Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 27, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Cash Flow Hedging Instruments

At June 27, 2021, June 28, 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:

	June 27, 2021			June 28, 2020			December 27, 2020
Hedged transaction	Notional Amount		Fair Value	Notional Amount		Fair Value	Notional Amount		Fair Value
Inventory purchases	$	346.8	(2.0)	$	255.5	20.1	$	31.8	(10.0)
Sales	189.3		0.7	77.3		4.9	11.6		1.4
Production financing and other	201.7		(1.0)	110.6		4.0	89.9		0.3
Total	$	737.8	(2.3)	$	443.4	29.0	$	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 June 27, 2021, June 28, 2020 and December 27, 2020 as follows:

	June 27, 2021		June 28, 2020		December 27, 2020
Prepaid expenses and other current assets
Unrealized gains	$	4.3	$	23.7	$	2.3
Unrealized losses	(3.1)		(1.0)		(1.6)
Net unrealized gains	$	1.2	$	22.7	$	0.7
Other assets
Unrealized gains	$	2.0	$	6.3	$	1.1
Unrealized losses	(0.3)		—		—
Net unrealized gains	$	1.7	$	6.3	$	1.1
Accrued liabilities
Unrealized gains	$	2.7	$	—	$	3.0
Unrealized losses	(7.8)		—		(12.9)
Net unrealized losses	$	(5.1)	$	—	$	(9.9)
Other liabilities
Unrealized gains	$	—	$	—	$	—
Unrealized losses	(0.1)		—		(0.2)
Net unrealized losses	$	(0.1)	$	—	$	(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 June 27, 2021 and June 28, 2020 as follows:

	Quarter Ended				Six Months Ended
	June 27, 2021		June 28, 2020		June 27, 2021		June 28, 2020
Statements of Operations Classification
Cost of sales	$	2.5	$	5.6	$	2.3	9.6
Net revenues	(0.6)		0.8		(1.3)		1.2
Other	(0.2)		0.5		(1.2)		0.5
Net realized gains	$	1.7	$	6.9	$	(0.2)	11.3

Fair Values of Undesignated Derivative Financial Instruments

At June 27, 2021, June 28, 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:

	June 27, 2021		June 28, 2020		December 27, 2020
Prepaid expenses and other current assets
Unrealized gains	$	4.6	$	—	$	3.5
Unrealized losses	(0.7)		—		(0.5)
Net unrealized gains	$	3.9	$	—	$	3.0
Accrued liabilities
Unrealized gains	$	0.1	$	4.5	$	—
Unrealized losses	(0.6)		(7.4)		(2.6)
Net unrealized losses	$	(0.5)	$	(2.9)	$	(2.6)
Total unrealized gains (losses), net	$	3.4	$	(2.9)	$	0.4