Investment in Dash Brands

6 Months Ended

Jun. 14, 2020

Investments [Abstract]

Investment in Dash Brands

9. Investment in Dash Brands

In the second quarter of 2020, a subsidiary of the Company acquired a non-controlling interest in Dash Brands for $40.0 million. This investment is an equity investment without a readily determinable fair value and is recorded at cost with adjustments for observable changes in prices resulting from orderly transactions for the identical or a similar investment of the same issuer or impairments within long-term other assets in the Company’s condensed consolidated balance sheet. The Company did not record any adjustments to the carrying amount of $40.0 million in the second quarter ended June 14, 2020. The Company is contractually required to invest an additional $40.0 million in Dash Brands in the first quarter of 2021, assuming certain performance conditions are satisfied. If such performance conditions are not satisfied, the Company has the option to make such additional investment in its discretion.