Employee Benefit Plans (Tables)

12 Months Ended

Nov. 25, 2012

Compensation and Retirement Disclosure [Abstract]

Schedule of benefit obligations in excess of fair value of plan assets

The following tables summarize activity of the Company's defined benefit pension plans and postretirement benefit plans:

	Pension Benefits						Postretirement Benefits
	2012			2011			2012			2011
	(Dollars in thousands)
Change in benefit obligation:
Benefit obligation at beginning of year	$	1,203,677		$	1,131,765		$	156,060		$	164,308
Service cost	8,952			10,241			397			478
Interest cost	57,635			60,314			6,634			7,629
Plan participants' contribution	884			1,177			5,531			5,832
Actuarial loss(1)	184,183			75,268			10,408			2,323
Net curtailment gain	(2,379		)	(7,132		)	—			—
Impact of foreign currency changes	1,103			(2,027		)	—			—
Plan settlements	(867		)	(4,051		)	—			—
Special termination benefits	159			120			—			—
Benefits paid	(64,697		)	(61,998		)	(23,166		)	(24,510		)
Benefit obligation at end of year	$	1,388,650		$	1,203,677		$	155,864		$	156,060
Change in plan assets:
Fair value of plan assets at beginning of year	771,914			731,676			—			—
Actual return on plan assets	125,430			39,091			—			—
Employer contribution	60,096			67,584			17,635			18,678
Plan participants' contributions	884			1,177			5,531			5,832
Plan settlements	(867		)	(4,051		)	—			—
Impact of foreign currency changes	1,602			(1,565		)	—			—
Benefits paid	(64,697		)	(61,998		)	(23,166		)	(24,510		)
Fair value of plan assets at end of year	894,362			771,914			—			—
Unfunded status at end of year	$	(494,288	)	$	(431,763	)	$	(155,864	)	$	(156,060	)

_____________

(1) Actuarial losses in the Company's pension benefit plans resulted from changes in discount rate assumptions, primarily for the Company's U.S. plans. Changes in financial markets during 2011 and 2012, including a decrease in corporate bond yield indices, caused a reduction in the discount rates used to measure the benefit obligations in each of those years.

Schedule of amounts recognized in balance sheet

Amounts recognized in the consolidated balance sheets as of November 25, 2012, and November 27, 2011, consist of the following:

	Pension Benefits						Postretirement Benefits
	2012			2011			2012			2011
	(Dollars in thousands)
Accrued benefit liability – current portion	(8,217		)	(7,876		)	(14,906		)	(15,952		)
Accrued benefit liability – long-term portion	(486,071		)	(423,887		)	(140,958		)	(140,108		)
	$	(494,288	)	$	(431,763	)	$	(155,864	)	$	(156,060	)
Accumulated other comprehensive loss:
Net actuarial loss	$	(493,487	)	$	(395,554	)	$	(51,644	)	$	(46,393	)
Net prior service benefit	708			806			493			16,849
	$	(492,779	)	$	(394,748	)	$	(51,151	)	$	(29,544	)

Schedule of accumulated benefit obligations in excess of fair value of plan assets

Information for the Company's defined benefit plans with an accumulated or projected benefit obligation in excess of plan assets is as follows:

	Pension Benefits
	2012		2011
	(Dollars in thousands)
Accumulated benefit obligations in excess of plan assets:
Aggregate accumulated benefit obligation	$	1,335,827	$	1,133,801
Aggregate fair value of plan assets	859,373		713,818
Projected benefit obligations in excess of plan assets:
Aggregate projected benefit obligation	$	1,388,650	$	1,203,677
Aggregate fair value of plan assets	894,362		771,914

Schedule of defined benefit plans disclosures

The components of the Company's net periodic benefit cost (income) were as follows:

	Pension Benefits									Postretirement Benefits
	2012			2011			2010			2012			2011			2010
	(Dollars in thousands)
Net periodic benefit cost (income):
Service cost	$	8,952		$	10,241		$	7,794		$	397		$	478		$	474
Interest cost	57,635			60,314			59,680			6,634			7,629			8,674
Expected return on plan assets	(52,029		)	(52,959		)	(46,085		)	—			—			—
Amortization of prior service (benefit) cost(1)	(78		)	47			453			(16,356		)	(28,945		)	(29,566		)
Amortization of actuarial loss	12,612			14,908			26,660			5,157			5,025			5,608
Curtailment (gain) loss	(2,391		)	129			106			—			—			—
Special termination benefit	159			120			312			—			—			—
Net settlement loss	383			714			425			—			—			—
Net periodic benefit cost (income)	25,243			33,514			49,345			(4,168		)	(15,813		)	(14,810		)
Changes in accumulated other comprehensive loss:
Actuarial loss(2)	110,262			84,593						10,408			2,324
Amortization of prior service benefit (cost)(1)	78			(47		)				16,356			28,945
Amortization of actuarial loss	(12,612		)	(14,908		)				(5,157		)	(5,025		)
Curtailment gain (loss)	192			(3,064		)				—			—
Net settlement loss	(77		)	(338		)				—			—
Total recognized in accumulated other comprehensive loss	97,843			66,236						21,607			26,244
Total recognized in net periodic benefit cost (income) and accumulated other comprehensive loss	$	123,086		$	99,750					$	17,439		$	10,431

_____________

(1) Postretirement benefits amortization of prior service benefit recognized during each of years 2012, 2011, and 2010 relates primarily to the favorable impact of the February 2004 and August 2003 plan amendments.

(2) Reflects the impact of the changes in the discount rate assumptions at year-end remeasurement for the pension and postretirement benefit plans for 2012 and 2011.

Schedule of assumptions used

Assumptions used in accounting for the Company's benefit plans were as follows:

	Pension Benefits		Postretirement Benefits
	2012	2011	2012	2011
Weighted-average assumptions used to determine net periodic benefit cost:
Discount rate	4.9%	5.5%	4.5%	4.9%
Expected long-term rate of return on plan assets	6.7%	6.9%
Rate of compensation increase	3.6%	4.0%
Weighted-average assumptions used to determine benefit obligations:
Discount rate	3.8%	4.9%	3.3%	4.5%
Rate of compensation increase	3.5%	3.5%
Assumed health care cost trend rates were as follows:
Health care trend rate assumed for next year			7.4%	7.6%
Rate trend to which the cost trend is assumed to decline			4.5%	4.5%
Year that rate reaches the ultimate trend rate			2028	2028

Fair values of pension plan assets

The fair value of the Company's pension plan assets by asset class are as follows:

	Year Ended November 25, 2012
Asset Class	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(Dollars in thousands)
Cash and cash equivalents	$	6,585	$	6,585	$	—	$	—
Equity securities(1)
U.S. large cap	208,722		—		208,722		—
U.S. small cap	37,356		—		37,356		—
International	158,281		—		158,281		—
Fixed income securities(2)	397,706		—		397,706		—
Other alternative investments
Real estate(3)	69,526		—		69,526		—
Private equity(4)	3,837		—		—		3,837
Hedge fund(5)	5,733		—		5,733		—
Other(6)	6,616		—		6,616		—
Total investments at fair value	$	894,362	$	6,585	$	883,940	$	3,837

_____________

(1) Primarily comprised of equity index funds that track various market indices.

(2) Predominantly includes bond index funds that invest in U.S. government and investment grade corporate bonds.

(3) Primarily comprised of investments in U.S. Real Estate Investment Trusts.

(4) Represents holdings in a diversified portfolio of private equity funds and direct investments in companies located primarily in North America. Fair values are determined by investment fund managers using primarily unobservable market data.

(5) Primarily invested in a diversified portfolio of equities, bonds, alternatives and cash with a low tolerance for capital loss.

(6) Primarily relates to accounts held and managed by a third-party insurance company for employee-participants in Belgium. Fair values are based on accumulated plan contributions plus a contractually-guaranteed return plus a share of any incremental investment fund profits.

Schedule of expected benefit payments

The Company's estimated future benefit payments to participants, which reflect expected future service, as appropriate are anticipated to be paid as follows:

Fiscal year	Pension Benefits		Postretirement Benefits		Total
	(Dollars in thousands)
2013	$	61,726	$	17,943	$	79,669
2014	59,188		17,339		76,527
2015	60,580		16,832		77,412
2016	61,661		16,196		77,857
2017	64,067		15,459		79,526
2018-2022	349,646		69,469		419,115