RESTRICTED CASH AND INVESTMENTS

12 Months Ended

Dec. 31, 2023

Restricted Cash and Investments [Abstract]

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


(in thousands)	December 31, 2023		December 25, 2022
Cash collateral held by insurance carriers	$	23,598	$	29,567
Cash and cash equivalents held in Trust	12,703		30,857
Investments held in Trust	122,659		123,678

Company-owned life insurance policies	32,905		26,479
Other restricted cash and cash equivalents	1,120		3,153
Total restricted cash and investments	$	192,985	$	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.

The amortized cost and estimated fair value of our held-to-maturity investments held in Trust, aggregated by investment category as of December 31, 2023 and December 25, 2022, were as follows:


	December 31, 2023
(in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Municipal debt securities	$	32,042	$	4	$	(242)	$	31,804
Corporate debt securities	76,578		333		(1,999)		74,912
Agency mortgage-backed securities	13,039		196		—		13,235
U.S. government and agency securities	1,000		—		(38)		962
Total held-to-maturity investments	$	122,659	$	533	$	(2,279)	$	120,913


	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:


	December 31, 2023
(in thousands)	Amortized cost		Fair value
Due in one year or less	$	27,414	$	27,118
Due after one year through five years	82,847		81,146
Due after five years through ten years	5,818		5,922
Due after ten years	6,580		6,727
Total held-to-maturity investments	$	122,659	$	120,913

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. During 2021, we also held mutual funds and money market funds, which were converted into company-owned life insurance policies by the end of fiscal 2021. During the fiscal year ended December 31, 2023, we received proceeds from company-owned life insurance policies of $1.7 million, of which $1.4 million was in excess of the cash surrender value of the related policies and recognized in SG&A expense on our Consolidated Statements of Operations and Comprehensive Income (Loss). The unrealized gains and losses related to investments still held at December 31, 2023, December 25, 2022 and December 26, 2021, included in SG&A expense on our Consolidated Statements of Operations and Comprehensive Income (Loss), were as follows:



(in thousands)	2023		2022		2021
Unrealized gains (losses)	$	4,383	$	(5,841)	$	1,061