| Financial assets and liabilities carried at fair value |
The following table presents the Company’s financial
instruments that are carried at fair value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
March 1, 2015 |
|
|
November 30, 2014 |
|
| |
|
|
|
|
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
|
|
$ |
26,444 |
|
|
$ |
26,444 |
|
|
$ |
— |
|
|
$ |
25,891 |
|
|
$ |
25,891 |
|
|
$ |
— |
|
|
Forward foreign exchange contracts, net(3)
|
|
|
22,886 |
|
|
|
— |
|
|
|
22,886 |
|
|
|
10,511 |
|
|
|
— |
|
|
|
10,511 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
49,330 |
|
|
$ |
26,444 |
|
|
$ |
22,886 |
|
|
$ |
36,402 |
|
|
$ |
25,891 |
|
|
$ |
10,511 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities carried at fair value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward foreign exchange contracts, net(3)
|
|
$ |
9,671 |
|
|
$ |
— |
|
|
$ |
9,671 |
|
|
$ |
10,353 |
|
|
$ |
— |
|
|
$ |
10,353 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (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 Company’s financial
instruments that are carried at fair value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
November 30, 2014 |
|
|
November 24, 2013 |
|
| |
|
|
|
|
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
|
|
$ |
25,891 |
|
|
$ |
25,891 |
|
|
$ |
— |
|
|
$ |
23,752 |
|
|
$ |
23,752 |
|
|
$ |
— |
|
|
Forward foreign exchange contracts, net(3)
|
|
|
10,511 |
|
|
|
— |
|
|
|
10,511 |
|
|
|
7,145 |
|
|
|
— |
|
|
|
7,145 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
36,402 |
|
|
$ |
25,891 |
|
|
$ |
10,511 |
|
|
$ |
30,897 |
|
|
$ |
23,752 |
|
|
$ |
7,145 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities carried at fair value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward foreign exchange contracts, net(3)
|
|
$ |
10,353 |
|
|
$ |
— |
|
|
$ |
10,353 |
|
|
$ |
2,335 |
|
|
$ |
— |
|
|
$ |
2,335 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (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. |
|
| Financial liabilities carried at adjusted historical cost |
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
March 1, 2015 |
|
|
November 30, 2014 |
|
| |
|
Carrying
Value |
|
|
Estimated
Fair Value |
|
|
Carrying
Value |
|
|
Estimated
Fair Value |
|
| |
|
(Dollars in
thousands) |
|
|
Financial liabilities carried at adjusted historical
cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Senior revolving credit facility
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
100,098 |
|
|
$ |
100,098 |
|
|
4.25% Yen-denominated Eurobonds due 2016(1)
|
|
|
33,983 |
|
|
|
35,198 |
|
|
|
34,108 |
|
|
|
35,383 |
|
|
7.625% senior notes due 2020(1)
|
|
|
536,898 |
|
|
|
565,117 |
|
|
|
526,779 |
|
|
|
556,967 |
|
|
6.875% senior notes due 2022(1)
|
|
|
545,256 |
|
|
|
600,567 |
|
|
|
536,501 |
|
|
|
583,848 |
|
|
Short-term borrowings
|
|
|
33,923 |
|
|
|
33,923 |
|
|
|
31,742 |
|
|
|
31,742 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
1,150,060 |
|
|
$ |
1,234,805 |
|
|
$ |
1,229,228 |
|
|
$ |
1,308,038 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
Fair values are estimated using Level
1 inputs and incorporate mid-market price quotes. 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. |
|
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 30, 2014 |
|
|
November 24, 2013 |
|
| |
|
Carrying
Value |
|
|
Estimated
Fair Value |
|
|
Carrying
Value |
|
|
Estimated
Fair Value |
|
| |
|
(Dollars in
thousands) |
|
|
Financial liabilities carried at adjusted historical
cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Senior revolving credit facility
|
|
$ |
100,098 |
|
|
$ |
100,098 |
|
|
$ |
— |
|
|
$ |
— |
|
|
4.25% Yen-denominated Eurobonds due 2016(1)
|
|
|
34,108 |
|
|
|
35,383 |
|
|
|
39,659 |
|
|
|
38,523 |
|
|
7.75% Euro senior notes due 2018(1)
|
|
|
— |
|
|
|
— |
|
|
|
405,304 |
|
|
|
432,098 |
|
|
7.625% senior notes due 2020(1)
|
|
|
526,779 |
|
|
|
556,967 |
|
|
|
526,112 |
|
|
|
577,956 |
|
|
6.875% senior notes due 2022(1)
|
|
|
536,501 |
|
|
|
583,848 |
|
|
|
537,447 |
|
|
|
588,275 |
|
|
Short-term borrowings
|
|
|
31,742 |
|
|
|
31,742 |
|
|
|
41,976 |
|
|
|
41,976 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
1,229,228 |
|
|
$ |
1,308,038 |
|
|
$ |
1,550,498 |
|
|
$ |
1,678,828 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
Fair values are estimated using Level
1 inputs and incorporate mid-market price quotes. 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. |
|