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FAIR VALUE MEASUREMENTS
6 Months Ended
Jun. 29, 2019
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
Investments
The Company invests in marketable securities, principally equity-based mutual funds, to mitigate the risk associated with the investment return on employee deferrals of compensation. All of the marketable securities are included in Other assets on the accompanying consolidated balance sheets, and their aggregate fair values were approximately $17.3 million, $15.7 million, and $16.9 million at June 29, 2019, December 29, 2018, and June 30, 2018, respectively. These investments are classified as Level 1 within the fair value hierarchy. Gains on the investments in marketable securities were not material for the second fiscal quarter ended June 29, 2019 and were $0.2 million for the second fiscal quarter ended June 30, 2018. Gains on the investments in marketable securities were $1.7 million and $0.2 million for the two fiscal quarters ended June 29, 2019 and June 30, 2018, respectively. These amounts are included in Other expense (income), net on the Company's consolidated statement of operations.
Borrowings
As of June 29, 2019, the fair value of the Company's $110.0 million in outstanding borrowings under its secured revolving credit facility approximated the carrying value.
The fair value of the Company's senior notes at June 29, 2019 was approximately $524.8 million. The fair value of these senior notes with a notional value and carrying value (gross of debt cost) of $500 million was estimated using a quoted price as provided in the secondary market, which considers the Company's credit risk and market related conditions, and is therefore within Level 2 of the fair value hierarchy.