Quarterly report pursuant to Section 13 or 15(d)

Equity and Accumulated Other Comprehensive Income

v3.21.2
Equity and Accumulated Other Comprehensive Income
 9 Months Ended
Sep. 25, 2021
Equity [Abstract]  
Equity and Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Loss

The following is a detail of the change in the Company's accumulated other comprehensive loss from December 28, 2019 to September 25, 2021, including the effect of significant reclassifications out of accumulated other comprehensive income (net of tax):
Foreign Currency Translation
Balance at December 28, 2019 $ (32,040)
Other comprehensive income before reclassifications 2,652 
Amounts reclassified from other comprehensive income — 
Net current period other comprehensive income 2,652 
Balance at December 26, 2020 (29,388)
Other comprehensive income before reclassifications 1,575 
Amounts reclassified from other comprehensive income 1
246 
Net current period other comprehensive income 1,821 
Balance at September 25, 2021 $ (27,567)

1.During the thirty-nine weeks ended September 25, 2021, the Company obtained and amended its interest rate swap agreements to hedge against effective cash flows (i.e. interest payments) on floating-rate debt associated with the Company's new Term Credit Agreement. Refer to Note 12 - Long Term Debt for further details. In accordance with ASC 815, derivatives designated and that qualify as cash flow hedges of interest rate risk record the associated gain or loss within other comprehensive income. For the thirty-nine weeks ended September 25, 2021, the Company deferred a gain of $179, reclassified a loss of $150 and associated tax provision of $83 into other comprehensive income due to hedging activities. The amounts reclassified out of other comprehensive income were recorded as interest expense. See Note 17 - Derivatives and Hedging for additional information on the interest rate swaps.