RESTRICTED CASH AND INVESTMENTS

9 Months Ended

Sep. 29, 2024

Restricted Cash and Investments [Abstract]

RESTRICTED CASH, CASH EQUIVALENTS AND INVESTMENTS

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


(in thousands)	September 29, 2024		December 31, 2023
Cash collateral held by insurance carriers	$	22,215	$	23,598
Cash and cash equivalents held in Trust	12,187		12,703
Investments held in Trust	103,627		122,659

Company-owned life insurance policies	41,726		32,905
Other restricted cash and cash equivalents	369		1,120
Total restricted cash, cash equivalents and investments	$	180,124	$	192,985

Held-to-maturity

Restricted cash, cash equivalents 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 each of our held-to-maturity investments held in Trust, aggregated by investment category as of September 29, 2024 and December 31, 2023, were as follows:


	September 29, 2024
(in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Municipal debt securities	$	23,632	$	8	$	(94)	$	23,546
Corporate debt securities	67,780		810		(854)		67,736
Agency mortgage-backed securities	11,216		279		—		11,495
U.S. government and agency securities	999		—		(16)		983
Total held-to-maturity investments	$	103,627	$	1,097	$	(964)	$	103,760


	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

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


	September 29, 2024
(in thousands)	Amortized cost		Fair value
Due in one year or less	$	28,069	$	27,869
Due after one year through five years	63,408		63,346
Due after five years through ten years	6,212		6,415
Due after ten years	5,938		6,130
Total held-to-maturity investments	$	103,627	$	103,760

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 September 29, 2024 and September 24, 2023, which are included in SG&A expense on our Consolidated Statements of Operations and Comprehensive Income (Loss), were as follows:


	Thirteen weeks ended				Thirty-nine weeks ended
(in thousands)	September 29, 2024		September 24, 2023		September 29, 2024		September 24, 2023
Unrealized gains (losses)	$	2,099	$	(493)	$	4,821	$	1,482