| Components of Charges Included in Restructuring, net |
The table below summarizes the components of charges included in
“Restructuring, net” in the Company’s
consolidated statements of income:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended |
|
| |
|
November 27,
2016 |
|
|
November 29,
2015 |
|
|
November 30,
2014 |
|
| |
|
(Dollars in
thousands) |
|
|
Restructuring, net:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Severance and employee-related benefits(1)
|
|
$ |
1,963 |
|
|
$ |
14,819 |
|
|
$ |
104,398 |
|
|
Adjustments to severance and employee-related benefits
|
|
|
(1,789 |
) |
|
|
(4,182 |
) |
|
|
(5,697 |
) |
|
Other(2)
|
|
|
311 |
|
|
|
2,776 |
|
|
|
26,377 |
|
|
Noncash pension and postretirement curtailment (gains) losses,
net(3)
|
|
|
(173 |
) |
|
|
658 |
|
|
|
3,347 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
312 |
|
|
$ |
14,071 |
|
|
$ |
128,425 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
Severance and employee-related
benefits relate to items such as severance, based on separation
benefits provided by Company policy or statutory benefit plans,
out-placement services and
career counseling for employees affected by the global productivity
initiative. |
| (2) |
Other restructuring costs are
expensed as incurred and primarily relate to consulting fees and
legal expenses associated with the execution of the restructuring
initiative. |
| (3) |
Noncash pension and postretirement
curtailment gains or losses resulting from the global productivity
initiative are included in restructuring charges, with the
associated liabilities included in “Pension liability”
and “Postretirement medical benefits” on the
Company’s consolidated balance sheets. |
|
| Restructuring liability rollforward |
The following table summarizes the activities associated with
restructuring liabilities for the years ended November 27,
2016, November 29, 2015 and November 30, 2014. In the
table below, “Charges” represents the initial charge
related to the restructuring activity. “Adjustments”
includes revisions of estimates related to severance,
employee-related benefits, lease and other contract termination
costs, and other restructuring costs. “Payments”
consists of cash payments for severance, employee-related benefits,
lease and other contract termination costs, and other restructuring
costs.
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended November 27,
2016 |
|
| |
|
Liabilities
November 29,
2015 |
|
|
Charges |
|
|
Adjustments |
|
|
Payments |
|
|
Foreign
Currency
Fluctuation |
|
|
Liabilities
November 27,
2016 |
|
| |
|
(Dollars in
thousands) |
|
|
Severance and employee-related benefits
|
|
$ |
20,774 |
|
|
$ |
1,963 |
|
|
$ |
(1,789 |
) |
|
$ |
(16,500 |
) |
|
$ |
430 |
|
|
$ |
4,878 |
|
|
Other
|
|
|
964 |
|
|
|
311 |
|
|
|
— |
|
|
|
(1,275 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
21,738 |
|
|
$ |
2,274 |
|
|
$ |
(1,789 |
) |
|
$ |
(17,775 |
) |
|
$ |
430 |
|
|
$ |
4,878 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current portion
|
|
$ |
20,141 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
4,878 |
|
|
Long-term portion
|
|
|
1,597 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
21,738 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
4,878 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended November 29,
2015 |
|
| |
|
Liabilities
November 30,
2014 |
|
|
Charges |
|
|
Adjustments |
|
|
Payments |
|
|
Foreign
Currency
Fluctuation |
|
|
Liabilities
November 29,
2015 |
|
| |
|
(Dollars in
thousands) |
|
|
Severance and employee-related benefits
|
|
$ |
56,963 |
|
|
$ |
14,819 |
|
|
$ |
(4,182 |
) |
|
$ |
(41,907 |
) |
|
$ |
(4,919 |
) |
|
$ |
20,774 |
|
|
Other
|
|
|
6,400 |
|
|
|
3,243 |
|
|
|
(467 |
) |
|
|
(8,217 |
) |
|
|
5 |
|
|
|
964 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
63,363 |
|
|
$ |
18,062 |
|
|
$ |
(4,649 |
) |
|
$ |
(50,124 |
) |
|
$ |
(4,914 |
) |
|
$ |
21,738 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current portion
|
|
$ |
57,817 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
20,141 |
|
|
Long-term portion
|
|
|
5,546 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,597 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
63,363 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
21,738 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended November 30,
2014 |
|
| |
|
Liabilities
November 24,
2013 |
|
|
Charges |
|
|
Adjustments |
|
|
Payments |
|
|
Foreign
Currency
Fluctuation |
|
|
Liabilities
November 30,
2014 |
|
| |
|
(Dollars in
thousands) |
|
|
Severance and employee-related benefits
|
|
$ |
— |
|
|
$ |
104,398 |
|
|
$ |
(5,697 |
) |
|
$ |
(38,527 |
) |
|
$ |
(3,211 |
) |
|
$ |
56,963 |
|
|
Other
|
|
|
— |
|
|
|
25,027 |
|
|
|
1,350 |
|
|
|
(19,977 |
) |
|
|
— |
|
|
|
6,400 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
— |
|
|
$ |
129,425 |
|
|
$ |
(4,347 |
) |
|
$ |
(58,504 |
) |
|
$ |
(3,211 |
) |
|
$ |
63,363 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current portion
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
57,817 |
|
|
Long-term portion
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,546 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
63,363 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|