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RESTRUCTURING ACTIVITIES (Tables) | 6 Months Ended
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Nov. 28, 2021
Pinnacle Integration Restructuring Plan |
Restructuring Cost And Reserve [Line Items] |
Schedule of Pre-Tax Expenses in Association with the Restructuring Plan | We anticipate that we will recognize the following pre-tax expenses in association with the Pinnacle Integration Restructuring Plan (amounts include charges recognized from plan inception through the second quarter of fiscal 2022):
|  | Grocery & Snacks |  |  | Refrigerated & Frozen |  |  | International |  |  | Corporate |  |  | Total |
Accelerated depreciation |  | $ | 5.2 |  |  | $ | 4.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 9.8 |
Other cost of goods sold |  |  | 3.8 |  |  |  | 6.6 |  |  |  | 0.7 |  |  |  | — |  |  |  | 11.1 |
Total cost of goods sold |  |  | 9.0 |  |  |  | 11.2 |  |  |  | 0.7 |  |  |  | — |  |  |  | 20.9 |
Severance and related costs |  |  | — |  |  |  | 3.9 |  |  |  | 1.5 |  |  |  | 112.2 |  |  |  | 117.6 |
Asset impairment (net of gains on disposal) |  |  | 27.8 |  |  |  | 4.1 |  |  |  | — |  |  |  | 2.5 |  |  |  | 34.4 |
Accelerated depreciation |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7.4 |  |  |  | 7.4 |
Contract/lease termination |  |  | 6.5 |  |  |  | 3.7 |  |  |  | 0.8 |  |  |  | 16.1 |  |  |  | 27.1 |
Consulting/professional fees |  |  | 1.0 |  |  |  | — |  |  |  | 0.8 |  |  |  | 105.9 |  |  |  | 107.7 |
Other selling, general and administrative expenses |  |  | 5.7 |  |  |  | 4.7 |  |  |  | 0.3 |  |  |  | 20.7 |  |  |  | 31.4 |
Total selling, general and administrative expenses |  |  | 41.0 |  |  |  | 16.4 |  |  |  | 3.4 |  |  |  | 264.8 |  |  |  | 325.6 |
Consolidated total |  | $ | 50.0 |  |  | $ | 27.6 |  |  | $ | 4.1 |  |  | $ | 264.8 |  |  | $ | 346.5 |
During the second quarter of fiscal 2022, we recognized the following pre-tax expenses for the Pinnacle Integration Restructuring Plan:
|  | Grocery & Snacks |  |  | Refrigerated & Frozen |  |  | Corporate |  |  | Total |
Other cost of goods sold |  | $ | — |  |  | $ | 1.4 |  |  | $ | — |  |  | $ | 1.4 |
Total cost of goods sold |  |  | — |  |  |  | 1.4 |  |  |  | — |  |  |  | 1.4 |
Severance and related costs |  |  | — |  |  |  | 0.4 |  |  |  | — |  |  |  | 0.4 |
Asset impairment (net of gains on disposal) |  |  | — |  |  |  | 0.1 |  |  |  | (0.1 | ) |  |  | — |
Consulting/professional fees |  |  | 0.1 |  |  |  | — |  |  |  | 2.7 |  |  |  | 2.8 |
Other selling, general and administrative expenses |  |  | — |  |  |  | 0.2 |  |  |  | 1.0 |  |  |  | 1.2 |
Total selling, general and administrative expenses |  |  | 0.1 |  |  |  | 0.7 |  |  |  | 3.6 |  |  |  | 4.4 |
Consolidated total |  | $ | 0.1 |  |  | $ | 2.1 |  |  | $ | 3.6 |  |  | $ | 5.8 |
During the first half of fiscal 2022, we recognized the following pre-tax expenses for the Pinnacle Integration Restructuring Plan:
|  | Grocery & Snacks |  |  | Refrigerated & Frozen |  |  | Corporate |  |  | Total |
Other cost of goods sold |  | $ | — |  |  | $ | 1.5 |  |  | $ | — |  |  | $ | 1.5 |
Total cost of goods sold |  |  | — |  |  |  | 1.5 |  |  |  | — |  |  |  | 1.5 |
Severance and related costs |  |  | — |  |  |  | 0.4 |  |  |  | (0.2 | ) |  |  | 0.2 |
Asset impairment (net of gains on disposal) |  |  | — |  |  |  | 0.1 |  |  |  | (0.1 | ) |  |  | — |
Contract/lease termination |  |  | — |  |  |  | — |  |  |  | 0.2 |  |  |  | 0.2 |
Consulting/professional fees |  |  | 0.2 |  |  |  | — |  |  |  | 8.4 |  |  |  | 8.6 |
Other selling, general and administrative expenses |  |  | 0.1 |  |  |  | 1.0 |  |  |  | 1.5 |  |  |  | 2.6 |
Total selling, general and administrative expenses |  |  | 0.3 |  |  |  | 1.5 |  |  |  | 9.8 |  |  |  | 11.6 |
Consolidated total |  | $ | 0.3 |  |  | $ | 3.0 |  |  | $ | 9.8 |  |  | $ | 13.1 |
We recognized the following cumulative (plan inception to November 28, 2021) pre-tax expenses for the Pinnacle Integration Restructuring Plan in our Condensed Consolidated Statement of Earnings:
|  | Grocery & Snacks |  |  | Refrigerated & Frozen |  |  | International |  |  | Corporate |  |  | Total |
Accelerated depreciation |  | $ | 0.6 |  |  | $ | 4.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 5.2 |
Other cost of goods sold |  |  | 2.3 |  |  |  | 4.4 |  |  |  | 0.7 |  |  |  | — |  |  |  | 7.4 |
Total cost of goods sold |  |  | 2.9 |  |  |  | 9.0 |  |  |  | 0.7 |  |  |  | — |  |  |  | 12.6 |
Severance and related costs |  |  | — |  |  |  | 3.8 |  |  |  | 1.5 |  |  |  | 112.2 |  |  |  | 117.5 |
Asset impairment (net of gains on disposal) |  |  | 0.3 |  |  |  | 4.1 |  |  |  | — |  |  |  | 2.5 |  |  |  | 6.9 |
Accelerated depreciation |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7.4 |  |  |  | 7.4 |
Contract/lease termination |  |  | 1.8 |  |  |  | — |  |  |  | 0.8 |  |  |  | 16.1 |  |  |  | 18.7 |
Consulting/professional fees |  |  | 0.9 |  |  |  | — |  |  |  | 0.8 |  |  |  | 97.9 |  |  |  | 99.6 |
Other selling, general and administrative expenses |  |  | 2.9 |  |  |  | 2.1 |  |  |  | 0.3 |  |  |  | 18.8 |  |  |  | 24.1 |
Total selling, general and administrative expenses |  |  | 5.9 |  |  |  | 10.0 |  |  |  | 3.4 |  |  |  | 254.9 |  |  |  | 274.2 |
Consolidated total |  | $ | 8.8 |  |  | $ | 19.0 |  |  | $ | 4.1 |  |  | $ | 254.9 |  |  | $ | 286.8 |
Schedule of Liabilities Recorded for the Restructuring Plan | Liabilities recorded for the Pinnacle Integration Restructuring Plan and changes therein for the first half of fiscal 2022 were as follows:
|  | Balance at May 30, 2021 |  |  | Costs Incurred and Charged to Expense |  |  | Costs Paid or Otherwise Settled |  |  | Changes in Estimates |  |  | Balance at November 28, 2021 |
Severance and related costs |  | $ | 5.1 |  |  | $ | 0.2 |  |  | $ | (1.4 | ) |  | $ | — |  |  | $ | 3.9 |
Contract/lease termination |  |  | — |  |  |  | 0.2 |  |  |  | (0.2 | ) |  |  | — |  |  |  | — |
Consulting/professional fees |  |  | 3.9 |  |  |  | 8.6 |  |  |  | (11.5 | ) |  |  | — |  |  |  | 1.0 |
Other costs |  |  | — |  |  |  | 2.9 |  |  |  | (2.9 | ) |  |  | — |  |  |  | — |
Total |  | $ | 9.0 |  |  | $ | 11.9 |  |  | $ | (16.0 | ) |  | $ | — |  |  | $ | 4.9 |
Conagra Restructuring Plan |
Restructuring Cost And Reserve [Line Items] |
Schedule of Pre-Tax Expenses in Association with the Restructuring Plan | We anticipate that we will recognize the following pre-tax expenses in association with the Conagra Restructuring Plan (amounts include charges recognized from plan inception through the second quarter of fiscal 2022):
|  | Grocery & Snacks |  |  | Refrigerated & Frozen |  |  | International |  |  | Foodservice |  |  | Corporate |  |  | Total |
Accelerated depreciation |  | $ | 33.2 |  |  | $ | 39.2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 72.4 |
Other cost of goods sold |  |  | 9.1 |  |  |  | 3.8 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 12.9 |
Total cost of goods sold |  |  | 42.3 |  |  |  | 43.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 85.3 |
Severance and related costs |  |  | 11.7 |  |  |  | 1.1 |  |  |  | 1.1 |  |  |  | 0.3 |  |  |  | 2.2 |  |  |  | 16.4 |
Asset impairment (net of gains on disposal) |  |  | 23.3 |  |  |  | 0.4 |  |  |  | 0.1 |  |  |  | — |  |  |  | — |  |  |  | 23.8 |
Contract/lease termination |  |  | 0.1 |  |  |  | 2.6 |  |  |  | — |  |  |  | — |  |  |  | 0.1 |  |  |  | 2.8 |
Consulting/professional fees |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.9 |  |  |  | 0.9 |
Other selling, general and administrative expenses |  |  | 10.3 |  |  |  | 2.9 |  |  |  | — |  |  |  | — |  |  |  | 0.4 |  |  |  | 13.6 |
Total selling, general and administrative expenses |  |  | 45.4 |  |  |  | 7.0 |  |  |  | 1.2 |  |  |  | 0.3 |  |  |  | 3.6 |  |  |  | 57.5 |
Total |  | $ | 87.7 |  |  | $ | 50.0 |  |  | $ | 1.2 |  |  | $ | 0.3 |  |  | $ | 3.6 |  |  | $ | 142.8 |
Pension and postretirement non-service income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.6 |
Consolidated total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 143.4 |
During the second quarter of fiscal 2022, we recognized the following pre-tax expenses for the Conagra Restructuring Plan:
|  | Grocery & Snacks |  |  | Refrigerated & Frozen |  |  | Corporate |  |  | Total |
Accelerated depreciation |  | $ | 0.2 |  |  | $ | 4.5 |  |  | $ | — |  |  | $ | 4.7 |
Other cost of goods sold |  |  | 3.7 |  |  |  | 0.1 |  |  |  | — |  |  |  | 3.8 |
Total cost of goods sold |  |  | 3.9 |  |  |  | 4.6 |  |  |  | — |  |  |  | 8.5 |
Severance and related costs |  |  | (0.4 | ) |  |  | — |  |  |  | (0.1 | ) |  |  | (0.5 | )
Asset impairment (net of gains on disposal) |  |  | (3.6 | ) |  |  | 0.1 |  |  |  | — |  |  |  | (3.5 | )
Contract/lease termination |  |  | 0.1 |  |  |  | — |  |  |  | — |  |  |  | 0.1 |
Other selling, general and administrative expenses |  |  | 1.9 |  |  |  | — |  |  |  | 0.1 |  |  |  | 2.0 |
Total selling, general and administrative expenses |  |  | (2.0 | ) |  |  | 0.1 |  |  |  | — |  |  |  | (1.9 | )
Total |  | $ | 1.9 |  |  | $ | 4.7 |  |  | $ | — |  |  | $ | 6.6 |
During the first half of fiscal 2022, we recognized the following pre-tax expenses for the Conagra Restructuring Plan:
|  | Grocery & Snacks |  |  | Refrigerated & Frozen |  |  | Foodservice |  |  | Corporate |  |  | Total |
Accelerated depreciation |  | $ | 1.2 |  |  | $ | 9.8 |  |  | $ | — |  |  | $ | — |  |  | $ | 11.0 |
Other cost of goods sold |  |  | 3.7 |  |  |  | 0.1 |  |  |  | — |  |  |  | — |  |  |  | 3.8 |
Total cost of goods sold |  |  | 4.9 |  |  |  | 9.9 |  |  |  | — |  |  |  | — |  |  |  | 14.8 |
Severance and related costs |  |  | 1.3 |  |  |  | (1.2 | ) |  |  | 0.3 |  |  |  | 0.1 |  |  |  | 0.5 |
Asset impairment (net of gains on disposal) |  |  | (3.8 | ) |  |  | 0.1 |  |  |  | — |  |  |  | — |  |  |  | (3.7 | )
Contract/lease termination |  |  | 0.1 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.1 |
Other selling, general and administrative expenses |  |  | 3.3 |  |  |  | — |  |  |  | — |  |  |  | 0.1 |  |  |  | 3.4 |
Total selling, general and administrative expenses |  |  | 0.9 |  |  |  | (1.1 | ) |  |  | 0.3 |  |  |  | 0.2 |  |  |  | 0.3 |
Total |  | $ | 5.8 |  |  | $ | 8.8 |  |  | $ | 0.3 |  |  | $ | 0.2 |  |  | $ | 15.1 |
We recognized the following cumulative (plan inception to November 28, 2021) pre-tax expenses for the Conagra Restructuring Plan in our Condensed Consolidated Statement of Earnings:
|  | Grocery & Snacks |  |  | Refrigerated & Frozen |  |  | International |  |  | Foodservice |  |  | Corporate |  |  | Total |
Accelerated depreciation |  | $ | 33.2 |  |  | $ | 36.5 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 69.7 |
Other cost of goods sold |  |  | 8.5 |  |  |  | 0.3 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 8.8 |
Total cost of goods sold |  |  | 41.7 |  |  |  | 36.8 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 78.5 |
Severance and related costs |  |  | 11.7 |  |  |  | 0.6 |  |  |  | 1.1 |  |  |  | 0.3 |  |  |  | 2.2 |  |  |  | 15.9 |
Asset impairment (net of gains on disposal) |  |  | 23.3 |  |  |  | 0.4 |  |  |  | 0.1 |  |  |  | — |  |  |  | — |  |  |  | 23.8 |
Contract/lease termination |  |  | 0.1 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.1 |  |  |  | 0.2 |
Other selling, general and administrative expenses |  |  | 8.3 |  |  |  | 0.3 |  |  |  | — |  |  |  | — |  |  |  | 0.3 |  |  |  | 8.9 |
Total selling, general and administrative expenses |  |  | 43.4 |  |  |  | 1.3 |  |  |  | 1.2 |  |  |  | 0.3 |  |  |  | 2.6 |  |  |  | 48.8 |
Total |  | $ | 85.1 |  |  | $ | 38.1 |  |  | $ | 1.2 |  |  | $ | 0.3 |  |  | $ | 2.6 |  |  | $ | 127.3 |
Pension and postretirement non-service income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.6 |
Consolidated total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 127.9 |
Schedule of Liabilities Recorded for the Restructuring Plan | Liabilities recorded for the Conagra Restructuring Plan and changes therein for the first half of fiscal 2022 were as follows:
|  | Balance at May 30, 2021 |  |  | Costs Incurred and Charged to Expense |  |  | Costs Paid or Otherwise Settled |  |  | Changes in Estimates |  |  | Balance at November 28, 2021 |
Severance and related costs |  | $ | 9.7 |  |  | $ | 2.8 |  |  | $ | (6.3 | ) |  | $ | (2.3 | ) |  | $ | 3.9 |
Contract/lease termination |  |  | — |  |  |  | 0.1 |  |  |  | (0.1 | ) |  |  | — |  |  |  | — |
Other costs |  |  | — |  |  |  | 4.0 |  |  |  | (2.6 | ) |  |  | — |  |  |  | 1.4 |
Total |  | $ | 9.7 |  |  | $ | 6.9 |  |  | $ | (9.0 | ) |  | $ | (2.3 | ) |  | $ | 5.3 |

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