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Interest Rate Swaps (Tables)
6 Months Ended
Jun. 27, 2020
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 LocationJune 27,
2020
December 28,
2019
June 29,
2019
Interest rate swaps (short-term portion)Other current assets$—  $558  $1,052  
Interest rate swaps (long-term portion)Other assets —  91  276  
Total derivative assets$—  $649  $1,328  
Interest rate swaps (short-term portion)Other accrued expenses$3,112  $90  $—  
Interest rate swaps (long-term portion)Other long-term liabilities5,403  292  389  
Total derivative liabilities$8,515  $382  $389  
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):
June 27,
2020
December 28,
2019
June 29,
2019
Beginning fiscal year AOCI balance$199  $3,814  $3,814  
Current fiscal period loss recognized in OCI(6,534) (4,332) (3,649) 
Cumulative adjustment as a result of ASU 2017-12 adoption—  717  717  
Other comprehensive loss, net of tax(6,534) (3,615) (2,932) 
Ending fiscal period AOCI balance$(6,335) $199  $882  
Derivative Instruments, Gain (Loss), pre-tax
The following table summarizes the impact of pre-tax gains and losses derived from the Company’s interest rate swaps (in thousands):
Fiscal Three Months EndedFiscal Six Months Ended
Financial Statement LocationJune 27,
2020
June 29,
2019
June 27,
2020
June 29,
2019
Amount of losses recognized in OCI during the periodOther comprehensive loss$(1,726) $(2,937) $(8,782) $(4,884) 
Derivative Instruments, Gain (Loss), tax impact
The following table summarizes the impact of taxes affecting AOCI as a result of the Company’s interest rate swaps (in thousands):
Fiscal Three Months EndedFiscal Six Months Ended
June 27,
2020
June 29, 2019June 27,
2020
June 29,
2019
Income tax benefit of interest rate swaps on AOCI$(442) $(752) $(2,248) $(1,235)