RESTRICTED CASH AND INVESTMENTS

9 Months Ended

Sep. 27, 2020

Restricted Cash and Investments [Abstract]

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


(in thousands)	September 27, 2020		December 29, 2019
Cash collateral held by insurance carriers	$	25,843	$	24,612
Cash and cash equivalents held in Trust	18,543		23,681
Investments held in Trust	156,030		149,373
Deferred compensation investments	12,950		13,670
Company owned life insurance policies	12,853		13,126
Other restricted cash and cash equivalents	3,596		6,470
Total restricted cash and investments	$	229,815	$	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 September 27, 2020 and December 29, 2019, were as follows:


	September 27, 2020
(in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Municipal debt securities	$	68,716	$	3,638	$	—	$	72,354
Corporate debt securities	85,629		2,605		(98)		88,136
Agency mortgage-backed securities	686		27		—		713
U.S. government and agency securities	999		140		—		1,139
Total held-to-maturity investments	$	156,030	$	6,410	$	(98)	$	162,342


	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 amortized cost and fair value by contractual maturity of our held-to-maturity investments are as follows:


	September 27, 2020
(in thousands)	Amortized cost		Fair value
Due in one year or less	$	21,395	$	21,605
Due after one year through five years	111,992		116,813
Due after five years through ten years	22,643		23,924
Total held-to-maturity investments	$	156,030	$	162,342

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.

Deferred compensation investments and company owned life insurance policies

We hold mutual funds, money market funds and company owned life insurance policies to support our deferred compensation liability. Unrealized gains and losses related to these investments still held at September 27, 2020 and September 29, 2019, included in SG&A expense on our Consolidated Statements of Operations and Comprehensive Income (Loss), were as follows:


	Thirteen weeks ended						Thirty-nine weeks ended
(in thousands)	September 27, 2020		September 29, 2019		September 27, 2020		September 29, 2019
Unrealized gains (losses)	$	1,452	$	(115)	$	(258)	$	3,078