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RESTRICTED CASH AND INVESTMENTS | 9 Months Ended
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Sep. 28, 2025
Restricted Cash and Investments [Abstract] |
RESTRICTED CASH AND INVESTMENTS | 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 28, 2025 | December 29, 2024
Cash collateral held by insurance carriers | $ | 7,653 |  | $ | 22,387 |
Cash and cash equivalents held in Trust | 22,805 |  | 15,406 |
Investments held in Trust | 73,331 |  | 99,506 |
Company-owned life insurance policies | 45,464 |  | 41,846 |
Other restricted cash and cash equivalents | 438 |  | 771 |
Total restricted cash, cash equivalents and investments | $ | 149,691 |  | $ | 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 September 28, 2025 and December 29, 2024, were as follows:
| September 28, 2025
(in thousands) | Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value
Municipal debt securities | $ | 7,891 |  | $ | 4 |  | $ | (4) |  | $ | 7,891 |
Corporate debt securities | 55,405 |  | 499 |  | (259) |  | 55,645 |
Agency mortgage-backed securities | 5,064 |  | 60 |  | — |  | 5,124 |
U.S. government and agency securities | 4,971 |  | 1 |  | (12) |  | 4,960 |
Total held-to-maturity investments | $ | 73,331 |  | $ | 564 |  | $ | (275) |  | $ | 73,620 |
| 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:
| September 28, 2025
(in thousands) | Amortized cost | Fair value
Due in one year or less | $ | 40,590 |  | $ | 40,456 |
Due after one year through five years | 32,741 |  | 33,164 |
Total held-to-maturity investments | $ | 73,331 |  | $ | 73,620 |
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 28, 2025 and September 29, 2024, 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 28, 2025 | September 29, 2024 |  | September 28, 2025 | September 29, 2024
Unrealized gains, net | $ | 2,176 |  | $ | 2,099 |  |  | $ | 3,617 |  | $ | 4,821 |

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- Definition The entire disclosure for assets that are restricted in their use, generally by contractual agreements or regulatory requirements. This would include, but not limited to, a description of the restricted assets and the terms of the restriction. + References No definition available. + Details
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