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Other Income, Net (Tables) | 6 Months Ended
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May 28, 2023
Other Income and Expenses [Abstract] |
Schedule of other nonoperating income (expense) | The following table summarizes significant components of "Other (expense) income, net":
| Three Months Ended |  | Six Months Ended
| May 28, 2023 |  | May 29, 2022 |  | May 28, 2023 |  | May 29, 2022
| (Dollars in millions)
Foreign exchange management gains (losses) (1) | $ | 12.0 |  |  | $ | (7.5) |  |  | $ | 15.8 |  |  | $ | (5.2) |
Foreign currency transaction (losses) gains(2) | (17.7) |  |  | 8.7 |  |  | (28.3) |  |  | 6.5 |
Marketable securities gains(3) | 2.3 |  |  | — |  |  | 1.2 |  |  | — |
COVID-19 government subsidy gain(4) | — |  |  | — |  |  | — |  |  | 12.5 |
Other, net | (0.5) |  |  | 4.8 |  |  | (0.1) |  |  | 8.1 |
Total other (expense) income, net | $ | (3.9) |  |  | $ | 6.0 |  |  | $ | (11.4) |  |  | $ | 21.9 |
_____________ (1)Gains and losses on forward foreign exchange contracts primarily result from currency fluctuations relative to negotiated contract rates. Gains in the three-month and six-month periods ended May 28, 2023 were primarily due to favorable currency fluctuations relative to negotiated contract rates on positions to buy and sell the Euro. (2)Foreign currency transaction losses (gains) reflect the impact of foreign currency fluctuation on the Company's foreign currency denominated balances. Losses in the three-month and six-month periods ended May 28, 2023 were primarily due to U.S. Dollar weakening against the Euro and the Mexican Peso. (3)Marketable securities gains include unrealized gains and losses from marketable equity securities held in an irrevocable grantor’s Rabbi trust in connection with the Company's deferred compensation plan. (4)COVID-19 government subsidy gain reflects a payment received from the German government as reimbursement for COVID-19 losses incurred in prior years.

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- Definition Tabular disclosure of the components of non-operating income or non-operating expense that may include amounts earned from dividends, interest on securities, gains (losses) on securities sold, equity earnings of unconsolidated affiliates, net gain (loss) on sales of business, interest expense and other miscellaneous income or expense items. + References No definition available. + Details
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