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Benefit Plans (Tables)
12 Months Ended
Nov. 30, 2023
Retirement Benefits [Abstract]  
Changes in Projected Benefit Obligation
A summary of activity with respect to both plans is as follows (in thousands):
Year Ended November 30,
 20232022
Change in projected benefit obligation:
Projected benefit obligation, beginning of year$172,066 $226,728 
Interest cost7,981 5,805 
Actuarial (gains) losses(5,289)(47,362)
Settlements— (4,702)
Benefits paid(10,888)(8,403)
Projected benefit obligation, end of year$163,870 $172,066 
Change in plan assets:  
Fair value of plan assets, beginning of year$147,272 $199,215 
Actual return on plan assets6,094 (37,574)
Employer contributions1,000 1,000 
Benefits paid(10,888)(8,403)
Settlements— (4,702)
Administrative expenses paid(2,301)(2,264)
Fair value of plan assets, end of year$141,177 $147,272 
Funded status at end of year$(22,693)$(24,794)
Components of Net Periodic Pension (Benefit) Cost
The following table summarizes the components of net periodic pension cost and other amounts recognized in other comprehensive income (loss) excluding taxes (in thousands):
Year Ended November 30,
 202320222021
Interest cost$7,981 $5,805 $4,946 
Expected return on plan assets(6,411)(7,311)(8,433)
Settlement losses370 833 — 
Actuarial losses413 3,348 4,192 
Net periodic pension cost$2,353 $2,675 $705 
Amounts recognized in other comprehensive income (loss):
Net (gains) losses arising during the period$(2,670)$(211)$(8,264)
Settlement losses— (833)— 
Amortization of net loss782 (3,348)(4,192)
Total recognized in other comprehensive income (loss)$(1,888)$(4,392)$(12,456)
   
Net amount recognized in net periodic benefit cost and other
  comprehensive income (loss)
$465 $(1,717)$(11,751)
Assumptions Used to Determine the Present Value of the Projected Benefit Obligations and Net Periodic Pension Costs
The assumptions used are as follows:
November 30,
 20232022
WilTel Plan
Discount rate used to determine benefit obligation5.30 %4.90 %
Weighted-average assumptions used to determine net pension cost:
Discount rate
4.90 %2.60 %
Expected long-term return on plan assets
6.00 %6.00 %
U.S. Pension Plan
Discount rate used to determine benefit obligation5.20 %4.80 %
Weighted-average assumptions used to determine net pension cost:
Discount rate
4.80 %2.40 %
Expected long-term return on plan assets
5.00 %5.00 %
Expected Benefit Payments
The following pension benefit payments are expected to be paid (in thousands):
Fiscal Year:
2024$24,303 
202512,035 
202613,166 
202713,641 
202813,024 
Years 2029 - 203361,816