Fair Value Measurements (Note)

12 Months Ended

Dec. 01, 2012

Fair Value Disclosures [Abstract]

Fair Value Disclosures

FAIR VALUE MEASUREMENTS

Fair Value Measurements

The Company measures certain assets and liabilities at fair value as discussed throughout the notes to its Consolidated Financial Statements.  Fair value is the exchange price that would be received for an asset or paid to transfer a liability, an exit price, in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants.  Fair value measurements are categorized in a hierarchy based upon the observability of inputs used in valuation techniques.  Observable inputs are the highest level and reflect market data obtained from independent sources, while unobservable inputs are the lowest level and reflect internally developed market assumptions.  The Company classifies fair value measurements by the following hierarchy:

• Level 1 – Quoted active market prices for identical assets

• Level 2 – Significant other observable inputs, such as quoted prices for similar (but not identical) instruments in active markets, quoted prices for identical or similar instruments in markets which are not active and model determined valuations in which all significant inputs or significant value-drivers are observable in active markets

• Level 3 – Significant unobservable inputs, such as model determined valuations in which one or more significant inputs or significant value-drivers are unobservable

Assets or liabilities that have recurring fair value measurements are shown below:

	Fair Value Measurements at Reporting Date
	Total		Level 1		Level 2		Level 3
November 30, 2012
Restricted trust, included in Other noncurrent assets
Mutual fund investments - equities	$	614	$	614	$	—	$	—
Mutual fund investments - bonds	425		425		—		—
Cash and equivalents	31		31		—		—
Total restricted trust	$	1,070	$	1,070	$	—	$	—
TransWeb contingent earn-out, included in Other long-term liabilities	$	1,292	$	—	$	—	$	1,292
November 30, 2011
Restricted trust, included in Other noncurrent assets
Mutual fund investments - equities	$	659	$	659	$	—	$	—
Mutual fund investments - bonds	472		472		—		—
Cash and equivalents	—		—		—		—
Total restricted trust	$	1,131	$	1,131	$	—	$	—
TransWeb contingent earn-out, included in Other long-term liabilities	$	1,123	$	—	$	—	$	1,123

There were no transfers between Level 1 and Level 2 during the years ended November 30, 2012 and 2011.  The restricted trust, which is used to fund certain payments for the Company’s U.S. combined nonqualified pension plans, consists of actively traded equity and bond funds. The TransWeb contingent earn-out payment was established in connection with the acquisition of TransWeb (see Note B).  There were no changes in the fair value determination methods or significant assumptions used in those methods during the year ended November 30, 2012.  The fair value of the TransWeb contingent earn-out payment increased by $169, based on changes in the remaining discount period, during the year ended November 30, 2012 and is included in Selling and administrative expenses in the accompanying Consolidated Statements of Earnings.

Fair Values of Financial Instruments

The fair values of the Company’s financial instruments, which are cash and cash equivalents, restricted cash, accounts receivable, the restricted trust and accounts payable and accrued liabilities, approximated the carrying values of those financial instruments at both November 30, 2012 and 2011.  An expected present value technique is used to estimate the fair value of long-term debt, using a model that discounts future principal and interest payments at interest rates available to the Company at the end of the period for similar debt of the same maturity.  A fair value estimate of $16,532 and $16,716 for long-term debt at November 30, 2012 and 2011, respectively, is based on the current interest rates available to the Company for debt with similar remaining maturities.  The carrying value for the long-term debt at November 30, 2012 and 2011 is $16,592 and $17,270, respectively.