Benefit Plans (Tables)

12 Months Ended

Nov. 30, 2016

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,
	2016			2015
Change in projected benefit obligation:
Projected benefit obligation, beginning of period	$	58,330		$	55,262
Service cost	400			250
Interest cost	2,311			2,340
Actuarial losses	862			4,280
Administrative expenses paid	(461		)	(359		)
Benefits paid	(2,711		)	(729		)
Settlements	—			(2,714		)
Projected benefit obligation, end of period	$	58,731		$	58,330
Change in plan assets:
Fair value of assets, beginning of period	$	47,031		$	51,085
Benefits paid	(2,711		)	(729		)
Administrative expenses paid	(461		)	(359		)
Actual return on plan assets	3,133			(252		)
Contributions	3,000			—
Settlements	—			(2,714		)
Fair value of assets, end of period	$	49,992		$	47,031
Funded status at end of period	$	(8,739	)	$	(11,299	)

Schedule of Amounts Recognized in Balance Sheet

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



	November 30,
	2016			2015
Consolidated statements of financial condition:
Liabilities	$	8,739		$	11,299
Accumulated other comprehensive income, before taxes:
Net losses	$	(5,901	)	$	(5,255	)

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, before taxes (in thousands):



	Year Ended November 30,
	2016			2015			2014
Components of net periodic pension cost:
Service cost	$	400		$	250		$	250
Interest cost on projected benefit obligation	2,311			2,340			2,429
Expected return on plan assets	(2,917		)	(3,357		)	(3,125		)
Net amortization	—			—			(94		)
Settlement losses	—			244			—
Net periodic pension cost	$	(206	)	$	(523	)	$	(540	)

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



	Year Ended November 30,
	2016		2015			2014
Amounts recognized in Other comprehensive income:
Net losses arising during the period	$	646	$	7,890		$	3,784
Amortization of net gain	—		—			94
Settlements during the period	—		(244		)	—
Total losses recognized in Other comprehensive income	646		7,646			3,878
Net losses recognized in net periodic benefit cost and Other comprehensive income	$	440	$	7,123		$	3,338

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

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



	Year Ended November 30,
	2016		2015		2014
Discount rate used to determine benefit obligation	3.90	%	4.10	%	4.30	%
Weighted average assumptions used to determine net pension cost:
Discount rate	4.10	%	4.30	%	5.10	%
Expected long-term rate of return on plan assets	6.25	%	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):



2017	$	1,981
2018	2,149
2019	3,039
2020	2,475
2021	2,311
2022 through 2026	23,957

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, 2016
	Level 1		Level 2		Total
Plan assets (1):
Cash and cash equivalents	$	1,135	$	—	$	1,135
Listed equity securities (2)	32,342		—		32,342
Fixed income securities:
Corporate debt securities	—		4,906		4,906
Foreign corporate debt securities	—		1,835		1,835
U.S. government securities	5,370		—		5,370
Agency mortgage-backed securities	—		3,330		3,330
CMBS	—		591		591
ABS	—		483		483
Total plan assets	$	38,847	$	11,145	$	49,992


(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, 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
CMBS	—		425		425
ABS	—		746		746
Total plan assets	$	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.

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,
	2016			2015
Change in projected benefit obligation:
Projected benefit obligation, beginning of period	$	23,545		$	28,434
Interest cost	529			523
Actuarial loss (gain)	1,157			(40		)
Benefits paid	(1,104		)	(1,069		)
Currency adjustment	39			(4,303		)
Projected benefit obligation, end of period	$	24,166		$	23,545
Funded status at end of period	$	(24,166	)	$	(23,545	)