Employee Benefit And Retirement Plans (Tables)

12 Months Ended

Nov. 30, 2019

Retirement Benefits, Description [Abstract]

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
	2019		2018		2019		2018
Discount rate—funded plan	3.4	%	4.7	%	2.2	%	3.3	%
Discount rate—unfunded plan	3.3	%	4.6	%	—		—
Salary scale	—		—		2.9	%	3.0-3.5%

The significant assumptions used to determine pension expense for the years ended November 30 are as follows:

	United States						International
	2019		2018		2017		2019		2018		2017
Discount rate—funded plan	4.7	%	4.0	%	4.6	%	3.3	%	2.9	%	3.2	%
Discount rate—unfunded plan	4.6	%	3.9	%	4.5	%	—		—		—
Salary scale	—	%	3.8	%	3.8	%	3.4	%	3.5	%	3.4	%
Expected return on plan assets	7.0	%	7.3	%	7.3	%	5.5	%	5.6	%	5.5	%

Components Of Defined Benefit Plans

Our pension expense for the years ended November 30 was as follows:

	United States									International
(millions)	2019			2018			2017			2019			2018			2017
Service cost	$	2.1		$	17.0		$	14.8		$	3.6		$	4.3		$	6.2
Interest costs	34.4			31.6			31.7			9.5			9.2			10.4
Expected return on plan assets	(42.5		)	(43.4		)	(41.4		)	(16.4		)	(16.6		)	(15.3		)
Amortization of prior service costs	0.5			—			—			0.2			0.1			0.7
Amortization of net actuarial loss	2.3			9.9			5.8			1.2			2.8			4.1
Settlement/curtailment loss	—			—			—			—			0.5			0.6
	$	(3.2	)	$	15.1		$	10.9		$	(1.9	)	$	0.3		$	6.7

Our other postretirement benefit (income) expense for the years ended November 30 follows:

(millions)	2019			2018			2017
Service cost	$	1.8		$	2.0		$	2.6
Interest costs	2.7			2.4			3.3
Amortization of prior service credits	(8.7		)	(8.6		)	(2.3		)
Amortization of actuarial gains	(0.9		)	(0.1		)	(0.2		)
Postretirement benefit (income) expense	$	(5.1	)	$	(4.3	)	$	3.4

Benefit Obligation, Fair Value Of Plan Assets And Reconciliation Of Defined Benefit Plans

A rollforward of the benefit obligation, fair value of plan assets and a reconciliation of the pension plans’ funded status as of November 30, the measurement date, follows:

	United States						International
(millions)	2019			2018			2019			2018
Change in benefit obligation:
Benefit obligation at beginning of year	$	752.6		$	813.7		$	292.9		$	341.5
Service cost	2.1			17.0			3.6			4.3
Interest costs	34.4			31.6			9.5			9.2
Employee contributions	—			—			0.8			0.7
Plan amendments	—			5.2			(0.2		)	3.4
Plan curtailments	—			—			—			(17.5		)
Actuarial (gain) loss	134.6			(76.2		)	51.8			(20.2		)
Benefits paid	(38.9		)	(36.3		)	(14.7		)	(13.2		)
Business combinations	—			(2.4		)	—			—
Expenses paid	—			—			(0.3		)	(0.7		)
Foreign currency impact	—			—			2.2			(14.6		)
Benefit obligation at end of year	$	884.8		$	752.6		$	345.6		$	292.9
Change in fair value of plan assets:
Fair value of plan assets at beginning of year	$	640.4		$	654.2		$	306.5		$	331.3
Actual return on plan assets	62.2			13.6			42.7			(0.7		)
Employer contributions	8.2			8.9			3.2			4.6
Employee contributions	—			—			0.8			0.7
Benefits paid	(38.9		)	(36.3		)	(14.7		)	(13.2		)
Expenses paid	—			—			(0.3		)	(0.7		)
Foreign currency impact	—			—			2.7			(15.5		)
Fair value of plan assets at end of year	$	671.9		$	640.4		$	340.9		$	306.5
Funded status	$	(212.9	)	$	(112.2	)	$	(4.7	)	$	13.6
Pension plans in which accumulated benefit obligation exceeded plan assets
Projected benefit obligation	$	884.8		$	752.6		$	103.9		$	19.1
Accumulated benefit obligation	874.8			746.9			100.4			16.1
Fair value of plan assets	671.9			640.4			83.6			1.5

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)	2019			2018
Change in benefit obligation:
Benefit obligation at beginning of year	$	62.9		$	70.9
Service cost	1.8			2.0
Interest costs	2.7			2.4
Employee contributions	0.3			0.4
Plan amendments	(0.4		)	—
Other plan assumptions	(1.0		)	(0.1		)
Discount rate change	7.6			(4.5		)
Actuarial (gain) loss	(2.5		)	(3.0		)
Benefits paid	(4.2		)	(5.2		)
Benefit obligation at end of year	$	67.2		$	62.9
Change in fair value of plan assets:
Fair value of plan assets at beginning of year	$	—		$	—
Employer contributions	3.9			4.8
Employee contributions	0.3			0.4
Benefits paid	(4.2		)	(5.2		)
Fair value of plan assets at end of year	$	—		$	—
Other postretirement benefit liability	$	67.2		$	62.9

Amounts Recorded In Balance Sheet, Defined Benefit Pension Plans

Amounts recorded in the balance sheet for all defined benefit pension plans as of November 30 consist of the following:

	United States				International
(millions)	2019		2018		2019		2018
Non-current pension asset	$	—	$	—	$	15.6	$	31.2
Accrued pension liability	212.9		112.2		20.3		17.6
Deferred income tax assets	58.5		32.7		13.3		8.8
Accumulated other comprehensive loss	183.9		97.7		60.1		40.1

Allocations Of Pension Plan Assets

The allocations of U.S. pension plan assets as of November 30, by asset category, were as follows:

	Actual				2019
Asset Category	2019		2018		Target
Equity securities	63.3	%	65.8	%	59.0	%
Fixed income securities	21.5	%	20.5	%	23.2	%
Other	15.2	%	13.7	%	17.8	%
Total	100.0	%	100.0	%	100.0	%

The allocations of the international pension plans’ assets as of November 30, by asset category, were as follows:

	Actual				2019
Asset Category	2019		2018		Target
Equity securities	50.4	%	52.1	%	53.0	%
Fixed income securities	48.9	%	47.8	%	47.0	%
Other	0.7	%	0.1	%	—	%
Total	100.0	%	100.0	%	100.0	%

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 for the United States and international plans:

As of November 30, 2019	United States
(millions)	Total fair value		Level 1		Level 2
Cash and cash equivalents	$	15.3	$	15.3	$	—
Equity securities:
U.S. equity securities(a)	276.5		148.5		128.0
International equity securities(b)	145.5		134.2		11.3
Fixed income securities:
U.S. government/corporate bonds(c)	51.2		49.1		2.1
High yield bonds(d)	40.1		—		40.1
International/government/corporate bonds(e)	26.8		26.8		—
Insurance contracts(f)	1.1		—		1.1
Other types of investments:
Real estate (g)	25.9		22.0		3.9
Natural resources (h)	12.0		—		12.0
Total	$	594.4	$	395.9	$	198.5
Investments measured at net asset value(i)
Hedge funds(j)	49.3
Private equity funds(k)	3.2
Private debt funds(l)	25.0
Total investments	$	671.9

As of November 30, 2019	International
(millions)	Total fair value		Level 1		Level 2
Cash and cash equivalents	$	2.5	$	2.5	$	—
International equity securities(b)	171.6		—		171.6
Fixed income securities:
International/government/corporate bonds(e)	144.7		—		144.7
Insurance contracts(f)	22.1		—		22.1
Total investments	$	340.9	$	2.5	$	338.4

As of November 30, 2018	United States
(millions)	Total  fair   value		Level 1		Level 2
Cash and cash equivalents	$	16.0	$	16.0	$	—
Equity securities:
U.S. equity securities(a)	283.2		149.6		133.6
International equity securities(b)	132.7		126.1		6.6
Fixed income securities:
U.S./government/ corporate bonds(c)	46.2		44.1		2.1
High yield bonds(d)	36.7		—		36.7
International/government/ corporate bonds(e)	27.4		27.4		—
Insurance contracts(f)	1.1		—		1.1
Other types of investments:
Real estate (g)	22.3		18.7		3.6
Natural resources (h)	12.6		—		12.6
Total	$	578.2	$	381.9	$	196.3
Investments measured at net asset value(i)
Hedge funds(j)	36.7
Private equity funds(k)	5.6
Private debt funds(l)	19.9
Total investments	$	640.4

As of November 30, 2018			International
(millions)	Total  fair    value		Level 1		Level 2
Cash and cash equivalents	$	2.0	$	2.0	$	—
International equity securities(b)	159.5		—		159.5
Fixed income securities:
International/government/corporate bonds(e)	125.2		—		125.2
Insurance contracts(f)	19.8		—		19.8
Total investments	$	306.5	$	2.0	$	304.5

(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 funds investing in real estate investment trusts (REIT). An appropriate benchmark is the MSCI U.S. REIT Index.

(h) This category comprises funds investing in natural resources. An appropriate benchmark is the Alerian master limited partnership (MLP) Index.

(i) Certain investments that are valued using the net asset value per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy. These are included to permit reconciliation of the fair value hierarchy to the aggregate pension plan assets.

(j) This category comprises hedge funds investing in strategies represented in various HFRI Fund Indices. The net asset value is generally based on the valuation of the underlying investment. Limitations exist on the timing from notice by the plan of its intent to redeem and actual redemptions of these funds and generally range from a minimum of one month to several months.

(k) This category comprises private equity, venture capital and limited partnerships. The net asset is based on valuation models of the underlying securities as determined by the general partner or general partner's designee. These valuation models include unobservable inputs that cannot be corroborated using verifiable observable market data. These funds typically have redemption periods of approximately 10 years.

(l)

This category comprises limited partnerships funds investing in senior loans, mezzanine and distressed debt. The net asset is based on valuation models of the underlying securities as determined by the general partner or general partner's designee. These valuation models include unobservable inputs that cannot be corroborated using verifiable observable market data. These funds typically have redemption periods of approximately 10 years.

Schedule of Expected Benefit Payments

Pension benefit payments in our most significant plans are made from assets of the pension plans. It is anticipated that future benefit payments for the U.S. and International plans for the next 10 fiscal years will be as follows:

(millions)	United States		International
2020	$	41.4	$	14.1
2021	41.6		14.2
2022	43.1		14.4
2023	44.8		15.4
2024	46.7		15.3
2025-2029	243.8		77.3

Estimated future benefit payments (net of employee contributions) for the next 10 fiscal years are as follows:

(millions)	Retiree medical		Retiree life insurance		Total
2020	$	3.7	$	1.4	$	5.1
2021	3.7		1.4		5.1
2022	3.7		1.4		5.1
2023	3.7		1.4		5.1
2024	3.7		1.4		5.1
2025-2029	18.0		6.5		24.5