Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 28, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Cash Flow Hedging Instruments

At March 28, 2021, March 29, 2020 and December 27, 2020, the notional amounts and fair values of the Company's foreign currency forward contracts designated as cash flow hedging instruments were as follows:

	March 28, 2021			March 29, 2020			December 27, 2020
Hedged transaction	Notional Amount		Fair Value	Notional Amount		Fair Value	Notional Amount		Fair Value
Inventory purchases	$	332.1	0.6	$	343.3	32.2	$	31.8	(10.0)
Sales	208.5		0.3	101.1		4.8	11.6		1.4
Production financing and other	113.2		0.3	161.3		6.7	89.9		0.3
Total	$	653.8	1.2	$	605.7	43.7	$	133.3	(8.3)

Schedule of Foreign Currency Forward Contracts Designated as Cash Flow Hedges

The fair values of the Company's foreign currency forward contracts designated as cash flow hedges are recorded in the consolidated balance sheets at March 28, 2021, March 29, 2020 and December 27, 2020 as follows:

	March 28, 2021		March 29, 2020		December 27, 2020
Prepaid expenses and other current assets
Unrealized gains	$	8.4	$	40.4	$	2.3
Unrealized losses	(4.4)		(1.9)		(1.6)
Net unrealized gains	$	4.0	$	38.5	$	0.7
Other assets
Unrealized gains	$	1.8	$	7.1	$	1.1
Unrealized losses	(0.2)		—		—
Net unrealized gains	$	1.6	$	7.1	$	1.1
Accrued liabilities
Unrealized gains	$	1.7	$	—	$	3.0
Unrealized losses	(5.9)		(2.0)		(12.9)
Net unrealized losses	$	(4.2)	$	(2.0)	$	(9.9)
Other liabilities
Unrealized gains	$	—	$	—	$	—
Unrealized losses	(0.2)		—		(0.2)
Net unrealized losses	$	(0.2)	$	—	$	(0.2)

Schedule of Net Gains (Losses) on Cash Flow Hedges Activities

Net gains on cash flow hedging activities have been reclassified from other comprehensive earnings (loss) to net earnings for the quarters ended March 28, 2021 and March 29, 2020 as follows:

	Quarter Ended
	March 28, 2021		March 29, 2020
Statements of Operations Classification
Cost of sales	$	—	$	4.0
Net revenues	0.5		0.3
Other	0.9		0.1
Net realized gains	$	1.4	$	4.4

Fair Values of Undesignated Derivative Financial Instruments

At March 28, 2021, March 29, 2020 and December 27, 2020, the fair values of the Company's undesignated derivative financial instruments were recorded in the consolidated balance sheets as follows:

	March 28, 2021		March 29, 2020		December 27, 2020
Prepaid expenses and other current assets
Unrealized gains	$	5.0	$	1.2	$	3.5
Unrealized losses	(1.2)		—		(0.5)
Net unrealized gains	$	3.8	$	1.2	$	3.0
Accrued liabilities
Unrealized gains	$	0.1	$	1.2	$	—
Unrealized losses	(2.5)		(12.4)		(2.6)
Net unrealized losses	$	(2.4)	$	(11.2)	$	(2.6)
Total unrealized gains (losses), net	$	1.4	$	(10.0)	$	0.4