Note 3 - Restructuring Actions

6 Months Ended

May 31, 2025

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

Note 3: Restructuring Actions

During fiscal year 2023, the Company approved restructuring plans (the "Plans") related to organizational changes and other actions to optimize operations and integrate acquired businesses. The Plans were implemented in the second quarter of fiscal year 2023 and are currently expected to be completed during fiscal year 2026. In implementing the Plans, the Company currently expects to incur pre-tax costs of approximately $70,000 to $75,000 for severance and related employee costs globally, other restructuring costs related to the streamlining of processes and the payment of anticipated income taxes in certain jurisdictions related to the Plans. 

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

	Three Months Ended					Six Months Ended
	May 31, 2025			June 1, 2024		May 31, 2025		June 1, 2024
Cost of sales	$	(19	)	$	1,279	$	2,935	$	4,194
Selling, general and administrative		2,195			1,279		2,752		2,444
	$	2,176		$	2,558	$	5,687	$	6,638

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

A summary of the restructuring liability is presented below:

	Employee-Related			Asset-Related			Other			Total
Balance at December 2, 2023	$	11,723		$	-		$	-		$	11,723
Expenses incurred		13,477			4,673			3,936			22,086
Non-cash charges		-			(4,673	)		(3,925	)		(8,598	)
Cash payments		(16,427	)		-			(11	)		(16,438	)
Foreign currency translation		(343	)		-			-			(343	)
Balance at November 30, 2024	$	8,430		$	-		$	-		$	8,430
Expenses incurred		3,143			(60	)		2,604			5,687
Non-cash charges		-			60			(82	)		(22	)
Cash payments		(7,298	)		-			(2,522	)		(9,820	)
Foreign currency translation		218			-			-			218
Balance at May 31, 2025	$	4,493		$	-		$	-		$	4,493

Non-cash charges primarily include accelerated depreciation resulting from the cessation of use of certain long-lived assets and the recording of an inventory provision related to the discontinuance of certain products. Restructuring liabilities have been classified as a component of other accrued expenses on the Consolidated Balance Sheets.