Corporate Restructuring

3 Months Ended

Aug. 30, 2020

Restructuring and Related Activities [Abstract]

Corporate Restructuring

Corporate Restructuring

During the first quarter of fiscal 2021, as a result of the impact of the COVID-19 pandemic on our business operations, we undertook a strategic restructuring of our corporate organization and workforce in order to reduce costs and better align corporate expenses to our sales levels in the current environment. The corporate restructuring included a voluntary early retirement incentive program and other involuntary strategic workforce reductions. In accordance with these actions, we incurred employee termination benefits costs and other costs of $47.8 million, including cash and non-cash components of $38.1 million and $9.7 million, respectively. These costs are reflected in general and administrative expenses and other (income) expense, net in our consolidated statements of earnings for the three months ended August 30, 2020.

The following table summarizes the accrued employee termination benefits and other costs which are included in other current liabilities and other liabilities on our consolidated balance sheet as of August 30, 2020. We expect the remaining liability to be paid by the second quarter of fiscal 2022.

(in millions)	Initial Liability		Payments			Balance at August 30, 2020
Accrued liability (1)	$	38.1	$	(4.1	)	$	34.0

(1)

Excludes costs associated with equity awards that will be settled in shares upon vesting and postretirement benefit plan valuation adjustment.