Joint Venture Transactions

12 Months Ended

Dec. 31, 2020

Joint Venture Transactions

Joint Venture Transactions

13. Joint Venture Transactions

At December 31, 2020 and December 26, 2019, the Company held investments with aggregate carrying values of $2,084,000 and $3,593,000, respectively, in several joint ventures, one of which is accounted for under the equity method, and two of which are investments in equity investments without readily determinable fair values. During fiscal 2020, the Company recorded an other-than-temporary impairment loss of approximately $811,000 in which it was determined that the fair value of its equity method investment in a joint venture was less than its carrying value. The $811,000 impairment loss is included within Equity losses from unconsolidated joint ventures in the consolidated statement of earnings (loss) as of December 31, 2020. Early in fiscal 2021, pursuant to a recapitalization of this joint venture, the Company surrendered its ownership interest in this entity. The Company also sold its interest in an equity investment without a readily determinable fair value early in fiscal 2021.