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RESTRUCTURING, IMPAIRMENT AND OTHER EXIT COSTS

6 Months Ended

Nov. 25, 2012

Restructuring, Impairment, and Other Exist Costs [Abstract]

Restructuring, Impairment, and Other Exit Costs

(3) Restructuring, Impairment, and Other Exit Costs

Restructuring, impairment, and other exit costs were as follows:

		Quarter Ended				Six-Month Period Ended
In Millions		Nov. 25, 2012		Nov. 27, 2011		Nov. 25, 2012		Nov. 27, 2011
Charges associated with restructuring actions previously announced	$	2.7	$	0.7	$	11.9	$	0.8
Total	$	2.7	$	0.7	$	11.9	$	0.8

During the six-month period ended November 25, 2012, we recorded an $11.7 million restructuring charge related to a productivity and cost savings plan approved in the fourth quarter of fiscal 2012. The plan was designed to improve organizational effectiveness and focus on key growth strategies, and included organizational changes to strengthen business alignment and actions to accelerate administrative efficiencies across all of our operating segments and support functions. During the six-month period ended November 25, 2012, we recorded restructuring charges of $9.4 million related to our International segment, $1.5 million related to our U.S. Retail segment, and $0.8 million related to our Bakeries and Foodservice segment. In the six-month period ended November 25, 2012, we paid $44.6 million in cash related to these restructuring actions. These restructuring actions are expected to be completed by the end of fiscal 2014.

The roll forward of our restructuring and other exit cost reserves, included in other current liabilities, is as follows:

In Millions		Severance		Contract Termination		Other Exit Costs		Total
Reserve balance as of May 27, 2012	$	83.1	$	2.7	$	0.1	$	85.9
2013 charges, including foreign currency translation		8.1		-		-		8.1
Utilized in 2013		(41.2)		(1.5)		(0.1)		(42.8)
Reserve balance as of Nov. 25, 2012	$	50.0	$	1.2	$	-	$	51.2

The charges recognized in the roll forward of our reserves for restructuring and other exit costs do not include items charged directly to expense (e.g., asset impairment charges, the gain or loss on the sale of restructured assets, and the write-off of spare parts) and other periodic exit costs recognized as incurred, as those items are not reflected in our restructuring and other exit cost reserves on our Consolidated Balance Sheets.

- 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.

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