Other Income, Net

9 Months Ended

Aug. 23, 2020

Other Income and Expenses [Abstract]

OTHER INCOME, NET

OTHER EXPENSE, NET

The following table summarizes significant components of "Other expense, net": 

	Three Months Ended				Nine Months Ended
	August 23, 2020		August 25, 2019		August 23, 2020		August 25, 2019
	(Dollars in thousands)
Foreign exchange management gains (losses)(1)	$	(10,712)	$	1,514	$	10,114	$	(363)
Foreign currency transaction losses(2)	(3,052)		(6,671)		(25,138)		(9,634)
Interest income	1,547		4,986		7,685		12,644
Investment income	501		493		1,244		1,506
Other, net	(558)		(4,691)		(2,174)		(7,002)
Total other expense, net	$	(12,274)	$	(4,369)	$	(8,269)	$	(2,849)

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(1)Gains and losses on forward foreign exchange contracts primarily resulted from currency fluctuations relative to negotiated contract rates. Losses in the three-month period ended August 23, 2020 were primarily due to unfavorable currency fluctuations relative to negotiated contract rates on positions to sell the Mexican Peso, Canadian Dollar and Australian Dollar. Gains in the nine-month period ended August 23, 2020 were primarily due to favorable currency fluctuations relative to negotiated contract rates on positions to sell the Euro and Mexican Peso, partially offset by unfavorable position on the British Pound.

(2)Foreign currency transaction losses reflect the impact of foreign currency fluctuations on the Company's foreign currency denominated balances. Losses in the three-month and nine-month periods ended August 23, 2020 were primarily due to the weakening of most major currencies against the US dollar. Losses in the three-month and nine-month periods ended August 25, 2019 were primarily due to the weakening of the Euro against the US dollar.