0001193125-24-247331 | 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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Earnings Per Share	9 Months Ended
Earnings Per Share	Sep. 28, 2024
Earnings Per Share [Abstract]
Earnings Per Share	(4) Earnings Per Share Basic earnings per common share are based on the weighted average number of shares outstanding, which includes outstanding non-vested restricted stock and outstanding Deferred Stock Units. Diluted earnings per share are based on the weighted average number of common shares outstanding plus the incremental shares that would have been outstanding upon the assumed exercise of all dilutive stock options. For each of the thirty-nine-week and thirteen-week periods ended September 28, 2024 and September 30, 2023, the weighted-average number of common shares outstanding is the same for purposes of the calculations of both basic and diluted earnings per share. During and as of the thirty-nine-week period ended September 28, 2024, there were no outstanding stock options issued by the Company. For the thirty-nine-week period ended September 30, 2023, the impact on earnings per share of future compensation expense related to outstanding, unvested time-based awards was greater than the incremental impact of outstanding dilutive stock options, and would therefore have an anti-dilutive effect on earnings per share if included in the calculation of earnings per share. Accordingly, the Company had no reconciling items between the average number of common shares outstanding used to calculate basic earnings per common share and the average number of common shares and common share equivalents outstanding used to calculate diluted earnings per share during each of the 2024 and 2023 thirty-nine-week and thirteen-week periods. 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.

Recent Accounting Pronouncements	9 Months Ended
Sep. 28, 2024
Recent Accounting Pronouncements	(13) Recent Accounting Pronouncements Accounting Standards Issued But Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which expands disclosures about a public entity’s reportable segments and requires more enhanced information about a reportable segment’s expenses, interim segment profit or loss, and how a public entity’s chief operating decision maker uses reported segment profit or loss information in assessing segment performance and allocating resources. ASU 2023-07 is effective for annual periods beginning after December 15, 2023. The Company expects ASU 2023-07 to impact only its disclosures with no impacts to its financial condition, results of operations or cash flows. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which expands disclosures in an entity’s income tax rate reconciliation table and regarding cash taxes paid both in the U.S. and foreign jurisdictions. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. ASU 2023-09 is not expected to have a material impact on the Company’s consolidated financial statements and related disclosures.

Recent Accounting Pronouncements

9 Months Ended

Sep. 28, 2024

Recent Accounting Pronouncements

(13) Recent Accounting Pronouncements

Accounting Standards Issued But Not Yet Adopted

In November 2023, the FASB issued ASU

2023-07,

Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

(“ASU

2023-07”),

which expands disclosures about a public entity’s reportable segments and requires more enhanced information about a reportable segment’s expenses, interim segment profit or loss, and how a public entity’s chief operating decision maker uses reported segment profit or loss information in assessing segment performance and allocating resources. ASU

2023-07

is effective for annual periods beginning after December 15, 2023. The Company expects ASU

2023-07

to impact only its disclosures with no impacts to its financial condition, results of operations or cash flows.

In December 2023, the FASB issued ASU

2023-09,

Income Taxes (Topic 740): Improvements to Income Tax Disclosures

(“ASU

2023-09”),

which expands disclosures in an entity’s income tax rate reconciliation table and regarding cash taxes paid both in the U.S. and foreign jurisdictions. ASU

2023-09

is effective for annual periods beginning after December 15, 2024. ASU

2023-09

is not expected to have a material impact on the Company’s consolidated financial statements and related disclosures.

- 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.

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+ Details

Commitments and Contingencies - Additional Information (Detail)	Sep. 28, 2024 USD ($)
Current Investments \| Collateral Pledged
Commitments and Contingencies Disclosure [Line Items]
Investments providing collateral for letters of credit to guarantee insurance claims	$ 62,451,000
Non-Current Investments
Commitments and Contingencies Disclosure [Line Items]
Total non-current investments	86,408,000
Non-Current Investments \| Collateral Pledged
Commitments and Contingencies Disclosure [Line Items]
Investments providing collateral for letters of credit to guarantee insurance claims	18,790,000
Revolving Credit Facility
Commitments and Contingencies Disclosure [Line Items]
Letters of credit outstanding	35,250,000
Guarantee Payment of Insurance Claims
Commitments and Contingencies Disclosure [Line Items]
Letters of credit outstanding	$ 73,117,000

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Unrealized holding gains on available-for-sale, investments, net of tax expense	$ 624	$ 49	$ 828	$ 263

Debt	9 Months Ended
Sep. 28, 2024
Debt	(10) Debt Other than the finance lease obligations as presented on the consolidated balance sheets, the Company had no outstanding debt as of September 28, 2024 and December 30, 2023. On July 1, 2022, Landstar entered into a second amended and restated credit agreement with a bank syndicate led by JPMorgan Chase Bank, N.A., as administrative agent (as further amended as of June 21, 2024, the “Credit Agreement”). The Credit Agreement, which matures July 1, 2027, provides for borrowing capacity in the form of a revolving credit facility of $300,000,000, $45,000,000 of which may be utilized in the form of letters of credit. The Credit Agreement also includes an “accordion” feature providing for a possible increase of up to an aggregate amount of borrowing capacity of $600,000,000. As of September 28, 2024, the Company had no borrowings outstanding under the Credit Agreement. The revolving credit loans under the Credit Agreement, at the option of Landstar, bear interest at (i) a forward-looking term rate based on the secured overnight financing rate plus 0.10% and an applicable margin ranging from 1.25% to 2.00%, or (ii) an alternate base rate plus an applicable margin ranging from 0.25% to 1.00%, in each case with the applicable margin determined based upon the Company’s Leverage Ratio, as defined in the Credit Agreement, at the end of the most recent applicable fiscal quarter for which financial statements have been delivered. The revolving credit facility bears a commitment fee, payable quarterly in arrears, of 0.20% to 0.30%, based on the Company’s Leverage Ratio at the end of the most recent applicable fiscal quarter for which financial statements have been delivered . The Credit Agreement contains a number of covenants that limit, among other things, the incurrence of additional indebtedness. The Company is required to, among other things, maintain a minimum fixed charge coverage ratio, as described in the Credit Agreement, and maintain a Leverage Ratio, as defined in the Credit Agreement, below a specified maximum. The Credit Agreement provides for a restriction on cash dividends and other distributions to stockholders on the Company’s capital stock to the extent there is a default under the Credit Agreement. In addition, the Credit Agreement under certain circumstances limits the amount of such cash dividends and other distributions to stockholders to the extent that, after giving effect to any payment made to effect such cash dividend or other distribution, the Leverage Ratio would exceed 2.5 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 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.

Debt

9 Months Ended

Sep. 28, 2024

Debt

(10) Debt

Other

than the finance lease obligations as presented on the consolidated balance sheets, the Company had no outstanding debt as of September 28, 2024 and December 30, 2023.

On July 1, 2022, Landstar entered into a second amended and restated credit agreement with a bank syndicate led by JPMorgan Chase Bank, N.A., as administrative agent (as further amended as of June 21, 2024, the “Credit Agreement”). The Credit Agreement, which matures July 1, 2027, provides for borrowing capacity in the form of a revolving credit facility of $300,000,000, $45,000,000 of which may be utilized in the form of letters of credit. The Credit Agreement also includes an “accordion” feature providing for a possible increase of up to an aggregate amount of borrowing capacity of $600,000,000. As of September 28, 2024, the Company had no borrowings outstanding under the Credit Agreement.

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

delivered

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

2.5

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 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.

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+ Details

Change in Accounting Estimate for Self-Insured Claims - Schedule Of Change In Accounting Estimate (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Change in Accounting Estimate [Line Items]
Operating income	$ 63,116	$ 80,348	$ 191,136	$ 269,582
Net income	$ 50,033	$ 61,653	$ 149,753	$ 206,407
Basic and diluted earnings per share	$ 1.41	$ 1.71	$ 4.21	$ 5.74
Basic and diluted earnings per share	$ 1.41	$ 1.71	$ 4.21	$ 5.74
Development Of Prior Year Self Insured Claims Estimates
Change in Accounting Estimate [Line Items]
Operating income	$ 4,550	$ 2,323	$ 6,666	$ 5,154
Net income	$ 3,444	$ 1,756	$ 5,046	$ 3,896
Basic and diluted earnings per share	$ 0.1	$ 0.05	$ 0.14	$ 0.11
Basic and diluted earnings per share	$ 0.1	$ 0.05	$ 0.14	$ 0.11

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- 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.

+ References

+ Details

- 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

Share-Based Payment Arrangements - Additional Information (Detail) - USD ($)		9 Months Ended
	Feb. 02, 2024	Sep. 28, 2024	Sep. 30, 2023	Dec. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Excess tax benefit from stock-based awards		$ 1,122,000	$ 2,830,000
Stock awards granted, shares	58,268
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number		0
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards granted, shares		102,762
Recognized share-based compensation expense		$ 408,000	1,503,000
Unrecognized compensation cost, other than options		$ 40,700,000
Unrecognized compensation cost expected to be recognized over period, years		3 years 7 months 6 days
Non Vested Restricted Stock and Deferred Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards granted, shares		31,525
Unrecognized compensation cost, other than options		$ 5,754,000
Unrecognized compensation cost expected to be recognized over period, years		1 year 9 months 18 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 the grant or the third, fourth and fifth anniversary of the date of the grant, in two equal annual installments on the first and second anniversary of the date of the grant or 100% on the first, third or fifth anniversary of the date of the grant. For restricted stock awards granted under the 2022 DSCP, each recipient may elect to defer receipt of shares and instead receive restricted stock units (“Deferred Stock Units”), which represent contingent rights to receive shares of the Company’s common stock on the date of the recipient’s separation
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total intrinsic value of stock options exercised during periods			$ 218,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number		0		0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number		0		0
Maximum \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum percentage of target available for common share issuance		100.00%
2011 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized for issuance		6,000,000
Common stock reserved for issuance		2,800,060
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		181,450
2022 Directors Stock Compensation Plan \| Deferred Stock Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock vesting percentage		100.00%

Other Comprehensive Income

9 Months Ended

Sep. 28, 2024

Other Comprehensive Income

(7) Other Comprehensive Income

The

following table presents the

components

of and changes in accumulated other comprehensive (loss) income, net of related income taxes, as of and for the thirty-nine-week period ended September 28, 2024 (in thousands):


	Unrealized Holding (Losses) Gains on Available-for-Sale Securities			Foreign Currency Translation			Total
Balance as of December 30, 2023	$	(5,010	)	$	(1,855	)	$	(6,865	)
Other comprehensive income (loss)		3,023			(4,713	)		(1,690	)

Balance as of September 28, 2024	$	(1,987	)	$	(6,568	)	$	(8,555	)

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 thirty-nine-week period ended September 28, 2024.

Segment Information - Additional Information (Detail) - Customer	9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
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%

Income Taxes

9 Months Ended

Sep. 28, 2024

Income Taxes

(3) Income Taxes

The

provisions for income taxes for the 2024 and 2023 thirty-nine-week periods were based on estimated annual effective income tax rates of 24.3% and 24.4%, respectively, adjusted for discrete events, such as benefits resulting from stock-based awards. The effective income tax rate for the 2024 thirty-nine-week period was 23.4%. The effective income tax rate was higher than the statutory federal income tax rate of 21% in the 2024 period primarily attributable to state taxes, partially offset by federal tax credits. The effective income tax rate for the 2023 thirty-nine-week period was 24.0%. The effective income tax rate was higher than the statutory federal income tax rate of 21% in the 2023 period primarily attributable to state taxes.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Debt - Additional Information (Detail) - USD ($)		9 Months Ended
Debt - Additional Information (Detail) - USD ($)	Jul. 01, 2022	Sep. 28, 2024	Dec. 30, 2023
Debt Instrument [Line Items]
Debt Outstanding Excluding Capital Lease Obligations		$ 0	$ 0
Revolving Credit Facility
Debt Instrument [Line Items]
Debt Outstanding Excluding Capital Lease Obligations		$ 0
Credit facility, initiation date	Jul. 01, 2022
Credit facility, borrowing capacity	$ 45,000,000
Credit facility, maximum borrowing capacity	$ 600,000,000
Credit facility, debt covenants compliance		The Company is currently in compliance with all of the debt covenants under the Credit Agreement.
Additional overnight secured financing rate	0.10%
Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Credit facility, unused credit commitment fee		0.20%
Credit facility event of default, minimum percentage that a person or group should acquire outstanding capital stock		35.00%
Revolving Credit Facility \| Minimum \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Borrowings, basis spread on variable rate		1.25%
Revolving Credit Facility \| Minimum \| Base Rate
Debt Instrument [Line Items]
Borrowings, basis spread on variable rate		0.25%
Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Credit facility, borrowing capacity	$ 300,000,000
Credit facility, unused credit commitment fee		0.30%
Maximum Leverage ratio beyond which amount of cash dividends and other distributions to stockholders is limited		250.00%
Revolving Credit Facility \| Maximum \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Borrowings, basis spread on variable rate		2.00%
Revolving Credit Facility \| Maximum \| Base Rate
Debt Instrument [Line Items]
Borrowings, basis spread on variable rate		1.00%

Investments (Tables)

9 Months Ended

Sep. 28, 2024

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 September 28, 2024 and December 30, 2023 (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

September 28, 2024
Money market investments	$	14,998	$	—	$	—	$	14,998
Asset-backed securities		17,535		21		1,563		15,993
Corporate bonds, commercial paper and direct obligations of government agencies		118,857		998		1,987		117,868

Total	$	151,390	$	1,019	$	3,550	$	148,859

December 30, 2023
Money market investments	$	16,832	$	—	$	—	$	16,832
Asset-backed securities		16,543		—		2,236		14,307
Corporate bonds, commercial paper and direct obligations of government agencies		118,481		279		4,384		114,376
U.S. Treasury obligations		6,287		2		43		6,246

Total	$	158,143	$	281	$	6,663	$	151,761

Schedule of Unrealized Loss on Available-for-Sale Investments

For those

available-for-sale

investments with unrealized losses at September 28, 2024 and December 30, 2023, 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
September 28, 2024

Asset-backed securities	$	—	$	—	$	13,107	$	1,563	$	13,107	$	1,563
Corporate bonds, commercial paper, and direct obligations of government agencies		—		—		65,324		1,987		65,324		1,987

Total	$	—	$	—	$	78,431	$	3,550	$	78,431	$	3,550

December 30, 2023
Asset-backed securities	$	—	$	—	$	14,307	$	2,236	$	14,307	$	2,236
Corporate bonds, commercial paper, and direct obligations of government agencies		3,506		42		86,841		4,342		90,347		4,384
U.S. Treasury obligations		—		—		2,305		43		2,305		43

Total	$	3,506	$	42	$	103,453	$	6,621	$	106,959	$	6,663

Share-Based Payment Arrangements (Tables)

9 Months Ended

Sep. 28, 2024

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):


	Thirty-Nine Weeks Ended						Thirteen Weeks Ended
	September 28, 2024			September 30, 2023			September 28, 2024			September 30, 2023
Total cost of the Plans during the period	$	3,573		$	4,270		$	(43	)	$	1,144
Amount of related income tax benefit recognized during the period		(1,997	)		(3,878	)		(313	)		(286	)

Net cost of the Plans during the period	$	1,576		$	392		$	(356	)	$	858

Schedule of Information on Restricted Stock Units

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


	Number of			Weighted Average Grant Date
	RSUs			Fair Value

Outstanding at December 30, 2023		132,722		$	138.93
Granted		102,762		$	138.85
Shares earned in excess of target (1)		1,791		$	51.42
Vested shares		(45,057	)	$	115.69
Forfeited		(29,801	)	$	140.20

Outstanding at September 28, 2024		162,417		$	144.13

(1)	Represents additional shares earned under the April 24, 2018 and July 1, 2019 RSU awards as total shareholder return during the applicable performance period exceeded target performance level under each of those awards.

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

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

non-vested

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 30, 2023		46,348		$	158.38
Granted		31,525		$	187.08
Vested		(25,647	)	$	151.16
Forfeited		(4,707	)	$	169.92

Non-vested at September 28, 2024		47,519		$	180.17

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended						9 Months Ended
	Sep. 28, 2024	Jun. 29, 2024	Mar. 30, 2024	Sep. 30, 2023	Jul. 01, 2023	Apr. 01, 2023	Sep. 28, 2024	Sep. 30, 2023
Dividends per common share	$ 0.36	$ 0.33	$ 0.33	$ 0.33	$ 0.3	$ 0.3	$ 1.02	$ 0.93

Investments - Additional Information (Detail) - USD ($)	9 Months Ended
Investments - Additional Information (Detail) - USD ($)	Sep. 28, 2024	Dec. 30, 2023
Debt Securities, Available-for-sale [Line Items]
Investments maximum maturity period	5 years
Unrealized gain (loss), net of unrealized gains/losses, on the investments in the bond portfolio	$ (2,531,000)	$ (6,382,000)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Amounts Recognized in Financial Statements with Respect to Plans (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total cost of the Plans during the period	$ (43)	$ 1,144	$ 3,573	$ 4,270
Amount of related income tax benefit recognized during the period	(313)	(286)	(1,997)	(3,878)
Net cost of the Plans during the period	$ (356)	$ 858	$ 1,576	$ 392

Information Regarding Reportable Business Segments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023	Dec. 30, 2023
Segment Reporting Information [Line Items]
Revenue	$ 1,213,867	$ 1,289,345	$ 3,609,915	$ 4,098,877
Investment income	3,922	3,022	10,988	6,874
Operating income	63,116	80,348	191,136	269,582
Expenditures on long-lived assets	7,478	2,763	24,256	15,394
Goodwill	41,122	41,934	41,122	41,934	$ 42,275
Related Party
Segment Reporting Information [Line Items]
Revenue	12,065	11,960	65,411	64,138
Transportation Logistics
Segment Reporting Information [Line Items]
Revenue	1,198,334	1,271,385	3,561,941	4,043,824
Operating income	47,618	63,974	141,070	222,827
Expenditures on long-lived assets	7,478	2,763	24,256	15,394
Goodwill	41,122	41,934	41,122	41,934
Insurance
Segment Reporting Information [Line Items]
Revenue	15,533	17,960	47,974	55,053
Investment income	3,922	3,022	10,988	6,874
Operating income	15,498	16,374	50,066	46,755
Insurance \| Related Party
Segment Reporting Information [Line Items]
Revenue	$ 12,065	$ 11,960	$ 65,411	$ 64,138

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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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

Segment Information (Tables)

9 Months Ended

Sep. 28, 2024

Information Regarding Reportable Business Segments

The

following

table summarizes information about the Company’s reportable business

segments

as of and for the thirty-

nine

-week and

thirteen

-week periods ended September

2024

and September

2023

(in thousands):


	Thirty-Nine Weeks Ended
	September 28, 2024						September 30, 2023
	Transportation Logistics		Insurance		Total		Transportation Logistics		Insurance		Total

External revenue	$	3,561,941	$	47,974	$	3,609,915	$	4,043,824	$	55,053	$	4,098,877
Internal revenue				65,411		65,411				64,138		64,138
Investment income				10,988		10,988				6,874		6,874
Operating income		141,070		50,066		191,136		222,827		46,755		269,582
Expenditures on long-lived assets		24,256				24,256		15,394				15,394
Goodwill		41,122				41,122		41,934				41,934


	Thirteen Weeks Ended
	September 28, 2024						September 30, 2023
	Transportation Logistics		Insurance		Total		Transportation Logistics		Insurance		Total
External revenue	$	1,198,334	$	15,533	$	1,213,867	$	1,271,385	$	17,960	$	1,289,345
Internal revenue				12,065		12,065				11,960		11,960
Investment income				3,922		3,922				3,022		3,022
Operating income		47,618		15,498		63,116		63,974		16,374		80,348
Expenditures on long-lived assets		7,478				7,478		2,763				2,763

Significant Accounting Policies

9 Months Ended

Sep. 28, 2024

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 thirty-nine-week and thirteen-week periods ended September 28, 2024 and September 30, 2023 (dollars in thousands):


	Thirty-Nine Weeks Ended						Thirteen Weeks Ended
Mode	September 28, 2024			September 30, 2023			September 28, 2024			September 30, 2023


Truck – BCO Independent Contractors		38	%		38	%		38	%		39	%
Truck – Truck Brokerage Carriers		52	%		54	%		52	%		52	%
Rail intermodal		2	%		2	%		2	%		2	%
Ocean and air cargo carriers		6	%		5	%		6	%		5	%
Truck Equipment Type
Van equipment	$	1,851,237		$	2,123,693		$	603,993		$	665,569
Unsided/platform equipment	$	1,093,753		$	1,150,483		$	369,758		$	378,147
Less-than-truckload	$	77,902		$	90,770		$	24,195		$	28,097
Other truck transportation (1)	$	242,853		$	379,471		$	93,178		$	101,951

(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.

Leases (Tables)

9 Months Ended

Sep. 28, 2024

Lease, Cost

The components of lease cost for finance leases and operating leases for the thirty-nine weeks ended September 28, 2024 were (in thousands):



Finance leases:
Amortization of right-of-use assets	$	12,901
Interest on lease liability		1,863

Total finance lease cost		14,764
Operating leases:
Lease cost		2,883
Variable lease cost		—
Sublease income		(4,273	)

Total net operating lease income		(1,390	)

Total net lease cost	$	13,374

Schedule Of Supplemental Balance Sheet Information Related To Leases

A summary of the lease classification on the Company’s consolidated balance sheet as of September 28, 2024 is as follows (in thousands):

Assets:

Finance And Operating Lease Maturity

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 September 28, 2024 (in thousands):


	Finance Leases		Operating Leases


2024 Remainder	$	8,069	$	191
2025		28,968		533
2026		21,074		213
2027		10,686		175
2028		6,584		49
Thereafter		2,963		—

Total future minimum lease payments		78,344		1,161
Less amount representing interest (1.6% to 6.5%)		5,838		87

Present value of minimum lease payments	$	72,506	$	1,074


Current maturities of long-term debt	27,672
Long-term debt, excluding current maturities	44,834
Other current liabilities		618
Deferred income taxes and other noncurrent liabilities		456

Schedule Discount Rate And Lease Term Used In Calculating Lease Liabilities And Assets

The weighted average remaining lease term and the weighted average discount rate for finance and operating leases as of September 28, 2024 were:


	Finance Leases			Operating Leases

Weighted average remaining lease term (years)		3.2			2.4
Weighted average discount rate		4.2	%		6.5	%

Leases - Components of Lease Cost for Finance Leases and Operating Leases (Detail) $ in Thousands	9 Months Ended
	Sep. 28, 2024 USD ($)
Finance leases:
Amortization of right-of-use assets	$ 12,901
Interest on lease liability	1,863
Total finance lease cost	14,764
Operating leases:
Lease cost	2,883
Variable lease cost	0
Sublease income	(4,273)
Total net operating lease income	(1,390)
Total net lease cost	$ 13,374

Commitments and Contingencies

9 Months Ended

Sep. 28, 2024

Commitments and Contingencies

(11) Commitments and Contingencies

Short-term

investments include $62,451,000 in current maturities of investments held by the Company’s insurance segment at September 28, 2024. The

non-current

portion of the bond portfolio of $86,408,000 is included in other assets. The short-term investments, together with $18,790,000 of

non-current

investments, provide collateral for the $73,117,000 of letters of credit issued to guarantee payment of insurance claims. As of September 28, 2024, Landstar also had $35,250,000 of additional letters of credit outstanding under the Company’s Credit Agreement.

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

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 30, 2023
Allowance on trade accounts receivable	$ 12,134	$ 11,738
Allowance on other receivables	16,759	14,010
Accumulated depreciation and amortization on operating property	$ 456,770	$ 436,682
Common stock, par value	$ 0.01	$ 0.01
Common stock, authorized shares	160,000,000	160,000,000
Common stock, issued shares	68,559,269	68,497,324
Treasury stock, shares	33,228,096	32,780,651

Leases - Undiscounted Cash Flows for the Finance and Operating Leases (Parenthetical) (Detail)	Sep. 28, 2024
Maximum
Finance lease Interest rate percentage	6.50%
Minimum
Finance lease Interest rate percentage	1.60%

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Revenue	$ 1,213,867	$ 1,289,345	$ 3,609,915	$ 4,098,877
Investment income	3,922	3,022	10,988	6,874
Costs and expenses:
Purchased transportation	943,805	986,743	2,799,384	3,141,234
Commissions to agents	98,703	115,244	295,801	363,397
Other operating costs, net of gains on asset sales/dispositions	15,144	15,158	44,138	40,998
Insurance and claims	30,398	29,540	83,830	86,971
Selling, general and administrative	51,252	50,975	162,613	159,071
Depreciation and amortization	15,371	14,359	44,001	44,498
Total costs and expenses	1,154,673	1,212,019	3,429,767	3,836,169
Operating income	63,116	80,348	191,136	269,582
Interest and debt (income) expense	(1,169)	(1,046)	(4,455)	(2,079)
Income before income taxes	64,285	81,394	195,591	271,661
Income taxes	14,252	19,741	45,838	65,254
Net income	$ 50,033	$ 61,653	$ 149,753	$ 206,407
Basic earnings per share	$ 1.41	$ 1.71	$ 4.21	$ 5.74
Diluted earnings per share	$ 1.41	$ 1.71	$ 4.21	$ 5.74
Average basic shares outstanding	35,420,000	35,951,000	35,608,000	35,958,000
Average diluted shares outstanding	35,420,000	35,951,000	35,608,000	35,958,000
Dividends per common share	$ 0.36	$ 0.33	$ 1.02	$ 0.93

Leases - Additional Information (Detail)	Sep. 28, 2024 USD ($)
Leases Disclosure [Line Items]
Finance Lease Option to Purchase Option Value	$ 1
Lessee, Finance Lease, Term of Contract	5 years

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

9 Months Ended

Sep. 28, 2024

Effect of Increase in Cost of Insurance and Claims

The following table summarizes the adverse effect of the increase in the cost of insurance claims resulting from unfavorable development of prior year self-insured claims estimates on operating income, net income and basic and diluted earnings per share set forth in the consolidated statements of income for the thirty-nine-week and thirteen-week periods ended September 28, 2024 and September 30, 2023 (in thousands, except per share

amounts):


	Thirty-Nine Weeks Ended				Thirteen Weeks Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023

Operating income	$	6,666	$	5,154	$	4,550	$	2,323
Net income	$	5,046	$	3,896	$	3,444	$	1,756
Basic and diluted earnings per share	$	0.14	$	0.11	$	0.10	$	0.05

Schedule of Information on Non - Vested Restricted Stock Units (Detail) - $ / shares		9 Months Ended
	Feb. 02, 2024	Sep. 28, 2024
Number of Shares and Deferred Stock Units
Granted	58,268
Non Vested Restricted Stock and Deferred Stock Units
Number of Shares and Deferred Stock Units
Beginning Balance		46,348
Granted		31,525
Vested		(25,647)
Forfeited		(4,707)
Ending Balance		47,519
Weighted Average Grant Date Fair Value
Beginning Balance		$ 158.38
Granted		187.08
Vested		151.16
Forfeited		169.92
Ending Balance		$ 180.17

Leases - Undiscounted Cash Flows for the Finance and Operating Leases (Detail) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 30, 2023
Operating Leased Assets [Line Items]
2024 Remainder	$ 8,069
2025	28,968
2026	21,074
2027	10,686
2028	6,584
Thereafter	2,963
Total future minimum lease payments	78,344
Less amount representing interest (1.6% to 6.5%)	5,838
Present value of minimum lease payments	72,506
Current maturities of long-term debt	27,672	$ 27,876
Long-term debt, excluding current maturities	44,834	$ 43,264
2024 Remainder	191
2025	533
2026	213
2027	175
2028	49
Thereafter	0
Total future minimum lease payments	1,161
Less amount representing interest (1.6% to 6.5%)	87
Present value of minimum lease payments	1,074
Operating lease, liability, current	$ 618
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Deferred Income Taxes and Other Liabilities, Noncurrent
Operating lease, liability, non-current	$ 456

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 28, 2024	Oct. 21, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Document Quarterly Report	true
Entity Central Index Key	0000853816
Document Transition Report	false
Current Fiscal Year End Date	--12-28
Document Period End Date	Sep. 28, 2024
Entity Registrant Name	LANDSTAR SYSTEM, INC.
Entity Filer Category	Large Accelerated Filer
Trading Symbol	LSTR
Title of 12(b) Security	Common Stock
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		35,331,173
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

Leases

9 Months Ended

Sep. 28, 2024

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 thirty-nine weeks ended September 28, 2024 were (in thousands):



Finance leases:
Amortization of right-of-use assets	$	12,901
Interest on lease liability		1,863

Total finance lease cost		14,764
Operating leases:
Lease cost		2,883
Variable lease cost		—
Sublease income		(4,273	)

Total net operating lease income		(1,390	)

Total net lease cost	$	13,374

A summary of the lease classification on the Company’s consolidated balance sheet as of September 28, 2024 is as follows (in thousands):

Assets:

Liabilities:


	Finance Leases		Operating Leases


2024 Remainder	$	8,069	$	191
2025		28,968		533
2026		21,074		213
2027		10,686		175
2028		6,584		49
Thereafter		2,963		—

Total future minimum lease payments		78,344		1,161
Less amount representing interest (1.6% to 6.5%)		5,838		87

Present value of minimum lease payments	$	72,506	$	1,074


Current maturities of long-term debt	27,672
Long-term debt, excluding current maturities	44,834
Other current liabilities		618
Deferred income taxes and other noncurrent liabilities		456

The weighted average remaining lease term and the weighted average discount rate for finance and operating leases as of September 28, 2024 were:


	Finance Leases			Operating Leases

Weighted average remaining lease term (years)		3.2			2.4
Weighted average discount rate		4.2	%		6.5	%

Additional Cash Flow Information

9 Months Ended

Sep. 28, 2024

Additional Cash Flow Information

(5) Additional Cash Flow Information

During the

2024

thirty-

nine

-week period, Landstar paid income taxes and interest of $

45,638,000

and $

2,641,000

, respectively. During the

2023

thirty-

nine

-week period, Landstar paid income taxes and interest of $

68,136,000

and $

2,814,000

, respectively. Landstar acquired operating property by entering into finance leases in the amount of $

24,238,000

in the

2024

thirty-

nine

-week period. Landstar acquired $

6,690,000

of operating property for which the Company accrued a corresponding liability in accounts payable of $

1,201,000

and in other noncurrent liabilities of $

5,489,000

as of September

2024

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

2023

thirty-

nine

-week period. During the

2024

thirty-

nine

-week period, the Company purchased its common stock at a total cost of $

79,388,000

, including $

78,697,000

in cash purchases and accrued excise tax of $

691,000

, which is included in other current liabilities in the consolidated balance sheet at September

2024

Change in Accounting Estimate for Self-Insured Claims

9 Months Ended

Sep. 28, 2024

Change in Accounting Estimate for Self-Insured Claims

(12) 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 within its various programs.

amounts):


	Thirty-Nine Weeks Ended				Thirteen Weeks Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023

Operating income	$	6,666	$	5,154	$	4,550	$	2,323
Net income	$	5,046	$	3,896	$	3,444	$	1,756
Basic and diluted earnings per share	$	0.14	$	0.11	$	0.10	$	0.05

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
OPERATING ACTIVITIES
Net income	$ 149,753	$ 206,407
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	44,001	44,498
Non-cash interest charges	198	198
Provisions for losses on trade and other accounts receivable	13,058	10,509
Gains on sales/disposals of operating property	(1,204)	(3,846)
Deferred income taxes, net	(4,359)	(5,595)
Stock-based compensation	3,573	4,270
Changes in operating assets and liabilities:
Decrease in trade and other accounts receivable	27,877	145,655
Increase in other assets	(7,884)	(13,115)
Increase (decrease) in accounts payable	727	(62,652)
Decrease in other liabilities	(2,785)	(15,734)
Increase (decrease) in insurance claims	2,484	(6,810)
NET CASH PROVIDED BY OPERATING ACTIVITIES	225,439	303,785
INVESTING ACTIVITIES
Sales and maturities of investments	81,072	93,326
Purchases of investments	(74,297)	(86,115)
Purchases of operating property	(24,256)	(15,394)
Proceeds from sales of operating property	6,265	6,631
NET CASH USED BY INVESTING ACTIVITIES	(11,216)	(1,552)
FINANCING ACTIVITIES
Decrease in cash overdraft	(10,795)	(44,886)
Dividends paid	(107,758)	(105,302)
Proceeds from exercises of stock options	0	28
Taxes paid in lieu of shares issued related to stock-based compensation plans	(3,928)	(9,186)
Purchases of common stock	(78,697)	(15,433)
Principal payments on finance lease obligations	(22,872)	(28,017)
NET CASH USED BY FINANCING ACTIVITIES	(224,050)	(202,796)
Effect of exchange rate changes on cash and cash equivalents	(2,386)	643
(Decrease) increase in cash and cash equivalents	(12,213)	100,080
Cash and cash equivalents at beginning of period	481,043	339,581
Cash and cash equivalents at end of period	$ 468,830	$ 439,661

Leases - Classification on our Consolidated Balance Sheet (Detail) $ in Thousands	Sep. 28, 2024 USD ($)
Operating lease right-of-use assets	$ 1,074
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent
Finance lease assets	$ 108,185
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant and Equipment, Net
Total lease assets	$ 109,259

Amortized Cost and Fair Value of Available-for-Sale Investments (Detail) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 30, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 151,390	$ 158,143
Gross Unrealized Gains	1,019	281
Gross Unrealized Losses	3,550	6,663
Fair Value	148,859	151,761
Money market investments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	14,998	16,832
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	14,998	16,832
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	17,535	16,543
Gross Unrealized Gains	21	0
Gross Unrealized Losses	1,563	2,236
Fair Value	15,993	14,307
Corporate bonds, commercial paper and direct obligations of government agencies
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	118,857	118,481
Gross Unrealized Gains	998	279
Gross Unrealized Losses	1,987	4,384
Fair Value	$ 117,868	114,376
U.S. Treasury obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		6,287
Gross Unrealized Gains		2
Gross Unrealized Losses		43
Fair Value		$ 6,246

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481830/320-10-45-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479130/326-30-45-1

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Schedule of Information on Restricted Stock Units (Detail) - $ / shares

9 Months Ended

Feb. 02, 2024

Sep. 28, 2024

Number of Shares

Granted

58,268

Restricted Stock Units (RSUs)

Number of Shares

Beginning Balance

132,722

Granted

102,762

Shares earned in excess of target

^[1]

1,791

Vested shares

(45,057)

Forfeited

(29,801)

Ending Balance

162,417

Weighted Average Grant Date Fair Value

Beginning Balance

$ 138.93

Granted

138.85

Shares earned in excess of target

^[1]

51.42

Vested shares

115.69

Forfeited

140.2

Ending Balance

$ 144.13

[1]	Represents additional shares earned under the April 24, 2018 and July 1, 2019 RSU awards as total shareholder return during the applicable performance period exceeded target performance level under each of those awards.

Schedule Of Revenue By Major Customers By Reporting Segments (Detail) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 28, 2024

Sep. 30, 2023

Sep. 28, 2024

Sep. 30, 2023

Disaggregation of Revenue [Line Items]

Revenue

$ 1,213,867

$ 1,289,345

$ 3,609,915

$ 4,098,877

BCO Independent Contractors – Truck

Disaggregation of Revenue [Line Items]

Percentage of Consolidated Revenue

38.00%

39.00%

38.00%

Brokerage Carriers - Truck

Disaggregation of Revenue [Line Items]

Percentage of Consolidated Revenue

52.00%

54.00%

Rail Intermodal

Disaggregation of Revenue [Line Items]

Percentage of Consolidated Revenue

2.00%

Ocean and air cargo carriers

Disaggregation of Revenue [Line Items]

Percentage of Consolidated Revenue

6.00%

5.00%

6.00%

5.00%

BCO Independent Contractor Truck and Brokerage Carriers Truck | Van Equipment

Disaggregation of Revenue [Line Items]

Revenue

$ 603,993

$ 665,569

$ 1,851,237

$ 2,123,693

BCO Independent Contractor Truck and Brokerage Carriers Truck | Unsided/Platform Equipment

Disaggregation of Revenue [Line Items]

Revenue

369,758

378,147

1,093,753

1,150,483

BCO Independent Contractor Truck and Brokerage Carriers Truck | Less than Truckload

Disaggregation of Revenue [Line Items]

Revenue

24,195

28,097

77,902

90,770

BCO Independent Contractor Truck and Brokerage Carriers Truck | Other Truck Transportation

Disaggregation of Revenue [Line Items]

Revenue

^[1]

$ 93,178

$ 101,951

$ 242,853

$ 379,471

[1]

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 30, 2023
Current Assets
Cash and cash equivalents	$ 468,830	$ 481,043
Short-term investments	62,451	59,661
Trade accounts receivable, less allowance of $12,134 and $11,738	694,633	743,762
Other receivables, including advances to independent contractors, less allowance of $16,759 and $14,010	51,533	43,339
Other current assets	33,947	24,936
Total current assets	1,311,394	1,352,741
Operating property, less accumulated depreciation and amortization of $456,770 and $436,682	289,248	284,300
Goodwill	41,122	42,275
Other assets	115,491	122,530
Total assets	1,757,255	1,801,846
Current Liabilities
Cash overdraft	50,746	61,541
Accounts payable	397,908	395,980
Current maturities of long-term debt	27,672	27,876
Insurance claims	43,370	41,825
Dividends payable	0	71,433
Contractor escrow	30,244	28,498
Other current liabilities	42,712	48,071
Total current liabilities	592,652	675,224
Long-term debt, excluding current maturities	44,834	43,264
Insurance claims	59,861	58,922
Deferred income taxes and other noncurrent liabilities	43,990	40,513
Shareholders' Equity
Common stock, $0.01 par value, authorized 160,000,000 shares, issued 68,559,269 and 68,497,324 shares	686	685
Additional paid-in capital	255,398	254,642
Retained earnings	2,897,073	2,783,645
Cost of 33,228,096 and 32,780,651 shares of common stock in treasury	(2,128,684)	(2,048,184)
Accumulated other comprehensive loss	(8,555)	(6,865)
Total shareholders' equity	1,015,918	983,923
Total liabilities and shareholders' equity	$ 1,757,255	$ 1,801,846

Other Comprehensive Income - Components of and Changes in Accumulated Other Comprehensive (loss) Income, Net of Related Income Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance			$ 983,923
Other comprehensive income (loss)	$ 923	$ (1,318)	(1,690)	$ 3,295
Ending Balance	1,015,918		1,015,918
Unrealized Holding (Losses) Gains on Available-for-Sale Securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance			(5,010)
Other comprehensive income (loss)			3,023
Ending Balance	(1,987)		(1,987)
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance			(1,855)
Other comprehensive income (loss)			(4,713)
Ending Balance	(6,568)		(6,568)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance			(6,865)
Other comprehensive income (loss)			(1,690)
Ending Balance	$ (8,555)		$ (8,555)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes - Additional Information (Detail)	9 Months Ended
Income Taxes - Additional Information (Detail)	Sep. 28, 2024	Sep. 30, 2023
Income Taxes [Line Items]
Corporate income tax rate	21.00%	21.00%
Estimated annual effective income tax rate	24.30%	24.40%
Effective income tax rate	23.40%	24.00%

Schedule of Unrealized Loss on Available-for-Sale Investments (Detail) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 30, 2023
Debt Securities, Available-for-sale [Line Items]
Available-for-sale investments with unrealized losses, Less than 12 months, Fair Value	$ 0	$ 3,506
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss	0	42
Available-for-sale investments with unrealized losses, 12 months or longer, Fair Value	78,431	103,453
Available-for-sale investments with unrealized losses, 12 months or longer, Unrealized Loss	3,550	6,621
Available-for-sale investments with unrealized losses, Fair Value, Total	78,431	106,959
Available-for-sale investments with unrealized losses, Unrealized Loss, Total	3,550	6,663
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale investments with unrealized losses, Less than 12 months, Fair Value	0	0
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss	0	0
Available-for-sale investments with unrealized losses, 12 months or longer, Fair Value	13,107	14,307
Available-for-sale investments with unrealized losses, 12 months or longer, Unrealized Loss	1,563	2,236
Available-for-sale investments with unrealized losses, Fair Value, Total	13,107	14,307
Available-for-sale investments with unrealized losses, Unrealized Loss, Total	1,563	2,236
Corporate bonds, commercial paper 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	0	3,506
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss	0	42
Available-for-sale investments with unrealized losses, 12 months or longer, Fair Value	65,324	86,841
Available-for-sale investments with unrealized losses, 12 months or longer, Unrealized Loss	1,987	4,342
Available-for-sale investments with unrealized losses, Fair Value, Total	65,324	90,347
Available-for-sale investments with unrealized losses, Unrealized Loss, Total	$ 1,987	4,384
U.S. Treasury obligations
Debt Securities, Available-for-sale [Line Items]
Available-for-sale investments with unrealized losses, Less than 12 months, Fair Value		0
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss		0
Available-for-sale investments with unrealized losses, 12 months or longer, Fair Value		2,305
Available-for-sale investments with unrealized losses, 12 months or longer, Unrealized Loss		43
Available-for-sale investments with unrealized losses, Fair Value, Total		2,305
Available-for-sale investments with unrealized losses, Unrealized Loss, Total		$ 43

Share-Based Payment Arrangements

9 Months Ended

Sep. 28, 2024

Share-Based Payment Arrangements

(2) Share-based Payment Arrangements

of September 28, 2024, the Company has an employee equity incentive plan, the 2011 equity incentive plan (the “2011 EIP”). The Company also has a stock compensation plan for members of its Board of Directors, the 2022 Directors Stock Compensation Plan (the “2022 DSCP”). 6,000,000 shares of the Company’s common stock were authorized for issuance under the 2011 EIP and 200,000 shares of the Company’s common stock were authorized for issuance under the 2022 DSCP. The 2011 EIP 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):


	Thirty-Nine Weeks Ended						Thirteen Weeks Ended
	September 28, 2024			September 30, 2023			September 28, 2024			September 30, 2023
Total cost of the Plans during the period	$	3,573		$	4,270		$	(43	)	$	1,144
Amount of related income tax benefit recognized during the period		(1,997	)		(3,878	)		(313	)		(286	)

Net cost of the Plans during the period	$	1,576		$	392		$	(356	)	$	858

Included in income tax benefits recognized in the thirty-nine-week periods ended September 28, 2024 and September 30, 2023 were excess tax benefits from stock-based awards of $1,122,000 and $2,830,000, respectively.

As of September 28, 2024, there were 181,450 shares of the Company’s common stock reserved for issuance under the 2022 DSCP and 2,800,060 shares of the Company’s common stock reserved for issuance under the 2011 EIP.

Restricted Stock Units

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


	Number of			Weighted Average Grant Date
	RSUs			Fair Value

Outstanding at December 30, 2023		132,722		$	138.93
Granted		102,762		$	138.85
Shares earned in excess of target (1)		1,791		$	51.42
Vested shares		(45,057	)	$	115.69
Forfeited		(29,801	)	$	140.20

Outstanding at September 28, 2024		162,417		$	144.13

(1)	Represents additional shares earned under the April 24, 2018 and July 1, 2019 RSU awards as total shareholder return during the applicable performance period exceeded target performance level under each of those awards.

During the thirty-nine-week period ended September 28, 2024, the Company granted RSUs with a performance condition and RSUs with a market condition, as further described below. Outstanding RSUs at both December 30, 2023 and September 28, 2024 include RSUs with a performance condition and RSUs with a market condition, as further described below and in the Company’s 2023 Annual Report on Form

10-K.

RSUs with a performance condition granted on February 2, 2024 may vest on January 31 of 2027, 2028 and 2029 based on growth in operating income and

pre-tax

income per diluted share from continuing operations as compared to the results from the 2023 fiscal year.

On February 2, 2024, the Company granted 58,268 RSUs that vest based on a market condition. These RSUs may vest based on the achievement of the target Company’s total shareholder return (“TSR”) compound annual growth rate, adjusted to reflect dividends (if any) paid during such periods and capital adjustments as may be necessary, and are eligible to vest annually starting after the sixth anniversary of the grant date and concluding after the tenth anniversary of the grant date. The fair value of this RSU award was determined at the time of grant based on the expected achievement of the market condition. With respect to these RSU awards, the Company reports compensation expense ratably over the service period of the award based on the number of units granted multiplied by the grant date fair value of the RSU. Previously recognized compensation cost would be reversed only if the employee did not complete the requisite service period due to termination of employment.

The Company recognized approximately $408,000 and $1,503,000 of share-based compensation expense related to RSU awards in the thirty-nine-week periods ended September 28, 2024 and September 30, 2023, respectively. As of September 28, 2024, there was a maximum of $40.7 million of total unrecognized compensation cost related to RSU awards granted under the Plans with an expected average remaining life of approximately 3.6 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 30, 2023		46,348		$	158.38
Granted		31,525		$	187.08
Vested		(25,647	)	$	151.16
Forfeited		(4,707	)	$	169.92

Non-vested at September 28, 2024		47,519		$	180.17

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, in two equal annual installments on the first and second anniversary of the date of the grant or 100% on the first, third or fifth anniversary of the date of the grant. For restricted stock awards granted under the 2022 DSCP, each recipient may elect to defer receipt of shares and instead receive restricted stock units (“Deferred Stock Units”), which represent contingent rights to receive shares of the Company’s common stock on the date of the recipient’s 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 September 28, 2024, there was $5,754,000 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 1.8 years.

Stock Options

The Company had no issued and outstanding vested or unvested stock options or unrecognized compensation costs related to

non-vested

stock options granted under the Plans as of December 30, 2023 or September 28, 2024. The total intrinsic value of stock options exercised during the thirty-nine-week period ended September 30, 2023 was $218,000

Leases - Weighted Average Remaining Lease Term and the Weighted Average Discount Rate for Finance and Operating leases (Detail)	Sep. 28, 2024
Weighted average remaining lease term (years)	3 years 2 months 12 days
Weighted average discount rate	4.20%
Weighted average remaining lease term (years)	2 years 4 months 24 days
Weighted average discount rate	6.50%

Significant Accounting Policies (Tables)

9 Months Ended

Sep. 28, 2024

Schedule of Disaggregation of Revenue


	Thirty-Nine Weeks Ended						Thirteen Weeks Ended
Mode	September 28, 2024			September 30, 2023			September 28, 2024			September 30, 2023


Truck – BCO Independent Contractors		38	%		38	%		38	%		39	%
Truck – Truck Brokerage Carriers		52	%		54	%		52	%		52	%
Rail intermodal		2	%		2	%		2	%		2	%
Ocean and air cargo carriers		6	%		5	%		6	%		5	%
Truck Equipment Type
Van equipment	$	1,851,237		$	2,123,693		$	603,993		$	665,569
Unsided/platform equipment	$	1,093,753		$	1,150,483		$	369,758		$	378,147
Less-than-truckload	$	77,902		$	90,770		$	24,195		$	28,097
Other truck transportation (1)	$	242,853		$	379,471		$	93,178		$	101,951

(1)

Earnings Per Share - Additional Information (Detail)	Sep. 28, 2024 shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	0

Additional Cash Flow Information - Additional Information (Detail) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 28, 2024	Jun. 29, 2024	Apr. 01, 2023	Sep. 28, 2024	Sep. 30, 2023
Supplemental Cash Flow Information [Abstract]
Income taxes paid				$ 45,638,000	$ 68,136,000
Interest paid				2,641,000	2,814,000
Capital expenditures incurred but not yet paid	$ 6,690,000
Right-of-use asset obtained in exchange for finance lease liability				24,238,000
Treasury stock repurchased at cost during the period value	22,393,000	$ 56,995,000	$ 15,433,000	79,388,000
Treasury stock repurchased at cost during the period value excluding tax				78,697,000	$ 15,433,000
Other Noncurrent Liabilities
Supplemental Cash Flow Information [Abstract]
Capital expenditures incurred but not yet paid	5,489,000
Accounts Payable
Supplemental Cash Flow Information [Abstract]
Capital expenditures incurred but not yet paid	1,201,000
Treasury Stock, Common Shares
Supplemental Cash Flow Information [Abstract]
Treasury stock repurchased at cost during the period value	$ 22,393,000	$ 56,995,000	$ 15,433,000
Excise tax payable current				$ 691,000

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. 31, 2022		68,382,310			32,455,300
Beginning Balance at Dec. 31, 2022	$ 887,221	$ 684	$ 258,487	$ 2,635,960	$ (1,992,886)	$ (15,024)
Net income	78,195			78,195
Dividends	(10,806)			(10,806)
Purchases of common stock (in shares)					89,661
Purchases of common stock	(15,433)				$ (15,433)
Issuance of stock related to stock-based compensation plans (in shares)		101,653			5,891
Issuance of stock related to stock-based compensation plans	(8,208)	$ 1	(7,201)		$ (1,008)
Stock-based compensation	1,852		1,852
Other comprehensive income (loss)	2,831					2,831
Ending Balance (in shares) at Apr. 01, 2023		68,483,963			32,550,852
Ending Balance at Apr. 01, 2023	935,652	$ 685	253,138	2,703,349	$ (2,009,327)	(12,193)
Beginning Balance (in shares) at Dec. 31, 2022		68,382,310			32,455,300
Beginning Balance at Dec. 31, 2022	887,221	$ 684	258,487	2,635,960	$ (1,992,886)	(15,024)
Net income	206,407
Ending Balance (in shares) at Sep. 30, 2023		68,497,324			32,550,980
Ending Balance at Sep. 30, 2023	1,043,154	$ 685	254,630	2,808,919	$ (2,009,351)	(11,729)
Beginning Balance (in shares) at Apr. 01, 2023		68,483,963			32,550,852
Beginning Balance at Apr. 01, 2023	935,652	$ 685	253,138	2,703,349	$ (2,009,327)	(12,193)
Net income	66,559			66,559
Dividends	(10,780)			(10,780)
Issuance of stock related to stock-based compensation plans (in shares)		13,361
Issuance of stock related to stock-based compensation plans	(926)		(926)
Stock-based compensation	1,274		1,274
Other comprehensive income (loss)	1,782					1,782
Ending Balance (in shares) at Jul. 01, 2023		68,497,324			32,550,852
Ending Balance at Jul. 01, 2023	993,561	$ 685	253,486	2,759,128	$ (2,009,327)	(10,411)
Net income	61,653			61,653
Dividends	(11,862)			(11,862)
Issuance of stock related to stock-based compensation plans (in shares)					128
Issuance of stock related to stock-based compensation plans	(24)				$ (24)
Stock-based compensation	1,144		1,144
Other comprehensive income (loss)	(1,318)					(1,318)
Ending Balance (in shares) at Sep. 30, 2023		68,497,324			32,550,980
Ending Balance at Sep. 30, 2023	1,043,154	$ 685	254,630	2,808,919	$ (2,009,351)	(11,729)
Beginning Balance (in shares) at Dec. 30, 2023		68,497,324			32,780,651
Beginning Balance at Dec. 30, 2023	983,923	$ 685	254,642	2,783,645	$ (2,048,184)	(6,865)
Net income	47,096			47,096
Dividends	(11,802)			(11,802)
Issuance of stock related to stock-based compensation plans (in shares)		50,229			4,864
Issuance of stock related to stock-based compensation plans	(3,060)		(2,174)		$ (886)
Stock-based compensation	1,724		1,724
Other comprehensive income (loss)	30					30
Ending Balance (in shares) at Mar. 30, 2024		68,547,553			32,785,515
Ending Balance at Mar. 30, 2024	1,017,911	$ 685	254,192	2,818,939	$ (2,049,070)	(6,835)
Beginning Balance (in shares) at Dec. 30, 2023		68,497,324			32,780,651
Beginning Balance at Dec. 30, 2023	983,923	$ 685	254,642	2,783,645	$ (2,048,184)	(6,865)
Net income	149,753
Purchases of common stock	(79,388)
Ending Balance (in shares) at Sep. 28, 2024		68,559,269			33,228,096
Ending Balance at Sep. 28, 2024	1,015,918	$ 686	255,398	2,897,073	$ (2,128,684)	(8,555)
Beginning Balance (in shares) at Mar. 30, 2024		68,547,553			32,785,515
Beginning Balance at Mar. 30, 2024	1,017,911	$ 685	254,192	2,818,939	$ (2,049,070)	(6,835)
Net income	52,624			52,624
Dividends	(11,777)			(11,777)
Purchases of common stock (in shares)					315,649
Purchases of common stock	(56,995)				$ (56,995)
Issuance of stock related to stock-based compensation plans (in shares)		6,374			1,112
Issuance of stock related to stock-based compensation plans	(200)	$ 1			$ (201)
Stock-based compensation	1,892		1,892
Other comprehensive income (loss)	(2,643)					(2,643)
Ending Balance (in shares) at Jun. 29, 2024		68,553,927			33,102,276
Ending Balance at Jun. 29, 2024	1,000,812	$ 686	256,084	2,859,786	$ (2,106,266)	(9,478)
Net income	50,033			50,033
Dividends	(12,746)			(12,746)
Purchases of common stock (in shares)					121,270
Purchases of common stock	(22,393)				$ (22,393)
Issuance of stock related to stock-based compensation plans (in shares)		5,342			4,550
Issuance of stock related to stock-based compensation plans	(668)		(643)		$ (25)
Stock-based compensation	(43)		(43)
Other comprehensive income (loss)	923					923
Ending Balance (in shares) at Sep. 28, 2024		68,559,269			33,228,096
Ending Balance at Sep. 28, 2024	$ 1,015,918	$ 686	$ 255,398	$ 2,897,073	$ (2,128,684)	$ (8,555)

Significant Accounting Policies (Policies)

9 Months Ended

Sep. 28, 2024

Revenue from Contracts with Customers – Disaggregation of Revenue


	Thirty-Nine Weeks Ended						Thirteen Weeks Ended
Mode	September 28, 2024			September 30, 2023			September 28, 2024			September 30, 2023


Truck – BCO Independent Contractors		38	%		38	%		38	%		39	%
Truck – Truck Brokerage Carriers		52	%		54	%		52	%		52	%
Rail intermodal		2	%		2	%		2	%		2	%
Ocean and air cargo carriers		6	%		5	%		6	%		5	%
Truck Equipment Type
Van equipment	$	1,851,237		$	2,123,693		$	603,993		$	665,569
Unsided/platform equipment	$	1,093,753		$	1,150,483		$	369,758		$	378,147
Less-than-truckload	$	77,902		$	90,770		$	24,195		$	28,097
Other truck transportation (1)	$	242,853		$	379,471		$	93,178		$	101,951

(1)

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

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+ Details

Investments

9 Months Ended

Sep. 28, 2024

Investments

(8) Investments

Investments

include primarily investment-grade corporate bonds, asset-backed securities and commercial paper 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 statements 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 money market investments and Level 2 inputs related to investment-grade corporate bonds, asset-backed securities, commercial paper and direct obligations of government agencies. Unrealized losses, net of unrealized gains, on the investments in the bond portfolio

were $2,531,000 and $6,382,000 at September 28, 2024 and December 30, 2023, respectively.

The amortized cost and fair values of

available-for-sale

investments are as follows at September 28, 2024 and December 30, 2023 (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

September 28, 2024
Money market investments	$	14,998	$	—	$	—	$	14,998
Asset-backed securities		17,535		21		1,563		15,993
Corporate bonds, commercial paper and direct obligations of government agencies		118,857		998		1,987		117,868

Total	$	151,390	$	1,019	$	3,550	$	148,859

December 30, 2023
Money market investments	$	16,832	$	—	$	—	$	16,832
Asset-backed securities		16,543		—		2,236		14,307
Corporate bonds, commercial paper and direct obligations of government agencies		118,481		279		4,384		114,376
U.S. Treasury obligations		6,287		2		43		6,246

Total	$	158,143	$	281	$	6,663	$	151,761

For those

available-for-sale

investments with unrealized losses at September 28, 2024 and December 30, 2023, 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
September 28, 2024

Asset-backed securities	$	—	$	—	$	13,107	$	1,563	$	13,107	$	1,563
Corporate bonds, commercial paper, and direct obligations of government agencies		—		—		65,324		1,987		65,324		1,987

Total	$	—	$	—	$	78,431	$	3,550	$	78,431	$	3,550

December 30, 2023
Asset-backed securities	$	—	$	—	$	14,307	$	2,236	$	14,307	$	2,236
Corporate bonds, commercial paper, and direct obligations of government agencies		3,506		42		86,841		4,342		90,347		4,384
U.S. Treasury obligations		—		—		2,305		43		2,305		43

Total	$	3,506	$	42	$	103,453	$	6,621	$	106,959	$	6,663

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.

Other Comprehensive Income (Tables)

9 Months Ended

Sep. 28, 2024

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 (loss) income, net of related income taxes, as of and for the thirty-nine-week period ended September 28, 2024 (in thousands):


	Unrealized Holding (Losses) Gains on Available-for-Sale Securities			Foreign Currency Translation			Total
Balance as of December 30, 2023	$	(5,010	)	$	(1,855	)	$	(6,865	)
Other comprehensive income (loss)		3,023			(4,713	)		(1,690	)

Balance as of September 28, 2024	$	(1,987	)	$	(6,568	)	$	(8,555	)

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Net income	$ 50,033	$ 61,653	$ 149,753	$ 206,407
Other comprehensive (loss) income:
Unrealized holding gains on available-for-sale investments, net of tax expense of $828, $263, $624 and $49	2,277	176	3,023	958
Foreign currency translation (losses) gains	(1,354)	(1,494)	(4,713)	2,337
Other comprehensive (loss) income	923	(1,318)	(1,690)	3,295
Comprehensive income	$ 50,956	$ 60,335	$ 148,063	$ 209,702

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 50,033	$ 61,653	$ 149,753	$ 206,407

- Definition

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

+ References

+ Details

Segment Information

9 Months Ended

Sep. 28, 2024

Segment Information

(6) Segment Information

The

following

table summarizes information about the Company’s reportable business

segments

as of and for the thirty-

nine

-week and

thirteen

-week periods ended September

2024

and September

2023

(in thousands):


	Thirty-Nine Weeks Ended
	September 28, 2024						September 30, 2023
	Transportation Logistics		Insurance		Total		Transportation Logistics		Insurance		Total

External revenue	$	3,561,941	$	47,974	$	3,609,915	$	4,043,824	$	55,053	$	4,098,877
Internal revenue				65,411		65,411				64,138		64,138
Investment income				10,988		10,988				6,874		6,874
Operating income		141,070		50,066		191,136		222,827		46,755		269,582
Expenditures on long-lived assets		24,256				24,256		15,394				15,394
Goodwill		41,122				41,122		41,934				41,934


	Thirteen Weeks Ended
	September 28, 2024						September 30, 2023
	Transportation Logistics		Insurance		Total		Transportation Logistics		Insurance		Total
External revenue	$	1,198,334	$	15,533	$	1,213,867	$	1,271,385	$	17,960	$	1,289,345
Internal revenue				12,065		12,065				11,960		11,960
Investment income				3,922		3,922				3,022		3,022
Operating income		47,618		15,498		63,116		63,974		16,374		80,348
Expenditures on long-lived assets		7,478				7,478		2,763				2,763

In the thirty-nine-week periods ended September 28, 2024 and September 30, 2023, 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.

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+ Details

Insider Trading Arrangements	9 Months Ended
Insider Trading Arrangements	Sep. 28, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false