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Derivative Instruments and Hedging Activities | 12 Months Ended
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Nov. 27, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES As of November 27, 2022, the Company had forward foreign exchange contracts derivatives that were not designated as hedges in qualifying hedging relationships, of which $649.7 million were contracts to buy and $505.7 million were contracts to sell various foreign currencies. These contracts are at various exchange rates and expire at various dates through February 2024. The table below provides data about the carrying values of derivative instruments and non-derivative instruments:
| November 27, 2022 |  | November 28, 2021
| Assets |  | (Liabilities) |  | Derivative Net Carrying Value |  | Assets |  | (Liabilities) |  | Derivative Net Carrying Value
| Carrying Value |  | Carrying Value |  |  | Carrying Value |  | Carrying Value |
| (Dollars in millions)
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |
Foreign exchange risk cash flow hedges(1) | $ | 15.6 |  |  | $ | — |  |  | $ | 15.6 |  |  | $ | 24.9 |  |  | $ | — |  |  | $ | 24.9 |
Foreign exchange risk cash flow hedges(2) | — |  |  | (7.2) |  |  | (7.2) |  |  | — |  |  | (2.0) |  |  | (2.0) |
Total | $ | 15.6 |  |  | $ | (7.2) |  |  |  |  | $ | 24.9 |  |  | $ | (2.0) |  |  |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |
Forward foreign exchange contracts(1) | $ | 21.5 |  |  | $ | (15.6) |  |  | $ | 5.9 |  |  | $ | 27.5 |  |  | $ | (24.9) |  |  | $ | 2.6 |
Forward foreign exchange contracts(2) | 7.2 |  |  | (8.1) |  |  | (0.9) |  |  | 2.0 |  |  | (13.2) |  |  | (11.2) |
Total | $ | 28.7 |  |  | $ | (23.7) |  |  |  |  | $ | 29.5 |  |  | $ | (38.1) |  |  |
Non-derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |
Euro senior notes | $ | — |  |  | $ | (494.5) |  |  |  |  | $ | — |  |  | $ | (532.3) |  |  |
_____________ (1)Included in "Other current assets" or "Other non-current assets" on the Company’s consolidated balance sheets. (2)Included in "Other accrued liabilities" or "Other long-term liabilities" on the Company’s consolidated balance sheets. The Company's over-the-counter forward foreign exchange contracts are subject to International Swaps and Derivatives Association, Inc. master agreements. These agreements permit the net-settlement of these contracts on a per-institution basis; however, the Company records the fair value on a gross basis on its consolidated balance sheets based on maturity dates, including those subject to master netting arrangements. The table below presents the gross and net amounts of these contracts recognized on the Company's consolidated balance sheets by type of financial instrument:
| November 27, 2022 |  | November 28, 2021
| Gross Amounts of Assets / (Liabilities) Presented in the Balance Sheet |  | Gross Amounts Not Offset in the Balance Sheet |  | Net Amounts of Assets / (Liabilities) | Gross Amounts of Assets / (Liabilities) Presented in the Balance Sheet |  | Gross Amounts Not Offset in the Balance Sheet |  | Net Amounts of Assets / (Liabilities)
| (Dollars in millions)
Foreign exchange risk contracts and forward foreign exchange contracts |  |  |  |  |  |  |  |  |  |  |
Financial assets | $ | 44.3 |  |  | $ | (14.6) |  |  | $ | 29.7 |  |  | $ | 54.4 |  |  | $ | (10.2) |  |  | $ | 44.2 |
Financial liabilities | (30.9) |  |  | 14.6 |  |  | (16.3) |  |  | (40.1) |  |  | 10.2 |  |  | (29.9) |
Total |  |  |  |  | $ | 13.4 |  |  |  |  |  |  | $ | 14.3 |
The table below provides data about the amount of gains and losses related to derivative instruments and non-derivative instruments designated as cash flow and net investment hedges included in "Accumulated other comprehensive loss" ("AOCL") on the Company’s consolidated balance sheets, and in "Other income (expense), net" in the Company’s consolidated statements of operations:
| Amount of Gain or (Loss) Recognized in AOCL (Effective Portion) |  | Amount of Gain (Loss) Reclassified from AOCL into Net Income (Loss)(1)
| As of November 27, 2022 |  | As of November 28, 2021 |  | Year Ended
November 27, 2022 |  | November 28, 2021 |  | November 29, 2020
| (Dollars in millions)
Foreign exchange risk contracts | $ | 22.6 |  |  | $ | 24.3 |  |  | $ | 20.8 |  |  | $ | (19.3) |  |  | $ | 13.2 |
Realized forward foreign exchange swaps(2) | 4.6 |  |  | 4.6 |  |  | — |  |  | — |  |  | — |
Yen-denominated Eurobonds | (19.8) |  |  | (19.8) |  |  | — |  |  | — |  |  | — |
Euro-denominated senior notes | (7.4) |  |  | (45.2) |  |  | — |  |  | — |  |  | — |
Cumulative income taxes | 7.2 |  |  | 15.2 |  |  | — |  |  | — |  |  | — |
Total | $ | 7.2 |  |  | $ | (20.9) |  |  |  |  |  |  |
_____________ (1)Amounts reclassified from AOCL were classified as net revenues or costs of goods sold on the consolidated statements of operations. (2)Prior to and during 2005, the Company used foreign exchange currency swaps to hedge the net investment in its foreign operations. For hedges that qualified for hedge accounting, the net gains were included in AOCL and are not reclassified to earnings until the related net investment position has been liquidated. There was no hedge ineffectiveness for the year ended November 27, 2022. Within the next 12 months, $29.1 million of gains from cash flow hedges are expected to be reclassified from AOCL into net income (loss). The table below presents the effects of the Company's cash flow hedges of foreign exchange risk contracts on the consolidated statements of operations:
| Year ended
| November 27, 2022 |  | November 28, 2021 |  | November 29, 2020
| (Dollars in millions)
Amount of (Loss) Gain on Cash Flow Hedge Activity: |  |  |  |  |
Net revenues | $ | (1.3) |  |  | $ | (4.3) |  |  | $ | 1.8 |
Cost of goods sold | 22.1 |  |  | (15.0) |  |  | 11.4 |
The table below provides data about the amount of gains and losses related to derivative instruments included in "Other income (expense), net" in the Company’s consolidated statements of operations:
| Year Ended
| November 27, 2022 |  | November 28, 2021 |  | November 29, 2020
| (Dollars in millions)
Forward foreign exchange contracts: |  |  |  |  |
Realized (loss) gain(1) | $ | (18.9) |  |  | $ | (9.7) |  |  | $ | 8.0 |
Unrealized gain (loss)(2) | 11.3 |  |  | (5.1) |  |  | (5.7) |
Total | $ | (7.6) |  |  | $ | (14.8) |  |  | $ | 2.3 |
_____________ (1)The realized loss in fiscal year 2022 is primarily driven by losses on contracts to buy various currencies, mainly the Euro, as a result of the U.S. Dollar strengthening throughout the year against original contract rates. The realized loss in fiscal year 2021 is primarily driven by losses on contracts to buy various currencies, mainly the Euro, and losses on contracts to sell various currencies, in particular the British Pound, Canadian Dollar and Mexican Peso a result of the U.S. Dollar strengthening throughout the year against original contract rates. The realized gain in fiscal year 2020 is primarily driven by gains on contracts to buy various currencies, mainly the Euro, as a result of the U.S. Dollar weakening throughout the year against original contract rates. (2)The unrealized gain in fiscal year 2022 is primarily driven by gains on contracts to buy various foreign currencies, mainly the Euro, as a result of the U.S. Dollar weakening against the original contract rates at year end. The unrealized loss in fiscal year 2021 is primarily driven by losses on contracts to buy various foreign currencies, mainly the Euro, Mexican Peso and Japanese Yen, as a result of the U.S. Dollar strengthening against the original contract rates at year end. The unrealized loss in fiscal year 2020 is primarily driven by losses on contracts to sell various foreign currencies, mainly the Euro, as a result of the U.S. Dollar weakening against the original contract rates at year end.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 5 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123477628&loc=d3e90205-114008 + Details
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