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Fair Value of Financial Instruments (Tables) | 6 Months Ended
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May 26, 2024
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:
| May 26, 2024 |  | November 26, 2023
|  |  | 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 | $ | 88.0 |  |  | $ | 88.0 |  |  | $ | — |  |  | $ | 78.7 |  |  | $ | 78.7 |  |  | $ | — |
Derivative instruments(3) | 7.0 |  |  | — |  |  | 7.0 |  |  | 13.8 |  |  | — |  |  | 13.8 |
Total | $ | 95.0 |  |  | $ | 88.0 |  |  | $ | 7.0 |  |  | $ | 92.5 |  |  | $ | 78.7 |  |  | $ | 13.8 |
Financial liabilities carried at fair value |  |  |  |  |  |  |  |  |  |  |
Derivative instruments(3) | 9.8 |  |  | — |  |  | 9.8 |  |  | 9.1 |  |  | — |  |  | 9.1 |
Total | $ | 9.8 |  |  | $ | — |  |  | $ | 9.8 |  |  | $ | 9.1 |  |  | $ | — |  |  | $ | 9.1 |
_____________ (1)Fair values estimated using Level 1 inputs are inputs that 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. (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 3 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:
| May 26, 2024 |  | November 26, 2023
| 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) | $ | 514.6 |  |  | $ | 507.5 |  |  | $ | 518.3 |  |  | $ | 500.2 |
3.50% senior notes due 2031(1) | 499.0 |  |  | 408.1 |  |  | 498.7 |  |  | 407.2 |
Short-term borrowings | 2.4 |  |  | 2.4 |  |  | 12.6 |  |  | 12.6 |
Total | $ | 1,016.0 |  |  | $ | 918.0 |  |  | $ | 1,029.6 |  |  | $ | 920.0 |
_____________ (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.

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- 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 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
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- 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/2009/role/commonPracticeRef -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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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 + Details
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