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EMPLOYEE BENEFIT PLANS (Tables)
3 Months Ended 12 Months Ended
Feb. 26, 2017
Nov. 27, 2016
Compensation and Retirement Disclosure [Abstract]    
Schedule of defined benefit plans disclosures

The following tables summarize the components of net periodic benefit cost and the changes recognized in “Accumulated other comprehensive loss” for the Company’s defined benefit pension plans and postretirement benefit plans:

 

     Pension Benefits      Postretirement Benefits  
     Three Months Ended      Three Months Ended  
     February 26,
2017
     February 28,
2016
     February 26,
2017
     February 28,
2016
 
     (Dollars in thousands)  

Net periodic benefit cost:

           

Service cost

   $ 2,463      $ 2,058      $ 43      $ 50  

Interest cost

     9,180        9,472        787        806  

Expected return on plan assets

     (12,115      (12,134      —          —    

Amortization of prior service benefit

     (15      (15      —          —    

Amortization of actuarial loss

     3,379        3,007        318        742  
  

 

 

    

 

 

    

 

 

    

 

 

 

Net periodic benefit cost

     2,892        2,388        1,148        1,598  
  

 

 

    

 

 

    

 

 

    

 

 

 

Changes in accumulated other comprehensive loss:

           

Actuarial (gain) loss

     (9      152        —          —    

Amortization of prior service benefit

     15        15        —          —    

Amortization of actuarial loss

     (3,379      (3,007      (318      (742
  

 

 

    

 

 

    

 

 

    

 

 

 

Total recognized in accumulated other comprehensive loss

     (3,373      (2,840      (318      (742
  

 

 

    

 

 

    

 

 

    

 

 

 

Total recognized in net periodic benefit cost and accumulated other comprehensive loss

   $ (481    $ (452    $ 830      $ 856  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

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

 

     Pension Benefits     Postretirement Benefits  
     2016     2015     2014     2016     2015     2014  
     (Dollars in thousands)  

Net periodic benefit cost:

            

Service cost

   $ 8,234     $ 8,352     $ 8,397     $ 200     $ 251     $ 255  

Interest cost(1)

     37,819       47,179       54,958       3,223       4,588       5,199  

Expected return on plan assets

     (48,422     (50,825     (55,521     —         —         —    

Amortization of prior service benefit

     (61     (61     (53     —         —         (5

Amortization of actuarial loss

     12,036       12,578       10,932       2,967       4,511       4,201  

Curtailment (gain) loss

     (140     656       2,614       —         —         733  

Special termination benefit

     —         —         35       —         —         —    

Net settlement loss (gain)

     49       (45     30,558       —         —         —    
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net periodic benefit cost

     9,515       17,834       51,920       6,390       9,350       10,383  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Changes in accumulated other comprehensive loss:

            

Actuarial loss (gain)

     32,187       (15,228     92,544       5,556       (5,918     6,453  

Amortization of prior service benefit

     61       61       53       —         —         5  

Amortization of actuarial loss

     (12,036     (12,578     (10,932     (2,967     (4,511     (4,201

Curtailment gain (loss)

     173       (656     113       —         —         —    

Net settlement (loss) gain

     (49     45       (30,712     —         —         —    
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total recognized in accumulated other comprehensive loss

     20,336       (28,356     51,066       2,589       (10,429     2,257  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total recognized in net periodic benefit cost and accumulated other comprehensive loss

   $ 29,851     $ (10,522   $ 102,986     $ 8,979     $ (1,079   $ 12,640  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1) The decrease in interest cost is primarily due to the election made at the end of 2015 to adopt the spot-rate approach to determine the interest cost component of pension and postretirement expense.
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  
    2016     2015     2016     2015  
    (Dollars in thousands)  

Change in benefit obligation:

       

Benefit obligation at beginning of year

  $ 1,194,365     $ 1,289,337     $ 117,740     $ 134,084  

Service cost

    8,234       8,352       200       251  

Interest cost(1)

    37,819       47,179       3,223       4,588  

Plan participants’ contribution

    484       534       4,172       4,512  

Actuarial loss (gain)(2)

    33,948       (56,352     5,556       (5,918

Net curtailment loss

    119       300       —         —    

Impact of foreign currency changes

    (15,435     (21,306     —         —    

Plan settlements(3)

    (417     (4,145     —         —    

Special termination benefits

    —         —         —         —    

Net benefits paid

    (67,183     (69,534     (18,440     (19,777
 

 

 

   

 

 

   

 

 

   

 

 

 

Benefit obligation at end of year

  $ 1,191,934     $ 1,194,365     $ 112,451     $ 117,740  
 

 

 

   

 

 

   

 

 

   

 

 

 

Change in plan assets:

       

Fair value of plan assets at beginning of year

    838,551       878,823       —         —    

Actual return on plan assets(4)

    49,986       10,185       —         —    

Employer contribution

    31,147       36,151       14,268       15,265  

Plan participants’ contributions

    484       534       4,172       4,512  

Plan settlements(3)

    (417     (4,145     —         —    

Impact of foreign currency changes

    (15,246     (13,463     —         —    

Net benefits paid

    (67,183     (69,534     (18,440     (19,777
 

 

 

   

 

 

   

 

 

   

 

 

 

Fair value of plan assets at end of year

    837,322       838,551       —         —    
 

 

 

   

 

 

   

 

 

   

 

 

 

Unfunded status at end of year

  $ (354,612   $ (355,814   $ (112,451   $ (117,740
 

 

 

   

 

 

   

 

 

   

 

 

 

 

(1) The decrease in interest cost is primarily due to the election made at the end of 2015 to adopt the spot-rate approach to determine the interest cost component of pension and postretirement expense.

 

(2) Actuarial losses in 2016 in the Company’s pension benefit plans resulted from changes in discount rate assumptions. Actuarial gains in 2015 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 2016 and 2015, including a decrease and increase, respectively, in corporate bond yield indices, resulted in an increase and decrease in benefit obligations, respectively.

 

(3) The decrease in pension plan settlements in 2016 was primarily due to 2015 settlement activity that continued to reflect impacts from restructuring.

 

(4) The increase in return on plan assets in 2016 was primarily due to better-than-expected asset performance, as compared to the poor investment performance in 2015, of U.S. and international equity securities.
Schedule of amounts recognized in balance sheet  

Amounts recognized in the Company’s consolidated balance sheets as of November 27, 2016, and November 29, 2015, consist of the following:

 

     Pension Benefits     Postretirement Benefits  
     2016     2015     2016     2015  
     (Dollars in thousands)  

Unfunded status recognized on the balance sheet:

        

Prepaid benefit cost

   $ 5,555     $ 8,842     $ —       $ —    

Accrued benefit liability – current portion

     (9,142     (9,044     (11,485     (12,500

Accrued benefit liability – long-term portion

     (351,025     (355,612     (100,966     (105,240
  

 

 

   

 

 

   

 

 

   

 

 

 
   $ (354,612   $ (355,814   $ (112,451   $ (117,740
  

 

 

   

 

 

   

 

 

   

 

 

 

Accumulated other comprehensive loss:

        

Net actuarial loss

   $ (385,942   $ (365,657   $ (28,665   $ (26,076

Net prior service benefit

     420       471       —         —    
  

 

 

   

 

 

   

 

 

   

 

 

 
   $ (385,522   $ (365,186   $ (28,665   $ (26,076
  

 

 

   

 

 

   

 

 

   

 

 

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  
    2016     2015  
    (Dollars in thousands)  

Accumulated benefit obligations in excess of plan assets:

   

Aggregate accumulated benefit obligation

  $ 1,079,316     $ 1,053,493  

Aggregate fair value of plan assets

    725,830       694,440  

Projected benefit obligations in excess of plan assets:

   

Aggregate projected benefit obligation

  $ 1,086,842     $ 1,087,588  

Aggregate fair value of plan assets

    726,675       722,931  
Schedule of assumptions used  

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

 

     Pension Benefits     Postretirement Benefits  
     2016     2015     2014     2016     2015     2014  

Weighted-average assumptions used to determine net periodic benefit cost:

            

Discount rate

     4.0     3.8     4.6     3.8     3.6     4.2

Expected long-term rate of return on plan assets

     5.9     5.9     6.3      

Rate of compensation increase

     3.4     3.4     3.7      

Weighted-average assumptions used to determine benefit obligations:

            

Discount rate

     3.8     4.0     3.8     3.7     3.8     3.6

Rate of compensation increase

     3.4     3.4     3.4      

Assumed health care cost trend rates were as follows:

            

Health care trend rate assumed for next year

           6.4     6.4     7.0

Rate trend to which the cost trend is assumed to decline

           4.4     4.4     4.5

Year that rate reaches the ultimate trend rate

           2038       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 27, 2016  

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

  $ 2,676     $ 2,676     $ —       $ —    

Equity securities(1)

       

U.S. large cap

    190,811       —         190,811       —    

U.S. small cap

    37,434       —         37,434       —    

International

    144,241       —         144,241       —    

Fixed income securities(2)

    395,995       —         395,995       —    

Other alternative investments

       

Real estate(3)

    53,783       —         53,783       —    

Private equity(4)

    1,344       —         —         1,344  

Hedge fund(5)

    7,337       —         7,337       —    

Other(6)

    3,701       —         3,701       —    
 

 

 

   

 

 

   

 

 

   

 

 

 

Total investments at fair value

  $ 837,322     $ 2,676     $ 833,302     $ 1,344  
 

 

 

   

 

 

   

 

 

   

 

 

 

 

    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  
 

 

 

   

 

 

   

 

 

   

 

 

 

 

(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)  

2017

   $ 65,722      $ 14,237      $ 79,959  

2018

     66,084        13,338        79,422  

2019

     65,849        12,799        78,648  

2020

     66,539        12,282        78,821  

2021

     67,646        11,528        79,174  

2022-2024

     350,466        46,026        396,492