Fair Value of Financial Instruments (Tables)

6 Months Ended

May 28, 2017

Financial assets and liabilities carried at fair value

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



	May 28, 2017						November 27, 2016
			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	$	29,348	$	29,348	$	—	$	27,131	$	27,131	$	—
Forward foreign exchange contracts, net⁽³⁾	7,586		—		7,586		23,267		—		23,267
Total	$	36,934	$	29,348	$	7,586	$	50,398	$	27,131	$	23,267
Financial liabilities carried at fair value
Forward foreign exchange contracts, net⁽³⁾	$	19,062	$	—	$	19,062	$	5,533	$	—	$	5,533

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(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 28, 2017				November 27, 2016
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
	(Dollars in thousands)
Financial liabilities carried at adjusted historical cost
6.875% senior notes due 2022⁽¹⁾⁽²⁾	$	—	$	—	$	527,102	$	550,700
5.00% senior notes due 2025⁽¹⁾	484,704		504,015		483,735		480,121
3.375% senior notes due 2027⁽¹⁾⁽²⁾	528,896		538,075		—		—
Short-term borrowings	31,777		31,777		39,009		39,009
Total	$	1,045,377	$	1,073,867	$	1,049,846	$	1,069,830

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(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.