v3.3.1.900

Pension and Other Postretirement Plans | 12 Months Ended
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Nov. 28, 2015
Compensation and Retirement Disclosure [Abstract] |
Pension and Other Postretirement Plans | PENSION AND OTHER POSTRETIREMENT PLANS The Company has defined benefit pension plans and a postretirement healthcare benefit plan covering certain current and retired employees. The Company has frozen participation in its defined benefit plans and postretirement healthcare benefit plan. For one of the plans, certain current plan participants continue to accrue benefits in the plan, while other current participants do not accrue future benefits under the plan but participate in the Company's defined contribution plan which offers an increased Company match. The Company’s policy is to contribute to its qualified U.S. and non-U.S. pension plans at least the minimum amount required by applicable laws and regulations, to contribute to the U.S. combined nonqualified plans when required for benefit payments, and to contribute to the postretirement healthcare benefit plan an amount equal to the benefit payments. The Company, from time to time, makes voluntary contributions in excess of the minimum amount required as economic conditions warrant. During 2015, 2014 and 2013, the Company made voluntary contributions to its qualified U.S. pension plans of $0, $0 and $1,493, respectively. The Company expects to contribute $0 to its U.S. qualified plans, $159 to its U.S. combined nonqualified plans, $384 to its non-U.S. plan and $45 to its postretirement healthcare benefit plan to pay benefits during 2016. The projected benefit obligation ("PBO"), accumulated benefit obligation (“ABO”) and fair value of plan assets for qualified pension plans with PBOs and ABOs in excess of plan assets were $193,475, $189,895 and $164,488, respectively, at November 30, 2015. The U.S. combined nonqualified plans are unfunded; therefore, there are no plan assets; however, the Company had funded $729 and $893 at November 30, 2015 and 2014, respectively, into a restricted trust for its U.S. combined nonqualified plans, see Note F. This trust is included in Other noncurrent assets in the Consolidated Balance Sheets. The PBO and ABO for the U.S. combined nonqualified plans were $2,041 and $1,954, at November 30, 2015, respectively. A discount rate is used to calculate the present value of the PBO. The Company’s objective in selecting a discount rate is to select the best estimate of the rate at which the benefit obligations could be effectively settled on the measurement date, taking into account the nature and duration of the benefit obligations of the plan. In making this estimate, the Company looks at rates of return on high-quality fixed-income investments currently available and expected to be available during the period to maturity of the benefits. This process includes looking at the bonds available on the measurement date with a quality rating of Aa or better. Similar appropriate benchmarks are used to determine the discount rate for the non-U.S. plan. The difference in the discount rates between the qualified, the nonqualified and the other postretirement plans is due to different expectations as to the period of time in which plan members will participate in the various plans. In general, higher discount rates correspond to longer expected participation periods. The assumptions for the discount rate, rate of compensation increase and expected rate of return and the asset allocations related to the non-U.S. plan are not materially different than for the U.S. qualified plans. The rate of compensation increase represents the long-term assumption for expected increases in salaries among continuing active participants accruing benefits in the pay-related plans. The Company considers the impact of profit-sharing payments, merit increases and promotions in setting the salary increase assumption as well as possible future inflation increases and its impact on salaries paid to plan participants at the locations where the Company conducts operations. As is discussed further in Note C, on June 27, 2015 the Company disposed of J.L. Clark. This disposal resulted in a significant reduction in expected future service of J.L. Clark employees that participated in the Company's qualified U.S. pension plan. The resulting curtailment and re-measurement of the assets and liabilities of the Company's qualified U.S. pension plan as of the date of disposal resulted in a reduction of the projected benefit obligation and pension liability of approximately $3,988, recorded through Accumulated other comprehensive loss. The following tables show reconciliations of the changes in benefit obligations and plan assets for our pension plans and other postretirement benefits plan as of November 30, 2015 and 2014. The accrued pension benefit obligation includes an unfunded benefit obligation of $2,041 and $2,358 as of November 30, 2015 and 2014, respectively, related to the Company’s U.S. combined nonqualified plans.
| Pension Benefits |  | Other Postretirement Benefits
| 2015 |  | 2014 |  | 2015 |  | 2014
Change in benefit obligation |  |  |  |  |  |  |
Benefit obligation at beginning of year | $ | 204,982 |  |  | $ | 176,099 |  |  | $ | 397 |  |  | $ | 356 |
Currency translation | (450 | ) |  | (357 | ) |  | — |  |  | — |
Service cost | 1,905 |  |  | 1,990 |  |  | — |  |  | — |
Interest cost | 7,676 |  |  | 7,704 |  |  | 12 |  |  | 10 |
Plan participants' contributions | 18 |  |  | 22 |  |  | — |  |  | — |
Curtailment | (2,193 | ) |  | — |  |  | — |  |  | — |
Actuarial (gains) losses | (8,209 | ) |  | 27,232 |  |  | (78 | ) |  | 17 |
Benefits paid | (8,213 | ) |  | (7,708 | ) |  | (180 | ) |  | (197 | )
Retiree contributions | — |  |  | — |  |  | 190 |  |  | 211 |
Benefit obligation at end of year | $ | 195,516 |  |  | $ | 204,982 |  |  | $ | 341 |  |  | $ | 397 |
| Pension Benefits |  | Other Postretirement Benefits
| 2015 |  | 2014 |  | 2015 |  | 2014
Change in plan assets |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | $ | 172,280 |  |  | $ | 156,384 |  |  | $ | — |  |  | $ | — |
Currency translation | (428 | ) |  | (348 | ) |  | — |  |  | — |
Actual return on plan assets | 343 |  |  | 23,396 |  |  | — |  |  | — |
Employer contributions | 488 |  |  | 534 |  |  | 180 |  |  | 197 |
Plan participants' contributions | 18 |  |  | 22 |  |  | — |  |  | — |
Benefits paid | (8,213 | ) |  | (7,708 | ) |  | (180 | ) |  | (197 | )
Fair value of plan assets at end of year | $ | 164,488 |  |  | $ | 172,280 |  |  | $ | — |  |  | $ | — |
Funded status | $ | (31,028 | ) |  | $ | (32,702 | ) |  | $ | (341 | ) |  | $ | (397 | )
Accumulated benefit obligation at end of year | $ | 191,849 |  |  | $ | 199,476 |  |  | n/a |  | n/a
Assumptions: |  |  |  |  |  |  |  |  |  |  |
Discount rate - qualified plans | 4.00% |  | 3.75% |  | 3.25% |  | 3.25%
Discount rate - nonqualified plans | 3.25% |  | 3.00% |  | n/a |  | n/a
Rate of compensation increase - qualified plans | 4.00% |  | 4.00% |  | n/a |  | n/a
Rate of compensation increase - nonqualified plans | 4.00% |  | 4.00% |  | n/a |  | n/a
Measurement date | 11/30/2015 |  | 11/30/2014 |  | 11/30/2015 |  | 11/30/2014
| Pension Benefits |  | Other Postretirement Benefits
| 2015 |  | 2014 |  | 2015 |  | 2014
Amounts recognized in the Consolidated Balance Sheets as of November 30 |  |  |  |  |  |  |
Accounts payable and accrued liabilities | $ | (159 | ) |  | $ | (221 | ) |  | $ | (47 | ) |  | $ | (59 | )
Long-term pension and postretirement healthcare benefits liabilities | (30,869 | ) |  | (32,481 | ) |  | (294 | ) |  | (338 | )
Funded status | $ | (31,028 | ) |  | $ | (32,702 | ) |  | $ | (341 | ) |  | $ | (397 | )
Accumulated other comprehensive loss, pre-tax | $ | 58,137 |  |  | $ | 61,096 |  |  | $ | (1,214 | ) |  | $ | (1,346 | )
Amounts recognized in Accumulated Other Comprehensive Loss, as of November 30 |  |  |  |  |  |  |  |  |  |  |
Unrecognized net actuarial loss (gain) | $ | 58,136 |  |  | $ | 61,098 |  |  | $ | (864 | ) |  | $ | (873 | )
Unrecognized net prior service credit | 1 |  |  | (2 | ) |  | (350 | ) |  | (473 | )
Accumulated other comprehensive loss, pre-tax | 58,137 |  |  | 61,096 |  |  | (1,214 | ) |  | (1,346 | )
Deferred taxes | (21,380 | ) |  | (22,535 | ) |  | 423 |  |  | 475 |
Accumulated other comprehensive loss, after-tax | $ | 36,757 |  |  | $ | 38,561 |  |  | $ | (791 | ) |  | $ | (871 | )
The amounts affecting Accumulated other comprehensive loss for the years ended November 30, 2015 and 2014 are as follows:
| Pension Benefits |  | Other Postretirement Benefits
| 2015 |  | 2014 |  | 2015 |  | 2014
Amortization of prior service (cost) credit, net of tax of $(2), $(5) and $(43), $(43), respectively | $ | — |  |  | $ | 5 |  |  | $ | 79 |  |  | $ | 79 |
Amortization of actuarial (losses) gains, net of tax of $1,351, $1,063 and $(30), $(52), respectively | (2,324 | ) |  | (1,821 | ) |  | 57 |  |  | 95 |
Current year actuarial losses (gains), net of tax of $(1,081), $(5,559) and $27, $(6), respectively | 1,827 |  |  | 9,509 |  |  | (51 | ) |  | 11 |
Curtailment gain, net of tax of $797, $0 and $0, $0, respectively | (1,396 | ) |  | — |  |  | — |  |  | — |
Effect of change in deferred tax rate | 150 |  |  | (78 | ) |  | (6 | ) |  | (11 | )
Total | $ | (1,743 | ) |  | $ | 7,615 |  |  | $ | 79 |  |  | $ | 174 |
The target allocation of invested assets for the U.S. plans is 40% equity securities and 60% debt securities. The target allocation is based on the Company’s desire to maximize total return, considering the long-term funding objectives of the pension plans, but may change in the future. Plan assets are diversified to achieve a balance between risk and return. The Company does not invest plan assets in private equity funds or hedge funds. The Company’s expected long-term rate of return considers historical returns on plan assets as well as future expectation given the current and target asset allocation and current economic conditions with input from investment managers and actuaries. The expected rate of return on plan assets is designed to be a long-term assumption that may be subject to considerable year-to-year variance from actual returns. As of the November 30 measurement dates, the fair values of actual pension asset allocations were as follows:
| 2015 |  | 2014
Equity securities | 40.3 | % |  | 39.9 | %
Debt securities | 59.2 | % |  | 59.5 | %
Real estate | — | % |  | — | %
Cash and cash equivalents | 0.5 | % |  | 0.6 | %
| 100.0 | % |  | 100.0 | %
The accounting guidance on fair value measurements specifies a fair value hierarchy based upon the observability of inputs used in valuation techniques (Level 1, 2 and 3). See Note F for a discussion of the fair value hierarchy. The following table summarizes the fair value of the pension plans’ assets.
| Fair Value Measurements at Reporting Date
| Total |  | Level 1 |  | Level 2 |  | Level 3
November 30, 2015 |  |  |  |  |  |  |
U.S. equity securities funds | $ | 45,744 |  |  | $ | 45,744 |  |  | $ | — |  |  | $ | — |
Non-U.S. equity securities funds | 20,466 |  |  | 20,466 |  |  | — |  |  | — |
Fixed income securities funds | 97,373 |  |  | 97,373 |  |  | — |  |  | — |
Cash and equivalents funds | 625 |  |  | 625 |  |  | — |  |  | — |
Total | $ | 164,208 |  |  | $ | 164,208 |  |  | $ | — |  |  | $ | — |
Other items to reconcile to fair value of plan assets | 280 |  |  |  |  |  |  |  |  |  |
Fair value of plan assets | $ | 164,488 |  |  |  |  |  |  |  |  |  |
| Fair Value Measurements at Reporting Date
| Total |  | Level 1 |  | Level 2 |  | Level 3
November 30, 2014 |  |  |  |  |  |  |
U.S. equity securities funds | $ | 47,181 |  |  | $ | 47,181 |  |  | $ | — |  |  | $ | — |
Non-U.S. equity securities funds | 21,546 |  |  | 21,546 |  |  | — |  |  | — |
Fixed income securities funds | 102,561 |  |  | 102,561 |  |  | — |  |  | — |
Cash and equivalents funds | 703 |  |  | 703 |  |  | — |  |  | — |
Total | $ | 171,991 |  |  | $ | 171,991 |  |  | $ | — |  |  | $ | — |
Other items to reconcile to fair value of plan assets | 289 |  |  |  |  |  |  |  |  |  |
Fair value of plan assets | $ | 172,280 |  |  |  |  |  |  |  |  |  |
U.S. equity securities funds consist primarily of large cap and small cap U.S. companies. Non-U.S. equity securities funds consist primarily of equities of non-U.S. developed markets. Fixed income securities funds consist primarily of bonds such as governmental agencies, investment grade credit, commercial mortgage backed, residential mortgage backed and asset backed. Funds that are traded on a national exchange are categorized as Level 1. Other items to reconcile to fair value of plan assets is the net of interest receivable, amounts due for securities sold, amounts payable for securities purchased and interest payable. The Company had no Level 2 or Level 3 assets for the years ended November 30, 2015 and 2014, respectively. The components of net periodic benefit cost for pensions are shown below. Net periodic benefit cost is based on assumptions determined at the prior year-end measurement date. Increases in the liability due to changes in plan benefits are recognized in the net periodic benefit costs through straight-line amortization over the average remaining service period of employees expected to receive benefits.
| Pension Benefits
| 2015 |  | 2014 |  | 2013
Components of net periodic benefit cost |  |  |  |  |
Service cost | $ | 1,905 |  |  | $ | 1,990 |  |  | $ | 2,485 |
Interest cost | 7,676 |  |  | 7,704 |  |  | 6,934 |
Expected return on plan assets | (11,567 | ) |  | (11,306 | ) |  | (10,795 | )
Settlement costs | — |  |  | — |  |  | 3,087 |
Curtailment | 1 |  |  | — |  |  | — |
Amortization of unrecognized: |  |  |  |  |  |  |
Prior service cost | (4 | ) |  | (10 | ) |  | (9 | )
Net actuarial loss | 3,676 |  |  | 2,884 |  |  | 5,471 |
Net periodic benefit cost | $ | 1,687 |  |  | $ | 1,262 |  |  | $ | 7,173 |
Assumptions: |  |  |  |  |  |  |  |
Discount rate - qualified plans | 3.75% |  | 4.50% |  | 3.50%
Discount rate - nonqualified plans | 3.00% |  | 3.25% |  | 3.25%
Expected return on plan assets | 7.00% |  | 7.50% |  | 7.50%
Rate of compensation increase - qualified plans | 4.00% |  | 4.00% |  | 4.00%
Rate of compensation increase - nonqualified plans | 4.00% |  | 4.00% |  | 4.00%
Measurement date - qualified plans | 11/30/2014 |  | 11/30/2013 |  | 11/30/2012
Measurement date - nonqualified plans | 11/30/2014 |  | 11/30/2013 |  | 11/30/2013
For the determination of 2016 expense, the Company changed its assumptions as follows: (a) decrease the long-term expected return on assets for its qualified plans to 6.50%, (b) increase the discount rates on its qualified plans to 4.00%, (c) leave the rate of compensation increase unchanged, and (d) continue using mortality assumptions reflective of the 2014 Society of Actuaries ("SOA") mortality study, updated to reflect the SOA's latest projection scale, more specifically the RP 2014 blend with MP-2015 mortality improvement scale. For its U.S. combined nonqualified plans, the Company increased the discount rate to 3.25% and left the rate of compensation increase unchanged. The changes in the fair value of plan assets, plan liabilities and in the assumptions will result in a net increase in fiscal year 2016 expense of approximately $898 for the qualified U.S. pension plans. The Company also expects a net decrease of approximately $44 for the U.S. combined nonqualified plans in fiscal year 2016. The postretirement obligations represent a fixed dollar amount per retiree. The Company has the right to modify or terminate these benefits. The participants will assume substantially all future healthcare benefit cost increases, and future increases in healthcare costs will not increase the postretirement benefit obligation or cost to the Company. Therefore, the Company has not assumed any annual rate of increase in the per capita cost of covered healthcare benefits for future years. The Company discontinued the prescription drug benefit portion of its plan effective January 31, 2006. The components of net periodic benefit income for postretirement healthcare benefits are shown below.
| Other Postretirement Benefits
| 2015 |  | 2014 |  | 2013
Components of net periodic benefit income |  |  |  |  |
Interest cost | $ | 12 |  |  | $ | 10 |  |  | $ | 9 |
Amortization of unrecognized: |  |  |  |  |  |  |
Prior service cost | (122 | ) |  | (122 | ) |  | (122 | )
Net actuarial gain | (87 | ) |  | (147 | ) |  | (149 | )
Net periodic benefit income | $ | (197 | ) |  | $ | (259 | ) |  | $ | (262 | )
Assumptions: |  |  |  |  |  |  |
Discount rate | 3.25 | % |  | 3.00 | % |  | 2.25 | %
Measurement date | 11/30/2014 |  | 11/30/2013 |  | 11/30/2012
The Company froze participation in the postretirement healthcare plan to eligible retirees effective January 1, 2007. As a result, unrecognized prior service costs of $1,708 are being amortized over the average remaining years of service for active plan participants. The Company expects to maintain its discount rate assumption at 3.25% in 2016 for its other postretirement benefits plan, which will not significantly affect the fiscal year 2016 expense. The estimated amounts that will be amortized from Accumulated other comprehensive loss at November 30, 2015 into net periodic benefit cost, pre-tax, in fiscal year 2016 are as follows:
| Pension Benefits |  | Other Postretirement Benefits
Prior service credit | $ | 1 |  |  | $ | (123 | )
Actuarial loss (gain) | 3,825 |  |  | (94 | )
Total | $ | 3,826 |  |  | $ | (217 | )
The expected cash benefit payments from the plans for the next ten fiscal years are as follows:
| Pension Benefits |  | Other Postretirement Benefits
2016 | $ | 8,877 |  |  | $ | 45 |
2017 | 9,239 |  |  | 41 |
2018 | 9,596 |  |  | 37 |
2019 | 9,960 |  |  | 34 |
2020 | 10,380 |  |  | 30 |
2021-2025 | 59,247 |  |  | 110 |
The Company also sponsors various defined contribution plans that provide employees with an opportunity to accumulate funds for their retirement. The Company may match, at its discretion, the contributions of participating employees in the respective plans. The Company recognized expense related to these plans for the past three fiscal years as follows:
2015 | $ | 7,171 |
2014 | 7,945 |
2013 | 4,482 |

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