v2.3.0.11

Fair Value Measurements | 9 Months Ended
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Aug. 28, 2011
Fair Value Disclosures [Abstract] |
Fair Value Measurements [Text Block] | FAIR VALUE MEASUREMENTS Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes market data or assumptions that the Company believes market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated or generally unobservable. The Company primarily applies the market approach for recurring fair value measurements and endeavors to utilize the best available information. Accordingly, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. The Company is able to classify fair value balances based on the observability of those inputs. A fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). Level 2 measurements utilize inputs which are observable, either directly or indirectly, but are not based on quoted market prices for identical assets or liabilities. The fair value methodology and fair value of debt is outlined in Note (9), herein. Assets and/or liabilities measured at fair value on a recurring basis included the following as of August 28, 2011:
|  | Fair Value Measurements Using |  | Assets
(In thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | At Fair Value
Assets |  |  |  |  |  |  |  |
Money market funds |  | $ | 82,911 |  |  | $ | — |  |  | $ | — |  |  | $ | 82,911 |
Time deposits |  | — |  |  | 84,064 |  |  | — |  |  | 84,064 |
Cash surrender value of insurance policies |  | — |  |  | 23,113 |  |  | — |  |  | 23,113 |
Total assets |  | $ | 82,911 |  |  | $ | 107,177 |  |  | $ | — |  |  | $ | 190,088 |
|  | Fair Value Measurements Using |  | Liabilities
(In thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | At Fair Value
Liabilities |  |  |  |  |  |  |  |
Derivative liabilities |  | $ | — |  |  | $ | 6 |  |  | $ | — |  |  | $ | 6 |
Total liabilities |  | $ | — |  |  | $ | 6 |  |  | $ | — |  |  | $ | 6 |
Assets and/or liabilities measured at fair value on a recurring basis included the following as of November 30, 2010:
|  | Fair Value Measurements Using |  | Assets
(In thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | At Fair Value
Assets |  |  |  |  |  |  |  |
Money market funds |  | $ | 169,621 |  |  | $ | — |  |  | $ | — |  |  | $ | 169,621 |
Time deposits |  | — |  |  | 46,050 |  |  | — |  |  | 46,050 |
Cash surrender value of insurance policies |  | — |  |  | 27,541 |  |  | — |  |  | 27,541 |
Total assets |  | $ | 169,621 |  |  | $ | 73,591 |  |  | $ | — |  |  | $ | 243,212 |
|  | Fair Value Measurements Using |  | Liabilities At Fair Value
(In thousands) |  | Level 1 |  | Level 2 |  | Level 3 |
Liabilities |  |  |  |  |  |  |  |
Derivative liabilities |  | $ | — |  |  | $ | 16 |  |  | $ | — |  |  | $ | 16 |
Total liabilities |  | $ | — |  |  | $ | 16 |  |  | $ | — |  |  | $ | 16 |
Cash Equivalents Cash equivalents are comprised of money market funds and time deposits. The net carrying amount of cash equivalents approximates fair value due to the short-term nature of these instruments. Cash Surrender Value of Insurance Policies The Company owns life insurance policies on certain current and former executives. The fair value of these policies is equal to the cash surrender value as determined by the insurance companies. Derivatives The Company and its subsidiaries complete transactions in currencies other than their functional currencies. The Company's primary objective with respect to currency risk is to reduce volatility that would otherwise occur due to exchange-rate fluctuations. In order to minimize the risk of gain or loss due to exchange rates, the Company may from time to time use foreign currency derivatives. As of August 28, 2011, the Company held three foreign currency forward contracts comprised of two foreign currency contracts aggregating in the notional amount of $29,800,000 U.S. dollars, hedging Singapore dollars; and one contract in the notional amount of $1,210,000 Singapore dollars, hedging Malaysian Ringgit. As of November 30, 2010, the Company held four foreign currency forward contracts comprised of two foreign currency contracts aggregating in the notional amount of $11,000,000 U.S. dollars, hedging Singapore dollars; one contract in the notional amount of $1,250,000 Singapore dollars, hedging Malaysian Ringgit; and one contract in the notional amount of $388,000 U.S. dollars, hedging Euros. Such instruments had a combined fair value loss of $6,000 and $16,000 as of August 28, 2011 and November 30, 2010, respectively, based on quotations from financial institutions. Derivatives are recorded as receivables and or liabilities on the balance sheet, and the related gains and losses are recognized as other income, net on the income statement.

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