RESTRICTED CASH AND INVESTMENTS

9 Months Ended

Sep. 26, 2021

Restricted Cash and Investments [Abstract]

The following is a summary of the carrying value of our restricted cash and investments:


(in thousands)	September 26, 2021		December 27, 2020
Cash collateral held by insurance carriers	$	28,682	$	26,025
Cash and cash equivalents held in Trust	27,370		29,410
Investments held in Trust	132,127		152,247
Deferred compensation investments	6,254		5,915
Company-owned life insurance policies	28,281		26,267
Other restricted cash and cash equivalents	1,118		670
Total restricted cash and investments	$	223,832	$	240,534

Held-to-maturity

Restricted cash and investments include 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 amortized cost and estimated fair value of our held-to-maturity investments held in Trust, aggregated by investment category as of September 26, 2021 and December 27, 2020, were as follows:


	September 26, 2021
(in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Municipal debt securities	$	58,719	$	2,536	$	—	$	61,255
Corporate debt securities	72,218		1,585		(181)		73,622
Agency mortgage-backed securities	193		7		—		200
U.S. government and agency securities	997		92		—		1,089
Total held-to-maturity investments	$	132,127	$	4,220	$	(181)	$	136,166


	December 27, 2020
(in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Municipal debt securities	$	67,287	$	3,436	$	—	$	70,723
Corporate debt securities	83,467		2,511		(41)		85,937
Agency mortgage-backed securities	493		19		—		512
U.S. government and agency securities	1,000		124		—		1,124
Total held-to-maturity investments	$	152,247	$	6,090	$	(41)	$	158,296

The amortized cost and fair value by contractual maturity of our held-to-maturity investments are as follows:


	September 26, 2021
(in thousands)	Amortized cost		Fair value
Due in one year or less	$	24,342	$	24,572
Due after one year through five years	103,803		107,368
Due after five years through ten years	3,982		4,226
Total held-to-maturity investments	$	132,127	$	136,166

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.

Deferred compensation investments and company-owned life insurance policies

We hold mutual funds, money market funds and company-owned life insurance policies to support our deferred compensation liability. Unrealized gains and losses related to these investments still held at September 26, 2021 and September 27, 2020, included in selling, general and administrative expense on our Consolidated Statements of Operations and Comprehensive Income (Loss), were as follows:


	Thirteen weeks ended				Thirty-nine weeks ended
(in thousands)	September 26, 2021		September 27, 2020		September 26, 2021		September 27, 2020
Unrealized gains (losses)	$	391	$	1,452	$	2,817	$	(258)