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Restructuring
6 Months Ended
May 24, 2020
Restructuring and Related Activities [Abstract]  
RESTRUCTURING
RESTRUCTURING
In April 2020, the Board endorsed a restructuring initiative designed to reduce costs, streamline operations and support agility. The adverse impacts of the COVID-19 pandemic on the Company's business necessitated cost reduction actions while plans to streamline operations continue to be developed.
The initiative includes the elimination of approximately 15% of the Company's global non-retail and non-manufacturing positions and is expected to result in approximately $100 million in annual cost savings. Final estimates for headcount, timing and charges in certain areas of the international business are subject to completion of applicable local works council and other consultative processes.
For the three and six months ended May 24, 2020, the Company recognized restructuring charges of $67.4 million, which were recorded on a separate line item in the Company's consolidated statements of operations; within the consolidated balance sheet the Company recorded $51.3 million and $14.5 million in restructuring liabilities and other long-term liabilities, respectively, and an immaterial amount of pension and postretirement curtailment losses was recorded in accumulated other comprehensive income. The charges primarily relate to severance benefits, based on separation benefits provided by Company policy or statutory benefit plans. No payments were made during the three and six months ended May 24, 2020. The Company estimates that it will incur future additional charges related to this restructuring initiative.