Restructuring

3 Months Ended

Feb. 28, 2021

Restructuring and Related Activities [Abstract]

In April 2020, the Company announced and began to implement a restructuring initiative designed to reduce costs, streamline operations and support agility. The Company expects that the majority of the actions related to the restructuring initiative will be implemented through to the end of fiscal year 2021, with a focus on redesigning business processes and identifying opportunities to reduce costs, increase efficiencies and further streamline operations.

For the three-month period ended February 28, 2021, the Company recognized a net reduction in restructuring charges of $0.8 million, which are recorded in "Selling, general and administrative expenses" in the Company's consolidated statements of income. The charges primarily include revisions to initial estimates of employee-related severance benefits, originally 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 three months ended February 28, 2021. "Net Charges (Reversals)" represents the initial charge related to the restructuring activity as well as revisions of estimates related to severance and employee-related benefits and other, "Payments" consists of cash payments for severance and employee-related benefits and other, and "Foreign Currency Fluctuations" includes foreign currency fluctuations. As of February 28, 2021, $45.3 million and $3.1 million were classified as "Restructuring liabilities" and "Other long-term liabilities", respectively, within the Company's consolidated balance sheets.


	Three Months Ended February 28, 2021
	Liabilities		Net Charges (Reversals)			Payments		Foreign Currency Fluctuations		Liabilities
	November 29, 2020				February 28, 2021

	(Dollars in thousands)
Severance and employee-related benefits	$	60,604	$	(810)		$	(12,091)	$	331	$	48,034
Other	417		33			(51)		7		406
Total	$	61,021	$	(777)		$	(12,142)	$	338	$	48,440