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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 3 Months Ended 12 Months Ended
Feb. 26, 2017
Nov. 27, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Carrying values of derivative instruments and non-derivative instruments

The table below provides data about the carrying values of derivative instruments and non-derivative instruments:

 

    February 26, 2017     November 27, 2016  
    Assets     (Liabilities)     Derivative
Net Carrying
Value		     Assets     (Liabilities)     Derivative
Net Carrying
Value		  
    Carrying
Value		     Carrying
Value		       Carrying
Value		     Carrying
Value		    
    (Dollars in thousands)  

Derivatives not designated as hedging instruments

            

Forward foreign exchange contracts(1)

   $ 17,002     $ (7,556 )    $ 9,446     $ 30,160     $ (6,893 )    $ 23,267  

Forward foreign exchange contracts(2)

     4,614       (15,457 )      (10,843 )      1,481       (7,014 )      (5,533 ) 
 

 

 

    

 

 

      

 

 

    

 

 

    

Total

   $ 21,616     $ (23,013 )      $ 31,641     $ (13,907 )   
 

 

 

    

 

 

      

 

 

    

 

 

    

 

(1) Included in “Other current assets” or “Other non-current assets” on the Company’s consolidated balance sheets.

 

(2) Included in “Other accrued liabilities” on the Company’s consolidated balance sheets.

The table below provides data about the carrying values of derivative instruments and non-derivative instruments:

 

     November 27, 2016     November 29, 2015  
     Assets      (Liabilities)     Derivative
Net Carrying
Value		     Assets      (Liabilities)     Derivative
Net Carrying
Value		  
     Carrying
Value		      Carrying
Value		       Carrying
Value		      Carrying
Value		    
     (Dollars in thousands)  

Derivatives not designated as hedging instruments

               

Forward foreign exchange contracts(1)

    $ 30,160      $ (6,893 )    $ 23,267     $ 31,808      $ (4,677 )    $ 27,131  

Forward foreign exchange contracts(2)

      1,481        (7,014 )      (5,533 )      253        (8,062 )      (7,809 ) 
  

 

 

     

 

 

      

 

 

     

 

 

    

Total

    $ 31,641      $ (13,907 )      $ 32,061      $ (12,739 )   
  

 

 

     

 

 

      

 

 

     

 

 

    

Non-derivatives designated as hedging instruments

               

Yen-denominated Eurobonds

    $ —        $ —         $ —        $ (7,832 )   
  

 

 

     

 

 

      

 

 

     

 

 

    

 

(1) Included in “Other current assets” or “Other non-current assets” on the Company’s consolidated balance sheets.

 

(2) Included in “Other accrued liabilities” on the Company’s consolidated balance sheets.
Offsetting assets and liabilities

The table below presents the gross and net amounts of these contracts recognized on the Company’s consolidated balance sheets by type of financial instrument:

 

     February 26, 2017     November 27, 2016  
     Gross
Amounts of
Recognized
Assets /
(Liabilities)		     Gross
Amounts
Offset in the
Statement
of Financial
Position		     Net Amounts
of Assets /
(Liabilities)
Presented in
the Statement
of Financial
Position		     Gross
Amounts of
Recognized
Assets /
(Liabilities)		     Gross
Amounts
Offset in the
Statement of
Financial
Position		     Net Amounts
of Assets /
(Liabilities)
Presented in
the Statement
of Financial
Position		  
     (Dollars in thousands)  

Over-the-counter forward foreign exchange contracts

       

Financial assets

    $ 16,847     $ (12,169 )    $ 4,678     $ 29,240     $ (8,374 )    $ 20,866  

Financial liabilities

      (19,679 )      12,169       (7,510 )      (10,365 )      8,374       (1,991 ) 
      

 

 

        

 

 

  

Total

        $ (2,832 )        $ 18,875  
      

 

 

        

 

 

  

Embedded derivative contracts

             

Financial assets

    $ 4,768     $ —       $ 4,768     $ 2,401     $ —       $ 2,401  

Financial liabilities

      (3,333 )      —         (3,333 )      (3,542 )      —         (3,542 ) 
      

 

 

        

 

 

  

Total

        $ 1,435         $ (1,141 ) 
      

 

 

        

 

 

  

 

The table below presents the gross and net amounts of these contracts recognized on the Company’s consolidated balance sheets by type of financial instrument:

 

     November 27, 2016     November 29, 2015  
     Gross
Amounts of
Recognized
Assets /
(Liabilities)		     Gross
Amounts
Offset in the
Statement
of Financial
Position		     Net Amounts
of Assets /
(Liabilities)
Presented in
the Statement
of Financial
Position		     Gross
Amounts of
Recognized
Assets /
(Liabilities)		     Gross
Amounts
Offset in the
Statement of
Financial
Position		     Net Amounts
of Assets /
(Liabilities)
Presented in
the Statement
of Financial
Position		  
     (Dollars in thousands)  

Over-the-counter forward foreign exchange contracts

             

Financial assets

    $ 29,240     $ (8,374 )    $ 20,866     $ 30,837     $ (4,930 )    $ 25,907  

Financial liabilities

      (10,365 )      8,374       (1,991 )      (7,599 )      4,930       (2,669 ) 
      

 

 

        

 

 

  

Total

        $ 18,875         $ 23,238  
      

 

 

        

 

 

  

Embedded derivative contracts

             

Financial assets

    $ 2,401     $ —       $ 2,401     $ 1,224     $ —       $ 1,224  

Financial liabilities

      (3,542 )      —         (3,542 )      (5,140 )      —         (5,140 ) 
      

 

 

        

 

 

  

Total

        $ (1,141 )        $ (3,916 ) 
      

 

 

        

 

 
Gains and losses included in AOCI

The table below provides data about the amount of gains and losses related to derivative instruments and non-derivative instruments designated as net investment hedges included in “Accumulated other comprehensive loss” (“AOCI”) on the Company’s consolidated balance sheets, and in “Other income (expense), net” in the Company’s consolidated statements of income:

 

     Gain or (Loss)
Recognized in AOCI
(Effective Portion)		     Gain or (Loss) Recognized in Other
Income (Expense), net (Ineffective
Portion and Amount Excluded from
Effectiveness Testing)		  
     As of     As of     Three Months Ended  
   February 26,
2017		     November 27,
2016		     February 26,
2017		      February 28,
2016		  
     (Dollars in thousands)  

Forward foreign exchange contracts

    $ 4,637     $ 4,637       

Yen-denominated Eurobonds

      (19,811 )      (19,811 )    $ —        $ (2,103 ) 

Euro senior notes

      (15,751 )      (15,751 )      

Cumulative income taxes

      12,168       12,168       
  

 

 

    

 

 

       

Total

    $ (18,757 )    $ (18,757 )      
  

 

 

    

 

 

       

The table below provides data about the amount of gains and losses related to derivative instruments and non-derivative instruments designated as net investment hedges included in “Accumulated other comprehensive loss” (“AOCI”) on the Company’s consolidated balance sheets, and in “Other income (expense), net” in the Company’s consolidated statements of income:

 

     Gain or (Loss)
Recognized in AOCI
(Effective Portion)		     Gain or (Loss) Recognized in Other
Income (Expense), net (Ineffective
Portion and Amount Excluded from
Effectiveness Testing)		  
     As of
November 27,
2016		     As of
November 29,
2015		     Year Ended  
         November 27,
2016		      November 29,
2015		      November 30,
2014		  
     (Dollars in thousands)  

Forward foreign exchange contracts

    $ 4,637     $ 4,637          

Yen-denominated Eurobonds

      (19,811 )      (18,982 )    $ 2,627      $ 965      $ 3,767  

Euro senior notes

      (15,751 )      (15,751 )      —          —          —    

Cumulative income taxes

      12,168       11,849          
  

 

 

    

 

 

          

Total

    $ (18,757 )    $ (18,247 )         
Gains and losses included in statements of income

The table below provides data about the amount of gains and losses related to derivatives not designated as hedging instruments included in “Other income (expense), net” in the Company’s consolidated statements of income:

 

     Three Months Ended  
     February 26,
2017		      February 28,
2016		  

Forward foreign exchange contracts:

      

Realized gain

    $ 9,076      $ 12,967  

Unrealized loss

      (19,320 )       (9,231 ) 
  

 

 

     

 

 

  

Total

    $ (10,244 )     $ 3,736  
  

 

 

     

 

 

  

 

The table below provides data about the amount of gains and losses related to derivatives not designated as hedging instruments included in “Other income (expense), net” in the Company’s consolidated statements of income:

 

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

Forward foreign exchange contracts:

         

Realized

    $ 17,175      $ 14,720      $ (6,184 ) 

Unrealized

      (1,315 )       19,386        (4,920 ) 
  

 

 

     

 

 

     

 

 

  

Total

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