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Benefits (Tables) | 12 Months Ended
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Nov. 26, 2023
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
| 2023 |  | 2022 |  | 2023 |  | 2022
| (Dollars in millions)
Change in benefit obligation: |  |  |  |  |  |  |
Benefit obligation at beginning of year | $ | 882.6 |  |  | $ | 1,192.1 |  |  | $ | 41.9 |  |  | $ | 57.8 |
Service cost | 2.8 |  |  | 3.9 |  |  | — |  |  | — |
Interest cost | 39.9 |  |  | 22.5 |  |  | 2.0 |  |  | 0.9 |
Plan participants' contribution | 0.6 |  |  | 0.5 |  |  | 3.5 |  |  | 3.6 |
Actuarial gain(1) | (38.2) |  |  | (251.5) |  |  | 1.0 |  |  | (10.2) |
Impact of foreign currency changes | 4.5 |  |  | (16.1) |  |  | — |  |  | — |
Plan settlements(2) | (59.1) |  |  | (1.1) |  |  | — |  |  | — |
Net benefits paid | (63.7) |  |  | (67.7) |  |  | (9.2) |  |  | (10.2) |
Benefit obligation at end of year | $ | 769.4 |  |  | $ | 882.6 |  |  | $ | 39.2 |  |  | $ | 41.9 |
Change in plan assets: |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | 838.5 |  |  | 1,129.2 |  |  | — |  |  | — |
Actual return on plan assets | 7.3 |  |  | (216.5) |  |  | — |  |  | — |
Employer contribution | 12.2 |  |  | 10.7 |  |  | 5.7 |  |  | 6.6 |
Plan participants' contributions | 0.6 |  |  | 0.5 |  |  | 3.5 |  |  | 3.6 |
Plan settlements | (59.1) |  |  | (1.1) |  |  | — |  |  | — |
Impact of foreign currency changes | 3.6 |  |  | (16.6) |  |  | — |  |  | — |
Net benefits paid | (63.7) |  |  | (67.7) |  |  | (9.2) |  |  | (10.2) |
Fair value of plan assets at end of year | 739.4 |  |  | 838.5 |  |  | — |  |  | — |
Unfunded status at end of year | $ | (30.0) |  |  | $ | (44.1) |  |  | $ | (39.2) |  |  | $ | (41.9) |
_____________ (1)The decrease in fiscal year 2023 actuarial gains compared to 2022 actuarial gains in the Company's pension benefit plans is primarily from changes in discount rate assumptions made in 2022. (2)In 2023, the Company used pension plan assets to purchase nonparticipating annuity contracts in order to transfer certain liabilities associated with its U.S. pension plan to an insurance company. As a result, the Company remeasured the U.S. pension plan, which resulted in a noncash pension settlement charge of $19.0 million recognized within Other (expense) income, net in the Company’s consolidated statement of income and Other, net in the Company’s consolidated statement of cash flows. Approximately $21 million of unrealized losses was reclassified from AOCL on the Company’s consolidated balance sheets.
Schedule of amounts recognized in balance sheet | Amounts recognized in the Company's consolidated balance sheets as of November 26, 2023 and November 27, 2022, consist of the following:
| Pension Benefits |  | Postretirement Benefits
| 2023 |  | 2022 |  | 2023 |  | 2022
| (Dollars in millions)
Unfunded status recognized on the balance sheet: |  |  |  |  |  |  |
Prepaid benefit cost(1) | $ | 87.6 |  |  | $ | 75.2 |  |  | $ | — |  |  | $ | — |
Accrued benefit liability – current portion(2) | (10.3) |  |  | (9.7) |  |  | (5.6) |  |  | (5.7) |
Accrued benefit liability – long-term portion(2) | (107.3) |  |  | (109.6) |  |  | (33.6) |  |  | (36.2) |
| $ | (30.0) |  |  | $ | (44.1) |  |  | $ | (39.2) |  |  | $ | (41.9) |
Accumulated other comprehensive loss: |  |  |  |  |  |  |
Net actuarial loss | $ | (217.5) |  |  | $ | (253.1) |  |  | $ | 0.6 |  |  | $ | 1.6 |
Net prior service benefit | 0.1 |  |  | 0.1 |  |  | — |  |  | — |
| $ | (217.4) |  |  | $ | (253.0) |  |  | $ | 0.6 |  |  | $ | 1.6 |
_____________ (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
| 2023 |  | 2022
| (Dollars in millions)
Accumulated benefit obligations in excess of plan assets: |  |  |
Aggregate accumulated benefit obligation | $ | 115.2 |  |  | $ | 117.3 |
Projected benefit obligations in excess of plan assets: |  |  |
Aggregate projected benefit obligation | $ | 118.6 |  |  | $ | 119.3 |
Aggregate fair value of plan assets | 0.9 |  |  | — |
Schedule of defined benefit plans disclosures | Deferred compensation plan liabilities were recognized in the Company’s consolidated balance sheets as follows:
| November 26, 2023 |  | November 27, 2022 |  | November 28, 2021
| (Dollars in millions)
Accrued salaries, wages and employee benefits | $ | 9.1 |  |  | $ | 5.6 |  |  | $ | 7.2 |
Long-term employee related benefits | $ | 94.8 |  |  | $ | 94.0 |  |  | $ | 99.5 |
The components of the Company's net periodic benefit cost were as follows:
| Pension Benefits |  | Postretirement Benefits
| 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
| (Dollars in millions)
Net periodic benefit cost (income): |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | 2.8 |  |  | $ | 3.9 |  |  | $ | 4.5 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost | 39.9 |  |  | 22.5 |  |  | 19.3 |  |  | 2.0 |  |  | 0.9 |  |  | 0.8 |
Expected return on plan assets | (37.7) |  |  | (31.8) |  |  | (36.6) |  |  | — |  |  | — |  |  | — |
Amortization of prior service benefit | (0.1) |  |  | — |  |  | (0.1) |  |  | — |  |  | — |  |  | — |
Amortization of actuarial loss | 8.9 |  |  | 8.5 |  |  | 10.4 |  |  | — |  |  | 0.3 |  |  | 0.5 |
Net settlement loss (gain) | 18.9 |  |  | (0.2) |  |  | — |  |  | — |  |  | — |  |  | — |
Net periodic benefit (income) cost | 32.7 |  |  | 2.9 |  |  | (2.5) |  |  | 2.0 |  |  | 1.2 |  |  | 1.3 |
Changes in accumulated other comprehensive loss: |  |  |  |  |  |  |  |  |  |  |
Actuarial (gain) loss | (7.9) |  |  | (3.3) |  |  | (21.2) |  |  | 1.0 |  |  | (10.2) |  |  | (3.0) |
Amortization of prior service benefit | 0.1 |  |  | — |  |  | 0.1 |  |  | — |  |  | — |  |  | — |
Amortization of actuarial loss | (8.9) |  |  | (8.5) |  |  | (10.4) |  |  | — |  |  | (0.3) |  |  | (0.5) |
Net settlement (loss) gain | (18.9) |  |  | 0.2 |  |  | — |  |  | — |  |  | — |  |  | — |
Total recognized in accumulated other comprehensive loss | (35.6) |  |  | (11.6) |  |  | (31.5) |  |  | 1.0 |  |  | (10.5) |  |  | (3.5) |
Total recognized in net periodic benefit cost and accumulated other comprehensive loss | $ | (2.9) |  |  | $ | (8.7) |  |  | $ | (34.0) |  |  | $ | 3.0 |  |  | $ | (9.3) |  |  | $ | (2.2) |
Schedule of assumptions used | Assumptions used in accounting for the Company's benefit plans were as follows:
| Pension Benefits |  | Postretirement Benefits
| 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Weighted-average assumptions used to determine net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |
Discount rate | 5.0% |  | 2.4% |  | 2.1% |  | 5.1% |  | 2.4% |  | 2.0%
Expected long-term rate of return on plan assets | 4.8% |  | 2.9% |  | 3.3% |  |  |  |  |  |
Rate of compensation increase | 3.6% |  | 3.5% |  | 3.3% |  |  |  |  |  |
Weighted-average assumptions used to determine benefit obligations: |  |  |  |  |  |  |  |  |  |  |
Discount rate | 5.5% |  | 5.0% |  | 2.4% |  | 5.6% |  | 5.1% |  | 2.4%
Rate of compensation increase | 3.5% |  | 3.6% |  | 3.5% |  |  |  |  |  |
Assumed health care cost trend rates were as follows: |  |  |  |  |  |  |  |  |  |  |
Health care trend rate assumed for next year |  |  |  |  |  |  | 7.0% |  | 6.1% |  | 5.9%
Rate trend to which the cost trend is assumed to decline |  |  |  |  |  |  | 3.9% |  | 4.0% |  | 3.9%
Year that rate reaches the ultimate trend rate |  |  |  |  |  |  | 2048 |  | 2046 |  | 2044
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 26, 2023
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 millions)
Cash and cash equivalents | $ | 16.9 |  |  | $ | 16.9 |  |  | $ | — |  |  | $ | — |
Equity securities(1) |  |  |  |  |  |  |
U.S. large cap | 42.3 |  |  | — |  |  | 42.3 |  |  | — |
U.S. small cap | 5.3 |  |  | — |  |  | 5.3 |  |  | — |
International | 62.8 |  |  | — |  |  | 62.8 |  |  | — |
Fixed income securities(2) | 594.0 |  |  | — |  |  | 594.0 |  |  | — |
Other alternative investments |  |  |  |  |  |  |
Real estate(3) | 14.0 |  |  | — |  |  | 14.0 |  |  | — |
Other(5) | 4.1 |  |  | — |  |  | 4.1 |  |  | — |
Total investments at fair value | $ | 739.4 |  |  | $ | 16.9 |  |  | $ | 722.5 |  |  | $ | — |
| Year Ended November 27, 2022
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 millions)
Cash and cash equivalents | $ | 5.7 |  |  | $ | 5.7 |  |  | $ | — |  |  | $ | — |
Equity securities(1) |  |  |  |  |  |  |
U.S. large cap | 42.8 |  |  | — |  |  | 42.8 |  |  | — |
U.S. small cap | 6.6 |  |  | — |  |  | 6.6 |  |  | — |
International | 69.8 |  |  | — |  |  | 69.8 |  |  | — |
Fixed income securities(2) | 687.7 |  |  | — |  |  | 687.7 |  |  | — |
Other alternative investments |  |  |  |  |  |  |
Real estate(3) | 14.5 |  |  | — |  |  | 14.5 |  |  | — |
Hedge fund(4) | 7.4 |  |  | — |  |  | 7.4 |  |  | — |
Other(5) | 4.0 |  |  | — |  |  | 4.0 |  |  | — |
Total investments at fair value | $ | 838.5 |  |  | $ | 5.7 |  |  | $ | 832.8 |  |  | $ | — |
_____________ (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)Primarily invested in a diversified portfolio of equities, bonds, alternatives and cash with a low tolerance for capital loss. (5)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 |  | Deferred Compensation |  | Total
| (Dollars in millions)
2024 | $ | 70.5 |  |  | $ | 6.1 |  |  | $ | 9.1 |  |  | $ | 85.7 |
2025 | 65.7 |  |  | 5.6 |  |  | 5.1 |  |  | 76.4 |
2026 | 64.0 |  |  | 5.1 |  |  | 5.1 |  |  | 74.2 |
2027 | 64.4 |  |  | 4.6 |  |  | 3.6 |  |  | 72.6 |
2028 | 62.8 |  |  | 4.2 |  |  | 3.7 |  |  | 70.7 |
2029-2033 | 295.8 |  |  | 15.7 |  |  | 77.3 |  |  | 388.8 |

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