TRUEBLUE, INC., 10-Q filed on 4/25/2022
Quarterly Report
v3.22.1
COVER PAGE - shares
 3 Months Ended
Mar. 27, 2022
Apr. 14, 2022
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 27, 2022  
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 Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Common Stock Shares Outstanding (in shares)   33,271,632
Amendment Flag false  
Document Fiscal Year Focus 2022  
Document Fiscal Period Focus Q1  
Entity Central Index Key 0000768899  
Current Fiscal Year End Date --12-25  
v3.22.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 27, 2022
Dec. 26, 2021
Current assets:    
Cash and cash equivalents $ 36,720 $ 49,896
Accounts receivable, net of allowance of $4,885 and $6,687 325,197 353,882
Prepaid expenses and other current assets 25,667 31,614
Income tax receivable 10,765 9,681
Total current assets 398,349 445,073
Property and equipment, net 87,751 88,090
Restricted cash and investments 216,163 221,026
Deferred income taxes, net 28,096 29,330
Goodwill 94,716 94,538
Intangible assets, net 20,667 22,211
Operating lease right-of-use assets, net 55,735 55,197
Workers’ compensation claims receivable, net 62,816 61,386
Other assets, net 16,626 16,375
Total assets 980,919 1,033,226
Current liabilities:    
Accounts payable and other accrued expenses 63,544 77,172
Accrued wages and benefits 81,142 100,173
Current portion of workers’ compensation claims reserve 58,890 61,596
Current operating lease liabilities 12,581 12,097
Other current liabilities 9,740 7,508
Total current liabilities 225,897 258,546
Workers’ compensation claims reserve, less current portion 197,472 194,598
Long-term debt, less current portion 4,000 0
Long-term deferred compensation liabilities 27,951 28,806
Long-term operating lease liabilities 54,923 54,927
Other long-term liabilities 3,125 3,282
Total liabilities 513,368 540,159
Commitments and contingencies (Note 7)
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; 33,608 and 34,861 shares issued and outstanding 1 1
Accumulated other comprehensive loss (15,620) (15,747)
Retained earnings 483,170 508,813
Total shareholders’ equity 467,551 493,067
Total liabilities and shareholders’ equity $ 980,919 $ 1,033,226
v3.22.1
CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($)
$ in Thousands
Mar. 27, 2022
Dec. 26, 2021
Statement of Financial Position [Abstract]    
Allowance for credit loss $ 4,885 $ 6,687
Preferred stock, par value (in dollars per share) $ 0.131 $ 0.131
Preferred stock, shares authorized (in shares) 20,000,000 20,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, shares authorized (in shares) 100,000,000 100,000,000
Common stock, shares issued (in shares) 33,608,000 34,861,000
Common stock, shares outstanding (in shares) 33,608,000 34,861,000
v3.22.1
CONSOLIDATED STATEMENTS OF OPERATIONS & COMPREHENSIVE INCOME (LOSS) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 27, 2022
Mar. 28, 2021
Income Statement [Abstract]    
Revenue from services $ 551,515 $ 458,706
Cost of services 411,670 348,132
Gross profit 139,845 110,574
Selling, general and administrative expense 120,568 97,401
Depreciation and amortization 7,287 6,962
Income (loss) from operations 11,990 6,211
Interest and other income (expense), net 505 575
Income before tax expense (benefit) 12,495 6,786
Income tax expense (benefit) 1,976 (112)
Net income $ 10,519 $ 6,898
Net income (loss) per common share:    
Basic (in dollars per share) $ 0.31 $ 0.20
Diluted (in dollars per share) $ 0.30 $ 0.20
Weighted average shares outstanding:    
Basic (in shares) 33,929 34,674
Diluted (in shares) 34,544 35,066
Other Comprehensive Income (Loss):    
Foreign currency translation adjustment $ 127 $ 496
Comprehensive income (loss) $ 10,646 $ 7,394
v3.22.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 27, 2022
Mar. 28, 2021
Cash flows from operating activities:    
Net income $ 10,519 $ 6,898
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 7,287 6,962
Provision for credit losses 989 207
Stock-based compensation 3,812 3,343
Deferred income taxes 1,258 (5,002)
Non-cash lease expense 3,281 3,920
Other operating activities 2,608 (438)
Changes in operating assets and liabilities:    
Accounts receivable 27,702 18,025
Income tax receivable (1,252) 4,910
Operating lease right-of-use asset 0 3,501
Other assets 4,267 (4,578)
Accounts payable and other accrued expenses (13,257) (9,633)
Accrued wages and benefits (19,031) 4,249
Workers’ compensation claims reserve 168 (1,499)
Operating lease liabilities (3,319) (3,320)
Other liabilities 1,410 338
Net cash provided by operating activities 26,442 27,883
Cash flows from investing activities:    
Capital expenditures (5,779) (10,003)
Purchases of restricted available-for-sale investments 0 (14)
Sales of restricted available-for-sale investments 0 452
Maturities of restricted held-to-maturity investments 6,034 6,371
Net cash provided by (used in) investing activities 255 (3,194)
Cash flows from financing activities:    
Purchases and retirement of common stock (36,326) 0
Net proceeds from employee stock purchase plans 319 255
Common stock repurchases for taxes upon vesting of restricted stock (3,970) (2,555)
Net change in revolving credit facility 4,000 0
Other (72) (94)
Net cash used in financing activities (36,049) (2,394)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (57) 262
Net change in cash, cash equivalents and restricted cash (9,409) 22,557
Cash, cash equivalents and restricted cash, beginning of period 103,185 118,612
Cash, cash equivalents and restricted cash, end of period 93,776 141,169
Supplemental Disclosure of Cash Flow Information [Abstract]    
Interest 193 477
Income taxes 1,878 (20)
Operating lease liabilities 4,093 4,142
Property and equipment purchased but not yet paid 3,159 702
Right-of-use assets obtained in exchange for new operating lease liabilities $ 3,948 $ 1,453
v3.22.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 3 Months Ended
Mar. 27, 2022
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 26, 2021. The results of operations for the thirteen weeks ended March 27, 2022 are not necessarily indicative of the results expected for the full fiscal year nor for any other fiscal period.
Recently adopted accounting standards
There were no new accounting standards adopted during the thirteen weeks ended March 27, 2022 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.
v3.22.1
FAIR VALUE MEASUREMENT
 3 Months Ended
Mar. 27, 2022
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 27, 2022
(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$36,720 $36,720 $— $— 
Restricted cash and cash equivalents57,056 57,056 — — 
Cash, cash equivalents and restricted cash (1)93,776 93,776 — — 
Municipal debt securities56,155 — 56,155 — 
Corporate debt securities69,680 — 69,680 — 
Agency mortgage-backed securities112 — 112 — 
U.S. government and agency securities1,004 — 1,004 — 
Restricted investments classified as held-to-maturity (2)$126,951 $— $126,951 $— 
December 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$49,896 $49,896 $— $— 
Restricted cash and cash equivalents53,289 53,289 — — 
Cash, cash equivalents and restricted cash (1)103,185 103,185 — — 
Municipal debt securities58,505 — 58,505 — 
Corporate debt securities78,357 — 78,357 — 
Agency mortgage-backed securities152 — 152 — 
U.S. government and agency securities1,070 — 1,070 — 
Restricted investments classified as held-to-maturity (2)$138,084 $— $138,084 $— 
(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.
v3.22.1
RESTRICTED CASH AND INVESTMENTS
 3 Months Ended
Mar. 27, 2022
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 27,
2022		December 26,
2021
Cash collateral held by insurance carriers$29,133 $28,957 
Cash and cash equivalents held in Trust 25,550 21,590 
Investments held in Trust128,798 135,419 
Company-owned life insurance policies30,309 32,318 
Other restricted cash and cash equivalents2,373 2,742 
Total restricted cash and investments$216,163 $221,026 
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 27, 2022 and December 26, 2021, were as follows:
March 27, 2022
(in thousands)Amortized costGross unrealized gainsGross unrealized lossesFair value
Municipal debt securities$55,956 $354 $(155)$56,155 
Corporate debt securities71,732 119 (2,171)69,680 
Agency mortgage-backed securities113 — (1)112 
U.S. government and agency securities997 7 — 1,004 
Total held-to-maturity investments$128,798 $480 $(2,327)$126,951 
December 26, 2021
(in thousands)Amortized costGross unrealized gainsGross unrealized lossesFair value
Municipal debt securities$56,346 $2,159 $— $58,505 
Corporate debt securities77,925 995 (563)78,357 
Agency mortgage-backed securities148 4 — 152 
U.S. government and agency securities1,000 70 — 1,070 
Total held-to-maturity investments$135,419 $3,228 $(563)$138,084 
The amortized cost and fair value by contractual maturity of our held-to-maturity investments are as follows:
March 27, 2022
(in thousands)Amortized costFair value
Due in one year or less$19,778 $19,833 
Due after one year through five years108,002 106,204 
Due after five years through ten years1,018 914 
Total held-to-maturity investments$128,798 $126,951 
Actual maturities may differ from contractual maturities because the issuers of certain debt securities have the right to call or prepay their obligations without penalty. We have no significant concentrations of counterparties in our held-to-maturity investment portfolio.
Deferred compensation investments and company-owned life insurance policies
We hold company-owned life insurance policies to support our deferred compensation liability. During the year ended December 26, 2021, we also held mutual funds and money market funds. As of December 26, 2021, all of the mutual funds and money market funds were converted into company-owned life insurance policies. Unrealized gains and losses related to investments still held at March 27, 2022 and March 28, 2021, which are included in selling, general and administrative expense on our Consolidated Statements of Operations and Comprehensive Income, were as follows:
Thirteen weeks ended
(in thousands)March 27,
2022		March 28,
2021
Unrealized gains (losses)$(2,011)$877 
v3.22.1
SUPPLEMENTAL BALANCE SHEET INFORMATION
 3 Months Ended
Mar. 27, 2022
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:
Thirteen weeks ended
(in thousands)March 27,
2022		March 28,
2021
Beginning balance$6,687 $2,921 
Current period provision989 207 
Write-offs(2,784)(669)
Foreign currency translation(7)3 
Ending balance$4,885 $2,462 
Prepaid expenses and other current assets
(in thousands)March 27,
2022		December 26,
2021
Prepaid software agreements$9,560 $10,078 
Other prepaid expenses9,750 8,858 
Other current assets6,357 12,678 
Prepaid expenses and other current assets$25,667 $31,614 
v3.22.1
WORKERS' COMPENSATION INSURANCE AND RESERVES
 3 Months Ended
Mar. 27, 2022
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% at March 27, 2022 and December 26, 2021. Payments made against self-insured claims are made over a weighted average period of approximately 5.5 years as of March 27, 2022.
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 27,
2022		December 26,
2021
Undiscounted workers’ compensation reserve$272,724 $273,000 
Less discount on workers’ compensation reserve16,362 16,806 
Workers’ compensation reserve, net of discount256,362 256,194 
Less current portion58,890 61,596 
Long-term portion$197,472 $194,598 
Payments made against self-insured claims were $9.7 million and $11.2 million for the thirteen weeks ended March 27, 2022 and March 28, 2021, 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 thirteen weeks ended March 27, 2022 and fifty-two weeks ended December 26, 2021 were 1.9% and 1.8%, respectively. The claim payments are made and the corresponding reimbursements from our insurance carriers are received over an estimated weighted average period of approximately 17.0 years. The discounted workers’ compensation reserve for excess claims was $64.0 million and $62.7 million, as of March 27, 2022 and December 26, 2021, respectively. The discounted receivables from insurance companies, net of valuation allowance, were $62.8 million and $61.4 million as of March 27, 2022 and December 26, 2021, 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 $11.3 million and $10.1 million was recorded in cost of services on our Consolidated Statements of Operations and Comprehensive Income for the thirteen weeks ended March 27, 2022 and March 28, 2021, respectively.
v3.22.1
LONG-TERM DEBT
 3 Months Ended
Mar. 27, 2022
Debt Disclosure [Abstract]  
LONG-TERM DEBT LONG-TERM DEBTWe have a revolving credit agreement with Bank of America, N.A., Wells Fargo Bank, N.A., PNC Bank, N.A., KeyBank, N.A. and HSBC Bank USA, N.A., which provides for a revolving line of credit of up to $300.0 million, and is currently set to mature on March 16, 2025 (“Revolving Credit Facility”). We have an option to increase the amount to $450.0 million, subject to lender approval. Included in the Revolving Credit Facility is a $30.0 million sub-limit for “Swingline” loans and a $125.0 million sub-limit for letters of credit. At March 27, 2022, $4.0 million was drawn on the Revolving Credit Facility as a Swingline loan and $6.2 million was utilized by outstanding standby letters of credit, leaving $289.8 million unused under the Revolving Credit Facility. At December 26, 2021, $6.2 million was utilized by outstanding standby letters of credit.
Under the terms of the Revolving Credit Facility, we pay a variable rate of interest on funds borrowed under the revolving line of credit in excess of the Swingline loans, based on the U.S. Dollar London Interbank Offered Rate (“LIBOR”) plus an applicable spread between 1.25% and 3.50%. Alternatively, at our option, we may pay interest based on a base rate plus an applicable spread between 0.25% and 1.50%. The base rate is the greater of the prime rate (as announced by Bank of America), or the federal funds rate plus 0.50%. The applicable spread is determined by the consolidated leverage ratio, as defined in the Revolving Credit Facility.
Under the terms of the Revolving Credit Facility, we are required to pay a variable rate of interest on funds borrowed under the Swingline loan based on the base rate plus applicable spread between 0.25% and 1.50%, as described above. At March 27, 2022, the applicable spread on the base rate was 0.25% and the base rate was 3.50%, resulting in an interest rate of 3.75%.
A commitment fee between 0.25% and 0.50% is applied against the Revolving Credit Facility’s unused borrowing capacity, with the specific rate determined by the consolidated leverage ratio, as defined in the second amendment to our credit agreement. Letters of credit are priced at a margin between 1.00% and 3.25%, plus a fronting fee of 0.50%.
Obligations under the Revolving Credit Facility are guaranteed by TrueBlue and material U.S. domestic subsidiaries, and are secured by substantially all of the assets of TrueBlue and material U.S. domestic subsidiaries. The second amendment to our credit agreement contains customary representations and warranties, events of default, and affirmative and negative covenants, including, among others, financial covenants.
The following financial covenants, as defined in the second amendment to our credit agreement, were in effect as of March 27, 2022:
•Consolidated leverage ratio less than 3.00, defined as our funded indebtedness divided by trailing twelve months consolidated EBITDA, as defined in the amended credit agreement. As of March 27, 2022, our consolidated leverage ratio was 0.08.
•Consolidated fixed charge coverage ratio greater than 1.25, defined as the trailing twelve months bank-adjusted cash flow divided by cash interest expense. As of March 27, 2022, our consolidated fixed charge ratio was 88.61.
As of March 27, 2022, we were in compliance with all effective covenants related to the Revolving Credit Facility.
v3.22.1
COMMITMENTS AND CONTINGENCIES
 3 Months Ended
Mar. 27, 2022
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 27,
2022		December 26,
2021
Cash collateral held by workers’ compensation insurance carriers$23,229 $23,056 
Cash and cash equivalents held in Trust25,550 21,590 
Investments held in Trust128,798 135,419 
Letters of credit (1)6,160 6,160 
Surety bonds (2)21,919 21,969 
Total collateral commitments$205,656 $208,194 
(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. We also believe that the aggregate range of reasonably possible losses for the Company's exposure in excess of the amount accrued is expected to be immaterial to the Company. It remains possible that despite our current belief, material differences in actual outcomes or changes in management's evaluation or predictions could arise that could have a material effect on the Company's financial condition, results of operations or cash flows.
v3.22.1
SHAREHOLDERS' EQUITY
 3 Months Ended
Mar. 27, 2022
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 27,
2022		March 28,
2021
Common stock shares
Beginning balance34,861 35,493 
Purchases and retirement of common stock(1,327)— 
Net issuance under equity plans, including tax benefits74 (23)
Stock-based compensation— 4 
Ending balance33,608 35,474 
Common stock amount
Beginning balance$1 $1 
Current period activity— — 
Ending balance1 1 
Retained earnings
Beginning balance508,813 452,017 
Net income10,519 6,898 
Purchases and retirement of common stock (1)(36,326)— 
Net issuance under equity plans, including tax benefits(3,648)(2,300)
Stock-based compensation3,812 3,343 
Ending balance483,170 459,958 
Accumulated other comprehensive loss
Beginning balance, net of tax(15,747)(14,828)
Foreign currency translation adjustment127 496 
Ending balance, net of tax(15,620)(14,332)
Total shareholders’ equity ending balance$467,551 $445,627 
(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.
v3.22.1
INCOME TAXES
 3 Months Ended
Mar. 27, 2022
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 thirteen weeks ended March 27, 2022 was 15.8%. 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”), as well as stock-based compensation. 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.
v3.22.1
NET INCOME (LOSS) PER SHARE
 3 Months Ended
Mar. 27, 2022
Earnings Per Share [Abstract]  
NET INCOME (LOSS) PER SHARE NET INCOME PER SHARE
Diluted common shares were calculated as follows:
Thirteen weeks ended
(in thousands, except per share data)March 27,
2022		March 28,
2021
Net income$10,519 $6,898 
Weighted average number of common shares used in basic net income per common share33,929 34,674 
Dilutive effect of non-vested stock-based awards615 392 
Weighted average number of common shares used in diluted net income per common share34,544 35,066 
Net income per common share:
Basic$0.31 $0.20 
Diluted$0.30 $0.20 
Anti-dilutive shares348 345 
v3.22.1
SEGMENT INFORMATION
 3 Months Ended
Mar. 27, 2022
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, warehousing 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
(in thousands)March 27,
2022		March 28,
2021
Revenue from services:
Contingent staffing
PeopleReady$305,690 $260,392 
PeopleManagement163,819 151,754 
Human resource outsourcing
PeopleScout82,006 46,560 
Total company$551,515 $458,706 
The following table presents a reconciliation of segment profit to income before tax expense (benefit):
Thirteen weeks ended
(in thousands)March 27,
2022		March 28,
2021
Segment profit:
PeopleReady$16,219 $11,860 
PeopleManagement2,979 3,116 
PeopleScout10,972 4,037 
Total segment profit30,170 19,013 
Corporate unallocated expense(7,298)(5,619)
Third-party processing fees for hiring tax credits(162)(135)
Amortization of software as a service assets(747)(673)
PeopleReady technology implementation costs(2,550)— 
COVID-19 government subsidies, net— 1,743 
Other costs(136)(1,156)
Depreciation and amortization (7,287)(6,962)
Income from operations11,990 6,211 
Interest expense and other income, net505 575 
Income before tax expense (benefit)$12,495 $6,786 
Asset information by reportable segment is not presented as we do not manage our segments on a balance sheet basis.
v3.22.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 3 Months Ended
Mar. 27, 2022
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 26, 2021. The results of operations for the thirteen weeks ended March 27, 2022 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 thirteen weeks ended March 27, 2022 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.
v3.22.1
FAIR VALUE MEASUREMENT (Tables)
 3 Months Ended
Mar. 27, 2022
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 27, 2022
(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$36,720 $36,720 $— $— 
Restricted cash and cash equivalents57,056 57,056 — — 
Cash, cash equivalents and restricted cash (1)93,776 93,776 — — 
Municipal debt securities56,155 — 56,155 — 
Corporate debt securities69,680 — 69,680 — 
Agency mortgage-backed securities112 — 112 — 
U.S. government and agency securities1,004 — 1,004 — 
Restricted investments classified as held-to-maturity (2)$126,951 $— $126,951 $— 
December 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$49,896 $49,896 $— $— 
Restricted cash and cash equivalents53,289 53,289 — — 
Cash, cash equivalents and restricted cash (1)103,185 103,185 — — 
Municipal debt securities58,505 — 58,505 — 
Corporate debt securities78,357 — 78,357 — 
Agency mortgage-backed securities152 — 152 — 
U.S. government and agency securities1,070 — 1,070 — 
Restricted investments classified as held-to-maturity (2)$138,084 $— $138,084 $— 
(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.
v3.22.1
RESTRICTED CASH AND INVESTMENTS (Tables)
 3 Months Ended
Mar. 27, 2022
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 27,
2022		December 26,
2021
Cash collateral held by insurance carriers$29,133 $28,957 
Cash and cash equivalents held in Trust 25,550 21,590 
Investments held in Trust128,798 135,419 
Company-owned life insurance policies30,309 32,318 
Other restricted cash and cash equivalents2,373 2,742 
Total restricted cash and investments$216,163 $221,026 
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 27, 2022 and December 26, 2021, were as follows:
March 27, 2022
(in thousands)Amortized costGross unrealized gainsGross unrealized lossesFair value
Municipal debt securities$55,956 $354 $(155)$56,155 
Corporate debt securities71,732 119 (2,171)69,680 
Agency mortgage-backed securities113 — (1)112 
U.S. government and agency securities997 7 — 1,004 
Total held-to-maturity investments$128,798 $480 $(2,327)$126,951 
December 26, 2021
(in thousands)Amortized costGross unrealized gainsGross unrealized lossesFair value
Municipal debt securities$56,346 $2,159 $— $58,505 
Corporate debt securities77,925 995 (563)78,357 
Agency mortgage-backed securities148 4 — 152 
U.S. government and agency securities1,000 70 — 1,070 
Total held-to-maturity investments$135,419 $3,228 $(563)$138,084 
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 27, 2022
(in thousands)Amortized costFair value
Due in one year or less$19,778 $19,833 
Due after one year through five years108,002 106,204 
Due after five years through ten years1,018 914 
Total held-to-maturity investments$128,798 $126,951 
Schedule of unrealized gain (loss) on equity investments Unrealized gains and losses related to investments still held at March 27, 2022 and March 28, 2021, which are included in selling, general and administrative expense on our Consolidated Statements of Operations and Comprehensive Income, were as follows:
Thirteen weeks ended
(in thousands)March 27,
2022		March 28,
2021
Unrealized gains (losses)$(2,011)$877 
v3.22.1
SUPPLEMENTAL BALANCE SHEET INFORMATION (Tables)
 3 Months Ended
Mar. 27, 2022
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:
Thirteen weeks ended
(in thousands)March 27,
2022		March 28,
2021
Beginning balance$6,687 $2,921 
Current period provision989 207 
Write-offs(2,784)(669)
Foreign currency translation(7)3 
Ending balance$4,885 $2,462 
Prepaid expenses and other current assets
Prepaid expenses and other current assets
(in thousands)March 27,
2022		December 26,
2021
Prepaid software agreements$9,560 $10,078 
Other prepaid expenses9,750 8,858 
Other current assets6,357 12,678 
Prepaid expenses and other current assets$25,667 $31,614 
v3.22.1
WORKERS' COMPENSATION INSURANCE AND RESERVES (Tables)
 3 Months Ended
Mar. 27, 2022
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 27,
2022		December 26,
2021
Undiscounted workers’ compensation reserve$272,724 $273,000 
Less discount on workers’ compensation reserve16,362 16,806 
Workers’ compensation reserve, net of discount256,362 256,194 
Less current portion58,890 61,596 
Long-term portion$197,472 $194,598 
v3.22.1
COMMITMENTS AND CONTINGENCIES (Tables)
 3 Months Ended
Mar. 27, 2022
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 27,
2022		December 26,
2021
Cash collateral held by workers’ compensation insurance carriers$23,229 $23,056 
Cash and cash equivalents held in Trust25,550 21,590 
Investments held in Trust128,798 135,419 
Letters of credit (1)6,160 6,160 
Surety bonds (2)21,919 21,969 
Total collateral commitments$205,656 $208,194 
(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.
v3.22.1
SHAREHOLDERS' EQUITY (Tables)
 3 Months Ended
Mar. 27, 2022
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 27,
2022		March 28,
2021
Common stock shares
Beginning balance34,861 35,493 
Purchases and retirement of common stock(1,327)— 
Net issuance under equity plans, including tax benefits74 (23)
Stock-based compensation— 4 
Ending balance33,608 35,474 
Common stock amount
Beginning balance$1 $1 
Current period activity— — 
Ending balance1 1 
Retained earnings
Beginning balance508,813 452,017 
Net income10,519 6,898 
Purchases and retirement of common stock (1)(36,326)— 
Net issuance under equity plans, including tax benefits(3,648)(2,300)
Stock-based compensation3,812 3,343 
Ending balance483,170 459,958 
Accumulated other comprehensive loss
Beginning balance, net of tax(15,747)(14,828)
Foreign currency translation adjustment127 496 
Ending balance, net of tax(15,620)(14,332)
Total shareholders’ equity ending balance$467,551 $445,627 
(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.
v3.22.1
NET INCOME (LOSS) PER SHARE (Tables)
 3 Months Ended
Mar. 27, 2022
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 27,
2022		March 28,
2021
Net income$10,519 $6,898 
Weighted average number of common shares used in basic net income per common share33,929 34,674 
Dilutive effect of non-vested stock-based awards615 392 
Weighted average number of common shares used in diluted net income per common share34,544 35,066 
Net income per common share:
Basic$0.31 $0.20 
Diluted$0.30 $0.20 
Anti-dilutive shares348 345 
v3.22.1
SEGMENT INFORMATION (Tables)
 3 Months Ended
Mar. 27, 2022
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 27,
2022		March 28,
2021
Revenue from services:
Contingent staffing
PeopleReady$305,690 $260,392 
PeopleManagement163,819 151,754 
Human resource outsourcing
PeopleScout82,006 46,560 
Total company$551,515 $458,706 
The following table presents a reconciliation of segment profit to income before tax expense (benefit):
Thirteen weeks ended
(in thousands)March 27,
2022		March 28,
2021
Segment profit:
PeopleReady$16,219 $11,860 
PeopleManagement2,979 3,116 
PeopleScout10,972 4,037 
Total segment profit30,170 19,013 
Corporate unallocated expense(7,298)(5,619)
Third-party processing fees for hiring tax credits(162)(135)
Amortization of software as a service assets(747)(673)
PeopleReady technology implementation costs(2,550)— 
COVID-19 government subsidies, net— 1,743 
Other costs(136)(1,156)
Depreciation and amortization (7,287)(6,962)
Income from operations11,990 6,211 
Interest expense and other income, net505 575 
Income before tax expense (benefit)$12,495 $6,786 
v3.22.1
FAIR VALUE MEASUREMENT - Fair Value Measurement (Details) - USD ($)
$ in Thousands
Mar. 27, 2022
Dec. 26, 2021
Mar. 28, 2021
Dec. 27, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash, cash equivalents, restricted cash and restricted cash equivalents $ 93,776 $ 103,185 $ 141,169 $ 118,612
Restricted investments classified as held-to-maturity 126,951 138,084    
Municipal debt securities        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Restricted investments classified as held-to-maturity 56,155 58,505    
Corporate debt securities        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Restricted investments classified as held-to-maturity 69,680 78,357    
Agency mortgage-backed securities        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Restricted investments classified as held-to-maturity 112 152    
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 1,004 1,070    
Fair value, recurring | Total fair value        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash and cash equivalents 36,720 49,896    
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 57,056 53,289    
Cash, cash equivalents, restricted cash and restricted cash equivalents 93,776 103,185    
Restricted investments classified as held-to-maturity 126,951 138,084    
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 56,155 58,505    
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 69,680 78,357    
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 112 152    
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 1,004 1,070    
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 36,720 49,896    
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 57,056 53,289    
Cash, cash equivalents, restricted cash and restricted cash equivalents 93,776 103,185    
Restricted investments classified as held-to-maturity 0 0    
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 126,951 138,084    
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 56,155 58,505    
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 69,680 78,357    
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 112 152    
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 1,004 1,070    
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    
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    
v3.22.1
RESTRICTED CASH AND INVESTMENTS (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 27, 2022
Mar. 28, 2021
Dec. 26, 2021
Restricted Cash and Investments [Line Items]      
Cash collateral held by insurance carriers $ 29,133   $ 28,957
Cash and cash equivalents held in Trust 25,550   21,590
Investments held in Trust 128,798   135,419
Company owned life insurance policies 30,309   32,318
Other restricted cash and cash equivalents 2,373   2,742
Restricted cash and investments 216,163   221,026
Held-to-maturity Securities, Reconciliation to Fair Value [Abstract]      
Amortized cost of held-to-maturity investments 128,798   135,419
Gross unrealized gains 480   3,228
Gross unrealized losses (2,327)   (563)
Fair value 126,951   138,084
Held-to-maturity securities, amortized cost [Abstract]      
Amortized cost of held-to-maturity investments 128,798   135,419
Held-to-maturity securities, fair value [Abstract]      
Fair value 126,951   138,084
Unrealized gains (losses) on Investments 2,011 $ 877  
Municipal debt securities      
Held-to-maturity Securities, Reconciliation to Fair Value [Abstract]      
Amortized cost of held-to-maturity investments 55,956   56,346
Gross unrealized gains 354   2,159
Gross unrealized losses (155)   0
Fair value 56,155   58,505
Held-to-maturity securities, amortized cost [Abstract]      
Amortized cost of held-to-maturity investments 55,956   56,346
Held-to-maturity securities, fair value [Abstract]      
Fair value 56,155   58,505
Corporate debt securities      
Held-to-maturity Securities, Reconciliation to Fair Value [Abstract]      
Amortized cost of held-to-maturity investments 71,732   77,925
Gross unrealized gains 119   995
Gross unrealized losses (2,171)   (563)
Fair value 69,680   78,357
Held-to-maturity securities, amortized cost [Abstract]      
Amortized cost of held-to-maturity investments 71,732   77,925
Held-to-maturity securities, fair value [Abstract]      
Fair value 69,680   78,357
Agency mortgage-backed securities      
Held-to-maturity Securities, Reconciliation to Fair Value [Abstract]      
Amortized cost of held-to-maturity investments 113   148
Gross unrealized gains 0   4
Gross unrealized losses (1)   0
Fair value 112   152
Held-to-maturity securities, amortized cost [Abstract]      
Amortized cost of held-to-maturity investments 113   148
Held-to-maturity securities, fair value [Abstract]      
Fair value 112   152
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 7   70
Gross unrealized losses 0   0
Fair value 1,004   1,070
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 1,004   $ 1,070
Restricted cash and investments      
Held-to-maturity Securities, Reconciliation to Fair Value [Abstract]      
Amortized cost of held-to-maturity investments 128,798    
Fair value 126,951    
Held-to-maturity securities, amortized cost [Abstract]      
Due in one year or less 19,778    
Due after one year through five years 108,002    
Due after five years through ten years 1,018    
Amortized cost of held-to-maturity investments 128,798    
Held-to-maturity securities, fair value [Abstract]      
Due in one year or less 19,833    
Due after one year through five years 106,204    
Due after five years through ten years 914    
Fair value $ 126,951    
v3.22.1
SUPPLEMENTAL BALANCE SHEET INFORMATION - Allowance for credit losses (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 27, 2022
Mar. 28, 2021
Dec. 26, 2021
Dec. 27, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance $ 4,885 $ 2,462 $ 6,687 $ 2,921
Provision for credit losses 989 207    
Write-offs (2,784) (669)    
Foreign currency translation (7) 3    
Ending balance $ 4,885 $ 2,462    
v3.22.1
SUPPLEMENTAL BALANCE SHEET INFORMATION - Prepaid expenses and other current assets (Details) - USD ($)
$ in Thousands
Mar. 27, 2022
Dec. 26, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Prepaid software agreements $ 9,560 $ 10,078
Other prepaid expenses 9,750 8,858
Other current assets 6,357 12,678
Prepaid expenses and other current assets $ 25,667 $ 31,614
v3.22.1
WORKERS' COMPENSATION INSURANCE AND RESERVES - Reconciliation of Workers' Compensation Claims Reserve (Details) - USD ($)
$ in Thousands
Mar. 27, 2022
Dec. 26, 2021
Workers' Compensation Insurance and Reserves [Abstract]    
Undiscounted workers’ compensation reserve $ 272,724 $ 273,000
Less discount on workers’ compensation reserve 16,362 16,806
Workers' compensation reserve, net of discount 256,362 256,194
Less current portion 58,890 61,596
Long-term portion $ 197,472 $ 194,598
v3.22.1
WORKERS' COMPENSATION INSURANCE AND RESERVES - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 27, 2022
Mar. 28, 2021
Dec. 26, 2021
Workers' Compensation Deductible Limit [Line Items]      
Workers' compensation claim deductible limit $ 2.0    
Weighted average period for claim payments below deductible limit 5 years 6 months    
Payments made against self-insured claims $ 9.7 $ 11.2  
Weighted average period for claim payments and receivables above deductible limit 17 years    
Workers' compensation reserve for excess claims $ 64.0   $ 62.7
Worker's compensation receivable for excess claims 62.8   $ 61.4
Workers compensation expense $ 11.3 $ 10.1  
Below limit      
Workers' Compensation Deductible Limit [Line Items]      
Workers' compensation discount 1.60%   1.60%
Above Limit      
Workers' Compensation Deductible Limit [Line Items]      
Workers' compensation discount 1.90%   1.80%
v3.22.1
LONG-TERM DEBT - Narrative (Details)
$ in Millions
 3 Months Ended
Mar. 16, 2020
USD ($)
Mar. 27, 2022
USD ($)
Dec. 31, 2023
Mar. 26, 2023
Dec. 26, 2021
USD ($)
Revolving Credit Facility [Line Items]          
Debt instrument, leverage ratio   0.08      
Debt instrument, fixed charge coverage ratio   88.61      
Revolving Credit Facility          
Revolving Credit Facility [Line Items]          
Maximum borrowing capacity $ 300.0        
Maximum borrowing capacity subject to lender approval $ 450.0        
Long-term Debt   $ 4.0      
Remaining borrowing capacity   $ 289.8      
Basis spread on variable rate   0.25%      
Additional debt instrument base rate   3.50%      
Revolving Credit Facility | Base rate          
Revolving Credit Facility [Line Items]          
Additional debt instrument base rate 0.50%        
Effective interest rate   3.75%      
Revolving Credit Facility | Minimum          
Revolving Credit Facility [Line Items]          
Unused capacity commitment fee percentage 0.25%        
Revolving Credit Facility | Minimum | London Interbank Offered Rate (LIBOR)          
Revolving Credit Facility [Line Items]          
Basis spread on variable rate 1.25%        
Revolving Credit Facility | Minimum | Base rate          
Revolving Credit Facility [Line Items]          
Basis spread on variable rate 0.25%        
Revolving Credit Facility | Maximum          
Revolving Credit Facility [Line Items]          
Unused capacity commitment fee percentage 0.50%        
Revolving Credit Facility | Maximum | London Interbank Offered Rate (LIBOR)          
Revolving Credit Facility [Line Items]          
Basis spread on variable rate 3.50%        
Revolving Credit Facility | Maximum | Base rate          
Revolving Credit Facility [Line Items]          
Basis spread on variable rate 1.50%        
Swingline loan          
Revolving Credit Facility [Line Items]          
Maximum borrowing capacity $ 30.0        
Letters of credit outstanding   $ 6.2     $ 6.2
Swingline loan | Minimum | Base rate          
Revolving Credit Facility [Line Items]          
Basis spread on variable rate 0.25%        
Swingline loan | Maximum | Base rate          
Revolving Credit Facility [Line Items]          
Basis spread on variable rate 1.50%        
Letter of credit          
Revolving Credit Facility [Line Items]          
Maximum borrowing capacity $ 125.0        
Letter of credit | London Interbank Offered Rate (LIBOR)          
Revolving Credit Facility [Line Items]          
Additional letters of credit base rate 0.50%        
Letter of credit | Minimum | London Interbank Offered Rate (LIBOR)          
Revolving Credit Facility [Line Items]          
Basis spread on variable rate 1.00%        
Letter of credit | Maximum | London Interbank Offered Rate (LIBOR)          
Revolving Credit Facility [Line Items]          
Basis spread on variable rate 3.25%        
Forecast          
Revolving Credit Facility [Line Items]          
Leverage ratio, threshold     3.00    
Fixed charge coverage ratio, threshold       1.25  
v3.22.1
COMMITMENTS AND CONTINGENCIES (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 27, 2022
Dec. 26, 2021
Workers' Compensation Commitments [Line Items]    
Cash collateral held by workers’ compensation insurance carriers $ 23,229 $ 23,056
Cash and cash equivalents held in Trust 25,550 21,590
Investments held in Trust 128,798 135,419
Letters of credit 6,160 6,160
Surety bonds 21,919 21,969
Total collateral commitments $ 205,656 $ 208,194
Surety bonds annual fee limit as a percentage of bond amount 2.00%  
Surety bonds required cancellation notice 60 days  
Minimum    
Workers' Compensation Commitments [Line Items]    
Surety bonds review and renewal period if elected 1 year  
Maximum    
Workers' Compensation Commitments [Line Items]    
Surety bonds review and renewal period if elected 4 years  
v3.22.1
SHAREHOLDERS' EQUITY (Details) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 27, 2022
Mar. 28, 2021
Dec. 26, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Beginning balance (in shares) 34,861    
Ending balance (in shares) 33,608    
Beginning balance $ 493,067    
Net income 10,519 $ 6,898  
Change in accounting standard cumulative-effect adjustment 483,170   $ 508,813
Foreign currency translation adjustment 127 496  
Ending balance, net of tax $ 467,551 $ 445,627  
Common stock      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Beginning balance (in shares) 34,861 35,493  
Purchases and retirement of common stock (in shares) 1,327 0  
Net issuances under equity plans, including tax benefits (in shares) 74 (23)  
Stock-based compensation (in shares) 0 4  
Ending balance (in shares) 33,608 35,474  
Beginning balance $ 1 $ 1  
Ending balance, net of tax 1 1  
Retained earnings      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Beginning balance 508,813 452,017  
Net income 10,519 6,898  
Purchases and retirement of common stock (36,326) 0  
Net issuance under equity plans, including tax benefits (3,648) (2,300)  
Stock-based compensation 3,812 3,343  
Ending balance, net of tax 483,170 459,958  
Accumulated other comprehensive loss      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Beginning balance (15,747) (14,828)  
Foreign currency translation adjustment 127 496  
Ending balance, net of tax $ (15,620) $ (14,332)  
v3.22.1
INCOME TAXES (Details)
 3 Months Ended
Mar. 27, 2022
Income Tax Disclosure [Abstract]  
Effective income tax rate 15.80%
Statutory federal income tax rate 21.00%
v3.22.1
NET INCOME (LOSS) PER SHARE (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 27, 2022
Mar. 28, 2021
Earnings Per Share [Abstract]    
Net income $ 10,519 $ 6,898
Weighted average number of common shares used in basic net income per common share (in shares) 33,929 34,674
Dilutive effect of non-vested stock-based awards (in shares) 615 392
Weighted average number of common shares used in diluted net income per common share 34,544 35,066
Net income per common share:    
Basic (in dollars per share) $ 0.31 $ 0.20
Diluted (in dollars per share) $ 0.30 $ 0.20
Anti-dilutive shares (in shares) 348 345
v3.22.1
SEGMENT INFORMATION (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 27, 2022
Mar. 28, 2021
Segment Reporting Information [Line Items]    
Revenue $ 551,515 $ 458,706
Segment profit 30,170 19,013
Third-party processing fees for hiring tax credits (162) (135)
Amortization of software as a service assets (747) (673)
PeopleReady technology implementation costs (2,550) 0
COVID-19 government subsidies, net 0 1,743
Other costs (136) (1,156)
Depreciation and amortization (7,287) (6,962)
Income (loss) from operations 11,990 6,211
Interest expense and other income, net 505 575
Income before tax expense (benefit) 12,495 6,786
PeopleReady    
Segment Reporting Information [Line Items]    
Segment profit 16,219 11,860
PeopleManagement    
Segment Reporting Information [Line Items]    
Segment profit 2,979 3,116
PeopleScout    
Segment Reporting Information [Line Items]    
Segment profit 10,972 4,037
Corporate unallocated    
Segment Reporting Information [Line Items]    
Corporate unallocated expense (7,298) (5,619)
Contingent staffing | PeopleReady    
Segment Reporting Information [Line Items]    
Revenue 305,690 260,392
Contingent staffing | PeopleManagement    
Segment Reporting Information [Line Items]    
Revenue 163,819 151,754
Human resource outsourcing | PeopleScout    
Segment Reporting Information [Line Items]    
Revenue $ 82,006 $ 46,560