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Note 2 - Restructuring Activities | 3 Months Ended
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Aug. 27, 2023
Notes to Financial Statements |
Restructuring and Related Activities Disclosure [Text Block] | 2. RESTRUCTURING ACTIVITIES See our consolidated financial statements and related notes in our Annual Report on Form 10-K for the year ended May 28, 2023 for additional information on our restructuring activities. Conagra Restructuring Plan In fiscal 2019, senior management initiated a restructuring plan for costs incurred in connection with actions taken to improve selling, general and administrative ("SG&A") expense effectiveness and efficiencies and to optimize our supply chain network (the "Conagra Restructuring Plan"). As of August 27, 2023, we have approved the incurrence of $228.5 million ($69.2 million of cash charges and $159.3 million of non-cash charges) for several projects associated with the Conagra Restructuring Plan. In the first quarter of fiscal 2024 and 2023, we recognized charges of $23.8 million and $4.1 million, respectively, in connection with the Conagra Restructuring Plan. We have recognized cumulative charges of $176.7 million since the inception of this plan through August 27, 2023. We expect to incur costs related to the Conagra Restructuring Plan over a multi-year period. During the first quarter of fiscal 2024, we recognized the following pre-tax expenses for the Conagra Restructuring Plan:
|  | Grocery & Snacks |  |  | Refrigerated & Frozen |  |  | International |  |  | Corporate |  |  | Total |
Accelerated depreciation |  | $ | 3.2 |  |  | $ | 0.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 3.3 |
Other cost of goods sold |  |  | — |  |  |  | — |  |  |  | 0.9 |  |  |  | — |  |  |  | 0.9 |
Total cost of goods sold |  |  | 3.2 |  |  |  | 0.1 |  |  |  | 0.9 |  |  |  | — |  |  |  | 4.2 |
Severance and related costs |  |  | 0.7 |  |  |  | — |  |  |  | 3.6 |  |  |  | — |  |  |  | 4.3 |
Asset impairment |  |  | 0.6 |  |  |  | — |  |  |  | 14.1 |  |  |  | — |  |  |  | 14.7 |
Consulting/professional fees |  |  | 0.2 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.2 |
Other SG&A |  |  | — |  |  |  | 0.3 |  |  |  | — |  |  |  | 0.1 |  |  |  | 0.4 |
Total SG&A |  |  | 1.5 |  |  |  | 0.3 |  |  |  | 17.7 |  |  |  | 0.1 |  |  |  | 19.6 |
Total |  | $ | 4.7 |  |  | $ | 0.4 |  |  | $ | 18.6 |  |  | $ | 0.1 |  |  | $ | 23.8 |
Included in the above results are $4.9 million of charges that have resulted or will result in cash outflows and $18.9 million in non-cash charges. Liabilities recorded for the Conagra Restructuring Plan and changes therein for the first quarter of fiscal 2024 were as follows:
|  | Balance at May 28, 2023 |  |  | Costs Incurred and Charged to Expense |  |  | Costs Paid or Otherwise Settled |  |  | Changes in Estimates |  |  | Balance at August 27, 2023 |
Severance and related costs |  | $ | 1.7 |  |  | $ | 4.4 |  |  | $ | (0.3 | ) |  | $ | (0.1 | ) |  | $ | 5.7 |
Consulting/professional fees |  |  | 0.2 |  |  |  | 0.2 |  |  |  | (0.3 | ) |  |  | — |  |  |  | 0.1 |
Other costs |  |  | — |  |  |  | 0.4 |  |  |  | (0.4 | ) |  |  | — |  |  |  | — |
Total |  | $ | 1.9 |  |  | $ | 5.0 |  |  | $ | (1.0 | ) |  | $ | (0.1 | ) |  | $ | 5.8 |

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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 -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//420/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(e)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479823/420-10-S99-2 + Details
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