Note 3 - Restructuring Actions

9 Months Ended

Aug. 27, 2022

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						Nine Months Ended
	August 27, 2022			August 28, 2021			August 27, 2022			August 28, 2021
Cost of sales	$	-		$	(5	)	$	(152	)	$	288
Selling, general and administrative		(222	)		(187	)		(297	)		1,159
	$	(222	)	$	(192	)	$	(449	)	$	1,447

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

A summary of the restructuring liability is presented below:

	Employee-Related			Other			Total
Balance at November 28, 2020	$	5,834		$	248		$	6,082
Expenses incurred		(807	)		1,594			787
Non-cash charges		-			(135	)		(135	)
Cash payments		(3,917	)		(1,707	)		(5,624	)
Foreign currency translation		(15	)		-			(15	)
Balance at November 27, 2021		1,095			-			1,095
Expenses incurred		(449	)		-			(449	)
Cash payments		(529	)		-			(529	)
Foreign currency translation		(47	)		-			(47	)
Balance at August 27, 2022	$	70		$	-		$	70

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.