Note

Notes Payable, Long-Term Debt and Lines of Credit

Notes Payable

: Notes payable were

$37,334

and

$30,757

December

2016

and

November

28,

2015,

respectively. This amount mainly represents various foreign subsidiaries’ other short-term borrowings that were not part of committed lines. The weighted-average interest rates on short-term borrowings were

13.7

percent,

8.1

percent and

11.3

percent in

2016,

2015

and

2014,

respectively. Fair values of these short-term obligations approximate their carrying values due to their short maturity. There were no funds drawn from the short-term committed lines at

December

2016.

Long-Term Debt

	Weighted-Average
	Interest Rate at		Fiscal Year
Long-Term Debt	December 3, 2016		Maturity Date		2016			2015
Revolving credit line		1.73%		2019	$	-		$	-
Term Loan		1.86%		2019		266,250			288,750
Senior Notes, Series A 1		2.88%		2017		17,014			17,419
Senior Notes, Series B 2		2.76%		2017		33,164			33,982
Senior Notes, Series C 3		3.80%		2020		36,428			36,955
Senior Notes, Series D 4		5.61%		2020		65,000			65,000
Senior Notes, Series E 5		4.12%		2022		250,000			250,000
Non-U.S. Notes 6		3.36%		2024		467			-
Total debt					$	668,323		$	692,106

Less: current maturities						(80,178	)		(22,500	)
Total long-term debt, excluding current maturities					$	588,145		$	669,606

Senior Notes, Series A, due and repaid on

December

16,

2016,

$17,000

5.13

percent fixed, swapped to a variable rate of

-month LIBOR (in arrears) plus

1.59

percent

Senior Notes, Series B, due

February

24,

2017,

$33,000

5.13

percent fixed, swapped to a variable rate of

-month LIBOR (in arrears) plus

1.47

percent

Senior Notes, Series C, due

December

16,

2019,

$35,000

5.61

percent fixed,

$25,000

swapped to a variable rate of

-month LIBOR (in arrears) plus

1.78

percent

Senior Notes, Series D, due

February

24,

2020,

$65,000

5.61

percent fixed

Senior Notes, Series E, due

March

2022,

$250,000

4.12

percent fixed

Non-U.S. Notes, due in

2024

and

2025,

$467

3.36

percent fixed blended rate

December

16,

2009,

we entered into a note purchase agreement under which we agreed to issue

$150,000

in aggregate principal amount of senior unsecured notes to a group of private investors. The

$150,000

was split into

four

non-amortizing tranches, Series A-D. On

March

2012,

we entered into a note purchase agreement under which we agreed to issue

$250,000

in aggregate principal amount of senior unsecured notes to a group of private investors. The

$250,000

is a non-amortizing tranche, Series E.

October

31,

2014,

we entered into a credit agreement

with a consortium of financial institutions under which we established a

$300,000

multi-currency revolving credit facility and a

$300,000

term loan that we can use to repay existing indebtedness, finance working capital needs, finance acquisitions, and for general corporate purposes. At

December

2016

there were

borrowings on the revolving credit facility. At

December

2016

a balance of

$266,250

was drawn on the term loan.

Interest on the revolving credit facility is payable at the LIBOR plus

1.075

percent. A facility fee of

0.175

percent is payable quarterly. The interest rate on the term loan is payable at the LIBOR rate plus

1.25

percent.

The interest rates and the facility fee are based on a rating grid. The credit agreement replaced the previous revolving credit facilities entered into on

March

2012.

The

October

31,

2014

credit agreement expires on

October

31,

2019.

October

31,

2014

we amended various provisions of the Note Purchase Agreements Series A through E, including the covenant definition of Consolidated EBITDA. As part of these amendments, the interest rate on the debt

may

increase based on changes to the rating of our senior, unsecured long-term debt.

Long-term debt had an estimated fair value of

$693,283

and

$716,213

as of

December

2016

and

November

28,

2015,

respectively. The fair value of long-term debt is based on quoted market prices for the same or similar issues or on the current rates offered for debt of similar maturities. The estimated fair value of these long-term obligations is not necessarily indicative of the amount that would be realized in a current market exchange.

Lines of Credit

As of

December

2016,

lines of credit were as follows:

Term		Committed				Drawn				Unused
Long-term lines of credit		$	300,000			$	-			$	300,000

A revolving credit agreement with a consortium of financial institutions accounted for the entire committed lines of credit. The credit agreement creates an unsecured multi-currency revolving credit facility that can be drawn upon for general corporate purposes up to a maximum of

$300,000.

The credit agreement expires on

October

31,

2019.

The most restrictive debt covenants place limitations on secured and unsecured borrowings, operating leases, and contain minimum interest coverage and maximum debt to trailing

twelve

months EBITDA requirements. In addition, we cannot be a member of any consolidated group as defined for income tax purposes other than with our subsidiaries. At

December

2016

all financial covenants were met.

Maturities of long-term debt for the next

five

fiscal years follow:

Fiscal Year		2017				2018				2019				2020				2021				Thereafter
Long-term debt obligations		$	80,234			$	37,556			$	198,806			$	101,484			$	56			$	250,187