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Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended
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Dec. 01, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Carrying values of derivative instruments and non-derivative instruments | The table below provides data about the carrying values of derivative instruments and non-derivative instruments:
| December 1, 2024 |  | November 26, 2023
| Assets |  | (Liabilities) |  | Derivative Net Carrying Value |  | Assets |  | (Liabilities) |  | Derivative Net Carrying Value
| Carrying Value |  | Carrying Value |  |  | Carrying Value |  | Carrying Value |
| (Dollars in millions)
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |
Foreign exchange risk cash flow hedges(1) | $ | 15.6 |  |  | $ | — |  |  | $ | 15.6 |  |  | $ | 6.0 |  |  | $ | — |  |  | $ | 6.0 |
Foreign exchange risk cash flow hedges(2) | — |  |  | (4.7) |  |  | (4.7) |  |  | — |  |  | (7.1) |  |  | (7.1) |
Total | $ | 15.6 |  |  | $ | (4.7) |  |  |  |  | $ | 6.0 |  |  | $ | (7.1) |  |  |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |
Forward foreign exchange contracts(1) | $ | 17.6 |  |  | $ | (15.6) |  |  | $ | 2.0 |  |  | $ | 13.8 |  |  | $ | (6.0) |  |  | $ | 7.8 |
Forward foreign exchange contracts(2) | 4.7 |  |  | (9.5) |  |  | (4.8) |  |  | 7.1 |  |  | (9.1) |  |  | (2.0) |
Total | $ | 22.3 |  |  | $ | (25.1) |  |  |  |  | $ | 20.9 |  |  | $ | (15.1) |  |  |
Non-derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |
Euro senior notes | $ | — |  |  | $ | (500.9) |  |  |  |  | $ | — |  |  | $ | (517.8) |  |  |
_____________ (1)Included in “Other current assets” or “Other non-current assets” on the Company’s consolidated balance sheets. (2)Included in “Other accrued liabilities” or “Other long-term liabilities” on the Company’s consolidated balance sheets. The table below presents the gross and net amounts of these contracts recognized on the Company's consolidated balance sheets by type of financial instrument:
| December 1, 2024 |  | November 26, 2023
| Gross Amounts of Assets / (Liabilities) Presented in the Balance Sheet |  | Gross Amounts Not Offset in the Balance Sheet |  | Net Amounts of Assets / (Liabilities) | Gross Amounts of Assets / (Liabilities) Presented in the Balance Sheet |  | Gross Amounts Not Offset in the Balance Sheet |  | Net Amounts of Assets / (Liabilities)
| (Dollars in millions)
Foreign exchange risk contracts and forward foreign exchange contracts |  |  |  |  |  |  |  |  |  |  |
Financial assets | $ | 37.9 |  |  | $ | (11.0) |  |  | $ | 26.9 |  |  | $ | 26.9 |  |  | $ | (13.1) |  |  | $ | 13.8 |
Financial liabilities | (29.9) |  |  | 11.0 |  |  | (18.9) |  |  | (22.2) |  |  | 13.1 |  |  | (9.1) |
Total |  |  |  |  | $ | 8.0 |  |  |  |  |  |  | $ | 4.7 |
Gains and losses included in AOCI | The table below provides data about the amount of gains and losses related to derivative instruments and non-derivative instruments designated as cash flow and net investment hedges included in “Accumulated other comprehensive loss” (“AOCL”) on the Company’s consolidated balance sheets, and in “Other (expense) income, net” in the Company’s consolidated statements of income:
| Amount of (Loss) Gain Recognized in AOCL (Effective Portion) |  | Amount of (Loss) Gain Reclassified from AOCL into Net Income(1)
| As of December 1, 2024 |  | As of November 26, 2023 |  | Year Ended
December 1, 2024 |  | November 26, 2023 |  | November 27, 2022
| (Dollars in millions)
Foreign exchange risk contracts | $ | 10.2 |  |  | $ | (15.0) |  |  | $ | (17.8) |  |  | $ | 21.1 |  |  | $ | 20.8 |
Realized forward foreign exchange swaps(2) | 4.6 |  |  | 4.6 |  |  | — |  |  | — |  |  | — |
Yen-denominated Eurobonds | (19.8) |  |  | (19.8) |  |  | — |  |  | — |  |  | — |
Euro-denominated senior notes | (13.8) |  |  | (30.8) |  |  | — |  |  | — |  |  | — |
Cumulative income taxes | 9.8 |  |  | 19.0 |  |  | — |  |  | — |  |  | — |
Total | $ | (9.0) |  |  | $ | (42.0) |  |  |  |  |  |  |
_____________ (1)Amounts reclassified from AOCL were classified as net revenues or costs of goods sold on the consolidated statements of income. (2)Prior to 2006, the Company used foreign exchange currency swaps to hedge the net investment in its foreign operations. For hedges that qualified for hedge accounting, the net gains were included in AOCL and are not reclassified to earnings until the related net investment position has been liquidated.
Gains and losses included in statements of income | The table below presents the effects of the Company's cash flow hedges of foreign exchange risk contracts on the consolidated statements of income:
| Year ended
| December 1, 2024 |  | November 26, 2023 |  | November 27, 2022
| (Dollars in millions)
Amount of (loss) gain on Cash Flow Hedge Activity: |  |  |  |  |
Net revenues | $ | (5.6) |  |  | $ | 1.0 |  |  | $ | (1.3) |
Cost of goods sold | (12.2) |  |  | 20.1 |  |  | 22.1 |
The table below provides data about the amount of gains and losses related to derivative instruments included in “Other (expense) income, net” in the Company’s consolidated statements of income:
| Year Ended
| December 1, 2024 |  | November 26, 2023 |  | November 27, 2022
| (Dollars in millions)
Forward foreign exchange contracts: |  |  |  |  |
Realized (loss) gain(1) | $ | (15.1) |  |  | $ | 23.1 |  |  | $ | (18.9) |
Unrealized (loss) gain | (6.8) |  |  | 1.6 |  |  | 11.3 |
Total | $ | (21.9) |  |  | $ | 24.7 |  |  | $ | (7.6) |
_____________ (1)The realized loss in fiscal year 2024 is primarily driven by the settlement of contracts on various currencies, mainly due to losses from buying the Euro and Mexican Peso where the U.S. Dollar strengthened against original contract rates. The realized gain in fiscal year 2023 is primarily driven by the settlement of contracts to buy or sell the Euro where the U.S. Dollar weakened against the original contract rates. The realized loss in fiscal year 2022 is primarily driven by the settlement of contracts on various currencies, mainly the Euro, as a result of the U.S. Dollar strengthening throughout the year against original contract rates. The realized gain (loss) is included in “Other, net” under cash flows from operating activities on the Company’s consolidated statements of cash flows.

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