<SEC-DOCUMENT>0000892917-11-000157.txt : 20120224
<SEC-HEADER>0000892917-11-000157.hdr.sgml : 20120224
<ACCEPTANCE-DATETIME>20110921201125
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000892917-11-000157
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20110921

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BARRETT BUSINESS SERVICES INC
		CENTRAL INDEX KEY:			0000902791
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-HELP SUPPLY SERVICES [7363]
		IRS NUMBER:				520812977
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		8100 NE PARKWAY DRIVE
		STREET 2:		SUITE 200
		CITY:			VANCOUVER
		STATE:			WA
		ZIP:			98662
		BUSINESS PHONE:		(800) 494-5669

	MAIL ADDRESS:	
		STREET 1:		8100 NE PARKWAY DRIVE
		STREET 2:		SUITE 200
		CITY:			VANCOUVER
		STATE:			WA
		ZIP:			98662
</SEC-HEADER>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 24pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Georgia>September 21, 2011</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Georgia>Submitted on EDGAR under "CORRESP</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Georgia>"&nbsp;</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Georgia>Ms. Kathryn Jacobson</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Georgia>Division of Corporation Finance</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Georgia>Securities and Exchange Commission</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Georgia>100 F Street, NE</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Georgia>Washington, DC 20549-4561</FONT></P>

<P style="TEXT-INDENT: -1in; MARGIN: 12pt 0in 0in 1in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Georgia>Subject:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barrett Business Services, Inc.</FONT></P>

<P style="TEXT-INDENT: -1in; MARGIN: 12pt 0in 0in 1in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Georgia>Form 10-K for the fiscal year ended December 31, 2010<BR>Filed April 1, 2011<BR>File No. 0-21886</FONT></P>

<P style="MARGIN: 12pt 0in"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face=Georgia>Dear Ms. Jacobson:</FONT></P>

<P style="TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Georgia>We are in receipt of Larry Spirgel's letter dated August 23, 2011, regarding the subject filing.&nbsp; Our responses correspond to the numbered comments in the letter.</FONT></P>

<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Georgia>Goodwill and intangible assets, page F-9</FONT></U></P>

<P style="TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Georgia>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We note your response to comment one from our letter dated June 30, 2011.&nbsp; You refer to having discrete financial information available for both your geographic regions for the purposes of making decisions about resource allocation and performance assessment.&nbsp; Please identify both geographic regions since each appears to meet the definition of an operating segment under ASC 280-10-50-1.&nbsp; Although you may be able to aggregate both geographic regions for reporting purposes, you will not be able to aggregate them for impairment testing purposes.&nbsp; Please tell us whether you will achieve the same result if each of the geographic regions is tested separately for impairment.</FONT></P>

<P style="TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 1in"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Response:&nbsp; </FONT></B></P>

<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Georgia>To clarify, we have only one operating segment, which is at the entity level and is consistent with how we manage our business. &nbsp;We operate 43 branch offices, each conducting business with the same service offerings.&nbsp; </FONT>

<font face=Georgia lang=EN-US style="font-size:12.0pt;">The
Company&#8217;s chief operating decision maker, Michael Elich, does not regularly review
the results of our 43 branch offices. &#160;Instead, Mr. Elich participates in and
oversees all significant investment, marketing, and strategic business
decisions with emphasis on the performance of the business as a whole rather
than focusing on branch-by-branch operating results.&#160; The chief operating
decision maker reviews weekly reports that contain high level information
(revenue, payroll, payroll taxes and workers&#8217; compensation expenses) on a
companywide, geographic and branch level basis.&#160; However, the chief operating
decision maker&#8217;s review of this information is for anomalies only.&#160; Detailed
review of the branch level operating results is limited to branch and mid-level
management.&#160; </font></P>

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<p style="margin:0in;margin-bottom:.0001pt;"><font face=Georgia lang=EN-US style="font-size:12.0pt;">Ms. Kathryn Jacobson</font></p>







<p style="margin:0in;margin-bottom:24.0pt;"><font face=Georgia lang=EN-US style="font-size:12.0pt;">Page 2</font></p>





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<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face=Georgia lang=EN-US style="font-size:12.0pt;">Accordingly, we
have determined that the Company has one operating segment.</font></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face=Georgia lang=EN-US style="font-size:12.0pt;">We have also
determined that the reporting unit for purposes of our goodwill impairment test
is at the operating segment level because the branch offices do not have
dissimilar economic characteristics.</font></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font face=Georgia lang=EN-US style="font-size:12.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; We
note your response to comment two from our letter dated June&nbsp;30, 2011.&#160;
Since the insurance entities are evaluated in the context of your overall self
insurance program as further described on pages 10-12, they appear to be more
than incidental to your operating activities.&#160; If you disagree, please advise
us.&#160; Refer to ASC 280-10-50-4.</font></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><b><font face=Georgia lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Response:&#160;
</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face=Georgia lang=EN-US style="font-size:12.0pt;">As described in
our disclosures, our primary service offerings are professional employer organization
(&#8220;PEO&#8221;) services and temporary staffing services.&#160; Workers&#8217; compensation
coverage is included as a component of our PEO services.&#160; We are required to
provide such coverage for our temporary staffing employees. &#160;The Company has
elected to be self insured for workers&#8217; compensation and has developed
extensive risk management practices to mitigate the financial costs of these
uninsured risks.&#160; To more effectively manage the cost of our third party
insurance for catastrophic losses, we formed the two insurance entities, allowing
us to raise our retention levels.&#160; These two entities are not providing services
separate from the core service offerings that were provided prior to their
formation and do not have any material activities beyond the workers&#8217;
compensation self insurance program.</font></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face=Georgia lang=EN-US style="font-size:12.0pt;">On page 10 of
the Form 10-K we stated that the workers&#8217; compensation programs are a principal
service provided to the Company&#8217;s customers.&#160; This statement was an error and
will be corrected in future filings, as the insurance programs are a cost of
doing business and not a separate line of business as discussed above.&#160; </font></p>


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<p style="margin:0in;margin-bottom:.0001pt;"><font face=Georgia lang=EN-US style="font-size:12.0pt;">Ms. Kathryn Jacobson</font></p>



<p style="margin:0in;margin-bottom:.0001pt;"><font face=Georgia lang=EN-US style="font-size:12.0pt;">September 21, 2011</font></p>



<p style="margin:0in;margin-bottom:24.0pt;"><font face=Georgia lang=EN-US style="font-size:12.0pt;">Page 3</font></p>





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<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face=Georgia lang=EN-US style="font-size:12.0pt;">While these entities are a significant component of our
risk management programs, they do not require significant incremental cost or
management oversight beyond those already incurred as part of our core
business.&#160; The combined costs of operations, excluding the costs for uninsured
claims and third party insurance, for these two entities included in our
operating results for the year ended December 31, 2010 were approximately $400,000.&#160;
</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><u><font face=Georgia lang=EN-US style="font-size:12.0pt;">Fair Value of Financial
Instruments and Concentration of Credit Risk, page F-17</font></u></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font face=Georgia lang=EN-US style="font-size:12.0pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; We
note your response to comment three from our letter dated June 30, 2011.&#160;
Please provide us your proposed disclosure that you will include in future
filings.&#160; In particular, we note on Page F-7 that $23 million out of $24
million of your marketable securities were invested in municipal bonds.&#160;
Additionally, $27 million of your cash and cash equivalents were invested in
tax-exempt money market funds.&#160; Please address in your proposed disclosure any
concentration and credit risk associated with your investments in tax-exempt
money market funds and municipal bonds.</font></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font face=Georgia lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face=Georgia lang=EN-US style="font-size:12.0pt;">Response:&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face=Georgia lang=EN-US style="font-size:12.0pt;">Our proposed
disclosure is as follows:</font></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face=Georgia lang=EN-US style="font-size:12.0pt;">We generally
place investments with high-credit quality issuers and, by policy, limit the
amount of credit exposure to any one issuer.&#160; Substantially all of our
investments in debt instruments are with A/A2 or better rated issuers.&#160; Our
investment policy requires substantially all investments with original
maturities at the time of investment of up to one year to be rated at least
A2/P2 by two national rating organizations and investments with maturities
greater than one year to be obligations of issuers rated BBB-/Baa3 or better.&#160; As
of December 31, 2010, the total credit exposure to any single issuer, excluding
U.S. Treasury securities, did not exceed $2.0 million.</font></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face=Georgia lang=EN-US style="font-size:12.0pt;">A substantial
portion of the Company&#8217;s cash and cash equivalents is invested in tax-exempt
money market funds managed by the Company&#8217;s principal bank.</font></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><b><font face=Georgia lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><u><font face=Georgia lang=EN-US style="font-size:12.0pt;">Related Party Transactions,
page F-24</font></u></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font face=Georgia lang=EN-US style="font-size:12.0pt;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; We
note your response to comment four from our letter dated June 30, 2011.&#160; It is
unclear to us why you utilized land values based on the residential real estate
market and how they could be a surrogate for commercial real estate
assessment.&#160; Additionally, please tell us how you </font>
<FONT style="FONT-SIZE: 12pt" lang=EN-US face=Georgia>considered estimates of future cash flows based on service potential in testing the recoverability of your land investment.&nbsp; Refer to paragraphs 33 through 35 of ASC 360-10-35.</FONT></p>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Georgia>Ms. Kathryn Jacobson</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Georgia>September 21, 2011</FONT></P>

<P style="MARGIN: 0in 0in 24pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Georgia>Page 4</FONT></P></DIV>




<P style="TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Georgia>Response:&nbsp;</FONT></B></P>

<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Georgia>The carrying amount of the investment in land is not material to our financial statements. The carrying amount represents less than 1% of the Company&#8217;s total assets. The approach described in our initial response was developed to provide a high level assessment of the magnitude of any potential impairment.&nbsp; Based on our assessment, we believe the carrying value of the land is recoverable. The land is not used in our primary operations and is being held as a long-term asset that we do not propose to sell in the near term.&nbsp; </FONT></P>

<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Georgia>Subsequent Event, page F-32</FONT></U></P>

<P style="TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Georgia>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We note your response to comment five from our letter dated June 30, 2011 and reissue our comment.&nbsp; Tell us how you accounted for the cost of the premiums associated with Mr. Sherertz' key man life insurance policy and whether it had a carrying amount in the balance sheet, including a cash surrender value, if any.&nbsp; It does not appear that you recorded an asset for your investment in Mr. Sherertz' life insurance contract.&nbsp; We refer you to the accounting guidance in ASC 325-30-35.</FONT></P>

<P style="TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Georgia>Response:&nbsp;</FONT></B></P>

<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Georgia>The life insurance coverage was a term life policy which had no cash surrender value. The cost of the key man life insurance premiums was expensed as a period cost and included in the selling, general and administrative expenses line item in the Company&#8217;s consolidated statement of operations.</FONT></P>

<P style="TEXT-INDENT: -0.5in; MARGIN: 0in 0in 12pt 1in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Georgia></FONT>&nbsp;</P>

<P style="TEXT-INDENT: 1in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=Georgia>Please feel free to call me at 360-828-0700 if you have any questions regarding the information contained in this letter.</FONT></P>

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
