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Employee Benefit Plans (Tables)
 12 Months Ended
Nov. 29, 2020
Retirement Benefits [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 BenefitsPostretirement Benefits
2020201920202019
(Dollars in thousands)
Change in benefit obligation:
Benefit obligation at beginning of year$1,261,763 $1,136,720 $72,135 $82,907 
Service cost4,026 3,377 48 65 
Interest cost30,643 41,341 1,665 3,042 
Plan participants' contribution689 665 4,282 4,256 
Actuarial loss (gain)(1)
87,443 146,562 1,531 (2,903)
Net curtailment loss(1,009)64 — — 
Impact of foreign currency changes10,899 (2,210)— — 
Plan settlements(2)
(64,525)(436)— — 
Net benefits paid(65,300)(64,320)(12,300)(15,232)
Benefit obligation at end of year$1,264,629 $1,261,763 $67,361 $72,135 
Change in plan assets:
Fair value of plan assets at beginning of year1,091,162 958,576 — — 
Actual return on plan assets161,856 182,309 — — 
Employer contribution20,865 15,062 8,018 10,976 
Plan participants' contributions689 665 4,282 4,256 
Plan settlements(2)
(64,525)(436)— — 
Impact of foreign currency changes8,544 (694)— — 
Net benefits paid(65,300)(64,320)(12,300)(15,232)
Fair value of plan assets at end of year1,153,291 1,091,162 — — 
Unfunded status at end of year
$(111,338)$(170,601)$(67,361)$(72,135)
_____________
(1)Fiscal year 2020 and 2019 actuarial losses in the Company's pension benefit plans resulted from changes in discount rate assumptions. Changes in financial markets during 2019 including a decrease in corporate bond yield indices, resulted in an increase in benefit obligations.
(2)The increase in pension plan settlements in fiscal year 2020 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 the fiscal year 2020. The extent of the funding from the cash-out program exceeded the settlement accounting threshold, and as such in fiscal year 2020, 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.
Schedule of amounts recognized in balance sheet
Amounts recognized in the Company's consolidated balance sheets as of November 29, 2020 and November 24, 2019, consist of the following:
Pension BenefitsPostretirement Benefits
2020201920202019
(Dollars in thousands)
Unfunded status recognized on the balance sheet:
Prepaid benefit cost$62,161 $27,704 $— $— 
Accrued benefit liability – current portion(9,663)(9,480)(7,112)(8,129)
Accrued benefit liability – long-term portion(163,836)(188,825)(60,249)(64,006)
$(111,338)$(170,601)$(67,361)$(72,135)
Accumulated other comprehensive loss:
Net actuarial loss$(296,330)$(358,484)$(12,491)$(11,284)
Net prior service benefit259 291 — — 
$(296,071)$(358,193)$(12,491)$(11,284)
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
20202019
(Dollars in thousands)
Accumulated benefit obligations in excess of plan assets:
Aggregate accumulated benefit obligation$168,390 $1,093,503 
Aggregate fair value of plan assets— 903,556 
Projected benefit obligations in excess of plan assets:
Aggregate projected benefit obligation$222,055 $1,142,114 
Aggregate fair value of plan assets48,578 943,810 
Amounts in the table above decreased in fiscal year 2020 primarily due to the exclusion of the Company’s U.S. pension plans as compared to 2019, as the fair value of these pension plan assets in fiscal year 2020 increased resulting in those plans’ plan assets exceeding the benefit obligations.
Schedule of defined benefit plans disclosures
The components of the Company's net periodic benefit cost were as follows:
 Pension BenefitsPostretirement Benefits
 202020192018202020192018
 (Dollars in thousands)
Net periodic benefit cost:
Service cost$4,026 $3,377 $3,602 $48 $65 $113 
Interest cost30,643 41,341 36,070 1,665 3,042 2,718 
Expected return on plan assets(41,189)(42,098)(48,830)— — — 
Amortization of prior service benefit(62)(61)(65)— — — 
Amortization of actuarial loss13,407 13,306 12,650 324 465 872 
Curtailment loss(650)13 38 — — — 
Net settlement (gain) loss14,699 (56)(102)— — — 
Net periodic benefit cost20,874 15,822 3,363 2,037 3,572 3,703 
Changes in accumulated other comprehensive loss:
Actuarial loss (gain)(34,821)6,309 15,373 1,531 (2,903)(6,354)
Amortization of prior service benefit62 61 65 — — — 
Amortization of actuarial loss(13,407)(13,306)(12,650)(324)(465)(872)
Curtailment gain742 — — — — — 
Net settlement gain (loss)(14,699)56 102 — — — 
Total recognized in accumulated other comprehensive loss
(62,123)(6,880)2,890 1,207 (3,368)(7,226)
Total recognized in net periodic benefit cost and accumulated other comprehensive loss
$(41,249)$8,942 $6,253 $3,244 $204 $(3,523)
Schedule of assumptions used
Assumptions used in accounting for the Company's benefit plans were as follows:
Pension BenefitsPostretirement Benefits
202020192018202020192018
Weighted-average assumptions used to determine net periodic benefit cost:
Discount rate2.8%4.1%3.4%2.8%4.2%3.4%
Expected long-term rate of return on plan assets3.8%4.6%5.4%
Rate of compensation increase3.3%3.4%3.4%
Weighted-average assumptions used to determine benefit obligations:
Discount rate2.1%2.8%4.1%2.0%2.8%4.2%
Rate of compensation increase3.3%3.3%3.4%
Assumed health care cost trend rates were as follows:
Health care trend rate assumed for next year5.4%5.7%5.9%
Rate trend to which the cost trend is assumed to decline4.4%4.4%4.4%
Year that rate reaches the ultimate trend rate203720372037
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, 2020
Asset ClassTotalQuoted 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$2,337 $2,337 $— $— 
Equity securities(1)
U.S. large cap74,850 — 74,850 — 
U.S. small cap14,343 — 14,343 — 
International143,408 — 143,408 — 
Fixed income securities(2)
859,323 — 859,323 — 
Other alternative investments
Real estate(3)
41,699 — 41,699 — 
Private equity(4)
228 — — 228 
Hedge fund(5)
11,692 — 11,692 — 
Other(6)
5,411 — 5,411 — 
Total investments at fair value$1,153,291 $2,337 $1,150,726 $228 

Year Ended November 24, 2019
Asset ClassTotalQuoted 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$4,427 $4,427 $— $— 
Equity securities(1)
U.S. large cap93,019 — 93,019 — 
U.S. small cap13,307 — 13,307 — 
International115,607 — 115,607 — 
Fixed income securities(2)
808,546 — 808,546 — 
Other alternative investments
Real estate(3)
38,076 — 38,076 — 
Private equity(4)
289 — — 289 
Hedge fund(5)
13,328 — 13,328 — 
Other(6)
4,564 — 4,564 — 
Total investments at fair value$1,091,163 $4,427 $1,086,447 $289 
_____________
(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:
Pension
Benefits		Postretirement
Benefits		Total
(Dollars in thousands)
2021$73,162 $8,040 $81,202 
202270,481 7,510 77,991 
202369,181 7,020 76,201 
202469,406 6,528 75,934 
202569,690 5,994 75,684 
2025-2028340,445 22,464 362,909