Derivatives and Hedging Activities (Tables)

12 Months Ended

Nov. 29, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The fair value of derivative instruments on our Consolidated Balance Sheets as of November 29, 2013 and November 30, 2012 was as follows (in thousands):



	2013				2012
	Fair Value Asset Derivatives⁽¹⁾		Fair Value Liability Derivatives⁽²⁾		Fair Value Asset Derivatives⁽¹⁾		Fair Value Liability Derivatives⁽²⁾
Derivatives designated as hedging instruments:
Foreign exchange option contracts⁽³⁾	$	8,913	$	—	$	10,897	$	—
Derivatives not designated as hedging instruments:
Foreign exchange forward contracts	2,978		1,067		2,616		998
Total derivatives	$	11,891	$	1,067	$	13,513	$	998

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⁽¹⁾	Included in prepaid expenses and other current assets on our Consolidated Balance Sheets.


⁽²⁾	Included in accrued expenses on our Consolidated Balance Sheets.


⁽³⁾	Hedging effectiveness expected to be recognized to income within the next twelve months.

Effect of Derivative Instruments as Designated Cash Flow Hedges and Not Designated as Hedges

The effect of derivative instruments designated as cash flow hedges and of derivative instruments not designated as hedges in our Consolidated Statements of Income for fiscal 2013, 2012 and 2011 were as follows (in thousands):



	2013					2012					2011
	Foreign Exchange Option Contracts			Foreign Exchange Forward Contracts		Foreign Exchange Option Contracts			Foreign Exchange Forward Contracts		Foreign Exchange Option Contracts			Foreign Exchange Forward Contracts
Derivatives in cash flow hedging relationships:
Net gain (loss) recognized in OCI, net of tax⁽¹⁾	$	34,677		$	—	$	23,922		$	—	$	16,952		$	—
Net gain (loss) reclassified from accumulated OCI into income, net of tax⁽²⁾	$	35,914		$	—	$	30,672		$	—	$	3,749		$	—
Net gain (loss) recognized in income⁽³⁾	$	(21,098	)	$	—	$	(29,554	)	$	—	$	(28,796	)	$	—
Derivatives not designated as hedging relationships:
Net gain (loss) recognized in income⁽⁴⁾	$	—		$	2,129	$	—		$	8,742	$	—		$	(3,973	)

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⁽¹⁾	Net change in the fair value of the effective portion classified in OCI.


⁽²⁾	Effective portion classified as revenue.


⁽³⁾	Ineffective portion and amount excluded from effectiveness testing classified in interest and other income (expense), net.


⁽⁴⁾	Classified in interest and other income (expense), net.

Net Gains (Losses) Recognized in Interest and Other Income (Expense) Net, Relating to Balance Sheet Hedging

Net gains (losses) recognized in interest and other income (expense), net relating to balance sheet hedging for fiscal 2013, 2012 and 2011 were as follows (in thousands):



	2013			2012			2011
Gain (loss) on foreign currency assets and liabilities:
Net realized gain (loss) recognized in other income	$	(4,783	)	$	(5,899	)	$	6,604
Net unrealized gain (loss) recognized in other income	2,751			(4,720		)	(4,062		)
	(2,032		)	(10,619		)	2,542
Gain (loss) on hedges of foreign currency assets and liabilities:
Net realized gain recognized in other income	1,835			9,312			4,633
Net unrealized gain (loss) recognized in other income	294			(570		)	(8,606		)
	2,129			8,742			(3,973		)
Net gain (loss) recognized in interest and other income (expense), net	$	97		$	(1,877	)	$	(1,431	)