Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 26, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Cash Flow Hedging Instruments

At December 26, 2021 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:

	2021			2020
(In millions)	Notional Amount		Fair Value	Notional Amount	Fair Value
Hedged transaction
Inventory purchases	199.1		10.4	316.8	(10.0)
Sales	104.5		(1.9)	111.6	1.3
Production financing and other	217.0		2.3	89.9	0.4
Total	$	520.6	10.8	518.3	(8.3)

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 sheets at December 26, 2021 and December 27, 2020 as follows:

(In millions)	2021		2020
Prepaid expenses and other current assets
Unrealized gains	$	13.8	2.3
Unrealized losses	(3.1)		(1.6)
Net unrealized gains	$	10.7	0.7
Other assets
Unrealized gains	$	0.2	1.1
Unrealized losses	—		—
Net unrealized gains	$	0.2	1.1
Accrued liabilities
Unrealized gains	$	—	3.0
Unrealized losses	(0.1)		(12.9)
Net unrealized losses	$	(0.1)	(9.9)
Other liabilities
Unrealized gains	$	—	—
Unrealized losses	—		(0.2)
Net unrealized losses	$	—	(0.2)

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 (loss) to net earnings for the years ended December 26, 2021, December 27, 2020 and December 29, 2019 as follows:

(In millions)	2021		2020	2019
Consolidated Statements of Operations Classification
Cost of sales	$	(4.7)	21.2	16.7
Net revenues	1.0		2.9	5.6
Other	2.0		1.2	0.2
Net realized (losses) gains	$	(1.7)	25.3	22.5

Fair Values of Undesignated Derivative Financial Instruments

At December 26, 2021 and December 27, 2020, the fair value of the Company’s undesignated derivative financial instruments are recorded in the consolidated balance sheets as follows:

(In millions)	2021		2020
Prepaid expenses and other current assets
Unrealized gains	$	—	3.5
Unrealized losses	—		(0.5)
Net unrealized gains	$	—	3.0
Accrued liabilities
Unrealized gains	$	3.5	—
Unrealized losses	(6.0)		(2.6)
Net unrealized losses	$	(2.5)	(2.6)
Total unrealized (losses) gains, net	$	(2.5)	0.4