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FOREIGN CURRENCY CONTRACTS (Tables) | 9 Months Ended
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Sep. 28, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Notional and Fair Value of Foreign Currency Contracts | 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 notional amount and fair value of the open contract is summarized as follows:
|  | Notional Amount |  | Fair Value |  | Balance Sheet Location
|  | (in thousands) |  |
September 28, 2019 |  | $ | 108,029 |  |  | $ | 778 |  |  | Other current assets
Schedule of Derivative Instruments on Statements of Income | The following table summarizes the effect of the foreign exchange forward contracts entered into in connection with intercompany loans on the Company’s unaudited condensed consolidated statements of income:
|  | September 28, 2019 |  | September 29, 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: |  |  |  |  |  |  |  |
Other (expense) income, net |  | $ | (14,254 | ) |  | $ | 840 |  |  | $ | 5,910 |  |  | $ | 235 |
Nine Months Ended: |  |  |  |  |  |  |  |
Other (expense) income, net |  | $ | (8,161 | ) |  | $ | 1,358 |  |  | $ | 24,069 |  |  | $ | (850 | )
The following table summarizes the effect of the foreign exchange forward contracts entered into 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 Credit Facility on the Company’s unaudited condensed consolidated statements of income:
|  | September 28, 2019 |  | September 29, 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 |  | $ | (5,698 | ) |  | $ | 14,311 |  |  | $ | (17,197 | ) |  | $ | — |
Nine Months Ended: |  |  |  |  |  |  |  |
Interest expense |  | $ | (36,520 | ) |  | $ | 21,622 |  |  | $ | (47,031 | ) |  | $ | — |

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959 + Details
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