Other Income, Net (Tables)

6 Months Ended

May 28, 2023

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				Six Months Ended
	May 28, 2023		May 29, 2022		May 28, 2023		May 29, 2022
	(Dollars in millions)
Foreign exchange management gains (losses) (1)	$	12.0	$	(7.5)	$	15.8	$	(5.2)
Foreign currency transaction (losses) gains(2)	(17.7)		8.7		(28.3)		6.5
Marketable securities gains(3)	2.3		—		1.2		—
COVID-19 government subsidy gain(4)	—		—		—		12.5
Other, net	(0.5)		4.8		(0.1)		8.1
Total other (expense) income, net	$	(3.9)	$	6.0	$	(11.4)	$	21.9

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(1)Gains and losses on forward foreign exchange contracts primarily result from currency fluctuations relative to negotiated contract rates. Gains in the three-month and six-month periods ended May 28, 2023 were primarily due to favorable currency fluctuations relative to negotiated contract rates on positions to buy and sell the Euro.

(2)Foreign currency transaction losses (gains) reflect the impact of foreign currency fluctuation on the Company's foreign currency denominated balances. Losses in the three-month and six-month periods ended May 28, 2023 were primarily due to U.S. Dollar weakening against the Euro and the Mexican Peso.

(3)Marketable securities gains include 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.