Marketable Securities and Investments

12 Months Ended

Jan. 01, 2023

Investments, which are classified in Other assets, net, consisted of the following:


	January 1, 2023		January 2, 2022
	(In thousands)
Marketable securities	$	11,083	$	33,683
Equity investments	54,503		33,801
Investments in debt securities	42,500		13,500
	$	108,086	$	80,984

Marketable securities. Marketable securities include equity and fixed-income securities. The net unrealized holding gain and loss on marketable securities, net of deferred income taxes, reported as a component of other comprehensive income (loss) in the consolidated statements of stockholders’ equity, was not material in fiscal years 2022 and 2021. The proceeds from the sales of securities and the related gains and losses are not material for any period presented.

Marketable securities classified as available for sale consisted of the following:


	Market Value		Gross Unrealized Holding
			Cost		Gains		(Losses)
			(In thousands)
January 1, 2023
Equity securities	$	6,775	$	6,775	$	—	$	—

Other	4,308		4,308		—		—
	$	11,083	$	11,083	$	—	$	—
January 2, 2022
Equity securities	$	29,768	$	29,768	$	—	$	—
Fixed-income securities	7		7		—		—
Other	3,908		3,971		—		(63)
	$	33,683	$	33,746	$	—	$	(63)

Equity Investments. The Company has equity interests in privately-held entities over which the Company neither has significant influence nor control. Equity investments as of January 1, 2023 and January 2, 2022 consisted of the following:


	January 1, 2023		January 2, 2022
	(In thousands)
Equity investments, carried at cost minus impairment, if any	$	50,654	$	29,738
Equity investments, carried at fair value	3,849		4,063
	$	54,503	$	33,801

The amount of upward adjustments during fiscal years 2022 and 2021 were $2.9 million and $19.6 million, respectively. The cumulative amount of upward adjustments as of January 1, 2023 and January 2, 2022 was $30.7 million and $27.8 million, respectively. The amount of impairments and downward adjustments during fiscal year 2020 was $4.9 million. The cumulative amount of impairments and downward adjustments as of each of January 1, 2023 and January 2, 2022 was $5.0 million.

Investments in debt securities. The Company has investments in debt securities that are classified as available for sale. The amortized cost of these investments are not materially different to their fair value. Investments with total carrying value of $25.5 million have contractual maturities of one year through five years. Investments with a carrying value of $17.0 million are convertible into equity securities or are due and payable upon event of default (as defined in the applicable agreement).