Other Income (Expense)

9 Months Ended

Sep. 29, 2017

Other Income and Expenses [Abstract]

Other Income (Expense)

Other Income (Expense)

Other income (expense) includes foreign currency transaction gains or losses, which result from changes in exchange rates between the designated functional currency and the currency in which a transaction is denominated, as well as gains and losses on derivative instruments that are not designated as cash flow hedges. During the three months ended September 29, 2017 and September 30, 2016, the Company recorded other income of $10.7 million and other expense of $2.1 million, respectively. For the three months ended September 29, 2017, other income was primarily attributable to $11.4 million related to gains on derivative instruments that were not designated as cash flow hedges and $0.7 million related to foreign currency transaction losses. For the three months ended September 30, 2016, other expense was primarily attributable to $2.3 million related to foreign currency transaction losses and $0.2 million related to gains on derivative instruments that were not designated as cash flow hedges.

During the nine months ended September 29, 2017 and September 30, 2016, the Company recorded other income of $17.9 million and $4.7 million, respectively. For the nine months ended September 29, 2017, other income was primarily attributable to $22.0 million related to gains on derivative instruments that were not designated as cash flow hedges which was partially offset by $4.1 million related to foreign currency transaction losses. For the nine months ended September 30, 2016, other income was primarily attributable to $0.9 million related to foreign currency transaction gains and $3.8 million related to gains on derivative instruments that were not designated as cash flow hedges.