Note 3 - Restructuring Actions

6 Months Ended

May 30, 2020

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 reorganization of our business into three segments, the integration of the operations of Royal Adhesives with the operations of the Company, and other actions to optimize operations. The following table summarizes the pre-tax distribution of charges under these restructuring plans by income statement classification:

	Three Months Ended				Six Months Ended
	May 30, 2020		June 1, 2019		May 30, 2020		June 1, 2019
Cost of sales	$	7	$	618	$	67	$	994
Selling, general and administrative		383		666		367		1,743
	$	390	$	1,284	$	434	$	2,737

The restructuring charges are all recorded in Corporate Unallocated for segment reporting.

A summary of the restructuring liability is presented below:

	Employee-Related			Asset-Related			Other			Total
Balance at December 1, 2018	$	4,256		$	-		$	-		$	4,256
Expenses 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 November 30, 2019	$	9,830		$	-		$	924		$	10,754
Expenses incurred		(142	)		-			576			434
Cash payments		(4,507	)		-			(1,014	)		(5,521	)
Foreign currency translation		19			-			-			19
Balance at May 30, 2020	$	5,200		$	-		$	486		$	5,686

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 in the Consolidated Balance Sheets.