Note 10 - Pension and Postretirement Benefits (Tables)
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12 Months Ended |
Dec. 02, 2023 |
Notes Tables |
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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 | |
| | 2023 | | | 2022 | | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
Change in projected benefit obligation | | | | | | | | | | | | | | | | | | | | | | | | |
Benefit obligation at beginning of year | | $ | 269,874 | | | $ | 361,212 | | | $ | 154,850 | | | $ | 238,400 | | | $ | 24,173 | | | $ | 31,262 | |
Service cost | | | - | | | | - | | | | 1,670 | | | | 2,765 | | | | - | | | | - | |
Interest cost | | | 13,901 | | | | 9,653 | | | | 5,726 | | | | 2,893 | | | | 1,205 | | | | 748 | |
Participant contributions | | | - | | | | - | | | | - | | | | - | | | | 232 | | | | 296 | |
Actuarial gain1 | | | (7,298 | ) | | | (80,296 | ) | | | (12,435 | ) | | | (57,159 | ) | | | (611 | ) | | | (5,395 | ) |
Curtailments | | | - | | | | - | | | | - | | | | 231 | | | | - | | | | - | |
Settlement payments | | | (141 | ) | | | (200 | ) | | | (252 | ) | | | (7,988 | ) | | | - | | | | - | |
Benefits paid | | | (20,946 | ) | | | (20,495 | ) | | | (7,663 | ) | | | (8,370 | ) | | | (2,866 | ) | | | (2,738 | ) |
Foreign currency translation effect | | | - | | | | - | | | | 4,900 | | | | (15,922 | ) | | | - | | | | - | |
Benefit obligation at end of year | | | 255,390 | | | | 269,874 | | | | 146,796 | | | | 154,850 | | | | 22,133 | | | | 24,173 | |
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Change in plan assets | | | | | | | | | | | | | | | | | | | | | | | | |
Fair value of plan assets at beginning of year | | | 326,786 | | | | 409,811 | | | | 141,908 | | | | 216,623 | | | | 120,782 | | | | 135,701 | |
Actual return on plan assets | | | 12,811 | | | | (63,562 | ) | | | (5,545 | ) | | | (45,328 | ) | | | 15,160 | | | | (12,613 | ) |
Employer contributions | | | 1,228 | | | | 1,232 | | | | 1,744 | | | | 1,640 | | | | 145 | | | | 136 | |
Participant contributions | | | - | | | | - | | | | - | | | | - | | | | 232 | | | | 296 | |
Settlement payments | | | (141 | ) | | | (200 | ) | | | - | | | | - | | | | - | | | | - | |
Benefits paid2 | | | (20,946 | ) | | | (20,495 | ) | | | (7,663 | ) | | | (8,369 | ) | | | (2,866 | ) | | | (2,738 | ) |
Foreign currency translation effect | | | - | | | | - | | | | 4,178 | | | | (22,658 | ) | | | - | | | | - | |
Fair value of plan assets at end of year | | | 319,738 | | | | 326,786 | | | | 134,622 | | | | 141,908 | | | | 133,453 | | | | 120,782 | |
Plan assets in excess of (less than) benefit obligation as of year end | | $ | 64,348 | | | $ | 56,912 | | | $ | (12,174 | ) | | $ | (12,942 | ) | | $ | 111,320 | | | $ | 96,608 | |
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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 | |
| | 2023 | | | 2022 | | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
Unrecognized actuarial loss (gain) | | $ | 143,522 | | | $ | 137,351 | | | $ | 49,128 | | | $ | 49,306 | | | $ | (14,442 | ) | | $ | (8,530 | ) |
Unrecognized prior service cost | | | - | | | | - | | | | 1,196 | | | | 1,219 | | | | - | | | | - | |
Ending balance | | $ | 143,522 | | | $ | 137,351 | | | $ | 50,324 | | | $ | 50,525 | | | $ | (14,442 | ) | | $ | (8,530 | ) |
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Schedule of Amounts Recognized in Balance Sheet [Table Text Block] |
| | Pension Benefits | | | Other Postretirement | |
| | U.S. Plans | | | Non-U.S. Plans | | | Benefits | |
| | 2023 | | | 2022 | | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
Statement of financial position as of fiscal year-end | | | | | | | | | | | | | | | | | | | | | | | | |
Non-current assets | | $ | 76,677 | | | $ | 69,826 | | | $ | 15,635 | | | $ | 16,790 | | | $ | 113,431 | | | $ | 98,848 | |
Accrued benefit cost | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities | | | (1,239 | ) | | | (1,248 | ) | | | (1,464 | ) | | | (1,727 | ) | | | (218 | ) | | | (218 | ) |
Non-current liabilities | | | (11,089 | ) | | | (11,666 | ) | | | (26,345 | ) | | | (28,006 | ) | | | (1,893 | ) | | | (2,021 | ) |
Ending balance | | $ | 64,349 | | | $ | 56,912 | | | $ | (12,174 | ) | | $ | (12,943 | ) | | $ | 111,320 | | | $ | 96,609 | |
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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 | |
| | 2023 | | | 2022 | | | 2023 | | | 2022 | |
Accumulated benefit obligation | | $ | 12,329 | | | $ | 12,914 | | | $ | 35,034 | | | $ | 36,820 | |
Fair value of plan assets | | | - | | | | - | | | | 9,700 | | | | 9,617 | |
| | Pension Benefits and Other Postretirement Benefits | |
| | U.S. Plans | | | Non-U.S. Plans | |
| | 2023 | | | 2022 | | | 2023 | | | 2022 | |
Projected benefit obligation | | $ | 12,329 | | | $ | 12,914 | | | $ | 37,510 | | | $ | 39,350 | |
Fair value of plan assets | | | - | | | | - | | | $ | 9,700 | | | | 9,617 | |
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Schedule of Expected Benefit Payments [Table Text Block] |
| | | Pension Benefits | | | Other | |
| | | | | | | Non-U.S. | | | Postretirement | |
| | | U.S. Plans | | | Plans | | | Benefits | |
Employer contributions | | | | | | | | | | | | | |
2024 | | | $ | - | | | $ | 5 | | | $ | - | |
Expected benefit payments | | | | | | | | | | | | | |
2024 | | | | 21,330 | | | | 8,387 | | | | 2,723 | |
2025 | | | | 21,351 | | | | 8,470 | | | | 2,622 | |
2026 | | | | 21,251 | | | | 8,651 | | | | 2,512 | |
2027 | | | | 21,168 | | | | 8,948 | | | | 2,382 | |
2028- 2033 | | | | 121,219 | | | | 53,787 | | | | 11,487 | |
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Schedule of Net Benefit Costs [Table Text Block] |
| | Pension Benefits | | | Other | |
| | U.S. Plans | | | Non-U.S. Plans | | | Postretirement Benefits | |
Net periodic cost (benefit) | | 2023 | | | 2022 | | | 2021 | | | 2023 | | | 2022 | | | 2021 | | | 2023 | | | 2022 | | | 2021 | |
Service cost | | $ | - | | | $ | - | | | $ | - | | | $ | 1,670 | | | $ | 2,765 | | | $ | 3,280 | | | $ | - | | | $ | - | | | $ | 21 | |
Interest cost | | | 13,901 | | | | 9,653 | | | | 9,299 | | | | 5,726 | | | | 2,893 | | | | 2,941 | | | | 1,205 | | | | 748 | | | | 822 | |
Expected return on assets | | | (28,821 | ) | | | (29,018 | ) | | | (31,123 | ) | | | (7,027 | ) | | | (6,465 | ) | | | (12,348 | ) | | | (9,859 | ) | | | (11,084 | ) | | | (8,945 | ) |
Amortization: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Prior service (benefit) cost | | | - | | | | (3 | ) | | | (3 | ) | | | 62 | | | | 63 | | | | 69 | | | | - | | | | - | | | | - | |
Actuarial loss (gain) | | | 2,541 | | | | 4,132 | | | | 3,198 | | | | 1,993 | | | | 2,411 | | | | 4,053 | | | | - | | | | (3,445 | ) | | | 73 | |
Settlement charge | | | - | | | | - | | | | - | | | | 19 | | | | 3,329 | | | | - | | | | - | | | | - | | | | - | |
Net periodic (benefit) cost | | $ | (12,379 | ) | | $ | (15,237 | ) | | $ | (18,629 | ) | | $ | 2,443 | | | $ | 4,996 | | | $ | (2,005 | ) | | $ | (8,654 | ) | | $ | (13,781 | ) | | $ | (8,029 | ) |
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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 | | 2023 | | | 2022 | | | 2021 | | | 2023 | | | 2022 | | | 2021 | | | 2023 | | | 2022 | | | 2021 | |
Discount rate | | | 5.66 | % | | | 5.36 | % | | | 2.75 | % | | | 4.37 | % | | | 3.70 | % | | | 1.27 | % | | | 5.61 | % | | | 5.29 | % | | | 2.51 | % |
Rate of compensation increase1 | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 1.82 | % | | | 1.83 | % | | | 1.48 | % | | | N/A | | | | N/A | | | | N/A | |
Weighted-average assumptions used to determine net costs for years ended | | 2023 | | | 2022 | | | 2021 | | | 2023 | | | 2022 | | | 2021 | | | 2023 | | | 2022 | | | 2021 | |
Discount rate | | | 5.36 | % | | | 2.75 | % | | | 2.50 | % | | | 3.71 | % | | | 1.29 | % | | | 1.19 | % | | | 5.29 | % | | | 2.51 | % | | | 2.19 | % |
Expected return on plan assets | | | 7.75 | % | | | 7.00 | % | | | 7.24 | % | | | 5.02 | % | | | 3.49 | % | | | 6.15 | % | | | 8.25 | % | | | 8.25 | % | | | 8.25 | % |
Rate of compensation increase1 | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 1.82 | % | | | 1.68 | % | | | 1.67 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % |
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Schedule of Health Care Cost Trend Rates [Table Text Block] |
Assumed health care trend rates | | 2023 | | | 2022 | | | 2021 | |
Health care cost trend rate assumed for next year | | | 6.25 | % | | | 6.50 | % | | | 6.50 | % |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | | | 5.75 | % | | | 5.75 | % | | | 5.00 | % |
Fiscal year that the rate reaches the ultimate trend rate | | 2026 | | | 2026 | | | 2028 | |
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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 | | 2023 | | | 2023 | | | 2022 | | | 2023 | | | 2023 | | | 2022 | | | 2023 | | | 2023 | | | 2022 | |
Equities | | | 55.0 | % | | | 53.8 | % | | | 53.1 | % | | | 21.0 | % | | | 22.0 | % | | | 25.5 | % | | | 0.0 | % | | | 0.0 | % | | | 0.0 | % |
Fixed income | | | 45.0 | % | | | 44.9 | % | | | 45.8 | % | | | 79.0 | % | | | 77.2 | % | | | 70.0 | % | | | 0.0 | % | | | 0.0 | % | | | 0.0 | % |
Insurance | | | 0.0 | % | | | 0.0 | % | | | 0.1 | % | | | 0.0 | % | | | 0.0 | % | | | 0.0 | % | | | 100.0 | % | | | 99.5 | % | | | 98.9 | % |
Cash1 | | | 0.0 | % | | | 1.3 | % | | | 1.0 | % | | | 0.0 | % | | | 0.8 | % | | | 4.5 | % | | | 0.0 | % | | | 0.5 | % | | | 1.1 | % |
Total | | | 100 | % | | | 100 | % | | | 100 | % | | | 100 | % | | | 100 | % | | | 100 | % | | | 100 | % | | | 100 | % | | | 100 | % |
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Schedule of Changes in Fair Value of Plan Assets [Table Text Block] |
| | December 2, 2023 | |
U.S. Pension Plans | | Level 1 | | | Level 2 | | | Level 3 | | | Total Assets | |
Equities | | $ | - | | | $ | 172,166 | | | $ | - | | | $ | 172,166 | |
Fixed income | | | - | | | | 129,044 | | | | - | | | | 129,044 | |
Cash | | | 4,054 | | | | - | | | | - | | | | 4,054 | |
Total categorized in the fair value hierarchy | | | 4,054 | | | | 301,210 | | | | - | | | | 305,264 | |
Other investments measured at NAV1 | | | - | | | | - | | | | - | | | | 14,474 | |
Total | | $ | 4,054 | | | $ | 301,210 | | | $ | - | | | $ | 319,738 | |
Non-U.S. Pension Plans | | Level 1 | | | Level 2 | | | Level 3 | | | Total Assets | |
Equities | | $ | 29,601 | | | $ | - | | | $ | - | | | $ | 29,601 | |
Fixed income | | | 40,686 | | | | - | | | | 726 | | | | 41,412 | |
Cash | | | 1,137 | | | | - | | | | - | | | | 1,137 | |
Total categorized in the fair value hierarchy | | | 71,424 | | | | - | | | | 726 | | | | 72,150 | |
Other investments measured at NAV1 | | | | | | | | | | | | | | | 62,472 | |
Total | | $ | 71,424 | | | $ | - | | | $ | 726 | | | $ | 134,622 | |
Other Postretirement Benefits | | Level 1 | | | Level 2 | | | Level 3 | | | Total Assets | |
Insurance | | $ | - | | | $ | - | | | $ | 132,754 | | | $ | 132,754 | |
Cash | | | 699 | | | | - | | | | - | | | | 699 | |
Total | | $ | 699 | | | $ | - | | | $ | 132,754 | | | $ | 133,453 | |
| | December 3, 2022 | |
U.S. Pension Plans | | Level 1 | | | Level 2 | | | Level 3 | | | Total Assets | |
Equities | | $ | - | | | $ | 152,084 | | | $ | 21,525 | | | $ | 173,609 | |
Fixed income | | | - | | | | 126,114 | | | | 23,547 | | | | 149,661 | |
Insurance | | | - | | | | - | | | | 179 | | | | 179 | |
Cash | | | 3,337 | | | | - | | | | - | | | | 3,337 | |
Total categorized in the fair value hierarchy | | | 3,337 | | | | 278,198 | | | | 45,251 | | | | 326,786 | |
Non-U.S. Pension Plans | | Level 1 | | | Level 2 | | | Level 3 | | | Total Assets | |
Equities | | $ | 28,422 | | | $ | - | | | $ | - | | | $ | 28,422 | |
Fixed income | | | 41,515 | | | | - | | | | 703 | | | | 42,218 | |
Cash | | | 491 | | | | - | | | | - | | | | 491 | |
Total categorized in the fair value hierarchy | | | 70,428 | | | | - | | | | 703 | | | | 71,131 | |
Other investments measured at NAV1 | | | | | | | | | | | | | | | 70,777 | |
Total | | $ | 70,428 | | | $ | - | | | $ | 703 | | | $ | 141,908 | |
Other Postretirement Benefits | | Level 1 | | | Level 2 | | | Level 3 | | | Total Assets | |
Insurance | | $ | - | | | $ | - | | | $ | 119,446 | | | $ | 119,446 | |
Cash | | | 1,336 | | | | - | | | | - | | | | 1,336 | |
Total | | $ | 1,336 | | | $ | - | | | $ | 119,446 | | | $ | 120,782 | |
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Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block] |
| | Fixed Income | |
U.S. Pension Plans | | 2023 | | | 2022 | |
Level 3 balance at beginning of year | | $ | 45,251 | | | $ | 186 | |
Net transfers (out of)/into level 3 | | | (45,072 | ) | | $ | 16,564 | |
Purchases, sales, issuances and settlements, net | | | (179 | ) | | | 28,501 | |
Level 3 balance at end of year | | $ | - | | | $ | 45,251 | |
| | Fixed Income | |
Non-U.S. Pension Plans | | 2023 | | | 2022 | |
Level 3 balance at beginning of year | | $ | 703 | | | $ | 749 | |
Net transfers into level 3 | | | - | | | | 7 | |
Net losses | | | - | | | | (1 | ) |
Currency change effect | | | 23 | | | | (52 | ) |
Level 3 balance at end of year | | $ | 726 | | | $ | 703 | |
| | Insurance | |
Other Postretirement Benefits | | 2023 | | | 2022 | |
Level 3 balance at beginning of year | | $ | 119,446 | | | $ | 135,484 | |
Net transfers out of level 3 | | | - | | | | (1,992 | ) |
Purchases, sales, issuances and settlements, net | | | (1,144 | ) | | | (1,122 | ) |
Net gains/(losses) | | | 14,452 | | | | (12,924 | ) |
Level 3 balance at end of year | | $ | 132,754 | | | $ | 119,446 | |
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