Employee Benefit Plans (Tables)

12 Months Ended

Nov. 28, 2021

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 Benefits				Postretirement Benefits
	2021		2020		2021		2020
	(Dollars in thousands)
Change in benefit obligation:
Benefit obligation at beginning of year	$	1,264,629	$	1,261,763	$	67,361	$	72,135
Service cost	4,398		4,026		21		48
Interest cost	19,349		30,643		829		1,665
Plan participants' contribution	652		689		4,027		4,282
Plan combinations	2,845		—		—		—
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 year	1,153,291		1,091,162		—		—
Actual return on plan assets	33,478		161,856		—		—
Employer contribution	11,943		20,865		7,315		8,018
Plan participants' contributions	652		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 year	1,129,173		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.

Schedule of amounts recognized in balance sheet

Amounts recognized in the Company's consolidated balance sheets as of November 28, 2021 and November 29, 2020, consist of the following:

	Pension Benefits				Postretirement Benefits
	2021		2020		2021		2020
	(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 benefit	182		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.

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
	2021		2020
	(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 assets	1,102		48,578

Schedule of defined benefit plans disclosures

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

	Pension Benefits						Postretirement Benefits
	2021		2020		2019		2021		2020		2019
	(Dollars in thousands)
Net periodic benefit (income) cost:
Service cost	$	4,398	$	4,026	$	3,377	$	21	$	48	$	65
Interest cost	19,349		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 loss	10,428		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 benefit	65		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

Schedule of assumptions used

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

	Pension Benefits			Postretirement Benefits
	2021	2020	2019	2021	2020	2019
Weighted-average assumptions used to determine net periodic benefit cost:
Discount rate	2.1%	2.8%	4.1%	2.0%	2.8%	4.2%
Expected long-term rate of return on plan assets	3.3%	3.8%	4.6%
Rate of compensation increase	3.3%	3.3%	3.4%
Weighted-average assumptions used to determine benefit obligations:
Discount rate	2.4%	2.1%	2.8%	2.4%	2.0%	2.8%
Rate of compensation increase	3.5%	3.3%	3.3%
Assumed health care cost trend rates were as follows:
Health care trend rate assumed for next year				5.9%	5.4%	5.7%
Rate trend to which the cost trend is assumed to decline				3.9%	4.4%	4.4%
Year that rate reaches the ultimate trend rate				2044	2037	2037

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 28, 2021
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	$	2,383	$	2,383	$	—	$	—
Equity securities(1)
U.S. large cap	54,109		—		54,109		—
U.S. small cap	7,710		—		7,710		—
International	87,830		—		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 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	$	2,337	$	2,337	$	—	$	—
Equity securities(1)
U.S. large cap	74,850		—		74,850		—
U.S. small cap	14,343		—		14,343		—
International	143,408		—		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.

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)
2022	$	71,382	$	7,183	$	78,565
2023	70,829		6,655		77,484
2024	71,281		6,230		77,511
2025	69,352		5,803		75,155
2026	68,757		5,296		74,053
2027-2031	328,897		19,773		348,670