RESTRICTED CASH AND INVESTMENTS (Note)

12 Months Ended

Dec. 25, 2022

Restricted Cash and Investments [Abstract]

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


(in thousands)	December 25, 2022		December 26, 2021
Cash collateral held by insurance carriers	$	29,567	$	28,957
Cash and cash equivalents held in Trust	30,857		21,590
Investments held in Trust	123,678		135,419

Company-owned life insurance policies	26,479		32,318
Other restricted cash and cash equivalents	3,153		2,742
Total restricted cash and investments	$	213,734	$	221,026

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 25, 2022 and December 26, 2021, were as follows:


	December 25, 2022
(in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Municipal debt securities	$	42,892	$	2	$	(463)	$	42,431
Corporate debt securities	79,736		4		(3,643)		76,097
Agency mortgage-backed securities	50		—		(2)		48
U.S. government and agency securities	1,000		—		(51)		949
Total held-to-maturity investments	$	123,678	$	6	$	(4,159)	$	119,525


	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

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


	December 25, 2022
(in thousands)	Amortized cost		Fair value
Due in one year or less	$	32,787	$	32,524
Due after one year through five years	90,891		87,001

Total held-to-maturity investments	$	123,678	$	119,525

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 to support our deferred compensation liability. Before December 26, 2021, we also held mutual funds and money market funds, which have since been converted into company-owned life insurance policies. The unrealized gains and losses related to investments still held at December 25, 2022, December 26, 2021 and December 27, 2020, included in SG&A expense on our Consolidated Statements of Operations and Comprehensive Income (Loss), were as follows:



(in thousands)	2022		2021		2020
Unrealized gains (losses)	$	(5,841)	$	1,061	$	723