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Derivative Instruments and Hedging Activities
 12 Months Ended
Nov. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
The Company's foreign currency management objective is to minimize the effect of fluctuations in foreign exchange rates on nonfunctional currency cash flows of the Company and its subsidiaries and selected assets or liabilities of the Company and its subsidiaries without exposing the Company to additional risk associated with transactions that could be regarded as speculative. Forward exchange contracts on various currencies are entered into to manage foreign currency exposures associated with certain product sourcing activities, some intercompany sales, foreign subsidiaries' royalty payments, interest payments, earnings repatriations, net investment in foreign operations and funding activities. The Company manages certain forecasted foreign currency exposures and uses a centralized currency management operation to take advantage of potential opportunities to naturally offset foreign currency exposures against each other. The Company designates a portion of its outstanding Yen-denominated Eurobonds as a net investment hedge to manage foreign currency exposures in its foreign operations. The Company does not apply hedge accounting to its derivative transactions. As of November 30, 2014, the Company had forward foreign exchange contracts to buy $470.5 million and to sell $305.7 million against various foreign currencies. These contracts are at various exchange rates and expire at various dates through February 2016.
The table below provides data about the carrying values of derivative instruments and non-derivative instruments:
 
November 30, 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
$
15,587

 
$
(5,076
)
 
$
10,511

 
$
11,145

 
$
(4,000
)
 
$
7,145

Forward foreign exchange contracts
1,833

 
(12,186
)
 
(10,353
)
 
880

 
(3,215
)
 
(2,335
)
Total
$
17,420

 
$
(17,262
)
 
 
 
$
12,025

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

 
$
(10,195
)
 
 
 
$
—

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

 
—

 
 
 
—

 
(404,430
)
 
 
Total
$
—

 
$
(10,195
)
 
 
 
$
—

 
$
(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:
 
November 30, 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
$
15,555

 
$
(6,908
)
 
$
8,647

 
$
8,600

 
$
(4,880
)
 
$
3,720

Financial liabilities
(9,587
)
 
6,908

 
(2,679
)
 
(5,855
)
 
4,880

 
(975
)
Total
 
 
 
 
$
5,968

 
 
 
 
 
$
2,745

Embedded derivative contracts
 
 
 
 
 
 
 
 
 
 
 
Financial assets
$
1,865

 
$
—

 
$
1,865

 
$
3,425

 
—

 
$
3,425

Financial liabilities
(7,675
)
 
—

 
(7,675
)
 
(1,360
)
 
—

 
(1,360
)
Total
 
 
 
 
$
(5,810
)
 
 
 
 
 
$
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:
 
Gain or (Loss)
Recognized in AOCI
(Effective Portion)
 
Gain or (Loss) Recognized in Other
Income (Expense), net (Ineffective
Portion and Amount Excluded from
Effectiveness Testing)
 
As of
 
As of
 
Year Ended
November 30,
2014
November 24,
2013
November 30,
2014
 
November 24,
2013
 
November 25,
2012
 
(Dollars in thousands)
 
 
Forward foreign exchange contracts
$
4,637

 
$
4,637

 


 


 


4.25% Yen-denominated Eurobonds due 2016
(19,367
)
 
(21,161
)
 
$
3,767

 
$
3,839

 
$
3,474

7.75% Euro senior notes due 2018
(15,751
)
 
(27,361
)
 
—

 
—

 
—

Cumulative income taxes
8,760

 
17,186

 
 
 
 
 
 
Total
$
(21,721
)
 
$
(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 (expense), net” in the Company’s consolidated statements of income:
 
Gain or (Loss)
 
Year Ended
 
November 30,
2014
 
November 24,
2013
 
November 25,
2012
 
(Dollars in thousands)
Forward foreign exchange contracts:
 
 
 
 
 
Realized
$
(6,184
)
 
$
(2,904
)
 
$
8,508

Unrealized
(4,920
)
 
2,365

 
(17,952
)
Total
$
(11,104
)
 
$
(539
)
 
$
(9,444
)