Interest Expense (Income)

9 Months Ended

Sep. 28, 2019

Banking And Thrift Interest [Abstract]

Interest Expense (Income)

12. INTEREST EXPENSE (INCOME): The components of net interest expense for the third quarter and first nine months of 2019 and 2018 are as follows (in thousands):

	Three Months (13 Weeks) Ended						Nine Months (39 Weeks) Ended
	Sept. 28, 2019			Sept. 29, 2018			Sept. 28, 2019			Sept. 29, 2018
Interest expense	$	40,721		$	44,789		$	119,736		$	120,308
Interest income		(9,435	)		(7,588	)		(26,977	)		(16,542	)
Interest expense, net	$	31,286		$	37,201		$	92,759		$	103,766

Interest expense decreased in the third quarter and first nine months of 2019 as compared to the third quarter and first nine months of 2018 due to an increase in capitalized interest related to capital projects being constructed in the first nine months of 2019. Included in interest expense in the first nine months of 2018 was the benefit received from the settlement of a treasury lock instrument that was entered into in anticipation of the Company’s debt issuance that occurred in the second quarter of 2018. The Company did not elect hedge accounting for this instrument.