Investments

12 Months Ended

Dec. 26, 2021

Investments, Debt and Equity Securities [Abstract]

Investments

Investments

Investments in Joint Ventures

As of December 26, 2021, and December 27, 2020, 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, we had a gain from joint ventures of $5.0 million, which was primarily due to our proportionate share of a distribution received from the pending liquidation of Madison. In 2021 and 2019, we had no gain/(loss) or distributions 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 26, 2021, and December 27, 2020, non-marketable equity securities included in Miscellaneous assets in our Consolidated Balance Sheets had a carrying value of $27.9 million and $20.9 million, respectively. The carrying value includes $15.3 million of unrealized gains as of December 26, 2021.

In 2021 and 2020, we recorded gains of $27.2 million and $10.1 million, respectively, related to non-marketable equity investment transactions. These gains consist of (i) $15.2 million and $2.5 million realized gains in 2021 and 2020, respectively, due to the partial sale of the investment and (ii) $12.0 million and $7.6 million unrealized gains in 2021 and 2020, respectively, due to the mark to market of the remaining investment. These realized and unrealized gains are 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.