Derivative Instruments and Hedging Activities

3 Months Ended

Feb. 26, 2012

Derivative Instruments and Hedging Activities [Abstract]

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

NOTE 3:  DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

As of February 26,2012, the Company had forward foreign exchange contracts to buy $763.3 million and to sell $425.1 million against various foreign currencies. These contracts are at various exchange rates and expire at various dates through November 2012.

	The table below provides data about the carrying values of derivative instruments and non-derivative instruments:
				February 26, 2012						November 27, 2011
				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)		$	21,603	$	(9,341)	$	12,262	$	31,906	$	(5,914)	$	25,992
		Forward foreign exchange contracts (2)			310		(3,400)		(3,090)		4,547		(9,803)		(5,256)
			Total	$	21,913	$	(12,741)			$	36,453	$	(15,717)
Non-derivatives designated as hedging
	instruments
		4.25% Yen-denominated Eurobonds
			due 2016	$	-	$	(44,448)			$	-	$	(46,115)
		7.75% Euro senior notes due 2018			-		(401,160)				-		(400,350)
			Total	$	-	$	(445,608)			$	-	$	(446,465)

_________________

(1) Included in “Other current assets” or “Other non-current 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
		February 26,		November 27,		February 26,			February 27,
		2012		2011		2012			2011
		(Dollars in thousands)
Forward foreign exchange contracts		$	4,637	$	4,637		$	-		$	-
Yen-denominated Eurobonds			(26,859)		(28,525)			2,606			(1,093)
Euro senior notes			(24,091)		(23,281)			-			-
Cumulative income taxes			18,145		18,476
	Total	$	(28,168)	$	(28,693)

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
			February 26,		February 27,
			2012		2011
			(Dollars in thousands)
Forward foreign exchange contracts:
	Realized		$	(3,485)	$	(5,723)
	Unrealized			(11,767)		(2,373)
		Total	$	(15,252)	$	(8,096)