Derivative Instruments

12 Months Ended

Dec. 27, 2014

Text Block [Abstract]

Derivative Instruments

Derivative Instruments

Foreign Currency Exchange Forward Contracts

As of December 27, 2014, the Company did not designate foreign currency exchange forward contracts related to euro and British pound denominated receivables and restricted cash as hedges for accounting purposes, and, accordingly, changes in the fair value of these instruments are included in Other gain (loss), net in the accompanying consolidated statements of operations. The before-tax effect of foreign currency exchange forward contracts for euro and British pound denominated receivables and restricted cash not designated as hedging instruments was a gain of $1.6 million for 2014, a loss of $2.2 million for 2013, and a gain of $1.4 million in 2012, included in Other gain (loss), net in the consolidated statements of operations.

The fair value of derivative instruments not designated as hedging instruments in the Company’s consolidated balance sheets was as follows (in thousands):

	As of December 27, 2014							As of December 28, 2013
	Gross Notional(1)		Prepaid Expenses and Other Assets		Other Accrued Liabilities			Gross Notional(1)		Prepaid Expenses and Other Assets		Other Accrued Liabilities
Foreign currency exchange forward contracts
Related to euro denominated receivables	$	34,445	$	—	$	(53	)	$	16,867	$	27	$	—
Related to British pound denominated receivables	$	2,678	$	—	$	(9	)	$	13,271	$	—	$	(26	)
Related to restricted cash	$	1,236	$	—	$	(2	)	$	1,391	$	2	$	—
Total			$	—	$	(64	)			$	29	$	(26	)

⁽¹⁾  Represents the face amounts of forward contracts that were outstanding as of the period noted.