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Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended
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Nov. 28, 2021
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 28, 2021 |  | November 29, 2020
| Assets |  | (Liabilities) |  | Derivative Net Carrying Value |  | Assets |  | (Liabilities) |  | Derivative Net Carrying Value
| Carrying Value |  | Carrying Value |  |  | Carrying Value |  | Carrying Value |
| (Dollars in thousands)
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |
Foreign exchange risk cash flow hedges(1) | $ | 24,858 |  |  | $ | — |  |  | $ | 24,858 |  |  | $ | 1,489 |  |  | $ | — |  |  | $ | 1,489 |
Foreign exchange risk cash flow hedges(2) | — |  |  | (2,030) |  |  | (2,030) |  |  | — |  |  | (5,036) |  |  | (5,036) |
Total | $ | 24,858 |  |  | $ | (2,030) |  |  |  |  | $ | 1,489 |  |  | $ | (5,036) |  |  |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |
Forward foreign exchange contracts(1) | $ | 27,512 |  |  | $ | (24,858) |  |  | $ | 2,654 |  |  | $ | 4,902 |  |  | $ | (1,487) |  |  | $ | 3,415 |
Forward foreign exchange contracts(2) | 2,030 |  |  | (13,255) |  |  | (11,225) |  |  | 5,035 |  |  | (10,734) |  |  | (5,699) |
Total | $ | 29,542 |  |  | $ | (38,113) |  |  |  |  | $ | 9,937 |  |  | $ | (12,221) |  |  |
Non-derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |
Euro senior notes | $ | — |  |  | $ | (532,285) |  |  |  |  | $ | — |  |  | $ | (565,820) |  |  |
_____________ (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 28, 2021 |  | November 29, 2020
| Gross Amounts of Assets / (Liabilities) Presented in the Balance Sheet |  | Gross Amounts Not Offset in the Balance Sheet |  | Net Amounts of Assets / (Liabilities) | Gross Amounts of Assets / (Liabilities) Presented in the Balance Sheet |  | Gross Amounts Not Offset in the Balance Sheet |  | Net Amounts of Assets / (Liabilities)
| (Dollars in thousands)
Foreign exchange risk contracts and forward foreign exchange contracts |  |  |  |  |  |  |  |  |  |  |
Financial assets | $ | 54,400 |  |  | $ | (10,152) |  |  | $ | 44,248 |  |  | $ | 11,426 |  |  | $ | (6,578) |  |  | $ | 4,848 |
Financial liabilities | (40,143) |  |  | 10,152 |  |  | (29,991) |  |  | (17,257) |  |  | 6,578 |  |  | (10,679) |
Total |  |  |  |  | $ | 14,257 |  |  |  |  |  |  | $ | (5,831) |
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 cash flow and 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 operations:
| Amount of Gain or (Loss) Recognized in AOCI (Effective Portion) |  | Amount of Gain (Loss) Reclassified from AOCI into Net Income (Loss)(1)
| As of November 28, 2021 |  | As of November 29, 2020 |  | Year Ended
November 28, 2021 |  | November 29, 2020 |  | November 24, 2019
| (Dollars in thousands)
Foreign exchange risk contracts | $ | 24,304 |  |  | $ | (11,896) |  |  | $ | (19,277) |  |  | $ | 13,182 |  |  | $ | 3,418 |
Realized forward foreign exchange swaps(2) | 4,637 |  |  | 4,637 |  |  | — |  |  | — |  |  | — |
Yen-denominated Eurobonds | (19,811) |  |  | (19,811) |  |  | — |  |  | — |  |  | — |
Euro-denominated senior notes | (45,201) |  |  | (78,736) |  |  | — |  |  | — |  |  | — |
Cumulative income taxes | 15,157 |  |  | 31,350 |  |  | — |  |  | — |  |  | — |
Total | $ | (20,914) |  |  | $ | (74,456) |  |  |  |  |  |  |
_____________ (1)Amounts reclassified from AOCI were classified as net revenues or costs of goods sold on the consolidated statements of operations. (2)Prior to and during 2005, the Company used foreign exchange currency swaps to hedge the net investment in its foreign operations. For hedges that qualified for hedge accounting, the net gains were included in AOCI and are not reclassified to earnings until the related net investment position has been liquidated.
Gains and losses included in statements of income | The table below presents the effects of the Company's cash flow hedges of foreign exchange risk contracts on the Consolidated statements of operations for the year ended November 28, 2021:
| Year ended
| November 28, 2021 |  | November 29, 2020 |  | November 24, 2019
| (Dollars in thousands)
Amount of (Loss) Gain on Cash Flow Hedge Activity: |  |  |  |  |
Net revenues | $ | (4,323) |  |  | $ | 1,814 |  |  | $ | (3,908) |
Cost of goods sold | (14,954) |  |  | 11,368 |  |  | 7,326 |
The table below provides data about the amount of gains and losses related to derivative instruments included in "Other income (expense), net" in the Company’s consolidated statements of operations:
| Year Ended
| November 28, 2021 |  | November 29, 2020 |  | November 24, 2019
| (Dollars in thousands)
Forward foreign exchange contracts: |  |  |  |  |
Realized (loss) gain(1) | $ | (9,744) |  |  | $ | 8,049 |  |  | $ | 8,164 |
Unrealized loss(2) | (5,057) |  |  | (5,750) |  |  | (8,038) |
Total | $ | (14,801) |  |  | $ | 2,299 |  |  | $ | 126 |
_____________ (1)The realized loss in fiscal year 2021 is primarily driven by losses on contracts to buy various currencies, mainly the Euro, and losses on contracts to sell various currencies, in particular the British Pound, Canadian Dollar and Mexican Peso a result of the U.S. Dollar strengthening throughout the year against original contract rates. The realized gain in fiscal year 2020 is primarily driven by gains on contracts to buy various currencies, mainly the Euro, as a result of the U.S. Dollar weakening throughout the year against original contract rates. The realized gain in fiscal year 2019 is driven by gains on contracts to sell various currencies, mainly the Euro, as a result of the U.S. Dollar strengthening throughout the year against lower original contract rates. (2)The unrealized loss in fiscal year 2021 is primarily driven by losses on contracts to sell various foreign currencies, mainly the Euro, Mexican Peso and Japanese Yen, as a result of the U.S. Dollar strengthening against the original contract rates at year end. The unrealized loss in fiscal year 2020 is primarily driven by losses on contracts to sell various foreign currencies, mainly the Euro, as a result of the U.S. Dollar weakening against the original contract rates at year end. The unrealized loss in fiscal year 2019 is driven by losses on contracts to sell various foreign currencies, mainly the Euro, as a result of the U.S. Dollar weakening against the original contract rates at year end.

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