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Derivative Instruments and Hedging Activities (Tables)
 12 Months Ended
Nov. 25, 2018
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:
 
November 25, 2018
 
November 26, 2017
 
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)
$
18,372

 
$
—

 
$
18,372

 
$
6,296

 
$
—

 
$
6,296

Forward foreign exchange contracts(2)
—

 
(4,447
)
 
(4,447
)
 
—

 
(23,799
)
 
(23,799
)
Total
$
18,372

 
$
(4,447
)
 
 
 
$
6,296

 
$
(23,799
)
 
 
Non-derivatives designated as hedging instruments
 
 
 
 
 
 
 
 
 
 
 
Euro senior notes

$
—

 
$
(541,500
)
 
 
 
$
—

 
$
(562,780
)
 
 

_____________
(1)
Included in "Other current assets" or "Other non-current assets" on the Company’s consolidated balance sheets.
(2)
Included in "Other accrued liabilities" or "Other long-term liabilities" on the Company’s consolidated balance sheets.
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 25, 2018
 
November 26, 2017
 
 
Gross Amounts of Assets / (Liabilities) Presented in the Balance Sheet
 
Gross Amounts Not Offset in the Balance Sheet
 
Net Amount of Assets / (Liabilities)
Gross Amounts of Assets / (Liabilities) Presented in the Balance Sheet
 
Gross Amounts Not Offset in the Balance Sheet
 
Net Amount of Assets / (Liabilities)
 
 
 
(Dollars in thousands)
 
Over-the-counter forward foreign exchange contracts
 
 
 
 
 
 
 
 
 
 
 
 
Financial assets
$
16,417

 
$
(1,756
)
 
$
14,661

 
$
3,218

 
$
(3,146
)
 
$
72

 
Financial liabilities
(2,181
)
 
1,756

 
(425
)
 
(20,876
)
 
3,146

 
(17,730
)
 
Total
 
 
 
 
$
14,236

 
 
 
 
 
$
(17,658
)
 
Embedded derivative contracts
 
 
 
 
 
 
 
 
 
 
 
 
Financial assets
$
1,955

 
$
—

 
$
1,955

 
$
3,078

 
$
—

 
$
3,078

 
Financial liabilities
(2,266
)
 
—

 
(2,266
)
 
(2,923
)
 
—

 
(2,923
)
 
Total
 
 
 
 
$
(311
)
 
 
 
 
 
$
155
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
 
Year Ended
November 25,
2018
November 26,
2017
November 25,
2018
 
November 26,
2017
 
November 27,
2016
 
(Dollars in thousands)
Forward foreign exchange contracts
$
4,637

 
$
4,637

 


 


 


Yen-denominated Eurobonds
(19,811
)
 
(19,811
)
 
$
—

 
$
—

 
$
2,627

Euro-denominated senior notes
(54,416
)
 
(75,697
)
 
—

 
—

 
—

Cumulative income taxes
29,703

 
35,253

 


 
 
 
 
Total
$
(39,887
)
 
$
(55,618
)
 
 
 
 
 
 
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:
 
Year Ended
 
November 25,
2018
 
November 26,
2017
 
November 27,
2016
 
(Dollars in thousands)
Forward foreign exchange contracts:
 
 
 
 
 
Realized (loss) gain
$
(19,974
)
 
$
(5,773
)
 
$
17,175

Unrealized gain (loss) (1)
31,141

 
(35,394
)
 
(1,315
)
Total
$
11,167

 
$
(41,167
)
 
$
15,860

_____________
(1)
The unrealized gain in 2018 is primarily driven by gains on contracts to sell the Euro, the Mexican Peso and the British Pound, as a result of the U.S. Dollar strengthening at year end. The unrealized loss in 2017 is primarily driven by losses on contracts to sell the Mexican Peso, the Euro and the British Pound, as a result of the U.S. Dollar weakening at year end.