Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Feb. 27, 2016 | Mar. 14, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | CLARCOR INC. | |
Entity Central Index Key | 20,740 | |
Current Fiscal Year End Date | --12-03 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Feb. 27, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 48,500,784 |
Consolidated Condensed Statemen
Consolidated Condensed Statements of Earnings - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 27, 2016 | Feb. 28, 2015 | |
Income Statement [Abstract] | ||
Net sales | $ 316,272 | $ 351,123 |
Cost of sales | 215,371 | 238,148 |
Gross profit | 100,901 | 112,975 |
Selling and administrative expenses | 68,942 | 73,782 |
Operating profit | 31,959 | 39,193 |
Other income (expense): | ||
Interest expense | (2,112) | (1,071) |
Interest income | 129 | 141 |
Other, net | 514 | (116) |
Total other income (expense) | (1,469) | (1,046) |
Earnings before income taxes | 30,490 | 38,147 |
Provision for income taxes | 9,300 | 11,410 |
Net earnings | 21,190 | 26,737 |
Net earnings attributable to noncontrolling interests | (27) | (28) |
Net earnings attributable to CLARCOR Inc. | $ 21,163 | $ 26,709 |
Net earnings per share attributable to CLARCOR Inc. - Basic (in dollars per share) | $ 0.43 | $ 0.53 |
Net earnings per share attributable to CLARCOR Inc. - Diluted (in dollars per share) | $ 0.43 | $ 0.53 |
Weighted average number of shares outstanding - Basic (in shares) | 48,803,049 | 50,255,915 |
Weighted average number of shares outstanding - Diluted (in shares) | 49,104,325 | 50,792,483 |
Dividends paid per share (in dollars per share) | $ 0.22 | $ 0.2 |
Consolidated Condensed Stateme3
Consolidated Condensed Statements of Comprehensive Earnings - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 27, 2016 | Feb. 28, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net earnings | $ 21,190 | $ 26,737 |
Other comprehensive income: | ||
Pension and other postretirement benefits liability adjustments, net of tax | 479 | 599 |
Translation adjustments | (11,936) | (16,614) |
Comprehensive earnings | 9,733 | 10,722 |
Comprehensive earnings attributable to non-redeemable noncontrolling interests | 55 | 32 |
Comprehensive earnings attributable to redeemable noncontrolling interests | 0 | 143 |
Comprehensive earnings attributable to CLARCOR Inc. | $ 9,788 | $ 10,897 |
Consolidated Condensed Stateme4
Consolidated Condensed Statements of Comprehensive Earnings (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 27, 2016 | Feb. 28, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Deferred taxes | $ (238) | $ (262) |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets - USD ($) $ in Thousands | Feb. 27, 2016 | Nov. 28, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 104,633 | $ 101,529 |
Accounts receivable, less allowance for losses of $14,404 and $14,765, respectively | 237,824 | 258,280 |
Inventories | 277,239 | 274,825 |
Income taxes receivable | 5,339 | 3,781 |
Prepaid expenses and other current assets | 19,264 | 26,380 |
Total current assets | 644,299 | 664,795 |
Property, plant and equipment, at cost, less accumulated depreciation of $292,558 and $286,335 respectively | 297,146 | 301,019 |
Asset held for sale | 533 | 533 |
Goodwill | 504,755 | 506,265 |
Acquired intangible assets, less accumulated amortization | 321,855 | 329,155 |
Deferred income taxes | 3,373 | 3,651 |
Other noncurrent assets | 10,296 | 13,038 |
Total assets | 1,782,257 | 1,818,456 |
Current liabilities: | ||
Current portion of long-term debt | 10,299 | 7,788 |
Accounts payable | 85,343 | 87,546 |
Accrued liabilities | 94,493 | 106,410 |
Income taxes payable | 1,878 | 1,956 |
Total current liabilities | 192,013 | 203,700 |
Long-term debt, less current portion | 395,841 | 397,368 |
Long-term pension and postretirement healthcare benefits liabilities | 31,096 | 31,577 |
Deferred income taxes | 71,406 | 64,908 |
Other long-term liabilities | 9,507 | 10,438 |
Total liabilities | 699,863 | 707,991 |
SHAREHOLDERS' EQUITY | ||
Capital stock | 48,500 | 49,111 |
Capital in excess of par value | 0 | 0 |
Accumulated other comprehensive loss | (99,509) | (88,052) |
Retained earnings | 1,132,562 | 1,148,510 |
Total CLARCOR Inc. equity | 1,081,553 | 1,109,569 |
Noncontrolling interests | 841 | 896 |
Total shareholders' equity | 1,082,394 | 1,110,465 |
Total liabilities and shareholders' equity | $ 1,782,257 | $ 1,818,456 |
Consolidated Condensed Balance6
Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Feb. 27, 2016 | Nov. 28, 2015 |
Statement of Financial Position [Abstract] | ||
Allowance for losses | $ 14,404 | $ 14,765 |
Accumulated depreciation | $ 292,558 | $ 286,335 |
Consolidated Condensed Stateme7
Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 27, 2016 | Feb. 28, 2015 | |
Cash flows from operating activities: | ||
Net earnings | $ 21,190 | $ 26,737 |
Depreciation | 7,883 | 7,744 |
Amortization | 6,150 | 6,256 |
Other noncash items | 142 | 79 |
Net loss on disposition of assets | 388 | 49 |
Stock-based compensation expense | 2,366 | 3,147 |
Excess tax benefit from stock-based compensation | (38) | (600) |
Change in assets and liabilities | 22,901 | (24,806) |
Net cash provided by operating activities | 60,982 | 18,606 |
Cash flows from investing activities: | ||
Restricted cash | (51) | 0 |
Business acquisitions, net of cash acquired | (10,914) | (20,881) |
Additions to plant assets | (8,485) | (21,007) |
Proceeds from disposition of plant assets | 5 | 56 |
Net cash used in investing activities | (19,445) | (41,832) |
Cash flows from financing activities: | ||
Net borrowings on revolving credit facility | 1,000 | 28,000 |
Payments on long-term debt | (72) | 0 |
Sale of capital stock under stock option and employee purchase plans | 1,470 | 3,462 |
Payments for repurchase of common stock | (31,006) | (7,949) |
Excess tax benefit from stock-based compensation | 38 | 600 |
Dividend paid to noncontrolling interests | 0 | (206) |
Cash dividends paid | (10,750) | (10,068) |
Net cash (used in) provided by financing activities | (39,320) | 13,839 |
Net effect of exchange rate changes on cash | 887 | (324) |
Net change in cash and cash equivalents | 3,104 | (9,711) |
Cash and cash equivalents, beginning of period | 101,529 | 94,064 |
Cash and cash equivalents, end of period | 104,633 | 84,353 |
Cash paid during the period for: | ||
Interest | 1,653 | 1,201 |
Income taxes, net of refunds | $ 2,948 | $ 3,638 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 3 Months Ended |
Feb. 27, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Significant Accounting Policies | BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation 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 15 , the Company has three reportable segments: Engine/Mobile Filtration, Industrial/Environmental Filtration and Packaging. On June 27, 2015, the Company completed the disposition of J.L. Clark, Inc. ("J.L. Clark"), which was the sole operating company within the Company's Packaging segment. The Consolidated Condensed 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. The Consolidated Condensed Statements of Earnings, the Consolidated Condensed Statements of Comprehensive Earnings and the Consolidated Condensed Statements of Cash Flows for the periods ended February 27, 2016 and February 28, 2015 and the Consolidated Condensed Balance Sheet as of February 27, 2016 have been prepared by the Company without audit. The Consolidated Condensed Financial Statements have been prepared on the same basis as those in the Company’s Annual Report on Form 10-K for the fiscal year ended November 28, 2015 (“ 2015 Form 10-K”). The November 28, 2015 Consolidated Condensed Balance Sheet data was derived from the Company’s year-end audited Consolidated Financial Statements as presented in the 2015 Form 10-K but does not include all disclosures required by accounting principles generally accepted in the United States of America ("U.S. GAAP"). In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows have been made. The results of operations for the period ended February 27, 2016 , are not necessarily indicative of the operating results for the full year. The information included in this Form 10-Q should be read in conjunction with the audited Consolidated Financial Statements and accompanying notes included in the 2015 Form 10-K. 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 German 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 had $1,345 and $1,294 of noncurrent restricted cash recorded in Other noncurrent assets as of February 27, 2016 and November 28, 2015 , respectively, corresponding to guarantees and escrow agreements that expire longer than one year from the dates of the Consolidated Condensed Balance Sheets. 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. Inventories are summarized as follows: February 27, November 28, Raw materials $ 98,769 $ 99,129 Work in process 43,770 43,907 Finished products 134,700 131,789 Inventories $ 277,239 $ 274,825 Property, Plant and Equipment Plant assets classified as 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. At February 27, 2016 and November 28, 2015 , property, plant and equipment of $533 related to property held in Rockford, Illinois was classified as an Asset held for sale. Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss by component for the three months ended February 27, 2016 are as follows: Pension Benefits Foreign Currency Translation Adjustments Total Balance at November 28, 2015, net of tax $ (36,003 ) $ (52,049 ) $ (88,052 ) Other comprehensive loss before reclassifications and tax (185 ) (11,936 ) (12,121 ) Tax benefit 67 — 67 Other comprehensive loss before reclassifications, net of tax (118 ) (11,936 ) (12,054 ) Reclassifications, before tax 902 (a) — 902 Tax expense (305 ) — (305 ) Reclassifications, net of tax 597 — 597 Other comprehensive income (loss), net of tax 479 (11,936 ) (11,457 ) Balance at February 27, 2016, net of tax $ (35,524 ) $ (63,985 ) $ (99,509 ) ___________ (a) Includes amortization of prior service cost and net actuarial loss included in net periodic benefit cost (see Note 10 ) that were reclassified from accumulated other comprehensive loss to selling and administrative expenses. 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 6 of the Notes to Consolidated Condensed Financial Statements. New Accounting Guidance In May 2014, the FASB issued Accounting Standards Update ("ASU") No. 2014-09, "Revenue from Contracts with Customers." The purpose of ASU 2014-09 is to clarify the principles for recognizing revenue and to develop a common revenue standard for U.S. GAAP and International Financial Reporting Standards. The amendments in ASU 2014-09 require 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). Subsequently, in August 2015, the FASB issued ASU No. 2015-14, "Revenue from Contracts with Customers (Topic 606) Deferral of the Effective Date," that moves the effective date out one year (fiscal 2019 for the Company). Companies may use either a full retrospective or a modified retrospective approach to adopt ASU 2014-09 and early adoption of one year prior to the required effective date is permitted. The Company has not yet determined the potential effects of the adoption of ASU 2014-09 and ASU 2015-14 on its Consolidated Financial Statements. In April 2015, the FASB issued ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs," which requires that debt issue costs related to a recognized debt liability be presented on the balance sheet as a direct deduction from the amount of the debt liability, consistent with debt discounts and premiums. Amortization of such costs is still reported as interest expense. ASU 2015-03 is effective for fiscal years, and interim periods therein, beginning after December 15, 2015 (fiscal year 2017 for the Company), but early adoption is allowed. In August 2015, the FASB issued ASU 2015-15, "Presentation and Subsequent Measurement of Debt Issue Costs Associated with Line-of-Credit Arrangements." ASU 2015-15 supplements the requirements of ASU 2015-03 by allowing an entity to defer and present debt issue costs related to a line of credit arrangement as an asset and subsequently amortize the deferred costs ratably over the term of the line of credit arrangement. The Company has not yet determined in which period it will adopt the new guidance. Upon adoption, long-term debt issuance costs will be reclassified from other long-term assets to long-term debt on the Condensed Consolidated Balance Sheets. In July 2015, the FASB issued ASU 2015-11, "Simplifying the Measurement of Inventory." Topic 330, Inventory, currently requires an entity to measure inventory at the lower of cost or market, with market value represented by replacement cost, net realizable value or net realizable value less a normal profit margin. The amendments in ASU 2015-11 require an entity to measure inventory at the lower of cost or net realizable value. ASU 2015-11 is effective for annual reporting periods, and interim periods within that period, beginning after December 15, 2016 (fiscal year 2018 for the Company). The Company does not expect the adoption of this guidance to have a material impact on its Consolidated Financial Statements. In November 2015, the FASB issued ASU 2015-17, "Balance Sheet Classification of Deferred Taxes," which simplifies the presentation of deferred taxes by requiring that deferred tax assets and liabilities be presented as noncurrent on the balance sheet. ASU 2015-17 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2015 (fiscal year 2017 for the Company). The Company adopted this guidance, prospectively, as of November 30, 2015. In February 2016, the FASB issued ASU 2016-02, "Leases," which amends leasing guidance by requiring companies to recognize a right-of-use asset and a lease liability for all operating and capital (finance) leases with lease terms of greater than twelve months. The lease liability will be equal to the present value of lease payments. The lease asset will be based on the lease liability, subject to adjustment, such as for initial direct costs. For income statement purposes, leases will continue to be classified as operating or capital (finance), with lease expense in both cases calculated substantially the same as under the prior leasing guidance. The updated guidance is effective for interim and annual periods beginning after December 15, 2018 (fiscal year 2020 for the Company), and early adoption is permitted. The Company has not yet determined the potential effects of the adoption of ASU 2016-02 on its Consolidated Financial Statements. |
Business Acquisitions and Nonco
Business Acquisitions and Noncontrolling Interests | 3 Months Ended |
Feb. 27, 2016 | |
Business Combinations [Abstract] | |
Business Acquisitions and Noncontrolling Interests | BUSINESS ACQUISITIONS AND NONCONTROLLING INTERESTS Business Acquisitions TDC On January 29, 2016 the Company acquired certain assets of TDC Filter Manufacturing, Inc. (“TDC”), a manufacturer and supplier of pleated filter bags, dust collection cartridges and gas turbine air filters, for a purchase price of approximately $10,914 . The operations of TDC have been merged into the Company's CLARCOR Industrial Air business, headquartered in Overland Park, Kansas, which is part of the Company's Industrial/Environmental Filtration segment. A preliminary allocation of the purchase price to the assets acquired was made based on available information and incorporating management’s best estimates. Assets acquired in the transaction were recorded at their estimated acquisition-date fair values, consisting primarily of $3,200 of customer relationships, $2,657 of inventory, $1,959 of machinery and equipment, and $3,446 of goodwill. The Company is currently in the process of finalizing the valuations of all assets acquired. The Company expects to finalize the purchase price allocation within one year of the purchase date. Filter Resources 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 $21,861 , which the Company funded with borrowings under the Company's revolving credit facility. The Company assumed long-term debt of the business of $1,250 , which was immediately repaid in connection with the closing Filter Resources has operating facilities located in the Texas gulf coast and Louisiana region, with approximately 75 total employees. The business is engaged in the manufacture and distribution of filtration products for petrochemical, refinery, pipeline and other industrial applications. The operations of Filter Resources have been merged into the Company's PECOFacet group of companies, headquartered in Mineral Wells, Texas. Its results are included as part of the Company's Industrial/Environmental Filtration segment from the date of acquisition. A contingent liability for a potential earn-out payment to the former owners, based on adjusted earnings from certain capital projects, was initially recorded at its acquisition-date estimated fair value of $1,154 and is being accreted to its face value of $1,350 ratably through the conclusion of the earn-out period in 2016. The resulting contingent liability of $1,317 is included in Accrued liabilities in the Consolidated Condensed Balance Sheet at February 27, 2016 , with $33 of accretion recorded as Interest expense in the Consolidated Condensed Statement of Earnings for the three months ended February 27, 2016 . 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 allocation of the purchase price to assets acquired and liabilities assumed was finalized as of November 30, 2015. The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of acquisition of Filter Resources: Accounts receivable $ 3,180 Inventories 2,042 Other current assets 118 Property, plant and equipment 574 Goodwill 11,938 Intangible assets 10,880 Total assets acquired 28,732 Current liabilities 2,670 Noncurrent liabilities 4,201 Net assets acquired $ 21,861 Filter Resources was acquired primarily to expand the Company's access to petrochemical and refinery customers, particularly in the U.S. gulf coast region. Goodwill of $11,938 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 $ 10,800 15 years Straight-line Trademarks 80 1 year Straight-line $ 10,880 Net sales and operating profit for Filter Resources for the three months ended February 27, 2016 and February 28, 2015 (which, in the case of the three month period ended February 28, 2015, includes the period from December 17, 2014 to February 28, 2015) were as follows: Three Months Ended Three Months Ended February 27, 2016 February 28, 2015 Net sales $ 5,551 $ 4,047 Operating profit 402 276 Noncontrolling Interests Noncontrolling interests changed as follows during the three months ended February 27, 2016 and February 28, 2015 : Three Months Ended February 27, 2016 February 28, 2015 Redeemable Non-Redeemable Redeemable Non-Redeemable Noncontrolling interests at beginning of period $ — $ 896 $ 1,587 $ 1,043 Noncontrolling interests (loss) earnings — 27 (24 ) 52 Foreign currency translation — (82 ) (119 ) (84 ) Dividend — — — (206 ) Noncontrolling interests at end of period $ — $ 841 $ 1,444 $ 805 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 had the option to require the purchase of the remaining 20% ownership share by the Company after December 31, 2012 . During the three month period ended May 30, 2015, the Company exercised its option and acquired the remaining 20% ownership share for approximately $1,239 , following which SINFA became a wholly owned subsidiary. The difference between the amount paid and the carrying value of the noncontrolling interest was recorded to Retained earnings in the Consolidated Condensed Balance Sheet. |
Business Dispositions
Business Dispositions | 3 Months Ended |
Feb. 27, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Dispositions | BUSINESS DISPOSITIONS J.L. Clark On June 27, 2015, the Company sold 100% of the outstanding shares of J.L. Clark to CC Industries, Inc. ("CCI"), an affiliate of Chicago-based Henry Crown and Company, for $45,232 in cash (cash from CCI of $47,848 at closing, net of $745 cash divested and a post-closing adjustment of $1,871 related to the amount of working capital as of the closing date, as provided in the purchase agreement). Headquartered in Rockford, Illinois and with manufacturing facilities in Lancaster, Pennsylvania, J.L. Clark designs and manufactures specialty metal and plastic packaging for a variety of consumer products customers. Prior to its divestiture, J.L. Clark was the sole operating company within the Company's Packaging segment. The sale of J.L. Clark is consistent with the Company's strategic focus on being a global provider of filtration products, systems and services. Net sales and operating profit attributable to J.L. Clark for the three months ended February 27, 2016 and February 28, 2015 were as follows: 2016 2015 Net sales $ — $ 15,749 Operating profit — 439 |
Goodwill and Acquired Intangibl
Goodwill and Acquired Intangible Assets | 3 Months Ended |
Feb. 27, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Acquired Intangible Assets | GOODWILL AND ACQUIRED INTANGIBLE ASSETS All goodwill is stated on a gross basis, as the Company has not recorded any impairment charges against goodwill. The following table reconciles the activity for goodwill by segment for the three months ended February 27, 2016 : Engine/Mobile Filtration Industrial/ Environmental Filtration Packaging Total Goodwill at beginning of year $ 207,537 $ 298,728 $ — $ 506,265 Acquisition — 3,446 — 3,446 Currency translation adjustments (338 ) (4,618 ) — (4,956 ) Goodwill at end of period $ 207,199 $ 297,556 $ — $ 504,755 The following table summarizes acquired intangibles by segment. Other acquired intangibles include parts manufacturer regulatory approvals, developed technology, patents and non-compete agreements: Engine/Mobile Filtration Industrial/ Environmental Filtration Packaging Total February 27, 2016 Indefinite Lived Intangibles: Trademarks - indefinite lived $ 783 $ 74,282 $ — $ 75,065 Finite Lived Intangibles: Trademarks, gross - finite lived $ 277 $ 568 $ — $ 845 Accumulated amortization (135 ) (439 ) — (574 ) Trademarks, net - finite lived $ 142 $ 129 $ — $ 271 Customer relationships, gross $ 139,450 $ 129,732 $ — $ 269,182 Accumulated amortization (21,321 ) (41,367 ) — (62,688 ) Customer relationships, net $ 118,129 $ 88,365 $ — $ 206,494 Other acquired intangibles, gross $ 11,243 $ 60,233 $ — $ 71,476 Accumulated amortization (2,260 ) (29,191 ) — (31,451 ) Other acquired intangibles, net $ 8,983 $ 31,042 $ — $ 40,025 Total finite lived intangible assets, net $ 127,254 $ 119,536 $ — $ 246,790 Acquired intangible assets, less accumulated amortization $ 128,037 $ 193,818 $ — $ 321,855 The following table summarizes estimated amortization expense: Fiscal year 2016 $ 24,387 Fiscal year 2017 24,134 Fiscal year 2018 23,466 Fiscal year 2019 23,248 Fiscal year 2020 22,949 Amortization expense for the three months ended February 27, 2016 and February 28, 2015 was $6,150 and $6,256 , respectively. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Feb. 27, 2016 | |
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 quarterly and annual 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 • 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 February 27, 2016 Restricted trust, included in Other noncurrent assets Mutual fund investments - equities $ 304 $ 304 $ — $ — Mutual fund investments - bonds 345 345 — — Cash and equivalents 14 14 — — Total restricted trust $ 663 $ 663 $ — $ — Filter Resources contingent earn-out, included in Accrued liabilities $ 1,317 $ — $ — $ 1,317 Foreign exchange contracts, included in Prepaid expenses and other current assets $ 186 $ — $ 186 $ — Foreign exchange contracts, included in Accrued liabilities $ 812 $ — $ 812 $ — Fair Value Measurements at Reporting Date Total Level 1 Level 2 Level 3 November 28, 2015 Restricted trust, included in Other noncurrent assets Mutual fund investments - equities $ 352 $ 352 $ — $ — Mutual fund investments - bonds 363 363 — — Cash and equivalents 14 14 — — Total restricted trust $ 729 $ 729 $ — $ — Filter Resources contingent earn-out, included in Accrued liabilities $ 1,285 $ — $ — $ 1,285 Foreign exchange contracts, included in Prepaid expenses and other current assets $ 418 $ — $ 418 $ — Foreign exchange contracts, included in Accrued liabilities $ 40 $ — $ 40 $ — There were no changes in the fair value determination methods or significant assumptions used in those methods during the three months ended February 27, 2016 . There were no transfers between Level 1 and Level 2 and there were no transfers into or out of Level 3 during the three months ended February 27, 2016 . 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 Filter Resources on December 17, 2014 . This earn-out, which is payable to the former owners of Filter Resources, has been recorded at its estimated fair-value of $1,317 , in Accrued liabilities in the Consolidated Condensed Balance Sheet. The contingent liability for the earn-out 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 earn-out payment is based on estimated adjusted earnings from certain capital projects, which represent significant inputs not observed in the market and thus represents a Level 3 measurement. 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 of $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 fiscal year 2016 . The fair value measurement of the contingent earn-out payment is based primarily on 2014 and 2015 TransWeb adjusted earnings, which represent significant inputs not observed in the market and thus represents a Level 3 measurement. The contingent consideration 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 February 27, 2016 and at November 28, 2015 , based on the adjusted earnings of TransWeb. 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 February 27, 2016 and November 28, 2015 . 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 $404,308 and $403,821 for long-term debt at February 27, 2016 and November 28, 2015 , 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 February 27, 2016 and November 28, 2015 is $406,140 and $405,156 , respectively. See Note 6 for information related to the fair value of hedging instruments. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging | 3 Months Ended |
Feb. 27, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging | DERIVATIVE INSTRUMENTS AND HEDGING 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 5 for information related to the fair value measurements 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 February 27, 2016 and November 28, 2015 was $45,499 and $48,797 respectively, 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 Condensed Balance Sheets at February 27, 2016 and November 28, 2015 : February 27, 2016 November 28, 2015 Prepaid expenses and other current assets Designated as hedging instruments: Foreign exchange contracts $ — $ 263 Unrecognized firm sales commitments 358 — Total designated $ 358 $ 263 Not designated as hedging instruments: Foreign exchange contracts 186 155 Total not designated $ 186 $ 155 Total derivatives $ 544 $ 418 Accrued liabilities Designated as hedging instruments: Foreign exchange contracts $ 361 $ — Unrecognized firm sales commitments — 384 Total designated $ 361 $ 384 Not designated as hedging instruments: Foreign exchange contracts 451 40 Total not designated $ 451 $ 40 Total derivatives $ 812 $ 424 The following table presents the amounts of income (expense) from derivative instruments affecting the Consolidated Condensed Statements of Earnings for the three months ended February 27, 2016 and February 28, 2015 : February 27, 2016 February 28, 2015 Fair value hedges Foreign exchange contracts - Selling and administrative expenses $ (723 ) $ (8 ) Unrecognized firm sales commitments - Selling and administrative expenses 742 14 Total designated $ 19 $ 6 Not designated as hedges Foreign exchange contracts - Selling and administrative expenses $ (728 ) $ (66 ) Foreign exchange contracts - Other, net income (expense) 4,123 (325 ) Total not designated $ 3,395 $ (391 ) 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 Condensed Balance Sheets. The total notional amount of foreign currency contracts designated as fair value hedges outstanding at February 27, 2016 and November 28, 2015 was $4,405 and $5,326 , respectively. 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 Condensed 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 Condensed Balance Sheets and all realized and unrealized gains or losses on such foreign currency forward contracts are recognized in Other, net income on the Consolidated Condensed Statements of Earnings as incurred. The Company intends to settle the underlying inter-company advances in cash, therefore gains and losses on translation of the inter-company advances are also recognized in Other, net on the Consolidated Condensed Statements of Earnings as incurred. 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 Condensed Statements of Cash Flows. The total notional amount of such foreign currency contracts not designated as hedging instruments outstanding as of February 27, 2016 and November 28, 2015 was $36,215 and $36,259 , respectively. During the three months ended February 27, 2016, the Company recorded realized and unrealized gains of $4,123 on such forward currency contracts and losses of $4,187 on translation of the underlying inter-company advances. During the three months ended February 28, 2015, the Company recorded realized and unrealized losses of $325 on such forward currency contracts and losses of $258 on translation of the underlying inter-company advances. Additionally, the total notional amount of foreign currency contracts de-designated as fair value hedges outstanding at February 27, 2016 and November 28, 2015 was $4,879 and $7,212 , respectively. 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 | 3 Months Ended |
Feb. 27, 2016 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | ACCRUED LIABILITIES Accrued liabilities at February 27, 2016 and November 28, 2015 were as follows: February 27, November 28, Accrued salaries, wages and commissions $ 12,767 $ 16,498 Compensated absences 8,071 8,672 Accrued insurance liabilities 8,774 9,928 Warranties 7,276 7,870 Customer deposits 26,726 25,036 Other accrued liabilities 30,879 38,406 Accrued liabilities $ 94,493 $ 106,410 The Company had letters of credit totaling $19,976 and $24,581 as of February 27, 2016 and November 28, 2015 , respectively, issued to various government agencies, primarily related to industrial revenue bonds, and to insurance companies and other commercial 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 are often 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. Warranties 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 are as follows: Three Months Ended February 27, February 28, Warranty accrual at beginning of period $ 7,870 $ 9,405 Warranty accrual added through business acquisitions — 100 Accruals for warranties issued during the period 582 154 Adjustments related to pre-existing warranties (599 ) (48 ) Settlements made during the period (396 ) (373 ) Other adjustments, including currency translation (181 ) (93 ) Warranty accrual at end of period $ 7,276 $ 9,145 |
Restructuring
Restructuring | 3 Months Ended |
Feb. 27, 2016 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | RESTRUCTURING During the first quarter of fiscal 2016, the Company recorded restructuring charges of $759 , $726 of which is included in Cost of sales and $33 of which is included in Selling and administrative expenses in the Consolidated Condensed Statements of Earnings, related to efforts to more closely align operating expenses with the Company’s long-term strategic initiatives and macroeconomic business conditions. There were no such restructuring charges during the first quarter of fiscal 2015. The restructuring charges in the first quarter of 2016 consisted primarily of severance and other employee termination benefits, and lease termination costs related to the exit of an operating facility, substantially all of which costs are expected to be settled in cash. Approximately $2,537 of restructuring charges are included in Accrued liabilities in the Consolidated Condensed Balance Sheet at February 27, 2016, all of which are expected to be paid out in 2016. |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Feb. 27, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | LONG-TERM DEBT Long-term debt at February 27, 2016 and November 28, 2015 consisted of the following: February 27, 2016 November 28, 2015 Credit Facility: Revolving Credit Facility $ 198,000 $ 197,000 Term Loans 200,000 200,000 Industrial Revenue Bonds, at weighted average interest rates of 0.30%, at February 27, 2016 and November 28, 2015 7,410 7,410 Other long-term debt 730 746 Total long-term debt $ 406,140 $ 405,156 Current portion of long-term debt $ 10,299 $ 7,788 Long-term debt, less current portion $ 395,841 $ 397,368 On April 5, 2012 , the Company entered into a five-year multicurrency revolving credit agreement with a group of financial institutions . The Company subsequently entered into credit agreement amendments on November 22, 2013 and on May 1, 2014 to add a term loan facility to the revolving credit agreement, and later to increase the size of the term loan facility. On November 2, 2015 , the Company entered into an amended and restated credit facility, under which the Company may borrow up to $700,000 under a senior credit facility comprised of a $500,000 multicurrency revolving credit facility (the "Revolving Credit Facility") and $200,000 of term loans (the "Term Loans" and together with the Revolving Credit Facility the "Credit Facility"). The Revolving Credit Facility includes a $50,000 swing-line sub-facility, as well as an accordion feature that will allow the Company to increase the Revolving Credit Facility by a total of up to $100,000 , subject to securing additional commitments from existing lenders or new lending institutions. At the Company's election, borrowings under the Revolving Credit Facility and Term Loans bear interest at either (1) a defined base rate, which varies with the highest of the defined prime rate, a specified margin over the federal funds rate, or a specified margin over the London Interbank Offered Rate ("LIBOR"), provided that the defined base rate shall not be less than zero percent, or (2) LIBOR plus an applicable margin determined with reference to the Company's consolidated leverage ratio. Swing line borrowings 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 are unsecured, but are guaranteed by substantially all of the Company's material domestic subsidiaries. The amended and restated credit agreement also contains certain covenants customary to such agreements, including covenants that place limits on the Company's ability to incur additional debt, require the Company to maintain minimum levels of interest coverage, and restrict certain changes in ownership, as well as customary events of default. The principal balance outstanding under the Revolving Credit Facility is payable in full at maturity on November 1, 2020 . Principal is payable in respect of the Term Loans in quarterly installments based on specified percentages of the initial principal amount of the Term Loans, and the entire outstanding principal balance of the Term Loans is payable in full at maturity on November 1, 2020 . At February 27, 2016 , there was $200,000 of outstanding Term Loans with a weighted average interest rate of approximately 1.68% , there was $198,000 outstanding on the Revolving Credit Facility with a weighted average interest rate of approximately 1.68% , and the Company had a remaining borrowing capacity of $294,590 . The Credit Facility includes a $50,000 letter of credit sub-facility, against which $7,410 and $7,521 in letters of credit had been issued at February 27, 2016 and November 28, 2015 , respectively. |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits | 3 Months Ended |
Feb. 27, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits | PENSION AND OTHER POSTRETIREMENT BENEFITS The Company provides various retirement benefits, including defined benefit pension plans and postretirement healthcare plans covering certain current and retired employees in the U.S. and abroad. Components of net periodic benefit cost (income) and Company contributions for these plans were as follows: Quarter Ended February 27, February 28, Pension Benefits: Components of net periodic benefit cost (income): Service cost $ 371 $ 535 Interest cost 1,560 1,876 Expected return on plan assets (2,590 ) (2,926 ) Amortization of unrecognized: Prior service cost — (2 ) Net actuarial loss 956 968 Net periodic benefit cost $ 297 $ 451 Cash contributions $ 61 $ 64 Postretirement Healthcare Benefits: Components of net periodic benefit cost (income): Interest cost $ 2 $ 2 Amortization of unrecognized: Prior service cost (31 ) (31 ) Net actuarial gain (23 ) (37 ) Net periodic benefit income $ (52 ) $ (66 ) Cash contributions $ 11 $ 15 Net periodic benefit expense and obligations related to the Company's pension and post-retirement benefits plans are determined using a number of significant actuarial assumptions, including those related to discount rates, long-term rates of return on pension plan assets and rates of compensation increases. Discount rate assumptions are intended to reflect the rate at which the pension benefit obligations could be effectively settled on the measurement date, taking into account the nature and expected payment timing of the benefit obligations of the plan. Historically, the Company has calculated the projected benefit obligations as well as the interest cost and service cost components of net periodic benefit expense for each domestic plan using a single weighted-average discount rate, rounded to 25 basis points, based on high-quality fixed-income investments currently available (rated Aa or better) and expected to be available during the period to maturity of the benefits (the "single equivalent rate approach"). During 2015, the SEC staff expressed its acceptance for companies applying an alternate approach for measuring the service cost and interest cost components of net periodic benefit cost for postretirement benefit plan obligations. This alternate approach uses individual spot rates derived from a high-quality corporate bond yield curve to separately and directly determine service cost and interest cost based on projected benefit cash flows for each future year (the "spot rate approach"), instead of the single equivalent rate approach. Further, the SEC staff stated that it would not object to companies treating the change in approach as a change in estimate. The Company elected to change its estimate in the determination of discount rate assumptions used to determine net periodic benefit costs effective for fiscal year 2016 for each its domestic plans, changing from the single equivalent rate approach to the spot rate approach. This change in estimate had no impact on the interest cost and service cost components of net periodic benefit cost in any periods prior to fiscal year 2016, nor does it change the determination of benefit obligations for the plans at future measurement dates. The interest cost and service cost components of each plan's net periodic benefit cost for fiscal year 2016 were determined using spot rates from the Citigroup Pension Discount Curve, applied separately to the projected pension benefit cash flows in each future year. The changes in the fair value of plan assets, plan liabilities and in the assumptions, including the change to the spot rate approach as described above, result in an approximate $445 net decrease in fiscal year 2016 expense for the Company's qualified U.S. pension plans compared to fiscal year 2015 expense. The Company estimates that fiscal year 2016 expense for its qualified U.S. pension plans would have been approximately $1,343 higher under the single equivalent rate approach, all else being equal. The changes in plan liabilities and in the assumptions result in an approximate $58 net decrease in fiscal year 2016 expense for the Company's U.S. combined nonqualified plans compared to fiscal year 2015 expense. The Company estimates that fiscal year 2016 expense for its U.S. combined nonqualified plans would have been approximately $14 higher under the single equivalent rate approach, all else being equal. The actuarial assumptions used in measuring the net periodic benefit cost and plan obligations were as follows: Qualified plans: Weighted-average assumptions used to determine benefit obligation: Discount rate 3.99% 3.75% Rate of compensation increase 4.00% 4.00% Weighted-average assumptions used to determine net periodic benefit cost: Discount rate - interest cost 3.27% 3.75% Discount rate - service cost 4.16% 3.75% Rate of compensation increase 4.00% 4.00% Long-term rate of return on plan assets 6.50% 7.00% Measurement date 11/30/2015 11/30/2014 Nonqualified plans: Weighted-average assumptions used to determine benefit obligation: Discount rate 3.35% 3.00% Rate of compensation increase 4.00% 4.00% Weighted-average assumptions used to determine net periodic benefit cost: Discount rate - interest cost 2.57% 3.00% Discount rate - service cost 2.49% 3.00% Rate of compensation increase 4.00% 4.00% Measurement date 11/30/2015 11/30/2014 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. The Company expects to contribute up to the following amounts to its various plans to pay benefits during 2016 : U.S. Qualified Plans $ — U.S. Combined Nonqualified Plans 159 Non-U.S. Plan 384 Postretirement Healthcare Benefit Plan 45 Total expected contributions $ 588 During the three months ended February 27, 2016 , the Company contributed $72 to its various plans. In addition to the plan assets related to its qualified plans, the Company has also funded $663 and $729 at February 27, 2016 and November 28, 2015 , respectively, into a restricted trust for its U.S. combined nonqualified plans (see Note 5 ). This trust is included in Other noncurrent assets in the Consolidated Condensed Balance Sheets. |
Income Taxes
Income Taxes | 3 Months Ended |
Feb. 27, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The following is a reconciliation of the beginning and ending amounts of gross unrecognized tax benefits for uncertain tax positions, including positions which impact only the timing of tax benefits: Three Months Ended February 27, February 28, Unrecognized tax benefits at beginning of year $ 3,859 $ 2,487 Additions for current period tax positions 144 175 Changes in interest and penalties 34 19 Unrecognized tax benefits at end of period $ 4,037 $ 2,681 At February 27, 2016 , the amount of unrecognized tax benefit that would impact the effective tax rate, if recognized, was $2,926 . The Company recognizes interest and penalties related to unrecognized benefits in income tax expense. At February 27, 2016 , the Company had $304 accrued for the payment of interest and penalties. The Company believes it is reasonably possible that the total amount of unrecognized tax benefits will decrease by $282 over the next twelve months as a result of expected settlements with taxing authorities or the lapse of the statue 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 the next twelve months; 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 years subsequent to fiscal year 2011 are open for examination. With few exceptions, the Company is no longer subject to income tax examinations by state or foreign tax jurisdictions for years prior to 2010. The Company's effective tax rate increased 0.6 percentage points to 30.5% in the first quarter of 2016 from 29.9% in the first quarter of 2015. The Company's effective tax rate in the first quarter of 2016 reflected a 1.8 percentage point unfavorable impact from domestic manufacturing deduction adjustments related to the retroactive extension of bonus depreciation partially offset by a 1.0 percentage point favorable impact related to the extension of the research and development tax credit as well as a 0.2 percentage point favorable impact on other tax items. |
Contingencies
Contingencies | 3 Months Ended |
Feb. 27, 2016 | |
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 Condensed 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 District Court's judgment to the U.S. Court of Appeals for the Federal Circuit. On February 10, 2016, the Court of Appeals issued a unanimous decision upholding the lower court's rulings in all respects. Following this ruling, on March 7, 2016, 3M agreed to pay TransWeb $27,250 in full and final satisfaction of the judgment and applicable interest and to forgo any further rights of appeal, and TransWeb and the Company agreed not to seek any further recoveries from 3M with respect to this matter. 3M made the required payment on March 9, 2016, and the parties jointly filed a stipulated satisfaction of judgment with the District Court on March 14, 2016, concluding this matter. 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). 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 probable and reasonably estimable 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 Stock-Based
Incentive Plans and Stock-Based Compensation | 3 Months Ended |
Feb. 27, 2016 | |
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, 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 April 2024 . Upon share option exercise or restricted stock unit award conversion, the Company issues new shares unless treasury shares are available . The key provisions of the Company’s stock-based incentive plans are described in Note O of the Company’s Consolidated Financial Statements included in the 2015 Form 10-K. 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 , however, 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 three months ended February 27, 2016 and February 28, 2015 : Quarter Ended February 27, February 28, Pre-tax compensation expense $ 1,415 $ 1,848 Deferred tax benefits (514 ) (672 ) Excess tax benefits associated with tax deductions over the amount of compensation expense recognized in the consolidated condensed financial statements 35 392 Fair value of stock options on date of grant 2,144 3,196 Total intrinsic value of stock options exercised 380 1,751 Cash received upon exercise of stock options 1,131 3,111 Addition to capital in excess of par value due to exercise of stock options 1,126 3,418 The following table summarizes activity for the three months ended February 27, 2016 with respect to stock options granted by the Company and includes options granted under the 1994 Incentive Plan, the 2004 Incentive Plan, the 2009 Incentive Plan and the 2014 Incentive Plan: Options Granted Under Incentive Plans Weighted Average Exercise Price Outstanding at beginning of year 2,422,538 $ 48.46 Granted 296,500 $ 46.45 Exercised (31,963) $ 35.39 Surrendered (21,025) $ 58.19 Outstanding at end of period 2,666,050 $ 48.32 Exercisable at end of period 1,935,719 $ 46.09 At February 27, 2016 , there was $3,301 of unrecognized compensation cost related to option awards which the Company expects to recognize over a weighted-average period of 2.25 years. The following table summarizes information about the Company’s outstanding and exercisable options at February 27, 2016 : Options Outstanding Options Exercisable Range of Exercise Prices Number Weighted Average Exercise Price Intrinsic Value Weighted Average Remaining Life in Years Number Weighted Average Exercise Price Intrinsic Value Weighted Average Remaining Life in Years $25.31 - $28.13 32,000 $ 25.49 $ 726 2.92 32,000 $ 25.49 $ 726 2.92 $31.96 - $36.48 424,821 $ 33.61 6,190 2.71 424,821 $ 33.61 6,190 2.71 $42.86 - $46.80 1,037,476 $ 44.73 3,581 7.01 669,204 $ 43.91 2,857 5.73 $49.35 - $63.22 1,171,753 $ 57.46 — 7.40 809,694 $ 55.25 — 6.97 2,666,050 $ 48.32 $ 10,497 6.45 1,935,719 $ 46.09 $ 9,773 5.54 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: Three Months Ended February 27, February 28, Weighted average fair value per option at the date of grant for options granted $ 7.23 $ 10.26 Risk-free interest rate 1.46 % 1.31 % Expected dividend yield 1.89 % 1.27 % Expected volatility factor 20.40 % 19.50 % Expected option term in years 5.0 5.0 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 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 8,058 and 14,520 vested and deferred shares at February 27, 2016 and November 28, 2015 , respectively. The following table summarizes information related to restricted stock unit awards during the three months ended February 27, 2016 and February 28, 2015 : Quarter Ended February 27, February 28, Pre-tax compensation expense $ 951 $ 835 Deferred tax benefits (346 ) (304 ) Excess tax (shortfall) benefits associated with tax deductions over the amount of compensation expense recognized in the consolidated condensed financial statements (109 ) 208 Fair value of restricted stock unit awards on date of grant 2,954 3,180 Fair value of restricted stock unit awards vested 1,494 979 The following table summarizes activity for the three months ended February 27, 2016 with respect to the restricted stock unit awards: Units Weighted Average Grant Date Fair Value Nonvested at beginning of year 71,592 $ 60.09 Granted 63,605 $ 46.45 Vested (25,696) $ 58.14 Surrendered (1,092 ) $ 58.20 Nonvested at end of period 108,409 $ 52.57 As of February 27, 2016 , there was $3,865 of total unrecognized compensation cost related to restricted stock unit awards which the Company expects to recognize over a weighted-average period of 3.00 years. Restricted Stock Unit Awards with Performance Conditions Beginning in 2015, performance awards were issued to officers and certain key employees as an incentive to achieve revenue growth and operating profit margin goals over a three -year period. The awards are in the form of restricted stock units, which vest at the end of the three -year period if the specified sales growth and operating margin goals are achieved. These restricted stock unit awards are considered nonvested share awards. The restricted stock unit awards require no payment from the employee. Fair value of the restricted stock units is determined based on the market price of the stock on the grant date. Compensation cost is recorded equally over the three-year period in which the stock units are earned, based on a periodic determination of the probable performance outcome. There were no vested shares at February 27, 2016 and November 28, 2015 , respectively. The following table summarizes information related to restricted stock unit awards with performance conditions during the three months ended February 27, 2016 and February 28, 2015 : Quarter Ended February 27, February 28, Pre-tax compensation expense $ — $ 464 Deferred tax benefits — (169 ) Excess tax benefits associated with tax deductions over the amount of compensation expense recognized in the consolidated condensed financial statements — — Fair value of restricted stock unit awards on date of grant — 5,857 Fair value of restricted stock unit awards vested — — The following table summarizes activity for the three months ended February 27, 2016 with respect to the restricted stock unit awards with performance conditions: Units Weighted Average Grant Date Fair Value Nonvested at beginning of year 92,650 $ 63.22 Granted — $ — Vested — $ — Surrendered (2,671 ) $ 63.22 Nonvested at end of period 89,979 $ 63.22 As of February 27, 2016 , there was $5,688 of total unrecognized compensation cost related to restricted stock unit awards with performance conditions. The Company does not currently expect to recognize any of this compensation cost, based on the probable performance outcome. 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 three months ended February 27, 2016 and February 28, 2015 , respectively: Quarter Ended February 27, February 28, Pre-tax compensation expense $ 19 $ — Shares of Company common stock issued under the plans — — |
Earnings Per Share and Stock Re
Earnings Per Share and Stock Repurchase Activity | 3 Months Ended |
Feb. 27, 2016 | |
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 13 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 numerators and denominators utilized in the calculation of basic and diluted earnings per share: Quarter Ended February 27, February 28, Weighted average number of shares outstanding - Basic 48,803,049 50,255,915 Dilutive effect of stock-based arrangements 301,276 536,568 Weighted average number of shares outstanding - Diluted 49,104,325 50,792,483 Net earnings attributable to CLARCOR Inc. $ 21,163 $ 26,709 Net earnings per share attributable to CLARCOR Inc. - Basic $ 0.43 $ 0.53 Net earnings per share attributable to CLARCOR Inc. - Diluted $ 0.43 $ 0.53 The following table provides additional information regarding the calculation of earnings per share and stock repurchase activity: Quarter Ended February 27, February 28, Number of antidilutive options with exercise prices greater than the average market price excluded from the computation of dilutive earnings per share 1,171,753 — Common stock repurchased and retired pursuant to the Company's stock repurchase program $ 31,006 $ 7,949 Number of shares repurchased and retired pursuant to the Company's stock repurchase program 669,604 122,000 At February 27, 2016 , there remained $106,677 authorized for future purchases under the Company’s $250,000 stock repurchase program that was approved by the Company's Board of Directors on June 25, 2013. |
Segment Information
Segment Information | 3 Months Ended |
Feb. 27, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION During the periods presented herein, the Company has operated in three principal product segments: Engine/Mobile Filtration, Industrial/Environmental Filtration and Packaging. Net sales represent sales to unaffiliated customers as reported in the Consolidated Condensed Statements of Earnings. Intersegment sales were not material. 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. Refer to Note 3 for discussion of the divestiture of the Company's Packaging segment. Segment information is summarized as follows: Quarter Ended February 27, February 28, Net sales: Engine/Mobile Filtration $ 134,554 $ 144,458 Industrial/Environmental Filtration 181,718 190,916 Packaging — 15,749 $ 316,272 $ 351,123 Operating profit: Engine/Mobile Filtration $ 19,067 $ 24,746 Industrial/Environmental Filtration 12,892 14,008 Packaging — 439 31,959 39,193 Other income (expense), net (1,469 ) (1,046 ) Earnings before income taxes $ 30,490 $ 38,147 February 27, November 28, Identifiable assets: Engine/Mobile Filtration $ 746,649 $ 771,120 Industrial/Environmental Filtration 997,549 1,028,793 Packaging — — Corporate 38,059 18,543 $ 1,782,257 $ 1,818,456 |
Subsequent Event
Subsequent Event | 3 Months Ended |
Feb. 27, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENT On March 7, 2016, the Company and 3M reached an agreement with regard to the litigation matter between TransWeb and 3M, whereby 3M agreed to pay TransWeb $27,250 in full and final satisfaction of the judgment and applicable interest and to forgo any further rights of appeal, and TransWeb and the Company agreed not to seek any further recoveries from 3M. 3M made the required payment on March 9, 2016. The Company expects to record the receipt of this payment as income in the second quarter of fiscal 2016. Please refer to Note 12 for additional information. |
Basis of Presentation and Sig24
Basis of Presentation and Significant Accounting Policies (Policies) | 3 Months Ended |
Feb. 27, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation, Policy | Basis of Presentation 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 15 , the Company has three reportable segments: Engine/Mobile Filtration, Industrial/Environmental Filtration and Packaging. On June 27, 2015, the Company completed the disposition of J.L. Clark, Inc. ("J.L. Clark"), which was the sole operating company within the Company's Packaging segment. The Consolidated Condensed 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. The Consolidated Condensed Statements of Earnings, the Consolidated Condensed Statements of Comprehensive Earnings and the Consolidated Condensed Statements of Cash Flows for the periods ended February 27, 2016 and February 28, 2015 and the Consolidated Condensed Balance Sheet as of February 27, 2016 have been prepared by the Company without audit. The Consolidated Condensed Financial Statements have been prepared on the same basis as those in the Company’s Annual Report on Form 10-K for the fiscal year ended November 28, 2015 (“ 2015 Form 10-K”). The November 28, 2015 Consolidated Condensed Balance Sheet data was derived from the Company’s year-end audited Consolidated Financial Statements as presented in the 2015 Form 10-K but does not include all disclosures required by accounting principles generally accepted in the United States of America ("U.S. GAAP"). In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows have been made. The results of operations for the period ended February 27, 2016 , are not necessarily indicative of the operating results for the full year. The information included in this Form 10-Q should be read in conjunction with the audited Consolidated Financial Statements and accompanying notes included in the 2015 Form 10-K. |
Cash and Cash Equivalents and Restricted Cash, Policy | 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 German 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. |
Inventories, Policy | 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. |
Property, Plant and Equipment, Policy | Property, Plant and Equipment Plant assets classified as 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. |
Derivative Instruments and Hedging Activities, Policy | 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. |
New Accounting Guidance, Policy | New Accounting Guidance In May 2014, the FASB issued Accounting Standards Update ("ASU") No. 2014-09, "Revenue from Contracts with Customers." The purpose of ASU 2014-09 is to clarify the principles for recognizing revenue and to develop a common revenue standard for U.S. GAAP and International Financial Reporting Standards. The amendments in ASU 2014-09 require 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). Subsequently, in August 2015, the FASB issued ASU No. 2015-14, "Revenue from Contracts with Customers (Topic 606) Deferral of the Effective Date," that moves the effective date out one year (fiscal 2019 for the Company). Companies may use either a full retrospective or a modified retrospective approach to adopt ASU 2014-09 and early adoption of one year prior to the required effective date is permitted. The Company has not yet determined the potential effects of the adoption of ASU 2014-09 and ASU 2015-14 on its Consolidated Financial Statements. In April 2015, the FASB issued ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs," which requires that debt issue costs related to a recognized debt liability be presented on the balance sheet as a direct deduction from the amount of the debt liability, consistent with debt discounts and premiums. Amortization of such costs is still reported as interest expense. ASU 2015-03 is effective for fiscal years, and interim periods therein, beginning after December 15, 2015 (fiscal year 2017 for the Company), but early adoption is allowed. In August 2015, the FASB issued ASU 2015-15, "Presentation and Subsequent Measurement of Debt Issue Costs Associated with Line-of-Credit Arrangements." ASU 2015-15 supplements the requirements of ASU 2015-03 by allowing an entity to defer and present debt issue costs related to a line of credit arrangement as an asset and subsequently amortize the deferred costs ratably over the term of the line of credit arrangement. The Company has not yet determined in which period it will adopt the new guidance. Upon adoption, long-term debt issuance costs will be reclassified from other long-term assets to long-term debt on the Condensed Consolidated Balance Sheets. In July 2015, the FASB issued ASU 2015-11, "Simplifying the Measurement of Inventory." Topic 330, Inventory, currently requires an entity to measure inventory at the lower of cost or market, with market value represented by replacement cost, net realizable value or net realizable value less a normal profit margin. The amendments in ASU 2015-11 require an entity to measure inventory at the lower of cost or net realizable value. ASU 2015-11 is effective for annual reporting periods, and interim periods within that period, beginning after December 15, 2016 (fiscal year 2018 for the Company). The Company does not expect the adoption of this guidance to have a material impact on its Consolidated Financial Statements. In November 2015, the FASB issued ASU 2015-17, "Balance Sheet Classification of Deferred Taxes," which simplifies the presentation of deferred taxes by requiring that deferred tax assets and liabilities be presented as noncurrent on the balance sheet. ASU 2015-17 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2015 (fiscal year 2017 for the Company). The Company adopted this guidance, prospectively, as of November 30, 2015. In February 2016, the FASB issued ASU 2016-02, "Leases," which amends leasing guidance by requiring companies to recognize a right-of-use asset and a lease liability for all operating and capital (finance) leases with lease terms of greater than twelve months. The lease liability will be equal to the present value of lease payments. The lease asset will be based on the lease liability, subject to adjustment, such as for initial direct costs. For income statement purposes, leases will continue to be classified as operating or capital (finance), with lease expense in both cases calculated substantially the same as under the prior leasing guidance. The updated guidance is effective for interim and annual periods beginning after December 15, 2018 (fiscal year 2020 for the Company), and early adoption is permitted. The Company has not yet determined the potential effects of the adoption of ASU 2016-02 on its Consolidated Financial Statements. |
Basis of Presentation and Sig25
Basis of Presentation and Significant Accounting Policies (Tables) | 3 Months Ended |
Feb. 27, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of inventory | Inventories are summarized as follows: February 27, November 28, Raw materials $ 98,769 $ 99,129 Work in process 43,770 43,907 Finished products 134,700 131,789 Inventories $ 277,239 $ 274,825 |
Schedule of accumulated other comprehensive loss | Changes in accumulated other comprehensive loss by component for the three months ended February 27, 2016 are as follows: Pension Benefits Foreign Currency Translation Adjustments Total Balance at November 28, 2015, net of tax $ (36,003 ) $ (52,049 ) $ (88,052 ) Other comprehensive loss before reclassifications and tax (185 ) (11,936 ) (12,121 ) Tax benefit 67 — 67 Other comprehensive loss before reclassifications, net of tax (118 ) (11,936 ) (12,054 ) Reclassifications, before tax 902 (a) — 902 Tax expense (305 ) — (305 ) Reclassifications, net of tax 597 — 597 Other comprehensive income (loss), net of tax 479 (11,936 ) (11,457 ) Balance at February 27, 2016, net of tax $ (35,524 ) $ (63,985 ) $ (99,509 ) ___________ (a) Includes amortization of prior service cost and net actuarial loss included in net periodic benefit cost (see Note 10 ) that were reclassified from accumulated other comprehensive loss to selling and administrative expenses. |
Business Acquisitions and Non26
Business Acquisitions and Noncontrolling Interests (Tables) | 3 Months Ended |
Feb. 27, 2016 | |
Business Combinations [Abstract] | |
Summary of estimated fair values of assets and liabilities assumed during acquisition | The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of acquisition of Filter Resources: Accounts receivable $ 3,180 Inventories 2,042 Other current assets 118 Property, plant and equipment 574 Goodwill 11,938 Intangible assets 10,880 Total assets acquired 28,732 Current liabilities 2,670 Noncurrent liabilities 4,201 Net assets acquired $ 21,861 |
Summary of 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 $ 10,800 15 years Straight-line Trademarks 80 1 year Straight-line $ 10,880 |
Summary of net sales and operating profit | Net sales and operating profit for Filter Resources for the three months ended February 27, 2016 and February 28, 2015 (which, in the case of the three month period ended February 28, 2015, includes the period from December 17, 2014 to February 28, 2015) were as follows: Three Months Ended Three Months Ended February 27, 2016 February 28, 2015 Net sales $ 5,551 $ 4,047 Operating profit 402 276 |
Schedule of non-controlling interests | Noncontrolling interests changed as follows during the three months ended February 27, 2016 and February 28, 2015 : Three Months Ended February 27, 2016 February 28, 2015 Redeemable Non-Redeemable Redeemable Non-Redeemable Noncontrolling interests at beginning of period $ — $ 896 $ 1,587 $ 1,043 Noncontrolling interests (loss) earnings — 27 (24 ) 52 Foreign currency translation — (82 ) (119 ) (84 ) Dividend — — — (206 ) Noncontrolling interests at end of period $ — $ 841 $ 1,444 $ 805 |
Business Dispositions (Tables)
Business Dispositions (Tables) | 3 Months Ended |
Feb. 27, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary of net sales and operating profit attributable to J.L. Clark | Net sales and operating profit attributable to J.L. Clark for the three months ended February 27, 2016 and February 28, 2015 were as follows: 2016 2015 Net sales $ — $ 15,749 Operating profit — 439 |
Goodwill and Acquired Intangi28
Goodwill and Acquired Intangible Assets (Tables) | 3 Months Ended |
Feb. 27, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill | The following table reconciles the activity for goodwill by segment for the three months ended February 27, 2016 : Engine/Mobile Filtration Industrial/ Environmental Filtration Packaging Total Goodwill at beginning of year $ 207,537 $ 298,728 $ — $ 506,265 Acquisition — 3,446 — 3,446 Currency translation adjustments (338 ) (4,618 ) — (4,956 ) Goodwill at end of period $ 207,199 $ 297,556 $ — $ 504,755 |
Schedule of intangible assets by segment | The following table summarizes acquired intangibles by segment. Other acquired intangibles include parts manufacturer regulatory approvals, developed technology, patents and non-compete agreements: Engine/Mobile Filtration Industrial/ Environmental Filtration Packaging Total February 27, 2016 Indefinite Lived Intangibles: Trademarks - indefinite lived $ 783 $ 74,282 $ — $ 75,065 Finite Lived Intangibles: Trademarks, gross - finite lived $ 277 $ 568 $ — $ 845 Accumulated amortization (135 ) (439 ) — (574 ) Trademarks, net - finite lived $ 142 $ 129 $ — $ 271 Customer relationships, gross $ 139,450 $ 129,732 $ — $ 269,182 Accumulated amortization (21,321 ) (41,367 ) — (62,688 ) Customer relationships, net $ 118,129 $ 88,365 $ — $ 206,494 Other acquired intangibles, gross $ 11,243 $ 60,233 $ — $ 71,476 Accumulated amortization (2,260 ) (29,191 ) — (31,451 ) Other acquired intangibles, net $ 8,983 $ 31,042 $ — $ 40,025 Total finite lived intangible assets, net $ 127,254 $ 119,536 $ — $ 246,790 Acquired intangible assets, less accumulated amortization $ 128,037 $ 193,818 $ — $ 321,855 |
Schedule of expected amortization expense | The following table summarizes estimated amortization expense: Fiscal year 2016 $ 24,387 Fiscal year 2017 24,134 Fiscal year 2018 23,466 Fiscal year 2019 23,248 Fiscal year 2020 22,949 |
Fair Value Measurements(Tables)
Fair Value Measurements(Tables) | 3 Months Ended |
Feb. 27, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of asset 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 February 27, 2016 Restricted trust, included in Other noncurrent assets Mutual fund investments - equities $ 304 $ 304 $ — $ — Mutual fund investments - bonds 345 345 — — Cash and equivalents 14 14 — — Total restricted trust $ 663 $ 663 $ — $ — Filter Resources contingent earn-out, included in Accrued liabilities $ 1,317 $ — $ — $ 1,317 Foreign exchange contracts, included in Prepaid expenses and other current assets $ 186 $ — $ 186 $ — Foreign exchange contracts, included in Accrued liabilities $ 812 $ — $ 812 $ — Fair Value Measurements at Reporting Date Total Level 1 Level 2 Level 3 November 28, 2015 Restricted trust, included in Other noncurrent assets Mutual fund investments - equities $ 352 $ 352 $ — $ — Mutual fund investments - bonds 363 363 — — Cash and equivalents 14 14 — — Total restricted trust $ 729 $ 729 $ — $ — Filter Resources contingent earn-out, included in Accrued liabilities $ 1,285 $ — $ — $ 1,285 Foreign exchange contracts, included in Prepaid expenses and other current assets $ 418 $ — $ 418 $ — Foreign exchange contracts, included in Accrued liabilities $ 40 $ — $ 40 $ — |
Derivative Instruments and He30
Derivative Instruments and Hedging (Tables) | 3 Months Ended |
Feb. 27, 2016 | |
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 Condensed Balance Sheets at February 27, 2016 and November 28, 2015 : February 27, 2016 November 28, 2015 Prepaid expenses and other current assets Designated as hedging instruments: Foreign exchange contracts $ — $ 263 Unrecognized firm sales commitments 358 — Total designated $ 358 $ 263 Not designated as hedging instruments: Foreign exchange contracts 186 155 Total not designated $ 186 $ 155 Total derivatives $ 544 $ 418 Accrued liabilities Designated as hedging instruments: Foreign exchange contracts $ 361 $ — Unrecognized firm sales commitments — 384 Total designated $ 361 $ 384 Not designated as hedging instruments: Foreign exchange contracts 451 40 Total not designated $ 451 $ 40 Total derivatives $ 812 $ 424 |
Schedule of Derivative Instruments in Statement of Earnings | The following table presents the amounts of income (expense) from derivative instruments affecting the Consolidated Condensed Statements of Earnings for the three months ended February 27, 2016 and February 28, 2015 : February 27, 2016 February 28, 2015 Fair value hedges Foreign exchange contracts - Selling and administrative expenses $ (723 ) $ (8 ) Unrecognized firm sales commitments - Selling and administrative expenses 742 14 Total designated $ 19 $ 6 Not designated as hedges Foreign exchange contracts - Selling and administrative expenses $ (728 ) $ (66 ) Foreign exchange contracts - Other, net income (expense) 4,123 (325 ) Total not designated $ 3,395 $ (391 ) |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 3 Months Ended |
Feb. 27, 2016 | |
Payables and Accruals [Abstract] | |
Schedule of accounts payable and accrued liabilities | Accrued liabilities at February 27, 2016 and November 28, 2015 were as follows: February 27, November 28, Accrued salaries, wages and commissions $ 12,767 $ 16,498 Compensated absences 8,071 8,672 Accrued insurance liabilities 8,774 9,928 Warranties 7,276 7,870 Customer deposits 26,726 25,036 Other accrued liabilities 30,879 38,406 Accrued liabilities $ 94,493 $ 106,410 |
Schedule of product warranty liability | Changes in the Company’s warranty accrual are as follows: Three Months Ended February 27, February 28, Warranty accrual at beginning of period $ 7,870 $ 9,405 Warranty accrual added through business acquisitions — 100 Accruals for warranties issued during the period 582 154 Adjustments related to pre-existing warranties (599 ) (48 ) Settlements made during the period (396 ) (373 ) Other adjustments, including currency translation (181 ) (93 ) Warranty accrual at end of period $ 7,276 $ 9,145 |
Long-Term Debt Long-Term Debt (
Long-Term Debt Long-Term Debt (Tables) | 3 Months Ended |
Feb. 27, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | Long-term debt at February 27, 2016 and November 28, 2015 consisted of the following: February 27, 2016 November 28, 2015 Credit Facility: Revolving Credit Facility $ 198,000 $ 197,000 Term Loans 200,000 200,000 Industrial Revenue Bonds, at weighted average interest rates of 0.30%, at February 27, 2016 and November 28, 2015 7,410 7,410 Other long-term debt 730 746 Total long-term debt $ 406,140 $ 405,156 Current portion of long-term debt $ 10,299 $ 7,788 Long-term debt, less current portion $ 395,841 $ 397,368 |
Pension and Other Postretirem33
Pension and Other Postretirement Benefits (Tables) | 3 Months Ended |
Feb. 27, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of components of net periodic benefit costs (income) and company contributions | Components of net periodic benefit cost (income) and Company contributions for these plans were as follows: Quarter Ended February 27, February 28, Pension Benefits: Components of net periodic benefit cost (income): Service cost $ 371 $ 535 Interest cost 1,560 1,876 Expected return on plan assets (2,590 ) (2,926 ) Amortization of unrecognized: Prior service cost — (2 ) Net actuarial loss 956 968 Net periodic benefit cost $ 297 $ 451 Cash contributions $ 61 $ 64 Postretirement Healthcare Benefits: Components of net periodic benefit cost (income): Interest cost $ 2 $ 2 Amortization of unrecognized: Prior service cost (31 ) (31 ) Net actuarial gain (23 ) (37 ) Net periodic benefit income $ (52 ) $ (66 ) Cash contributions $ 11 $ 15 |
Schedule of assumptions used | The actuarial assumptions used in measuring the net periodic benefit cost and plan obligations were as follows: Qualified plans: Weighted-average assumptions used to determine benefit obligation: Discount rate 3.99% 3.75% Rate of compensation increase 4.00% 4.00% Weighted-average assumptions used to determine net periodic benefit cost: Discount rate - interest cost 3.27% 3.75% Discount rate - service cost 4.16% 3.75% Rate of compensation increase 4.00% 4.00% Long-term rate of return on plan assets 6.50% 7.00% Measurement date 11/30/2015 11/30/2014 Nonqualified plans: Weighted-average assumptions used to determine benefit obligation: Discount rate 3.35% 3.00% Rate of compensation increase 4.00% 4.00% Weighted-average assumptions used to determine net periodic benefit cost: Discount rate - interest cost 2.57% 3.00% Discount rate - service cost 2.49% 3.00% Rate of compensation increase 4.00% 4.00% Measurement date 11/30/2015 11/30/2014 |
Schedule of expected contributions in benefit plans | The Company expects to contribute up to the following amounts to its various plans to pay benefits during 2016 : U.S. Qualified Plans $ — U.S. Combined Nonqualified Plans 159 Non-U.S. Plan 384 Postretirement Healthcare Benefit Plan 45 Total expected contributions $ 588 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Feb. 27, 2016 | |
Income Tax Disclosure [Abstract] | |
Summary of income tax contingencies | The following is a reconciliation of the beginning and ending amounts of gross unrecognized tax benefits for uncertain tax positions, including positions which impact only the timing of tax benefits: Three Months Ended February 27, February 28, Unrecognized tax benefits at beginning of year $ 3,859 $ 2,487 Additions for current period tax positions 144 175 Changes in interest and penalties 34 19 Unrecognized tax benefits at end of period $ 4,037 $ 2,681 |
Incentive Plans and Stock-Bas35
Incentive Plans and Stock-Based Compensation (Tables) | 3 Months Ended |
Feb. 27, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of nonqualified stock option activity | The following table summarizes activity for the three months ended February 27, 2016 with respect to stock options granted by the Company and includes options granted under the 1994 Incentive Plan, the 2004 Incentive Plan, the 2009 Incentive Plan and the 2014 Incentive Plan: Options Granted Under Incentive Plans Weighted Average Exercise Price Outstanding at beginning of year 2,422,538 $ 48.46 Granted 296,500 $ 46.45 Exercised (31,963) $ 35.39 Surrendered (21,025) $ 58.19 Outstanding at end of period 2,666,050 $ 48.32 Exercisable at end of period 1,935,719 $ 46.09 |
Schedule of outstanding and exercisable options by exercise price | The following table summarizes information about the Company’s outstanding and exercisable options at February 27, 2016 : Options Outstanding Options Exercisable Range of Exercise Prices Number Weighted Average Exercise Price Intrinsic Value Weighted Average Remaining Life in Years Number Weighted Average Exercise Price Intrinsic Value Weighted Average Remaining Life in Years $25.31 - $28.13 32,000 $ 25.49 $ 726 2.92 32,000 $ 25.49 $ 726 2.92 $31.96 - $36.48 424,821 $ 33.61 6,190 2.71 424,821 $ 33.61 6,190 2.71 $42.86 - $46.80 1,037,476 $ 44.73 3,581 7.01 669,204 $ 43.91 2,857 5.73 $49.35 - $63.22 1,171,753 $ 57.46 — 7.40 809,694 $ 55.25 — 6.97 2,666,050 $ 48.32 $ 10,497 6.45 1,935,719 $ 46.09 $ 9,773 5.54 |
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: Three Months Ended February 27, February 28, Weighted average fair value per option at the date of grant for options granted $ 7.23 $ 10.26 Risk-free interest rate 1.46 % 1.31 % Expected dividend yield 1.89 % 1.27 % Expected volatility factor 20.40 % 19.50 % Expected option term in years 5.0 5.0 |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of share-based compensation costs | The following table summarizes information related to restricted stock unit awards during the three months ended February 27, 2016 and February 28, 2015 : Quarter Ended February 27, February 28, Pre-tax compensation expense $ 951 $ 835 Deferred tax benefits (346 ) (304 ) Excess tax (shortfall) benefits associated with tax deductions over the amount of compensation expense recognized in the consolidated condensed financial statements (109 ) 208 Fair value of restricted stock unit awards on date of grant 2,954 3,180 Fair value of restricted stock unit awards vested 1,494 979 |
Schedule of restricted stock unit awards | The following table summarizes activity for the three months ended February 27, 2016 with respect to the restricted stock unit awards: Units Weighted Average Grant Date Fair Value Nonvested at beginning of year 71,592 $ 60.09 Granted 63,605 $ 46.45 Vested (25,696) $ 58.14 Surrendered (1,092 ) $ 58.20 Nonvested at end of period 108,409 $ 52.57 |
Restricted Stock Unit Awards with Performance Conditions [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of share-based compensation costs | The following table summarizes information related to restricted stock unit awards with performance conditions during the three months ended February 27, 2016 and February 28, 2015 : Quarter Ended February 27, February 28, Pre-tax compensation expense $ — $ 464 Deferred tax benefits — (169 ) Excess tax benefits associated with tax deductions over the amount of compensation expense recognized in the consolidated condensed financial statements — — Fair value of restricted stock unit awards on date of grant — 5,857 Fair value of restricted stock unit awards vested — — |
Schedule of restricted stock unit awards | The following table summarizes activity for the three months ended February 27, 2016 with respect to the restricted stock unit awards with performance conditions: Units Weighted Average Grant Date Fair Value Nonvested at beginning of year 92,650 $ 63.22 Granted — $ — Vested — $ — Surrendered (2,671 ) $ 63.22 Nonvested at end of period 89,979 $ 63.22 |
Employee Stock Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of share-based compensation costs | The following table summarizes information related to stock options and stock option exercises during the three months ended February 27, 2016 and February 28, 2015 : Quarter Ended February 27, February 28, Pre-tax compensation expense $ 1,415 $ 1,848 Deferred tax benefits (514 ) (672 ) Excess tax benefits associated with tax deductions over the amount of compensation expense recognized in the consolidated condensed financial statements 35 392 Fair value of stock options on date of grant 2,144 3,196 Total intrinsic value of stock options exercised 380 1,751 Cash received upon exercise of stock options 1,131 3,111 Addition to capital in excess of par value due to exercise of stock options 1,126 3,418 |
Director [Member] | Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of share-based compensation costs | The following table summarizes information related to directors' stock compensation during the three months ended February 27, 2016 and February 28, 2015 , respectively: Quarter Ended February 27, February 28, Pre-tax compensation expense $ 19 $ — Shares of Company common stock issued under the plans — — |
Earnings Per Share and Stock 36
Earnings Per Share and Stock Repurchase Activity (Tables) | 3 Months Ended |
Feb. 27, 2016 | |
Earnings Per Share and Stock Repurchase Activity [Abstract] | |
Schedule of weighted average number of shares | The following table provides a reconciliation of the numerators and denominators utilized in the calculation of basic and diluted earnings per share: Quarter Ended February 27, February 28, Weighted average number of shares outstanding - Basic 48,803,049 50,255,915 Dilutive effect of stock-based arrangements 301,276 536,568 Weighted average number of shares outstanding - Diluted 49,104,325 50,792,483 Net earnings attributable to CLARCOR Inc. $ 21,163 $ 26,709 Net earnings per share attributable to CLARCOR Inc. - Basic $ 0.43 $ 0.53 Net earnings per share attributable to CLARCOR Inc. - Diluted $ 0.43 $ 0.53 |
Schedule of additional information used in the calculation of earnings per share | The following table provides additional information regarding the calculation of earnings per share and stock repurchase activity: Quarter Ended February 27, February 28, Number of antidilutive options with exercise prices greater than the average market price excluded from the computation of dilutive earnings per share 1,171,753 — Common stock repurchased and retired pursuant to the Company's stock repurchase program $ 31,006 $ 7,949 Number of shares repurchased and retired pursuant to the Company's stock repurchase program 669,604 122,000 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Feb. 27, 2016 | |
Segment Reporting [Abstract] | |
Schedule of segment information | Segment information is summarized as follows: Quarter Ended February 27, February 28, Net sales: Engine/Mobile Filtration $ 134,554 $ 144,458 Industrial/Environmental Filtration 181,718 190,916 Packaging — 15,749 $ 316,272 $ 351,123 Operating profit: Engine/Mobile Filtration $ 19,067 $ 24,746 Industrial/Environmental Filtration 12,892 14,008 Packaging — 439 31,959 39,193 Other income (expense), net (1,469 ) (1,046 ) Earnings before income taxes $ 30,490 $ 38,147 February 27, November 28, Identifiable assets: Engine/Mobile Filtration $ 746,649 $ 771,120 Industrial/Environmental Filtration 997,549 1,028,793 Packaging — — Corporate 38,059 18,543 $ 1,782,257 $ 1,818,456 |
Basis of Presentation and Sig38
Basis of Presentation and Significant Accounting Policies - Inventory (Details) - USD ($) $ in Thousands | Feb. 27, 2016 | Nov. 28, 2015 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Raw materials | $ 98,769 | $ 99,129 |
Work in process | 43,770 | 43,907 |
Finished products | 134,700 | 131,789 |
Inventories | $ 277,239 | $ 274,825 |
Basis of Presentation and Sig39
Basis of Presentation and Significant Accounting Policies - AOCI (Details) $ in Thousands | 3 Months Ended | |
Feb. 27, 2016USD ($) | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at beginning of period, net of tax | $ (88,052) | |
Other comprehensive loss before reclassifications and tax | (12,121) | |
Tax benefit | 67 | |
Other comprehensive loss before reclassifications, net of tax | (12,054) | |
Reclassifications, before tax | 902 | |
Tax expense | (305) | |
Reclassifications, net of tax | 597 | |
Other comprehensive income (loss), net of tax | (11,457) | |
Balance at end of period, net of tax | (99,509) | |
Pension Benefits [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at beginning of period, net of tax | (36,003) | |
Other comprehensive loss before reclassifications and tax | (185) | |
Tax benefit | 67 | |
Other comprehensive loss before reclassifications, net of tax | (118) | |
Reclassifications, before tax | 902 | [1] |
Tax expense | (305) | |
Reclassifications, net of tax | 597 | |
Other comprehensive income (loss), net of tax | 479 | |
Balance at end of period, net of tax | (35,524) | |
Foreign Currency Translation Adjustments [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at beginning of period, net of tax | (52,049) | |
Other comprehensive loss before reclassifications and tax | (11,936) | |
Tax benefit | 0 | |
Other comprehensive loss before reclassifications, net of tax | (11,936) | |
Reclassifications, before tax | 0 | |
Tax expense | 0 | |
Reclassifications, net of tax | 0 | |
Other comprehensive income (loss), net of tax | (11,936) | |
Balance at end of period, net of tax | $ (63,985) | |
[1] | Includes amortization of prior service cost and net actuarial loss included in net periodic benefit cost (see Note 10) that were reclassified from accumulated other comprehensive loss to selling and administrative expenses. |
Basis of Presentation and Sig40
Basis of Presentation and Significant Accounting Policies - Narrative (Details) $ in Thousands | 3 Months Ended | |
Feb. 27, 2016USD ($)reportable_segment | Nov. 28, 2015USD ($) | |
Property, Plant and Equipment [Line Items] | ||
Number of reportable segments | reportable_segment | 3 | |
Restricted cash, noncurrent | $ 1,345 | $ 1,294 |
Asset held for sale | 533 | 533 |
Rockford, Illinois Facility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Asset held for sale | $ 533 | $ 533 |
Business Acquisitions and Non41
Business Acquisitions and Noncontrolling Interests - Narrative (Details) $ in Thousands | Jan. 29, 2016USD ($) | Dec. 17, 2014USD ($)employee | Mar. 31, 2007 | Feb. 27, 2016USD ($) | May. 30, 2015USD ($) | Nov. 28, 2015USD ($) | Mar. 07, 2007 |
Business Acquisition [Line Items] | |||||||
Goodwill | $ 504,755 | $ 506,265 | |||||
Accretion of contingent liability | 33 | ||||||
TDC Filter Manufacturing, Inc. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Purchase price | $ 10,914 | ||||||
Customer relationships | 3,200 | ||||||
Inventory | 2,657 | ||||||
Machinery and equipment | 1,959 | ||||||
Goodwill | $ 3,446 | ||||||
Filter Resources, Inc. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Inventory | $ 2,042 | ||||||
Machinery and equipment | 574 | ||||||
Goodwill | $ 11,938 | ||||||
Percentage of outstanding shares acquired | 100.00% | ||||||
Gross payments made to acquire business | $ 21,861 | ||||||
Assumed long-term debt | $ 1,250 | ||||||
Number of employees in acquired business | employee | 75 | ||||||
Face value of contingent liability | $ 1,154 | $ 1,317 | |||||
Contingent consideration face value | $ 1,350 | ||||||
SINFA [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Effective date of acquisition | Mar. 7, 2007 | ||||||
Noncontrolling interest, ownership percentage by parent | 80.00% | ||||||
Name of acquired entity | Sinfa SA | ||||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 20.00% | 20.00% | |||||
Payments to noncontrolling interest | $ 1,239 |
Business Acquisitions and Non42
Business Acquisitions and Noncontrolling Interests - Assets and Liabilities Acquired (Details) - USD ($) $ in Thousands | Feb. 27, 2016 | Nov. 28, 2015 | Dec. 17, 2014 |
Business Acquisition [Line Items] | |||
Goodwill | $ 504,755 | $ 506,265 | |
Filter Resources, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Accounts receivable | $ 3,180 | ||
Inventories | 2,042 | ||
Other current assets | 118 | ||
Property, plant and equipment | 574 | ||
Goodwill | 11,938 | ||
Intangible assets | 10,880 | ||
Total assets acquired | 28,732 | ||
Current liabilities | 2,670 | ||
Noncurrent liabilities | 4,201 | ||
Net assets acquired | $ 21,861 |
Business Acquisitions and Non43
Business Acquisitions and Noncontrolling Interests - Acquired Intangibles (Details) $ in Thousands | Dec. 17, 2014USD ($) |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Estimated value, finite | $ 10,880 |
Filter Resources, Inc. [Member] | Customer Relationships [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Estimated value, finite | $ 10,800 |
Weighted average Useful life (Less than one year for Air Filtrations GE Transitional Trademark License and Backlog) | 15 years |
Amortization method | Straight-line |
Filter Resources, Inc. [Member] | Trademarks [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Estimated value, finite | $ 80 |
Weighted average Useful life (Less than one year for Air Filtrations GE Transitional Trademark License and Backlog) | 1 year |
Amortization method | Straight-line |
Business Acquisitions and Non44
Business Acquisitions and Noncontrolling Interests - Pro Forma (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 27, 2016 | Feb. 28, 2015 | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||
Net sales | $ 316,272 | $ 351,123 |
Operating profit | 100,901 | 112,975 |
Filter Resources, Inc. [Member] | ||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||
Net sales | 5,551 | 4,047 |
Operating profit | $ 402 | $ 276 |
Business Acquisitions and Non45
Business Acquisitions and Noncontrolling Interests - Noncontrolling Interests (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 27, 2016 | Feb. 28, 2015 | |
Increase (Decrease) in Stockholders Equity and Temporary Equity [Roll Forward] | ||
Noncontrolling interests (loss) earnings | $ 27 | $ 28 |
Redeemable noncontrolling interests [Member] | ||
Increase (Decrease) in Stockholders Equity and Temporary Equity [Roll Forward] | ||
Redeemable noncontrolling interests, beginning of period | 0 | 1,587 |
Noncontrolling interests (loss) earnings | 0 | (24) |
Foreign currency translation | 0 | (119) |
Dividend | 0 | 0 |
Redeemable noncontrolling interests, end of period | 0 | 1,444 |
Non-redeemable noncontrolling interests [Member] | ||
Increase (Decrease) in Stockholders Equity and Temporary Equity [Roll Forward] | ||
Redeemable noncontrolling interests, beginning of period | 896 | 1,043 |
Noncontrolling interests (loss) earnings | 27 | 52 |
Foreign currency translation | (82) | (84) |
Dividend | 0 | (206) |
Redeemable noncontrolling interests, end of period | $ 841 | $ 805 |
Business Dispositions - Additio
Business Dispositions - Additional Information (Details) - J.L. Clark, Inc [Member] $ in Thousands | Jun. 27, 2015USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Ownership percentage | 100.00% |
Cash consideration for sale of disposal asset | $ 45,232 |
Consideration for sale of disposal assets | 47,848 |
Cash divested | 745 |
Post-closing adjustment | $ 1,871 |
Business Disposition - Schedule
Business Disposition - Schedule of Sales and Profit (Details) - J.L. Clark, Inc [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 27, 2016 | Feb. 28, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net sales | $ 0 | $ 15,749 |
Operating profit | $ 0 | $ 439 |
Goodwill and Acquired Intangi48
Goodwill and Acquired Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 27, 2016 | Feb. 27, 2016 | |
Goodwill [Roll Forward] | ||
Goodwill at beginning of year | $ 506,265 | |
Acquisition | 3,446 | |
Currency translation adjustments | (4,956) | |
Goodwill at end of period | 506,265 | $ 504,755 |
Engine/Mobile Filtration [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill at beginning of year | 207,537 | |
Acquisition | 0 | |
Currency translation adjustments | (338) | |
Goodwill at end of period | 207,537 | 207,199 |
Industrial/Environmental Filtration [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill at beginning of year | 298,728 | |
Acquisition | 3,446 | |
Currency translation adjustments | (4,618) | |
Goodwill at end of period | 298,728 | 297,556 |
Packaging [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill at beginning of year | 0 | |
Acquisition | 0 | |
Currency translation adjustments | 0 | |
Goodwill at end of period | $ 0 | $ 0 |
Goodwill and Acquired Intangi49
Goodwill and Acquired Intangible Assets - Acquired Intangibles by Segment (Details) - USD ($) $ in Thousands | Feb. 27, 2016 | Nov. 28, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Trademarks - indefinite lived | $ 75,065 | |
Intangible asset, net - finite lived | 246,790 | |
Acquired intangible assets, less accumulated amortization | 321,855 | $ 329,155 |
Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, gross - finite lived | 845 | |
Accumulated amortization - finite lived intangible asset | (574) | |
Intangible asset, net - finite lived | 271 | |
Customer relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, gross - finite lived | 269,182 | |
Accumulated amortization - finite lived intangible asset | (62,688) | |
Intangible asset, net - finite lived | 206,494 | |
Other Acquired Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, gross - finite lived | 71,476 | |
Accumulated amortization - finite lived intangible asset | (31,451) | |
Intangible asset, net - finite lived | 40,025 | |
Engine/Mobile Filtration [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Trademarks - indefinite lived | 783 | |
Intangible asset, net - finite lived | 127,254 | |
Acquired intangible assets, less accumulated amortization | 128,037 | |
Engine/Mobile Filtration [Member] | Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, gross - finite lived | 277 | |
Accumulated amortization - finite lived intangible asset | (135) | |
Intangible asset, net - finite lived | 142 | |
Engine/Mobile Filtration [Member] | Customer relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, gross - finite lived | 139,450 | |
Accumulated amortization - finite lived intangible asset | (21,321) | |
Intangible asset, net - finite lived | 118,129 | |
Engine/Mobile Filtration [Member] | Other Acquired Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, gross - finite lived | 11,243 | |
Accumulated amortization - finite lived intangible asset | (2,260) | |
Intangible asset, net - finite lived | 8,983 | |
Industrial/Environmental Filtration [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Trademarks - indefinite lived | 74,282 | |
Intangible asset, net - finite lived | 119,536 | |
Acquired intangible assets, less accumulated amortization | 193,818 | |
Industrial/Environmental Filtration [Member] | Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, gross - finite lived | 568 | |
Accumulated amortization - finite lived intangible asset | (439) | |
Intangible asset, net - finite lived | 129 | |
Industrial/Environmental Filtration [Member] | Customer relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, gross - finite lived | 129,732 | |
Accumulated amortization - finite lived intangible asset | (41,367) | |
Intangible asset, net - finite lived | 88,365 | |
Industrial/Environmental Filtration [Member] | Other Acquired Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, gross - finite lived | 60,233 | |
Accumulated amortization - finite lived intangible asset | (29,191) | |
Intangible asset, net - finite lived | 31,042 | |
Packaging [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Trademarks - indefinite lived | 0 | |
Intangible asset, net - finite lived | 0 | |
Acquired intangible assets, less accumulated amortization | 0 | |
Packaging [Member] | Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, gross - finite lived | 0 | |
Accumulated amortization - finite lived intangible asset | 0 | |
Intangible asset, net - finite lived | 0 | |
Packaging [Member] | Customer relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, gross - finite lived | 0 | |
Accumulated amortization - finite lived intangible asset | 0 | |
Intangible asset, net - finite lived | 0 | |
Packaging [Member] | Other Acquired Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, gross - finite lived | 0 | |
Accumulated amortization - finite lived intangible asset | 0 | |
Intangible asset, net - finite lived | $ 0 |
Goodwill and Acquired Intangi50
Goodwill and Acquired Intangible Assets - Estimated Amortization Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 27, 2016 | Feb. 28, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Fiscal year 2016 | $ 24,387 | |
Fiscal year 2017 | 24,134 | |
Fiscal year 2018 | 23,466 | |
Fiscal year 2019 | 23,248 | |
Fiscal year 2020 | 22,949 | |
Amortization expense | $ 6,150 | $ 6,256 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) $ in Thousands | Dec. 29, 2010USD ($)owner | Feb. 27, 2016USD ($) | Feb. 28, 2015USD ($) | Nov. 28, 2015USD ($) | Dec. 17, 2014USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Change in fair value of TransWeb contingent earn-out | $ 0 | $ 0 | |||
Filter Resources, Inc. [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Other liabilities | 1,317 | $ 1,154 | |||
TransWeb [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Number of former owners | owner | 1 | ||||
Other liabilities | $ 1,018 | ||||
Estimate of Fair Value Measurement [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Long-term debt, fair value | 404,308 | $ 403,821 | |||
Reported Value Measurement [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Long-term debt, fair value | 406,140 | 405,156 | |||
Other Noncurrent Assets [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Restricted trust, included in Other noncurrent assets | 663 | 729 | |||
Other Noncurrent Assets [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 | 304 | 352 | |||
Other Noncurrent Assets [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 | 345 | 363 | |||
Other Noncurrent Assets [Member] | Cash and Cash Equivalents [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Restricted trust, included in Other noncurrent assets | 14 | 14 | |||
Other Noncurrent Assets [Member] | Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Restricted trust, included in Other noncurrent assets | 663 | 729 | |||
Other Noncurrent Assets [Member] | 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 | 304 | 352 | |||
Other Noncurrent Assets [Member] | 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 | 345 | 363 | |||
Other Noncurrent Assets [Member] | Level 1 [Member] | Cash and Cash Equivalents [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Restricted trust, included in Other noncurrent assets | 14 | 14 | |||
Other Noncurrent Assets [Member] | 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 | |||
Other Noncurrent Assets [Member] | 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 | |||
Other Noncurrent Assets [Member] | 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 | |||
Other Noncurrent Assets [Member] | Level 2 [Member] | Cash and Cash Equivalents [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Restricted trust, included in Other noncurrent assets | 0 | 0 | |||
Other Noncurrent Assets [Member] | 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 | |||
Other Noncurrent Assets [Member] | 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 | |||
Other Noncurrent Assets [Member] | 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 | |||
Other Noncurrent Assets [Member] | Level 3 [Member] | Cash and Cash Equivalents [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Restricted trust, included in Other noncurrent assets | 0 | 0 | |||
Prepaid Expenses and Other Current Assets [Member] | Foreign Exchange Contract [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 | 186 | 418 | |||
Prepaid Expenses and Other Current Assets [Member] | Foreign Exchange Contract [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 | 0 | |||
Prepaid Expenses and Other Current Assets [Member] | Foreign Exchange Contract [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 | 186 | 418 | |||
Prepaid Expenses and Other Current Assets [Member] | Foreign Exchange Contract [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 | 0 | |||
Accrued Liabilities [Member] | Filter Resources, Inc. [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Other liabilities | 1,317 | 1,285 | |||
Accrued Liabilities [Member] | Filter Resources, Inc. [Member] | Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Other liabilities | 0 | 0 | |||
Accrued Liabilities [Member] | Filter Resources, Inc. [Member] | Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Other liabilities | 0 | 0 | |||
Accrued Liabilities [Member] | Filter Resources, Inc. [Member] | Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Other liabilities | 1,317 | 1,285 | |||
Accrued Liabilities [Member] | Foreign Exchange Contract [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 | 812 | 40 | |||
Accrued Liabilities [Member] | Foreign Exchange Contract [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 | 0 | |||
Accrued Liabilities [Member] | Foreign Exchange Contract [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 | 812 | 40 | |||
Accrued Liabilities [Member] | Foreign Exchange Contract [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 | $ 0 |
Derivative Instruments and He52
Derivative Instruments and Hedging - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Feb. 27, 2016 | Feb. 28, 2015 | Nov. 28, 2015 | |
Foreign Exchange Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional amount | $ 4,879 | $ 7,212 | |
Foreign Exchange Contract [Member] | Fair Value Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional amount | 4,405 | 5,326 | |
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivative | 19 | $ 6 | |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Selling, General and Administrative Expenses [Member] | Fair Value Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivative | (723) | (8) | |
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 | 742 | 14 | |
Not Designated as Hedging Instrument [Member] | Net Investment Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivative | 3,395 | (391) | |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional amount | 36,215 | 36,259 | |
Gain (loss) on forward currency contracts | 4,123 | (325) | |
Gain (loss) on translation of underlying inter-company advances | (4,187) | (258) | |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Fair Value Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional amount | 45,499 | $ 48,797 | |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Selling, General and Administrative Expenses [Member] | Net Investment Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivative | (728) | (66) | |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Other Income (Expense) [Member] | Net Investment Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivative | $ 4,123 | $ (325) |
Derivative Instruments and He53
Derivative Instruments and Hedging (Fair Value in Balance Sheet) (Details) - USD ($) $ in Thousands | Feb. 27, 2016 | Nov. 28, 2015 |
Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | $ 544 | $ 418 |
Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability | 812 | 424 |
Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | 358 | 263 |
Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability | 361 | 384 |
Not Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | 186 | 155 |
Not Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability | 451 | 40 |
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | 0 | 263 |
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability | 361 | 0 |
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | 186 | 155 |
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability | 451 | 40 |
Unrecognized Firm Sales Commitments [Member] | Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | 358 | 0 |
Unrecognized Firm Sales Commitments [Member] | Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability | $ 0 | $ 384 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Feb. 27, 2016 | Nov. 28, 2015 | Feb. 28, 2015 | Nov. 29, 2014 |
Payables and Accruals [Abstract] | ||||
Accrued salaries, wages and commissions | $ 12,767 | $ 16,498 | ||
Compensated absences | 8,071 | 8,672 | ||
Accrued insurance liabilities | 8,774 | 9,928 | ||
Warranties | 7,276 | 7,870 | $ 9,145 | $ 9,405 |
Customer deposits | 26,726 | 25,036 | ||
Other accrued liabilities | 30,879 | 38,406 | ||
Accrued liabilities | 94,493 | 106,410 | ||
Letters of credit outstanding, amount | $ 19,976 | $ 24,581 |
Accrued Liabilities - Warrantie
Accrued Liabilities - Warranties (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 27, 2016 | Feb. 28, 2015 | |
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward] | ||
Warranty accrual at beginning of period | $ 7,870 | $ 9,405 |
Warranty accrual added through business acquisitions | 0 | 100 |
Accruals for warranties issued during the period | 582 | 154 |
Adjustments related to pre-existing warranties | (599) | (48) |
Settlements made during the period | (396) | (373) |
Other adjustments, including currency translation | (181) | (93) |
Warranty accrual at end of period | $ 7,276 | $ 9,145 |
Restructuring (Details)
Restructuring (Details) - USD ($) | 3 Months Ended | |
Feb. 27, 2016 | Feb. 28, 2015 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | $ 759,000 | $ 0 |
Cost of Sales [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 726,000 | |
Selling, General and Administrative Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 33,000 | |
Accrued Liabilities [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring reserve | $ 2,537,000 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) | Apr. 05, 2012 | Feb. 27, 2016 | Nov. 28, 2015 | Nov. 02, 2015 |
Line of Credit Facility [Line Items] | ||||
Long-term debt | $ 406,140,000 | $ 405,156,000 | ||
Other long-term debt | 730,000 | 746,000 | ||
Current portion of long-term debt | 10,299,000 | 7,788,000 | ||
Long-term debt, less current portion | 395,841,000 | 397,368,000 | ||
Letters of credit outstanding, amount | 19,976,000 | 24,581,000 | ||
Credit Facility 2012 [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit facility, expiration period | 5 years | |||
Current borrowing capacity | $ 700,000,000 | |||
Long-term debt, amount | $ 198,000,000 | |||
Long-term debt, weighted average interest rate | 1.68% | |||
Remaining borrowing capacity | $ 294,590,000 | |||
Credit Facility 2012 [Member] | Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Long-term debt | 198,000,000 | 197,000,000 | ||
Current borrowing capacity, multicurrency line | 500,000,000 | |||
Subline letters of credit maximum capacity | 50,000,000 | |||
Additional borrowing capacity | 100,000,000 | |||
Credit Facility 2012 [Member] | Term Loan [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Long-term debt | 200,000,000 | 200,000,000 | $ 200,000,000 | |
Long-term debt, amount | $ 200,000,000 | |||
Long-term debt, weighted average interest rate | 1.68% | |||
Credit Facility 2012 [Member] | Letter of Credit Subline [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Subline letters of credit maximum capacity | $ 50,000,000 | |||
Letters of credit outstanding, amount | $ 7,410,000 | 7,521,000 | ||
Bonds [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Long-term debt | $ 7,410,000 | $ 7,410,000 | ||
Long-term debt, weighted average interest rate | 0.30% | 0.30% |
Pension and Other Postretirem58
Pension and Other Postretirement Benefits - Components of Net Periodic Benefit Cost (Income) and Contributions (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 27, 2016 | Feb. 28, 2015 | |
Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | ||
Cash contributions | $ 72 | |
Pension Benefits [Member] | ||
Components of net periodic benefit cost (income): | ||
Service cost | 371 | $ 535 |
Interest cost | 1,560 | 1,876 |
Expected return on plan assets | (2,590) | (2,926) |
Amortization of unrecognized: | ||
Prior service cost | 0 | (2) |
Net actuarial loss (gain) | 956 | 968 |
Net periodic benefit cost | 297 | 451 |
Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | ||
Cash contributions | 61 | 64 |
Postretirement Healthcare Benefit Plan [Member] | ||
Components of net periodic benefit cost (income): | ||
Interest cost | 2 | 2 |
Amortization of unrecognized: | ||
Prior service cost | (31) | (31) |
Net actuarial loss (gain) | (23) | (37) |
Net periodic benefit cost | (52) | (66) |
Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | ||
Cash contributions | 11 | $ 15 |
Qualified Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Effect of plan amendment on net periodic benefit cost | 445 | |
Effect of plan amendment on net periodic benefit cost compared to prior approach | $ 1,343 | |
Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | ||
Discount rate | 3.99% | 3.75% |
Rate of compensation increase | 4.00% | 4.00% |
Discount rate - interest cost | 3.27% | 3.75% |
Discount rate - service cost | 4.16% | 3.75% |
Long-term rate of return on plan assets | 6.50% | 7.00% |
Rate of compensation increase | 4.00% | 4.00% |
Nonqualified Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Effect of plan amendment on net periodic benefit cost | $ 58 | |
Effect of plan amendment on net periodic benefit cost compared to prior approach | $ 14 | |
Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | ||
Discount rate | 3.35% | 3.00% |
Rate of compensation increase | 4.00% | 4.00% |
Discount rate - interest cost | 2.57% | 3.00% |
Discount rate - service cost | 2.49% | 3.00% |
Rate of compensation increase | 4.00% | 4.00% |
Pension and Other Postretirem59
Pension and Other Postretirement Benefits - Expected Contributions (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 27, 2016 | Feb. 28, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Total expected contributions | $ 588 | |
Cash contributions | 72 | |
U.S. Qualified Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total expected contributions | 0 | |
U.S. Combined Nonqualified Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total expected contributions | 159 | |
Non-U.S. Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total expected contributions | 384 | |
Postretirement Healthcare Benefit Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total expected contributions | 45 | |
Cash contributions | $ 11 | $ 15 |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 27, 2016 | Feb. 28, 2015 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Unrecognized tax benefits at beginning of year | $ 3,859 | $ 2,487 |
Additions for current period tax positions | 144 | 175 |
Changes in interest and penalties | 34 | 19 |
Unrecognized tax benefits at end of period | $ 4,037 | $ 2,681 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 27, 2016 | Feb. 28, 2015 | |
Income Tax Disclosure [Abstract] | ||
Unrecognized tax benefits that would impact the effective tax rate if recognized | $ 2,926 | |
Accrued for the payment of interest and penalties | 304 | |
Reductions for lapse of statue of limitations / settlements | $ 282 | |
Increase in effective tax rate | 0.60% | |
Effective tax rate | 30.50% | 29.90% |
Unfavorable domestic manufacturing deduction adjustment | 1.80% | |
Favorable extension of research and development tax credit | 1.00% | |
Other favorable tax impacts | 0.20% |
Contingencies (Details)
Contingencies (Details) $ in Thousands | Mar. 07, 2016USD ($) | Apr. 21, 2012USD ($) | Feb. 27, 2016Juror |
Loss Contingencies [Line Items] | |||
Number of jurors | Juror | 6 | ||
TransWeb [Member] | |||
Loss Contingencies [Line Items] | |||
Gain contingency not yet recognized | $ 26,147 | ||
Settled Litigation [Member] | TransWeb [Member] | Subsequent Event [Member] | |||
Loss Contingencies [Line Items] | |||
Gain contingency not yet recognized | $ 27,250 |
Incentive Plans and Stock-Bas63
Incentive Plans and Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands | Mar. 25, 2014 | Feb. 27, 2016 | Nov. 28, 2015 |
Employee and Non-Employee Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized | 6,600,000 | ||
Number of years which shares can be granted under the Plan | 10 years | ||
Vesting period | 4 years | ||
Expiration period and term of equity award in years | 10 years | ||
Unrecognized compensation cost related to share-based arrangements which the Company expects to recognize | $ 3,301 | ||
Weighted-average period in years, over which the Company expects to recognize compensation cost related to share-based arrangements | 2 years 3 months | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 4 years | ||
Unrecognized compensation cost related to share-based arrangements which the Company expects to recognize | $ 3,865 | ||
Weighted-average period in years, over which the Company expects to recognize compensation cost related to share-based arrangements | 3 years | ||
Number of vested and deferred shares | 8,058 | 14,520 | |
Restricted Stock Unit Awards with Performance Conditions [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Unrecognized compensation cost related to share-based arrangements which the Company expects to recognize | $ 5,688 | ||
Director [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Retainer period | 1 year | ||
Time period after grant before sale is allowed | 6 months | ||
Tranche One [Member] | Employee and Non-Employee Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Annual vesting percentage | 25.00% | ||
Tranche Two [Member] | Employee and Non-Employee Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Annual vesting percentage | 25.00% | ||
Tranche Three [Member] | Employee and Non-Employee Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Annual vesting percentage | 25.00% | ||
Tranche Four [Member] | Employee and Non-Employee Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Annual vesting percentage | 25.00% |
Incentive Plans and Stock-Bas64
Incentive Plans and Stock-Based Compensation - Stock Options Compensation Expense (Details) - Employee and Non-Employee Stock Options [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 27, 2016 | Feb. 28, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Pre-tax compensation expense | $ 1,415 | $ 1,848 |
Deferred tax benefits | (514) | (672) |
Excess tax benefits associated with tax deductions over the amount of compensation expense recognized in the consolidated condensed financial statements | 35 | 392 |
Fair value of stock options on date of grant | 2,144 | 3,196 |
Total intrinsic value of stock options exercised | 380 | 1,751 |
Cash received upon exercise of stock options | 1,131 | 3,111 |
Addition to capital in excess of par value due to exercise of stock options | $ 1,126 | $ 3,418 |
Incentive Plans and Stock-Bas65
Incentive Plans and Stock-Based Compensation - Stock Option Activity (Details) - Employee and Non-Employee Stock Options [Member] | 3 Months Ended |
Feb. 27, 2016$ / sharesshares | |
Options Granted Under Incentive Plans | |
Outstanding at beginning of year (in shares) | shares | 2,422,538 |
Granted (in shares) | shares | 296,500 |
Exercised (in shares) | shares | (31,963) |
Surrendered (in shares) | shares | (21,025) |
Outstanding at end of period (in shares) | shares | 2,666,050 |
Exercisable at end of period (in shares) | shares | 1,935,719 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Weighted Average Exercise Price - Outstanding Beginning of Year (in dollars per share) | $ / shares | $ 48.46 |
Weighted Average Exercise Price - Granted (in dollars per share) | $ / shares | 46.45 |
Weighted Average Exercise Price - Exercised (in dollars per share) | $ / shares | 35.39 |
Weighted Average Exercise Price - Surrendered (in dollars per share) | $ / shares | 58.19 |
Weighted Average Exercise Price - Outstanding End of Period (in dollars per share) | $ / shares | 48.32 |
Weighted Average Exercise Price - Exercisable (in dollars per share) | $ / shares | $ 46.09 |
Incentive Plans and Stock-Bas66
Incentive Plans and Stock-Based Compensation - Stock Options Exercise Prices (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Feb. 27, 2016 | Nov. 28, 2015 | |
$25.31 - $28.13 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price range, minimum (in dollars per share) | $ 25.31 | |
Exercise price range, maximum (in dollars per share) | 28.13 | |
$31.96 - $36.48 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price range, minimum (in dollars per share) | 31.96 | |
Exercise price range, maximum (in dollars per share) | 36.48 | |
$42.86 - $46.80 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price range, minimum (in dollars per share) | 42.86 | |
Exercise price range, maximum (in dollars per share) | 46.80 | |
$49.35 - $63.22 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price range, minimum (in dollars per share) | 49.35 | |
Exercise price range, maximum (in dollars per share) | $ 63.22 | |
Employee and Non-Employee Stock Options [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options outstanding (in shares) | 2,666,050 | 2,422,538 |
Options outstanding weighted average exercise price (in dollars per share) | $ 48.32 | $ 48.46 |
Options outstanding - intrinsic value | $ 10,497 | |
Options outstanding - weighted average remaining life in years | 6 years 5 months 12 days | |
Options exercisable - number (in shares) | 1,935,719 | |
Options exercisable - weighted average exercise price (in dollars per share) | $ 46.09 | |
Options exercisable - intrinsic value | $ 9,773 | |
Options exercisable - weighted average remaining life in years | 5 years 6 months 15 days | |
Employee and Non-Employee Stock Options [Member] | $25.31 - $28.13 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options outstanding (in shares) | 32,000 | |
Options outstanding weighted average exercise price (in dollars per share) | $ 25.49 | |
Options outstanding - intrinsic value | $ 726 | |
Options outstanding - weighted average remaining life in years | 2 years 11 months 1 day | |
Options exercisable - number (in shares) | 32,000 | |
Options exercisable - weighted average exercise price (in dollars per share) | $ 25.49 | |
Options exercisable - intrinsic value | $ 726 | |
Options exercisable - weighted average remaining life in years | 2 years 11 months 1 day | |
Employee and Non-Employee Stock Options [Member] | $31.96 - $36.48 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options outstanding (in shares) | 424,821 | |
Options outstanding weighted average exercise price (in dollars per share) | $ 33.61 | |
Options outstanding - intrinsic value | $ 6,190 | |
Options outstanding - weighted average remaining life in years | 2 years 8 months 16 days | |
Options exercisable - number (in shares) | 424,821 | |
Options exercisable - weighted average exercise price (in dollars per share) | $ 33.61 | |
Options exercisable - intrinsic value | $ 6,190 | |
Options exercisable - weighted average remaining life in years | 2 years 8 months 16 days | |
Employee and Non-Employee Stock Options [Member] | $42.86 - $46.80 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options outstanding (in shares) | 1,037,476 | |
Options outstanding weighted average exercise price (in dollars per share) | $ 44.73 | |
Options outstanding - intrinsic value | $ 3,581 | |
Options outstanding - weighted average remaining life in years | 7 years 4 days | |
Options exercisable - number (in shares) | 669,204 | |
Options exercisable - weighted average exercise price (in dollars per share) | $ 43.91 | |
Options exercisable - intrinsic value | $ 2,857 | |
Options exercisable - weighted average remaining life in years | 5 years 8 months 23 days | |
Employee and Non-Employee Stock Options [Member] | $49.35 - $63.22 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options outstanding (in shares) | 1,171,753 | |
Options outstanding weighted average exercise price (in dollars per share) | $ 57.46 | |
Options outstanding - intrinsic value | $ 0 | |
Options outstanding - weighted average remaining life in years | 7 years 4 months 24 days | |
Options exercisable - number (in shares) | 809,694 | |
Options exercisable - weighted average exercise price (in dollars per share) | $ 55.25 | |
Options exercisable - intrinsic value | $ 0 | |
Options exercisable - weighted average remaining life in years | 6 years 11 months 19 days |
Incentive Plans and Stock-Bas67
Incentive Plans and Stock-Based Compensation - Stock Options Fair Value Assumptions (Details) - Employee and Non-Employee Stock Options [Member] - $ / shares | 3 Months Ended | |
Feb. 27, 2016 | Feb. 28, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average fair value per option at the date of grant for options granted | $ 7.23 | $ 10.26 |
Risk-free interest rate | 1.46% | 1.31% |
Expected dividend yield | 1.89% | 1.27% |
Expected volatility factor | 20.40% | 19.50% |
Expected option term in years | 5 years | 5 years |
Incentive Plans and Stock-Bas68
Incentive Plans and Stock-Based Compensation - Restricted Stock Unit Awards Compensation Expense (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 27, 2016 | Feb. 28, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Pre-tax compensation expense | $ 951 | $ 835 |
Deferred tax benefits | (346) | (304) |
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net | (109) | 208 |
Fair value of restricted stock unit awards on date of grant | 2,954 | 3,180 |
Fair value of restricted stock unit awards vested | $ 1,494 | $ 979 |
Incentive Plans and Stock-Bas69
Incentive Plans and Stock-Based Compensation - Restricted Stock Unit Awards Activity (Details) - Restricted Stock Units (RSUs) [Member] | 3 Months Ended |
Feb. 27, 2016$ / sharesshares | |
Units | |
Nonvested at beginning of year (in units) | shares | 71,592 |
Granted (in units) | shares | 63,605 |
Vested (in units) | shares | (25,696) |
Surrendered (in units) | shares | (1,092) |
Nonvested at end of period (in units) | shares | 108,409 |
Weighted Average Grant Date Fair Value | |
Weighted Average Grant Date Fair Value - Beginning of Year (in dollars per unit) | $ / shares | $ 60.09 |
Weighted Average Grant Date Fair Value - Granted (in dollars per unit) | $ / shares | 46.45 |
Weighted Average Grant Date Fair Value - Vested (in dollar per unit) | $ / shares | 58.14 |
Weighted Average Grant Date Fair Value - Surrendered (in dollars per unit) | $ / shares | 58.20 |
Weighted Average Grant Date Fair Value - End of Period (in dollars per unit) | $ / shares | $ 52.57 |
Incentive Plans and Stock-Bas70
Incentive Plans and Stock-Based Compensation - Restricted Stock Unit Awards with Performance Conditions Compensation Expense (Details) - Restricted Stock Unit Awards with Performance Conditions [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 27, 2016 | Feb. 28, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Pre-tax compensation expense | $ 0 | $ 464 |
Deferred tax benefits | 0 | (169) |
Excess tax benefits associated with tax deductions over the amount of compensation expense recognized in the consolidated condensed financial statements | 0 | 0 |
Fair value of restricted stock unit awards on date of grant | 0 | 5,857 |
Fair value of restricted stock unit awards vested | $ 0 | $ 0 |
Incentive Plans and Stock-Bas71
Incentive Plans and Stock-Based Compensation - Restricted Stock Unit Awards with Performance Conditions Activity (Details) - Restricted Stock Unit Awards with Performance Conditions [Member] | 3 Months Ended |
Feb. 27, 2016$ / sharesshares | |
Units | |
Nonvested at beginning of year (in units) | shares | 92,650 |
Granted (in units) | shares | 0 |
Vested (in units) | shares | 0 |
Surrendered (in units) | shares | (2,671) |
Nonvested at end of period (in units) | shares | 89,979 |
Weighted Average Grant Date Fair Value | |
Weighted Average Grant Date Fair Value - Beginning of Year (in dollars per unit) | $ / shares | $ 63.22 |
Weighted Average Grant Date Fair Value - Granted (in dollars per unit) | $ / shares | 0 |
Weighted Average Grant Date Fair Value - Vested (in dollar per unit) | $ / shares | 0 |
Weighted Average Grant Date Fair Value - Surrendered (in dollars per unit) | $ / shares | 63.22 |
Weighted Average Grant Date Fair Value - End of Period (in dollars per unit) | $ / shares | $ 63.22 |
Incentive Plans and Stock-Bas72
Incentive Plans and Stock-Based Compensation - Directors' Compensation Expense (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 27, 2016 | Feb. 28, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Pre-tax compensation expense | $ 951 | $ 835 |
Director [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Pre-tax compensation expense | $ 19 | $ 0 |
Shares of Company common stock issued under the plans | 0 | 0 |
Earnings Per Share and Stock 73
Earnings Per Share and Stock Repurchase Activity - Reconciliation of Numerators and Denominators (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Feb. 27, 2016 | Feb. 28, 2015 | |
Earnings Per Share and Stock Repurchase Activity [Abstract] | ||
Weighted average number of shares outstanding - Basic (in shares) | 48,803,049 | 50,255,915 |
Dilutive effect of stock-based arrangements (in shares) | 301,276 | 536,568 |
Weighted average number of shares outstanding - Diluted (in shares) | 49,104,325 | 50,792,483 |
Net earnings attributable to CLARCOR Inc. | $ 21,163 | $ 26,709 |
Net earnings per share attributable to CLARCOR Inc. - Basic (in dollars per share) | $ 0.43 | $ 0.53 |
Net earnings per share attributable to CLARCOR Inc. - Diluted (in dollars per share) | $ 0.43 | $ 0.53 |
Earnings Per Share and Stock 74
Earnings Per Share and Stock Repurchase Activity - Calculation of Earnings per Share (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 27, 2016 | Feb. 28, 2015 | |
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 | 1,171,753 | 0 |
Common stock repurchased and retired pursuant to the Company's stock repurchase program | $ 31,006 | $ 7,949 |
Number of shares repurchased and retired pursuant to the Company's stock repurchase program | 669,604 | 122,000 |
Earnings Per Share and Stock 75
Earnings Per Share and Stock Repurchase Activity - Narrative (Details) | Feb. 27, 2016USD ($) |
Earnings Per Share and Stock Repurchase Activity [Abstract] | |
Stock repurchase program, remaining authorized repurchase amount | $ 106,677,000 |
Stock repurchase program, authorized amount | $ 250,000,000 |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 3 Months Ended | ||
Feb. 27, 2016USD ($)reportable_segment | Feb. 28, 2015USD ($) | Nov. 28, 2015USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of reportable segments | reportable_segment | 3 | ||
Net sales | $ 316,272 | $ 351,123 | |
Operating profit | 31,959 | 39,193 | |
Other income (expense), net | (1,469) | (1,046) | |
Earnings before income taxes | 30,490 | 38,147 | |
Identifiable assets | 1,782,257 | $ 1,818,456 | |
Operating Segments [Member] | Engine/Mobile Filtration [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 134,554 | 144,458 | |
Operating profit | 19,067 | 24,746 | |
Identifiable assets | 746,649 | 771,120 | |
Operating Segments [Member] | Industrial/Environmental Filtration [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 181,718 | 190,916 | |
Operating profit | 12,892 | 14,008 | |
Identifiable assets | 997,549 | 1,028,793 | |
Operating Segments [Member] | Packaging [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 0 | 15,749 | |
Operating profit | 0 | 439 | |
Identifiable assets | 0 | 0 | |
Segment Reconciling Items [Member] | |||
Segment Reporting Information [Line Items] | |||
Other income (expense), net | (1,469) | $ (1,046) | |
Corporate, Non-Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Identifiable assets | $ 38,059 | $ 18,543 |
Subsequent Event (Details)
Subsequent Event (Details) - TransWeb [Member] - USD ($) $ in Thousands | Mar. 07, 2016 | Apr. 21, 2012 |
Gain Contingencies [Line Items] | ||
Litigation settlement | $ 26,147 | |
Settled Litigation [Member] | Subsequent Event [Member] | ||
Gain Contingencies [Line Items] | ||
Litigation settlement | $ 27,250 |