Restructuring, Impairment, And Other Exit Costs

9 Months Ended

Feb. 26, 2023

Restructuring, Impairment, And Other Exit Costs [Abstract]

Restructuring, Impairment, And Other Exit Costs

(3) Restructuring, Impairment, and Other Exit Costs

In the nine-month period ended February 26, 2023, we did not undertake any new restructuring actions. We recorded $

2.1

 million of

restructuring charges in the third quarter of fiscal 2023 and $

16.0

 million of restructuring charges in the nine-month period ended

February 26, 2023, related to restructuring actions previously announced. We recorded $

9.3

 million of restructuring charges in the

third quarter of fiscal 2022 and $

7.9

 million of restructuring charges in the nine-month period ended February 27, 2022, related to

restructuring actions previously announced.

We

expect these actions to be completed by the end of

fiscal 2024

.

We paid net $

30.6

 million of cash in the nine-month period ended February 26, 2023, related to restructuring actions previously

announced. We paid net $

70.4

 million of cash in the same period of fiscal 2022.

The roll forward of our restructuring and other exit cost reserves, included in other current liabilities, is as follows:

In Millions

Total

Reserve balance as of May 29, 2022

$

36.8

Fiscal 2023 charges, including foreign currency translation

8.6

Utilized in fiscal 2023

(26.5)

Reserve balance as of Feb. 26, 2023

$

18.9

The reserve balance primarily consists of expected severance payments associated with restructuring actions. 

The charges recognized in the roll forward of our reserves for restructuring and other exit costs do not include items charged directly

to expense (e.g., asset impairment charges, accelerated depreciation, the gain or loss on the sale of restructured assets, and the write-

off of spare parts) and other periodic exit costs are recognized as incurred, as those items are not reflected in our restructuring and

other exit cost reserves on our Consolidated Balance Sheets.