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RESTRUCTURING ACTIVITIES (Tables)
12 Months Ended
May 30, 2021
Pinnacle Integration Restructuring Plan  
Restructuring Cost And Reserve [Line Items]  
Schedule of Pre-Tax Expenses in Association with the Restructuring Plan

We anticipate that we will recognize the following pre-tax expenses in association with the Pinnacle Integration Restructuring Plan (amounts include charges recognized from plan inception through the end of fiscal 2021):

 

 

Grocery & Snacks

 

 

Refrigerated & Frozen

 

 

International

 

 

Corporate

 

 

Total

 

Accelerated depreciation

 

$

7.6

 

 

$

5.2

 

 

$

—

 

 

$

—

 

 

$

12.8

 

Other cost of goods sold

 

 

3.8

 

 

 

7.4

 

 

 

0.7

 

 

 

—

 

 

 

11.9

 

Total cost of goods sold

 

 

11.4

 

 

 

12.6

 

 

 

0.7

 

 

 

—

 

 

 

24.7

 

Severance and related costs

 

 

—

 

 

 

4.3

 

 

 

1.5

 

 

 

112.4

 

 

 

118.2

 

Asset impairment (net of gains on disposal)

 

 

30.3

 

 

 

4.0

 

 

 

—

 

 

 

2.6

 

 

 

36.9

 

Accelerated depreciation

 

 

—

 

 

 

—

 

 

 

—

 

 

 

7.4

 

 

 

7.4

 

Contract/lease termination

 

 

7.7

 

 

 

8.2

 

 

 

0.8

 

 

 

15.9

 

 

 

32.6

 

Consulting/professional fees

 

 

1.0

 

 

 

—

 

 

 

0.8

 

 

 

104.7

 

 

 

106.5

 

Other selling, general and administrative expenses

 

 

5.8

 

 

 

4.6

 

 

 

0.3

 

 

 

21.0

 

 

 

31.7

 

Total selling, general and administrative expenses

 

 

44.8

 

 

 

21.1

 

 

 

3.4

 

 

 

264.0

 

 

 

333.3

 

Consolidated total

 

$

56.2

 

 

$

33.7

 

 

$

4.1

 

 

$

264.0

 

 

$

358.0

 

During fiscal 2021, we recognized the following pre-tax expenses for the Pinnacle Integration Restructuring Plan:

 

 

Grocery & Snacks

 

 

Refrigerated & Frozen

 

 

Corporate

 

 

Total

 

Accelerated depreciation

 

$

—

 

 

$

2.5

 

 

$

—

 

 

$

2.5

 

Other cost of goods sold

 

 

0.5

 

 

 

1.4

 

 

 

—

 

 

 

1.9

 

Total cost of goods sold

 

 

0.5

 

 

 

3.9

 

 

 

—

 

 

 

4.4

 

Severance and related costs

 

 

—

 

 

 

(0.9

)

 

 

(2.7

)

 

 

(3.6

)

Asset impairment (net of gains on disposal)

 

 

0.1

 

 

 

0.2

 

 

 

(0.3

)

 

 

—

 

Contract/lease termination

 

 

1.8

 

 

 

—

 

 

 

0.8

 

 

 

2.6

 

Consulting/professional fees

 

 

0.5

 

 

 

—

 

 

 

22.2

 

 

 

22.7

 

Other selling, general and administrative expenses

 

 

2.8

 

 

 

1.0

 

 

 

1.8

 

 

 

5.6

 

Total selling, general and administrative expenses

 

 

5.2

 

 

 

0.3

 

 

 

21.8

 

 

 

27.3

 

Consolidated total

 

$

5.7

 

 

$

4.2

 

 

$

21.8

 

 

$

31.7

 

We recognized the following cumulative (plan inception to May 30, 2021) pre-tax expenses for the Pinnacle Integration Restructuring Plan in our Consolidated Statements of Earnings:

 

 

Grocery & Snacks

 

 

Refrigerated & Frozen

 

 

International

 

 

Corporate

 

 

Total

 

Accelerated depreciation

 

$

0.6

 

 

$

4.6

 

 

$

—

 

 

$

—

 

 

$

5.2

 

Other cost of goods sold

 

 

2.3

 

 

 

2.9

 

 

 

0.7

 

 

 

—

 

 

 

5.9

 

Total cost of goods sold

 

 

2.9

 

 

 

7.5

 

 

 

0.7

 

 

 

—

 

 

 

11.1

 

Severance and related costs

 

 

—

 

 

 

3.4

 

 

 

1.5

 

 

 

112.4

 

 

 

117.3

 

Asset impairment (net of gains on disposal)

 

 

0.3

 

 

 

4.0

 

 

 

—

 

 

 

2.6

 

 

 

6.9

 

Accelerated depreciation

 

 

—

 

 

 

—

 

 

 

—

 

 

 

7.4

 

 

 

7.4

 

Contract/lease termination

 

 

1.8

 

 

 

—

 

 

 

0.8

 

 

 

15.9

 

 

 

18.5

 

Consulting/professional fees

 

 

0.7

 

 

 

—

 

 

 

0.8

 

 

 

89.5

 

 

 

91.0

 

Other selling, general and administrative expenses

 

 

2.8

 

 

 

1.1

 

 

 

0.3

 

 

 

17.3

 

 

 

21.5

 

Total selling, general and administrative expenses

 

 

5.6

 

 

 

8.5

 

 

 

3.4

 

 

 

245.1

 

 

 

262.6

 

Consolidated total

 

$

8.5

 

 

$

16.0

 

 

$

4.1

 

 

$

245.1

 

 

$

273.7

 

Schedule of Liabilities Recorded for the Restructuring Plan

Liabilities recorded for the Pinnacle Integration Restructuring Plan and changes therein for fiscal 2021 were as follows:

 

 

Balance at

May 31,

2020

 

 

Costs

Incurred

and Charged

to Expense

 

 

Costs Paid

or Otherwise

Settled

 

 

Changes in

Estimates

 

 

Balance at

May 30,

2021

 

Severance and related costs

 

$

23.6

 

 

$

0.1

 

 

$

(14.9

)

 

$

(3.7

)

 

$

5.1

 

Contract/lease termination

 

 

0.5

 

 

 

2.6

 

 

 

(3.1

)

 

 

—

 

 

 

—

 

Consulting/professional fees

 

 

7.5

 

 

 

22.7

 

 

 

(26.3

)

 

 

—

 

 

 

3.9

 

Other costs

 

 

—

 

 

 

6.8

 

 

 

(6.8

)

 

 

—

 

 

 

—

 

Total

 

$

31.6

 

 

$

32.2

 

 

$

(51.1

)

 

$

(3.7

)

 

$

9.0

 

Conagra Restructuring Plan  
Restructuring Cost And Reserve [Line Items]  
Schedule of Pre-Tax Expenses in Association with the Restructuring Plan

We anticipate that we will recognize the following pre-tax expenses in association with the Conagra Restructuring Plan (amounts include charges recognized from plan inception through the end of fiscal 2021):

 

 

Grocery & Snacks

 

 

Refrigerated & Frozen

 

 

International

 

 

Corporate

 

 

Total

 

Accelerated depreciation

 

$

34.7

 

 

$

49.7

 

 

$

—

 

 

$

—

 

 

$

84.4

 

Other cost of goods sold

 

 

8.9

 

 

 

2.1

 

 

 

—

 

 

 

—

 

 

 

11.0

 

Total cost of goods sold

 

 

43.6

 

 

 

51.8

 

 

 

—

 

 

 

—

 

 

 

95.4

 

Severance and related costs

 

 

12.0

 

 

 

2.2

 

 

 

1.1

 

 

 

2.1

 

 

 

17.4

 

Asset impairment (net of gains on disposal)

 

 

27.1

 

 

 

0.3

 

 

 

0.1

 

 

 

—

 

 

 

27.5

 

Contract/lease termination

 

 

0.1

 

 

 

—

 

 

 

—

 

 

 

0.1

 

 

 

0.2

 

Consulting/professional fees

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.7

 

 

 

0.7

 

Other selling, general and administrative expenses

 

 

10.7

 

 

 

4.6

 

 

 

—

 

 

 

0.2

 

 

 

15.5

 

Total selling, general and administrative expenses

 

 

49.9

 

 

 

7.1

 

 

 

1.2

 

 

 

3.1

 

 

 

61.3

 

Total

 

$

93.5

 

 

$

58.9

 

 

$

1.2

 

 

$

3.1

 

 

$

156.7

 

Pension and postretirement non-service income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.6

 

Consolidated total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

157.3

 

During fiscal 2021, we recognized the following pre-tax expenses for the Conagra Restructuring Plan:

 

 

Grocery & Snacks

 

 

Refrigerated & Frozen

 

 

International

 

 

Corporate

 

 

Total

 

Accelerated depreciation

 

$

7.9

 

 

$

22.5

 

 

$

—

 

 

$

—

 

 

$

30.4

 

Other cost of goods sold

 

 

2.3

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2.3

 

Total cost of goods sold

 

 

10.2

 

 

 

22.5

 

 

 

—

 

 

 

—

 

 

 

32.7

 

Severance and related costs

 

 

5.7

 

 

 

—

 

 

 

(0.1

)

 

 

1.4

 

 

 

7.0

 

Asset impairment (net of gains on disposal)

 

 

2.1

 

 

 

0.1

 

 

 

—

 

 

 

—

 

 

 

2.2

 

Other selling, general and administrative expenses

 

 

4.1

 

 

 

—

 

 

 

—

 

 

 

0.2

 

 

 

4.3

 

Total selling, general and administrative expenses

 

 

11.9

 

 

 

0.1

 

 

 

(0.1

)

 

 

1.6

 

 

 

13.5

 

Total

 

$

22.1

 

 

$

22.6

 

 

$

(0.1

)

 

$

1.6

 

 

$

46.2

 

We recognized the following cumulative (plan inception to May 30, 2021) pre-tax expenses for the Conagra Restructuring Plan in our Consolidated Statements of Earnings:

 

 

Grocery & Snacks

 

 

Refrigerated & Frozen

 

 

International

 

 

Corporate

 

 

Total

 

Accelerated depreciation

 

$

32.0

 

 

$

26.7

 

 

$

—

 

 

$

—

 

 

$

58.7

 

Other cost of goods sold

 

 

4.8

 

 

 

0.2

 

 

 

—

 

 

 

—

 

 

 

5.0

 

Total cost of goods sold

 

 

36.8

 

 

 

26.9

 

 

 

—

 

 

 

—

 

 

 

63.7

 

Severance and related costs

 

 

10.4

 

 

 

1.8

 

 

 

1.1

 

 

 

2.1

 

 

 

15.4

 

Asset impairment (net of gains on disposal)

 

 

27.1

 

 

 

0.3

 

 

 

0.1

 

 

 

—

 

 

 

27.5

 

Contract/lease termination

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.1

 

 

 

0.1

 

Other selling, general and administrative expenses

 

 

5.0

 

 

 

0.3

 

 

 

—

 

 

 

0.2

 

 

 

5.5

 

Total selling, general and administrative expenses

 

 

42.5

 

 

 

2.4

 

 

 

1.2

 

 

 

2.4

 

 

 

48.5

 

Total

 

$

79.3

 

 

$

29.3

 

 

$

1.2

 

 

$

2.4

 

 

$

112.2

 

Pension and postretirement non-service income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.6

 

Consolidated total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

112.8

 

Schedule of Liabilities Recorded for the Restructuring Plan

Liabilities recorded for the Conagra Restructuring Plan and changes therein for fiscal 2021 were as follows:

 

 

Balance at

May 31,

2020

 

 

Costs

Incurred

and Charged

to Expense

 

 

Costs Paid

or Otherwise

Settled

 

 

Changes in

Estimates

 

 

Balance at

May 30,

2021

 

Severance and related costs

 

$

6.5

 

 

$

7.4

 

 

$

(3.8

)

 

$

(0.4

)

 

$

9.7

 

Other costs

 

 

—

 

 

 

4.3

 

 

 

(4.3

)

 

 

—

 

 

 

—

 

Total

 

$

6.5

 

 

$

11.7

 

 

$

(8.1

)

 

$

(0.4

)

 

$

9.7