XML 32 R21.htm IDEA: XBRL DOCUMENT
v3.19.1

FOREIGN CURRENCY CONTRACT | 3 Months Ended
--- | ---
Mar. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
FOREIGN CURRENCY CONTRACT | FOREIGN CURRENCY CONTRACTS The Company entered into foreign exchange forward contracts during the three months ended March 30, 2019 and December 29, 2018 to limit its foreign currency exposure related to a U.S. dollar denominated loan borrowed by a non-U.S. Euro functional currency entity under the $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 had a duration of approximately 3 months, was recorded at fair value in the Company’s accompanying unaudited condensed consolidated balance sheets. The notional amount and fair value of the open contract is summarized as follows:
|  | Notional Amount |  | Fair Value |  | Balance Sheet Location
|  | (in thousands) |  |
December 29, 2018 |  | $ | 343,300 |  |  | $ | (1,319 | ) |  | Other current liabilities
The Company had no open forward contracts related to a U.S. dollar denominated loan borrowed by a non-U.S. Euro functional currency at March 30, 2019. The following table summarizes the effect of the foreign exchange forward contract on the Company’s unaudited condensed consolidated statements of income:
| Three Months Ended
| March 30, 2019 |  | March 31, 2018
Location of hedge gain (loss) | Financial statement caption amount |  | Amount of gain (loss) |  | Financial statement caption amount |  | Amount of gain (loss)
| (in thousands)
Interest expense | $ | (9,987 | ) |  | $ | 8,917 |  |  | $ | (11,191 | ) |  | $ | — |

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration