Investments

12 Months Ended

Dec. 31, 2011

Investments [Abstract]

Investments [Text Block]

4. INVESTMENTS

Investments in Marketable Equity Securities.Investments in marketable equity securities at December 31, 2011, and January 2, 2011consist of the following:

(in thousands)	2011		2010
Total cost	$	169,271	$	223,064
Net unrealized gains		133,930		117,846
Total fair value	$	303,201	$	340,910

At December 31, 2011,and January 2, 2011, the Company owned 2,214 shares of Berkshire Hathaway Inc. ("Berkshire") Class A common stock and 424,250 shares of Berkshire Class B common stock, respectively. The Company's ownership of Berkshire accounted for $286.4 million, or 94%, and $300.7 million, or 88%, of the total fair value of the Company's investments in marketable equity securities at December 31, 2011 and January 2, 2011, respectively.

Berkshire is a holding company owning subsidiaries engaged in a number of diverse business activities, the most significant of which consists of property and casualty insurance businesses conducted on both a direct and reinsurance basis. Berkshire also owns approximately 23% of the common stock of the Company. The chairman, chief executive officer and largest shareholder of Berkshire, Mr. Warren Buffet, was a member of the Company's Board of Directors until May 2011, at which time Mr. Buffet retired from the Company's Board. The Company's investment in Berkshire common stock is less than 1% of the consolidated equity of Berkshire. At December 31, 2011 and January 2, 2011, the unrealized gain related to the Company's Berkshire stock investment totaled $129.1 million and $143.4 million, respectively.

At the end of the first quarter of 2011, the Company's investment in Corinthian Colleges, Inc. had been in an unrealized loss position for over six months. The Company evaluated this investment for other-than-temporary impairment based on various factors, including the duration and severity of the unrealized loss, the reason for the decline in value and the potential recovery period, and the Company's ability and intent to hold the investment. In the first quarter of 2011, the Company concluded the loss was other-than-temporary and recorded a $30.7 million write-down of the investment. The investment continued to decline, and in the third quarter of 2011, the Company recorded an additional $23.1 million write-down of the investment. The Company's investment in Corinthian Colleges, Inc. accounted for $16.8 million of the total fair value of the Company's investments in marketable equity securities at December 31, 2011.

There were no new investments or sales of marketable equity securities in 2011 and 2010. During 2009, the Company invested $10.8 million in the Class B common stock of Berkshire. There were no sales of marketable equity securities during 2011, 2010 and 2009.

Investments in Affiliates. At the end of 2011, the Company's investments in affiliates include a 49% interest in the common stock of Bowater Mersey Paper Company Limited, which owns and operates a newsprint mill in Nova Scotia. The Company also holds a 16.5% interest in Classified Ventures, LLC, which owns and operates several leading businesses in the online classified advertising space, and several other investments.

In the third quarter of 2011 and the third quarter of 2009, the Company recorded impairment charges of $9.2 million and $27.4 million on the Company's interest in Bowater Mersey Paper Company, respectively, as a result of the challenging economic environment for newsprint producers. An additional $1.6 million impairment loss was recorded in 2009.