Derivative Instruments
 9 Months Ended
Sep. 27, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments
DERIVATIVE INSTRUMENTS
During the periods covered by this report, we have made no changes to our policies or strategies for the use of derivative instruments and there has been no change in our related accounting methods.
Interest Rate Derivative Instruments
Our interest rate swaps are designated and qualify as effective cash flow hedges. The contracts, with expiration dates through November 2022 and notional amounts totaling $54.9 million at September 27, 2019, are recorded at fair value.
The following table summarizes the amount at fair value and location of the derivative instruments used for our interest rate hedges in the Condensed Consolidated Balance Sheets as of September 27, 2019:
(In thousands)
 
Fair Value
 
 
Balance sheet caption
 
Amount
Interest rate swap designated as cash flow hedge
 
Other accrued liabilities
 
$
315

Interest rate swap designated as cash flow hedge
 
Other non-current liabilities
 
$
995


The following table summarizes the amount at fair value and location of the derivative instruments used for our interest rate hedges in the Condensed Consolidated Balance Sheets as of December 31, 2018:
(In thousands)
 
Fair Value
 
 
Balance sheet caption
 
Amount
Interest rate swap designated as cash flow hedge
 
Other current assets
 
$
121

Interest rate swap designated as cash flow hedge
 
Other non-current assets
 
$
104


We regularly assess the creditworthiness of the counterparty. As of September 27, 2019, the counterparty to the interest rate swaps had performed in accordance with its contractual obligations. Both the counterparty credit risk and our credit risk were considered in the fair value determination.
Foreign Currency Derivative Instruments
The following table summarizes the amount at fair value and location of the derivative instruments used for our forward contract hedges in the Condensed Consolidated Balance Sheets as of September 27, 2019:
(In thousands)
 
Fair Value
 
 
Balance sheet caption
 
Amount
Foreign currency forward designated as cash flow hedge
 
Other accrued liabilities
 
$
423

Foreign currency forward designated as cash flow hedge
 
Other non-current liabilities
 
$
58


The following table summarizes the amount at fair value and location of the derivative instruments used for our forward contract hedges in the Condensed Consolidated Balance Sheets as of December 31, 2018:
(In thousands)
 
Fair Value
 
 
Balance sheet caption
 
Amount
Foreign currency forward designated as cash flow hedge
 
Other accrued liabilities
 
$
351

Foreign currency forward designated as cash flow hedge
 
Other non-current liabilities
 
$
7


At September 27, 2019, we had outstanding foreign currency forward contracts, for the exchange of U.S. dollars and Euros, with a notional amount of $9.2 million and expiration dates through December 2020.
Counterparty default risk is considered low because the forward contracts that we entered into are over-the-counter instruments transacted with highly-rated financial institutions. We were not required to, and did not, post collateral as of September 27, 2019.
The current estimated value of net losses for the above derivative instruments anticipated to be transferred from accumulated other comprehensive income into earnings over the next 12 months is $0.7 million.