Interest Rate Swaps (Tables)

9 Months Ended

Sep. 28, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Assets/Liabilities at Fair Value, Excluding Accrued Interest

The assets and liabilities measured at fair value related to the Company’s interest rate swaps, excluding accrued interest, were as follows (in thousands):

Derivatives Designated as Cash Flow Hedges	Balance Sheet Location	September 28, 2019		December 29, 2018		September 29, 2018
Interest rate swaps (short-term portion)	Other current assets	$	631	$	2,601	$	2,735
Interest rate swaps (long-term portion)	Other assets	105		3,222		5,991
Total derivative assets		$	736	$	5,823	$	8,726
Interest rate swaps (short-term portion)	Other accrued expenses	$	57	$	—	$	—
Interest rate swaps (long-term portion)	Other long-term liabilities	581		—		—
Total derivative liabilities		$	638	$	—	$	—

Derivative Instruments, Gain (Loss)

The following table summarizes the impact of pre-tax gains and losses derived from the Company’s interest rate swaps (in thousands):

		Fiscal Three Months Ended					Fiscal Nine Months Ended
	Financial Statement Location	September 28, 2019			September 29, 2018		September 28, 2019			September 29, 2018
Amount of (losses)/gains recognized in OCI during the period	Other comprehensive (loss)/income	$	(841	)	$	306	$	(5,725	)	$	3,511

The following table summarizes the changes in AOCI, net of tax, related to the Company’s interest rate swaps (in thousands):

	September 28, 2019			December 29, 2018		September 29, 2018
Beginning fiscal year AOCI balance	$	3,814		$	3,358	$	3,358
Current fiscal period (loss)/gain recognized in OCI	(4,458		)	456		2,611
Cumulative adjustment as a result of ASU 2017-12 adoption	717			—		—
Other comprehensive (loss)/gain, net of tax	(3,741		)	456		2,611
Ending fiscal period AOCI balance	$	73		$	3,814	$	5,969

The following table summarizes the impact of taxes affecting AOCI as a result of the Company’s interest rate swaps (in thousands):

	Fiscal Three Months Ended					Fiscal Nine Months Ended
	September 28, 2019			September 29, 2018		September 28, 2019			September 29, 2018
Income tax (benefit)/expense of interest rate swaps on AOCI	$	(32	)	$	79	$	(1,267	)	$	900