Fair Value of Financial Instruments (Tables)

12 Months Ended

Nov. 29, 2015

Financial assets and liabilities carried at fair value

The following table presents the Company’s financial instruments that are carried at fair value:



	November 29, 2015						November 30, 2014
			Fair Value Estimated Using						Fair Value Estimated Using
	Fair Value		Level 1 Inputs⁽¹⁾		Level 2 Inputs⁽²⁾		Fair Value		Level 1 Inputs⁽¹⁾		Level 2 Inputs⁽²⁾
	(Dollars in thousands)
Financial assets carried at fair value
Rabbi trust assets	$	26,013	$	26,013	$	—	$	25,891	$	25,891	$	—
Forward foreign exchange contracts, net⁽³⁾	27,131		—		27,131		10,511		—		10,511
Total	$	53,144	$	26,013	$	27,131	$	36,402	$	25,891	$	10,511
Financial liabilities carried at fair value
Forward foreign exchange contracts, net⁽³⁾	$	7,809	$	—	$	7,809	$	10,353	$	—	$	10,353

_____________


(1)	Fair values estimated using Level 1 inputs are inputs which consist of quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Rabbi trust assets consist of a diversified portfolio of equity, fixed income and other securities. See Note 12 for more information on rabbi trust assets.

(2)

Fair values estimated using Level 2 inputs are inputs, other than quoted prices, that are observable for the asset or liability, either directly or indirectly and include among other things, quoted prices for similar assets or liabilities in markets that are active or inactive as well as inputs other than quoted prices that are observable. For forward foreign exchange contracts, inputs include foreign currency exchange and interest rates and, where applicable, credit default swap prices.


(3)	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.

Financial liabilities carried at adjusted historical cost

The following table presents the carrying value – including related accrued interest – and estimated fair value of the Company’s financial instruments that are carried at adjusted historical cost:



	November 29, 2015				November 30, 2014
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
	(Dollars in thousands)
Financial liabilities carried at adjusted historical cost
Senior revolving credit facility	$	99,020	$	99,020	$	100,098	$	100,098
4.25% Yen-denominated Eurobonds due 2016⁽¹⁾	32,736		33,593		34,088		35,362
7.625% senior notes due 2020⁽¹⁾	—		—		520,529		550,357
6.875% senior notes due 2022⁽¹⁾	527,715		570,355		528,394		575,022
5.00% senior notes due 2025⁽¹⁾	482,145		480,945		—		—
Short-term borrowings	15,996		15,996		31,742		31,742
Total	$	1,157,612	$	1,199,909	$	1,214,851	$	1,292,581

_____________


(1)	Fair values are estimated using Level 1 inputs and incorporate mid-market price quotes. Level 1 inputs are inputs which consist of quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.