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v3.23.1

RESTRICTED CASH AND INVESTMENTS | 3 Months Ended
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Mar. 26, 2023
Restricted Cash and Investments [Abstract] |
RESTRICTED CASH AND INVESTMENTS | RESTRICTED CASH AND INVESTMENTS The following is a summary of the carrying value of our restricted cash and investments:
(in thousands) | March 26, 2023 | December 25, 2022
Cash collateral held by insurance carriers | $ | 29,839 |  | $ | 29,567 |
Cash and cash equivalents held in Trust | 31,408 |  | 30,857 |
Investments held in Trust | 123,577 |  | 123,678 |
Company-owned life insurance policies | 26,896 |  | 26,479 |
Other restricted cash and cash equivalents | 1,120 |  | 3,153 |
Total restricted cash and investments | $ | 212,840 |  | $ | 213,734 |
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 March 26, 2023 and December 25, 2022, were as follows:
| March 26, 2023
(in thousands) | Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value
Municipal debt securities | $ | 41,606 |  | $ | 10 |  | $ | (286) |  | $ | 41,330 |
Corporate debt securities | 80,933 |  | 26 |  | (3,049) |  | 77,910 |
Agency mortgage-backed securities | 998 |  | — |  | (36) |  | 962 |
U.S. government and agency securities | 40 |  | — |  | (1) |  | 39 |
Total held-to-maturity investments | $ | 123,577 |  | $ | 36 |  | $ | (3,372) |  | $ | 120,241 |
| 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 |
The amortized cost and fair value by contractual maturity of our held-to-maturity investments are as follows:
| March 26, 2023
(in thousands) | Amortized cost | Fair value
Due in one year or less | $ | 41,768 |  | $ | 41,340 |
Due after one year through five years | 81,809 |  | 78,901 |
Total held-to-maturity investments | $ | 123,577 |  | $ | 120,241 |
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. Company-owned life insurance policies We hold company-owned life insurance policies to support our deferred compensation liability. Unrealized gains and losses related to investments still held at March 26, 2023 and March 27, 2022, which are included in selling, general and administrative expense on our Consolidated Statements of Operations and Comprehensive Income (Loss), were as follows:
| Thirteen weeks ended |  |
(in thousands) | March 26, 2023 | March 27, 2022 |  |  |
Unrealized gains (losses) | $ | 417 |  | $ | (2,011) |  |  |  |

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