XML 19 R10.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Integration and Restructuring Costs | 9 Months Ended
--- | ---
Jan. 31, 2022
Restructuring and Related Activities [Abstract] |
Integration and Restructuring Costs | Integration and restructuring costs primarily consist of employee-related costs and other transition and termination costs related to certain divestiture, acquisition, integration, or restructuring activities. Employee-related costs include severance, retention bonuses, and relocation costs. Severance costs and retention bonuses are recognized over the estimated future service period of the impacted employees, and relocation costs are expensed as incurred. Other transition and termination costs include fixed asset-related charges, contract and lease termination costs, professional fees, and other miscellaneous expenditures associated with the integration or restructuring activities. With the exception of accelerated depreciation, these costs are expensed as incurred. These integration and restructuring costs are reported in cost of products sold and other special project costs in the Condensed Statements of Consolidated Income and are not allocated to segment profit. The obligation related to employee separation costs is included in other current liabilities in the Condensed Consolidated Balance Sheets. Restructuring Costs: A restructuring program was approved by the Board of Directors (the “Board”) during 2021, associated with opportunities identified to reduce our overall cost structure and optimize our organizational design, inclusive of stranded overhead associated with the divestitures of the Crisco® and Natural Balance® businesses. During 2021, we substantially completed an organizational redesign related to our corporate headquarters and announced plans to close our Suffolk, Virginia, facility as a result of a new strategic partnership for the production of our Away From Home liquid coffee products. During the third quarter of 2022, we completed the transition of production to JDE Peet's, as anticipated. Furthermore, the restructuring program was expanded during the third quarter of 2022 to include certain costs associated with the divestitures of the private label dry pet food and natural beverage and grains businesses, as well as the recently announced plans to close our Ripon, Wisconsin, production facility by the end of calendar year 2022 to further optimize operations for our Consumer Foods business. For additional information related to the divestitures, see Note 4: Divestitures. We expect to incur costs of approximately $110.0 associated with the restructuring activities approved to date. Approximately half of these costs are expected to be other transition and termination costs associated with our cost reduction and margin management initiatives, inclusive of accelerated depreciation, while the remainder represents employee-related costs. We anticipate the activities associated with this restructuring program will be completed by the end of 2023, with the majority of the costs expected to be incurred by the end of calendar year 2022. The following table summarizes our restructuring costs incurred related to the restructuring program.
| Three Months Ended January 31, |  | Nine Months Ended January 31, |  | Total Costs Incurred to Date at January 31, 2022
| 2022 |  | 2021 |  | 2022 |  | 2021 |
Employee-related costs | $ | 1.4 |  |  | $ | 1.7 |  |  | $ | 3.8 |  |  | $ | 1.7 |  |  | $ | 21.1 |
Other transition and termination costs | 7.4 |  |  | — |  |  | 18.8 |  |  | — |  |  | 25.6 |
Total restructuring costs | $ | 8.8 |  |  | $ | 1.7 |  |  | $ | 22.6 |  |  | $ | 1.7 |  |  | $ | 46.7 |
The obligation related to severance costs and retention bonuses was $3.7 and $14.6 at January 31, 2022 and April 30, 2021, respectively. As of January 31, 2022, cumulative noncash charges incurred to date were $20.3, including $6.7 and $15.9 incurred during the three and nine months ended January 31, 2022, respectively, and primarily consisted of accelerated depreciation.

X
- References No definition available. + Details
Name: | us-gaap_RestructuringAndRelatedActivitiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI http://asc.fasb.org/topic&trid=2175745 + Details
Name: | us-gaap_RestructuringAndRelatedActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration