FAIR VALUE OF FINANCIAL INSTRUMENTS

3 Months Ended

12 Months Ended

Feb. 24, 2013

Nov. 25, 2012

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 24, 2013						November 25, 2012
			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	$	21,557	$	21,557	$	—	$	20,322	$	20,322	$	—
Forward foreign exchange contracts, net(3)		9,156		—		9,156		5,792		—		5,792
Total	$	30,713	$	21,557	$	9,156	$	26,114	$	20,322	$	5,792
Financial liabilities carried at fair value
Forward foreign exchange contracts, net(3)	$	6,416	$	—	$	6,416	$	3,018	$	—	$	3,018

(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 related accrued interest — and estimated fair value of the Company’s financial instruments that are carried at adjusted historical cost:

	February 24, 2013				November 25, 2012
	Carrying Value		Estimated Fair Value(1)		Carrying Value		Estimated Fair Value(1)
	(Dollars in thousands)
Financial liabilities carried at adjusted historical cost
Senior term loan due 2014	$	274,936	$	275,622	$	324,890	$	324,484
4.25% Yen-denominated Eurobonds due 2016		43,591		42,840		48,656		47,201
7.75% Euro senior notes due 2018		404,190		435,844		387,433		416,422
7.625% senior notes due 2020		536,120		582,714		526,223		572,161
6.875% senior notes due 2022		393,382		425,625		386,838		404,163
Short-term borrowings		56,785		56,785		59,861		59,861
Total	$	1,709,004	$	1,819,430	$	1,733,901	$	1,824,292

(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 25, 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	$	20,322	$	20,322	$	—	$	18,064	$	18,064	$	—
Forward foreign exchange contracts, net(3)		5,792		—		5,792		25,992		—		25,992
Total	$	26,114	$	20,322	$	5,792	$	44,056	$	18,064	$	25,992
Financial liabilities carried at fair value
Forward foreign exchange contracts, net(3)	$	3,018	$	—	$	3,018	$	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. 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 related accrued interest — and estimated fair value of the Company’s financial instruments that are carried at adjusted historical cost:

	November 25, 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	$	—	$	—	$	200,267	$	199,767
Senior term loan due 2014		324,890		324,484		324,663		316,562
8.875% senior notes due 2016		—		—		354,918		366,293
4.25% Yen-denominated Eurobonds due 2016		48,656		47,201		118,618		102,508
7.75% Euro senior notes due 2018		387,433		416,422		401,495		381,478
7.625% senior notes due 2020		526,223		572,161		526,446		519,883
6.875% senior notes due 2022		386,838		404,163		—		—
Short-term borrowings		59,861		59,861		54,975		54,975
Total	$	1,733,901	$	1,824,292	$	1,981,382	$	1,941,466

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