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FOREIGN CURRENCY CONTRACTS
 6 Months Ended
Jun. 29, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
FOREIGN CURRENCY CONTRACTS FOREIGN CURRENCY CONTRACTS
The Company entered into foreign exchange forward contracts during the six months ended June 29, 2019 and three months ended 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 June 29, 2019.
The following table summarizes the effect of the foreign exchange forward contract on the Company’s unaudited condensed consolidated statements of income:
 
 
June 29, 2019
 
June 30, 2018
Location of hedge gain (loss)
 
Financial statement caption amount
 
Amount of gain (loss)
 
Financial statement caption amount
 
Amount of gain (loss)
 
 
(in thousands)
Three Months Ended:
 
 
 
 
 
 
 
 
Interest expense
 
$
(20,835
)
 
$
(1,606
)
 
$
(18,643
)
 
$
—

Six Months Ended:
 
 
 
 
 
 
 
 
Interest expense
 
$
(30,822
)
 
$
7,311

 
$
(29,834
)
 
$
—