XML 72 R36.htm IDEA: XBRL DOCUMENT v2.4.0.8
Pension and Other Postretirement Plans (Tables)
12 Months Ended
Nov. 30, 2013
Compensation and Retirement Disclosure [Abstract]  
Schedule of Net Funded Status [Table Text Block]
The following tables show reconciliations of the changes in benefit obligations and plan assets for our pension plans and other postretirement benefits plan as of November 30, 2013 and 2012.  The accrued pension benefit obligation includes an unfunded benefit obligation of $2,012 and $23,337 as of November 30, 2013 and 2012, respectively, related to the Company’s U.S. combined nonqualified plans.

 
Pension Benefits
 
Other Postretirement Benefits
 
2013
 
2012
 
2013
 
2012
Change in benefit obligation
 
 
 
 
 
 
 
Benefit obligation at beginning of year
$
217,987

 
$
186,841

 
$
442

 
$
550

Currency translation
190

 
200

 

 

Service cost
2,485

 
2,126

 

 

Interest cost
6,934

 
7,715

 
9

 
17

Plan participants' contributions
39

 
42

 

 

Actuarial (gains) losses
(22,472
)
 
28,119

 
(73
)
 
(189
)
Benefits paid
(29,064
)
 
(7,056
)
 
(251
)
 
(282
)
Retiree contributions

 

 
229

 
346

Benefit obligation at end of year
$
176,099

 
$
217,987

 
$
356

 
$
442

 
 
 
 
 
 
 
 

 
Pension Benefits
 
Other Postretirement Benefits
 
2013
 
2012
 
2013
 
2012
Change in plan assets
 

 
 

 
 

 
 

Fair value of plan assets at beginning of year
$
146,307

 
$
112,548

 
$

 
$

Currency translation
174

 
175

 

 

Actual return on plan assets
14,305

 
18,325

 

 

Employer contributions
24,623

 
22,273

 
251

 
282

Plan participants' contributions
39

 
42

 

 

Benefits paid
(29,064
)
 
(7,056
)
 
(251
)
 
(282
)
Fair value of plan assets at end of year
$
156,384

 
$
146,307

 
$

 
$

Funded status
$
(19,715
)
 
$
(71,680
)
 
$
(356
)
 
$
(442
)
 
 
 
 
 
 
 
 
Accumulated benefit obligation at end of year
$
170,433

 
$
209,572

 
n/a
 
n/a
 
 
 
 
 
 
 
 
Assumptions:
 

 
 

 
 

 
 

Discount rate - qualified plans
4.50%
 
3.50%
 
3.00%
 
2.25%
Discount rate - nonqualified plans
3.25%
 
1.75%
 
n/a
 
n/a
Rate of compensation increase - qualified plans
4.00%
 
4.00%
 
n/a
 
n/a
Rate of compensation increase - nonqualified plans
4.00%
 
4.00%
 
n/a
 
n/a
Measurement date
11/30/2013
 
11/30/2012
 
11/30/2013
 
11/30/2012
Schedule of Amounts Recognized in Balance Sheet [Table Text Block]
 
Pension Benefits
 
Other Postretirement Benefits
 
2013
 
2012
 
2013
 
2012
Amounts recognized in the Consolidated Balance Sheets as of November 30
 
 
 
 
 
 
 
Accounts payable and accrued liabilities
$
(216
)
 
$
(21,372
)
 
$
(63
)
 
$
(70
)
Long-term pension and postretirement healthcare benefits liabilities
(19,499
)
 
(50,308
)
 
(293
)
 
(372
)
Funded status
$
(19,715
)
 
$
(71,680
)
 
$
(356
)
 
$
(442
)
 
 
 
 
 
 
 
 
Accumulated other comprehensive loss, pre-tax
$
48,902

 
$
83,392

 
$
(1,632
)
 
$
(1,832
)
 
 
 
 
 
 
 
 
Amounts recognized in Accumulated Other Comprehensive Loss, as of November 30
 

 
 

 
 

 
 

Unrecognized net actuarial loss (gain)
$
48,914

 
$
83,413

 
$
(1,037
)
 
$
(1,114
)
Unrecognized net prior service credit
(12
)
 
(21
)
 
(595
)
 
(718
)
Accumulated other comprehensive loss, pre-tax
48,902

 
83,392

 
(1,632
)
 
(1,832
)
Deferred taxes
(17,979
)
 
(31,336
)
 
587

 
666

Accumulated other comprehensive loss, after-tax
$
30,923

 
$
52,056

 
$
(1,045
)
 
$
(1,166
)
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]
The amounts affecting Accumulated other comprehensive loss for the years ended November 30, 2013 and 2012 are as follows:

 
Pension Benefits
 
Other Postretirement Benefits
 
2013
 
2012
 
2013
 
2012
Amortization of prior service (cost) credit, net of tax of $(6), $(6) and $(44), $(45), respectively
$
3

 
$
3

 
$
79

 
$
77

Amortization of actuarial (losses) gains, net of tax of $3,060, $3,164 and $(54), $(44), respectively
(5,498
)
 
(5,159
)
 
95

 
77

Current year actuarial losses (gains), net of tax of $9,304, $(7,143) and $26, $68, respectively
(16,637
)
 
11,876

 
(46
)
 
(120
)
Effect of change in deferred tax rate
982

 
(521
)
 
(7
)
 
1

Total
$
(21,150
)
 
$
6,199

 
$
121

 
$
35

 
Schedule of Allocation of Plan Assets [Table Text Block]
As of the November 30th measurement dates, the fair values of actual pension asset allocations were as follows:

 
2013
 
2012
Equity securities
51.0
%
 
60.6
%
Debt securities
48.7
%
 
38.9
%
Real estate
%
 
%
Cash and cash equivalents
0.3
%
 
0.5
%
 
100.0
%
 
100.0
%

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
 The following table summarizes the fair value of the pension plans’ assets.

 
Fair Value Measurements at Reporting Date
 
Total
 
Level 1
 
Level 2
 
Level 3
November 30, 2013
 
 
 
 
 
 
 
U.S. equity securities funds
$
55,129

 
$
55,129

 
$

 
$

Non-U.S. equity securities funds
$
24,587

 
24,587

 

 

Fixed income securities funds
$
76,121

 
76,121

 

 

Cash and equivalents funds
$
547

 
547

 

 

Total
$
156,384

 
$
156,384

 
$

 
$

Other items to reconcile to fair value of plan assets

 
 

 
 

 
 

Fair value of plan assets
$
156,384

 
 

 
 

 
 







 
Fair Value Measurements at Reporting Date
 
Total
 
Level 1
 
Level 2
 
Level 3
November 30, 2012
 
 
 
 
 
 
 
U.S. equity securities funds
$
61,272

 
$
61,272

 
$

 
$

Non-U.S. equity securities funds
$
27,422

 
27,422

 

 

Fixed income securities funds
$
56,854

 
56,854

 

 

Cash and equivalents funds
$
618

 
618

 

 

Total
$
146,166

 
$
146,166

 
$

 
$

Other items to reconcile to fair value of plan assets
141

 
 

 
 

 
 

Fair value of plan assets
$
146,307

 
 

 
 

 
 


Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
The following table summarizes changes in the fair value of Level 3 assets for the years ended November 30, 2013 and 2012. Such assets represent real estate funds, consisting of units of other private real estate funds, which are not traded on a national exchange. The net asset value ("NAV") for such funds is calculated on a lag of approximately 30 days by the custodian of the funds. The NAV is based on the fair value of the underlying assets owned by the fund, minus its liabilities then divided by the number of units outstanding. All holdings in real estate funds were sold during 2012, consistent with changes in the target allocation of invested assets.
 
 
2013
 
2012
Balance at beginning of year
$

 
$
3,782

Unrealized gains

 

Realized gains

 
279

Sale of assets

 
(4,061
)
Balance at end of year
$

 
$

Schedule of Net Benefit Costs [Table Text Block]
The components of net periodic benefit cost for pensions are shown below.  Net periodic benefit cost is based on assumptions determined at the prior year-end measurement date.  Increases in the liability due to changes in plan benefits are recognized in the net periodic benefit costs through straight-line amortization over the average remaining service period of employees expected to receive benefits.

 
Pension Benefits
 
2013
 
2012
 
2011
Components of net periodic benefit cost
 
 
 
 
 
Service cost
$
2,485

 
$
2,126

 
$
1,968

Interest cost
6,934

 
7,715

 
8,133

Expected return on plan assets
(10,795
)
 
(9,181
)
 
(7,674
)
Settlement costs
3,087

 

 
1,368

Amortization of unrecognized:
 
 
 

 
 

Prior service cost
(9
)
 
(10
)
 
(395
)
Net actuarial loss
5,471

 
8,323

 
5,110

Net periodic benefit cost
$
7,173

 
$
8,973

 
$
8,510

 
 
 
 
 
 
Assumptions:
 

 
 

 
 

Discount rate - qualified plans
3.50%
 
4.50%
 
5.25%
Discount rate - nonqualified plans
3.25%
 
1.75%
 
2.75%
Expected return on plan assets
7.50%
 
7.50%
 
7.50%
Rate of compensation increase - qualified plans
4.00%
 
4.00%
 
4.00%
Rate of compensation increase - nonqualified plans
4.00%
 
4.00%
 
4.00%
Measurement date - qualified plans
11/30/2012
 
11/30/2011
 
11/30/2010
Measurement date - nonqualified plans
11/30/2013
 
11/30/2012
 
11/30/2011
The components of net periodic benefit income for postretirement healthcare benefits are shown below.

 
Other Postretirement Benefits
 
2013
 
2012
 
2011
Components of net periodic benefit income
 
 
 
 
 
Interest cost
9

 
17

 
23

Amortization of unrecognized:
 
 
 

 
 

Prior service cost
(122
)
 
(122
)
 
(122
)
Net actuarial gain
(149
)
 
(121
)
 
(130
)
Net periodic benefit income
$
(262
)
 
$
(226
)
 
$
(229
)
 
 
 
 
 
 
Assumptions:
 
 
 

 
 

Discount rate
2.25
%
 
3.50
%
 
3.75
%
Measurement date
11/30/2012
 
11/30/2011
 
11/30/2010
 
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block]
The estimated amounts that will be amortized from Accumulated other comprehensive loss at November 30, 2013 into net periodic benefit cost, pre-tax, in fiscal year 2014 are as follows:

 
Pension
Benefits
 
Other
Postretirement
Benefits
Prior service cost (credit)
$
(10
)
 
$
(123
)
Actuarial loss (gain)
2,882

 
(149
)
Total
$
2,872

 
$
(272
)
Schedule of Expected Benefit Payments [Table Text Block]
The expected cash benefit payments from the plans for the next ten fiscal years are as follows:

 
Pension
Benefits
 
Other
Postretirement
Benefits
2014
$
8,089

 
$
62

2015
8,441

 
57

2016
8,767

 
46

2017
9,212

 
38

2018
9,646

 
34

2019-2023
56,655

 
105

Schedule of Costs of Retirement Plans [Table Text Block]
The Company also sponsors various defined contribution plans that provide employees with an opportunity to accumulate funds for their retirement.  The Company may match, at its discretion, the contributions of participating employees in the respective plans.  The Company recognized expense related to these plans for the past three fiscal years as follows:
 
2013
$
4,482

2012
4,377

2011
3,933