Fair Value of Financial Instruments (Tables)

12 Months Ended

Nov. 24, 2019

Financial assets and liabilities carried at fair value

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



	November 24, 2019						November 25, 2018
			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	$	49,207	$	49,207	$	—	$	34,385	$	34,385	$	—
Short-term investments in marketable securities	80,741		—		80,741		—		—		—
Derivative instruments⁽³⁾	16,323		—		16,323		18,372		—		18,372
Total	$	146,271	$	49,207	$	97,064	$	52,757	$	34,385	$	18,372
Financial liabilities carried at fair value
Derivative instruments⁽³⁾	8,123		—		8,123		4,447		—		4,447
Total	$	8,123	$	—	$	8,123	$	4,447	$	—	$	4,447

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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. See Note 12 for more information on rabbi trust assets.

(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 cash flow hedges 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. Refer to Note 5 for more information.

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:



	November 24, 2019				November 25, 2018
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
	(Dollars in thousands)
Financial liabilities carried at adjusted historical cost
5.00% senior notes due 2025⁽¹⁾	$	489,299	$	505,757	$	487,272	$	478,774
3.375% senior notes due 2027⁽¹⁾	522,524		556,266		538,219		546,238
Short-term borrowings	7,621		7,621		32,470		32,470
Total	$	1,019,444	$	1,069,644	$	1,057,961	$	1,057,482

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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 liabilities that the Company has the ability to access at the measurement date.