Other Income, Net (Tables)

9 Months Ended

Aug. 28, 2022

Other Income and Expenses [Abstract]

Schedule of other nonoperating income (expense)

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

	Three Months Ended				Nine Months Ended
	August 28, 2022		August 29, 2021		August 28, 2022		August 29, 2021
	(Dollars in thousands)
Foreign exchange management losses(1)	$	(18,612)	$	(2,401)	$	(23,817)	$	(4,128)
Foreign currency transaction gains (losses)(2)	10,937		4,227		17,433		(334)
COVID-19 government subsidy gain(3)	—		—		12,524		—
Other, net	2,497		3,021		10,583		9,682
Total other (expense) income, net	$	(5,178)	$	4,847	$	16,723	$	5,220

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(1)Losses on forward foreign exchange contracts primarily result from currency fluctuations relative to negotiated contract rates. Losses in the three-month and nine-month periods ended August 28, 2022 were primarily due to unfavorable currency fluctuations relative to negotiated contract rates on positions to sell the Euro.

(2)Foreign currency transaction gains (losses) reflect the impact of foreign currency fluctuation on the Company's foreign currency denominated balances.

(3)COVID-19 government subsidy gain reflects a payment received from the German government as reimbursement for COVID-19 losses incurred in prior years.