Restructuring and Related Activities

3 Months Ended

May 27, 2022

Restructuring and Related Activities [Abstract]

Restructuring and Related Activities Disclosure

12.     RESTRUCTURING ACTIVITIES

In Q4 2022, our Board of Directors approved restructuring actions related to the exit of our technology business in connection with our strategy to shift from offering a portfolio of technology products toward partnering with technology companies to create integrated collaborative solutions. The restructuring actions include involuntary terminations of the majority of salaried employees of the business and the termination of supplier and customer contracts related to the business. We expect to incur approximately $5 in restructuring costs in the Americas segment related to these actions, consisting of cash severance payments and payment of other business exit costs. We recorded $1.8 related to employee termination costs and $2.4 related to business exit and other related costs in Q1 2023 for actions initiated during the quarter. We expect all of the actions to be completed by the end of Q3 2023.

The following table details the changes in the restructuring reserve balance as of May 27, 2022:

	Workforce reductions		Business exit and related costs		Total
Balance as of February 25, 2022	$	—	$	—	$	—
Restructuring costs	1.8		2.4		4.2
Payments	(1.5)		(1.5)		(3.0)
Balance as of May 27, 2022	$	0.3	$	0.9	$	1.2