Equity and Accumulated Other Comprehensive Income (Tables) |
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Mar. 26, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Accumulated Other Comprehensive Loss |
Accumulated Other Comprehensive Loss
The following is detail of the changes in the Company's accumulated other comprehensive loss from December 26, 2020 to March 26, 2022, including the effect of significant reclassifications out of accumulated other comprehensive income (loss) (net of tax):
1.During the year ended December 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. 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 year ended December 25, 2021, the Company deferred a gain of $2,982, reclassified a loss of $385 and a net of tax of $850 into other comprehensive income due to hedging activities. The amounts reclassified out of other comprehensive income were recorded as interest expense. See Note 15 - Derivatives and Hedging for additional information on the interest rate swaps.
2.During the thirteen weeks ended March 26, 2022, the Company deferred a gain of $11,012, reclassified a loss of $235 net of tax of $2,834 into other comprehensive income due to hedging activities. The amounts reclassified out of other comprehensive income were recorded as interest expense. See Note 15 - Derivatives and Hedging for additional information on the interest rate swaps.
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