XML 37 R27.htm IDEA: XBRL DOCUMENT v3.20.2
Derivative Instruments and Hedging Activities (Tables)
 9 Months Ended
Aug. 23, 2020
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 and non-derivative instruments: 
 August 23, 2020November 24, 2019
 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)
$2,955 $— $2,955 $6,149 $— $6,149 
Foreign exchange risk cash flow hedges(2)
— (8,062)(8,062)— (3,809)(3,809)
Total
$2,955 $(8,062)$6,149 $(3,809)
Derivatives not designated as hedging instruments
Forward foreign exchange contracts(1)
$6,283 $(2,972)$3,311 $16,323 $(6,149)$10,174 
Forward foreign exchange contracts(2)
8,062 (9,981)(1,919)3,813 (8,127)(4,314)
Total
$14,345 $(12,953)$20,136 $(14,276)
Non-derivatives designated as hedging instruments
Euro senior notes
$— $(563,350)$— $(525,255)
_____________
(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:
August 23, 2020November 24, 2019
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$17,300 $(3,997)$13,303 $21,839 $(10,142)$11,697 
Financial liabilities(21,015)3,997 (17,018)(16,290)10,142 (6,148)
Total$(3,715)$5,549 
Embedded derivative contracts
Financial assets$— $— $— $4,446 $— $4,446 
Financial liabilities— — — (1,795)— (1,795)
Total$— $2,651 
Gains and losses included in AOCI
The table below provides data about the amount of gains and losses related to derivative instruments designated as cash flow hedges and non-derivative instruments designated as net investment hedges included in "Accumulated other comprehensive loss" ("AOCI") on the Company’s consolidated balance sheets:
 Amount of Gain (Loss)
Recognized in OCI
(Effective Portion)
Amount of Gain (Loss) Reclassified
from AOCI into Net Income (Loss)(1)
 As of
August 23,
2020		As of
November 24,
2019		Three Months EndedNine Months Ended
August 23,
2020		August 25,
2019		August 23,
2020		August 25,
2019
 (Dollars in thousands)
Foreign exchange risk contracts$(9,192)$2,781 $4,446 $869 $9,869 $1,586 
Realized forward foreign exchange swaps (2)
4,637 4,637 — — — — 
Yen-denominated Eurobonds(19,811)(19,811)— — — — 
Euro-denominated senior notes(76,266)(38,171)— — — — 
Cumulative income taxes28,212 25,606 — — — — 
Total$(72,420)$(24,958)
_____________
(1)    Amounts reclassified from AOCI were classified as net revenues and cost of goods sold on the consolidated statements of operations.
(2)    Prior to and during 2005, the Company used foreign exchange currency swaps to hedge the net investment in its foreign operations. For hedges that qualified for hedge accounting, the net gains were included in AOCI and are not reclassified to earnings until the related net investment position has been liquidated.
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 operations:
Three Months EndedNine Months Ended
August 23,
2020		August 25,
2019		August 23,
2020		August 25,
2019
(Dollars in thousands)
Amount of Gain (Loss) on Cash Flow Hedge Activity
Net revenues$1,325 $(812)$(270)$(3,257)
Cost of goods sold$3,121 $1,681 $10,139 $4,843 
The table below provides data about the amount of gains and losses related to derivatives instruments included in "Other income, net" in the Company's consolidated statements of operations:
 Three Months EndedNine Months Ended
 August 23,
2020		August 25,
2019		August 23,
2020		August 25,
2019
 (Dollars in thousands)
Realized gain$979 $979 $12,068 $8,739 
Unrealized gain (loss)(11,692)535 (1,954)(9,102)
Total$(10,713)$1,514 $10,114 $(363)