Employee Benefit Plans (Tables)

12 Months Ended

Nov. 30, 2014

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
	2014			2013			2014			2013
	(Dollars in thousands)
Change in benefit obligation:
Benefit obligation at beginning of year	$	1,233,799		$	1,388,650		$	135,595		$	155,864
Service cost	8,397			8,707			255			376
Interest cost	54,958			51,984			5,199			4,957
Plan participants' contribution	700			771			4,658			5,242
Actuarial loss (gain)⁽¹⁾	166,664			(114,441		)	6,455			(10,626		)
Net curtailment loss (gain)	2,093			(341		)	733			—
Impact of foreign currency changes	(12,532		)	1,219			—			—
Plan settlements⁽²⁾	(102,021		)	(7,909		)	—			—
Special termination benefits	35			74			—			—
Net benefits paid⁽³⁾	(62,756		)	(94,915		)	(18,811		)	(20,218		)
Benefit obligation at end of year	$	1,289,337		$	1,233,799		$	134,084		$	135,595

Change in plan assets:
Fair value of plan assets at beginning of year	903,033			894,362			—			—
Actual return on plan assets⁽⁴⁾	128,281			75,683			—			—
Employer contribution	20,046			35,064			14,153			14,976
Plan participants' contributions	700			771			4,658			5,242
Plan settlements⁽²⁾	(102,021		)	(7,909		)	—			—
Impact of foreign currency changes	(8,460		)	(23		)	—			—
Net benefits paid⁽³⁾	(62,756		)	(94,915		)	(18,811		)	(20,218		)
Fair value of plan assets at end of year	878,823			903,033			—			—
Unfunded status at end of year	$	(410,514	)	$	(330,766	)	$	(134,084	)	$	(135,595	)

_____________

(1)

Actuarial losses in 2014 in the Company's pension benefit plans resulted from changes in mortality rate assumptions, primarily for the Company's U.S. plans. Actuarial gains in 2013 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 2014 and 2013, including a decrease and increase, respectively, in corporate bond yield indices, resulted in an increase and decrease in benefit obligations, respectively.

(2)

The increase in pension plan settlements in 2014 was primarily due to a voluntary lump-sum, cash-out program offered to vested, terminated U.S. pension plan participants in the last half of 2014. The extent of the funding from the cash-out program exceeded the settlement accounting threshold, and as such in 2014, these activities have been categorized as settlements. Pension plan assets were utilized to settle pension obligations for deferred participants that elected to participate in the program.

(3)

The decrease in pension benefits paid in 2014 was primarily due the 2013 voluntary cash-out program offered to vested, terminated U.S. pension plan participants in the first half of 2013. The extent of the funding from the cash-out program was below the settlement accounting threshold, and as such in 2013, these activities were categorized as net benefit payments. Pension plan assets were utilized to settle pension obligations for deferred participants that elected to participate in the program.


(4)	The increase in return on plan assets in 2014 was primarily due to the better-than-expected asset performance caused by the decrease in interest rates which resulted in higher returns on fixed income securities

Schedule of amounts recognized in balance sheet

Amounts recognized in the consolidated balance sheets as of November 30, 2014, and November 24, 2013, consist of the following:



	Pension Benefits						Postretirement Benefits
	2014			2013			2014			2013
	(Dollars in thousands)
Prepaid benefit cost	$	1,587		$	1,331		$	—		$	—
Accrued benefit liability – current portion	(8,926		)	(8,622		)	(11,871		)	(13,347		)
Accrued benefit liability – long-term portion	(403,175		)	(323,475		)	(122,213		)	(122,248		)
	$	(410,514	)	$	(330,766	)	$	(134,084	)	$	(135,595	)

Accumulated other comprehensive loss:
Net actuarial loss	$	(394,090	)	$	(343,148	)	$	(36,505	)	$	(34,248	)
Net prior service benefit	548			666			—			—
	$	(393,542	)	$	(342,482	)	$	(36,505	)	$	(34,248	)

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
	2014		2013
	(Dollars in thousands)
Accumulated benefit obligations in excess of plan assets:
Aggregate accumulated benefit obligation	$	1,123,972	$	1,147,938
Aggregate fair value of plan assets	728,844		827,764

Projected benefit obligations in excess of plan assets:
Aggregate projected benefit obligation	$	1,202,714	$	1,195,923
Aggregate fair value of plan assets	790,614		863,826

Schedule of defined benefit plans disclosures

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



	Pension Benefits									Postretirement Benefits
	2014			2013			2012			2014			2013			2012
	(Dollars in thousands)
Net periodic benefit cost (income):
Service cost	$	8,397		$	8,707		$	8,952		$	255		$	376		$	397
Interest cost	54,958			51,984			57,635			5,199			4,957			6,634
Expected return on plan assets	(55,521		)	(56,183		)	(52,029		)	—			—			—
Amortization of prior service benefit⁽¹⁾	(53		)	(80		)	(78		)	(5		)	(488		)	(16,356		)
Amortization of actuarial loss	10,932			16,311			12,612			4,201			6,765			5,157
Curtailment loss (gain)	2,614			(564		)	(2,391		)	733			—			—
Special termination benefit	35			98			159			—			—			—
Net settlement loss	30,558			517			383			—			—			—
Net periodic benefit cost (income)	51,920			20,790			25,243			10,383			11,610			(4,168		)
Changes in accumulated other comprehensive loss:
Actuarial loss (gain)	92,544			(134,378		)				6,453			(10,626		)
Amortization of prior service benefit⁽¹⁾	53			80						5			488
Amortization of actuarial loss	(10,932		)	(16,311		)				(4,201		)	(6,765		)
Curtailment gain	113			498						—			—
Net settlement loss	(30,712		)	(178		)				—			—
Total recognized in accumulated other comprehensive loss	51,066			(150,289		)				2,257			(16,903		)
Total recognized in net periodic benefit cost (income) and accumulated other comprehensive loss	$	102,986		$	(129,499	)				$	12,640		$	(5,293	)

_____________


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

Schedule of assumptions used

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



	Pension Benefits		Postretirement Benefits
	2014	2013	2014	2013

Weighted-average assumptions used to determine net periodic benefit cost:
Discount rate	4.6%	3.8%	4.2%	3.3%
Expected long-term rate of return on plan assets	6.3%	6.4%
Rate of compensation increase	3.7%	3.5%

Weighted-average assumptions used to determine benefit obligations:
Discount rate	3.8%	4.6%	3.6%	4.2%
Rate of compensation increase	3.4%	3.7%

Assumed health care cost trend rates were as follows:
Health care trend rate assumed for next year			7.0%	7.2%
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 30, 2014
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	$	2,348	$	2,348	$	—	$	—
Equity securities⁽¹⁾
U.S. large cap	172,702		—		172,702		—
U.S. small cap	30,775		—		30,775		—
International	135,434		—		135,434		—
Fixed income securities⁽²⁾	464,685		—		464,685		—
Other alternative investments
Real estate⁽³⁾	58,215		—		58,215		—
Private equity⁽⁴⁾	2,471		—		—		2,471
Hedge fund⁽⁵⁾	7,273		—		7,273		—
Other⁽⁶⁾	4,921		—		4,921		—
Total investments at fair value	$	878,824	$	2,348	$	874,005	$	2,471



	Year Ended November 24, 2013
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	$	1,132	$	1,132	$	—	$	—
Equity securities⁽¹⁾
U.S. large cap	175,181		—		175,181		—
U.S. small cap	31,163		—		31,163		—
International	133,339		—		133,339		—
Fixed income securities⁽²⁾	490,701		—		490,701		—
Other alternative investments
Real estate⁽³⁾	55,082		—		55,082		—
Private equity⁽⁴⁾	3,041		—		—		3,041
Hedge fund⁽⁵⁾	7,090		—		7,090		—
Other⁽⁶⁾	6,304		—		6,304		—
Total investments at fair value	$	903,033	$	1,132	$	898,860	$	3,041

_____________


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


(2)	Predominantly includes bond index funds that invest in long-term 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)
2015	$	65,054	$	14,256	$	79,310
2016	62,460		13,830		76,290
2017	63,601		13,332		76,933
2018	64,795		12,807		77,602
2019	64,898		12,378		77,276
2020-2023	346,869		56,777		403,646

- Definition

Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans.

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