Stockholders' Equity

12 Months Ended

Nov. 29, 2013

Equity [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY

Comprehensive Income

The following table sets forth the components of accumulated other comprehensive income and activity, net of related taxes, for fiscal 2013 (in thousands):

	November 30, 2012			Increase / Decrease			Reclassification Adjustments					November 29, 2013
Net unrealized gains on available-for-sale securities:
Unrealized gains on available-for-sale securities	$	14,698		$	(430	)	$	(4,090	)			$	10,178
Unrealized losses on available-for-sale securities	(259		)	(1,755		)	1,077					(937		)
Total net unrealized gains on available-for-sale securities	14,439			(2,185		)	(3,013		)	(1	)	9,241
Net unrealized gains on derivative instruments designated as hedging instruments	6,604			34,677			(35,914		)	(2	)	5,367
Cumulative foreign currency translation adjustments	9,669			21,826			—					31,495
Total accumulated other comprehensive income, net of taxes	$	30,712		$	54,318		$	(38,927	)			$	46,103

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⁽¹⁾  Classified in interest and other income (expense), net.

⁽²⁾  Classified as revenue.

The following table sets forth the taxes related to each component of other comprehensive income for fiscal 2013, 2012 and 2011 (in thousands):

	2013			2012			2011
Available-for-sale securities:
Unrealized gains / losses on available-for-sale securities	$	169		$	(686	)	$	20
Reclassification adjustments	(2		)	(1		)	185
Subtotal available-for-sale securities	167			(687		)	205
Derivatives designated as hedging instruments:
Unrealized gains on derivative instruments*	—			—			—
Reclassification adjustments*	—			—			—
Subtotal derivatives designated as hedging instruments	—			—			—
Foreign currency translation adjustments	2,789			(1,314		)	2,208
Total taxes, other comprehensive income	$	2,956		$	(2,001	)	$	2,413

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^(*)  Taxes related to derivative instruments were zero for all fiscal years based on the tax jurisdiction where the derivative instruments were executed.

Stock Repurchase Program

To facilitate our stock repurchase program, designed to return value to our stockholders and minimize dilution from stock issuances, we repurchase shares in the open market and also enter into structured repurchase agreements with third-parties.

We currently have authority granted by our Board of Directors to repurchase up to $2.0 billion in common stock through the end of fiscal 2015. The new stock repurchase program approved by our Board of Directors is similar to our previous $1.6 billion stock repurchase program authorized by the Board of Directors in fiscal 2010.

During fiscal 2013, 2012 and 2011, we entered into several structured stock repurchase agreements with large financial institutions, whereupon we provided them with prepayments totaling $1.1 billion, $405.0 million and $695.0 million, respectively. The $1.1 billion prepayments during fiscal 2013 were under the $2.0 billion stock repurchase authority. Of the $405.0 million of prepayments during fiscal 2012, $100.0 million were under the $2.0 billion stock repurchase program and the remaining $305.0 million were under our previous $1.6 billion stock repurchase authority. The $695.0 million of prepayments during fiscal 2011 were under the $1.6 billion stock repurchase authority. We enter into these agreements in order to take advantage of repurchasing shares at a guaranteed discount to the Volume Weighted Average Price (“VWAP”) of our common stock over a specified period of time. We only enter into such transactions when the discount that we receive is higher than the foregone return on our cash prepayments to the financial institutions. There were no explicit commissions or fees on these structured repurchases. Under the terms of the agreements, there is no requirement for the financial institutions to return any portion of the prepayment to us.

The financial institutions agree to deliver shares to us at monthly intervals during the contract term. The parameters used to calculate the number of shares deliverable are: the total notional amount of the contract, the number of trading days in the contract, the number of trading days in the interval and the average VWAP of our stock during the interval less the agreed upon discount. During fiscal 2013, we repurchased approximately 21.6 million shares at an average price of $46.47 through structured repurchase agreements entered into during fiscal 2013 and fiscal 2012. During fiscal 2012, we repurchased approximately 11.5 million shares at an average price of $32.29 through structured repurchase agreements entered into during fiscal 2012. During fiscal 2011, we repurchased approximately 21.8 million shares at an average price per share of $31.81 through structured repurchase agreements entered into during fiscal 2011.

For fiscal 2013, 2012 and 2011, the prepayments were classified as treasury stock on our Consolidated Balance Sheets at the payment date, though only shares physically delivered to us by November 29, 2013, November 30, 2012 and December 2, 2011 were excluded from the computation of earnings per share. As of November 29, 2013, $129.2 million of prepayments remained under the agreement.

Subsequent to November 29, 2013, as part of our $2.0 billion stock repurchase program, we entered into a structured stock repurchase agreement with a large financial institution whereupon we provided them with a prepayment of $200.0 million. This amount will be classified as treasury stock on our Consolidated Balance Sheets. Upon completion of the $200.0 million stock repurchase agreement, $600.0 million remains under our current authority.