Fair Value of Financial Instruments (Tables)

12 Months Ended

Nov. 28, 2021

Fair Value Disclosures [Abstract]

Financial assets and liabilities carried at fair value

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

	November 28, 2021						November 29, 2020
			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	$	80,188	$	80,188	$	—	$	71,184	$	71,184	$	—
Short-term investments in marketable securities	91,550				91,550		96,531		—		96,531
Derivative instruments(3)	27,512		—		27,512		4,904		—		4,904
Total	$	199,250	$	80,188	$	119,062	$	172,619	$	71,184	$	101,435
Financial liabilities carried at fair value
Derivative instruments(3)	13,255		—		13,255		10,735		—		10,735
Total	$	13,255	$	—	$	13,255	$	10,735	$	—	$	10,735

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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 11 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 7 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 28, 2021				November 29, 2020
	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)	$	—	$	—	$	990,280	$	1,016,169
3.375% senior notes due 2027(1)	531,382		541,935		564,312		583,227
3.50% senior notes due 2031(1)	497,335		502,881		—		—
Short-term borrowings	5,862		5,862		17,648		17,648
Total	$	1,034,579	$	1,050,678	$	1,572,240	$	1,617,044

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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.

Available for Sale Investments

The following table presents the amortized cost, gross unrealized gains (losses) and fair values of the Company’s available for sale investments:

	November 28, 2021								November 29, 2020
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value		Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
	(Dollars in thousands)
Short-term investments
Rabbi trust assets	$	2,823	$	1,277	$	—	$	4,100	$	6,423	$	2,342	$	—	$	8,765
Short-term investments in marketable securities	91,475		155		(80)		91,550		96,010		530		(9)		96,531
	94,298		1,432		(80)		95,650		102,433		2,872		(9)		105,296
Long-term investments
Rabbi trust assets	52,398		23,690		—		76,088		45,743		16,676		—		62,419
	$	146,696	$	25,122	$	(80)	$	171,738	$	148,176	$	19,548	$	(9)	$	167,715