Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 25, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Cash Flow Hedging Instruments

At December 25, 2022 and December 26, 2021, the notional amounts and fair values of the Company’s foreign currency forward and option contracts designated as cash flow hedging instruments were as follows:

	2022			2021
(In millions)	Notional Amount		Fair Value	Notional Amount	Fair Value
Hedged transaction
Inventory purchases	$	166.3	(2.7)	199.1	10.4
Sales	99.2		1.2	104.5	(1.9)
Production financing and other	116.8		1.5	217.0	2.3
Total	$	382.3	—	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 December 25, 2022 and December 26, 2021 as follows:

(In millions)	2022		2021
Prepaid expenses and other current assets
Unrealized gains	$	4.3	13.8
Unrealized losses	(1.8)		(3.1)
Net unrealized gains	$	2.5	10.7
Other assets
Unrealized gains	$	0.3	0.2
Unrealized losses	—		—
Net unrealized gains	$	0.3	0.2
Accrued liabilities
Unrealized gains	$	1.6	—
Unrealized losses	(4.4)		(0.1)
Net unrealized losses	$	(2.8)	(0.1)

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 25, 2022, December 26, 2021 and December 27, 2020 as follows:

(In millions)	2022		2021	2020
Consolidated Statements of Operations Classification
Cost of sales	$	17.3	(4.7)	21.2
Net revenues	2.3		1.0	2.9
Other	(0.9)		2.0	1.2
Net realized (losses) gains	$	18.7	(1.7)	25.3

Fair Values of Undesignated Derivative Financial Instruments

At December 25, 2022 and December 26, 2021, the fair value of the Company’s undesignated derivative financial instruments are recorded in the consolidated balance sheets as follows:

(In millions)	2022		2021
Prepaid expenses and other current assets
Unrealized gains	$	10.9	—
Unrealized losses	(5.9)		—
Net unrealized gains	$	5.0	—
Accrued liabilities
Unrealized gains	$	—	3.5
Unrealized losses	—		(6.0)
Net unrealized losses	$	—	(2.5)
Total unrealized (losses) gains, net	$	5.0	(2.5)