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Derivative Instruments and Hedging Activities
 6 Months Ended
May 28, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
As of May 28, 2017, the Company had forward foreign exchange contracts to buy $782.3 million and to sell $303.2 million against various foreign currencies. These contracts are at various exchange rates and expire at various dates through February 2019.
The table below provides data about the carrying values of derivative instruments and non-derivative instruments: 
 
May 28, 2017
 
November 27, 2016
 
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)
$
10,994

 
$
(3,408
)
 
$
7,586

 
$
30,160

 
$
(6,893
)
 
$
23,267

Forward foreign exchange contracts(2)
6,032

 
(25,094
)
 
(19,062
)
 
1,481

 
(7,014
)
 
(5,533
)
Total
$
17,026

 
$
(28,502
)
 
 
 
$
31,641

 
$
(13,907
)
 
 
Non-derivatives designated as hedging instruments
 
 
 
 
 
 
 
 
 
 
 
Euro senior notes
$
—

 
$
(532,475
)
 
 
 
$
—

 
$
—

 
 
_____________
 
(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 and are offset accordingly. The table below presents the gross and net amounts of these contracts recognized on the Company's consolidated balance sheets by type of financial instrument:
 
May 28, 2017
 
November 27, 2016
 
Gross Amounts of Recognized Assets / (Liabilities)
 
Gross Amounts Offset in the Balance Sheet
 
Net Amounts of Assets / (Liabilities) Presented in the Balance Sheet
 
Gross Amounts of Recognized Assets / (Liabilities)
 
Gross Amounts Offset in the Balance Sheet
 
Net Amounts of Assets / (Liabilities) Presented in the Balance Sheet
 
 
 
 
 
 
(Dollars in thousands)
Over-the-counter forward foreign exchange contracts
 
 
 
 
 
 
 
 
 
 
 
Financial assets
$
11,689

 
$
(9,440
)
 
$
2,249

 
$
29,240

 
$
(8,374
)
 
$
20,866

Financial liabilities
(25,362
)
 
9,440

 
(15,922
)
 
(10,365
)
 
8,374

 
(1,991
)
Total
 
 
 
 
$
(13,673
)
 
 
 
 
 
$
18,875

Embedded derivative contracts
 
 
 
 
 
 
 
 
 
 
 
Financial assets
$
5,337

 
$
—

 
$
5,337

 
$
2,401

 
$
—

 
$
2,401

Financial liabilities
(3,140
)
 
—

 
(3,140
)
 
(3,542
)
 
—

 
(3,542
)
Total
 
 
 
 
$
2,197

 
 
 
 
 
$
(1,141
)


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 income (expense), net" in the Company's consolidated statements of income:
 
Gain or (Loss)
Recognized in AOCI
(Effective Portion)
 
Gain or (Loss) Recognized in Other Income (Expense), net (Ineffective Portion and Amount Excluded from Effectiveness Testing)
 
As of
 
As of
 
Three Months Ended
 
Six Months Ended
May 28,
2017
November 27,
2016
May 28,
2017
 
May 29,
2016
 
May 28,
2017
 
May 29,
2016
 
(Dollars in thousands)
Forward foreign exchange contracts
$
4,637

 
$
4,637

 
 
 
 
 
 
 
 
Yen-denominated Eurobonds
(19,811
)
 
(19,811
)
 
$
—

 
$
(792
)
 
$
—

 
$
(2,895
)
Euro-denominated senior notes
(45,391
)
 
(15,751
)
 
—

 
—

 
—

 
—

Cumulative income taxes
23,587

 
12,168

 
 
 
 
 


 
 
Total
$
(36,978
)
 
$
(18,757
)
 
 
 
 
 
 
 
 

The table below provides data about the amount of gains and losses related to derivatives not designated as hedging instruments included in "Other income (expense), net" in the Company's consolidated statements of income:
 
Three Months Ended
 
Six Months Ended
 
May 28,
2017
 
May 29,
2016
 
May 28,
2017
 
May 29,
2016
 
(Dollars in thousands)
Forward foreign exchange contracts:
 
 
 
 
 
 
 
Realized (loss) gain
$
(4,998
)
 
$
3,920

 
$
4,078

 
$
16,887

Unrealized loss
(10,132
)
 
(5,038
)
 
(29,452
)
 
(14,269
)
Total
$
(15,130
)
 
$
(1,118
)
 
$
(25,374
)
 
$
2,618