v3.5.0.2

Pension and Other Postretirement Benefits | 9 Months Ended
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Aug. 27, 2016
Compensation and Retirement Disclosure [Abstract] |
Pension and Other Postretirement Benefits | PENSION AND OTHER POSTRETIREMENT BENEFITS The Company provides various retirement benefits, including defined benefit pension plans and postretirement healthcare plans covering certain current and retired employees in the U.S. and abroad. Components of net periodic benefit cost (income) and Company contributions for these plans were as follows:
|  | Quarter Ended |  | Nine Months Ended
|  | August 27, 2016 |  | August 29, 2015 |  | August 27, 2016 |  | August 29, 2015
Pension Benefits: |  |  |  |  |  |  |  |
Components of net periodic benefit cost (income): |  |  |  |  |  |  |  |
Service cost |  | $ | 370 |  |  | $ | 361 |  |  | $ | 1,112 |  |  | $ | 1,430 |
Interest cost |  | 1,554 |  |  | 2,020 |  |  | 4,673 |  |  | 5,767 |
Expected return on plan assets |  | (2,579 | ) |  | (2,843 | ) |  | (7,757 | ) |  | (8,686 | )
Curtailment |  | — |  |  | 1 |  |  | — |  |  | 1 |
Amortization of unrecognized: |  |  |  |  |  |  |  |
Prior service cost |  | — |  |  | (2 | ) |  | — |  |  | (4 | )
Net actuarial loss |  | 953 |  |  | 826 |  |  | 2,865 |  |  | 2,760 |
Net periodic benefit cost |  | $ | 298 |  |  | $ | 363 |  |  | $ | 893 |  |  | $ | 1,268 |
Cash contributions |  | $ | 89 |  |  | $ | 101 |  |  | $ | 168 |  |  | $ | 354 |
Postretirement Healthcare Benefits: |  |  |  |  |  |  |  |
Components of net periodic benefit cost (income): |  |  |  |  |  |  |  |
Interest cost |  | $ | 2 |  |  | $ | 2 |  |  | $ | 6 |  |  | $ | 6 |
Amortization of unrecognized: |  |  |  |  |  |  |  |
Prior service cost |  | (31 | ) |  | (31 | ) |  | (93 | ) |  | (93 | )
Net actuarial gain |  | (23 | ) |  | (37 | ) |  | (69 | ) |  | (111 | )
Net periodic benefit income |  | $ | (52 | ) |  | $ | (66 | ) |  | $ | (156 | ) |  | $ | (198 | )
Cash contributions |  | $ | 11 |  |  | $ | 15 |  |  | $ | 33 |  |  | $ | 45 |
Net periodic benefit expense and obligations related to the Company's pension and post-retirement benefits plans are determined using a number of significant actuarial assumptions, including those related to discount rates, long-term rates of return on pension plan assets and rates of compensation increases. Discount rate assumptions are intended to reflect the rate at which the pension benefit obligations could be effectively settled on the measurement date, taking into account the nature and expected payment timing of the benefit obligations of the plan. Historically, the Company has calculated the projected benefit obligations as well as the interest cost and service cost components of net periodic benefit expense for each domestic plan using a single weighted-average discount rate, rounded to 25 basis points, based on high-quality fixed-income investments currently available (rated Aa or better) and expected to be available during the period to maturity of the benefits (the "single equivalent rate approach"). During 2015, the SEC staff expressed its acceptance for companies applying an alternate approach for measuring the service cost and interest cost components of net periodic benefit cost for postretirement benefit plan obligations. This alternate approach uses individual spot rates derived from a high-quality corporate bond yield curve to separately and directly determine service cost and interest cost based on projected benefit cash flows for each future year (the "spot rate approach"), instead of the single equivalent rate approach. Further, the SEC staff stated that it would not object to companies treating the change in approach as a change in estimate. The Company elected to change its estimate in the determination of discount rate assumptions used to determine net periodic benefit costs effective for fiscal year 2016 for each of its domestic plans, changing from the single equivalent rate approach to the spot rate approach. This change in estimate had no impact on the interest cost and service cost components of net periodic benefit cost in any periods prior to fiscal year 2016, nor does it change the determination of benefit obligations for the plans at future measurement dates. The interest cost and service cost components of each plan's net periodic benefit cost for fiscal year 2016 were determined using spot rates from the Citigroup Pension Discount Curve, applied separately to the projected pension benefit cash flows in each future year. The changes in the fair value of plan assets, plan liabilities and in the assumptions, including the change to the spot rate approach as described above, result in an approximate $445 net decrease in fiscal year 2016 expense for the Company's qualified U.S. pension plans compared to fiscal year 2015 expense. The Company estimates that fiscal year 2016 expense for its qualified U.S. pension plans would have been approximately $1,343 higher under the single equivalent rate approach, all else being equal. The changes in plan liabilities and in the assumptions result in an approximate $58 net decrease in fiscal year 2016 expense for the Company's U.S. combined nonqualified plans compared to fiscal year 2015 expense. The Company estimates that fiscal year 2016 expense for its U.S. combined nonqualified plans would have been approximately $14 higher under the single equivalent rate approach, all else being equal. The actuarial assumptions used in measuring the net periodic benefit cost and plan obligations were as follows:
Qualified plans: |  |  |  |
Weighted-average assumptions used to determine benefit obligation: |  |  |  |
Discount rate |  | 3.99% |  | 3.75%
Rate of compensation increase |  | 4.00% |  | 4.00%
Weighted-average assumptions used to determine net periodic benefit cost: |  |  |  |
Discount rate - interest cost |  | 3.27% |  | 3.75%
Discount rate - service cost |  | 4.16% |  | 3.75%
Rate of compensation increase |  | 4.00% |  | 4.00%
Long-term rate of return on plan assets |  | 6.50% |  | 7.00%
Measurement date |  | 11/30/2015 |  | 11/30/2014
Nonqualified plans: |  |  |  |
Weighted-average assumptions used to determine benefit obligation: |  |  |  |
Discount rate |  | 3.35% |  | 3.00%
Rate of compensation increase |  | 4.00% |  | 4.00%
Weighted-average assumptions used to determine net periodic benefit cost: |  |  |  |
Discount rate - interest cost |  | 2.57% |  | 3.00%
Discount rate - service cost |  | 2.49% |  | 3.00%
Rate of compensation increase |  | 4.00% |  | 4.00%
Measurement date |  | 11/30/2015 |  | 11/30/2014
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. The Company expects to contribute up to the following amounts to its various plans to pay benefits during 2016:
U.S. Qualified Plans | $ | — |
U.S. Combined Nonqualified Plans | 159 |
Non-U.S. Plan | 384 |
Postretirement Healthcare Benefit Plan | 45 |
Total expected contributions | $ | 588 |
During the three and nine months ended August 27, 2016, the Company contributed $100 and $201 to its various plans. In addition to the plan assets related to its qualified plans, the Company has also funded $641 and $729 at August 27, 2016 and November 28, 2015, respectively, into a restricted trust for its U.S. combined nonqualified plans (see Note 5). This trust is included in Other noncurrent assets in the Consolidated Condensed Balance Sheets.

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