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Derivative Instruments and Hedging Activities (Tables)
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6 Months Ended |
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May 25, 2014
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| 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: | | | | | | | | | | | | | | | | | | | | | | | | | | May 25, 2014 | | November 24, 2013 | | 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 | $ | 4,380 |
| | $ | (56 | ) | | $ | 4,324 |
| | $ | 11,145 |
| | $ | (4,000 | ) | | $ | 7,145 |
| Forward foreign exchange contracts | 3,659 |
| | (15,662 | ) | | (12,003 | ) | | 880 |
| | (3,215 | ) | | (2,335 | ) | Total | $ | 8,039 |
| | $ | (15,718 | ) | | | | $ | 12,025 |
| | $ | (7,215 | ) | | | Non-derivatives designated as hedging instruments | | | | | | | | | | | | 4.25% Yen-denominated Eurobonds due 2016 | $ | — |
| | $ | (18,087 | ) | | | | $ | — |
| | $ | (20,564 | ) | | | 7.75% Euro senior notes due 2018 | — |
| | (204,825 | ) | | | | — |
| | (404,430 | ) | | | Total | $ | — |
| | $ | (222,912 | ) | | | | $ | — |
| | $ | (424,994 | ) | | |
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| Offsetting assets and liabilities |
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 table below presents, by type of financial instrument, the gross amounts of the Company's derivative instruments, amounts offset due to master netting arrangements with the Company's various counterparties, and the net amounts recognized on the Company's consolidated balance sheets: | | | | | | | | | | | | | | | | | | | | | | | | | | May 25, 2014 | | November 24, 2013 | | 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 | $ | 4,049 |
| | $ | (3,715 | ) | | $ | 334 |
| | $ | 8,600 |
| | $ | (4,880 | ) | | $ | 3,720 |
| Financial liabilities | (13,017 | ) | | 3,715 |
| | (9,302 | ) | | (5,855 | ) | | 4,880 |
| | (975 | ) | Total | | | | | $ | (8,968 | ) | | | | | | $ | 2,745 |
| Embedded derivative contracts | | | | | | | | | | | | Financial assets | $ | 3,990 |
| | $ | — |
| | $ | 3,990 |
| | $ | 3,425 |
| | $ | — |
| | $ | 3,425 |
| Financial liabilities | (2,701 | ) | | — |
| | (2,701 | ) | | (1,360 | ) | | — |
| | (1,360 | ) | Total | | | | | $ | 1,289 |
| | | | | | $ | 2,065 |
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| 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 | | Six Months Ended | May 25,
2014 | November 24,
2013 | May 25,
2014 | | May 26,
2013 | | May 25,
2014 | | May 26,
2013 | | (Dollars in thousands) | Forward foreign exchange contracts | $ | 4,637 |
| | $ | 4,637 |
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| 4.25% Yen-denominated Eurobonds due 2016 | (21,040 | ) | | (21,161 | ) | | $ | (112 | ) | | $ | 1,576 |
| | $ | 104 |
| | $ | 3,904 |
| 7.75% Euro senior notes due 2018 | (33,301 | ) | | (27,361 | ) | | — |
| | — |
| | — |
| | — |
| Cumulative income taxes | 19,435 |
| | 17,186 |
| | | | | | | | | Total | $ | (30,269 | ) | | $ | (26,699 | ) | | | | | | | | |
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| 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: | | | | | | | | | | | | | | | | | | Gain or (Loss) | | Three Months Ended | | Six Months Ended | | May 25,
2014 | | May 26,
2013 | | May 25,
2014 | | May 26,
2013 | | (Dollars in thousands) | Forward foreign exchange contracts: | | | | | | | | Realized | $ | 854 |
| | $ | (3,487 | ) | | $ | 6,769 |
| | $ | (6,197 | ) | Unrealized | (10,864 | ) | | 6,277 |
| | (12,343 | ) | | 6,169 |
| Total | $ | (10,010 | ) | | $ | 2,790 |
| | $ | (5,574 | ) | | $ | (28 | ) |
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