Income Taxes (Tables)

12 Months Ended

Nov. 25, 2012

Income Tax Disclosure [Abstract]

Schedule of income before income tax, domestic and foreign

The U.S. and foreign components of income before income taxes were as follows:

	Year Ended
	November 25, 2012		November 27, 2011		November 28, 2010
	(Dollars in thousands)
Domestic	$	82,764	$	114,236	$	165,489
Foreign	113,117		88,591		70,109
Total Income before Income Taxes	$	195,881	$	202,827	$	235,598

Schedule of components of income tax expense (benefit)

Income tax expense (benefit) consisted of the following:

	Year Ended
	November 25, 2012			November 27, 2011			November 28, 2010
	(Dollars in thousands)
U.S. Federal
Current	$	15,334		$	19,992		$	12,259
Deferred	29,537			40,435			24,507
	$	44,871		$	60,427		$	36,766
U.S. State
Current	$	(34,603	)	$	(10	)	$	2,854
Deferred	(2,956		)	(617		)	2,454
	$	(37,559	)	$	(627	)	$	5,308
Foreign
Current	$	54,338		$	31,580		$	39,926
Deferred	(6,728		)	(23,665		)	4,152
	$	47,610		$	7,915		$	44,078
Consolidated
Current	$	35,069		$	51,562		$	55,039
Deferred	19,853			16,153			31,113
Total Income Tax Expense	$	54,922		$	67,715		$	86,152

Schedule of effective income tax rate reconciliation

The Company's income tax expense differed from the amount computed by applying the U.S. federal statutory income tax rate of 35% to income before income taxes as follows:

	Year Ended
	November 25, 2012					November 27, 2011					November 28, 2010
	(Dollars in thousands)
Income tax expense at U.S. federal statutory rate	$	68,558		35.0	%	$	70,990		35.0	%	$	82,459		35.0	%
State income taxes, net of U.S. federal impact	892			0.5	%	1,535			0.8	%	1,894			0.8	%
Change in Health Care Act legislation	—			—	%	—			—	%	14,481			6.2	%
Change in valuation allowance	(1,329		)	(0.7	)%	(2,421		)	(1.2	)%	28,278			12.0	%
Impact of foreign operations	7,313			3.7	%	(2,148		)	(1.1	)%	(40,668		)	(17.3	)%
Reassessment of tax liabilities	(29,500		)	(15.1	)%	(51		)	—	%	162			0.1	%
Write-off of deferred tax assets	9,061			4.6	%	—			—	%	—			—	%
Other, including non-deductible expenses	(73		)	—	%	(190		)	(0.1	)%	(454		)	(0.2	)%
Total	$	54,922		28.0	%	$	67,715		33.4	%	$	86,152		36.6	%

Summary of valuation allowance

Valuation Allowance. The following table details the changes in valuation allowance during the year ended November 25, 2012:

		Valuation Allowance at November 27, 2011		Changes in Related Gross Deferred Tax Asset			Release			Valuation Allowance at November 25, 2012
	(Dollars in thousands)
Foreign net operating loss carryforwards and other foreign deferred tax assets		98,736		(22,951		)	(1,329		)	74,456
		$	98,736	$	(22,951	)	$	(1,329	)	$	74,456

Schedule of deferred tax assets and liabilities

The Company's deferred tax assets and deferred tax liabilities were as follows:

	November 25, 2012			November 27, 2011
	(Dollars in thousands)
Foreign tax credit carryforwards	$	180,890		$	247,003
State net operating loss carryforwards	13,030			14,861
Foreign net operating loss carryforwards	82,748			126,365
Employee compensation and benefit plans	300,796			274,534
Advance royalties	82,799			—
Restructuring and special charges	29,031			18,703
Sales returns and allowances	33,372			35,429
Inventory	14,261			10,240
Property, plant and equipment	18,504			16,037
Unrealized gains/losses on investments	9,720			19,385
Other	38,445			48,884
Total gross deferred tax assets	803,596			811,441
Less: Valuation allowance	(74,456		)	(98,736		)
Total net deferred tax assets	$	729,140		$	712,705
Current
Deferred tax assets	$	125,804		$	108,726
Valuation allowance	(9,580		)	(9,182		)
Total current deferred tax assets	$	116,224		$	99,544
Long-term
Deferred tax assets	$	677,792		$	702,715
Valuation allowance	(64,876		)	(89,554		)
Total long-term deferred tax assets	$	612,916		$	613,161

Schedule of unrecognized tax benefits roll forward

he following table reflects the changes to the Company's unrecognized tax benefits for the year ended November 25, 2012, and November 27, 2011:

	(Dollars in thousands)
Gross unrecognized tax benefits as of November 28, 2010		$	150,702
Increases related to current year tax positions		4,309
Increases related to tax positions from prior years		307
Decreases related to tax positions from prior years		(2,357		)
Settlement with tax authorities		(1,676		)
Lapses of statutes of limitation		(6,226		)
Other, including foreign currency translation		(1,662		)
Gross unrecognized tax benefits as of November 27, 2011		143,397
Increases related to current year tax positions		5,216
Increases related to tax positions from prior years		3,018
Decreases related to tax positions from prior years		(97		)
Settlement with tax authorities		(83,852		)
Lapses of statutes of limitation		(3,126		)
Other, including foreign currency translation		(930		)
Gross unrecognized tax benefits as of November 25, 2012		$	63,626

Summary of tax years under audit or open and subject to audit

nation by the tax authorities in the major jurisdictions in which the Company operates:

Jurisdiction	Open Tax Years
U.S. federal	2003 – 2012
California	2003 – 2012
Belgium	2010 – 2012
United Kingdom	2008 – 2012
Spain	2007 – 2012
Mexico	2005 – 2012
Canada	2004 – 2012
Hong Kong	2006 – 2012
Italy	2007 – 2012
France	2009 – 2012
Turkey	2007 – 2012