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FOREIGN CURRENCY CONTRACTS (Tables)
6 Months Ended
Jun. 27, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments on Statements of Income
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:
June 27, 2020June 29, 2019
Location of gain (loss)Financial statement caption amountAmount of gain (loss)Financial statement caption amountAmount of gain (loss)
(in thousands)
Three Months Ended:
Interest expense$(19,352) $—  $(20,835) $(1,606) 
Six Months Ended:
Interest expense$(34,419) $6,067  $(30,822) $7,311  
The following table summarizes the effect of the foreign exchange forward contracts in connection with certain intercompany loans on the Company’s unaudited condensed consolidated statements of income:
June 27, 2020June 29, 2019
Location of gain (loss)Financial statement caption amountAmount of gain (loss)Financial statement caption amountAmount of gain (loss)
(in thousands)
Three Months Ended:
Other (expense) income, net$26,260  $—  $(213) $—  
Six Months Ended:
Other income (expense), net$2,189  $(892) $6,093  $—  
Schedule of Notional and Fair Value of Foreign Currency Contracts The notional amount and fair value of the open contract is summarized as follows:
December 28, 2019
Notional AmountFair Value Balance Sheet Location
(in thousand)
$115,038  $(876) Other current liabilities