Restructuring

12 Months Ended

Nov. 29, 2020

Restructuring and Related Activities [Abstract]

Restructuring and Related Activities Disclosure

RESTRUCTURING

In April 2020, the Board endorsed a restructuring initiative designed to reduce costs, streamline operations and support agility. On July 7, 2020, the Company announced and began to implement the restructuring initiative, which it expects to substantially complete by the middle of fiscal year 2021. The adverse impacts of the COVID-19 pandemic on the Company's business necessitated cost reduction actions in advance of plans to streamline operations. In October 2020, the Company announced the next step of the restructuring initiative, which included realignment of its top level organization to support the new strategies, which became effective in 2021. The next phase of the reorganization, including the streamlining of operations, will be completed in 2021.

The initiative included the elimination of approximately 15% of the Company's global non-retail and non-manufacturing positions and is expected to result in approximately $100 million in annual cost savings.

For the year ended November 29, 2020, the Company recognized restructuring charges of $90.4 million, which were recorded on a separate line item in the Company's consolidated statements of operations. The charges primarily relate to severance benefits, based on separation benefits provided by Company policy or statutory benefit plans. The Company estimates that it will incur future additional charges related to this restructuring initiative.

The following table summarizes the activities associated with restructuring liabilities for the year ended November 29, 2020. In the table below, "Charges" represents the initial charge related to the restructuring activity, "Payments" consists of cash payments for severance and employee-related benefits and other, and "Foreign Currency Fluctuations and Other Adjustments" includes foreign currency fluctuations as well as revisions of estimates related to severance and employee-related benefits and other. As of November 29, 2020, $54.7 million and $6.3 million were classified as restructuring liabilities and other long-term liabilities, respectively, within the Company's consolidated balance sheets.

	Year Ended November 29, 2020
	Liabilities		Charges		Payments		Foreign Currency Fluctuations and Other Adjustments		Liabilities(1)
	November 24, 2019								November 29, 2020
	(Dollars in thousands)
Severance and employee-related benefits	$	—	$	85,002	$	(24,394)	$	(4)	$	60,604
Other	—		1,781		(313)		(1,051)		417
Total	$	—	$	86,783	$	(24,707)	$	(1,055)	$	61,021

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(1)    Excludes $3.7 million of pension and postretirement curtailment losses recorded in AOCI as of November 29, 2020.