Restructuring

12 Months Ended

Nov. 28, 2021

Restructuring and Related Activities [Abstract]

Restructuring and Related Activities Disclosure

RESTRUCTURING

In April 2020, the Company began to implement a restructuring initiative designed to reduce costs, streamline operations and support agility. In October 2020, the Company realigned its top level organization to support its new strategies, which became effective in fiscal year 2021. The final phase of the reorganization, which supported the ongoing efforts to create an integrated global commercial organization and the separation of the Dockers® business, was completed in fiscal year 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 years ended November 28, 2021 and November 29, 2020, the Company recognized restructuring charges of $8.3 million and $90.4 million, respectively, 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. As of November 28, 2021, $98.7 million of restructuring charges related to this initiative have been recorded to date. The Company does not anticipate any significant additional costs associated with the restructuring initiative.

The following tables summarize the activities associated with restructuring liabilities for the years ended November 28, 2021 and 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 28, 2021, $19.1 million and $2.7 million were classified as restructuring liabilities and other long-term liabilities, respectively, within the Company's consolidated balance sheets.

	Year Ended November 28, 2021
	Liabilities		Charges(1)		Payments		Foreign Currency Fluctuations and Other Adjustments		Liabilities
	November 29, 2020								November 28, 2021
	(Dollars in thousands)
Severance and employee-related benefits	$	60,604	$	5,383	$	(44,032)	$	(542)	$	21,413
Other	417		302		(353)		(9)		357
Total	$	61,021	$	5,685	$	(44,385)	$	(551)	$	21,770

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(1)    Excludes $2.6 million of pension and postretirement curtailment losses recorded in AOCI during the year ended November 28, 2021.