Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jul. 01, 2018	Jul. 16, 2018
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jul. 01, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q2
Entity Registrant Name	TBI
Entity Central Index Key	TrueBlue, Inc.
Current Fiscal Year End Date	0000768899
Well-Known Seasoned Issuer	--12-30
Voluntary Filer	Yes
Reporting Status	No
Filer Category	Yes
Filer Category	Large Accelerated Filer
Common Stock Shares Outstanding (in shares)		40,627,334

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jul. 01, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 33,408	$ 28,780
Accounts receivable, net of allowance for doubtful accounts of $6,153 and $4,344	370,588	374,273
Prepaid expenses, deposits and other current assets	21,006	20,605
Income tax receivable	7,964	4,621
Total current assets	432,966	428,279
Property and equipment, net	57,055	60,163
Restricted cash and investments	239,390	239,231
Deferred income taxes, net	1,005	3,783
Goodwill	239,380	226,694
Intangible assets, net	102,075	104,615
Other assets, net	52,349	46,266
Total assets	1,124,220	1,109,031
Current liabilities:
Accounts payable and other accrued expenses	69,515	55,091
Accrued wages and benefits	77,113	76,894
Current portion of workers’ compensation claims reserve	69,848	77,218
Other current liabilities	2,653	3,216
Total current liabilities	219,129	212,419
Workers’ compensation claims reserve, less current portion	195,240	197,105
Long-term debt, less current portion	117,199	116,489
Long-term deferred compensation liabilities	23,268	21,866
Other long-term liabilities	6,083	6,305
Total liabilities	560,919	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; 40,595 and 41,098 shares issued and outstanding	1	1
Accumulated other comprehensive loss	(11,634)	(6,804)
Retained earnings	574,934	561,650
Total shareholders’ equity	563,301	554,847
Total liabilities and shareholders’ equity	$ 1,124,220	$ 1,109,031

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Jul. 01, 2018	Dec. 31, 2017
Allowance for doubtful accounts	$ 6,153
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	40,595,000
Common stock, shares outstanding	40,595,000

CONSOLIDATED STATEMENTS OF OPERATIONS & COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2018	Jul. 02, 2017	Jul. 01, 2018	Jul. 02, 2017
Revenue from services	$ 614,301	$ 610,122	$ 1,168,689	$ 1,178,366
Cost of Goods and Services Sold	448,717	454,842	859,837	883,657
Gross profit	165,584	155,280	308,852	294,709
Selling, general and administrative expense	134,207	124,754	259,970	246,598
Depreciation and amortization	10,101	12,287	20,191	23,461
Income from operations	21,276	18,239	28,691	24,650
Interest expense	(1,355)	(1,296)	(2,245)	(2,528)
Interest and other income	387	1,451	3,481	2,757
Interest and other income (expense), net	(968)	155	1,236	229
Income before tax expense	20,308	18,394	29,927	24,879
Income tax expense	2,576	5,260	3,440	7,071
Net income	$ 17,732	$ 13,134	$ 26,487	$ 17,808
Net income per common share:
Basic (in dollars per share)	$ 0.44	$ 0.32	$ 0.66	$ 0.43
Diluted (in dollars per share)	$ 0.44	$ 0.31	$ 0.65	$ 0.43
Weighted average shares outstanding:
Basic (in shares)	40,227	41,579	40,335	41,608
Diluted (in shares)	40,469	41,856	40,576	41,875
Other comprehensive income:
Total other comprehensive income (loss), net of tax	$ (1,921)	$ 449	$ (3,305)	$ 2,986
Comprehensive income	15,811	13,583	23,182	20,794
Foreign currency translation adjustment
Other comprehensive income:
Foreign currency translation adjustment	(1,921)	540	(3,305)	2,340
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member]
Other comprehensive income:
Unrealized gain (loss) on investments, net of tax	$ 0	$ (91)	$ 0	$ 646

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jul. 01, 2018	Jul. 02, 2017
Cash flows from operating activities:
Net income	$ 26,487	$ 17,808
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	20,191	23,461
Provision for doubtful accounts	5,571	3,619
Stock-based compensation	5,983	5,146
Deferred income taxes	1,373	2,975
Other operating activities	102	2,022
Changes in operating assets and liabilities:
Accounts receivable	888	11,925
Income tax receivable	(3,641)	8,828
Other assets	(3,522)	5,977
Accounts payable and other accrued expenses	3,767	(13,181)
Accrued wages and benefits	(1,423)	(4,560)
Workers’ compensation claims reserve	(9,235)	767
Other liabilities	2,900	(580)
Net cash provided by operating activities	49,441	64,207
Cash flows from investing activities:
Capital expenditures	(6,468)	(9,137)
Acquisition of business	(22,742)	0
Divestiture of business	8,800	0
Purchases of restricted investments	(10,730)	(20,712)
Maturities of restricted investments	13,044	13,546
Net cash used in investing activities	(18,096)	(16,303)
Cash flows from financing activities:
Payments for Repurchase of Common Stock	(19,065)	(15,530)
Net proceeds from stock option exercises and employee stock purchase plans	757	858
Common stock repurchases for taxes upon vesting of restricted stock	(2,403)	(2,873)
Net change in revolving credit facility	21,300	(25,303)
Payments on debt	(22,856)	(1,133)
Payment of contingent consideration at acquisition date fair value	0	(18,300)
Net cash used in financing activities	(22,267)	(62,281)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(919)	(154)
Net change in cash, cash equivalents and restricted cash	8,159	(14,531)
Cash, cash equivalents and restricted cash, beginning of period	73,831	103,222
Cash, cash equivalents and restricted cash, end of period	81,990	88,691
Supplemental Cash Flow Information [Abstract]
Interest	1,892	1,549
Income taxes	5,696	(4,740)
Property, plant, and equipment purchased but not yet paid	726	2,888
Divestiture non-cash consideration	$ 1,657	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Jul. 01, 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 twenty-six weeks ended July 1, 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 thirteen weeks ended July 1, 2018 nor July 2, 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 thirteen weeks ended July 1, 2018 nor July 2, 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 represents 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 statement of cash flows, and the $8.8 million previously presented in the investing section for the twenty-six weeks ended July 2, 2017 is now included when reconciling the beginning-of-period and end-of-period cash, cash equivalents and restricted cash shown on the statement 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 the 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 twenty-six weeks ended July 1, 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. We plan to adopt the guidance 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 on our Consolidated Balance Sheets as operating lease liabilities and right-of-use assets. 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. 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

6 Months Ended

Jul. 01, 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 twenty-six weeks ended July 1, 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 maintain control over our workers while the services to the client are being performed.


•	We establish our worker’s billing rate.

Contingent staffing

We recognize revenue for our 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 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				July 1, 2018
(in thousands)	PeopleReady		PeopleManagement		PeopleScout		Consolidated
Revenue from services:
Contingent staffing	$	377,460	$	178,839	$	—	$	556,299
Human resource outsourcing	—		—		58,002		58,002
Total company	$	377,460	$	178,839	$	58,002	$	614,301



	Twenty-six weeks ended				July 1, 2018
(in thousands)	PeopleReady		PeopleManagement		PeopleScout		Consolidated
Revenue from services:
Contingent staffing	$	694,295	$	362,731	$	—	$	1,057,026
Human resource outsourcing	—		—		111,663		111,663
Total company	$	694,295	$	362,731	$	111,663	$	1,168,689

ACQUISITION AND DIVESTITURE

6 Months Ended

Jul. 01, 2018

Business Combinations [Abstract]

ACQUISITION AND DIVESTITURE

Acquisition

Effective June 12, 2018, the company acquired all of the outstanding equity interests of TMP Holdings LTD (“TMP”), through its subsidiary PeopleScout, Inc. 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 $0.5 million, which are included in selling, general and administrative expense on the Consolidated Statements of Operations and Comprehensive Income for the thirteen and twenty-six weeks ended July 1, 2018 and cash flows from operating activities on the Consolidated Statements of Cash Flows for the twenty-six weeks ended July 1, 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 July 1, 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 July 1, 2018. The amount of revenue from TMP included in our Consolidated Statements of Operations and Comprehensive Income was $2.9 million from the acquisition date to July 1, 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, the company entered into an asset purchase agreement to sell substantially all the assets and certain liabilities of the PlaneTechs business to Launch Technical Workforce Solutions (“Launch”) for a 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 six months following the closing date. The note receivable has monthly principal payments of $0.1 million beginning April 2018 with the remainder due in September 2018, which 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 third 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 $1.1 million, which is included in interest and other income on the Consolidated Statements of Operations and Comprehensive Income for the twenty-six weeks ended July 1, 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 seven months, which includes various back office services to support the PlaneTechs branch offices until personnel and systems are transferred to Launch.

FAIR VALUE MEASUREMENT

6 Months Ended

Jul. 01, 2018

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENT

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



	July 1, 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	$	33,408	$	33,408	$	—	$	—
Restricted cash and cash equivalents	48,582		48,582		—		—
Cash, cash equivalents and restricted cash (1)	$	81,990	$	81,990	$	—	$	—

Deferred compensation mutual funds classified as available-for-sale	$	24,384	$	24,384	$	—	$	—

Municipal debt securities	$	78,190	$	—	$	78,190	$	—
Corporate debt securities	82,238		—		82,238		—
Agency mortgage-backed securities	3,229		—		3,229		—
U.S. government and agency securities	975		—		975		—
Restricted investments classified as held-to-maturity	$	164,632	$	—	$	164,632	$	—



	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 twenty-six weeks ended July 1, 2018 nor July 2, 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

6 Months Ended

Jul. 01, 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)	July 1, 2018		December 31, 2017
Cash collateral held by insurance carriers	$	22,726	$	22,926
Cash and cash equivalents held in Trust	25,447		16,113
Investments held in Trust	166,424		171,752
Deferred compensation mutual funds	24,384		22,428
Other restricted cash and cash equivalents	409		6,012
Total restricted cash and investments	$	239,390	$	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:



	July 1, 2018
(in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Municipal debt securities	$	78,675	$	304	$	(789	)	$	78,190
Corporate debt securities	83,481		5		(1,248		)	82,238
Agency mortgage-backed securities	3,269		6		(46		)	3,229
U.S. government and agency securities	999		—		(24		)	975
Total held-to-maturity investments	$	166,424	$	315	$	(2,107	)	$	164,632



	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 July 1, 2018 and December 31, 2017, were as follows:



	July 1, 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	$	37,263	$	(350	)	$	9,329	$	(439	)	$	46,592	$	(789	)
Corporate debt securities	69,369		(1,042		)	8,980		(206		)	78,349		(1,248		)
Agency mortgage-backed securities	1,397		(15		)	976		(31		)	2,373		(46		)
U.S. government and agency securities	975		(24		)	—		—			975		(24		)
Total held-to-maturity investments	$	109,004	$	(1,431	)	$	19,285	$	(676	)	$	128,289	$	(2,107	)



	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 July 1, 2018 and December 31, 2017 were 114 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 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:



	July 1, 2018
(in thousands)	Amortized cost		Fair value
Due in one year or less	$	24,233	$	24,101
Due after one year through five years	91,941		91,148
Due after five years through ten years	50,250		49,383
Total held-to-maturity investments	$	166,424	$	164,632

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

6 Months Ended

Jul. 01, 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	—			—			(1,866		)	(1,866		)

Balance at July 1, 2018
Goodwill before impairment	106,304			81,092			147,063			334,459
Accumulated impairment loss	(46,210		)	(33,700		)	(15,169		)	(95,079		)
Goodwill, net	$	60,094		$	47,392		$	131,894		$	239,380


(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 its PeopleScout subsidiary. 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:



	July 1, 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	$	154,060	$	(62,048	)	$	92,012	$	148,114	$	(53,801	)	$	94,313
Trade names/trademarks	2,865		(889		)	1,976		4,149		(3,736		)	413
Non-compete agreements	—		—			—		1,400		(1,377		)	23
Technologies	15,771		(13,684		)	2,087		17,500		(13,588		)	3,912
Total finite-lived intangible assets	$	172,696	$	(76,621	)	$	96,075	$	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, 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 $10.4 million for the thirteen and twenty-six weeks ended July 1, 2018, respectively, and $5.3 million and $10.7 million for the thirteen and twenty-six weeks ended July 2, 2017, respectively.

Indefinite-lived intangible assets

We also held indefinite-lived trade names/trademarks of $6.0 million as of July 1, 2018 and December 31, 2017.

WORKERS' COMPENSATION INSURANCE AND RESERVES

6 Months Ended

Jul. 01, 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 1.9% and 1.8% at July 1, 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 July 1, 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)	July 1, 2018		December 31, 2017
Undiscounted workers’ compensation reserve	$	284,399	$	293,600
Less discount on workers’ compensation reserve	19,311		19,277
Workers’ compensation reserve, net of discount	265,088		274,323
Less current portion	69,848		77,218
Long-term portion	$	195,240	$	197,105

Payments made against self-insured claims were $36.1 million and $31.5 million for the twenty-six weeks ended July 1, 2018 and July 2, 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 July 1, 2018 and December 31, 2017, the weighted average rate was 2.6% 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 $48.6 million and $48.8 million as of July 1, 2018 and December 31, 2017, respectively. The discounted receivables from insurance companies, net of valuation allowance, were $45.0 million as of July 1, 2018 and December 31, 2017, and are included in other assets, net on the accompanying Consolidated Balance Sheets.

Workers’ compensation expense of $17.8 million and $22.3 million was recorded in cost of services for the thirteen weeks ended July 1, 2018 and July 2, 2017, respectively. Workers’ compensation expense of $34.4 million and $42.1 million was recorded in cost of services for the twenty-six weeks ended July 1, 2018 and July 2, 2017, respectively.

LONG-TERM DEBT

6 Months Ended

Jul. 01, 2018

Debt Disclosure [Abstract]

Long-term Debt

LONG-TERM DEBT

The components of our borrowings were as follows:



(in thousands)	July 1, 2018		December 31, 2017
Revolving Credit Facility	$	117,199	$	95,900
Term Loan	—		22,856
Total debt	117,199		118,756
Less current portion	—		2,267
Long-term debt, less current portion	$	117,199	$	116,489

Revolving credit facility

Effective June 30, 2014, we entered into a Second Amended and Restated Revolving Credit Agreement for a secured revolving credit facility of $300.0 million with Bank of America, N.A., Wells Fargo Bank, National Association, HSBC and PNC Capital Markets LLC (“Revolving Credit Facility”). The maximum amount we could borrow under the Revolving Credit Facility was subject to certain borrowing limits. Specifically, we were limited to the sum of 90% of our eligible billed accounts receivable, plus 85% of our eligible unbilled accounts receivable limited to 15% of all our eligible receivables, plus the value of our Tacoma headquarters office building. The borrowing limit was further reduced by the sum of a reserve in an amount equal to the payroll and payroll taxes for our temporary employees for one payroll cycle and certain other reserves, if deemed applicable. As of July 1, 2018, we were in compliance with all covenants related to the Revolving Credit Facility.

Revolving credit facility subsequent event

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. (“New Revolving Credit Facility”), and replaced the 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. Under the terms of the agreement, we will pay a variable rate of interest on funds borrowed that is 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 upon a base rate plus an applicable spread between 0.25% and 1.50%. The applicable spread will be 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%.

A commitment fee between 0.250% and 0.375% will be applied against the New 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.

Accordingly, we classified the Revolving Credit Facility as long-term as of July 1, 2018, since the New Revolving Credit Facility replaced the Revolving Credit Facility on a long-term basis.

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

6 Months Ended

Jul. 01, 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)	July 1, 2018		December 31, 2017
Cash collateral held by workers’ compensation insurance carriers	$	21,946	$	22,148
Cash and cash equivalents held in Trust	25,447		16,113
Investments held in Trust	166,424		171,752
Letters of credit (1)	7,618		7,748
Surety bonds (2)	22,014		19,829
Total collateral commitments	$	243,449	$	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.

INCOME TAXES	6 Months Ended
INCOME TAXES	Jul. 01, 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. Except as required under U.S. tax law, we do not provide for U.S. taxes on undistributed earnings of our foreign subsidiaries since we consider those earnings to be permanently invested outside of the U.S. Our effective tax rate for the twenty-six weeks ended July 1, 2018 was 11.5%. 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 certain income tax effects of the Tax Cuts and Jobs Act. For the twenty-six weeks ended July 1, 2018, we have not identified any needed adjustments to our transition tax and revaluation of net deferred tax assets recorded at December 31, 2017. Any subsequent adjustment to these amounts will be recorded to current tax expense in the fiscal 2018 quarter in which the analysis is complete.

NET INCOME (LOSS) PER SHARE

6 Months Ended

Jul. 01, 2018

Earnings Per Share [Abstract]

NET INCOME (LOSS) PER SHARE

NET INCOME PER SHARE

Diluted common shares were calculated as follows:



	Thirteen weeks ended				Twenty-six weeks ended
(in thousands, except per share data)	July 1, 2018		July 2, 2017		July 1, 2018		July 2, 2017
Net income	$	17,732	$	13,134	$	26,487	$	17,808

Weighted average number of common shares used in basic net income per common share	40,227		41,579		40,335		41,608
Dilutive effect of non-vested restricted stock	242		277		241		267
Weighted average number of common shares used in diluted net income per common share	40,469		41,856		40,576		41,875
Net income per common share:
Basic	$	0.44	$	0.32	$	0.66	$	0.43
Diluted	$	0.44	$	0.31	$	0.65	$	0.43

Anti-dilutive shares	254		60		218		183

ACCUMULATED OTHER COMPREHENSIVE LOSS

6 Months Ended

Jul. 01, 2018

Equity [Abstract]

ACCUMULATED OTHER COMPREHENSIVE LOSS


	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
	July 1, 2018								July 2, 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	$	(9,713	)	$	—	$	(9,713	)	$	(9,884	)	$	988		$	(8,896	)
Current period other comprehensive income	(1,921		)	—		(1,921		)	540			(91		)	449
Balance at end of period	$	(11,634	)	$	—	$	(11,634	)	$	(9,344	)	$	897		$	(8,447	)



	Twenty-six weeks ended
	July 1, 2018									July 2, 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	(3,305		)	—			(3,305		)	2,340			646		2,986
Change in accounting standard cumulative-effect adjustment (2)	—			(1,525		)	(1,525		)	—			—		—
Balance at end of period	$	(11,634	)	$	—		$	(11,634	)	$	(9,344	)	$	897	$	(8,447	)


(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 twenty-six weeks ended July 2, 2017.

(2)

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 twenty-six weeks ended July 2, 2017. For additional information, see Note 1: Summary of significant accounting policies.

SEGMENT INFORMATION

6 Months Ended

Jul. 01, 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 Holdings LTD, 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				Twenty-six weeks ended
(in thousands)	July 1, 2018		July 2, 2017		July 1, 2018		July 2, 2017
Revenue from services:
PeopleReady	$	377,460	$	370,712	$	694,295	$	703,336
PeopleManagement	178,839		192,887		362,731		384,573
PeopleScout	58,002		46,523		111,663		90,457
Total company	$	614,301	$	610,122	$	1,168,689	$	1,178,366

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



	Thirteen weeks ended						Twenty-six weeks ended
(in thousands)	July 1, 2018			July 2, 2017			July 1, 2018			July 2, 2017
Segment profit:
PeopleReady	$	23,198		$	19,170		$	32,723		$	29,164
PeopleManagement	4,712			6,286			10,361			11,819
PeopleScout	11,320			10,129			23,225			18,794
	39,230			35,585			66,309			59,777
Corporate unallocated	(5,868		)	(5,043		)	(13,532		)	(11,378		)
Work Opportunity Tax Credit processing fees	(264		)	(16		)	(459		)	(288		)
Acquisition/integration costs	(457		)	—			(457		)	—
Other costs	(1,264		)	—			(2,979		)	—
Depreciation and amortization	(10,101		)	(12,287		)	(20,191		)	(23,461		)
Income from operations	21,276			18,239			28,691			24,650
Interest and other income (expense), net	(968		)	155			1,236			229
Income before tax expense	$	20,308		$	18,394		$	29,927		$	24,879

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

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jul. 01, 2018
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS New credit agreement On July 13, 2018, we entered into a new 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. Refer to Note 8: Long-term debt for additional information on this credit agreement. In connection with entering into the new credit agreement, we also replaced the Second Amended and Restated Credit Agreement, which was set to expire in June 2019. We did not incur any early termination penalties in connection with the termination of the prior credit agreement. CEO transition On July 30, 2018, TrueBlue, Inc. announced that Chief Executive Officer Steven C. Cooper will become Executive Chairman of the Board of Directors, succeeding Joe Sambataro Jr. This transition will take place effective September 1, 2018. Mr. Sambataro will remain on the board of directors. Mr. Cooper will be succeeded as CEO by current President and Chief Operating Officer Patrick Beharelle, who has been named CEO and a member of the board of directors, effective September 1, 2018. Mr. Cooper will also retire as an executive of the company at year-end and continue to serve as Chairman of the Board of Directors thereafter. The board of directors also appointed and elected Mr. Beharelle to the company’s board of directors, effective September 1, 2018. 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.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

6 Months Ended

Jul. 01, 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 twenty-six weeks ended July 1, 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 thirteen weeks ended July 1, 2018 nor July 2, 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 thirteen weeks ended July 1, 2018 nor July 2, 2017.

New accounting pronouncements and changes in accounting principles

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 represents 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 statement of cash flows, and the $8.8 million previously presented in the investing section for the twenty-six weeks ended July 2, 2017 is now included when reconciling the beginning-of-period and end-of-period cash, cash equivalents and restricted cash shown on the statement 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 the 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 twenty-six weeks ended July 1, 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. We plan to adopt the guidance 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 on our Consolidated Balance Sheets as operating lease liabilities and right-of-use assets. 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.

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 maintain control over our workers while the services to the client are being performed.


•	We establish our worker’s billing rate.

Contingent staffing

We recognize revenue for our 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 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 Revenue Recognition (Policies)

6 Months Ended

Jul. 01, 2018

Revenue Recognition [Abstract]

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 maintain control over our workers while the services to the client are being performed.


•	We establish our worker’s billing rate.

Contingent staffing

We recognize revenue for our 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 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)

6 Months Ended

Jul. 01, 2018

Revenue Recognition [Abstract]

Disaggregation Of Revenue

The following table presents our revenue disaggregated by major source:



	Thirteen weeks ended				July 1, 2018
(in thousands)	PeopleReady		PeopleManagement		PeopleScout		Consolidated
Revenue from services:
Contingent staffing	$	377,460	$	178,839	$	—	$	556,299
Human resource outsourcing	—		—		58,002		58,002
Total company	$	377,460	$	178,839	$	58,002	$	614,301



	Twenty-six weeks ended				July 1, 2018
(in thousands)	PeopleReady		PeopleManagement		PeopleScout		Consolidated
Revenue from services:
Contingent staffing	$	694,295	$	362,731	$	—	$	1,057,026
Human resource outsourcing	—		—		111,663		111,663
Total company	$	694,295	$	362,731	$	111,663	$	1,168,689

ACQUISITION AND DIVESTITURE (Tables)

6 Months Ended

Jul. 01, 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)

6 Months Ended

Jul. 01, 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:



	July 1, 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	$	33,408	$	33,408	$	—	$	—
Restricted cash and cash equivalents	48,582		48,582		—		—
Cash, cash equivalents and restricted cash (1)	$	81,990	$	81,990	$	—	$	—

Deferred compensation mutual funds classified as available-for-sale	$	24,384	$	24,384	$	—	$	—

Municipal debt securities	$	78,190	$	—	$	78,190	$	—
Corporate debt securities	82,238		—		82,238		—
Agency mortgage-backed securities	3,229		—		3,229		—
U.S. government and agency securities	975		—		975		—
Restricted investments classified as held-to-maturity	$	164,632	$	—	$	164,632	$	—



	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)

6 Months Ended

Jul. 01, 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)	July 1, 2018		December 31, 2017
Cash collateral held by insurance carriers	$	22,726	$	22,926
Cash and cash equivalents held in Trust	25,447		16,113
Investments held in Trust	166,424		171,752
Deferred compensation mutual funds	24,384		22,428
Other restricted cash and cash equivalents	409		6,012
Total restricted cash and investments	$	239,390	$	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:



	July 1, 2018
(in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Municipal debt securities	$	78,675	$	304	$	(789	)	$	78,190
Corporate debt securities	83,481		5		(1,248		)	82,238
Agency mortgage-backed securities	3,269		6		(46		)	3,229
U.S. government and agency securities	999		—		(24		)	975
Total held-to-maturity investments	$	166,424	$	315	$	(2,107	)	$	164,632



	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 July 1, 2018 and December 31, 2017, were as follows:



	July 1, 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	$	37,263	$	(350	)	$	9,329	$	(439	)	$	46,592	$	(789	)
Corporate debt securities	69,369		(1,042		)	8,980		(206		)	78,349		(1,248		)
Agency mortgage-backed securities	1,397		(15		)	976		(31		)	2,373		(46		)
U.S. government and agency securities	975		(24		)	—		—			975		(24		)
Total held-to-maturity investments	$	109,004	$	(1,431	)	$	19,285	$	(676	)	$	128,289	$	(2,107	)



	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:



	July 1, 2018
(in thousands)	Amortized cost		Fair value
Due in one year or less	$	24,233	$	24,101
Due after one year through five years	91,941		91,148
Due after five years through ten years	50,250		49,383
Total held-to-maturity investments	$	166,424	$	164,632

GOODWILL AND INTANGIBLE ASSETS (Tables)

6 Months Ended

Jul. 01, 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	—			—			(1,866		)	(1,866		)

Balance at July 1, 2018
Goodwill before impairment	106,304			81,092			147,063			334,459
Accumulated impairment loss	(46,210		)	(33,700		)	(15,169		)	(95,079		)
Goodwill, net	$	60,094		$	47,392		$	131,894		$	239,380


(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 its PeopleScout subsidiary. 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:



	July 1, 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	$	154,060	$	(62,048	)	$	92,012	$	148,114	$	(53,801	)	$	94,313
Trade names/trademarks	2,865		(889		)	1,976		4,149		(3,736		)	413
Non-compete agreements	—		—			—		1,400		(1,377		)	23
Technologies	15,771		(13,684		)	2,087		17,500		(13,588		)	3,912
Total finite-lived intangible assets	$	172,696	$	(76,621	)	$	96,075	$	171,163	$	(72,502	)	$	98,661


(1)	Excludes assets that are fully amortized.

WORKERS' COMPENSATION INSURANCE AND RESERVES (Tables)

6 Months Ended

Jul. 01, 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)	July 1, 2018		December 31, 2017
Undiscounted workers’ compensation reserve	$	284,399	$	293,600
Less discount on workers’ compensation reserve	19,311		19,277
Workers’ compensation reserve, net of discount	265,088		274,323
Less current portion	69,848		77,218
Long-term portion	$	195,240	$	197,105

LONG-TERM DEBT (Tables)

6 Months Ended

Jul. 01, 2018

Debt Instrument [Line Items]

Schedule of Long-term Debt Instruments

The components of our borrowings were as follows:



(in thousands)	July 1, 2018		December 31, 2017
Revolving Credit Facility	$	117,199	$	95,900
Term Loan	—		22,856
Total debt	117,199		118,756
Less current portion	—		2,267
Long-term debt, less current portion	$	117,199	$	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)

6 Months Ended

Jul. 01, 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)	July 1, 2018		December 31, 2017
Cash collateral held by workers’ compensation insurance carriers	$	21,946	$	22,148
Cash and cash equivalents held in Trust	25,447		16,113
Investments held in Trust	166,424		171,752
Letters of credit (1)	7,618		7,748
Surety bonds (2)	22,014		19,829
Total collateral commitments	$	243,449	$	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.

NET INCOME (LOSS) PER SHARE (Tables)

6 Months Ended

Jul. 01, 2018

Earnings Per Share [Abstract]

Schedule of adjusted net income and diluted common shares

Diluted common shares were calculated as follows:



	Thirteen weeks ended				Twenty-six weeks ended
(in thousands, except per share data)	July 1, 2018		July 2, 2017		July 1, 2018		July 2, 2017
Net income	$	17,732	$	13,134	$	26,487	$	17,808

Weighted average number of common shares used in basic net income per common share	40,227		41,579		40,335		41,608
Dilutive effect of non-vested restricted stock	242		277		241		267
Weighted average number of common shares used in diluted net income per common share	40,469		41,856		40,576		41,875
Net income per common share:
Basic	$	0.44	$	0.32	$	0.66	$	0.43
Diluted	$	0.44	$	0.31	$	0.65	$	0.43

Anti-dilutive shares	254		60		218		183

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)

6 Months Ended

Jul. 01, 2018

Equity [Abstract]

Schedule of Comprehensive Loss

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



	Thirteen weeks ended
	July 1, 2018								July 2, 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	$	(9,713	)	$	—	$	(9,713	)	$	(9,884	)	$	988		$	(8,896	)
Current period other comprehensive income	(1,921		)	—		(1,921		)	540			(91		)	449
Balance at end of period	$	(11,634	)	$	—	$	(11,634	)	$	(9,344	)	$	897		$	(8,447	)



	Twenty-six weeks ended
	July 1, 2018									July 2, 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	(3,305		)	—			(3,305		)	2,340			646		2,986
Change in accounting standard cumulative-effect adjustment (2)	—			(1,525		)	(1,525		)	—			—		—
Balance at end of period	$	(11,634	)	$	—		$	(11,634	)	$	(9,344	)	$	897	$	(8,447	)


(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 twenty-six weeks ended July 2, 2017.

(2)

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 twenty-six weeks ended July 2, 2017. For additional information, see Note 1: Summary of significant accounting policies.

SEGMENT INFORMATION (Tables)

6 Months Ended

Jul. 01, 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				Twenty-six weeks ended
(in thousands)	July 1, 2018		July 2, 2017		July 1, 2018		July 2, 2017
Revenue from services:
PeopleReady	$	377,460	$	370,712	$	694,295	$	703,336
PeopleManagement	178,839		192,887		362,731		384,573
PeopleScout	58,002		46,523		111,663		90,457
Total company	$	614,301	$	610,122	$	1,168,689	$	1,178,366

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



	Thirteen weeks ended						Twenty-six weeks ended
(in thousands)	July 1, 2018			July 2, 2017			July 1, 2018			July 2, 2017
Segment profit:
PeopleReady	$	23,198		$	19,170		$	32,723		$	29,164
PeopleManagement	4,712			6,286			10,361			11,819
PeopleScout	11,320			10,129			23,225			18,794
	39,230			35,585			66,309			59,777
Corporate unallocated	(5,868		)	(5,043		)	(13,532		)	(11,378		)
Work Opportunity Tax Credit processing fees	(264		)	(16		)	(459		)	(288		)
Acquisition/integration costs	(457		)	—			(457		)	—
Other costs	(1,264		)	—			(2,979		)	—
Depreciation and amortization	(10,101		)	(12,287		)	(20,191		)	(23,461		)
Income from operations	21,276			18,239			28,691			24,650
Interest and other income (expense), net	(968		)	155			1,236			229
Income before tax expense	$	20,308		$	18,394		$	29,927		$	24,879

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Recently adopted accounting standards (Details) $ in Millions	6 Months Ended
	Jul. 02, 2017 USD ($)
Restatement Adjustment \| Accounting Standards Update 2016-18 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease in restricted cash	$ 8.8

REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	Jul. 01, 2018	Jul. 02, 2017	Jul. 01, 2018	Jul. 02, 2017
Disaggregation of Revenue [Line Items]
Revenue from services	$ 614,301	$ 610,122	$ 1,168,689	$ 1,178,366
Contingent staffing
Disaggregation of Revenue [Line Items]
Revenue from services	556,299		1,057,026
Human resource outsourcing
Disaggregation of Revenue [Line Items]
Revenue from services	58,002		111,663
PeopleReady
Disaggregation of Revenue [Line Items]
Revenue from services	377,460	370,712	694,295	703,336
PeopleReady \| Contingent staffing
Disaggregation of Revenue [Line Items]
Revenue from services	377,460		694,295
PeopleReady \| Human resource outsourcing
Disaggregation of Revenue [Line Items]
Revenue from services	0		0
PeopleManagement
Disaggregation of Revenue [Line Items]
Revenue from services	178,839	192,887	362,731	384,573
PeopleManagement \| Contingent staffing
Disaggregation of Revenue [Line Items]
Revenue from services	178,839		362,731
PeopleManagement \| Human resource outsourcing
Disaggregation of Revenue [Line Items]
Revenue from services	0		0
PeopleScout
Disaggregation of Revenue [Line Items]
Revenue from services	58,002	$ 46,523	111,663	$ 90,457
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	$ 58,002		$ 111,663

ACQUISITION AND DIVESTITURE TMP (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 12, 2018	Jul. 01, 2018	Jul. 01, 2018	Jul. 02, 2017	Jul. 01, 2018	Jul. 02, 2017	Dec. 31, 2017
Business Acquisition [Line Items]
Cash purchase price, net of cash acquired					$ 22,742	$ 0
Acquisition-related costs			$ 457	$ 0	457	0
Goodwill		$ 239,380	239,380		239,380		$ 226,694
Revenue from services			$ 614,301	$ 610,122	1,168,689	$ 1,178,366
TMP
Business Acquisition [Line Items]
Cash purchase price, net of cash acquired	$ 22,742
Cash acquired from acquisition	7,000
Acquisition-related costs					$ 500
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		$ 2,900
Trade name/trademarks \| TMP
Business Acquisition [Line Items]
Intangible Assets	$ 1,738
Estimated useful life in years	14 years
Customer relationships \| TMP
Business Acquisition [Line Items]
Intangible Assets	$ 6,286
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 Divestiture (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Mar. 12, 2018	Jul. 01, 2018	Jul. 02, 2017	Jul. 01, 2018	Jul. 02, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Divestiture of business				$ 8,800	$ 0
Divestiture non-cash consideration				1,657	0
Revenue from services		$ 614,301	$ 610,122	1,168,689	$ 1,178,366
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				$ 1,100
Revenue from services		$ 8,000

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

FAIR VALUE MEASUREMENT (Details) - USD ($) $ in Thousands	Jul. 01, 2018	Dec. 31, 2017	Jul. 02, 2017	Jan. 01, 2017
Fair Value Measurement [Line Items]
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 81,990	$ 73,831	$ 88,691	$ 103,222
Deferred compensation mutual funds	24,384	22,428
Restricted investments classified as held-to-maturity	164,632	172,238
Municipal debt securities
Fair Value Measurement [Line Items]
Restricted investments classified as held-to-maturity	78,190	83,366
Corporate debt securities
Fair Value Measurement [Line Items]
Restricted investments classified as held-to-maturity	82,238	83,791
Agency mortgage-backed securities
Fair Value Measurement [Line Items]
Restricted investments classified as held-to-maturity	3,229	4,062
U.S. government and agency securities
Fair Value Measurement [Line Items]
Restricted investments classified as held-to-maturity	975	1,019
Total Fair Value
Fair Value Measurement [Line Items]
Cash and cash equivalents	33,408	28,780
Total Fair Value \| Restricted Assets
Fair Value Measurement [Line Items]
Restricted cash and cash equivalents	48,582	45,051
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	81,990	73,831
Deferred compensation mutual funds	24,384	22,428
Restricted investments classified as held-to-maturity	164,632	172,238
Total Fair Value \| Restricted Assets \| Municipal debt securities
Fair Value Measurement [Line Items]
Restricted investments classified as held-to-maturity	78,190	83,366
Total Fair Value \| Restricted Assets \| Corporate debt securities
Fair Value Measurement [Line Items]
Restricted investments classified as held-to-maturity	82,238	83,791
Total Fair Value \| Restricted Assets \| Agency mortgage-backed securities
Fair Value Measurement [Line Items]
Restricted investments classified as held-to-maturity	3,229	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	975	1,019
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Measurement [Line Items]
Cash and cash equivalents	33,408	28,780
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Restricted Assets
Fair Value Measurement [Line Items]
Restricted cash and cash equivalents	48,582	45,051
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	81,990	73,831
Deferred compensation mutual funds	24,384	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	164,632	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	78,190	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	82,238	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	3,229	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	975	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	Jul. 01, 2018 USD ($) security	Dec. 31, 2017 USD ($) security
Restricted Cash and Investments [Line Items]
Cash collateral held by insurance carriers	$ 22,726	$ 22,926
Cash and cash equivalents held in Trust	25,447	16,113
Investments held in Trust	166,424	171,752
Deferred compensation mutual funds	24,384	22,428
Other restricted cash and cash equivalents	409	6,012
Restricted cash and investments	239,390	239,231
Held-to-maturity Securities, Reconciliation to Fair Value [Abstract]
Gross Unrealized Gain	315	1,324
Gross Unrealized Loss	(2,107)	(838)
Fair Value	164,632	172,238
Estimated fair value
Less than 12 months	109,004	73,392
12 months or more	19,285	20,600
Total	128,289	93,992
Unrealized losses
Less than 12 months	(1,431)	(445)
12 months or more	(676)	(393)
Total	$ (2,107)	$ (838)
Securities in unrealized loss positions, number of positions \| security	114	83
Held-to-maturity Securities, Investment Maturities, Fair Value [Abstract]
Fair Value	$ 164,632	$ 172,238
Municipal debt securities
Restricted Cash and Investments [Line Items]
Investments held in Trust	78,675	82,770
Held-to-maturity Securities, Reconciliation to Fair Value [Abstract]
Gross Unrealized Gain	304	974
Gross Unrealized Loss	(789)	(378)
Fair Value	78,190	83,366
Estimated fair value
Less than 12 months	37,263	23,078
12 months or more	9,329	9,631
Total	46,592	32,709
Unrealized losses
Less than 12 months	(350)	(124)
12 months or more	(439)	(254)
Total	(789)	(378)
Held-to-maturity Securities, Investment Maturities, Fair Value [Abstract]
Fair Value	78,190	83,366
Corporate debt securities
Restricted Cash and Investments [Line Items]
Investments held in Trust	83,481	83,916
Held-to-maturity Securities, Reconciliation to Fair Value [Abstract]
Gross Unrealized Gain	5	309
Gross Unrealized Loss	(1,248)	(434)
Fair Value	82,238	83,791
Estimated fair value
Less than 12 months	69,369	48,952
12 months or more	8,980	10,081
Total	78,349	59,033
Unrealized losses
Less than 12 months	(1,042)	(311)
12 months or more	(206)	(123)
Total	(1,248)	(434)
Held-to-maturity Securities, Investment Maturities, Fair Value [Abstract]
Fair Value	82,238	83,791
Agency mortgage-backed securities
Restricted Cash and Investments [Line Items]
Investments held in Trust	3,269	4,066
Held-to-maturity Securities, Reconciliation to Fair Value [Abstract]
Gross Unrealized Gain	6	22
Gross Unrealized Loss	(46)	(26)
Fair Value	3,229	4,062
Estimated fair value
Less than 12 months	1,397	1,362
12 months or more	976	888
Total	2,373	2,250
Unrealized losses
Less than 12 months	(15)	(10)
12 months or more	(31)	(16)
Total	(46)	(26)
Held-to-maturity Securities, Investment Maturities, Fair Value [Abstract]
Fair Value	3,229	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	(24)	0
Fair Value	975	1,019
Estimated fair value
Less than 12 months	975
12 months or more	0
Total	975
Unrealized losses
Less than 12 months	(24)
12 months or more	0
Total	(24)
Held-to-maturity Securities, Investment Maturities, Fair Value [Abstract]
Fair Value	975	$ 1,019
Restricted Cash and Investments [Member]
Restricted Cash and Investments [Line Items]
Investments held in Trust	166,424
Held-to-maturity Securities, Reconciliation to Fair Value [Abstract]
Fair Value	164,632
Held-to-maturity Securities, Investment Maturities, Amortized Cost [Abstract]
Due in one year or less	24,233
Due after one year through five years	91,941
Due after five years through ten years	50,250
Held-to-maturity Securities, Investment Maturities, Fair Value [Abstract]
Due in one year or less	24,101
Due after one year through five years	91,148
Due after five years through ten years	49,383
Fair Value	$ 164,632

- Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 01, 2018	Dec. 31, 2017
Goodwill [Line Items]
Goodwill before impairment	$ 334,459	$ 338,773
Accumulated impairment loss	(95,079)	(112,079)
Goodwill, net	239,380	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	(1,866)
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	147,063	132,323
Accumulated impairment loss	(15,169)	(15,169)
Goodwill, net	131,894	$ 117,154
Goodwill, Acquired During Period and Other	16,606
Foreign currency translation	$ (1,866)

GOODWILL AND INTANGIBLE ASSETS - Intangible Assets Other Than Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2018	Jul. 02, 2017	Jul. 01, 2018	Jul. 02, 2017	Jun. 12, 2018	Dec. 31, 2017
Amortizable intangible assets:
Gross Carrying Amount	$ 172,696		$ 172,696			$ 171,163
Accumulated Amortization	(76,621)		(76,621)			(72,502)
Net Carrying Amount	96,075		96,075			98,661
Amortization of Intangible Assets	5,200	$ 5,300	10,400	$ 10,700
Customer relationships
Amortizable intangible assets:
Gross Carrying Amount	154,060		154,060			148,114
Accumulated Amortization	(62,048)		(62,048)			(53,801)
Net Carrying Amount	92,012		92,012			94,313
Trade names/trademarks
Amortizable intangible assets:
Gross Carrying Amount	2,865		2,865			4,149
Accumulated Amortization	(889)		(889)			(3,736)
Net Carrying Amount	1,976		1,976			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	15,771		15,771			17,500
Accumulated Amortization	(13,684)		(13,684)			(13,588)
Net Carrying Amount	$ 2,087		$ 2,087			$ 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	Jul. 01, 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	Jul. 01, 2018	Dec. 31, 2017
Workers' Compensation Insurance and Reserves [Abstract]
Undiscounted workers’ compensation reserve	$ 284,399	$ 293,600
Less discount on workers’ compensation reserve	19,311	19,277
Workers' compensation reserve, net of discount	265,088	274,323
Less current portion	69,848	77,218
Long-term portion	$ 195,240	$ 197,105

WORKERS' COMPENSATION INSURANCE AND RESERVES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 01, 2018	Jul. 02, 2017	Jul. 01, 2018	Jul. 02, 2017	Dec. 31, 2017
Workers' Compensation Deductible Limit [Line Items]
Workers' compensation claim deductible limit			$ 2.0
Weighted average period - claim payments below deductible limit			5 years
Payments made against self-insured claims			$ 36.1	$ 31.5
Weighted average period - claim payments and receivables above deductible limit			15 years
Excess claims	$ 48.6		$ 48.6		$ 48.8
Workers' compensation claim receivables net of valuation allowance	45.0		45.0		45.0
Workers Compensation Expense	$ 17.8	$ 22.3	$ 34.4		$ 42.1
Below limit
Workers' Compensation Deductible Limit [Line Items]
Weighted average rate			1.90%		1.80%
Above Limit [Member] [Domain]
Workers' Compensation Deductible Limit [Line Items]
Weighted average rate			2.60%		2.50%

LONG-TERM DEBT Summary of long-term debt (Details) - USD ($) $ in Thousands	Jul. 01, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Total	$ 117,199	$ 118,756
Long-term debt, less current portion	117,199	116,489
Bank of America, N.A. and Wells Fargo Capital Finance, LLC
Debt Instrument [Line Items]
Total	117,199	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 ($)	Jul. 13, 2018	Jun. 30, 2014	Jul. 01, 2018	Dec. 31, 2017
Revolving Credit Facility [Line Items]
Total			$ 117,199,000	$ 118,756,000
Bank of America, N.A. and Wells Fargo Capital Finance, LLC
Revolving Credit Facility [Line Items]
Total			$ 117,199,000	$ 95,900,000
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		$ 300,000,000.0
Percent of Eligible Billed Accounts Receivable \| Bank of America, N.A. and Wells Fargo Capital Finance, LLC \| Revolving Credit Facility
Revolving Credit Facility [Line Items]
Revolving credit facility borrowing limits, percent of accounts receivable		90.00%
Percent of Eligible Unbilled Accounts Receivable \| Bank of America, N.A. and Wells Fargo Capital Finance, LLC \| Revolving Credit Facility
Revolving Credit Facility [Line Items]
Revolving credit facility borrowing limits, percent of accounts receivable		85.00%
Percent of Eligible Accounts Receivable \| Bank of America, N.A. and Wells Fargo Capital Finance, LLC \| Revolving Credit Facility
Revolving Credit Facility [Line Items]
Revolving credit facility borrowing limits, percent of accounts receivable		15.00%
Subsequent Event [Member] \| Bank of America, N.A. and Wells Fargo Capital Finance, LLC
Revolving Credit Facility [Line Items]
Revolving credit facility, interest rate description	one-month
Subsequent Event [Member] \| 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
Subsequent Event [Member] \| London Interbank Offered Rate (LIBOR) \| 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	1.00%
Subsequent Event [Member] \| London Interbank Offered Rate (LIBOR) \| Bank of America, N.A. and Wells Fargo Capital Finance, LLC \| Letter of Credit [Member]
Revolving Credit Facility [Line Items]
Letters of credit, additional basis rate	0.50%
Subsequent Event [Member] \| 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%
Subsequent Event [Member] \| 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%
Subsequent Event [Member] \| 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%
Subsequent Event [Member] \| Minimum \| London Interbank Offered Rate (LIBOR) \| Bank of America, N.A. and Wells Fargo Capital Finance, LLC \| Letter of Credit [Member]
Revolving Credit Facility [Line Items]
Debt Instrument, basis spread on variable rate	1.00%
Subsequent Event [Member] \| 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%
Subsequent Event [Member] \| 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%
Subsequent Event [Member] \| 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%
Subsequent Event [Member] \| Maximum \| London Interbank Offered Rate (LIBOR) \| Bank of America, N.A. and Wells Fargo Capital Finance, LLC \| Letter of Credit [Member]
Revolving Credit Facility [Line Items]
Debt Instrument, basis spread on variable rate	2.25%
Subsequent Event [Member] \| 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%

LONG-TERM DEBT Term Loan Agreement (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 01, 2018	Jul. 02, 2017	Dec. 31, 2017
Debt Instrument [Line Items]
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities	$ 22,856	$ 1,133
Total	117,199		$ 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	$ 117,199		$ 95,900

COMMITMENTS AND CONTINGENCIES - Workers' Compensation Commitments (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 01, 2018	Dec. 31, 2017
Workers' Compensation Commitments [Line Items]
Cash collateral held by workers’ compensation insurance carriers	$ 21,946	$ 22,148
Cash and cash equivalents held in Trust	25,447	16,113
Investments held in Trust	166,424	171,752
Letters of credit	7,618	7,748
Surety bonds	22,014	19,829
Total collateral commitments	$ 243,449	$ 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

INCOME TAXES - Narrative (Details)	6 Months Ended
INCOME TAXES - Narrative (Details)	Jul. 01, 2018
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation, percent	11.50%
Income tax expense (benefit) based on statutory rate	21.00%

NET INCOME (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2018	Jul. 02, 2017	Jul. 01, 2018	Jul. 02, 2017
Earnings Per Share [Abstract]
Net income	$ 17,732	$ 13,134	$ 26,487	$ 17,808
Weighted average number of common shares used in basic net income per common share	40,227	41,579	40,335	41,608
Dilutive effect of non-vested restricted stock	242	277	241	267
Weighted average number of common shares used in diluted net income per common share	40,469	41,856	40,576	41,875
Net income per common share:
Basic (in dollars per share)	$ 0.44	$ 0.32	$ 0.66	$ 0.43
Diluted (in dollars per share)	$ 0.44	$ 0.31	$ 0.65	$ 0.43
Anti-dilutive shares	254	60	218	183

- 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.

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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

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2018	Jul. 02, 2017	Jul. 01, 2018	Jul. 02, 2017
Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward]
Balance at beginning of period	$ (9,713)	$ (8,896)	$ (6,804)	$ (11,433)
Cumulative Effect on Retained Earnings, Net of Tax			(1,525)	0
Total other comprehensive income (loss), net of tax	(1,921)	449	(3,305)	2,986
Balance at end of period	(11,634)	(8,447)	(11,634)	(8,447)
Foreign currency translation adjustment
Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward]
Balance at beginning of period	(9,713)	(9,884)	(8,329)	(11,684)
Foreign currency translation adjustment, net of tax	(1,921)	540	(3,305)	2,340
Cumulative Effect on Retained Earnings, Net of Tax			0	0
Balance at end of period	(11,634)	(9,344)	(11,634)	(9,344)
Unrealized gain (loss) on marketable securities
Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward]
Balance at beginning of period	0	988	1,525	251
Unrealized gain (loss) on investments, net of tax	0	(91)	0	646
Cumulative Effect on Retained Earnings, Net of Tax			(1,525)	0
Balance at end of period	$ 0	$ 897	$ 0	$ 897

SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	Jul. 01, 2018	Jul. 02, 2017	Jul. 01, 2018	Jul. 02, 2017
Segment Reporting Information [Line Items]
Revenue	$ 614,301	$ 610,122	$ 1,168,689	$ 1,178,366
Segment profit	39,230	35,585	66,309	59,777
Work Opportunity Tax Credit processing fees	(264)	(16)	(459)	(288)
Acquisition/integration costs	(457)	0	(457)	0
Other costs	(1,264)	0	(2,979)	0
Depreciation and amortization	(10,101)	(12,287)	(20,191)	(23,461)
Income from operations	21,276	18,239	28,691	24,650
Interest and other income (expense), net	(968)	155	1,236	229
Income before tax expense	20,308	18,394	29,927	24,879
PeopleReady
Segment Reporting Information [Line Items]
Revenue	377,460	370,712	694,295	703,336
Segment profit	23,198	19,170	32,723	29,164
PeopleManagement
Segment Reporting Information [Line Items]
Revenue	178,839	192,887	362,731	384,573
Segment profit	4,712	6,286	10,361	11,819
PeopleScout
Segment Reporting Information [Line Items]
Revenue	58,002	46,523	111,663	90,457
Segment profit	11,320	10,129	23,225	18,794
Corporate Segment [Member]
Segment Reporting Information [Line Items]
Corporate unallocated	(5,868)	$ (5,043)	(13,532)	$ (11,378)
Contingent staffing
Segment Reporting Information [Line Items]
Revenue	556,299		1,057,026
Contingent staffing \| PeopleReady
Segment Reporting Information [Line Items]
Revenue	377,460		694,295
Contingent staffing \| PeopleManagement
Segment Reporting Information [Line Items]
Revenue	178,839		362,731
Contingent staffing \| PeopleScout
Segment Reporting Information [Line Items]
Revenue	0		0
Human resource outsourcing
Segment Reporting Information [Line Items]
Revenue	58,002		111,663
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	$ 58,002		$ 111,663