Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Cash Flow Hedging Instruments

As of December 31, 2023 and December 25, 2022, 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:

	2023			2022
(In millions)	Notional Amount		Fair Value	Notional Amount	Fair Value
Hedged transaction
Inventory purchases	$	129.9	(1.7)	166.3	(2.7)
Sales	89.7		(0.2)	99.2	1.2
Production financing and other	31.7		(0.5)	116.8	1.5
Total	$	251.3	(2.4)	382.3	—

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 31, 2023 and December 25, 2022 as follows:

(In millions)	2023		2022
Prepaid expenses and other current assets
Unrealized gains	$	0.5	4.3
Unrealized losses	(0.1)		(1.8)
Net unrealized gains	$	0.4	2.5
Other assets
Unrealized gains	$	—	0.3
Unrealized losses	—		—
Net unrealized gains	$	—	0.3
Accrued liabilities
Unrealized gains	$	0.7	1.6
Unrealized losses	(3.5)		(4.4)
Net unrealized losses	$	(2.8)	(2.8)

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 31, 2023, December 25, 2022 and December 26, 2021 as follows:

(In millions)	2023		2022	2021
Consolidated Statements of Operations Classification
Cost of sales	$	(1.1)	17.3	(4.7)
Net revenues	0.2		2.3	1.0
Other	(2.2)		(0.9)	2.0
Net realized (losses) gains	$	(3.1)	18.7	(1.7)

Summary of Fair Values of Undesignated Derivative Financial Instruments

As of December 31, 2023 and December 25, 2022, the fair value of the Company’s undesignated derivative financial instruments are recorded in the Consolidated Balance Sheets as follows:

(In millions)	2023		2022
Prepaid expenses and other current assets
Unrealized gains	$	0.3	10.9
Unrealized losses	—		(5.9)
Net unrealized gains	$	0.3	5.0
Accrued liabilities
Unrealized gains	$	1.4	—
Unrealized losses	(2.5)		—
Net unrealized losses	$	(1.1)	—
Total unrealized (losses) gains, net	$	(0.8)	5.0