Derivatives and Hedging Activities (Tables)

3 Months Ended

Feb. 28, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The fair value of derivative instruments on our Condensed Consolidated Balance Sheets as of February 28, 2014 and November 29, 2013 were as follows (in thousands):



	2014				2013
	Fair Value Asset Derivatives⁽¹⁾		Fair Value Liability Derivatives⁽²⁾		Fair Value Asset Derivatives⁽¹⁾		Fair Value Liability Derivatives⁽²⁾
Derivatives designated as hedging instruments:
Foreign exchange option contracts⁽³⁾	$	5,549	$	—	$	8,913	$	—
Derivatives not designated as hedging instruments:
Foreign exchange forward contracts	1,176		1,608		2,978		1,067
Total derivatives	$	6,725	$	1,608	$	11,891	$	1,067

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⁽¹⁾	Included in prepaid expenses and other current assets on our Condensed Consolidated Balance Sheets.


⁽²⁾	Included in accrued expenses on our Condensed Consolidated Balance Sheets.


⁽³⁾	Hedging effectiveness expected to be recognized into income within the next twelve months.

Effect of Derivative Instruments as Designated Cash Flow Hedges and Not Designated as Hedges

The aggregate fair value of derivative instruments in net asset positions represent the maximum exposure to loss at the reporting date as a result of all of the counterparties failing to perform as contracted. This exposure could be reduced by the fair value of liabilities included in master netting arrangements with those same counterparties.

The effect of derivative instruments designated as cash flow hedges and of derivative instruments not designated as hedges in our Condensed Consolidated Statements of Income for the three months ended February 28, 2014 and March 1, 2013 were as follows (in thousands):



	2014					2013
	Foreign Exchange Option Contracts			Foreign Exchange Forward Contracts		Foreign Exchange Option Contracts			Foreign Exchange Forward Contracts
Derivatives in cash flow hedging relationships:
Net gain (loss) recognized in OCI, net of tax⁽¹⁾	$	(29	)	$	—	$	21,776		$	—
Net gain (loss) reclassified from accumulated OCI into income, net of tax⁽²⁾	$	2,798		$	—	$	7,094		$	—
Net gain (loss) recognized in income⁽³⁾	$	(3,543	)	$	—	$	(4,668	)	$	—
Derivatives not designated as hedging relationships:
Net gain (loss) recognized in income⁽⁴⁾	$	—		$	1,235	$	—		$	1,478

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⁽¹⁾	Net change in the fair value of the effective portion classified in other comprehensive income (“OCI”).


⁽²⁾	Effective portion classified as revenue.


⁽³⁾	Ineffective portion and amount excluded from effectiveness testing classified in interest and other income (expense), net.


⁽⁴⁾	Classified in interest and other income (expense), net.