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

9 Months Ended

Oct. 03, 2020

Fair Value Disclosures [Abstract]

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): 

	October 3, 2020				December 31, 2019
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Term Loan Facility	$	2,504,372	$	2,479,328	$	2,523,587	$	2,514,906
8.00% Senior Notes	645,000		675,638		645,000		670,800
6.125% Senior Notes	500,000		505,000		—		—

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 October 3, 2020 and December 31, 2019, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (in thousands):

	October 3, 2020
	Level 1		Level 2		Level 3		Total
Assets:
Short-term investments in deferred compensation plan(1):
Money market	$	197	$	—	$	—	$	197
Mutual funds – Growth	397		—		—		397
Mutual funds – Blend	890		—		—		890
Mutual funds – Foreign blend	282		—		—		282
Mutual funds – Fixed income	—		151		—		151
Total short-term investments in deferred compensation plan(2)	1,766		151		—		1,917
Total assets	$	1,766	$	151	$	—	$	1,917
Liabilities:
Deferred compensation plan liability(2)	$	—	$	2,154	$	—	$	2,154
Interest rate swap liability(3)	—		83,304		—		83,304
Total liabilities	$	—	$	85,458	$	—	$	85,458

	December 31, 2019
	Level 1		Level 2		Level 3		Total
Assets:
Short-term investments in deferred compensation plan(1):
Money market	$	2	$	—	$	—	$	2
Mutual funds – Growth	1,044		—		—		1,044
Mutual funds – Blend	1,769		—		—		1,769
Mutual funds – Foreign blend	572		—		—		572
Mutual funds – Fixed income	—		389		—		389
Total short-term investments in deferred compensation plan(2)	3,387		389		—		3,776
Total assets	$	3,387	$	389	$	—	$	3,776
Liabilities:
Deferred compensation plan liability(2)	$	—	$	3,847	$	—	$	3,847
Interest rate swap liability(3)	—		29,988		—		29,988
Total liabilities	$	—	$	33,835	$	—	$	33,835

(1)Unrealized holding losses for the three months ended September 28, 2019 were $0.1 million. Unrealized holding gains (losses) for the nine months ended October 3, 2020 and September 28, 2019 were $(0.7) million and $0.4 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 four-year interest rate swaps to mitigate variability in forecasted interest payments on $1,500.0 million of the Company’s term loan secured 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.