Other (Expense) Income, Net

12 Months Ended

Nov. 27, 2022

Other Income and Expenses [Abstract]

OTHER INCOME (EXPENSE), NET

OTHER INCOME (EXPENSE), NET

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

	Year Ended
	November 27, 2022		November 28, 2021		November 29, 2020
	(Dollars in millions)
Foreign exchange management (losses) gains(1)	$	(7.6)	$	(14.8)	$	2.3
Foreign currency transaction gains (losses)(2)	1.8		5.8		(18.1)
Marketable securities gains(3)	6.9		—		—
COVID-19 government subsidy gain(4)	12.5		—		—
Pension settlement losses(5)	—		—		(14.7)
Other, net(6)	15.2		12.4		8.1
Total other income (expense), net	$	28.8	$	3.4	$	(22.4)

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(1)Gains and losses on forward foreign exchange contracts primarily result from currency fluctuations relative to negotiated contract rates. Losses in fiscal year 2021 were primarily due to unfavorable currency fluctuations relative to negotiated contract rates on positions to sell the Euro and the Canadian Dollar.

(2)Foreign currency transaction gains and losses reflect the impact of foreign currency fluctuation on the Company's foreign currency denominated balances. Losses in fiscal year 2020 were primarily due to the U.S. dollar weakening against most currencies during the year.

(3)Marketable securities gains includes 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.

(5)Pension settlement losses relate to the voluntary lump-sum, cash-out program offered to vested deferred U.S. pension plan participants.

(6)Fiscal year 2021 and 2020 amounts have been conformed to the fiscal year 2022 presentation.