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FOREIGN CURRENCY CONTRACTS | 9 Months Ended
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Sep. 25, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
FOREIGN CURRENCY CONTRACTS | FOREIGN CURRENCY CONTRACTS Cross currency loans The Company periodically enters into foreign exchange forward contracts to limit its foreign currency exposure related to 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 unaudited condensed consolidated statements of income. The Company had no open forward contracts related to a U.S. dollar denominated loan borrowed by a non-U.S. Euro functional currency a t September 25, 2021 or December 26, 2020. 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:
|  | September 25, 2021 |  | September 26, 2020
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 |  | $ | (16,455) |  |  | $ | 5,048 |  |  | $ | (18,867) |  |  | $ | — |
Nine Months Ended: |  |  |  |  |  |  |  |
Interest expense |  | $ | (62,364) |  |  | $ | 24,380 |  |  | $ | (53,286) |  |  | $ | 6,067 |
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 (expense), net and are largely offset by the remeasurement of the underlying intercompany loans. The Company did not enter into foreign currency forward contracts related to certain intercompany loans during 2021 and 2020. The Company settled one foreign currency forward contract related to certain intercompany loans in 2020, and recognized an immaterial loss during the nine months ended September 26, 2020 recognized in Other expense, net in the unaudited condensed consolidated statement of income.

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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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 5 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123477628&loc=d3e90205-114008 + Details
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