Fair Value of Financial Instruments

9 Months Ended

Aug. 28, 2011

Fair Value of Financial Instruments [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

NOTE 3:   FAIR VALUE OF FINANCIAL INSTRUMENTS

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

	August 28, 2011						November 28, 2010
			Fair Value Estimated Using						Fair Value Estimated Using
			Leve1 1		Level 2				Leve1		Level 2
	Fair Value		Inputs(1)		Inputs(2)		Fair Value		Inputs(1)		Inputs(2)
	(Dollars in thousands)
Financial assets carried at fair value
Rabbi trust assets	$	18,365	$	18,365	$	—	$	18,316	$	18,316	$	—
Forward foreign exchange contracts, net(3)		7,753		—		7,753		1,385		—		1,385
Total	$	26,118	$	18,365	$	7,753	$	19,701	$	18,316	$	1,385
Financial liabilities carried at fair value
Forward foreign exchange contracts, net(3)	$	4,489	$	—	$	4,489	$	5,003	$	—	$	5,003
Total	$	4,489	$	—	$	4,489	$	5,003	$	—	$	5,003

(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.
(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 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.

The following table presents the carrying value — including accrued interest — and estimated fair value of the Company’s financial instruments that are carried at adjusted historical cost:

	August 28, 2011				November 28, 2010
	Carrying		Estimated		Carrying		Estimated
	Value		Fair Value(1)		Value		Fair Value(1)
			(Dollars in thousands)
Financial liabilities carried at adjusted historical cost
Senior revolving credit facility	$	178,529	$	177,638	$	108,482	$	107,129
Senior term loan due 2014		324,665		282,553		324,423		311,476
8.875% senior notes due 2016		362,770		373,270		355,004		373,379
4.25% Yen-denominated Eurobonds due 2016		119,304		100,765		109,429		98,063
7.75% Euro senior notes due 2018		440,971		389,210		401,982		407,993
7.625% senior notes due 2020		536,564		510,314		526,557		542,307
Short-term borrowings		59,454		59,454		46,722		46,722
Total	$	2,022,257	$	1,893,204	$	1,872,599	$	1,887,069

(1) Fair value estimate incorporates mid-market price quotes.