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OTHER INCOME (EXPENSE), NET
 3 Months Ended 12 Months Ended
Feb. 24, 2013
Nov. 25, 2012
OTHER INCOME (EXPENSE), NET

NOTE 9:    OTHER INCOME, NET

The following table summarizes significant components of “Other income, net”:

 

     Three Months Ended  
     February 24,
2013		     February 26,
2012		  
     (Dollars in thousands)  

Foreign exchange management losses

    $ (2,819 )    $ (15,252 ) 

Foreign currency transaction gains

      4,398        15,441   

Interest income

      391        347   

Investment income

      2,805        127   

Other

      1,291        509   
  

 

 

    

 

 

  

Total other income, net

    $ 6,066      $ 1,172   
  

 

 

    

 

 

  

NOTE 16: OTHER INCOME (EXPENSE), NET

The following table summarizes significant components of “Other income (expense), net”:

 

     Year Ended  
     November 25,
2012		     November 27,
2011		     November 28,
2010		  
     (Dollars in thousands)  

Foreign exchange management (losses) gains(1)

    $ (9,444 )    $ 15,310      $ (6,179 ) 

Foreign currency transaction gains (losses)(2)

      8,512        (20,251 )      9,940   

Interest income

      1,514        1,618        2,232   

Other

      4,220        2,048        654   
  

 

 

    

 

 

    

 

 

  

Total other income (expense), net

    $ 4,802      $ (1,275 )    $ 6,647   
  

 

 

    

 

 

    

 

 

  

 

(1) Gains and losses on forward foreign exchange contracts primarily result from currency fluctuations relative to negotiated contract rates. Losses on forward foreign exchange contracts in 2012 primarily resulted from unfavorable currency fluctuations relative to negotiated contract rates on positions to sell the Mexican Peso. Gains in 2011 primarily resulted from favorable currency fluctuations in the fourth quarter, relative to negotiated contract rates, including the appreciation of the U.S. Dollar against various foreign currencies.

 

(2) Foreign currency transaction gains and losses reflect the impact of foreign currency fluctuation on the Company’s foreign currency denominated balances. Gains in 2012 were primarily due to a significant increase in Euro denominated intercompany receivables and the appreciation of the U.S. Dollar against the Japanese Yen. Losses in 2011 were primarily due to the depreciation of the U.S. Dollar, the Turkish Lira and the Polish Zloty against various foreign currencies.