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Other (Expense) Income, Net | 12 Months Ended
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Nov. 26, 2023
Other Income and Expenses [Abstract] |
OTHER INCOME (EXPENSE), NET | OTHER (EXPENSE) INCOME, NET The following table summarizes significant components of “Other (expense) income, net”:
| Year Ended
| November 26, 2023 |  | November 27, 2022 |  | November 28, 2021
| (Dollars in millions)
Foreign exchange management gains (losses) (1) | $ | 24.7 |  |  | $ | (7.6) |  |  | $ | (14.8) |
Foreign currency transaction (losses) gains (2) | (47.8) |  |  | 1.8 |  |  | 5.8 |
Marketable securities gains(3) | 3.4 |  |  | 6.9 |  |  | — |
COVID-19 government subsidy gain(4) | — |  |  | 12.5 |  |  | — |
U.S. pension settlement loss(5) | (19.0) |  |  | — |  |  | — |
Other, net | (3.5) |  |  | 15.2 |  |  | 12.4 |
Total other (expense) income, net | $ | (42.2) |  |  | $ | 28.8 |  |  | $ | 3.4 |
_____________ (1)Gains and losses on forward foreign exchange contracts primarily result from currency fluctuations relative to negotiated contract rates. Gains in fiscal year 2023 were primarily due to currency fluctuations relative to negotiated contract rates on positions to sell the Euro and the Mexican Peso. Losses in fiscal year 2022 were primarily due to unfavorable positions to sell the Euro, offset by favorable positions to sell the Mexican Peso and Canadian Dollar. Losses in fiscal year 2021 were primarily due to unfavorable positions to sells the Euro and Canadian Dollar. (2)Foreign currency transaction gains and losses reflect the impact of currency fluctuation on the Company's foreign currency denominated balances. Losses in fiscal year 2023 were primarily due to lower outstanding Euro-denominated payables subjected to a U.S. dollar strengthening against historical rates, as well as U.S. dollar weakening against the Mexican Peso. (3)Marketable securities gains includes 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. As a result, the Company remeasured the U.S. pension plan, which resulted in a noncash pension settlement charge of $19.0 million recognized within Other (expense) income, net in the Company’s consolidated statement of income and Other, net in the Company’s consolidated statement of cash flows.

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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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