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RESTRUCTURING ACTIVITIES (Tables)
3 Months Ended
Aug. 29, 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 first quarter of fiscal 2022):

 

 

Grocery & Snacks

 

 

Refrigerated & Frozen

 

 

International

 

 

Corporate

 

 

Total

 

Accelerated depreciation

 

$

7.6

 

 

$

4.6

 

 

$

—

 

 

$

—

 

 

$

12.2

 

Other cost of goods sold

 

 

3.8

 

 

 

7.1

 

 

 

0.7

 

 

 

—

 

 

 

11.6

 

Total cost of goods sold

 

 

11.4

 

 

 

11.7

 

 

 

0.7

 

 

 

—

 

 

 

23.8

 

Severance and related costs

 

 

—

 

 

 

3.5

 

 

 

1.5

 

 

 

112.2

 

 

 

117.2

 

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

 

 

 

16.1

 

 

 

32.8

 

Consulting/professional fees

 

 

1.0

 

 

 

—

 

 

 

0.8

 

 

 

105.7

 

 

 

107.5

 

Other selling, general and administrative expenses

 

 

5.9

 

 

 

4.5

 

 

 

0.3

 

 

 

20.7

 

 

 

31.4

 

Total selling, general and administrative expenses

 

 

44.9

 

 

 

20.2

 

 

 

3.4

 

 

 

264.7

 

 

 

333.2

 

Consolidated total

 

$

56.3

 

 

$

31.9

 

 

$

4.1

 

 

$

264.7

 

 

$

357.0

 

During the first quarter of fiscal 2022, we recognized the following pre-tax expenses for the Pinnacle Integration Restructuring Plan:

We recognized the following cumulative (plan inception to August 29, 2021) pre-tax expenses for the Pinnacle Integration Restructuring Plan in our Condensed Consolidated Statement of Earnings:

 

 

Grocery & Snacks

 

 

Refrigerated & Frozen

 

 

International

 

 

Corporate

 

 

Total

 

Accelerated depreciation

 

$

0.6

 

 

$

4.6

 

 

$

—

 

 

$

—

 

 

$

5.2

 

Other cost of goods sold

 

 

2.3

 

 

 

3.0

 

 

 

0.7

 

 

 

—

 

 

 

6.0

 

Total cost of goods sold

 

 

2.9

 

 

 

7.6

 

 

 

0.7

 

 

 

—

 

 

 

11.2

 

Severance and related costs

 

 

—

 

 

 

3.4

 

 

 

1.5

 

 

 

112.2

 

 

 

117.1

 

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

 

 

 

16.1

 

 

 

18.7

 

Consulting/professional fees

 

 

0.8

 

 

 

—

 

 

 

0.8

 

 

 

95.2

 

 

 

96.8

 

Other selling, general and administrative expenses

 

 

2.9

 

 

 

1.9

 

 

 

0.3

 

 

 

17.8

 

 

 

22.9

 

Total selling, general and administrative expenses

 

 

5.8

 

 

 

9.3

 

 

 

3.4

 

 

 

251.3

 

 

 

269.8

 

Consolidated total

 

$

8.7

 

 

$

16.9

 

 

$

4.1

 

 

$

251.3

 

 

$

281.0

 

Schedule of Liabilities Recorded for the Restructuring Plan

Liabilities recorded for the Pinnacle Integration Restructuring Plan and changes therein for the first quarter of fiscal 2022 were as follows:

 

 

Balance at

May 30,

2021

 

 

Costs Incurred

and Charged

to Expense

 

 

Costs Paid

or Otherwise

Settled

 

 

Changes in

Estimates

 

 

Balance at

August 29,

2021

 

Severance and related costs

 

$

5.1

 

 

$

—

 

 

$

(0.9

)

 

$

(0.2

)

 

$

4.0

 

Contract/lease termination

 

 

—

 

 

 

0.2

 

 

 

(0.2

)

 

 

—

 

 

 

—

 

Consulting/professional fees

 

 

3.9

 

 

 

5.8

 

 

 

(5.3

)

 

 

—

 

 

 

4.4

 

Other costs

 

 

—

 

 

 

1.5

 

 

 

(1.5

)

 

 

—

 

 

 

—

 

Total

 

$

9.0

 

 

$

7.5

 

 

$

(7.9

)

 

$

(0.2

)

 

$

8.4

 

 

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 first quarter of fiscal 2022):

 

 

Grocery & Snacks

 

 

Refrigerated & Frozen

 

 

International

 

 

Foodservice

 

 

Corporate

 

 

Total

 

Accelerated depreciation

 

$

34.7

 

 

$

39.1

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

73.8

 

Other cost of goods sold

 

 

8.9

 

 

 

1.3

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

10.2

 

Total cost of goods sold

 

 

43.6

 

 

 

40.4

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

84.0

 

Severance and related costs

 

 

12.6

 

 

 

1.1

 

 

 

1.1

 

 

 

0.3

 

 

 

2.6

 

 

 

17.7

 

Asset impairment (net of gains on disposal)

 

 

26.9

 

 

 

0.3

 

 

 

0.1

 

 

 

—

 

 

 

—

 

 

 

27.3

 

Contract/lease termination

 

 

0.1

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.2

 

 

 

0.3

 

Consulting/professional fees

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.9

 

 

 

0.9

 

Other selling, general and administrative expenses

 

 

11.1

 

 

 

2.6

 

 

 

—

 

 

 

—

 

 

 

0.2

 

 

 

13.9

 

Total selling, general and administrative expenses

 

 

50.7

 

 

 

4.0

 

 

 

1.2

 

 

 

0.3

 

 

 

3.9

 

 

 

60.1

 

Total

 

$

94.3

 

 

$

44.4

 

 

$

1.2

 

 

$

0.3

 

 

$

3.9

 

 

$

144.1

 

Pension and postretirement non-service income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.6

 

Consolidated total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

144.7

 

During the first quarter of fiscal 2022, we recognized the following pre-tax expenses for the Conagra Restructuring Plan:

We recognized the following cumulative (plan inception to August 29, 2021) pre-tax expenses for the Conagra Restructuring Plan in our Condensed Consolidated Statement of Earnings:

Schedule of Liabilities Recorded for the Restructuring Plan

Liabilities recorded for the Conagra Restructuring Plan and changes therein for the first quarter of fiscal 2022 were as follows:

 

 

Balance at

May 30,

2021

 

 

Costs Incurred

and Charged

to Expense

 

 

Costs Paid

or Otherwise

Settled

 

 

Changes in

Estimates

 

 

Balance at

August 29,

2021

 

Severance and related costs

 

$

9.7

 

 

$

2.3

 

 

$

(0.7

)

 

$

(1.3

)

 

$

10.0

 

Other costs

 

 

—

 

 

 

1.4

 

 

 

(1.4

)

 

 

—

 

 

 

—

 

Total

 

$

9.7

 

 

$

3.7

 

 

$

(2.1

)

 

$

(1.3

)

 

$

10.0