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Financial Instruments (Tables)
3 Months Ended
Mar. 30, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]  
Summary of Fair Values of Derivative Instruments in Consolidated Condensed Balance Sheets

The fair values of derivative instruments in the consolidated condensed balance sheets are as follows:

 

 

 

 

Asset/(Liability) Fair Value

 

 

 

Balance Sheet Location

 

March 30, 2020

 

 

December 30, 2019

 

 

 

 

 

(In thousands)

 

Cash flow derivative instruments designated as hedges:

 

 

 

 

 

 

 

 

Interest rate swap

 

Other long-term liabilities

 

$

(19,341

)

 

$

(12,067

)

Cash flow derivative instruments not designated as hedges:

 

 

 

 

 

 

 

 

Foreign exchange contracts

 

Prepaid expenses and other current assets

 

 

 

 

 

1

 

Foreign exchange contracts

 

Other current liabilities

 

 

(2

)

 

 

(3

)

Summary of Accumulated Other Comprehensive Loss Related to Derivatives Designated as Cash Flow Hedges

The following table provides information about the amounts recorded in accumulated other comprehensive loss related to derivatives designated as cash flow hedges, as well as the amounts recorded in each caption in the consolidated condensed statements of operations when derivative amounts are reclassified out of accumulated other comprehensive loss for the quarters ended March 30, 2020 and April 1, 2019:

 

 

 

Quarter Ended March 30, 2020

 

 

Quarter Ended April 1, 2019

 

 

 

 

Financial

Statement

Caption

Loss Recognized

in Other

Comprehensive Loss

 

 

Loss

Reclassified

into Income

 

 

Loss Recognized

in Other

Comprehensive Loss

 

 

Loss

Reclassified

into Income

 

 

 

 

 

(In thousands)

Cash flow hedge:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swap

 

Interest expense

$

(8,449

)

 

$

(1,175

)

 

$

(2,586

)

 

$

(339

)

 

 

Summary of Activity of Designated Cash Flow Hedges in Accumulated Other Comprehensive Loss

The following table provides a summary of the activity associated with the designated cash flow hedges reflected in accumulated other comprehensive loss for the quarters ended March 30, 2020 and April 1, 2019:

 

 

Quarter Ended

 

 

March 30,

 

 

April 1,

 

 

 

 

2020

 

 

2019

 

 

 

 

(In thousands)

Beginning balance, net of tax

 

$

(9,617

)

 

$

(4,214

)

 

Changes in fair value loss, net of tax

 

 

(6,018

)

 

 

(1,828

)

 

Reclassification to earnings

 

 

860

 

 

 

278

 

 

Ending balance, net of tax

 

$

(14,775

)

 

$

(5,764

)