Document and Entity Information
Document and Entity Information Document and Entity Information - USD ($) | 12 Months Ended | ||
Nov. 27, 2015 | Jan. 15, 2016 | May. 29, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | ADOBE SYSTEMS INC | ||
Entity Central Index Key | 796,343 | ||
Document Type | 10-K | ||
Document Period End Date | Nov. 27, 2015 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --11-27 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 31,964,797,377 | ||
Entity Common Stock, Shares Outstanding | 498,330,407 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Nov. 27, 2015 | Nov. 28, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 876,560 | $ 1,117,400 |
Short-term investments | 3,111,524 | 2,622,091 |
Trade receivables, net of allowances for doubtful accounts of $7,293 and $7,867, respectively | 672,006 | 591,800 |
Deferred income taxes | 0 | 95,279 |
Prepaid expenses and other current assets | 161,802 | 175,758 |
Total current assets | 4,821,892 | 4,602,328 |
Property and equipment, net | 787,421 | 785,123 |
Goodwill | 5,366,881 | 4,721,962 |
Purchased and other intangibles, net | 510,007 | 469,662 |
Investment in lease receivable | 80,439 | 80,439 |
Other assets | 159,832 | 126,315 |
Total assets | 11,726,472 | 10,785,829 |
Current liabilities: | ||
Accounts Payable, Current | 93,307 | 68,377 |
Accrued expenses | 678,364 | 683,866 |
Debt and capital lease obligations, current | 0 | 603,229 |
Accrued restructuring | 1,520 | 17,120 |
Income taxes payable | 6,165 | 23,920 |
Deferred revenue | 1,434,200 | 1,097,923 |
Total current liabilities | 2,213,556 | 2,494,435 |
Long-term liabilities: | ||
Debt and capital lease obligations | 1,907,231 | 911,086 |
Deferred revenue | 51,094 | 57,401 |
Accrued restructuring | 3,214 | 5,194 |
Income taxes payable | 256,129 | 125,746 |
Deferred income taxes | 208,209 | 342,315 |
Other liabilities | 85,459 | 73,747 |
Total liabilities | $ 4,724,892 | $ 4,009,924 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, $0.0001 par value; 2,000 shares authorized; none issued | $ 0 | $ 0 |
Common stock, $0.0001 par value; 900,000 shares authorized; 600,834 shares issued; 497,809 and 497,484 shares outstanding, respectively | 61 | 61 |
Additional paid-in-capital | 4,184,883 | 3,778,495 |
Retained earnings | 7,253,431 | 6,924,294 |
Accumulated other comprehensive income (loss) | (169,080) | (8,094) |
Treasury stock, at cost (103,025 and 103,350 shares, respectively), net of reissuances | (4,267,715) | (3,918,851) |
Total stockholders' equity | 7,001,580 | 6,775,905 |
Total liabilities and stockholders' equity | $ 11,726,472 | $ 10,785,829 |
Consolidated Balance Sheets Par
Consolidated Balance Sheets Parenthetical - USD ($) shares in Thousands, $ in Thousands | Nov. 27, 2015 | Nov. 28, 2014 |
Current Assets: | ||
Allowance for doubtful accounts receivable, current | $ 7,293 | $ 7,867 |
Stockholders' Equity: | ||
Preferred stock, par or stated value per share | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 2,000 | 2,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par or stated value per share | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 900,000 | 900,000 |
Common stock, shares issued | 600,834 | 600,834 |
Common stock, shares outstanding | 497,809 | 497,484 |
Treasury stock, shares | 103,025 | 103,350 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Nov. 27, 2015 | Nov. 28, 2014 | Nov. 29, 2013 | |
Revenue: | |||
Subscription | $ 3,223,904 | $ 2,076,584 | $ 1,137,856 |
Products | 1,125,146 | 1,627,803 | 2,470,098 |
Services and support | 446,461 | 442,678 | 447,286 |
Total revenue | 4,795,511 | 4,147,065 | 4,055,240 |
Cost of revenue: | |||
Subscription | 409,194 | 335,432 | 278,077 |
Products | 90,035 | 97,099 | 138,154 |
Services and support | 245,088 | 189,549 | 170,326 |
Total cost of revenue | 744,317 | 622,080 | 586,557 |
Gross profit | 4,051,194 | 3,524,985 | 3,468,683 |
Operating expenses: | |||
Research and development | 862,730 | 844,353 | 826,631 |
Sales and marketing | 1,683,242 | 1,652,308 | 1,620,454 |
General and administrative | 531,919 | 543,332 | 520,124 |
Restructuring and other charges | 1,559 | 19,883 | 26,497 |
Amortization of purchased intangibles | 68,649 | 52,424 | 52,254 |
Total operating expenses | 3,148,099 | 3,112,300 | 3,045,960 |
Operating income | 903,095 | 412,685 | 422,723 |
Non-operating income (expense): | |||
Interest and other income (expense), net | 33,909 | 7,267 | 4,941 |
Interest expense | (64,184) | (59,732) | (67,508) |
Investment gains (losses), net | 961 | 1,156 | (4,015) |
Total non-operating income (expense), net | (29,314) | (51,309) | (66,582) |
Income before income taxes | 873,781 | 361,376 | 356,141 |
Provision for income taxes | 244,230 | 92,981 | 66,156 |
Net income | $ 629,551 | $ 268,395 | $ 289,985 |
Basic net income per share | $ 1.26 | $ 0.54 | $ 0.58 |
Shares used to compute basic net income per share | 498,764 | 497,867 | 501,372 |
Diluted net income per share | $ 1.24 | $ 0.53 | $ 0.56 |
Shares used to compute diluted net income per share | 507,164 | 508,480 | 513,476 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income Statement - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 27, 2015 | Nov. 28, 2014 | Nov. 29, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 629,551 | $ 268,395 | $ 289,985 |
Available-for-sale Securities: | |||
Unrealized gains / losses on available-for-sale securities | (9,226) | 2,315 | (2,185) |
Reclassification adjustment for gains / losses on available-for-sale securities recognized | (2,955) | (3,928) | (3,013) |
Net increase (decrease) from available-for-sale securities | (12,181) | (1,613) | (5,198) |
Derivatives Qualifying as Hedging Instruments: | |||
Unrealized gains / losses on derivative instruments | 29,795 | 41,993 | 34,677 |
Reclassification adjustment for gains / losses on derivative instruments recognized | (55,535) | (18,705) | (35,914) |
Net increase (decrease) from derivatives desinated as hedging instruments | (25,740) | 23,288 | (1,237) |
Foreign currency translation adjustments | (123,065) | (75,872) | 21,826 |
Other comprehensive income, net of taxes | (160,986) | (54,197) | 15,391 |
Total comprehensive income, net of taxes | $ 468,565 | $ 214,198 | $ 305,376 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income | Treasury Stock |
Beginning Balances at Nov. 30, 2012 | $ 6,665,182 | $ 61 | $ 3,038,665 | $ 7,003,003 | $ 30,712 | $ (3,407,259) |
Beginning Balances, shares at Nov. 30, 2012 | 600,834 | (106,702) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 289,985 | 289,985 | ||||
Other comprehensive income, net of taxes | 15,391 | 15,391 | ||||
Re-issuance of treasury stock under stock compensation plans | 500,776 | (364,024) | $ 864,800 | |||
Re-issuance of treasury stock under stock compensation plans, Shares | 23,732 | |||||
Tax benefit from employee stock plans | 25,290 | 25,290 | ||||
Purchase of treasury stock, Shares | (21,603) | |||||
Purchase of treasury stock | (1,100,000) | $ (1,100,000) | ||||
Equity awards assumed for acquisition | 1,160 | 1,160 | ||||
Stock-based compensation | 327,581 | 327,581 | ||||
Value of shares in deferred compensation plan | (731) | (731) | ||||
Ending Balances at Nov. 29, 2013 | 6,724,634 | $ 61 | 3,392,696 | 6,928,964 | 46,103 | $ (3,643,190) |
Ending Balances, shares at Nov. 29, 2013 | 600,834 | (104,573) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 268,395 | 268,395 | ||||
Other comprehensive income, net of taxes | (54,197) | (54,197) | ||||
Re-issuance of treasury stock under stock compensation plans | 54,166 | (273,065) | $ 327,231 | |||
Re-issuance of treasury stock under stock compensation plans, Shares | 12,075 | |||||
Tax benefit from employee stock plans | 53,225 | 53,225 | ||||
Purchase of treasury stock, Shares | (10,852) | |||||
Purchase of treasury stock | (600,000) | $ (600,000) | ||||
Equity awards assumed for acquisition | 21 | 21 | ||||
Stock-based compensation | 332,553 | 332,553 | ||||
Value of shares in deferred compensation plan | (2,892) | (2,892) | ||||
Ending Balances at Nov. 28, 2014 | 6,775,905 | $ 61 | 3,778,495 | 6,924,294 | (8,094) | $ (3,918,851) |
Ending Balances, shares at Nov. 28, 2014 | 600,834 | (103,350) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 629,551 | 629,551 | ||||
Other comprehensive income, net of taxes | (160,986) | (160,986) | ||||
Re-issuance of treasury stock under stock compensation plans | (22,103) | 300,414 | $ 278,311 | |||
Re-issuance of treasury stock under stock compensation plans, Shares | 8,429 | |||||
Tax benefit from employee stock plans | 68,133 | 68,133 | ||||
Purchase of treasury stock, Shares | (8,104) | |||||
Purchase of treasury stock | (625,000) | $ (625,000) | ||||
Equity awards assumed for acquisition | 677 | 677 | ||||
Stock-based compensation | 337,578 | 337,578 | ||||
Value of shares in deferred compensation plan | (2,175) | (2,175) | ||||
Ending Balances at Nov. 27, 2015 | $ 7,001,580 | $ 61 | $ 4,184,883 | $ 7,253,431 | $ (169,080) | $ (4,267,715) |
Ending Balances, shares at Nov. 27, 2015 | 600,834 | (103,025) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 27, 2015 | Nov. 28, 2014 | Nov. 29, 2013 | |
Cash flows from operating activities: | |||
Net income | $ 629,551 | $ 268,395 | $ 289,985 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, amortization and accretion | 339,473 | 313,590 | 321,227 |
Stock-based compensation | 335,859 | 333,701 | 328,987 |
Deferred income taxes | (69,657) | (26,089) | 29,704 |
Gain on the sale of property | (21,415) | 0 | 0 |
Write-down of assets held for sale, net of gains on sale | 0 | 0 | 23,151 |
Unrealized (gains) losses on investments | (9,210) | (74) | 5,665 |
Tax benefit from stock-based compensation | 68,133 | 53,225 | 25,290 |
Excess tax benefits from stock-based compensation | (68,153) | (53,235) | (40,619) |
Other non-cash items | 1,216 | 1,889 | 5,654 |
Changes in operating assets and liabilities, net of acquired assets and assumed liabilities: | |||
Trade receivables, net | (79,502) | 7,928 | 33,649 |
Prepaid expenses and other current assets | (7,701) | (1,918) | (55,509) |
Trade payables | 22,870 | 6,211 | 7,132 |
Accrued expenses | (5,944) | 37,544 | 41,828 |
Accrued restructuring | (16,620) | 8,871 | (6,949) |
Income taxes payable | 29,801 | 11,006 | (58,875) |
Deferred revenue | 320,801 | 326,438 | 201,366 |
Net cash provided by operating activities | 1,469,502 | 1,287,482 | 1,151,686 |
Cash flows from investing activities: | |||
Purchases of short-term investments | (2,064,833) | (2,014,186) | (2,058,058) |
Maturities of short-term investments | 371,790 | 272,076 | 360,485 |
Proceeds from sales of short-term investments | 1,176,476 | 1,443,577 | 1,449,961 |
Business acquisitions, net of cash acquired | (826,004) | (29,802) | (704,589) |
Purchases of property and equipment | (184,936) | (148,332) | (188,358) |
Proceeds from sale of property and equipment | 57,779 | 0 | 24,260 |
Purchases of long-term investments, intangibles and other assets | (22,779) | (17,572) | (67,737) |
Proceeds from sale of long-term investments | 4,149 | 3,532 | 6,233 |
Net cash used for investing activities | (1,488,358) | (490,707) | (1,177,803) |
Cash flows from financing activities: | |||
Purchases of treasury stock | (625,000) | (600,000) | (1,100,000) |
Proceeds from issuance of treasury stock | 164,270 | 227,841 | 598,194 |
Cost of Issuance of treasury stock | (186,373) | (173,675) | (97,418) |
Excess tax benefits from stock-based compensation | 68,153 | 53,235 | 40,619 |
Proceeds from long-term debt and capital lease obligations | 989,280 | 0 | 25,703 |
Repayment of debt and capital lease obligations | (602,189) | (14,684) | (25,879) |
Debt issuance costs | (8,828) | 0 | (357) |
Net cash used for financing activities | (200,687) | (507,283) | (559,138) |
Effect of foreign currency exchange rates on cash and cash equivalents | (21,297) | (6,648) | (5,241) |
Net increase (decrease) in cash and cash equivalents | (240,840) | 282,844 | (590,496) |
Cash and cash equivalents at beginning of year | 1,117,400 | 834,556 | 1,425,052 |
Cash and cash equivalents at end of year | 876,560 | 1,117,400 | 834,556 |
Supplemental disclosures: | |||
Cash paid for income taxes, net of refunds | 203,010 | 20,140 | 129,701 |
Cash paid for interest | 56,014 | 68,886 | 64,843 |
Non-cash investing activities: | |||
Investment in lease receivable applied to building purchase | 0 | 126,800 | 0 |
Issuance of common stock and stock awards assumed in business acquisitions | $ 677 | $ 21 | $ 1,160 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 12 Months Ended |
Nov. 27, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Operations Founded in 1982, Adobe Systems Incorporated is one of the largest and most diversified software companies in the world. We offer a line of products and services used by creative professionals, marketers, knowledge workers, application developers, enterprises and consumers for creating, managing, delivering, measuring, optimizing and engaging with compelling content and experiences across multiple operating systems, devices and media. We market and license our products and services directly to enterprise customers through our sales force and to end users through app stores and our own website at www.adobe.com. We offer many of our products via a Software-as-a-Service (“SaaS”) model or a managed services model (both of which are referred to as a hosted or cloud-based model) as well as through term subscription and pay-per-use models. We also distribute certain products and services through a network of distributors, value-added resellers (“VARs”), systems integrators, independent software vendors (“ISVs”), retailers and original equipment manufacturers (“OEMs”). In addition, we license our technology to hardware manufacturers, software developers and service providers for use in their products and solutions. Our products run on personal and server-based computers, as well as on smartphones, tablets and other devices, depending on the product. We have operations in the Americas, Europe, Middle East and Africa (“EMEA”) and Asia-Pacific (“APAC”). Basis of Presentation The accompanying Consolidated Financial Statements include those of Adobe and its subsidiaries, after elimination of all intercompany accounts and transactions. We have prepared the accompanying Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). Use of Estimates In preparing Consolidated Financial Statements and related disclosures in conformity with GAAP and pursuant to the rules and regulations of the SEC, we must make estimates and judgments that affect the amounts reported in the Consolidated Financial Statements and accompanying notes. Estimates are used for, but not limited to, sales allowances and programs, bad debts, stock-based compensation, determining the fair value of acquired assets and assumed liabilities, excess inventory and purchase commitments, restructuring charges, facilities lease losses, impairment of goodwill and intangible assets, litigation, income taxes and investments. Actual results may differ materially from these estimates. Fiscal Year Our fiscal year is a 52- or 53-week year that ends on the Friday closest to November 30. Fiscal 2015 , 2014 and 2013 were 52-week years. Significant Accounting Policies Revenue Recognition Our revenue is derived from the licensing of subscription, time-based and perpetual software products, associated software maintenance and support plans, non-software related hosted services, consulting services, training and technical support. We recognize revenue when all four revenue recognition criteria have been met: persuasive evidence of an arrangement exists, we have delivered the product or performed the service, the fee is fixed or determinable and collection is probable. Determining whether and when some of these criteria have been satisfied often involves assumptions and judgments that can have a significant impact on the timing and amount of revenue we report. Multiple Element Arrangements We enter into multiple element revenue arrangements in which a customer may purchase a combination of software, upgrades, maintenance and support, hosted services, and consulting. For our software and software-related multiple element arrangements, we must: (1) determine whether and when each element has been delivered; (2) determine whether undelivered products or services are essential to the functionality of the delivered products and services; (3) determine the fair value of each undelivered element using vendor-specific objective evidence (“VSOE”); and (4) allocate the total price among the various elements. VSOE of fair value is used to allocate a portion of the price to the undelivered elements and the residual method is used to allocate the remaining portion to the delivered elements. Absent VSOE, revenue is deferred until the earlier of the point at which VSOE of fair value exists for any undelivered element or until all elements of the arrangement have been delivered. However, if the only undelivered element is maintenance and support, the entire arrangement fee is recognized ratably over the performance period. Changes in assumptions or judgments or changes to the elements in a software arrangement could cause a material increase or decrease in the amount of revenue that we report in a particular period. We determine VSOE for each element based on historical stand-alone sales to third parties or from the stated renewal rate for the elements contained in the initial arrangement. In determining VSOE, we require that a substantial majority of the selling prices for a product or service fall within a reasonably narrow pricing range. We have established VSOE for our software maintenance and support services, custom software development services, consulting services and training, when such services are sold optionally with software licenses. For multiple-element arrangements containing our non-software services, we must: (1) determine whether and when each element has been delivered; (2) determine the fair value of each element using the selling price hierarchy of VSOE of selling price, third-party evidence (“TPE”) of selling price or best-estimated selling price (“BESP”), as applicable; and (3) allocate the total price among the various elements based on the relative selling price method. For multiple-element arrangements that contain both software and non-software elements, we allocate revenue to software or software-related elements as a group and any non-software elements separately based on the selling price hierarchy. We determine the selling price for each deliverable using VSOE of selling price, if it exists, or TPE of selling price. If neither VSOE nor TPE of selling price exist for a deliverable, we use BESP. Once revenue is allocated to software or software-related elements as a group, we recognize revenue in conformance with software revenue accounting guidance. Revenue is recognized when revenue recognition criteria are met for each element. We are generally unable to establish VSOE or TPE for non-software elements and as such, we use BESP. BESP is generally used for offerings that are not typically sold on a stand-alone basis or for new or highly customized offerings. We determine BESP for a product or service by considering multiple factors including, but not limited to major product groupings, geographies, market conditions, competitive landscape, internal costs, gross margin objectives and pricing practices. Pricing practices taken into consideration include historic contractually stated prices, volume discounts where applicable and our price lists. We must estimate certain royalty revenue amounts due to the timing of securing information from our customers. While we believe we can make reliable estimates regarding these matters, these estimates are inherently subjective. Accordingly, our assumptions and judgments regarding future products and services as well as our estimates of royalty revenue could differ from actual events, thus materially impacting our financial position and results of operations. Subscription and Services and Support Revenue We recognize revenue for hosted services that are based on a committed number of transactions, ratably beginning on the date the services are first made available to the customer and continuing through the end of the contractual service term. Over-usage fees, and fees billed based on the actual number of transactions from which we capture data, are billed in accordance with contract terms as these fees are incurred. We record amounts that have been invoiced in accounts receivable and in deferred revenue or revenue, depending on whether all revenue recognition criteria have been met. Our services and support revenue is composed of consulting, training and maintenance and support, primarily related to the licensing of our enterprise, mobile and device products and solutions. Our support revenue also includes technical support and developer support to partners and developer organizations related to our desktop products. Our consulting revenue is recognized using a time and materials basis and is measured monthly based on input measures, such as hours incurred to date, with consideration given to output measures, such as contract milestones when applicable. Our maintenance and support offerings, which entitle customers to receive product upgrades and enhancements on a when and if available basis or technical support, depending on the offering, are recognized ratably over the performance period of the arrangement. Our software subscription offerings, which may include product upgrades and enhancements on a when and if available basis, hosted services, and online storage are generally offered to our customers over a specified period of time and we recognize revenue associated with these arrangements ratably over the subscription period. Product Revenue We recognize our product revenue upon shipment, provided all other revenue recognition criteria have been met. Our desktop application product revenue from distributors is subject to agreements allowing limited rights of return, rebates and price protection. Our direct sales and OEM sales are also subject to limited rights of return. Accordingly, we reduce revenue recognized for estimated future returns, price protection and rebates at the time the related revenue is recorded. The estimates for returns are adjusted periodically based upon historical rates of returns, inventory levels in the distribution channel and other related factors. We recognize OEM licensing revenue, primarily royalties, when OEMs ship products incorporating our software, provided collection of such revenue is deemed probable. For certain OEM customers, we must estimate royalty revenue due to the timing of securing customer information. This estimate is based on a combination of our generated forecasts and actual historical reporting by our OEM customers. To substantiate our ability to estimate revenue, we review license royalty revenue reports ultimately received from our significant OEM customers in comparison to the amounts estimated in the prior period. Our product-related deferred revenue includes maintenance upgrade revenue and customer advances under OEM license agreements. Our maintenance upgrade revenue for our desktop application products is included in our product revenue line item as the maintenance primarily entitles customers to receive product upgrades. In cases where we provide a specified free upgrade to an existing product, we defer the fair value for the specified upgrade right until the future obligation is fulfilled or when the right to the specified free upgrade expires. Rights of Return, Rebates and Price Protection As discussed above, we offer limited rights of return, rebates and price protection of our products under various policies and programs with our distributors, resellers and/or end-user customers. We estimate and record reserves for these programs as an offset to revenue and accounts receivable. Below is a summary of each of the general provisions in our contracts: • Distributors are allowed limited rights of return of products purchased during the previous quarter. In addition, distributors are allowed to return products that have reached the end of their lives, as defined by us, and products that are being replaced by new versions. • We offer rebates to our distributors, resellers and/or end user customers. The amount of revenue that is reduced for distributor and reseller rebates is based on actual performance against objectives set forth by us for a particular reporting period (volume, timely reporting, etc.). If mail-in or other promotional rebates are offered, the amount of revenue reduced is based on the dollar amount of the rebate, taking into consideration an estimated redemption rate calculated using historical trends. • From time to time, we may offer price protection to our distributors that allow for the right to a credit if we permanently reduce the price of a software product. The amount of revenue that is reduced for price protection is calculated as the difference between the old and new price of a software product on inventory held by the distributor immediately prior to the effective date of the decrease. Although our subscription contracts are generally non-cancellable, a limited number of customers have the right to cancel their contracts by providing prior written notice to us of their intent to cancel the remainder of the contract term. In the event a customer cancels its contract, they are not entitled to a refund for prior services we have provided to them. On a quarterly basis, the amount of revenue that is reserved for future returns is calculated based on our historical trends and data specific to each reporting period. We review the actual returns evidenced in prior quarters as a percent of revenue to determine a historical returns rate. We then apply the historical rate to the current period revenue as a basis for estimating future returns. When necessary, we also provide a specific returns reserve for product in the distribution channel in excess of estimated requirements. This estimate can be affected by the amount of a particular product in the channel, the rate of sell-through, product plans and other factors. Revenue Reserve Revenue reserve rollforward (in thousands): 2015 2014 2013 Beginning balance $ 17,402 $ 28,664 $ 57,058 Amount charged to revenue 45,676 45,550 74,031 Actual returns (43,632 ) (56,812 ) (102,425 ) Ending balance $ 19,446 $ 17,402 $ 28,664 Deferred Revenue Deferred revenue consists substantially of payments received in advance of revenue recognition for our products and services described above. We recognize deferred revenue as revenue only when the revenue recognition criteria are met. Allowance for Doubtful Accounts We maintain an allowance for doubtful accounts which reflects our best estimate of potentially uncollectible trade receivables. The allowance is based on both specific and general reserves. We regularly review our trade receivables allowances by considering such factors as historical experience, credit-worthiness, the age of the trade receivable balances and current economic conditions that may affect a customer’s ability to pay and we specifically reserve for those deemed uncollectible. (in thousands) 2015 2014 2013 Beginning balance $ 7,867 $ 10,228 $ 12,643 Increase due to acquisition 326 51 1,038 Charged to operating expenses 1,472 603 933 Deductions (1) (2,372 ) (3,015 ) (4,386 ) Ending balance $ 7,293 $ 7,867 $ 10,228 ________________________________________ (1) Deductions related to the allowance for doubtful accounts represent amounts written off against the allowance, less recoveries. Property and Equipment We record property and equipment at cost less accumulated depreciation and amortization. Property and equipment are depreciated using the straight-line method over their estimated useful lives ranging from 1 to 5 years for computers and equipment as well as server hardware under capital leases, 1 to 6 years for furniture and fixtures, and up to 40 years for buildings. Leasehold improvements are amortized using the straight-line method over the lesser of the remaining respective lease term or estimated useful lives ranging from 1 to 15 years. Goodwill, Purchased Intangibles and Other Long-Lived Assets Goodwill is assigned to one or more reporting segments on the date of acquisition. We evaluate goodwill for impairment by comparing the fair value of each of our reporting segments to its carrying value, including the associated goodwill. To determine the fair values, we use the equal weighting of the market approach based on comparable publicly traded companies in similar lines of businesses and the income approach based on estimated discounted future cash flows. Our cash flow assumptions consider historical and forecasted revenue, operating costs and other relevant factors. We review our goodwill for impairment annually, or more frequently, if facts and circumstances warrant a review. We completed our annual impairment test in the second quarter of fiscal 2015 . We elected to use the Step 1 quantitative assessment for our reporting units and determined there was no impairment of goodwill. We amortize intangible assets with finite lives over their estimated useful lives and review them for impairment whenever an impairment indicator exists. We continually monitor events and changes in circumstances that could indicate carrying amounts of our long-lived assets, including our intangible assets may not be recoverable. When such events or changes in circumstances occur, we assess recoverability by determining whether the carrying value of such assets will be recovered through the undiscounted expected future cash flows. If the future undiscounted cash flows are less than the carrying amount of these assets, we recognize an impairment loss based on any excess of the carrying amount over the fair value of the assets. We did not recognize any intangible asset impairment charges in fiscal 2015 , 2014 or 2013 . During fiscal 2015, our intangible assets were amortized over their estimated useful lives ranging from 1 to 14 years. Amortization is based on the pattern in which the economic benefits of the intangible asset will be consumed or on a straight-line basis when the consumption pattern is not apparent. The weighted average useful lives of our intangible assets were as follows: Weighted Average Useful Life (years ) Purchased technology 6 Customer contracts and relationships 8 Trademarks 8 Acquired rights to use technology 8 Localization 1 Other intangibles 5 Software Development Costs Capitalization of software development costs for software to be sold, leased, or otherwise marketed begins upon the establishment of technological feasibility, which is generally the completion of a working prototype that has been certified as having no critical bugs and is a release candidate. Amortization begins once the software is ready for its intended use, generally based on the pattern in which the economic benefits will be consumed. To date, software development costs incurred between completion of a working prototype and general availability of the related product have not been material. Internal Use Software We capitalize costs associated with customized internal-use software systems that have reached the application development stage. Such capitalized costs include external direct costs utilized in developing or obtaining the applications and payroll and payroll-related expenses for employees who are directly associated with the development of the applications. Capitalization of such costs begins when the preliminary project stage is complete and ceases at the point in which the project is substantially complete and is ready for its intended purpose. Income Taxes We use the asset and liability method of accounting for income taxes. Under this method, income tax expense is recognized for the amount of taxes payable or refundable for the current year. In addition, deferred tax assets and liabilities are recognized for expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating losses and tax credit carryforwards. We record a valuation allowance to reduce deferred tax assets to an amount for which realization is more likely than not. Taxes Collected from Customers We net taxes collected from customers against those remitted to government authorities in our financial statements. Accordingly, taxes collected from customers are not reported as revenue. Treasury Stock We account for treasury stock under the cost method. When treasury stock is re-issued at a price higher than its cost, the difference is recorded as a component of additional paid-in-capital in our Consolidated Balance Sheets. When treasury stock is re-issued at a price lower than its cost, the difference is recorded as a component of additional paid-in-capital to the extent that there are previously recorded gains to offset the losses. If there are no treasury stock gains in additional paid-in-capital, the losses upon re-issuance of treasury stock are recorded as a reduction of retained earnings in our Consolidated Balance Sheets. Advertising Expenses Advertising costs are expensed as incurred. Advertising expenses for fiscal 2015 , 2014 and 2013 were $113.6 million , $87.9 million and $88.5 million , respectively. Foreign Currency Translation We translate assets and liabilities of foreign subsidiaries, whose functional currency is their local currency, at exchange rates in effect at the balance sheet date. We translate revenue and expenses at the monthly average exchange rates. We include accumulated net translation adjustments in stockholders’ equity as a component of accumulated other comprehensive income. Foreign Currency and Other Hedging Instruments In countries outside the United States, we transact business in U.S. Dollars and in various other currencies. We use foreign exchange option and forward contracts for revenue denominated in Euros, British Pounds and Yen. We hedge our net recognized foreign currency assets and liabilities with foreign exchange forward contracts to reduce the risk that our earnings and cash flows will be adversely affected by changes in exchange rates. We recognize all derivative instruments as either assets or liabilities in our Consolidated Balance Sheets and measure them at fair value. Gains and losses resulting from changes in fair value are accounted for depending on the use of the derivative and whether it is designated and qualifies for hedge accounting. Contracts that do not qualify for hedge accounting are adjusted to fair value through earnings. See Note 5 for information regarding our hedging activities. Gains and losses from foreign exchange forward contracts which hedge certain balance sheet positions are recorded each period as a component of interest and other income, net in our Consolidated Statements of Income. Foreign exchange option contracts hedging forecasted foreign currency revenue are designated as cash flow hedges with gains and losses recorded net of tax, as a component of other comprehensive income in stockholders’ equity and reclassified into revenue at the time the forecasted transactions occur. Concentration of Risk Financial instruments that potentially subject us to concentrations of credit risk are short-term fixed-income investments, structured repurchase transactions, foreign currency and interest rate hedge contracts and trade receivables. Our investment portfolio consists of investment-grade securities diversified among security types, industries and issuers. Our cash and investments are held and primarily managed by recognized financial institutions that follow our investment policy. Our policy limits the amount of credit exposure to any one security issue or issuer and we believe no significant concentration of credit risk exists with respect to these investments. We enter into foreign currency hedge contracts with bank counterparties that could expose us to credit related losses in the event of their nonperformance. This is largely mitigated with collateral security agreements that provide for collateral to be received or posted when the net fair value of certain financial instruments fluctuates from contractually established thresholds. In addition, we enter into master netting arrangements which have the ability to further limit credit related losses with the same counterparty by permitting net settlement transactions. The aggregate fair value of foreign currency contracts in net asset positions as of November 27, 2015 and November 28, 2014 was $19.1 million and $33.0 million respectively. These amounts represent the maximum exposure to loss at the reporting date as a result of all of the counterparties failing to perform as contracted. These exposures could be reduced by certain immaterial liabilities included in master netting arrangements with those same counterparties. Credit risk in receivables is limited to OEMs, dealers and distributors of hardware and software products to the retail market, customers to whom we license software directly and our SaaS offerings. A credit review is completed for our new distributors, dealers and OEMs. We also perform ongoing credit evaluations of our customers’ financial condition and require letters of credit or other guarantees, whenever deemed necessary. The credit limit given to the customer is based on our risk assessment of their ability to pay, country risk and other factors and is not contingent on the resale of the product or on the collection of payments from their customers. We also purchase credit insurance to mitigate credit risk in some foreign markets where we believe it is warranted. If we license our software or provide SaaS services to a customer where we have a reason to believe the customer’s ability to pay is not probable, due to country risk or credit risk, we will not recognize the revenue. We will revert to recognizing the revenue on a cash basis, assuming all other criteria for revenue recognition has been met. We derive a significant portion of our OEM PostScript and Other licensing revenue from a small number of OEMs. Our OEMs on occasion seek to renegotiate their royalty arrangements. We evaluate these requests on a case-by-case basis. If an agreement is not reached, a customer may decide to pursue other options, which could result in lower licensing revenue for us. Recent Accounting Pronouncements On November 20, 2015, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes, requiring all deferred tax assets and liabilities, and any related valuation allowance, to be classified as noncurrent on the balance sheet. The classification change for all deferred taxes as noncurrent simplifies entities’ processes as it eliminates the need to separately identify the net current and net noncurrent deferred tax asset or liability in each jurisdiction and allocate valuation allowances. We elected to prospectively adopt the accounting standard in the beginning of our fourth quarter of fiscal 2015. Prior periods in our Consolidated Financial Statements were not retrospectively adjusted. Recent Accounting Pronouncements Not Yet Effective On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, requiring an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The updated standard will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective and permits the use of either the retrospective or cumulative effect transition method. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers: Deferral of the Effective Date, which deferred the effective date of the new revenue standard for periods beginning after December 15, 2016 to December 15, 2017, with early adoption permitted but not earlier than the original effective date. Accordingly, the updated standard is effective for us in the first quarter of fiscal 2019. We have not yet selected a transition method and we are currently evaluating the effect that the updated standard will have on our consolidated financial statements and related disclosures. With the exception of the new revenue standard discussed above, there have been no new accounting pronouncements that have significance, or potential significance, to our Consolidated Financial Statements. |
Acquisitions
Acquisitions | 12 Months Ended |
Nov. 27, 2015 | |
Business Combinations [Abstract] | |
ACQUISITIONS | ACQUISITIONS Fotolia On January 27, 2015 , we completed our acquisition of privately held Fotolia, a leading marketplace for royalty-free photos, images, graphics and HD videos. During the first quarter of fiscal 2015, we began integrating Fotolia into our Digital Media reportable segment. Under the acquisition method of accounting, the total final purchase price was allocated to Fotolia's net tangible and intangible assets based upon their estimated fair values as of January 27, 2015 . During fiscal 2015, we recorded immaterial purchase accounting adjustments based on changes to management’s estimates and assumptions in regards to assumed intangible assets, calculation of deferred tax assets, liabilities and equity awards. The total final purchase price for Fotolia was $807.5 million of which $745.1 million was allocated to goodwill that was non-deductible for tax purposes, $204.4 million to identifiable intangible assets and $142.0 million to net liabilities assumed. Neolane On July 22, 2013 , we completed our acquisition of privately held Neolane, a leader in cross-channel campaign management technology. During the third quarter of fiscal 2013, we began integrating Neolane into our Digital Marketing reportable segment. Neolane brings a platform for automation and execution of marketing campaigns across the web, e-mail, social, mobile, call center, direct mail, point of sale and other emerging channels which will drive consistent brand experiences and personalized campaigns for our customers. Under the acquisition method of accounting, the total final purchase price was allocated to Neolane’s net tangible and intangible assets based upon their estimated fair values as of July 22, 2013 . The total final purchase price for Neolane was $616.7 million of which $515.2 million was allocated to goodwill that was non-deductible for tax purposes, $115.0 million to identifiable intangible assets and $13.5 million to net liabilities assumed. Behance On December 20, 2012 , we completed our acquisition of privately held Behance, an online social media platform to showcase and discover creative work. During the first quarter of fiscal 2013, we began integrating Behance into our Digital Media reportable segment. Behance’s community and portfolio capabilities have accelerated our strategy to bring additional community features to Creative Cloud. Under the acquisition method of accounting, the total purchase price was allocated to Behance’s net tangible and intangible assets based upon their estimated fair values as of December 20, 2012 . The total final purchase price for Behance was approximately $111.1 million of which $91.4 million was allocated to goodwill, $28.5 million to identifiable intangible assets and $8.8 million to net liabilities assumed. We also completed other immaterial business acquisitions during the fiscal years presented. Pro forma information has not been presented for any of our fiscal 2015, 2014 and 2013 acquisitions as the impact to our Consolidated Financial Statements was not material. |
Cash, Cash Equivalents and Shor
Cash, Cash Equivalents and Short-Term Investments | 12 Months Ended |
Nov. 27, 2015 | |
Cash, Cash Equivalents, and Short-term Investments [Abstract] | |
CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS | CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS Cash equivalents consist of instruments with remaining maturities of three months or less at the date of purchase. We classify all of our cash equivalents and short-term investments as “available-for-sale.” In general, these investments are free of trading restrictions. We carry these investments at fair value, based on quoted market prices or other readily available market information. Unrealized gains and losses, net of taxes, are included in accumulated other comprehensive income, which is reflected as a separate component of stockholders’ equity in our Consolidated Balance Sheets. Gains and losses are recognized when realized in our Consolidated Statements of Income. When we have determined that an other-than-temporary decline in fair value has occurred, the amount of the decline that is related to a credit loss is recognized in income. Gains and losses are determined using the specific identification method. Cash, cash equivalents and short-term investments consisted of the following as of November 27, 2015 (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Current assets: Cash $ 352,371 $ — $ — $ 352,371 Cash equivalents: Money market mutual funds 482,479 — — 482,479 Municipal securities 1,850 — (1 ) 1,849 Time deposits 13,461 — — 13,461 U.S. Treasury securities 26,400 — — 26,400 Total cash equivalents 524,190 — (1 ) 524,189 Total cash and cash equivalents 876,561 — (1 ) 876,560 Short-term fixed income securities: Corporate bonds and commercial paper 1,890,253 2,273 (5,612 ) 1,886,914 Asset-backed securities 83,449 11 (146 ) 83,314 Foreign government securities 1,276 — (8 ) 1,268 Municipal securities 137,280 101 (49 ) 137,332 U.S. agency securities 130,397 85 (14 ) 130,468 U.S. Treasury securities 873,400 101 (1,273 ) 872,228 Total short-term investments 3,116,055 2,571 (7,102 ) 3,111,524 Total cash, cash equivalents and short-term investments $ 3,992,616 $ 2,571 $ (7,103 ) $ 3,988,084 Cash, cash equivalents and short-term investments consisted of the following as of November 28, 2014 (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Current assets: Cash $ 348,283 $ — $ — $ 348,283 Cash equivalents: Money market mutual funds 705,978 — — 705,978 Time deposits 63,139 — — 63,139 Total cash equivalents 769,117 — — 769,117 Total cash and cash equivalents 1,117,400 — — 1,117,400 Short-term fixed income securities: Corporate bonds and commercial paper 1,514,632 5,253 (509 ) 1,519,376 Foreign government securities 4,499 12 — 4,511 Municipal securities 174,775 438 (12 ) 175,201 U.S. agency securities 497,154 1,295 (64 ) 498,385 U.S. Treasury securities 423,075 1,080 (28 ) 424,127 Subtotal 2,614,135 8,078 (613 ) 2,621,600 Marketable equity securities 153 338 — 491 Total short-term investments 2,614,288 8,416 (613 ) 2,622,091 Total cash, cash equivalents and short-term investments $ 3,731,688 $ 8,416 $ (613 ) $ 3,739,491 See Note 4 for further information regarding the fair value of our financial instruments. The following table summarizes the fair value and gross unrealized losses related to available-for-sale securities, aggregated by investment category, that have been in an unrealized loss position for less than twelve months, as of November 27, 2015 and November 28, 2014 (in thousands): 2015 2014 Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Corporate bonds and commercial paper $ 1,112,883 $ (5,377 ) $ 291,890 $ (443 ) Asset-backed securities 60,057 (147 ) — — Municipal securities 35,594 (50 ) 21,759 (12 ) Foreign government securities 1,268 (8 ) — — U.S. Treasury and agency securities 820,570 (1,287 ) 43,507 (64 ) Total $ 2,030,372 $ (6,869 ) $ 357,156 $ (519 ) There w e re 914 securities and 213 securities in an unrealized loss position for less than twelve months at November 27, 2015 and at November 28, 2014 , respectively. The following table summarizes the fair value and gross unrealized losses related to available-for-sale securities, aggregated by investment category, that were in a continuous unrealized loss position for more than twelve months, as of November 27, 2015 and November 28, 2014 (in thousands): 2015 2014 Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Corporate bonds and commercial paper $ 30,218 $ (233 ) $ 8,636 $ (66 ) Municipal securities 1,300 (1 ) — — U.S. Treasury and agency securities — — 5,884 (28 ) Total $ 31,518 $ (234 ) $ 14,520 $ (94 ) There were fifteen securities and eight securities in an unrealized loss position for more than twelve months at November 27, 2015 and at November 28, 2014 , respectively. The following table summarizes the cost and estimated fair value of short-term fixed income securities classified as short-term investments based on stated effective maturities as of November 27, 2015 (in thousands): Amortized Cost Estimated Fair Value Due within one year $ 853,041 $ 853,007 Due between one and two years 1,205,254 1,202,586 Due between two and three years 773,150 771,332 Due after three years 284,610 284,599 Total $ 3,116,055 $ 3,111,524 We review our debt and marketable equity securities classified as short-term investments on a regular basis to evaluate whether or not any security has experienced an other-than-temporary decline in fair value. We consider factors such as the length of time and extent to which the market value has been less than the cost, the financial condition and near-term prospects of the issuer and our intent to sell, or whether it is more likely than not we will be required to sell the investment before recovery of the investment’s amortized cost basis. If we believe that an other-than-temporary decline exists in one of these securities, we write down these investments to fair value. For debt securities, the portion of the write-down related to credit loss would be recorded to interest and other income, net in our Consolidated Statements of Income. Any portion not related to credit loss would be recorded to accumulated other comprehensive income, which is reflected as a separate component of stockholders’ equity in our Consolidated Balance Sheets. For equity securities, the write-down would be recorded to investment gains (losses), net in our Consolidated Statements of Income. During fiscal 2015 , 2014 and 2013 , we did not consider any of our investments to be other-than-temporarily impaired. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Nov. 27, 2015 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis We measure certain financial assets and liabilities at fair value on a recurring basis. There have been no transfers between fair value measurement levels during the year ended November 27, 2015 . The fair value of our financial assets and liabilities at November 27, 2015 was determined using the following inputs (in thousands): Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total (Level 1) (Level 2) (Level 3) Assets: Cash equivalents: Money market mutual funds $ 482,479 $ 482,479 $ — $ — Municipal securities 1,849 — 1,849 — Time deposits 13,461 13,461 — — U.S. Treasury securities 26,400 — 26,400 — Short-term investments: Corporate bonds and commercial paper 1,886,914 — 1,886,914 — Asset-backed securities 83,314 — 83,314 — Foreign government securities 1,268 — 1,268 — Municipal securities 137,332 — 137,332 — U.S. agency securities 130,468 — 130,468 — U.S. Treasury securities 872,228 — 872,228 — Prepaid expenses and other current assets: Foreign currency derivatives 19,126 — 19,126 — Other assets: Deferred compensation plan assets 32,063 971 31,092 — Interest rate swap derivatives 19,821 — 19,821 — Total assets $ 3,706,723 $ 496,911 $ 3,209,812 $ — Liabilities: Accrued expenses: Foreign currency derivatives $ 2,154 $ — $ 2,154 $ — Total liabilities $ 2,154 $ — $ 2,154 $ — The fair value of our financial assets and liabilities at November 28, 2014 was determined using the following inputs (in thousands): Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total (Level 1) (Level 2) (Level 3) Assets: Cash equivalents: Money market mutual funds $ 705,978 $ 705,978 $ — $ — Time deposits 63,139 63,139 — — Short-term investments: Corporate bonds and commercial paper 1,519,376 — 1,519,376 — Foreign government securities 4,511 — 4,511 — Marketable equity securities 491 491 — — Municipal securities 175,201 — 175,201 — U.S. agency securities 498,385 — 498,385 — U.S. Treasury securities 424,127 — 424,127 — Prepaid expenses and other current assets: Foreign currency derivatives 32,991 — 32,991 — Other assets: Deferred compensation plan assets 25,745 549 25,196 — Interest rate swap derivatives 14,268 — 14,268 — Total assets $ 3,464,212 $ 770,157 $ 2,694,055 $ — Liabilities: Accrued expenses: Foreign currency derivatives $ 663 $ — $ 663 $ — Total liabilities $ 663 $ — $ 663 $ — See Note 3 for further information regarding the fair value of our financial instruments. Our fixed income available-for-sale securities consist of high quality, investment grade securities from diverse issuers with a minimum credit rating of BBB and a weighted average credit rating of AA-. We value these securities based on pricing from pricing vendors who may use quoted prices in active markets for identical assets (Level 1 inputs) or inputs other than quoted prices that are observable either directly or indirectly (Level 2 inputs) in determining fair value. However, we classify all of our fixed income available-for-sale securities as having Level 2 inputs. The valuation techniques used to measure the fair value of our financial instruments and derivatives having Level 2 inputs were derived from non-binding market consensus prices that are corroborated by observable market data, quoted market prices for similar instruments, or pricing models such as discounted cash flow techniques. Our procedures include controls to ensure that appropriate fair values are recorded such as comparing prices obtained from multiple independent sources. Our deferred compensation plan assets consist of prime money market funds and mutual funds. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis We also have direct investments in privately held companies accounted for under the cost method, which are periodically assessed for other-than-temporary impairment. If we determine that an other-than-temporary impairment has occurred, we write down the investment to its fair value. We estimate fair value of our cost method investments considering available information such as pricing in recent rounds of financing, current cash positions, earnings and cash flow forecasts, recent operational performance and any other readily available market data. During fiscal 2015 and 2014 , we determined there were no other-than-temporary impairments on our cost method investments. As of November 27, 2015 , the carrying value of our lease receivables approximated fair value, based on Level 2 valuation inputs which include Treasury rates, London Interbank Offered Rate (“LIBOR”) interest rates and applicable credit spreads. See Note 15 for further details regarding our investment in lease receivables. The fair value of our senior notes was $1.97 billion as of November 27, 2015 , based on observable market prices in less active market and categorized as Level 2. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 12 Months Ended |
Nov. 27, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES AND HEDGING ACTIVITIES | DERIVATIVES AND HEDGING ACTIVITIES Hedge Accounting and Hedging Programs We recognize derivative instruments and hedging activities as either assets or liabilities in our Consolidated Balance Sheets and measure them at fair value. Gains and losses resulting from changes in fair value are accounted for depending on the use of the derivative and whether it is designated and qualifies for hedge accounting. We evaluate hedge effectiveness at the inception of the hedge prospectively as well as retrospectively and record any ineffective portion of the hedging instruments in interest and other income, net on our Consolidated Statements of Income. The net gain (loss) recognized in interest and other income (expense), net for cash flow hedges due to hedge ineffectiveness was insignificant for all fiscal years presented. The time value of purchased contracts is recorded in interest and other income (expense), net in our Consolidated Statements of Income. The bank counterparties to these contracts expose us to credit-related losses in the event of their nonperformance which are largely mitigated with collateral security agreements that provide for collateral to be received or posted when the net fair value of certain financial instruments fluctuates from contractually established thresholds. In addition, we enter into master netting arrangements which have the ability to further limit credit-related losses with the same counterparty by permitting net settlement of transactions. Our hedging policy also establishes maximum limits for each counterparty to mitigate any concentration of risk. Fair Value Hedging—Hedges of Interest Rate Risks During the third quarter of fiscal 2014, we entered into interest rate swaps designated as a fair value hedge related to our $900 million of 4.75% fixed interest rate senior notes due February 1, 2020 (the “2020 Notes”). In effect, the interest rate swaps convert the fixed interest rate on our 2020 Notes to a floating interest rate based on the LIBOR. Under the terms of the swaps, we will pay monthly interest at the one-month LIBOR rate plus a fixed number of basis points on the $900 million notional amount through February 1, 2020. In exchange, we will receive 4.75% fixed rate interest from the swap counterparties. See Note 16 for further details regarding our debt. The interest rate swaps are accounted for as fair value hedges and substantially offset the changes in fair value of the hedged portion of the underlying debt that are attributable to the changes in market risk. Therefore, the gains and losses related to changes in the fair value of the interest rate swaps are included in interest and other income (expense), net in our Consolidated Statements of Income. The fair value of the interest rate swaps is reflected in other assets in our Consolidated Balance Sheets. Cash Flow Hedging—Hedges of Forecasted Foreign Currency Revenue and Interest Rate Risks In countries outside the United States, we transact business in U.S. Dollars and in various other currencies. We may use foreign exchange option contracts or forward contracts to hedge certain cash flow exposures resulting from changes in these foreign currency exchange rates. These foreign exchange contracts, carried at fair value, have maturities of up to twelve months . We enter into these foreign exchange contracts to hedge a portion of our forecasted foreign currency denominated revenue in the normal course of business and accordingly, they are not speculative in nature. To receive hedge accounting treatment, all hedging relationships are formally documented at the inception of the hedge, and the hedges must be highly effective in offsetting changes to future cash flows on hedged transactions. We record changes in the intrinsic value of these cash flow hedges in accumulated other comprehensive income in our Consolidated Balance Sheets, until the forecasted transaction occurs. When the forecasted transaction occurs, we reclassify the related gain or loss on the cash flow hedge to revenue. In the event the underlying forecasted transaction does not occur, or it becomes probable that it will not occur, we reclassify the gain or loss on the related cash flow hedge from accumulated other comprehensive income to interest and other income (expense), net in our Consolidated Statements of Income at that time. If we do not elect hedge accounting, or the contract does not qualify for hedge accounting treatment, the changes in fair value from period to period are recorded in interest and other income (expense), net in our Consolidated Statements of Income. In December 2014, prior to issuing new long-term fixed rate debt, we entered into an interest rate lock agreement on a notional amount of $600 million to hedge against the variability of future interest payments due to changes in the benchmark interest rate. This instrument was designated as a cash flow hedge. Upon issuance of our $1 billion of 3.25% senior notes due February 1, 2025 (the “2025 Notes”) in January 2015, we terminated the instrument and incurred a loss of $16.2 million . This loss was recorded in the stockholders’ equity section in our Consolidated Balance Sheets in accumulated other comprehensive income and will be reclassified to interest expense over a ten -year term consistent with the impact of the hedged item. See Note 16 for further details regarding our debt. For fiscal 2015 , there were no net gains or losses recognized in other income relating to hedges of forecasted transactions that did not occur. In fiscal 2014 and 2013 these net gains or losses were insignificant. Balance Sheet Hedging — Hedges of Foreign Currency Assets and Liabilities We also hedge our net recognized foreign currency denominated assets and liabilities with foreign exchange forward contracts to reduce the risk that the value of these assets and liabilities will be adversely affected by changes in exchange rates. These contracts hedge assets and liabilities that are denominated in foreign currencies and are carried at fair value with changes in the fair value recorded to interest and other income (expense), net in our Consolidated Statements of Income. These contracts do not subject us to material balance sheet risk due to exchange rate movements because gains and losses on these derivatives are intended to offset gains and losses on the assets and liabilities being hedged. As of November 27, 2015 , total notional amounts of outstanding contracts were $228.3 million which included the notional equivalent of $75.8 million in Euros, $44.3 million in British Pounds, $37.8 million in Australian Dollars, $ 28.8 million in Japanese Yen, and $41.6 million in other foreign currencies. As of November 28, 2014 , total notional amounts of outstanding contracts were $235.5 million which included the notional equivalent of $137.2 million in Euros, $30.9 million in British Pounds and $67.4 million in other foreign currencies. At November 27, 2015 and November 28, 2014 , the outstanding balance sheet hedging derivatives had maturities of 180 days or less. The fair value of derivative instruments on our Consolidated Balance Sheets as of November 27, 2015 and November 28, 2014 were as follows (in thousands): 2015 2014 Fair Value Asset Derivatives Fair Value Liability Derivatives Fair Value Asset Derivatives Fair Value Liability Derivatives Derivatives designated as hedging instruments: Foreign exchange option contracts (1)(3) $ 16,979 $ — $ 31,275 $ — Interest rate swap (2) 19,821 — 14,268 — Derivatives not designated as hedging instruments: Foreign exchange forward contracts (1) 2,147 2,154 1,716 663 Total derivatives $ 38,947 $ 2,154 $ 47,259 $ 663 _________________________________________ (1) Included in prepaid expenses and other current assets and accrued expenses for asset derivatives and liability derivatives, respectively, on our Consolidated Balance Sheets. (2) Included in other assets on our Consolidated Balance Sheets. (3) Hedging effectiveness expected to be recognized to income within the next twelve months. The effect of foreign currency derivative instruments designated as cash flow hedges and of foreign currency derivative instruments not designated as hedges in our Consolidated Statements of Income for fiscal 2015 , 2014 and 2013 were as follows (in thousands): 2015 2014 2013 Foreign Exchange Option Contracts Foreign Exchange Forward Contracts Foreign Exchange Option Contracts Foreign Exchange Forward Contracts Foreign Exchange Option Contracts Foreign Exchange Forward Contracts Derivatives in cash flow hedging relationships: Net gain (loss) recognized in other comprehensive income, net of tax (1) $ 39,825 $ — $ 41,993 $ — $ 34,677 $ — Net gain (loss) reclassified from accumulated other comprehensive income into income, net of tax (2) $ 56,336 $ — $ 18,705 $ — $ 35,914 $ — Net gain (loss) recognized in income (3) $ (17,423 ) $ — $ (14,962 ) $ — $ (21,098 ) $ — Derivatives not designated as hedging relationships: Net gain (loss) recognized in income (4) $ — $ 4,430 $ — $ 466 $ — $ 2,129 _________________________________________ (1) Net change in the fair value of the effective portion classified in other comprehensive income. (2) Effective portion classified as revenue. (3) Ineffective portion and amount excluded from effectiveness testing classified in interest and other income (expense), net. (4) Classified in interest and other income (expense), net. Net gains (losses) recognized in interest and other income (expense), net relating to balance sheet hedging for fiscal 2015 , 2014 and 2013 were as follows (in thousands): 2015 2014 2013 Gain (loss) on foreign currency assets and liabilities: Net realized gain (loss) recognized in other income $ (10,952 ) $ (21,559 ) $ (4,783 ) Net unrealized gain (loss) recognized in other income 3,815 17,217 2,751 (7,137 ) (4,342 ) (2,032 ) Gain (loss) on hedges of foreign currency assets and liabilities: Net realized gain recognized in other income 5,490 1,324 1,835 Net unrealized gain (loss) recognized in other income (1,060 ) (858 ) 294 4,430 466 2,129 Net gain (loss) recognized in interest and other income (expense), net $ (2,707 ) $ (3,876 ) $ 97 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Nov. 27, 2015 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | PROPERTY AND EQUIPMENT Property and equipment, net consisted of the following as of November 27, 2015 and November 28, 2014 (in thousands): 2015 2014 Computers and equipment $ 940,057 $ 855,218 Furniture and fixtures 89,434 82,385 Server hardware under capital lease — 25,703 Capital projects in-progress 12,394 68,652 Leasehold improvements 247,535 240,506 Land 70,728 106,283 Buildings 398,468 320,410 Total 1,758,616 1,699,157 Less accumulated depreciation and amortization (971,195 ) (914,034 ) Property and equipment, net $ 787,421 $ 785,123 Depreciation and amortization expense of property and equipment for fiscal 2015 , 2014 and 2013 was $146.3 million , $144.2 million and $144.7 million , respectively. In the second quarter of fiscal 2015, management approved a plan to sell land and an unoccupied building located in San Jose, California. The total carrying value of the property assets was $36.3 million which mostly pertained to the land. The decision to sell these property assets was largely based upon a general lack of operational needs for the building and land, and recent improvements in market conditions for commercial real estate in the area. We began to actively market the assets during the second quarter of fiscal 2015 and finalized the sale of these assets on September 23, 2015 for total proceeds of $57.8 million . The gain on the sale of the property assets was included in interest and other income (expense), net in our Consolidated Statements of Income. In August 2014, we exercised our option to purchase the East and West Towers of our corporate headquarter offices for a total purchase price of $143.2 million . We capitalized the East and West Towers as property and equipment on our Consolidated Balance Sheets at $144.1 million , the lesser of cost or fair value, which represented the total purchase price plus other direct costs associated with the purchase. These buildings are depreciated over their useful life of 40 years on a straight-line basis. |
Goodwill and Purchased and Othe
Goodwill and Purchased and Other Intangibles | 12 Months Ended |
Nov. 27, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND PURCHASED AND OTHER INTANGIBLES | GOODWILL AND PURCHASED AND OTHER INTANGIBLES Goodwill by reportable segment and activity for the years ended November 27, 2015 and November 28, 2014 was as follows (in thousands): 2013 Acquisitions Other (1) 2014 Acquisitions Other (1) 2015 Digital Media $ 2,049,726 $ 12,510 $ (4,838 ) $ 2,057,398 $ 747,964 $ (9,060 ) $ 2,796,302 Digital Marketing 2,463,828 — (57,687 ) 2,406,141 — (93,983 ) 2,312,158 Print and Publishing 258,427 — (4 ) 258,423 — (2 ) 258,421 Goodwill $ 4,771,981 $ 12,510 $ (62,529 ) $ 4,721,962 $ 747,964 $ (103,045 ) $ 5,366,881 _________________________________________ (1) Amounts primarily consist of foreign currency translation adjustments. Purchased and other intangible assets by reportable segment as of November 27, 2015 and November 28, 2014 were as follows (in thousands): 2015 2014 Digital Media $ 291,779 $ 147,182 Digital Marketing 218,054 321,086 Print and Publishing 174 1,394 Purchased and other intangible assets, net $ 510,007 $ 469,662 Purchased and other intangible assets subject to amortization as of November 27, 2015 and November 28, 2014 were as follows (in thousands): 2015 2014 Cost Accumulated Amortization Net Cost Accumulated Amortization Net Purchased technology $ 199,053 $ (104,704 ) $ 94,349 $ 405,208 $ (264,697 ) $ 140,511 Customer contracts and relationships $ 506,639 $ (204,578 ) $ 302,061 $ 376,994 $ (143,330 ) $ 233,664 Trademarks 81,219 (41,175 ) 40,044 67,268 (36,516 ) 30,752 Acquired rights to use technology 144,202 (100,278 ) 43,924 148,836 (86,258 ) 62,578 Localization 1,500 (358 ) 1,142 549 (382 ) 167 Other intangibles 36,280 (7,793 ) 28,487 3,163 (1,173 ) 1,990 Total other intangible assets $ 769,840 $ (354,182 ) $ 415,658 $ 596,810 $ (267,659 ) $ 329,151 Purchased and other intangible $ 968,893 $ (458,886 ) $ 510,007 $ 1,002,018 $ (532,356 ) $ 469,662 In fiscal 2015 , certain purchased intangibles associated with our acquisitions of Omniture, Efficient Frontier and Day Software Holding AG became fully amortized and were removed from the Consolidated Balance Sheets. In fiscal 2014, certain purchased intangibles associated with our acquisitions of Efficient Frontier and Day Software Holding AG became fully amortized and were removed from the Consolidated Balance Sheets. Amortization expense related to purchased and other intangible assets was $174.5 million and $152.7 million for fiscal 2015 and 2014 , respectively. Of these amounts, $104.4 million and $100.2 million were included in cost of sales for fiscal 2015 and 2014 , respectively. In fiscal 2013, we acquired rights to use certain technology for $51.8 million , of which $26.5 million was related to historical use of licensing rights and was expensed as cost of product revenue. Excluding the expense associated with historical use of the acquired rights to use the technology, amortization expense was $156.9 million , of which $105.7 million was included in cost of sales for fiscal 2013 . Purchased and other intangible assets are amortized over their estimated useful lives of 1 to 14 years. As of November 27, 2015 , we expect amortization expense in future periods to be as follows (in thousands): Fiscal Year Purchased Technology Other Intangible Assets 2016 $ 30,745 $ 108,716 2017 23,401 97,822 2018 16,431 87,028 2019 9,794 60,499 2020 7,584 30,412 Thereafter 6,394 31,181 Total expected amortization expense $ 94,349 $ 415,658 |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Nov. 27, 2015 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES | ACCRUED EXPENSES Accrued expenses as of November 27, 2015 and November 28, 2014 consisted of the following (in thousands): 2015 2014 Accrued compensation and benefits $ 312,776 $ 320,679 Sales and marketing allowances 66,876 75,627 Accrued corporate marketing 38,512 28,369 Taxes payable 27,996 24,658 Royalties payable 23,334 15,073 Accrued interest expense 26,538 22,621 Other 182,332 196,839 Accrued expenses $ 678,364 $ 683,866 Other primarily includes general corporate accruals for technical support and local and regional expenses. Other is also comprised of deferred rent related to office locations with rent escalations and foreign currency liability derivatives. |
Income Taxes
Income Taxes | 12 Months Ended |
Nov. 27, 2015 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Income before income taxes for fiscal 2015 , 2014 and 2013 consisted of the following (in thousands): 2015 2014 2013 Domestic $ 589,371 $ 191,563 $ 132,916 Foreign 284,410 169,813 223,225 Income before income taxes $ 873,781 $ 361,376 $ 356,141 The provision for income taxes for fiscal 2015 , 2014 and 2013 consisted of the following (in thousands): 2015 2014 2013 Current: United States federal $ 204,834 $ 26,822 $ (53,985 ) Foreign 52,125 51,684 65,609 State and local (14,975 ) 4,713 3,317 Total current 241,984 83,219 14,941 Deferred: United States federal (31,011 ) (24,090 ) 24,139 Foreign (9,368 ) (12,895 ) (6,215 ) State and local (25,511 ) (6,476 ) (7,328 ) Total deferred (65,890 ) (43,461 ) 10,596 Tax expense attributable to employee stock plans 68,136 53,223 40,619 Provision for income taxes $ 244,230 $ 92,981 $ 66,156 Total income tax expense differs from the expected tax expense (computed by multiplying the U.S. federal statutory rate of 35% by income before income taxes) as a result of the following (in thousands): 2015 2014 2013 Computed “expected” tax expense $ 305,824 $ 126,481 $ 124,649 State tax expense, net of federal benefit (8,316 ) (4,411 ) (6,304 ) Tax credits (25,967 ) (1,166 ) (29,087 ) Differences between statutory rate and foreign effective tax rate (90,063 ) (33,769 ) (39,678 ) Change in deferred tax asset valuation allowance — — 514 Stock-based compensation (net of tax deduction) 9,623 8,688 9,783 Resolution of income tax examinations (17,595 ) (1,896 ) (8,421 ) Domestic manufacturing deduction benefit (16,800 ) (6,272 ) (2,929 ) Tax charge for licensing acquired company technology to foreign subsidiaries 80,015 — 18,935 Other, net 7,509 5,326 (1,306 ) Provision for income taxes $ 244,230 $ 92,981 $ 66,156 Deferred Tax Assets and Liabilities The tax effects of the temporary differences that gave rise to significant portions of the deferred tax assets and liabilities as of November 27, 2015 and November 28, 2014 are presented below (in thousands): 2015 2014 Deferred tax assets: Acquired technology $ 9,071 $ 9,477 Reserves and accruals 33,251 46,569 Deferred revenue 17,110 16,311 Unrealized losses on investments 5,505 6,723 Stock-based compensation 59,103 58,501 Net operating loss carryforwards of acquired companies 20,877 9,082 Credit carryforwards 57,568 41,419 Capitalized expenses 17,566 — Benefits relating to tax positions 43,095 9,540 Other 20,648 10,974 Total gross deferred tax assets 283,794 208,596 Deferred tax asset valuation allowance (21,286 ) (22,100 ) Total deferred tax assets 262,508 186,496 Deferred tax liabilities: Depreciation and amortization 62,143 73,295 Undistributed earnings of foreign subsidiaries 249,159 221,845 Acquired intangible assets 159,415 138,392 Total deferred tax liabilities 470,717 433,532 Net deferred tax liabilities $ 208,209 $ 247,036 The deferred tax assets and liabilities for fiscal 2015 and 2014 include amounts related to various acquisitions. The total change in deferred tax assets and liabilities includes changes that are recorded to other comprehensive income, additional paid-in capital, goodwill, unrecognized tax benefits and retained earnings. We provide U.S. income taxes on the earnings of foreign subsidiaries unless the subsidiaries’ earnings are considered permanently reinvested outside the United States. To the extent that the foreign earnings previously treated as permanently reinvested are repatriated, the related U.S. tax liability may be reduced by any foreign income taxes paid on these earnings. As of November 27, 2015 , the cumulative amount of earnings upon which U.S. income taxes have not been provided is approximately $3.7 billion . The unrecognized deferred tax liability for these earnings is approximately $1.0 billion . As of November 27, 2015 , we have net operating loss carryforwards of approximately $52.1 million for federal, $16.4 million for state, and $7.6 million for foreign. We also have state and foreign tax credit carryforwards of approximately $55.0 million and $21.8 million , respectively. The net operating loss carryforward assets and tax credits will expire in various years from fiscal 2016 through 2034 . The state tax credit carryforwards can be carried forward indefinitely. The net operating loss carryforward assets and certain credits are subject to an annual limitation under Internal Revenue Code Section 382, but are expected to be fully realized. In addition, we have been tracking certain deferred tax attributes of approximately $55.0 million which have not been recorded in the financial statements pursuant to accounting standards related to stock-based compensation. These amounts are no longer included in our gross or net deferred tax assets. Pursuant to these standards, the benefit of these deferred tax assets will be recorded to equity if and when they reduce taxes payable. As of November 27, 2015 , a valuation allowance of $21.3 million has been established for certain deferred tax assets related to the impairment of investments and certain state and foreign assets. For fiscal 2015 , the total change in the valuation allowance was immaterial. Accounting for Uncertainty in Income Taxes During fiscal 2015 and 2014 , our aggregate changes in our total gross amount of unrecognized tax benefits are summarized as follows (in thousands): 2015 2014 Beginning balance $ 148,848 $ 136,098 Gross increases in unrecognized tax benefits – prior year tax positions 3,784 144 Gross increases in unrecognized tax benefits – current year tax positions 129,358 18,877 Settlements with taxing authorities (11,548 ) (995 ) Lapse of statute of limitations (2,687 ) (1,630 ) Foreign exchange gains and losses (9,037 ) (3,646 ) Ending balance $ 258,718 $ 148,848 As of November 27, 2015 , the combined amount of accrued interest and penalties related to tax positions taken on our tax returns and included in non-current income taxes payable was approximately $27.8 million . We file income tax returns in the United States on a federal basis and in many U.S. state and foreign jurisdictions. We are subject to the continual examination of our income tax returns by the IRS and other domestic and foreign tax authorities. Our major tax jurisdictions are Ireland, California and the United States. For Ireland, California and the United States, the earliest fiscal years open for examination are 2008 , 2010 and 2010 , respectively. We regularly assess the likelihood of outcomes resulting from these examinations to determine the adequacy of our provision for income taxes and have reserved for potential adjustments that may result from the current examinations. We believe such estimates to be reasonable; however, there can be no assurance that the final determination of any of these examinations will not have an adverse effect on our operating results and financial position. The timing of the resolution of income tax examinations is highly uncertain as are the amounts and timing of tax payments that are part of any audit settlement process. These events could cause large fluctuations in the balance sheet classification of current and non-current assets and liabilities. We believe that within the next 12 months, it is reasonably possible that either certain audits will conclude or statutes of limitations on certain income tax examination periods will expire, or both. Given the uncertainties described above, we can only determine a range of estimated potential decreases in underlying unrecognized tax benefits ranging from $0 to approximately $10 million . |
Restructuring
Restructuring | 12 Months Ended |
Nov. 27, 2015 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING CHARGES | RESTRUCTURING Fiscal 2014 Restructuring Plan In the fourth quarter of fiscal 2014, in order to better align our global resources for Digital Media and Digital Marketing, we initiated a restructuring plan to vacate our Research and Development facility in China and our Sales and Marketing facility in Russia. This plan consisted of reductions of approximately 350 full-time positions and we recorded restructuring charges of approximately $21.0 million through fiscal 2015 related to ongoing termination benefits for the positions eliminated. The amount accrued for the fair value of future contractual obligations under these operating leases was insignificant. During the first quarter of fiscal 2015 we vacated both of these facilities and as of November 27, 2015 we consider the Fiscal 2014 Restructuring Plan to be substantially complete. Other Restructuring Plans During the past several years, we have implemented Other Restructuring Plans consisting of reductions in workforce and the consolidation of facilities to better align our resources around our business strategies. As of November 27, 2015 , we considered our Other Restructuring Plans to be substantially complete. We continue to make cash outlays to settle obligations under these plans, however the current impact to our Consolidated Financial Statements is not material. Summary of Restructuring Plans The following table sets forth a summary of restructuring activities related to all of our restructuring plans described above during fiscal 2015 (in thousands): November 28, Costs Incurred Cash Payments Other Adjustments November 27, Fiscal 2014 Restructuring Plan: Termination benefits $ 14,461 $ 773 $ (16,512 ) $ 1,290 $ 12 Cost of closing redundant facilities 472 — (417 ) (55 ) — Other Restructuring Plans: Termination benefits 537 — (120 ) (230 ) 187 Cost of closing redundant facilities 6,844 640 (1,130 ) (1,819 ) 4,535 Total restructuring plans $ 22,314 $ 1,413 $ (18,179 ) $ (814 ) $ 4,734 Accrued restructuring charges of $4.7 million as of November 27, 2015 include $1.5 million recorded in accrued restructuring, current and $3.2 million related to long-term facilities obligations recorded in accrued restructuring, non-current on our Consolidated Balance Sheets. We expect to pay accrued termination benefits through fiscal 2016 and facilities-related liabilities under contract through fiscal 2021 of which approximately 75% will be paid through 2017. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Nov. 27, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
BENEFIT PLANS | BENEFIT PLANS Retirement Savings Plan In 1987, we adopted an Employee Investment Plan, qualified under Section 401(k) of the Internal Revenue Code, which is a retirement savings plan covering substantially all of our U.S. employees, now referred to as the Adobe 401(k) Retirement Savings Plan. Under the plan, eligible employees may contribute up to 65% of their pretax or after-tax salary, subject to the Internal Revenue Service annual contribution limits. In fiscal 2015 , we matched 50% of the first 6% of the employee’s eligible compensation. We contributed $25.7 million , $24.8 million and $22.3 million in fiscal 2015 , 2014 and 2013 , respectively. Adobe is under no obligation to continue matching future employee contributions and at the Company’s discretion may change its practices at any time. Deferred Compensation Plan On September 21, 2006, the Board of Directors approved the Adobe Systems Incorporated Deferred Compensation Plan, effective December 2, 2006 (the “Deferred Compensation Plan”). The Deferred Compensation Plan is an unfunded, non-qualified, deferred compensation arrangement under which certain executives and members of the Board of Directors are able to defer a portion of their annual compensation. Participants may elect to contribute up to 75% of their base salary and 100% of other specified compensation, including commissions, bonuses, performance-based and time-based restricted stock units, and directors’ fees. Participants are able to elect the payment of benefits to begin on a specified date at least three years after the end of the plan year in which the election is made in the form of a lump sum or annual installments over five, ten or fifteen years. Upon termination of a participant’s employment with Adobe, such participant will receive a distribution in the form of a lump sum payment. All distributions will be made in cash, except for deferred performance-based and time-based restricted stock units which will be settled in stock. As of November 27, 2015 and November 28, 2014 , the invested amounts under the Deferred Compensation Plan total $32.1 million and $25.7 million , respectively and were recorded as other assets on our Consolidated Balance Sheets. As of November 27, 2015 and November 28, 2014 , $39.6 million and $31.0 million , respectively, was recorded as long-term liabilities to recognize undistributed deferred compensation due to employees. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Nov. 27, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION Our stock-based compensation programs are long-term retention programs that are intended to attract, retain and provide incentives for employees, officers and directors, and to align stockholder and employee interests. We have the following stock-based compensation plans and programs: Restricted Stock Unit Plans We currently grant restricted stock units to eligible employees under our 2003 Equity Incentive Plan, as amended ( “ 2003 Plan ” ). In February 2015, the Executive Compensation Committee of the Board of Directors retired our remaining share reserves under the 2005 Equity Incentive Assumption Plan (“2005 Assumption Plan”). Restricted stock units granted under these plans as part of our annual review process vest annually over three years. Other restricted stock units granted under these plans generally vest over four years, the majority of which vest 25% annually. Certain grants have other vesting periods approved by our Board of Directors or an authorized committee of the Board of Directors. We grant performance awards to officers and key employees under our 2003 Plan. Performance awards granted under this plan between fiscal 2009 and fiscal 2012 vest annually over three years, and performance awards granted in fiscal 2015 , 2014 and 2013 cliff-vest after three years. As of November 27, 2015 , we had reserved 173.2 million shares of common stock for issuance under our 2003 Plan and had 48.5 million shares available for grant. Employee Stock Purchase Plan Our 1997 Employee Stock Purchase Plan (“ESPP”) allows eligible employee participants to purchase shares of our common stock at a discount through payroll deductions. The ESPP consists of a twenty-four month offering period with four six-month purchase periods in each offering period. Employees purchase shares in each purchase period at 85% of the market value of our common stock at either the beginning of the offering period or the end of the purchase period, whichever price is lower. The ESPP will continue until the earlier of (i) termination by the Board or (ii) the date on which all of the shares available for issuance under the plan have been issued. As of November 27, 2015 , we had reserved 93.0 million shares of our common stock for issuance under the ESPP and approximately 10.8 million shares remain available for future issuance. Stock Option Plans The Executive Compensation Committee of the Board of Directors eliminated the use of stock option grants for all employees in fiscal 2012. Stock option grants to non-employee directors were minimal in fiscal 2013, and in December 2013 the Board of Directors eliminated the use of option grants for directors as well. The 2003 Plan allows us to grant options to all employees, including executive officers, outside consultants and non-employee directors. This plan will continue until the earlier of (i) termination by the Board or (ii) the date on which all of the shares available for issuance under the plan have been issued and restrictions on issued shares have lapsed. Option vesting periods are generally four years and expire seven years from the effective date of grant. Performance Share Programs On January 26, 2015, our Executive Compensation Committee approved the 2015 Performance Share Program, including the award calculation methodology, under the terms of our 2003 Equity Incentive Plan. Under our 2015 Performance Share Program (“2015 Program”), shares may be earned based on the achievement of an objective relative total stockholder return measured over a three-year performance period. The purpose of the 2015 Program is to help focus key employees on building stockholder value, provide significant award potential for achieving outstanding Company performance and enhance the ability of the Company to attract and retain highly talented and competent individuals. Performance share awards will be awarded and fully vest at the later of the three-year anniversary of the grant date on January 24, 2018 or the Executive Compensation Committee's certification of the level of achievement. Participants in the 2015 Program generally have the ability to receive up to 200% of the target number of shares originally granted. On January 24, 2014, our Executive Compensation Committee approved the 2014 Performance Share Program, including the award calculation methodology, under the terms of our 2003 Equity Incentive Plan. Under our 2014 Performance Share Program (“2014 Program”), shares may be earned based on the achievement of an objective relative total stockholder return measured over a three-year performance period. The purpose of the 2014 Program is to help focus key employees on building stockholder value, provide significant award potential for achieving outstanding company performance and enhance the ability of Adobe to attract and retain highly talented and competent individuals. Performance share awards will be awarded and fully vest at the later of the three-year anniversary of the grant date on January 24, 2017 or the Executive Compensation Committee’s certification of the level of achievement. Participants in the 2014 Program generally have the ability to receive up to 200% of the target number of shares originally granted. Effective January 24, 2013, our Executive Compensation Committee modified our Performance Share Program by eliminating the use of qualitative performance objectives, with 100% of shares to be earned based on the achievement of an objective relative total stockholder return measured over a three-year performance period. Performance awards were granted under the 2013 Performance Share Program (“2013 Program”) pursuant to the terms of our 2003 Equity Incentive Plan. The purpose of the 2013 Program is to align key management and senior leadership with stockholders’ interests over the long term and to retain key employees. Performance share awards will be awarded and fully vest at the later of the three-year anniversary of the grant date on January 24, 2016 or the Executive Compensation Committee's certification of the level of achievement. Participants in the 2013 Program generally have the ability to receive up to 200% of the target number of shares originally granted. Issuance of Shares Upon exercise of stock options, vesting of restricted stock and performance shares, and purchases of shares under the ESPP, we will issue treasury stock. If treasury stock is not available, common stock will be issued. In order to minimize the impact of on-going dilution from exercises of stock options and vesting of restricted stock and performance shares, we instituted a stock repurchase program. See Note 13 for information regarding our stock repurchase programs. Valuation of Stock-Based Compensation Stock-based compensation cost is measured at the grant date based on the fair value of the award. We are required to estimate forfeitures at the time of grant and revise those estimates in subsequent periods if actual forfeitures differ from those estimates. We use historical data to estimate forfeitures and record stock-based compensation expense only for those awards that are expected to vest. We use the Black-Scholes option pricing model to determine the fair value of ESPP shares and stock options. The determination of the fair value of stock-based payment awards on the date of grant using an option pricing model is affected by our stock price as well as assumptions regarding a number of complex and subjective variables. These variables include our expected stock price volatility over the expected term of the awards, actual and projected employee stock option exercise behaviors, a risk-free interest rate and any expected dividends. We estimate the expected term of options granted by calculating the average term from our historical stock option exercise experience. We estimate the volatility of our common stock by using implied volatility in market traded options. Our decision to use implied volatility was based upon the availability of actively traded options on our common stock and our assessment that implied volatility is more representative of future stock price trends than historical volatility. We base the risk-free interest rate that we use in the option valuation model on zero-coupon yields implied by U.S. Treasury issues with remaining terms similar to the expected term on the options. We do not anticipate paying any cash dividends in the foreseeable future and therefore use an expected dividend yield of zero in the option valuation model. We eliminated the use of stock option grants for all employees effective fiscal 2012, and for all of the non-employee directors effective fiscal 2014. The expected term of ESPP shares is the average of the remaining purchase periods under each offering period. The assumptions used to value employee stock purchase rights were as follows: Fiscal Years 2015 2014 2013 Expected life (in years) 0.5 - 2.0 0.5 - 2.0 0.5 - 2.0 Volatility 26 - 30% 26 - 28% 26 - 30% Risk free interest rate 0.11 - 0.67% 0.06 - 0.47% 0.09 - 0.34% Summary of Restricted Stock Units Restricted stock unit activity for fiscal 2015 , 2014 and 2013 was as follows (in thousands): 2015 2014 2013 Beginning outstanding balance 13,564 17,948 18,415 Awarded 4,012 4,413 7,236 Released (6,561 ) (7,502 ) (6,224 ) Forfeited (946 ) (1,295 ) (1,479 ) Ending outstanding balance 10,069 13,564 17,948 The weighted average grant date fair values of restricted stock units granted during fiscal 2015 , 2014 and 2013 were $75.47 , $61.16 and $39.87 , respectively. The total fair value of restricted stock units vested during fiscal 2015 , 2014 and 2013 was $495.1 million , $457.3 million and $249.5 million , respectively. Information regarding restricted stock units outstanding at November 27, 2015 , November 28, 2014 and November 29, 2013 is summarized below: Number of Shares (thousands) Weighted Average Remaining Contractual Life (years) Aggregate Intrinsic Value (*) (millions) 2015 Restricted stock units outstanding 10,069 0.93 $ 928.0 Restricted stock units vested and expected to vest 9,267 0.86 $ 842.9 2014 Restricted stock units outstanding 13,564 0.94 $ 999.4 Restricted stock units vested and expected to vest 12,352 0.87 $ 903.1 2013 Restricted stock units outstanding 17,948 1.09 $ 1,019.1 Restricted stock units vested and expected to vest 16,265 1.02 $ 920.5 _________________________________________ (*) The intrinsic value is calculated as the market value as of the end of the fiscal period. As reported by the NASDAQ Global Select Market, the market values as of November 27, 2015 , November 28, 2014 and November 29, 2013 were $92.17 , $73.68 and $56.78 , respectively. Summary of Performance Shares As of November 27, 2015 , the shares awarded under our 2015 , 2014 and 2013 Performance Share Programs are yet to be achieved.The following table sets forth the summary of performance share activity under our 2015 , 2014 and 2013 Performance Share Programs for the fiscal year ended November 27, 2015 (in thousands): 2015 2014 2013 Shares Granted Maximum Shares Eligible to Receive Shares Granted Maximum Shares Eligible to Receive Shares Maximum Beginning outstanding balance 1,517 3,034 854 1,707 — — Awarded 671 1,342 709 1,417 946 1,891 Forfeited (248 ) (495 ) (46 ) (90 ) (92 ) (184 ) Ending outstanding balance 1,940 3,881 1,517 3,034 854 1,707 In the first quarter of fiscal 2013, the Executive Compensation Committee certified the actual performance achievement of participants in the 2012 Performance Share Program (the “2012 Program”). Based upon the achievement of specific and/or market-based performance goals outlined in the 2012 Program, participants had the ability to receive up to 150% of the target number of shares originally granted. Actual performance resulted in participants achieving 116% of target or approximately 1.3 million shares for the 2012 Program. One third of the shares under the 2012 Program vested in the first quarter of fiscal 2013 and the remaining two thirds vested evenly on the following two anniversaries of the grant if not forfeited by the recipient. The following table sets forth the summary of performance share activity under our performance share programs prior to 2013, based upon share awards actually achieved, for the fiscal years ended November 27, 2015 , November 28, 2014 and November 29, 2013 (in thousands): 2015 2014 2013 Beginning outstanding balance 354 861 388 Achieved — — 1,279 Released (354 ) (486 ) (665 ) Forfeited — (21 ) (141 ) Ending outstanding balance — 354 861 The total fair value of performance awards vested during fiscal 2015 , 2014 and 2013 was $26.1 million , $28.7 million and $25.4 million , respectively. Information regarding performance shares outstanding at November 28, 2014 and November 29, 2013 is summarized below: Number of Shares (thousands) Weighted Average Remaining Contractual Life (years) Aggregate Intrinsic Value (*) (millions) 2014 Performance shares outstanding 354 0.16 $ 26.1 Performance shares vested and expected to vest 348 0.16 $ 25.5 2013 Performance shares outstanding 861 0.58 $ 48.9 Performance shares vested and expected to vest 817 0.56 $ 46.3 _________________________________________ (*) The intrinsic value is calculated as the market value as of the end of the fiscal period. As reported by the NASDAQ Global Select Market, the market values as of November 28, 2014 and November 29, 2013 were $73.68 and $56.78 , respectively. Summary of Employee Stock Purchase Plan Shares The weighted average subscription date fair value of shares under the ESPP during fiscal 2015 , 2014 and 2013 were $20.81 , $17.02 and $11.40 , respectively. Employees purchased 2.1 million shares at an average price of $52.37 , 2.9 million shares at an average price of $34.76 , and 3.4 million shares at an average price of $25.71 , respectively, for fiscal 2015 , 2014 and 2013 . The intrinsic value of shares purchased during fiscal 2015 , 2014 and 2013 was $53.9 million , $93.4 million and $58.5 million , respectively. The intrinsic value is calculated as the difference between the market value on the date of purchase and the purchase price of the shares. Summary of Stock Options There were no stock option grants during fiscal 2015 and 2014 . Stock option activity under our stock option program for fiscal 2015 , 2014 and 2013 was as follows (shares in thousands): Outstanding Options Number of Shares Weighted Average Exercise Price November 30, 2012 24,517 $ 32.09 Granted 25 $ 45.03 Exercised (15,872 ) $ 32.15 Cancelled (1,584 ) $ 37.37 Increase due to acquisition 273 $ 6.82 November 29, 2013 7,359 $ 29.93 Granted — $ — Exercised (4,055 ) $ 30.88 Cancelled (153 ) $ 25.37 Increase due to acquisition 22 $ 29.44 November 28, 2014 3,173 $ 28.92 Granted — $ — Exercised (1,900 ) $ 28.83 Cancelled (34 ) $ 20.90 Increase due to acquisition 88 $ 14.38 November 27, 2015 1,327 $ 28.28 The weighted average fair value of options granted during fiscal 2013 was $8.64 . The total intrinsic value of options exercised during fiscal 2015 , 2014 and 2013 was $92.3 million , $141.3 million and $181.8 million , respectively. The intrinsic value is calculated as the difference between the market value on the date of exercise and the exercise price of the shares. Information regarding stock options outstanding at November 27, 2015 , November 28, 2014 and November 29, 2013 is summarized below: Number of Shares (thousands) Weighted Average Exercise Price Weighted Average Remaining Contractual Life (years) Aggregate Intrinsic Value (*) (millions) 2015 Options outstanding 1,327 $ 28.28 2.67 $ 84.8 Options vested and expected to vest 1,319 $ 28.39 2.66 $ 84.1 Options exercisable 1,214 $ 30.08 2.40 $ 75.4 2014 Options outstanding 3,173 $ 28.92 3.19 $ 142.0 Options vested and expected to vest 3,153 $ 29.00 3.17 $ 140.9 Options exercisable 2,786 $ 30.24 2.85 $ 121.0 2013 Options outstanding 7,359 $ 29.93 3.22 $ 197.6 Options vested and expected to vest 7,242 $ 30.05 3.18 $ 193.6 Options exercisable 5,752 $ 31.28 2.65 $ 146.7 _________________________________________ (*) The intrinsic value is calculated as the difference between the market value as of the end of the fiscal period and the exercise price of the shares. As reported by the NASDAQ Global Select Market, the market values as of November 27, 2015 , November 28, 2014 and November 29, 2013 were $92.17 , $73.68 and $56.78 , respectively. Grants to Executive Officers All equity awards granted to current executive officers are made after a review by and with the approval of the Executive Compensation Committee of the Board of Directors. Grants to Non-Employee Directors The 2003 Plan provides for the granting of non-qualified stock options and restricted stock units to non-employee directors. The initial equity grant to a new non-employee director is a restricted stock unit award having an aggregate value of $0.3 million based on the average stock price over the 30 calendar days ending on the day before the date of grant and vest 100% on the day preceding the next annual meeting. The actual target grant value will be prorated based on the number of days remaining before the next annual meeting or the date of the first anniversary of our last annual meeting if the next annual meeting is not yet scheduled. Annual equity grants to non-employee directors shall have an aggregate value of $0.3 million as based on the average stock price over the 30 calendar days ending on the day before the date of grant and vest 100% on the day preceding the next annual meeting. Starting in fiscal 2014, we eliminated the use of non-qualified stock options for our non-employee directors and restricted stock units became the primary form of their annual equity grants. Restricted stock units granted to directors for fiscal 2015 , 2014 and 2013 were as follows (in thousands): 2015 2014 2013 Restricted stock units granted to existing directors 41 48 36 Restricted stock units granted to new directors — — 14 As part of the annual equity awards process in 2013, there were approximately 25 thousand options granted to non-employee directors with a $45.03 exercise price, equal to the fair market value of our common stock on the date of grant. These options vested 100% on the day preceding the fiscal 2014 annual meeting and had a seven -year term. Compensation Costs We recognize the estimated compensation cost of restricted stock units, net of estimated forfeitures, on a straight-line basis over the requisite service period of the entire award, which is generally the vesting period. The estimated compensation cost is based on the fair value of our common stock on the date of grant. We recognize the estimated compensation cost of performance shares, net of estimated forfeitures. The fiscal 2015 , 2014 and 2013 awards are earned upon achievement of an objective total stockholder return measure at the end of the three-year performance period, as described above, and are valued using a Monte Carlo Simulation model. The fair value of the awards was fixed at grant date and amortized over the longer of the remaining performance or service period. For the fiscal 2012 performance shares, expense is being recognized on a straight-line basis over the requisite service period for each vesting tranche of the award. As of November 27, 2015 , there was $394.1 million of unrecognized compensation cost, adjusted for estimated forfeitures, related to non-vested stock-based awards which will be recognized over a weighted average period of 1.5 years. Total unrecognized compensation cost will be adjusted for future changes in estimated forfeitures. Total stock-based compensation costs that have been included in our Consolidated Statements of Income for fiscal 2015 , 2014 and 2013 were as follows (in thousands): Income Statement Classifications Cost of Revenue– Subscription Cost of Revenue– Services and Support Research and Development Sales and Marketing General and Administrative Total (1) Option Grants and Stock Purchase Rights 2015 $ 1,449 $ 5,185 $ 14,082 $ 18,360 $ 4,790 $ 43,866 2014 $ 1,855 $ 4,000 $ 15,125 $ 17,706 $ 6,476 $ 45,162 2013 $ 2,059 $ 3,413 $ 18,188 $ 21,283 $ 8,410 $ 53,353 Restricted Stock and Performance Share Awards 2015 $ 6,481 $ 6,446 $ 104,624 $ 109,908 $ 66,709 $ 294,168 2014 $ 5,878 $ 6,619 $ 107,029 $ 102,909 $ 66,104 $ 288,539 2013 $ 5,052 $ 6,961 $ 102,464 $ 101,423 $ 59,734 $ 275,634 _________________________________________ (1) During fiscal 2015 , 2014 and 2013 , we recorded tax benefits of $68.8 million , $72.4 million and $70.7 million , respectively. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Nov. 27, 2015 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY Comprehensive Income (Loss) The components of accumulated other comprehensive income (loss) and activity, net of related taxes, for fiscal 2015 were as follows (in thousands): November 28, Increase / Decrease Reclassification Adjustments November 27, Net unrealized gains on available-for-sale securities: Unrealized gains on available-for-sale securities $ 8,237 $ (2,386 ) $ (3,309 ) $ 2,542 Unrealized losses on available-for-sale securities (609 ) (6,840 ) 354 (7,095 ) Total net unrealized gains on available-for-sale securities 7,628 (9,226 ) (2,955 ) (1 ) (4,553 ) Net unrealized gains on derivative instruments designated as hedging instruments 28,655 29,795 (55,535 ) (2 ) 2,915 Cumulative foreign currency translation adjustments (44,377 ) (123,065 ) — (167,442 ) Total accumulated other comprehensive income (loss), net of taxes $ (8,094 ) $ (102,496 ) $ (58,490 ) $ (169,080 ) _________________________________________ (1) Reclassification adjustments for gains / losses on available-for-sale securities are classified in interest and other income (expense), net. (2) Reclassification adjustments for loss on the interest rate lock agreement and gains / losses on other derivative instruments are classified in interest and other income (expense), net and revenue, respectively. The following table sets forth the taxes related to each component of other comprehensive income for fiscal 2015 , 2014 and 2013 (in thousands): 2015 2014 2013 Available-for-sale securities: Unrealized gains / losses $ (154 ) $ 1 $ 169 Reclassification adjustments — (8 ) (2 ) Subtotal available-for-sale securities (154 ) (7 ) 167 Derivatives designated as hedging instruments: Unrealized gains on derivative instruments * 6,147 — — Reclassification adjustments * (550 ) — — Subtotal derivatives designated as hedging instruments 5,597 — — Foreign currency translation adjustments (3,378 ) (1,868 ) 2,789 Total taxes, other comprehensive income (loss) $ 2,065 $ (1,875 ) $ 2,956 _________________________________________ (*) Taxes related to derivative instruments other than the interest rate lock agreement were zero based on the tax jurisdiction where these derivative instruments were executed. Stock Repurchase Program To facilitate our stock repurchase program, designed to return value to our stockholders and minimize dilution from stock issuances, we may repurchase shares in the open market or enter into structured repurchase agreements with third parties. In the first quarter of fiscal 2015, the Board of Directors approved a new stock repurchase program granting the Company authority to repurchase up to $2 billion in common stock through the end of fiscal 2017. During fiscal 2015 , 2014 and 2013 , we entered into several structured stock repurchase agreements with large financial institutions, whereupon we provided them with prepayments totaling $625.0 million , $600.0 million , and $1.1 billion , respectively. Of the $625.0 million prepayments during fiscal 2015 , $425.0 million was under the new $2 billion stock repurchase program and the remaining $200.0 million was under the previous $2 billion authority. The $600.0 million and $1.1 billion prepayments during fiscal 2014 and 2013 were under the previous $2 billion stock repurchase authority. We enter into these agreements in order to take advantage of repurchasing shares at a guaranteed discount to the Volume Weighted Average Price (“VWAP”) of our common stock over a specified period of time. We only enter into such transactions when the discount that we receive is higher than our estimate of the foregone return on our cash prepayments to the financial institutions. There were no explicit commissions or fees on these structured repurchases. Under the terms of the agreements, there is no requirement for the financial institutions to return any portion of the prepayment to us. The financial institutions agree to deliver shares to us at monthly intervals during the contract term. The parameters used to calculate the number of shares deliverable are: the total notional amount of the contract, the number of trading days in the contract, the number of trading days in the interval and the average VWAP of our stock during the interval less the agreed upon discount. During fiscal 2015 , we repurchased approximately 8.1 million shares at an average price of $77.38 through structured repurchase agreements entered into during fiscal 2015 and fiscal 2014 . During fiscal 2014 , we repurchased approximately 10.9 million shares at an average price of $63.48 through structured repurchase agreements entered into during fiscal 2014 and fiscal 2013 . During fiscal 2013 , we repurchased approximately 21.6 million shares at an average price per share of $46.47 through structured repurchase agreements entered into during fiscal 2013 and fiscal 2012. For fiscal 2015 , 2014 and 2013 , the prepayments were classified as treasury stock on our Consolidated Balance Sheets at the payment date, though only shares physically delivered to us by November 27, 2015 , November 28, 2014 and November 29, 2013 were excluded from the computation of earnings per share. As of November 27, 2015 , $38.2 million of prepayments remained under the agreement. Subsequent to November 27, 2015 , as part of our $2 billion stock repurchase program, we entered into a structured stock repurchase agreement with a large financial institution whereupon we provided them with a prepayment of $150 million . This amount will be classified as treasury stock on our Consolidated Balance Sheets. Upon completion of the $150 million stock repurchase agreement, $1.43 billion remains under our current authority. |
Net Income Per Share
Net Income Per Share | 12 Months Ended |
Nov. 27, 2015 | |
Earnings Per Share [Abstract] | |
NET INCOME PER SHARE | NET INCOME PER SHARE Basic net income per share is computed using the weighted average number of common shares outstanding for the period, excluding unvested restricted stock. Diluted net income per share is based upon the weighted average common shares outstanding for the period plus dilutive potential common shares, including unvested restricted stock and stock options using the treasury stock method. The following table sets forth the computation of basic and diluted net income per share for fiscal 2015 , 2014 and 2013 (in thousands, except per share data): 2015 2014 2013 Net income $ 629,551 $ 268,395 $ 289,985 Shares used to compute basic net income per share 498,764 497,867 501,372 Dilutive potential common shares: Unvested restricted stock and performance share awards 7,389 8,586 8,736 Stock options 1,011 2,027 3,368 Shares used to compute diluted net income per share 507,164 508,480 513,476 Basic net income per share $ 1.26 $ 0.54 $ 0.58 Diluted net income per share $ 1.24 $ 0.53 $ 0.56 For fiscal 2015, there were no options to purchase shares of common stock with exercise prices greater than the average fair market value of our stock of $79.22 that would have been anti-dilutive. For fiscal 2014 and 2013 , options to purchase shares of common stock with exercise prices greater than the average fair market value of our stock of $65.93 and $45.08 , respectively, were not included in the calculation because the effect would have been anti-dilutive. The number of shares of common stock under these options was immaterial. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Nov. 27, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Lease Commitments We lease certain of our facilities and some of our equipment under non-cancellable operating lease arrangements that expire at various dates through 2028 . We also have one land lease that expires in 2091 . Rent expense includes base contractual rent and variable costs such as building expenses, utilities, taxes, insurance and equipment rental. Rent expense for these leases was approximately $92.9 million , $111.1 million , and $119.0 million in fiscal 2015 , 2014 and 2013 . Our sublease income was immaterial for all periods presented. We occupy three office buildings in San Jose, California where our corporate headquarters are located. We reference these office buildings as the Almaden Tower and the East and West Towers. We own the land and the East and West Tower buildings, and lease the Almaden Tower building. See Note 6 for discussion of our East and West Towers purchase. The lease agreement for the Almaden Tower is effective through March 2017. We are the investors in the lease receivable related to the Almaden Tower lease in the amount of $80.4 million , which is recorded as investment in lease receivable on our Consolidated Balance Sheets. As of November 27, 2015 , the carrying value of the lease receivable related to the Almaden Tower approximated fair value. Under the agreement for the Almaden Tower, we have the option to purchase the building at any time during the lease term for $103.6 million . If we purchase the building, the investment in the lease receivable may be credited against the purchase price. The residual value guarantee under the Almaden Tower obligation is $89.4 million . The Almaden Tower lease is subject to standard covenants including a certain financial ratio that is reported to the lessor quarterly. As of November 27, 2015 , we were in compliance with all of the covenants. In the case of a default, the lessor may demand we purchase the building for an amount equal to the lease balance, or require that we remarket or relinquish the building. If we choose to remarket or are required to do so upon relinquishing the building, we are bound to arrange the sale of the building to an unrelated party and will be required to pay the lessor any shortfall between the net remarketing proceeds and the lease balance, up to the residual value guarantee amount less our investment in lease receivable. The Almaden Tower lease qualifies for operating lease accounting treatment and, as such, the building and the related obligation are not included in our Consolidated Balance Sheets. Unconditional Purchase Obligations Our purchase obligations consist of agreements to purchase goods and services entered into in the ordinary course of business. The following table summarizes our non-cancellable unconditional purchase obligations and operating leases for each of the next five years and thereafter as of November 27, 2015 (in thousands): Operating Leases Fiscal Year Purchase Obligations Future Minimum Lease Payments Future Minimum Sublease Income 2016 $ 341,288 $ 41,192 $ 1,678 2017 62,915 32,138 1,579 2018 11,730 27,795 1,257 2019 3,795 24,437 1,309 2020 59 21,416 1,345 Thereafter — 46,569 1,198 Total $ 419,787 $ 193,547 $ 8,366 The table above includes operating lease commitments related to our restructured facilities. See Note 10 for information regarding our restructuring charges. Royalties We have royalty commitments associated with the shipment and licensing of certain products. Royalty expense is generally based on a dollar amount per unit shipped or a percentage of the underlying revenue. Royalty expense, which was recorded under our cost of revenue on our Consolidated Statements of Income, was approximately $62.3 million , $45.2 million and $40.2 million in fiscal 2015 , 2014 and 2013 , respectively. Indemnifications In the ordinary course of business, we provide indemnifications of varying scope to customers against claims of intellectual property infringement made by third parties arising from the use of our products and from time to time, we are subject to claims by our customers under these indemnification provisions. Historically, costs related to these indemnification provisions have not been significant and we are unable to estimate the maximum potential impact of these indemnification provisions on our future results of operations. To the extent permitted under Delaware law, we have agreements whereby we indemnify our officers and directors for certain events or occurrences while the officer or director is or was serving at our request in such capacity. The indemnification period covers all pertinent events and occurrences during the officer’s or director’s lifetime. The maximum potential amount of future payments we could be required to make under these indemnification agreements is unlimited; however, we have director and officer insurance coverage that reduces our exposure and enables us to recover a portion of any future amounts paid. We believe the estimated fair value of these indemnification agreements in excess of applicable insurance coverage is minimal. Legal Proceedings In connection with disputes relating to the validity or alleged infringement of third-party intellectual property rights, including patent rights, we have been, are currently and may in the future be subject to claims, negotiations or complex, protracted litigation. Intellectual property disputes and litigation may be very costly and can be disruptive to our business operations by diverting the attention and energies of management and key technical personnel. Although we have successfully defended or resolved past litigation and disputes, we may not prevail in any ongoing or future litigation and disputes. Third-party intellectual property disputes could subject us to significant liabilities, require us to enter into royalty and licensing arrangements on unfavorable terms, prevent us from licensing certain of our products or offering certain of our services, subject us to injunctions restricting our sale of products or services, cause severe disruptions to our operations or the markets in which we compete, or require us to satisfy indemnification commitments with our customers including contractual provisions under various license arrangements and service agreements. Between May 4, 2011 and July 14, 2011, five putative class action lawsuits were filed in Santa Clara Superior Court and Alameda Superior Court in California. On September 12, 2011, the cases were consolidated into In Re High-Tech Employee Antitrust Litigation (“HTEAL”) pending in the United States District Court for the Northern District of California, San Jose Division. In the consolidated complaint, Plaintiffs alleged that Adobe, along with Apple, Google, Intel, Intuit, Lucasfilm and Pixar, agreed not to recruit each other’s employees in violation of Federal and state antitrust laws. Plaintiffs claim the alleged agreements suppressed employee compensation and deprived employees of career opportunities. Plaintiffs seek injunctive relief, monetary damages, treble damages, costs and attorneys fees. All defendants deny the allegations and that they engaged in any wrongdoing of any kind. On October 24, 2013, the court certified a class of all persons who worked in the technical, creative, and/or research and development fields on a salaried basis in the United States for one or more of the following: (a) Apple from March 2005 through December 2009; (b) Adobe from May 2005 through December 2009; (c) Google from March 2005 through December 2009; (d) Intel from March 2005 through December 2009; (e) Intuit from June 2007 through December 2009; (f) Lucasfilm from January 2005 through December 2009; or (g) Pixar from January 2005 through December 2009, excluding retail employees, corporate officers, members of the boards of directors, and senior executives of all defendants. During the first quarter of fiscal 2015, the parties reached an agreement to settle the litigation. In March 2015, the court granted preliminary approval of the settlement and on September 2, 2015, the court granted final approval of the settlement. We expect to incur no additional losses associated with this matter. In addition to intellectual property disputes, we are subject to legal proceedings, claims and investigations in the ordinary course of business, including claims relating to commercial, employment and other matters. Some of these disputes and legal proceedings may include speculative claims for substantial or indeterminate amounts of damages. We consider all claims on a quarterly basis in accordance with GAAP and based on known facts assess whether potential losses are considered reasonably possible, probable and estimable. Based upon this assessment, we then evaluate disclosure requirements and whether to accrue for such claims in our financial statements. This determination is then reviewed and discussed with our Audit Committee and our independent registered public accounting firm. We make a provision for a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These provisions are reviewed at least quarterly and adjusted to reflect the impacts of negotiations, settlements, rulings, advice of legal counsel and other information and events pertaining to a particular case. Unless otherwise specifically disclosed in this note, we have determined that no provision for liability nor disclosure is required related to any claim against us because: (a) there is not a reasonable possibility that a loss exceeding amounts already recognized (if any) may be incurred with respect to such claim; (b) a reasonably possible loss or range of loss cannot be estimated; or (c) such estimate is immaterial. All legal costs associated with litigation are expensed as incurred. Litigation is inherently unpredictable. However, we believe that we have valid defenses with respect to the legal matters pending against us. It is possible, nevertheless, that our consolidated financial position, cash flows or results of operations could be negatively affected by an unfavorable resolution of one or more of such proceedings, claims or investigations. In connection with our anti-piracy efforts, conducted both internally and through organizations such as the Business Software Alliance, from time to time we undertake litigation against alleged copyright infringers. Such lawsuits may lead to counter-claims alleging improper use of litigation or violation of other laws. We believe we have valid defenses with respect to such counter-claims; however, it is possible that our consolidated financial position, cash flows or results of operations could be negatively affected in any particular period by the resolution of one or more of these counter-claims. |
Debt
Debt | 12 Months Ended |
Nov. 27, 2015 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Our debt as of November 27, 2015 and November 28, 2014 consisted of the following (in thousands): 2015 2014 Notes $ 1,887,410 $ 1,496,778 Fair value of interest rate swap 19,821 14,268 Adjusted carrying value of Notes 1,907,231 1,511,046 Capital lease obligations — 3,269 Total debt and capital lease obligations 1,907,231 1,514,315 Less: current portion — 603,229 Debt and capital lease obligations $ 1,907,231 $ 911,086 Notes In February 2010, we issued $600 million of 3.25% senior notes due February 1, 2015 (the “2015 Notes”) and $900 million of 4.75% senior notes due February 1, 2020 (the “2020 Notes”). Our proceeds were $1.5 billion and were net of an issuance discount of $6.6 million . In addition, we incurred issuance costs of $10.7 million . Both the discount and issuance costs were or are being amortized to interest expense over the respective terms of the 2015 and 2020 Notes using the effective interest method. The 2015 and 2020 Notes rank equally with our other unsecured and unsubordinated indebtedness. The effective interest rate including the discount and issuance costs was 3.45% for the 2015 Notes and is 4.92% for the 2020 Notes. Interest is payable semi-annually, in arrears, on February 1 and August 1, and commenced on August 1, 2010 . The 2015 Notes were settled on February 1, 2015 , as discussed below. In June 2014, we entered into interest rate swaps with a total notional amount of $900 million designated as a fair value hedge related to our 2020 Notes. The interest rate swaps effectively convert the fixed interest rate on our 2020 Notes to a floating interest rate based on LIBOR plus a fixed number of basis points. Under the terms of the swaps, we will pay monthly interest at the one-month LIBOR floating interest rate plus a spread of a fixed number of basis points on the $900 million notional amount. In exchange, we will receive 4.75% fixed rate interest from the swap counterparties. See Note 5 for further details regarding our interest rate swap derivatives. In December 2014, prior to issuing new long-term fixed rate debt, we entered into an interest rate lock agreement on a notional amount of $600 million to hedge against the variability of future interest payments due to changes in the benchmark interest rate. This instrument was designated as a cash flow hedge. See Note 5 for further details regarding our interest rate lock agreement. In January 2015, we issued $1 billion of 3.25% senior notes due February 1, 2025 (the “2025 Notes”). Our proceeds were approximately $989.3 million which is net of an issuance discount of $10.7 million . In addition, we incurred issuance costs of $7.9 million . Both the discount and issuance costs are being amortized to interest expense over the term of the 2025 Notes using the effective interest method. The 2025 Notes rank equally with our other unsecured and unsubordinated indebtedness. The effective interest rate including the discount, issuance costs and interest rate agreement is 3.67% for the 2025 Notes. Interest is payable semi-annually, in arrears on February 1 and August 1, commencing on August 1, 2015 . A portion of the proceeds from this offering was used to repay $600 million in aggregate principal amount of the 2015 Notes plus accrued and unpaid interest due February 1, 2015 . The remaining proceeds were used for general corporate purposes. As of November 27, 2015 , our outstanding notes payable consists of the 2020 Notes and 2025 Notes (the “Notes”) with a total carrying value of $1.91 billion . Based on quoted prices in inactive markets, the fair value of the Notes was $1.97 billion as of November 27, 2015 . The total fair value of $1.97 billion excludes the effect of fair value hedge of the 2020 Notes for which we entered into interest rate swaps as described above. We may redeem the Notes at any time, subject to a make-whole premium. In addition, upon the occurrence of certain change of control triggering events, we may be required to repurchase the Notes, at a price equal to 101% of their principal amount, plus accrued and unpaid interest to the date of repurchase. The Notes also include covenants that limit our ability to grant liens on assets and to enter into sale and leaseback transactions, subject to significant allowances. As of November 27, 2015 , we were in compliance with all of the covenants. In February 2015, we made semi-annual interest payments on our 2015 and 2020 Notes totaling $31.1 million . In August 2015, we made semi-annual interest payments on our 2020 and 2025 Notes totaling $38.1 million . Credit Agreement On March 2, 2012, we entered into a five-year $1 billion senior unsecured revolving credit agreement (the “Credit Agreement”), providing for loans to us and certain of our subsidiaries. Pursuant to the terms of the Credit Agreement, we may, subject to the agreement of the applicable lenders, request up to an additional $500 million in commitments, for a maximum aggregate commitment of $1.5 billion . Loans under the Credit Agreement will bear interest at either (i) LIBOR plus a margin, based on our public debt ratings, ranging from 0.795% and 1.3% or (ii) the base rate, which is defined as the highest of (a) the agent’s prime rate, (b) the federal funds effective rate plus 0.50% or (c) LIBOR plus 1.00% plus a margin, based on our debt ratings, ranging from 0.00% to 0.30% . Commitment fees are payable quarterly at rates between 0.08% and 0.20% per year, also based on our debt ratings. Subject to certain conditions stated in the Credit Agreement, we and any of our subsidiaries designated as additional borrowers may borrow, prepay and re-borrow amounts under the revolving credit facility at any time during the term of the Credit Agreement. The Credit Agreement contains customary representations, warranties, affirmative and negative covenants, including a financial covenant, events of default and indemnification provisions in favor of the lenders. The negative covenants include restrictions regarding the incurrence of liens and indebtedness, certain merger and acquisition transactions, dispositions and other matters, all subject to certain exceptions. The financial covenant, based on a quarterly financial test, requires us not to exceed a maximum leverage ratio. On March 1, 2013, we exercised an option under the Credit Agreement to extend the maturity date of the Credit Agreement by one year to March 2, 2018. On July 27, 2015, we entered into an amendment to further extend the maturity date of the Credit Agreement to July 27, 2020 and reallocated the facility among the syndicate of lenders that are parties to the Credit Agreement. The facility will terminate and all amounts owing thereunder will be due and payable on the maturity date unless (a) the commitments are terminated earlier upon the occurrence of certain events, including an event of default, or (b) the maturity date is further extended upon our request, subject to the agreement of the lenders. As of November 27, 2015 , there were no outstanding borrowings under this Credit Agreement and we were in compliance with all covenants. |
Non-Operating Income (Expense)
Non-Operating Income (Expense) | 12 Months Ended |
Nov. 27, 2015 | |
Other Income and Expenses [Abstract] | |
NON-OPERATING INCOME (EXPENSE) | NON-OPERATING INCOME (EXPENSE) Non-operating income (expense) for fiscal 2015 , 2014 and 2013 included the following (in thousands): 2015 2014 2013 Interest and other income (expense), net: Interest income $ 28,759 $ 21,355 $ 21,887 Foreign exchange gains (losses) (20,130 ) (18,840 ) (21,001 ) Realized gains on fixed income investment 3,309 4,024 4,090 Realized losses on fixed income investment (354 ) (97 ) (1,077 ) Other 22,325 825 1,042 Interest and other income (expense), net $ 33,909 $ 7,267 $ 4,941 Interest expense $ (64,184 ) $ (59,732 ) $ (67,508 ) Investment gains (losses), net: Realized investment gains $ 2,760 $ 1,298 $ 1,783 Unrealized investment gains — 912 1,251 Realized investment losses (206 ) (1,054 ) (7,049 ) Unrealized investment losses (1,593 ) — — Investment gains (losses), net $ 961 $ 1,156 $ (4,015 ) Non-operating income (expense), net $ (29,314 ) $ (51,309 ) $ (66,582 ) |
Industry Segment, Geographic In
Industry Segment, Geographic Information and Significant Customers | 12 Months Ended |
Nov. 27, 2015 | |
Segment Reporting [Abstract] | |
INDUSTRY SEGMENT, GEOGRAPHIC INFORMATION AND SIGNIFICANT CUSTOMERS | INDUSTRY SEGMENT, GEOGRAPHIC INFORMATION AND SIGNIFICANT CUSTOMERS We report segment information based on the “management” approach. The management approach designates the internal reporting used by management for making decisions and assessing performance as the source of our reportable segments. Our CEO, the chief operating decision maker, reviews revenue and gross margin information for each of our reportable segments, but does not review operating expenses on a segment by segment basis. In addition, with the exception of goodwill and intangible assets, we do not identify or allocate our assets by the reportable segments. We have the following reportable segments: • Digital Media— Our Digital Media segment provides tools and solutions that enable individuals, small and medium businesses and enterprises to create, publish, promote and monetize their digital content anywhere. Our customers include traditional content creators, web application developers and digital media professionals, as well as their management in marketing departments and agencies, companies and publishers. Our customers also include knowledge workers who create, collaborate and distribute documents. • Digital Marketing— Our Digital Marketing segment provides solutions and services for how digital advertising and marketing are created, managed, executed, measured and optimized. Our customers include digital marketers, advertisers, publishers, merchandisers, web analysts, chief marketing officers, chief information officer and chief revenue officers. • Print and Publishing— Our Print and Publishing segment addresses market opportunities ranging from the diverse authoring and publishing needs of technical and business publishing to our legacy type and OEM printing businesses. Our segment results for fiscal 2015 , 2014 and 2013 were as follows (dollars in thousands): Digital Media Digital Marketing Print and Publishing Total Fiscal 2015 Revenue $ 3,095,160 $ 1,508,858 $ 191,493 $ 4,795,511 Cost of revenue 210,587 525,309 8,421 744,317 Gross profit $ 2,884,573 $ 983,549 $ 183,072 $ 4,051,194 Gross profit as a percentage of revenue 93 % 65 % 96 % 84 % Fiscal 2014 Revenue $ 2,603,179 $ 1,355,216 $ 188,670 $ 4,147,065 Cost of revenue 148,958 463,772 9,350 622,080 Gross profit $ 2,454,221 $ 891,444 $ 179,320 $ 3,524,985 Gross profit as a percentage of revenue 94 % 66 % 95 % 85 % Fiscal 2013 Revenue $ 2,625,913 $ 1,228,868 $ 200,459 $ 4,055,240 Cost of revenue 170,788 404,804 10,965 586,557 Gross profit $ 2,455,125 $ 824,064 $ 189,494 $ 3,468,683 Gross profit as a percentage of revenue 93 % 67 % 95 % 86 % The tables below list our revenue and property and equipment, net, by geographic area for fiscal 2015 , 2014 and 2013 (in thousands). With the exception of property and equipment, we do not identify or allocate our assets (including long-lived assets) by geographic area. Revenue 2015 2014 2013 Americas: United States $ 2,548,024 $ 2,115,148 $ 1,935,429 Other 240,020 199,221 198,953 Total Americas 2,788,044 2,314,369 2,134,382 EMEA 1,336,448 1,179,864 1,129,180 APAC: Japan 347,740 365,570 472,110 Other 323,279 287,262 319,568 Total APAC 671,019 652,832 791,678 Revenue $ 4,795,511 $ 4,147,065 $ 4,055,240 Property and Equipment 2015 2014 Americas: United States $ 621,122 $ 651,281 Other 427 656 Total Americas 621,549 651,937 EMEA 43,943 46,380 APAC: India 111,662 76,428 Other 10,267 10,378 Total APAC 121,929 86,806 Property and equipment, net $ 787,421 $ 785,123 Significant Customers For fiscal 2015 , 2014 and 2013 there were no customers that represented at least 10% of net revenue. In fiscal 2015 and 2014 , no single customer was responsible for over 10% of our trade receivables. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data | 12 Months Ended |
Nov. 27, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
SELECTED QUARTERLY FINANCIAL DATA | SELECTED QUARTERLY FINANCIAL DATA (unaudited) 2015 (in thousands, except per share data) Quarter Ended February 27 May 29 August 28 November 27 Revenue $ 1,109,181 $ 1,162,158 $ 1,217,768 $ 1,306,404 Gross profit $ 942,383 $ 976,985 $ 1,026,783 $ 1,105,043 Income before income taxes $ 163,248 $ 180,974 $ 232,619 $ 296,940 Net income $ 84,888 $ 147,493 $ 174,465 $ 222,705 Basic net income per share $ 0.17 $ 0.30 $ 0.35 $ 0.45 Diluted net income per share $ 0.17 $ 0.29 $ 0.34 $ 0.44 2014 (in thousands, except per share data) Quarter Ended February 28 May 30 August 29 November 28 Revenue $ 1,000,120 $ 1,068,208 $ 1,005,409 $ 1,073,328 Gross profit $ 851,611 $ 913,304 $ 847,685 $ 912,385 Income before income taxes $ 64,892 $ 121,271 $ 62,938 $ 112,275 Net income $ 47,046 $ 88,527 $ 44,686 $ 88,136 Basic net income per share $ 0.09 $ 0.18 $ 0.09 $ 0.18 Diluted net income per share $ 0.09 $ 0.17 $ 0.09 $ 0.17 Our fiscal year is a 52- or 53-week year that ends on the Friday closest to November 30. Each of the fiscal quarters presented were comprised of 13 weeks. |
Basis of Presentation and Sig27
Basis of Presentation and Significant Accounting Policies (Policies) | 12 Months Ended |
Nov. 27, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Revenue Recognition | Revenue Recognition Our revenue is derived from the licensing of subscription, time-based and perpetual software products, associated software maintenance and support plans, non-software related hosted services, consulting services, training and technical support. We recognize revenue when all four revenue recognition criteria have been met: persuasive evidence of an arrangement exists, we have delivered the product or performed the service, the fee is fixed or determinable and collection is probable. Determining whether and when some of these criteria have been satisfied often involves assumptions and judgments that can have a significant impact on the timing and amount of revenue we report. Multiple Element Arrangements We enter into multiple element revenue arrangements in which a customer may purchase a combination of software, upgrades, maintenance and support, hosted services, and consulting. For our software and software-related multiple element arrangements, we must: (1) determine whether and when each element has been delivered; (2) determine whether undelivered products or services are essential to the functionality of the delivered products and services; (3) determine the fair value of each undelivered element using vendor-specific objective evidence (“VSOE”); and (4) allocate the total price among the various elements. VSOE of fair value is used to allocate a portion of the price to the undelivered elements and the residual method is used to allocate the remaining portion to the delivered elements. Absent VSOE, revenue is deferred until the earlier of the point at which VSOE of fair value exists for any undelivered element or until all elements of the arrangement have been delivered. However, if the only undelivered element is maintenance and support, the entire arrangement fee is recognized ratably over the performance period. Changes in assumptions or judgments or changes to the elements in a software arrangement could cause a material increase or decrease in the amount of revenue that we report in a particular period. We determine VSOE for each element based on historical stand-alone sales to third parties or from the stated renewal rate for the elements contained in the initial arrangement. In determining VSOE, we require that a substantial majority of the selling prices for a product or service fall within a reasonably narrow pricing range. We have established VSOE for our software maintenance and support services, custom software development services, consulting services and training, when such services are sold optionally with software licenses. For multiple-element arrangements containing our non-software services, we must: (1) determine whether and when each element has been delivered; (2) determine the fair value of each element using the selling price hierarchy of VSOE of selling price, third-party evidence (“TPE”) of selling price or best-estimated selling price (“BESP”), as applicable; and (3) allocate the total price among the various elements based on the relative selling price method. For multiple-element arrangements that contain both software and non-software elements, we allocate revenue to software or software-related elements as a group and any non-software elements separately based on the selling price hierarchy. We determine the selling price for each deliverable using VSOE of selling price, if it exists, or TPE of selling price. If neither VSOE nor TPE of selling price exist for a deliverable, we use BESP. Once revenue is allocated to software or software-related elements as a group, we recognize revenue in conformance with software revenue accounting guidance. Revenue is recognized when revenue recognition criteria are met for each element. We are generally unable to establish VSOE or TPE for non-software elements and as such, we use BESP. BESP is generally used for offerings that are not typically sold on a stand-alone basis or for new or highly customized offerings. We determine BESP for a product or service by considering multiple factors including, but not limited to major product groupings, geographies, market conditions, competitive landscape, internal costs, gross margin objectives and pricing practices. Pricing practices taken into consideration include historic contractually stated prices, volume discounts where applicable and our price lists. We must estimate certain royalty revenue amounts due to the timing of securing information from our customers. While we believe we can make reliable estimates regarding these matters, these estimates are inherently subjective. Accordingly, our assumptions and judgments regarding future products and services as well as our estimates of royalty revenue could differ from actual events, thus materially impacting our financial position and results of operations. Subscription and Services and Support Revenue We recognize revenue for hosted services that are based on a committed number of transactions, ratably beginning on the date the services are first made available to the customer and continuing through the end of the contractual service term. Over-usage fees, and fees billed based on the actual number of transactions from which we capture data, are billed in accordance with contract terms as these fees are incurred. We record amounts that have been invoiced in accounts receivable and in deferred revenue or revenue, depending on whether all revenue recognition criteria have been met. Our services and support revenue is composed of consulting, training and maintenance and support, primarily related to the licensing of our enterprise, mobile and device products and solutions. Our support revenue also includes technical support and developer support to partners and developer organizations related to our desktop products. Our consulting revenue is recognized using a time and materials basis and is measured monthly based on input measures, such as hours incurred to date, with consideration given to output measures, such as contract milestones when applicable. Our maintenance and support offerings, which entitle customers to receive product upgrades and enhancements on a when and if available basis or technical support, depending on the offering, are recognized ratably over the performance period of the arrangement. Our software subscription offerings, which may include product upgrades and enhancements on a when and if available basis, hosted services, and online storage are generally offered to our customers over a specified period of time and we recognize revenue associated with these arrangements ratably over the subscription period. Product Revenue We recognize our product revenue upon shipment, provided all other revenue recognition criteria have been met. Our desktop application product revenue from distributors is subject to agreements allowing limited rights of return, rebates and price protection. Our direct sales and OEM sales are also subject to limited rights of return. Accordingly, we reduce revenue recognized for estimated future returns, price protection and rebates at the time the related revenue is recorded. The estimates for returns are adjusted periodically based upon historical rates of returns, inventory levels in the distribution channel and other related factors. We recognize OEM licensing revenue, primarily royalties, when OEMs ship products incorporating our software, provided collection of such revenue is deemed probable. For certain OEM customers, we must estimate royalty revenue due to the timing of securing customer information. This estimate is based on a combination of our generated forecasts and actual historical reporting by our OEM customers. To substantiate our ability to estimate revenue, we review license royalty revenue reports ultimately received from our significant OEM customers in comparison to the amounts estimated in the prior period. Our product-related deferred revenue includes maintenance upgrade revenue and customer advances under OEM license agreements. Our maintenance upgrade revenue for our desktop application products is included in our product revenue line item as the maintenance primarily entitles customers to receive product upgrades. In cases where we provide a specified free upgrade to an existing product, we defer the fair value for the specified upgrade right until the future obligation is fulfilled or when the right to the specified free upgrade expires. Rights of Return, Rebates and Price Protection As discussed above, we offer limited rights of return, rebates and price protection of our products under various policies and programs with our distributors, resellers and/or end-user customers. We estimate and record reserves for these programs as an offset to revenue and accounts receivable. Below is a summary of each of the general provisions in our contracts: • Distributors are allowed limited rights of return of products purchased during the previous quarter. In addition, distributors are allowed to return products that have reached the end of their lives, as defined by us, and products that are being replaced by new versions. • We offer rebates to our distributors, resellers and/or end user customers. The amount of revenue that is reduced for distributor and reseller rebates is based on actual performance against objectives set forth by us for a particular reporting period (volume, timely reporting, etc.). If mail-in or other promotional rebates are offered, the amount of revenue reduced is based on the dollar amount of the rebate, taking into consideration an estimated redemption rate calculated using historical trends. • From time to time, we may offer price protection to our distributors that allow for the right to a credit if we permanently reduce the price of a software product. The amount of revenue that is reduced for price protection is calculated as the difference between the old and new price of a software product on inventory held by the distributor immediately prior to the effective date of the decrease. Although our subscription contracts are generally non-cancellable, a limited number of customers have the right to cancel their contracts by providing prior written notice to us of their intent to cancel the remainder of the contract term. In the event a customer cancels its contract, they are not entitled to a refund for prior services we have provided to them. On a quarterly basis, the amount of revenue that is reserved for future returns is calculated based on our historical trends and data specific to each reporting period. We review the actual returns evidenced in prior quarters as a percent of revenue to determine a historical returns rate. We then apply the historical rate to the current period revenue as a basis for estimating future returns. When necessary, we also provide a specific returns reserve for product in the distribution channel in excess of estimated requirements. This estimate can be affected by the amount of a particular product in the channel, the rate of sell-through, product plans and other factors. |
Deferred Revenue | Deferred Revenue Deferred revenue consists substantially of payments received in advance of revenue recognition for our products and services described above. We recognize deferred revenue as revenue only when the revenue recognition criteria are met. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts We maintain an allowance for doubtful accounts which reflects our best estimate of potentially uncollectible trade receivables. The allowance is based on both specific and general reserves. We regularly review our trade receivables allowances by considering such factors as historical experience, credit-worthiness, the age of the trade receivable balances and current economic conditions that may affect a customer’s ability to pay and we specifically reserve for those deemed uncollectible. |
Property and Equipment | Property and Equipment We record property and equipment at cost less accumulated depreciation and amortization. Property and equipment are depreciated using the straight-line method over their estimated useful lives ranging from 1 to 5 years for computers and equipment as well as server hardware under capital leases, 1 to 6 years for furniture and fixtures, and up to 40 years for buildings. Leasehold improvements are amortized using the straight-line method over the lesser of the remaining respective lease term or estimated useful lives ranging from 1 to 15 years. |
Goodwill, Purchased Intangibles and Other Long-Lived Assets | Goodwill, Purchased Intangibles and Other Long-Lived Assets Goodwill is assigned to one or more reporting segments on the date of acquisition. We evaluate goodwill for impairment by comparing the fair value of each of our reporting segments to its carrying value, including the associated goodwill. To determine the fair values, we use the equal weighting of the market approach based on comparable publicly traded companies in similar lines of businesses and the income approach based on estimated discounted future cash flows. Our cash flow assumptions consider historical and forecasted revenue, operating costs and other relevant factors. We review our goodwill for impairment annually, or more frequently, if facts and circumstances warrant a review. We completed our annual impairment test in the second quarter of fiscal 2015 . We elected to use the Step 1 quantitative assessment for our reporting units and determined there was no impairment of goodwill. We amortize intangible assets with finite lives over their estimated useful lives and review them for impairment whenever an impairment indicator exists. We continually monitor events and changes in circumstances that could indicate carrying amounts of our long-lived assets, including our intangible assets may not be recoverable. When such events or changes in circumstances occur, we assess recoverability by determining whether the carrying value of such assets will be recovered through the undiscounted expected future cash flows. If the future undiscounted cash flows are less than the carrying amount of these assets, we recognize an impairment loss based on any excess of the carrying amount over the fair value of the assets. We did not recognize any intangible asset impairment charges in fiscal 2015 , 2014 or 2013 . During fiscal 2015, our intangible assets were amortized over their estimated useful lives ranging from 1 to 14 years. Amortization is based on the pattern in which the economic benefits of the intangible asset will be consumed or on a straight-line basis when the consumption pattern is not apparent. The weighted average useful lives of our intangible assets were as follows: Weighted Average Useful Life (years ) Purchased technology 6 Customer contracts and relationships 8 Trademarks 8 Acquired rights to use technology 8 Localization 1 Other intangibles 5 |
Software Development Costs | Software Development Costs Capitalization of software development costs for software to be sold, leased, or otherwise marketed begins upon the establishment of technological feasibility, which is generally the completion of a working prototype that has been certified as having no critical bugs and is a release candidate. Amortization begins once the software is ready for its intended use, generally based on the pattern in which the economic benefits will be consumed. To date, software development costs incurred between completion of a working prototype and general availability of the related product have not been material. |
Internal Use Software | Internal Use Software We capitalize costs associated with customized internal-use software systems that have reached the application development stage. Such capitalized costs include external direct costs utilized in developing or obtaining the applications and payroll and payroll-related expenses for employees who are directly associated with the development of the applications. Capitalization of such costs begins when the preliminary project stage is complete and ceases at the point in which the project is substantially complete and is ready for its intended purpose. |
Income Taxes | Income Taxes We use the asset and liability method of accounting for income taxes. Under this method, income tax expense is recognized for the amount of taxes payable or refundable for the current year. In addition, deferred tax assets and liabilities are recognized for expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating losses and tax credit carryforwards. We record a valuation allowance to reduce deferred tax assets to an amount for which realization is more likely than not. |
Taxes Collected from Customers | Taxes Collected from Customers We net taxes collected from customers against those remitted to government authorities in our financial statements. Accordingly, taxes collected from customers are not reported as revenue. |
Treasury Stock | Treasury Stock We account for treasury stock under the cost method. When treasury stock is re-issued at a price higher than its cost, the difference is recorded as a component of additional paid-in-capital in our Consolidated Balance Sheets. When treasury stock is re-issued at a price lower than its cost, the difference is recorded as a component of additional paid-in-capital to the extent that there are previously recorded gains to offset the losses. If there are no treasury stock gains in additional paid-in-capital, the losses upon re-issuance of treasury stock are recorded as a reduction of retained earnings in our Consolidated Balance Sheets. |
Advertising Expenses | Advertising Expenses Advertising costs are expensed as incurred. Advertising expenses for fiscal 2015 , 2014 and 2013 were $113.6 million , $87.9 million and $88.5 million , respectively. |
Foreign Currency Translation | Foreign Currency Translation We translate assets and liabilities of foreign subsidiaries, whose functional currency is their local currency, at exchange rates in effect at the balance sheet date. We translate revenue and expenses at the monthly average exchange rates. We include accumulated net translation adjustments in stockholders’ equity as a component of accumulated other comprehensive income. |
Concentration of Risk | Concentration of Risk Financial instruments that potentially subject us to concentrations of credit risk are short-term fixed-income investments, structured repurchase transactions, foreign currency and interest rate hedge contracts and trade receivables. Our investment portfolio consists of investment-grade securities diversified among security types, industries and issuers. Our cash and investments are held and primarily managed by recognized financial institutions that follow our investment policy. Our policy limits the amount of credit exposure to any one security issue or issuer and we believe no significant concentration of credit risk exists with respect to these investments. We enter into foreign currency hedge contracts with bank counterparties that could expose us to credit related losses in the event of their nonperformance. This is largely mitigated with collateral security agreements that provide for collateral to be received or posted when the net fair value of certain financial instruments fluctuates from contractually established thresholds. In addition, we enter into master netting arrangements which have the ability to further limit credit related losses with the same counterparty by permitting net settlement transactions. The aggregate fair value of foreign currency contracts in net asset positions as of November 27, 2015 and November 28, 2014 was $19.1 million and $33.0 million respectively. These amounts represent the maximum exposure to loss at the reporting date as a result of all of the counterparties failing to perform as contracted. These exposures could be reduced by certain immaterial liabilities included in master netting arrangements with those same counterparties. Credit risk in receivables is limited to OEMs, dealers and distributors of hardware and software products to the retail market, customers to whom we license software directly and our SaaS offerings. A credit review is completed for our new distributors, dealers and OEMs. We also perform ongoing credit evaluations of our customers’ financial condition and require letters of credit or other guarantees, whenever deemed necessary. The credit limit given to the customer is based on our risk assessment of their ability to pay, country risk and other factors and is not contingent on the resale of the product or on the collection of payments from their customers. We also purchase credit insurance to mitigate credit risk in some foreign markets where we believe it is warranted. If we license our software or provide SaaS services to a customer where we have a reason to believe the customer’s ability to pay is not probable, due to country risk or credit risk, we will not recognize the revenue. We will revert to recognizing the revenue on a cash basis, assuming all other criteria for revenue recognition has been met. We derive a significant portion of our OEM PostScript and Other licensing revenue from a small number of OEMs. Our OEMs on occasion seek to renegotiate their royalty arrangements. We evaluate these requests on a case-by-case basis. If an agreement is not reached, a customer may decide to pursue other options, which could result in lower licensing revenue for us. |
Cash and Cash Equivalents | Cash equivalents consist of instruments with remaining maturities of three months or less at the date of purchase. We classify all of our cash equivalents and short-term investments as “available-for-sale.” In general, these investments are free of trading restrictions. We carry these investments at fair value, based on quoted market prices or other readily available market information. Unrealized gains and losses, net of taxes, are included in accumulated other comprehensive income, which is reflected as a separate component of stockholders’ equity in our Consolidated Balance Sheets. Gains and losses are recognized when realized in our Consolidated Statements of Income. When we have determined that an other-than-temporary decline in fair value has occurred, the amount of the decline that is related to a credit loss is recognized in income. Gains and losses are determined using the specific identification method. |
Derivatives and Hedging Instruments | Foreign Currency and Other Hedging Instruments In countries outside the United States, we transact business in U.S. Dollars and in various other currencies. We use foreign exchange option and forward contracts for revenue denominated in Euros, British Pounds and Yen. We hedge our net recognized foreign currency assets and liabilities with foreign exchange forward contracts to reduce the risk that our earnings and cash flows will be adversely affected by changes in exchange rates. We recognize all derivative instruments as either assets or liabilities in our Consolidated Balance Sheets and measure them at fair value. Gains and losses resulting from changes in fair value are accounted for depending on the use of the derivative and whether it is designated and qualifies for hedge accounting. Contracts that do not qualify for hedge accounting are adjusted to fair value through earnings. See Note 5 for information regarding our hedging activities. Gains and losses from foreign exchange forward contracts which hedge certain balance sheet positions are recorded each period as a component of interest and other income, net in our Consolidated Statements of Income. Foreign exchange option contracts hedging forecasted foreign currency revenue are designated as cash flow hedges with gains and losses recorded net of tax, as a component of other comprehensive income in stockholders’ equity and reclassified into revenue at the time the forecasted transactions occur. Hedge Accounting and Hedging Programs We recognize derivative instruments and hedging activities as either assets or liabilities in our Consolidated Balance Sheets and measure them at fair value. Gains and losses resulting from changes in fair value are accounted for depending on the use of the derivative and whether it is designated and qualifies for hedge accounting. We evaluate hedge effectiveness at the inception of the hedge prospectively as well as retrospectively and record any ineffective portion of the hedging instruments in interest and other income, net on our Consolidated Statements of Income. The net gain (loss) recognized in interest and other income (expense), net for cash flow hedges due to hedge ineffectiveness was insignificant for all fiscal years presented. The time value of purchased contracts is recorded in interest and other income (expense), net in our Consolidated Statements of Income. The bank counterparties to these contracts expose us to credit-related losses in the event of their nonperformance which are largely mitigated with collateral security agreements that provide for collateral to be received or posted when the net fair value of certain financial instruments fluctuates from contractually established thresholds. In addition, we enter into master netting arrangements which have the ability to further limit credit-related losses with the same counterparty by permitting net settlement of transactions. Our hedging policy also establishes maximum limits for each counterparty to mitigate any concentration of risk. Fair Value Hedging—Hedges of Interest Rate Risks During the third quarter of fiscal 2014, we entered into interest rate swaps designated as a fair value hedge related to our $900 million of 4.75% fixed interest rate senior notes due February 1, 2020 (the “2020 Notes”). In effect, the interest rate swaps convert the fixed interest rate on our 2020 Notes to a floating interest rate based on the LIBOR. Under the terms of the swaps, we will pay monthly interest at the one-month LIBOR rate plus a fixed number of basis points on the $900 million notional amount through February 1, 2020. In exchange, we will receive 4.75% fixed rate interest from the swap counterparties. See Note 16 for further details regarding our debt. The interest rate swaps are accounted for as fair value hedges and substantially offset the changes in fair value of the hedged portion of the underlying debt that are attributable to the changes in market risk. Therefore, the gains and losses related to changes in the fair value of the interest rate swaps are included in interest and other income (expense), net in our Consolidated Statements of Income. The fair value of the interest rate swaps is reflected in other assets in our Consolidated Balance Sheets. Cash Flow Hedging—Hedges of Forecasted Foreign Currency Revenue and Interest Rate Risks In countries outside the United States, we transact business in U.S. Dollars and in various other currencies. We may use foreign exchange option contracts or forward contracts to hedge certain cash flow exposures resulting from changes in these foreign currency exchange rates. These foreign exchange contracts, carried at fair value, have maturities of up to twelve months . We enter into these foreign exchange contracts to hedge a portion of our forecasted foreign currency denominated revenue in the normal course of business and accordingly, they are not speculative in nature. To receive hedge accounting treatment, all hedging relationships are formally documented at the inception of the hedge, and the hedges must be highly effective in offsetting changes to future cash flows on hedged transactions. We record changes in the intrinsic value of these cash flow hedges in accumulated other comprehensive income in our Consolidated Balance Sheets, until the forecasted transaction occurs. When the forecasted transaction occurs, we reclassify the related gain or loss on the cash flow hedge to revenue. In the event the underlying forecasted transaction does not occur, or it becomes probable that it will not occur, we reclassify the gain or loss on the related cash flow hedge from accumulated other comprehensive income to interest and other income (expense), net in our Consolidated Statements of Income at that time. If we do not elect hedge accounting, or the contract does not qualify for hedge accounting treatment, the changes in fair value from period to period are recorded in interest and other income (expense), net in our Consolidated Statements of Income. In December 2014, prior to issuing new long-term fixed rate debt, we entered into an interest rate lock agreement on a notional amount of $600 million to hedge against the variability of future interest payments due to changes in the benchmark interest rate. This instrument was designated as a cash flow hedge. Upon issuance of our $1 billion of 3.25% senior notes due February 1, 2025 (the “2025 Notes”) in January 2015, we terminated the instrument and incurred a loss of $16.2 million . This loss was recorded in the stockholders’ equity section in our Consolidated Balance Sheets in accumulated other comprehensive income and will be reclassified to interest expense over a ten -year term consistent with the impact of the hedged item. See Note 16 for further details regarding our debt. For fiscal 2015 , there were no net gains or losses recognized in other income relating to hedges of forecasted transactions that did not occur. In fiscal 2014 and 2013 these net gains or losses were insignificant. Balance Sheet Hedging — Hedges of Foreign Currency Assets and Liabilities We also hedge our net recognized foreign currency denominated assets and liabilities with foreign exchange forward contracts to reduce the risk that the value of these assets and liabilities will be adversely affected by changes in exchange rates. These contracts hedge assets and liabilities that are denominated in foreign currencies and are carried at fair value with changes in the fair value recorded to interest and other income (expense), net in our Consolidated Statements of Income. These contracts do not subject us to material balance sheet risk due to exchange rate movements because gains and losses on these derivatives are intended to offset gains and losses on the assets and liabilities being hedged. |
Basis of Presentation and Sig28
Basis of Presentation and Significant Accounting Policies (Tables) | 12 Months Ended |
Nov. 27, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Revenue reserve rollforward | Revenue Reserve Revenue reserve rollforward (in thousands): 2015 2014 2013 Beginning balance $ 17,402 $ 28,664 $ 57,058 Amount charged to revenue 45,676 45,550 74,031 Actual returns (43,632 ) (56,812 ) (102,425 ) Ending balance $ 19,446 $ 17,402 $ 28,664 |
Allowance for doubtful accounts | (in thousands) 2015 2014 2013 Beginning balance $ 7,867 $ 10,228 $ 12,643 Increase due to acquisition 326 51 1,038 Charged to operating expenses 1,472 603 933 Deductions (1) (2,372 ) (3,015 ) (4,386 ) Ending balance $ 7,293 $ 7,867 $ 10,228 ________________________________________ (1) Deductions related to the allowance for doubtful accounts represent amounts written off against the allowance, less recoveries. |
Finited-lived intangible assets schedule of weighted average useful lives | Weighted Average Useful Life (years ) Purchased technology 6 Customer contracts and relationships 8 Trademarks 8 Acquired rights to use technology 8 Localization 1 Other intangibles 5 |
Cash, Cash Equivalents and Sh29
Cash, Cash Equivalents and Short-Term Investments (Tables) | 12 Months Ended | |
Nov. 27, 2015 | Nov. 28, 2014 | |
Cash, Cash Equivalents, and Short-term Investments [Abstract] | ||
Cash, Cash Equivalents and Short-term Investments | Cash, cash equivalents and short-term investments consisted of the following as of November 27, 2015 (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Current assets: Cash $ 352,371 $ — $ — $ 352,371 Cash equivalents: Money market mutual funds 482,479 — — 482,479 Municipal securities 1,850 — (1 ) 1,849 Time deposits 13,461 — — 13,461 U.S. Treasury securities 26,400 — — 26,400 Total cash equivalents 524,190 — (1 ) 524,189 Total cash and cash equivalents 876,561 — (1 ) 876,560 Short-term fixed income securities: Corporate bonds and commercial paper 1,890,253 2,273 (5,612 ) 1,886,914 Asset-backed securities 83,449 11 (146 ) 83,314 Foreign government securities 1,276 — (8 ) 1,268 Municipal securities 137,280 101 (49 ) 137,332 U.S. agency securities 130,397 85 (14 ) 130,468 U.S. Treasury securities 873,400 101 (1,273 ) 872,228 Total short-term investments 3,116,055 2,571 (7,102 ) 3,111,524 Total cash, cash equivalents and short-term investments $ 3,992,616 $ 2,571 $ (7,103 ) $ 3,988,084 Cash, cash equivalents and short-term investments consisted of the following as of November 28, 2014 (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Current assets: Cash $ 348,283 $ — $ — $ 348,283 Cash equivalents: Money market mutual funds 705,978 — — 705,978 Time deposits 63,139 — — 63,139 Total cash equivalents 769,117 — — 769,117 Total cash and cash equivalents 1,117,400 — — 1,117,400 Short-term fixed income securities: Corporate bonds and commercial paper 1,514,632 5,253 (509 ) 1,519,376 Foreign government securities 4,499 12 — 4,511 Municipal securities 174,775 438 (12 ) 175,201 U.S. agency securities 497,154 1,295 (64 ) 498,385 U.S. Treasury securities 423,075 1,080 (28 ) 424,127 Subtotal 2,614,135 8,078 (613 ) 2,621,600 Marketable equity securities 153 338 — 491 Total short-term investments 2,614,288 8,416 (613 ) 2,622,091 Total cash, cash equivalents and short-term investments $ 3,731,688 $ 8,416 $ (613 ) $ 3,739,491 | |
Continuous Unrealized Loss Position Less Than Twelve Months Related to Available-for-Sale Securities | The following table summarizes the fair value and gross unrealized losses related to available-for-sale securities, aggregated by investment category, that have been in an unrealized loss position for less than twelve months, as of November 27, 2015 and November 28, 2014 (in thousands): 2015 2014 Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Corporate bonds and commercial paper $ 1,112,883 $ (5,377 ) $ 291,890 $ (443 ) Asset-backed securities 60,057 (147 ) — — Municipal securities 35,594 (50 ) 21,759 (12 ) Foreign government securities 1,268 (8 ) — — U.S. Treasury and agency securities 820,570 (1,287 ) 43,507 (64 ) Total $ 2,030,372 $ (6,869 ) $ 357,156 $ (519 ) | |
Continuous Unrealized Loss Position Twelve Months or Longer Related to Available-for-Sale-Securities | The following table summarizes the fair value and gross unrealized losses related to available-for-sale securities, aggregated by investment category, that were in a continuous unrealized loss position for more than twelve months, as of November 27, 2015 and November 28, 2014 (in thousands): 2015 2014 Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Corporate bonds and commercial paper $ 30,218 $ (233 ) $ 8,636 $ (66 ) Municipal securities 1,300 (1 ) — — U.S. Treasury and agency securities — — 5,884 (28 ) Total $ 31,518 $ (234 ) $ 14,520 $ (94 ) | |
Cost and Estimated Fair Value of Debt Securities | The following table summarizes the cost and estimated fair value of short-term fixed income securities classified as short-term investments based on stated effective maturities as of November 27, 2015 (in thousands): Amortized Cost Estimated Fair Value Due within one year $ 853,041 $ 853,007 Due between one and two years 1,205,254 1,202,586 Due between two and three years 773,150 771,332 Due after three years 284,610 284,599 Total $ 3,116,055 $ 3,111,524 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Nov. 27, 2015 | |
Fair Value Disclosures [Abstract] | |
Financial assets and liabilities at fair value on a recurring basis | The fair value of our financial assets and liabilities at November 27, 2015 was determined using the following inputs (in thousands): Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total (Level 1) (Level 2) (Level 3) Assets: Cash equivalents: Money market mutual funds $ 482,479 $ 482,479 $ — $ — Municipal securities 1,849 — 1,849 — Time deposits 13,461 13,461 — — U.S. Treasury securities 26,400 — 26,400 — Short-term investments: Corporate bonds and commercial paper 1,886,914 — 1,886,914 — Asset-backed securities 83,314 — 83,314 — Foreign government securities 1,268 — 1,268 — Municipal securities 137,332 — 137,332 — U.S. agency securities 130,468 — 130,468 — U.S. Treasury securities 872,228 — 872,228 — Prepaid expenses and other current assets: Foreign currency derivatives 19,126 — 19,126 — Other assets: Deferred compensation plan assets 32,063 971 31,092 — Interest rate swap derivatives 19,821 — 19,821 — Total assets $ 3,706,723 $ 496,911 $ 3,209,812 $ — Liabilities: Accrued expenses: Foreign currency derivatives $ 2,154 $ — $ 2,154 $ — Total liabilities $ 2,154 $ — $ 2,154 $ — The fair value of our financial assets and liabilities at November 28, 2014 was determined using the following inputs (in thousands): Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total (Level 1) (Level 2) (Level 3) Assets: Cash equivalents: Money market mutual funds $ 705,978 $ 705,978 $ — $ — Time deposits 63,139 63,139 — — Short-term investments: Corporate bonds and commercial paper 1,519,376 — 1,519,376 — Foreign government securities 4,511 — 4,511 — Marketable equity securities 491 491 — — Municipal securities 175,201 — 175,201 — U.S. agency securities 498,385 — 498,385 — U.S. Treasury securities 424,127 — 424,127 — Prepaid expenses and other current assets: Foreign currency derivatives 32,991 — 32,991 — Other assets: Deferred compensation plan assets 25,745 549 25,196 — Interest rate swap derivatives 14,268 — 14,268 — Total assets $ 3,464,212 $ 770,157 $ 2,694,055 $ — Liabilities: Accrued expenses: Foreign currency derivatives $ 663 $ — $ 663 $ — Total liabilities $ 663 $ — $ 663 $ — |
Derivatives and Hedging Activ31
Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Nov. 27, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value of Derivative Instruments | The fair value of derivative instruments on our Consolidated Balance Sheets as of November 27, 2015 and November 28, 2014 were as follows (in thousands): 2015 2014 Fair Value Asset Derivatives Fair Value Liability Derivatives Fair Value Asset Derivatives Fair Value Liability Derivatives Derivatives designated as hedging instruments: Foreign exchange option contracts (1)(3) $ 16,979 $ — $ 31,275 $ — Interest rate swap (2) 19,821 — 14,268 — Derivatives not designated as hedging instruments: Foreign exchange forward contracts (1) 2,147 2,154 1,716 663 Total derivatives $ 38,947 $ 2,154 $ 47,259 $ 663 _________________________________________ (1) Included in prepaid expenses and other current assets and accrued expenses for asset derivatives and liability derivatives, respectively, on our Consolidated Balance Sheets. (2) Included in other assets on our Consolidated Balance Sheets. (3) Hedging effectiveness expected to be recognized to income within the next twelve months. |
Effect of Derivative Instruments as Designated Cash Flow Hedges and Not Designated as Hedges | The effect of foreign currency derivative instruments designated as cash flow hedges and of foreign currency derivative instruments not designated as hedges in our Consolidated Statements of Income for fiscal 2015 , 2014 and 2013 were as follows (in thousands): 2015 2014 2013 Foreign Exchange Option Contracts Foreign Exchange Forward Contracts Foreign Exchange Option Contracts Foreign Exchange Forward Contracts Foreign Exchange Option Contracts Foreign Exchange Forward Contracts Derivatives in cash flow hedging relationships: Net gain (loss) recognized in other comprehensive income, net of tax (1) $ 39,825 $ — $ 41,993 $ — $ 34,677 $ — Net gain (loss) reclassified from accumulated other comprehensive income into income, net of tax (2) $ 56,336 $ — $ 18,705 $ — $ 35,914 $ — Net gain (loss) recognized in income (3) $ (17,423 ) $ — $ (14,962 ) $ — $ (21,098 ) $ — Derivatives not designated as hedging relationships: Net gain (loss) recognized in income (4) $ — $ 4,430 $ — $ 466 $ — $ 2,129 _________________________________________ (1) Net change in the fair value of the effective portion classified in other comprehensive income. (2) Effective portion classified as revenue. (3) Ineffective portion and amount excluded from effectiveness testing classified in interest and other income (expense), net. (4) Classified in interest and other income (expense), net. |
Net Gains (Losses) Recognized in Interest and Other Income (Expense) Net, Relating to Balance Sheet Hedging | Net gains (losses) recognized in interest and other income (expense), net relating to balance sheet hedging for fiscal 2015 , 2014 and 2013 were as follows (in thousands): 2015 2014 2013 Gain (loss) on foreign currency assets and liabilities: Net realized gain (loss) recognized in other income $ (10,952 ) $ (21,559 ) $ (4,783 ) Net unrealized gain (loss) recognized in other income 3,815 17,217 2,751 (7,137 ) (4,342 ) (2,032 ) Gain (loss) on hedges of foreign currency assets and liabilities: Net realized gain recognized in other income 5,490 1,324 1,835 Net unrealized gain (loss) recognized in other income (1,060 ) (858 ) 294 4,430 466 2,129 Net gain (loss) recognized in interest and other income (expense), net $ (2,707 ) $ (3,876 ) $ 97 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Nov. 27, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment, net consisted of the following as of November 27, 2015 and November 28, 2014 (in thousands): 2015 2014 Computers and equipment $ 940,057 $ 855,218 Furniture and fixtures 89,434 82,385 Server hardware under capital lease — 25,703 Capital projects in-progress 12,394 68,652 Leasehold improvements 247,535 240,506 Land 70,728 106,283 Buildings 398,468 320,410 Total 1,758,616 1,699,157 Less accumulated depreciation and amortization (971,195 ) (914,034 ) Property and equipment, net $ 787,421 $ 785,123 |
Goodwill and Purchased and Ot33
Goodwill and Purchased and Other Intangibles (Tables) | 12 Months Ended |
Nov. 27, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill by reportable segment | Goodwill by reportable segment and activity for the years ended November 27, 2015 and November 28, 2014 was as follows (in thousands): 2013 Acquisitions Other (1) 2014 Acquisitions Other (1) 2015 Digital Media $ 2,049,726 $ 12,510 $ (4,838 ) $ 2,057,398 $ 747,964 $ (9,060 ) $ 2,796,302 Digital Marketing 2,463,828 — (57,687 ) 2,406,141 — (93,983 ) 2,312,158 Print and Publishing 258,427 — (4 ) 258,423 — (2 ) 258,421 Goodwill $ 4,771,981 $ 12,510 $ (62,529 ) $ 4,721,962 $ 747,964 $ (103,045 ) $ 5,366,881 _________________________________________ (1) Amounts primarily consist of foreign currency translation adjustments. |
Purchased and other intangible assets by reportable segment | Purchased and other intangible assets by reportable segment as of November 27, 2015 and November 28, 2014 were as follows (in thousands): 2015 2014 Digital Media $ 291,779 $ 147,182 Digital Marketing 218,054 321,086 Print and Publishing 174 1,394 Purchased and other intangible assets, net $ 510,007 $ 469,662 |
Purchased and other intangible assets subject to amortization | Purchased and other intangible assets subject to amortization as of November 27, 2015 and November 28, 2014 were as follows (in thousands): 2015 2014 Cost Accumulated Amortization Net Cost Accumulated Amortization Net Purchased technology $ 199,053 $ (104,704 ) $ 94,349 $ 405,208 $ (264,697 ) $ 140,511 Customer contracts and relationships $ 506,639 $ (204,578 ) $ 302,061 $ 376,994 $ (143,330 ) $ 233,664 Trademarks 81,219 (41,175 ) 40,044 67,268 (36,516 ) 30,752 Acquired rights to use technology 144,202 (100,278 ) 43,924 148,836 (86,258 ) 62,578 Localization 1,500 (358 ) 1,142 549 (382 ) 167 Other intangibles 36,280 (7,793 ) 28,487 3,163 (1,173 ) 1,990 Total other intangible assets $ 769,840 $ (354,182 ) $ 415,658 $ 596,810 $ (267,659 ) $ 329,151 Purchased and other intangible $ 968,893 $ (458,886 ) $ 510,007 $ 1,002,018 $ (532,356 ) $ 469,662 |
Amortization expense in future periods | As of November 27, 2015 , we expect amortization expense in future periods to be as follows (in thousands): Fiscal Year Purchased Technology Other Intangible Assets 2016 $ 30,745 $ 108,716 2017 23,401 97,822 2018 16,431 87,028 2019 9,794 60,499 2020 7,584 30,412 Thereafter 6,394 31,181 Total expected amortization expense $ 94,349 $ 415,658 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Nov. 27, 2015 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Accrued expenses as of November 27, 2015 and November 28, 2014 consisted of the following (in thousands): 2015 2014 Accrued compensation and benefits $ 312,776 $ 320,679 Sales and marketing allowances 66,876 75,627 Accrued corporate marketing 38,512 28,369 Taxes payable 27,996 24,658 Royalties payable 23,334 15,073 Accrued interest expense 26,538 22,621 Other 182,332 196,839 Accrued expenses $ 678,364 $ 683,866 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Nov. 27, 2015 | |
Income Tax Disclosure [Abstract] | |
Income before income taxes, domestic and foreign | Income before income taxes for fiscal 2015 , 2014 and 2013 consisted of the following (in thousands): 2015 2014 2013 Domestic $ 589,371 $ 191,563 $ 132,916 Foreign 284,410 169,813 223,225 Income before income taxes $ 873,781 $ 361,376 $ 356,141 |
Provision for income taxes, current | The provision for income taxes for fiscal 2015 , 2014 and 2013 consisted of the following (in thousands): 2015 2014 2013 Current: United States federal $ 204,834 $ 26,822 $ (53,985 ) Foreign 52,125 51,684 65,609 State and local (14,975 ) 4,713 3,317 Total current 241,984 83,219 14,941 Deferred: United States federal (31,011 ) (24,090 ) 24,139 Foreign (9,368 ) (12,895 ) (6,215 ) State and local (25,511 ) (6,476 ) (7,328 ) Total deferred (65,890 ) (43,461 ) 10,596 Tax expense attributable to employee stock plans 68,136 53,223 40,619 Provision for income taxes $ 244,230 $ 92,981 $ 66,156 |
Income tax expense differs from the expected tax expense | Total income tax expense differs from the expected tax expense (computed by multiplying the U.S. federal statutory rate of 35% by income before income taxes) as a result of the following (in thousands): 2015 2014 2013 Computed “expected” tax expense $ 305,824 $ 126,481 $ 124,649 State tax expense, net of federal benefit (8,316 ) (4,411 ) (6,304 ) Tax credits (25,967 ) (1,166 ) (29,087 ) Differences between statutory rate and foreign effective tax rate (90,063 ) (33,769 ) (39,678 ) Change in deferred tax asset valuation allowance — — 514 Stock-based compensation (net of tax deduction) 9,623 8,688 9,783 Resolution of income tax examinations (17,595 ) (1,896 ) (8,421 ) Domestic manufacturing deduction benefit (16,800 ) (6,272 ) (2,929 ) Tax charge for licensing acquired company technology to foreign subsidiaries 80,015 — 18,935 Other, net 7,509 5,326 (1,306 ) Provision for income taxes $ 244,230 $ 92,981 $ 66,156 |
Deferred tax assets and liabilities | The tax effects of the temporary differences that gave rise to significant portions of the deferred tax assets and liabilities as of November 27, 2015 and November 28, 2014 are presented below (in thousands): 2015 2014 Deferred tax assets: Acquired technology $ 9,071 $ 9,477 Reserves and accruals 33,251 46,569 Deferred revenue 17,110 16,311 Unrealized losses on investments 5,505 6,723 Stock-based compensation 59,103 58,501 Net operating loss carryforwards of acquired companies 20,877 9,082 Credit carryforwards 57,568 41,419 Capitalized expenses 17,566 — Benefits relating to tax positions 43,095 9,540 Other 20,648 10,974 Total gross deferred tax assets 283,794 208,596 Deferred tax asset valuation allowance (21,286 ) (22,100 ) Total deferred tax assets 262,508 186,496 Deferred tax liabilities: Depreciation and amortization 62,143 73,295 Undistributed earnings of foreign subsidiaries 249,159 221,845 Acquired intangible assets 159,415 138,392 Total deferred tax liabilities 470,717 433,532 Net deferred tax liabilities $ 208,209 $ 247,036 |
Gross amount of unrecognized tax benefits | During fiscal 2015 and 2014 , our aggregate changes in our total gross amount of unrecognized tax benefits are summarized as follows (in thousands): 2015 2014 Beginning balance $ 148,848 $ 136,098 Gross increases in unrecognized tax benefits – prior year tax positions 3,784 144 Gross increases in unrecognized tax benefits – current year tax positions 129,358 18,877 Settlements with taxing authorities (11,548 ) (995 ) Lapse of statute of limitations (2,687 ) (1,630 ) Foreign exchange gains and losses (9,037 ) (3,646 ) Ending balance $ 258,718 $ 148,848 |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Nov. 27, 2015 | |
Restructuring and Related Activities [Abstract] | |
Summary of Restructuring Plans | The following table sets forth a summary of restructuring activities related to all of our restructuring plans described above during fiscal 2015 (in thousands): November 28, Costs Incurred Cash Payments Other Adjustments November 27, Fiscal 2014 Restructuring Plan: Termination benefits $ 14,461 $ 773 $ (16,512 ) $ 1,290 $ 12 Cost of closing redundant facilities 472 — (417 ) (55 ) — Other Restructuring Plans: Termination benefits 537 — (120 ) (230 ) 187 Cost of closing redundant facilities 6,844 640 (1,130 ) (1,819 ) 4,535 Total restructuring plans $ 22,314 $ 1,413 $ (18,179 ) $ (814 ) $ 4,734 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Nov. 27, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Assumptions Used to Value Employee Stock Purchase Rights | The assumptions used to value employee stock purchase rights were as follows: Fiscal Years 2015 2014 2013 Expected life (in years) 0.5 - 2.0 0.5 - 2.0 0.5 - 2.0 Volatility 26 - 30% 26 - 28% 26 - 30% Risk free interest rate 0.11 - 0.67% 0.06 - 0.47% 0.09 - 0.34% |
Restricted Stock Unit Activity | Restricted stock unit activity for fiscal 2015 , 2014 and 2013 was as follows (in thousands): 2015 2014 2013 Beginning outstanding balance 13,564 17,948 18,415 Awarded 4,012 4,413 7,236 Released (6,561 ) (7,502 ) (6,224 ) Forfeited (946 ) (1,295 ) (1,479 ) Ending outstanding balance 10,069 13,564 17,948 |
Restricted Stock Units Outstanding | Information regarding restricted stock units outstanding at November 27, 2015 , November 28, 2014 and November 29, 2013 is summarized below: Number of Shares (thousands) Weighted Average Remaining Contractual Life (years) Aggregate Intrinsic Value (*) (millions) 2015 Restricted stock units outstanding 10,069 0.93 $ 928.0 Restricted stock units vested and expected to vest 9,267 0.86 $ 842.9 2014 Restricted stock units outstanding 13,564 0.94 $ 999.4 Restricted stock units vested and expected to vest 12,352 0.87 $ 903.1 2013 Restricted stock units outstanding 17,948 1.09 $ 1,019.1 Restricted stock units vested and expected to vest 16,265 1.02 $ 920.5 _________________________________________ (*) The intrinsic value is calculated as the market value as of the end of the fiscal period. As reported by the NASDAQ Global Select Market, the market values as of November 27, 2015 , November 28, 2014 and November 29, 2013 were $92.17 , $73.68 and $56.78 , respectively. |
Performance Shares Outstanding | Information regarding performance shares outstanding at November 28, 2014 and November 29, 2013 is summarized below: Number of Shares (thousands) Weighted Average Remaining Contractual Life (years) Aggregate Intrinsic Value (*) (millions) 2014 Performance shares outstanding 354 0.16 $ 26.1 Performance shares vested and expected to vest 348 0.16 $ 25.5 2013 Performance shares outstanding 861 0.58 $ 48.9 Performance shares vested and expected to vest 817 0.56 $ 46.3 _________________________________________ (*) The intrinsic value is calculated as the market value as of the end of the fiscal period. As reported by the NASDAQ Global Select Market, the market values as of November 28, 2014 and November 29, 2013 were $73.68 and $56.78 , respectively. |
Stock Option Activity | Stock option activity under our stock option program for fiscal 2015 , 2014 and 2013 was as follows (shares in thousands): Outstanding Options Number of Shares Weighted Average Exercise Price November 30, 2012 24,517 $ 32.09 Granted 25 $ 45.03 Exercised (15,872 ) $ 32.15 Cancelled (1,584 ) $ 37.37 Increase due to acquisition 273 $ 6.82 November 29, 2013 7,359 $ 29.93 Granted — $ — Exercised (4,055 ) $ 30.88 Cancelled (153 ) $ 25.37 Increase due to acquisition 22 $ 29.44 November 28, 2014 3,173 $ 28.92 Granted — $ — Exercised (1,900 ) $ 28.83 Cancelled (34 ) $ 20.90 Increase due to acquisition 88 $ 14.38 November 27, 2015 1,327 $ 28.28 |
Stock Options Outstanding | Information regarding stock options outstanding at November 27, 2015 , November 28, 2014 and November 29, 2013 is summarized below: Number of Shares (thousands) Weighted Average Exercise Price Weighted Average Remaining Contractual Life (years) Aggregate Intrinsic Value (*) (millions) 2015 Options outstanding 1,327 $ 28.28 2.67 $ 84.8 Options vested and expected to vest 1,319 $ 28.39 2.66 $ 84.1 Options exercisable 1,214 $ 30.08 2.40 $ 75.4 2014 Options outstanding 3,173 $ 28.92 3.19 $ 142.0 Options vested and expected to vest 3,153 $ 29.00 3.17 $ 140.9 Options exercisable 2,786 $ 30.24 2.85 $ 121.0 2013 Options outstanding 7,359 $ 29.93 3.22 $ 197.6 Options vested and expected to vest 7,242 $ 30.05 3.18 $ 193.6 Options exercisable 5,752 $ 31.28 2.65 $ 146.7 _________________________________________ (*) The intrinsic value is calculated as the difference between the market value as of the end of the fiscal period and the exercise price of the shares. As reported by the NASDAQ Global Select Market, the market values as of November 27, 2015 , November 28, 2014 and November 29, 2013 were $92.17 , $73.68 and $56.78 , respectively. |
Restricted Stock Units Granted to Directors | Restricted stock units granted to directors for fiscal 2015 , 2014 and 2013 were as follows (in thousands): 2015 2014 2013 Restricted stock units granted to existing directors 41 48 36 Restricted stock units granted to new directors — — 14 |
Total Stock-Based Compensation Costs | Total stock-based compensation costs that have been included in our Consolidated Statements of Income for fiscal 2015 , 2014 and 2013 were as follows (in thousands): Income Statement Classifications Cost of Revenue– Subscription Cost of Revenue– Services and Support Research and Development Sales and Marketing General and Administrative Total (1) Option Grants and Stock Purchase Rights 2015 $ 1,449 $ 5,185 $ 14,082 $ 18,360 $ 4,790 $ 43,866 2014 $ 1,855 $ 4,000 $ 15,125 $ 17,706 $ 6,476 $ 45,162 2013 $ 2,059 $ 3,413 $ 18,188 $ 21,283 $ 8,410 $ 53,353 Restricted Stock and Performance Share Awards 2015 $ 6,481 $ 6,446 $ 104,624 $ 109,908 $ 66,709 $ 294,168 2014 $ 5,878 $ 6,619 $ 107,029 $ 102,909 $ 66,104 $ 288,539 2013 $ 5,052 $ 6,961 $ 102,464 $ 101,423 $ 59,734 $ 275,634 _________________________________________ (1) During fiscal 2015 , 2014 and 2013 , we recorded tax benefits of $68.8 million , $72.4 million and $70.7 million , respectively. |
Programs not yet achieved [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance Share Activity | The following table sets forth the summary of performance share activity under our 2015 , 2014 and 2013 Performance Share Programs for the fiscal year ended November 27, 2015 (in thousands): 2015 2014 2013 Shares Granted Maximum Shares Eligible to Receive Shares Granted Maximum Shares Eligible to Receive Shares Maximum Beginning outstanding balance 1,517 3,034 854 1,707 — — Awarded 671 1,342 709 1,417 946 1,891 Forfeited (248 ) (495 ) (46 ) (90 ) (92 ) (184 ) Ending outstanding balance 1,940 3,881 1,517 3,034 854 1,707 |
Programs achieved [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance Share Activity | The following table sets forth the summary of performance share activity under our performance share programs prior to 2013, based upon share awards actually achieved, for the fiscal years ended November 27, 2015 , November 28, 2014 and November 29, 2013 (in thousands): 2015 2014 2013 Beginning outstanding balance 354 861 388 Achieved — — 1,279 Released (354 ) (486 ) (665 ) Forfeited — (21 ) (141 ) Ending outstanding balance — 354 861 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Nov. 27, 2015 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | : November 28, Increase / Decrease Reclassification Adjustments November 27, Net unrealized gains on available-for-sale securities: Unrealized gains on available-for-sale securities $ 8,237 $ (2,386 ) $ (3,309 ) $ 2,542 Unrealized losses on available-for-sale securities (609 ) (6,840 ) 354 (7,095 ) Total net unrealized gains on available-for-sale securities 7,628 (9,226 ) (2,955 ) (1 ) (4,553 ) Net unrealized gains on derivative instruments designated as hedging instruments 28,655 29,795 (55,535 ) (2 ) 2,915 Cumulative foreign currency translation adjustments (44,377 ) (123,065 ) — (167,442 ) Total accumulated other comprehensive income (loss), net of taxes $ (8,094 ) $ (102,496 ) $ (58,490 ) $ (169,080 ) _________________________________________ (1) Reclassification adjustments for gains / losses on available-for-sale securities are classified in interest and other income (expense), net. (2) Reclassification adjustments for loss on the interest rate lock agreement and gains / losses on other derivative instruments are classified in interest and other income (expense), net and revenue, respectively. |
Other Comprehensive Income, Tax [Table Text Block] | The following table sets forth the taxes related to each component of other comprehensive income for fiscal 2015 , 2014 and 2013 (in thousands): 2015 2014 2013 Available-for-sale securities: Unrealized gains / losses $ (154 ) $ 1 $ 169 Reclassification adjustments — (8 ) (2 ) Subtotal available-for-sale securities (154 ) (7 ) 167 Derivatives designated as hedging instruments: Unrealized gains on derivative instruments * 6,147 — — Reclassification adjustments * (550 ) — — Subtotal derivatives designated as hedging instruments 5,597 — — Foreign currency translation adjustments (3,378 ) (1,868 ) 2,789 Total taxes, other comprehensive income (loss) $ 2,065 $ (1,875 ) $ 2,956 _________________________________________ (*) Taxes related to derivative instruments other than the interest rate lock agreement were zero based on the tax jurisdiction where these derivative instruments were executed. |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 12 Months Ended |
Nov. 27, 2015 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | The following table sets forth the computation of basic and diluted net income per share for fiscal 2015 , 2014 and 2013 (in thousands, except per share data): 2015 2014 2013 Net income $ 629,551 $ 268,395 $ 289,985 Shares used to compute basic net income per share 498,764 497,867 501,372 Dilutive potential common shares: Unvested restricted stock and performance share awards 7,389 8,586 8,736 Stock options 1,011 2,027 3,368 Shares used to compute diluted net income per share 507,164 508,480 513,476 Basic net income per share $ 1.26 $ 0.54 $ 0.58 Diluted net income per share $ 1.24 $ 0.53 $ 0.56 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Nov. 27, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of non-cancellable unconditional purchase obligations, operating leases and capital leases | The following table summarizes our non-cancellable unconditional purchase obligations and operating leases for each of the next five years and thereafter as of November 27, 2015 (in thousands): Operating Leases Fiscal Year Purchase Obligations Future Minimum Lease Payments Future Minimum Sublease Income 2016 $ 341,288 $ 41,192 $ 1,678 2017 62,915 32,138 1,579 2018 11,730 27,795 1,257 2019 3,795 24,437 1,309 2020 59 21,416 1,345 Thereafter — 46,569 1,198 Total $ 419,787 $ 193,547 $ 8,366 The table above includes operating lease commitments related to our restructured facilities. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Nov. 27, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Our debt as of November 27, 2015 and November 28, 2014 consisted of the following (in thousands): 2015 2014 Notes $ 1,887,410 $ 1,496,778 Fair value of interest rate swap 19,821 14,268 Adjusted carrying value of Notes 1,907,231 1,511,046 Capital lease obligations — 3,269 Total debt and capital lease obligations 1,907,231 1,514,315 Less: current portion — 603,229 Debt and capital lease obligations $ 1,907,231 $ 911,086 |
Non-Operating Income (Expense)
Non-Operating Income (Expense) (Tables) | 12 Months Ended |
Nov. 27, 2015 | |
Other Income and Expenses [Abstract] | |
Non-Operating Income (Expense) | Non-operating income (expense) for fiscal 2015 , 2014 and 2013 included the following (in thousands): 2015 2014 2013 Interest and other income (expense), net: Interest income $ 28,759 $ 21,355 $ 21,887 Foreign exchange gains (losses) (20,130 ) (18,840 ) (21,001 ) Realized gains on fixed income investment 3,309 4,024 4,090 Realized losses on fixed income investment (354 ) (97 ) (1,077 ) Other 22,325 825 1,042 Interest and other income (expense), net $ 33,909 $ 7,267 $ 4,941 Interest expense $ (64,184 ) $ (59,732 ) $ (67,508 ) Investment gains (losses), net: Realized investment gains $ 2,760 $ 1,298 $ 1,783 Unrealized investment gains — 912 1,251 Realized investment losses (206 ) (1,054 ) (7,049 ) Unrealized investment losses (1,593 ) — — Investment gains (losses), net $ 961 $ 1,156 $ (4,015 ) Non-operating income (expense), net $ (29,314 ) $ (51,309 ) $ (66,582 ) |
Industry Segment, Geographic 43
Industry Segment, Geographic Information and Significant Customers (Tables) | 12 Months Ended |
Nov. 27, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting | Our segment results for fiscal 2015 , 2014 and 2013 were as follows (dollars in thousands): Digital Media Digital Marketing Print and Publishing Total Fiscal 2015 Revenue $ 3,095,160 $ 1,508,858 $ 191,493 $ 4,795,511 Cost of revenue 210,587 525,309 8,421 744,317 Gross profit $ 2,884,573 $ 983,549 $ 183,072 $ 4,051,194 Gross profit as a percentage of revenue 93 % 65 % 96 % 84 % Fiscal 2014 Revenue $ 2,603,179 $ 1,355,216 $ 188,670 $ 4,147,065 Cost of revenue 148,958 463,772 9,350 622,080 Gross profit $ 2,454,221 $ 891,444 $ 179,320 $ 3,524,985 Gross profit as a percentage of revenue 94 % 66 % 95 % 85 % Fiscal 2013 Revenue $ 2,625,913 $ 1,228,868 $ 200,459 $ 4,055,240 Cost of revenue 170,788 404,804 10,965 586,557 Gross profit $ 2,455,125 $ 824,064 $ 189,494 $ 3,468,683 Gross profit as a percentage of revenue 93 % 67 % 95 % 86 % |
Revenue and Property and Equipment by Geographic Area | The tables below list our revenue and property and equipment, net, by geographic area for fiscal 2015 , 2014 and 2013 (in thousands). With the exception of property and equipment, we do not identify or allocate our assets (including long-lived assets) by geographic area. Revenue 2015 2014 2013 Americas: United States $ 2,548,024 $ 2,115,148 $ 1,935,429 Other 240,020 199,221 198,953 Total Americas 2,788,044 2,314,369 2,134,382 EMEA 1,336,448 1,179,864 1,129,180 APAC: Japan 347,740 365,570 472,110 Other 323,279 287,262 319,568 Total APAC 671,019 652,832 791,678 Revenue $ 4,795,511 $ 4,147,065 $ 4,055,240 Property and Equipment 2015 2014 Americas: United States $ 621,122 $ 651,281 Other 427 656 Total Americas 621,549 651,937 EMEA 43,943 46,380 APAC: India 111,662 76,428 Other 10,267 10,378 Total APAC 121,929 86,806 Property and equipment, net $ 787,421 $ 785,123 |
Selected Quarterly Financial 44
Selected Quarterly Financial Data (Tables) | 12 Months Ended |
Nov. 27, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data | 2015 (in thousands, except per share data) Quarter Ended February 27 May 29 August 28 November 27 Revenue $ 1,109,181 $ 1,162,158 $ 1,217,768 $ 1,306,404 Gross profit $ 942,383 $ 976,985 $ 1,026,783 $ 1,105,043 Income before income taxes $ 163,248 $ 180,974 $ 232,619 $ 296,940 Net income $ 84,888 $ 147,493 $ 174,465 $ 222,705 Basic net income per share $ 0.17 $ 0.30 $ 0.35 $ 0.45 Diluted net income per share $ 0.17 $ 0.29 $ 0.34 $ 0.44 2014 (in thousands, except per share data) Quarter Ended February 28 May 30 August 29 November 28 Revenue $ 1,000,120 $ 1,068,208 $ 1,005,409 $ 1,073,328 Gross profit $ 851,611 $ 913,304 $ 847,685 $ 912,385 Income before income taxes $ 64,892 $ 121,271 $ 62,938 $ 112,275 Net income $ 47,046 $ 88,527 $ 44,686 $ 88,136 Basic net income per share $ 0.09 $ 0.18 $ 0.09 $ 0.18 Diluted net income per share $ 0.09 $ 0.17 $ 0.09 $ 0.17 |
Basis of Presentation and Sig45
Basis of Presentation and Significant Accounting Policies (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Nov. 27, 2015 | Nov. 28, 2014 | Nov. 29, 2013 | ||
Other Details [Abstract] | ||||
Aggregate fair value of derivative instruments, Liabilities | $ 2,154 | $ 663 | ||
Aggregate fair value of derivative instruments, Assets | 38,947 | 47,259 | ||
Advertising expenses | $ 113,600 | $ 87,900 | $ 88,500 | |
Number of weeks in current fiscal year | P52W | P52W | P52W | |
Foreign Exchange [Member] | ||||
Other Details [Abstract] | ||||
Aggregate fair value of derivative instruments, Assets | [1] | $ 19,100 | $ 33,000 | |
Revenue Reserve [Member] | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Beginning balance | 17,402 | 28,664 | $ 57,058 | |
Amount charged to revenue | 45,676 | 45,550 | 74,031 | |
Actual returns | (43,632) | (56,812) | (102,425) | |
Ending balance | 19,446 | 17,402 | 28,664 | |
Allowance for Doubtful Accounts [Member] | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Beginning balance | 7,867 | 10,228 | 12,643 | |
Increase due to acquisition | 326 | 51 | 1,038 | |
Charged to operating expenses | 1,472 | 603 | 933 | |
Deductions, net of recoveries | [2] | (2,372) | (3,015) | (4,386) |
Ending balance | $ 7,293 | $ 7,867 | $ 10,228 | |
[1] | Included in prepaid expenses and other current assets and accrued expenses for asset derivatives and liability derivatives, respectively, on our Consolidated Balance Sheets. | |||
[2] | Deductions related to the allowance for doubtful accounts represent amounts written off against the allowance, less recoveries. |
Basis of Presentation and Sig46
Basis of Presentation and Significant Accounting Policies (Details 1) | 12 Months Ended |
Nov. 27, 2015 | |
Computers and equipment [Member] | Minimum [Member] | |
Property and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 1 year |
Computers and equipment [Member] | Maximum [Member] | |
Property and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Property and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 1 year |
Furniture and Fixtures [Member] | Maximum [Member] | |
Property and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 6 years |
Buildings [Member] | Maximum [Member] | |
Property and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 40 years |
Leasehold Improvements [Member] | Minimum [Member] | |
Property and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 1 year |
Leasehold Improvements [Member] | Maximum [Member] | |
Property and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 15 years |
Basis of Presentation and Sig47
Basis of Presentation and Significant Accounting Policies (Details 2) | 12 Months Ended |
Nov. 27, 2015USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Goodwill impairment | $ 0 |
Purchased technology [Member] | |
Purchased and other intangible assets | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 6 years |
Customer contracts and relationships [Member] | |
Purchased and other intangible assets | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 8 years |
Trademarks [Member] | |
Purchased and other intangible assets | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 8 years |
Acquired rights to use technology [Member] | |
Purchased and other intangible assets | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 8 years |
Localization [Member] | |
Purchased and other intangible assets | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 1 year |
Other intangibles [Member] | |
Purchased and other intangible assets | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years |
Minimum [Member] | |
Purchased and other intangible assets | |
Intangible assets estimated useful lives - range (in years) | 1 year |
Maximum [Member] | |
Purchased and other intangible assets | |
Intangible assets estimated useful lives - range (in years) | 14 years |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Feb. 27, 2015 | Aug. 30, 2013 | Mar. 01, 2013 | Nov. 27, 2015 | Nov. 28, 2014 | Jan. 27, 2015 | Jul. 22, 2013 | Dec. 20, 2012 | |
Business Acquisition [Line Items] | ||||||||
Purchase price allocation, goodwill | $ 747,964 | $ 12,510 | ||||||
Fotolia [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Purchase price allocation, purchase price | $ 807,500 | |||||||
Purchase price allocation, goodwill | $ 745,100 | |||||||
Purchase price allocation, identifiable intangible assets | 204,400 | |||||||
Purchase price allocation, net liabilities assumed | $ 142,000 | |||||||
Neolane [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Purchase price allocation, purchase price | $ 616,700 | |||||||
Purchase price allocation, goodwill | $ 515,200 | |||||||
Purchase price allocation, identifiable intangible assets | 115,000 | |||||||
Purchase price allocation, net liabilities assumed | $ 13,500 | |||||||
Behance [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Purchase price allocation, purchase price | $ 111,100 | |||||||
Purchase price allocation, goodwill | $ 91,400 | |||||||
Purchase price allocation, identifiable intangible assets | 28,500 | |||||||
Purchase price allocation, net liabilities assumed | $ 8,800 |
Cash, Cash Equivalents and Sh49
Cash, Cash Equivalents and Short-Term Investments (Details) - USD ($) $ in Thousands | Nov. 27, 2015 | Nov. 28, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 3,992,616 | $ 3,731,688 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 2,571 | 8,416 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 7,103 | 613 |
Estimated Fair Value, Total cash, cash equivalents and short-term investments | 3,988,084 | 3,739,491 |
Cash and cash equivalents [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 876,561 | 1,117,400 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 1 | 0 |
Estimated Fair Value, cash and cash equivalents | 876,560 | 1,117,400 |
Cash [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 352,371 | 348,283 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Estimated Fair Value, cash and cash equivalents | 352,371 | 348,283 |
Cash equivalents [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 524,190 | 769,117 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 1 | 0 |
Estimated Fair Value, cash and cash equivalents | 524,189 | 769,117 |
Cash equivalents [Member] | Money market mutual funds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 482,479 | 705,978 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Estimated Fair Value, cash and cash equivalents | 482,479 | 705,978 |
Cash equivalents [Member] | Municipal securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,850 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 1 | |
Estimated Fair Value, cash and cash equivalents | 1,849 | |
Cash equivalents [Member] | Time deposits | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 13,461 | 63,139 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Estimated Fair Value, cash and cash equivalents | 13,461 | 63,139 |
Cash equivalents [Member] | US Treasury Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 26,400 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | |
Estimated Fair Value, cash and cash equivalents | 26,400 | |
Short-term investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 3,116,055 | 2,614,288 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 2,571 | 8,416 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 7,102 | 613 |
Available For Sale Securities Fair Value Disclosure | 3,111,524 | 2,622,091 |
Short-term investments [Member] | Marketable equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 153 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 338 | |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | |
Available For Sale Securities Fair Value Disclosure | 491 | |
Short-term fixed income securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,614,135 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 8,078 | |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 613 | |
Available For Sale Securities Fair Value Disclosure | 2,621,600 | |
Short-term fixed income securities [Member] | Corporate bonds and commercial paper | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,890,253 | 1,514,632 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 2,273 | 5,253 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 5,612 | 509 |
Available For Sale Securities Fair Value Disclosure | 1,886,914 | 1,519,376 |
Short-term fixed income securities [Member] | Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 83,449 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 11 | |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 146 | |
Available For Sale Securities Fair Value Disclosure | 83,314 | |
Short-term fixed income securities [Member] | Foreign government securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,276 | 4,499 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 12 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 8 | 0 |
Available For Sale Securities Fair Value Disclosure | 1,268 | 4,511 |
Short-term fixed income securities [Member] | Municipal securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 137,280 | 174,775 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 101 | 438 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 49 | 12 |
Available For Sale Securities Fair Value Disclosure | 137,332 | 175,201 |
Short-term fixed income securities [Member] | U.S. agency securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 130,397 | 497,154 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 85 | 1,295 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 14 | 64 |
Available For Sale Securities Fair Value Disclosure | 130,468 | 498,385 |
Short-term fixed income securities [Member] | US Treasury Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 873,400 | 423,075 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 101 | 1,080 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 1,273 | 28 |
Available For Sale Securities Fair Value Disclosure | $ 872,228 | $ 424,127 |
Cash, Cash Equivalents and Sh50
Cash, Cash Equivalents and Short-Term Investments (Details 1) $ in Thousands | Nov. 27, 2015USD ($)securities | Nov. 28, 2014USD ($)securities |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | securities | 914 | 213 |
Available-for-sale Securities, Amortized Cost Basis | $ 3,992,616 | $ 3,731,688 |
Fair Value and Gross Unrealized Losses Related to Available-For-Sale Securities [Abstract] | ||
Available-for-sale securities in a continuous unrealized loss position for less than twelve months, fair value | 2,030,372 | 357,156 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 6,869 | 519 |
Available-for-sale securities in a continuous unrealized loss position for more than twelve months, fair value | 31,518 | 14,520 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 234 | $ 94 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure [Abstract] | ||
Number of securities in a continuous unrealized loss position for more than twelve months | securities | 15 | 8 |
Corporate bonds and commercial paper | ||
Fair Value and Gross Unrealized Losses Related to Available-For-Sale Securities [Abstract] | ||
Available-for-sale securities in a continuous unrealized loss position for less than twelve months, fair value | $ 1,112,883 | $ 291,890 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 5,377 | 443 |
Available-for-sale securities in a continuous unrealized loss position for more than twelve months, fair value | 30,218 | 8,636 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 233 | 66 |
Asset-backed Securities [Member] | ||
Fair Value and Gross Unrealized Losses Related to Available-For-Sale Securities [Abstract] | ||
Available-for-sale securities in a continuous unrealized loss position for less than twelve months, fair value | 60,057 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 147 | 0 |
Foreign government securities | ||
Fair Value and Gross Unrealized Losses Related to Available-For-Sale Securities [Abstract] | ||
Available-for-sale securities in a continuous unrealized loss position for less than twelve months, fair value | 1,268 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 8 | 0 |
Municipal securities | ||
Fair Value and Gross Unrealized Losses Related to Available-For-Sale Securities [Abstract] | ||
Available-for-sale securities in a continuous unrealized loss position for less than twelve months, fair value | 35,594 | 21,759 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 50 | 12 |
Available-for-sale securities in a continuous unrealized loss position for more than twelve months, fair value | 1,300 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 1 | 0 |
US Treasury Bond Securities [Member] | ||
Fair Value and Gross Unrealized Losses Related to Available-For-Sale Securities [Abstract] | ||
Available-for-sale securities in a continuous unrealized loss position for less than twelve months, fair value | 820,570 | 43,507 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1,287 | 64 |
Available-for-sale securities in a continuous unrealized loss position for more than twelve months, fair value | 0 | 5,884 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 28 |
Cash Equivalents [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 524,189 | 769,117 |
Available-for-sale Securities, Amortized Cost Basis | 524,190 | 769,117 |
Cash Equivalents [Member] | Time deposits | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 13,461 | 63,139 |
Available-for-sale Securities, Amortized Cost Basis | 13,461 | $ 63,139 |
Cash Equivalents [Member] | U.S. Treasury securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 26,400 | |
Available-for-sale Securities, Amortized Cost Basis | 26,400 | |
Cash Equivalents [Member] | Municipal securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 1,849 | |
Available-for-sale Securities, Amortized Cost Basis | $ 1,850 |
Cash, Cash Equivalents and Sh51
Cash, Cash Equivalents and Short-Term Investments (Details 2) $ in Thousands | Nov. 27, 2015USD ($) |
Amortized cost and Estimated Fair Value of Short-term fixed Income Securities [Abstract] | |
Due within one year, Amortized Cost | $ 853,041 |
Due between one and two years, Amortized Cost | 1,205,254 |
Due between two and three years, Amortized Cost | 773,150 |
Due after three years, Amortized Cost | 284,610 |
Total, Amortized Cost | 3,116,055 |
Due within one year, Estimated Fair value | 853,007 |
Due between one and two years, Estimated Fair value | 1,202,586 |
Due between two and three years, Estimated Fair value | 771,332 |
Due after three years, Estimated Fair value | 284,599 |
Total, Estimated Fair value | $ 3,111,524 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 27, 2015 | Nov. 28, 2014 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Fair Value of interest rate swap | $ 19,821 | $ 14,268 |
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | 0 | 0 |
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount | 0 | 0 |
Fair Value, Liabilities, Level 1 to Level 2 Transfers, Amount | 0 | 0 |
Fair Value, Liabilities, Level 2 to Level 1 Transfers, Amount | 0 | $ 0 |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | $ 0 |
Fair Value Measurements (Deta53
Fair Value Measurements (Details 1) - USD ($) $ in Thousands | Nov. 27, 2015 | Nov. 28, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Fair Value of interest rate swap | $ 19,821 | $ 14,268 |
Fair Value, Measurements, Recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 19,126 | 32,991 |
Deferred Compensation Plan Assets | 32,063 | 25,745 |
Interest Rate Derivative Assets, at Fair Value | 19,821 | 14,268 |
Assets, Fair Value Disclosure | 3,706,723 | 3,464,212 |
Foreign Currency Contracts, Liability, Fair Value Disclosure | 2,154 | 663 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 2,154 | 663 |
Fair Value, Measurements, Recurring | Corporate bonds and commercial paper | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Available-for-sale Securities | 1,886,914 | 1,519,376 |
Fair Value, Measurements, Recurring | Asset-backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Available-for-sale Securities | 83,314 | |
Fair Value, Measurements, Recurring | Foreign Government Debt Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Available-for-sale Securities | 1,268 | 4,511 |
Fair Value, Measurements, Recurring | Money Market Funds | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Cash and Cash Equivalents, Fair Value Disclosure | 482,479 | 705,978 |
Fair Value, Measurements, Recurring | Time deposits | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Cash and Cash Equivalents, Fair Value Disclosure | 13,461 | 63,139 |
Fair Value, Measurements, Recurring | U.S. agency securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Available-for-sale Securities | 130,468 | 498,385 |
Fair Value, Measurements, Recurring | US Treasury Securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Cash and Cash Equivalents, Fair Value Disclosure | 26,400 | |
Available-for-sale Securities | 872,228 | 424,127 |
Fair Value, Measurements, Recurring | Marketable equity securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Available-for-sale Securities | 491 | |
Fair Value, Measurements, Recurring | Municipal securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Cash and Cash Equivalents, Fair Value Disclosure | 1,849 | |
Available-for-sale Securities | 137,332 | 175,201 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | 0 |
Deferred Compensation Plan Assets | 971 | 549 |
Interest Rate Derivative Assets, at Fair Value | 0 | |
Fair Value of interest rate swap | 0 | |
Assets, Fair Value Disclosure | 496,911 | 770,157 |
Foreign Currency Contracts, Liability, Fair Value Disclosure | 0 | 0 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | Corporate bonds and commercial paper | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Available-for-sale Securities | 0 | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | Asset-backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Available-for-sale Securities | 0 | |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | Foreign Government Debt Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Available-for-sale Securities | 0 | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | Money Market Funds | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Cash and Cash Equivalents, Fair Value Disclosure | 482,479 | 705,978 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | Time deposits | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Cash and Cash Equivalents, Fair Value Disclosure | 13,461 | 63,139 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | U.S. agency securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Available-for-sale Securities | 0 | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | US Treasury Securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | |
Available-for-sale Securities | 0 | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | Marketable equity securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Available-for-sale Securities | 491 | |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | Municipal securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | |
Available-for-sale Securities | 0 | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 19,126 | 32,991 |
Deferred Compensation Plan Assets | 31,092 | 25,196 |
Interest Rate Derivative Assets, at Fair Value | 19,821 | 14,268 |
Assets, Fair Value Disclosure | 3,209,812 | 2,694,055 |
Foreign Currency Contracts, Liability, Fair Value Disclosure | 2,154 | 663 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 2,154 | 663 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Corporate bonds and commercial paper | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Available-for-sale Securities | 1,886,914 | 1,519,376 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Asset-backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Available-for-sale Securities | 83,314 | |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Foreign Government Debt Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Available-for-sale Securities | 1,268 | 4,511 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Money Market Funds | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Time deposits | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | U.S. agency securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Available-for-sale Securities | 130,468 | 498,385 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | US Treasury Securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Cash and Cash Equivalents, Fair Value Disclosure | 26,400 | |
Available-for-sale Securities | 872,228 | 424,127 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Marketable equity securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Available-for-sale Securities | 0 | |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Municipal securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Cash and Cash Equivalents, Fair Value Disclosure | 1,849 | |
Available-for-sale Securities | 137,332 | 175,201 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | 0 |
Deferred Compensation Plan Assets | 0 | 0 |
Interest Rate Derivative Assets, at Fair Value | 0 | |
Fair Value of interest rate swap | 0 | |
Assets, Fair Value Disclosure | 0 | 0 |
Foreign Currency Contracts, Liability, Fair Value Disclosure | 0 | 0 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Corporate bonds and commercial paper | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Available-for-sale Securities | 0 | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Asset-backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Available-for-sale Securities | 0 | |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Foreign Government Debt Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Available-for-sale Securities | 0 | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Money Market Funds | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Time deposits | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | U.S. agency securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Available-for-sale Securities | 0 | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | US Treasury Securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | |
Available-for-sale Securities | 0 | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Marketable equity securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Available-for-sale Securities | 0 | |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Municipal securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | |
Available-for-sale Securities | $ 0 | $ 0 |
Fair Value Measurements (Deta54
Fair Value Measurements (Details 2) $ in Millions | Nov. 27, 2015USD ($) |
Notes 2015 and 2020 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Debt Instrument, Fair Value Disclosure | $ 1,970 |
Derivatives and Hedging Activ55
Derivatives and Hedging Activities (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Feb. 27, 2015 | Nov. 27, 2015 | Nov. 28, 2014 | Jan. 21, 2015 | Dec. 17, 2014 | Jun. 13, 2014 | Feb. 28, 2010 | ||
Derivatives, Fair Value [Line Items] | ||||||||
Fair value asset derivatives | $ 38,947 | $ 47,259 | ||||||
Fair value liability derivatives | 2,154 | 663 | ||||||
Senior Notes | $ 1,887,410 | $ 1,496,778 | ||||||
Amortization Period on loss from Cash Flow Hedge from Accumulated Other Comprehensive Income to Interest Expense | 10 years | |||||||
Gain (Loss) on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net | $ 0 | |||||||
Foreign Exchange Contract [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative, Higher Remaining Maturity Range | 180 days | 180 days | ||||||
Foreign Exchange Forward Contracts [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative, Notional Amount | $ 228,300 | $ 235,500 | ||||||
Notes 2020 [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | |||||||
Debt Instrument, Face Amount | $ 900,000 | |||||||
Notes 2025 [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Senior Notes | $ 1,000,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | |||||||
Notes 2015 [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | |||||||
Debt Instrument, Face Amount | $ 600,000 | |||||||
Fair Value Hedging [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative, Notional Amount | $ 900,000 | |||||||
Derivative, fixed interest rate | 4.75% | |||||||
Cash Flow Hedging [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss) | $ 16,200 | |||||||
Derivative, Notional Amount | $ 600,000 | |||||||
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative, Higher Remaining Maturity Range | 12 months | |||||||
Derivatives not designated as hedging instruments [Member] | Foreign Exchange Forward Contracts [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Fair value asset derivatives | [1] | $ 2,147 | 1,716 | |||||
Fair value liability derivatives | [1] | 2,154 | 663 | |||||
Designated as Hedging Instrument [Member] | Foreign Exchange Option Contracts [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Fair value asset derivatives | [1],[2] | 16,979 | 31,275 | |||||
Fair value liability derivatives | [1],[2] | 0 | 0 | |||||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Fair value asset derivatives | [3] | 19,821 | 14,268 | |||||
Fair value liability derivatives | [3] | $ 0 | $ 0 | |||||
[1] | Included in prepaid expenses and other current assets and accrued expenses for asset derivatives and liability derivatives, respectively, on our Consolidated Balance Sheets. | |||||||
[2] | Hedging effectiveness expected to be recognized to income within the next twelve months. | |||||||
[3] | Included in other assets on our Consolidated Balance Sheets. |
Derivatives and Hedging Activ56
Derivatives and Hedging Activities (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |||
Nov. 27, 2015 | Nov. 28, 2014 | Nov. 29, 2013 | ||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign Exchange Option Contracts [Member] | ||||
Derivatives in cash flow hedging relationships [Abstract] | ||||
Net gain (loss) recognized in OCI, net of tax | [1] | $ 39,825 | $ 41,993 | $ 34,677 |
Net gain (loss) reclassified from accumulated OCI into income, net of tax | [2] | 56,336 | 18,705 | 35,914 |
Net gain (loss) recognized in income | [3] | (17,423) | (14,962) | (21,098) |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign Exchange Forward Contracts [Member] | ||||
Derivatives in cash flow hedging relationships [Abstract] | ||||
Net gain (loss) recognized in OCI, net of tax | [1] | 0 | 0 | 0 |
Net gain (loss) reclassified from accumulated OCI into income, net of tax | [2] | 0 | 0 | 0 |
Net gain (loss) recognized in income | [3] | 0 | 0 | 0 |
Derivatives not designated as hedging instruments [Member] | Foreign Exchange Option Contracts [Member] | ||||
Derivatives not designated as hedging relationships [Abstract] | ||||
Net gain (loss) recognized in income | [4] | 0 | 0 | 0 |
Derivatives not designated as hedging instruments [Member] | Foreign Exchange Forward Contracts [Member] | ||||
Derivatives not designated as hedging relationships [Abstract] | ||||
Net gain (loss) recognized in income | [4] | $ 4,430 | $ 466 | $ 2,129 |
[1] | Net change in the fair value of the effective portion classified in other comprehensive income. | |||
[2] | Effective portion classified as revenue. | |||
[3] | Ineffective portion and amount excluded from effectiveness testing classified in interest and other income (expense), net. | |||
[4] | Classified in interest and other income (expense), net. |
Derivatives and Hedging Activ57
Derivatives and Hedging Activities (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 27, 2015 | Nov. 28, 2014 | Nov. 29, 2013 | |
Derivative [Line Items] | |||
Foreign Currency Transaction Gain (Loss), before Tax | $ (20,130) | $ (18,840) | $ (21,001) |
Derivatives not designated as hedging instruments [Member] | |||
Derivative [Line Items] | |||
Foreign Currency Transaction Gain (Loss), Realized | (10,952) | (21,559) | (4,783) |
Foreign Currency Transaction Gain (Loss), Unrealized | 3,815 | 17,217 | 2,751 |
Foreign Currency Transaction Gain (Loss), before Tax | (7,137) | (4,342) | (2,032) |
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | 5,490 | 1,324 | 1,835 |
Unrealized Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | (1,060) | (858) | 294 |
Realized and Unrealized Gain (Loss) on Foreign Currency Derivative Instruments Not Designated As Hedging Instruments, Net | 4,430 | 466 | 2,129 |
Derivative, Gain (Loss) on Derivative, Net | $ (2,707) | $ (3,876) | $ 97 |
Derivatives and Hedging Activ58
Derivatives and Hedging Activities (Details 3) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 27, 2015 | Nov. 28, 2014 | Jun. 13, 2014 | |
Foreign Exchange Forward Contracts [Member] | |||
Derivatives and Hedging Activities (Numeric) [Abstract] | |||
Derivative, Notional Amount | $ 228.3 | $ 235.5 | |
Foreign Exchange Contract [Member] | |||
Derivative [Line Items] | |||
Derivative, Higher Remaining Maturity Range | 180 days | 180 days | |
Euro Member Countries, Euro | Foreign Exchange Forward Contracts [Member] | |||
Derivatives and Hedging Activities (Numeric) [Abstract] | |||
Derivative, Notional Amount | $ 75.8 | $ 137.2 | |
United Kingdom, Pounds | Foreign Exchange Forward Contracts [Member] | |||
Derivatives and Hedging Activities (Numeric) [Abstract] | |||
Derivative, Notional Amount | 44.3 | 30.9 | |
Australia, Dollars | Foreign Exchange Forward Contracts [Member] | |||
Derivatives and Hedging Activities (Numeric) [Abstract] | |||
Derivative, Notional Amount | 37.8 | ||
Japan, Yen | Foreign Exchange Forward Contracts [Member] | |||
Derivatives and Hedging Activities (Numeric) [Abstract] | |||
Derivative, Notional Amount | 28.8 | ||
Other Foreign Currencies [Member] | Foreign Exchange Forward Contracts [Member] | |||
Derivatives and Hedging Activities (Numeric) [Abstract] | |||
Derivative, Notional Amount | $ 41.6 | $ 67.4 | |
Fair Value Hedging [Member] | |||
Derivatives and Hedging Activities (Numeric) [Abstract] | |||
Derivative, Notional Amount | $ 900 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Nov. 27, 2015 | Nov. 28, 2014 | Nov. 29, 2013 | May. 29, 2015 | |
Property and Equipment [Line Items] | ||||
Total | $ 1,758,616 | $ 1,699,157 | ||
Less accumulated depreciation and amortization | (971,195) | (914,034) | ||
Property and equipment, net | 787,421 | 785,123 | ||
Depreciation and amortization expense | 146,300 | 144,200 | $ 144,700 | |
Proceeds from sale of property and equipment | 57,779 | 0 | $ 24,260 | |
Real Estate Assets Held for Development and Sale [Abstract] | ||||
Assets Held-for-sale, at Carrying Value | $ 36,300 | |||
East and West Towers [Member] | ||||
Property and Equipment [Line Items] | ||||
Option to purchase buildings | 143,200 | |||
Capitalized Amount for Building Purchase | $ 144,100 | |||
Property, Plant and Equipment, Useful Life | 40 years | |||
Computers And Equipment [Member] | ||||
Property and Equipment [Line Items] | ||||
Total | $ 940,057 | 855,218 | ||
Furniture and Fixtures [Member] | ||||
Property and Equipment [Line Items] | ||||
Total | 89,434 | 82,385 | ||
Assets Held under Capital Leases [Member] | ||||
Property and Equipment [Line Items] | ||||
Total | 0 | 25,703 | ||
Construction in Progress [Member] | ||||
Property and Equipment [Line Items] | ||||
Total | 12,394 | 68,652 | ||
Leasehold Improvements [Member] | ||||
Property and Equipment [Line Items] | ||||
Total | 247,535 | 240,506 | ||
Land [Member] | ||||
Property and Equipment [Line Items] | ||||
Total | 70,728 | 106,283 | ||
Buildings [Member] | ||||
Property and Equipment [Line Items] | ||||
Total | $ 398,468 | $ 320,410 |
Goodwill and Purchased and Ot60
Goodwill and Purchased and Other Intangibles (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 27, 2015 | Nov. 28, 2014 | ||
Goodwill by reportable segment [Abstract] | |||
Goodwill, Beginning Balance | $ 4,721,962 | $ 4,771,981 | |
Acquisitions | 747,964 | 12,510 | |
Other | [1] | (103,045) | (62,529) |
Goodwill, Ending Balance | 5,366,881 | 4,721,962 | |
Digital Media [Member] | |||
Goodwill by reportable segment [Abstract] | |||
Goodwill, Beginning Balance | 2,057,398 | 2,049,726 | |
Acquisitions | 747,964 | 12,510 | |
Other | [1] | (9,060) | (4,838) |
Goodwill, Ending Balance | 2,796,302 | 2,057,398 | |
Digital Marketing [Member] | |||
Goodwill by reportable segment [Abstract] | |||
Goodwill, Beginning Balance | 2,406,141 | 2,463,828 | |
Acquisitions | 0 | 0 | |
Other | [1] | (93,983) | (57,687) |
Goodwill, Ending Balance | 2,312,158 | 2,406,141 | |
Print and Publishing [Member] | |||
Goodwill by reportable segment [Abstract] | |||
Goodwill, Beginning Balance | 258,423 | 258,427 | |
Acquisitions | 0 | 0 | |
Other | [1] | (2) | (4) |
Goodwill, Ending Balance | $ 258,421 | $ 258,423 | |
[1] | Amounts primarily consist of foreign currency translation adjustments. |
Goodwill and Purchased and Ot61
Goodwill and Purchased and Other Intangibles (Details 1) - USD ($) $ in Thousands | Nov. 27, 2015 | Nov. 28, 2014 |
Purchased and other intangible assets, net by reportable segment [Abstract] | ||
Purchased and other intangible assets, net | $ 510,007 | $ 469,662 |
Digital Media [Member] | ||
Purchased and other intangible assets, net by reportable segment [Abstract] | ||
Purchased and other intangible assets, net | 291,779 | 147,182 |
Digital Marketing [Member] | ||
Purchased and other intangible assets, net by reportable segment [Abstract] | ||
Purchased and other intangible assets, net | 218,054 | 321,086 |
Print and Publishing [Member] | ||
Purchased and other intangible assets, net by reportable segment [Abstract] | ||
Purchased and other intangible assets, net | $ 174 | $ 1,394 |
Goodwill and Purchased and Ot62
Goodwill and Purchased and Other Intangibles (Details 2) - USD ($) $ in Thousands | Nov. 27, 2015 | Nov. 28, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 968,893 | $ 1,002,018 |
Accumulated Amortization | (458,886) | (532,356) |
Net | 510,007 | 469,662 |
Purchased technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 199,053 | 405,208 |
Accumulated Amortization | (104,704) | (264,697) |
Net | 94,349 | 140,511 |
Other intangible assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 769,840 | 596,810 |
Accumulated Amortization | (354,182) | (267,659) |
Net | 415,658 | 329,151 |
Customer contracts and relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 506,639 | 376,994 |
Accumulated Amortization | (204,578) | (143,330) |
Net | 302,061 | 233,664 |
Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 81,219 | 67,268 |
Accumulated Amortization | (41,175) | (36,516) |
Net | 40,044 | 30,752 |
Acquired rights to use technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 144,202 | 148,836 |
Accumulated Amortization | (100,278) | (86,258) |
Net | 43,924 | 62,578 |
Localization [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 1,500 | 549 |
Accumulated Amortization | (358) | (382) |
Net | 1,142 | 167 |
Other intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 36,280 | 3,163 |
Accumulated Amortization | (7,793) | (1,173) |
Net | $ 28,487 | $ 1,990 |
Goodwill and Purchased and Ot63
Goodwill and Purchased and Other Intangibles (Details 3) $ in Thousands | Nov. 27, 2015USD ($) |
Purchased technology [Member] | |
Amortization Expense in Future Periods [Abstract] | |
2,015 | $ 30,745 |
2,016 | 23,401 |
2,017 | 16,431 |
2,018 | 9,794 |
2,019 | 7,584 |
Thereafter | 6,394 |
Total expected amortization expense | 94,349 |
Other intangible assets [Member] | |
Amortization Expense in Future Periods [Abstract] | |
2,015 | 108,716 |
2,016 | 97,822 |
2,017 | 87,028 |
2,018 | 60,499 |
2,019 | 30,412 |
Thereafter | 31,181 |
Total expected amortization expense | $ 415,658 |
Goodwill and Purchased and Ot64
Goodwill and Purchased and Other Intangibles (Details Numeric) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 01, 2013 | Nov. 27, 2015 | Nov. 28, 2014 | Nov. 29, 2013 | |
Goodwill [Line Items] | ||||
Amortization expense related to purchased and other intangible assets | $ 174.5 | $ 152.7 | $ 156.9 | |
Amortization expense included in cost of sales | $ 104.4 | $ 100.2 | $ 105.7 | |
Minimum [Member] | ||||
Goodwill [Line Items] | ||||
Intangible assets estimated useful lives - range (in years) | 1 year | |||
Maximum [Member] | ||||
Goodwill [Line Items] | ||||
Intangible assets estimated useful lives - range (in years) | 14 years | |||
Certain Technology Rights Acquired [Member] | Developed Technology Rights [Member] | ||||
Goodwill [Line Items] | ||||
Payments to Acquire Intangible Assets | $ 51.8 | |||
Historical Use of Intangibles, Expensed Amount | $ 26.5 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Nov. 27, 2015 | Nov. 28, 2014 |
Accrued Expense [Abstract] | ||
Employee-related Liabilities, Current | $ 312,776 | $ 320,679 |
Sales and marketing allowances | 66,876 | 75,627 |
Accrued Marketing Costs, Current | 38,512 | 28,369 |
Sales and Excise Tax Payable, Current | 27,996 | 24,658 |
Accrued Royalties, Current | 23,334 | 15,073 |
Interest Payable, Current | 26,538 | 22,621 |
Other Accrued Liabilities, Current | 182,332 | 196,839 |
Accrued Liabilities, Current | $ 678,364 | $ 683,866 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Nov. 27, 2015 | Aug. 28, 2015 | May. 29, 2015 | Feb. 27, 2015 | Nov. 28, 2014 | Aug. 29, 2014 | May. 30, 2014 | Feb. 28, 2014 | Nov. 27, 2015 | Nov. 28, 2014 | Nov. 29, 2013 | |
Income Tax Disclosure [Abstract] | |||||||||||
U.S federal statutory rate | 35.00% | ||||||||||
Income before income taxes | $ 296,940 | $ 232,619 | $ 180,974 | $ 163,248 | $ 112,275 | $ 62,938 | $ 121,271 | $ 64,892 | $ 873,781 | $ 361,376 | $ 356,141 |
Income before income taxes [Abstract] | |||||||||||
Domestic | 589,371 | 191,563 | 132,916 | ||||||||
Foreign | 284,410 | 169,813 | 223,225 | ||||||||
Provision for income taxes - Current | |||||||||||
United States federal | 204,834 | 26,822 | (53,985) | ||||||||
Foreign | 52,125 | 51,684 | 65,609 | ||||||||
State and local | (14,975) | 4,713 | 3,317 | ||||||||
Total current | 241,984 | 83,219 | 14,941 | ||||||||
Provision for income taxes - Deferred | |||||||||||
United States federal | (31,011) | (24,090) | 24,139 | ||||||||
Foreign | (9,368) | (12,895) | (6,215) | ||||||||
State and local | (25,511) | (6,476) | (7,328) | ||||||||
Total deferred | (65,890) | (43,461) | 10,596 | ||||||||
Tax expense attributable to employee stock plans | 68,136 | 53,223 | 40,619 | ||||||||
Provision for income taxes | 244,230 | 92,981 | 66,156 | ||||||||
Reconciliation of provision for income taxes [Abstract] | |||||||||||
Computed "expected" tax expense | 305,824 | 126,481 | 124,649 | ||||||||
State tax expense, net of federal benefit | (8,316) | (4,411) | (6,304) | ||||||||
Tax credits | (25,967) | (1,166) | (29,087) | ||||||||
Differences between statutory rate and foreign effective tax rate | (90,063) | (33,769) | (39,678) | ||||||||
Change in deferred tax asset valuation allowance | 0 | 0 | 514 | ||||||||
Stock-based compensation (net of tax deduction) | 9,623 | 8,688 | 9,783 | ||||||||
Resolution of income tax examinations | (17,595) | (1,896) | (8,421) | ||||||||
Domestic manufacturing deduction benefit | (16,800) | (6,272) | (2,929) | ||||||||
Tax charge for licensing acquired company technology to foreign subsidiaries | 80,015 | 0 | 18,935 | ||||||||
Other, net | 7,509 | 5,326 | (1,306) | ||||||||
Provision for income taxes | $ 244,230 | $ 92,981 | $ 66,156 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 27, 2015 | Nov. 28, 2014 | |
Deferred tax assets: | ||
Acquired technology | $ 9,071 | $ 9,477 |
Reserves and accruals | 33,251 | 46,569 |
Deferred revenue | 17,110 | 16,311 |
Unrealized losses on investments | 5,505 | 6,723 |
Stock-based compensation | 59,103 | 58,501 |
Net operating loss of acquired companies | 20,877 | 9,082 |
Credit carryforwards | 57,568 | 41,419 |
Capitalized expenses | 17,566 | 0 |
Benefits relating to tax positions | 43,095 | 9,540 |
Other | 20,648 | 10,974 |
Total gross deferred tax assets | 283,794 | 208,596 |
Deferred Tax Assets, Valuation Allowance | (21,286) | (22,100) |
Total deferred tax assets | 262,508 | 186,496 |
Deferred tax liabilities: | ||
Depreciation and amortization | 62,143 | 73,295 |
Undistributed earnings of foreign subsidiaries | 249,159 | 221,845 |
Acquired intangible assets | 159,415 | 138,392 |
Total deferred tax liabilities | 470,717 | 433,532 |
Net deferred tax liabilities | 208,209 | 247,036 |
Aggregate changes in total gross amount of unrecognized tax benefits [Abstract] | ||
Beginning balance | 148,848 | 136,098 |
Gross increases in unrecognized tax benefits - prior year tax positions | 3,784 | 144 |
Gross increases in unrecognized tax benefits - current year tax positions | 129,358 | 18,877 |
Settlements with taxing authorities | (11,548) | (995) |
Lapse of statute of limitations | (2,687) | (1,630) |
Foreign exchange gains and losses | (9,037) | (3,646) |
Ending balance | 258,718 | $ 148,848 |
Combined amount of accrued interest and penalties related to tax positions | $ 27,800 |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 27, 2015 | Nov. 28, 2014 | |
Operating Loss Carryforwards [Line Items] | ||
Deferred tax attributes related to stock-based compensation | $ 55,000 | |
Deferred Tax Liability Not Recognized, Undistributed Earnings of Foreign Subsidiaries [Abstract] | ||
Undistributed Earnings of Foreign Subsidiaries | 3,700,000 | |
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Foreign Subsidiaries | 1,000,000 | |
Valuation Allowance [Abstract] | ||
Deferred Tax Assets, Valuation Allowance | 21,286 | $ 22,100 |
Federal [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carryforward | 52,100 | |
State [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carryforward | 16,400 | |
Tax credit carry forward | 55,000 | |
Foreign Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carryforward | 7,600 | |
Tax credit carry forward | $ 21,800 | |
Minimum [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Other Tax Carryforward, Expiration Dates | Jan. 1, 2016 | |
Maximum [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Other Tax Carryforward, Expiration Dates | Jan. 1, 2034 |
Income Taxes (Details 3)
Income Taxes (Details 3) | Nov. 27, 2015USD ($) |
Minimum [Member] | |
Income Tax Examination [Line Items] | |
Estimated potential decreases in underlying unrecognized tax benefits, maximum | $ 0 |
Maximum [Member] | |
Income Tax Examination [Line Items] | |
Estimated potential decreases in underlying unrecognized tax benefits, maximum | $ 10,000,000 |
Restructuring (Details)
Restructuring (Details) $ in Thousands | 12 Months Ended | 15 Months Ended | |
Nov. 27, 2015USD ($) | Nov. 27, 2015USD ($)employees | Nov. 28, 2014USD ($) | |
Restructuring Reserve [Roll Forward] | |||
Beginning Accrued Restructuring Charges | $ 22,314 | ||
Cost Incurred | 1,413 | ||
Cash Payments | (18,179) | ||
Other Adjustments | (814) | ||
Ending Accrued Restructuring Charges | 4,734 | $ 4,734 | |
Restructuring Charges (Numeric) [Abstract] | |||
Accrued restructuring | 3,214 | 3,214 | $ 5,194 |
Accrued Restructuring, Current | 1,520 | $ 1,520 | $ 17,120 |
Restructuring Plan 2014 [Member] | |||
Restructuring Charges (Numeric) [Abstract] | |||
Full-time Positions Eliminated Under a Restructuring Plan | employees | 350 | ||
Restructuring Plan 2014 [Member] | Facility Closing [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Beginning Accrued Restructuring Charges | 472 | ||
Cost Incurred | 0 | ||
Cash Payments | (417) | ||
Other Adjustments | (55) | ||
Ending Accrued Restructuring Charges | 0 | $ 0 | |
Restructuring Plan 2014 [Member] | Employee Severance [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Beginning Accrued Restructuring Charges | 14,461 | ||
Cost Incurred | 773 | 21,000 | |
Cash Payments | (16,512) | ||
Other Adjustments | 1,290 | ||
Ending Accrued Restructuring Charges | 12 | 12 | |
Other Restructuring [Member] | Facility Closing [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Beginning Accrued Restructuring Charges | 6,844 | ||
Cost Incurred | 640 | ||
Cash Payments | (1,130) | ||
Other Adjustments | (1,819) | ||
Ending Accrued Restructuring Charges | 4,535 | 4,535 | |
Other Restructuring [Member] | Employee Severance [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Beginning Accrued Restructuring Charges | 537 | ||
Cost Incurred | 0 | ||
Cash Payments | (120) | ||
Other Adjustments | (230) | ||
Ending Accrued Restructuring Charges | $ 187 | $ 187 | |
Fiscal 2017 [Member] | Facility Closing [Member] | |||
Restructuring Charges (Numeric) [Abstract] | |||
Percentage of Restructuring Charges Scheduled to be Paid | 75.00% | 75.00% |
Benefit Plans (Details)
Benefit Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 27, 2015 | Nov. 28, 2014 | Nov. 29, 2013 | |
Compensation and Retirement Disclosure [Abstract] | |||
Percentage of employer matching contribution to retirement savings plan | 50.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent | 6.00% | ||
Percentage of eligible employee contribution to retirement savings plan | 65.00% | ||
Employer's conribution to retirement savings plan | $ 25.7 | $ 24.8 | $ 22.3 |
Board of Directors and Certain Executives [Member] | |||
Deferred Compensation Plan for certain executives and Board of Director Members [Line Items] | |||
Percentage of contribution made by participants of base salary to deferred compensation plan | 75.00% | ||
Percentage of contribution made by participants of other specified compensation to deferred compensation plan | 100.00% | ||
Minimum period after end of plan year participants can elect to begin benefit payments | 3 years | ||
Payment period for annual installments election of benefit payments | over five, ten or fifteen years | ||
Deferred compensation plan assets | $ 32.1 | 25.7 | |
Deferred compensation plan liabilities | $ 39.6 | $ 31 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - Employee Stock Purchase Plan [Member] | 12 Months Ended | ||
Nov. 27, 2015 | Nov. 28, 2014 | Nov. 29, 2013 | |
Valuation Assumptions Volatility | |||
From | 26.00% | 26.00% | 26.00% |
To | 30.00% | 28.00% | 30.00% |
Valuation Assumptions Risk Free Interest Rate Range | |||
From | 0.11% | 0.06% | 0.09% |
To | 0.67% | 0.47% | 0.34% |
Minimum [Member] | |||
Valuation Assumptions Expected Life (in Years) | |||
Expected Life (in Years) | 6 months | 6 months | 6 months |
Maximum [Member] | |||
Valuation Assumptions Expected Life (in Years) | |||
Expected Life (in Years) | 2 years | 2 years | 2 years |
Stock-Based Compensation (Det73
Stock-Based Compensation (Details 1) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | |||
Nov. 27, 2015 | Nov. 28, 2014 | Nov. 29, 2013 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share Price | $ 92.17 | $ 73.68 | $ 56.78 | |
Restricted Stock Unit [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted Average Grant Date Fair Value, Restricted Stock Units (per share) | $ 75.47 | $ 61.16 | $ 39.87 | |
Total Fair Value Vested Units or Shares | $ 495.1 | $ 457.3 | $ 249.5 | |
Unit or Share Activity | ||||
Beginning outstanding balance | 13,564 | 17,948 | 18,415 | |
Awarded | 4,012 | 4,413 | 7,236 | |
Released | (6,561) | (7,502) | (6,224) | |
Forfeited | (946) | (1,295) | (1,479) | |
Ending outstanding balance | 10,069 | 13,564 | 17,948 | |
Units or Shares Outstanding | ||||
Outstanding Weighted Average Remaining Contractual Life | 11 months 5 days | 11 months 9 days | 1 year 1 month 2 days | |
Outstanding Intrinsic Value | [1] | $ 928 | $ 999.4 | $ 1,019.1 |
Vested And Expected To Vest Shares | 9,267 | 12,352 | 16,265 | |
Vested And Expected To Vest Weighted Average Remaining Contractual Life | 10 months 10 days | 10 months 13 days | 1 year 7 days | |
Vested And Expected To Vest Intrinsic Value | [1] | $ 842.9 | $ 903.1 | $ 920.5 |
Performance Shares [Member] | Programs not yet achieved [Member] | Shares Granted [Member] | ||||
Unit or Share Activity | ||||
Beginning outstanding balance | 1,517 | 854 | 0 | |
Awarded | 671 | 709 | 946 | |
Forfeited | (248) | (46) | (92) | |
Ending outstanding balance | 1,940 | 1,517 | 854 | |
Performance Shares [Member] | Programs not yet achieved [Member] | Maximum Shares Eligible to Receive [Member] | ||||
Unit or Share Activity | ||||
Beginning outstanding balance | 3,034 | 1,707 | 0 | |
Awarded | 1,342 | 1,417 | 1,891 | |
Forfeited | (495) | (90) | (184) | |
Ending outstanding balance | 3,881 | 3,034 | 1,707 | |
Performance Shares [Member] | Programs achieved [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total Fair Value Vested Units or Shares | $ 26.1 | $ 28.7 | $ 25.4 | |
Unit or Share Activity | ||||
Beginning outstanding balance | 354 | 861 | 388 | |
Achieved | 0 | 0 | 1,279 | |
Released | (354) | (486) | (665) | |
Forfeited | 0 | (21) | (141) | |
Ending outstanding balance | 0 | 354 | 861 | |
Units or Shares Outstanding | ||||
Outstanding Weighted Average Remaining Contractual Life | 1 month 28 days | 6 months 29 days | ||
Outstanding Intrinsic Value | $ 26.1 | $ 48.9 | ||
Vested And Expected To Vest Shares | 348 | 817 | ||
Vested And Expected To Vest Weighted Average Remaining Contractual Life | 1 month 28 days | 6 months 22 days | ||
Vested And Expected To Vest Intrinsic Value | $ 25.5 | $ 46.3 | ||
[1] | The intrinsic value is calculated as the market value as of the end of the fiscal period. As reported by the NASDAQ Global Select Market, the market values as of November 27, 2015, November 28, 2014 and November 29, 2013 were $92.17, $73.68 and $56.78, respectively. |
Stock-Based Compensation (Det74
Stock-Based Compensation (Details 2) - Stock Options [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | |||
Nov. 27, 2015 | Nov. 28, 2014 | Nov. 29, 2013 | Nov. 30, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted Average Grant Date Fair Value, Options Granted (per share) | $ 8.64 | |||
Total Intrinsic Value, Options Exercised | $ 92.3 | $ 141.3 | $ 181.8 | |
Stock Option Activity [Rollforward] and Weighted Average Exercise Price | ||||
Beginning outstanding balance | 3,173 | 7,359 | 24,517 | |
Granted, Shares | 0 | 0 | 25 | |
Exercised, Shares | (1,900) | (4,055) | (15,872) | |
Cancelled, Shares | (34) | (153) | (1,584) | |
Increase Due to Acquisition, Shares | 88 | 22 | 273 | |
Ending outstanding balance | 1,327 | 3,173 | 7,359 | |
Granted, Weighted Average Exercise Price | $ 0 | $ 0 | $ 45.03 | |
Exercised, Weighted Average Exercise Price | 28.83 | 30.88 | 32.15 | |
Cancelled, Weighted Average Exercise Price | 20.90 | 25.37 | 37.37 | |
Increase Due to Acquisition, Weighted Average Exercise Price | 14.38 | 29.44 | 6.82 | |
Year-end, Weighted Average Exercise Price | $ 28.28 | $ 28.92 | $ 29.93 | $ 32.09 |
Stock-Based Compensation (Det75
Stock-Based Compensation (Details 3) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | |||
Nov. 27, 2015 | Nov. 28, 2014 | Nov. 29, 2013 | Nov. 30, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share Price | $ 92.17 | $ 73.68 | $ 56.78 | |
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares outstanding | 1,327 | 3,173 | 7,359 | 24,517 |
Number of shares vested and expected to vest | 1,319 | 3,153 | 7,242 | |
Number of shares exercisable | 1,214 | 2,786 | 5,752 | |
Year-end, Weighted Average Exercise Price | $ 28.28 | $ 28.92 | $ 29.93 | $ 32.09 |
Options vested and expected to vest weighted average exercise price (per share) | 28.39 | 29 | 30.05 | |
Options exercisable weighted average exercise price (per share) | $ 30.08 | $ 30.24 | $ 31.28 | |
Options outstanding weighted average remaining contractual life (in years) | 2 years 8 months 1 day | 3 years 2 months 9 days | 3 years 2 months 19 days | |
Options vested and expected to vest weighted average remaining contractual life (in years) | 2 years 7 months 28 days | 3 years 2 months 1 day | 3 years 2 months 5 days | |
Options exercisable weighted average remaining contractual life (in years) | 2 years 4 months 24 days | 2 years 10 months 6 days | 2 years 7 months 24 days | |
Options outstanding aggregate intrinsic value | $ 84.8 | $ 142 | $ 197.6 | |
Options vested and expected to vest aggregate intrinsic value | 84.1 | 140.9 | 193.6 | |
Options exercisable aggregate intrinsic value | $ 75.4 | $ 121 | $ 146.7 |
Stock-Based Compensation (Det76
Stock-Based Compensation (Details 4) - $ / shares | 12 Months Ended | ||
Nov. 27, 2015 | Nov. 28, 2014 | Nov. 29, 2013 | |
Stock Options [Member] | Existing Non-Employee Directors [Member] | |||
Share-based Goods and Nonemployee Services Transaction [Line Items] | |||
Options Granted to Existing Directors | 25,000 | ||
Options Granted to Existing Directors, Exercise Price | $ 45.03 | ||
Restricted Stock Unit [Member] | Existing Non-Employee Directors [Member] | |||
Share-based Goods and Nonemployee Services Transaction [Line Items] | |||
Restricted Stock Units Granted to Existing Directors | 41,000 | 48,000 | 36,000 |
Restricted Stock Unit [Member] | New Non-Employee Directors [Member] | |||
Share-based Goods and Nonemployee Services Transaction [Line Items] | |||
Restricted Stock Units Granted To New Directors | 0 | 0 | 14,000 |
Stock-Based Compensation (Det77
Stock-Based Compensation (Details 5) - USD ($) $ in Thousands | 12 Months Ended | |||
Nov. 27, 2015 | Nov. 28, 2014 | Nov. 29, 2013 | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits | $ 68,800 | $ 72,400 | $ 70,700 | |
Option Grants and Stock Purchase Rights [Member] | ||||
Total stock-based compensation costs [Abstract] | ||||
Stock-based compensation costs | [1] | 43,866 | 45,162 | 53,353 |
Restricted Stock and Performance Share Awards [Member] | ||||
Total stock-based compensation costs [Abstract] | ||||
Stock-based compensation costs | [1] | 294,168 | 288,539 | 275,634 |
Cost of Revenue - Subscription [Member] | Option Grants and Stock Purchase Rights [Member] | ||||
Total stock-based compensation costs [Abstract] | ||||
Stock-based compensation costs | 1,449 | 1,855 | 2,059 | |
Cost of Revenue - Subscription [Member] | Restricted Stock and Performance Share Awards [Member] | ||||
Total stock-based compensation costs [Abstract] | ||||
Stock-based compensation costs | 6,481 | 5,878 | 5,052 | |
Cost of Revenue - Services and Support [Member] | Option Grants and Stock Purchase Rights [Member] | ||||
Total stock-based compensation costs [Abstract] | ||||
Stock-based compensation costs | 5,185 | 4,000 | 3,413 | |
Cost of Revenue - Services and Support [Member] | Restricted Stock and Performance Share Awards [Member] | ||||
Total stock-based compensation costs [Abstract] | ||||
Stock-based compensation costs | 6,446 | 6,619 | 6,961 | |
Research and Development [Member] | Option Grants and Stock Purchase Rights [Member] | ||||
Total stock-based compensation costs [Abstract] | ||||
Stock-based compensation costs | 14,082 | 15,125 | 18,188 | |
Research and Development [Member] | Restricted Stock and Performance Share Awards [Member] | ||||
Total stock-based compensation costs [Abstract] | ||||
Stock-based compensation costs | 104,624 | 107,029 | 102,464 | |
Sales and Marketing [Member] | Option Grants and Stock Purchase Rights [Member] | ||||
Total stock-based compensation costs [Abstract] | ||||
Stock-based compensation costs | 18,360 | 17,706 | 21,283 | |
Sales and Marketing [Member] | Restricted Stock and Performance Share Awards [Member] | ||||
Total stock-based compensation costs [Abstract] | ||||
Stock-based compensation costs | 109,908 | 102,909 | 101,423 | |
General and Administrative [Member] | Option Grants and Stock Purchase Rights [Member] | ||||
Total stock-based compensation costs [Abstract] | ||||
Stock-based compensation costs | 4,790 | 6,476 | 8,410 | |
General and Administrative [Member] | Restricted Stock and Performance Share Awards [Member] | ||||
Total stock-based compensation costs [Abstract] | ||||
Stock-based compensation costs | $ 66,709 | $ 66,104 | $ 59,734 | |
[1] | During fiscal 2015, 2014 and 2013, we recorded tax benefits of $68.8 million, $72.4 million and $70.7 million, respectively. |
Stock-Based Compensation (Det78
Stock-Based Compensation (Details Numeric) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Nov. 27, 2015USD ($)purchaseperiods$ / sharesshares | Nov. 28, 2014USD ($)$ / sharesshares | Nov. 29, 2013USD ($)$ / sharesshares | |
Stock Based Compensation (Numeric) [Abstract] | |||
Closing market values (per share) | $ / shares | $ 92.17 | $ 73.68 | $ 56.78 |
Unrecognized compensation cost, adjusted for estimated forfeitures, related to non-vested stock based awards (in millions) | $ | $ 394.1 | ||
Number of years over which unrecognized compensation costs will be recognized | 1 year 5 months 27 days | ||
New Non-Employee Directors [Member] | |||
Stock Based Compensation (Numeric) [Abstract] | |||
Non-Employee Director Aggregate Grant Value Per Award | $ | $ 0.3 | ||
Vesting percentage per year for grants to non-employee directors | 100.00% | ||
Existing Non-Employee Directors [Member] | |||
Stock Based Compensation (Numeric) [Abstract] | |||
Non-Employee Director Aggregate Grant Value Per Award | $ | $ 0.3 | ||
Numbers of days used to calculate the aggregate value of the equity award | 30 days | ||
Vesting percentage per year for grants to non-employee directors | 100.00% | ||
2003 Plan [Member] | |||
Stock Based Compensation (Numeric) [Abstract] | |||
Common stock shares reserved for Issuance | 173,200,000 | ||
Shares available for grant | 48,500,000 | ||
Stock Options [Member] | |||
Stock Based Compensation (Numeric) [Abstract] | |||
Period of options expiry | 7 years | ||
Stock Options [Member] | Existing Non-Employee Directors [Member] | |||
Stock Based Compensation (Numeric) [Abstract] | |||
Options Granted to Existing Directors | 25,000 | ||
Share Based Compensation Arrangement Options Granted To Existing Non Employee Directors Exercise Price | $ / shares | $ 45.03 | ||
Restricted Stock Unit [Member] | New Non-Employee Directors [Member] | |||
Stock Based Compensation (Numeric) [Abstract] | |||
Award vesting period | 1 year | ||
Numbers of days used to calculate the aggregate value of the equity award | 30 days | ||
Restricted Stock Unit [Member] | Existing Non-Employee Directors [Member] | |||
Stock Based Compensation (Numeric) [Abstract] | |||
Award vesting period | 1 year | ||
Restricted Stock Unit [Member] | Focal Awards [Member] | |||
Stock Based Compensation (Numeric) [Abstract] | |||
Award vesting period | 3 years | ||
Vesting percentage per year for focal restricted stock units | 33.33% | ||
Restricted Stock Unit [Member] | Other Awards [Member] | |||
Stock Based Compensation (Numeric) [Abstract] | |||
Award vesting period | 4 years | ||
Vesting percentage per year for restricted stock units other than focal grants | 25.00% | ||
Employee Stock Purchase Plan [Member] | |||
Stock Based Compensation (Numeric) [Abstract] | |||
Common stock shares reserved for Issuance | 93,000,000 | ||
Shares available for grant | 10,800,000 | ||
ESPP Purchase Price as Percentage of Market Price | 85.00% | ||
Offering Period | 24 months | ||
Number of purchase periods per offering period | purchaseperiods | 4 | ||
Purchase period | 6 months | ||
Weighted Average Subscription Date Fair Value of Shares (per share) | $ / shares | $ 20.81 | $ 17.02 | $ 11.40 |
Shares Purchased, ESPP | 2,100,000 | 2,900,000 | 3,400,000 |
Average purchase price of shares, ESPP (per share) | $ / shares | $ 52.37 | $ 34.76 | $ 25.71 |
Shares Purchased Intrinsic Value, ESPP | $ | $ 53.9 | $ 93.4 | $ 58.5 |
Performance Shares [Member] | Programs not yet achieved [Member] | |||
Stock Based Compensation (Numeric) [Abstract] | |||
Award vesting period | 3 years | ||
Vesting percentage on third year for performance awards | 100.00% | ||
Maximum percentage of target shares able to receive | 200.00% | ||
Performance Shares [Member] | Program 2012 [Member] | |||
Stock Based Compensation (Numeric) [Abstract] | |||
Maximum percentage of target shares able to receive | 150.00% | ||
Actual percentage achieved | 116.00% | ||
Number of shares achieved | 1,300,000 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 27, 2015 | Nov. 28, 2014 | Nov. 29, 2013 | |
Gross unrealized gains on available-for-sale securities | |||
Beginning balance, unrealized gains on available-for-sale securities | $ 8,237 | ||
Gross unrealized gains on available for sale securities, increase decrease | (2,386) | ||
Gross unrealized gains on available for sale securities, reclassification adjustments | (3,309) | ||
Ending balance, unrealized gains on available-for-sale securities | 2,542 | $ 8,237 | |
Gross unrealized losses, available-for-sale securities [Abstract] | |||
Beginning balance, unrealized losses on available-for-sale securities | 609 | ||
Gross unrealized losses on available for sale securities increase or decrease | (6,840) | ||
Gross unrealized losses on available for sale securities, reclassification adjustments | 354 | ||
Ending balance, unrealized losses on available-for-sale securities | 7,095 | 609 | |
Net unrealized gains on available-for-sale securities [Abstract] | |||
Beginning Balance, net unrealized gains on available-for-sale securities | 7,628 | ||
Net unrealized gains on available-for-sale securities, increase or decrease | (9,226) | 2,315 | $ (2,185) |
Net unrealized gains on available-for-sale securities, reclassification adjustments | (2,955) | (3,928) | (3,013) |
Ending Balance, net unrealized gains on available-for-sale securities | (4,553) | 7,628 | |
Derivatives designated as hedging instruments [Abstract] | |||
Beginning balance, net unrealized gains on derivative instruments designated as hedging instruments | 28,655 | ||
Net unrealized gains on derivative instruments designated as hedging instruments, increase or decrease | 29,795 | 41,993 | 34,677 |
Net unrealized gains on derivative instruments designated as hedging instruments, reclassification adjustments | (55,535) | (18,705) | (35,914) |
Ending balance, net unrealized gains on derivative instruments designated as hedging instruments | 2,915 | 28,655 | |
Cumulative foreign currency translation adjustments [Abstract] | |||
Beginning balance, cumulative foreign currency translation adjustments | (44,377) | ||
Cumulative foreign currency translation adjustment, increase or decrease | (123,065) | (75,872) | $ 21,826 |
Cumulative foreign currency translation adjustment, reclassification adjustments | 0 | ||
Ending balance, cumulative foreign currency translation adjustments | (167,442) | (44,377) | |
Accumulated other comprehensive income totals [Abstract] | |||
Beginning balance, total accumulated other comprehensive income, net of taxes | (169,080) | (8,094) | |
Accumulated other comprehensive income, increase or decrease | (102,496) | ||
Accumulated other comprehensive income, reclassification adjustments | (58,490) | ||
Ending balance, total accumulated other comprehensive income, net of taxes | $ (169,080) | $ (8,094) |
Stockholders' Equity (Details 1
Stockholders' Equity (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 27, 2015 | Nov. 28, 2014 | Nov. 29, 2013 | |
Available-for-sale securities, Tax: | |||
Unrealized Holding Gain (Loss) on Available-for-Sale Securities | $ (154) | $ 1 | $ 169 |
Reclassification Adjustments | 0 | (8) | (2) |
Subtotal, Available-for-sale Securities | (154) | (7) | 167 |
Derivatives designated as hedging instruments, Tax: | |||
Unrealized Gains on Derivative Instruments | 6,147 | 0 | 0 |
Reclassification Adjustments | (550) | 0 | 0 |
Subtotal, Derivatives Designated as Hedging Instruments | 5,597 | 0 | 0 |
Foreign Currency Translation Adjustments, Tax | (3,378) | (1,868) | 2,789 |
Other Comprehensive Income (Loss), Tax | $ 2,065 | $ (1,875) | $ 2,956 |
Stockholders' Equity (Details N
Stockholders' Equity (Details Numeric) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Feb. 26, 2016 | Nov. 27, 2015 | Nov. 28, 2014 | Nov. 29, 2013 | Dec. 15, 2015 | Feb. 27, 2015 | Jun. 01, 2012 | |
Stock Repurchase Programs (Numeric) [Abstract] | |||||||
Stock Repurchase Program, Authorized Amount | $ 2,000 | $ 2,000 | |||||
Structured repurchase prepayments | $ 625 | $ 600 | $ 1,100 | ||||
Structured stock repurchase prepayments from 2012 authority | $ 1,100 | ||||||
Up-front payments remaining | 38.2 | ||||||
Subsequent Event [Member] | |||||||
Stock Repurchase Programs (Numeric) [Abstract] | |||||||
Structured repurchase prepayments | $ 150 | ||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 1,430 | ||||||
Current Program [Member] | |||||||
Stock Repurchase Programs (Numeric) [Abstract] | |||||||
Structured repurchase prepayments | 425 | ||||||
Stock repurchase program 2012 [Member] | |||||||
Stock Repurchase Programs (Numeric) [Abstract] | |||||||
Structured repurchase prepayments | $ 200 | ||||||
Treasury Stock [Member] | |||||||
Stock Repurchase Programs (Numeric) [Abstract] | |||||||
Purchase of treasury stock, Shares | (8,104) | (10,852) | (21,603) | ||||
Repurchased Shares, Average Price | $ 77.38 | $ 63.48 | $ 46.47 |
Net Income Per Share (Details)
Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Nov. 27, 2015 | Aug. 28, 2015 | May. 29, 2015 | Feb. 27, 2015 | Nov. 28, 2014 | Aug. 29, 2014 | May. 30, 2014 | Feb. 28, 2014 | Nov. 27, 2015 | Nov. 28, 2014 | Nov. 29, 2013 | |
Earnings Per Share [Abstract] | |||||||||||
Net income | $ 222,705 | $ 174,465 | $ 147,493 | $ 84,888 | $ 88,136 | $ 44,686 | $ 88,527 | $ 47,046 | $ 629,551 | $ 268,395 | $ 289,985 |
Shares used to compute basic net income per share | 498,764,000 | 497,867,000 | 501,372,000 | ||||||||
Dilutive potential common shares: | |||||||||||
Unvested restricted stock and performance share awards | 7,389,000 | 8,586,000 | 8,736,000 | ||||||||
Stock options | 1,011,000 | 2,027,000 | 3,368,000 | ||||||||
Shares used to compute diluted net income per share | 507,164,000 | 508,480,000 | 513,476,000 | ||||||||
Basic net income per share | $ 0.45 | $ 0.35 | $ 0.30 | $ 0.17 | $ 0.18 | $ 0.09 | $ 0.18 | $ 0.09 | $ 1.26 | $ 0.54 | $ 0.58 |
Diluted net income per share | $ 0.44 | $ 0.34 | $ 0.29 | $ 0.17 | $ 0.17 | $ 0.09 | $ 0.17 | $ 0.09 | $ 1.24 | $ 0.53 | $ 0.56 |
Anti-dilutive shares [Abstract] | |||||||||||
Common stock with exercise prices greater than average fair market value | 0 | 0 | 100,000 | ||||||||
Average fair market value | $ 79.22 | $ 65.93 | $ 45.08 |
Commitments and Contingencies83
Commitments and Contingencies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 27, 2015 | Nov. 28, 2014 | Nov. 29, 2013 | |
Rent expense and sublease income [Abstract] | |||
Rent expense | $ 92.9 | $ 111.1 | $ 119 |
Commitments and Contingencies84
Commitments and Contingencies (Details 1) $ in Thousands | Nov. 27, 2015USD ($) |
Purchase Obligation, Fiscal Year Maturity [Abstract] | |
Purchase Obligations, 2016 | $ 341,288 |
Purchase Obligations, 2017 | 62,915 |
Purchase Obligations, 2018 | 11,730 |
Purchase Obligations, 2019 | 3,795 |
Purchase Obligations, 2020 | 59 |
Purchase Obligations, Thereafter | 0 |
Purchase Obligations, Total | 419,787 |
Operating Leases, Future Minimum Payments Receivables [Abstract] | |
Future Minimum Lease Payments, 2016 | 41,192 |
Future Minimum Lease Payments, 2017 | 32,138 |
Future Minimum Lease Payments, 2018 | 27,795 |
Future Minimum Lease Payments, 2019 | 24,437 |
Future Minimum Lease Payments, 2020 | 21,416 |
Future Minimum Lease Payments, Thereafter | 46,569 |
Future Minimum Lease Payments, Total | 193,547 |
Future Minimum Sublease Income, 2016 | 1,678 |
Future Minimum Sublease Income, 2017 | 1,579 |
Future Minimum Sublease Income, 2018 | 1,257 |
Future Minimum Sublease Income, 2019 | 1,309 |
Future Minimum Sublease Income, 2020 | 1,345 |
Future Minimum Sublease Income, Thereafter | 1,198 |
Future Minimum Sublease Income, Total | $ 8,366 |
Commitments and Contingencies85
Commitments and Contingencies (Details Numeric) | 2 Months Ended | 12 Months Ended | ||
Jul. 14, 2011lawsuits | Nov. 27, 2015USD ($)buildings | Nov. 28, 2014USD ($) | Nov. 29, 2013USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Royalty Expense | $ 62,300,000 | $ 45,200,000 | $ 40,200,000 | |
Loss Contingency, Information about Litigation Matters [Abstract] | ||||
Class Action Lawsuits, Number Filed | lawsuits | 5 | |||
Property Subject to or Available for Operating Lease [Line Items] | ||||
Operating Leases, Rent Expense, Minimum Rentals | $ 92,900,000 | 111,100,000 | $ 119,000,000 | |
Number of Corporate Headquarter Office Buildings | buildings | 3 | |||
Lease Receivable Purchased | $ 80,439,000 | $ 80,439,000 | ||
Loss Contingency, Loss in Period | 0 | |||
Almaden Tower [Member] | ||||
Property Subject to or Available for Operating Lease [Line Items] | ||||
Option to Purchase Buildings | 103,600,000 | |||
East and West Towers [Member] | ||||
Property Subject to or Available for Operating Lease [Line Items] | ||||
Lease Receivable Purchased | 80,400,000 | |||
Residual Value Guarantees | $ 89,400,000 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Feb. 28, 2010 | Aug. 28, 2015 | Feb. 27, 2015 | Nov. 27, 2015 | Jan. 21, 2015 | Dec. 17, 2014 | Nov. 28, 2014 | Jun. 13, 2014 | Mar. 02, 2012 | |
Debt [Abstract] | |||||||||
Senior Notes | $ 1,887,410 | $ 1,496,778 | |||||||
Fair Value of interest rate swap | 19,821 | 14,268 | |||||||
Adjusted Carrying Value of Senior Long-Term Notes | 1,907,231 | 1,511,046 | |||||||
Capital lease obligations | 0 | 3,269 | |||||||
Total debt and capital lease obligations | 1,907,231 | 1,514,315 | |||||||
Debt and capital lease obligations, current | 0 | 603,229 | |||||||
Debt and capital lease obligations | 1,907,231 | $ 911,086 | |||||||
Line of Credit Facility [Abstract] | |||||||||
Long-Term Line of credit, amount outstanding | $ 0 | ||||||||
Total senior unsecured revolving credit facility | $ 1,000,000 | ||||||||
Option to request additional commitments on credit facility | 500,000 | ||||||||
Maximum aggregate, credit facility | $ 1,500,000 | ||||||||
From [Member] | |||||||||
Line of Credit Facility [Abstract] | |||||||||
Commitment fees rate | 0.08% | ||||||||
To [Member] | |||||||||
Line of Credit Facility [Abstract] | |||||||||
Commitment fees rate | 0.20% | ||||||||
Notes 2015 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 600,000 | ||||||||
Senior notes, interest rate | 3.25% | ||||||||
Effective interest rate | 3.45% | ||||||||
Notes 2025 [Member] | |||||||||
Debt [Abstract] | |||||||||
Senior Notes | $ 1,000,000 | ||||||||
Debt Instrument [Line Items] | |||||||||
Senior notes, interest rate | 3.25% | ||||||||
Long-term Debt | $ 989,300 | ||||||||
Issuance discount | $ 10,700 | ||||||||
Issuance cost | $ 7,900 | ||||||||
Effective interest rate | 3.67% | ||||||||
Notes 2020 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 900,000 | ||||||||
Senior notes, interest rate | 4.75% | ||||||||
Effective interest rate | 4.92% | ||||||||
Notes 2015 and 2020 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Proceeds from isssuance of senior notes | $ 1,500,000 | ||||||||
Issuance discount | 6,600 | ||||||||
Issuance cost | $ 10,700 | ||||||||
Fair value of long-term debt | $ 1,970,000 | ||||||||
Repurchase notes at price of their principal amount, plus accrued and unpaid interest | 101.00% | ||||||||
Debt Instrument, Periodic Payment, Interest | $ 31,100 | ||||||||
Notes 2020 and 2025 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Periodic Payment, Interest | $ 38,100 | ||||||||
Scenario i [Member] | Line of Credit [Member] | From [Member] | |||||||||
Line of Credit Facility [Abstract] | |||||||||
Margin added to LIBOR to determine interest rate | 0.795% | ||||||||
Scenario i [Member] | Line of Credit [Member] | To [Member] | |||||||||
Line of Credit Facility [Abstract] | |||||||||
Margin added to LIBOR to determine interest rate | 1.30% | ||||||||
Scenario ii [Member] | Line of Credit [Member] | |||||||||
Line of Credit Facility [Abstract] | |||||||||
Percentage added to federal effective funds rate in determining interest rate | 0.50% | ||||||||
Percentage added to LIBOR in determining interest rate | 1.00% | ||||||||
Scenario ii [Member] | Line of Credit [Member] | From [Member] | |||||||||
Line of Credit Facility [Abstract] | |||||||||
Margin added to LIBOR to determine interest rate | 0.00% | ||||||||
Scenario ii [Member] | Line of Credit [Member] | To [Member] | |||||||||
Line of Credit Facility [Abstract] | |||||||||
Margin added to LIBOR to determine interest rate | 0.30% | ||||||||
Fair Value Hedging [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Derivative, Notional Amount | $ 900,000 | ||||||||
Derivative, fixed interest rate | 4.75% | ||||||||
Cash Flow Hedging [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Derivative, Notional Amount | $ 600,000 |
Non-Operating Income (Expense87
Non-Operating Income (Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 27, 2015 | Nov. 28, 2014 | Nov. 29, 2013 | |
Interest and other income (expense), net: | |||
Interest income | $ 28,759 | $ 21,355 | $ 21,887 |
Foreign exchange gains (losses) | (20,130) | (18,840) | (21,001) |
Realized gains on fixed income investment | 3,309 | 4,024 | 4,090 |
Realized losses on fixed income investment | (354) | (97) | (1,077) |
Other | 22,325 | 825 | 1,042 |
Interest and other income (expense), net | 33,909 | 7,267 | 4,941 |
Interest expense | (64,184) | (59,732) | (67,508) |
Investment gains (losses), net: | |||
Realized investment gains | 2,760 | 1,298 | 1,783 |
Unrealized investment gains | 0 | 912 | 1,251 |
Realized investment losses | (206) | (1,054) | (7,049) |
Unrealized investment losses | (1,593) | 0 | 0 |
Investment gains (losses), net | 961 | 1,156 | (4,015) |
Non-operating income (expense), net | $ (29,314) | $ (51,309) | $ (66,582) |
Industry Segment, Geographic 88
Industry Segment, Geographic Information and Significant Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Nov. 27, 2015 | Aug. 28, 2015 | May. 29, 2015 | Feb. 27, 2015 | Nov. 28, 2014 | Aug. 29, 2014 | May. 30, 2014 | Feb. 28, 2014 | Nov. 27, 2015 | Nov. 28, 2014 | Nov. 29, 2013 | |
Segment Reporting [Abstract] | |||||||||||
Total Revenue | $ 1,306,404 | $ 1,217,768 | $ 1,162,158 | $ 1,109,181 | $ 1,073,328 | $ 1,005,409 | $ 1,068,208 | $ 1,000,120 | $ 4,795,511 | $ 4,147,065 | $ 4,055,240 |
Cost of revenue | 744,317 | 622,080 | 586,557 | ||||||||
Gross profit | $ 1,105,043 | $ 1,026,783 | $ 976,985 | $ 942,383 | $ 912,385 | $ 847,685 | $ 913,304 | $ 851,611 | $ 4,051,194 | $ 3,524,985 | $ 3,468,683 |
Gross profit as a percentage of revenue | 84.00% | 85.00% | 86.00% | ||||||||
Digital Media [Member] | |||||||||||
Segment Reporting [Abstract] | |||||||||||
Total Revenue | $ 3,095,160 | $ 2,603,179 | $ 2,625,913 | ||||||||
Cost of revenue | 210,587 | 148,958 | 170,788 | ||||||||
Gross profit | $ 2,884,573 | $ 2,454,221 | $ 2,455,125 | ||||||||
Gross profit as a percentage of revenue | 93.00% | 94.00% | 93.00% | ||||||||
Digital Marketing [Member] | |||||||||||
Segment Reporting [Abstract] | |||||||||||
Total Revenue | $ 1,508,858 | $ 1,355,216 | $ 1,228,868 | ||||||||
Cost of revenue | 525,309 | 463,772 | 404,804 | ||||||||
Gross profit | $ 983,549 | $ 891,444 | $ 824,064 | ||||||||
Gross profit as a percentage of revenue | 65.00% | 66.00% | 67.00% | ||||||||
Print and Publishing [Member] | |||||||||||
Segment Reporting [Abstract] | |||||||||||
Total Revenue | $ 191,493 | $ 188,670 | $ 200,459 | ||||||||
Cost of revenue | 8,421 | 9,350 | 10,965 | ||||||||
Gross profit | $ 183,072 | $ 179,320 | $ 189,494 | ||||||||
Gross profit as a percentage of revenue | 96.00% | 95.00% | 95.00% |
Industry Segment, Geographic 89
Industry Segment, Geographic Information and Significant Customers (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Nov. 27, 2015 | Aug. 28, 2015 | May. 29, 2015 | Feb. 27, 2015 | Nov. 28, 2014 | Aug. 29, 2014 | May. 30, 2014 | Feb. 28, 2014 | Nov. 27, 2015 | Nov. 28, 2014 | Nov. 29, 2013 | |
Revenue by Geographic Area [Abstract] | |||||||||||
Total Revenue | $ 1,306,404 | $ 1,217,768 | $ 1,162,158 | $ 1,109,181 | $ 1,073,328 | $ 1,005,409 | $ 1,068,208 | $ 1,000,120 | $ 4,795,511 | $ 4,147,065 | $ 4,055,240 |
Property and Equipment by Geographic Area [Abstract] | |||||||||||
Property and equipment, net | 787,421 | 785,123 | 787,421 | 785,123 | |||||||
America [Member] | |||||||||||
Revenue by Geographic Area [Abstract] | |||||||||||
Total Revenue | 2,788,044 | 2,314,369 | 2,134,382 | ||||||||
Property and Equipment by Geographic Area [Abstract] | |||||||||||
Property and equipment, net | 621,549 | 651,937 | 621,549 | 651,937 | |||||||
United States [Member] | |||||||||||
Revenue by Geographic Area [Abstract] | |||||||||||
Total Revenue | 2,548,024 | 2,115,148 | 1,935,429 | ||||||||
Property and Equipment by Geographic Area [Abstract] | |||||||||||
Property and equipment, net | 621,122 | 651,281 | 621,122 | 651,281 | |||||||
Other Americas [Member] | |||||||||||
Revenue by Geographic Area [Abstract] | |||||||||||
Total Revenue | 240,020 | 199,221 | 198,953 | ||||||||
Property and Equipment by Geographic Area [Abstract] | |||||||||||
Property and equipment, net | 427 | 656 | 427 | 656 | |||||||
EMEA [Member] | |||||||||||
Revenue by Geographic Area [Abstract] | |||||||||||
Total Revenue | 1,336,448 | 1,179,864 | 1,129,180 | ||||||||
Property and Equipment by Geographic Area [Abstract] | |||||||||||
Property and equipment, net | 43,943 | 46,380 | 43,943 | 46,380 | |||||||
Asia [Member] | |||||||||||
Revenue by Geographic Area [Abstract] | |||||||||||
Total Revenue | 671,019 | 652,832 | 791,678 | ||||||||
Property and Equipment by Geographic Area [Abstract] | |||||||||||
Property and equipment, net | 121,929 | 86,806 | 121,929 | 86,806 | |||||||
Japan [Member] | |||||||||||
Revenue by Geographic Area [Abstract] | |||||||||||
Total Revenue | 347,740 | 365,570 | 472,110 | ||||||||
India [Member] | |||||||||||
Property and Equipment by Geographic Area [Abstract] | |||||||||||
Property and equipment, net | 111,662 | 76,428 | 111,662 | 76,428 | |||||||
Other-Asia [Member] | |||||||||||
Revenue by Geographic Area [Abstract] | |||||||||||
Total Revenue | 323,279 | 287,262 | $ 319,568 | ||||||||
Property and Equipment by Geographic Area [Abstract] | |||||||||||
Property and equipment, net | $ 10,267 | $ 10,378 | $ 10,267 | $ 10,378 |
Industry Segment, Geographic 90
Industry Segment, Geographic Information and Significant Customers (Details 2) - customers | 12 Months Ended | ||
Nov. 27, 2015 | Nov. 28, 2014 | Nov. 29, 2013 | |
Revenue, Major Customer [Line Items] | |||
Number of Customers With Gross Trade Receivables Greater Than Ten Percent | 0 | 0 | |
Number of Customers Accounting for Ten Percent or Greater of Net Revenue | 0 | 0 | 0 |
Selected Quarterly Financial 91
Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Nov. 27, 2015 | Aug. 28, 2015 | May. 29, 2015 | Feb. 27, 2015 | Nov. 28, 2014 | Aug. 29, 2014 | May. 30, 2014 | Feb. 28, 2014 | Nov. 29, 2013 | Aug. 30, 2013 | May. 31, 2013 | Mar. 01, 2013 | Nov. 27, 2015 | Nov. 28, 2014 | Nov. 29, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||
Revenue | $ 1,306,404 | $ 1,217,768 | $ 1,162,158 | $ 1,109,181 | $ 1,073,328 | $ 1,005,409 | $ 1,068,208 | $ 1,000,120 | $ 4,795,511 | $ 4,147,065 | $ 4,055,240 | ||||
Gross profit | 1,105,043 | 1,026,783 | 976,985 | 942,383 | 912,385 | 847,685 | 913,304 | 851,611 | 4,051,194 | 3,524,985 | 3,468,683 | ||||
Income before income taxes | 296,940 | 232,619 | 180,974 | 163,248 | 112,275 | 62,938 | 121,271 | 64,892 | 873,781 | 361,376 | 356,141 | ||||
Net income | $ 222,705 | $ 174,465 | $ 147,493 | $ 84,888 | $ 88,136 | $ 44,686 | $ 88,527 | $ 47,046 | $ 629,551 | $ 268,395 | $ 289,985 | ||||
Basic net income per share | $ 0.45 | $ 0.35 | $ 0.30 | $ 0.17 | $ 0.18 | $ 0.09 | $ 0.18 | $ 0.09 | $ 1.26 | $ 0.54 | $ 0.58 | ||||
Diluted net income per share | $ 0.44 | $ 0.34 | $ 0.29 | $ 0.17 | $ 0.17 | $ 0.09 | $ 0.17 | $ 0.09 | $ 1.24 | $ 0.53 | $ 0.56 | ||||
Number of weeks in current fiscal year | P52W | P52W | P52W | ||||||||||||
Number of weeks in current fiscal quarter | P13W | P13W | P13W | P13W | P13W | P13W | P13W | P13W | P13W | P13W | P13W | P13W |