Pension and Other Postretirement Benefits Disclosure [Text Block] | Note 10: Defined Contribution Plan All U.S. employees have the option of contributing up to 75 401(k) first 4 401(k) 3 3 4 401(k) 2016 $10,417 4 $4,897 3 $5,520. 401(k) $9,375 $9,414 2015 2014, The defined contribution plan liability recorded in the Consolidated Balance Sheets was $6,597 $6,062 2016 2015, Defined Benefit Plan s Noncontributory defined benefit pension plans cover all U.S. employees employed prior to January 1, 2007. 2011, May 31, 2011, three three 401(k) 2015, $8,399 $15,493 2016 2015 Health care and life insurance benefits are provided for eligible retired employees and their eligible dependents. These benefits are provided through various insurance companies and health care providers. Costs are accrued during the years the employee renders the necessary service. Certain non-U.S. subsidiaries provide pension benefits for their employees consistent with local practices and regulations. These plans are primarily defined benefit plans covering substantially all employees upon completion of a specified period of service. Benefits for these plans are generally based on years of service and annual compensation. Following is a reconciliation of the beginning and ending balances of the benefit obligation and fair value of plan assets as of December 3, 2016 November 28, 2015: Pension Benefits Other Postretirement U.S. Plans Non-U.S. Plans Benefits 2016 2015 2016 2015 2016 2015 Change in projected benefit obligation Benefit obligation at beginning of year $ 376,098 $ 408,595 $ 201,172 $ 220,216 $ 49,923 $ 54,370 Service cost 110 107 2,016 1,924 342 449 Interest cost 15,360 16,322 5,465 5,986 1,956 2,042 Participant contributions - - - - 282 328 Actuarial (gain)/loss 1 (2,253 ) (15,317 ) 15,254 3,780 (6,450 ) (3,988 ) Other - - 19 - - - Settlement payments (8,399 ) (15,493 ) (511 ) - - - Benefits paid (18,703 ) (18,116 ) (7,382 ) (7,726 ) (3,332 ) (3,278 ) Foreign currency translation effect - - (13,857 ) (23,008 ) - - Benefit obligation at end of year 362,213 376,098 202,176 201,172 42,721 49,923 Change in plan assets Fair value of plan assets at beginning of year 336,461 384,335 172,241 188,210 62,585 63,076 Actual return on plan assets 20,610 (15,799 ) 10,516 7,408 4,388 1,249 Employer contributions 1,536 1,534 2,319 1,901 2,717 1,210 Participant contributions - - - - 282 328 Settlement payments (8,399 ) (15,493 ) - - - - Other - - 98 - - - Benefits paid 2 (18,703 ) (18,116 ) (7,382 ) (7,726 ) (3,332 ) (3,278 ) Foreign currency translation effect - - (14,470 ) (17,552 ) - - Fair value of plan assets at end of year 331,505 336,461 163,323 172,241 66,640 62,585 Plan assets (less than) in excess of benefit obligation as of year end $ (30,708 ) $ (39,637 ) $ (38,853 ) $ (28,931 ) $ 23,919 $ 12,662 1 2016 $16,330 ($1,076) 2015 $11,455 $3,862 2 For the U.S. Pension Plan, we adopted the new RP- 2014 2016 . Amounts in accumulated other comprehensive income (loss) that have not been Pension Benefits Other Postretirement recognized as components of net U.S. Plans Non-U.S. Plans Benefits periodic benefit cost 2016 2015 2016 2015 2016 2015 Unrecognized actuarial loss $ 157,185 $ 160,544 $ 82,874 $ 75,157 $ 13,653 $ 21,189 Unrecognized prior service cost (benefit) 61 90 (7 ) (11 ) - (41 ) Ending balance $ 157,246 $ 160,634 $ 82,867 $ 75,146 $ 13,653 $ 21,148 Pension Benefits Other Postretirement U.S. Plans Non-U.S. Plans Benefits 2016 2015 2016 2015 2016 2015 Statement of financial position as of fiscal year-end Non-current assets $ - $ - $ - $ 4,282 $ 27,093 $ 15,755 Accrued benefit cost Current liabilities (1,489 ) (1,490 ) (1,162 ) (1,100 ) (206 ) (191 ) Non-current liabilities (29,219 ) (38,147 ) (37,691 ) (32,113 ) (2,968 ) (2,902 ) Ending balance $ (30,708 ) $ (39,637 ) $ (38,853 ) $ (28,931 ) $ 23,919 $ 12,662 The accumulated benefit obligation of the U.S. pension and other postretirement plans was $392,400 December 3, 2016 $407,011 November 28, 2015. $201,151 December 3, 2016 $193,565 November 28, 2015. The following amounts relate to pension plans with accumulated benefit obligations in excess of plan assets as of December 3, 2016 November 28, 2015: Pension Benefits and Other Postretirement Benefits U.S. Plans Non-U.S. Plans 2016 2015 2016 2015 Accumulated benefit obligation $ 352,853 $ 355,988 $ 201,151 $ 99,010 Fair value of plan assets 331,505 336,461 163,323 73,389 The following amounts relate to pension plans with projected benefit obligations in excess of plan assets as of December 3, 2016 November 28, 2015: Pension Benefits and Other Postretirement Benefits U.S. Plans Non-U.S. Plans 2016 2015 2016 2015 Projected benefit obligation $ 362,213 $ 376,098 $ 202,176 $ 113,633 Fair value of plan assets 331,505 336,461 163,323 80,421 Information about the expected cash flows follows: Pension Benefits Other U.S. Plans Non-U.S. Plans Postretirement Benefits Employer contributions 2017 $ - $ 466 $ 2,000 Expected benefit payments 2017 $ 19,206 $ 6,987 $ 3,219 2018 19,579 7,138 3,214 2019 19,926 7,487 3,214 2020 20,342 7,330 3,193 2021 20,781 7,734 3,171 2022-2026 107,660 40,290 15,046 Components of net periodic benefit cost and other supplemental information for the years ended December 3, 2016, November 28, 2015 November 29, 2014 Pension Benefits Other U.S. Plans Non-U.S. Plans Postretirement Benefits Net periodic cost (benefit) 2016 2015 2014 2016 2015 2014 2016 2015 2014 Service cost $ 110 $ 107 $ 93 $ 2,016 $ 1,924 $ 1,699 $ 342 $ 449 $ 434 Interest cost 15,360 16,322 16,086 5,465 5,986 7,626 1,956 2,042 2,143 Expected return on assets (24,776 ) (25,682 ) (23,865 ) (9,919 ) (10,422 ) (10,749 ) (5,470 ) (5,510 ) (4,742 ) Amortization: Prior service cost 29 29 29 (3 ) (4 ) (4 ) (41 ) (2,505 ) (3,771 ) Actuarial loss (gain) 5,271 5,628 4,575 3,106 3,173 3,056 2,169 2,431 2,709 Curtailment loss (gain) - - - 19 - - - - - Settlement charge (credit) - - - 135 - 246 - - - Net periodic benefit (benefit) cost $ (4,006 ) $ (3,596 ) $ (3,082 ) $ 819 $ 657 $ 1,874 $ (1,044 ) $ (3,093 ) $ (3,227 ) Pension Benefits U.S. Plans Non-U.S. Plans Postretirement benefits Amounts expected to be amortized from accumulated other comprehensive income into net periodic benefit costs over next fiscal year as of December 3, 2016 Amortization of prior service cost (benefit) $ 29 $ (3 ) $ - Amortization of net actuarial (gain) loss 5,229 3,537 1,010 $ 5,258 $ 3,534 $ 1,010 Weighted-average Pension Benefits Other assumptions used to U.S. Plans Non-U.S. Plans Postretirement Benefits determine benefit obligations 2016 2015 2014 2016 2015 2014 2016 2015 2014 Discount rate 4.08 % 4.28 % 4.08 % 2.31 % 2.82 % 2.90 % 3.85 % 4.02 % 3.84 % Rate of compensation increase 1 4.50 % 4.50 % 4.50 % 1.47 % 1.58 % 1.67 % N/A N/A N/A Weighted-average assumptions used to determine net costs for years ended 2016 2015 2014 2016 2015 2014 2016 2015 2014 Discount rate 4.28 % 4.08 % 4.74 % 2.83 % 2.95 % 3.77 % 4.02 % 3.84 % 4.33 % Expected return on plan assets 7.75 % 7.75 % 7.75 % 6.20 % 6.22 % 6.17 % 8.75 % 8.75 % 8.75 % Rate of compensation increase 1 4.50 % 4.50 % 4.50 % 1.58 % 1.58 % 1.67 % N/A N/A N/A 1 Benefits under the U.S. Pension Plan were locked-in as of May 31, 2011 4.50 2016, 2015 2014 The discount rate assumption is determined using an actuarial yield curve approach, which results in a discount rate that reflects the characteristics of the plan. The approach identifies a broad population of corporate bonds that meet the quality and size criteria for the particular plan. We use this approach rather than a specific index that has a certain set of bonds that may may 4.10 December 3, 2016, 4.30 November 28, 2015 4.10 November 29, 2014. 0.5 December 3, 2016 $213 2017. The expected long-term rate of return on plan assets assumption for the U.S. pension plan was 7.75 2016, 2015 2014. 60 40 2016 8.75 5.0 0.5 $1,991 Management, in conjunction with our external financial advisors, uses the actual historical rates of return of the asset categories to assess the reasonableness of the expected long-term rate of return on plan assets. The expected long-term rate of return on plan assets assumption for non-U.S. pension plans was a weighted-average of 6.20 2016 6.22 2015 6.17 2014. 6.75 5.75 Assumed health care trend rates 2016 2015 2014 Health care cost trend rate assumed for next year 6.75 % 7.00 % 6.50 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 5.00 % 5.00 % 5.00 % Fiscal year that the rate reaches the ultimate trend rate 2023 2024 2018 Sensitivity Information: one December 3, 2016 December 3, 2016: One-Percentage Point Increase Decrease Effect on service and interest cost components – annual $ 1 $ (88 ) Effect on accumulated postretirement benefit obligation $ 2,132 $ (1,899 ) The asset allocation for the company’s U.S. and non-U.S. pension plans at the end of 2016 2015 U.S. Pension Plans Non-U.S. Pension Plans Other Postretirement Plans Target Percentage of Plan Assets at Year-End Target Percentage of Plan Assets at Year-End Target Percentage of Plan Assets at Year-End Asset Category 2016 2016 2015 2016 2016 2015 2016 2016 2015 Equities 60.0 % 62.4 % 57.7 % 49.0 % 49.8 % 50.3 % 0.0 % 0.0 % 0.0 % Fixed income 40.0 % 38.4 % 38.8 % 51.0 % 49.6 % 49.1 % 0.0 % 0.0 % 0.0 % Insurance 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 100.0 % 99.1 % 99.5 % Cash 0.0 % -0.8 % 3.5 % 0.0 % 0.6 % 0.6 % 0.0 % 0.9 % 0.5 % Total 100 % 100 % 100 % 100 % 100 % 100 % 100 % 100 % 100 % Plan Asset Management Plan assets are held in trust and invested in mutual funds, separately managed accounts and other commingled investment vehicles holding U.S. and non-U.S. equity securities, fixed income securities and other investment classes. We employ a total return approach whereby a mix of equities and fixed income investments are used to maximize the long-term return of plan assets for a prudent level of risk. Futures and options may The U.S. pension plans consist of two 2016 2015. During 2016 60 40 5 2017. The non-U.S. pension plans consist of all the pension plans administered by us outside the U.S., principally consisting of plans in Germany, the United Kingdom, France and Canada. During 2016 2017. Other postretirement benefits plans consist of two 2016 2015. 500. Fair Value of Plan Assets The following table presents plan assets categorized within a three 13. December 3, 2016 U.S. Pension Plans Level 1 Level 2 Level 3 Total Assets Equities $ 127,275 $ 79,669 $ - $ 206,944 Fixed income 41,513 85,363 320 127,196 Cash (2,635 ) - - (2,635 ) Total $ 166,153 $ 165,032 $ 320 $ 331,505 Non-U.S. Pension Plans Level 1 Level 2 Level 3 Total Assets Equities $ 30,165 $ 1,165 $ - $ 31,330 Fixed income 41,490 6,013 569 48,072 Cash 996 - - 996 Total categorized in the fair value hierarchy 72,651 7,178 569 80,398 Other investments measured at NAV 1 82,925 Total $ 72,651 $ 7,178 $ 569 $ 163,323 Other Postretirement Benefits Level 1 Level 2 Level 3 Total Assets Insurance $ - $ - $ 66,064 $ 66,064 Cash 576 - - 576 Total $ 576 $ - $ 66,064 $ 66,640 November 28, 2015 U.S. Pension Plans Level 1 Level 2 Level 3 Total Assets Equities $ 123,816 $ 70,325 $ - $ 194,141 Fixed income 29,948 100,086 352 130,386 Cash 11,934 - - 11,934 Total $ 165,698 $ 170,411 $ 352 $ 336,461 Non-U.S. Pension Plans Level 1 Level 2 Level 3 Total Assets Equities $ 31,253 $ 1,134 $ - $ 32,387 Fixed income 41,572 5,899 530 48,001 Cash 861 - - 861 Total categorized in the fair value hierarchy 73,686 7,033 530 81,249 Other investments measured at NAV 1 90,992 Total $ 73,686 $ 7,033 $ 530 $ 172,241 Other Postretirement Benefits Level 1 Level 2 Level 3 Total Assets Insurance $ - $ - $ 62,299 $ 62,299 Cash 286 - - 286 Total $ 286 $ - $ 62,299 $ 62,585 1 820 10, The definitions of fair values of our pension and other postretirement benefit plan assets at December 3, 2016 November 28, 2015 Equities Fixed income Insurance Cash – The following is a roll forward of the Level 3 December 3, 2016 November 28, 2015: Fixed Income U.S. Pension Plans 2016 2015 Level 3 balance at beginning of year $ 352 $ 407 Purchases, sales, issuances and settlements, net (32 ) (55 ) Level 3 balance at end of year $ 320 $ 352 Fixed Income Real Estate Non-U.S. Pension Plans 2016 2015 2016 2015 Level 3 balance at beginning of year $ 530 $ 582 $ - $ 2,160 Net transfers into / (out of) level 3 21 28 - (12 ) Purchases, sales, issuances and settlements, net - - - (2,388 ) Net gains 16 9 - 282 Currency change effect 2 (89 ) - (42 ) Level 3 balance at end of year $ 569 $ 530 $ - $ - Insurance Other Postretirement Benefits 2016 2015 Level 3 balance at beginning of year $ 62,299 $ 61,980 Net transfers into / (out of) level 3 (435 ) (701 ) Purchases, sales, issuances and settlements, net (482 ) (462 ) Net gains 4,682 1,482 Level 3 balance at end of year $ 66,064 $ 62,299 |