RESTRICTED CASH AND INVESTMENTS

6 Months Ended

Jun. 29, 2025

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)	June 29, 2025		December 29, 2024
Cash collateral held by insurance carriers	$	7,625	$	22,387
Cash and cash equivalents held in Trust	22,620		15,406
Investments held in Trust	80,218		99,506

Company-owned life insurance policies	43,287		41,846
Other restricted cash and cash equivalents	304		771
Total restricted cash, cash equivalents and investments	$	154,054	$	179,916

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 June 29, 2025 and December 29, 2024, were as follows:


	June 29, 2025
(in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Municipal debt securities	$	18,544	$	—	$	(28)	$	18,516
Corporate debt securities	55,343		429		(431)		55,341
Agency mortgage-backed securities	5,333		52		—		5,385
U.S. government and agency securities	998		—		(16)		982
Total held-to-maturity investments	$	80,218	$	481	$	(475)	$	80,224


	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

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


	June 29, 2025
(in thousands)	Amortized cost		Fair value
Due in one year or less	$	35,648	$	35,418
Due after one year through five years	44,570		44,806


Total held-to-maturity investments	$	80,218	$	80,224

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 June 29, 2025 and June 30, 2024, which are included in SG&A expense on our Consolidated Statements of Operations and Comprehensive Income (Loss), were as follows:


	Thirteen weeks ended				Twenty-six weeks ended
(in thousands)	June 29, 2025		June 30, 2024		June 29, 2025		June 30, 2024
Unrealized gains	$	2,846	$	303	$	1,441	$	2,722