Fair Value of Financial Instruments

6 Months Ended

May 26, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

FAIR VALUE OF FINANCIAL INSTRUMENTS

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

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(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.

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

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(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.