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RESTRICTED CASH AND INVESTMENTS
 6 Months Ended
Jun. 30, 2019
Restricted Cash and Investments [Abstract]  
RESTRICTED CASH AND INVESTMENTS RESTRICTED CASH AND INVESTMENTS
The following is a summary of the carrying value of our restricted cash and investments:
(in thousands)
June 30,
2019
December 30,
2018
Cash collateral held by insurance carriers
$
23,877

$
24,182

Cash and cash equivalents held in Trust
24,721

28,021

Investments held in Trust
145,396

156,618

Deferred compensation mutual funds
28,416

23,363

Other restricted cash and cash equivalents
146

3,259

Total restricted cash and investments
$
222,556

$
235,443


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 June 30, 2019 and December 30, 2018, were as follows:
 
June 30, 2019
(in thousands)
Amortized cost
Gross unrealized gains
Gross unrealized losses
Fair value
Municipal debt securities
$
74,206

$
1,883

$
(5
)
$
76,084

Corporate debt securities
68,262

883

(64
)
69,081

Agency mortgage-backed securities
1,929

21

(6
)
1,944

U.S. government and agency securities
999

46

—

1,045

Total held-to-maturity investments
$
145,396

$
2,833

$
(75
)
$
148,154

 
December 30, 2018
(in thousands)
Amortized cost
Gross unrealized gains
Gross unrealized losses
Fair value
Municipal debt securities
$
76,750

$
456

$
(516
)
$
76,690

Corporate debt securities
76,310

30

(908
)
75,432

Agency mortgage-backed securities
2,559

5

(33
)
2,531

U.S. government and agency securities
999

—

(11
)
988

Total held-to-maturity investments
$
156,618

$
491

$
(1,468
)
$
155,641


The estimated fair value and gross unrealized losses of all investments classified as held-to-maturity, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of June 30, 2019 and December 30, 2018, were as follows:
 
June 30, 2019
 
Less than 12 months
 
12 months or more
 
Total
(in thousands)
Estimated fair value
Unrealized losses
 
Estimated fair value
Unrealized losses
 
Estimated fair value
Unrealized losses
Municipal debt securities
$
—

$
—

 
$
5,992

$
(5
)
 
$
5,992

$
(5
)
Corporate debt securities
—

—

 
23,378

(64
)
 
23,378

(64
)
Agency mortgage-backed securities
—

—

 
676

(6
)
 
676

(6
)
Total held-to-maturity investments
$
—

$
—

 
$
30,046

$
(75
)
 
$
30,046

$
(75
)
 
December 30, 2018
 
Less than 12 months
 
12 months or more
 
Total
(in thousands)
Estimated fair value
Unrealized losses
 
Estimated fair value
Unrealized losses
 
Estimated fair value
Unrealized losses
Municipal debt securities
$
12,803

$
(74
)
 
$
22,638

$
(442
)
 
$
35,441

$
(516
)
Corporate debt securities
22,567

(277
)
 
44,463

(631
)
 
67,030

(908
)
Agency mortgage-backed securities
385

—

 
1,375

(33
)
 
1,760

(33
)
U.S. government and agency securities
988

(11
)
 
—

—

 
988

(11
)
Total held-to-maturity investments
$
36,743

$
(362
)

$
68,476

$
(1,106
)

$
105,219

$
(1,468
)

The total number of held-to-maturity securities in an unrealized loss position as of June 30, 2019 and December 30, 2018 were 28 and 93, respectively. The unrealized losses were the result of interest rate increases. Since the decline in estimated fair value is attributable to changes in interest rates and not credit quality, and the company has the intent and ability to hold these debt securities until recovery of amortized cost or until maturity, we do not consider these investments other than temporarily impaired.
The amortized cost and fair value by contractual maturity of our held-to-maturity investments are as follows:
 
June 30, 2019
(in thousands)
Amortized cost
Fair value
Due in one year or less
$
10,453

$
10,442

Due after one year through five years
88,986

90,201

Due after five years through ten years
45,957

47,511

Total held-to-maturity investments
$
145,396

$
148,154


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.
Equity investments
We hold mutual funds to support our deferred compensation liability. Unrealized gains related to equity investments still held at June 30, 2019 and July 1, 2018, were $0.8 million, and $0.1 million, for the thirteen weeks then ended, respectively, and are included in SG&A expense on the Consolidated Statements of Operations and Comprehensive Income. Unrealized gains and losses related to equity investments still held at June 30, 2019 and July 1, 2018, were a $3.2 million gain, and a $0.1 million loss, for the twenty-six weeks then ended, respectively.