Other

3 Months Ended

Mar. 31, 2023

Other Income and Expenses [Abstract]

Other

OTHER

Capitalized Computer Software Costs

Amortization of capitalized computer software costs included in Depreciation and amortization in our Condensed Consolidated Statements of Operations was $1.7 million and $1.9 million for the first quarters of 2023 and 2022, respectively.

Interest income and other, net

Interest income and other, net, as shown in the accompanying Condensed Consolidated Statements of Operations, was as follows:

	For the Quarters Ended
(In thousands)	March 31, 2023		March 27, 2022
Interest income	$	3,421	$	1,222
Interest expense	(248)		(147)
Total interest income and other, net	$	3,173	$	1,075

Restricted Cash

A reconciliation of cash, cash equivalents and restricted cash as of March 31, 2023, and March 27, 2022, from the Condensed Consolidated Balance Sheets to the Condensed Consolidated Statements of Cash Flows is as follows:

(In thousands)	March 31, 2023		March 27, 2022
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	$	235,350	$	169,171
Restricted cash included within miscellaneous assets	13,936		14,381
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows	$	249,286	$	183,552

Substantially all of the amount included in restricted cash is set aside to collateralize workers’ compensation obligations.

Revolving Credit Facility

On July 27, 2022, the Company entered into an amendment and restatement of its previous credit facility that, among other changes, increased the committed amount to $350.0 million and extended the maturity date to July 27, 2027 (as amended and restated, the “Credit Facility”). Certain of the Company’s domestic subsidiaries have guaranteed the Company’s obligations under the Credit Facility. Borrowings under the Credit Facility bear interest at specified rates based on our utilization and consolidated leverage ratio. The Credit Facility contains various customary affirmative and negative covenants. In addition, the Company is obligated to pay a quarterly unused commitment fee at an annual rate of 0.20%.

As of March 31, 2023, and December 31, 2022, there was approximately $0.6 million in outstanding letters of credit and the remaining committed amount remains available. As of March 31, 2023, the Company was in compliance with the financial covenants contained in the Credit Facility.

Severance Costs

We recognized $3.8 million in severance costs in the first quarter of 2023 and no severance costs in the first quarter of 2022, respectively. These costs are recorded in General and administrative costs in our Condensed Consolidated Statements of Operations.

We had a severance liability of $7.0 million and $4.4 million included in Accrued expenses and other in our Condensed Consolidated Balance Sheets as of March 31, 2023, and December 31, 2022, respectively.