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, a strategic plan we announced in July 2025 to focus on four pillars including (1) prioritizing markets and channels, (2) strengthening customer partnerships, (3) achieving executional excellence and (4) setting the pace for industry-leading innovation. This strategic plan includes our Cost Savings Program. The restructuring activities undertaken in connection with our 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.


	For the Fiscal Years Ended May
(in millions)	2026		2025
Cost Savings Program and Restructuring Plan expenses related to:
Retirement of assets and other plant charges (a)	$	53.1	$	55.3
Potato contract terminations (b)	—		59.3
Inventory write-off (b)	8.0		26.5
Employee-related costs (c)	15.8		17.5
Professional services and other	45.3		27.2
	122.2		185.8
Sale of non-core assets (a)	(10.6)		—
	$	111.6	$	185.8

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(a)Includes charges related to the 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 $1.3 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.


	For the Fiscal Years Ended May
(in millions)	2026		2025
Cost Savings Program and Restructuring Plan expense included in:
Cost of sales	$	7.6	$	75.3
Cost Savings Program and Restructuring expenses, net	104.0		100.0
Equity method investment earnings	—		10.5
	$	111.6	$	185.8

Accruals remaining under the Plans are recorded in current liabilities within “Accounts payable” and “Accrued liabilities” in the accompanying Consolidated Balance Sheet for the fiscal year ended May 31, 2026 and relate primarily to Professional services and other expenses. The following is a roll-forward of accrued restructuring liabilities related to the Plans: