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Other Income, Net | 6 Months Ended
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May 28, 2023
Other Income and Expenses [Abstract] |
OTHER INCOME, NET | OTHER (EXPENSE) INCOME, NET 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 The entire disclosure for other income or other expense items (both operating and nonoperating). Sources of nonoperating income or nonoperating expense that may be disclosed, include amounts earned from dividends, interest on securities, profits (losses) on securities, net and miscellaneous other income or income deductions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 720 -URI https://asc.fasb.org/topic&trid=2122503 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 610 -URI https://asc.fasb.org/topic&trid=49130413 + Details
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