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RESTRICTED CASH AND INVESTMENTS | 3 Months Ended
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Apr. 01, 2018
Restricted Cash and Investments [Abstract] |
RESTRICTED CASH AND INVESTMENTS | RESTRICTED CASH AND INVESTMENTS Restricted cash and investments consist principally of collateral that has been provided or pledged to insurance carriers for workers’ compensation and state workers’ compensation programs. Our insurance carriers and certain state workers’ compensation programs require us to collateralize a portion of our workers’ compensation obligation. The collateral typically takes the form of cash and cash equivalents and highly rated investment grade securities, primarily in debt and asset-backed securities. The majority of our collateral obligations are held in a trust at the Bank of New York Mellon (“Trust”). The following is a summary of the carrying value of our restricted cash and investments:
(in thousands) | April 1, 2018 | December 31, 2017
Cash collateral held by insurance carriers | $ | 23,035 |  | $ | 22,926 |
Cash and cash equivalents held in Trust | 28,981 |  | 16,113 |
Investments held in Trust | 166,255 |  | 171,752 |
Deferred compensation mutual funds | 24,093 |  | 22,428 |
Other restricted cash and cash equivalents | 402 |  | 6,012 |
Total restricted cash and investments | $ | 242,766 |  | $ | 239,231 |
The amortized cost and estimated fair value of our held-to-maturity investments held in trust, aggregated by investment category as of April 1, 2018 and December 31, 2017, were as follows:
| April 1, 2018
(in thousands) | Amortized cost | Gross unrealized gain | Gross unrealized loss | Fair value
Municipal debt securities | $ | 79,291 |  | $ | 262 |  | $ | (910 | ) | $ | 78,643 |
Corporate debt securities | 82,302 |  | 20 |  | (1,140 | ) | 81,182 |
Agency mortgage-backed securities | 3,663 |  | 12 |  | (45 | ) | 3,630 |
U.S. government and agency securities | 999 |  | — |  | (8 | ) | 991 |
Total held-to-maturity investments | $ | 166,255 |  | $ | 294 |  | $ | (2,103 | ) | $ | 164,446 |
| December 31, 2017
(in thousands) | Amortized cost | Gross unrealized gain | Gross unrealized loss | Fair value
Municipal debt securities | $ | 82,770 |  | $ | 974 |  | $ | (378 | ) | $ | 83,366 |
Corporate debt securities | 83,916 |  | 309 |  | (434 | ) | 83,791 |
Agency mortgage-backed securities | 4,066 |  | 22 |  | (26 | ) | 4,062 |
U.S. government and agency securities | 1,000 |  | 19 |  | — |  | 1,019 |
Total held-to-maturity investments | $ | 171,752 |  | $ | 1,324 |  | $ | (838 | ) | $ | 172,238 |
The estimated fair value and gross unrealized losses of all investments classified as held-to-maturity, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of April 1, 2018 and December 31, 2017, were as follows:
| April 1, 2018
| Less than 12 months |  | 12 months or more |  | Total
(in thousands) | Estimated fair value | Unrealized losses |  | Estimated fair value | Unrealized losses |  | Estimated fair value | Unrealized losses
Municipal debt securities | $ | 42,461 |  | $ | (452 | ) |  | $ | 9,369 |  | $ | (458 | ) |  | $ | 51,830 |  | $ | (910 | )
Corporate debt securities | 66,664 |  | (927 | ) |  | 9,982 |  | (213 | ) |  | 76,646 |  | (1,140 | )
Agency mortgage-backed securities | 1,216 |  | (22 | ) |  | 802 |  | (23 | ) |  | 2,018 |  | (45 | )
U.S. government and agency securities | 991 |  | (8 | ) |  | — |  | — |  |  | 991 |  | (8 | )
Total held-to-maturity investments | $ | 111,332 |  | $ | (1,409 | ) |  | $ | 20,153 |  | $ | (694 | ) |  | $ | 131,485 |  | $ | (2,103 | )
| December 31, 2017
| Less than 12 months |  | 12 months or more |  | Total
(in thousands) | Estimated fair value | Unrealized losses |  | Estimated fair value | Unrealized losses |  | Estimated fair value | Unrealized losses
Municipal debt securities | $ | 23,078 |  | $ | (124 | ) |  | $ | 9,631 |  | $ | (254 | ) |  | $ | 32,709 |  | $ | (378 | )
Corporate debt securities | 48,952 |  | (311 | ) |  | 10,081 |  | (123 | ) |  | 59,033 |  | (434 | )
Agency mortgage-backed securities | 1,362 |  | (10 | ) |  | 888 |  | (16 | ) |  | 2,250 |  | (26 | )
Total held-to-maturity investments | $ | 73,392 |  | $ | (445 | ) |  | $ | 20,600 |  | $ | (393 | ) |  | $ | 93,992 |  | $ | (838 | )
The total number of held-to-maturity securities that had unrealized losses as of April 1, 2018 and December 31, 2017 were 112 and 83, respectively. The unrealized losses were the result of interest rate increases. Since the decline in estimated fair value is attributable to changes in interest rates and not credit quality, and the company has the intent and ability to hold these debt securities until recovery of amortized cost or maturity, the company does not consider these investments other than temporarily impaired. The amortized cost and fair value by contractual maturity of our held-to-maturity investments are as follows:
| April 1, 2018
(in thousands) | Amortized cost | Fair value
Due in one year or less | $ | 17,960 |  | $ | 17,892 |
Due after one year through five years | 86,743 |  | 85,910 |
Due after five years through ten years | 61,552 |  | 60,644 |
Total held-to-maturity investments | $ | 166,255 |  | $ | 164,446 |
Actual maturities may differ from contractual maturities because the issuers of certain debt securities have the right to call or prepay their obligations without penalty. We have no significant concentrations of counterparties in our held-to-maturity investment portfolio.

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