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FAIR VALUE MEASUREMENT
 3 Months Ended
Mar. 29, 2020
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENT FAIR VALUE MEASUREMENT
Assets measured at fair value on a recurring basis
Our assets measured at fair value on a recurring basis consisted of the following:
 
March 29, 2020
(in thousands)
Total fair value
Quoted prices in active markets for identical assets (level 1)
Significant other observable inputs (level 2)
Significant unobservable inputs (level 3)
Cash and cash equivalents
$
265,260

$
265,260

$
—

$
—

Restricted cash and cash equivalents
54,316

54,316

—

—

Cash, cash equivalents and restricted cash (1)
$
319,576

$
319,576

$
—

$
—

 
 
 
 
 
Municipal debt securities
$
73,093

$
—

$
73,093

$
—

Corporate debt securities
70,136

—

70,136

—

Agency mortgage-backed securities
1,155

—

1,155

—

U.S. government and agency securities
1,068

—

1,068

—

Restricted investments classified as held-to-maturity
$
145,452

$
—

$
145,452

$
—

 
 
 
 
 
Deferred compensation investments (2)
$
11,546

$
11,546

$
—

$
—

 
December 29, 2019
(in thousands)
Total fair value
Quoted prices in active markets for identical assets (level 1)
Significant other observable inputs (level 2)
Significant unobservable inputs (level 3)
Cash and cash equivalents
$
37,608

$
37,608

$
—

$
—

Restricted cash and cash equivalents
54,763

54,763

—

—

Cash, cash equivalents and restricted cash (1)
$
92,371

$
92,371

$
—

$
—

 
 
 
 
 
Municipal debt securities
$
74,236

$
—

$
74,236

$
—

Corporate debt securities
76,068

—

76,068

—

Agency mortgage-backed securities
1,376

—

1,376

—

U.S. government and agency securities
1,051

—

1,051

—

Restricted investments classified as held-to-maturity
$
152,731

$
—

$
152,731

$
—

 
 
 
 
 
Deferred compensation investments (2)
$
13,670

$
13,670

$
—

$
—

(1)
Cash, cash equivalents and restricted cash consist of money market funds, deposits and investments with original maturities of three months or less.
(2)
Deferred compensation investments consist of mutual funds and money market funds.
There were no material transfers between level 1, level 2 and level 3 of the fair value hierarchy during the thirteen weeks ended March 29, 2020 or March 31, 2019.
Assets measured at fair value on a nonrecurring basis
We measure the fair value of certain non-financial assets on a nonrecurring basis, including goodwill and certain intangible assets. During the first quarter of 2020, we performed an interim impairment test as of the last day of our first fiscal quarter due to current market conditions. As a result of that test, we recognized an impairment charge of $175.2 million during the thirteen weeks ended March 29, 2020, comprised as follows:
 
March 29, 2020
(in thousands)
Total fair value
Quoted prices in active markets for identical assets (level 1)
Significant other observable inputs (level 2)
Significant unobservable inputs (level 3)
Total impairment loss
Goodwill
$
93,290

$
—

$
—

$
93,290

$
(140,489
)
Client relationships
$
27,108

—

—

27,108

(34,700
)
Total
$
120,398

$
—

$
—

$
120,398

$
(175,189
)
Goodwill and client relationship intangible assets with a total carrying value of $295.6 million were written down to their fair value of $120.4 million, resulting in an impairment charge of $175.2 million, which was recorded in goodwill and intangible asset impairment charge on our Consolidated Statements of Operations and Comprehensive Income (Loss) for the thirteen weeks ended March 29, 2020. Refer to Note 4: Goodwill and Intangible Assets for additional details on the impairment charge and valuation methodologies.