TrueBlue (TBI) 10-Q 25 Apr 22 2022 Q1 Quarterly report Financial data

COVER PAGE

COVER PAGE - shares	3 Months Ended
	Mar. 27, 2022	Apr. 14, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 27, 2022
Document Transition Report	false
Entity File Number	001-14543
Entity Registrant Name	TrueBlue, Inc.
Entity Incorporation, State or Country Code	WA
Entity Tax Identification Number	91-1287341
Entity Address, Address Line One	1015 A Street
Entity Address, City or Town	Tacoma
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98402
City Area Code	253
Local Phone Number	383-9101
Title of 12(b) Security	Common stock, no par value
Trading Symbol	TBI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Common Stock Shares Outstanding (in shares)		33,271,632
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000768899
Current Fiscal Year End Date	--12-25

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 27, 2022	Dec. 26, 2021
Current assets:
Cash and cash equivalents	$ 36,720	$ 49,896
Accounts receivable, net of allowance of $4,885 and $6,687	325,197	353,882
Prepaid expenses and other current assets	25,667	31,614
Income tax receivable	10,765	9,681
Total current assets	398,349	445,073
Property and equipment, net	87,751	88,090
Restricted cash and investments	216,163	221,026
Deferred income taxes, net	28,096	29,330
Goodwill	94,716	94,538
Intangible assets, net	20,667	22,211
Operating lease right-of-use assets, net	55,735	55,197
Workers’ compensation claims receivable, net	62,816	61,386
Other assets, net	16,626	16,375
Total assets	980,919	1,033,226
Current liabilities:
Accounts payable and other accrued expenses	63,544	77,172
Accrued wages and benefits	81,142	100,173
Current portion of workers’ compensation claims reserve	58,890	61,596
Current operating lease liabilities	12,581	12,097
Other current liabilities	9,740	7,508
Total current liabilities	225,897	258,546
Workers’ compensation claims reserve, less current portion	197,472	194,598
Long-term debt, less current portion	4,000	0
Long-term deferred compensation liabilities	27,951	28,806
Long-term operating lease liabilities	54,923	54,927
Other long-term liabilities	3,125	3,282
Total liabilities	513,368	540,159
Commitments and contingencies (Note 7)
Shareholders’ equity:
Preferred stock, $0.131 par value, 20,000 shares authorized; No shares issued and outstanding	0	0
Common stock, no par value, 100,000 shares authorized; 33,608 and 34,861 shares issued and outstanding	1	1
Accumulated other comprehensive loss	(15,620)	(15,747)
Retained earnings	483,170	508,813
Total shareholders’ equity	467,551	493,067
Total liabilities and shareholders’ equity	$ 980,919	$ 1,033,226

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Mar. 27, 2022	Dec. 26, 2021
Statement of Financial Position [Abstract]
Allowance for credit loss	$ 4,885	$ 6,687
Preferred stock, par value (in dollars per share)	$ 0.131	$ 0.131
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	33,608,000	34,861,000
Common stock, shares outstanding (in shares)	33,608,000	34,861,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS & COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 27, 2022	Mar. 28, 2021
Income Statement [Abstract]
Revenue from services	$ 551,515	$ 458,706
Cost of services	411,670	348,132
Gross profit	139,845	110,574
Selling, general and administrative expense	120,568	97,401
Depreciation and amortization	7,287	6,962
Income (loss) from operations	11,990	6,211
Interest and other income (expense), net	505	575
Income before tax expense (benefit)	12,495	6,786
Income tax expense (benefit)	1,976	(112)
Net income	$ 10,519	$ 6,898
Net income (loss) per common share:
Basic (in dollars per share)	$ 0.31	$ 0.20
Diluted (in dollars per share)	$ 0.30	$ 0.20
Weighted average shares outstanding:
Basic (in shares)	33,929	34,674
Diluted (in shares)	34,544	35,066
Other Comprehensive Income (Loss):
Foreign currency translation adjustment	$ 127	$ 496
Comprehensive income (loss)	$ 10,646	$ 7,394

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 27, 2022	Mar. 28, 2021
Cash flows from operating activities:
Net income	$ 10,519	$ 6,898
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	7,287	6,962
Provision for credit losses	989	207
Stock-based compensation	3,812	3,343
Deferred income taxes	1,258	(5,002)
Non-cash lease expense	3,281	3,920
Other operating activities	2,608	(438)
Changes in operating assets and liabilities:
Accounts receivable	27,702	18,025
Income tax receivable	(1,252)	4,910
Operating lease right-of-use asset	0	3,501
Other assets	4,267	(4,578)
Accounts payable and other accrued expenses	(13,257)	(9,633)
Accrued wages and benefits	(19,031)	4,249
Workers’ compensation claims reserve	168	(1,499)
Operating lease liabilities	(3,319)	(3,320)
Other liabilities	1,410	338
Net cash provided by operating activities	26,442	27,883
Cash flows from investing activities:
Capital expenditures	(5,779)	(10,003)
Purchases of restricted available-for-sale investments	0	(14)
Sales of restricted available-for-sale investments	0	452
Maturities of restricted held-to-maturity investments	6,034	6,371
Net cash provided by (used in) investing activities	255	(3,194)
Cash flows from financing activities:
Purchases and retirement of common stock	(36,326)	0
Net proceeds from employee stock purchase plans	319	255
Common stock repurchases for taxes upon vesting of restricted stock	(3,970)	(2,555)
Net change in revolving credit facility	4,000	0
Other	(72)	(94)
Net cash used in financing activities	(36,049)	(2,394)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(57)	262
Net change in cash, cash equivalents and restricted cash	(9,409)	22,557
Cash, cash equivalents and restricted cash, beginning of period	103,185	118,612
Cash, cash equivalents and restricted cash, end of period	93,776	141,169
Supplemental Disclosure of Cash Flow Information [Abstract]
Interest	193	477
Income taxes	1,878	(20)
Operating lease liabilities	4,093	4,142
Property and equipment purchased but not yet paid	3,159	702
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 3,948	$ 1,453

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 27, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Financial statement preparation The accompanying unaudited consolidated financial statements (“financial statements”) of TrueBlue, Inc. (the “company,” “TrueBlue,” “we,” “us,” and “our”) are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and rules and regulations of the Securities and Exchange Commission for interim financial information. Accordingly, certain information and footnote disclosures usually found in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The financial statements reflect all adjustments which, in the opinion of management, are necessary to fairly state the financial statements for the interim periods presented. We follow the same accounting policies for preparing both quarterly and annual financial statements. The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The severity, magnitude and duration, as well as the economic consequences of the coronavirus (“COVID-19”) pandemic, are uncertain and difficult to predict. Therefore, our accounting estimates and assumptions could change materially in future periods. These financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended December 26, 2021. The results of operations for the thirteen weeks ended March 27, 2022 are not necessarily indicative of the results expected for the full fiscal year nor for any other fiscal period. Recently adopted accounting standards There were no new accounting standards adopted during the thirteen weeks ended March 27, 2022 that had an impact on our financial statements. Recently issued accounting standards not yet adopted There are no accounting standards which have not yet been adopted that are expected to have a significant impact on our financial statements and related disclosures.

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT	3 Months Ended
	Mar. 27, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENT	FAIR VALUE MEASUREMENT Assets measured at fair value on a recurring basis Our assets measured at fair value on a recurring basis consisted of the following: March 27, 2022 (in thousands) Total fair 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 $ 36,720 $ 36,720 $ — $ — Restricted cash and cash equivalents 57,056 57,056 — — Cash, cash equivalents and restricted cash (1) 93,776 93,776 — — Municipal debt securities 56,155 — 56,155 — Corporate debt securities 69,680 — 69,680 — Agency mortgage-backed securities 112 — 112 — U.S. government and agency securities 1,004 — 1,004 — Restricted investments classified as held-to-maturity (2) $ 126,951 $ — $ 126,951 $ — December 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 $ 49,896 $ 49,896 $ — $ — Restricted cash and cash equivalents 53,289 53,289 — — Cash, cash equivalents and restricted cash (1) 103,185 103,185 — — Municipal debt securities 58,505 — 58,505 — Corporate debt securities 78,357 — 78,357 — Agency mortgage-backed securities 152 — 152 — U.S. government and agency securities 1,070 — 1,070 — Restricted investments classified as held-to-maturity (2) $ 138,084 $ — $ 138,084 $ — (1) Cash, cash equivalents and restricted cash include money market funds and deposits. (2) Refer to Note 3 : Restricted Cash and Investments for additional details on our held-to-maturity debt securities.

RESTRICTED CASH AND INVESTMENTS

RESTRICTED CASH AND INVESTMENTS	3 Months Ended
	Mar. 27, 2022
Restricted Cash and Investments [Abstract]
RESTRICTED CASH AND INVESTMENTS	RESTRICTED CASH AND INVESTMENTS The following is a summary of the carrying value of our restricted cash and investments: (in thousands) March 27, December 26, Cash collateral held by insurance carriers $ 29,133 $ 28,957 Cash and cash equivalents held in Trust 25,550 21,590 Investments held in Trust 128,798 135,419 Company-owned life insurance policies 30,309 32,318 Other restricted cash and cash equivalents 2,373 2,742 Total restricted cash and investments $ 216,163 $ 221,026 Held-to-maturity Restricted cash and investments include collateral that has been provided or pledged to insurance carriers for workers’ compensation and state workers’ compensation programs. Our insurance carriers and certain state workers’ compensation programs require us to collateralize a portion of our workers’ compensation obligation. The collateral typically takes the form of cash and cash equivalents and highly rated investment grade securities, primarily in debt and asset-backed securities. The majority of our collateral obligations are held in a trust at the Bank of New York Mellon (“Trust”). The amortized cost and estimated fair value of our held-to-maturity investments held in Trust, aggregated by investment category as of March 27, 2022 and December 26, 2021, were as follows: March 27, 2022 (in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Fair value Municipal debt securities $ 55,956 $ 354 $ (155) $ 56,155 Corporate debt securities 71,732 119 (2,171) 69,680 Agency mortgage-backed securities 113 — (1) 112 U.S. government and agency securities 997 7 — 1,004 Total held-to-maturity investments $ 128,798 $ 480 $ (2,327) $ 126,951 December 26, 2021 (in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Fair value Municipal debt securities $ 56,346 $ 2,159 $ — $ 58,505 Corporate debt securities 77,925 995 (563) 78,357 Agency mortgage-backed securities 148 4 — 152 U.S. government and agency securities 1,000 70 — 1,070 Total held-to-maturity investments $ 135,419 $ 3,228 $ (563) $ 138,084 The amortized cost and fair value by contractual maturity of our held-to-maturity investments are as follows: March 27, 2022 (in thousands) Amortized cost Fair value Due in one year or less $ 19,778 $ 19,833 Due after one year through five years 108,002 106,204 Due after five years through ten years 1,018 914 Total held-to-maturity investments $ 128,798 $ 126,951 Actual maturities may differ from contractual maturities because the issuers of certain debt securities have the right to call or prepay their obligations without penalty. We have no significant concentrations of counterparties in our held-to-maturity investment portfolio. Deferred compensation investments and company-owned life insurance policies We hold company-owned life insurance policies to support our deferred compensation liability. During the year ended December 26, 2021, we also held mutual funds and money market funds. As of December 26, 2021, all of the mutual funds and money market funds were converted into company-owned life insurance policies. Unrealized gains and losses related to investments still held at March 27, 2022 and March 28, 2021, which are included in selling, general and administrative expense on our Consolidated Statements of Operations and Comprehensive Income, were as follows: Thirteen weeks ended (in thousands) March 27, March 28, Unrealized gains (losses) $ (2,011) $ 877

SUPPLEMENTAL BALANCE SHEET INFO

SUPPLEMENTAL BALANCE SHEET INFORMATION	3 Months Ended
	Mar. 27, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
SUPPLEMENTAL BALANCE SHEET INFORMATION	SUPPLEMENTAL BALANCE SHEET INFORMATION Accounts receivable allowance for credit losses The activity related to the accounts receivable allowance for credit losses was as follows: Thirteen weeks ended (in thousands) March 27, March 28, Beginning balance $ 6,687 $ 2,921 Current period provision 989 207 Write-offs (2,784) (669) Foreign currency translation (7) 3 Ending balance $ 4,885 $ 2,462 Prepaid expenses and other current assets (in thousands) March 27, December 26, Prepaid software agreements $ 9,560 $ 10,078 Other prepaid expenses 9,750 8,858 Other current assets 6,357 12,678 Prepaid expenses and other current assets $ 25,667 $ 31,614

WORKERS' COMPENSATION INSURANCE

WORKERS' COMPENSATION INSURANCE AND RESERVES	3 Months Ended
	Mar. 27, 2022
Workers' Compensation Insurance and Reserves [Abstract]
WORKERS' COMPENSATION INSURANCE AND RESERVES	WORKERS’ COMPENSATION INSURANCE AND RESERVES We provide workers’ compensation insurance for our associates and permanent employees. The majority of our current workers’ compensation insurance policies cover claims for a particular event above a $2.0 million deductible limit, on a “per occurrence” basis. This results in our being substantially self-insured. Our workers’ compensation reserve for claims below the deductible limit is discounted to its estimated net present value using discount rates based on average returns of “risk-free” U.S. Treasury instruments available during the year in which the liability was incurred. The weighted average discount rate was 1.6% at March 27, 2022 and December 26, 2021. Payments made against self-insured claims are made over a weighted average period of approximately 5.5 years as of March 27, 2022. The following table presents a reconciliation of the undiscounted workers’ compensation reserve to the discounted workers’ compensation reserve for the periods presented: (in thousands) March 27, December 26, Undiscounted workers’ compensation reserve $ 272,724 $ 273,000 Less discount on workers’ compensation reserve 16,362 16,806 Workers’ compensation reserve, net of discount 256,362 256,194 Less current portion 58,890 61,596 Long-term portion $ 197,472 $ 194,598 Payments made against self-insured claims were $9.7 million and $11.2 million for the thirteen weeks ended March 27, 2022 and March 28, 2021, respectively. Our workers’ compensation reserve includes estimated expenses related to claims above our self-insured limits (“excess claims”), and we record a corresponding receivable for the insurance coverage on excess claims based on the contractual policy agreements we have with insurance carriers. We discount this reserve and corresponding receivable to its estimated net present value using the discount rates based on average returns of “risk-free” U.S. Treasury instruments available during the year in which the liability was incurred. The rates used to discount excess claims incurred during the thirteen weeks ended March 27, 2022 and fifty-two weeks ended December 26, 2021 were 1.9% and 1.8%, respectively. The claim payments are made and the corresponding reimbursements from our insurance carriers are received over an estimated weighted average period of approximately 17.0 years. The discounted workers’ compensation reserve for excess claims was $64.0 million and $62.7 million, as of March 27, 2022 and December 26, 2021, respectively. The discounted receivables from insurance companies, net of valuation allowance, were $62.8 million and $61.4 million as of March 27, 2022 and December 26, 2021, respectively. Workers’ compensation cost consists primarily of changes in self-insurance reserves net of changes in discount, monopolistic jurisdictions’ premiums, insurance premiums and other miscellaneous expenses. Workers’ compensation cost of $11.3 million and $10.1 million was recorded in cost of services on our Consolidated Statements of Operations and Comprehensive Income for the thirteen weeks ended March 27, 2022 and March 28, 2021, respectively.

LONG-TERM DEBT

LONG-TERM DEBT	3 Months Ended
	Mar. 27, 2022
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBTWe have a revolving credit agreement with Bank of America, N.A., Wells Fargo Bank, N.A., PNC Bank, N.A., KeyBank, N.A. and HSBC Bank USA, N.A., which provides for a revolving line of credit of up to $300.0 million, and is currently set to mature on March 16, 2025 (“Revolving Credit Facility”). We have an option to increase the amount to $450.0 million, subject to lender approval. Included in the Revolving Credit Facility is a $30.0 million sub-limit for “Swingline” loans and a $125.0 million sub-limit for letters of credit. At March 27, 2022, $4.0 million was drawn on the Revolving Credit Facility as a Swingline loan and $6.2 million was utilized by outstanding standby letters of credit, leaving $289.8 million unused under the Revolving Credit Facility. At December 26, 2021, $6.2 million was utilized by outstanding standby letters of credit. Under the terms of the Revolving Credit Facility, we pay a variable rate of interest on funds borrowed under the revolving line of credit in excess of the Swingline loans, based on the U.S. Dollar London Interbank Offered Rate (“LIBOR”) plus an applicable spread between 1.25% and 3.50%. Alternatively, at our option, we may pay interest based on a base rate plus an applicable spread between 0.25% and 1.50%. The base rate is the greater of the prime rate (as announced by Bank of America), or the federal funds rate plus 0.50%. The applicable spread is determined by the consolidated leverage ratio, as defined in the Revolving Credit Facility. Under the terms of the Revolving Credit Facility, we are required to pay a variable rate of interest on funds borrowed under the Swingline loan based on the base rate plus applicable spread between 0.25% and 1.50%, as described above. At March 27, 2022, the applicable spread on the base rate was 0.25% and the base rate was 3.50%, resulting in an interest rate of 3.75%. A commitment fee between 0.25% and 0.50% is applied against the Revolving Credit Facility’s unused borrowing capacity, with the specific rate determined by the consolidated leverage ratio, as defined in the second amendment to our credit agreement. Letters of credit are priced at a margin between 1.00% and 3.25%, plus a fronting fee of 0.50%. Obligations under the Revolving Credit Facility are guaranteed by TrueBlue and material U.S. domestic subsidiaries, and are secured by substantially all of the assets of TrueBlue and material U.S. domestic subsidiaries. The second amendment to our credit agreement contains customary representations and warranties, events of default, and affirmative and negative covenants, including, among others, financial covenants. The following financial covenants, as defined in the second amendment to our credit agreement, were in effect as of March 27, 2022: • Consolidated leverage ratio less than 3.00, defined as our funded indebtedness divided by trailing twelve months consolidated EBITDA, as defined in the amended credit agreement. As of March 27, 2022, our consolidated leverage ratio was 0.08. • Consolidated fixed charge coverage ratio greater than 1.25, defined as the trailing twelve months bank-adjusted cash flow divided by cash interest expense. As of March 27, 2022, our consolidated fixed charge ratio was 88.61. As of March 27, 2022, we were in compliance with all effective covenants related to the Revolving Credit Facility.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 27, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Workers’ compensation commitments We have provided our insurance carriers and certain states with commitments in the form and amounts listed below: (in thousands) March 27, December 26, Cash collateral held by workers’ compensation insurance carriers $ 23,229 $ 23,056 Cash and cash equivalents held in Trust 25,550 21,590 Investments held in Trust 128,798 135,419 Letters of credit (1) 6,160 6,160 Surety bonds (2) 21,919 21,969 Total collateral commitments $ 205,656 $ 208,194 (1) We have agreements with certain financial institutions to issue letters of credit as collateral. (2) Our surety bonds are issued by independent insurance companies on our behalf and bear annual fees based on a percentage of the bond, which are determined by each independent surety carrier. These fees do not exceed 2.0% of the bond amount, subject to a minimum charge. The terms of these bonds are subject to review and renewal every one Legal contingencies and developments We are involved in various proceedings arising in the normal course of conducting business. We believe the liabilities included in our financial statements reflect the probable loss that can be reasonably estimated and are immaterial. We also believe that the aggregate range of reasonably possible losses for the Company's exposure in excess of the amount accrued is expected to be immaterial to the Company. It remains possible that despite our current belief, material differences in actual outcomes or changes in management's evaluation or predictions could arise that could have a material effect on the Company's financial condition, results of operations or cash flows.

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	3 Months Ended
	Mar. 27, 2022
Shareholders' Equity [Abstract]
SHAREHOLDER’S EQUITY	SHAREHOLDERS’ EQUITY Changes in the balance of each component of shareholders’ equity during the reporting periods were as follows: Thirteen weeks ended (in thousands) March 27, March 28, Common stock shares Beginning balance 34,861 35,493 Purchases and retirement of common stock (1,327) — Net issuance under equity plans, including tax benefits 74 (23) Stock-based compensation — 4 Ending balance 33,608 35,474 Common stock amount Beginning balance $ 1 $ 1 Current period activity — — Ending balance 1 1 Retained earnings Beginning balance 508,813 452,017 Net income 10,519 6,898 Purchases and retirement of common stock (1) (36,326) — Net issuance under equity plans, including tax benefits (3,648) (2,300) Stock-based compensation 3,812 3,343 Ending balance 483,170 459,958 Accumulated other comprehensive loss Beginning balance, net of tax (15,747) (14,828) Foreign currency translation adjustment 127 496 Ending balance, net of tax (15,620) (14,332) Total shareholders’ equity ending balance $ 467,551 $ 445,627 (1) Under applicable Washington State law, shares purchased are not displayed separately as treasury stock on our Consolidated Balance Sheets and are treated as authorized but unissued shares. It is our accounting policy to first record these purchases as a reduction to our common stock account. Once the common stock account has been reduced to a nominal balance, remaining purchases are recorded as a reduction to our retained earnings. Furthermore, activity in our common stock account related to stock-based compensation is also recorded to retained earnings until such time as the reduction to retained earnings due to stock repurchases has been recovered.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 27, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Our income tax provision or benefit for interim periods is determined using an estimate of our annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter we update our estimate of the annual effective tax rate and, if our estimated tax rate changes, we make a cumulative adjustment. Our quarterly tax provision and quarterly estimate of our annual effective tax rate are subject to variation due to several factors, including variability in accurately predicting our full year pre-tax income and loss by jurisdiction, tax credits, government audit developments, changes in laws, regulations and administrative practices, and relative changes in expenses or losses for which tax benefits are not recognized. Additionally, our effective tax rate can be more or less volatile based on the amount of pre-tax income. For example, the impact of discrete items, tax credits, and non-deductible expenses on our effective tax rate is greater when our pre-tax income is lower. Our effective income tax rate for the thirteen weeks ended March 27, 2022 was 15.8%. The difference between the statutory federal income tax rate of 21% and our effective tax rate was primarily due to hiring credits, including the Work Opportunity Tax Credit (“WOTC”), as well as stock-based compensation. WOTC is designed to encourage employers to hire workers from certain targeted groups with higher than average unemployment rates. Other differences between the statutory federal income tax rate result from state and foreign income taxes, certain non-deductible and non-taxable items.

NET INCOME (LOSS) PER SHARE

NET INCOME (LOSS) PER SHARE	3 Months Ended
	Mar. 27, 2022
Earnings Per Share [Abstract]
NET INCOME (LOSS) PER SHARE	NET INCOME PER SHARE Diluted common shares were calculated as follows: Thirteen weeks ended (in thousands, except per share data) March 27, March 28, Net income $ 10,519 $ 6,898 Weighted average number of common shares used in basic net income per common share 33,929 34,674 Dilutive effect of non-vested stock-based awards 615 392 Weighted average number of common shares used in diluted net income per common share 34,544 35,066 Net income per common share: Basic $ 0.31 $ 0.20 Diluted $ 0.30 $ 0.20 Anti-dilutive shares 348 345

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 27, 2022
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION Our operating segments and reportable segments are described below: Our PeopleReady reportable segment provides blue-collar, contingent staffing through the PeopleReady operating segment. PeopleReady provides on-demand and skilled labor in a broad range of industries that include construction, manufacturing and logistics, warehousing and distribution, retail, waste and recycling, energy, hospitality, and general labor. Our PeopleManagement reportable segment provides contingent labor and outsourced industrial workforce solutions, primarily on-site at the client’s facility, through the following operating segments, which we have aggregated into one reportable segment in accordance with U.S. GAAP: • PeopleManagement On-Site : On-site management and recruitment for the contingent industrial workforce of manufacturing, warehousing and distribution facilities; and • PeopleManagement Centerline : Recruitment and management of contingent and dedicated commercial drivers to the transportation and distribution industries. Our PeopleScout reportable segment provides high-volume, permanent employee recruitment process outsourcing, employer branding services and management of outsourced labor service providers through the following operating segments, which we have aggregated into one reportable segment in accordance with U.S. GAAP: • PeopleScout RPO : Outsourced recruitment of permanent employees on behalf of clients and employer branding services; and • PeopleScout MSP : Management of multiple third-party staffing vendors on behalf of clients. The following table presents our revenue disaggregated by major source and segment and a reconciliation of segment revenue from services to total company revenue: Thirteen weeks ended (in thousands) March 27, March 28, Revenue from services: Contingent staffing PeopleReady $ 305,690 $ 260,392 PeopleManagement 163,819 151,754 Human resource outsourcing PeopleScout 82,006 46,560 Total company $ 551,515 $ 458,706 The following table presents a reconciliation of segment profit to income before tax expense (benefit): Thirteen weeks ended (in thousands) March 27, March 28, Segment profit: PeopleReady $ 16,219 $ 11,860 PeopleManagement 2,979 3,116 PeopleScout 10,972 4,037 Total segment profit 30,170 19,013 Corporate unallocated expense (7,298) (5,619) Third-party processing fees for hiring tax credits (162) (135) Amortization of software as a service assets (747) (673) PeopleReady technology implementation costs (2,550) — COVID-19 government subsidies, net — 1,743 Other costs (136) (1,156) Depreciation and amortization (7,287) (6,962) Income from operations 11,990 6,211 Interest expense and other income, net 505 575 Income before tax expense (benefit) $ 12,495 $ 6,786 Asset information by reportable segment is not presented as we do not manage our segments on a balance sheet basis.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 27, 2022
Accounting Policies [Abstract]
Basis of presentation	Financial statement preparation The accompanying unaudited consolidated financial statements (“financial statements”) of TrueBlue, Inc. (the “company,” “TrueBlue,” “we,” “us,” and “our”) are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and rules and regulations of the Securities and Exchange Commission for interim financial information. Accordingly, certain information and footnote disclosures usually found in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The financial statements reflect all adjustments which, in the opinion of management, are necessary to fairly state the financial statements for the interim periods presented. We follow the same accounting policies for preparing both quarterly and annual financial statements. The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The severity, magnitude and duration, as well as the economic consequences of the coronavirus (“COVID-19”) pandemic, are uncertain and difficult to predict. Therefore, our accounting estimates and assumptions could change materially in future periods. These financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended December 26, 2021. The results of operations for the thirteen weeks ended March 27, 2022 are not necessarily indicative of the results expected for the full fiscal year nor for any other fiscal period.
Recently adopted accounting standards and recently issued accounting pronouncements not yet adopted	Recently adopted accounting standards There were no new accounting standards adopted during the thirteen weeks ended March 27, 2022 that had an impact on our financial statements. Recently issued accounting standards not yet adopted There are no accounting standards which have not yet been adopted that are expected to have a significant impact on our financial statements and related disclosures.

FAIR VALUE MEASUREMENT (Tables)

FAIR VALUE MEASUREMENT (Tables)	3 Months Ended
	Mar. 27, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements, Recurring and Nonrecurring	Our assets measured at fair value on a recurring basis consisted of the following: March 27, 2022 (in thousands) Total fair 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 $ 36,720 $ 36,720 $ — $ — Restricted cash and cash equivalents 57,056 57,056 — — Cash, cash equivalents and restricted cash (1) 93,776 93,776 — — Municipal debt securities 56,155 — 56,155 — Corporate debt securities 69,680 — 69,680 — Agency mortgage-backed securities 112 — 112 — U.S. government and agency securities 1,004 — 1,004 — Restricted investments classified as held-to-maturity (2) $ 126,951 $ — $ 126,951 $ — December 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 $ 49,896 $ 49,896 $ — $ — Restricted cash and cash equivalents 53,289 53,289 — — Cash, cash equivalents and restricted cash (1) 103,185 103,185 — — Municipal debt securities 58,505 — 58,505 — Corporate debt securities 78,357 — 78,357 — Agency mortgage-backed securities 152 — 152 — U.S. government and agency securities 1,070 — 1,070 — Restricted investments classified as held-to-maturity (2) $ 138,084 $ — $ 138,084 $ — (1) Cash, cash equivalents and restricted cash include money market funds and deposits. (2) Refer to Note 3 : Restricted Cash and Investments for additional details on our held-to-maturity debt securities.

RESTRICTED CASH AND INVESTMEN_2

RESTRICTED CASH AND INVESTMENTS (Tables)	3 Months Ended
	Mar. 27, 2022
Restricted Cash and Investments [Abstract]
Schedule of restricted cash and investments	The following is a summary of the carrying value of our restricted cash and investments: (in thousands) March 27, December 26, Cash collateral held by insurance carriers $ 29,133 $ 28,957 Cash and cash equivalents held in Trust 25,550 21,590 Investments held in Trust 128,798 135,419 Company-owned life insurance policies 30,309 32,318 Other restricted cash and cash equivalents 2,373 2,742 Total restricted cash and investments $ 216,163 $ 221,026
Schedule of held-to-maturity investments	The amortized cost and estimated fair value of our held-to-maturity investments held in Trust, aggregated by investment category as of March 27, 2022 and December 26, 2021, were as follows: March 27, 2022 (in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Fair value Municipal debt securities $ 55,956 $ 354 $ (155) $ 56,155 Corporate debt securities 71,732 119 (2,171) 69,680 Agency mortgage-backed securities 113 — (1) 112 U.S. government and agency securities 997 7 — 1,004 Total held-to-maturity investments $ 128,798 $ 480 $ (2,327) $ 126,951 December 26, 2021 (in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Fair value Municipal debt securities $ 56,346 $ 2,159 $ — $ 58,505 Corporate debt securities 77,925 995 (563) 78,357 Agency mortgage-backed securities 148 4 — 152 U.S. government and agency securities 1,000 70 — 1,070 Total held-to-maturity investments $ 135,419 $ 3,228 $ (563) $ 138,084
Schedule of held-to-maturity investments by contractual maturity	The amortized cost and fair value by contractual maturity of our held-to-maturity investments are as follows: March 27, 2022 (in thousands) Amortized cost Fair value Due in one year or less $ 19,778 $ 19,833 Due after one year through five years 108,002 106,204 Due after five years through ten years 1,018 914 Total held-to-maturity investments $ 128,798 $ 126,951
Schedule of unrealized gain (loss) on equity investments	Unrealized gains and losses related to investments still held at March 27, 2022 and March 28, 2021, which are included in selling, general and administrative expense on our Consolidated Statements of Operations and Comprehensive Income, were as follows: Thirteen weeks ended (in thousands) March 27, March 28, Unrealized gains (losses) $ (2,011) $ 877

SUPPLEMENTAL BALANCE SHEET IN_2

SUPPLEMENTAL BALANCE SHEET INFORMATION (Tables)	3 Months Ended
	Mar. 27, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Allowance for credit losses	The activity related to the accounts receivable allowance for credit losses was as follows: Thirteen weeks ended (in thousands) March 27, March 28, Beginning balance $ 6,687 $ 2,921 Current period provision 989 207 Write-offs (2,784) (669) Foreign currency translation (7) 3 Ending balance $ 4,885 $ 2,462
Prepaid expenses and other current assets	Prepaid expenses and other current assets (in thousands) March 27, December 26, Prepaid software agreements $ 9,560 $ 10,078 Other prepaid expenses 9,750 8,858 Other current assets 6,357 12,678 Prepaid expenses and other current assets $ 25,667 $ 31,614

WORKERS' COMPENSATION INSURAN_2

WORKERS' COMPENSATION INSURANCE AND RESERVES (Tables)	3 Months Ended
	Mar. 27, 2022
Workers' Compensation Insurance and Reserves [Abstract]
Reconciliation of workers' compensation claims reserve	The following table presents a reconciliation of the undiscounted workers’ compensation reserve to the discounted workers’ compensation reserve for the periods presented: (in thousands) March 27, December 26, Undiscounted workers’ compensation reserve $ 272,724 $ 273,000 Less discount on workers’ compensation reserve 16,362 16,806 Workers’ compensation reserve, net of discount 256,362 256,194 Less current portion 58,890 61,596 Long-term portion $ 197,472 $ 194,598

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Mar. 27, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of workers’ compensation collateral commitments	We have provided our insurance carriers and certain states with commitments in the form and amounts listed below: (in thousands) March 27, December 26, Cash collateral held by workers’ compensation insurance carriers $ 23,229 $ 23,056 Cash and cash equivalents held in Trust 25,550 21,590 Investments held in Trust 128,798 135,419 Letters of credit (1) 6,160 6,160 Surety bonds (2) 21,919 21,969 Total collateral commitments $ 205,656 $ 208,194 (1) We have agreements with certain financial institutions to issue letters of credit as collateral. (2) Our surety bonds are issued by independent insurance companies on our behalf and bear annual fees based on a percentage of the bond, which are determined by each independent surety carrier. These fees do not exceed 2.0% of the bond amount, subject to a minimum charge. The terms of these bonds are subject to review and renewal every one

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	3 Months Ended
	Mar. 27, 2022
Shareholders' Equity [Abstract]
Schedule of Stockholders Equity	Changes in the balance of each component of shareholders’ equity during the reporting periods were as follows: Thirteen weeks ended (in thousands) March 27, March 28, Common stock shares Beginning balance 34,861 35,493 Purchases and retirement of common stock (1,327) — Net issuance under equity plans, including tax benefits 74 (23) Stock-based compensation — 4 Ending balance 33,608 35,474 Common stock amount Beginning balance $ 1 $ 1 Current period activity — — Ending balance 1 1 Retained earnings Beginning balance 508,813 452,017 Net income 10,519 6,898 Purchases and retirement of common stock (1) (36,326) — Net issuance under equity plans, including tax benefits (3,648) (2,300) Stock-based compensation 3,812 3,343 Ending balance 483,170 459,958 Accumulated other comprehensive loss Beginning balance, net of tax (15,747) (14,828) Foreign currency translation adjustment 127 496 Ending balance, net of tax (15,620) (14,332) Total shareholders’ equity ending balance $ 467,551 $ 445,627 (1) Under applicable Washington State law, shares purchased are not displayed separately as treasury stock on our Consolidated Balance Sheets and are treated as authorized but unissued shares. It is our accounting policy to first record these purchases as a reduction to our common stock account. Once the common stock account has been reduced to a nominal balance, remaining purchases are recorded as a reduction to our retained earnings. Furthermore, activity in our common stock account related to stock-based compensation is also recorded to retained earnings until such time as the reduction to retained earnings due to stock repurchases has been recovered.

NET INCOME (LOSS) PER SHARE (Ta

NET INCOME (LOSS) PER SHARE (Tables)	3 Months Ended
	Mar. 27, 2022
Earnings Per Share [Abstract]
Schedule of net income (loss) and diluted common shares	Diluted common shares were calculated as follows: Thirteen weeks ended (in thousands, except per share data) March 27, March 28, Net income $ 10,519 $ 6,898 Weighted average number of common shares used in basic net income per common share 33,929 34,674 Dilutive effect of non-vested stock-based awards 615 392 Weighted average number of common shares used in diluted net income per common share 34,544 35,066 Net income per common share: Basic $ 0.31 $ 0.20 Diluted $ 0.30 $ 0.20 Anti-dilutive shares 348 345

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Mar. 27, 2022
Segment Reporting [Abstract]
Schedule of segment information	The following table presents our revenue disaggregated by major source and segment and a reconciliation of segment revenue from services to total company revenue: Thirteen weeks ended (in thousands) March 27, March 28, Revenue from services: Contingent staffing PeopleReady $ 305,690 $ 260,392 PeopleManagement 163,819 151,754 Human resource outsourcing PeopleScout 82,006 46,560 Total company $ 551,515 $ 458,706 The following table presents a reconciliation of segment profit to income before tax expense (benefit): Thirteen weeks ended (in thousands) March 27, March 28, Segment profit: PeopleReady $ 16,219 $ 11,860 PeopleManagement 2,979 3,116 PeopleScout 10,972 4,037 Total segment profit 30,170 19,013 Corporate unallocated expense (7,298) (5,619) Third-party processing fees for hiring tax credits (162) (135) Amortization of software as a service assets (747) (673) PeopleReady technology implementation costs (2,550) — COVID-19 government subsidies, net — 1,743 Other costs (136) (1,156) Depreciation and amortization (7,287) (6,962) Income from operations 11,990 6,211 Interest expense and other income, net 505 575 Income before tax expense (benefit) $ 12,495 $ 6,786

FAIR VALUE MEASUREMENT - Fair V

FAIR VALUE MEASUREMENT - Fair Value Measurement (Details) - USD ($) $ in Thousands	Mar. 27, 2022	Dec. 26, 2021	Mar. 28, 2021	Dec. 27, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash, cash equivalents, restricted cash and restricted cash equivalents	$ 93,776	$ 103,185	$ 141,169	$ 118,612
Restricted investments classified as held-to-maturity	126,951	138,084
Municipal debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	56,155	58,505
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	69,680	78,357
Agency mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	112	152
U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	1,004	1,070
Fair value, recurring | Total fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	36,720	49,896
Fair value, recurring | Total fair value | Restricted assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash and cash equivalents	57,056	53,289
Cash, cash equivalents, restricted cash and restricted cash equivalents	93,776	103,185
Restricted investments classified as held-to-maturity	126,951	138,084
Fair value, recurring | Total fair value | Restricted assets | Municipal debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	56,155	58,505
Fair value, recurring | Total fair value | Restricted assets | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	69,680	78,357
Fair value, recurring | Total fair value | Restricted assets | Agency mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	112	152
Fair value, recurring | Total fair value | Restricted assets | U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	1,004	1,070
Fair value, recurring | Quoted prices in active markets for identical assets (level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	36,720	49,896
Fair value, recurring | Quoted prices in active markets for identical assets (level 1) | Restricted assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash and cash equivalents	57,056	53,289
Cash, cash equivalents, restricted cash and restricted cash equivalents	93,776	103,185
Restricted investments classified as held-to-maturity	0	0
Fair value, recurring | Quoted prices in active markets for identical assets (level 1) | Restricted assets | Municipal debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	0	0
Fair value, recurring | Quoted prices in active markets for identical assets (level 1) | Restricted assets | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	0	0
Fair value, recurring | Quoted prices in active markets for identical assets (level 1) | Restricted assets | Agency mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	0	0
Fair value, recurring | Quoted prices in active markets for identical assets (level 1) | Restricted assets | U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	0	0
Fair value, recurring | Significant other observable inputs (level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Fair value, recurring | Significant other observable inputs (level 2) | Restricted assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash and cash equivalents	0	0
Cash, cash equivalents, restricted cash and restricted cash equivalents	0	0
Restricted investments classified as held-to-maturity	126,951	138,084
Fair value, recurring | Significant other observable inputs (level 2) | Restricted assets | Municipal debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	56,155	58,505
Fair value, recurring | Significant other observable inputs (level 2) | Restricted assets | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	69,680	78,357
Fair value, recurring | Significant other observable inputs (level 2) | Restricted assets | Agency mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	112	152
Fair value, recurring | Significant other observable inputs (level 2) | Restricted assets | U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	1,004	1,070
Fair value, recurring | Significant unobservable inputs (level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Fair value, recurring | Significant unobservable inputs (level 3) | Restricted assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash and cash equivalents	0	0
Cash, cash equivalents, restricted cash and restricted cash equivalents	0	0
Restricted investments classified as held-to-maturity	0	0
Fair value, recurring | Significant unobservable inputs (level 3) | Restricted assets | Municipal debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	0	0
Fair value, recurring | Significant unobservable inputs (level 3) | Restricted assets | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	0	0
Fair value, recurring | Significant unobservable inputs (level 3) | Restricted assets | Agency mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	0	0
Fair value, recurring | Significant unobservable inputs (level 3) | Restricted assets | U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted investments classified as held-to-maturity	$ 0	$ 0

RESTRICTED CASH AND INVESTMEN_3

RESTRICTED CASH AND INVESTMENTS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 27, 2022	Mar. 28, 2021	Dec. 26, 2021
Restricted Cash and Investments [Line Items]
Cash collateral held by insurance carriers	$ 29,133		$ 28,957
Cash and cash equivalents held in Trust	25,550		21,590
Investments held in Trust	128,798		135,419
Company owned life insurance policies	30,309		32,318
Other restricted cash and cash equivalents	2,373		2,742
Restricted cash and investments	216,163		221,026
Held-to-maturity Securities, Reconciliation to Fair Value [Abstract]
Amortized cost of held-to-maturity investments	128,798		135,419
Gross unrealized gains	480		3,228
Gross unrealized losses	(2,327)		(563)
Fair value	126,951		138,084
Held-to-maturity securities, amortized cost [Abstract]
Amortized cost of held-to-maturity investments	128,798		135,419
Held-to-maturity securities, fair value [Abstract]
Fair value	126,951		138,084
Unrealized gains (losses) on Investments	2,011	$ 877
Municipal debt securities
Held-to-maturity Securities, Reconciliation to Fair Value [Abstract]
Amortized cost of held-to-maturity investments	55,956		56,346
Gross unrealized gains	354		2,159
Gross unrealized losses	(155)		0
Fair value	56,155		58,505
Held-to-maturity securities, amortized cost [Abstract]
Amortized cost of held-to-maturity investments	55,956		56,346
Held-to-maturity securities, fair value [Abstract]
Fair value	56,155		58,505
Corporate debt securities
Held-to-maturity Securities, Reconciliation to Fair Value [Abstract]
Amortized cost of held-to-maturity investments	71,732		77,925
Gross unrealized gains	119		995
Gross unrealized losses	(2,171)		(563)
Fair value	69,680		78,357
Held-to-maturity securities, amortized cost [Abstract]
Amortized cost of held-to-maturity investments	71,732		77,925
Held-to-maturity securities, fair value [Abstract]
Fair value	69,680		78,357
Agency mortgage-backed securities
Held-to-maturity Securities, Reconciliation to Fair Value [Abstract]
Amortized cost of held-to-maturity investments	113		148
Gross unrealized gains	0		4
Gross unrealized losses	(1)		0
Fair value	112		152
Held-to-maturity securities, amortized cost [Abstract]
Amortized cost of held-to-maturity investments	113		148
Held-to-maturity securities, fair value [Abstract]
Fair value	112		152
U.S. government and agency securities
Held-to-maturity Securities, Reconciliation to Fair Value [Abstract]
Amortized cost of held-to-maturity investments	997		1,000
Gross unrealized gains	7		70
Gross unrealized losses	0		0
Fair value	1,004		1,070
Held-to-maturity securities, amortized cost [Abstract]
Amortized cost of held-to-maturity investments	997		1,000
Held-to-maturity securities, fair value [Abstract]
Fair value	1,004		$ 1,070
Restricted cash and investments
Held-to-maturity Securities, Reconciliation to Fair Value [Abstract]
Amortized cost of held-to-maturity investments	128,798
Fair value	126,951
Held-to-maturity securities, amortized cost [Abstract]
Due in one year or less	19,778
Due after one year through five years	108,002
Due after five years through ten years	1,018
Amortized cost of held-to-maturity investments	128,798
Held-to-maturity securities, fair value [Abstract]
Due in one year or less	19,833
Due after one year through five years	106,204
Due after five years through ten years	914
Fair value	$ 126,951

SUPPLEMENTAL BALANCE SHEET IN_3

SUPPLEMENTAL BALANCE SHEET INFORMATION - Allowance for credit losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 27, 2022	Mar. 28, 2021	Dec. 26, 2021	Dec. 27, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 4,885	$ 2,462	$ 6,687	$ 2,921
Provision for credit losses	989	207
Write-offs	(2,784)	(669)
Foreign currency translation	(7)	3
Ending balance	$ 4,885	$ 2,462

SUPPLEMENTAL BALANCE SHEET IN_4

SUPPLEMENTAL BALANCE SHEET INFORMATION - Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands	Mar. 27, 2022	Dec. 26, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid software agreements	$ 9,560	$ 10,078
Other prepaid expenses	9,750	8,858
Other current assets	6,357	12,678
Prepaid expenses and other current assets	$ 25,667	$ 31,614

WORKERS' COMPENSATION INSURAN_3

WORKERS' COMPENSATION INSURANCE AND RESERVES - Reconciliation of Workers' Compensation Claims Reserve (Details) - USD ($) $ in Thousands	Mar. 27, 2022	Dec. 26, 2021
Workers' Compensation Insurance and Reserves [Abstract]
Undiscounted workers’ compensation reserve	$ 272,724	$ 273,000
Less discount on workers’ compensation reserve	16,362	16,806
Workers' compensation reserve, net of discount	256,362	256,194
Less current portion	58,890	61,596
Long-term portion	$ 197,472	$ 194,598

WORKERS' COMPENSATION INSURAN_4

WORKERS' COMPENSATION INSURANCE AND RESERVES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 27, 2022	Mar. 28, 2021	Dec. 26, 2021
Workers' Compensation Deductible Limit [Line Items]
Workers' compensation claim deductible limit	$ 2
Weighted average period for claim payments below deductible limit	5 years 6 months
Payments made against self-insured claims	$ 9.7	$ 11.2
Weighted average period for claim payments and receivables above deductible limit	17 years
Workers' compensation reserve for excess claims	$ 64		$ 62.7
Worker's compensation receivable for excess claims	62.8		$ 61.4
Workers compensation expense	$ 11.3	$ 10.1
Below limit
Workers' Compensation Deductible Limit [Line Items]
Workers' compensation discount	1.60%		1.60%
Above Limit
Workers' Compensation Deductible Limit [Line Items]
Workers' compensation discount	1.90%		1.80%

LONG-TERM DEBT - Narrative (Det

LONG-TERM DEBT - Narrative (Details) $ in Millions	Mar. 16, 2020USD ($)	Mar. 27, 2022USD ($)	Dec. 31, 2023	Mar. 26, 2023	Dec. 26, 2021USD ($)
Revolving Credit Facility [Line Items]
Debt instrument, leverage ratio		0.08
Debt instrument, fixed charge coverage ratio		88.61
Revolving Credit Facility
Revolving Credit Facility [Line Items]
Maximum borrowing capacity	$ 300
Maximum borrowing capacity subject to lender approval	$ 450
Long-term Debt		$ 4
Remaining borrowing capacity		$ 289.8
Basis spread on variable rate		0.25%
Additional debt instrument base rate		3.50%
Revolving Credit Facility | Base rate
Revolving Credit Facility [Line Items]
Additional debt instrument base rate	0.50%
Effective interest rate		3.75%
Revolving Credit Facility | Minimum
Revolving Credit Facility [Line Items]
Unused capacity commitment fee percentage	0.25%
Revolving Credit Facility | Minimum | London Interbank Offered Rate (LIBOR)
Revolving Credit Facility [Line Items]
Basis spread on variable rate	1.25%
Revolving Credit Facility | Minimum | Base rate
Revolving Credit Facility [Line Items]
Basis spread on variable rate	0.25%
Revolving Credit Facility | Maximum
Revolving Credit Facility [Line Items]
Unused capacity commitment fee percentage	0.50%
Revolving Credit Facility | Maximum | London Interbank Offered Rate (LIBOR)
Revolving Credit Facility [Line Items]
Basis spread on variable rate	3.50%
Revolving Credit Facility | Maximum | Base rate
Revolving Credit Facility [Line Items]
Basis spread on variable rate	1.50%
Swingline loan
Revolving Credit Facility [Line Items]
Maximum borrowing capacity	$ 30
Letters of credit outstanding		$ 6.2			$ 6.2
Swingline loan | Minimum | Base rate
Revolving Credit Facility [Line Items]
Basis spread on variable rate	0.25%
Swingline loan | Maximum | Base rate
Revolving Credit Facility [Line Items]
Basis spread on variable rate	1.50%
Letter of credit
Revolving Credit Facility [Line Items]
Maximum borrowing capacity	$ 125
Letter of credit | London Interbank Offered Rate (LIBOR)
Revolving Credit Facility [Line Items]
Additional letters of credit base rate	0.50%
Letter of credit | Minimum | London Interbank Offered Rate (LIBOR)
Revolving Credit Facility [Line Items]
Basis spread on variable rate	1.00%
Letter of credit | Maximum | London Interbank Offered Rate (LIBOR)
Revolving Credit Facility [Line Items]
Basis spread on variable rate	3.25%
Forecast
Revolving Credit Facility [Line Items]
Leverage ratio, threshold			3
Fixed charge coverage ratio, threshold				1.25

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 27, 2022	Dec. 26, 2021
Workers' Compensation Commitments [Line Items]
Cash collateral held by workers’ compensation insurance carriers	$ 23,229	$ 23,056
Cash and cash equivalents held in Trust	25,550	21,590
Investments held in Trust	128,798	135,419
Letters of credit	6,160	6,160
Surety bonds	21,919	21,969
Total collateral commitments	$ 205,656	$ 208,194
Surety bonds annual fee limit as a percentage of bond amount	2.00%
Surety bonds required cancellation notice	60 days
Minimum
Workers' Compensation Commitments [Line Items]
Surety bonds review and renewal period if elected	1 year
Maximum
Workers' Compensation Commitments [Line Items]
Surety bonds review and renewal period if elected	4 years

SHAREHOLDERS' EQUITY (Details)

SHAREHOLDERS' EQUITY (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 27, 2022	Mar. 28, 2021	Dec. 26, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	34,861
Ending balance (in shares)	33,608
Beginning balance	$ 493,067
Net income	10,519	$ 6,898
Change in accounting standard cumulative-effect adjustment	483,170		$ 508,813
Foreign currency translation adjustment	127	496
Ending balance, net of tax	$ 467,551	$ 445,627
Common stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	34,861	35,493
Purchases and retirement of common stock (in shares)	1,327	0
Net issuances under equity plans, including tax benefits (in shares)	74	(23)
Stock-based compensation (in shares)	0	4
Ending balance (in shares)	33,608	35,474
Beginning balance	$ 1	$ 1
Ending balance, net of tax	1	1
Retained earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	508,813	452,017
Net income	10,519	6,898
Purchases and retirement of common stock	(36,326)	0
Net issuance under equity plans, including tax benefits	(3,648)	(2,300)
Stock-based compensation	3,812	3,343
Ending balance, net of tax	483,170	459,958
Accumulated other comprehensive loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(15,747)	(14,828)
Foreign currency translation adjustment	127	496
Ending balance, net of tax	$ (15,620)	$ (14,332)

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended
	Mar. 27, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate	15.80%
Statutory federal income tax rate	21.00%

NET INCOME (LOSS) PER SHARE (De

NET INCOME (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 27, 2022	Mar. 28, 2021
Earnings Per Share [Abstract]
Net income	$ 10,519	$ 6,898
Weighted average number of common shares used in basic net income per common share (in shares)	33,929	34,674
Dilutive effect of non-vested stock-based awards (in shares)	615	392
Weighted average number of common shares used in diluted net income per common share	34,544	35,066
Net income per common share:
Basic (in dollars per share)	$ 0.31	$ 0.20
Diluted (in dollars per share)	$ 0.30	$ 0.20
Anti-dilutive shares (in shares)	348	345

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 27, 2022	Mar. 28, 2021
Segment Reporting Information [Line Items]
Revenue	$ 551,515	$ 458,706
Segment profit	30,170	19,013
Third-party processing fees for hiring tax credits	(162)	(135)
Amortization of software as a service assets	(747)	(673)
PeopleReady technology implementation costs	(2,550)	0
COVID-19 government subsidies, net	0	1,743
Other costs	(136)	(1,156)
Depreciation and amortization	(7,287)	(6,962)
Income (loss) from operations	11,990	6,211
Interest expense and other income, net	505	575
Income before tax expense (benefit)	12,495	6,786
PeopleReady
Segment Reporting Information [Line Items]
Segment profit	16,219	11,860
PeopleManagement
Segment Reporting Information [Line Items]
Segment profit	2,979	3,116
PeopleScout
Segment Reporting Information [Line Items]
Segment profit	10,972	4,037
Corporate unallocated
Segment Reporting Information [Line Items]
Corporate unallocated expense	(7,298)	(5,619)
Contingent staffing | PeopleReady
Segment Reporting Information [Line Items]
Revenue	305,690	260,392
Contingent staffing | PeopleManagement
Segment Reporting Information [Line Items]
Revenue	163,819	151,754
Human resource outsourcing | PeopleScout
Segment Reporting Information [Line Items]
Revenue	$ 82,006	$ 46,560