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Stockholders' Equity
12 Months Ended
Nov. 27, 2015
Equity [Abstract]  
STOCKHOLDERS' EQUITY
STOCKHOLDERS’ EQUITY
Comprehensive Income (Loss)
The components of accumulated other comprehensive income (loss) and activity, net of related taxes, for fiscal 2015 were as follows (in thousands):
 
November 28,
2014
 
Increase / Decrease
 
Reclassification Adjustments
 
November 27,
2015
Net unrealized gains on available-for-sale securities:
 
 
 
 
 
 
 
Unrealized gains on available-for-sale securities
$
8,237

 
$
(2,386
)
 
$
(3,309
)
 
$
2,542

Unrealized losses on available-for-sale securities
(609
)
 
(6,840
)
 
354

 
(7,095
)
Total net unrealized gains on available-for-sale securities
7,628

 
(9,226
)
 
(2,955
)
(1 
) 
(4,553
)
Net unrealized gains on derivative instruments designated as
hedging instruments
28,655

 
29,795

 
(55,535
)
(2 
) 
2,915

Cumulative foreign currency translation adjustments
(44,377
)
 
(123,065
)
 

 
(167,442
)
Total accumulated other comprehensive income (loss),
net of taxes
$
(8,094
)
 
$
(102,496
)
 
$
(58,490
)
 
$
(169,080
)
_________________________________________ 
(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 for fiscal 2015, 2014 and 2013 (in thousands):
 
 
2015
 
2014
 
2013
Available-for-sale securities:
 
 
 
 
 
 
Unrealized gains / losses
 
$
(154
)
 
$
1

 
$
169

Reclassification adjustments
 

 
(8
)
 
(2
)
Subtotal available-for-sale securities
 
(154
)
 
(7
)
 
167

Derivatives designated as hedging instruments:
 
 
 
 
 
 
Unrealized gains on derivative instruments*
 
6,147

 

 

Reclassification adjustments*
 
(550
)
 

 

Subtotal derivatives designated as hedging instruments
 
5,597

 

 

Foreign currency translation adjustments
 
(3,378
)
 
(1,868
)
 
2,789

Total taxes, other comprehensive income (loss)
 
$
2,065

 
$
(1,875
)
 
$
2,956


_________________________________________ 
(*) 
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 fiscal 2015, 2014 and 2013, we entered into several structured stock repurchase agreements with large financial institutions, whereupon we provided them with prepayments totaling $625.0 million, $600.0 million, and $1.1 billion, respectively. Of the $625.0 million prepayments during fiscal 2015, $425.0 million was under the new $2 billion stock repurchase program and the remaining $200.0 million was under the previous $2 billion authority. The $600.0 million and $1.1 billion prepayments during fiscal 2014 and 2013 were under the previous $2 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 our estimate of 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 2015, we repurchased approximately 8.1 million shares at an average price of $77.38 through structured repurchase agreements entered into during fiscal 2015 and fiscal 2014. During fiscal 2014, we repurchased approximately 10.9 million shares at an average price of $63.48 through structured repurchase agreements entered into during fiscal 2014 and fiscal 2013. During fiscal 2013, we repurchased approximately 21.6 million shares at an average price per share of $46.47 through structured repurchase agreements entered into during fiscal 2013 and fiscal 2012.
For fiscal 2015, 2014 and 2013, 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 27, 2015, November 28, 2014 and November 29, 2013 were excluded from the computation of earnings per share. As of November 27, 2015, $38.2 million of prepayments remained under the agreement.
Subsequent to November 27, 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 $150 million. This amount will be classified as treasury stock on our Consolidated Balance Sheets. Upon completion of the $150 million stock repurchase agreement, $1.43 billion remains under our current authority.