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Employee Benefit Plans
 12 Months Ended
Nov. 28, 2021
Retirement Benefits [Abstract]  
EMPLOYEE BENEFIT PLANS EMPLOYEE BENEFIT PLANS
Pension plans.  The Company has several non-contributory defined benefit retirement plans covering eligible employees. Plan assets are invested in a diversified portfolio of securities including stocks, bonds, cash equivalents and other alternative investments including real estate investment trust funds. Benefits payable under the plans are based on years of service, final average compensation, or both. The Company retains the right to amend, curtail or discontinue any aspect of the plans, subject to local regulations.
Postretirement plans.  The Company maintains plans that provide postretirement benefits to eligible employees, principally health care, to substantially all U.S. retirees and their qualified dependents. These plans were established with the intention that they would continue indefinitely. However, the Company retains the right to amend, curtail or discontinue any aspect of the plans at any time. The plans are contributory and contain certain cost-sharing features, such as deductibles and coinsurance. The Company's policy is to fund postretirement benefits as claims and premiums are paid.
The following tables summarize activity of the Company's defined benefit pension plans and postretirement benefit plans:
Pension BenefitsPostretirement Benefits
2021202020212020
(Dollars in thousands)
Change in benefit obligation:
Benefit obligation at beginning of year$1,264,629 $1,261,763 $67,361 $72,135 
Service cost4,398 4,026 21 48 
Interest cost19,349 30,643 829 1,665 
Plan participants' contribution652 689 4,027 4,282 
Plan combinations2,845 — — — 
Actuarial (gain) loss(1)
(26,982)87,443 (3,059)1,531 
Net curtailment loss (gain)37 (1,009)— — 
Impact of foreign currency changes(5,958)10,899 — — 
Plan settlements(2)
— (64,525)— — 
Net benefits paid(66,907)(65,300)(11,342)(12,300)
Benefit obligation at end of year$1,192,063 $1,264,629 $57,837 $67,361 
Change in plan assets:
Fair value of plan assets at beginning of year1,153,291 1,091,162 — — 
Actual return on plan assets33,478 161,856 — — 
Employer contribution11,943 20,865 7,315 8,018 
Plan participants' contributions652 689 4,027 4,282 
Plan settlements(2)
— (64,525)— — 
Impact of foreign currency changes(3,284)8,544 — — 
Net benefits paid(66,907)(65,300)(11,342)(12,300)
Fair value of plan assets at end of year1,129,173 1,153,291 — — 
Unfunded status at end of year
$(62,890)$(111,338)$(57,837)$(67,361)
_____________
(1)Fiscal year 2021 actuarial gains compared to 2020 actuarial losses in the Company's pension benefit plans resulted from changes in discount rate assumptions.
(2)There were no settlement events in fiscal 2021. 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.
Amounts recognized in the Company's consolidated balance sheets as of November 28, 2021 and November 29, 2020, consist of the following:
Pension BenefitsPostretirement Benefits
2021202020212020
(Dollars in thousands)
Unfunded status recognized on the balance sheet:
Prepaid benefit cost(1)
$98,278 $62,161 $— $— 
Accrued benefit liability – current portion(2)
(9,770)(9,663)(6,398)(7,112)
Accrued benefit liability – long-term portion(2)
(151,398)(163,836)(51,439)(60,249)
$(62,890)$(111,338)$(57,837)$(67,361)
Accumulated other comprehensive loss:
Net actuarial loss$(264,729)$(296,330)$(8,956)$(12,491)
Net prior service benefit182 259 — — 
$(264,547)$(296,071)$(8,956)$(12,491)
_____________
(1)Included in "Other non-current assets" on the Company’s consolidated balance sheets.
(2)Included in "Accrued salaries, wages and employee benefits" or "Other long-term liabilities" on the Company’s consolidated balance sheets.

The accumulated benefit obligation for all defined benefit plans was $1.2 billion and $1.3 billion at November 28, 2021 and November 29, 2020, respectively. 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
20212020
(Dollars in thousands)
Accumulated benefit obligations in excess of plan assets:
Aggregate accumulated benefit obligation$158,815 $168,390 
Projected benefit obligations in excess of plan assets:
Aggregate projected benefit obligation$162,243 $222,055 
Aggregate fair value of plan assets1,102 48,578 
The components of the Company's net periodic benefit cost were as follows:
 Pension BenefitsPostretirement Benefits
 202120202019202120202019
 (Dollars in thousands)
Net periodic benefit (income) cost:
Service cost$4,398 $4,026 $3,377 $21 $48 $65 
Interest cost19,349 30,643 41,341 829 1,665 3,042 
Expected return on plan assets(36,635)(41,189)(42,098)— — — 
Amortization of prior service benefit(65)(62)(61)— — — 
Amortization of actuarial loss10,428 13,407 13,306 476 324 465 
Curtailment loss (gain)37 (650)13 — — — 
Net settlement loss (gain)29 14,699 (56)— — — 
Net periodic benefit (income) cost(2,459)20,874 15,822 1,326 2,037 3,572 
Changes in accumulated other comprehensive loss:
Actuarial (gain) loss(21,132)(34,821)6,309 (3,059)1,531 (2,903)
Amortization of prior service benefit65 62 61 — — — 
Amortization of actuarial loss(10,428)(13,407)(13,306)(476)(324)(465)
Curtailment gain— 742 — — — — 
Net settlement (loss) gain(29)(14,699)56 — — — 
Total recognized in accumulated other comprehensive loss
(31,524)(62,123)(6,880)(3,535)1,207 (3,368)
Total recognized in net periodic benefit cost and accumulated other comprehensive loss
$(33,983)$(41,249)$8,942 $(2,209)$3,244 $204 
Assumptions used in accounting for the Company's benefit plans were as follows:
Pension BenefitsPostretirement Benefits
202120202019202120202019
Weighted-average assumptions used to determine net periodic benefit cost:
Discount rate2.1%2.8%4.1%2.0%2.8%4.2%
Expected long-term rate of return on plan assets3.3%3.8%4.6%
Rate of compensation increase3.3%3.3%3.4%
Weighted-average assumptions used to determine benefit obligations:
Discount rate2.4%2.1%2.8%2.4%2.0%2.8%
Rate of compensation increase3.5%3.3%3.3%
Assumed health care cost trend rates were as follows:
Health care trend rate assumed for next year5.9%5.4%5.7%
Rate trend to which the cost trend is assumed to decline3.9%4.4%4.4%
Year that rate reaches the ultimate trend rate204420372037
For the Company's benefit plans, the discount rate used to determine the present value of the future pension and postretirement plan obligations was based on a yield curve constructed from a portfolio of high quality corporate bonds with various maturities. Each year's expected future benefit payments are discounted to their present value at the appropriate yield curve rate, thereby generating the overall discount rate. The Company utilized a variety of country-specific third-party bond indices to determine the appropriate discount rates to use for the benefit plans of its foreign subsidiaries.
The Company bases the overall expected long-term rate of return on assets on anticipated long-term returns of individual asset classes and each pension plans' target asset allocation strategy based on current economic conditions. For the U.S. pension plan, the expected long-term returns for each asset class are determined through a mean-variance model to estimate 20-year returns for the plan. 
Health care cost trend rate assumptions are not a significant input in the calculation of the amounts reported for the Company's postretirement benefits plans. A one percentage-point change in assumed health care cost trend rates would have no significant effect on the total service and interest cost components or on the postretirement benefit obligation.
Consolidated pension plan assets relate primarily to the U.S. pension plan. The Company utilizes the services of independent third-party investment managers to oversee the management of U.S. pension plan assets.
 The Company's investment strategy is to invest plan assets in a diversified portfolio of domestic and international equity securities, fixed income securities and real estate and other alternative investments with the objective to provide a regular and reliable source of assets to meet the benefit obligation of the pension plans. Prohibited investments for the U.S. pension plan include certain privately placed or other non-marketable debt instruments, letter stock, commodities or commodity contracts and derivatives of mortgage-backed securities, such as interest-only, principal-only or inverse floaters. The current target allocation percentages for the Company's U.S. pension plan assets are 15% for equity securities and real estate with an allowable deviation of plus or minus 4% and 85% for fixed income securities with an allowable deviation of plus or minus 4%.
The fair value of the Company's pension plan assets by asset class are as follows:
Year Ended November 28, 2021
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$2,383 $2,383 $— $— 
Equity securities(1)
U.S. large cap54,109 — 54,109 — 
U.S. small cap7,710 — 7,710 — 
International87,830 — 87,830 — 
Fixed income securities(2)
939,932 — 939,932 — 
Other alternative investments
Real estate(3)
20,704 — 20,704 — 
Private equity(4)
182 — — 182 
Hedge fund(5)
12,473 — 12,473 — 
Other(6)
3,850 — 3,850 — 
Total investments at fair value$1,129,173 $2,383 $1,126,608 $182 
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 
_____________
(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.
The fair value of plan assets are composed of U.S. plan assets of $909.4 million and non-U.S. plan assets of $219.7 million. The fair values of the substantial majority of the equity, fixed income and real estate investments are based on the net asset value of commingled trust funds that passively track various market indices.
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)
2022$71,382 $7,183 $78,565 
202370,829 6,655 77,484 
202471,281 6,230 77,511 
202569,352 5,803 75,155 
202668,757 5,296 74,053 
2027-2031328,897 19,773 348,670 
At November 28, 2021, the Company's contributions to its pension plans for fiscal year 2022 are estimated to be $12.2 million.