TrueBlue (TBI) 10-Q 25 Oct 21 2021 Q3 Quarterly report Financial data

DOCUMENT AND ENTITY INFORMATION

DOCUMENT AND ENTITY INFORMATION - shares	9 Months Ended
	Sep. 26, 2021	Oct. 15, 2021
Entity Addresses [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 26, 2021
Document Transition Report	false
Entity File Number	001-14543
Entity Registrant Name	TrueBlue, Inc.
Entity Incorporation, State or Country Code	WA
Entity Tax Identification Number	91-1287341
Entity Address, Address Line One	1015 A Street
Entity Address, City or Town	Tacoma
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98402
City Area Code	253
Local Phone Number	383-9101
Title of 12(b) Security	Common stock, no par value
Trading Symbol	TBI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Common Stock Shares Outstanding (in shares)		35,480,624
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000768899
Current Fiscal Year End Date	--12-26

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 26, 2021	Dec. 27, 2020
Current assets:
Cash and cash equivalents	$ 49,173	$ 62,507
Accounts receivable, net of allowance of $3,964 and $2,921	330,705	278,343
Prepaid expenses and other current assets	27,158	26,137
Income tax receivable	10,473	11,898
Total current assets	417,509	378,885
Property and equipment, net	86,414	71,734
Restricted cash and investments	223,832	240,534
Deferred income taxes, net	29,554	30,019
Goodwill	94,615	94,873
Intangible assets, net	23,769	28,929
Operating lease right-of-use assets, net	58,453	65,940
Workers’ compensation claims receivable, net	59,240	52,934
Other assets, net	16,406	16,729
Total assets	1,009,792	980,577
Current liabilities:
Accounts payable and other accrued expenses	62,706	58,447
Accrued wages and benefits	89,870	122,657
Current portion of workers’ compensation claims reserve	60,936	66,007
Current operating lease liabilities	12,650	13,938
Other current liabilities	12,622	7,918
Total current liabilities	238,784	268,967
Workers’ compensation claims reserve, less current portion	197,633	189,486
Long-term deferred compensation liabilities	27,915	26,361
Long-term operating lease liabilities	56,875	54,797
Other long-term liabilities	2,909	3,776
Total liabilities	524,116	543,387
Commitments and contingencies (Note 6)
Shareholders’ equity:
Preferred stock, $0.131 par value, 20,000 shares authorized; No shares issued and outstanding	0	0
Common stock, no par value, 100,000 shares authorized; 35,455 and 35,493 shares issued and outstanding	1	1
Accumulated other comprehensive loss	(15,634)	(14,828)
Retained earnings	501,309	452,017
Total shareholders’ equity	485,676	437,190
Total liabilities and shareholders’ equity	$ 1,009,792	$ 980,577

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Sep. 26, 2021	Dec. 27, 2020
Allowance for credit loss	$ 3,964	$ 2,921
Preferred stock, par value (in dollars per share)	$ 0.131	$ 0.131
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	35,455,000	35,493,000
Common stock, shares outstanding	35,455,000	35,493,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS & COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2021	Sep. 27, 2020	Sep. 26, 2021	Sep. 27, 2020
Income Statement [Abstract]
Revenue from services	$ 577,031	$ 474,530	$ 1,551,692	$ 1,327,726
Cost of services	430,529	364,066	1,158,148	1,007,878
Gross profit	146,502	110,464	393,544	319,848
Selling, general and administrative expense	118,748	90,100	326,657	304,681
Depreciation and amortization	6,426	7,652	20,405	24,002
Goodwill and intangible asset impairment charge	0	0	0	175,189
Income (loss) from operations	21,328	12,712	46,482	(184,024)
Interest and other income (expense), net	581	(174)	1,880	(323)
Income (loss) before tax expense (benefit)	21,909	12,538	48,362	(184,347)
Income tax expense (benefit)	3,267	3,743	6,938	(34,480)
Net income (loss)	$ 18,642	$ 8,795	$ 41,424	$ (149,867)
Net income (loss) per common share:
Basic (in dollars per share)	$ 0.53	$ 0.25	$ 1.19	$ (4.20)
Diluted (in dollars per share)	$ 0.53	$ 0.25	$ 1.17	$ (4.20)
Weighted average shares outstanding:
Basic (in shares)	34,873	34,597	34,788	35,643
Diluted (in shares)	35,475	34,904	35,255	35,643
Other Comprehensive Income (Loss):
Foreign currency translation adjustment	$ (1,296)	$ 386	$ (806)	$ (4,141)
Comprehensive income (loss)	$ 17,346	$ 9,181	$ 40,618	$ (154,008)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 26, 2021	Sep. 27, 2020
Cash flows from operating activities:
Net income (loss)	$ 41,424	$ (149,867)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	20,405	24,002
Goodwill and intangible asset impairment charge	0	175,189
Provision for credit losses	2,881	6,582
Stock-based compensation	10,149	6,762
Deferred income taxes	445	(25,955)
Non-cash lease expense	11,173	11,115
Other operating activities	(1,484)	1,944
Changes in operating assets and liabilities:
Accounts receivable	(53,626)	55,408
Income tax receivable	963	(4,928)
Operating lease right-of-use asset	7,150	0
Other assets	(7,003)	(2,646)
Accounts payable and other accrued expenses	3,212	(12,723)
Other accrued wages and benefits	24,278	(7,395)
Deferred employer payroll taxes	(57,066)	36,312
Workers’ compensation claims reserve	3,075	(824)
Operating lease liabilities	(10,017)	(11,410)
Other liabilities	4,598	(2,798)
Net cash provided by operating activities	557	98,768
Cash flows from investing activities:
Capital expenditures	(28,772)	(16,244)
Purchases of restricted available-for-sale investments	(29)	(2,310)
Sales of restricted available-for-sale investments	793	3,212
Purchases of restricted held-to-maturity investments	0	(32,495)
Maturities of restricted held-to-maturity investments	18,346	24,358
Net cash used in investing activities	(9,662)	(23,479)
Cash flows from financing activities:
Purchases and retirement of common stock	0	(52,346)
Net proceeds from employee stock purchase plans	754	734
Common stock repurchases for taxes upon vesting of restricted stock	(3,035)	(2,331)
Net change in revolving credit facility	0	(35,600)
Other	(270)	(1,436)
Net cash used in financing activities	(2,551)	(90,979)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(613)	(466)
Net change in cash, cash equivalents and restricted cash	(12,269)	(16,156)
Cash, cash equivalents and restricted cash, beginning of period	118,612	92,371
Cash, cash equivalents and restricted cash, end of period	106,343	76,215
Supplemental Disclosure of Cash Flow Information [Abstract]
Interest	1,174	2,672
Income taxes	5,522	(3,414)
Operating lease liabilities	12,402	13,147
Property and equipment purchased but not yet paid	2,394	1,614
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 10,739	$ 8,672

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 26, 2021
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Financial statement preparation The accompanying unaudited consolidated financial statements (“financial statements”) of TrueBlue, Inc. (the “company,” “TrueBlue,” “we,” “us,” and “our”) are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and rules and regulations of the Securities and Exchange Commission for interim financial information. Accordingly, certain information and footnote disclosures usually found in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The financial statements reflect all adjustments which, in the opinion of management, are necessary to fairly state the financial statements for the interim periods presented. We follow the same accounting policies for preparing both quarterly and annual financial statements. The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The severity, magnitude and duration, as well as the economic consequences of the coronavirus (“COVID-19”) pandemic, are uncertain and difficult to predict. Therefore, our accounting estimates and assumptions could change materially in future periods. These financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended December 27, 2020. The results of operations for the thirty-nine weeks ended September 26, 2021 are not necessarily indicative of the results expected for the full fiscal year nor for any other fiscal period. Reclassifications Certain previously reported immaterial prior year amounts have been reclassified within current liabilities on our Consolidated Balance Sheets to conform to current year presentation. Additionally, we have separately presented deferred employer payroll taxes from prior period reported amounts within operating activities on our Consolidated Statements of Cash Flows. Goodwill We evaluate goodwill for impairment on an annual basis as of the first day of our fiscal second quarter, and whenever events or circumstances make it more likely than not that an impairment may have occurred. These events or circumstances could include a significant change in the business climate, legal factors, operating performance indicators, competition, client engagement, or sale or disposition of a significant portion of a reporting unit. We monitor the existence of potential impairment indicators throughout the fiscal year. We test for goodwill impairment at the reporting unit level. We consider our operating segments to be our reporting units for goodwill impairment testing. Our operating segments are PeopleReady, PeopleManagement On-Site, PeopleManagement Centerline, PeopleScout RPO, and PeopleScout MSP. The impairment test involves comparing the fair value of each reporting unit to its carrying value, including goodwill. Fair value reflects the price a market participant would be willing to pay in a potential sale of the reporting unit. If the fair value exceeds the carrying value, we conclude that no goodwill impairment has occurred. If the carrying value of the reporting unit exceeds its fair value, we recognize an impairment loss in an amount equal to the excess, not to exceed the carrying value of the goodwill. Determining the fair value of a reporting unit involves the use of significant estimates and assumptions to evaluate the impact of operational and macroeconomic changes on each reporting unit. We estimate the fair value of each reporting unit using a weighted average of the income and market valuation approaches. The income approach applies a fair value methodology based on discounted cash flows. This analysis requires significant estimates and judgments, including estimation of future cash flows, which is dependent on internal forecasts, estimation of the long-term rate of growth for our business, estimation of the useful life over which cash flows will occur, and determination of our weighted average cost of capital, which is risk-adjusted to reflect the specific risk profile of the reporting unit being tested. We also apply a market approach, which identifies similar publicly traded companies and develops a correlation, referred to as a multiple, to apply to the operating results of the reporting units. The primary market multiples to which we compare are revenue and earnings before interest, taxes, depreciation, and amortization. We base fair value estimates on assumptions we believe to be reasonable but that are unpredictable and inherently uncertain. Actual future results may differ from those estimates. We consider a reporting unit’s fair value to be substantially in excess of its carrying value at a 20% premium or greater. Based on our 2021 annual impairment test performed as of March 29, 2021, all of our reporting units’ fair values were substantially in excess of their respective carrying values. Additionally, we did not identify any events or conditions that make it more likely than not that an impairment may have occurred during the period from March 29, 2021 to September 26, 2021. Government incentives On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief and Economic Security Act ("CARES Act"), which among other things, provided employer payroll tax credits for wages paid to employees who are unable to work during the COVID-19 outbreak. Additionally, we were allowed to delay payments for the employer portion of social security taxes (6.2% of taxable wages) incurred between March 27, 2020 and December 31, 2020, for both our temporary associates and permanent employees. Deferred employer payroll taxes of $59.9 million were paid in full on September 15, 2021. Recently adopted accounting standards There were no new accounting standards adopted during the thirty-nine weeks ended September 26, 2021 that had an impact on our financial statements. Recently issued accounting standards not yet adopted There are no accounting standards which have not yet been adopted that are expected to have a significant impact on our financial statements and related disclosures.

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT	9 Months Ended
	Sep. 26, 2021
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENT	FAIR VALUE MEASUREMENT Assets measured at fair value on a recurring basis Our assets measured at fair value on a recurring basis consisted of the following: September 26, 2021 (in thousands) Total fair value Quoted prices in active markets for identical assets (level 1) Significant other observable inputs (level 2) Significant unobservable inputs (level 3) Cash and cash equivalents $ 49,173 $ 49,173 $ — $ — Restricted cash and cash equivalents 57,170 57,170 — — Cash, cash equivalents and restricted cash (1) $ 106,343 $ 106,343 $ — $ — Municipal debt securities $ 61,255 $ — $ 61,255 $ — Corporate debt securities 73,622 — 73,622 — Agency mortgage-backed securities 200 — 200 — U.S. government and agency securities 1,089 — 1,089 — Restricted investments classified as held-to-maturity (2) $ 136,166 $ — $ 136,166 $ — Deferred compensation investments (3) $ 6,254 $ 6,254 $ — $ — December 27, 2020 (in thousands) Total fair value Quoted prices in active markets for identical assets (level 1) Significant other observable inputs (level 2) Significant unobservable inputs (level 3) Cash and cash equivalents $ 62,507 $ 62,507 $ — $ — Restricted cash and cash equivalents 56,105 56,105 — — Cash, cash equivalents and restricted cash (1) $ 118,612 $ 118,612 $ — $ — Municipal debt securities $ 70,723 $ — $ 70,723 $ — Corporate debt securities 85,937 — 85,937 — Agency mortgage-backed securities 512 — 512 — U.S. government and agency securities 1,124 — 1,124 — Restricted investments classified as held-to-maturity (2) $ 158,296 $ — $ 158,296 $ — Deferred compensation investments (3) $ 5,915 $ 5,915 $ — $ — (1) Cash, cash equivalents and restricted cash include money market funds and deposits. (2) Refer to Note 3 : Restricted Cash and Investments for additional details on our held-to-maturity debt securities. (3) Deferred compensation investments consist of mutual funds and money market funds. Refer to Note 3 : Restricted Cash and Investments for additional details on these investments.

RESTRICTED CASH AND INVESTMENTS

RESTRICTED CASH AND INVESTMENTS	9 Months Ended
	Sep. 26, 2021
Restricted Cash and Investments [Abstract]
RESTRICTED CASH AND INVESTMENTS	RESTRICTED CASH AND INVESTMENTS The following is a summary of the carrying value of our restricted cash and investments: (in thousands) September 26, December 27, Cash collateral held by insurance carriers $ 28,682 $ 26,025 Cash and cash equivalents held in Trust 27,370 29,410 Investments held in Trust 132,127 152,247 Deferred compensation investments 6,254 5,915 Company-owned life insurance policies 28,281 26,267 Other restricted cash and cash equivalents 1,118 670 Total restricted cash and investments $ 223,832 $ 240,534 Held-to-maturity Restricted cash and investments include collateral that has been provided or pledged to insurance carriers for workers’ compensation and state workers’ compensation programs. Our insurance carriers and certain state workers’ compensation programs require us to collateralize a portion of our workers’ compensation obligation. The collateral typically takes the form of cash and cash equivalents and highly rated investment grade securities, primarily in debt and asset-backed securities. The majority of our collateral obligations are held in a trust at the Bank of New York Mellon (“Trust”). The amortized cost and estimated fair value of our held-to-maturity investments held in Trust, aggregated by investment category as of September 26, 2021 and December 27, 2020, were as follows: September 26, 2021 (in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Fair value Municipal debt securities $ 58,719 $ 2,536 $ — $ 61,255 Corporate debt securities 72,218 1,585 (181) 73,622 Agency mortgage-backed securities 193 7 — 200 U.S. government and agency securities 997 92 — 1,089 Total held-to-maturity investments $ 132,127 $ 4,220 $ (181) $ 136,166 December 27, 2020 (in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Fair value Municipal debt securities $ 67,287 $ 3,436 $ — $ 70,723 Corporate debt securities 83,467 2,511 (41) 85,937 Agency mortgage-backed securities 493 19 — 512 U.S. government and agency securities 1,000 124 — 1,124 Total held-to-maturity investments $ 152,247 $ 6,090 $ (41) $ 158,296 The amortized cost and fair value by contractual maturity of our held-to-maturity investments are as follows: September 26, 2021 (in thousands) Amortized cost Fair value Due in one year or less $ 24,342 $ 24,572 Due after one year through five years 103,803 107,368 Due after five years through ten years 3,982 4,226 Total held-to-maturity investments $ 132,127 $ 136,166 Actual maturities may differ from contractual maturities because the issuers of certain debt securities have the right to call or prepay their obligations without penalty. We have no significant concentrations of counterparties in our held-to-maturity investment portfolio. Deferred compensation investments and company-owned life insurance policies We hold mutual funds, money market funds and company-owned life insurance policies to support our deferred compensation liability. Unrealized gains and losses related to these investments still held at September 26, 2021 and September 27, 2020, included in selling, general and administrative expense on our Consolidated Statements of Operations and Comprehensive Income (Loss), were as follows: Thirteen weeks ended Thirty-nine weeks ended (in thousands) September 26, September 27, September 26, September 27, Unrealized gains (losses) $ 391 $ 1,452 $ 2,817 $ (258)

SUPPLEMENTAL BALANCE SHEET INFO

SUPPLEMENTAL BALANCE SHEET INFORMATION	9 Months Ended
	Sep. 26, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
SUPPLEMENTAL BALANCE SHEET INFORMATION	SUPPLEMENTAL BALANCE SHEET INFORMATION Accounts receivable allowance for credit losses The activity related to the accounts receivable allowance for credit losses was as follows: Thirty-nine weeks ended (in thousands) September 26, September 27, Beginning balance $ 2,921 $ 4,288 Cumulative-effect adjustment (1) — 524 Current period provision 2,881 6,582 Write-offs (1,827) (5,925) Foreign currency translation (11) (22) Ending balance $ 3,964 $ 5,447 (1) As a result of our adoption of the accounting standard for credit losses, we recognized a cumulative-effect adjustment to our accounts receivable allowance for credit losses of $0.5 million as of the beginning of the first quarter of 2020. Prepaid expenses and other current assets (in thousands) September 26, December 27, Prepaid software agreements $ 8,107 $ 8,643 Other prepaid expenses 9,825 8,631 Other current assets 9,226 8,863 Prepaid expenses and other current assets $ 27,158 $ 26,137 Other current liabilities (in thousands) September 26, December 27, Deferred revenue $ 6,483 $ 1,167 Other current liabilities 6,139 6,751 Other current liabilities $ 12,622 $ 7,918

WORKERS' COMPENSATION INSURANCE

WORKERS' COMPENSATION INSURANCE AND RESERVES	9 Months Ended
	Sep. 26, 2021
Workers' Compensation Insurance and Reserves [Abstract]
WORKERS' COMPENSATION INSURANCE AND RESERVES	WORKERS’ COMPENSATION INSURANCE AND RESERVES We provide workers’ compensation insurance for our associates and permanent employees. The majority of our current workers’ compensation insurance policies cover claims for a particular event above a $2.0 million deductible limit, on a “per occurrence” basis. This results in our being substantially self-insured. Our workers’ compensation reserve for claims below the deductible limit is discounted to its estimated net present value using discount rates based on average returns of “risk-free” U.S. Treasury instruments available during the year in which the liability was incurred. The weighted average discount rate was 1.6% and 1.8% at September 26, 2021 and December 27, 2020, respectively. Payments made against self-insured claims are made over a weighted average period of approximately 5.5 years as of September 26, 2021. The following table presents a reconciliation of the undiscounted workers’ compensation reserve to the discounted workers’ compensation reserve for the periods presented: (in thousands) September 26, December 27, Undiscounted workers’ compensation reserve $ 275,398 $ 273,502 Less discount on workers’ compensation reserve 16,829 18,009 Workers’ compensation reserve, net of discount 258,569 255,493 Less current portion 60,936 66,007 Long-term portion $ 197,633 $ 189,486 Payments made against self-insured claims were $32.0 million and $40.6 million for the thirty-nine weeks ended September 26, 2021 and September 27, 2020, respectively. Our workers’ compensation reserve includes estimated expenses related to claims above our self-insured limits (“excess claims”), and we record a corresponding receivable for the insurance coverage on excess claims based on the contractual policy agreements we have with insurance carriers. We discount this reserve and corresponding receivable to its estimated net present value using the discount rates based on average returns of “risk-free” U.S. Treasury instruments available during the year in which the liability was incurred. The rates used to discount excess claims incurred during the thirty-nine weeks ended September 26, 2021 and fifty-two weeks ended December 27, 2020 were 1.6% and 1.3%, respectively. The claim payments are made and the corresponding reimbursements from our insurance carriers are received over an estimated weighted average period of approximately 17 years. The discounted workers’ compensation reserve for excess claims was $60.6 million and $54.0 million, as of September 26, 2021 and December 27, 2020, respectively. The discounted receivables from insurance companies, net of valuation allowance, were $59.2 million and $52.9 million as of September 26, 2021 and December 27, 2020, respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 26, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Workers’ compensation commitments We have provided our insurance carriers and certain states with commitments in the form and amounts listed below: (in thousands) September 26, December 27, Cash collateral held by workers’ compensation insurance carriers $ 22,786 $ 22,253 Cash and cash equivalents held in Trust 27,370 29,410 Investments held in Trust 132,127 152,247 Letters of credit (1) 6,160 6,095 Surety bonds (2) 21,969 20,616 Total collateral commitments $ 210,412 $ 230,621 (1) We have agreements with certain financial institutions to issue letters of credit as collateral. (2) Our surety bonds are issued by independent insurance companies on our behalf and bear annual fees based on a percentage of the bond, which are determined by each independent surety carrier. These fees do not exceed 2.0% of the bond amount, subject to a minimum charge. The terms of these bonds are subject to review and renewal every one Legal contingencies and developments

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	9 Months Ended
	Sep. 26, 2021
Shareholders' Equity [Abstract]
SHAREHOLDER’S EQUITY	SHAREHOLDERS’ EQUITY Changes in the balance of each component of shareholders’ equity during the reporting periods were as follows: Thirteen weeks ended Thirty-nine weeks ended (in thousands) September 26, September 27, September 26, September 27, Common stock shares Beginning balance 35,510 36,052 35,493 38,593 Purchases and retirement of common stock — (627) — (3,557) Net issuance under equity plans, including tax benefits (55) 48 (72) 387 Stock-based compensation — (23) 34 27 Ending balance 35,455 35,450 35,455 35,450 Common stock amount Beginning balance $ 1 $ 1 $ 1 $ 1 Current period activity — — — — Ending balance 1 1 1 1 Retained earnings Beginning balance 479,567 430,525 452,017 639,210 Net income (loss) 18,642 8,795 41,424 (149,867) Purchases and retirement of common stock (1) — — — (52,346) Net issuance under equity plans, including tax benefits (133) (177) (2,281) (1,597) Stock-based compensation 3,233 2,417 10,149 6,762 Change in accounting standard cumulative-effect adjustment (2) — — — (602) Ending balance 501,309 441,560 501,309 441,560 Accumulated other comprehensive loss Beginning balance, net of tax (14,338) (17,765) (14,828) (13,238) Foreign currency translation adjustment (1,296) 386 (806) (4,141) Ending balance, net of tax (15,634) (17,379) (15,634) (17,379) Total shareholders’ equity ending balance $ 485,676 $ 424,182 $ 485,676 $ 424,182 (1) Under applicable Washington State law, shares purchased are not displayed separately as treasury stock on our Consolidated Balance Sheets and are treated as authorized but unissued shares. It is our accounting policy to first record these purchases as a reduction to our common stock account. Once the common stock account has been reduced to a nominal balance, remaining purchases are recorded as a reduction to our retained earnings. Furthermore, activity in our common stock account related to stock-based compensation is also recorded to retained earnings until such time as the reduction to retained earnings due to stock repurchases has been recovered. (2) As a result of our adoption of the accounting standard for credit losses, we recognized a cumulative-effect adjustment to retained earnings of $0.6 million in the first quarter of 2020.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 26, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Our income tax provision or benefit for interim periods is determined using an estimate of our annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter we update our estimate of the annual effective tax rate and, if our estimated tax rate changes, we make a cumulative adjustment. Our quarterly tax provision and quarterly estimate of our annual effective tax rate are subject to variation due to several factors, including variability in accurately predicting our full year pre-tax income and loss by jurisdiction, tax credits, government audit developments, changes in laws, regulations and administrative practices, and relative changes in expenses or losses for which tax benefits are not recognized. Additionally, our effective tax rate can be more or less volatile based on the amount of pre-tax income. For example, the impact of discrete items, tax credits, and non-deductible expenses on our effective tax rate is greater when our pre-tax income is lower. Our effective income tax rate for the thirty-nine weeks ended September 26, 2021 was 14.3%. The difference between the statutory federal income tax rate of 21% and our effective tax rate was primarily due to hiring credits, including the Work Opportunity Tax Credit (“WOTC”), offset by state income taxes. WOTC is designed to encourage employers to hire workers from certain targeted groups with higher than average unemployment rates. Other differences between the statutory federal income tax rate result from state and foreign income taxes, certain non-deductible and non-taxable items and tax effects of stock-based compensation.

NET INCOME (LOSS) PER SHARE

NET INCOME (LOSS) PER SHARE	9 Months Ended
	Sep. 26, 2021
Earnings Per Share [Abstract]
NET INCOME (LOSS) PER SHARE	NET INCOME (LOSS) PER SHARE Diluted common shares were calculated as follows: Thirteen weeks ended Thirty-nine weeks ended (in thousands, except per share data) September 26, September 27, September 26, September 27, Net income (loss) $ 18,642 $ 8,795 $ 41,424 $ (149,867) Weighted average number of common shares used in basic net income (loss) per common share 34,873 34,597 34,788 35,643 Dilutive effect of non-vested stock-based awards 602 307 467 — Weighted average number of common shares used in diluted net income (loss) per common share 35,475 34,904 35,255 35,643 Net income (loss) per common share: Basic $ 0.53 $ 0.25 $ 1.19 $ (4.20) Diluted $ 0.53 $ 0.25 $ 1.17 $ (4.20) Anti-dilutive shares 24 595 47 1,006

SEGMENT INFORMATION

SEGMENT INFORMATION	9 Months Ended
	Sep. 26, 2021
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION Our operating segments and reportable segments are described below: Our PeopleReady reportable segment provides blue-collar, contingent staffing through the PeopleReady operating segment. PeopleReady provides on-demand and skilled labor in a broad range of industries that include construction, manufacturing and logistics, warehousing and distribution, retail, waste and recycling, energy, hospitality, and general labor. Our PeopleManagement reportable segment provides contingent labor and outsourced industrial workforce solutions, primarily on-site at the client’s facility, through the following operating segments, which we have aggregated into one reportable segment in accordance with U.S. GAAP: • PeopleManagement On-Site : On-site management and recruitment for the contingent industrial workforce of manufacturing, warehouse, and distribution facilities; and • PeopleManagement Centerline : Recruitment and management of contingent and dedicated commercial drivers to the transportation and distribution industries. Our PeopleScout reportable segment provides high-volume, permanent employee recruitment process outsourcing, employer branding services and management of outsourced labor service providers through the following operating segments, which we have aggregated into one reportable segment in accordance with U.S. GAAP: • PeopleScout RPO : Outsourced recruitment of permanent employees on behalf of clients and employer branding services; and • PeopleScout MSP : Management of multiple third-party staffing vendors on behalf of clients. The following table presents our revenue disaggregated by major source and segment and a reconciliation of segment revenue from services to total company revenue: Thirteen weeks ended Thirty-nine weeks ended (in thousands) September 26, September 27, September 26, September 27, Revenue from services: Contingent staffing PeopleReady $ 349,056 $ 293,546 $ 908,764 $ 801,991 PeopleManagement 157,789 147,241 461,899 407,516 Human resource outsourcing PeopleScout 70,186 33,743 181,029 118,219 Total company $ 577,031 $ 474,530 $ 1,551,692 $ 1,327,726 The following table presents a reconciliation of segment profit to income (loss) before tax expense (benefit): Thirteen weeks ended Thirty-nine weeks ended (in thousands) September 26, September 27, September 26, September 27, Segment profit: PeopleReady $ 24,690 $ 18,714 $ 54,987 $ 27,002 PeopleManagement 2,360 4,574 8,697 6,063 PeopleScout 9,778 349 24,672 75 Total segment profit 36,828 23,637 88,356 33,140 Corporate unallocated (7,667) (5,968) (20,593) (16,106) Third-party processing fees for hiring tax credits (419) (174) (584) (309) Amortization of software as a service assets (670) (575) (1,989) (1,692) Goodwill and intangible asset impairment charge — — — (175,189) Workforce reduction costs (110) (270) (194) (12,589) COVID-19 government subsidies, net 92 4,071 4,131 7,175 Other benefits (costs) (300) (357) (2,240) 5,548 Depreciation and amortization (6,426) (7,652) (20,405) (24,002) Income (loss) from operations 21,328 12,712 46,482 (184,024) Interest expense and other income, net 581 (174) 1,880 (323) Income (loss) before tax expense (benefit) $ 21,909 $ 12,538 $ 48,362 $ (184,347) Asset information by reportable segment is not presented as we do not manage our segments on a balance sheet basis.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 26, 2021
Accounting Policies [Abstract]
Basis of presentation	Financial statement preparation The accompanying unaudited consolidated financial statements (“financial statements”) of TrueBlue, Inc. (the “company,” “TrueBlue,” “we,” “us,” and “our”) are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and rules and regulations of the Securities and Exchange Commission for interim financial information. Accordingly, certain information and footnote disclosures usually found in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The financial statements reflect all adjustments which, in the opinion of management, are necessary to fairly state the financial statements for the interim periods presented. We follow the same accounting policies for preparing both quarterly and annual financial statements. The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The severity, magnitude and duration, as well as the economic consequences of the coronavirus (“COVID-19”) pandemic, are uncertain and difficult to predict. Therefore, our accounting estimates and assumptions could change materially in future periods. These financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended December 27, 2020. The results of operations for the thirty-nine weeks ended September 26, 2021 are not necessarily indicative of the results expected for the full fiscal year nor for any other fiscal period.
Recently adopted accounting standards and recently issued accounting pronouncements not yet adopted	Recently adopted accounting standards There were no new accounting standards adopted during the thirty-nine weeks ended September 26, 2021 that had an impact on our financial statements. Recently issued accounting standards not yet adopted There are no accounting standards which have not yet been adopted that are expected to have a significant impact on our financial statements and related disclosures.

FAIR VALUE MEASUREMENT (Tables)

FAIR VALUE MEASUREMENT (Tables)	9 Months Ended
	Sep. 26, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements, Recurring and Nonrecurring	Our assets measured at fair value on a recurring basis consisted of the following: September 26, 2021 (in thousands) Total fair value Quoted prices in active markets for identical assets (level 1) Significant other observable inputs (level 2) Significant unobservable inputs (level 3) Cash and cash equivalents $ 49,173 $ 49,173 $ — $ — Restricted cash and cash equivalents 57,170 57,170 — — Cash, cash equivalents and restricted cash (1) $ 106,343 $ 106,343 $ — $ — Municipal debt securities $ 61,255 $ — $ 61,255 $ — Corporate debt securities 73,622 — 73,622 — Agency mortgage-backed securities 200 — 200 — U.S. government and agency securities 1,089 — 1,089 — Restricted investments classified as held-to-maturity (2) $ 136,166 $ — $ 136,166 $ — Deferred compensation investments (3) $ 6,254 $ 6,254 $ — $ — December 27, 2020 (in thousands) Total fair value Quoted prices in active markets for identical assets (level 1) Significant other observable inputs (level 2) Significant unobservable inputs (level 3) Cash and cash equivalents $ 62,507 $ 62,507 $ — $ — Restricted cash and cash equivalents 56,105 56,105 — — Cash, cash equivalents and restricted cash (1) $ 118,612 $ 118,612 $ — $ — Municipal debt securities $ 70,723 $ — $ 70,723 $ — Corporate debt securities 85,937 — 85,937 — Agency mortgage-backed securities 512 — 512 — U.S. government and agency securities 1,124 — 1,124 — Restricted investments classified as held-to-maturity (2) $ 158,296 $ — $ 158,296 $ — Deferred compensation investments (3) $ 5,915 $ 5,915 $ — $ — (1) Cash, cash equivalents and restricted cash include money market funds and deposits. (2) Refer to Note 3 : Restricted Cash and Investments for additional details on our held-to-maturity debt securities. (3) Deferred compensation investments consist of mutual funds and money market funds. Refer to Note 3 : Restricted Cash and Investments for additional details on these investments.

RESTRICTED CASH AND INVESTMEN_2

RESTRICTED CASH AND INVESTMENTS (Tables)	9 Months Ended
	Sep. 26, 2021
Restricted Cash and Investments [Abstract]
Schedule of restricted cash and investments	The following is a summary of the carrying value of our restricted cash and investments: (in thousands) September 26, December 27, Cash collateral held by insurance carriers $ 28,682 $ 26,025 Cash and cash equivalents held in Trust 27,370 29,410 Investments held in Trust 132,127 152,247 Deferred compensation investments 6,254 5,915 Company-owned life insurance policies 28,281 26,267 Other restricted cash and cash equivalents 1,118 670 Total restricted cash and investments $ 223,832 $ 240,534
Schedule of held-to-maturity investments	The amortized cost and estimated fair value of our held-to-maturity investments held in Trust, aggregated by investment category as of September 26, 2021 and December 27, 2020, were as follows: September 26, 2021 (in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Fair value Municipal debt securities $ 58,719 $ 2,536 $ — $ 61,255 Corporate debt securities 72,218 1,585 (181) 73,622 Agency mortgage-backed securities 193 7 — 200 U.S. government and agency securities 997 92 — 1,089 Total held-to-maturity investments $ 132,127 $ 4,220 $ (181) $ 136,166 December 27, 2020 (in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Fair value Municipal debt securities $ 67,287 $ 3,436 $ — $ 70,723 Corporate debt securities 83,467 2,511 (41) 85,937 Agency mortgage-backed securities 493 19 — 512 U.S. government and agency securities 1,000 124 — 1,124 Total held-to-maturity investments $ 152,247 $ 6,090 $ (41) $ 158,296
Schedule of held-to-maturity investments by contractual maturity	The amortized cost and fair value by contractual maturity of our held-to-maturity investments are as follows: September 26, 2021 (in thousands) Amortized cost Fair value Due in one year or less $ 24,342 $ 24,572 Due after one year through five years 103,803 107,368 Due after five years through ten years 3,982 4,226 Total held-to-maturity investments $ 132,127 $ 136,166
Schedule of unrealized gain (loss) on equity investments	Unrealized gains and losses related to these investments still held at September 26, 2021 and September 27, 2020, included in selling, general and administrative expense on our Consolidated Statements of Operations and Comprehensive Income (Loss), were as follows: Thirteen weeks ended Thirty-nine weeks ended (in thousands) September 26, September 27, September 26, September 27, Unrealized gains (losses) $ 391 $ 1,452 $ 2,817 $ (258)

SUPPLEMENTAL BALANCE SHEET IN_2

SUPPLEMENTAL BALANCE SHEET INFORMATION (Tables)	9 Months Ended
	Sep. 26, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Allowance for credit losses	The activity related to the accounts receivable allowance for credit losses was as follows: Thirty-nine weeks ended (in thousands) September 26, September 27, Beginning balance $ 2,921 $ 4,288 Cumulative-effect adjustment (1) — 524 Current period provision 2,881 6,582 Write-offs (1,827) (5,925) Foreign currency translation (11) (22) Ending balance $ 3,964 $ 5,447 (1) As a result of our adoption of the accounting standard for credit losses, we recognized a cumulative-effect adjustment to our accounts receivable allowance for credit losses of $0.5 million as of the beginning of the first quarter of 2020.
Prepaid expenses and other current assets	Prepaid expenses and other current assets (in thousands) September 26, December 27, Prepaid software agreements $ 8,107 $ 8,643 Other prepaid expenses 9,825 8,631 Other current assets 9,226 8,863 Prepaid expenses and other current assets $ 27,158 $ 26,137
Other current liabilities	Other current liabilities (in thousands) September 26, December 27, Deferred revenue $ 6,483 $ 1,167 Other current liabilities 6,139 6,751 Other current liabilities $ 12,622 $ 7,918

WORKERS' COMPENSATION INSURAN_2

WORKERS' COMPENSATION INSURANCE AND RESERVES (Tables)	9 Months Ended
	Sep. 26, 2021
Workers' Compensation Insurance and Reserves [Abstract]
Reconciliation of workers' compensation claims reserve	The following table presents a reconciliation of the undiscounted workers’ compensation reserve to the discounted workers’ compensation reserve for the periods presented: (in thousands) September 26, December 27, Undiscounted workers’ compensation reserve $ 275,398 $ 273,502 Less discount on workers’ compensation reserve 16,829 18,009 Workers’ compensation reserve, net of discount 258,569 255,493 Less current portion 60,936 66,007 Long-term portion $ 197,633 $ 189,486

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Sep. 26, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of workers’ compensation collateral commitments	We have provided our insurance carriers and certain states with commitments in the form and amounts listed below: (in thousands) September 26, December 27, Cash collateral held by workers’ compensation insurance carriers $ 22,786 $ 22,253 Cash and cash equivalents held in Trust 27,370 29,410 Investments held in Trust 132,127 152,247 Letters of credit (1) 6,160 6,095 Surety bonds (2) 21,969 20,616 Total collateral commitments $ 210,412 $ 230,621 (1) We have agreements with certain financial institutions to issue letters of credit as collateral. (2) Our surety bonds are issued by independent insurance companies on our behalf and bear annual fees based on a percentage of the bond, which are determined by each independent surety carrier. These fees do not exceed 2.0% of the bond amount, subject to a minimum charge. The terms of these bonds are subject to review and renewal every one

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	9 Months Ended
	Sep. 26, 2021
Shareholders' Equity [Abstract]
Schedule of Stockholders Equity	Changes in the balance of each component of shareholders’ equity during the reporting periods were as follows: Thirteen weeks ended Thirty-nine weeks ended (in thousands) September 26, September 27, September 26, September 27, Common stock shares Beginning balance 35,510 36,052 35,493 38,593 Purchases and retirement of common stock — (627) — (3,557) Net issuance under equity plans, including tax benefits (55) 48 (72) 387 Stock-based compensation — (23) 34 27 Ending balance 35,455 35,450 35,455 35,450 Common stock amount Beginning balance $ 1 $ 1 $ 1 $ 1 Current period activity — — — — Ending balance 1 1 1 1 Retained earnings Beginning balance 479,567 430,525 452,017 639,210 Net income (loss) 18,642 8,795 41,424 (149,867) Purchases and retirement of common stock (1) — — — (52,346) Net issuance under equity plans, including tax benefits (133) (177) (2,281) (1,597) Stock-based compensation 3,233 2,417 10,149 6,762 Change in accounting standard cumulative-effect adjustment (2) — — — (602) Ending balance 501,309 441,560 501,309 441,560 Accumulated other comprehensive loss Beginning balance, net of tax (14,338) (17,765) (14,828) (13,238) Foreign currency translation adjustment (1,296) 386 (806) (4,141) Ending balance, net of tax (15,634) (17,379) (15,634) (17,379) Total shareholders’ equity ending balance $ 485,676 $ 424,182 $ 485,676 $ 424,182 (1) Under applicable Washington State law, shares purchased are not displayed separately as treasury stock on our Consolidated Balance Sheets and are treated as authorized but unissued shares. It is our accounting policy to first record these purchases as a reduction to our common stock account. Once the common stock account has been reduced to a nominal balance, remaining purchases are recorded as a reduction to our retained earnings. Furthermore, activity in our common stock account related to stock-based compensation is also recorded to retained earnings until such time as the reduction to retained earnings due to stock repurchases has been recovered. (2) As a result of our adoption of the accounting standard for credit losses, we recognized a cumulative-effect adjustment to retained earnings of $0.6 million in the first quarter of 2020.

NET INCOME (LOSS) PER SHARE (Ta

NET INCOME (LOSS) PER SHARE (Tables)	9 Months Ended
	Sep. 26, 2021
Earnings Per Share [Abstract]
Schedule of net income (loss) and diluted common shares	Diluted common shares were calculated as follows: Thirteen weeks ended Thirty-nine weeks ended (in thousands, except per share data) September 26, September 27, September 26, September 27, Net income (loss) $ 18,642 $ 8,795 $ 41,424 $ (149,867) Weighted average number of common shares used in basic net income (loss) per common share 34,873 34,597 34,788 35,643 Dilutive effect of non-vested stock-based awards 602 307 467 — Weighted average number of common shares used in diluted net income (loss) per common share 35,475 34,904 35,255 35,643 Net income (loss) per common share: Basic $ 0.53 $ 0.25 $ 1.19 $ (4.20) Diluted $ 0.53 $ 0.25 $ 1.17 $ (4.20) Anti-dilutive shares 24 595 47 1,006

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	9 Months Ended
	Sep. 26, 2021
Segment Reporting [Abstract]
Schedule of segment information	The following table presents our revenue disaggregated by major source and segment and a reconciliation of segment revenue from services to total company revenue: Thirteen weeks ended Thirty-nine weeks ended (in thousands) September 26, September 27, September 26, September 27, Revenue from services: Contingent staffing PeopleReady $ 349,056 $ 293,546 $ 908,764 $ 801,991 PeopleManagement 157,789 147,241 461,899 407,516 Human resource outsourcing PeopleScout 70,186 33,743 181,029 118,219 Total company $ 577,031 $ 474,530 $ 1,551,692 $ 1,327,726 The following table presents a reconciliation of segment profit to income (loss) before tax expense (benefit): Thirteen weeks ended Thirty-nine weeks ended (in thousands) September 26, September 27, September 26, September 27, Segment profit: PeopleReady $ 24,690 $ 18,714 $ 54,987 $ 27,002 PeopleManagement 2,360 4,574 8,697 6,063 PeopleScout 9,778 349 24,672 75 Total segment profit 36,828 23,637 88,356 33,140 Corporate unallocated (7,667) (5,968) (20,593) (16,106) Third-party processing fees for hiring tax credits (419) (174) (584) (309) Amortization of software as a service assets (670) (575) (1,989) (1,692) Goodwill and intangible asset impairment charge — — — (175,189) Workforce reduction costs (110) (270) (194) (12,589) COVID-19 government subsidies, net 92 4,071 4,131 7,175 Other benefits (costs) (300) (357) (2,240) 5,548 Depreciation and amortization (6,426) (7,652) (20,405) (24,002) Income (loss) from operations 21,328 12,712 46,482 (184,024) Interest expense and other income, net 581 (174) 1,880 (323) Income (loss) before tax expense (benefit) $ 21,909 $ 12,538 $ 48,362 $ (184,347)

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Millions	Sep. 15, 2021USD ($)
Accounting Policies [Abstract]
Payment of deferred employer payroll taxes in full	$ 59.9

FAIR VALUE MEASUREMENT - Fair V

FAIR VALUE MEASUREMENT - Fair Value Measurement (Details) - USD ($) $ in Thousands	Sep. 26, 2021	Dec. 27, 2020	Sep. 27, 2020	Dec. 29, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash, cash equivalents, restricted cash and restricted cash equivalents	$ 106,343	$ 118,612	$ 76,215	$ 92,371
Restricted investments classified as held-to-maturity	136,166	158,296
Deferred compensation investments	6,254	5,915
Municipal debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	61,255	70,723
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	73,622	85,937
Agency mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	200	512
U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	1,089	1,124
Fair value, recurring | Total fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	49,173	62,507
Fair value, recurring | Total fair value | Restricted assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash and cash equivalents	57,170	56,105
Cash, cash equivalents, restricted cash and restricted cash equivalents	106,343	118,612
Restricted investments classified as held-to-maturity	136,166	158,296
Deferred compensation investments	6,254	5,915
Fair value, recurring | Total fair value | Restricted assets | Municipal debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	61,255	70,723
Fair value, recurring | Total fair value | Restricted assets | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	73,622	85,937
Fair value, recurring | Total fair value | Restricted assets | Agency mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	200	512
Fair value, recurring | Total fair value | Restricted assets | U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	1,089	1,124
Fair value, recurring | Quoted prices in active markets for identical assets (level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	49,173	62,507
Fair value, recurring | Quoted prices in active markets for identical assets (level 1) | Restricted assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash and cash equivalents	57,170	56,105
Cash, cash equivalents, restricted cash and restricted cash equivalents	106,343	118,612
Restricted investments classified as held-to-maturity	0	0
Deferred compensation investments	6,254	5,915
Fair value, recurring | Quoted prices in active markets for identical assets (level 1) | Restricted assets | Municipal debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	0	0
Fair value, recurring | Quoted prices in active markets for identical assets (level 1) | Restricted assets | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	0	0
Fair value, recurring | Quoted prices in active markets for identical assets (level 1) | Restricted assets | Agency mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	0	0
Fair value, recurring | Quoted prices in active markets for identical assets (level 1) | Restricted assets | U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	0	0
Fair value, recurring | Significant other observable inputs (level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Fair value, recurring | Significant other observable inputs (level 2) | Restricted assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash and cash equivalents	0	0
Cash, cash equivalents, restricted cash and restricted cash equivalents	0	0
Restricted investments classified as held-to-maturity	136,166	158,296
Deferred compensation investments	0	0
Fair value, recurring | Significant other observable inputs (level 2) | Restricted assets | Municipal debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	61,255	70,723
Fair value, recurring | Significant other observable inputs (level 2) | Restricted assets | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	73,622	85,937
Fair value, recurring | Significant other observable inputs (level 2) | Restricted assets | Agency mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	200	512
Fair value, recurring | Significant other observable inputs (level 2) | Restricted assets | U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	1,089	1,124
Fair value, recurring | Significant unobservable inputs (level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Fair value, recurring | Significant unobservable inputs (level 3) | Restricted assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash and cash equivalents	0	0
Cash, cash equivalents, restricted cash and restricted cash equivalents	0	0
Restricted investments classified as held-to-maturity	0	0
Deferred compensation investments	0	0
Fair value, recurring | Significant unobservable inputs (level 3) | Restricted assets | Municipal debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	0	0
Fair value, recurring | Significant unobservable inputs (level 3) | Restricted assets | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	0	0
Fair value, recurring | Significant unobservable inputs (level 3) | Restricted assets | Agency mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	0	0
Fair value, recurring | Significant unobservable inputs (level 3) | Restricted assets | U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	$ 0	$ 0

RESTRICTED CASH AND INVESTMEN_3

RESTRICTED CASH AND INVESTMENTS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2021	Sep. 27, 2020	Sep. 26, 2021	Sep. 27, 2020	Dec. 27, 2020
Restricted Cash and Investments [Line Items]
Cash collateral held by insurance carriers	$ 28,682		$ 28,682		$ 26,025
Cash and cash equivalents held in Trust	27,370		27,370		29,410
Investments held in Trust	132,127		132,127		152,247
Deferred compensation investments	6,254		6,254		5,915
Company owned life insurance policies	28,281		28,281		26,267
Other restricted cash and cash equivalents	1,118		1,118		670
Restricted cash and investments	223,832		223,832		240,534
Held-to-maturity Securities, Reconciliation to Fair Value [Abstract]
Amortized cost of held-to-maturity investments	132,127		132,127		152,247
Gross unrealized gains	4,220		4,220		6,090
Gross unrealized losses	(181)		(181)		(41)
Fair value	136,166		136,166		158,296
Held-to-maturity securities, amortized cost [Abstract]
Amortized cost of held-to-maturity investments	132,127		132,127		152,247
Held-to-maturity securities, fair value [Abstract]
Fair value	136,166		136,166		158,296
Unrealized gains (losses) on Investments	391	$ (1,452)	(2,817)	$ (258)
Municipal debt securities
Held-to-maturity Securities, Reconciliation to Fair Value [Abstract]
Amortized cost of held-to-maturity investments	58,719		58,719		67,287
Gross unrealized gains	2,536		2,536		3,436
Gross unrealized losses	0		0		0
Fair value	61,255		61,255		70,723
Held-to-maturity securities, amortized cost [Abstract]
Amortized cost of held-to-maturity investments	58,719		58,719		67,287
Held-to-maturity securities, fair value [Abstract]
Fair value	61,255		61,255		70,723
Corporate debt securities
Held-to-maturity Securities, Reconciliation to Fair Value [Abstract]
Amortized cost of held-to-maturity investments	72,218		72,218		83,467
Gross unrealized gains	1,585		1,585		2,511
Gross unrealized losses	(181)		(181)		(41)
Fair value	73,622		73,622		85,937
Held-to-maturity securities, amortized cost [Abstract]
Amortized cost of held-to-maturity investments	72,218		72,218		83,467
Held-to-maturity securities, fair value [Abstract]
Fair value	73,622		73,622		85,937
Agency mortgage-backed securities
Held-to-maturity Securities, Reconciliation to Fair Value [Abstract]
Amortized cost of held-to-maturity investments	193		193		493
Gross unrealized gains	7		7		19
Gross unrealized losses	0		0		0
Fair value	200		200		512
Held-to-maturity securities, amortized cost [Abstract]
Amortized cost of held-to-maturity investments	193		193		493
Held-to-maturity securities, fair value [Abstract]
Fair value	200		200		512
U.S. government and agency securities
Held-to-maturity Securities, Reconciliation to Fair Value [Abstract]
Amortized cost of held-to-maturity investments	997		997		1,000
Gross unrealized gains	92		92		124
Gross unrealized losses	0		0		0
Fair value	1,089		1,089		1,124
Held-to-maturity securities, amortized cost [Abstract]
Amortized cost of held-to-maturity investments	997		997		1,000
Held-to-maturity securities, fair value [Abstract]
Fair value	1,089		1,089		$ 1,124
Restricted cash and investments
Held-to-maturity Securities, Reconciliation to Fair Value [Abstract]
Amortized cost of held-to-maturity investments	132,127		132,127
Fair value	136,166		136,166
Held-to-maturity securities, amortized cost [Abstract]
Due in one year or less	24,342		24,342
Due after one year through five years	103,803		103,803
Due after five years through ten years	3,982		3,982
Amortized cost of held-to-maturity investments	132,127		132,127
Held-to-maturity securities, fair value [Abstract]
Due in one year or less	24,572		24,572
Due after one year through five years	107,368		107,368
Due after five years through ten years	4,226		4,226
Fair value	$ 136,166		$ 136,166

SUPPLEMENTAL BALANCE SHEET IN_3

SUPPLEMENTAL BALANCE SHEET INFORMATION - Allowance for credit losses (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 26, 2021	Sep. 27, 2020	Dec. 27, 2020	Dec. 29, 2019
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 3,964	$ 5,447	$ 2,921	$ 4,288
Provision for credit losses	2,881	6,582
Write-offs	(1,827)	(5,925)
Foreign currency translation	(11)	(22)
Ending balance	$ 3,964	$ 5,447
Cumulative-effect adjustment
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance				$ 524

SUPPLEMENTAL BALANCE SHEET IN_4

SUPPLEMENTAL BALANCE SHEET INFORMATION - Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands	Sep. 26, 2021	Dec. 27, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid software agreements	$ 8,107	$ 8,643
Other prepaid expenses	9,825	8,631
Other current assets	9,226	8,863
Prepaid expenses and other current assets	$ 27,158	$ 26,137

SUPPLEMENTAL BALANCE SHEET IN_5

SUPPLEMENTAL BALANCE SHEET INFORMATION - Other current liabilities (Details) - USD ($) $ in Thousands	Sep. 26, 2021	Dec. 27, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Deferred revenue	$ 6,483	$ 1,167
Other current liabilities	6,139	6,751
Other current liabilities	$ 12,622	$ 7,918

WORKERS' COMPENSATION INSURAN_3

WORKERS' COMPENSATION INSURANCE AND RESERVES - Reconciliation of Workers' Compensation Claims Reserve (Details) - USD ($) $ in Thousands	Sep. 26, 2021	Dec. 27, 2020
Workers' Compensation Insurance and Reserves [Abstract]
Undiscounted workers’ compensation reserve	$ 275,398	$ 273,502
Less discount on workers’ compensation reserve	16,829	18,009
Workers' compensation reserve, net of discount	258,569	255,493
Less current portion	60,936	66,007
Long-term portion	$ 197,633	$ 189,486

WORKERS' COMPENSATION INSURAN_4

WORKERS' COMPENSATION INSURANCE AND RESERVES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 26, 2021	Sep. 27, 2020	Sep. 26, 2021	Sep. 27, 2020	Dec. 27, 2020
Workers' Compensation Deductible Limit [Line Items]
Workers' compensation claim deductible limit			$ 2
Weighted average period for claim payments below deductible limit			5 years 6 months
Payments made against self-insured claims			$ 32	$ 40.6
Weighted average period for claim payments and receivables above deductible limit			17 years
Workers' compensation reserve for excess claims	$ 60.6		$ 60.6		$ 54
Worker's compensation receivable for excess claims	59.2		59.2		$ 52.9
Workers compensation expense	$ 13.3	$ 14.4	$ 32.7	$ 38
Below limit
Workers' Compensation Deductible Limit [Line Items]
Workers' compensation discount			1.60%		1.80%
Above Limit
Workers' Compensation Deductible Limit [Line Items]
Workers' compensation discount			1.60%		1.30%

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 26, 2021	Dec. 27, 2020
Workers' Compensation Commitments [Line Items]
Cash collateral held by workers’ compensation insurance carriers	$ 22,786	$ 22,253
Cash and cash equivalents held in Trust	27,370	29,410
Investments held in Trust	132,127	152,247
Letters of credit	6,160	6,095
Surety bonds	21,969	20,616
Total collateral commitments	$ 210,412	$ 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

SHAREHOLDERS' EQUITY (Details)

SHAREHOLDERS' EQUITY (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2021	Sep. 27, 2020	Sep. 26, 2021	Sep. 27, 2020	Dec. 27, 2020	Dec. 29, 2019
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)			35,493
Ending balance (in shares)	35,455		35,455
Beginning balance			$ 437,190
Net income (loss)	$ 18,642	$ 8,795	41,424	$ (149,867)
Change in accounting standard cumulative-effect adjustment	501,309		501,309		$ 452,017
Foreign currency translation adjustment	(1,296)	386	(806)	(4,141)
Ending balance, net of tax	$ 485,676	$ 424,182	$ 485,676	$ 424,182
Common stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	35,510	36,052	35,493	38,593
Purchases and retirement of common stock (in shares)	0	627	0	3,557
Net issuances under equity plans, including tax benefits (in shares)	(55)	48	(72)	387
Stock-based compensation (in shares)	0	(23)	34	27
Ending balance (in shares)	35,455	35,450	35,455	35,450
Beginning balance	$ 1	$ 1	$ 1	$ 1
Ending balance, net of tax	1	1	1	1
Retained earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	479,567	430,525	452,017	639,210
Net income (loss)	18,642	8,795	41,424	(149,867)
Purchases and retirement of common stock	0	0	0	(52,346)
Net issuance under equity plans, including tax benefits	(133)	(177)	(2,281)	(1,597)
Stock-based compensation	3,233	2,417	10,149	6,762
Ending balance, net of tax	501,309	441,560	501,309	441,560
Retained earnings | Cumulative-effect adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Change in accounting standard cumulative-effect adjustment						$ (602)
Accumulated other comprehensive loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(14,338)	(17,765)	(14,828)	(13,238)
Foreign currency translation adjustment	(1,296)	386	(806)	(4,141)
Ending balance, net of tax	$ (15,634)	$ (17,379)	$ (15,634)	$ (17,379)

INCOME TAXES (Details)

INCOME TAXES (Details)	9 Months Ended
	Sep. 26, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate	14.30%
Statutory federal income tax rate	21.00%

NET INCOME (LOSS) PER SHARE (De

NET INCOME (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2021	Sep. 27, 2020	Sep. 26, 2021	Sep. 27, 2020
Earnings Per Share [Abstract]
Net income (loss)	$ 18,642	$ 8,795	$ 41,424	$ (149,867)
Weighted average number of common shares used in basic net income (loss) per common share	34,873	34,597	34,788	35,643
Dilutive effect of non-vested stock-based awards	602	307	467	0
Weighted average number of common shares used in diluted net income (loss) per common share	35,475	34,904	35,255	35,643
Net income (loss) per common share:
Basic (in dollars per share)	$ 0.53	$ 0.25	$ 1.19	$ (4.20)
Diluted (in dollars per share)	$ 0.53	$ 0.25	$ 1.17	$ (4.20)
Anti-dilutive shares	24	595	47	1,006

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2021	Sep. 27, 2020	Sep. 26, 2021	Sep. 27, 2020
Segment Reporting Information [Line Items]
Revenue	$ 577,031	$ 474,530	$ 1,551,692	$ 1,327,726
Segment profit	36,828	23,637	88,356	33,140
Third-party processing fees for hiring tax credits	(419)	(174)	(584)	(309)
Amortization of software as a service assets	(670)	(575)	(1,989)	(1,692)
Goodwill and intangible asset impairment charge	0	0	0	(175,189)
Workforce reduction costs	(110)	(270)	(194)	(12,589)
COVID-19 government subsidies, net	92	4,071	4,131	7,175
Other benefits (costs)	(300)	(357)	(2,240)	5,548
Depreciation and amortization	(6,426)	(7,652)	(20,405)	(24,002)
Income (loss) from operations	21,328	12,712	46,482	(184,024)
Interest expense and other income, net	581	(174)	1,880	(323)
Income (loss) before tax expense (benefit)	21,909	12,538	48,362	(184,347)
PeopleReady
Segment Reporting Information [Line Items]
Segment profit	24,690	18,714	54,987	27,002
PeopleManagement
Segment Reporting Information [Line Items]
Segment profit	2,360	4,574	8,697	6,063
PeopleScout
Segment Reporting Information [Line Items]
Segment profit	9,778	349	24,672	75
Corporate unallocated
Segment Reporting Information [Line Items]
Corporate unallocated	(7,667)	(5,968)	(20,593)	(16,106)
Contingent staffing | PeopleReady
Segment Reporting Information [Line Items]
Revenue	349,056	293,546	908,764	801,991
Contingent staffing | PeopleManagement
Segment Reporting Information [Line Items]
Revenue	157,789	147,241	461,899	407,516
Human resource outsourcing | PeopleScout
Segment Reporting Information [Line Items]
Revenue	$ 70,186	$ 33,743	$ 181,029	$ 118,219