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Derivative Instruments and Hedging Activities
 3 Months Ended
Feb. 23, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
As of February 23, 2014, the Company had forward foreign exchange contracts to buy $678.1 million and to sell $397.1 million against various foreign currencies. These contracts are at various exchange rates and expire at various dates through August 2015.
The table below provides data about the carrying values of derivative instruments and non-derivative instruments: 
 
February 23, 2014
 
November 24, 2013
 
Assets
 
(Liabilities)
 
Derivative Net Carrying Value
 
Assets
 
(Liabilities)
 
Derivative Net Carrying Value
 
Carrying
Value
 
Carrying
Value
 
 
Carrying
Value
 
Carrying
Value
 
 
(Dollars in thousands)
Derivatives not designated as hedging instruments
 
 
 
 
 
 
 
 
 
 
 
Forward foreign exchange contracts
$
12,896

 
$
(4,083
)
 
$
8,813

 
$
11,145

 
$
(4,000
)
 
$
7,145

Forward foreign exchange contracts
1,271

 
(6,881
)
 
(5,610
)
 
880

 
(3,215
)
 
(2,335
)
Total
$
14,167

 
$
(10,964
)
 
 
 
$
12,025

 
$
(7,215
)
 
 
Non-derivatives designated as hedging instruments
 
 
 
 
 
 
 
 
 
 
 
4.25% Yen-denominated Eurobonds due 2016
$
—

 
$
(19,556
)
 
 
 
$
—

 
$
(20,564
)
 
 
7.75% Euro senior notes due 2018
—

 
(411,540
)
 
 
 
—

 
(404,430
)
 
 
Total
$
—

 
$
(431,096
)
 
 
 
$
—

 
$
(424,994
)
 
 
The Company's over-the-counter forward foreign exchange contracts are subject to International Swaps and Derivatives Association, Inc. master agreements. These agreements permit the net settlement of these contracts on a per-institution basis. The table below presents, by type of financial instrument, the gross amounts of the Company's derivative instruments, amounts offset due to master netting arrangements with the Company's various counterparties, and the net amounts recognized on the Company's consolidated balance sheets:
 
February 23, 2014
 
November 24, 2013
 
Gross Amounts of Recognized Assets/(Liabilities)
 
Gross Amounts Offset in the Statement of Financial Position
 
Net Amounts of Assets/(Liabilities) Presented in the Statement of Financial Position
 
Gross Amounts of Recognized Assets/(Liabilities)
 
Gross Amounts Offset in the Statement of Financial Position
 
Net Amounts of Assets/(Liabilities) Presented in the Statement of Financial Position
 
 
 
 
 
 
(Dollars in thousands)
Over-the-counter forward foreign exchange contracts
 
 
 
 
 
 
 
 
 
 
 
Financial assets
$
11,411

 
$
(5,354
)
 
$
6,057

 
$
8,600

 
$
(4,880
)
 
$
3,720

Financial liabilities
(6,835
)
 
5,354

 
(1,481
)
 
(5,855
)
 
4,880

 
(975
)
Total
 
 
 
 
$
4,576

 
 
 
 
 
$
2,745

Embedded derivative contracts
 
 
 
 
 
 
 
 
 
 
 
Financial assets
$
2,756

 
$
—

 
$
2,756

 
$
3,425

 
$
—

 
$
3,425

Financial liabilities
(4,129
)
 
—

 
(4,129
)
 
(1,360
)
 
—

 
(1,360
)
Total
 
 
 
 
$
(1,373
)
 
 
 
 
 
$
2,065


 
 
 
 
 
 
 
 
 
 
 
 
 
The table below provides data about the amount of gains and losses related to derivative instruments and non-derivative instruments designated as net investment hedges included in “Accumulated other comprehensive loss” (“AOCI”) on the Company’s consolidated balance sheets, and in “Other income, net” in the Company’s consolidated statements of income:
 
Gain or (Loss)
Recognized in AOCI
(Effective Portion)
 
Gain or (Loss) Recognized in Other
Income, net (Ineffective
Portion and Amount Excluded from
Effectiveness Testing)
 
As of
 
As of
 
Three Months Ended
February 23,
2014
November 24,
2013
February 23,
2014
 
February 24,
2013
 
(Dollars in thousands)
Forward foreign exchange contracts
$
4,637

 
$
4,637

 


 


4.25% Yen-denominated Eurobonds due 2016
(20,944
)
 
(21,161
)
 
$
217

 
$
2,328

7.75% Euro senior notes due 2018
(34,471
)
 
(27,361
)
 
—

 
—

Cumulative income taxes
19,851

 
17,186

 
 
 
 
Total
$
(30,927
)
 
$
(26,699
)
 
 
 
 

The table below provides data about the amount of gains and losses related to derivatives not designated as hedging instruments included in “Other income, net” in the Company’s consolidated statements of income:
 
Gain or (Loss)
 
Three Months Ended
 
February 23,
2014
 
February 24,
2013
 
(Dollars in thousands)
Forward foreign exchange contracts:
 
 
 
Realized
$
5,915

 
$
(2,710
)
Unrealized
(1,479
)
 
(109
)
Total
$
4,436

 
$
(2,819
)