Note 3 - Restructuring Actions

3 Months Ended

Feb. 27, 2021

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 charges under these restructuring plans by income statement classification:

	Three Months Ended
	February 27, 2021		February 29, 2020
Cost of sales	$	270	$	60
Selling, general and administrative		1,547		(17	)
	$	1,817	$	43

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 November 30, 2019	$	9,830		$	-		$	924		$	10,754
Expenses incurred		2,898			-			1,681			4,579
Cash payments		(7,051	)		-			(2,357	)		(9,408	)
Foreign currency translation		157			-			-			157
Balance at November 28, 2020		5,834			-			248			6,082
Expenses incurred		223			135			1,459			1,817
Non-cash charges		-			(135	)		-			(135	)
Cash payments		(1,979	)		-			(1,583	)		(3,562	)
Foreign currency translation		11			-			-			11
Balance at February 27, 2021	$	4,089		$	-		$	124		$	4,213

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.