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Derivative Instruments and Hedging Activities
 12 Months Ended
Nov. 29, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
As of November 29, 2020, the Company had forward foreign exchange contracts derivatives that were not designated as hedges in qualifying hedging relationships, of which $868.6 million were contracts to buy and $335.5 million were contracts to sell various foreign currencies. These contracts are at various exchange rates and expire at various dates through February 2022.
The table below provides data about the carrying values of derivative instruments and non-derivative instruments: 
 November 29, 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)
$1,489 $— $1,489 $6,149 $— $6,149 
Foreign exchange risk cash flow hedges(2)
— (5,036)(5,036)— (3,809)(3,809)
Total
$1,489 $(5,036)$6,149 $(3,809)
Derivatives not designated as hedging instruments
Forward foreign exchange contracts(1)
$4,902 $(1,487)$3,415 $16,323 $(6,149)$10,174 
Forward foreign exchange contracts(2)
5,035 (10,734)(5,699)3,813 (8,127)(4,314)
Total
$9,937 $(12,221)$20,136 $(14,276)
Non-derivatives designated as hedging instruments
Euro senior notes
$— $(565,820)$— $(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.
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:
November 29, 2020November 24, 2019
Gross Amounts of Assets / (Liabilities) Presented in the Balance SheetGross Amounts Not Offset in the Balance SheetNet Amounts
of Assets / (Liabilities)		Gross Amounts of Assets / (Liabilities) Presented in the Balance SheetGross Amounts Not Offset in the Balance SheetNet Amounts
of Assets / (Liabilities)
(Dollars in thousands)
Foreign exchange risk contracts and forward foreign exchange contracts
Financial assets$11,426 $(6,578)$4,848 $21,839 $(10,142)$11,697 
Financial liabilities(17,257)6,578 (10,679)(16,290)10,142 (6,148)
Total$(5,831)$5,549 
Embedded derivative contracts
Financial assets$— $— $— $4,446 $— $4,446 
Financial liabilities— — — (1,795)— (1,795)
Total$— $2,651 
The table below provides data about the amount of gains and losses related to derivative instruments and non-derivative instruments designated as net investment hedges included in "Accumulated other comprehensive loss" ("AOCI") on the Company’s consolidated balance sheets, and in "Other income (expense), net" in the Company’s consolidated statements of operations:
 Amount of Gain or (Loss)
Recognized in AOCI
(Effective Portion)
Amount of Gain (Loss) Reclassified
from AOCI into Net Income (Loss)(1)
 As of
November 29,
2020		As of
November 24,
2019		Year Ended
November 29,
2020		November 24,
2019		November 25,
2018
 (Dollars in thousands)
Foreign exchange risk contracts$(11,896)$2,781 $13,182 $3,418 $— 
Realized forward foreign exchange swaps(2)
4,637 4,637 — — — 
Yen-denominated Eurobonds(19,811)(19,811)— — — 
Euro-denominated senior notes(78,736)(38,171)— — — 
Cumulative income taxes31,350 25,606 — — — 
Total$(74,456)$(24,958)
_____________
(1)Amounts reclassified from AOCI were classified as net revenues or costs 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.
There was no hedge ineffectiveness for the year ended November 29, 2020. Within the next 12 months, a $11.3 million loss from cash flow hedges are expected to be reclassified from AOCI into net income (loss).
The table below presents the effects of the Company's cash flow hedges of foreign exchange risk contracts on the Consolidated statements of operations for the year ended November 29, 2020:
Year ended
November 29,
2020		November 24,
2019		November 25,
2018
(Dollars in thousands)
Amount of Gain (Loss) on Cash Flow Hedge Activity:
Net revenues$1,814 $(3,908)$— 
Cost of goods sold11,368 7,326 — 
The table below provides data about the amount of gains and losses related to derivative instruments included in "Other income (expense), net" in the Company’s consolidated statements of operations:
 Year Ended
 November 29,
2020		November 24,
2019		November 25,
2018
 (Dollars in thousands)
Forward foreign exchange contracts:
Realized gain (loss)(1)
$8,049 $8,164 $(19,974)
Unrealized (loss) gain (2)
(5,750)(8,038)31,141 
Total$2,299 $126 $11,167 
_____________
(1)The realized gain in fiscal year 2020 is primarily driven by gains on contracts to buy various currencies, mainly the Euro, as a result of the U.S. Dollar weakening throughout the year against original contract rates. The realized gain in fiscal year 2019 is driven by gains on contracts to sell various currencies, mainly the Euro, as a result of the U.S. Dollar strengthening throughout the year against lower original contract rates.
(2)The unrealized loss in fiscal year 2020 is primarily driven by losses on contracts to sell various foreign currencies, mainly the Euro, as a result of the U.S. Dollar weakening against the original contract rates at year end. The unrealized loss in fiscal year 2019 is driven by losses on contracts to sell various foreign currencies, mainly the Euro, as a result of the U.S. Dollar weakening against the original contract rates at year end. The gain in fiscal year 2018 is primarily driven by gains on contracts to sell the Euro, the Mexican Peso and the British Pound, as a result of the U.S. Dollar strengthening at year end.