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Derivative Instruments and Hedging | 9 Months Ended
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Sep. 29, 2018
Derivative Instruments And Hedging Activities Disclosure [Abstract] |
Derivative Instruments and Hedging |
12. | Derivative Instruments and Hedging
As of September 29, 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. On June 11, 2018, in order to hedge a portion of its variable rate debt, the Company entered into a forward-starting interest rate swap (hereinafter referred to as “future swap”) with an effective date of April 2, 2020 and a termination date of March 31, 2024. The initial notional amount of this swap is $500,000. During the term of this swap, the notional amount will decrease from $500,000 effective April 2, 2020 to $250,000 on March 31, 2021. This interest rate swap effectively fixes the variable interest rate on the notional amount of this swap at 3.1005%. 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 September 29, 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 $4,793 ($6,362 before taxes) and $(5,392) (($8,839) before taxes), respectively. As of September 29, 2018, the fair value of the Company’s currently effective swap was an asset of $6,664 which is included in prepaid expenses and other current assets in the consolidated balance sheet. As of September 29, 2018, the fair value of the future swap was a liability of $509, which is included in other liabilities in the consolidated balance sheet. As of December 30, 2017, the fair value of the Company’s currently effective 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 six years. The Company expects approximately $1,550 ($2,078 before taxes) of derivative gains included in accumulated other comprehensive loss at September 29, 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://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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