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 2022 $3,031. T 401 2021 2020 All U.S. employees are eligible to receive an annual discretionary non-elective contribution to the 401 3 2022 2021, The defined contribution plan liability recorded in the Consolidated Balance Sheets was $12,263 2022 2021 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, 2022 of $6,673 2021 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, 2022 November 27, 2021 Pension Benefits Other Postretirement U.S. Plans Non-U.S. Plans Benefits 2022 2021 2022 2021 2022 2021 Change in projected benefit obligation Benefit obligation at beginning of year $ 361,212 $ 388,530 $ 238,400 $ 250,561 $ 31,262 $ 39,075 Service cost - - 2,765 3,280 - 21 Interest cost 9,653 9,299 2,893 2,941 748 822 Participant contributions - - - - 296 365 Actuarial (gain)/loss1 (80,296 ) (9,177 ) (57,159 ) (3,630 ) (5,395 ) (6,115 ) Other - - - - - - Curtailments - - 231 - - - Settlement payments (200 ) (6,673 ) (7,988 ) 996 - - Benefits paid (20,495 ) (20,767 ) (8,370 ) (8,578 ) (2,738 ) (2,906 ) Foreign currency translation effect - - (15,922 ) (7,170 ) - - Benefit obligation at end of year 269,874 361,212 154,850 238,400 24,173 31,262 Change in plan assets Fair value of plan assets at beginning of year 409,811 398,403 216,623 202,242 135,701 109,056 Actual return on plan assets (63,562 ) 37,466 (45,328 ) 25,204 (12,613 ) 28,716 Employer contributions 1,232 1,382 1,640 1,989 136 470 Participant contributions - - - - 296 365 Other - - - 996 - - Settlement payments (200 ) (6,673 ) - - - - Benefits paid 2 (20,495 ) (20,767 ) (8,369 ) (8,578 ) (2,738 ) (2,906 ) Foreign currency translation effect - - (22,658 ) (5,230 ) - - Fair value of plan assets at end of year 326,786 409,811 141,908 216,623 120,782 135,701 Plan assets in excess of (less than) benefit obligation as of year end $ 56,912 $ 48,599 $ (12,942 ) $ (21,776 ) $ 96,608 $ 104,439 1 2022 2021 2022 2021 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 2022 2021 2022 2021 2022 2021 Unrecognized actuarial loss $ 137,351 $ 129,198 $ 49,306 $ 64,782 $ (8,530 ) $ (30,278 ) Unrecognized prior service (benefit) cost - (3 ) 1,219 1,390 - - Ending balance $ 137,351 $ 129,195 $ 50,525 $ 66,172 $ (8,530 ) $ (30,278 ) Pension Benefits Other Postretirement U.S. Plans Non-U.S. Plans Benefits 2022 2021 2022 2021 2022 2021 Statement of financial position as of fiscal year-end Non-current assets $ 69,826 $ 66,157 $ 16,790 $ 24,772 $ 98,848 $ 107,323 Accrued benefit cost Current liabilities (1,248 ) (1,342 ) (1,727 ) (1,795 ) (218 ) (227 ) Non-current liabilities (11,666 ) (16,216 ) (28,006 ) (44,753 ) (2,021 ) (2,657 ) Ending balance $ 56,912 $ 48,599 $ (12,943 ) $ (21,776 ) $ 96,609 $ 104,439 The accumulated benefit obligation of the U.S. pension and other postretirement plans was $289,049 at December 3, 2022 November 27, 2021 December 3, 2022 November 27, 2021 The following amounts relate to pension plans with accumulated benefit obligations in excess of plan assets as of December 3, 2022 November 27, 2021 Pension Benefits and Other Postretirement Benefits U.S. Plans Non-U.S. Plans 2022 2021 2022 2021 Accumulated benefit obligation $ 12,914 $ 17,558 $ 36,820 $ 48,912 Fair value of plan assets - - 9,617 11,350 The following amounts relate to pension plans with projected benefit obligations in excess of plan assets as of December 3, 2022 November 27, 2021 Pension Benefits and Other Postretirement Benefits U.S. Plans Non-U.S. Plans 2022 2021 2022 2021 Projected benefit obligation $ 12,914 $ 17,558 $ 39,350 $ 131,174 Fair value of plan assets - - $ 9,617 84,626 Information about the expected cash flows is as follows: Pension Benefits Other Non-U.S. Postretirement U.S. Plans Plans Benefits Employer contributions 2023 $ - $ 6 $ - Expected benefit payments 2023 21,081 8,055 2,832 2024 21,247 8,132 2,731 2025 21,280 8,276 2,617 2026 21,247 8,559 2,519 2027- 2032 123,707 53,015 12,305 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 December 3, 2022, November 27, 2021, November 28, 2020 Pension Benefits Other U.S. Plans Non-U.S. Plans Postretirement Benefits Net periodic cost (benefit) 2022 2021 2020 2022 2021 2020 2022 2021 2020 Service cost $ - $ - $ - $ 2,765 $ 3,280 $ 2,950 $ - $ 21 $ 73 Interest cost 9,653 9,299 11,738 2,893 2,941 3,158 748 822 1,135 Expected return on assets (29,018 ) (31,123 ) (25,758 ) (6,465 ) (12,348 ) (11,312 ) (11,084 ) (8,945 ) (7,976 ) Amortization: Prior service cost (benefit) (3 ) (3 ) (3 ) 63 69 64 - - - Actuarial loss 4,132 3,198 7,195 2,411 4,053 3,829 (3,445 ) 73 62 Curtailment loss - - - - - 14 - - - Settlement charge - - - 3,329 - 67 - - - Net periodic (benefit) cost $ (15,237 ) $ (18,629 ) $ (6,828 ) $ 4,996 $ (2,005 ) $ (1,230 ) $ (13,781 ) $ (8,029 ) $ (6,706 ) Pension Benefits Other U.S. Plans Non-U.S. Plans Postretirement Benefits Weighted-average assumptions used to determine benefit obligations 2022 2021 2020 2022 2021 2020 2022 2021 2020 Discount rate 5.36 % 2.75 % 2.50 % 3.70 % 1.27 % 1.16 % 5.29 % 2.51 % 2.19 % Rate of compensation increase 1 0.00 % 0.00 % 4.50 % 1.83 % 1.48 % 1.74 % N/A N/A N/A Weighted-average assumptions used to determine net costs for years ended 2022 2021 2020 2022 2021 2020 2022 2021 2020 Discount rate 2.75 % 2.50 % 3.17 % 1.29 % 1.19 % 1.34 % 2.51 % 2.19 % 3.00 % Expected return on plan assets 7.00 % 7.24 % 7.49 % 3.49 % 6.15 % 6.23 % 8.25 % 8.25 % 8.50 % Rate of compensation increase 1 0.00 % 0.00 % 4.50 % 1.68 % 1.67 % 1.74 % 0.00 % 0.00 % N/A 1 May 31, 2011 no 2020 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 December 3, 2022 November 27, 2021 November 28, 2020 December 3, 2022 2023. 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 7.00 percent in 2022 2021 2020 2022 was 8.50 p mately $2,238 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 3.49 percent in 2022 2021 2020 Assumed health care trend rates 2022 2021 2020 Health care cost trend rate assumed for next year 6.50 % 6.50 % 6.75 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 5.75 % 5.00 % 5.00 % Fiscal year that the rate reaches the ultimate trend rate 2026 2028 2028 The asset allocation for the company’s U.S. and non-U.S. pension plans at the end of 2022 2021 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 2022 2022 2021 2022 2022 2021 2022 2022 2021 Equities 55.0 % 53.1 % 57.7 % 24.8 % 25.5 % 21.3 % 0.0 % 0.0 % 0.0 % Fixed income 45.0 % 45.8 % 40.1 % 75.2 % 70.0 % 67.0 % 0.0 % 0.0 % 0.0 % Insurance 0.0 % 0.1 % 0.0 % 0.0 % 0.0 % 0.0 % 100.0 % 98.9 % 99.8 % Cash 1 0.0 % 1.0 % 2.2 % 0.0 % 4.5 % 11.7 % 0.0 % 1.1 % 0.2 % 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 2022 2021 During 2022 tion mix of 55 percent equities and 45 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 2022 2023. Other postretirement benefits plans consist of two 2022 2021 500. Fair Value of Plan Assets The following table presents plan assets categorized within a three 13. December 3, 2022 U.S. Pension Plans Level 1 Level 2 Level 3 Total Assets Equities $ - $ 152,084 $ 21,525 $ 173,609 Fixed income - 126,114 23,547 149,661 Insurance - - 179 179 Cash 3,337 - - 3,337 Total categorized in the fair value hierarchy 3,337 278,198 45,251 326,786 Non-U.S. Pension Plans Level 1 Level 2 Level 3 Total Assets Equities $ 28,422 $ - $ - $ 28,422 Fixed income 41,515 - 703 42,218 Cash 491 - - 491 Total categorized in the fair value hierarchy 70,428 - 703 71,131 Other investments measured at NAV1 70,777 Total $ 70,428 $ - $ 703 $ 141,908 Other Postretirement Benefits Level 1 Level 2 Level 3 Total Assets Insurance $ - $ - $ 119,446 $ 119,446 Cash 1,336 - - 1,336 Total $ 1,336 $ - $ 119,446 $ 120,782 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 NAV1 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 1 820 10, Fair Value Measurement not 2 2021 The definitions of fair values of our pension and other postretirement benefit plan assets at December 3, 2022 November 27, 2021 Equities no no Fixed income Insurance Cash – The following is a roll forward of the Level 3 December 3, 2022 November 27, 2021 Fixed Income U.S. Pension Plans 2022 2021 Level 3 balance at beginning of year $ 186 $ 205 Net transfers into / (out of) level 3 16,564 - Purchases, sales, issuances and settlements, net 28,501 (19 ) Level 3 balance at end of year $ 45,251 $ 186 Fixed Income Non-U.S. Pension Plans 2022 2021 Level 3 balance at beginning of year $ 749 $ 770 Net transfers into / (out of) level 3 7 64 Net (losses)/gains (1 ) (43 ) Currency change effect (52 ) (42 ) Level 3 balance at end of year $ 703 $ 749 Insurance Other Postretirement Benefits 2022 2021 Level 3 balance at beginning of year $ 135,484 $ 108,406 Net transfers into / (out of) level 3 (1,992 ) (1,658 ) Purchases, sales, issuances and settlements, net (1,122 ) (1,093 ) Net (losses)/gains (12,924 ) 29,829 Level 3 balance at end of year $ 119,446 $ 135,484 |