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Employee Benefit Plans (Tables)
 12 Months Ended
Nov. 29, 2015
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
 
2015
 
2014
 
2015
 
2014
 
(Dollars in thousands)
Change in benefit obligation:
 
 
 
 
 
 
 
Benefit obligation at beginning of year
$
1,289,337

 
$
1,233,799

 
$
134,084

 
$
135,595

Service cost
8,352

 
8,397

 
251

 
255

Interest cost
47,179

 
54,958

 
4,588

 
5,199

Plan participants' contribution
534

 
700

 
4,512

 
4,658

Actuarial (gain) loss(1)
(56,352
)
 
166,664

 
(5,918
)
 
6,455

Net curtailment loss
300

 
2,093

 
—

 
733

Impact of foreign currency changes
(21,306
)
 
(12,532
)
 
—

 
—

Plan settlements(2)
(4,145
)
 
(102,021
)
 
—

 
—

Special termination benefits
—

 
35

 
—

 
—

Net benefits paid
(69,534
)
 
(62,756
)
 
(19,777
)
 
(18,811
)
Benefit obligation at end of year
$
1,194,365

 
$
1,289,337

 
$
117,740

 
$
134,084

 
 
 
 
 
 
 
 
Change in plan assets:
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
878,823

 
903,033

 
—

 
—

Actual return on plan assets(3)
10,185

 
128,281

 
—

 
—

Employer contribution
36,151

 
20,046

 
15,265

 
14,153

Plan participants' contributions
534

 
700

 
4,512

 
4,658

Plan settlements(2)
(4,145
)
 
(102,021
)
 
—

 
—

Impact of foreign currency changes
(13,463
)
 
(8,460
)
 
—

 
—

Net benefits paid
(69,534
)
 
(62,756
)
 
(19,777
)
 
(18,811
)
Fair value of plan assets at end of year
838,551

 
878,823

 
—

 
—

Unfunded status at end of year
$
(355,814
)
 
$
(410,514
)
 
$
(117,740
)
 
$
(134,084
)
_____________
(1)
Actuarial gains in 2015 and actuarial losses in 2014 in the Company's pension benefit plans resulted from changes in mortality and discount rate assumptions, primarily for the Company's U.S. plans. Changes in financial markets during 2015 and 2014, including an increase and decrease, respectively, in corporate bond yield indices, resulted in a decrease and increase in benefit obligations, respectively.
(2)
The decrease in pension plan settlements in 2015 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 return on plan assets in 2015 was primarily due to the poor investment performance in 2015 of U.S. and international equity securities, as compared to better-than-expected asset performance in 2014, 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 Company's consolidated balance sheets as of November 29, 2015, and November 30, 2014, consist of the following:
 
Pension Benefits
 
Postretirement Benefits
 
2015
 
2014
 
2015
 
2014
 
(Dollars in thousands)
Prepaid benefit cost
$
8,842

 
$
1,587

 
$
—

 
$
—

Accrued benefit liability – current portion
(9,044
)
 
(8,926
)
 
(12,500
)
 
(11,871
)
Accrued benefit liability – long-term portion
(355,612
)
 
(403,175
)
 
(105,240
)
 
(122,213
)
 
$
(355,814
)
 
$
(410,514
)
 
$
(117,740
)
 
$
(134,084
)
 
 
 
 
 
 
 
 
Accumulated other comprehensive loss:
 
 
 
 
 
 
 
Net actuarial loss
$
(365,657
)
 
$
(394,090
)
 
$
(26,076
)
 
$
(36,505
)
Net prior service benefit
471

 
548

 
—

 
—

 
$
(365,186
)
 
$
(393,542
)
 
$
(26,076
)
 
$
(36,505
)
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
 
2015
 
2014
 
(Dollars in thousands)
Accumulated benefit obligations in excess of plan assets:
 
 
 
Aggregate accumulated benefit obligation
$
1,053,493

 
$
1,123,972

Aggregate fair value of plan assets
694,440

 
728,844

 
 
 
 
Projected benefit obligations in excess of plan assets:
 
 
 
Aggregate projected benefit obligation
$
1,087,588

 
$
1,202,714

Aggregate fair value of plan assets
722,931

 
790,614
Schedule of defined benefit plans disclosures
The components of the Company's net periodic benefit cost were as follows:
 
Pension Benefits
 
Postretirement Benefits
 
2015
 
2014
 
2013
 
2015
 
2014
 
2013
 
(Dollars in thousands)
Net periodic benefit cost:
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
8,352

 
$
8,397

 
$
8,707

 
$
251

 
$
255

 
$
376

Interest cost
47,179

 
54,958

 
51,984

 
4,588

 
5,199

 
4,957

Expected return on plan assets
(50,825
)
 
(55,521
)
 
(56,183
)
 
—

 
—

 
—

Amortization of prior service benefit
(61
)
 
(53
)
 
(80
)
 
—

 
(5
)
 
(488
)
Amortization of actuarial loss
12,578

 
10,932

 
16,311

 
4,511

 
4,201

 
6,765

Curtailment loss (gain)
656

 
2,614

 
(564
)
 
—

 
733

 
—

Special termination benefit
—

 
35

 
98

 
—

 
—

 
—

Net settlement (gain) loss
(45
)
 
30,558

 
517

 
—

 
—

 
—

Net periodic benefit cost
17,834

 
51,920

 
20,790

 
9,350

 
10,383

 
11,610

Changes in accumulated other comprehensive loss:
 
 
 
 
 
 
 
 
 
 
 
Actuarial (gain) loss
(15,228
)
 
92,544

 
 
 
(5,918
)
 
6,453

 
 
Amortization of prior service benefit
61

 
53

 
 
 
—

 
5

 
 
Amortization of actuarial loss
(12,578
)
 
(10,932
)
 
 
 
(4,511
)
 
(4,201
)
 
 
Curtailment (loss) gain
(656
)
 
113

 
 
 
—

 
—

 
 
Net settlement gain (loss)
45

 
(30,712
)
 
 
 
—

 
—

 
 
Total recognized in accumulated other comprehensive loss
(28,356
)
 
51,066

 
 
 
(10,429
)
 
2,257

 
 
Total recognized in net periodic benefit cost and accumulated other comprehensive loss
$
(10,522
)
 
$
102,986

 
 
 
$
(1,079
)
 
$
12,640

 
 
Schedule of assumptions used
Assumptions used in accounting for the Company's benefit plans were as follows:
 
Pension Benefits
 
Postretirement Benefits
 
2015
 
2014
 
2015
 
2014
 
 
 
 
 
 
 
 
Weighted-average assumptions used to determine net periodic benefit cost:
 
 
 
 
 
 
 
Discount rate
3.8%
 
4.6%
 
3.6%
 
4.2%
Expected long-term rate of return on plan assets
5.9%
 
6.3%
 
 
 
 
Rate of compensation increase
3.4%
 
3.7%
 
 
 
 
 
 
 
 
 
 
 
 
Weighted-average assumptions used to determine benefit obligations:
 
 
 
 
 
 
 
Discount rate
4.0%
 
3.8%
 
3.8%
 
3.6%
Rate of compensation increase
3.4%
 
3.4%
 
 
 
 
 
 
 
 
 
 
 
 
Assumed health care cost trend rates were as follows:
 
 
 
 
 
 
 
Health care trend rate assumed for next year
 
 
 
 
6.4%
 
7.0%
Rate trend to which the cost trend is assumed to decline
 
 
 
 
4.4%
 
4.5%
Year that rate reaches the ultimate trend rate
 
 
 
 
2038
 
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 29, 2015
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
$
1,706

 
$
1,706

 
$
—

 
$
—

Equity securities(1)
 
 
 
 
 
 
 
U.S. large cap
185,526

 
—

 
185,526

 
—

U.S. small cap
31,935

 
—

 
31,935

 
—

International
133,298

 
—

 
133,298

 
—

Fixed income securities(2)
415,228

 
—

 
415,228

 
—

Other alternative investments


 
 
 
 
 
 
Real estate(3)
58,364

 
—

 
58,364

 
—

Private equity(4)
1,720

 
—

 
—

 
1,720

Hedge fund(5)
7,488

 
—

 
7,488

 
—

Other(6)
3,286

 
—

 
3,286

 
—

Total investments at fair value
$
838,551

 
$
1,706

 
$
835,125

 
$
1,720

 
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)
58,214

 
—

 
58,214

 
—

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
$
878,823

 
$
2,348

 
$
874,004

 
$
2,471

_____________
(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)
 
 
2016
$
65,769

 
$
14,977

 
$
80,746

 
 
2017
64,679

 
13,928

 
78,607

 
 
2018
65,678

 
13,077

 
78,755

 
 
2019
65,481

 
12,169

 
77,650

 
 
2020
66,193

 
11,429

 
77,622

 
 
2021-2023
347,959

 
48,168

 
396,127