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Interest Rate Swaps (Tables)

3 Months Ended

Mar. 30, 2019

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):

Derivatives Designated as Cash Flow Hedges		Balance Sheet Location		March 30, 2019				December 29, 2018				March 31, 2018
Interest rate swaps (short-term portion)		Other current assets		$	2,200			$	2,601			$	1,950
Interest rate swaps (long-term portion)		Other assets		1,676				3,222				5,698
Total derivative assets				$	3,876			$	5,823			$	7,648

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 30, 2019				December 29, 2018				March 31, 2018
Beginning fiscal year AOCI balance		$	3,814			$	3,358			$	3,358
Current fiscal period (loss)/gain recognized in OCI		(1,464		)		456				1,832
Cumulative adjustment as a result of ASU 2017-12 adoption		717				—				—
Other comprehensive (loss)/gain, net of tax		(747		)		456				1,832
Ending fiscal period AOCI balance		$	3,067			$	3,814			$	5,190

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 30, 2019				March 31, 2018
Amount of (losses)/gains recognized in OCI during the period	Other comprehensive income		$	(1,947	)		$	2,468

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 30, 2019				March 31, 2018
Income tax (benefit)/expense of interest rate swaps on AOCI		$	(483	)		$	636

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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/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624181-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5618551-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959

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Tabular disclosure of derivative liabilities at fair value.

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