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FOREIGN CURRENCY CONTRACTS | 9 Months Ended
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Sep. 28, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
FOREIGN CURRENCY CONTRACTS | FOREIGN CURRENCY CONTRACTS Cross currency loan The Company entered into foreign exchange forward contracts during the nine months ended September 28, 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 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 September 28, 2019. 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 | ) |  | $ | — |
Intercompany loans The Company also entered into foreign exchange forward contracts during the nine months ended September 28, 2019 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 had one open forward contract related to an intercompany loan at September 28, 2019. 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
The forward contract outstanding as of September 28, 2019 had a duration of less than 1 month. The Company had no such open contracts at December 29, 2018. 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 | )

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- References No definition available. + Details
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- 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
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