XML 33 R20.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Marketable Securities and Investments
12 Months Ended
Dec. 29, 2019
Marketable Securities [Abstract]  
Marketable Securities and Investments
Marketable Securities and Investments
 
Investments as of December 29, 2019 and December 30, 2018 consisted of the following:
 
 
December 29,
2019
 
December 30,
2018
 
(In thousands)
Marketable securities
$
2,906

 
$
2,447

Equity investments
29,228

 
16,783

 
$
32,134

 
$
19,230


 
Marketable securities. Marketable securities include equity and fixed-income securities held to meet obligations associated with the Company’s supplemental executive retirement plan and other deferred compensation plans. The Company has, accordingly, classified these securities as long-term.
 
The net unrealized holding gain and loss on marketable securities, net of deferred income taxes, reported as a component of other comprehensive income (loss) in the statements of stockholders’ equity, were not material in fiscal years 2019 and 2018. The proceeds from the sales of securities and the related gains and losses are not material for any period presented.
 
Marketable securities classified as available for sale as of December 29, 2019 and December 30, 2018 consisted of the following:
 
 
Market Value
 
Gross Unrealized Holding
 
Cost
 
Gains
 
(Losses)
 
 
(In thousands)
 
 
December 29, 2019
 
 
 
 
 
 
 
Equity securities
$
752

 
$
1,109

 
$

 
$
(357
)
Fixed-income securities
7

 
7

 

 

Other
2,147

 
2,210

 

 
(63
)
 
$
2,906

 
$
3,326

 
$

 
$
(420
)
December 30, 2018
 
 
 
 
 
 
 
Equity securities
$
671

 
$
1,037

 
$

 
$
(366
)
Fixed-income securities
22

 
22

 

 

Other
1,754

 
1,817

 

 
(63
)
 
$
2,447

 
$
2,876

 
$

 
$
(429
)

Equity investments. The Company has equity interests in privately-held entities over which the Company neither has significant influence nor control. These equity investments are carried at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer, with changes included in earnings. The Company also recognizes income for any dividends declared from distribution of investee’s earnings.

The Company regularly reviews its investments for impairment, including when the carrying value of an investment exceeds its market value. If the Company determines that an investment has sustained an other-than-temporary decline in its value, the investment is written down to its fair value by a charge to earnings that is included in Interest and other expense, net in the consolidated statements of operations. Factors that are considered by the Company in determining whether an other-than-temporary decline in value has occurred include (i) the market value of the security in relation to its cost basis, (ii) the financial condition of the investee, and (iii) the Company’s intent and ability to retain the investment for a sufficient period of time to allow for recovery in the market value of the investment.

For investments without a readily available fair value, the Company evaluates the available information (e.g., budgets, business plans, financial statements, etc.) in addition to quoted market prices, if any, in determining whether an other-than-temporary decline in value exists. Factors indicative of an other-than-temporary decline include recurring operating losses, credit defaults and subsequent rounds of financing at an amount below the cost basis of the Company’s investment.