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RESTRUCTURING ACTIVITIES | 6 Months Ended
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Nov. 24, 2024
RESTRUCTURING ACTIVITIES |
RESTRUCTURING ACTIVITIES | 4. RESTRUCTURING ACTIVITIES See our Consolidated Financial Statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended May 26, 2024 for additional information on our restructuring activities. Conagra Restructuring Plan From fiscal 2019 through November 24, 2024, we have approved $333.2 million ($92.7 million of cash charges and $240.5 million of non-cash charges) and recognized cumulative charges of $303.3 million as part of a restructuring plan to improve SG&A expense effectiveness and efficiencies and to optimize our supply chain network (the “Conagra Restructuring Plan”). In the second quarter and first half of fiscal 2025, we recognized charges of $79.5 million and $83.8 million, respectively, in connection with the Conagra Restructuring Plan. In the second quarter and first half of fiscal 2024, we recognized charges of $3.6 million and $27.4 million, respectively, in connection with the Conagra Restructuring Plan. We incur costs related to the Conagra Restructuring Plan over a multi-year period. During the first half of fiscal 2025, we recognized the following pre-tax expenses for the Conagra Restructuring Plan: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Grocery & | ​ | Refrigerated | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Snacks |  | & Frozen |  | International |  | Corporate |  | Total
Accelerated depreciation | ​ | $ | 1.8 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 1.8
Other cost of goods sold | ​ | ​ | 1.6 | ​ | ​ | 5.1 | ​ | ​ | (0.2) | ​ | ​ | — | ​ | ​ | 6.5
Total cost of goods sold | ​ | ​ | 3.4 | ​ | ​ | 5.1 | ​ | ​ | (0.2) | ​ | ​ | — | ​ | ​ | 8.3
Severance and related costs | ​ | ​ | 0.1 | ​ | ​ | 6.2 | ​ | ​ | (0.3) | ​ | ​ | 1.8 | ​ | ​ | 7.8
Asset impairment (net of gains on disposal) | ​ | ​ | — | ​ | ​ | 64.5 | ​ | ​ | (1.9) | ​ | ​ | — | ​ | ​ | 62.6
Contract/lease termination | ​ | ​ | 1.3 | ​ | ​ | — | ​ | ​ | 0.2 | ​ | ​ | — | ​ | ​ | 1.5
Other SG&A | ​ | ​ | 1.2 | ​ | ​ | 1.6 | ​ | ​ | 0.6 | ​ | ​ | 0.2 | ​ | ​ | 3.6
Total SG&A | ​ | ​ | 2.6 | ​ | ​ | 72.3 | ​ | ​ | (1.4) | ​ | ​ | 2.0 | ​ | ​ | 75.5
Total | ​ | $ | 6.0 | ​ | $ | 77.4 | ​ | $ | (1.6) | ​ | $ | 2.0 | ​ | $ | 83.8
​ Included in the above results are $15.0 million of charges that have resulted or will result in cash outflows and $68.8 million in non-cash charges. Liabilities recorded for the Conagra Restructuring Plan and changes therein for the first half of fiscal 2025 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Costs |  | ​ | ​ |  | ​ | ​ |  | ​
​ | ​ | ​ | ​ | Incurred and | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Balance at | ​ | Charged to | ​ | Costs Paid or | ​ | Changes in | ​ | Balance at
​ | ​ | May 26, 2024 | ​ | Expense | ​ | Otherwise Settled | ​ | Estimates | ​ | November 24, 2024
Severance and related costs | ​ | $ | 9.8 | ​ | $ | 8.5 | ​ | $ | (7.2) | ​ | $ | (0.7) | ​ | $ | 10.4
Contract/lease termination | ​ | ​ | — | ​ | ​ | 1.5 | ​ | ​ | (1.5) | ​ | ​ | — | ​ | ​ | —
Other costs | ​ | ​ | 0.6 | ​ | ​ | 5.7 | ​ | ​ | (4.9) | ​ | ​ | — | ​ | ​ | 1.4
Total | ​ | $ | 10.4 | ​ | $ | 15.7 | ​ | $ | (13.6) | ​ | $ | (0.7) | ​ | $ | 11.8
​

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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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