TRUEBLUE, INC., 10-Q filed on 4/26/2021
Quarterly Report
v3.21.1
DOCUMENT AND ENTITY INFORMATION - shares
3 Months Ended
Mar. 28, 2021
Apr. 12, 2021
Entity Addresses [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 28, 2021  
Document Transition Report false  
Entity File Number 001-14543  
Entity Registrant Name TrueBlue, Inc.  
Entity Incorporation, State or Country Code WA  
Entity Tax Identification Number 91-1287341  
Entity Address, Address Line One 1015 A Street  
Entity Address, City or Town Tacoma  
Entity Address, State or Province WA  
Entity Address, Postal Zip Code 98402  
City Area Code 253  
Local Phone Number 383-9101  
Title of 12(b) Security Common stock, no par value  
Trading Symbol TBI  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Filer Category Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Common Stock Shares Outstanding (in shares)   35,471,339
Amendment Flag false  
Document Fiscal Year Focus 2021  
Document Fiscal Period Focus Q1  
Entity Central Index Key 0000768899  
Current Fiscal Year End Date --12-26  
v3.21.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 28, 2021
Dec. 27, 2020
Current assets:    
Cash and cash equivalents $ 88,006 $ 62,507
Accounts receivable, net of allowance of $2,462 and $2,921 260,108 278,343
Prepaid expenses and other current assets 29,436 26,137
Income tax receivable 6,461 11,898
Total current assets 384,011 378,885
Property and equipment, net 76,109 71,734
Restricted cash and investments 231,178 240,534
Deferred income taxes, net 35,058 30,019
Goodwill 94,937 94,873
Intangible assets, net 27,101 28,929
Operating lease right-of-use assets, net 60,101 65,940
Workers’ compensation claims receivable, net 53,547 52,934
Other assets, net 17,395 16,729
Total assets 979,437 980,577
Current liabilities:    
Accounts payable and other accrued expenses 48,168 58,447
Accrued wages and benefits 126,906 122,657
Current portion of workers’ compensation claims reserve 62,005 66,007
Current operating lease liabilities 13,308 13,938
Other current liabilities 8,102 7,918
Total current liabilities 258,489 268,967
Workers’ compensation claims reserve, less current portion 191,989 189,486
Long-term deferred compensation liabilities 26,470 26,361
Long-term operating lease liabilities 53,657 54,797
Other long-term liabilities 3,205 3,776
Total liabilities 533,810 543,387
Commitments and contingencies (Note 6)
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; 35,474 and 35,493 shares issued and outstanding 1 1
Accumulated other comprehensive loss (14,332) (14,828)
Retained earnings 459,958 452,017
Total shareholders’ equity 445,627 437,190
Total liabilities and shareholders’ equity $ 979,437 $ 980,577
v3.21.1
CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($)
$ in Thousands
Mar. 28, 2021
Dec. 27, 2020
Allowance for credit loss $ 2,462 $ 2,921
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, shares authorized 100,000,000 100,000,000
Common stock, shares issued 35,474,000 35,493,000
Common stock, shares outstanding 35,474,000 35,493,000
v3.21.1
CONSOLIDATED STATEMENTS OF OPERATIONS & COMPREHENSIVE INCOME (LOSS) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 28, 2021
Mar. 29, 2020
Income Statement [Abstract]    
Revenue from services $ 458,706 $ 494,252
Cost of services 348,132 368,093
Gross profit 110,574 126,159
Selling, general and administrative expense 97,401 117,381
Depreciation and amortization 6,962 9,094
Goodwill and intangible asset impairment charge 0 175,189
Income (loss) from operations 6,211 (175,505)
Interest and other income (expense), net 575 263
Income (loss) before tax expense (benefit) 6,786 (175,242)
Income tax expense (benefit) (112) (24,748)
Net income (loss) $ 6,898 $ (150,494)
Net income (loss) per common share:    
Basic (in dollars per share) $ 0.20 $ (4.04)
Diluted (in dollars per share) $ 0.20 $ (4.04)
Weighted average shares outstanding:    
Basic (in shares) 34,674 37,255
Diluted (in shares) 35,066 37,255
Other Comprehensive Income (Loss):    
Foreign currency translation adjustment $ 496 $ (6,625)
Comprehensive income (loss) $ 7,394 $ (157,119)
v3.21.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 28, 2021
Mar. 29, 2020
Cash flows from operating activities:    
Net income (loss) $ 6,898 $ (150,494)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 6,962 9,094
Goodwill and intangible asset impairment charge 0 175,189
Allowance for credit losses 207 3,289
Stock-based compensation 3,343 1,508
Deferred income taxes (5,002) (23,432)
Non-cash lease expense 3,920 3,763
Other operating activities (438) 5,375
Changes in operating assets and liabilities:    
Accounts receivable 18,025 45,407
Income tax receivable 4,910 435
Operating lease right-of-use asset 3,501 0
Other assets (4,578) 5,958
Accounts payable and other accrued expenses (9,633) (28,443)
Accrued wages and benefits 4,249 (11,733)
Workers’ compensation claims reserve (1,499) (2,163)
Operating lease liabilities (3,320) (3,811)
Other liabilities 338 (2,334)
Net cash provided by operating activities 27,883 27,608
Cash flows from investing activities:    
Capital expenditures (10,003) (7,028)
Purchases of restricted available-for-sale investments (14) (1,149)
Sales of restricted available-for-sale investments 452 1,269
Maturities of restricted held-to-maturity investments 6,371 6,168
Net cash used in investing activities (3,194) (740)
Cash flows from financing activities:    
Purchases and retirement of common stock 0 (52,348)
Net proceeds from employee stock purchase plans 255 323
Common stock repurchases for taxes upon vesting of restricted stock (2,555) (1,792)
Net change in revolving credit facility 0 256,400
Other (94) (508)
Net cash provided by (used in) financing activities (2,394) 202,075
Effect of exchange rate changes on cash, cash equivalents and restricted cash 262 (1,738)
Net change in cash, cash equivalents and restricted cash 22,557 227,205
Cash, cash equivalents and restricted cash, beginning of period 118,612 92,371
Cash, cash equivalents and restricted cash, end of period 141,169 319,576
Supplemental Disclosure of Cash Flow Information [Abstract]    
Interest 477 394
Income taxes (20) (1,751)
Operating lease liabilities 4,142 4,440
Property and equipment purchased but not yet paid 702 322
Right-of-use assets obtained in exchange for new operating lease liabilities $ 1,453 $ 2,422
v3.21.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
3 Months Ended
Mar. 28, 2021
Accounting Policies [Abstract]  
SUMMARY OF 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”) and rules and regulations of the Securities and Exchange Commission for interim financial information. 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.
The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The severity, magnitude and duration, as well as the economic consequences of the COVID-19 pandemic, are uncertain, rapidly changing and difficult to predict. Therefore, our accounting estimates and assumptions might change materially in future periods.
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 27, 2020. The results of operations for the thirteen weeks ended March 28, 2021 are not necessarily indicative of the results expected for the full fiscal year nor for any other fiscal period.
Reclassifications
Certain previously reported immaterial prior year amounts have been reclassified within current liabilities on our Consolidated Balance Sheets to conform to current year presentation.
Recently adopted accounting standards
There were no new accounting pronouncements adopted during the period that had an impact on our financial statements.
Recently issued accounting pronouncements not yet adopted
There are no accounting pronouncements which have not yet been adopted that are expected to have a significant impact on our financial statements and related disclosures.
v3.21.1
FAIR VALUE MEASUREMENT
3 Months Ended
Mar. 28, 2021
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENT FAIR VALUE MEASUREMENT
Assets measured at fair value on a recurring basis
Our assets measured at fair value on a recurring basis consisted of the following:
March 28, 2021
(in thousands)Total fair valueQuoted prices in active markets for identical assets (level 1)Significant other observable inputs (level 2)Significant unobservable inputs (level 3)
Cash and cash equivalents$88,006 $88,006 $— $— 
Restricted cash and cash equivalents53,163 53,163 — — 
Cash, cash equivalents and restricted cash (1)$141,169 $141,169 $— $— 
Municipal debt securities$68,720 $— $68,720 $— 
Corporate debt securities79,754 — 79,754 — 
Agency mortgage-backed securities365 — 365 — 
U.S. government and agency securities1,097 — 1,097 — 
Restricted investments classified as held-to-maturity (2)$149,936 $— $149,936 $— 
Deferred compensation investments (3)$5,821 $5,821 $— $— 
December 27, 2020
(in thousands)Total fair valueQuoted prices in active markets for identical assets (level 1)Significant other observable inputs (level 2)Significant unobservable inputs (level 3)
Cash and cash equivalents$62,507 $62,507 $— $— 
Restricted cash and cash equivalents56,105 56,105 — — 
Cash, cash equivalents and restricted cash (1)$118,612 $118,612 $— $— 
Municipal debt securities$70,723 $— $70,723 $— 
Corporate debt securities85,937 — 85,937 — 
Agency mortgage-backed securities512 — 512 — 
U.S. government and agency securities1,124 — 1,124 — 
Restricted investments classified as held-to-maturity (2)$158,296 $— $158,296 $— 
Deferred compensation investments (3)$5,915 $5,915 $— $— 
(1)Cash, cash equivalents and restricted cash include money market funds and deposits.
(2)Refer to Note 3: Restricted Cash and Investments for additional details on our held-to-maturity debt securities.
(3)Deferred compensation investments consist of mutual funds and money market funds. Refer to Note 3: Restricted Cash and Investments for additional details on these investments.
v3.21.1
RESTRICTED CASH AND INVESTMENTS
3 Months Ended
Mar. 28, 2021
Restricted Cash and Investments [Abstract]  
RESTRICTED CASH AND INVESTMENTS RESTRICTED CASH AND INVESTMENTS
The following is a summary of the carrying value of our restricted cash and investments:
(in thousands)March 28,
2021
December 27,
2020
Cash collateral held by insurance carriers$26,745 $26,025 
Cash and cash equivalents held in Trust 25,586 29,410 
Investments held in Trust145,244 152,247 
Deferred compensation investments5,821 5,915 
Company owned life insurance policies26,950 26,267 
Other restricted cash and cash equivalents832 670 
Total restricted cash and investments$231,178 $240,534 
Held-to-maturity
Restricted cash and investments include collateral that has been provided or pledged to insurance carriers for workers’ compensation and state workers’ compensation programs. Our insurance carriers and certain state workers’ compensation programs require us to collateralize a portion of our workers’ compensation obligation. The collateral typically takes the form of cash and cash equivalents and highly rated investment grade securities, primarily in debt and asset-backed securities. The majority of our collateral obligations are held in a trust at the Bank of New York Mellon (“Trust”).
The amortized cost and estimated fair value of our held-to-maturity investments held in Trust, aggregated by investment category as of March 28, 2021 and December 27, 2020, were as follows:
March 28, 2021
(in thousands)Amortized costGross unrealized gainsGross unrealized lossesFair value
Municipal debt securities$65,840 $2,880 $— $68,720 
Corporate debt securities78,056 1,974 (276)79,754 
Agency mortgage-backed securities351 14 — 365 
U.S. government and agency securities997 100 — 1,097 
Total held-to-maturity investments$145,244 $4,968 $(276)$149,936 
December 27, 2020
(in thousands)Amortized costGross unrealized gainsGross unrealized lossesFair value
Municipal debt securities$67,287 $3,436 $— $70,723 
Corporate debt securities83,467 2,511 (41)85,937 
Agency mortgage-backed securities493 19 — 512 
U.S. government and agency securities1,000 124 — 1,124 
Total held-to-maturity investments$152,247 $6,090 $(41)$158,296 
The amortized cost and fair value by contractual maturity of our held-to-maturity investments are as follows:
March 28, 2021
(in thousands)Amortized costFair value
Due in one year or less$22,519 $22,675 
Due after one year through five years109,541 113,285 
Due after five years through ten years13,184 13,976 
Total held-to-maturity investments$145,244 $149,936 
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.
Deferred compensation investments and company owned life insurance policies
We hold mutual funds, money market funds and company owned life insurance policies to support our deferred compensation liability. Unrealized gains and losses related to these investments still held at March 28, 2021 and March 29, 2020, included in selling general and administrative expense on our Consolidated Statements of Operations and Comprehensive Income (Loss), were as follows:
Thirteen weeks ended
(in thousands)March 28,
2021
March 29,
2020
Unrealized gains (losses)$877 $(4,841)
v3.21.1
SUPPLEMENTAL BALANCE SHEET INFORMATION
3 Months Ended
Mar. 28, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
SUPPLEMENTAL BALANCE SHEET INFORMATION SUPPLEMENTAL BALANCE SHEET INFORMATION
Accounts receivable allowance
The activity related to the allowance for accounts receivable was as follows:
Thirteen weeks ended
(in thousands)March 28,
2021
March 29,
2020
Beginning balance$2,921 $4,288 
Cumulative-effect adjustment (1)— 524 
Current period provision207 3,289 
Write-offs(669)(1,699)
Foreign currency translation(23)
Ending balance$2,462 $6,379 
(1)As a result of our adoption of the accounting standard for credit losses, we recognized a cumulative-effect adjustment to our account receivable allowance of $0.5 million as of the beginning of the first quarter of 2020.
Prepaid expenses and other current assets
(in thousands)March 28,
2021
December 27,
2020
Prepaid software agreements$9,637 $8,643 
Other prepaid expenses9,105 8,631 
Other current assets10,694 8,863 
Prepaid expenses and other current assets$29,436 $26,137 

Accrued wages and benefits
(in thousands)March 28,
2021
December 27,
2020
Deferred employer payroll tax$58,230 $55,420 
Other accrued wages and benefits68,676 67,237 
Accrued wages and benefits$126,906 $122,657 
On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief and Economic Security Act, which among other things, provided employer payroll tax credits for wages paid to employees who were unable to work during the COVID-19 outbreak. Additionally, we were allowed to delay payments for the employer portion of social security taxes (6.2% of taxable wages) incurred between March 27, 2020 and December 31, 2020, for both our temporary associates and permanent employees. We anticipate the deferred amount will be paid by September 15, 2021.
v3.21.1
WORKERS' COMPENSATION INSURANCE AND RESERVES
3 Months Ended
Mar. 28, 2021
Workers' Compensation Insurance and Reserves [Abstract]  
WORKERS' COMPENSATION INSURANCE AND RESERVES WORKERS’ COMPENSATION INSURANCE AND RESERVES
We provide workers’ compensation insurance for our associates 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 1.7% and 1.8% at March 28, 2021 and December 27, 2020, respectively. Payments made against self-insured claims are made over a weighted average period of approximately 5.5 years as of March 28, 2021.
The following table presents a reconciliation of the undiscounted workers’ compensation reserve to the discounted workers’ compensation reserve for the periods presented:
(in thousands)March 28,
2021
December 27,
2020
Undiscounted workers’ compensation reserve$271,593 $273,502 
Less discount on workers’ compensation reserve17,599 18,009 
Workers’ compensation reserve, net of discount253,994 255,493 
Less current portion62,005 66,007 
Long-term portion$191,989 $189,486 
Payments made against self-insured claims were $11.2 million and $14.6 million for the thirteen weeks ended March 28, 2021 and March 29, 2020, 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 March 28, 2021 and December 27, 2020, the weighted average rate was 1.2% and 1.3%, respectively. The claim payments are made and the corresponding reimbursements from our insurance carriers are received over an estimated weighted average period of approximately 17 years. The discounted workers’ compensation reserve for excess claims was $54.6 million and $54.0 million, and the corresponding gross receivable for the insurance on excess claims was $53.6 million and $52.9 million as of March 28, 2021 and December 27, 2020, respectively.
Workers’ compensation cost consists primarily of changes in self-insurance reserves net of changes in discount, monopolistic jurisdictions’ premiums, insurance premiums and other miscellaneous expenses. Workers’ compensation cost of $10.1 million and $14.3 million was recorded in cost of services on our Consolidated Statements of Operations and Comprehensive Income (Loss) for the thirteen weeks ended March 28, 2021 and March 29, 2020, respectively.
v3.21.1
COMMITMENTS AND CONTINGENCIES
3 Months Ended
Mar. 28, 2021
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES 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)March 28,
2021
December 27,
2020
Cash collateral held by workers’ compensation insurance carriers$22,434 $22,253 
Cash and cash equivalents held in Trust25,586 29,410 
Investments held in Trust145,244 152,247 
Letters of credit (1)6,095 6,095 
Surety bonds (2)20,831 20,616 
Total collateral commitments$220,190 $230,621 
(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 amounts recorded are immaterial and resolution of those proceedings are not expected to have a material effect on our results of operations, financial condition nor cash flows.
v3.21.1
SHAREHOLDERS' EQUITY
3 Months Ended
Mar. 28, 2021
Shareholders' Equity [Abstract]  
SHAREHOLDER’S EQUITY SHAREHOLDERS’ EQUITY
Changes in the balance of each component of shareholders’ equity during the reporting periods were as follows:
Thirteen weeks ended
(in thousands)March 28,
2021
March 29,
2020
Common stock shares
Beginning balance35,493 38,593 
Purchases and retirement of common stock— (2,930)
Net issuance under equity plans, including tax benefits(23)415 
Stock-based compensation50 
Ending balance35,474 36,128 
Common stock amount
Beginning balance$$
Current period activity— — 
Ending balance
Retained earnings
Beginning balance452,017 639,210 
Net income (loss)6,898 (150,494)
Purchases and retirement of common stock (1)— (52,346)
Net issuance under equity plans, including tax benefits(2,300)(1,471)
Stock-based compensation3,343 1,507 
Change in accounting standard cumulative-effect adjustment (2)— (602)
Ending balance459,958 435,804 
Accumulated other comprehensive loss
Beginning balance, net of tax(14,828)(13,238)
Foreign currency translation adjustment496 (6,625)
Ending balance, net of tax(14,332)(19,863)
Total shareholders’ equity ending balance$445,627 $415,942 
(1)Under applicable Washington State law, shares purchased are not displayed separately as treasury stock on our Consolidated Balance Sheets and are treated as authorized but unissued shares. It is our accounting policy to first record these purchases as a reduction to our common stock account. Once the common stock account has been reduced to a nominal balance, remaining purchases are recorded as a reduction to our retained earnings. Furthermore, activity in our common stock account related to stock-based compensation is also recorded to retained earnings until such time as the reduction to retained earnings due to stock repurchases has been recovered.
(2)As a result of our adoption of the accounting standard for credit losses, we recognized a cumulative-effect adjustment to retained earnings of $0.6 million in the first quarter of 2020.
v3.21.1
INCOME TAXES
3 Months Ended
Mar. 28, 2021
Income Tax Disclosure [Abstract]  
INCOME TAXES 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 full year pre-tax income and loss by jurisdiction, tax credits, government audit developments, changes in laws, regulations and administrative practices, and relative changes in expenses or losses for which tax benefits are not recognized. Additionally, our effective tax rate can be more or less volatile based on the amount of pre-tax income. For example, the impact of discrete items, tax credits, and non-deductible expenses on our effective tax rate is greater when our pre-tax income is lower.
Our effective tax rate benefit for the thirteen weeks ended March 28, 2021 was 1.7%. The difference between the statutory federal income tax rate of 21% and our effective income tax rate results primarily from the federal Work Opportunity Tax Credit (“WOTC”). WOTC 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 result from state and foreign income taxes, certain non-deductible and non-taxable items, and tax effects of stock-based compensation.
v3.21.1
NET INCOME (LOSS) PER SHARE
3 Months Ended
Mar. 28, 2021
Earnings Per Share [Abstract]  
NET INCOME (LOSS) PER SHARE NET INCOME (LOSS) PER SHARE
Diluted common shares were calculated as follows:
Thirteen weeks ended
(in thousands, except per share data)March 28,
2021
March 29,
2020
Net income (loss)$6,898 $(150,494)
Weighted average number of common shares used in basic net income (loss) per common share34,674 37,255 
Dilutive effect of non-vested restricted stock392 — 
Weighted average number of common shares used in diluted net income (loss) per common share35,066 37,255 
Net income (loss) per common share:
Basic$0.20 $(4.04)
Diluted$0.20 $(4.04)
Anti-dilutive shares345 602 
v3.21.1
SEGMENT INFORMATION
3 Months Ended
Mar. 28, 2021
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
Our operating segments 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, retail, waste and recycling, energy, hospitality, and general labor.
Our PeopleManagement reportable segment provides contingent labor and outsourced industrial workforce solutions, primarily on-site at the client’s facility, through the following operating segments, which we have aggregated into one reportable segment in accordance with U.S. GAAP:
On-Site: On-site management and recruitment for the contingent industrial workforce of manufacturing, warehouse, and distribution facilities; and
Centerline: Recruitment and management of contingent and dedicated commercial drivers to the transportation and distribution industries.
Our PeopleScout reportable segment provides high-volume, permanent employee recruitment process outsourcing, employer branding services 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 RPO: Outsourced recruitment of permanent employees on behalf of clients and employer branding services; and
PeopleScout MSP: Management of multiple third-party staffing vendors on behalf of clients.
The following table presents our revenue disaggregated by major source and segment and a reconciliation of segment revenue from services to total company revenue:
Thirteen weeks ended
(in thousands)March 28,
2021
March 29,
2020
Revenue from services:
Contingent staffing
PeopleReady$260,392 $299,294 
PeopleManagement151,754 141,614 
Human resource outsourcing
PeopleScout46,560 53,344 
Total company$458,706 $494,252 
The following table presents a reconciliation of segment profit to income (loss) before tax expense (benefit):
Thirteen weeks ended
(in thousands)March 28,
2021
March 29,
2020
Segment profit (loss):
PeopleReady$11,860 $7,655 
PeopleManagement3,116 (314)
PeopleScout4,037 2,508 
Total segment profit19,013 9,849 
Corporate unallocated (5,619)(5,209)
Work Opportunity Tax Credit processing fees(135)(135)
Amortization of software as a service assets(673)(552)
Goodwill and intangible asset impairment charge— (175,189)
Workforce reduction costs(70)(1,308)
COVID-19 government subsidies, net1,743 — 
Other benefits (costs)(1,086)6,133 
Depreciation and amortization (6,962)(9,094)
Income (loss) from operations6,211 (175,505)
Interest expense and other income, net575 263 
Income (loss) before tax expense (benefit)$6,786 $(175,242)
Asset information by reportable segment is not presented since we do not manage our segments on a balance sheet basis.
v3.21.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
3 Months Ended
Mar. 28, 2021
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”) and rules and regulations of the Securities and Exchange Commission for interim financial information. 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.
The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The severity, magnitude and duration, as well as the economic consequences of the COVID-19 pandemic, are uncertain, rapidly changing and difficult to predict. Therefore, our accounting estimates and assumptions might change materially in future periods.
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 27, 2020. The results of operations for the thirteen weeks ended March 28, 2021 are not necessarily indicative of the results expected for the full fiscal year nor for any other fiscal period.
Recently adopted accounting standards and recently issued accounting pronouncements not yet adopted
Recently adopted accounting standards
There were no new accounting pronouncements adopted during the period that had an impact on our financial statements.
Recently issued accounting pronouncements not yet adopted
There are no accounting pronouncements which have not yet been adopted that are expected to have a significant impact on our financial statements and related disclosures.
v3.21.1
FAIR VALUE MEASUREMENT (Tables)
3 Months Ended
Mar. 28, 2021
Fair Value Disclosures [Abstract]  
Fair Value Measurements, Recurring and Nonrecurring
Our assets measured at fair value on a recurring basis consisted of the following:
March 28, 2021
(in thousands)Total fair valueQuoted prices in active markets for identical assets (level 1)Significant other observable inputs (level 2)Significant unobservable inputs (level 3)
Cash and cash equivalents$88,006 $88,006 $— $— 
Restricted cash and cash equivalents53,163 53,163 — — 
Cash, cash equivalents and restricted cash (1)$141,169 $141,169 $— $— 
Municipal debt securities$68,720 $— $68,720 $— 
Corporate debt securities79,754 — 79,754 — 
Agency mortgage-backed securities365 — 365 — 
U.S. government and agency securities1,097 — 1,097 — 
Restricted investments classified as held-to-maturity (2)$149,936 $— $149,936 $— 
Deferred compensation investments (3)$5,821 $5,821 $— $— 
December 27, 2020
(in thousands)Total fair valueQuoted prices in active markets for identical assets (level 1)Significant other observable inputs (level 2)Significant unobservable inputs (level 3)
Cash and cash equivalents$62,507 $62,507 $— $— 
Restricted cash and cash equivalents56,105 56,105 — — 
Cash, cash equivalents and restricted cash (1)$118,612 $118,612 $— $— 
Municipal debt securities$70,723 $— $70,723 $— 
Corporate debt securities85,937 — 85,937 — 
Agency mortgage-backed securities512 — 512 — 
U.S. government and agency securities1,124 — 1,124 — 
Restricted investments classified as held-to-maturity (2)$158,296 $— $158,296 $— 
Deferred compensation investments (3)$5,915 $5,915 $— $— 
(1)Cash, cash equivalents and restricted cash include money market funds and deposits.
(2)Refer to Note 3: Restricted Cash and Investments for additional details on our held-to-maturity debt securities.
(3)Deferred compensation investments consist of mutual funds and money market funds. Refer to Note 3: Restricted Cash and Investments for additional details on these investments.
v3.21.1
RESTRICTED CASH AND INVESTMENTS (Tables)
3 Months Ended
Mar. 28, 2021
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)March 28,
2021
December 27,
2020
Cash collateral held by insurance carriers$26,745 $26,025 
Cash and cash equivalents held in Trust 25,586 29,410 
Investments held in Trust145,244 152,247 
Deferred compensation investments5,821 5,915 
Company owned life insurance policies26,950 26,267 
Other restricted cash and cash equivalents832 670 
Total restricted cash and investments$231,178 $240,534 
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 as of March 28, 2021 and December 27, 2020, were as follows:
March 28, 2021
(in thousands)Amortized costGross unrealized gainsGross unrealized lossesFair value
Municipal debt securities$65,840 $2,880 $— $68,720 
Corporate debt securities78,056 1,974 (276)79,754 
Agency mortgage-backed securities351 14 — 365 
U.S. government and agency securities997 100 — 1,097 
Total held-to-maturity investments$145,244 $4,968 $(276)$149,936 
December 27, 2020
(in thousands)Amortized costGross unrealized gainsGross unrealized lossesFair value
Municipal debt securities$67,287 $3,436 $— $70,723 
Corporate debt securities83,467 2,511 (41)85,937 
Agency mortgage-backed securities493 19 — 512 
U.S. government and agency securities1,000 124 — 1,124 
Total held-to-maturity investments$152,247 $6,090 $(41)$158,296 
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:
March 28, 2021
(in thousands)Amortized costFair value
Due in one year or less$22,519 $22,675 
Due after one year through five years109,541 113,285 
Due after five years through ten years13,184 13,976 
Total held-to-maturity investments$145,244 $149,936 
Schedule of unrealized gain (loss) on equity investments Unrealized gains and losses related to these investments still held at March 28, 2021 and March 29, 2020, included in selling general and administrative expense on our Consolidated Statements of Operations and Comprehensive Income (Loss), were as follows:
Thirteen weeks ended
(in thousands)March 28,
2021
March 29,
2020
Unrealized gains (losses)$877 $(4,841)
v3.21.1
SUPPLEMENTAL BALANCE SHEET INFORMATION (Tables)
3 Months Ended
Mar. 28, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Allowance for credit losses
The activity related to the allowance for accounts receivable was as follows:
Thirteen weeks ended
(in thousands)March 28,
2021
March 29,
2020
Beginning balance$2,921 $4,288 
Cumulative-effect adjustment (1)— 524 
Current period provision207 3,289 
Write-offs(669)(1,699)
Foreign currency translation(23)
Ending balance$2,462 $6,379 
(1)As a result of our adoption of the accounting standard for credit losses, we recognized a cumulative-effect adjustment to our account receivable allowance of $0.5 million as of the beginning of the first quarter of 2020.
Prepaid expenses and other current assets
Prepaid expenses and other current assets
(in thousands)March 28,
2021
December 27,
2020
Prepaid software agreements$9,637 $8,643 
Other prepaid expenses9,105 8,631 
Other current assets10,694 8,863 
Prepaid expenses and other current assets$29,436 $26,137 
Accrued wages and benefits
Accrued wages and benefits
(in thousands)March 28,
2021
December 27,
2020
Deferred employer payroll tax$58,230 $55,420 
Other accrued wages and benefits68,676 67,237 
Accrued wages and benefits$126,906 $122,657 
v3.21.1
WORKERS' COMPENSATION INSURANCE AND RESERVES (Tables)
3 Months Ended
Mar. 28, 2021
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)March 28,
2021
December 27,
2020
Undiscounted workers’ compensation reserve$271,593 $273,502 
Less discount on workers’ compensation reserve17,599 18,009 
Workers’ compensation reserve, net of discount253,994 255,493 
Less current portion62,005 66,007 
Long-term portion$191,989 $189,486 
v3.21.1
COMMITMENTS AND CONTINGENCIES (Tables)
3 Months Ended
Mar. 28, 2021
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)March 28,
2021
December 27,
2020
Cash collateral held by workers’ compensation insurance carriers$22,434 $22,253 
Cash and cash equivalents held in Trust25,586 29,410 
Investments held in Trust145,244 152,247 
Letters of credit (1)6,095 6,095 
Surety bonds (2)20,831 20,616 
Total collateral commitments$220,190 $230,621 
(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.
v3.21.1
SHAREHOLDERS' EQUITY (Tables)
3 Months Ended
Mar. 28, 2021
Shareholders' Equity [Abstract]  
Schedule of Stockholders Equity
Changes in the balance of each component of shareholders’ equity during the reporting periods were as follows:
Thirteen weeks ended
(in thousands)March 28,
2021
March 29,
2020
Common stock shares
Beginning balance35,493 38,593 
Purchases and retirement of common stock— (2,930)
Net issuance under equity plans, including tax benefits(23)415 
Stock-based compensation50 
Ending balance35,474 36,128 
Common stock amount
Beginning balance$$
Current period activity— — 
Ending balance
Retained earnings
Beginning balance452,017 639,210 
Net income (loss)6,898 (150,494)
Purchases and retirement of common stock (1)— (52,346)
Net issuance under equity plans, including tax benefits(2,300)(1,471)
Stock-based compensation3,343 1,507 
Change in accounting standard cumulative-effect adjustment (2)— (602)
Ending balance459,958 435,804 
Accumulated other comprehensive loss
Beginning balance, net of tax(14,828)(13,238)
Foreign currency translation adjustment496 (6,625)
Ending balance, net of tax(14,332)(19,863)
Total shareholders’ equity ending balance$445,627 $415,942 
(1)Under applicable Washington State law, shares purchased are not displayed separately as treasury stock on our Consolidated Balance Sheets and are treated as authorized but unissued shares. It is our accounting policy to first record these purchases as a reduction to our common stock account. Once the common stock account has been reduced to a nominal balance, remaining purchases are recorded as a reduction to our retained earnings. Furthermore, activity in our common stock account related to stock-based compensation is also recorded to retained earnings until such time as the reduction to retained earnings due to stock repurchases has been recovered.
(2)As a result of our adoption of the accounting standard for credit losses, we recognized a cumulative-effect adjustment to retained earnings of $0.6 million in the first quarter of 2020.
v3.21.1
NET INCOME (LOSS) PER SHARE (Tables)
3 Months Ended
Mar. 28, 2021
Earnings Per Share [Abstract]  
Schedule of net income (loss) and diluted common shares
Diluted common shares were calculated as follows:
Thirteen weeks ended
(in thousands, except per share data)March 28,
2021
March 29,
2020
Net income (loss)$6,898 $(150,494)
Weighted average number of common shares used in basic net income (loss) per common share34,674 37,255 
Dilutive effect of non-vested restricted stock392 — 
Weighted average number of common shares used in diluted net income (loss) per common share35,066 37,255 
Net income (loss) per common share:
Basic$0.20 $(4.04)
Diluted$0.20 $(4.04)
Anti-dilutive shares345 602 
v3.21.1
SEGMENT INFORMATION (Tables)
3 Months Ended
Mar. 28, 2021
Segment Reporting [Abstract]  
Schedule of segment information The following table presents our revenue disaggregated by major source and segment and a reconciliation of segment revenue from services to total company revenue:
Thirteen weeks ended
(in thousands)March 28,
2021
March 29,
2020
Revenue from services:
Contingent staffing
PeopleReady$260,392 $299,294 
PeopleManagement151,754 141,614 
Human resource outsourcing
PeopleScout46,560 53,344 
Total company$458,706 $494,252 
The following table presents a reconciliation of segment profit to income (loss) before tax expense (benefit):
Thirteen weeks ended
(in thousands)March 28,
2021
March 29,
2020
Segment profit (loss):
PeopleReady$11,860 $7,655 
PeopleManagement3,116 (314)
PeopleScout4,037 2,508 
Total segment profit19,013 9,849 
Corporate unallocated (5,619)(5,209)
Work Opportunity Tax Credit processing fees(135)(135)
Amortization of software as a service assets(673)(552)
Goodwill and intangible asset impairment charge— (175,189)
Workforce reduction costs(70)(1,308)
COVID-19 government subsidies, net1,743 — 
Other benefits (costs)(1,086)6,133 
Depreciation and amortization (6,962)(9,094)
Income (loss) from operations6,211 (175,505)
Interest expense and other income, net575 263 
Income (loss) before tax expense (benefit)$6,786 $(175,242)
v3.21.1
FAIR VALUE MEASUREMENT - Fair Value Measurement (Details) - USD ($)
$ in Thousands
Mar. 28, 2021
Dec. 27, 2020
Mar. 29, 2020
Dec. 29, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash, cash equivalents, restricted cash and restricted cash equivalents $ 141,169 $ 118,612 $ 319,576 $ 92,371
Restricted investments classified as held-to-maturity 149,936 158,296    
Deferred compensation investments 5,821 5,915    
Municipal debt securities        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Restricted investments classified as held-to-maturity 68,720 70,723    
Corporate debt securities        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Restricted investments classified as held-to-maturity 79,754 85,937    
Agency mortgage-backed securities        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Restricted investments classified as held-to-maturity 365 512    
U.S. government and agency securities        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Restricted investments classified as held-to-maturity 1,097 1,124    
Fair value, recurring | Total fair value        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash and cash equivalents 88,006 62,507    
Fair value, recurring | Total fair value | Restricted assets        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Restricted cash and cash equivalents 53,163 56,105    
Cash, cash equivalents, restricted cash and restricted cash equivalents 141,169 118,612    
Restricted investments classified as held-to-maturity 149,936 158,296    
Deferred compensation investments 5,821 5,915    
Fair value, recurring | Total fair value | Restricted assets | Municipal debt securities        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Restricted investments classified as held-to-maturity 68,720 70,723    
Fair value, recurring | Total fair value | Restricted assets | Corporate debt securities        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Restricted investments classified as held-to-maturity 79,754 85,937    
Fair value, recurring | Total fair value | Restricted assets | Agency mortgage-backed securities        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Restricted investments classified as held-to-maturity 365 512    
Fair value, recurring | Total fair value | Restricted assets | U.S. government and agency securities        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Restricted investments classified as held-to-maturity 1,097 1,124    
Fair value, recurring | Quoted prices in active markets for identical assets (level 1)        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash and cash equivalents 88,006 62,507    
Fair value, recurring | Quoted prices in active markets for identical assets (level 1) | Restricted assets        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Restricted cash and cash equivalents 53,163 56,105    
Cash, cash equivalents, restricted cash and restricted cash equivalents 141,169 118,612    
Restricted investments classified as held-to-maturity 0 0    
Deferred compensation investments 5,821 5,915    
Fair value, recurring | Quoted prices in active markets for identical assets (level 1) | Restricted assets | Municipal debt securities        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Restricted investments classified as held-to-maturity 0 0    
Fair value, recurring | Quoted prices in active markets for identical assets (level 1) | Restricted assets | Corporate debt securities        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Restricted investments classified as held-to-maturity 0 0    
Fair value, recurring | Quoted prices in active markets for identical assets (level 1) | Restricted assets | Agency mortgage-backed securities        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Restricted investments classified as held-to-maturity 0 0    
Fair value, recurring | Quoted prices in active markets for identical assets (level 1) | Restricted assets | U.S. government and agency securities        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Restricted investments classified as held-to-maturity 0 0    
Fair value, recurring | Significant other observable inputs (level 2)        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash and cash equivalents 0 0    
Fair value, recurring | Significant other observable inputs (level 2) | Restricted assets        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Restricted cash and cash equivalents 0 0    
Cash, cash equivalents, restricted cash and restricted cash equivalents 0 0    
Restricted investments classified as held-to-maturity 149,936 158,296    
Deferred compensation investments 0 0    
Fair value, recurring | Significant other observable inputs (level 2) | Restricted assets | Municipal debt securities        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Restricted investments classified as held-to-maturity 68,720 70,723    
Fair value, recurring | Significant other observable inputs (level 2) | Restricted assets | Corporate debt securities        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Restricted investments classified as held-to-maturity 79,754 85,937    
Fair value, recurring | Significant other observable inputs (level 2) | Restricted assets | Agency mortgage-backed securities        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Restricted investments classified as held-to-maturity 365 512    
Fair value, recurring | Significant other observable inputs (level 2) | Restricted assets | U.S. government and agency securities        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Restricted investments classified as held-to-maturity 1,097 1,124    
Fair value, recurring | Significant unobservable inputs (level 3)        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash and cash equivalents 0 0    
Fair value, recurring | Significant unobservable inputs (level 3) | Restricted assets        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Restricted cash and cash equivalents 0 0    
Cash, cash equivalents, restricted cash and restricted cash equivalents 0 0    
Restricted investments classified as held-to-maturity 0 0    
Deferred compensation investments 0 0    
Fair value, recurring | Significant unobservable inputs (level 3) | Restricted assets | Municipal debt securities        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Restricted investments classified as held-to-maturity 0 0    
Fair value, recurring | Significant unobservable inputs (level 3) | Restricted assets | Corporate debt securities        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Restricted investments classified as held-to-maturity 0 0    
Fair value, recurring | Significant unobservable inputs (level 3) | Restricted assets | Agency mortgage-backed securities        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Restricted investments classified as held-to-maturity 0 0    
Fair value, recurring | Significant unobservable inputs (level 3) | Restricted assets | U.S. government and agency securities        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Restricted investments classified as held-to-maturity $ 0 $ 0    
v3.21.1
RESTRICTED CASH AND INVESTMENTS (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 28, 2021
Mar. 29, 2020
Dec. 27, 2020
Restricted Cash and Investments [Line Items]      
Cash collateral held by insurance carriers $ 26,745   $ 26,025
Cash and cash equivalents held in Trust 25,586   29,410
Investments held in Trust 145,244   152,247
Deferred compensation investments 5,821   5,915
Company owned life insurance policies 26,950   26,267
Other restricted cash and cash equivalents 832   670
Restricted cash and investments 231,178   240,534
Held-to-maturity Securities, Reconciliation to Fair Value [Abstract]      
Amortized cost of held-to-maturity investments 145,244   152,247
Gross unrealized gains 4,968   6,090
Gross unrealized losses (276)   (41)
Fair value 149,936   158,296
Held-to-maturity securities, amortized cost [Abstract]      
Amortized cost of held-to-maturity investments 145,244   152,247
Held-to-maturity securities, fair value [Abstract]      
Fair value 149,936   158,296
Unrealized gains (losses) on Investments (877) $ (4,841)  
Municipal debt securities      
Held-to-maturity Securities, Reconciliation to Fair Value [Abstract]      
Amortized cost of held-to-maturity investments 65,840   67,287
Gross unrealized gains 2,880   3,436
Gross unrealized losses 0   0
Fair value 68,720   70,723
Held-to-maturity securities, amortized cost [Abstract]      
Amortized cost of held-to-maturity investments 65,840   67,287
Held-to-maturity securities, fair value [Abstract]      
Fair value 68,720   70,723
Corporate debt securities      
Held-to-maturity Securities, Reconciliation to Fair Value [Abstract]      
Amortized cost of held-to-maturity investments 78,056   83,467
Gross unrealized gains 1,974   2,511
Gross unrealized losses (276)   (41)
Fair value 79,754   85,937
Held-to-maturity securities, amortized cost [Abstract]      
Amortized cost of held-to-maturity investments 78,056   83,467
Held-to-maturity securities, fair value [Abstract]      
Fair value 79,754   85,937
Agency mortgage-backed securities      
Held-to-maturity Securities, Reconciliation to Fair Value [Abstract]      
Amortized cost of held-to-maturity investments 351   493
Gross unrealized gains 14   19
Gross unrealized losses 0   0
Fair value 365   512
Held-to-maturity securities, amortized cost [Abstract]      
Amortized cost of held-to-maturity investments 351   493
Held-to-maturity securities, fair value [Abstract]      
Fair value 365   512
U.S. government and agency securities      
Held-to-maturity Securities, Reconciliation to Fair Value [Abstract]      
Amortized cost of held-to-maturity investments 997   1,000
Gross unrealized gains 100   124
Gross unrealized losses 0   0
Fair value 1,097   1,124
Held-to-maturity securities, amortized cost [Abstract]      
Amortized cost of held-to-maturity investments 997   1,000
Held-to-maturity securities, fair value [Abstract]      
Fair value 1,097   $ 1,124
Restricted cash and investments      
Held-to-maturity Securities, Reconciliation to Fair Value [Abstract]      
Amortized cost of held-to-maturity investments 145,244    
Fair value 149,936    
Held-to-maturity securities, amortized cost [Abstract]      
Due in one year or less 22,519    
Due after one year through five years 109,541    
Due after five years through ten years 13,184    
Amortized cost of held-to-maturity investments 145,244    
Held-to-maturity securities, fair value [Abstract]      
Due in one year or less 22,675    
Due after one year through five years 113,285    
Due after five years through ten years 13,976    
Fair value $ 149,936    
v3.21.1
SUPPLEMENTAL BALANCE SHEET INFORMATION - Allowance for credit losses (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 28, 2021
Mar. 29, 2020
Dec. 27, 2020
Dec. 29, 2019
Accounts Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance $ 2,462 $ 6,379 $ 2,921 $ 4,288
Allowance for credit losses 207 3,289    
Write-offs (669) (1,699)    
Foreign currency translation 3 (23)    
Ending balance $ 2,462 $ 6,379    
Cumulative-effect adjustment        
Accounts Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance     $ 0 $ 524
v3.21.1
SUPPLEMENTAL BALANCE SHEET INFORMATION - Prepaid expenses and other current assets (Details) - USD ($)
$ in Thousands
Mar. 28, 2021
Dec. 27, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Prepaid software agreements $ 9,637 $ 8,643
Other prepaid expenses 9,105 8,631
Other current assets 10,694 8,863
Prepaid expenses and other current assets $ 29,436 $ 26,137
v3.21.1
SUPPLEMENTAL BALANCE SHEET INFORMATION - Accrued wages and benefits (Details) - USD ($)
$ in Thousands
Mar. 28, 2021
Dec. 27, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Deferred employer payroll tax $ 58,230 $ 55,420
Other accrued wages and benefits 68,676 67,237
Accrued wages and benefits $ 126,906 $ 122,657
v3.21.1
WORKERS' COMPENSATION INSURANCE AND RESERVES - Reconciliation of Workers' Compensation Claims Reserve (Details) - USD ($)
$ in Thousands
Mar. 28, 2021
Dec. 27, 2020
Workers' Compensation Insurance and Reserves [Abstract]    
Undiscounted workers’ compensation reserve $ 271,593 $ 273,502
Less discount on workers’ compensation reserve 17,599 18,009
Workers' compensation reserve, net of discount 253,994 255,493
Less current portion 62,005 66,007
Long-term portion $ 191,989 $ 189,486