Note 3 - Restructuring Actions

9 Months Ended

Aug. 29, 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				Nine Months Ended
	August 29, 2020		August 31, 2019		August 29, 2020		August 31, 2019
Cost of sales	$	371	$	287	$	438	$	1,281
Selling, general and administrative		618		2,615		984		4,358
	$	989	$	2,902	$	1,422	$	5,639

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		206			-			1,216			1,422
Cash payments		(5,361	)		-			(2,051	)		(7,412	)
Foreign currency translation		253			-			-			253
Balance at August 29, 2020	$	4,928		$	-		$	89		$	5,017

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.