COMMITMENTS AND CONTINGENCIES (Tables)

3 Months Ended

Mar. 26, 2023

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 26, 2023		December 25, 2022
Cash collateral held by workers’ compensation insurance carriers	$	23,985	$	23,716
Cash and cash equivalents held in Trust	31,408		30,857
Investments held in Trust	123,577		123,678
Letters of credit (1)	6,077		6,077
Surety bonds (2)	20,725		20,806
Total collateral commitments	$	205,772	$	205,134

(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.