Note 3 - Restructuring Actions

12 Months Ended

Dec. 03, 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 distribution of charges under these restructuring plans by income statement classification:

	December 3, 2022			November 27, 2021			November 28, 2020
Cost of sales	$	(152	)	$	(188	)	$	1,013
Selling, general and administrative		(297	)		975			3,567
	$	(449	)	$	787		$	4,580

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

A summary of the restructuring liability is presented below:

	Employee-
	Related			Other			Total
Balance at end November 28, 2020	$	5,834		$	248		$	6,082
Expense 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 end November 27, 2021	$	1,095		$	-		$	1,095
Expense incurred		(449	)		-			(449	)
Non-cash charges		-			-			-
Cash payments		(529	)		-			(529	)
Foreign currency translation		(60	)		-			(60	)
Balance at end December 3, 2022	$	57		$	-		$	57

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.