XML 56 R41.htm IDEA: XBRL DOCUMENT
v3.23.4

Fair Value of Financial Instruments (Tables) | 12 Months Ended
--- | ---
Nov. 26, 2023
Fair Value Disclosures [Abstract] |
Financial assets and liabilities carried at fair value | The following table presents the Company’s financial instruments that are carried at fair value:
| November 26, 2023 |  | November 27, 2022
|  |  | Fair Value Estimated Using |  |  |  | Fair Value Estimated Using
| Fair Value |  | Level 1 Inputs(1) |  | Level 2 Inputs(2) |  | Fair Value |  | Level 1 Inputs(1) |  | Level 2 Inputs(2) |  |
| (Dollars in millions) |  |
Financial assets carried at fair value |  |  |  |  |  |  |  |  |  |  |  |  |
Rabbi trust assets | $ | 78.7 |  |  | $ | 78.7 |  |  | $ | — |  |  | $ | 71.5 |  |  | $ | 71.5 |  |  | $ | — |  |  |
Short-term investments in marketable securities | — |  |  | — |  |  | — |  |  | 70.6 |  |  | — |  |  | 70.6 |  |  |
Derivative instruments(3) | 13.8 |  |  | — |  |  | 13.8 |  |  | 21.5 |  |  | — |  |  | 21.5 |  |  |
Total | $ | 92.5 |  |  | $ | 78.7 |  |  | $ | 13.8 |  |  | $ | 163.6 |  |  | $ | 71.5 |  |  | $ | 92.1 |  |  |
Financial liabilities carried at fair value |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments(3) | 9.1 |  |  | — |  |  | 9.1 |  |  | 8.1 |  |  | — |  |  | 8.1 |  |  |
Total | $ | 9.1 |  |  | $ | — |  |  | $ | 9.1 |  |  | $ | 8.1 |  |  | $ | — |  |  | $ | 8.1 |  |  |
_____________ (1)Fair values estimated using Level 1 inputs are inputs which consist of quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Rabbi trust assets consist of marketable equity securities. See Note 10 for more information on Rabbi trust assets. (2)Fair values estimated using Level 2 inputs are inputs, other than quoted prices, that are observable for the asset or liability, either directly or indirectly and include among other things, quoted prices for similar assets or liabilities in markets that are active or inactive as well as inputs other than quoted prices that are observable. For forward foreign exchange contracts, inputs include foreign currency exchange and interest rates and, where applicable, credit default swap prices. (3)The Company’s cash flow hedges 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. Refer to Note 7 for more information.
Financial liabilities carried at adjusted historical cost | The following table presents the carrying value, including related accrued interest, and estimated fair value of the Company’s financial instruments that are carried at adjusted historical cost:
| November 26, 2023 |  | November 27, 2022
| Carrying Value |  | Estimated Fair Value |  | Carrying Value |  | Estimated Fair Value
| (Dollars in millions)
Financial liabilities carried at adjusted historical cost |  |  |  |  |  |  |
3.375% senior notes due 2027(1) | $ | 518.3 |  |  | $ | 500.2 |  |  | $ | 493.9 |  |  | $ | 461.4 |
3.50% senior notes due 2031(1) | 498.7 |  |  | 407.2 |  |  | 498.1 |  |  | 404.3 |
Short-term borrowings | 12.6 |  |  | 12.6 |  |  | 11.7 |  |  | 11.7 |
Total | $ | 1,029.6 |  |  | $ | 920.0 |  |  | $ | 1,003.7 |  |  | $ | 877.4 |
_____________ (1)Fair values are estimated using Level 2 inputs and incorporate mid-market price quotes. Level 2 inputs are inputs other than quoted prices, that are observable for the liability, either directly or indirectly and include among other things, quoted prices for similar liabilities in markets that are active or inactive as well as inputs other than quoted prices that are observable.
Available for Sale Investments | The following table presents the amortized cost, gross unrealized gains (losses) and fair values of the Company’s available for sale investments:
| November 26, 2023 |  | November 27, 2022
| Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value |  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
| (Dollars in millions)
Short-term investments in marketable securities | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 71.1 |  |  | $ | 0.3 |  |  | $ | (0.8) |  |  | $ | 70.6 |

X
- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-11 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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

X
- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in net income (trading) and investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI). + References No definition available. + Details
Name: | us-gaap_TradingSecuritiesAndCertainTradingAssetsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration