Benefit Plans (Tables)

12 Months Ended

Nov. 30, 2015

The following tables summarize the changes in the projected benefit obligation, the fair value of the assets and the funded status of the plan (in thousands):



	Year Ended November 30,
	2015			2014
Change in projected benefit obligation:
Projected benefit obligation, beginning of period	$	55,262		$	48,255
Service cost	250			250
Interest cost	2,340			2,429
Actuarial losses	4,280			5,834
Administrative expenses paid	(359		)	(196		)
Benefits paid	(729		)	(1,310		)
Settlements	(2,714		)	—
Projected benefit obligation, end of period	$	58,330		$	55,262
Change in plan assets:
Fair value of assets, beginning of period	$	51,085		$	47,416
Benefit payments made	(729		)	(1,310		)
Administrative expenses paid	(359		)	(196		)
Actual return on plan assets	(252		)	5,175
Settlements	(2,714		)	—
Fair value of assets, end of period	$	47,031		$	51,085
Funded status at end of period	$	(11,299	)	$	(4,177	)

Schedule of Amounts Recognized in Balance Sheet

The amounts recognized in our Consolidated Statements of Financial Condition are as follows (in thousands):



	November 30,
	2015			2014
Consolidated statements of financial condition:
Liabilities	$	(11,299	)	$	(4,177	)
Accumulated other comprehensive income (loss), before taxes:
Net gain (loss)	$	(5,255	)	$	2,390

Components of Net Periodic Pension (Benefit) Cost

The following tables summarize the components of net periodic pension cost and other amounts recognized in other comprehensive income excluding taxes (in thousands):



	Year Ended November 30,
	2015			2014			2013
Components of net periodic pension cost:
Service cost	$	250		$	250		$	225
Interest cost on projected benefit obligation	2,340			2,429			2,201
Expected return on plan assets	(3,357		)	(3,125		)	(2,698		)
Net amortization	—			(94		)	326
Settlement losses	244			—			—
Net periodic pension cost	$	(523	)	$	(540	)	$	54

Components of Net Periodic Pension Costs and Amounts Recognized in Other Comprehensive Income



	Year Ended November 30,
	2015			2014		2013
Amounts recognized in other comprehensive income:
Net (gain) loss arising during the period	$	7,890		$	3,784	$	(9,419	)
Amortization of net loss	—			94		(326		)
Settlements during the period	(244		)	—		—
Total recognized in Other comprehensive income	7,646			3,878		(9,745		)
Net amount recognized in net periodic benefit cost and Other comprehensive income	$	7,123		$	3,338	$	(9,691	)

Assumptions Used to Determine the Present Value of the Projected Benefit Obligations and Net Periodic Pension Costs

assumptions used to determine the actuarial present value of the projected obligation and net periodic pension benefit cost are as follows:



	2015		2014		2013
Discount rate used to determine benefit obligation	4.10	%	4.30	%	5.10	%
Weighted average assumptions used to determine net pension cost:
Discount rate	4.30	%	5.10	%	4.40	%
Expected long-term rate of return on plan assets	6.75	%	6.75	%	6.75	%

Expected Benefit Payments

Expected Benefit Payments - Expected benefit payments for each of the next five fiscal years and in the aggregate for the five fiscal years thereafter are as follows (in thousands):



2016	$	2,103
2017	1,828
2018	2,163
2019	3,046
2020	2,448
2021 through 2025	21,085

Summary of Fair Value of Plan Assets

Plan Assets - The following tables present the fair value of plan assets by level within the fair value hierarchy (in thousands):



	At November 30, 2015
	Level 1		Level 2		Total
Plan assets (1):
Cash and cash equivalents	$	487	$	—	$	487
Listed equity securities (2)	29,156		—		29,156
Fixed income securities:
Corporate debt securities	—		6,598		6,598
Foreign corporate debt securities	—		2,140		2,140
U.S. government securities	3,975		—		3,975
Agency mortgage-backed securities	—		3,504		3,504
Commercial mortgage-backed securities	—		425		425
Asset-backed securities	—		746		746
	$	33,618	$	13,413	$	47,031


(1)	There are no plan assets classified within Level 3 of the fair value hierarchy.


(2)	Listed equity securities are diversified across a spectrum of primarily U.S. large-cap companies.



	At November 30, 2014
	Level 1		Level 2		Total
Plan assets (1):
Cash and cash equivalents	$	373	$	—	$	373
Listed equity securities (2)	31,327		—		31,327
Fixed income securities:
Corporate debt securities	—		6,482		6,482
Foreign corporate debt securities	—		1,321		1,321
U.S. government securities	5,929		—		5,929
Agency mortgage-backed securities	—		3,883		3,883
Commercial mortgage-backed securities.	—		1,080		1,080
Asset-backed securities	—		690		690
	$	37,629	$	13,456	$	51,085


(1)	There are no plan assets classified within Level 3 of the fair value hierarchy.


(2)	Listed equity securities are diversified across a spectrum of primarily U.S. large-cap companies.

German Pension Plan [Member]

Item Effected [Line Items]

Changes in Projected Benefit Obligation

The following tables summarize the changes in the projected benefit obligation and the components of net periodic pension cost (in thousands):



	Year Ended November 30,
	2015			2014
Change in projected benefit obligation:
Projected benefit obligation, beginning of period	$	28,434		$	26,368
Service cost	—			40
Interest cost	523			801
Actuarial losses	(40		)	4,631
Benefits paid	(1,069		)	(1,193		)
Currency adjustment	(4,303		)	(2,213		)
Projected benefit obligation, end of period	$	23,545		$	28,434
Funded status at end of period	$	(23,545	)	$	(28,434	)