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Note 7 - Components of Net Periodic Benefit related to Pension and Other Postretirement Benefit Plans | 9 Months Ended
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Aug. 31, 2024
Notes to Financial Statements |
Retirement Benefits [Text Block] | Note 7: Components of Net Periodic Benefit related to Pension and Other Postretirement Benefit Plans
|  | Three Months Ended August 31, 2024 and September 2, 2023 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Other |
|  | Pension Benefits |  |  | Postretirement |
|  | U.S. Plans |  |  | Non-U.S. Plans |  |  | Benefits |
Net periodic (benefit) cost: |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Service cost |  | $ | - |  |  | $ | - |  |  | $ | 350 |  |  | $ | 422 |  |  | $ | - |  |  | $ | - |
Interest cost |  |  | 3,464 |  |  |  | 3,475 |  |  |  | 1,575 |  |  |  | 1,454 |  |  |  | 291 |  |  |  | 301 |
Expected return on assets |  |  | (6,555 | ) |  |  | (7,205 | ) |  |  | (1,643 | ) |  |  | (1,785 | ) |  |  | (2,727 | ) |  |  | (2,465 | )
Amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prior service cost |  |  | - |  |  |  | - |  |  |  | 16 |  |  |  | 16 |  |  |  | - |  |  |  | - |
Actuarial loss |  |  | 1,159 |  |  |  | 635 |  |  |  | 516 |  |  |  | 506 |  |  |  | - |  |  |  | - |
Net periodic (benefit) cost |  | $ | (1,932 | ) |  | $ | (3,095 | ) |  | $ | 814 |  |  | $ | 613 |  |  | $ | (2,436 | ) |  | $ | (2,164 | )
|  | Nine Months Ended August 31, 2024 and September 2, 2023 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Other |
|  | Pension Benefits |  |  | Postretirement |
|  | U.S. Plans |  |  | Non-U.S. Plans |  |  | Benefits |
Net periodic (benefit) cost: |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Service cost |  | $ | - |  |  | $ | - |  |  | $ | 1,046 |  |  | $ | 1,255 |  |  | $ | - |  |  | $ | - |
Interest cost |  |  | 10,391 |  |  |  | 10,426 |  |  |  | 4,705 |  |  |  | 4,300 |  |  |  | 875 |  |  |  | 903 |
Expected return on assets |  |  | (19,666 | ) |  |  | (21,617 | ) |  |  | (4,908 | ) |  |  | (5,277 | ) |  |  | (8,182 | ) |  |  | (7,394 | )
Amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prior service cost |  |  | - |  |  |  | - |  |  |  | 48 |  |  |  | 47 |  |  |  | - |  |  |  | - |
Actuarial loss |  |  | 3,478 |  |  |  | 1,906 |  |  |  | 1,540 |  |  |  | 1,496 |  |  |  | - |  |  |  | - |
Net periodic (benefit) cost |  | $ | (5,797 | ) |  | $ | (9,285 | ) |  | $ | 2,431 |  |  | $ | 1,821 |  |  | $ | (7,307 | ) |  | $ | (6,491 | )
Service cost is included with employee compensation cost in cost of sales and selling, general and administrative expenses in the Consolidated Statements of Income. The components of our net periodic defined benefit pension and postretirement benefit costs other than service cost are presented in other income, net in the Consolidated Statements of Income.

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