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Derivative Instruments and Hedging | 3 Months Ended
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Mar. 31, 2018
Derivative Instruments And Hedging Activities Disclosure [Abstract] |
Derivative Instruments and Hedging |
11. | Derivative Instruments and Hedging
As of March 31, 2018 and December 30, 2017, the Company had in effect an interest rate swap with a notional amount totaling $1,250,000. On July 26, 2013, in order to hedge a portion of its variable rate debt, the Company entered into a forward-starting interest rate swap with an effective date of March 31, 2014 and a termination date of April 2, 2020. The initial notional amount of this swap was $1,500,000. During the term of this swap, the notional amount decreased from $1,500,000 effective March 31, 2014 to $1,250,000 on April 3, 2017, and will decrease to $1,000,000 on April 1, 2019. This interest rate swap effectively fixes the variable interest rate on the notional amount of this swap at 2.41%. This swap qualifies for hedge accounting and, therefore, changes in the fair value of this swap have been recorded in accumulated other comprehensive loss. As of March 31, 2018 and December 30, 2017, cumulative unrealized gains (losses) for qualifying hedges were reported as a component of accumulated other comprehensive loss in the amount of $1,782 ($2,328 before taxes) and $(5,392) (($8,839) before taxes), respectively. As of March 31, 2018, the fair value of the swap was an asset of $146 which is included in prepaid expenses and other current assets in the consolidated balance sheet. As of December 30, 2017, the fair value of the swap was a liability of $12,171 which is included in derivative payable in the consolidated balance sheet. The Company is hedging forecasted transactions for periods not exceeding the next three years. The Company expects approximately $412 ($553 before taxes) of derivative losses included in accumulated other comprehensive loss at March 31, 2018, based on current market rates, will be reclassified into earnings within the next 12 months.

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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