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Foreign Currency Contracts
 3 Months Ended
Mar. 26, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
FOREIGN CURRENCY CONTRACTS
FOREIGN CURRENCY CONTRACTS
The Company enters into foreign exchange forward contracts to limit its foreign currency exposure related to intercompany loans that are not of a long-term investment nature. These contracts are recorded at fair value in the Company’s condensed 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:
 
 
Notional Amount
 
Fair Value
 
Balance Sheet Location
(in thousands)
March 26, 2016
 
$
90,412

 
$
(25
)
 
Other Current Liabilities
December 26, 2015
 
$
88,483

 
$
15

 
Other Current Assets

The following table summarizes the effect of foreign exchange forward contracts related to intercompany loans denominated in Euros on the Company’s consolidated statement of income:
Three Months Ended March 26, 2016
Location of Gain (Loss)
 
Gain (Loss) Recognized
 
 
(in thousands)
Other income (expense), net
 
$
2,243


The forward contracts outstanding as of March 26, 2016 had durations of 1 month. The Company had no such contracts during the three months ended March 28, 2015.