Fair Value of Financial Instruments (Tables)

3 Months Ended

Feb. 23, 2020

Financial assets and liabilities carried at fair value

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



	February 23, 2020						November 24, 2019
			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	$	51,495	$	51,495	$	—	$	49,207	$	49,207	$	—
Short-term investments in marketable securities	83,978				83,978		80,741		—		80,741
Derivative instruments⁽³⁾	22,293		—		22,293		16,323		—		16,323
Total	$	157,766	$	51,495	$	106,271	$	146,271	$	49,207	$	97,064
Financial liabilities carried at fair value
Derivative instruments⁽³⁾	10,848		—		10,848		8,123		—		8,123
Total	$	10,848	$	—	$	10,848	$	8,123	$	—	$	8,123

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(1)	Fair values estimated using Level 1 inputs are inputs that 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. Short-term investments in marketable securities consist of fixed income securities. 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 3 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:



	February 23, 2020				November 24, 2019
	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⁾	$	495,999	$	508,203	$	489,299	$	505,757
3.375% senior notes due 2027⁽¹⁾	514,032		545,039		522,524		556,266
Short-term borrowings	19,371		19,371		7,621		7,621
Total	$	1,029,402	$	1,072,613	$	1,019,444	$	1,069,644

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(1)	Fair values are estimated using Level 1 inputs and incorporate mid-market price quotes. Level 1 inputs are inputs that consist of quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.