0001193125-22-206093 | 10-Q | XBRL Viewer

Operating lease
right-of-use
assets

Other assets

Finance lease assets

Operating property, less accumulated depreciation and amortization

Total lease assets

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Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 25, 2022	Jul. 18, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Document Quarterly Report	true
Entity Central Index Key	0000853816
Document Transition Report	false
Current Fiscal Year End Date	--12-31
Document Period End Date	Jun. 25, 2022
Entity Registrant Name	LANDSTAR SYSTEM, INC.
Entity Filer Category	Large Accelerated Filer
Trading Symbol	LSTR
Title of 12(b) Security	Common Stock
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		36,427,385
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity File Number	0-21238
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	06-1313069
Entity Address, Address Line One	13410 Sutton Park Drive South
Entity Address, City or Town	Jacksonville
Entity Address, Postal Zip Code	32224
City Area Code	904
Local Phone Number	398-9400
Entity Address, State or Province	FL

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 25, 2022	Dec. 25, 2021
Current Assets
Cash and cash equivalents	$ 78,220	$ 215,522
Short-term investments	41,549	35,778
Trade accounts receivable, less allowance of $9,940 and $7,074	1,216,518	1,154,314
Other receivables, including advances to independent contractors, less allowance of $9,856 and $8,125	114,794	101,124
Other current assets	54,190	16,162
Total current assets	1,505,271	1,522,900
Operating property, less accumulated depreciation and amortization of $369,344 and $344,099	314,191	317,386
Goodwill	40,977	40,768
Other assets	156,628	164,411
Total assets	2,017,067	2,045,465
Current Liabilities
Cash overdraft	113,603	116,478
Accounts payable	670,534	604,130
Current maturities of long-term debt	36,827	36,561
Insurance claims	53,971	46,896
Dividends payable		75,387
Other current liabilities	102,956	130,531
Total current liabilities	977,891	1,009,983
Long-term debt, excluding current maturities	73,999	75,243
Insurance claims	53,303	49,509
Deferred income taxes and other noncurrent liabilities	55,004	48,720
Shareholders' Equity
Common stock, $0.01 par value, authorized 160,000,000 shares, issued 68,376,934 and 68,232,975 shares	684	682
Additional paid-in capital	252,045	255,148
Retained earnings	2,535,997	2,317,184
Cost of 31,946,616 and 30,539,235 shares of common stock in treasury	(1,919,535)	(1,705,601)
Accumulated other comprehensive loss	(12,321)	(5,403)
Total shareholders' equity	856,870	862,010
Total liabilities and shareholders' equity	$ 2,017,067	$ 2,045,465

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 25, 2022	Dec. 25, 2021
Allowance on trade accounts receivable	$ 9,940	$ 7,074
Allowance on other receivables	9,856	8,125
Accumulated depreciation and amortization on operating property	$ 369,344	$ 344,099
Common stock, par value	$ 0.01	$ 0.01
Common stock, authorized shares	160,000,000	160,000,000
Common stock, issued shares	68,376,934	68,232,975
Treasury stock, shares	31,946,616	30,539,235

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Jun. 25, 2022	Jun. 26, 2021	Jun. 25, 2022	Jun. 26, 2021
Revenue	$ 1,975,064	$ 1,570,718	$ 3,945,663	$ 2,858,252
Investment income	586	748	1,307	1,432
Costs and expenses:
Purchased transportation	1,545,688	1,228,241	3,096,018	2,226,526
Commissions to agents	161,856	121,693	311,634	221,702
Other operating costs, net of gains on asset sales/dispositions	10,381	8,903	21,522	16,545
Insurance and claims	34,052	24,124	64,820	45,629
Selling, general and administrative	58,967	54,114	111,680	99,522
Depreciation and amortization	14,288	12,143	28,045	24,244
Total costs and expenses	1,825,232	1,449,218	3,633,719	2,634,168
Operating income	150,418	122,248	313,251	225,516
Interest and debt expense	1,105	967	2,228	2,009
Income before income taxes	149,313	121,281	311,023	223,507
Income taxes	36,758	28,987	73,629	53,973
Net income	$ 112,555	$ 92,294	$ 237,394	$ 169,534
Diluted earnings per share	$ 3.05	$ 2.4	$ 6.39	$ 4.41
Average diluted shares outstanding	36,905,000	38,402,000	37,162,000	38,403,000
Dividends per common share	$ 0.25	$ 0.21	$ 0.5	$ 0.42

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2022	Jun. 26, 2021	Jun. 25, 2022	Jun. 26, 2021
Net income	$ 112,555	$ 92,294	$ 237,394	$ 169,534
Other comprehensive (loss) income:
Unrealized holding losses on available-for-sale investments, net of tax benefit of $2,025, $243, $604 and $96	(2,204)	(349)	(7,391)	(883)
Foreign currency translation gains (losses)	(802)	1,450	473	1,030
Other comprehensive (loss) income	(3,006)	1,101	(6,918)	147
Comprehensive income	$ 109,549	$ 93,395	$ 230,476	$ 169,681

- Definition

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

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+ Details

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2022	Jun. 26, 2021	Jun. 25, 2022	Jun. 26, 2021
Unrealized holding losses on available-for-sale investments, net of tax benefit	$ 604	$ 96	$ 2,025	$ 243

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 25, 2022	Jun. 26, 2021
OPERATING ACTIVITIES
Net income	$ 237,394	$ 169,534
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	28,045	24,244
Non-cash interest charges	224	224
Provisions for losses on trade and other accounts receivable	6,359	1,393
Gains on sales/disposals of operating property	(1,213)	(766)
Deferred income taxes, net	5,999	6,240
Stock-based compensation	5,810	10,893
Changes in operating assets and liabilities:
Increase in trade and other accounts receivable	(82,233)	(55,236)
Increase in other assets	(42,742)	(24,704)
Increase in accounts payable	66,404	101,206
(Decrease) increase in other liabilities	(25,265)	7,882
Increase (decrease) in insurance claims	10,869	(103,734)
NET CASH PROVIDED BY OPERATING ACTIVITIES	209,651	137,176
INVESTING ACTIVITIES
Sales and maturities of investments	21,918	17,242
Purchases of investments	(23,883)	(68,366)
Purchases of operating property	(7,467)	(9,000)
Proceeds from sales of operating property	2,358	1,438
Purchase of non-marketable securities	(4,999)
NET CASH USED BY INVESTING ACTIVITIES	(12,073)	(58,686)
FINANCING ACTIVITIES
Decrease in cash overdraft	(2,875)	(4,194)
Dividends paid	(93,968)	(92,905)
Proceeds from exercises of stock options	56	77
Taxes paid in lieu of shares issued related to stock-based compensation plans	(10,269)	(2,341)
Purchases of common stock	(212,632)	(23,837)
Principal payments on finance lease obligations	(19,051)	(19,143)
Payment of deferred consideration		(168)
NET CASH USED BY FINANCING ACTIVITIES	(338,739)	(142,511)
Effect of exchange rate changes on cash and cash equivalents	(190)	1,071
Decrease in cash, cash equivalents and restricted cash	(141,351)	(62,950)
Cash, cash equivalents and restricted cash at beginning of period	219,571	249,354
Cash, cash equivalents and restricted cash at end of period	$ 78,220	$ 186,404

Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Treasury Stock at Cost	Accumulated Other Comprehensive (Loss) Income
Beginning Balance (in shares) at Dec. 26, 2020		68,183,702			29,797,639
Beginning Balance at Dec. 26, 2020	$ 691,835	$ 682	$ 228,875	$ 2,046,238	$ (1,581,961)	$ (1,999)
Net income	77,240			77,240
Dividends	(8,067)			(8,067)
Issuance of stock related to stock-based compensation plans (in shares)		28,594			6,087
Issuance of stock related to stock-based compensation plans	(1,164)		(307)		$ (857)
Stock-based compensation	4,029		4,029
Other comprehensive (loss) income	(954)					(954)
Ending Balance (in shares) at Mar. 27, 2021		68,212,296			29,803,726
Ending Balance at Mar. 27, 2021	762,919	$ 682	232,597	2,115,411	$ (1,582,818)	(2,953)
Beginning Balance (in shares) at Dec. 26, 2020		68,183,702			29,797,639
Beginning Balance at Dec. 26, 2020	691,835	$ 682	228,875	2,046,238	$ (1,581,961)	(1,999)
Net income	169,534
Ending Balance (in shares) at Jun. 26, 2021		68,229,880			29,954,081
Ending Balance at Jun. 26, 2021	830,173	$ 682	238,422	2,199,637	$ (1,606,716)	(1,852)
Beginning Balance (in shares) at Mar. 27, 2021		68,212,296			29,803,726
Beginning Balance at Mar. 27, 2021	762,919	$ 682	232,597	2,115,411	$ (1,582,818)	(2,953)
Net income	92,294			92,294
Dividends	(8,068)			(8,068)
Purchases of common stock (in shares)					150,000
Purchases of common stock	(23,837)				$ (23,837)
Issuance of stock related to stock-based compensation plans (in shares)		17,584			355
Issuance of stock related to stock-based compensation plans	(1,100)		(1,039)		$ (61)
Stock-based compensation	6,864		6,864
Other comprehensive (loss) income	1,101					1,101
Ending Balance (in shares) at Jun. 26, 2021		68,229,880			29,954,081
Ending Balance at Jun. 26, 2021	830,173	$ 682	238,422	2,199,637	$ (1,606,716)	(1,852)
Beginning Balance (in shares) at Dec. 25, 2021		68,232,975			30,539,235
Beginning Balance at Dec. 25, 2021	862,010	$ 682	255,148	2,317,184	$ (1,705,601)	(5,403)
Net income	124,839			124,839
Dividends	(9,324)			(9,324)
Purchases of common stock (in shares)					693,550
Purchases of common stock	(109,332)				$ (109,332)
Issuance of stock related to stock-based compensation plans (in shares)		137,176			10,033
Issuance of stock related to stock-based compensation plans	(10,127)	$ 2	(8,913)		$ (1,216)
Stock-based compensation	1,995		1,995
Other comprehensive (loss) income	(3,912)					(3,912)
Ending Balance (in shares) at Mar. 26, 2022		68,370,151			31,242,818
Ending Balance at Mar. 26, 2022	856,149	$ 684	248,230	2,432,699	$ (1,816,149)	(9,315)
Beginning Balance (in shares) at Dec. 25, 2021		68,232,975			30,539,235
Beginning Balance at Dec. 25, 2021	862,010	$ 682	255,148	2,317,184	$ (1,705,601)	(5,403)
Net income	237,394
Ending Balance (in shares) at Jun. 25, 2022		68,376,934			31,946,616
Ending Balance at Jun. 25, 2022	856,870	$ 684	252,045	2,535,997	$ (1,919,535)	(12,321)
Beginning Balance (in shares) at Mar. 26, 2022		68,370,151			31,242,818
Beginning Balance at Mar. 26, 2022	856,149	$ 684	248,230	2,432,699	$ (1,816,149)	(9,315)
Net income	112,555			112,555
Dividends	(9,257)			(9,257)
Purchases of common stock (in shares)					703,211
Purchases of common stock	(103,300)				$ (103,300)
Issuance of stock related to stock-based compensation plans (in shares)		6,783			587
Issuance of stock related to stock-based compensation plans	(86)				$ (86)
Stock-based compensation	3,815		3,815
Other comprehensive (loss) income	(3,006)					(3,006)
Ending Balance (in shares) at Jun. 25, 2022		68,376,934			31,946,616
Ending Balance at Jun. 25, 2022	$ 856,870	$ 684	$ 252,045	$ 2,535,997	$ (1,919,535)	$ (12,321)

Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended				6 Months Ended
	Jun. 25, 2022	Mar. 26, 2022	Jun. 26, 2021	Mar. 27, 2021	Jun. 25, 2022	Jun. 26, 2021
Dividends per common share	$ 0.25	$ 0.25	$ 0.21	$ 0.21	$ 0.5	$ 0.42

Significant Accounting Policies

6 Months Ended

Jun. 25, 2022

Significant Accounting Policies

(1)	Significant Accounting Policies

Revenue from Contracts with Customers – Disaggregation of Revenue

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

twenty-six-week

and thirteen-week periods ended June 25, 2022 and June 26, 2021 (dollars in thousands):


	Twenty Six Weeks Ended						Thirteen Weeks Ended
Mode	June 25, 2022			June 26, 2021			June 25, 2022			June 26, 2021
Truck – BCO Independent Contractors		36	%		42	%		35	%		41	%
Truck – Truck Brokerage Carriers		53	%		50	%		54	%		51	%
Rail intermodal		2	%		3	%		2	%		3	%
Ocean and air cargo carriers		8	%		4	%		8	%		4	%

Truck Equipment Type
Van equipment	$	2,108,143		$	1,583,911		$	1,026,938		$	854,509
Unsided/platform equipment	$	883,032		$	689,378		$	474,274		$	391,893
Less-than-truckload	$	70,651		$	54,732		$	36,931		$	29,062
Other truck transportation (1)	$	436,656		$	309,655		$	209,055		$	168,723

(1)

Includes power-only, expedited, straight truck, cargo van, and miscellaneous other truck transportation revenue generated by the transportation logistics segment. Power-only refers to shipments where the Company furnishes a power unit and an operator but not trailing equipment, which is typically provided by the shipper or consignee.

Share-based Payment Arrangements

6 Months Ended

Jun. 25, 2022

Share-based Payment Arrangements

(2)	Share-based Payment Arrangements

As of June 25, 2022, the Company has an employee equity incentive plan, the 2011 equity incentive plan (the “2011 EIP”). The Company also had two stock compensation plans 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”) and the 2022 Directors Stock Compensation Plan (the “2022 DSCP”), which replaced the 2013 DSCP. At the Company’s 2022 Annual Meeting of Stockholders held on May 11, 2022, the Company’s stockholders approved the 2022 DSCP. The provisions of the 2022 DSCP are substantially similar to the provisions of the 2013 DSCP.

6,000,000 shares of the Company’s common stock were authorized for issuance under the 2011 EIP, and 200,000 shares of the Company’s common stock were authorized for issuance under the 2022 DSCP. No further grants can be made under the 2013 DSCP, including 56,502 shares of the

ompany’s

ommon

tock previously reserved for issuance, but not issued, under the 2013 DSCP. The 2011 EIP, 2013 DSCP and 2022 DSCP are each referred to herein as a “Plan,” and, collectively, as the “Plans.” Amounts recognized in the financial statements with respect to these Plans are as follows (in thousands):


	Twenty Six Weeks Ended						Thirteen Weeks Ended
	June 25, 2022			June 26, 2021			June 25, 2022			June 26, 2021
Total cost of the Plans during the period	$	5,810		$	10,893		$	3,815		$	6,864
Amount of related income tax benefit recognized during the period		(4,270	)		(3,717	)		(910	)		(2,376	)

Net cost of the Plans during the period	$	1,540		$	7,176		$	2,905		$	4,488

Included in income tax benefits recognized in the

twenty-six-

week periods ended June 25, 2022 and June 26, 2021 were excess tax benefits from stock-based awards of $2,844,000 and $1,038,000, respectively.

As of June 25, 2022, there were 193,217 shares of the Company’s common stock reserved for issuance under the 2022 DSCP and 3,233,908 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 25, 2021		209,399		$	102.90
Granted		49,596		$	139.67
Shares earned in excess of target (1)		91,497		$	92.58
Vested shares, including shares earned in excess of target		(174,366	)	$	96.14
Forfeited		(16,768	)	$	105.35

Outstanding at June 25, 2022		159,358		$	115.55

(1)	Represents additional shares earned under each of the February 2, 2017; February 2, 2018 and February 1, 2019 RSU awards as fiscal year 2021 financial results exceeded target performance level.

During the

twenty-six-week

period ended June 25, 2022, the Company granted RSUs with a performance condition. Outstanding RSUs at both December 25, 2021 and June 25, 2022 include RSUs with a performance condition and RSUs with a market condition, as further described below and in the Company’s 2021 Annual Report on Form

10-K.

RSUs with a performance condition granted on January 28, 2022 may vest on January 31 of 2025, 2026 and 2027 based on growth in operating income and

pre-tax

income per diluted share from continuing operations as compared to the results from the 2021 fiscal year.

The Company recognized approximately $4,203,000 and $9,249,000 of share-based compensation expense related to RSU awards in the

twenty-six-week

periods ended June 25, 2022 and June 26, 2021, respectively. As of June 25, 2022, there was a maximum of $23.9 million of total unrecognized compensation cost related to RSU awards granted under the Plans with an expected average remaining life of approximately 3.8 years. With respect to RSU awards with a performance condition, the amount of future compensation expense to be recognized will be determined based on future operating results.

Non-vested

Restricted Stock and Deferred Stock Units

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

non-vested

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


	Number of Shares and Deferred Stock Units			Weighted Average Grant Date Fair Value
Non-vested at December 25, 2021		56,436		$	125.16
Granted		23,791		$	153.11
Vested		(27,074	)	$	122.68
Forfeited		(2,302	)	$	108.59

Non-vested at June 25, 2022		50,851		$	140.31

The fair value of each share of

non-vested

restricted stock issued and Deferred Stock Unit granted under the Plans is based on the fair value of a share of the Company’s common stock on the date of grant. Shares of

non-vested

restricted stock are generally subject to vesting in three equal annual installments either on the first, second and third anniversary of the date of the grant or the third, fourth and fifth anniversary of the date of the grant, or 100% on the first or fifth anniversary of the date of the grant. For restricted stock awards granted under the 2022 DSCP, each recipient may elect to defer receipt of shares and instead receive restricted stock units (“Deferred Stock Units”), which represent contingent rights to receive shares of the Company’s common stock on the date of recipient separation 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 June 25, 2022, there was $5,692,000 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 2.0 years.

Stock Options

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


	Number of Options			Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value (000s)
Options outstanding at December 25, 2021		8,570		$	55.42
Exercised		(3,500	)	$	54.01

Options outstanding at June 25, 2022		5,070		$	56.40		0.6	$	464
Options exercisable at June 25, 2022		5,070		$	56.40		0.6	$	464

The total intrinsic value of stock options exercised during the

twenty-six-week

periods ended June 25, 2022 and June 26, 2021 was $369,000 and $521,000, respectively.

As of June 25, 2022, there was no unrecognized compensation cost related to stock options granted under the Plans.

Income Taxes

6 Months Ended

Jun. 25, 2022

Income Taxes

(3)	Income Taxes

The provisions for income taxes for the 2022 and 2021

twenty-six-week

periods were based on estimated annual effective income tax rate of 24.5% and 24.4%, respectively, adjusted for discrete events, such as benefits resulting from stock-based awards. The estimated annual effective income tax rate was higher than the statutory federal income tax rate of 21% in both periods primarily attributable to state taxes and

non-deductible

executive compensation. The effective income tax rate for the 2022

twenty-six-week

period was 23.7%, which was lower than the estimated annual effective income tax rate of 24.5%, primarily attributable to excess tax benefits realized on stock-based awards. The effective income tax rate for the 2021

twenty-six-week

period was 24.1%, which was lower than the estimated annual effective income tax rate of 24.4% primarily attributable to excess tax benefits realized on stock-based awards.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Earnings Per Share

6 Months Ended

Jun. 25, 2022

Earnings Per Share

(4)	Earnings Per Share

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

non-vested

restricted stock and outstanding Deferred Stock Units. Diluted earnings per share are based on the weighted average number of common shares and Deferred Stock Units outstanding plus the incremental shares that would have been outstanding upon the assumed exercise of all dilutive stock options. During the 2022 and 2021

twenty-six-week

and thirteen-week periods, in reference to the determination of diluted earnings per share, the future compensation cost attributable to outstanding shares of

non-vested

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

For each of the

twenty-six-week

periods ended June 25, 2022 and June 26, 2021, no options outstanding to purchase shares of common stock were antidilutive. Outstanding RSUs were excluded from the calculation of diluted earnings per share for all periods because the performance metric requirements or market condition for vesting had not been satisfied.

Additional Cash Flow Information

6 Months Ended

Jun. 25, 2022

Additional Cash Flow Information

(5)	Additional Cash Flow Information

During the 2022

twenty-six-week

period, Landstar paid income taxes and interest of $95,730,000 and $2,098,000, respectively. During the 2021

twenty-six-week

period, Landstar paid income taxes and interest of $51,679,000 and $1,883,000, respectively. Landstar acquired operating property by entering into finance leases in the amount of $18,073,000 in the 2022

twenty-six-week

period. Landstar did not acquire any operating property by entering into finance leases in the 2021

twenty-six-week

period.

Segment Information

6 Months Ended

Jun. 25, 2022

Segment Information

(6)	Segment Information

The following table summarizes information about the Company’s reportable business segments as of and for the

twenty-six-week

and thirteen-week periods ended June 25, 2022 and June 26, 2021:


	Twenty Six Weeks Ended
	June 25, 2022						June 26, 2021
	Transportation Logistics		Insurance		Total		Transportation Logistics		Insurance		Total
External revenue	$	3,906,558	$	39,105	$	3,945,663	$	2,823,557	$	34,695	$	2,858,252
Internal revenue				52,870		52,870				43,495		43,495
Investment income				1,307		1,307				1,432		1,432
Operating income		291,890		21,361		313,251		199,960		25,556		225,516
Expenditures on long-lived assets		7,467				7,467		9,000				9,000
Goodwill		40,977				40,977		40,973				40,973


	Thirteen Weeks Ended
	June 25, 2022						June 26, 2021
	Transportation Logistics		Insurance		Total		Transportation Logistics		Insurance		Total
External revenue	$	1,955,219	$	19,845	$	1,975,064	$	1,553,058	$	17,660	$	1,570,718
Internal revenue				39,986		39,986				33,961		33,961
Investment income				586		586				748		748
Operating income		139,944		10,474		150,418		110,228		12,020		122,248
Expenditures on long-lived assets		3,858				3,858		4,924				4,924

In the

twenty-six-week

periods ended June 25, 2022 and June 26, 2021, no single customer accounted for more than 10% of the Company’s consolidated revenue.

- Definition

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

+ References

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+ Details

Other Comprehensive Income

6 Months Ended

Jun. 25, 2022

Other Comprehensive Income

(7)	Other Comprehensive Income

The following table presents the components of and changes in accumulated other comprehensive income (loss), net of related income taxes, as of and for the

twenty-six-week

period ended June 25, 2022 (in thousands):


	Unrealized Holding Gains (Losses) on Available-for-Sale Securities		Foreign Currency Translation		Total
Balance as of December 25, 2021	$	113	$	(5,516)	$	(5,403)
Other comprehensive (loss) income		(7,391)		473		(6,918)

Balance as of June 25, 2022	$	(7,278)	$	(5,043)	$	(12,321)

Amounts reclassified from accumulated other comprehensive income to investment income due to the realization of previously unrealized gains and losses in the accompanying consolidated statements of income were not significant for the

twenty-six-week

period ended June 25, 2022.

Investments

6 Months Ended

Jun. 25, 2022

Investments

(8)	Investments

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

available-for-sale

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

available-for-sale

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

non-transferability,

which are generally based on available market information. Any transfers between levels are recognized as of the beginning of any reporting period. Fair value of the bond portfolio was determined using Level 1 inputs related to U.S. Treasury obligations and money market investments and Level 2 inputs related to investment-grade corporate bonds, asset-backed securities and direct obligations of government agencies. Unrealized losses, net of unrealized gains, on the investments in the bond portfolio were $9,272,000 at June 25, 2022, while unrealized gains, net of unrealized losses, on the investments in the bond portfolio were $144,000 at December 25, 2021.

The amortized cost and fair values of

available-for-

sale

investments are as follows at June 25, 2022 and December 25, 2021 (in thousands):


			Gross		Gross
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
June 25, 2022
Money market investments	$	25,368	$	—	$	—	$	25,368
Asset-backed securities		20,504		—		2,135		18,369
Corporate bonds and direct obligations of
government agencies		124,513		29		7,104		117,438
U.S. Treasury obligations		2,342		—		62		2,280

Total	$	172,727	$	29	$	9,301	$	163,455

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

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

For those

available-for-sale

investments with unrealized losses at June 25, 2022 and December 25, 2021, 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
June 25, 2022
Asset-backed securities	$	18,369	$	2,135	$	—	$	—	$	18,369	$	2,135
Corporate bonds and direct obligations of government agencies		90,412		5,659		15,412		1,445		105,824		7,104
U.S. Treasury obligations		2,280		62		—		—		2,280		62

Total	$	111,061	$	7,856	$	15,412	$	1,445	$	126,473	$	9,301

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

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

Leases

6 Months Ended

Jun. 25, 2022

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 for the twenty six weeks ended June 25, 2022 were (in thousands):


Finance leases:
Amortization of right-of-use assets	$	10,792
Interest on lease liability		1,351

Total finance lease cost		12,143
Operating leases:
Lease cost		1,757
Variable lease cost		—
Sublease income		(2,524	)

Total net operating lease income		(767	)

Total net lease cost	$	11,376

A summary of the lease classification on our consolidated balance sheet as of June 25, 2022 is as follows (in thousands):

Assets:

Liabilities:

The following table reconciles the undiscounted cash flows for the finance and operating leases to the finance and operating lease liabilities recorded on the balance sheet at June 25, 2022 (in thousands):


	Finance Leases		Operating Leases
2022 Remainder	$	20,806	$	388
2023		35,904		639
2024		26,048		535
2025		19,838		284
2026		11,698		—
Thereafter		1,884		—

Total future minimum lease payments		116,178		1,846
Less amount representing interest (1.6% to 4.6%)		5,352		103

Present value of minimum lease payments	$	110,826	$	1,743


Current maturities of long-term debt		36,827
Long-term debt, excluding current maturities		73,999
Other current liabilities				712
Deferred income taxes and other noncurrent liabilities				1,031

The weighted average remaining lease term and the weighted average discount rate for finance and operating leases as of June 25, 2022 were:


	Finance Leases			Operating Leases
Weighted average remaining lease term (years)		3.6			2.8
Weighted average discount rate		2.8	%		4.0	%

Debt

6 Months Ended

Jun. 25, 2022

Debt

(10) Debt

Other than finance lease obligations as presented on the consolidated balance sheets, the Company had no outstanding debt as of June 25, 2022 and December 25, 2021.

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 “First Amended and Restated Credit Agreement”).

As previously disclosed in a Form

8-K

filed with the SEC on July 8, 2022, Landstar entered into a second amended and restated credit agreement, dated July 1, 2022, with a bank syndicate led by JPMorgan Chase Bank, N.A., as administrative agent (the “Second Amended and Restated Credit Agreement”)

that superseded and replaced the First Amended and Restated Credit Agreement.

The Second Amended and Restated Credit Agreement, which matures July 1, 2027, provides for borrowing capacity in the form of a revolving credit facility of

$300,000,000, $45,000,000

of which may be utilized in the form of letters of credit. The Second Amended and Restated Credit Agreement also includes an “accordion” feature providing for a possible increase of up to an aggregate amount of borrowing capacity of

$600,000,000.

The Second Amended and Restated Credit Agreement, which superseded and replaced the First Amended and Restated Credit Agreement, is referred to herein as the “Credit Agreement.” As of June 25, 2022, there were no borrowings outstanding under the revolving credit facility of the Credit Agreement.

The revolving credit loans under the Credit Agreement, at the option of Landstar, bear interest at (i) a forward-looking term rate based on the secured overnight financing rate plus 0.10% and an applicable margin ranging from 1.25% to 2.00%, or (ii) an alternate base rate plus an applicable margin ranging from 0.25% to 1.00%, in each case with the applicable margin determined based upon the Company’s Leverage Ratio, as defined in the Credit Agreement, at the end of the most recent applicable fiscal quarter for which financial statements have been delivered. The revolving credit facility bears a commitment fee, payable quarterly in arrears, of 0.20% to 0.30%, based on the Company’s Leverage Ratio at the end of the most recent applicable fiscal quarter for which financial statements have been delivered.

The Credit Agreement contains a number of covenants that limit, among other things, the incurrence of additional indebtedness. The Company is required to, among other things, maintain a minimum fixed charge coverage ratio, as described in the Credit Agreement, and maintain a Leverage Ratio, as defined in the Credit Agreement, below a specified maximum. The Credit Agreement provides for a restriction on cash dividends and other distributions to stockholders on the Company’s capital stock to the extent there is a default under the Credit Agreement. In addition, the Credit Agreement under certain circumstances limits the amount of such cash dividends and other distributions to stockholders to the extent that, after giving effect to any payment made to effect such cash dividend or other distribution, the Leverage Ratio would exceed

2.5

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.

- 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/topic&trid=2208564

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+ Details

Commitments and Contingencies

6 Months Ended

Jun. 25, 2022

Commitments and Contingencies

(11) Commitments and Contingencies

Short-term investments include $41,549,000 in current maturities of investments held by the Company’s insurance segment at June 25, 2022. The

non-current

portion of the bond portfolio of $121,906,000 is included in other assets. The short-term investments, together with $43,525,000 of

non-current

investments, provide collateral for the $76,567,000 of letters of credit issued to guarantee payment of insurance claims. As of June 25, 2022, Landstar also had $33,495,000 of additional letters of credit outstanding under the 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.

Equity Investment	6 Months Ended
Equity Investment	Jun. 25, 2022
Equity Securities without Readily Determinable Fair Value, Annual Amount [Abstract]
Equity investment	(12) Equity investment On April 1, 2022, Landstar Investment Holdco, LLC, a newly formed Delaware LLC and wholly-owned subsidiary of Landstar System Holdings, Inc., purchased Class A units of Cavnue, LLC, for approximately $4,999,000 in cash consideration. Cavnue, LLC is a privately held company focused on combining technology and road infrastructure to unlock the full potential of connected and autonomous vehicles. This non-controlling investment in units of Cavnue, LLC, is considered an investment in non-marketable equity securities without a readily determinable market value. The carrying value of our non-marketable equity securities going forward will be adjusted to fair value upon observable transactions for identical or similar investments of the same issuer or impairment (referred to as the measurement alternative).

Significant Accounting Policies (Policies)

6 Months Ended

Jun. 25, 2022

Revenue from Contracts with Customers – Disaggregation of Revenue

twenty-six-week

and thirteen-week periods ended June 25, 2022 and June 26, 2021 (dollars in thousands):


	Twenty Six Weeks Ended						Thirteen Weeks Ended
Mode	June 25, 2022			June 26, 2021			June 25, 2022			June 26, 2021
Truck – BCO Independent Contractors		36	%		42	%		35	%		41	%
Truck – Truck Brokerage Carriers		53	%		50	%		54	%		51	%
Rail intermodal		2	%		3	%		2	%		3	%
Ocean and air cargo carriers		8	%		4	%		8	%		4	%

Truck Equipment Type
Van equipment	$	2,108,143		$	1,583,911		$	1,026,938		$	854,509
Unsided/platform equipment	$	883,032		$	689,378		$	474,274		$	391,893
Less-than-truckload	$	70,651		$	54,732		$	36,931		$	29,062
Other truck transportation (1)	$	436,656		$	309,655		$	209,055		$	168,723

(1)

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Significant Accounting Policies (Tables)

6 Months Ended

Jun. 25, 2022

Schedule of Disaggregation of Revenue

twenty-six-week

and thirteen-week periods ended June 25, 2022 and June 26, 2021 (dollars in thousands):


	Twenty Six Weeks Ended						Thirteen Weeks Ended
Mode	June 25, 2022			June 26, 2021			June 25, 2022			June 26, 2021
Truck – BCO Independent Contractors		36	%		42	%		35	%		41	%
Truck – Truck Brokerage Carriers		53	%		50	%		54	%		51	%
Rail intermodal		2	%		3	%		2	%		3	%
Ocean and air cargo carriers		8	%		4	%		8	%		4	%

Truck Equipment Type
Van equipment	$	2,108,143		$	1,583,911		$	1,026,938		$	854,509
Unsided/platform equipment	$	883,032		$	689,378		$	474,274		$	391,893
Less-than-truckload	$	70,651		$	54,732		$	36,931		$	29,062
Other truck transportation (1)	$	436,656		$	309,655		$	209,055		$	168,723

(1)

Share-based Payment Arrangements (Tables)

6 Months Ended

Jun. 25, 2022

Amounts Recognized in Financial Statements with Respect to Plans

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


	Twenty Six Weeks Ended						Thirteen Weeks Ended
	June 25, 2022			June 26, 2021			June 25, 2022			June 26, 2021
Total cost of the Plans during the period	$	5,810		$	10,893		$	3,815		$	6,864
Amount of related income tax benefit recognized during the period		(4,270	)		(3,717	)		(910	)		(2,376	)

Net cost of the Plans during the period	$	1,540		$	7,176		$	2,905		$	4,488

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 25, 2021		209,399		$	102.90
Granted		49,596		$	139.67
Shares earned in excess of target (1)		91,497		$	92.58
Vested shares, including shares earned in excess of target		(174,366	)	$	96.14
Forfeited		(16,768	)	$	105.35

Outstanding at June 25, 2022		159,358		$	115.55

(1)	Represents additional shares earned under each of the February 2, 2017; February 2, 2018 and February 1, 2019 RSU awards as fiscal year 2021 financial results exceeded target performance level.

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

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

non-vested

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 25, 2021		56,436		$	125.16
Granted		23,791		$	153.11
Vested		(27,074	)	$	122.68
Forfeited		(2,302	)	$	108.59

Non-vested at June 25, 2022		50,851		$	140.31

Summary of Information Regarding Stock Options

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


	Number of Options			Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value (000s)
Options outstanding at December 25, 2021		8,570		$	55.42
Exercised		(3,500	)	$	54.01

Options outstanding at June 25, 2022		5,070		$	56.40		0.6	$	464
Options exercisable at June 25, 2022		5,070		$	56.40		0.6	$	464

Segment Information (Tables)

6 Months Ended

Jun. 25, 2022

Information Regarding Reportable Business Segments

The following table summarizes information about the Company’s reportable business segments as of and for the

twenty-six-week

and thirteen-week periods ended June 25, 2022 and June 26, 2021:


	Twenty Six Weeks Ended
	June 25, 2022						June 26, 2021
	Transportation Logistics		Insurance		Total		Transportation Logistics		Insurance		Total
External revenue	$	3,906,558	$	39,105	$	3,945,663	$	2,823,557	$	34,695	$	2,858,252
Internal revenue				52,870		52,870				43,495		43,495
Investment income				1,307		1,307				1,432		1,432
Operating income		291,890		21,361		313,251		199,960		25,556		225,516
Expenditures on long-lived assets		7,467				7,467		9,000				9,000
Goodwill		40,977				40,977		40,973				40,973


	Thirteen Weeks Ended
	June 25, 2022						June 26, 2021
	Transportation Logistics		Insurance		Total		Transportation Logistics		Insurance		Total
External revenue	$	1,955,219	$	19,845	$	1,975,064	$	1,553,058	$	17,660	$	1,570,718
Internal revenue				39,986		39,986				33,961		33,961
Investment income				586		586				748		748
Operating income		139,944		10,474		150,418		110,228		12,020		122,248
Expenditures on long-lived assets		3,858				3,858		4,924				4,924

Other Comprehensive Income (Tables)

6 Months Ended

Jun. 25, 2022

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

The following table presents the components of and changes in accumulated other comprehensive income (loss), net of related income taxes, as of and for the

twenty-six-week

period ended June 25, 2022 (in thousands):


	Unrealized Holding Gains (Losses) on Available-for-Sale Securities		Foreign Currency Translation		Total
Balance as of December 25, 2021	$	113	$	(5,516)	$	(5,403)
Other comprehensive (loss) income		(7,391)		473		(6,918)

Balance as of June 25, 2022	$	(7,278)	$	(5,043)	$	(12,321)

Investments (Tables)

6 Months Ended

Jun. 25, 2022

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 June 25, 2022 and December 25, 2021 (in thousands):


			Gross		Gross
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
June 25, 2022
Money market investments	$	25,368	$	—	$	—	$	25,368
Asset-backed securities		20,504		—		2,135		18,369
Corporate bonds and direct obligations of
government agencies		124,513		29		7,104		117,438
U.S. Treasury obligations		2,342		—		62		2,280

Total	$	172,727	$	29	$	9,301	$	163,455

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

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

Schedule of Unrealized Loss on Available-for-Sale Investments

For those

available-for-sale

investments with unrealized losses at June 25, 2022 and December 25, 2021, 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
June 25, 2022
Asset-backed securities	$	18,369	$	2,135	$	—	$	—	$	18,369	$	2,135
Corporate bonds and direct obligations of government agencies		90,412		5,659		15,412		1,445		105,824		7,104
U.S. Treasury obligations		2,280		62		—		—		2,280		62

Total	$	111,061	$	7,856	$	15,412	$	1,445	$	126,473	$	9,301

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

Leases (Tables)

6 Months Ended

Jun. 25, 2022

Lease, Cost [Table Text Block]

The components of lease cost for finance leases and operating leases for the twenty six weeks ended June 25, 2022 were (in thousands):


Finance leases:
Amortization of right-of-use assets	$	10,792
Interest on lease liability		1,351

Total finance lease cost		12,143
Operating leases:
Lease cost		1,757
Variable lease cost		—
Sublease income		(2,524	)

Total net operating lease income		(767	)

Total net lease cost	$	11,376

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

A summary of the lease classification on our consolidated balance sheet as of June 25, 2022 is as follows (in thousands):

Assets:

Finance And Operating Lease Maturity [Table Text Block]

Liabilities:


	Finance Leases		Operating Leases
2022 Remainder	$	20,806	$	388
2023		35,904		639
2024		26,048		535
2025		19,838		284
2026		11,698		—
Thereafter		1,884		—

Total future minimum lease payments		116,178		1,846
Less amount representing interest (1.6% to 4.6%)		5,352		103

Present value of minimum lease payments	$	110,826	$	1,743


Current maturities of long-term debt		36,827
Long-term debt, excluding current maturities		73,999
Other current liabilities				712
Deferred income taxes and other noncurrent liabilities				1,031

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

The weighted average remaining lease term and the weighted average discount rate for finance and operating leases as of June 25, 2022 were:


	Finance Leases			Operating Leases
Weighted average remaining lease term (years)		3.6			2.8
Weighted average discount rate		2.8	%		4.0	%

Schedule Of Revenue By Major Customers By Reporting Segments (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2022	Jun. 26, 2021	Jun. 25, 2022	Jun. 26, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 1,975,064	$ 1,570,718	$ 3,945,663	$ 2,858,252
BCO Independent Contractors – Truck
Disaggregation of Revenue [Line Items]
Percentage of consolidated revenue	35.00%	41.00%	36.00%	42.00%
Brokerage Carriers - Truck
Disaggregation of Revenue [Line Items]
Percentage of consolidated revenue	54.00%	51.00%	53.00%	50.00%
Rail Intermodal
Disaggregation of Revenue [Line Items]
Percentage of consolidated revenue	2.00%	3.00%	2.00%	3.00%
Ocean and air cargo carriers
Disaggregation of Revenue [Line Items]
Percentage of consolidated revenue	8.00%	4.00%	8.00%	4.00%
BCO Independent Contractor Truck and Brokerage Carriers Truck \| Van Equipment
Disaggregation of Revenue [Line Items]
Revenue	$ 1,026,938	$ 854,509	$ 2,108,143	$ 1,583,911
BCO Independent Contractor Truck and Brokerage Carriers Truck \| Unsided/Platform Equipment
Disaggregation of Revenue [Line Items]
Revenue	474,274	391,893	883,032	689,378
BCO Independent Contractor Truck and Brokerage Carriers Truck \| Less than Truckload
Disaggregation of Revenue [Line Items]
Revenue	36,931	29,062	70,651	54,732
BCO Independent Contractor Truck and Brokerage Carriers Truck \| Other Truck Transportation
Disaggregation of Revenue [Line Items]
Revenue	$ 209,055	$ 168,723	$ 436,656	$ 309,655

Share-based Payment Arrangements - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 25, 2022	Jun. 26, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Excess tax benefit from stock-based awards	$ 2,844,000	$ 1,038,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized share-based compensation (benefit)/expense	4,203,000	9,249,000
Unrecognized compensation cost, other than options	$ 23,900,000
Unrecognized compensation cost expected to be recognized over period, years	3 years 9 months 18 days
Non Vested Restricted Stock and Deferred Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, other than options	$ 5,692,000
Unrecognized compensation cost expected to be recognized over period, years	2 years
Terms of award	Company’s common stock on the date of grant. Shares of non-vested restricted stock are generally subject to vesting in three equal annual installments either on the first, second and third anniversary of the date of the grant or the third, fourth and fifth anniversary of the date of the grant, or 100% on the first or fifth anniversary of the date of the grant. For restricted stock awards granted under the 2022 DSCP, each recipient may elect to defer receipt of shares and instead receive restricted stock units (“Deferred Stock Units”), which represent contingent rights to receive shares of the Company’s common stock on the date of recipient separation
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total intrinsic value of stock options exercised during periods	$ 369,000	$ 521,000
Maximum \| Restricted Stock Units (RSUs) \| Prior to 2015 grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum percentage of target available for common share issuance	100.00%
2011 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance	3,233,908
2011 Equity Incentive Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized for issuance	6,000,000
2013 Directors Stock Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock previously reserved for issuance	56,502
Number of shares available for grant	0
2022 Directors Stock Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized for issuance	200,000
Common stock reserved for issuance	193,217
2022 Directors Stock Compensation Plan \| Deferred Stock Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock vesting percentage	100.00%

Amounts Recognized in Financial Statements with Respect to Plans (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2022	Jun. 26, 2021	Jun. 25, 2022	Jun. 26, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total cost of the Plans during the period	$ 3,815	$ 6,864	$ 5,810	$ 10,893
Amount of related income tax benefit recognized during the period	(910)	(2,376)	(4,270)	(3,717)
Net cost of the Plans during the period	$ 2,905	$ 4,488	$ 1,540	$ 7,176

Schedule of Information on Restricted Stock Units (Detail) - Restricted Stock Units (RSUs)	6 Months Ended
	Jun. 25, 2022 $ / shares shares
Number of Shares
Beginning Balance \| shares	209,399
Granted \| shares	49,596
Shares earned in excess of target \| shares	91,497
Vested shares, including shares earned in excess of target \| shares	(174,366)
Forfeited \| shares	(16,768)
Ending Balance \| shares	159,358
Weighted Average Grant Date Fair Value
Beginning Balance \| $ / shares	$ 102.9
Granted \| $ / shares	139.67
Shares earned in excess of target \| $ / shares	92.58
Vested shares, including shares earned in excess of target \| $ / shares	96.14
Forfeited \| $ / shares	105.35
Ending Balance \| $ / shares	$ 115.55

Schedule of Information on Non - Vested Restricted Stock Units (Detail) - Non Vested Restricted Stock and Deferred Stock Units	6 Months Ended
	Jun. 25, 2022 $ / shares shares
Number of Shares and Deferred Stock Units
Beginning Balance \| shares	56,436
Granted \| shares	23,791
Vested \| shares	(27,074)
Forfeited \| shares	(2,302)
Ending Balance \| shares	50,851
Weighted Average Grant Date Fair Value
Beginning Balance \| $ / shares	$ 125.16
Granted \| $ / shares	153.11
Vested \| $ / shares	122.68
Forfeited \| $ / shares	108.59
Ending Balance \| $ / shares	$ 140.31

Summary of Information Regarding Stock Options (Detail) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 25, 2022 USD ($) $ / shares shares
Number of Options
Beginning Balance, number of options \| shares	8,570
Exercised, number of options \| shares	(3,500)
Ending Balance, number of options \| shares	5,070
Weighted Average Exercise Price per Share
Beginning Balance, Weighted Average Exercise Price per Share \| $ / shares	$ 55.42
Exercised, Weighted Average Exercise Price per Share \| $ / shares	54.01
Ending Balance, Weighted Average Exercise Price per Share \| $ / shares	$ 56.4
Options Exercisable, Number of Options
Options exercisable at the ending, Number of Options \| shares	5,070
Options Exercisable, Weighted Average Exercise Price per Share
Options exercisable at the ending, Weighted Average Exercise Price per Share \| $ / shares	$ 56.4
Weighted Average Remaining Contractual Term (years)
Options outstanding at June 25, 2022	7 months 6 days
Options exercisable at June 25, 2022	7 months 6 days
Aggregate Intrinsic Value
Options outstanding at June 25, 2022 \| $	$ 464
Options exercisable at June 25, 2022 \| $	$ 464

Income Taxes - Additional Information (Detail)	6 Months Ended
Income Taxes - Additional Information (Detail)	Jun. 25, 2022	Jun. 26, 2021
Income Taxes [Line Items]
Corporate income tax rate	21.00%	21.00%
Estimated annual effective income tax rate	24.50%	24.40%
Effective income tax rate	23.70%	24.10%

Earnings Per Share - Additional Information (Detail) - shares	6 Months Ended
	Jun. 25, 2022	Jun. 26, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options excluded from calculation of diluted earnings per share, antidilutive	0	0

Additional Cash Flow Information - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 25, 2022	Jun. 26, 2021
Supplemental Cash Flow Information [Abstract]
Income taxes paid	$ 95,730,000	$ 51,679,000
Interest paid	2,098,000	1,883,000
Capital Lease Obligations Incurred	$ 18,073,000	$ 0

Segment Information - Additional Information (Detail) - Customer	6 Months Ended
	Jun. 25, 2022	Jun. 26, 2021
Segment Reporting Information [Line Items]
Number of customers accounting for 10 percent or more of total revenue	0	0
No single customer accounted for benchmark percentage to be considered major customer	10.00%	10.00%

Information Regarding Reportable Business Segments (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2022	Jun. 26, 2021	Jun. 25, 2022	Jun. 26, 2021	Dec. 25, 2021
Segment Reporting Information [Line Items]
External revenue	$ 1,975,064	$ 1,570,718	$ 3,945,663	$ 2,858,252
Internal revenue	39,986	33,961	52,870	43,495
Investment income	586	748	1,307	1,432
Operating income	150,418	122,248	313,251	225,516
Expenditures on long-lived assets	3,858	4,924	7,467	9,000
Goodwill	40,977	40,973	40,977	40,973	$ 40,768
Transportation Logistics
Segment Reporting Information [Line Items]
External revenue	1,955,219	1,553,058	3,906,558	2,823,557
Operating income	139,944	110,228	291,890	199,960
Expenditures on long-lived assets	3,858	4,924	7,467	9,000
Goodwill	40,977	40,973	40,977	40,973
Insurance
Segment Reporting Information [Line Items]
External revenue	19,845	17,660	39,105	34,695
Internal revenue	39,986	33,961	52,870	43,495
Investment income	586	748	1,307	1,432
Operating income	$ 10,474	$ 12,020	$ 21,361	$ 25,556

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

- Definition

Amount of revenue, fees and commissions earned from transactions between (a) a parent company and its subsidiaries; (b) subsidiaries of a common parent; (c) an entity and trusts for the benefit of employees, for example, but not limited to, pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; (d) an entity and its principal, owners, management, or members of their immediate families; and (e) affiliates.

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- Definition

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

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+ Details

Components of and Changes in Accumulated Other Comprehensive Income, Net of Related Income Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2022	Jun. 26, 2021	Jun. 25, 2022	Jun. 26, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance			$ 862,010
Other comprehensive (loss) income	$ (3,006)	$ 1,101	(6,918)	$ 147
Ending Balance	856,870		856,870
Unrealized Holding Gains (Losses) on Available-for-Sale Securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance			113
Other comprehensive (loss) income			(7,391)
Ending Balance	(7,278)		(7,278)
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance			(5,516)
Other comprehensive (loss) income			473
Ending Balance	(5,043)		(5,043)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance			(5,403)
Other comprehensive (loss) income			(6,918)
Ending Balance	$ (12,321)		$ (12,321)

- 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.

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+ Details

Investments - Additional Information (Detail) - USD ($)	6 Months Ended
Investments - Additional Information (Detail) - USD ($)	Jun. 25, 2022	Dec. 25, 2021
Debt Securities, Available-for-sale [Line Items]
Investments maximum maturity period	5 years
Unrealized gain (loss), net of unrealized gains/losses, on the investments in the bond portfolio	$ (9,272,000)	$ 144,000

Amortized Cost and Fair Value of Available-for-Sale Investments (Detail) - USD ($) $ in Thousands	Jun. 25, 2022	Dec. 25, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 172,727	$ 171,449
Gross Unrealized Gains	29	1,456
Gross Unrealized Losses	9,301	1,312
Fair Value	163,455	171,593
Money market investments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	25,368	8,750
Fair Value	25,368	8,750
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	20,504	22,441
Gross Unrealized Losses	2,135	346
Fair Value	18,369	22,095
Corporate bonds and direct obligations of government agencies
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	124,513	137,916
Gross Unrealized Gains	29	1,406
Gross Unrealized Losses	7,104	966
Fair Value	117,438	138,356
U.S. Treasury obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,342	2,342
Gross Unrealized Gains		50
Gross Unrealized Losses	62
Fair Value	$ 2,280	$ 2,392

Schedule of Unrealized Loss on Available-for-Sale Investments (Detail) - USD ($) $ in Thousands	Jun. 25, 2022	Dec. 25, 2021
Debt Securities, Available-for-sale [Line Items]
Available-for-sale investments with unrealized losses, Less than 12 months, Fair Value	$ 111,061	$ 94,621
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss	7,856	1,312
Available-for-sale investments with unrealized losses, 12 months or longer, Fair Value	15,412
Available-for-sale investments with unrealized losses, 12 months or longer, Unrealized Loss	1,445
Available-for-sale investments with unrealized losses, Fair Value, Total	126,473	94,621
Available-for-sale investments with unrealized losses, Unrealized Loss, Total	9,301	1,312
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale investments with unrealized losses, Less than 12 months, Fair Value	18,369	22,095
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss	2,135	346
Available-for-sale investments with unrealized losses, Fair Value, Total	18,369	22,095
Available-for-sale investments with unrealized losses, Unrealized Loss, Total	2,135	346
Corporate bonds and direct obligations of government agencies
Debt Securities, Available-for-sale [Line Items]
Available-for-sale investments with unrealized losses, Less than 12 months, Fair Value	90,412	72,526
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss	5,659	966
Available-for-sale investments with unrealized losses, 12 months or longer, Fair Value	15,412
Available-for-sale investments with unrealized losses, 12 months or longer, Unrealized Loss	1,445
Available-for-sale investments with unrealized losses, Fair Value, Total	105,824	72,526
Available-for-sale investments with unrealized losses, Unrealized Loss, Total	7,104	$ 966
U.S. Treasury obligations
Debt Securities, Available-for-sale [Line Items]
Available-for-sale investments with unrealized losses, Less than 12 months, Fair Value	2,280
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss	62
Available-for-sale investments with unrealized losses, Fair Value, Total	2,280
Available-for-sale investments with unrealized losses, Unrealized Loss, Total	$ 62

Leases - Additional Information (Detail)	Jun. 25, 2022 USD ($)
Leases Disclosure [Line Items]
Finance Lease Option to Purchase Option Value	$ 1
Lessee, Finance Lease, Term of Contract	5 years

Leases - Components of Lease Cost for Finance Leases and Operating Leases (Detail) $ in Thousands	6 Months Ended
	Jun. 25, 2022 USD ($)
Finance leases:
Amortization of right-of-use assets	$ 10,792
Interest on lease liability	1,351
Total finance lease cost	12,143
Operating leases:
Lease cost	1,757
Sublease income	(2,524)
Total net operating lease income	(767)
Total net lease cost	$ 11,376

Leases - Classification on our Consolidated Balance Sheet (Detail) $ in Thousands	Jun. 25, 2022 USD ($)
Total lease assets	$ 149,827
Other Assets [Member]
Operating lease right-of-use assets	1,743
Property Plant and Equipment Net [Member]
Finance lease assets	$ 148,084

Leases - Undiscounted Cash Flows for the Finance and Operating Leases (Detail) - USD ($) $ in Thousands	Jun. 25, 2022	Dec. 25, 2021
Operating Leased Assets [Line Items]
2022 Remainder	$ 20,806
2023	35,904
2024	26,048
2025	19,838
2026	11,698
Thereafter	1,884
Total future minimum lease payments	116,178
Less amount representing interest (1.6% to 4.4%)	5,352
Present value of minimum lease payments	110,826
Current maturities of long-term debt	36,827	$ 36,561
Long-term debt, excluding current maturities	73,999
2022 Remainder	388
2023	639
2024	535
2025	284
2026	0
Total future minimum lease payments	1,846
Less amount representing interest (1.6% to 4.6%)	103
Present value of minimum lease payments	1,743
Other current liabilities [Member]
Operating Leased Assets [Line Items]
Operating lease, liability, current	712
Deferred income taxes and other noncurrent liabilities [Member]
Operating Leased Assets [Line Items]
Operating lease, liability, non-current	$ 1,031

Leases - Undiscounted Cash Flows for the Finance and Operating Leases (Parenthetical) (Details)	Jun. 25, 2022
Maximum [Member]
Finance lease Interest rate percentage	4.60%
Minimum [Member]
Finance lease Interest rate percentage	1.60%

Leases - Weighted Average Remaining Lease Term and the Weighted Average Discount Rate for Finance and Operating leases (Detail)	Jun. 25, 2022
Weighted average remaining lease term (years)	3 years 7 months 6 days
Weighted average discount rate	2.80%
Weighted average remaining lease term (years)	2 years 9 months 18 days
Weighted average discount rate	4.00%

Debt - Additional Information (Detail) - USD ($)			6 Months Ended
Debt - Additional Information (Detail) - USD ($)	Jul. 01, 2022	Aug. 18, 2020	Jun. 25, 2022	Dec. 25, 2021
Revolving Credit Facility
Debt Instrument [Line Items]
Debt Outstanding Excluding Capital Lease Obligations			$ 0	$ 0
Credit facility, initiation date		Aug. 18, 2020
Credit facility, debt covenants compliance			The Company is currently in compliance with all of the debt covenants under the Credit Agreement.
Revolving Credit Facility \| Second Amended and Restated Credit Agreement [Member] \| Subsequent Event [Member]
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity	$ 600,000,000
Additional overnight secured financing rate	0.10%
Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Credit facility event of default, minimum percentage that a person or group should acquire outstanding capital stock			35.00%
Revolving Credit Facility \| Minimum \| Second Amended and Restated Credit Agreement [Member] \| Subsequent Event [Member]
Debt Instrument [Line Items]
Credit facility, unused credit commitment fee	0.20%
Revolving Credit Facility \| Minimum \| Eurodollar [Member] \| Second Amended and Restated Credit Agreement [Member] \| Subsequent Event [Member]
Debt Instrument [Line Items]
Borrowings, basis spread on variable rate	1.25%
Revolving Credit Facility \| Minimum \| Base Rate [Member] \| Second Amended and Restated Credit Agreement [Member] \| Subsequent Event [Member]
Debt Instrument [Line Items]
Borrowings, basis spread on variable rate	0.25%
Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Maximum Leverage ratio beyond which amount of cash dividends and other distributions to stockholders is limited			250.00%
Revolving Credit Facility \| Maximum \| Second Amended and Restated Credit Agreement [Member] \| Subsequent Event [Member]
Debt Instrument [Line Items]
Credit facility, borrowing capacity	$ 300,000,000
Credit facility, unused credit commitment fee	0.30%
Revolving Credit Facility \| Maximum \| Eurodollar [Member] \| Second Amended and Restated Credit Agreement [Member] \| Subsequent Event [Member]
Debt Instrument [Line Items]
Borrowings, basis spread on variable rate	2.00%
Revolving Credit Facility \| Maximum \| Base Rate [Member] \| Second Amended and Restated Credit Agreement [Member] \| Subsequent Event [Member]
Debt Instrument [Line Items]
Borrowings, basis spread on variable rate	1.00%
Letter of Credit \| Second Amended and Restated Credit Agreement [Member] \| Subsequent Event [Member]
Debt Instrument [Line Items]
Credit facility, borrowing capacity	$ 45,000,000

Commitments and Contingencies - Additional Information (Detail)	Jun. 25, 2022 USD ($)
Current Investments \| Collateral Pledged [Member]
Commitments and Contingencies Disclosure [Line Items]
Investments providing collateral for letters of credit to guarantee insurance claims	$ 41,549,000
Non-Current Investments
Commitments and Contingencies Disclosure [Line Items]
Total non-current investments	121,906,000
Non-Current Investments \| Collateral Pledged [Member]
Commitments and Contingencies Disclosure [Line Items]
Investments providing collateral for letters of credit to guarantee insurance claims	43,525,000
Revolving Credit Facility
Commitments and Contingencies Disclosure [Line Items]
Letters of credit outstanding	33,495,000
Guarantee Payment of Insurance Claims
Commitments and Contingencies Disclosure [Line Items]
Letters of credit outstanding	$ 76,567,000

Equity investment - Additional Information (Detail)	Apr. 01, 2022 USD ($)
Cavnue, LLC [Member] \| Landstar Investment Holdo LLC [Member]
Equity Securities without Readily Determinable Fair Value [Line Items]
Equity method investments	$ 4,999,000