Note 3 - Restructuring Actions

12 Months Ended

Nov. 28, 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 during the years ended November 28, 2020 and November 30, 2019. The following table summarizes the pre-tax distribution of charges under these restructuring plans by income statement classification:

	November 28, 2020		November 30, 2019
Cost of sales	$	1,013	$	2,082
Selling, general and administrative		3,567		12,453
	$	4,580	$	14,535

A summary of the restructuring liability is presented below:

	Employee-
	Related			Asset-Related			Other			Total
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
Expense incurred		2,898			-			1,681			4,579
Cash payments		(7,051	)		-			(2,357	)		(9,408	)
Foreign currency translation		157			-			-			157
Balance at end November 28, 2020	$	5,834		$	-		$	248		$	6,082

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.