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Interest Rate Swaps (Tables)

9 Months Ended

Sep. 29, 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		September 29, 2018				December 30, 2017				September 30, 2017
Interest rate swaps (short-term portion)	Other current assets		$	2,735			$	900			$	194
Interest rate swaps (long-term portion)	Other assets		5,991				4,252				2,940
Total net assets			$	8,726			$	5,152			$	3,134

Derivative Instruments, Gain (Loss)

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								Fiscal nine months ended
		September 29, 2018				September 30, 2017				September 29, 2018				September 30, 2017
Income tax expense of interest rate swaps on AOCI		$	79			$	23			$	900			$	105

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								Fiscal nine months ended
	Financial Statement Location		September 29, 2018				September 30, 2017				September 29, 2018				September 30, 2017
Effective portion of gains recognized in OCI during the period	Other comprehensive income		$	306			$	59			$	3,511			$	270
Ineffective portion of gains recognized in earnings during the period	Interest expense, net		16				25				63				46

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

		September 29, 2018				December 30, 2017				September 30, 2017
Beginning fiscal year AOCI balance		$	3,358			$	1,392			$	1,392
Current fiscal period gain recognized in OCI		2,611				1,371				165
Reclassification of stranded tax effects to retained earnings (a)		—				595				—
Other comprehensive gain, net of tax		2,611				1,966				165
Ending fiscal period AOCI balance		$	5,969			$	3,358			$	1,557

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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=84234895&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=84234895&loc=SL5618551-113959

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Tabular disclosure of derivative liabilities at fair value.

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