Interest Rate Swaps (Tables)

12 Months Ended

Dec. 26, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Assets 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	December 26, 2020		December 28, 2019
Interest rate swaps (short-term portion)	Other current assets	$	—	$	558
Interest rate swaps (long-term portion)	Other assets	—		91
Total derivative assets		$	—	$	649

Interest rate swaps (short-term portion)	Other accrued expenses	$	1,227	$	90
Interest rate swaps (long-term portion)	Other long-term liabilities	3,137		292
Total derivative liabilities		$	4,364	$	382

Derivative Instruments, Gain

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


	Fiscal Year
	2020		2019
Beginning fiscal year AOCI balance	$	199	$	3,814
Current fiscal year loss recognized in OCI	(5,666)		(4,332)
Amounts reclassified from AOCI	2,224		—
Cumulative adjustment as a result of ASU 2017-12 adoption	—		717
Other comprehensive loss, net of tax	(3,442)		(3,615)
Ending fiscal year AOCI balance	$	(3,243)	$	199

Derivative Instruments, 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 Year
	2020		2019
Income tax benefit of interest rate swaps on AOCI	$	(1,189)	$	(1,224)

Derivative Instrument, Pre-Tax 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 Year
	Financial Statement Location	2020		2019		2018
Amount of (losses)/gains recognized in OCI during the period	Other comprehensive (loss)/income	$	(4,631)	$	(5,556)	$	612