Derivative Instruments and Hedging Activities

9 Months Ended

Aug. 28, 2011

Derivative Instruments and Hedging Activities [Abstract]

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

NOTE 4:   DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

As of August 28, 2011, the Company had forward foreign exchange contracts to buy $551.1 million and to sell $455.3 million against various foreign currencies. These contracts are at various exchange rates and expire at various dates through June 2012.

The table below provides data about the carrying values of derivative instruments and non-derivative instruments designated as net investment hedges:

	August 28, 2011								November 28, 2010
	Assets		(Liabilities)						Assets		(Liabilities)
						Derivative								Derivative
	Carrying		Carrying			Net Carrying			Carrying		Carrying			Net Carrying
	Value		Value			Value			Value		Value			Value
						(Dollars in thousands)
Derivatives not designated as hedging
instruments
Forward foreign exchange contracts(1)	$	9,369	$	(1,616	)	$	7,753		$	7,717	$	(6,332	)	$	1,385
Forward foreign exchange contracts(2)		9,147		(13,636	)		(4,489	)		4,266		(9,269	)		(5,003	)
Total	$	18,516	$	(15,252	)				$	11,983	$	(15,601	)
Non-derivatives designated as hedging instruments
4.25% Yen-denominated Eurobonds due 2016	$	—	$	(50,615	)				$	—	$	(61,075	)
7.75% Euro senior notes due 2018		—		(431,340	)					—		(400,740	)
Total	$	—	$	(481,955	)				$	—	$	(461,815	)

(1)	Included in “Other current assets” or “Other assets” on the Company’s consolidated balance sheets.
(2)	Included in “Other accrued liabilities” on the Company’s consolidated balance sheets.

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 income:

							Gain or (Loss) Recognized in Other
	Gain or (Loss)						Income (Expense), net (Ineffective
	Recognized in AOCI						Portion and Amount Excluded from
	(Effective Portion)						Effectiveness Testing)
	As of			As of			Three Months Ended						Nine Months Ended
	August 28,			November 28,			August 28,			August 29,			August 28,			August 29,
	2011			2010			2011			2010			2011			2010
	(Dollars in thousands)
Forward foreign exchange contracts	$	4,637		$	4,637		$	—		$	—		$	—		$	—
Yen-denominated Eurobonds		(28,316	)		(24,377	)		(3,161	)		(2,818	)		(4,707	)		2,732
Euro senior notes		(54,271	)		(23,671	)		—			—			—			—
Cumulative income taxes		30,316			17,022
Total	$	(47,634	)	$	(26,389	)

The table below provides data about the amount of gains and losses related to derivatives not designated as hedging instruments included in “Other income (expense), net” in the Company’s consolidated statements of income:

	Gain or (Loss)
	Three Months Ended						Nine Months Ended
	August 28,			August 29,			August 28,			August 29,
	2011			2010			2011			2010
				(Dollars in thousands)
Forward foreign exchange contracts:
Realized	$	(3,389	)	$	(3,072	)	$	(8,252	)	$	(8,412	)
Unrealized		8,008			(3,459	)		7,040			12,486
Total	$	4,619		$	(6,531	)	$	(1,212	)	$	4,074