Investments

12 Months Ended

Dec. 27, 2020

Investments, Debt and Equity Securities [Abstract]

Investments

Investments

Investments in Joint Ventures

As of December 27, 2020, and December 29, 2019, the value of our investments in joint ventures was zero. Our proportionate shares of the operating results of our investments are recorded in Gain from joint ventures in our Consolidated Statements of Operations.

Madison

The Company and UPM-Kymmene Corporation (“UPM”), a Finnish paper manufacturing company, are partners through subsidiary companies in Madison. The Company’s 40% ownership of Madison is through an 80%-owned consolidated subsidiary that owns 50% of Madison. UPM owns 60% of Madison, including a 10% interest through a 20% noncontrolling interest in the consolidated subsidiary of the Company. In 2016, the paper mill closed and the Company’s joint venture in Madison is currently being liquidated.

In 2020 and 2018, we had a gain from joint ventures of $5.0 million and $10.8 million, respectively. The gain was primarily due to our proportionate share of a distribution received from the pending liquidation of Madison. In 2019, we had no gain/(loss) or distribution from joint ventures.

Non-Marketable Equity Securities

Our non-marketable equity securities are investments in privately held companies/funds without readily determinable market values. Gains and losses on non-marketable securities sold or impaired are recognized in Interest income/(expense) and other, net.

As of December 27, 2020, and December 29, 2019, non-marketable equity securities included in Miscellaneous assets in our Consolidated Balance Sheets had a carrying value of $20.9 million and $13.4 million, respectively. In 2020, we recorded a $10.1 million gain related to a non-marketable equity investment transaction. The gain is comprised of $2.5 million realized gain due to the partial sale of the investment and a $7.6 million unrealized gain due to the mark to market of the remaining investment, and is included in Interest income/(expense) and other, net in our Consolidated Statements of Operations. We did not have any material fair value adjustments in 2019 and 2018.