Other Income (Expense), Net

6 Months Ended

May. 31, 2015

Other Income and Expenses [Abstract]

OTHER INCOME (EXPENSE), NET

OTHER INCOME (EXPENSE), NET

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

	Three Months Ended						Six Months Ended
	May 31, 2015			May 25, 2014			May 31, 2015			May 25, 2014
	(Dollars in thousands)
Foreign exchange management gains (losses)(1)	$	13,947		$	(10,010	)	$	21,855		$	(5,574	)
Foreign currency transaction (losses) gains(2)	(7,325		)	3,163			(43,284		)	925
Interest income	199			401			659			1,028
Investment income	—			—			439			307
Other	818			324			1,942			1,375
Total other income (expense), net	$	7,639		$	(6,122	)	$	(18,389	)	$	(1,939	)

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(1) Gains and losses on forward foreign exchange contracts primarily result from currency fluctuations relative to negotiated contract rates. Gains in 2015 were primarily due to favorable currency fluctuations on embedded foreign currency derivatives in certain of the Company's operating leases in Russia, as well as favorable currency fluctuations relative to negotiated contract rates on positions to sell the Mexican Peso and Japanese Yen. Losses in 2014 were primarily due to unfavorable currency fluctuations relative to negotiated contract rates of various currencies against the U.S. Dollar.

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