XML 69 R35.htm IDEA: XBRL DOCUMENT v2.4.0.8
Employee Benefit And Retirement Plans (Tables)
12 Months Ended
Nov. 30, 2013
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Significant Assumptions Used To Determine Benefit Obligations
The significant assumptions used to determine benefit obligations are as follows as of November 30:
  
United States
International
  
2013
2012
2013
2012
Discount rate—funded plan
5.2
%
4.3
%
4.6
%
4.4
%
Discount rate—unfunded plan
5.1
%
4.2
%


Salary scale
3.8
%
3.8
%
3.0-3.8%

3.0-3.8%

Amounts Recorded In Balance Sheet, Defined Benefit Pension Plans
Amounts recorded in the balance sheet for all defined benefit pension plans consist of the following:
  
United States
International    
(millions)
2013
2012
2013
2012
Non-current pension asset
$
25.8




Accrued pension liability
81.2

$
215.4

$
25.0

$
53.2

Deferred income tax assets
59.4

128.0

15.7

23.9

Accumulated other comprehensive loss
95.5

212.5

74.1

95.3

Fair Value Of Pension Plan Assets
The following tables set forth by level, within the fair value hierarchy as described in note 8, pension plan assets at their fair value as of November 30, 2013 and 2012 for the United States and international plans:
As of November 30, 2013
United States
(millions)
Total
fair
value
Level 1
Level 2
Level 3
Cash and cash equivalents
$
13.5

$
13.5



Equity securities:
 
 
 
 
U.S. equity securities(a)
277.2

129.5

$
147.7


International equity securities(b)
110.7

110.7



Fixed income securities:
 
 
 
 
U.S./government/ corporate bonds(c)
72.5

72.5



High yield bonds(d)
29.3


29.3


International/government/ corporate bonds(e)
24.7

24.7



Insurance contracts(f)
1.0


1.0


Other types of investments:
 
 
 
 
Hedge fund of funds(g)
18.5



$
18.5

Private equity funds(h)
4.9



4.9

Total investments
$
552.3

$
350.9

$
178.0

$
23.4

 
As of November 30, 2013
International
(millions)
Total
fair
value
Level 1
Level 2
Level 3
Cash and cash equivalents
$
0.6

$
0.6



International equity securities(b)
161.4


$
161.4


Fixed income securities:
 
 
 
 
  U.S./government/ corporate bonds(c)
99.3


99.3


Insurance contracts(f)
18.6


18.6


Total investments
$
279.9

$
0.6

$
279.3


As of November 30, 2012
United States
(millions)
Total 
fair  
value 
Level 1
Level 2
Level 3
Cash and cash equivalents
$
36.3

$
36.3



Equity securities:
 
 
 
 
U.S. equity securities(a)
239.1

107.3

$
131.8


International equity securities(b)
90.2

90.2



Fixed income securities:
 
 
 
 
U.S./government/ corporate bonds(c)
74.2

74.2



High yield bonds(d)
27.4


27.4


International/government/ corporate bonds(e)
25.1

25.1



Insurance contracts(f)
1.1


1.1


Other types of investments:
 
 
 
 
Hedge fund of funds(g)
21.1



$
21.1

Private equity funds(h)
5.3



5.3

Total investments
$
519.8

$
333.1

$
160.3

$
26.4

As of November 30, 2012
 
International
(millions)
Total 
fair   
value 
Level 1
Level 2
Level 3
Cash and cash equivalents
$
9.0

$
9.0



International equity securities(b)
133.4


$
133.4


Fixed income securities:
 
 
 
 
U.S./government/ corporate bonds(c)
87.4


87.4


Insurance contracts(f)
17.8


17.8


Total investments
$
247.6

$
9.0

$
238.6


(a)
This category comprises equity funds and collective equity trust funds that most closely track the S&P index and other equity indices.
(b)
This category comprises international equity funds with varying benchmark indices.
(c)
This category comprises funds consisting of U.S. government and U.S. corporate bonds and other fixed income securities. An appropriate benchmark is the Barclays Capital Aggregate Bond Index.
(d)
This category comprises funds consisting of real estate related debt securities with an appropriate benchmark of the Barclays Investment Grade CMBS Index.
(e)
This category comprises funds consisting of international government/corporate bonds and other fixed income securities with varying benchmark indices.
(f)
This category comprises insurance contracts, the majority of which have a guaranteed investment return.
(g)
This category comprises hedge fund of funds investing in strategies represented in the HFRI Fund of Funds Index.
(h)
This category comprises private equity, venture capital and limited partnerships.
Change In Fair Value Of Level 3 Pension Plan Assets
The change in fair value of the plans’ Level 3 assets for 2013 is summarized as follows:
(millions)
Beginning
of year
Realized
gains
Unrealized
gains (losses)
Net,
purchases
and (sales)
End of
year
Hedge fund of funds
$
21.1

$
0.9

$
1.5

$
(5.0
)
$
18.5

Private equity funds
5.3

0.5

(0.1
)
(0.8
)
4.9

Total
$
26.4

$
1.4

$
1.4

$
(5.8
)
$
23.4

The change in fair value of the plans’ Level 3 assets for 2012 is summarized as follows:
(millions)
Beginning
of year
Realized
gains
Unrealized
gains
Net,
purchases
and (sales)
End of
year
Hedge fund of funds
$
19.8


$
0.6

$
0.7

$
21.1

Private equity funds
4.8

$
0.1

0.1

0.3

5.3

Total
$
24.6

$
0.1

$
0.7

$
1.0

$
26.4

Schedule of Net Benefit Costs [Table Text Block]
The significant assumptions used to determine pension expense are as follows:
  
United States
International
  
2013
2012
2011
2013
2012
2011
Discount rate—funded plan
4.3
%
5.5
%
6.0
%
4.4
%
5.1
%
5.6
%
Discount rate—unfunded plan
4.2
%
5.4
%
5.8
%



Salary scale
3.8
%
3.8
%
3.8
%
3.0-3.8%

3.0-3.8%

3.0-3.8%

Expected return on plan assets
8.0
%
8.3
%
8.3
%
6.6
%
6.7
%
7.2
%
Pension Plans [Member]
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Components Of Defined Benefit Plans
Our pension expense was as follows:
  
United States
International
(millions)
2013
2012
2011
2013
2012
2011
Service cost
$
23.2

$
17.5

$
15.1

$
8.8

$
6.8

$
6.2

Interest costs
31.2

31.8

30.3

12.6

12.8

12.5

Expected return on plan assets
(41.4
)
(37.8
)
(34.1
)
(17.2
)
(16.2
)
(15.8
)
Loss on voluntary pension settlement
15.3






Amortization of prior service costs

0.1

0.1

0.4

0.4

0.7

Amortization of net actuarial loss
29.5

18.1

13.3

5.6

3.5

2.2

Other



0.1


0.3

 
$
57.8

$
29.7

$
24.7

$
10.3

$
7.3

$
6.1

Benefit Obligation, Fair Value Of Plan Assets And Reconciliation Of Defined Benefit Plans
  
United States
International
(millions)
2013
2012
2013
2012
Change in benefit obligation:
 
 
 
 
Benefit obligation at beginning of year
$
735.2

$
588.5

$
300.8

$
251.1

Service cost
23.2

17.5

8.8

6.8

Interest costs
31.2

31.8

12.6

12.8

Employee contributions


1.7

1.7

Voluntary pension settlement
(63.3
)



Plan changes and other


(1.4
)
(0.2
)
Actuarial (gain) loss
(97.8
)
119.5

(5.5
)
34.4

Benefits paid
(20.8
)
(22.1
)
(8.6
)
(10.2
)
Expenses paid


(0.8
)
(0.7
)
Foreign currency impact


(2.7
)
5.1

Benefit obligation at end of year
$
607.7

$
735.2

$
304.9

$
300.8

Change in fair value of plan assets:
 



Fair value of plan assets at beginning of year
$
519.8

$
400.9

$
247.6

$
214.9

Actual return on plan assets
84.5

56.9

31.4

17.5

Employer contributions
32.1

84.1

10.6

20.2

Employee contributions


1.7

1.7

Voluntary pension settlement
(63.3
)



Benefits paid
(20.8
)
(22.1
)
(8.6
)
(10.2
)
Expenses paid


(0.8
)
(0.7
)
Foreign currency impact


(2.0
)
4.2

Fair value of plan assets at end of year
$
552.3

$
519.8

$
279.9

$
247.6

Funded status
$
(55.4
)
$
(215.4
)
$
(25.0
)
$
(53.2
)
Pension plans in which accumulated benefit obligation exceeded plan assets
 
 
 
 
Accumulated benefit obligation
$
76.8

$
660.2

$
191.4

$
182.2

Fair value of plan assets

519.8

176.8

154.0

Allocations Of Pension Plan Assets
Our allocations of U.S. pension plan assets as of November 30, 2013 and 2012, by asset category, were as follows:
  
Actual
2013
Asset Category
2013
2012
Target
Equity securities
70.2
%
63.4
%
70.0
%
Fixed income securities
23.1
%
24.5
%
25.0
%
Other
6.7
%
12.1
%
5.0
%
Total
100.0
%
100.0
%
100.0
%
Other Postretirement Benefits [Member]
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Expected Benefit Payments [Table Text Block]
Estimated future benefit payments (net of employee contributions) for the next 10 fiscal years are as follows:
(millions)
Retiree
medical
Retiree life
insurance
Total
2014
$
5.6

$
1.2

$
6.8

2015
5.8

1.2

7.0

2016
5.8

1.2

7.0

2017
5.9

1.2

7.1

2018
6.1

1.2

7.3

2019-2023
32.6

6.5

39.1

Components Of Defined Benefit Plans
(millions)
2013
2012
2011
Service cost
$
5.1

$
4.0

$
3.8

Interest costs
4.1

4.9

4.5

Amortization of prior service costs
(1.2
)
(4.0
)
(5.9
)
Amortization of losses
1.4


0.7

Special termination benefits

(0.1
)
0.3

Postretirement benefit expense
$
9.4

$
4.8

$
3.4

Benefit Obligation, Fair Value Of Plan Assets And Reconciliation Of Defined Benefit Plans
Rollforwards of the benefit obligation, fair value of plan assets and a reconciliation of the plans’ funded status at November 30, the measurement date, follow:
(millions)
2013
2012
Change in benefit obligation:
 
 
Benefit obligation at beginning of year
$
112.8

$
99.3

Service cost
5.1

4.0

Interest costs
4.1

4.9

Employee contributions
2.9

2.7

Medicare prescription subsidy

0.4

Demographic assumptions change
(8.1
)
0.8

Other plan assumptions
(1.5
)
(1.0
)
Trend rate assumption change

(0.2
)
Discount rate change
(8.7
)
14.1

Special termination benefits

(0.1
)
Actuarial gain
(3.3
)
(3.5
)
Benefits paid
(8.4
)
(8.6
)
Benefit obligation at end of year
$
94.9

$
112.8

Change in fair value of plan assets:
 
 
Fair value of plan assets at beginning of year


Employer contributions
$
5.5

$
5.5

Employee contributions
2.9

2.7

Medicare prescription subsidy

0.4

Benefits paid
(8.4
)
(8.6
)
Fair value of plan assets at end of year


Other postretirement benefit liability
$
94.9

$
112.8

United States Pension Plans [Member]
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Expected Benefit Payments [Table Text Block]
(millions)
United States
expected payments
2014
$
22.7

2015
24.0

2016
25.1

2017
27.7

2018
29.7

2019-2023
181.5

International Pension Plans [Member]
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Expected Benefit Payments [Table Text Block]
(millions)
International
expected payments
2014
$
9.3

2015
9.4

2016
10.3

2017
11.5

2018
12.4

2019-2023
80.5

Allocations Of Pension Plan Assets
The allocations of the international pension plans’ assets as of November 30, 2013 and 2012, by asset category, were as follows:
  
Actual
2013
Asset Category
2013
2012
Target    
Equity securities
57.6
%
53.9
%
53.0
%
Fixed income securities
42.1
%
42.5
%
41.0
%
Other
0.3
%
3.6
%
6.0
%
Total
100.0
%
100.0
%
100.0
%