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Restructuring and Other Charges (Tables) - Fiscal 2021 Strategic Realignment Plan

9 Months Ended

Dec. 25, 2021

Restructuring Cost and Reserve [Line Items]

Restructuring and Related Costs

A summary of the charges recorded in connection with the Fiscal 2021 Strategic Realignment Plan during the fiscal periods presented (inclusive of immaterial other restructuring-related charges previously recorded during the first quarter of Fiscal 2021), as well as cumulative charges recorded since its inception, is as follows:

						Three Months Ended												Nine Months Ended
						December 25, 2021						December 26, 2020						December 25, 2021						December 26, 2020						Cumulative Charges
						(millions)
Cash-related restructuring charges:
Severance and benefit costs						$	—					$	3.1					$	(3.9)					$	159.4					$	140.3
Other cash charges						1.9						5.8						6.3						9.7						21.2
Total cash-related restructuring charges						1.9						8.9						2.4						169.1						161.5
Non-cash charges:
Impairment of assets (see Note 7)						—						2.6						19.3						26.9						88.7
Inventory-related charges(a)						—						7.0						—						8.3						8.3
Accelerated stock-based compensation expense(b)						—						—						2.0						—						2.0
Total non-cash charges						—						9.6						21.3						35.2						99.0
Total charges						$	1.9					$	18.5					$	23.7					$	204.3					$	260.5

(a)Inventory-related charges are recorded within cost of goods sold in the consolidated statements of operations.

(b)Accelerated stock-based compensation expense, which was recorded within restructuring and other charges, net in the consolidated statements of operations, related to vesting provisions associated with certain separation agreements.

Schedule of Restructuring Reserve by Type of Cost

A summary of current period activity in the restructuring reserve related to the Fiscal 2021 Strategic Realignment Plan is as follows:

						Severance and Benefit Costs												Other Cash Charges						Total
						(millions)
Balance at March 27, 2021						$	96.2											$	3.2					$	99.4
Additions (reductions) charged to expense						(3.9)												6.3						2.4
Cash payments applied against reserve						(52.4)												(9.3)						(61.7)
Non-cash adjustments						0.6												—						0.6
Balance at December 25, 2021						$	40.5											$	0.2					$	40.7

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Tabular disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets.

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Tabular disclosure of an entity's restructuring reserve that occurred during the period associated with the exit from or disposal of business activities or restructurings for each major type of cost. This element may also include a description of any reversal and other adjustment made during the period to the amount of an accrued liability for restructuring activities. This element may be used to encapsulate the roll forward presentations of an entity's restructuring reserve by type of cost and in total, and explanation of changes that occurred in the period.

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