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RESTRUCTURING ACTIVITIES | 3 Months Ended
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Aug. 24, 2025
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 25, 2025 for additional information on our restructuring activities. Conagra Restructuring Plan From fiscal 2019 through August 24, 2025, we have approved and expect to incur $349.0 million ($102.1 million of cash charges and $246.9 million of non-cash charges) and recognized cumulative charges of $325.6 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 first quarter of fiscal 2026 and 2025, we recognized charges of $4.4 million and $4.3 million, respectively, in connection with the Conagra Restructuring Plan. We anticipate that we will recognize costs related to the Conagra Restructuring Plan through the end of fiscal 2026. During the first quarter of fiscal 2026, we recognized the following pre-tax expenses for the Conagra Restructuring Plan: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Grocery & | ​ | Refrigerated | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Snacks |  | & Frozen |  | International |  | Corporate |  | Total
Accelerated depreciation | ​ | $ | 0.4 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 0.4
Other cost of goods sold | ​ | ​ | 0.2 | ​ | ​ | 0.1 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 0.3
Total cost of goods sold | ​ | ​ | 0.6 | ​ | ​ | 0.1 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 0.7
Severance and related costs | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 0.3 | ​ | ​ | 1.0 | ​ | ​ | 1.3
Asset impairment (net of gains on disposal) | ​ | ​ | 0.2 | ​ | ​ | 0.6 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 0.8
Contract/lease termination | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 0.1 | ​ | ​ | 0.1
Other SG&A | ​ | ​ | 1.2 | ​ | ​ | 0.3 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1.5
Total SG&A | ​ | ​ | 1.4 | ​ | ​ | 0.9 | ​ | ​ | 0.3 | ​ | ​ | 1.1 | ​ | ​ | 3.7
Total | ​ | $ | 2.0 | ​ | $ | 1.0 | ​ | $ | 0.3 | ​ | $ | 1.1 | ​ | $ | 4.4
​ Included in the above results are $3.2 million of charges that have resulted or will result in cash outflows and $1.2 million in non-cash charges. Liabilities recorded for the Conagra Restructuring Plan and changes therein for the first quarter of fiscal 2026 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Costs |  | ​ | ​ |  | ​
​ | ​ | ​ | ​ | Incurred and | ​ | ​ | ​ | ​
​ | ​ | Balance at | ​ | Charged to | ​ | Costs Paid or | ​ | Balance at
​ | ​ | May 25, 2025 | ​ | Expense | ​ | Otherwise Settled | ​ | August 24, 2025
Severance and related costs | ​ | $ | 14.6 | ​ | $ | 1.3 | ​ | $ | (3.9) | ​ | $ | 12.0
Contract/lease termination | ​ | ​ | — | ​ | ​ | 0.1 | ​ | ​ | (0.1) | ​ | ​ | —
Other costs | ​ | ​ | 2.8 | ​ | ​ | 1.8 | ​ | ​ | (2.8) | ​ | ​ | 1.8
Total | ​ | $ | 17.4 | ​ | $ | 3.2 | ​ | $ | (6.8) | ​ | $ | 13.8
​

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