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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Landstar System Inc | NASDAQ:LSTR | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 189.92 | 171.78 | 199.00 | 0 | 09:05:22 |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of |
(I.R.S. Employer | |
incorporation or organization) |
Identification No.) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
☒ | Accelerated filer | ☐ | ||||
Non-accelerated filer |
☐ | Smaller reporting company | ||||
Emerging growth company |
Item 1. Financial Statements (unaudited) | ||||
Page 4 | ||||
Page 5 | ||||
Page 6 | ||||
Page 7 | ||||
Page 8 | ||||
Page 10 | ||||
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | Page 18 | |||
Page 31 | ||||
Page 32 | ||||
PART II – Other Information | ||||
Page 32 | ||||
Page 32 | ||||
Page 33 | ||||
Page 33 | ||||
Page 35 |
EX – 31.1 Section 302 CEO Certification |
EX – 31.2 Section 302 CFO Certification |
EX – 32.1 Section 906 CEO Certification |
EX – 32.2 Section 906 CFO Certification |
July 1, 2023 |
December 31, 2022 |
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ASSETS | ||||||||
Current Assets |
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Cash and cash equivalents |
$ | $ | ||||||
Short-term investments |
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Trade accounts receivable, less allowance of $ |
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Other receivables, including advances to independent contractors, less allowance of $ |
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Other current assets |
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Total current assets |
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Operating property, less accumulated depreciation and amortization of $ |
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Goodwill |
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Other assets |
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Total assets |
$ | $ | ||||||
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LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Current Liabilities |
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Cash overdraft |
$ | $ | ||||||
Accounts payable |
||||||||
Current maturities of long-term debt |
||||||||
Insurance claims |
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Dividends payable |
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Other current liabilities |
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Total current liabilities |
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Long-term debt, excluding current maturities |
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Insurance claims |
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Deferred income taxes and other noncurrent liabilities |
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Shareholders’ Equity |
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Common stock, $ |
||||||||
Additional paid-in capital |
||||||||
Retained earnings |
||||||||
Cost of |
( |
) | ( |
) | ||||
Accumulated other comprehensive loss |
( |
) | ( |
) | ||||
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Total shareholders’ equity |
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Total liabilities and shareholders’ equity |
$ | $ | ||||||
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Twenty Six Weeks Ended |
Thirteen Weeks Ended |
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July 1, 2023 |
June 25, 2022 |
July 1, 2023 |
June 25, 2022 |
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Revenue |
$ | $ | $ | $ | ||||||||||||
Investment income |
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Costs and expenses: |
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Purchased transportation |
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Commissions to agents |
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Other operating costs, net of gains on asset sales/dispositions |
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Insurance and claims |
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Selling, general and administrative |
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Depreciation and amortization |
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Total costs and expenses |
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Operating income |
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Interest and debt (income) expense |
( |
) | ( |
) | ||||||||||||
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Income before income taxes |
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Income taxes |
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Net income |
$ | $ | $ | |||||||||||||
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Diluted earnings per share |
$ | $ | $ | $ | ||||||||||||
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Average diluted shares outstanding |
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Dividends per common share |
$ | $ | $ | $ | ||||||||||||
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Twenty Six Weeks Ended |
Thirteen Weeks Ended |
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July 1, 2023 |
June 25, 2022 |
July 1, 2023 |
June 25, 2022 |
|||||||||||||
Net income |
$ | $ | $ | $ | ||||||||||||
Other comprehensive income (loss): |
||||||||||||||||
Unrealized holding gains (losses) on available-for-sale |
( |
) | ( |
) | ( |
) | ||||||||||
Foreign currency translation gains (losses) |
( |
) | ||||||||||||||
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Other comprehensive income (loss) |
( |
) | ( |
) | ||||||||||||
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|||||||||
Comprehensive income |
$ | $ | $ | $ | ||||||||||||
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Twenty Six Weeks Ended |
||||||||
July 1, 2023 |
June 25, 2022 |
|||||||
OPERATING ACTIVITIES |
||||||||
Net income |
$ | $ | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
Depreciation and amortization |
||||||||
Non-cash interest charges |
||||||||
Provisions for losses on trade and other accounts receivable |
||||||||
Gains on sales/disposals of operating property |
( |
) | ( |
) | ||||
Deferred income taxes, net |
( |
) | ||||||
Stock-based compensation |
||||||||
Changes in operating assets and liabilities: |
||||||||
Decrease (increase) in trade and other accounts receivable |
( |
) | ||||||
Increase in other assets |
( |
) | ( |
) | ||||
(Decrease) increase in accounts payable |
( |
) | ||||||
Decrease in other liabilities |
( |
) | ( |
) | ||||
(Decrease) increase in insurance claims |
( |
) | ||||||
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NET CASH PROVIDED BY OPERATING ACTIVITIES |
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INVESTING ACTIVITIES |
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Sales and maturities of investments |
||||||||
Purchases of investments |
( |
) | ( |
) | ||||
Purchases of operating property |
( |
) | ( |
) | ||||
Proceeds from sales of operating property |
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Purchase of non-marketable securities |
( |
) | ||||||
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NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES |
( |
) | ||||||
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FINANCING ACTIVITIES |
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Decrease in cash overdraft |
( |
) | ( |
) | ||||
Dividends paid |
( |
) | ( |
) | ||||
Proceeds from exercises of stock options |
||||||||
Taxes paid in lieu of shares issued related to stock-based compensation plans |
( |
) | ( |
) | ||||
Purchases of common stock |
( |
) | ( |
) | ||||
Principal payments on finance lease obligations |
( |
) | ( |
) | ||||
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|
|||||
NET CASH USED BY FINANCING ACTIVITIES |
( |
) | ( |
) | ||||
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Effect of exchange rate changes on cash and cash equivalents |
( |
) | ||||||
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|||||
Increase (decrease) in cash, cash equivalents and restricted cash |
( |
) | ||||||
Cash, cash equivalents and restricted cash at beginning of period |
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|||||
Cash and cash equivalents at end of period |
$ | $ | ||||||
|
|
|
|
Common Stock |
Additional Paid-In |
Retained |
Treasury Stock at Cost |
Accumulated Other Comprehensive |
Total |
|||||||||||||||||||||||||||
Shares |
Amount |
Capital |
Earnings |
Shares |
Amount |
(Loss) Income |
||||||||||||||||||||||||||
Balance December 31, 2022 |
$ | $ | $ | $ | ( |
) | $ | ( |
) | $ | ||||||||||||||||||||||
Net income |
||||||||||||||||||||||||||||||||
Dividends ($ |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Purchases of common stock |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Issuance of stock related to stock-based compensation plans |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Stock-based compensation |
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Other comprehensive income |
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Balance April 1, 2023 |
$ | $ | $ |
$ | ( |
) | $ | ( |
) | $ |
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Net income |
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Dividends ($ |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Issuance of stock related to stock-based compensation plans |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Stock-based compensation |
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Other comprehensive income |
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Balance July 1, 2023 |
$ | $ | $ | $ | ( |
) | $ | ( |
) | $ | ||||||||||||||||||||||
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|
Common Stock |
Additional Paid-In |
Retained |
Treasury Stock at Cost |
Accumulated Other Comprehensive |
||||||||||||||||||||||||||||
Shares |
Amount |
Capital |
Earnings |
Shares |
Amount |
Loss |
Total |
|||||||||||||||||||||||||
Balance December 25, 2021 |
$ | $ | $ | $ | ( |
) | $ | ( |
) | $ | ||||||||||||||||||||||
Net income |
||||||||||||||||||||||||||||||||
Dividends ($ |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Purchases of common stock |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Issuance of stock related to stock-based compensation plans |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Stock-based compensation |
||||||||||||||||||||||||||||||||
Other comprehensive loss |
( |
) | ( |
) | ||||||||||||||||||||||||||||
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Balance March 26, 2022 |
$ | $ | $ | $ | ( |
) | $ | ( |
) | $ | ||||||||||||||||||||||
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Net income |
||||||||||||||||||||||||||||||||
Dividends ($ |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Purchases of common stock |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Issuance of stock related to stock-based compensation plans |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Stock-based compensation |
||||||||||||||||||||||||||||||||
Other comprehensive loss |
( |
) | ( |
) | ||||||||||||||||||||||||||||
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|
|||||||||||||||||
Balance June 25, 2022 |
$ | $ | $ | $ | ( |
) | $ | ( |
) | $ | ||||||||||||||||||||||
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|
(1) |
Significant Accounting Policies |
Twenty Six Weeks Ended |
Thirteen Weeks Ended |
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Mode |
July 1, 2023 |
June 25, 2022 |
July 1, 2023 |
June 25, 2022 |
||||||||||||
Truck – BCO Independent Contractors |
% | % | % | % | ||||||||||||
Truck – Truck Brokerage Carriers |
% | % | % | % | ||||||||||||
Rail intermodal |
% | % | % | % | ||||||||||||
Ocean and air cargo carriers |
% | % | % | % | ||||||||||||
Truck Equipment Type |
||||||||||||||||
Van equipment |
$ | $ | $ |
$ | ||||||||||||
Unsided/platform equipment |
$ | $ | $ | $ | ||||||||||||
Less-than-truckload |
$ | $ | $ | $ | ||||||||||||
Other truck transportation (1) |
$ | $ | $ | $ |
(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 . |
Twenty Six Weeks Ended |
Thirteen Weeks Ended |
|||||||||||||||
July 1, 2023 |
June 25, 2022 |
July 1, 2023 |
June 25, 2022 |
|||||||||||||
Total cost of the Plans during the period |
$ | $ | $ | $ | ||||||||||||
Amount of related income tax benefit recognized during the period |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
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Net cost of the Plans during the period |
$ | ( |
) | $ | $ | $ | ||||||||||
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Number of RSUs |
Weighted Average Grant Date Fair Value |
|||||||
Outstanding at December 31, 2022 |
$ | |||||||
Granted |
$ | |||||||
Shares earned in excess of target (1) |
$ | |||||||
Vested shares, including shares earned in excess of target |
( |
) | $ | |||||
Forfeited |
( |
) | $ | |||||
|
|
|||||||
Outstanding at July 1, 2023 |
$ | |||||||
|
|
(1) |
Represents additional shares earned under the February 1, 2019 and January 31, 2020 RSU awards as fiscal year 2022 financial results exceeded target performance level and 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. |
Number of Shares and Deferred Stock Units |
Weighted Average Grant Date Fair Value |
|||||||
Non-vested at December 31, 2022 |
$ | |||||||
Granted |
$ | |||||||
Vested |
( |
) | $ | |||||
Non-vested at July 1, 2023 |
$ | |||||||
Twenty Six Weeks Ended |
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July 1, 2023 |
June 25, 2022 |
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Transportation Logistics |
Insurance |
Total |
Transportation Logistics |
Insurance |
Total |
|||||||||||||||||||
External revenue |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
Internal revenue |
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Investment income |
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Operating income |
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Expenditures on long-lived assets |
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Goodwill |
Thirteen Weeks Ended |
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July 1, 2023 |
June 25, 2022 |
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Transportation Logistics |
Insurance |
Total |
Transportation Logistics |
Insurance |
Total |
|||||||||||||||||||
External revenue |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
Internal revenue |
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Investment income |
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Operating income |
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Expenditures on long-lived assets |
Unrealized Holding (Losses) Gains on Available-for-Sale Securities |
Foreign Currency Translation |
Total |
||||||||||
Balance as of December 31, 2022 |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||
Other comprehensive income |
||||||||||||
Balance as of July 1, 2023 |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||
Amortized Cost |
Gross Unrealized Gains |
Gross Unrealized Losses |
Fair Value |
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July 1, 2023 |
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Money market investments |
$ | $ | $ | $ | ||||||||||||
Asset-backed securities |
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Corporate bonds and direct obligations of government agencies |
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U.S. Treasury obligations |
||||||||||||||||
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|
|||||||||
Total |
$ | $ | $ | $ | ||||||||||||
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December 31, 2022 |
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Money market investments |
$ | $ | $ | $ | ||||||||||||
Asset-backed securities |
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Corporate bonds and direct obligations of government agencies |
||||||||||||||||
U.S. Treasury obligations |
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|||||||||
Total |
$ | $ | $ | $ | ||||||||||||
|
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|
|
Less than 12 months |
12 months or longer |
Total |
||||||||||||||||||||||
Fair Value |
Unrealized Loss |
Fair Value |
Unrealized Loss |
Fair Value |
Unrealized Loss |
|||||||||||||||||||
July 1, 2023 |
||||||||||||||||||||||||
Asset-backed securities |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
Corporate bonds and direct obligations of government agencies |
||||||||||||||||||||||||
U.S. Treasury obligations |
||||||||||||||||||||||||
|
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|
|||||||||||||
Total |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
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December 31, 2022 |
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Asset-backed securities |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
Corporate bonds and direct obligations of government agencies |
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U.S. Treasury obligations |
||||||||||||||||||||||||
|
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|
|||||||||||||
Total |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
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Finance leases: |
||||
Amortization of right-of-use |
$ | |||
Interest on lease liability |
||||
|
|
|||
Total finance lease cost |
||||
Operating leases: |
||||
Lease cost |
||||
Variable lease cost |
||||
Sublease income |
( |
) | ||
|
|
|||
Total net operating lease income |
( |
) | ||
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|
|||
Total net lease cost |
$ | |||
|
|
Assets: |
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|
|
|
|
|
Operating lease right-of-use |
Other assets | $ | ||||
Finance lease assets |
Operating property, less accumulated depreciation and amortization | |||||
|
|
|||||
Total lease assets |
$ | |||||
|
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|
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|
|
|
Liabilities: |
|
|
|
|
|
|
Finance Leases |
Operating Leases |
|||||||
2023 Remainder |
$ | $ | ||||||
2024 |
||||||||
2025 |
||||||||
2026 |
||||||||
2027 |
||||||||
Thereafter |
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|
|||||
Total future minimum lease payments |
||||||||
Less amount representing interest ( |
||||||||
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|
|
|
|||||
Present value of minimum lease payments |
$ | $ | ||||||
|
|
|
|
|||||
Current maturities of long-term debt |
||||||||
Long-term debt, excluding current maturities |
||||||||
|
||||||||
|
Finance Leases | Operating Leases | |||||||
Weighted average remaining lease term (years) |
||||||||
Weighted average discount rate |
% | % |
Twenty Six Weeks Ended |
Thirteen Weeks Ended |
|||||||||||||||
July 1, 2023 |
June 25, 2022 |
July 1, 2023 |
June 25, 2022 |
|||||||||||||
Revenue generated through (in thousands): |
||||||||||||||||
Truck transportation |
||||||||||||||||
Truckload: |
||||||||||||||||
Van equipment |
$ | 1,458,124 | $ | 2,108,143 | $ | 703,041 | $ | 1,026,938 | ||||||||
Unsided/platform equipment |
772,336 | 883,032 | 394,772 | 474,274 | ||||||||||||
Less-than-truckload |
62,673 | 70,651 | 31,115 | 36,931 | ||||||||||||
Other truck transportation (1) |
277,520 | 436,656 | 118,017 | 209,055 | ||||||||||||
Total truck transportation |
2,570,653 | 3,498,482 | 1,246,945 | 1,747,198 | ||||||||||||
Rail intermodal |
50,889 | 86,110 | 25,232 | 43,422 | ||||||||||||
Ocean and air cargo carriers |
136,534 | 310,904 | 75,441 | 158,847 | ||||||||||||
Other (2) |
51,456 | 50,167 | 26,239 | 25,597 | ||||||||||||
$ | 2,809,532 | $ | 3,945,663 | $ | 1,373,857 | $ | 1,975,064 | |||||||||
Revenue on loads hauled via BCO Independent Contractors included in total truck transportation |
$ | 1,034,881 | $ | 1,415,963 | $ | 515,355 | $ | 688,389 | ||||||||
Number of loads: |
||||||||||||||||
Truck transportation |
||||||||||||||||
Truckload: |
||||||||||||||||
Van equipment |
655,036 | 763,750 | 323,082 | 387,482 | ||||||||||||
Unsided/platform equipment |
263,185 | 279,345 | 135,613 | 147,516 | ||||||||||||
Less-than-truckload |
93,066 | 96,828 | 46,874 | 48,985 | ||||||||||||
Other truck transportation (1) |
110,373 | 166,747 | 52,311 | 80,817 | ||||||||||||
Total truck transportation |
1,121,660 | 1,306,670 | 557,880 | 664,800 | ||||||||||||
Rail intermodal |
15,390 | 24,220 | 7,630 | 11,590 | ||||||||||||
Ocean and air cargo carriers |
16,750 | 22,890 | 8,310 | 11,330 | ||||||||||||
1,153,800 | 1,353,780 | 573,820 | 687,720 | |||||||||||||
Loads hauled via BCO Independent Contractors included in total truck transportation |
463,910 | 527,830 | 231,360 | 265,590 | ||||||||||||
Revenue per load: |
||||||||||||||||
Truck transportation |
||||||||||||||||
Truckload: |
||||||||||||||||
Van equipment |
$ | 2,226 | $ | 2,760 | $ | 2,176 | $ | 2,650 | ||||||||
Unsided/platform equipment |
2,935 | 3,161 | 2,911 | 3,215 | ||||||||||||
Less-than-truckload |
673 | 730 | 664 | 754 | ||||||||||||
Other truck transportation (1) |
2,514 | 2,619 | 2,256 | 2,587 | ||||||||||||
Total truck transportation |
2,292 | 2,677 | 2,235 | 2,628 | ||||||||||||
Rail intermodal |
3,307 | 3,555 | 3,307 | 3,747 | ||||||||||||
Ocean and air cargo carriers |
8,151 | 13,583 | 9,078 | 14,020 | ||||||||||||
Revenue per load on loads hauled via BCO Independent Contractors |
$ | 2,231 | $ | 2,683 | $ | 2,228 | $ | 2,592 | ||||||||
Revenue by capacity type (as a % of total revenue): |
||||||||||||||||
Truck capacity providers: |
||||||||||||||||
BCO Independent Contractors |
37 | % | 36 | % | 38 | % | 35 | % | ||||||||
Truck Brokerage Carriers |
55 | % | 53 | % | 53 | % | 54 | % | ||||||||
Rail intermodal |
2 | % | 2 | % | 2 | % | 2 | % | ||||||||
Ocean and air cargo carriers |
5 | % | 8 | % | 5 | % | 8 | % | ||||||||
Other |
2 | % | 1 | % | 2 | % | 1 | % |
(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. |
(2) |
Includes primarily reinsurance premium revenue generated by the insurance segment and intra-Mexico transportation services revenue generated by Landstar Metro. |
July 1, 2023 |
June 25, 2022 |
|||||||
BCO Independent Contractors |
9,748 | 11,023 | ||||||
Truck Brokerage Carriers: |
||||||||
Approved and active (1) |
58,303 | 70,649 | ||||||
Other approved |
29,503 | 29,454 | ||||||
87,806 | 100,103 | |||||||
Total available truck capacity providers |
97,554 | 111,126 | ||||||
Trucks provided by BCO Independent Contractors |
10,548 | 11,887 |
(1) |
Active refers to Truck Brokerage Carriers who moved at least one load in the 180 days immediately preceding the fiscal quarter end. |
Twenty Six Weeks Ended |
Thirteen Weeks Ended |
|||||||||||||||
July 1, 2023 |
June 25, 2022 |
July 1, 2023 |
June 25, 2022 |
|||||||||||||
Revenue |
$ | 2,809,532 | $ | 3,945,663 | $ | 1,373,857 | $ | 1,975,064 | ||||||||
Costs of revenue: |
||||||||||||||||
Purchased transportation |
2,154,491 | 3,096,018 | 1,053,197 | 1,545,688 | ||||||||||||
Commissions to agents |
248,153 | 311,634 | 122,478 | 161,856 | ||||||||||||
Variable costs of revenue |
2,402,644 | 3,407,652 | 1,175,675 | 1,707,544 | ||||||||||||
Trailing equipment depreciation |
16,519 | 18,363 | 8,150 | 9,280 | ||||||||||||
Information technology costs |
13,493 | 9,039 | 6,742 | 4,993 | ||||||||||||
Insurance-related costs (1) |
58,382 | 66,441 | 30,122 | 34,786 | ||||||||||||
Other operating costs |
25,840 | 21,522 | 13,462 | 10,381 | ||||||||||||
Other costs of revenue |
114,234 | 115,365 | 58,476 | 59,440 | ||||||||||||
Total costs of revenue |
2,516,878 | 3,523,017 | 1,234,151 | 1,766,984 | ||||||||||||
Gross profit |
$ | 292,654 | $ | 422,646 | $ | 139,706 | $ | 208,080 | ||||||||
Gross profit margin |
10.4% | 10.7% | 10.2% | 10.5% | ||||||||||||
Plus: other costs of revenue |
114,234 | 115,365 | 58,476 | 59,440 | ||||||||||||
Variable contribution |
$ | 406,888 | $ | 538,011 | $ | 198,182 | $ | 267,520 | ||||||||
Variable contribution margin |
14.5% | 13.6% | 14.4% | 13.5% |
(1) | Insurance-related costs in the table above include (i) other costs of revenue related to the transportation of freight that are included as a portion of insurance and claims in the Company’s Consolidated Statements of Income and (ii) certain other costs of revenue related to reinsurance premiums received by Signature that are included as a portion of selling, general and administrative in the Company’s Consolidated Statements of Income. Insurance and claims costs included in other costs of revenue relating to the transportation of freight primarily consist of insurance premiums paid for commercial auto liability, general liability, cargo and other lines of coverage related to the transportation of freight and the related cost of claims incurred under those programs, and, to a lesser extent, the cost of claims incurred under insurance programs available to BCO Independent Contractors that are reinsured by Signature. Other insurance and claims costs included in costs of revenue that are included in selling, general and administrative in the Company’s Consolidated Statements of Income consist of brokerage commissions and other fees incurred by Signature relating to the administration of insurance programs available to BCO Independent Contractors that are reinsured by Signature. |
Twenty Six Weeks Ended |
Thirteen Weeks Ended |
|||||||||||||||
July 1, 2023 |
June 25, 2022 |
July 1, 2023 |
June 25, 2022 |
|||||||||||||
Gross profit |
$ | 292,654 | $ | 422,646 | $ | 139,706 | $ | 208,080 | ||||||||
Operating income |
$ | 189,234 | $ | 313,251 | $ | 87,950 | $ | 150,418 | ||||||||
Operating income as % of gross profit |
64.7 |
% |
74.1 |
% |
63.0 |
% |
72.3 |
% | ||||||||
Variable contribution |
$ | 406,888 | $ | 538,011 | $ | 198,182 | $ | 267,520 | ||||||||
Operating income |
$ | 189,234 | $ | 313,251 | $ | 87,950 | $ | 150,418 | ||||||||
Operating income as % of variable contribution |
46.5 |
% |
58.2 |
% |
44.4 |
% |
56.2 |
% |
+ | Management contract or compensatory plan or arrangement |
* | Filed herewith |
** | Furnished herewith |
LANDSTAR SYSTEM, INC. | ||||
Date: August 4, 2023 | /s/ James B. Gattoni | |||
James B. Gattoni | ||||
President and Chief Executive Officer | ||||
Date: August 4, 2023 | /s/ James P. Todd | |||
James P. Todd | ||||
Vice President, Chief Financial Officer and Assistant Secretary |
EXHIBIT 31.1
SECTION 302 CERTIFICATION
I, James B. Gattoni, certify that:
1. | I have reviewed this quarterly report on Form 10-Q of Landstar System, Inc.; |
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrants other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions):
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
Date: August 4, 2023
/s/ James B. Gattoni |
James B. Gattoni |
President and Chief Executive Officer |
EXHIBIT 31.2
SECTION 302 CERTIFICATION
I, James P. Todd, certify that:
1. | I have reviewed this quarterly report on Form 10-Q of Landstar System, Inc.; |
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrants other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions):
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
Date: August 4, 2023
/s/ James P. Todd |
James P. Todd |
Vice President, Chief Financial Officer and Assistant Secretary |
EXHIBIT 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Landstar System, Inc. (the Company) on Form 10-Q for the period ending July 1, 2023, as filed with the Securities and Exchange Commission on the date hereof (the Report), I, James B. Gattoni, President and Chief Executive Officer of the Company, certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1) | The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities and Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: August 4, 2023
/s/ James B. Gattoni |
James B. Gattoni |
President and Chief Executive Officer |
EXHIBIT 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Landstar System, Inc. (the Company) on Form 10-Q for the period ending July 1, 2023, as filed with the Securities and Exchange Commission on the date hereof (the Report), I, James P. Todd, Vice President, Chief Financial Officer and Assistant Secretary of the Company, certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1) | The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities and Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: August 4, 2023
/s/ James P. Todd |
James P. Todd |
Vice President, Chief Financial Officer and Assistant Secretary |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Jul. 01, 2023 |
Dec. 31, 2022 |
---|---|---|
Allowance on trade accounts receivable | $ 12,715 | $ 12,121 |
Allowance on other receivables | 13,673 | 10,579 |
Accumulated depreciation and amortization on operating property | $ 417,364 | $ 393,274 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, authorized shares | 160,000,000 | 160,000,000 |
Common stock, issued shares | 68,497,324 | 68,382,310 |
Treasury stock, shares | 32,550,852 | 32,455,300 |
Consolidated Statements of Income - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 01, 2023 |
Jun. 25, 2022 |
Jul. 01, 2023 |
Jun. 25, 2022 |
|
Revenue | $ 1,373,857 | $ 1,975,064 | $ 2,809,532 | $ 3,945,663 |
Investment income | 2,484 | 586 | 3,852 | 1,307 |
Costs and expenses: | ||||
Purchased transportation | 1,053,197 | 1,545,688 | 2,154,491 | 3,096,018 |
Commissions to agents | 122,478 | 161,856 | 248,153 | 311,634 |
Other operating costs, net of gains on asset sales/dispositions | 13,462 | 10,381 | 25,840 | 21,522 |
Insurance and claims | 29,784 | 34,052 | 57,431 | 64,820 |
Selling, general and administrative | 54,529 | 58,967 | 108,096 | 111,680 |
Depreciation and amortization | 14,941 | 14,288 | 30,139 | 28,045 |
Total costs and expenses | 1,288,391 | 1,825,232 | 2,624,150 | 3,633,719 |
Operating income | 87,950 | 150,418 | 189,234 | 313,251 |
Interest and debt (income) expense | (307) | 1,105 | (1,033) | 2,228 |
Income before income taxes | 88,257 | 149,313 | 190,267 | 311,023 |
Income taxes | 21,698 | 36,758 | 45,513 | 73,629 |
Net income | $ 66,559 | $ 112,555 | $ 144,754 | $ 237,394 |
Diluted earnings per share | $ 1.85 | $ 3.05 | $ 4.03 | $ 6.39 |
Average diluted shares outstanding | 35,941,000 | 36,905,000 | 35,962,000 | 37,162,000 |
Dividends per common share | $ 0.3 | $ 0.25 | $ 0.6 | $ 0.5 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 01, 2023 |
Jun. 25, 2022 |
Jul. 01, 2023 |
Jun. 25, 2022 |
|
Net income | $ 66,559 | $ 112,555 | $ 144,754 | $ 237,394 |
Other comprehensive income (loss): | ||||
Unrealized holding gains (losses) on available-for-sale investments, net of tax expense (benefit) of $214, ($2,025), ($92) and ($604) | (338) | (2,204) | 782 | (7,391) |
Foreign currency translation gains (losses) | 2,120 | (802) | 3,831 | 473 |
Other comprehensive income (loss) | 1,782 | (3,006) | 4,613 | (6,918) |
Comprehensive income | $ 68,341 | $ 109,549 | $ 149,367 | $ 230,476 |
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 01, 2023 |
Jun. 25, 2022 |
Jul. 01, 2023 |
Jun. 25, 2022 |
|
Unrealized holding gains (losses) on available-for-sale investments, net of tax expense (benefit) | $ (92) | $ (604) | $ 214 | $ (2,025) |
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jul. 01, 2023 |
Apr. 01, 2023 |
Jun. 25, 2022 |
Mar. 26, 2022 |
Jul. 01, 2023 |
Jun. 25, 2022 |
|
Dividends per common share | $ 0.3 | $ 0.3 | $ 0.25 | $ 0.25 | $ 0.6 | $ 0.5 |
Significant Accounting Policies |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 01, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 July 1, 2023 and June 25, 2022 (dollars in thousands):
|
Share-based Payment Arrangements |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 01, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangements | (2) Share-based Payment Arrangements As of July 1, 2023, the Company has an employee equity incentive plan, the 2011 equity incentive plan (the “2011 EIP”). The Company also has a stock compensation plan for members of its Board of Directors, the 2022 Directors Stock Compensation Plan (the “2022 DSCP”), which replaced the Amended and Restated 2013 Directors Stock Compensation Plan (as amended and restated, the “2013 DSCP”). The provisions of the 2022 DSCP are substantially similar to the provisions of the 2013 DSCP. 6,000,000 shares of the Company’s common stock were authorized for issuance under the 2011 EIP and 200,000 shares of the Company’s common stock were authorized for issuance under the 2022 DSCP. The 2011 EIP, 2013 DSCP and 2022 DSCP are each referred to herein as a “Plan,” and, collectively, as the “Plans.” Amounts recognized in the financial statements with respect to these Plans are as follows (in thousands):
Included in income tax benefits recognized in the twenty-six-week As of July 1, 2023, there were 187,260 shares of the Company’s common stock reserved for issuance under the 2022 DSCP and 3,011,856 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:
During the twenty-six-week 10-K. RSUs with a performance condition granted on February 3, 2023 may vest on January 31 of 2026, 2027 and 2028 based on growth in operating income and pre-tax income per diluted share from continuing operations as compared to the results from the 2022 fiscal year. The Company recognized approximately twenty-six-week million of total unrecognized compensation cost related to RSU awards granted under the Plans with an expected average remaining life of approximately 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:
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, third or fifth anniversary of the date of the grant. For restricted stock awards granted under the 2022 DSCP, each recipient may elect to defer receipt of shares and instead receive restricted stock units (“Deferred Stock Units”), which represent contingent rights to receive shares of the Company’s common stock on the date of recipient separation 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 July 1, 2023, there was $5,691,000 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 2.1 years. Stock Options All 1,900 stock options outstanding and exercisable at December 31, 2022 were exercised at an exercise price of $56.40 as of January 31, 2023, following which the Company had no remaining issued and outstanding vested or unvested stock options. The total intrinsic value of stock options exercised during the twenty-six-week As of July 1, 2023, there was no unrecognized compensation cost related to
non-vested stock options granted under the Plans. |
Income Taxes |
6 Months Ended |
---|---|
Jul. 01, 2023 | |
Income Taxes | (3) Income Taxes The provisions for income taxes for the 2023 and 2022
twenty-six-week non-deductible meals and entertainment. The estimated annual effective income tax rate was higher than the statutory federal income tax rate of 21% in the 2022 period primarily attributable to state taxes and non-deductible executive compensation. The effective income tax rate for the 2023 twenty-six-week twenty-six-week |
Earnings Per Share |
6 Months Ended |
---|---|
Jul. 01, 2023 | |
Earnings Per Share [Abstract] | |
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 2023 and 2022 twenty-six-week 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 |
Additional Cash Flow Information |
6 Months Ended |
---|---|
Jul. 01, 2023 | |
Additional Cash Flow Information | (5) Additional Cash Flow Information During the 2023
twenty-six-week twenty-six-week twenty-six-week twenty-six-week |
Segment Information |
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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
In the twenty- six -week |
Other Comprehensive Income |
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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 twenty-six-week
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 |
Investments |
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Investments | (8) Investments Investments include primarily investment-grade corporate bonds, U.S. treasury obligations 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 available-for-sale non-credit-related factors are to be included as a component of shareholders’ equity. Investments whose values are based on quoted market prices in active markets are classified within Level 1. Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, are classified within Level 2. As Level 2 investments include positions that are not traded in active markets, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information. Any transfers between levels are recognized as of the beginning of any reporting period. Fair value of the bond portfolio was determined using Level 1 inputs related to U.S. Treasury obligations and money market investments and Level 2 inputs related to investment-grade corporate bonds, asset-backed securities and direct obligations of government agencies. Unrealized losses, net of unrealized gains, on the investments in the bond portfolio were $9,767,000 and $10,763,000 at July 1, 2023 and December 31, 2022, respectively. The amortized cost and fair values of available-for-sale
For those available-for-sale
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.
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Leases |
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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 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” Most of Landstar’s operating leases include one or more options to renew. The exercise of lease renewal options is typically at Landstar’s sole discretion, and, as such, the majority of renewals to extend the lease terms are not included in the right-of-use As most of Landstar’s operating leases do not provide an implicit rate, Landstar utilized its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments. Landstar has a centrally managed treasury function; therefore, based on the applicable lease terms and the current economic environment, the Company applies a portfolio approach for determining the incremental borrowing rate. The components of lease cost for finance leases and operating leases for the twenty six weeks ended July 1, 2023 were (in thousands):
A summary of the lease classification on our consolidated balance sheet as of July 1, 2023 is as follows (in thousands):
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 July 1, 2023 (in thousands):
The weighted average remaining lease term and the weighted average discount rate for finance and operating leases as of July 1, 2023 were:
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Debt |
6 Months Ended |
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Jul. 01, 2023 | |
Debt | (10) Debt Other than the finance lease obligations as presented on the consolidated balance sheets, the Company had no outstanding debt as of July 1, 2023 and December 31, 2022. On July 1, 2022, Landstar entered into a second amended and restated credit agreement with a bank syndicate led by JPMorgan Chase Bank, N.A., as administrative agent (the “Credit Agreement”). The Credit Agreement, which matures July 1, 2027, provides for borrowing capacity in the form of a revolving credit facility of $300,000,000, $45,000,000 of which may be utilized in the form of letters of credit. The Credit Agreement also includes an “accordion” feature providing for a possible increase of up to an aggregate amount of borrowing capacity of $600,000,000. As of July 1, 2023, the Company had no borrowings outstanding under the Credit Agreement. The revolving credit loans under the Credit Agreement, at the option of Landstar, bear interest at (i) a forward-looking term rate based on the secured overnight financing rate plus 0.10% and an applicable margin ranging from 1.25% to 2.00%, or (ii) an alternate base rate plus an applicable margin ranging from 0.25% to 1.00%, in each case with the applicable margin determined based upon the Company’s Leverage Ratio, as defined in the Credit Agreement, at the end of the most recent applicable fiscal quarter for which financial statements have been delivered. The revolving credit facility bears a commitment fee, payable quarterly in arrears, of 0.20% to 0.30%, based on the Company’s Leverage Ratio at the end of the most recent applicable fiscal quarter for which financial statements have been delivered. The Credit Agreement contains a number of covenants that limit, among other things, the incurrence of additional indebtedness. The Company is required to, among other things, maintain a minimum fixed charge coverage ratio, as described in the Credit Agreement, and maintain a Leverage Ratio, as defined in the Credit Agreement, below a specified maximum. The Credit Agreement provides for a restriction on cash dividends and other distributions to stockholders on the Company’s capital stock to the extent there is a default under the Credit Agreement. In addition, the Credit Agreement under certain circumstances limits the amount of such cash dividends and other distributions to stockholders to the extent that, after giving effect to any payment made to effect such cash dividend or other distribution, the Leverage Ratio would exceed 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.
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Commitments and Contingencies |
6 Months Ended |
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Jul. 01, 2023 | |
Commitments and Contingencies | (11) Commitments and Contingencies Short-term investments include $58,574,000 in current maturities of investments held by the Company’s insurance segment at July 1, 2023. The non-current portion of the bond portfolio of $92,757,000 is included in other assets. The short-term investments, together with $26,500,000 of non-current investments, provide collateral for the $76,567,000 of letters of credit issued to guarantee payment of insurance claims. As of July 1, 2023, Landstar also had $33,492,000 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.
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Significant Accounting Policies (Policies) |
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Revenue from Contracts with Customers – Disaggregation of Revenue | Revenue from Contracts with Customers – Disaggregation of Revenue The following table summarizes (i) the percentage of consolidated revenue generated by mode of transportation and (ii) the total amount of truck transportation revenue hauled by BCO Independent Contractors and Truck Brokerage Carriers generated by equipment type during the twenty-six-week and thirteen-week periods ended July 1, 2023 and June 25, 2022 (dollars in thousands):
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Significant Accounting Policies (Tables) |
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Schedule of Disaggregation of Revenue | The following table summarizes (i) the percentage of consolidated revenue generated by mode of transportation and (ii) the total amount of truck transportation revenue hauled by BCO Independent Contractors and Truck Brokerage Carriers generated by equipment type during the twenty-six-week and thirteen-week periods ended July 1, 2023 and June 25, 2022 (dollars in thousands):
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Share-based Payment Arrangements (Tables) |
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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):
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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:
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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:
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Segment Information (Tables) |
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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
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Other Comprehensive Income (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 01, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of and Changes in Accumulated Other Comprehensive Income, Net of Related Income Taxes | The following table presents the components of and changes in accumulated other comprehensive (loss) income, net of related income taxes, as of and for the twenty-six-week
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Investments (Tables) |
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Jul. 01, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost and Fair Value of Available-for-Sale Investments | The amortized cost and fair values of available-for-sale
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Schedule of Unrealized Loss on Available-for-Sale Investments | For those available-for-sale
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Leases (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 01, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease, Cost [Table Text Block] | The components of lease cost for finance leases and operating leases for the twenty six weeks ended July 1, 2023 were (in thousands):
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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 July 1, 2023 is as follows (in thousands):
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Finance And Operating Lease Maturity [Table Text Block] | The following table reconciles the undiscounted cash flows for the finance and operating leases to the finance and operating lease liabilities recorded on the balance sheet at July 1, 2023 (in thousands):
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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 July 1, 2023 were:
|
Share-based Payment Arrangements - Additional Information (Detail) - USD ($) |
6 Months Ended | |||
---|---|---|---|---|
Jan. 31, 2023 |
Jul. 01, 2023 |
Jun. 25, 2022 |
Dec. 31, 2022 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Excess tax benefit from stock-based awards | $ 2,825,000 | $ 2,844,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,900 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 1,900 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 56.4 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 56.4 | |||
Issued and outstanding vested | 0 | |||
Issued and outstanding unvested | 0 | |||
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Recognized share-based compensation expense | 1,294,000 | 4,203,000 | ||
Unrecognized compensation cost, other than options | $ 29,800,000 | |||
Unrecognized compensation cost expected to be recognized over period, years | 3 years 8 months 12 days | |||
Non Vested Restricted Stock and Deferred Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost, other than options | $ 5,691,000 | |||
Unrecognized compensation cost expected to be recognized over period, years | 2 years 1 month 6 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, or 100% on the first, third or fifth anniversary of the date of the grant. For restricted stock awards granted under the 2022 DSCP, each recipient may elect to defer receipt of shares and instead receive restricted stock units (“Deferred Stock Units”), which represent contingent rights to receive shares of the Company’s common stock on the date of recipient separation | |||
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 | $ 369,000 | ||
Unrecognized compensation cost, stock options | $ 0 | |||
Maximum | Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum percentage of target available for common share issuance | 100.00% | |||
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 | 3,011,856 | |||
2022 Directors Stock Compensation Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock authorized for issuance | 200,000 | |||
Common stock reserved for issuance | 187,260 | |||
2022 Directors Stock Compensation Plan | Deferred Stock Unit | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock vesting percentage | 100.00% |
Amounts Recognized in Financial Statements with Respect to Plans (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 01, 2023 |
Jun. 25, 2022 |
Jul. 01, 2023 |
Jun. 25, 2022 |
|
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total cost of the Plans during the period | $ 1,274 | $ 3,815 | $ 3,126 | $ 5,810 |
Amount of related income tax benefit recognized during the period | (841) | (910) | (3,592) | (4,270) |
Net cost of the Plans during the period | $ 433 | $ 2,905 | $ (466) | $ 1,540 |
Schedule of Information on Restricted Stock Units (Detail) - Restricted Stock Units (RSUs) |
6 Months Ended |
---|---|
Jul. 01, 2023
$ / shares
shares
| |
Number of Shares | |
Beginning Balance | shares | 151,780 |
Granted | shares | 41,317 |
Shares earned in excess of target | shares | 79,176 |
Vested shares, including shares earned in excess of target | shares | (137,861) |
Forfeited | shares | (554) |
Ending Balance | shares | 133,858 |
Weighted Average Grant Date Fair Value | |
Beginning Balance | $ / shares | $ 115.8 |
Granted | $ / shares | 165.14 |
Shares earned in excess of target | $ / shares | 98.39 |
Vested shares, including shares earned in excess of target | $ / shares | 97.97 |
Forfeited | $ / shares | 136.18 |
Ending Balance | $ / shares | $ 139.01 |
Schedule of Information on Non - Vested Restricted Stock Units (Detail) - Non Vested Restricted Stock and Deferred Stock Units |
6 Months Ended |
---|---|
Jul. 01, 2023
$ / shares
shares
| |
Number of Shares and Deferred Stock Units | |
Beginning Balance | shares | 47,795 |
Granted | shares | 22,714 |
Vested | shares | (23,640) |
Ending Balance | shares | 46,869 |
Weighted Average Grant Date Fair Value | |
Beginning Balance | $ / shares | $ 138.3 |
Granted | $ / shares | 179.32 |
Vested | $ / shares | 138.23 |
Ending Balance | $ / shares | $ 158.22 |
Income Taxes - Additional Information (Detail) |
6 Months Ended | |
---|---|---|
Jul. 01, 2023 |
Jun. 25, 2022 |
|
Income Taxes [Line Items] | ||
Corporate income tax rate | 21.00% | 21.00% |
Estimated annual effective income tax rate | 24.40% | 24.50% |
Effective income tax rate | 23.90% | 23.70% |
Earnings Per Share - Additional Information (Detail) - shares |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 25, 2022 |
Jul. 01, 2023 |
|
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 | |
---|---|---|
Jul. 01, 2023 |
Jun. 25, 2022 |
|
Supplemental Cash Flow Information [Abstract] | ||
Income taxes paid | $ 47,818,000 | $ 95,730,000 |
Interest paid | $ 1,957,000 | 2,098,000 |
Right-of-use asset obtained in exchange for finance lease liability | $ 18,073,000,000 |
Segment Information - Additional Information (Detail) - Customer |
6 Months Ended | |
---|---|---|
Jul. 01, 2023 |
Jun. 25, 2022 |
|
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 | |||
---|---|---|---|---|---|
Jul. 01, 2023 |
Jun. 25, 2022 |
Jul. 01, 2023 |
Jun. 25, 2022 |
Dec. 31, 2022 |
|
Segment Reporting Information [Line Items] | |||||
Revenue | $ 1,373,857 | $ 1,975,064 | $ 2,809,532 | $ 3,945,663 | |
Investment income | 2,484 | 586 | 3,852 | 1,307 | |
Operating income | 87,950 | 150,418 | 189,234 | 313,251 | |
Expenditures on long-lived assets | 6,398 | 3,858 | 12,631 | 7,467 | |
Goodwill | 42,166 | 40,977 | 42,166 | 40,977 | $ 41,220 |
Internal revenue [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 40,217 | 39,986 | 52,178 | 52,870 | |
Transportation Logistics | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 1,355,593 | 1,955,219 | 2,772,439 | 3,906,558 | |
Operating income | 72,691 | 139,944 | 158,853 | 291,890 | |
Expenditures on long-lived assets | 6,398 | 3,858 | 12,631 | 7,467 | |
Goodwill | 42,166 | 40,977 | 42,166 | 40,977 | |
Insurance | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 18,264 | 19,845 | 37,093 | 39,105 | |
Investment income | 2,484 | 586 | 3,852 | 1,307 | |
Operating income | 15,259 | 10,474 | 30,381 | 21,361 | |
Insurance | Internal revenue [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | $ 40,217 | $ 39,986 | $ 52,178 | $ 52,870 |
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 | 6 Months Ended | ||
---|---|---|---|---|
Jul. 01, 2023 |
Jun. 25, 2022 |
Jul. 01, 2023 |
Jun. 25, 2022 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | $ 887,221 | |||
Other comprehensive income | $ 1,782 | $ (3,006) | 4,613 | $ (6,918) |
Ending Balance | 993,561 | 993,561 | ||
Unrealized Holding (Losses) Gains on Available-for-Sale Securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (8,449) | |||
Other comprehensive income | 782 | |||
Ending Balance | (7,667) | (7,667) | ||
Foreign Currency Translation | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (6,575) | |||
Other comprehensive income | 3,831 | |||
Ending Balance | (2,744) | (2,744) | ||
Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (15,024) | |||
Other comprehensive income | 4,613 | |||
Ending Balance | $ (10,411) | $ (10,411) |
Investments - Additional Information (Detail) - USD ($) |
6 Months Ended | |
---|---|---|
Jul. 01, 2023 |
Dec. 31, 2022 |
|
Debt Securities, Available-for-sale [Line Items] | ||
Investments maximum maturity period | 5 years | |
Unrealized gain (loss), net of unrealized gains/losses, on the investments in the bond portfolio | $ (9,767,000) | $ (10,763,000) |
Amortized Cost and Fair Value of Available-for-Sale Investments (Detail) - USD ($) $ in Thousands |
Jul. 01, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 161,098 | $ 169,293 |
Gross Unrealized Gains | 2 | 1 |
Gross Unrealized Losses | 9,769 | 10,764 |
Fair Value | 151,331 | 158,530 |
Money market investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 6,264 | 21,910 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 6,264 | 21,910 |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 17,639 | 18,905 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 2,705 | 2,889 |
Fair Value | 14,934 | 16,016 |
Corporate bonds and direct obligations of government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 121,137 | 126,134 |
Gross Unrealized Gains | 1 | 1 |
Gross Unrealized Losses | 6,962 | 7,775 |
Fair Value | 114,176 | 118,360 |
U.S. Treasury obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 16,058 | 2,344 |
Gross Unrealized Gains | 1 | 0 |
Gross Unrealized Losses | 102 | 100 |
Fair Value | $ 15,957 | $ 2,244 |
Schedule of Unrealized Loss on Available-for-Sale Investments (Detail) - USD ($) $ in Thousands |
Jul. 01, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale investments with unrealized losses, Less than 12 months, Fair Value | $ 25,258 | $ 56,275 |
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss | 276 | 1,616 |
Available-for-sale investments with unrealized losses, 12 months or longer, Fair Value | 110,334 | 78,406 |
Available-for-sale investments with unrealized losses, 12 months or longer, Unrealized Loss | 9,493 | 9,148 |
Available-for-sale investments with unrealized losses, Fair Value, Total | 135,592 | 134,681 |
Available-for-sale investments with unrealized losses, Unrealized Loss, Total | 9,769 | 10,764 |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale investments with unrealized losses, Less than 12 months, Fair Value | 0 | 0 |
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss | 0 | 0 |
Available-for-sale investments with unrealized losses, 12 months or longer, Fair Value | 14,934 | 16,016 |
Available-for-sale investments with unrealized losses, 12 months or longer, Unrealized Loss | 2,705 | 2,889 |
Available-for-sale investments with unrealized losses, Fair Value, Total | 14,934 | 16,016 |
Available-for-sale investments with unrealized losses, Unrealized Loss, Total | 2,705 | 2,889 |
Corporate bonds and direct obligations of government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale investments with unrealized losses, Less than 12 months, Fair Value | 19,035 | 54,031 |
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss | 262 | 1,516 |
Available-for-sale investments with unrealized losses, 12 months or longer, Fair Value | 93,141 | 62,390 |
Available-for-sale investments with unrealized losses, 12 months or longer, Unrealized Loss | 6,700 | 6,259 |
Available-for-sale investments with unrealized losses, Fair Value, Total | 112,176 | 116,421 |
Available-for-sale investments with unrealized losses, Unrealized Loss, Total | 6,962 | 7,775 |
U.S. Treasury obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale investments with unrealized losses, Less than 12 months, Fair Value | 6,223 | 2,244 |
Available-for-sale investments with unrealized losses, Less than 12 months, Unrealized Loss | 14 | 100 |
Available-for-sale investments with unrealized losses, 12 months or longer, Fair Value | 2,259 | 0 |
Available-for-sale investments with unrealized losses, 12 months or longer, Unrealized Loss | 88 | 0 |
Available-for-sale investments with unrealized losses, Fair Value, Total | 8,482 | 2,244 |
Available-for-sale investments with unrealized losses, Unrealized Loss, Total | $ 102 | $ 100 |
Leases - Additional Information (Detail) |
Jul. 01, 2023
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 |
---|---|
Jul. 01, 2023
USD ($)
| |
Finance leases: | |
Amortization of right-of-use assets | $ 10,445 |
Interest on lease liability | 1,452 |
Total finance lease cost | 11,897 |
Operating leases: | |
Lease cost | 1,751 |
Variable lease cost | 0 |
Sublease income | (2,626) |
Total net operating lease income | (875) |
Total net lease cost | $ 11,022 |
Leases - Classification on our Consolidated Balance Sheet (Detail) $ in Thousands |
Jul. 01, 2023
USD ($)
|
---|---|
Total lease assets | $ 127,713 |
Other Assets | |
Operating lease right-of-use assets | 1,766 |
Property Plant and Equipment Net | |
Finance lease assets | $ 125,947 |
Leases - Undiscounted Cash Flows for the Finance and Operating Leases (Detail) - USD ($) $ in Thousands |
Jul. 01, 2023 |
Dec. 31, 2022 |
---|---|---|
Operating Leased Assets [Line Items] | ||
2023 Remainder | $ 18,669 | |
2024 | 28,843 | |
2025 | 22,658 | |
2026 | 14,530 | |
2027 | 4,115 | |
Thereafter | 0 | |
Total future minimum lease payments | 88,815 | |
Less amount representing interest (1.6% to 6.0%) | 4,106 | |
Present value of minimum lease payments | 84,709 | |
Current maturities of long-term debt | 31,560 | $ 36,175 |
Long-term debt, excluding current maturities | 53,149 | $ 67,225 |
2023 Remainder | 430 | |
2024 | 735 | |
2025 | 456 | |
2026 | 128 | |
2027 | 128 | |
Thereafter | 50 | |
Total future minimum lease payments | 1,927 | |
Less amount representing interest (1.6% to 6.0%) | 161 | |
Present value of minimum lease payments | 1,766 | |
Operating lease, liability, current | $ 800 | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Current | |
Operating lease, liability, non-current | $ 966 | |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Deferred Income Taxes and Other Liabilities, Noncurrent |
Leases - Undiscounted Cash Flows for the Finance and Operating Leases (Parenthetical) (Detail) |
Jul. 01, 2023 |
---|---|
Maximum | |
Finance lease Interest rate percentage | 6.00% |
Minimum | |
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) |
Jul. 01, 2023 |
---|---|
Weighted average remaining lease term (years) | 3 years 1 month 6 days |
Weighted average discount rate | 3.00% |
Weighted average remaining lease term (years) | 2 years 10 months 24 days |
Weighted average discount rate | 6.00% |
Debt - Additional Information (Detail) - USD ($) |
6 Months Ended | ||
---|---|---|---|
Jul. 01, 2022 |
Jul. 01, 2023 |
Dec. 31, 2022 |
|
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, 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% |
Commitments and Contingencies - Additional Information (Detail) |
Jul. 01, 2023
USD ($)
|
---|---|
Current Investments | Collateral Pledged | |
Commitments and Contingencies Disclosure [Line Items] | |
Investments providing collateral for letters of credit to guarantee insurance claims | $ 58,574,000 |
Non-Current Investments | |
Commitments and Contingencies Disclosure [Line Items] | |
Total non-current investments | 92,757,000 |
Non-Current Investments | Collateral Pledged | |
Commitments and Contingencies Disclosure [Line Items] | |
Investments providing collateral for letters of credit to guarantee insurance claims | 26,500,000 |
Revolving Credit Facility | |
Commitments and Contingencies Disclosure [Line Items] | |
Letters of credit outstanding | 33,492,000 |
Guarantee Payment of Insurance Claims | |
Commitments and Contingencies Disclosure [Line Items] | |
Letters of credit outstanding | $ 76,567,000 |
1 Year Landstar System Chart |
1 Month Landstar System Chart |
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