Interest Expense (Income)

6 Months Ended

Jun. 30, 2018

Banking and Thrift, Interest [Abstract]

Interest Expense (Income)

11. INTEREST EXPENSE (INCOME): The components of net interest expense for the second quarter and first six months of 2018 and 2017 are as follows (in thousands):

	Three Months (13 Weeks) Ended						Six Months (26 Weeks) Ended
	June 30, 2018			July 1, 2017			June 30, 2018			July 1, 2017
Interest expense	$	35,341		$	47,565		$	75,519		$	93,865
Interest income		(5,890	)		(2,985	)		(8,954	)		(5,680	)
Interest expense, net	$	29,451		$	44,580		$	66,565		$	88,185

Interest expense for the second quarter of 2018 decreased compared to the second quarter of 2017 due to a benefit received from entering into and settling a treasury lock instrument in anticipation of the Company’s debt issuance in the second quarter of 2018. The Company did not elect hedge accounting for this instrument. Interest expense for the first half of 2018 decreased compared to the first half of 2017 due to a decrease in average debt outstanding associated with the repayment of $600.0 million of 5.750% notes due 2017 in the fourth quarter of 2017 and the treasury lock instrument noted above. Interest income for the second quarter and first half of 2018 increased compared to the respective prior year periods due to higher average interest rates on investments.