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Interest Rate Swaps (Tables)

3 Months Ended

Mar. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Assets (Liabilities) at Fair Value

The assets and liabilities measured at fair value related to the Company’s interest rate swaps, excluding accrued interest, were as follows (in thousands):

	Balance Sheet Location		March 31, 2018				December 30, 2017				April 1, 2017
Interest rate swaps (short-term portion)	Other current assets		$	1,950			$	900			$	101
Interest rate swaps (long-term portion)	Other assets		5,698				4,252				3,183
Total net assets			$	7,648			$	5,152			$	3,284

Derivative Instruments, Gain (Loss)

The following table summarizes the changes in AOCI, net of tax, related to the Company’s interest rate swaps (in thousands):

		March 31, 2018				December 30, 2017				April 1, 2017
Beginning fiscal year AOCI balance		$	3,358			$	1,392			$	1,392
Current fiscal period gain recognized in OCI		1,832				1,371				281
Amounts reclassified from AOCI into current fiscal period earnings		—				—				—
Reclassification of stranded tax effects to retained earnings (a)		—				595				—
Other comprehensive gain, net of tax		1,832				1,966				281
Ending fiscal period AOCI balance		$	5,190			$	3,358			$	1,673

The following table summarizes the impact of pre-tax gains and losses derived from the Company’s interest rate swaps (in thousands):

			Fiscal three months ended
	Financial Statement Location		March 31, 2018				April 1, 2017
Effective portion of gains recognized in OCI during the period	Other comprehensive income		$	2,468			$	461
Amounts reclassified from AOCI into earnings	Interest expense, net		—				—
Ineffective portion of gains recognized in earnings during the period	Interest expense, net		28				6

The following table summarizes the impact of taxes affecting AOCI as a result of the Company’s interest rate swaps (in thousands):

		Fiscal three months ended
		March 31, 2018				April 1, 2017
Income tax expense of interest rate swaps on AOCI		$	636			$	180

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- References

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- Definition

Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624171-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5618551-113959

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Tabular disclosure of derivative liabilities at fair value.

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