FOREIGN CURRENCY CONTRACTS

12 Months Ended

Dec. 29, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The Company entered into foreign exchange forward contracts during fiscal 2018 to limit its foreign currency exposure related a U.S. dollar denominated loan borrowed by a non-U.S. Euro functional currency entity under the Company’s $2.3B Credit Facility. These contracts are not designated as hedging instruments. Any gains or losses on these forward contracts are recognized immediately in Interest expense. The open contract at December 29, 2018, which has a duration of approximately 3 months, is recorded at fair value in the Company’s accompanying consolidated balance sheet. The notional amount and fair value of the open contract as of December 29, 2018 is summarized as follows:



December 29, 2018
Notional Amount		Fair Value			Balance Sheet Location
(in thousands)
$	343,300	$	(1,319	)	Other current liabilities

The Company also entered into foreign exchange forward contracts during fiscal years 2018, 2017, and 2016 to limit its foreign currency exposure related to certain intercompany loans. These contracts are not designated as hedging instruments. Any gains or losses on forward contracts associated with intercompany loans are recognized immediately in Other income, net and are largely offset by the remeasurement of the underlying intercompany loans. The Company did not have any foreign currency contracts open related to intercompany loans as of December 29, 2018 and December 30, 2017.

The following table summarizes the effect of all foreign exchange forward contracts on the Company’s consolidated statements of income:



	Fiscal Year
Location of Gain	2018		2017		2016
	(in thousands)
Interest expense	$	1,486	$	—	$	—
Other income, net	—		—		3,373