v3.26.1
Derivative Financial Instruments
 6 Months Ended
Jun. 27, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
We use foreign currency forward contracts primarily to manage currency risk associated with foreign currency-denominated trade accounts receivable, accounts payable and intercompany loans. At June 27, 2026 and December 27, 2025, we had no derivatives that were designated as hedging instruments.
The notional amounts and fair values of derivative instruments in our Condensed Consolidated Balance Sheets are as follows: 
 
Notional Amounts (1)
Fair Value
 June 27, 2026December 27, 2025June 27, 2026December 27, 2025
Derivatives not receiving hedge accounting treatment recorded in:
Other current assets
Foreign exchange contracts$347,570 $114,908 $4,139 $1,245 
Other(2)
1,265 1,265 14,603 12,938 
Accrued expenses and other
       Foreign exchange contracts428,275 652,428 (4,446)(6,692)
    Total$777,110 $768,601 $14,296 $7,491 
(1) Notional amounts represent the gross amount of foreign currency bought or sold at maturity for foreign exchange contracts.
(2) Related to a convertible note receivable derivative.
The amount recognized in earnings from our derivative instruments is as follows and is largely offset by the change in fair value of the underlying hedged assets or liabilities:
Thirteen Weeks EndedTwenty-Six Weeks Ended
June 27, 2026June 28, 2025June 27, 2026June 28, 2025
Derivative instruments not qualifying as cash flow hedges:Location of gain in income
Net gain recognized in earningsNet foreign currency exchange loss$(16,861)$(10,272)$(18,568)$(26,996)
There were no material gain or loss amounts excluded from the assessment of effectiveness. We report our derivatives at fair value as either assets or liabilities within our Condensed Consolidated Balance Sheets. See Note 5, “Fair Value Measurements”, for information on derivative fair values recorded on our Condensed Consolidated Balance Sheets for the periods presented.