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COMMITMENTS AND CONTINGENCIES | 12 Months Ended
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Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract] |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Workers’ compensation commitments We have provided our insurance carriers and certain states with commitments in the form and amounts listed below:
(in thousands) | December 31, 2023 | December 25, 2022
Cash collateral held by workers’ compensation insurance carriers | $ | 17,737 |  | $ | 23,716 |
Cash and cash equivalents held in Trust | 12,703 |  | 30,857 |
Investments held in Trust | 122,659 |  | 123,678 |
Letters of credit (1) | 6,077 |  | 6,077 |
Surety bonds (2) | 20,725 |  | 20,806 |
Total collateral commitments | $ | 179,901 |  | $ | 205,134 |
(1)We have agreements with certain financial institutions to issue letters of credit as collateral. (2)Our surety bonds are issued by independent insurance companies on our behalf and bear annual fees based on a percentage of the bond, which are determined by each independent surety carrier. These fees do not exceed 2.0% of the bond amount, subject to a minimum charge. The terms of these bonds are subject to review and renewal every one to four years and most bonds can be canceled by the sureties with as little as 60 days’ notice. Operating leases We have contractual commitments in the form of operating leases related to office space, vehicles and equipment. Our leases have remaining terms of up to 13 years. Most leases include one or more options to renew, which can extend the lease term up to 10 years. The exercise of lease renewal options is at our sole discretion. Typically, at the commencement of a lease, we are not reasonably certain we will exercise renewal options, and accordingly they are not considered in determining the initial lease term. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. We rent or sublease real estate to third parties in limited circumstances. Operating lease costs were comprised of the following:
(in thousands) | 2023 | 2022
Operating lease costs | $ | 14,710 |  | $ | 14,994 |
Short-term lease costs (1) | 6,915 |  | 7,487 |
Other lease costs, net (2) | 3,748 |  | 4,501 |
Total lease costs | $ | 25,373 |  | $ | 26,982 |
(1)Excludes expenses related to leases with a lease term of less than one month. (2)Other lease costs include variable lease costs, net of rental and sublease income. Other information related to our operating leases was as follows:
| December 31, 2023 | December 25, 2022
Weighted average remaining lease term in years | 7.6 | 8.3
Weighted average discount rate | 4.9% | 4.9%
Future non-cancelable minimum lease payments under our operating lease commitments as of December 31, 2023, are as follows for each of the next five years and thereafter:
(in thousands) |
2024 | $ | 14,961 |
2025 | 12,465 |
2026 | 9,639 |
2027 | 7,558 |
2028 | 5,882 |
Thereafter | 24,589 |
Total undiscounted future non-cancelable minimum lease payments (1) | 75,094 |
Less: Imputed interest (2) | 12,578 |
Less: Present value of operating lease liabilities held-for-sale | 1,180 |
Present value of lease liabilities | $ | 61,336 |
(1)Operating lease payments exclude approximately $0.2 million of legally binding minimum lease payments for leases signed but not yet commenced. (2)Amount necessary to reduce net minimum lease payments to present value calculated using our incremental borrowing rates, which are consistent with the lease terms at adoption date (for those leases in existence as of the adoption date of the new lease standard) or lease inception (for those leases entered into after the adoption date). Purchase obligations Purchase obligations include agreements to purchase goods and services in the ordinary course of business that are enforceable, legally binding and specify all significant terms. Purchase obligations do not include agreements that are cancellable without significant penalty. We had $37.4 million of purchase obligations as of December 31, 2023, of which $17.7 million are expected to be paid in 2024, $16.1 million in 2025, and the remaining $3.6 million in 2026. Legal contingencies and developments We are involved in various proceedings arising in the normal course of conducting business. We believe the liabilities included in our financial statements reflect the probable loss that can be reasonably estimated and are immaterial. We also believe that the aggregate range of reasonably possible losses for the Company's exposure in excess of the amount accrued is expected to be immaterial to the Company. It remains possible that despite our current belief, material differences in actual outcomes or changes in management's evaluation or predictions could arise that could have a material effect on the Company's financial condition, results of operations or cash flows.

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