Restructuring

12 Months Ended

Nov. 27, 2022

Restructuring and Related Activities [Abstract]

RESTRUCTURING

RESTRUCTURING

In the fourth quarter of 2022, the Company began a restructuring initiative designed to reduce costs and streamline operations, that is expected to continue through 2023. The next phase of the plan is expected to include further cost reductions, streamlining of operations and other organizational changes.

In 2021, the Company completed a restructuring initiative that commenced in 2020 and was designed to reduce costs, streamline operations and support agility. The initiative included the elimination of approximately 15% of the Company's global non-retail and non-manufacturing positions and resulted in approximately $100 million in annual cost savings.

For the years ended November 27, 2022, November 28, 2021 and November 29, 2020, the Company recognized net restructuring charges of $9.1 million, $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.