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Fair Value of Financial Instruments | 12 Months Ended
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Dec. 31, 2023
Fair Value Disclosures [Abstract] |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company measures certain financial instruments at fair value. The fair value hierarchy consists of three levels: Level 1 fair values are based on quoted market prices in active markets for identical assets or liabilities that the entity has the ability to access; Level 2 fair values are those based on quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities; and Level 3 fair values are based on inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. There have been no transfers between levels within the fair value hierarchy. As of December 31, 2023 and December 25, 2022, the Company had the following assets and liabilities measured at fair value in its Consolidated Balance Sheets (excluding assets for which the fair value is measured using net asset value per share):
|  |  | Fair Value Measurements Using
(In millions) | Fair Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
December 31, 2023 |  |  |
Assets: |  |  |
Available-for-sale securities | $ | 1.1 |  |  | 1.1 |  |  | — |  |  | — |
Derivatives | 0.7 |  |  | — |  |  | 0.7 |  |  | — |
Total assets | $ | 1.8 |  |  | 1.1 |  |  | 0.7 |  |  | — |
Liabilities: |  |  |  |  |  |  |
Derivatives | $ | 3.9 |  |  | — |  |  | 3.9 |  |  | — |
Option agreement | 1.7 |  |  | — |  |  | — |  |  | 1.7 |
Total liabilities | $ | 5.6 |  |  | — |  |  | 3.9 |  |  | 1.7 |
December 25, 2022 |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Available-for-sale securities | $ | 1.7 |  |  | 1.7 |  |  | — |  |  | — |
Derivatives | 7.9 |  |  | — |  |  | 7.9 |  |  | — |
Total assets | $ | 9.6 |  |  | 1.7 |  |  | 7.9 |  |  | — |
Liabilities: |  |  |  |  |  |  |
Derivatives | $ | 2.9 |  |  | — |  |  | 2.9 |  |  | — |
Option agreement | 1.7 |  |  | — |  |  | — |  |  | 1.7 |
Total liabilities | $ | 4.6 |  |  | — |  |  | 2.9 |  |  | 1.7 |
Available-for-sale securities include equity securities of one company quoted on an active public market. The Company’s derivatives consist of foreign currency forward and option contracts. The Company uses current forward rates of the respective foreign currencies to measure the fair value of these contracts. The Company's option agreement relates to an equity method investment in Discovery Family Channel. The option agreement is included in Other liabilities as of December 31, 2023 and December 25, 2022, and is valued using an option pricing model based on the fair value of the related investment. Inputs used in the option pricing model include volatility and fair value of the underlying company which are considered unobservable inputs as they reflect the Company’s own assumptions about the inputs that market participants would use in pricing the asset or liability. The Company believes that this is the best information available for use in the fair value measurement. See note 7 for more information on the Company's investment in the Discovery Family Channel. The following is a reconciliation of the beginning and ending balances of the fair value measurements of the Company’s financial instruments which use significant unobservable inputs (Level 3):
(In millions) | 2023 |  | 2022
Balance at beginning of year | $ | (1.7) |  |  | (1.7) |
Balance at end of year | $ | (1.7) |  |  | (1.7) |

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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