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Debt | 9 Months Ended
--- | ---
Aug. 29, 2021
Debt Disclosure [Abstract] |
DEBT | DEBT The following table presents the Company's debt:
| August 29, 2021 |  | November 29, 2020
| (Dollars in thousands)
Long-term debt |  |  |
5.00% senior notes due 2025 | $ | 197,082 |  |  | $ | 986,252 |
3.375% senior notes due 2027 | 553,332 |  |  | 560,448 |
3.50% senior notes due 2031 | 492,899 |  |  | — |
Total long-term debt | $ | 1,243,313 |  |  | $ | 1,546,700 |
Short-term debt |  |  |
Short-term borrowings | 7,485 |  |  | 17,631 |
Total debt | $ | 1,250,798 |  |  | $ | 1,564,331 |
Issuance of Senior Notes due 2031 and Redemption of Senior Notes Due 2025 In February 2021, the Company issued $500.0 million in aggregate principal amount of 3.50% senior notes due 2031 (the "Senior Notes due 2031") to qualified institutional buyers and to purchasers outside the United States. In March 2021, the Company used the proceeds plus cash on hand to redeem $800.0 million of the 5.00% Senior Notes due 2025 and recorded a net loss on the early extinguishment of debt of $30.1 million, which included $20.0 million of call premium on the retired debt. On September 30 2021, subsequent to the Company's quarter end, $200.0 million of cash on hand was used to redeem the remaining 5.00% Senior Notes due 2025. In the fourth quarter of 2021, a net loss on the early extinguishment of debt of approximately $6.2 million will be recorded and will include approximately $3.3 million of call premium on the retired debt. Principal, interest, and maturity. The Senior Notes due 2031 are unsecured obligations that rank equally with all of the Company’s other existing and future unsecured and unsubordinated debt and will mature on March 1, 2031. Interest on the notes is payable semi-annually in arrears on March 1 and September 1, commencing on September 1, 2021. The Company may redeem some or all of the Senior Notes due 2031 prior to March 1, 2026, at a price equal to 100% of the principal amount, plus accrued and unpaid interest, if any, to the date of redemption, and a "make-whole" premium; on or after this date, the Company may redeem all or any portion of the notes, at once or over time, at redemption prices specified in the indenture governing the notes, plus accrued and unpaid interest, if any, to the date of redemption. In addition, at any time prior to March 1, 2024, the Company may redeem up to a maximum of 40% of the aggregate principal amount of the Senior Notes due 2031 with the proceeds of certain equity offerings at a redemption price of 103.5% of the principal amount plus accrued and unpaid interest, if any, to the date of redemption. Costs of $7.4 million associated with the issuance of the notes, representing underwriting fees and other expenses, were capitalized and will be amortized to interest expense over the term of the notes. Covenants. The indenture contains covenants that limit, among other things, the Company’s and certain of the Company’s subsidiaries’ ability to incur liens, other than permitted liens, the Company's subsidiaries ability to incur additional debt, and the Company's ability to merge or consolidate with another person, and sell, assign, transfer, lease convey or otherwise dispose of all or substantially all of the Company’s assets or the assets or its subsidiaries. The indenture provides for customary events of default (subject in certain cases to customary grace and cure periods), which include payment failures, failure to comply with covenants, failure to satisfy other obligations under the agreement or related documents, defaults in respect of other indebtedness, bankruptcy, insolvency and ability to pay debts when due, material judgments, pension plan terminations or specified underfunding, and substantial stock ownership changes. Generally, if an event of default occurs, the trustee under the indenture or holders of the Senior Notes due 2031 may declare all the Senior Notes due 2031 to be due and payable immediately. Upon the occurrence of a change in control (as defined in the indenture), each holder of notes may require the Company to repurchase all or a portion of the notes in cash at a price equal to 101% of the principal amount of notes to be repurchased, plus accrued and unpaid interest, if any, thereon to the date of purchase. As of August 29, 2021, the Company was in compliance with these covenants. Senior Revolving Credit Facility In January 2021, the Company amended its senior secured revolving credit facility (the "Credit Facility"). The Amendment No. 2 to the Second Amended and Restated Credit Agreement, dated as of January 5, 2021 (the "Credit Agreement Amendment"), leaves the material terms of the Second Amended and Restated Agreement substantially unchanged, with the exception that (i) the letter of credit limit was reduced from $350.0 million to $150.0 million, and (ii) the maturity date was extended to January 5, 2026. The guarantees and security interest grants, covenants, events of default of the Second Amended and Restated Credit Agreement, have not been materially changed as a result of the Credit Agreement Amendment. Costs of $3.4 million associated with Credit Agreement Amendment, representing underwriting fees and other expenses, were capitalized and will be amortized to interest expense over the term of the agreement. The Company's unused availability under the Credit Facility was $716.4 million at August 29, 2021, as the Company's total availability of $728.8 million was reduced by $12.4 million of letters of credit and other credit usage allocated under the Credit Facility. Interest Rates on Borrowings The Company’s weighted-average interest rate on average borrowings outstanding during the three and nine months ended August 29, 2021 was 4.12% and 4.34%, respectively, as compared to 4.78% and 4.65%, respectively, during the same periods of 2020.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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