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RESTRICTED CASH AND INVESTMENTS | 9 Months Ended
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Sep. 29, 2019
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) | September 29, 2019 | December 30, 2018
Cash collateral held by insurance carriers | $ | 24,797 |  | $ | 24,182 |
Cash and cash equivalents held in Trust | 23,459 |  | 28,021 |
Investments held in Trust | 147,354 |  | 156,618 |
Deferred compensation mutual funds | 27,859 |  | 23,363 |
Other restricted cash and cash equivalents | 3,574 |  | 3,259 |
Total restricted cash and investments | $ | 227,043 |  | $ | 235,443 |
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 September 29, 2019 and December 30, 2018, were as follows:
| September 29, 2019
(in thousands) | Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value
Municipal debt securities | $ | 73,358 |  | $ | 1,991 |  | $ | — |  | $ | 75,349 |
Corporate debt securities | 71,375 |  | 1,129 |  | (27 | ) | 72,477 |
Agency mortgage-backed securities | 1,622 |  | 21 |  | (3 | ) | 1,640 |
U.S. government and agency securities | 999 |  | 63 |  | — |  | 1,062 |
Total held-to-maturity investments | $ | 147,354 |  | $ | 3,204 |  | $ | (30 | ) | $ | 150,528 |
| December 30, 2018
(in thousands) | Amortized cost | Gross unrealized gains | Gross unrealized losses | 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 |
Total held-to-maturity investments | $ | 156,618 |  | $ | 491 |  | $ | (1,468 | ) | $ | 155,641 |
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 September 29, 2019 and December 30, 2018, were as follows:
| September 29, 2019
| 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 | $ | 1,692 |  | $ | — |  |  | $ | — |  | $ | — |  |  | $ | 1,692 |  | $ | — |
Corporate debt securities | 8,609 |  | (13 | ) |  | 7,802 |  | (14 | ) |  | 16,411 |  | (27 | )
Agency mortgage-backed securities | 293 |  | (1 | ) |  | 308 |  | (2 | ) |  | 601 |  | (3 | )
Total held-to-maturity investments | $ | 10,594 |  | $ | (14 | ) |  | $ | 8,110 |  | $ | (16 | ) |  | $ | 18,704 |  | $ | (30 | )
| 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 | )
The total number of held-to-maturity securities in an unrealized loss position as of September 29, 2019 and December 30, 2018 were 19 and 93, 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 until maturity, we do 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:
| September 29, 2019
(in thousands) | Amortized cost | Fair value
Due in one year or less | $ | 21,257 |  | $ | 21,277 |
Due after one year through five years | 86,044 |  | 87,712 |
Due after five years through ten years | 40,053 |  | 41,539 |
Total held-to-maturity investments | $ | 147,354 |  | $ | 150,528 |
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. Equity investments We hold mutual funds to support our deferred compensation liability. Unrealized gains and losses related to equity investments still held at September 29, 2019 and September 30, 2018, were $0.1 million unrealized losses, and $0.6 million unrealized gains, for the thirteen weeks then ended, respectively, and are included in SG&A expense on the Consolidated Statements of Operations and Comprehensive Income. Unrealized gains related to equity investments still held at September 29, 2019 and September 30, 2018, were $3.1 million and $0.6 million for the thirty-nine weeks then ended, respectively.

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