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Derivative Instruments and Hedging Activities (Tables)
 3 Months Ended
Feb. 24, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Carrying values of derivative instruments and non-derivative instruments
The table below provides data about the carrying values of derivative instruments and non-derivative instruments: 
 
February 24, 2019
 
November 25, 2018
 
Assets
 
(Liabilities)
 
Derivative Net Carrying Value
 
Assets
 
(Liabilities)
 
Derivative Net Carrying Value
 
Carrying
Value
 
Carrying
Value
 
 
Carrying
Value
 
Carrying
Value
 
 
(Dollars in thousands)
Derivatives designated as hedging instruments
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange risk cash flow hedges(1)
$
3,738

 
$
—

 
$
3,738

 
$
—

 
$
—

 
$
—

Foreign exchange risk cash flow hedges(2)
—

 
(5,291
)
 
(5,291
)
 
—

 
—

 
—

Total
$
3,738

 
$
(5,291
)
 
 
 
$
—

 
$
—

 
 
Derivatives not designated as hedging instruments
 
 
 
 
 
 
 
 
 
 
 
Forward foreign exchange contracts(1)
12,716

 
(1,057
)
 
11,659

 
18,372

 
—

 
18,372

Forward foreign exchange contracts(2)
2,629

 
(10,140
)
 
(7,511
)
 
—

 
(4,447
)
 
(4,447
)
Total
$
15,345

 
$
(11,197
)
 
 
 
$
18,372

 
$
(4,447
)
 
 
Non-derivatives designated as hedging instruments
 
 
 
 
 
 
 
 
 
 
 
Euro senior notes
$
—

 
$
(538,270
)
 
 
 
$
—

 
$
(541,500
)
 
 
_____________
 
(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.
Offsetting assets and liabilities
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:
 
February 24, 2019
 
November 25, 2018
 
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)
Foreign exchange risk contracts and forward foreign exchange contracts
 
 
 
 
 
 
 
 
 
 
 
Financial assets
$
17,240

 
$
(3,026
)
 
$
14,214

 
$
16,417

 
$
(1,756
)
 
$
14,661

Financial liabilities
(14,425
)
 
3,026

 
(11,399
)
 
(2,181
)
 
1,756

 
(425
)
Total
 
 
 
 
$
2,815

 
 
 
 
 
$
14,236

Embedded derivative contracts
 
 
 
 
 
 
 
 
 
 
 
Financial assets
$
1,844

 
$
—

 
$
1,844

 
$
1,955

 
$
—

 
$
1,955

Financial liabilities
(2,064
)
 
—

 
(2,064
)
 
(2,266
)
 
—

 
(2,266
)
Total
 
 
 
 
$
(220
)
 
 
 
 
 
$
(311
)
Gains and losses included in AOCI
The table below provides data about the amount of gains and losses related to derivative instruments designated as cash flow hedges and non-derivative instruments designated as net investment hedges included in "Accumulated other comprehensive loss" ("AOCI") on the Company’s consolidated balance sheets:
 
Amount of Gain (Loss)
Recognized in OCI
(Effective Portion)
 
Amount of Gain (Loss) Reclassified from AOCI into Net Income(1)
 
As of
 
As of
 
Three Months Ended
February 24,
2019
November 25,
2018
February 24,
2019
 
November 25,
2018
 
(Dollars in thousands)
 
 
 
 
Foreign exchange risk contracts
$
(1,493
)
 
$
—

 
$
(880
)
 
$
—

Realized forward foreign exchange swaps (2)
4,637

 
4,637

 
—

 
—

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

 
—

Euro-denominated senior notes
(51,186
)
 
(54,416
)
 
—

 
—

Cumulative income taxes
29,582

 
29,703

 
—

 
—

Total
$
(38,271
)
 
$
(39,887
)
 
 
 
 
Gains and losses included in statements of income
The table below presents the effects of the Company's cash flow hedges of foreign exchange risk contracts on the Consolidated Statements of Income for the three months ended February 24, 2019:
 
February 24,
2019
Amount of Gain (Loss) on Cash Flow Hedge Activity:
(Dollars in thousands)
Revenues
$
(459
)
Cost of Goods Sold
$
1,339

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
 
February 24,
2019
 
February 25,
2018
 
(Dollars in thousands)
Realized gain (loss) (1)
$
4,618

 
$
(10,303
)
Unrealized loss
(10,756
)
 
(5,784
)
Total
$
(6,138
)
 
$
(16,087
)
_____________
(1) Realized gains of $4.6 million were recognized from the settlement of forward foreign exchange contracts, of which proceeds of $55.8 million for gains were received in the first quarter of 2019 and $51.2 million of payments on losses were accrued in the first quarter of 2019. The Company will settle these contracts in the second quarter of 2019.