RESTRICTED CASH AND INVESTMENTS (Note)

12 Months Ended

Dec. 26, 2021

Restricted Cash and Investments [Abstract]

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


(in thousands)	December 26, 2021		December 27, 2020
Cash collateral held by insurance carriers	$	28,957	$	26,025
Cash and cash equivalents held in Trust	21,590		29,410
Investments held in Trust	135,419		152,247
Deferred compensation investments	—		5,915
Company-owned life insurance policies	32,318		26,267
Other restricted cash and cash equivalents	2,742		670
Total restricted cash and investments	$	221,026	$	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.

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


	December 26, 2021
(in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Municipal debt securities	$	56,346	$	2,159	$	—	$	58,505
Corporate debt securities	77,925		995		(563)		78,357
Agency mortgage-backed securities	148		4		—		152
U.S. government and agency securities	1,000		70		—		1,070
Total held-to-maturity investments	$	135,419	$	3,228	$	(563)	$	138,084


	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:


	December 26, 2021
(in thousands)	Amortized cost		Fair value
Due in one year or less	$	23,828	$	24,023
Due after one year through five years	109,572		112,010
Due after five years through ten years	2,019		2,051
Total held-to-maturity investments	$	135,419	$	138,084

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 company-owned life insurance policies, mutual funds and money market funds to support our deferred compensation liability. As of December 26, 2021, all of the mutual funds and money market funds were converted into company-owned life insurance policies. Unrealized gains and losses related to these investments held at December 26, 2021, December 27, 2020 and December 29, 2019, included in SG&A expense on our Consolidated Statements of Operations and Comprehensive Income (Loss), were as follows:



(in thousands)	2021		2020		2019
Unrealized gains (losses)	$	1,061	$	723	$	2,814