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Derivative Instruments and Hedging Activities
 6 Months Ended
May 27, 2012
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
As of May 27, 2012, the Company had forward foreign exchange contracts to buy $859.4 million and to sell $482.5 million against various foreign currencies. These contracts are at various exchange rates and expire at various dates through August 2013.
The table below provides data about the carrying values of derivative instruments and non-derivative instruments:
 
 
May 27, 2012
 
November 27, 2011
 
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)
$
46,531

 
$
(14,149
)
 
$
32,382

 
$
31,906

 
$
(5,914
)
 
$
25,992

Forward foreign exchange contracts(2)
2,048

 
(10,211
)
 
(8,163
)
 
4,547

 
(9,803
)
 
(5,256
)
Total
$
48,579

 
$
(24,360
)
 
 
 
$
36,453

 
$
(15,717
)
 
 
Non-derivatives designated as hedging instruments
 
 
 
 
 
 
 
 
 
 
 
4.25% Yen-denominated Eurobonds due 2016
$
—

 
$
(44,724
)
 
 
 
$
—

 
$
(46,115
)
 
 
7.75% Euro senior notes due 2018
—

 
(375,930
)
 
 
 
—

 
(400,350
)
 
 
Total
$
—

 
$
(420,654
)
 
 
 
$
—

 
$
(446,465
)
 
 
_____________
 
(1)
Included in “Other current assets” or “Other non-current assets” on the Company’s consolidated balance sheets.
(2)
Included in “Other accrued liabilities” on the Company’s consolidated balance sheets.

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 27,
2012
November 27,
2011
May 27,
2012
 
May 29,
2011
 
May 27,
2012
 
May 29,
2011
 
(Dollars in thousands)
Forward foreign exchange contracts
$
4,637

 
$
4,637

 
$
—

 
$
—

 
—

 
—

Yen-denominated Eurobonds
(27,076
)
 
(28,525
)
 
(83
)
 
(453
)
 
2,523

 
(1,546
)
Euro senior notes
1,139

 
(23,281
)
 
—

 
—

 
—

 
—

Cumulative income taxes
8,452

 
18,476

 
 
 
 
 
 
 
 
Total
$
(12,848
)
 
$
(28,693
)
 
 
 
 
 
 
 
 
 
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 27,
2012
 
May 29,
2011
 
May 27,
2012
 
May 29,
2011
 
(Dollars in thousands)
Forward foreign exchange contracts:
 
 
 
 
 
 
 
Realized
$
6,015

 
$
860

 
$
2,530

 
$
(4,863
)
Unrealized
15,318

 
1,405

 
3,551

 
(968
)
Total
$
21,333

 
$
2,265

 
$
6,081

 
$
(5,831
)