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Fair Value of Financial Instruments | 6 Months Ended
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May 24, 2020
Fair Value Disclosures [Abstract] |
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS The following table presents the Company’s financial instruments that are carried at fair value:
| May 24, 2020 |  | November 24, 2019
|  |  | Fair Value Estimated Using |  |  |  | Fair Value Estimated Using
| Fair Value |  | Level 1 Inputs(1) |  | Level 2 Inputs(2) |  | Fair Value |  | Level 1 Inputs(1) |  | Level 2 Inputs(2)
| (Dollars in thousands)
Financial assets carried at fair value |  |  |  |  |  |  |  |  |  |  |
Rabbi trust assets | $ | 59,936 |  |  | $ | 59,936 |  |  | $ | — |  |  | $ | 49,207 |  |  | $ | 49,207 |  |  | $ | — |
Short-term investments in marketable securities | 76,078 |  |  |  |  |  | 76,078 |  |  | 80,741 |  |  | — |  |  | 80,741 |
Derivative instruments(3) | 26,171 |  |  | — |  |  | 26,171 |  |  | 16,323 |  |  | — |  |  | 16,323 |
Total | $ | 162,185 |  |  | $ | 59,936 |  |  | $ | 102,249 |  |  | $ | 146,271 |  |  | $ | 49,207 |  |  | $ | 97,064 |
Financial liabilities carried at fair value |  |  |  |  |  |  |  |  |  |  |
Derivative instruments(3) | 1,810 |  |  | — |  |  | 1,810 |  |  | 8,123 |  |  | — |  |  | 8,123 |
Total | $ | 1,810 |  |  | $ | — |  |  | $ | 1,810 |  |  | $ | 8,123 |  |  | $ | — |  |  | $ | 8,123 |
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(1) | Fair values estimated using Level 1 inputs are inputs that consist of quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Rabbi trust assets consist of a diversified portfolio of equity, fixed income and other securities.
(2) | Fair values estimated using Level 2 inputs are inputs, other than quoted prices, that are observable for the asset or liability, either directly or indirectly, and include among other things, quoted prices for similar assets or liabilities in markets that are active or inactive as well as inputs other than quoted prices that are observable. Short-term investments in marketable securities consist of fixed income securities. For forward foreign exchange contracts, inputs include foreign currency exchange and interest rates and, where applicable, credit default swap prices.
(3) | The Company’s cash flow hedges are subject to International Swaps and Derivatives Association, Inc. master agreements. These agreements permit the net settlement of these contracts on a per-institution basis. Refer to Note 3 for more information.
The following table presents the carrying value, including related accrued interest, and estimated fair value of the Company’s financial instruments that are carried at adjusted historical cost:
| May 24, 2020 |  | November 24, 2019
| Carrying Value |  | Estimated Fair Value |  | Carrying Value |  | Estimated Fair Value
| (Dollars in thousands)
Financial liabilities carried at adjusted historical cost |  |  |  |  |  |  |
5.00% senior notes due 2025(1)(2) | $ | 988,143 |  |  | $ | 1,002,915 |  |  | $ | 489,299 |  |  | $ | 505,757 |
3.375% senior notes due 2027(1) | 517,496 |  |  | 516,211 |  |  | 522,524 |  |  | 556,266 |
Short-term borrowings | 308,172 |  |  | 308,172 |  |  | 7,621 |  |  | 7,621 |
Total | $ | 1,813,811 |  |  | $ | 1,827,298 |  |  | $ | 1,019,444 |  |  | $ | 1,069,644 |
_____________
(1) | Fair values are estimated using Level 1 inputs and incorporate mid-market price quotes. Level 1 inputs are inputs that consist of quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.
(2) | On April 17, 2020, the Company issued an additional $500 million in aggregate principal amount under the original indenture dated April 27, 2015. Refer to Note 4 for additional information.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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