Restructuring

9 Months Ended

Aug. 29, 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 nine-month periods ended August 29, 2021, the Company recognized a net reduction in restructuring charges of $3.6 million and incremental restructuring charges of $11.1 million, respectively, as compared to restructuring charges of $1.1 million and $68.4 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 August 29, 2021, $101.5 million of restructuring charges related to this initiative have been recorded to date.

The following tables summarize the activities associated with restructuring liabilities for the three and nine months ended August 29, 2021 and August 23, 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 August 29, 2021, $30.2 million and $2.1 million were classified as "Restructuring liabilities" and "Other long-term liabilities", respectively, within the Company's consolidated balance sheets.

	Three Months Ended August 29, 2021
	Liabilities		Net Charges (Reversals)(1)		Payments		Foreign Currency Fluctuations		Liabilities
	May 30, 2021								August 29, 2021
	(Dollars in thousands)
Severance, employee-related benefits and other	$	48,001	$	(3,973)	$	(11,701)	$	(69)	$	32,258

_____________

(1)Excludes $0.4 million in pension and postretirement curtailment losses recorded in AOCI for the three-month period ended August 29, 2021.

	Nine Months Ended August 29, 2021
	Liabilities		Net Charges (Reversals)(1)		Payments		Foreign Currency Fluctuations		Liabilities
	November 29, 2020								August 29, 2021
	(Dollars in thousands)
Severance, employee-related benefits and other	$	61,021	$	8,520	$	(37,263)	$	(20)	$	32,258

_____________

(1)Excludes $2.6 million in pension and postretirement curtailment losses recorded in AOCI for the nine-month period ended August 29, 2021.

	Three Months Ended August 23, 2020
	Liabilities		Net Charges (Reversals)(1)		Payments		Foreign Currency Fluctuations		Liabilities
	May 24, 2020								August 23, 2020
	(Dollars in thousands)
Severance, employee-related benefits and other	$	65,878	$	550	$	(5,138)	$	182	$	61,472

_____________

(1)Excludes $0.6 million in pension and postretirement curtailment losses recorded in AOCI for the three-month period ended August 23, 2020.

	Nine Months Ended August 23, 2020
	Liabilities		Net Charges (Reversals)(1)		Payments		Foreign Currency Fluctuations		Liabilities
	November 24, 2019								August 23, 2020
	(Dollars in thousands)
Severance, employee-related benefits and other	$	—	$	66,428	$	(5,138)	$	182	$	61,472

_____________

(1)Excludes $2.0 million in pension and postretirement curtailment losses recorded in AOCI for the nine-month period ended August 23, 2020.