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COMMITMENTS AND CONTINGENCIES | 3 Months Ended
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Mar. 28, 2021
Commitments and Contingencies Disclosure [Abstract] |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Workers’ compensation commitments We have provided our insurance carriers and certain states with commitments in the form and amounts listed below:
(in thousands) | March 28, 2021 | December 27, 2020
Cash collateral held by workers’ compensation insurance carriers | $ | 22,434 |  | $ | 22,253 |
Cash and cash equivalents held in Trust | 25,586 |  | 29,410 |
Investments held in Trust | 145,244 |  | 152,247 |
Letters of credit (1) | 6,095 |  | 6,095 |
Surety bonds (2) | 20,831 |  | 20,616 |
Total collateral commitments | $ | 220,190 |  | $ | 230,621 |
(1)We have agreements with certain financial institutions to issue letters of credit as collateral. (2)Our surety bonds are issued by independent insurance companies on our behalf and bear annual fees based on a percentage of the bond, which are determined by each independent surety carrier. These fees do not exceed 2.0% of the bond amount, subject to a minimum charge. The terms of these bonds are subject to review and renewal every one to four years and most bonds can be canceled by the sureties with as little as 60 days’ notice. Legal contingencies and developments We are involved in various proceedings arising in the normal course of conducting business. We believe the liabilities included in our financial statements reflect the probable loss that can be reasonably estimated. The amounts recorded are immaterial and resolution of those proceedings are not expected to have a material effect on our results of operations, financial condition nor cash flows.

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