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Interest Expense (Income)
 9 Months Ended
Sep. 29, 2018
Banking and Thrift, Interest [Abstract]  
Interest Expense (Income)
11.

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

 

     Three Months (13 Weeks) Ended      Nine Months (39 Weeks) Ended  
     Sept. 29, 2018      Sept. 30, 2017      Sept. 29, 2018      Sept. 30, 2017  

Interest expense

    $ 44,789      $ 47,621      $ 120,308      $ 141,486  

Interest income

      (7,588 )       (4,311 )       (16,542 )       (9,991 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  

Interest expense, net

    $ 37,201      $ 43,310      $ 103,766      $ 131,495  
  

 

 

     

 

 

     

 

 

     

 

 

  

Interest expense for the first nine months of 2018 decreased compared to the first nine months of 2017 in part 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.