Note 3 - Restructuring Actions

6 Months Ended

Jun. 03, 2023

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

Note 3: Restructuring Actions

During fiscal year 2023, the Company approved restructuring plans related to organizational changes and other actions to optimize operations and are currently expected to be completed during fiscal year 2025.

The following table summarizes the pre-tax distribution of restructuring charges by income statement classification:

	Three Months Ended				Six Months Ended
	June 3, 2023		May 28, 2022		June 3, 2023		May 28, 2022
Cost of sales	$	2,784	$	-	$	5,085	$	(152	)
Selling, general and administrative		2,618		14		3,243		(75	)
	$	5,402	$	14	$	8,328	$	(227	)

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

A summary of the restructuring liability is presented below:

	Employee-Related
Balance at November 27, 2021	$	1,095
Expenses incurred		(449	)
Cash payments		(529	)
Foreign currency translation		(60	)
Balance at December 3, 2022	$	57
Expenses incurred		8,328
Cash payments		(2,083	)
Foreign currency translation		(610	)
Balance at June 3, 2023	$	5,692

Restructuring liabilities have been classified as a component of other accrued expenses on the Consolidated Balance Sheets.