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Interest Rate Swaps (Tables)
9 Months Ended
Sep. 25, 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 LocationSeptember 25,
2021
December 26,
2020
September 26,
2020
Interest rate swaps (long-term portion)Other assets $465 $— $— 
Total derivative assets$465 $— $— 
Interest rate swaps (short-term portion)Other accrued expenses$1,260 $1,227 $2,831 
Interest rate swaps (long-term portion)Other long-term liabilities— 3,137 5,055 
Total derivative liabilities$1,260 $4,364 $7,886 
Derivative Instruments, Gain (Loss)
The following table summarizes the changes in AOCI, net of tax, related to the Company’s interest rate swaps (in thousands):
September 25,
2021
December 26,
2020
September 26,
2020
Beginning fiscal year AOCI balance$(3,243)$199 $199 
Current fiscal period gain/(loss) recognized in OCI2,651 (5,666)(6,066)
Amounts reclassified from AOCI— 2,224 — 
Other comprehensive gain/(loss), net of tax2,651 (3,442)(6,066)
Ending fiscal period AOCI balance$(592)$(3,243)$(5,867)
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 Nine Months Ended
Financial Statement LocationSeptember 25,
2021
September 26,
2020
September 25,
2021
September 26,
2020
Amount of gains/(losses) recognized in OCI during the periodOther comprehensive income/(loss)$278 $629 $3,569 $(8,153)
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 Nine Months Ended
September 25,
2021
September 26,
2020
September 25,
2021
September 26,
2020
Income tax expense/(benefit) of interest rate swaps on AOCI$72 $161 $918 $(2,087)