Employee Benefit And Retirement Plans (Tables)
|
12 Months Ended |
Nov. 30, 2015 |
|---|
| 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 | | 2015 | 2014 | 2015 | 2014 | Discount rate—funded plan | 4.7 | % | 4.4 | % | 3.9 | % | 3.8 | % | Discount rate—unfunded plan | 4.7 | % | 4.3 | % | — |
| — |
| Salary scale | 3.8 | % | 3.8 | % | 3.0-3.6% |
| 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) | 2015 | 2014 | 2015 | 2014 | Non-current pension asset | — |
| — |
| $ | 3.8 |
| $ | 0.3 |
| Accrued pension liability | $ | 173.4 |
| $ | 152.1 |
| 23.6 |
| 36.6 |
| Deferred income tax assets | 85.9 |
| 87.9 |
| 13.4 |
| 19.3 |
| Accumulated other comprehensive loss | 140.6 |
| 144.0 |
| 68.2 |
| 82.5 |
|
|
| 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, 2015 and 2014 for the United States and international plans: | | | | | | | | | | | | | | As of November 30, 2015 | United States | (millions) | Total fair value | Level 1 | Level 2 | Level 3 | Cash and cash equivalents | $ | 11.0 |
| $ | 11.0 |
| — |
| — |
| Equity securities: | | | | | U.S. equity securities(a) | 270.1 |
| 141.2 |
| $ | 128.9 |
| — |
| International equity securities(b) | 105.7 |
| 105.7 |
| — |
| — |
| Fixed income securities: | | | | | U.S./government/ corporate bonds(c) | 32.3 |
| 32.3 |
| — |
| — |
| High yield bonds(d) | 33.2 |
| — |
| 33.2 |
| — |
| International/government/ corporate bonds(e) | 25.2 |
| 25.2 |
| — |
| — |
| Insurance contracts(f) | 1.1 |
| — |
| 1.1 |
| — |
| Other types of investments: | | | | | Hedge funds(g) | 37.6 |
| — |
| — |
| $ | 37.6 |
| Private equity funds(h) | 4.9 |
| — |
| — |
| 4.9 |
| Real estate (i) | 16.5 |
| 16.5 |
| — |
| — |
| Natural resources (j) | 11.0 |
| — |
| 11.0 |
| — |
| Total investments | $ | 548.6 |
| $ | 331.9 |
| $ | 174.2 |
| $ | 42.5 |
|
| | | | | | | | | | | | | As of November 30, 2015 | International | (millions) | Total fair value | Level 1 | Level 2 | Level 3 | Cash and cash equivalents | $ | 0.9 |
| $ | 0.9 |
| — |
| — |
| International equity securities(b) | 156.8 |
| — |
| $ | 156.8 |
| — |
| Fixed income securities: | | | | | U.S./government/ corporate bonds(c) | 110.6 |
| — |
| 110.6 |
| — |
| Insurance contracts(f) | 20.0 |
| — |
| 20.0 |
| — |
| Total investments | $ | 288.3 |
| $ | 0.9 |
| $ | 287.4 |
| — |
|
| | | | | | | | | | | | | | As of November 30, 2014 | United States | (millions) | Total fair value | Level 1 | Level 2 | Level 3 | Cash and cash equivalents | $ | 15.0 |
| $ | 15.0 |
| — |
| — |
| Equity securities: | | | | | U.S. equity securities(a) | 294.6 |
| 137.9 |
| $ | 156.7 |
| — |
| International equity securities(b) | 111.1 |
| 111.1 |
| — |
| — |
| Fixed income securities: | | | | | U.S./government/ corporate bonds(c) | 30.6 |
| 30.6 |
| — |
| — |
| High yield bonds(d) | 31.9 |
| — |
| 31.9 |
| — |
| International/government/ corporate bonds(e) | 25.9 |
| 25.9 |
| — |
| — |
| Insurance contracts(f) | 1.1 |
| — |
| 1.1 |
| — |
| Other types of investments: | | | | | Hedge funds(g) | 54.7 |
| — |
| — |
| $ | 54.7 |
| Private equity funds(h) | 5.0 |
| — |
| — |
| 5.0 |
| Real estate (i) | 6.4 |
| 6.4 |
| — |
| — |
| Total investments | $ | 576.3 |
| $ | 326.9 |
| $ | 189.7 |
| $ | 59.7 |
|
| | | | | | | | | | | | | As of November 30, 2014 | | International | (millions) | Total fair value | Level 1 | Level 2 | Level 3 | Cash and cash equivalents | $ | 0.6 |
| $ | 0.6 |
| — |
| — |
| International equity securities(b) | 172.7 |
| — |
| $ | 172.7 |
| — |
| Fixed income securities: | | | | | U.S./government/ corporate bonds(c) | 108.5 |
| — |
| 108.5 |
| — |
| Insurance contracts(f) | 23.5 |
| — |
| 23.5 |
| — |
| Total investments | $ | 305.3 |
| $ | 0.6 |
| $ | 304.7 |
| — |
|
| | (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 funds investing in strategies represented in various HFRI Fund Indices. |
| | (h) | This category comprises private equity, venture capital and limited partnerships. |
| | (i) | This category comprises funds investing in real estate investment trusts (REIT). An appropriate benchmark is the MSCI U.S. REIT Index. |
| | (j) | This category comprises funds investing in natural resources. An appropriate benchmark is the Alerian master limited partnership (MLP) Index. |
|
| Change In Fair Value Of Level 3 Pension Plan Assets |
The change in fair value of the plans’ Level 3 assets for 2015 is summarized as follows: | | | | | | | | | | | | | | | | | (millions) | Beginning of year | Realized gains | Unrealized gains (losses) | Net, purchases and (sales) | End of year | Hedge funds | $ | 54.7 |
| $ | 2.0 |
| $ | (2.3 | ) | $ | (16.8 | ) | $ | 37.6 |
| Private equity funds | 5.0 |
| 0.7 |
| (0.1 | ) | (0.7 | ) | 4.9 |
| Total | $ | 59.7 |
| $ | 2.7 |
| $ | (2.4 | ) | $ | (17.5 | ) | $ | 42.5 |
|
The change in fair value of the plans’ Level 3 assets for 2014 is summarized as follows: | | | | | | | | | | | | | | | | | (millions) | Beginning of year | Realized gains | Unrealized gains (losses) | Net, purchases and (sales) | End of year | Hedge funds | $ | 18.5 |
| $ | 1.5 |
| $ | (1.7 | ) | $ | 36.4 |
| $ | 54.7 |
| Private equity funds | 4.9 |
| 0.9 |
| 0.2 |
| (1.0 | ) | 5.0 |
| Total | $ | 23.4 |
| $ | 2.4 |
| $ | (1.5 | ) | $ | 35.4 |
| $ | 59.7 |
|
|
| Schedule of Net Benefit Costs [Table Text Block] |
The significant assumptions used to determine pension expense are as follows: | | | | | | | | | | | | | | | United States | International | | 2015 | 2014 | 2013 | 2015 | 2014 | 2013 | Discount rate—funded plan | 4.4 | % | 5.2 | % | 4.3 | % | 3.8 | % | 4.6 | % | 4.4 | % | Discount rate—unfunded plan | 4.3 | % | 5.1 | % | 4.2 | % | — |
| — |
| — |
| Salary scale | 3.8 | % | 3.8 | % | 3.8 | % | 3.5 | % | 3.0-3.8% |
| 3.0-3.8% |
| Expected return on plan assets | 7.8 | % | 8.0 | % | 8.0 | % | 6.3 | % | 6.8 | % | 6.9 | % |
|
| 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) | 2015 | 2014 | 2013 | 2015 | 2014 | 2013 | Service cost | $ | 23.6 |
| $ | 20.0 |
| $ | 23.2 |
| $ | 8.2 |
| $ | 7.8 |
| $ | 8.8 |
| Interest costs | 31.6 |
| 31.1 |
| 31.2 |
| 12.0 |
| 13.8 |
| 12.6 |
| Expected return on plan assets | (40.2 | ) | (38.8 | ) | (41.4 | ) | (17.2 | ) | (18.7 | ) | (17.2 | ) | Loss on voluntary pension settlement | — |
| — |
| 15.3 |
| — |
| — |
| — |
| Amortization of prior service costs | — |
| — |
| — |
| 0.3 |
| 0.3 |
| 0.4 |
| Amortization of net actuarial loss | 16.8 |
| 11.8 |
| 29.5 |
| 6.0 |
| 4.6 |
| 5.6 |
| Other | — |
| — |
| — |
| — |
| — |
| 0.1 |
| | $ | 31.8 |
| $ | 24.1 |
| $ | 57.8 |
| $ | 9.3 |
| $ | 7.8 |
| $ | 10.3 |
|
|
| Benefit Obligation, Fair Value Of Plan Assets And Reconciliation Of Defined Benefit Plans |
| | | | | | | | | | | | | | | United States | International | (millions) | 2015 | 2014 | 2015 | 2014 | Change in benefit obligation: | | | | | Benefit obligation at beginning of year | $ | 728.4 |
| $ | 607.7 |
| $ | 341.6 |
| $ | 304.9 |
| Service cost | 23.6 |
| 20.0 |
| 8.2 |
| 7.8 |
| Interest costs | 31.6 |
| 31.1 |
| 12.0 |
| 13.8 |
| Employee contributions | — |
| — |
| 1.3 |
| 1.5 |
| Plan changes and other | — |
| — |
| — |
| (0.6 | ) | Actuarial (gain) loss | (32.0 | ) | 94.0 |
| (10.7 | ) | 49.9 |
| Benefits paid | (29.6 | ) | (24.4 | ) | (13.9 | ) | (13.9 | ) | Expenses paid | — |
| — |
| (0.6 | ) | (0.8 | ) | Foreign currency impact | — |
| — |
| (29.8 | ) | (21.0 | ) | Benefit obligation at end of year | $ | 722.0 |
| $ | 728.4 |
| $ | 308.1 |
| $ | 341.6 |
| Change in fair value of plan assets: | |
|
|
| Fair value of plan assets at beginning of year | $ | 576.3 |
| $ | 552.3 |
| $ | 305.3 |
| $ | 279.9 |
| Actual return on plan assets | (3.2 | ) | 43.9 |
| 11.7 |
| 44.8 |
| Employer contributions | 5.1 |
| 4.5 |
| 10.6 |
| 12.3 |
| Employee contributions | — |
| — |
| 1.3 |
| 1.5 |
| Benefits paid | (29.6 | ) | (24.4 | ) | (13.9 | ) | (13.9 | ) | Expenses paid | — |
| — |
| (0.6 | ) | (0.8 | ) | Foreign currency impact | — |
| — |
| (26.1 | ) | (18.5 | ) | Fair value of plan assets at end of year | $ | 548.6 |
| $ | 576.3 |
| $ | 288.3 |
| $ | 305.3 |
| Funded status | $ | (173.4 | ) | $ | (152.1 | ) | $ | (19.8 | ) | $ | (36.3 | ) | Pension plans in which accumulated benefit obligation exceeded plan assets | | | | | Projected benefit obligation | $ | 722.0 |
| $ | 91.3 |
| $ | 34.4 |
| $ | 200.4 |
| Accumulated benefit obligation | 638.8 |
| 86.7 |
| 31.2 |
| 189.2 |
| Fair value of plan assets | 548.6 |
| — |
| 20.0 |
| 174.2 |
|
|
| Allocations Of Pension Plan Assets |
Our allocations of U.S. pension plan assets as of November 30, 2015 and 2014, by asset category, were as follows: | | | | | | | | | Actual | 2015 | Asset Category | 2015 | 2014 | Target | Equity securities | 68.5 | % | 70.4 | % | 65.0 | % | Fixed income securities | 16.7 | % | 15.5 | % | 17.5 | % | Other | 14.8 | % | 14.1 | % | 17.5 | % | 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 | 2016 | $ | 5.5 |
| $ | 1.3 |
| $ | 6.8 |
| 2017 | 5.5 |
| 1.3 |
| 6.8 |
| 2018 | 5.6 |
| 1.3 |
| 6.9 |
| 2019 | 5.7 |
| 1.3 |
| 7.0 |
| 2020 | 5.8 |
| 1.3 |
| 7.1 |
| 2021-2025 | 28.5 |
| 6.8 |
| 35.3 |
|
|
| Components Of Defined Benefit Plans |
| | | | | | | | | | | (millions) | 2015 | 2014 | 2013 | Service cost | $ | 3.1 |
| $ | 3.6 |
| $ | 5.1 |
| Interest costs | 3.7 |
| 4.3 |
| 4.1 |
| Amortization of prior service costs | — |
| — |
| (1.2 | ) | Amortization of losses | — |
| — |
| 1.4 |
| Postretirement benefit expense | $ | 6.8 |
| $ | 7.9 |
| $ | 9.4 |
|
|
| 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) | 2015 | 2014 | Change in benefit obligation: | | | Benefit obligation at beginning of year | $ | 96.3 |
| $ | 94.9 |
| Service cost | 3.1 |
| 3.6 |
| Interest costs | 3.7 |
| 4.3 |
| Employee contributions | 3.4 |
| 2.9 |
| Demographic assumptions change | (1.7 | ) | (5.8 | ) | Other plan assumptions | 0.3 |
| 1.1 |
| Trend rate assumption change | 0.2 |
| 0.1 |
| Discount rate change | (1.5 | ) | 5.8 |
| Actuarial gain | (1.6 | ) | (2.3 | ) | Benefits paid | (9.8 | ) | (8.3 | ) | Benefit obligation at end of year | $ | 92.4 |
| $ | 96.3 |
| Change in fair value of plan assets: | | | Fair value of plan assets at beginning of year | — |
| — |
| Employer contributions | $ | 6.4 |
| $ | 5.4 |
| Employee contributions | 3.4 |
| 2.9 |
| Benefits paid | (9.8 | ) | (8.3 | ) | Fair value of plan assets at end of year | — |
| — |
| Other postretirement benefit liability | $ | 92.4 |
| $ | 96.3 |
|
|
| 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 | 2016 | $ | 26.1 |
| 2017 | 27.9 |
| 2018 | 29.8 |
| 2019 | 32.1 |
| 2020 | 34.3 |
| 2021-2025 | 206.9 |
|
|
| 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 | 2016 | $ | 7.8 |
| 2017 | 8.2 |
| 2018 | 8.6 |
| 2019 | 9.5 |
| 2020 | 9.7 |
| 2021-2025 | 57.2 |
|
|
| Allocations Of Pension Plan Assets |
The allocations of the international pension plans’ assets as of November 30, 2015 and 2014, by asset category, were as follows: | | | | | | | | | Actual | 2015 | Asset Category | 2015 | 2014 | Target | Equity securities | 54.4 | % | 56.6 | % | 53.0 | % | Fixed income securities | 45.3 | % | 43.2 | % | 41.0 | % | Other | 0.3 | % | 0.2 | % | 6.0 | % | Total | 100.0 | % | 100.0 | % | 100.0 | % |
|