We announced a cost savings program (the “Cost Savings Program”) in July 2025 and a restructuring plan (the “Restructuring Plan”) in October 2024. During fiscal 2026, we also undertook additional restructuring actions, including the permanent closure of certain production facilities to improve asset utilization in our International segment, and completed sales of certain non-core assets as part of our Focus to Win strategy. The restructuring activities undertaken in connection with these initiatives, including the Cost Savings Program and Restructuring Plan, are referred to collectively as the “Plans”.

Amounts classified as “Cost Savings Program and Restructuring expenses” on our Consolidated Statement of Earnings for fiscal 2026 primarily relate to costs associated with the Cost Savings Program, restructuring activities related to facility closures to improve asset utilization, and net gains related to certain non-core asset sales. Expenses recorded in fiscal 2025 relate solely to the Restructuring Plan.

We expect to recognize approximately $20 million of charges during the remainder of fiscal 2026 and $25 million to $50 million in fiscal 2027 in connection with the Plans.

For the thirteen weeks ended February 22, 2026, we recorded $55.5 million of pre-tax charges, of which $9.0 million were cash and $46.5 million were non-cash. For the thirty-nine weeks ended February 22, 2026, we recorded $101.5 million of pre-tax charges, of which $55.1 million were cash and $46.4 million were non-cash. Costs associated with the Plans were as follows:


	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
(in millions)	February 22, 2026		February 23, 2025		February 22, 2026		February 23, 2025
Cost Savings Program and Restructuring Plan expenses related to:
Retirement of assets and other plant charges (a)	$	46.9	$	7.2	$	48.7	$	53.0
Potato contract terminations (b)	—		(3.2)		—		61.5
Inventory write-off (b)	7.3		3.9		7.3		23.7
Employee-related costs (c)	6.1		0.7		15.1		16.9
Professional services and other	5.8		1.7		41.0		14.3
	66.1		10.3		112.1		169.4
Sale of non-core assets (a)	(10.6)		—		(10.6)		—
	$	55.5	$	10.3	$	101.5	$	169.4

(a)Includes charges related to write-off of assets at permanently closed production facilities under the Plans, impairments of certain non-core assets, and plant charges. The gain on the sale of non-core assets was $1.4 million.

(b)Includes the cost of contracted raw potatoes that were not used due to curtailed production under the Restructuring Plan and the write-off of inventories, including spare parts, related to production curtailments under the Plans.

The following amounts are included within the following financial statement captions in the Company’s Consolidated Statements of Earnings:


	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
(in millions)	February 22, 2026		February 23, 2025		February 22, 2026		February 23, 2025
Cost Savings Program and Restructuring Plan expenses included in:
Cost of sales	$	7.3	$	0.7	$	6.9	$	76.2
Cost Savings Plan and Restructuring expenses	48.2		9.6		94.6		84.2
Equity method investment earnings	—		—		—		9.0
	$	55.5	$	10.3	$	101.5	$	169.4

Accruals remaining under the Plans are recorded as current liabilities within “Accounts payable” and “Accrued liabilities” in the accompanying Consolidated Balance Sheet at February 22, 2026. The following is a roll-forward of accrued restructuring liabilities related to the Plans:


(in millions)
Accrued restructuring liability, May 25, 2025	$	21.5
Additions	65.7
Payments	(78.2)
Accrued restructuring liability, February 22, 2026	$	9.0