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Stockholders' Equity
 6 Months Ended
May. 29, 2015
Stockholders' Equity Note [Abstract]  
STOCKHOLDERS' EQUITY
STOCKHOLDERS’ EQUITY
Retained Earnings
The changes in retained earnings for the six months ended May 29, 2015 were as follows (in thousands): 
Balance as of November 28, 2014
$
6,924,294

Net income
232,381

Re-issuance of treasury stock
(277,231
)
Balance as of May 29, 2015
$
6,879,444


We account for treasury stock under the cost method. When treasury stock is re-issued at a price higher than its cost, the difference is recorded as a component of additional paid-in-capital in our Condensed Consolidated Balance Sheets. When treasury stock is re-issued at a price lower than its cost, the difference is recorded as a component of additional paid-in-capital to the extent that there are treasury stock gains to offset the losses. If there are no treasury stock gains in additional paid-in-capital, the losses upon re-issuance of treasury stock are recorded as a reduction of retained earnings in our Condensed Consolidated Balance Sheets.
The components of accumulated other comprehensive income (loss) and activity, net of related taxes, as of May 29, 2015 were as follows (in thousands):
 
November 28,
2014
 
Increase / Decrease
 
Reclassification Adjustments
 
May 29,
2015
Net unrealized gains on available-for-sale securities:
 
 
 
 
 
 
 
Unrealized gains on available-for-sale securities
$
8,237

 
$
509

 
$
(1,684
)
 
$
7,062

Unrealized losses on available-for-sale securities
(609
)
 
(450
)
 
124

 
(935
)
Total net unrealized gains on available-for-sale securities
7,628

 
59

 
(1,560
)
(1) 
6,127

Net unrealized gains / losses on derivative instruments designated as hedging instruments
28,655

 
20,354

 
(45,580
)
(2) 
3,429

Cumulative foreign currency translation adjustments
(44,377
)
 
(94,652
)
 
—

 
(139,029
)
Total accumulated other comprehensive income (loss), net of taxes
$
(8,094
)
 
$
(74,239
)
 
$
(47,140
)
 
$
(129,473
)
_________________________________________ 
(1) 
Reclassification adjustments for gains / losses on available-for-sale securities are classified in interest and other income (expense), net.
(2) 
Reclassification adjustments for loss on the interest rate lock agreement and gains / losses on other derivative instruments are classified in interest and other income (expense), net and revenue, respectively.

The following table sets forth the taxes related to each component of other comprehensive income (loss) for the three and six months ended May 29, 2015 and May 30, 2014 (in thousands):
 
Three Months
 
Six Months
 
2015
 
2014
 
2015
 
2014
Available-for-sale securities:
 
 
 
 
 
 
 
Unrealized gains / losses
$
(49
)
 
$
(11
)
 
$
(156
)
 
$
(31
)
Reclassification adjustments
—

 
(2
)
 
—

 
(3
)
Subtotal available-for-sale securities
(49
)
 
(13
)
 
(156
)
 
(34
)
Derivatives designated as hedging instruments:
 
 
 
 
 
 
 
Unrealized gains / losses on derivative instruments*
—

 
—

 
6,147

 
—

Reclassification adjustments*
(157
)
 
—

 
(210
)
 
—

Subtotal derivatives designated as hedging instruments
(157
)
 
—

 
5,937

 
—

Foreign currency translation adjustments
(336
)
 
(560
)
 
(2,431
)
 
(558
)
Total taxes, other comprehensive income (loss)
$
(542
)
 
$
(573
)
 
$
3,350

 
$
(592
)
_________________________________________ 
(*)  
Taxes related to derivative instruments other than the interest rate lock agreement were zero based on the tax jurisdiction where these 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 may repurchase shares in the open market or enter into structured repurchase agreements with third parties. In the first quarter of fiscal 2015, the Board of Directors approved a new stock repurchase program granting the company authority to repurchase up to $2 billion in common stock through the end of fiscal 2017.
During the six months ended May 29, 2015 and May 30, 2014, we entered into several structured stock repurchase agreements with large financial institutions, whereupon we provided them with prepayments totaling $400 million and $350 million, respectively. Of the $400 million prepayments during the six months ended May 29, 2015, $200 million was under the new $2 billion stock repurchase program and the remaining $200 million was under the previous $2 billion authority. The prepayment of $350 million for the six months ended May 30, 2014 was under the previous $2 billion 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 the six months ended May 29, 2015, we repurchased approximately 5.0 million shares at an average price of $74.44 through structured repurchase agreements entered into during fiscal 2014 and the six months ended May 29, 2015. During the six months ended May 30, 2014, we repurchased approximately 7.1 million shares at an average price of $60.55 through structured repurchase agreements entered into during fiscal 2013 and the six months ended May 30, 2014.
For the six months ended May 29, 2015, the prepayments were classified as treasury stock on our Condensed Consolidated Balance Sheets at the payment date, though only shares physically delivered to us by May 29, 2015 were excluded from the computation of earnings per share. As of May 29, 2015, $66.7 million of prepayment remained under this agreement.
Subsequent to May 29, 2015, as part of our $2 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 $100 million. This amount will be classified as treasury stock on our Condensed Consolidated Balance Sheets. Upon completion of the $100 million stock repurchase agreement, $1.7 billion remains under our current authority.