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Derivative Instruments and Hedging Activities
 9 Months Ended
Aug. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
As of August 30, 2015, the Company had forward foreign exchange contracts to buy $757.1 million and to sell $452.8 million against various foreign currencies. These contracts are at various exchange rates and expire at various dates through February 2017.
The table below provides data about the carrying values of derivative instruments and non-derivative instruments: 
 
August 30, 2015
 
November 30, 2014
 
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(1)
$
31,549

 
$
(4,537
)
 
$
27,012

 
$
15,587

 
$
(5,076
)
 
$
10,511

Forward foreign exchange contracts(2)
230

 
(8,430
)
 
(8,200
)
 
1,833

 
(12,186
)
 
(10,353
)
Total
$
31,779

 
$
(12,967
)
 
 
 
$
17,420

 
$
(17,262
)
 
 
Non-derivatives designated as hedging instruments
 
 
 
 
 
 
 
 
 
 
 
Yen-denominated Eurobonds
$
—

 
$
(7,933
)
 
 
 
$
—

 
$
(10,195
)
 
 
_____________
 
(1)
Included in “Other current assets” or “Other non-current assets” on the Company’s consolidated balance sheets.
(2)
Included in “Other accrued liabilities” on the Company’s consolidated balance sheets.
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:
 
August 30, 2015
 
November 30, 2014
 
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
$
31,199

 
$
(4,767
)
 
$
26,432

 
$
15,555

 
$
(6,908
)
 
$
8,647

Financial liabilities
(4,877
)
 
4,767

 
(110
)
 
(9,587
)
 
6,908

 
(2,679
)
Total
 
 
 
 
$
26,322

 
 
 
 
 
$
5,968

Embedded derivative contracts
 
 
 
 
 
 
 
 
 
 
 
Financial assets
$
580

 
$
—

 
$
580

 
$
1,865

 
$
—

 
$
1,865

Financial liabilities
(8,090
)
 
—

 
(8,090
)
 
(7,675
)
 
—

 
(7,675
)
Total
 
 
 
 
$
(7,510
)
 
 
 
 
 
$
(5,810
)


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 expense, net” in the Company’s consolidated statements of income:
 
Gain or (Loss)
Recognized in AOCI
(Effective Portion)
 
Gain or (Loss) Recognized in Other expense, net (Ineffective Portion and Amount Excluded from Effectiveness Testing)
 
As of
 
As of
 
Three Months Ended
 
Nine Months Ended
August 30,
2015
November 30,
2014
August 30,
2015
 
August 24,
2014
 
August 30,
2015
 
August 24,
2014
 
(Dollars in thousands)
Forward foreign exchange contracts
$
4,637

 
$
4,637

 

 


 


 


Yen-denominated Eurobonds
(19,082
)
 
(19,367
)
 
$
(949
)
 
$
490

 
$
647

 
$
594

Euro senior notes
(15,751
)
 
(15,751
)
 
—

 
—

 
—

 
—

Cumulative income taxes
11,779

 
8,760

 
 
 
 
 
 
 
 
Total
$
(18,417
)
 
$
(21,721
)
 
 
 
 
 
 
 
 

The table below provides data about the amount of gains and losses related to derivatives not designated as hedging instruments included in “Other expense, net” in the Company’s consolidated statements of income:
 
Gain or (Loss)
 
Three Months Ended
 
Nine Months Ended
 
August 30,
2015
 
August 24,
2014
 
August 30,
2015
 
August 24,
2014
 
(Dollars in thousands)
Forward foreign exchange contracts:
 
 
 
 
 
 
 
Realized
$
7,475

 
$
(3,411
)
 
$
6,107

 
$
3,358

Unrealized
(4,373
)
 
1,882

 
18,850

 
(10,461
)
Total
$
3,102

 
$
(1,529
)
 
$
24,957

 
$
(7,103
)