Foreign Currency Contracts

9 Months Ended

Sep. 24, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

FOREIGN CURRENCY CONTRACTS

FOREIGN CURRENCY CONTRACTS

The Company enters into foreign exchange forward contracts to limit its foreign currency exposure related to intercompany loans that are not of a long-term investment nature. These contracts are recorded at fair value in the Company’s condensed consolidated balance sheet and are not designated as hedging instruments. Any gains or losses on such contracts are immediately recognized in other income (expense), net, and are largely offset by the remeasurement of the underlying intercompany loan balances.

The notional amount and fair value of the Company’s foreign currency forward contracts at December 26, 2015 was as follows:

Notional Amount		Fair Value		Balance Sheet Location
(in thousands)
$	88,483	$	15	Other Current Assets

No foreign currency contracts were open as of September 24, 2016.

The following table summarizes gains recognized on foreign exchange forward contracts related to intercompany loans denominated in British Pounds and Euros on the Company’s consolidated statement of income:

	Three Months Ended					Nine Months Ended
Location of Gain (Loss)	September 24, 2016		September 26, 2015			September 24, 2016		September 26, 2015
	(in thousands)
Other income (expense), net	$	—	$	(3,194	)	$	3,373	$	(3,194	)