Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2018	Oct. 15, 2018
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q3
Entity Registrant Name	TBI
Entity Central Index Key	TrueBlue, Inc.
Current Fiscal Year End Date	0000768899
Well-Known Seasoned Issuer	--12-30
Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Common Stock Shares Outstanding (in shares)		40,485,261

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 34,736	$ 28,780
Accounts receivable, net of allowance for doubtful accounts of $8,056 and $4,344	384,867	374,273
Prepaid expenses, deposits and other current assets	23,757	20,605
Income tax receivable	9,763	4,621
Total current assets	453,123	428,279
Property and equipment, net	55,803	60,163
Restricted cash and investments	240,634	239,231
Deferred income taxes, net	0	3,783
Goodwill	238,648	226,694
Intangible assets, net	96,862	104,615
Workers' compensation claim receivables net of valuation allowance	45,644	45,048
Other assets, net	10,899	1,218
Total assets	1,141,613	1,109,031
Current liabilities:
Accounts payable and other accrued expenses	68,260	55,091
Accrued wages and benefits	83,260	76,894
Current portion of workers’ compensation claims reserve	70,950	77,218
Other current liabilities	1,211	3,216
Total current liabilities	223,681	212,419
Workers’ compensation claims reserve, less current portion	194,968	197,105
Long-term debt, less current portion	107,900	116,489
Deferred income taxes, net	300	0
Long-term deferred compensation liabilities	23,570	21,866
Other long-term liabilities	6,039	6,305
Total liabilities	556,458	554,184
Commitments and contingencies (Note 9)
Shareholders’ equity:
Preferred stock, $0.131 par value, 20,000 shares authorized; No shares issued and outstanding	0	0
Common stock, no par value, 100,000 shares authorized; 40,472 and 41,098 shares issued and outstanding	1	1
Accumulated other comprehensive loss	(12,229)	(6,804)
Retained earnings	597,383	561,650
Total shareholders’ equity	585,155	554,847
Total liabilities and shareholders’ equity	$ 1,141,613	$ 1,109,031

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Allowance for doubtful accounts	$ 8,056	$ 4,344
Preferred stock, par value (in dollars per share)	$ 0.131	$ 0.131
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	40,472,000	41,098,000
Common stock, shares outstanding	40,472,000	41,098,000

CONSOLIDATED STATEMENTS OF OPERATIONS & COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Oct. 01, 2017	Sep. 30, 2018	Oct. 01, 2017
Revenue from services	$ 680,371	$ 660,780	$ 1,849,060	$ 1,839,146
Cost of Goods and Services Sold	496,053	488,761	1,355,890	1,372,418
Gross profit	184,318	172,019	493,170	466,728
Selling, general and administrative expense	145,382	131,552	405,352	378,150
Depreciation and amortization	10,586	11,189	30,777	34,650
Income from operations	28,350	29,278	57,041	53,928
Interest expense	(1,357)	(1,365)	(3,602)	(3,893)
Interest and other income	1,017	1,146	4,498	3,903
Interest and other income (expense), net	(340)	(219)	896	10
Income before tax expense	28,010	29,059	57,937	53,938
Income tax expense	3,630	7,838	7,070	14,909
Net income	$ 24,380	$ 21,221	$ 50,867	$ 39,029
Net income per common share:
Basic (in dollars per share)	$ 0.61	$ 0.52	$ 1.27	$ 0.94
Diluted (in dollars per share)	$ 0.61	$ 0.51	$ 1.26	$ 0.94
Weighted average shares outstanding:
Basic (in shares)	39,743	41,046	40,138	41,420
Diluted (in shares)	40,073	41,276	40,417	41,671
Other comprehensive income (loss):
Unrealized gain on investments, net of tax	$ (595)	$ 1,567	$ (3,900)	$ 4,553
Total other comprehensive income (loss), net of tax	(595)	1,567	(3,900)	4,553
Comprehensive income	23,785	22,788	46,967	43,582
Foreign currency translation adjustment
Other comprehensive income (loss):
Foreign currency translation adjustment	(595)	1,143	(3,900)	3,483
Accumulated Net Investment Gain (Loss) Attributable to Parent
Other comprehensive income (loss):
Unrealized gain on investments, net of tax	$ 0	$ 424	$ 0	$ 1,070

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Oct. 01, 2017
Cash flows from operating activities:
Net income	$ 50,867	$ 39,029
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	30,777	34,650
Provision for doubtful accounts	10,140	6,321
Stock-based compensation	9,552	6,161
Deferred income taxes	2,638	4,890
Other operating activities	526	2,724
Changes in operating assets and liabilities:
Accounts receivable	(17,960)	(34,198)
Income tax receivable	(5,389)	12,788
Other assets	(12,110)	6,306
Accounts payable and other accrued expenses	1,624	(784)
Accrued wages and benefits	4,724	(176)
Workers’ compensation claims reserve	(8,405)	1,985
Other liabilities	1,642	1,086
Net cash provided by operating activities	68,626	80,782
Cash flows from investing activities:
Capital expenditures	(10,313)	(16,303)
Acquisition of business	(22,742)	0
Divestiture of business	10,414	0
Purchases of restricted investments	(11,747)	(36,015)
Maturities of restricted investments	17,021	15,042
Net cash used in investing activities	(17,367)	(37,276)
Cash flows from financing activities:
Payments for Repurchase of Common Stock	(24,818)	(29,371)
Net proceeds from employee stock purchase plans and stock options exercised	1,146	1,179
Common stock repurchases for taxes upon vesting of restricted stock	(2,539)	(2,956)
Net change in revolving credit facility	12,000	(1,099)
Payments on debt	(22,855)	(1,700)
Payment of contingent consideration at acquisition date fair value	0	(18,300)
Net cash used in financing activities	(37,066)	(52,247)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(583)	364
Net change in cash, cash equivalents and restricted cash	13,610	(8,377)
Cash, cash equivalents and restricted cash, beginning of period	73,831	103,222
Cash, cash equivalents and restricted cash, end of period	87,441	94,845
Supplemental Cash Flow Information [Abstract]
Interest	3,395	2,612
Income taxes	9,832	(2,972)
Property, plant, and equipment purchased but not yet paid	1,229	2,863
Divestiture non-cash consideration	$ 971	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Sep. 30, 2018
Accounting Policies [Abstract]
Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Financial statement preparation The accompanying unaudited consolidated financial statements (“financial statements”) of TrueBlue, Inc. (the “company,” “TrueBlue,” “we,” “us,” and “our”) are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and rules and regulations of the Securities and Exchange Commission. Accordingly, certain information and footnote disclosures usually found in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The financial statements reflect all adjustments which, in the opinion of management, are necessary to fairly state the financial statements for the interim periods presented. We follow the same accounting policies for preparing both quarterly and annual financial statements. These financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2017. The results of operations for the thirteen and thirty-nine weeks ended September 30, 2018, are not necessarily indicative of the results expected for the full fiscal year or for any other fiscal period. Goodwill and indefinite-lived intangible assets We evaluate goodwill and indefinite-lived intangible assets for impairment on an annual basis as of the first day of our fiscal second quarter, and more frequently if an event occurs or circumstances change that would indicate impairment may exist. These events or circumstances could include a significant change in the business climate, legal factors, operating performance indicators, competition, customer engagement, or sale or disposition of a significant portion of a reporting unit. We monitor the existence of potential impairment indicators throughout the fiscal year. Based on our annual goodwill impairment test performed as of the first day of our fiscal second quarter, all reporting units’ fair values were substantially in excess of their respective carrying values. We consider a reporting unit’s fair value to be substantially in excess of its carrying value at a 20% premium or greater. Accordingly, no impairment loss was recognized for the thirty-nine weeks ended September 30, 2018 nor October 1, 2017. We performed our annual indefinite-lived intangible asset impairment test as of the first day of our fiscal second quarter and determined that the estimated fair values exceeded the carrying amounts for our indefinite-lived trade names. Accordingly, no impairment loss was recognized for the thirty-nine weeks ended September 30, 2018 nor October 1, 2017. Recently adopted accounting standards In May 2017, the Financial Accounting Standing Board (“FASB”) issued guidance to provide clarity and reduce diversity in practice when accounting for a change to the terms or conditions of share-based payment awards. The objective was to reduce the scope of transactions that would require modification accounting. Disclosure requirements remain unchanged. This amended guidance was effective for our fiscal years and interim periods beginning after December 15, 2017 (Q1 2018 for TrueBlue), with early adoption permitted. We adopted this guidance for our fiscal first quarter of 2018. The adoption of the new standard did not have a material impact on our financial statements. In January 2017, the FASB issued guidance clarifying the definition of a business, which revises the definition of a business and provides new guidance in evaluating when a set of transferred assets and activities is a business. This guidance was effective for fiscal years and interim periods beginning December 15, 2017 (Q1 2018 for TrueBlue) on a prospective basis. This standard did not have a material impact on our financial statements. In Q2 2018, we acquired all of the outstanding equity interests of TMP Holdings LTD (“TMP”) and concluded that TMP represented a business based on this new guidance. See Note 3: Acquisition and divestiture, for further discussion of our acquisition of TMP. In November 2016, the FASB issued guidance to amend the presentation of restricted cash and restricted cash equivalents on the statement of cash flows. The standard requires restricted cash and restricted cash equivalents be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. This amended guidance was effective for fiscal years and interim periods beginning after December 15, 2017 (Q1 2018 for TrueBlue). We adopted this guidance for our fiscal first quarter of 2018 using the retrospective transition method. Accordingly, the change in restricted cash and cash equivalents is no longer segregated in our Consolidated Statements of Cash Flows, and the $8.6 million previously presented in the investing section for the thirty-nine weeks ended October 1, 2017 is now included when reconciling the beginning-of-period and end-of-period cash, cash equivalents and restricted cash shown in our Consolidated Statements of Cash Flows. In October 2016, the FASB issued guidance on the accounting for income tax effects of intercompany sales or transfers of assets other than inventory. The guidance requires entities to recognize the income tax impact of an intra-entity sale or transfer of an asset other than inventory when the sale or transfer occurs, rather than when the asset has been sold to an outside party. This guidance was effective for fiscal years and interim periods beginning after December 15, 2017 (Q1 2018 for TrueBlue). The guidance requires a modified retrospective application with a cumulative catch-up adjustment to opening retained earnings. We adopted this guidance for our fiscal first quarter of 2018. The adoption of the new standard did not have a material impact on our financial statements. In August 2016, the FASB issued guidance relating to how certain cash receipts and cash payments should be presented and classified in the statement of cash flows. The update was intended to reduce the existing diversity in practice. The amended guidance was effective for fiscal years, and interim periods within those years, beginning after December 15, 2017 (Q1 2018 for TrueBlue). We adopted this guidance for our fiscal first quarter of 2018. The adoption of the new standard did not have an impact on our financial statements. In January 2016, the FASB issued guidance on the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. The guidance was effective for annual and interim periods beginning after December 15, 2017 (Q1 2018 for TrueBlue). Early adoption of the amendments in the guidance was not permitted, with limited exceptions. The guidance required a cumulative-effect adjustment be made to reclassify unrealized gains and losses related to available-for-sale equity securities from accumulated other comprehensive income, to retained earnings as of the beginning of the fiscal year of adoption. We adopted this guidance as of the first day of our fiscal first quarter of 2018 and reclassified from accumulated other comprehensive loss to retained earnings, $1.5 million in unrealized gains, net of tax on available-for-sale equity securities. Beginning in Q1 2018, change in market value for our available-for-sale equity securities is included in selling, general and administrative expense in our Consolidated Statements of Operation and Comprehensive Income. In May 2014, the FASB issued guidance outlining a single comprehensive model for accounting for revenue arising from contracts with clients, which supersedes the current revenue recognition guidance. This guidance requires an entity to recognize revenue when it transfers promised goods or services to clients in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. We adopted this new guidance as of January 1, 2018 using the modified retrospective transition method. The adoption of this new guidance did not have a material impact on our consolidated financial statements as of the adoption date, nor for the thirteen and thirty-nine weeks ended September 30, 2018, except for expanded disclosures. Refer to Note 2: Revenue recognition for additional accounting policy and transition disclosures. Recently issued accounting pronouncements not yet adopted In February 2016, the FASB issued guidance on lease accounting. The new guidance will continue to classify leases as either finance or operating, but will result in the lessee recognizing a right-of-use asset and a corresponding lease liability on its balance sheet, with classification affecting the pattern of expense recognition in the statement of operations. This guidance is effective for annual and interim periods beginning after December 15, 2018 (Q1 2019 for TrueBlue), and early adoption is permitted. A modified retrospective approach is required for all leases existing or entered into after the beginning of the earliest comparative period in the consolidated financial statements, with a cumulative-effect adjustment to retained earnings recorded at the earliest comparative period. During the third quarter of 2018, the FASB issued updated guidance that provides companies with the option to apply a practical expedient that allows adoption of the provisions of the new lease accounting guidance prospectively, with a cumulative-effect adjustment recorded to retained earnings upon the date of adoption. We plan to elect this practical expedient, and will adopt the guidance prospectively on the effective date. We established a cross-functional implementation team consisting of representatives from various departments to review our current contracts, accounting policies and business practices to identify and quantify the potential impact of the new standard on our financial statements. We are completing this evaluation and expect that, upon adoption, a majority of our operating lease commitments will be recognized and have a material impact on our Consolidated Balance Sheets as operating lease liabilities and right-of-use assets. This change will also flow through the changes in operating assets and liabilities on our Consolidated Statements of Cash Flows. We do not expect the adoption to have a material impact on the pattern of expense recognition in our Consolidated Statements of Operations and Comprehensive Income. In June 2016, the FASB issued guidance on accounting for credit losses on financial instruments. This guidance sets forth a current expected credit loss model, which requires measurement of all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable supportable forecasts. This guidance replaces the incurred loss impairment methodology under current U.S. GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. We will be required to use a forward-looking expected credit loss model for accounts receivables, loans, and other financial instruments. Credit losses relating to available-for-sale debt securities will also be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. This guidance is effective for fiscal years beginning after December 15, 2019 (Q1 2020 for TrueBlue) with early adoption permitted no sooner than Q1 2019. A modified retrospective approach is required for all investments, except debt securities for which an other-than-temporary impairment had been recognized prior to the effective date, which will require a prospective transition approach. We plan to adopt this guidance on the effective date and are currently evaluating the impact of this standard on our consolidated financial statements, including accounting policies, processes and systems. Other accounting standards that have been issued by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on our financial statements upon adoption. Subsequent events We evaluated events and transactions occurring after the balance sheet date through the date the financial statements were issued, and identified no other events that were subject to recognition or disclosure.

REVENUE RECOGNITION

9 Months Ended

Sep. 30, 2018

Revenue Recognition [Abstract]

Revenue Recognition

REVENUE RECOGNITION

Adoption of new revenue recognition guidance

On January 1, 2018, we adopted new revenue recognition guidance using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under the new revenue recognition guidance, while prior period amounts were not adjusted and continue to be reported in accordance with historic accounting guidance. The adoption of this new guidance did not have a material impact on our consolidated financial statements as of the adoption date, nor for the thirteen and thirty-nine weeks ended September 30, 2018, except for expanded disclosures.

Revenue recognition

We account for a contract when both parties to the contract have approved the contract, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Revenues are recognized over time, using an output measure, as the control of the promised services is transferred to the client in an amount that reflects the consideration we expect to be entitled to in exchange for those services. The majority of our contracts are short-term in nature as they are filling the temporary staffing needs of our clients, or include termination clauses that allow either party to cancel within a short termination period, without cause. Revenue includes billable travel and other reimbursable costs and are reported net of sales, use, or other transaction taxes collected from clients and remitted to taxing authorities. Payment terms vary by client and the services offered. We consider payment terms that exceed one year to be extended payment terms, however we do not extend payment terms beyond one year. Substantially all of our contracts include payment terms of 90 days or less.

We primarily record revenue on a gross basis as a principal versus on a net basis as an agent in the Consolidated Statements of Operations and Comprehensive Income. We have determined that gross reporting as a principal is the appropriate treatment based upon the following key factors:


•	We maintain the direct contractual relationship with the client and are responsible for fulfilling the service promised to the client.


•	We demonstrate control over the services provided to our clients by being the employer of record for the individuals performing the service.


•	We establish our worker’s billing rate.

Contingent staffing

We recognize revenue for our PeopleReady and PeopleManagement contingent staffing services over time as services are performed in an amount that reflects the consideration we expect to be entitled to in exchange for our services, which is generally calculated as hours worked multiplied by the agreed-upon hourly bill rate. The client simultaneously receives and consumes the benefits of the services as they are provided. We do not incur costs to obtain our contingent staffing contracts. Costs are incurred to fulfill some contingent staffing contracts, however these costs are not material and are expensed as incurred.

Human resource outsourcing

We primarily recognize revenue for our PeopleScout outsourced recruitment of permanent employees over time in an amount that reflects the consideration we expect to be entitled to in exchange for our services. The client simultaneously receives and consumes the benefits of the services as they are provided. We do not incur costs to obtain our outsourced recruitment of permanent employees’ contracts. The costs to fulfill these contracts are not material and are expensed as incurred.

Unsatisfied performance obligations

As a practical expedient, we do not disclose the value of unsatisfied performance obligations for (i) contracts with an expected original duration of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed.

Disaggregated revenue

The following table presents our revenue disaggregated by major source:



	Thirteen weeks ended				September 30, 2018
(in thousands)	PeopleReady		PeopleManagement		PeopleScout		Consolidated
Revenue from services:
Contingent staffing	$	428,665	$	181,199	$	—	$	609,864
Human resource outsourcing	—		—		70,507		70,507
Total company	$	428,665	$	181,199	$	70,507	$	680,371



	Thirty-nine weeks ended				September 30, 2018
(in thousands)	PeopleReady		PeopleManagement		PeopleScout		Consolidated
Revenue from services:
Contingent staffing	$	1,122,960	$	543,930	$	—	$	1,666,890
Human resource outsourcing	—		—		182,170		182,170
Total company	$	1,122,960	$	543,930	$	182,170	$	1,849,060

ACQUISITION AND DIVESTITURE

9 Months Ended

Sep. 30, 2018

Business Combinations [Abstract]

ACQUISITION AND DIVESTITURE

Acquisition

Effective June 12, 2018, we acquired all of the outstanding equity interests of TMP Holdings LTD (“TMP”), through our PeopleScout subsidiary, for a cash purchase price of $22.7 million, net of cash acquired of $7.0 million. TMP is a mid-sized recruitment process outsourcing (“RPO”) and employer branding service provider operating in the United Kingdom, which is the second largest RPO market in the world. This acquisition increases our ability to win multi-continent engagements by adding a physical presence in Europe, referenceable clients and employer branding capabilities.

We incurred acquisition and integration-related costs of $1.2 million and $1.7 million for the thirteen and thirty-nine weeks ended September 30, 2018, respectively, which are included in selling, general and administrative expense on the Consolidated Statements of Operations and Comprehensive Income and cash flows from operating activities on the Consolidated Statements of Cash Flows for the thirty-nine weeks ended September 30, 2018.

The following table reflects our preliminary allocation of the purchase price, net of cash acquired, to the fair value of the assets acquired and liabilities assumed:



(in thousands)	Purchase price allocation
Cash purchase price, net of cash acquired	$	22,742
Purchase price allocated as follows:
Accounts receivable	9,770
Prepaid expenses, deposits and other current assets	337
Property and equipment	435
Customer relationships	6,286
Trade names/trademarks	1,738
Total assets acquired	18,566
Accounts payable and other accrued expenses	9,139
Accrued wages and benefits	1,642
Income tax payable	205
Deferred income tax liability	1,444
Total liabilities assumed	12,430
Net identifiable assets acquired	6,136
Goodwill (1)	16,606
Total consideration allocated	$	22,742

(1) Goodwill represents the expected synergies with our existing business, the acquired assembled workforce, potential new customers and future cash flows after the acquisition of TMP, and is non-deductible for income tax purposes.

Intangible assets include identifiable intangible assets for customer relationships and trade names/trademarks. We estimated the fair value of the acquired identifiable intangible assets, which are subject to amortization, using the income approach.

The following table sets forth the components of identifiable intangible assets, their estimated fair values and useful lives as of June 12, 2018:



(in thousands, except for estimated useful lives, in years)	Estimated fair value		Estimated useful life in years
Customer relationships	$	6,286	3-7
Trade names/trademarks	1,738		14
Total acquired identifiable intangible assets	$	8,024

The acquired assets and assumed liabilities of TMP are included on our Consolidated Balance Sheet as of September 30, 2018, and the results of its operations and cash flows are reported on our Consolidated Statements of Operations and Comprehensive Income and Consolidated Statements of Cash Flows for the period from June 12, 2018 to September 30, 2018. The amount of revenue from TMP included in our Consolidated Statements of Operations and Comprehensive Income was $17.9 million from the acquisition date to September 30, 2018. The acquisition of TMP was not material to our consolidated results of operations and as such, pro forma financial information was not required.

Divestiture

Effective March 12, 2018, we entered into an asset purchase agreement to sell substantially all the assets and certain liabilities of PlaneTechs, LLC (“PlaneTechs”) to Launch Technical Workforce Solutions (“Launch”) for a preliminary purchase price of $11.4 million, of which $8.5 million was paid in cash, and $1.6 million in a note receivable due within nine months following the closing date. The note receivable has monthly principal payments of $0.1 million, which began in April 2018, and will continue through December 2018. The outstanding balance is included in prepaid expenses, deposits and other current assets on the Consolidated Balance Sheets. The remaining purchase price balance consists of the preliminary working capital adjustment, which is expected to be paid in cash during the fiscal fourth quarter of 2018 and is included in prepaid expenses, deposit and other current assets on the Consolidated Balance Sheets. The company recognized a preliminary pre-tax gain on the divestiture of $0.7 million, which is included in interest and other income on the Consolidated Statements of Operations and Comprehensive Income for the thirty-nine weeks ended September 30, 2018. Fiscal first quarter revenue through the closing date of the divestiture for the PlaneTechs business of $8.0 million was reported in the PeopleManagement reportable segment.

The divestiture of PlaneTechs did not represent a strategic shift with a major effect on the company’s operations and financial results and, therefore was not reported as discontinued operations in the Consolidated Balance Sheets or Consolidated Statements of Operations and Comprehensive Income for the periods presented.

The company has agreed to provide certain transition services to Launch for a period not to exceed nine months, which includes various back office services to support the PlaneTechs branch offices until personnel and systems are transferred to Launch.

FAIR VALUE MEASUREMENT

9 Months Ended

Sep. 30, 2018

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENT

Our assets and liabilities measured at fair value on a recurring basis consisted of the following:



	September 30, 2018
(in thousands)	Total fair value		Quoted prices in active markets for identical assets (level 1)		Significant other observable inputs (level 2)		Significant unobservable inputs (level 3)
Financial assets:
Cash and cash equivalents	$	34,736	$	34,736	$	—	$	—
Restricted cash and cash equivalents	52,705		52,705		—		—
Cash, cash equivalents and restricted cash (1)	$	87,441	$	87,441	$	—	$	—

Deferred compensation mutual funds classified as available-for-sale	$	25,410	$	25,410	$	—	$	—

Municipal debt securities	$	76,234	$	—	$	76,234	$	—
Corporate debt securities	80,194		—		80,194		—
Agency mortgage-backed securities	2,846		—		2,846		—
U.S. government and agency securities	964		—		964		—
Restricted investments classified as held-to-maturity	$	160,238	$	—	$	160,238	$	—



	December 31, 2017
(in thousands)	Total fair value		Quoted prices in active markets for identical assets (level 1)		Significant other observable inputs (level 2)		Significant unobservable inputs (level 3)
Financial assets:
Cash and cash equivalents	$	28,780	$	28,780	$	—	$	—
Restricted cash and cash equivalents	45,051		45,051		—		—
Cash, cash equivalents and restricted cash (1)	$	73,831	$	73,831	$	—	$	—

Deferred compensation mutual funds classified as available-for-sale	$	22,428	$	22,428	$	—	$	—

Municipal debt securities	$	83,366	$	—	$	83,366	$	—
Corporate debt securities	83,791		—		83,791		—
Agency mortgage-backed securities	4,062		—		4,062		—
U.S. government and agency securities	1,019		—		1,019		—
Restricted investments classified as held-to-maturity	$	172,238	$	—	$	172,238	$	—


(1)	Cash, cash equivalents and restricted cash consist of money market funds, deposits and investments with original maturities of three months or less.

There were no material transfers between Level 1, Level 2 and Level 3 of the fair value hierarchy during the thirty-nine weeks ended September 30, 2018 nor October 1, 2017.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

RESTRICTED CASH AND INVESTMENTS

9 Months Ended

Sep. 30, 2018

Restricted Cash and Investments [Abstract]

RESTRICTED CASH AND INVESTMENTS

Restricted cash and investments consist principally of 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 following is a summary of the carrying value of our restricted cash and investments:



(in thousands)	September 30, 2018		December 31, 2017
Cash collateral held by insurance carriers	$	24,054	$	22,926
Cash and cash equivalents held in Trust	28,494		16,113
Investments held in Trust	162,519		171,752
Deferred compensation mutual funds	25,410		22,428
Other restricted cash and cash equivalents	157		6,012
Total restricted cash and investments	$	240,634	$	239,231

The amortized cost and estimated fair value of our held-to-maturity investments held in trust, aggregated by investment category are as follows:



	September 30, 2018
(in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Municipal debt securities	$	77,211	$	124	$	(1,101	)	$	76,234
Corporate debt securities	81,414		1		(1,221		)	80,194
Agency mortgage-backed securities	2,895		3		(52		)	2,846
U.S. government and agency securities	999		—		(35		)	964
Total held-to-maturity investments	$	162,519	$	128	$	(2,409	)	$	160,238



	December 31, 2017
(in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Municipal debt securities	$	82,770	$	974	$	(378	)	$	83,366
Corporate debt securities	83,916		309		(434		)	83,791
Agency mortgage-backed securities	4,066		22		(26		)	4,062
U.S. government and agency securities	1,000		19		—			1,019
Total held-to-maturity investments	$	171,752	$	1,324	$	(838	)	$	172,238

The estimated fair value and gross unrealized losses of all investments classified as held-to-maturity, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of September 30, 2018 and December 31, 2017, were as follows:



	September 30, 2018
	Less than 12 months					12 months or more					Total
(in thousands)	Estimated fair value		Unrealized losses			Estimated fair value		Unrealized losses			Estimated fair value		Unrealized losses
Municipal debt securities	$	49,727	$	(515	)	$	11,531	$	(586	)	$	61,258	$	(1,101	)
Corporate debt securities	52,187		(689		)	26,020		(532		)	78,207		(1,221		)
Agency mortgage-backed securities	1,323		(20		)	873		(32		)	2,196		(52		)
U.S. government and agency securities	964		(35		)	—		—			964		(35		)
Total held-to-maturity investments	$	104,201	$	(1,259	)	$	38,424	$	(1,150	)	$	142,625	$	(2,409	)



	December 31, 2017
	Less than 12 months					12 months or more					Total
(in thousands)	Estimated fair value		Unrealized losses			Estimated fair value		Unrealized losses			Estimated fair value		Unrealized losses
Municipal debt securities	$	23,078	$	(124	)	$	9,631	$	(254	)	$	32,709	$	(378	)
Corporate debt securities	48,952		(311		)	10,081		(123		)	59,033		(434		)
Agency mortgage-backed securities	1,362		(10		)	888		(16		)	2,250		(26		)
Total held-to-maturity investments	$	73,392	$	(445	)	$	20,600	$	(393	)	$	93,992	$	(838	)

The total number of held-to-maturity securities in an unrealized loss position as of September 30, 2018 and December 31, 2017 were 124 and 83, respectively. The unrealized losses were the result of interest rate increases. Since the decline in estimated fair value is attributable to changes in interest rates and not credit quality, and the company has the intent and ability to hold these debt securities until recovery of amortized cost or until maturity, we do not consider these investments other than temporarily impaired.

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



	September 30, 2018
(in thousands)	Amortized cost		Fair value
Due in one year or less	$	28,294	$	28,133
Due after one year through five years	87,267		86,225
Due after five years through ten years	46,958		45,880
Total held-to-maturity investments	$	162,519	$	160,238

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.

GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and intangible assets

GOODWILL AND INTANGIBLE ASSETS

Goodwill

The following table reflects changes in the carrying amount of goodwill during the period by reportable segments:



(in thousands)	PeopleReady			PeopleManagement			PeopleScout			Total company
Balance at December 31, 2017
Goodwill before impairment	$	106,304		$	100,146		$	132,323		$	338,773
Accumulated impairment loss	(46,210		)	(50,700		)	(15,169		)	(112,079		)
Goodwill, net	60,094			49,446			117,154			226,694

Divested goodwill before impairment (1)	—			(19,054		)	—			(19,054		)
Divested accumulated impairment loss (1)	—			17,000			—			17,000
Acquired goodwill (2)	—			—			16,606			16,606
Foreign currency translation	—			—			(2,598		)	(2,598		)

Balance at September 30, 2018
Goodwill before impairment	106,304			81,092			146,331			333,727
Accumulated impairment loss	(46,210		)	(33,700		)	(15,169		)	(95,079		)
Goodwill, net	$	60,094		$	47,392		$	131,162		$	238,648


(1)	Effective March 12, 2018, the company entered into an asset purchase agreement for the sale of its PlaneTechs business to Launch Technical Workforce Solutions. As a result of this divestiture, we eliminated the remaining goodwill balance of the PlaneTechs business, which was a part of our PeopleManagement reportable segment. For additional information, see Note 3: Acquisition and divestiture.


(2)	Effective June 12, 2018, the company acquired TMP Holdings LTD, through PeopleScout. Accordingly, the goodwill associated with the acquisition has been assigned to our PeopleScout reportable segment based on our preliminary purchase price allocation. For additional information, see Note 3: Acquisition and divestiture.

Intangible Assets

Finite-lived intangible Assets

The following table presents our purchased finite-lived intangible assets:



	September 30, 2018							December 31, 2017
(in thousands)	Gross carrying amount		Accumulated amortization			Net carrying amount		Gross carrying amount		Accumulated amortization			Net carrying amount
Finite-lived intangible assets (1):
Customer relationships	$	153,945	$	(66,537	)	$	87,408	$	148,114	$	(53,801	)	$	94,313
Trade names/trademarks	2,865		(995		)	1,870		4,149		(3,736		)	413
Non-compete agreements	—		—			—		1,400		(1,377		)	23
Technologies	9,800		(8,216		)	1,584		17,500		(13,588		)	3,912
Total finite-lived intangible assets	$	166,610	$	(75,748	)	$	90,862	$	171,163	$	(72,502	)	$	98,661


(1)	Excludes assets that are fully amortized.

Finite-lived intangible assets include customer relationships and trade names/trademarks of $6.3 million and $1.7 million, respectively, as of the acquisition date, based on our preliminary purchase price allocation relating to our acquisition of TMP Holdings LTD. For additional information, see Note 3: Acquisition and divestiture.

Amortization expense of our finite-lived intangible assets was $5.2 million and $15.6 million for the thirteen and thirty-nine weeks ended September 30, 2018, respectively, and $5.4 million and $16.1 million for the thirteen and thirty-nine weeks ended October 1, 2017, respectively.

Indefinite-lived intangible assets

We also held indefinite-lived trade names/trademarks of $6.0 million as of September 30, 2018 and December 31, 2017.

WORKERS' COMPENSATION INSURANCE AND RESERVES

9 Months Ended

Sep. 30, 2018

Workers' Compensation Insurance and Reserves [Abstract]

WORKERS' COMPENSATION INSURANCE AND RESERVES

WORKERS’ COMPENSATION INSURANCE AND RESERVES

We provide workers’ compensation insurance for our temporary and permanent employees. The majority of our current workers’ compensation insurance policies cover claims for a particular event above a $2.0 million deductible limit, on a “per occurrence” basis. This results in our being substantially self-insured.

Our workers’ compensation reserve for claims below the deductible limit is discounted to its estimated net present value using discount rates based on average returns of “risk-free” U.S. Treasury instruments available during the year in which the liability was incurred. The weighted average discount rate was 2.0% and 1.8% at September 30, 2018 and December 31, 2017, respectively. Payments made against self-insured claims are made over a weighted average period of approximately five years as of September 30, 2018.

The following table presents a reconciliation of the undiscounted workers’ compensation reserve to the discounted workers’ compensation reserve for the periods presented:



(in thousands)	September 30, 2018		December 31, 2017
Undiscounted workers’ compensation reserve	$	286,156	$	293,600
Less discount on workers’ compensation reserve	20,238		19,277
Workers’ compensation reserve, net of discount	265,918		274,323
Less current portion	70,950		77,218
Long-term portion	$	194,968	$	197,105

Payments made against self-insured claims were $50.7 million and $48.2 million for the thirty-nine weeks ended September 30, 2018 and October 1, 2017, respectively.

Our workers’ compensation reserve includes estimated expenses related to claims above our self-insured limits (“excess claims”), and we record a corresponding receivable for the insurance coverage on excess claims based on the contractual policy agreements we have with insurance carriers. We discount this reserve and corresponding receivable to its estimated net present value using the discount rates based on average returns of “risk-free” U.S. Treasury instruments available during the year in which the liability was incurred. At September 30, 2018 and December 31, 2017, the weighted average rate was 2.8% and 2.5%, respectively. The claim payments are made and the corresponding reimbursements from our insurance carriers are received over an estimated weighted average period of approximately 15 years. The discounted workers’ compensation reserve for excess claims was $49.0 million and $48.8 million as of September 30, 2018 and December 31, 2017, respectively. The discounted receivables from insurance companies, net of valuation allowance, were $45.6 million and $45.0 million as of September 30, 2018 and December 31, 2017, respectively.

Workers’ compensation expense of $17.8 million and $22.1 million was recorded in cost of services for the thirteen weeks ended September 30, 2018 and October 1, 2017, respectively. Workers’ compensation expense of $52.2 million and $64.2 million was recorded in cost of services for the thirty-nine weeks ended September 30, 2018 and October 1, 2017, respectively.

LONG-TERM DEBT

9 Months Ended

Sep. 30, 2018

Debt Disclosure [Abstract]

Long-term Debt

LONG-TERM DEBT

The components of our borrowings were as follows:



(in thousands)	September 30, 2018		December 31, 2017
Revolving Credit Facility	$	107,900	$	95,900
Term Loan	—		22,856
Total debt	107,900		118,756
Less current portion	—		2,267
Long-term debt, less current portion	$	107,900	$	116,489

Revolving credit facility

On July 13, 2018, we entered into a credit agreement with Bank of America, N.A., Wells Fargo Bank, N.A., PNC Bank, N.A., KeyBank, N.A. and HSBC Bank USA, N.A. (“Revolving Credit Facility”). The agreement provides for a revolving line of credit of up to $300 million with an option, subject to lender approval, to increase the amount to $450 million, and matures in five years. At September 30, 2018, $107.9 million was utilized as a draw on the facility and $6.9 million was utilized by outstanding standby letters of credit, leaving $185.2 million available under the Revolving Credit Facility for additional borrowings.

Under the terms of the agreement, we pay a variable rate of interest on funds borrowed based on the London Interbank Offered Rate (“LIBOR”) plus an applicable spread between 1.25% and 2.50%. Alternatively, at our option, we may pay interest based on a base rate plus an applicable spread between 0.25% and 1.50%. The applicable spread is determined by the consolidated leverage ratio, as defined in the credit agreement. The base rate is the greater of the prime rate (as announced by Bank of America), the federal funds rate plus 0.50%, or the one-month LIBOR rate plus 1.00%. At September 30, 2018, the applicable spread on LIBOR was 1.25% and the index rate was 2.15%, resulting in an interest rate of 3.40%.

A commitment fee between 0.250% and 0.375% is applied against the Revolving Credit Facility’s unused borrowing capacity, with the specific rate determined by the consolidated leverage ratio, as defined in the credit agreement. Letters of credit are priced at a margin between 1.00% and 2.25%, plus a fronting fee of 0.50%. Obligations under the agreement are guaranteed by TrueBlue and material U.S. domestic subsidiaries, and are secured by certain collateral of TrueBlue and material U.S. domestic subsidiaries. The agreement contains customary representations and warranties, events of default, and affirmative and negative covenants, including, among others, financial covenants based on our leverage and fixed charge coverage ratios, as defined in the credit agreement. We are currently in compliance with all covenants related to the Revolving Credit Facility.

Term loan agreement

On June 25, 2018, we pre-paid in full our outstanding obligations of approximately $22.0 million with Synovus Bank, terminating all commitments under this term loan (the “Term Loan”) dated February 4, 2013 (as subsequently amended). We did not incur any early termination penalties in connection with the termination of the Term Loan.

COMMITMENTS AND CONTINGENCIES

9 Months Ended

Sep. 30, 2018

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

Workers’ compensation commitments

We have provided our insurance carriers and certain states with commitments in the form and amounts listed below:



(in thousands)	September 30, 2018		December 31, 2017
Cash collateral held by workers’ compensation insurance carriers	$	22,122	$	22,148
Cash and cash equivalents held in Trust	28,494		16,113
Investments held in Trust	162,519		171,752
Letters of credit (1)	6,707		7,748
Surety bonds (2)	21,961		19,829
Total collateral commitments	$	241,803	$	237,590


(1)	We have agreements with certain financial institutions to issue letters of credit as collateral.

(2)

Our surety bonds are issued by independent insurance companies on our behalf and bear annual fees based on a percentage of the bond, which are determined by each independent surety carrier. These fees do not exceed 2.0% of the bond amount, subject to a minimum charge. The terms of these bonds are subject to review and renewal every one to four years and most bonds can be canceled by the sureties with as little as 60 days’ notice.

Legal contingencies and developments

We are involved in various proceedings arising in the normal course of conducting business. We believe the liabilities included in our financial statements reflect the probable loss that can be reasonably estimated. The resolution of those proceedings is not expected to have a material effect on our results of operations or financial condition.

SHAREHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2018

Shareholders' Equity [Abstract]

SHAREHOLDER’S EQUITY

Changes in Shareholders’ Equity

Changes in the balance of each component of shareholders’ equity during the reporting periods were as follows:



	Thirteen weeks ended						Thirty-nine weeks ended
(in thousands)	September 30, 2018			October 1, 2017			September 30, 2018			October 1, 2017

Common Stock Shares
Beginning balance	40,595			41,982			41,098			42,171
Purchases and retirement of common stock	(203		)	(682		)	(961		)	(1,268		)
Issuances under equity plans, including tax benefits	87			34			316			397
Stock-based compensation	(7		)	5			19			39
Ending balance	40,472			41,339			40,472			41,339

Common Stock Amount
Beginning balance	$	1		$	1		$	1		$	1
Current period activity	—			—			—			—
Ending balance	1			1			1			1

Retained Earnings
Beginning balance	574,934			542,020			561,650			536,611
Net income	24,380			21,221			50,867			39,029
Purchases and retirement of common stock	(5,752		)	(13,841		)	(24,818		)	(29,371		)
Issuances under equity plans, including tax benefits	249			237			(1,396		)	(1,778		)
Stock-based compensation	3,572			1,015			9,555			6,161
Change in accounting standard cumulative-effect adjustment (1)	—			—			1,525			—
Ending balance	597,383			550,652			597,383			550,652

Accumulated Other Comprehensive Loss
Beginning balance	(11,634		)	(8,447		)	(6,804		)	(11,433		)
Other comprehensive income (loss), net of tax	(595		)	1,567			(3,900		)	4,553
Change in accounting standard cumulative-effect adjustment (1)	—			—			(1,525		)	—
Ending balance	(12,229		)	(6,880		)	(12,229		)	(6,880		)

Total shareholder’s equity ending balance	$	585,155		$	543,773		$	585,155		$	543,773

(1)

As a result of our adoption of the new accounting standard for equity investments, $1.5 million in unrealized gains, net of tax on available-for-sale equity securities were reclassified from accumulated other comprehensive loss to retained earnings as of the beginning of fiscal 2018. There were no material reclassifications out of accumulated other comprehensive loss during the thirteen and thirty-nine weeks ended October 1, 2017. For additional information, see Note 1: Summary of significant accounting policies.

Changes in Accumulated Other Comprehensive Loss

Changes in the balance of each component of accumulated other comprehensive loss during the reporting periods were as follows:



	Thirteen weeks ended
	September 30, 2018								October 1, 2017
(in thousands)	Foreign currency translation adjustment			Unrealized gain (loss) on investments, net of tax (1)		Total other comprehensive (loss), net of tax			Foreign currency translation adjustment			Unrealized gain on investments, net of tax (1)		Total other comprehensive income (loss), net of tax
Balance at beginning of period	$	(11,634	)	$	—	$	(11,634	)	$	(9,344	)	$	897	$	(8,447	)
Current period other comprehensive income (loss)	(595		)	—		(595		)	1,143			424		1,567
Balance at end of period	$	(12,229	)	$	—	$	(12,229	)	$	(8,201	)	$	1,321	$	(6,880	)



	Thirty-nine weeks ended
	September 30, 2018									October 1, 2017
(in thousands)	Foreign currency translation adjustment			Unrealized gain on investments, net of tax (1)			Total other comprehensive (loss), net of tax			Foreign currency translation adjustment			Unrealized gain on investments, net of tax (1)		Total other comprehensive income (loss), net of tax
Balance at beginning of period	$	(8,329	)	$	1,525		$	(6,804	)	$	(11,684	)	$	251	$	(11,433	)
Current period other comprehensive income (loss)	(3,900		)	—			(3,900		)	3,483			1,070		4,553
Change in accounting standard cumulative-effect adjustment	—			(1,525		)	(1,525		)	—			—		—
Balance at end of period	$	(12,229	)	$	—		$	(12,229	)	$	(8,201	)	$	1,321	$	(6,880	)


(1)	Consisted of deferred compensation plan accounts, comprised of mutual funds classified as available-for-sale securities, prior to our adoption of the new accounting standard for equity investments in the fiscal first quarter of 2018. The tax impact on the unrealized gain on available-for-sale securities was de minimis for the thirteen and thirty-nine weeks ended October 1, 2017.

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES Our income tax provision or benefit for interim periods is determined using an estimate of our annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter we update our estimate of the annual effective tax rate, and if our estimated tax rate changes we make a cumulative adjustment. Our quarterly tax provision and quarterly estimate of our annual effective tax rate are subject to variation due to several factors, including variability in accurately predicting our pre-tax and taxable income and loss by jurisdiction, tax credits, government audit developments, changes in laws, regulations and administrative practices, and relative changes in expenses or losses for which tax benefits are not recognized. Additionally, our effective tax rate can be more or less volatile based on the amount of pre-tax income. For example, the impact of discrete items, tax credits, and non-deductible expenses on our effective tax rate is greater when our pre-tax income is lower. Our effective tax rate for the thirty-nine weeks ended September 30, 2018 was 12.2%. The difference between the statutory federal income tax rate of 21.0% and our effective income tax rate results primarily from the federal Work Opportunity Tax Credit. This tax credit is designed to encourage employers to hire workers from certain targeted groups with higher than average unemployment rates. Other differences between the statutory federal income tax rate of 21.0% and our effective tax rate result from state and foreign income taxes, certain non-deductible expenses, tax exempt interest, and tax effects of share based compensation. On December 22, 2017, Staff Accounting Bulletin No. 118 was issued to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed in reasonable detail to complete the accounting for income tax effects of the Tax Cuts and Jobs Act (the “Tax Act”). For the thirty-nine weeks ended September 30, 2018, we completed accounting for the Tax Act by recording immaterial adjustments to our transition tax and revaluation of net deferred tax assets at December 31, 2017. We also determined that unremitted earnings of our foreign subsidiaries should no longer remain subject to an indefinite reinvestment assertion and recorded a $0.4 million deferred tax liability related to foreign withholding taxes.

NET INCOME (LOSS) PER SHARE

9 Months Ended

Sep. 30, 2018

Earnings Per Share [Abstract]

NET INCOME PER SHARE

Diluted common shares were calculated as follows:



	Thirteen weeks ended				Thirty-nine weeks ended
(in thousands, except per share data)	September 30, 2018		October 1, 2017		September 30, 2018		October 1, 2017
Net income	$	24,380	$	21,221	$	50,867	$	39,029

Weighted average number of common shares used in basic net income per common share	39,743		41,046		40,138		41,420
Dilutive effect of non-vested restricted stock	330		230		279		251
Weighted average number of common shares used in diluted net income per common share	40,073		41,276		40,417		41,671
Net income per common share:
Basic	$	0.61	$	0.52	$	1.27	$	0.94
Diluted	$	0.61	$	0.51	$	1.26	$	0.94

Anti-dilutive shares	414		354		500		388

SEGMENT INFORMATION

9 Months Ended

Sep. 30, 2018

Segment Reporting [Abstract]

SEGMENT INFORMATION

Our operating segments are based on the organizational structure for which financial results are regularly reviewed by our chief operating decision-maker, our Chief Executive Officer, to determine resource allocation and assess performance. Our operating segments, also referred to as service lines, and reportable segments are described below:

Our PeopleReady reportable segment provides blue-collar, contingent staffing through the PeopleReady operating segment. PeopleReady provides on-demand and skilled labor in a broad range of industries that include construction, manufacturing and logistics, warehousing and distribution, waste and recycling, hospitality, general labor and others.

Our PeopleManagement reportable segment provides contingent labor and outsourced industrial workforce solutions, primarily on-premise at the client’s facility, through the following operating segments, which we have aggregated into one reportable segment in accordance with U.S. GAAP:


•	Staff Management \| SMX: Exclusive recruitment and on-premise management of a facility’s contingent industrial workforce;


•	SIMOS Insourcing Solutions: On-premise management and recruitment of warehouse/distribution operations; and


•	Centerline Drivers: Recruitment and management of temporary and dedicated drivers to the transportation and distribution industries.

Effective March 12, 2018, we divested the PlaneTechs operating segment within our PeopleManagement reportable segment to Launch Technical Workforce Solutions. For additional information, see Note 3: Acquisition and divestiture.

Our PeopleScout reportable segment provides high-volume, permanent employee recruitment process outsourcing, and management of outsourced labor service providers through the following operating segments, which we have aggregated into one reportable segment in accordance with U.S. GAAP:


•	PeopleScout: Outsourced recruitment of permanent employees on behalf of clients; and


•	PeopleScout MSP: Management of multiple third party staffing vendors on behalf of clients.

Effective June 12, 2018, we acquired TMP through our PeopleScout subsidiary. Accordingly, the results associated with the acquisition are included in our PeopleScout operating segment. TMP is a mid-sized RPO and employer branding service provider operating in the United Kingdom which is the second largest RPO market in the world. This acquisition increases our ability to win multi-continent engagements by adding a physical presence in Europe, referenceable clients and employer branding capabilities. For additional information, see Note 3: Acquisition and divestiture.

We evaluate performance based on segment revenue and segment profit. Inter-segment revenue is minimal. Commencing in the fiscal first quarter of 2018, we revised our internal segment performance measure to be segment profit, rather than the previously reported segment earnings before interest, taxes, depreciation and amortization (segment EBITDA). Segment profit includes revenue, related cost of services, and ongoing operating expenses directly attributable to the reportable segment. Segment profit excludes goodwill and intangible impairment charges, depreciation and amortization expense, unallocated corporate general and administrative expense, interest, other income and expense, income taxes, and costs not considered to be ongoing costs of the segment. The prior year amounts have been recast to reflect this change for consistency purposes.

The following table presents a reconciliation of segment revenue from services to total company revenue:



	Thirteen weeks ended				Thirty-nine weeks ended
(in thousands)	September 30, 2018		October 1, 2017		September 30, 2018		October 1, 2017
Revenue from services:
PeopleReady	$	428,665	$	414,995	$	1,122,960	$	1,118,331
PeopleManagement	181,199		196,835		543,930		581,408
PeopleScout	70,507		48,950		182,170		139,407
Total company	$	680,371	$	660,780	$	1,849,060	$	1,839,146

The following table presents a reconciliation of Segment profit to income before tax expense:



	Thirteen weeks ended						Thirty-nine weeks ended
(in thousands)	September 30, 2018			October 1, 2017			September 30, 2018			October 1, 2017
Segment profit:
PeopleReady	$	31,230		$	28,752		$	63,953		$	57,916
PeopleManagement	6,169			6,940			16,530			18,759
PeopleScout	12,478			10,277			35,703			29,071
	49,877			45,969			116,186			105,746
Corporate unallocated	(6,469		)	(5,322		)	(20,001		)	(16,700		)
Work Opportunity Tax Credit processing fees	(241		)	(180		)	(700		)	(468		)
Acquisition/integration costs	(1,226		)	—			(1,683		)	—
Other costs	(3,005		)	—			(5,984		)	—
Depreciation and amortization	(10,586		)	(11,189		)	(30,777		)	(34,650		)
Income from operations	28,350			29,278			57,041			53,928
Interest and other income (expense), net	(340		)	(219		)	896			10
Income before tax expense	$	28,010		$	29,059		$	57,937		$	53,938

Asset information by reportable segment is not presented since we do not manage our segments on a balance sheet basis.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

9 Months Ended

Sep. 30, 2018

Accounting Policies [Abstract]

Basis of presentation

Financial statement preparation

The accompanying unaudited consolidated financial statements (“financial statements”) of TrueBlue, Inc. (the “company,” “TrueBlue,” “we,” “us,” and “our”) are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and rules and regulations of the Securities and Exchange Commission. Accordingly, certain information and footnote disclosures usually found in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The financial statements reflect all adjustments which, in the opinion of management, are necessary to fairly state the financial statements for the interim periods presented. We follow the same accounting policies for preparing both quarterly and annual financial statements.

These financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2017. The results of operations for the thirteen and thirty-nine weeks ended September 30, 2018, are not necessarily indicative of the results expected for the full fiscal year or for any other fiscal period.

Goodwill and Intangible Assets, Policy

Goodwill and indefinite-lived intangible assets

We evaluate goodwill and indefinite-lived intangible assets for impairment on an annual basis as of the first day of our fiscal second quarter, and more frequently if an event occurs or circumstances change that would indicate impairment may exist. These events or circumstances could include a significant change in the business climate, legal factors, operating performance indicators, competition, customer engagement, or sale or disposition of a significant portion of a reporting unit. We monitor the existence of potential impairment indicators throughout the fiscal year.

Based on our annual goodwill impairment test performed as of the first day of our fiscal second quarter, all reporting units’ fair values were substantially in excess of their respective carrying values. We consider a reporting unit’s fair value to be substantially in excess of its carrying value at a 20% premium or greater. Accordingly, no impairment loss was recognized for the thirty-nine weeks ended September 30, 2018 nor October 1, 2017.

We performed our annual indefinite-lived intangible asset impairment test as of the first day of our fiscal second quarter and determined that the estimated fair values exceeded the carrying amounts for our indefinite-lived trade names. Accordingly, no impairment loss was recognized for the thirty-nine weeks ended September 30, 2018 nor October 1, 2017.

New Accounting Pronouncements And Changes In Accounting Principles, Policy

Recently adopted accounting standards

In May 2017, the Financial Accounting Standing Board (“FASB”) issued guidance to provide clarity and reduce diversity in practice when accounting for a change to the terms or conditions of share-based payment awards. The objective was to reduce the scope of transactions that would require modification accounting. Disclosure requirements remain unchanged. This amended guidance was effective for our fiscal years and interim periods beginning after December 15, 2017 (Q1 2018 for TrueBlue), with early adoption permitted. We adopted this guidance for our fiscal first quarter of 2018. The adoption of the new standard did not have a material impact on our financial statements.

In January 2017, the FASB issued guidance clarifying the definition of a business, which revises the definition of a business and provides new guidance in evaluating when a set of transferred assets and activities is a business. This guidance was effective for fiscal years and interim periods beginning December 15, 2017 (Q1 2018 for TrueBlue) on a prospective basis. This standard did not have a material impact on our financial statements. In Q2 2018, we acquired all of the outstanding equity interests of TMP Holdings LTD (“TMP”) and concluded that TMP represented a business based on this new guidance. See Note 3: Acquisition and divestiture, for further discussion of our acquisition of TMP.

In November 2016, the FASB issued guidance to amend the presentation of restricted cash and restricted cash equivalents on the statement of cash flows. The standard requires restricted cash and restricted cash equivalents be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. This amended guidance was effective for fiscal years and interim periods beginning after December 15, 2017 (Q1 2018 for TrueBlue). We adopted this guidance for our fiscal first quarter of 2018 using the retrospective transition method. Accordingly, the change in restricted cash and cash equivalents is no longer segregated in our Consolidated Statements of Cash Flows, and the $8.6 million previously presented in the investing section for the thirty-nine weeks ended October 1, 2017 is now included when reconciling the beginning-of-period and end-of-period cash, cash equivalents and restricted cash shown in our Consolidated Statements of Cash Flows.

In October 2016, the FASB issued guidance on the accounting for income tax effects of intercompany sales or transfers of assets other than inventory. The guidance requires entities to recognize the income tax impact of an intra-entity sale or transfer of an asset other than inventory when the sale or transfer occurs, rather than when the asset has been sold to an outside party. This guidance was effective for fiscal years and interim periods beginning after December 15, 2017 (Q1 2018 for TrueBlue). The guidance requires a modified retrospective application with a cumulative catch-up adjustment to opening retained earnings. We adopted this guidance for our fiscal first quarter of 2018. The adoption of the new standard did not have a material impact on our financial statements.

In August 2016, the FASB issued guidance relating to how certain cash receipts and cash payments should be presented and classified in the statement of cash flows. The update was intended to reduce the existing diversity in practice. The amended guidance was effective for fiscal years, and interim periods within those years, beginning after December 15, 2017 (Q1 2018 for TrueBlue). We adopted this guidance for our fiscal first quarter of 2018. The adoption of the new standard did not have an impact on our financial statements.

In January 2016, the FASB issued guidance on the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. The guidance was effective for annual and interim periods beginning after December 15, 2017 (Q1 2018 for TrueBlue). Early adoption of the amendments in the guidance was not permitted, with limited exceptions. The guidance required a cumulative-effect adjustment be made to reclassify unrealized gains and losses related to available-for-sale equity securities from accumulated other comprehensive income, to retained earnings as of the beginning of the fiscal year of adoption. We adopted this guidance as of the first day of our fiscal first quarter of 2018 and reclassified from accumulated other comprehensive loss to retained earnings, $1.5 million in unrealized gains, net of tax on available-for-sale equity securities. Beginning in Q1 2018, change in market value for our available-for-sale equity securities is included in selling, general and administrative expense in our Consolidated Statements of Operation and Comprehensive Income.

In May 2014, the FASB issued guidance outlining a single comprehensive model for accounting for revenue arising from contracts with clients, which supersedes the current revenue recognition guidance. This guidance requires an entity to recognize revenue when it transfers promised goods or services to clients in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. We adopted this new guidance as of January 1, 2018 using the modified retrospective transition method. The adoption of this new guidance did not have a material impact on our consolidated financial statements as of the adoption date, nor for the thirteen and thirty-nine weeks ended September 30, 2018, except for expanded disclosures. Refer to Note 2: Revenue recognition for additional accounting policy and transition disclosures.

Recently issued accounting pronouncements not yet adopted

In February 2016, the FASB issued guidance on lease accounting. The new guidance will continue to classify leases as either finance or operating, but will result in the lessee recognizing a right-of-use asset and a corresponding lease liability on its balance sheet, with classification affecting the pattern of expense recognition in the statement of operations. This guidance is effective for annual and interim periods beginning after December 15, 2018 (Q1 2019 for TrueBlue), and early adoption is permitted. A modified retrospective approach is required for all leases existing or entered into after the beginning of the earliest comparative period in the consolidated financial statements, with a cumulative-effect adjustment to retained earnings recorded at the earliest comparative period. During the third quarter of 2018, the FASB issued updated guidance that provides companies with the option to apply a practical expedient that allows adoption of the provisions of the new lease accounting guidance prospectively, with a cumulative-effect adjustment recorded to retained earnings upon the date of adoption. We plan to elect this practical expedient, and will adopt the guidance prospectively on the effective date. We established a cross-functional implementation team consisting of representatives from various departments to review our current contracts, accounting policies and business practices to identify and quantify the potential impact of the new standard on our financial statements. We are completing this evaluation and expect that, upon adoption, a majority of our operating lease commitments will be recognized and have a material impact on our Consolidated Balance Sheets as operating lease liabilities and right-of-use assets. This change will also flow through the changes in operating assets and liabilities on our Consolidated Statements of Cash Flows. We do not expect the adoption to have a material impact on the pattern of expense recognition in our Consolidated Statements of Operations and Comprehensive Income.

In June 2016, the FASB issued guidance on accounting for credit losses on financial instruments. This guidance sets forth a current expected credit loss model, which requires measurement of all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable supportable forecasts. This guidance replaces the incurred loss impairment methodology under current U.S. GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. We will be required to use a forward-looking expected credit loss model for accounts receivables, loans, and other financial instruments. Credit losses relating to available-for-sale debt securities will also be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. This guidance is effective for fiscal years beginning after December 15, 2019 (Q1 2020 for TrueBlue) with early adoption permitted no sooner than Q1 2019. A modified retrospective approach is required for all investments, except debt securities for which an other-than-temporary impairment had been recognized prior to the effective date, which will require a prospective transition approach. We plan to adopt this guidance on the effective date and are currently evaluating the impact of this standard on our consolidated financial statements, including accounting policies, processes and systems.

Other accounting standards that have been issued by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on our financial statements upon adoption.

Revenue Recognition, Policy

Revenue recognition

We account for a contract when both parties to the contract have approved the contract, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Revenues are recognized over time, using an output measure, as the control of the promised services is transferred to the client in an amount that reflects the consideration we expect to be entitled to in exchange for those services. The majority of our contracts are short-term in nature as they are filling the temporary staffing needs of our clients, or include termination clauses that allow either party to cancel within a short termination period, without cause. Revenue includes billable travel and other reimbursable costs and are reported net of sales, use, or other transaction taxes collected from clients and remitted to taxing authorities. Payment terms vary by client and the services offered. We consider payment terms that exceed one year to be extended payment terms, however we do not extend payment terms beyond one year. Substantially all of our contracts include payment terms of 90 days or less.

We primarily record revenue on a gross basis as a principal versus on a net basis as an agent in the Consolidated Statements of Operations and Comprehensive Income. We have determined that gross reporting as a principal is the appropriate treatment based upon the following key factors:


•	We maintain the direct contractual relationship with the client and are responsible for fulfilling the service promised to the client.


•	We demonstrate control over the services provided to our clients by being the employer of record for the individuals performing the service.


•	We establish our worker’s billing rate.

Contingent staffing

We recognize revenue for our PeopleReady and PeopleManagement contingent staffing services over time as services are performed in an amount that reflects the consideration we expect to be entitled to in exchange for our services, which is generally calculated as hours worked multiplied by the agreed-upon hourly bill rate. The client simultaneously receives and consumes the benefits of the services as they are provided. We do not incur costs to obtain our contingent staffing contracts. Costs are incurred to fulfill some contingent staffing contracts, however these costs are not material and are expensed as incurred.

Human resource outsourcing

We primarily recognize revenue for our PeopleScout outsourced recruitment of permanent employees over time in an amount that reflects the consideration we expect to be entitled to in exchange for our services. The client simultaneously receives and consumes the benefits of the services as they are provided. We do not incur costs to obtain our outsourced recruitment of permanent employees’ contracts. The costs to fulfill these contracts are not material and are expensed as incurred.

Unsatisfied performance obligations

As a practical expedient, we do not disclose the value of unsatisfied performance obligations for (i) contracts with an expected original duration of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed.

REVENUE RECOGNITION (Tables)

9 Months Ended

Sep. 30, 2018

Revenue Recognition [Abstract]

Disaggregation Of Revenue

The following table presents our revenue disaggregated by major source:



	Thirteen weeks ended				September 30, 2018
(in thousands)	PeopleReady		PeopleManagement		PeopleScout		Consolidated
Revenue from services:
Contingent staffing	$	428,665	$	181,199	$	—	$	609,864
Human resource outsourcing	—		—		70,507		70,507
Total company	$	428,665	$	181,199	$	70,507	$	680,371



	Thirty-nine weeks ended				September 30, 2018
(in thousands)	PeopleReady		PeopleManagement		PeopleScout		Consolidated
Revenue from services:
Contingent staffing	$	1,122,960	$	543,930	$	—	$	1,666,890
Human resource outsourcing	—		—		182,170		182,170
Total company	$	1,122,960	$	543,930	$	182,170	$	1,849,060

ACQUISITION AND DIVESTITURE (Tables)

9 Months Ended

Sep. 30, 2018

Business Combinations [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table reflects our preliminary allocation of the purchase price, net of cash acquired, to the fair value of the assets acquired and liabilities assumed:



(in thousands)	Purchase price allocation
Cash purchase price, net of cash acquired	$	22,742
Purchase price allocated as follows:
Accounts receivable	9,770
Prepaid expenses, deposits and other current assets	337
Property and equipment	435
Customer relationships	6,286
Trade names/trademarks	1,738
Total assets acquired	18,566
Accounts payable and other accrued expenses	9,139
Accrued wages and benefits	1,642
Income tax payable	205
Deferred income tax liability	1,444
Total liabilities assumed	12,430
Net identifiable assets acquired	6,136
Goodwill (1)	16,606
Total consideration allocated	$	22,742

Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination

The following table sets forth the components of identifiable intangible assets, their estimated fair values and useful lives as of June 12, 2018:



(in thousands, except for estimated useful lives, in years)	Estimated fair value		Estimated useful life in years
Customer relationships	$	6,286	3-7
Trade names/trademarks	1,738		14
Total acquired identifiable intangible assets	$	8,024

FAIR VALUE MEASUREMENT (Tables)

9 Months Ended

Sep. 30, 2018

Fair Value Disclosures [Abstract]

Fair Value Measurements, Recurring and Nonrecurring

Our assets and liabilities measured at fair value on a recurring basis consisted of the following:



	September 30, 2018
(in thousands)	Total fair value		Quoted prices in active markets for identical assets (level 1)		Significant other observable inputs (level 2)		Significant unobservable inputs (level 3)
Financial assets:
Cash and cash equivalents	$	34,736	$	34,736	$	—	$	—
Restricted cash and cash equivalents	52,705		52,705		—		—
Cash, cash equivalents and restricted cash (1)	$	87,441	$	87,441	$	—	$	—

Deferred compensation mutual funds classified as available-for-sale	$	25,410	$	25,410	$	—	$	—

Municipal debt securities	$	76,234	$	—	$	76,234	$	—
Corporate debt securities	80,194		—		80,194		—
Agency mortgage-backed securities	2,846		—		2,846		—
U.S. government and agency securities	964		—		964		—
Restricted investments classified as held-to-maturity	$	160,238	$	—	$	160,238	$	—



	December 31, 2017
(in thousands)	Total fair value		Quoted prices in active markets for identical assets (level 1)		Significant other observable inputs (level 2)		Significant unobservable inputs (level 3)
Financial assets:
Cash and cash equivalents	$	28,780	$	28,780	$	—	$	—
Restricted cash and cash equivalents	45,051		45,051		—		—
Cash, cash equivalents and restricted cash (1)	$	73,831	$	73,831	$	—	$	—

Deferred compensation mutual funds classified as available-for-sale	$	22,428	$	22,428	$	—	$	—

Municipal debt securities	$	83,366	$	—	$	83,366	$	—
Corporate debt securities	83,791		—		83,791		—
Agency mortgage-backed securities	4,062		—		4,062		—
U.S. government and agency securities	1,019		—		1,019		—
Restricted investments classified as held-to-maturity	$	172,238	$	—	$	172,238	$	—


(1)	Cash, cash equivalents and restricted cash consist of money market funds, deposits and investments with original maturities of three months or less.

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

RESTRICTED CASH AND INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2018

Restricted Cash and Investments [Abstract]

Schedule of restricted cash and investments

The following is a summary of the carrying value of our restricted cash and investments:



(in thousands)	September 30, 2018		December 31, 2017
Cash collateral held by insurance carriers	$	24,054	$	22,926
Cash and cash equivalents held in Trust	28,494		16,113
Investments held in Trust	162,519		171,752
Deferred compensation mutual funds	25,410		22,428
Other restricted cash and cash equivalents	157		6,012
Total restricted cash and investments	$	240,634	$	239,231

Schedule of held-to-maturity investments

The amortized cost and estimated fair value of our held-to-maturity investments held in trust, aggregated by investment category are as follows:



	September 30, 2018
(in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Municipal debt securities	$	77,211	$	124	$	(1,101	)	$	76,234
Corporate debt securities	81,414		1		(1,221		)	80,194
Agency mortgage-backed securities	2,895		3		(52		)	2,846
U.S. government and agency securities	999		—		(35		)	964
Total held-to-maturity investments	$	162,519	$	128	$	(2,409	)	$	160,238



	December 31, 2017
(in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Municipal debt securities	$	82,770	$	974	$	(378	)	$	83,366
Corporate debt securities	83,916		309		(434		)	83,791
Agency mortgage-backed securities	4,066		22		(26		)	4,062
U.S. government and agency securities	1,000		19		—			1,019
Total held-to-maturity investments	$	171,752	$	1,324	$	(838	)	$	172,238

Schedule of continuous unrealized loss position

The estimated fair value and gross unrealized losses of all investments classified as held-to-maturity, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of September 30, 2018 and December 31, 2017, were as follows:



	September 30, 2018
	Less than 12 months					12 months or more					Total
(in thousands)	Estimated fair value		Unrealized losses			Estimated fair value		Unrealized losses			Estimated fair value		Unrealized losses
Municipal debt securities	$	49,727	$	(515	)	$	11,531	$	(586	)	$	61,258	$	(1,101	)
Corporate debt securities	52,187		(689		)	26,020		(532		)	78,207		(1,221		)
Agency mortgage-backed securities	1,323		(20		)	873		(32		)	2,196		(52		)
U.S. government and agency securities	964		(35		)	—		—			964		(35		)
Total held-to-maturity investments	$	104,201	$	(1,259	)	$	38,424	$	(1,150	)	$	142,625	$	(2,409	)



	December 31, 2017
	Less than 12 months					12 months or more					Total
(in thousands)	Estimated fair value		Unrealized losses			Estimated fair value		Unrealized losses			Estimated fair value		Unrealized losses
Municipal debt securities	$	23,078	$	(124	)	$	9,631	$	(254	)	$	32,709	$	(378	)
Corporate debt securities	48,952		(311		)	10,081		(123		)	59,033		(434		)
Agency mortgage-backed securities	1,362		(10		)	888		(16		)	2,250		(26		)
Total held-to-maturity investments	$	73,392	$	(445	)	$	20,600	$	(393	)	$	93,992	$	(838	)

Schedule of held-to-maturity investments by contractual maturity

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



	September 30, 2018
(in thousands)	Amortized cost		Fair value
Due in one year or less	$	28,294	$	28,133
Due after one year through five years	87,267		86,225
Due after five years through ten years	46,958		45,880
Total held-to-maturity investments	$	162,519	$	160,238

GOODWILL AND INTANGIBLE ASSETS (Tables)

9 Months Ended

Sep. 30, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The following table reflects changes in the carrying amount of goodwill during the period by reportable segments:



(in thousands)	PeopleReady			PeopleManagement			PeopleScout			Total company
Balance at December 31, 2017
Goodwill before impairment	$	106,304		$	100,146		$	132,323		$	338,773
Accumulated impairment loss	(46,210		)	(50,700		)	(15,169		)	(112,079		)
Goodwill, net	60,094			49,446			117,154			226,694

Divested goodwill before impairment (1)	—			(19,054		)	—			(19,054		)
Divested accumulated impairment loss (1)	—			17,000			—			17,000
Acquired goodwill (2)	—			—			16,606			16,606
Foreign currency translation	—			—			(2,598		)	(2,598		)

Balance at September 30, 2018
Goodwill before impairment	106,304			81,092			146,331			333,727
Accumulated impairment loss	(46,210		)	(33,700		)	(15,169		)	(95,079		)
Goodwill, net	$	60,094		$	47,392		$	131,162		$	238,648


(1)	Effective March 12, 2018, the company entered into an asset purchase agreement for the sale of its PlaneTechs business to Launch Technical Workforce Solutions. As a result of this divestiture, we eliminated the remaining goodwill balance of the PlaneTechs business, which was a part of our PeopleManagement reportable segment. For additional information, see Note 3: Acquisition and divestiture.


(2)	Effective June 12, 2018, the company acquired TMP Holdings LTD, through PeopleScout. Accordingly, the goodwill associated with the acquisition has been assigned to our PeopleScout reportable segment based on our preliminary purchase price allocation. For additional information, see Note 3: Acquisition and divestiture.

Schedule of Finite-Lived Intangible Assets

The following table presents our purchased finite-lived intangible assets:



	September 30, 2018							December 31, 2017
(in thousands)	Gross carrying amount		Accumulated amortization			Net carrying amount		Gross carrying amount		Accumulated amortization			Net carrying amount
Finite-lived intangible assets (1):
Customer relationships	$	153,945	$	(66,537	)	$	87,408	$	148,114	$	(53,801	)	$	94,313
Trade names/trademarks	2,865		(995		)	1,870		4,149		(3,736		)	413
Non-compete agreements	—		—			—		1,400		(1,377		)	23
Technologies	9,800		(8,216		)	1,584		17,500		(13,588		)	3,912
Total finite-lived intangible assets	$	166,610	$	(75,748	)	$	90,862	$	171,163	$	(72,502	)	$	98,661


(1)	Excludes assets that are fully amortized.

WORKERS' COMPENSATION INSURANCE AND RESERVES (Tables)

9 Months Ended

Sep. 30, 2018

Workers' Compensation Insurance and Reserves [Abstract]

Reconciliation of workers' compensation claims reserve

The following table presents a reconciliation of the undiscounted workers’ compensation reserve to the discounted workers’ compensation reserve for the periods presented:



(in thousands)	September 30, 2018		December 31, 2017
Undiscounted workers’ compensation reserve	$	286,156	$	293,600
Less discount on workers’ compensation reserve	20,238		19,277
Workers’ compensation reserve, net of discount	265,918		274,323
Less current portion	70,950		77,218
Long-term portion	$	194,968	$	197,105

LONG-TERM DEBT (Tables)

9 Months Ended

Sep. 30, 2018

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

The components of our borrowings were as follows:



(in thousands)	September 30, 2018		December 31, 2017
Revolving Credit Facility	$	107,900	$	95,900
Term Loan	—		22,856
Total debt	107,900		118,756
Less current portion	—		2,267
Long-term debt, less current portion	$	107,900	$	116,489

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

COMMITMENTS AND CONTINGENCIES (Tables)

9 Months Ended

Sep. 30, 2018

Commitments and Contingencies Disclosure [Abstract]

Schedule of workers’ compensation collateral commitments

We have provided our insurance carriers and certain states with commitments in the form and amounts listed below:



(in thousands)	September 30, 2018		December 31, 2017
Cash collateral held by workers’ compensation insurance carriers	$	22,122	$	22,148
Cash and cash equivalents held in Trust	28,494		16,113
Investments held in Trust	162,519		171,752
Letters of credit (1)	6,707		7,748
Surety bonds (2)	21,961		19,829
Total collateral commitments	$	241,803	$	237,590


(1)	We have agreements with certain financial institutions to issue letters of credit as collateral.

(2)

Our surety bonds are issued by independent insurance companies on our behalf and bear annual fees based on a percentage of the bond, which are determined by each independent surety carrier. These fees do not exceed 2.0% of the bond amount, subject to a minimum charge. The terms of these bonds are subject to review and renewal every one to four years and most bonds can be canceled by the sureties with as little as 60 days’ notice.

SHAREHOLDERS' EQUITY (Tables)

9 Months Ended

Sep. 30, 2018

Shareholders' Equity [Abstract]

Schedule of Stockholders Equity

Changes in the balance of each component of shareholders’ equity during the reporting periods were as follows:



	Thirteen weeks ended						Thirty-nine weeks ended
(in thousands)	September 30, 2018			October 1, 2017			September 30, 2018			October 1, 2017

Common Stock Shares
Beginning balance	40,595			41,982			41,098			42,171
Purchases and retirement of common stock	(203		)	(682		)	(961		)	(1,268		)
Issuances under equity plans, including tax benefits	87			34			316			397
Stock-based compensation	(7		)	5			19			39
Ending balance	40,472			41,339			40,472			41,339

Common Stock Amount
Beginning balance	$	1		$	1		$	1		$	1
Current period activity	—			—			—			—
Ending balance	1			1			1			1

Retained Earnings
Beginning balance	574,934			542,020			561,650			536,611
Net income	24,380			21,221			50,867			39,029
Purchases and retirement of common stock	(5,752		)	(13,841		)	(24,818		)	(29,371		)
Issuances under equity plans, including tax benefits	249			237			(1,396		)	(1,778		)
Stock-based compensation	3,572			1,015			9,555			6,161
Change in accounting standard cumulative-effect adjustment (1)	—			—			1,525			—
Ending balance	597,383			550,652			597,383			550,652

Accumulated Other Comprehensive Loss
Beginning balance	(11,634		)	(8,447		)	(6,804		)	(11,433		)
Other comprehensive income (loss), net of tax	(595		)	1,567			(3,900		)	4,553
Change in accounting standard cumulative-effect adjustment (1)	—			—			(1,525		)	—
Ending balance	(12,229		)	(6,880		)	(12,229		)	(6,880		)

Total shareholder’s equity ending balance	$	585,155		$	543,773		$	585,155		$	543,773

(1)

As a result of our adoption of the new accounting standard for equity investments, $1.5 million in unrealized gains, net of tax on available-for-sale equity securities were reclassified from accumulated other comprehensive loss to retained earnings as of the beginning of fiscal 2018. There were no material reclassifications out of accumulated other comprehensive loss during the thirteen and thirty-nine weeks ended October 1, 2017. For additional information, see Note 1: Summary of significant accounting policies.

Schedule of Accumulated Other Comprehensive Income (Loss)

Changes in the balance of each component of accumulated other comprehensive loss during the reporting periods were as follows:



	Thirteen weeks ended
	September 30, 2018								October 1, 2017
(in thousands)	Foreign currency translation adjustment			Unrealized gain (loss) on investments, net of tax (1)		Total other comprehensive (loss), net of tax			Foreign currency translation adjustment			Unrealized gain on investments, net of tax (1)		Total other comprehensive income (loss), net of tax
Balance at beginning of period	$	(11,634	)	$	—	$	(11,634	)	$	(9,344	)	$	897	$	(8,447	)
Current period other comprehensive income (loss)	(595		)	—		(595		)	1,143			424		1,567
Balance at end of period	$	(12,229	)	$	—	$	(12,229	)	$	(8,201	)	$	1,321	$	(6,880	)



	Thirty-nine weeks ended
	September 30, 2018									October 1, 2017
(in thousands)	Foreign currency translation adjustment			Unrealized gain on investments, net of tax (1)			Total other comprehensive (loss), net of tax			Foreign currency translation adjustment			Unrealized gain on investments, net of tax (1)		Total other comprehensive income (loss), net of tax
Balance at beginning of period	$	(8,329	)	$	1,525		$	(6,804	)	$	(11,684	)	$	251	$	(11,433	)
Current period other comprehensive income (loss)	(3,900		)	—			(3,900		)	3,483			1,070		4,553
Change in accounting standard cumulative-effect adjustment	—			(1,525		)	(1,525		)	—			—		—
Balance at end of period	$	(12,229	)	$	—		$	(12,229	)	$	(8,201	)	$	1,321	$	(6,880	)


(1)	Consisted of deferred compensation plan accounts, comprised of mutual funds classified as available-for-sale securities, prior to our adoption of the new accounting standard for equity investments in the fiscal first quarter of 2018. The tax impact on the unrealized gain on available-for-sale securities was de minimis for the thirteen and thirty-nine weeks ended October 1, 2017.

NET INCOME (LOSS) PER SHARE (Tables)

9 Months Ended

Sep. 30, 2018

Earnings Per Share [Abstract]

Schedule of adjusted net income and diluted common shares

Diluted common shares were calculated as follows:



	Thirteen weeks ended				Thirty-nine weeks ended
(in thousands, except per share data)	September 30, 2018		October 1, 2017		September 30, 2018		October 1, 2017
Net income	$	24,380	$	21,221	$	50,867	$	39,029

Weighted average number of common shares used in basic net income per common share	39,743		41,046		40,138		41,420
Dilutive effect of non-vested restricted stock	330		230		279		251
Weighted average number of common shares used in diluted net income per common share	40,073		41,276		40,417		41,671
Net income per common share:
Basic	$	0.61	$	0.52	$	1.27	$	0.94
Diluted	$	0.61	$	0.51	$	1.26	$	0.94

Anti-dilutive shares	414		354		500		388

SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 30, 2018

Segment Reporting [Abstract]

Schedule of Segment Information

The following table presents a reconciliation of segment revenue from services to total company revenue:



	Thirteen weeks ended				Thirty-nine weeks ended
(in thousands)	September 30, 2018		October 1, 2017		September 30, 2018		October 1, 2017
Revenue from services:
PeopleReady	$	428,665	$	414,995	$	1,122,960	$	1,118,331
PeopleManagement	181,199		196,835		543,930		581,408
PeopleScout	70,507		48,950		182,170		139,407
Total company	$	680,371	$	660,780	$	1,849,060	$	1,839,146

The following table presents a reconciliation of Segment profit to income before tax expense:



	Thirteen weeks ended						Thirty-nine weeks ended
(in thousands)	September 30, 2018			October 1, 2017			September 30, 2018			October 1, 2017
Segment profit:
PeopleReady	$	31,230		$	28,752		$	63,953		$	57,916
PeopleManagement	6,169			6,940			16,530			18,759
PeopleScout	12,478			10,277			35,703			29,071
	49,877			45,969			116,186			105,746
Corporate unallocated	(6,469		)	(5,322		)	(20,001		)	(16,700		)
Work Opportunity Tax Credit processing fees	(241		)	(180		)	(700		)	(468		)
Acquisition/integration costs	(1,226		)	—			(1,683		)	—
Other costs	(3,005		)	—			(5,984		)	—
Depreciation and amortization	(10,586		)	(11,189		)	(30,777		)	(34,650		)
Income from operations	28,350			29,278			57,041			53,928
Interest and other income (expense), net	(340		)	(219		)	896			10
Income before tax expense	$	28,010		$	29,059		$	57,937		$	53,938

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Recently adopted accounting standards (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Oct. 01, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in accounting standard cumulative-effect adjustment	$ (1,525)	$ 0
Restatement Adjustment \| Accounting Standards Update 2016-18
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease in restricted cash		8,600
Accumulated Net Investment Gain (Loss) Attributable to Parent
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in accounting standard cumulative-effect adjustment	$ (1,525)	$ 0

REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Oct. 01, 2017	Sep. 30, 2018	Oct. 01, 2017
Disaggregation of Revenue [Line Items]
Revenue from services	$ 680,371	$ 660,780	$ 1,849,060	$ 1,839,146
Contingent staffing
Disaggregation of Revenue [Line Items]
Revenue from services	609,864		1,666,890
Human resource outsourcing
Disaggregation of Revenue [Line Items]
Revenue from services	70,507		182,170
PeopleReady
Disaggregation of Revenue [Line Items]
Revenue from services	428,665	414,995	1,122,960	1,118,331
PeopleReady \| Contingent staffing
Disaggregation of Revenue [Line Items]
Revenue from services	428,665		1,122,960
PeopleReady \| Human resource outsourcing
Disaggregation of Revenue [Line Items]
Revenue from services	0		0
PeopleManagement
Disaggregation of Revenue [Line Items]
Revenue from services	181,199	196,835	543,930	581,408
PeopleManagement \| Contingent staffing
Disaggregation of Revenue [Line Items]
Revenue from services	181,199		543,930
PeopleManagement \| Human resource outsourcing
Disaggregation of Revenue [Line Items]
Revenue from services	0		0
PeopleScout
Disaggregation of Revenue [Line Items]
Revenue from services	70,507	$ 48,950	182,170	$ 139,407
PeopleScout \| Contingent staffing
Disaggregation of Revenue [Line Items]
Revenue from services	0		0
PeopleScout \| Human resource outsourcing
Disaggregation of Revenue [Line Items]
Revenue from services	$ 70,507		$ 182,170

ACQUISITION AND DIVESTITURE Acquisition (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Jun. 12, 2018	Sep. 30, 2018	Oct. 01, 2017	Sep. 30, 2018	Oct. 01, 2017
Business Acquisition [Line Items]
Cash purchase price, net of cash acquired				$ 22,742	$ 0
Acquisition-related costs		$ 1,226	$ 0	1,683	$ 0
TMP
Business Acquisition [Line Items]
Cash purchase price, net of cash acquired	$ 22,742
Cash acquired from acquisition	$ 7,000
Acquisition-related costs		$ 1,226		$ 1,683

ACQUISITION AND DIVESTITURE TMP (Details) - USD ($) $ in Thousands		3 Months Ended		4 Months Ended	9 Months Ended
	Jun. 12, 2018	Sep. 30, 2018	Oct. 01, 2017	Sep. 30, 2018	Sep. 30, 2018	Oct. 01, 2017	Dec. 31, 2017
Business Acquisition [Line Items]
Cash purchase price, net of cash acquired					$ 22,742	$ 0
Acquisition-related costs		$ 1,226	$ 0		1,683	0
Goodwill		238,648		$ 238,648	238,648		$ 226,694
Revenue from services		680,371	$ 660,780		1,849,060	$ 1,839,146
TMP
Business Acquisition [Line Items]
Cash purchase price, net of cash acquired	$ 22,742
Cash acquired from acquisition	7,000
Acquisition-related costs		$ 1,226			$ 1,683
Accounts receivable	9,770
Prepaid expenses, deposits and other current assets	337
Property and equipment	435
Intangible Assets	8,024
Total assets acquired	18,566
Accounts payable and other accrued expenses	9,139
Accrued wages and benefits	1,642
Income tax payable	205
Deferred income tax liability	1,444
Total liabilities assumed	12,430
Net identifiable assets acquired	6,136
Goodwill	16,606
Revenue from services				$ 17,900
Customer relationships \| TMP
Business Acquisition [Line Items]
Intangible Assets	6,286
Trade name/trademarks \| TMP
Business Acquisition [Line Items]
Intangible Assets	$ 1,738
Estimated useful life in years	14 years
Minimum \| Customer relationships \| TMP
Business Acquisition [Line Items]
Estimated useful life in years	3 years
Maximum \| Customer relationships \| TMP
Business Acquisition [Line Items]
Estimated useful life in years	7 years

ACQUISITION AND DIVESTITURE Intangible Assets (Details) - TMP $ in Thousands	Jun. 12, 2018 USD ($)
Business Acquisition [Line Items]
Estimated fair value	$ 8,024
Customer relationships
Business Acquisition [Line Items]
Estimated fair value	6,286
Trade name/trademarks
Business Acquisition [Line Items]
Estimated fair value	$ 1,738
Estimated useful life in years	14 years
Minimum \| Customer relationships
Business Acquisition [Line Items]
Estimated useful life in years	3 years
Maximum \| Customer relationships
Business Acquisition [Line Items]
Estimated useful life in years	7 years

ACQUISITION AND DIVESTITURE Divestiture (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Mar. 12, 2018	Sep. 30, 2018	Oct. 01, 2017	Sep. 30, 2018	Oct. 01, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Divestiture of business				$ 10,414	$ 0
Divestiture non-cash consideration				971	0
Revenue from services		$ 680,371	$ 660,780	1,849,060	$ 1,839,146
PlaneTechs
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Divestiture, amount of consideration received	$ 11,400
Divestiture of business	8,500
Divestiture non-cash consideration	$ 1,600
Debt Instrument, Periodic Payment				100
Gain on disposition of assets				$ 700
Revenue from services		$ 8,000

FAIR VALUE MEASUREMENT (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017	Oct. 01, 2017	Jan. 01, 2017
Fair Value Measurement [Line Items]
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 87,441	$ 73,831	$ 94,845	$ 103,222
Deferred compensation mutual funds	25,410	22,428
Restricted investments classified as held-to-maturity	160,238	172,238
Municipal debt securities
Fair Value Measurement [Line Items]
Restricted investments classified as held-to-maturity	76,234	83,366
Corporate debt securities
Fair Value Measurement [Line Items]
Restricted investments classified as held-to-maturity	80,194	83,791
Agency mortgage-backed securities
Fair Value Measurement [Line Items]
Restricted investments classified as held-to-maturity	2,846	4,062
U.S. government and agency securities
Fair Value Measurement [Line Items]
Restricted investments classified as held-to-maturity	964	1,019
Total Fair Value
Fair Value Measurement [Line Items]
Cash and cash equivalents	34,736	28,780
Total Fair Value \| Restricted Assets
Fair Value Measurement [Line Items]
Restricted cash and cash equivalents	52,705	45,051
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	87,441	73,831
Deferred compensation mutual funds	25,410	22,428
Restricted investments classified as held-to-maturity	160,238	172,238
Total Fair Value \| Restricted Assets \| Municipal debt securities
Fair Value Measurement [Line Items]
Restricted investments classified as held-to-maturity	76,234	83,366
Total Fair Value \| Restricted Assets \| Corporate debt securities
Fair Value Measurement [Line Items]
Restricted investments classified as held-to-maturity	80,194	83,791
Total Fair Value \| Restricted Assets \| Agency mortgage-backed securities
Fair Value Measurement [Line Items]
Restricted investments classified as held-to-maturity	2,846	4,062
Total Fair Value \| Restricted Assets \| U.S. government and agency securities
Fair Value Measurement [Line Items]
Restricted investments classified as held-to-maturity	964	1,019
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Measurement [Line Items]
Cash and cash equivalents	34,736	28,780
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Restricted Assets
Fair Value Measurement [Line Items]
Restricted cash and cash equivalents	52,705	45,051
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	87,441	73,831
Deferred compensation mutual funds	25,410	22,428
Restricted investments classified as held-to-maturity	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Restricted Assets \| Municipal debt securities
Fair Value Measurement [Line Items]
Restricted investments classified as held-to-maturity	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Restricted Assets \| Corporate debt securities
Fair Value Measurement [Line Items]
Restricted investments classified as held-to-maturity	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Restricted Assets \| Agency mortgage-backed securities
Fair Value Measurement [Line Items]
Restricted investments classified as held-to-maturity	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Restricted Assets \| U.S. government and agency securities
Fair Value Measurement [Line Items]
Restricted investments classified as held-to-maturity	0	0
Significant Other Observable Inputs (Level 2)
Fair Value Measurement [Line Items]
Cash and cash equivalents	0	0
Significant Other Observable Inputs (Level 2) \| Restricted Assets
Fair Value Measurement [Line Items]
Restricted cash and cash equivalents	0	0
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	0	0
Deferred compensation mutual funds	0	0
Restricted investments classified as held-to-maturity	160,238	172,238
Significant Other Observable Inputs (Level 2) \| Restricted Assets \| Municipal debt securities
Fair Value Measurement [Line Items]
Restricted investments classified as held-to-maturity	76,234	83,366
Significant Other Observable Inputs (Level 2) \| Restricted Assets \| Corporate debt securities
Fair Value Measurement [Line Items]
Restricted investments classified as held-to-maturity	80,194	83,791
Significant Other Observable Inputs (Level 2) \| Restricted Assets \| Agency mortgage-backed securities
Fair Value Measurement [Line Items]
Restricted investments classified as held-to-maturity	2,846	4,062
Significant Other Observable Inputs (Level 2) \| Restricted Assets \| U.S. government and agency securities
Fair Value Measurement [Line Items]
Restricted investments classified as held-to-maturity	964	1,019
Significant Unobservable Inputs (Level 3)
Fair Value Measurement [Line Items]
Cash and cash equivalents	0	0
Significant Unobservable Inputs (Level 3) \| Restricted Assets
Fair Value Measurement [Line Items]
Restricted cash and cash equivalents	0	0
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	0	0
Deferred compensation mutual funds	0	0
Restricted investments classified as held-to-maturity	0	0
Significant Unobservable Inputs (Level 3) \| Restricted Assets \| Municipal debt securities
Fair Value Measurement [Line Items]
Restricted investments classified as held-to-maturity	0	0
Significant Unobservable Inputs (Level 3) \| Restricted Assets \| Corporate debt securities
Fair Value Measurement [Line Items]
Restricted investments classified as held-to-maturity	0	0
Significant Unobservable Inputs (Level 3) \| Restricted Assets \| Agency mortgage-backed securities
Fair Value Measurement [Line Items]
Restricted investments classified as held-to-maturity	0	0
Significant Unobservable Inputs (Level 3) \| Restricted Assets \| U.S. government and agency securities
Fair Value Measurement [Line Items]
Restricted investments classified as held-to-maturity	$ 0	$ 0

RESTRICTED CASH AND INVESTMENTS (Details) $ in Thousands	Sep. 30, 2018 USD ($) security	Dec. 31, 2017 USD ($) security
Restricted Cash and Investments [Line Items]
Cash collateral held by insurance carriers	$ 24,054	$ 22,926
Cash and cash equivalents held in Trust	28,494	16,113
Investments held in Trust	162,519	171,752
Deferred compensation mutual funds	25,410	22,428
Other restricted cash and cash equivalents	157	6,012
Restricted cash and investments	240,634	239,231
Held-to-maturity Securities, Reconciliation to Fair Value [Abstract]
Gross Unrealized Gain	128	1,324
Gross Unrealized Loss	(2,409)	(838)
Fair Value	160,238	172,238
Estimated fair value
Less than 12 months	104,201	73,392
12 months or more	38,424	20,600
Total	142,625	93,992
Unrealized losses
Less than 12 months	(1,259)	(445)
12 months or more	(1,150)	(393)
Total	$ (2,409)	$ (838)
Securities in unrealized loss positions, number of positions \| security	124	83
Held-to-maturity Securities, Investment Maturities, Fair Value [Abstract]
Fair Value	$ 160,238	$ 172,238
Municipal debt securities
Restricted Cash and Investments [Line Items]
Investments held in Trust	77,211	82,770
Held-to-maturity Securities, Reconciliation to Fair Value [Abstract]
Gross Unrealized Gain	124	974
Gross Unrealized Loss	(1,101)	(378)
Fair Value	76,234	83,366
Estimated fair value
Less than 12 months	49,727	23,078
12 months or more	11,531	9,631
Total	61,258	32,709
Unrealized losses
Less than 12 months	(515)	(124)
12 months or more	(586)	(254)
Total	(1,101)	(378)
Held-to-maturity Securities, Investment Maturities, Fair Value [Abstract]
Fair Value	76,234	83,366
Corporate debt securities
Restricted Cash and Investments [Line Items]
Investments held in Trust	81,414	83,916
Held-to-maturity Securities, Reconciliation to Fair Value [Abstract]
Gross Unrealized Gain	1	309
Gross Unrealized Loss	(1,221)	(434)
Fair Value	80,194	83,791
Estimated fair value
Less than 12 months	52,187	48,952
12 months or more	26,020	10,081
Total	78,207	59,033
Unrealized losses
Less than 12 months	(689)	(311)
12 months or more	(532)	(123)
Total	(1,221)	(434)
Held-to-maturity Securities, Investment Maturities, Fair Value [Abstract]
Fair Value	80,194	83,791
Agency mortgage-backed securities
Restricted Cash and Investments [Line Items]
Investments held in Trust	2,895	4,066
Held-to-maturity Securities, Reconciliation to Fair Value [Abstract]
Gross Unrealized Gain	3	22
Gross Unrealized Loss	(52)	(26)
Fair Value	2,846	4,062
Estimated fair value
Less than 12 months	1,323	1,362
12 months or more	873	888
Total	2,196	2,250
Unrealized losses
Less than 12 months	(20)	(10)
12 months or more	(32)	(16)
Total	(52)	(26)
Held-to-maturity Securities, Investment Maturities, Fair Value [Abstract]
Fair Value	2,846	4,062
U.S. government and agency securities
Restricted Cash and Investments [Line Items]
Investments held in Trust	999	1,000
Held-to-maturity Securities, Reconciliation to Fair Value [Abstract]
Gross Unrealized Gain	0	19
Gross Unrealized Loss	(35)	0
Fair Value	964	1,019
Estimated fair value
Less than 12 months	964
12 months or more	0
Total	964
Unrealized losses
Less than 12 months	(35)
12 months or more	0
Total	(35)
Held-to-maturity Securities, Investment Maturities, Fair Value [Abstract]
Fair Value	964	$ 1,019
Restricted Cash and Investments
Restricted Cash and Investments [Line Items]
Investments held in Trust	162,519
Held-to-maturity Securities, Reconciliation to Fair Value [Abstract]
Fair Value	160,238
Held-to-maturity Securities, Investment Maturities, Amortized Cost [Abstract]
Due in one year or less	28,294
Due after one year through five years	87,267
Due after five years through ten years	46,958
Held-to-maturity Securities, Investment Maturities, Fair Value [Abstract]
Due in one year or less	28,133
Due after one year through five years	86,225
Due after five years through ten years	45,880
Fair Value	$ 160,238

- Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Goodwill [Line Items]
Goodwill before impairment	$ 333,727	$ 338,773
Accumulated impairment loss	(95,079)	(112,079)
Goodwill, net	238,648	226,694
Divested goodwill before impairment	(19,054)
Divested accumulated impairment loss	17,000
Goodwill, Acquired During Period and Other	16,606
Foreign currency translation	(2,598)
PeopleReady
Goodwill [Line Items]
Goodwill before impairment	106,304	106,304
Accumulated impairment loss	(46,210)	(46,210)
Goodwill, net	60,094	60,094
PeopleManagement
Goodwill [Line Items]
Goodwill before impairment	81,092	100,146
Accumulated impairment loss	(33,700)	(50,700)
Goodwill, net	47,392	49,446
Divested goodwill before impairment	(19,054)
Divested accumulated impairment loss	17,000
PeopleScout
Goodwill [Line Items]
Goodwill before impairment	146,331	132,323
Accumulated impairment loss	(15,169)	(15,169)
Goodwill, net	131,162	$ 117,154
Goodwill, Acquired During Period and Other	16,606
Foreign currency translation	$ (2,598)

GOODWILL AND INTANGIBLE ASSETS - Intangible Assets Other Than Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Oct. 01, 2017	Sep. 30, 2018	Oct. 01, 2017	Jun. 12, 2018	Dec. 31, 2017
Amortizable intangible assets:
Gross Carrying Amount	$ 166,610		$ 166,610			$ 171,163
Accumulated Amortization	(75,748)		(75,748)			(72,502)
Net Carrying Amount	90,862		90,862			98,661
Amortization of Intangible Assets	5,200	$ 5,400	15,600	$ 16,100
Customer relationships
Amortizable intangible assets:
Gross Carrying Amount	153,945		153,945			148,114
Accumulated Amortization	(66,537)		(66,537)			(53,801)
Net Carrying Amount	87,408		87,408			94,313
Trade names/trademarks
Amortizable intangible assets:
Gross Carrying Amount	2,865		2,865			4,149
Accumulated Amortization	(995)		(995)			(3,736)
Net Carrying Amount	1,870		1,870			413
Non-compete agreements
Amortizable intangible assets:
Gross Carrying Amount	0		0			1,400
Accumulated Amortization	0		0			(1,377)
Net Carrying Amount	0		0			23
Technologies
Amortizable intangible assets:
Gross Carrying Amount	9,800		9,800			17,500
Accumulated Amortization	(8,216)		(8,216)			(13,588)
Net Carrying Amount	$ 1,584		$ 1,584			$ 3,912
TMP
Amortizable intangible assets:
Estimated fair value					$ 8,024
TMP \| Customer relationships
Amortizable intangible assets:
Estimated fair value					6,286
TMP \| Trade names/trademarks
Amortizable intangible assets:
Estimated fair value					$ 1,738

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Trade name/trademarks
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets (Excluding Goodwill)	$ 6.0	$ 6.0

WORKERS' COMPENSATION INSURANCE AND RESERVES - Reconciliation of Workers' Compensation Claims Reserve (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Workers' Compensation Insurance and Reserves [Abstract]
Undiscounted workers’ compensation reserve	$ 286,156	$ 293,600
Less discount on workers’ compensation reserve	20,238	19,277
Workers' compensation reserve, net of discount	265,918	274,323
Less current portion	70,950	77,218
Long-term portion	$ 194,968	$ 197,105

WORKERS' COMPENSATION INSURANCE AND RESERVES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Oct. 01, 2017	Sep. 30, 2018	Oct. 01, 2017	Dec. 31, 2017
Workers' Compensation Deductible Limit [Line Items]
Workers' compensation claim deductible limit			$ 2,000
Weighted average period - claim payments below deductible limit			5 years
Payments made against self-insured claims			$ 50,700	$ 48,200
Weighted average period - claim payments and receivables above deductible limit			15 years
Excess claims	$ 49,000		$ 49,000		$ 48,800
Workers' compensation claim receivables net of valuation allowance	45,644		45,644		45,048
Workers Compensation Expense	$ 17,800	$ 22,100	$ 52,200		$ 64,200
Below limit
Workers' Compensation Deductible Limit [Line Items]
Weighted average rate			2.00%		1.80%
Above Limit
Workers' Compensation Deductible Limit [Line Items]
Weighted average rate			2.80%		2.50%

LONG-TERM DEBT Summary of long-term debt (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Total	$ 107,900	$ 118,756
Long-term debt, less current portion	107,900	116,489
Bank of America, N.A. and Wells Fargo Capital Finance, LLC
Debt Instrument [Line Items]
Total	107,900	95,900
Synovus Bank
Debt Instrument [Line Items]
Total	0	22,856
Current portion of long-term debt	$ 0	$ 2,267

LONG-TERM DEBT Revolving Credit Facility Narrative (Details) - USD ($)		9 Months Ended
	Jul. 13, 2018	Sep. 30, 2018	Dec. 31, 2017
Revolving Credit Facility [Line Items]
Total		$ 107,900,000	$ 118,756,000
Bank of America, N.A. and Wells Fargo Capital Finance, LLC
Revolving Credit Facility [Line Items]
Total		107,900,000	$ 95,900,000
Revolving credit facility, interest rate description	one-month
Bank of America, N.A. and Wells Fargo Capital Finance, LLC \| Revolving Credit Facility
Revolving Credit Facility [Line Items]
Revolving Credit Facility, maximum borrowing capacity	$ 300,000,000
Revolving Credit Facility, maximum borrowing capacity, subject to lender approval	$ 450,000,000
Total		107,900,000
Letters of Credit Outstanding, Amount		$ 6,900,000
London Interbank Offered Rate (LIBOR) \| Bank of America, N.A. and Wells Fargo Capital Finance, LLC \| Revolving Credit Facility
Revolving Credit Facility [Line Items]
Debt Instrument, basis spread on variable rate		1.25%
Revolving credit facility, additional base rate	1.00%	2.15%
Line of Credit Facility, Interest Rate at Period End		3.40%
London Interbank Offered Rate (LIBOR) \| Bank of America, N.A. and Wells Fargo Capital Finance, LLC \| Letter of Credit
Revolving Credit Facility [Line Items]
Letters of credit, additional basis rate	0.50%
Base rate [Member] \| Bank of America, N.A. and Wells Fargo Capital Finance, LLC \| Revolving Credit Facility
Revolving Credit Facility [Line Items]
Revolving credit facility, additional base rate	0.50%
Minimum \| Bank of America, N.A. and Wells Fargo Capital Finance, LLC \| Revolving Credit Facility
Revolving Credit Facility [Line Items]
Revolving credit facility, unused capacity, commitment fee percentage	0.25%
Minimum \| London Interbank Offered Rate (LIBOR) \| Bank of America, N.A. and Wells Fargo Capital Finance, LLC \| Revolving Credit Facility
Revolving Credit Facility [Line Items]
Debt Instrument, basis spread on variable rate	1.25%
Minimum \| London Interbank Offered Rate (LIBOR) \| Bank of America, N.A. and Wells Fargo Capital Finance, LLC \| Letter of Credit
Revolving Credit Facility [Line Items]
Debt Instrument, basis spread on variable rate	1.00%
Minimum \| Base rate [Member] \| Bank of America, N.A. and Wells Fargo Capital Finance, LLC \| Revolving Credit Facility
Revolving Credit Facility [Line Items]
Debt Instrument, basis spread on variable rate	0.25%
Maximum \| Bank of America, N.A. and Wells Fargo Capital Finance, LLC \| Revolving Credit Facility
Revolving Credit Facility [Line Items]
Revolving credit facility, unused capacity, commitment fee percentage	0.375%
Maximum \| London Interbank Offered Rate (LIBOR) \| Bank of America, N.A. and Wells Fargo Capital Finance, LLC \| Revolving Credit Facility
Revolving Credit Facility [Line Items]
Debt Instrument, basis spread on variable rate	2.50%
Maximum \| London Interbank Offered Rate (LIBOR) \| Bank of America, N.A. and Wells Fargo Capital Finance, LLC \| Letter of Credit
Revolving Credit Facility [Line Items]
Debt Instrument, basis spread on variable rate	2.25%
Maximum \| Base rate [Member] \| Bank of America, N.A. and Wells Fargo Capital Finance, LLC \| Revolving Credit Facility
Revolving Credit Facility [Line Items]
Debt Instrument, basis spread on variable rate	1.50%
Revolving Credit Facility, Liquidity Requirement Component \| Bank of America, N.A. and Wells Fargo Capital Finance, LLC \| Revolving Credit Facility
Revolving Credit Facility [Line Items]
Line of credit facility, remaining borrowing capacity		$ 185,200,000

LONG-TERM DEBT Term Loan Agreement (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Oct. 01, 2017	Dec. 31, 2017
Debt Instrument [Line Items]
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities	$ 22,855	$ 1,700
Total	107,900		$ 118,756
Synovus Bank
Debt Instrument [Line Items]
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities	22,000
Total	0		22,856
Current portion of long-term debt	0		2,267
Bank of America, N.A. and Wells Fargo Capital Finance, LLC
Debt Instrument [Line Items]
Total	$ 107,900		$ 95,900

COMMITMENTS AND CONTINGENCIES - Workers' Compensation Commitments (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Workers' Compensation Commitments [Line Items]
Cash collateral held by workers’ compensation insurance carriers	$ 22,122	$ 22,148
Cash and cash equivalents held in Trust	28,494	16,113
Investments held in Trust	162,519	171,752
Letters of credit	6,707	7,748
Surety bonds	21,961	19,829
Total collateral commitments	$ 241,803	$ 237,590
Surety bonds annual fee limit, % of bond amount	2.00%
Surety bonds required cancellation notice	60 days
Minimum
Workers' Compensation Commitments [Line Items]
Surety bonds review and renewal period if elected	1 year
Maximum
Workers' Compensation Commitments [Line Items]
Surety bonds review and renewal period if elected	4 years

SHAREHOLDERS' EQUITY Changes in Shareholders’ Equity (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Oct. 01, 2017	Sep. 30, 2018	Oct. 01, 2017
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)			41,098
Beginning balance			$ 554,847
Net income	$ 24,380	$ 21,221	50,867	$ 39,029
Change in accounting standard cumulative-effect adjustment			(1,525)	0
Other comprehensive income (loss), net of tax	$ (595)	1,567	$ (3,900)	4,553
Ending balance (in shares)	40,472		40,472
Ending balance	$ 585,155	$ 543,773	$ 585,155	$ 543,773
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	40,595	41,982	41,098	42,171
Beginning balance	$ 1	$ 1	$ 1	$ 1
Purchases and retirement of common stock (in shares)	(203)	(682)	(961)	(1,268)
Issuances under equity plans, including tax benefits (in shares)	87	34	316	397
Stock-based compensation (in shares)	(7)	5	19	39
Ending balance (in shares)	40,472	41,339	40,472	41,339
Ending balance	$ 1	$ 1	$ 1	$ 1
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	574,934	542,020	561,650	536,611
Net income	24,380	21,221	50,867	39,029
Purchases and retirement of common stock	(5,752)	(13,841)	(24,818)	(29,371)
Issuances under equity plans, including tax benefits	249	237	(1,396)	(1,778)
Stock-based compensation	3,572	1,015	9,555	6,161
Change in accounting standard cumulative-effect adjustment			1,525
Ending balance	597,383	550,652	597,383	550,652
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(11,634)	(8,447)	(6,804)	(11,433)
Change in accounting standard cumulative-effect adjustment			(1,525)
Other comprehensive income (loss), net of tax	(595)	1,567	(3,900)	4,553
Ending balance	$ (12,229)	$ (6,880)	(12,229)	(6,880)
Accumulated Net Investment Gain (Loss) Attributable to Parent
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Change in accounting standard cumulative-effect adjustment			$ (1,525)	$ 0

SHAREHOLDERS' EQUITY Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Oct. 01, 2017	Sep. 30, 2018	Oct. 01, 2017	Jul. 01, 2018	Dec. 31, 2017	Jul. 02, 2017	Jan. 01, 2017
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	$ (12,229)	$ (6,880)	$ (12,229)	$ (6,880)	$ (11,634)	$ (6,804)	$ (8,447)	$ (11,433)
Unrealized gain on investments, net of tax	(595)	1,567	(3,900)	4,553
Change in accounting standard cumulative-effect adjustment			(1,525)	0
Foreign currency translation adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	(12,229)	(8,201)	(12,229)	(8,201)	(11,634)	(8,329)	(9,344)	(11,684)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax	(595)	1,143	(3,900)	3,483
Change in accounting standard cumulative-effect adjustment			0	0
Accumulated Net Investment Gain (Loss) Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	0	1,321	0	1,321	$ 0	$ 1,525	$ 897	$ 251
Unrealized gain on investments, net of tax	$ 0	$ 424	0	1,070
Change in accounting standard cumulative-effect adjustment			$ (1,525)	$ 0

INCOME TAXES - Narrative (Details) $ in Millions	9 Months Ended
INCOME TAXES - Narrative (Details) $ in Millions	Sep. 30, 2018 USD ($)
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation, percent	12.20%
Income tax expense (benefit) based on statutory rate	21.00%
Deferred tax liabilities	$ 0.4

NET INCOME (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Oct. 01, 2017	Sep. 30, 2018	Oct. 01, 2017
Earnings Per Share [Abstract]
Net income	$ 24,380	$ 21,221	$ 50,867	$ 39,029
Weighted average number of common shares used in basic net income per common share	39,743	41,046	40,138	41,420
Dilutive effect of non-vested restricted stock	330	230	279	251
Weighted average number of common shares used in diluted net income per common share	40,073	41,276	40,417	41,671
Net income per common share:
Basic (in dollars per share)	$ 0.61	$ 0.52	$ 1.27	$ 0.94
Diluted (in dollars per share)	$ 0.61	$ 0.51	$ 1.26	$ 0.94
Anti-dilutive shares	414	354	500	388

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Oct. 01, 2017	Sep. 30, 2018	Oct. 01, 2017
Segment Reporting Information [Line Items]
Revenue	$ 680,371	$ 660,780	$ 1,849,060	$ 1,839,146
Segment profit	49,877	45,969	116,186	105,746
Work Opportunity Tax Credit processing fees	(241)	(180)	(700)	(468)
Acquisition/integration costs	(1,226)	0	(1,683)	0
Other costs	(3,005)	0	(5,984)	0
Depreciation and amortization	(10,586)	(11,189)	(30,777)	(34,650)
Income from operations	28,350	29,278	57,041	53,928
Interest and other income (expense), net	(340)	(219)	896	10
Income before tax expense	28,010	29,059	57,937	53,938
PeopleReady
Segment Reporting Information [Line Items]
Revenue	428,665	414,995	1,122,960	1,118,331
Segment profit	31,230	28,752	63,953	57,916
PeopleManagement
Segment Reporting Information [Line Items]
Revenue	181,199	196,835	543,930	581,408
Segment profit	6,169	6,940	16,530	18,759
PeopleScout
Segment Reporting Information [Line Items]
Revenue	70,507	48,950	182,170	139,407
Segment profit	12,478	10,277	35,703	29,071
Corporate Segment
Segment Reporting Information [Line Items]
Corporate unallocated	(6,469)	$ (5,322)	(20,001)	$ (16,700)
Contingent staffing
Segment Reporting Information [Line Items]
Revenue	609,864		1,666,890
Contingent staffing \| PeopleReady
Segment Reporting Information [Line Items]
Revenue	428,665		1,122,960
Contingent staffing \| PeopleManagement
Segment Reporting Information [Line Items]
Revenue	181,199		543,930
Contingent staffing \| PeopleScout
Segment Reporting Information [Line Items]
Revenue	0		0
Human resource outsourcing
Segment Reporting Information [Line Items]
Revenue	70,507		182,170
Human resource outsourcing \| PeopleReady
Segment Reporting Information [Line Items]
Revenue	0		0
Human resource outsourcing \| PeopleManagement
Segment Reporting Information [Line Items]
Revenue	0		0
Human resource outsourcing \| PeopleScout
Segment Reporting Information [Line Items]
Revenue	$ 70,507		$ 182,170