Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 27, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Cash Flow Hedging Instruments

At December 27, 2020 and December 29, 2019, the notional amounts and fair values of assets (liabilities) for the Company’s foreign currency forward contracts designated as cash flow hedging instruments were as follows:

	2020			2019
	Notional Amount		Fair Value	Notional Amount	Fair Value
Hedged transaction
Inventory purchases	$	316,772	(10,024)	398,800	8,727
Sales	111,630		1,353	124,920	4,037
Production financing and other	89,908		353	19,499	140
Total	$	518,310	(8,318)	543,219	12,904

Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location

The fair values of the Company’s foreign currency forward contracts designated as cash flow hedges are recorded in the consolidated balance sheet at December 27, 2020 and December 29, 2019 as follows:

	2020		2019
Prepaid expenses and other current assets
Unrealized gains	$	2,328	12,133
Unrealized losses	(1,628)		(3,955)
Net unrealized gain	$	700	8,178
Other assets
Unrealized gains	$	1,108	6,652
Unrealized losses	—		—
Net unrealized gain	$	1,108	6,652
Accrued liabilities
Unrealized gains	$	3,009	293
Unrealized losses	(12,951)		(2,219)
Net unrealized loss	$	(9,942)	(1,926)
Other liabilities
Unrealized gains	$	—	—
Unrealized losses	(184)		—
Net unrealized loss	$	(184)	—

Schedule of Derivative Instruments, Gain (Loss) in Statement of Operations

Net gains (losses) on cash flow hedging activities have been reclassified from other comprehensive earnings to net earnings for the years ended December 27, 2020, December 29, 2019 and December 30, 2018 as follows:

	2020		2019	2018
Consolidated Statements of Operations Classification
Cost of sales	$	21,189	16,689	3,909
Sales	2,947		5,644	3,479
Royalties and other	1,247		193	(527)
Net realized gains (losses)	$	25,383	22,526	6,861

Fair Values of Undesignated Derivative Financial Instruments

At December 27, 2020 and December 29, 2019, the fair value of the Company’s undesignated derivative financial instruments are recorded in the consolidated balance sheets as follows:

	2020		2019
Prepaid expenses and other current assets
Unrealized gains	$	3,507	—
Unrealized losses	(521)		—
Net unrealized gain	$	2,986	—
Accrued liabilities
Unrealized gains	$	3	13
Unrealized losses	(2,561)		(3,820)
Net unrealized loss	$	(2,558)	(3,807)
Total unrealized losses	$	428	(3,807)