XML 49 R38.htm IDEA: XBRL DOCUMENT
v3.23.3

Other Income, Net (Tables) | 9 Months Ended
--- | ---
Aug. 27, 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 |  | Nine Months Ended
| August 27, 2023 |  | August 28, 2022 |  | August 27, 2023 |  | August 28, 2022
| (Dollars in millions)
Foreign exchange management gains (losses) (1) | $ | 4.8 |  |  | $ | (18.6) |  |  | $ | 20.6 |  |  | $ | (23.8) |
Foreign currency transaction (losses) gains(2) | (10.2) |  |  | 10.9 |  |  | (38.5) |  |  | 17.4 |
Marketable securities gains(3) | 0.6 |  |  | — |  |  | 1.8 |  |  | — |
COVID-19 government subsidy gain(4) | — |  |  | — |  |  | — |  |  | 12.5 |
US pension settlement loss(5) | (19.0) |  |  | — |  |  | (19.0) |  |  | — |
Other, net | (2.9) |  |  | 2.5 |  |  | (3.0) |  |  | 10.6 |
Total other (expense) income, net | $ | (26.7) |  |  | $ | (5.2) |  |  | $ | (38.1) |  |  | $ | 16.7 |
_____________ (1)Gains and losses on forward foreign exchange contracts primarily result from currency fluctuations relative to negotiated contract rates. Gains and losses in the three-month and nine-month periods ended August 27, 2023 and August 28, 2022 were primarily due to 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 nine-month periods ended August 27, 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. (5)On May 30, 2023, the Company used pension plan assets to purchase nonparticipating annuity contracts in order to transfer certain liabilities associated with its U.S. pension plan to an insurance company. See Note 8 for details.

X
- References No definition available. + Details
Name: | us-gaap_OtherIncomeAndExpensesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfOtherNonoperatingIncomeExpenseTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration