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FOREIGN CURRENCY CONTRACTS (Tables) | 6 Months Ended
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Jun. 27, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments on Statements of Income | The following table summarizes the effect of the foreign exchange forward contracts entered into to limit the Company’s foreign currency exposure related to U.S. dollar denominated loans borrowed by a non-U.S. Euro functional currency entity under the Credit Facility on the Company’s unaudited condensed consolidated statements of income:
|  | June 27, 2020 |  |  |  | June 29, 2019 |  |
Location of 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 |  | $ | (19,352) |  |  | $ | — |  |  | $ | (20,835) |  |  | $ | (1,606) |
Six Months Ended: |  |  |  |  |  |  |  |
Interest expense |  | $ | (34,419) |  |  | $ | 6,067 |  |  | $ | (30,822) |  |  | $ | 7,311 |
The following table summarizes the effect of the foreign exchange forward contracts in connection with certain intercompany loans on the Company’s unaudited condensed consolidated statements of income:
|  | June 27, 2020 |  |  |  | June 29, 2019 |  |
Location of 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 |  | $ | 26,260 |  |  | $ | — |  |  | $ | (213) |  |  | $ | — |
Six Months Ended: |  |  |  |  |  |  |  |
Other income (expense), net |  | $ | 2,189 |  |  | $ | (892) |  |  | $ | 6,093 |  |  | $ | — |
Schedule of Notional and Fair Value of Foreign Currency Contracts | The notional amount and fair value of the open contract is summarized as follows:
December 28, 2019 |  |  |  |
Notional Amount |  | Fair Value |  | Balance Sheet Location
(in thousand) |  |  |  |
$ | 115,038 |  |  | $ | (876) |  |  | Other current liabilities

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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=121590274&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=121590274&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=121590274&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=121590274&loc=SL5624163-113959 + Details
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