v3.25.2
Restructuring, Transformation, Impairment, And Other Exit Costs
 3 Months Ended
Aug. 24, 2025
Restructuring, Transformation, Impairment, And Other Exit Costs [Abstract]  
Restructuring, Transformation, Impairment, And Other Exit Costs
 
(3) Restructuring, Transformation, Impairment,
 
and Other Exit Costs
In the first quarter
 
of fiscal 2026, we
 
did not undertake
 
any new restructuring
 
or transformation actions.
 
We
 
recorded $
18.3
 
million of
restructuring and transformation
 
charges in the
 
first quarter of fiscal
 
2026 and $
2.9
 
million of restructuring
 
charges in the
 
first quarter
of fiscal 2025 related to actions previously announced. We
 
expect these actions to be completed by the end of fiscal 2028.
We
 
paid net
 
$
21.0
 
million of
 
cash in
 
the first
 
quarter of
 
fiscal 2026,
 
related to
 
restructuring and
 
transformation actions.
 
We
 
paid net
$
2.7
 
million of cash in the same period of fiscal 2025.
Restructuring, transformation, and impairment charges
 
are recorded in our Consolidated Statements of Earnings as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
In Millions
Aug. 24, 2025
Aug. 25, 2024
Restructuring, transformation, impairment, and other exit costs
$
16.3
$
2.2
Cost of sales
2.0
0.7
Total restructuring,
 
transformation, and impairment charges
$
18.3
$
2.9
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In Millions
Total
Reserve balance as of May 25, 2025
$
77.1
Fiscal 2026 charges, including foreign currency translation
0.6
Utilized in fiscal 2026
(8.4)
Reserve balance as of Aug. 24, 2025
$
69.3
The roll forward of our restructuring, transformation, and other
 
exit cost reserves, included in other current liabilities, is as follows:
The restructuring,
 
transformation, and
 
other exit
 
cost reserves
 
balance as
 
of August
 
24, 2025,
 
is primarily
 
related to
 
severance costs.
The charges
 
recognized in
 
the roll
 
forward of
 
our reserves
 
for restructuring,
 
transformation, 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, transformation,
and other exit cost reserves on our Consolidated Balance Sheets.