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FOREIGN CURRENCY CONTRACTS
 12 Months Ended
Dec. 31, 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 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 Company did not have any foreign currency contracts open as of December 31, 2016. The notional amount and fair value of the Company’s foreign currency forward contracts as of December 26, 2015 were as follows:
Notional Amount
 
Fair Value
 
Balance Sheet Location
 
 
 
 
 
(in thousands)
$
88,483

 
$
15

 
Other current assets

The following table summarizes gains (losses) recognized on foreign exchange forward contracts related to intercompany loans denominated in British Pounds and Euros on the Company’s consolidated statement of income:
 
 
Fiscal Year
Location of Gain (Loss)
 
2016
 
2015
 
 
 
 
 
 
 
(in thousands)
Other income (expense), net
 
$
3,373

 
$
(4,917
)
The forward contracts outstanding as of December 26, 2015 had durations of approximately 3 months.