RESTRUCTURING ACTIVITIES

6 Months Ended

Nov. 24, 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 November 24, 2024, we have approved $333.2 million ($92.7 million of cash charges and $240.5 million of non-cash charges) and recognized cumulative charges of $303.3 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 second quarter and first half of fiscal 2025, we recognized charges of $79.5 million and $83.8 million, respectively, in connection with the Conagra Restructuring Plan. In the second quarter and first half of fiscal 2024, we recognized charges of $3.6 million and $27.4 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 half of fiscal 2025, we recognized the following pre-tax expenses for the Conagra Restructuring Plan:

	Grocery &		Refrigerated
	Snacks		& Frozen		International		Corporate		Total
Accelerated depreciation	$	1.8	$	—	$	—	$	—	$	1.8
Other cost of goods sold		1.6		5.1		(0.2)		—		6.5
Total cost of goods sold		3.4		5.1		(0.2)		—		8.3
Severance and related costs		0.1		6.2		(0.3)		1.8		7.8
Asset impairment (net of gains on disposal)		—		64.5		(1.9)		—		62.6
Contract/lease termination		1.3		—		0.2		—		1.5
Other SG&A		1.2		1.6		0.6		0.2		3.6
Total SG&A		2.6		72.3		(1.4)		2.0		75.5
Total	$	6.0	$	77.4	$	(1.6)	$	2.0	$	83.8

Included in the above results are $15.0 million of charges that have resulted or will result in cash outflows and $68.8 million in non-cash charges.

Liabilities recorded for the Conagra Restructuring Plan and changes therein for the first half 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		November 24, 2024
Severance and related costs	$	9.8	$	8.5	$	(7.2)	$	(0.7)	$	10.4
Contract/lease termination		—		1.5		(1.5)		—		—
Other costs		0.6		5.7		(4.9)		—		1.4
Total	$	10.4	$	15.7	$	(13.6)	$	(0.7)	$	11.8