Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 27, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Cash Flow Hedging Instruments

At March 27, 2022, March 28, 2021 and December 26, 2021, the notional amounts and fair values of the Company's foreign currency forward contracts designated as cash flow hedging instruments were as follows:

	March 27, 2022			March 28, 2021			December 26, 2021
Hedged transaction	Notional Amount		Fair Value	Notional Amount		Fair Value	Notional Amount		Fair Value
Inventory purchases	$	196.9	7.8	$	332.1	0.6	$	199.1	10.4
Sales	104.3		(2.4)	208.5		0.3	104.5		(1.9)
Production financing and other	188.0		2.5	113.2		0.3	217.0		2.3
Total	$	489.2	7.9	$	653.8	1.2	$	520.6	10.8

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 March 27, 2022, March 28, 2021 and December 26, 2021 as follows:

	March 27, 2022		March 28, 2021		December 26, 2021
Prepaid expenses and other current assets
Unrealized gains	$	12.7	$	8.4	$	13.8
Unrealized losses	(2.8)		(4.4)		(3.1)
Net unrealized gains	$	9.9	$	4.0	$	10.7
Other assets
Unrealized gains	$	—	$	1.8	$	0.2
Unrealized losses	—		(0.2)		—
Net unrealized gains	$	—	$	1.6	$	0.2
Accrued liabilities
Unrealized gains	$	0.9	$	1.7	$	—
Unrealized losses	(2.7)		(5.9)		(0.1)
Net unrealized losses	$	(1.8)	$	(4.2)	$	(0.1)
Other liabilities
Unrealized gains	$	—	$	—	$	—
Unrealized losses	(0.2)		(0.2)		—
Net unrealized losses	$	(0.2)	$	(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 quarters ended March 27, 2022 and March 28, 2021 as follows:

	Quarter Ended
	March 27, 2022		March 28, 2021
Statements of Operations Classification
Cost of sales	$	(0.4)	$	—
Net revenues	(0.4)		0.5
Other	(0.5)		0.9
Net realized gains	$	(1.3)	$	1.4

Fair Values of Undesignated Derivative Financial Instruments

At March 27, 2022, March 28, 2021 and December 26, 2021, the fair values of the Company's undesignated derivative financial instruments were recorded in the consolidated balance sheets as follows:

	March 27, 2022		March 28, 2021		December 26, 2021
Prepaid expenses and other current assets
Unrealized gains	$	—	$	5.0	$	—
Unrealized losses	—		(1.2)		—
Net unrealized gains	$	—	$	3.8	$	—
Accrued liabilities
Unrealized gains	$	6.6	$	0.1	$	3.5
Unrealized losses	(9.2)		(2.5)		(6.0)
Net unrealized losses	$	(2.6)	$	(2.4)	$	(2.5)
Total unrealized gains (losses), net	$	(2.6)	$	1.4	$	(2.5)