Hedging and Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 25, 2022

Hedging and Derivative Financial Instruments

Schedule of changes in the fair values of derivatives not designated as hedging instruments

The following table presents the pretax impact that changes in the fair values of derivatives not designated as hedging instruments had on earnings (in thousands):

		Gain (Loss) Recognized
		13 Weeks Ended				26 Weeks Ended
Derivatives Not Designated as Hedging Instruments	Statement of Operations Caption	June 25, 2022		June 26, 2021		June 25, 2022		June 26, 2021
Foreign currency contracts	Selling, general and administrative	$	(497)	$	—	$	(497)	$	—
Total		$	(497)	$	—	$	(497)	$	—

Schedule of fair values of the Company's derivative instruments that were not designated as hedging instruments

The following table presents the fair values of the Company’s derivative instruments that were not designated as hedging instruments (in thousands): 

		Fair Value(1)(2)
Derivatives Not Designated as Hedging Instruments	Balance Sheet Caption(1)	June 25, 2022		December 25, 2021
Assets
Foreign currency contracts		$	311	$	—
Liabilities
Foreign currency contracts			808		—
Foreign currency contracts, net	Accrued expenses	$	497	$

(1) All of the Company’s derivative instruments are carried at fair value in our Condensed Consolidated Balance Sheets after considering the impact of legally enforceable master netting agreements.. 

(2) See Note 11 Fair Value of Financial Instruments for additional information related to the estimated fair value.