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Restructuring
6 Months Ended
May 30, 2021
Restructuring and Related Activities [Abstract]  
RESTRUCTURING RESTRUCTURING
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 and six-month periods ended May 30, 2021, the Company recognized restructuring charges of $15.5 million and $14.7 million, respectively, as compared to $67.4 million for the same periods in fiscal year 2020. These charges are recorded on a separate line item in the Company's consolidated statements of operations. The charges primarily relate to employee-related severance benefits, originally based on separation benefits provided by Company policy or statutory benefit plans. As of May 30, 2021, $105.2 million of restructuring charges have been recorded to date.
The following tables summarize the activities associated with restructuring liabilities for the three and six months ended May 30, 2021 and May 24, 2020. "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 May 30, 2021, $44.6 million and $3.4 million were classified as "Restructuring liabilities" and "Other long-term liabilities", respectively, within the Company's consolidated balance sheets.

 Three Months Ended May 30, 2021
 LiabilitiesNet Charges (Reversals)Payments
Foreign Currency Fluctuations
Liabilities
February 28,
2021
May 30,
2021
 (Dollars in thousands)
Severance, employee-related benefits and other$48,441 $13,270 $(13,419)$(291)$48,001 
_____________
(1)Excludes $2.2 million in pension and postretirement curtailment losses recorded in AOCI as of May 30, 2021.

 Six Months Ended May 30, 2021
 LiabilitiesNet Charges (Reversals)Payments
Foreign Currency Fluctuations
Liabilities
November 29,
2020
May 30,
2021
 (Dollars in thousands)
Severance, employee-related benefits and other$61,021 $12,494 $(25,561)$47 $48,001 
(1)Excludes $2.2 million pension and postretirement curtailment losses recorded in AOCI as of May 30, 2021.
 Three Months Ended May 24, 2020
 Liabilities
Net Charges (Reversals)(1)
Payments
Foreign Currency Fluctuations
Liabilities
February 23,
2020
May 24,
2020(1)
 (Dollars in thousands)
Severance, employee-related benefits and other$— $65,879 $— $(1)$65,878 
_____________
(1)Excludes $1.5 million in pension and postretirement curtailment losses recorded in AOCI as of May 24, 2020.

 Six Months Ended May 24, 2020
 Liabilities
Net Charges (Reversals)(1)
Payments
Foreign Currency Fluctuations
Liabilities
November 24,
2019
May 24,
2020(1)
 (Dollars in thousands)
Severance, employee-related benefits and other$— $65,879 $— $(1)$65,878 
_____________
(1)Excludes $1.5 million in pension and postretirement curtailment losses recorded in AOCI as of May 24, 2020.