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Interest Rate Swaps (Tables)

6 Months Ended

Jun. 29, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Assets (Liabilities) at Fair Value, Excluding Accrued Interest

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		June 29, 2019				December 29, 2018				June 30, 2018
Interest rate swaps (short-term portion)		Other current assets		$	1,052			$	2,601			$	2,533
Interest rate swaps (long-term portion)		Other assets		276				3,222				5,871
Total derivative assets				$	1,328			$	5,823			$	8,404
Interest rate swaps (long-term portion)		Other long-term liabilities		$	389			$	—			$	—
Total derivative liabilities				$	389			$	—			$	—

Derivative Instruments, Gain (Loss)

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 Six Months Ended
	Financial Statement Location		June 29, 2019				June 30, 2018				June 29, 2019				June 30, 2018
Amount of (losses)/gains recognized in OCI during the period	Other comprehensive (loss)/income		$	(2,937	)		$	737			$	(4,884	)		$	3,205

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 Six Months Ended
	June 29, 2019				June 30, 2018				June 29, 2019				June 30, 2018
Income tax (benefit)/expense of interest rate swaps on AOCI	$	(752	)		$	185			$	(1,235	)		$	821

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

		June 29, 2019				December 29, 2018				June 30, 2018
Beginning fiscal year AOCI balance		$	3,814			$	3,358			$	3,358
Current fiscal period (loss)/gain recognized in OCI		(3,649		)		456				2,384
Cumulative adjustment as a result of ASU 2017-12 adoption		717				—				—
Other comprehensive (loss)/gain, net of tax		(2,932		)		456				2,384
Ending fiscal period AOCI balance		$	882			$	3,814			$	5,742

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- References

No definition available.

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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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