RESTRICTED CASH AND INVESTMENTS

12 Months Ended

Dec. 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)	December 29, 2024		December 31, 2023
Cash collateral held by insurance carriers	$	22,387	$	23,598
Cash and cash equivalents held in Trust	15,406		12,703
Investments held in Trust	99,506		122,659

Company-owned life insurance policies	41,846		32,905
Other restricted cash and cash equivalents	771		1,120
Total restricted cash, cash equivalents and investments	$	179,916	$	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.

The amortized cost and estimated fair value of our held-to-maturity investments held in Trust, aggregated by investment category as of December 29, 2024 and December 31, 2023, were as follows:


	December 29, 2024
(in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Municipal debt securities	$	22,490	$	—	$	(135)	$	22,355
Corporate debt securities	64,313		144		(945)		63,512
Agency mortgage-backed securities	11,703		68		(17)		11,754
U.S. government and agency securities	1,000		—		(29)		971
Total held-to-maturity investments	$	99,506	$	212	$	(1,126)	$	98,592


	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:


	December 29, 2024
(in thousands)	Amortized cost		Fair value
Due in one year or less	$	29,039	$	28,757
Due after one year through five years	58,533		57,906
Due after five years through ten years	6,224		6,185
Due after ten years	5,710		5,744
Total held-to-maturity investments	$	99,506	$	98,592

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. The unrealized gains and losses related to investments still held at December 29, 2024, December 31, 2023 and December 25, 2022, included in SG&A expense on our Consolidated Statements of Operations and Comprehensive Income (Loss), were as follows:



(in thousands)	2024		2023		2022
Unrealized gains (losses)	$	4,940	$	4,383	$	(5,841)