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OTHER INCOME (EXPENSE), NET
 3 Months Ended 12 Months Ended
Feb. 26, 2017
Nov. 27, 2016
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  
     February 26,
2017		      February 28,
2016		  
     (Dollars in thousands)  

Foreign exchange management (losses) gains(1)

    $ (10,244 )     $ 3,736  

Foreign currency transaction gains (losses)(2)

      9,676        (8,203 ) 

Interest income

      617        209  

Investment income

      353        708  

Other

      6        1,331  
  

 

 

     

 

 

  

Total other income (expense), net

    $ 408      $ (2,219 ) 
  

 

 

     

 

 

  

 

(1) Gains and losses on forward foreign exchange contracts primarily result from currency fluctuations relative to negotiated contract rates. Losses in the three-month period ended February 26, 2017 were primarily due to unfavorable currency fluctuations relative to negotiated contract rates on positions to sell the Mexican Peso. Gains in the three-month period ended 2016 were primarily due to favorable currency fluctuations relative to negotiated contract rates on positions to sell the Mexican Peso, partially offset by unfavorable currency fluctuations relative to negotiated contract rates on positions to sell the Euro.

 

(2) Foreign currency transaction gains and losses reflect the impact of foreign currency fluctuation on the Company’s foreign currency denominated balances. Gains in 2017 were primarily due to the strengthening of the Mexican Peso and Euro against the US dollar. Losses in 2016 were primarily due to the weakening of various foreign currencies against the Euro.

 
NOTE 17: OTHER INCOME (EXPENSE), NET

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

 

     Year Ended  
     November 27,
2016		      November 29,
2015		      November 30,
2014		  
     (Dollars in thousands)  

Foreign exchange management gains (losses)(1)

    $ 15,860      $ 34,106      $ (11,104 ) 

Foreign currency transaction (losses) gains(2)

      (7,166 )       (64,161 )       (15,331 ) 

Interest income

      1,376        1,253        1,930  

Investment income

      976        697        562  

Other(3)

      7,177        2,672        1,886  
  

 

 

     

 

 

     

 

 

  

Total other income (expense), net

    $ 18,223      $ (25,433 )     $ (22,057 ) 
  

 

 

     

 

 

     

 

 

  

 

(1) Gains and losses on forward foreign exchange contracts primarily result from currency fluctuations relative to negotiated contract rates. Gains in 2016 and 2015 were primarily due to favorable currency fluctuations relative to negotiated contract rates on positions to sell the Mexican Peso. 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.

 

(2) Foreign currency transaction gains and losses reflect the impact of foreign currency fluctuation on the Company’s foreign currency denominated balances. Losses in 2016, 2015 and 2014 were primarily due to the weakening of various currencies against the U.S. Dollar.

 

(3) Income in 2016 principally relates to business insurance recoveries.