Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
May 28, 2023 | Jun. 25, 2023 | Nov. 25, 2022 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000023217 | ||
Entity Registrant Name | CONAGRA BRANDS INC. | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --05-28 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | May 28, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 1-7275 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 47-0248710 | ||
Entity Address, Address Line One | 222 W. Merchandise Mart Plaza, Suite 1300 | ||
Entity Address, City or Town | Chicago | ||
Entity Address, State or Province | IL | ||
Entity Address, Postal Zip Code | 60654 | ||
City Area Code | 312 | ||
Local Phone Number | 549-5000 | ||
Title of 12(b) Security | Common Stock, $5.00 par value | ||
Trading Symbol | CAG | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 17,692,227,237 | ||
Entity Common Stock, Shares Outstanding | 477,060,396 | ||
Auditor Name | KPMG LLP | ||
Auditor Location | Omaha, Nebraska | ||
Auditor Firm ID | 185 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) $ in Millions | 12 Months Ended | ||
May 28, 2023 | May 29, 2022 | May 30, 2021 | |
Net sales | $ 12,277 | $ 11,535.9 | $ 11,184.7 |
Costs and expenses: | |||
Cost of goods sold | 9,012.2 | 8,697.1 | 8,005.5 |
Selling, general and administrative expenses | 2,189.5 | 1,492.8 | 1,403 |
Pension and postretirement non-service income | (24.2) | (67.3) | (54.5) |
Interest expense, net | 409.6 | 379.9 | 420.4 |
Income before income taxes and equity method investment earnings | 689.9 | 1,033.4 | 1,410.3 |
Income tax expense | 218.7 | 290.5 | 193.8 |
Equity method investment earnings | 212 | 145.3 | 84.4 |
Net income | 683.2 | 888.2 | 1,300.9 |
Less: Net income (loss) attributable to noncontrolling interests | (0.4) | 0 | 2.1 |
Net income attributable to Conagra Brands, Inc. | $ 683.6 | $ 888.2 | $ 1,298.8 |
Earnings per share — basic | |||
Net income attributable to Conagra Brands, Inc. common stockholders, basic (in dollars per share) | $ 1.43 | $ 1.85 | $ 2.67 |
Earnings per share — diluted | |||
Net income attributable to Conagra Brands, Inc. common stockholders, diluted (in dollars per share) | $ 1.42 | $ 1.84 | $ 2.66 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
May 28, 2023 | May 29, 2022 | May 30, 2021 | |
Net income, pre-tax amount | $ 901.9 | $ 1,178.7 | $ 1,494.7 |
Net income, tax (expense) benefit | (218.7) | (290.5) | (193.8) |
Profit (Loss) | 683.2 | 888.2 | 1,300.9 |
Unrealized derivative adjustments, pre-tax amount | 4.2 | 8.5 | 0.4 |
Unrealized derivative adjustments, tax (expense) benefit | (1.1) | (2.1) | (1.8) |
Unrealized derivative adjustments, after-tax amount | 3.1 | 6.4 | (1.4) |
Reclassification for derivative adjustments included in net income, pre-tax amount | (4.9) | (1.3) | (1.6) |
Reclassification for derivative adjustments included in net income, tax (expense) benefit | 1.2 | 0.4 | 1 |
Reclassification for derivative adjustments included in net income, after-tax amount | (3.7) | (0.9) | (0.6) |
Unrealized currency translation gains (losses), pre-tax amount | (9.8) | (23.5) | 53.3 |
Unrealized currency translation gains (losses), tax (expense) benefit | 0 | 0 | (1.5) |
Unrealized currency translation gains (losses), after-tax amount | (9.8) | (23.5) | 51.8 |
Unrealized pension and postretirement benefit obligation, pre-tax amount | (33.2) | (3.1) | 95.1 |
Unrealized pension and postretirement benefit obligations, tax (expense) benefit | 8.3 | 1.1 | (23.6) |
Unrealized pension and postretirement benefit obligations, after-tax amount | (24.9) | (2) | 71.5 |
Reclassification for pension and postretirement benefit obligations included in net income, pre-tax amount | (4.5) | (3.5) | (3.6) |
Reclassification for pension and postretirement benefit obligations included in net income, tax (expense) benefit | 1.3 | 1 | 0.9 |
Reclassification for pension and postretirement benefit obligations included in net income, after-tax amount | (3.2) | (2.5) | (2.7) |
Comprehensive income, pre-tax amount | 853.7 | 1,155.8 | 1,638.3 |
Comprehensive income, tax (expense) benefit | (209) | (290.1) | (218.8) |
Comprehensive income, after-tax amount | 644.7 | 865.7 | 1,419.5 |
Comprehensive income (loss) attributable to noncontrolling interests | (5.3) | (5.5) | 6.1 |
Comprehensive income (loss) attributable to noncontrolling interests, tax (expense) benefit | (0.4) | 0 | (0.8) |
Comprehensive income (loss) attributable to noncontrolling interests, after-tax amount | (5.7) | (5.5) | 5.3 |
Comprehensive income attributable to Conagra Brands, Inc., pre-tax amount | 859 | 1,161.3 | 1,632.2 |
Comprehensive income attributable to Conagra Brands, Inc., tax (expense) benefit | (208.6) | (290.1) | (218) |
Comprehensive income attributable to Conagra Brands, Inc., after-tax amount | $ 650.4 | $ 871.2 | $ 1,414.2 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | May 28, 2023 | May 29, 2022 |
ASSETS | ||
Cash and cash equivalents | $ 93.9 | $ 83.3 |
Receivables, less allowance for doubtful accounts of $3.8 and $3.9 | 965.4 | 867.4 |
Inventories | 2,232 | 1,966.7 |
Prepaid expenses and other current assets | 93.7 | 116.3 |
Total current assets | 3,385 | 3,033.7 |
Property, plant and equipment | ||
Land and land improvements | 166.9 | 173 |
Buildings, machinery and equipment | 5,017.2 | 4,861.9 |
Furniture, fixtures, office equipment and other | 689.4 | 677.8 |
Construction in progress | 317.6 | 183.6 |
Property, Plant and Equipment, Gross | 6,191.1 | 5,896.3 |
Less accumulated depreciation | (3,417.3) | (3,159.1) |
Property, plant and equipment, net | 2,773.8 | 2,737.2 |
Goodwill | 11,178.2 | 11,329.2 |
Brands, trademarks and other intangibles, net | 3,205.9 | 3,857.8 |
Other assets | 1,509.7 | 1,477.2 |
Assets | 22,052.6 | 22,435.1 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Notes payable | 641.4 | 184.3 |
Current installments of long-term debt | 1,516 | 707.3 |
Accounts payable | 1,529.4 | 1,864.6 |
Accrued payroll | 164.1 | 151.7 |
Other accrued liabilities | 589.8 | 610.9 |
Total current liabilities | 4,440.7 | 3,518.8 |
Senior long-term debt, excluding current installments | 7,081.3 | 8,088.2 |
Other noncurrent liabilities | 1,723.3 | 1,965.9 |
Total liabilities | 13,245.3 | 13,572.9 |
Commitments and contingencies (Note 15) | ||
Common stockholders' equity | ||
Common stock of $5 par value, authorized 1,200,000,000 shares; issued 584,219,229 | 2,921.2 | 2,921.2 |
Additional paid-in capital | 2,376.9 | 2,324.6 |
Retained earnings | 6,599.4 | 6,550.7 |
Accumulated other comprehensive income (loss) | (44.4) | (11.2) |
Less treasury stock, at cost, 107,196,446 and 104,157,169 common shares | (3,116.3) | (2,997.6) |
Total Conagra Brands, Inc. common stockholders' equity | 8,736.8 | 8,787.7 |
Noncontrolling interests | 70.5 | 74.5 |
Total stockholders' equity | 8,807.3 | 8,862.2 |
Liabilities and Equity | $ 22,052.6 | $ 22,435.1 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Millions | May 28, 2023 | May 29, 2022 |
Allowance for Credit Loss | $ 3.8 | $ 3.9 |
Common stock, par value (in dollars per share) | $ 5 | $ 5 |
Common stock, shares authorized (in shares) | 1,200,000,000 | 1,200,000,000 |
Common stock, shares issued (in shares) | 584,219,229 | 584,219,229 |
Treasury stock, shares (in shares) | 107,196,446 | 104,157,169 |
Consolidated Statements of Comm
Consolidated Statements of Common Stockholders' Equity - USD ($) shares in Millions, $ in Millions | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock, Common [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at May. 31, 2020 | 584.2 | ||||||
Balance (Accounting Standards Update 2016-13 [Member]) at May. 31, 2020 | $ (1.1) | $ (1.1) | |||||
Balance at May. 31, 2020 | 2,921.2 | 2,323.2 | 5,471.2 | (109.6) | (2,729.9) | 74.6 | 7,950.7 |
Stock option and incentive plans | 18.9 | (3.1) | 48.1 | 0.2 | 64.1 | ||
Currency translation adjustments | 48.6 | 3.2 | 51.8 | ||||
Repurchase of common shares | (298.1) | (298.1) | |||||
Derivative adjustments | (2) | (2) | |||||
Activities of noncontrolling interests | 1.6 | 1.6 | |||||
Pension and postretirement healthcare benefits | 68.8 | 68.8 | |||||
Dividends declared on common stock | (503.2) | (503.2) | |||||
Net income attributable to Conagra Brands, Inc. common stockholders: | 1,298.8 | 1,298.8 | |||||
Pension and postretirement healthcare benefits | (68.8) | (68.8) | |||||
Balance (in shares) at May. 30, 2021 | 584.2 | ||||||
Balance at May. 30, 2021 | $ 2,921.2 | 2,342.1 | 6,262.6 | 5.8 | (2,979.9) | 79.6 | 8,631.4 |
Stock option and incentive plans | (17.5) | (0.3) | 32.3 | 0.4 | 14.9 | ||
Currency translation adjustments | (18) | (5.5) | (23.5) | ||||
Repurchase of common shares | (50) | (50) | |||||
Derivative adjustments | 5.5 | 5.5 | |||||
Pension and postretirement healthcare benefits | 4.5 | 4.5 | |||||
Dividends declared on common stock | (599.8) | (599.8) | |||||
Net income attributable to Conagra Brands, Inc. common stockholders: | 888.2 | 888.2 | |||||
Pension and postretirement healthcare benefits | (4.5) | (4.5) | |||||
Balance (in shares) at May. 29, 2022 | 584.2 | ||||||
Balance at May. 29, 2022 | $ 2,921.2 | 2,324.6 | 6,550.7 | (11.2) | (2,997.6) | 74.5 | 8,862.2 |
Stock option and incentive plans | 52.3 | (3.7) | 31.3 | 2.1 | 82 | ||
Currency translation adjustments | (4.6) | (5.2) | (9.8) | ||||
Repurchase of common shares | (150) | (150) | |||||
Derivative adjustments | (0.6) | (0.6) | |||||
Activities of noncontrolling interests | (0.8) | (0.8) | |||||
Pension and postretirement healthcare benefits | 28 | 0.1 | 28.1 | ||||
Dividends declared on common stock | (631.2) | (631.2) | |||||
Net income attributable to Conagra Brands, Inc. common stockholders: | 683.6 | 683.6 | |||||
Pension and postretirement healthcare benefits | (28) | (0.1) | (28.1) | ||||
Balance (in shares) at May. 28, 2023 | 584.2 | ||||||
Balance at May. 28, 2023 | $ 2,921.2 | $ 2,376.9 | $ 6,599.4 | $ (44.4) | $ (3,116.3) | $ 70.5 | $ 8,807.3 |
Consolidated Statements of Co_2
Consolidated Statements of Common Stockholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
May 28, 2023 | May 29, 2022 | May 30, 2021 | |
Common stock, dividends per share (in dollars per share) | $ 1.32 | $ 1.25 | $ 1.0375 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
May 28, 2023 | May 29, 2022 | May 30, 2021 | |
Cash flows from operating activities: | |||
Net income | $ 683.2 | $ 888.2 | $ 1,300.9 |
Adjustments to reconcile income to net cash flows from operating activities: | |||
Depreciation and amortization | 369.9 | 375.4 | 387.7 |
Asset impairment charges | 771.1 | 284.8 | 95.5 |
Gain on divestitures | 0 | 0 | (65.5) |
Loss on extinguishment of debt | 0 | 0 | 68.7 |
Equity method investment earnings in excess of distributions | (73.6) | (66.3) | (27.9) |
Stock-settled share-based payments expense | 79.2 | 26.1 | 63.9 |
Contributions to pension plans | (12.5) | (11.5) | (27.6) |
Pension benefit | (13.9) | (54.4) | (38.3) |
Other items | 8 | (46.6) | 9.1 |
Change in operating assets and liabilities excluding effects of business acquisitions and dispositions: | |||
Receivables | (102.1) | (69.5) | 66.1 |
Inventories | (265.3) | (232.8) | (364.3) |
Deferred income taxes and income taxes payable, net | (188.5) | (8.7) | (92.5) |
Prepaid expenses and other current assets | 23.5 | (10.1) | (8.5) |
Accounts payable | (248.9) | 223.6 | 141.4 |
Accrued payroll | 12.5 | (23.5) | (14.3) |
Other accrued liabilities | (21.7) | (71.9) | (60.2) |
Deferred employer payroll taxes | (25.5) | (25.5) | 33.9 |
Net cash flows from operating activities | 995.4 | 1,177.3 | 1,468.1 |
Cash flows from investing activities: | |||
Additions to property, plant and equipment | (362.2) | (464.4) | (506.4) |
Sale of property, plant and equipment | 3.2 | 20.2 | 2.5 |
Proceeds from divestitures, net of cash divested | 0 | 0.1 | 160.9 |
Purchase of marketable securities | (5.2) | (4.5) | (11.8) |
Sales of marketable securities | 5.2 | 10.4 | 14.5 |
Other items | 4.1 | 3.3 | 0 |
Net cash flows from investing activities | (354.9) | (434.9) | (340.3) |
Cash flows from financing activities: | |||
Issuance of short-term borrowings, maturities greater than 90 days | 286.8 | 392.6 | 298.6 |
Repayment of short-term borrowings, maturities greater than 90 days | (330) | (392.6) | (298.6) |
Net issuance (repayment) of other short-term borrowings, maturities less than or equal to 90 days | 394.6 | (523.1) | 706.3 |
Issuance of long-term debt | 500 | 499.1 | 988.2 |
Repayment of long-term debt | (712.4) | (48.5) | (2,514.5) |
Debt issuance costs | (4.1) | (2.5) | (6.2) |
Payment of intangible asset financing arrangement | 0 | (12.6) | (12.9) |
Repurchase of Conagra Brands, Inc. common shares | (150) | (50) | (298.1) |
Cash dividends paid | (623.8) | (581.8) | (474.6) |
Exercise of stock options and issuance of other stock awards, including tax withholdings | 2.3 | (11.3) | (0.1) |
Other items | 5 | (7.3) | 2.3 |
Net cash flows from financing activities | (631.6) | (738) | (1,609.6) |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | 1.7 | (1.3) | 7.7 |
Net change in cash and cash equivalents and restricted cash | 10.6 | 3.1 | (474.1) |
Cash and cash equivalents and restricted cash at beginning of year | 83.3 | 80.2 | 554.3 |
Cash and cash equivalents and restricted cash at end of year | $ 93.9 | $ 83.3 | $ 80.2 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
May 28, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. MARY OF SIGNIFICANT ACCOUNTING POLICIES Fiscal Year May. 52 2023 2022 2021 Basis of Consolidation Investments in Unconsolidated Affiliates 50% not We review our investments in unconsolidated affiliates for impairment whenever events or changes in business circumstances indicate that the carrying amount of the investments may not not Cash and Cash Equivalents three Receivables not The following table details the balances of our allowance for doubtful accounts and changes therein: Balance at Beginning of Period Additions Charged to Costs and Expenses Other 1 Deductions from Reserves 2 Balance at Close of Period Year ended May 28, 2023 $ 3.9 0.1 (0.1 ) 0.1 $ 3.8 Year ended May 29, 2022 $ 3.2 1.4 — 0.7 $ 3.9 Year ended May 30, 2021 $ 2.6 0.6 0.7 0.7 $ 3.2 1 2016 13. 2 Inventories first first Property, Plant and Equipment Years Land improvements 1 - 40 Buildings 15 - 40 Machinery and equipment 3 - 20 Furniture, fixtures, office equipment and other 5 - 15 We review property, plant and equipment for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not During fiscal 2023, 2022, 2021 May 28, 2023 May 29, 2022 May 30, 2021 May 31, 2020 Goodwill and Other Identifiable Intangible Assets not may may may In testing goodwill for impairment, we have the option to first not 50% not, no may not Under the goodwill qualitative assessment, various events and circumstances that would affect the estimated fair value of a reporting unit are identified (similar to impairment indicators above). Furthermore, management considers the results of the most recent quantitative impairment test completed for a reporting unit and compares the weighted average cost of capital between the current and prior years for each reporting unit. Under the goodwill quantitative impairment test, the evaluation of impairment involves comparing the current fair value of each reporting unit to its carrying value, including goodwill. We estimate the fair value using level 3 18 In assessing indefinite-lived intangible assets not not not not not not In fiscal 2023, 2022, 2021 not not Identifiable intangible assets with definite lives (e.g., licensing arrangements with contractual lives or customer relationships) are amortized over their estimated useful lives and tested for impairment whenever events or changes in circumstances indicate the carrying amount of the asset may Refer to Note 7 2023, 2022, 2021 Fair Values of Financial Instruments Environmental Liabilities third not not not Employment-Related Benefits not third We recognize changes in the fair value of pension plan assets and net actuarial gains or losses in excess of 10% Revenue Recognition not We recognize revenue when (or as) performance obligations are satisfied by transferring control of the goods to customers. Control is transferred upon delivery of the goods to the customer. Shipping and/or handling costs that occur before the customer obtains control of the goods are deemed to be fulfillment activities and are accounted for as fulfillment costs. We assess the goods and services promised in our customers' purchase orders and identify a performance obligation for each promise to transfer a good or service (or bundle of goods or services) that is distinct. We offer various forms of trade promotions and the methodologies for determining these provisions are dependent on local customer pricing and promotional practices, which range from contractually fixed percentage price reductions to provisions based on actual occurrence or performance. Our promotional activities are conducted either through the retail trade or directly with consumers and include activities such as in-store displays and events, feature price discounts, consumer coupons, and loyalty programs. The costs of these activities are recognized at the time the related revenue is recorded, which normally precedes the actual cash expenditure. The recognition of these costs therefore requires management judgment regarding the volume of promotional offers that will be redeemed by either the retail trade or consumer. These estimates are made using various techniques including historical data on performance of similar promotional programs. Differences between estimated expense and actual redemptions are recognized as a change in management estimate in a subsequent period. Advertising Costs 2023, 2022, 2021 Research and Development 2023, 2022, 2021 Comprehensive Income not 10% not not The following table details the accumulated balances for each component of other comprehensive income (loss), net of tax: 2023 2022 2021 Currency translation losses, net of reclassification adjustments $ (99.7 ) $ (95.1 ) $ (77.1 ) Derivative adjustments, net of reclassification adjustments 29.2 29.8 24.3 Pension and postretirement benefit obligations, net of reclassification adjustments 26.1 54.1 58.6 Accumulated other comprehensive income (loss) $ (44.4 ) $ (11.2 ) $ 5.8 The following table summarizes the reclassifications from accumulated other comprehensive income (loss) into income: Affected Line Item in the Consolidated Statement of Earnings 1 2023 2022 2021 Net derivative adjustments: Cash flow hedges $ (3.3 ) $ (3.1 ) $ (3.2 ) Interest expense, net Cash flow hedges — — (0.5 ) Selling, general and administrative expenses Cash flow hedges (1.6 ) 1.8 2.1 Equity method investment earnings (4.9 ) (1.3 ) (1.6 ) Total before tax 1.2 0.4 1.0 Income tax expense $ (3.7 ) $ (0.9 ) $ (0.6 ) Net of tax Amortization of pension and postretirement benefit obligations: Net prior service cost (benefit) $ (0.1 ) $ 0.1 $ 0.2 Pension and postretirement non-service income Net actuarial gain (4.4 ) (3.6 ) (3.5 ) Pension and postretirement non-service income Postretirement healthcare settlement — — (0.5 ) Pension and postretirement non-service income Curtailment — — 0.2 Pension and postretirement non-service income (4.5 ) (3.5 ) (3.6 ) Total before tax 1.3 1.0 0.9 Income tax expense $ (3.2 ) $ (2.5 ) $ (2.7 ) Net of tax 1 Foreign Currency Transaction Gains and Losses 2023 2022 2021 Business Combinations Reclassifications and other changes Use of Estimates |
Note 2 - Restructuring Activiti
Note 2 - Restructuring Activities | 12 Months Ended |
May 28, 2023 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 2. Conagra Restructuring Plan In fiscal 2019, 2023 May 28, 2023 2023, 2022, 2021 We anticipate that we will recognize the following pre-tax expenses in association with the Conagra Restructuring Plan (amounts include charges recognized from plan inception through the end of fiscal 2023 Grocery & Snacks Refrigerated & Frozen International Foodservice Corporate Total Accelerated depreciation $ 33.2 $ 40.5 $ — $ — $ — $ 73.7 Other cost of goods sold 8.7 2.8 — — — 11.5 Total cost of goods sold 41.9 43.3 — — — 85.2 Severance and related costs 11.5 1.2 1.3 0.3 6.3 20.6 Asset impairment (net of gains on disposal) 21.9 0.9 0.1 — — 22.9 Contract/lease termination 0.5 0.1 — — 0.1 0.7 Consulting/professional fees 0.6 2.4 — — 5.7 8.7 Other selling, general and administrative expenses 12.9 4.1 — — 0.6 17.6 Total selling, general and administrative expenses 47.4 8.7 1.4 0.3 12.7 70.5 Total $ 89.3 $ 52.0 $ 1.4 $ 0.3 $ 12.7 $ 155.7 Pension and postretirement non-service income 0.6 Consolidated total $ 156.3 During fiscal 2023 Grocery & Snacks Refrigerated & Frozen Corporate Total Accelerated depreciation $ — $ 0.7 $ — $ 0.7 Other cost of goods sold — 0.5 — 0.5 Total cost of goods sold — 1.2 — 1.2 Severance and related costs (0.2 ) — 1.9 1.7 Asset impairment (net of gains on disposal) — 0.1 — 0.1 Contract/lease termination 0.1 0.1 — 0.2 Consulting/professional fees 0.3 0.4 3.5 4.2 Other selling, general and administrative expenses 0.3 2.8 0.2 3.3 Total selling, general and administrative expenses 0.5 3.4 5.6 9.5 Total $ 0.5 $ 4.6 $ 5.6 $ 10.7 Included in the above results are $9.6 million of charges that have resulted or will result in cash outflows and $1.1 million in non-cash charges. We recognized the following cumulative (plan inception to May 28, 2023 Grocery & Snacks Refrigerated & Frozen International Foodservice Corporate Total Accelerated depreciation $ 33.2 $ 40.3 $ — $ — $ — $ 73.5 Other cost of goods sold 8.7 2.8 — — — 11.5 Total cost of goods sold 41.9 43.1 — — — 85.0 Severance and related costs 11.4 1.2 1.3 0.3 6.3 20.5 Asset impairment (net of gains on disposal) 21.9 0.9 0.1 — — 22.9 Contract/lease termination 0.5 0.1 — — 0.1 0.7 Consulting/professional fees 0.3 0.4 — — 5.2 5.9 Other selling, general and administrative expenses 12.9 3.9 — — 0.5 17.3 Total selling, general and administrative expenses 47.0 6.5 1.4 0.3 12.1 67.3 Total $ 88.9 $ 49.6 $ 1.4 $ 0.3 $ 12.1 $ 152.3 Pension and postretirement non-service income 0.6 Consolidated total $ 152.9 Included in the above results are $49.8 million of charges that have resulted or will result in cash outflows and $103.1 million in non-cash charges. Liabilities recorded for the Conagra Restructuring Plan and changes therein for fiscal 2023 Costs Balance at Incurred Costs Paid Balance at May 29, and Charged or Otherwise Changes in May 28, 2022 to Expense Settled Estimates 2023 Severance and related costs $ 3.2 $ 2.6 $ (3.2 ) $ (0.9 ) $ 1.7 Contract/lease termination — 0.2 (0.2 ) — — Consulting/professional fees 1.7 4.2 (5.7 ) — 0.2 Other costs 0.2 3.5 (3.7 ) — — Total $ 5.1 $ 10.5 $ (12.8 ) $ (0.9 ) $ 1.9 Pinnacle Integration Restructuring Plan As of the end of the first 2023, 2018 2023 2022 2021 We had recognized $295.7 million in pre-tax expenses ($13.0 million in cost of goods sold and $282.7 million in SG&A expenses) from the inception of this plan through May 28, 2023 not |
Note 3 - Long-term Debt
Note 3 - Long-term Debt | 12 Months Ended |
May 28, 2023 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | 3. May 28, 2023 May 29, 2022 5.4% $ 1,000.0 $ 1,000.0 4.65% 176.7 176.7 6.625% 91.4 91.4 5.3% 1,000.0 1,000.0 8.25% 300.0 300.0 4.85% 1,300.0 1,300.0 7.0% 382.2 382.2 1.375% 1,000.0 1,000.0 6.7% 9.2 9.2 7.125% 262.5 262.5 4.6% 1,000.0 1,000.0 SOFR plus 1.35% 500.0 — 4.3% 1,000.0 1,000.0 0.5% 500.0 500.0 3.2% — 437.0 3.25% — 250.0 0.79% 9.59% 112.6 131.3 Other indebtedness 0.1 0.1 Total face value of debt 8,634.7 8,840.4 Unamortized fair value adjustment 18.5 19.2 Unamortized discounts (20.1 ) (23.4 ) Unamortized debt issuance costs (35.8 ) (40.7 ) Less current installments (1,516.0 ) (707.3 ) Total long-term debt $ 7,081.3 $ 8,088.2 The aggregate minimum principal maturities of the long-term debt for each of the five May 28, 2023 2024 $ 1,517.4 2025 14.5 2026 1,512.0 2027 277.4 2028 1,015.3 In the third 2023, January 25, 2023. In the first 2023, August 26, 2025. second 2023, September 15, 2022, may In the first 2022, August 11, 2023. In the fourth 2021, March 1, 2021. In the third 2021, January 25, 2023, In the second 2021, November 1, 2027 ( "2027 October 22, 2021, 2027 In the second 2021, October 9, 2020. In the first 2021, August 15, 2020. Net interest expense consists of: 2023 2022 2021 Long-term debt $ 402.1 $ 393.1 $ 430.0 Short-term debt 18.8 2.3 2.5 Interest income (3.9 ) (2.1 ) (1.9 ) Interest capitalized (7.4 ) (13.4 ) (10.2 ) $ 409.6 $ 379.9 $ 420.4 In the first 2019, second 2019, 2023, 2022, 2021 Interest paid was $416.3 million, $393.9 million, and $445.6 million in fiscal 2023, 2022, 2021 |
Note 4 - Credit Facilities and
Note 4 - Credit Facilities and Borrowings | 12 Months Ended |
May 28, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 4. In the first 2023, one August 26, 2027 may one two May 28, 2023 no The Revolving Credit Agreement contains events of default customary for unsecured investment grade credit facilities with corresponding grace periods. The Revolving Credit Agreement generally requires our ratio of earnings before interest, taxes, depreciation, and amortization ("EBITDA") to interest expense not 1.0 not 1.0, four May 28, 2023 We finance our short-term liquidity needs with existing cash balances, cash flows from operations, and commercial paper borrowings. As of May 28, 2023 May 29, 2022 We enter into various supplier financing arrangements to facilitate supply from our vendors. Balance sheet classification is based on the nature of the arrangement and amounts are classified as either Accounts payable or Notes payable within our Consolidated Balance Sheets. We have concluded that certain obligations to our suppliers, including amounts due and scheduled payment terms, are impacted by third May 28, 2023 |
Note 5 - Divestitures and Asset
Note 5 - Divestitures and Assets Held for Sale | 12 Months Ended |
May 28, 2023 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 5. Divestitures During the fourth 2021, Egg Beaters ® Egg Beaters ® During the third 2021, Peter Pan ® During the second 2021, H.K. Anderson ® Other Assets Held for Sale During the second 2022, 2022 2023, second 2023, no May 29, 2022 |
Note 6 - Investments in Joint V
Note 6 - Investments in Joint Ventures | 12 Months Ended |
May 28, 2023 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 6. The total carrying value of our equity method investments at the end of fiscal 2023 2022 one one In fiscal 2023 2023 In fiscal 2022 2022 In fiscal 2021 2021 Summarized combined financial information for our equity method investments on a 100% 2023 2022 2021 Net sales: Ardent Mills $ 5,239.9 $ 4,258.5 $ 3,407.6 Other 283.3 253.2 238.8 Total net sales $ 5,523.2 $ 4,511.7 $ 3,646.4 Gross margin: Ardent Mills $ 745.4 $ 516.5 $ 360.6 Other 59.4 54.8 47.3 Total gross margin $ 804.8 $ 571.3 $ 407.9 Earnings after income taxes: Ardent Mills $ 453.2 $ 306.2 $ 169.6 Other 22.3 21.1 19.5 Total earnings after income taxes $ 475.5 $ 327.3 $ 189.1 May 28, 2023 May 29, 2022 Ardent Mills: Current assets $ 1,716.8 $ 1,470.1 Noncurrent assets 1,840.5 1,875.9 Current liabilities 750.3 720.5 Noncurrent liabilities 556.9 567.7 Other: Current assets $ 131.4 $ 103.4 Noncurrent assets 42.6 38.2 Current liabilities 46.7 35.1 Noncurrent liabilities 9.0 10.7 |
Note 7 - Goodwill and Other Ide
Note 7 - Goodwill and Other Identifiable Intangible Assets | 12 Months Ended |
May 28, 2023 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 7. The change in the carrying amount of goodwill for fiscal 2023 2022 Grocery & Snacks Refrigerated & Frozen International Foodservice Total Balance as of May 30, 2021 $ 4,692.4 $ 5,611.2 $ 302.5 $ 732.8 $ 11,338.9 Currency translation — — (9.7 ) — (9.7 ) Balance as of May 29, 2022 $ 4,692.4 $ 5,611.2 $ 292.8 $ 732.8 $ 11,329.2 Currency translation — — (9.3 ) — (9.3 ) Impairment — (141.7 ) — — (141.7 ) Balance as of May 28, 2023 $ 4,692.4 $ 5,469.5 $ 283.5 $ 732.8 $ 11,178.2 Other identifiable intangible assets were as follows: 2023 2022 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Non-amortizing intangible assets Brands and trademarks $ 2,470.6 $ — $ 3,061.6 $ — Amortizing intangible assets Customer relationships and intellectual property 1,232.2 496.9 1,233.9 437.7 $ 3,702.8 $ 496.9 $ 4,295.5 $ 437.7 During the first 2023, two Both the "relief from royalty" methodology used to value our indefinite-lived intangible assets and the discounted cash flow analysis require us to estimate the future cash flows as well as to select a risk-adjusted discount rate to measure the present value of the anticipated cash flows. When determining future cash flow estimates, we consider historical results adjusted to reflect current and anticipated operating conditions. We estimate cash flows for a reporting unit over a discrete period (typically five We used a discount rate of 7.75% and a terminal growth rate that approximated 1% in estimating the fair value of our Sides, Components, Enhancers reporting unit during our impairment testing in the first 2023. Birds Eye first 2023. 125 In the fourth 2023 no 30%. 10%, first 2023. Amortizing intangible assets, carrying a remaining weighted-average life of approximately 18 2023, 2022, 2021 May 28, 2023 five 2024 $ 53.6 2025 53.5 2026 43.5 2027 43.3 2028 40.8 For our non-amortizing intangible assets, which are comprised of brands and trademarks, we use a "relief from royalty" methodology in estimating fair value. In the fourth 2023, Gardein ®, two Gardein Birds Eye Birds Eye first 2023, 2023 During fiscal 2022, Duncan Hines ® Gardein ® During fiscal 2021 Udi s 2021 |
Note 8 - Earnings Per Share
Note 8 - Earnings Per Share | 12 Months Ended |
May 28, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 8. Basic earnings per share is calculated on the basis of weighted average outstanding shares of common stock. Diluted earnings per share is computed on the basis of basic weighted average outstanding shares of common stock adjusted for the dilutive effect of stock options, restricted stock unit awards, and other dilutive securities. The following table reconciles the income and average share amounts used to compute both basic and diluted earnings per share: 2023 2022 2021 Net income attributable to Conagra Brands, Inc. common stockholders: $ 683.6 $ 888.2 $ 1,298.8 Weighted average shares outstanding: Basic weighted average shares outstanding 478.9 480.3 485.8 Add: Dilutive effect of stock options, restricted stock unit awards, and other dilutive securities 1.8 1.9 2.0 Diluted weighted average shares outstanding 480.7 482.2 487.8 For fiscal 2023, 2022, 2021 0.5 million |
Note 9 - Inventories
Note 9 - Inventories | 12 Months Ended |
May 28, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 9. The major classes of inventories were as follows: May 28, 2023 May 29, 2022 Raw materials and packaging $ 382.6 $ 387.5 Work in process 224.6 164.8 Finished goods 1,523.0 1,326.5 Supplies and other 101.8 87.9 Total $ 2,232.0 $ 1,966.7 |
Note 10 - Other Noncurrent Liab
Note 10 - Other Noncurrent Liabilities | 12 Months Ended |
May 28, 2023 | |
Notes to Financial Statements | |
Other Liabilities Disclosure [Text Block] | 10. Other noncurrent liabilities consisted of: May 28, 2023 May 29, 2022 Postretirement health care and pension obligations (see Note 17) $ 137.7 $ 161.2 Noncurrent income tax liabilities (see Note 13) 1,143.8 1,344.5 Noncurrent lease liabilities (see Note 14) 186.6 199.4 Self-insurance liabilities 26.6 31.3 Asset retirement obligations 50.4 43.0 Environmental liabilities (see Note 15) 43.8 43.6 Legal settlement costs (see Note 15) 28.9 40.5 Other 105.5 102.4 $ 1,723.3 $ 1,965.9 |
Note 11 - Capital Stock
Note 11 - Capital Stock | 12 Months Ended |
May 28, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | 11. The total number of shares we are authorized to issue is 1,218,050,000 shares, which shares may no no May 28, 2023 We have repurchased our shares of common stock from time to time after considering market conditions and in accordance with repurchase limits authorized by our Board. We repurchased 4.2 million shares of our common stock for approximately $150.0 million in fiscal 2023, 2022, 2021. |
Note 12 - Share-based Payments
Note 12 - Share-based Payments | 12 Months Ended |
May 28, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 12. In accordance with stockholder-approved equity incentive plans, we grant stock-based compensation awards, including restricted stock units, performance shares, performance-based restricted stock units, and stock options. The shares delivered upon vesting or lapse of restriction under any such arrangement may not On September 19, 2014, 2014 December 11, 2017, 2014 May 28, 2023 37.4 Share Unit Awards In accordance with stockholder-approved equity incentive plans, we grant awards of restricted stock units ("share units") to employees and directors. These awards generally have requisite service periods of three not We recognize compensation expense for share unit awards on a straight-line basis over the requisite service period, accounting for forfeitures as they occur. The compensation expense for our stock-settled share unit awards totaled $34.2 million, $25.8 million, and $28.1 million for fiscal 2023, 2022, 2021 2023, 2022, 2021 $6.2 million , The following table summarizes the nonvested share units as of May 28, 2023 Stock-Settled Share Units Share Units (in Millions) Weighted Average Grant-Date Fair Value Nonvested share units at May 29, 2022 2.50 $ 32.94 Granted 1.56 $ 33.28 Vested/Issued (1.02 ) $ 29.61 Forfeited (0.21 ) $ 34.23 Nonvested share units at May 28, 2023 2.83 $ 34.23 During fiscal 2023, 2022, 2021 1.6 million $33.28 The total intrinsic value of stock-settled share units vested was $34.7 million 2023, 2022, 2021 2021 At May 28, 2023 $32.0 million 1.7 years Performance Share Awards Performance shares are granted to selected executives and other key employees with vesting contingent upon meeting various Company-wide performance goals. The performance goal for one third three 2023 "2023 2021 two 2023 two 2023. three 2024 "2024 three 2025 "2025 one 2023 2024 2025 zero two hundred Awards, if earned, will be paid in shares of our common stock. Subject to limited exceptions set forth in our performance share plan, any shares earned will be distributed after the end of the performance period, and generally only if the participant continues to be employed with the Company through the date of distribution. For awards where performance against the performance target has not A summary of the activity for performance share awards as of May 28, 2023 Performance Shares Share Units (in Millions) Weighted Average Grant-Date Fair Value Nonvested performance shares at May 29, 2022 1.44 $ 32.80 Granted 0.74 $ 33.13 Adjustments for performance results attained and dividend equivalents (0.54 ) $ 28.45 Forfeited (0.07 ) $ 34.18 Nonvested performance shares at May 28, 2023 1.57 $ 34.39 We recognized expense of $45.0 million, a benefit of $1.4 million, and expense of $34.9 million for our performance share awards in fiscal 2023, 2022, 2021 2022 2023 2021 $1.7 million The total intrinsic value of performance shares vested (including shares paid in lieu of dividends) during fiscal 2022 2021 three 2022 not no 2023. Based on estimates at May 28, 2023 $17.0 million 1.7 years Performance-Based Restricted Stock Unit Awards On April 15, 2019 2022 2021, 2022 2021was May 27, 2022, not Stock Option Awards In accordance with stockholder-approved equity incentive plans, we granted stock options to employees and directors for the purchase of common stock at prices equal to its fair value at the date of grant. Stock options become exercisable under various vesting schedules (typically three seven ten No 2023 2022 2021 A summary of the option activity as of May 28, 2023 Options Number of Options (in Millions) Weighted Average Exercise Price Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in Millions) Outstanding at May 29, 2022 2.7 $ 30.87 Exercised (0.3 ) $ 29.95 $ 2.9 Expired (0.1 ) $ 35.81 Outstanding at May 28, 2023 2.3 $ 30.86 2.31 $ 9.8 Exercisable at May 28, 2023 2.3 $ 30.86 2.31 $ 9.8 We recognized compensation expense using the straight-line method over the requisite service period, accounting for forfeitures as they occurred. The total intrinsic value of stock options exercised was $2.9 million 2023, 2022, 2021 2023 $34.84 At May 28, 2023 Cash received from stock option exercises for fiscal 2023, 2022, 2021 $10.7 million $0.7 million, 2023, 2022, 2021 |
Note 13 - Pre-tax Income and In
Note 13 - Pre-tax Income and Income Taxes | 12 Months Ended |
May 28, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 13. Pre-tax income (including equity method investment earnings) consisted of the following: 2023 2022 2021 United States $ 803.9 $ 1,106.0 $ 1,426.5 Foreign 98.0 72.7 68.2 $ 901.9 $ 1,178.7 $ 1,494.7 The provision for income taxes included the following: 2023 2022 2021 Current Federal $ 304.6 $ 186.6 $ 232.6 State 42.5 48.2 31.8 Foreign 25.7 18.4 15.3 372.8 253.2 279.7 Deferred Federal (135.8 ) 34.7 (63.5 ) State (14.4 ) 3.9 (26.1 ) Foreign (3.9 ) (1.3 ) 3.7 (154.1 ) 37.3 (85.9 ) $ 218.7 $ 290.5 $ 193.8 Income taxes computed by applying the U.S. Federal statutory rates to income before income taxes are reconciled to the provision for income taxes set forth in the Consolidated Statements of Earnings as follows: 2023 2022 2021 Computed U.S. Federal income taxes $ 189.4 $ 247.5 $ 313.9 State income taxes, net of U.S. Federal tax impact 28.9 37.2 37.4 Goodwill and intangible impairments 27.5 6.1 13.6 Remeasurement of deferred taxes due to legal entity reorganization — — 35.8 Tax elections under review by the IRS on capital loss utilization — 25.0 — Change of valuation allowance on capital loss carryforward — — (188.5 ) Change of valuation allowance due to certain tax elections (28.1 ) — — Incentive compensation 11.1 2.4 6.1 Other (10.1 ) (27.7 ) (24.5 ) $ 218.7 $ 290.5 $ 193.8 Income taxes paid, net of refunds, were $407.1 million, $299.1 million, and $286.3 million in fiscal 2023, 2022, 2021 The tax effect of temporary differences and carryforwards that give rise to significant portions of deferred tax assets and liabilities consisted of the following: May 28, 2023 May 29, 2022 Assets Liabilities Assets Liabilities Property, plant and equipment $ — $ 306.2 $ — $ 327.2 Inventory 20.1 — 30.5 — Goodwill, trademarks and other intangible assets 437.3 941.1 405.8 1,066.6 Right-of-use assets — 47.0 — 47.9 Accrued expenses 16.5 — 12.7 — Compensation related liabilities 31.9 — 29.3 — Pension and other postretirement benefits — 23.7 — 25.1 Investment in unconsolidated subsidiaries — 19.1 — 9.4 Lease liabilities 54.6 — 56.1 — Other liabilities that will give rise to future tax deductions 59.6 — 73.2 — Net capital and operating loss carryforwards 34.7 — 46.4 — Research Expenditures 20.6 — — — Federal credits 10.7 — 12.0 — Other 34.9 32.8 32.0 38.6 720.9 1,369.9 698.0 1,514.8 Less: Valuation allowance (457.6 ) — (455.5 ) — Net deferred taxes $ 263.3 $ 1,369.9 $ 242.5 $ 1,514.8 The liability for gross unrecognized tax benefits at May 28, 2023 May 29, 2022 2023 2022 2021. The net amount of unrecognized tax benefits at May 28, 2023 May 29, 2022 We accrue interest and penalties associated with uncertain tax positions as part of income tax expense. We conduct business and file tax returns in numerous countries, states, and local jurisdictions. The U.S. Internal Revenue Service ("IRS") has completed its audit of the Company for tax years through fiscal 2020. 2020 2021 2003 three five We estimate that it is reasonably possible that the amount of gross unrecognized tax benefits will decrease by up to $4.0 million over the next twelve The change in the unrecognized tax benefits for the fiscal years ended May 28, 2023 May 29, 2022 May 28, 2023 May 29, 2022 Beginning balance $ 62.9 $ 33.0 Increases from positions established during prior periods 0.3 13.2 Decreases from positions established during prior periods (32.3 ) (3.2 ) Increases from positions established during the current period 1.7 31.7 Reductions resulting from lapse of applicable statute of limitation (8.9 ) (3.1 ) Decrease from audit settlements (0.1 ) (8.5 ) Other adjustments to liability 0.1 (0.2 ) Ending balance $ 23.7 $ 62.9 We have approximately $11.8 million of foreign net operating loss carryforwards ($11.5 million will expire between fiscal 2028 2043 no 2024 2027. 2024 2043 2027 2037. 2025 2033. 2024 2030. In fiscal 2022, 2021 may We have recognized a valuation allowance for the portion of the net operating loss carryforwards, capital loss carryforwards, tax credit carryforwards, and other deferred tax assets we believe are not not 2023 2023, not 2022 2021 In the prior year, we made the assessment that the current earnings of certain foreign subsidiaries were not not May 28, 2023. May 30, 2021 not On August 16, 2022, 2022 not |
Note 14 - Leases
Note 14 - Leases | 12 Months Ended |
May 28, 2023 | |
Notes to Financial Statements | |
Lessee Operating and Finance Leases [Text Block] | 14. We have operating and finance leases of certain warehouses, plants, land, office space, production and distribution equipment, automobiles, and office equipment. We determine whether an agreement is or contains a lease at lease inception. Right-of-use ("ROU") assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. As most of our leases do not We have elected not 2016 02, Leases, Topic 842 Any lease arrangements with an initial term of twelve not Our lease terms may not Leases reported in our Consolidated Balance Sheets were as follows: Operating Leases Balance Sheet Location May 28, 2023 May 29, 2022 ROU assets, net Other assets $ 199.5 $ 211.5 Lease liabilities (current) Other accrued liabilities 42.3 45.3 Lease liabilities (noncurrent) Other noncurrent liabilities 186.6 199.4 Finance Leases Balance Sheet Location May 28, 2023 May 29, 2022 ROU assets, at cost Property, plant and equipment $ 203.5 $ 208.0 Less accumulated depreciation Less accumulated depreciation (77.2 ) (64.2 ) ROU assets, net Property, plant and equipment, net 126.3 143.8 Lease liabilities (current) Current installments of long-term debt 17.4 20.6 Lease liabilities (noncurrent) Senior long-term debt, excluding current installments 95.2 110.7 The components of total lease cost were as follows: 2023 2022 2021 Operating lease cost $ 55.3 $ 52.9 $ 51.0 Finance lease cost Depreciation of leased assets 16.8 16.4 19.0 Interest on lease liabilities 5.3 6.5 8.2 Short-term lease cost 11.0 7.3 5.1 Total lease cost $ 88.4 $ 83.1 $ 83.3 The weighted-average remaining lease terms and weighted-average discount rate for our leases as of May 28, 2023 May 29, 2022 Operating Leases Finance Leases 2023 2022 2023 2022 Weighted-average remaining lease term (in years) 6.7 6.9 6.9 7.3 Weighted-average discount rate 3.55 % 3.21 % 4.24 % 4.91 % Cash flows arising from lease transactions were as follows: 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 57.7 $ 55.7 $ 56.0 Operating cash outflows from finance leases 5.3 6.5 8.3 Financing cash outflows from finance leases 25.0 31.2 24.3 ROU assets obtained in exchange for new lease liabilities: Operating leases 34.2 68.5 21.1 Finance leases 7.8 23.6 26.1 Maturities of lease liabilities by fiscal year as of May 28, 2023 Operating Leases Finance Leases Total 2024 $ 51.9 $ 21.2 $ 73.1 2025 40.7 18.4 59.1 2026 37.1 15.1 52.2 2027 30.5 17.0 47.5 2028 28.3 7.8 36.1 Later years 74.4 53.7 128.1 Total lease payments 262.9 133.2 396.1 Less: Imputed interest (34.0 ) (20.6 ) (54.6 ) Total lease liabilities $ 228.9 $ 112.6 $ 341.5 We have entered into contracts that are or contain a lease that have not May 28, 2023 2024. |
Note 15 - Contingencies
Note 15 - Contingencies | 12 Months Ended |
May 28, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 15. Litigation Matters We are a party to certain litigation matters relating to our acquisition of Beatrice Company ("Beatrice") in fiscal 1991, 1962 1967. not first 2023, one 2019, 2020 2026, May 28, 2023. May 28, 2023. We are party to a number of putative class action lawsuits challenging various product claims made in the Company's product labeling. In the first 2023, Briseno v. ConAgra Foods, Inc., et al Wesson 100% not In the first 2023, 2018 Klein v. Arora, et al. . We are party to matters challenging the Company's wage and hour practices. While we cannot predict with certainty the results of these or any other legal proceedings, we do not We are party to a number of matters asserting product liability claims against the Company related to certain Pam® and other cooking spray products. These lawsuits generally seek damages for personal injuries allegedly caused by defects in the design, manufacture, or safety warnings of the cooking spray products. We have put the Company's insurance carriers on notice. While we cannot predict with certainty the results of these or any other legal proceedings, the Company believes adequate provision has been made in its consolidated financial statements for all probable and reasonably estimable losses for the litigation related to the cooking spray products based on information available to us at the time of our evaluation. The Company reevaluates on a quarterly and annual basis its exposure from the litigation related to the cooking spray products, including studying its claims experience and considering numerous variables that can affect its liability exposure from the litigation related to the cooking spray products on an overall or per lawsuit basis. Based upon its regular reevaluation of its exposure from the litigation related to the cooking spray products, the Company has updated its liability analysis for the litigation related to the cooking spray products through May 28, 2023. may not Environmental Matters Securities and Exchange Commission (the "SEC") regulations require us to disclose certain information about environmental proceedings if a governmental authority is a party to such proceedings and such proceedings involve potential monetary sanctions that we reasonably believe will exceed a stated threshold. Pursuant to the SEC regulations, the Company uses a threshold of $1.0 million for purposes of determining whether disclosure of any such proceedings is required. In October 2019, May 1 October 31 2020 2021 April 1 October 31 2022 2020, 2021, 2022. not We are a party to certain environmental proceedings relating to businesses divested by Beatrice prior to our acquisition in fiscal 1991, 35 as of May 28, 2023 Guarantees and Other Contingencies In certain limited situations, we will guarantee an obligation of an unconsolidated entity. As of May 28, 2023, November 8, 2016 ( third 2025 one five We also guarantee a lease resulting from an exited facility. As of May 28, 2023 not four General After taking into account liabilities recognized for all of the foregoing matters, management believes the ultimate resolution of such matters should not may Costs of legal services associated with the foregoing matters are recognized within SG&A expenses as services are provided. |
Note 16 - Derivative Financial
Note 16 - Derivative Financial Instruments | 12 Months Ended |
May 28, 2023 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 16. Our operations are exposed to market risks from adverse changes in commodity prices affecting the cost of raw materials and energy, foreign currency exchange rates, and interest rates. In the normal course of business, these risks are managed through a variety of strategies, including the use of derivatives. Commodity futures and option contracts are used from time to time to economically hedge commodity input prices on items such as natural gas, vegetable oils, proteins, packaging materials, dairy, grains, diesel fuel and electricity. Generally, we economically hedge a portion of our anticipated consumption of commodity inputs for periods of up to 36 may May 28, 2023 May 2024. In order to reduce exposures related to changes in foreign currency exchange rates, we enter into forward exchange, option, or swap contracts from time to time for transactions denominated in a currency other than the applicable functional currency. This includes, but is not May 28, 2023 February 2024. From time to time, we may not Derivatives Designated as Cash Flow Hedges During the first 2019, second 2019 second 2021, 3 May 28, 2023 Economic Hedges of Forecasted Cash Flows Many of our derivatives do not not Economic Hedges of Fair Values Foreign Currency Exchange Rate Risk We may All derivative instruments are recognized on the Consolidated Balance Sheets at fair value (refer to Note 18 May 28, 2023 May 29, 2022 Derivative assets and liabilities and amounts representing a right to reclaim cash collateral or obligation to return cash collateral were reflected in our Consolidated Balance Sheets as follows: May 28, 2023 May 29, 2022 Prepaid expenses and other current assets $ 10.0 $ 7.0 Other accrued liabilities 3.6 2.2 The following table presents our derivative assets and liabilities at May 28, 2023 Derivative Assets Derivative Liabilities Balance Sheet Location Fair Value Balance Sheet Location Fair Value Commodity contracts Prepaid expenses and other current assets $ 1.1 Other accrued liabilities $ 14.4 Foreign exchange contracts Prepaid expenses and other current assets 0.6 Other accrued liabilities 2.2 Total derivatives not designated as hedging instruments $ 1.7 $ 16.6 The following table presents our derivative assets and liabilities, at May 29, 2022 Derivative Assets Derivative Liabilities Balance Sheet Location Fair Value Balance Sheet Location Fair Value Commodity contracts Prepaid expenses and other current assets $ 26.8 Other accrued liabilities $ 16.1 Foreign exchange contracts Prepaid expenses and other current assets 0.3 Other accrued liabilities 2.2 Total derivatives not designated as hedging instruments $ 27.1 $ 18.3 The location and amount of gains (losses) from derivatives not For the Fiscal Year Ended May 28, 2023 Derivatives Not Designated as Hedging Instruments Location in Consolidated Statement of Earnings of Gains (Losses) Recognized on Derivatives Amount of Gains (Losses) Recognized on Derivatives in Consolidated Statement of Earnings Commodity contracts Cost of goods sold $ (19.7 ) Foreign exchange contracts Cost of goods sold 2.1 Total losses from derivative instruments not designated as hedging instruments $ (17.6 ) For the Fiscal Year Ended May 29, 2022 Derivatives Not Designated as Hedging Instruments Location in Consolidated Statement of Earnings of Gains (Losses) Recognized on Derivatives Amount of Gains (Losses) Recognized on Derivatives in Consolidated Statement of Earnings Commodity contracts Cost of goods sold $ 33.4 Foreign exchange contracts Cost of goods sold 3.7 Total gains from derivative instruments not designated as hedging instruments $ 37.1 For the Fiscal Year Ended May 30, 2021 Derivatives Not Designated as Hedging Instruments Location in Consolidated Statement of Earnings of Gains (Losses) Recognized on Derivatives Amount of Gains (Losses) Recognized on Derivatives in Consolidated Statement of Earnings Commodity contracts Cost of goods sold $ 26.6 Foreign exchange contracts Cost of goods sold (17.1 ) Total gains from derivative instruments not designated as hedging instruments $ 9.5 As of May 28, 2023 May 29, 2022 May 28, 2023 May 29, 2022 We enter into certain commodity, interest rate, and foreign exchange derivatives with a diversified group of counterparties. We continually monitor our positions and the credit ratings of the counterparties involved and limit the amount of credit exposure to any one may not not At May 28, 2023 |
Note 17 - Pension and Postretir
Note 17 - Pension and Postretirement Benefits | 12 Months Ended |
May 28, 2023 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 17. We have defined benefit retirement plans ("pension plans") for eligible salaried and hourly employees. Benefits are based on years of credited service and average compensation or stated amounts for each year of service. We also sponsor postretirement plans which provide certain medical and dental benefits to qualifying U.S. employees. Effective August 1, 2013, We recognize the funded status of our pension and postretirement plans in the Consolidated Balance Sheets. For our pension plans, we also recognize as a component of accumulated other comprehensive income (loss), the net of tax results of the actuarial gains or losses within the corridor and prior service costs or credits that arise during the period but are not not The changes in benefit obligations and plan assets at May 28, 2023 May 29, 2022 Pension Plans Postretirement Plans 2023 2022 2023 2022 Change in Benefit Obligation Benefit obligation at beginning of year $ 3,132.6 $ 3,739.2 $ 64.8 $ 81.5 Service cost 6.5 8.7 0.1 0.2 Interest cost 124.0 83.3 2.3 1.3 Amendments 3.0 3.7 — — Actuarial gain (265.5 ) (503.1 ) (6.3 ) (9.5 ) Benefits paid (199.3 ) (198.3 ) (7.3 ) (8.2 ) Currency (1.1 ) (0.9 ) (0.4 ) (0.5 ) Benefit obligation at end of year $ 2,800.2 $ 3,132.6 $ 53.2 $ 64.8 Change in Plan Assets Fair value of plan assets at beginning of year $ 3,294.7 $ 3,848.8 $ 3.4 $ 3.3 Actual return on plan assets (158.1 ) (366.1 ) 0.1 0.1 Employer contributions 12.5 11.5 7.3 8.2 Benefits paid (199.3 ) (198.4 ) (7.3 ) (8.2 ) Currency (1.3 ) (1.1 ) — — Fair value of plan assets at end of year $ 2,948.5 $ 3,294.7 $ 3.5 $ 3.4 The $265.5 million actuarial gain reducing our projected benefit obligation at the end of fiscal 2023 2023. The funded status and amounts recognized in our Consolidated Balance Sheets at May 28, 2023 May 29, 2022 Pension Plans Postretirement Plans 2023 2022 2023 2022 Funded Status $ 148.3 $ 162.1 $ (49.7 ) $ (61.4 ) Amounts Recognized in Consolidated Balance Sheets Other assets $ 249.9 $ 277.0 $ 3.3 $ 3.2 Other accrued liabilities (9.7 ) (10.2 ) (7.2 ) (8.1 ) Other noncurrent liabilities (91.9 ) (104.7 ) (45.8 ) (56.5 ) Net Amount Recognized $ 148.3 $ 162.1 $ (49.7 ) $ (61.4 ) Amounts Recognized in Accumulated Other Comprehensive (Income) Loss (Pre-tax) Actuarial net loss (gain) $ 8.1 $ (30.2 ) $ (46.5 ) $ (44.5 ) Net prior service cost (benefit) 9.6 8.0 (9.2 ) (11.0 ) Total $ 17.7 $ (22.2 ) $ (55.7 ) $ (55.5 ) Weighted-Average Actuarial Assumptions Used to Determine Benefit Obligations at May 28, 2023 and May 29, 2022 Discount rate 5.50 % 4.48 % 5.37 % 4.24 % Long-term rate of compensation increase N/A N/A N/A N/A The accumulated benefit obligation for all defined benefit pension plans was $2.80 billion and $3.13 billion at May 28, 2023 May 29, 2022 The projected benefit obligation and accumulated benefit obligation for pension plans with accumulated benefit obligations in excess of plan assets at May 28, 2023 May 29, 2022 2023 2022 Projected benefit obligation $ 101.6 $ 114.9 Accumulated benefit obligation 101.6 114.9 Components of pension and postretirement plan costs included: Pension Plans Postretirement Plans 2023 2022 2021 2023 2022 2021 Service cost $ 6.5 $ 8.7 $ 11.6 $ 0.1 $ 0.2 $ 0.2 Interest cost 124.0 83.3 86.8 2.3 1.3 1.5 Expected return on plan assets (145.9 ) (145.4 ) (140.0 ) — — — Amortization of prior service cost (benefit) 1.4 1.9 2.3 (1.7 ) (2.0 ) (2.1 ) Recognized net actuarial loss (gain) 0.1 (2.9 ) 0.8 (4.4 ) (3.5 ) (3.5 ) Settlement gain — — — — — (0.5 ) Curtailment loss — — 0.2 — — — Pension and postretirement cost (benefit) — Company plans (13.9 ) (54.4 ) (38.3 ) (3.7 ) (4.0 ) (4.4 ) Pension cost (benefit) — multi-employer plans 9.2 8.1 7.4 — — — Total pension and postretirement cost (benefit) $ (4.7 ) $ (46.3 ) $ (30.9 ) $ (3.7 ) $ (4.0 ) $ (4.4 ) In fiscal 2023, 2022, 2021, Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) were as follows: Pension Plans Postretirement Plans 2023 2022 2023 2022 Net actuarial gain (loss) $ (38.4 ) $ (8.5 ) $ 6.3 $ 9.6 Amendments (3.0 ) (3.7 ) — — Amortization of prior service cost (benefit) 1.4 1.9 (1.7 ) (2.0 ) Recognized net actuarial gain — (2.9 ) (4.4 ) (3.5 ) Currency 0.1 0.1 — 0.1 Net amount recognized $ (39.9 ) $ (13.1 ) $ 0.2 $ 4.2 Weighted-Average Actuarial Assumptions Used to Determine Net Expense Pension Plans Postretirement Plans 2023 2022 2021 2023 2022 2021 Discount rate - interest cost 4.09 % 2.29 % 2.30 % 3.83 % 1.69 % 1.74 % Discount rate - service cost 4.74 % 3.50 % 3.35 % 4.60 % 3.55 % 3.03 % Long-term rate of return on plan assets 4.56 % 3.87 % 3.74 % N/A N/A N/A Long-term rate of compensation increase N/A N/A N/A N/A N/A N/A The Company uses a split discount rate (spot-rate approach) for the U.S. plans and certain foreign plans. The spot-rate approach applies separate discount rates for each projected benefit payment in the calculation of pension service and interest cost. We amortize prior service cost for our pension and postretirement plans, as well as amortizable gains and losses for our postretirement plans, in equal annual amounts over the average expected future period of vested service. For plans with no Plan Assets The fair value of plan assets, summarized by level within the fair value hierarchy described in Note 18, May 28, 2023 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 5.7 $ 152.6 $ — $ 158.3 Equity securities: U.S. equity securities 59.0 19.5 — 78.5 International equity securities 34.4 — — 34.4 Fixed income securities: Government bonds — 562.2 — 562.2 Corporate bonds — 1,878.1 — 1,878.1 Mortgage-backed bonds — 22.0 — 22.0 Net receivables for unsettled transactions 2.6 — — 2.6 Fair value measurement of pension plan assets in the fair value hierarchy $ 101.7 $ 2,634.4 $ — $ 2,736.1 Investments measured at net asset value 212.4 Total pension plan assets $ 2,948.5 The fair value of plan assets, summarized by level within the fair value hierarchy described in Note 18, May 29, 2022 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 19.8 $ 93.2 $ — $ 113.0 Equity securities: U.S. equity securities 65.6 19.5 — 85.1 International equity securities 34.4 — — 34.4 Fixed income securities: Government bonds — 653.1 — 653.1 Corporate bonds — 2,179.3 — 2,179.3 Mortgage-backed bonds — 8.6 — 8.6 Net payables for unsettled transactions (9.6 ) — — (9.6 ) Fair value measurement of pension plan assets in the fair value hierarchy $ 110.2 $ 2,953.7 $ — $ 3,063.9 Investments measured at net asset value 230.8 Total pension plan assets $ 3,294.7 Level 1 1 Level 2 2 Level 3 not Certain assets that are measured at fair value using the NAV (net asset value) per share (or its equivalent) practical expedient have not May 28, 2023 may May 28, 2023 As of May 28, 2023 To develop the expected long-term rate of return on plan assets assumption for the pension plans, we consider the current asset allocation strategy, the historical investment performance, and the expectations for future returns of each asset class. Our pension plan weighted-average asset allocations by asset category were as follows: May 28, 2023 May 29, 2022 Equity securities 4 % 4 % Debt securities 84 % 87 % Real estate funds 1 % 1 % Private equity 4 % 4 % Other 7 % 4 % Total 100 % 100 % Due to the salaried pension plan freeze that occurred in fiscal 2018, Assumed health care cost trend rates have a significant effect on the benefit obligation of the postretirement plans. Assumed Health Care Cost Trend Rates at: May 28, 2023 May 29, 2022 Initial health care cost trend rate 6.92 % 6.32 % Ultimate health care cost trend rate 4.43 % 4.44 % Year that the rate reaches the ultimate trend rate 2034 2029 We currently anticipate making contributions of approximately $12.1 million to our pension plans in fiscal 2024. 2024. The following table presents estimated future gross benefit payments for our plans: Pension Postretirement Plans Plans 2024 $ 204.0 $ 7.2 2025 203.1 6.7 2026 204.7 6.2 2027 205.7 5.7 2028 206.4 5.2 Succeeding 5 years 1,022.0 20.2 Multiemployer Pension Plans The Company contributes to several multiemployer defined benefit pension plans under collective bargaining agreements that cover certain units of its union-represented employees. The risks of participating in such plans are different from the risks of single-employer plans, in the following respects: a. Assets contributed to a multiemployer plan by one may b. If a participating employer ceases to contribute to the plan, the unfunded obligations of the plan may c. If the Company ceases to have an obligation to contribute to a multiemployer plan in which it had been a contributing employer, it may The Company's participation in multiemployer plans for the fiscal year ended May 28, 2023 • The "EIN / PN" column provides the Employer Identification Number and the three • The most recent Pension Protection Act Zone Status available for 2022 2021 2022 2021, • The "FIP/RP Status Pending/Implemented" column indicates whether a Funding Improvement Plan, as required under the Code to be adopted by plans in the "yellow" zone, or a Rehabilitation Plan, as required under the Code to be adopted by plans in the "red" zone, is pending or has been implemented by the plan as of the end of the plan year that ended in calendar year 2022. • Contributions by the Company are the amounts contributed in the Company's fiscal periods ending in the specified year. • The "Surcharge Imposed" column indicates whether the Company contribution rate for its fiscal year that ended on May 28, 2023 • The last column lists the expiration dates of the collective bargaining agreements pursuant to which the Company contributes to the plans. For plans that are not Pension Protection Act Zone Status FIP / RP Status Contributions by the Company (millions) Expiration Dates of Collective Pension Fund EIN / PN 2022 2021 Pending / Implemented FY23 FY22 FY21 Surcharge Imposed Bargaining Agreements Central States, Southeast and Southwest Areas Pension Fund 36-6044243/ 001 Red, Critical and Declining Red, Critical and Declining RP Implemented 2.6 2.5 2.2 No 5/31/2025 Western Conference of Teamsters Pension Plan 91-6145047/ 001 Green Green N/A 4.4 3.8 3.8 No 4/30/2025 Other Plans 2.2 1.8 1.4 Total Contributions $ 9.2 $ 8.1 $ 7.4 The Company was not 5500 5500 not 2022. Certain of our employees are covered under defined contribution plans. The expense related to these plans was $59.4 million, $57.9 million, and $47.6 million in fiscal 2023, 2022, 2021 |
Note 18 - Fair Value Measuremen
Note 18 - Fair Value Measurements | 12 Months Ended |
May 28, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 18. Financial Accounting Standards Board guidance establishes a three three Level 1 Level 2 1, Level 3 The fair values of our Level 2 2 The following table presents our financial assets and liabilities measured at fair value on a recurring basis, based upon the level within the fair value hierarchy in which the fair value measurements fall, as of May 28, 2023 Level 1 Level 2 Level 3 Total Assets: Derivative assets $ 9.4 $ 0.6 $ — $ 10.0 Deferred compensation assets 7.1 — — 7.1 Available-for-sale debt securities — — 4.0 4.0 Total assets $ 16.5 $ 0.6 $ 4.0 $ 21.1 Liabilities: Derivative liabilities $ — $ 3.6 $ — $ 3.6 Deferred compensation liabilities 67.0 — — 67.0 Total liabilities $ 67.0 $ 3.6 $ — $ 70.6 The following table presents our financial assets and liabilities measured at fair value on a recurring basis, based upon the level within the fair value hierarchy in which the fair value measurements fall, as of May 29, 2022 Level 1 Level 2 Level 3 Total Assets: Derivative assets $ 5.7 $ 1.3 $ — $ 7.0 Deferred compensation assets 7.5 — — 7.5 Available-for-sale debt securities — — 7.6 7.6 Total assets $ 13.2 $ 1.3 $ 7.6 $ 22.1 Liabilities: Derivative liabilities $ — $ 2.2 $ — $ 2.2 Deferred compensation liabilities 72.6 — — 72.6 Total liabilities $ 72.6 $ 2.2 $ — $ 74.8 Certain assets and liabilities, including long-lived assets, goodwill, asset retirement obligations, and equity investments are measured at fair value on a nonrecurring basis using Level 3 During fiscal 2023, We recognized charges for the impairment of certain indefinite-lived brands. The fair values of these brands were estimated using the "relief from royalty" method (see Note 7 2023, 2022, 2021 2023, 2022, 2021 2023, 2022, 2021 During fiscal 2023, 7 During fiscal 2023, 2022, no second 2023 5 We recognized charges for the impairment of certain long-lived assets measured based upon the estimated sales price of the assets. Impairments totaled $3.0 million in our Grocery & Snacks segment in fiscal 2021. The carrying amount of long-term debt (including current installments) was $8.60 billion as of May 28, 2023 May 29, 2022 2 May 28, 2023 May 29, 2022 |
Note 19 - Business Segments and
Note 19 - Business Segments and Related Information | 12 Months Ended |
May 28, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 19. We reflect our results of operations in four The Grocery & Snacks reporting segment principally includes branded, shelf-stable food products sold in various retail channels in the United States. The Refrigerated & Frozen reporting segment includes branded, temperature-controlled food products sold in various retail channels in the United States. The International reporting segment principally includes branded food products, in various temperature states, sold in various retail and foodservice channels outside of the United States. The Foodservice reporting segment includes branded and customized food products, including meals, entrees, sauces, and a variety of custom-manufactured culinary products packaged for sale to restaurants and other foodservice establishments primarily in the United States. We do not Operating profit for each of the segments is based on net sales less all identifiable operating expenses. General corporate expense, pension and postretirement non-service income, interest expense, net, income taxes, and equity method investment earnings have been excluded from segment operations. 2023 2022 2021 Net sales Grocery & Snacks $ 4,981.9 $ 4,697.4 $ 4,624.7 Refrigerated & Frozen 5,156.2 4,859.3 4,774.6 International 1,002.5 970.8 938.6 Foodservice 1,136.4 1,008.4 846.8 Total net sales $ 12,277.0 $ 11,535.9 $ 11,184.7 Operating profit Grocery & Snacks $ 1,002.8 $ 859.5 $ 1,092.7 Refrigerated & Frozen 255.0 561.1 836.5 International 121.4 106.7 131.8 Foodservice 85.0 60.3 80.0 Total operating profit $ 1,464.2 $ 1,587.6 $ 2,141.0 Equity method investment earnings 212.0 145.3 84.4 General corporate expenses 388.9 241.6 364.8 Pension and postretirement non-service income 24.2 67.3 54.5 Interest expense, net 409.6 379.9 420.4 Income tax expense 218.7 290.5 193.8 Net income $ 683.2 $ 888.2 $ 1,300.9 Less: Net income attributable to noncontrolling interests (0.4 ) — 2.1 Net income attributable to Conagra Brands, Inc. $ 683.6 $ 888.2 $ 1,298.8 The following table presents further disaggregation of our net sales: 2023 2022 2021 Frozen $ 4,288.1 $ 4,091.1 $ 3,948.0 Staples Other shelf-stable 2,851.9 2,729.5 2,830.2 Refrigerated 868.1 768.2 826.6 Snacks 2,130.0 1,967.9 1,794.5 International 1,002.5 970.8 938.6 Foodservice 1,136.4 1,008.4 846.8 Total net sales $ 12,277.0 $ 11,535.9 $ 11,184.7 To be consistent with how we present certain disaggregated net sales information to investors, we have categorized certain net sales of our segments as "Staples", which includes all of our U.S. domestic retail refrigerated products and other shelf-stable grocery products. Management continues to regularly review financial results and make decisions about allocating resources based upon the four Presentation of Derivative Gains (Losses) from Economic Hedges of Forecasted Cash Flows in Segment Results Derivatives used to manage commodity price risk and foreign currency risk are not The following table presents the net derivative gains (losses) from economic hedges of forecasted commodity consumption and the foreign currency risk of certain forecasted transactions, under this methodology: 2023 2022 2021 Net derivative gains (losses) incurred $ (17.6 ) $ 37.1 $ 9.5 Less: Net derivative gains (losses) allocated to reporting segments 19.5 32.7 (6.1 ) Net derivative gains (losses) recognized in general corporate expenses $ (37.1 ) $ 4.4 $ 15.6 Net derivative gains (losses) allocated to Grocery & Snacks $ 6.0 $ 17.3 $ (2.3 ) Net derivative gains (losses) allocated to Refrigerated & Frozen 9.6 17.4 (1.7 ) Net derivative gains (losses) allocated to International 2.5 (3.6 ) (1.7 ) Net derivative gains (losses) allocated to Foodservice 1.4 1.6 (0.4 ) Net derivative gains (losses) included in segment operating profit $ 19.5 $ 32.7 $ (6.1 ) As of May 28, 2023 not May 28, 2023 2023 2024 2025 Assets by Segment The majority of our manufacturing assets are shared across multiple reporting segments. Output from these facilities used by each reporting segment can change over time. Also, working capital balances are not 2023, 2022, 2021 Other Information Our operations are principally in the United States. With respect to operations outside of the United States, no 2023, 2022, 2021 2023, 2022, 2021 not Our largest customer, Walmart, Inc. and its affiliates, accounted for approximately 28%, 27%, and 26% of consolidated net sales for fiscal 2023, 2022, 2021 Walmart, Inc. and its affiliates accounted for approximately 29% and 30% of consolidated net receivables as of May 28, 2023 May 29, 2022 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
May 28, 2023 | |
Accounting Policies [Abstract] | |
Fiscal Period, Policy [Policy Text Block] | Fiscal Year May. 52 2023 2022 2021 |
Consolidation, Policy [Policy Text Block] | Basis of Consolidation |
Equity Method Investments [Policy Text Block] | Investments in Unconsolidated Affiliates 50% not We review our investments in unconsolidated affiliates for impairment whenever events or changes in business circumstances indicate that the carrying amount of the investments may not not |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents three |
Receivable [Policy Text Block] | Receivables not The following table details the balances of our allowance for doubtful accounts and changes therein: Balance at Beginning of Period Additions Charged to Costs and Expenses Other 1 Deductions from Reserves 2 Balance at Close of Period Year ended May 28, 2023 $ 3.9 0.1 (0.1 ) 0.1 $ 3.8 Year ended May 29, 2022 $ 3.2 1.4 — 0.7 $ 3.9 Year ended May 30, 2021 $ 2.6 0.6 0.7 0.7 $ 3.2 1 2016 13. 2 |
Inventory, Policy [Policy Text Block] | Inventories first first |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment Years Land improvements 1 - 40 Buildings 15 - 40 Machinery and equipment 3 - 20 Furniture, fixtures, office equipment and other 5 - 15 We review property, plant and equipment for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not During fiscal 2023, 2022, 2021 May 28, 2023 May 29, 2022 May 30, 2021 May 31, 2020 |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Other Identifiable Intangible Assets not may may may In testing goodwill for impairment, we have the option to first not 50% not, no may not Under the goodwill qualitative assessment, various events and circumstances that would affect the estimated fair value of a reporting unit are identified (similar to impairment indicators above). Furthermore, management considers the results of the most recent quantitative impairment test completed for a reporting unit and compares the weighted average cost of capital between the current and prior years for each reporting unit. Under the goodwill quantitative impairment test, the evaluation of impairment involves comparing the current fair value of each reporting unit to its carrying value, including goodwill. We estimate the fair value using level 3 18 In assessing indefinite-lived intangible assets not not not not not not In fiscal 2023, 2022, 2021 not not Identifiable intangible assets with definite lives (e.g., licensing arrangements with contractual lives or customer relationships) are amortized over their estimated useful lives and tested for impairment whenever events or changes in circumstances indicate the carrying amount of the asset may Refer to Note 7 2023, 2022, 2021 |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Values of Financial Instruments |
Environmental Costs, Policy [Policy Text Block] | Environmental Liabilities third not not not |
Pension and Other Postretirement Plans, Nonpension Benefits, Policy [Policy Text Block] | Employment-Related Benefits not third We recognize changes in the fair value of pension plan assets and net actuarial gains or losses in excess of 10% |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition not We recognize revenue when (or as) performance obligations are satisfied by transferring control of the goods to customers. Control is transferred upon delivery of the goods to the customer. Shipping and/or handling costs that occur before the customer obtains control of the goods are deemed to be fulfillment activities and are accounted for as fulfillment costs. We assess the goods and services promised in our customers' purchase orders and identify a performance obligation for each promise to transfer a good or service (or bundle of goods or services) that is distinct. We offer various forms of trade promotions and the methodologies for determining these provisions are dependent on local customer pricing and promotional practices, which range from contractually fixed percentage price reductions to provisions based on actual occurrence or performance. Our promotional activities are conducted either through the retail trade or directly with consumers and include activities such as in-store displays and events, feature price discounts, consumer coupons, and loyalty programs. The costs of these activities are recognized at the time the related revenue is recorded, which normally precedes the actual cash expenditure. The recognition of these costs therefore requires management judgment regarding the volume of promotional offers that will be redeemed by either the retail trade or consumer. These estimates are made using various techniques including historical data on performance of similar promotional programs. Differences between estimated expense and actual redemptions are recognized as a change in management estimate in a subsequent period. |
Advertising Cost [Policy Text Block] | Advertising Costs 2023, 2022, 2021 |
Research and Development Expense, Policy [Policy Text Block] | Research and Development 2023, 2022, 2021 |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income not 10% not not The following table details the accumulated balances for each component of other comprehensive income (loss), net of tax: 2023 2022 2021 Currency translation losses, net of reclassification adjustments $ (99.7 ) $ (95.1 ) $ (77.1 ) Derivative adjustments, net of reclassification adjustments 29.2 29.8 24.3 Pension and postretirement benefit obligations, net of reclassification adjustments 26.1 54.1 58.6 Accumulated other comprehensive income (loss) $ (44.4 ) $ (11.2 ) $ 5.8 The following table summarizes the reclassifications from accumulated other comprehensive income (loss) into income: Affected Line Item in the Consolidated Statement of Earnings 1 2023 2022 2021 Net derivative adjustments: Cash flow hedges $ (3.3 ) $ (3.1 ) $ (3.2 ) Interest expense, net Cash flow hedges — — (0.5 ) Selling, general and administrative expenses Cash flow hedges (1.6 ) 1.8 2.1 Equity method investment earnings (4.9 ) (1.3 ) (1.6 ) Total before tax 1.2 0.4 1.0 Income tax expense $ (3.7 ) $ (0.9 ) $ (0.6 ) Net of tax Amortization of pension and postretirement benefit obligations: Net prior service cost (benefit) $ (0.1 ) $ 0.1 $ 0.2 Pension and postretirement non-service income Net actuarial gain (4.4 ) (3.6 ) (3.5 ) Pension and postretirement non-service income Postretirement healthcare settlement — — (0.5 ) Pension and postretirement non-service income Curtailment — — 0.2 Pension and postretirement non-service income (4.5 ) (3.5 ) (3.6 ) Total before tax 1.3 1.0 0.9 Income tax expense $ (3.2 ) $ (2.5 ) $ (2.7 ) Net of tax 1 |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Transaction Gains and Losses 2023 2022 2021 |
Business Combinations and Other Purchase of Business Transactions, Policy [Policy Text Block] | Business Combinations |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications and other changes |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
May 28, 2023 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Balance at Beginning of Period Additions Charged to Costs and Expenses Other 1 Deductions from Reserves 2 Balance at Close of Period Year ended May 28, 2023 $ 3.9 0.1 (0.1 ) 0.1 $ 3.8 Year ended May 29, 2022 $ 3.2 1.4 — 0.7 $ 3.9 Year ended May 30, 2021 $ 2.6 0.6 0.7 0.7 $ 3.2 |
Property, Plant and Equipment [Table Text Block] | Years Land improvements 1 - 40 Buildings 15 - 40 Machinery and equipment 3 - 20 Furniture, fixtures, office equipment and other 5 - 15 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | 2023 2022 2021 Currency translation losses, net of reclassification adjustments $ (99.7 ) $ (95.1 ) $ (77.1 ) Derivative adjustments, net of reclassification adjustments 29.2 29.8 24.3 Pension and postretirement benefit obligations, net of reclassification adjustments 26.1 54.1 58.6 Accumulated other comprehensive income (loss) $ (44.4 ) $ (11.2 ) $ 5.8 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Affected Line Item in the Consolidated Statement of Earnings 1 2023 2022 2021 Net derivative adjustments: Cash flow hedges $ (3.3 ) $ (3.1 ) $ (3.2 ) Interest expense, net Cash flow hedges — — (0.5 ) Selling, general and administrative expenses Cash flow hedges (1.6 ) 1.8 2.1 Equity method investment earnings (4.9 ) (1.3 ) (1.6 ) Total before tax 1.2 0.4 1.0 Income tax expense $ (3.7 ) $ (0.9 ) $ (0.6 ) Net of tax Amortization of pension and postretirement benefit obligations: Net prior service cost (benefit) $ (0.1 ) $ 0.1 $ 0.2 Pension and postretirement non-service income Net actuarial gain (4.4 ) (3.6 ) (3.5 ) Pension and postretirement non-service income Postretirement healthcare settlement — — (0.5 ) Pension and postretirement non-service income Curtailment — — 0.2 Pension and postretirement non-service income (4.5 ) (3.5 ) (3.6 ) Total before tax 1.3 1.0 0.9 Income tax expense $ (3.2 ) $ (2.5 ) $ (2.7 ) Net of tax |
Note 2 - Restructuring Activi_2
Note 2 - Restructuring Activities (Tables) | 12 Months Ended |
May 28, 2023 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Grocery & Snacks Refrigerated & Frozen International Foodservice Corporate Total Accelerated depreciation $ 33.2 $ 40.5 $ — $ — $ — $ 73.7 Other cost of goods sold 8.7 2.8 — — — 11.5 Total cost of goods sold 41.9 43.3 — — — 85.2 Severance and related costs 11.5 1.2 1.3 0.3 6.3 20.6 Asset impairment (net of gains on disposal) 21.9 0.9 0.1 — — 22.9 Contract/lease termination 0.5 0.1 — — 0.1 0.7 Consulting/professional fees 0.6 2.4 — — 5.7 8.7 Other selling, general and administrative expenses 12.9 4.1 — — 0.6 17.6 Total selling, general and administrative expenses 47.4 8.7 1.4 0.3 12.7 70.5 Total $ 89.3 $ 52.0 $ 1.4 $ 0.3 $ 12.7 $ 155.7 Pension and postretirement non-service income 0.6 Consolidated total $ 156.3 Grocery & Snacks Refrigerated & Frozen Corporate Total Accelerated depreciation $ — $ 0.7 $ — $ 0.7 Other cost of goods sold — 0.5 — 0.5 Total cost of goods sold — 1.2 — 1.2 Severance and related costs (0.2 ) — 1.9 1.7 Asset impairment (net of gains on disposal) — 0.1 — 0.1 Contract/lease termination 0.1 0.1 — 0.2 Consulting/professional fees 0.3 0.4 3.5 4.2 Other selling, general and administrative expenses 0.3 2.8 0.2 3.3 Total selling, general and administrative expenses 0.5 3.4 5.6 9.5 Total $ 0.5 $ 4.6 $ 5.6 $ 10.7 Grocery & Snacks Refrigerated & Frozen International Foodservice Corporate Total Accelerated depreciation $ 33.2 $ 40.3 $ — $ — $ — $ 73.5 Other cost of goods sold 8.7 2.8 — — — 11.5 Total cost of goods sold 41.9 43.1 — — — 85.0 Severance and related costs 11.4 1.2 1.3 0.3 6.3 20.5 Asset impairment (net of gains on disposal) 21.9 0.9 0.1 — — 22.9 Contract/lease termination 0.5 0.1 — — 0.1 0.7 Consulting/professional fees 0.3 0.4 — — 5.2 5.9 Other selling, general and administrative expenses 12.9 3.9 — — 0.5 17.3 Total selling, general and administrative expenses 47.0 6.5 1.4 0.3 12.1 67.3 Total $ 88.9 $ 49.6 $ 1.4 $ 0.3 $ 12.1 $ 152.3 Pension and postretirement non-service income 0.6 Consolidated total $ 152.9 Costs Balance at Incurred Costs Paid Balance at May 29, and Charged or Otherwise Changes in May 28, 2022 to Expense Settled Estimates 2023 Severance and related costs $ 3.2 $ 2.6 $ (3.2 ) $ (0.9 ) $ 1.7 Contract/lease termination — 0.2 (0.2 ) — — Consulting/professional fees 1.7 4.2 (5.7 ) — 0.2 Other costs 0.2 3.5 (3.7 ) — — Total $ 5.1 $ 10.5 $ (12.8 ) $ (0.9 ) $ 1.9 |
Note 3 - Long-term Debt (Tables
Note 3 - Long-term Debt (Tables) | 12 Months Ended |
May 28, 2023 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | May 28, 2023 May 29, 2022 5.4% $ 1,000.0 $ 1,000.0 4.65% 176.7 176.7 6.625% 91.4 91.4 5.3% 1,000.0 1,000.0 8.25% 300.0 300.0 4.85% 1,300.0 1,300.0 7.0% 382.2 382.2 1.375% 1,000.0 1,000.0 6.7% 9.2 9.2 7.125% 262.5 262.5 4.6% 1,000.0 1,000.0 SOFR plus 1.35% 500.0 — 4.3% 1,000.0 1,000.0 0.5% 500.0 500.0 3.2% — 437.0 3.25% — 250.0 0.79% 9.59% 112.6 131.3 Other indebtedness 0.1 0.1 Total face value of debt 8,634.7 8,840.4 Unamortized fair value adjustment 18.5 19.2 Unamortized discounts (20.1 ) (23.4 ) Unamortized debt issuance costs (35.8 ) (40.7 ) Less current installments (1,516.0 ) (707.3 ) Total long-term debt $ 7,081.3 $ 8,088.2 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | 2024 $ 1,517.4 2025 14.5 2026 1,512.0 2027 277.4 2028 1,015.3 |
Interest Income and Interest Expense Disclosure [Table Text Block] | 2023 2022 2021 Long-term debt $ 402.1 $ 393.1 $ 430.0 Short-term debt 18.8 2.3 2.5 Interest income (3.9 ) (2.1 ) (1.9 ) Interest capitalized (7.4 ) (13.4 ) (10.2 ) $ 409.6 $ 379.9 $ 420.4 |
Note 6 - Investments in Joint_2
Note 6 - Investments in Joint Ventures (Tables) | 12 Months Ended |
May 28, 2023 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | 2023 2022 2021 Net sales: Ardent Mills $ 5,239.9 $ 4,258.5 $ 3,407.6 Other 283.3 253.2 238.8 Total net sales $ 5,523.2 $ 4,511.7 $ 3,646.4 Gross margin: Ardent Mills $ 745.4 $ 516.5 $ 360.6 Other 59.4 54.8 47.3 Total gross margin $ 804.8 $ 571.3 $ 407.9 Earnings after income taxes: Ardent Mills $ 453.2 $ 306.2 $ 169.6 Other 22.3 21.1 19.5 Total earnings after income taxes $ 475.5 $ 327.3 $ 189.1 May 28, 2023 May 29, 2022 Ardent Mills: Current assets $ 1,716.8 $ 1,470.1 Noncurrent assets 1,840.5 1,875.9 Current liabilities 750.3 720.5 Noncurrent liabilities 556.9 567.7 Other: Current assets $ 131.4 $ 103.4 Noncurrent assets 42.6 38.2 Current liabilities 46.7 35.1 Noncurrent liabilities 9.0 10.7 |
Note 7 - Goodwill and Other I_2
Note 7 - Goodwill and Other Identifiable Intangible Assets (Tables) | 12 Months Ended |
May 28, 2023 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Grocery & Snacks Refrigerated & Frozen International Foodservice Total Balance as of May 30, 2021 $ 4,692.4 $ 5,611.2 $ 302.5 $ 732.8 $ 11,338.9 Currency translation — — (9.7 ) — (9.7 ) Balance as of May 29, 2022 $ 4,692.4 $ 5,611.2 $ 292.8 $ 732.8 $ 11,329.2 Currency translation — — (9.3 ) — (9.3 ) Impairment — (141.7 ) — — (141.7 ) Balance as of May 28, 2023 $ 4,692.4 $ 5,469.5 $ 283.5 $ 732.8 $ 11,178.2 |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | 2023 2022 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Non-amortizing intangible assets Brands and trademarks $ 2,470.6 $ — $ 3,061.6 $ — Amortizing intangible assets Customer relationships and intellectual property 1,232.2 496.9 1,233.9 437.7 $ 3,702.8 $ 496.9 $ 4,295.5 $ 437.7 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2024 $ 53.6 2025 53.5 2026 43.5 2027 43.3 2028 40.8 |
Note 8 - Earnings Per Share (Ta
Note 8 - Earnings Per Share (Tables) | 12 Months Ended |
May 28, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2023 2022 2021 Net income attributable to Conagra Brands, Inc. common stockholders: $ 683.6 $ 888.2 $ 1,298.8 Weighted average shares outstanding: Basic weighted average shares outstanding 478.9 480.3 485.8 Add: Dilutive effect of stock options, restricted stock unit awards, and other dilutive securities 1.8 1.9 2.0 Diluted weighted average shares outstanding 480.7 482.2 487.8 |
Note 9 - Inventories (Tables)
Note 9 - Inventories (Tables) | 12 Months Ended |
May 28, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | May 28, 2023 May 29, 2022 Raw materials and packaging $ 382.6 $ 387.5 Work in process 224.6 164.8 Finished goods 1,523.0 1,326.5 Supplies and other 101.8 87.9 Total $ 2,232.0 $ 1,966.7 |
Note 10 - Other Noncurrent Li_2
Note 10 - Other Noncurrent Liabilities (Tables) | 12 Months Ended |
May 28, 2023 | |
Notes Tables | |
Other Noncurrent Liabilities [Table Text Block] | May 28, 2023 May 29, 2022 Postretirement health care and pension obligations (see Note 17) $ 137.7 $ 161.2 Noncurrent income tax liabilities (see Note 13) 1,143.8 1,344.5 Noncurrent lease liabilities (see Note 14) 186.6 199.4 Self-insurance liabilities 26.6 31.3 Asset retirement obligations 50.4 43.0 Environmental liabilities (see Note 15) 43.8 43.6 Legal settlement costs (see Note 15) 28.9 40.5 Other 105.5 102.4 $ 1,723.3 $ 1,965.9 |
Note 12 - Share-based Payments
Note 12 - Share-based Payments (Tables) | 12 Months Ended |
May 28, 2023 | |
Notes Tables | |
Schedule of Nonvested Share Activity [Table Text Block] | Stock-Settled Share Units Share Units (in Millions) Weighted Average Grant-Date Fair Value Nonvested share units at May 29, 2022 2.50 $ 32.94 Granted 1.56 $ 33.28 Vested/Issued (1.02 ) $ 29.61 Forfeited (0.21 ) $ 34.23 Nonvested share units at May 28, 2023 2.83 $ 34.23 |
Schedule of Nonvested Performance-Based Units Activity [Table Text Block] | Performance Shares Share Units (in Millions) Weighted Average Grant-Date Fair Value Nonvested performance shares at May 29, 2022 1.44 $ 32.80 Granted 0.74 $ 33.13 Adjustments for performance results attained and dividend equivalents (0.54 ) $ 28.45 Forfeited (0.07 ) $ 34.18 Nonvested performance shares at May 28, 2023 1.57 $ 34.39 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Options Number of Options (in Millions) Weighted Average Exercise Price Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in Millions) Outstanding at May 29, 2022 2.7 $ 30.87 Exercised (0.3 ) $ 29.95 $ 2.9 Expired (0.1 ) $ 35.81 Outstanding at May 28, 2023 2.3 $ 30.86 2.31 $ 9.8 Exercisable at May 28, 2023 2.3 $ 30.86 2.31 $ 9.8 |
Note 13 - Pre-tax Income and _2
Note 13 - Pre-tax Income and Income Taxes (Tables) | 12 Months Ended |
May 28, 2023 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | 2023 2022 2021 United States $ 803.9 $ 1,106.0 $ 1,426.5 Foreign 98.0 72.7 68.2 $ 901.9 $ 1,178.7 $ 1,494.7 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2023 2022 2021 Current Federal $ 304.6 $ 186.6 $ 232.6 State 42.5 48.2 31.8 Foreign 25.7 18.4 15.3 372.8 253.2 279.7 Deferred Federal (135.8 ) 34.7 (63.5 ) State (14.4 ) 3.9 (26.1 ) Foreign (3.9 ) (1.3 ) 3.7 (154.1 ) 37.3 (85.9 ) $ 218.7 $ 290.5 $ 193.8 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2023 2022 2021 Computed U.S. Federal income taxes $ 189.4 $ 247.5 $ 313.9 State income taxes, net of U.S. Federal tax impact 28.9 37.2 37.4 Goodwill and intangible impairments 27.5 6.1 13.6 Remeasurement of deferred taxes due to legal entity reorganization — — 35.8 Tax elections under review by the IRS on capital loss utilization — 25.0 — Change of valuation allowance on capital loss carryforward — — (188.5 ) Change of valuation allowance due to certain tax elections (28.1 ) — — Incentive compensation 11.1 2.4 6.1 Other (10.1 ) (27.7 ) (24.5 ) $ 218.7 $ 290.5 $ 193.8 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | May 28, 2023 May 29, 2022 Assets Liabilities Assets Liabilities Property, plant and equipment $ — $ 306.2 $ — $ 327.2 Inventory 20.1 — 30.5 — Goodwill, trademarks and other intangible assets 437.3 941.1 405.8 1,066.6 Right-of-use assets — 47.0 — 47.9 Accrued expenses 16.5 — 12.7 — Compensation related liabilities 31.9 — 29.3 — Pension and other postretirement benefits — 23.7 — 25.1 Investment in unconsolidated subsidiaries — 19.1 — 9.4 Lease liabilities 54.6 — 56.1 — Other liabilities that will give rise to future tax deductions 59.6 — 73.2 — Net capital and operating loss carryforwards 34.7 — 46.4 — Research Expenditures 20.6 — — — Federal credits 10.7 — 12.0 — Other 34.9 32.8 32.0 38.6 720.9 1,369.9 698.0 1,514.8 Less: Valuation allowance (457.6 ) — (455.5 ) — Net deferred taxes $ 263.3 $ 1,369.9 $ 242.5 $ 1,514.8 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | May 28, 2023 May 29, 2022 Beginning balance $ 62.9 $ 33.0 Increases from positions established during prior periods 0.3 13.2 Decreases from positions established during prior periods (32.3 ) (3.2 ) Increases from positions established during the current period 1.7 31.7 Reductions resulting from lapse of applicable statute of limitation (8.9 ) (3.1 ) Decrease from audit settlements (0.1 ) (8.5 ) Other adjustments to liability 0.1 (0.2 ) Ending balance $ 23.7 $ 62.9 |
Note 14 - Leases (Tables)
Note 14 - Leases (Tables) | 12 Months Ended |
May 28, 2023 | |
Notes Tables | |
Schedule of Operating and Finance Leases Reported In Balance Sheet [Table Text Block] | Operating Leases Balance Sheet Location May 28, 2023 May 29, 2022 ROU assets, net Other assets $ 199.5 $ 211.5 Lease liabilities (current) Other accrued liabilities 42.3 45.3 Lease liabilities (noncurrent) Other noncurrent liabilities 186.6 199.4 Finance Leases Balance Sheet Location May 28, 2023 May 29, 2022 ROU assets, at cost Property, plant and equipment $ 203.5 $ 208.0 Less accumulated depreciation Less accumulated depreciation (77.2 ) (64.2 ) ROU assets, net Property, plant and equipment, net 126.3 143.8 Lease liabilities (current) Current installments of long-term debt 17.4 20.6 Lease liabilities (noncurrent) Senior long-term debt, excluding current installments 95.2 110.7 2023 2022 2021 Operating lease cost $ 55.3 $ 52.9 $ 51.0 Finance lease cost Depreciation of leased assets 16.8 16.4 19.0 Interest on lease liabilities 5.3 6.5 8.2 Short-term lease cost 11.0 7.3 5.1 Total lease cost $ 88.4 $ 83.1 $ 83.3 |
Schedule O fWeighted Average Remaining Lease Terms and Weighted Average Discount Rate For Leases [Table Text Block] | Operating Leases Finance Leases 2023 2022 2023 2022 Weighted-average remaining lease term (in years) 6.7 6.9 6.9 7.3 Weighted-average discount rate 3.55 % 3.21 % 4.24 % 4.91 % |
Schedule of Cash Flows Arising From Lease Transactions [Table Text Block] | 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 57.7 $ 55.7 $ 56.0 Operating cash outflows from finance leases 5.3 6.5 8.3 Financing cash outflows from finance leases 25.0 31.2 24.3 ROU assets obtained in exchange for new lease liabilities: Operating leases 34.2 68.5 21.1 Finance leases 7.8 23.6 26.1 |
Schedule of Operating and Finance Lease Liabilities Maturities [Table Text Block] | Operating Leases Finance Leases Total 2024 $ 51.9 $ 21.2 $ 73.1 2025 40.7 18.4 59.1 2026 37.1 15.1 52.2 2027 30.5 17.0 47.5 2028 28.3 7.8 36.1 Later years 74.4 53.7 128.1 Total lease payments 262.9 133.2 396.1 Less: Imputed interest (34.0 ) (20.6 ) (54.6 ) Total lease liabilities $ 228.9 $ 112.6 $ 341.5 |
Note 16 - Derivative Financia_2
Note 16 - Derivative Financial Instruments (Tables) | 12 Months Ended |
May 28, 2023 | |
Notes Tables | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | May 28, 2023 May 29, 2022 Prepaid expenses and other current assets $ 10.0 $ 7.0 Other accrued liabilities 3.6 2.2 |
Schedule of Derivative Instruments In Statement of Financial Position Gross Fair Value [Table Text Block] | Derivative Assets Derivative Liabilities Balance Sheet Location Fair Value Balance Sheet Location Fair Value Commodity contracts Prepaid expenses and other current assets $ 1.1 Other accrued liabilities $ 14.4 Foreign exchange contracts Prepaid expenses and other current assets 0.6 Other accrued liabilities 2.2 Total derivatives not designated as hedging instruments $ 1.7 $ 16.6 Derivative Assets Derivative Liabilities Balance Sheet Location Fair Value Balance Sheet Location Fair Value Commodity contracts Prepaid expenses and other current assets $ 26.8 Other accrued liabilities $ 16.1 Foreign exchange contracts Prepaid expenses and other current assets 0.3 Other accrued liabilities 2.2 Total derivatives not designated as hedging instruments $ 27.1 $ 18.3 |
Derivative Instruments, Gain (Loss) [Table Text Block] | For the Fiscal Year Ended May 28, 2023 Derivatives Not Designated as Hedging Instruments Location in Consolidated Statement of Earnings of Gains (Losses) Recognized on Derivatives Amount of Gains (Losses) Recognized on Derivatives in Consolidated Statement of Earnings Commodity contracts Cost of goods sold $ (19.7 ) Foreign exchange contracts Cost of goods sold 2.1 Total losses from derivative instruments not designated as hedging instruments $ (17.6 ) For the Fiscal Year Ended May 29, 2022 Derivatives Not Designated as Hedging Instruments Location in Consolidated Statement of Earnings of Gains (Losses) Recognized on Derivatives Amount of Gains (Losses) Recognized on Derivatives in Consolidated Statement of Earnings Commodity contracts Cost of goods sold $ 33.4 Foreign exchange contracts Cost of goods sold 3.7 Total gains from derivative instruments not designated as hedging instruments $ 37.1 For the Fiscal Year Ended May 30, 2021 Derivatives Not Designated as Hedging Instruments Location in Consolidated Statement of Earnings of Gains (Losses) Recognized on Derivatives Amount of Gains (Losses) Recognized on Derivatives in Consolidated Statement of Earnings Commodity contracts Cost of goods sold $ 26.6 Foreign exchange contracts Cost of goods sold (17.1 ) Total gains from derivative instruments not designated as hedging instruments $ 9.5 |
Note 17 - Pension and Postret_2
Note 17 - Pension and Postretirement Benefits (Tables) | 12 Months Ended |
May 28, 2023 | |
Notes Tables | |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] | Pension Plans Postretirement Plans 2023 2022 2023 2022 Change in Benefit Obligation Benefit obligation at beginning of year $ 3,132.6 $ 3,739.2 $ 64.8 $ 81.5 Service cost 6.5 8.7 0.1 0.2 Interest cost 124.0 83.3 2.3 1.3 Amendments 3.0 3.7 — — Actuarial gain (265.5 ) (503.1 ) (6.3 ) (9.5 ) Benefits paid (199.3 ) (198.3 ) (7.3 ) (8.2 ) Currency (1.1 ) (0.9 ) (0.4 ) (0.5 ) Benefit obligation at end of year $ 2,800.2 $ 3,132.6 $ 53.2 $ 64.8 Change in Plan Assets Fair value of plan assets at beginning of year $ 3,294.7 $ 3,848.8 $ 3.4 $ 3.3 Actual return on plan assets (158.1 ) (366.1 ) 0.1 0.1 Employer contributions 12.5 11.5 7.3 8.2 Benefits paid (199.3 ) (198.4 ) (7.3 ) (8.2 ) Currency (1.3 ) (1.1 ) — — Fair value of plan assets at end of year $ 2,948.5 $ 3,294.7 $ 3.5 $ 3.4 |
Schedule of Net Funded Status [Table Text Block] | Pension Plans Postretirement Plans 2023 2022 2023 2022 Funded Status $ 148.3 $ 162.1 $ (49.7 ) $ (61.4 ) Amounts Recognized in Consolidated Balance Sheets Other assets $ 249.9 $ 277.0 $ 3.3 $ 3.2 Other accrued liabilities (9.7 ) (10.2 ) (7.2 ) (8.1 ) Other noncurrent liabilities (91.9 ) (104.7 ) (45.8 ) (56.5 ) Net Amount Recognized $ 148.3 $ 162.1 $ (49.7 ) $ (61.4 ) Amounts Recognized in Accumulated Other Comprehensive (Income) Loss (Pre-tax) Actuarial net loss (gain) $ 8.1 $ (30.2 ) $ (46.5 ) $ (44.5 ) Net prior service cost (benefit) 9.6 8.0 (9.2 ) (11.0 ) Total $ 17.7 $ (22.2 ) $ (55.7 ) $ (55.5 ) Weighted-Average Actuarial Assumptions Used to Determine Benefit Obligations at May 28, 2023 and May 29, 2022 Discount rate 5.50 % 4.48 % 5.37 % 4.24 % Long-term rate of compensation increase N/A N/A N/A N/A |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | 2023 2022 Projected benefit obligation $ 101.6 $ 114.9 Accumulated benefit obligation 101.6 114.9 Pension Plans Postretirement Plans 2023 2022 2021 2023 2022 2021 Service cost $ 6.5 $ 8.7 $ 11.6 $ 0.1 $ 0.2 $ 0.2 Interest cost 124.0 83.3 86.8 2.3 1.3 1.5 Expected return on plan assets (145.9 ) (145.4 ) (140.0 ) — — — Amortization of prior service cost (benefit) 1.4 1.9 2.3 (1.7 ) (2.0 ) (2.1 ) Recognized net actuarial loss (gain) 0.1 (2.9 ) 0.8 (4.4 ) (3.5 ) (3.5 ) Settlement gain — — — — — (0.5 ) Curtailment loss — — 0.2 — — — Pension and postretirement cost (benefit) — Company plans (13.9 ) (54.4 ) (38.3 ) (3.7 ) (4.0 ) (4.4 ) Pension cost (benefit) — multi-employer plans 9.2 8.1 7.4 — — — Total pension and postretirement cost (benefit) $ (4.7 ) $ (46.3 ) $ (30.9 ) $ (3.7 ) $ (4.0 ) $ (4.4 ) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Pension Plans Postretirement Plans 2023 2022 2023 2022 Net actuarial gain (loss) $ (38.4 ) $ (8.5 ) $ 6.3 $ 9.6 Amendments (3.0 ) (3.7 ) — — Amortization of prior service cost (benefit) 1.4 1.9 (1.7 ) (2.0 ) Recognized net actuarial gain — (2.9 ) (4.4 ) (3.5 ) Currency 0.1 0.1 — 0.1 Net amount recognized $ (39.9 ) $ (13.1 ) $ 0.2 $ 4.2 |
Defined Benefit Plan, Assumptions [Table Text Block] | Pension Plans Postretirement Plans 2023 2022 2021 2023 2022 2021 Discount rate - interest cost 4.09 % 2.29 % 2.30 % 3.83 % 1.69 % 1.74 % Discount rate - service cost 4.74 % 3.50 % 3.35 % 4.60 % 3.55 % 3.03 % Long-term rate of return on plan assets 4.56 % 3.87 % 3.74 % N/A N/A N/A Long-term rate of compensation increase N/A N/A N/A N/A N/A N/A |
Schedule of Allocation of Plan Assets [Table Text Block] | Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 5.7 $ 152.6 $ — $ 158.3 Equity securities: U.S. equity securities 59.0 19.5 — 78.5 International equity securities 34.4 — — 34.4 Fixed income securities: Government bonds — 562.2 — 562.2 Corporate bonds — 1,878.1 — 1,878.1 Mortgage-backed bonds — 22.0 — 22.0 Net receivables for unsettled transactions 2.6 — — 2.6 Fair value measurement of pension plan assets in the fair value hierarchy $ 101.7 $ 2,634.4 $ — $ 2,736.1 Investments measured at net asset value 212.4 Total pension plan assets $ 2,948.5 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 19.8 $ 93.2 $ — $ 113.0 Equity securities: U.S. equity securities 65.6 19.5 — 85.1 International equity securities 34.4 — — 34.4 Fixed income securities: Government bonds — 653.1 — 653.1 Corporate bonds — 2,179.3 — 2,179.3 Mortgage-backed bonds — 8.6 — 8.6 Net payables for unsettled transactions (9.6 ) — — (9.6 ) Fair value measurement of pension plan assets in the fair value hierarchy $ 110.2 $ 2,953.7 $ — $ 3,063.9 Investments measured at net asset value 230.8 Total pension plan assets $ 3,294.7 May 28, 2023 May 29, 2022 Equity securities 4 % 4 % Debt securities 84 % 87 % Real estate funds 1 % 1 % Private equity 4 % 4 % Other 7 % 4 % Total 100 % 100 % |
Schedule of Health Care Cost Trend Rates [Table Text Block] | Assumed Health Care Cost Trend Rates at: May 28, 2023 May 29, 2022 Initial health care cost trend rate 6.92 % 6.32 % Ultimate health care cost trend rate 4.43 % 4.44 % Year that the rate reaches the ultimate trend rate 2034 2029 |
Schedule of Expected Benefit Payments [Table Text Block] | Pension Postretirement Plans Plans 2024 $ 204.0 $ 7.2 2025 203.1 6.7 2026 204.7 6.2 2027 205.7 5.7 2028 206.4 5.2 Succeeding 5 years 1,022.0 20.2 |
Multiemployer Plan [Table Text Block] | Pension Protection Act Zone Status FIP / RP Status Contributions by the Company (millions) Expiration Dates of Collective Pension Fund EIN / PN 2022 2021 Pending / Implemented FY23 FY22 FY21 Surcharge Imposed Bargaining Agreements Central States, Southeast and Southwest Areas Pension Fund 36-6044243/ 001 Red, Critical and Declining Red, Critical and Declining RP Implemented 2.6 2.5 2.2 No 5/31/2025 Western Conference of Teamsters Pension Plan 91-6145047/ 001 Green Green N/A 4.4 3.8 3.8 No 4/30/2025 Other Plans 2.2 1.8 1.4 Total Contributions $ 9.2 $ 8.1 $ 7.4 |
Note 18 - Fair Value Measurem_2
Note 18 - Fair Value Measurements (Tables) | 12 Months Ended |
May 28, 2023 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Level 1 Level 2 Level 3 Total Assets: Derivative assets $ 9.4 $ 0.6 $ — $ 10.0 Deferred compensation assets 7.1 — — 7.1 Available-for-sale debt securities — — 4.0 4.0 Total assets $ 16.5 $ 0.6 $ 4.0 $ 21.1 Liabilities: Derivative liabilities $ — $ 3.6 $ — $ 3.6 Deferred compensation liabilities 67.0 — — 67.0 Total liabilities $ 67.0 $ 3.6 $ — $ 70.6 Level 1 Level 2 Level 3 Total Assets: Derivative assets $ 5.7 $ 1.3 $ — $ 7.0 Deferred compensation assets 7.5 — — 7.5 Available-for-sale debt securities — — 7.6 7.6 Total assets $ 13.2 $ 1.3 $ 7.6 $ 22.1 Liabilities: Derivative liabilities $ — $ 2.2 $ — $ 2.2 Deferred compensation liabilities 72.6 — — 72.6 Total liabilities $ 72.6 $ 2.2 $ — $ 74.8 |
Note 19 - Business Segments a_2
Note 19 - Business Segments and Related Information (Tables) | 12 Months Ended |
May 28, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 2023 2022 2021 Net sales Grocery & Snacks $ 4,981.9 $ 4,697.4 $ 4,624.7 Refrigerated & Frozen 5,156.2 4,859.3 4,774.6 International 1,002.5 970.8 938.6 Foodservice 1,136.4 1,008.4 846.8 Total net sales $ 12,277.0 $ 11,535.9 $ 11,184.7 Operating profit Grocery & Snacks $ 1,002.8 $ 859.5 $ 1,092.7 Refrigerated & Frozen 255.0 561.1 836.5 International 121.4 106.7 131.8 Foodservice 85.0 60.3 80.0 Total operating profit $ 1,464.2 $ 1,587.6 $ 2,141.0 Equity method investment earnings 212.0 145.3 84.4 General corporate expenses 388.9 241.6 364.8 Pension and postretirement non-service income 24.2 67.3 54.5 Interest expense, net 409.6 379.9 420.4 Income tax expense 218.7 290.5 193.8 Net income $ 683.2 $ 888.2 $ 1,300.9 Less: Net income attributable to noncontrolling interests (0.4 ) — 2.1 Net income attributable to Conagra Brands, Inc. $ 683.6 $ 888.2 $ 1,298.8 2023 2022 2021 Frozen $ 4,288.1 $ 4,091.1 $ 3,948.0 Staples Other shelf-stable 2,851.9 2,729.5 2,830.2 Refrigerated 868.1 768.2 826.6 Snacks 2,130.0 1,967.9 1,794.5 International 1,002.5 970.8 938.6 Foodservice 1,136.4 1,008.4 846.8 Total net sales $ 12,277.0 $ 11,535.9 $ 11,184.7 |
Allocation of Net Derivative Gains (Losses) from Economic Hedges to Operating Results of Reporting Segments [Table Text Block] | 2023 2022 2021 Net derivative gains (losses) incurred $ (17.6 ) $ 37.1 $ 9.5 Less: Net derivative gains (losses) allocated to reporting segments 19.5 32.7 (6.1 ) Net derivative gains (losses) recognized in general corporate expenses $ (37.1 ) $ 4.4 $ 15.6 Net derivative gains (losses) allocated to Grocery & Snacks $ 6.0 $ 17.3 $ (2.3 ) Net derivative gains (losses) allocated to Refrigerated & Frozen 9.6 17.4 (1.7 ) Net derivative gains (losses) allocated to International 2.5 (3.6 ) (1.7 ) Net derivative gains (losses) allocated to Foodservice 1.4 1.6 (0.4 ) Net derivative gains (losses) included in segment operating profit $ 19.5 $ 32.7 $ (6.1 ) |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |||
May 28, 2023 | May 29, 2022 | May 30, 2021 | May 31, 2020 | |
Payments to Acquire Property, Plant, and Equipment | $ 362.2 | $ 464.4 | $ 506.4 | |
Capital Expenditures Incurred but Not yet Paid | 128.3 | 108.8 | 123.7 | $ 112.9 |
Marketing and Advertising Expense | 290.1 | 244.6 | 258 | |
Research and Development Expense | 57.7 | 53.4 | 51.3 | |
Gain (Loss), Foreign Currency Transaction, before Tax | $ 2.8 | $ 2.5 | $ 8.2 |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | |||
May 28, 2023 | May 29, 2022 | May 30, 2021 | ||
Balance, beginning | $ 3.9 | $ 3.2 | $ 2.6 | |
Additions charged to costs and expenses | 0.1 | 1.4 | 0.6 | |
Other | [1] | (0.1) | 0 | 0.7 |
Deductions from Reserves | [2] | 0.1 | 0.7 | 0.7 |
Balance, ending | $ 3.8 | $ 3.9 | $ 3.2 | |
[1]Primarily relates to translation and the adoption of Accounting Standards Update ("ASU") 2016-13.[2]Bad debts charged off and adjustments to previous reserves, less recoveries. |
Note 1 - Summary of Significa_5
Note 1 - Summary of Significant Accounting Policies - Property, Plant and Equipment Useful Lives (Details) | May 28, 2023 |
Land Improvements [Member] | Minimum [Member] | |
Useful life (Year) | 1 year |
Land Improvements [Member] | Maximum [Member] | |
Useful life (Year) | 40 years |
Building [Member] | Minimum [Member] | |
Useful life (Year) | 15 years |
Building [Member] | Maximum [Member] | |
Useful life (Year) | 40 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Useful life (Year) | 3 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Useful life (Year) | 20 years |
Property, Plant and Equipment, Other Types [Member] | Minimum [Member] | |
Useful life (Year) | 5 years |
Property, Plant and Equipment, Other Types [Member] | Maximum [Member] | |
Useful life (Year) | 15 years |
Note 1 - Summary of Significa_6
Note 1 - Summary of Significant Accounting Policies - Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | May 28, 2023 | May 29, 2022 | May 30, 2021 |
Accumulated other comprehensive income (loss) | $ (44.4) | $ (11.2) | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||
Accumulated other comprehensive income (loss) | (99.7) | (95.1) | $ (77.1) |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |||
Accumulated other comprehensive income (loss) | 29.2 | 29.8 | 24.3 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||
Accumulated other comprehensive income (loss) | 26.1 | 54.1 | 58.6 |
AOCI Attributable to Parent [Member] | |||
Accumulated other comprehensive income (loss) | $ (44.4) | $ (11.2) | $ 5.8 |
Note 1 - Summary of Significa_7
Note 1 - Summary of Significant Accounting Policies - Reclassification from Other Comprehensive Income (Loss) to Income (Details) - USD ($) $ in Millions | 12 Months Ended | |||
May 28, 2023 | May 29, 2022 | May 30, 2021 | ||
Interest expense, net, cash flow hedges | $ (409.6) | $ (379.9) | $ (420.4) | |
Selling, general and administrative expenses | 2,189.5 | 1,492.8 | 1,403 | |
Equity method investment earnings | 212 | 145.3 | 84.4 | |
Total before tax | 689.9 | 1,033.4 | 1,410.3 | |
Income tax expense | 218.7 | 290.5 | 193.8 | |
Net of tax | 683.6 | 888.2 | 1,298.8 | |
Pension and postretirement non-service income | (24.2) | (67.3) | (54.5) | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||
Interest expense, net, cash flow hedges | (3.3) | (3.1) | (3.2) | |
Selling, general and administrative expenses | 0 | 0 | (0.5) | |
Equity method investment earnings | (1.6) | 1.8 | 2.1 | |
Total before tax | (4.9) | (1.3) | (1.6) | |
Income tax expense | 1.2 | 0.4 | 1 | |
Net of tax | (3.7) | (0.9) | (0.6) | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member] | ||||
Pension and postretirement non-service income | (0.1) | 0.1 | 0.2 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | ||||
Pension and postretirement non-service income | (4.4) | (3.6) | (3.5) | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans, Adjustment Settlement, Attributable to Parent [Member] | Postretirement Health Coverage [Member] | ||||
Pension and postretirement non-service income | 0 | 0 | (0.5) | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans, Adjustment Curtailment [Member] | ||||
Pension and postretirement non-service income | 0 | 0 | 0.2 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Total before tax | (4.5) | (3.5) | (3.6) | |
Income tax expense | 1.3 | 1 | 0.9 | |
Net of tax | [1] | $ (3.2) | $ (2.5) | $ (2.7) |
[1]Amounts in parentheses indicate income recognized in the Consolidated Statements of Earnings. |
Note 2 - Restructuring Activi_3
Note 2 - Restructuring Activities (Details Textual) - USD ($) $ in Millions | 12 Months Ended | 59 Months Ended | ||
May 28, 2023 | May 29, 2022 | May 30, 2021 | May 28, 2023 | |
Restructuring and Related Cost, Expected Cost | $ 155.7 | $ 155.7 | ||
Restructuring and Related Cost, Incurred Cost | 0.6 | |||
Conagra Restructuring Plan [Member] | ||||
Restructuring And Related Cost, Approved For Incurrence | 186.4 | 186.4 | ||
Restructuring And Related Cost, Approved For Incurrence, Cash | 58.6 | 58.6 | ||
Restructuring And Related Cost, Approved For Incurrence, Noncash | 127.8 | 127.8 | ||
Restructuring and Related Cost, Expected Cost | 156.3 | 156.3 | ||
Restructuring And Related Cost Incurred Or Expected, Cash Outflows From Inception | 53 | 53 | ||
Restructuring And Related Cost Incurred Or Expected, Non-cash Charges From Inception | 103.3 | |||
Restructuring and Related Cost, Incurred Cost | 10.7 | $ 29.4 | $ 46.2 | 152.9 |
Restructuring And Related Cost Expected, Cash Outflows | 9.6 | 49.8 | ||
Restructuring and Related Cost, Expected Cost, Noncash | 1.1 | 1.1 | ||
Restructuring And Related Cost Expected, Noncash Charges | 103.1 | |||
Pinnacle Integration Restructuring Plan [Member] | ||||
Restructuring and Related Cost, Expected Cost | 340.7 | 340.7 | ||
Restructuring and Related Cost, Incurred Cost | 2.4 | $ 19.6 | $ 31.7 | 295.7 |
Restructuring and Related Cost, Expected Cost, Noncash | 60.6 | 60.6 | ||
Restructuring and Related Cost, Expected Cost, Cash | $ 280.1 | 280.1 | ||
Pinnacle Integration Restructuring Plan [Member] | Cash Charges [Member] | ||||
Restructuring and Related Cost, Incurred Cost | 267.6 | |||
Pinnacle Integration Restructuring Plan [Member] | Non-cash Charges [Member] | ||||
Restructuring and Related Cost, Incurred Cost | 28.1 | |||
Pinnacle Integration Restructuring Plan [Member] | Cost of Sales [Member] | ||||
Restructuring and Related Cost, Incurred Cost | 13 | |||
Pinnacle Integration Restructuring Plan [Member] | Selling, General and Administrative Expenses [Member] | ||||
Restructuring and Related Cost, Incurred Cost | $ 282.7 |
Note 2 - Restructuring Activi_4
Note 2 - Restructuring Activities - Restructuring Plan Expenses (Details) - USD ($) $ in Millions | 12 Months Ended | 59 Months Ended | ||
May 28, 2023 | May 29, 2022 | May 30, 2021 | May 28, 2023 | |
Restructuring and Related Cost, Expected Cost | $ 155.7 | $ 155.7 | ||
Restructuring and Related Cost, Incurred Cost | 0.6 | |||
Corporate, Non-Segment [Member] | ||||
Restructuring and Related Cost, Expected Cost | 12.7 | 12.7 | ||
Conagra Restructuring Plan [Member] | ||||
Restructuring and Related Cost, Expected Cost | 156.3 | 156.3 | ||
Restructuring and Related Cost, Incurred Cost | 10.7 | $ 29.4 | $ 46.2 | 152.9 |
Balance | 5.1 | |||
Costs incurred and charged to expense | 10.5 | |||
Costs paid or otherwise settled | (12.8) | |||
Changes in estimates | (0.9) | |||
Balance | 1.9 | 5.1 | 1.9 | |
Pinnacle Integration Restructuring Plan [Member] | ||||
Restructuring and Related Cost, Expected Cost | 340.7 | 340.7 | ||
Restructuring and Related Cost, Incurred Cost | 2.4 | 19.6 | $ 31.7 | 295.7 |
Accelerated Depreciation Related To Cost Of Goods Sold [Member] | Conagra Restructuring Plan [Member] | ||||
Restructuring and Related Cost, Expected Cost | 73.7 | 73.7 | ||
Restructuring and Related Cost, Incurred Cost | 73.5 | |||
Accelerated Depreciation Related To Cost Of Goods Sold [Member] | Conagra Restructuring Plan [Member] | Corporate, Non-Segment [Member] | ||||
Restructuring and Related Cost, Expected Cost | 0 | 0 | ||
Restructuring and Related Cost, Incurred Cost | 0 | |||
Other Cost of Goods Sold [Member] | Conagra Restructuring Plan [Member] | ||||
Restructuring and Related Cost, Expected Cost | 11.5 | 11.5 | ||
Restructuring and Related Cost, Incurred Cost | 11.5 | |||
Other Cost of Goods Sold [Member] | Conagra Restructuring Plan [Member] | Corporate, Non-Segment [Member] | ||||
Restructuring and Related Cost, Expected Cost | 0 | 0 | ||
Restructuring and Related Cost, Incurred Cost | 0 | |||
Other Cost of Goods Sold [Member] | Pinnacle Integration Restructuring Plan [Member] | Corporate, Non-Segment [Member] | ||||
Restructuring and Related Cost, Incurred Cost | 0.5 | |||
Costs Of Goods Sold [Member] | Conagra Restructuring Plan [Member] | ||||
Restructuring and Related Cost, Expected Cost | 85.2 | 85.2 | ||
Restructuring and Related Cost, Incurred Cost | 85 | |||
Costs Of Goods Sold [Member] | Conagra Restructuring Plan [Member] | Corporate, Non-Segment [Member] | ||||
Restructuring and Related Cost, Expected Cost | 0 | 0 | ||
Restructuring and Related Cost, Incurred Cost | 0 | |||
Costs Of Goods Sold [Member] | Pinnacle Integration Restructuring Plan [Member] | Corporate, Non-Segment [Member] | ||||
Restructuring and Related Cost, Incurred Cost | 1.2 | |||
Severance And Related Costs [Member] | Conagra Restructuring Plan [Member] | ||||
Restructuring and Related Cost, Expected Cost | 20.6 | 20.6 | ||
Restructuring and Related Cost, Incurred Cost | 20.5 | |||
Balance | 3.2 | |||
Costs incurred and charged to expense | 2.6 | |||
Costs paid or otherwise settled | (3.2) | |||
Changes in estimates | (0.9) | |||
Balance | 1.7 | 3.2 | 1.7 | |
Severance And Related Costs [Member] | Conagra Restructuring Plan [Member] | Corporate, Non-Segment [Member] | ||||
Restructuring and Related Cost, Expected Cost | 6.3 | 6.3 | ||
Restructuring and Related Cost, Incurred Cost | 6.3 | |||
Severance And Related Costs [Member] | Pinnacle Integration Restructuring Plan [Member] | Corporate, Non-Segment [Member] | ||||
Restructuring and Related Cost, Incurred Cost | 1.7 | |||
Asset Impairment Net Of Gains On Disposal [Member] | Conagra Restructuring Plan [Member] | ||||
Restructuring and Related Cost, Expected Cost | 22.9 | 22.9 | ||
Restructuring and Related Cost, Incurred Cost | 22.9 | |||
Asset Impairment Net Of Gains On Disposal [Member] | Conagra Restructuring Plan [Member] | Corporate, Non-Segment [Member] | ||||
Restructuring and Related Cost, Expected Cost | 0 | 0 | ||
Restructuring and Related Cost, Incurred Cost | 0 | |||
Asset Impairment Net Of Gains On Disposal [Member] | Pinnacle Integration Restructuring Plan [Member] | Corporate, Non-Segment [Member] | ||||
Restructuring and Related Cost, Incurred Cost | 0.1 | |||
Contract And Lease Termination Expenses [Member] | Conagra Restructuring Plan [Member] | ||||
Restructuring and Related Cost, Expected Cost | 0.7 | 0.7 | ||
Restructuring and Related Cost, Incurred Cost | 0.7 | |||
Balance | 0 | |||
Costs incurred and charged to expense | 0.2 | |||
Costs paid or otherwise settled | (0.2) | |||
Changes in estimates | 0 | |||
Balance | 0 | 0 | 0 | |
Contract And Lease Termination Expenses [Member] | Conagra Restructuring Plan [Member] | Corporate, Non-Segment [Member] | ||||
Restructuring and Related Cost, Expected Cost | 0.1 | 0.1 | ||
Restructuring and Related Cost, Incurred Cost | 0.1 | |||
Contract And Lease Termination Expenses [Member] | Pinnacle Integration Restructuring Plan [Member] | Corporate, Non-Segment [Member] | ||||
Restructuring and Related Cost, Incurred Cost | 0.2 | |||
Consulting And Professional Fees [Member] | Conagra Restructuring Plan [Member] | ||||
Restructuring and Related Cost, Expected Cost | 8.7 | 8.7 | ||
Restructuring and Related Cost, Incurred Cost | 5.9 | |||
Balance | 1.7 | |||
Costs incurred and charged to expense | 4.2 | |||
Costs paid or otherwise settled | (5.7) | |||
Changes in estimates | 0 | |||
Balance | 0.2 | 1.7 | 0.2 | |
Consulting And Professional Fees [Member] | Conagra Restructuring Plan [Member] | Corporate, Non-Segment [Member] | ||||
Restructuring and Related Cost, Expected Cost | 5.7 | 5.7 | ||
Restructuring and Related Cost, Incurred Cost | 5.2 | |||
Consulting And Professional Fees [Member] | Pinnacle Integration Restructuring Plan [Member] | Corporate, Non-Segment [Member] | ||||
Restructuring and Related Cost, Incurred Cost | 4.2 | |||
Other Net [Member] | Conagra Restructuring Plan [Member] | ||||
Restructuring and Related Cost, Incurred Cost | 17.3 | |||
Balance | 0.2 | |||
Costs incurred and charged to expense | 3.5 | |||
Costs paid or otherwise settled | (3.7) | |||
Changes in estimates | 0 | |||
Balance | 0 | $ 0.2 | 0 | |
Other Net [Member] | Conagra Restructuring Plan [Member] | Corporate, Non-Segment [Member] | ||||
Restructuring and Related Cost, Incurred Cost | 0.5 | |||
Other Net [Member] | Pinnacle Integration Restructuring Plan [Member] | Corporate, Non-Segment [Member] | ||||
Restructuring and Related Cost, Incurred Cost | 3.3 | |||
Other Selling, General and Administrative Expenses [Member] | ||||
Restructuring and Related Cost, Expected Cost | 70.5 | 70.5 | ||
Other Selling, General and Administrative Expenses [Member] | Corporate, Non-Segment [Member] | ||||
Restructuring and Related Cost, Expected Cost | 12.7 | 12.7 | ||
Other Selling, General and Administrative Expenses [Member] | Conagra Restructuring Plan [Member] | ||||
Restructuring and Related Cost, Incurred Cost | 67.3 | |||
Other Selling, General and Administrative Expenses [Member] | Conagra Restructuring Plan [Member] | Corporate, Non-Segment [Member] | ||||
Restructuring and Related Cost, Incurred Cost | 12.1 | |||
Other Selling, General and Administrative Expenses [Member] | Pinnacle Integration Restructuring Plan [Member] | Corporate, Non-Segment [Member] | ||||
Restructuring and Related Cost, Incurred Cost | 9.5 | |||
Other Selling, General and Administrative Expenses [Member] | Grocery And Snacks [Member] | ||||
Restructuring and Related Cost, Expected Cost | 47.4 | 47.4 | ||
Other Selling, General and Administrative Expenses [Member] | Refrigerated And Frozen [Member] | ||||
Restructuring and Related Cost, Expected Cost | 8.7 | 8.7 | ||
Other Selling, General and Administrative Expenses [Member] | International [Member] | ||||
Restructuring and Related Cost, Expected Cost | 1.4 | 1.4 | ||
Other Selling, General and Administrative Expenses [Member] | Foodservice [Member] | ||||
Restructuring and Related Cost, Expected Cost | 0.3 | 0.3 | ||
Cost Of Goods Sold And Selling General And Administrative Expenses Member | Conagra Restructuring Plan [Member] | ||||
Restructuring and Related Cost, Incurred Cost | 152.3 | |||
Cost Of Goods Sold And Selling General And Administrative Expenses Member | Conagra Restructuring Plan [Member] | Corporate, Non-Segment [Member] | ||||
Restructuring and Related Cost, Incurred Cost | 12.1 | |||
Pension And Postretirement Nonservice Cost Income Member | Conagra Restructuring Plan [Member] | ||||
Restructuring and Related Cost, Incurred Cost | 0.6 | |||
Grocery And Snacks [Member] | ||||
Restructuring and Related Cost, Expected Cost | 89.3 | 89.3 | ||
Restructuring and Related Cost, Incurred Cost | 0.5 | |||
Grocery And Snacks [Member] | Accelerated Depreciation Related To Cost Of Goods Sold [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Expected Cost | 33.2 | 33.2 | ||
Restructuring and Related Cost, Incurred Cost | 0 | 33.2 | ||
Grocery And Snacks [Member] | Other Cost of Goods Sold [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Expected Cost | 8.7 | 8.7 | ||
Restructuring and Related Cost, Incurred Cost | 8.7 | |||
Grocery And Snacks [Member] | Other Cost of Goods Sold [Member] | Pinnacle Integration Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Incurred Cost | 0 | |||
Grocery And Snacks [Member] | Costs Of Goods Sold [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Expected Cost | 41.9 | 41.9 | ||
Restructuring and Related Cost, Incurred Cost | 41.9 | |||
Grocery And Snacks [Member] | Costs Of Goods Sold [Member] | Pinnacle Integration Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Incurred Cost | 0 | |||
Grocery And Snacks [Member] | Severance And Related Costs [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Expected Cost | 11.5 | 11.5 | ||
Restructuring and Related Cost, Incurred Cost | 11.4 | |||
Grocery And Snacks [Member] | Severance And Related Costs [Member] | Pinnacle Integration Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Incurred Cost | (0.2) | |||
Grocery And Snacks [Member] | Asset Impairment Net Of Gains On Disposal [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Expected Cost | 21.9 | 21.9 | ||
Restructuring and Related Cost, Incurred Cost | 21.9 | |||
Grocery And Snacks [Member] | Asset Impairment Net Of Gains On Disposal [Member] | Pinnacle Integration Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Incurred Cost | 0 | |||
Grocery And Snacks [Member] | Contract And Lease Termination Expenses [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Expected Cost | 0.5 | 0.5 | ||
Restructuring and Related Cost, Incurred Cost | 0.5 | |||
Grocery And Snacks [Member] | Contract And Lease Termination Expenses [Member] | Pinnacle Integration Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Incurred Cost | 0.1 | |||
Grocery And Snacks [Member] | Consulting And Professional Fees [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Expected Cost | 0.6 | 0.6 | ||
Restructuring and Related Cost, Incurred Cost | 0.3 | |||
Grocery And Snacks [Member] | Consulting And Professional Fees [Member] | Pinnacle Integration Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Incurred Cost | 0.3 | |||
Grocery And Snacks [Member] | Other Net [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Incurred Cost | 12.9 | |||
Grocery And Snacks [Member] | Other Net [Member] | Pinnacle Integration Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Incurred Cost | 0.3 | |||
Grocery And Snacks [Member] | Other Selling, General and Administrative Expenses [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Incurred Cost | 47 | |||
Grocery And Snacks [Member] | Other Selling, General and Administrative Expenses [Member] | Pinnacle Integration Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Incurred Cost | 0.5 | |||
Grocery And Snacks [Member] | Cost Of Goods Sold And Selling General And Administrative Expenses Member | Conagra Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Incurred Cost | 88.9 | |||
Refrigerated And Frozen [Member] | ||||
Restructuring and Related Cost, Expected Cost | 52 | 52 | ||
Restructuring and Related Cost, Incurred Cost | 4.6 | |||
Refrigerated And Frozen [Member] | Accelerated Depreciation Related To Cost Of Goods Sold [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Expected Cost | 40.5 | 40.5 | ||
Restructuring and Related Cost, Incurred Cost | 0.7 | 40.3 | ||
Refrigerated And Frozen [Member] | Other Cost of Goods Sold [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Expected Cost | 2.8 | 2.8 | ||
Restructuring and Related Cost, Incurred Cost | 2.8 | |||
Refrigerated And Frozen [Member] | Other Cost of Goods Sold [Member] | Pinnacle Integration Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Incurred Cost | 0.5 | |||
Refrigerated And Frozen [Member] | Costs Of Goods Sold [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Expected Cost | 43.3 | 43.3 | ||
Restructuring and Related Cost, Incurred Cost | 43.1 | |||
Refrigerated And Frozen [Member] | Costs Of Goods Sold [Member] | Pinnacle Integration Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Incurred Cost | 1.2 | |||
Refrigerated And Frozen [Member] | Severance And Related Costs [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Expected Cost | 1.2 | 1.2 | ||
Restructuring and Related Cost, Incurred Cost | 1.2 | |||
Refrigerated And Frozen [Member] | Severance And Related Costs [Member] | Pinnacle Integration Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Incurred Cost | 0 | |||
Refrigerated And Frozen [Member] | Asset Impairment Net Of Gains On Disposal [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Expected Cost | 0.9 | 0.9 | ||
Restructuring and Related Cost, Incurred Cost | 0.9 | |||
Refrigerated And Frozen [Member] | Asset Impairment Net Of Gains On Disposal [Member] | Pinnacle Integration Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Incurred Cost | 0.1 | |||
Refrigerated And Frozen [Member] | Contract And Lease Termination Expenses [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Expected Cost | 0.1 | 0.1 | ||
Restructuring and Related Cost, Incurred Cost | 0.1 | |||
Refrigerated And Frozen [Member] | Contract And Lease Termination Expenses [Member] | Pinnacle Integration Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Incurred Cost | 0.1 | |||
Refrigerated And Frozen [Member] | Consulting And Professional Fees [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Expected Cost | 2.4 | 2.4 | ||
Restructuring and Related Cost, Incurred Cost | 0.4 | |||
Refrigerated And Frozen [Member] | Consulting And Professional Fees [Member] | Pinnacle Integration Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Incurred Cost | 0.4 | |||
Refrigerated And Frozen [Member] | Other Net [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Incurred Cost | 3.9 | |||
Refrigerated And Frozen [Member] | Other Net [Member] | Pinnacle Integration Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Incurred Cost | 2.8 | |||
Refrigerated And Frozen [Member] | Other Net [Member] | Refrigerated And Frozen [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Expected Cost | 4.1 | 4.1 | ||
Refrigerated And Frozen [Member] | Other Selling, General and Administrative Expenses [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Incurred Cost | 6.5 | |||
Refrigerated And Frozen [Member] | Other Selling, General and Administrative Expenses [Member] | Pinnacle Integration Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Incurred Cost | 3.4 | |||
Refrigerated And Frozen [Member] | Cost Of Goods Sold And Selling General And Administrative Expenses Member | Conagra Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Incurred Cost | 49.6 | |||
International [Member] | ||||
Restructuring and Related Cost, Expected Cost | 1.4 | 1.4 | ||
Restructuring and Related Cost, Incurred Cost | 5.6 | |||
International [Member] | Accelerated Depreciation Related To Cost Of Goods Sold [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Expected Cost | 0 | 0 | ||
Restructuring and Related Cost, Incurred Cost | 0 | 0 | ||
International [Member] | Other Cost of Goods Sold [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Expected Cost | 0 | 0 | ||
Restructuring and Related Cost, Incurred Cost | 0 | |||
International [Member] | Other Cost of Goods Sold [Member] | Pinnacle Integration Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Incurred Cost | 0 | |||
International [Member] | Costs Of Goods Sold [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Expected Cost | 0 | 0 | ||
Restructuring and Related Cost, Incurred Cost | 0 | |||
International [Member] | Costs Of Goods Sold [Member] | Pinnacle Integration Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Incurred Cost | 0 | |||
International [Member] | Severance And Related Costs [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Expected Cost | 1.3 | 1.3 | ||
Restructuring and Related Cost, Incurred Cost | 1.3 | |||
International [Member] | Severance And Related Costs [Member] | Pinnacle Integration Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Incurred Cost | 1.9 | |||
International [Member] | Asset Impairment Net Of Gains On Disposal [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Expected Cost | 0.1 | 0.1 | ||
Restructuring and Related Cost, Incurred Cost | 0.1 | |||
International [Member] | Asset Impairment Net Of Gains On Disposal [Member] | Pinnacle Integration Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Incurred Cost | 0 | |||
International [Member] | Contract And Lease Termination Expenses [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Expected Cost | 0 | 0 | ||
Restructuring and Related Cost, Incurred Cost | 0 | |||
International [Member] | Contract And Lease Termination Expenses [Member] | Pinnacle Integration Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Incurred Cost | 0 | |||
International [Member] | Consulting And Professional Fees [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Expected Cost | 0 | 0 | ||
Restructuring and Related Cost, Incurred Cost | 0 | |||
International [Member] | Consulting And Professional Fees [Member] | Pinnacle Integration Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Incurred Cost | 3.5 | |||
International [Member] | Other Net [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Expected Cost | 0 | 0 | ||
Restructuring and Related Cost, Incurred Cost | 0 | |||
International [Member] | Other Net [Member] | Pinnacle Integration Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Incurred Cost | 0.2 | |||
International [Member] | Other Selling, General and Administrative Expenses [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Incurred Cost | 1.4 | |||
International [Member] | Other Selling, General and Administrative Expenses [Member] | Pinnacle Integration Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Incurred Cost | 5.6 | |||
International [Member] | Cost Of Goods Sold And Selling General And Administrative Expenses Member | Conagra Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Incurred Cost | 1.4 | |||
Foodservice [Member] | ||||
Restructuring and Related Cost, Expected Cost | 0.3 | 0.3 | ||
Restructuring and Related Cost, Incurred Cost | 10.7 | |||
Foodservice [Member] | Accelerated Depreciation Related To Cost Of Goods Sold [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Expected Cost | 0 | 0 | ||
Restructuring and Related Cost, Incurred Cost | 0.7 | 0 | ||
Foodservice [Member] | Other Cost of Goods Sold [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Expected Cost | 0 | 0 | ||
Restructuring and Related Cost, Incurred Cost | 0 | |||
Foodservice [Member] | Costs Of Goods Sold [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Expected Cost | 0 | 0 | ||
Restructuring and Related Cost, Incurred Cost | 0 | |||
Foodservice [Member] | Severance And Related Costs [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Expected Cost | 0.3 | 0.3 | ||
Restructuring and Related Cost, Incurred Cost | 0.3 | |||
Foodservice [Member] | Asset Impairment Net Of Gains On Disposal [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Expected Cost | 0 | 0 | ||
Restructuring and Related Cost, Incurred Cost | 0 | |||
Foodservice [Member] | Contract And Lease Termination Expenses [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Expected Cost | 0 | 0 | ||
Restructuring and Related Cost, Incurred Cost | 0 | |||
Foodservice [Member] | Consulting And Professional Fees [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Expected Cost | 0 | 0 | ||
Restructuring and Related Cost, Incurred Cost | 0 | |||
Foodservice [Member] | Other Net [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Incurred Cost | 0 | |||
Foodservice [Member] | Other Selling, General and Administrative Expenses [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Incurred Cost | 0.3 | |||
Foodservice [Member] | Cost Of Goods Sold And Selling General And Administrative Expenses Member | Conagra Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Incurred Cost | 0.3 | |||
Conagra Restructuring Plan [Member] | Other Net [Member] | Grocery And Snacks [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Expected Cost | 12.9 | 12.9 | ||
Other Net [Member] | ||||
Restructuring and Related Cost, Expected Cost | 17.6 | 17.6 | ||
Other Net [Member] | Conagra Restructuring Plan [Member] | Corporate, Non-Segment [Member] | ||||
Restructuring and Related Cost, Expected Cost | 0.6 | 0.6 | ||
Other Net [Member] | Foodservice [Member] | Conagra Restructuring Plan [Member] | Operating Segments [Member] | ||||
Restructuring and Related Cost, Expected Cost | $ 0 | $ 0 |
Note 3 - Long-term Debt (Detail
Note 3 - Long-term Debt (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Sep. 15, 2022 | Feb. 26, 2023 | Nov. 27, 2022 | Aug. 28, 2022 | May 30, 2021 | Feb. 28, 2021 | Nov. 29, 2020 | Aug. 30, 2020 | Nov. 25, 2018 | May 28, 2023 | May 29, 2022 | May 30, 2021 | Aug. 28, 2021 | |
Repayments of Long-Term Debt | $ 712.4 | $ 48.5 | $ 2,514.5 | ||||||||||
Debt Instrument, Face Amount | 8,634.7 | 8,840.4 | |||||||||||
Gain (Loss) on Extinguishment of Debt, Total | 0 | 0 | (68.7) | ||||||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 4.9 | 1.3 | 1.6 | ||||||||||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | 416.3 | 393.9 | 445.6 | ||||||||||
Interest Rate Swap [Member] | |||||||||||||
Gain (Loss) on Sale of Derivatives | $ 47.5 | ||||||||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | $ 3.4 | $ 3.3 | $ 3.3 | ||||||||||
Subordinated Debt [Member] | Three Point Two Percent Senior Notes Due January 25, 2023 [Member] | |||||||||||||
Repayments of Long-Term Debt | $ 437 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.20% | ||||||||||||
Subordinated Debt [Member] | Nine Point Seven Five Percent Subordinated Debt Due March 1 2021 [Member] | |||||||||||||
Repayments of Long-Term Debt | $ 195.9 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.75% | 9.75% | |||||||||||
Unsecured Debt [Member] | Term Loan Credit Agreement [Member] | |||||||||||||
Debt Instrument, Face Amount | $ 500 | ||||||||||||
Proceeds from Issuance of Debt | $ 500 | ||||||||||||
Unsecured Debt [Member] | Term Loan Credit Agreement [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Minimum [Member] | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.90% | ||||||||||||
Unsecured Debt [Member] | Term Loan Credit Agreement [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Maximum [Member] | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.375% | ||||||||||||
Unsecured Debt [Member] | Three Point Two Five Percent Senior Debt Due September 2022 [Member] | |||||||||||||
Repayments of Long-Term Debt | $ 250 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | ||||||||||||
Unsecured Debt [Member] | Three Point Two Five Percent Senior Debt Due September 2022 [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.10% | ||||||||||||
Senior Notes [Member] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.50% | ||||||||||||
Debt Instrument, Face Amount | $ 500 | ||||||||||||
Senior Notes [Member] | Three Point Two Percent Senior Notes Due January 25, 2023 [Member] | |||||||||||||
Repayments of Long-Term Debt | $ 400 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.20% | ||||||||||||
Senior Notes [Member] | Three Point Two Percent Senior Notes Due January 25, 2023 [Member] | Selling, General and Administrative Expenses [Member] | |||||||||||||
Gain (Loss) on Extinguishment of Debt, Total | $ 24.4 | ||||||||||||
Senior Notes [Member] | Three Point Two Five Percent Senior Debt Due September 2022 [Member] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.20% | 3.20% | |||||||||||
Debt Instrument, Face Amount | $ 0 | $ 437 | |||||||||||
Senior Notes [Member] | One Three Point Seven Five Percent Senior Notes Due November 1 2027 [Member] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.375% | ||||||||||||
Debt Instrument, Face Amount | $ 1,000 | ||||||||||||
Senior Notes [Member] | Three Point Eight Percent Senior Notes Due October 22, 2021 [Member] | |||||||||||||
Repayments of Long-Term Debt | $ 1,200 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.80% | ||||||||||||
Senior Notes [Member] | Three Point Eight Percent Senior Notes Due October 22, 2021 [Member] | Selling, General and Administrative Expenses [Member] | |||||||||||||
Gain (Loss) on Extinguishment of Debt, Total | $ 44.3 | ||||||||||||
Senior Notes [Member] | Floating Rate Notes Due On October 9 2020 [Member] | |||||||||||||
Repayments of Long-Term Debt | $ 500 | ||||||||||||
Senior Notes [Member] | Four Point Nine Five Percent Senior Notes Due August 15 2020 [Member] | |||||||||||||
Repayments of Long-Term Debt | $ 126.6 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.95% |
Note 3 - Long-term Debt - Sched
Note 3 - Long-term Debt - Schedule of Debt (Details) - USD ($) $ in Millions | May 28, 2023 | May 29, 2022 | Aug. 28, 2021 |
Debt instrument, face amount | $ 8,634.7 | $ 8,840.4 | |
Unamortized fair value adjustment | 18.5 | 19.2 | |
Unamortized discounts | (20.1) | (23.4) | |
Unamortized debt issuance costs | (35.8) | (40.7) | |
Less current installments | (1,516) | (707.3) | |
Total long-term debt | 7,081.3 | 8,088.2 | |
Senior Notes [Member] | |||
Debt instrument, face amount | $ 500 | ||
Five Point Four Percent Senior Debt Due November 2048 [Member] | Senior Notes [Member] | |||
Debt instrument, face amount | 1,000 | 1,000 | |
Four Point Six Five Percent Senior Debt Due January 2043 [Member] | Senior Notes [Member] | |||
Debt instrument, face amount | 176.7 | 176.7 | |
Six Point Six Two Five Percent Senior Debt Due August 2039 [Member] | Senior Notes [Member] | |||
Debt instrument, face amount | 91.4 | 91.4 | |
Five Point Three Percent Senior Debt Due November 2038 [Member] | Senior Notes [Member] | |||
Debt instrument, face amount | 1,000 | 1,000 | |
Eight Point Two Five Percent Senior Debt Due September 2030 [Member] | Senior Notes [Member] | |||
Debt instrument, face amount | 300 | 300 | |
Four Point Eight Five Percent Senior Debt Due November 2028 [Member] | Senior Notes [Member] | |||
Debt instrument, face amount | 1,300 | 1,300 | |
Seven Point Zero Percent Senior Debt Due October 2028 [Member] | Senior Notes [Member] | |||
Debt instrument, face amount | 382.2 | 382.2 | |
One Point Three Seven Five Percent Senior Debt Due November 2027 [Member] | Senior Notes [Member] | |||
Debt instrument, face amount | 1,000 | 1,000 | |
Six Point Seven Percent Senior Debt Due August 2027 [Member] | Senior Notes [Member] | |||
Debt instrument, face amount | 9.2 | 9.2 | |
Seven Point One Two Five Percent Senior Debt Due October 2026 [Member] | Senior Notes [Member] | |||
Debt instrument, face amount | 262.5 | 262.5 | |
Four Point Six Percent Senior Debt Due November 2025 [Member] | Senior Notes [Member] | |||
Debt instrument, face amount | 1,000 | 1,000 | |
Term Loan due August 2025 [Member] | |||
Debt instrument, face amount | 500 | 0 | |
Four Point Three Percent Senior Debt Due May 2024 [Member] | Senior Notes [Member] | |||
Debt instrument, face amount | 1,000 | 1,000 | |
Three Point Two Percent Senior Debt Due January 2023 [Member] | Senior Notes [Member] | |||
Debt instrument, face amount | 500 | 500 | |
Three Point Two Five Percent Senior Debt Due September 2022 [Member] | Senior Notes [Member] | |||
Debt instrument, face amount | 0 | 437 | |
Three Point Eight Percent Senior Debt Due October 2021 [Member] | Senior Notes [Member] | |||
Debt instrument, face amount | 0 | 250 | |
Zero Point Four Five Percent To Nine Point Five Nine Percent Lease Financing Obligations Due Through 2035 [Member] | Capital Lease Obligations [Member] | |||
Debt instrument, face amount | 112.6 | 131.3 | |
Other Indebtedness [Member] | Other Debt Obligations [Member] | |||
Debt instrument, face amount | $ 0.1 | $ 0.1 |
Note 3 - Long-term Debt - Sch_2
Note 3 - Long-term Debt - Schedule of Debt (Details) (Parentheticals) | 12 Months Ended | ||
May 28, 2023 | May 29, 2022 | Aug. 28, 2021 | |
Senior Notes [Member] | |||
Debt instrument, interest rate | 0.50% | ||
Five Point Four Percent Senior Debt Due November 2048 [Member] | Senior Notes [Member] | |||
Debt instrument, interest rate | 5.40% | 5.40% | |
Four Point Six Five Percent Senior Debt Due January 2043 [Member] | Senior Notes [Member] | |||
Debt instrument, interest rate | 4.65% | 4.65% | |
Six Point Six Two Five Percent Senior Debt Due August 2039 [Member] | Senior Notes [Member] | |||
Debt instrument, interest rate | 6.625% | 6.625% | |
Five Point Three Percent Senior Debt Due November 2038 [Member] | Senior Notes [Member] | |||
Debt instrument, interest rate | 5.30% | 5.30% | |
Eight Point Two Five Percent Senior Debt Due September 2030 [Member] | Senior Notes [Member] | |||
Debt instrument, interest rate | 8.25% | 8.25% | |
Four Point Eight Five Percent Senior Debt Due November 2028 [Member] | Senior Notes [Member] | |||
Debt instrument, interest rate | 4.85% | 4.85% | |
Seven Point Zero Percent Senior Debt Due October 2028 [Member] | Senior Notes [Member] | |||
Debt instrument, interest rate | 7% | 7% | |
One Point Three Seven Five Percent Senior Debt Due November 2027 [Member] | Senior Notes [Member] | |||
Debt instrument, interest rate | 1.375% | 1.375% | |
Six Point Seven Percent Senior Debt Due August 2027 [Member] | Senior Notes [Member] | |||
Debt instrument, interest rate | 6.70% | 6.70% | |
Seven Point One Two Five Percent Senior Debt Due October 2026 [Member] | Senior Notes [Member] | |||
Debt instrument, interest rate | 7.125% | 7.125% | |
Four Point Six Percent Senior Debt Due November 2025 [Member] | Senior Notes [Member] | |||
Debt instrument, interest rate | 4.60% | 4.60% | |
Term Loan due August 2025 [Member] | Secured Overnight Financing Rate (SOFR) [Member] | |||
SOFR rate | 1.35% | ||
Four Point Three Percent Senior Debt Due May 2024 [Member] | Senior Notes [Member] | |||
Debt instrument, interest rate | 4.30% | 4.30% | |
Three Point Two Percent Senior Debt Due January 2023 [Member] | Senior Notes [Member] | |||
Debt instrument, interest rate | 0.50% | 0.50% | |
Three Point Two Five Percent Senior Debt Due September 2022 [Member] | Senior Notes [Member] | |||
Debt instrument, interest rate | 3.20% | 3.20% | |
Three Point Eight Percent Senior Debt Due October 2021 [Member] | Senior Notes [Member] | |||
Debt instrument, interest rate | 3.25% | 3.25% | |
Zero Point Four Five Percent To Nine Point Five Nine Percent Lease Financing Obligations Due Through 2035 [Member] | Capital Lease Obligations [Member] | Minimum [Member] | |||
Debt instrument, interest rate | 0.79% | 0.79% | |
Zero Point Four Five Percent To Nine Point Five Nine Percent Lease Financing Obligations Due Through 2035 [Member] | Capital Lease Obligations [Member] | Maximum [Member] | |||
Debt instrument, interest rate | 9.59% | 9.59% |
Note 3 - Long-term Debt - Long
Note 3 - Long-term Debt - Long Term Debt Maturities (Details) $ in Millions | May 28, 2023 USD ($) |
2024 | $ 1,517.4 |
2025 | 14.5 |
2026 | 1,512 |
2027 | 277.4 |
2028 | $ 1,015.3 |
Note 3 - Long-term Debt - Sch_3
Note 3 - Long-term Debt - Schedule of Net Interest Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 28, 2023 | May 29, 2022 | May 30, 2021 | |
Long-term debt | $ 402.1 | $ 393.1 | $ 430 |
Short-term debt | 18.8 | 2.3 | 2.5 |
Interest income | (3.9) | (2.1) | (1.9) |
Interest capitalized | (7.4) | (13.4) | (10.2) |
Interest Income (Expense), Net | $ 409.6 | $ 379.9 | $ 420.4 |
Note 4 - Credit Facilities an_2
Note 4 - Credit Facilities and Borrowings (Details Textual) $ in Thousands | 12 Months Ended | |
May 28, 2023 USD ($) | May 29, 2022 USD ($) | |
Debt Instrument, Required Minimum Ratio Of EBITDA To Interest Expense | 3 | |
Debt Instrument, Covenants Funded Debt To EBITDA | 4.5 | |
Short-Term Debt | $ 641,400 | $ 184,300 |
Commercial Paper [Member] | ||
Short-Term Debt | $ 576,000 | $ 180,000 |
Short-Term Debt, Weighted Average Interest Rate, at Point in Time | 5.70% | 1.41% |
Supplier Financing Arrangement [Member] | Notes Payable [Member] | ||
Short-Term Debt | $ 62,500 | |
Revolving Credit Facility [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 2,000,000 | |
Line Of Credit Facility, Maximum Borrowing Capacity After Increase With Consent Of Lenders | 2,500 | |
Long-Term Line of Credit, Total | $ 0 | |
Revolving Credit Facility [Member] | Minimum [Member] | ||
Debt Instrument, Term Extension Period (Year) | 1 year | |
Revolving Credit Facility [Member] | Maximum [Member] | ||
Debt Instrument, Term Extension Period (Year) | 2 years |
Note 5 - Divestitures and Ass_2
Note 5 - Divestitures and Assets Held for Sale (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
May 30, 2021 | Feb. 28, 2021 | Nov. 29, 2020 | May 28, 2023 | May 29, 2022 | May 30, 2021 | |
Proceeds from Divestiture of Businesses | $ 0 | $ 0.1 | $ 160.9 | |||
Gain (Loss) on Disposition of Business | 0 | 0 | 65.5 | |||
Asset Impairment Charges | 771.1 | 284.8 | $ 95.5 | |||
Assets | 22,052.6 | 22,435.1 | ||||
Liabilities | 13,245.3 | 13,572.9 | ||||
Transferred From Held-for-sale to Held-for-use [Member] | ||||||
Assets | 58.9 | |||||
Liabilities | 4.1 | |||||
Egg Beaters Business [Member] | ||||||
Proceeds from Divestiture of Businesses | $ 50.7 | |||||
Egg Beaters Business [Member] | Selling, General and Administrative Expenses [Member] | ||||||
Gain (Loss) on Disposition of Business | 10.4 | |||||
Loss On Sale Of Business, Related To Early Exit Of Unfavorable Contract | $ 7.1 | |||||
Peter Pan Peanut Butter Business [Member] | ||||||
Proceeds from Divestiture of Businesses | $ 101.5 | |||||
Peter Pan Peanut Butter Business [Member] | Selling, General and Administrative Expenses [Member] | ||||||
Gain (Loss) on Disposition of Business | $ 49.8 | |||||
H K Anderson Business [Member] | ||||||
Proceeds from Divestiture of Businesses | $ 8.7 | |||||
H K Anderson Business [Member] | Selling, General and Administrative Expenses [Member] | ||||||
Gain (Loss) on Disposition of Business | $ 5.3 | |||||
Direct Store Delivery Snacks Business [Member] | Selling, General and Administrative Expenses [Member] | ||||||
Asset Impairment Charges | $ 26.7 | $ 70.1 |
Note 6 - Investments in Joint_3
Note 6 - Investments in Joint Ventures (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
May 28, 2023 | May 29, 2022 | May 30, 2021 | |
Related Party Transaction, Purchases from Related Party | $ 30.8 | $ 30.1 | $ 28.7 |
Proceeds from Equity Method Investment, Distribution | $ 138.4 | 79 | $ 56.5 |
Ardent Mills [Member] | |||
Equity Method Investment, Ownership Percentage | 44% | ||
Other Joint Ventures [Member] | |||
Equity Method Investment, Ownership Percentage | 50% | ||
Other Assets [Member] | |||
Equity Method Investments | $ 998.4 | $ 918.3 |
Note 6 - Investments in Joint_4
Note 6 - Investments in Joint Ventures - Equity Method Investments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 28, 2023 | May 29, 2022 | May 30, 2021 | |
Profit (Loss) | $ 683.2 | $ 888.2 | $ 1,300.9 |
Current assets | 3,385 | 3,033.7 | |
Current liabilities | 4,440.7 | 3,518.8 | |
Ardent Mills [Member] | |||
Revenues | 5,239.9 | 4,258.5 | 3,407.6 |
Gross profit | 745.4 | 516.5 | 360.6 |
Profit (Loss) | 453.2 | 306.2 | 169.6 |
Current assets | 1,716.8 | 1,470.1 | |
Noncurrent assets | 1,840.5 | 1,875.9 | |
Current liabilities | 750.3 | 720.5 | |
Noncurrent liabilities | 556.9 | 567.7 | |
Other Joint Ventures [Member] | |||
Revenues | 283.3 | 253.2 | 238.8 |
Gross profit | 59.4 | 54.8 | 47.3 |
Profit (Loss) | 22.3 | 21.1 | 19.5 |
Current assets | 131.4 | 103.4 | |
Noncurrent assets | 42.6 | 38.2 | |
Current liabilities | 46.7 | 35.1 | |
Noncurrent liabilities | 9 | 10.7 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | |||
Revenues | 5,523.2 | 4,511.7 | 3,646.4 |
Gross profit | 804.8 | 571.3 | 407.9 |
Profit (Loss) | $ 475.5 | $ 327.3 | $ 189.1 |
Note 7 - Goodwill and Other I_3
Note 7 - Goodwill and Other Identifiable Intangible Assets (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
May 28, 2023 | Aug. 28, 2022 | May 28, 2023 | May 29, 2022 | May 30, 2021 | |
Fair Value Measurement, Inputs, Terminal Growth Rate | 1% | 1% | |||
Goodwill, Impairment Loss | $ 141.7 | ||||
Amortization of Intangible Assets | 56.8 | $ 59.3 | $ 59.7 | ||
Trade Names [Member] | |||||
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) | 589.2 | ||||
Refrigerated And Frozen [Member] | |||||
Goodwill, Impairment Loss | 141.7 | ||||
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) | 496.6 | 103.9 | 76.9 | ||
Grocery Snacks and Refrigerated Frozen [Member] | Trademarks and Trade Names [Member] | |||||
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) | $ 345.2 | $ 209 | $ 90.9 | ||
Grocery Snacks and Refrigerated Frozen [Member] | Gardein Brand Name [Member] | |||||
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) | 91.5 | ||||
Grocery Snacks and Refrigerated Frozen [Member] | Birds Eye Brand Name [Member] | |||||
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) | 78.3 | ||||
Selling, General and Administrative Expenses [Member] | Refrigerated And Frozen [Member] | |||||
Goodwill, Impairment Loss | $ 141.7 | $ 141.7 | |||
Selling, General and Administrative Expenses [Member] | Refrigerated And Frozen [Member] | Trade Names [Member] | |||||
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) | $ 244 | ||||
Sides Components And Enhancers Reporting Unit [Member] | |||||
Fair Value Measurement, Inputs, Discount Rate | 7.75% | 7.75% |
Note 7 - Goodwill and Other I_4
Note 7 - Goodwill and Other Identifiable Intangible Assets - Change in Carrying Amount of Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
May 28, 2023 | May 29, 2022 | |
Balance | $ 11,329.2 | $ 11,338.9 |
Currency translation | (9.3) | (9.7) |
Impairment | (141.7) | |
Balance | 11,178.2 | 11,329.2 |
Grocery And Snacks [Member] | ||
Balance | 4,692.4 | 4,692.4 |
Currency translation | 0 | 0 |
Impairment | 0 | |
Balance | 4,692.4 | 4,692.4 |
Refrigerated And Frozen [Member] | ||
Balance | 5,611.2 | 5,611.2 |
Currency translation | 0 | 0 |
Impairment | (141.7) | |
Balance | 5,469.5 | 5,611.2 |
International [Member] | ||
Balance | 292.8 | 302.5 |
Currency translation | (9.3) | (9.7) |
Impairment | 0 | |
Balance | 283.5 | 292.8 |
Foodservice [Member] | ||
Balance | 732.8 | 732.8 |
Currency translation | 0 | 0 |
Impairment | 0 | |
Balance | $ 732.8 | $ 732.8 |
Note 7 - Goodwill and Other I_5
Note 7 - Goodwill and Other Identifiable Intangible Assets - Other Identifiable Intangible Assets (Details) - USD ($) $ in Millions | May 28, 2023 | May 29, 2022 |
Brands and trademarks | $ 2,470.6 | $ 3,061.6 |
Customer relationships and intellectual property | 1,232.2 | 1,233.9 |
Customer relationships and intellectual property | 496.9 | 437.7 |
Intangible Assets, Gross (Excluding Goodwill) | $ 3,702.8 | $ 4,295.5 |
Note 7 - Goodwill and Other I_6
Note 7 - Goodwill and Other Identifiable Intangible Assets - Schedule of Future Amortization Expense (Details) $ in Millions | May 28, 2023 USD ($) |
2024, amortization expense | $ 53.6 |
2025, amortization expense | 53.5 |
2026, amortization expense | 43.5 |
2027, amortization expense | 43.3 |
2028, amortization expense | $ 40.8 |
Note 8 - Earnings Per Share (De
Note 8 - Earnings Per Share (Details Textual) - shares shares in Millions | 12 Months Ended | ||
May 28, 2023 | May 29, 2022 | May 30, 2021 | |
Share-Based Payment Arrangement, Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0.5 | 0.8 | 0.4 |
Note 8 - Earnings Per Share - C
Note 8 - Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
May 28, 2023 | May 29, 2022 | May 30, 2021 | |
Net income attributable to Conagra Brands, Inc. common stockholders: | $ 683.6 | $ 888.2 | $ 1,298.8 |
Basic weighted average shares outstanding (in shares) | 478.9 | 480.3 | 485.8 |
Add: Dilutive effect of stock options, restricted stock unit awards, and other dilutive securities (in shares) | 1.8 | 1.9 | 2 |
Diluted weighted average shares outstanding (in shares) | 480.7 | 482.2 | 487.8 |
Note 9 - Inventories - Inventor
Note 9 - Inventories - Inventory by Major Class (Details) - USD ($) $ in Millions | May 28, 2023 | May 29, 2022 |
Raw materials and packaging | $ 382.6 | $ 387.5 |
Work in process | 224.6 | 164.8 |
Finished goods | 1,523 | 1,326.5 |
Supplies and other | 101.8 | 87.9 |
Total | $ 2,232 | $ 1,966.7 |
Note 10 - Other Noncurrent Li_3
Note 10 - Other Noncurrent Liabilities - Composition of Other Noncurrent Liabilities (Details) - USD ($) $ in Millions | May 28, 2023 | May 29, 2022 |
Postretirement health care and pension obligations (see Note 17) | $ 137.7 | $ 161.2 |
Noncurrent income tax liabilities (see Note 13) | 1,143.8 | 1,344.5 |
Self-insurance liabilities | 26.6 | 31.3 |
Asset retirement obligations | 50.4 | 43 |
Environmental liabilities (see Note 15) | 43.8 | 43.6 |
Legal settlement costs (see Note 15) | 28.9 | 40.5 |
Other | 105.5 | 102.4 |
Other Liabilities, Noncurrent | 1,723.3 | 1,965.9 |
Other Noncurrent Liabilities [Member] | ||
Noncurrent lease liabilities (see Note 14) | $ 186.6 | $ 199.4 |
Note 11 - Capital Stock (Detail
Note 11 - Capital Stock (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
May 28, 2023 | May 29, 2022 | May 30, 2021 | |
Common Stock And Preferred Stock Shares, Authorized (in shares) | 1,218,050,000 | ||
Common Stock, Shares Authorized (in shares) | 1,200,000,000 | 1,200,000,000 | |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 5 | $ 5 | |
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 0 | ||
Series B Preferred Stock [Member] | |||
Preferred Stock, Shares Authorized (in shares) | 150,000 | ||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 50 | ||
Series C Preferred Stock [Member] | |||
Preferred Stock, Shares Authorized (in shares) | 250,000 | ||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 100 | ||
Series D Preferred Stock [Member] | |||
Preferred Stock, Shares Authorized (in shares) | 1,100,000 | ||
Series E Preferred Stock [Member] | |||
Preferred Stock, Shares Authorized (in shares) | 16,550,000 | ||
Common Stock [Member] | |||
Stock Repurchased During Period, Shares (in shares) | 4,200,000 | 1,500,000 | 8,800,000 |
Stock Repurchased During Period, Value | $ 150 | $ 50 | $ 298.1 |
Note 12 - Share-based Payment_2
Note 12 - Share-based Payments (Details Textual) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||||
May 27, 2022 | May 28, 2023 USD ($) $ / shares shares | May 29, 2022 USD ($) $ / shares shares | May 30, 2021 USD ($) $ / shares shares | Sep. 19, 2014 shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Net of Forfeitures, Total (in shares) | shares | 0 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 2,900 | $ 2,000 | $ 7,000 | ||
Share Price (in dollars per share) | $ / shares | $ 34.84 | ||||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 0 | ||||
Proceeds from Stock Options Exercised | 10,700 | 7,800 | 20,500 | ||
Share-Based Payment Arrangement, Exercise of Option, Tax Benefit | $ 700 | 500 | 1,700 | ||
Restricted Stock Units (RSUs) [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares | 1,600 | ||||
Performance Shares [Member] | |||||
Share-Based Payment Arrangement, Expense | $ 45,000 | 1,400 | 34,900 | ||
Share-Based Payment Arrangement, Expense, Tax Benefit | $ 1,700 | 700 | 3,600 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares | 740 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 33.13 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | 27,000 | 33,900 | |||
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 17,000 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 8 months 12 days | ||||
Performance Shares [Member] | Fiscal 2023 [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | ||||
Share Based Compensation Arrangement, By Share Based Payment Award, Granted Period (Year) | 2 years | ||||
Performance Shares [Member] | Fiscal 2023 [Member] | Minimum [Member] | |||||
Share Based Compensation Arrangement, By Share Based Payment Award, Vesting Rights Payout, Percentage | 0 | ||||
Performance Shares [Member] | Fiscal 2023 [Member] | Maximum [Member] | |||||
Share Based Compensation Arrangement, By Share Based Payment Award, Vesting Rights Payout, Percentage | 200 | ||||
Performance Shares [Member] | Fiscal 2024 [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | ||||
Performance Shares [Member] | Fiscal 2025 [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | ||||
Performance Based Restricted Stock Units [Member] | |||||
Share-Based Payment Arrangement, Expense | 1,700 | 2,400 | |||
Share-Based Payment Arrangement, Expense, Tax Benefit | 400 | (200) | |||
Share Based Compensation Arrangement, By Share Based Payment Award, Vesting Rights Payout, Percentage | 0 | ||||
Share-Based Payment Arrangement, Option [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | ||||
Share-Based Payment Arrangement, Option [Member] | Minimum [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 7 years | ||||
Share-Based Payment Arrangement, Option [Member] | Maximum [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years | ||||
Conagra Foods Stock Plan [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | shares | 40,300 | ||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | shares | 37,400 | ||||
Share Unit Awards [Member] | Cash Settled Restricted Stock Units [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Requisite Service Period (Year) | 3 years | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | 4,300 | ||||
Share Unit Awards [Member] | Stock Settled Share Unit Awards [Member] | |||||
Share-Based Payment Arrangement, Expense | $ 34,200 | 25,800 | 28,100 | ||
Share-Based Payment Arrangement, Expense, Tax Benefit | $ 6,200 | $ 5,300 | $ 6,100 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares | 1,560 | 1,100 | 900 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 33.28 | $ 34.26 | $ 36.72 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 34,700 | $ 26,900 | $ 24,600 | ||
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 32,000 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 8 months 12 days |
Note 12 - Share-based Payment_3
Note 12 - Share-based Payments - Schedule of Nonvested Share Units Activity (Details) - Share Unit Awards [Member] - Stock Settled Share Unit Awards [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
May 28, 2023 | May 29, 2022 | May 30, 2021 | |
Nonvested, performance shares, share units (in shares) | 2,500 | ||
Nonvested, performance units, weighted average grant-date fair value (in dollars per share) | $ 32.94 | ||
Granted, performance shares, share units (in shares) | 1,560 | 1,100 | 900 |
Granted, performance units, weighted average grant-date fair value (in dollars per share) | $ 33.28 | $ 34.26 | $ 36.72 |
Vested/Issued, stock-settled, share units (in shares) | (1,020) | ||
Vested/Issued, weighted average grant-date fair value (in dollars per share) | $ 29.61 | ||
Forfeited, performance shares, share units (in shares) | (210) | ||
Forfeited, performance units, weighted average grant-date fair value (in dollars per share) | $ 34.23 | ||
Nonvested, performance shares, share units (in shares) | 2,830 | 2,500 | |
Nonvested, performance units, weighted average grant-date fair value (in dollars per share) | $ 34.23 | $ 32.94 |
Note 12 - Share-based Payment_4
Note 12 - Share-based Payments - Schedule of Performance Share Awards Activity (Details) - Performance Shares [Member] shares in Thousands | 12 Months Ended |
May 28, 2023 $ / shares shares | |
Nonvested, performance shares, share units (in shares) | shares | 1,440 |
Nonvested, performance units, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 32.80 |
Granted, performance shares, share units (in shares) | shares | 740 |
Granted, performance units, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 33.13 |
Adjustments for performance results attained and dividend equivalents, performance shares, share units (in shares) | shares | (540) |
Adjustments for performance results attained and dividend equivalents, performance units, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 28.45 |
Forfeited, performance shares, share units (in shares) | shares | (70) |
Forfeited, performance units, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 34.18 |
Nonvested, performance shares, share units (in shares) | shares | 1,570 |
Nonvested, performance units, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 34.39 |
Note 12 - Share-based Payment_5
Note 12 - Share-based Payments - Schedule of Stock Options Activity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
May 28, 2023 | May 29, 2022 | May 30, 2021 | |
Outstanding, number of options (in shares) | 2.7 | ||
Outstanding, weighted average exercise price, stock options (in dollars per share) | $ 30.87 | ||
Exercised, number of options (in shares) | (0.3) | ||
Exercised, weighted average exercise price, stock options (in dollars per share) | $ 29.95 | ||
Exercised, aggregate intrinsic value, stock options | $ 2.9 | $ 2 | $ 7 |
Expired, number of options (in shares) | (0.1) | ||
Expired, weighted average exercise price, stock options (in dollars per share) | $ 35.81 | ||
Outstanding, number of options (in shares) | 2.3 | 2.7 | |
Outstanding, weighted average exercise price, stock options (in dollars per share) | $ 30.86 | $ 30.87 | |
Outstanding, average remaining contractual term, stock options (Year) | 2 years 3 months 21 days | ||
Outstanding, aggregate intrinsic value, stock options | $ 9.8 | ||
Exercisable, number of options (in shares) | 2.3 | ||
Exercisable, weighted average exercise price, stock options (in dollars per share) | $ 30.86 | ||
Exercisable, average remaining contractual term, stock options (Year) | 2 years 3 months 21 days | ||
Exercisable, aggregate intrinsic value, stock options | $ 9.8 |
Note 13 - Pre-tax Income and _3
Note 13 - Pre-tax Income and Income Taxes (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
May 28, 2023 | May 29, 2022 | May 30, 2021 | |
Income Taxes Paid, Net | $ 407.1 | $ 299.1 | $ 286.3 |
Unrecognized Tax Benefits | 23.7 | 62.9 | 33 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 5.6 | 6.7 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 1.2 | 2.1 | 1.4 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 21.3 | 58 | |
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 4 | ||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 11.8 | ||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 18.3 | ||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 9.1 | ||
Effective Income Tax Rate Reconciliation, Tax Election for Prior Year Federal Tax Return | 0 | 25 | 0 |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 2.1 | 388 | (60) |
Income Tax Reconciliation, Valuation Allowance, Certain Tax Elections | (28.1) | $ 0 | $ 0 |
Income Tax Reconciliation, Valuation Allowance, Uncertain Tax Position | 30.1 | ||
Deferred Tax Liabilities, Foreign Subsidiaries Earnings | 6.2 | ||
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 123.4 | ||
Capital Loss Carryforward [Member] | |||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 2.1 | ||
Foreign Tax Authority [Member] | |||
Operating Loss Carryforwards, Subject to Expiration | 11.5 | ||
Operating Loss Carryforwards, Not Subject to Expiration | 0.3 | ||
Domestic Tax Authority [Member] | |||
Operating Loss Carryforwards, Subject to Expiration | 69.2 | ||
State and Local Jurisdiction [Member] | |||
Tax Credit Carryforward, Subject to Expiration | $ 4 | ||
Minimum [Member] | |||
Statutes Of Limitations In Other Major Jurisdictions (Year) | 3 years | ||
Maximum [Member] | |||
Statutes Of Limitations In Other Major Jurisdictions (Year) | 5 years |
Note 13 - Pre-tax Income and _4
Note 13 - Pre-tax Income and Income Taxes - Schedule of Pre-Tax Income from Continuing Operation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 28, 2023 | May 29, 2022 | May 30, 2021 | |
Total before tax | $ 901.9 | $ 1,178.7 | $ 1,494.7 |
Domestic Tax Authority [Member] | |||
Total before tax | 803.9 | 1,106 | 1,426.5 |
Foreign Tax Authority [Member] | |||
Total before tax | $ 98 | $ 72.7 | $ 68.2 |
Note 13 - Pre-tax Income and _5
Note 13 - Pre-tax Income and Income Taxes - Schedule of the Provision for Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 28, 2023 | May 29, 2022 | May 30, 2021 | |
Federal | $ 304.6 | $ 186.6 | $ 232.6 |
State | 42.5 | 48.2 | 31.8 |
Foreign | 25.7 | 18.4 | 15.3 |
Current Income Tax Expense (Benefit) | 372.8 | 253.2 | 279.7 |
Federal | (135.8) | 34.7 | (63.5) |
State | (14.4) | 3.9 | (26.1) |
Foreign | (3.9) | (1.3) | 3.7 |
Deferred Income Tax Expense (Benefit) | (154.1) | 37.3 | (85.9) |
Income Tax Expense (Benefit) | $ 218.7 | $ 290.5 | $ 193.8 |
Note 13 - Pre-tax Income and _6
Note 13 - Pre-tax Income and Income Taxes - Reconciliation of Income Taxes to the Provision for Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 28, 2023 | May 29, 2022 | May 30, 2021 | |
Computed U.S. Federal income taxes | $ 189.4 | $ 247.5 | $ 313.9 |
State income taxes, net of U.S. Federal tax impact | 28.9 | 37.2 | 37.4 |
Goodwill and intangible impairments | 27.5 | 6.1 | 13.6 |
Remeasurement of deferred taxes due to legal entity reorganization | 0 | 0 | 35.8 |
Effective Income Tax Rate Reconciliation, Tax Election for Prior Year Federal Tax Return | 0 | 25 | 0 |
Change of valuation allowance on capital loss carryforward | 0 | 0 | (188.5) |
Income Tax Reconciliation, Valuation Allowance, Certain Tax Elections | (28.1) | 0 | 0 |
Incentive compensation | 11.1 | 2.4 | 6.1 |
Other | (10.1) | (27.7) | (24.5) |
Income Tax Expense (Benefit) | $ 218.7 | $ 290.5 | $ 193.8 |
Note 13 - Pre-tax Income and _7
Note 13 - Pre-tax Income and Income Taxes - Schedule of the Tax Effect of Temporary Differences and Carryforwards (Details) - USD ($) $ in Millions | May 28, 2023 | May 29, 2022 |
Property, plant and equipment | $ 306.2 | $ 327.2 |
Inventory | 20.1 | 30.5 |
Goodwill, trademarks and other intangible assets | 437.3 | 405.8 |
Goodwill, trademarks and other intangible assets | 941.1 | 1,066.6 |
Right-of-use assets | 47 | 47.9 |
Accrued expenses | 16.5 | 12.7 |
Compensation related liabilities | 31.9 | 29.3 |
Pension and other postretirement benefits | 0 | 0 |
Pension and other postretirement benefits | 23.7 | 25.1 |
Investment in unconsolidated subsidiaries | 19.1 | 9.4 |
Lease liabilities | 54.6 | 56.1 |
Other liabilities that will give rise to future tax deductions | 59.6 | 73.2 |
Net capital and operating loss carryforwards | 34.7 | 46.4 |
Research Expenditures | 20.6 | 0 |
Research Expenditures | 0 | 0 |
Federal credits | 10.7 | 12 |
Other | 34.9 | 32 |
Other | 32.8 | 38.6 |
Deferred Tax Assets, Gross | 720.9 | 698 |
Deferred Tax Liabilities, Gross | 1,369.9 | 1,514.8 |
Less: Valuation allowance | (457.6) | (455.5) |
Net deferred taxes | 263.3 | 242.5 |
Net deferred taxes | $ 1,369.9 | $ 1,514.8 |
Note 13 - Pre-Tax Income and _8
Note 13 - Pre-Tax Income and Income Taxes - Schedule of Change in Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | |
May 28, 2023 | May 29, 2022 | |
Beginning balance | $ 62.9 | $ 33 |
Increases from positions established during prior periods | 0.3 | 13.2 |
Decreases from positions established during prior periods | (32.3) | (3.2) |
Increases from positions established during the current period | 1.7 | 31.7 |
Reductions resulting from lapse of applicable statute of limitation | (8.9) | (3.1) |
Decrease from audit settlements | (0.1) | (8.5) |
Other adjustments to liability | 0.1 | (0.2) |
Ending balance | $ 23.7 | $ 62.9 |
Note 14 - Leases (Details Textu
Note 14 - Leases (Details Textual) - Warehouse Facility [Member] $ in Millions | 12 Months Ended |
May 28, 2023 USD ($) | |
Lessee, Lease Payment Not Yet Commenced | $ 268.5 |
Future Minimum Lease Commitment. | $ 254.3 |
Lessee, Term of Contract (Year) | 20 years |
Note 14 - Leases - Schedule of
Note 14 - Leases - Schedule of Operating and Finance Leases Reported in Balance Sheet (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 28, 2023 | May 29, 2022 | May 30, 2021 | |
Less accumulated depreciation | $ (77.2) | $ (64.2) | |
Operating lease cost | 55.3 | 52.9 | $ 51 |
Depreciation of leased assets | 16.8 | 16.4 | 19 |
Interest on lease liabilities | 5.3 | 6.5 | 8.2 |
Short-term lease cost | 11 | 7.3 | 5.1 |
Total lease cost | 88.4 | 83.1 | $ 83.3 |
Other Assets [Member] | |||
ROU assets, net | 199.5 | 211.5 | |
Property, Plant and Equipment [Member] | |||
ROU assets, at cost | 203.5 | 208 | |
ROU assets, net | 126.3 | 143.8 | |
Other Accrued Liabilities [Member] | |||
Lease liabilities (current) | 42.3 | 45.3 | |
Other Noncurrent Liabilities [Member] | |||
Lease liabilities (noncurrent) | 186.6 | 199.4 | |
Current Installments of Long-term Debt [Member] | |||
Lease liabilities (current) | 17.4 | 20.6 | |
Senior Long-term Debt, Excluding Current Installments [Member] | |||
Lease liabilities (noncurrent) | $ 95.2 | $ 110.7 |
Note 14 - Leases - Schedule o_2
Note 14 - Leases - Schedule of Weighted-Average Remaining Lease Terms and Weighted-Average Discount Rate (Details) | May 28, 2023 | May 29, 2022 |
Weighted-average remaining lease term (in years) (Year) | 6 years 8 months 12 days | 6 years 10 months 24 days |
Finance Leases, Weighted-average remaining lease term (in years) 7 (Year) | 6 years 10 months 24 days | 7 years 3 months 18 days |
Weighted-average discount rate | 3.55% | 3.21% |
Finance Leases, Weighted-average discount rate | 4.24% | 4.91% |
Note 14 - Leases - Schedule o_3
Note 14 - Leases - Schedule of Cash Flows Arising from Lease Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 28, 2023 | May 29, 2022 | May 30, 2021 | |
Operating cash outflows from operating leases | $ 57.7 | $ 55.7 | $ 56 |
Operating cash outflows from finance leases | 5.3 | 6.5 | 8.3 |
Financing cash outflows from finance leases | 25 | 31.2 | 24.3 |
Operating leases | 34.2 | 68.5 | 21.1 |
Finance leases | $ 7.8 | $ 23.6 | $ 26.1 |
Note 14 - Leases - Schedule o_4
Note 14 - Leases - Schedule of Maturities of Lease Liabilities (Details) $ in Millions | May 28, 2023 USD ($) |
Operating Leases, 2024 | $ 51.9 |
Finance Leases, 2024 | 21.2 |
2024 | 73.1 |
Operating Leases, 2025 | 40.7 |
Finance Leases, 2025 | 18.4 |
2025 | 59.1 |
Operating Leases, 2026 | 37.1 |
Finance Leases, 2026 | 15.1 |
2026 | 52.2 |
Operating Leases, 2027 | 30.5 |
Finance Leases, 2027 | 17 |
2027 | 47.5 |
Operating Leases, 2028 | 28.3 |
Finance Leases, 2028 | 7.8 |
2028 | 36.1 |
Operating Leases, Later years | 74.4 |
Finance Leases, Later years | 53.7 |
Later years | 128.1 |
Operating Leases, Total lease payments | 262.9 |
Total lease payments | 133.2 |
Total lease payments | 396.1 |
Less: Operating Leases, Imputed interest | (34) |
Less: Finance Leases, Imputed interest | (20.6) |
Less: Imputed interest | (54.6) |
Operating Leases, Total lease liabilities | 228.9 |
Finance Leases, Total lease liabilities | 112.6 |
Total lease liabilities | $ 341.5 |
Note 15 - Contingencies (Detail
Note 15 - Contingencies (Details Textual) $ in Thousands | 12 Months Ended | |||
May 28, 2023 USD ($) | May 28, 2023 USD ($) | May 29, 2022 USD ($) | May 30, 2021 USD ($) | |
Threshold Amount For Environmental Matters | $ 1,000 | |||
Accrued Environmental Loss Contingencies, Proposed Penalty Amount | $ 1,250 | |||
Lamb Weston Holdings Inc [Member] | ||||
Lessee, Operating Lease, Renewal Term (Year) | 5 years | 5 years | ||
Negrete v. ConAgra Foods, In [Member] | ||||
Litigation Settlement, Amount Awarded to Other Party | $ 3,000 | |||
Loss Contingency, Claims Settled, Number | 1 | |||
Beatrice [Member] | ||||
Accrual for Environmental Loss Contingencies | $ 40,100 | $ 40,100 | ||
Beatrice [Member] | Other Accrued Liabilities [Member] | ||||
Accrual for Environmental Loss Contingencies | 1,500 | 1,500 | ||
Beatrice [Member] | Other Noncurrent Liabilities [Member] | ||||
Accrual for Environmental Loss Contingencies | 38,600 | 38,600 | ||
Performance And Payment Guarantee [Member] | ||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 75,000 | 75,000 | ||
Property Lease Guarantee [Member] | ||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 8,700 | $ 8,700 | ||
Lease Remaining Lease Terms (Year) | 4 years | |||
CANADA | Beatrice [Member] | ||||
Litigation Settlement, Amount Awarded to Other Party | $ 101,700 | |||
Loss Contingency Settlement Agreement Terms Number Of Installments | 7 | |||
Loss Contingency Accrual, Payments | $ 61,000 | |||
CANADA | Beatrice [Member] | Other Accrued Liabilities [Member] | ||||
Loss Contingency Accrual | 11,800 | 11,800 | ||
CANADA | Beatrice [Member] | Other Noncurrent Liabilities [Member] | ||||
Loss Contingency Accrual | $ 28,900 | 28,900 | ||
CANADA | Beatrice [Member] | Maximum [Member] | ||||
Litigation Settlement Amount Of Guarantee | $ 15,000 |
Note 16 - Derivative Financia_3
Note 16 - Derivative Financial Instruments (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Nov. 24, 2020 | Nov. 24, 2019 | May 28, 2023 | May 29, 2022 | May 30, 2021 | May 31, 2020 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | $ 4.2 | $ 8.5 | $ 0.4 | |||
Equity, Including Portion Attributable to Noncontrolling Interest | 8,807.3 | 8,862.2 | $ 8,631.4 | $ 7,950.7 | ||
Derivative Asset, Subject to Master Netting Arrangement, Collateral, Obligation to Return Cash, Offset Against Derivative Asset | 8.3 | 20.1 | ||||
Derivative Liability, Subject to Master Netting Arrangement, Collateral, Right to Reclaim Cash Offset | 13 | 16.1 | ||||
Fair Value, Inputs, Level 2 [Member] | ||||||
Credit Derivative, Maximum Exposure, Undiscounted | 0.6 | |||||
Prepaid Expenses and Other Current Assets [Member] | ||||||
Derivative Asset, Subject to Master Netting Arrangement, Collateral, Obligation to Return Cash Not Offset | 21.3 | 4 | ||||
Cash Flow Hedge Pinnacle [Member] | ||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | $ 47.5 | |||||
Write off of Deferred Debt Issuance Cost | $ 0.5 | |||||
Cash Flow Hedge Pinnacle [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||||
Equity, Including Portion Attributable to Noncontrolling Interest | 31.5 | |||||
Commodity Contract [Member] | Short [Member] | ||||||
Derivative, Notional Amount | 134.6 | 96.7 | ||||
Commodity Contract [Member] | Long [Member] | ||||||
Derivative, Notional Amount | 115.3 | |||||
Foreign Exchange Contract [Member] | ||||||
Derivative, Notional Amount | $ 87.3 | $ 106.6 |
Note 16 - Derivative Financia_4
Note 16 - Derivative Financial Instruments - Schedule of Derivative Assets and Liabilities and Amounts Representing Right to Reclaim or Obligation to Return Cash Collateral (Details) - USD ($) $ in Millions | May 28, 2023 | May 29, 2022 |
Prepaid expenses and other current assets | $ 10 | $ 7 |
Other accrued liabilities | $ 3.6 | $ 2.2 |
Note 16 - Derivative Financia_5
Note 16 - Derivative Financial Instruments - Schedule of Derivative Assets and Liabilities on a Gross Basis (Details) - USD ($) $ in Millions | May 28, 2023 | May 29, 2022 |
Derivative Assets | $ 1.7 | $ 27.1 |
Derivative Liabilities | 16.6 | 18.3 |
Prepaid Expenses and Other Current Assets [Member] | Commodity Contract [Member] | ||
Derivative Assets | 1.1 | 26.8 |
Prepaid Expenses and Other Current Assets [Member] | Foreign Exchange Contract [Member] | ||
Derivative Assets | 0.6 | 0.3 |
Other Accrued Liabilities [Member] | Commodity Contract [Member] | ||
Derivative Liabilities | 14.4 | 16.1 |
Other Accrued Liabilities [Member] | Foreign Exchange Contract [Member] | ||
Derivative Liabilities | $ 2.2 | $ 2.2 |
Note 16 - Derivative Financia_6
Note 16 - Derivative Financial Instruments - Schedule of Location and Amount of Gain (Loss) from Derivatives Not Designated as Hedging Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 28, 2023 | May 29, 2022 | May 30, 2021 | |
Total losses from derivative instruments not designated as hedging instruments | $ (17.6) | $ 37.1 | $ 9.5 |
Commodity Contract [Member] | Cost of Sales [Member] | |||
Total losses from derivative instruments not designated as hedging instruments | (19.7) | 33.4 | 26.6 |
Foreign Exchange Contract [Member] | Cost of Sales [Member] | |||
Total losses from derivative instruments not designated as hedging instruments | $ 2.1 | $ 3.7 | $ (17.1) |
Note 17 - Pension and Postret_3
Note 17 - Pension and Postretirement Benefits (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
May 28, 2023 | May 29, 2022 | May 30, 2021 | |
Defined Benefit Plan, Recognized Net Actuarial Gain (Loss), Percentage | 10% | ||
Fair Value Investments Ability To Impose Customary Redemption Gates | $ 26,200 | ||
Fair Value Investments Impose Customary Redemption Gates | 0 | ||
Defined Contribution Plan, Cost | $ 59,400 | $ 57,900 | $ 47,600 |
Maximum [Member] | |||
Red Zone Multiemployer Plans Funded Percentage | 65% | ||
Yellow Zone Multiemployer Plans Funded Percentage | 80% | ||
Green Zone Multiemployer Plan Funded Percentage | 80% | ||
Minimum [Member] | |||
Percentage Providing More Than Plans Contribution | 5% | ||
Private Equity Funds [Member] | |||
Unfunded Commitment For Additional Investment | $ 35,200 | ||
Natural Resources Funds [Member] | |||
Unfunded Commitment For Additional Investment | $ 10,100 | ||
Fixed Income Securities [Member] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 90% | ||
Defined Benefit Plan, Equity Securities [Member] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 10% | ||
Pension Plan [Member] | |||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | $ 265,500 | $ 503,100 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 5.50% | 4.48% | |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | $ (158,100) | $ (366,100) | |
Defined Benefit Plan, Accumulated Benefit Obligation | 2,800,000 | 3,130,000 | |
Defined Benefit Plan Recognized Net Actuarial Gain Loss | 100 | 2,900 | $ 800 |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 12,100 | ||
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | $ 6,300 | $ 9,500 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 5.37% | 4.24% | |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | $ 100 | $ 100 | |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 7,200 |
Note 17 - Pension and Postret_4
Note 17 - Pension and Postretirement Benefits - Schedule of Changes in Benefit Obligations and Plan Asset (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 28, 2023 | May 29, 2022 | May 30, 2021 | |
Fair value of plan assets at beginning of year | $ 3,294.7 | ||
Fair value of plan assets at end of year | $ 3,294.7 | ||
Pension Plan [Member] | |||
Benefit obligation at beginning of year | 3,132.6 | 3,739.2 | |
Service cost | 6.5 | 8.7 | $ 11.6 |
Interest cost | 124 | 83.3 | 86.8 |
Amendments | 3 | 3.7 | |
Actuarial gain | (265.5) | (503.1) | |
Benefits paid | (199.3) | (198.3) | |
Currency | (1.1) | (0.9) | |
Benefit obligation at end of year | 2,800.2 | 3,132.6 | 3,739.2 |
Fair value of plan assets at beginning of year | 3,294.7 | 3,848.8 | |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | (158.1) | (366.1) | |
Employer contributions | 12.5 | 11.5 | |
Benefits paid | (199.3) | (198.4) | |
Currency | (1.3) | (1.1) | |
Fair value of plan assets at end of year | 2,948.5 | 3,294.7 | 3,848.8 |
Other Postretirement Benefits Plan [Member] | |||
Benefit obligation at beginning of year | 64.8 | 81.5 | |
Service cost | 0.1 | 0.2 | 0.2 |
Interest cost | 2.3 | 1.3 | 1.5 |
Amendments | 0 | 0 | |
Actuarial gain | (6.3) | (9.5) | |
Benefits paid | (7.3) | (8.2) | |
Currency | (0.4) | (0.5) | |
Benefit obligation at end of year | 53.2 | 64.8 | 81.5 |
Fair value of plan assets at beginning of year | 3.4 | 3.3 | |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 0.1 | 0.1 | |
Employer contributions | 7.3 | 8.2 | |
Benefits paid | (7.3) | (8.2) | |
Currency | 0 | 0 | |
Fair value of plan assets at end of year | $ 3.5 | $ 3.4 | $ 3.3 |
Note 17 - Pension and Postret_5
Note 17 - Pension and Postretirement Benefits - Schedule of Funded Status and Amounts Recognized (Details) - USD ($) $ in Millions | May 28, 2023 | May 29, 2022 |
Pension Plan [Member] | ||
Funded Status | $ 148.3 | $ 162.1 |
Other assets | 249.9 | 277 |
Other accrued liabilities | (9.7) | (10.2) |
Other noncurrent liabilities | (91.9) | (104.7) |
Net Amount Recognized | 148.3 | 162.1 |
Actuarial net loss (gain) | 8.1 | (30.2) |
Net prior service cost (benefit) | 9.6 | 8 |
Total | $ 17.7 | $ (22.2) |
Discount rate | 5.50% | 4.48% |
Other Postretirement Benefits Plan [Member] | ||
Funded Status | $ (49.7) | $ (61.4) |
Other assets | 3.3 | 3.2 |
Other accrued liabilities | (7.2) | (8.1) |
Other noncurrent liabilities | (45.8) | (56.5) |
Net Amount Recognized | (49.7) | (61.4) |
Actuarial net loss (gain) | (46.5) | (44.5) |
Net prior service cost (benefit) | (9.2) | (11) |
Total | $ (55.7) | $ (55.5) |
Discount rate | 5.37% | 4.24% |
Note 17 - Pension and Postret_6
Note 17 - Pension and Postretirement Benefits - Schedule of Projected Benefit Obligation, Accumulated Benefit Obligation, and Fair Value of Plan Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 28, 2023 | May 29, 2022 | May 30, 2021 | |
Projected benefit obligation | $ 101.6 | $ 114.9 | |
Accumulated benefit obligation | 101.6 | 114.9 | |
Pension Plan [Member] | |||
Service cost | 6.5 | 8.7 | $ 11.6 |
Interest cost | 124 | 83.3 | 86.8 |
Expected return on plan assets | (145.9) | (145.4) | (140) |
Amortization of prior service cost (benefit) | 1.4 | 1.9 | 2.3 |
Recognized net actuarial loss (gain) | 0.1 | (2.9) | 0.8 |
Settlement gain | 0 | 0 | 0 |
Curtailment loss | 0 | 0 | 0.2 |
Total pension and postretirement cost (benefit) | (4.7) | (46.3) | (30.9) |
Total pension and postretirement cost (benefit) | (4.7) | (46.3) | (30.9) |
Pension Plan [Member] | Company Plans [Member] | |||
Total pension and postretirement cost (benefit) | (13.9) | (54.4) | (38.3) |
Total pension and postretirement cost (benefit) | (13.9) | (54.4) | (38.3) |
Pension Plan [Member] | Multi Employer Plans [Member] | |||
Total pension and postretirement cost (benefit) | 9.2 | 8.1 | 7.4 |
Total pension and postretirement cost (benefit) | 9.2 | 8.1 | 7.4 |
Other Postretirement Benefits Plan [Member] | |||
Service cost | 0.1 | 0.2 | 0.2 |
Interest cost | 2.3 | 1.3 | 1.5 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service cost (benefit) | (1.7) | (2) | (2.1) |
Recognized net actuarial loss (gain) | (4.4) | (3.5) | (3.5) |
Settlement gain | 0 | 0 | (0.5) |
Curtailment loss | 0 | 0 | 0 |
Total pension and postretirement cost (benefit) | (3.7) | (4) | (4.4) |
Total pension and postretirement cost (benefit) | (3.7) | (4) | (4.4) |
Other Postretirement Benefits Plan [Member] | Company Plans [Member] | |||
Total pension and postretirement cost (benefit) | (3.7) | (4) | (4.4) |
Total pension and postretirement cost (benefit) | (3.7) | (4) | (4.4) |
Other Postretirement Benefits Plan [Member] | Multi Employer Plans [Member] | |||
Total pension and postretirement cost (benefit) | 0 | 0 | 0 |
Total pension and postretirement cost (benefit) | $ 0 | $ 0 | $ 0 |
Note 17 - Pension and Postret_7
Note 17 - Pension and Postretirement Benefits - Other Changes in Plan Assets and Benefit Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | |
May 28, 2023 | May 29, 2022 | |
Pension Plan [Member] | ||
Net actuarial gain (loss) | $ (38.4) | $ (8.5) |
Amendments | (3) | (3.7) |
Amortization of prior service cost (benefit) | 1.4 | 1.9 |
Recognized net actuarial gain | 0 | (2.9) |
Currency | 0.1 | 0.1 |
Net amount recognized | (39.9) | (13.1) |
Other Postretirement Benefits Plan [Member] | ||
Net actuarial gain (loss) | 6.3 | 9.6 |
Amendments | 0 | 0 |
Amortization of prior service cost (benefit) | (1.7) | (2) |
Recognized net actuarial gain | (4.4) | (3.5) |
Currency | 0 | 0.1 |
Net amount recognized | $ 0.2 | $ 4.2 |
Note 17 - Pension and Postret_8
Note 17 - Pension and Postretirement Benefits - Weighted Average Actuarial Assumption Used to Determine Net Expense (Details) | 12 Months Ended | ||
May 28, 2023 | May 29, 2022 | May 30, 2021 | |
Pension Plan [Member] | |||
Long-term rate of return on plan assets | 4.56% | 3.87% | 3.74% |
Interest Cost [Member] | Pension Plan [Member] | |||
Discount rate - interest cost | 4.09% | 2.29% | 2.30% |
Interest Cost [Member] | Other Postretirement Benefits Plan [Member] | |||
Discount rate - interest cost | 3.83% | 1.69% | 1.74% |
Service Cost [Member] | Pension Plan [Member] | |||
Discount rate - interest cost | 4.74% | 3.50% | 3.35% |
Service Cost [Member] | Other Postretirement Benefits Plan [Member] | |||
Discount rate - interest cost | 4.60% | 3.55% | 3.03% |
Note 17 - Pension and Postret_9
Note 17 - Pension and Postretirement Benefits- Schedule of Pension Plan Weighted-Average Asset Allocations and Target Asset Allocations (Details) - USD ($) $ in Millions | May 28, 2023 | May 29, 2022 |
Fair value measurement of pension plan assets in the fair value hierarchy | $ 3,294.7 | |
Weighted-average Asset Allocations | 100% | 100% |
Defined Benefit Plan, Equity Securities [Member] | ||
Weighted-average Asset Allocations | 4% | 4% |
Defined Benefit Plan, Debt Security [Member] | ||
Weighted-average Asset Allocations | 84% | 87% |
Defined Benefit Plan, Real Estate [Member] | ||
Weighted-average Asset Allocations | 1% | 1% |
Private Equity Funds [Member] | ||
Weighted-average Asset Allocations | 4% | 4% |
Other Plan Asset Category [Member] | ||
Weighted-average Asset Allocations | 7% | 4% |
Receivable For Unsettled Transactions [Member] | ||
Net payables for unsettled transactions | $ (9.6) | |
Pension Plan Assets [Member] | ||
Total pension plan assets | $ 2,948.5 | |
Fair Value, Inputs, Level 1 [Member] | Defined Benefit Plan, Cash and Cash Equivalents [Member] | ||
Total pension plan assets | 5.7 | 19.8 |
Fair Value, Inputs, Level 1 [Member] | Defined Benefit Plan, Equity Securities, US [Member] | ||
Total pension plan assets | 59 | 65.6 |
Fair Value, Inputs, Level 1 [Member] | Defined Benefit Plan, Equity Securities, Non-US [Member] | ||
Total pension plan assets | 34.4 | 34.4 |
Fair Value, Inputs, Level 1 [Member] | US Treasury and Government [Member] | ||
Total pension plan assets | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | ||
Total pension plan assets | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Collateralized Mortgage-Backed Securities [Member] | ||
Total pension plan assets | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Receivable For Unsettled Transactions [Member] | ||
Total pension plan assets | 2.6 | |
Net payables for unsettled transactions | (9.6) | |
Fair Value, Inputs, Level 1 [Member] | Pension Plan Assets [Member] | ||
Total pension plan assets | 101.7 | |
Fair value measurement of pension plan assets in the fair value hierarchy | 110.2 | |
Fair Value, Inputs, Level 2 [Member] | Defined Benefit Plan, Cash and Cash Equivalents [Member] | ||
Total pension plan assets | 152.6 | 93.2 |
Fair Value, Inputs, Level 2 [Member] | Defined Benefit Plan, Equity Securities, US [Member] | ||
Total pension plan assets | 19.5 | 19.5 |
Fair Value, Inputs, Level 2 [Member] | Defined Benefit Plan, Equity Securities, Non-US [Member] | ||
Total pension plan assets | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | US Treasury and Government [Member] | ||
Total pension plan assets | 562.2 | 653.1 |
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ||
Total pension plan assets | 1,878.1 | 2,179.3 |
Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage-Backed Securities [Member] | ||
Total pension plan assets | 22 | 8.6 |
Fair Value, Inputs, Level 2 [Member] | Receivable For Unsettled Transactions [Member] | ||
Total pension plan assets | 0 | |
Net payables for unsettled transactions | 0 | |
Fair Value, Inputs, Level 2 [Member] | Pension Plan Assets [Member] | ||
Total pension plan assets | 2,634.4 | |
Fair value measurement of pension plan assets in the fair value hierarchy | 2,953.7 | |
Fair Value, Inputs, Level 3 [Member] | Defined Benefit Plan, Cash and Cash Equivalents [Member] | ||
Total pension plan assets | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Defined Benefit Plan, Equity Securities, US [Member] | ||
Total pension plan assets | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Defined Benefit Plan, Equity Securities, Non-US [Member] | ||
Total pension plan assets | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | US Treasury and Government [Member] | ||
Total pension plan assets | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | ||
Total pension plan assets | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Collateralized Mortgage-Backed Securities [Member] | ||
Total pension plan assets | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Receivable For Unsettled Transactions [Member] | ||
Total pension plan assets | 0 | |
Net payables for unsettled transactions | 0 | |
Fair Value, Inputs, Level 3 [Member] | Pension Plan Assets [Member] | ||
Total pension plan assets | 0 | |
Fair value measurement of pension plan assets in the fair value hierarchy | 0 | |
Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | Defined Benefit Plan, Cash and Cash Equivalents [Member] | ||
Total pension plan assets | 158.3 | 113 |
Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | Defined Benefit Plan, Equity Securities, US [Member] | ||
Total pension plan assets | 78.5 | 85.1 |
Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | Defined Benefit Plan, Equity Securities, Non-US [Member] | ||
Total pension plan assets | 34.4 | 34.4 |
Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | US Treasury and Government [Member] | ||
Total pension plan assets | 562.2 | 653.1 |
Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | Corporate Debt Securities [Member] | ||
Total pension plan assets | 1,878.1 | 2,179.3 |
Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | Collateralized Mortgage-Backed Securities [Member] | ||
Total pension plan assets | 22 | 8.6 |
Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | Receivable For Unsettled Transactions [Member] | ||
Total pension plan assets | 2.6 | |
Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | Pension Plan Assets [Member] | ||
Total pension plan assets | 2,736.1 | |
Fair value measurement of pension plan assets in the fair value hierarchy | 3,063.9 | |
Fair Value Measured at Net Asset Value Per Share [Member] | ||
Fair value measurement of pension plan assets in the fair value hierarchy | $ 230.8 | |
Fair Value Measured at Net Asset Value Per Share [Member] | Pension Plan Assets [Member] | ||
Total pension plan assets | $ 212.4 |
Note 17 - Pension and Postre_10
Note 17 - Pension and Postretirement Benefits- Schedule of Assumed Health Care Cost Trend Rates (Details) | 12 Months Ended | |
May 28, 2023 | May 29, 2022 | |
Initial health care cost trend rate | 6.92% | 6.32% |
Ultimate health care cost trend rate | 4.43% | 4.44% |
Year that the rate reaches the ultimate trend rate | 2034 | 2029 |
Note 17 - Pension and Postre_11
Note 17 - Pension and Postretirement Benefits - Schedule of Estimated Future Gross Benefit Payments (Details) $ in Millions | May 28, 2023 USD ($) |
Pension Plan [Member] | |
2024 | $ 204 |
2025 | 203.1 |
2026 | 204.7 |
2027 | 205.7 |
2028 | 206.4 |
Succeeding 5 years | 1,022 |
Other Postretirement Benefits Plan [Member] | |
2024 | 7.2 |
2025 | 6.7 |
2026 | 6.2 |
2027 | 5.7 |
2028 | 5.2 |
Succeeding 5 years | $ 20.2 |
Note 17 - Pension and Postre_12
Note 17 - Pension and Postretirement Benefits - Schedule of Contributions for Plans That Are Not Individually Significant (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 28, 2023 | May 29, 2022 | May 30, 2021 | |
Total Contributions | $ 9.2 | $ 8.1 | $ 7.4 |
Central States Southeast and Southwest Areas Pension Fund [Member] | |||
Total Contributions | 2.6 | 2.5 | 2.2 |
Western Conference Of Teamsters Pension Plan [Member] | |||
Total Contributions | 4.4 | 3.8 | 3.8 |
Retirement Plan Name, Other [Member] | |||
Total Contributions | $ 2.2 | $ 1.8 | $ 1.4 |
Note 18 - Fair Value Measurem_3
Note 18 - Fair Value Measurements (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Aug. 28, 2022 | May 28, 2023 | May 29, 2022 | May 30, 2021 | |
Asset Impairment Charges | $ 771.1 | $ 284.8 | $ 95.5 | |
Goodwill, Impairment Loss | 141.7 | |||
Long-Term Debt, Total | 8,600 | 8,800 | ||
Long-Term Debt, Fair Value | 8,310 | 8,850 | ||
Grocery And Snacks [Member] | ||||
Asset Impairment Charges | 0.5 | 26.3 | ||
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) | 78.9 | 90.7 | 13 | |
Goodwill, Impairment Loss | 0 | |||
Impairment, Long-Lived Asset, Held-for-Use, Total | 3 | |||
Refrigerated And Frozen [Member] | ||||
Asset Impairment Charges | 5.7 | 28.9 | ||
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) | 496.6 | 103.9 | 76.9 | |
Goodwill, Impairment Loss | 141.7 | |||
International [Member] | ||||
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) | 13.7 | 14.4 | $ 1 | |
Goodwill, Impairment Loss | 0 | |||
Foodservice [Member] | ||||
Asset Impairment Charges | 20.5 | $ 14.9 | ||
Goodwill, Impairment Loss | 0 | |||
Selling, General and Administrative Expenses [Member] | Refrigerated And Frozen [Member] | ||||
Goodwill, Impairment Loss | $ 141.7 | 141.7 | ||
Selling, General and Administrative Expenses [Member] | Convertible Note Receivable [Member] | ||||
Asset Impairment Charges | $ 3.9 |
Note 18 - Fair Value Measurem_4
Note 18 - Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions | May 28, 2023 | May 29, 2022 |
Derivative assets | $ 10 | $ 7 |
Deferred compensation assets | 7.1 | 7.5 |
Available-for-sale debt securities | 4 | 7.6 |
Total assets | 21.1 | 22.1 |
Derivative liabilities | 3.6 | 2.2 |
Deferred compensation liabilities | 67 | 72.6 |
Total liabilities | 70.6 | 74.8 |
Fair Value, Inputs, Level 1 [Member] | ||
Derivative assets | 9.4 | 5.7 |
Deferred compensation assets | 7.1 | 7.5 |
Available-for-sale debt securities | 0 | 0 |
Total assets | 16.5 | 13.2 |
Derivative liabilities | 0 | 0 |
Deferred compensation liabilities | 67 | 72.6 |
Total liabilities | 67 | 72.6 |
Fair Value, Inputs, Level 2 [Member] | ||
Derivative assets | 0.6 | 1.3 |
Deferred compensation assets | 0 | 0 |
Available-for-sale debt securities | 0 | 0 |
Total assets | 0.6 | 1.3 |
Derivative liabilities | 3.6 | 2.2 |
Deferred compensation liabilities | 0 | 0 |
Total liabilities | 3.6 | 2.2 |
Fair Value, Inputs, Level 3 [Member] | ||
Derivative assets | 0 | 0 |
Deferred compensation assets | 0 | 0 |
Available-for-sale debt securities | 4 | 7.6 |
Total assets | 4 | 7.6 |
Derivative liabilities | 0 | 0 |
Deferred compensation liabilities | 0 | 0 |
Total liabilities | $ 0 | $ 0 |
Note 19 - Business Segments a_3
Note 19 - Business Segments and Related Information (Details Textual) $ in Millions | 12 Months Ended | ||
May 28, 2023 USD ($) | May 29, 2022 USD ($) | May 30, 2021 USD ($) | |
Number of Reportable Segments | 4 | ||
Depreciation | $ 313.1 | $ 316.1 | $ 328 |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 12,277 | $ 11,535.9 | $ 11,184.7 |
Customer Concentration Risk [Member] | Revenue from Contract with Customer Benchmark [Member] | Walmart, Inc. and Its Affiliates [Member] | |||
Concentration Risk, Percentage | 28% | 27% | 26% |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Walmart, Inc. and Its Affiliates [Member] | |||
Concentration Risk, Percentage | 29% | 30% | |
Non-US [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 1,040 | $ 1,000 | $ 960.5 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||
Cumulative Derivative Gains (Losses) Recognized Not Yet Reclassified To Segment Operating Results | 21.2 | $ 0.2 | |
Derivative Gains (Losses) To Be Reclassified To Segment Operating Results Next Fiscal Year | 20.1 | ||
Derivative Gain (Loss) To Be Reclassified To Segment Operating Results Thereafter | 1.1 | ||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Segment Reconciling Items [Member] | |||
Cumulative Derivative Gains (Losses) Recognized Not Yet Reclassified To Segment Operating Results | $ 21.4 |
Note 19 - Business Segments a_4
Note 19 - Business Segments and Related Information - Segment Reporting Information by Segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
May 28, 2023 | May 29, 2022 | May 30, 2021 | |
Net sales | $ 12,277 | $ 11,535.9 | $ 11,184.7 |
Operating profit | 1,464.2 | 1,587.6 | 2,141 |
Equity method investment earnings | 212 | 145.3 | 84.4 |
General corporate expenses | 388.9 | 241.6 | 364.8 |
Pension and postretirement non-service income | (24.2) | (67.3) | (54.5) |
Interest expense, net | (409.6) | (379.9) | (420.4) |
Income tax expense | 218.7 | 290.5 | 193.8 |
Net income | 683.2 | 888.2 | 1,300.9 |
Less: Net income attributable to noncontrolling interests | (0.4) | 0 | 2.1 |
Net income attributable to Conagra Brands, Inc. | 683.6 | 888.2 | 1,298.8 |
Grocery And Snacks [Member] | |||
Net sales | 4,981.9 | 4,697.4 | 4,624.7 |
Operating profit | 1,002.8 | 859.5 | 1,092.7 |
Refrigerated And Frozen [Member] | |||
Net sales | 5,156.2 | 4,859.3 | 4,774.6 |
Operating profit | 255 | 561.1 | 836.5 |
International [Member] | |||
Net sales | 1,002.5 | 970.8 | 938.6 |
Operating profit | 121.4 | 106.7 | 131.8 |
Foodservice [Member] | |||
Net sales | 1,136.4 | 1,008.4 | 846.8 |
Operating profit | 85 | 60.3 | 80 |
Frozen [Member] | |||
Net sales | 4,288.1 | 4,091.1 | 3,948 |
Other Shelf-stable [Member] | |||
Net sales | 2,851.9 | 2,729.5 | 2,830.2 |
Refrigerated [Member] | |||
Net sales | 868.1 | 768.2 | 826.6 |
Snacks [Member] | |||
Net sales | 2,130 | 1,967.9 | 1,794.5 |
International [Member] | |||
Net sales | 1,002.5 | 970.8 | 938.6 |
Foodservice [Member] | |||
Net sales | $ 1,136.4 | $ 1,008.4 | $ 846.8 |
Note 19 - Business Segments a_5
Note 19 - Business Segments and Related Information - Presentation of Derivative Gains (Losses) from Economic Hedges of Forecasted Cash Flows in Segment Results (Details) - Cash Flow Hedging [Member] - Designated as Hedging Instrument [Member] - USD ($) $ in Millions | 12 Months Ended | ||
May 28, 2023 | May 29, 2022 | May 30, 2021 | |
Net derivative gains (losses) | $ (17.6) | $ 37.1 | $ 9.5 |
Operating Segments [Member] | |||
Net derivative gains (losses) | 19.5 | 32.7 | (6.1) |
Operating Segments [Member] | Grocery And Snacks [Member] | |||
Net derivative gains (losses) | 6 | 17.3 | (2.3) |
Operating Segments [Member] | Refrigerated And Frozen [Member] | |||
Net derivative gains (losses) | 9.6 | 17.4 | (1.7) |
Operating Segments [Member] | International [Member] | |||
Net derivative gains (losses) | 2.5 | (3.6) | (1.7) |
Operating Segments [Member] | Foodservice [Member] | |||
Net derivative gains (losses) | 1.4 | 1.6 | (0.4) |
Segment Reconciling Items [Member] | |||
Net derivative gains (losses) | $ (37.1) | $ 4.4 | $ 15.6 |