FAIR VALUE OF FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 29, 2019

Schedule of Fair Value Not Currently Recognized on Balance sheet

The fair values of the remaining financial instruments not currently recognized at fair value on our consolidated balance sheets at the respective period ends were (in thousands):



	June 29, 2019				October 28, 2018
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Term Loan Facilities	$	2,536,397	$	2,460,305	$	412,925	$	412,409
8.00% Senior Notes	645,000		625,650		—		—

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables summarize information regarding our financial assets and liabilities that are measured at fair value on a recurring basis as of June 29, 2019 and October 28, 2018, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (in thousands):



	June 29, 2019
	Level 1		Level 2		Level 3		Total
Assets:
Short-term investments in deferred compensation plan⁽¹⁾:
Money market	$	120	$	—	$	—	$	120
Mutual funds – Growth	1,057		—		—		1,057
Mutual funds – Blend	1,606		—		—		1,606
Mutual funds – Foreign blend	537		—		—		537
Mutual funds – Fixed income	—		389		—		389
Total short-term investments in deferred compensation plan⁽²⁾	3,320		389		—		3,709
Total assets	$	3,320	$	389	$	—	$	3,709

Liabilities:
Deferred compensation plan liability⁽²⁾	$	—	$	3,618	$	—	$	3,618
Interest rate swap liability⁽³⁾	—		29,850		—		29,850
Total liabilities	$	—	$	33,468	$	—	$	33,468



	October 28, 2018
	Level 1		Level 2		Level 3		Total
Assets:
Short-term investments in deferred compensation plan⁽¹⁾:
Money market	$	369	$	—	$	—	$	369
Mutual funds – Growth	1,118		—		—		1,118
Mutual funds – Blend	2,045		—		—		2,045
Mutual funds – Foreign blend	812		—		—		812
Mutual funds – Fixed income	—		941		—		941
Total short-term investments in deferred compensation plan⁽²⁾	4,344		941		—		5,285
Total assets	$	4,344	$	941	$	—	$	5,285

Liabilities:
Deferred compensation plan liability⁽²⁾	$	—	$	4,639	$	—	$	4,639
Total liabilities	$	—	$	4,639	$	—	$	4,639

(1)

Unrealized holding gains (losses) for the three months ended June 29, 2019 and April 29, 2018 were $0.1 million and $(0.2) million, respectively. Unrealized holding gains for the six months ended June 29, 2019 and April 29, 2018 were $0.4 million and $0.1 million, respectively. These unrealized holding gains (losses) were substantially offset by changes in the deferred compensation plan liability.


(2)	The Company records the short-term investments in deferred compensation plan within investments in debt and equity securities, at market, and the deferred compensation plan liability within accrued compensation and benefits on the consolidated balance sheets.

(3)

In May 2019, the Company entered into interest rate swaps to mitigate variability in forecasted interest payments on $1,500.0 million of the Company’s unsecured variable debt. The interest rate swaps effectively convert a portion of the floating rate interest payments into a fixed rate interest payment. There are three interest rate swaps that cover $500.0 million of notional debt each and fix the interest rate at 5.918%, 5.906% and 5.907%, respectively. The Company designated the interest rate swaps as qualifying hedging instruments and accounts for these derivatives as cash flow hedges. The interest rate swap liability is included within other long-term liabilities on the consolidated balance sheets.