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Benefit Plans (Tables)

12 Months Ended

Nov. 30, 2017

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,
	2017			2016
Change in projected benefit obligation:
Projected benefit obligation, beginning of period	$	58,731		$	58,330
Service cost	450			400
Interest cost	2,232			2,311
Actuarial losses	2,327			862
Administrative expenses paid	(395		)	(461		)
Benefits paid	(2,786		)	(2,711		)
Projected benefit obligation, end of period	$	60,559		$	58,731
Change in plan assets:
Fair value of assets, beginning of period	$	49,992		$	47,031
Benefits paid	(2,786		)	(2,711		)
Administrative expenses paid	(395		)	(461		)
Actual return on plan assets	5,138			3,133
Contributions	1,000			3,000
Fair value of assets, end of period	$	52,949		$	49,992
Funded status at end of period	$	(7,610	)	$	(8,739	)

Schedule of Amounts Recognized in Balance Sheet

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



	November 30,
	2017			2016
Consolidated statements of financial condition:
Liabilities	$	7,610		$	8,739
Accumulated other comprehensive income, before taxes:
Net losses	$	(6,092	)	$	(5,901	)

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,
	2017			2016			2015
Components of net periodic pension cost:
Service cost	$	450		$	400		$	250
Interest cost on projected benefit obligation	2,232			2,311			2,340
Expected return on plan assets	(3,021		)	(2,917		)	(3,357		)
Net amortization	19			—			—
Settlement losses	—			—			244
Net periodic pension cost	$	(320	)	$	(206	)	$	(523	)

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



	Year Ended November 30,
	2017			2016		2015
Amounts recognized in Other comprehensive income:
Net losses arising during the period	$	210		$	646	$	7,890
Amortization of net loss	(19		)	—		—
Settlements during the period	—			—		(244		)
Total losses recognized in Other comprehensive income	$	191		$	646	$	7,646
Net losses recognized in net periodic benefit cost and Other comprehensive income	$	(129	)	$	440	$	7,123

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,
	2017		2016		2015
Discount rate used to determine benefit obligation	3.60	%	3.90	%	4.10	%
Weighted average assumptions used to determine net pension cost:
Discount rate	3.90	%	4.10	%	4.30	%
Expected long-term rate of return on plan assets	6.25	%	6.25	%	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):



2018	$	2,312
2019	3,030
2020	2,527
2021	2,137
2022	2,989
2023 through 2027	24,274

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, 2017
	Level 2		Total
Plan assets (1):
Common collective trusts	$	52,949	$	52,949
Total plan assets	$	52,949	$	52,949


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



	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.

German Pension Plan

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,
	2017			2016
Change in projected benefit obligation:
Projected benefit obligation, beginning of period	$	24,166		$	23,545
Interest cost	426			529
Actuarial loss (gain)	(91		)	1,157
Benefits paid	(1,233		)	(1,104		)
Currency adjustment	2,976			39
Projected benefit obligation, end of period	$	26,244		$	24,166
Funded status at end of period	$	(26,244	)	$	(24,166	)