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Restructuring, Impairment, And Other Exit Costs | 6 Months Ended
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Nov. 27, 2022
Restructuring, Impairment, And Other Exit Costs [Abstract] |
Restructuring, Impairment, And Other Exit Costs | (3) Restructuring, Impairment, and Other Exit Costs In the six-month period ended November 27, 2022, we did not undertake any new restructuring actions. We recorded $ 11.6 million of restructuring charges in the second quarter of fiscal 2023 and $ 13.9 million of restructuring charges in the six-month period ended November 27, 2022, related to restructuring actions previously announced. We recorded $ 2.7 million of restructuring charges in the second quarter of fiscal 2022 and a $ 1.4 million net recovery of restructuring charges in the six-month period ended November 28, 2021, related to restructuring actions previously announced. We expect these actions to be completed by the end of fiscal 2024 . In the second quarter of fiscal 2023, we increased the estimate of restructuring charges that we expect to incur related to our previously announced actions in the International segment to drive efficiencies in manufacturing and logistics operations. As a result, we recorded a $ 4.5 million increase to our restructuring reserve primarily related to estimated severance charges. We expect to incur approximately $ 25 million of restructuring charges and project-related costs related to these actions, of which approximately $ 16 million will be cash. These charges are expected to consist of approximately $ 12 million of severance and $ 10 million of other costs, primarily asset write-offs. We also expect to incur approximately $ 3 million of project-related costs. We expect these actions to be completed by the end of fiscal 2024 . In the second quarter of fiscal 2023, we increased the estimate of restructuring charges that we expect to incur related to our previously announced global organizational structure and resource realignment actions. As a result, we recorded a $ 4.1 million increase to our restructuring reserve primarily related to estimated severance charges. We expect to incur approximately $ 140 million of restructuring charges related to these actions, of which approximately $ 115 million will be cash. These charges are expected to consist of approximately $ 105 million of severance and approximately $ 35 million of other costs. We expect these actions to be completed by the end of fiscal 2023 . We paid net $ 27.6 million of cash in the six-month period ended November 27, 2022, related to restructuring actions previously announced. We paid net $ 42.8 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 7.5 Utilized in fiscal 2023 (24.1) Reserve balance as of Nov. 27, 2022 $ 20.2 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.

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(e)) -URI http://asc.fasb.org/extlink&oid=115931487&loc=d3e140904-122747 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI http://asc.fasb.org/topic&trid=2175745 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 + Details
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