| Composition of Restructuring Charges |
The table below summarizes the components of charges included in “Restructuring” in the Company’s consolidated statements of income: | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | May 25,
2014 | | May 26,
2013 | | May 25,
2014 | | May 26,
2013 | | (Dollars in thousands) | Restructuring: | | | | | | | | Severance and employee-related benefits(1) | $ | 13,427 |
| | $ | — |
| | $ | 64,748 |
| | $ | — |
| Adjustments to severance and employee-related benefits | (3,045 | ) | | — |
| | (3,045 | ) | | — |
| Lease and other contract termination costs | — |
| | — |
| | — |
| | — |
| Other(2) | 4,504 |
| | — |
| | 10,161 |
| | — |
| Non-cash pension and postretirement curtailment losses(3) | 4,219 |
| | — |
| | 5,176 |
| | — |
| Total | $ | 19,105 |
| | $ | — |
| | $ | 77,040 |
| | $ | — |
|
_____________
| | (1) | Severance and employee-related benefits relate to items such as severance, based on separation benefits provided by Company policy or statutory benefit plans, out-placement services and career counseling for employees affected by the global productivity initiative. |
| | (2) | Other restructuring costs are expensed as incurred and primarily relate to consulting fees and legal expenses associated with exit activities. |
| | (3) | Non-cash pension and postretirement curtailment losses resulting from the global productivity initiative are included in restructuring charges, with the associated liabilities included in "Pension liability" and "Postretirement medical benefit" in the Company's consolidated balance sheets. |
|
| Restructuring Liability Rollforward |
The following table summarizes the activities associated with restructuring liabilities for the three and six months ended May 25, 2014, all of which are included in "Current liabilities" in the Company's consolidated balance sheets. In the table below, "Charges" represents the initial charge related to the restructuring activity. "Adjustments" includes revisions of estimates related to severance, employee-related benefits, lease and other contract termination costs, and other restructuring costs. "Payments" consists of cash payments for severance, employee-related benefits, lease and other contract termination costs, and other restructuring costs. | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended May 25, 2014 | | Liabilities | | | | Adjustments | | | | Foreign Currency Fluctuation | | Liabilities | | February 23, 2014 | | Charges | | | Payments | | | May 25, 2014 | | (Dollars in thousands) | | | | | | | | | | | | | Severance and employee-related benefits | $ | 51,321 |
| | $ | 13,427 |
| | $ | (3,045 | ) | | $ | (13,477 | ) | | $ | (850 | ) | | $ | 47,376 |
| Lease and other contract termination costs | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| Other | 5,657 |
| | 4,504 |
| | — |
| | (7,788 | ) | | — |
| | 2,373 |
| Total | $ | 56,978 |
| | $ | 17,931 |
| | $ | (3,045 | ) | | $ | (21,265 | ) | | $ | (850 | ) | | $ | 49,749 |
| | | | | | | | | | | | | | Six Months Ended May 25, 2014 | | Liabilities | | | | Adjustments | | | | Foreign Currency Fluctuation | | Liabilities | | November 24, 2013 | | Charges | | | Payments | | | May 25, 2014 | | (Dollars in thousands) | | | | | | | | | | | | | Severance and employee-related benefits | $ | — |
| | $ | 64,748 |
| | $ | (3,045 | ) | | $ | (13,477 | ) | | $ | (850 | ) | | $ | 47,376 |
| Lease and other contract termination costs | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| Other | — |
| | 10,161 |
| | — |
| | (7,788 | ) | | — |
| | 2,373 |
| Total | $ | — |
| | $ | 74,909 |
| | $ | (3,045 | ) | | $ | (21,265 | ) | | $ | (850 | ) | | $ | 49,749 |
|
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