Fair Value of Financial Instruments

3 Months Ended

12 Months Ended

Feb. 26, 2012

Nov. 27, 2011

Fair Value of Financial Instruments [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

NOTE 2:    FAIR VALUE OF FINANCIAL INSTRUMENTS

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

	February 26, 2012						November 27, 2011
			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	$	19,443	$	19,443	$	—	$	18,064	$	18,064	$	—
Forward foreign exchange contracts, net (3)		12,262		—		12,262		25,992		—		25,992
Total	$	31,705	$	19,443	$	12,262	$	44,056	$	18,064	$	25,992
Financial liabilities carried at fair value
Forward foreign exchange contracts, net (3)	$	3,090	$	—	$	3,090	$	5,256	$	—	$	5,256
Total	$	3,090	$	—	$	3,090	$	5,256	$	—	$	5,256

(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:

	February 26, 2012				November 27, 2011
	Carrying Value		Estimated Fair Value(1)		Carrying Value		Estimated Fair Value(1)
	(Dollars in thousands)
Financial liabilities carried at adjusted historical cost
Senior revolving credit facility	$	140,145	$	139,795	$	200,267	$	199,767
Senior term loan due 2014		324,741		314,208		324,663		316,562
8.875% senior notes due 2016		362,684		376,246		354,918		366,293
4.25% Yen-denominated Eurobonds due 2016		115,595		101,491		118,618		102,508
7.75% Euro senior notes due 2018		409,914		417,937		401,495		381,478
7.625% senior notes due 2020		536,453		562,703		526,446		519,883
Short-term borrowings		74,861		74,861		54,975		54,975
Total	$	1,964,393	$	1,987,241	$	1,981,382	$	1,941,466

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

NOTE 4:     FAIR VALUE OF FINANCIAL INSTRUMENTS

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

	November 27, 2011						November 28, 2010
			Fair Value Estimated Using						Fair Value  Estimated Using
	Fair Value		Leve1 1 Inputs(1)		Level 2 Inputs(2)		Fair Value		Leve1 1 Inputs(1)		Level 2 Inputs(2)
	(Dollars in thousands)
Financial assets carried at fair value
Rabbi trust assets	$	18,064	$	18,064	$	—	$	18,316	$	18,316	$	—
Forward foreign exchange contracts, net (3)		25,992		—		25,992		1,385		—		1,385
Total	$	44,056	$	18,064	$	25,992	$	19,701	$	18,316	$	1,385
Financial liabilities carried at fair value
Forward foreign exchange contracts, net (3)	$	5,256	$	—	$	5,256	$	5,003	$	—	$	5,003
Total	$	5,256	$	—	$	5,256	$	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. See Note 12 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 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.

	November 27, 2011				November 28, 2010
	Carrying Value		Estimated Fair  Value(1)		Carrying Value		Estimated Fair  Value(1)
	(Dollars in thousands)
Financial liabilities carried at adjusted historical cost
Senior revolving credit facility	$	200,267	$	199,767	$	108,482	$	107,129
Senior term loan due 2014		324,663		316,562		324,423		311,476
8.875% senior notes due 2016		354,918		366,293		355,004		373,379
4.25% Yen-denominated Eurobonds due 2016		118,618		102,508		109,429		98,063
7.75% Euro senior notes due 2018		401,495		381,478		401,982		407,993
7.625% senior notes due 2020		526,446		519,883		526,557		542,307
Short-term borrowings		54,975		54,975		46,722		46,722
Total	$	1,981,382	$	1,941,466	$	1,872,599	$	1,887,069

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