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RESTRUCTURING ACTIVITIES (Tables)
12 Months Ended
May 31, 2020
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 end of fiscal 2020):

 

 

Grocery & Snacks

 

 

Refrigerated & Frozen

 

 

International

 

 

Corporate

 

 

Total

 

Accelerated depreciation

 

$

9.9

 

 

$

5.6

 

 

$

 

 

$

 

 

$

15.5

 

Other cost of goods sold

 

 

7.7

 

 

 

9.2

 

 

 

0.7

 

 

 

 

 

 

17.6

 

Total cost of goods sold

 

 

17.6

 

 

 

14.8

 

 

 

0.7

 

 

 

 

 

 

33.1

 

Severance and related costs

 

 

 

 

 

4.3

 

 

 

1.5

 

 

 

115.1

 

 

 

120.9

 

Asset impairment (net of gains on disposal)

 

 

36.2

 

 

 

3.8

 

 

 

 

 

 

2.9

 

 

 

42.9

 

Accelerated depreciation

 

 

 

 

 

 

 

 

 

 

 

7.4

 

 

 

7.4

 

Contract/lease termination

 

 

1.4

 

 

 

4.7

 

 

 

0.8

 

 

 

17.7

 

 

 

24.6

 

Consulting/professional fees

 

 

0.2

 

 

 

 

 

 

0.8

 

 

 

90.3

 

 

 

91.3

 

Other selling, general and administrative expenses

 

 

10.2

 

 

 

1.1

 

 

 

0.3

 

 

 

28.4

 

 

 

40.0

 

Total selling, general and administrative expenses

 

 

48.0

 

 

 

13.9

 

 

 

3.4

 

 

 

261.8

 

 

 

327.1

 

Consolidated total

 

$

65.6

 

 

$

28.7

 

 

$

4.1

 

 

$

261.8

 

 

$

360.2

 

During fiscal 2020, we recognized the following pre-tax expenses for the Pinnacle Integration Restructuring Plan:

 

 

Grocery & Snacks

 

 

Refrigerated & Frozen

 

 

International

 

 

Corporate

 

 

Total

 

Accelerated depreciation

 

$

0.6

 

 

$

2.1

 

 

$

 

 

$

 

 

$

2.7

 

Other cost of goods sold

 

 

0.3

 

 

 

 

 

 

 

 

 

 

 

 

0.3

 

Total cost of goods sold

 

 

0.9

 

 

 

2.1

 

 

 

 

 

 

 

 

 

3.0

 

Severance and related costs

 

 

 

 

 

4.3

 

 

 

0.2

 

 

 

4.3

 

 

 

8.8

 

Asset impairment (net of gains on disposal)

 

 

0.2

 

 

 

3.8

 

 

 

 

 

 

2.9

 

 

 

6.9

 

Accelerated depreciation

 

 

 

 

 

 

 

 

 

 

 

2.7

 

 

 

2.7

 

Contract/lease termination

 

 

 

 

 

 

 

 

 

 

 

14.8

 

 

 

14.8

 

Consulting/professional fees

 

 

0.2

 

 

 

 

 

 

0.6

 

 

 

29.2

 

 

 

30.0

 

Other selling, general and administrative expenses

 

 

 

 

 

0.1

 

 

 

0.2

 

 

 

7.3

 

 

 

7.6

 

Total selling, general and administrative expenses

 

 

0.4

 

 

 

8.2

 

 

 

1.0

 

 

 

61.2

 

 

 

70.8

 

Consolidated total

 

$

1.3

 

 

$

10.3

 

 

$

1.0

 

 

$

61.2

 

 

$

73.8

 

We recognized the following cumulative (plan inception to May 31, 2020) pre-tax expenses for the Pinnacle Integration Restructuring Plan in our Consolidated Statements of Earnings:

 

 

Grocery & Snacks

 

 

Refrigerated & Frozen

 

 

International

 

 

Corporate

 

 

Total

 

Accelerated depreciation

 

$

0.6

 

 

$

2.1

 

 

$

 

 

$

 

 

$

2.7

 

Other cost of goods sold

 

 

1.8

 

 

 

1.5

 

 

 

0.7

 

 

 

 

 

 

4.0

 

Total cost of goods sold

 

 

2.4

 

 

 

3.6

 

 

 

0.7

 

 

 

 

 

 

6.7

 

Severance and related costs

 

 

 

 

 

4.3

 

 

 

1.5

 

 

 

115.1

 

 

 

120.9

 

Asset impairment (net of gains on disposal)

 

 

0.2

 

 

 

3.8

 

 

 

 

 

 

2.9

 

 

 

6.9

 

Accelerated depreciation

 

 

 

 

 

 

 

 

 

 

 

7.4

 

 

 

7.4

 

Contract/lease termination

 

 

 

 

 

 

 

 

0.8

 

 

 

15.1

 

 

 

15.9

 

Consulting/professional fees

 

 

0.2

 

 

 

 

 

 

0.8

 

 

 

67.3

 

 

 

68.3

 

Other selling, general and administrative expenses

 

 

 

 

 

0.1

 

 

 

0.3

 

 

 

15.5

 

 

 

15.9

 

Total selling, general and administrative expenses

 

 

0.4

 

 

 

8.2

 

 

 

3.4

 

 

 

223.3

 

 

 

235.3

 

Consolidated total

 

$

2.8

 

 

$

11.8

 

 

$

4.1

 

 

$

223.3

 

 

$

242.0

 

Schedule of Liabilities Recorded for the Restructuring Plan

Liabilities recorded for the Pinnacle Integration Restructuring Plan and changes therein for fiscal 2020 were as follows:

 

 

Balance at

May 26,

2019

 

 

Costs

Incurred

and Charged

to Expense

 

 

Costs Paid

or Otherwise

Settled

 

 

Changes in

Estimates

 

 

Balance at

May 31,

2020

 

Severance and related costs

 

$

76.9

 

 

$

11.0

 

 

$

(62.1

)

 

$

(2.2

)

 

$

23.6

 

Contract/lease termination

 

 

1.0

 

 

 

4.6

 

 

 

(5.1

)

 

 

 

 

 

0.5

 

Consulting/professional fees

 

 

18.4

 

 

 

30.0

 

 

 

(40.9

)

 

 

 

 

 

7.5

 

Other costs

 

 

1.2

 

 

 

7.6

 

 

 

(8.8

)

 

 

 

 

 

 

Total

 

$

97.5

 

 

$

53.2

 

 

$

(116.9

)

 

$

(2.2

)

 

$

31.6

 

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 end of fiscal 2020):

 

 

Grocery & Snacks

 

 

Refrigerated & Frozen

 

 

International

 

 

Corporate

 

 

Total

 

Accelerated depreciation

 

$

38.0

 

 

$

20.1

 

 

$

 

 

$

 

 

$

58.1

 

Other cost of goods sold

 

 

9.0

 

 

 

1.0

 

 

 

 

 

 

 

 

 

10.0

 

Total cost of goods sold

 

 

47.0

 

 

 

21.1

 

 

 

 

 

 

 

 

 

68.1

 

Severance and related costs

 

 

12.1

 

 

 

3.5

 

 

 

1.2

 

 

 

0.7

 

 

 

17.5

 

Asset impairment (net of gains on disposal)

 

 

25.0

 

 

 

0.2

 

 

 

0.1

 

 

 

 

 

 

25.3

 

Contract/lease termination

 

 

0.2

 

 

 

 

 

 

 

 

 

0.1

 

 

 

0.3

 

Consulting/professional fees

 

 

 

 

 

 

 

 

 

 

 

1.2

 

 

 

1.2

 

Other selling, general and administrative expenses

 

 

14.3

 

 

 

1.9

 

 

 

0.3

 

 

 

 

 

 

16.5

 

Total selling, general and administrative expenses

 

 

51.6

 

 

 

5.6

 

 

 

1.6

 

 

 

2.0

 

 

 

60.8

 

Total

 

$

98.6

 

 

$

26.7

 

 

$

1.6

 

 

$

2.0

 

 

$

128.9

 

Pension and postretirement non-service income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.6

 

Consolidated total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

129.5

 

During fiscal 2020, we recognized the following pre-tax expenses for the Conagra Restructuring Plan:

 

 

Grocery & Snacks

 

 

Refrigerated & Frozen

 

 

International

 

 

Corporate

 

 

Total

 

Accelerated depreciation

 

$

24.1

 

 

$

3.4

 

 

$

 

 

$

 

 

$

27.5

 

Other cost of goods sold

 

 

2.5

 

 

 

0.2

 

 

 

 

 

 

 

 

 

2.7

 

Total cost of goods sold

 

 

26.6

 

 

 

3.6

 

 

 

 

 

 

 

 

 

30.2

 

Severance and related costs

 

 

4.7

 

 

 

1.3

 

 

 

0.5

 

 

 

0.5

 

 

 

7.0

 

Asset impairment (net of gains on disposal)

 

 

25.0

 

 

 

0.2

 

 

 

0.1

 

 

 

 

 

 

25.3

 

Contract/lease termination

 

 

 

 

 

 

 

 

 

 

 

0.1

 

 

 

0.1

 

Other selling, general and administrative expenses

 

 

0.9

 

 

 

0.3

 

 

 

 

 

 

 

 

 

1.2

 

Total selling, general and administrative expenses

 

 

30.6

 

 

 

1.8

 

 

 

0.6

 

 

 

0.6

 

 

 

33.6

 

Total

 

$

57.2

 

 

$

5.4

 

 

$

0.6

 

 

$

0.6

 

 

$

63.8

 

Pension and postretirement non-service income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.6

 

Consolidated total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

64.4

 

We recognized the following cumulative (plan inception to May 31, 2020) pre-tax expenses for the Conagra Restructuring Plan in our Consolidated Statements of Earnings:

 

 

Grocery & Snacks

 

 

Refrigerated & Frozen

 

 

International

 

 

Corporate

 

 

Total

 

Accelerated depreciation

 

$

24.1

 

 

$

4.2

 

 

$

 

 

$

 

 

$

28.3

 

Other cost of goods sold

 

 

2.5

 

 

 

0.2

 

 

 

 

 

 

 

 

 

2.7

 

Total cost of goods sold

 

 

26.6

 

 

 

4.4

 

 

 

 

 

 

 

 

 

31.0

 

Severance and related costs

 

 

4.7

 

 

 

1.8

 

 

 

1.2

 

 

 

0.7

 

 

 

8.4

 

Asset impairment (net of gains on disposal)

 

 

25.0

 

 

 

0.2

 

 

 

0.1

 

 

 

 

 

 

25.3

 

Contract/lease termination

 

 

 

 

 

 

 

 

 

 

 

0.1

 

 

 

0.1

 

Other selling, general and administrative expenses

 

 

0.9

 

 

 

0.3

 

 

 

 

 

 

 

 

 

1.2

 

Total selling, general and administrative expenses

 

 

30.6

 

 

 

2.3

 

 

 

1.3

 

 

 

0.8

 

 

 

35.0

 

Total

 

$

57.2

 

 

$

6.7

 

 

$

1.3

 

 

$

0.8

 

 

$

66.0

 

Pension and postretirement non-service income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.6

 

Consolidated total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

66.6

 

Schedule of Liabilities Recorded for the Restructuring Plan

Liabilities recorded for the Conagra Restructuring Plan and changes therein for fiscal 2020 were as follows:

 

 

Balance at

May 26,

2019

 

 

Costs

Incurred

and Charged

to Expense

 

 

Costs Paid

or Otherwise

Settled

 

 

Changes in

Estimates

 

 

Balance at

May 31,

2020

 

Severance and related costs

 

$

1.2

 

 

$

7.5

 

 

$

(1.7

)

 

$

(0.5

)

 

$

6.5

 

Contract/lease termination

 

 

 

 

 

0.1

 

 

 

(0.1

)

 

 

 

 

 

 

Other costs

 

 

 

 

 

3.7

 

 

 

(3.7

)

 

 

 

 

 

 

Total

 

$

1.2

 

 

$

11.3

 

 

$

(5.5

)

 

$

(0.5

)

 

$

6.5