VENTURE CAPITAL INVESTMENTS AND MARKETABLE SECURITIES

Venture Capital Investments

The Company invests in several venture capital funds that invest in start-up companies, primarily in the life sciences industry. The Company’s ownership interest in these funds ranges from 2.7% to 12.0%. The Company accounts for the investments in limited liability partnerships (LLP), which are variable interest entities, under the equity or cost method of accounting. The Company is not the primary beneficiary because it has no power to direct the activities that most significantly affect the LLPs’ economic performance. The Company accounts for the investments in limited liability companies, which are not variable interest entities, under the equity method of accounting.

The Company’s total commitments to the entities as of September 24, 2016 were $80.6 million, of which the Company funded $35.3 million through September 24, 2016. During the three and nine months ended September 24, 2016, the Company received dividends of $2.3 million from the entities. During the three and nine months ended September 26, 2015, the Company received dividends totaling $5.3 million and $7.3 million, respectively. The Company recognized a gain of $0.4 million and $3.2 million related to these investments for the three months ended September 24, 2016 and September 26, 2015, respectively.

Subsequent to September 24, 2016, the Company invested in a new venture capital fund, which increased the Company’s total commitments by $4.3 million.

Marketable Securities

The Company held no marketable securities as of September 24, 2016.

The following is a summary of the Company's marketable securities as of December 26, 2015, all of which were classified as available-for-sale:



	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
Mutual fund	$	4,650	$	—	$	(141	)	$	4,509
Total	$	4,650	$	—	$	(141	)	$	4,509

During the three and nine months ended September 24, 2016, the Company realized insignificant losses and received proceeds of $4.6 million from the sale of its available-for-sale securities. There were no sales of available-for-sale securities during the nine months ended September 26, 2015.