v3.26.1
RESTRICTED CASH AND INVESTMENTS
 6 Months Ended
Jun. 28, 2026
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)June 28,
2026		December 28,
2025
Cash collateral held by insurance carriers$7,663 $7,681 
Cash and cash equivalents held in Trust 7,331 11,424 
Investments held in Trust54,445 70,601 
Company-owned life insurance policies48,646 46,477 
Other restricted cash and cash equivalents733 405 
Total restricted cash, cash equivalents and investments
$118,818 $136,588 
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 28, 2026 and December 28, 2025, were as follows:
June 28, 2026
(in thousands)Amortized costGross unrealized gainsGross unrealized lossesFair value
Municipal debt securities$4,764 $— $(1)$4,763 
Corporate debt securities33,590 192 (45)33,737 
Agency mortgage-backed securities4,347 14 — 4,361 
U.S. government and agency securities11,744 — (46)11,698 
Total held-to-maturity investments$54,445 $206 $(92)$54,559 
December 28, 2025
(in thousands)Amortized costGross unrealized gainsGross unrealized lossesFair value
Municipal debt securities$7,840 $1 $(5)$7,836 
Corporate debt securities49,967 519 (152)50,334 
Agency mortgage-backed securities4,815 58 — 4,873 
U.S. government and agency securities7,979 1 (7)7,973 
Total held-to-maturity investments$70,601 $579 $(164)$71,016 
The amortized cost and fair value by contractual maturity of our held-to-maturity investments are as follows:
June 28, 2026
(in thousands)Amortized costFair value
Due in one year or less$30,162 $30,115 
Due after one year through five years24,283 24,444 
Total held-to-maturity investments$54,445 $54,559 
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 28, 2026 and June 29, 2025, 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 28,
2026		June 29,
2025		June 28,
2026		June 29,
2025
Unrealized gain, net$4,436 $2,846 $2,391 $1,441