Fair Value of Financial Instruments (Tables)

9 Months Ended

Aug. 28, 2016

Financial assets and liabilities carried at fair value

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



	August 28, 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	$	27,344	$	27,344	$	—	$	26,013	$	26,013	$	—
Forward foreign exchange contracts, net⁽³⁾	8,346		—		8,346		27,131		—		27,131
Total	$	35,690	$	27,344	$	8,346	$	53,144	$	26,013	$	27,131
Financial liabilities carried at fair value
Forward foreign exchange contracts, net⁽³⁾	$	16,455	$	—	$	16,455	$	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:



	August 28, 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	$	30,062	$	30,062	$	99,020	$	99,020
4.25% Yen-denominated Eurobonds due 2016⁽¹⁾	40,322		40,571		32,736		33,593
6.875% senior notes due 2022⁽¹⁾	536,314		571,716		527,715		570,355
5.00% senior notes due 2025⁽¹⁾	489,614		513,685		482,145		480,945
Short-term borrowings	31,555		31,555		15,996		15,996
Total	$	1,127,867	$	1,187,589	$	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.