RESTRUCTURING ACTIVITIES

3 Months Ended

Aug. 25, 2024

RESTRUCTURING ACTIVITIES

RESTRUCTURING ACTIVITIES

4. RESTRUCTURING ACTIVITIES

See our Consolidated Financial Statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended May 26, 2024 for additional information on our restructuring activities.

Conagra Restructuring Plan

From fiscal 2019 through August 25, 2024, we have approved $256.2 million ($81.7 million of cash charges and $174.5 million of non-cash charges) and recognized cumulative charges of $223.8 million as part of a restructuring plan to improve SG&A expense effectiveness and efficiencies and to optimize our supply chain network (the “Conagra Restructuring Plan”). In the first quarter of fiscal 2025 and 2024, we recognized charges of $4.3 million and $23.8 million, respectively, in connection with the Conagra Restructuring Plan. We incur costs related to the Conagra Restructuring Plan over a multi-year period.

During the first quarter of fiscal 2025, we recognized the following pre-tax expenses for the Conagra Restructuring Plan:

	Grocery &		Refrigerated
	Snacks		& Frozen		International		Corporate		Total
Accelerated depreciation	$	1.4	$	—	$	—	$	—	$	1.4
Other cost of goods sold		1.1		(0.2)		(0.2)		—		0.7
Total cost of goods sold		2.5		(0.2)		(0.2)		—		2.1
Severance and related costs		—		(0.2)		(0.3)		—		(0.5)
Contract/lease termination		0.7		—		0.1		—		0.8
Other SG&A		1.0		0.5		0.3		0.1		1.9
Total SG&A		1.7		0.3		0.1		0.1		2.2
Total	$	4.2	$	0.1	$	(0.1)	$	0.1	$	4.3

Included in the above results are $2.6 million of charges that have resulted or will result in cash outflows and $1.7 million in non-cash charges.

Liabilities recorded for the Conagra Restructuring Plan and changes therein for the first quarter of fiscal 2025 were as follows:

			Costs
			Incurred and
	Balance at		Charged to		Costs Paid or		Changes in		Balance at
	May 26, 2024		Expense		Otherwise Settled		Estimates		August 25, 2024
Severance and related costs	$	9.8	$	0.2	$	(5.7)	$	(0.7)	$	3.6
Contract/lease termination		—		0.8		(0.8)		—		—
Other costs		0.6		2.3		(1.8)		—		1.1
Total	$	10.4	$	3.3	$	(8.3)	$	(0.7)	$	4.7