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Derivative Instruments and Hedging Activities
 9 Months Ended
Aug. 26, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
As of August 26, 2018, the Company had forward foreign exchange contracts to buy $566.7 million and to sell $104.2 million against various foreign currencies. These contracts are at various exchange rates and expire at various dates through February 2020.
Effective as of the first quarter of 2018, the Company recorded and presented the fair value of its derivative assets and liabilities on a gross basis in the consolidated balance sheets based on contractual maturity dates, including those subject to master netting arrangements. The comparative period was revised to reflect the change from a net basis to a gross basis.
The table below provides data about the carrying values of derivative instruments and non-derivative instruments: 
 
August 26, 2018
 
November 26, 2017
 
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)
$
16,450

 
$
—

 
$
16,450

 
$
6,296

 
$
—

 
$
6,296

Forward foreign exchange contracts(2)
—

 
(10,619
)
 
(10,619
)
 
—

 
(23,799
)
 
(23,799
)
Total
$
16,450

 
$
(10,619
)
 
 
 
$
6,296

 
$
(23,799
)
 
 
Non-derivatives designated as hedging instruments
 
 
 
 
 
 
 
 
 
 
 
Euro senior notes
$
—

 
$
(548,008
)
 
 
 
$
—

 
$
(562,780
)
 
 
_____________
 
(1)
Included in "Other current assets" or "Other non-current assets" on the Company’s consolidated balance sheets.
(2)
Included in "Other accrued liabilities" or "Other long-term 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; however, the Company records the fair value on a gross basis on its consolidated balance sheets based on maturity dates, including those subject to master netting arrangements. 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:
 
August 26, 2018
 
November 26, 2017
 
Gross Amounts of Assets / (Liabilities) Presented in the Balance Sheet
 
Gross Amounts Not Offset in the Balance Sheet
 
Net Amounts of Assets / (Liabilities)
 
Gross Amounts of Assets / (Liabilities) Presented in the Balance Sheet
 
Gross Amounts Not Offset in the Balance Sheet
 
Net Amounts of Assets / (Liabilities)
 
 
 
 
 
 
(Dollars in thousands)
Over-the-counter forward foreign exchange contracts
 
 
 
 
 
 
 
 
 
 
 
Financial assets
$
15,112

 
$
(3,745
)
 
$
11,367

 
$
3,218

 
$
(3,146
)
 
$
72

Financial liabilities
(4,177
)
 
3,745

 
(432
)
 
(20,876
)
 
3,146

 
(17,730
)
Total
 
 
 
 
$
10,935

 
 
 
 
 
$
(17,658
)
Embedded derivative contracts
 
 
 
 
 
 
 
 
 
 
 
Financial assets
$
1,338

 
$
—

 
$
1,338

 
$
3,078

 
$
—

 
$
3,078

Financial liabilities
(6,442
)
 
—

 
(6,442
)
 
(2,923
)
 
—

 
(2,923
)
Total
 
 
 
 
$
(5,104
)
 
 
 
 
 
$
155



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:
 
Gain or (Loss)
Recognized in AOCI
(Effective Portion)
 
As of
 
As of
August 26,
2018
November 26,
2017
 
(Dollars in thousands)
Forward foreign exchange contracts
$
4,637

 
$
4,637

Yen-denominated Eurobonds
(19,811
)
 
(19,811
)
Euro-denominated senior notes
(60,924
)
 
(75,697
)
Cumulative income taxes
31,339

 
35,253

Total
$
(44,759
)
 
$
(55,618
)

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
 
Nine Months Ended
 
August 26,
2018
 
August 27,
2017
 
August 26,
2018
 
August 27,
2017
 
(Dollars in thousands)
Forward foreign exchange contracts:
 
 
 
 
 
 
 
Realized (loss) gain
$
(2,298
)
 
$
(3,894
)
 
$
(20,446
)
 
$
184

Unrealized gain (loss)
6,835

 
(15,253
)
 
22,607

 
(44,705
)
Total
$
4,537

 
$
(19,147
)
 
$
2,161

 
$
(44,521
)