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Foreign Currency Contracts
 6 Months Ended
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.