Other

6 Months Ended

Jun. 28, 2020

Other Income and Expenses [Abstract]

Other

OTHER

Capitalized Computer Software Costs

Amortization of capitalized computer software costs included in Depreciation and amortization in our Condensed Consolidated Statements of Operations were $3.9 million and $4.4 million in the second quarters of 2020 and 2019, respectively, and $7.7 million and $8.7 million in the first six months of 2020 and 2019, respectively,

Interest income/(expense) and other, net

Interest income/(expense) and other, net, as shown in the accompanying Condensed Consolidated Statements of Operations was as follows:

	For the Quarters Ended						For the Six Months Ended
(In thousands)	June 28, 2020			June 30, 2019			June 28, 2020			June 30, 2019
Interest expense	$	(189	)	$	(7,137	)	$	(381	)	$	(14,196	)
Amortization of debt costs and discount on debt	—			205			—			(688		)
Capitalized interest	10			8			17			52
Interest income and other expense, net (1)	2,965			5,410			17,004			12,015
Total interest income/(expense) and other, net	$	2,786		$	(1,514	)	$	16,640		$	(2,817	)

⁽¹⁾ The six months ended June 28, 2020, include a $10.1 million gain related to a non-marketable equity investment transaction. The six months ended June 30, 2019, include a fair value adjustment of $1.9 million related to the sale of a non-marketable equity security.

Restricted Cash

A reconciliation of cash, cash equivalents and restricted cash as of June 28, 2020, and December 29, 2019, from the Condensed Consolidated Balance Sheets to the Condensed Consolidated Statements of Cash Flows is as follows:

(In thousands)	June 28, 2020		December 29, 2019
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	$	249,312	$	230,431
Restricted cash included within other current assets	531		528
Restricted cash included within miscellaneous assets	15,297		16,559
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows	$	265,140	$	247,518

Substantially all of the amount included in restricted cash is set aside to collateralize workers’ compensation obligations.

Revolving Credit Facility

In September 2019, the Company entered into a $250.0 million five-year unsecured revolving credit facility (the “Credit Facility”). Certain of the Company’s domestic subsidiaries have guaranteed the Company’s obligations under the Credit Facility. Borrowings under the Credit Facility bear interest at specified rates based on our utilization and consolidated leverage ratio. The Credit Facility contains various customary affirmative and negative covenants. In addition, the Company is obligated to pay a quarterly unused commitment fee of 0.20%.

As of June 28, 2020, there were no outstanding borrowings under the Credit Facility and the Company was in compliance with the financial covenants contained in the documents governing the Credit Facility.

Severance Costs

We recognized severance costs of $6.3 million and $0.7 million in the second quarters of 2020 and 2019, respectively, and $6.7 million and $2.1 million in the first six months of 2020 and 2019, respectively. Severance costs recognized in 2020 were largely related to workforce reductions primarily affecting our advertising department. These costs are recorded in General and administrative costs in our Condensed Consolidated Statements of Operations.

We had a severance liability of $12.0 million and $8.4 million included in Accrued expenses and other in our Condensed Consolidated Balance Sheets as of June 28, 2020, and December 29, 2019, respectively. We anticipate most of the payments will be made within the next twelve months.