Note 3 - Restructuring Actions

6 Months Ended

May 30, 2026

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

Note 3: Restructuring Actions

Restructuring Plans

During fiscal year 2023, the Company approved restructuring plans (the "Plans") related to organizational changes and other actions to optimize operations and integrate acquired businesses. The Plans were implemented in the second quarter of fiscal year 2023 and are expected to be completed during fiscal year 2026. In implementing the Plans, the Company currently expects to incur pre-tax costs of approximately $85,000 to $90,000 for severance and related employee costs globally, and other restructuring costs related to the streamlining of processes and the payment of anticipated income taxes in certain jurisdictions related to the Plans.

The following table summarizes the pre-tax distribution of charges under these restructuring plans by income statement classification:

		*Three Months Ended*								*Six Months Ended*
		*May 30, 2026*				*May 31, 2025*				*May 30, 2026*				*May 31, 2025*
Cost of sales		$	364			$	(19	)		$	1,984			$	2,935
Selling, general and administrative			90				2,195				465				2,752
Other expense, net			120				-				1,316				-
		$	*574*			$	2,176			$	*3,765*			$	5,687

The restructuring charges are recorded in Corporate Unallocated for segment reporting purposes.

A summary of the other restructuring liability is presented below:

		*Employee-Related*				*Asset-Related*				*Other*				*Total*
Balance at November 30, 2024		$	8,430			$	-			$	-			$	8,430
Expenses incurred			9,390				(547	)			3,102				11,945
Non-cash charges			-				547				(580	)			(33	)
Cash payments			(14,143	)			-				(2,522	)			(16,665	)
Foreign currency translation			360				-				-				360
Balance at November 29, 2025		$	4,037			$	-			$	-			$	4,037
Expenses incurred			1,054				1,340				1,371				3,765
Non-cash charges			-				(1,340	)			(1,258	)			(2,598	)
Cash payments			(4,507	)			-				(113	)			(4,620	)
Foreign currency translation			(10	)			-				-				(10	)
Balance at May 30, 2026		$	574			$	-			$	-			$	574

Non-cash charges primarily include accelerated depreciation resulting from the cessation of use of certain long-lived assets, impairments of certain long-lived assets, the recording of an inventory provision related to the discontinuance of certain products, and inventory disposals. Restructuring liabilities have been classified as a component of other accrued expenses on the Consolidated Balance Sheets.

Other Restructuring

The Company approved restructuring actions related to global footprint optimization during the fourth quarter of 2025. The Company incurred $4,924 of expenses in the fourth quarter of 2025 associated with these actions. These actions are currently expected to be completed during fiscal year 2028. Restructuring costs are expected to be incurred over the next several fiscal quarters as the measures are implemented with the majority of the charges recognized and cash payments occurring in fiscal 2026 and 2027. In implementing the other restructuring actions, the Company currently expects to incur pre-tax costs of approximately $11,200 to $13,000 for severance and related employee costs globally, and other restructuring costs related to optimizing the Company’s footprint and the payment of anticipated income taxes in certain jurisdictions related to the actions.

The following table summarizes the pre-tax distribution of charges under these restructuring actions by income statement classification:

		*Three Months Ended*								*Six Months Ended*
		*May 30, 2026*				*May 31, 2025*				*May 30, 2026*				*May 31, 2025*
Cost of sales		$	978			$	-			$	4,898			$	-
Selling, general and administrative			1,194				-				2,105				-
Other income, net			(8	)			-				(8	)			-
		$	2,164			$	-			$	6,995			$	-

The restructuring charges are recorded in Corporate Unallocated for segment reporting purposes.

A summary of the restructuring liability is presented below:

		Employee-Related				Asset-Related				Other				Total
Balance at November 30, 2024		$	-			$	-			$	-			$	-
Expenses incurred			4,924				-				-				4,924
Balance at November 29, 2025		$	4,924			$	-			$	-			$	4,924
Expenses incurred			4,055				2,908				32				6,995
Non-cash charges			-				(2,908	)			(32	)			(2,940	)
Cash payments			(3,728	)			-				-				(3,728	)
Foreign currency translation			(50	)			-				-				(50	)
Balance at May 30, 2026		$	5,201			$	-			$	-			$	5,201

Non-cash charges primarily include accelerated depreciation resulting from the cessation of use of certain long-lived assets and impairments of certain long-lived assets. Restructuring liabilities have been classified as a component of other accrued expenses on the Consolidated Balance Sheets.