Note 3 - Restructuring Actions

12 Months Ended

Nov. 30, 2019

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

Note 3: Restructuring Actions

The Company has approved restructuring plans consisting of consolidation plans, organizational changes and other actions related to the integration of the operations of Royal Adhesives with the operations of the Company and other actions to optimize operations during the year ended November 30, 2019 and December 1, 2018. The following table summarizes the pre-tax distribution of charges under these restructuring plans by income statement classification:

	November 30, 2019		December 1, 2018
Cost of sales	$	2,082	$	5,699
Selling, general and administrative		12,453		3,182
	$	14,535	$	8,881

The following table summarizes the pre-tax impact of restructuring charges by segment:

	November 30, 2019		December 1, 2018
Americas Adhesives	$	3,340	$	1,601
EIMEA		6,959		2,842
Asia Pacific		915		10
Construction Adhesives		2,103		3,706
Engineering Adhesives		1,218		722
	$	14,535	$	8,881

A summary of the restructuring liability is presented below:

	Employee-
	Related			Asset-Related			Other			Total
Balance at end December 2, 2017	$	1,486		$	-		$	20		$	1,506
Expense incurred		6,223			2,353			305			8,881
Non-cash charges		-			(1,666	)		-			(1,666	)
Cash payments		(3,395	)		(687	)		(325	)		(4,407	)
Foreign currency translation		(58	)		-			-			(58	)
Balance at end December 1, 2018	$	4,256		$	-		$	-		$	4,256
Expense incurred		9,140			1,929			3,466			14,535
Non-cash charges		-			(968	)		-			(968	)
Cash payments		(3,494	)		(961	)		(2,542	)		(6,997	)
Foreign currency translation		(72	)		-			-			(72	)
Balance at end November 30, 2019	$	9,830		$	-		$	924		$	10,754

Non-cash charges include accelerated depreciation resulting from the cessation of use of certain long-lived assets. Restructuring liabilities have been classified as a component of other accrued expenses on the Consolidated Balance Sheets.