Pension and Other Postretirement Benefits Disclosure [Text Block] | Note 11: Defined Contribution Plan All U.S. employees have the option of contributing up to 75 percent of their pre-tax earnings to a 401 first 401 401 2019 401 2018 2017, The defined contribution plan liability recorded in the Consolidated Balance Sheets was $8,494 and $20,183 in 2019 2018, Defined Benefit Plans Noncontributory defined benefit pension plans cover all U.S. employees employed prior to January 1, 2007. 2011, May 31, 2011, no three three 401 2015, 2019, 2018 2017. 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 November 30, 2019 December 1, 2018: Pension Benefits Other Postretirement U.S. Plans Non-U.S. Plans Benefits 2019 2018 2019 2018 2019 2018 Change in projected benefit obligation Benefit obligation at beginning of year $ 336,889 $ 379,359 $ 208,075 $ 223,982 $ 36,842 $ 43,325 Service cost 4 56 2,237 2,311 98 173 Interest cost 14,691 12,251 4,678 4,671 1,550 1,484 Participant contributions - - - - 240 330 Plan amendments - - - 1,600 - - Actuarial (gain)/loss 1 49,211 (33,052 ) 30,517 (3,377 ) 3,749 (5,225 ) Other - - (103 ) - - - Settlement payments - - (307 ) - - - Benefits paid (20,407 ) (21,725 ) (8,356 ) (10,059 ) (3,223 ) (3,245 ) Foreign currency translation effect - - (2,199 ) (11,053 ) - - Benefit obligation at end of year 380,388 336,889 234,542 208,075 39,256 36,842 Change in plan assets Fair value of plan assets at beginning of year 346,460 378,099 169,455 187,708 82,910 79,300 Actual return on plan assets 54,527 (11,768 ) 22,945 (1,240 ) 12,046 4,058 Employer contributions 3,124 1,854 2,437 2,237 2,501 2,467 Participant contributions - - - - 240 330 Other - - (103 ) - - - Benefits paid 2 (20,584 ) (21,725 ) (8,356 ) (10,059 ) (3,223 ) (3,245 ) Foreign currency translation effect - - (1,047 ) (9,191 ) - - Fair value of plan assets at end of year 383,527 346,460 185,331 169,455 94,474 82,910 Plan assets in excess of (less than) benefit obligation as of year end $ 3,139 $ 9,571 $ (49,211 ) $ (38,620 ) $ 55,218 $ 46,068 1 2019 2018 2019 2018 2 Amounts in accumulated other comprehensive income (loss) that have not been recognized as components of net periodic benefit cost Pension Benefits Other Postretirement U.S. Plans Non-U.S. Plans Benefits 2019 2018 2019 2018 2019 2018 Unrecognized actuarial loss $ 146,149 $ 130,661 $ 83,457 $ 69,762 $ 2,114 $ 3,430 Unrecognized prior service (benefit) cost (9 ) 4 1,476 1,520 - - Ending balance $ 146,140 $ 130,665 $ 84,933 $ 71,282 $ 2,114 $ 3,430 Pension Benefits Other Postretirement U.S. Plans Non-U.S. Plans Benefits 2019 2018 2019 2018 2019 2018 Statement of financial position as of fiscal year-end Non-current assets $ 22,480 $ 28,396 $ 6,263 $ 9,467 $ 58,307 $ 48,872 Accrued benefit cost Current liabilities (1,418 ) (1,493 ) (1,723 ) (2,077 ) (210 ) (201 ) Non-current liabilities (17,922 ) (17,332 ) (53,750 ) (46,010 ) (2,879 ) (2,603 ) Ending balance $ 3,140 $ 9,571 $ (49,210 ) $ (38,620 ) $ 55,218 $ 46,068 The accumulated benefit obligation of the U.S. pension and other postretirement plans was $409,800 at November 30, 2019 December 1, 2018. November 30, 2019 December 1, 2018. The following amounts relate to pension plans with accumulated benefit obligations in excess of plan assets as of November 30, 2019 December 1, 2018: Pension Benefits and Other Postretirement Benefits U.S. Plans Non-U.S. Plans 2019 2018 2019 2018 Accumulated benefit obligation $ 24,344 $ 23,289 $ 125,073 $ 115,725 Fair value of plan assets 5,004 4,514 79,437 75,397 The following amounts relate to pension plans with projected benefit obligations in excess of plan assets as of November 30, 2019 December 1, 2018: Pension Benefits and Other Postretirement Benefits U.S. Plans Non-U.S. Plans 2019 2018 2019 2018 Projected benefit obligation $ 24,344 $ 23,338 $ 134,910 $ 123,484 Fair value of plan assets 5,004 4,514 79,437 75,397 Information about the expected cash flows is as follows: Pension Benefits Other U.S. Plans Non-U.S. Plans Postretirement Benefits Employer contributions 2020 $ 312 $ 173 $ 1,500 Expected benefit payments 2020 $ 21,252 $ 8,091 $ 3,023 2021 21,022 8,548 3,003 2022 21,288 8,620 2,971 2023 21,698 8,562 2,921 2024 21,742 8,581 2,865 2025-2029 108,959 45,646 12,832 Components of net periodic benefit cost and other supplemental information for the years ended November 30, 2019, December 1, 2018 December 2, 2017 Pension Benefits Other U.S. Plans Non-U.S. Plans Postretirement Benefits Net periodic cost (benefit) 2019 2018 2017 2019 2018 2017 2019 2018 2017 Service cost $ 4 $ 56 $ 111 $ 2,237 $ 2,311 $ 2,125 $ 98 $ 173 $ 208 Interest cost 14,691 12,251 15,836 4,678 4,671 4,709 1,550 1,484 1,593 Expected return on assets (25,305 ) (26,167 ) (25,458 ) (10,224 ) (11,105 ) (9,853 ) (7,013 ) (6,896 ) (5,788 ) Amortization: Prior service cost (benefit) 13 29 29 64 (4 ) (4 ) - - - Actuarial loss 4,677 5,904 5,905 3,114 2,901 3,492 33 60 1,010 Curtailment loss - - - 83 - - - - - Settlement charge - - - - - 16 - - - Net periodic (benefit) cost $ (5,920 ) $ (7,927 ) $ (3,577 ) $ (48 ) $ (1,226 ) $ 485 $ (5,332 ) $ (5,179 ) $ (2,977 ) Pension Benefits Other U.S. Plans Non-U.S. Plans Postretirement Benefits Weighted-average assumptions used to determine benefit obligations 2019 2018 2017 2019 2018 2017 2019 2018 2017 Discount rate 3.17 % 4.50 % 3.72 % 1.35 % 2.29 % 2.12 % 3.00 % 4.37 % 3.54 % Rate of compensation increase 1 4.50 % 4.50 % 4.50 % 1.71 % 1.75 % 1.71 % N/A N/A N/A Weighted-average assumptions used to determine net costs for years ended 2019 2018 2017 2019 2018 2017 2019 2018 2017 Discount rate 4.50 % 3.72 % 4.08 % 2.30 % 2.10 % 2.15 % 4.37 % 3.54 % 3.85 % Expected return on plan assets 7.49 % 7.75 % 7.75 % 6.21 % 6.20 % 6.21 % 8.50 % 8.75 % 8.75 % Rate of compensation increase 1 4.50 % 4.50 % 4.50 % 1.71 % 1.75 % 1.47 % N/A N/A N/A 1 May 31, 2011 no 2019, 2018 2017 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 not November 30. 2019, December 1, 2018 December 2, 2017. November 30, 2019 2020. For the U.S. Pension Plan, we adopted the Adjusted Pri- 2012 2019. The expected long-term rate of return on plan assets assumption for the U.S. pension plan was 7.50 percent in 2019 2018 2017. 2019, 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 6.21 percent in 2019 2018 2017. Assumed health care trend rates 2019 2018 2017 Health care cost trend rate assumed for next year 7.00 % 6.25 % 6.50 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 0.25 % 0.25 % 5.00 % Fiscal year that the rate reaches the ultimate trend rate 2028 2024 2024 The asset allocation for the company’s U.S. and non-U.S. pension plans at the end of 2019 2018 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 2019 2019 2018 2019 2019 2018 2019 2019 2018 Equities 60.0 % 57.7 % 59.5 % 49.0 % 49.6 % 50.8 % 0.0 % 0.0 % 0.0 % Fixed income 40.0 % 63.8 % 40.0 % 51.0 % 50.1 % 48.7 % 0.0 % 0.0 % 0.0 % Insurance 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 100.0 % 99.6 % 99.4 % Cash 1 0.0 % -21.5 % 0.5 % 0.0 % 0.3 % 0.5 % 0.0 % 0.4 % 0.6 % Total 100 % 100 % 100 % 100 % 100 % 100 % 100 % 100 % 100 % 1 2019 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 2019 2018. During 2019, 5 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 2019 2020. Other postretirement benefits plans consist of two 2019 2018. 500. Fair Value of Plan Assets The following table presents plan assets categorized within a three 14. November 30, 2019 U.S. Pension Plans Level 1 Level 2 Level 3 Total Assets Equities $ 126,178 $ 95,271 $ - $ 221,449 Fixed income 119,103 125,329 219 244,651 Cash 2 (83,099 ) 140 - (82,959 ) Total categorized in the fair value hierarchy 162,182 220,740 219 383,141 Other investments measured at NAV 1 386 Total $ 162,182 $ 220,740 $ 219 $ 383,527 Non-U.S. Pension Plans Level 1 Level 2 Level 3 Total Assets Equities $ 32,045 $ 1,247 $ - $ 33,292 Fixed income 46,262 6,819 675 53,756 Cash 506 - - 506 Total categorized in the fair value hierarchy 78,813 8,066 675 87,554 Other investments measured at NAV 1 97,777 Total $ 78,813 $ 8,066 $ 675 $ 185,331 Other Postretirement Benefits Level 1 Level 2 Level 3 Total Assets Insurance $ - $ - $ 94,082 $ 94,082 Cash 392 - - 392 Total $ 392 $ - $ 94,082 $ 94,474 December 1, 2018 U.S. Pension Plans Level 1 Level 2 Level 3 Total Assets Equities $ 121,087 $ 85,007 $ - $ 206,094 Fixed income 33,892 104,484 266 138,642 Cash 1,222 148 - 1,370 Total categorized in the fair value hierarchy 156,201 189,639 266 346,106 Other investments measured at NAV 1 354 Total $ 156,201 $ 189,639 $ 266 $ 346,460 Non-U.S. Pension Plans Level 1 Level 2 Level 3 Total Assets Equities $ 30,123 $ 1,073 $ - $ 31,196 Fixed income 44,158 6,394 662 51,214 Cash 450 - - 450 Total categorized in the fair value hierarchy 74,731 7,467 662 82,860 Other investments measured at NAV 1 86,595 Total $ 74,731 $ 7,467 $ 662 $ 169,455 Other Postretirement Benefits Level 1 Level 2 Level 3 Total Assets Insurance $ - $ - $ 82,446 $ 82,446 Cash 464 - - 464 Total $ 464 $ - $ 82,446 $ 82,910 1 820 10, not 2 2019 The definitions of fair values of our pension and other postretirement benefit plan assets at November 30, 2019 December 1, 2018 Equities no no Fixed income Insurance Cash – The following is a roll forward of the Level 3 November 30, 2019 December 1, 2018: Fixed Income U.S. Pension Plans 2019 2018 Level 3 balance at beginning of year $ 266 $ 291 Purchases, sales, issuances and settlements, net (47 ) (25 ) Level 3 balance at end of year $ 219 $ 266 Fixed Income Non-U.S. Pension Plans 2019 2018 Level 3 balance at beginning of year $ 662 $ 660 Net transfers into / (out of) level 3 28 30 Net gains 5 6 Currency change effect (20 ) (34 ) Level 3 balance at end of year $ 675 $ 662 Insurance Other Postretirement Benefits 2019 2018 Level 3 balance at beginning of year $ 82,446 $ 78,894 Net transfers into / (out of) level 3 (403 ) (422 ) Purchases, sales, issuances and settlements, net (720 ) (671 ) Net gains 12,759 4,645 Level 3 balance at end of year $ 94,082 $ 82,446 |