XML 43 R37.htm IDEA: XBRL DOCUMENT v2.4.1.9
Pension and Other Postretirement Plans (Tables)
 12 Months Ended
Nov. 29, 2014
Compensation and Retirement Disclosure [Abstract]  
Schedule of Net Funded Status
The following tables show reconciliations of the changes in benefit obligations and plan assets for our pension plans and other postretirement benefits plan as of November 30, 2014 and 2013.  The accrued pension benefit obligation includes an unfunded benefit obligation of $2,358 and $2,012 as of November 30, 2014 and 2013, respectively, related to the Company’s U.S. combined nonqualified plans.

 
Pension Benefits
 
Other Postretirement Benefits
 
2014
 
2013
 
2014
 
2013
Change in benefit obligation
 
 
 
 
 
 
 
Benefit obligation at beginning of year
$
176,099

 
$
217,987

 
$
356

 
$
442

Currency translation
(357
)
 
190

 
—

 
—

Service cost
1,990

 
2,485

 
—

 
—

Interest cost
7,704

 
6,934

 
10

 
9

Plan participants' contributions
22

 
39

 
—

 
—

Actuarial (gains) losses
27,232

 
(22,472
)
 
17

 
(73
)
Benefits paid
(7,708
)
 
(29,064
)
 
(197
)
 
(251
)
Retiree contributions
—

 
—

 
211

 
229

Benefit obligation at end of year
$
204,982

 
$
176,099

 
$
397

 
$
356

 
 
 
 
 
 
 
 

 
Pension Benefits
 
Other Postretirement Benefits
 
2014
 
2013
 
2014
 
2013
Change in plan assets
 

 
 

 
 

 
 

Fair value of plan assets at beginning of year
$
156,384

 
$
146,307

 
$
—

 
$
—

Currency translation
(348
)
 
174

 
—

 
—

Actual return on plan assets
23,396

 
14,305

 
—

 
—

Employer contributions
534

 
24,623

 
197

 
251

Plan participants' contributions
22

 
39

 
—

 
—

Benefits paid
(7,708
)
 
(29,064
)
 
(197
)
 
(251
)
Fair value of plan assets at end of year
$
172,280

 
$
156,384

 
$
—

 
$
—

Funded status
$
(32,702
)
 
$
(19,715
)
 
$
(397
)
 
$
(356
)
 
 
 
 
 
 
 
 
Accumulated benefit obligation at end of year
$
199,476

 
$
170,433

 
n/a
 
n/a
 
 
 
 
 
 
 
 
Assumptions:
 

 
 

 
 

 
 

Discount rate - qualified plans
3.75%
 
4.50%
 
3.25%
 
3.00%
Discount rate - nonqualified plans
3.00%
 
3.25%
 
n/a
 
n/a
Rate of compensation increase - qualified plans
4.00%
 
4.00%
 
n/a
 
n/a
Rate of compensation increase - nonqualified plans
4.00%
 
4.00%
 
n/a
 
n/a
Measurement date
11/30/2014
 
11/30/2013
 
11/30/2014
 
11/30/2013
Schedule of Amounts Recognized in Balance Sheet
 
Pension Benefits
 
Other Postretirement Benefits
 
2014
 
2013
 
2014
 
2013
Amounts recognized in the Consolidated Balance Sheets as of November 30
 
 
 
 
 
 
 
Accounts payable and accrued liabilities
$
(221
)
 
$
(216
)
 
$
(59
)
 
$
(63
)
Long-term pension and postretirement healthcare benefits liabilities
(32,481
)
 
(19,499
)
 
(338
)
 
(293
)
Funded status
$
(32,702
)
 
$
(19,715
)
 
$
(397
)
 
$
(356
)
 
 
 
 
 
 
 
 
Accumulated other comprehensive loss, pre-tax
$
61,096

 
$
48,902

 
$
(1,346
)
 
$
(1,632
)
 
 
 
 
 
 
 
 
Amounts recognized in Accumulated Other Comprehensive Loss, as of November 30
 

 
 

 
 

 
 

Unrecognized net actuarial loss (gain)
$
61,098

 
$
48,914

 
$
(873
)
 
$
(1,037
)
Unrecognized net prior service credit
(2
)
 
(12
)
 
(473
)
 
(595
)
Accumulated other comprehensive loss, pre-tax
61,096

 
48,902

 
(1,346
)
 
(1,632
)
Deferred taxes
(22,535
)
 
(17,979
)
 
475

 
587

Accumulated other comprehensive loss, after-tax
$
38,561

 
$
30,923

 
$
(871
)
 
$
(1,045
)
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)
The amounts affecting Accumulated other comprehensive loss for the years ended November 30, 2014 and 2013 are as follows:
 
Pension Benefits
 
Other Postretirement Benefits
 
2014
 
2013
 
2014
 
2013
Amortization of prior service (cost) credit, net of tax of $(5), $(6) and $(43), $(44), respectively
$
5

 
$
3

 
$
79

 
$
79

Amortization of actuarial (losses) gains, net of tax of $1,063, $3,060 and $(52), $(54), respectively
(1,821
)
 
(5,498
)
 
95

 
95

Current year actuarial losses (gains), net of tax of $(5,559), $9,304 and $(6), $26, respectively
9,509

 
(16,637
)
 
11

 
(46
)
Effect of change in deferred tax rate
(78
)
 
982

 
(11
)
 
(7
)
Total
$
7,615

 
$
(21,150
)
 
$
174

 
$
121

 
Schedule of Allocation of Plan Assets
As of the November 30th measurement dates, the fair values of actual pension asset allocations were as follows:
 
2014
 
2013
Equity securities
39.9
%
 
51.0
%
Debt securities
59.5
%
 
48.7
%
Real estate
—
%
 
—
%
Cash and cash equivalents
0.6
%
 
0.3
%
 
100.0
%
 
100.0
%
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
 The following table summarizes the fair value of the pension plans’ assets.
 
Fair Value Measurements at Reporting Date
 
Total
 
Level 1
 
Level 2
 
Level 3
November 30, 2014
 
 
 
 
 
 
 
U.S. equity securities funds
$
47,181

 
$
47,181

 
$
—

 
$
—

Non-U.S. equity securities funds
$
21,546

 
21,546

 
—

 
—

Fixed income securities funds
$
102,561

 
102,561

 
—

 
—

Cash and equivalents funds
$
703

 
703

 
—

 
—

Total
$
171,991

 
$
171,991

 
$
—

 
$
—

Other items to reconcile to fair value of plan assets
289

 
 

 
 

 
 

Fair value of plan assets
$
172,280

 
 

 
 

 
 


 
Fair Value Measurements at Reporting Date
 
Total
 
Level 1
 
Level 2
 
Level 3
November 30, 2013
 
 
 
 
 
 
 
U.S. equity securities funds
$
55,129

 
$
55,129

 
$
—

 
$
—

Non-U.S. equity securities funds
$
24,587

 
24,587

 
—

 
—

Fixed income securities funds
$
76,121

 
76,121

 
—

 
—

Cash and equivalents funds
$
547

 
547

 
—

 
—

Total
$
156,384

 
$
156,384

 
$
—

 
$
—

Other items to reconcile to fair value of plan assets
—

 
 

 
 

 
 

Fair value of plan assets
$
156,384

 
 

 
 

 
 
Schedule of Net Benefit Costs
The components of net periodic benefit cost for pensions are shown below.  Net periodic benefit cost is based on assumptions determined at the prior year-end measurement date.  Increases in the liability due to changes in plan benefits are recognized in the net periodic benefit costs through straight-line amortization over the average remaining service period of employees expected to receive benefits.

 
Pension Benefits
 
2014
 
2013
 
2012
Components of net periodic benefit cost
 
 
 
 
 
Service cost
$
1,990

 
$
2,485

 
$
2,126

Interest cost
7,704

 
6,934

 
7,715

Expected return on plan assets
(11,306
)
 
(10,795
)
 
(9,181
)
Settlement costs
—

 
3,087

 
—

Amortization of unrecognized:
 
 
 

 
 

Prior service cost
(10
)
 
(9
)
 
(10
)
Net actuarial loss
2,884

 
5,471

 
8,323

Net periodic benefit cost
$
1,262

 
$
7,173

 
$
8,973

 
 
 
 
 
 
Assumptions:
 

 
 

 
 

Discount rate - qualified plans
4.50%
 
3.50%
 
4.50%
Discount rate - nonqualified plans
3.25%
 
3.25%
 
1.75%
Expected return on plan assets
7.50%
 
7.50%
 
7.50%
Rate of compensation increase - qualified plans
4.00%
 
4.00%
 
4.00%
Rate of compensation increase - nonqualified plans
4.00%
 
4.00%
 
4.00%
Measurement date - qualified plans
11/30/2013
 
11/30/2012
 
11/30/2011
Measurement date - nonqualified plans
11/30/2013
 
11/30/2013
 
11/30/2012
The components of net periodic benefit income for postretirement healthcare benefits are shown below.
 
Other Postretirement Benefits
 
2014
 
2013
 
2012
Components of net periodic benefit income
 
 
 
 
 
Interest cost
$
10

 
$
9

 
$
17

Amortization of unrecognized:
 
 
 

 
 

Prior service cost
(122
)
 
(122
)
 
(122
)
Net actuarial gain
(147
)
 
(149
)
 
(121
)
Net periodic benefit income
$
(259
)
 
$
(262
)
 
$
(226
)
 
 
 
 
 
 
Assumptions:
 
 
 

 
 

Discount rate
3.00
%
 
2.25
%
 
3.50
%
Measurement date
11/30/2013
 
11/30/2012
 
11/30/2011
 
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year
The estimated amounts that will be amortized from Accumulated other comprehensive loss at November 30, 2014 into net periodic benefit cost, pre-tax, in fiscal year 2015 are as follows:
 
Pension
Benefits
 
Other
Postretirement
Benefits
Prior service credit
$
(3
)
 
$
(123
)
Actuarial loss (gain)
3,869

 
(87
)
Total
$
3,866

 
$
(210
)
Schedule of Expected Benefit Payments
The expected cash benefit payments from the plans for the next ten fiscal years are as follows:
 
Pension
Benefits
 
Other
Postretirement
Benefits
2015
$
8,427

 
$
58

2016
8,754

 
49

2017
9,229

 
41

2018
9,703

 
37

2019
10,184

 
34

2020-2024
59,950

 
124
Schedule of Costs of Retirement Plans
The Company recognized expense related to these plans for the past three fiscal years as follows:
 
2014
$
7,945

2013
4,482

2012
4,377