XML 52 R34.htm IDEA: XBRL DOCUMENT

Note 10 - Pension and Postretirement Benefits (Tables)

12 Months Ended

Nov. 27, 2021

Notes Tables

Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block]

		*Pension Benefits*																*Other Postretirement*
		*U.S. Plans*								*Non-U.S. Plans*								*Benefits*
		*2021*				*2020*				*2021*				*2020*				*2021*				*2020*
Change in projected benefit obligation
Benefit obligation at beginning of year		$	388,530			$	380,388			$	250,561			$	234,542			$	39,075			$	39,256
Service cost			-				-				3,280				2,950				21				73
Interest cost			9,299				11,738				2,941				3,158				822				1,135
Participant contributions			-				-				-				-				365				226
Actuarial (gain)/loss¹			(9,177	)			27,377				(3,630	)			4,350				(6,115	)			1,327
Other			-				-				-				-				-				-
Curtailments			-				-				-				14				-				-
Settlement payments			(6,673	)			(10,939	)			996				(273	)			-				-
Benefits paid			(20,767	)			(20,034	)			(8,578	)			(8,628	)			(2,906	)			(2,942	)
Foreign currency translation effect			-				-				(7,170	)			14,448				-				-
Benefit obligation at end of year			361,212				388,530				238,400				250,561				31,262				39,075

Change in plan assets
Fair value of plan assets at beginning of year			398,403				383,527				202,242				185,331				109,056				94,474
Actual return on plan assets			37,466				44,365				25,204				13,155				28,716				15,673
Employer contributions			1,382				1,677				1,989				2,177				470				1,625
Participant contributions			-				-				-				-				365				226
Other			-				-				996				-				-				-
Settlement payments			(6,673	)			(10,939	)			-				-				-				-
Benefits paid²			(20,767	)			(20,227	)			(8,578	)			(8,628	)			(2,906	)			(2,942	)
Foreign currency translation effect			-				-				(5,230	)			10,207				-				-
Fair value of plan assets at end of year			409,811				398,403				216,623				202,242				135,701				109,056
Plan assets in excess of (less than) benefit obligation as of year end		$	48,599			$	9,873			$	(21,776	)		$	(48,688	)		$	104,439			$	69,981

Schedule of Net Periodic Benefit Cost Not yet Recognized [Table Text Block]

Amounts in accumulated other comprehensive income (loss) that have not been recognized as components of net periodic benefit cost		*Pension Benefits*																*Other Postretirement*
		*U.S. Plans*								*Non-U.S. Plans*								*Benefits*
		*2021*				*2020*				*2021*				*2020*				*2021*				*2020*
Unrecognized actuarial loss		$	129,198			$	147,917			$	64,782			$	87,368			$	(30,278	)		$	(4,318	)
Unrecognized prior service (benefit) cost			(3	)			(6	)			1,390				1,453				-				-
Ending balance		$	129,195			$	147,911			$	66,172			$	88,821			$	(30,278	)		$	(4,318	)

Schedule of Amounts Recognized in Balance Sheet [Table Text Block]

		*Pension Benefits*																*Other Postretirement*
		*U.S. Plans*								*Non-U.S. Plans*								*Benefits*
		*2021*				*2020*				*2021*				*2020*				*2021*				*2020*
Statement of financial position as of fiscal year-end
Non-current assets		$	66,157			$	30,672			$	24,772			$	12,534			$	107,323			$	73,137
Accrued benefit cost
Current liabilities			(1,342	)			(1,467	)			(1,795	)			(1,701	)			(227	)			(226	)
Non-current liabilities			(16,216	)			(19,332	)			(44,753	)			(59,521	)			(2,657	)			(2,930	)
Ending balance		$	48,599			$	9,873			$	(21,776	)		$	(48,688	)		$	104,439			$	69,981

Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets [Table Text Block]

		*Pension Benefits and Other Postretirement Benefits*
		*U.S. Plans*								*Non-U.S. Plans*
		*2021*				*2020*				*2021*				*2020*
Accumulated benefit obligation		$	17,558			$	26,241			$	48,912			$	134,472
Fair value of plan assets			-				5,441				11,350				84,239

		*Pension Benefits and Other Postretirement Benefits*
		*U.S. Plans*								*Non-U.S. Plans*
		*2021*				*2020*				*2021*				*2020*
Projected benefit obligation		$	17,558			$	26,241			$	131,174			$	145,461
Fair value of plan assets			-				5,441			$	84,626				84,239

Schedule of Expected Benefit Payments [Table Text Block]

			*Pension Benefits*								*Other*
							*Non-U.S.*				*Postretirement*
			*U.S. Plans*				*Plans*				*Benefits*
Employer contributions
2022			$	-			$	34			$	-
Expected benefit payments
2022				21,131				8,704				2,982
2023				21,280				7,933				2,851
2024				21,283				8,285				2,730
2025				21,391				8,457				2,607
2026-2031				125,388				54,038				12,948

Schedule of Net Benefit Costs [Table Text Block]

		*Pension Benefits*																								*Other*
		*U.S. Plans*												*Non-U.S. Plans*												*Postretirement Benefits*
Net periodic cost (benefit)		*2021*				*2020*				*2019*				*2021*				*2020*				*2019*				*2021*				*2020*				*2019*
Service cost		$	-			$	-			$	4			$	3,280			$	2,950			$	2,237			$	21			$	73			$	98
Interest cost			9,299				11,738				14,691				2,941				3,158				4,678				822				1,135				1,550
Expected return on assets			(31,123	)			(25,758	)			(25,305	)			(12,348	)			(11,312	)			(10,224	)			(8,945	)			(7,976	)			(7,013	)
Amortization:
Prior service cost (benefit)			(3	)			(3	)			13				69				64				64				-				-				-
Actuarial loss			3,198				7,195				4,677				4,053				3,829				3,114				73				62				33
Curtailment loss			-				-				-				-				14				83				-				-				-
Settlement charge			-				-				-				-				67				-				-				-				-
Net periodic (benefit) cost		$	(18,629	)		$	(6,828	)		$	(5,920	)		$	(2,005	)		$	(1,230	)		$	(48	)		$	(8,029	)		$	(6,706	)		$	(5,332	)

Defined Benefit Plan, Assumptions [Table Text Block]

		*Pension Benefits*																								*Other*
		*U.S. Plans*												*Non-U.S. Plans*												*Postretirement Benefits*
Weighted-average assumptions used to determine benefit obligations		*2021*				*2020*				*2019*				*2021*				*2020*				*2019*				*2021*				*2020*				*2019*
Discount rate			2.75	%			2.50	%			3.17	%			1.27	%			1.16	%			1.35	%			2.51	%			2.19	%			3.00	%
Rate of compensation increase¹			0.00	%			4.50	%			4.50	%			1.48	%			1.74	%			1.71	%			*N/A*				N/A				N/A

Weighted-average assumptions used to determine net costs for years ended		*2021*				*2020*				*2019*				*2021*				*2020*				*2019*				*2021*				*2020*				*2019*
Discount rate			2.50	%			3.17	%			4.50	%			1.19	%			1.34	%			2.30	%			2.19	%			3.00	%			4.37	%
Expected return on plan assets			7.24	%			7.49	%			7.49	%			6.15	%			6.23	%			6.21	%			8.25	%			8.50	%			8.50	%
Rate of compensation increase¹			0.00	%			4.50	%			4.50	%			1.67	%			1.74	%			1.71	%			*0.00*	%			N/A				N/A

Schedule of Health Care Cost Trend Rates [Table Text Block]

Assumed health care trend rates	*2021*			*2020*			*2019*
Health care cost trend rate assumed for next year		6.50	%		6.75	%		7.00	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)		5.00	%		5.00	%		0.25	%
Fiscal year that the rate reaches the ultimate trend rate	2028			2028			2028

Schedule of Allocation of Plan Assets [Table Text Block]

		*U.S. Pension Plans*												*Non-U.S. Pension Plans*												*Other Postretirement Plans*
						*Percentage of*												*Percentage of*												*Percentage of*
						*Plan Assets at*												*Plan Assets at*												*Plan Assets at*
		*Target*				*Year-End*								*Target*				*Year-End*								*Target*				*Year-End*
Asset Category		*2021*				*2021*				*2020*				*2021*				*2021*				*2020*				*2021*				*2021*				*2020*
Equities			60.0	%			57.7	%			55.4	%			21.2	%			21.3	%			48.8	%			0.0	%			0.0	%			0.0	%
Fixed income			40.0	%			40.1	%			36.2	%			77.3	%			67.0	%			51.0	%			0.0	%			0.0	%			0.0	%
Insurance			0.0	%			0.0	%			0.0	%			0.0	%			0.0	%			0.0	%			100.0	%			99.8	%			99.4	%
Cash¹			0.0	%			2.2	%			8.4	%			1.5	%			11.7	%			0.2	%			0.0	%			0.2	%			0.6	%
Total			100	%			100	%			100	%			100	%			100	%			100	%			100	%			100	%			100	%

Schedule of Changes in Fair Value of Plan Assets [Table Text Block]

		*November 27, 2021*
U.S. Pension Plans		*Level 1*				*Level 2*				*Level 3*				*Total Assets*
Equities		$	-			$	236,557			$	-			$	236,557
Fixed income			-				164,133				186				164,319
Cash			8,935				-				-				8,935
Total categorized in the fair value hierarchy		$	8,935			$	400,690			$	186			$	409,811

Non-U.S. Pension Plans		*Level 1*				*Level 2*				*Level 3*				*Total Assets*
Equities		$	35,117			$	-			$	-			$	35,117
Fixed income			48,243				5,285				749				54,277
Cash			4,399				-				-				4,399
Total categorized in the fair value hierarchy			87,759				5,285				749				93,793
Other investments measured at NAV¹															122,830
Total		$	87,759			$	5,285			$	749			$	216,623

Other Postretirement Benefits		*Level 1*				*Level 2*				*Level 3*				*Total Assets*
Insurance		$	-			$	-			$	135,484			$	135,484
Cash			217				-				-				217
Total		$	217			$	-			$	135,484			$	135,701

		*November 28, 2020*
U.S. Pension Plans		*Level 1*				*Level 2*				*Level 3*				*Total Assets*
Equities		$	3,421			$	217,151			$	-			$	220,572
Fixed income			1,524				142,317				205				144,046
Cash			33,391				-				-				33,391
Total categorized in the fair value hierarchy			38,336				359,468				205				398,009
Other investments measured at NAV¹															394
Total		$	38,336			$	359,468			$	205			$	398,403

Non-U.S. Pension Plans		*Level 1*				*Level 2*				*Level 3*				*Total Assets*
Equities		$	33,478			$	1,368			$	-			$	34,846
Fixed income			49,813				7,182				770				57,765
Cash			352				-				-				352
Total categorized in the fair value hierarchy			83,643				8,550				770				92,963
Other investments measured at NAV¹															109,279
Total		$	83,643			$	8,550			$	770			$	202,242

Other Postretirement Benefits		*Level 1*				*Level 2*				*Level 3*				*Total Assets*
Insurance		$	-			$	-			$	108,406			$	108,406
Cash			650				-				-				650
Total		$	650			$	-			$	108,406			$	109,056

Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block]

		*Fixed Income*
U.S. Pension Plans		*2021*				*2020*
Level 3 balance at beginning of year		$	205			$	219
Purchases, sales, issuances and settlements, net			(19	)			(14	)
Level 3 balance at end of year		$	186			$	205

		*Fixed Income*
Non-U.S. Pension Plans		*2021*				*2020*
Level 3 balance at beginning of year		$	770			$	675
Net transfers into / (out of) level 3			64				43
Net gains			(43	)			(8	)
Currency change effect			(42	)			60
Level 3 balance at end of year		$	749			$	770

		*Insurance*
Other Postretirement Benefits		*2021*				*2020*
Level 3 balance at beginning of year		$	108,406			$	94,082
Net transfers into / (out of) level 3			(1,658	)			(831	)
Purchases, sales, issuances and settlements, net			(1,093	)			(822	)
Net gains			29,829				15,977
Level 3 balance at end of year		$	135,484			$	108,406