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Restructuring | 9 Months Ended
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Aug. 23, 2020
Restructuring and Related Activities [Abstract] |
RESTRUCTURING | RESTRUCTURING In April 2020, the Board endorsed a restructuring initiative designed to reduce costs, streamline operations and support agility. On July 7, 2020, the Company announced and began to implement the restructuring initiative, which the Company expects to substantially complete by the middle of fiscal year 2021. The adverse impacts of the COVID-19 pandemic on the Company's business necessitated cost reduction actions while plans to streamline operations continue to be developed. The initiative includes 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 three and nine months ended August 23, 2020, the Company recognized restructuring charges of $1.1 million and $68.4 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. The Company estimates that it will incur future additional charges related to this restructuring initiative. The following tables summarize the activities associated with restructuring liabilities for the three and nine months ended August 23, 2020. In the tables below, "Charges" represents the initial charge related to the restructuring activity, "Payments" consists of cash payments for severance and employee-related benefits, and "Foreign Currency Fluctuations and Other Adjustments" includes foreign currency fluctuations as well as revisions of estimates related to severance and employee-related benefits. As of August 23, 2020, $58.0 million and $3.5 million were classified as restructuring liabilities and other long-term liabilities, respectively, within the Company's consolidated balance sheet.
| Three Months Ended August 23, 2020 |  |  |  |  |  |  |  |  |  |
| Liabilities(1) |  | Charges |  |  |  | Payments |  | Foreign Currency Fluctuations and Other Adjustments |  | Liabilities(1)
| May 24, 2020 |  |  |  |  |  |  |  |  |  | August 23, 2020
| (Dollars in thousands) |  |  |  |  |  |  |  |  |  |
Severance and employee-related benefits | $ | 65,878 |  |  | $ | 550 |  |  |  |  | $ | (5,138) |  |  | $ | 182 |  |  | $ | 61,472 |
_____________ (1) Excludes $1.6 million and $2.1 million, respectively, of pension and postretirement curtailment losses recorded in AOCI as of May 24, 2020 and August 23, 2020.
| Nine Months Ended August 23, 2020 |  |  |  |  |  |  |  |  |  |
| Liabilities |  | Charges |  |  |  | Payments |  | Foreign Currency Fluctuations and Other Adjustments |  | Liabilities(1)
| November 24, 2019 |  |  |  |  |  |  |  |  |  | August 23, 2020
| (Dollars in thousands) |  |  |  |  |  |  |  |  |  |
Severance and employee-related benefits | $ | — |  |  | $ | 66,428 |  |  |  |  | $ | (5,138) |  |  | $ | 182 |  |  | $ | 61,472 |
_____________ (1) Excludes $2.1 million of pension and postretirement curtailment losses recorded in AOCI as of August 23, 2020.

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI http://asc.fasb.org/topic&trid=2175745 + Details
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