Retirement Benefits [Text Block] | Note 10: 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 2021 $3,790. T 401 2020 2019 All U.S. employees are eligible to receive an annual discretionary non-elective contribution to the 401 3 2021 no 2020 The defined contribution plan liability recorded in the Consolidated Balance Sheets was $10,494 2021 2020 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 2020, of $6,673 2021 2020, 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 27, 2021 November 28, 2020 Pension Benefits Other Postretirement U.S. Plans Non-U.S. Plans Benefits 2021 2020 2021 2020 2021 2020 Change in projected benefit obligation Benefit obligation at beginning of year $ 388,530 $ 380,388 $ 250,561 $ 234,542 $ 39,075 $ 39,256 Service cost - - 3,280 2,950 21 73 Interest cost 9,299 11,738 2,941 3,158 822 1,135 Participant contributions - - - - 365 226 Actuarial (gain)/loss 1 (9,177 ) 27,377 (3,630 ) 4,350 (6,115 ) 1,327 Other - - - - - - Curtailments - - - 14 - - Settlement payments (6,673 ) (10,939 ) 996 (273 ) - - Benefits paid (20,767 ) (20,034 ) (8,578 ) (8,628 ) (2,906 ) (2,942 ) Foreign currency translation effect - - (7,170 ) 14,448 - - Benefit obligation at end of year 361,212 388,530 238,400 250,561 31,262 39,075 Change in plan assets Fair value of plan assets at beginning of year 398,403 383,527 202,242 185,331 109,056 94,474 Actual return on plan assets 37,466 44,365 25,204 13,155 28,716 15,673 Employer contributions 1,382 1,677 1,989 2,177 470 1,625 Participant contributions - - - - 365 226 Other - - 996 - - - Settlement payments (6,673 ) (10,939 ) - - - - Benefits paid 2 (20,767 ) (20,227 ) (8,578 ) (8,628 ) (2,906 ) (2,942 ) Foreign currency translation effect - - (5,230 ) 10,207 - - Fair value of plan assets at end of year 409,811 398,403 216,623 202,242 135,701 109,056 Plan assets in excess of (less than) benefit obligation as of year end $ 48,599 $ 9,873 $ (21,776 ) $ (48,688 ) $ 104,439 $ 69,981 1 2021 2020 2021 2020 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 2021 2020 2021 2020 2021 2020 Unrecognized actuarial loss $ 129,198 $ 147,917 $ 64,782 $ 87,368 $ (30,278 ) $ (4,318 ) Unrecognized prior service (benefit) cost (3 ) (6 ) 1,390 1,453 - - Ending balance $ 129,195 $ 147,911 $ 66,172 $ 88,821 $ (30,278 ) $ (4,318 ) Pension Benefits Other Postretirement U.S. Plans Non-U.S. Plans Benefits 2021 2020 2021 2020 2021 2020 Statement of financial position as of fiscal year-end Non-current assets $ 66,157 $ 30,672 $ 24,772 $ 12,534 $ 107,323 $ 73,137 Accrued benefit cost Current liabilities (1,342 ) (1,467 ) (1,795 ) (1,701 ) (227 ) (226 ) Non-current liabilities (16,216 ) (19,332 ) (44,753 ) (59,521 ) (2,657 ) (2,930 ) Ending balance $ 48,599 $ 9,873 $ (21,776 ) $ (48,688 ) $ 104,439 $ 69,981 The accumulated benefit obligation of the U.S. pension and other postretirement plans was $384,124 at November 27, 2021 November 28, 2020 November 27, 2021 November 28, 2020 The following amounts relate to pension plans with accumulated benefit obligations in excess of plan assets as of November 27, 2021 November 28, 2020 Pension Benefits and Other Postretirement Benefits U.S. Plans Non-U.S. Plans 2021 2020 2021 2020 Accumulated benefit obligation $ 17,558 $ 26,241 $ 48,912 $ 134,472 Fair value of plan assets - 5,441 11,350 84,239 The following amounts relate to pension plans with projected benefit obligations in excess of plan assets as of November 27, 2021 November 28, 2020 Pension Benefits and Other Postretirement Benefits U.S. Plans Non-U.S. Plans 2021 2020 2021 2020 Projected benefit obligation $ 17,558 $ 26,241 $ 131,174 $ 145,461 Fair value of plan assets - 5,441 $ 84,626 84,239 Information about the expected cash flows is as follows: Pension Benefits Other Non-U.S. Postretirement U.S. Plans Plans Benefits Employer contributions 2022 $ - $ 34 $ - Expected benefit payments 2022 21,131 8,704 2,982 2023 21,280 7,933 2,851 2024 21,283 8,285 2,730 2025 21,391 8,457 2,607 2026-2031 125,388 54,038 12,948 The components of our net period defined benefit pension and postretirement benefit costs other than service cost are presented as non-operating expenses and service cost is presented in operating expenses. Components of net periodic benefit cost and other supplemental information for the years ended November 27, 2021, November 28, 2020, November 30, 2019 Pension Benefits Other U.S. Plans Non-U.S. Plans Postretirement Benefits Net periodic cost (benefit) 2021 2020 2019 2021 2020 2019 2021 2020 2019 Service cost $ - $ - $ 4 $ 3,280 $ 2,950 $ 2,237 $ 21 $ 73 $ 98 Interest cost 9,299 11,738 14,691 2,941 3,158 4,678 822 1,135 1,550 Expected return on assets (31,123 ) (25,758 ) (25,305 ) (12,348 ) (11,312 ) (10,224 ) (8,945 ) (7,976 ) (7,013 ) Amortization: Prior service cost (benefit) (3 ) (3 ) 13 69 64 64 - - - Actuarial loss 3,198 7,195 4,677 4,053 3,829 3,114 73 62 33 Curtailment loss - - - - 14 83 - - - Settlement charge - - - - 67 - - - - Net periodic (benefit) cost $ (18,629 ) $ (6,828 ) $ (5,920 ) $ (2,005 ) $ (1,230 ) $ (48 ) $ (8,029 ) $ (6,706 ) $ (5,332 ) Pension Benefits Other U.S. Plans Non-U.S. Plans Postretirement Benefits Weighted-average assumptions used to determine benefit obligations 2021 2020 2019 2021 2020 2019 2021 2020 2019 Discount rate 2.75 % 2.50 % 3.17 % 1.27 % 1.16 % 1.35 % 2.51 % 2.19 % 3.00 % Rate of compensation increase 1 0.00 % 4.50 % 4.50 % 1.48 % 1.74 % 1.71 % N/A N/A N/A Weighted-average assumptions used to determine net costs for years ended 2021 2020 2019 2021 2020 2019 2021 2020 2019 Discount rate 2.50 % 3.17 % 4.50 % 1.19 % 1.34 % 2.30 % 2.19 % 3.00 % 4.37 % Expected return on plan assets 7.24 % 7.49 % 7.49 % 6.15 % 6.23 % 6.21 % 8.25 % 8.50 % 8.50 % Rate of compensation increase 1 0.00 % 4.50 % 4.50 % 1.67 % 1.74 % 1.71 % 0.00 % N/A N/A 1 May 31, 2011 no 2020 2019 2021, November 27, 2021, no 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 27, 2021 November 28, 2020 November 30, 2019 November 27, 2021 2021. For the U.S. pension plan, we adopte d the Adjusted Pri- 2012 2021. The expected long-term rate of return on plan assets assumption for the U.S. pension plan was 7.25 percent in 2021 2020 2019 2021 was 8.00 p mately $2,728 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 6.15 percent in 2021 2020 2019 Assumed health care trend rates 2021 2020 2019 Health care cost trend rate assumed for next year 6.50 % 6.75 % 7.00 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 5.00 % 5.00 % 0.25 % Fiscal year that the rate reaches the ultimate trend rate 2028 2028 2028 The asset allocation for the company’s U.S. and non-U.S. pension plans at the end of 2021 2020 U.S. Pension Plans Non-U.S. Pension Plans Other Postretirement Plans Percentage of Percentage of Percentage of Plan Assets at Plan Assets at Plan Assets at Target Year-End Target Year-End Target Year-End Asset Category 2021 2021 2020 2021 2021 2020 2021 2021 2020 Equities 60.0 % 57.7 % 55.4 % 21.2 % 21.3 % 48.8 % 0.0 % 0.0 % 0.0 % Fixed income 40.0 % 40.1 % 36.2 % 77.3 % 67.0 % 51.0 % 0.0 % 0.0 % 0.0 % Insurance 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 100.0 % 99.8 % 99.4 % Cash 1 0.0 % 2.2 % 8.4 % 1.5 % 11.7 % 0.2 % 0.0 % 0.2 % 0.6 % Total 100 % 100 % 100 % 100 % 100 % 100 % 100 % 100 % 100 % 1 2020 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 2021 2020 During 2021 tion mix of 60 percent equities and 40 pe 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 2021 2021. Other postretirement benefits plans consist of two 2021 2020 500. Fair Value of Plan Assets The following table presents plan assets categorized within a three 13. November 27, 2021 U.S. Pension Plans Level 1 Level 2 Level 3 Total Assets Equities $ - $ 236,557 $ - $ 236,557 Fixed income - 164,133 186 164,319 Cash 8,935 - - 8,935 Total categorized in the fair value hierarchy $ 8,935 $ 400,690 $ 186 $ 409,811 Non-U.S. Pension Plans Level 1 Level 2 Level 3 Total Assets Equities $ 35,117 $ - $ - $ 35,117 Fixed income 48,243 5,285 749 54,277 Cash 4,399 - - 4,399 Total categorized in the fair value hierarchy 87,759 5,285 749 93,793 Other investments measured at NAV 1 122,830 Total $ 87,759 $ 5,285 $ 749 $ 216,623 Other Postretirement Benefits Level 1 Level 2 Level 3 Total Assets Insurance $ - $ - $ 135,484 $ 135,484 Cash 217 - - 217 Total $ 217 $ - $ 135,484 $ 135,701 November 28, 2020 U.S. Pension Plans Level 1 Level 2 Level 3 Total Assets Equities $ 3,421 $ 217,151 $ - $ 220,572 Fixed income 1,524 142,317 205 144,046 Cash 33,391 - - 33,391 Total categorized in the fair value hierarchy 38,336 359,468 205 398,009 Other investments measured at NAV 1 394 Total $ 38,336 $ 359,468 $ 205 $ 398,403 Non-U.S. Pension Plans Level 1 Level 2 Level 3 Total Assets Equities $ 33,478 $ 1,368 $ - $ 34,846 Fixed income 49,813 7,182 770 57,765 Cash 352 - - 352 Total categorized in the fair value hierarchy 83,643 8,550 770 92,963 Other investments measured at NAV 1 109,279 Total $ 83,643 $ 8,550 $ 770 $ 202,242 Other Postretirement Benefits Level 1 Level 2 Level 3 Total Assets Insurance $ - $ - $ 108,406 $ 108,406 Cash 650 - - 650 Total $ 650 $ - $ 108,406 $ 109,056 1 820 10, Fair Value Measurement not 2 2020 The definitions of fair values of our pension and other postretirement benefit plan assets at November 27, 2021 November 28, 2020 Equities no no Fixed income Insurance Cash – The following is a roll forward of the Level 3 November 27, 2021 November 28, 2020 Fixed Income U.S. Pension Plans 2021 2020 Level 3 balance at beginning of year $ 205 $ 219 Purchases, sales, issuances and settlements, net (19 ) (14 ) Level 3 balance at end of year $ 186 $ 205 Fixed Income Non-U.S. Pension Plans 2021 2020 Level 3 balance at beginning of year $ 770 $ 675 Net transfers into / (out of) level 3 64 43 Net gains (43 ) (8 ) Currency change effect (42 ) 60 Level 3 balance at end of year $ 749 $ 770 Insurance Other Postretirement Benefits 2021 2020 Level 3 balance at beginning of year $ 108,406 $ 94,082 Net transfers into / (out of) level 3 (1,658 ) (831 ) Purchases, sales, issuances and settlements, net (1,093 ) (822 ) Net gains 29,829 15,977 Level 3 balance at end of year $ 135,484 $ 108,406 |