Other (Expense) Income, Net (Tables)

6 Months Ended

Jun. 01, 2025

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
	June 1, 2025		May 26, 2024		June 1, 2025		May 26, 2024
	(Dollars in millions)
Foreign exchange management gains(1)	$	40.9	$	2.9	$	30.1	$	2.8
Foreign currency transaction losses(2)	(39.6)		(1.4)		(37.4)		(5.4)
Other, net	5.0		(1.1)		9.5		0.7
Total other (expense) income, net	$	6.3	$	0.4	$	2.2	$	(1.9)

____________

(1)Gains on forward foreign exchange contracts primarily result from currency fluctuations relative to negotiated contract rates. For the three and six months ended June 1, 2025, gains were primarily due to currency fluctuations relative to negotiated contract rates on positions to buy the Euro.

(2)Foreign currency transaction gains and losses reflect the impact of currency fluctuations on the Company's foreign currency denominated balances. For the three and six months ended June 1, 2025, losses were primarily due to the impact of U.S. dollar weakening against the Euro.