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FOREIGN CURRENCY CONTRACTS | 12 Months Ended
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Dec. 26, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
FOREIGN CURRENCY CONTRACTS | FOREIGN CURRENCY CONTRACTS Cross currency loans The Company periodically entered into foreign exchange forward contracts during fiscal 2020 and 2019 to limit its foreign currency exposure related U.S. dollar denominated loans borrowed by a non-U.S. Euro functional currency entity under the Company’s Credit Facility. These contracts are not designated as hedging instruments. Any gains or losses on these forward contracts are recognized immediately within Interest expense in the consolidated statements of income. The Company had no such open forward contracts as of December 26, 2020 or December 28, 2019. 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 consolidated statements of income:
|  | Fiscal Year
|  | 2020 | 2019 |  | 2018
Location of gain (loss) |  | Financial statement caption amount |  | Amount of gain (loss) |  | Financial statement caption amount |  | Amount of gain (loss) |  | Financial statement caption amount |  | Amount of gain (loss)
|  | (in thousands)
Interest expense |  | $ | 86,433 |  |  | $ | (9,325) |  |  | $ | 60,882 |  |  | $ | 18,672 |  |  | $ | 63,772 |  |  | $ | 1,486 |
Intercompany loans The Company periodically enters into foreign exchange forward contracts 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 entered into foreign currency forward contracts during fiscal years 2020 and 2019. The Company did not have any such open contracts as of December 26, 2020 and one contract remained open at December 28, 2019, which had a duration of less than one month and was recorded at fair value in the Company’s accompanying consolidated balance sheet. 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 thousands) |  |
$ | 115,038 |  |  | $ | (876) |  |  | Other current liabilities
The following table summarizes the effect of the foreign exchange forward contracts in connection with certain intercompany loans on the Company’s consolidated statements of income:
|  | Fiscal Year
|  | 2020 |  | 2019
Location of gain (loss) |  | Financial statement caption amount |  | Amount of gain (loss) |  | Financial statement caption amount |  | Amount of gain (loss)
|  | (in thousands)
Other income, net |  | $ | 99,984 |  |  | $ | (892) |  |  | $ | 12,293 |  |  | $ | (121) |

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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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