RESTRUCTURING ACTIVITIES

9 Months Ended

Feb. 23, 2025

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 February 23, 2025, we have approved $345.9 million ($90.1 million of cash charges and $255.8 million of non-cash charges) and recognized cumulative charges of $310.2 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 third quarter and first three quarters of fiscal 2025, we recognized charges of $6.9 million and $90.7 million, respectively, in connection with the Conagra Restructuring Plan. In the third quarter and first three quarters of fiscal 2024, we recognized charges of $1.5 million and $28.9 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 three quarters of fiscal 2025, we recognized the following pre-tax expenses for the Conagra Restructuring Plan:

	Grocery &		Refrigerated
	Snacks		& Frozen		International		Corporate		Total
Accelerated depreciation	$	2.2	$	—	$	—	$	—	$	2.2
Other cost of goods sold		2.3		5.2		(0.1)		—		7.4
Total cost of goods sold		4.5		5.2		(0.1)		—		9.6
Severance and related costs		0.1		6.1		(0.3)		2.4		8.3
Asset impairment (net of gains on disposal)		2.7		65.1		(1.9)		—		65.9
Contract/lease termination		1.2		—		0.3		0.1		1.6
Other SG&A		2.3		2.1		0.7		0.2		5.3
Total SG&A		6.3		73.3		(1.2)		2.7		81.1
Total	$	10.8	$	78.5	$	(1.3)	$	2.7	$	90.7

Included in the above results are $18.2 million of charges that have resulted or will result in cash outflows and $72.5 million in non-cash charges.

Liabilities recorded for the Conagra Restructuring Plan and changes therein for the first three quarters 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		February 23, 2025
Severance and related costs	$	9.8	$	9.1	$	(7.8)	$	(0.8)	$	10.3
Contract/lease termination		—		1.6		(1.6)		—		—
Other costs		0.6		8.3		(7.5)		—		1.4
Total	$	10.4	$	19.0	$	(16.9)	$	(0.8)	$	11.7