CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands |
Jun. 27, 2021 |
Dec. 27, 2020 |
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Allowance for credit loss | $ 3,843 | $ 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 | 35,510,000 | 35,493,000 |
Common stock, shares outstanding | 35,510,000 | 35,493,000 |
CONSOLIDATED STATEMENTS OF OPERATIONS & COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
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Jun. 27, 2021 |
Jun. 28, 2020 |
Jun. 27, 2021 |
Jun. 28, 2020 |
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Income Statement [Abstract] | ||||
Revenue from services | $ 515,955 | $ 358,944 | $ 974,661 | $ 853,196 |
Cost of services | 379,487 | 275,719 | 727,619 | 643,812 |
Gross profit | 136,468 | 83,225 | 247,042 | 209,384 |
Selling, general and administrative expense | 110,508 | 97,200 | 207,909 | 214,581 |
Depreciation and amortization | 7,017 | 7,256 | 13,979 | 16,350 |
Goodwill and intangible asset impairment charge | 0 | 0 | 0 | 175,189 |
Income (loss) from operations | 18,943 | (21,231) | 25,154 | (196,736) |
Interest and other income (expense), net | 724 | (412) | 1,299 | (149) |
Income (loss) before tax expense (benefit) | 19,667 | (21,643) | 26,453 | (196,885) |
Income tax expense (benefit) | 3,783 | (13,475) | 3,671 | (38,223) |
Net income (loss) | $ 15,884 | $ (8,168) | $ 22,782 | $ (158,662) |
Net income (loss) per common share: | ||||
Basic (in dollars per share) | $ 0.46 | $ (0.23) | $ 0.66 | $ (4.39) |
Diluted (in dollars per share) | $ 0.45 | $ (0.23) | $ 0.65 | $ (4.39) |
Weighted average shares outstanding: | ||||
Basic (in shares) | 34,818 | 35,077 | 34,746 | 36,166 |
Diluted (in shares) | 35,352 | 35,077 | 35,205 | 36,166 |
Other Comprehensive Income (Loss): | ||||
Foreign currency translation adjustment | $ (6) | $ 2,098 | $ 490 | $ (4,527) |
Comprehensive income (loss) | $ 15,878 | $ (6,070) | $ 23,272 | $ (163,189) |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
6 Months Ended |
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Jun. 27, 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 the coronavirus (“COVID-19”) pandemic, are uncertain and difficult to predict. Therefore, our accounting estimates and assumptions might change materially in future periods. These financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended December 27, 2020. The results of operations for the twenty-six weeks ended June 27, 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, On-Site, 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. The income and market approaches were equally weighted in our most recent annual impairment test. 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, all of our reporting units’ fair values were substantially in excess of their respective carrying values. Accordingly, there was no impairment loss recognized during the twenty-six weeks ended June 27, 2021. Recently adopted accounting standards There were no new accounting pronouncements adopted during the period that had an impact on our financial statements. Recently issued accounting pronouncements not yet adopted There are no accounting pronouncements which have not yet been adopted that are expected to have a significant impact on our financial statements and related disclosures.
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FAIR VALUE MEASUREMENT |
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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:
(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.
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RESTRICTED CASH AND INVESTMENTS |
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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:
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 June 27, 2021 and December 27, 2020, were as follows:
The amortized cost and fair value by contractual maturity of our held-to-maturity investments are as follows:
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 June 27, 2021 and June 28, 2020, included in selling, general and administrative expense on our Consolidated Statements of Operations and Comprehensive Income (Loss), were as follows:
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SUPPLEMENTAL BALANCE SHEET INFORMATION |
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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:
(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
Accrued wages and benefits
(1) On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief and Economic Security Act, which among other things, provided employer payroll tax credits for wages paid to employees who were unable to work during the COVID-19 outbreak. Additionally, we were allowed to delay payments for the employer portion of social security taxes (6.2% of taxable wages) incurred between March 27, 2020 and December 31, 2020, for both our temporary associates and permanent employees. We anticipate the deferred amount will be paid by September 15, 2021.
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WORKERS' COMPENSATION INSURANCE AND RESERVES |
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Workers' Compensation Insurance and Reserves [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WORKERS' COMPENSATION INSURANCE AND RESERVES | WORKERS’ COMPENSATION INSURANCE AND RESERVESWe provide workers’ compensation insurance for our associates and permanent employees. The majority of our current workers’ compensation insurance policies cover claims for a particular event above a $2.0 million deductible limit, on a “per occurrence” basis. This results in our being substantially self-insured. Our workers’ compensation reserve for claims below the deductible limit is discounted to its estimated net present value using discount rates based on average returns of “risk-free” U.S. Treasury instruments available during the year in which the liability was incurred. The weighted average discount rate was 1.7% and 1.8% at June 27, 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 June 27, 2021. The following table presents a reconciliation of the undiscounted workers’ compensation reserve to the discounted workers’ compensation reserve for the periods presented:
Payments made against self-insured claims were $22.4 million and $28.0 million for the twenty-six weeks ended June 27, 2021 and June 28, 2020, respectively. Our workers’ compensation reserve includes estimated expenses related to claims above our self-insured limits (“excess claims”), and we record a corresponding receivable for the insurance coverage on excess claims based on the contractual policy agreements we have with insurance carriers. We discount this reserve and corresponding receivable to its estimated net present value using the discount rates based on average returns of “risk-free” U.S. Treasury instruments available during the year in which the liability was incurred. At June 27, 2021 and December 27, 2020, the weighted average rate was 1.4% 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 $58.6 million and $54.0 million, as of June 27, 2021 and December 27, 2020, respectively. The discounted receivables from insurance companies, net of valuation allowance, were $57.2 million and $52.9 million as of June 27, 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 $9.3 million and $9.2 million was recorded in cost of services on our Consolidated Statements of Operations and Comprehensive Income (Loss) for the thirteen weeks ended June 27, 2021 and June 28, 2020, respectively, and $19.4 million and $23.5 million for the twenty-six weeks ended June 27, 2021 and June 28, 2020, respectively.
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COMMITMENTS AND CONTINGENCIES |
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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:
(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 to four years and most bonds can be canceled by the sureties with as little as 60 days’ notice. Legal contingencies and developments We are involved in various proceedings arising in the normal course of conducting business. We believe the liabilities included in our financial statements reflect the probable loss that can be reasonably estimated. The amounts recorded are immaterial and resolution of those proceedings are not expected to have a material effect on our results of operations, financial condition or cash flows.
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SHAREHOLDERS' EQUITY |
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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:
(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.
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INCOME TAXES |
6 Months Ended |
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Jun. 27, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | TAXES Our income tax provision or benefit for interim periods is determined using an estimate of our annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter we update our estimate of the annual effective tax rate and, if our estimated tax rate changes, we make a cumulative adjustment. Our quarterly tax provision and quarterly estimate of our annual effective tax rate are subject to variation due to several factors, including variability in accurately predicting our full year pre-tax income and loss by jurisdiction, tax credits, government audit developments, changes in laws, regulations and administrative practices, and relative changes in expenses or losses for which tax benefits are not recognized. Additionally, our effective tax rate can be more or less volatile based on the amount of pre-tax income. For example, the impact of discrete items, tax credits, and non-deductible expenses on our effective tax rate is greater when our pre-tax income is lower. Our effective income tax rate for the twenty-six weeks ended June 27, 2021 was 13.9%. The difference between the statutory federal income tax rate of 21% and our effective tax rate results primarily from the federal Work Opportunity Tax Credit (“WOTC”). WOTC is designed to encourage employers to hire workers from certain targeted groups with higher than average unemployment rates. Other differences between the statutory federal income tax rate result from state and foreign income taxes, certain non-deductible and non-taxable items, tax effects of stock-based compensation and additional benefit from the Coronavirus Aid, Relief and Economic Security Act of 2020.
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NET INCOME (LOSS) PER SHARE |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET INCOME (LOSS) PER SHARE | NET INCOME (LOSS) PER SHARE Diluted common shares were calculated as follows:
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SEGMENT INFORMATION |
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Jun. 27, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT INFORMATION | SEGMENT INFORMATION Our operating segments and reportable segments are described below: Our PeopleReady reportable segment provides blue-collar, contingent staffing through the PeopleReady operating segment. PeopleReady provides on-demand and skilled labor in a broad range of industries that include construction, manufacturing and logistics, warehousing and distribution, retail, waste and recycling, energy, hospitality, and general labor. Our PeopleManagement reportable segment provides contingent labor and outsourced industrial workforce solutions, primarily on-site at the client’s facility, through the following operating segments, which we have aggregated into one reportable segment in accordance with U.S. GAAP: •On-Site: On-site management and recruitment for the contingent industrial workforce of manufacturing, warehouse, and distribution facilities; and •Centerline: Recruitment and management of contingent and dedicated commercial drivers to the transportation and distribution industries. Our PeopleScout reportable segment provides high-volume, permanent employee recruitment process outsourcing, employer branding services and management of outsourced labor service providers through the following operating segments, which we have aggregated into one reportable segment in accordance with U.S. GAAP: •PeopleScout RPO: Outsourced recruitment of permanent employees on behalf of clients and employer branding services; and •PeopleScout MSP: Management of multiple third-party staffing vendors on behalf of clients. The following table presents our revenue disaggregated by major source and segment and a reconciliation of segment revenue from services to total company revenue:
The following table presents a reconciliation of segment profit to income (loss) before tax expense (benefit):
Asset information by reportable segment is not presented as we do not manage our segments on a balance sheet basis.
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
6 Months Ended |
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Jun. 27, 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 the coronavirus (“COVID-19”) pandemic, are uncertain and difficult to predict. Therefore, our accounting estimates and assumptions might change materially in future periods. These financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended December 27, 2020. The results of operations for the twenty-six weeks ended June 27, 2021 are not necessarily indicative of the results expected for the full fiscal year nor for any other fiscal period.
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Recently adopted accounting standards and recently issued accounting pronouncements not yet adopted | Recently adopted accounting standards There were no new accounting pronouncements adopted during the period that had an impact on our financial statements. Recently issued accounting pronouncements not yet adopted There are no accounting pronouncements which have not yet been adopted that are expected to have a significant impact on our financial statements and related disclosures.
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FAIR VALUE MEASUREMENT (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring | Our assets measured at fair value on a recurring basis consisted of the following:
(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.
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RESTRICTED CASH AND INVESTMENTS (Tables) |
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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:
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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 June 27, 2021 and December 27, 2020, were as follows:
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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:
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Schedule of unrealized gain (loss) on equity investments | Unrealized gains and losses related to these investments still held at June 27, 2021 and June 28, 2020, included in selling, general and administrative expense on our Consolidated Statements of Operations and Comprehensive Income (Loss), were as follows:
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SUPPLEMENTAL BALANCE SHEET INFORMATION (Tables) |
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Jun. 27, 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:
(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.
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Prepaid expenses and other current assets | Prepaid expenses and other current assets
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Accrued wages and benefits | Accrued wages and benefits
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WORKERS' COMPENSATION INSURANCE AND RESERVES (Tables) |
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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:
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COMMITMENTS AND CONTINGENCIES (Tables) |
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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:
(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 to four years and most bonds can be canceled by the sureties with as little as 60 days’ notice.
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SHAREHOLDERS' EQUITY (Tables) |
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Shareholders' Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stockholders Equity | Changes in the balance of each component of shareholders’ equity during the reporting periods were as follows:
(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.
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NET INCOME (LOSS) PER SHARE (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of net income (loss) and diluted common shares | Diluted common shares were calculated as follows:
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SEGMENT INFORMATION (Tables) |
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Jun. 27, 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:
The following table presents a reconciliation of segment profit to income (loss) before tax expense (benefit):
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SUPPLEMENTAL BALANCE SHEET INFORMATION - Allowance for credit losses (Details) - USD ($) $ in Thousands |
6 Months Ended | |||
---|---|---|---|---|
Jun. 27, 2021 |
Jun. 28, 2020 |
Dec. 27, 2020 |
Dec. 29, 2019 |
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Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | $ 3,843 | $ 7,656 | $ 2,921 | $ 4,288 |
Provision for credit losses | 2,094 | 5,923 | ||
Write-offs | (1,176) | (3,053) | ||
Foreign currency translation | 4 | (26) | ||
Ending balance | $ 3,843 | $ 7,656 | ||
Cumulative-effect adjustment | ||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | $ 0 | $ 524 |
SUPPLEMENTAL BALANCE SHEET INFORMATION - Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands |
Jun. 27, 2021 |
Dec. 27, 2020 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Prepaid software agreements | $ 7,658 | $ 8,643 |
Other prepaid expenses | 7,320 | 8,631 |
Other current assets | 9,461 | 8,863 |
Prepaid expenses and other current assets | $ 24,439 | $ 26,137 |
SUPPLEMENTAL BALANCE SHEET INFORMATION - Accrued wages and benefits (Details) - USD ($) $ in Thousands |
Jun. 27, 2021 |
Dec. 27, 2020 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Deferred employer payroll tax (1) | $ 58,230 | $ 55,420 |
Other accrued wages and benefits | 78,445 | 67,237 |
Accrued wages and benefits | $ 136,675 | $ 122,657 |
WORKERS' COMPENSATION INSURANCE AND RESERVES - Reconciliation of Workers' Compensation Claims Reserve (Details) - USD ($) $ in Thousands |
Jun. 27, 2021 |
Dec. 27, 2020 |
---|---|---|
Workers' Compensation Insurance and Reserves [Abstract] | ||
Undiscounted workers’ compensation reserve | $ 271,837 | $ 273,502 |
Less discount on workers’ compensation reserve | 16,942 | 18,009 |
Workers' compensation reserve, net of discount | 254,895 | 255,493 |
Less current portion | 60,032 | 66,007 |
Long-term portion | $ 194,863 | $ 189,486 |
WORKERS' COMPENSATION INSURANCE AND RESERVES - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|---|
Jun. 27, 2021 |
Jun. 28, 2020 |
Jun. 27, 2021 |
Jun. 28, 2020 |
Sep. 27, 2020 |
Dec. 27, 2020 |
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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 | $ 22.4 | $ 28.0 | ||||
Weighted average period for claim payments and receivables above deductible limit | 17 years | |||||
Workers' compensation reserve for excess claims | $ 58.6 | $ 58.6 | $ 54.0 | |||
Worker's compensation receivable for excess claims | 57.2 | 57.2 | $ 52.9 | |||
Workers compensation expense | $ 9.3 | $ 9.2 | $ 19.4 | $ 23.5 | ||
Below limit | ||||||
Workers' Compensation Deductible Limit [Line Items] | ||||||
Workers' compensation discount | 1.70% | 1.80% | ||||
Above Limit | ||||||
Workers' Compensation Deductible Limit [Line Items] | ||||||
Workers' compensation discount | 1.40% | 1.30% |
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 27, 2021 |
Dec. 27, 2020 |
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Workers' Compensation Commitments [Line Items] | ||
Cash collateral held by workers’ compensation insurance carriers | $ 22,609 | $ 22,253 |
Cash and cash equivalents held in Trust | 26,344 | 29,410 |
Investments held in Trust | 135,894 | 152,247 |
Letters of credit | 6,095 | 6,095 |
Surety bonds | 20,831 | 20,616 |
Total collateral commitments | $ 211,773 | $ 230,621 |
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 |
INCOME TAXES (Details) |
6 Months Ended |
---|---|
Jun. 27, 2021 | |
Income Tax Disclosure [Abstract] | |
Effective income tax rate | 13.90% |
Statutory federal income tax rate | 21.00% |
NET INCOME (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 27, 2021 |
Jun. 28, 2020 |
Jun. 27, 2021 |
Jun. 28, 2020 |
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Earnings Per Share [Abstract] | ||||
Net income (loss) | $ 15,884 | $ (8,168) | $ 22,782 | $ (158,662) |
Weighted average number of common shares used in basic net income (loss) per common share | 34,818 | 35,077 | 34,746 | 36,166 |
Dilutive effect of non-vested restricted stock | 534 | 0 | 459 | 0 |
Weighted average number of common shares used in diluted net income (loss) per common share | 35,352 | 35,077 | 35,205 | 36,166 |
Net income (loss) per common share: | ||||
Basic (in dollars per share) | $ 0.46 | $ (0.23) | $ 0.66 | $ (4.39) |
Diluted (in dollars per share) | $ 0.45 | $ (0.23) | $ 0.65 | $ (4.39) |
Anti-dilutive shares | 26 | 580 | 54 | 565 |