Note 15 - Subsequent Event

3 Months Ended

Mar. 04, 2023

Notes to Financial Statements

Subsequent Events [Text Block]

Note 15: Subsequent Event

On March 27, 2023, the Company approved a restructuring plan (the “Plan”) related to organizational changes and other actions to optimize operations. In implementing the Plan, we currently expect to incur costs of approximately $15,000 to $20,000 ($12,400 to $16,400 after-tax), which includes (i) cash expenditures of approximately $13,800 to $15,000 ($11,100 to $12,100 after tax) for severance and related employee costs globally and (ii) other restructuring costs related to streamlining of processes and the payment of anticipated income taxes in certain jurisdictions related to the Plan. The Plan will be implemented beginning in the second quarter of fiscal year 2023 and is currently expected to be completed during fiscal year 2025. The restructuring costs will be spread across the next several fiscal quarters as the measures are implemented with the majority of the charges recognized and cash payments occurring in fiscal 2023 and 2024.