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RESTRICTED CASH AND INVESTMENTS
 12 Months Ended
Dec. 30, 2018
Restricted Cash and Investments [Abstract]  
RESTRICTED CASH AND INVESTMENTS
RESTRICTED CASH AND INVESTMENTS
The following is a summary of the carrying value of our restricted cash and investments:
(in thousands)
December 30,
2018
December 31,
2017
Cash collateral held by insurance carriers
$
24,182

$
22,926

Restricted cash and cash equivalents
28,021

16,113

Restricted investments classified as held-to-maturity
156,618

171,752

Deferred compensation mutual funds, classified as available-for-sale
23,363

22,428

Other restricted cash and cash equivalents
3,259

6,012

Total restricted cash and investments
$
235,443

$
239,231


Held-to-maturity
Restricted cash and investments include collateral that has been provided or pledged to insurance carriers for workers’ compensation and state workers’ compensation programs. Our insurance carriers and certain state workers’ compensation programs require us to collateralize a portion of our workers’ compensation obligation. The collateral typically takes the form of cash and cash equivalents and highly rated investment grade securities, primarily in debt and asset-backed securities. The majority of our collateral obligations are held in a trust at the Bank of New York Mellon (“Trust”).
The amortized cost and estimated fair value of our held-to-maturity investments held in trust, aggregated by investment category as of December 30, 2018 and December 31, 2017, were as follows:
 
December 30, 2018
(in thousands)
Amortized cost
Gross unrealized gain
Gross unrealized loss
Fair value
Municipal debt securities
$
76,750

$
456

$
(516
)
$
76,690

Corporate debt securities
76,310

30

(908
)
75,432

Agency mortgage-backed securities
2,559

5

(33
)
2,531

U.S. government and agency securities
999

—

(11
)
988

 
$
156,618

$
491

$
(1,468
)
$
155,641

 
December 31, 2017
(in thousands)
Amortized cost
Gross unrealized gain
Gross unrealized loss
Fair value
Municipal debt securities
$
82,770

$
974

$
(378
)
$
83,366

Corporate debt securities
83,916

309

(434
)
83,791

Agency mortgage-backed securities
4,066

22

(26
)
4,062

U.S. government and agency securities
1,000

19

—

1,019

 
$
171,752

$
1,324

$
(838
)
$
172,238


The estimated fair value and gross unrealized losses of all investments classified as held-to-maturity, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of December 30, 2018 and December 31, 2017, were as follows:
 
December 30, 2018
 
Less than 12 months
 
12 months or more
 
Total
(in thousands)
Estimated fair value
Unrealized losses
 
Estimated fair value
Unrealized losses
 
Estimated fair value
Unrealized losses
Municipal debt securities
$
12,803

$
(74
)
 
$
22,638

$
(442
)
 
$
35,441

$
(516
)
Corporate debt securities
22,567

(277
)
 
44,463

(631
)
 
67,030

(908
)
Agency mortgage-backed securities
385

—

 
1,375

(33
)
 
1,760

(33
)
U.S. government and agency securities
988

(11
)
 
—

—

 
988

(11
)
Total held-to-maturity investments
$
36,743

$
(362
)
 
$
68,476

$
(1,106
)
 
$
105,219

$
(1,468
)
 
December 31, 2017
 
Less than 12 months
 
12 months or more
 
Total
(in thousands)
Estimated fair value
Unrealized losses
 
Estimated fair value
Unrealized losses
 
Estimated fair value
Unrealized losses
Municipal debt securities
$
23,078

$
(124
)
 
$
9,631

$
(254
)
 
$
32,709

$
(378
)
Corporate debt securities
48,952

(311
)
 
10,081

(123
)
 
59,033

(434
)
Agency mortgage-backed securities
1,362

(10
)
 
888

(16
)
 
2,250

(26
)
Total held-to-maturity investments
$
73,392

$
(445
)
 
$
20,600

$
(393
)
 
$
93,992

$
(838
)

The total number of held-to-maturity securities that had unrealized losses as of December 30, 2018 and December 31, 2017 were 93 and 83, respectively. The unrealized losses were the result of interest rate increases. Since the decline in estimated fair value is attributable to changes in interest rates and not credit quality, and the company has the intent and ability to hold these debt securities until recovery of amortized cost or maturity, the company does not consider these investments other than temporarily impaired.
The amortized cost and fair value by contractual maturity of our held-to-maturity investments are as follows:
 
December 30, 2018
(in thousands)
Amortized cost
Fair value
Due in one year or less
$
27,158

$
27,014

Due after one year through five years
86,606

86,107

Due after five years through ten years
42,854

42,520

 
$
156,618

$
155,641


Actual maturities may differ from contractual maturities because the issuers of certain debt securities have the right to call or prepay their obligations without penalty. We have no significant concentrations of counterparties in our held-to-maturity investment portfolio.
Available-for-sale
We hold mutual funds classified as available-for-sale to support our deferred compensation liability. Unrealized losses of $3.4 million, related to equity investments still held at December 30, 2018, were included in selling, general and administrative expense on the Consolidated Statements of Operations and Comprehensive Income (Loss) for the year ended December 30, 2018.