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Benefits (Tables)
 12 Months Ended
Dec. 01, 2024
Retirement Benefits [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 BenefitsPostretirement Benefits
2024202320242023
(Dollars in millions)
Change in benefit obligation:
Benefit obligation at beginning of year$769.4 $882.6 $39.2 $41.9 
Service cost2.6 2.8 — — 
Interest cost39.7 39.9 2.0 2.0 
Plan participants' contribution0.5 0.6 3.7 3.5 
Actuarial loss (gain)(1)
38.6 (38.2)0.5 1.0 
Net curtailment loss (gain)(1.7)— — — 
Impact of foreign currency changes(3.5)4.5 — — 
Plan settlements(2)
(1.8)(59.1)— — 
Net benefits paid(64.3)(63.7)(9.6)(9.2)
Benefit obligation at end of year$779.5 $769.4 $35.8 $39.2 
Change in plan assets:
Fair value of plan assets at beginning of year739.4 838.5 — — 
Actual return on plan assets84.3 7.3 — — 
Employer contribution15.3 12.2 0.6 5.7 
Plan participants' contributions0.5 0.6 3.7 3.5 
Plan settlements(1.8)(59.1)— — 
Net transfer in (out)(3)
(5.3)— 5.3 — 
Impact of foreign currency changes(1.6)3.6 — — 
Net benefits paid(64.3)(63.7)(9.6)(9.2)
Fair value of plan assets at end of year766.5 739.4 — — 
Unfunded status at end of year
$(13.0)$(30.0)$(35.8)$(39.2)
_____________
(1)The 2024 actuarial losses compared to 2023 actuarial gains in the Company's pension benefit plans is primarily from changes in discount rate assumptions.
(2)In 2024 the curtailment and settlement was primarily related to pension plans outside of the U.S in connection with Project Fuel. In 2023, the Company used pension plan assets to purchase nonparticipating annuity contracts in order to transfer certain liabilities associated with its U.S. pension plan to an insurance company. As a result, the Company remeasured the U.S. pension plan, which resulted in a noncash pension settlement charge of $19.0 million recognized within Other (expense) income, net in the Company’s consolidated statement of income and Other, net in the Company’s consolidated statement of cash flows. Approximately $21.0 million of unrealized losses was reclassified from AOCL on the Company’s consolidated balance sheets.
(3)In 2024, under an Internal Revenue Code Section 420 asset transfer, the Company used U.S. pension plan assets to offset the employer contribution for postretirement medical benefits paid during the year.
Schedule of amounts recognized in balance sheet
Amounts recognized in the Company's consolidated balance sheets as of December 1, 2024 and November 26, 2023, consist of the following:
Pension BenefitsPostretirement Benefits
2024202320242023
(Dollars in millions)
Unfunded status recognized on the balance sheet:
Prepaid benefit cost(1)
$107.4 $87.6 $— $— 
Accrued benefit liability – current portion(2)
(10.3)(10.3)(5.0)(5.6)
Accrued benefit liability – long-term portion(2)
(110.1)(107.3)(30.8)(33.6)
$(13.0)$(30.0)$(35.8)$(39.2)
Accumulated other comprehensive loss:
Net actuarial loss$(201.6)$(217.5)$— $0.6 
Net prior service benefit— 0.1 — — 
$(201.6)$(217.4)$— $0.6 
_____________
(1)Included in “Other non-current assets” on the Company’s consolidated balance sheets.
(2)Included in “Accrued salaries, wages and employee benefits” or “Other long-term liabilities” on the Company’s consolidated balance sheets.
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
20242023
(Dollars in millions)
Accumulated benefit obligations in excess of plan assets:
Aggregate accumulated benefit obligation$117.8 $115.2 
Projected benefit obligations in excess of plan assets:
Aggregate projected benefit obligation$121.4 $118.6 
Aggregate fair value of plan assets1.0 0.9 
Schedule of defined benefit plans disclosures
Deferred compensation plan liabilities were recognized in the Company’s consolidated balance sheets as follows:
December 1,
2024		November 26,
2023		November 27,
2022
(Dollars in millions)
Accrued salaries, wages and employee benefits$13.1 $9.1 $5.6 
Long-term employee related benefits$104.8 $94.8 $94.0 
The components of the Company's net periodic benefit cost were as follows:
 Pension BenefitsPostretirement Benefits
 202420232022202420232022
 (Dollars in millions)
Net periodic benefit cost (income):
Service cost$2.6 $2.8 $3.9 $— $— $— 
Interest cost39.7 39.9 22.5 2.0 2.0 0.9 
Expected return on plan assets(38.9)(37.7)(31.8)— — — 
Amortization of prior service benefit(0.1)(0.1)— — — — 
Amortization of actuarial loss8.0 8.9 8.5 — — 0.3 
Curtailment (gain)
(1.7)— — — — — 
Net settlement loss (gain)
1.0 18.9 (0.2)— — — 
Net periodic benefit cost
10.6 32.7 2.9 2.0 2.0 1.2 
Changes in accumulated other comprehensive loss:
Actuarial (gain) loss
(6.9)(7.9)(3.3)0.5 1.0 (10.2)
Amortization of prior service benefit0.1 0.1 — — — — 
Amortization of actuarial loss(8.0)(8.9)(8.5)— — (0.3)
Net settlement (loss) gain(1.0)(18.9)0.2 — — — 
Total recognized in accumulated other comprehensive loss(15.8)(35.6)(11.6)0.5 1.0 (10.5)
Total recognized in net periodic benefit cost and accumulated other comprehensive loss$(5.2)$(2.9)$(8.7)$2.5 $3.0 $(9.3)
Schedule of assumptions used
Assumptions used in accounting for the Company's benefit plans were as follows:
Pension BenefitsPostretirement Benefits
202420232022202420232022
Weighted-average assumptions used to determine net periodic benefit cost:
Discount rate5.5%5.0%2.4%5.6%5.1%2.4%
Expected long-term rate of return on plan assets5.4%4.8%2.9%
Rate of compensation increase3.5%3.6%3.5%
Weighted-average assumptions used to determine benefit obligations:
Discount rate5.0%5.5%5.0%5.0%5.6%5.1%
Rate of compensation increase3.5%3.5%3.6%
Assumed health care cost trend rates were as follows:
Health care trend rate assumed for next year7.3%7.0%6.1%
Rate trend to which the cost trend is assumed to decline4.0%3.9%4.0%
Year that rate reaches the ultimate trend rate204720482046
Fair values of pension plan assets
The fair values of the Company's pension plan assets by asset class are as follows:
Year Ended December 1, 2024
Asset ClassTotalQuoted Prices in
Active Markets for
Identical Assets
(Level 1)		Significant
Observable Inputs
(Level 2)		Significant
Unobservable Inputs
(Level 3)
(Dollars in millions)
Cash and cash equivalents$8.0 $8.0 $— 
Equity securities(1)
U.S. large cap46.0 — 46.0 — 
U.S. small cap5.9 — 5.9 — 
International63.6 — 63.6 — 
Fixed income securities(2)
624.8 — 624.8 — 
Other alternative investments
Real estate(3)
14.7 — 14.7 — 
Other(4)
3.5 — 3.5 — 
Total investments at fair value$766.5 $8.0 $758.5 $— 
Year Ended November 26, 2023
Asset ClassTotalQuoted Prices in
Active Markets for
Identical Assets
(Level 1)		Significant
Observable Inputs
(Level 2)		Significant
Unobservable Inputs
(Level 3)
(Dollars in millions)
Cash and cash equivalents$16.9 $16.9 $— $— 
Equity securities(1)
U.S. large cap42.3 — 42.3 — 
U.S. small cap5.3 — 5.3 — 
International62.8 — 62.8 — 
Fixed income securities(2)
594.0 — 594.0 — 
Other alternative investments
Real estate(3)
14.0 — 14.0 — 
Other(4)
4.1 — 4.1 — 
Total investments at fair value$739.4 $16.9 $722.5 $— 
_____________
(1)Primarily consist 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 consist of investments in U.S. Real Estate Investment Trusts.
(4)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:
Pension
Benefits		Postretirement
Benefits
Deferred
Compensation
Total
(Dollars in millions)
2025$66.2 $5.4 $13.1 $84.7 
202664.3 4.9 7.3 76.5 
202762.5 4.4 5.7 72.6 
202861.7 4.0 5.9 71.6 
202961.6 3.7 6.9 72.2 
2030-2034289.6 13.6 34.5 337.7