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OTHER INCOME (EXPENSE), NET
3 Months Ended 12 Months Ended
Mar. 01, 2015
Nov. 30, 2014
Other Income and Expenses [Abstract]    
OTHER INCOME (EXPENSE), NET
NOTE 10: OTHER INCOME (EXPENSE), NET

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

 

     Three Months Ended  
     March 1,
2015
     February 23,
2014
 
     (Dollars in thousands)  

Foreign exchange management gains(1)

   $ 7,908       $ 4,436   

Foreign currency transaction losses(2)

     (35,959      (2,238

Interest income

     460         627   

Investment income

     439         307   

Other

     1,124         1,051   
  

 

 

    

 

 

 

Total other income (expense), net

$ (26,028 $ 4,183   
  

 

 

    

 

 

 

 

(1) Gains and losses on forward foreign exchange contracts primarily result from currency fluctuations relative to negotiated contract rates. Gains in 2015 were primarily due to favorable currency fluctuations relative to negotiated contracts rates on positions to sell the Mexican Peso.
(2) Foreign currency transaction gains and losses reflect the impact of foreign currency fluctuation on the Company’s foreign currency denominated balances. Losses in 2015 were primarily due to the weakening of various foreign currencies, particularly the Euro, against the U.S. Dollar.
NOTE 17: OTHER INCOME (EXPENSE), NET

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

 

     Year Ended  
     November 30,
2014
     November 24,
2013
     November 25,
2012
 
     (Dollars in thousands)  

Foreign exchange management (losses) gains(1)

   $ (11,104    $ (539    $ (9,444

Foreign currency transaction (losses) gains(2)

     (15,331      (21,697      8,512   

Interest income

     1,930         1,600         1,514   

Investment Income

     562         3,019         525   

Other

     1,886         4,436         3,695   
  

 

 

    

 

 

    

 

 

 

Total other income (expense), net

$ (22,057 $ (13,181 $ 4,802   
  

 

 

    

 

 

    

 

 

 

 

(1) Gains and losses on forward foreign exchange contracts primarily result from currency fluctuations relative to negotiated contract rates. Losses in 2014 were primarily due to unfavorable currency fluctuations on embedded foreign currency derivatives in certain of the Company’s operating leases in Russia. Losses in 2013 were primarily due to unfavorable currency fluctuations against the U.S. Dollar relative to negotiated contract rates. Losses in 2012 primarily resulted from unfavorable currency fluctuations relative to negotiated contract rates on positions to sell the Mexican Peso.
(2) Foreign currency transaction gains and losses reflect the impact of foreign currency fluctuation on the Company’s foreign currency denominated balances. Losses in 2014 and 2013 were primarily due to the weakening of various currencies against the U.S. Dollar. 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.