Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | ||
Nov. 29, 2014 | Jan. 20, 2015 | 31-May-14 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | CLARCOR INC. | ||
Entity Central Index Key | 20740 | ||
Current Fiscal Year End Date | -18 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 29-Nov-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 50,213,428 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $2,938,211,151 |
Consolidated_Statement_of_Earn
Consolidated Statement of Earnings (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 |
Income Statement [Abstract] | |||
Net sales | $1,512,854 | $1,130,770 | $1,121,765 |
Cost of sales | 1,015,819 | 760,561 | 741,433 |
Gross profit | 497,035 | 370,209 | 380,332 |
Selling and administrative expenses | 286,607 | 195,593 | 197,618 |
Operating profit | 210,428 | 174,616 | 182,714 |
Other income (expense): | |||
Interest expense | -3,700 | -615 | -527 |
Interest income | 420 | 690 | 600 |
Other, net | 4,415 | -391 | 210 |
Total other income (expense) | 1,135 | -316 | 283 |
Earnings before income taxes | 211,563 | 174,300 | 182,997 |
Provision for income taxes | 67,380 | 55,950 | 59,657 |
Net earnings | 144,183 | 118,350 | 123,340 |
Net earnings attributable to noncontrolling interests, net of tax | -99 | -274 | -354 |
Net earnings attributable to CLARCOR Inc. | $144,084 | $118,076 | $122,986 |
Net earnings per common share attributable to CLARCOR Inc. - Basic (in dollars per share) | $2.86 | $2.36 | $2.45 |
Net earnings per common share attributable to CLARCOR Inc. - Diluted (in dollars per share) | $2.83 | $2.34 | $2.42 |
Weighted average number of shares outstanding - Basic (in shares) | 50,405,549 | 49,988,577 | 50,285,480 |
Weighted average number of shares outstanding - Diluted (in shares) | 50,871,249 | 50,538,947 | 50,882,191 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Earnings (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net earnings | $144,183 | $118,350 | $123,340 |
Pension and other postretirement benefits — | |||
Pension and other postretirement benefits liability adjustments | -12,434 | 33,315 | -10,240 |
Pension and other postretirement benefits liability adjustments tax amounts | 4,645 | -12,286 | 4,006 |
Pension and other postretirement benefits liability adjustments, net of tax | -7,789 | 21,029 | -6,234 |
Foreign currency translation — | |||
Translation adjustments | -16,477 | 918 | -1,085 |
Translation adjustments tax amounts | 0 | 0 | 0 |
Translation adjustments, net of tax | -16,477 | 918 | -1,085 |
Comprehensive earnings | 119,917 | 140,297 | 116,021 |
Comprehensive earnings attributable to non-redeemable noncontrolling interests | -184 | -245 | -155 |
Comprehensive loss (earnings) attributable to redeemable noncontrolling interests | 249 | -82 | -197 |
Comprehensive earnings attributable to CLARCOR Inc. | $119,982 | $139,970 | $115,669 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Nov. 29, 2014 | Nov. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $94,064 | $411,562 |
Restricted cash | 0 | 763 |
Accounts receivable, less allowance for losses of $10,811 for 2014 and $9,183 for 2013 | 305,580 | 224,829 |
Inventories | 274,718 | 218,786 |
Deferred income taxes | 37,749 | 25,313 |
Income taxes receivable | 0 | 1,000 |
Prepaid expenses and other current assets | 16,796 | 9,868 |
Total current assets | 728,907 | 892,121 |
Property, plant and equipment, at cost, less accumulated depreciation | 288,356 | 208,953 |
Goodwill | 507,172 | 241,299 |
Acquired intangibles, less accumulated amortization | 347,578 | 89,881 |
Other noncurrent assets | 16,756 | 16,589 |
Total assets | 1,888,769 | 1,448,843 |
Current liabilities: | ||
Current portion of long-term debt | 233 | 50,223 |
Accounts payable | 97,885 | 79,164 |
Accrued liabilities | 120,036 | 78,374 |
Income taxes payable | 6,226 | 0 |
Total current liabilities | 224,380 | 207,761 |
Long-term debt, less current portion | 411,330 | 116,413 |
Long-term pension and postretirement healthcare benefits liabilities | 33,266 | 19,792 |
Deferred income taxes | 104,250 | 64,415 |
Other long-term liabilities | 8,853 | 5,753 |
Total liabilities | 782,079 | 414,134 |
Contingencies (Note L) | ||
Redeemable noncontrolling interests | 1,587 | 1,836 |
SHAREHOLDERS' EQUITY | ||
Preferred, par value $1, authorized 5,000,000 shares, none issued | 0 | 0 |
Common, par value $1, authorized 120,000,000 shares, issued 50,204,497 for 2014 and 50,370,541 for 2013 | 50,204 | 50,371 |
Capital in excess of par value | 10,644 | 22,278 |
Accumulated other comprehensive loss | -54,080 | -29,814 |
Retained earnings | 1,097,292 | 989,013 |
Total CLARCOR Inc. equity | 1,104,060 | 1,031,848 |
Noncontrolling interests | 1,043 | 1,025 |
Total shareholders' equity | 1,105,103 | 1,032,873 |
Total liabilities and shareholders' equity | $1,888,769 | $1,448,843 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Nov. 29, 2014 | Nov. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Allowance for Doubtful Accounts Receivable, Current | $10,811 | $9,183 |
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $1 | $1 |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $1 | $1 |
Common Stock, Shares Authorized | 120,000,000 | 120,000,000 |
Common Stock, Shares, Issued | 50,204,497 | 50,370,541 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Total | Common Stock [Member] | Capital in Excess of Par Value [Member] | Accumulated Other Comprehensive Earnings (Loss) [Member] | Retained Earnings [Member] | CLARCOR Inc. [Member] | Non-redeemable noncontrolling interests [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] |
In Thousands, except Share data, unless otherwise specified | Capital in Excess of Par Value [Member] | CLARCOR Inc. [Member] | Capital in Excess of Par Value [Member] | CLARCOR Inc. [Member] | |||||||||
Stockholders' equity, including portion attributable to noncontrolling interest, beginning of period at Dec. 03, 2011 | $835,558 | $50,145 | $19,453 | ($44,391) | $809,520 | $834,727 | $831 | ||||||
Common stock, shares outstanding, beginning of period at Dec. 03, 2011 | 50,144,928 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net earnings (excludes redeemable noncontrolling interests) | 123,101 | 122,986 | 122,986 | 115 | |||||||||
Other comprehensive earnings (loss) (excludes redeemable noncontrolling interests) | -7,277 | -7,317 | -7,317 | 40 | |||||||||
Stock options exercised, shares | 248,374 | 353,793 | |||||||||||
Stock options exercised, value | 3,682 | 248 | 3,434 | 3,682 | |||||||||
Tax benefit | 2,007 | 2,007 | 2,007 | ||||||||||
Issuance and expense of stock under award plans, shares | 52,316 | ||||||||||||
Issuance and expense of stock under award plans, value | 1,868 | 53 | 1,815 | 1,868 | |||||||||
Purchase and retire stock, shares | -792,881 | -792,881 | |||||||||||
Purchase and retire stock, value | -37,320 | -793 | -31,516 | -5,011 | -37,320 | ||||||||
Stock option expense, value | 4,997 | 4,997 | 4,997 | ||||||||||
Other | 125 | -190 | 315 | 125 | |||||||||
Cash dividends | -24,911 | -24,911 | -24,911 | ||||||||||
Stockholders' equity, including portion attributable to noncontrolling interest, end of period at Dec. 01, 2012 | 901,830 | 49,653 | 0 | -51,708 | 902,899 | 900,844 | 986 | ||||||
Common stock, shares outstanding, end of period at Dec. 01, 2012 | 49,652,737 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net earnings (excludes redeemable noncontrolling interests) | 118,333 | 118,076 | 118,076 | 257 | |||||||||
Other comprehensive earnings (loss) (excludes redeemable noncontrolling interests) | 21,882 | 21,894 | 21,894 | -12 | |||||||||
Stock options exercised, shares | 1,128,310 | 1,191,752 | |||||||||||
Stock options exercised, value | 32,800 | 1,128 | 31,672 | 32,800 | |||||||||
Tax benefit | 7,231 | 7,231 | 7,231 | 1,280 | 1,280 | 1,280 | |||||||
Issuance and expense of stock under award plans, shares | 123,594 | ||||||||||||
Issuance and expense of stock under award plans, value | 2,963 | 124 | 2,839 | 2,963 | |||||||||
Purchase and retire stock, shares | -534,100 | -534,100 | |||||||||||
Purchase and retire stock, value | -27,708 | -534 | -23,956 | -3,218 | -27,708 | ||||||||
Stock option expense, value | 3,212 | 3,212 | 3,212 | ||||||||||
Cash dividends | -28,950 | -28,744 | -28,744 | -206 | |||||||||
Stockholders' equity, including portion attributable to noncontrolling interest, end of period at Nov. 30, 2013 | 1,032,873 | 50,371 | 22,278 | -29,814 | 989,013 | 1,031,848 | 1,025 | ||||||
Common stock, shares outstanding, end of period at Nov. 30, 2013 | 50,370,541 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net earnings (excludes redeemable noncontrolling interests) | 144,317 | 144,084 | 144,084 | 233 | |||||||||
Other comprehensive earnings (loss) (excludes redeemable noncontrolling interests) | -24,315 | -24,266 | -24,266 | -49 | |||||||||
Stock options exercised, shares | 322,473 | 322,473 | |||||||||||
Stock options exercised, value | 10,738 | 322 | 10,416 | 10,738 | |||||||||
Tax benefit | 2,668 | 2,668 | 2,668 | 101 | 101 | 101 | |||||||
Issuance and expense of stock under award plans, shares | 47,186 | ||||||||||||
Issuance and expense of stock under award plans, value | 2,488 | 47 | 2,441 | 2,488 | |||||||||
Purchase and retire stock, shares | -535,703 | -535,703 | |||||||||||
Purchase and retire stock, value | -32,822 | -536 | -32,286 | -32,822 | |||||||||
Stock option expense, value | 5,026 | 5,026 | 5,026 | ||||||||||
Cash dividends | -35,971 | -35,805 | -35,805 | -166 | |||||||||
Stockholders' equity, including portion attributable to noncontrolling interest, end of period at Nov. 29, 2014 | $1,105,103 | $50,204 | $10,644 | ($54,080) | $1,097,292 | $1,104,060 | $1,043 | ||||||
Common stock, shares outstanding, end of period at Nov. 29, 2014 | 50,204,497 |
Consolidated_Statements_of_Sha1
Consolidated Statements of Shareholders' Equity (Parentheticals) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Nov. 29, 2014 | Aug. 30, 2014 | 31-May-14 | Mar. 01, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | Jun. 01, 2013 | Mar. 02, 2013 | Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 | |
Statement of Stockholders' Equity [Abstract] | |||||||||||
Cash dividends paid per common share (in dollars per share) | $0.20 | $0.17 | $0.17 | $0.17 | $0.17 | $0.14 | $0.14 | $0.14 | $0.71 | $0.57 | $0.50 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 |
Cash flows from operating activities: | |||
Net earnings | $144,183 | $118,350 | $123,340 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation | 30,065 | 26,329 | 25,925 |
Amortization | 20,362 | 5,904 | 5,890 |
Other noncash items | 995 | 1,754 | -26 |
Net loss (gain) on disposition of assets | 67 | 3,862 | -725 |
Bargain purchase gain | -2,815 | 0 | 0 |
Stock-based compensation expense | 7,278 | 5,060 | 6,226 |
Excess tax benefit from stock-based compensation | -2,769 | -8,528 | -2,007 |
Deferred income taxes | 911 | 1,216 | 9,272 |
Changes in assets and liabilities, net of business acquisitions: | |||
Accounts receivable | -28,748 | -11,044 | -7,666 |
Inventories | -7,846 | -7,826 | -8,320 |
Prepaid expenses and other current assets | -7,004 | -1,833 | -329 |
Other noncurrent assets | -2,384 | 1,396 | -2,836 |
Accounts payable, accrued liabilities and other liabilities | 2,591 | 8,363 | -5,650 |
Pension and postretirement healthcare liabilities, net | 915 | -20,616 | -13,349 |
Income taxes | 545 | 12,854 | 6,104 |
Net cash provided by operating activities | 156,346 | 135,241 | 135,849 |
Cash flows from investing activities: | |||
Restricted cash | 1,339 | -197 | 240 |
Business acquisitions, net of cash acquired | -595,328 | 0 | -5,411 |
Payments for purchase of property, plant and equipment | -69,681 | -44,651 | -36,468 |
Proceeds from disposition of plant assets | 491 | 3,373 | 534 |
Investment in affiliate | -1,073 | -615 | -1,023 |
Net cash used in investing activities | -664,252 | -42,090 | -42,128 |
Cash flows from financing activities: | |||
Net (payments) borrowings under multicurrency revolving credit agreement | -50,000 | 50,000 | 0 |
Borrowings under term loan facility | 315,000 | 100,000 | 0 |
Payments on term loan facility | -20,000 | 0 | 0 |
Payments on long-term debt, including business acquisition-related seller financing | -1,620 | -4,037 | -10,500 |
Payments of financing costs | -752 | -298 | -564 |
Sale of capital stock under stock option and employee purchase plans | 12,076 | 35,047 | 6,415 |
Payments for repurchase of common stock | -32,822 | -27,708 | -37,320 |
Excess tax benefit from stock-based compensation | 2,769 | 8,528 | 2,007 |
Dividend paid to noncontrolling interests | -166 | -206 | 0 |
Cash dividends paid | -35,805 | -28,744 | -24,911 |
Net cash provided by (used in) financing activities | 188,680 | 132,582 | -64,873 |
Net effect of exchange rate changes on cash | 1,728 | 333 | 649 |
Net change in cash and cash equivalents | -317,498 | 226,066 | 29,497 |
Cash and cash equivalents, beginning of period | 411,562 | 185,496 | 155,999 |
Cash and cash equivalents, end of period | 94,064 | 411,562 | 185,496 |
Cash paid during the period for interest | 3,028 | 374 | 397 |
Cash paid during the period for income taxes, net of refunds | $67,534 | $42,602 | $43,821 |
Basis_of_Presentation_and_Sign
Basis of Presentation and Significant Accounting Policies | 12 Months Ended | |||||||||||
Nov. 29, 2014 | ||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||
Basis of Presentation and Significant Accounting Policies | BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | |||||||||||
Principles of Consolidation | ||||||||||||
CLARCOR Inc. and its subsidiaries (collectively, the “Company” or “CLARCOR”) is a global provider of filtration products, filtration systems and services, and consumer and industrial packaging products. As discussed further in Note O, the Company has three reportable segments: Engine/Mobile Filtration, Industrial/Environmental Filtration and Packaging. The Consolidated Financial Statements include all domestic and foreign subsidiaries that were more than 50% owned and controlled as of each respective reporting period presented. All intercompany accounts and transactions have been eliminated. | ||||||||||||
Accounting Period | ||||||||||||
The Company's fiscal year-end is the Saturday closest to November 30, typically resulting in a fifty-two week year, but occasionally giving rise to an additional week, resulting in a fifty-three week year. The fiscal years ended November 29, 2014, November 30, 2013 and December 1, 2012 were comprised of fifty-two weeks. For clarity of presentation in the Consolidated Financial Statements, all fiscal years are shown to begin as of December 1 and end as of November 30. | ||||||||||||
Use of Management's Estimates | ||||||||||||
The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results will differ from those estimates. | ||||||||||||
Foreign Currency Translation and Transactions | ||||||||||||
Financial statements of foreign subsidiaries are translated into U.S. Dollars at current rates, except that revenues, costs, expenses and cash flows are translated at average rates during each reporting period and equity accounts are translated at historical rates. Net exchange gains or losses resulting from the translation of foreign financial statements are presented in the Consolidated Statements of Comprehensive Earnings. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred. Other, net, included in Other income (expense), includes net foreign currency transaction gains (losses) of $1,251, $(520), and $(847) in fiscal years 2014, 2013 and 2012, respectively. | ||||||||||||
Cash and Cash Equivalents and Restricted Cash | ||||||||||||
Highly liquid investments with an original maturity of three months or less when purchased and that are readily saleable are considered to be cash and cash equivalents. Restricted cash represents funds held in escrow and cash balances held by banks as collateral for certain guarantees of overseas subsidiaries. Restricted cash classified as current corresponds to funds held in escrow that will be used within one year or guarantees that expire within one year. The Company also has $1,294 and $1,896 of noncurrent restricted cash recorded in Other noncurrent assets as of November 30, 2014 and 2013, respectively, corresponding to guarantees and escrow agreements that expire longer than one year from the dates of the Consolidated Balance Sheets. | ||||||||||||
Cash and cash equivalents and restricted cash represent financial instruments with potential credit risk. The Company mitigates the risk by investing the assets with institutions it believes to be financially sound. | ||||||||||||
Derivative Instruments and Hedging Activities | ||||||||||||
The Company is exposed to various market risks that arise from transactions entered into in the normal course of business, including market risks associated with changes in foreign currency exchange rates and changes in interest rates. The Company may make use of derivative instruments to manage certain such risks, including derivatives designated as accounting hedges and/or those utilized as economic hedges which are not designated as accounting hedges. The Company does not hold or issue derivatives for trading or speculative purposes. | ||||||||||||
All derivatives are recorded at fair value in the Consolidated Balance Sheets. Each derivative is designated as either a fair value hedge or remains undesignated. Changes in the fair value of derivatives that are designated and effective as fair value hedges are recognized currently in net income. These changes are offset in net income to the extent the hedge was effective by fair value changes related to the risk being hedged on the hedged item. Changes in fair value of undesignated hedges are recognized currently in net income. All ineffective changes in derivative fair values are recognized currently in net income. | ||||||||||||
The Company formally documents all relationships between designated hedging instruments and hedged items as well as its risk management objective and strategy for undertaking hedge transactions. Both at inception and on an ongoing basis the hedging instrument is assessed as to its effectiveness. If and when a derivative is determined not to be highly effective as a hedge, or the underlying hedge transaction is no longer likely to occur, the hedge designation is removed, or the derivative is terminated, the hedge accounting discussed above is discontinued. Further information related to derivatives and hedging activities is included in Note F of the Notes to Consolidated Financial Statements. | ||||||||||||
Accounts Receivable and Allowance for Losses | ||||||||||||
Trade accounts receivable are recorded at the invoiced amount and do not bear interest. Trade accounts receivable represent financial instruments with potential credit risk. The allowance for losses is the Company’s best estimate of the amount of probable credit losses in its existing accounts receivable. The Company determines the allowance based on economic conditions in the industries to which the Company sells and on historical experience by evaluating specific customer accounts for risk of loss, fluctuations in amounts owed and current payment trends. The allowances provided are estimates that may be impacted by economic and market conditions which could have an effect on future allowance requirements and results of operations. The Company reviews its allowance for doubtful accounts monthly. Past due balances over ninety days and over a specified amount are reviewed individually for collectability. Account balances are charged off against the allowance when it is probable the receivable will not be recovered. | ||||||||||||
Inventories | ||||||||||||
Inventories are valued at the lower of cost or market primarily determined on the first-in, first-out (“FIFO”) method of inventory costing, which approximates current cost. The Company periodically assesses its inventories for potential excess, slow movement and obsolescence and adjusts inventory values accordingly. Inventories are summarized as follows: | ||||||||||||
2014 | 2013 | |||||||||||
Raw materials | $ | 101,848 | $ | 80,741 | ||||||||
Work in process | 41,729 | 34,402 | ||||||||||
Finished products | 131,141 | 103,643 | ||||||||||
$ | 274,718 | $ | 218,786 | |||||||||
Property, Plant and Equipment | ||||||||||||
Depreciation is determined by the straight-line method for financial statement purposes and by the accelerated method for tax purposes. The provision for depreciation is based on the estimated useful lives of the assets (15 to 40 years for buildings and improvements, the shorter of the asset life or the life of the lease for leasehold improvements and leased equipment and 3 to 15 years for machinery and equipment). It is the Company’s policy to capitalize the cost of renewals and betterments and to charge to expense the cost of current maintenance and repairs. When property or equipment is retired or otherwise disposed of, the net book value of the asset is removed from the Company’s books and the resulting gain or loss is reflected in operating profit. | ||||||||||||
Plant assets classified as Assets held for sale are initially measured at the lesser of the assets’ carrying amount or the fair value less costs to sell. Gains or losses are recognized for any subsequent changes in the fair value less cost to sell; however, gains are only recognized to the extent of cumulative losses previously recognized. Plant assets classified as Assets held for sale are not depreciated. The Company had no plant assets classified as held for sale as of November 30, 2014 and 2013, respectively. | ||||||||||||
Goodwill and Acquired Intangible Assets | ||||||||||||
The Company recognizes the excess of the cost of an acquired entity over the net amount assigned to assets acquired and liabilities assumed as goodwill. Goodwill is tested for impairment at the reporting unit level on an annual basis during the fourth quarter and any time events or changes in circumstances indicate that the carrying amount of goodwill and acquired intangible assets might not be recoverable. Impairment losses would be recognized whenever the implied fair value of goodwill is less than its carrying value. | ||||||||||||
The Company recognizes an acquired intangible asset apart from goodwill whenever the asset arises from contractual or other legal rights, or whenever it is capable of being separated or divided from the acquired entity and sold, transferred, licensed, rented or exchanged, either individually or in combination with a related contract, asset or liability. An intangible asset other than goodwill is amortized over its estimated useful life unless that life is determined to be indefinite. Most of the Company’s trade names and trademarks have indefinite useful lives and are subject to impairment testing. All other acquired intangible assets, including patents which have an average 14 year life, and other identifiable intangible assets with original lives ranging from 1 to 30 years, are being amortized using the straight-line method over the estimated periods to be benefited. The Company reviews the lives of its definite-lived intangible assets at least annually during the fourth quarter, and if necessary, impairment losses are recognized if the carrying amount of an intangible subject to amortization is not recoverable from expected future cash flows and its carrying amount exceeds its fair value. | ||||||||||||
Impairment of Long-Lived Assets | ||||||||||||
The Company determines any impairment losses based on underlying cash flows related to specific groups of acquired long-lived assets, including plant assets, associated identifiable intangible assets and goodwill, when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. For the years ended November 30, 2014, 2013 and 2012, the Company had no significant impairment losses. | ||||||||||||
Income Taxes | ||||||||||||
The Company provides for income taxes and recognizes deferred tax liabilities and assets for the expected future tax consequences of temporary differences between the financial statement carrying amounts and the tax basis of assets and liabilities. The Company does not provide deferred taxes on unremitted foreign earnings from certain foreign affiliates that are intended to be indefinitely reinvested to finance operations and expansion outside the United States. | ||||||||||||
The Company accounts for uncertain tax positions in accordance with guidance issued by the Financial Accounting Standards Board (“FASB”). This guidance applies broadly to all tax positions taken by a company, including decisions to not report income in a tax return or to classify a transaction as tax exempt. The approach is a two-step benefit recognition model. The amount of benefit to recognize is measured as the largest amount of tax benefit that is greater than 50% likely of being ultimately realized upon settlement. The tax position is derecognized when it is no longer more likely than not of being sustained. The Company recognizes interest and penalties related to unrecognized benefits in income tax expense. | ||||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||
Accumulated other comprehensive loss, net of tax, consists of foreign currency translation adjustments and pension related gains and losses, prior service costs and credits and any remaining transition amounts that have not yet been recognized through net periodic benefit costs. Changes in Accumulated other comprehensive loss by component are as follows: | ||||||||||||
Pension Benefits | Foreign Currency Translation Adjustments | Total | ||||||||||
Balance at November 30, 2013, net of tax | $ | (29,878 | ) | $ | 64 | $ | (29,814 | ) | ||||
Other comprehensive loss before reclassifications and tax | (15,085 | ) | (16,477 | ) | (31,562 | ) | ||||||
Tax benefit | 5,565 | — | 5,565 | |||||||||
Other comprehensive loss before reclassifications, net of tax | (9,520 | ) | (16,477 | ) | (25,997 | ) | ||||||
Reclassifications, before tax | 2,651 | (a) | — | 2,651 | ||||||||
Tax expense | (920 | ) | — | (920 | ) | |||||||
Reclassifications, net of tax | 1,731 | — | 1,731 | |||||||||
Other comprehensive loss, net of tax | (7,789 | ) | (16,477 | ) | (24,266 | ) | ||||||
Balance at November 30, 2014, net of tax | $ | (37,667 | ) | $ | (16,413 | ) | $ | (54,080 | ) | |||
(a) Includes amortization of prior service cost and net actuarial loss included in net periodic benefit cost (see Note J) that were reclassified from accumulated other comprehensive loss to selling and administrative expenses. | ||||||||||||
Stock-based Compensation | ||||||||||||
Stock-based employee compensation cost is recognized using the fair-value based method for all awards granted on or after the beginning of fiscal year 2006. The Company issues stock option awards and restricted stock unit awards to employees and issues shares of common stock to non-employee directors under its stock-based incentive plans. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model. Compensation cost related to restricted stock units is recorded based on the market price of the Company’s common stock on the grant date. The Company recognizes compensation expense from the date of grant on a straight-line basis over a four year period or to the date retirement eligibility is achieved, whichever is shorter. For those who are already retirement eligible on the date of grant, compensation expense is recognized immediately. | ||||||||||||
Revenue Recognition | ||||||||||||
Revenue is recognized when product ownership and risk of loss have transferred to the customer or performance of services is complete and the Company has no remaining obligations regarding the transaction. Estimated discounts, rebates and sales returns are recorded as a reduction of sales in the same period revenue is recognized. Shipping and handling costs are recorded as revenue when billed to customers. The related shipping and handling expenses are included in Cost of sales. | ||||||||||||
The Company uses the percentage of completion accounting revenue recognition method for qualifying contracts under which products are manufactured to customer specifications. Approximately $35,537, $42,002 and $34,466 of the Company’s total revenue for fiscal years 2014, 2013 and 2012, respectively, was recognized under the percentage of completion accounting method. Revenue is recognized on contracts utilizing the percentage of completion method based on costs incurred as a percentage of estimated total costs. Revenue recognized on uncompleted contracts in excess of amounts billed to customers is reflected as a current asset. Amounts billed to customers in excess of revenue recognized on uncompleted contracts are reflected as a current liability. When it is estimated that a contract will result in a loss, the entire amount of the estimated loss is accrued. The effect of revisions in costs and profit estimated for contracts is reflected in the accounting period in which the facts requiring the revisions become known. | ||||||||||||
Product Warranties | ||||||||||||
The Company provides for estimated warranty costs when the related products are recorded as sales or for specific items at the time existence of the claims is known and the amounts are reasonably determinable. | ||||||||||||
Research and Development | ||||||||||||
The Company charges research and development costs, relating to the development of new products or the improvement or redesign of its existing products, to expense when incurred. These costs were approximately $18,102 in 2014, $11,334 in 2013 and $11,811 in 2012. | ||||||||||||
Insurance | ||||||||||||
Insurance coverage is obtained for certain property and casualty exposures, workers’ compensation and general liability, as well as risks that require insurance by law or contract. The Company self-insures for certain other insurable risks, primarily employee medical coverage, which the Company carries insurance for certain losses above specified amounts. Liabilities are determined using estimates, including actuarial where applicable, of the aggregate liability for claims incurred and an estimate of incurred but not reported claims, on an undiscounted basis. | ||||||||||||
Guarantees | ||||||||||||
At November 30, 2014 and 2013, the Company had letters of credit totaling $33,359 and $28,541, respectively, issued to various government agencies, primarily related to industrial revenue bonds, and to insurance companies and other entities in support of its obligations. The Company believes that no payments will be required resulting from these obligations. | ||||||||||||
In the ordinary course of business, the Company also provides routine indemnifications and other guarantees whose terms range in duration and often are not explicitly defined. The Company does not believe these will have a material impact on the results of operations or financial condition of the Company. | ||||||||||||
New Pronouncements | ||||||||||||
In February 2013, the Financial Accounting Standards Board ("FASB") issued guidance to improve the reporting of reclassifications out of accumulated other comprehensive income ("AOCI"). The amendments do not change the current requirement for reporting net income or other comprehensive income in financial statements; however, the amendments require an entity to provide information about the amounts reclassified out of AOCI by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of AOCI by the respective line items of net income, but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. The guidance is effective for annual and interim periods beginning after December 15, 2012, although early adoption is permitted. The adoption of this guidance on December 1, 2013 did not have a material impact on the Consolidated Financial Statements. For additional information, refer to "Accumulated Other Comprehensive Loss" above. | ||||||||||||
In April 2014, the FASB issued Accounting Standards Update ("ASU") No. 2014-08, "Presentation of Financial Statements and Property, Plant and Equipment; Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." ASU 2014-08 modifies the requirements for reporting discontinued operations. Under the amendments in ASU 2014-08, the definition of discontinued operation has been modified to only include those disposals of an entity that represent a strategic shift that has (or will have) a major effect on an entity's operations and financial results. ASU 2014-08 also expands the disclosure requirements for disposals that meet the definition of a discontinued operation and requires entities to disclose information about disposals of individually significant components that do not meet the definition of discontinued operations. ASU 2014-08 is effective for annual reporting periods, and interim periods within those years, beginning after December 15, 2014 (fiscal year 2016 for the Company). The adoption of this update is not expected to have a material impact on the Company's Consolidated Financial Statements. | ||||||||||||
In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers." ASU 2014-09 is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. ASU 2014-09 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 is effective for annual reporting periods, and interim periods within that period, beginning after December 15, 2016 (fiscal year 2018 for the Company) and early adoption is not permitted. Companies may use either a full retrospective or a modified retrospective approach to adopt ASU 2014-09. The Company has not yet determined the potential effects of the adoption of ASU 2014-09 on its Consolidated Financial Statements. |
Business_Acquisitions_Investme
Business Acquisitions, Investments and Redeemable Noncontrolling Interests | 12 Months Ended | |||||||||||||||||||||||||||||
Nov. 29, 2014 | ||||||||||||||||||||||||||||||
Business Acquisitions, Investments and Redeemable Noncontrolling Interests [Abstract] | ||||||||||||||||||||||||||||||
Business Acquisitions, Investments and Redeemable Noncontrolling Interests | BUSINESS ACQUISITIONS, INVESTMENTS AND REDEEMABLE NONCONTROLLING INTERESTS | |||||||||||||||||||||||||||||
Business Acquisitions | ||||||||||||||||||||||||||||||
CLARCOR Engine Mobile Solutions | ||||||||||||||||||||||||||||||
On May 1, 2014, the Company acquired Stanadyne Corporation's diesel fuel filtration business (the “Stanadyne Business”) through the acquisition of the stock of Stanadyne Holdings, Inc. The business, which now operates as “CLARCOR Engine Mobile Solutions,” is a leading supplier of original equipment and replacement fuel filtration products, primarily for heavy-duty diesel engines used in off-road, agricultural and construction applications. | ||||||||||||||||||||||||||||||
CLARCOR Engine Mobile Solutions has approximately 200 employees and is headquartered in Windsor, Connecticut, with manufacturing operations in Washington, North Carolina. Its results are included as part of the Company’s Engine/Mobile Filtration segment from the date of acquisition. The purchase price paid was approximately $327,719 in cash (cash to Stanadyne Corporation of $327,719, net of $0 cash acquired), which the Company funded with cash on hand, a $315,000 term loan and $10,000 borrowed under the Company’s revolving credit agreement (see Note H). | ||||||||||||||||||||||||||||||
An allocation of the purchase price to the assets acquired and liabilities assumed was made based on available information and incorporating management’s best estimates. Assets acquired and liabilities assumed in the transaction were recorded at their estimated acquisition date fair values, while transaction costs associated with the acquisition were expensed as incurred. The Company is currently in the process of finalizing the valuation of the assets acquired and liabilities assumed. The Company expects to finalize the purchase price allocation within one year of the purchase date. | ||||||||||||||||||||||||||||||
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition of CLARCOR Engine Mobile Solutions: | ||||||||||||||||||||||||||||||
Accounts receivable | $ | 19,548 | ||||||||||||||||||||||||||||
Inventories | 7,257 | |||||||||||||||||||||||||||||
Deferred income taxes | 4,121 | |||||||||||||||||||||||||||||
Property, plant and equipment | 10,176 | |||||||||||||||||||||||||||||
Goodwill | 194,989 | |||||||||||||||||||||||||||||
Intangible assets | 146,430 | |||||||||||||||||||||||||||||
Total assets acquired | 382,521 | |||||||||||||||||||||||||||||
Current liabilities | 8,963 | |||||||||||||||||||||||||||||
Other noncurrent liabilities | 2,000 | |||||||||||||||||||||||||||||
Deferred income taxes | 43,839 | |||||||||||||||||||||||||||||
Net assets acquired | $ | 327,719 | ||||||||||||||||||||||||||||
The Stanadyne Business was acquired to significantly increase CLARCOR’s presence in the design, manufacture and supply of original equipment diesel fuel filtration products and the related original equipment services aftermarket, while also providing enhanced scale and market presence to support growth for CLARCOR’s other Engine/Mobile Filtration businesses — including the heavy-duty fuel, oil, hydraulic and air filtration products manufactured and marketed by Baldwin Filters — through original equipment customers and services channels. Goodwill of $194,989 recorded in connection with the acquisition, which is not deductible for tax purposes, represents the estimated value of such future opportunities. A summary of the intangible assets acquired is shown in the following table: | ||||||||||||||||||||||||||||||
Estimated | Weighted average | Amortization | ||||||||||||||||||||||||||||
Identifiable intangible assets | Value | Useful life | Method | |||||||||||||||||||||||||||
Customer relationships | $ | 135,250 | 13 years | Straight-line | ||||||||||||||||||||||||||
Developed technology | 11,000 | 10 years | Straight-line | |||||||||||||||||||||||||||
Trademarks | 180 | Indefinite | Not amortized | |||||||||||||||||||||||||||
$ | 146,430 | |||||||||||||||||||||||||||||
Net sales and operating profit attributable to CLARCOR Engine Mobile Solutions from May 1, 2014 (the date of the closing of the acquisition) through November 30, 2014 were $65,701 and $11,604, respectively. | ||||||||||||||||||||||||||||||
CLARCOR Industrial Air | ||||||||||||||||||||||||||||||
On December 16, 2013, the Company acquired the Air Filtration business of General Electric Company’s (“GE”) Power and Water division through the acquisition of certain assets and the assumption of certain liabilities, as well as the acquisition of the stock of a subsidiary of GE. The business, which now operates as “CLARCOR Industrial Air”, was acquired to significantly increase the Company’s presence in air inlet filtration products for natural gas turbines and to expand the Company’s product offerings, technologies and customer base in industrial air filtration. CLARCOR Industrial Air employs approximately 700 people and is headquartered in Overland Park, Kansas, with manufacturing operations in Missouri and the United Kingdom. Its results are included as part of the Company’s Industrial/Environmental Filtration segment from the date of acquisition. The purchase price paid was approximately $260,312 in cash (cash to GE of $263,758, net of $3,446 cash acquired), which the Company funded with cash on hand, a $100,000 term loan and $50,000 of cash borrowed under the Company’s revolving credit agreement (see Note H). | ||||||||||||||||||||||||||||||
CLARCOR Industrial Air operates primarily in three markets — gas turbine filtration, industrial air filtration, and specialty membranes. In gas turbine filtration, CLARCOR Industrial Air designs and manufactures high performance inlet filter houses and replacement filter elements for gas turbines used in a wide range of applications, including on-shore power generation plants, on-shore and off-shore oil and gas platforms and pipelines, distributed power generation and commercial and military marine applications. In industrial air filtration, CLARCOR Industrial Air designs and manufactures high performance filter elements for use in a variety of industries, sold to a wide range of customers under various trade names. The specialty membrane business designs and manufactures high performance membranes for apparel and microfiltration. | ||||||||||||||||||||||||||||||
An allocation of the purchase price to the assets acquired and liabilities assumed was made based on available information and incorporating management’s best estimates. Assets acquired and liabilities assumed in the transaction were recorded at their estimated acquisition date fair values, while transaction costs associated with the acquisition were expensed as incurred. The Company is currently in the process of finalizing the valuations of assets acquired and liabilities assumed. The Company expects to finalize the purchase price allocation within one year of the purchase date. | ||||||||||||||||||||||||||||||
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition of CLARCOR Industrial Air: | ||||||||||||||||||||||||||||||
Accounts receivable | $ | 34,453 | ||||||||||||||||||||||||||||
Inventories | 41,884 | |||||||||||||||||||||||||||||
Other current assets | 837 | |||||||||||||||||||||||||||||
Property, plant and equipment | 22,903 | |||||||||||||||||||||||||||||
Goodwill | 74,324 | |||||||||||||||||||||||||||||
Intangible assets | 133,020 | |||||||||||||||||||||||||||||
Total assets acquired | 307,421 | |||||||||||||||||||||||||||||
Total liabilities | 47,109 | |||||||||||||||||||||||||||||
Net assets acquired | $ | 260,312 | ||||||||||||||||||||||||||||
The Company believes the CLARCOR Industrial Air business provides it with a strong platform in the gas turbine filtration market from which to grow, both with respect to first-fit applications as well as the aftermarket, and a broad line of products, in-depth customer knowledge and service capabilities with which to grow in various industrial air filtration markets. Goodwill of $74,324 recorded in connection with the CLARCOR Industrial Air acquisition, which is deductible for tax purposes, represents the estimated value of such future opportunities. A summary of the intangible assets acquired, weighted-average useful lives and amortization methods is shown in the following table: | ||||||||||||||||||||||||||||||
Estimated | Weighted average | Amortization | ||||||||||||||||||||||||||||
Identifiable intangible assets | Value | Useful life | Method | |||||||||||||||||||||||||||
Trade names | $ | 35,100 | Indefinite | Not amortized | ||||||||||||||||||||||||||
Customer relationships | 77,300 | 13 years | Straight-line | |||||||||||||||||||||||||||
Developed technology | 19,900 | 13 years | Straight-line | |||||||||||||||||||||||||||
GE Transitional Trademark License | 50 | Less than 1 Year | Accelerated | |||||||||||||||||||||||||||
Backlog | 670 | Less than 1 Year | Accelerated | |||||||||||||||||||||||||||
$ | 133,020 | |||||||||||||||||||||||||||||
Net sales and operating profit attributable to CLARCOR Industrial Air from December 16, 2013 (the date of the closing of the acquisition) through November 30, 2014 were $226,709 and $13,984, respectively. | ||||||||||||||||||||||||||||||
Unaudited Pro Forma Results for CLARCOR giving effect to the acquisitions of CLARCOR Engine Mobile Solutions and CLARCOR Industrial Air | ||||||||||||||||||||||||||||||
The following unaudited pro forma information presents the combined results of operations of CLARCOR, CLARCOR Industrial Air and CLARCOR Engine Mobile Solutions as if both acquisitions had been completed on the first day of fiscal 2013. The pro forma information is presented for informational purposes only and does not purport to be indicative of the results of operations or future results that would have been achieved if the acquisitions and related borrowings had taken place at the beginning of fiscal 2013. The pro forma information combines the historical results of CLARCOR with the historical results of CLARCOR Industrial Air and CLARCOR Engine Mobile Solutions for the periods presented. | ||||||||||||||||||||||||||||||
Prior to acquisition by CLARCOR, the business now operated as CLARCOR Industrial Air was a wholly-owned business of GE’s Power and Water division, and the business now operated as CLARCOR Engine Mobile Solutions was a wholly-owned business of Stanadyne Corporation. As such, neither business was a stand-alone entity for financial reporting purposes. Accordingly, the historical operating results of CLARCOR Industrial Air and CLARCOR Engine Mobile Solutions may not be indicative of the results that might have been achieved, historically or in the future, if CLARCOR Industrial Air and CLARCOR Engine Mobile Solutions had been stand-alone entities. | ||||||||||||||||||||||||||||||
The unaudited pro forma results for the twelve months ended November 30, 2014 and November 30, 2013 include amortization charges for acquired intangible assets, and adjustments to depreciation expense, interest expense, transaction costs incurred, adjustments to cost of sales to reflect the estimated fair values of inventory at the acquisition date, other income and related tax effects. The unaudited pro forma results do not give effect to any synergies, operating efficiencies or cost savings that may result from these acquisitions. These pro forma amounts are based on an allocation of the purchase price to estimates of the fair values of the assets acquired and liabilities assumed. The pro forma amounts include the Company’s determination of purchase accounting adjustments based on available information and certain assumptions that the Company believes are reasonable. | ||||||||||||||||||||||||||||||
Twelve Months Ended November 30, 2014 | Twelve Months Ended November 30, 2013 | |||||||||||||||||||||||||||||
As reported | CLARCOR | CLARCOR | Pro forma | As reported | CLARCOR | CLARCOR | Pro forma | |||||||||||||||||||||||
Engine Mobile Solutions | Industrial Air | Engine Mobile Solutions | Industrial Air | |||||||||||||||||||||||||||
Net sales | $ | 1,512,854 | $ | 46,837 | $ | 15,422 | $ | 1,575,113 | $ | 1,130,770 | $ | 105,744 | $ | 222,546 | $ | 1,459,060 | ||||||||||||||
Operating profit | 210,428 | 17,677 | (a) | 8,814 | (b) | 236,919 | 174,616 | 24,830 | (c) | 3,047 | (d) | 202,493 | ||||||||||||||||||
Net earnings attributable to CLARCOR | 144,084 | 10,485 | 6,551 | 161,120 | 118,076 | 13,789 | 1,703 | 133,568 | ||||||||||||||||||||||
Diluted earnings per share | $ | 2.83 | $ | 0.21 | $ | 0.13 | $ | 3.17 | $ | 2.34 | $ | 0.27 | $ | 0.03 | $ | 2.64 | ||||||||||||||
(a) | Includes adjustments to remove transaction costs of $3,035 and cost of sales related to the step-up of inventory to its estimated acquisition-date fair value of $1,368, which have been pushed back to the twelve months ended November 30, 2013 for pro forma presentation. Also includes adjustments to intangible asset amortization, depreciation expense and interest expense. | |||||||||||||||||||||||||||||
(b) | Includes adjustments to remove transaction costs of $2,089 and cost of sales related to the step-up of inventory to its estimated acquisition-date fair value of $4,342, which have been pushed back to the twelve months ended November 30, 2013 for pro forma presentation. Also includes adjustments to intangible asset amortization, depreciation expense and interest expense. | |||||||||||||||||||||||||||||
(c) | Includes adjustments to push back transaction costs of $3,035 and cost of sales related to the step-up of inventory to its estimated acquisition-date fair value of $1,368. Also includes adjustments to intangible asset amortization, depreciation expense and interest expense. | |||||||||||||||||||||||||||||
(d) | Includes adjustments to push back transaction costs of $2,089 and cost of sales related to the step-up of inventory to its estimated acquisition-date fair value of $4,342. Also includes adjustments to intangible asset amortization, depreciation expense and interest expense. | |||||||||||||||||||||||||||||
Bekaert Business | ||||||||||||||||||||||||||||||
On December 3, 2013, the Company acquired from NV Bekaert SA 100% of the outstanding shares of Bekaert Advanced Filtration SA (Belgium), 100% of the outstanding shares of PT Bekaert Advanced Filtration (Indonesia) and certain other assets in India, China and the U.S. (collectively, the “Bekaert Business”). The purchase price was approximately $7,297 in cash (net of cash acquired), which the Company paid with cash on hand. | ||||||||||||||||||||||||||||||
The Bekaert Business has approximately 170 employees, and manufacturing facilities located in Belgium and Indonesia, as well as sales personnel in North and South America. The business is engaged in the manufacture and supply of engineered metal filters and systems used primarily in the polymer and plastics industry. The Bekaert Business was acquired to expand the Company’s technical capabilities, improve the Company's product offerings and help the Company continue to grow in Europe and in Asia. The business has been merged into the Company’s Purolator Advanced Filtration Group, headquartered in Greensboro, North Carolina. Its results are included as part of the Company’s Industrial/Environmental Filtration segment from the date of acquisition. | ||||||||||||||||||||||||||||||
An allocation of the purchase price to the assets acquired and liabilities assumed was made based on available information and incorporating management’s best estimates. Assets acquired and liabilities assumed in the transaction were recorded at their estimated acquisition date fair values, while transaction costs associated with the acquisition were expensed as incurred. Acquired finite-lived intangible assets of $2,057 were recorded in connection with the purchase. The $2,815 excess of the fair value of the identifiable assets acquired and liabilities assumed over the purchase price was recorded as a bargain purchase gain and is included in “Other, net” income in the Consolidated Statements of Earnings. Prior to recording this gain, the Company reassessed its identification of assets acquired and liabilities assumed, including the use of independent valuation experts to assist the Company in appraising the personal property, real property and intangible assets acquired. The Company believes there were several factors that contributed to this transaction resulting in a bargain purchase gain, including the business falling outside of NV Bekaert SA’s core activities and historical losses incurred by the business. The Company expects to finalize the purchase price allocation within one year of the purchase date. | ||||||||||||||||||||||||||||||
Net sales and operating loss attributable to the Bekaert Business for the year ended November 30, 2014 were $13,926 and $21, respectively. | ||||||||||||||||||||||||||||||
Modular | ||||||||||||||||||||||||||||||
On May 9, 2012, the Company acquired 100% of the shares of Modular Engineering Company Pty Ltd. ("Modular") for $7,875. An initial payment of $5,237 was made at closing with the remaining purchase price, and interest thereon, to be paid in two installments on the first and second anniversaries of the original closing date. The first installment of $1,530 was made on May 8, 2013 and the second installment of $1,391 was paid on May 8, 2014. | ||||||||||||||||||||||||||||||
Investments | ||||||||||||||||||||||||||||||
The Company owns 30% of BioProcess H2O LLC (“BPH”), a Rhode Island-based manufacturer of industrial waste water and water reuse filtration systems, with an original cost of $4,000. During the years ended November 30, 2014, 2013, and 2012 the Company did not make any additional investments. Under the terms of the agreement with BPH, the Company has the right, but not the obligation, to acquire additional ownership shares and eventually complete ownership of BPH over several years at a price based on, among other factors, BPH’s operating income. The investment, with a carrying amount of $2,918 and $3,097, at November 30, 2014 and 2013, respectively, included in Other noncurrent assets in the Consolidated Balance Sheets, is being accounted for under the equity method of accounting. The carrying amount is adjusted each period to recognize the Company’s share of the earnings or losses of BPH based on the percentage of ownership, as well as the receipt of any dividends. The Company did not receive any dividends from BPH during the years ended November 30, 2014, 2013, or 2012. The equity investment is periodically reviewed for indicators of impairment. | ||||||||||||||||||||||||||||||
The Company also owns a 14.85% share in BioProcess Algae LLC (“Algae”), a Delaware-based company developing technology to grow and harvest algae which can be used to consume carbon dioxide and also be used as a renewable energy source. During the years ended November 30, 2014, 2013 and 2012, the Company invested an additional $1,073, $392 and $1,114, respectively, all of which the Company had funded as of November 30, 2014. The investment, with a carrying amount of $3,277 and $2,204, at November 30, 2014 and November 30, 2013, respectively, included in Other noncurrent assets, is being accounted for under the cost method of accounting. Under the cost method, the Company recognizes dividends as income when received and reviews the cost basis of the investment for impairment if factors indicate that a decrease in value of the investment has occurred. During the years ended November 30, 2014, 2013, and 2012 the Company received dividends of $0, $0, and $1,200 from Algae, which are included in Other, net, in the accompanying Consolidated Statements of Earnings. | ||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interests | ||||||||||||||||||||||||||||||
In March 2007, the Company acquired an 80% ownership share in Sinfa SA ("SINFA"), a manufacturer of automotive and heavy-duty engine filters based in Casablanca, Morocco, which is included in the Engine/Mobile Filtration segment. As part of the purchase agreement, the Company and the noncontrolling owners each have an option to require the purchase of the remaining 20% ownership shares by the Company after December 31, 2012 which would result in SINFA becoming a wholly owned subsidiary. As of November 30, 2014, neither the Company nor the noncontrolling interest owners had exercised the purchase option. The remaining 20% of SINFA owned by the noncontrolling owners has been reported as Redeemable noncontrolling interests and classified as mezzanine equity in the Consolidated Balance Sheets. The Redeemable noncontrolling interests is reflected at its carrying value, which is greater than its estimated redemption price. The Redeemable noncontrolling interests will be accreted to the redemption price, through equity, at the point at which the redemption becomes probable. The Company has not recorded any accretion to date. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | |||||||
Nov. 29, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT | |||||||
Property, plant and equipment included the following assets at November 30, 2014 and 2013: | ||||||||
2014 | 2013 | |||||||
Land | $ | 12,330 | $ | 9,444 | ||||
Buildings and building fixtures | 154,296 | 119,207 | ||||||
Machinery and equipment | 428,530 | 388,669 | ||||||
Construction in process | 50,764 | 24,420 | ||||||
645,920 | 541,740 | |||||||
Accumulated depreciation | (357,564 | ) | (332,787 | ) | ||||
$ | 288,356 | $ | 208,953 | |||||
At November 30, 2014 and 2013, additions to property, plant and equipment totaling $3,135 and $1,079, respectively, were included in Accounts payable and $1,983 and $621, respectively, were included in Accrued liabilities. During the years ended November 30, 2014 and 2013, additions to property, plant and equipment of $156 and $270, respectively, were acquired under capitalized leases. |
Goodwill_and_Acquired_Intangib
Goodwill and Acquired Intangible Assets | 12 Months Ended | |||||||||||||||
Nov. 29, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||
Goodwill and Acquired Intangible Assets | GOODWILL AND ACQUIRED INTANGIBLE ASSETS | |||||||||||||||
The following table reconciles the activity for goodwill by segment for fiscal years 2014 and 2013. All goodwill is stated on a gross basis, as the Company has not recorded any impairment charges against goodwill. | ||||||||||||||||
Engine/Mobile | Industrial/ | Packaging | Total | |||||||||||||
Filtration | Environmental | |||||||||||||||
Filtration | ||||||||||||||||
November 30, 2012 | $ | 21,593 | $ | 220,331 | $ | — | $ | 241,924 | ||||||||
Acquisitions | — | — | — | — | ||||||||||||
Currency translation adjustments | 275 | (900 | ) | — | (625 | ) | ||||||||||
November 30, 2013 | $ | 21,868 | $ | 219,431 | $ | — | $ | 241,299 | ||||||||
Acquisitions | 194,989 | 74,324 | — | 269,313 | ||||||||||||
Currency translation adjustments | (743 | ) | (2,697 | ) | — | (3,440 | ) | |||||||||
November 30, 2014 | $ | 216,114 | $ | 291,058 | $ | — | $ | 507,172 | ||||||||
The Company completed an annual impairment review at each fiscal year-end and concluded there was no impairment of goodwill. In performing the impairment reviews, the Company estimated the fair values of the reporting units using a present value method that discounted future cash flows. Such valuations are sensitive to assumptions associated with cash flow growth, discount rates, terminal value and the aggregation of reporting unit components. The Company further assessed the reasonableness of these estimates by considering relevant market multiples. | ||||||||||||||||
The following table summarizes acquired intangible assets by segment. Other acquired intangible assets include parts manufacturer regulatory approvals, proprietary technology, patents and noncompete agreements. | ||||||||||||||||
Engine/Mobile | Industrial/ | Packaging | Total | |||||||||||||
Filtration | Environmental | |||||||||||||||
Filtration | ||||||||||||||||
November 30, 2014 | ||||||||||||||||
Indefinite Lived Intangibles: | ||||||||||||||||
Trademarks - indefinite lived | $ | 783 | $ | 76,150 | $ | — | $ | 76,933 | ||||||||
Finite Lived Intangibles: | ||||||||||||||||
Trademarks - finite lived, gross | $ | 294 | $ | 488 | $ | — | $ | 782 | ||||||||
Accumulated amortization | (119 | ) | (342 | ) | — | (461 | ) | |||||||||
Trademarks - finite lived, net | $ | 175 | $ | 146 | $ | — | $ | 321 | ||||||||
Customer relationships, gross | $ | 139,551 | $ | 121,741 | $ | — | $ | 261,292 | ||||||||
Accumulated amortization | (8,109 | ) | (29,285 | ) | — | (37,394 | ) | |||||||||
Customer relationships, net | $ | 131,442 | $ | 92,456 | $ | — | $ | 223,898 | ||||||||
Other acquired intangibles, gross | $ | 11,243 | $ | 60,958 | $ | — | $ | 72,201 | ||||||||
Accumulated amortization | (884 | ) | (24,891 | ) | — | (25,775 | ) | |||||||||
Other acquired intangibles, net | $ | 10,359 | $ | 36,067 | $ | — | $ | 46,426 | ||||||||
Total finite lived intangible assets, net | $ | 141,976 | $ | 128,669 | $ | — | $ | 270,645 | ||||||||
Acquired intangible assets, less accumulated amortization | $ | 142,759 | $ | 204,819 | $ | — | $ | 347,578 | ||||||||
Engine/Mobile | Industrial/ | Packaging | Total | |||||||||||||
Filtration | Environmental | |||||||||||||||
Filtration | ||||||||||||||||
November 30, 2013 | ||||||||||||||||
Indefinite Lived Intangibles: | ||||||||||||||||
Trademarks - indefinite lived | $ | 603 | $ | 42,058 | $ | — | $ | 42,661 | ||||||||
Finite Lived Intangibles: | ||||||||||||||||
Trademarks - finite lived, gross | $ | 307 | $ | 488 | $ | — | $ | 795 | ||||||||
Accumulated amortization | (104 | ) | (329 | ) | — | (433 | ) | |||||||||
Trademarks - finite lived, net | $ | 203 | $ | 159 | $ | — | $ | 362 | ||||||||
Customer relationships, gross | $ | 4,309 | $ | 45,244 | $ | — | $ | 49,553 | ||||||||
Accumulated amortization | (1,870 | ) | (20,161 | ) | — | (22,031 | ) | |||||||||
Customer relationships, net | $ | 2,439 | $ | 25,083 | $ | — | $ | 27,522 | ||||||||
Other acquired intangibles, gross | $ | 243 | $ | 39,894 | $ | — | $ | 40,137 | ||||||||
Accumulated amortization | (243 | ) | (20,558 | ) | — | (20,801 | ) | |||||||||
Other acquired intangibles, net | $ | — | $ | 19,336 | $ | — | $ | 19,336 | ||||||||
Total finite lived intangible assets, net | $ | 2,642 | $ | 44,578 | $ | — | $ | 47,220 | ||||||||
Acquired intangible assets, less accumulated amortization | $ | 3,245 | $ | 86,636 | $ | — | $ | 89,881 | ||||||||
The Company performed annual impairment tests on its indefinite-lived intangible assets at each fiscal year-end using the relief-from-royalty method to determine the fair value of its trademarks and trade names. There was no impairment as the fair value was greater than the carrying value for these indefinite-lived intangible assets as of these dates. In addition, the Company reassessed the useful lives and classification of identifiable finite-lived intangible assets at each year-end and determined that they continue to be appropriate. | ||||||||||||||||
The following tables summarize actual amortization expense for the past three fiscal years and estimated amortization expense for the next five fiscal years. | ||||||||||||||||
Amortization expense for the years ended: | ||||||||||||||||
2014 | $ | 20,362 | ||||||||||||||
2013 | 5,904 | |||||||||||||||
2012 | 5,890 | |||||||||||||||
Estimated amortization expense for the next five years: | ||||||||||||||||
2015 | $ | 24,400 | ||||||||||||||
2016 | 24,269 | |||||||||||||||
2017 | 24,031 | |||||||||||||||
2018 | 23,368 | |||||||||||||||
2019 | 23,221 | |||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||
Nov. 29, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Measurements | FAIR VALUE MEASUREMENTS | |||||||||||||||
Fair Value Measurements | ||||||||||||||||
The Company measures certain assets and liabilities at fair value as discussed throughout the notes to its Consolidated Financial Statements. Fair value is the exchange price that would be received for an asset or paid to transfer a liability, an exit price, in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. Fair value measurements are categorized in a hierarchy based upon the observability of inputs used in valuation techniques. Observable inputs are the highest level and reflect market data obtained from independent sources, while unobservable inputs are the lowest level and reflect internally developed market assumptions. The Company classifies fair value measurements by the following hierarchy: | ||||||||||||||||
• | Level 1 – Quoted active market prices for identical assets; | |||||||||||||||
• | Level 2 – Significant other observable inputs, such as quoted prices for similar (but not identical) instruments in active markets, quoted prices for identical or similar instruments in markets which are not active and model determined valuations in which all significant inputs or significant value-drivers are observable in active markets; and | |||||||||||||||
• | Level 3 – Significant unobservable inputs, such as model determined valuations in which one or more significant inputs or significant value-drivers are unobservable. | |||||||||||||||
Assets or liabilities that have recurring fair value measurements are shown below: | ||||||||||||||||
Fair Value Measurements at Reporting Date | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
November 30, 2014 | ||||||||||||||||
Restricted trust, included in Other noncurrent assets | ||||||||||||||||
Mutual fund investments - equities | $ | 437 | $ | 437 | $ | — | $ | — | ||||||||
Mutual fund investments - bonds | 442 | 442 | — | — | ||||||||||||
Cash and equivalents | 14 | 14 | — | — | ||||||||||||
Total restricted trust | $ | 893 | $ | 893 | $ | — | $ | — | ||||||||
Foreign exchange contracts, included in Prepaid expenses and other current assets | $ | 362 | $ | — | $ | 362 | $ | — | ||||||||
Foreign exchange contracts, included in Accrued liabilities | $ | 367 | $ | 367 | ||||||||||||
November 30, 2013 | ||||||||||||||||
Restricted trust, included in Other noncurrent assets | ||||||||||||||||
Mutual fund investments - equities | $ | 593 | $ | 593 | $ | — | $ | — | ||||||||
Mutual fund investments - bonds | 400 | 400 | — | — | ||||||||||||
Cash and equivalents | 31 | 31 | — | — | ||||||||||||
Total restricted trust | $ | 1,024 | $ | 1,024 | $ | — | $ | — | ||||||||
There were no changes in the fair value determination methods or significant assumptions used in those methods during the year ended November 30, 2014. There were no transfers between Level 1 and Level 2 and there were no transfers into or out of Level 3 during the years ended November 30, 2014 and 2013. The Company's policy is to recognize transfers on the actual date of transfer. The restricted trust, which is used to fund certain payments for the Company’s U.S. combined nonqualified pension plans, consists of actively traded equity and bond funds. | ||||||||||||||||
The Company is liable for a contingent earn-out established in connection with the acquisition of TransWeb on December 29, 2010. This earn-out, which is payable to one of the former owners of TransWeb, had an acquisition-date estimated fair value $1,018, which was recorded as an other long-term liability at that time. The contingent liability for the earn-out payment will continue to be accounted for and measured at fair value until the contingency is settled during the Company's fiscal year 2016. The fair value measurement of the contingent earn-out payment is based primarily on projected 2014 and 2015 TransWeb adjusted earnings, which represent significant inputs not observed in the market and thus represents a Level 3 measurement. The contingent earn-out payment is revalued to its current fair value at each reporting date. The fair value of the TransWeb contingent earn-out payment was $0 at November 30, 2014 and 2013, based on the projected adjusted earnings of TransWeb. | ||||||||||||||||
See Note F for information related to the fair values of hedging instruments. | ||||||||||||||||
Fair Values of Financial Instruments | ||||||||||||||||
The fair values of the Company’s financial instruments, which are cash and cash equivalents, restricted cash, accounts receivable, the restricted trust, derivative instruments and accounts payable and accrued liabilities, approximated the carrying values of those financial instruments at both November 30, 2014 and 2013. An expected present value technique is used to estimate the fair value of long-term debt, using a model that discounts future principal and interest payments at interest rates available to the Company at the end of the period for similar debt of the same maturity. A fair value estimate of $408,208 and $166,288 for long-term debt at November 30, 2014 and 2013, respectively, is based on a Level 2 measurement using the current interest rates available to the Company for debt with similar remaining maturities. The carrying value for the long-term debt at November 30, 2014 and 2013 is $411,563 and $166,636 respectively. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 12 Months Ended | |||||||
Nov. 29, 2014 | ||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||
Derivative Instruments and Hedging Activities | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | |||||||
The Company is exposed to various market risks that arise from transactions entered into in the normal course of business. The Company selectively uses derivative instruments to manage certain such risks, including market risks associated with changes in foreign currency exchange rates and changes in interest rates. The Company does not hold or issue derivatives for trading or speculative purposes. A description of each type of derivative utilized by the Company to manage risk is included below. In addition, refer to Note E for information related to the fair value measurements and valuation methods utilized by the Company for each derivative type. | ||||||||
The Company may elect to designate certain derivatives as hedging instruments under the accounting standards for derivatives and hedging. The Company formally documents all relationships between designated hedging instruments and hedged items as well as its risk management objective and strategy for undertaking hedge transactions. | ||||||||
All derivatives are recognized on the balance sheet at fair value and classified based on the instrument's maturity date. The total notional amount of derivatives outstanding at November 30, 2014 was $97,479, which consists of undesignated derivative instruments to manage translational foreign exchange risk related to inter-company advances, and derivatives designated as fair value hedges to manage the risk of changes in foreign currency exchange rates on certain firm sales commitments expected to be settled at future dates. | ||||||||
The following table presents the fair values of derivative instruments included within the Consolidated Balance Sheets at November 30, 2014 and 2013: | ||||||||
2014 | 2013 | |||||||
Prepaid expenses and other current assets | ||||||||
Designated as hedging instruments: | ||||||||
Foreign exchange contracts | — | — | ||||||
Unrecognized firm sales commitments | 248 | — | ||||||
Total designated | $ | 248 | $ | — | ||||
Not designated as hedging instruments: | ||||||||
Foreign exchange contracts | 362 | — | ||||||
Total not designated | $ | 362 | $ | — | ||||
Total derivatives | $ | 610 | $ | — | ||||
Accrued liabilities | ||||||||
Designated as hedging instruments: | ||||||||
Foreign exchange contracts | 245 | — | ||||||
Unrecognized firm sales commitments | — | — | ||||||
Total designated | $ | 245 | $ | — | ||||
Not designated as hedging instruments: | ||||||||
Foreign exchange contracts | 122 | — | ||||||
Total not designated | $ | 122 | $ | — | ||||
Total derivatives | $ | 367 | $ | — | ||||
The following table presents the amounts affecting the Consolidated Statements of Earnings for the years ended November 30, 2014 and 2013: | ||||||||
2014 | 2013 | |||||||
Fair value hedges | ||||||||
Foreign exchange contracts - Selling and administrative expenses | $ | (250 | ) | $ | — | |||
Unrecognized firm sales commitments - Selling and administrative expenses | 252 | — | ||||||
Total designated | $ | 2 | $ | — | ||||
Not designated as hedges | ||||||||
Foreign exchange contracts - Selling and administrative expenses | $ | (135 | ) | $ | — | |||
Foreign exchange contracts - Other, net income (expense) | 2,421 | — | ||||||
Total not designated | $ | 2,286 | $ | — | ||||
Fair Value Hedges | ||||||||
The Company is exposed to changes in foreign currency exchange rates on certain unrecognized firm sales commitments expected to be settled at future dates. The Company may use foreign currency forward contracts to manage certain such risks. The Company designates each such contract as a fair value hedge from the date the firm sales commitment and derivative contract are entered into through the date the related sale occurs, at which point the foreign currency forward contract is de-designated as a fair value hedging instrument. All realized and unrealized gains or losses on such foreign currency forward contracts are recognized in income as incurred. Changes in the fair value of the related unrecognized firm sales commitments that arise due to fluctuations in foreign currency exchange rates are also reflected in income and as an asset or liability on the Consolidated Balance Sheets. | ||||||||
The total notional amount of foreign currency contracts designated as fair value hedges outstanding at November 30, 2014 was $6,013. There were no such fair value hedges entered into during the year ended November 30, 2013. The cash flows associated with the periodic settlement of the Company's fair value hedges are reflected as a component of Cash flows from operating activities in the Consolidated Statements of Cash Flows. | ||||||||
Undesignated Derivative Instruments | ||||||||
The Company is exposed to changes in foreign currency exchange rates on certain inter-company advances. The Company may use foreign currency forward contracts to manage certain such risks. These forward contracts are not designated as hedging instruments under the accounting standards for derivatives and hedging. These undesignated instruments are recorded at fair value as an asset or liability on the Consolidated Balance Sheets and all realized and unrealized gains or losses on such foreign currency forward contracts are recognized in income as incurred. | ||||||||
The total notional amount of such foreign currency contracts not designated as hedging instruments outstanding as of November 30, 2014 was $87,440. Additionally, the total notional amount of foreign currency contracts de-designated as fair value hedges outstanding at November 30, 2014 was $4,026. There were no such foreign currency contracts entered into during the year ended November 30, 2013. The cash flows associated with the periodic settlement of the Company's undesignated derivative instruments are reflected as a component of Cash flows from operating activities in the Consolidated Statements of Cash Flows. | ||||||||
Counterparty credit risk | ||||||||
By using derivative instruments to manage certain of its risk exposures, the Company is subject, from time to time, to credit risk and market risk on such derivative instruments. Credit risk arises from the potential failure of the counterparty to perform under the terms of the derivative instrument. When the fair value of a derivative instrument is positive, the counterparty owes the Company, which creates credit risk for the Company. The Company mitigates this credit risk by entering into transactions with only creditworthy counterparties. Market risk arises from the potential adverse effects on the value of the derivative that result from changes in foreign currency exchange rates or interest rates, depending on the nature of the derivative. The Company mitigates this market risk by establishing and monitoring parameters that limit the types and degrees of market risk that may be undertaken. |
Accrued_Liabilities
Accrued Liabilities | 12 Months Ended | |||||||||||
Nov. 29, 2014 | ||||||||||||
Payables and Accruals [Abstract] | ||||||||||||
Accrued Liabilities | ACCRUED LIABILITIES | |||||||||||
Accrued liabilities at November 30, 2014 and 2013 were as follows: | ||||||||||||
2014 | 2013 | |||||||||||
Accrued salaries, wages and commissions | $ | 29,621 | $ | 14,908 | ||||||||
Pension and postretirement healthcare benefits liabilities | 279 | 278 | ||||||||||
Compensated absences | 9,967 | 8,600 | ||||||||||
Accrued insurance liabilities | 11,358 | 7,599 | ||||||||||
Warranties | 9,405 | 1,599 | ||||||||||
Customer deposits | 23,045 | 16,081 | ||||||||||
Other accrued liabilities | 36,361 | 29,309 | ||||||||||
$ | 120,036 | $ | 78,374 | |||||||||
No amounts within the Other accrued liabilities amount shown above exceed 5% of total current liabilities. | ||||||||||||
Warranties are recorded as a liability on the balance sheet and as charges to current expense for estimated normal warranty costs and, if applicable, for specific performance issues known to exist on products already sold. The expenses estimated to be incurred are provided at the time of sale, or when a claim arises, and adjusted as needed, based primarily upon experience. Changes in the Company’s warranty accrual for the years ended November 30, 2014, 2013 and 2012 are as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Warranty accrual at beginning of period | $ | 1,599 | $ | 1,533 | $ | 2,580 | ||||||
Accruals for warranties issued during the period | 2,187 | 844 | 514 | |||||||||
Adjustments related to business acquisitions | 10,946 | — | 32 | |||||||||
Adjustments related to pre-existing warranties | 818 | (290 | ) | (691 | ) | |||||||
Settlements made during the period | (5,872 | ) | (500 | ) | (850 | ) | ||||||
Other adjustments, including currency translation | (273 | ) | 12 | (52 | ) | |||||||
Warranty accrual at end of period | $ | 9,405 | $ | 1,599 | $ | 1,533 | ||||||
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||||||
Nov. 29, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Long-Term Debt | LONG-TERM DEBT | ||||||||
Long-term debt at November 30, 2014 and 2013 consisted of the following: | |||||||||
2014 | 2013 | ||||||||
Credit Facility: | |||||||||
Multicurrency Revolving Credit Facility | $ | — | $ | 50,000 | |||||
Multicurrency Term Loan Facility | 395,000 | 100,000 | |||||||
Industrial Revenue Bonds, at weighted average interest rates of 0.22% and 0.23%, respectively, at November 30, 2014 and 2013 | 15,820 | 15,820 | |||||||
Other long-term debt | 743 | 816 | |||||||
Total long-term debt | $ | 411,563 | $ | 166,636 | |||||
Current portion of long-term debt | $ | 233 | $ | 50,223 | |||||
Long-term debt, less current portion | $ | 411,330 | $ | 116,413 | |||||
On April 5, 2012, the Company entered into a five-year multicurrency revolving credit agreement which included a revolving credit facility (the “Credit Facility”) with a group of financial institutions. Under the Credit Facility, the Company may borrow up to $150,000 which includes a $10,000 swing line sub-facility, as well as an accordion feature that allows the Company to increase the Credit Facility by a total of up to $100,000, subject to securing additional commitments from existing lenders or new lending institutions. On November 22, 2013, the Company entered into a credit agreement amendment to include a $100,000 term loan facility (the "Term Loan Facility") and on May 1, 2014, the Company entered into a second credit agreement amendment to include an additional $315,000 to the Term Loan Facility, whose maturity date will be the same as the maturity date of the Credit Facility. At the Company's election, loans made under the Credit Facility and Term Loan Facility bear interest at either (1) a defined base rate, which varies with the highest of the defined prime rate, the federal funds rate, or a specified margin over the one-month London Interbank Offered Rate (“LIBOR”), or (2) LIBOR plus an applicable margin. Swing line loans bear interest at the defined base rate plus an applicable margin. Commitment fees and letter of credit fees are also payable under the Credit Facility. Borrowings under the Credit Facility and Term Loan Facility are unsecured, but are guaranteed by substantially all of the Company's material domestic subsidiaries. The credit agreement also contains certain covenants customary to such agreements, including covenants that place limits on our ability to incur additional debt, require us to maintain minimum levels of interest coverage, and restrict certain changes in ownership, as well as customary events of default. | |||||||||
At November 30, 2014, there was $395,000 outstanding on the Term Loan Facility with a weighted average interest rate of approximately 1.05%, there was $0 outstanding on the Credit Facility, and the Company had a remaining borrowing capacity of $133,988. The Credit Facility includes a $50,000 letter of credit sub-facility, against which $16,012 in letters of credit had been issued at both November 30, 2014 and 2013. | |||||||||
As of November 30, 2014 and 2013, industrial revenue bonds issued by the Company include $7,410 issued in cooperation with the Campbellsville-Taylor County Industrial Development Authority (Kentucky) due May 1, 2031 and $8,410 re-issued in cooperation with the South Dakota Economic Development Finance Authority due February 1, 2016. The interest rates on these bonds are reset weekly. | |||||||||
Principal maturities of long-term debt as of November 30, 2014 and for the next five fiscal years ending November 30 are as follows: | |||||||||
2015 | $ | 233 | |||||||
2016 | 8,659 | ||||||||
2017 | 395,127 | ||||||||
2018 | 42 | ||||||||
2019 | 7 | ||||||||
Thereafter | 7,495 | ||||||||
$ | 411,563 | ||||||||
Leases
Leases | 12 Months Ended | |||
Nov. 29, 2014 | ||||
Leases [Abstract] | ||||
Leases | LEASES | |||
The Company has various lease agreements for offices, warehouses, manufacturing plants and equipment that expire on various dates through December 2034. Some of these lease agreements contain renewal options and provide for payment of property taxes, utilities and certain other expenses. The following table summarizes rent expense for the past three fiscal years and commitments for minimum rentals under noncancelable leases having initial or remaining terms in excess of one year at November 30, 2014. | ||||
Rent expense for the years ended: | ||||
2014 | $ | 20,251 | ||
2013 | 16,124 | |||
2012 | 16,699 | |||
Future minimum rentals under noncancelable leases: | ||||
2015 | $ | 12,853 | ||
2016 | 9,110 | |||
2017 | 5,902 | |||
2018 | 3,368 | |||
2019 | 2,379 | |||
Thereafter | 6,511 | |||
Pension_and_Other_Postretireme
Pension and Other Postretirement Plans | 12 Months Ended | |||||||||||||||
Nov. 29, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||
Pension and Other Postretirement Plans | PENSION AND OTHER POSTRETIREMENT PLANS | |||||||||||||||
The Company has defined benefit pension plans and a postretirement healthcare benefit plan covering certain current and retired employees. The Company has frozen participation in its defined benefit plans and postretirement healthcare benefit plan. For one of the plans, certain current plan participants continue to accrue benefits in the plan, while other current participants do not accrue future benefits under the plan but participate in the Company's defined contribution plan which offers an increased Company match. | ||||||||||||||||
The Company’s policy is to contribute to its qualified U.S. and non-U.S. pension plans at least the minimum amount required by applicable laws and regulations, to contribute to the U.S. combined nonqualified plans when required for benefit payments, and to contribute to the postretirement healthcare benefit plan an amount equal to the benefit payments. The Company, from time to time, makes voluntary contributions in excess of the minimum amount required as economic conditions warrant. During 2014, 2013 and 2012, the Company made voluntary contributions to its qualified U.S. pension plans of $0, $1,493 and $15,793, respectively. The Company expects to contribute $0 to its U.S. qualified plans, $221 to its U.S. combined nonqualified plans, $394 to its non-U.S. plan and $58 to its postretirement healthcare benefit plan to pay benefits during 2015. | ||||||||||||||||
The projected benefit obligation ("PBO"), accumulated benefit obligation (“ABO”) and fair value of plan assets for qualified pension plans with PBOs and ABOs in excess of plan assets were $202,622, $197,278 and $172,280, respectively, at November 30, 2014. | ||||||||||||||||
The U.S. combined nonqualified plans are unfunded; therefore, there are no plan assets; however, the Company had funded $893 and $1,024 at November 30, 2014 and 2013, respectively, into a restricted trust for its U.S. combined nonqualified plans, see Note E. This trust is included in Other noncurrent assets in the Consolidated Balance Sheets. The PBO and ABO for the U.S. combined nonqualified plans were $2,358 and $2,198, at November 30, 2014, respectively. | ||||||||||||||||
A discount rate is used to calculate the present value of the PBO. The Company’s objective in selecting a discount rate is to select the best estimate of the rate at which the benefit obligations could be effectively settled on the measurement date, taking into account the nature and duration of the benefit obligations of the plan. In making this estimate, the Company looks at rates of return on high-quality fixed-income investments currently available and expected to be available during the period to maturity of the benefits. This process includes looking at the bonds available on the measurement date with a quality rating of Aa or better. Similar appropriate benchmarks are used to determine the discount rate for the non-U.S. plan. The difference in the discount rates between the qualified, the nonqualified and the other postretirement plans is due to different expectations as to the period of time in which plan members will participate in the various plans. In general, higher discount rates correspond to longer expected participation periods. The assumptions for the discount rate, rate of compensation increase and expected rate of return and the asset allocations related to the non-U.S. plan are not materially different than for the U.S. qualified plans. | ||||||||||||||||
The rate of compensation increase represents the long-term assumption for expected increases in salaries among continuing active participants accruing benefits in the pay-related plans. The Company considers the impact of profit-sharing payments, merit increases and promotions in setting the salary increase assumption as well as possible future inflation increases and its impact on salaries paid to plan participants at the locations where the Company conducts operations. | ||||||||||||||||
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, 2014 and 2013. The accrued pension benefit obligation includes an unfunded benefit obligation of $2,358 and $2,012 as of November 30, 2014 and 2013, respectively, related to the Company’s U.S. combined nonqualified plans. | ||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Change in benefit obligation | ||||||||||||||||
Benefit obligation at beginning of year | $ | 176,099 | $ | 217,987 | $ | 356 | $ | 442 | ||||||||
Currency translation | (357 | ) | 190 | — | — | |||||||||||
Service cost | 1,990 | 2,485 | — | — | ||||||||||||
Interest cost | 7,704 | 6,934 | 10 | 9 | ||||||||||||
Plan participants' contributions | 22 | 39 | — | — | ||||||||||||
Actuarial (gains) losses | 27,232 | (22,472 | ) | 17 | (73 | ) | ||||||||||
Benefits paid | (7,708 | ) | (29,064 | ) | (197 | ) | (251 | ) | ||||||||
Retiree contributions | — | — | 211 | 229 | ||||||||||||
Benefit obligation at end of year | $ | 204,982 | $ | 176,099 | $ | 397 | $ | 356 | ||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Change in plan assets | ||||||||||||||||
Fair value of plan assets at beginning of year | $ | 156,384 | $ | 146,307 | $ | — | $ | — | ||||||||
Currency translation | (348 | ) | 174 | — | — | |||||||||||
Actual return on plan assets | 23,396 | 14,305 | — | — | ||||||||||||
Employer contributions | 534 | 24,623 | 197 | 251 | ||||||||||||
Plan participants' contributions | 22 | 39 | — | — | ||||||||||||
Benefits paid | (7,708 | ) | (29,064 | ) | (197 | ) | (251 | ) | ||||||||
Fair value of plan assets at end of year | $ | 172,280 | $ | 156,384 | $ | — | $ | — | ||||||||
Funded status | $ | (32,702 | ) | $ | (19,715 | ) | $ | (397 | ) | $ | (356 | ) | ||||
Accumulated benefit obligation at end of year | $ | 199,476 | $ | 170,433 | n/a | n/a | ||||||||||
Assumptions: | ||||||||||||||||
Discount rate - qualified plans | 3.75% | 4.50% | 3.25% | 3.00% | ||||||||||||
Discount rate - nonqualified plans | 3.00% | 3.25% | 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 | 11/30/14 | 11/30/13 | 11/30/14 | 11/30/13 | ||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Amounts recognized in the Consolidated Balance Sheets as of November 30 | ||||||||||||||||
Accounts payable and accrued liabilities | $ | (221 | ) | $ | (216 | ) | $ | (59 | ) | $ | (63 | ) | ||||
Long-term pension and postretirement healthcare benefits liabilities | (32,481 | ) | (19,499 | ) | (338 | ) | (293 | ) | ||||||||
Funded status | $ | (32,702 | ) | $ | (19,715 | ) | $ | (397 | ) | $ | (356 | ) | ||||
Accumulated other comprehensive loss, pre-tax | $ | 61,096 | $ | 48,902 | $ | (1,346 | ) | $ | (1,632 | ) | ||||||
Amounts recognized in Accumulated Other Comprehensive Loss, as of November 30 | ||||||||||||||||
Unrecognized net actuarial loss (gain) | $ | 61,098 | $ | 48,914 | $ | (873 | ) | $ | (1,037 | ) | ||||||
Unrecognized net prior service credit | (2 | ) | (12 | ) | (473 | ) | (595 | ) | ||||||||
Accumulated other comprehensive loss, pre-tax | 61,096 | 48,902 | (1,346 | ) | (1,632 | ) | ||||||||||
Deferred taxes | (22,535 | ) | (17,979 | ) | 475 | 587 | ||||||||||
Accumulated other comprehensive loss, after-tax | $ | 38,561 | $ | 30,923 | $ | (871 | ) | $ | (1,045 | ) | ||||||
The amounts affecting Accumulated other comprehensive loss for the years ended November 30, 2014 and 2013 are as follows: | ||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Amortization of prior service (cost) credit, net of tax of $(5), $(6) and $(43), $(44), respectively | $ | 5 | $ | 3 | $ | 79 | $ | 79 | ||||||||
Amortization of actuarial (losses) gains, net of tax of $1,063, $3,060 and $(52), $(54), respectively | (1,821 | ) | (5,498 | ) | 95 | 95 | ||||||||||
Current year actuarial losses (gains), net of tax of $(5,559), $9,304 and $(6), $26, respectively | 9,509 | (16,637 | ) | 11 | (46 | ) | ||||||||||
Effect of change in deferred tax rate | (78 | ) | 982 | (11 | ) | (7 | ) | |||||||||
Total | $ | 7,615 | $ | (21,150 | ) | $ | 174 | $ | 121 | |||||||
The target allocation of invested assets for the U.S. plans is 40% equity securities and 60% debt securities. The target allocation is based on the Company’s desire to maximize total return, considering the long-term funding objectives of the pension plans, but may change in the future. Plan assets are diversified to achieve a balance between risk and return. The Company does not invest plan assets in private equity funds or hedge funds. The Company’s expected long-term rate of return considers historical returns on plan assets as well as future expectation given the current and target asset allocation and current economic conditions with input from investment managers and actuaries. The expected rate of return on plan assets is designed to be a long-term assumption that may be subject to considerable year-to-year variance from actual returns. | ||||||||||||||||
As of the November 30th measurement dates, the fair values of actual pension asset allocations were as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Equity securities | 39.9 | % | 51 | % | ||||||||||||
Debt securities | 59.5 | % | 48.7 | % | ||||||||||||
Real estate | — | % | — | % | ||||||||||||
Cash and cash equivalents | 0.6 | % | 0.3 | % | ||||||||||||
100 | % | 100 | % | |||||||||||||
The accounting guidance on fair value measurements specifies a fair value hierarchy based upon the observability of inputs used in valuation techniques (Level 1, 2 and 3). See Note E for a discussion of the fair value hierarchy. 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, 2014 | ||||||||||||||||
U.S. equity securities funds | $ | 47,181 | $ | 47,181 | $ | — | $ | — | ||||||||
Non-U.S. equity securities funds | $ | 21,546 | 21,546 | — | — | |||||||||||
Fixed income securities funds | $ | 102,561 | 102,561 | — | — | |||||||||||
Cash and equivalents funds | $ | 703 | 703 | — | — | |||||||||||
Total | $ | 171,991 | $ | 171,991 | $ | — | $ | — | ||||||||
Other items to reconcile to fair value of plan assets | 289 | |||||||||||||||
Fair value of plan assets | $ | 172,280 | ||||||||||||||
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 | ||||||||||||||
U.S. equity securities funds consist primarily of large cap and small cap U.S. companies. Non-U.S. equity securities funds consist primarily of equities of non-U.S. developed markets. Funds that are traded on a national exchange are categorized as Level 1. Fixed income securities funds consist primarily of bonds such as governmental agencies, investment grade credit, commercial mortgage backed, residential mortgage backed and asset backed. Funds that are traded on a national exchange are categorized as Level 1. | ||||||||||||||||
Other items to reconcile to fair value of plan assets is the net of interest receivable, amounts due for securities sold, amounts payable for securities purchased and interest payable. | ||||||||||||||||
The Company had no Level 3 assets for the years ended November 30, 2014 and 2013. | ||||||||||||||||
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 | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Components of net periodic benefit cost | ||||||||||||||||
Service cost | $ | 1,990 | $ | 2,485 | $ | 2,126 | ||||||||||
Interest cost | 7,704 | 6,934 | 7,715 | |||||||||||||
Expected return on plan assets | (11,306 | ) | (10,795 | ) | (9,181 | ) | ||||||||||
Settlement costs | — | 3,087 | — | |||||||||||||
Amortization of unrecognized: | ||||||||||||||||
Prior service cost | (10 | ) | (9 | ) | (10 | ) | ||||||||||
Net actuarial loss | 2,884 | 5,471 | 8,323 | |||||||||||||
Net periodic benefit cost | $ | 1,262 | $ | 7,173 | $ | 8,973 | ||||||||||
Assumptions: | ||||||||||||||||
Discount rate - qualified plans | 4.50% | 3.50% | 4.50% | |||||||||||||
Discount rate - nonqualified plans | 3.25% | 3.25% | 1.75% | |||||||||||||
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 | 11/30/13 | 11/30/12 | 11/30/11 | |||||||||||||
Measurement date - nonqualified plans | 11/30/13 | 11/30/13 | 11/30/12 | |||||||||||||
For the determination of 2015 expense, the Company changed its assumptions as follows: (a) decrease the long-term return on assets for its qualified plans to 7.00%, (b) decrease the discount rates on its qualified plans to 3.75%, (c) leave the rate of compensation increase unchanged, and (d) adopt the RP 2014 blend with MP-2014 mortality table developed for pension plans by a Society of Actuaries study. For its U.S. combined nonqualified plans, the Company decreased the discount rates to 3.00% and left the rate of compensation increase unchanged. | ||||||||||||||||
The changes in the fair value of plan assets, plan liabilities and in the assumptions will result in a net decrease in fiscal year 2015 expense of approximately $534 for the qualified U.S. pension plans. The Company also expects a net increase of approximately $45 for the U.S. combined nonqualified plans in fiscal year 2015. | ||||||||||||||||
The postretirement obligations represent a fixed dollar amount per retiree. The Company has the right to modify or terminate these benefits. The participants will assume substantially all future healthcare benefit cost increases, and future increases in healthcare costs will not increase the postretirement benefit obligation or cost to the Company. Therefore, the Company has not assumed any annual rate of increase in the per capita cost of covered healthcare benefits for future years. The Company discontinued the prescription drug benefit portion of its plan effective January 31, 2006. | ||||||||||||||||
The components of net periodic benefit income for postretirement healthcare benefits are shown below. | ||||||||||||||||
Other Postretirement Benefits | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Components of net periodic benefit income | ||||||||||||||||
Interest cost | $ | 10 | $ | 9 | $ | 17 | ||||||||||
Amortization of unrecognized: | ||||||||||||||||
Prior service cost | (122 | ) | (122 | ) | (122 | ) | ||||||||||
Net actuarial gain | (147 | ) | (149 | ) | (121 | ) | ||||||||||
Net periodic benefit income | $ | (259 | ) | $ | (262 | ) | $ | (226 | ) | |||||||
Assumptions: | ||||||||||||||||
Discount rate | 3 | % | 2.25 | % | 3.5 | % | ||||||||||
Measurement date | 11/30/13 | 11/30/12 | 11/30/11 | |||||||||||||
The Company froze participation in the postretirement healthcare plan to eligible retirees effective January 1, 2007. As a result, unrecognized prior service costs of $1,708 are being amortized over the average remaining years of service for active plan participants. The Company expects to increase its discount rate assumption to 3.25% in 2015 for its other postretirement benefits plan, which will not significantly affect the fiscal year 2015 expense. | ||||||||||||||||
The estimated amounts that will be amortized from Accumulated other comprehensive loss at November 30, 2014 into net periodic benefit cost, pre-tax, in fiscal year 2015 are as follows: | ||||||||||||||||
Pension | Other | |||||||||||||||
Benefits | Postretirement | |||||||||||||||
Benefits | ||||||||||||||||
Prior service credit | $ | (3 | ) | $ | (123 | ) | ||||||||||
Actuarial loss (gain) | 3,869 | (87 | ) | |||||||||||||
Total | $ | 3,866 | $ | (210 | ) | |||||||||||
The expected cash benefit payments from the plans for the next ten fiscal years are as follows: | ||||||||||||||||
Pension | Other | |||||||||||||||
Benefits | Postretirement | |||||||||||||||
Benefits | ||||||||||||||||
2015 | $ | 8,427 | $ | 58 | ||||||||||||
2016 | 8,754 | 49 | ||||||||||||||
2017 | 9,229 | 41 | ||||||||||||||
2018 | 9,703 | 37 | ||||||||||||||
2019 | 10,184 | 34 | ||||||||||||||
2020-2024 | 59,950 | 124 | ||||||||||||||
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: | ||||||||||||||||
2014 | $ | 7,945 | ||||||||||||||
2013 | 4,482 | |||||||||||||||
2012 | 4,377 | |||||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Nov. 29, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Taxes | INCOME TAXES | |||||||||||
The following is a reconciliation of the beginning and ending amount of gross unrecognized tax benefits for uncertain tax positions, including positions which impact only the timing of tax benefits for the years ended November 30, 2014, 2013 and 2012. | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Unrecognized tax benefits at December 1, | $ | 2,155 | $ | 2,209 | $ | 3,015 | ||||||
Additions for current period tax positions | 465 | 668 | 382 | |||||||||
Reductions for current period tax positions | — | — | (37 | ) | ||||||||
Additions for prior period tax positions | 40 | — | — | |||||||||
Reductions for prior period tax positions | — | (40 | ) | (631 | ) | |||||||
Reductions for lapse of statute of limitations/settlements | (240 | ) | (431 | ) | (460 | ) | ||||||
Changes in interest and penalties | 67 | (251 | ) | (60 | ) | |||||||
Unrecognized tax benefits at November 30, | $ | 2,487 | $ | 2,155 | $ | 2,209 | ||||||
At November 30, 2014 and 2013, the amount of unrecognized tax benefit, that would impact the effective tax rate if recognized, was $1,555 and $1,354, respectively. As of November 30, 2014 and 2013, the Company had $273 and $221, respectively, accrued for the payment of interest and penalties. | ||||||||||||
The Company believes it is reasonably possible that the total amount of unrecognized tax benefits as of November 30, 2014, will decrease by $253 over the next twelve months as a result of expected settlements with taxing authorities or the lapse of the statute of limitations in certain jurisdictions. Due to the various jurisdictions in which the Company files tax returns and the uncertainty regarding the timing of settlements it is possible that there could be other significant changes in the amount of unrecognized tax benefits in fiscal year 2015; however, the amount cannot be estimated. | ||||||||||||
The Company is regularly audited by federal, state and foreign tax authorities. The Company's Federal tax returns for fiscal years 2010 and later remain open to examination by the Internal Revenue Service. With few exceptions, the Company is no longer subject to income tax examinations by state or foreign tax jurisdictions for fiscal years 2009 and earlier. | ||||||||||||
The provision for income taxes consisted of: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Current: | ||||||||||||
Federal | $ | 56,764 | $ | 34,414 | $ | 37,673 | ||||||
State | 4,760 | 2,918 | 2,484 | |||||||||
Foreign | 10,112 | 9,096 | 10,228 | |||||||||
Deferred: | ||||||||||||
Federal | (4,102 | ) | 8,676 | 8,763 | ||||||||
State | (359 | ) | (165 | ) | 805 | |||||||
Foreign | 205 | 1,011 | (296 | ) | ||||||||
$ | 67,380 | $ | 55,950 | $ | 59,657 | |||||||
Earnings before income taxes and noncontrolling interests included the following components: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Domestic income | $ | 166,101 | $ | 141,224 | $ | 145,433 | ||||||
Foreign income | 45,462 | 33,076 | 37,564 | |||||||||
$ | 211,563 | $ | 174,300 | $ | 182,997 | |||||||
The provision for income taxes resulted in effective tax rates that differ from the statutory federal income tax rates. The reasons for these differences are as follows: | ||||||||||||
Percent of Pre-Tax Earnings | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Statutory U.S. tax rates | 35 | % | 35 | % | 35 | % | ||||||
State income taxes, net of federal benefit | 1.3 | 1 | 1.4 | |||||||||
Tax credits | (0.2 | ) | (0.6 | ) | (0.1 | ) | ||||||
Foreign taxes at different rates, net of credits | (2.3 | ) | (1.6 | ) | (2.0 | ) | ||||||
Domestic production activities deduction | (2.7 | ) | (2.2 | ) | (2.6 | ) | ||||||
Other, net | 0.7 | 0.5 | 0.9 | |||||||||
31.8 | % | 32.1 | % | 32.6 | % | |||||||
The components of the net deferred tax liability as of November 30, 2014 and 2013 were as follows: | ||||||||||||
2014 | 2013 | |||||||||||
Deferred tax assets: | ||||||||||||
Deferred compensation | $ | 9,074 | $ | 7,945 | ||||||||
Loss carryforward and tax credit items | 19,620 | 2,529 | ||||||||||
Accounts receivable | 6,538 | 5,973 | ||||||||||
Inventories | 5,484 | 5,000 | ||||||||||
Pensions | 10,019 | 4,781 | ||||||||||
Accrued liabilities and other | 6,999 | 1,219 | ||||||||||
Valuation allowance | (1,268 | ) | (1,102 | ) | ||||||||
Total deferred tax assets, net | 56,466 | 26,345 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Percentage of completion | (740 | ) | (539 | ) | ||||||||
Plant assets | (24,818 | ) | (24,182 | ) | ||||||||
Goodwill and acquired intangible assets | (97,179 | ) | (40,380 | ) | ||||||||
Other deferred tax liabilities | (230 | ) | (345 | ) | ||||||||
Total deferred tax liabilities | (122,967 | ) | (65,446 | ) | ||||||||
Deferred tax liability, net | $ | (66,501 | ) | $ | (39,101 | ) | ||||||
The Company acquired approximately $45,500 of federal net operating loss carryforwards and $1,700 of general business credit carryforwards with the acquisitions of the Stanadyne Business on May 1, 2014. These acquired balances are estimated pending completion and filing of the federal tax returns of Stanadyne Corporation with respect to the pre-acquisition period. Such filings are expected to be completed in January 2015. The utilization of the acquired federal loss carryforwards are subject to annual limitations of approximately $20,000 based on restrictions under Section 382 of the Internal Revenue Code. As such, the Company has approximately $33,833 of federal loss carryforwards and all of the federal credit carryforwards remaining as of November 30, 2014, which will expire in 2031 through 2033. The remaining balance of deferred tax asset for loss carryforwards and tax credits available as of November 30, 2014 consists of foreign and state amounts, of which $1,319 expires in 2015 through 2029 and $4,748 may be carried over indefinitely. | ||||||||||||
The Company increased the valuation allowance by $166 in 2014 and decreased the valuation allowance by $809 in 2013 related to the generation and utilization of foreign and state net operating losses and tax credit carryovers respectively. The valuation allowance release in 2013 included a state valuation release due to cash contributions related to pension benefits paid in 2013 under the Company's U.S. combined nonqualified pension plan to our former Executive Chairman, who retired from the Company at the end of 2012. The valuation allowance reflects the estimated amount of deferred tax assets due to foreign net operating losses and other foreign and state temporary differences that may not be realized. The Company expects to realize the remaining deferred tax assets through the reversal of taxable temporary differences and future earnings. | ||||||||||||
The Company repatriated $17, $54, and $54, respectively, of accumulated foreign earnings in 2014, 2013, and 2012 related to one foreign subsidiary paying a dividend to another foreign subsidiary in those years. For the Company’s other foreign subsidiaries, the Company has not provided deferred taxes on unremitted foreign earnings from certain foreign affiliates of approximately $203,656 that are intended to be indefinitely reinvested to finance operations and expansion outside the United States. If such earnings were distributed beyond the amount for which taxes have been provided, foreign tax credits could offset in part any incremental U.S. tax liability. Determination of the unrecognized deferred taxes related to these undistributed earnings is not practicable. |
Contingencies
Contingencies | 12 Months Ended |
Nov. 29, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | CONTINGENCIES |
Legal Contingencies | |
From time to time, the Company is subject to lawsuits, investigations and disputes (some of which involve substantial claimed amounts) arising out of the conduct of its business, including matters relating to commercial transactions, product liability, intellectual property and other matters. Certain significant items included in these other matters are discussed below. The Company believes recorded reserves in its Consolidated Financial Statements are adequate in light of the probable and reasonably estimable outcomes of the items discussed below and other applicable matters. Any recorded liabilities were not material to the Company’s financial position, results of operation or liquidity for the periods presented, and the Company does not currently believe that any pending claims or litigation, including those identified below, will materially affect its financial position, results of operation or liquidity. | |
TransWeb/3M | |
On May 21, 2010, 3M Company and 3M Innovative Properties (“3M”) brought a lawsuit against TransWeb, LLC ("TransWeb") in the United States District Court for the District of Minnesota, alleging that certain TransWeb products infringe multiple claims of certain 3M patents. Shortly after receiving service of process in this litigation, TransWeb filed its own complaint against 3M in the United States District Court for the District of New Jersey, seeking a declaratory judgment that the asserted patents are invalid and that the products in question do not infringe. 3M withdrew its Minnesota action, and the parties litigated the matter in New Jersey. The litigation in question was filed and underway before the Company acquired TransWeb in December 2010, but the Company assumed the risk of this litigation as a result of the acquisition. | |
During the litigation TransWeb sought judgment that (i) the asserted 3M patents are invalid, the TransWeb products in question do not infringe, and the 3M patents are unenforceable due to inequitable conduct by 3M in obtaining the patents, and (ii) 3M violated U.S. federal antitrust laws under theories of Walker Process fraud and sham litigation. Following a 2012 trial in which a six-member jury unanimously found in TransWeb's favor on all counts other than sham litigation, on April 21, 2014 the U.S. District Court for the District of New Jersey issued a ruling in favor of TransWeb and awarded TransWeb approximately $26,147 in damages. | |
3M timely exercised its automatic right to appeal the court's judgment to the U.S. Court of Appeals for the Federal Circuit, and the matter is currently under active appeal before such tribunal. | |
Other | |
The Company is party to various proceedings relating to environmental issues. The U.S. Environmental Protection Agency and/or other responsible state agencies have designated the Company as a potentially responsible party, along with other companies, in remedial activities for the cleanup of waste sites under the Comprehensive Environmental Response, Compensation, and Liability Act (commonly referred to as the federal Superfund statute). Additionally, the North Carolina Department of Environmental Protection has identified the property on which one of the Company's subsidiaries, CLARCOR Engine Mobile Solutions, LLC, currently operates as having concentrations of certain chemicals in groundwater that are above regulatory action levels. | |
Although it is not certain what future environmental claims, if any, may be asserted in connection with these known environmental matters, the Company currently believes that its potential liability for known environmental matters is not material and that it has adequately reserved for any associated liabilities based on the information available to the Company. However, environmental and related remediation costs are difficult to quantify for a number of reasons, including the number of parties involved, the difficulty in determining the nature and extent of the contamination at issue, the length of time remediation may require, the complexity of the environmental regulation, the continuing advancement of remediation technology, and the potential imposition of joint and several liability on each potentially responsible party for the cleanup. | |
In addition to the matters cited above, the Company is involved in legal actions arising in the normal course of business. The Company records provisions with respect to identified claims or lawsuits when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Claims and lawsuits are reviewed quarterly and provisions are taken or adjusted to reflect the status of a particular matter. | |
Other Contingencies | |
In the event of a change in control of the Company, termination benefits are likely to be required for certain executive officers and other employees. |
Incentive_Plans_and_StockBased
Incentive Plans and Stock-Based Compensation | 12 Months Ended | ||||||||||||||||||||||||
Nov. 29, 2014 | |||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||
Incentive Plans and Stock-Based Compensation | INCENTIVE PLANS AND STOCK-BASED COMPENSATION | ||||||||||||||||||||||||
On March 25, 2014, the shareholders of CLARCOR approved the 2014 Incentive Plan, which replaced the 2009 Incentive Plan. The 2014 Incentive Plan allows the Company to grant stock options, restricted stock unit awards, restricted stock awards, performance awards and other awards to officers, directors and key employees of up to 6,600,000 shares during a ten-year period that ends in 2024. Upon share option exercise or restricted stock unit award conversion, the Company issues new shares unless treasury shares are available. | |||||||||||||||||||||||||
Stock Options | |||||||||||||||||||||||||
Nonqualified stock options are granted at exercise prices equal to the market price of CLARCOR common stock at the date of grant, which is the date the Company’s Board of Directors approves the grant and the participants receive it. The Company’s Board of Directors determines the vesting requirements for stock options at the time of grant and may accelerate vesting. In general, options granted to key employees vest 25% per year beginning at the end of the first year; therefore, they become fully exercisable at the end of four years. Vesting may be accelerated in the event of retirement, disability or death of a participant or change in control of the Company. Options granted to non-employee directors vest immediately. Beginning in 2013, stock-based compensation for the Company's Board of Directors has been in the form of restricted stock, rather than stock options. All options expire ten years from the date of grant unless otherwise terminated. | |||||||||||||||||||||||||
The following table summarizes information related to stock options and stock option exercises during the years ended November 30, 2014, 2013 and 2012. | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Pre-tax compensation expense | $ | 5,025 | $ | 3,212 | $ | 4,997 | |||||||||||||||||||
Deferred tax benefits | (1,834 | ) | (1,153 | ) | (1,836 | ) | |||||||||||||||||||
Excess tax benefits associated with tax deductions over the amount of compensation expense recognized in the consolidated financial statements | 2,668 | 7,231 | 2,007 | ||||||||||||||||||||||
Fair value of options granted | 5,186 | 3,868 | 6,407 | ||||||||||||||||||||||
Total intrinsic value of options exercised | 9,696 | 29,384 | 8,793 | ||||||||||||||||||||||
Cash received upon exercise of options | 10,738 | 33,778 | 5,170 | ||||||||||||||||||||||
Addition to capital in excess of par value due to exercise of stock options | 13,084 | 38,903 | 5,440 | ||||||||||||||||||||||
The following table summarizes activity with respect to nonqualified stock options granted by the Company and includes options granted under the 2014, 2009, 2004 and 1994 Incentive Plans. | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Options | Weighted | Options | Weighted | Options | Weighted | ||||||||||||||||||||
Granted | Average | Granted | Average | Granted | Average | ||||||||||||||||||||
under | Exercise | under | Exercise | under | Exercise | ||||||||||||||||||||
Incentive | Price | Incentive | Price | Incentive | Price | ||||||||||||||||||||
Plans | Plans | Plans | |||||||||||||||||||||||
Outstanding at beginning of year | 2,208,314 | $ | 40.76 | 3,037,151 | $ | 36.09 | 2,907,533 | $ | 32.39 | ||||||||||||||||
Granted | 450,700 | $ | 61.49 | 387,500 | $ | 45.25 | 512,850 | $ | 49.84 | ||||||||||||||||
Exercised | (322,473 | ) | $ | 33.3 | (1,191,752 | ) | $ | 30.3 | (353,793 | ) | $ | 25.28 | |||||||||||||
Surrendered | (25,821 | ) | $ | 52.47 | (24,585 | ) | $ | 42.48 | (29,439 | ) | $ | 40.17 | |||||||||||||
Outstanding at end of year | 2,310,720 | $ | 45.71 | 2,208,314 | $ | 40.76 | 3,037,151 | $ | 36.09 | ||||||||||||||||
Exercisable at end of year | 1,409,359 | $ | 40.7 | 1,413,100 | $ | 38.19 | 2,035,267 | $ | 32.54 | ||||||||||||||||
At November 30, 2014, there was $5,019 of unrecognized compensation cost related to nonvested option awards which the Company expects to recognize over a weighted-average period of 2.04 years. | |||||||||||||||||||||||||
The following table summarizes information about the Company’s outstanding and exercisable options at November 30, 2014. | |||||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||||
Range of Exercise | Number | Weighted | Intrinsic Value | Weighted | Number | Weighted | Intrinsic Value | Weighted | |||||||||||||||||
Prices | Average | Average | Average | Average | |||||||||||||||||||||
Exercise | Remaining Life | Exercise | Remaining Life | ||||||||||||||||||||||
Price | in Years | Price | in Years | ||||||||||||||||||||||
$25.31 - $28.79 | 66,100 | $ | 26.59 | $ | 2,598 | 2.63 | 66,100 | $ | 26.59 | $ | 2,598 | 2.63 | |||||||||||||
$31.96 - $36.48 | 523,009 | $ | 33.62 | 16,876 | 3.72 | 523,009 | $ | 33.62 | 16,876 | 3.72 | |||||||||||||||
$42.86 - $49.91 | 1,279,161 | $ | 46.2 | 25,193 | 7.17 | 808,125 | $ | 46.13 | 15,969 | 6.87 | |||||||||||||||
$55.01 - $61.57 | 442,450 | $ | 61.45 | 1,962 | 9.05 | 12,125 | $ | 61.23 | 56 | 9.02 | |||||||||||||||
2,310,720 | $ | 45.71 | $ | 46,629 | 6.62 | 1,409,359 | $ | 40.7 | $ | 35,499 | 5.52 | ||||||||||||||
The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions by grant year. | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Weighted average fair value per option at the date of grant for options granted | $ | 11.51 | $ | 9.98 | $ | 12.49 | |||||||||||||||||||
Risk-free interest rate | 1.55 | % | 1.19 | % | 1.38 | % | |||||||||||||||||||
Expected dividend yield | 1.1 | % | 1.19 | % | 0.96 | % | |||||||||||||||||||
Expected volatility factor | 21.38 | % | 25.8 | % | 26.52 | % | |||||||||||||||||||
Expected option term in years | 5 | 5.4 | 6.1 | ||||||||||||||||||||||
The expected option term in years selected for options granted during each period presented represents the period of time that the options are expected to be outstanding based on historical data of option holder exercise and termination behavior. Expected volatilities are based upon historical volatility of the Company’s monthly stock closing prices over a period equal to the expected life of each option grant. The risk-free interest rate is selected based on yields from U.S. Treasury zero-coupon issues with a remaining term approximately equal to the expected term of the options being valued. Expected dividend yield is based on the estimated dividend yield determined on the date of issuance. | |||||||||||||||||||||||||
Restricted Stock Unit Awards | |||||||||||||||||||||||||
The Company’s restricted stock unit awards are considered nonvested share awards. The restricted stock unit awards require no payment from the employee. Compensation cost is recorded based on the market price of the stock on the grant date and is recorded equally over the vesting period (generally four years). During the vesting period, officers and key employees receive cash compensation equal to the amount of dividends declared on common shares they would have been entitled to receive had the shares been issued. Upon vesting, employees may elect to defer receipt of their shares. There were 19,457 and 14,760 shares which were vested and deferred at November 30, 2014 and 2013. | |||||||||||||||||||||||||
The following table summarizes information related to restricted stock unit awards during the years ended November 30, 2014, 2013 and 2012. | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Pre-tax compensation expense | $ | 1,373 | $ | 888 | $ | 1,229 | |||||||||||||||||||
Deferred tax benefits | (501 | ) | (319 | ) | (451 | ) | |||||||||||||||||||
Excess tax (expense) benefit associated with tax deductions (under) over the amount of compensation expense recognized in the consolidated financial statements | 101 | 1,280 | (88 | ) | |||||||||||||||||||||
Fair value of restricted stock unit awards on date of grant | 1,524 | 1,068 | 1,489 | ||||||||||||||||||||||
Fair value of restricted stock unit awards vested | 893 | 621 | 2,359 | ||||||||||||||||||||||
The following table summarizes the restricted stock unit awards. | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Units | Weighted | Units | Weighted | Units | Weighted | ||||||||||||||||||||
Average | Average | Average | |||||||||||||||||||||||
Grant Date | Grant Date | Grant Date | |||||||||||||||||||||||
Fair Value | Fair Value | Fair Value | |||||||||||||||||||||||
Nonvested at beginning of year | 48,044 | $ | 45.18 | 39,945 | $ | 43.16 | 71,545 | $ | 36.95 | ||||||||||||||||
Granted | 24,808 | $ | 61.42 | 23,624 | $ | 45.19 | 29,839 | $ | 49.91 | ||||||||||||||||
Vested | (20,156 | ) | $ | 44.29 | (15,525 | ) | $ | 40.01 | (60,320 | ) | $ | 39.11 | |||||||||||||
Surrendered | (1,684 | ) | $ | 54.36 | — | $ | — | (1,119 | ) | $ | 44.15 | ||||||||||||||
Nonvested at end of year | 51,012 | $ | 53.12 | 48,044 | $ | 45.18 | 39,945 | $ | 43.16 | ||||||||||||||||
As of November 30, 2014, there was $1,235 of total unrecognized compensation cost related to restricted stock unit awards that the Company expects to recognize over a weighted-average period of 2.40 years. | |||||||||||||||||||||||||
Directors' Restricted Stock Compensation | |||||||||||||||||||||||||
The incentive plans provide for grants of shares of common stock to all non-employee directors for annual incentive awards, and for grants of shares of common stock to all non-employee directors equal to a one-year annual retainer in lieu of cash at the directors’ option. The directors’ rights to the shares vest immediately on the date of grant; however, shares issued on annual retainer fees cannot be sold for a six-month period from the date of grant. The following table summarizes information related to directors' stock compensation during the years ended November 30, 2014, 2013 and 2012. | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Pre-tax compensation expense | $ | 880 | $ | 960 | $ | 200 | |||||||||||||||||||
Shares of Company common stock issued under the plans | 15,400 | 18,256 | 4,055 | ||||||||||||||||||||||
Employee Stock Purchase Plan | |||||||||||||||||||||||||
The Company sponsors an employee stock purchase plan which allows employees to purchase stock at a discount of 5%. Effective January 1, 2006, the plan was amended to be in compliance with safe harbor rules so that the plan is not compensatory, and no expense is recognized related to the plan. The Company issued stock under this plan with fair value upon issuance as follows during the years ended November 30, 2014, 2013 and 2012. | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Company stock issued under the plan | $ | 1,338 | $ | 1,269 | $ | 1,244 | |||||||||||||||||||
Earnings_Per_Share_and_Stock_R
Earnings Per Share and Stock Repurchase Activity | 12 Months Ended | |||||||||||
Nov. 29, 2014 | ||||||||||||
Earnings Per Share and Stock Repurchase Activity [Abstract] | ||||||||||||
Earnings Per Share and Stock Repurchase Activity | EARNINGS PER SHARE AND STOCK REPURCHASE ACTIVITY | |||||||||||
The Company calculates basic earnings per share by dividing net earnings by the weighted average number of shares outstanding. Diluted earnings per share reflects the impact of outstanding stock options, restricted stock and other stock-based arrangements. The FASB has issued guidance requiring unvested share-based payment awards containing nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) be considered participating securities and included in the computation of earnings per share pursuant to the two-class method. The Company’s unvested restricted stock unit awards discussed in Note M qualify as participating securities under this guidance. However, the unvested restricted stock unit awards do not materially impact the calculation of basic or diluted earnings per share; therefore, the Company does not present the two-class method computation. | ||||||||||||
The following table provides a reconciliation of the denominators utilized in the calculation of basic and diluted earnings per share: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Weighted average number of shares outstanding | 50,405,549 | 49,988,577 | 50,285,480 | |||||||||
Dilutive effect of stock-based arrangements | 465,700 | 550,370 | 596,711 | |||||||||
Weighted average number of diluted shares outstanding | 50,871,249 | 50,538,947 | 50,882,191 | |||||||||
Net earnings attributable to CLARCOR Inc. | $ | 144,084 | $ | 118,076 | $ | 122,986 | ||||||
Net earnings per common share attributable to CLARCOR Inc. - Basic | $ | 2.86 | $ | 2.36 | $ | 2.45 | ||||||
Net earnings per common share attributable to CLARCOR Inc. - Diluted | $ | 2.83 | $ | 2.34 | $ | 2.42 | ||||||
The following table provides additional information regarding the calculation of earnings per share and stock repurchase activity. | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Number of antidilutive options with exercise prices greater than the average market price excluded from the computation of dilutive earnings per share | 441,033 | 125,135 | 508,167 | |||||||||
Common stock repurchased and retired pursuant to the Company's stock repurchase program | $ | 32,822 | $ | 27,708 | $ | 37,320 | ||||||
Number of shares repurchased and retired pursuant to the Company's stock repurchase program | 535,703 | 534,100 | 792,881 | |||||||||
On June 25, 2013, the Company’s Board of Directors approved a three-year, $250,000 stock repurchase program. Pursuant to the authorization, the Company may purchase shares from time to time in the open market or through privately negotiated transactions through June 25, 2016. The Company has no obligation to repurchase shares under the authorization, and the timing, actual number and values of shares to be purchased will depend on the Company’s stock price and market conditions. At November 30, 2014, there remained $208,460 authorized for future purchases under the program. |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||
Nov. 29, 2014 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Segment Information | SEGMENT INFORMATION | |||||||||||
Based on the economic characteristics of the Company’s business activities, the nature of products, customers and markets served and the performance evaluation by management and the Company’s Board of Directors, the Company has identified three reportable segments: Engine/Mobile Filtration, Industrial/Environmental Filtration and Packaging. | ||||||||||||
The Engine/Mobile Filtration segment manufactures and markets a complete line of filters used in the filtration of oils, air, fuel, coolant, hydraulic and transmission fluids in both domestic and international markets. The Engine/Mobile Filtration segment provides filters for certain types of transportation equipment including automobiles, heavy-duty and light trucks, buses and locomotives, marine and mining equipment, industrial equipment and heavy-duty construction and agricultural equipment. The products are sold to aftermarket distributors, original equipment manufacturers and dealer networks, private label accounts and directly to truck service centers and large national accounts. | ||||||||||||
The Industrial/Environmental Filtration segment manufactures and markets a complete line of filters, cartridges, dust collectors, filtration systems, engineered filtration products and technologies used in the filtration of air and industrial fluid processes in both domestic and international markets. The filters and filter systems are used in commercial and industrial buildings, hospitals, manufacturing processes, pharmaceutical processes, clean rooms, airports, shipyards, refineries and other oil and natural gas facilities, power generation plants, petrochemical plants, residences and various other infrastructures. The products are sold to commercial and industrial distributors, original equipment manufacturers and dealer networks, private label accounts, retailers and directly to large national accounts. | ||||||||||||
The Packaging segment manufactures and markets consumer and industrial packaging products including custom-designed plastic and metal containers and closures and lithographed metal sheets in both domestic and international markets. The products are sold directly to consumer and industrial packaging customers. | ||||||||||||
Net sales represent sales to unaffiliated customers. Intersegment sales were not material. No single customer accounted for 10% or more of the Company’s consolidated sales for the years ended November 30, 2014, 2013 and 2012. Unallocated amounts consist of interest expense, interest income and other non-operating income and expense items. Assets are those assets used in each business segment. Corporate assets consist of cash, deferred income taxes, corporate facility and equipment and various other assets that are not specific to an operating segment. The Company operates as a consolidated entity, including cooperation between segments, cost allocating and sharing of certain assets. As such, the Company makes no representation, that if operated on a standalone basis, these segments would report net sales, operating profit and other financial data reflected below. | ||||||||||||
The following tables provides segment data for the years ended November 30, 2014, 2013 and 2012: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net sales: | ||||||||||||
Engine/Mobile Filtration | $ | 603,805 | $ | 507,024 | $ | 503,607 | ||||||
Industrial/Environmental Filtration | 833,100 | 549,746 | 541,364 | |||||||||
Packaging | 75,949 | 74,000 | 76,794 | |||||||||
$ | 1,512,854 | $ | 1,130,770 | $ | 1,121,765 | |||||||
Operating profit: | ||||||||||||
Engine/Mobile Filtration | $ | 122,365 | $ | 106,345 | $ | 111,653 | ||||||
Industrial/Environmental Filtration | 83,351 | 61,996 | 64,766 | |||||||||
Packaging | 4,712 | 6,275 | 6,295 | |||||||||
210,428 | 174,616 | 182,714 | ||||||||||
Other income (expense), net | 1,135 | (316 | ) | 283 | ||||||||
Earnings before income taxes | $ | 211,563 | $ | 174,300 | $ | 182,997 | ||||||
2014 | 2013 | 2012 | ||||||||||
Identifiable assets: | ||||||||||||
Engine/Mobile Filtration | $ | 781,204 | $ | 397,545 | $ | 372,011 | ||||||
Industrial/Environmental Filtration | 1,022,996 | 715,759 | 706,610 | |||||||||
Packaging | 41,817 | 41,030 | 36,350 | |||||||||
Corporate | 42,752 | 294,509 | 90,531 | |||||||||
$ | 1,888,769 | $ | 1,448,843 | $ | 1,205,502 | |||||||
Additions to property, plant and equipment: | ||||||||||||
Engine/Mobile Filtration | $ | 46,496 | $ | 19,809 | $ | 24,062 | ||||||
Industrial/Environmental Filtration | 20,215 | 21,467 | 9,264 | |||||||||
Packaging | 1,989 | 2,467 | 3,250 | |||||||||
Corporate | 4,884 | 908 | 71 | |||||||||
$ | 73,584 | $ | 44,651 | $ | 36,647 | |||||||
Depreciation and amortization: | ||||||||||||
Engine/Mobile Filtration | $ | 18,170 | $ | 10,488 | $ | 9,327 | ||||||
Industrial/Environmental Filtration | 28,789 | 18,093 | 18,692 | |||||||||
Packaging | 2,438 | 2,859 | 3,090 | |||||||||
Corporate | 1,030 | 793 | 706 | |||||||||
$ | 50,427 | $ | 32,233 | $ | 31,815 | |||||||
Financial data relating to the geographic areas in which the Company operates are shown for the years ended November 30, 2014, 2013 and 2012. Net sales by geographic area are based on sales to final customers within that region. | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net sales: | ||||||||||||
United States | $ | 1,027,028 | $ | 778,952 | $ | 779,811 | ||||||
Europe | 165,446 | 96,255 | 102,144 | |||||||||
Asia | 146,859 | 103,030 | 98,880 | |||||||||
Other International | 173,521 | 152,533 | 140,930 | |||||||||
$ | 1,512,854 | $ | 1,130,770 | $ | 1,121,765 | |||||||
Property, plant and equipment, at cost, less accumulated depreciation: | ||||||||||||
United States | $ | 238,413 | $ | 183,166 | $ | 173,018 | ||||||
Europe | 24,783 | 12,499 | 3,619 | |||||||||
Asia | 11,466 | 2,702 | 8,013 | |||||||||
Other International | 13,694 | 10,586 | 10,451 | |||||||||
$ | 288,356 | $ | 208,953 | $ | 195,101 | |||||||
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||||
Nov. 29, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Selected Quarterly Financial Data (Unaudited) | SELECTED QUARTERLY FINANCIAL DATA (Unaudited) | |||||||||||||||
The following table provides unaudited quarterly data for 2014 and 2013: | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
2014 | ||||||||||||||||
Net sales | $ | 312,685 | $ | 386,642 | $ | 400,152 | $ | 413,375 | ||||||||
Gross profit | 96,587 | 125,370 | 135,325 | 139,753 | ||||||||||||
Net earnings | 24,341 | 34,546 | 41,765 | 43,531 | ||||||||||||
Net earnings attributable to CLARCOR Inc. | 24,321 | 34,552 | 41,703 | 43,508 | ||||||||||||
Net earnings per common share attributable to CLARCOR Inc. - Basic | $ | 0.48 | $ | 0.68 | $ | 0.83 | $ | 0.87 | ||||||||
Net earnings per common share attributable to CLARCOR Inc. - Diluted | $ | 0.48 | $ | 0.68 | $ | 0.82 | $ | 0.86 | ||||||||
Dividends declared and paid per common share | $ | 0.17 | $ | 0.17 | $ | 0.17 | $ | 0.2 | ||||||||
2013 | ||||||||||||||||
Net sales | $ | 256,271 | $ | 287,583 | $ | 289,126 | $ | 297,790 | ||||||||
Gross profit | 81,486 | 98,214 | 91,900 | 98,609 | ||||||||||||
Net earnings | 23,528 | 33,153 | 28,773 | 32,896 | ||||||||||||
Net earnings attributable to CLARCOR Inc. | 23,462 | 33,051 | 28,707 | 32,856 | ||||||||||||
Net earnings per common share attributable to CLARCOR Inc. - Basic | $ | 0.47 | $ | 0.66 | $ | 0.57 | $ | 0.65 | ||||||||
Net earnings per common share attributable to CLARCOR Inc. - Diluted | $ | 0.47 | $ | 0.66 | $ | 0.57 | $ | 0.65 | ||||||||
Dividends declared and paid per common share | $ | 0.135 | $ | 0.135 | $ | 0.135 | $ | 0.17 | ||||||||
Subsequent_Event
Subsequent Event | 12 Months Ended |
Nov. 29, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Event | SUBSEQUENT EVENT |
On December 17, 2014, the Company acquired 100% of the outstanding shares of Filter Resources, Inc., Filtration, Inc. and Fabrication Specialties, Inc. (collectively, "Filter Resources"). The purchase price for Filter Resources was approximately $21,904, subject to post-closing adjustments based on the working capital of the business as of the closing and the completion of certain capital equipment projects. Filter Resources manufactures and distributes filters to the petrochemical and refining industries, predominantly in the Texas gulf coast and Louisiana region. The operations of Filter Resources are being merged into CLARCOR's PECOFacet group of companies, headquartered in Mineral Wells, Texas, a component of our Industrial/Environmental Filtration Segment. Filter Resources was acquired to help the Company continue to grow its oil and gas filtration business in the petrochemical and refining markets. Results of operations for Filter Resources will be included as a part of the Company's Industrial/Environmental Filtration segment from the acquisition date forward. The Company has not yet completed an appraisal of the assets acquired and expects to finalize the allocation of the purchase price to the assets acquired and liabilities assumed in fiscal 2015. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts and Reserves | 12 Months Ended | ||||||||||||||||||||
Nov. 29, 2014 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||
Schedule II - Valuation and Qualifying Accounts and Reserves | CLARCOR Inc. | ||||||||||||||||||||
SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | |||||||||||||||||||||
For the years ended November 30, 2014, 2013 and 2012 | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Column A | Column B | Column C | Column D | Column E | |||||||||||||||||
Additions | |||||||||||||||||||||
Description | Balance at | -1 | -2 | Deductions | Balance at | ||||||||||||||||
beginning of | Charged to | Charged | end of | ||||||||||||||||||
period | costs and | to other | period | ||||||||||||||||||
expenses | accounts | ||||||||||||||||||||
2014:00:00 | |||||||||||||||||||||
Allowance for losses on accounts receivable | $ | 9,183 | $ | 1,583 | $ | 802 | (A) | $ | (757 | ) | (B) | $ | 10,811 | ||||||||
2013:00:00 | |||||||||||||||||||||
Allowance for losses on accounts receivable | $ | 9,554 | $ | 1,863 | $ | (1,110 | ) | (A) | $ | (1,124 | ) | (B) | $ | 9,183 | |||||||
2012:00:00 | |||||||||||||||||||||
Allowance for losses on accounts receivable | $ | 9,795 | $ | 1,029 | $ | (96 | ) | (A) | $ | (1,174 | ) | (B) | $ | 9,554 | |||||||
NOTES: | |||||||||||||||||||||
(A) Due to business acquisitions, reclassifications and currency translation. | |||||||||||||||||||||
(B) Bad debts written off during year, net of recoveries. |
Basis_of_Presentation_and_Sign1
Basis of Presentation and Significant Accounting Policies (Policies) | 12 Months Ended |
Nov. 29, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of consolidation | Principles of Consolidation |
CLARCOR Inc. and its subsidiaries (collectively, the “Company” or “CLARCOR”) is a global provider of filtration products, filtration systems and services, and consumer and industrial packaging products. As discussed further in Note O, the Company has three reportable segments: Engine/Mobile Filtration, Industrial/Environmental Filtration and Packaging. The Consolidated Financial Statements include all domestic and foreign subsidiaries that were more than 50% owned and controlled as of each respective reporting period presented. All intercompany accounts and transactions have been eliminated. | |
Accounting period | Accounting Period |
The Company's fiscal year-end is the Saturday closest to November 30, typically resulting in a fifty-two week year, but occasionally giving rise to an additional week, resulting in a fifty-three week year. The fiscal years ended November 29, 2014, November 30, 2013 and December 1, 2012 were comprised of fifty-two weeks. For clarity of presentation in the Consolidated Financial Statements, all fiscal years are shown to begin as of December 1 and end as of November 30. | |
Use of management's estimates | Use of Management's Estimates |
The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results will differ from those estimates. | |
Foreign currency translation and transactions | Foreign Currency Translation and Transactions |
Financial statements of foreign subsidiaries are translated into U.S. Dollars at current rates, except that revenues, costs, expenses and cash flows are translated at average rates during each reporting period and equity accounts are translated at historical rates. Net exchange gains or losses resulting from the translation of foreign financial statements are presented in the Consolidated Statements of Comprehensive Earnings. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred. | |
Cash and cash equivalents and restricted cash | Cash and Cash Equivalents and Restricted Cash |
Highly liquid investments with an original maturity of three months or less when purchased and that are readily saleable are considered to be cash and cash equivalents. Restricted cash represents funds held in escrow and cash balances held by banks as collateral for certain guarantees of overseas subsidiaries. Restricted cash classified as current corresponds to funds held in escrow that will be used within one year or guarantees that expire within one year. The Company also has $1,294 and $1,896 of noncurrent restricted cash recorded in Other noncurrent assets as of November 30, 2014 and 2013, respectively, corresponding to guarantees and escrow agreements that expire longer than one year from the dates of the Consolidated Balance Sheets. | |
Cash and cash equivalents and restricted cash represent financial instruments with potential credit risk. The Company mitigates the risk by investing the assets with institutions it believes to be financially sound. | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities |
The Company is exposed to various market risks that arise from transactions entered into in the normal course of business, including market risks associated with changes in foreign currency exchange rates and changes in interest rates. The Company may make use of derivative instruments to manage certain such risks, including derivatives designated as accounting hedges and/or those utilized as economic hedges which are not designated as accounting hedges. The Company does not hold or issue derivatives for trading or speculative purposes. | |
All derivatives are recorded at fair value in the Consolidated Balance Sheets. Each derivative is designated as either a fair value hedge or remains undesignated. Changes in the fair value of derivatives that are designated and effective as fair value hedges are recognized currently in net income. These changes are offset in net income to the extent the hedge was effective by fair value changes related to the risk being hedged on the hedged item. Changes in fair value of undesignated hedges are recognized currently in net income. All ineffective changes in derivative fair values are recognized currently in net income. | |
The Company formally documents all relationships between designated hedging instruments and hedged items as well as its risk management objective and strategy for undertaking hedge transactions. Both at inception and on an ongoing basis the hedging instrument is assessed as to its effectiveness. If and when a derivative is determined not to be highly effective as a hedge, or the underlying hedge transaction is no longer likely to occur, the hedge designation is removed, or the derivative is terminated, the hedge accounting discussed above is discontinued. Further information related to derivatives and hedging activities is included in Note F of the Notes to Consolidated Financial Statements. | |
Accounts receivable and allowance for losses | Accounts Receivable and Allowance for Losses |
Trade accounts receivable are recorded at the invoiced amount and do not bear interest. Trade accounts receivable represent financial instruments with potential credit risk. The allowance for losses is the Company’s best estimate of the amount of probable credit losses in its existing accounts receivable. The Company determines the allowance based on economic conditions in the industries to which the Company sells and on historical experience by evaluating specific customer accounts for risk of loss, fluctuations in amounts owed and current payment trends. The allowances provided are estimates that may be impacted by economic and market conditions which could have an effect on future allowance requirements and results of operations. The Company reviews its allowance for doubtful accounts monthly. Past due balances over ninety days and over a specified amount are reviewed individually for collectability. Account balances are charged off against the allowance when it is probable the receivable will not be recovered. | |
Inventories | Inventories |
Inventories are valued at the lower of cost or market primarily determined on the first-in, first-out (“FIFO”) method of inventory costing, which approximates current cost. The Company periodically assesses its inventories for potential excess, slow movement and obsolescence and adjusts inventory values accordingly. | |
Property, plant and equipment | Property, Plant and Equipment |
Depreciation is determined by the straight-line method for financial statement purposes and by the accelerated method for tax purposes. The provision for depreciation is based on the estimated useful lives of the assets (15 to 40 years for buildings and improvements, the shorter of the asset life or the life of the lease for leasehold improvements and leased equipment and 3 to 15 years for machinery and equipment). It is the Company’s policy to capitalize the cost of renewals and betterments and to charge to expense the cost of current maintenance and repairs. When property or equipment is retired or otherwise disposed of, the net book value of the asset is removed from the Company’s books and the resulting gain or loss is reflected in operating profit. | |
Plant assets classified as Assets held for sale are initially measured at the lesser of the assets’ carrying amount or the fair value less costs to sell. Gains or losses are recognized for any subsequent changes in the fair value less cost to sell; however, gains are only recognized to the extent of cumulative losses previously recognized. Plant assets classified as Assets held for sale are not depreciated. | |
Goodwill and acquired intangible assets | Goodwill and Acquired Intangible Assets |
The Company recognizes the excess of the cost of an acquired entity over the net amount assigned to assets acquired and liabilities assumed as goodwill. Goodwill is tested for impairment at the reporting unit level on an annual basis during the fourth quarter and any time events or changes in circumstances indicate that the carrying amount of goodwill and acquired intangible assets might not be recoverable. Impairment losses would be recognized whenever the implied fair value of goodwill is less than its carrying value. | |
The Company recognizes an acquired intangible asset apart from goodwill whenever the asset arises from contractual or other legal rights, or whenever it is capable of being separated or divided from the acquired entity and sold, transferred, licensed, rented or exchanged, either individually or in combination with a related contract, asset or liability. An intangible asset other than goodwill is amortized over its estimated useful life unless that life is determined to be indefinite. Most of the Company’s trade names and trademarks have indefinite useful lives and are subject to impairment testing. All other acquired intangible assets, including patents which have an average 14 year life, and other identifiable intangible assets with original lives ranging from 1 to 30 years, are being amortized using the straight-line method over the estimated periods to be benefited. The Company reviews the lives of its definite-lived intangible assets at least annually during the fourth quarter, and if necessary, impairment losses are recognized if the carrying amount of an intangible subject to amortization is not recoverable from expected future cash flows and its carrying amount exceeds its fair value. | |
Impairment of long-lived assets | Impairment of Long-Lived Assets |
The Company determines any impairment losses based on underlying cash flows related to specific groups of acquired long-lived assets, including plant assets, associated identifiable intangible assets and goodwill, when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. | |
Income taxes | Income Taxes |
The Company provides for income taxes and recognizes deferred tax liabilities and assets for the expected future tax consequences of temporary differences between the financial statement carrying amounts and the tax basis of assets and liabilities. The Company does not provide deferred taxes on unremitted foreign earnings from certain foreign affiliates that are intended to be indefinitely reinvested to finance operations and expansion outside the United States. | |
Income taxes, uncertainties | The Company accounts for uncertain tax positions in accordance with guidance issued by the Financial Accounting Standards Board (“FASB”). This guidance applies broadly to all tax positions taken by a company, including decisions to not report income in a tax return or to classify a transaction as tax exempt. The approach is a two-step benefit recognition model. The amount of benefit to recognize is measured as the largest amount of tax benefit that is greater than 50% likely of being ultimately realized upon settlement. The tax position is derecognized when it is no longer more likely than not of being sustained. The Company recognizes interest and penalties related to unrecognized benefits in income tax expense. |
Accumulated other comprehensive loss | Accumulated Other Comprehensive Loss |
Accumulated other comprehensive loss, net of tax, consists of foreign currency translation adjustments and pension related gains and losses, prior service costs and credits and any remaining transition amounts that have not yet been recognized through net periodic benefit costs. | |
Stock-based compensation | Stock-based Compensation |
Stock-based employee compensation cost is recognized using the fair-value based method for all awards granted on or after the beginning of fiscal year 2006. The Company issues stock option awards and restricted stock unit awards to employees and issues shares of common stock to non-employee directors under its stock-based incentive plans. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model. Compensation cost related to restricted stock units is recorded based on the market price of the Company’s common stock on the grant date. The Company recognizes compensation expense from the date of grant on a straight-line basis over a four year period or to the date retirement eligibility is achieved, whichever is shorter. For those who are already retirement eligible on the date of grant, compensation expense is recognized immediately. | |
Revenue recognition | Revenue Recognition |
Revenue is recognized when product ownership and risk of loss have transferred to the customer or performance of services is complete and the Company has no remaining obligations regarding the transaction. Estimated discounts, rebates and sales returns are recorded as a reduction of sales in the same period revenue is recognized. Shipping and handling costs are recorded as revenue when billed to customers. The related shipping and handling expenses are included in Cost of sales. | |
The Company uses the percentage of completion accounting revenue recognition method for qualifying contracts under which products are manufactured to customer specifications. Approximately $35,537, $42,002 and $34,466 of the Company’s total revenue for fiscal years 2014, 2013 and 2012, respectively, was recognized under the percentage of completion accounting method. Revenue is recognized on contracts utilizing the percentage of completion method based on costs incurred as a percentage of estimated total costs. Revenue recognized on uncompleted contracts in excess of amounts billed to customers is reflected as a current asset. Amounts billed to customers in excess of revenue recognized on uncompleted contracts are reflected as a current liability. When it is estimated that a contract will result in a loss, the entire amount of the estimated loss is accrued. The effect of revisions in costs and profit estimated for contracts is reflected in the accounting period in which the facts requiring the revisions become known. | |
Product warranties | Product Warranties |
The Company provides for estimated warranty costs when the related products are recorded as sales or for specific items at the time existence of the claims is known and the amounts are reasonably determinable. | |
Research and development | Research and Development |
The Company charges research and development costs, relating to the development of new products or the improvement or redesign of its existing products, to expense when incurred. | |
Insurance | Insurance |
Insurance coverage is obtained for certain property and casualty exposures, workers’ compensation and general liability, as well as risks that require insurance by law or contract. The Company self-insures for certain other insurable risks, primarily employee medical coverage, which the Company carries insurance for certain losses above specified amounts. Liabilities are determined using estimates, including actuarial where applicable, of the aggregate liability for claims incurred and an estimate of incurred but not reported claims, on an undiscounted basis. | |
Guarantees | Guarantees |
At November 30, 2014 and 2013, the Company had letters of credit totaling $33,359 and $28,541, respectively, issued to various government agencies, primarily related to industrial revenue bonds, and to insurance companies and other entities in support of its obligations. The Company believes that no payments will be required resulting from these obligations. | |
In the ordinary course of business, the Company also provides routine indemnifications and other guarantees whose terms range in duration and often are not explicitly defined. The Company does not believe these will have a material impact on the results of operations or financial condition of the Company. | |
New pronouncements | New Pronouncements |
In February 2013, the Financial Accounting Standards Board ("FASB") issued guidance to improve the reporting of reclassifications out of accumulated other comprehensive income ("AOCI"). The amendments do not change the current requirement for reporting net income or other comprehensive income in financial statements; however, the amendments require an entity to provide information about the amounts reclassified out of AOCI by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of AOCI by the respective line items of net income, but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. The guidance is effective for annual and interim periods beginning after December 15, 2012, although early adoption is permitted. The adoption of this guidance on December 1, 2013 did not have a material impact on the Consolidated Financial Statements. For additional information, refer to "Accumulated Other Comprehensive Loss" above. | |
In April 2014, the FASB issued Accounting Standards Update ("ASU") No. 2014-08, "Presentation of Financial Statements and Property, Plant and Equipment; Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." ASU 2014-08 modifies the requirements for reporting discontinued operations. Under the amendments in ASU 2014-08, the definition of discontinued operation has been modified to only include those disposals of an entity that represent a strategic shift that has (or will have) a major effect on an entity's operations and financial results. ASU 2014-08 also expands the disclosure requirements for disposals that meet the definition of a discontinued operation and requires entities to disclose information about disposals of individually significant components that do not meet the definition of discontinued operations. ASU 2014-08 is effective for annual reporting periods, and interim periods within those years, beginning after December 15, 2014 (fiscal year 2016 for the Company). The adoption of this update is not expected to have a material impact on the Company's Consolidated Financial Statements. | |
In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers." ASU 2014-09 is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. ASU 2014-09 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 is effective for annual reporting periods, and interim periods within that period, beginning after December 15, 2016 (fiscal year 2018 for the Company) and early adoption is not permitted. Companies may use either a full retrospective or a modified retrospective approach to adopt ASU 2014-09. The Company has not yet determined the potential effects of the adoption of ASU 2014-09 on its Consolidated Financial Statements. |
Basis_of_Presentation_and_Sign2
Basis of Presentation and Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||
Nov. 29, 2014 | ||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||
Schedule of inventory | Inventories are summarized as follows: | |||||||||||
2014 | 2013 | |||||||||||
Raw materials | $ | 101,848 | $ | 80,741 | ||||||||
Work in process | 41,729 | 34,402 | ||||||||||
Finished products | 131,141 | 103,643 | ||||||||||
$ | 274,718 | $ | 218,786 | |||||||||
Schedule of accumulated other comprehensive income (loss) | Changes in Accumulated other comprehensive loss by component are as follows: | |||||||||||
Pension Benefits | Foreign Currency Translation Adjustments | Total | ||||||||||
Balance at November 30, 2013, net of tax | $ | (29,878 | ) | $ | 64 | $ | (29,814 | ) | ||||
Other comprehensive loss before reclassifications and tax | (15,085 | ) | (16,477 | ) | (31,562 | ) | ||||||
Tax benefit | 5,565 | — | 5,565 | |||||||||
Other comprehensive loss before reclassifications, net of tax | (9,520 | ) | (16,477 | ) | (25,997 | ) | ||||||
Reclassifications, before tax | 2,651 | (a) | — | 2,651 | ||||||||
Tax expense | (920 | ) | — | (920 | ) | |||||||
Reclassifications, net of tax | 1,731 | — | 1,731 | |||||||||
Other comprehensive loss, net of tax | (7,789 | ) | (16,477 | ) | (24,266 | ) | ||||||
Balance at November 30, 2014, net of tax | $ | (37,667 | ) | $ | (16,413 | ) | $ | (54,080 | ) |
Business_Acquisitions_Investme1
Business Acquisitions, Investments and Redeemable Noncontrolling Interests (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||
Nov. 29, 2014 | ||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||
Schedule of pro forma information | The pro forma amounts include the Company’s determination of purchase accounting adjustments based on available information and certain assumptions that the Company believes are reasonable. | |||||||||||||||||||||||||||||
Twelve Months Ended November 30, 2014 | Twelve Months Ended November 30, 2013 | |||||||||||||||||||||||||||||
As reported | CLARCOR | CLARCOR | Pro forma | As reported | CLARCOR | CLARCOR | Pro forma | |||||||||||||||||||||||
Engine Mobile Solutions | Industrial Air | Engine Mobile Solutions | Industrial Air | |||||||||||||||||||||||||||
Net sales | $ | 1,512,854 | $ | 46,837 | $ | 15,422 | $ | 1,575,113 | $ | 1,130,770 | $ | 105,744 | $ | 222,546 | $ | 1,459,060 | ||||||||||||||
Operating profit | 210,428 | 17,677 | (a) | 8,814 | (b) | 236,919 | 174,616 | 24,830 | (c) | 3,047 | (d) | 202,493 | ||||||||||||||||||
Net earnings attributable to CLARCOR | 144,084 | 10,485 | 6,551 | 161,120 | 118,076 | 13,789 | 1,703 | 133,568 | ||||||||||||||||||||||
Diluted earnings per share | $ | 2.83 | $ | 0.21 | $ | 0.13 | $ | 3.17 | $ | 2.34 | $ | 0.27 | $ | 0.03 | $ | 2.64 | ||||||||||||||
(a) | Includes adjustments to remove transaction costs of $3,035 and cost of sales related to the step-up of inventory to its estimated acquisition-date fair value of $1,368, which have been pushed back to the twelve months ended November 30, 2013 for pro forma presentation. Also includes adjustments to intangible asset amortization, depreciation expense and interest expense. | |||||||||||||||||||||||||||||
(b) | Includes adjustments to remove transaction costs of $2,089 and cost of sales related to the step-up of inventory to its estimated acquisition-date fair value of $4,342, which have been pushed back to the twelve months ended November 30, 2013 for pro forma presentation. Also includes adjustments to intangible asset amortization, depreciation expense and interest expense. | |||||||||||||||||||||||||||||
(c) | Includes adjustments to push back transaction costs of $3,035 and cost of sales related to the step-up of inventory to its estimated acquisition-date fair value of $1,368. Also includes adjustments to intangible asset amortization, depreciation expense and interest expense. | |||||||||||||||||||||||||||||
(d) | Includes adjustments to push back transaction costs of $2,089 and cost of sales related to the step-up of inventory to its estimated acquisition-date fair value of $4,342. Also includes adjustments to intangible asset amortization, depreciation expense and interest expense. | |||||||||||||||||||||||||||||
Stanadyne [Member] | ||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||
Schedule of business acquisitions | The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition of CLARCOR Engine Mobile Solutions: | |||||||||||||||||||||||||||||
Accounts receivable | $ | 19,548 | ||||||||||||||||||||||||||||
Inventories | 7,257 | |||||||||||||||||||||||||||||
Deferred income taxes | 4,121 | |||||||||||||||||||||||||||||
Property, plant and equipment | 10,176 | |||||||||||||||||||||||||||||
Goodwill | 194,989 | |||||||||||||||||||||||||||||
Intangible assets | 146,430 | |||||||||||||||||||||||||||||
Total assets acquired | 382,521 | |||||||||||||||||||||||||||||
Current liabilities | 8,963 | |||||||||||||||||||||||||||||
Other noncurrent liabilities | 2,000 | |||||||||||||||||||||||||||||
Deferred income taxes | 43,839 | |||||||||||||||||||||||||||||
Net assets acquired | $ | 327,719 | ||||||||||||||||||||||||||||
Schedule of finite-lived and indefinite-lived intangible assets acquired | A summary of the intangible assets acquired is shown in the following table: | |||||||||||||||||||||||||||||
Estimated | Weighted average | Amortization | ||||||||||||||||||||||||||||
Identifiable intangible assets | Value | Useful life | Method | |||||||||||||||||||||||||||
Customer relationships | $ | 135,250 | 13 years | Straight-line | ||||||||||||||||||||||||||
Developed technology | 11,000 | 10 years | Straight-line | |||||||||||||||||||||||||||
Trademarks | 180 | Indefinite | Not amortized | |||||||||||||||||||||||||||
$ | 146,430 | |||||||||||||||||||||||||||||
Air Filtrations Segment of General Electric [Member] | ||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||
Schedule of business acquisitions | The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition of CLARCOR Industrial Air: | |||||||||||||||||||||||||||||
Accounts receivable | $ | 34,453 | ||||||||||||||||||||||||||||
Inventories | 41,884 | |||||||||||||||||||||||||||||
Other current assets | 837 | |||||||||||||||||||||||||||||
Property, plant and equipment | 22,903 | |||||||||||||||||||||||||||||
Goodwill | 74,324 | |||||||||||||||||||||||||||||
Intangible assets | 133,020 | |||||||||||||||||||||||||||||
Total assets acquired | 307,421 | |||||||||||||||||||||||||||||
Total liabilities | 47,109 | |||||||||||||||||||||||||||||
Net assets acquired | $ | 260,312 | ||||||||||||||||||||||||||||
Schedule of finite-lived and indefinite-lived intangible assets acquired | A summary of the intangible assets acquired, weighted-average useful lives and amortization methods is shown in the following table: | |||||||||||||||||||||||||||||
Estimated | Weighted average | Amortization | ||||||||||||||||||||||||||||
Identifiable intangible assets | Value | Useful life | Method | |||||||||||||||||||||||||||
Trade names | $ | 35,100 | Indefinite | Not amortized | ||||||||||||||||||||||||||
Customer relationships | 77,300 | 13 years | Straight-line | |||||||||||||||||||||||||||
Developed technology | 19,900 | 13 years | Straight-line | |||||||||||||||||||||||||||
GE Transitional Trademark License | 50 | Less than 1 Year | Accelerated | |||||||||||||||||||||||||||
Backlog | 670 | Less than 1 Year | Accelerated | |||||||||||||||||||||||||||
$ | 133,020 | |||||||||||||||||||||||||||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | |||||||
Nov. 29, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Schedule of property, plant and equipment | Property, plant and equipment included the following assets at November 30, 2014 and 2013: | |||||||
2014 | 2013 | |||||||
Land | $ | 12,330 | $ | 9,444 | ||||
Buildings and building fixtures | 154,296 | 119,207 | ||||||
Machinery and equipment | 428,530 | 388,669 | ||||||
Construction in process | 50,764 | 24,420 | ||||||
645,920 | 541,740 | |||||||
Accumulated depreciation | (357,564 | ) | (332,787 | ) | ||||
$ | 288,356 | $ | 208,953 | |||||
Goodwill_and_Acquired_Intangib1
Goodwill and Acquired Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||
Nov. 29, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||
Schedule of goodwill | The following table reconciles the activity for goodwill by segment for fiscal years 2014 and 2013. All goodwill is stated on a gross basis, as the Company has not recorded any impairment charges against goodwill. | |||||||||||||||
Engine/Mobile | Industrial/ | Packaging | Total | |||||||||||||
Filtration | Environmental | |||||||||||||||
Filtration | ||||||||||||||||
November 30, 2012 | $ | 21,593 | $ | 220,331 | $ | — | $ | 241,924 | ||||||||
Acquisitions | — | — | — | — | ||||||||||||
Currency translation adjustments | 275 | (900 | ) | — | (625 | ) | ||||||||||
November 30, 2013 | $ | 21,868 | $ | 219,431 | $ | — | $ | 241,299 | ||||||||
Acquisitions | 194,989 | 74,324 | — | 269,313 | ||||||||||||
Currency translation adjustments | (743 | ) | (2,697 | ) | — | (3,440 | ) | |||||||||
November 30, 2014 | $ | 216,114 | $ | 291,058 | $ | — | $ | 507,172 | ||||||||
Schedule of intangible assets by segment | The following table summarizes acquired intangible assets by segment. Other acquired intangible assets include parts manufacturer regulatory approvals, proprietary technology, patents and noncompete agreements. | |||||||||||||||
Engine/Mobile | Industrial/ | Packaging | Total | |||||||||||||
Filtration | Environmental | |||||||||||||||
Filtration | ||||||||||||||||
November 30, 2014 | ||||||||||||||||
Indefinite Lived Intangibles: | ||||||||||||||||
Trademarks - indefinite lived | $ | 783 | $ | 76,150 | $ | — | $ | 76,933 | ||||||||
Finite Lived Intangibles: | ||||||||||||||||
Trademarks - finite lived, gross | $ | 294 | $ | 488 | $ | — | $ | 782 | ||||||||
Accumulated amortization | (119 | ) | (342 | ) | — | (461 | ) | |||||||||
Trademarks - finite lived, net | $ | 175 | $ | 146 | $ | — | $ | 321 | ||||||||
Customer relationships, gross | $ | 139,551 | $ | 121,741 | $ | — | $ | 261,292 | ||||||||
Accumulated amortization | (8,109 | ) | (29,285 | ) | — | (37,394 | ) | |||||||||
Customer relationships, net | $ | 131,442 | $ | 92,456 | $ | — | $ | 223,898 | ||||||||
Other acquired intangibles, gross | $ | 11,243 | $ | 60,958 | $ | — | $ | 72,201 | ||||||||
Accumulated amortization | (884 | ) | (24,891 | ) | — | (25,775 | ) | |||||||||
Other acquired intangibles, net | $ | 10,359 | $ | 36,067 | $ | — | $ | 46,426 | ||||||||
Total finite lived intangible assets, net | $ | 141,976 | $ | 128,669 | $ | — | $ | 270,645 | ||||||||
Acquired intangible assets, less accumulated amortization | $ | 142,759 | $ | 204,819 | $ | — | $ | 347,578 | ||||||||
Engine/Mobile | Industrial/ | Packaging | Total | |||||||||||||
Filtration | Environmental | |||||||||||||||
Filtration | ||||||||||||||||
November 30, 2013 | ||||||||||||||||
Indefinite Lived Intangibles: | ||||||||||||||||
Trademarks - indefinite lived | $ | 603 | $ | 42,058 | $ | — | $ | 42,661 | ||||||||
Finite Lived Intangibles: | ||||||||||||||||
Trademarks - finite lived, gross | $ | 307 | $ | 488 | $ | — | $ | 795 | ||||||||
Accumulated amortization | (104 | ) | (329 | ) | — | (433 | ) | |||||||||
Trademarks - finite lived, net | $ | 203 | $ | 159 | $ | — | $ | 362 | ||||||||
Customer relationships, gross | $ | 4,309 | $ | 45,244 | $ | — | $ | 49,553 | ||||||||
Accumulated amortization | (1,870 | ) | (20,161 | ) | — | (22,031 | ) | |||||||||
Customer relationships, net | $ | 2,439 | $ | 25,083 | $ | — | $ | 27,522 | ||||||||
Other acquired intangibles, gross | $ | 243 | $ | 39,894 | $ | — | $ | 40,137 | ||||||||
Accumulated amortization | (243 | ) | (20,558 | ) | — | (20,801 | ) | |||||||||
Other acquired intangibles, net | $ | — | $ | 19,336 | $ | — | $ | 19,336 | ||||||||
Total finite lived intangible assets, net | $ | 2,642 | $ | 44,578 | $ | — | $ | 47,220 | ||||||||
Acquired intangible assets, less accumulated amortization | $ | 3,245 | $ | 86,636 | $ | — | $ | 89,881 | ||||||||
Schedule of expected amortization expense | The following tables summarize actual amortization expense for the past three fiscal years and estimated amortization expense for the next five fiscal years. | |||||||||||||||
Amortization expense for the years ended: | ||||||||||||||||
2014 | $ | 20,362 | ||||||||||||||
2013 | 5,904 | |||||||||||||||
2012 | 5,890 | |||||||||||||||
Estimated amortization expense for the next five years: | ||||||||||||||||
2015 | $ | 24,400 | ||||||||||||||
2016 | 24,269 | |||||||||||||||
2017 | 24,031 | |||||||||||||||
2018 | 23,368 | |||||||||||||||
2019 | 23,221 | |||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||
Nov. 29, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Schedule of assets or liabilities that have a recurring fair value measurement | Assets or liabilities that have recurring fair value measurements are shown below: | |||||||||||||||
Fair Value Measurements at Reporting Date | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
November 30, 2014 | ||||||||||||||||
Restricted trust, included in Other noncurrent assets | ||||||||||||||||
Mutual fund investments - equities | $ | 437 | $ | 437 | $ | — | $ | — | ||||||||
Mutual fund investments - bonds | 442 | 442 | — | — | ||||||||||||
Cash and equivalents | 14 | 14 | — | — | ||||||||||||
Total restricted trust | $ | 893 | $ | 893 | $ | — | $ | — | ||||||||
Foreign exchange contracts, included in Prepaid expenses and other current assets | $ | 362 | $ | — | $ | 362 | $ | — | ||||||||
Foreign exchange contracts, included in Accrued liabilities | $ | 367 | $ | 367 | ||||||||||||
November 30, 2013 | ||||||||||||||||
Restricted trust, included in Other noncurrent assets | ||||||||||||||||
Mutual fund investments - equities | $ | 593 | $ | 593 | $ | — | $ | — | ||||||||
Mutual fund investments - bonds | 400 | 400 | — | — | ||||||||||||
Cash and equivalents | 31 | 31 | — | — | ||||||||||||
Total restricted trust | $ | 1,024 | $ | 1,024 | $ | — | $ | — | ||||||||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended | |||||||
Nov. 29, 2014 | ||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||
Schedule of Derivative Instruments in Statement of Balance Sheet | The following table presents the fair values of derivative instruments included within the Consolidated Balance Sheets at November 30, 2014 and 2013: | |||||||
2014 | 2013 | |||||||
Prepaid expenses and other current assets | ||||||||
Designated as hedging instruments: | ||||||||
Foreign exchange contracts | — | — | ||||||
Unrecognized firm sales commitments | 248 | — | ||||||
Total designated | $ | 248 | $ | — | ||||
Not designated as hedging instruments: | ||||||||
Foreign exchange contracts | 362 | — | ||||||
Total not designated | $ | 362 | $ | — | ||||
Total derivatives | $ | 610 | $ | — | ||||
Accrued liabilities | ||||||||
Designated as hedging instruments: | ||||||||
Foreign exchange contracts | 245 | — | ||||||
Unrecognized firm sales commitments | — | — | ||||||
Total designated | $ | 245 | $ | — | ||||
Not designated as hedging instruments: | ||||||||
Foreign exchange contracts | 122 | — | ||||||
Total not designated | $ | 122 | $ | — | ||||
Total derivatives | $ | 367 | $ | — | ||||
Schedule of Derivative Instruments in Statement of Earnings | The following table presents the amounts affecting the Consolidated Statements of Earnings for the years ended November 30, 2014 and 2013: | |||||||
2014 | 2013 | |||||||
Fair value hedges | ||||||||
Foreign exchange contracts - Selling and administrative expenses | $ | (250 | ) | $ | — | |||
Unrecognized firm sales commitments - Selling and administrative expenses | 252 | — | ||||||
Total designated | $ | 2 | $ | — | ||||
Not designated as hedges | ||||||||
Foreign exchange contracts - Selling and administrative expenses | $ | (135 | ) | $ | — | |||
Foreign exchange contracts - Other, net income (expense) | 2,421 | — | ||||||
Total not designated | $ | 2,286 | $ | — | ||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 12 Months Ended | |||||||||||
Nov. 29, 2014 | ||||||||||||
Payables and Accruals [Abstract] | ||||||||||||
Schedule of accounts payable and accrued liabilities | Accrued liabilities at November 30, 2014 and 2013 were as follows: | |||||||||||
2014 | 2013 | |||||||||||
Accrued salaries, wages and commissions | $ | 29,621 | $ | 14,908 | ||||||||
Pension and postretirement healthcare benefits liabilities | 279 | 278 | ||||||||||
Compensated absences | 9,967 | 8,600 | ||||||||||
Accrued insurance liabilities | 11,358 | 7,599 | ||||||||||
Warranties | 9,405 | 1,599 | ||||||||||
Customer deposits | 23,045 | 16,081 | ||||||||||
Other accrued liabilities | 36,361 | 29,309 | ||||||||||
$ | 120,036 | $ | 78,374 | |||||||||
Schedule of product warranty liability | Changes in the Company’s warranty accrual for the years ended November 30, 2014, 2013 and 2012 are as follows: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Warranty accrual at beginning of period | $ | 1,599 | $ | 1,533 | $ | 2,580 | ||||||
Accruals for warranties issued during the period | 2,187 | 844 | 514 | |||||||||
Adjustments related to business acquisitions | 10,946 | — | 32 | |||||||||
Adjustments related to pre-existing warranties | 818 | (290 | ) | (691 | ) | |||||||
Settlements made during the period | (5,872 | ) | (500 | ) | (850 | ) | ||||||
Other adjustments, including currency translation | (273 | ) | 12 | (52 | ) | |||||||
Warranty accrual at end of period | $ | 9,405 | $ | 1,599 | $ | 1,533 | ||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||||||
Nov. 29, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Schedule of long-term debt | Long-term debt at November 30, 2014 and 2013 consisted of the following: | ||||||||
2014 | 2013 | ||||||||
Credit Facility: | |||||||||
Multicurrency Revolving Credit Facility | $ | — | $ | 50,000 | |||||
Multicurrency Term Loan Facility | 395,000 | 100,000 | |||||||
Industrial Revenue Bonds, at weighted average interest rates of 0.22% and 0.23%, respectively, at November 30, 2014 and 2013 | 15,820 | 15,820 | |||||||
Other long-term debt | 743 | 816 | |||||||
Total long-term debt | $ | 411,563 | $ | 166,636 | |||||
Current portion of long-term debt | $ | 233 | $ | 50,223 | |||||
Long-term debt, less current portion | $ | 411,330 | $ | 116,413 | |||||
Schedule of maturities of long-term debt | Principal maturities of long-term debt as of November 30, 2014 and for the next five fiscal years ending November 30 are as follows: | ||||||||
2015 | $ | 233 | |||||||
2016 | 8,659 | ||||||||
2017 | 395,127 | ||||||||
2018 | 42 | ||||||||
2019 | 7 | ||||||||
Thereafter | 7,495 | ||||||||
$ | 411,563 | ||||||||
Leases_Tables
Leases (Tables) | 12 Months Ended | |||
Nov. 29, 2014 | ||||
Leases [Abstract] | ||||
Schedule of future minimum rental payments for operating leases | The following table summarizes rent expense for the past three fiscal years and commitments for minimum rentals under noncancelable leases having initial or remaining terms in excess of one year at November 30, 2014. | |||
Rent expense for the years ended: | ||||
2014 | $ | 20,251 | ||
2013 | 16,124 | |||
2012 | 16,699 | |||
Future minimum rentals under noncancelable leases: | ||||
2015 | $ | 12,853 | ||
2016 | 9,110 | |||
2017 | 5,902 | |||
2018 | 3,368 | |||
2019 | 2,379 | |||
Thereafter | 6,511 | |||
Pension_and_Other_Postretireme1
Pension and Other Postretirement Plans (Tables) | 12 Months Ended | |||||||||||||||
Nov. 29, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||
Schedule of Net Funded Status | 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, 2014 and 2013. The accrued pension benefit obligation includes an unfunded benefit obligation of $2,358 and $2,012 as of November 30, 2014 and 2013, respectively, related to the Company’s U.S. combined nonqualified plans. | |||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Change in benefit obligation | ||||||||||||||||
Benefit obligation at beginning of year | $ | 176,099 | $ | 217,987 | $ | 356 | $ | 442 | ||||||||
Currency translation | (357 | ) | 190 | — | — | |||||||||||
Service cost | 1,990 | 2,485 | — | — | ||||||||||||
Interest cost | 7,704 | 6,934 | 10 | 9 | ||||||||||||
Plan participants' contributions | 22 | 39 | — | — | ||||||||||||
Actuarial (gains) losses | 27,232 | (22,472 | ) | 17 | (73 | ) | ||||||||||
Benefits paid | (7,708 | ) | (29,064 | ) | (197 | ) | (251 | ) | ||||||||
Retiree contributions | — | — | 211 | 229 | ||||||||||||
Benefit obligation at end of year | $ | 204,982 | $ | 176,099 | $ | 397 | $ | 356 | ||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Change in plan assets | ||||||||||||||||
Fair value of plan assets at beginning of year | $ | 156,384 | $ | 146,307 | $ | — | $ | — | ||||||||
Currency translation | (348 | ) | 174 | — | — | |||||||||||
Actual return on plan assets | 23,396 | 14,305 | — | — | ||||||||||||
Employer contributions | 534 | 24,623 | 197 | 251 | ||||||||||||
Plan participants' contributions | 22 | 39 | — | — | ||||||||||||
Benefits paid | (7,708 | ) | (29,064 | ) | (197 | ) | (251 | ) | ||||||||
Fair value of plan assets at end of year | $ | 172,280 | $ | 156,384 | $ | — | $ | — | ||||||||
Funded status | $ | (32,702 | ) | $ | (19,715 | ) | $ | (397 | ) | $ | (356 | ) | ||||
Accumulated benefit obligation at end of year | $ | 199,476 | $ | 170,433 | n/a | n/a | ||||||||||
Assumptions: | ||||||||||||||||
Discount rate - qualified plans | 3.75% | 4.50% | 3.25% | 3.00% | ||||||||||||
Discount rate - nonqualified plans | 3.00% | 3.25% | 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 | 11/30/14 | 11/30/13 | 11/30/14 | 11/30/13 | ||||||||||||
Schedule of Amounts Recognized in Balance Sheet | ||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Amounts recognized in the Consolidated Balance Sheets as of November 30 | ||||||||||||||||
Accounts payable and accrued liabilities | $ | (221 | ) | $ | (216 | ) | $ | (59 | ) | $ | (63 | ) | ||||
Long-term pension and postretirement healthcare benefits liabilities | (32,481 | ) | (19,499 | ) | (338 | ) | (293 | ) | ||||||||
Funded status | $ | (32,702 | ) | $ | (19,715 | ) | $ | (397 | ) | $ | (356 | ) | ||||
Accumulated other comprehensive loss, pre-tax | $ | 61,096 | $ | 48,902 | $ | (1,346 | ) | $ | (1,632 | ) | ||||||
Amounts recognized in Accumulated Other Comprehensive Loss, as of November 30 | ||||||||||||||||
Unrecognized net actuarial loss (gain) | $ | 61,098 | $ | 48,914 | $ | (873 | ) | $ | (1,037 | ) | ||||||
Unrecognized net prior service credit | (2 | ) | (12 | ) | (473 | ) | (595 | ) | ||||||||
Accumulated other comprehensive loss, pre-tax | 61,096 | 48,902 | (1,346 | ) | (1,632 | ) | ||||||||||
Deferred taxes | (22,535 | ) | (17,979 | ) | 475 | 587 | ||||||||||
Accumulated other comprehensive loss, after-tax | $ | 38,561 | $ | 30,923 | $ | (871 | ) | $ | (1,045 | ) | ||||||
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) | The amounts affecting Accumulated other comprehensive loss for the years ended November 30, 2014 and 2013 are as follows: | |||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Amortization of prior service (cost) credit, net of tax of $(5), $(6) and $(43), $(44), respectively | $ | 5 | $ | 3 | $ | 79 | $ | 79 | ||||||||
Amortization of actuarial (losses) gains, net of tax of $1,063, $3,060 and $(52), $(54), respectively | (1,821 | ) | (5,498 | ) | 95 | 95 | ||||||||||
Current year actuarial losses (gains), net of tax of $(5,559), $9,304 and $(6), $26, respectively | 9,509 | (16,637 | ) | 11 | (46 | ) | ||||||||||
Effect of change in deferred tax rate | (78 | ) | 982 | (11 | ) | (7 | ) | |||||||||
Total | $ | 7,615 | $ | (21,150 | ) | $ | 174 | $ | 121 | |||||||
Schedule of Allocation of Plan Assets | As of the November 30th measurement dates, the fair values of actual pension asset allocations were as follows: | |||||||||||||||
2014 | 2013 | |||||||||||||||
Equity securities | 39.9 | % | 51 | % | ||||||||||||
Debt securities | 59.5 | % | 48.7 | % | ||||||||||||
Real estate | — | % | — | % | ||||||||||||
Cash and cash equivalents | 0.6 | % | 0.3 | % | ||||||||||||
100 | % | 100 | % | |||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | 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, 2014 | ||||||||||||||||
U.S. equity securities funds | $ | 47,181 | $ | 47,181 | $ | — | $ | — | ||||||||
Non-U.S. equity securities funds | $ | 21,546 | 21,546 | — | — | |||||||||||
Fixed income securities funds | $ | 102,561 | 102,561 | — | — | |||||||||||
Cash and equivalents funds | $ | 703 | 703 | — | — | |||||||||||
Total | $ | 171,991 | $ | 171,991 | $ | — | $ | — | ||||||||
Other items to reconcile to fair value of plan assets | 289 | |||||||||||||||
Fair value of plan assets | $ | 172,280 | ||||||||||||||
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 | ||||||||||||||
Schedule of Net Benefit Costs | 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 | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Components of net periodic benefit cost | ||||||||||||||||
Service cost | $ | 1,990 | $ | 2,485 | $ | 2,126 | ||||||||||
Interest cost | 7,704 | 6,934 | 7,715 | |||||||||||||
Expected return on plan assets | (11,306 | ) | (10,795 | ) | (9,181 | ) | ||||||||||
Settlement costs | — | 3,087 | — | |||||||||||||
Amortization of unrecognized: | ||||||||||||||||
Prior service cost | (10 | ) | (9 | ) | (10 | ) | ||||||||||
Net actuarial loss | 2,884 | 5,471 | 8,323 | |||||||||||||
Net periodic benefit cost | $ | 1,262 | $ | 7,173 | $ | 8,973 | ||||||||||
Assumptions: | ||||||||||||||||
Discount rate - qualified plans | 4.50% | 3.50% | 4.50% | |||||||||||||
Discount rate - nonqualified plans | 3.25% | 3.25% | 1.75% | |||||||||||||
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 | 11/30/13 | 11/30/12 | 11/30/11 | |||||||||||||
Measurement date - nonqualified plans | 11/30/13 | 11/30/13 | 11/30/12 | |||||||||||||
The components of net periodic benefit income for postretirement healthcare benefits are shown below. | ||||||||||||||||
Other Postretirement Benefits | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Components of net periodic benefit income | ||||||||||||||||
Interest cost | $ | 10 | $ | 9 | $ | 17 | ||||||||||
Amortization of unrecognized: | ||||||||||||||||
Prior service cost | (122 | ) | (122 | ) | (122 | ) | ||||||||||
Net actuarial gain | (147 | ) | (149 | ) | (121 | ) | ||||||||||
Net periodic benefit income | $ | (259 | ) | $ | (262 | ) | $ | (226 | ) | |||||||
Assumptions: | ||||||||||||||||
Discount rate | 3 | % | 2.25 | % | 3.5 | % | ||||||||||
Measurement date | 11/30/13 | 11/30/12 | 11/30/11 | |||||||||||||
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year | The estimated amounts that will be amortized from Accumulated other comprehensive loss at November 30, 2014 into net periodic benefit cost, pre-tax, in fiscal year 2015 are as follows: | |||||||||||||||
Pension | Other | |||||||||||||||
Benefits | Postretirement | |||||||||||||||
Benefits | ||||||||||||||||
Prior service credit | $ | (3 | ) | $ | (123 | ) | ||||||||||
Actuarial loss (gain) | 3,869 | (87 | ) | |||||||||||||
Total | $ | 3,866 | $ | (210 | ) | |||||||||||
Schedule of Expected Benefit Payments | The expected cash benefit payments from the plans for the next ten fiscal years are as follows: | |||||||||||||||
Pension | Other | |||||||||||||||
Benefits | Postretirement | |||||||||||||||
Benefits | ||||||||||||||||
2015 | $ | 8,427 | $ | 58 | ||||||||||||
2016 | 8,754 | 49 | ||||||||||||||
2017 | 9,229 | 41 | ||||||||||||||
2018 | 9,703 | 37 | ||||||||||||||
2019 | 10,184 | 34 | ||||||||||||||
2020-2024 | 59,950 | 124 | ||||||||||||||
Schedule of Costs of Retirement Plans | The Company recognized expense related to these plans for the past three fiscal years as follows: | |||||||||||||||
2014 | $ | 7,945 | ||||||||||||||
2013 | 4,482 | |||||||||||||||
2012 | 4,377 | |||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Nov. 29, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Summary of income tax contingencies | The following is a reconciliation of the beginning and ending amount of gross unrecognized tax benefits for uncertain tax positions, including positions which impact only the timing of tax benefits for the years ended November 30, 2014, 2013 and 2012. | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Unrecognized tax benefits at December 1, | $ | 2,155 | $ | 2,209 | $ | 3,015 | ||||||
Additions for current period tax positions | 465 | 668 | 382 | |||||||||
Reductions for current period tax positions | — | — | (37 | ) | ||||||||
Additions for prior period tax positions | 40 | — | — | |||||||||
Reductions for prior period tax positions | — | (40 | ) | (631 | ) | |||||||
Reductions for lapse of statute of limitations/settlements | (240 | ) | (431 | ) | (460 | ) | ||||||
Changes in interest and penalties | 67 | (251 | ) | (60 | ) | |||||||
Unrecognized tax benefits at November 30, | $ | 2,487 | $ | 2,155 | $ | 2,209 | ||||||
Schedule of provisions for income taxes | The provision for income taxes consisted of: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Current: | ||||||||||||
Federal | $ | 56,764 | $ | 34,414 | $ | 37,673 | ||||||
State | 4,760 | 2,918 | 2,484 | |||||||||
Foreign | 10,112 | 9,096 | 10,228 | |||||||||
Deferred: | ||||||||||||
Federal | (4,102 | ) | 8,676 | 8,763 | ||||||||
State | (359 | ) | (165 | ) | 805 | |||||||
Foreign | 205 | 1,011 | (296 | ) | ||||||||
$ | 67,380 | $ | 55,950 | $ | 59,657 | |||||||
Schedule of earnings before income taxes and noncontrolling interests | Earnings before income taxes and noncontrolling interests included the following components: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Domestic income | $ | 166,101 | $ | 141,224 | $ | 145,433 | ||||||
Foreign income | 45,462 | 33,076 | 37,564 | |||||||||
$ | 211,563 | $ | 174,300 | $ | 182,997 | |||||||
Schedule of effective tax rate breakdown | The provision for income taxes resulted in effective tax rates that differ from the statutory federal income tax rates. The reasons for these differences are as follows: | |||||||||||
Percent of Pre-Tax Earnings | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Statutory U.S. tax rates | 35 | % | 35 | % | 35 | % | ||||||
State income taxes, net of federal benefit | 1.3 | 1 | 1.4 | |||||||||
Tax credits | (0.2 | ) | (0.6 | ) | (0.1 | ) | ||||||
Foreign taxes at different rates, net of credits | (2.3 | ) | (1.6 | ) | (2.0 | ) | ||||||
Domestic production activities deduction | (2.7 | ) | (2.2 | ) | (2.6 | ) | ||||||
Other, net | 0.7 | 0.5 | 0.9 | |||||||||
31.8 | % | 32.1 | % | 32.6 | % | |||||||
Components of net deferred tax liabilities | The components of the net deferred tax liability as of November 30, 2014 and 2013 were as follows: | |||||||||||
2014 | 2013 | |||||||||||
Deferred tax assets: | ||||||||||||
Deferred compensation | $ | 9,074 | $ | 7,945 | ||||||||
Loss carryforward and tax credit items | 19,620 | 2,529 | ||||||||||
Accounts receivable | 6,538 | 5,973 | ||||||||||
Inventories | 5,484 | 5,000 | ||||||||||
Pensions | 10,019 | 4,781 | ||||||||||
Accrued liabilities and other | 6,999 | 1,219 | ||||||||||
Valuation allowance | (1,268 | ) | (1,102 | ) | ||||||||
Total deferred tax assets, net | 56,466 | 26,345 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Percentage of completion | (740 | ) | (539 | ) | ||||||||
Plant assets | (24,818 | ) | (24,182 | ) | ||||||||
Goodwill and acquired intangible assets | (97,179 | ) | (40,380 | ) | ||||||||
Other deferred tax liabilities | (230 | ) | (345 | ) | ||||||||
Total deferred tax liabilities | (122,967 | ) | (65,446 | ) | ||||||||
Deferred tax liability, net | $ | (66,501 | ) | $ | (39,101 | ) |
Incentive_Plans_and_StockBased1
Incentive Plans and Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Nov. 29, 2014 | |||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||
Allocation of share-based compensation costs | The following table summarizes information related to stock options and stock option exercises during the years ended November 30, 2014, 2013 and 2012. | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Pre-tax compensation expense | $ | 5,025 | $ | 3,212 | $ | 4,997 | |||||||||||||||||||
Deferred tax benefits | (1,834 | ) | (1,153 | ) | (1,836 | ) | |||||||||||||||||||
Excess tax benefits associated with tax deductions over the amount of compensation expense recognized in the consolidated financial statements | 2,668 | 7,231 | 2,007 | ||||||||||||||||||||||
Fair value of options granted | 5,186 | 3,868 | 6,407 | ||||||||||||||||||||||
Total intrinsic value of options exercised | 9,696 | 29,384 | 8,793 | ||||||||||||||||||||||
Cash received upon exercise of options | 10,738 | 33,778 | 5,170 | ||||||||||||||||||||||
Addition to capital in excess of par value due to exercise of stock options | 13,084 | 38,903 | 5,440 | ||||||||||||||||||||||
The following table summarizes information related to restricted stock unit awards during the years ended November 30, 2014, 2013 and 2012. | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Pre-tax compensation expense | $ | 1,373 | $ | 888 | $ | 1,229 | |||||||||||||||||||
Deferred tax benefits | (501 | ) | (319 | ) | (451 | ) | |||||||||||||||||||
Excess tax (expense) benefit associated with tax deductions (under) over the amount of compensation expense recognized in the consolidated financial statements | 101 | 1,280 | (88 | ) | |||||||||||||||||||||
Fair value of restricted stock unit awards on date of grant | 1,524 | 1,068 | 1,489 | ||||||||||||||||||||||
Fair value of restricted stock unit awards vested | 893 | 621 | 2,359 | ||||||||||||||||||||||
The following table summarizes information related to directors' stock compensation during the years ended November 30, 2014, 2013 and 2012. | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Pre-tax compensation expense | $ | 880 | $ | 960 | $ | 200 | |||||||||||||||||||
Shares of Company common stock issued under the plans | 15,400 | 18,256 | 4,055 | ||||||||||||||||||||||
Schedule of nonqualified stock option activity | The following table summarizes activity with respect to nonqualified stock options granted by the Company and includes options granted under the 2014, 2009, 2004 and 1994 Incentive Plans. | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Options | Weighted | Options | Weighted | Options | Weighted | ||||||||||||||||||||
Granted | Average | Granted | Average | Granted | Average | ||||||||||||||||||||
under | Exercise | under | Exercise | under | Exercise | ||||||||||||||||||||
Incentive | Price | Incentive | Price | Incentive | Price | ||||||||||||||||||||
Plans | Plans | Plans | |||||||||||||||||||||||
Outstanding at beginning of year | 2,208,314 | $ | 40.76 | 3,037,151 | $ | 36.09 | 2,907,533 | $ | 32.39 | ||||||||||||||||
Granted | 450,700 | $ | 61.49 | 387,500 | $ | 45.25 | 512,850 | $ | 49.84 | ||||||||||||||||
Exercised | (322,473 | ) | $ | 33.3 | (1,191,752 | ) | $ | 30.3 | (353,793 | ) | $ | 25.28 | |||||||||||||
Surrendered | (25,821 | ) | $ | 52.47 | (24,585 | ) | $ | 42.48 | (29,439 | ) | $ | 40.17 | |||||||||||||
Outstanding at end of year | 2,310,720 | $ | 45.71 | 2,208,314 | $ | 40.76 | 3,037,151 | $ | 36.09 | ||||||||||||||||
Exercisable at end of year | 1,409,359 | $ | 40.7 | 1,413,100 | $ | 38.19 | 2,035,267 | $ | 32.54 | ||||||||||||||||
Schedule of outstanding and exercisable options | The following table summarizes information about the Company’s outstanding and exercisable options at November 30, 2014. | ||||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||||
Range of Exercise | Number | Weighted | Intrinsic Value | Weighted | Number | Weighted | Intrinsic Value | Weighted | |||||||||||||||||
Prices | Average | Average | Average | Average | |||||||||||||||||||||
Exercise | Remaining Life | Exercise | Remaining Life | ||||||||||||||||||||||
Price | in Years | Price | in Years | ||||||||||||||||||||||
$25.31 - $28.79 | 66,100 | $ | 26.59 | $ | 2,598 | 2.63 | 66,100 | $ | 26.59 | $ | 2,598 | 2.63 | |||||||||||||
$31.96 - $36.48 | 523,009 | $ | 33.62 | 16,876 | 3.72 | 523,009 | $ | 33.62 | 16,876 | 3.72 | |||||||||||||||
$42.86 - $49.91 | 1,279,161 | $ | 46.2 | 25,193 | 7.17 | 808,125 | $ | 46.13 | 15,969 | 6.87 | |||||||||||||||
$55.01 - $61.57 | 442,450 | $ | 61.45 | 1,962 | 9.05 | 12,125 | $ | 61.23 | 56 | 9.02 | |||||||||||||||
2,310,720 | $ | 45.71 | $ | 46,629 | 6.62 | 1,409,359 | $ | 40.7 | $ | 35,499 | 5.52 | ||||||||||||||
Schedule of Black-Scholes option pricing model on options granted | The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions by grant year. | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Weighted average fair value per option at the date of grant for options granted | $ | 11.51 | $ | 9.98 | $ | 12.49 | |||||||||||||||||||
Risk-free interest rate | 1.55 | % | 1.19 | % | 1.38 | % | |||||||||||||||||||
Expected dividend yield | 1.1 | % | 1.19 | % | 0.96 | % | |||||||||||||||||||
Expected volatility factor | 21.38 | % | 25.8 | % | 26.52 | % | |||||||||||||||||||
Expected option term in years | 5 | 5.4 | 6.1 | ||||||||||||||||||||||
Schedule of restricted stock unit awards | The following table summarizes the restricted stock unit awards. | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Units | Weighted | Units | Weighted | Units | Weighted | ||||||||||||||||||||
Average | Average | Average | |||||||||||||||||||||||
Grant Date | Grant Date | Grant Date | |||||||||||||||||||||||
Fair Value | Fair Value | Fair Value | |||||||||||||||||||||||
Nonvested at beginning of year | 48,044 | $ | 45.18 | 39,945 | $ | 43.16 | 71,545 | $ | 36.95 | ||||||||||||||||
Granted | 24,808 | $ | 61.42 | 23,624 | $ | 45.19 | 29,839 | $ | 49.91 | ||||||||||||||||
Vested | (20,156 | ) | $ | 44.29 | (15,525 | ) | $ | 40.01 | (60,320 | ) | $ | 39.11 | |||||||||||||
Surrendered | (1,684 | ) | $ | 54.36 | — | $ | — | (1,119 | ) | $ | 44.15 | ||||||||||||||
Nonvested at end of year | 51,012 | $ | 53.12 | 48,044 | $ | 45.18 | 39,945 | $ | 43.16 | ||||||||||||||||
Schedule of shares issues under employee stock purchase plans | The Company issued stock under this plan with fair value upon issuance as follows during the years ended November 30, 2014, 2013 and 2012. | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Company stock issued under the plan | $ | 1,338 | $ | 1,269 | $ | 1,244 | |||||||||||||||||||
Earnings_Per_Share_and_Stock_R1
Earnings Per Share and Stock Repurchase Activity (Tables) | 12 Months Ended | |||||||||||
Nov. 29, 2014 | ||||||||||||
Earnings Per Share and Stock Repurchase Activity [Abstract] | ||||||||||||
Schedule of Weighted Average Number of Shares | The following table provides a reconciliation of the denominators utilized in the calculation of basic and diluted earnings per share: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Weighted average number of shares outstanding | 50,405,549 | 49,988,577 | 50,285,480 | |||||||||
Dilutive effect of stock-based arrangements | 465,700 | 550,370 | 596,711 | |||||||||
Weighted average number of diluted shares outstanding | 50,871,249 | 50,538,947 | 50,882,191 | |||||||||
Net earnings attributable to CLARCOR Inc. | $ | 144,084 | $ | 118,076 | $ | 122,986 | ||||||
Net earnings per common share attributable to CLARCOR Inc. - Basic | $ | 2.86 | $ | 2.36 | $ | 2.45 | ||||||
Net earnings per common share attributable to CLARCOR Inc. - Diluted | $ | 2.83 | $ | 2.34 | $ | 2.42 | ||||||
Additional Information Earnings Per Share and Stock Repurchase Activity | The following table provides additional information regarding the calculation of earnings per share and stock repurchase activity. | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Number of antidilutive options with exercise prices greater than the average market price excluded from the computation of dilutive earnings per share | 441,033 | 125,135 | 508,167 | |||||||||
Common stock repurchased and retired pursuant to the Company's stock repurchase program | $ | 32,822 | $ | 27,708 | $ | 37,320 | ||||||
Number of shares repurchased and retired pursuant to the Company's stock repurchase program | 535,703 | 534,100 | 792,881 | |||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||
Nov. 29, 2014 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Schedule of Segment Reporting Information, by Segment | The following tables provides segment data for the years ended November 30, 2014, 2013 and 2012: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Net sales: | ||||||||||||
Engine/Mobile Filtration | $ | 603,805 | $ | 507,024 | $ | 503,607 | ||||||
Industrial/Environmental Filtration | 833,100 | 549,746 | 541,364 | |||||||||
Packaging | 75,949 | 74,000 | 76,794 | |||||||||
$ | 1,512,854 | $ | 1,130,770 | $ | 1,121,765 | |||||||
Operating profit: | ||||||||||||
Engine/Mobile Filtration | $ | 122,365 | $ | 106,345 | $ | 111,653 | ||||||
Industrial/Environmental Filtration | 83,351 | 61,996 | 64,766 | |||||||||
Packaging | 4,712 | 6,275 | 6,295 | |||||||||
210,428 | 174,616 | 182,714 | ||||||||||
Other income (expense), net | 1,135 | (316 | ) | 283 | ||||||||
Earnings before income taxes | $ | 211,563 | $ | 174,300 | $ | 182,997 | ||||||
2014 | 2013 | 2012 | ||||||||||
Identifiable assets: | ||||||||||||
Engine/Mobile Filtration | $ | 781,204 | $ | 397,545 | $ | 372,011 | ||||||
Industrial/Environmental Filtration | 1,022,996 | 715,759 | 706,610 | |||||||||
Packaging | 41,817 | 41,030 | 36,350 | |||||||||
Corporate | 42,752 | 294,509 | 90,531 | |||||||||
$ | 1,888,769 | $ | 1,448,843 | $ | 1,205,502 | |||||||
Additions to property, plant and equipment: | ||||||||||||
Engine/Mobile Filtration | $ | 46,496 | $ | 19,809 | $ | 24,062 | ||||||
Industrial/Environmental Filtration | 20,215 | 21,467 | 9,264 | |||||||||
Packaging | 1,989 | 2,467 | 3,250 | |||||||||
Corporate | 4,884 | 908 | 71 | |||||||||
$ | 73,584 | $ | 44,651 | $ | 36,647 | |||||||
Depreciation and amortization: | ||||||||||||
Engine/Mobile Filtration | $ | 18,170 | $ | 10,488 | $ | 9,327 | ||||||
Industrial/Environmental Filtration | 28,789 | 18,093 | 18,692 | |||||||||
Packaging | 2,438 | 2,859 | 3,090 | |||||||||
Corporate | 1,030 | 793 | 706 | |||||||||
$ | 50,427 | $ | 32,233 | $ | 31,815 | |||||||
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area | Financial data relating to the geographic areas in which the Company operates are shown for the years ended November 30, 2014, 2013 and 2012. Net sales by geographic area are based on sales to final customers within that region. | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Net sales: | ||||||||||||
United States | $ | 1,027,028 | $ | 778,952 | $ | 779,811 | ||||||
Europe | 165,446 | 96,255 | 102,144 | |||||||||
Asia | 146,859 | 103,030 | 98,880 | |||||||||
Other International | 173,521 | 152,533 | 140,930 | |||||||||
$ | 1,512,854 | $ | 1,130,770 | $ | 1,121,765 | |||||||
Property, plant and equipment, at cost, less accumulated depreciation: | ||||||||||||
United States | $ | 238,413 | $ | 183,166 | $ | 173,018 | ||||||
Europe | 24,783 | 12,499 | 3,619 | |||||||||
Asia | 11,466 | 2,702 | 8,013 | |||||||||
Other International | 13,694 | 10,586 | 10,451 | |||||||||
$ | 288,356 | $ | 208,953 | $ | 195,101 | |||||||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Nov. 29, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Schedule of Quarterly Financial Information | The following table provides unaudited quarterly data for 2014 and 2013: | |||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
2014 | ||||||||||||||||
Net sales | $ | 312,685 | $ | 386,642 | $ | 400,152 | $ | 413,375 | ||||||||
Gross profit | 96,587 | 125,370 | 135,325 | 139,753 | ||||||||||||
Net earnings | 24,341 | 34,546 | 41,765 | 43,531 | ||||||||||||
Net earnings attributable to CLARCOR Inc. | 24,321 | 34,552 | 41,703 | 43,508 | ||||||||||||
Net earnings per common share attributable to CLARCOR Inc. - Basic | $ | 0.48 | $ | 0.68 | $ | 0.83 | $ | 0.87 | ||||||||
Net earnings per common share attributable to CLARCOR Inc. - Diluted | $ | 0.48 | $ | 0.68 | $ | 0.82 | $ | 0.86 | ||||||||
Dividends declared and paid per common share | $ | 0.17 | $ | 0.17 | $ | 0.17 | $ | 0.2 | ||||||||
2013 | ||||||||||||||||
Net sales | $ | 256,271 | $ | 287,583 | $ | 289,126 | $ | 297,790 | ||||||||
Gross profit | 81,486 | 98,214 | 91,900 | 98,609 | ||||||||||||
Net earnings | 23,528 | 33,153 | 28,773 | 32,896 | ||||||||||||
Net earnings attributable to CLARCOR Inc. | 23,462 | 33,051 | 28,707 | 32,856 | ||||||||||||
Net earnings per common share attributable to CLARCOR Inc. - Basic | $ | 0.47 | $ | 0.66 | $ | 0.57 | $ | 0.65 | ||||||||
Net earnings per common share attributable to CLARCOR Inc. - Diluted | $ | 0.47 | $ | 0.66 | $ | 0.57 | $ | 0.65 | ||||||||
Dividends declared and paid per common share | $ | 0.135 | $ | 0.135 | $ | 0.135 | $ | 0.17 | ||||||||
Basis_of_Presentation_and_Sign3
Basis of Presentation and Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 |
segments | |||
Principles of Consolidation | |||
Number of segments | 3 | ||
Accounting Period | |||
Fiscal Period Duration | 364 days | 364 days | 364 days |
Foreign Currency Translation and Transactions | |||
Foreign currency transaction gain (loss) | $1,251 | ($520) | ($847) |
Cash and Cash Equivalents and Restricted Cash | |||
Restricted cash, noncurrent | 1,294 | 1,896 | |
Stock-based Compensation | |||
Recognition period of compensation expenses from date of grant (in years) | 4 years | ||
Revenue Recognition | |||
Revenue recognized under percentage of completion method | 35,537 | 42,002 | 34,466 |
Research and Development Expense | |||
Research and development expense | 18,102 | 11,334 | 11,811 |
Guarantees | |||
Letters of credit outstanding, amount | $33,359 | $28,541 | |
Patents [Member] | Weighted Average [Member] | |||
Goodwill and Acquired Intangible Assets | |||
Useful life of intangible assets (in years) | 14 years | ||
Other Acquired Intangibles [Member] | Minimum [Member] | |||
Goodwill and Acquired Intangible Assets | |||
Useful life of intangible assets (in years) | 1 year | ||
Other Acquired Intangibles [Member] | Maximum [Member] | |||
Goodwill and Acquired Intangible Assets | |||
Useful life of intangible assets (in years) | 30 years | ||
Building and Building Improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment | |||
Useful life of property, plant and equipment (in years) | 15 years | ||
Building and Building Improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment | |||
Useful life of property, plant and equipment (in years) | 40 years | ||
Machinery and Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment | |||
Useful life of property, plant and equipment (in years) | 3 years | ||
Machinery and Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment | |||
Useful life of property, plant and equipment (in years) | 15 years |
Basis_of_Presentation_and_Sign4
Basis of Presentation and Significant Accounting Policies (Schedule of Inventory) (Details) (USD $) | Nov. 29, 2014 | Nov. 30, 2013 |
In Thousands, unless otherwise specified | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Raw materials | $101,848 | $80,741 |
Work in process | 41,729 | 34,402 |
Finished products | 131,141 | 103,643 |
Inventories | $274,718 | $218,786 |
Basis_of_Presentation_and_Sign5
Basis of Presentation and Significant Accounting Policies (Schedule of Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Nov. 29, 2014 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | ($29,814) | |
Other comprehensive loss before reclassifications and tax | -31,562 | |
Tax benefit | 5,565 | |
Other comprehensive loss before reclassifications, net of tax | -25,997 | |
Reclassifications, before tax | 2,651 | |
Tax expense | -920 | |
Reclassifications, net of tax | 1,731 | |
Other comprehensive loss, net of tax | -24,266 | |
Ending balance | -54,080 | |
Pension Benefits [Member] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | -29,878 | |
Other comprehensive loss before reclassifications and tax | -15,085 | |
Tax benefit | 5,565 | |
Other comprehensive loss before reclassifications, net of tax | -9,520 | |
Reclassifications, before tax | 2,651 | [1] |
Tax expense | -920 | |
Reclassifications, net of tax | 1,731 | |
Other comprehensive loss, net of tax | -7,789 | |
Ending balance | -37,667 | |
Foreign Currency Translation Adjustments [Member] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | 64 | |
Other comprehensive loss before reclassifications and tax | -16,477 | |
Tax benefit | 0 | |
Other comprehensive loss before reclassifications, net of tax | -16,477 | |
Reclassifications, before tax | 0 | |
Tax expense | 0 | |
Reclassifications, net of tax | 0 | |
Other comprehensive loss, net of tax | -16,477 | |
Ending balance | ($16,413) | |
[1] | Includes amortization of prior service cost and net actuarial loss included in net periodic benefit cost (see Note J) that were reclassified from accumulated other comprehensive loss to selling and administrative expenses. |
Business_Acquisitions_Investme2
Business Acquisitions, Investments and Redeemable Noncontrolling Interests (Engine Mobile Solutions) (Details) (USD $) | 0 Months Ended | 7 Months Ended | ||
1-May-14 | Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 | |
employee | ||||
Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | ||||
Goodwill | $507,172,000 | $241,299,000 | $241,924,000 | |
Stanadyne [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquired workforce, number of employees | 200 | |||
Cash acquired from acquisition | 0 | |||
Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | ||||
Accounts receivable | 19,548,000 | |||
Inventories | 7,257,000 | |||
Deferred income taxes | 4,121,000 | |||
Property, plant and equipment | 10,176,000 | |||
Goodwill | 194,989,000 | |||
Intangible assets | 146,430,000 | |||
Total assets acquired | 382,521,000 | |||
Current liabilities | 8,963,000 | |||
Other noncurrent liabilities | 2,000,000 | |||
Deferred income taxes | 43,839,000 | |||
Net assets acquired | 327,719,000 | |||
Intangible Assets Acquired | ||||
Finite-lived intangible assets acquired | 146,430,000 | |||
Net sales | 65,701,000 | |||
Operating profit | 11,604,000 | |||
Term Loan [Member] | Stanadyne [Member] | ||||
Business Acquisition [Line Items] | ||||
Amount funded | 315,000,000 | |||
Credit Facility - Swing Line [Member] | Stanadyne [Member] | ||||
Business Acquisition [Line Items] | ||||
Amount borrowed | 10,000,000 | |||
Customer Relationships [Member] | Stanadyne [Member] | ||||
Intangible Assets Acquired | ||||
Finite-lived intangible assets acquired | 135,250,000 | |||
Weighted average useful life | 13 years | |||
Amortization method | Straight-line | |||
Developed Technology Rights [Member] | Stanadyne [Member] | ||||
Intangible Assets Acquired | ||||
Finite-lived intangible assets acquired | 11,000,000 | |||
Weighted average useful life | 10 years | |||
Amortization method | Straight-line | |||
Trademarks [Member] | Stanadyne [Member] | ||||
Intangible Assets Acquired | ||||
Indefinite-lived intangible assets acquired | $180,000 |
Business_Acquisitions_Investme3
Business Acquisitions, Investments and Redeemable Noncontrolling Interests (Industrial Air) (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
Dec. 16, 2013 | Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 | |
employee | ||||
Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | ||||
Goodwill | $507,172,000 | $241,299,000 | $241,924,000 | |
Air Filtrations Segment of General Electric [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquired workforce, number of employees | 700 | |||
Payments to acquire businesses | 263,758,000 | |||
Cash acquired from acquisition | 3,446,000 | |||
Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | ||||
Accounts receivable | 34,453,000 | |||
Inventories | 41,884,000 | |||
Deferred income taxes | 837,000 | |||
Property, plant and equipment | 22,903,000 | |||
Goodwill | 74,324,000 | |||
Intangible assets | 133,020,000 | |||
Total assets acquired | 307,421,000 | |||
Total liabilities | 47,109,000 | |||
Net assets acquired | 260,312,000 | |||
Intangible Assets Acquired | ||||
Finite-lived intangible assets acquired | 133,020,000 | |||
Net sales | 226,709,000 | |||
Operating profit | 13,984,000 | |||
Term Loan [Member] | Air Filtrations Segment of General Electric [Member] | ||||
Business Acquisition [Line Items] | ||||
Amount funded | 100,000,000 | |||
Revolving Credit Facility [Member] | Air Filtrations Segment of General Electric [Member] | ||||
Business Acquisition [Line Items] | ||||
Amount borrowed | 50,000,000 | |||
Trade Names [Member] | Air Filtrations Segment of General Electric [Member] | ||||
Intangible Assets Acquired | ||||
Finite-lived intangible assets acquired | 35,100,000 | |||
Amortization method | Not amortized | |||
Customer Relationships [Member] | Air Filtrations Segment of General Electric [Member] | ||||
Intangible Assets Acquired | ||||
Finite-lived intangible assets acquired | 77,300,000 | |||
Weighted average useful life | 13 years | |||
Amortization method | Straight-line | |||
Developed Technology Rights [Member] | Air Filtrations Segment of General Electric [Member] | ||||
Intangible Assets Acquired | ||||
Finite-lived intangible assets acquired | 19,900,000 | |||
Weighted average useful life | 13 years | |||
Amortization method | Straight-line | |||
Trademarks [Member] | Air Filtrations Segment of General Electric [Member] | ||||
Intangible Assets Acquired | ||||
Finite-lived intangible assets acquired | 50,000 | |||
Amortization method | Accelerated | |||
Order or Production Backlog [Member] | Air Filtrations Segment of General Electric [Member] | ||||
Intangible Assets Acquired | ||||
Finite-lived intangible assets acquired | $670,000 | |||
Amortization method | Accelerated |
Business_Acquisitions_Investme4
Business Acquisitions, Investments and Redeemable Noncontrolling Interests (Pro Forma Results) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Thousands, except Per Share data, unless otherwise specified | Nov. 29, 2014 | Aug. 30, 2014 | 31-May-14 | Mar. 01, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | Jun. 01, 2013 | Mar. 02, 2013 | Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 | ||
Business Acquisition [Line Items] | |||||||||||||
Net sales | $413,375 | $400,152 | $386,642 | $312,685 | $297,790 | $289,126 | $287,583 | $256,271 | $1,512,854 | $1,130,770 | $1,121,765 | ||
Net sales, pro forma | 1,575,113 | 1,459,060 | |||||||||||
Operating profit | 139,753 | 135,325 | 125,370 | 96,587 | 98,609 | 91,900 | 98,214 | 81,486 | 497,035 | 370,209 | 380,332 | ||
Operating profit, pro forma | 236,919 | 202,493 | |||||||||||
Net earnings attributable to CLARCOR Inc. | 43,508 | 41,703 | 34,552 | 24,321 | 32,856 | 28,707 | 33,051 | 23,462 | 144,084 | 118,076 | 122,986 | ||
Net earnings, pro forma | 161,120 | 133,568 | |||||||||||
Diluted earnings per share (in dollars per share) | $0.86 | $0.82 | $0.68 | $0.48 | $0.65 | $0.57 | $0.66 | $0.47 | $2.83 | $2.34 | $2.42 | ||
Diluted earnings per share, pro forma (in dollars per share) | $3.17 | $2.64 | |||||||||||
Engine Mobile Filtration [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Net sales attributable to CLARCOR | 46,837 | 105,744 | |||||||||||
Operating profit attributable to CLARCOR | 17,677 | [1] | 24,830 | [2] | |||||||||
Net earnings attributable to CLARCOR | 10,485 | 13,789 | |||||||||||
Diluted earnings per share, attributable to CLARCOR (in dollars per share) | $0.21 | $0.27 | |||||||||||
Transaction costs removal, amount | 3,035 | 3,035 | |||||||||||
Cost of inventory step up | 1,368 | 1,368 | |||||||||||
Industrial Environmental Filtration [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Net sales attributable to CLARCOR | 15,422 | 222,546 | |||||||||||
Operating profit attributable to CLARCOR | 8,814 | [3] | 3,047 | [4] | |||||||||
Net earnings attributable to CLARCOR | 6,551 | 1,703 | |||||||||||
Diluted earnings per share, attributable to CLARCOR (in dollars per share) | $0.13 | $0.03 | |||||||||||
Transaction costs removal, amount | 2,089 | 2,089 | |||||||||||
Cost of inventory step up | 4,342 | 4,342 | |||||||||||
As Reported [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Net sales | 1,512,854 | 1,130,770 | |||||||||||
Operating profit | 210,428 | 174,616 | |||||||||||
Net earnings attributable to CLARCOR Inc. | $144,084 | $118,076 | |||||||||||
Diluted earnings per share (in dollars per share) | $2.83 | $2.34 | |||||||||||
[1] | Includes adjustments to remove transaction costs of $3,035 and cost of sales related to the step-up of inventory to its estimated acquisition-date fair value of $1,368, which have been pushed back to the twelve months ended November 30, 2013 for pro forma presentation. Also includes adjustments to intangible asset amortization, depreciation expense and interest expense. | ||||||||||||
[2] | Includes adjustments to push back transaction costs of $3,035 and cost of sales related to the step-up of inventory to its estimated acquisition-date fair value of $1,368. Also includes adjustments to intangible asset amortization, depreciation expense and interest expense. | ||||||||||||
[3] | Includes adjustments to remove transaction costs of $2,089 and cost of sales related to the step-up of inventory to its estimated acquisition-date fair value of $4,342, which have been pushed back to the twelve months ended November 30, 2013 for pro forma presentation. Also includes adjustments to intangible asset amortization, depreciation expense and interest expense. | ||||||||||||
[4] | Includes adjustments to push back transaction costs of $2,089 and cost of sales related to the step-up of inventory to its estimated acquisition-date fair value of $4,342. Also includes adjustments to intangible asset amortization, depreciation expense and interest expense. |
Business_Acquisitions_Investme5
Business Acquisitions, Investments and Redeemable Noncontrolling Interests (Bekaert Business) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||
In Thousands, unless otherwise specified | Nov. 29, 2014 | Aug. 30, 2014 | 31-May-14 | Mar. 01, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | Jun. 01, 2013 | Mar. 02, 2013 | Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 | Dec. 03, 2013 |
employee | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Business acquisitions, net of cash acquired | $595,328 | $0 | $5,411 | |||||||||
Bargain purchase gain | 2,815 | 0 | 0 | |||||||||
Gross profit | 139,753 | 135,325 | 125,370 | 96,587 | 98,609 | 91,900 | 98,214 | 81,486 | 497,035 | 370,209 | 380,332 | |
Bekaert Advanced Filtration SA - Belgium [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Business acquisition, percentage of voting interests acquired | 100.00% | |||||||||||
Bekaert Advanced Filtration SA - Indonesia [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Business acquisition, percentage of voting interests acquired | 100.00% | |||||||||||
Bekaert Business [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Business acquisitions, net of cash acquired | 7,297 | |||||||||||
Acquired workforce, number of employees | 170 | |||||||||||
Finite-lived intangible assets acquired | 2,057 | |||||||||||
Net sales | 13,926 | |||||||||||
Gross profit | ($21) |
Business_Acquisitions_Investme6
Business Acquisitions, Investments and Redeemable Noncontrolling Interests (Modular) (Details) (Modular [Member], USD $) | 0 Months Ended | |||
In Thousands, unless otherwise specified | 8-May-14 | 8-May-13 | 9-May-12 | 9-May-12 |
Modular [Member] | ||||
Business Acquisition [Line Items] | ||||
Business acquisition, effective date of acquisition | 9-May-12 | |||
Business acquisition, percentage of voting interests acquired | 100.00% | 100.00% | ||
Business acquisition, name of acquired entity | Modular Engineering Company Pty Ltd. | |||
Purchase price excluding cash acquired | $7,875 | $7,875 | ||
Payments to acquire businesses | 5,237 | |||
Payments for Previous Acquisition | $1,391 | $1,530 |
Business_Acquisitions_Investme7
Business Acquisitions, Investments and Redeemable Noncontrolling Interests (Investments) (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | 1-May-08 | Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 |
Investment [Line Items] | ||||
Investment in affiliate | $1,073 | $615 | $1,023 | |
Equity Method Investee [Member] | ||||
Investment [Line Items] | ||||
Equity method investment, ownership percentage | 30.00% | |||
Name of Investment | BioProcess H2O LLC | |||
Equity method investment, aggregate cost | 4,000 | |||
Equity method investments | 2,918 | 3,097 | ||
Cost-method Investments [Member] | ||||
Investment [Line Items] | ||||
Name of Investment | BioProcess Algae LLC | |||
Cost method investment, ownership percentage | 14.85% | |||
Investment in affiliate | 1,073 | 392 | 1,114 | |
Cost method investments | 3,277 | 2,204 | ||
Investment income, dividend | $0 | $0 | $1,200 |
Business_Acquisitions_Investme8
Business Acquisitions, Investments and Redeemable Noncontrolling Interests (Redeemable Noncontrolling Interests) (Details) (SINFA [Member]) | 1 Months Ended | 12 Months Ended | |
Mar. 31, 2007 | Nov. 29, 2014 | Mar. 07, 2007 | |
SINFA [Member] | |||
Business Acquisition [Line Items] | |||
Business acquisition, effective date of acquisition | 7-Mar-07 | ||
Noncontrolling interest, percentage | 80.00% | ||
Business acquisition, name of acquired entity | Sinfa SA | ||
Business acquisition, description of acquired entity | manufacturer of automotive and heavy-duty engine filters | ||
Noncontrolling interest held by noncontrolling owners | 20.00% | ||
Temporary equity, accounting treatment | The Redeemable noncontrolling interests will be accreted to the redemption price, through equity, at the point at which the redemption becomes probable |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 |
Property, Plant and Equipment [Line Items] | |||
Land | $12,330 | $9,444 | |
Buildings and building fixtures | 154,296 | 119,207 | |
Machinery and equipment | 428,530 | 388,669 | |
Construction in process | 50,764 | 24,420 | |
Property, plant and equipment, at cost, gross | 645,920 | 541,740 | |
Accumulated depreciation | -357,564 | -332,787 | |
Property, plant and equipment, at cost, less accumulated depreciation | 288,356 | 208,953 | 195,101 |
Capital lease obligations incurred | 156 | 270 | |
Accounts Payable [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Expenses capitalized | 3,135 | 1,079 | |
Accrued Liabilities [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Expenses capitalized | $1,983 | $621 |
Goodwill_and_Acquired_Intangib2
Goodwill and Acquired Intangible Assets (Schedule of Goodwill) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 |
Goodwill [Roll Forward] | ||
Goodwill, beginning of period | $241,299 | $241,924 |
Acquisitions | 269,313 | 0 |
Currency translation adjustments | -3,440 | -625 |
Goodwill, end of period | 507,172 | 241,299 |
Engine Mobile Filtration [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning of period | 21,868 | 21,593 |
Acquisitions | 194,989 | 0 |
Currency translation adjustments | -743 | 275 |
Goodwill, end of period | 216,114 | 21,868 |
Industrial Environmental Filtration [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning of period | 219,431 | 220,331 |
Acquisitions | 74,324 | 0 |
Currency translation adjustments | -2,697 | -900 |
Goodwill, end of period | 291,058 | 219,431 |
Packaging [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning of period | 0 | 0 |
Acquisitions | 0 | 0 |
Currency translation adjustments | 0 | 0 |
Goodwill, end of period | $0 | $0 |
Goodwill_and_Acquired_Intangib3
Goodwill and Acquired Intangible Assets (Acquired Intangible Assets) (Details) (USD $) | Nov. 29, 2014 | Nov. 30, 2013 |
In Thousands, unless otherwise specified | ||
Indefinite and Finite-Lived Intangible Assets [Line Items] | ||
Trademarks - indefinite lived | $76,933 | $42,661 |
Intangible asset, net - finite lived | 270,645 | 47,220 |
Acquired intangible assets, less accumulated amortization | 347,578 | 89,881 |
Trademarks [Member] | ||
Indefinite and Finite-Lived Intangible Assets [Line Items] | ||
Trademarks - finite lived, gross | 782 | 795 |
Accumulated amortization - finite lived intangible asset | -461 | -433 |
Intangible asset, net - finite lived | 321 | 362 |
Customer relationships [Member] | ||
Indefinite and Finite-Lived Intangible Assets [Line Items] | ||
Trademarks - finite lived, gross | 261,292 | 49,553 |
Accumulated amortization - finite lived intangible asset | -37,394 | -22,031 |
Intangible asset, net - finite lived | 223,898 | 27,522 |
Other Acquired Intangibles [Member] | ||
Indefinite and Finite-Lived Intangible Assets [Line Items] | ||
Trademarks - finite lived, gross | 72,201 | 40,137 |
Accumulated amortization - finite lived intangible asset | -25,775 | -20,801 |
Intangible asset, net - finite lived | 46,426 | 19,336 |
Engine Mobile Filtration [Member] | ||
Indefinite and Finite-Lived Intangible Assets [Line Items] | ||
Trademarks - indefinite lived | 783 | 603 |
Intangible asset, net - finite lived | 141,976 | 2,642 |
Acquired intangible assets, less accumulated amortization | 142,759 | 3,245 |
Engine Mobile Filtration [Member] | Trademarks [Member] | ||
Indefinite and Finite-Lived Intangible Assets [Line Items] | ||
Trademarks - finite lived, gross | 294 | 307 |
Accumulated amortization - finite lived intangible asset | -119 | -104 |
Intangible asset, net - finite lived | 175 | 203 |
Engine Mobile Filtration [Member] | Customer relationships [Member] | ||
Indefinite and Finite-Lived Intangible Assets [Line Items] | ||
Trademarks - finite lived, gross | 139,551 | 4,309 |
Accumulated amortization - finite lived intangible asset | -8,109 | -1,870 |
Intangible asset, net - finite lived | 131,442 | 2,439 |
Engine Mobile Filtration [Member] | Other Acquired Intangibles [Member] | ||
Indefinite and Finite-Lived Intangible Assets [Line Items] | ||
Trademarks - finite lived, gross | 11,243 | 243 |
Accumulated amortization - finite lived intangible asset | -884 | -243 |
Intangible asset, net - finite lived | 10,359 | 0 |
Industrial Environmental Filtration [Member] | ||
Indefinite and Finite-Lived Intangible Assets [Line Items] | ||
Trademarks - indefinite lived | 76,150 | 42,058 |
Intangible asset, net - finite lived | 128,669 | 44,578 |
Acquired intangible assets, less accumulated amortization | 204,819 | 86,636 |
Industrial Environmental Filtration [Member] | Trademarks [Member] | ||
Indefinite and Finite-Lived Intangible Assets [Line Items] | ||
Trademarks - finite lived, gross | 488 | 488 |
Accumulated amortization - finite lived intangible asset | -342 | -329 |
Intangible asset, net - finite lived | 146 | 159 |
Industrial Environmental Filtration [Member] | Customer relationships [Member] | ||
Indefinite and Finite-Lived Intangible Assets [Line Items] | ||
Trademarks - finite lived, gross | 121,741 | 45,244 |
Accumulated amortization - finite lived intangible asset | -29,285 | -20,161 |
Intangible asset, net - finite lived | 92,456 | 25,083 |
Industrial Environmental Filtration [Member] | Other Acquired Intangibles [Member] | ||
Indefinite and Finite-Lived Intangible Assets [Line Items] | ||
Trademarks - finite lived, gross | 60,958 | 39,894 |
Accumulated amortization - finite lived intangible asset | -24,891 | -20,558 |
Intangible asset, net - finite lived | 36,067 | 19,336 |
Packaging [Member] | ||
Indefinite and Finite-Lived Intangible Assets [Line Items] | ||
Trademarks - indefinite lived | 0 | 0 |
Intangible asset, net - finite lived | 0 | 0 |
Acquired intangible assets, less accumulated amortization | 0 | 0 |
Packaging [Member] | Trademarks [Member] | ||
Indefinite and Finite-Lived Intangible Assets [Line Items] | ||
Trademarks - finite lived, gross | 0 | 0 |
Accumulated amortization - finite lived intangible asset | 0 | 0 |
Intangible asset, net - finite lived | 0 | 0 |
Packaging [Member] | Customer relationships [Member] | ||
Indefinite and Finite-Lived Intangible Assets [Line Items] | ||
Trademarks - finite lived, gross | 0 | 0 |
Accumulated amortization - finite lived intangible asset | 0 | 0 |
Intangible asset, net - finite lived | 0 | 0 |
Packaging [Member] | Other Acquired Intangibles [Member] | ||
Indefinite and Finite-Lived Intangible Assets [Line Items] | ||
Trademarks - finite lived, gross | 0 | 0 |
Accumulated amortization - finite lived intangible asset | 0 | 0 |
Intangible asset, net - finite lived | $0 | $0 |
Goodwill_and_Acquired_Intangib4
Goodwill and Acquired Intangible Assets (Amortization Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization | $20,362 | $5,904 | $5,890 |
Goodwill_and_Acquired_Intangib5
Goodwill and Acquired Intangible Assets (Estimated Amortization Expense) (Details) (USD $) | Nov. 29, 2014 |
In Thousands, unless otherwise specified | |
Estimated amortization expense for the next five years: | |
2015 | $24,400 |
2016 | 24,269 |
2017 | 24,031 |
2018 | 23,368 |
2019 | $23,221 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements (Fair Value Measurements) (Details) (USD $) | 0 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2010 | Nov. 29, 2014 | Nov. 30, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Restricted trust, included in Other noncurrent assets | $893 | $1,024 | |
Mutual fund investments - equities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Restricted trust, included in Other noncurrent assets | 437 | 593 | |
Mutual fund investments - bonds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Restricted trust, included in Other noncurrent assets | 442 | 400 | |
Cash and equivalents [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Restricted trust, included in Other noncurrent assets | 14 | 31 | |
Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Restricted trust, included in Other noncurrent assets | 893 | 1,024 | |
Level 1 [Member] | Mutual fund investments - equities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Restricted trust, included in Other noncurrent assets | 437 | 593 | |
Level 1 [Member] | Mutual fund investments - bonds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Restricted trust, included in Other noncurrent assets | 442 | 400 | |
Level 1 [Member] | Cash and equivalents [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Restricted trust, included in Other noncurrent assets | 14 | 31 | |
Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Restricted trust, included in Other noncurrent assets | 0 | 0 | |
Level 2 [Member] | Mutual fund investments - equities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Restricted trust, included in Other noncurrent assets | 0 | 0 | |
Level 2 [Member] | Mutual fund investments - bonds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Restricted trust, included in Other noncurrent assets | 0 | 0 | |
Level 2 [Member] | Cash and equivalents [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Restricted trust, included in Other noncurrent assets | 0 | 0 | |
Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Restricted trust, included in Other noncurrent assets | 0 | 0 | |
Level 3 [Member] | Mutual fund investments - equities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Restricted trust, included in Other noncurrent assets | 0 | 0 | |
Level 3 [Member] | Mutual fund investments - bonds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Restricted trust, included in Other noncurrent assets | 0 | 0 | |
Level 3 [Member] | Cash and equivalents [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Restricted trust, included in Other noncurrent assets | 0 | 0 | |
TransWeb [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign exchange contracts, included in Prepaid expenses and other current assets | 0 | 0 | |
Fair value of earn-out payment | 1,018 | ||
Prepaid Expenses and Other Current Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign exchange contracts, included in Prepaid expenses and other current assets | 362 | ||
Prepaid Expenses and Other Current Assets [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign exchange contracts, included in Prepaid expenses and other current assets | 0 | ||
Prepaid Expenses and Other Current Assets [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign exchange contracts, included in Prepaid expenses and other current assets | 362 | ||
Prepaid Expenses and Other Current Assets [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign exchange contracts, included in Prepaid expenses and other current assets | 0 | ||
Accrued Liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign exchange contracts, included in Prepaid expenses and other current assets | 367 | ||
Accrued Liabilities [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign exchange contracts, included in Prepaid expenses and other current assets | $367 |
Fair_Value_Measurements_Fair_V1
Fair Value Measurements (Fair Values of Financial Instruments) (Details) (USD $) | Nov. 29, 2014 | Nov. 30, 2013 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt carrying value | $411,563,000 | $166,636,000 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt fair value estimate | $408,208,000 | $166,288,000 |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities (Fair Value in Balance Sheet) (Details) (USD $) | Nov. 29, 2014 | Nov. 30, 2013 |
In Thousands, unless otherwise specified | ||
Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | $610 | $0 |
Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability | 367 | 0 |
Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | 248 | 0 |
Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability | 245 | 0 |
Not Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | 362 | 0 |
Not Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability | 122 | 0 |
Foreign Exchange Contracts [Member] | Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | 0 | 0 |
Foreign Exchange Contracts [Member] | Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability | 245 | 0 |
Foreign Exchange Contracts [Member] | Not Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | 362 | 0 |
Foreign Exchange Contracts [Member] | Not Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability | 122 | 0 |
Unrecognized Firm Sales Commitments [Member] | Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | 248 | 0 |
Unrecognized Firm Sales Commitments [Member] | Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability | $0 | $0 |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 |
Foreign Exchange Contracts [Member] | Fair Value Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount | $6,013 | |
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivative | 2 | 0 |
Designated as Hedging Instrument [Member] | Foreign Exchange Contracts [Member] | Selling, General and Administrative Expenses [Member] | Fair Value Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivative | -250 | 0 |
Designated as Hedging Instrument [Member] | Unrecognized Firm Sales Commitments [Member] | Selling, General and Administrative Expenses [Member] | Fair Value Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivative | 252 | 0 |
Not Designated as Hedging Instrument [Member] | Net Investment Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivative | 2,286 | 0 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contracts [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount | 87,440 | 4,026 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contracts [Member] | Fair Value Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount | 97,479 | |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contracts [Member] | Selling, General and Administrative Expenses [Member] | Net Investment Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivative | -135 | 0 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contracts [Member] | Other Income (Expense) [Member] | Net Investment Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivative | $2,421 | $0 |
Accrued_Liabilities_Schedule_o
Accrued Liabilities (Schedule of Accrued Liabilities) (Details) (USD $) | Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 | Dec. 03, 2011 |
In Thousands, unless otherwise specified | ||||
Payables and Accruals [Abstract] | ||||
Accrued salaries, wages and commissions | $29,621 | $14,908 | ||
Pension and postretirement healthcare benefits liabilities | 279 | 278 | ||
Compensated absences | 9,967 | 8,600 | ||
Accrued insurance liabilities | 11,358 | 7,599 | ||
Warranties | 9,405 | 1,599 | 1,533 | 2,580 |
Customer deposits | 23,045 | 16,081 | ||
Other accrued liabilities | 36,361 | 29,309 | ||
Accrued liabilities | $120,036 | $78,374 |
Accrued_Liabilities_Warranty_A
Accrued Liabilities (Warranty Accrual) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | |||
Warranty accrual at beginning of period | $1,599 | $1,533 | $2,580 |
Accruals for warranties issued during the period | 2,187 | 844 | 514 |
Adjustments related to business acquisitions | 10,946 | 0 | 32 |
Adjustments related to pre-existing warranties | 818 | -290 | -691 |
Settlements made during the period | -5,872 | -500 | -850 |
Other adjustments, including currency translation | -273 | 12 | -52 |
Warranty accrual at end of period | $9,405 | $1,599 | $1,533 |
LongTerm_Debt_Schedule_of_Long
Long-Term Debt (Schedule of Long-Term Debt) (Details) (USD $) | Nov. 29, 2014 | Nov. 30, 2013 | Nov. 22, 2013 |
Debt Instrument [Line Items] | |||
Long-term debt | $411,563,000 | $166,636,000 | |
Current portion of long-term debt | 233,000 | 50,223,000 | |
Long-term debt, less current portion | 411,330,000 | 116,413,000 | |
Industrial Revenue Bonds [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 15,820,000 | 15,820,000 | |
Weighted average interest rate | 0.22% | 0.23% | |
Other long-term debt [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 743,000 | 816,000 | |
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 0 | 50,000,000 | |
Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $395,000,000 | $100,000,000 | $100,000,000 |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) (USD $) | 12 Months Ended | ||||
Nov. 29, 2014 | Nov. 30, 2013 | Nov. 22, 2013 | Apr. 05, 2012 | 1-May-14 | |
Line of Credit Facility [Line Items] | |||||
Long-term debt | 411,563,000 | $166,636,000 | |||
Letters of credit outstanding, amount | 33,359,000 | 28,541,000 | |||
Term Loan [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Long-term debt | 395,000,000 | 100,000,000 | 100,000,000 | ||
Weighted average interest rate | 1.05% | ||||
Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Long-term debt | 0 | 50,000,000 | |||
Remaining borrowing capacity | 133,988,000 | ||||
Credit Facility 2012 [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit, term | 5 years | ||||
Maximum borrowing capacity | 150,000,000 | ||||
Credit Facility 2012 [Member] | Credit Facility - Swing Line [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Maximum borrowing capacity | 10,000,000 | ||||
Credit Facility 2012 [Member] | Credit Facility - Accordion [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Maximum borrowing capacity | 100,000,000 | ||||
Credit Facility 2012 [Member] | Letter of Credit Sub-Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Sub-facility letters of credit maximum capacity | 50,000,000 | ||||
Letters of credit outstanding, amount | 16,012,000 | 16,012,000 | |||
Credit Facility 2014 [Member] | Term Loan [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Maximum borrowing capacity | 315,000,000 | ||||
Bonds [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Long-term debt | 15,820,000 | 15,820,000 | |||
Bonds [Member] | Campbellsville-Taylor County Industrial Development Authority (Kentucky) [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Long-term debt | 7,410,000 | 7,410,000 | |||
Debt instrument, maturity date | 1-May-31 | ||||
Bonds [Member] | South Dakota Economic Development Finance Authority [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Long-term debt | 8,410,000 | $8,410,000 | |||
Debt instrument, maturity date | 1-Feb-16 |
LongTerm_Debt_Maturities_of_Lo
Long-Term Debt (Maturities of Long-term Debt) (Details) (USD $) | Nov. 29, 2014 | Nov. 30, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
2015 | $233 | |
2016 | 8,659 | |
2017 | 395,127 | |
2018 | 42 | |
2019 | 7 | |
Thereafter | 7,495 | |
Long-term debt | $411,563 | $166,636 |
Leases_Details
Leases (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 |
Rent expense for the years ended: | |||
Rent expense | $20,251 | $16,124 | $16,699 |
Future minimum rentals under noncancelable leases: | |||
2015 | 12,853 | ||
2016 | 9,110 | ||
2017 | 5,902 | ||
2018 | 3,368 | ||
2019 | 2,379 | ||
Thereafter | $6,511 |
Pension_and_Other_Postretireme2
Pension and Other Postretirement Plans (Narrative) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 | Jan. 01, 2007 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Restricted trust, included in Other noncurrent assets | $893 | $1,024 | ||
Qualified U.S. Pension Plans [Member] | Voluntary Contribution [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Voluntary contributions | 0 | 1,493 | 15,793 | |
United States Pension Plans of US Entity, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Estimated employer contributions in next fiscal year | 0 | |||
Aggregate projected benefit obligation | 202,622 | |||
Aggregate accumulated benefit obligation | 197,278 | |||
Aggregate fair value of plan assets | 172,280 | |||
U.S. Combined Nonqualified Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Estimated employer contributions in next fiscal year | 221 | |||
Aggregate projected benefit obligation | 2,358 | |||
Aggregate accumulated benefit obligation | 2,198 | |||
Next fiscal year assumptions for calculating net periodic benefit cost, discount rate | 3.00% | |||
Foreign Pension Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Estimated employer contributions in next fiscal year | 394 | |||
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Estimated employer contributions in next fiscal year | 58 | |||
Defined benefit plan, benefit obligation | 397 | 356 | 442 | |
Next fiscal year assumptions for calculating net periodic benefit cost, discount rate | 3.25% | |||
Unrecognized net prior service credit | -473 | -595 | 1,708 | |
Unfunded Pension Benefit Obligation [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, benefit obligation | 2,358 | 2,012 | ||
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, benefit obligation | 204,982 | 176,099 | 217,987 | |
Unrecognized net prior service credit | -2 | -12 | ||
Pension Plan [Member] | Qualified Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Next fiscal year assumptions for calculating net periodic benefit cost, long term return on plat assets | 7.00% | |||
Next fiscal year assumptions for calculating net periodic benefit cost, discount rate | 3.75% | |||
Defined benefit plan effect on next fiscal year net periodic benefit cost from changes in assumptions | 534 | |||
Pension Plan [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan effect on next fiscal year net periodic benefit cost from changes in assumptions | $45 | |||
Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target plan asset allocations | 40.00% | |||
Debt Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target plan asset allocations | 60.00% |
Pension_and_Other_Postretireme3
Pension and Other Postretirement Plans (Change in Benefit Obligation) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 |
Pension Plan [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | $176,099 | $217,987 | |
Currency translation | -357 | 190 | |
Service cost | 1,990 | 2,485 | 2,126 |
Interest cost | 7,704 | 6,934 | 7,715 |
Plan participants' contributions | 22 | 39 | |
Actuarial (gains) losses | 27,232 | -22,472 | |
Benefits paid | -7,708 | -29,064 | |
Retiree contributions | 0 | 0 | |
Benefit obligation at end of year | 204,982 | 176,099 | 217,987 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 356 | 442 | |
Currency translation | 0 | 0 | |
Service cost | 0 | 0 | |
Interest cost | 10 | 9 | 17 |
Plan participants' contributions | 0 | 0 | |
Actuarial (gains) losses | 17 | -73 | |
Benefits paid | -197 | -251 | |
Retiree contributions | 211 | 229 | |
Benefit obligation at end of year | $397 | $356 | $442 |
Pension_and_Other_Postretireme4
Pension and Other Postretirement Plans (Change in Plan Assets) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at end of year | $172,280 | $156,384 |
Pension Plan [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | 156,384 | 146,307 |
Currency translation | -348 | 174 |
Actual return on plan assets | 23,396 | 14,305 |
Employer contributions | 534 | 24,623 |
Plan participants' contributions | 22 | 39 |
Benefits paid | -7,708 | -29,064 |
Fair value of plan assets at end of year | 172,280 | 156,384 |
Funded status | -32,702 | -19,715 |
Accumulated benefit obligation at end of year | 199,476 | 170,433 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | 0 | 0 |
Currency translation | 0 | 0 |
Actual return on plan assets | 0 | 0 |
Employer contributions | 197 | 251 |
Plan participants' contributions | 0 | 0 |
Benefits paid | -197 | -251 |
Fair value of plan assets at end of year | 0 | 0 |
Funded status | ($397) | ($356) |
Qualified Pension Plans [Member] | Pension Plan [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Discount rate | 3.75% | 4.50% |
Rate of compensation increase | 4.00% | 4.00% |
Qualified Pension Plans [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Discount rate | 3.25% | 3.00% |
U.S. Combined Nonqualified Plans [Member] | Pension Plan [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Discount rate | 3.00% | 3.25% |
Rate of compensation increase | 4.00% | 4.00% |
Change in Plan Obligation and Assets [Member] | Pension Plan [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Measurement date | 11/30/14 | 11/30/13 |
Change in Plan Obligation and Assets [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Measurement date | 11/30/14 | 11/30/13 |
Pension_and_Other_Postretireme5
Pension and Other Postretirement Plans (Amounts Recognized in Balance Sheet and AOCI) (Details) (USD $) | Nov. 29, 2014 | Nov. 30, 2013 | Jan. 01, 2007 |
In Thousands, unless otherwise specified | |||
Amounts recognized in the Consolidated Balance Sheets as of November 30 | |||
Long-term pension and postretirement healthcare benefits liabilities | ($33,266) | ($19,792) | |
Pension Plan [Member] | |||
Amounts recognized in the Consolidated Balance Sheets as of November 30 | |||
Accounts payable and accrued liabilities | -221 | -216 | |
Long-term pension and postretirement healthcare benefits liabilities | -32,481 | -19,499 | |
Funded status | -32,702 | -19,715 | |
Accumulated other comprehensive loss, pre-tax | 61,096 | 48,902 | |
Amounts recognized in Accumulated Other Comprehensive Loss, as of November 30 | |||
Unrecognized net actuarial loss (gain) | 61,098 | 48,914 | |
Unrecognized net prior service credit | -2 | -12 | |
Accumulated other comprehensive loss, pre-tax | 61,096 | 48,902 | |
Deferred taxes | -22,535 | -17,979 | |
Accumulated other comprehensive loss, after-tax | 38,561 | 30,923 | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Amounts recognized in the Consolidated Balance Sheets as of November 30 | |||
Accounts payable and accrued liabilities | -59 | -63 | |
Long-term pension and postretirement healthcare benefits liabilities | -338 | -293 | |
Funded status | -397 | -356 | |
Accumulated other comprehensive loss, pre-tax | -1,346 | -1,632 | |
Amounts recognized in Accumulated Other Comprehensive Loss, as of November 30 | |||
Unrecognized net actuarial loss (gain) | -873 | -1,037 | |
Unrecognized net prior service credit | -473 | -595 | 1,708 |
Accumulated other comprehensive loss, pre-tax | -1,346 | -1,632 | |
Deferred taxes | 475 | 587 | |
Accumulated other comprehensive loss, after-tax | ($871) | ($1,045) |
Pension_and_Other_Postretireme6
Pension and Other Postretirement Plans (Amounts Affecting Accumulated Other Comprehensive Income Loss) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||
Total | $7,789 | ($21,029) | $6,234 |
Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||
Amortization of prior service (cost) credit, net of tax of $(5), $(6) and $(43), $(44), respectively | 5 | 3 | |
Amortization of actuarial (losses) gains, net of tax of $1,063, $3,060 and $(52), $(54), respectively | -1,821 | -5,498 | |
Current year actuarial losses (gains), net of tax of $(5,559), $9,304 and $(6), $26, respectively | 9,509 | -16,637 | |
Effect of change in deferred tax rate | -78 | 982 | |
Total | 7,615 | -21,150 | |
Defined Benefit Plan, Tax Amounts | |||
Amortization of prior service (cost) credit, tax amount | -5 | -6 | |
Amortization of actuarial (losses) gains, tax amount | 1,063 | 3,060 | |
Current year actuarial losses (gains), tax amount | -5,559 | 9,304 | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||
Amortization of prior service (cost) credit, net of tax of $(5), $(6) and $(43), $(44), respectively | 79 | 79 | |
Amortization of actuarial (losses) gains, net of tax of $1,063, $3,060 and $(52), $(54), respectively | 95 | 95 | |
Current year actuarial losses (gains), net of tax of $(5,559), $9,304 and $(6), $26, respectively | 11 | -46 | |
Effect of change in deferred tax rate | -11 | -7 | |
Total | 174 | 121 | |
Defined Benefit Plan, Tax Amounts | |||
Amortization of prior service (cost) credit, tax amount | -43 | -44 | |
Amortization of actuarial (losses) gains, tax amount | -52 | -54 | |
Current year actuarial losses (gains), tax amount | ($6) | $26 |
Pension_and_Other_Postretireme7
Pension and Other Postretirement Plans (Actual Plan Asset Allocations) (Details) | Nov. 29, 2014 | Nov. 30, 2013 |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||
Actual plan asset allocations | 100.00% | 100.00% |
Equity Securities [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||
Actual plan asset allocations | 39.90% | 51.00% |
Debt Securities [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||
Actual plan asset allocations | 59.50% | 48.70% |
Real estate funds [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||
Actual plan asset allocations | 0.00% | 0.00% |
Cash and equivalents [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||
Actual plan asset allocations | 0.60% | 0.30% |
Pension_and_Other_Postretireme8
Pension and Other Postretirement Plans (Fair Value of Pension Plans Assets) (Details) (USD $) | Nov. 29, 2014 | Nov. 30, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ||
Total | $171,991 | $156,384 |
Other items to reconcile to fair value of plan assets | 289 | 0 |
Fair value of plan assets | 172,280 | 156,384 |
Level 1 [Member] | ||
Fair Value Disclosures [Abstract] | ||
Fair value of plan assets | 171,991 | 156,384 |
Level 2 [Member] | ||
Fair Value Disclosures [Abstract] | ||
Fair value of plan assets | 0 | 0 |
Level 3 [Member] | ||
Fair Value Disclosures [Abstract] | ||
Fair value of plan assets | 0 | 0 |
U.S. equity securities funds [Member] | ||
Fair Value Disclosures [Abstract] | ||
Fair value of plan assets | 47,181 | 55,129 |
U.S. equity securities funds [Member] | Level 1 [Member] | ||
Fair Value Disclosures [Abstract] | ||
Fair value of plan assets | 47,181 | 55,129 |
U.S. equity securities funds [Member] | Level 2 [Member] | ||
Fair Value Disclosures [Abstract] | ||
Fair value of plan assets | 0 | 0 |
U.S. equity securities funds [Member] | Level 3 [Member] | ||
Fair Value Disclosures [Abstract] | ||
Fair value of plan assets | 0 | 0 |
Non-U.S. equity securities funds [Member] | ||
Fair Value Disclosures [Abstract] | ||
Fair value of plan assets | 21,546 | 24,587 |
Non-U.S. equity securities funds [Member] | Level 1 [Member] | ||
Fair Value Disclosures [Abstract] | ||
Fair value of plan assets | 21,546 | 24,587 |
Non-U.S. equity securities funds [Member] | Level 2 [Member] | ||
Fair Value Disclosures [Abstract] | ||
Fair value of plan assets | 0 | 0 |
Non-U.S. equity securities funds [Member] | Level 3 [Member] | ||
Fair Value Disclosures [Abstract] | ||
Fair value of plan assets | 0 | 0 |
Fixed income securities funds [Member] | ||
Fair Value Disclosures [Abstract] | ||
Fair value of plan assets | 102,561 | 76,121 |
Fixed income securities funds [Member] | Level 1 [Member] | ||
Fair Value Disclosures [Abstract] | ||
Fair value of plan assets | 102,561 | 76,121 |
Fixed income securities funds [Member] | Level 2 [Member] | ||
Fair Value Disclosures [Abstract] | ||
Fair value of plan assets | 0 | 0 |
Fixed income securities funds [Member] | Level 3 [Member] | ||
Fair Value Disclosures [Abstract] | ||
Fair value of plan assets | 0 | 0 |
Cash and equivalents [Member] | ||
Fair Value Disclosures [Abstract] | ||
Fair value of plan assets | 703 | 547 |
Cash and equivalents [Member] | Level 1 [Member] | ||
Fair Value Disclosures [Abstract] | ||
Fair value of plan assets | 703 | 547 |
Cash and equivalents [Member] | Level 2 [Member] | ||
Fair Value Disclosures [Abstract] | ||
Fair value of plan assets | 0 | 0 |
Cash and equivalents [Member] | Level 3 [Member] | ||
Fair Value Disclosures [Abstract] | ||
Fair value of plan assets | $0 | $0 |
Pension_and_Other_Postretireme9
Pension and Other Postretirement Plans (Components of Net Periodic Benefit Cost) (Details) (Pension Plan [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||
Service cost | $1,990 | $2,485 | $2,126 |
Interest cost | 7,704 | 6,934 | 7,715 |
Expected return on plan assets | -11,306 | -10,795 | -9,181 |
Settlement costs | 0 | 3,087 | 0 |
Prior service cost | -10 | -9 | -10 |
Net actuarial loss | 2,884 | 5,471 | 8,323 |
Net periodic benefit income | $1,262 | $7,173 | $8,973 |
Assumptions: | |||
Expected return on plan assets | 7.50% | 7.50% | 7.50% |
Qualified Pension Plans [Member] | |||
Assumptions: | |||
Discount rate | 4.50% | 3.50% | 4.50% |
Rate of compensation increase | 4.00% | 4.00% | 4.00% |
U.S. Combined Nonqualified Plans [Member] | |||
Assumptions: | |||
Discount rate | 3.25% | 3.25% | 1.75% |
Rate of compensation increase | 4.00% | 4.00% | 4.00% |
Net Periodic Benefit Expense (Income) [Member] | Qualified Pension Plans [Member] | |||
Assumptions: | |||
Measurement date | 11/30/13 | 11/30/12 | 11/30/11 |
Net Periodic Benefit Expense (Income) [Member] | U.S. Combined Nonqualified Plans [Member] | |||
Assumptions: | |||
Measurement date | 11/30/13 | 11/30/13 | 11/30/12 |
Recovered_Sheet1
Pension and Other Postretirement Plans (Components of Net Periodic Benefit Income) (Details) (Other Postretirement Benefit Plans, Defined Benefit [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||
Interest cost | $10 | $9 | $17 |
Prior service cost | -122 | -122 | -122 |
Net actuarial gain | -147 | -149 | -121 |
Net periodic benefit income | ($259) | ($262) | ($226) |
Discount rate | 3.00% | 2.25% | 3.50% |
Net Periodic Benefit Expense (Income) [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||
Measurement date | 11/30/13 | 11/30/12 | 11/30/11 |
Recovered_Sheet2
Pension and Other Postretirement Plans (Amortized from AOCI) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Nov. 29, 2014 |
Pension Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |
Prior service credit | ($3) |
Actuarial loss (gain) | 3,869 |
Total | 3,866 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |
Prior service credit | -123 |
Actuarial loss (gain) | -87 |
Total | ($210) |
Recovered_Sheet3
Pension and Other Postretirement Plans (Estimated Future Benefit Payments and Cost Recognized) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 |
Estimated Future Benefit Payments | |||
Defined contribution plan, cost recognized | $7,945 | $4,482 | $4,377 |
Pension Plan [Member] | |||
Estimated Future Benefit Payments | |||
2015 | 8,427 | ||
2016 | 8,754 | ||
2017 | 9,229 | ||
2018 | 9,703 | ||
2019 | 10,184 | ||
2020-2024 | 59,950 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Estimated Future Benefit Payments | |||
2015 | 58 | ||
2016 | 49 | ||
2017 | 41 | ||
2018 | 37 | ||
2019 | 34 | ||
2020-2024 | $124 |
Income_Taxes_Unrecognized_Tax_
Income Taxes (Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefits at December 1, | $2,155 | $2,209 | $3,015 |
Additions for current period tax positions | 465 | 668 | 382 |
Reductions for current period tax positions | 0 | 0 | -37 |
Additions for prior period tax positions | 40 | 0 | 0 |
Reductions for prior period tax positions | 0 | -40 | -631 |
Reductions for lapse of statute of limitations/settlements | -240 | -431 | -460 |
Changes in interest and penalties | 67 | -251 | -60 |
Unrecognized tax benefits at November 30, | $2,487 | $2,155 | $2,209 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 | 1-May-14 |
Operating Loss Carryforwards [Line Items] | ||||
Unrecognized tax benefits that would impact the effective tax rate if recognized | $1,555 | $1,354 | ||
Accrued for the payment of interest and penalties | 273 | 221 | ||
Significant change in unrecognized tax benefits is reasonably possible, amount of unrecorded benefit | 253 | |||
Operating loss carryforwards, limitations on use | 20,000 | |||
Tax credit carryforward | 33,833 | |||
Operating loss carryforwards, subject to expiration | 1,319 | |||
Operating loss carryforwards, not subject to expiration | 4,748 | |||
Valuation allowance, deferred tax asset, change in amount | 166 | -809 | ||
Repatriated foreign earnings | 17 | 54 | 54 | |
Undistributed foreign earnings | 203,656 | |||
Stanadyne [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
General business tax carryforward | 1,700 | |||
Federal [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | $45,500 |
Income_Taxes_Provision_for_Inc
Income Taxes (Provision for Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 |
Current: | |||
Federal | $56,764 | $34,414 | $37,673 |
State | 4,760 | 2,918 | 2,484 |
Foreign | 10,112 | 9,096 | 10,228 |
Deferred: | |||
Federal | -4,102 | 8,676 | 8,763 |
State | -359 | -165 | 805 |
Foreign | 205 | 1,011 | -296 |
Income Tax Expense | $67,380 | $55,950 | $59,657 |
Income_Taxes_Earnings_Before_I
Income Taxes (Earnings Before Income Taxes and Noncontrolling Interests) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 |
Income Tax Disclosure [Abstract] | |||
Domestic income | $166,101 | $141,224 | $145,433 |
Foreign income | 45,462 | 33,076 | 37,564 |
Earnings before income taxes | $211,563 | $174,300 | $182,997 |
Income_Taxes_Effective_Income_
Income Taxes (Effective Income Tax Rate) (Details) | 12 Months Ended | ||
Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 | |
Income Tax Disclosure [Abstract] | |||
Statutory U.S. tax rates | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal benefit | 1.30% | 1.00% | 1.40% |
Tax credits | -0.20% | -0.60% | -0.10% |
Foreign taxes at different rates, net of credits | -2.30% | -1.60% | -2.00% |
Domestic production activities deduction | -2.70% | -2.20% | -2.60% |
Other, net | 0.70% | 0.50% | 0.90% |
Effective Income Tax Rate, Continuing Operations | 31.80% | 32.10% | 32.60% |
Income_Taxes_Deferred_Tax_Asse
Income Taxes (Deferred Tax Assets and Liabilities) (Details) (USD $) | Nov. 29, 2014 | Nov. 30, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Deferred compensation | $9,074 | $7,945 |
Loss carryforward and tax credit items | 19,620 | 2,529 |
Accounts receivable | 6,538 | 5,973 |
Inventories | 5,484 | 5,000 |
Pensions | 10,019 | 4,781 |
Accrued liabilities and other | 6,999 | 1,219 |
Valuation allowance | -1,268 | -1,102 |
Total deferred tax assets, net | 56,466 | 26,345 |
Deferred tax liabilities: | ||
Percentage of completion | -740 | -539 |
Plant assets | -24,818 | -24,182 |
Goodwill and acquired intangible assets | -97,179 | -40,380 |
Other deferred tax liabilities | -230 | -345 |
Total deferred tax liabilities | -122,967 | -65,446 |
Deferred tax liability, net | ($66,501) | ($39,101) |
Contingencies_Details
Contingencies (Details) (TransWeb [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Nov. 29, 2014 |
TransWeb [Member] | |
Business Acquisition [Line Items] | |
Litigation settlement | $26,147 |
Incentive_Plans_and_StockBased2
Incentive Plans and Stock-Based Compensation (Narrative) (Details) (USD $) | 0 Months Ended | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Mar. 25, 2014 | Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 | Mar. 25, 2014 |
Stock Options | |||||
Weighted-average period, over which the Company expects to recognize compensation cost related to share-based arrangements (in years) | 4 years | ||||
Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares granted in performance awards to officers, directors and key employees | 6,600,000 | 6,600,000 | |||
Number of years which shares can be granted under the Plan | 10 years | ||||
Incentive plan end date | 1-Apr-24 | ||||
Stock Options | |||||
Annual employee vesting percentage | 25.00% | ||||
Award vesting period (in years) | 4 years | ||||
Expiration period and term of equity award (in years) | 10 years | ||||
Granted (in options) | 450,700 | 387,500 | 512,850 | ||
Weighted average exercise price - granted (in dollars per share) | $61.49 | $45.25 | $49.84 | ||
Unrecognized compensation cost related to share-based awards which the Company expects to recognize | $5,019 | ||||
Weighted-average period, over which the Company expects to recognize compensation cost related to share-based arrangements (in years) | 2 years 15 days | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Stock Options | |||||
Award vesting period (in years) | 4 years | ||||
Unrecognized compensation cost related to share-based awards which the Company expects to recognize | $1,235 | ||||
Weighted-average period, over which the Company expects to recognize compensation cost related to share-based arrangements (in years) | 2 years 4 months 26 days | ||||
Restricted Stock Unit Awards | |||||
Restricted stock unit awards - shares vested and deferred | 19,457 | 14,760 | |||
Granted (in shares) | 24,808 | 23,624 | 29,839 | ||
Weighted average grant date fair value - granted (in dollars per share) | $61.42 | $45.19 | $49.91 | ||
Employee Stock [Member] | |||||
Restricted Stock Unit Awards | |||||
Employee stock purchase plan, discount | 5.00% |
Incentive_Plans_and_StockBased3
Incentive Plans and Stock-Based Compensation (Schedule of Stock Options and Restricted Stock Units) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Pre-tax compensation expense | $5,025 | $3,212 | $4,997 |
Deferred tax benefits | -1,834 | -1,153 | -1,836 |
Excess tax benefits associated with tax deductions over the amount of compensation expense recognized in the consolidated financial statements | 2,668 | 7,231 | 2,007 |
Fair value of options granted | 5,186 | 3,868 | 6,407 |
Total intrinsic value of options exercised | 9,696 | 29,384 | 8,793 |
Cash received upon exercise of options | 10,738 | 33,778 | 5,170 |
Addition to capital in excess of par value due to exercise of stock options | 13,084 | 38,903 | 5,440 |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Pre-tax compensation expense | 1,373 | 888 | 1,229 |
Deferred tax benefits | -501 | -319 | -451 |
Excess tax benefits associated with tax deductions over the amount of compensation expense recognized in the consolidated financial statements | 101 | 1,280 | -88 |
Fair value of restricted stock unit awards on date of grant | 1,524 | 1,068 | 1,489 |
Fair value of restricted stock unit awards vested | $893 | $621 | $2,359 |
Incentive_Plans_and_StockBased4
Incentive Plans and Stock-Based Compensation (Summary of Stock Option Activity) (Details) (USD $) | 12 Months Ended | ||
Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 | |
Stock Option Activity in Shares | |||
Outstanding at end of year | 2,310,720 | ||
Exercisable at end of year | 1,409,359 | ||
Weighted Average Exercise Prices | |||
Weighted Average Exercise Price - Outstanding End of Period (in dollars per share) | $45.71 | ||
Weighted Average Exercise Price - Exercisable (in dollars per share) | $40.70 | ||
Stock Options [Member] | |||
Stock Option Activity in Shares | |||
Outstanding at beginning of year | 2,208,314 | 3,037,151 | 2,907,533 |
Granted | 450,700 | 387,500 | 512,850 |
Exercised | -322,473 | -1,191,752 | -353,793 |
Surrendered | -25,821 | -24,585 | -29,439 |
Outstanding at end of year | 2,310,720 | 2,208,314 | 3,037,151 |
Exercisable at end of year | 1,409,359 | 1,413,100 | 2,035,267 |
Weighted Average Exercise Prices | |||
Weighted Average Exercise Price - Outstanding Beginning of Year (in dollars per share) | $40.76 | $36.09 | $32.39 |
Weighted Average Exercise Price - Granted (in dollars per share) | $61.49 | $45.25 | $49.84 |
Weighted Average Exercise Price - Exercised (in dollars per share) | $33.30 | $30.30 | $25.28 |
Weighted Average Exercise Price - Surrendered (in dollars per share) | $52.47 | $42.48 | $40.17 |
Weighted Average Exercise Price - Outstanding End of Period (in dollars per share) | $45.71 | $40.76 | $36.09 |
Weighted Average Exercise Price - Exercisable (in dollars per share) | $40.70 | $38.19 | $32.54 |
Incentive_Plans_and_StockBased5
Incentive Plans and Stock-Based Compensation (Exercise Price) (Details) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Nov. 29, 2014 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding - Number (in shares) | 2,310,720 |
Options Outstanding - Weighted Average Exercise Price (in dollars per share) | $45.71 |
Options Outstanding - Intrinsic Value | $46,629 |
Options Outstanding - Weighted Average Remaining Life (in years) | 6 years 7 months 14 days |
Options Exercisable - Number (in shares) | 1,409,359 |
Options Exercisable - Weighted Average Exercise Price (in dollars per share) | $40.70 |
Options Exercisable - Intrinsic Value | 35,499 |
Options Exercisable - Weighted Average Remaining Life (in years) | 5 years 6 months 8 days |
$25.31 - $28.79 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, upper range limit | $25.31 |
Exercise price range, lower range limit | $28.79 |
Options Outstanding - Number (in shares) | 66,100 |
Options Outstanding - Weighted Average Exercise Price (in dollars per share) | $26.59 |
Options Outstanding - Intrinsic Value | 2,598 |
Options Outstanding - Weighted Average Remaining Life (in years) | 2 years 7 months 16 days |
Options Exercisable - Number (in shares) | 66,100 |
Options Exercisable - Weighted Average Exercise Price (in dollars per share) | $26.59 |
Options Exercisable - Intrinsic Value | 2,598 |
Options Exercisable - Weighted Average Remaining Life (in years) | 2 years 7 months 16 days |
$31.96 - $36.48 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, upper range limit | $31.96 |
Exercise price range, lower range limit | $36.48 |
Options Outstanding - Number (in shares) | 523,009 |
Options Outstanding - Weighted Average Exercise Price (in dollars per share) | $33.62 |
Options Outstanding - Intrinsic Value | 16,876 |
Options Outstanding - Weighted Average Remaining Life (in years) | 3 years 8 months 18 days |
Options Exercisable - Number (in shares) | 523,009 |
Options Exercisable - Weighted Average Exercise Price (in dollars per share) | $33.62 |
Options Exercisable - Intrinsic Value | 16,876 |
Options Exercisable - Weighted Average Remaining Life (in years) | 3 years 8 months 18 days |
$42.86 - $49.91 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, upper range limit | $42.86 |
Exercise price range, lower range limit | $49.91 |
Options Outstanding - Number (in shares) | 1,279,161 |
Options Outstanding - Weighted Average Exercise Price (in dollars per share) | $46.20 |
Options Outstanding - Intrinsic Value | 25,193 |
Options Outstanding - Weighted Average Remaining Life (in years) | 7 years 2 months 3 days |
Options Exercisable - Number (in shares) | 808,125 |
Options Exercisable - Weighted Average Exercise Price (in dollars per share) | $46.13 |
Options Exercisable - Intrinsic Value | 15,969 |
Options Exercisable - Weighted Average Remaining Life (in years) | 6 years 10 months 14 days |
$55.01 - $61.57 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, upper range limit | $55.01 |
Exercise price range, lower range limit | $61.57 |
Options Outstanding - Number (in shares) | 442,450 |
Options Outstanding - Weighted Average Exercise Price (in dollars per share) | $61.45 |
Options Outstanding - Intrinsic Value | 1,962 |
Options Outstanding - Weighted Average Remaining Life (in years) | 9 years 0 months 17 days |
Options Exercisable - Number (in shares) | 12,125 |
Options Exercisable - Weighted Average Exercise Price (in dollars per share) | $61.23 |
Options Exercisable - Intrinsic Value | $56 |
Options Exercisable - Weighted Average Remaining Life (in years) | 9 years 0 months 8 days |
Incentive_Plans_and_StockBased6
Incentive Plans and Stock-Based Compensation (Fair Value of Options Granted) (Details) (Stock Options [Member], USD $) | 12 Months Ended | ||
Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 | |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average fair value per option at the date of grant for option granted (in dollars per share) | $11.51 | $9.98 | $12.49 |
Risk-free interest rate | 1.55% | 1.19% | 1.38% |
Expected dividend yield | 1.10% | 1.19% | 0.96% |
Expected volatility factor | 21.38% | 25.80% | 26.52% |
Expected option term in years | 5 years | 5 years 4 months 23 days | 6 years 1 month 6 days |
Incentive_Plans_and_StockBased7
Incentive Plans and Stock-Based Compensation (Summary of Restrcited Stock Unit Awards) (Details) (Restricted Stock Units (RSUs) [Member], USD $) | 12 Months Ended | ||
Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 | |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Nonvested at beginning of year (in shares) | 48,044 | 39,945 | 71,545 |
Granted (in shares) | 24,808 | 23,624 | 29,839 |
Vested (in shares) | -20,156 | -15,525 | -60,320 |
Surrendered (in shares) | -1,684 | 0 | -1,119 |
Nonvested at end of period (in shares) | 51,012 | 48,044 | 39,945 |
Weighted Average Grant Date Fair Value - Restricted Stock Unit Awards [Roll Forward] | |||
Weighted Average Grant Date Fair Value - Beginning of Year (in dollars per share) | $45.18 | $43.16 | $36.95 |
Weighted average grant date fair value - granted (in dollars per share) | $61.42 | $45.19 | $49.91 |
Weighted Average Grant Date Fair Value - Vested (in dollars per share) | $44.29 | $40.01 | $39.11 |
Weighted Average Grant Date Fair Value - Surrendered (in dollars per share) | $54.36 | $0 | $44.15 |
Weighted Average Grant Date Fair Value - End of Year (in dollars per share) | $53.12 | $45.18 | $43.16 |
Incentive_Plans_and_StockBased8
Incentive Plans and Stock-Based Compensation (Directors' Restricted Stock Compensation) (Details) (Directors' Restricted Stock [Member], USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 |
Directors' Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Pre-tax compensation expense | $880 | $960 | $200 |
Shares of Company common stock issued under the plans | 15,400 | 18,256 | 4,055 |
Incentive_Plans_and_StockBased9
Incentive Plans and Stock-Based Compensation (Employee Stock Purchase Plan) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Company stock issued under the plan | $2,488 | $2,963 | $1,868 |
Employee Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Company stock issued under the plan | $1,338 | $1,269 | $1,244 |
Earnings_Per_Share_and_Stock_R2
Earnings Per Share and Stock Repurchase Activity (Calculation of Earnings Per Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Nov. 29, 2014 | Aug. 30, 2014 | 31-May-14 | Mar. 01, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | Jun. 01, 2013 | Mar. 02, 2013 | Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 |
Earnings Per Share and Stock Repurchase Activity [Abstract] | |||||||||||
Weighted average number of shares outstanding - Basic (in shares) | 50,405,549 | 49,988,577 | 50,285,480 | ||||||||
Dilutive effect of stock-based arrangements (in shares) | 465,700 | 550,370 | 596,711 | ||||||||
Weighted average number of shares outstanding - Diluted (in shares) | 50,871,249 | 50,538,947 | 50,882,191 | ||||||||
Net earnings attributable to CLARCOR Inc. | $43,508 | $41,703 | $34,552 | $24,321 | $32,856 | $28,707 | $33,051 | $23,462 | $144,084 | $118,076 | $122,986 |
Net earnings per common share attributable to CLARCOR Inc. - Basic (in dollars per share) | $0.87 | $0.83 | $0.68 | $0.48 | $0.65 | $0.57 | $0.66 | $0.47 | $2.86 | $2.36 | $2.45 |
Net earnings per common share attributable to CLARCOR Inc. - Diluted (in dollars per share) | $0.86 | $0.82 | $0.68 | $0.48 | $0.65 | $0.57 | $0.66 | $0.47 | $2.83 | $2.34 | $2.42 |
Calaulation_of_Stock_Repurchas
(Calaulation of Stock Repurchase Activity) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 |
Earnings Per Share and Stock Repurchase Activity [Abstract] | |||
Number of antidilutive options with exercise prices greater than the average market price excluded from the computation of dilutive earnings per share | 441,033 | 125,135 | 508,167 |
Common stock repurchased and retired pursuant to the Company's stock repurchase program | $32,822 | $27,708 | $37,320 |
Number of shares repurchased and retired pursuant to the Company's stock repurchase program | 535,703 | 534,100 | 792,881 |
Earnings_Per_Share_and_Stock_R3
Earnings Per Share and Stock Repurchase Activity (Narrative) (Details) (USD $) | 0 Months Ended | ||
Jun. 25, 2013 | Nov. 29, 2014 | Jun. 25, 2013 | |
Earnings Per Share and Stock Repurchase Activity [Abstract] | |||
Stock repurchase program, period in force | 3 years | ||
Stock repurchase program, authorized amount | $250,000,000 | ||
Stock repurchase program, remaining authorized repurchase amount | $208,460,000 |
Segment_Information_Segment_Da
Segment Information (Segment Data) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Nov. 29, 2014 | Aug. 30, 2014 | 31-May-14 | Mar. 01, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | Jun. 01, 2013 | Mar. 02, 2013 | Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 |
segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of segments | 3 | ||||||||||
Net sales | $413,375 | $400,152 | $386,642 | $312,685 | $297,790 | $289,126 | $287,583 | $256,271 | $1,512,854 | $1,130,770 | $1,121,765 |
Operating profit | 210,428 | 174,616 | 182,714 | ||||||||
Other income (expense), net | 1,135 | -316 | 283 | ||||||||
Earnings before income taxes | 211,563 | 174,300 | 182,997 | ||||||||
Assets | 1,888,769 | 1,448,843 | 1,888,769 | 1,448,843 | 1,205,502 | ||||||
Additions to property, plant, and equipment | 73,584 | 44,651 | 36,647 | ||||||||
Depreciation and amortization | 50,427 | 32,233 | 31,815 | ||||||||
Engine Mobile Filtration [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 603,805 | 507,024 | 503,607 | ||||||||
Operating profit | 122,365 | 106,345 | 111,653 | ||||||||
Assets | 781,204 | 397,545 | 781,204 | 397,545 | 372,011 | ||||||
Additions to property, plant, and equipment | 46,496 | 19,809 | 24,062 | ||||||||
Depreciation and amortization | 18,170 | 10,488 | 9,327 | ||||||||
Industrial Environmental Filtration [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 833,100 | 549,746 | 541,364 | ||||||||
Operating profit | 83,351 | 61,996 | 64,766 | ||||||||
Assets | 1,022,996 | 715,759 | 1,022,996 | 715,759 | 706,610 | ||||||
Additions to property, plant, and equipment | 20,215 | 21,467 | 9,264 | ||||||||
Depreciation and amortization | 28,789 | 18,093 | 18,692 | ||||||||
Packaging [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 75,949 | 74,000 | 76,794 | ||||||||
Operating profit | 4,712 | 6,275 | 6,295 | ||||||||
Assets | 41,817 | 41,030 | 41,817 | 41,030 | 36,350 | ||||||
Additions to property, plant, and equipment | 1,989 | 2,467 | 3,250 | ||||||||
Depreciation and amortization | 2,438 | 2,859 | 3,090 | ||||||||
Corporate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Assets | 42,752 | 294,509 | 42,752 | 294,509 | 90,531 | ||||||
Additions to property, plant, and equipment | 4,884 | 908 | 71 | ||||||||
Depreciation and amortization | $1,030 | $793 | $706 |
Segment_Information_Segment_In
Segment Information (Segment Information by Geographic Area) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Nov. 29, 2014 | Aug. 30, 2014 | 31-May-14 | Mar. 01, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | Jun. 01, 2013 | Mar. 02, 2013 | Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | $413,375 | $400,152 | $386,642 | $312,685 | $297,790 | $289,126 | $287,583 | $256,271 | $1,512,854 | $1,130,770 | $1,121,765 |
Property, plant and equipment, at cost, less accumulated depreciation | 288,356 | 208,953 | 288,356 | 208,953 | 195,101 | ||||||
United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 1,027,028 | 778,952 | 779,811 | ||||||||
Property, plant and equipment, at cost, less accumulated depreciation | 238,413 | 183,166 | 238,413 | 183,166 | 173,018 | ||||||
Europe [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 165,446 | 96,255 | 102,144 | ||||||||
Property, plant and equipment, at cost, less accumulated depreciation | 24,783 | 12,499 | 24,783 | 12,499 | 3,619 | ||||||
Asia [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 146,859 | 103,030 | 98,880 | ||||||||
Property, plant and equipment, at cost, less accumulated depreciation | 11,466 | 2,702 | 11,466 | 2,702 | 8,013 | ||||||
Other International [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 173,521 | 152,533 | 140,930 | ||||||||
Property, plant and equipment, at cost, less accumulated depreciation | $13,694 | $10,586 | $13,694 | $10,586 | $10,451 |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Nov. 29, 2014 | Aug. 30, 2014 | 31-May-14 | Mar. 01, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | Jun. 01, 2013 | Mar. 02, 2013 | Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $413,375 | $400,152 | $386,642 | $312,685 | $297,790 | $289,126 | $287,583 | $256,271 | $1,512,854 | $1,130,770 | $1,121,765 |
Gross profit | 139,753 | 135,325 | 125,370 | 96,587 | 98,609 | 91,900 | 98,214 | 81,486 | 497,035 | 370,209 | 380,332 |
Net earnings | 43,531 | 41,765 | 34,546 | 24,341 | 32,896 | 28,773 | 33,153 | 23,528 | 144,183 | 118,350 | 123,340 |
Net earnings attributable to CLARCOR Inc. | $43,508 | $41,703 | $34,552 | $24,321 | $32,856 | $28,707 | $33,051 | $23,462 | $144,084 | $118,076 | $122,986 |
Net earnings per common share attributable to CLARCOR Inc. - Basic (in dollars per share) | $0.87 | $0.83 | $0.68 | $0.48 | $0.65 | $0.57 | $0.66 | $0.47 | $2.86 | $2.36 | $2.45 |
Net earnings per common share attributable to CLARCOR Inc. - Diluted (in dollars per share) | $0.86 | $0.82 | $0.68 | $0.48 | $0.65 | $0.57 | $0.66 | $0.47 | $2.83 | $2.34 | $2.42 |
Cash dividends paid per common share (in dollars per share) | $0.20 | $0.17 | $0.17 | $0.17 | $0.17 | $0.14 | $0.14 | $0.14 | $0.71 | $0.57 | $0.50 |
Subsequent_Event_Details
Subsequent Event (Details) (Subsequent Event [Member], Filter Resources, Inc. [Member], USD $) | 0 Months Ended | |
In Thousands, unless otherwise specified | Dec. 17, 2014 | Dec. 17, 2014 |
Subsequent Event [Member] | Filter Resources, Inc. [Member] | ||
Subsequent Event [Line Items] | ||
Business acquisition, percentage of voting interests acquired | 100.00% | 100.00% |
Payments to acquire businesses | $21,904 |
Schedule_of_Valuation_and_Qual
Schedule of Valuation and Qualifying Accounts Disclosure (Details 1) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Dec. 01, 2012 | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Balance at beginning of period | $9,183 | $9,554 | $9,795 | |||
Charged to costs and expenses | 1,583 | 1,863 | 1,029 | |||
Charged to other accounts | 802 | [1] | -1,110 | [1] | -96 | [1] |
Deductions | -757 | [2] | -1,124 | [2] | -1,174 | [2] |
Balance at end of period | $10,811 | $9,183 | $9,554 | |||
[1] | Due to business acquisitions, reclassifications and currency translation. | |||||
[2] | Bad debts written off during year, net of recoveries. |