RESTRICTED CASH AND INVESTMENTS

9 Months Ended

Sep. 28, 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)	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