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Employee Benefit Plans (Tables)
 12 Months Ended
Nov. 27, 2016
Compensation and Retirement Disclosure [Abstract]  
Schedule of benefit obligations in excess of fair value of plan assets
The following tables summarize activity of the Company's defined benefit pension plans and postretirement benefit plans:
 
Pension Benefits
 
Postretirement Benefits
 
2016
 
2015
 
2016
 
2015
 
(Dollars in thousands)
Change in benefit obligation:
 
 
 
 
 
 
 
Benefit obligation at beginning of year
$
1,194,365

 
$
1,289,337

 
$
117,740

 
$
134,084

Service cost
8,234

 
8,352

 
200

 
251

Interest cost(1)
37,819

 
47,179

 
3,223

 
4,588

Plan participants' contribution
484

 
534

 
4,172

 
4,512

Actuarial loss (gain)(2)
33,948

 
(56,352
)
 
5,556

 
(5,918
)
Net curtailment loss
119

 
300

 
—

 
—

Impact of foreign currency changes
(15,435
)
 
(21,306
)
 
—

 
—

Plan settlements(3)
(417
)
 
(4,145
)
 
—

 
—

Special termination benefits
—

 
—

 
—

 
—

Net benefits paid
(67,183
)
 
(69,534
)
 
(18,440
)
 
(19,777
)
Benefit obligation at end of year
$
1,191,934

 
$
1,194,365

 
$
112,451

 
$
117,740

 
 
 
 
 
 
 
 
Change in plan assets:
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
838,551

 
878,823

 
—

 
—

Actual return on plan assets(4)
49,986

 
10,185

 
—

 
—

Employer contribution
31,147

 
36,151

 
14,268

 
15,265

Plan participants' contributions
484

 
534

 
4,172

 
4,512

Plan settlements(3)
(417
)
 
(4,145
)
 
—

 
—

Impact of foreign currency changes
(15,246
)
 
(13,463
)
 
—

 
—

Net benefits paid
(67,183
)
 
(69,534
)
 
(18,440
)
 
(19,777
)
Fair value of plan assets at end of year
837,322

 
838,551

 
—

 
—

Unfunded status at end of year
$
(354,612
)
 
$
(355,814
)
 
$
(112,451
)
 
$
(117,740
)
_____________
(1)
The decrease in interest cost is primarily due to the election made at the end of 2015 to adopt the spot-rate approach to determine the interest cost component of pension and postretirement expense.
(2)
Actuarial losses in 2016 in the Company's pension benefit plans resulted from changes in discount rate assumptions. Actuarial gains in 2015 in the Company's pension benefit plans resulted from changes in mortality and discount rate assumptions, primarily for the Company's U.S. plans. Changes in financial markets during 2016 and 2015, including a decrease and increase, respectively, in corporate bond yield indices, resulted in an increase and decrease in benefit obligations, respectively.
(3)
The decrease in pension plan settlements in 2016 was primarily due to 2015 settlement activity that continued to reflect impacts from restructuring.
(4)
The increase in return on plan assets in 2016 was primarily due to better-than-expected asset performance, as compared to the poor investment performance in 2015, of U.S. and international equity securities.
Schedule of amounts recognized in balance sheet
Amounts recognized in the Company's consolidated balance sheets as of November 27, 2016, and November 29, 2015, consist of the following:
 
Pension Benefits
 
Postretirement Benefits
 
2016
 
2015
 
2016
 
2015
 
(Dollars in thousands)
Unfunded status recognized on the balance sheet:
 
 
 
 
 
 
 
Prepaid benefit cost
$
5,555

 
$
8,842

 
$
—

 
$
—

Accrued benefit liability – current portion
(9,142
)
 
(9,044
)
 
(11,485
)
 
(12,500
)
Accrued benefit liability – long-term portion
(351,025
)
 
(355,612
)
 
(100,966
)
 
(105,240
)
 
$
(354,612
)
 
$
(355,814
)
 
$
(112,451
)
 
$
(117,740
)
 
 
 
 
 
 
 
 
Accumulated other comprehensive loss:
 
 
 
 
 
 
 
Net actuarial loss
$
(385,942
)
 
$
(365,657
)
 
$
(28,665
)
 
$
(26,076
)
Net prior service benefit
420

 
471

 
—

 
—

 
$
(385,522
)
 
$
(365,186
)
 
$
(28,665
)
 
$
(26,076
)
Schedule of accumulated benefit obligations in excess of fair value of plan assets
Information for the Company's defined benefit plans with an accumulated or projected benefit obligation in excess of plan assets is as follows:
 
Pension Benefits
 
2016
 
2015
 
(Dollars in thousands)
Accumulated benefit obligations in excess of plan assets:
 
 
 
Aggregate accumulated benefit obligation
$
1,079,316

 
$
1,053,493

Aggregate fair value of plan assets
725,830

 
694,440

 
 
 
 
Projected benefit obligations in excess of plan assets:
 
 
 
Aggregate projected benefit obligation
$
1,086,842

 
$
1,087,588

Aggregate fair value of plan assets
726,675

 
722,931
Schedule of defined benefit plans disclosures
The components of the Company's net periodic benefit cost were as follows:
 
Pension Benefits
 
Postretirement Benefits
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
 
(Dollars in thousands)
Net periodic benefit cost:
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
8,234

 
$
8,352

 
$
8,397

 
$
200

 
$
251

 
$
255

Interest cost(1)
37,819

 
47,179

 
54,958

 
3,223

 
4,588

 
5,199

Expected return on plan assets
(48,422
)
 
(50,825
)
 
(55,521
)
 
—

 
—

 
—

Amortization of prior service benefit
(61
)
 
(61
)
 
(53
)
 
—

 
—

 
(5
)
Amortization of actuarial loss
12,036

 
12,578

 
10,932

 
2,967

 
4,511

 
4,201

Curtailment (gain) loss
(140
)
 
656

 
2,614

 
—

 
—

 
733

Special termination benefit
—

 
—

 
35

 
—

 
—

 
—

Net settlement loss (gain)
49

 
(45
)
 
30,558

 
—

 
—

 
—

Net periodic benefit cost
9,515

 
17,834

 
51,920

 
6,390

 
9,350

 
10,383

Changes in accumulated other comprehensive loss:
 
 
 
 
 
 
 
 
 
 
 
Actuarial loss (gain)
32,187

 
(15,228
)
 
92,544

 
5,556

 
(5,918
)
 
6,453

Amortization of prior service benefit
61

 
61

 
53

 
—

 
—

 
5

Amortization of actuarial loss
(12,036
)
 
(12,578
)
 
(10,932
)
 
(2,967
)
 
(4,511
)
 
(4,201
)
Curtailment gain (loss)
173

 
(656
)
 
113

 
—

 
—

 
—

Net settlement (loss) gain
(49
)
 
45

 
(30,712
)
 
—

 
—

 
—

Total recognized in accumulated other comprehensive loss
20,336

 
(28,356
)
 
51,066

 
2,589

 
(10,429
)
 
2,257

Total recognized in net periodic benefit cost and accumulated other comprehensive loss
$
29,851

 
$
(10,522
)
 
$
102,986

 
$
8,979

 
$
(1,079
)
 
$
12,640


_____________
(1)
The decrease in interest cost is primarily due to the election made at the end of 2015 to adopt the spot-rate approach to determine the interest cost component of pension and postretirement expense.
Schedule of assumptions used
Assumptions used in accounting for the Company's benefit plans were as follows:
 
Pension Benefits
 
Postretirement Benefits
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
Weighted-average assumptions used to determine net periodic benefit cost:
 
 
 
 
 
 
 
 
 
 
 
Discount rate
4.0%
 
3.8%
 
4.6%
 
3.8%
 
3.6%
 
4.2%
Expected long-term rate of return on plan assets
5.9%
 
5.9%
 
6.3%
 
 
 
 
 
 
Rate of compensation increase
3.4%
 
3.4%
 
3.7%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted-average assumptions used to determine benefit obligations:
 
 
 
 
 
 
 
 
 
 
 
Discount rate
3.8%
 
4.0%
 
3.8%
 
3.7%
 
3.8%
 
3.6%
Rate of compensation increase
3.4%
 
3.4%
 
3.4%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assumed health care cost trend rates were as follows:
 
 
 
 
 
 
 
 
 
 
 
Health care trend rate assumed for next year
 
 
 
 
 
 
6.4%
 
6.4%
 
7.0%
Rate trend to which the cost trend is assumed to decline
 
 
 
 
 
 
4.4%
 
4.4%
 
4.5%
Year that rate reaches the ultimate trend rate
 
 
 
 
 
 
2038
 
2038
 
2028
Fair values of pension plan assets
The fair value of the Company's pension plan assets by asset class are as follows:
 
Year Ended November 27, 2016
Asset Class
Total
 
Quoted Prices in Active Markets for Identical Assets (Level 1)
 
Significant Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
(Dollars in thousands)
Cash and cash equivalents
$
2,676

 
$
2,676

 
$
—

 
$
—

Equity securities(1)
 
 

 

 

U.S. large cap
190,811

 
—

 
190,811

 
—

U.S. small cap
37,434

 
—

 
37,434

 
—

International
144,241

 
—

 
144,241

 
—

Fixed income securities(2)
395,995

 
—

 
395,995

 
—

Other alternative investments


 


 

 

Real estate(3)
53,783

 
—

 
53,783

 
—

Private equity(4)
1,344

 
—

 
—

 
1,344

Hedge fund(5)
7,337

 
—

 
7,337

 
—

Other(6)
3,701

 
—

 
3,701

 
—

Total investments at fair value
$
837,322

 
$
2,676

 
$
833,302

 
$
1,344

 
Year Ended November 29, 2015
Asset Class
Total
 
Quoted Prices in Active Markets for Identical Assets (Level 1)
 
Significant Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
(Dollars in thousands)
Cash and cash equivalents
$
1,706

 
$
1,706

 
$
—

 
$
—

Equity securities(1)
 
 

 

 

U.S. large cap
185,526

 
—

 
185,526

 
—

U.S. small cap
31,935

 
—

 
31,935

 
—

International
133,298

 
—

 
133,298

 
—

Fixed income securities(2)
415,228

 
—

 
415,228

 
—

Other alternative investments
 
 


 

 

Real estate(3)
58,364

 
—

 
58,364

 
—

Private equity(4)
1,720

 
—

 
—

 
1,720

Hedge fund(5)
7,488

 
—

 
7,488

 
—

Other(6)
3,286

 
—

 
3,286

 
—

Total investments at fair value
$
838,551

 
$
1,706

 
$
835,125

 
$
1,720

_____________
(1)
Primarily comprised of equity index funds that track various market indices.
(2)
Predominantly includes bond index funds that invest in long-term U.S. government and investment grade corporate bonds.
(3)
Primarily comprised of investments in U.S. Real Estate Investment Trusts.
(4)
Represents holdings in a diversified portfolio of private equity funds and direct investments in companies located primarily in North America. Fair values are determined by investment fund managers using primarily unobservable market data.
(5)
Primarily invested in a diversified portfolio of equities, bonds, alternatives and cash with a low tolerance for capital loss.
(6)
Primarily relates to accounts held and managed by a third-party insurance company for employee-participants in Belgium. Fair values are based on accumulated plan contributions plus a contractually-guaranteed return plus a share of any incremental investment fund profits.
Schedule of expected benefit payments
The Company's estimated future benefit payments to participants, which reflect expected future service, as appropriate are anticipated to be paid as follows:
 
Fiscal year
Pension Benefits
 
Postretirement Benefits
 
Total
 
 
 
(Dollars in thousands)
 
 
2017
$
65,722

 
$
14,237

 
$
79,959

 
 
2018
66,084

 
13,338

 
79,422

 
 
2019
65,849

 
12,799

 
78,648

 
 
2020
66,539

 
12,282

 
78,821

 
 
2021
67,646

 
11,528

 
79,174

 
 
2022-2024
350,466

 
46,026

 
396,492