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Employee Benefit Plans
 12 Months Ended
Nov. 27, 2022
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
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.
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.

The accumulated benefit obligation for all defined benefit plans was $0.9 billion and $1.2 billion at November 27, 2022 and November 28, 2021, 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
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 
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 
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
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 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.
The fair value of plan assets are composed of U.S. plan assets of $692.1 million and non-U.S. plan assets of $146.4 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 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 
At November 27, 2022, the Company's contributions to its pension plans for fiscal year 2023 are estimated to be $12.2 million.