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Interest Rate Swaps (Tables)
6 Months Ended
Jun. 26, 2021
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 26,
2021
December 26,
2020
June 27,
2020
Interest rate swaps (long-term portion)Other assets $167 $— $— 
Total derivative assets$167 $— $— 
Interest rate swaps (short-term portion)Other accrued expenses$1,240 $1,227 $3,112 
Interest rate swaps (long-term portion)Other long-term liabilities— 3,137 5,403 
Total derivative liabilities$1,240 $4,364 $8,515 
Derivative Instruments, Gain (Loss)
The following table summarizes the changes in AOCI, net of tax, related to the Company’s interest rate swaps (in thousands):
June 26,
2021
December 26,
2020
June 27,
2020
Beginning fiscal year AOCI balance$(3,243)$199 $199 
Current fiscal period gain/(loss) recognized in OCI2,445 (5,666)(6,534)
Amounts reclassified from AOCI— 2,224 — 
Other comprehensive gain/(loss), net of tax2,445 (3,442)(6,534)
Ending fiscal period AOCI balance$(798)$(3,243)$(6,335)
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 26,
2021
June 27,
2020
June 26,
2021
June 27,
2020
Amount of gains/(losses) recognized in OCI during the periodOther comprehensive income/(loss)$430 $(1,726)$3,291 $(8,782)
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 26,
2021
June 27,
2020
June 26,
2021
June 27,
2020
Income tax expense/(benefit) of interest rate swaps on AOCI$110 $(442)$846 $(2,248)