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Foreign Currency Contracts | 6 Months Ended
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Jun. 25, 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 at December 26, 2015 was as follows:
Notional Amount |  | Fair Value |  | Balance Sheet Location
(in thousands)
$ | 88,483 |  |  | $ | 15 |  |  | Other Current Assets
No foreign currency contracts were open at June 25, 2016. The following table summarizes gains recognized on foreign exchange forward contracts related to intercompany loans denominated in Euros on the Company’s consolidated statement of income:
|  | Three Months Ended |  | Six Months Ended
Location of Gain (Loss) |  | June 25, 2016 |  | June 25, 2016
|  | (in thousands)
Other income (expense), net |  | $ | 1,130 |  |  | $ | 3,373 |
The Company had no such contracts during the six months ended June 27, 2015.

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