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Fair Value of Financial Instruments (Tables)
6 Months Ended
May 29, 2016
Fair Value Disclosures [Abstract]  
Financial assets and liabilities carried at fair value
The following table presents the Company’s financial instruments that are carried at fair value:
 
May 29, 2016
 
November 29, 2015
 
 
 
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
$
26,402

 
$
26,402

 
$

 
$
26,013

 
$
26,013

 
$

Forward foreign exchange contracts, net(3)
11,901

 

 
11,901

 
27,131

 

 
27,131

Total
$
38,303

 
$
26,402

 
$
11,901

 
$
53,144

 
$
26,013

 
$
27,131

Financial liabilities carried at fair value
 
 
 
 
 
 
 
 
 
 
 
Forward foreign exchange contracts, net(3)
$
7,236

 
$

 
$
7,236

 
$
7,809

 
$

 
$
7,809

_____________
 
(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.

(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:
 
May 29, 2016
 
November 29, 2015
 
Carrying
Value
 
Estimated Fair Value
 
Carrying
Value
 
Estimated Fair Value
 
(Dollars in thousands)
Financial liabilities carried at adjusted historical cost
 
 
 
 
 
 
 
Senior revolving credit facility
$
105,128

 
105,128

 
$
99,020

 
$
99,020

4.25% Yen-denominated Eurobonds due 2016(1)
36,565

 
37,111

 
32,736

 
33,593

6.875% senior notes due 2022(1)
527,488

 
562,242

 
527,715

 
570,355

5.00% senior notes due 2025(1)
482,998

 
482,998

 
482,145

 
480,945

Short-term borrowings
19,377

 
19,377

 
15,996

 
15,996

Total
$
1,171,556

 
$
1,206,856

 
$
1,157,612

 
$
1,199,909

_____________
 
(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.