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FOREIGN CURRENCY CONTRACT
 9 Months Ended
Sep. 29, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
FOREIGN CURRENCY CONTRACT
FOREIGN CURRENCY CONTRACT
The Company entered into a foreign exchange forward contract to limit its foreign currency exposure related to intercompany loans that are not of a long-term investment nature. The contract is recorded at fair value in the Company’s unaudited condensed consolidated balance sheets and is not designated as hedging instruments. Any gains or losses on such a contract is immediately recognized in Other income, net, and is largely offset by the remeasurement of the underlying intercompany loan balances.
The notional amount and fair value of the Company’s foreign currency forward contract is summarized as follows:
 
 
Notional Amount
 
Fair Value
 
Balance Sheet Location
 
 
(in thousands)
 
 
September 29, 2018
 
$
28,665

 
$
29

 
Other Current Asset

The effect of the foreign exchange forward contract related to an intercompany loan denominated in British Pounds on the Company’s unaudited condensed consolidated statements of income was immaterial for the three months ended September 29, 2018.
The forward contract outstanding as of September 29, 2018 had a duration of 1 month. The Company had no such contracts during the three months ended September 30, 2017.