RESTRICTED CASH AND INVESTMENTS

3 Months Ended

Mar. 26, 2023

Restricted Cash and Investments [Abstract]

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)