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Benefit Plans (Tables)

12 Months Ended

Nov. 30, 2021

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,
	2021		2020
Change in projected benefit obligation:
Projected benefit obligation, beginning of period	$	71,541	$	63,222
Interest cost	1,409		1,801
Actuarial losses	487		9,874
Administrative expenses paid	(186)		(346)
Benefits paid	(2,504)		(1,003)
Settlements	—		(2,477)
Other costs	400		470
Projected benefit obligation, end of period	$	71,147	$	71,541
Change in plan assets:
Fair value of assets, beginning of period	$	63,161	$	56,980
Benefits paid	(2,504)		(1,003)
Administrative expenses paid	(186)		(346)
Actual return on plan assets	2,064		10,007

Settlements	—		(2,477)
Fair value of assets, end of period	$	62,535	$	63,161
Funded status at end of period	$	(8,612)	$	(8,380)

Schedule of Amounts Recognized in Balance Sheet

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


	November 30,
	2021		2020
Consolidated statements of financial condition:
Accrued expenses and other liabilities	$	8,612	$	8,380
Accumulated other comprehensive income, before taxes:
Net losses	$	(11,842)	$	(10,875)

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,
	2021		2020		2019
Components of net periodic pension cost:
Interest cost on projected benefit obligation	$	1,409	$	1,801	$	2,303
Expected return on plan assets	(3,094)		(3,477)		(3,008)
Net amortization	549		252		122
Settlement losses	—		376		—
Other costs	400		470		500
Net periodic pension cost	$	(736)	$	(578)	$	(83)

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


	Year Ended November 30,
	2021		2020		2019
Amounts recognized in Other comprehensive income:
Net losses arising during the period	$	1,516	$	3,344	$	1,899
Amortization of net loss	(549)		(252)		(122)
Settlements during the period	—		(376)		—
Total losses recognized in Other comprehensive income	$	967	$	2,716	$	1,777
Net losses recognized in net periodic benefit cost and Other comprehensive income	$	231	$	2,138	$	1,694

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,
	2021		2020		2019
Discount rate used to determine benefit obligation	2.40	%	2.00	%	2.90	%
Weighted average assumptions used to determine net pension cost:
Discount rate	2.00	%	2.90	%	4.30	%
Expected long-term rate of return on plan assets	5.00	%	6.25	%	6.25	%

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):


2022	$	5,994
2023	4,431
2024	5,033
2025	4,663
2026	5,294
2027 through 2031	24,938