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Foreign Currency Contracts
 9 Months Ended
Sep. 26, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
FOREIGN CURRENCY CONTRACTS
FOREIGN CURRENCY CONTRACTS
During the three months ended September 26, 2015, the Company entered into foreign exchange forward contracts to limit its foreign currency exposure related to intercompany loans denominated in British Pound and Euro that are not of a long-term investment nature. These contracts are recorded at fair value in the Company’s consolidated balance sheet and are not designated as hedging instruments. Any gains or losses on such contracts are immediately recognized in other income (expense), net, and are largely offset by the remeasurement of the underlying intercompany loan balances.
The notional amount and fair value of the Company’s foreign currency forward contracts is summarized as follows:
September 26, 2015
Notional Amount
 
Fair Value
 
Balance Sheet Location
(in thousands)
$
39,661

 
$
16

 
Other current assets
$
88,417

 
$
306

 
Other current liabilities

The following table summarizes the effect of foreign exchange forward contracts on the Company’s consolidated statement of income:
Three Months Ended September 26, 2015
Location of Gain (Loss)
 
Gain (Loss) Recognized
 
 
(in thousands)
Other income (expense), net
 
$
(3,194
)

The forward contracts outstanding as of September 26, 2015 had durations of 1 to 3 months.