Fair Value of Financial Instruments (Tables)

6 Months Ended

May 29, 2022

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:

	May 29, 2022						November 28, 2021
			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	$	72,907	$	72,907	$	—	$	80,188	$	80,188	$	—
Short-term investments in marketable securities	96,396		—		96,396		91,550		—		91,550
Derivative instruments(3)	32,857		—		32,857		27,512		—		27,512
Total	$	202,160	$	72,907	$	129,253	$	199,250	$	80,188	$	119,062
Financial liabilities carried at fair value
Derivative instruments(3)	4,212		—		4,212		13,255		—		13,255
Total	$	4,212	$	—	$	4,212	$	13,255	$	—	$	13,255

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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 4 for more information.

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:

	May 29, 2022								November 28, 2021
	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	$	3,408	$	892	$	—	$	4,300	$	2,823	$	1,277	$	—	$	4,100
Short-term investments in marketable securities	96,853		198		(656)		96,395		91,475		155		(80)		91,550
	100,261		1,090		(656)		100,695		94,298		1,432		(80)		95,650
Long-term investments
Rabbi trust assets	54,384		14,222		—		68,606		52,398		23,690		—		76,088
	$	154,645	$	15,312	$	(656)	$	169,301	$	146,696	$	25,122	$	(80)	$	171,738

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:

	May 29, 2022				November 28, 2021
	Carrying Value		Estimated Fair  Value		Carrying Value		Estimated Fair  Value
	(Dollars in thousands)
Financial liabilities carried at adjusted historical cost
3.375% senior notes due 2027(1)	$	508,509	$	487,682	$	531,382	$	541,935
3.50% senior notes due 2031(1)	497,897		441,137		497,335		502,881
Short-term borrowings	5,943		5,943		5,862		5,862
Total	$	1,012,349	$	934,762	$	1,034,579	$	1,050,678

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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.