Restructuring, Impairment, and Other Exit Costs

9 Months Ended

Feb. 28, 2021

Restructuring, Impairment, and Other Exit Costs [Abstract]

Restructuring, Impairment, and Other Exit Costs

(2) Restructuring, Impairment, and Other Exit Costs

Restructuring charges were as follows:

	Quarter Ended				Nine-Month Period Ended
In Millions	Feb. 28, 2021		Feb. 23, 2020		Feb. 28, 2021		Feb. 23, 2020
Asia & Latin America route-to-market and supply chain optimization	$	11.5	$	-	$	11.5	$	-
Charges associated with restructuring actions previously announced		0.2		12.4		2.1		37.2
Total restructuring charges	$	11.7	$	12.4	$	13.6	$	37.2

In the third quarter of fiscal 2021, we approved restructuring actions to leverage more efficient and effective route-to-market models and to optimize our supply chain in our Asia & Latin America segment. We expect to incur approximately $21 million of restructuring charges related to these actions, of which approximately $15 million will be cash. These charges are expected to consist of approximately $10 million of severance and $11 million of other costs, primarily asset write-offs. We recognized $8.9 million of severance and $2.6 million of other costs in the third quarter of fiscal 2021 related to these actions. We expect these actions to be completed by the end of the first quarter of fiscal 2022.

The charges associated with restructuring actions previously announced primarily relate to actions to drive efficiencies in targeted areas of our global supply chain. We expect these actions to be completed by the end of fiscal 2023.

Certain actions are subject to union negotiations and works counsel consultations, where required.

We paid net $7.9 million of cash in the nine-month period ended February 28, 2021, related to restructuring actions. We paid net $16.6 million of cash in the same period of fiscal 2020.

Restructuring and impairment charges and project-related costs are recorded in our Consolidated Statements of Earnings as follows:

	Quarter Ended				Nine-Month Period Ended
In Millions	Feb. 28, 2021		Feb. 23, 2020		Feb. 28, 2021		Feb. 23, 2020
Restructuring, impairment, and other exit costs	$	11.0	$	5.8	$	11.9	$	12.9
Cost of sales		0.7		6.6		1.7		24.3
Total restructuring charges	$	11.7	$	12.4	$	13.6	$	37.2
Project-related costs classified in cost of sales	$	-	$	0.4	$	-	$	1.1