RESTRICTED CASH AND INVESTMENTS

3 Months Ended

Mar. 29, 2020

Restricted Cash and Investments [Abstract]

The following is a summary of the carrying value of our restricted cash and investments:



(in thousands)	March 29, 2020		December 29, 2019
Cash collateral held by insurance carriers	$	24,684	$	24,612
Cash and cash equivalents held in Trust	26,641		23,681
Investments held in Trust	142,761		149,373
Deferred compensation investments	11,546		13,670
Company owned life insurance policies	10,284		13,126
Other restricted cash and cash equivalents	2,991		6,470
Total restricted cash and investments	$	218,907	$	230,932

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 March 29, 2020 and December 29, 2019, were as follows:



	March 29, 2020
(in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Municipal debt securities	$	71,124	$	1,969	$	—		$	73,093
Corporate debt securities	69,539		908		(311		)	70,136
Agency mortgage-backed securities	1,116		39		—			1,155
U.S. government and agency securities	1,000		68		—			1,068
Total held-to-maturity investments	$	142,779	$	2,984	$	(311	)	$	145,452



	December 29, 2019
(in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Municipal debt securities	$	72,017	$	2,219	$	—		$	74,236
Corporate debt securities	75,000		1,102		(34		)	76,068
Agency mortgage-backed securities	1,357		21		(2		)	1,376
U.S. government and agency securities	999		52		—			1,051
Total held-to-maturity investments	$	149,373	$	3,394	$	(36	)	$	152,731

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 March 29, 2020 and December 29, 2019, were as follows:



	March 29, 2020
	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
Corporate debt securities	$	23,488	$	(311	)	$	—	$	—	$	23,488	$	(311	)
Total held-to-maturity investments	$	23,488	$	(311	)	$	—	$	—	$	23,488	$	(311	)



	December 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
Corporate debt securities	$	15,920	$	(32	)	$	2,765	$	(2	)	$	18,685	$	(34	)
Agency mortgage-backed securities	—		—			276		(2		)	276		(2		)
Total held-to-maturity investments	$	15,920	$	(32	)	$	3,041	$	(4	)	$	18,961	$	(36	)

The total number of held-to-maturity securities in an unrealized loss position as of March 29, 2020 and December 29, 2019 were 16 and 17, respectively. The unrealized losses were the result of net interest rate increases over the maturity of the respective securities. 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:



	March 29, 2020
(in thousands)	Amortized cost		Fair value
Due in one year or less	$	26,080	$	26,145
Due after one year through five years	88,541		90,049
Due after five years through ten years	28,158		29,258
Total held-to-maturity investments	$	142,779	$	145,452

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 and money market funds to support our deferred compensation liability. Unrealized gains and losses related to equity investments still held at March 29, 2020 and March 31, 2019, totaled a $2.9 million loss and a $2.4 million gain for the thirteen weeks then ended, respectively, and are included in SG&A expense on the Consolidated Statements of Operations and Comprehensive Income (Loss).