4. RESTRUCTURING ACTIVITIES

See our Consolidated Financial Statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended May 25, 2025 for additional information on our restructuring activities.

Conagra Restructuring Plan

From fiscal 2019 through February 22, 2026, we have approved and expect to incur $357.6 million ($113.4 million of cash charges and $244.2 million of non-cash charges) and recognized cumulative charges of $331.9 million as part of a restructuring plan to improve SG&A expense effectiveness and efficiencies and to optimize our supply chain network (the “Conagra Restructuring Plan”). In the third quarter and first three quarters of fiscal 2026, we recognized charges of $7.8 million and $10.7 million, respectively, in connection with the Conagra Restructuring Plan. In the third quarter and first three quarters of fiscal 2025, we recognized charges of $6.9 million and $90.7 million, respectively, in connection with the Conagra Restructuring Plan. We anticipate that we will recognize substantially all of the costs and liabilities related to the Conagra Restructuring Plan by the end of fiscal 2026.

During the first three quarters of fiscal 2026, we recognized the following pre-tax expenses for the Conagra Restructuring Plan:

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Included in the above results are $18.7 million of charges that have resulted or will result in cash outflows and an $8.0 million non-cash net benefit.

Optimization Initiatives

We regularly evaluate our operations for ways to increase efficiencies and optimize our investments.  Initiatives designed to achieve our efficiency goals may take a year or more to complete and result in various restructuring charges as a result of accelerated depreciation, asset write-offs, and exit costs including severance, lease and other contract termination charges, and disposal costs.

During the third quarter of fiscal 2026, we approved initiatives designed to optimize and enhance our supply chain network related to our frozen fried chicken products.  We expect these initiatives will result in approximately $34 million of restructuring charges within the Refrigerated & Frozen segment, of which approximately $12 million will be cash. These charges are expected to consist of approximately $22 million of accelerated depreciation and asset write-offs and $12 million of other costs within SG&A. We recognized charges of $5.1 million in the third quarter of fiscal 2026, which is also the cumulative amount incurred to date. We expect these initiatives to be completed by the end of fiscal 2028.

Liabilities recorded for the above restructuring activities and changes therein for the first three quarters of fiscal 2026 were as follows:

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