TrueBlue (TBI) 10-Q 25 Jul 22 2022 Q2 Quarterly report Financial data

COVER PAGE

COVER PAGE - shares	6 Months Ended
	Jun. 26, 2022	Jul. 19, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 26, 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)		32,686,375
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000768899
Current Fiscal Year End Date	--12-25

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 26, 2022	Dec. 26, 2021
Current assets:
Cash and cash equivalents	$ 32,432	$ 49,896
Accounts receivable, net of allowance of $3,987 and $6,687	338,800	353,882
Prepaid expenses and other current assets	22,224	31,614
Income tax receivable	12,878	9,681
Total current assets	406,334	445,073
Property and equipment, net	90,091	88,090
Restricted cash and investments	205,769	221,026
Deferred income taxes, net	27,262	29,330
Goodwill	93,995	94,538
Intangible assets, net	18,998	22,211
Operating lease right-of-use assets, net	52,923	55,197
Workers’ compensation claims receivable, net	78,645	61,386
Other assets, net	16,993	16,375
Total assets	991,010	1,033,226
Current liabilities:
Accounts payable and other accrued expenses	66,396	77,172
Accrued wages and benefits	85,543	100,173
Current portion of workers’ compensation claims reserve	56,024	61,596
Current operating lease liabilities	12,240	12,097
Other current liabilities	12,618	7,508
Total current liabilities	232,821	258,546
Workers’ compensation claims reserve, less current portion	211,574	194,598
Long-term deferred compensation liabilities	25,237	28,806
Long-term operating lease liabilities	52,543	54,927
Other long-term liabilities	2,882	3,282
Total liabilities	525,057	540,159
#REF!
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; 32,684 and 34,861 shares issued and outstanding	1	1
Accumulated other comprehensive loss	(17,344)	(15,747)
Retained earnings	483,296	508,813
Total shareholders’ equity	465,953	493,067
Total liabilities and shareholders’ equity	$ 991,010	$ 1,033,226

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Jun. 26, 2022	Dec. 26, 2021
Statement of Financial Position [Abstract]
Allowance for credit loss	$ 3,987	$ 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)	32,684,000	34,861,000
Common stock, shares outstanding (in shares)	32,684,000	34,861,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS & COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 26, 2022	Jun. 27, 2021	Jun. 26, 2022	Jun. 27, 2021
Income Statement [Abstract]
Revenue from services	$ 569,253	$ 515,955	$ 1,120,768	$ 974,661
Cost of services	410,722	379,487	822,392	727,619
Gross profit	158,531	136,468	298,376	247,042
Selling, general and administrative expense	122,034	110,508	242,602	207,909
Depreciation and amortization	7,245	7,017	14,532	13,979
Income (loss) from operations	29,252	18,943	41,242	25,154
Interest and other income (expense), net	(110)	724	395	1,299
Income before tax expense	29,142	19,667	41,637	26,453
Income tax expense (benefit)	5,129	3,783	7,105	3,671
Net income	$ 24,013	$ 15,884	$ 34,532	$ 22,782
Net income (loss) per common share:
Basic (in dollars per share)	$ 0.73	$ 0.46	$ 1.04	$ 0.66
Diluted (in dollars per share)	$ 0.72	$ 0.45	$ 1.02	$ 0.65
Weighted average shares outstanding:
Basic (in shares)	32,707	34,818	33,318	34,746
Diluted (in shares)	33,149	35,352	33,832	35,205
Other Comprehensive Income (Loss):
Foreign currency translation adjustment	$ (1,724)	$ (6)	$ (1,597)	$ 490
Comprehensive income (loss)	$ 22,289	$ 15,878	$ 32,935	$ 23,272

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 26, 2022	Jun. 27, 2021
Cash flows from operating activities:
Net income	$ 34,532	$ 22,782
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	14,532	13,979
Provision for credit losses	2,572	2,094
Stock-based compensation	4,487	6,916
Deferred income taxes	2,117	652
Non-cash lease expense	6,518	7,853
Other operating activities	6,752	(1,473)
Changes in operating assets and liabilities:
Accounts receivable	12,524	(16,486)
Income tax receivable	(3,549)	1,103
Operating lease right-of-use asset	0	6,135
Other assets	(8,486)	(2,495)
Accounts payable and other accrued expenses	(10,629)	(6,952)
Accrued wages and benefits	(14,638)	11,208
Deferred employer payroll taxes	0	2,810
Workers’ compensation claims reserve	11,404	(598)
Operating lease liabilities	(6,441)	(6,729)
Other liabilities	1,407	6,563
Net cash provided by operating activities	53,102	47,362
Cash flows from investing activities:
Capital expenditures	(13,992)	(19,868)
Purchases of restricted available-for-sale investments	0	(14)
Sales of restricted available-for-sale investments	0	452
Purchases of restricted held-to-maturity investments	4,950	0
Maturities of restricted held-to-maturity investments	17,826	15,143
Net cash used in investing activities	(1,116)	(4,287)
Cash flows from financing activities:
Purchases and retirement of common stock	(60,939)	0
Net proceeds from employee stock purchase plans	536	538
Common stock repurchases for taxes upon vesting of restricted stock	(4,132)	(2,686)
Other	(147)	(188)
Net cash used in financing activities	(64,682)	(2,336)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(494)	319
Net change in cash, cash equivalents and restricted cash	(13,190)	41,058
Cash, cash equivalents and restricted cash, beginning of period	103,185	118,612
Cash, cash equivalents and restricted cash, end of period	89,995	159,670
Supplemental Disclosure of Cash Flow Information [Abstract]
Interest	452	880
Income taxes	8,413	1,943
Operating lease liabilities	7,925	8,335
Property and equipment purchased but not yet paid	3,385	1,968
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 4,852	$ 3,162

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 26, 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. 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 twenty-six weeks ended June 26, 2022 are not necessarily indicative of the results expected for the full fiscal year nor for any other fiscal period. Goodwill and indefinite-lived intangible assets We evaluate goodwill and indefinite-lived intangible assets for impairment on an annual basis as of the first day of our fiscal second quarter, or 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 general economic conditions, deterioration in industry environment, changes in cost factors, declining operating performance indicators, legal factors, competition, client engagement, changes in the carrying amount of net assets, sale or disposition of a significant portion of a reporting unit, or a sustained decrease in share price. We monitor the existence of potential impairment indicators throughout the fiscal year. Goodwill 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 with remaining goodwill are PeopleReady, PeopleManagement Centerline, PeopleScout RPO and PeopleScout MSP. When evaluating goodwill for impairment, we may first assess qualitative factors to determine whether it is more likely than not the fair value of a reporting unit is less than its carrying amount. Qualitative factors include macroeconomic conditions, industry and market conditions and overall company financial performance. If, after assessing the totality of events and circumstances, we determine that it is more likely than not the fair value of the reporting unit is greater than its carrying amount, the quantitative impairment test is unnecessary. The quantitative impairment test, if necessary, 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. We consider a reporting unit’s fair value to be substantially in excess of its carrying value at a 20% premium or greater. We performed our annual goodwill impairment test as of the first day of our fiscal second quarter of 2022. Based on our assessment of qualitative factors, we concluded it was more likely than not that the fair value of each reporting unit exceeded its carrying value, and the goodwill associated with each reporting unit was not impaired. As such, it was not necessary to perform a quantitative impairment analysis. Accordingly, no impairment loss was recognized for the twenty-six weeks ended June 26, 2022. Indefinite-lived intangible assets We have indefinite-lived intangible assets related to our Staff Management and PeopleScout trade names. We evaluate our indefinite-lived intangible assets for impairment on an annual basis as of the first day of our fiscal second quarter, or whenever events or circumstances make it more likely than not that an impairment may have occurred. These events or circumstances could include significant change in general economic conditions, deterioration in industry environment, changes in cost factors, declining operating performance indicators, legal factors, competition, client engagement, or sale or disposition of a significant portion of the business. We monitor the existence of potential impairment indicators throughout the fiscal year. When evaluating indefinite-lived intangible assets for impairment, we may first assess qualitative factors to determine whether it is more likely than not the fair value of the indefinite-lived intangible is less than its carrying amount. Qualitative factors include macroeconomic conditions, industry and market conditions and overall company financial performance If, after assessing the totality of events and circumstances, we determine that it is more likely than not the fair value of the indefinite-lived intangible is greater than its carrying amount, the quantitative impairment test is unnecessary. The quantitative impairment test, if necessary, utilizes the relief from royalty method to determine the fair value of each of our trade names. If the carrying value exceeds the fair value, we recognize an impairment loss in an amount equal to the excess, not to exceed the carrying value. Management uses considerable judgment to determine key assumptions, including projected revenue, royalty rates and appropriate discount rates. We performed our annual impairment test for 2022 as of the first day of our fiscal second quarter. Based on our assessment of qualitative factors, we concluded it was more likely than not that the fair value of our indefinite-lived intangible assets exceeded their carrying value and were not impaired. As such, it was not necessary to perform a quantitative impairment analysis. Accordingly, no impairment loss was recognized for the twenty-six weeks ended June 26, 2022. Recently adopted accounting standards There were no new accounting standards adopted during the twenty-six weeks ended June 26, 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	6 Months Ended
	Jun. 26, 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: June 26, 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 $ 32,432 $ 32,432 $ — $ — Restricted cash and cash equivalents 57,563 57,563 — — Cash, cash equivalents and restricted cash (1) 89,995 89,995 — — Municipal debt securities 52,266 — 52,266 — Corporate debt securities 64,928 — 64,928 — Agency mortgage-backed securities 85 — 85 — U.S. government and agency securities 986 — 986 — Restricted investments classified as held-to-maturity (2) $ 118,265 $ — $ 118,265 $ — 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	6 Months Ended
	Jun. 26, 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) June 26, December 26, Cash collateral held by insurance carriers $ 29,179 $ 28,957 Cash and cash equivalents held in Trust 27,745 21,590 Investments held in Trust 121,447 135,419 Company-owned life insurance policies 26,759 32,318 Other restricted cash and cash equivalents 639 2,742 Total restricted cash and investments $ 205,769 $ 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 June 26, 2022 and December 26, 2021, were as follows: June 26, 2022 (in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Fair value Municipal debt securities $ 52,362 $ 141 $ (237) $ 52,266 Corporate debt securities 67,999 12 (3,083) 64,928 Agency mortgage-backed securities 86 — (1) 85 U.S. government and agency securities 1,000 — (14) 986 Total held-to-maturity investments $ 121,447 $ 153 $ (3,335) $ 118,265 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: June 26, 2022 (in thousands) Amortized cost Fair value Due in one year or less $ 22,399 $ 22,381 Due after one year through five years 99,048 95,884 Total held-to-maturity investments $ 121,447 $ 118,265 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 June 26, 2022 and June 27, 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 Twenty-six weeks ended (in thousands) June 26, June 27, June 26, June 27, Unrealized gains (losses) $ (3,549) $ 1,549 $ (5,560) $ 2,426

SUPPLEMENTAL BALANCE SHEET INFO

SUPPLEMENTAL BALANCE SHEET INFORMATION	6 Months Ended
	Jun. 26, 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: Twenty-six weeks ended (in thousands) June 26, June 27, Beginning balance $ 6,687 $ 2,921 Current period provision 2,572 2,094 Write-offs (5,258) (1,176) Foreign currency translation (14) 4 Ending balance $ 3,987 $ 3,843 Prepaid expenses and other current assets (in thousands) June 26, December 26, Prepaid software agreements $ 8,147 $ 10,078 Other prepaid expenses 7,311 8,858 Other current assets 6,766 12,678 Prepaid expenses and other current assets $ 22,224 $ 31,614 Other current liabilities (in thousands) June 26, December 26, Contract liabilities $ 7,041 $ 626 Other current liabilities 5,577 6,882 Other current liabilities $ 12,618 $ 7,508

WORKERS' COMPENSATION INSURANCE

WORKERS' COMPENSATION INSURANCE AND RESERVES	6 Months Ended
	Jun. 26, 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. Effective July 1, 2022, we have increased our deductible limit to $5.0 million on a “per occurrence” basis. 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 June 26, 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 June 26, 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) June 26, December 26, Undiscounted workers’ compensation reserve $ 284,051 $ 273,000 Less discount on workers’ compensation reserve 16,453 16,806 Workers’ compensation reserve, net of discount 267,598 256,194 Less current portion 56,024 61,596 Long-term portion $ 211,574 $ 194,598 Payments made against self-insured claims were $21.5 million and $22.4 million for the twenty-six weeks ended June 26, 2022 and June 27, 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 twenty-six weeks ended June 26, 2022 and fifty-two weeks ended December 26, 2021 were 2.1% 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 years. The discounted workers’ compensation reserve for excess claims was $80.0 million and $62.7 million, as of June 26, 2022 and December 26, 2021, respectively. The discounted receivables from insurance companies, net of valuation allowance, were $78.6 million and $61.4 million as of June 26, 2022 and December 26, 2021, respectively.

LONG-TERM DEBT

LONG-TERM DEBT	6 Months Ended
	Jun. 26, 2022
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT We 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 June 26, 2022, $7.3 million was utilized by outstanding standby letters of credit, leaving $292.7 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. 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 June 26, 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 June 26, 2022, our consolidated leverage ratio was 0.06. • 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 June 26, 2022, our consolidated fixed charge ratio was 104.04. As of June 26, 2022, we were in compliance with all effective covenants related to the Revolving Credit Facility.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 26, 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) June 26, December 26, Cash collateral held by workers’ compensation insurance carriers $ 23,332 $ 23,056 Cash and cash equivalents held in Trust 27,745 21,590 Investments held in Trust 121,447 135,419 Letters of credit (1) 6,160 6,160 Surety bonds (2) 21,898 21,969 Total collateral commitments $ 200,582 $ 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	6 Months Ended
	Jun. 26, 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 Twenty-six weeks ended (in thousands) June 26, June 27, June 26, June 27, Common stock shares Beginning balance 33,608 35,474 34,861 35,493 Purchases and retirement of common stock (907) — (2,234) — Net issuance under equity plans, including tax benefits (17) 6 57 (17) Stock-based compensation — 30 — 34 Ending balance 32,684 35,510 32,684 35,510 Common stock amount Beginning balance $ 1 $ 1 $ 1 $ 1 Current period activity — — — — Ending balance 1 1 1 1 Retained earnings Beginning balance 483,170 459,958 508,813 452,017 Net income 24,013 15,884 34,532 22,782 Purchases and retirement of common stock (1) (24,613) — (60,939) — Net issuance under equity plans, including tax benefits 51 152 (3,597) (2,148) Stock-based compensation 675 3,573 4,487 6,916 Ending balance 483,296 479,567 483,296 479,567 Accumulated other comprehensive loss Beginning balance, net of tax (15,620) (14,332) (15,747) (14,828) Foreign currency translation adjustment (1,724) (6) (1,597) 490 Ending balance, net of tax (17,344) (14,338) (17,344) (14,338) Total shareholders’ equity ending balance $ 465,953 $ 465,230 $ 465,953 $ 465,230 (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	6 Months Ended
	Jun. 26, 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 twenty-six weeks ended June 26, 2022 was 17.1%. 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 and certain non-deductible and non-taxable items.

NET INCOME PER SHARE

NET INCOME PER SHARE	6 Months Ended
	Jun. 26, 2022
Earnings Per Share [Abstract]
NET INCOME PER SHARE	NET INCOME PER SHARE Diluted common shares were calculated as follows: Thirteen weeks ended Twenty-six weeks ended (in thousands, except per share data) June 26, June 27, June 26, June 27, Net income $ 24,013 $ 15,884 $ 34,532 $ 22,782 Weighted average number of common shares used in basic net income per common share 32,707 34,818 33,318 34,746 Dilutive effect of non-vested stock-based awards 442 534 514 459 Weighted average number of common shares used in diluted net income per common share 33,149 35,352 33,832 35,205 Net income per common share: Basic $ 0.73 $ 0.46 $ 1.04 $ 0.66 Diluted $ 0.72 $ 0.45 $ 1.02 $ 0.65 Anti-dilutive shares 322 26 457 54

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Jun. 26, 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 Twenty-six weeks ended (in thousands) June 26, June 27, June 26, June 27, Revenue from services: Contingent staffing PeopleReady $ 317,943 $ 299,316 $ 623,633 $ 559,708 PeopleManagement 161,938 152,356 325,757 304,110 Human resource outsourcing PeopleScout 89,372 64,283 171,378 110,843 Total company $ 569,253 $ 515,955 $ 1,120,768 $ 974,661 The following table presents a reconciliation of segment profit to income before tax expense: Thirteen weeks ended Twenty-six weeks ended (in thousands) June 26, June 27, June 26, June 27, Segment profit: PeopleReady $ 20,325 $ 18,437 $ 36,544 $ 30,297 PeopleManagement 4,228 3,221 7,207 6,337 PeopleScout 20,593 10,857 31,565 14,894 Total segment profit 45,146 32,515 75,316 51,528 Corporate unallocated expense (6,531) (7,307) (13,829) (12,926) Third-party processing fees for hiring tax credits (162) (30) (324) (165) Amortization of software as a service assets (699) (646) (1,446) (1,319) PeopleReady technology implementation costs (1,748) — (4,298) — COVID-19 government subsidies, net — 2,296 — 4,039 Other benefits (costs) 491 (868) 355 (2,024) Depreciation and amortization (7,245) (7,017) (14,532) (13,979) Income from operations 29,252 18,943 41,242 25,154 Interest expense and other income, net (110) 724 395 1,299 Income before tax expense $ 29,142 $ 19,667 $ 41,637 $ 26,453 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)	6 Months Ended
	Jun. 26, 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. 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 twenty-six weeks ended June 26, 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 twenty-six weeks ended June 26, 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)	6 Months Ended
	Jun. 26, 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: June 26, 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 $ 32,432 $ 32,432 $ — $ — Restricted cash and cash equivalents 57,563 57,563 — — Cash, cash equivalents and restricted cash (1) 89,995 89,995 — — Municipal debt securities 52,266 — 52,266 — Corporate debt securities 64,928 — 64,928 — Agency mortgage-backed securities 85 — 85 — U.S. government and agency securities 986 — 986 — Restricted investments classified as held-to-maturity (2) $ 118,265 $ — $ 118,265 $ — 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)	6 Months Ended
	Jun. 26, 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) June 26, December 26, Cash collateral held by insurance carriers $ 29,179 $ 28,957 Cash and cash equivalents held in Trust 27,745 21,590 Investments held in Trust 121,447 135,419 Company-owned life insurance policies 26,759 32,318 Other restricted cash and cash equivalents 639 2,742 Total restricted cash and investments $ 205,769 $ 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 June 26, 2022 and December 26, 2021, were as follows: June 26, 2022 (in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Fair value Municipal debt securities $ 52,362 $ 141 $ (237) $ 52,266 Corporate debt securities 67,999 12 (3,083) 64,928 Agency mortgage-backed securities 86 — (1) 85 U.S. government and agency securities 1,000 — (14) 986 Total held-to-maturity investments $ 121,447 $ 153 $ (3,335) $ 118,265 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: June 26, 2022 (in thousands) Amortized cost Fair value Due in one year or less $ 22,399 $ 22,381 Due after one year through five years 99,048 95,884 Total held-to-maturity investments $ 121,447 $ 118,265
Schedule of unrealized gain (loss) on equity investments	Unrealized gains and losses related to investments still held at June 26, 2022 and June 27, 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 Twenty-six weeks ended (in thousands) June 26, June 27, June 26, June 27, Unrealized gains (losses) $ (3,549) $ 1,549 $ (5,560) $ 2,426

SUPPLEMENTAL BALANCE SHEET IN_2

SUPPLEMENTAL BALANCE SHEET INFORMATION (Tables)	6 Months Ended
	Jun. 26, 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: Twenty-six weeks ended (in thousands) June 26, June 27, Beginning balance $ 6,687 $ 2,921 Current period provision 2,572 2,094 Write-offs (5,258) (1,176) Foreign currency translation (14) 4 Ending balance $ 3,987 $ 3,843
Prepaid expenses and other current assets	Prepaid expenses and other current assets (in thousands) June 26, December 26, Prepaid software agreements $ 8,147 $ 10,078 Other prepaid expenses 7,311 8,858 Other current assets 6,766 12,678 Prepaid expenses and other current assets $ 22,224 $ 31,614
Other current liabilities	Other current liabilities (in thousands) June 26, December 26, Contract liabilities $ 7,041 $ 626 Other current liabilities 5,577 6,882 Other current liabilities $ 12,618 $ 7,508

WORKERS' COMPENSATION INSURAN_2

WORKERS' COMPENSATION INSURANCE AND RESERVES (Tables)	6 Months Ended
	Jun. 26, 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) June 26, December 26, Undiscounted workers’ compensation reserve $ 284,051 $ 273,000 Less discount on workers’ compensation reserve 16,453 16,806 Workers’ compensation reserve, net of discount 267,598 256,194 Less current portion 56,024 61,596 Long-term portion $ 211,574 $ 194,598

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jun. 26, 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) June 26, December 26, Cash collateral held by workers’ compensation insurance carriers $ 23,332 $ 23,056 Cash and cash equivalents held in Trust 27,745 21,590 Investments held in Trust 121,447 135,419 Letters of credit (1) 6,160 6,160 Surety bonds (2) 21,898 21,969 Total collateral commitments $ 200,582 $ 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)	6 Months Ended
	Jun. 26, 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 Twenty-six weeks ended (in thousands) June 26, June 27, June 26, June 27, Common stock shares Beginning balance 33,608 35,474 34,861 35,493 Purchases and retirement of common stock (907) — (2,234) — Net issuance under equity plans, including tax benefits (17) 6 57 (17) Stock-based compensation — 30 — 34 Ending balance 32,684 35,510 32,684 35,510 Common stock amount Beginning balance $ 1 $ 1 $ 1 $ 1 Current period activity — — — — Ending balance 1 1 1 1 Retained earnings Beginning balance 483,170 459,958 508,813 452,017 Net income 24,013 15,884 34,532 22,782 Purchases and retirement of common stock (1) (24,613) — (60,939) — Net issuance under equity plans, including tax benefits 51 152 (3,597) (2,148) Stock-based compensation 675 3,573 4,487 6,916 Ending balance 483,296 479,567 483,296 479,567 Accumulated other comprehensive loss Beginning balance, net of tax (15,620) (14,332) (15,747) (14,828) Foreign currency translation adjustment (1,724) (6) (1,597) 490 Ending balance, net of tax (17,344) (14,338) (17,344) (14,338) Total shareholders’ equity ending balance $ 465,953 $ 465,230 $ 465,953 $ 465,230 (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 PER SHARE (Tables)

NET INCOME PER SHARE (Tables)	6 Months Ended
	Jun. 26, 2022
Earnings Per Share [Abstract]
Schedule of net income (loss) and diluted common shares	Diluted common shares were calculated as follows: Thirteen weeks ended Twenty-six weeks ended (in thousands, except per share data) June 26, June 27, June 26, June 27, Net income $ 24,013 $ 15,884 $ 34,532 $ 22,782 Weighted average number of common shares used in basic net income per common share 32,707 34,818 33,318 34,746 Dilutive effect of non-vested stock-based awards 442 534 514 459 Weighted average number of common shares used in diluted net income per common share 33,149 35,352 33,832 35,205 Net income per common share: Basic $ 0.73 $ 0.46 $ 1.04 $ 0.66 Diluted $ 0.72 $ 0.45 $ 1.02 $ 0.65 Anti-dilutive shares 322 26 457 54

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 26, 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 Twenty-six weeks ended (in thousands) June 26, June 27, June 26, June 27, Revenue from services: Contingent staffing PeopleReady $ 317,943 $ 299,316 $ 623,633 $ 559,708 PeopleManagement 161,938 152,356 325,757 304,110 Human resource outsourcing PeopleScout 89,372 64,283 171,378 110,843 Total company $ 569,253 $ 515,955 $ 1,120,768 $ 974,661 The following table presents a reconciliation of segment profit to income before tax expense: Thirteen weeks ended Twenty-six weeks ended (in thousands) June 26, June 27, June 26, June 27, Segment profit: PeopleReady $ 20,325 $ 18,437 $ 36,544 $ 30,297 PeopleManagement 4,228 3,221 7,207 6,337 PeopleScout 20,593 10,857 31,565 14,894 Total segment profit 45,146 32,515 75,316 51,528 Corporate unallocated expense (6,531) (7,307) (13,829) (12,926) Third-party processing fees for hiring tax credits (162) (30) (324) (165) Amortization of software as a service assets (699) (646) (1,446) (1,319) PeopleReady technology implementation costs (1,748) — (4,298) — COVID-19 government subsidies, net — 2,296 — 4,039 Other benefits (costs) 491 (868) 355 (2,024) Depreciation and amortization (7,245) (7,017) (14,532) (13,979) Income from operations 29,252 18,943 41,242 25,154 Interest expense and other income, net (110) 724 395 1,299 Income before tax expense $ 29,142 $ 19,667 $ 41,637 $ 26,453

FAIR VALUE MEASUREMENT - Fair V

FAIR VALUE MEASUREMENT - Fair Value Measurement (Details) - USD ($) $ in Thousands	Jun. 26, 2022	Dec. 26, 2021	Jun. 27, 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	$ 89,995	$ 103,185	$ 159,670	$ 118,612
Restricted investments classified as held-to-maturity	118,265	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	52,266	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	64,928	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	85	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	986	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	32,432	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	57,563	53,289
Cash, cash equivalents, restricted cash and restricted cash equivalents	89,995	103,185
Restricted investments classified as held-to-maturity	118,265	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	52,266	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	64,928	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	85	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	986	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	32,432	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	57,563	53,289
Cash, cash equivalents, restricted cash and restricted cash equivalents	89,995	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	118,265	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	52,266	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	64,928	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	85	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	986	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		6 Months Ended
	Jun. 26, 2022	Jun. 27, 2021	Jun. 26, 2022	Jun. 27, 2021	Dec. 26, 2021
Restricted Cash and Investments [Line Items]
Cash collateral held by insurance carriers	$ 29,179		$ 29,179		$ 28,957
Cash and cash equivalents held in Trust	27,745		27,745		21,590
Investments held in Trust	121,447		121,447		135,419
Company owned life insurance policies	26,759		26,759		32,318
Other restricted cash and cash equivalents	639		639		2,742
Restricted cash and investments	205,769		205,769		221,026
Held-to-maturity Securities, Reconciliation to Fair Value [Abstract]
Amortized cost of held-to-maturity investments	121,447		121,447		135,419
Gross unrealized gains	153		153		3,228
Gross unrealized losses	(3,335)		(3,335)		(563)
Fair value	118,265		118,265		138,084
Held-to-maturity securities, amortized cost [Abstract]
Amortized cost of held-to-maturity investments	121,447		121,447		135,419
Held-to-maturity securities, fair value [Abstract]
Fair value	118,265		118,265		138,084
Unrealized gains (losses) on Investments	(3,549)	$ (1,549)	5,560	$ 2,426
Municipal debt securities
Held-to-maturity Securities, Reconciliation to Fair Value [Abstract]
Amortized cost of held-to-maturity investments	52,362		52,362		56,346
Gross unrealized gains	141		141		2,159
Gross unrealized losses	(237)		(237)		0
Fair value	52,266		52,266		58,505
Held-to-maturity securities, amortized cost [Abstract]
Amortized cost of held-to-maturity investments	52,362		52,362		56,346
Held-to-maturity securities, fair value [Abstract]
Fair value	52,266		52,266		58,505
Corporate debt securities
Held-to-maturity Securities, Reconciliation to Fair Value [Abstract]
Amortized cost of held-to-maturity investments	67,999		67,999		77,925
Gross unrealized gains	12		12		995
Gross unrealized losses	(3,083)		(3,083)		(563)
Fair value	64,928		64,928		78,357
Held-to-maturity securities, amortized cost [Abstract]
Amortized cost of held-to-maturity investments	67,999		67,999		77,925
Held-to-maturity securities, fair value [Abstract]
Fair value	64,928		64,928		78,357
Agency mortgage-backed securities
Held-to-maturity Securities, Reconciliation to Fair Value [Abstract]
Amortized cost of held-to-maturity investments	86		86		148
Gross unrealized gains	0		0		4
Gross unrealized losses	(1)		(1)		0
Fair value	85		85		152
Held-to-maturity securities, amortized cost [Abstract]
Amortized cost of held-to-maturity investments	86		86		148
Held-to-maturity securities, fair value [Abstract]
Fair value	85		85		152
U.S. government and agency securities
Held-to-maturity Securities, Reconciliation to Fair Value [Abstract]
Amortized cost of held-to-maturity investments	1,000		1,000		1,000
Gross unrealized gains	0		0		70
Gross unrealized losses	(14)		(14)		0
Fair value	986		986		1,070
Held-to-maturity securities, amortized cost [Abstract]
Amortized cost of held-to-maturity investments	1,000		1,000		1,000
Held-to-maturity securities, fair value [Abstract]
Fair value	986		986		$ 1,070
Restricted cash and investments
Held-to-maturity Securities, Reconciliation to Fair Value [Abstract]
Amortized cost of held-to-maturity investments	121,447		121,447
Fair value	118,265		118,265
Held-to-maturity securities, amortized cost [Abstract]
Due in one year or less	22,399		22,399
Due after one year through five years	99,048		99,048
Amortized cost of held-to-maturity investments	121,447		121,447
Held-to-maturity securities, fair value [Abstract]
Due in one year or less	22,381		22,381
Due after one year through five years	95,884		95,884
Fair value	$ 118,265		$ 118,265

SUPPLEMENTAL BALANCE SHEET IN_3

SUPPLEMENTAL BALANCE SHEET INFORMATION - Allowance for credit losses (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 26, 2022	Jun. 27, 2021	Dec. 26, 2021	Dec. 27, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 3,987	$ 3,843	$ 6,687	$ 2,921
Provision for credit losses	2,572	2,094
Write-offs	(5,258)	(1,176)
Foreign currency translation	(14)	4
Ending balance	$ 3,987	$ 3,843

SUPPLEMENTAL BALANCE SHEET IN_4

SUPPLEMENTAL BALANCE SHEET INFORMATION - Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands	Jun. 26, 2022	Dec. 26, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid software agreements	$ 8,147	$ 10,078
Other prepaid expenses	7,311	8,858
Other current assets	6,766	12,678
Prepaid expenses and other current assets	$ 22,224	$ 31,614

SUPPLEMENTAL BALANCE SHEET IN_5

SUPPLEMENTAL BALANCE SHEET INFORMATION - Other current liabilities (Details) - USD ($) $ in Thousands	Jun. 26, 2022	Dec. 26, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Contract liabilities	$ 7,041	$ 626
Other current liabilities	5,577	6,882
Other current liabilities	$ 12,618	$ 7,508

WORKERS' COMPENSATION INSURAN_3

WORKERS' COMPENSATION INSURANCE AND RESERVES - Reconciliation of Workers' Compensation Claims Reserve (Details) - USD ($) $ in Thousands	Jun. 26, 2022	Dec. 26, 2021
Workers' Compensation Insurance and Reserves [Abstract]
Undiscounted workers’ compensation reserve	$ 284,051	$ 273,000
Less discount on workers’ compensation reserve	16,453	16,806
Workers' compensation reserve, net of discount	267,598	256,194
Less current portion	56,024	61,596
Long-term portion	$ 211,574	$ 194,598

WORKERS' COMPENSATION INSURAN_4

WORKERS' COMPENSATION INSURANCE AND RESERVES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 26, 2022	Jun. 27, 2021	Jun. 26, 2022	Jun. 27, 2021	Dec. 26, 2021	Jul. 01, 2022
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			$ 21.5	$ 22.4
Weighted average period for claim payments and receivables above deductible limit			17 years
Workers' compensation reserve for excess claims	$ 80		$ 80		$ 62.7
Worker's compensation receivable for excess claims	78.6		78.6		$ 61.4
Workers compensation expense	$ 9.8	$ 9.3	$ 21.1	$ 19.4
Subsequent Event
Workers' Compensation Deductible Limit [Line Items]
Workers compensation deductible increase						$ 5
Below limit
Workers' Compensation Deductible Limit [Line Items]
Workers' compensation discount			1.60%
Above Limit
Workers' Compensation Deductible Limit [Line Items]
Workers' compensation discount			2.10%		1.80%

LONG-TERM DEBT - Narrative (Det

LONG-TERM DEBT - Narrative (Details) $ in Millions	Mar. 16, 2020 USD ($)	Dec. 31, 2023	Jun. 25, 2023	Jun. 26, 2022 USD ($)	Dec. 26, 2021 USD ($)
Revolving Credit Facility [Line Items]
Debt instrument, leverage ratio				0.06
Debt instrument, fixed charge coverage ratio				104.04
Revolving Credit Facility
Revolving Credit Facility [Line Items]
Maximum borrowing capacity	$ 300
Maximum borrowing capacity subject to lender approval	$ 450
Remaining borrowing capacity				$ 292.7
Revolving Credit Facility | Base rate
Revolving Credit Facility [Line Items]
Additional debt instrument base rate	0.50%
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				$ 7.3	$ 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%
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	6 Months Ended
	Jun. 26, 2022	Dec. 26, 2021
Workers' Compensation Commitments [Line Items]
Cash collateral held by workers’ compensation insurance carriers	$ 23,332	$ 23,056
Cash and cash equivalents held in Trust	27,745	21,590
Investments held in Trust	121,447	135,419
Letters of credit	6,160	6,160
Surety bonds	21,898	21,969
Total collateral commitments	$ 200,582	$ 208,194
Surety bonds annual fee limit as a percentage of bond amount	2%
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		6 Months Ended
	Jun. 26, 2022	Jun. 27, 2021	Jun. 26, 2022	Jun. 27, 2021	Dec. 26, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)			34,861
Ending balance (in shares)	32,684		32,684
Beginning balance			$ 493,067
Net income	$ 24,013	$ 15,884	34,532	$ 22,782
Change in accounting standard cumulative-effect adjustment	483,296		483,296		$ 508,813
Foreign currency translation adjustment	(1,724)	(6)	(1,597)	490
Ending balance, net of tax	$ 465,953	$ 465,230	$ 465,953	$ 465,230
Common stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	33,608	35,474	34,861	35,493
Purchases and retirement of common stock (in shares)	907	0	2,234	0
Net issuances under equity plans, including tax benefits (in shares)	(17)	6	57	(17)
Stock-based compensation (in shares)	0	30	0	34
Ending balance (in shares)	32,684	35,510	32,684	35,510
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	483,170	459,958	508,813	452,017
Net income	24,013	15,884	34,532	22,782
Purchases and retirement of common stock	(24,613)	0	(60,939)	0
Net issuance under equity plans, including tax benefits	51	152	(3,597)	(2,148)
Stock-based compensation	675	3,573	4,487	6,916
Ending balance, net of tax	483,296	479,567	483,296	479,567
Accumulated other comprehensive loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(15,620)	(14,332)	(15,747)	(14,828)
Foreign currency translation adjustment	(1,724)	(6)	(1,597)	490
Ending balance, net of tax	$ (17,344)	$ (14,338)	$ (17,344)	$ (14,338)

INCOME TAXES (Details)

INCOME TAXES (Details)	6 Months Ended
	Jun. 26, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate	17.10%
Statutory federal income tax rate	21%

NET INCOME PER SHARE (Details)

NET INCOME PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 26, 2022	Jun. 27, 2021	Jun. 26, 2022	Jun. 27, 2021
Earnings Per Share [Abstract]
Net income	$ 24,013	$ 15,884	$ 34,532	$ 22,782
Weighted average number of common shares used in basic net income per common share (in shares)	32,707	34,818	33,318	34,746
Dilutive effect of non-vested stock-based awards (in shares)	442	534	514	459
Weighted average number of common shares used in diluted net income per common share	33,149	35,352	33,832	35,205
Net income per common share:
Basic (in dollars per share)	$ 0.73	$ 0.46	$ 1.04	$ 0.66
Diluted (in dollars per share)	$ 0.72	$ 0.45	$ 1.02	$ 0.65
Anti-dilutive shares (in shares)	322	26	457	54

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 26, 2022	Jun. 27, 2021	Jun. 26, 2022	Jun. 27, 2021
Segment Reporting Information [Line Items]
Revenue	$ 569,253	$ 515,955	$ 1,120,768	$ 974,661
Segment profit	45,146	32,515	75,316	51,528
Third-party processing fees for hiring tax credits	(162)	(30)	(324)	(165)
Amortization of software as a service assets	(699)	(646)	(1,446)	(1,319)
PeopleReady technology implementation costs	(1,748)	0	(4,298)	0
COVID-19 government subsidies, net	0	2,296	0	4,039
Other benefits (costs)	491	(868)	355	(2,024)
Depreciation and amortization	(7,245)	(7,017)	(14,532)	(13,979)
Income (loss) from operations	29,252	18,943	41,242	25,154
Interest expense and other income, net	(110)	724	395	1,299
Income before tax expense	29,142	19,667	41,637	26,453
PeopleReady
Segment Reporting Information [Line Items]
Segment profit	20,325	18,437	36,544	30,297
PeopleManagement
Segment Reporting Information [Line Items]
Segment profit	4,228	3,221	7,207	6,337
PeopleScout
Segment Reporting Information [Line Items]
Segment profit	20,593	10,857	31,565	14,894
Corporate unallocated
Segment Reporting Information [Line Items]
Corporate unallocated expense	(6,531)	(7,307)	(13,829)	(12,926)
Contingent staffing | PeopleReady
Segment Reporting Information [Line Items]
Revenue	317,943	299,316	623,633	559,708
Contingent staffing | PeopleManagement
Segment Reporting Information [Line Items]
Revenue	161,938	152,356	325,757	304,110
Human resource outsourcing | PeopleScout
Segment Reporting Information [Line Items]
Revenue	$ 89,372	$ 64,283	$ 171,378	$ 110,843