six

month term ended April 30, 2022, and options to increase such aggregate limits for

pre-established

amount of additional premium, Landstar would retain liability of up to $

million

per occurrence, inclusive of its $

million

pre-established

maximum amount of $

3.5

million

which was provided for in insurance and claims costs for the Company’s 2020 fiscal first quarter.

The Company als

maintains third party insurance arrangements providing excess coverage f

r commercial trucking liabilities in excess of $10

million

These third party arrangements provide coverage on a per occurrence or aggregated basis.

In recent years,

the Company

has

increased the level of its financial exposure to commercial trucking claims in excess of $10

million

104,000,000

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.

Financial Instruments

Trade and Other Receivables


	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 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 receivables		264		(63	)		(1	)		200

	$	17,333	$	5,722		$	(6,270	)	$	16,785


For the Fiscal Year Ended December 26, 2020
Trade receivables	$	7,284	$	6,121		$	(4,735	)	$	8,670
Other receivables		8,806		3,291			(3,698	)		8,399
Other non-current receivables		260		3			1			264

	$	16,350	$	9,415		$	(8,432	)	$	17,333


For the Fiscal Year Ended December 28, 2019
Trade receivables	$	6,413	$	4,309		$	(3,438	)	$	7,284
Other receivables		7,211		5,518			(3,923	)		8,806
Other non-current receivables		256		4			—			260

	$	13,880	$	9,831		$	(7,361	)	$	16,350

Operating Property

Goodwill

2011-08,

Testing Goodwill for Impairment

. ASU

2011-08

Income Taxes

Share-Based Payments

The Company’s share-based payment arrangements include restricted stock units (“RSU”),

non-vested

restricted stock issued and Deferred Stock Unit granted are based on the fair value of a share of the Company’s Common Stock on the date of grant and compensation costs for

non-vested

restricted stock and Deferred Stock Units are recognized on a straight-line basis ov

r the requisite service period for the award.

Earnings Per Share

Earnings per common share attributable to Landstar System, Inc. and subsidiary are based on the weighted average number of shares outstanding, including outstanding

non-vested

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

Dividends Payable

Foreign Currency Translation

Schedule of Income Taxes Calculated on Income from Continuing Operations Before Income Taxes and Provision for Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 25, 2021	Dec. 26, 2020	Dec. 28, 2019
Income Tax Disclosure [Line Items]
Income taxes at federal income tax rate	$ 105,355	$ 52,289	$ 62,110
State income taxes, net of federal income tax benefit	14,260	5,375	8,876
Non-deductible executive compensation	2,946	96	0
Meals and entertainment exclusion	0	326	644
Share-based payments	(1,070)	(977)	(3,093)
Research and development credits	(2,069)	(717)	(714)
Other, net	746	499	237
Income taxes	$ 120,168	$ 56,891	$ 68,060

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 25, 2021	Dec. 26, 2020	Dec. 28, 2019
Net income attributable to Landstar System, Inc. and subsidiary	$ 381,524	$ 192,106	$ 227,720
Other comprehensive (loss) income:
Unrealized holding (losses) gains on available-for-sale investments, net of tax (benefit) expense of ($739), $463, $561	(2,695)	1,688	2,050
Foreign currency translation (losses) gains	(709)	(1,475)	1,613
Other comprehensive (loss) income	(3,404)	213	3,663
Comprehensive income attributable to Landstar System, Inc. and subsidiary	$ 378,120	$ 192,319	$ 231,383

- Definition

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

+ References

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+ Details

Segment Information (Tables)

12 Months Ended

Dec. 25, 2021

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 25, 2021, December 26, 2020 and December 28, 2019 (in thousands):


	Transportation Logistics		Insurance		Total

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

2020
External revenue	$	4,076,519	$	56,462	$	4,132,981
Internal revenue				54,003		54,003
Investment income				3,399		3,399
Interest and debt expense		3,953				3,953
Depreciation and amortization		45,855				45,855
Operating income		221,210		31,740		252,950
Expenditures on long-lived assets		30,626				30,626
Goodwill		40,949				40,949
Finance lease additions		31,633				31,633
Total assets		1,301,991		351,808		1,653,799

2019
External revenue	$	4,028,336	$	56,241	$	4,084,577
Internal revenue				46,587		46,587
Investment income				5,041		5,041
Interest and debt expense		3,141				3,141
Depreciation and amortization		44,468				44,468
Operating income		258,742		40,162		298,904
Expenditures on long-lived assets		19,416				19,416
Goodwill		38,508				38,508
Finance lease additions		29,054				29,054
Total assets		1,168,944		258,767		1,427,711

Leases - Classification on our Consolidated Balance Sheet (Detail) $ in Thousands	Dec. 25, 2021 USD ($)
Total lease assets	$ 145,278
Other Assets [Member]
Operating lease right-of-use assets	2,051
Property Plant and Equipment Net [Member]
Finance lease assets	$ 143,227

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 25, 2021

Schedule of Disaggregation of Revenue


	Fiscal Years Ended
Mode	December 25, 2021			December 26, 2020			December 28, 2019


Truck – BCO Independent Contractors		40	%		45	%		45	%
Truck – Truck Brokerage Carriers		51	%		47	%		47	%
Rail intermodal		2	%		3	%		3	%
Ocean and air cargo carriers		5	%		3	%		3	%
Truck Equipment Type
Van equipment	$	3,525,830		$	2,192,254		$	2,095,345
Unsided/platform equipment	$	1,549,037		$	1,119,272		$	1,254,781
Less-than-truckload	$	117,505		$	97,546		$	98,324
Other truck transportation (1)	$	770,846		$	406,709		$	316,879

(1)

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 25, 2021, December 26, 2020 and December 28, 2019 (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 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 receivables		264		(63	)		(1	)		200

	$	17,333	$	5,722		$	(6,270	)	$	16,785


For the Fiscal Year Ended December 26, 2020
Trade receivables	$	7,284	$	6,121		$	(4,735	)	$	8,670
Other receivables		8,806		3,291			(3,698	)		8,399
Other non-current receivables		260		3			1			264

	$	16,350	$	9,415		$	(8,432	)	$	17,333


For the Fiscal Year Ended December 28, 2019
Trade receivables	$	6,413	$	4,309		$	(3,438	)	$	7,284
Other receivables		7,211		5,518			(3,923	)		8,806
Other non-current receivables		256		4			—			260

	$	13,880	$	9,831		$	(7,361	)	$	16,350

Change in Accounting Estimate for Self-Insured Claims

12 Months Ended

Dec. 25, 2021

Change in Accounting Estimate for Self-Insured Claims

(14) 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.


	Fiscal Years Ended
	December 25, 2021		December 26, 2020		December 28, 2019

Operating income	$	9,708	$	9,196	$	16,679
Net income attributable to Landstar System, Inc. and subsidiary	$	7,359	$	6,989	$	12,683

Diluted earnings per share attributable to Landstar System, Inc. and subsidiary	$	0.19	$	0.18	$	0.32

The unfavorable development of prior years’ claims in the fiscal year ended December 25, 2021 was primarily attributable to five claims. The unfavorable development of prior years’ claims in fiscal years ended December 26, 2020 and December 28, 2019 was attributable in each year to several specific claims as well as actuarially determined adjustments to prior year commercial trucking loss estimates.

Schedule of Provision for Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 25, 2021	Dec. 26, 2020	Dec. 28, 2019
Income Tax Disclosure [Line Items]
Federal, Current	$ 104,640	$ 47,955	$ 52,422
State, Current	18,462	7,249	10,367
Foreign, Current	856	557	504
Total current	123,958	55,761	63,293
Federal, Deferred	(3,278)	1,523	4,212
State, Deferred	(512)	(393)	555
Total deferred	(3,790)	1,130	4,767
Income taxes	$ 120,168	$ 56,891	$ 68,060

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Schedule Of Revenue By Major Customers By Reporting Segments (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 25, 2021	Dec. 26, 2020	Dec. 28, 2019
Disaggregation of Revenue [Line Items]
Revenue	$ 6,537,568	$ 4,132,981	$ 4,084,577
BCO Independent Contractors – Truck
Disaggregation of Revenue [Line Items]
Percentage of Consolidated Revenue	40.00%	45.00%	45.00%
Brokerage Carriers - Truck
Disaggregation of Revenue [Line Items]
Percentage of Consolidated Revenue	51.00%	47.00%	47.00%
Rail Intermodal
Disaggregation of Revenue [Line Items]
Percentage of Consolidated Revenue	2.00%	3.00%	3.00%
Ocean and air cargo carriers
Disaggregation of Revenue [Line Items]
Percentage of Consolidated Revenue	5.00%	3.00%	3.00%
BCO Independent Contractor Truck and Brokerage Carriers Truck \| Van Equipment
Disaggregation of Revenue [Line Items]
Revenue	$ 3,525,830	$ 2,192,254	$ 2,095,345
BCO Independent Contractor Truck and Brokerage Carriers Truck \| Unsided/Platform Equipment
Disaggregation of Revenue [Line Items]
Revenue	1,549,037	1,119,272	1,254,781
BCO Independent Contractor Truck and Brokerage Carriers Truck \| Less than Truckload
Disaggregation of Revenue [Line Items]
Revenue	117,505	97,546	98,324
BCO Independent Contractor Truck and Brokerage Carriers Truck \| Other Truck Transportation
Disaggregation of Revenue [Line Items]
Revenue	$ 770,846	$ 406,709	$ 316,879

Share-Based Payment Arrangements

12 Months Ended

Dec. 25, 2021

Share-Based Payment Arrangements

(10) Share-Based Payment Arrangements

As of December 25, 2021, the Company has an employee equity incentive plan, the 2011 equity incentive plan (the “2011 EIP”). The Company also has a stock compensation plan for members of its Board of Directors, the Amended and Restated 2013 Directors Stock Compensation Plan (as amended and restated as of May 17, 2016, the “2013 DSCP”). 6,000,000 shares of the Company’s Common Stock were authorized for issuance under the 2011 EIP and 115,000 shares of the Company’s Common Stock were authorized for issuance under the 2013 DSCP. The 2011 EIP and 2013 DSCP are each referred to herein as a “Plan,” and, collectively, as the “Plans.” Amounts recognized in the financial statements with respect to these Plans are as follows (in thousands):


	Fiscal Years
	2021			2020			2019
Total cost of the Plans during the period	$	27,537		$	4,639		$	4,236
Amount of related income tax benefit recognized during the period		(7,063	)		(2,114	)		(4,130	)

Net cost of the Plans during the period	$	20,474		$	2,525		$	106

Included in income tax benefits recognized in the fiscal years ended December 25, 2021, December 26, 2020 and December 28, 2019 were excess tax benefits from stock-based awards of $1,057,000, $941,000 and $3,019,000, respectively.

As of December 25, 2021, there were 56,782 shares of the Company’s Common Stock reserved for issuance under the 2013 DSCP and 3,502,816 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 29, 2018		292,345		$	66.31
Granted		68,820		$	89.34
Shares earned in excess of target (1)		71,172		$	54.78
Vested shares, including shares earned in excess of target		(226,981	)	$	53.27
Forfeited		(6,481	)	$	86.60

Outstanding at December 28, 2019		198,875		$	84.37
Granted		59,967		$	102.58
Shares earned in excess of target (2)		11,648		$	77.00
Vested shares, including shares earned in excess of target		(76,290	)	$	73.44
Forfeited		(10,987	)	$	100.55

Outstanding at December 26, 2020		183,213		$	93.44
Granted		46,342		$	128.64
Shares earned in excess of target (3)		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

(1)	Represents additional shares earned under both the January 27, 2015 and January 29, 2016 RSU awards as fiscal year 2018 financial results exceeded target performance level and under the May 1, 2015 RSU award as total shareholder return exceeded the target under the award.

(2)	Represents additional shares earned under the February 2, 2017 RSU awards as fiscal year 2019 financial results exceeded target performance level.

(3)	Represents shares earned in excess of target under the May 1, 2015 RSU award as total shareholder return exceeded the target under the award.

During fiscal years 2019, 2020 and 2021, the Company granted RSUs with a performance condition. During fiscal year 2019, the Company also issued RSUs with a market condition, as further described below.

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. RSUs with a performance condition granted on January 31, 2020 may vest on January 31 of 2023, 2024 and 2025. RSUs with a performance condition granted on February 1, 2019 may vest on January 31 of 2022, 2023 and 2024. RSUs with a performance condition granted on January 31, 2020 and February 1, 2019 vest based on growth in operating income and

pre-tax

income per diluted share from continuing operations attributable to Landstar System, Inc. and subsidiary as compared to a base year, being the year immediately preceding the year of grant. At the time of grant, the target number of common shares available for issuance under the January 29, 2021, January 31, 2020 and February 1, 2019 grants equals 100% of the number of RSUs granted, and the maximum number of common shares available for issuance under the January 29, 2021, January 31, 2020 and February 1, 2019 grants equals 200% of the number of RSUs credited to the recipient. In the event actual results exceed the target, the number of shares that will be granted will exceed the number of RSUs granted. The fair value of an RSU with a performance condition was determined based on the market value of the Company’s Common Stock on the date of grant, discounted for lack of marketability for a minimum post-vesting holding requirement. The discount rate due to lack of marketability used for RSU award grants with a performance condition for all periods was 7%. With respect to RSU awards with a performance condition, the Company reports compensation expense over the life of the award based on an estimated number of units that will vest over the life of the award, multiplied by the fair value of an RSU at the time of grant.

During fiscal year 2019, the Company granted 9,725 RSUs that vest based on a market condition. The RSUs granted in 2019 may vest on June 30 of 2023, 2024 and 2025 based on the Company’s total shareholder return (“TSR”) compound annual growth rate over the vesting periods, adjusted to reflect dividends (if any) paid during such periods and capital adjustments as may be necessary. The maximum number of common shares available for issuance under each grant equals 150% of the number of RSUs granted. The fair value of each RSU award was determined at the time of grant based on the expected achievement of the market condition at the end of each vesting period. With respect to these RSU awards, the Company reports compensation expense ratably over the life of the award based on an estimated number of units that will vest over the life of the award, multiplied by the fair value of the RSU. Previously recognized compensation cost would be reversed only if the employee terminated employment prior to completing the requisite service period.

The Company recognized approximately $24,197,000, $1,602,000 and $1,557,000 of share-based compensation expense related to RSU awards in fiscal years 2021, 2020 and 2019, respectively. As of December 25, 2021, there was a maximum of $18.3 million of total unrecognized compensation cost related to RSU awards granted under the Plans with an expected average remaining life of approximately 3.3 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 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

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 29, 2018		55,987		$	93.66
Granted		30,338		$	102.76
Vested		(21,517	)	$	92.70

Non-vested at December 28, 2019		64,808		$	98.24
Granted		26,604		$	111.88
Vested		(28,621	)	$	98.83
Forfeited		(2,351	)	$	106.34

Non-vested at December 26, 2020		60,440		$	103.65
Granted		26,351		$	150.20
Vested		(29,055	)	$	104.35
Forfeited		(1,300	)	$	97.81

Non-vested at December 25, 2021		56,436		$	125.16

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 grant or the third, fourth and fifth anniversary of the date of the grant, or 100% on the first or fifth anniversary of the date of the grant. For restricted stock awards granted under the 2013 DSCP plan, each recipient may elect to defer receipt of shares and instead receive restricted stock units (“Deferred Stock Units”), which represent contingent rights to receive shares of the Company’s Common Stock on the date of recipient separation from service from the Board of Directors, or, if earlier, upon a change in control event of the Company. Deferred Stock Units become vested 100% on the first anniversary of the date of the grant. Deferred Stock Units do not represent actual ownership in shares of the Company’s Common Stock and the recipient does not have voting rights or other incidents of ownership until the shares are issued. However, Deferred Stock Units do contain the right to receive dividend equivalent payments prior to settlement into shares.

As of December 25, 2021, there was $3,880,000 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 1.9 years.

Stock Options

The Company did not grant any stock options during its 2019, 2020 or 2021 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 29, 2018		89,114		$	50.44		88,114	$	50.35
Exercised		(44,647	)	$	49.64

Options at December 28, 2019		44,467		$	51.24		44,467	$	51.24
Exercised		(26,817	)	$	49.31

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

The following tables summarize stock options outstanding and exercisable at December 25, 2021:


	Options Outstanding
Range of Exercise Prices Per Share	Number Outstanding		Weighted Average Remaining Contractual Term (years)		Weighted Average Exercise Price per Share
$ 51.99 - $ 56.40		8,570		0.9	$	55.42



	Options Exercisable
Range of Exercise Prices Per Share	Number Exercisable		Weighted Average Remaining Contractual Term (years)		Weighted Average Exercise Price per Share
$ 51.99 - $ 56.40		8,570		0.9	$	55.42

At December 25, 2021, the total intrinsic value of options outstanding and exercisable was $1,001,000. The total intrinsic value of stock options exercised during fiscal years 2021, 2020 and 2019 was $965,000, $1,846,000 and $2,683,000, respectively.

As of December 25, 2021, there was no unrecognized compensation cost related to

non-vested

stock options granted under the Plans.

Directors’ Stock Compensation Plan

Directors of the Company who are not employees of the Company (each an “Eligible Director”) are 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 of the stockholders of the Company (an “Annual Meeting”). In fiscal year 2021, 3,804 restricted shares were granted to Eligible Directors. In fiscal year 2020, 4,890 restricted shares and 978 Deferred Stock Units were granted to Eligible Directors. In fiscal year 2019, 5,240 restricted shares and 1,048 Deferred Stock Units were granted to Eligible Directors. Restricted shares and Deferred Stock Units granted in 2019, 2020 and 2021 vest on the date of the next Annual Meeting. During fiscal years 2021, 2020 and 2019, $669,000, $660,000 and $660,000, respectively, of compensation cost was recorded for the grant of these restricted shares and Deferred Stock Units.

Share-Based Payment Arrangements - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 25, 2021	Dec. 26, 2020	Dec. 28, 2019
Accounting Standards Update 2016-09
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Excess tax benefit from stock-based awards	$ 1,057,000	$ 941,000	$ 3,019,000
February 2021 Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target available for common share issuance	100.00%
February 2020 Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target available for common share issuance		100.00%
February 2019 Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target available for common share issuance			100.00%
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum percentage of target available for common share issuance	150.00%
Discount rate on stock awards	7.00%
Stock awards granted, shares	46,342	59,967	68,820
Recognized share-based compensation expense	$ 24,197,000	$ 1,602,000	$ 1,557,000
Unrecognized compensation cost, other than options	$ 18,300,000
Unrecognized compensation cost expected to be recognized over period, years	3 years 3 months 18 days
Non Vested Restricted Stock and Deferred Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards granted, shares	26,351	26,604	30,338
Unrecognized compensation cost, other than options	$ 3,880,000
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 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
Directors Stock Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
FMV of restricted shares granted to Directors upon election	$ 110,000	$ 110,000	$ 110,000
Restricted shares granted	4,890	5,240
Compensation cost on restricted and Deferred Stock Units granted	$ 669,000	$ 660,000	660,000
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding, intrinsic value	1,001,000
Total intrinsic value of stock options exercised during periods	965,000	$ 1,846,000	$ 2,683,000
Unrecognized compensation cost, stock options	$ 0
Deferred Stock Units D S Us [Member] \| Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards granted, shares	978	1,048
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	200.00%
Maximum \| Restricted Stock Units (RSUs) \| February 2020 Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum percentage of target available for common share issuance		200.00%
Maximum \| Restricted Stock Units (RSUs) \| February 2019 Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum percentage of target available for common share issuance			200.00%
Maximum \| Restricted Stock Units (RSUs) \| Prior to 2015 grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum percentage of target available for common share issuance	100.00%
2011 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized for issuance	6,000,000
2013 Directors Stock Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized for issuance	115,000
Common stock reserved for issuance	56,782
2013 Directors Stock Compensation Plan \| Deferred Stock Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock vesting percentage	100.00%
Other Stock Compensation Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance	3,502,816
Market Condition \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards granted, shares			9,725

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 25, 2021	Dec. 26, 2020	Dec. 28, 2019	Dec. 28, 2019
Dividends per common share	$ 2.92	$ 2.79	$ 2.70	$ 2.70

Recent Accounting Pronouncements

12 Months Ended

Dec. 25, 2021

Recent Accounting Pronouncements

(16) Recent Accounting Pronouncements

Adoption of New Accounting Standards

In June 2016, the FASB issued Accounting Standards Update

2016-13–

Financial Instruments –

Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments

(“ASU

2016-13”),

which requires measurement and recognition of expected versus incurred credit losses for financial assets held. The Company adopted ASU

2016-13

on December 29, 2019, under the modified retrospective transition method resulting in a $702,000 cumulative adjustment to retained earnings.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (g)(2)
-URI http://asc.fasb.org/extlink&oid=123338486&loc=SL49131195-203048

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-URI http://asc.fasb.org/topic&trid=2122394

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 105
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=124434974&loc=SL124442142-165695

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123338486&loc=SL49131195-203048

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (e)(2)
-URI http://asc.fasb.org/extlink&oid=123459177&loc=SL121830611-158277

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section S99
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=122038215&loc=SL108384541-122693

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (d)(1)
-URI http://asc.fasb.org/extlink&oid=124402435&loc=SL124402458-218513

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (e)(2)
-URI http://asc.fasb.org/extlink&oid=123597120&loc=SL121967933-165497

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (i)(2)
-URI http://asc.fasb.org/extlink&oid=123338486&loc=SL49131195-203048

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (e)(1)
-URI http://asc.fasb.org/extlink&oid=123597120&loc=SL121967933-165497

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iii)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(4)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(ii)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(i)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Leases - Additional Information (Detail) - USD ($)	12 Months Ended
Leases - Additional Information (Detail) - USD ($)	Dec. 26, 2020	Dec. 28, 2019	Dec. 25, 2021
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	$ 1,620,000	$ (490,000)

Operating Property (Tables)

12 Months Ended

Dec. 25, 2021

Schedule of Operating Property

Operating property is summarized as follows (in thousands):


	Dec. 25, 2021		Dec. 26, 2020
Land	$	16,328	$	16,328
Buildings and improvements		65,034		64,314
Trailing equipment		479,300		433,400
Information technology hardware and software		91,115		72,560
Other equipment		9,708		9.801

Total operating property, gross		661,485		596,403
Less accumulated depreciation and amortization		344,099		299,407

Total operating property, net	$	317,386	$	296,996

Operating Property (Detail) - USD ($) $ in Thousands	Dec. 25, 2021	Dec. 26, 2020
Property, Plant and Equipment [Line Items]
Land	$ 16,328	$ 16,328
Buildings and improvements	65,034	64,314
Trailing equipment	479,300	433,400
Information technology hardware and software	91,115	72,560
Other equipment	9,708	9,801
Total operating property, gross	661,485	596,403
Less accumulated depreciation and amortization	344,099	299,407
Total operating property, net	$ 317,386	$ 296,996

Income Taxes

12 Months Ended

Dec. 25, 2021

Income Taxes

(5) Income Taxes

The provisions for income taxes consisted of the following (in thousands):


	Fiscal Years
	2021			2020			2019

Current:
Federal	$	104,640		$	47,955		$	52,422
State		18,462			7,249			10,367
Foreign		856			557			504

Total current	$	123,958		$	55,761		$	63,293

Deferred:
Federal	$	(3,278	)	$	1,523		$	4,212
State		(512	)		(393	)		555

Total deferred	$	(3,790	)	$	1,130		$	4,767

Income taxes	$	120,168		$	56,891		$	68,060

Temporary differences and carryforwards which gave rise to deferred tax assets and liabilities consisted of the following (in thousands):


	Dec. 25, 2021		Dec. 26, 2020
Deferred tax assets:
Receivable valuations	$	4,112	$	4,286
Share-based payments		7,000		2,020
Self-insured claims		3,696		3,613
Other		10,354		6,056

Total deferred tax assets	$	25,162	$	15,975

Deferred tax liabilities:
Operating property	$	57,903	$	52,014
Goodwill		3,958		3,772
Other		2,409		3,087

Total deferred tax liabilities	$	64,270	$	58,873

Net deferred tax liability	$	39,108	$	42,898

The following table summarizes the differences between income taxes calculated at the federal income tax rates of 21% on income before income taxes and the provisions for income taxes (in thousands):


	Fiscal Years
	2021			2020			2019
Income taxes at federal income tax rate	$	105,355		$	52,289		$	62,110
State income taxes, net of federal income tax benefit		14,260			5,375			8,876
Non-deductible executive compensation		2,946			96			—
Meals and entertainment exclusion		—			326			644
Share-based payments		(1,070	)		(977	)		(3,093	)
Research and development credits		(2,069	)		(717	)		(714	)
Other, net		746			499			237

Income taxes	$	120,168		$	56,891		$	68,060

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 2017 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 25, 2021 and December 26, 2020, the Company had $2,344,000 and $2,030,000, 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 25, 2021 and December 26, 2020, there was $658,000 and $648,000, 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 2022.

The following table summarizes the rollforward of the total amounts of gross unrecognized tax benefits for fiscal years 2021 and 2020 (in thousands):


	Fiscal Years
	2021			2020
Gross unrecognized tax benefits – beginning of the year	$	2,585		$	3,014
Gross increases related to current year tax positions		782			349
Gross increases related to prior year tax positions		315			232
Gross decreases related to prior year tax positions		(17	)		—
Lapse of statute of limitations		(820	)		(1,010	)

Gross unrecognized tax benefits – end of the year	$	2,845		$	2,585

Landstar paid income taxes of $104,844,000 in fiscal year 2021, $47,589,000 in fiscal year 2020 and $67,317,000 in fiscal year 2019.

- 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

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+ Details

Debt

12 Months Ended

Dec. 25, 2021

Debt

(8) Debt

Other than the finance lease obligations as presented on the consolidated balance sheets, the Company had no outstanding debt as of December 25, 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 December 25, 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.

Landstar paid interest of $3,715,000 in fiscal year 2021, $3,915,000 in fiscal year 2020 and $4,439,000 in fiscal year 2019.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Other Comprehensive Income (Tables)

12 Months Ended

Dec. 25, 2021

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

The following table presents the components of and changes in accumulated other comprehensive income attributable to Landstar System, Inc. and subsidiary, net of related income taxes, as of and for the fiscal years ended December 25, 2021, December 26, 2020 and December 28, 2019 (in thousands):


	Unrealized Holding (Losses) Gains on Available-for-Sale Securities			Foreign Currency Translation			Total

Balance as of December 29, 2018	$	(930	)	$	(4,945	)	$	(5,875	)
Other comprehensive income		2,050			1,613			3,663

Balance as of December 28, 2019		1,120			(3,332	)		(2,212	)
Other comprehensive income (loss)		1,688			(1,475	)		213

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 Income

12 Months Ended

Dec. 25, 2021

Other Comprehensive Income

(3) Other Comprehensive Income


	Unrealized Holding (Losses) Gains on Available-for-Sale Securities			Foreign Currency Translation			Total

Balance as of December 29, 2018	$	(930	)	$	(4,945	)	$	(5,875	)
Other comprehensive income		2,050			1,613			3,663

Balance as of December 28, 2019		1,120			(3,332	)		(2,212	)
Other comprehensive income (loss)		1,688			(1,475	)		213

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	)

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 25, 2021, December 26, 2020 and December 28,

2019

Investments

12 Months Ended

Dec. 25, 2021

Investments

(4) Investments

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

available-for-sale

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

non-credit-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 $144,000 and $3,578,000 at December 25, 2021 and December 26, 2020, respectively.

The amortized cost and fair values of

available-for-sale

investments are as follows at December 25, 2021 and December 26, 2020 (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

December 25, 2021
Money market investments	$	8,750	$	—	$	—	$	8,750
Asset-backed securities		22,441		—		346		22,095
Corporate bonds and direct obligations of government agencies		137,916		1,406		966		138,356
U.S. Treasury obligations		2,342		50		—		2,392

Total	$	171,449	$	1,456	$	1,312	$	171,593

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 December 25, 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

December 25, 2021
Asset-backed securities	$	22,095	$	346	$	—	$	—	$	22,095	$	346
Corporate bonds and direct obligations of government agencies		72,526		966		—		—		72,526		966

Total	$	94,621	$	1,312	$	—	$	—	$	94,621	$	1,312

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 l

sses 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 $31,729,000 in current maturities of investments and $

4,049,000

restricted

cash held by the Company’s insurance segment at December

2021

. The

non-current

portion of the bond portfolio of $

139,864,000

is included in other assets. The short-term investments, together with $

44,069,000

non-current

investments, provide collateral for the $

72,267,000

of letters of credit issued to guarantee payment of insurance claims.

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.

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 25, 2021	Dec. 26, 2020
Current Assets
Cash and cash equivalents	$ 215,522	$ 249,354
Short-term investments	35,778	41,375
Trade accounts receivable, less allowance of $7,074 and $8,670	1,154,314	764,169
Other receivables, including advances to independent contractors, less allowance of $8,125 and $7,239	101,124	134,757
Other current assets	16,162	18,520
Total current assets	1,522,900	1,208,175
Operating property, less accumulated depreciation and amortization of $344,099 and $299,407	317,386	296,996
Goodwill	40,768	40,949
Other assets	164,411	107,679
Total assets	2,045,465	1,653,799
Current Liabilities
Cash overdraft	116,478	74,748
Accounts payable	604,130	380,505
Current maturities of long-term debt	36,561	35,415
Insurance claims	46,896	149,774
Dividends payable	75,387	76,770
Other current liabilities	130,531	88,925
Total current liabilities	1,009,983	806,137
Long-term debt, excluding current maturities	75,243	65,359
Insurance claims	49,509	38,867
Deferred income taxes and other noncurrent liabilities	48,720	51,601
Shareholders' Equity
Common stock, $0.01 par value, authorized 160,000,000 shares, issued 68,232,975 and 68,183,702 shares	682	682
Additional paid-in capital	255,148	228,875
Retained earnings	2,317,184	2,046,238
Cost of 30,539,235 and 29,797,639 shares of common stock in treasury	(1,705,601)	(1,581,961)
Accumulated other comprehensive loss	(5,403)	(1,999)
Total shareholders' equity	862,010	691,835
Total liabilities and shareholders' equity	$ 2,045,465	$ 1,653,799

Debt - Additional Information (Detail) - USD ($)		12 Months Ended
Debt - Additional Information (Detail) - USD ($)	Aug. 18, 2020	Dec. 25, 2021	Dec. 26, 2020	Dec. 28, 2019
Debt Instrument [Line Items]
Debt Outstanding Excluding Capital Lease Obligations		$ 0	$ 0
Interest paid		3,715,000	$ 3,915,000	$ 4,439,000
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
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

Leases - Components of Lease Cost for Finance Leases and Operating Leases (Detail) $ in Thousands	12 Months Ended
	Dec. 25, 2021 USD ($)
Finance leases:
Amortization of right-of-use assets	$ 21,205
Interest on lease liability	2,694
Total finance lease cost	23,899
Operating leases:
Lease cost	3,529
Variable lease cost	0
Sublease income	(5,161)
Total net operating lease income	(1,632)
Total net lease cost	$ 22,267

Amounts Recognized in Financial Statements with Respect to Plans (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 25, 2021	Dec. 26, 2020	Dec. 28, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total cost of the Plans during the period	$ 27,537	$ 4,639	$ 4,236
Amount of related income tax benefit recognized during the period	(7,063)	(2,114)	(4,130)
Net cost of the Plans during the period	$ 20,474	$ 2,525	$ 106

Schedule of Information on Non - Vested Restricted Stock Units (Detail) - Non Vested Restricted Stock and Deferred Stock Units - $ / shares	12 Months Ended
	Dec. 25, 2021	Dec. 26, 2020	Dec. 28, 2019
Number of Shares and Deferred Stock Units
Beginning Balance	60,440	64,808	55,987
Granted	26,351	26,604	30,338
Vested	(29,055)	(28,621)	(21,517)
Forfeited	(1,300)	(2,351)
Ending Balance	56,436	60,440	64,808
Weighted Average Grant Date Fair Value
Beginning Balance	$ 103.65	$ 98.24	$ 93.66
Granted	150.20	111.88	102.76
Vested	104.35	98.83	92.70
Forfeited	97.81	106.34
Ending Balance	$ 125.16	$ 103.65	$ 98.24

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 25, 2021	Dec. 26, 2020
Allowance on trade accounts receivable	$ 7,074	$ 8,670
Allowance on other receivables	8,125	7,239
Accumulated depreciation and amortization on operating property	$ 344,099	$ 299,407
Common stock, par value	$ 0.01	$ 0.01
Common stock, authorized shares	160,000,000	160,000,000
Common stock, issued shares	68,232,975	68,183,702
Treasury stock, shares	30,539,235	29,797,639

Recent Accounting Pronouncements - Additional Information (Detail)	Dec. 29, 2019 USD ($)
Accounting Standards Update 2016-13 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Adoption of accounting standards (Note 16)	$ 702,000

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Dec. 25, 2021	Dec. 26, 2020	Dec. 28, 2019
Revenue	$ 6,537,568	$ 4,132,981	$ 4,084,577
Investment income	2,857	3,399	5,041
Costs and expenses:
Purchased transportation	5,114,667	3,192,850	3,127,474
Commissions to agents	507,209	340,780	342,226
Other operating costs, net of gains on asset sales/dispositions	36,531	30,463	37,274
Insurance and claims	105,463	87,773	80,319
Selling, general and administrative	221,278	167,633	158,953
Depreciation and amortization	49,609	45,855	44,468
Impairment of intangible and other assets	0	2,582	0
Commission program termination costs	0	15,494	0
Total costs and expenses	6,034,757	3,883,430	3,790,714
Operating income	505,668	252,950	298,904
Interest and debt expense	3,976	3,953	3,141
Income before income taxes	501,692	248,997	295,763
Income taxes	120,168	56,891	68,060
Net income	381,524	192,106	227,703
Less: Net loss attributable to noncontrolling interest	0	0	(17)
Net income attributable to Landstar System, Inc. and subsidiary	$ 381,524	$ 192,106	$ 227,720
Diluted earnings per share attributable to Landstar System, Inc. and subsidiary	$ 9.98	$ 4.98	$ 5.72
Average diluted shares outstanding	38,235,000	38,602,000	39,786,000
Dividends per common share	$ 2.92	$ 2.79	$ 2.70

Leases

12 Months Ended

Dec. 25, 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 rents 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 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,

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 25, 2021 were (in thousands):


Finance leases:
Amortization of right-of-use assets	$	21,205
Interest on lease liability		2,694

Total finance lease cost		23,899

Operating leases:
Lease cost		3,529
Variable lease cost		—
Sublease income		(5,161	)

Total net operating lease income		(1,632	)

Total net lease cost	$	22,267

Total net operating lease income, net of rent expense under operating leases, was $1,620,000 in fiscal year 2020. Total rent expense, net of sublease rent income, under operating leases was $490,000 in fiscal year 2019.

A summary of the lease classification on

the Company’s

consolidated balance sheet as of December

2021

is as follows (in thousands):


Assets:
Operating lease right-of-use assets	Other assets	$	2,051
Finance lease assets	Operating property, less accumulated depreciation and amortization		143,227

Total lease assets		$	145,278

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 25, 2021 (in thousands):


	Finance Leases		Operating Leases
2022	$	38,983	$	763
2023		31,973		627
2024		22,070		522
2025		15,823		276
2026		7,668		—
Thereafter		—		—

Total future minimum lease payments		116,517		2,188
Less amount representing interest (1.6% to 4.4%)		4,713		137

Present value of minimum lease payments	$	111,804	$	2,051

Current maturities of long-term debt		36,561
Long-term debt, excluding current maturities		75,243
Other current liabilities				747
Deferred income taxes and other noncurrent liabilities				1,304

The weighted average remaining lease term and the weighted average discount rate for finance and operating leases as of December 25, 2021 were:


	Finance Leases			Operating Leases
Weighted average remaining lease term (years)		3.6			3.2
Weighted average discount rate		2.6	%		4.0	%

Amortized Cost and Fair Value of Available-for-Sale Investments (Detail) - USD ($) $ in Thousands	Dec. 25, 2021	Dec. 26, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 171,449	$ 119,013
Gross Unrealized Gains	1,456	3,676
Gross Unrealized Losses	1,312	98
Fair Value	171,593	122,591
Money market investments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	8,750	17,867
Gross Unrealized Gains	0
Gross Unrealized Losses	0
Fair Value	8,750	17,867
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	22,441	567
Gross Unrealized Gains	0
Gross Unrealized Losses	346	26
Fair Value	22,095	541
Corporate bonds and direct obligations of government agencies
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	137,916	98,241
Gross Unrealized Gains	1,406	3,551
Gross Unrealized Losses	966	72
Fair Value	138,356	101,720
U.S. Treasury obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,342	2,338
Gross Unrealized Gains	50	125
Gross Unrealized Losses	0
Fair Value	$ 2,392	$ 2,463

Equity

12 Months Ended

Dec. 25, 2021

Equity

(11) Equity

On December 7, 2021, the Landstar System, Inc. Board of Directors authorized the Company to purchase up to 1,912,824 additional shares of the Company’s Common Stock from time to time in the open market and in privately negotiated transactions. On December 9, 2019, the Landstar System, Inc. Board of Directors authorized the Company to purchase up to 1,849,068 shares of the Company’s Common Stock from time to time in the open market and in privately negotiated transactions. As of December 25, 2021, the Company had authorization to purchase in the aggregate up to 3,000,000 shares of its Common Stock under these programs. No specific expiration date has been assigned to the December 7, 2021 or December 9, 2019 authorizations. During fiscal year 2021, Landstar purchased a total of 733,854 shares of its Common Stock at a total cost of $122,722,000 pursuant to its previously announced stock purchase program.

The Company has 2,000,000 shares of preferred stock authorized and unissued.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI http://asc.fasb.org/topic&trid=2208762

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section 50
-Paragraph 13
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Share-Based Payment Arrangements (Tables)

12 Months Ended

Dec. 25, 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):


	Fiscal Years
	2021			2020			2019
Total cost of the Plans during the period	$	27,537		$	4,639		$	4,236
Amount of related income tax benefit recognized during the period		(7,063	)		(2,114	)		(4,130	)

Net cost of the Plans during the period	$	20,474		$	2,525		$	106

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 29, 2018		89,114		$	50.44		88,114	$	50.35
Exercised		(44,647	)	$	49.64

Options at December 28, 2019		44,467		$	51.24		44,467	$	51.24
Exercised		(26,817	)	$	49.31

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

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 29, 2018		292,345		$	66.31
Granted		68,820		$	89.34
Shares earned in excess of target (1)		71,172		$	54.78
Vested shares, including shares earned in excess of target		(226,981	)	$	53.27
Forfeited		(6,481	)	$	86.60

Outstanding at December 28, 2019		198,875		$	84.37
Granted		59,967		$	102.58
Shares earned in excess of target (2)		11,648		$	77.00
Vested shares, including shares earned in excess of target		(76,290	)	$	73.44
Forfeited		(10,987	)	$	100.55

Outstanding at December 26, 2020		183,213		$	93.44
Granted		46,342		$	128.64
Shares earned in excess of target (3)		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

(1)	Represents additional shares earned under both the January 27, 2015 and January 29, 2016 RSU awards as fiscal year 2018 financial results exceeded target performance level and under the May 1, 2015 RSU award as total shareholder return exceeded the target under the award.

(2)	Represents additional shares earned under the February 2, 2017 RSU awards as fiscal year 2019 financial results exceeded target performance level.

(3)	Represents shares earned in excess of target under the May 1, 2015 RSU award as total shareholder return exceeded the target under the award.

Summary of Stock Options Outstanding and Exercisable

The following tables summarize stock options outstanding and exercisable at December 25, 2021:


	Options Outstanding
Range of Exercise Prices Per Share	Number Outstanding		Weighted Average Remaining Contractual Term (years)		Weighted Average Exercise Price per Share
$ 51.99 - $ 56.40		8,570		0.9	$	55.42



	Options Exercisable
Range of Exercise Prices Per Share	Number Exercisable		Weighted Average Remaining Contractual Term (years)		Weighted Average Exercise Price per Share
$ 51.99 - $ 56.40		8,570		0.9	$	55.42

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 29, 2018		55,987		$	93.66
Granted		30,338		$	102.76
Vested		(21,517	)	$	92.70

Non-vested at December 28, 2019		64,808		$	98.24
Granted		26,604		$	111.88
Vested		(28,621	)	$	98.83
Forfeited		(2,351	)	$	106.34

Non-vested at December 26, 2020		60,440		$	103.65
Granted		26,351		$	150.20
Vested		(29,055	)	$	104.35
Forfeited		(1,300	)	$	97.81

Non-vested at December 25, 2021		56,436		$	125.16

Acquired Business - Additional Information (Detail) - USD ($)		3 Months Ended	12 Months Ended
	Jun. 15, 2020	Jun. 26, 2021	Dec. 25, 2021	Dec. 26, 2020	Dec. 28, 2019
Purchase consideration	$ 2,766,000		$ 0	$ 2,766,000	$ 0
Contigent consideration liability remitted		$ 168,000	$ 168,000	$ 0	$ 0
Goodwill Purchase	$ 2,871,000
Income tax rate deduction	100.00%
Business combination, recognized identifiable assets acquired and liabilities assumed, liabilities	$ 200,000

Impairment of Intangible and Other Assets - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 27, 2020	Dec. 25, 2021	Dec. 26, 2020	Dec. 28, 2019
Impairment charges of intangible asset	$ 2,582	$ 0	$ 2,582	$ 0

Schedule of Unrealized Loss on Available-for-Sale Investments (Detail) - USD ($) $ in Thousands	Dec. 25, 2021	Dec. 26, 2020
Debt Securities, Available-for-sale [Line Items]
Available-for-sale investments with unrealized losses, Less than 12 months, Fair Value	$ 94,621	$ 3,222
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss	1,312	98
Available-for-sale investments with unrealized losses, 12 months or longer, Fair Value	0
Available-for-sale investments with unrealized losses, 12 months or longer, Unrealized Loss	0
Available-for-sale investments with unrealized losses, Fair Value, Total	94,621	3,222
Available-for-sale investments with unrealized losses, Unrealized Loss, Total	1,312	98
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale investments with unrealized losses, Less than 12 months, Fair Value	22,095	541
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss	346	26
Available-for-sale investments with unrealized losses, 12 months or longer, Fair Value	0
Available-for-sale investments with unrealized losses, 12 months or longer, Unrealized Loss	0
Available-for-sale investments with unrealized losses, Fair Value, Total	22,095	541
Available-for-sale investments with unrealized losses, Unrealized Loss, Total	346	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	72,526	2,681
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss	966	72
Available-for-sale investments with unrealized losses, 12 months or longer, Fair Value	0
Available-for-sale investments with unrealized losses, 12 months or longer, Unrealized Loss	0
Available-for-sale investments with unrealized losses, Fair Value, Total	72,526	2,681
Available-for-sale investments with unrealized losses, Unrealized Loss, Total	$ 966	$ 72

Schedule for Gross Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 25, 2021	Dec. 26, 2020
Income Tax Disclosure [Line Items]
Gross unrecognized tax benefits – beginning of the year	$ 2,585	$ 3,014
Gross increases related to current year tax positions	782	349
Gross increases related to prior year tax positions	315	232
Gross decreases related to prior year tax positions	(17)	0
Lapse of statute of limitations	(820)	(1,010)
Gross unrecognized tax benefits – end of the year	$ 2,845	$ 2,585

Commitments and Contingencies

12 Months Ended

Dec. 25, 2021

Commitments and Contingencies

(12) Commitments and Contingencies

At December 25, 2021, in addition to the $72,267,000 letters of credit secured by investments, Landstar had $33,170,000 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.

Leases - Undiscounted Cash Flows for the Finance and Operating Leases (Detail) - USD ($) $ in Thousands	Dec. 25, 2021	Dec. 26, 2020
Operating Leased Assets [Line Items]
2022	$ 38,983
2023	31,973
2024	22,070
2025	15,823
2026	7,668
Total future minimum lease payments	116,517
Less amount representing interest (1.6% to 4.4%)	4,713
Present value of minimum lease payments	111,804
Current maturities of long-term debt	36,561	$ 35,415
Long-term debt, excluding current maturities	75,243	$ 65,359
2022	763
2023	627
2024	522
2025	276
2026	0
Total future minimum lease payments	2,188
Less amount representing interest (1.6% to 4.4%)	137
Present value of minimum lease payments	$ 2,051
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Operating lease, liability, current
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Operating lease, liability, non-current
Other current liabilities [Member]
Operating Leased Assets [Line Items]
Operating lease, liability, current	$ 747
Deferred income taxes and other noncurrent liabilities [Member]
Operating Leased Assets [Line Items]
Operating lease, liability, non-current	$ 1,304

Segment Information

12 Months Ended

Dec. 25, 2021

Segment Information

(13) 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

contractual arrangements (the “Truck Brokerage Carriers”), air cargo carriers, ocean cargo carriers and railroads. Through this network of agents and capacity providers linked together by Landstar’s ecosystem of digital technologies, Landstar operates an integrated transportation management solutions business primarily throughout North America with revenue of $6.5 billion during the most recently completed fiscal year. The Company reports the results of two operating segments: the transportation logistics segment and the insurance segment.

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 2021, 2020 and 2019. Substantially all of the Company’s revenue is generated in North America, primarily through customers located in the United States.


	Transportation Logistics		Insurance		Total

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

2020
External revenue	$	4,076,519	$	56,462	$	4,132,981
Internal revenue				54,003		54,003
Investment income				3,399		3,399
Interest and debt expense		3,953				3,953
Depreciation and amortization		45,855				45,855
Operating income		221,210		31,740		252,950
Expenditures on long-lived assets		30,626				30,626
Goodwill		40,949				40,949
Finance lease additions		31,633				31,633
Total assets		1,301,991		351,808		1,653,799

2019
External revenue	$	4,028,336	$	56,241	$	4,084,577
Internal revenue				46,587		46,587
Investment income				5,041		5,041
Interest and debt expense		3,141				3,141
Depreciation and amortization		44,468				44,468
Operating income		258,742		40,162		298,904
Expenditures on long-lived assets		19,416				19,416
Goodwill		38,508				38,508
Finance lease additions		29,054				29,054
Total assets		1,168,944		258,767		1,427,711

- 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=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 25, 2021	Dec. 26, 2020	Dec. 28, 2019
Income Taxes [Line Items]
Corporate income tax rate	21.00%
Net unrecognized tax benefits	$ 2,344,000	$ 2,030,000
Accrued for estimated interest and penalties	658,000	648,000
Income taxes paid	$ 104,844,000	$ 47,589,000	$ 67,317,000

Operating Property

12 Months Ended

Dec. 25, 2021

Operating Property

(6) Operating Property

Operating property is summarized as follows (in thousands):


	Dec. 25, 2021		Dec. 26, 2020
Land	$	16,328	$	16,328
Buildings and improvements		65,034		64,314
Trailing equipment		479,300		433,400
Information technology hardware and software		91,115		72,560
Other equipment		9,708		9.801

Total operating property, gross		661,485		596,403
Less accumulated depreciation and amortization		344,099		299,407

Total operating property, net	$	317,386	$	296,996

Included above is $189,053,000 in fiscal year 2021 and $199,045,000 in fiscal year 2020 of operating property under finance leases, $143,227,000 and $139,259,000, respectively, net of accumulated depreciation and amortization. Landstar acquired operating property by entering into finance leases in the amount of $48,674,000 in fiscal year 2021, $31,633,000 in fiscal year 2020 and $29,054,000 in fiscal year 2019.

Investments - Additional Information (Detail) - USD ($)	12 Months Ended
Investments - Additional Information (Detail) - USD ($)	Dec. 25, 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	$ 144,000	$ 3,578,000
Insurance [Member]
Debt Securities, Available-for-sale [Line Items]
Restricted Cash and Cash Equivalents	4,049,000
Guarantee Payment of Insurance Claims
Debt Securities, Available-for-sale [Line Items]
Letters of credit outstanding	72,267,000
Current Investments
Debt Securities, Available-for-sale [Line Items]
Investments providing collateral for letters of credit to guarantee insurance claims	31,729,000
Non-Current Investments
Debt Securities, Available-for-sale [Line Items]
Investments providing collateral for letters of credit to guarantee insurance claims	44,069,000
Total non-current investments	$ 139,864,000

Income Taxes (Tables)

12 Months Ended

Dec. 25, 2021

Schedule of Provisions for Income Taxes

The provisions for income taxes consisted of the following (in thousands):


	Fiscal Years
	2021			2020			2019

Current:
Federal	$	104,640		$	47,955		$	52,422
State		18,462			7,249			10,367
Foreign		856			557			504

Total current	$	123,958		$	55,761		$	63,293

Deferred:
Federal	$	(3,278	)	$	1,523		$	4,212
State		(512	)		(393	)		555

Total deferred	$	(3,790	)	$	1,130		$	4,767

Income taxes	$	120,168		$	56,891		$	68,060

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. 25, 2021		Dec. 26, 2020
Deferred tax assets:
Receivable valuations	$	4,112	$	4,286
Share-based payments		7,000		2,020
Self-insured claims		3,696		3,613
Other		10,354		6,056

Total deferred tax assets	$	25,162	$	15,975

Deferred tax liabilities:
Operating property	$	57,903	$	52,014
Goodwill		3,958		3,772
Other		2,409		3,087

Total deferred tax liabilities	$	64,270	$	58,873

Net deferred tax liability	$	39,108	$	42,898

Schedule of Income Taxes Calculated on Income from Continuing Operations Before Income Taxes and Provision for Income Taxes

The following table summarizes the differences between income taxes calculated at the federal income tax rates of 21% on income before income taxes and the provisions for income taxes (in thousands):


	Fiscal Years
	2021			2020			2019
Income taxes at federal income tax rate	$	105,355		$	52,289		$	62,110
State income taxes, net of federal income tax benefit		14,260			5,375			8,876
Non-deductible executive compensation		2,946			96			—
Meals and entertainment exclusion		—			326			644
Share-based payments		(1,070	)		(977	)		(3,093	)
Research and development credits		(2,069	)		(717	)		(714	)
Other, net		746			499			237

Income taxes	$	120,168		$	56,891		$	68,060

Schedule for Gross Unrecognized Tax Benefits

The following table summarizes the rollforward of the total amounts of gross unrecognized tax benefits for fiscal years 2021 and 2020 (in thousands):


	Fiscal Years
	2021			2020
Gross unrecognized tax benefits – beginning of the year	$	2,585		$	3,014
Gross increases related to current year tax positions		782			349
Gross increases related to prior year tax positions		315			232
Gross decreases related to prior year tax positions		(17	)		—
Lapse of statute of limitations		(820	)		(1,010	)

Gross unrecognized tax benefits – end of the year	$	2,845		$	2,585

Schedule of Information on Restricted Stock Units (Detail) - Restricted Stock Units (RSUs) - $ / shares	12 Months Ended
	Dec. 25, 2021	Dec. 26, 2020	Dec. 28, 2019
Number of Shares
Beginning Balance	183,213	198,875	292,345
Granted	46,342	59,967	68,820
Shares earned in excess of target	7,132	11,648	71,172
Vested shares, including shares earned in excess of target	(24,600)	(76,290)	(226,981)
Forfeited	(2,688)	(10,987)	(6,481)
Ending Balance	209,399	183,213	198,875
Weighted Average Grant Date Fair Value
Beginning Balance	$ 93.44	$ 84.37	$ 66.31
Granted	128.64	102.58	89.34
Shares earned in excess of target	31.97	77.00	54.78
Vested shares, including shares earned in excess of target	59.85	73.44	53.27
Forfeited	107.76	100.55	86.60
Ending Balance	$ 102.90	$ 93.44	$ 84.37

Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Dec. 25, 2021 USD ($) Segment $ / shares shares	Dec. 26, 2020 USD ($) $ / shares shares	Dec. 28, 2019 shares	Jun. 26, 2021 USD ($)
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	$ 2.00	$ 2.00
Dividend payable date	Jan. 21, 2022	Jan. 22, 2021
Dividend record date	Jan. 07, 2022	Jan. 08, 2021
Dividends payable	$ 75,387,000	$ 76,770,000
Dividend announced date	Dec. 07, 2021	Dec. 08, 2020
Self Insurance Reserve, Current	$ 46,896,000	$ 149,774,000
Restricted Cash	4,049,000
Short-term investments	$ 35,778,000	41,375,000
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]
Company retained liability per claim	5,000,000
Additional premium	3,500,000
Commercial Trucking Claims \| Third Party Insurance [Member]
Significant Accounting Policies [Line Items]
Self insurance excess value maintain third party	5,000,000
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 \| Retained Liability Maximum In Aggregate For Three Year Policy From May 1 2019 To April 30 2022 [Member] \| Initial Excess Policy [Member]
Significant Accounting Policies [Line Items]
Company retained aggregate liability	10,000,000
Commercial Trucking Claims \| Maximum
Significant Accounting Policies [Line Items]
Company retained liability per claim	10,000,000
Commercial Trucking Claims \| Maximum \| Initial Excess Policy [Member]
Significant Accounting Policies [Line Items]
Company retained aggregate liability	15,000,000
Commercial Trucking Claims \| Maximum \| Additional Retained Liability, Maximum in Aggregate, for three year policy that goes May 1, 2019 through April 30, 2022
Significant Accounting Policies [Line Items]
Company retained term aggregate	20,000,000
Commercial Trucking Claims \| Minimum
Significant Accounting Policies [Line Items]
Company retained liability per claim	5,000,000
Commercial Trucking Claims \| Minimum \| Initial Excess Policy [Member]
Significant Accounting Policies [Line Items]
Company retained aggregate liability	5,000,000
Commercial Trucking Claims \| Minimum \| Third Party Insurance [Member]
Significant Accounting Policies [Line Items]
Company retained liability per claim	5,000,000
Commercial Trucking Claims \| Other Assets [Member]
Significant Accounting Policies [Line Items]
Claims receivable from third party insurance companies in excess of self insurance retention		104,000,000
Self Insurance Reserve, Current		$ 104,000,000		$ 104,000,000
General Liability Claim
Significant Accounting Policies [Line Items]
Company retained liability per claim	1,000,000
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

Summary Stock Options Outstanding and Exercisable (Detail)	12 Months Ended
	Dec. 25, 2021 $ / shares shares
Range One
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Minimum Exercise Price	$ 51.99
Maximum Exercise Price	$ 56.40
Options Outstanding \| shares	8,570
Options Outstanding, Weighted Average Remaining Contractual Life (Years)	10 months 24 days
Options Outstanding, Weighted Average Exercise Price per Share	$ 55.42
Range Three
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Minimum Exercise Price	51.99
Maximum Exercise Price	$ 56.40
Options Exercisable \| shares	8,570
Options Exercisable, Weighted Average Contractual Life (Years)	10 months 24 days
Options Exercisable, Weighted Average Exercise Price	$ 55.42

Acquired Business

12 Months Ended

Dec. 25, 2021

Acquired Business

(2)	Acquired Business

On May 6, 2020, the Company formed a new subsidiary that was subsequently renamed Landstar Blue, LLC (“Landstar Blue”). Landstar Blue arranges truckload brokerage services

with a focus on the contract services market. Landstar Blue also helps

the Company to develop and test digital technologies and processes for the benefit of all Landstar independent commission sales agents. On June 15, 2020, Landstar Blue completed the acquisition of an independent agent of the Company whose business focused on truckload brokerage services. Cash consideration paid for the acquisition was approximately $

2,766

,000. In addition, the Company assumed approximately $

200,000

in liabilities consisting of additional contingent purchase price, of which $

168

,000 was remitted during the Company’s 2021 second fiscal quarter. The resulting goodwill arising from the acquisition was approximately $

2,871,000

With respect to this goodwill,

100%

is expected to be

deductible by th

Company for

.S. income tax purposes. Pro forma financial information for prior periods is not presented as the Company does not believe the acquisition to be material to the Company’s consolidated results. The re

sults of opera

tions for Landstar Blue are presented as part of the Company’s transportations logistics segment. Transaction costs for the acquisition were insignificant.

Effect of Increase in Cost of Insurance and Claims (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 25, 2021	Dec. 26, 2020	Dec. 28, 2019
Change in Accounting Estimate [Line Items]
Operating income	$ 505,668	$ 252,950	$ 298,904
Net income attributable to Landstar System, Inc. and subsidiary	$ 381,524	$ 192,106	$ 227,720
Diluted earnings per share attributable to Landstar System, Inc. and subsidiary	$ 9.98	$ 4.98	$ 5.72
Development of Prior Year Self Insured Claims Estimates
Change in Accounting Estimate [Line Items]
Operating income	$ 9,708	$ 9,196	$ 16,679
Net income attributable to Landstar System, Inc. and subsidiary	$ 7,359	$ 6,989	$ 12,683
Diluted earnings per share attributable to Landstar System, Inc. and subsidiary	$ 0.19	$ 0.18	$ 0.32

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

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

+ References

+ Details

Leases (Tables)

12 Months Ended

Dec. 25, 2021

Lease, Cost [Table Text Block]

The components of lease cost for finance leases and operating leases as of December 25, 2021 were (in thousands):


Finance leases:
Amortization of right-of-use assets	$	21,205
Interest on lease liability		2,694

Total finance lease cost		23,899

Operating leases:
Lease cost		3,529
Variable lease cost		—
Sublease income		(5,161	)

Total net operating lease income		(1,632	)

Total net lease cost	$	22,267

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

A summary of the lease classification on

the Company’s

consolidated balance sheet as of December

2021

is as follows (in thousands):


Assets:
Operating lease right-of-use assets	Other assets	$	2,051
Finance lease assets	Operating property, less accumulated depreciation and amortization		143,227

Total lease assets		$	145,278

Liabilities:

Finance And Operating Lease Maturity [Table Text Block]

The following table reconciles the undiscounted cash flows for the finance and operating leases to the finance and

operating

lease liabilities recorded on the balance sheet at December 25, 2021 (in thousands):


	Finance Leases		Operating Leases
2022	$	38,983	$	763
2023		31,973		627
2024		22,070		522
2025		15,823		276
2026		7,668		—
Thereafter		—		—

Total future minimum lease payments		116,517		2,188
Less amount representing interest (1.6% to 4.4%)		4,713		137

Present value of minimum lease payments	$	111,804	$	2,051

Current maturities of long-term debt		36,561
Long-term debt, excluding current maturities		75,243
Other current liabilities				747
Deferred income taxes and other noncurrent liabilities				1,304

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 25, 2021 were:


	Finance Leases			Operating Leases
Weighted average remaining lease term (years)		3.6			3.2
Weighted average discount rate		2.6	%		4.0	%

Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 25, 2021	Dec. 26, 2020
Income Tax Disclosure [Line Items]
Receivable valuations	$ 4,112	$ 4,286
Share-based payments	7,000	2,020
Self-insured claims	3,696	3,613
Other	10,354	6,056
Total deferred tax assets	25,162	15,975
Operating property	57,903	52,014
Goodwill	3,958	3,772
Other	2,409	3,087
Total deferred tax liabilities	64,270	58,873
Net deferred tax liability	$ 39,108	$ 42,898

Retirement Plan - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 25, 2021	Dec. 26, 2020	Dec. 28, 2019
Retirement Plans [Line Items]
Defined contribution plan maximum employee contribution as a percentage of base salary	75.00%
Expense for the Company-sponsored defined contribution plan	$ 2,374,000	$ 2,417,000	$ 2,427,000
First 3% of Contributions on Defined Contribution Plan
Retirement Plans [Line Items]
Defined contribution plan employer contribution as a percentage of base salary	100.00%
Threshold to determine company matching percentage	3.00%
Next 2% of Contributions on Defined Contribution Plan
Retirement Plans [Line Items]
Defined contribution plan employer contribution as a percentage of base salary	50.00%
Threshold to determine company matching percentage	2.00%

Leases - Undiscounted Cash Flows for the Finance and Operating Leases (Parenthetical) (Details)	Dec. 25, 2021
Maximum [Member]
Finance lease Interest rate percentage	4.40%
Minimum [Member]
Finance lease Interest rate percentage	1.60%

Summary of Information Regarding Stock Options (Detail) - $ / shares	12 Months Ended
	Dec. 25, 2021	Dec. 26, 2020	Dec. 28, 2019
Number of Options
Beginning Balance, number of options	17,650	44,467	89,114
Exercised, number of options	(9,080)	(26,817)	(44,647)
Ending Balance, number of options	8,570	17,650	44,467
Weighted Average Exercise Price per Share
Beginning Balance, Weighted Average Exercise Price per Share	$ 54.16	$ 51.24	$ 50.44
Exercised, Weighted Average Exercise Price per Share	52.97	49.31	49.64
Ending Balance, Weighted Average Exercise Price per Share	$ 55.42	$ 54.16	$ 51.24
Options Exercisable, Number of Options
Options exercisable at the beginning, Number of Options	17,650	44,467	88,114
Options exercisable at the ending, Number of Options	8,570	17,650	44,467
Options Exercisable, Weighted Average Exercise Price per Share
Options exercisable at the beginning, Weighted Average Exercise Price per Share	$ 54.16	$ 51.24	$ 50.35
Options exercisable at the ending, Weighted Average Exercise Price per Share	$ 55.42	$ 54.16	$ 51.24

Leases - Weighted Average Remaining Lease Term and the Weighted Average Discount Rate for Finance and Operating leases (Detail)	Dec. 25, 2021
Weighted average remaining lease term (years)	3 years 7 months 6 days
Weighted average discount rate	2.60%
Weighted average remaining lease term (years)	3 years 2 months 12 days
Weighted average discount rate	4.00%

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment [Member]	Common Stock	Additional Paid-In Capital	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment [Member]	Treasury Stock at Cost	Accumulated Other Comprehensive (Loss) Income	Non-controlling Interests
Beginning Balance (in shares) at Dec. 29, 2018			67,870,962				27,755,001
Beginning Balance at Dec. 29, 2018	$ 689,133		$ 679	$ 226,852	$ 1,841,279		$ (1,376,111)	$ (5,875)	$ 2,309
Net income (loss)	227,703				227,720				(17)
Dividends	(106,838)				(106,838)
Purchases of common stock (in shares)							849,068
Purchases of common stock	(88,578)						$ (88,578)
Purchase noncontrolling interests	(600)			1,842					(2,442)
Issuance of stock related to stock-based compensation plans (in shares)			212,457				5,857
Issuance of stock related to stock-based compensation plans	(7,400)		$ 2	(6,807)			$ (595)
Stock-based compensation	4,236			4,236
Other comprehensive (loss) income	3,813							3,663	150
Ending Balance (in shares) at Dec. 28, 2019			68,083,419				28,609,926
Ending Balance at Dec. 28, 2019	721,469		$ 681	226,123	1,962,161		$ (1,465,284)	(2,212)	0
Net income (loss)	192,106				192,106
Dividends	(107,327)				(107,327)
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)			100,283				8,743
Issuance of stock related to stock-based compensation plans	(2,601)		$ 1	(1,887)			$ (715)
Stock-based compensation	4,639			4,639
Other comprehensive (loss) income	213							213	0
Ending Balance (in shares) at Dec. 26, 2020			68,183,702				29,797,639
Ending Balance at Dec. 26, 2020	691,835	$ (702)	$ 682	228,875	2,046,238	$ (702)	$ (1,581,961)	(1,999)	0
Net income (loss)	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 (loss) income	(3,404)							(3,404)	0
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)	$ 0

Segment Information - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 25, 2021 USD ($) Segment Customer	Dec. 26, 2020 USD ($) Customer	Dec. 28, 2019 USD ($) Customer
Segment Reporting Information [Line Items]
External revenue \| $	$ 6,537,568	$ 4,132,981	$ 4,084,577
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	10.00%	10.00%	10.00%

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Retirement Plan

12 Months Ended

Dec. 25, 2021

Retirement Plan

(7) 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 six months of service.

The Company reduced the employee service requirement to three months of service as of January 1, 2022.

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 $2,374,000 in fiscal year 2021, $2,417,000 in fiscal year 2020 and $2,427,000 in fiscal year 2019.

- Definition

The entire disclosure for retirement benefits.

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