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Other Income, Net | 9 Months Ended
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Aug. 27, 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 |  | 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.

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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 -Topic 610 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//610/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 720 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//720/tableOfContent + Details
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