INCOME TAXES (Tables)

12 Months Ended

Nov. 30, 2014

Schedule of effective income tax rate reconciliation

The Company’s income tax expense differed from the amount computed by applying the U.S. federal statutory income tax rate of 35% to income before income taxes as follows:


	Year Ended
	November 30, 2014					November 24, 2013					November 25, 2012
	(Dollars in thousands)
Income tax expense at U.S. federal statutory rate	$	53,849		35.0	%	$	112,914		35.0	%	$	68,558		35.0	%
State income taxes, net of U.S. federal impact		7		—			3,994		1.2	%		892		0.5	%
Change in valuation allowance		—		—			5,169		1.6	%		(1,329	)	(0.7	)%
Impact of foreign operations		(5,296	)	(3.4	)%		(17,160	)	(5.3	)%		7,313		3.7	%
Reassessment of tax liabilities		(3,466	)	(2.3	)%		(15,215	)	(4.7	)%		(29,500	)	(15.1	)%
Write-off of deferred tax assets		4,899		3.2	%		4,289		1.3	%		9,061		4.6	%
Other, including non-deductible expenses		(448	)	(0.3	)%		486		0.2	%		(73	)	—

Total	$	49,545		32.2	%	$	94,477		29.3	%	$	54,922		28.0	%

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

The U.S. and foreign components of income before income taxes were as follows:


	Year Ended
	November 30, 2014		November 24, 2013		November 25, 2012
	(Dollars in thousands)
Domestic	$	31,733	$	86,167	$	82,764
Foreign		122,121		236,446		113,117

Total Income before Income Taxes	$	153,854	$	322,613	$	195,881

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

Income tax expense (benefit) consisted of the following:


	Year Ended
	November 30, 2014			November 24, 2013		November 25, 2012
	(Dollars in thousands)
U.S. Federal
Current	$	15,470		$	11,294	$	15,334
Deferred		(1,983	)		20,597		29,537

	$	13,487		$	31,891	$	44,871

U.S. State
Current	$	4,096		$	3,732	$	(34,603	)
Deferred		(4,089	)		3,607		(2,956	)

	$	7		$	7,339	$	(37,559	)

Foreign
Current	$	58,156		$	41,931	$	54,338
Deferred		(22,105	)		13,316		(6,728	)

	$	36,051		$	55,247	$	47,610

Consolidated
Current	$	77,722		$	56,957	$	35,069
Deferred		(28,177	)		37,520		19,853

Total Income Tax Expense	$	49,545		$	94,477	$	54,922

Schedule of deferred tax assets and liabilities

The Company’s deferred tax assets and deferred tax liabilities were as follows:


	November 30, 2014			November 24, 2013
	(Dollars in thousands)
Deferred tax assets
Foreign tax credit carryforwards	$	120,793		$	176,222
State net operating loss carryforwards		13,014			15,587
Foreign net operating loss carryforwards		87,062			95,542
Employee compensation and benefit plans		272,970			240,198
Advance royalties		99,649			55,581
Restructuring and related charges		49,654			21,474
Sales returns and allowances		33,078			31,706
Inventory		14,533			16,469
Property, plant and equipment		14,966			21,426
Unrealized gains or losses on investments		—			7,971
Other		45,155			51,645

Total gross deferred tax assets		750,874			733,821
Less: Valuation allowance		(89,814	)		(96,026	)

Deferred tax assets, net of valuation allowance		661,060			637,795

Deferred tax liabilities
Unrealized gains or losses on investments	$	(196	)	$	—
Unremitted earnings of certain foreign subsidiaries		—			(3,690	)

Total deferred tax liabilities		(196	)		(3,690	)

Total net deferred tax assets	$	660,864		$	634,105


Current
Net deferred tax assets	$	186,791		$	196,581
Valuation allowance		(12,475	)		(9,503	)

Total current net deferred tax assets	$	174,316		$	187,078


Long-term
Net deferred tax assets	$	563,887		$	533,550
Valuation allowance		(77,339	)		(86,523	)

Total long-term net deferred tax assets	$	486,548		$	447,027

Summary of valuation allowance

Valuation Allowance. The following table details the changes in valuation allowance during the year ended November 30, 2014:


	Valuation Allowance at November 24, 2013		Changes in Related Gross Deferred Tax Asset			Charge		Valuation Allowance at November 30, 2014
	(Dollars in thousands)
U.S. state net operating loss carryforwards	$	3,824	$	(324	)	$	—	$	3,500
Foreign net operating loss carryforwards and other foreign deferred tax assets		92,202		(5,888	)		—		86,314

	$	96,026	$	(6,212	)	$	—	$	89,814

Schedule of unrecognized tax benefits roll forward

The following table reflects the changes to the Company’s unrecognized tax benefits for the year ended November 30, 2014, and November 24, 2013:


	November 30, 2014			November 24, 2013
	(Dollars in thousands)

Unrecognized tax benefits beginning balance	$	37,836		$	63,626
Increases related to current year tax positions		3,863			2,839
Increases related to tax positions from prior years		4,858			1,650
Decreases related to tax positions from prior years		—			—
Settlement with tax authorities		—			(23,380	)
Lapses of statutes of limitation		(4,715	)		(7,026	)
Other, including foreign currency translation		(271	)		127

Unrecognized tax benefits ending balance	$	41,571		$	37,836

Summary of tax years under audit or open and subject to audit

The following table summarizes the tax years that are either currently under audit or remain open and subject to examination by the tax authorities in the major jurisdictions in which the Company operates:


Jurisdiction		Open Tax Years
U.S. federal		2009 – 2014
California		2006 – 2014
Belgium		2011 – 2014
United Kingdom		2012 – 2014
Spain		2010 – 2014
Mexico		2009 – 2014
Canada		2004 – 2014
China		2010 – 2014
Hong Kong		2010 – 2014
India		2008 – 2014
Italy		2009 – 2014
France		2011 – 2014
Turkey		2009 – 2014