XML 60 R43.htm IDEA: XBRL DOCUMENT v3.22.4
Employee Benefit Plans (Tables)
 12 Months Ended
Nov. 27, 2022
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
2022202120222021
(Dollars in millions)
Change in benefit obligation:
Benefit obligation at beginning of year$1,192.1 $1,264.6 $57.8 $67.4 
Service cost3.9 4.5 — — 
Interest cost22.5 19.3 0.9 0.8 
Plan participants' contribution0.5 0.7 3.6 4.0 
Plan combinations— 2.9 — — 
Actuarial gain(1)
(251.5)(27.0)(10.2)(3.1)
Impact of foreign currency changes(16.1)(6.0)— — 
Plan settlements(1.1)— — — 
Net benefits paid(67.7)(66.9)(10.2)(11.3)
Benefit obligation at end of year$882.6 $1,192.1 $41.9 $57.8 
Change in plan assets:
Fair value of plan assets at beginning of year1,129.2 1,153.3 — — 
Actual return on plan assets(216.5)33.5 — — 
Employer contribution10.7 11.9 6.6 7.3 
Plan participants' contributions0.5 0.7 3.6 4.0 
Plan settlements(1.1)— — — 
Impact of foreign currency changes(16.6)(3.3)— — 
Net benefits paid(67.7)(66.9)(10.2)(11.3)
Fair value of plan assets at end of year838.5 1,129.2 — — 
Unfunded status at end of year
$(44.1)$(62.9)$(41.9)$(57.8)
_____________
(1)The increase in fiscal year 2022 actuarial gains compared to 2021 actuarial gains in the Company's pension benefit plans is primarily from changes in discount rate assumptions.
Schedule of amounts recognized in balance sheet
Amounts recognized in the Company's consolidated balance sheets as of November 27, 2022 and November 28, 2021, consist of the following:
Pension BenefitsPostretirement Benefits
2022202120222021
(Dollars in millions)
Unfunded status recognized on the balance sheet:
Prepaid benefit cost(1)
$75.2 $98.3 $— $— 
Accrued benefit liability – current portion(2)
(9.7)(9.8)(5.7)(6.4)
Accrued benefit liability – long-term portion(2)
(109.6)(151.4)(36.2)(51.4)
$(44.1)$(62.9)$(41.9)$(57.8)
Accumulated other comprehensive loss:
Net actuarial loss$(253.1)$(264.7)$1.6 $(9.0)
Net prior service benefit0.1 0.2 — — 
$(253.0)$(264.5)$1.6 $(9.0)
_____________
(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
20222021
(Dollars in millions)
Accumulated benefit obligations in excess of plan assets:
Aggregate accumulated benefit obligation$117.3 $158.8 
Projected benefit obligations in excess of plan assets:
Aggregate projected benefit obligation$119.3 $162.2 
Aggregate fair value of plan assets— 1.1 
Schedule of defined benefit plans disclosures
The components of the Company's net periodic benefit cost were as follows:
 Pension BenefitsPostretirement Benefits
 202220212020202220212020
 (Dollars in millions)
Net periodic benefit cost (income):
Service cost$3.9 $4.5 $4.1 $— $— $— 
Interest cost22.5 19.3 30.7 0.9 0.8 1.7 
Expected return on plan assets(31.8)(36.6)(41.2)— — — 
Amortization of prior service benefit— (0.1)(0.1)— — — 
Amortization of actuarial loss8.5 10.4 13.4 0.3 0.5 0.3 
Curtailment gain— — (0.7)— — — 
Net settlement (gain) loss(0.2)— 14.7 — — — 
Net periodic benefit (income) cost2.9 (2.5)20.9 1.2 1.3 2.0 
Changes in accumulated other comprehensive loss:
Actuarial (gain) loss(3.3)(21.2)(34.8)(10.2)(3.0)1.5 
Amortization of prior service benefit— 0.1 0.1 — — — 
Amortization of actuarial loss(8.5)(10.4)(13.4)(0.3)(0.5)(0.3)
Curtailment gain— — 0.7 — — — 
Net settlement gain (loss)0.2 — (14.7)— — — 
Total recognized in accumulated other comprehensive loss
(11.6)(31.5)(62.1)(10.5)(3.5)1.2 
Total recognized in net periodic benefit cost and accumulated other comprehensive loss
$(8.7)$(34.0)$(41.2)$(9.3)$(2.2)$3.2 
Schedule of assumptions used
Assumptions used in accounting for the Company's benefit plans were as follows:
Pension BenefitsPostretirement Benefits
202220212020202220212020
Weighted-average assumptions used to determine net periodic benefit cost:
Discount rate2.4%2.1%2.8%2.4%2.0%2.8%
Expected long-term rate of return on plan assets2.9%3.3%3.8%
Rate of compensation increase3.5%3.3%3.3%
Weighted-average assumptions used to determine benefit obligations:
Discount rate5.0%2.4%2.1%5.1%2.4%2.0%
Rate of compensation increase3.6%3.5%3.3%
Assumed health care cost trend rates were as follows:
Health care trend rate assumed for next year6.1%5.9%5.4%
Rate trend to which the cost trend is assumed to decline4.0%3.9%4.4%
Year that rate reaches the ultimate trend rate204620442037
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 27, 2022
Asset ClassTotalQuoted Prices in
Active Markets for
Identical Assets
(Level 1)		Significant
Observable Inputs
(Level 2)		Significant
Unobservable Inputs
(Level 3)
(Dollars in millions)
Cash and cash equivalents$5.7 $5.7 $— $— 
Equity securities(1)
U.S. large cap42.8 — 42.8 — 
U.S. small cap6.6 — 6.6 — 
International69.8 — 69.8 — 
Fixed income securities(2)
687.7 — 687.7 — 
Other alternative investments
Real estate(3)
14.5 — 14.5 — 
Hedge fund(5)
7.4 — 7.4 — 
Other(6)
4.0 — 4.0 — 
Total investments at fair value$838.5 $5.7 $832.8 $— 
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 millions)
Cash and cash equivalents$2.4 $2.4 $— $— 
Equity securities(1)
U.S. large cap54.1 — 54.1 — 
U.S. small cap7.7 — 7.7 — 
International87.8 — 87.8 — 
Fixed income securities(2)
939.9 — 939.9 — 
Other alternative investments
Real estate(3)
20.7 — 20.7 — 
Private equity(4)
0.2 — — 0.2 
Hedge fund(5)
12.5 — 12.5 — 
Other(6)
3.9 — 3.9 — 
Total investments at fair value$1,129.2 $2.4 $1,126.6 $0.2 
_____________
(1)Primarily consist 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 consist 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 millions)
2023$71.3 $6.3 $77.6 
202471.1 5.8 76.9 
202569.2 5.4 74.6 
202668.9 5.0 73.9 
202767.9 4.6 72.5 
2028-2031321.7 17.2 338.9