Derivative Financial Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 25, 2022

General Discussion of Derivative Instruments and Hedging Activities [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

	13 weeks ended				26 weeks ended
(In millions)	June 25, 2022		June 26, 2021		June 25, 2022		June 26, 2021
(Loss) gain on fair value hedges	$	(0.1)	$	1.3	$	(1.6)	$	2.4

	13 weeks ended				26 weeks ended
(In millions)	June 25, 2022		June 26, 2021		June 25, 2022		June 26, 2021
Pre-tax gain recorded in other comprehensive income	$	1.1	$	0.2	$	1.6	$	0.4
Pre-tax gain reclassified into income from other comprehensive income	$	1.6	$	—	$	1.6	$	—

The following table summarizes the Company's derivative positions, which are the only assets and liabilities recorded at fair value on a recurring basis:

		As of
Derivatives designated as hedging instruments (in millions)	Balance sheet location	June 25, 2022		December 25, 2021
Derivative assets:
Foreign exchange contracts	Non-trade accounts receivable, net	$	3.4	$	8.5
Derivative liabilities:
Foreign exchange contracts	Accrued liabilities	$	(0.4)	$	(7.3)

Schedule of Notional Amounts of Outstanding Derivative Positions

The notional value of largest outstanding positions to purchase and sell currencies was:

	As of
(In millions)	June 25, 2022
Purchase Euros	$	31.3
Purchase Mexican Pesos	$	14.2
Purchase New Zealand Dollars	$	9.1
Sell Australian Dollars	$	72.9
	As of
(In millions)	December 25, 2021
Purchase Japanese Yen	$	14.3
Purchase United States Dollars	$	63.1
Sell Swiss Francs	$	32.6
Sell Euros	$	35.7

Derivative Instruments, Gain (Loss)

Changes in fair value, net of tax, recorded in other comprehensive income (loss) and the pretax income on forward points was as follows:

	13 weeks ended				26 weeks ended
(In millions)	June 25, 2022		June 26, 2021		June 25, 2022		June 26, 2021
Pre-tax gain (loss) recorded in other comprehensive income	$	9.6	$	(2.7)	$	11.5	$	(0.8)

Schedule of Notional Value of Forward Contracts

The notional value of forward contracts to purchase and sell currencies was:

	As of
(In millions)	June 25, 2022		December 25, 2021
Notional value of forward contracts to purchase currencies	$	77.9	$	96.4
Notional value of forward contracts to sell currencies	$	74.9	$	99.2

Schedule of Net Derivative Position

Including the effect of master netting arrangements that provide a right of offset upon default of the counterparty, the Company’s net derivative position amounts were:

	As of
(In millions)	June 25, 2022		December 25, 2021
Net derivative asset	$	3.0	$	1.2