TRUEBLUE, INC., 10-Q filed on 10/25/2021
Quarterly Report
v3.21.2
DOCUMENT AND ENTITY INFORMATION - shares
9 Months Ended
Sep. 26, 2021
Oct. 15, 2021
Entity Addresses [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 26, 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)   35,480,624
Amendment Flag false  
Document Fiscal Year Focus 2021  
Document Fiscal Period Focus Q3  
Entity Central Index Key 0000768899  
Current Fiscal Year End Date --12-26  
v3.21.2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 26, 2021
Dec. 27, 2020
Current assets:    
Cash and cash equivalents $ 49,173 $ 62,507
Accounts receivable, net of allowance of $3,964 and $2,921 330,705 278,343
Prepaid expenses and other current assets 27,158 26,137
Income tax receivable 10,473 11,898
Total current assets 417,509 378,885
Property and equipment, net 86,414 71,734
Restricted cash and investments 223,832 240,534
Deferred income taxes, net 29,554 30,019
Goodwill 94,615 94,873
Intangible assets, net 23,769 28,929
Operating lease right-of-use assets, net 58,453 65,940
Workers’ compensation claims receivable, net 59,240 52,934
Other assets, net 16,406 16,729
Total assets 1,009,792 980,577
Current liabilities:    
Accounts payable and other accrued expenses 62,706 58,447
Accrued wages and benefits 89,870 122,657
Current portion of workers’ compensation claims reserve 60,936 66,007
Current operating lease liabilities 12,650 13,938
Other current liabilities 12,622 7,918
Total current liabilities 238,784 268,967
Workers’ compensation claims reserve, less current portion 197,633 189,486
Long-term deferred compensation liabilities 27,915 26,361
Long-term operating lease liabilities 56,875 54,797
Other long-term liabilities 2,909 3,776
Total liabilities 524,116 543,387
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; 35,455 and 35,493 shares issued and outstanding 1 1
Accumulated other comprehensive loss (15,634) (14,828)
Retained earnings 501,309 452,017
Total shareholders’ equity 485,676 437,190
Total liabilities and shareholders’ equity $ 1,009,792 $ 980,577
v3.21.2
CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($)
$ in Thousands
Sep. 26, 2021
Dec. 27, 2020
Allowance for credit loss $ 3,964 $ 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 35,455,000 35,493,000
Common stock, shares outstanding 35,455,000 35,493,000
v3.21.2
CONSOLIDATED STATEMENTS OF OPERATIONS & COMPREHENSIVE INCOME (LOSS) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 26, 2021
Sep. 27, 2020
Sep. 26, 2021
Sep. 27, 2020
Income Statement [Abstract]        
Revenue from services $ 577,031 $ 474,530 $ 1,551,692 $ 1,327,726
Cost of services 430,529 364,066 1,158,148 1,007,878
Gross profit 146,502 110,464 393,544 319,848
Selling, general and administrative expense 118,748 90,100 326,657 304,681
Depreciation and amortization 6,426 7,652 20,405 24,002
Goodwill and intangible asset impairment charge 0 0 0 175,189
Income (loss) from operations 21,328 12,712 46,482 (184,024)
Interest and other income (expense), net 581 (174) 1,880 (323)
Income (loss) before tax expense (benefit) 21,909 12,538 48,362 (184,347)
Income tax expense (benefit) 3,267 3,743 6,938 (34,480)
Net income (loss) $ 18,642 $ 8,795 $ 41,424 $ (149,867)
Net income (loss) per common share:        
Basic (in dollars per share) $ 0.53 $ 0.25 $ 1.19 $ (4.20)
Diluted (in dollars per share) $ 0.53 $ 0.25 $ 1.17 $ (4.20)
Weighted average shares outstanding:        
Basic (in shares) 34,873 34,597 34,788 35,643
Diluted (in shares) 35,475 34,904 35,255 35,643
Other Comprehensive Income (Loss):        
Foreign currency translation adjustment $ (1,296) $ 386 $ (806) $ (4,141)
Comprehensive income (loss) $ 17,346 $ 9,181 $ 40,618 $ (154,008)
v3.21.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 26, 2021
Sep. 27, 2020
Cash flows from operating activities:    
Net income (loss) $ 41,424 $ (149,867)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 20,405 24,002
Goodwill and intangible asset impairment charge 0 175,189
Provision for credit losses 2,881 6,582
Stock-based compensation 10,149 6,762
Deferred income taxes 445 (25,955)
Non-cash lease expense 11,173 11,115
Other operating activities (1,484) 1,944
Changes in operating assets and liabilities:    
Accounts receivable (53,626) 55,408
Income tax receivable 963 (4,928)
Operating lease right-of-use asset 7,150 0
Other assets (7,003) (2,646)
Accounts payable and other accrued expenses 3,212 (12,723)
Other accrued wages and benefits 24,278 (7,395)
Deferred employer payroll taxes (57,066) 36,312
Workers’ compensation claims reserve 3,075 (824)
Operating lease liabilities (10,017) (11,410)
Other liabilities 4,598 (2,798)
Net cash provided by operating activities 557 98,768
Cash flows from investing activities:    
Capital expenditures (28,772) (16,244)
Purchases of restricted available-for-sale investments (29) (2,310)
Sales of restricted available-for-sale investments 793 3,212
Purchases of restricted held-to-maturity investments 0 (32,495)
Maturities of restricted held-to-maturity investments 18,346 24,358
Net cash used in investing activities (9,662) (23,479)
Cash flows from financing activities:    
Purchases and retirement of common stock 0 (52,346)
Net proceeds from employee stock purchase plans 754 734
Common stock repurchases for taxes upon vesting of restricted stock (3,035) (2,331)
Net change in revolving credit facility 0 (35,600)
Other (270) (1,436)
Net cash used in financing activities (2,551) (90,979)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (613) (466)
Net change in cash, cash equivalents and restricted cash (12,269) (16,156)
Cash, cash equivalents and restricted cash, beginning of period 118,612 92,371
Cash, cash equivalents and restricted cash, end of period 106,343 76,215
Supplemental Disclosure of Cash Flow Information [Abstract]    
Interest 1,174 2,672
Income taxes 5,522 (3,414)
Operating lease liabilities 12,402 13,147
Property and equipment purchased but not yet paid 2,394 1,614
Right-of-use assets obtained in exchange for new operating lease liabilities $ 10,739 $ 8,672
v3.21.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
9 Months Ended
Sep. 26, 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 coronavirus (“COVID-19”) pandemic, are uncertain and difficult to predict. Therefore, our accounting estimates and assumptions could 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 thirty-nine weeks ended September 26, 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. Additionally, we have separately presented deferred employer payroll taxes from prior period reported amounts within operating activities on our Consolidated Statements of Cash Flows.
Goodwill
We evaluate goodwill for impairment on an annual basis as of the first day of our fiscal second quarter, and whenever events or circumstances make it more likely than not that an impairment may have occurred. These events or circumstances could include a significant change in the business climate, legal factors, operating performance indicators, competition, client 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. We test for goodwill impairment at the reporting unit level. We consider our operating segments to be our reporting units for goodwill impairment testing. Our operating segments are PeopleReady, PeopleManagement On-Site, PeopleManagement Centerline, PeopleScout RPO, and PeopleScout MSP. The impairment test involves comparing the fair value of each reporting unit to its carrying value, including goodwill. Fair value reflects the price a market participant would be willing to pay in a potential sale of the reporting unit. If the fair value exceeds the carrying value, we conclude that no goodwill impairment has occurred. If the carrying value of the reporting unit exceeds its fair value, we recognize an impairment loss in an amount equal to the excess, not to exceed the carrying value of the goodwill.
Determining the fair value of a reporting unit involves the use of significant estimates and assumptions to evaluate the impact of operational and macroeconomic changes on each reporting unit. We estimate the fair value of each reporting unit using a weighted average of the income and market valuation approaches. The income approach applies a fair value methodology based on discounted cash flows. This analysis requires significant estimates and judgments, including estimation of future cash flows, which is dependent on internal forecasts, estimation of the long-term rate of growth for our business, estimation of the useful life over which cash flows will occur, and determination of our weighted average cost of capital, which is risk-adjusted to reflect the specific risk profile of the reporting unit being tested. We also apply a market approach, which identifies similar publicly traded companies and develops a correlation, referred to as a multiple, to apply to the operating results of the reporting units. The primary market multiples to which we compare are revenue and earnings before interest, taxes, depreciation, and amortization. We base fair value estimates on assumptions we believe to be reasonable but that are unpredictable and inherently uncertain. Actual future results may differ from those estimates.
We consider a reporting unit’s fair value to be substantially in excess of its carrying value at a 20% premium or greater. Based on our 2021 annual impairment test performed as of March 29, 2021, all of our reporting units’ fair values were substantially in excess of their respective carrying values. Additionally, we did not identify any events or conditions that make it more likely than not that an impairment may have occurred during the period from March 29, 2021 to September 26, 2021.
Government incentives
On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief and Economic Security Act ("CARES Act"), which among other things, provided employer payroll tax credits for wages paid to employees who are 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. Deferred employer payroll taxes of $59.9 million were paid in full on September 15, 2021.
Recently adopted accounting standards
There were no new accounting standards adopted during the thirty-nine weeks ended September 26, 2021 that had an impact on our financial statements.
Recently issued accounting standards not yet adopted
There are no accounting standards which have not yet been adopted that are expected to have a significant impact on our financial statements and related disclosures.
v3.21.2
FAIR VALUE MEASUREMENT
9 Months Ended
Sep. 26, 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:
September 26, 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$49,173 $49,173 $— $— 
Restricted cash and cash equivalents57,170 57,170 — — 
Cash, cash equivalents and restricted cash (1)$106,343 $106,343 $— $— 
Municipal debt securities$61,255 $— $61,255 $— 
Corporate debt securities73,622 — 73,622 — 
Agency mortgage-backed securities200 — 200 — 
U.S. government and agency securities1,089 — 1,089 — 
Restricted investments classified as held-to-maturity (2)$136,166 $— $136,166 $— 
Deferred compensation investments (3)$6,254 $6,254 $— $— 
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.
v3.21.2
RESTRICTED CASH AND INVESTMENTS
9 Months Ended
Sep. 26, 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)September 26,
2021
December 27,
2020
Cash collateral held by insurance carriers$28,682 $26,025 
Cash and cash equivalents held in Trust 27,370 29,410 
Investments held in Trust132,127 152,247 
Deferred compensation investments6,254 5,915 
Company-owned life insurance policies28,281 26,267 
Other restricted cash and cash equivalents1,118 670 
Total restricted cash and investments$223,832 $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 September 26, 2021 and December 27, 2020, were as follows:
September 26, 2021
(in thousands)Amortized costGross unrealized gainsGross unrealized lossesFair value
Municipal debt securities$58,719 $2,536 $— $61,255 
Corporate debt securities72,218 1,585 (181)73,622 
Agency mortgage-backed securities193 — 200 
U.S. government and agency securities997 92 — 1,089 
Total held-to-maturity investments$132,127 $4,220 $(181)$136,166 
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:
September 26, 2021
(in thousands)Amortized costFair value
Due in one year or less$24,342 $24,572 
Due after one year through five years103,803 107,368 
Due after five years through ten years3,982 4,226 
Total held-to-maturity investments$132,127 $136,166 
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 September 26, 2021 and September 27, 2020, included in selling, general and administrative expense on our Consolidated Statements of Operations and Comprehensive Income (Loss), were as follows:
Thirteen weeks ended
Thirty-nine weeks ended
(in thousands)September 26,
2021
September 27,
2020
September 26,
2021
September 27,
2020
Unrealized gains (losses)$391 $1,452 $2,817 $(258)
v3.21.2
SUPPLEMENTAL BALANCE SHEET INFORMATION
9 Months Ended
Sep. 26, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
SUPPLEMENTAL BALANCE SHEET INFORMATION SUPPLEMENTAL BALANCE SHEET INFORMATION
Accounts receivable allowance for credit losses
The activity related to the accounts receivable allowance for credit losses was as follows:
Thirty-nine weeks ended
(in thousands)September 26,
2021
September 27,
2020
Beginning balance$2,921 $4,288 
Cumulative-effect adjustment (1)— 524 
Current period provision2,881 6,582 
Write-offs(1,827)(5,925)
Foreign currency translation(11)(22)
Ending balance$3,964 $5,447 
(1)As a result of our adoption of the accounting standard for credit losses, we recognized a cumulative-effect adjustment to our accounts receivable allowance for credit losses of $0.5 million as of the beginning of the first quarter of 2020.
Prepaid expenses and other current assets
(in thousands)September 26,
2021
December 27,
2020
Prepaid software agreements$8,107 $8,643 
Other prepaid expenses9,825 8,631 
Other current assets9,226 8,863 
Prepaid expenses and other current assets$27,158 $26,137 
Other current liabilities
(in thousands)September 26,
2021
December 27,
2020
Deferred revenue$6,483 $1,167 
Other current liabilities6,139 6,751 
Other current liabilities$12,622 $7,918 
v3.21.2
WORKERS' COMPENSATION INSURANCE AND RESERVES
9 Months Ended
Sep. 26, 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 1.6% and 1.8% at September 26, 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 September 26, 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)September 26,
2021
December 27,
2020
Undiscounted workers’ compensation reserve$275,398 $273,502 
Less discount on workers’ compensation reserve16,829 18,009 
Workers’ compensation reserve, net of discount258,569 255,493 
Less current portion60,936 66,007 
Long-term portion$197,633 $189,486 
Payments made against self-insured claims were $32.0 million and $40.6 million for the thirty-nine weeks ended September 26, 2021 and September 27, 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. The rates used to discount excess claims incurred during the thirty-nine weeks ended September 26, 2021 and fifty-two weeks ended December 27, 2020 were 1.6% 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 $60.6 million and $54.0 million, as of September 26, 2021 and December 27, 2020, respectively. The discounted receivables from insurance companies, net of valuation allowance, were $59.2 million and $52.9 million as of September 26, 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 $13.3 million and $14.4 million was recorded in cost of services on our Consolidated Statements of Operations and Comprehensive Income (Loss) for the thirteen weeks ended September 26, 2021 and September 27, 2020, respectively, and $32.7 million and $38.0 million for the thirty-nine weeks ended September 26, 2021 and September 27, 2020, respectively.
v3.21.2
COMMITMENTS AND CONTINGENCIES
9 Months Ended
Sep. 26, 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)September 26,
2021
December 27,
2020
Cash collateral held by workers’ compensation insurance carriers$22,786 $22,253 
Cash and cash equivalents held in Trust27,370 29,410 
Investments held in Trust132,127 152,247 
Letters of credit (1)6,160 6,095 
Surety bonds (2)21,969 20,616 
Total collateral commitments$210,412 $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 and are immaterial.
v3.21.2
SHAREHOLDERS' EQUITY
9 Months Ended
Sep. 26, 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
Thirty-nine weeks ended
(in thousands)September 26,
2021
September 27,
2020
September 26,
2021
September 27,
2020
Common stock shares
Beginning balance35,510 36,052 35,493 38,593 
Purchases and retirement of common stock— (627)— (3,557)
Net issuance under equity plans, including tax benefits(55)48 (72)387 
Stock-based compensation— (23)34 27 
Ending balance35,455 35,450 35,455 35,450 
Common stock amount
Beginning balance$$$$
Current period activity— — — — 
Ending balance
Retained earnings
Beginning balance479,567 430,525 452,017 639,210 
Net income (loss)18,642 8,795 41,424 (149,867)
Purchases and retirement of common stock (1)— — — (52,346)
Net issuance under equity plans, including tax benefits(133)(177)(2,281)(1,597)
Stock-based compensation3,233 2,417 10,149 6,762 
Change in accounting standard cumulative-effect adjustment (2)— — — (602)
Ending balance501,309 441,560 501,309 441,560 
Accumulated other comprehensive loss
Beginning balance, net of tax(14,338)(17,765)(14,828)(13,238)
Foreign currency translation adjustment(1,296)386 (806)(4,141)
Ending balance, net of tax(15,634)(17,379)(15,634)(17,379)
Total shareholders’ equity ending balance$485,676 $424,182 $485,676 $424,182 
(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.
v3.21.2
INCOME TAXES
9 Months Ended
Sep. 26, 2021
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 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 income tax rate for the thirty-nine weeks ended September 26, 2021 was 14.3%. The difference between the statutory federal income tax rate of 21% and our effective tax rate was primarily due to hiring credits, including the Work Opportunity Tax Credit (“WOTC”), offset by state income taxes. 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.
v3.21.2
NET INCOME (LOSS) PER SHARE
9 Months Ended
Sep. 26, 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
Thirty-nine weeks ended
(in thousands, except per share data)September 26,
2021
September 27,
2020
September 26,
2021
September 27,
2020
Net income (loss)$18,642 $8,795 $41,424 $(149,867)
Weighted average number of common shares used in basic net income (loss) per common share34,873 34,597 34,788 35,643 
Dilutive effect of non-vested stock-based awards602 307 467 — 
Weighted average number of common shares used in diluted net income (loss) per common share35,475 34,904 35,255 35,643 
Net income (loss) per common share:
Basic$0.53 $0.25 $1.19 $(4.20)
Diluted$0.53 $0.25 $1.17 $(4.20)
Anti-dilutive shares24 595 47 1,006 
v3.21.2
SEGMENT INFORMATION
9 Months Ended
Sep. 26, 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:
PeopleManagement On-Site: On-site management and recruitment for the contingent industrial workforce of manufacturing, warehouse, and distribution facilities; and
PeopleManagement 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
Thirty-nine weeks ended
(in thousands)September 26,
2021
September 27,
2020
September 26,
2021
September 27,
2020
Revenue from services:
Contingent staffing
PeopleReady$349,056 $293,546 $908,764 $801,991 
PeopleManagement157,789 147,241 461,899 407,516 
Human resource outsourcing
PeopleScout70,186 33,743 181,029 118,219 
Total company$577,031 $474,530 $1,551,692 $1,327,726 
The following table presents a reconciliation of segment profit to income (loss) before tax expense (benefit):
Thirteen weeks ended
Thirty-nine weeks ended
(in thousands)September 26,
2021
September 27,
2020
September 26,
2021
September 27,
2020
Segment profit:
PeopleReady$24,690 $18,714 $54,987 $27,002 
PeopleManagement2,360 4,574 8,697 6,063 
PeopleScout9,778 349 24,672 75 
Total segment profit36,828 23,637 88,356 33,140 
Corporate unallocated (7,667)(5,968)(20,593)(16,106)
Third-party processing fees for hiring tax credits(419)(174)(584)(309)
Amortization of software as a service assets(670)(575)(1,989)(1,692)
Goodwill and intangible asset impairment charge— — — (175,189)
Workforce reduction costs(110)(270)(194)(12,589)
COVID-19 government subsidies, net92 4,071 4,131 7,175 
Other benefits (costs)(300)(357)(2,240)5,548 
Depreciation and amortization (6,426)(7,652)(20,405)(24,002)
Income (loss) from operations21,328 12,712 46,482 (184,024)
Interest expense and other income, net581 (174)1,880 (323)
Income (loss) before tax expense (benefit)$21,909 $12,538 $48,362 $(184,347)
Asset information by reportable segment is not presented as we do not manage our segments on a balance sheet basis.
v3.21.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
9 Months Ended
Sep. 26, 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 coronavirus (“COVID-19”) pandemic, are uncertain and difficult to predict. Therefore, our accounting estimates and assumptions could 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 thirty-nine weeks ended September 26, 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 standards adopted during the thirty-nine weeks ended September 26, 2021 that had an impact on our financial statements.
Recently issued accounting standards not yet adopted
There are no accounting standards which have not yet been adopted that are expected to have a significant impact on our financial statements and related disclosures.
v3.21.2
FAIR VALUE MEASUREMENT (Tables)
9 Months Ended
Sep. 26, 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:
September 26, 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$49,173 $49,173 $— $— 
Restricted cash and cash equivalents57,170 57,170 — — 
Cash, cash equivalents and restricted cash (1)$106,343 $106,343 $— $— 
Municipal debt securities$61,255 $— $61,255 $— 
Corporate debt securities73,622 — 73,622 — 
Agency mortgage-backed securities200 — 200 — 
U.S. government and agency securities1,089 — 1,089 — 
Restricted investments classified as held-to-maturity (2)$136,166 $— $136,166 $— 
Deferred compensation investments (3)$6,254 $6,254 $— $— 
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.
v3.21.2
RESTRICTED CASH AND INVESTMENTS (Tables)
9 Months Ended
Sep. 26, 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)September 26,
2021
December 27,
2020
Cash collateral held by insurance carriers$28,682 $26,025 
Cash and cash equivalents held in Trust 27,370 29,410 
Investments held in Trust132,127 152,247 
Deferred compensation investments6,254 5,915 
Company-owned life insurance policies28,281 26,267 
Other restricted cash and cash equivalents1,118 670 
Total restricted cash and investments$223,832 $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 September 26, 2021 and December 27, 2020, were as follows:
September 26, 2021
(in thousands)Amortized costGross unrealized gainsGross unrealized lossesFair value
Municipal debt securities$58,719 $2,536 $— $61,255 
Corporate debt securities72,218 1,585 (181)73,622 
Agency mortgage-backed securities193 — 200 
U.S. government and agency securities997 92 — 1,089 
Total held-to-maturity investments$132,127 $4,220 $(181)$136,166 
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:
September 26, 2021
(in thousands)Amortized costFair value
Due in one year or less$24,342 $24,572 
Due after one year through five years103,803 107,368 
Due after five years through ten years3,982 4,226 
Total held-to-maturity investments$132,127 $136,166 
Schedule of unrealized gain (loss) on equity investments Unrealized gains and losses related to these investments still held at September 26, 2021 and September 27, 2020, included in selling, general and administrative expense on our Consolidated Statements of Operations and Comprehensive Income (Loss), were as follows:
Thirteen weeks ended
Thirty-nine weeks ended
(in thousands)September 26,
2021
September 27,
2020
September 26,
2021
September 27,
2020
Unrealized gains (losses)$391 $1,452 $2,817 $(258)
v3.21.2
SUPPLEMENTAL BALANCE SHEET INFORMATION (Tables)
9 Months Ended
Sep. 26, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Allowance for credit losses
The activity related to the accounts receivable allowance for credit losses was as follows:
Thirty-nine weeks ended
(in thousands)September 26,
2021
September 27,
2020
Beginning balance$2,921 $4,288 
Cumulative-effect adjustment (1)— 524 
Current period provision2,881 6,582 
Write-offs(1,827)(5,925)
Foreign currency translation(11)(22)
Ending balance$3,964 $5,447 
(1)As a result of our adoption of the accounting standard for credit losses, we recognized a cumulative-effect adjustment to our accounts receivable allowance for credit losses 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)September 26,
2021
December 27,
2020
Prepaid software agreements$8,107 $8,643 
Other prepaid expenses9,825 8,631 
Other current assets9,226 8,863 
Prepaid expenses and other current assets$27,158 $26,137 
Other current liabilities
Other current liabilities
(in thousands)September 26,
2021
December 27,
2020
Deferred revenue$6,483 $1,167 
Other current liabilities6,139 6,751 
Other current liabilities$12,622 $7,918 
v3.21.2
WORKERS' COMPENSATION INSURANCE AND RESERVES (Tables)
9 Months Ended
Sep. 26, 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)September 26,
2021
December 27,
2020
Undiscounted workers’ compensation reserve$275,398 $273,502 
Less discount on workers’ compensation reserve16,829 18,009 
Workers’ compensation reserve, net of discount258,569 255,493 
Less current portion60,936 66,007 
Long-term portion$197,633 $189,486 
v3.21.2
COMMITMENTS AND CONTINGENCIES (Tables)
9 Months Ended
Sep. 26, 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)September 26,
2021
December 27,
2020
Cash collateral held by workers’ compensation insurance carriers$22,786 $22,253 
Cash and cash equivalents held in Trust27,370 29,410 
Investments held in Trust132,127 152,247 
Letters of credit (1)6,160 6,095 
Surety bonds (2)21,969 20,616 
Total collateral commitments$210,412 $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.
v3.21.2
SHAREHOLDERS' EQUITY (Tables)
9 Months Ended
Sep. 26, 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
Thirty-nine weeks ended
(in thousands)September 26,
2021
September 27,
2020
September 26,
2021
September 27,
2020
Common stock shares
Beginning balance35,510 36,052 35,493 38,593 
Purchases and retirement of common stock— (627)— (3,557)
Net issuance under equity plans, including tax benefits(55)48 (72)387 
Stock-based compensation— (23)34 27 
Ending balance35,455 35,450 35,455 35,450 
Common stock amount
Beginning balance$$$$
Current period activity— — — — 
Ending balance
Retained earnings
Beginning balance479,567 430,525 452,017 639,210 
Net income (loss)18,642 8,795 41,424 (149,867)
Purchases and retirement of common stock (1)— — — (52,346)
Net issuance under equity plans, including tax benefits(133)(177)(2,281)(1,597)
Stock-based compensation3,233 2,417 10,149 6,762 
Change in accounting standard cumulative-effect adjustment (2)— — — (602)
Ending balance501,309 441,560 501,309 441,560 
Accumulated other comprehensive loss
Beginning balance, net of tax(14,338)(17,765)(14,828)(13,238)
Foreign currency translation adjustment(1,296)386 (806)(4,141)
Ending balance, net of tax(15,634)(17,379)(15,634)(17,379)
Total shareholders’ equity ending balance$485,676 $424,182 $485,676 $424,182 
(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.
v3.21.2
NET INCOME (LOSS) PER SHARE (Tables)
9 Months Ended
Sep. 26, 2021
Earnings Per Share [Abstract]  
Schedule of net income (loss) and diluted common shares
Diluted common shares were calculated as follows:
Thirteen weeks ended
Thirty-nine weeks ended
(in thousands, except per share data)September 26,
2021
September 27,
2020
September 26,
2021
September 27,
2020
Net income (loss)$18,642 $8,795 $41,424 $(149,867)
Weighted average number of common shares used in basic net income (loss) per common share34,873 34,597 34,788 35,643 
Dilutive effect of non-vested stock-based awards602 307 467 — 
Weighted average number of common shares used in diluted net income (loss) per common share35,475 34,904 35,255 35,643 
Net income (loss) per common share:
Basic$0.53 $0.25 $1.19 $(4.20)
Diluted$0.53 $0.25 $1.17 $(4.20)
Anti-dilutive shares24 595 47 1,006 
v3.21.2
SEGMENT INFORMATION (Tables)
9 Months Ended
Sep. 26, 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
Thirty-nine weeks ended
(in thousands)September 26,
2021
September 27,
2020
September 26,
2021
September 27,
2020
Revenue from services:
Contingent staffing
PeopleReady$349,056 $293,546 $908,764 $801,991 
PeopleManagement157,789 147,241 461,899 407,516 
Human resource outsourcing
PeopleScout70,186 33,743 181,029 118,219 
Total company$577,031 $474,530 $1,551,692 $1,327,726 
The following table presents a reconciliation of segment profit to income (loss) before tax expense (benefit):
Thirteen weeks ended
Thirty-nine weeks ended
(in thousands)September 26,
2021
September 27,
2020
September 26,
2021
September 27,
2020
Segment profit:
PeopleReady$24,690 $18,714 $54,987 $27,002 
PeopleManagement2,360 4,574 8,697 6,063 
PeopleScout9,778 349 24,672 75 
Total segment profit36,828 23,637 88,356 33,140 
Corporate unallocated (7,667)(5,968)(20,593)(16,106)
Third-party processing fees for hiring tax credits(419)(174)(584)(309)
Amortization of software as a service assets(670)(575)(1,989)(1,692)
Goodwill and intangible asset impairment charge— — — (175,189)
Workforce reduction costs(110)(270)(194)(12,589)
COVID-19 government subsidies, net92 4,071 4,131 7,175 
Other benefits (costs)(300)(357)(2,240)5,548 
Depreciation and amortization (6,426)(7,652)(20,405)(24,002)
Income (loss) from operations21,328 12,712 46,482 (184,024)
Interest expense and other income, net581 (174)1,880 (323)
Income (loss) before tax expense (benefit)$21,909 $12,538 $48,362 $(184,347)
v3.21.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)
$ in Millions
Sep. 15, 2021
USD ($)
Accounting Policies [Abstract]  
Payment of deferred employer payroll taxes in full $ 59.9
v3.21.2
FAIR VALUE MEASUREMENT - Fair Value Measurement (Details) - USD ($)
$ in Thousands
Sep. 26, 2021
Dec. 27, 2020
Sep. 27, 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 $ 106,343 $ 118,612 $ 76,215 $ 92,371
Restricted investments classified as held-to-maturity 136,166 158,296    
Deferred compensation investments 6,254 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 61,255 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 73,622 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 200 512    
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 1,089 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 49,173 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 57,170 56,105    
Cash, cash equivalents, restricted cash and restricted cash equivalents 106,343 118,612    
Restricted investments classified as held-to-maturity 136,166 158,296    
Deferred compensation investments 6,254 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 61,255 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 73,622 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 200 512    
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 1,089 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 49,173 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 57,170 56,105    
Cash, cash equivalents, restricted cash and restricted cash equivalents 106,343 118,612    
Restricted investments classified as held-to-maturity 0 0    
Deferred compensation investments 6,254 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 136,166 158,296    
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 61,255 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 73,622 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 200 512    
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 1,089 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    
v3.21.2
RESTRICTED CASH AND INVESTMENTS (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 26, 2021
Sep. 27, 2020
Sep. 26, 2021
Sep. 27, 2020
Dec. 27, 2020
Restricted Cash and Investments [Line Items]          
Cash collateral held by insurance carriers $ 28,682   $ 28,682   $ 26,025
Cash and cash equivalents held in Trust 27,370   27,370   29,410
Investments held in Trust 132,127   132,127   152,247
Deferred compensation investments 6,254   6,254   5,915
Company owned life insurance policies 28,281   28,281   26,267
Other restricted cash and cash equivalents 1,118   1,118   670
Restricted cash and investments 223,832   223,832   240,534
Held-to-maturity Securities, Reconciliation to Fair Value [Abstract]          
Amortized cost of held-to-maturity investments 132,127   132,127   152,247
Gross unrealized gains 4,220   4,220   6,090
Gross unrealized losses (181)   (181)   (41)
Fair value 136,166   136,166   158,296
Held-to-maturity securities, amortized cost [Abstract]          
Amortized cost of held-to-maturity investments 132,127   132,127   152,247
Held-to-maturity securities, fair value [Abstract]          
Fair value 136,166   136,166   158,296
Unrealized gains (losses) on Investments 391 $ (1,452) (2,817) $ (258)  
Municipal debt securities          
Held-to-maturity Securities, Reconciliation to Fair Value [Abstract]          
Amortized cost of held-to-maturity investments 58,719   58,719   67,287
Gross unrealized gains 2,536   2,536   3,436
Gross unrealized losses 0   0   0
Fair value 61,255   61,255   70,723
Held-to-maturity securities, amortized cost [Abstract]          
Amortized cost of held-to-maturity investments 58,719   58,719   67,287
Held-to-maturity securities, fair value [Abstract]          
Fair value 61,255   61,255   70,723
Corporate debt securities          
Held-to-maturity Securities, Reconciliation to Fair Value [Abstract]          
Amortized cost of held-to-maturity investments 72,218   72,218   83,467
Gross unrealized gains 1,585   1,585   2,511
Gross unrealized losses (181)   (181)   (41)
Fair value 73,622   73,622   85,937
Held-to-maturity securities, amortized cost [Abstract]          
Amortized cost of held-to-maturity investments 72,218   72,218   83,467
Held-to-maturity securities, fair value [Abstract]          
Fair value 73,622   73,622   85,937
Agency mortgage-backed securities          
Held-to-maturity Securities, Reconciliation to Fair Value [Abstract]          
Amortized cost of held-to-maturity investments 193   193   493
Gross unrealized gains 7   7   19
Gross unrealized losses 0   0   0
Fair value 200   200   512
Held-to-maturity securities, amortized cost [Abstract]          
Amortized cost of held-to-maturity investments 193   193   493
Held-to-maturity securities, fair value [Abstract]          
Fair value 200   200   512
U.S. government and agency securities          
Held-to-maturity Securities, Reconciliation to Fair Value [Abstract]          
Amortized cost of held-to-maturity investments 997   997   1,000
Gross unrealized gains 92   92   124
Gross unrealized losses 0   0   0
Fair value 1,089   1,089   1,124
Held-to-maturity securities, amortized cost [Abstract]          
Amortized cost of held-to-maturity investments 997   997   1,000
Held-to-maturity securities, fair value [Abstract]          
Fair value 1,089   1,089   $ 1,124
Restricted cash and investments          
Held-to-maturity Securities, Reconciliation to Fair Value [Abstract]          
Amortized cost of held-to-maturity investments 132,127   132,127    
Fair value 136,166   136,166    
Held-to-maturity securities, amortized cost [Abstract]          
Due in one year or less 24,342   24,342    
Due after one year through five years 103,803   103,803    
Due after five years through ten years 3,982   3,982    
Amortized cost of held-to-maturity investments 132,127   132,127    
Held-to-maturity securities, fair value [Abstract]          
Due in one year or less 24,572   24,572    
Due after one year through five years 107,368   107,368    
Due after five years through ten years 4,226   4,226    
Fair value $ 136,166   $ 136,166