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Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended
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May 29, 2022
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 and non-derivative instruments:
| May 29, 2022 |  | November 28, 2021
| 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) | $ | 25,612 |  |  | $ | — |  |  | $ | 25,612 |  |  | $ | 24,858 |  |  | $ | — |  |  | $ | 24,858 |
Foreign exchange risk cash flow hedges(2) | — |  |  | (3,587) |  |  | (3,587) |  |  | — |  |  | (2,030) |  |  | (2,030) |
Total | $ | 25,612 |  |  | $ | (3,587) |  |  |  |  | $ | 24,858 |  |  | $ | (2,030) |  |  |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |
Forward foreign exchange contracts(1) | $ | 32,858 |  |  | $ | (25,613) |  |  | $ | 7,245 |  |  | $ | 27,512 |  |  | $ | (24,858) |  |  | $ | 2,654 |
Forward foreign exchange contracts(2) | 3,573 |  |  | (4,199) |  |  | (626) |  |  | 2,030 |  |  | (13,255) |  |  | (11,225) |
Total | $ | 36,431 |  |  | $ | (29,812) |  |  |  |  | $ | 29,542 |  |  | $ | (38,113) |  |  |
Non-derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |
Euro senior notes | $ | — |  |  | $ | (509,153) |  |  |  |  | $ | — |  |  | $ | (532,285) |  |  |
_____________ (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.
Offsetting assets and liabilities | The Company's over-the-counter forward foreign exchange contracts 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; however, the Company records the fair value on a gross basis on its consolidated balance sheets based on maturity dates, including those subject to master netting arrangements. 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:
| May 29, 2022 |  |  |  |  |  |  | November 28, 2021
| 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 | $ | 62,043 |  |  | $ | (4,509) |  |  | $ | 57,534 |  |  |  |  |  |  |  | $ | 54,400 |  |  | $ | (10,152) |  |  | $ | 44,248 |
Financial liabilities | (33,399) |  |  | 4,509 |  |  | (28,890) |  |  |  |  |  |  |  | (40,143) |  |  | 10,152 |  |  | (29,991) |
Total |  |  |  |  | $ | 28,644 |  |  |  |  |  |  |  |  |  |  |  | $ | 14,257 |
Gains and losses included in AOCI | The table below provides data about the amount of gains and losses related to derivative instruments designated as cash flow hedges and non-derivative instruments designated as net investment hedges included in "Accumulated other comprehensive loss" ("AOCL") on the Company’s consolidated balance sheets:
| Amount of Gain (Loss) Recognized in AOCL (Effective Portion) |  | Amount of Gain (Loss) Reclassified from AOCL into Net Income(1)
| As of May 29, 2022 |  | As of November 28, 2021 |  | Three Months Ended |  | Six Months Ended
May 29, 2022 |  | May 30, 2021 |  | May 29, 2022 |  | May 30, 2021
| (Dollars in thousands)
Foreign exchange risk contracts | $ | 31,034 |  |  | $ | 24,304 |  |  | $ | 3,080 |  |  | $ | (9,216) |  |  | $ | 3,635 |  |  | $ | (11,094) |
Realized forward foreign exchange swaps (2) | 4,637 |  |  | 4,637 |  |  | — |  |  | — |  |  | — |  |  | — |
Yen-denominated Eurobonds | (19,811) |  |  | (19,811) |  |  | — |  |  | — |  |  | — |  |  | — |
Euro-denominated senior notes | (22,069) |  |  | (45,201) |  |  | — |  |  | — |  |  | — |  |  | — |
Cumulative income taxes | 9,070 |  |  | 15,157 |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 2,861 |  |  | $ | (20,914) |  |  |  |  |  |  |  |  |
_____________ (1)Amounts reclassified from AOCL were classified as net revenues and cost of goods sold on the consolidated statements of income. (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 AOCL 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 income:
| Three Months Ended |  | Six Months Ended
| May 29, 2022 |  | May 30, 2021 |  | May 29, 2022 |  | May 30, 2021
| (Dollars in thousands)
Amount of (Loss) Gain on Cash Flow Hedge Activity |  |  |  |  |  |  |
Net revenues | $ | (928) |  |  | $ | (1,529) |  |  | $ | (1,841) |  |  | $ | (586) |
Cost of goods sold | $ | 4,007 |  |  | $ | (7,687) |  |  | $ | 5,477 |  |  | $ | (10,508) |
The table below provides data about the amount of gains and losses related to derivatives instruments included in "Other income (expense), net" in the Company's consolidated statements of income:
| Three Months Ended |  | Six Months Ended
| May 29, 2022 |  | May 30, 2021 |  | May 29, 2022 |  | May 30, 2021
| (Dollars in thousands)
Realized (loss) gain | $ | (17,757) |  |  | $ | (1,051) |  |  | $ | (19,111) |  |  | $ | 698 |
Unrealized gain (loss) | 10,231 |  |  | (1,043) |  |  | 13,906 |  |  | (2,425) |
Total | $ | (7,526) |  |  | $ | (2,094) |  |  | $ | (5,205) |  |  | $ | (1,727) |

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