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VENTURE CAPITAL AND OTHER INVESTMENTS | 6 Months Ended
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Jun. 29, 2019
Equity Method Investments and Joint Ventures [Abstract] |
VENTURE CAPITAL AND OTHER INVESTMENTS | VENTURE CAPITAL AND OTHER INVESTMENTS The Company invests in several venture capital funds that invest in start-up companies, primarily in the life sciences industry. The Company’s ownership interest in these funds ranges from less than 1% to 12.0%. The Company accounts for the investments in limited partnerships (LPs), which are variable interest entities, under the equity method of accounting. For publicly-held investments in the LPs, the Company adjusts for changes in fair market value based on reported share holdings at the end of each fiscal quarter. The Company is not the primary beneficiary because it has no power to direct the activities that most significantly affect the LPs’ economic performance. The Company accounts for the investments in limited liability companies, which are not variable interest entities, under the equity method of accounting. Venture capital investments were $99.7 million and $87.5 million as of June 29, 2019 and December 29, 2018, respectively. The Company’s total commitment to the venture capital funds as of June 29, 2019 was $128.6 million, of which the Company funded $75.4 million through that date. The Company received dividends totaling $0.9 million and $1.5 million for the three months ended June 29, 2019 and June 30, 2018, respectively. The Company received dividends totaling $1.6 million and $8.5 million for the six months ended June 29, 2019 and June 30, 2018, respectively. The Company recognized losses of $4.3 million and gains of $10.9 million related to the venture capital investments for the three months ended June 29, 2019 and June 30, 2018, respectively. The Company recognized gains of $6.3 million and $17.4 million related to the venture capital investments for the six months ended June 29, 2019 and June 30, 2018, respectively. Gains and losses are recorded in Other income, net in the accompanying unaudited condensed consolidated statements of income. The Company also invests directly in equity of privately-held companies. These investments are reported at fair value or under the equity method of accounting, as appropriate. Equity investments that do not have readily determinable fair values are generally recorded at cost, plus or minus certain adjustments. Other investments were $12.5 million and $1.0 million as of June 29, 2019 and December 29, 2018, respectively. The Company recognized an insignificant amount of gains and losses related to these investments for the three and six months ended June 29, 2019 and June 30, 2018. Gains and losses from other investments are recorded in Other income, net in the accompanying unaudited consolidated statements of income.

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