|
Retirement Benefits (Tables)
|
12 Months Ended |
|
Nov. 30, 2013
|
| Compensation And Retirement Disclosure [Abstract] |
|
| Changes in Prepayment Credits |
Changes in prepayment credits during fiscal 2013 were as
follows (in millions):
|
|
|
|
|
|
Balance as of
November 30, 2012
|
|
$ |
32.5 |
|
|
Amount used to offset
minimum required contribution as of December 1,
2012
|
|
|
(5.4 |
) |
|
Adjustment for investment
experience
|
|
|
3.5 |
|
|
|
|
|
|
|
Balance as of
November 30, 2013
|
|
$ |
30.6 |
|
|
|
|
|
|
|
| Summary of Company's Pension Benefits and Medical and Life Insurance Benefits |
Plan assets, benefit obligations, and the funded status of the
plans were determined at November 30, 2013 and 2012 for fiscal
2013 and 2012, respectively.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Pension
Benefits |
|
|
Medical and
Life Insurance
Benefits |
|
| |
|
As of
November 30, |
|
| |
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
| |
|
(In
millions) |
|
|
Change in fair value of
plan assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value —
beginning of year
|
|
$ |
1,243.1 |
|
|
$ |
1,296.8 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Gain on plan
assets
|
|
|
150.2 |
|
|
|
81.2 |
|
|
|
— |
|
|
|
— |
|
|
Employer
contributions
|
|
|
1.2 |
|
|
|
1.2 |
|
|
|
5.4 |
|
|
|
5.1 |
|
|
Benefits paid(1)
|
|
|
(136.1 |
) |
|
|
(136.1 |
) |
|
|
(5.4 |
) |
|
|
(5.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value — end
of year
|
|
$ |
1,258.4 |
|
|
$ |
1,243.1 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in benefit
obligation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Benefit
obligation — beginning of year
|
|
$ |
1,717.7 |
|
|
$ |
1,550.4 |
|
|
$ |
75.8 |
|
|
$ |
75.2 |
|
|
Service cost(2)
|
|
|
6.3 |
|
|
|
4.5 |
|
|
|
0.1 |
|
|
|
0.1 |
|
|
Interest cost
|
|
|
61.0 |
|
|
|
73.5 |
|
|
|
2.4 |
|
|
|
3.3 |
|
|
Acquisition(3)
|
|
|
5.3 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Actuarial(gains)
losses
|
|
|
(115.6 |
) |
|
|
225.4 |
|
|
|
(6.3 |
) |
|
|
2.3 |
|
|
Benefits paid
|
|
|
(136.1 |
) |
|
|
(136.1 |
) |
|
|
(5.4 |
) |
|
|
(5.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Benefit
obligation — end of year(4)
|
|
$ |
1,538.6 |
|
|
$ |
1,717.7 |
|
|
$ |
66.6 |
|
|
$ |
75.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funded status of the
plans
|
|
$ |
(280.2 |
) |
|
$ |
(474.6 |
) |
|
$ |
(66.6 |
) |
|
$ |
(75.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts Recognized in the
Consolidated Balance Sheets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Postretirement medical and
life insurance benefits, current
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(7.3 |
) |
|
$ |
(7.5 |
) |
|
Postretirement medical and
life insurance benefits, noncurrent
|
|
|
— |
|
|
|
— |
|
|
|
(59.3 |
) |
|
|
(68.3 |
) |
|
Pension liability,
non-qualified current (component of other current
liabilities)
|
|
|
(1.3 |
) |
|
|
(1.2 |
) |
|
|
— |
|
|
|
— |
|
|
Pension liability,
non-qualified (component of other noncurrent
liabilities)
|
|
|
(17.2 |
) |
|
|
(18.9 |
) |
|
|
— |
|
|
|
— |
|
|
Pension benefits,
noncurrent
|
|
|
(261.7 |
) |
|
|
(454.5 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Liability Recognized in
the Consolidated Balance Sheets
|
|
$ |
(280.2 |
) |
|
$ |
(474.6 |
) |
|
$ |
(66.6 |
) |
|
$ |
(75.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
Benefits paid for medical and life insurance benefits are net
of the Medicare Part D Subsidy of $0.4 million received
in both fiscal 2013 and 2012.
|
| (2) |
Service cost for pension benefits represents the administrative
costs of the tax-qualified pension plan and the service cost for
Rocketdyne’s bargaining unit employees from the acquisition
date of June 14, 2013 to November 30, 2013.
|
| (3) |
Estimate of pension liability associated with
Rocketdyne’s bargaining unit employees as of the acquisition
date of June 14, 2013
|
| (4) |
Pension benefit obligation includes $18.5 million in
fiscal 2013 and $20.1 million in fiscal 2012 for the
non-qualified plan.
|
|
| Components of Net Periodic Benefit Expense (Income) |
Components of net periodic benefit expense (income) are as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Pension
Benefits |
|
|
Medical and
Life Insurance Benefits |
|
| |
|
Year
Ended |
|
| |
|
2013 |
|
|
2012 |
|
|
2011 |
|
|
2013 |
|
|
2012 |
|
|
2011 |
|
| |
|
(In
millions) |
|
|
Service cost(1)
|
|
$ |
6.3 |
|
|
$ |
4.5 |
|
|
$ |
3.9 |
|
|
$ |
0.1 |
|
|
$ |
0.1 |
|
|
$ |
0.1 |
|
|
Interest cost on benefit
obligation
|
|
|
61.0 |
|
|
|
73.5 |
|
|
|
78.4 |
|
|
|
2.4 |
|
|
|
3.3 |
|
|
|
3.5 |
|
|
Assumed return on plan
assets(2)
|
|
|
(96.4 |
) |
|
|
(99.2 |
) |
|
|
(102.4 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Amortization of prior
service (credits) costs
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.9 |
) |
|
|
(0.1 |
) |
|
|
0.1 |
|
|
Amortization of net losses
(gains)
|
|
|
94.6 |
|
|
|
62.1 |
|
|
|
66.4 |
|
|
|
(2.1 |
) |
|
|
(3.2 |
) |
|
|
(3.6 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net periodic benefit
expense (income)
|
|
$ |
65.5 |
|
|
$ |
40.9 |
|
|
$ |
46.3 |
|
|
($ |
0.5 |
) |
|
$ |
0.1 |
|
|
$ |
0.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
Service cost for pension benefits represents the administrative
costs of the tax-qualified pension plan and the service cost for
Rocketdyne’s bargaining unit employees from the acquisition
date of June 14, 2013 to November 30, 2013.
|
| (2) |
The actual return and rate of return on plan assets are as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year
Ended |
|
| |
|
2013 |
|
|
2012 |
|
|
2011 |
|
| |
|
(In millions, except rate of return) |
|
|
Actual return on plan
assets
|
|
$ |
150.2 |
|
|
$ |
81.2 |
|
|
$ |
54.5 |
|
|
Actual rate of return on
plan assets
|
|
|
12.5 |
% |
|
|
6.5 |
% |
|
|
3.8 |
% |
|
| Schedule of Assumptions Used to Determine Benefit Obligations |
The Company used the following assumptions, calculated based on
a weighted-average, to determine the benefit obligations for the
applicable fiscal year.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Pension
Benefits |
|
|
Medical and
Life Insurance
Benefits |
|
| |
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
|
Discount rate
|
|
|
4.54 |
% |
|
|
3.68 |
% |
|
|
3.98 |
% |
|
|
3.24 |
% |
|
Discount rate (benefit
restoration plan)
|
|
|
4.65 |
% |
|
|
3.77 |
% |
|
|
* |
|
|
|
* |
|
|
Ultimate healthcare trend
rate
|
|
|
* |
|
|
|
* |
|
|
|
5.00 |
% |
|
|
5.00 |
% |
|
Initial healthcare trend
rate (pre 65/post 65)
|
|
|
* |
|
|
|
* |
|
|
|
8.50 |
% |
|
|
8.75 |
% |
|
Year ultimate rate attained
(pre 65/post 65)
|
|
|
* |
|
|
|
* |
|
|
|
2021 |
|
|
|
2021 |
|
|
| Schedule of Assumptions Used to Determine Periodic Benefit Expense (Income) |
The Company used the following assumptions, calculated based on
a weighted-average, to determine the periodic benefit expense
(income) for the applicable fiscal year.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Pension
Benefits |
|
|
Medical and
Life Insurance Benefits |
|
| |
|
2013 |
|
|
2012 |
|
|
2011 |
|
|
2013 |
|
|
2012 |
|
|
2011 |
|
|
Discount rate
|
|
|
3.68 |
% |
|
|
4.95 |
% |
|
|
5.21 |
% |
|
|
3.24 |
% |
|
|
4.58 |
% |
|
|
4.65 |
% |
|
Discount rate (benefit
restoration plan)
|
|
|
3.77 |
% |
|
|
4.98 |
% |
|
|
5.34 |
% |
|
|
* |
|
|
|
* |
|
|
|
* |
|
|
Expected long-term rate of
return on plan assets
|
|
|
8.00 |
% |
|
|
8.00 |
% |
|
|
8.00 |
% |
|
|
* |
|
|
|
* |
|
|
|
* |
|
|
Ultimate healthcare trend
rate
|
|
|
* |
|
|
|
* |
|
|
|
* |
|
|
|
5.00 |
% |
|
|
5.00 |
% |
|
|
5.00 |
% |
|
Initial healthcare trend
rate (pre 65/post 65)
|
|
|
* |
|
|
|
* |
|
|
|
* |
|
|
|
8.75 |
% |
|
|
9.00 |
% |
|
|
9.00 |
% |
|
Initial healthcare trend
rate (pre 65/post 65)
|
|
|
* |
|
|
|
* |
|
|
|
* |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2021 |
|
|
| Schedule of One Percentage Point Change in Assumptions Effects on Projected Benefit Obligations |
A one percentage point change in the key assumptions would have
the following effects on the projected benefit obligations as of
November 30, 2013 and on expense for fiscal 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Pension Benefits
and
Medical and Life Insurance
Benefits Discount Rate |
|
|
Expected Long-term
Rate of Return |
|
|
Assumed Healthcare
Cost Trend Rate |
|
| |
|
Net Periodic
Benefit Expense |
|
|
Projected
Benefit
Obligation |
|
|
Net Periodic Pension
Benefit Expense |
|
|
Net Periodic
Medical and Life
Insurance
Benefit Expense |
|
|
Accumulated
Benefit
Obligation |
|
| |
|
(In
millions) |
|
|
1% decrease
|
|
$ |
26.8 |
|
|
$ |
159.5 |
|
|
$ |
12.1 |
|
|
$ |
(0.5 |
) |
|
$ |
(1.6 |
) |
|
1% increase
|
|
|
(22.8 |
) |
|
|
(134.8 |
) |
|
|
(12.1 |
) |
|
|
0.5 |
|
|
|
1.8 |
|
|
| Schedule of Pension Plans Allocations by Asset Category |
The Company’s pension plans asset allocations as of
November 30, 2013 and 2012, by asset category, are as
follows:
|
|
|
|
|
|
|
|
|
| |
|
As of November 30, |
|
| |
|
2013 |
|
|
2012 |
|
|
Cash and cash
equivalents
|
|
|
21 |
% |
|
|
26 |
% |
|
Equity
securities
|
|
|
30 |
|
|
|
25 |
|
|
Fixed income
|
|
|
18 |
|
|
|
21 |
|
|
Real estate
investments
|
|
|
1 |
|
|
|
2 |
|
|
Private equity
holdings
|
|
|
8 |
|
|
|
6 |
|
|
Alternative
investments
|
|
|
22 |
|
|
|
20 |
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
100 |
% |
|
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
| Schedule of Fair Value of Pension Plan Assets and Liabilities by Asset Category |
The fair value of the Company’s pension plan assets and
liabilities by asset category and by level were as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Total |
|
|
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1) |
|
|
Significant
Other
Observable
Inputs
(Level 2) |
|
|
Significant
Unobservable
Inputs
(Level 3) |
|
| |
|
(In
millions) |
|
|
November 30,
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$ |
272.6 |
|
|
$ |
147.6 |
|
|
$ |
125.0 |
|
|
$ |
— |
|
|
Equity
securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic equity
securities
|
|
|
422.1 |
|
|
|
417.0 |
|
|
|
4.8 |
|
|
|
0.3 |
|
|
International equity
securities
|
|
|
42.5 |
|
|
|
42.2 |
|
|
|
0.3 |
|
|
|
— |
|
|
Derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Written options
|
|
|
(0.1 |
) |
|
|
(0.1 |
) |
|
|
— |
|
|
|
— |
|
|
Short sales
|
|
|
(81.7 |
) |
|
|
(81.7 |
) |
|
|
— |
|
|
|
— |
|
|
Fixed income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government
securities
|
|
|
5.9 |
|
|
|
0.3 |
|
|
|
5.6 |
|
|
|
— |
|
|
Corporate debt
securities
|
|
|
91.6 |
|
|
|
1.2 |
|
|
|
90.0 |
|
|
|
0.4 |
|
|
Asset-backed
securities
|
|
|
131.9 |
|
|
|
— |
|
|
|
131.9 |
|
|
|
— |
|
|
Derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchased
options
|
|
|
0.1 |
|
|
|
— |
|
|
|
0.1 |
|
|
|
— |
|
|
Short sales
|
|
|
(9.1 |
) |
|
|
(4.5 |
) |
|
|
(4.6 |
) |
|
|
— |
|
|
Forward exchange
contracts
|
|
|
(0.2 |
) |
|
|
— |
|
|
|
(0.2 |
) |
|
|
— |
|
|
Real estate
investments
|
|
|
15.7 |
|
|
|
— |
|
|
|
— |
|
|
|
15.7 |
|
|
Private equity
holdings
|
|
|
97.7 |
|
|
|
— |
|
|
|
— |
|
|
|
97.7 |
|
|
Alternative
investments
|
|
|
276.5 |
|
|
|
— |
|
|
|
— |
|
|
|
276.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
1,265.5 |
|
|
$ |
522.0 |
|
|
$ |
352.9 |
|
|
$ |
390.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Receivables
|
|
|
7.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payables
|
|
|
(14.5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
1,258.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Total |
|
|
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1) |
|
|
Significant
Other
Observable
Inputs
(Level 2) |
|
|
Significant
Unobservable
Inputs
(Level 3) |
|
| |
|
(In
millions) |
|
|
November 30,
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$ |
319.3 |
|
|
$ |
200.3 |
|
|
$ |
119.0 |
|
|
$ |
— |
|
|
Equity
securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic equity
securities
|
|
|
388.3 |
|
|
|
380.1 |
|
|
|
7.9 |
|
|
|
0.3 |
|
|
International equity
securities
|
|
|
56.6 |
|
|
|
56.2 |
|
|
|
0.3 |
|
|
|
0.1 |
|
|
Derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchased
options
|
|
|
0.7 |
|
|
|
0.7 |
|
|
|
— |
|
|
|
— |
|
|
Written options
|
|
|
(1.0 |
) |
|
|
(1.0 |
) |
|
|
— |
|
|
|
— |
|
|
Short sales
|
|
|
(134.7 |
) |
|
|
(134.7 |
) |
|
|
— |
|
|
|
— |
|
|
Fixed income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government
securities
|
|
|
6.0 |
|
|
|
0.4 |
|
|
|
5.6 |
|
|
|
— |
|
|
Corporate debt
securities
|
|
|
79.1 |
|
|
|
— |
|
|
|
78.7 |
|
|
|
0.4 |
|
|
Asset-backed
securities
|
|
|
183.7 |
|
|
|
— |
|
|
|
183.7 |
|
|
|
— |
|
|
Short sales
|
|
|
(7.6 |
) |
|
|
(0.4 |
) |
|
|
(7.2 |
) |
|
|
— |
|
|
Forward exchange
contracts
|
|
|
0.2 |
|
|
|
— |
|
|
|
0.2 |
|
|
|
— |
|
|
Real estate
investments
|
|
|
16.7 |
|
|
|
— |
|
|
|
— |
|
|
|
16.7 |
|
|
Private equity
holdings
|
|
|
74.9 |
|
|
|
— |
|
|
|
— |
|
|
|
74.9 |
|
|
Alternative
investments
|
|
|
253.2 |
|
|
|
— |
|
|
|
— |
|
|
|
253.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
1,235.4 |
|
|
$ |
501.6 |
|
|
$ |
388.2 |
|
|
$ |
345.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Receivables
|
|
|
28.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payables
|
|
|
(20.9 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
1,243.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of Changes in Fair Value of Level 3 Investments |
Changes in the fair value of the Level 3 investments were
as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
November 30,
2012 |
|
|
Unrealized
Gains (Losses)
on Plan Assets |
|
|
Realized
Gains (Losses)
on Plan Assets |
|
|
Purchases,
Issuances, and
Settlements |
|
|
Transfers
out of
Level
3 |
|
|
November 30,
2013 |
|
| |
|
(In
millions) |
|
|
Equity
securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic equity
securities
|
|
$ |
0.3 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
0.3 |
|
|
International equity
securities
|
|
|
0.1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.1 |
) |
|
|
— |
|
|
Fixed income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate debt
securities
|
|
|
0.4 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
0.4 |
|
|
Asset-backed
securities
|
|
|
— |
|
|
|
0.1 |
|
|
|
(0.1 |
) |
|
|
— |
|
|
|
|
|
|
|
— |
|
|
Real estate
investments
|
|
|
16.7 |
|
|
|
(0.2 |
) |
|
|
— |
|
|
|
(0.8 |
) |
|
|
|
|
|
|
15.7 |
|
|
Private equity
holdings
|
|
|
74.9 |
|
|
|
(9.1 |
) |
|
|
— |
|
|
|
31.9 |
|
|
|
|
|
|
|
97.7 |
|
|
Alternative
investments
|
|
|
253.2 |
|
|
|
41.8 |
|
|
|
2.5 |
|
|
|
(21.0 |
) |
|
|
|
|
|
|
276.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
345.6 |
|
|
$ |
32.6 |
|
|
$ |
2.4 |
|
|
$ |
10.1 |
|
|
$ |
(0.1 |
) |
|
$ |
390.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
November 30,
2011 |
|
|
Unrealized
Gains (Losses)
on Plan Assets |
|
|
Realized
Gains (Losses)
on Plan Assets |
|
|
Purchases,
Issuances, and
Settlements |
|
|
November 30,
2012 |
|
| |
|
(In
millions) |
|
|
Equity
securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic equity
securities
|
|
$ |
0.4 |
|
|
$ |
(0.1 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
0.3 |
|
|
International equity
securities
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.1 |
|
|
|
0.1 |
|
|
Fixed income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign government
securities
|
|
|
0.2 |
|
|
|
(0.2 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Corporate debt
securities
|
|
|
6.7 |
|
|
|
0.1 |
|
|
|
0.7 |
|
|
|
(7.1 |
) |
|
|
0.4 |
|
|
Asset-backed
securities
|
|
|
— |
|
|
|
0.3 |
|
|
|
(0.3 |
) |
|
|
— |
|
|
|
— |
|
|
Real estate
investments
|
|
|
19.6 |
|
|
|
(2.1 |
) |
|
|
— |
|
|
|
(0.8 |
) |
|
|
16.7 |
|
|
Private equity
holdings
|
|
|
72.0 |
|
|
|
2.7 |
|
|
|
— |
|
|
|
0.2 |
|
|
|
74.9 |
|
|
Alternative
investments
|
|
|
259.1 |
|
|
|
(5.9 |
) |
|
|
— |
|
|
|
— |
|
|
|
253.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
358.0 |
|
|
$ |
(5.2 |
) |
|
$ |
0.4 |
|
|
$ |
(7.6 |
) |
|
$ |
345.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of Estimated Future Benefit Payments |
The following presents estimated future benefit
payments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Pension
Benefit
Payments |
|
|
Medical and Life
Insurance Benefits |
|
|
Year Ending
November 30,
|
|
|
Gross Benefit
Payments |
|
|
Medicare D
Subsidy |
|
|
Net Benefit
Payments |
|
| |
|
(In
millions) |
|
|
2014
|
|
$ |
128.6 |
|
|
$ |
7.7 |
|
|
$ |
0.4 |
|
|
$ |
7.3 |
|
|
2015
|
|
|
126.4 |
|
|
|
7.5 |
|
|
|
0.4 |
|
|
|
7.1 |
|
|
2016
|
|
|
123.7 |
|
|
|
7.4 |
|
|
|
0.4 |
|
|
|
7.0 |
|
|
2017
|
|
|
120.6 |
|
|
|
7.1 |
|
|
|
0.4 |
|
|
|
6.7 |
|
|
2018
|
|
|
117.2 |
|
|
|
6.7 |
|
|
|
0.2 |
|
|
|
6.5 |
|
|
Years
2019 — 2023
|
|
|
533.6 |
|
|
|
26.9 |
|
|
|
0.9 |
|
|
|
26.0 |
|
|